HONG KONG: Hong Kong tops Asia family office rankings

Hong Kong boasts almost twice the number of family offices than its nearest rival Singapore, according to a newly published report.

The study commissioned by the Hong Kong government and published by Deloitte says there are currently 2,703 single family offices operating in the city.

Singapore currently has around 1,400 single family offices, based on a statement in parliament about tax incentives made by Singapore’s deputy prime minister Lawrence Wong.

Hong Kong’s capital markets, its proximity to the mainland China market, the rise of digital technology, and the untapped potential of emerging markets in Asia were all cited as factors in Hong Kong’s family office success by Rita Chan, Hong Kong government and public services leader at Deloitte China.

Hong Kong is also set to welcome one more family office to its shores.

Dubai royal family member Sheikh Ali Al Maktoum is planning to set up an office in Hong Kong with US$500 million of assets.

The office will invest in ventures focused on technology, including AI, fintech and electric vehicles.

7 February 2024

THAILAND: Crypto trading becomes VAT-free in race for digital

The Finance Ministry has announced the exemption of value-added tax (VAT) on digital asset trading to push Thailand towards becoming a digital asset hub. Paopoom Rojanasakul, secretary to the finance

Read More
22 February 2024

CYPRUS: Cyprus delays 15% tax on multinationals

Cyprus has yet to enforce the new EU rules introducing a minimum effective tax rate of 15% for multinational corporations operating within EU member-states. Alongside nine other countries, Cyprus was

Read More
26 April 2024

TAX: World’s billionaires should pay minimum 2% wealth tax, say G20 ministers

The world’s 3,000 billionaires should pay a minimum 2% tax on their fast-growing wealth to raise £250bn a year for the global fight against poverty, inequality and global heating, ministers from

Read More
25 October 2024

PANAMA: Panama Threatens To Veto EU Tenders If Not Removed From Tax Haven List

The President of the Republic, José Raúl Mulino, threatened on Tuesday, October 22, to veto European Union (EU) companies from future tenders in Panama if the European bloc does not remove him from

Read More