A lawmaker has suggested allowing part of the required investment under the New Capital Investment Entrant Scheme (CIES) to be used for charitable purposes.
Under the scheme, applicants are required to invest at least HK$30 million in eligible assets to apply for residence in Hong Kong.
Social welfare sector lawmaker Grace Chan Man-yee proposed on Wednesday that 10 to 20 percent of the required investment — equivalent to HK$3 million to HK$6 million — be allocated to support local charities, social enterprises, or philanthropic venture capital foundations.
Speaking at a Legislative Council meeting, Chan asked whether the government would consider such an arrangement as part of future optimization of the scheme.
Under Secretary for Financial Services and the Treasury Joseph Chan Ho-lim said the scheme is currently designed primarily to promote Hong Kong’s economic development.
He added that the scheme has been running for some time, and the government has been listening to different views while continuing to consider possible improvements.
