Victor Li ‘intends’ to set up family office as Hong Kong draws US$1.3 bn from investors

Hong Kong has attracted more than HK$10 billion (US$1.3 billion) under the city’s cash-for-residency scheme, in a major boost for its ambition to become a family office hub, officials said. Even Victor Li, the elder scion of the city’s wealthiest clan, said he is considering opening a family office for the first time.

The revamped Capital Investment Entrant Scheme (CIES), more commonly known as the investment migration scheme, has received 346 applications as of last Friday, according to Alpha Lau Hai-suen, director general of InvestHK, the government agency set up to promote the city as an international financial centre.

She told lawmakers on Monday that 214 applications had been cleared, while 117 had won in-principle approval with the grant of temporary visas, which allowed the applicants to stay in the city for up to 180 days for making the required investments.

Lau said four applicants had already received residency visas after making investments of HK$30 million each. If all 346 were to get approvals, they would bring in at least HK$10.38 billion of investments into the city. “So far, no applications have been rejected,” she said.

The cash-for-residency scheme, launched on March 1, allows wealthy individuals and their families to get fast track residency when they make investments of at least HK$30 million (US$3.85 million) in Hong Kong stocks, bonds, deposits, funds, investment-linked insurance policies and non-residential properties.