HSBC Private Bank Head of Family Office Advisory APAC Aik Ping Ng: Hong Kong Family Office Incentives Integral to be a Leading International Family Office Hub, Rapid Growth of Asian Wealth & UHNW Families Intent to Institutionalize & Professionalize Management of Wealth
24th February 2023 | Hong Kong
Expert Comment – HSBC Private Bank Head of Family Office Advisory APAC Aik Ping Ng on the latest Hong Kong family office incentives: “We welcome Hong Kong government’s latest announcement on family office incentives and believe these are integral to the city’s ambition to become a leading international family office hub. The rapid growth of Asian wealth, coupled with UHNW families‘ intent to institutionalise and professionalise the management of their wealth in recent years, has spurred the development of Hong Kong’s family office ecosystem. Incentives like these will help strengthen Hong Kong’s competitive edge and encourage new and existing family offices to expand their presence on the ground. Looking ahead, HSBC Global Private Banking will continue to play a pivotal role in serving these family offices in Hong Kong and the region using the HSBC Group’s collective strengths and international connectivity.” Hong Kong 2023 Budget Announcement: HKD 100 million ($7.8 million) funding allocated to InvestHK dedicated to family office promotional campaign. In 2023 January, Hong Kong government introduced a bill on tax exemptions for eligible single family offices with minimum $30 million assets (HKD 240 million), retrospective from 1st April 2022 and passing tests on family office control, holding period & immovable property. In 2022 October, new Hong Kong Chief Executive John Lee Ka-chiu announced a series of new policies to strengthen Hong Kong as a leading financial hub in his 2022 policy address (19th Oct 2022, Wednesday). For family offices, Hong Kong will give tax-concession to eligible family offices, and target to attract at least 200 of the world’s top family offices to set up or expand their operations by 2025. Hong Kong manages $216 billion (HKD 1.7 trillion) of assets from family offices & private trusts (2022). Read More: Hong Kong Introduces Bill on Tax Exemptions for Single Family Offices with Minimum $30 Million Assets, Retrospective from 1st April 2022 & Passes Control, Holding Period & Immovable Property Tests | Interview on Setting Up Family Office with Dixon Wong, Head of Financial Services & Family Office at InvestHK
“ Hong Kong Family Office Incentives Integral to be a Leading International Family Office Hub, Rapid Growth of Asian Wealth & UHNW Families Intent to Institutionalize & Professionalize Management of Wealth “
HSBC Private Bank Head of Family Office Advisory APAC Aik Ping Ng: Hong Kong Family Office Incentives Integral to to be a Leading International Family Office Hub, Rapid Growth of Asian Wealth & UHNW Families Intent to Institutionalize & Professionalize Management of Wealth
HSBC Private Bank Head of Family Office Advisory APAC Aik Ping Ng on the latest Hong Kong family office incentives:
- Hong Kong 2023 Budget Announcement: HKD 100 million ($7.8 million) funding allocated to InvestHK dedicated to family office promotional campaign.
- In 2023 January, Hong Kong government introduced a bill on tax exemptions for eligible single family offices with minimum $30 million assets (HKD 240 million), retrospective from 1st April 2022 and passing tests on family office control, holding period & immovable property.
- In 2022 October, new Hong Kong Chief Executive John Lee Ka-chiu announced a series of new policies to strengthen Hong Kong as a leading financial hub in his 2022 policy address (19th Oct 2022, Wednesday). For family offices, Hong Kong will give tax-concession to eligible family offices, and target to attract at least 200 of the world’s top family offices to set up or expand their operations by 2025. Hong Kong manages $216 billion (HKD 1.7 trillion) of assets from family offices & private trusts (2022).
On Family Office in Hong Kong:
- Hong Kong Introduces Bill on Tax Exemptions for Single Family Offices with Minimum $30 Million Assets, Retrospective from 1st April 2022 & Passes Control, Holding Period & Immovable Property Tests
- Interview with Dixon Wong, Head of Financial Services at InvestHK
About HSBC Global Private Banking
As part of the HSBC Group, one of the world’s largest banking and financial services organisations, HSBC Private Banking seeks to be the leading international private bank for business owners and their families. It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. HSBC Private Banking is the marketing name for the private banking business conducted by the principal private banking subsidiaries of the HSBC Group.
The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 63 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2.992 trillion at 30 September 2022, HSBC is one of the largest banking and financial services organisations in the world.
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