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Did you know that Hong Kong’s workforce shrank by about 140,000 in the past two years? Many of those who left were young, highly educated professionals. It’s no surprise that the pandemic had a large role to play. But now that travel and quarantine restrictions are easing in the SAR, the government is looking to address this issue by introducing a new visa scheme. Whether you’re planning to move to the city-state or are simply curious about the new scheme, our friends from Pacific Prime Hong Kong spills the beans.
The ‘Top Talent Pass Scheme’ to attract talent
Chief Executive John Lee Ka-chiu announced a new visa scheme called the Top Talent Pass Scheme on October 19th, 2022, which is one of many measures Hong Kong is taking to tackle the worsening brain drain problem and retain its status as an international financial center. In a South China Morning Post Article (SCMP), John Lee Ka-chiu said: “Apart from actively nurturing and retaining local talent, the government will proactively trawl the world.”
Who is eligible to apply for the ‘Top Talent Pass Scheme’?
The scheme is for those who earn an annual salary of at least HKD 2.5 million (roughly USD 320,000) or those who have graduated from one of the world’s top 100 universities* with at least 3 years of work experience. For those who graduated from these universities within the past 5 years, the work experience requirement is waived. That being said, the number of visas issued per year under this route is capped at 10,000.
What are the benefits of the ‘Top Talent Pass Scheme’?
More often than not, expats moving to Hong Kong for work will need to have a job lined up before they can apply for their employment visas. But the Top Talent Pass Scheme removes the need for this. One of the advantages of the scheme is that applicants don’t need to have a job offer when applying for the visa and, if granted the visa, will have the ability to work in the city-state for two years*.
*If you’re planning to stay in Hong Kong on a long-term basis, current legislation states that you must have been ordinarily resident in the SAR for a continuous period of 7 years before you can apply to become a permanent resident (PR).
Securing a health insurance plan ahead of your move to Hong Kong!
While you may be excited to move to Hong Kong for its job opportunities, it’s important to consider all areas of moving abroad, including less exciting ones like access to and costs of healthcare. The city-state does have an excellent healthcare system, but prices can be pretty steep - especially if you don't have a health insurance plan.