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What is a school debenture, does it guarantee admission and will you get your money back? We explain debentures, capital levies and other international school charges in Hong Kong.
Just when you think you’ve wrapped your head around Hong Kong international school fees, along comes another eye-watering term: the school debenture.
Not every family needs one, and not every school offers one. Some debentures are refundable. Some are not. Others exist primarily to give an application priority. The fine print is doing a lot of work here, so let’s break down what parents need to know.
Jump To:
What Is A School Debenture In Hong Kong?
How Do International School Debentures Work?
Debenture Vs Annual Capital Levy
Hong Kong International School Debentures Compared
Does A Debenture Guarantee Admission?
What To Check Before Paying
What Happens When A Student Leaves The School
Read More: Sassy Mama’s Guide To International Schools In Hong Kong
What Is A School Debenture In Hong Kong?
A school debenture is generally a lump-sum payment made by a family or company to help fund an international school’s long-term development. The money might go towards constructing or renovating buildings, improving facilities, buying equipment or other major capital projects.
Traditionally, a debenture is an interest-free loan to the school. The original amount may be returned when the student leaves, but that is far from guaranteed. Some school debentures are non-refundable, while others lose value over time.
You may also come across terms such as capital certificate, foundation certificate, capital note, nomination right or capital contribution. They can sound interchangeable, but the conditions attached to them may be quite different. Always check what the payment actually entitles you to, rather than relying on its name.
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How Do International School Debentures Work?
There is no standard debenture system across Hong Kong’s international schools. At some schools, every enrolled student must be covered by either a debenture or another capital charge. At others, debentures are optional and offered as a way to gain priority during admissions.
The main types include:
- Individual or family debentures: Purchased by a parent and used to nominate one child or, in some cases, several children from the same family.
- Corporate debentures: Owned by a company and used to nominate the child of an eligible employee. The company may be able to nominate another employee’s child after the first student leaves.
- Refundable debentures: Repaid according to the school’s terms, normally without interest. Refunds may be subject to a minimum holding period, notice requirements or deductions for outstanding fees.
- Non-refundable debentures: The money is not returned, even after the student leaves.
- Depreciating debentures: Lose a set amount of their value each year. Depending on the terms, their value may eventually fall to zero.
- Transferable debentures: Can potentially be transferred to another child, family or company. School approval and a transfer fee may apply.
- Nomination rights: Give an applicant some form of admissions priority. These are often non-refundable and should not be mistaken for a guaranteed school place.
The timing also varies. A family might purchase a debenture before applying, during the admissions process or only after receiving an offer. Some types have limited availability or are fully subscribed, leaving families to pay a capital levy instead. This is why an arrangement that applied to your friend’s child five years ago may bear little resemblance to what the school offers today.
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Debenture Vs Annual Capital Levy
Debentures and annual capital levies often serve a similar purpose: helping a school pay for major facilities and long-term development. The important difference is usually how the money is paid and whether you might get it back.
A debenture is typically a substantial upfront payment. Depending on the terms, it may be refundable, depreciating, transferable or completely non-refundable.
An annual capital levy is paid each school year and is generally non-refundable and non-transferable. It may feel more manageable than finding a large lump sum at the start, but those annual payments add up. A child who stays at the same school from early years to secondary could incur the levy many times over.
Some schools allow families to choose between a debenture and a levy. Others do not. A debenture may replace a capital charge at one school, while another may still require debenture holders to pay an entry fee or annual levy. When comparing the options, look beyond the initial price. Consider the total levy over the years your child is likely to attend, the amount of money tied up in a debenture and what that money could otherwise be earning.
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Hong Kong International School Debentures Compared
There is no simple answer to how much an international school debenture costs in Hong Kong. The amount is only one part of the picture. Parents also need to know whether the payment is compulsory, refundable or transferable — and whether it provides any admissions priority.
The table below compares debentures, capital levies and other compulsory capital charges at selected Hong Kong international schools. Use it as a starting point, then confirm the latest figures and conditions directly with the school before accepting a place.
