I. the advantages of the development of high-end talents in Hong Kong

Simple tax system and low tax rateIn Hong Kong, the profits tax rate (corporate income tax) is 16.5%, and the highest salaries tax (personal income tax) rate is 17%, one of the lowest in the world. In addition, married people, those who have children or support their parents, and those who continue their studies can all receive the corresponding allowance. The profits tax rate of Hong Kong enterprises for the first 2 million Hong Kong dollars is only 8.25%, and the assessable tax rate for the excess is only 16.5%. At the same time, under the simple tax system, there is no tax burden such as sales tax, value-added tax, withholding tax, consumption tax and so on.

Free business environmentIn an open and free business environment in Hong Kong, the procedures for setting up a Hong Kong company are simple and fast, the cost is low, and the threshold is also low. And Hong Kong enterprises help to enhance the international awareness of enterprises and provide help for brand building. Hong Kong, an international city, is not only a window to expand the international market, but also a springboard to enter the mainland market. At the same time, there are 2243 companies listed on the main board of the HKEx, and the gathering of elite companies from all over the world will be more beneficial for your enterprises to enter the capital market.

International educational resourcesChildren have more access to educational resources. Children with Hong Kong status can attend various schools (including international schools) in Hong Kong as well as international schools in the mainland. Candidates with Hong Kong status can take the DSE examination for admission to Hong Kong / overseas universities, or apply for mainland famous universities without examination on the basis of their DSE scores, or take the Joint examination of overseas Chinese students, which has more advantages than the National College entrance examination.

Social security systemHong Kong has a strong medical security system and perfect public hospital services, so that residents in Hong Kong can enjoy high-quality medical services.

HKSAR passport travel-- after becoming a Hong Kong permanent resident, you can apply for a HKSAR passport. HKSAR passports can be visa-free for 168 countries and regions, and can also be transferred to third countries, with shorter queues and more relaxed conditions for emigration applications.

II. Ways for high-end talents to obtain work visas in Hong Kong

1. High-end talent pass scheme (newly launched)

• Persons with an annual salary of HK $2.5 million or above in the past year, or

• Graduated from one of the top 100 universities in the world (unlimited graduation time) and accumulated three or more years of working experience in the past five years, or

• In the past five years, he graduated from the top 100 universities in the world with no work experience.

The categories recognized by the top 100 universities in the world are:

Quacquarelli Symonds (QS) ranking of World Universities

Academic ranking of World Universities of Shanghai Jiaotong University

London Times higher Education World University rankings

The mainland Chinese schools on the list are:

2023 QSWorld University rankings:Peking University, Tsinghua University, Fudan University, Zhejiang University, Shanghai Jiaotong University, University of Science and Technology of China

2022 World University academic rankings:Tsinghua University, Peking University, Zhejiang University, Shanghai Jiaotong University, University of Science and Technology of China, Fudan University, Sun Yat-sen University, Huazhong University of Science and Technology

2023 Annual London Times higher Education World University rankings:Tsinghua University, Peking University, Fudan University, Shanghai Jiaotong University, Zhejiang University, University of Science and Technology of China, Nanjing University

The high-end talent pass scheme can be issued with a two-year visa for the first time, and can be renewed only by finding an employer, becoming a self-employed person, or opening a company within two years. There is no limit on the number of people in the first two categories of the high-end talent pass scheme. The last category is capped at 10,000 people per year.

2. Hong Kong talents Scheme

Old policy:

The Hong Kong talents Scheme, referred to as "Hong Kong talents", is a talent scheme with a quota launched by the Government of the Hong Kong Special Administrative region of China on June 28, 2006. the original quota is 4000 people per year. The scheme aims to attract highly skilled or talented people to work and settle in the Hong Kong Special Administrative region of China, so as to enhance the competitiveness of the SAR. Applicants are not required to be employed by local employers before settling in Hong Kong.

Method 1: achievement scoring system

• The applicant has received outstanding achievement awards (such as Olympic medals, Nobel Prizes, national or international awards), or

• Applicants can prove that their work has been recognized by the industry, or that they have made a significant contribution to the development of their sector (for example, the Lifetime Achievement Award awarded by the industry).

Method 2: comprehensive scoring system

Scoring items include: age, academic or professional qualifications, language ability, work experience, talent list, family background (for specific scores, seeHong Kong Immigration Department website）

New Policy:

The new policy abolishes the annual quota of the Hong Kong talents Scheme for a period of two years.

3. Admission of mainland talents Scheme

Old policy:

The Hong Kong admission of mainland talents Scheme, also known as "Hong Kong Professionals", was launched on July 15, 2003 to attract mainland talents and professionals to work in the Hong Kong Special Administrative region of China, so as to meet the needs of the Hong Kong Special Administrative region for talents. improve its competitiveness in the international market. The imported mainland talents must possess special skills, knowledge or experience that the SAR needs but lack, and can contribute to the day-to-day operation of local enterprises and related industries, so as to promote the economic development of the SAR.

New Policy:

If the job introduced by the employer is a profession with a shortage of local talents listed in the Talent list, or if the annual salary of the job recruited is HK $2 million or above, there is no need to prove the difficulty of local recruitment.

