‘Top talent’ lured by Hong Kong can’t find jobs

Critics say the job program is too broad and not diverse enough.

Only a little over half of the best and brightest immigrants lured by Hong Kong’s top talent program have found jobs in the past two years, putting into question the soundness of a labor policy that is meant to solve the city’s worsening brain-drain crisis.

These workers have mainly taken up managerial and professional jobs with median monthly earnings of about $50,000, Labour and Welfare Secretary Chris Sun told the city’s Legislative Council in January. A quarter of the talents earn $100,000 or more.

Almost 20% of their spouses have also found high-skilled jobs, he added.

Launched in 2022, the top talent pass scheme (TTPS) is part of Hong Kong’s broader strategy to develop its “eight centres” including finance, trade, shipping, aviation, and legal services by attracting elite professionals to the city.

The program targets graduates from the world’s top universities and people who earn more than $2.5m yearly, letting them enter Hong Kong without a job offer.

“Unlike the quality migrant admission scheme, TTPS is a more inclusive scheme and does not restrict or prioritise certain expertise or industries, but focus more on the applicant’s academic qualifications and ability to earn a high income,” Cynthia Chung, corporate commercial partner at law firm Deacons, told Hong Kong Business.

The rise of flexible working spaces in Hong Kong has made it easier for foreign talent to establish themselves in the region, said Eugene Cheung, managing director at flexible workspace provider IWG Hong Kong & GBA.

“We do see a lot of top talent, new entrants, and new businesses coming to Hong Kong using our offices as the first stop, as the first solution, because we offer a plug-and-play setup,” he said.

“When they want to start their business tomorrow, we can provide them with an office. As long as they sign the contract and pay, they will have an address. It’s a very easy solution for them,” he added. 

Hong Kong lawmakers have amended the program by adding 13 universities to the list and extending the visas of enrolled participants. However, the top talent program may need further changes, with some critics saying it is too broad and lacks diversity.

The Labour and Welfare Bureau had received more than 116,000 applications as of December 2024, approving about 92,000 of them. More than 75,000 applicants arrived in Hong Kong with their families.

More than 90% of approved applicants are from Mainland China, according to Singapore-based Globevisa Group, which provides immigration services to people and their families.

Despite government optimism, the Labour and Welfare Bureau said few visa extension applications have been processed so far. The program typically grants a two-year visa initially, which may be renewed based on continued employment and income.

Chung noted that to balance opportunities for Hong Kong citizens, employers who wish to hire non-TTPS workers are still required to justify why they were chosen over locals.

Cheung said workers in the city have diverse skills, with many working in the finance, trade, shipping, aviation, legal, and technology sectors. “Of course, Hong Kong is still quite finance-driven, so you will naturally see more bias towards the finance sector.”

The financial service sector is one of Hong Kong’s four pillar industries along with tourism, trading and logistics, and professional services. These generated $1.5b in value-added in 2022 for a 56% share in economic output, according to government data.

These sectors employed 1.448 million people or 40% of the total jobs.

Eunice Wu, a corporate commercial associate at Deacons, noted that the government appears to be doing everything it can to help top talent settle in and work in Hong Kong.

“However, whether the government will implement additional measures to further enhance the infrastructure and services of the city in an increasingly competitive environment remains to be seen,” she added.