<article>Hong Kong says it will move to cut taxes for family offices as part of a strategy to bolster its status as an international wealth management hub.</article>

Hong Kong says it will move to cut taxes for family offices as part of a strategy to bolster its status as an international wealth management hub.
The planned concessions were among measures announced Friday as dozens of wealthy elites flew into the city to attend an exclusive event for family offices, with regional rival Singapore throwing up stiff competition in a race to draw the super rich.
The government said a bill to exempt family offices from profits tax was being discussed in the city&#8217;s legislature with other tax exemptions also being considered, including incentives aimed at encouraging wealthy individuals to set up charities. Existing preferential tax regimes for funds run by family-owned investment holding vehicles were also under review.
The city would commit to a previously announced revamp of its migration scheme, while a new Hong Kong Academy for Wealth Legacy would be set up to train and cultivate talent managing wealth.
&#8220;The policy stance and measures unveiled in this statement represent the beginning of a journey for Hong Kong as we position bringing family offices to our market as a strategic priority,&#8221; the Financial Services and the Treasury Bureau said in a policy statement.
The measures come as Hong Kong hosts the Wealth for Good summit that brings some of the world&#8217;s richest families &#8212; including Sequoia Capital China&#8217;s Neil Shen, Yahoo co-founder Jerry Yang and former Swiss diplomat Uli Sigg &#8212; to the city&#8217;s Palace Museum to discuss wealth management, the arts and philanthropy.
Over 20 notable executives like Hong Kong tycoon Richard Li, Chinese technology company Xiaomi&#8217;s co-founder KK Wong and Bill &amp; Melinda Gates Foundation director Robert Rosen spoke at panel discussions attended by more than 100 ultrahigh net worth individuals.
The financial center has been championing itself as a hub for family offices — privately run companies that handle investments and wealth management for high-net-worth individuals — to claw back investment as it emerges from three years of pandemic isolation. The city&#8217;s reputation as a global business hub has been battered by mass street protests, pandemic restrictions that shut it off from the world, as well as Beijing&#8217;s crackdown on dissent.
The government has previously said setting up family offices in the city will &#8220;whip up the demand for asset management and other related professional services, creating more business opportunities for Hong Kong.&#8221;
Investors and wealthy elites have flown to Hong Kong over the past two weeks as it hosted a series of large events including Art Basel and the Wealth For Good Summit in a bid to showcase that the city is back in business.
Hywin Wealth, a wealth management company, held a two-day event for 30 high-net-worth Chinese who met with lawyers, tax advisers and investment managers to learn about Hong Kong as a place to invest.
&#8220;The Hong Kong government&#8217;s embrace of family offices and tireless efforts to meet their needs is highly appreciated,&#8221; said Nick Xiao, CEO of Hywin International.
Hong Kong has launched a series of promotional events to woo wealthy families to set up investment offices. Last October, a delegation from InvestHK, a government agency in charge of foreign investment, visited the Middle East, Europe and Southeast Asia.
The city&#8217;s family-office team was set up in mid-2021. Authorities announced it would allocate 100 million Hong Kong dollars ($12.7 million) over the next three years to boost efforts to attract high-net-worth individuals to set up in Hong Kong. It hopes to draw 200 large family offices to the city by 2025.
Regional rival Singapore has also been competing for family offices with tax incentives and policies that have been in place for nearly two decades. According to government estimates, it is currently home to about 700 family offices &#8212; up from 400 at the end of 2020.
The city-state introduced a Global Investor Program in 2004 to attract high net worth individuals with promises of citizenship after two years. The Monetary Authority of Singapore said on Tuesday there were 200 single-family office applications pending approval.
This story first appeared in <a href="https://asia.nikkei.com/Business/Business-trends/Hong-Kong-lures-wealthy-elites-and-family-offices-with-tax-cuts">Nikkei Asia</a>.

Regional rival Singapore has also been competing for family offices with tax incentives and policies.

Hong Kong moves to cut taxes to lure wealthy elites and family offices

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Hong Kong moves to cut taxes to lure wealthy elites and family offices

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