What Is the Hong Kong Capital Investment Entrant Scheme (CIES)?

The Hong Kong Capital Investment Entrant Scheme (CIES) is a residency-by-investment program that allows eligible investors to obtain Hong Kong residency by making a qualifying investment of HKD $30 million in specified asset classes. The scheme was relaunched in March 2024 after being suspended since 2015, reflecting Hong Kong's renewed commitment to attracting high-net-worth individuals and global capital to the city.

Unlike employment-based or skills-based immigration programs, the CIES does not require the applicant to have a job offer, specific qualifications, or business experience. The primary criterion is the ability to make and maintain a qualifying investment in Hong Kong's financial markets or approved assets. This makes the CIES particularly attractive to investors, entrepreneurs, and high-net-worth individuals who wish to establish a base in Hong Kong without the constraints of employment-based immigration.

The CIES is administered by Invest Hong Kong (InvestHK), the government department responsible for attracting foreign investment to Hong Kong. Successful applicants receive a visa or entry permit to reside in Hong Kong, with a pathway to permanent residency after seven years of ordinary residence.

Who Is Eligible to Apply?

The CIES is open to nationals of any country or territory, with the exception of nationals of Afghanistan, Cuba, and North Korea, who are not eligible. There is no age requirement, no language requirement, and no requirement to demonstrate business or investment experience.

The key eligibility requirements are financial in nature. The applicant must have net assets of at least HKD $30 million (or the equivalent in foreign currency) throughout the two years immediately preceding the application. This net asset requirement applies to the applicant personally — assets held in a company or trust may be considered in certain circumstances, but the primary focus is on personal net worth.

The applicant must not have any adverse immigration record in Hong Kong or any other jurisdiction. The applicant must be genuinely intending to reside in Hong Kong and must not be applying primarily for the purpose of obtaining a right of abode in Hong Kong without genuine intent to live there.

Dependants — including the spouse or civil partner and unmarried dependent children under 18 — can be included in the application and will receive the same residency status as the principal applicant.

The HKD $30 Million Investment Requirement

The defining feature of the CIES is the requirement to invest HKD $30 million in qualifying assets in Hong Kong. This investment must be made and maintained throughout the applicant's residency under the scheme. The HKD $30 million must be invested in one or more of the following eligible asset classes.

Permissible Investment Assets. The eligible investment universe under the CIES is broad and includes: stocks listed on the Stock Exchange of Hong Kong (SEHK); bonds and notes issued by the Hong Kong government, statutory bodies, or companies listed on SEHK; certificates of deposit issued by authorized institutions in Hong Kong; subordinated debt issued by authorized institutions; eligible collective investment schemes (CIS) authorized by the Securities and Futures Commission (SFC); limited partnership funds (LPF) registered in Hong Kong; and eligible real estate investment trusts (REITs) listed on SEHK.

The HKD $3 Million Non-Real Estate Requirement. At least HKD $3 million of the total HKD $30 million investment must be placed in a new investment vehicle specifically created for the CIES — a dedicated fund or portfolio managed by a licensed intermediary. This requirement is designed to channel capital into Hong Kong's financial sector and ensure that the investment has genuine economic impact.

Real Estate. Residential real estate in Hong Kong is no longer an eligible investment under the relaunched CIES. The previous scheme allowed up to HKD $10 million in residential property; the new scheme focuses entirely on financial assets. This is a significant change from the pre-2015 scheme and reflects the government's policy of directing CIES capital into the financial markets rather than the property market.

Maintaining the Investment. The qualifying investment must be maintained throughout the applicant's stay under the CIES. If the investment falls below HKD $30 million, the applicant's residency status may be affected. The investment is monitored through annual reporting requirements.

Pathway to Hong Kong Permanent Residency

The CIES provides a clear pathway to Hong Kong permanent residency. After completing seven years of ordinary residence in Hong Kong, CIES holders are eligible to apply for the right of abode — Hong Kong permanent residency. Ordinary residence requires the applicant to be genuinely residing in Hong Kong, not merely maintaining a nominal presence.

Hong Kong permanent residency is highly valuable. Permanent residents have the right to live and work in Hong Kong indefinitely without any conditions attached to their stay. They can travel on a Hong Kong permanent resident identity card and, if eligible, apply for a Hong Kong Special Administrative Region (HKSAR) passport, which provides visa-free or visa-on-arrival access to over 160 countries and territories.

The CIES itself does not grant permanent residency immediately — it grants a two-year visa that is renewable, provided the qualifying investment is maintained. The pathway to permanent residency is through the accumulation of seven years of ordinary residence, during which the applicant must maintain the qualifying investment and genuinely reside in Hong Kong.

CIES vs. Other Hong Kong Residency Programs

The CIES is one of several pathways to Hong Kong residency, and understanding how it compares to alternatives helps applicants determine whether it is the right choice.

The Quality Migrant Admission Scheme (QMAS) is a points-based program for skilled professionals. It requires applicants to score highly on either the General Points Test or the Achievement-Based Points Test, which rewards academic qualifications, work experience, language proficiency, and professional achievements. The QMAS is more accessible to high-achieving professionals who may not have HKD $30 million in investable assets, but it is competitive and subject to annual quotas.

