New opportunities for Hong Kong family offices! Policy Address 2024 reveals new directions!

In the wave of globalization, a family office is not only a fortress for guarding wealth, but also a lighthouse for passing on wisdom and wealth. Hong Kong, a bright pearl embedded in the international financial map, is attracting the attention of global family offices with its unique geographical location, robust and mature financial market and open and inclusive economic policies.

In Lee Jiachao's release this yearIn the 2024 Policy Address, announced a series of innovative measures.Aims to make Hong Kong a global center for family offices.

#01

Part of the 2024 Policy Address

In the Hong Kong 2024 Policy Address, Mr. Lee emphasized the Hong Kong government's commitment to continuing to push forward reforms to continuously enhance Hong Kong's central position in the international financial system:

★ Xiangjiang Wealth Beacon: A Financial Harbor for Family Offices

The Hong Kong Government is promoting the management of more global funds in Hong Kong, including cooperation with private equity funds and the Belt and Road Sovereign Fund, to provide more investment opportunities for family offices.

★Habitat Harbor Dreams: A New World of Family Offices

Hong Kong has relaxed the New Capital Investment Entrant Scheme to allow investment in residential properties and optimized corporate investment to attract more family offices to Hong Kong.

★ Currency Bridge: A Family Office's Poem on Global Finance

Hong Kong will deepen the "connectivity" mechanism, enrich offshore RMB business, provide family offices with richer investment choices and promote diversified asset allocation.

★ Market Concerto: A New Chapter in Securities for Family Offices

The Hong Kong Government has proposed measures to optimize the securities market, including exploring new overseas capital, securing listings for enterprises, optimizing the listing approval process, and enhancing market efficiency to attract more family offices to participate.

★Talent Harbor: The Smart Choice for Family Offices

The Hong Kong Government has introduced a new mechanism for the admission of talents, updated the "Talent List" and expanded the "Highly Qualified Persons Pass Scheme" to build up a pool of quality talents to meet the development needs of family offices.★ Pearl of the Orient: The Bright Future of Family Offices

The Chief Executive of Hong Kong, Mr. K.C. Lee, emphasized that Hong Kong has the unique advantage of having the Motherland at its back, and the country is the strongest backing for Hong Kong. Hong Kong will seize the opportunity to strive for self-improvement and create new heights to provide more development opportunities for family offices.

#02

Advantages of setting up a family office in Hong Kong

For families with large assets, choosing the right family office is important. A family office can provide tailor-made one-stop services, thus ensuring that family assets are professionally managed and effectively passed on. Highly specialized and customized services make theFamily offices are becoming a preferred wealth management option for wealthy families.

So what are the advantages of setting up a family office in Hong Kong?

❶  Sound regulatory framework and legal system

Hong Kong has a mature financial market and a well-established legal system, providing a stable and predictable operating environment for family offices.

❷ Competitive tax system

Hong Kong's simple and low tax regime, with no sales tax or value-added tax, investment withholding tax, capital gains tax, property tax, etc., offers great tax advantages for family offices.

❸ Providing a favorable investment and financial environment for high net worth individuals in the Mainland

As an international financial center, Hong Kong offers diversified investment options and sophisticated professional services, providing a good investment and financial environment for Mainland HNWIs.

❹ The world's largest offshore RMB settlement center

Hong Kong is one of the freest economies in the world with no restrictions on the movement of funds in and out of the city, and as the world's largest offshore RMB center, it offers unique advantages for family offices.

❺ A more liberal talent acquisition program

Hong Kong's more liberal talent admission scheme has attracted a large number of financial and professional services talents, providing family offices with a wealth of professional services resources.

❼ Easier and faster family office application process

Hong Kong offers a convenient application process that makes the establishment and operation of a family office more efficient.

Throne Speech 2024 creates excellent conditions for the development of family officesIt further facilitates and provides complementary services for global family offices and asset owners' businesses to flourish in Hong Kong, heralding the emergence of more cross-border investment cooperation opportunities and market innovations in the future.

Setting up a family office in Hong Kong is an attractive option for high net worth individuals and families.If you are interested in a Hong Kong family office, please feel free to enquire!