Hong Kong policy address: John Lee woos global capital with tax incentives, scheme enhancements
City will offer more tax sweeteners to family offices, enhance a talent investment scheme, and build an international gold trading market
Hong Kong “will make every effort” to attract more global capital into the city and strengthen its status as a major financial centre by offering more tax sweeteners to family offices, enhancing a talent investment scheme, and building an international gold and commodity trading market.
Chief Executive John Lee Ka-chiu on Wednesday rolled out a series of measures during his third policy address, to bolster the city’s status as a global financial hub, one of three areas mandated by Beijing, alongside maritime and trade.
He pledged to expand the scope of tax concessions for funds and single-family offices. With 2,700 of such offices registered in Hong Kong, the city is expected to become the world’s largest cross-boundary wealth management centre by 2028.
“We will make every effort to attract more global capital to be managed in Hong Kong,” Lee said.
A cash-for-residency arrangement, the New Capital Investment Entrant Scheme (NCIES), allows successful applicants to invest in residential property worth at least HK$50 million (US$6.4 million), with a cap of HK$10 million counting towards the total capital investment.
Residential property investments were not counted before the new arrangement took an immediate effect.
