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US trusts and estates - what's new in Hong Kong
The International Family Offices Journal
Vol. 6 - Iss. 2 pp. 42–43
Dec 2021
InvestHK is the Hong Kong Special Administrative Region (HKSAR) government department responsible for foreign direct investment. Its vision is to strengthen Hong Kong's status as the leading international business location in Asia and it has over the years launched various initiatives aiming to attract and retain foreign direct investment which is of strategic importance to the economic development of Hong Kong. The most recent initiative is the launch of a specialist team on 29 June 2021 called FamilyOfficeHK (the Office) which is dedicated to providing a one-stop service to family offices which are interested in setting up or are already established in Hong Kong. The Office has members from Hong Kong, China and Europe and is expected to offer a range of free advisory services to family offices or UHNW individuals, including the provision of information seminars to introduce Hong Kong's advantages as a family office hub, and provision of bespoke advice to help the planning, set-up, launching and further expansion of family offices in Hong Kong. The Office is also a central point of contact which may connect those intending to set up family offices with other relevant government agencies and regulators, such as the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC).