Hong Kong attracts wealthy Chinese due to tax concessions and visa programs as Singapore intensifies scrutiny of foreign money.
Hong Kong is attracting wealthy Chinese again due to initiatives like family office tax concessions and visa programs, as Singapore intensifies scrutiny of foreign money. Hong Kong's assets under management rose 2.1% to HK$31 trillion in 2023, with 68,000+ top talent visa approvals since 2022. Singapore's private banking growth has slowed, and a $3B money laundering case has caused banks to re-do KYC processes.
July 09, 2024
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