【QMAS vs ASMTP vs TTPS】 Which type of person enjoys more favorable benefits when purchasing property?

2023.11.06

Quality Migrant Admission Scheme (QMAS), Admission Scheme for Mainland Talents and Professional (ASMTP), and Top Talent Pass Scheme (TTPS) all offer the opportunity to obtain Hong Kong residency. However, these three programs have similar names, so what are the differences? Which type of person will receive more benefits when purchasing property? Let's break down the mortgage options.

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Overview of the Three Programs
Quality Migrant Admission Scheme (QMAS): Many celebrities have come to Hong Kong through the QMAS, including singer Hins Cheung, Chinese diver Fu Mingxia, actress Tang Wei, and pianist Lang Lang.

Admission Scheme for Mainland Talents and Professionals (ASMTP) : Any mainland Chinese resident who possesses special skills, knowledge, or experience that Hong Kong lacks can apply for this program.

Top Talent Pass Scheme (TTPS): It aims to attract high-income individuals and graduates from top universities worldwide.

Application Criteria
In terms of application, the main difference between the QMAS and ASMTP programs is that the QMAS is applied for by the individual talent themselves. The talent types include industry elites, elite talents, and world champions. The applicant is the subject of the assessment, and the renewal format is 2+3+3. Additionally, if a QMAS holder becomes unemployed during the period of holding a Hong Kong identity card, the Immigration Department may grant an additional year of visa during the renewal process, rather than directly rejecting the renewal.

The QMAS program is open to outstanding talents from around the world who are encouraged to contribute their skills to Hong Kong, driving the transformation of Hong Kong's culture and industries. The assessment criteria are based on a scoring system, with a maximum score of 225. A minimum passing score of 80 is required. The assessment mainly evaluates the applicant's educational background, language proficiency, and management experience in their work history. Under the new policy, there is no longer a quota limit.

As for the TTPS, applicants must have an annual income of HKD 2.5 million or above in the year before the application, or have obtained a bachelor's degree from a top 100 global university and accumulated at least three years of work experience in the five years leading up to the application. Alternatively, applicants can have obtained a bachelor's degree from a top 100 global university within the five years leading up to the application, but have less than three years of work experience.

Differences in Initial Approval and Renewal Periods
In terms of the initial approval period, the TTPS is granted for 2 years, while the QMAS is currently granted for 3 years. For subsequent renewals, if the annual salary reaches HKD 2 million or above and the individual is considered a top-tier talent, the renewal period is directly granted for 5 or 6 years. For top-tier high-end talents, the renewal period is 2+6, while for top-tier talents, it is 3+5. For regular applications, the renewal periods are 2+3+3 for high-end talents and 3+3+2 for talents. Additionally, as the TTPS is a new visa category, the earliest opportunity for renewal would be at least two years later.
As for the ASMTP, it requires the application to be made by a Hong Kong employer. The talent type is ordinary professionals in related fields, and the assessment subjects are the applying enterprise and the applicant. The renewal format is 2+2+3, based on the shorter duration between the employment contract and the labor contract. If the applicant loses their job and fails to find a new job in a timely manner, they will not be eligible for renewal.

The ASMTP program focuses on talent exchange in specific fields with mainland China, supplementing positions for certain talents that are in high demand in Hong Kong. The assessment criteria are based on the applicant's industry background, position within the industry, policy support, and the economic status of the industry they belong to.

However, regardless of whether it is the TTPS, QMAS, or ASMTP program, both the applicant and their dependents will obtain Hong Kong residency. They will enjoy the same benefits as local residents, such as healthcare and education. However, they are not eligible for social assistance or unemployment benefits. Their spouse and unmarried children under the age of 18 can also come to Hong Kong. The spouse is free to work or study.

Tax Benefits for Top Talent Pass Scheme
Regardless of whether one holds permanent residency or non-permanent residency in Hong Kong, new Hong Kong residents can purchase properties in the city. However, there are differences in tax implications that need to be taken into account. Individuals who have not obtained a permanent identity card in Hong Kong are required to pay a 7.5% Ad Valorem Stamp Duty (AVD) and a 7.5% Buyer's Stamp Duty (BSD) when purchasing residential properties in Hong Kong as non-permanent residents. For example, if someone purchases a property worth 8 million Hong Kong dollars, they would need to pay a total of 1.2 million Hong Kong dollars (8 million x 15%) in stamp duty.

However, in order to attract talents, the government has implemented relaxed measures regarding property purchase taxes. Incoming talents are eligible for a refund of additional stamp duty after residing in Hong Kong for seven years and obtaining permanent residency. In the October 2023 Policy Address, the Chief Executive announced further optimization measures. For eligible incoming talents, the "Pay First, Refund Later" arrangement for property stamp duty has been enhanced. Previously, the arrangement required the payment of buyer's stamp duty and new residential stamp duty upon property purchase, followed by a refund after the relevant individuals resided in Hong Kong for seven years and became permanent residents ("Pay First, Refund Later"). The new arrangement temporarily exempts the payment of relevant taxes upon property purchase, and if the relevant individuals fail to obtain permanent residency in Hong Kong, they will be required to pay the taxes ("Exempt First, Pay Later"). This new arrangement applies to "Sale and Purchase Agreements" signed on or after October 25, 2023.