Hong Kong Investor Visa on hold
Hong Kong’s Executive Chief, Leung Chun-ying, announced on Wednesday that the city’s controversial Investor Visa scheme was on hold due to excessive capital and a need for more talent.
The suspension of the Capital Investment Entrant Scheme formed an unexpected part of his annual speech to the Legislative Council of Hong Kong. The scheme was introduced in 2003 and allowed applicants to move to the city if they provided government-approved investments with HK$ 10 million.
The reason for the withdrawal of this scheme is simple: Hong Kong is not currently on the look-out for more capital investment. According to its Executive Chief, Hong Kong has recently seen excessive capital in some economic areas such as the property market. In its place, Hong Kong now seems to be turning its mind to the recruitment of young skilled talent.
As to how this move could affect the UK economy remains to be seen. Many will hope to see Britain benefit from a larger proportion of the global supply of cash-rich investors but others are not so sure. The UK recently increased the entry requirements for Tier 1 Investor Visas and visa applicants for this category must now have more than two million pounds available for investment in order to secure entry into the UK. Against the expected resultant decline in foreign investment in the UK, any rise in UK investment as a direct result of Hong Kong’s suspension of investor visa services will therefore be hard to measure.
Thinking of relocating from the Far East to the United Kingdom? Then speak to our team of UK immigration experts based in Hong Kong for the very best UK visa advice and guidance.
