Hong Kong's New Capital Investment Entrant Scheme: HKD 30 million, and what counts

What it is and why it matters

Hong Kong's New Capital Investment Entrant Scheme (New CIES) opened on 1 March 2024. The deal is easy to state: show net assets of at least HKD 30 million, invest at least HKD 30 million in permissible assets, and you and your dependants may live in Hong Kong for as long as the investment stays in place.

The government reported 1,257 applications between launch and 30 April 2025. For investors in the UAE or Mauritius, the HKD 30 million is the easy part. What decides the case is which assets count, and how much of your money is locked away while they do.

The rules

Who may apply. Applicants must be 18 or over, with a clear criminal record and no adverse immigration record. Nationals of Afghanistan, Cuba and the Democratic People's Republic of Korea are excluded. You do not need to live in Hong Kong to apply.

Net asset test. You must show net assets of at least HKD 30 million, to which you are absolutely beneficially entitled, throughout the six months before applying. Until 1 March 2025 the look-back period was two years. Your share of assets held jointly with family members can now count. Assets held jointly with business partners cannot.

Investment test. Of the HKD 30 million, HKD 3 million must go into the CIES Investment Portfolio, which the Hong Kong Investment Corporation set up and which carries a lock-up period. Neither capital nor dividends are guaranteed. The other HKD 27 million goes into permissible financial assets or real estate.

The real estate change. Residential property was allowed from 16 October 2024, with a total real estate cap of HKD 10 million and a minimum home price of HKD 50 million. For purchases completed on or after 17 September 2025, the total cap rose to HKD 15 million and the minimum price fell to HKD 30 million. The residential cap stayed at HKD 10 million. Note the gap that leaves: the home must cost at least HKD 30 million, and only HKD 10 million of it counts.

Holding companies. Since 1 March 2025 you may invest through a wholly owned Hong Kong private company managed by an eligible single family office with at least HKD 240 million under management, provided it meets staffing and spending conditions in Hong Kong. Those conditions were updated on 1 March 2026.

The stages. InvestHK carries out the net asset assessment. The Immigration Department may then grant Approval in Principle, with visitor status of up to 180 days, and you must invest within that time. InvestHK verifies the investment and the Immigration Department grants formal approval.

Staying on. Formal approval normally gives up to 24 months, and each extension normally up to three years, while the investment is maintained. You need not top up if values fall, but you may not take gains out, apart from exceptions such as dividends, interest and rent. Sale proceeds must be reinvested within set time limits.

Permanent residence. After at least seven years of continuous ordinary residence, you and your dependants may apply for permanent residence under the Immigration Ordinance. Time spent abroad while simply holding the investment does not count. The alternative is to apply for unconditional stay after seven years of continuous compliance.

Who it suits and who it does not

It suits an investor content to keep most of HKD 30 million in Hong Kong listed securities and authorised funds for years, and who expects to live in Hong Kong for seven years or more.

It suits less well anyone who wants most of the money in property, since only HKD 15 million counts, or anyone whose wealth sits in companies shared with partners. And it offers no route to permanent residence without actually living in Hong Kong.

Costs and timelines

The Immigration Department charges a non-refundable application fee of HKD 600. The visa issuance fee is HKD 1,300 for a stay over 180 days, or HKD 600 for 180 days or less, and the same fees apply to extensions. The government's charges are small. The real cost is the capital you cannot touch.

The investment window is 180 days. No official processing times are published; the Immigration Department says each case turns on its circumstances.

What it means in practice

Take a hypothetical Dubai-based founder with HKD 45 million in personal investment accounts and a spouse in Mauritius. After passing the net asset test and receiving Approval in Principle, the founder puts HKD 3 million into the CIES Investment Portfolio. A flat priced at HKD 32 million counts for only HKD 10 million. HKD 5 million in commercial property takes real estate to the HKD 15 million cap. HKD 3 million goes into certificates of deposit and HKD 9 million into Hong Kong listed shares and SFC authorised funds. That is HKD 30 million counted within 180 days.

The spouse and unmarried children under 18 can join as dependants. The gap between the flat's price and the amount counted has to come from other money.

What to watch

For net asset assessment applications lodged on or after 1 November 2026, financial assets bought through non-designated accounts do not count, and transfers into designated accounts are no longer accepted. If you are thinking of applying, set up designated accounts first.

The rules have changed several times since launch, and the official scheme rules on the New CIES website remain the reference point. Before you pay anyone to prepare a file, ask them to show you, against the current rules, which of your existing holdings will count and which will not.