Singapore VCC insights

Hong Kong vs Singapore Investor Visa: New CIES or GIP for Wealthy Principals

By VCC Editorial Team · Published 14 October 2026 · Updated 16 October 2026

Short answer: Hong Kong’s New Capital Investment Entrant Scheme admits a passive investor who holds HK$30 million in permitted assets, granting temporary stay and a route to permanent residence after seven years. Singapore’s Global Investor Programme grants permanent residence at the outset, but only to proven business owners or family office principals making far larger, active commitments.

The question “hong kong vs singapore investor visa” is usually framed as a price comparison, but the two routes are built on different premises. Hong Kong’s New Capital Investment Entrant Scheme (New CIES) is a portfolio scheme: the entrant parks capital in qualifying Hong Kong assets and is not required to run a business. Singapore’s Global Investor Programme (GIP), administered by Contact Singapore within the Economic Development Board (EDB), is a selection scheme: the applicant must first qualify on entrepreneurial or family office credentials and then commit capital to a business, a GIP-select fund or a single family office. This article sets the two side by side on the terms a principal actually decides, using the official scheme documents as checked on 14 October 2026.

This article is general information only and is not legal, tax or immigration advice. For matters needing legal advice, we work with a panel of experienced Singapore law firms.

What is the core difference between the New CIES and the GIP?

The New CIES admits investors on the strength of their capital alone, while the GIP admits them on the strength of their business record and then attaches an investment condition. That single design choice explains almost every other difference in the comparison.

Under the Rules for the New Capital Investment Entrant Scheme, an applicant must be at least 18, fall within the eligible nationality categories, show HK$30 million in net assets and invest HK$30 million in permissible investment assets. There is no business plan, no turnover test and no interview with an investment agency. The applicant must, however, show the Director of Immigration that he can support himself and his dependants without relying on returns from the scheme assets, employment, business or public assistance in Hong Kong.

The GIP works in the opposite order. The EDB factsheet sets four applicant profiles: established business owners (at least three years of track record and a company with annual turnover of at least S$200 million), next generation business owners (a family company with turnover of at least S$500 million), founders of fast growth companies (valuation of at least S$500 million with reputable venture capital or private equity backing) and family office principals (at least five years of track record and net investible assets of at least S$200 million). Only after qualifying on profile does the applicant choose Option A, B or C. Our full guide to the Global Investor Programme covers each option in detail.

Hong Kong vs Singapore investor visa: how do the investment requirements compare?

Hong Kong asks for a smaller, passive commitment in Hong Kong assets; Singapore asks for a substantially larger commitment that must be deployed into an operating business, an approved fund or a family office with local substance.

Requirement	Hong Kong New CIES	Singapore GIP
Qualifying wealth or profile	Net assets of at least HK$30 million for the six months before applying	Business owner, next generation owner, fast growth founder, or family office principal with at least S$200 million net investible assets
Minimum investment	HK$30 million net	Option A: S$10 million; Option B: S$25 million; Option C: S$200 million AUM with S$50 million deployed
Where the money goes	Listed equities, debt, certificates of deposit, subordinated debt, eligible collective investment schemes, limited partnership funds, real estate, plus HK$3 million in the CIES Investment Portfolio	A new or expanding Singapore business, a GIP-select fund, or a Singapore single family office deploying into EDB-specified investments
Business plan	Not required	Five-year plan required for Options A and C
Status on approval	Visitor status for up to 180 days to invest, then permission to stay of up to 24 months	Permanent residence, with a five-year Re-Entry Permit
Route to permanent status	Hong Kong permanent residence after seven years’ continuous ordinary residence, or unconditional stay after seven years of portfolio compliance	Already permanent residence; continuation depends on Re-Entry Permit renewal
Dependants	Spouse (including recognised partnerships) and unmarried dependent children under 18	Spouse and unmarried children below 21
Administering bodies	New CIES Office (Invest Hong Kong) and the Immigration Department	Contact Singapore (EDB) and the Immigration and Checkpoints Authority (ICA)

Within the New CIES, several sub-caps shape portfolio design. Certificates of deposit are capped at HK$3 million. Private open-ended fund companies and private limited partnership funds share an aggregate cap of HK$10 million. Real estate counts up to HK$15 million in aggregate, with residential property capped at HK$10 million, for purchases completed on or after 17 September 2025; earlier purchases remain subject to the previous HK$10 million aggregate cap and the HK$50 million single-property threshold. Assets acquired before 1 March 2024, the scheme’s launch date, do not count.

