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19-10-2022, 09:13 PM
In his maiden policy address on Wednesday (Oct 19), the city leader said he would cut property duties for non-permanent residents and relax visa rules to reverse a brain drain prompted by isolationist Covid-19 policies and a crackdown on political dissent.
We have our advantage,” he said.
Lee outlined a two-year visa programme for people who bring in at least HK$2.5 million (US$318,480 or RM1.5 million) annually that will allow them to explore opportunities in Hong Kong. Recent graduates of the world’s top 100 universities with at least three years of work experience will also be eligible for such visas, he added.
Lee also announced a plan to refund extra property stamp duties paid by non-permanent resident buyers. Once they have lived in the city for seven years — long enough to become permanent residents — those buyers can apply for refunds of two separate stamp duties that are each fixed at 15%. They still have to pay for another duty capped at 4.25%, which applies to all city residents.
The changes for foreign buyers could benefit the mid-to-high-end property market, according to Raymond Cheng, an analyst at CGS-CIMB Securities Hong Kong Ltd, who called the savings “quite meaningful”.
https://www.theedgemarkets.com/article/h...-investors
We have our advantage,” he said.
Lee outlined a two-year visa programme for people who bring in at least HK$2.5 million (US$318,480 or RM1.5 million) annually that will allow them to explore opportunities in Hong Kong. Recent graduates of the world’s top 100 universities with at least three years of work experience will also be eligible for such visas, he added.
Lee also announced a plan to refund extra property stamp duties paid by non-permanent resident buyers. Once they have lived in the city for seven years — long enough to become permanent residents — those buyers can apply for refunds of two separate stamp duties that are each fixed at 15%. They still have to pay for another duty capped at 4.25%, which applies to all city residents.
The changes for foreign buyers could benefit the mid-to-high-end property market, according to Raymond Cheng, an analyst at CGS-CIMB Securities Hong Kong Ltd, who called the savings “quite meaningful”.
https://www.theedgemarkets.com/article/h...-investors
