Government announces details of enhancement measures for New Capital Investment Entrant Scheme
The Chief Executive's 2024 Policy Address announced enhancements to the New Capital Investment Entrant Scheme (New CIES) to further strengthen Hong Kong's status as an international asset and wealth management centre. The Financial Services and the Treasury Bureau and Invest Hong Kong today (January 7) announced the details of various enhancement measures for the New CIES, which will take effect from March 1, 2025.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The New CIES has attracted high-net-worth individuals, business elites and innovative entrepreneurs. Since the launch of the scheme, we have been liaising closely with the industry and are continuously working on further enhancements. The enhancement measures announced today have not only relaxed the net asset assessment and calculation requirements but also allowed investments made through an eligible private company wholly owned by an applicant to be counted towards the eligible investment. We believe these measures will encourage more investors to join the scheme and can create synergy with the tax concession regime for family offices, thereby promoting the development of family office businesses in Hong Kong. We are committed to providing comprehensive support for family office decision-makers to establish themselves in Hong Kong, further attracting global asset owners and reinforcing Hong Kong's leading position as an international asset and wealth management hub."
The Director-General of Investment Promotion, Ms Alpha Lau, said, "The number of applications for the New CIES in the first 10 months has exceeded the number of applications received for the same period under the previous Capital Investment Entrant Scheme, which was launched in 2003. This reflects the strong confidence of investors in Hong Kong. I trust that these measures will enhance the attractiveness of the scheme. We will continue to work closely with professionals and service providers to further promote the scheme to high-net-worth families around the globe."
Details of the enhancement measures and the status of applications under the New CIES are set out below:
1. Enhancement measures with effect from March 1, 2025
(a) Fulfilment of net asset requirement (NAR)
(i) An applicant under the New CIES is only required to demonstrate that he/she has net assets or net equity to which he/she is absolutely beneficially entitled with a market value of not less than HK$30 million net throughout six months (two years before the enhancement) preceding the application; and
(ii) Net assets or net equity jointly owned with the applicant's family member(s) can now be taken into consideration for the calculation of the NAR for the respective portion which is absolutely beneficially entitled to the applicant.
(b) Holding permissible investment assets through a Family-owned Investment Holding Vehicle (FIHV) or a Family-owned Special Purpose Entity (FSPE) under an FIHV
Investments made through an eligible private company wholly owned by an applicant will be counted towards the applicant's eligible investment in the New CIES.
An eligible private company refers to a holding company incorporated or registered in Hong Kong which is wholly owned by an applicant in the form of an FIHV or an FSPE under an FIHV managed by an eligible single family office as defined in Section 2 of Schedule 16E to the Inland Revenue Ordinance (Cap. 112). The enhancement will create synergy between the New CIES and establishment of family offices in Hong Kong.
(2) Facts and figures under the New CIES in the first 10 months
The New CIES was launched on March 1, 2024. Key numbers for the first 10 months are as follows:
Number of enquiries |
Nearly 7 000 |
Number of applications |
Over 800 |
Applications verified as having fulfilled the NAR
(i.e. applicant has demonstrated that he/she has net assets of not less than HK$30 million in the two years preceding his/her application) |
733
|
Applications verified as having fulfilled the investment requirements
(i.e. applicant has already made investment of HK$30 million in Hong Kong within the six-month time limit) |
240 |
Expected investment amount to be brought into Hong Kong |
Over HK$24 billion |
For the new scheme rules which will be effective on March 1, 2025, please visit www.newcies.gov.hk/en/resources/scheme-rules-and-documents/.
For more information on the eligibility criteria and relevant details, please visit the New CIES website (www.newcies.gov.hk). For enquiries, please call the enquiry hotline at 3904 3001 or email to newcies@investhk.gov.hk.
Special traffic arrangements for race meeting in Happy Valley
Special traffic arrangements will be implemented in Happy Valley today (January 8). The arrangements will last until the crowds have dispersed after the race meeting.
