Welcoming Global Talent: Hong Kong’s Approach and Challenges
Like many Asian cities, Hong Kong is actively courting global talent. To counteract the outflow caused by the pandemic and political factors, the city launched its Top Talent Pass Scheme (TTPS) in late 2022. Official data indicates tens of thousands have applied under this scheme, surpassing applications for similar visas in other regional hubs like Singapore. However, the high volume of applications doesn’t necessarily reflect the scheme’s success, as experts note Hong Kong’s relatively lenient entry criteria.
There are ongoing concerns about the diversity of TTPS participants. Mainland Chinese applicants dominate the approvals, comprising over 90% of the total, which raises questions about the program’s international reach. Nevertheless, analysts suggest that young professionals stand to benefit significantly, gaining the opportunity to build networks and enhance their portfolios in one of the world’s rapidly growing economies.
Leslie Tang, head of client solutions for Greater China at Randstad, emphasized that the TTPS offers a unique pathway to working in Asia, providing significant opportunities for career development in a city with a notably low unemployment rate.
Hong Kong’s immigration department states that the TTPS aims to attract top talents globally with extensive work experience and strong academic qualifications. The city’s labour and welfare secretary, Chris Sun Yuk-han, highlighted that Hong Kong’s approach is broader than Singapore’s, targeting a wider range of potential applicants.
As of February 2024, 72,000 applications have been submitted to the TTPS, with around 59,000 approvals. In contrast, Singapore’s Overseas Networks & Expertise Pass (ONE Pass) has seen about 4,200 approvals. Thailand’s Long-Term Resident visa program, aimed at wealthy individuals and talented professionals, has received 1,600 applications since its launch in September 2022.
The difference in application numbers between Hong Kong and other regions like Singapore is attributed to the varying criteria. Singapore’s ONE Pass requires a monthly salary of at least S$30,000 or significant achievements in specific fields. Hong Kong’s TTPS, on the other hand, offers eligibility through multiple categories, including an annual taxable income of HK$2.5 million or being a graduate from a top 100 university.
This flexibility allows graduates with limited or no work experience to apply, although the scheme does not disclose the specific categories under which applications are made. This broad criteria may explain the high number of applications, but it has also led to a predominance of mainland Chinese applicants, sparking concerns about Hong Kong’s diversity and its role as an international financial hub.
While some view the TTPS as a gateway for young professionals to enhance their careers, there are concerns about its impact on local demographics and diversity. As of early 2024, the TTPS entrants and their families are predominantly young, with over half under the age of 40, potentially boosting the local labour force.
Ultimately, the decision to relocate for work involves factors beyond visa accessibility, such as the local business environment, cultural fit, and long-term residency options. Hong Kong offers a three-year renewable visa under the TTPS, with the possibility of applying for permanent residency after seven years, depending on meeting specific criteria.
Experts agree that while the TTPS provides a promising opportunity for young professionals, the choice to move depends on individual circumstances and priorities, including career aspirations and lifestyle preferences.