HK | Top Talent Pass Scheme (TTPS)

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. The 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 in 2023. This immigration program was designed to attract top talents from all over the world. After launching the scheme for 12 months, the TTPS attracted over 60,000 applications, significantly contributing to alleviating the talent shortage¹

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.

The TTPS is a testament to the government’s proactive approach in addressing the labour our shortage and ensuring the continued growth and prosperity of the city’s economy. The scheme is open to professionals from a wide array of fields, including but not limited to corporate law, litigation, intellectual property, and finance.

This scheme is a strategic initiative that aims to attract a diverse range of professionals from around the world. 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. It is a clear demonstration of Hong Kong’s commitment to fostering a dynamic and diverse workforce.

Apart from attracting high academic talents, the TTPS program also aim to attract successful entrepreneurs and senior management professionals. Let’s see the 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.

In order to strengthen the integration of talent into the Hong Kong professional markets, the Government established a new department, ‘Hong Kong Talent Engage² (HKTE), in October 2023. This department aims to create a strong impetus for Hong Kong’s growth. The current Government boldly formulated an array of measures to attract talent. This included the establishment of the HKTE online platform, the introduction of the Top Talent Pass Scheme, and enhancements to various existing talent admission schemes to proactively attract talent from around the world to Hong Kong. The department 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 [1]. The government has expressed strong confidence that the HKTE, together with the various measures to attract and retain talent, would contribute to transform Hong Kong into an international talent hub and further enhance the high-quality development to the city.

HKTE not only focuses on supporting talent in their long-term development, but also formulates targeted recruitment and various strategies to let them immerse into various talent groups. The HKTE will also work closely with the Dedicated Teams for Attracting Businesses and Talents in both the Government’s Mainland Offices and overseas Economic and Trade Offices. Through their collaborative efforts, they strive to proactively promote Hong Kong as an appealing destination for global talents. Their ultimate goal is to invite more talented individuals to come to Hong Kong, contribute to its growth, and help transform the city into a fresh new thriving hub.