HONG KONG SAR, CHINA Law and Practice Contributed by: Jeffrey Lee, Jessica Leung and Hilary Leung, Charles Russell Speechlys
Becoming a Citizen A person is eligible to apply for a Hong Kong passport if they are: • a Chinese citizen; • a permanent resident of Hong Kong; and • a holder of a valid Hong Kong permanent identity card. A person is regarded as being of Chinese nationality if they are a Hong Kong resident: • of Chinese descent who was born in Hong Kong or other parts of China; or • who fulfils the criteria of Chinese nationality in the Nationality Law of the People’s Republic of China. 7.2 Expeditious Citizenship There are no expeditious means for an individual to obtain citizenship in Hong Kong. All applicants will need to fulfil the criteria of citizenship specified in 7.1 Requirements for Domicile, Residency and Citizen- ship . Nonetheless, changes have been made to the immi - gration policies in Hong Kong to attract offshore tal - ent and to bolster Hong Kong’s position as a wealth management hub. This includes the launch of the Top Talent Pass Scheme, which allows those who qualify to enter Hong Kong for an initial period of a maxi - mum of two years for the purpose of exploring pro - fessional opportunities and extending the limit of stay of employment visas. Within two years of the launch, approximately 90,000 applications were received and 70,000 qualified individuals had arrived in Hong Kong under the Top Talent Pass Scheme. Under the General Employment Policy, foreign entre - preneurs may apply for a visa or entry permit if the applicant is in a position to make a substantial contri - bution to Hong Kong’s economy. The New Capital Investment Entrant Scheme (CIES) allows foreign nationals, Chinese nationals who have obtained permanent resident status in a foreign coun - try, Macau residents and Chinese residents of Taiwan to enter Hong Kong for an initial period of a maximum of two years with a minimum investment of HKD30
million in permissible investment assets (which must include HKD27 million of permissible investment assets such as equities and debt securities, and HKD3 million of investment in CIES investment portfolios). Applicants’ share of any joint assets owned with fam - ily members, to which they are beneficially entitled, can also be taken into account when assessing their net assets. Applicants may apply for additional three- year renewals thereafter. Should they reside in Hong Kong for a continuous period of at least seven years, they are eligible to apply for permanent residence in Hong Kong. However, if they cannot meet the continu - ous residency criterion but fulfil the portfolio mainte - nance requirement for seven years or more, they may still apply for unconditional stay in Hong Kong, which, if granted, allows them to dispose of their permissible investment assets. 8. Planning for Minors, Adults with Disabilities and Elders 8.1 Special Planning Mechanisms Parents and relatives can set up a special needs trust for an affordable fee by appointing the Director of Social Welfare Incorporated as the trustee to manage their assets in the form of a trust for their children or family members who have special needs or lack self-care capability. Special needs trusts are avail - able to the Hong Kong permanent resident parent(s) or relative(s) of an individual with special needs (ie, a Hong Kong permanent resident with an intellectual disability, a mental disorder or autism who can claim for rehabilitation services subsidised by the Social Welfare Department or admission to special schools under the Education Bureau). After the parents or relatives pass away, the trustee will activate the trust account and disburse funds to the carer specified by the parents or relatives in accordance with the instructions laid down in the trust deed and letter of intent. The carer will implement the long-term care plan formulated by the parents or rela - tives for the beneficiary. The executor of the settlor’s will would deposit the cash derived from the sett - lor’s estate to the trust account. The trustee would pool together funds from different trust accounts for
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