Hong Kong is proposing a refund mechanism under the Buyer's Stamp Duty (BSD) and New Residential Stamp Duty (NRSD) regimes for non-Hong Kong permanent residents (non-HKPRs) who have entered Hong Kong under designated talent admission schemes, purchased a residential property in Hong Kong on or after 19 October 2022, and subsequently become HKPRs. This measure is aimed at attracting incoming talents to stay in Hong Kong for long-term development by substantially reducing their acquisition cost of properties. However, the ad valorem stamp duty at Scale 2 rates (i.e. the rates applicable to first-time home buyers who are HKPRs) will still be payable.
To this end, the Stamp Duty (Amendment) (No. 2) Bill 2023 was gazetted on 6 April 2023 and will be introduced into the Legislative Council on 19 April 2023.