March 29, 2023
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Li Jiachao: There is no limit to the number of people who have lost 140,000 workers in the new policy to “grab talents” + stamp duty concessions for property purchases

The Chief Executive, Li Jiachao, announced his first policy address during his term of office today. Li Jiachao pointed out that in the past two years, about 140,000 people have lost the local labor force. In the new year, the government will not only actively cultivate and retain local people, but also Will be aggressive to attract foreign talents.


The government will launch a two-year “High-end Talent Passport Scheme”. Eligible talents include those who have an annual salary of HK$2.5 million or more in the past year, and those who graduated from top 100 universities in the world and have accumulated three years or more in the past five years. Persons with work experience can be issued a 2-year permit to develop in Hong Kong, with no limit on the number of persons. Graduates from the top 100 universities who have not met the work experience requirements but have graduated within the last 5 years can also be issued a pass, with an annual cap of 10,000 people. The plan will be reviewed a year after its launch.


In addition, the government willRelax the “General Employment Policy” and “Admission Scheme for Mainland Talents”. If employers recruit talents for 13 majors listed in the “Talent List” for which local talents are in short supply, or recruit positions with an annual salary of HK$2 million or more, No need to prove local recruitment difficulties, you can apply directly. The Government will update the “Talent List” as soon as possible to reflect the latest shortage of various professions, with the goal of completing it in the first quarter of next year.


In terms of talent admission applications, the Government will soon set up a “Talent Service Window”, which will provide one-stop services to coordinate the Immigration Department’s processing of applications for the talent admission scheme, provide support services, and formulate service pledges to improve the efficiency of examination and approval. It will provide comprehensive electronic visa application services and extend the term of work visas. Talents under the existing and newly added talent import schemes can be issued work visas of up to 3 years after they are employed in Hong Kong.


In addition, the Government will cancel the annual quota of the “Quality Talent Admission Scheme” for a period of two years, and optimize the approval process to attract more world-class talents to come to Hong Kong; and relax the “non-local graduates stay/return to Hong Kong for employment” , to extend the period of stay from 1 year to 2 years to facilitate their stay/work in Hong Kong. The arrangement will also be extended on a trial basis to graduates from the Greater Bay Area campuses of local universities for a period of 2 years and will be reviewed one year after its launch. The “Technology Talent Entry Scheme” will also be optimized, and the requirement that technology companies must recruit more local employees when importing foreign talents under the scheme will be removed, so as to speed up the pace of talent entry;


The government has also refunded the additional stamp duty on property purchases in Hong Kong to qualified foreign talents. Eligible foreigners who buy properties in Hong Kong in the future can apply for a refund of the paid buyer’s stamp duty and new residential properties for the first residential property they have purchased and still hold after they have resided in Hong Kong for 7 years and become a Hong Kong permanent resident stamp duty, but they are still subject to ad valorem stamp duty at Scale 2 rates. This will bring its stamp duty burden on par with that of first-time Hong Kong permanent residents.


source:government news network

Image source: RTHK

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Ewen Eagle

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