Hong Kong cash-for-residency scheme now expected to bring in HK$15 billion in investments

Forty-seven applicants have each invested HK$30 million (US$3.8 million) through Hong Kong’s cash-for-residency scheme within the required six-month time frame, while HK$15 billion is now expected to enter the city through the programme, authorities have revealed.

InvestHK, the government agency in charge of attracting foreign investment, said on Monday that the New Capital Investment Entrant Scheme (New CIES) had received more than 500 applications, up from 339 at the end of June.

“The increasing New CIES application figures reflect the strong confidence from high-net-worth individuals in Hong Kong,” InvestHK director general Alpha Lau Hai-suen said.

The latest figures were released around two months after the government announced that three people had invested the required HK$30 million and received two-year visas.

Lau said at the time that the scheme was expected to draw investments of HK$10 billion based on the 339 applications received.