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Hong Kong’s Victoria Harbour. Yaorusheng | Moment | Getty Images As the Iran war rocks Dubai’s safe-haven image, Hong Kong’s expanding tax incentives for family offices may attract wealthy individuals reconsidering their Middle East exposure, lawyers and consultants told Inside Wealth. “We’re seeing a lot more interest in Hong Kong. This interest, especially in the last two weeks, has shot through the roof,” said Gaven Cheong, partner and fund formation lawyer at Charles Russell Speechlys.  Cheong, who is based in Hong Kong, said he has conversations on a near-daily basis with families who are considering setting up family offices in Hong Kong, including those who previously left the region. In late February, the Hong Kong government proposed several new tax incentives for single-family offices, family-owned investment holding vehicles and investment funds. One of the most notable proposals would extend tax breaks on gold, cryptocurrencies, private credit and overseas real estate, among other assets. Hong Kong’s Financial Secretary, Paul Chan, said the legislation will be submitted by June. In 2023, Hong Kong introduced tax concessions for family offices with the aim of luring wealthy investors back to the region after 2019 protests prompted a wealth exodus. An estimated 4,200 millionaires left Hong Kong that year alone, according to investment migration consultancy Henley & Partners.  Many mainland Chinese families chose to move their firms from Hong Kong to Singapore for its political neutrality, tax-friendly regime and independent courts, according to Singapore-based lawyer Edmund Leow.  Between 2020 and 2024, Singapore’s family office population surged from 400 to more than 2,000, according to the Monetary Authority of Singapore. “There was a mad rush to set up family offices in Singapore, and Hong Kong realized they needed to do something otherwise a lot of their families would shift,” said Leow, senior partner in Dentons Rodyk’s…

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Filed under: News - @ March 12, 2026 5:25 pm