Hong Kong New Capital Investment Entrant SchemeOverview
Hong Kong reopened an investor residence route on 1 March 2024 with the New Capital Investment Entrant Scheme, replacing the original CIES that was suspended in 2015. The scheme is designed to attract asset owners who will hold and manage wealth through Hong Kong. Invest Hong Kong's New CIES Office assesses net assets and investments and monitors portfolio maintenance, while the Immigration Department handles entry, extensions of stay and unconditional stay.
Applicants must be at least 18 and hold net assets of at least HK$30 million. They then invest at least HK$30 million in permissible investment assets: equities, debt securities, certificates of deposit, subordinated debt, eligible collective investment schemes, limited partnership funds and real estate. Within that total, HK$3 million must be placed in the CIES Investment Portfolio managed by the Hong Kong Investment Corporation, which invests in companies with a Hong Kong nexus. Further caps apply: real estate counts up to HK$15 million in aggregate with residential property capped at HK$10 million, and private open-ended fund companies and private limited partnership interests are capped at HK$10 million together.
The scheme has been refined several times. Residential property was admitted as a permissible asset in 2025, and the latest Guidebook now applies a six-month net asset holding period before the Net Asset Assessment application. Most recently, the New CIES Office announced that for Net Asset Assessment applications submitted on or after 1 November 2026, financial assets must be acquired and held through designated accounts; assets bought through non-designated accounts, or transferred in from them, will no longer count towards the investment requirement.
Entrants must maintain the portfolio at the required level throughout their stay, with an annual certificate from a practising accountant after each anniversary of formal approval. After seven years of continuous ordinary residence, they may apply for permanent residence; those who do not meet the residence test but have continuously satisfied portfolio maintenance for seven years may instead apply for unconditional stay.
Key benefits
- Residence in a global financial centre with a common-law legal system
- Investment remains in the investor's own name and largely in liquid, diversified assets
- Spouse and dependent children may accompany the entrant
- Route to Hong Kong permanent residence after seven years of continuous ordinary residence
- No obligation to establish or run a business
- Ability to work, study and run businesses in Hong Kong
- Low and simple tax regime with no tax on dividends or capital gains for individuals
Requirements
- Aged 18 or above
- Foreign national, Chinese national with permanent residence abroad, Macao SAR resident or Chinese resident of Taiwan
- Net assets of at least HK$30 million, held through the reference period before the Net Asset Assessment
- Investment of at least HK$30 million in permissible assets within the stipulated period after approval in principle
- HK$3 million placed in the CIES Investment Portfolio
- Compliance with real estate and private fund caps
- From 1 November 2026, financial assets must be transacted through designated accounts
- No adverse record and ability to support and accommodate oneself and dependants without public assistance
- Annual portfolio maintenance certified by a practising certified public accountant
Investment options
Listed securities and debt
Eligible equities, debt securities, certificates of deposit and subordinated debt meeting the Scheme Rules' listing, currency and issuer criteria.
Collective investment schemes
SFC-authorised funds and eligible collective investment schemes; private open-ended fund companies and private limited partnership funds count up to HK$10m in aggregate.
Real estate
Up to HK$15,000,000
Non-residential and residential real estate in Hong Kong, with residential property capped at HK$10m within the HK$15m real estate limit.
CIES Investment Portfolio
HK$3,000,000
A mandatory allocation to the portfolio managed by the Hong Kong Investment Corporation, investing in companies with a Hong Kong nexus.
Step-by-step process
- 1
Net Asset Assessment
A practising CPA certifies that the applicant meets the HK$30m net asset test, and the application is filed with the New CIES Office.
- 2
Approval in principle
The Immigration Department reviews the entry application and, if approved, grants a visa or entry permit as a visitor for up to 180 days.
- 3
Making the investment
The applicant invests HK$30m in permissible assets through designated accounts, including HK$3m to the CIES Investment Portfolio.
- 4
Assessment on Investment Requirements
A CPA certificate confirming the investment is submitted for verification by the New CIES Office.
- 5
Formal approval
The Immigration Department grants permission to stay, normally for up to 24 months, for the entrant and dependants.
- 6
Maintenance and extensions
Annual portfolio maintenance certificates are filed and stay is extended, normally for up to three years at a time.
- 7
Permanent residence
After seven years of continuous ordinary residence, the entrant may apply for permanent residence, or for unconditional stay if only portfolio conditions were met.
Typical documents
- Passport and identity documents
- Evidence of permanent residence abroad, where applicable
- Net Assets Statement and supporting bank, brokerage and valuation records
- CPA (Practising) certificates for each assessment stage
- Permissible Investment Assets Statement
- Designated account opening and transaction records
- Marriage and birth certificates for dependants
- Evidence of accommodation and financial capability
- Source-of-funds documentation for the invested capital
How Legal Wealth helps
Legal Wealth coordinates the New CIES process end to end: we organise the net asset evidence, work with the client's private bank and a practising CPA so assets are held correctly in designated accounts, monitor real estate and fund caps, and maintain an annual compliance calendar through to permanent residence. We also align the Hong Kong portfolio with the family's broader structuring, succession and banking arrangements, discreetly and with full regulatory transparency.
Enquire with Legal WealthFrequently asked questions
Can I buy a home in Hong Kong as part of the investment?
Yes. Residential property is permissible, capped at HK$10m, within an overall real estate cap of HK$15m. The rest of the HK$30m must be in other permissible assets.
What is the CIES Investment Portfolio?
A portfolio managed by the Hong Kong Investment Corporation. Every entrant must allocate HK$3m to it as part of the HK$30m investment.
What changes on 1 November 2026?
For Net Asset Assessment applications submitted on or after that date, countable financial assets must be transacted through designated accounts. Transfers from non-designated accounts will not be accepted.
Can my family join me?
Yes. A spouse and dependent unmarried children under 18 may apply as dependants, subject to normal immigration requirements.
Do I have to live in Hong Kong?
Not to keep the visa, but permanent residence requires seven years of continuous ordinary residence. Those who keep the portfolio but do not reside may apply for unconditional stay instead.
Can I sell investments during my stay?
Yes, provided the portfolio's value stays at or above HK$30m and the rules on caps and designated accounts are respected. Proceeds can be reinvested in permissible assets.
Last reviewed: 2026-10. Requirements, fees and timelines change. Information is general, reviewed on the date shown, and is not legal or tax advice.
