Development of Family Office Business
82. In my last Budget, I proposed to review the relevant tax arrangements with the aim of further attracting family offices to establish a presence in Hong Kong. After discussing and examining the relevant arrangements with the asset management sector, we propose to provide tax concessions for the eligible family investment management entities managed by single‑family offices. We will consult the sector on the detailed proposal as soon as possible and aim to submit legislative amendments to the LegCo within the current legislative session. It is expected that the relevant tax concessions will come into effect in the year of assessment 2022/23. I believe that the proposal will enhance our attractiveness as a hub for family offices, deepen Hong Kong's pool of liquidity and create more business opportunities for the financial sector and other professional sectors.
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