Over 200 family offices have set up in Hong Kong.

The Financial Services and Treasury Bureau of the Hong Kong Special Administrative Region Government announced today that, with the strong support of the SAR Government, the number of family offices that have relocated to Hong Kong or expanded their businesses with the assistance of Invest Hong Kong has exceeded 200, surpassing the performance target set in the 2022 Policy Address report. This accomplishment solidifies Hong Kong's position as a leading cross-border private wealth management center in Asia and a global hub for family offices. To strengthen this important financial growth sector of asset and wealth management in Hong Kong, the Chief Executive of the SAR, Carrie Lam, proposed a clear target in the 2022 Policy Address to promote the establishment or expansion of at least 200 family offices in Hong Kong by the end of 2025. The Financial Services and Treasury Bureau subsequently released a policy statement in March 2023, demonstrating the SAR Government's commitment to enhancing the ecosystem for family offices and asset owners. Through the introduction of eight measures, including tax incentives, the introduction of the "New Capital Investor Immigration Program," and the establishment of the Hong Kong Wealth Succession Academy, the SAR Government aims to create the most competitive and favorable environment for developing the family office-related industry. The Director-General of the Financial Services and Treasury Bureau, Christopher Hui, stated that, through more than two years of active promotion by the SAR Government and the creation of a stable and predictable favorable development environment at the policy level, family offices have become an important part of Hong Kong's financial industry. Hong Kong offers excellent conditions for family offices, including international professional services and a high-quality living environment, as well as advantageous opportunities for developing green investments, art, and charity businesses, creating a diverse and comprehensive ecosystem for family offices. The early achievement of the goal of attracting 200 family offices by Invest Hong Kong fully demonstrates Hong Kong's strong competitive advantage in private wealth and asset management. We will continue to optimize policy measures, including further optimizing tax incentives for funds, single-family offices, and associated interests, to sustain the growth momentum of family office development.