Hong Kong’s New CIES Just Got Easier: Here Is What That Means For Applicants

Hong Kong’s New Capital Investment Entrant Scheme (New CIES) has just passed a milestone worth paying attention to. As of the end of February 2026, InvestHK confirmed the program has received nearly 3,200 applications in its first two years, representing an anticipated HKD 95 billion (roughly USD 12.1 billion) in fresh capital flowing into the city. Of those, over 1,760 applicants have already completed their investments and received formal approval and year‑two demand was more than double that of year one, rising from 918 to 2,248 submissions.

Two rounds of regulatory adjustments, introduced in March 2025 and again on March 1, 2026, removed several procedural bottlenecks and clarified compliance pathways, producing a measurable acceleration in both application volume and processing throughput.

If you have been considering Hong Kong as a residence base, it is worth taking a fresh look at the New CIES program through this article. Below, we walk through how the program works, who qualifies, and what's changed, along with the questions we hear most from prospective applicants, and how to get started.

How The New CIES Program Works

The New CIES scheme lets eligible individuals and their spouse/partner and unmarried children under 18 obtain Hong Kong residence by investing in the city rather than starting or running a business or securing a job offer. In broad terms, applicants need to show:

1. Net assets of at least HK$30 million, held for at least six months prior to application.
2. A minimum of HK$27 million invested in permissible assets, including listed equities, debt securities, eligible funds, real estate, certificates of deposits, subordinated debt, eligible collective investment schemes and ownership interest in limited partnership funds.
3. HK$3 million placed into the CIES Investment Portfolio, which is a government-managed fund.

Once approved, applicants receive an initial two-year residence permit, renewable for successive three-year periods provided the investment is maintained, with eligibility for permanent residence after seven years of continuous ordinary residence.

Why Families Choose New CIES

Beyond the residence right itself, several features make the scheme genuinely attractive compared to other investment migration options:

1. No business plan or job creation required. Unlike traditional entrepreneur-visa routes, you are not required to start, operate, or manage a company. You simply need to invest the required funds in permissible investments in Hong Kong.
2. No minimum stay obligation to maintain your visa. There is no strict day-count requirement to keep your residence status or renew your residence visa, giving families flexibility around where they actually spend their time.
3. Family included from day one. Your spouse or partner and unmarried children under 18 are covered under the same application, with same-sex and opposite-sex civil partnerships and marriages recognized where legally registered abroad.
4. Favorable tax environment. Hong Kong levies no capital gains tax and no dividend tax for most residents, which is a meaningful consideration alongside the residence benefit itself.
5. A genuine path to permanent residence or unconditional stay. While there is no residency requirement for visa renewal, individuals who have lived in Hong Kong for seven consecutive years as ordinary residents may apply for permanent residency in Hong Kong, along with their dependents.
6. Additionally, new CIES visa holders who have not accumulated seven years of continuous ordinary residence may apply for unconditional stay, provided they have held valid residence visa in Hong Kong for a full seven‑year period. This status allows long‑term New CIES residents who have hold their visa for seven years but do not meet the “continuous ordinary residence” requirement to continue living and working in Hong Kong without additional visa conditions.

Who Is Eligible for the New Hong Kong CIES

To qualify for New CIES, an applicant generally must:

1. Be 18 years of age or older at the time of application submission.
2. Fall into one of the eligible categories: a foreign national, a Chinese national with permanent resident status in a foreign country, a Macao SAR resident, or a Chinese resident of Taiwan, or stateless persons who have obtained permanent resident status in a foreign country with proven re-entry facilities.
3. Demonstrate net assets or net equity of at least HKD 30 million that is held for at least six months immediately preceding the application and have no less than HKD 30 million invested in the permissible investment assets to which he is absolutely beneficially entitled.
4. Have no adverse immigration record and meets immigration and security requirements of Hong Kong.
5. Demonstrate capability of supporting himself and his dependents without relying on any return on the investment made under the New CIES program.
6. Not hold nationality of Afghanistan, Cuba, or the Democratic People’s Republic of Korea

Dependents, including a spouse or partner and unmarried children under 18, may accompany the principal applicant under the New CIES. Their admission is subject to Hong Kong’s standard dependent visa policies, and their status is tied to the principal applicant’s approval and ongoing residence status under the scheme.

Hong Kong CIES Application Process

New CIES runs through two parallel workstreams: InvestHK verifies the applicant’s finances, and the Immigration Department handles the visa application, with formal handoffs between the two agencies at defined checkpoints.

