Hong Kong : Hong Kong’s leader on Wednesday unveiled a new visa scheme to woo global talent, as the city seeks to stem a brain drain that is undermining its status as an international financial center.
Chief Executive John Lee said the new Top Talent Pass Scheme will allow those earning an annual salary of 2.5 million Hong Kong dollars ($318,472) or more and graduates of the world’s top universities to work or pursue opportunities in the city for two years.
Over the last two years, the city’s workforce has shrunk by about 140,000 people, Lee said.
“We must be more proactive and aggressive in competing for enterprises and competing for talent,” Lee said during his maiden policy address on Wednesday. “Apart from actively nurturing and retaining local talent, the government will proactively trawl the world for talent.”
Lee announced a raft of proposals — including tax rebates and relaxed measures for hiring foreigners — to boost the city’s competitiveness after its coronavirus restrictions hammered the local economy and drove professionals away.
Foreign new home buyers can receive a partial refund of the stamp duty — a tax levied on property purchases — on their first residential property purchase when they become permanent residents.
The government will streamline processes for companies to employ foreigners in designated professions, set up a new task force to formulate recruitment strategies and provide support for newcomers, he said.
The city’s population in mid-2022 dropped 1.6% from a year earlier, falling by 113,200 residents as of August, according to government statistics.
