Independent Wealth

Raffles Family Office welcomes Hong Kong Government's initiatives for asset and wealth management industry

In today's budget announcement, the Hong Kong Government introduced new measures to further strengthen Hong Kong's status as the asset and wealth management hub in Asia, including a HKD100 million allocation to InvestHK, the establishment of a steering group to oversee key projects such as the "Wealth for Good in Hong Kong" Summit, and dedicated training for wealth management talents.

The government will also refine regulatory measures and tax arrangements, increase allocation to sustainable investment funds, and in addition to the previous introduction of tax exemption for qualifying transactions of family-owned investment holding vehicles managed by single family offices in Hong Kong.

 

Chi-man Kwan, Group CEO and Co-Founder of Raffles Family Office, said, “I am pleased to see the Hong Kong Government's unwavering commitment to strengthening the city's position as a leading hub for asset and wealth management in Asia, with a specific focus on the vital family office industry. These initiatives are particularly important to our global citizen clients, who require a forward-thinking jurisdiction with a sophisticated financial ecosystem to manage their assets and investments. The measures announced, such as the tax exemptions for family-owned investment vehicles and funding to InvestHK to attract more family offices to Hong Kong, along with the government's dedication to refining regulatory measures and tax arrangements for the asset and wealth management sector, will undoubtedly create a more conducive environment for the continued growth of the family office industry. I am confident that the city will continue to thrive as a premier family office hub in Asia.”