Recently, the Hong Kong government announced a policy statement outlining measures aimed at establishing a thriving ecosystem for global family offices and asset owners. These policy measures aim to create a favorable competitive environment for family offices and asset owners to flourish in Hong Kong.
These measures include a new Capital Investment Entrant Scheme that allows eligible investors to apply for residency in Hong Kong. Investment scope includes stocks listed in Hong Kong, bonds issued or fully guaranteed by entities owned by Hong Kong listed companies, the government, or government-related entities, post-paid bonds issued by recognized institutions, and qualifying collective investment schemes. The government will also consider assets denominated in RMB.
In addition, the government will provide tax concessions for family investment control tools managed in Hong Kong. The Securities and Futures Commission has also issued a reference guide for family offices and established a dedicated communication channel to handle family office inquiries. The regulatory body will simplify intermediary suitability assessments and disclosure processes for high-end or ultra-high net worth clients based on a risk-based approach.
To support the development of the family office industry, the government will fund a new Hong Kong Wealth Management and Succession Academy to provide talent training services for industry practitioners and wealth inheritors. The academy will be established under the framework of the Hong Kong Financial Development Bureau and will receive support from industry organizations, professional service providers, universities, and the FamilyOfficeHK dedicated team of the Investment Promotion Agency.
The government will also promote art storage, exhibition, and appreciation facilities at Hong Kong International Airport. In addition, the government aims to develop Hong Kong into a global charity center and optimize tax-exempt procedures for charitable organizations. The government will also establish a new network of family office service providers to provide comprehensive services for family offices.
These policy measures demonstrate Hong Kong’s determination to become a global family office center. The development of the family office industry will not only attract funds from around the world but also strengthen Hong Kong’s financial market, asset and wealth management industry, and promote the development of other industries such as green finance, cultural and art, and charity.
Source: Policy statement on the development of family office business in Hong Kong by the Hong Kong Special Administrative Region Government | News.gov.hk