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Hong Kong broadens immigration scheme

07-07-2010 08:34 BJT Special Report:

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The Immigration Department of Hong Kong says investment-linked insurance products will also be accepted as permissible investment assets under the refined Capital Investment Entrant Scheme.

Under the previous Scheme, immigrant investors were required to invest 6.5 million Hong Kong dollars in real estate and financial assets including equities, debt securities and designated mutual funds in Hong Kong.

The new policy takes effect on July 6th and is expected to bring new momentum to the insurance industry in Hong Kong. It is estimated that new insurance-linked products will soon go to market, with the business expected to increase by more than 1 billion Hong Kong dollars in one year.

Under the Scheme, applicants must be aged 18 or above when applying for entry, with net assets of not less than 6.5 million Hong Kong dollars for two years before the application. They must invest within six months before submitting the application. Also they should have no adverse record in Hong Kong or any other countries and be able to demonstrate that they are capable of supporting themselves.

Editor:Zhang Jingya |Source: CCTV.com

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