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Assess Net Worth
Ascertain if your wealth actually qualifies you for the NCIES visa, organise the papers and get Certification to this end
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What you need to know
Before submitting your NCIES visa application to the Director of Immigration, we will first verify if you meet the Net Asset Requirement for the visa. We will be responsible for engaging a Hong Kong Certified Public Accountant (CPA) who will assist in demonstrating your Fulfillment in respect of this Requirement.
A Hong Kong CPA must verify your net worth.
It is important that no more than 14 calendar days pass between the issuance of the Fulfillment document and our submission of the Net Asset Assessment application to InvestHK who will Certify your eligibility before the application for Approval In Principle is subsequently submitted to the Director of Immigration.
Action
What you need to do
This is all about getting organised and following a formula to enable your net worth to be properly assessed.
- We work with you/your team and a CPA to get the job done.
- The Net Asset Statement is properly prepared.
- We submit this to InvestHK who notifies the Director of Immigration of the Certification advising us at the same time.
This process can take a bit of time to properly complete so time is of the essence once the Net Asset Statement is signed-off by the CPA.
Approval-In-Principle
After Certification of your qualifying wealth you get an initial 6 month visitor visa to come and get set up in Hong Kong
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What you need to know
We will submit an entry visa application to the Immigration Department once you have met the Net Asset Requirement according to the NCIES rules and received the Certifying Proof for Fulfillment of Net Asset Requirement from Invest Hong Kong – ensuring it’s within the validity period of the Fulfillment requirements.
You get a 6 month visitor visa to start to give you time to organise your new life in Hong Kong and commit the HKD30M into qualifying investment asset classes.
If the assessment of the Director of Immigration at this stage results in an Approval-in-Principle, he will issue a visa or entry permit. This will allow you to enter Hong Kong on visitor status for a maximum period of 180 days, during which you will make the committed investment to move on to Formal Approval.
Action
What you need to do
Upon the issue of the Approval-in-Principle you make ready to come to Hong Kong and …
- Finalise the appointment of an investment manager.
- Decide on the qualifying investment assets classes you wish to pursue.
- Get a feel for Hong Kong and where you might want to live, send your kids to school, clubs to join and the like.
These 6 months are ultimately ‘make-your-mind-up’ months to get a feel if Hong Kong is the right place for you, your family – and your money!
Invest 30M HKD
In the first 6 months you then arrange your HKD30M qualifying investment portfoilo and lock it in
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What you need to know
This is where you decide how to allocate your funds and which qualifying investment asset classes you wish to explore.
HKD27M is discretionary : HKD3M compulsory
If you haven’t yet found a suitably qualified investment advisor in Hong Kong, our partners at ANETO Capital would be thrilled to help.
They offer two options for you to consider: SAFE & GROW.
We will facilitate introductions to these SFC-licensed professionals, ensuring your NCIES investment is optimally protected and tailored to your risk/reward preferences.
Action
What you need to do
At this stage it’s all about deciding how to (and arranging) your qualifying investment portfolio.
- Discuss with your investment advisor in Hong Kong (if you have one), or
- Request an introduction to our licensed investment management partners, or
- Arrange to manage your own portfolio in the way you deem best.
The most important thing, of course, is that your HKD30M investment portfolio qualfies and we will make sure that it does.
Formal Approval
Once the portfolio is established you then apply for the full NCIES visa and secure Formal Approval
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What you need to know
Once you have met the Investment Requirements according to the NCIES Rules – and received the Certifying Proof for Fulfillment of Investment Requirements from InvestHK – these documents are submitted to the Immigration Department in pursuit of Formal Approval.
You get 2 years initially (make sure your passport validity has at least 30 months remaining).
Your accompanying family members included in the application will also get 2 year dependant visa status along with you.
Dependant visas come with unlimited permitted activity (as does your NCIES visa) so you’re completely free to do anything – or nothing – in Hong Kong as you see fit!
Action
What you need to do
When the initial NCIES-visa-valid-for-two-years Formal Approval Letter arrives, we will then arrange to pay the Immigration Department fees and they will then issue QR Code Approval Letters for you and your family (if they were originally included in your application).
The process, therefore, is …
- Receive the Formal Approval Letter.
- Pay for and download the QR Code Approval Letter(s) (no passport sticker endorsement occurs).
- Arrive in Hong Kong to activate your NCIES visa approval.
Once your new NCIES status is activated, we will arrange and accompany you to your HKID Card appointment, which typically occurs a few days later.
We will also collect the card on your behalf and deliver it to your preferred location 10-12 days thereafter.
Extension Of Stay
2 years after Formal Approval you’ll need to arrange a 3 year extension of stay and do it again 3 years after that
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What you need to know
On the basis that you have maintained your qualifying investment portfolio in accordance with the NCIES rules, you will then be eligible for an extension of your visa when the current limit of stay is coming up for expiry.
The pattern of NCIES visa grant is 2-3-3 years enabling you to apply for either PR or unconditional (stay) residency once 7 years have passed.
You (and your family, if applicable) will need to be physically present in Hong Kong at the time your application for extension of stay is submitted but you are allowed to travel out of Hong Kong until the process is completed, which can be expected to take 7-21 days.
Action
What you need to do
Once InvestHK verifies that you have fulfilled the Portfolio Maintenance Requirements, they will issue a relevant Certificate and notify the Immigration Department of the result.
