Hong Kong seems determined to go "head to head" with Singapore in attracting global family offices to bring their wealth to the city. On March 24 2023, the Hong Kong government issued a new Policy Statement on Developing Family Business in Hong Kong, on the same day when the inaugural closed-door "Wealth for Good in Hong Kong" summit which was reportedly attended by over 100 global family office representatives was held.
In a previous briefing note, we discussed the licensing requirements for family offices under the Securities and Futures Ordinance in Hong Kong. In this article we provide a high level comparison between Hong Kong's proposed profits tax concessions for family-owned investment vehicles (the "HK Scheme") and Singapore's Sections 13O and 13U tax exemption schemes for family offices (collectively, the "Singapore Scheme") with a view to assisting high net worth ("HNW") families to find the legal structures that best suit their wealth preservation needs and long term objectives.
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