Chief Executive John Lee on Wednesday unveiled special visa arrangements and tax concessions on home purchase to help lure mainland and overseas talent to work in Hong Kong.

He also announced the setting up of several special government units to attract talent in his maiden Policy Address.

Lee said the local workforce has shrunk by 140,000 over the past two years, and highlighted the need for his administration to “trawl for talent” from the mainland and the rest of the world.

“Hong Kong is one of the most competitive economies in the world. It also serves as an important gateway connecting the mainland with global markets. We must be more proactive and aggressive in ‘competing for enterprises’ and ‘competing for talents’,” he said.

Among the measures he announced is the launch of a new Top Talent Pass Scheme that will entice high-earning and well-educated individuals.

“Eligible talents will include individuals whose annual salary reached HK$2.5 million or above in the past year, and individuals graduated from the world's top 100 universities with at least three years of work experience over the past five years. These two categories of talents will be issued a two-year pass for exploring opportunities in Hong Kong and are not subject to any quota,” Lee said.

These individuals can come to the SAR without a job offer.

The CE also announced enhancing and even suspending the quota for existing talent admission schemes.

In addition, eligible individuals who buy a residential home in Hong Kong from Wednesday and become a permanent resident after living here for seven years can apply for a refund of the Buyer's Stamp Duty and New Residential Stamp Duty paid for the home they still own.

That means they will pay the same stamp duty as first-time local homebuyers.

A Talents Service Unit led by the chief secretary will be set up to formulate strategies to recruit mainland and overseas talents, and to provide them with the necessary support such as help with visa application and education for their children.

Dedicated teams, meanwhile, will be set up at the government’s various Economic and Trades Offices on the mainland and around the world to reach out and persuade companies and talents to come to the SAR.

Speaking to the media on Wednesday afternoon after the policy address, Lee made it clear he attaches great importance to retaining local talent as well.

"So what I intend to do is to create a Hong Kong future in these five years in which people can realise their business dreams, their education dreams and their development plans," he said. "I know the goals are high, but well, I would progress towards that goal and you look at the Policy Address, we are making Hong Kong a better place to live."

The CE also announced the establishment of the Office for Attracting Strategic Enterprises to attract mainland and overseas firms by offering them special facilitation measures and one-stop services. It will be led by the financial secretary.

The government is setting aside HK$30 billion from the Future Fund to establish a Co-Investment Fund for attracting businesses to set up operation in the territory.

“The government will consider co-investing in individual projects of the target enterprises, taking into account their potential to drive industry development in Hong Kong,” Lee said.
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Last updated: 2022-10-19 HKT 18:09