New CIES in Hong Kong Receives 3,166 Applications So Far and May Attract Up to HK$95B in Investment Over Two Years

Hong Kong officials say the New Capital Investment Entrant Scheme (New CIES) has already collected 3,166 applications during its first two years. Based on the information applicants submitted, the government believes the combined investment value could approach HK$95 billion (around US$12.15 billion). Among all applicants, 1,762 have completed the required investment procedures and obtained formal clearance from the Immigration Department.

In the scheme’s second year, the application count climbed to 2,248, which is a 145% rise compared with 918 applications filed in year one. Interest intensified further after March 2025, when the government updated the way applicants can demonstrate they satisfy the asset-holding requirement. The qualifying asset holding window was reduced from two years to six months, and applicants were also allowed to include co-owned family assets when meeting the HK$30 million eligibility threshold.

InvestHK reports that most of the investments already reviewed align with categories permitted under the Securities and Futures Commission (SFC). From the total qualifying investment value of HK$55.6 billion, HK$21.4 billion (or 38.6%) comes from asset sources recognized within the SFC framework. In addition, HK$16.1 billion—about 29%—is directed to equities.

Debt securities represent HK$5.3 billion (roughly 9.5%). Investment-linked insurance products account for HK$5.5 billion (approximately 9.9%). The government’s own CIES allocation is also HK$5.5 billion (another 9.9%). The remaining HK$1.8 billion (about 3.2%) is spread across other approved asset categories.

Officials also note that residential real estate appears to be virtually untouched by participants. Although the authorities expanded the range of “luxury” assets in October 2024 and later lowered the deal-value requirement from HK$50 million to HK$30 million in September 2025, no applicants have allocated funds to this category.

Starting from 1 March 2026, applicants will be able to use a private holding company even if it was incorporated at any time in the past. This change also ends the earlier condition that the company must have been held and/or used for at least six months.

Immigration Department Director Benson Kwok said New CIES operates alongside Hong Kong’s wider admission programmes, helping the city “attract talent and capital from across the globe” while strengthening “Hong Kong’s sustainable development and long-term competitiveness.”

For his part, InvestHK Chief Executive Alpha Lau added that participants entering through the scheme can generate a “ripple effect” across sectors such as property, restaurants, retail, education and lifestyle services—supporting small and medium-sized enterprises (SMEs) throughout the region.

Below the Original Target, but the Gap Is Narrowing

When the programme began in late 2023, the government expected about 4,000 applications annually and roughly HK$120 billion in investment. After two years, total applications stand at 3,166, so the overall results still fall short of the yearly level the authorities initially projected.

That said, the comparison is influenced by the timing of policy refinements. The adjustments introduced in March 2025 triggered a 440% month-to-month jump in applications. In year two, the number of submissions was nearly three times the figure recorded in year one. If the upward momentum continues, the third year could bring New CIES significantly closer to the annual target that the first two years combined did not fully reach.

It’s also essential to interpret the frequently quoted HK$95 billion correctly. This amount refers to the projected investment value across all submitted applications, not the total investment that has already been executed. The investment value that has been verified so far totals HK$55.6 billion.

Hong Kong continues to fine-tune its investment-based admission track, New CIES. Over its first two years, the scheme logged 3,166 applications and indicated potential investment of around HK$95 billion. If you’re researching an investment-led residency/citizenship option and want practical guidance on which assets qualify, what investment instruments are accepted, and how document timelines may work, the team at Digital Nomad can help you understand the requirements and shape a plan aligned with your personal situation.

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