Tax concession for single-family offices in the Budget further enhances Hong Kong’s attractiveness – Family Office, Invest HK
FamilyOfficeHK welcomes the measure proposed in the latest 2022-23 Budget by Financial Secretary Paul Chan to foster the growth of family offices in Hong Kong.
The government has resolved to propose tax concessions for eligible family management entities managed by single-family offices.
Dixon Wong, Head of Financial Services and Global Head of Family Office at Invest Hong Kong, said: “The relevant tax concessions are expected to come into effect in fiscal 2022/23, demonstrating the increasing emphasis placed by the Government on fostering the growth of family offices in Hong Kong. Initiatives like targeted tax policies, the establishment of a dedicated family office team, FamilyOfficeHK, and the introduction of a limited partnership fund system, have widened investment opportunities and created an ideal environment to nurture the development of family offices.”
Wong added that “The latest Budget has also highlighted the continuous effort in promoting offshore Renminbi business and green and sustainable finance, and deepening mutual access with the Mainland. We are confident that these measures can further strengthen Hong Kong's position as a family office hub in Asia. The connectivity with China and the world has allowed Hong Kong to become a “super-connector” and the city’s existing advantages of having a well-established legal system, competitive tax system, and world-class professionals specializing in asset management, will all help to create a conducive environment for the development of family offices in Hong Kong.”