Global talent race: As people flock to Hong Kong’s elite visa scheme, questions emerge on criteria and diversity
The Top Talent Pass Scheme wants to attract the best and brightest “from all over the world”. While tens of thousands of people have come on board, the tally alone doesn’t tell the full story.
People cross an intersection in the Central business district of Hong Kong on Feb 27, 2024. (Photo: AFP/Peter Parks)
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SINGAPORE: Like many places in Asia, Hong Kong has been busy rolling out the red carpet for global talent.
In the city’s case, it is looking to recover from an exodus induced by the pandemic and politics - and tens of thousands of people have answered the call under its Top Talent Pass Scheme (TTPS) since its late 2022 rollout, according to official figures released last month.
The tally dwarfs application numbers for elite visas by other regional economies such as Singapore. But absolute numbers are not necessarily an indicator of the scheme’s effectiveness, analysts suggest as they point out Hong Kong’s “relatively less stringent” requirements.
Questions about diversity also continue to hound the TTPS. Mainland Chinese account for more than 90 per cent of the approvals in a scheme that targets international participation.
Ultimately, young working professionals wishing to work in the region arguably stand to gain the most, analysts point out.
“(The TTPS) might be a quicker route to working in Asia … they will have the opportunity to build their network and build their portfolios within one of the fastest-growing economies in the world,” said Mr Leslie Tang, head of client solutions for Greater China at recruitment firm Randstad.
TOP TALENT WANTED
Hong Kong’s TTPS aims to “attract top talents with rich work experience and good academic qualifications from all over the world to explore opportunities in Hong Kong”, according to the city’s immigration department.
While outlining the plan in Dec 2022, Hong Kong’s Secretary for Labour and Welfare Chris Sun Yuk-han had said the city’s immigration drive would target areas that regional rival Singapore would not, as quoted by the South China Morning Post.
“Hong Kong’s Top Talent Pass Scheme casts a far wider net than that of Singapore,” he said at the time.
As of end-February this year, Hong Kong authorities have received 72,000 applications under the TTPS as reported by Chinese news outlet China Daily. Around 59,000 have been approved.
In comparison, Singapore has approved about 4,200 applications under its own elite visa scheme - the Overseas Networks & Expertise Pass (ONE Pass) - as of Jan 1 this year, one year since it was launched.
Elsewhere in Asia, Thailand’s Long-Term Resident visa programme, which seeks to attract wealthy individuals and/or talented professionals, has attracted 1,600 applicants since it opened in September 2022, according to an East Asia Forum article published in January last year.
Analysts suggest the difference in criteria is a key factor in the numbers disparity, particularly between Hong Kong and Singapore. Mr Kenneth Peh, Director of Global Employer Services at Deloitte Hong Kong, pointed out the “relatively less stringent” requirements for the TTPS compared to Singapore’s ONE Pass.
Singapore’s ONE Pass is aimed at talents from any sector who earn a monthly salary of S$30,000 and above, or have “outstanding achievements” in the areas of science and technology, arts and culture, research and academia, or sports.
As for Hong Kong’s TTPS, people with annual taxable employment or business income of at least HK$2.5 million, working out to about S$36,000 monthly, are eligible to apply. But this is just one of three categories they can choose to apply under.
Graduates from a list of eligible universities - the top 100 under four designated world rankings - with at least three years of recent work experience are also eligible to apply for the scheme.
Those with less than three years of work experience are eligible as well, subject to an annual quota allocated on a first-come, first-served basis.
This essentially means graduates with limited or even no work experience could possibly secure what Hong Kong brands as a visa for top talent. The city does not provide a breakdown of which category TTPS applicants applied under.
The TTPS takes a “unique approach” in the region, Mr Tang said. Citing Hong Kong’s “remarkably low” unemployment rate of 2.9 per cent between November 2023 and January 2024, he explained this makes it particularly challenging for businesses to hire new talent, especially if they are trying to expand the workforce.
Unlike some programmes that focus solely on senior-level professionals and entrepreneurs or specific communities, Mr Tang said the TTPS aims to attract those with strong academic backgrounds and more than three years of relevant work experience, which is "ideal" for filling critical mid-management vacancies.
