In brief
- Global investors shape economies across the world, supplying capital, entrepreneurial talent, and underpinning economic growth. Hong Kong is all but an exception: its geopolitical position has made it home to more of the world's top 500 family enterprises than any other place in Asia.
- Hong Kong's New Capital Investment Entrant Scheme (CIES), launched in March 2024, reinforces the link between global mobility and the economy, providing high-net-worth individuals (HNWIs) a route to residency in exchange for significant investment into Hong Kong's financial ecosystem. Contrasting other investor-migration programmes in Asia, the scheme stands out as the most financially flexible, encouraging investors to headquarter in Hong Kong.
- Appetite for the CIES has been strong— investors have already driven the CIES to represent roughly one third of Hong Kong's reported foreign direct investment in 2024. Following enhancement measures introduced in 2025, application volumes have surged and the total expected investment now exceeds more than HK$37 billion.
Importance of the CIES
Hong Kong is well-known for its unrivalled economic freedom, and has long attracted all kinds of HNWIs — from entrepreneurs and fund managers to professionals who have all become essential to the city's identity.
The CIES is unmissable as the premier pathway for HNWIs, serving as a welcome addition to other schemes to attract capital and talent, such as regular employment visas and the Top Talent Pass Scheme, which scouts for talent from global corporates, universities or professional backgrounds.
The original CIES launched in 2003 in response to a pandemic-fuelled recession, but was suspended in early 2015 following a policy shift to prioritise talent attraction over investor attraction.
Relaunched nearly a decade later, the new regime instead concentrates investment into Government‑approved financial assets and a dedicated CIES Investment Portfolio designed to support strategic sectors, particularly in innovation and technology, bolstering Hong Kong's private wealth and professional services ecosystem.
Eligibility requirements
Net asset value requirement
Applicants must undergo an assessment to prove ownership of net assets or equity of at least HK$30 million, held for at least six months before submitting a net asset assessment (as reduced from two years under January 2025 enhancement measures).
Investment requirement
A minimum investment of HK$30 million in permissible asset classes. These include equities listed on the Hong Kong Stock Exchange, debt securities, certificates of deposits , subordinated debt, eligible collective investment schemes, interests in limited partnership funds, and certain categories of real estate (subject to caps). Applicants must also allocate HK$3 million to the CIES Investment Portfolio.
To expand the scheme's accessibility while keeping guardrails to prevent speculative distortions, the following thresholds have been adjusted with effect from September 2025:
the minimum transaction price for a single residential property that can count towards the investment threshold is reduced from HK$50 million to HK$30 million; and
the cap on aggregate real estate investment counted towards the investment requirement has been increased from HK$10 million to HK$15 million.
Better together – CIES and family migration
The CIES can shape multi‑generational migration strategies. When including dependants under the same scheme, requirements are standard - applicants must show the ability to support themselves and (up to eight) dependants, whilst demonstrating a genuine relationship with adequate documentation.
Additionally, the scheme allows for a proportionate amount of family-owned assets or equity which is absolutely beneficially owned by the applicant to be counted towards net asset assessments, improving financial flexibility and even offering opportunities such as education planning. This paves the pathway to permanent residency: once applicants and their dependants have met the requisite years of continuous residence in Hong Kong, they may apply for the right of abode, granting long‑term security and full residency rights.
These features make Hong Kong a great choice for families preparing for succession, global expansion, or diversification of domicile risk. At the same time, applicants could consider tax implications with their home jurisdictions, and how Hong Kong residency interacts with international reporting regimes, e.g. controlled foreign company regimes or those with reporting obligations linked to holding assets abroad.
How Mishcon de Reya can help
Hong Kong's New CIES illustrates how migration and money in the form of capital are increasingly linked in a world shaped by global mobility.
For further information, or to discuss how we can support investors in using the CIES, or other Hong Kong visa schemes, as a springboard for business and family operations, contact: Winnie Weng, Wei Zhang.