ExclusiveHong Kong’s revamped cash for residency scheme to be ‘big boost’ for capital markets, family-office push, official says
- ‘Many wealthy clients want to migrate here,’ says Undersecretary for Financial Services and the Treasury Joseph Chan Ho-lim
- InvestHK setting up team to assist revamped migrant scheme that may bring in HK$120 billion in capital every year
Hong Kong’s revamped investment migration scheme has received an overwhelming response from wealthy families and high-net-worth individuals globally, according to a senior government official.
Many of these wealthy individuals have expressed interest in applying for residency in the city and setting up family offices here to manage their assets, according to the Undersecretary for Financial Services and the Treasury Joseph Chan Ho-lim.
“Since we announced the details of the new Capital Investment Entrant Scheme [CIES] last month, we have received very positive feedback from the intermediaries who found many wealthy clients want to migrate here,” Chan said in an exclusive interview with the Post.
“Many of them expressed interest in applying for residency in Hong Kong alongside their plans to set up family offices here. The trend will be a big boost for the city to develop into a global family office and wealth management hub.”
