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expats returning to hong kong28 May expats returning to hong kong

If you are migrating with children, have you arranged a place for them at a local school? This field is for validation purposes and should be left unchanged. "The general usual kind of increase one gets when moving around is about 15%, now it's 25%, so it's quite the bomb," Mullally said. But today, Hong Kong is a different place. Analytical cookies are used to understand how visitors interact with the website. In fact, Hong Kong has ranked worst in the world in the Cost of Living Index of the Expat Insider survey for two years in a row now. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer. Contact:sbutcher@efinancialcareers.comin the first instance. While most US Expats won't owe US taxes, those in Hong Kong earning over $112,000 (or the latest FEIE maximum annual exclusion rate) will probably owe! The situation worsened in February when Hong Kong authorities stoked controversy by deciding to isolate Covid-infected persons including children from their family members. Cheques are not often accepted in shops and supermarkets but can be used to pay for utilities and to settle bills with smaller companies or individuals. HMRC giving Hong Kong refugees' financial details to China The type of quarantine varies depending on where you are coming from. In May, the number of visitors from the mainland and Southeast Asia has recovered to over 60 . Following the detection of the Omicron COVID-19 variant in Hong Kong, restrictions have been placed on the operations of restaurants, bars, schools, museums and a number of other public places. As your U.S. tax documentation and reporting generally follows a calendar year, you may need to combine your pay stubs and other payment records complete your U.S. tax return. "But the Hong Kong we're leaving behind isn't the one we moved to anymore.". Typically, this tax is applied at progressive rates. HSBC, Standard Chartered, Citibank, Hang Seng and Bank of China are the most popular banks in Hong Kong and therefore the ones with the most branches and ATMs. Heres a general lowdown of what to expect from life in Hong Kong. To get a better feel for an area, take temporary accommodation before you commit to a long-term lease. We look at how to get coverage with global private medical insurance in Mauritius. Hong Kong-based expats told Insider they were frustrated by the city's response to the Omicron wave. Although it is officially part of a communist country, it is allowed to operate its own capitalist model under a system the Chinese call one country, two systems. It was agreed that this model would be in effect for 50 years after the British handover, meaning it will expire in 2047. But the focus of most Western media assessments of Hong Kong expat exodus is executives and finance professionals: bankers, brokers, asset managers, analysts, accountants, lawyers. And after 27 years living in Hong Kong, I left without even knowing I was leaving and didn't say goodbye to anybody. The scrapping of quarantine rules for locally based airline staff in Hong Kong on September 10 comes as expats bankers are returning to the city. Contact Us. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher), Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. "Quarantine will remain because that's still a very important tool today we may have Omicron, who knows what's the next variant," Bernard Chan, who heads Lam's de facto cabinet, said in March of the relaxations, per the Financial Times. At Taxes for Expats we have been preparing U.S. tax returns for U.S. Citizens and Green Card holders in Hong Kong for over 16 years. You may need private healthcare insurance to cover dental work, as it can be quite expensive. Hong Kong's colorful Bun Festival is back after three years of COVID-19 restrictions. But the turmoil didn't faze Cox. Hong Kong expats flee city's COVID quarantine camps, rumored lockdowns Tax Organizer was very easy to use. Although that did not happen, authorities have yet to. Thefts, assaults and burglaries occur as in any other city, and organised crime is a wider issue for the city. However, as the COVID-19 pandemic dragged on, he began to worry. You can read about our cookies and privacy settings in detail on our Privacy Policy Page. You can opt out of some, or all, of these categories. Xinhua. If youve got kids, access to a pool and childrens activities will be much-welcome, too. In Hong Kong, individual income is taxed at either a progressive rate on net chargeable income (similar to Adjusted Gross Income in the US) or at a standard rate of 15% on net income. You can even do this as soon as you touch down at Hong Kong International Airport. 0731.975.658 RPM) as a limited liability company with share capital of 30,000. Check out our latest guide on international career opportunities. In 2019, a series of violent pro-democracy protests rocked the city. You must be logged in to be able to reply. William Russell Ltd is authorised & regulated in the UK by the FCA, reference number 309314, and is registered in England & Wales at William Russell House, The Square, Lightwater, Surrey, GU18 5SS. 2023 While these non-essential cookies are important to us, we'll only store them in your browser with your explicit content. H&R Blocks tax pros provide essential advice for U.S. Expats. Check out our guide on how to find an expat job, and a list of most popular jobs for expats. I am also really relieved that they will help if I need it during audits. The luxury brand committed to a three-year lease for the . Within 30 days of receiving your visa, anyone over the age of 11 must also register for a smart identity card. 1 - 50,000. It is fair to say that Hong Kong has one of the best healthcare systems worldwide. Stay up to date with