A new tax incentive for family offices to set up shop in Hong Kong came in effect on Friday.
Under the new scheme, eligible family-owned investment holding vehicles managed by single family offices will be exempt from profit tax provided that they fulfil the minimum asset threshold of HK$240m ($30.6m).
“This would foster Hong Kong’s position as a premier family office hub and an international asset and wealth management centre,” said Secretary for Financial Services & the Treasury Christopher Hui.
In March, the Hong Kong government announced a series of incentives to woo family offices to set up shop in the special administrative region having lost out in recent years to competition from Singapore.
As well as tax breaks, these measures included a revamped capital investment entrant scheme and the establishment of art storage facilities at the airport.
