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On October 23rd, the Chief Executive of the Hong Kong SAR, Mr. Lee Ka-chiu, said in an interview with the media that Hong Kong is thirsty for talents and is now in a period of active competition for talents.
In the latest policy address, the Hong Kong government has further relaxed the application requirements of various types of talent admission mechanism, which undoubtedly provides unprecedented opportunities for those who are interested in applying for Hong Kong status, employment, education and settlement in Hong Kong!
01
LEE Ka-chiu:
No ceiling on demand for talents
The newly released Policy Address predicts that Hong Kong will face the challenge of a talent gap of up to 180,000 in various sectors in the next five years.
To meet this challenge, Hong Kong has embarked on reforming and optimizing its talent admission mechanism.
Mr. Lee emphasized that in the current highly competitive global environment, to maintain Hong Kong's high level of competitiveness, actively attracting and retaining talented people has become an indispensable key strategy.
For example, the annual GDP growth rate contributed by the “Highly Talented Persons” scheme to Hong Kong's economy is as high as 1.2%, which fully demonstrates the importance of talents to Hong Kong's development.
Therefore, he made it clear that Hong Kong's demand for talents is unlimited and the more the merrier.
02
Hong Kong Government relaxes
Various Talent Schemes
Currently, the mainstream ways to obtain Hong Kong status include the five major categories of the Highly Talented Persons Scheme, the Preferred Talents Scheme, the Specialized Talents Scheme, the IANG Scheme and the New Investment Immigration Scheme.
In order to build a pool of top talent that meets development needs, the Policy Address has recently proposed a series of measures to optimize the talent admission mechanism.
Highly Talented Persons Scheme
The scheme aims to attract to Hong Kong top talents from around the world with rich working experience and high academic qualifications, especially those who are top earners or possess high academic qualifications.
Latest optimization measures:
① Expand the list of universities recognized under the “Highly Talented Persons Pass Scheme” to include Sichuan University, Beijing University of Aeronautics and Astronautics, Southeast University, Beijing Institute of Technology, Tongji University, Renmin University of China, Beijing Normal University, Nankai University and Tianjin University in the Mainland, as well as the Royal College of Art, the London College of Art, the Parsons School of Design and the Rhode Island School of Design in the overseas. The Royal College of Art, London College of Art, Parsons School of Design and Rhode Island School of Design.
② For Highly Qualified A Talents, the first visa period is extended from two years to three years.
Merit Program
The scheme aims to attract highly skilled or talented people with good academic qualifications or significant achievements to settle in Hong Kong, thereby enhancing Hong Kong's competitive edge in the global arena.
Latest optimization measures:
Updating the “Talent List” to include talents required for the promotion of the “Eight Major Centers”. To establish a mechanism under the Quality Migrant Admission Scheme to proactively invite top talents to develop in Hong Kong.
Specialized Talent Scheme
This scheme aims to attract outstanding Mainland talents with special skills, knowledge or experience that are needed by the HKSAR but not readily available locally to take up employment in Hong Kong.
Latest optimization measures:
A new channel will be created to attract to Hong Kong young and experienced professionals of designated skilled trades in areas with acute manpower shortage. This new arrangement will be subject to a quota system, with a total of about 10,000 quotas initially envisaged for the next three years.
IANG Scheme
The Scheme allows non-local students who are pursuing full-time locally-accredited courses in Hong Kong leading to a bachelor's degree or higher qualifications to apply to stay in Hong Kong or return to work in Hong Kong under the Scheme.
Latest Optimization Measure:
Extending the trial period of the “stay/return arrangement” for graduates of local universities located in campuses in the Guangdong-Hong Kong-Macao Greater Bay Area for two years.
New Investment Immigration Scheme
The Scheme aims to attract to Hong Kong persons who bring capital to Hong Kong and invest not less than HK$30 million in Hong Kong but will not be involved in the running of any business in Hong Kong.
Latest optimization measures:
① Investment in residential properties is allowed provided that the turnover is HK$50 million or above and the amount invested in real estate is capped at HK$10 million for the purpose of calculating the total investment.
② Starting from March 1, 2025, investments made through qualified private companies wholly owned by the applicant can be counted towards the amount of qualified investment.
03
Applying for Hong Kong Identity
It is better to apply for Hong Kong identity sooner rather than later
As stated in the Policy Address, Hong Kong will face a manpower shortage of about 180,000 in various sectors in the next five years.
Although this is a significant number, the many advantages attached to Hong Kong status, such as quality education resources, extensive visa-free travel facilities, free business environment and flexible asset allocation, have made Hong Kong status highly popular and the number of applicants continues to surge.
Since the introduction of the new talent admission mechanism in Hong Kong at the end of 2022, more than 380,000 applications have been received under various talent schemes, of which about 240,000 have been approved.
This achievement has far exceeded the initial target set by the Hong Kong Government for 2023 to 2025
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