New investment visas granted

The first batch of visa applications under the New Capital Investment Entrant Scheme were approved in June, the Immigration Department announced today.

Launched on March 1, the new scheme had received 339 applications and over 3,700 enquiries by June 30.

The department approved three applications from applicants who had already made investments of $30 million. Another 88 applications were approved in principle, with those applicants being granted 180-day visitor visas.

Director of Immigration Benson Kwok said the department is actively processing other applications and he believes the new scheme will bring new vitality and opportunities to Hong Kong.

Director-General of Investment Promotion Alpha Lau stressed that the new scheme brings a vast pool of talent to Hong Kong, including successful businesspeople and innovative entrepreneurs.

She also highlighted that if more than 300 of the applications received to date are approved, this will bring an expected injection of over $10 billion into Hong Kong's asset and wealth management industry.

The department and Invest Hong Kong said they will work closely on the new scheme to create an even more business-friendly environment in Hong Kong.