Hong Kong Exceeds Target for Talent Admission in 2023

In a surprising turn of events, Hong Kong saw a significant increase in skilled individuals entering the city through various talent admission schemes in 2023. The number of arrivals exceeded the government’s target by a wide margin, reflecting the allure of the city for talented professionals.

Out of the estimated 90,000 individuals who arrived, approximately 36,000 were approved applicants of the Top Talent Pass Scheme (TTPS). This scheme, introduced in late 2022, received an overwhelming response, with over 65,000 applications received by the end of December 2023. Of those, around 51,000 were approved, and 36,000 talents successfully made their way to Hong Kong.

What is particularly noteworthy is the profile of the approved TTPS applicants. More than 70 percent of them are aged 40 or below, indicating a younger talent pool. Additionally, close to 80 percent have an annual income of at least HK$2.5 million or hold degrees from top universities with significant work experience. These individuals possess extensive qualifications, global perspectives, and a track record of success.

The labor chief, Chris Sun, emphasized the positive impact of these talented individuals on the local market. Their arrival addresses the manpower gaps in various sectors and promotes the overall development of the city. With more than 20 percent coming from the financial services sector and significant representation from commerce and trade, innovation and technology, and information and communication technology sectors, Hong Kong’s economic landscape is set to benefit greatly from their expertise.

To ensure the smooth transition and settlement of these talented individuals in Hong Kong, the government established Hong Kong Talent Engage in October 2023. This organization maintains close contact with incoming talent, tracking their progress and addressing their needs to facilitate their integration into the local economy.

While some applications were rejected, accounting for 5 percent of the total, this was primarily due to applicants not meeting the eligibility criteria of the TTPS. Reasons for refusal included not meeting the required annual income threshold or not graduating from eligible universities.

It is worth noting that applicants are not required to have secured employment in Hong Kong at the time of application. However, upon the extension of their stay, they must be employed or have established or joined a business in the city.

Hong Kong remains committed to attracting global talent, offering a range of talent admission schemes to cater to diverse academic and professional backgrounds. These schemes work in harmony to proactively bring a wide array of skilled individuals to contribute to Hong Kong’s growth and development.

FAQ Section:

Q: What was the significant increase seen in Hong Kong in 2023?
A: Hong Kong saw a significant increase in skilled individuals entering the city through various talent admission schemes.

Q: How many individuals arrived in Hong Kong?
A: Approximately 90,000 individuals arrived in Hong Kong.

Q: What is the Top Talent Pass Scheme (TTPS)?
A: The Top Talent Pass Scheme is a talent admission scheme introduced in late 2022.

Q: How many applications were received for the TTPS?
A: Over 65,000 applications were received for the TTPS.

Q: How many talents successfully made their way to Hong Kong through the TTPS?
A: Approximately 36,000 talents successfully made their way to Hong Kong through the TTPS.

Q: What are some notable characteristics of the approved TTPS applicants?
A: More than 70 percent of the approved TTPS applicants are aged 40 or below. Additionally, close to 80 percent have an annual income of at least HK$2.5 million or hold degrees from top universities with significant work experience.

Q: What sectors do the approved TTPS applicants come from?
A: More than 20 percent of the approved TTPS applicants come from the financial services sector, with significant representation from commerce and trade, innovation and technology, and information and communication technology sectors.

Q: What was established to facilitate the integration of talented individuals into the local economy?
A: The government established Hong Kong Talent Engage in October 2023 to maintain close contact with incoming talent and address their needs for a smooth transition and settlement in Hong Kong.

Q: Why were some applications rejected?
A: Some applications were rejected primarily because the applicants did not meet the eligibility criteria of the TTPS, such as not meeting the required annual income threshold or not graduating from eligible universities.

Q: Do applicants need to have secured employment in Hong Kong at the time of application?
A: No, applicants are not required to have secured employment in Hong Kong at the time of application. However, upon the extension of their stay, they must be employed or have established or joined a business in the city.

Q: What is Hong Kong’s commitment regarding attracting global talent?
A: Hong Kong remains committed to attracting global talent and offers a range of talent admission schemes to cater to diverse academic and professional backgrounds.

Key Terms and Jargon:

– Top Talent Pass Scheme (TTPS): A talent admission scheme introduced in late 2022.
– Hong Kong Talent Engage: An organization established in October 2023 to facilitate the integration of talented individuals into the local economy.

Related Links:

Government of Hong Kong
Commerce and Economic Development Bureau
Hong Kong Talent Admission