Immigration Dept Dismisses Tax Haven Allegations, Says Middle East Offers Better Rates
Crhk · 1 SOURCESabout 2 hours ago2 MIN
Summary
Hong Kong's Director of Immigration Kevin Kwok revealed that approximately 120,000 to 130,000 overseas talents have entered the city through various schemes over recent years, primarily in the financial sector. The Top Talent Pass Scheme has seen about 60,000 applications expire with a renewal rate of roughly 53%, meeting government expectations. Kwok addressed accusations that overseas snooker players like Jimmy White relocated to Hong Kong for tax benefits, stating that Middle Eastern countries with zero tax rates would be more attractive for such purposes.
Key Points
- About 120,000 to 130,000 overseas talents entered Hong Kong through different schemes in recent years, predominantly in the financial industry .
- The Top Talent Pass Scheme recorded nearly 60,000 expired applications with a renewal rate of approximately 53%, aligning with government projections and comparable to similar programmes elsewhere .
- From 2023 to June 2024, Hong Kong attracted 138 active or retired overseas athletes, including over 10 snooker players of high reputation and world ranking .
- Responding to tax avoidance allegations, Kwok noted that while low tax rates are Hong Kong's appeal, Middle Eastern nations offering zero tax rates would be more advantageous for athletes seeking tax benefits .
- England snooker legend Ronnie O'Sullivan splits his residence between the Middle East and Hong Kong, with plans to officially relocate to the city and seek more commercial sponsorship opportunities .
Why It Matters
Hong Kong's ability to attract international sporting talent alongside financial professionals demonstrates the city's broader appeal beyond fiscal incentives. The Immigration Department's public defence of Hong Kong's advantages—encompassing security, transportation, education, and culinary reputation—underscores the government's strategy to position the city as a comprehensive destination for global talent across multiple sectors .
Hong Kong's ability to attract international sporting talent alongside financial professionals demonstrates the city's broader appeal beyond fiscal incentives. The Immigration Department's public defence of Hong Kong's advantages—encompassing security, transportation, education, and culinary reputation—underscores the government's strategy to position the city as a comprehensive destination for global talent across multiple sectors .