Hong Kong has been keen to restore its fortunes as a centre for wealthy individuals and families, going head to head with rival hubs such as Singapore and Dubai.

More than HK10 billion ($1.28 billion) has come into Hong Kong from a new investor visa regime, government figures show.

Hong Kong authorities have approved a raft of visa applications under the city’s new Capital Investment Entrant Scheme, with formal approval granted in under three months. 

The government said there were 339 applications received between 1 March and 30 June, with 88 approved in principle (180-day visas for making investment) and three approved (investment of HK$30 million are already made), a statement from the government said yesterday.

"The New CIES brings a vast pool of talents to Hong Kong, attracting successful businessmen and innovative entrepreneurs, and with current application numbers an expected investment of over HK$10 billion (if more than 300 applications are all approved) to enhance the developmental strengths of Hong Kong's asset and wealth management industry,” director-general of InvestHK, Ms Alpha Lau, said.

After a period of lockdowns and other setbacks, Hong Kong is keen to restore its standing as an attractive centre for wealthy individuals and their families. Even before the pandemic, rival locations sought to take business, sometimes by rolling out their own family office offerings (Dubai, Singapore).