With 7 and a half million people holding PRC citizenship and a few million also holding British National Overseas passports, this dynamo of a city never sleeps. While HK is known for its world-renowned chefs and Dim Sum restaurants with its people living in 8,000 skyscrapers, nearly 40 percent of HK’s landmass consists of parks and green hills.
According to the Hong Kong Monetary Authority, over 70 of the 100 largest banks in the world have a presence in HK, with 29 of them multinationals. There are also 163 insurers registered in HK.
With its trust laws permitted trusts to be maintained in perpetuity and strict financial privacy laws, HK has long been a favored destination for HNW Chinese and non-Chinese family offices.
More recently, HK has sought to compete with Singapore for Asia-based Bitcoin Exchange Traded Funds as well as Virtual Asset Trading Platforms (VATPs). The new regulations which took effect on June 1, 2024 included licensing requirements for all cryptocurrency exchanges operating in the SAR as well as full compliance with Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). While there is no capital gains tax on crypto trades, frequent traders are still subject to HK income tax up to 17% if they are legal permanent residents.
