The Government of Hong Kong has revealed a set of measures to persuade affluent communities from across the globe to set up their family offices in the city.

As part of the move, the government has introduced a revamped version of Capital Investment Entrant Scheme (CIES), which seeks to add equities listed in Hong Kong along with debts issued or fully guaranteed by Hong Kong-firms and others.

Tax exemption of profits will be offered to family-controlled investment holding vehicles (FIHVs) handled by single family offices in Hong Kong.  

The government has also announced several market facilitation measures as well as plans to establish a Hong Kong Academy for Wealth Legacy to create a talent pool for the industry and set up a new network of family office service providers, among others.

Hong Kong financial secretary Paul Chan 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.

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By GlobalData

“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.”

The announcement comes amid the Wealth for Good in Hong Kong summit, which was said to be attended by over 100 family offices and global business tycoons.