To encourage incoming talents to stay in Hong Kong for long-term development, the Chief Executive announced in the 2022 Policy Address that the Government would refund the extra stamp duty paid by eligible incoming talents in purchasing residential property in Hong Kong.
An eligible incoming talent may apply for refund if the following conditions are fulfilled:
- he/she as an eligible incoming talent under the following designated talents admission schemes
- the General Employment Policy (GEP),
- Admission Scheme for Mainland Talents and Professionals (ASMTP),
- Quality Migrant Admission Scheme (QMAS),
- Technology Talent Admission Scheme (TechTAS),
- Immigration Arrangements for Non-local Graduates (IANG),
- Admission Scheme for the Second Generation of Chinese Hong Kong Permanent Residents (ASSG) and
- Top Talent Pass Scheme (TTPS).
- he/she has acquired a residential property in Hong Kong on or after 19 October 2022;
- he/she holds a valid visa under the designated talents admission schemes and does not own any other residential property in Hong Kong at the time of acquisition of the property concerned, unless he/she acquires the property concerned to replace his/her only residential property in Hong Kong, i.e. to buy a new one and then sell the original one, within 12 months from the date of assignment of the property concerned;
- he/she has become a Hong Kong permanent resident after residing in Hong Kong for seven years;
- he/she is still the owner of the property concerned at the time of application for refund of stamp duty; and
- he/she can only apply for refund in respect of one residential property.
Eligible incoming talents can apply for a refund of the Buyer’s Stamp Duty (15%) and the New Residential ad valorem Stamp Duty (15%) paid for the first residential property purchased and still held under the proposed measures; while the ad valorem stamp duty (AVD) at Scale 2 rates would still apply.
If our assistance would be required, please feel free to let us know.
For more information please contact:
Marzio Morgante
Chartered Accountant, LL.M.
Managing Partner
Email: marzio@atatax.hk
Tel: (852) 3102 1995
Kei Lam
Senior Tax Manager
Email: kei.lam@atatax.hk
Tel: (852) 3102 1995
Rooms 501-2, Wilson House
19-27 Wyndham Street
Central, Hong Kong
