The New Hong Kong Capital Investment Entrant Scheme | Starts in 2024 | Some Details Are Released

Posted by The Visa Geeza / in Investment Visas, Musing / No responses

The Capital Investment Entrant Scheme | To Re-Start In 2024 | HKD30M | A Big Boy’s Play …

Stephen Barnes’ Comments On RTHK News Today

 

Capital Investment Entrant Scheme

On December 19, 2023 the Hong Kong government announced a new scheme aimed at attracting foreign investment and talent, known as the Capital Investment Entrant Scheme. This initiative targets individuals aged 18 and above, including foreigners, residents of Taiwan and Macau, and Chinese nationals with permanent resident status in other countries.

Qualifying

To qualify, applicants must possess a net asset value of at least 30 million Hong Kong dollars (c.USD3.8M) in the two years prior to applying, investing a minimum of HKD27 million in non-residential property and qualifying financial assets like stocks or bonds, and an additional HKD3 million invested in innovation and technology.

No Targets

Christopher Ho, the Financial Services Chief, mentioned that the Capital Investment Entrant Scheme is a revival of the previous one suspended in 2015, but without specific targets for the number of applicants. The earlier scheme attracted about 4000 applicants annually, potentially bringing in 120 billion Hong Kong dollars of new money.

Commences 2024

Applications for the revamped Capital Investment Entrant Scheme are expected to open in the first half of the next year.

Visa Geeza Speaks

In an interview on RTHK Radio 3 News this morning, Hong Kong immigration consultant Stephen Barnes shares his insights. He views the scheme as a valuable addition to Hong Kong’s immigration programs, particularly filling a gap for passive investment opportunities that emerged after the suspension of the previous scheme in 2015.

Chinese With A Foreign PR?

The Capital Investment Entrant Scheme is open to a wide range of foreign nationals, including Chinese nationals with foreign permanent resident status, but excludes certain groups like North Koreans and Cubans. An interesting aspect is the inclusion of Chinese nationals with foreign PR, a group that was able to participate in the last scheme through PR obtained, often conveniently, from countries mostly in Africa.

Small Biz Gets A Look In

Barnes believes the Capital Investment Entrant Scheme will primarily attract wealthy individuals capable of investing HKD30 million in Hong Kong, a requirement for obtaining a Hong Kong identity card. He suggests that the scheme might be particularly appealing to individuals from the Middle East. The requirement of a HKD3 million investment in the IT sector via the Hong Kong Investment Corporaton is seen as a positive step, providing support to innovative small businesses in Hong Kong.

4000 Annually?

While the Financial Services minister did not set a hard target, Barnes is skeptical about reaching the 4000 applicants mark annually, given the stringent requirements and the fact that the Capital Investment Entrant Scheme does not offer a passport, but permanent residency after seven years of ordinarily residing in Hong Kong.

Much, Barnes says, will turn on how the definition of “PR in a foreign country” will be construed as applied to ‘Overseas Chinese’. The overwheming majority of the 4000 applicants per year under the previous Capital Investment Entrant Scheme programme were Chinese nationals owning ‘overnight PR of convenience’.

After 7 Years

He also notes that after seven years, participants can opt for unconditional stay, allowing them to withdraw their investment while maintaining residency, provided they visit Hong Kong at least once every 12 months.

Role of InvestHK

Barnes suggests that the success of the scheme will depend on its implementation details, particularly how the government agency InvestHK manages the assessment and certification of the HKD30 million wealth requirement and the investment in the right asset classes.

He expresses a cautious optimism about the role of InvestHK in this process, acknowledging the unpredictability when government departments handle such ‘free market’ initiatives.

Wait & See

The launch in 2024 will reveal more about the scheme’s effectiveness and its impact on Hong Kong’s economy and immigration landscape.

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Hong Kong Entrepreneur | Opening A New Restaurant | What Is Mission Critical? | What Visa Do I Need?

