In the global race for top talent, governments are bending over backwards to attract the world’s most-desirable ex-pats with fancy new super visas and generous tax incentives.
Driving the news: Hong Kong is the latest locale to sweeten the pot for the best foreign workers by announcing a visa program that lets recipients live and work there for two years.
- The city-state also announced relaxed measures and processes for companies hiring foreigners and tax rebates for foreigners who are buying their first place.
In recent months, countries including Singapore, Germany, Thailand, the UK, and the UAE have all introduced long-term stay visas and/or tax breaks for wealthy/talented foreigners.
- Places are looking for workers not just in much-ballyhooed areas like finance and engineering but in fields like agriculture, construction, and even the arts.
Yes, but: If it’s your dream to take off, there are strict–some would say impossible–criteria to meet. Many places will only welcome six-figure earners with degrees from top schools.
- For example, Singapore’s new points-based visa system requires applicants to score 40 points based on certain factors. A Harvard degree gets you 20 right out the gate.
Why it’s happening: A steady influx of foreign talent is needed for any country’s economic growth. The pandemic caused a serious brain drain that nations are now trying to reverse.
- That’s doubly true for places that had strict lockdowns like Hong Kong, which is part of why the city-state slipped down the international rankings for financial hubs.
In Canada: Employers need foreign workers (see the revamped temporary foreign worker program) and Canada currently leads the OECD in keeping international students around.
Bottom line: Given Canada’s robust immigration projections (if we can actually process applications), it's in a better position than most countries to address future labour shortages.
But that doesn’t mean we won’t start losing top talent of our own to the attraction of a new life in an exotic destination (and, you know, all those sweet, sweet tax rebates).