The Financial Services and the Treasury Bureau and Invest Hong Kong today (January 7) announced the details of various enhancement measures for the New CIES, which will take effect from March 1, 2025.

The Financial Services and the Treasury Bureau and Invest Hong Kong today (January 7) announced the details of various enhancement measures for the New CIES, which will take effect from March 1, 2025.

(a) Fulfilment of net asset requirement (NAR)

(i) An applicant under the New CIES is only required to demonstrate that he/she has net assets or net equity to which he/she is absolutely beneficially entitled with a market value of not less than HK$30 million net throughout six months (two years before the enhancement) preceding the application; and

(ii) Net assets or net equity jointly owned with the applicant’s family member(s) can now be taken into consideration for the calculation of the NAR for the respective portion which is absolutely beneficially entitled to the applicant.

(b) Holding permissible investment assets through a Family-owned Investment Holding Vehicle (FIHV) or a Family-owned Special Purpose Entity (FSPE) under an FIHV

Investments made through an eligible private company wholly owned by an applicant will be counted towards the applicant’s eligible investment in the New CIES.

An eligible private company refers to a holding company incorporated or registered in Hong Kong which is wholly owned by an applicant in the form of an FIHV or an FSPE under an FIHV managed by an eligible single family office as defined in Section 2 of Schedule 16E to the Inland Revenue Ordinance (Cap. 112). The enhancement will create synergy between the New CIES and establishment of family offices in Hong Kong.

Immigration Department announces that old smart identity cards will expire in two phases

The Immigration Department announced that the old smart identity cards of people born in 1970 or later will expire on May 12 next year; the old smart identity cards of people born in 1969 or earlier will expire on October 12 next year.

The Immigration Department said that as of the end of last month, the replacement rate had reached 90%. Based on the 92% replacement rate of the last replacement plan, it is estimated that there are currently 182,000 people who have not yet replaced their new identity cards. The Department believes that it is an appropriate time to announce the arrangement of the expiration of the old identity cards. It also believes that most of the people who have not replaced their identity cards are abroad, and calls on citizens who have not replaced their identity cards to go to the designated person registration office as soon as possible to replace their identity cards.

The Immigration Department emphasized that even if the identity cards of citizens expire, their permanent residence rights will definitely not be affected. However, if they have not replaced their identity cards after the expiration date, they will not be able to use the expired identity cards to go through entry and exit procedures. However, as long as citizens hold a valid travel permit, they can still enter and exit Hong Kong. When entering with an expired identity card, the Department will collect the old card and instruct the relevant person to apply for a new identity card within 30 days. Failure to comply with the order may result in a maximum fine of $25,000 and two years’ imprisonment.

The Immigration Department also pointed out that expired identity cards cannot be used to apply for special passports or other Hong Kong travel documents. Other government departments or public and private organizations may refer to the government’s arrangements and make corresponding arrangements for the expiration of identity cards.

https://www.881903.com/news/local/2536647/%E5%85%A5%E5%A2%83%E8%99%95%E5%85%AC%E5%B8%83%E8%88%8A%E6%AC%BE%E6%99%BA%E8%83%BD%E8%BA%AB%E4%BB%BD%E8%AD%89%E5%88%86%E5%85%A9%E9%9A%8E%E6%AE%B5%E5%A4%B1%E6%95%88