Hong Kong’s newly launched tax incentive and investment migration programs are set to resume. The desires of the family office of the cityAccording to the head of a Swiss private lender. Private Banking Association (UBP) in Hong Kong.
The Geneva-headquartered bank expanded its team in Hong Kong in the first half of this year. He hired 10 senior bankers to build affluent clients in China, Hong Kong, Taiwan and other Asian markets. Family offices Evan Wong Wai-kee, regional head of North Asia in the city and CEO of Hong Kong, said at UBP.
“After the Hong Kong government It has introduced tax incentives and continued investment migration schemes. For family offices, we have received more mainland and overseas wealthy investors expressing interest in setting up family offices in Hong Kong,” he said in an interview with The Post.
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The Hong Kong government unveiled a series of measures in March to encourage billionaire family offices — corporations set up to oversee investment, philanthropy and succession planning — to set up in the city. A revamped investment migration program, tax breaks and art storage facilities are planned, among other measures, to meet Chief Executive John Lee Ka-chiu’s goal of attracting 200 new family offices to Hong Kong by 2025.
“These government measures have created many talking points among our wealthy family clients in China and Asia,” Wong said. “Many want to know more about the tax incentives and investment migration programs, a trend that will give Hong Kong more strength as a family office hub in Asia.
“Hong Kong is an ideal place for wealthy families in the Greater Bay Area to manage their wealth. Clients living in the Greater Bay Area only need an hour’s travel time to come to Hong Kong, and the city should speak the same language and culture. It has a common culture.”
Evan Wong Wai-kee, Regional Head of North Asia and CEO of Hong Kong at UBP. Photo: Jonathan Wong alt=Ivan Wong Wai-kee, Regional Head of North Asia and Hong Kong CEO at UBP. Photo: Jonathan Wong>
UBP joins the likes of Citigroup, Zurich-based private bank EFG International, wealth management firm Janus Henderson and Bank of Singapore in expressing interest in capturing growing opportunities in family offices in Hong Kong.
The lender, also a family business, had 140 billion Swiss francs ($157 billion) in assets as of the end of June.
Founded by Edgar De Picciotto in 1969, UBP has been managed by his son Guy De Picciotto for over 25 years. The bank focuses on wealth management and asset management, and likes to use a combined organic growth approach as well as mergers and acquisitions to expand its business.
In the year The 2015 acquisition of 300-year-old British wealth manager Coates International from Royal Bank of Scotland allowed UBP to expand its footprint in Asia and the Middle East.
Wong said both Hong Kong and Singapore are important for UBP in Asian business. “Naturally, we use Singapore to serve clients in Southeast Asia, and Hong Kong is a hub for mainland China and North Asia,” he said.
The growth in the number of Hong Kong family offices will help boost capital market activities in the city, said Gordon Tui Lun On, director of industry body the Hong Kong Securities Association.
“Family offices are set up by wealthy people who want to invest their money,” Twi said. Establishing more family offices in Hong Kong encourages them to use the city to invest in a variety of products and stocks.
“Singapore has been very aggressive in developing their family offices, and Hong Kong will have to work hard to catch up.”
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