Hong Kong | Top Talent Pass Scheme (TTPS) - Where are we now?

If you can demonstrate that you have earned a high income, specifically, US $320,000 in the past 12 months, or if you have graduated from a bachelor’s degree from a top-tier university, you may potentially qualify for residency in the cosmopolitan city of Hong Kong.

Hong Kong’s multicultural environment and strategic immigration policy significantly contribute to its global appeal. As a ‘City of Immigrants’, it is home to a diverse array of communities, including Chinese, British, Europeans, and South Asians. This vibrant multicultural society is attractive to professionals and investors worldwide.

The Top Talent Pass Scheme (TTPS), a key component of Hong Kong’s immigration policy, has been instrumental in attracting foreign professionals. TTPS offers a streamlined visa application process and a range of benefits, making Hong Kong an appealing destination for top talent globally.

However, to maintain this attractiveness and ensure the successful integration of immigrants into the local workforce, it is crucial for Hong Kong to address challenges such as providing adequate housing and education support for visa holders’ families. By addressing these issues, Hong Kong can continue to thrive as a ‘City of Expatriates and Immigrants’ and maintain its status as a global hub for professionals and investors.

The labour shortage in Hong Kong, a significant issue, was highlighted by a survey conducted by the Hong Kong General Chamber of Commerce in April 2023. The survey revealed that 74% of the 196 member companies were grappling with a talent shortage, a problem that has persisted for at least a year for the majority of these companies.

In response to this challenge, the Hong Kong Government launched the TTPS at the end of 2022. This immigration program was designed to attract top talents from all over the world. Since the launch of the scheme, TTPS has attracted over 72,000 applications, among which nearly 59,000 have been approved¹. Along with the approved applications under other talent admission schemes, around talents have arrived in Hong Kong since 2023, significantly contributing to alleviating the talent shortage.

Recognizing the success of the TTPS, the Hong Kong Government announced an update to the aggregate list of eligible universities under the TTPS on December 28, 2023. Four new universities were added to the aggregate list, which took effect on January 1, 2024. Since the update, the list consists of 185 universities/institutions, and is available for consultation from the Hong Kong Immigration Department’s website.

The TTPS is a testament to the government’s proactive approach in addressing the labour shortage and ensuring the continued growth and prosperity of the city’s economy. The scheme is open to professionals from all walks of life and array of industries, including but not limited to finance, communication and technology, environmental technology, transportation and logistics, arts and culture, research, education, legal and dispute resolution, and intellectual property.

This scheme, a strategic initiative that aims to attract a diverse range of professionals from around the world, clearly demonstrates Hong Kong’s commitment to fostering a dynamic workforce. It targets not only high academic talents but also aims for successful entrepreneurs and senior management professionals. This broad scope enhances Hong Kong’s ability to attract top talent globally, thereby contributing to the city’s economic growth and development.

This translates into the three eligible TTPS categories:

The TTPS scheme not only played a pivotal role in integrating professionals into the Hong Kong labour market, but it also offers a multitude of benefits:

• It is accessible to eligible nationals from numerous countries, providing a new pathway to live and work in Hong Kong.
• Successful applicants are granted a 24-month stay and have the freedom to take up and change employment or to establish or join in business in Hong Kong during their permitted stay.
• Applicants can also apply for dependent visas for their family members, enabling them to stay, study, and work in Hong Kong.
• Before applying for an extension, applicants are required to obtain an offer of employment from any Hong Kong company.  For those who have established or joined in business, they have to provide documentary proof upon application.
• Once extension requirements are met, a three-year extension will be granted for successful TTPS applicants.

One other major attraction of this scheme that is worthy of mention is that it does not require sponsorship from an employer prior to lodging an application. Furthermore, persons who hold a TTPS visa are free to take up and change employment or to establish or join a business in the HKSAR during their permitted stay without the requirement to obtain prior approval from the Director of Immigration. This represents a widened professional freedom and spectrum of opportunities for international talents, whose retention is quintessential to stimulate and sustain innovation in Hong Kong.

In order to strengthen the integration of talent into the Hong Kong professional markets, the Government established a new department, Hong Kong Talent Engage (HKTE) in October 2023. An array of boldly formulated measures followed, including the establishment of the HKTE online platform, the introduction of the Top Talent Pass Scheme, and the enhancements to various existing talent admission schemes to further attract talent from around the globe. The department working in concert with other departments, progressively unveiled additional measures, which involve broadening the scope of universities covered by the Top Talent Pass Scheme, easing visa requirements and abolishing all stamp duties on residential properties including for incoming talents^*.

Through its collaborative efforts with overseas Economic and Trade Offices and the Government’s Mainland Offices, the HKTE strives to proactively promote Hong Kong as an appealing destination for global talents. Their ultimate goal is to transform Hong Kong into an international talent hub, contribute to its long-term growth, and help transform the city into a refreshed, new thriving center.

Reference:

1. The Government of the Hong Kong Special Administrative Region. (2024, Mar 13). LCQ21: Top Talent Pass Scheme [Press Release]. https://www.info.gov.hk/gia/general/202403/13/P2024031300171.htm
2. Inland Revenue Department, Hong Kong. (2024, Feb 28). Abolition of demand-side management measures for residential properties [Press Release]. https://www.ird.gov.hk/eng/ppr/archives/24022808.htm
3. The Government of the Hong Kong Special Administrative Region. (2024, Apr). Stamp Duty Rates. GovHK. https://www.gov.hk/en/residents/taxes/stamp/stamp_duty_rates.htm

Related Topics: Hong Kong Top Talent Pass Scheme (TTPS) | Hong Kong Quality Migrant Admission Scheme (QMAS) | QMAS vs TTPS

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