Hong Kong has passed a tax concession bill aimed at attracting family offices and restoring the city's status as a regional financial hub, as it competes with rivals like Singapore. The new regime, which takes effect from May 19, will offer a tax exemption for eligible family-owned investment holding vehicles for profits earned from qualified transactions. The move comes as many wealthy individuals and financial service providers have shifted to rival financial hubs amid rising geopolitical tensions. The minimum asset threshold for an eligible applicant will be USD240m. Christopher Hui, Hong Kong's secretary for financial services and the treasury, said the move would foster Hong Kong's position as a premier family office hub and an international asset and wealth management center.