Hong Kong policy address: John Lee woos global capital with tax incentives, scheme enhancements

Hong Kong “will make every effort” to attract more global capital into the city and strengthen its status as a major financial centre by offering more tax sweeteners to family offices, enhancing a talent investment scheme, and building an international gold and commodity trading market. Chief Executive John Lee Ka-chiu on Wednesday rolled out a series of measures during his third policy address, to bolster the city’s status as a global financial hub, one of three areas mandated by Beijing, alongside shipping and trade. He pledged to expand the scope of tax concessions for funds and single-family offices.

With 2,700 of such offices registered in Hong Kong, the city is expected to become the world’s largest cross-boundary wealth management centre by 2028. “We will make every effort to attract more global capital to be managed in Hong Kong,” Lee said. A cash-for-residency arrangement, the New Capital Investment Entrant Scheme (NCIES), allows successful applicants to invest in residential property worth at least HK$50 million (US$6.



4 million), with a cap of HK$10 million counting towards the total capital investment. Residential property investments were not counted before the new arrangement took an immediate effect..