what you want to know. Once you touch down in Hong Kong, you may also want to make choosing a new mobile phone SIM card a priority. Simple Tax Guide for Americans in Hong Kong - Taxes For Expats Similar to taxes in the U.S., the percentage of tax that you pay increases as your income increases. There is no fee to obtain a smart ID card, and you should carry it with you at all times. U.S. Expat Taxes in Hong Kong | H&R Block As of August, gatherings of more than four people are still prohibited, including in bars and clubs. All rights reserved. I don't think it will ever be the same place that it was before. Come join thousands of dragon boat athletes from around the world on 24-25 June the exhilarating races, as well as selfie opportunities at the LINE FRIENDS Hello Hong Kong Dragon Boats Photo Spots, will make your weekend in Hong Kong truly unforgettable! For example, in the exclusive Peak area, its not unusual to pay in excess of HK$100,000 per month for a three-bedroom apartment. Restaurants had to abide by a 6 p.m. dining curfew, later extended to 10 p.m. and then midnight. The rule was different for bars and clubs, where patrons had to take antigen rapid tests before entering them. Local news companies also announced "partnerships" with Chinese state media. There will also be legal fees for signing tenancy agreements and often an agency introductory fee equivalent to 50% of one months rent to take into account. Many of these treatments will be either free or available for a small fee. KEVIN TRANBARGER: One of the things that I loved about living there was it's a truly international place. A total of 2.9 million people registered and so can apply for the new . The outlet quoted a London-based finance industry recruiter who declared that No amount of money is going to convince a candidate to go to Hong Kong.Reuters predicts a wave of expat departures from global banks, asset managers, and corporate law firms based in Hong Kong over the next three months as bonuses are paid. Popular expat areas, such as Mid-Levels on Hong Kong Island, or Discovery Bay, are in particularly high demand among expat families with young children, because of their location close to expat schools and high-density expat communities. The scrapping of quarantine rules for locally based airline staff in Hong Kong on September 10 comes as expats bankers are returning to the city. For venture capital investor Belinda Pham, 26, the hamster culling was a reminder of the myriad stories she'd heard of mainland Chinese authorities killing Covid patients' pets a grim hallmark of Beijing's bulldozer pandemic strategy. If you have already been vaccinated for COVID-19, do you have evidence of your evidence such as the batch number of your vaccine? Another banker said that a number of his French colleagues had returned, including a neighbour who had relocated to Singapore. And although some mid-level foreign bankers are considering leaving Hong Kong because of the citys strict quarantine rules, banking chiefs have aligned with the governments priority of reopening its borders with mainland China first. However, your contributions are not deductible, and your employers contributions are taxable for U.S. tax purposes. GURA: Companies are also concerned about the rule of law. AP PHOTOS: Hong Kong's colorful Bun Festival returns after COVID-19 Accuracy and availability may vary. This could equate to roughly 14,330/US$20,322 in upfront costs. Filing with H&R block is as painless as doing taxes gets and my Advisor is wonderful and answers all my questions. Moorby of Danos Associates said he wouldn't be surprised to see expats returning to Hong Kong once border controls relaxed, but the city would need a clear exit strategy from its isolation to . The authoritative record of NPRs programming is the audio record. I have been using H&R block for a few years now. We cover the practical details expats should consider before making the move, including upfronts and living costs, the visa requirements to live and work in Hong Kong, the Hong Kong tax system and where to live. stop it. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Of course, living there has tax consequences for US expats. Then came the COVID-19 pandemic that ripped through Hong Kong in multiple waves. Even though the Hong Kong government has pledged to ease restrictions, he said the city's constant flip-flopping over policies has eroded his trust in its ability to govern effectively. Hong Kong clamped down on travel, too. With more than 250 licensed banks across the territory, it is said that Hong Kong has more banks per square mile than any other city. Starting from midnight on Thursday 19 March, people arriving in Hong Kong, regardless of whether they are Hong Kong residents, will be subject to compulsory quarantine. I had a great experience this year - I used HR Block last year and was very impressed with the efficiency and accuracy and professionalism throughout the whole process. According to Hong Kongs Immigration Department, the number of work visas approved for financial services professionals from mainland China has risen steadily over the past five years, apart from 2020, when the pandemic hit. Among all the possible destinations for US expats, Hong Kong appears near the top of the list in popularity. However, the average salary is much higher at HK$19,100 (1,787/US$2,455) per month for men and HK$14,700 (1,375/US$1,890) for women. Cox assumed that Hong Kongers would fight back. Similar to taxes in the U.S., the percentage of tax that you pay increases as your income increases. At the end of every trip, Tranbarger, who traveled a lot, faced a mandatory weekslong quarantine in a hotel room. While the local language of Hong Kong is officially Cantonese, English is the de facto second language and employees of international companies will