Hong Kong is now facing the same ageing population crises as Mainland China. It is estimated that by 2040, about one in three Hong Kong residents will be over the age of 65. In order to help alleviate concerns about this, the Immigration Department has recently announced that a set of new enhanced measures to its immigration policy will be implemented by the second quarter of 2015. Essentially, these new measures are expected to build up “human capital” in Hong Kong by supporting the local workforce with foreign professionals and talents.
The new measures include:
A relaxation and adjustment of the policies for migrants under the Quality Migrant Admission Scheme (QMAS) in order to attract more foreign talents with international work experience or third or fourth level education;
A relaxation and adjustment of the policies for migrants under the General Employment Policy (GEP)/Admission Scheme for Mainland Talents and Professionals (ASMTP) in order to smooth and streamline the entry and stay of such foreign talents. Further, the measures clarify several issues relevant to foreign investment in this policy; and
An introduction of a pilot scheme directed at second generation overseas Chinese/Hong Kong citizens in order to entice them to return to Hong Kong and seek employment.
Investment
For business investors, their initial duration of stay will be extended from one year to two years. Moreover, the extension of permits for subsequent years will go from two years to three years for the first two extensions. This new policy allows eligible investors to extend their residence after their initial stay of two years for a further three years. Start-up companies who are supported by certain government-backed programs (InvestHK, Cyberport Incubation Programme etc.) may now also apply for these extensions.
Employment
Under the new policies, a foreign employee’s initial duration of stay and extensions will be relaxed as well. Similar to business investors, the initial stay of foreign employees under the GEP and the ASMTP will be extended from one year to two years depending on the employment contract. On top of this, any extensions to residence permits will be the same as business investors, from two years for the first two extensions to three years. All of which is, of course, depends on the employment contract.
One additional measure to be introduced involves “top-tier” foreign employees. Foreign employees who are legally employed for over two years with a taxable income of no less than HK$2 million in the previous year may now be granted a 6-year extension with no conditions attached. This essentially means that such candidates will no longer need to seek the approval from the Immigration Department if they make any changes in employment. Instead, they are required to report to the Immigration Department with changes made in employment.
Quality Migrant Admission Scheme
The Quality Migrant Admission Scheme (QMAS) is a government initiative which aims to attract highly skilled or talented foreigners to reside in Hong Kong without any of the complications of securing employment before their entry. The scheme is a points-based test with a maximum of 150 awardable points. A successful applicant is required to have at least 80 points.
By Courtesy of China Briefing
