Hong Kong’s cash-for-residency scheme has yielded an investment of around HK$16.5 billion (US$2.1 billion) from 543 applicants over the past two years, with two-thirds of their capital directed into funds and the stock market. InvestHK, Hong Kong’s department of foreign direct investment, on Sunday released the latest figures of the New Capital Investment Entrant Scheme (New CIES), under which applicants must invest a minimum of HK$30 million in the permissible investment asset. As of the end of last month, HK$6 billion, or 36 per cent of the total investment, flowed to funds authorised by the Securities and Futures Commission, an independent statutory body to regulate the city’s securities and futures markets. Equities, accounting for 28 per cent of the investments, were the second most popular option that received HK$4.6 billion. Debt securities took up 13 per cent with HK$2.2 billion. Since the scheme’s launch in March 2024, it has received 1,257 applications over 14 months, granting formal approval to 512 investors. “The current applications are expected to bring an investment amount of over HK$37 billion into Hong Kong, reinforcing Hong Kong’s standing as a pre-eminent international investment hub,” the department said. The scheme is designed to provide a fast track to residency for the wealthy and their families when they make investments of at least HK$30 million in funds, stocks, bonds or other vehicles. The department observed a “notable surge” in March this year as monthly applications rose by over 440 per cent compared with February, following the relaxation of the scheme’s asset criteria among other enhancement measures. Starting from March, the applicants will only need to prove they had at least HK$30 million in assets or equity for the past six months, down from the two years required previously. Net assets or equity jointly owned with the applicant’s family members will be taken into consideration when calculating whether the threshold has been met. Additionally, investments made through family-owned investment holding vehicles (FIHV) will count towards requirements. The department said that, as of April, 1,153 applicants showed that they had fulfilled the asset requirement. Between March and April, 285 applicants were confirmed to have fulfilled the asset requirement, almost one-third of the 868 applications verified between last March and February. It added that immigration authorities granted a 180-day visitor visa for 911 applicants so that they could complete their investment. InvestHK’s director general Alpha Lau Hai-suen expressed confidence in the scheme and said the department would further promote the initiative to high-net-worth individuals globally. She noted that the city had strong resilience and solid foundations with a free flow of capital, a robust regulatory framework and a deep pool of professional talent. “These attributes offer global investors an unparalleled and stable environment for doing business and making investments. I am confident that the New CIES will continue to attract more talent and capital to Hong Kong,” she said.