Posted by The Visa Geeza / in Employment Visas, Feature Article, Investment Visas, Musing, VG Front Page / No responses

Hong Kong Chef Opening A New Restaurant | What Visa Do I Need | How To Guarantee Approval?

You’re presently working in a restaurant – you’ve got an employment visa sponsored by your full-time employer and you have an interest in opening a new restaurant of your own …

Immigration Considerations

Opening a new restaurant in Hong Kong. You would like to understand the immigration dimensions and the implications of this situation.

In broad terms, the visa manoeuvre that you need to do is called a change of visa category from sponsored employment through to business investment as an entrepreneur.

Test For Approval

In doing this you have to persuade the Immigration Department that the plan requires the creation of new facts on the ground anticipatory of opening a new restaurant and your business commencing that you can and I quote … Make a substantial contribution to the economy of Hong Kong … now, what that means in practical terms … is basically that you have firstly a clear pathway to the creation of local employment opportunities.

Local Jobs

Opening a new restaurant is going to create local jobs in any event so generally speaking restaurants are able to prove this without too many problems.

Suitable Premises

Secondly, you need to have suitable business premises. Now specifically in the context of opening a new restaurant operation the Immigration Department want to see a stamped commercial tenancy agreement and they want to see that the application for restaurant licencing has commenced with visibility on when realistically the restaurant licencing component can be completed, so that’s the second thing that they’re looking for.

Financial Resources

Thirdly you’ve got sufficient financial resources to be able to basically deliver on the plan for opening a new restaurant which would be to get yourself established operational and have the necessary cash available to you to control cash flow for a while you know get yourself fully established.

A Good Story

And then finally the Immigration Department looking to see that there is a good story behind your intentions in opening a new restaurant and so – you know, like the cuisine – what’s interesting about it you know what new stuff you’re contributing to the culinary experience in Hong Kong and also you know what your background is as well in running a restaurant operation. What your skill set is to ensure that not only can you deliver the product from a cuisine perspective, but you’ve got the wherewithal to be an entrepreneur if this is your first restaurant venture of your own, and you’ve got what it takes to be able to pull it together.

So all that’s the bad news.

The Good News

The good news is if you can tick all of those boxes the default posture of the Immigration Department is to approve an application from a Hong Kong chef opening a new restaurant – rather than refuse them. They take the view that if you’ve got the ambition and the resources and are prepared to assume the risk (and Hong Kong restaurants right now have no small measure of risk) then they should give you the benefit of the doubt and give you the visa to enable you to progress with your plans. They don’t want to throw logs at the feet of entrepreneurs; they want to support and encourage that activity as long as you’ve got the Entrepreneurial chops and the resources to give effect to the plan and both are manifest in their eyes.

So that’s the kind of the challenge ahead.

Visa Application Process

The question then is well, how do you get from here to there?

Well, when you get your present employment visa permissions you are permitted only to work for your sponsoring employer and the work that you do under your employment contract for the sponsoring employer.

When you move into the realm of getting permission to start your own business what’s happening is that your employment visa right now has two privileges.

Privilege to Reside & Work

You get a privilege to Reside and a privilege to Work for the sponsoring employer.

So, when you stop working for the sponsoring employer your privilege to Work ends the privilege to Reside continues until your current visa expires. In order to reinstate you privilege to work if you stop working for your sponsor you either find another job with a well-established enterprise that can pick up your sponsorship and you can work full-time for them or you start your own enterprise as I’ve stated and apply to change your visa category to business investment as an entrepreneur. Make sense?

Chef Visa Changes In Recent Years

They only recently changed the law. It used to be that when you got a chef visa, it said in your passport that this Visa is good for 2 years or two weeks from the end of your employment whichever is the sooner and about five years ago they did away with that and brought chef visas into line with all the other professional visas in Hong Kong separated into the 2 residence and privilege to work categories.

