Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui Ching-yu, has announced that the city aims to attract a minimum of 200 family offices by the year 2025. In response to inquiries regarding listings and taxation, family office leaders have expressed interest in relocating to Hong Kong. To ensure the promotion of local employment and the economy, family offices that receive tax relief will need to employ at least two individuals in Hong Kong annually and spend HKD2m on related expenses. The government has implemented a range of measures, such as a new capital investment entrant scheme and tax concessions, in order to entice wealthy family offices. Chief Executive John Lee Ka-chiu anticipates that the proposal to provide a profits tax exemption for investment holding vehicles managed by single-family offices may be approved by the Legislative Council in the next one to two months.
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