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Overseas family offices eye Hong Kong thanks to new incentives, forum hears

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Family offices from all corners of the globe eye Hong Kong as new incentives start to bear fruit, financial forum hears

Efforts to attract billionaires to set up family offices have caught the attention of wealthy individuals from mainland China, the Middle East and further afieldHong Kong’s new tax incentives make it less restrictive than rival Singapore, EY partner saysBanking & financeEnoch Yiuin Hong KongandYuke Xiein BeijingPublished: 5:29pm, 27 Sep, 2023Why you can trust SCMP

Government efforts to attract billionaires to set up family offices in Hong Kong have already caught the attention of wealthy individuals from mainland China, Asia, the Middle East and further afield, a financial forum organised by the Post heard on Wednesday.“It is not surprising that the initial interest is from the mainland, but there will be momentum for the rest of the world as this goes forward over the next 18 to 24 months,” said Paul Knox, managing director, senior wealth adviser at JPMorgan Private Bank Asia.

“There has been a lot of interest from mainland China because there is ease of access and they understand Hong Kong. However, we have also seen interest from other parts of the world, from Southeast Asia, the Middle East, Australia, New Zealand, Europe, the UK, as well as the US.”

Knox was speaking on a panel at the Post’s Redefining Hong Kong Series – family office edition.

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