Programme Overview
Hong Kong's Capital Investment Entrant Scheme (CIES) was suspended in 2015 and relaunched in March 2024, with a substantially higher investment threshold than its predecessor. The relaunched scheme reflects Hong Kong's intent to attract UHNW investors and entrepreneurs to the Special Administrative Region, while maintaining tight controls on who qualifies and what assets count.
Under the scheme, qualifying applicants can obtain Hong Kong residency through investment in approved Hong Kong financial assets, without the requirement to take employment or establish an operating business. Residency converts to permanent residency after seven years, and permanent residents may apply for Hong Kong Permanent Identity Card status — which, in combination with other requirements, can support a route to a Hong Kong SAR passport.
Understanding the context of Hong Kong today is important and should not be glossed over in any serious planning conversation. Since the enactment of the National Security Law in June 2020, Hong Kong has undergone significant political change. The autonomy commitments under "One Country, Two Systems" remain technically in place until at least 2047, and the financial and legal systems retain their distinctive international character. However, civil liberties and the political environment have changed materially. Sophisticated investors need to weigh these factors carefully alongside the genuine financial attractions of the jurisdiction.
Investment Options
Approved Financial Assets — HKD 30 million minimum total
The CIES (2024 version) requires investment of at least HKD 30 million (approximately USD 3.8m or GBP 3m at 2026 rates) across a combination of approved asset classes. Critically, residential real estate is excluded from the qualifying investment portfolio — a significant change from the original scheme.
Approved investment categories include:
- Equities listed on the Hong Kong Stock Exchange
- Debt securities (government bonds, approved corporate bonds)
- Certificates of deposit issued by authorised institutions
- Subordinated debt and eligible collective investment schemes
- Non-residential real estate (commercial, industrial) is permitted up to a defined sub-limit
Of the HKD 30 million total, HKD 27 million must go into permissible financial assets (and/or non-residential real estate within the applicable sub-limit), and a further HKD 3 million must be placed in the CIES Investment Portfolio managed by the Hong Kong Investment Corporation Limited — a government-established structure designed to channel CIES capital into the innovation and technology sector and other strategic industries. This HKD 3 million forms part of the HKD 30 million minimum; it is not additional to it.
The full details of eligible asset categories and any applicable sub-limits should be confirmed with a Hong Kong licensed investment manager and immigration adviser at the time of application, as they are subject to regulatory revision.
Eligibility Requirements
- Applicants must be 18 years of age or older
- Must have net assets of at least HKD 30 million (the qualifying investment threshold must come from the applicant's legitimate personal assets)
- Clean criminal record — police clearance required
- No history of immigration violations in Hong Kong or any jurisdiction
- Applicants must not be a permanent resident of Hong Kong at the time of application
- Qualifying nationalities: the scheme is open to nationals of most countries; however, applicants who are nationals of countries where Hong Kong does not recognise full travel documents may face complications — local legal advice is essential
- Dependants (spouse and unmarried dependent children under 18) may be included on the application
Processing Time
The CIES was relaunched in 2024 and processing timelines were still being established at launch. Indicative processing from submission of a complete application is 12 to 18 months, though initial applications from high-priority or uncomplicated cases may be faster. Applicants must have the qualifying investment portfolio in place before the application is finalised.
Key Benefits
Access to Hong Kong's financial system. Hong Kong remains one of the world's premier financial centres, with deep capital markets, hundreds of international banks, a world-class stock exchange, and an established asset management industry. For investors with significant Asian exposure, a Hong Kong residency base provides genuine proximity to the region's financial infrastructure.
Territorial taxation. Hong Kong operates a territorial tax system — only income arising in or derived from Hong Kong is subject to Hong Kong profits or salaries tax. Foreign-source income is not taxed. For internationally mobile investors with income from multiple jurisdictions, Hong Kong's tax position is structurally attractive.
No capital gains tax, no estate duty. Hong Kong abolished estate duty in 2006 and does not impose capital gains tax. The salaries tax rate caps at 15%, and profits tax is 16.5% (8.25% for the first HKD 2 million of assessable profits for qualifying entities). These are competitive rates even in a global context.