The process typically takes about 3-6 months to complete, and it comprises of three key phases: financial verification, investment, and ongoing compliance.

Phase 1: Financial Verification

When starting the New CIES process, the applicant must first engage a Certified Public Accountant (CPA) based in Hong Kong to verify his net asset position.

Once the CPA’s documentation confirms that the applicant holds net assets or net equity of at least HKD 30 million, the applicant may submit an application to InvestHK. After InvestHK has reviewed and verified the applicant’s financial position, a Certifying Proof of Fulfillment is issued, allowing the applicant to unlock the next phase of the application process.

Phase 2: Applying to Make the Required Investment

Using the Certifying Proof of Fulfillment, the applicant may submit an entry application to the Immigration Department. If approved-in-principle, the applicant is granted visitor status for up to 180 days to enter Hong Kong and complete the required investment.

Within that window, the applicant must place at least HKD 27 million into permissible assets and HKD 3 million into the CIES Investment Portfolio, through a designated account held with an authorized financial intermediary.

Phase 3: Visa Approval and Ongoing Compliance

After the required investment is made, the CPA needs to prepare a Fulfillment Report to inform InvestHK of the completion of the investment. Then, after InvestHK confirms that the investment requirement has been met, the Immigration Department issues formal approval, granting the applicant and any qualified dependents visas to stay in Hong Kong of up to 24 months.

After the first anniversary of formal approval, and on every anniversary thereafter, the New CIES visa holder should have the CPA submit a Portfolio Maintenance Fulfillment Report confirming that he continues to meet the New CIES investment requirements.

Provided that New CIES investor remains compliant, the Immigration Department will grant a visa extension of up to three years each time he applies for renewal.

After seven years of continuous ordinary residence in Hong Kong, the New CIES investor and his dependents may apply for permanent residence in Hong Kong. Alternatively, if the investor is unable to meet the continuous ordinary residence requirement despite having satisfied the Portfolio Maintenance Requirements for at least seven years, he and his dependents may instead apply for unconditional stay status, which permits indefinite entry and stay in Hong Kong without being subject to any conditions or limit of stay.

Key Changes to the New CIES and What They Mean for Applicants

Since the New Capital Investment Entrant Scheme (New CIES) launched in March 2024, the government has revised the program requirements and processing standards several times, each time addressing a specific friction point raised by applicants and industry professionals, and each followed by a measurable jump in uptake.

If you are looking to apply for the New CIES visa, here are some of the key changes that applicants should take note of:

Shorter net-asset holding period (effective March 1, 2025): Applicants previously had to prove they had held HK$30 million in net assets continuously for two years before applying. That period has been cut to six months. This matters most where an applicant’s wealth is tied up in a recent liquidity event, such an inheritance, or a bonus, since the assets no longer need to have been in place for two years before the applicant is even eligible to apply.

Family asset pooling (effective March 1, 2025): Assets jointly owned with family members can now be counted toward the HKD 30 million threshold, in proportion to the applicant’s absolute beneficial share. This makes it easier for applicants with jointly held property, investment accounts, or business equity to qualify for the program.

Real estate as a qualifying investment (effective October 16, 2024): Applicants can now put money into residential property toward the investment requirement, provided any single property transacts at HKD 50 million or above, capped at HKD 10 million of the total HKD 30 million investment. This gives applicants the option to include an existing or planned Hong Kong property purchase as part of their qualifying investment, rather than having to meet the requirement solely through non-real estate assets.

No minimum incorporation period for a holding company (effective March 1, 2026). Applicants may route their investments through an eligible private holding company wholly owned by them, structured either as a family‑owned investment holding vehicle or a family‑owned special purpose entity. Importantly, beginning March 1, 2026, there is no longer a minimum incorporation period requirement. This means applicants may establish a new private holding company specifically for the application, provided it meets all qualifying conditions.

Faster processing. Hong Kong’s Immigration Department has shifted to fully digital processing for investment‑based visa applications, a change the government has said contributes to shorter application processing times.

Taken together, these changes have made the New CIES program considerably easier to access and more flexible than when it launched in March 2024. An applicant previously ruled out by the two-year holding requirement, or holding wealth jointly with family, should reassess eligibility now. An applicant planning to use a family office structure has no reason to wait on incorporating the holding vehicle before applying.

