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Purchasing Property

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  1. #1

    Join Date
    Jan 2016
    Location
    Jakarta
    Posts
    52

    Purchasing Property

    Hi,

    I am new here and not sure where to post this.

    I have been married to a Hong Kongnese for 17years and would like to buy some properties in HK.

    To be frank, I do not want to share ownership rights with my husband as the properties are wholely paid by me.

    I wonder if this is possible?

    Thank you


  2. #2

    Join Date
    Jan 2010
    Posts
    6,452

    Since you are married your husband will get an equitable share of the property no matter who owns it on paper. Unless you have a prenup.


  3. #3

    Join Date
    Oct 2007
    Posts
    1,896
    Quote Originally Posted by mrgoodkat:
    Since you are married your husband will get an equitable share of the property no matter who owns it on paper. Unless you have a prenup.
    Two different scenarios - one, you get a divorce in which case indeed the spouse gets a share, but does so whether it is cash or property. Two, someone comes after your spouse for money - in this case, it apparently does make a difference (for further details, please contact Mrs. Rafael Hui...)
    scumbag likes this.

  4. #4

    Join Date
    Aug 2005
    Location
    Clear Water Bay (In Da Jungle)
    Posts
    9,968

    Your money, you decide whos name you want in the ownership


  5. #5

    Join Date
    Jan 2016
    Location
    Jakarta
    Posts
    52

    I don't have any pre-nup, so can I just use my son's name instead? he is 16.

    My husband have had an affair in the past.


  6. #6

    Join Date
    Jan 2016
    Location
    Jakarta
    Posts
    52

    I don't have any pre-nup, so can I just use my son's name instead? he is 16.

    My husband have had an affair in the past.


  7. #7

    Join Date
    Jan 2010
    Posts
    6,452

    No, you cannot use a minor. You could set up a trust, or a BVI company, but you will have to pay additional tax in that case.


  8. #8

    Join Date
    Jan 2016
    Location
    Jakarta
    Posts
    52

    How much tax am I looking at here? percentage range?

    My son/ Our son will be 17 this August, that will still be considered as minor?


  9. #9

    Join Date
    Mar 2008
    Posts
    135

    J'adore Sushi,

    I don't know whether you are implying that your husband has no knowledge of your intention to purchase property (it may be a figment of my over active imagination). If so you may be able to (at least on the surface) conceal ownership by setting up a company or trust as as Mrgoodkat has suggested but in the event of a formal divorce I suspect it wouldn't take much to uncover the beneficial owners.

    If confidentiality is not an issue then 100% foreign ownership is allowed - if you are a Permanent HKID Holder I believe that the initial stamp duty is less than simply a foreign national but if I am incorrect I am sure there will be a list of posters below this post correcting me.


  10. #10

    Join Date
    Mar 2008
    Posts
    135

    Your son cannot legally own property in his own right until he is 18.


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