LEGAL UPDATES
At DCLO, we strive to empower our clients through the sharing of legal updates and our own analysis, as a market leader staying ahead of developments.
9 January 2025
Under CIES: The Path to Hong Kong Permanent Residency Just Became Easier
On 7 January 2025, the Hong Kong government announced certain changes to the Capital Investment Entrant Scheme (CIES). The CIES, which was introduced in March 2024, provides a pathway to permanent residency here in Hong Kong for wealthy individuals, provided that the wealthy individual (i) can demonstrate that he or she had a net worth of at least HK$30 million (US$3.85 million) for the two years leading up to the time of application and (ii) deploys HK$30 million (US$3.85 million) in permissible investments, as defined under the CIES.
21 October 2024
Much anticipated, Hong Kong adds residential property to its investment pathway to residency
Last week, Hong Kong announced it will start to include residential properties as eligible investments under its Capital Investment Entrant Scheme (CIES). Prior to this announcement, eligible real estate assets had been limited to commercial property.
27 May 2024
Investment Funds, Legal Personality and Opening a Bank Account
Is opening a bank account for your investment fund becoming a slow and arduous process? Is it the case that banks hear the word “fund” and start asking for more and more documentation? Perhaps a better understanding of “legal personality” could help to speed things up.
26 March 2024
DCLO Webinar on Hong Kong's New Capital Investment Entrant Scheme (CIES)
Hong Kong's Capital Investment Entrant Scheme (CIES) was launched March 1st 2024 and provides for a pathway to residency in Hong Kong upon investment of HK$30 million (US$3.8 million). In this webinar, David Cameron Law Office (DCLO) will outline the salient points of the new CIES in 30 minutes.
4 March 2024
The New Capital Investment Entrant Scheme (CIES) opened for application on 1 March 2024
The government announcement cited that, Invest Hong Kong (InvestHK), responsible for assessing whether the applications fulfil the financial requirements under the Scheme, reported that as at close of business on the first day of launch, the department received over 100 enquiries from different channels, including at its counter, through its hotline and online. Around 70 per cent are professional service providers.
29 February 2024
A Status Update on Hong Kong Open-ended Fund Companies (OFCs)
As of the end of February 2024, there were 764 Open-ended Fund Companies ("OFCs") established in Hong Kong. OFCs are a collective investment scheme structured as a company with variable capital. This 764 figure is since the introduction of the OFC which was in June 2018. There are no OFCs showing as having been registered in 2018 and only one for the entire year of 2019. Excluding that first year and a half with only one OFC, there have been on average 17.4 OFCs established per month. That seems like a small number given Hong Kong's status as a leading international financial centre.
26 January 2024
Last month, the Hong Kong Government announced details of the new Capital Investment Entrant Scheme ("CIES"). Individuals who have HK$30 million (approximately US$3.8 million), can apply for the scheme and, if they fulfil the requirements, which are relatively low, they can obtain Hong Kong permanent residency status in 7 years' time. While being allowed to remain in Hong Kong for that 7 years, applicants must keep the HK$30 million invested pursuant to, and in compliance with, the CIES. 10% of that HK$30 million must be invested in a designated CIES fund. The other 90% of that HK$30 million, or HK$27 million, must be invested in "Permissible Investment Assets".
27 December 2023
Simultaneous Business Registration Applications on Registration of Limited Partnership Funds (LPFs)
Starting from 27 December 2023, the Companies Registry (“Registry”) and Inland Revenue Department (“IRD”) has jointly implemented the simultaneous business registration applications on registration of LPFs. An LPF applicant who applies for registration of an LPF under the Limited Partnership Fund Ordinance (Cap. 637) (“LPFO”) will be deemed to have made a simultaneous application for business registration.
19 December 2023
Hong Kong Announces its New Capital Investment Entrant Scheme (CIES)
The Government announced today (December 19) the details of the new Capital Investment Entrant Scheme ("CIES"). Announcing the details of the new CIES at a press briefing, the Secretary for Financial Services and the Treasury, Mr Christopher Hui, noted the 2023-24 Budget set out that a new CIES would be introduced with a view to further enriching the talent pool and attracting more new capital to Hong Kong.