The Hong Kong government announced on July 3 that since the launch of the new capital investor entry program on March 1, 2024, more than 300 applications have been received and it is expected to receive 10 billion from the current applications. investment in Hong Kong dollars (US$1.3 billion).

The improved scheme provides a pathway to obtain residence status in Hong Kong for individuals who invest at least HK$30 million in permitted assets.

As of June 30, the Hong Kong government has received 339 visa applications for the Capital Investor Entry Program. Three of them have received formal approval after investing at least HK$30 million.

A further 88 applicants received in-principle approval, which allowed them to receive a 180-day visitor visa to invest. Overall, the Capital Investor Entry Scheme has received more than 3,700 inquiries.

"The new version of the Capital Investor Entry Scheme has brought a large number of talents to Hong Kong, China, attracting successful businessmen and innovative entrepreneurs," said Mr Lau Ka-xuan, Director of Invest Hong Kong, China. She went on to say that the government expects that if more than 300 applications are approved, it will bring about HK$10 billion in funds to Hong Kong, China.

The program’s performance in June improved compared to previous months. As of the end of May, the Capital Investor Entry Program had received 251 applications, of which 43 had received in-principle approval, as previously disclosed by the Secretary for Financial Services and the Treasury.

This means that in June alone, the scheme attracted a further 88 applications (slightly higher than the monthly average of around 84). The government issued a total of 45 in-principle approvals, exceeding the total in the previous months.

However, these figures still fall short of the Hong Kong government’s initial expectations for the program. According to Secretary for Financial Services and the Treasury Hui Ching-yu in December last year, the Hong Kong government estimates that the capital investor entry program will bring in HK$120 billion in funds every year, and about 4,000 people apply every year. The Hong Kong government based these estimates on historical trends from older versions of the program.

Early data shows that the program has performed strongly in the early stages of its launch. As of the end of May, the Capital Investor Entry Program had received 251 applications. Applicants are mostly citizens of Vanuatu and Guinea-Bissau in West Africa.

Although the Hong Kong government did not disclose the nationalities of the three approved applicants, Invest Hong Kong stated that of the total 339 applications, 325 were from "foreign nationals or persons with permanent residence overseas. "Persons with residence status", and the remaining 14 cases are from "residents of the Macao Special Administrative Region of China and residents of Taiwan Region of China."

Approved Capital Investor Entry Program applicants and their family members can stay in Hong Kong, China for up to two years, and can apply for renewal for up to three years. After seven years of continuous residence, they can apply for permanent residence status in Hong Kong, China.