Hong Kong plans to expand the tax exemption scope for family offices, covering areas such as virtual assets.

According to the Xinbao report, Xu Zhengyu, the Director of Financial Affairs and Treasury Bureau in Hong Kong, stated that the number of family offices settled in Hong Kong is expected to exceed 3,000 in a short period. Currently, over 2,700 family offices have been established. He revealed that authorities are planning to expand the tax exemption scope for investments made by family offices including private lending, virtual assets and carbon credits with an aim to implement related regulations by April 1st, 2025.

Xu Zhengyu pointed out that despite the increasingly complex global geopolitical environment, Hong Kong has attracted a large number of investors due to its stable regulation and predictability. He also mentioned that Hong Kong is striving to become the world's largest cross-border wealth management center and expects this goal will be achieved between 2027 and 2028.