Hong Kong resumes its investment immigration policy after an 8-year hiatus, but real estate investment is not allowed and mainland Chinese citizens are not included. Wang Zhiwei, the head of tax planning for family-owned businesses and private wealth in China and Hong Kong at PwC, said in an interview that during the suspension of Hong Kong's investment immigration program, clients have been inquiring about when it will be reinstated. Due to Hong Kong's low tax rates and lack of inheritance tax, becoming a tax resident in Hong Kong is attractive to high-end clients, even if the threshold is raised to HKD 30 million. Investment immigrants must stay for 7 years to enjoy permanent residency rights. Some clients have asked whether Hong Kong can shorten the time period like other regions, but Wang Zhiwei believes that this is a rule that Hong Kong has always followed and is unlikely to change. Legislative Councilor in the technology and innovation sector, Charles Mok, hopes that the government can clarify the scope of assets, such as listing bitcoins traded on licensed virtual asset exchanges as financial products, which should theoretically be allowed. Some voices are calling for buying property to also be eligible to stimulate the property market. He takes a neutral stance on this, but the government has indicated that financial products related to real estate, such as real estate investment trusts (REITs), are included. (Hong Kong Economic Journal)
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