Hong Kong aims to attract family offices from the Middle East and Indonesia to solidify its position as a global family office hub, according to InvestHK. The agency’s global head of family office, Jason Fong, emphasized the need for an international outlook to tap into new markets.
Fong highlighted the opportunities in Indonesia and the lack of awareness among Indonesian family businesses about Hong Kong’s expertise in the family office sector. The city’s efforts to engage with the Middle East have been fruitful, with more wealthy individuals turning to Hong Kong for family office setup.
With over 2,700 single-family offices in Hong Kong, the city’s simple and transparent tax regime makes it an attractive destination. Unlike Singapore, Hong Kong offers tax incentives without stringent asset management requirements, providing a favorable environment for family offices.
To further enhance Hong Kong’s appeal, suggestions were made to streamline the tax process for family offices and establish an art-storage facility at the airport to facilitate art transactions in the city.