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Hong Kong announces several updates to immigration policies for attracting global talent and investment
On 16 October 2024, the Chief Executive of Hong Kong announced a series of updates to its immigration policies, with an aim to transform the region into an international wealth management center by 2028. The planned immigration initiatives for talent attraction and retention also aim to support Hong Kong’s position as an international hub for high-caliber talent and strengthen tourism development with ASEAN countries. These changes are expected to enable employers to attract and retain foreign talent and investments more effectively while diversifying the talent market and stimulating the national economy.
A Tax Alert prepared by EY's People Advisory Services, and attached below, provides additional details.