DOMINATED BY MAINLAND CHINESE
The take-up for Hong Kong’s elite visa scheme is also distinct in that mainland Chinese applicants all but dominate the ranks, analysts point out.
Mainland Chinese accounted for close to 95 per cent of the nearly 50,000 TTPS applications approved as of end-2023. They also make up the bulk of applicants under the various other visa schemes offered by the city, according to official data.
This trend has raised concerns among observers about the impact on Hong Kong’s diversity and international financial hub status, especially when coupled with the slow return of Western expats after many left the city in the wake of the Beijing-imposed national security law in 2020 and subsequent harsh COVID-19 curbs.
A panel discussion hosted by the European Chamber of Commerce in Hong Kong in October last year said attracting a diverse workforce is “massively important” for companies in Hong Kong.
Mr Peter Burnett, regional head of corporate finance for Northeast Asia at Standard Chartered, said diversity is important in recruitment as quoted by the South China Morning Post.
He added that the current global competition for talent was similar to an “arms race” but that Hong Kong benefited from having “diversity baked into its DNA”.
Mr Tang from Randstad told CNA there are several factors behind the wave of mainland Chinese under the TTPS. “With more joint initiatives and projects in the Greater Bay Area within infrastructure, technology, and healthcare, we see more talent from mainland China seeking job opportunities in Hong Kong,” he said.
These individuals are highly sought after by companies that “value Mandarin proficiency and a deep understanding of cultural nuances when working with Chinese companies”, Mr Tang added.
For many Chinese talents, these opportunities serve to expand their network and “elevate their presence” on a regional level, which makes them more appealing to potential employers, he explained.
Deloitte Hong Kong’s Mr Peh pointed out that given Hong Kong’s proximity to mainland China and the city’s positioning as an international financial centre, it is keen to attract a mix of talent with mainland Chinese and international educational backgrounds.
“Indeed, if we consider the nationality of applicants, (the scheme) has been overwhelming among mainland Chinese,” Mr Peh said.
“However, there are also thousands of applicants from the rest of the world, which shows that (the scheme) has gained traction from talent worldwide.”
In terms of tertiary education background, 40 per cent of applicants are graduates from “top-tier universities” around the world, which is in line with the Hong Kong government’s intention to attract a diverse pool of talent worldwide, he added.
Since the launch of the scheme, Mr Peh said Deloitte Hong Kong has not observed changes in the diversity of applicants applying for firm-sponsored visas.
“From the employers' perspective, (the scheme) provides a visa option for its employees to work in Hong Kong under self-sponsored visas, as well as a readily available talent pool.”
GATEWAY TO WORKING IN ASIA?
Analysts CNA spoke to agree that the talent programme could attract young working professionals seeking a career pathway in the region, considering the potential employment and networking opportunities.
“Some may see this as an opportunity to boost their career growth,” said Randstad’s Mr Tang.
TTPS entrants and their spouses are generally younger, with more than half of them aged under 40, Hong Kong’s labour secretary stated in February as reported by China Daily. Along with their children after settling in Hong Kong, this will boost the local labour force and positively impact the city’s demographic structure, he added.
Besides opportunities and growth, Mr Tang is confident “a dynamic and well-connected city (such as) Hong Kong will grow on them as a place to reside in the future”.
“Employment schemes aside, there are other considerations such as varying job opportunities, cultural differences, and the possibility of long-term residency,” said Mr Tang.
Successful TTPS applicants will be granted an extension of stay on a 3-3 year pattern, noted Mr Peh from Deloitte Hong Kong. After they have lived in Hong Kong for a continuous period of seven years and meet the prevailing eligibility criteria, they can apply for the right of abode in the territory, he added.
Ultimately, the decision to relocate for work does not solely depend on the ease or difficulty of obtaining a work visa, said Mr Tang.
“Rather, it is largely dependent on the potential growth of the local business environment as well as the diversity and depth of career opportunities, cultural integration and lifestyle matches.
“The best choice often depends on the individual’s circumstances, career goals and other life priorities.”
