Family offices are not new but seem to be burgeoning in the last decade and the financial sector is obsessed with the label. Hong Kong scrapped estate duty many years ago and family wealth succession arrangements are no longer tax planning-oriented but focused on protection of asset value and fair distribution among family members. Today, this is linked to investment management for one family or groups of families, hence the emergence of multifamily offices, which is another fancy label that makes little difference to what private bankers have been doing for the rich and famous for years.

While concerns about money laundering related to family offices should be addressed by the regulators, the Hong Kong government should continue to think about ways to keep family offices operating here. A tax-free zone next to the airport could help encourage family offices to set up headquarters here permanently. In addition, a medical tourism hub near the airport could attract wealthy families to conveniently access our private hospital services. Our insurance industry would definitely thank our government for this.

Joseph Chan, chairman, Silk Road Economic Development Research Centre

Don’t compromise on customs checks for the wealthy