Hong Kong’s leader unveils new visa scheme to woo global talent.
Hong Kong Chief Executive John Lee, center, enters the chamber of the Legislative Council in Hong Kong, Wednesday, Oct. 19, 2022. Hong Kong's leader on Wednesday unveiled a new visa scheme to woo global talent, as the city seeks to stem a brain drain that has risked its status as an international financial center.
He also announced a raft of proposals — including tax rebates and relaxed measures for hiring foreigners — to boost the city’s competitiveness, after itsForeign new home buyers can receive a partial refund of the stamp duty — a tax levied on property purchases — on their first residential property purchase when they become a permanent resident.
But such measures are unlikely to boost Lee's popularity in the city, as policies like the new visa scheme focus on attracting new, foreign talent instead of retaining local talent, Choy said.Later in the afternoon, Lee said he was committed to retaining local professionals as well, pointing to the city's education efforts and subsidies to help workers pursue their career goals.
Singapore overtook Hong Kong in a ranking of global financial centers last month and in August announced a new visa that allows skilled, high-earning foreign talent to work for multiple firms at the same time, instead of just one employer. “Those mainland talents have more destinations ," he said. "Hong Kong may be their first step, but if they have a better choice, they will go to other places.”
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