Heavyweight! Hong Kong's latest Budget released, involving property and stock markets ......

On February 28, the Financial Secretary of the HKSAR Government, Mr. Paul Chan Mo-po, announced thatBudget of the HKSAR Government for the fiscal year 2024/2025The

Paul Chan said that geopolitical tensions, the United States interest rate cuts, such as the timing of variables, visitors to Hong Kong consumption patterns have changed, the current need to stabilize confidence in the short term, to counteract the impact of external factors that cause market weakness, among themFull withdrawal of spices from the property market(math.) genusRelaxation of some building management measures(math.) genusMid-term conference focuses on grabbing companies, talent and capitalThe

#01

Hong Kong's Property Market "Comprehensively Removes Spices

On February 28, Hong Kong's Financial Secretary, Mr. Paul Chan, released the 2024/2025 Budget:

With immediate effect, all residential property demand management measures will be withdrawn and all residential property transactions will no longer be subject to Special Stamp Duty (SSD), Buyer's Stamp Duty (BSD) and New Residential Stamp Duty (NRSD) from today.

Hong Kong's property market, after a gap of 14 years, has once again entered the"ZERO HOT TRICKS"Times!

Previously, a non-permanent resident buying a property in Hong Kong had to pay 151 TP3T more tax than a permanent resident (7.5 NRS stamp duty + 7.51 TP3T buyer's stamp duty).

Now, Hong Kong's non-permanent residents and permanent residents stand on the same side of the fence when it comes to buying a home.scratch the same starting line (in a relay race)No matter your status is Hong Kong non-permanent resident, mainlander or foreigner, you can enjoy the exact same policy as Hong Kong permanent resident when you buy a property in Hong Kong:

⭐ Pay only 1.5% - 4.25% of stamp duty on your first home purchase.

 LatestThe rates of stamp duty for the purchase, sale or transfer of immovable property in Hong Kong are set out below:

According to the latest stamp duty rate in Hong Kong, if you buy a residential property of $3 million or below, you only need to pay $100 in stamp duty, and if you buy a residential property of $4 million, you only need to pay $60,000 in ad valorem stamp duty.

#02

Reduction of salaries tax and tax under personal assessment

the reduction of salaries tax and tax under personal assessment for the year of assessment 2023/24 in respect of 100%.Capped at $3,000! It is expected that 2.06 million taxpayers in Hong Kong will benefit.

It is also worth mentioning that the Government has set up a new tax regime for salaries tax.standard ratetwo-tier system, for taxpayers with annual income of $5 million or more, the tax rate increases from 15% to 16% for income after $5 million.

#03

A number of initiatives are expected to boost the Hong Kong stock market

Mr. Paul Chan announced that the HKEx had made a proposal to establishStock buyback mechanism, maintaining market operations during inclement weatherand so on to consult the market, and the target is to implement them in the middle of this year. More notably, the Hong Kong Securities and Futures Commission (SFC) and the HKEx are exploring a series of measures to further enhance market efficiency and liquidity.

#04

Building the offshore RMB ecosystem in full swing

Mr. Paul Chan said in the government budget for the new year that Hong Kong is the world's largest offshore RMB business hub and the SAR Government willBuilding the offshore RMB ecosystem in full swingto capitalize on the huge opportunities and to contribute to the prudent advancement of RMB internationalization.

The SAR Government is taking forward the relevant work on various fronts, including:

• Continue to deepen the connectivity mechanism, facilitate cross-border investment and two-way flow of RMB, and enhance offshore RMB liquidity;

• Encourage institutions to provide more offshore RMB products and risk management tools, as well as RMB financing in Hong Kong.

#05

Attracting high value-added technology enterprises to settle in Hong Kong

recommendOffice of Key Enterprises(referred to as: the ETO) will sign co-operation agreements with more than 10 key enterprises in March. These enterprises, together with the first batch of 30 enterprises, will drive the upstream, midstream and downstream enterprises of the relevant industry chain to Hong Kong, thereby promoting the prosperous development of Hong Kong's innovation and technology ecosystem.

Learn more about the 2024/2025 Budget on the official website:

🔗https://www.budget.gov.hk/2024/chi/speech.html

Mr. Paul Chan said that 2024 is still full of uncertainties, but the stable development of the Mainland, coupled with the fast-developing Asia, brings unlimited opportunities for Hong Kong."As long as we can identify the right positioning and direction, give full play to our unique strengths, continue to innovate and move forward with determination, Hong Kong will surely flourish in the four corners of the world!

In addition, on February 29, the Secretary for Financial Services and the Treasury, Mr. C.Y. Hui, announced at a press conference that the"The New Capital Investment Entrant Scheme (NCIES) will be open for application from March 1st!

Mr. Tsui said InvestHK will announce the details and expects the new scheme to help enhance Hong Kong's strengths in asset and wealth management and related professional sectors, as well as support the development of the innovation and technology industry.

Looking ahead to 2024, internal and external factors such as the "full withdrawal of spices" and Hong Kong's efforts to bring in talents may bring benefits to Hong Kong's property market, and now is also the dividend period of various policies, you can take this opportunity to "get on the train"!

If you are interested in learning more about the details or would like to apply for Hong Kong Investment Immigration, please contact Timeless Group.