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The HKSAR Government has recently announced the latest number of people applying for Hong Kong status, and has also given a clear response to the widely publicized question of whether the threshold of the Highly Talented Persons (HTP) scheme will be raised.
01
How many talents in the past two years
applied for Hong Kong status?
On December 7, Chan Kwok-kei attended a seminar in Beijing. At the meeting, he said that the inbound talents have effectively filled the manpower gap in Hong Kong, bringing positive impact on Hong Kong's economy and demographic structure.
At the same time, Chan disclosed the latest application and approval figures of various talent programs in Hong Kong. He said:
Since the end of 2022 up to the end of November this year, the various talent admission schemes have received a total of about 420,000 applications and have approved about 260,000, and during this period, about 175,000 talents have brought their family members to Hong Kong.
Since the Hong Kong government has relaxed the relevant policies, an average of about 18,000 people apply for Hong Kong status every month, and it is not difficult to see from the data that Hong Kong status is extremely attractive.
02
High Talent Pass Scheme
Raising the threshold for Category A applications?
Previously, a Member of the Legislative Council of Hong Kong pointed out that there was a view that under the High Talent Pass Scheme, there was currently only one entry criterion for Category A applications, i.e. applicants were required to have an annual income of HK$2.5 million in the year immediately preceding the date of application, but the definition of a high-end talent should not be confined to high-income earners only.
He therefore enquired whether the SAR Government would consider raising the threshold for Category A applications and adding other screening criteria to facilitate a more stringent and comprehensive selection of such high-end talents.
However, the Secretary for Labor and Welfare, Mr. Suen Yuk-han, responded that most of those who were approved to come to Hong Kong under the Category A of the Talent Link Scheme were already entrepreneurs or senior managers of companies before they came to Hong Kong.
They have opened companies after coming to Hong Kong, creating employment opportunities for Hong Kong residents and playing a positive role in filling job vacancies in Hong Kong and enriching and growing the talent pool in Hong Kong.
Since its launch at the end of 2022, as at the end of October this year, about 85,000 people have acquired Hong Kong status through the Highly Talented Persons Scheme. Among them, the proportion of Category A applications is about 25%.
Therefore, he made it clear:
The SAR Government has no plan to adjust the eligibility criteria for Category A of the Highly Talented Persons Scheme or impose additional restrictions.
Those with an annual income of HK$2.5 million or above can still apply through the HSLS if they intend to apply for Hong Kong identity.
03
Hong Kong is in dire need of talents
It's the right time to apply for status
Given that the Hong Kong government has been actively seeking talents in recent years, the number of people applying for Hong Kong identity has surged at present. Nevertheless, it is still an extremely favorable time to apply for Hong Kong status, which can be considered as the best window of opportunity.
The Hong Kong Labor and Welfare Bureau released the “2023 Manpower Projection Report” on November 14th. The report shows that while the total manpower supply in Hong Kong in 2023 will be 3.5 million, the manpower demand will reach 3.55 million, leaving an overall gap of about 50,000 people.
In addition, Mr. Suen Yuk-han pointed out that Hong Kong's economy is expected to grow by 3.2% per annum during the projection period, and the demand for manpower will continue to remain high. By 2028, Hong Kong's labor force is expected to grow slightly to about 3.56 million, but manpower demand will reach about 3.75 million, with a shortfall expected to be about 180,000 people.
Therefore, if you are interested in applying for Hong Kong status, the current period is undoubtedly the prime time to apply. With the gradual saturation of the talent pool, the Hong Kong government may tighten the relevant policies in the future, so it is better to act sooner rather than later.
If you are interested in applying for Hong Kong status or for more details, please contact Nebulae International and we will provide you with customized solutions.
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