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UBP says Hong Kong’s family office incentives are drawing clients’ interest

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Swiss private lender UBP says Hong Kong’s family office incentives are attracting interest from wealthy mainland Chinese, overseas clients

The Geneva-headquartered bank has hired 10 senior bankers to tap wealthy clients in mainland China, Hong Kong, Taiwan and other Asian markets for the setting up of family offices in the cityUBP’s wealthy family clients in China and Asia want to know more about the incentives, a trend that will ‘give further strength to Hong Kong as a family office hub in Asia’, bank’s Hong Kong CEO saysBanking & financeEnoch YiuPublished: 11:30am, 17 Sep, 2023Why you can trust SCMP

Hong Kong’s newly launched tax incentives and resumption of investment migration schemes are set to boost the city’s family office hub ambitions, according to the head of Swiss private lender Union Bancaire Privee (UBP) in Hong Kong.The Geneva-headquartered bank expanded its team in Hong Kong in the first half of this year. It has hired 10 senior bankers to tap wealthy clients in mainland China, Hong Kong, Taiwan and other Asian markets for the setting up of family offices in the city, said Ivan Wong Wai-kee, regional head of North Asia and CEO of Hong Kong at UBP.“After the Hong Kong government introduced the tax incentives and resumed the investment migration schemes for family offices, we have found more mainland and overseas wealthy investors expressing an interest in establishing family offices in Hong Kong,” he said in an interview with the Post.

Hong Kong’s government in March unveiled several measures to entice billionaires to set up family offices – corporations set up to pursue investment, philanthropy and succession planning – in the city. A refreshed investment migration programme, tax breaks and art storage facilities, among other measures, have been introduced with the aim of achieving Chief Executive John Lee Ka-chiu’s target of attracting 200 new family offices to Hong Kong by 2025.

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