The Hong Kong government has issued a policy statement which sets out plans to help grow the region’s family office industry.
The measures will look to create a “conducive and competitive environment” for the businesses of global family offices and asset owners to thrive in Hong Kong.
The HK government changes include:
- A revamped investment migration scheme;
- tax concessions;
- regulatory guidance;
- Hong Kong academy for wealth legacy;
- art storage facilities at the city’s international airport;
- improved process for philanthropy;
- a dedicated FamilyOfficeHK team in InvestHK; and
- a new network of family office service providers.
‘Determination’
Paul Chan, financial secretary of Hong Kong, said: “The policy statement demonstrates our determination to develop Hong Kong into a leading global family office hub.
“Developing family office business will be conducive to pool capital from around the world in Hong Kong, bolster our financial market as well as asset and wealth management industry.
“It will also promote the sustainable development of Hong Kong’s financial and professional services, innovation and technology, green, arts and culture and philanthropy, creating strong impetus for Hong Kong’s growth.”
Christopher Hui, secretary for financial services and the treasury, said: “The measures announced in the policy statement represent the holistic offerings of Hong Kong for global family offices and asset owners.
“The attractiveness of Hong Kong goes beyond our role as an investment and financing centre, and the policy measures are formulated to showcase the full charm of Hong Kong as an international cosmopolitan city from multiple dimensions. With that we will further strengthen the vibrant ecosystem for global family offices and asset owners in Hong Kong.”
‘Clear competitive advantage’
Aik-Ping Ng, head of family office advisory for Asia Pacific at HSBC Global Private Banking, said: “We continue to see rising interest in family offices from our ultra-high-net-worth clients, whose multifaceted and intergenerational needs would benefit from such a set-up.
“Hong Kong, as an international asset and wealth management centre, has a clear competitive advantage to serve the sophisticated needs of global business families and their family offices as they look to expand their operations in Asia and beyond.
“We welcome the announcement of the ‘Policy Statement on Developing Family Office Businesses in Hong Kong’ from the HKSAR Government which further consolidates Hong Kong’s position as a leading global family office hub.
“As our clients adopt a longer-term strategic view towards wealth creation, protection and succession, HSBC Global Private Banking will continue to draw on its unique strengths as part of the wider HSBC group, leveraging our international connectivity and deep regional and local know-how to deliver a full suite of tailored wealth services and solutions for our clients.”
