The New Capital Investment Entrant Scheme (New CIES) aims to attract high-net-worth individuals and asset owners to establish a long-term presence in Hong Kong. By offering streamlined pathways to permanent residency, this scheme encourages international investors to explore Hong Kong’s diverse investment opportunities through strategic wealth management.
Since its relaunch in March 2024, replacing the previous scheme suspended in January 2015, the New CIES has garnered significant interest. The scheme’s momentum gained further traction following relaxation measures introduced on 1 March 2025. The number of applications for March surged compared to February 2025, reflecting growing confidence among applicants and a positive outlook for Hong Kong’s investment climate.
Up until the end of April 2025, Invest Hong Kong had received over 1,200 applications, projecting an influx of more than HK$37 billion into the city. The Hong Kong Immigration Department has permitted around 900 applicants to enter as visitors to complete their investments, and approximately 550 applications have been verified as meeting the investment requirements, totalling around HK$16.5 billion. Notably, about HK$6.0 billion (36.4%) has been invested in funds authorised by the Securities and Futures Commission, while HK$4.6 billion (28.1%) has gone into equities.
The following is a summary of the current requirements of the New CIES. For more details, please refer to our previous articles published in July 2024, October 2024, and February 2025, where we monitored latest updates and enhancements to the New CIES rules.
Overview of the New CIES Applications
Applicants seeking entry or residence in Hong Kong under the New CIES must adhere to the guidelines set forth by Invest Hong Kong and the Hong Kong Immigration Department. Here are the key features:
Eligibility Criteria
Net Assets: Applicants must have absolute beneficial ownership of net assets or equity valued at no less than HK$30 million (or equivalent in foreign currencies) during the six months prior to application. Net assets owned jointly with family members can be considered, proportional to the applicant’s beneficial ownership.
Investment Requirements: Applicants must commit to investing at least HK$30 million in permissible assets in Hong Kong. Investments made before the scheme’s launch on 1 March 2024, are ineligible, and any residential real estate investments must be completed on or after 16 October 2024.
Permissible Investment Assets
Investments should fall into two broad categories:
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HK$3 million (10%) into the CIES Investment Portfolio (CIES IP): Managed by Hong Kong Investment Corporation Limited, these funds support innovation, technology, and strategic industries vital to Hong Kong’s economic development. Investments must be placed in projects or companies with a Hong Kong nexus.
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HK$27 million (90%) in Financial Assets or Real Estate:
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Financial assets include equities, debt securities, certificates of deposit (capped at HK$3 million), subordinated debt, and eligible collective investment schemes, such as open-ended fund companies (OFCs) and Limited Partnership Funds (LPFs), with an ownership interest cap of HK$10 million in private funds.
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Qualifying real estate investments are ring-fenced at HK$10 million, with any excess amount making up the value of the property(ies) regarded as surplus equity to which different restrictions apply. Investment in residential property is limited to one property valued at HK$50 million or above, completed on or after 16 October 2024.
Additionally, investments made through a wholly-owned private company – incorporated or registered in Hong Kong, owned by the applicant, and managed by an eligible single-family office – also count toward the investment requirement.
This structure ensures a balanced investment portfolio while supporting Hong Kong’s financial, real estate, and fund management sectors.
Portfolio Maintenance & Flexibility
Investors can dispose of or realise the value of permissible financial assets at any time. Reinvestments and switches between permissible investment assets are allowed. However, withdrawals are generally restricted, except for dividends, interest, mortgage repayment, rental income, or surplus equity from real estate investments. Appreciation in value cannot typically be withdrawn unless certain conditions are met, and if assets fall below the initial HK$30 million investment, no top-up is required.
Path to Permanent Residency
Applicants and their dependents can apply for permanent residency after seven consecutive years of ordinary residence in Hong Kong. Chinese nationals holding permanent ID cards can also apply for a Hong Kong passport. If the seven-year residence is not fulfilled, applicants may seek unconditional stay after the required period.
Once permanent residency is granted, investors are free to dispose of their permissible investment assets without restrictions.
Key Takeaways
Investment Threshold: The scheme’s minimum investment has tripled from HK$10 million in 2015 to HK$30 million, aligning with Hong Kong’s goal to attract substantial capital.
Business Opportunities: The New CIES opens avenues for fund managers, family offices, and financial institutions. The extension of subsidies for OFCs and REITs further enhances Hong Kong’s competitiveness, encouraging setup and re-domiciliation.
Family Office Attraction: Investments through private companies, particularly family offices, are encouraged under the scheme, making Hong Kong an increasingly attractive hub for wealth management and estate planning. Recent tax concessions and dedicated support from Invest Hong Kong’s FamilyOfficeHK team further bolster Hong Kong’s reputation as a premier destination for family wealth structuring.
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Disclaimer: The information contained in this article is intended to be a general guide only and is not intended to provide legal advice. Please contact [email protected] if you have any questions about the article.