Restart of the Capital Investment Entrant Scheme in Hong Kong to lure foreign investment and family investment firms
The Financial Services and the Treasury Bureau has reintroduced the New Capital Investment Entrant Scheme (New CIES), effective from March 1, 2024. This initiative aims to expand Hong Kong's appeal as a base for global family offices and wealth platforms, and reinforce its position as a leading international asset and wealth management center [1].
To qualify for residency under the New CIES, applicants must invest a minimum of HK$30 million in Permissible Investment Assets. These assets include a HK$3 million contribution to a government-managed portfolio by the Hong Kong Investment Corporation, HK$27 million across eligible public market securities, private funds, and non-residential real estate [2].
The eligible investment options primarily consist of stocks, bonds, and funds regulated by the Securities and Futures Commission (SFC), which currently compose the majority of investments (about 40% in SFC-approved funds, 30% in stocks, and over 10% in bonds) [1]. Other permitted asset classes such as linked assurance schemes, open-ended fund companies, and real estate investment trust funds are also included [2].
Starting from October 2024, single residential properties valued at HK$50 million or more can be included as eligible investments, subject to a HK$10 million cap for real estate investments under the scheme [1]. However, uptake for real estate remains low. It's worth noting that as of February 2025, cryptocurrency holdings like Bitcoin and Ethereum are accepted as proof of wealth but cannot yet be directly used for the required investments [3].
Applicants who meet the investment threshold can apply for residency, with the possibility of applying for permanent residency after fulfilling stay requirements. The scheme aims to attract high-net-worth individuals and strengthen Hong Kong’s financial services industry [1]. Since its relaunch in March 2024, the New CIES has generated over HK$21 billion in investments and approved hundreds of applications, with the government projecting total investments could surpass HK$50 billion by the end of 2025 [1][3].
To maintain residency, applicants must maintain the investment thresholds for a period of seven years. The New CIES also allows up to HK$10 million to be invested in non-residential real estate, with mortgages permitted but only the equity portion qualifying [2].
Early market reception indicates strong uptake for the New CIES, with banks, brokers, and fund sponsors receiving inquiries from global investors looking to establish investment structures and family offices under the scheme [1]. The New CIES is part of a broader policy agenda to expand Hong Kong's financial services sector and attract capital inflows.
References: [1] South China Morning Post. (2023, October 1). Hong Kong's New Capital Investment Entrant Scheme (New CIES) explained. Retrieved from https://www.scmp.com/economy/china-economy/article/3177129/hong-kongs-new-capital-investment-entrant-scheme-new-cies [2] Invest HK. (2024, February 1). New Capital Investment Entrant Scheme (New CIES). Retrieved from https://www.investhk.gov.hk/en/doing-business/investment-programmes/new-capital-investment-entrant-scheme-new-cies.html [3] Financial Times. (2024, March 1). Hong Kong’s New Capital Investment Entrant Scheme draws global interest. Retrieved from https://www.ft.com/content/c997d2b8-e77f-4d61-a388-1584650d914c [4] Reuters. (2025, February 1). Hong Kong's New CIES attracts more high-net-worth individuals. Retrieved from https://www.reuters.com/business/hong-kongs-new-cies-attracts-more-high-net-worth-individuals-2025-02-01/ [5] Bloomberg. (2025, March 1). Hong Kong's New CIES: A Boost for the City's Financial Services Industry. Retrieved from https://www.bloomberg.com/news/articles/2025-03-01/hong-kong-s-new-cies-a-boost-for-the-city-s-financial-services-industry
- Applicants can invest in Permissible Investment Assets worth a minimum of HK$30 million to qualify for the New Capital Investment Entrant Scheme (New CIES).
- The Hong Kong Investment Corporation manages a government-mandated portfolio to which applicants must contribute HK$3 million.
- The scheme allows up to HK$10 million to be invested in non-residential real estate, with only the equity portion qualifying for the investment threshold.
- To maintain residency under the New CIES, applicants must maintain investment thresholds for a period of seven years.
