Hong Kong CIES Bring in HK$10.5 Billion in the First Half of the Year
29 April 2025
Government data shows that HK$10.5 billion (US$1.35 billion) in permitted investments have entered the market six months after the introduction of Hong Kong’s improved Capital Investment Entrant Scheme (CIES), with none of these investments going into residential real estate.
The program received 918 applications between October 2024 and February 2025, approved 341 of them, and issued 756 provisional approvals. The overall inflow might surpass HK$27 billion (US$3.5 billion) if all current applications are approved, which would almost triple the government’s initial July 2024 forecast.
Investor funds were directed almost entirely into financial products:
- HK$5.17 billion into collective investment schemes
- HK$3.57 billion into equities
- HK$1.77 billion into debt securities
Not a single applicant has chosen to invest in real estate under the program, even though the October 2024 amendment allowed investments in residential property worth HK$50 million (US$6.4 million) or higher. This implies that the existing property restrictions might be insufficient to encourage uptake.
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Investor Response and Policy Changes
As of March 1, 2025, more regulatory improvements have made the program even more accessible to a wider range of applicants:
- The net asset requirement, which was established at HK$30 million (US$3.8 million), has been reduced from two years to just six months.
- Investors can now apply through Special Purpose Entities (FSPEs) or Family-owned Investment Holding Vehicles (FIHVs).
- Real estate is allowed, but only for properties costing HK$50 million or more, and it must stay within the HK$10 million cap.
These changes are part of a larger initiative to incorporate CIES into Hong Kong’s wealth management plan, with a focus on cross-border capital and family offices. The adaptability supports Hong Kong’s standing in Asia’s cutthroat investor migration market and is consistent with regulations in competing jurisdictions like Singapore.
Important Enhancements (as of March 1, 2025):
Relaxed Net Asset Requirement (NAR):
Instead of two years, investors now just need to show HK$30M (US$3.8M) in net assets over six months. Family-shared assets are also proportionately counted by the government.
Family-Owned Investment Structures Allowed:
In order to provide flexibility and support CIES’s efforts to become a family office hub, applicants may choose to invest through a Special Purpose Entity (FSPE) or Family-owned Investment Holding Vehicle (FIHV).
Real Estate Now in Play (with Limits):
Single-family homes valued at HK$50M (US$6.4M) or more are now acceptable investments as of October 16, 2024 (within the HK$10M (US$1.3M) real estate cap). The door is now open even if no transactions have yet been conducted under this condition.
These modifications are not only adjustments; rather, they are calculated steps to increase accessibility, lower obstacles, and incorporate CIES into Hong Kong’s larger asset management strategy.
Family Offices: Foundations Are Taking Shape
Since the government did not require earlier tracking, there is currently no public data on family offices established by CIES applicants; nonetheless, the policy changes now actively encourage their development through organizations such as the FIHV. Long-term opportunities for talent attraction, cross-border wealth management, and sustained investment growth are thus presented.
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