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Business Maverick: Hong Kong unveils visa, property easing to revive hub status

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The city will relax rules on property for non-permanent residents and grant two-year visas for high earners and top university graduates as part of a vision for how to revive its status as an international financial hub.

Chief executive John Lee announced the measures on Wednesday during his maiden policy address. The property rule will refund a 15% stamp duty that non-permanent resident property buyers need to pay after they have stayed in the city for seven years.

The visa plan includes a programme for people who bring in at least HK$2.5 million annually. Recent graduates of the world’s top 100 universities will also be eligible for work visas, he added.The policies come as Hong Kong attempts to attract and retain skilled talent to counter aWhile the city’s most stringent Covid curbs have been rolled back, some restrictions remain and the slowness to reopen has contributed to deep economic turmoil.

Hong Kong’s pandemic restrictions have led companies and workers to consider alternative locations, including Singapore. The Southeast Asian hub in August its own five-year work visa programme for foreigners earning at least S$30,000 per month, citing a hypercompetitive battle for global talent.

 

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