The Hong Kong government will announce a series of measures during its summit on Friday to attract family offices to the city.
New measures will be introduced at tomorrow’s «The Wealth for Good in Hong Kong Summit» including a revamped investment migration scheme, tax concessions and incentives for family offices, according to an «SCMP» report citing Secretary for Financial Services and the Treasury Christopher Hui.
The measures aim, in part, to make it easier to set up charities and grow art collections in the city.
«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 programs and collect artworks to pass on to the next generation,» Hui said.
100 Leaders
According to Hui, more than 100 leaders of family office operators from America, the Middle East and Asia are bringing their teams to attend the summit.
Separately, the Hong Kong government released a list of guest speakers that includes leading private banking executives like J.P. Morgan’s Andrew Cohen and local tycoons like Pacific Century Group’s Richard Li.
The new measures and the summit are part of broader efforts by Hong Kong to attract at least another 200 family offices to establish or expand operations in the city by end-2025.
