I. Key Relaxations Effective March 1, 2026

According to an announcement by the Investment Promotion Agency, taking into account feedback from the industry,The New Capital Investor Entry Scheme (New CIES) has updated the requirements for holding companies, effective March 1, 2026.: Applicants are permitted to use an eligible privately held company that has been in existence for less than six months to file an application for investment regulation review,No minimum term for establishment, providing investors with more flexible asset allocation options.

This marks yet another adjustment to the program following its first round of optimization in March 2025. The common goal of both rounds of revisions is to eliminate procedural bottlenecks and clarify the path to compliance.

All application requirements, investment regulations, and approval criteria are subject to the official announcements of the Hong Kong Immigration Department and the New Capital Investor Immigration Scheme Office.

II. The Structure of the HK$30 Million Fund

The basic requirements of the new program are as follows: Applicants must prove that, within the six months prior to submitting their application, they were the absolute beneficial owner of no less than30 million Hong Kong dollarsNet assets, and invest no less than 30 million Hong Kong dollars in permitted investment assets. Structurally, it consists of two parts:

• 27 million Hong Kong dollars: Investments in qualifying financial assets, real estate, etc.
• 3 million Hong Kong dollars: Invest in the ”Capital Investors Immigration Program Portfolio,” managed by Hong Kong Investment Management Co., Ltd.

Regarding eligibility requirements, applicants must be at least 18 years of age and fall into one of the eligible categories—such as foreign nationals, Chinese nationals who have obtained permanent resident status in a foreign country, residents of the Macao Special Administrative Region, or residents of Taiwan—and must have no record of immigration violations.

III. Authorized Asset Classes and Actual Allocation

According to data on verified applications released by the Investment Promotion Agency, the distribution of assets by investment amount is roughly as follows:

| Permitted Investment Assets | Percentage | |—|—| | SEC-Approved Funds | 38.6% | | Stocks | 29.0% | | Investment-Linked Life Insurance Plans | 9. 9% | | Capital Investors Admission Scheme Investment Portfolio | 9.9% | | Debt Securities | 9.5% | | Others | 3.2% |

As you can see,Nearly 70 percent of the funds flowed into mutual funds and stocks...the proportion of real estate-related allocations is relatively limited. This is related to the quota restrictions on real estate—there is a combined cap on residential and commercial/industrial properties, with a separate cap for the residential portion.

IV. Obligations That Must Be Fulfilled During the Maintenance Period

Approval is not the end of the process. The investment requirements must be maintained throughout the entire duration of the stay; key obligations include:

First, the investment portfolio must maintain a minimum threshold. Cash proceeds from the sale of investment assets must be reinvested in eligible financial assets; dividend and interest income may be withdrawn, but the committed investment amount must not fall below the specified level. If the value of the portfolio declines due to market fluctuations,Generally, no additional payment is required.—This is an arrangement that is relatively favorable to investors.

Second, an annual compliance report must be submitted. The maintenance of the investment portfolio must be verified by a certified public accountant through the preparation of an annual compliance report. This means thatThe quality of accounting and auditing directly affects the maintenance of status., rather than a one-time formal review.

Third, visa renewal and stay arrangements. Upon formal approval, a period of stay of up to 24 months is generally granted, and each subsequent extension is generally limited to no more than 3 years, provided that the requirements for maintaining the investment portfolio continue to be met.

V. Permanent Residency and Unconditional Stay

According to publicly available information, applicants who have continuously resided in Hong Kong for at least seven years may apply for permanent resident status (right of abode) in Hong Kong.

In addition, new program visa holders who have not accumulated seven consecutive years of habitual residence,If you have held a valid residence visa in Hong Kong for seven years, you may apply for unrestricted stay....thereby allowing them to continue living and working in Hong Kong without being subject to additional visa requirements. The specific eligibility criteria for these two pathways are subject to the announcements made by the Immigration Department and the results of individual case reviews.

It is important to clear up a common misconception:The visa under the new program does not, in and of itself, grant permission to work in Hong Kong....This differs from general employment policies and programs such as the High-Talent Pass. If you need to conduct business or be employed in Hong Kong, you must separately verify the applicable work permit requirements.

VI. Considerations for Coordination Between the Family and the Family Office

The new program allows spouses/partners and unmarried dependent children under the age of 18 to accompany the applicant. For families with family office needs, there is an additional tax tool available: under certain conditions, investments may be held through a Family Investment Holding Vehicle (FIHV)—according to publicly available information, this vehicle typically requires at least two full-time Hong Kong employees and annual operating expenses of no less than 2 million Hong Kong dollars.

Whether this approach is appropriate depends on the family’s asset size, management needs, and long-term plans,We recommend making a comprehensive assessment based on both tax and legal advice; do not rely solely on tax considerations.The

Important Notice: The information contained in this article is compiled from publicly available sources and does not constitute investment advice or a guarantee of any application outcome. Investing involves risks, and neither the government nor the Immigration Department assumes any liability for investment losses. Eligibility requirements, investment regulations, and approval outcomes under the New Capital Investor Immigration Scheme are subject to the official announcements of the Hong Kong Immigration Department and Invest Hong Kong.

Qicaiying Group offers services for the New Capital Investor Immigration Program, including preliminary eligibility assessments, asset allocation planning, and assistance with the establishment of private holding companies and the submission of annual compliance reports. If you would like an objective feasibility assessment, please feel free to contact us.