Weir Says Hong Kong Must Keep Innovating Family Office Policy to Stay Competitive

Hong Kong family office policy must continue to evolve if the city is to remain competitive even after rolling out a new framework and what Andrew Weir described as “excellent” tax concessions.

The Financial Services Development Council vice-chairman said global competition remains intense and Hong Kong cannot stand still if it wants to attract more family offices as part of a broader financial ecosystem.

He said the city has taken a “quantum step forward” over the past year in strengthening its position as an international financial centre, but acknowledged concerns that Hong Kong offers less hands-on support than rival hubs for inbound and outbound activity.

Weir said this was a fair challenge that should be recognised and built into future Hong Kong family office policy reforms.