All amounts are in Hong Kong dollars. Charges may change, so confirm the latest terms with the school.
| School | Debenture Or Equivalent | Capital Levy | Key Terms |
|---|---|---|---|
| American International School | — | $12,000/year Second child: $8,000 Third child: $6,000 |
Paid in addition to tuition; confirm current terms. |
| American School Hong Kong | Individual: $612,500; non-transferable and depreciates over seven years | New students: $45,000 Returning students: $29,500/year One-off option: $150,000 |
Debenture waives the annual fee for seven years. Admission requirements still apply. |
| Australian International School Hong Kong | No new issues; legacy $120,000 debentures depreciate over eight years | $25,000/year | New families pay the non-refundable, non-transferable levy. |
| Canadian International School of Hong Kong | No new issues; indicative secondary-market prices: Capital: $2.8m Gold Corporate: $10m |
$43,000/year for EY1 to Grade 12 Nursery exempt |
Debenture waives the levy and provides priority after assessment. Transfers must go through the school. |
| Chinese International School | Individual Nomination Right: price on request No new Personal or Corporate Nomination Rights |
$30,200/year | The non-refundable levy applies to all students, including Nomination Right holders. |
| Discovery Bay International School | Optional Premium School Development Levy: $500,000 one-off | Standard School Development Levy: $60,000 one-off for FS1 to Year 11 without the Premium Levy | Premium option provides waiting-list priority but no sibling rights. It becomes non-refundable after enrolment. |
| ESF Discovery College | Optional Individual Nomination Right: $400,000 | Building Levy: $8,060/year | Both charges apply. Nomination Right provides interview and waitlist priority, not guaranteed admission. |
| ESF Renaissance College | Optional Individual Nomination Right: $400,000 | Year 1: $50,000 one-off Years 2 to 12: reduced pro-rata levy |
Both charges apply. Nomination Right provides interview and waitlist priority, not guaranteed admission. |
| ESF Schools | Primary and secondary Individual Nomination Right: $500,000 Kindergarten Class A Debenture: $500,000 |
$3,800–$38,000 one-off, depending on entry year | Nomination Rights do not waive the levy. They provide priority but do not guarantee admission. |
| French International School of Hong Kong | Private: $120,000 Corporate: $250,000 |
$5,000 debenture administration fee | Debentures are refundable; the administration fee is not. |
| German Swiss International School | Standard: $800,000 Development and Infrastructure options also available |
May be offered as an alternative for selected applicants; price on request | Standard Debenture is refundable. Terms and admissions priority vary by option. |
| Harrow International School Hong Kong | No new issues; legacy $600,000 Individual Debentures and Capital Certificates may be transferred | $60,000/year without a debenture or certificate | Refund rights vary. Holders receive priority after passing the assessment, not guaranteed admission. |
| Hong Kong Academy | Family: $630,000 | $32,000/year for each uncovered student | One debenture waives one student’s levy and may be resold through the school. |
| Hong Kong International School | Family: $3m Standard Corporate: $3m Comprehensive Corporate: $5m |
$24,500/year for every student | Debenture does not waive the levy. It may be redeemed after a minimum 15 years and provides admissions priority. |
| Kellett School | Corporate: $1m Foundation Certificate: $5m Foundation Debenture: $10m Golden Jubilee: $20m |
$40,000/year for new offers not covered by an eligible debenture | Refund and redemption terms vary. Some options provide priority but do not guarantee admission. |
| Malvern College Hong Kong | Individual and Corporate Nomination Rights: price on request | $42,000/year | Nomination Right holders are exempt from the levy. Rights must be arranged directly with the school. |
| Nord Anglia International School Hong Kong | Individual: $500,000 Corporate: $2m Platinum Corporate: $5m |
$35,000/year for new students without an eligible debenture | Debenture waives the levy and provides priority, subject to eligibility and assessment. Corporate options are non-refundable. |
| Shrewsbury International School Hong Kong | Standard Capital Certificate: $200,000 Premium: $300,000 |
Half-day Nursery: $30,000/year Other years: $50,000/year |
Certificates waive the levy and provide assessment priority. They depreciate to zero over four years. |
| Singapore International School Hong Kong | Personal: $200,000 Singapore passport holder: $120,000 Corporate: $500,000 |
Personal holders: $20,000/year Corporate holders: $160,000 one-off |
Both charges are required. Personal Debenture is redeemable six months after leaving. |
| Stamford American School Hong Kong | Individual: $500,000 Corporate: $2m–$5m |
$30,000/year or $150,000 one-off without a debenture | Debenture waives the levy and provides priority. Individual option is refundable on a reducing scale over eight years. |
| The Harbour School | Family Admissions Right: $450,000 Green: $2.8m Corporate: $8m |
$33,000/year for each uncovered student | Eligible Admissions Right waives the levy. Family option depreciates and may be redeemed at its remaining value. |
| The Independent Schools Foundation Academy | Capital Note available on the secondary market; price not published | $40,000/year | Capital Note waives the levy. It is non-refundable but transferable after the minimum holding period. |
| The International Montessori School | Personal Nomination Rights, Capital Notes and priority options: price on request | $35,000/year | Every student must have one contribution option. Selected products provide priority for assessment and a place. |
| Victoria Shanghai Academy | Individual: indicative $3m secondary-market price Corporate: approximately $4m |
$60,000 refundable one-off levy for new Years 1 to 11 students without a debenture | Debenture holders are exempt from the levy. |
| Yew Chung International School — Primary | Refundable Debenture: $470,000 | — | Refundable subject to the school’s terms. |
Editor’s note: Debenture and capital levy arrangements can change. Information should be checked against the school’s current admissions and fee documents.
