Hong Kong is seeing a stronger inflow of overseas professionals, with work visa approvals rising sharply and finance-related hiring picking up alongside a rebound in capital-market activity.
Government figures show the Immigration Department approved 31,278 work visas under the General Employment Policy last year, more than double the number recorded five years earlier. Applicants mainly came from South Korea, Japan, the United Kingdom, and the United States. Approvals linked to the financial services sector also increased, reaching their highest level since 2022, with a 17% year-on-year rise.
The renewed momentum is being tied to a surge in IPO activity, helped by listings from the Chinese mainland and large enterprises. As investment banks and financial firms expand again, more expatriate professionals are choosing Hong Kong for career development. A property agent noted that expatriate tenants in Hong Kong Island's Southern District increased by around 30% compared with last year.
Individual cases highlighted in overseas reporting point to tax considerations and market access as key pull factors. Bloomberg profiled Theo Bertrand, a 27-year-old French quantitative engineer, who returned to settle in Hong Kong after working in Amsterdam. He said that while Hong Kong's living expenses can be high, the city's tax advantages can lift take-home income, noting that the Netherlands can tax employee bonuses at up to 50%. Another example is US recruitment consultant John Tozzi, who returned to Hong Kong in January after giving up a New York role paying US$150,000 a year for a US$100,000 base salary in Hong Kong, citing stronger disposable income in a lower-tax environment and noting that more expatriate peers are moving back.
Policy measures such as tax incentives and stock-market reforms have also strengthened Hong Kong's competitiveness. After listing rule changes broadened pathways for biotech and specialist technology companies, 88 such firms have listed on the Hong Kong exchange, reflecting investor interest in frontier sectors.
The recovery in the new listings market has also brought strong fundraising figures. Hong Kong's IPO fundraising in 2025 ranked first globally, reaching HK$274.6 billion, with four deals making the world's top ten that year. Mainland listings have also been linked to rising wealth-management demand, and Hong Kong was reported to have overtaken Switzerland in 2025 to become the world's largest offshore wealth management center. This year, optical equipment company Zhongji Innolight completed a US$6.8 billion Hong Kong IPO, described as the city's largest listing in seven years, with Goldman Sachs and Morgan Stanley acting as joint sponsors.
The city's commercial and lifestyle indicators have reflected signs of a broader expatriate return. Foot traffic in Central has improved, and Grade A office leasing has strengthened. The Henderson's occupancy rate was reported to have risen from around 60% to about 90%, while rents increased by more than 10% year on year. Demand from expatriate families has also added pressure to school capacity, with waiting times at some major international schools reaching up to one year.
(Source: Ta Kung Pao)
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