Hong Kong to Offer Residency to Wealthy for $3.8 Million Investment

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Re-introduction of residency investment scheme could bring in $15 billion a year for Hong Kong and attract 4,000 people

(Bloomberg) — Hong Kong is starting a program next year that will give residency to people who invest HK$30 million ($3.8 million) in the city as it steps up efforts to revive its status as a financial center and bolster revenue.

The plan, to start in the middle of 2024, includes a mandatory HK$3 million investment into a portfolio run by Hong Kong Investment Corp. Ltd. 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.