Today, the Chief Executive of the Hong Kong Special Administrative Region, John Lee, delivered the "Policy Address," stating that over the past two years, Hong Kong has lost approximately 140,000 workers. In addition to actively cultivating and retaining local talent, the government will vigorously attract foreign talent, with measures including:
The annual quota for the Quality Migrant Admission Scheme has been canceled for two years, while the approval process has been optimized to attract more world-class talent to Hong Kong;
Relaxing the "Non-local Graduates Stay/Return to Work Arrangement," extending the stay period from one year to two years, facilitating their ability to work in Hong Kong. Additionally, this arrangement will be piloted for graduates from local universities in the Greater Bay Area for a period of two years;
Extending the duration of work visas, allowing talents under existing and new talent input schemes to be issued work visas for up to three years upon employment in Hong Kong;
Introducing the "High-end Talent Pass Scheme" for a period of two years. Eligible talents include individuals with an annual salary of HKD 2.5 million or more in the past year, as well as graduates from top 100 global universities with three or more years of work experience accumulated in the past five years. These two categories of individuals can be issued a two-year pass to develop in Hong Kong, with no quota restrictions. Graduates from top 100 universities who do not meet the work experience requirement but graduated within the last five years can also be issued a pass, with an annual cap of 10,000 people;
Relaxing the "General Employment Policy" and the "Talent Admission Scheme for Mainland China," allowing employers to directly apply for positions listed in the "Talent List" of 13 local talent shortage professions, or positions with an annual salary of HKD 2 million or more, without needing to prove recruitment difficulties. The government will update the "Talent List" as soon as possible to reflect the latest shortage situations in various professions, aiming to complete this by the first quarter of next year;
Refunding additional stamp duty for eligible foreign talents who purchase property in Hong Kong. Eligible foreign talents who purchase property in Hong Kong today or thereafter can apply for a refund of the buyer's stamp duty and new residential stamp duty for their first residential property after residing in Hong Kong for seven years and becoming a permanent resident, but they still need to pay the stamp duty calculated at the "second standard rate." This will align their stamp duty burden with that of first-time homebuyers who are permanent residents of Hong Kong. This arrangement applies to any "Sale and Purchase Agreement" signed today (October 19, 2022) or thereafter.
It is evident that Hong Kong will take multiple measures to vigorously attract talent. John Lee stated: "I hope this Policy Address can bring confidence to the public, believing that Hong Kong's future is full of hope, and this government will actively create opportunities, injecting continuous momentum into Hong Kong, and building a more harmonious and stable Hong Kong."
As is well known, Hong Kong is a highly prosperous free port and international metropolis, the third largest financial center in the world, an important international financial, trade, shipping center, and international innovation and technology center, as well as one of the most free economies and competitive cities globally. In recent years, Hong Kong has also become a popular destination for mainland residents to immigrate, and the Quality Migrant Admission Scheme has been favored by investors as a convenient channel to quickly obtain Hong Kong identity.
According to statistical data, the number of approved visas for quality migrants has increased during the pandemic, continuously breaking historical highs! The Quality Migrant Scheme was launched in June 2006, initially with an annual quota of 1,000. As the number of applicants increased, the Hong Kong government announced in the "2020 Policy Address" that the annual quota for quality migrants would be doubled to 2,000, and then in the "2021 Policy Address," it was announced again that the annual quota would be doubled to 4,000! Now, in the latest "2022 Policy Address," the quota restrictions for the Hong Kong Quality Migrant Scheme have been completely removed. This is indeed great news for those intending to immigrate to Hong Kong.
Currently, obtaining Hong Kong identity through the Quality Migrant Admission Scheme requires no monetary investment, and applicants do not need to secure prior employment from any local employer. Upon arrival in Hong Kong, they can freely choose to work and settle; one application allows the entire family to be quickly approved; children enjoy free bilingual education in Hong Kong; after obtaining permanent residency in Hong Kong, children can participate in the Overseas Chinese Students Joint Examination, easily entering prestigious universities in the mainland or studying abroad, which can be said to have multiple advantages!
WorldWay Immigration reminds those who wish to apply for Hong Kong identity to seize the opportunity to submit their applications! If you are also interested in applying for the Hong Kong Quality Migrant Scheme, please contact WorldWay Immigration immediately for a professional assessment!
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