Catch 22

There’s a classic Catch-22 in this instance – you can start the visa process and you can create everything proforma but for the final restaurant site, but they will not finalise your application until you pitch up with a stamped commercial tenancy agreement because without that there’s no place to conduct your business, so it’s kind of like Catch-22 but the truth is once you’ve signed the commercial tenancy agreement and you started the restaurant licencing process as long as all things are there being equal, they will approve your visa because they won’t leave you with your ass hanging out.

Conditions Precedent

All things being equal, if you have committed to the tenancy agreement and move forward with the licencing requirement in opening a new restaurant – as you know – the biggest expense is getting opened and started so as long as you have the financial resources to do all of that then it’s just a case of ticking the boxes and showing that you’ve got the place to operate the business from and show progress on the licensing dimension the rest is basically – I can’t say it’s rubber stamping – but you still going to win the day.

Almost Certain Approval

They almost certainly won’t deny your visa when opening a new restaurant in Hong Kong in this fashion.

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Hong Kong Visa Geeza | Going Back to Blackburn | Chinese New Year 2018

Posted by The Visa Geeza / in Feature Article, Musing / 2 responses

The Journey of the Hong Kong Visa Geeza: From Blackburn to Hong Kong

At Chinese New Year 2018 I went back to Blackburn, Lancashire the town of my birth in northern England.

Updated September 2023

Childhood Memories in Blackburn

Hong Kong Visa Geeza? After many years away, I returned to my hometown of Blackburn, Lancashire, where I couldn’t help but reminisce about my childhood. Walking through the streets, I visited the house I grew up in and took a trip down memory lane. My primary school, Duckworth Street, holds countless memories from my formative years, as it was where I attended from the age of four until 11.

Leaving England and Embracing Adventure

Leaving St. Wilfred’s school in 1979 without any qualifications, I felt a strong desire for adventure. So, I put on my backpack and embarked on a journey to explore the world. My travels took me to various countries, but eventually, I found myself in Hong Kong—a captivating and truly fascinating place.

Returning to Blackburn: A Trip Down Memory Lane

Over four decades after leaving Blackburn, I decided to return for a nostalgic trip. Although time had brought changes to the town, I was delighted to discover that I could still find connections to my past. It was heartwarming to stroll through familiar streets and revisit places that had shaped my early years.

Overcoming Challenges and Achieving Success

My path to success was not without its fair share of challenges. Many doubted my abilities, and I even battled with imposter syndrome. With determination and hard work, I persevered and ultimately became very accomplished in my niche of Hong Kong immigration.

The Importance of Following Your Dreams

Reflecting on my personal journey, I cannot stress the significance of pursuing one’s intuition. I have learned that hard work and perseverance are instrumental in achieving success. Believe in yourself, stay committed to your goals, and you will be amazed at what you can accomplish.

Last Words …

If you are in need of expert guidance on Hong Kong visas, we are here to assist you.

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Navigating the Hong Kong Entrepreneur Visa: A Guide to Business Investment in the HKSAR

Posted by The Visa Geeza / in Investment Visas, Musing, VG Front Page / No responses

Now That I’ve Lost My Job What About My Employment Visa? Will I Get Kicked Out Of Hong Kong Or Can I Stay?

Posted by The Visa Geeza / in Employment Visas, Musing / 86 responses

Now that I’ve lost my job what about my employment visa? Will I get kicked out of Hong Kong? I really do need time to get myself sorted out and ideally I want to find another employer here and pick up my career again. I love Hong Kong even though recent years have been tough and I certainly want to try for PR after 7 years. What do I need to know and do please?

Lost My Job What About My Employment Visa – Do I Have To Leave Hong Kong Straight Away?

No, definitely, not. Not at the moment anyway. This is how it all plays out for you now.

But first, a bit of technical background about your employment visa and what happened when it was issued to you.

