Hong Kong reveals plan to attract international talents
John Lee, the chief executive of Hong Kong, made plans to draw talent and capital to the Asian financial centre on Wednesday. Since the pandemic began, thousands of inhabitants have left Hong Kong. In his first policy speech after assuming office in July, Lee announced that the government will set aside 30 billion Hong Kong dollars ($3.8 billion) to draw firms to the area and introduce a programme known as the top talent pass to “encourage individuals to pursue their careers in Hong Kong.”
“The local labour force decreased by around 140,000 over the last two years. An official translation of his address states, “The government will proactively search the world for skills in addition to actively cultivating and maintaining local talents. Soon, the Talents Service Unit will be established, serving as Hong Kong’s one-stop shop and collaborating with the Immigration Department to process applications received under the talent admission programmes and offer support services.
Here are the main points from the announcement.
- Over the last two years, the number of local employees in Hong Kong has declined by roughly 140 000. It will now actively “trawl the world” for talent in addition to actively cultivating and retaining local talent.
- The Top Talent Pass Scheme will be implemented in Hong Kong for a two-year term. Those with monthly earnings of HK$2.5 million (approximately 2.6 crore) or more, as well as graduates from one of the world’s top 100 institutions with at least three years of work experience in the previous five years, are deemed suitable talents.
- In addition to receiving a two-year permit to explore opportunities in Hong Kong, these two talent groups are exempt from quotas. Graduates of the world’s top 100 universities who have not yet accrued the necessary work experience will also be eligible, subject to an annual quota of 10,000. The plan will be assessed after its first year of use.
- When making applications for talent admission for positions falling under the 13 professions with a shortage of local supply as listed in the Talent List or for positions with an annual salary of HK$2 million or above, Hong Kong will simplify its policies so that employers are not required to provide evidence to support their difficulties in local recruitment.
- Hong Kong plans to complete the Talent List in the first quarter of 2023 and will update it as soon as it is practical to do so in order to reflect the most recent situation of professional shortage. The annual quota under the Quality Migrant Admission Scheme (QMAS) will be suspended for a two-year period, and the approval process will be improved, in an effort to lure more top talent to immigrate to Hong Kong.
- To make it simpler for graduates from non-local universities to remain in or move to Hong Kong for employment, Hong Kong will relax the Immigration Arrangements for Non-local Graduates (IANG) by increasing the maximum stay from one year to two years. On a trial basis over a two-year term, the arrangements will also be expanded to include graduates from a Hong Kong university’s GBA campus. The pilot arrangement will be assessed after the first year of use.
- In order to speed up talent entry, the government will abolish the restriction that technology companies employ more local workers while bringing in talent from outside Hong Kong.
- Hong Kong will extend the validity of employment visas, enabling people who have found employment and have been accepted under one of the city’s several talent-admittance programmes to be granted visas that can last up to three years.
- It will also compensate qualified inbound talents for any additional stamp duty they paid while purchasing residential property in Hong Kong. Entitled talents who acquire a residential property in Hong Kong from today and after may be eligible for a refund of the Buyer’s Stamp Duty and the New Residential Stamp Duty paid for the first residential property purchased that they still possess after settling in Hong Kong for seven years.
- The requirement to apply for an employment visa will be abolished for more visitors engaging in short-term activities in Hong Kong. In addition to the currently listed categories, such as technological gurus and professional sports, it will investigate expanding the arrangements to additional groups.
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