Major good news: Hong Kong investment migrants can now buy houses!

eye-catchingThe Hong Kong Policy Address 2024, finally rocked the release!

On October 16, in the Legislative Council of the Hong Kong Special Administrative Region (HKSAR), the Chief Executive of the HKSAR, Mr. Eric LI Ka-chiu, solemnly released his term of officeThird Policy AddressThe

In this year's Policy Address, the much-anticipatedNew Capital Investment Entrant Schemeup toTalent Introduction Policy, all of which have seen significant restructuring and optimization.
01

Optimizing the New Capital Investment Entrant Scheme

Permission to buy a mansion over $50 million

A series of heavyweight new Capital Investment Entrant Scheme optimization policies were announced in the new Policy Address. Lee Ka Chiu announced:

① With immediate effectInvestment in residential properties is permittedLibyan Arab JamahiriyaTurnover needs to be $50 million or moreAmounts invested in real estateThe upper limit is $10 million in calculating the total investment.

② FromFrom March 1, 2025The investment is made through a qualified private company that is wholly owned by the applicant and is included in the amount of the qualifying investment.

02

Optimizing the Admission of Talents Scheme

A number of good things are happening

The Hong Kong Government launched the new Admission of Talents Scheme in late 2022 and has so far received more than 380,000 applications, amounting to about 160,000 talents arrived in Hong Kong with their families.In the next five years, Hong Kong's manpower shortage in various sectors is estimated to be about 180 000 people.

To build up a pool of quality talents to complement development, this Policy Address has introduced a series of inputsMeasures to optimize the talent mechanismTheA number of benefits of High Talent Pass

▶ Expansion of the list of universities under the Highly Qualified Personnel Pass ProgramNew 13Top universities at home and abroad, totaling 198.

Hong Kong Legislative Council Member, Mr. Jeanne Sheung Hoi-lung, revealed that the new universities include nine mainland universities and four overseas art and design colleges. The list of mainland universities includes Renmin University of China, Beijing University of Aeronautics and Astronautics, Beijing Institute of Technology, Beijing Normal University, Southeast University, Nankai University, Tianjin University, Tongji University and Sichuan University.

▶ The amount of the scheme for high-income earners (i.e. High Talent Category A, those earning up to HK$2.5 million per annum) will beThe duration of the first visa was extended from two to three years.Additional mechanism for meritocracy

▶ Hong Kong Government ProgramUpdating the "talent inventory"Include the talents needed to promote the "eight centers".

The "Eight Centers" are an international financial center, an international innovation and technology center, a center for cultural and artistic exchanges between China and the rest of the world, an international trade center, an international shipping center, an international aviation hub, an Asia-Pacific international legal and dispute resolution service center, and a regional intellectual property trade center.

▶ Under the Quality Migrant Admission Scheme (QMAS)Additional mechanisms(math.) genusProactively inviting top talents to develop in Hong KongIn addition, the Government will make every effort to promote the convergence of international high-end talents in Hong Kong.Greater Bay Area INAG Extension

Extension of the pilot scheme of "Stay-in-Hong Kong/Return-to-Hong Kong Arrangement" for graduates of local universities from the Greater Bay Area campusesThe period of time is two years.Optimizing the Specialist Program

Optimizing the General Employment Policy and the Admission Scheme for Mainland Talents and Professionals.(c) New channels to attract young and experienced professionals in designated skilled trades with acute manpower shortage to Hong Kong.The new arrangement will have quotas.Assisting talents to stay in Hong Kong

"Apart from providing assistance to talents according to their individual needs, the Talent Service Office (TSO) will also vigorously promote its online platform, provide comprehensive information on payroll, tax, education and visa, expand its network of partners, and co-organize online and offline job fairs with the industry and employers' associations.Realize direct career matching between employers and talent.

The Talent Office will also organize another international talent forum and travel overseas to promote it.

03

Other heavyweight new policies are coming
Resumption of multiple-entry permits in Shenzhen

The SAR Government has made requests to the Central Government to further optimize the endorsement for Mainland residents to visit Hong Kong, includingReinstatement of "multiple-entry" endorsement for individual visit to Shenzhen and expansion of "one-week-entry" endorsement for individual visit to ShenzhenScope of pilot cities for the policy, etc.

The relevant departments of the central government have indicated that they will actively study and expedite the process.

Relaxation of the loan-to-value ratio ceiling for property mortgages

The HKMA willRelaxation of Mortgage Loan Conditions for Residential PropertiesIn addition, regardless of the value of the property, whether it is self-occupied or company-owned, and whether the buyer is a "first-time home buyer" or not, the maximum loan-to-value ratio will be adjusted to 70%, and the maximum loan-to-income ratio will be adjusted to 50%.

For non-residential properties, the relevant loan-to-value and repayment-to-income ratio ceilings will also be adjusted to the same level.

Building a Brand for Studying in Hong Kong

▶ foundscholarshipsThe Government should encourage more local students to pursue further studies;

▶ Promoting the "Study in Hong Kong" brand globally.Attracting more students from outside Hong Kong, especially from ASEAN and other Belt and Road countries, to study in Hong Kong through scholarships and other means;

▶ Improvement of dormitory facilitiesIncrease the supply of student accommodation.

Bringing together medical professionals

Promotion of the legal framework adopted earlier, activeBringing in non-local doctors, nurses and dentists to increase medical manpowerThe Government will submit a draft bill next year to introduce joint venture non-local training for paramedical professionals. The Government will submit a draft bill next year to introduce joint-venture non-local training for paramedical professionals.

For the full text of the 2024 Hong Kong Policy Address, please see the following link:

🔗https://www.policyaddress.gov.hk/2024/tc/

There is no doubt that the series of major favorable policies in Policy Address 2024 will not only promote Hong Kong's continued prosperity and development, but also create a new environment fora local person,investor from all walks of lifeas well asall categories of talentBringing more opportunities and well-being.

If you are interested in moving to Hong Kong or investing in Hong Kong, please feel free to enquire!