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In the chief executive's 2023 policy address ("Policy Address"), which was delivered on 25 October 2023, the Hong Kong government announced initiatives to attract and retain talents by expanding the coverage of universities under the Top Talent Pass Scheme (TTPS); facilitating business travel to mainland China; relaxing visa requirements for Vietnamese, Laotian and Nepalese talents; reactivating the Capital Investment Entrant Scheme (CIES); and establishing the Vocational Professionals Admission Scheme (VPAS) pilot program.
To continue to retain, nurture and seek talents, as well as to strengthen labor training and enhance productivity in Hong Kong, the Hong Kong government announced the following immigration measures in the Policy Address:
From 1 November 2023, the list of eligible universities under the TTPS has been expanded to include eight institutions from mainland China and overseas, making a total of 184 institutions.
In addition to the existing 176 institutions, the TTPS includes (i) five institutions in the QS World University Rankings in the discipline of hospitality and leisure management, namely EHL Hospitality Business School, Swiss Hotel Management School, Les Roches Global Hospitality Management Education, Glion Institute of Higher Education and Hotelschool The Hague; and (ii) three universities from mainland China, namely Wuhan University, Xi'an Jiaotong University and Harbin Institute of Technology.
The TTPS allows qualifying foreign, high-income talents and graduates from top universities to receive a two-year visa, allowing them to work or establish a business in Hong Kong.
Under the newly reactivated CIES, eligible foreign investors who invest HKD 30 million or above in assets such as stocks, funds and bonds can apply for entry into Hong Kong. These assets do not include investment in real estate.
The Hong Kong government is expected to provide more details of the CIES by the end of this year.
As the above new immigration measures pave the way for additional new talent pools, employers are advised to be aware of the latest immigration policies and regulations to ensure that their new overseas hires have the proper immigration status prior to commencing their employment. Furthermore, both employers and employees are also advised to consider relevant legal and tax implications when arranging cross-border assignments for their overseas hires who come to Hong Kong to work and travel to mainland China for business.
Lastly, employers are also reminded of the requirement to first prioritize hiring locally to fill job vacancies. Overseas candidates who possess special skills, knowledge or experience that are not readily available in Hong Kong may then be considered and apply for work under the appropriate admission schemes.
For more information, please contact tess.lumsdaine@bakermckenzie.com or charmaine.ng@bakermckenzie.com.
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