On the morning of February 28, 2024, Paul Chan Mo-po, Financial Secretary of the HKSAR Government, delivered the 2024-2025 Budget. Chan announced that, after careful consideration of the current overall situation, the HKSAR Government has decided to revoke all demand-side management measures for residential properties effective immediately. Consequently, all residential property transactions are no longer subject to the Special Stamp Duty, Buyer's Stamp Duty, or New Residential Stamp Duty. Furthermore, macro-prudential regulatory measures for property mortgage loans will also be further relaxed.
Financial Secretary Paul Chan announced a range of measures in the new budget to create favorable conditions for economic recovery. He noted that the authorities have been closely monitoring the residential property market and, having carefully considered the current economic and market conditions, believe that demand-side management measures are no longer necessary. He pointed out that the government announced adjustments to these measures on October 25 last year, including shortening the holding period for the Special Stamp Duty from three years to two years, halving the rates of the Buyer's Stamp Duty and the New Residential Stamp Duty, and implementing a "suspension of payment" arrangement for stamp duty on home purchases by eligible incoming talents. The "suspension of payment" arrangement has been well-received, with over 500 applications approved, demonstrating Hong Kong's appeal to international talent.
He further stated that the Hong Kong Monetary Authority revised the macro-prudential regulatory measures for property mortgage loans last July. Taking into account the external and local economic situation, the authorities believe that, while maintaining the stability of the banking system, there is now room to further refine relevant measures and appropriately adjust other regulatory policies related to property loans.
This move was perhaps anticipated by the market. According to a recent UBS research report, it was expected that the Hong Kong government would fully revoke all residential-related stamp duties and introduce further measures to attract visitors from mainland China to Hong Kong.
As is well known, Hong Kong is a highly prosperous free port and international metropolis. It is the world's third-largest financial center, a key hub for international finance, trade, shipping, and innovation and technology. It is also one of the freest economies and most competitive cities in the world, possessing immense appeal. At the same time, due to its cultural similarities, common language, and low tax rates compared to the mainland, Hong Kong attracts an increasing number of mainland residents to relocate and develop their careers. Consequently, obtaining Hong Kong residency has become a popular choice for many investors planning their futures.
The new Policy Address also reflects Hong Kong's determination and action in attracting talent and revitalizing development. If you are interested in or considering obtaining Hong Kong residency, please plan early to capture the policy dividends—apply early and reap the benefits sooner!
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