Hong Kong’s New Capital Investment Entrant Scheme (New CIES)
March 2024
As announced in the 2023-24 Budget, the Hong Kong Government launched the New Capital Investment Entrant Scheme (the ‘Scheme’) on 1 March 2024. Successful applicants under the Scheme will be granted permission to enter and stay in Hong Kong, and may apply to become permanent residents after continuous residence in Hong Kong of at least seven years. All individuals who apply to enter/remain in Hong Kong pursuant to the Scheme are subject to the Rules for the Scheme (the ‘Scheme Rules’) .
In this News Flash, we (i) give an overview of the Scheme, (ii) review the (a) application requirements and (b) continuous obligations under the Scheme Rules, (iii) explain the mechanism of investing through Open-Ended Fund Companies (‘OFCs’) and Limited Partnership Funds (‘LPFs’) under the Scheme and (iv) provide some fundamentals asset managers should consider when establishing OFCs and LPFs.
This news alert was jointly published by PwC Hong Kong and Tiang & Partners.
Tiang & Partners is an independent Hong Kong law firm and a member of the PwC network.
