CIES Eligible Assets: What Can You Invest Under Hong Kong...

Hong Kong's Capital Investment Entrant Scheme (CIES) offers high-net-worth individuals a structured, residency-linked pathway into one of Asia's most dynamic financial markets. Whether you are exploring investment immigration in Hong Kong for the first time or actively planning your move, understanding what qualifies as an eligible asset under the scheme is your most critical first step.

Important Notice

This article is for educational purposes only and does not constitute immigration, legal, tax, or investment advice. Readers should consult a licensed immigration consultant and an SFC-licensed financial advisor before making any decisions. Certain products mentioned are restricted to Professional Investors as defined under the Securities and Futures Ordinance (SFO).

What Is Hong Kong's Capital Investment Entrant Scheme (CIES)?

Relaunched on March 1, 2024, the New CIES is administered jointly by InvestHK, the Immigration Department (ImmD), and the Securities and Futures Commission (SFC). It is designed to attract global capital and high-net-worth talent by offering a clear residency pathway — no local employment or active business operation required.

To qualify, applicants must be aged 18 or above, have net assets of at least HK$30 million for the six months before application, and invest at least HK$30 million into approved asset classes in Hong Kong. After seven years of continuous ordinary residence and portfolio maintenance, applicants and their eligible dependents may apply for permanent residency. As a gateway to Hong Kong investment immigration, the CIES stands apart from talent-based schemes such as the Quality Migrant Admission Scheme (QMAS) or the Top Talent Pass Scheme (TTPS), which require proven professional credentials rather than capital deployment.

Overview of CIES Eligible Asset Classes

The HK$30 million total investment breaks down as follows:

HK$27 million must be placed into permissible financial assets and/or non-residential real estate (subject to a HK$10 million cap on real estate)

HK$3 million must be invested into the CIES Investment Portfolio (CIE IP), managed by the Hong Kong Investment Corporation Limited, targeting innovation, technology, and strategic industries with a Hong Kong nexus

Permissible financial assets include equities listed on the Stock Exchange of Hong Kong (SEHK) traded in HKD or RMB; debt securities issued or guaranteed in Hong Kong; SFC-authorized collective investment schemes (unit trusts, mutual funds, and investment-linked assurance schemes); eligible Limited Partnership Funds (LPFs); Open-Ended Fund Companies (OFCs); certificates of deposit (subject to a HK$3 million cap); and qualifying subordinated debt instruments.

Investment via Private Holding Company: Since March 1, 2026, entrants can hold permissible assets through a wholly-owned private holding company. This allows synergy with Single Family Office (SFO) structures to benefit from tax concessions.

Under the latest enhancements, residential property with a transaction price of HK$50 million or above is now eligible. The amount counted toward the HK$30 million CIES threshold is capped at HK$10 million for all real estate (residential and non-residential combined). This allows high-net-worth investors to align their primary residence with their residency goals.

Effective March 1, 2026, applicants can hold their permissible assets through a wholly-owned private holding company (including Family-owned Investment Holding Vehicles). This fosters synergy between the CIES and Hong Kong's Family Office tax concession regime, providing greater flexibility for wealth succession and tax planning.

Regarding digital assets, unregulated cryptocurrencies and non-SFC-authorized crypto products are not eligible under the CIES. However, SFC-authorized tokenized products — structured as regulated collective investment schemes or tokenized securities — may qualify as permissible financial assets where they satisfy the relevant SFC authorization criteria. This is a nuanced area, and applicants should seek specialist advice.

Hong Kong CIES Investment Visa Application Process: Step-by-Step

Step 1: Engage a certified public accountant (CPA) to prepare your Net Assets Statement and submit it to the New CIES Office for Net Asset Assessment.

Step 2: Submit an Entry Application to the Director of Immigration (DoI) and obtain Approval-in-Principle, granting visitor status for up to 180 days.

Step 3: Make the qualifying investment and have a CPA certify fulfillment of the Investment Requirements. Submit this certifying proof to the New CIES Office.

Step 4: Present the certifying proof to the ImmD to obtain Formal Approval, granting permission to stay for up to 24 months.

Step 5: Apply to extend stay in three-year increments, submitting annual portfolio compliance reports prepared by a practicing CPA.

Step 6: After seven years of continuous ordinary residence, apply for permanent residency.

Throughout this process, entrants must maintain the required investment level. While there is no automatic top-up requirement if market values dip below HK$30 million, any rebalancing or asset switches must ensure that full sale proceeds are immediately reinvested into other permissible assets. This makes a well-structured investment portfolio in Hong Kong central to long-term compliance, not just initial approval.

Building an Investment Portfolio That Supports Your CIES Application

Structuring a compliant investment portfolio in Hong Kong requires more than meeting the HK$30 million threshold at inception. Entrants must maintain portfolio integrity on an ongoing basis, through market cycles, asset switches, and annual CPA reviews.

Key considerations include: diversifying across eligible asset classes (equities, funds, debt securities) to manage concentration risk; ensuring all assets are held through SFC-licensed custodians in a designated account used exclusively for CIES purposes; and carefully managing any rebalancing so that proceeds from asset sales are reinvested immediately without breaching the terms. Engaging an SFC-licensed broker that understands the intersection of traditional and digital assets — and can support compliant access to SFC-authorized tokenized products where relevant — is increasingly important as investment immigration in Hong Kong evolves alongside the city's broader financial innovation agenda.

Why Choose Victory for Your CIES Journey?

Victory Securities ('Victory') is a comprehensive, full-licensed securities firm with over 50 years of history in Hong Kong, operating under statutory Type 1, 2, 4, 6, and 9 licenses. Uniquely, Victory Securities was the first licensed corporation in Hong Kong to hold virtual asset trading, advisory, and asset management licenses from the regulator simultaneously — and its affiliate, Victory Fintech (VDX), received its official Virtual Asset Trading Platform (VATP) license in February 2026.

Through the VictoryX platform, clients can access a fully regulated, institutional-grade environment for both traditional securities and digital assets. Investors pursuing a Hong Kong investment immigration strategy can benefit from Victory's integrated capabilities: direct fiat-to-crypto trading in HKD and USD (no stablecoin intermediary required), access to regulated virtual asset products, and a brokerage model — not a pure exchange — providing a total solution for professional investors, family offices, and high-net-worth individuals navigating complex portfolio requirements like those under the CIES.

FAQ

What is the minimum investment amount under Hong Kong's CIES?

The total minimum is HK$30 million: at least HK$27 million in permissible financial assets and/or non-residential real estate, plus HK$3 million in the CIES Investment Portfolio.

Can cryptocurrencies be included in a CIES investment portfolio?

Unregulated cryptocurrencies are not eligible. However, SFC-authorized tokenized products that qualify as permissible financial assets may be includable. Consult an SFC-licensed advisor for case-specific guidance.

How long does the investment visa application process take in Hong Kong?

Timelines vary, but applicants should expect several months from Net Asset Assessment through to Formal Approval. The subsequent path to permanent residency requires seven years of continuous ordinary residence.

Can my spouse and children be included in the same application?

Yes. Dependents — including spouses and unmarried children under 18 — may be covered under the principal applicant's CIES application.

What are the consequences of breaching CIES compliance requirements?

Entrants found in breach of portfolio maintenance obligations may be required to leave Hong Kong within two months of the ImmD's determination. Ongoing compliance with the requirements for the investment visa application in Hong Kong is mandatory; it is a condition for continued residency.