A. Traffic arrangements before the commencement of the first race
The following road closure and traffic diversions will be implemented from 50 minutes before the start of the first race for day racing, or from 6pm onwards for night racing:
1. Road closure
Southbound Wong Nai Chung Road between Queen’s Road East and the up-ramp outside the Hong Kong Jockey Club (HKJC) will be closed, except for vehicles heading for Aberdeen Tunnel.
2. Traffic diversions
- Southbound Wong Nai Chung Road between Village Road and the up-ramp outside the HKJC will be re-routed one way northbound;
- Traffic along eastbound Queen's Road East heading for Wan Chai and Happy Valley will be diverted to turn left to Morrison Hill Road;
- Traffic along southbound Morrison Hill Road heading for Happy Valley will be diverted via Sports Road and Wong Nai Chung Road;
- Traffic along Queen's Road East cannot turn right to Wong Nai Chung Road, except for vehicles heading for Aberdeen Tunnel;
- Traffic from Cross Harbour Tunnel heading for Queen's Road East will be diverted via the down-ramp leading from southbound Canal Road flyover to Morrison Hill Road to turn right at the junction of Wong Nai Chung Road and Queen's Road East; and
- Traffic from Cross Harbour Tunnel heading for Happy Valley or Racecourse will be diverted via the down-ramp leading from southbound Canal Road flyover to Canal Road East, southbound Morrison Hill Road, Sports Road and Wong Nai Chung Road.
B. Traffic arrangements before the conclusion of race meeting
The following road closure and traffic diversions will be implemented from about 35 minutes before the start of the last race:
1. Road closure
- The up-ramp on Wong Nai Chung Road outside the HKJC leading to Aberdeen Tunnel;
- Southbound Wong Nai Chung Road between Queen's Road East and the up-ramp leading to Aberdeen Tunnel;
- Southbound Wong Nai Chung Road between Village Road and the Public Stands of the HKJC;
- Westbound Leighton Road between Wong Nai Chung Road and Canal Road East; and
- Southbound Morrison Hill Road between Leighton Road and Queen's Road East.
In addition, southbound Wong Nai Chung Road between the up-ramp leading to Aberdeen Tunnel and the Public Stands of the HKJC will be closed from about 10 minutes before the start of the last race.
2. Traffic diversions
- Eastbound Queen's Road East at its junction with Morrison Hill Road will be reduced to one-lane traffic heading for northbound Canal Road flyover;
- Traffic from Cross Harbour Tunnel heading for Wan Chai will be diverted via the down-ramp leading from southbound Canal Road flyover to Canal Road East, U-turn slip road beneath Canal Road flyover, Canal Road West and Hennessy Road;
- Traffic from Cross Harbour Tunnel heading for Happy Valley will be diverted via the down-ramp leading from southbound Canal Road flyover to Canal Road East, eastbound Leighton Road and Wong Nai Chung Road;
- Traffic along southbound Morrison Hill Road will be diverted to turn left to eastbound Leighton Road;
- Traffic along southbound Morrison Hill Road heading for Happy Valley will be diverted via eastbound Leighton Road and Wong Nai Chung Road; and
- Traffic along westbound Leighton Road will be diverted to Wong Nai Chung Road.
C. Learner drivers prohibition
Learner drivers will be prohibited to turn left from Caroline Hill Road to Leighton Road between one and a half hours before the start of the first race and one hour after the last race. In addition, learner drivers will be prohibited from accessing the following roads within the above period of time:
- Shan Kwong Road between Yik Yam Street and Wong Nai Chung Road;
- Village Road between its upper and lower junctions with Shan Kwong Road;
- Percival Street between Hennessy Road and Leighton Road;
- Canal Road East; and
- The service road leading from Gloucester Road to Canal Road flyover.
D. Suspension of parking spaces
Parking spaces on southbound Wong Nai Chung Road between Sports Road and Blue Pool Road will be suspended from 11am to 7pm for day racing, and from 5pm to 11.59pm for night racing respectively.
All vehicles parked illegally during the implementation of the above special traffic arrangements will be towed away without prior warning, and may be subject to multiple ticketing.
Actual implementation of road closure and traffic diversion will be made by the Police at the time depending on traffic conditions in the areas. Motorists should exercise tolerance and patience, and follow the instructions of Police on site.