At present, Hong Kong's "talent list" covers 13 categories, including asset management compliance professionals in the financial industry, ESG financial professionals, asset management professionals, actuaries, financial technology professionals, data scientists and network security experts in the information technology industry, innovation and technology experts. In addition to these two industries, there are professional dispute resolution professionals and business transaction lawyers, shipbuilders, marine engineers and ship managers, entrepreneurial and performing arts professionals, marine insurance professionals, and waste disposal experts.

4. Hong Kong Science and Technology talents Scheme

Old policy:

The purpose of the scheme is to provide eligible companies with applications for admission of non-local technological talents to Hong Kong Special Administrative region of China for R & D work through expedited processing arrangements. Eligible companies are required to apply for quotas first. Companies with quotas issued by the Innovation and Technology Commission can apply for work visas / entry permits for joint ventures within the 12-month quota validity period.

Generally required qualified companies are mainly engaged in biotechnology, artificial intelligence, network security, robot technology, data analysis, financial technology, material science, 5G communications, digital entertainment, green technology, integrated circuit design, Internet of things or microelectronics research and development.Scientific and technological talents are generally required to hold degrees in science, technology, engineering or mathematics (STEM) from universities with special recognition, that is, the QS World University rankings, the London Times higher Education World University rankings and the degrees awarded by the top 100 universities related to STEM newly published in the World University academic rankings. Master's or doctoral degrees are not required.Holders of a bachelor's degree must have at least one year of working experience in the relevant technology field, and so on.

New Policy:

The new policy removes the requirement for technology companies to employ local employees when importing foreign talents under the scheme, and extends the quota to two years to cover more emerging technology areas. See for detailsWebsite of the Hong Kong Innovation and Technology Commission

5. Employment arrangements for non-local graduates to stay / return to Hong Kong (IANG visa)

Old policy:

Non-local graduates who stay in Hong Kong for employment can apply for an IANG visa to work in Hong Kong within six months of graduation and can be renewed after being employed within one year.

New Policy:

Under this year's new policy, graduates who stay in Hong Kong for employment or apply for employment in Hong Kong six months after graduation will be issued with a two-year visa and renewed if they find a job within two years.

The policy will also be extended to Hong Kong campus students in the Greater Bay area, such as the Hong Kong University of Science and Technology Guangzhou, the Chinese University of Hong Kong Shenzhen, the City University of Hong Kong Dongguan, Peking normal Hong Kong Baptist University, as well as CityU (Dongguan), PolyU (Foshan), Metropolitan (Zhaoqing), HKU (Shenzhen), etc. These students can all enjoy IANG visas and work and live in Hong Kong after graduation.

三、Refund of stamp duty to special talents in joint ventures (subject to relevant amendments to the Stamp Duty Ordinance)

According to the information published on the website of the Hong Kong Inland Revenue Department, special talents from joint ventures who buy property in Hong Kong on or after October 19, 2022 may, after seven years of residence in Hong Kong and become Hong Kong permanent residents, apply for a refund of the buyer's stamp duty (15%) and the new residential ad valorem stamp duty (15%) for the first residential property they have purchased and still hold, but they are still required to pay ad valorem stamp duty at the "second standard rate". This will bring its stamp duty burden on a par with that of Hong Kong permanent residents who buy homes for the first time. The arrangement applies to any Agreement for Sale and purchase signed on or after October 19, 2022.

Extra talents from joint ventures include those who come to Hong Kong through the designated admission of talents Scheme, the relevant schemes include the General Employment Policy, the admission of mainland talents Scheme, the admission of talents Scheme, the arrangement for non-local graduates to stay / return to Hong Kong, the entry Scheme for technological talents, the second Generation Scheme for the admission of Hong Kong permanent residents of Chinese nationality and the newly launched High-end talents pass Scheme.

Q：在What?Under the circumstances, only those who come from the joint venture can apply for stamp duty rebate.？

A: only special visitors of joint ventures who meet the following conditions can apply for stamp duty refund:

• As an outsider in a joint venture, he / she bought a residential property in Hong Kong on or after October 19, 2022.

• When purchasing the property concerned, he / she must hold a valid visa issued under the designated admission of talents Scheme and does not own any other residential property in Hong Kong (unless he / she is purchasing the property concerned, it is used to replace his / her original only residential property in Hong Kong, that is, buy and sell, and sell the original residential property within 12 months after the date of the transfer of the property concerned)

• He / she has become a Hong Kong permanent resident

• When applying for a stamp duty rebate, he / she is still the owner of the property concerned; and

• He / she can only apply for stamp duty rebate on one residential property.

Q：Mr. X is an extra talented person from a joint venture. He signed a provisional sale and purchase agreement on October 19, 2022 to purchase a residential property for $10 million. On that day, he did not own any residential property in Hong Kong. When he bought the residential property, he paid the "buyer's Stamp Duty" and the "ad valorem Stamp Duty" calculated at the standard part 1 rate. Assuming that he still owns the property after he becomes a Hong Kong permanent resident, how much stamp duty should he be refunded？

A: according to the proposal made by the Chief Executive in his 2022 policy address, the amount of stamp duty to be refunded is as follows:

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