Alongside the move, the firm has also expanded its workforce, reinforcing its commitment to serving its growing client portfolio in mainland China.
The breakthrough on the tax agreement, which is of particular importance to the semiconductor industry the US is looking to strengthen, could mean that a bill makes its way to the president before year-end.
The Geneva-headquartered bank has hired 10 senior bankers to tap wealthy clients in mainland China, Hong Kong, Taiwan and other Asian markets for the setting up of family offices in the city
The announcement, which is said to be made next month, will also allow family offices to benefit from making contributions to blended finance.
With Hong Kong’s recently introduced family office-related legislation, single-family offices are expected to increase in the city, along with the need to hire professionals, says JP Morgan Private Bank.
Revenue Minister David Parker said the low tax rate was explained by the fact they received about 80% of their income in form of capital gains, much of which was earned through trusts and companies and which was often untaxed.