What does each scheme require after approval?

The New CIES imposes a portfolio maintenance obligation for as long as the entrant remains on the scheme; the GIP imposes economic and residence conditions tested when the Re-Entry Permit falls due for renewal.

A New CIES entrant must hold permissible financial assets in designated accounts with eligible financial intermediaries, use those accounts only for scheme transactions and not reduce the committed investment. A practising certified public accountant must certify compliance after the first anniversary of formal approval and each anniversary after that. The HK$3 million in the CIES Investment Portfolio is subject to a lock-up period, and the Scheme Rules state that capital preservation and dividends are not guaranteed.

The GIP’s tests are framed around what the investment has produced. For a five-year renewal of the Re-Entry Permit, the factsheet requires the investor to have met the investment conditions and, depending on the option:

• Option A: the company must employ at least 30 employees, at least half of them Singapore citizens, including at least 10 incremental hires;
• Option B: the S$25 million investment in the GIP-select fund must be maintained;
• Option C: the family office must employ at least five incremental family office professionals, at least three of them Singapore citizens, and maintain the S$50 million deployment;
• in every case, the investor or all GIP dependants must have resided in Singapore for more than half of the time.

Where only one of the economic and residence tests is met, the factsheet provides for a three-year renewal instead. A principal who expects to spend most of the year outside Singapore therefore needs the business or family office to carry the renewal on its own.

How long does each route take?

The EDB factsheet indicates that a GIP application takes approximately 12 months to process, subject to complete documents and due diligence; the New CIES is staged around fixed investment windows rather than a published overall processing time.

The GIP sequence, as set out by EDB, runs as follows:

1. Submit the GIP e-application forms and supporting documents to EDB, with hard copies due within one month of paying the application fee.
2. Attend an interview with EDB.
3. Receive Approval-in-Principle from ICA, valid for six months.
4. Make the investment under the chosen option within six months and submit evidence with a signed Investment Undertaking.
5. Receive Final Approval from ICA and formalise permanent residence within 12 months of it.
6. For Option C, show that S$50 million has been deployed into EDB-specified investments within 12 months of Final Approval.

The New CIES sequence under the Scheme Rules is:

1. Engage a practising certified public accountant to certify the HK$30 million net asset position and lodge a Net Asset Assessment application with the New CIES Office within 14 calendar days of the certificate.
2. Submit an entry application to the Immigration Department; on Approval-in-Principle, enter on visitor status for not more than 180 days to make the investment.
3. Apply to the New CIES Office for assessment on Investment Requirements, again with an accountant’s certificate.
4. Receive Formal Approval and permission to stay for not more than 24 months.
5. Apply for extensions of not more than three years at a time, each preceded by verification of portfolio maintenance.

Investments may also be made in the 180 days before the Net Asset Assessment application, which lets a well-prepared applicant compress the timetable.

Which route gives a stronger long-term residence position?

The GIP gives permanent residence on day one but makes it conditional on renewal; the New CIES gives only temporary stay at first but can convert into Hong Kong permanent residence, which carries the right of abode.

Hong Kong permanent residence follows not less than seven years of continuous ordinary residence and is subject to the Immigration Ordinance. Once the entrant becomes a permanent resident, the Scheme Rules free him to dispose of the scheme assets. An entrant who keeps the portfolio for seven years but does not meet the residence requirement may instead apply for unconditional stay, which allows entry and stay without a limit or conditions.

