Monaco has sent officials to Hong Kong as part of its efforts to lure the ultra-rich in the Greater Bay Area to the European wealth haven.
Frederic Genta, Monaco’s secretary for attractiveness, development and digital transformation, visited Hong Kong on Thursday to meet family offices and prospective investors with the aim of luring wealth to the European country.
«We hope we can be a small door to Europe for the Greater Bay Area (GBA),» said an «SCMP» report citing Genta.
«Second Base»
According to Genta, he envisions the wealthy using Monaco as a «second base» for Europe, adding that it was not seeking to compete directly with Hong Kong, which has set a target of attracting at least 200 family offices by 2025.
«In a multilateral world, you need several bases,» he said.
Tax Haven
Monaco is known as a haven for the ultra-rich with no tax for income, capital gains or inheritance. It is the world’s second-smallest country, behind Vatican City, with a land mass of two kilometers squared and a population of around 38,000. According to Genta, it is home to «more than 40 big family offices».
Monaco’s visit to Hong Kong is part of broader efforts to woo riches outside of its traditional investor base in Western Europe. The Hong Kong trip follows a Tuesday visit to Macau, which is also part of GBA. In addition, Monaco is also seeking to build ties with Singapore and the Middle East.