Permanent residency after 7 years. Continuous ordinary residence in Hong Kong for seven years leads to eligibility for permanent residency. This is not a fast track but is a clear, legally defined pathway.
Hong Kong SAR passport strength. While the CIES itself provides residency rather than immediate citizenship, Hong Kong permanent residents who naturalise as Chinese citizens and are connected to Hong Kong may eventually qualify for a Hong Kong SAR passport — which provides visa-free or visa-on-arrival access to approximately 170 countries, including EU member states.
World-class education and healthcare. Hong Kong has excellent international schools, universities, and private medical facilities. English is an official language.
Key Limitations
HKD 30 million is a very high threshold. At approximately GBP 3 million or USD 3.8 million, the CIES is one of the most expensive investment residency programmes globally. The capital is tied up in a managed portfolio for the duration of residency (subject to disposal rules), rather than in a property that can be occupied or an operating business.
Political context. The National Security Law (2020) has materially altered Hong Kong's political environment. Press freedom, the independence of the judiciary from mainland influence, and civil liberties have all declined in assessed indices from international organisations. The "One Country, Two Systems" framework remains in place until at least 2047, but investors should not assume that it will be extended in its current form. For politically exposed persons or individuals with sensitivity to reputational considerations, the current Hong Kong environment requires careful assessment.
No residential real estate in qualifying portfolio. The exclusion of residential property means the investment is entirely in financial instruments, which involves different risk characteristics from a property-backed investment. Market exposure in HK equities and bonds carries its own volatility profile.
Permanent residency, not citizenship. The CIES is a residency programme. Citizenship is a much longer path and involves additional requirements including Chinese naturalisation rules, which may require the applicant to renounce other citizenships (China generally does not recognise dual nationality).
7-year residency requirement for permanent status. Compared with Caribbean CBI programmes that offer citizenship in 3–6 months, or even European golden visa routes of 5 years, the Hong Kong pathway to permanent residency is lengthy, and the path from there to citizenship is longer still.
Tax Considerations
For Hong Kong residents, the key tax features are:
- Salaries tax: 2% to 17% on a progressive scale, capped at 15% of assessable income
- Profits tax: 16.5% on Hong Kong-sourced profits (8.25% for the first HKD 2m for qualifying entities)
- No capital gains tax
- No estate duty (abolished 2006)
- No GST or VAT
- Foreign-source income not taxed
For UK tax residents, the standard warning applies: UK tax law taxes UK residents on worldwide income and gains. Hong Kong residency does not reduce UK tax liability unless genuine non-UK tax residence is established under the UK Statutory Residence Test.
The UK and Hong Kong have a comprehensive double taxation agreement (signed in 2010), which provides for avoidance of double taxation on income and certain other reliefs. This agreement should be reviewed with a UK-qualified tax adviser in the context of any specific planning.
Due Diligence Process
The CIES due diligence process is conducted by the Hong Kong Immigration Department in coordination with financial regulators. It includes:
- Comprehensive background screening
- Source of wealth and source of funds verification (the HKD 30m must demonstrably come from the applicant's legitimate personal assets)
- Criminal record checks from multiple jurisdictions
- Assessment of the investment portfolio's eligibility under the scheme rules
Hong Kong maintains rigorous AML/KYC standards consistent with its FATF membership and international financial centre obligations. Applications must be impeccably documented.
Speak to Our Citizenship Planning Team
The Hong Kong CIES is not appropriate for most investors — the threshold is high, the pathway to citizenship is long, and the political context requires serious consideration. But for UHNW clients who have genuine strategic reasons to be in Asia's leading financial centre — family ties, existing business operations, significant Asian asset exposure — it remains one of the most professionally credible residency programmes available, with tax advantages that are genuinely competitive at the institutional wealth level.
If you are assessing Hong Kong as part of a broader Asian residency or wealth structuring strategy, the Global Investments team can provide initial guidance and introduce you to qualified Hong Kong legal and financial advisers.
Contact us to arrange a confidential consultation with our citizenship and residence planning team.
This guide is for general information only and does not constitute legal, financial or immigration advice. Programme details, investment thresholds, and eligibility requirements change; always verify current requirements with a qualified immigration lawyer and financial adviser before making any investment or application. Investment values can fall as well as rise.