Landmark Family Office’s Post

For more than 100 years, Hong Kong has been a leading international hub for family wealth in Asia.  This vibrant global city, located in the heart of Asia, offers an extraordinary breadth and depth of investment opportunities; access to world-class financial infrastructures; excellent professional service providers; and unique advantages under the ‘One Country, Two Systems’ framework. This framework allows Hong Kong to exercise a high degree of autonomy while preserving its own economic, social, and common law system.  It is within these advantageous conditions that Hong Kong has become a ‘plug-and-play’ destination for family offices catering to wealthy families from Asia, Europe and around the world. One recent report by Deloitte estimates there are more than 2,700 single-family offices (SFOs) thriving in the region.  Now, in a move that will only serve to further cement its position as a global leader, Hong Kong has introduced alluring incentives for family offices and their investment activities. These include tax concessions, the new Capital Investment Entrant Scheme (CIES) and market facilitation measures. Read the full story now: https://buff.ly/4dzBhLE #PartnerContent

For such a long time, Hong Kong hasn't had a number dictating how many family offices are incorporated or based in the city. Finally, the city has its own data, according to a Deloitte survey commissioned by the Hong Kong government. * The study estimates that Hong Kong had more than 2,700 single-family offices based in the city last year *The single family offices managed at least $10 million, while 885 of them had at least $100 million in assets as of the end of last year * The city managed HK$30.5 trillion ($3.9 trillion) of assets as of the end of 2022, while boasting more than 12,500 ultra high-net-worth individuals The moves follow Chief Executive John Lee’s target of having 200 large family offices set up in the city by 2025.  Its long-time rival Singapore said around 1,400 single family offices have been awarded tax incentives as of Dec. 31. BUT need to make it clear: Not like Singapore, there is no requirement for single family office registration in HK. Deloitte's number is based on estimation. #hongkong #familyoffices #finance #wealth

The conventional wisdom was that Singapore was in the lead in this category, but it seems not! Well done to #Deloitte and Patrick Yip and team for digging down into the numbers and shedding light on the actual landscape. #newlaw #familyoffice #HongKong #wealthhub www.dc-lo.com

【Hong Kong's Advantage over Singapore in Establishing Family Offices】 https://lnkd.in/gkAYmndb In recent years, there has been a notable comparison between #Singapore and #HongKong due to their shared similarities. When the Hong Kong SAR Government announced its plans to expand Hong Kong as a #global #hub for #FamilyOffice, concerns were raised about Singapore becoming its main competitor. However, Hong Kong maintains a #competitive #edge over Singapore in various aspects. I will delve into this topic in detail in my column at Hong Kong Economic Journal. I strongly urge everyone to seize the #opportunities arising from the developments in different sectors, with family offices being one of them. I firmly believe that Hong Kong will continue to uphold its #leading position in #Asia! #HongKongEconomicJournal #HKEJ #HNW #UHNW #AssetInheritance #insurance #finance #WealthManagement #FinancialPlanning #InvestmentStrategy #RiskManagement #AssetManagement #FinancialFreedom #AIA #AIAHK #WaveChow 

One of the fastest growing destinations for managing family wealth is Singapore, thanks to favorable policies and its location as a springboard to Southeast Asia. That’s luring family offices from around Asia – and notably from South Korea – to setup shop in the Southeast Asian city-state. To learn more: https://lnkd.in/gf-sqVMk #EquitiesFirst #ProgressiveCapital #SpecialtyFinancing #PrivateCredit  #wealthmanagement #WealthBuilding #InvestmentStrategies #InvestmentOpportunities #Finance #Investment

Family Office in Hong Kong

To underscore its commitment to developing the family office sector, the Hong Kong government unveiled a new family office statement in 2023, since then, good momentum has been built in the industry. Hong Kong has gradually established a highly competitive ecosystem in the family office sector. In addition, the Hong Kong government has also introduced a number of tax incentive specifically for the fund industry.   To explore the latest developments in this space, KPMG is co-hosting an event with Invest Hong Kong and COPFA in Shanghai. We have invited the Global Head of Invest Hong Kong and various experts in KPMG to discuss the hot topics in relation to policies and recent developments of the Family office and fund industry in Hong Kong.   #FamilyOffice #HongKong #FundIndustry #taxincentives

#familyoffice

"Hong Kong is a preferred choice for many ultra-rich individuals due to the speed and clarity of the process required to set up a SFO. Cutrera notes that the reputation for being slow, for being difficult has worked against competing markets, without naming specific jurisdictions, compared to Hong Kong which has the ability to move relatively quickly." ~ Jessica Cutrera, Family Office Association HK Chair Today the leading jurisdictions for offshore wealth management includes Switzerland, Hong Kong, Dubai & Singapore. All these locations have several factors in common including political stability, access to top & highly skilled cosmopolitan talent, the strong rule of law, efficiency, cost competitiveness, access to wide range of financial services & products, and pro-business environments. Attracting offshore wealth to be managed by financial services firms in a location has several benefits. It can attract foreign investment, create jobs, accelerate knowledge transfer, increase tax revenues, potentially even lower borrowing costs, and benefit the wider economy etc. Competition is fierce. At the same time, the legal & regulatory frameworks need to be robust & sound, and yet commercial & efficient in order to safeguard the banking system of the location (including mitigate money laundering activities) & ensure the sustainability & growth of the wealth management industry and the wider economy. We are fortunate in Singapore to have a financial regulator who works closely with stakeholders to promote the location as a choice regional & international financial centre. For example, the Monetary Authority of Singapore (MAS) supported the industry-led effort to strengthen competency levels with the establishment of the Private Banking Code of Conduct back in 2011. According to reports, Dubai & Hong Kong are emerging as key locations for attracting family offices. In 2023, Dubai introduced the DIFC Family Arrangements Regulations to promote Dubai's appeal for family offices. Hong Kong is also predicted by Boston Consulting Group to overtake Switzerland within 3 years as the world's largest offshore banking centre. Such competition can only be good for the consumers. Hence, Singapore cannot rest on our laurels. However, it is not a zero sum game. Competition is always good as it benefits consumers as well as improve service levels & pricing, and promotes innovation. While Singapore is home for Bank of Singapore, Asia's Global Private Bank, we also operate out of our Dubai and Hong Kong hubs to capture the growth in these locations & regions. This is important as it brings & connects Singapore to the world, and the world to Singapore. #Singapore #HongKong #Dubai

🏙️📈 Exciting News for Hong Kong! 🇭🇰✨ InvestHK predicts that the number of family offices in Hong Kong might soon surpass Singapore, despite the current gap in their numbers. 📊 This projection aligns with the city's continuous growth as a preferred destination for businesses. Last year alone, 382 mainland Chinese and overseas firms, predominantly in the finance sector, chose Hong Kong for their establishment or expansion. 🚀 Explore the full article here https://lnkd.in/gn7FUNv4 #HongKongEconomy #FamilyOffices #InvestmentHub