Explainer | Hong Kong launches ambitious plan to land family offices for the super-rich, but how does it stack up against competition for the lucrative market?
- Secretary for Financial Services and the Treasury Christopher Hui says he is confident scheme a credible rival to Singapore’s Global Investor Programme
- Government says scheme could bring in HK$120 billion to city and boost business for professional services firms
Hong Kong on Tuesday announced a new investment scheme to promote the growth of family offices and attract the super-rich to set up in the city, which officials said could bring in up to HK$120 billion (US$15.4 billion) in annual capital flows.
Secretary for Financial Services and the Treasury Christopher Hui Ching-yu revealed details of the New Capital Investment Entrant Scheme, which he said would lure more investors and boost business at the city’s professional services firms.
Residence by investment initiatives, also known as golden visa programmes, provide high-net-worth individuals with the option to relocate and the right to live, work, study and receive healthcare in their new countries.
Here the Post takes a look at the benefits and how the city’s latest scheme compares with those on offer around the world.
What does the new scheme entail?
Foreigners, Macau and Taiwanese residents, as well as mainland Chinese people who have permanent residency in another country and who are aged over 18 are eligible to apply for the new scheme.
