High net worth individuals take note
An important period of family office wealth inheritance is coming!
On May 30, the 22nd China Private Equity Investment Summit 2023 of the Hong Kong Venture Capital and Private Equity Association was held in Hong Kong. Xu Zhengyu, Secretary for Financial Services and the Treasury of Hong Kong, attended the meeting and delivered a speech.
Xu Zhengyu said that the next 20 to 30 years will be an important period for family office wealth inheritance.
Asia's largest hedge fund center
Xu Zhengyu pointed out that as of March this year, Hong Kong's wealth management assets were about US$212 billion, ranking second in Asia, second only to the mainland.
Hong Kong is listed as the largest hedge fund center in Asia, and is now in a new stage of vigorously pursuing economic growth and development. In order to ensure that development can be maintained, or even accelerated, the government will continue to strengthen and utilize Hong Kong's advantages to enhance competitiveness.
Provide a full set of professional services for investment management
Xu Zhengyu believes that Hong Kong can provide a full set of professional services for ultra-high-net-worth individuals to manage investment portfolios. The Hong Kong government has been adopting a multi-pronged approach to create a conducive business environment for family offices.
He pointed out that the "Joint Heung Kong" summit forum held in March received a good response, and many family office participants have expressed their interest or intention to set up in Hong Kong.
The government has also issued a policy statement on the development of family office business in Hong Kong to achieve the goal of attracting at least 200 family offices by 2025.
small tips
On March 24, the Hong Kong Special Administrative Region Government issued a policy declaration on promoting the development of family office business in Hong Kong, introducing eight measures to provide more favorable support and services for family wealth owners to settle in Hong Kong.
These new measures include: the new "Capital Investor Entrant Scheme", the provision of tax concessions, the establishment of the Hong Kong Wealth Inheritance Institute, the promotion of art storage facilities at the airport and the development of Hong Kong as a charity center, etc.
Policy support, international capital investment
Xu Zhengyu pointed out that the government has been adopting various measures in recent years to strengthen the competitiveness of the asset and wealth management industry, including introducing diversified infrastructure and providing a more favorable tax environment for the fund industry.
As of the end of 2021, Hong Kong's asset and wealth management business reached US$4.6 trillion, of which 65% came from non-Hong Kong investors, reflecting Hong Kong's attractiveness to international capital.
The government has introduced a number of measures in recent years, including providing a more favorable tax environment for the fund industry and strengthening its competitiveness.
In the next 20 to 30 years, global family offices will usher in an important period of wealth inheritance. How to effectively manage and invest in family wealth has become an important issue facing family offices.
As one of the international financial centers, Hong Kong has diversified financial products and mature market mechanisms and regulations, providing a wide range of choices and convenient means of operation for the global allocation of family assets.
In addition, Hong Kong's low tax rate, sound legal system, political stability, and superior business environment are unique advantages in the world, making Hong Kong a high-quality place for asset preservation and appreciation for family offices.
Xingyunhai International is headquartered in Hong Kong, China, occupying regional advantages and possessing strong resources. Professional consultants, senior copywriters, and post-service teams follow up the whole process, providing comprehensive and considerate services such as Hong Kong immigration, further education, and investment.
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