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In an interview with a top-tier Chinese wealth management magazine, Wealth, Jason Fong, Global Head of #FamilyOfficeHK, shed light on the notable developments taking place in Hong Kong's family office industry.   Jason highlighted the government's plan to support 200 family offices in Hong Kong by 2025, recognising their vital role in driving economic growth. Hong Kong's strategic location in the Greater Bay Area enhances collaboration opportunities with mainland China, making it an attractive destination for family offices. The government's release of the Policy Statement on Developing Family Office Businesses in Hong Kong (Policy Statement) earlier this year further reinforces its commitment to creating a robust family office ecosystem.   Additionally, Jason emphasised that people are at the heart of every successful initiative. To attract and retain talent, Hong Kong has implemented immigration policies such as the "Top Talent Pass Scheme" and the "Capital Investment Entrant Scheme." These policies support the family legacy, the settlement of family wealth owners, facilitate talent acquisition, and help develop the family office industry. In addition, Hong Kong's favourable tax environment, with low tax rates and compelling incentives, have positioned it as one of the most attractive jurisdictions for family offices in the world.   The government's efforts have yielded promising results. Since the release of the Policy Statement and the launch of the Wealth for Good in Hong Kong Summit, a wealth of  family offices have expressed interest in establishing or expanding in Hong Kong. Jason highlighted that FamilyOfficeHK will continue to promote global family office businesses in mainland China, Southeast Asia, the Middle East, Europe, North America, and other regions.   Hong Kong, a global finance and business hub, offers a strong infrastructure, advantageous tax policies, and a strategic location, making it the preferred destination for family offices to operate and thrive. For further reading, please refer to the following link: https://lnkd.in/gQzzHk9g #FamilyOffices #HongKong #FamilyOfficeHK 

EXCERPTS: “I’m very confident we will be number one for family office wealth management in the future,” said Adrian Cheng, the chief executive officer of property firm New World Development Co. and the chairman of the recently-created Hong Kong Academy for Wealth Legacy. The institute was set up by the city last year to help develop and promote Hong Kong as a global hub for the super-rich. Cheng didn’t specify a time frame for the goal, which is to be the biggest in terms of the number of family offices and assets under management, adding that it could be in the “medium term.” Hong Kong had more than 2,700 single family offices at the end of 2023, according to estimates in a government-commissioned study by Deloitte published earlier this year. About a third of them managed at least $100 million in assets, the study said. The semi—autonomous Chinese territory is trying to regain its stature as a global financial hub following years of draconian Covid-19 restrictions and a sweeping crackdown against political dissent. Rival Singapore has benefited from expatriates and international businesses that have shifted away from Hong Kong, and is also a popular regional base for family offices. The Southeast Asian nation had about 1,400 single family offices that had been awarded tax incentives at the end of 2023, more than triple the total at the end of 2020.

As their numbers continue to grow, family offices in Hong Kong require first-class servicing and support for their operation, as well as digitally transformed workflows that allow for maximum efficiency and scale. #familyoffices #hongkong #privatewealth #privatebanking #empaxis

This recent study from Deloitte and FamilyOfficeHK illustrates why Hong Kong has become one of Asia’s largest cross-border wealth management centres, exploring the family office landscape with insights into the city's business and financial success. Critical incentives include Hong Kong not requiring family offices to be pre-approved or registered, competitive tax regimes and government initiatives, plus the city’s flexibility, capital markets, proximity to Mainland China’s market, and global connectivity, especially with the rise of digital technology. The government's family office regime and policy measures are expected to strengthen Hong Kong's position as a premier centre for family offices, attracting significant investment, particularly from high-net-worth individuals. #familybusiness #familyoffice #HongKong

🌟 Why You Should Set Up a Family Office in Hong Kong 🌟 As global wealth rises, family offices are essential for the ultra-wealthy to manage assets and plan for the future. Here’s why Hong Kong is a top choice: 📜 Flexible Regulatory Framework: No specific licensing regime means fewer hurdles and more efficiency for family offices. 🌏 Strategic Location: Hong Kong’s connectivity to mainland China and Asia-Pacific makes it a central hub for business activities, especially for investments in China’s Greater Bay Area. 💸 Tax Incentives: With no sales tax, value-added tax, capital gains tax, or withholding tax, Hong Kong offers a favorable tax environment. The government’s proactive measures have significantly grown the number of family offices. 🏦 Financial Hub: Hosting top global banks and asset managers, Hong Kong ranks among the top in competitiveness. A deep talent pool and robust banking ecosystem make it ideal for complex wealth management. 👥 How Alpadis Can Help: Alpadis Group offers comprehensive solutions, including succession planning, corporate administration, risk management, and regulatory compliance. We ensure your family office operates smoothly and efficiently in Hong Kong’s environment. Choose Hong Kong for its strategic advantages and partner with Alpadis Group for expert guidance in managing your family wealth. #FamilyOffice #WealthManagement #HongKong #FinancialHub #TaxIncentives #AlpadisGroup 🚀 Discover more: https://lnkd.in/gwje--Cg