In any event, you must submit an application for an extension of stay to the Director of Immigration before the expiry of your current limit of stay, regardless of whether the relevant Certificate has been obtained from InvestHK or not (to ensure there’s no overstay, which is illegal).
The Director of Immigration will then decide on the application for an extension of stay, taking into account whether the certifying proof has been submitted subsequently.
So the process, therefore, is …
- Apply to InvestHK for continuing portfolio maintenance certification, then
- Apply for an extension of stay to the Immigration Department, then
- Rinse repeat and maintain your NCIES visa status in this fashion for a full seven years to enable conversion to either unconditional stay or PR in due course.
If the Director of Immigration is satisfied that you and your family (if applicable) still meet the eligibility criteria under the NCIES visa, an extension of stay for up to three years will normally be granted.
Subsequent applications for an extension of stay for up to three years should follow the same application procedures.
If your passport validity has less than 3 years remaining, your extension of stay will be truncated to it’s current validity [less one month] and you’ll need to apply for a further NCIES visa extension with your new passport once issued.
Long Term Residence
After 7 years of merely holding the NCIES visa you can uplift your investment and get unconditional (stay) residency (not PR)
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What you need to know
Long term residency (not being PR) comes in the form of unconditional stay.
After 7 years, end the NCIES visa convert to unconditional stay and up-lift your investment.
‘Unconditional’ is something of a misnomer – as there is actually one condition attached to this status. Namely, that you present yourself for at least one Landing in Hong Kong in any 12 month given period.
Otherwise you’ll lose it.
It is important to note that unconditional stay is merely an administrative convenience. The Director of Immigration can take it away from you for any reason at any time (although this is highly unusual).
Action
What you need to do
To qualify for unconditional stay, you need to show that you …
- Held the NCIES visa continously for at least 7 years.
- Retained your qualifying investment portfolio in all of that time.
- Have not been convicted of any crime as a NCIES visa holder.
There must also be no outstanding taxation liabilities in your hands in Hong Kong nor any other form of security objection.
Generally, though, this status is easy to secure if you get the NCIES visa and keep it for 7 years.
Establishing PR
If you’ve ordinarily resided in Hong Kong for the 7 years you’ve held the NCIES visa, PR can be had – if you plan properly
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What you need to know
” You need to have been continuously and ordinarily resident in Hong Kong for a period of not less than seven years, where absences from Hong Kong during that time, whether long or short, are of a merely temporary nature. This is evidenced by what you leave behind in Hong Kong to return to at the end of each temporary stay abroad. Additionally, you need to have held back-to-back residence visas throughout the claimed seven years of Ordinary Residence in Hong Kong. There must be no security objection to being granted the Right of Abode (i.e. PR), and no outstanding taxation liabilities in your hands in Hong Kong at the time of applying for Right of Abode. It is also important to have been in Hong Kong for a settled purpose, which, in the case of the NCIES visa is investment/work in Hong Kong. ”
The Test For PR Approval
As you can see, there is no specific minimum number of days required to be spent in Hong Kong to qualify for PR.
With no brightline ‘days in country’ requirement, it is, with the right strategic planning, perfectly possible to have taken Hong Kong as your only place of permanent residence whilst you attend to matters outside of Hong Kong which existed before you were granted permission to live in Hong Kong.
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What you need to do
After 7 years you can uplift your NCIES investment funds come-what-may but PR is only assured if you can prove Ordinary Residence. Otherwise you will only get the administrative convenience of unconditional stay – which can be taken away from you whereas PR, enshrined as the Right of Abode, cannot.
- Strategize for a PR outcome before you commit to the NCIES visa.
- Determine your ‘plan of attack’ before you invest your money.
- Map your NCIES visa status to the circumstances of your real life.
As the acknowledged experts in securing Hong Kong PR for our clients since the Right of Abode was established by the Basic Law on July 1, 1997, we are committed to ensuring your eligibility for this ‘end goal’ status.
We will integrate this ultimate objective into your ordinary residency strategy from the very first day your NCIES visa is activated.
The Whole Shebang
As the NCIES visa is a multifaceted project you’ll likely want us to look after it all – not least if you want PR after 7 years
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What you need to know
As you can see from the list of stand-alone services set out above, getting the NCIES visa, whilst highly worthwhile, is not just a simple matter of filling in the forms.
You need the very best of expert help.
With our unparalleled experience in business immigration to Hong Kong stretching all the way back to the commencement of our practice in 1993, instructing us to undertake your NCIES immigration and investment management strategy, gets you the very best of expert help.
Why leave it to those who can’t match our experience and expertise?
Especially if you intend to qualify for PR after 7 years …
Action
What you need to do
Having the right advisors in a NCIES investment-for-Hong-Kong-residence project is the key to success.
- Get In Touch and let’s start our conversation.
- Zoom or in-person conferences work equally as well.
- Meet our investment manager partners and assess their abilities.
Every journey begins with a tentative first step.
Reach out today and let’s get started.
We’d be delighted to assist.
Link to: Get in touch
Apply With Us?
Expertise | Creativity
There are very many good reasons why you’d want to have us looking after your NCIES application but below are just three!
IMPORTANT
The information contained in this website is provided by the Hong Kong Visa Centre. Time-tested since 1993, we are the longest established visa and immigration practice in the HKSAR. Please note, however, we are in no way associated with nor endorsed by InvestHK or the Hong Kong Immigration Department.