Changes in the Hong Kong Gold Visa in 2023

In Hong Kong, there is no golden visa as such, but a foreigner can obtain a long-term residence permit. To attract talent and revive the city's reputation as a global financial center, Hong Kong has relaxed visa requirements for foreigners who want to live here. So the new Hong Kong gold visa rules in 2023 address the current labor shortage while attracting talent, money to the country.

Features of the Hong Kong gold visa

A few years ago, Hong Kong tightened the rules for obtaining a "golden visa", requiring applicants to have higher education, have 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 knowledge (education), work experience, fluency in English, etc. Then they would get a residence permit in Hong Kong for 2 years, and then it 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 aimed at curbing the "brain drain" that affected Hong Kong's labor market, jeopardizing its economy.

Hong Kong's new golden visa rules

Highlights of the new policy aimed at attracting business, money and talent to Hong Kong:

• The Top Talent Pass visa entitles you to stay for 2 years. It 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 gold visa in 2023, by eliminating the mandatory testing. Conditions: the person will work in an area where there is a shortage of skilled personnel, or their expected salary exceeds HK$2.5 million.
• Creation of an office to attract strategic enterprises, startups from mainland China and other countries. Emphasis is placed on sectors that are important to the economy - medical technology, AI, big data, new energy, etc.
• Strengthening ties between business and leading universities, which are 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, suspended the rules that provided for a limited number of permits for permanent residence in Hong Kong (not more than 4 thousand people a year). The goal is to allow as many talented people as possible to enter the country on a Hong Kong gold 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 limited to the government. The authorities announced that additional measures will be taken to make it easier for talented employees to obtain a visa and to simplify the rules for renewal of permanent residency permits.

How to get a long-term visa in Hong Kong

To apply for a gold visa in Hong Kong in 2023, contact IT-OFFSHORE experts.