In a bid to compete with Singapore and boost its attractiveness to affluent individuals seeking to establish family offices, Hong Kong has implemented various measures aimed at reestablishing its global connections following the removal of all Covid-related restrictions in December. These initiatives encompass a revamped investment migration programme, as well as tax exemptions and incentives intended to facilitate the establishment of charities and expand art collections by family offices. Christopher Hui, the Secretary for Financial Services and the Treasury, expressed confidence that this diverse range of new policies would lure the world's top family offices to Hong Kong. Citi Private Bank's Global Family Office Group Asia Head, Bernard Wai, stated that Hong Kong's position as the gateway between China and the rest of the world gives it the potential to become a global centre for family offices.
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