Hong Kong’s New Visa Program Attracts Global Talent

Hong Kong has entered the fray of talent competition with Singapore through its latest initiative, the Top Talent Pass Scheme, which seeks to attract and retain top-tier professionals. 

In a bid to stop the exodus of top-tier talent from Hong Kong, the city’s Chief Executive, John Lee, announced in October 2022 the launch of a novel visa scheme designed to attract global talent to the region. 

The new program, dubbed the Top Talent Pass Scheme (TTPS), is aimed at high-earning candidates and graduates of the world’s premier universities. These individuals will be eligible to work or seek opportunities in the city for up to two years, thereby bolstering Hong Kong’s status as an international financial center. 

“We must be more proactive and aggressive in competing for enterprises and competing for talent,” Lee said in October. “Apart from actively nurturing and retaining local talent, the government will proactively trawl the world for talent.” 

The latest figures from Hong Kong’s labor market have revealed an alarming trend of highly skilled and educated professionals leaving—a decline that has set an all-time record. According to the Census and Statistics Department, the workforce decreased by 94,100 individuals, or 2.4%, to reach 3.87 million in 2022. This worrying development highlights the city’s ongoing battle with an aging population and the steady outflow of its brightest and most skilled minds. 

In an attempt to reverse this trend and support Hong Kong’s efforts to attract and retain top talent, the city has reportedly approved over 33,000 TTPS visa applications as of mid-April, as reported by the South China Morning Post. 

While the city has faced significant headwinds in recent years, including an aging population and the emigration of skilled workers, these latest numbers offer a glimmer of hope that Hong Kong can maintain its position as a regional economic powerhouse and secure a bright future for its citizens. 

 

What is the Top Talent Pass Scheme? 

The Top Talent Pass Scheme is a two-year work visa program introduced by Hong Kong and launched on 28 December 2022 that grants a two-year work visa to qualified applicants who meet rigorous eligibility criteria.  

In order to be eligible for the program, individuals must meet one of three criteria: those with an annual salary of HKD 2,500,000 or higher; individuals who have obtained a graduate degree from the world’s top 100 universities within the last five years and possess a minimum of three years of work experience; and graduates from the world’s top 100 universities within the past five years who have less than three years of work experience. The final category has an annual quota of 10,000. 

In a noteworthy move, Hong Kong’s authorities have expanded the scope of the TTPS to include the dependents of successful applicants. Reports suggest that approximately 8,300 dependents have been granted visas under the program, with officials arguing that this move will enable these individuals to contribute to Hong Kong’s ongoing growth and development.  

The TTPS is a significant development in the realm of global mobility, owing to its unique blend of flexibility and accessibility. By offering talented individuals and their dependents the opportunity to work or establish a business in Hong Kong without the need to secure employment or provide a business plan, the program represents a major departure from the traditional visa application process. 

By reducing the barriers to entry and providing a welcoming environment for top talent from around the world, Hong Kong is making a bold statement about its vision for the future and its commitment to remaining a leading center of innovation and growth in the region. 

 

Background on Hong Kong’s Desire to Recruit Foreign Talent 

Hong Kong, a city with a complex history and a unique semi-autonomous status, finds itself facing a host of daunting challenges in the present day. Since its handover from British to Chinese control in 1997, Hong Kong has maintained its own legal system and economy but has been beset by a range of factors that have contributed to a significant decrease in population. 

Hong Kong is facing a daunting challenge as it seeks to revive an economy that has struggled with a series of setbacks in recent years. Despite its status as a global financial hub, the city has seen a significant outflow of talent in the wake of the national security law and strict COVID-19 restrictions, with many lawyers, bankers, and other professionals departing in search of greener pastures.  

According to data released by the Census and Statistics Department, the city’s working population dropped by a staggering 94,100 individuals in 2022, representing a decline of 2.4%—the largest on record since the government began tracking such figures back in 1985. 

Hong Kong’s chief executive, John Lee, has issued a stark warning over the impact of a severe manpower shortage on the city’s public services and overall competitiveness. To address this challenge, Lee has made attracting and retaining top talent a top priority for his administration. 

Among the measures put in place is a global talent program launched in October of last year, which includes the Top Talent Pass Scheme. While these initiatives are a step in the right direction, the daunting scale of the challenge facing Hong Kong demands a sustained and concerted effort to ensure a steady supply of skilled labor in the years to come. 

Hong Kong’s TTPS has so far seen the bulk of its interest coming from mainland China, according to reports from local media, underscoring the ongoing competition between Hong Kong and other regional centers for top-tier talent. 

Among the city’s most formidable regional “rivals” in this regard is Singapore, which has also made significant strides in attracting wealthy businesses and highly skilled individuals in recent years.  

Hong Kong’s Top Talent Pass Scheme vs. Singapore’s Five-Year Work Visa Program 

Hong Kong’s TTPS was announced in the wake of Singapore’s unveiling its own five-year work visa program aimed at attracting top foreign talent. This announcement underscored the intense competition between the two leading hubs for skilled professionals and entrepreneurs from around the world. 

One key advantage that Singapore holds over Hong Kong is its location in Southeast Asia, which is home to some of the world’s fastest-growing economies. This strategic positioning has helped Singapore to emerge as a major player in the global financial landscape. 

And while Hong Kong’s strategic location on the doorstep of mainland China has long been a key factor in its regional importance and economic success, in recent years, the city has faced a range of challenges that have threatened to erode its position as a global hub for trade and commerce. Among these challenges has been a three-year hiatus in international tourism, which saw many airlines suspend services to the city and contributed to a significant decline in visitor numbers.  

Singapore, on the other hand, emerged as a trailblazer in this regard. As one of the first countries in Asia to reopen its borders to international travelers, Singapore successfully positioned itself as a leading destination for those seeking a safe and welcoming environment in which to conduct business or explore new opportunities. 

 

The Overall Positive Impact on Employee Relocation 

While Hong Kong’s TTPS is a significant development in attracting and retaining top talent in the city, it faces stiff competition from regional rival Singapore. As a flexible and accessible program that does not require sponsorship from an employer at the time of application, TTPS is expected to be highly popular among skilled professionals seeking opportunities in Hong Kong. 

With Hong Kong’s TTPS and Singapore’s five-year work visa program successfully luring in exceptional international talent, the landscape in the Asia-Pacific region (APAC) has evolved considerably for multinational corporations. These companies now have a wider array of options, allowing them to deftly navigate the APAC market.  

Armed with the flexibility to choose the visa scheme that aligns seamlessly with their current global operations or facilitates their ambitious expansion into the APAC realm, multinational companies are empowered like never before.