often speak English at work. However, you will have to do a bit of preparation before you move to Hong Kong in order to make sure you are set up on the tax system. If your card is lost or damaged you must obtain a replacement within 14 days and pay a fee of $3,708 HKD. More information is available here. It depends on where you live and how old your children are. Need to file a U.S. tax return from Hong Kong? Professionals from mainland China also bring language skills that their Western peers likely cant match. Some Hongkongers have argued that the Hong Kong government, under the direction of the Chinese Communist Party, has started to encroach on their democratic freedoms. Hong Kongs draconian Covid 19 rules prompted thousands of people to leave permanently or to relocate temporarily to more accessible locations, but for many expat bankers the relaxation of rules is proving the catalyst for a return. Everyone in Hong Kong aged eleven or over must hold a valid Hong Kong ID card. Living in Hong Kong is rewarding: its seen as an important gateway into world markets for many multinational companies within the tech, finance, advertising and HR industries. Under it, countries automatically share basic financial information about each other's expats. The total market capitalization of Hong Kongs exchange is about $5 trillion, seven times that of the Singaporean exchange. Thats partly truedepending on how the term expat is defined. Access your favorite topics in a personalized feed while you're on the go. If so it only takes a simple trip to a mobile phone shop to unlock it. With multiple ways to file, weve got a tax solution for you. How 'begpackers' became some of Asia's most disliked travelers Yes, its true its extremely expensive and this would need to be factored into the financial side of the move. Read our full guide on taxes for expats when you move and work abroad. The job market if you're living in Hong Kong, Visa requirements and cost of moving to Hong Kong, Your handy "moving to Hong Kong" checklist. Ultimately, if you are looking to grow your career while earning a good salary, Hong Kong could be the perfect place to do it. You can register and obtain your ID card at any Registration of Persons Office in Hong Kong. Visit our website terms of use and permissions pages at www.npr.org for further information. People are more guarded about what they do from a business perspective. It's a new season in Hong Kong. This text may not be in its final form and may be updated or revised in the future. In 2019, a monthly subsidy scheme was introduced for Octopus card holders. Hong Kong is a Special Administrative Region of China. Beyond the Hong Kong government's Omicron response, expatriates said the pandemic also opened up a chance for Beijing to exert its authority over the territory. How can I come back to Hong Kong with this?" About half of that number are domestic helpers, most from the Philippines and Indonesia, who earn a minimum wage of about $600 a month. For starters, Americans and U.S. Green Card holders living in Hong Kong should continue to file a U.S. tax return each year. If you're moving to Hong Kong, the cheapest way to stay connected is buying a local sim card. "A lot of people felt that once Covid was over, they would really stick to this law and not push it aside. We may request cookies to be set on your device. All deposit accounts through Pathward are FDIC insured. Hereshow to file your U.S. expat taxes online: Are you a U.S. citizen living in Hong Kong? Cards can be applied for and topped up most commonly at MTR stations, branches of 7-Eleven and Starbucks. Outside of Hong Kong Mandarin will be more useful to you, especially if you expect to travel around, where English literacy rates are far lower. Youll need to file your taxes within one month after the Inland Revenue Department issues your individual tax return, which is usually in early May. Underlying many analyses of Hong Kongs expat exodus is an unstated assumption that this city of 7.4 million cant function without foreigners. Travellers from outside mainland China are still required to quarantine for three days upon arrival, but its a vast improvement on the more draconian measures that have been a feature of the last two and half years. Proof of address in your home address. "You do obviously have salaries that have 35% or 40% increases as well. Forth is not convinced that things will improve. Please be aware that this might heavily reduce the functionality and appearance of our site. Naturally, youll need to check quarantine rules and conditions and factor in the cost of transporting your pet here. 2023 eFinancialCareers - All rights reserved. You can do that in your 20s. Hong Kongs status as an international finance center is cratering because of the citys strict quarantine rules for incoming travelers, Bloomberg lamented. Should Hong Kong and Singapore appease expats chafing at Covid-19 Only those who received at least one dose of recognized COVID-19 vaccines could dine in, even though authorities had already been giving out booster shots at the time. Before handing the reins to Lee, Lam said in June that the government would not give in "a single inch" to businesses' requests to ease restrictions, per the South China Morning Post. The Hong Kong tax year starts April 1 each year and ends on March 31 the next year. 23 Apr 2022 The expatriate exodus began when authorities announced they might impose a citywide lockdown and roll out mass testing in March. GURA: It's not just the COVID restrictions that have made life so difficult for many expats. All Rights Reserved. such a sh1t non story with a ridiculous picture. But that was happening very noticeably before the pandemic struck.. During the 2019 protests, Cox's only day off was on Sunday, and he went for weeks without being able to meet