By South China Morning Post | Created at 2024-11-17 11:26:13 | Updated at 2024-11-17 23:49:29
12 hours ago
Hong Kong’s investment promotion agency has launched a charm offensive tour to Europe, with the aim of attracting high-net-worth individuals to set up family offices in the city.
A top InvestHK official, Charles Ng Siong-kwong, set off on Sunday and will visit various major European cities over the coming week, including London, Milan, Lugano and Paris, to meet family office representatives in the region and speak at a finance forum to promote the city.
“Our commitment to fostering a business-friendly environment, combined with our robust financial infrastructure, makes Hong Kong the ideal destination for investors seeking to diversify their portfolios and capitalise on the significant growth potential in Asia,” said Ng, InvestHK’s associate director general of investment promotion.
A government spokesman said ultra-high-net-worth individuals in Europe were increasingly facing an uncertain tax environment. Many were shifting their wealth management focus to Hong Kong, drawn by its more favourable tax policies and leading wealth management position in Asia, he said.
Hong Kong has been keen to attract high-net-worth family offices in recent years, with a government arm holding a three-day summit in September.
City leader John Lee Ka-chiu emphasised the government’s commitment to establishing Hong Kong as a global philanthropic hub at a separate forum that month.
