Changes in the Hong Kong Golden Visa in 2023
In Hong Kong, there is no golden visa, but a foreigner can obtain a long-term residence permit. Hong Kong has relaxed visa requirements for foreigners who want to live there to attract talent and revive the city's reputation as a global financial center. So the new Hong Kong gold visa rules in 2023 address the current labor shortage while attracting talented youth and, investments to the country.
Features of the Hong Kong golden visa
A few years ago, Hong Kong tightened the rules for obtaining a "golden visa," requiring applicants to have higher education and professional skills in one of the priority sectors of the economy. Also, the foreigner must have passed a rigorous selection process, which included an assessment of the level of his education, work experience, fluency in English, etc. Then they would get a residence permit in Hong Kong for 2 years, which could be extended for another 3 years, and then get a residence permit.
In 2022 the situation changed dramatically. In just one year, more than 113 thousand people left the jurisdiction, which triggered a record drop in the population by 1.6%. Not only that, the unemployment rate skyrocketed, which immediately hit young workers. For this reason, the government took measures to curb the "brain drain" that affected Hong Kong's labor market, jeopardizing its economy.
Hong Kong's new golden visa rules
Here are the highlights of the new policy aimed at attracting business, money, and talent to Hong Kong:
- The Top Talent Pass visa entitles you to stay in Hong Kong for 2 years. The visa can be obtained by employees who earn at least HK$2.5 million or have graduated from a prestigious university.
- The requirements for foreigners who want to get a Hong Kong golden visa in 2023 were weakened by eliminating the mandatory testing. Conditions: the person will work in an area with a shortage of skilled personnel, or their expected salary must exceed HK$2.5 million.
- The government created an office to attract strategic enterprises and startups from mainland China and other countries with an emphasis on sectors important to the economy, e.g., medical technology, AI, big data, new energy, etc.
- Strengthening ties between business and leading universities, included in the top 100 world rankings. For this purpose, various programs will be promoted that can interest and attract young talent to the country.
- For 2 years, they suspended the rules that provided for a limited number of permits for permanent residence in Hong Kong (not more than 4,000 people a year). The goal is to allow as many talented people as possible to enter the country on a Hong Kong golden visa, which will close the gap in qualified personnel.
- The TechTas scheme has been improved to include a list of promising new industries and to allow foreigners to reside in the jurisdiction for 2 years.
The above changes were not the only incentives from the government. The authorities announced that additional measures would be taken to make it easier for talented employees to obtain a visa and to simplify the rules for the renewal of permanent residency permits.
How to get a long-term visa in Hong Kong
Contact IT-OFFSHORE experts to apply for a golden visa in Hong Kong in 2023.