🌏 East vs West: Navigating the Differences in Family Offices As a Canadian-Chinese family office spanning Hong Kong and Toronto, Viren Wong has unique insights into the contrasts between Asian and Western family offices. 💡 Key differences include: - First generation mindsets in China mirror early US entrepreneurs like Rockefeller, but China's former one-child policy creates succession challenges 👨👩👧 - Almost 2/3 of mainland Chinese families have multiple marriages, leading to complex family trees 🌳 - Asian family offices are just getting started compared to multi-generational European and US offices However, family offices globally face similar issues in encouraging entrepreneurship and wealth creation across generations. 💸 The transition from active business to passive investing is a shared challenge. Identity management is a unique Asian family office strategy - diversifying family members and assets across multiple countries. 🌎 This "disruptive" Chinese business approach can create advantages in Western markets. Legacy planning is still evolving for Asian families as first gen patriarchs learn to cede control. Extracting the core business values to apply to new opportunities is key. 🔑 #FamilyOffices #WealthTransition #AsiaVsWest #NextGen #Entrepreneurship https://lnkd.in/dAq5D7kc

By 2025, financial wealth in Asia excluding Japan could outstrip that in the United States. #familybusiness #familywealth #familyoffice https://lnkd.in/g4hhSpsE

The family office sector in Hong Kong is thriving, boasting over 2,700 single-family offices, according to a market study conducted by Deloitte in collaboration with FamilyOfficeHK. Deloitte's Vice Chair, Patrick Yip, highlights the city's competitive advantage and commitment to supporting family office businesses. Anthony Lau, Hong Kong Leader of Deloitte Private, underscores the importance of a competitive tax regime in attracting family offices, citing recent tax concessions and market facilitation measures. “With the pre-existing single-family offices in Hong Kong as a solid bedrock, the HKSAR Government’s newly introduced family office regime and policy measures will only make Hong Kong's pre-eminent position as a premier centre for family offices even stronger and more unassailable,” stated Deloitte China Hong Kong Government & Public Services Industry Leader, Rita Chan. https://lnkd.in/gkKzijdr https://lnkd.in/gB4UMU2k #FamilyOffice #WealthManagement #AssetManagement #Business #Opportunity #Growth #Realestate #Finance #ValueCreation I Invest Hong Kong I South China Morning Post SCMP I Brand Hong Kong I Family Office Association Hong Kong I Deloitte Consulting l Deloitte Government & Public Services

“Hong Kong had more than 2,700 single-family offices based in the city last year, almost twice as many as at its rival Singapore, a Deloitte survey shows. These single-family offices managed assets worth at least $10 million, while 885 of them had more than $100 million in assets at the end of last year, according to the survey commissioned by the Hong Kong government. Hong Kong’s recent introduction of preferential tax policies for single-family offices — which manage the wealth of members of a lone family — has outperformed Singapore’s offerings, Deloitte said.” “Deloitte underscores Hong Kong’s deep-rooted history in managing family wealth since the 19th century, suggesting that the city is more likely to attract those ‘invisible’ billionaires to set up single-family offices here than Singapore. This historical advantage, coupled with Hong Kong’s more flexible tax policies, positions it as a formidable competitor in the realm of private wealth management, despite Singapore’s strong recent growth in this sector, Deloitte said. Hong Kong has made attracting family offices a key goal under Chief Executive John Lee Ka-chiu.” “The government aims to attract at least 200 new family offices to set up or expand their operations in the financial hub by 2025, Lee said in October 2022. In March 2023, Hong Kong’s securities regulator said it would free some family offices that serve single families from licensing requirements. The city also exempts the profits of certain family-owned investment holding vehicles from taxes. The Hong Kong government also intends to start a new capital investment entrant scheme by mid-2024 for those who invest at least HK$30 million ($3.8 million).”

Monaco, synonymous with luxury, is leading the way in wealth mobility, attracting family offices from China, Hong Kong, the Greater Bay Area. Frederic Genta, Monaco's Secretary for Attractiveness, Development, and Digital Transformation, has been on a mission to Hong Kong to build connections with family offices and potential investors. Did you know that despite having a population of only 37,000, Monaco has the highest GDP per capita in the world, estimated at $230,000? It's no surprise that approximately 50% of Monaco's population are millionaires, making it a magnet for prosperity. Genta envisions Monaco as a "second base" for wealth, offering a strategic gateway to Europe. With its tax-friendly environment and prime location, Monaco presents an enticing opportunity for those seeking diversification and access to European markets. Read more about Monaco's new efforts to attract family offices and investors in the article below. #wealthmobility #globalfinance #Monaco #familyoffices #futureofwealth #wealthmanagement #investment #finance #luxury #opportunity Link to article: https://lnkd.in/eq2BZcm5