Xu Zhengyu: The Hong Kong government is drafting amendments to family office tax relief, covering virtual assets, private lending, etc

The Secretary for Financial Services and the Treasury of Hong Kong, Hui Zhengyu, said that the complex global political and economic environment is more conducive to the family office business in Hong Kong, and the number of family offices settled in Hong Kong can accumulate to more than 3,000 in a short period of time. In terms of tax relief for family offices, the Hong Kong government is drafting amendments to allow tax relief for private loans, virtual assets, carbon credits, etc., and is also thinking of how to make it easier for Private Offering Fund to apply for tax concessions. The goal is to submit the ordinance to the Legislative Council next year, hoping that the ordinance will come into effect (retroactively) on April 1, 2025.