Hong Kong New CIES 2026: Permissible Investment Assets and Portfolio Maintenance
Invest Hong Kong (InvestHK), not the Immigration Department, decides whether your portfolio qualifies and whether it stays qualified. The asset list itself lives in one document: the Rules for the New Capital Investment Entrant Scheme, referred to as the New Scheme Rules. The Immigration Department's "New Capital Investment Entrant Scheme" Frequently Asked Questions page, current as of October 2026, answers the asset question by pointing applicants to those Rules, and names InvestHK as the office responsible for verifying fulfilment of the Net Asset Requirement, the Investment Requirements and the Portfolio Maintenance Requirements. So the division is simple: the Rules define what you may hold, and InvestHK checks that you hold it at three separate points in your case.
One planning consequence follows immediately. The FAQ does not restate the asset classes. It directs you to the New Scheme Rules and to InvestHK's dedicated scheme site for the detail, so the definition there governs both your initial commitment and every later maintenance review. Everything below is general background on how the scheme is structured, not advice on an individual case or a substitute for reading the Rules and speaking to qualified advisers.
Where is the official list of permissible investment assets?
The operative term is "Permissible investment assets," and the Immigration Department's FAQ treats the New Scheme Rules as the source of that definition. The FAQ entry on permissible assets does not enumerate categories; it sends readers to the Rules page on the Immigration Department website and to InvestHK's scheme site.
That matters because your obligation is expressed against that term. Q1 of the FAQ requires you to invest not less than HK$30 million net (or the equivalent in foreign currencies) in Permissible investment assets to which you are absolutely beneficially entitled, under one of the circumstances set out in paragraph 2.1(d)(i)–(iii) of the New Scheme Rules, and to make that committed investment on or after the launch date of the scheme. Whatever the Rules qualify as permissible at the time you buy is what counts, and the wording of the Rules — not a summary — decides that.
Who checks what, and who issues the paperwork?
InvestHK handles every financial verification. The Immigration Department handles the immigration side: your visa, your entry permit, your extensions, and whether you and your dependants still meet the eligibility criteria.
| Check | Who verifies | What you receive |
|---|---|---|
| Net Asset Requirement | InvestHK | Certifying Proof for Fulfillment of Net Asset Requirement |
| Investment Requirements | InvestHK | Certifying Proof for Fulfillment of Investment Requirements |
| Portfolio Maintenance Requirements | InvestHK | Certifying Proof for Fulfillment of Portfolio Maintenance Requirements |
| Entry, stay, extensions, dependants | Immigration Department | Visa/entry permit, approval-in-principle, permission to stay |
Each InvestHK certifying proof carries a validity period, and the Immigration Department expects you to file the corresponding application inside it. If your e-mail for result notifications fails, the FAQ points to ImmD's Technical Support Hotline at (852) 3128 8668 — the honest lesson being that an invalid address can break delivery of an approval notice.
Do you clear the financial gate before building the portfolio?
The net asset test sits ahead of the investment itself, and it is backward-looking. You must demonstrate to InvestHK that you were absolutely beneficially entitled to net assets or net equity of not less than HK$30 million net — or the foreign-currency equivalent — throughout the six months preceding the date you lodged the net asset assessment application. Jointly owned assets or equity held with the applicant's family member(s) count for your respective portion where you are absolutely beneficially entitled, per paragraph 1.15 of the New Scheme Rules.
The rest of the eligibility frame, as set out in the FAQ, is: - You are 18 or above when you apply for the Net Asset Assessment. - You fit one of the covered categories: foreign nationals, Chinese nationals who hold permanent resident status in a foreign country, Macao SAR residents, or Chinese residents of Taiwan. Nationals of Afghanistan, Cuba and the Democratic People's Republic of Korea are excluded, and the Security Bureau and ImmD review that list from time to time. Stateless persons holding foreign permanent residence with proven re-entry facilities are eligible. - You have no adverse immigration record and meet normal immigration and security requirements. - You can support and accommodate yourself and any dependants without relying on returns from the permissible investment assets, employment, self-employment, an office, a business, or public assistance in Hong Kong.
That last condition catches people by surprise. The portfolio is not supposed to fund your living costs; if it does, your residence position becomes fragile.
What is the actual sequence from assessment to residence?
The FAQ describes a fixed order, and jumping a step wastes time:
- Apply to InvestHK for a Net Asset Assessment.
