The New Capital Investment Entrant Scheme has officially been open for almost a month now. Recently, investors in the industry have received the Capital Investment Entrant Scheme Certificate of Net Assets, indicating that they are about to enter the investment phase. This speedy process demonstrates the Hong Kong government's eagerness for capital injection. In this article, Heng Tong Immigration has compiled relevant information about the restart of the Hong Kong New Capital Investment Entrant Scheme, including detailed guidelines and commonly asked questions. Let's explore the specifics.

1. New Capital Investment Entrant Scheme: Accepting applications since March 1st!
The Hong Kong New Capital Investment Entrant Scheme, known as the new investment immigration program, started accepting applications on March 1st. Joint applicants must invest a minimum of HKD 30 million in permitted investment assets, of which at least HKD 27 million must be invested in financial products such as stocks, bonds, and certificates of deposit, and non-residential properties (with a maximum of HKD 10 million). Additionally, a minimum of HKD 3 million must be invested in newly established investment portfolios focused on innovative industries. This is the first reopening of a similar program in the SAR since the suspension of the previous Capital Investment Entrant Scheme in January 2015.

Qualifications for Application
Eligibility:
The applicant must be at least 18 years old; have had a personal net worth or personal capital not less than HKD 30 million (or an equivalent amount in foreign currencies) for at least the preceding two years; be a Chinese national having obtained foreign permanent residency status; be a foreign citizen (excluding Afghanistan, Cuba, and North Korea), a Macau resident, or a Taiwanese national; have no criminal records and must provide a certificate of no criminal conviction; and possess the economic capacity to support themselves and any dependents (if any) in Hong Kong.

Net Assets:
Applicants must submit an application for Net Asset Verification to the Invest Hong Kong, proving that they have had a personal net worth or personal capital not less than HKD 30 million (or an equivalent amount in foreign currencies) throughout a continuous period of two years prior to the application.

Investment in Permitted Investment Assets:
Applicants must invest a minimum of HKD 30 million (or an equivalent amount in foreign currencies) of their absolute ownership in permitted investment assets. While the entrance of Hong Kong's Capital Investment Entrant Scheme is not directly open to mainland China, mainland residents may invest indirectly by first obtaining permanent residence in a third country and then applying for the Capital Investment Entrant Scheme.
Therefore, interested individuals may want to prepare for their immigration plans in advance.

Required Application Documents
Applicants need to submit the following documents based on their respective application categories:
If there are accompanying dependents (spouse and unmarried children under 18 years old), the necessary supporting documents need to be provided. It is important to note that even if the main applicant and accompanying dependents have provided all the required documents and materials, the Immigration Department may still request additional documents and materials related to the application if necessary.

Application Process
The application for the New Investment Immigration Program involves two procedures: "Preliminary Approval" and "Formal Approval."

Preliminary Approval:
Before applying for an entry visa at the Immigration Department, applicants must first apply to Invest Hong Kong to verify if they meet the net asset requirements. After verifying that the applicant meets the net asset requirements, Invest Hong Kong will issue a Certificate of Net Assets Confirmation. Applicants must apply for an entry visa/residence permit at the Immigration Department within the validity period of the Certificate of Net Assets Confirmation. After the Immigration Department approves the entry matters, the applicant will receive a "Preliminary Approval." The applicant will be issued an entry visa/residence permit and can stay in Hong Kong for no more than 180 days as a visitor within the specified period to fulfill the promised investment.

Formal Approval:
After fulfilling the promised investment within the investment period specified by the new scheme's rules, the applicant must apply to Invest Hong Kong for verification of the compliance of the related investment. If Invest Hong Kong confirms that the applicant meets the investment requirements, a Certificate of Compliance with Investment Requirements will be issued. Applicants must submit the Certificate of Compliance with Investment Requirements to the Immigration Department within the certificate's validity period, and the Immigration Department will continue to process the entry visa/residence permit application. After the Immigration Department's approval, the applicant will be given a "Formal Approval." Generally, the applicant and their dependents will be allowed to stay in Hong Kong for no more than 24 months, subject to the duration of stay restrictions as long as the applicant continuously complies with the new scheme's requirements throughout the period.

Renewal Application
The stay period for the Capital Investment Entrant Scheme is 2+3+3 years. Therefore, within three months before the expiration of the initial 24-month stay period, the applicant must verify their compliance with the investment management rules at the office of the New Capital Investment Entrant Scheme. Upon verification, the office will notify the Immigration Department of the results. If the Immigration Department deems the applicant's compliance with the relevant qualifications of the Capital Investment Entrant Scheme, the applicant will be granted a stay period of no more than three years.