New Capital Investment Entrant Scheme (New CIES)
An investment residence scheme: HK$30,000,000 of net assets deployed into permissible Hong Kong assets, in exchange for a renewable stay without work.
Two misunderstandings dominate. Property is not excluded, contrary to the 2023 rules: since October 2024 one residential property priced at HK$30,000,000 or more counts, but only HK$10,000,000 is credited and all real estate together is capped at HK$15,000,000. And Mainland Chinese residents cannot apply without permanent residence in a foreign country.
Programme snapshot
| Item | Current rule |
|---|---|
| Main audience | Wealthy foreign nationals, Chinese nationals with foreign permanent residence, Macao and Taiwan residents |
| Route family | investment |
| Validity | 24 months on formal approval, after a 180 day visitor period to invest |
| Stay per entry | Continuous while the portfolio stays compliant |
| Threshold | HK$30,000,000 net, 2026: HK$27,000,000 in assets plus HK$3,000,000 into the CIES Investment Portfolio |
| Renewal | Up to 3 years at a time, subject to annual CPA-certified compliance |
| Settlement | Direct |
| PR clock | 7 years of ordinary residence, or unconditional stay after 7 years of portfolio compliance |
| Citizenship clock | None |
| Family | Spouse or recognised civil partner and unmarried children under 18 |
| Local employment | No. You must support yourself without employment, business or investment returns |
| Tax headline | No tax on capital gains, dividends or inheritance. Foreign income generally untaxed |
| Processing | Asset assessment, approval in principle, 180 days to invest, formal approval. Realistically 6 to 12 months |
The asset rules
The net asset test is HK$30,000,000 held throughout the six months before applying. Assets acquired before 1 March 2024 do not count, so the money must be fresh and deployed within one of three defined windows after launch. Permissible assets include Hong Kong listed shares, bonds and funds. Certificates of deposit are capped at HK$3,000,000, and private limited partnership funds and private open-ended fund companies together at HK$10,000,000, so a portfolio built only from those fails. The HK$3,000,000 placement into the CIES Investment Portfolio is mandatory and government-directed: not a fee, but not yours to allocate either.
Application flow
- Confirm nationality eligibility, including foreign permanent residence for Mainland applicants.
- Engage a CPA (Practising) to certify HK$30,000,000 of net assets across the six month lookback.
- Submit the net asset assessment to the New CIES Office.
- Receive approval in principle and enter on a 180 day visitor limit to invest.
- Deploy HK$27,000,000 into assets and HK$3,000,000 into the portfolio, then obtain formal approval.
- Certify the portfolio with a CPA within one month of every anniversary.
Good fit
A wealthy investor who wants Hong Kong residence without running a business or holding a job, and who values the absence of capital gains and inheritance tax.
Poor fit
Anyone whose wealth is mostly one home, because the property credit is HK$10,000,000 against a HK$30,000,000 requirement. A Mainland resident without foreign permanent residence is excluded outright.
Watchpoints
- Nationality exclusions are absolute. Mainland residents without foreign permanent residence are out, as are nationals of Afghanistan, Cuba and North Korea. Stateless persons with permanent residence abroad are eligible.
- Annual CPA certification is a hard deadline. It must be filed within one month of each anniversary, at your cost. Miss it and the extension can fail with an intact portfolio.
- Capital gains cannot be taken out. Anything above HK$30,000,000 stays invested. Only dividends, interest and rent can be withdrawn. Pre-launch assets are excluded too, which rules out relabelling an existing portfolio.
- Unconditional stay is not permanent residence. Seven years of portfolio compliance can produce it without ordinary residence, and the conversion path is not spelled out in one place.
Sources
- New CIES Office, application procedures and overview, checked 2026-10-22
- InvestHK, New CIES asset and investment rules, checked 2026-10-22