friends or unwind outside. The UK branch is authorised & regulated by the Financial Conduct Authority (FCA), reference no. Realistically, it isn't that sustainable, but that's what companies have to do in order to populate their desks.". It really makes living abroad and doing taxes a million times better. He's one of the hundreds of thousands of expatriates who have deserted the Chinese territory this year. A duck parade is planned for June 18. Several are essential for the site's proper functioning. Returning residents would have to pay for hotel rooms to quarantine themselves for at least a week, or at times, up to three weeks, depending on the government's policies at the time. One HR professional at a western bank said that they are dealing with an increasing number of requests from staff looking to return to Hong Kong. They intended the move to be temporary but even so they came back quickly. He also axed the controversial travel ban on flights carrying passengers infected by COVID-19.But his history as both a driving force behind the National Security Law and the security chief responsible for the crackdown on protests has eradicated hopes that the city's freedoms will return under him. Once youve arranged your accommodation, job and taxes, its time to finalise your application by applying for a visa. Hong Kong welcomes 10 mln visitors in first 5 months - SHINE Don't get me wrong, in many ways HK is (or was) a magical place. Once you have received your visa, have you registered for a. Hong Kong has such a unique role on the doorstep of mainland China, and the contacts and the connections to China are so important. Once a British colony, the UK ceded Hong Kong to Chinese control in 1997. Anthony Kwan/Getty Images Hong Kong-based expats told Insider they were frustrated by the city's response to the Omicron wave. More important, those stats show that banks are still hiring regardless of the pandemic and the citys onerous quarantine rules. 2023 Hong Kong International Dragon Boat Races And so, Omicron and its deluge of infections sent Hong Kong's restriction cycle into overdrive. After seven years of living in Hong Kong, New York native Marty Forth finally had it. And he's not alone. In these areas, you should expect to pay HK$40,000- $50,000 per month for a three-bedroom apartment. Quarantine for inbound travellers. To add more listings consider upgrading your current package. Depending on where you choose to live, Hong Kong is remarkably pet-friendly. But Hancock says he watched with alarm as freedom started to disappear, along with the city's spirit. It is recommended that you make a booking online before going into the Immigration Office as things can get crazy and you arent always guaranteed an appointment simply by showing up. Its not that those workers are fleeing the city, its that Hong Kongs quarantine policieswhich have banned flights from eight countries including the Philippines and Indonesia and set aside only 2,138 quarantine rooms for the helpers who do make it herehave made it almost impossible for new helpers to get in. SCOTT HANCOCK: There's a lot less openness in conversation. Many expats may find the public healthcare system in Hong Kong to be slow. The trails both on the island and in the New Territories provide the perfect place to exercise your pooch. Weve got a tax solution for youwhether you want toDIY your expat taxesor leave it to one of ourexperienced Tax Advisors. After separating around 2,000 children from their parents over six weeks, the city's Hospital Authority said in late March that it had scrapped the policy, per the Guardian. Hong Kong is infamous for its high cost of living. For a more affordable monthly price tag of around HK$30,000, head for Kowloon or the New Territories. Forth soaked up every minute of his first four years in Hong Kong. To Forth, Lam's announcement means that the Hong Kong government would continue to be fickle-minded about its Covid regulations. Working visa:Unless you have a Hong Kong Right of Abode or Right to Land, you will need a visa to work in Hong Kong. Even though Hong Kong's chief executive Carrie Lam announced in March that the city would lift some travel and domestic restrictions, her government also made it clear that the city would still stick closely to Beijing's "COVID-zero" plan. Anyone who says you end up eating at the same restaurant every night in Singapore has no clue. And there's no light at the end of the tunnel yet. The territory currently enjoys autonomy from Beijing but is expected to fully return to mainland Chinese rule in 2047. In response, the Hong Kong government passed the Hong Kong national security law in 2020, which effectively bans acts of protest and also limits foreign interference within the region. Profits tax: Corporations - 16.5% Others - 15%. Other people are just trying to stick it out. The scrapping of quarantine rules for locally based airline staff in Hong Kong on September 10 comes as expats bankers are returning to the city. It is becoming increasingly unlikely that protest activity will affect the lives of expats living in the city. Finding good accommodation at the right price can be a challenge for expats and most people migrating to Hong Kong should expect to pay a sizeable share of their income towards rent and other living costs. However, this unique status has led to some political tension. Moving to another country can be challenging, but you can ensure peace of mind by making sure you have the rightinternational health insurance. Why did Zach Edey withdraw from the 2023 NBA Draft? - Sporting News he said. As NPR's David Gura reports, many expats say what made the city great is now gone. You can block or delete them by changing your browser settings and force blocking all cookies on this website.

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