The Top Talent Pass Scheme Application has accepted over 60,000 talents!

July 11, 2024

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The Top Talent Pass Scheme Application has accepted over 60,000 talents!

“Approximately 44,000 talented individuals arrived in Hong Kong out of the 62,000 applicants who were approved under the Top Talent Pass Scheme,” said Chris Sun, the president of the Secretary for Labor and Welfare in Hong Kong.

The Top Talent Pass Scheme (TTPS) aims to attract top talent to Hong Kong in order to further growth. This talent must have a high income, strong academic credentials, and an extensive array of work experience. It is not necessary for qualified candidates to already have positions in Hong Kong lined up. However, they will need to be working or have established or joined in business in Hong Kong in order to apply for an extension of stay before their visas expire.

From the end of 2022, when the TTPS was introduced, positive feedback has been received. The Hong Kong government received almost 72,000 applications as of the end of March this year, of which nearly 59,000 were approved. Of these, about 44,000 talented people have come in Hong Kong (according to the most recent data, out of 77,000 applications, 62,000 are approved). About 108,000 talented people have come to Hong Kong since last year in addition to the applications for other talent admission programs that have been approved.

What does the 59,000 approvals figure mean?

The following data shows the number of approvals from January to November 2023: 47,681 were granted under the Top Talent Pass Scheme (TTPS), 18,232 under the Admission Scheme for Mainland Talents and Professionals (ASMTP), and 12,521 under the Quality Migrant Admission Scheme (QMAS). Based on the data, TTPS had an approval volume that was 2.6 times higher than ASMPT and 3.8 times higher than QMAS.

However, by the end of December 2023, the success rate of TTPS cases had surpassed all previous talent programs in Hong Kong, with just 5% of cases being rejected, and a high success rate of 95%.

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Eligibility Criteria of TTPS

Category A: Individuals earning HK$2.5 million or more annually

Category B: University graduates with a degree who have worked for at least three years of working experience

Category C: Recent degree holders with less than three years of work experience who graduated from one of the eligible universities in the past five years prior to the application date. (There is a quota of 10,000 for this category per year.)

Six TTPS mistakes you should be aware of

Applicants with a master's, doctorate degree, or QS 100 were eligible?

Since this is a high-end talent plan, the applicant’s first degree is the crucial factor, and the threshold won’t be too low. A bachelor’s degree awarded by the QS 100 is required for Type B and C qualifications; if not, you cannot apply, even if your master’s or doctoral degree is among the top 100.

Of course, there is no need for academic credentials if you fit the criteria for category A and your annual pay was at least HK$ 2.5 million the year before!

You can apply for the Hong Kong TTPS multiple times?

There is only one opportunity for the application to be accepted, regardless of whether it falls within Category A, B, or C.

Some people apply for TTPS too soon, wasting the excellent opportunity because they don’t currently have plans to move to Hong Kong for development. because using the TTPS in the future is not feasible.

A annual salary of HK$2.5 million in the past year is required?

HK$2.5 million or more in yearly salary, or its equivalent in a foreign currency, must be earned by Category A applicants in the year prior to their application. For instance, in 2022, the yearly wage must be at least 2.5 million Hong Kong dollars if you apply in 2023.

It is simple to renew once the Hong Kong TTPS has been approved?

The Top Talent Pass Scheme has two renewal modes: 2+3+3 years and 2+6 years. Regardless of which one you choose, the initial endorsement lasts for two years, and the second renewal lasts for three or six years, depending on whether your salary exceeds HK$2 million annually.

The applicant’s wage typically needs to be higher than the market level and they must be self-employed or employed by a Hong Kong-based business for each renewal.

After the Hong Kong TTPS is approved, can you obtain the Hong Kong PR?

You can actually obtain Hong Kong citizenship after your TTPS application is accepted, but permanent residency is only eligible after seven years.

There is no settlement requirement for the renewal of the Top Talent Pass Scheme?

Relevant information indicates that the renewal of Top is primarily dependent on employment with a Hong Kong company; it is not related to the length of residency. For instance, if someone works in Hong Kong but later returns to live in Shenzhen or another area, there should be no issues!

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