Hong Kong Suspends Capital Investment Immigration Program
During his policy address last Wednesday Hong Kong Chief Executive Leung Chun-ying called for the suspension of the Capital investment Entrant Scheme, a capital investment immigration program that shocked both side of the border. Leung sod that the economic environment that Hong Kong used to enjoy in 2003 when the program was introduced is no longer there.
The city Immigration Department said that the Hong Kong Economy is in recession and the plan was brought in hopes to attract new a capital in order to stimulate growth and Hong Kong now prefers to look for talents instead of money. Based on the program people can get residency by investing a minimum of HK $10 million in the local financial market. Hong Kong was able to raise more than HK$ 205 billion which includes cash and real estate.
Several analysts believe the government is trying to review the program and that the suspension of the immigration program is not yet permanent. During an interview with Eddie Kwan the founder for the EK immigration Consulting agency in Hong Kong that the news was so sudden and a shock to those people who want to migrate to Hong Kong.
Workers at immigration consultancies rushed to the immigration department to submit applications before hitting the deadline and with the program put the Hong Kong government is now seeking to attract attention of second generation emigrants, educated and financially independent individuals, either born or raised abroad and at least should have a parent who is a permanent residency in Hong Kong. They should also be a bachelor’s degree holder and fluent in Cantonese and English.