A Singapore permanent resident must hold a valid Re-Entry Permit to travel and return as a permanent resident, as ICA’s guidance makes clear, and a lapse while abroad ends the status. Male dependants granted permanent residence through a parent’s application also become liable for National Service under the Enlistment Act 1970, which families with sons should weigh early. For principals who would rather approach permanent residence through employment, our analysis of the Employment Pass route for family office principals sets out the alternative.

What does each scheme cost to apply for?

Official fees are modest relative to the capital commitments, but they differ in structure. Hong Kong charges per applicant at each visa stage; Singapore charges a flat programme fee to EDB plus ICA fees.

The Hong Kong Immigration Department treats the New CIES as a “specified scheme”. Since 26 February 2025, each principal applicant and dependant pays a non-refundable application fee of HK$600 and, on approval, a visa issuance fee of HK$1,300 where the permitted stay exceeds 180 days (HK$600 otherwise). Applicants also bear the cost of the accountant’s certificates at each stage.

For the GIP, the non-refundable EDB application fee is set out in the current factsheet and application terms on the EDB website, and applicants should confirm the amount there before paying because it has been revised. ICA separately charges S$100 per application at submission and, on completion of formalities, S$20 for the entry permit, S$50 for a five-year Re-Entry Permit and S$50 for the identity card.

How does the residence decision fit with the family office decision?

For most principals the visa is the last link in a chain that starts with where the family’s capital and investment team will sit. If the family office is going to Singapore, Option C aligns the residence condition with the office’s own hiring and deployment plan; if the family wants a portfolio-only base, the New CIES is the lighter instrument.

Two practical points follow. First, Option C’s S$200 million test is the same figure EDB uses for the family office principal profile, so a family that qualifies for one will often qualify for the other; our note on minimum AUM for a Singapore family office explains how this differs from the MAS licensing and tax incentive thresholds. Second, the New CIES now accepts investments made through an eligible private company wholly owned by the applicant, and from 1 March 2026 a newly established holding company can be used without a minimum incorporation period, which makes it easier to hold the scheme assets inside a family structure. Our wider Singapore and Hong Kong family office comparison covers licensing and tax, and the eleven-hub scorecard places both cities in a wider field.

On demand, Invest Hong Kong reported 3,166 New CIES applications as at 28 February 2026, of which 1,762 had completed their investments and received formal approval. The scheme is plainly in active use, but volume says nothing about whether it suits a particular family’s residence pattern.

Frequently asked questions

Does the New CIES require me to live in Hong Kong?

Not to stay on the scheme, which turns on portfolio maintenance. Hong Kong permanent residence, however, requires not less than seven years of continuous ordinary residence. An entrant who maintains the portfolio for seven years without meeting that test may apply for unconditional stay instead.

Can a GIP investor lose Singapore permanent residence?

Yes. Permanent residence depends on a valid Re-Entry Permit when travelling. The GIP factsheet ties renewal to investment conditions, business or family office hiring and the residence of the investor or the dependants, and the permit lapses if renewal is applied for after its validity ends.

Can residential property count towards the New CIES investment?

Yes, within limits. One residential property with a transaction price of at least HK$30 million may count up to HK$10 million, inside an aggregate real estate cap of HK$15 million, for purchases completed on or after 17 September 2025.

Which scheme suits a principal who does not want to run a business?

The New CIES, because it requires no business plan or employment targets. Within the GIP, Option B (S$25 million in a GIP-select fund) is the closest equivalent, but the applicant must still first qualify under one of EDB’s business owner or family office principal profiles.

For corporate support on setting up the Singapore holding and family office entities that sit behind a GIP Option C application, see Raffles Corporate Services. Primary sources: the Rules for the New Capital Investment Entrant Scheme, the EDB Global Investor Programme Factsheet and ICA’s page on becoming a permanent resident.

Need help with this? Call, SMS or WhatsApp +65 8501 7133, or email hello@rafflescorporateservices.com. Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.

Last reviewed: 14 October 2026. The Editorial Team, variablecapitalcompaniesact.com.

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