HONG KONG – 24 March 2023 - Hong Kong issued a Policy Statement on developing family office businesses in Hong Kong, unveiling eight measures with favorable packages and services aimed at helping family wealth owners establish a presence in Hong Kong. Some of the new measures include a new Capital Investment Entrant Scheme, tax concessions, a new Hong Kong Academy for Wealth Legacy, establishing art storage facilities at the airport and developing Hong Kong as a philanthropic centre.
The Financial Secretary Paul Chan Mo-po: "Under the 'one country, two systems' principle, Hong Kong has a common law regime and a regulatory system that aligns perfectly with global standard. Our robust financial markets develop in a stable and orderly way. We have the unique advantage of strong support of the motherland while being closely connected to the world. Our world-class financial infrastructures plus a diversified and efficient capital market that connects the Mainland and the global capital markets put us in the forefront as a leading asset and wealth management hub in the world. At the same time, Hong Kong in recent years has seen solid development in terms of green and sustainable finances, innovation development, art and culture industries as well as philanthropy, making the city an ideal base for global family offices."
The Secretary for Financial Services and the Treasury Christopher Hui Cheng-yu:"We are committed to providing a conducive environment for global family offices to thrive in Hong Kong. A comprehensive set of policy measures is now in place tailored to the holistic and unique needs of family wealth owners. The WGHK (Wealth for Good in Hong Kong) marks the start of a new journey, and I am confident we can co-curate with all stakeholders a family office ecosystem that benefits all."
Founder and CEO of HKmediaEx Lewis Wan: “Since the beginning of March this year, four American banks, including Silicon Valley Bank, have suddenly closed down, and the crisis has quickly spread to Europe, resulting the collapse of Credit Suisse. The banking crises in Europe and the United States have erupted one after another, and trillions of wealth has fled in a hurry to avoid risks. This is a godsend opportunity for Hong Kong. Time and tide wait for no man, we are happy to see the announcement of the policy statement to attract family offices to establish their presence in Hong Kong. HKmediaEx is one of the beneficiaries. Family offices form an integral part of asset management business. They have a relatively high concentration of wealth with investments not only confined to financial products but also covering art and cultural items.”
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