Exclusive | Hong Kong’s family office measures succeed in attracting global interest: JPMorgan Private Bank
- With tax and regulations on the top of the list for family offices, Hong Kong scores well in these areas, JPMorgan Private Bank’s Paul Knox says
- Most of the interest is from the bank’s clients in mainland China and Southeast Asia, but inquiries from the rest of the world are also rising
Hong Kong’s tax breaks and immigration policies to attract tycoons to set up family offices have been quite successful, as they have piqued the interest of many billionaires over the past year, according to a top banker.
“Hong Kong has a lot of viable reasons for people who are looking to set up family offices here, ranging from flexible regulations and immigration policies to low tax rates and active capital markets,” Paul Knox, managing director and senior wealth adviser at JPMorgan Private Bank Asia, said in an exclusive interview with the Post.
Most of the interest is from the bank’s mainland Chinese and Southeast Asian clients, but inquiries from other parts of the world are increasing, he added.
Hong Kong’s government in March last year unveiled eight measures to entice billionaires to set up family offices for undertaking investments, philanthropy and succession planning. This was followed by a range of tax incentives in May and the setting up of the Hong Kong Academy for Wealth Legacy in November.
The government also introduced a revamped investment-migration programme in March this year, providing residency to those who invest HK$30 million (US$3.8 million) or more.
Tax and regulatory environments are the key considerations for wealthy clients when it comes to choosing a destination to set up family offices, according to a recent study by JPMorgan Private Bank in Asia.
