The New Capital Investment Entrant Scheme (NCE) was formally relaunched on 1 March 2024, marking the reopening of Hong Kong’s investment migration channel after a near nine-year suspension. The new NCE differs significantly from the previous version that operated between 2003 and 2015 — the threshold was raised from HK$10 million to HK$30 million, and the portfolio categories were modernised.
§1 From the old to the new version: the background to the nine-year suspension
The previous “Capital Investment Entrant Scheme” was launched in 2003 and suspended in January 2015. The official reason for the suspension was that “the Government needs to review the scheme to attract capital to Hong Kong more effectively”. The market widely believes two factors drove the suspension: first, persistently rising local property prices and the social concern over the impact of investment migrants on the luxury housing market; and second, the Hong Kong Government’s wish to channel investment into the real economy and innovation and technology industries, rather than purely into property.
The core reforms of the new NCE directly address these two issues: the threshold was substantially raised to HK$30 million; property investment is no longer listed as a permitted investment asset (only partly included, subject to conditions); and a mandatory allocation to the “innovation and technology portfolio” was added.
§2 Eligibility
It is worth noting that mainland residents who hold only Chinese nationality, even if they meet the asset requirement, cannot apply for the NCE directly — they must first obtain permanent resident status in a foreign country. This restriction is consistent with the previous version, and is the fundamental difference between the NCE and the Top Talent Pass Scheme (TTPS) and Quality Migrant Admission Scheme (QMAS).
§3 Permitted investment asset portfolio
Applicants must, within six months of approval, invest assets of not less than HK$30 million in the following “permitted investment assets”:
Permitted financial assets (at least HK$27 million):
- Shares listed on The Stock Exchange of Hong Kong
- Bonds issued by the Hong Kong Government, the Exchange Fund or the Hong Kong Mortgage Corporation Limited
- Certificates of deposit issued by authorised institutions (capped at HK$3 million)
- Qualifying collective investment schemes (including SFC-authorised funds)
- Qualifying limited partnership funds
Innovation and technology portfolio (HK$3 million):
- Must be invested in the “Capital Investment Entrant Scheme Portfolio” established by the Hong Kong Government to support the innovation and technology sector
- Operates independently from the Exchange Fund managed by the Hong Kong Monetary Authority
Limited inclusion of property: Residential property is no longer a permitted investment asset, but if an applicant invests HK$30 million in permitted financial assets, they are free to subsequently purchase residential property with additional funds.
§4 Application process and timeline
The NCE application is divided into three stages:
- Net asset assessment (about 2-3 months): Invest Hong Kong reviews the evidence that the applicant has held net assets of not less than HK$30 million over the past two years
- Approval to enter (about 3-6 months): after passing Invest Hong Kong’s review, submit the visa application to the Immigration Department
- Investment implementation (within 6 months): complete the investment within six months of visa approval and submit proof of investment to Invest Hong Kong
The entire process takes about 9-12 months, longer than the processing times for the TTPS (4-8 weeks) and QMAS (6-12 months).
§5 Differences from the TTPS / QMAS
There is an essential difference between the NCE and skilled talent visas: the NCE is an “investment-for-status” route that does not require applicants to work in Hong Kong or set up a physical business, using investment alone as the residency condition. This makes it the preferred route for ultra-high-net-worth individuals who have no intention of working in Hong Kong.
But the NCE also has notable disadvantages: first, eligibility is limited to non-Chinese nationals or Chinese nationals who have already obtained foreign permanent residency; second, investment funds must be locked in Hong Kong, restricting liquidity; and third, after obtaining permanent residency, the mechanism and timetable for exiting the portfolio are not yet fully clear.
This article is independent editorial research and does not constitute legal advice. For actual applications, please consult a licensed Hong Kong immigration consultant or lawyer.
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