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Hong Kong has recently launched a new visa scheme, with hopes to attract global talent. This comes at a time when the region is going through a brain drain. Here are all the details.

On Wednesday, October 19, Hong Kong’s leader announced a new visa scheme, called the Top Talent Pass Scheme. This scheme is aimed at attracting the top global talent worldwide – those who earn an annual salary of HKD 2.5 million (INR 2,63,91,001), or those who have graduated from the top universities across the world. Through the visa, people who belong to these categories will be able to pursue work in the city for two years, media reports state.

Hong Kong’s new visa scheme: What you need to know

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Hong Kong is on the verge of risking its status as an international financial centre, which is why the new visa scheme is essential for the city. Chief Executive John Lee stated that the move has come at a time when hundreds of thousands of residents have left the city over the years, reports Indian Express. These people have been driven away by the ongoing political situation and limited freedom for the people, and tough national security laws. This, combined with strict lockdowns and protocols amid the COVID-19 pandemic imposed tough entry restrictions on the people, leading to a massive fall in the workforce.

Lee told the media on Wednesday that Hong Kong needs to be more proactive and aggressive when it comes to competing for enterprises and talent. “Apart from actively nurturing and retaining local talent, the government will proactively trawl the world for talent,” he added. Lee also announced proposals such as tax rebates and relaxed measures when hiring international employees, as a way to boost the city’s competitiveness. Further, home-buying for foreigners will also be made easier in Hong Kong, reports add.

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This article first appeared on Travel + Leisure India