Bringing the money out of HK

[pin]

Just FYI I understand that Citi from Singapore let you open an "international" account from abroad. Minimum deposit is USD200k. I think you can only trade US, SG and HK markets though (maybe China as well).

I think Citi may also offer offshore accounts out of Jersey as well.

[shri]

Citi has something called IPB. From my last conversation with them 5-6 years ago, they're not allowed to solicit customers from HK, but they can service them.
@pin - Is this who you communicated with?

https://www.ipb.citibank.com.sg/port.../citi_home.htm

[pin]

Citi has something called IPB. From my last conversation with them 5-6 years ago, they're not allowed to solicit customers from HK, but they can service them.
@pin - Is this who you communicated with?

https://www.ipb.citibank.com.sg/port.../citi_home.htm

That's the one. I haven't actually communicated with them directly but see them advertise on LinkedIn quite a lot.

[TheRoadAhead]

Why don’t you just use HSBC Expat? Problem solved. I wouldn’t deal with Citi

[timonoj]

In order to use HSBC Expat, you need to open an account in the UK? Or this is not a necessary step?

[pin]

In order to use HSBC Expat, you need to open an account in the UK? Or this is not a necessary step?

You can open HSBC Expat from Hong Kong. They have offices here. That is the beauty of setting it up, can all be done in HK, but money and account is in Jersey.

[monked]

Meanwhile, common folk struggle to make ends meet and won't ever be able to afford USD 1 million let alone 2...and you come to GeoExpat to seek help in sheltering yours away.

[Elefant&Castle]

HSBC Expat is typically the ‘cheapest’ place to qualify (£50k GBP)

Maybe it is - but other places are not far behind - I think it is HK that stands out as being the most expensive.

In China their requirement is RMB 500k, in US $75k.

[john_1122]

I have two question about HSBC expat.

1) It's based in Jersey, and my understanding is that in Jersey there is a tax on dividends.

But if I live in HK I will pay taxes according to HK rules, right? For example if I buy shares of Link Reit I won't pay a tax on the dividend, if I buy UCITS I pay 15% taxes, etc.?

Do I need to fill in a form to get back some of the taxes that I pay in Jersey (if these are more than I would pay in HK)?

2) One can have an expat premier account with a salary of GBP 100,000 a year. But what if one takes a pay cut or stops working? Do they check yearly if you still have that salary, and if you no longer have it, they ask you to put in 50,000 or they charge the GBP 35 fee?

[Kowloon72]

I think you're a bit muddled there. Dividends are usually taxed at source. A US stock market ETF UCITS like IUSA will be subject to 15% witholding tax whether you hold it with HSBC Jersey or IB in Hong Kong. There won't be any extra tax applied in Jersey.

Shares in Link will not be subject to witholding tax wherever you hold them, and FWIW I think HSBC expat only allows for US and UK sharedealing anyway. Likewise stocks or ETFs that are UK based like Shell or a FTSE 100 tracker will be paid without any witholding tax wherever you hold them.

US stocks and ETFs listed in the US like VOO and QQQ, or in HK like 3140, are subject to 30% witholding tax wherever you hold them.