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Transcript

"Over 100 Inquiries on 1st Day" of New Hong Kong CIES Golden Visa · IMI Podcasts

• 0:00
  SPEAKER_00: This episode first appeared as an article titled Over 100 Inquiries on First Day of New Hong Kong CIS Golden Visa and authored by Christian Henrik Nisheim on IMIDaily.com.
• 0:15
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• 0:33
  SPEAKER_00: In a press release, Invest Hong Kong, the official body responsible for evaluating the financial element of applications for the territory's capital investment entrance scheme, which recently reopened with a new$30 million Hong Kong dollar price tag, said it had received, quote, over 100 inquiries from different channels, end quote, on its first day of operations on Friday.
• 0:59
  SPEAKER_00: Of these, the department indicated some 70% had come from professional service providers, also known as immigration consultants.
• 1:10
  SPEAKER_00: Director General of Invest Hong Kong, Ms.
• 1:13
  SPEAKER_00: Alpha Lao, said her department had also received a number of applications during the opening day.
• 1:21
  SPEAKER_00: She commented that the volume of inquiries and applications indicated that, quote, high net worth individuals have confidence in Hong Kong's stable business environment, end quote, and that they displayed an interest in, quote, the diverse investment channels the city has to offer and wish to settle in Hong Kong with their families, end quote.
• 1:44
  SPEAKER_00: Speaking to Radio Television Hong Kong, Lao said the agency had expedited the program's launch due to strong interest from overseas individuals and companies.
• 1:54
  SPEAKER_00: While she did not say precisely how many applications the program had garnered on its first day, she said, quote, many of the interested parties are from Southeast Asia and the Middle East, end quote.
• 2:08
  SPEAKER_00: While she pointed out that the government had not set any official target in terms of application volume, she said her department had the capacity to handle more than 4,000 applications a year thanks to its experience from the former CIS.
• 2:24
  SPEAKER_00: Invest Hong Kong has now also issued detailed rules for its new program in a 39-page PDF published on its website.
• 2:34
  SPEAKER_00: In brief, to qualify, applicants must be above the age of 18.
• 2:39
  SPEAKER_00: Be a foreign national, Chinese national with permanent residency in Hong Kong, a resident of Macau or Chinese residents of Taiwan have net assets of at least 30 million Hong Kong dollars, have no criminal or adverse immigration record, place 3 million Hong Kong dollars in a new CIE's investment portfolio, government administered development fund, and invest at least 30 million Hong Kong dollars in permissible investment assets, of which at least 27 million Hong Kong dollars must be in equities, debt securities, certificates of deposit, no more than 3 million Hong Kong dollars, subordinated debt, eligible collective investment schemes, ownership interest in limited partnership funds, or non-residential real estate, no more than 10 million Hong Kong dollars.
• 3:32
  SPEAKER_00: Between 2003 and 2019, Hong Kong approved 35,259 applications for its erstwhile CIS program.
• 3:44
  SPEAKER_00: Thanks for joining us today on IMI Podcasts.
• 3:48
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