Swiss stance on Russia may boost family office business in Hong Kong: minister
Switzerland’s neutral image affected by Russia-Ukraine war, treasury secretary Christopher Hui says
Hong Kong’s treasury chief has said the city may become more attractive to wealthy people seeking to set up family offices after Switzerland’s image of neutrality was affected by the country’s stance toward the Russia-Ukraine war.
Secretary for Financial Services and the Treasury Christopher Hui Ching-yu also said on Sunday that at least four parties from Indonesia had expressed an interest in setting up family offices in Hong Kong after his visit to the country last month.
“For some wealthy individuals, they are very sensitive about where their money is kept, whether it can be withdrawn and whether it is safe. But this has never been an issue for Hong Kong,” Hui told a radio programme.
“In fact, it’s to our advantage. The Basic Law clearly states that there is a free flow of capital, so Hong Kong has had a very stable and predictable investment environment over the past period of time,” he added.
Switzerland’s political neutrality has been called into question after the country opted to join other Western nations in sanctioning Russia and criticising its president, Vladimir Putin.
Switzerland has a long history of mediation and is not a member of the European Union or Nato.
“The neutral image Switzerland was affected to some extent due to the Russia-Ukraine war. Now the country would like to rebuild its neutrality through some reforms,” Hui said.