Given how often the rules have shifted since 2024, it is strongly recommended that applicants confirm current requirements with a qualified immigration professional before finalizing an application.

Frequently Asked Questions

The New CIES program comes with a fair amount of complexity. Below are answers to the questions applicants most often raise — from how fluctuations in investment value are handled, to the flexibility available for restructuring the investment holdings, to the ongoing documentation applicants need to maintain over time to ensure ongoing compliance with program requirements.

What happens if my investment loses value after I have made it?

You are not required to top up your portfolio if its market value falls below the HKD 30 million (or relevant HKD 27 million investment) threshold. The flip side is also true: if your investments appreciate, you are not permitted to withdraw the capital gain while remaining under the scheme. You can, however, withdraw dividend and interest income generated by your permissible financial assets at any time.

Can I switch investments in and out while holding the visa?

Yes, within limits. You may dispose of permissible financial assets and reinvest, but you must reinvest the entire market value of what you sold (not just the original cost) into other permissible assets to remain compliant. You can also switch between real estate and other permissible assets, or from one property to another, subject to the same “full reinvestment” principle.

Can I use a mortgage to help fund a real estate investment?

Yes, you are allowed to borrow against the property to finance the purchase through a bank or licensed financial institution in Hong Kong. However, only the portion of the property you actually own (i.e. your net equity, not the mortgaged portion) counts toward your qualifying investment under the New CIES program.

What happens if an investment I hold stops qualifying under the scheme (for example, a fund loses its eligible status or a stock gets delisted)?

You are not required to sell it immediately. As long as you still beneficially hold the asset, it continues to count toward your Portfolio Maintenance Requirements. Typically, you would only need to reinvest if you separately chose to sell it.

Can I work or run a business while on this visa?

Yes. Once admitted, you are permitted to take up employment, be self-employed, or join or start a business in Hong Kong. The New CIES program does not restrict you to being a passive investor in Hong Kong.

Is there ongoing paperwork after approval?

Yes. You will need a Hong Kong CPA to prepare a Portfolio Maintenance Fulfillment Report after your first anniversary of formal approval, and again at each subsequent anniversary, to confirm your investment continues to meet the program requirements.

Is the application fee refundable if I am rejected?

No, the application fee is non-refundable regardless of outcome, which is one of many reasons to have your net asset position and documentation reviewed carefully before you file.

Why Professional Support Matters for New CIES Applications

Unlike other immigration programs in Hong Kong, the new CIES scheme sits at the intersection of immigration law, financial regulation, and anti-money laundering compliance. This combination makes the role of professional support in CIES broader and more involved than in other visa categories.

Financial intermediaries are a good example of where this plays out. Not every intermediary will take on every applicant. Nationality and personal background can affect whether an account gets approved, and financial intermediaries vary widely in how they support the applicant in maintaining their New CIES investment. Some take a conservative approach, sticking closely to lower-risk, capital-preservation strategies. Others are more flexible, allowing applicants to rebalance across eligible asset classes, respond to market conditions, or tailor the portfolio more closely to their own risk appetite and goals. An immigration professional who works across this space regularly will generally know which intermediaries are more likely to accept a given applicant and align with the applicant’s investment preferences, rather than the applicant finding out through trial and error.

The same applies to the accounting side of the process. A CPA has to be engaged at several points during the application process to verify net assets, to confirm the investment has been properly made, and again each year afterward to confirm the portfolio is still being maintained correctly. Because so much rides on these reports being accepted without issue, it helps to be introduced to a CPA who has actually handled CIES cases before, rather than starting from scratch with one who has not. Having an immigration professional who can introduce applicants to a CPA experienced specifically with CIES filings tends to make each of these checkpoints go more smoothly.

The application process also benefits greatly from the guidance of an experienced immigration expert. Financial records, identity documents, and civil certificates should align, yet small inconsistencies, such as a name spelled differently across a passport, marriage certificate, or bank statement, are more common than most people realize. These issues are usually easy to fix when identified early. An immigration professional who has handled many applications knows where problems typically arise and what documentation or corrective steps can resolve them.

Beyond the initial submission, it’s also helpful to have an immigration advisor who stays involved throughout the process. Compliance doesn’t end once the application is approved. Successful applicants must still hold their investment for the required period, satisfy any reporting obligations, and complete the necessary immigration steps to secure visa extension or permanent residency. And if something does go wrong, whether it is a request for additional information, a processing delay, or even a refusal, having an immigration professional who knows how to address the situation can make a real difference.