The Top Talent Pass Scheme (TTPS) targets high-income earners and graduates of top global universities. It provides a two-year visa for eligible applicants to explore opportunities in Hong Kong. Unlike the CIES, the TTPS does not require a specific investment, but it does require either a high annual income (HKD $2.5 million or above) or a degree from a top 100 global university.

The CIES is uniquely suited to high-net-worth individuals who prioritize investment flexibility, minimal bureaucratic requirements, and a direct pathway to permanent residency without the need to demonstrate professional achievements or employment.

Application Process: Step by Step

Step 1: Assess Eligibility and Prepare Financial Documentation

The first step is to verify that the applicant meets the HKD $30 million net asset requirement and to gather the supporting financial documentation. This includes bank statements, investment account statements, property valuations, and other evidence of net worth covering the two years preceding the application.

Step 2: Open a Hong Kong Investment Account

Before submitting the application, the applicant must open an investment account with a licensed intermediary in Hong Kong and make the qualifying investment of HKD $30 million in eligible assets. The investment must be made before the application is submitted.

Step 3: Submit Application to Invest Hong Kong

The application is submitted to Invest Hong Kong (InvestHK), which conducts an initial assessment of the application. InvestHK will verify the investment and the applicant's eligibility before referring the application to the Immigration Department.

Step 4: Immigration Department Review

The Immigration Department conducts a thorough review of the application, including background checks and verification of the investment. The applicant may be required to attend an interview.

Step 5: Receive Visa and Begin Residency

Upon approval, the applicant receives a two-year visa to reside in Hong Kong. The visa is renewable for additional two-year periods, provided the qualifying investment is maintained. After seven years of ordinary residence, the applicant can apply for permanent residency.

Government Fees

The application fee for the CIES is HKD $10,000 per application (principal applicant and dependants combined). This fee is non-refundable. There is no additional fee for the visa itself beyond the standard visa fees applicable to all Hong Kong visa applicants.

Common Reasons for Application Difficulties

The most frequent issue in CIES applications is the inability to demonstrate that the net assets of HKD $30 million have been held for the full two years preceding the application. Assets that were recently transferred, gifted, or liquidated may not satisfy this requirement. Applicants must be able to show a clear and consistent asset trail.

A second common issue is the source of funds. The Immigration Department scrutinizes the origin of the investment funds carefully. Funds that cannot be traced to legitimate sources — employment income, business proceeds, inheritance, or investment returns — may raise concerns. Applicants should prepare comprehensive source of funds documentation well in advance.

The third area of difficulty is the genuine residence requirement. The CIES is not designed for applicants who wish to obtain Hong Kong residency purely as a travel document without actually living in Hong Kong. Applicants who cannot demonstrate genuine intent to reside in Hong Kong may face difficulties at the renewal stage.

Frequently Asked Questions

Does the CIES grant permanent residency immediately?

No. The CIES grants a two-year renewable visa. Permanent residency (right of abode) is available after seven years of ordinary residence in Hong Kong, provided the qualifying investment is maintained throughout.

Can I invest in residential property under the CIES?

No. The relaunched CIES does not allow residential real estate as a qualifying investment. The eligible asset classes are limited to financial instruments such as listed stocks, bonds, eligible funds, and REITs.

Can my family members be included in my CIES application?

Yes. Your spouse or civil partner and unmarried dependent children under 18 can be included in the application and will receive the same residency status as the principal applicant.

What happens if my investment falls below HKD $30 million?

If the qualifying investment falls below HKD $30 million, the applicant must restore the investment to the required level as soon as possible. Failure to maintain the investment may affect the renewal of the visa and the pathway to permanent residency.

Do I need to live in Hong Kong full-time under the CIES?

There is no strict minimum number of days per year required under the CIES visa itself. However, to qualify for permanent residency after seven years, the applicant must have been ordinarily resident in Hong Kong — meaning genuinely residing there, not merely maintaining a nominal presence.

Can I work in Hong Kong under the CIES?

Yes. CIES holders are permitted to work, study, and engage in business activities in Hong Kong without any additional work permit requirements.

Is the CIES available to mainland Chinese nationals?

Yes. Mainland Chinese nationals are eligible to apply for the CIES, subject to the standard eligibility requirements. However, they must apply through the standard immigration process, not through the Mainland Travel Permit for Hong Kong and Macao Residents.

What is the difference between the CIES and the QMAS?

The CIES is an investment-based program requiring HKD $30 million in qualifying assets. The QMAS is a points-based program for skilled professionals that does not require a minimum investment. The CIES is better suited to high-net-worth investors; the QMAS is better suited to high-achieving professionals.

Can I use borrowed funds to make the CIES investment?

No. The investment must be made from the applicant's own assets. Borrowed funds or leveraged investments do not qualify.

How long does the CIES application process take?

Processing times vary. Applicants should allow several months for the full process, including the investment setup, InvestHK assessment, and Immigration Department review.