Hong Kong’s cash-for-residency scheme has spurred local family office operators to collaborate on launching a USD100 million fund targeting applicants. Wings Capital spearheads this initiative, aiming to invest in private credit, offering returns above 10%, according to Cliff Ip Wang-hoi, a partner at Wings. The Capital Investment Entrant Scheme (CIES) has already attracted applications with funds exceeding HKD10bn (USD1.3bn). Since its start on March 1, CIES requires individuals to invest at least HKD30m for residency, drawing 346 applications by July 5. Wings Capital plans to work with migration consultants to aid newcomers in settling, including finding property and schools. Additionally, Hong Kong’s supportive policies for family offices, like tax incentives and strategic positioning within the Greater Bay Area, enhance its appeal as an investment hub.