In just three months, the Hong Kong government has approved the first batch of investment visas under its revamped Capital Investment Entrant Scheme (CIES), signalling a strong push to establish itself as a premier hub for family offices.
While Singapore grapples with a major money laundering scandal, Hong Kong is seizing the opportunity to attract family offices. The government announced it had given preliminary approval to 88 out of 339 applications, with three visas fully approved, requiring a local investment of HK$30 million ($3.8 million) each.
Hong Kong aims to attract over HK$10 billion in investments from the more than 300 applications in progress, strengthening its asset and wealth management sector. The Mayer Brown law firm noted in March that the new CIES would likely draw high-net-worth individuals to set up family offices in Hong Kong, bolstering its status as an international financial hub.
Interest in the new scheme is high, with the immigration department receiving over 3,700 inquiries since its relaunch. This rapid response highlights Hong Kong’s competitive edge in becoming the regional choice for family offices.
