Currently, permissible assets for investment include residential and commercial real estate, equities, debt securities, certificates of deposit, subordinated debt and designated mutual funds in Hong Kong.
Following consultation with regulators and the insurance industry, the Hong Kong Government announced on 22nd June 2010 that a refinement would be made to the CIES to allow the inclusion of investment-linked insurance products as permissible investment assets, provided that they fall under the definition of a "collective investment scheme" prescribed in the Securities and Futures Ordinance.
The refined CIES came into force on 6th July, 2010. The recent refinement is expected to entice more entrants to buy investment-linked insurance products in Hong Kong and benefit the insurance sector in Hong Kong.
Since the implementation of the CIES in 2003, the CIES has brought in over HK$36.6 billion of investment into Hong Kong. Many local sectors, particularly the financial and the real estate sectors, have directly or indirectly benefited.
OLN's Employment and Business Immigration team regularly advises clients on all aspects of business immigration and provides strategic support to ensure that the immigration process is completed as smoothly and efficiently as possible.
This article is for information purposes only. Its contents do not constitute legal advice and readers should not regard this article as a substitute for detailed advice in individual instances.