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Does A Debenture Guarantee Admission?
No — buying a debenture does not automatically guarantee that your child will be admitted.
In most cases, it provides some form of priority. That might mean earlier access to an assessment, a higher position in the waiting pool or priority when the school allocates available places. Your child may still need to meet the school’s academic, language or other admissions requirements.
The wording matters. There is a difference between:
- Priority for an interview or assessment
- Priority within a waiting pool
- Priority when places are allocated
- A guaranteed assessment
- A guaranteed school place
For example, Harrow International School Hong Kong states that its capital certificate and debenture holders receive priority for available places in the waiting pool, but applicants must first pass the school’s admissions assessments. Similarly, Canadian International School of Hong Kong gives debenture holders priority only after they have met its assessment requirements.
Before paying, ask the admissions team to explain exactly what “priority” means for your child’s year group and proposed entry date.
Read More: ESF Applications Hong Kong — Your Admissions Questions Answered
What To Check Before Paying
Debentures can involve a serious amount of money, so this is one occasion when you absolutely want to read the small print. Ask the school’s admissions or finance team to provide the current terms in writing and clarify:
- Is the debenture compulsory or optional?
- What admissions priority does it provide?
- Does it guarantee an assessment, or only improve your child’s position in the queue? What happens if your child does not pass the assessment?
- Will the money be returned if no place is offered?
- Is the debenture fully refundable, partially refundable or depreciating?
- Is there a minimum holding period?
- How long will a refund take after your child leaves?
- Can unpaid tuition or other charges be deducted from the refund?
- Can the debenture be transferred to a sibling or another student?
- Can it be sold, and does the school need to approve the buyer?
- Are there administration or transfer fees?
- Will you still need to pay an annual capital levy, enrolment fee or other capital charge
- What happens if your family leaves Hong Kong earlier than expected?
Be particularly careful when buying on the secondary market. A transferred debenture may not carry the same refund rights as one purchased directly from the school. Corporate debentures need their own round of questions. Check who counts as an eligible employee, whether the company can nominate another child later and what happens if the parent changes jobs while their child is enrolled.
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What Happens When A Student Leaves The School
With a refundable debenture, the holder can normally apply to have the agreed value returned. The school may first deduct unpaid tuition, administration fees or other outstanding charges. You will probably also need to provide formal notice of withdrawal and complete the school’s redemption paperwork.
If the debenture depreciates, only its remaining value may be returned. With a non-refundable debenture or nomination right, there will be no repayment at all.
Transferable debentures may be reassigned to another eligible child, employee or buyer, subject to the school’s rules. A corporate holder may be able to use the same debenture to nominate a different employee’s child once the previous student has left. An individual debenture, on the other hand, might only be transferable within the holder’s immediate family.
There may also be penalties for leaving shortly after accepting a place. Other schools make deductions from the repayment or impose separate notice-period charges. That makes the exit terms just as important as the admissions benefits.
The big takeaway? Never budget on the assumption that a school debenture is money safely parked until graduation. Confirm when it can be redeemed, how much will come back and what could delay or reduce the refund before signing on the dotted line.
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