HONG KONG: Hong Kong has retained its title as the world's most expensive city for expatriates to live in for the third year running, with the firm behind the rankings saying the city's high cost . Hong Kong expats in Taiwan worry about tensions with China. The prevalence of household help means expat Hong Kong bankers are divorced from reality. juncture is a Prime Video series about the privileged lives of American expats in Hong . Hong Kong lost some 93,000 residents in 2020, followed by another 23,000 in 2021. ABC News' Bob Woodruff spoke with former Hong Kong residents who fled for Taiwan after China's crackdown . The income tax rates range from 2% to 17%. "If anything, people are returning now," said the senior banker, who said that a member of his team had returned with his family to Hong Kong nine months after moving back to London. The type of quarantine varies depending on where you are coming from. 3. Latest data from the former British colony's Immigration Department showed . ABC News' Bob Woodruff spoke with former Hong Kong residents who fled for Taiwan after China's crackdown, who are now concerned about the island's future. This article in the FT from June talks about the subject in more detail: https://lnkd.in/eK3S9GMR "The main reason is quality of life. People will have developed closer bonds with others while you were away. Published. Here are the most common tax forms US expats have to file. 03. Hong Kong's Covid-zero strategy has been successful in keeping virus cases to a minimum: about 12,000 in a population of seven million. This is determined by looking at how much time you spent in the UK. Quite apart from forced departures, many made the decision to leave for good . #1 Understand that re-establishing old networks and growing new ones takes time It will take time for relationships to get back to where they were before you left. Expat communities are always in flux - people come, people go - this summer, in Hong Kong, they have mostly gone. For up-to-date advice on entry requirements and restrictions, please visit the Hong Kong SAR government's website. These enquiries are usually about setting up safeguard measures in case the situation within Hong Kong deteriorates, forcing them to consider leaving. At least half of these were expats of non-Chinese descent and many of the remainder were American-born Chinese or Hong Kong-born Chinese returning for expat assignments. Queues for registration are always huge so book an appointment in advance. The worries now are about basic healthcare, family separation and a lack of access to education. Besides, various national curricula are thought including those from the UK, Australia, Canada, Germany, and others. four-year foreign income exemption - find more information here).. But long-serving bankers in Hong Kong who have argued that the expat exodus would be temporary are feeling vindicated. Rental prices are very high in Hong Kong and you will usually be expected to pay six weeks rent to the estate agent to pay for his or her services. 'Get out, no matter what': Quarantine camps, family separations, and a looming lockdown are the final straw for Hong Kong's fleeing expats BY Grady McGregor March 4, 2022, 4:00 PM PST The Hong Kong. Section 3 of the Matrimonial Causes Ordinance, which governs family law matters in Hong Kong, provides that there are three grounds for jurisdiction over a matrimonial matter: (i) domicile; (ii) three years habitually resident; or (iii) substantial connection to Hong Kong. Hong Kong approved 2,307 visas for mainland Chinese financiers in 2019, up from 1,433 in 2016. You can choose to file your returns electronically or by mail. Watch the video below for details of the type of quarantine expected of you. People in financial services here work long hours and have little time for anything else. March 7, 2022. Just a few months ago, the city was being rocked by huge, often violent, protests, but . In Hong Kong, it's very different. Quarantine for inbound travellers 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. . Some companies are creating opportunities for both local and expatriate professionals to re-enter and transition into new careers by offering structured return-to-work and training programmes. Expat families in Hong Kong are often able to find a school that offers a standard curriculum or at least an internationally recognized one. And in Geneva, up to $103,800 for 2021. . Expats have been leaving Hong Kong en masse in 2022. As Hong Kong marks 25 years since its return to Chinese sovereignty, expats from Singapore, Malaysia and Thailand share why they remain confident in its future. A toxic cocktail of economic recession, civil unrest, the Covid-19 pandemic and international condemnation of new security laws has resulted in an unprecedented decline the number of foreigners going to work in Hong Kong this year. At my son's sixth birthday party, his best friends included one Norwegian, two Koreans, and two Chinese boys. On top of facing daily disruptions and travel restrictions, they also feared a loss of freedoms. The zero-tolerance approach to COVID-19 by the