Hong Kong to Offer Residency to Wealthy for $3.8 Million Investment
- New investment scheme estimated to bring in HK$120 billion
- Applicants can apply to move to the city in mid-2024
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Hong Kong is starting a program next year that will give residency to people who invest HK$30 million ($3.8 million) into the city as it steps up efforts to revive its status as a financial center and bolster revenue.
The plan, set to start in the middle of 2024, includes a mandatory HK$3 million investment into a portfolio run by Hong Kong Investment Corp. to support local technology and innovation. Other eligible assets include stocks, debts and funds. Industrial and commercial real estate are capped at HK$10 million. Residential real estate is excluded.