- Show net assets of at least HK$30 million across the preceding six months.
- Receive the Certifying Proof for Fulfillment of Net Asset Requirement.
- File your entry application with the Immigration Department within that proof's validity period.
- Receive approval-in-principle and an entry permit for visitor status of not more than 180 days.
- Make the committed investment within that window.
- Return to InvestHK for verification of the Investment Requirements.
- Submit that second certifying proof to ImmD within its validity period.
- Collect formal approval and permission to stay for not more than 24 months.
That initial permission is granted on time limitation only, and it is conditioned on your continuing to meet the scheme's requirements throughout the period. Extensions then normally run for not more than three years each.
How often does portfolio maintenance get re-verified?
Every time your limit of stay nears expiry. You must approach InvestHK no earlier than three months before expiry for verification of continuous compliance with the Portfolio Maintenance Requirements, and InvestHK issues a Certifying Proof for Fulfillment of Portfolio Maintenance Requirements if you pass.
Two procedural traps deserve attention. First, you and your dependants must apply to the Immigration Department for extension before the limit of stay expires, even if you have not yet received the proof from InvestHK; ImmD decides the extension depending on whether the proof is subsequently submitted. Second, you must be physically present in Hong Kong when you submit the extension application and again when you pay for and collect the e-Visa. Subsequent extensions follow the same procedure.
A useful way to read this cycle: maintenance is continuous, even though verification is episodic. A portfolio that drifted out of compliance mid-term does not get cured by looking compliant in the three-month window before expiry — the check is whether you have complied continuously, not whether you can reassemble the right holdings in time.
What happens at the seven-year mark?
Two very different outcomes sit at that point, and the FAQ keeps them separate.
Unconditional stay. Once InvestHK has verified seven years of continuous compliance with the Portfolio Maintenance Requirements and you have been approved permission to stay under the scheme for at least seven years, you may apply for unconditional stay at the end of the seventh year. You must hold a valid residence status under the scheme on the application date; an expired limit of stay disqualifies the application. InvestHK informs ImmD directly of the verification result. Unconditional stay permits entry and stay in Hong Kong without conditions or a limit of stay, and from that point you are free to dispose of the permissible investment assets, subject to the terms and conditions of the underlying investments.
Permanent residence. Seven years of financial compliance does not make you a permanent resident. ImmD states plainly that satisfying the financial requirements and receiving extensions for seven years does not imply any acknowledgement that you meet the ordinary residence requirement or other requirements of the Immigration Ordinance (Cap. 115) for the right of abode. That is a separate legal test. If you do become a permanent resident, you are likewise free to dispose of the permissible investment assets, again subject to the underlying investment terms.
The practical point: the investment constraint and the right of abode are governed by different rules, and only one of them ends automatically by the scheme's own terms.
Frequently Asked Questions
Where can I find the official list of permissible investment assets?
The Immigration Department's FAQ does not list them; it directs applicants to the New Scheme Rules for the definition of Permissible investment assets. InvestHK's dedicated scheme site also carries scheme detail. Read the Rules text before committing capital, since the definition governs both your initial investment and later maintenance checks.
Does InvestHK or the Immigration Department verify my portfolio?
InvestHK verifies fulfilment of the Net Asset Requirement, the Investment Requirements and the Portfolio Maintenance Requirements, and issues a certifying proof for each. The Immigration Department handles the visa, entry permit, permission to stay and extensions. Both sides must clear before your stay continues.
Can I apply if I am already living in Hong Kong on another visa?
Yes. The FAQ states that an entry application will be accepted from anyone who meets the eligibility criteria, whether they reside in Hong Kong or elsewhere. Your current visa status does not bar the application, though the financial conditions still apply.
When should I contact InvestHK before my limit of stay expires?
No earlier than three months before expiry. You still must file your extension application with the Immigration Department before the limit of stay expires, even if the certifying proof has not arrived. Extensions are normally granted for not more than three years.
Can I sell my investments after seven years?
Yes, once you obtain unconditional stay, or once you become a permanent resident, you are free to dispose of the permissible investment assets. In both cases you remain bound by the terms and conditions of the underlying investments. Unconditional stay requires valid residence status on the date you apply.
Am I allowed to work or run a business while on the scheme?
Yes. The FAQ confirms an entrant may take up employment, hold an office, be self-employed, or join or establish a business in Hong Kong. Dependants permitted to reside as dependants may also take up employment or study.