PRC and Hong Kong SAR governments severely impacts travel and access to public services. Expats also spoke highly of Hong Kong's transport system, with 89 percent of the respondents saying travel was of no concern and that getting around was very easy. Many are citing increasing numbers of expats leaving Hong Kong to return home, or even sailing across the waters to neighboring Singapore. Expats are now as likely to be Asian, as Western European or North American, according to one report. You end up eating at the same restaurant every night." Please spare a thought for these poor expats, having to eat at the same restaurant every night. Located just 570 miles from Wuhan, the semi-autonomous region of Hong Kong is successfully defeating the coronavirus without resorting to lockdowns and endless local travel bans. All travelers should prepare to quarantine at a government-designated location for an extended duration upon arrival. 05. Among the firms planning to leave, 25% said they would fully move out of Hong Kong in the next 12 months, while 24% plan to relocate at least partially. . A Child Health Survey conducted in 2005/6 found that, of those surveyed, 5% of children aged 11-14 confessed to being regular drinkers, with 0.3% being classified as binge drinkers. However, Hong Kong tax rates are much lower than U.S. tax rates, meaning many U.S. citizens working in Hong Kong would pay less in tax locally than in the U.S. 2022-2023 Tax Rates. Anthony Kwan/Getty Images. Up Next in News 'We have to be very concerned' about China military threat: Taiwan foreign minister . September 13, 2022, 2:08 PM. In the late 1989 my husband was offered a 3-5 year post to Santiago Chile. The CCP has done so much to develop Hong Kong, y'all should be grateful" Well, you're doing a shit job if people still prefer the . It was a treat to hear about your expat experience in Hong Kong and the book you worked on about intercultural transitions. It's really cheap to get a maid versus the average banking salary, and so most people do it - even if they're in the back office. Working Holiday Scheme (WHS) visas allow expats from certain countries aged between 18 and 30 to work in Hong Kong for up to 12 months (six months for Austrian nationals). For more information on taxes, please see the Tax, Accounting, and Banking resource on this web site. But you will pay the higher Canadian taxes on all your income, including from your Hong Kong investments. The restrictions imposed due to the pandemic have impacted everyone's lives, not just expats although there is a belief that things are now starting to return to normal albeit slowly. ABC News' Bob Woodruff spoke with former Hong Kong residents who fled for Taiwan after China's crackdown, who are now concerned about the island's future. With this in mind, here are four things that expats should factor into the repatriation process. If you are moving to Hong Kong - or are already living in Hong Kong - and would like a no obligation fixed fee proposal from a firm of tax advisors that understands the issues affecting expats please contact us by completing the enquiry form on this webpage, or telephone us on +61 2 9169 5919 (Sydney, Australia) or +44 1372 231 185 (UK). 4. How has expat life in Hong Kong changed since COVID? John Hu of John Hu Migration Consulting, which specializes in processing business visas for countries including the United States, Canada and Australia, saw a 30% increase in applications in 2021.Currently, the firm processes 20 to 50 requests per month. And expats are taking a string of shorter, back-to-back assignments or agreeing to longer-term . Quarantine exemptions weren't made for Hong Kong's athletes returning from the Tokyo Olympic Games. Shocked by London, bored by Singapore, expats return to HK: A senior banker said that team member had returned with his family to HK 9 months after moving back to London. Up until the start of the concerns in late 2019, Hong Kong was regarded as being one of the safest places in Asia. Similar to taxes in the U.S., the percentage of tax that you pay increases as your income increases. The remittance basis charge is 30,000 if you have been UK resident but non-domiciled for seven out of the last nine years, rising to 60,000 if you have been resident for 12 out of the last 14 years. The government says strict quarantines are necessary to . . The data for "expat" bankers, which are counted separately from mainlanders,. But long-serving bankers in Hong Kong who have argued that the expat exodus would be temporary are feeling vindicated. twitter. ABC News' Bob Woodruff spoke with former Hong Kong residents who fled for Taiwan after China's crackdown, who are now concerned about the island's future. Now, he's had enough. Plenty of Outdoor Activities to Explore, Vaccinated Hong Kong residents who have visited the UK within the past 14 days . With more than 250 licensed banks across the territory, it is said that Hong Kong has more banks per square mile than any . From the Greater Bay Area plan to . There are other documents, but you should be aware of two main tax form categories. "The main reason is