HK announces first visa approvals under new investment scheme

The scheme garnered 339 applications and over 3,700 enquiries as of 30 June.

The Immigration Department has announced the approval of the first batch of visa applications under the New Capital Investment Entrant Scheme launched on 1 March.

As of 30 June, the scheme garnered 339 applications and over 3,700 enquiries. Three applicants, who invested $30m each, had their applications approved. Additionally, 88 applications received conditional approval, granting 180-day visitor visas to the applicants.

Immigration Director Benson Kwok affirmed ongoing processing of remaining applications, expecting the scheme to bring new vitality and opportunities to Hong Kong.

Alpha Lau, director-general of investment promotion, highlighted the scheme's potential to attract skilled business leaders and entrepreneurs.

She projected that approvals for over 300 applications could inject more than $10b into Hong Kong's asset and wealth management sector.

The Immigration Department and Invest Hong Kong also pledged to collaborate closely to enhance Hong Kong's business environment under the new scheme.