FamilyOfficeHK Global Head Jason Fong addresses an audience during his recent trip to Cambodia. Supplied
Hong Kong has long been recognised as a premier destination for family offices, offering an unparalleled combination of professional services, strategic location and favourable tax policies.
For wealthy Cambodian families looking to secure their legacies and grow their wealth, Hong Kong presents an ideal environment that combines global expertise with unique regional advantages.
A family office is a private wealth management firm that serves ultra-high-net-worth individuals (UHNWIs) or families, managing their investments, finances and often other personal affairs, including family succession. It offers a range of services including investment management, estate planning, tax services and philanthropic management, tailored specifically to the needs of the family it serves.
During a recent interview with The Post, Jason Fong, Global Head of FamilyOfficeHK – a dedicated team promoting family office businesses under the HKSAR government's foreign direct investment promotion agency, Invest Hong Kong (InvestHK) – spoke about his recent visit to Cambodia.
“My trip was incredibly fruitful," he said. “I spoke with many people from associations and conglomerates to institutes, and shared insights into Hong Kong's century-long history with family offices, which has allowed us to accumulate not only significant financial assets, but also a wealth of experience and knowledge.”
According to Fong, Hong Kong's financial services industry is robust, with 267,000 financial professionals supporting 2,700 family offices. That's a ratio of 99 professionals to each family office, far surpassing what can be found anywhere else in the world in terms of the level of professional support, including banking, fund management, accounting, legal and tax advisory services.
“During my trip, I shared this information with my Cambodian audience, and they loved it. It's not just about the money; it's about the certainty, the assurance and the compliance that Hong Kong provides. Plus, there's the added benefit of philanthropy, which many family offices are keen to engage in as they establish themselves here,” he said.
Jason Fong, Global Head of FamilyOfficeHK – a dedicated team promoting family office businesses under the HKSAR government's foreign direct investment promotion agency, Invest Hong Kong (InvestHK). Supplied
Fong noted that what sets Hong Kong apart from places like Singapore is its approach. While Singapore focuses on attracting cash deposits, Hong Kong isn’t solely interested in holding your cash – you can keep it in Cambodia or anywhere else in the world.
“In April this year, the Monetary Authority of Singapore (MAS) launched a digital platform called Collaborative Sharing of Money Laundering/Terrorism Financing (ML/TF) Information and Cases (COSMIC) in collaboration with six major commercial banks in Singapore,” he said.
He added that while the platform aims to enhance information sharing to combat money laundering activities, the mandatory and MAS-controlled nature of information sharing on COSMIC has raised concerns among many UHNWIs in the region who value their privacy.
Fong underscored that many UHNWIs perceive these stringent measures as not only encroaching on personal privacy but also casting doubt on their integrity in managing wealth.
“Hong Kong respects confidentiality, and the right to protect privacy is enshrined in the Personal Data (Privacy) Ordinance (PDPO), one of Asia's longest-standing comprehensive data protection laws. Unlike the implementation of a centralised digital platform like Singapore’s COSMIC, we maintain the independence of our financial system,” he highlighted.
Fong emphasised that, regardless of where your assets are located, the key priority for establishing a family office in Hong Kong is the city’s ability to effectively manage the global wealth of families, including both their investments and legacies. Whether it’s a building in the Bahamas or assets managed elsewhere, it’s all acceptable – you don’t need to relocate the portfolio to Hong Kong.
Under the ‘One Country, Two Systems’ framework, Hong Kong is uniquely positioned where investors can legally and freely transfer capital, individuals can experience unrestricted connectivity and information can flow in and out of the city without limitations.
He pointed out that Hong Kong’s high-speed rail system and robust financial links with Mainland China position the city as the ideal base for international investors, including Cambodians, seeking to capitalise on the vast opportunities in China and the Greater Bay Area.
According to Fong, a key factor in Hong Kong’s appeal is its business-friendly tax environment, which imposes only three direct taxes, with no dividend or inheritance tax, and offers numerous allowances and deductions to minimise taxable income.
Additionally, he said Hong Kong’s system delivers attractive benefits, such as profits tax exemptions for privately offered onshore and offshore funds on specified asset transactions, provided certain conditions are met.
He added that the city is known for its efficient and stable government, noting that this appeals to Cambodian families who have witnessed first-hand the advantages of peace and security.
These legal and regulatory strengths, combined with the city’s unparalleled financial and professional services, make Hong Kong an ideal location for Cambodian family offices and investors worldwide seeking a stable, efficient and globally connected base for managing and growing their wealth.
