Hong Kong resumes investment immigration policy after 8 years, but real estate investment is not allowed

Hong Kong resumed its investment immigration policy after eight years, but investment in real estate is not allowed, and mainlanders are not included. In an interview, Wang Zhiwei, partner in charge of family business and private wealth tax planning at PricewaterhouseCoopers in Mainland China and Hong Kong, said that during the suspension of Hong Kong’s investment immigration program, clients have been asking when it will be launched again. Since Hong Kong's tax rate is low and there is no inheritance tax, those who wish to become tax residents in Hong Kong can attract high-end customers even if the threshold is raised to NT$30 million, and are expected to be popular. It takes seven years for investment immigrants to obtain permanent residence. Some clients asked whether Hong Kong can shorten the time like other regions. However, Wang Zhiwei believes that this is a rule that has been implemented in Hong Kong and is not expected to change. Chiu Ta-kan, a lawmaker from the technology and innovation community, hopes that the authorities can clarify the scope of assets, such as classifying Bitcoin traded on licensed virtual asset exchanges as financial products, which should be allowed in theory. There are voices arguing that property purchases are also eligible to stimulate the property market. He has taken a neutral stance, but the government has stated that real estate-related financial products such as real estate investment trusts (REITs) are included. (Economic Journal)