The Financial Services & the Treasury Bureau (FSTB) today announced that under the Government's vigorous promotion, over 200 family offices have set up operations or expanded their business in Hong Kong with the facilitation of Invest Hong Kong (InvestHK).

This also marks an achievement of completing the key performance indicator set in the 2022 Policy Address well ahead of schedule, signalling that the city’s standing as Asia’s leading cross-border private wealth management centre and hub for global family offices is firmly anchored to a greater extent.

To strengthen this key growth segment of the asset and wealth management industry, the Chief Executive in his first Policy Address put forward a clear target of facilitating no fewer than 200 family offices in establishing or expanding their operations in Hong Kong by the end of 2025.

Subsequently, the FSTB published in March 2023 a policy statement outlining eight policy measures in order to curate a conducive and competitive environment for the businesses of family offices.

Such measures involved offering tax concessions, introducing the New Capital Investment Entrant Scheme and establishing the Hong Kong Academy for Wealth Legacy.

At the same time, InvestHK’s dedicated FamilyOfficeHK team expanded its role to provide comprehensive services and facilitation.

Since 2022 until now, more than 200 family offices have established or expanded their presence in Hong Kong with support from InvestHK. The reported figure does not cover family offices that have established themselves independently or through support from the city's professional services network.

Secretary for Financial Services & the Treasury Christopher Hui said: “The fact that InvestHK has surpassed the milestone of attracting 200 family offices ahead of schedule is a testament to this city’s strong competitive advantage in private wealth and asset management.

“We will continue to refine our policy measures, such as further enhancing the preferential tax regimes for funds, single family offices and carried interest, to keep up the growth momentum of the family office sector.”