The government on Tuesday said its enhancement measures to the New Capital Investment Entrant Scheme will attract more people, as well as promote the development of family offices.

Starting in March, applicants will only need to prove they have a minimum net worth of HK$30 million in the six months before applying, rather than the original period of two years.

The government will also consider the total amount of net assets that applicants are absolutely beneficially entitled to within their family.

Under the scheme, applicants must invest a minimum of HK$30 million within the six-month time limit.

The government will also recognise investments made by private enterprises that are wholly owned by applicants as eligible investment, but the companies must be incorporated or registered in the SAR.

"We believe these measures will encourage more investors to join the scheme and can create synergy with the tax concession regime for family offices, thereby promoting the development of family office businesses in Hong Kong," the Secretary for Financial Services and the Treasury Christopher Hui said in a statement.

"We are committed to providing comprehensive support for family office decision-makers to establish themselves in Hong Kong, further attracting global asset owners and reinforcing Hong Kong's leading position as an international asset and wealth management hub."

More than 800 applications have been received since the scheme was implemented last March, and the government expects over HK$24 billion of investment will be brought into the region.

Alpha Lau, Director-General of Investment Promotion, pointed out that the number of applications in the first 10 months since the implementation has surpassed the same period under the previous Capital Investment Entrant Scheme that was launched in 2003.

"I trust that these measures will enhance the attractiveness of the scheme. We will continue to work closely with professionals and service providers to further promote the scheme to high-net-worth families around the globe," she added.

Lawmaker Shang Hailong was confident the new measures would attract more wealthy people to Hong Kong.

“I hope that Hong Kong would attract more than 5,000 applications, bring in more than HK$150 billion of investment, set up more and more companies or family offices here,” he said.

“The investors from all over the world, who expect Hong Kong's advantages, for example, safety, low tax, and [connectivity] to the mainland market - those investors will get benefits in the near future.”

But the founder of the Hong Kong Top Talent Services Association added the scheme had room to grow in terms of attracting more applicants.

“There's room for improvement. For example, HK$24 billion is a lot of money, but I noticed that this is only a forecast number. We hope the government help these investors complete their investments as soon as possible. We know there is still a long way to go from waiting for investment to completing the investment. I think 800 applications is not ideal,” he said.

Shang said the government should provide more assistance to help investors settle in the SAR and expand into the mainland.
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Last updated: 2025-01-07 HKT 15:36