Hong Kong to unveil cash-for-residency plan, tax incentives at Friday’s wealth summit to attract family offices
- More than 100 global leaders of family office operators from America, the Middle East and Asia will be in the city to attend ‘The Wealth for Good in Hong Kong Summit’
- Tycoon Richard Li Tzar-kai and Yahoo co-founder Jerry Yang are among the more than 20 speakers at the one-day summit on Friday
The Hong Kong government will announce a slew of measures at a key wealth summit on Friday, such as a revamped investment migration scheme, while new tax concessions and incentives will be offered for family offices to make it easier to set up charities and grow their art collection, Secretary for Financial Services and the Treasury Christopher Hui said.
The measures are aimed at fending off Singapore and attracting more wealthy people to set up family offices here and to reconnect Hong Kong to the world after the city scrapped all Covid restrictions in December.
More than 100 global leaders of family office operators from America, the Middle East and Asia are bringing their teams to Hong Kong to attend “The Wealth for Good in Hong Kong Summit”, Hui said in an interview with the Post.
“We believe the wide range of new policies will help attract the world’s biggest family offices to come to Hong Kong to manage their wealth, conduct their charity programmes and collect artworks to pass on to the next generation,” Hui said.
Financial Secretary Paul Chan Mo-po in his budget last month announced the government would allocate HK$100 million (US$12.8 million) to InvestHK to promote family offices and other wealth-management businesses. In October, Chief Executive John Lee Ka-chiu set a target of attracting 200 large family offices to the city by 2025.
