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March 11, 2024

Hong Kong accepting applications for the Capital Investment Entrant Scheme

Effective 1 March 2024, the Hong Kong authorities began accepting applications under the new Capital Investment Entrant Scheme (CIES), which was initially expected to be implemented in mid-2024. Eligible applicants must first present to the new CIES office a Fulfillment document prepared by a practicing certified public accountant (as defined under the Accounting and Financial Reporting Council Ordinance, i.e., Cap. 588 of the Laws of Hong Kong) to confirm that they meet the net asset requirement (i.e., HKD 30 million to which they are absolutely beneficially entitled). The CIES office will then issue a confirmation certificate, which applicants must present to the Hong Kong Immigration Department to apply for provisional approval.

A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.

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Full text of Tax Alert