When your current employment visa was first issued or last extended, the Hong Kong Immigration Department were satisfied on the documents supplied to them that:

(a)    You possess special skills knowledge or experience of value to and not readily available in Hong Kong in the context of the job you were employed to do on the terms and conditions disclosed in your employment agreement, and

(b)   Your employer was justified in engaging your services, those of a foreign national, rather than a local person, and

(c)    Your employer was deemed a suitable sponsor of your stay in Hong Kong  such that if you have to be removed from the SAR for any reason in the future, the HKID can look there for the cost of your repatriation subsequently.

So that’s where you stood until the day your employment ended.

Lost My Job What About My Employment Visa – The Continuing Privilege To Reside In Hong Kong

It’s not often appreciated that, when your Hong Kong employment visa was issued it came with 2 privileges:

1 – The privilege to do the job (a)-(b) above.

2 – The privilege to reside.

Note these are privileges – not ‘rights’.

A foreign national has no immigration rights per se until they have the Right of Abode when they have become permanent residents.

The privilege to reside flows naturally from the privilege to work. You can’t, after all, be allowed to work in Hong Kong and not be allowed to live here at the same time.

But the distinction between the two is often lost and only ever really come into focus when you stop working for the sponsor of your current employment visa. When this happens, your privilege to work ceases completely (and this includes working for yourself in your own business).

As for your privilege to reside, this will continue until your current limit of stay expires, whereupon you are expected to leave Hong Kong.

The privilege to reside carries the ability to look for an alternate employer and also make preparations to start a business, if this is what you’re thinking you might like to do in the wake of the termination of your last employment.

However, the privilege to start a new employment or actually start working in your new business can only be reinstated by the Director of Immigration.

Lost My Job What About My Employment Visa –  Can I Recover The Privilege To Work In Hong Kong?

Consequently, you need to make an application to ImmD to change employers (employment visa) or establish/join in a new business (investment visa) before you are lawfully able to carry on with these income earning activities.

In both cases, this will require a new sponsor to pick up from where your last employer left off.

At the same time, your limit of stay will be extended by a further 24 months, (depending) and, at all times, the status of your family members holding dependant visas, simply follows yours except to the extent that your spouse still has the privilege to work on the strength of her own dependant visa which is unaffected by the loss of your job.

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VisaGeeza.Ai – Making Hong Kong Immigration A Lot Easier

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How Can I Address the Issue of Immigration Officers Repeatedly Stopping My Girlfriend At The Airport In Hong Kong

Posted by The Visa Geeza / in Feature Article, Uncategorized, VG Front Page, Visitor Visas, Your Question Answered / No responses

I got this email in from a website visitor yesterday about “Immigration Officers repeatedly stopping my girlfriend” when she arrives at Hong Kong airport. This is often the case in specific circumstances so I am grateful for the opportunity to address the matter in this short question and answer post.

 

QUESTION

Immigration Officers Repeatedly Stopping My Girlfriend – What Can We Do?

So, my girlfriend, a frequent visitor from the Philippines, experiences frequent stops and intimidation from Immigration Officers at the airport when she comes to visit me and constantly faces undue scrutiny and harassment. I think the Immigration Officers should have better training and education, including cultural sensitivity training to help them understand and appreciate the diverse backgrounds of the people they encounter.  Immigration Officrs should be educated on the importance of treating all visitors with respect and dignity, regardless of their nationality or ethnicity. What can we do about Immigration Officers repeatedly stopping my girlfriend? To say we’re fed up is an understatement.

ANSWER

Immigration Officers Repeatedly Stopping My Girlfriend – What Can Be Done …

Based on the information you have provided, it appears that your girlfriend is not being targeted specifically.

The Hong Kong Immigration Department has certain controls in place for visitors from certain countries, including the Philippines, and may undertake secondary inspections for certain individuals, particularly single females of a certain age range.

To help facilitate her entry into Hong Kong, you can prepare a letter addressed to the Immigration Department explaining that she is visiting you, your residence status in Hong Kong, and that you will be responsible for her during her stay.

She can present this along with her passport upon arrival.

You can also include a copy of your ID card, employment contract, bank statements, and residential tenancy agreement, as well as your mobile phone number for the Officer to confirm the veracity of the letter.

