Hong Kong lures wealthy elites and family offices with tax cuts

Revamped migration scheme also planned as city hosts 'Wealth for Good' summit

Hong Kong's reputation as an international finance hub was battered by Beijing's crackdown on dissent and years of punishing COVID-19 curbs that isolated the city. © AFP/Jiji

PAK YIU, Nikkei staff writer

March 24, 2023 15:11 JST

HONG KONG -- Hong Kong says it will move to cut taxes for family offices as part of a strategy to bolster its status as an international wealth management hub.

The planned concessions were among measures announced Friday as dozens of wealthy elites flew into the city to attend an exclusive event for family offices, with regional rival Singapore throwing up stiff competition in a race to draw the super rich.