quality of life. 04. Many are citing increasing numbers of expats leaving Hong Kong to return home, or even sailing across the waters to neighboring Singapore. A US expat filing a joint return must file Form 8938 if the value of the foreign assets exceeds: While in quarantine, health authorities will test travelers as often as daily for COVID-19 . The Sydney-based headhunter says inquiries have been rising over the past month from Australians considering returning from Hong Kong, the U.K., and the U.S. "There's more anxiousness and more . The city with the highest maximum exclusion is Hong Kong with $114,300. Hong Kong prior to their arrival in the city as a permanent address is required. HONG KONG, Jan 24 (Reuters) - Late last year, Tania Sibree quit her well-paid job as a financial services lawyer in Hong Kong and returned to Australia rather than live a moment longer with the . The 33-year-old fashion buyer is soon leaving Hong Kong. Most expats living abroad in Hong Kong will have to file an annual income tax return with the Hong Kong government. Can an expat get a divorce in Hong Kong or does one have to return home? 80-90% of our business was British expats working in Hong Kong planning on retiring back home at some point". People who withdraw retirement savings on departure must sign a declaration stating that they don't plan to return to Hong Kong to work or live permanently. After you have filed your returns you will receive your 'Notice of Assessment', or tax bill, from the tax authorities. Expat tax advice for Hong Kong is based on the following principles: Income that arises in or is derived from a Hong Kong office or Hong Kong employment, or from services rendered in Hong Kong during visits of more than 60 days in any tax year, is subject to salaries tax. Set up a bank account. 653 people were polled in several global destinations including Abu Dhabi, Bangkok, Barcelona, Cape Town, Dubai, Hong Kong, Marbella, New York, Nice and Zurich. Expats in Hong Kong are praising the government's anti-coronavirus measures. You will not be double-taxed, to be clear, in that any taxes you pay in Hong Kong will receive a tax credit on your Canadian tax return. This occurrence isn't limited to expats, but in fact has been found to occur for young people throughout the whole of Hong Kong. returning expats however, as Hong Kong's many onerous restrictions still set it apart from most other global rst tier cities. Examined 9:54 Shocked by London, bored by Singapore, expats return to Hong Kong. Hong Kong expats in Taiwan worry about tensions with China. "In the last couple of years people have thought . 77 % of expatriates said they would only consider a permanent return to Britain if it became untenable to live overseas for serious personal reasons. 14 Sep 2022 07:40:02 But the poor governance that forced people to flee and the fear of living in a place where the Covid death rate is now one of the highest in the world, has all but stripped faith in the city. How has expat life in Hong Kong changed since COVID? Participants of the Working Holiday Scheme are allowed to take up any kind of . "The main reason is quality of life. EXPAT EXODUS As a result, nearly half of all foreign businesses (specifically European) in Hong Kong are planning to exit the city and relocate in the next year, according to a new report . BNP Paribas, FDM, Morgan Stanley and Natixis are just a few examples of companies that have run back to work programmes in the past year. Sep 3, 2022, 4:40 AM. Hong Kong businesses and facilities reopen as many Covid-19 restrictions lifted The family are among some expatriates looking to return to the city after leaving at the height of the fifth wave of. Luxury rents presented a mixed picture in Q2/2022, with The Peak (+2.5%), Mid-Levels . Returns are typically mailed out by the department on May 1 and need to be filed within a month of their issue. Hong Kong expats and migrants who are NZ tax residents are required to return overseas sourced income unless they qualify for transitional residency status (i.e. In a radio interview over the weekend,. IRS Form 1040: Individual Income Tax Return 13 min read Expats have been leaving Hong Kong en masse in 2022. The study shows that expats in Hong Kong have particular ease when it comes to setting up in the country, coming sixth in the 'setting up chart'. In 2020, it issued 1,498. But, since the summer, things . Allan said many expats are considering selling properties they own in Hong Kong and returning to their home countries, as they feel the quarantine is so restrictive that it is detrimental to their. "If anything, people are returning now," said the senior banker, who said that a member of his team had returned with his family to Hong Kong nine months after moving back to London. However, there are two exemptions to the transitional residency rule: foreign employment and foreign personal services income. A few years after returning to Washington State, I did research for a book, 40 interviews with women nationally and internationally, who raised . US expats living in Singapore can deduct up to $84,100 in housing expenses.