Hong Kong revives investment residencies to attract the wealthy

After eight years, the move responds to a duller city with slowing economy

Hong Kong, once one of the most dazzling entrepots in Asia, is reviving an investment incentive program axed eight years ago to try and attract back some of the wealth and talent Beijing's policies helped drive out. (Photo by Kenji Kawase)

ECHO WONG and PAK YIU, Nikkei staff writers

December 19, 2023 20:43 JST

HONG KONG -- Hong Kong is bringing back an investment migration program it axed eight years ago in a bid to restore its status as a global financial hub within China's sluggish economy and steady outflow of talent.

Wealthy individuals who invest more than 30 million Hong Kong dollars ($3.85 million) in non-residential real estate, equities and other financial assets will be eligible for Hong Kong permanent residency after seven years, the government announced on Tuesday.