Authorities should lower the threshold for Hong Kong-based mainland Chinese talent to move their capital from mainland China to the city, a pro-Beijing party has urged as growing numbers of professionals arrive from across the border.
Hong Kong’s largest pro-Beijing party, the Democratic Alliance for the Betterment and Progress of Hong Kong (DAB), announced on Monday that it would establish a specialised office to serve arriving talent, and suggested authorities introduce a series of measures to support the newcomers.
Hong Kong’s government should work with the central government to partly lift the restrictions on cross-border capital transactions, the DAB said. It suggested setting up a mechanism for Hong Kong-based mainland Chinese talent to move money from China for designated purposes, such as purchasing property or repaying a mortgage.
To prevent large amounts of capital flight, Beijing limits Chinese nationals to transferring US$5,000 out of the country per person per year.
“I believe [Hong Kong] can talk [with the central government] step by step, suggesting certain amounts of capital transactions or transactions for certain purposes,” Starry Lee, former chair of DAB and a lawmaker, said in Cantonese on Monday.
“Let’s start with a pilot scheme and to seek the central government’s permission to allow those who have obtained Hong Kong identities to utilise their capital [from mainland China] in Hong Kong,” she added.
Hong Kong rolled out the Top Talent Pass Scheme in December 2022 to attract more high earners and university graduates to the city amid a wave of emigration.
In late 2023, the government expanded the Top Talent Pass Scheme and revived a suspended investment migration scheme.
By end of October, the government had issued over 81,000 work visas and 89,383 dependent visas under the Top Talent Pass Scheme, The Collective reported.
Extension of work visa
Successful applicants under the Top Talent Pass Scheme will first be granted a two-year work visa.
According to the Immigration Department, in order to extend the visa, they should secure employment in Hong Kong “which is at a level commonly taken up by degree holders or persons with good professional/technical qualifications” and that is remunerated at market level.
Additionally, anyone on the scheme earning at least HK$2 million can enjoy an extension of six years upon renewal.
The DAB said on Tuesday that in order to “retain talent,” the government should be more “flexible” in reviewing the place where applicants earn their income and should take into account any income from mainland China when assessing work visa extensions.
Separately, the party also suggested that authorities further expand the talent scheme, to proactively invite top international talent to the city, and to provide more services for newly arrived children of talent to settle in Hong Kong.
