Hong Kong is cutting property taxes and easing visa rules for non-permanent residents to attract global talent, its chief executive John Lee announced on Wednesday. The aim of the new measures is to revive the city as an international financial hub. Marking one of the city’s most aggressive efforts to counter Singapore which has been attracting companies and workers to consider owing to Hong Kong’s pandemic restrictions, the plan was introduced by John Lee in his maiden policy address.
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Here are the key points on Hong Kong’s new measures:
1. The new property rule will refund extra stamp duties that non-permanent resident property buyers have to pay after their stay in the city for seven years.
2. After becoming permanent residents, the property buyers can apply for refunds of two separate stamp duties that are each fixed at 15%.
3. Under the new visa plan, recent graduates of the world’s top 100 universities will be eligible for work visas.
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4. Hong Kong will set aside HK$30 billion to establish “co-investment fund” aimed at attracting companies to set up operations in Hong Kong.
5. Hong Kong aims to attract 100 high-potential innovation and technology enterprises to the city and will also promote fintech industry and offer tax concessions to family offices.
6. Hong Kong has rolled back its most stringent Covid curbs that resulted in deep economic turmoil in the country.
7. Hong Kong has also announced an end to hotel quarantine for travelers.