Hong Kong plans to relax its capital investment entrant regulations to attract family offices of global millionaires and strengthen its image as a global wealth hub.
Any individual who makes an investment through a private firm he or she wholly owns will be taken into account for the New Capital Investment Entrant Scheme, which is set to come into effect on March 1, according to the local government.
The program allows people who invest HKD30 million (US$3.9 million) into the city to obtain residency.
City officials exchange the scheme to attract HKD24 billion of investment to support the sluggish economy.
“The New Capital Investment Entrant Scheme has attracted high-net-worth individuals, business elites and innovative entrepreneurs,” said Christopher Hui, Secretary for Financial Services and the Treasury.
“We believe these measures will encourage more investors to join the scheme and can create synergy with the tax concession regime for family offices, thereby promoting the development of family office businesses in Hong Kong.”
Over 800 individuals have applied to join the scheme, in which 733 have demonstrated to have assets of HKD30 million or higher.
The latest plan shortens the time period for the assets from two years to six months preceding applications.
Hong Kong had more than 2,700 single-family offices based in the city in 2023, according to a Deloitte survey commissioned by the government as reported by Bloomberg.
Chief Executive John Lee targets to have 200 large family offices set up in the city by 2025.
