Hong Kong will improve tax breaks to attract family offices, official says

Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.

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Feb 28, 2024

9 months ago

Hong Kong will improve tax breaks and enhance several other measures to attract family offices and foreign investors, says city official Paul Chan Mo-po.

“We will further enhance the preferential tax regimes for related funds, single-family offices and carried interest, including reviewing the scope of the tax concessions regime,” said Chan, the South China Morning Post reported.

The changes involve expanding the types of financial transactions that qualify for tax breaks.

In recent years, more high-net-worth families from California have set up family offices in Hong Kong, attracted by its tax incentives, according to the Raffles Family Office.

And Hong Kong is set to welcome family offices and wealth managers from around the world in March for its second Wealth for Good summit.

Among recent incentives was an investment migration program, the Capital Investment Entrant Scheme (CIES), launched in December 2023. CIES enabled foreigners who invest $3.4 million or more in qualifying assets into a Hong Kong-based portfolio to apply to live and work in the city.

Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.