In the letter, you can also include a statement that she will leave Hong Kong within the 14-day limit of stay.

Make sure also that she has a return ticket with a confirmed reservation.

Immigration Officers Repeatedly Stopping My Girlfriend – Demonstrate Her Visitor Bona Fides …

This will help the Immigration Department validate her bona fides as a visitor to Hong Kong.

Immigration Officers Repeatedly Stopping My Girlfriend – They Don’t Want the Hassle Either …

It’s important to understand that this is a routine process to validate visitors’ intentions, and arming yourself with the necessary documents can help make the process smoother for your girlfriend.

The trick is to enable the examining Immigration Officer to assess her bona fides quickly and easily, in the process establishing a record of ‘trouble free visits’ and quick clearance of  Immigration on future visits.

More Stuff You May Find Useful or Interesting

Is it ever OK to work in Hong Kong on a visitor visa?

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VisaGeeza.Ai – Making Hong Kong Immigration A Lot Easier

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10 Must Have Resources for a Hong Kong Quality Migrant Admission Scheme Visa Application

Posted by The Visa Geeza / in Musing, Resource, Special Programmes / 17 responses

Considering A Quality Migrant Admission Scheme Visa Application?

This post was originally published in 2012.

The guidance is still largely applicable in 2023 with the additional updates in regard to the Talent List and the 2023 Enhancement Measures.

Please refer what follows in light of these 2 major updates from the Immigration Department and you’ll be in good shape when preparing your QMAS application.

Quality Migrant Admission Scheme Visa Application – Meet the Jeckyll & Hyde of Hong Kong Immigration

The Quality Migrant Admission Scheme is the jeckyll and hyde visa programme of the Hong Kong Immigration Department.

At once, it is a tremendous addition to the various visa options available to intending foreign national residents of the HKSAR and is warmly welcomed.

However (truth be known) in the final analysis it is not much more than a lottery unless you happen to be a manifestly amazing talent (Nobel Laureate? Olympiad? Virtuoso?) or possess truly unique skills which the Selection Committee believes Hong Kong needs (Professional Ice Hockey Coach? Art Therapist? Emeritus Professor of Mathematics?).

It costs nothing to apply and only HKD230 if you’re accepted so why not give it a try?

Nothing to lose, right?

Quality Migrant Admission Scheme Visa Application – A 23% Chance of Success?

True – but  be ready for a 7~12 months application consideration processing time frame, no visibility of who you’re competing against, a great deal of paper shuffling and a marginal chance of approval (just 27% according to recent stats of the Hong Kong Immigration Department), especially if you’re not from the Mainland .

However, the resources which follow will help you to take stock of the QMAS challenge and provide you with some much needed assistance on your journey to a golden quality migrant ticket.

The 10 Resources You Need 

D-I-Y APPLICATION KIT – Everything you need, all in one place, to assist you make your application for a QMAS visa

TEMPLATES – Quality Migrant Admission Scheme covering representations and other supporting letters

MOVIE – 3 x case studies of successful applicants receiving Quality Migrant Admission Scheme approvals

PODCAST – Is there any specific type of talent the Immigration Department are looking for in a QMAS applicant?

MOVIE – Just how competitive is the QMAS programme and is it really worth making an application?

PODCAST – Realistically, what is the minimum number of points for a QMAS application?

PODCAST – Just how important are employment testimonials in a Quality Migrant Admission Scheme application?

PDF – Checklist of documentary requirements for a QMAS application

OPINION – What does the Visa Geeza think about the Quality Migrant Admission Scheme?

EXTENSION KIT – All the resources you will need to extend a QMAS visa (once approved!)

 PodCast Answer to Your Question

As always, if you have a specific question you need an answer to, please feel free to ask me and I will provide you with a PodCast Answer within 48 hours – completely free of charge!

VisaGeeza.Ai – Making Hong Kong Immigration A Lot Easier

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