Hong Kong spells out incentives for wealthy families setting up in city, including easier path to residency via investments

‘Holistic offerings’ aim to attract global family offices and asset owners, financial-services secretary says

Revamped investment-migration scheme will count yuan-denominated assets towards thresholds for residency

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New policy measures are formulated to showcase “the full charm of Hong Kong”, says financial services chief Christopher Hui Ching-yu. Photo: Roy Issa

Published: 1:33pm, 24 Mar 2023Updated: 9:55pm, 24 Mar 2023

The Hong Kong government has announced a slew of measures aimed at persuading the wealth-management offices of high-net-worth families to set up in the city, including a revamped investment-migration scheme that will count yuan-denominated assets, as well as the creation of art-storage facilities at Hong Kong’s airport.

The policy initiatives came as the city kicked off its Wealth for Good in Hong Kong Summit on Friday, part of an effort to convince at least 200 family offices – the private companies wealthy families set up to manage investments and philanthropic efforts – to choose Hong Kong as their base by the end of 2025.

“For those of you interested in setting up a family office here, I want you to know that the thriving development of your business in Hong Kong is a central policy priority of the Hong Kong government,” Chief Executive John Lee Ka-chiu said at the principal dinner of the summit on Friday.

“We want to ensure that our family offices have the comprehensive services they need to thrive in Hong Kong.”

Earlier, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said the measures represent “holistic offerings” for global family offices and asset owners.

“The attractiveness of Hong Kong goes beyond our role as an investment and financing centre, and the policy measures are formulated to showcase the full charm of Hong Kong as an international cosmopolitan city from multiple dimensions,” Hui said.

Christopher Hui, secretary for financial services and the treasury, speaks at the Wealth For Good summit in Hong Kong on March 24, 2023. Photo: Handout