The Hong Kong government launched the Top Talent Pass Scheme at the end of 2022. The related visas began expiring gradually from the end of December last year, raising concerns about the renewal rates of talent retention in the city.
As of the end of July this year, the Labour and Welfare Bureau and the Immigration Department reported that a total of 13,678 high talents had their stay periods expired, with 7,394 of them submitting renewal applications, resulting in a renewal application rate of approximately 54%. Among these, about 94% were approved, with a median monthly salary of about HK$40,000 for renewed talents.
The renewal application rates for the three categories of theTop Talent Pass Scheme varied slightly: Category A (those with an annual income of over HK$2.5 million in the past year) had a renewal rate of 77%, Category B (graduates from top 100 universities with at least three years of work experience in the past five years) had a rate of 50%, and Category C (graduates from top 100 universities within the last five years) had a rate of 40%. Before their initial visas expire, applicants must prove that they are employed in Hong Kong and can obtain a stable income or have established or participated in a business in the city to be eligible for renewal.
The Labour and Welfare Bureau disclosed that among those approved for renewal and employed in Hong Kong, the median monthly income is about HK$40,000, with about a quarter earning HK$80,000 or more, and roughly 10% earning HK$120,000 or above, with the highest 1% exceeding HK$300,000. Only 5% of the monthly salaries were HK$20,000 or below. And there were cases in commission-based industries where individuals earned only around HK$10,000 in the past six months, failing to meet the requirements for renewal.
The Secretary for Labour and Welfare, Chris Sun, explained that some Category C talents are engaged in industries with lower starting salaries, such as accounting and university research assistants. Currently, the local market salary for employees in these fields is also in the range of HK$10,000 to over HK$20,000, and reasonable salaries would be approved.
In terms of industry distribution, the renewed high talents were primarily concentrated in business and trade (23%), financial services (19%), and innovation and technology (17%).
Regarding medical expenditures, Sun indicated that the majority of public healthcare services are utilized by the elderly, while younger high talents and their children require less medical attention, with many high-income individuals opting for private healthcare services. He also noted that if many people are coming to Hong Kong specifically to give birth, it should be reflected in the birth statistics; however, the number of newborns has remained stable in recent years.
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