More than half of the individuals under the Top Talent Pass Scheme (TTPS), whose visas expired at the end of July, have applied to extend their stay in the city, the government announced on Friday.

Since its launch at the end of 2022 till the end of July, the TTPS has welcomed over 90,000 individuals to Hong Kong, granting visas of up to three years, according to the Labour and Welfare Bureau.

As of July 31, the bureau reported that the initial visas for 13,678 individuals had expired.

From this group, the Immigration Department received extension applications from 7,394 individuals, resulting in an application rate of about 54 percent.

Additionally, 2,305 people with visas set to expire within the next three months applied early for extensions.

This brought the total number of extension applications received during this period to 9,699.

Officials stated that 9,044 applications were processed, with 8,511 approved for an extension of stay - marking an approval rate of about 94 percent.

Applications that were not approved were primarily due to incomplete information or applicants failing to provide documents requested by the Immigration Department.

Addressing the 46 percent of people who did not seek renewal of their talent visas, Secretary for Labour and Welfare Chris Sun said the renewal application rate aligned with expectations and was better than that of a similar scheme in the UK.

"The Top Talent Pass Scheme allows them to test the waters for two years. If it works out, they stay and if not, they leave. Even if they don't stay, they still contributed to Hong Kong by eating and living here, so we don't lose out," he said.

Officials highlighted the significant contributions of these individuals, stating they not only enhance industry competitiveness but also promote knowledge transfer and innovation, further cementing Hong Kong's status as an international financial, trade and innovation and technology hub.

Many approved applicants work in key sectors, with about 23 percent in commerce and trade, 19 percent in financial services and 17 percent in innovation and technology.

The economic benefits are also substantial, with the bureau noting that the purchasing power and tax contributions of these individuals inject significant impetus into Hong Kong's economy.

The government reported that the median monthly salary of those granted extensions is approximately HK$40,000, with around a quarter earning more than HK$80,000 a month and the top one percent exceeding HK$300,000.

The labour chief noted that overall, individuals brought in under the scheme contribute approximately 1.2 percent to Hong Kong's GDP, equating to about HK$34 billion.

Beyond filling manpower shortages and driving economic growth, the bureau added that these people inject youth into the local population, with over half of those granted extensions aged 40 or below.

Nearly half have applied for dependent visas for spouses and/or children, bringing families whose presence positively impacts education and consumption.

It said each applicant brings about 1.7 children to Hong Kong on average, with around 37 percent of these children enrolled in schools in the city.

While all approved applicants have jobs in Hong Kong, the bureau noted only about two-thirds currently reside in the city.