New Capital Investment Entrant Scheme (New CIES) is a visa scheme to attract high-net-worth individuals. Hence, it is for the one who wishes to make substantial investments and contribute to the economic growth of Hong Kong.
Successful applicants will receive an initial stay of 24 months upon formal approval. Their stay may be extended by submitting an application before expiry. With subsequent successful extension, they will normally receive a permission to stay on a 3-3 years pattern.
Family Members in the New Capital Investment Entrant Scheme (New CIES)
An applicant under New CIES may apply to bring in his/her spouse or lawful domestic partner (same-sex or opposite-sex). Still, they can also bring their unmarried dependent children under the age of 18 to Hong Kong. After admission to Hong Kong, they will solely be their sponsors for their stay in Hong Kong.
Traveling and returning to Hong Kong after admitted with the New CIES Visa
Persons admitted under the New CIES visa and their dependents can travel and re-enter Hong Kong within the permitted period of their stay without any re-entry visa.
Becoming a Permanent Resident in Hong Kong
Individual admitted under the New CIES visa and their dependents who have ordinarily resided in Hong Kong for a continuous period of not less than seven (7) years may apply for the right of abode in Hong Kong.
Restriction on application for the New CIES Visa
Nationals of Afghanistan, Cuba, the Democratic People’s Republic of Korea, as well as Chinese residents of the Mainland of China, are not qualified for the arrangement.
Nonetheless, overseas Chinese nationals holding People’s Republic of China may apply if they have permanent residence status overseas. Here, overseas means places outside the Mainland of China, Hong Kong, Macao and Taiwan.
Eligibility for applying for the New Capital Investment Entrant Scheme (New CIES) Visa
Before applying, applicant have to ensure that he/ she meets the following eligibility criteria:
- Must have a minimum net asset of HK$30 million
- Needs to invest a minimum of HK$30 million in permissible investment assets
- Have to deposit his/ her permissible investment assets into a designated account operated by an eligible financial intermediary.
Application Procedures for New Capital Investment Entrant Scheme (New CIES)
Net Asset Verification with New CIES Office
Candidate is required to engage a Practicing Certified Public Accountant (CPA) to issue a Fulfillment document of his net asset. Next, applicants need to submit an application for Net Asset Assessment together with the Fulfillment document and all relevant supporting documents to New CIES office. Furthermore, it should complete within 14 calendar days from the date of issuance of the Fulfillment document.
Apply for Entry to Hong Kong with Immigration Department
Upon receiving the certifying proof of Net Asset verification from New CIES Office, entrant have to submit an Entry Application to Immigration Department within the validity period of the certifying proof. After that, an Approval-in-Principle is given to the successful candidates. And, IRD will also grant a visa/ entry permit to the them to enter Hong Kong as a visitor for not more than 180 days.
Make committed Investment in Hong Kong
Committed investment must be made in permissible investment assets before or within 180th day of the issuance of the Approval-in-Principle. He/she must be the absolute beneficiary.
Investment Requirement Verification with New CIES Office
It is important that applicant need to approach the New CIES Office again for verifying the Investment Requirement. Sames as verify net assets, applicants should appoint a Practicing CPA to demonstrate the fulfillment of the Investment. Moreover, he/she need to submit application together with the Fulfillment document and all relevant supporting documents to New CIES office.
Resume the Entry Application with Immigration Department
New CIES Office will issue a certifying proof after the investment requirement is confirmed and verified. In order to resume the assessment of Entry Application, candidate need to submit the proof to Immigration Department. Then, IRD will issue a formal approval to the applicant when he/ she meets all eligibility criteria.
Dependents
Nominee can apply for dependent visas for his/ her spouse and unmarried child who is under 18 year-old. Normally, a Dependent visa is valid for 2 years.
Counting on FastLane HR for Assistance in New Capital Investment Entrant Scheme (New CIES) Visa Application
Applying for New CIES visas can be complex and time-consuming if you do not know exactly about the documents and justifications. Therefore, you need to understand them clearly and provide them to meet the approval criteria by the InvestHK and Immigration Department. On that matter, it is always best to do it right the first time rather than trial and error. FastLane HR has a team of experienced professionals familiar with the requirements and processes involved in obtaining a New CIES visa. On top of that, we also have practicing CPA partners who provide verification of the net asset and investment requirement for the application. So, FastLane HR is the perfect partner for people who need Investment visa assistance to obtain approval in one go.
Full Services Offered by FastLane HR to Facilitate New Capital Investment Entrant Scheme (New CIES) Application
- Understand your situation and needs
- Assist and/or advise preparation of required documents
- Review documents provided by the applicant and employer
- Prepare declarations, application forms and letters of authorisation
- Submit application to the Immigration Department
- Follow-up and communicate with the Immigration Department and provide additional supporting documents when required
- Continuous communications with the applicant and/or employer
- Arrange payment and collection of visa label
- Send the visa label to the applicant
Yes, an applicant can obtain loans from banks or financial institutions in Hong Kong to acquire non-residential real estate. The property can be used as collateral. Yet, only the applicant's net equity in the property, up to HK$3 million, will count as a qualifying investment under the New CIES.
Securities and Futures Commission (SFC) maintains a list of eligible collective investment schemes (CIS) for the New CIES on their website. You can access the list and find CIS that meet the criteria under paragraph 5.1(e) of the Scheme Rules. For inquiries, contact the SFC at enquiry@sfc.hk.
If your assets are in foreign currency, you can convert them to Hong Kong dollars using the following:
Hong Kong Association of Banks (HKAB): Use the average of the daily selling and buying telegraphic transfer rates, available on the HKAB website.
Hong Kong Monetary Authority (HKMA): Refer to the daily exchange rates in the "Exchange Rates and Interest Rates" section of the Monthly Statistical Bulletin on the HKMA website.
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Cindy Chui
B. Bus, MBA, CPA (HK), CPA (Aust), CTA (HK)Group Partner and CEO of FastLane HRCindy is a Hong Kong and Australia CPA with over 20 years of experience in accounting, auditing, corporate services, human resources and payroll, taxation and management. Having worked with various multinationals including PricewaterhouseCoopers and ING, she has been the Senior Vice President and Company Secretary of a Hong Kong GEM board listed company. Currently, Cindy is also the Managing Director of Hong Kong Administrative Services since 2007 and providing high quality corporate services to local and overseas clients. She has lived and worked in Hong Kong, Sydney, Los Angeles and New York, and is a keen traveler with a passion for exploring natural landscapes and different cultures across the world. -
Alex So
B. Bus., MBA, FCPA (Aust)Founder and Group Managing PartnerAlex is responsible for the strategic development of FastLane Group. Being is a fellow member of CPA Australia with over 20 years of professional finance and accounting, corporate finance, and investment experience in financial services and asset management companies, Alex held regional Chief Financial Officer and Chief Operations Officer roles in a number of global financial institutions including Deutsche Bank, Bank of America, a Hong Kong listed company and an Asian private equity firm. Besides, he is also an investor for early stage and high growth companies. During his leisure time, Alex enjoys travelling to different countries indulging in his passion for photography and hiking and is an Oxfam Trailwalker having completed the trail 10 times!
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