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Hong Kong

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Hong Kong

Hong Kong is a Special Administrative Region located on the southern coast of China and home to around 7.5 million people. It boasts a highly developed economy, lively metropolitan areas, spectacular harbor scenery, and resilient maritime commerce activities that attract tourists worldwide every year. Additionally, Hong Kong is famous for its retail shopping districts and nightlife.

Hong Kong presently does not offer a Citizenship by Investment program. Being a Special Administrative Region of China has mandated its adherence to the Basic Law, whose jurisdiction governs some important domains like politics, economics, and legal matters.

Foreigners aiming for residency status in Hong Kong can select from several visas, like employment or investment visas, catered to their qualifications or skills with adapted mechanisms accordingly. It would be prudent for potential candidates looking at the various metrics within each visa category to consult qualified practitioners before undertaking any decision-making process.

Residency By Investment:

Hong Kong has various residence by investment options. The Hong Kong Special Administrative Region (HKSAR) offers various programs for individuals interested in obtaining residence based on their qualifications, skills, and investments.

Here’s a summary of the residence by investment options :

  1. Capital Investment Entrant Scheme: The Capital Investment Entrant Scheme, introduced in September 2003, aimed to attract individuals seeking residence in Hong Kong through investment. However, it was suspended in 2015.

Alternative Residence Programs:

  1. Quality Migrant Admission Scheme (QMAS): The QMAS is designed to attract highly skilled or talented individuals to settle in Hong Kong and contribute to its economy. Applicants need to fulfill prerequisites and pass either the General Points Test or the Achievement-Based Points Test to be eligible.
  1. General Employment Policy (GEP): The GEP allows individuals with special skills, knowledge, or experience that is valuable and not readily available in Hong Kong to enter or stay in the HKSAR for employment as professionals. Applicants need to meet specific criteria, such as having a relevant educational background and a confirmed job offer.
  1. Investment as Entrepreneurs: This category under the GEP is for individuals who wish to establish or join a business in Hong Kong and make a substantial contribution to its economy. Factors considered include the business plan, turnover, financial resources, job creation, and introduction of new technology or skills.

The application process for these visas involves submitting relevant forms and supporting documents to the Immigration Department. The processing time is typically four to eight months, and approval is discretionary.

Regarding taxation in Hong Kong, the region follows a territorial source principle. Companies are taxed only on profits sourced in Hong Kong, with a current tax rate of 17.5% on assessable profits. There are no capital gains taxes, withholding taxes on dividends, or taxes on most capital gains. However, withholding tax on royalties applies to non-resident recipients.

Needless to say, it is crucial to consult with immigration and tax professionals or refer to official sources for the most up-to-date and accurate information on residence by investment programs and taxation policies in Hong Kong.

The Top Talent Pass Scheme (TTPS):

The Top Talent Pass Scheme (TTPS) is a program in Hong Kong designed to attract highly skilled individuals with significant work experience and academic qualifications from around the world. The TTPS allows eligible applicants to explore opportunities in Hong Kong without requiring a confirmed offer of employment in the Hong Kong Special Administrative Region (HKSAR) at the time of application. Here are the main categories under which individuals can apply for the TTPS:

  1. Category A: Applicants in this category should have an annual income of HK$2.5 million or above (or its equivalent in foreign currency) in the year immediately preceding the date of application. If approved, they may be granted a 24-month stay in Hong Kong, subject to meeting normal immigration requirements.
  1. Category B: Individuals who are graduates from the world’s top 100 universities and possess at least three years of work experience over the past five years preceding the date of application can apply under this category. Successful applicants may be granted a 24-month stay in Hong Kong under the TTPS.
  1. Category C: Graduates from the world’s top 100 universities in the past five years preceding the date of application with less than three years of work experience are eligible for this category. However, Category C is subject to an annual quota and is allocated on a first-come, first-served basis. It’s important to note that Category C does not apply to non-local students who have obtained their undergraduate qualification in a full-time and locally-accredited program in the HKSAR.

Under the TTPS, successful applicants can be granted a 24-month stay in Hong Kong, allowing them to explore employment and career opportunities in the region. It’s worth noting that applicants still need to meet normal immigration requirements and comply with the conditions of stay during their time in Hong Kong. For detailed and up-to-date information on the TTPS, it is recommended to consult the official website of the Hong Kong Immigration Department or seek guidance from relevant authorities.

Performance Guarantee:

Hong Kong does not currently have a Citizenship by Investment program. Therefore, no policy offers standardized performance guarantees for any investments made to obtain citizenship status in the region.

Hong Kong is an established financial center and international business domain with limitless investment options like property investment opportunities, venturing into stock-related enterprises, or initiating personal undertakings on entrepreneurial scales. Hong Kong’s comprehensive legal and regulatory protocols provide intricate safeguards that ensure transparency and hold agents accountable for their actions.

Hong Kong’s formidable rule of law and low levels of corruption make it a highly desirable destination for foreign investors. However, due to the intricate nature of investment matters in this jurisdiction, potential investors are urged to take caution and seek guidance from qualified legal or financial experts. These experts can provide valuable insights into all relevant aspects of proposed investments, including factors that may impact their potential for success.

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