Question on the inclusion of investment-linked assurance scheme products in the Permissible Investment Asset class in the Estimates of Expenditure 2011-12 by Hon KP Chan:
It is stated in Programme (1) of Head 70 that the Immigration Department adopts liberal immigration schemes to facilitate entry of talent, professionals and investors. Will the Administration inform this Committee of the following:
(a) What are the contents and objectives of the liberal immigration schemes? How are they different from the existing policy? What is the amount of expenditure involved?
(b) The Administration announced in July last year the inclusion of investment-linked assurance scheme (ILAS) products in the Permissible Investment Asset class. Will funds be earmarked for the processing and approving of ILAS products for inclusion in the Permissible Investment Asset class?
Asked by: Hon. CHAN Kin-por
Reply:
(a) To complement the policy of attracting talents, professionals and investors to settle in Hong Kong, the Immigration Department introduced respectively the Admission Scheme for Mainland Talents and Professionals and the Capital Investment Entrant Scheme in 2003, as well as the Quality Migrant Admission Scheme in 2006. The contents and objectives of these immigration schemes are as follows:
(i) The Admission Scheme for Mainland Talents and Professionals aims at attracting qualified Mainland talents and professionals to work in Hong Kong in order to meet local manpower needs and enhance Hong Kong’s competitiveness in the global market. The Mainland talents and professionals must possess skills and knowledge not readily available or in shortage locally. Admitted talents and professionals must be able to contribute to the operation of the firms and sectors concerned with a view to facilitating economic development in Hong Kong.
(ii) The Capital Investment Entrant Scheme aims at facilitating the application for entry for residence in Hong Kong by persons who make investment but will not engage in the running of business in Hong Kong, so as to attract foreign capital into Hong Kong to generate additional local economic and financial activities. The scheme includes five types of specified financial assets under the Permissible Investment Assets class, providing entrants with flexible investment choices.
(iii) The Quality Migrant Admission Scheme is a quota-based entrant scheme. It seeks to attract highly skilled or talented persons who are fresh entrants not having the right to enter and remain in Hong Kong to settle here in order to enhance Hong Kong’s economic competitiveness in the global market. Successful applicants are not required to secure an offer of local employment before their entry to Hong Kong for settlement.
The number of posts created for the above immigration schemes and the salary costs for 2011-12 are tabulated as follows:
(b) The Government agreed to include investment-linked assurance scheme products as an Eligible Collective Investment Scheme of the specified financial assets under the Capital Investment Entrant Scheme so as to provide entrants with flexible investment choices. The Department will handle the processing and approving work with existing resources.