I moved to Hong Kong from the United States. I am here on an Investment Visa.
My primary reason for coming here is because I love Asian culture, especially Chinese culture. I came from a suburban town which seriously lacked this, and HK totally 110% fits the bill. I am totally satisfied in this regard, and I am really enjoying my life here because of this.
My secondary reason for coming to HK is because of the economic freedom and low taxes that HK has, making it a great place to run my business.
Since I run an Internet based business, it's quite easy to move it as long we the location I'm moving it has good Internet connectivity, especially to U.S. servers. (This would rule out most of mainland China, even the good areas can't compare to HK in this regard)
Anyway I've been living here for almost a year in Ma On Shan.
My question for you guys is, how does the cost of living compare to the low taxes? Is all the money you saved in taxes eaten up by extra living expenses? Is HK really that expensive?
Lets take a look at a few things:
1. Rent
A lot of expats need to live on the island so their rent is sky high. This particular question is targeted to expats who live in the NT where rent is much more reasonable.
How does it compare to your previous location? Compared to where I used to live in the states, rent is around 35% more expensive here. *BUT* back in the states, I couldn't deduct it from my taxes....while here my business can deduct my rent from my taxes saving me even more in taxes.
2. Food
How does food compare to the U.S. and other countries?
Am I the only one who thinks that the super markets are a little bit more expensive, but that the wet markets actually make food costs LOWER in Hong Kong compared to the states? I'm a little fuzzy on my food costs back in the U.S., I didn't really pay attention to the prices as much as I should have.
My girlfriend's family spends around $HK 6000 a month for food on a family of five. They mostly buy stuff from the wet market, and also buying sparingly from the supermarket. This doesn't include eating out, which they rarely do.
Restaurants - This is a mixed bag. Western restaurants can be pricey, but a lot of local places can be really cheap. Sushi in HK is really inexpensive compared to where I used to live where a full sushi meal costs around HK$ 900 for two people.
3. Health care
Going to the doctor (private hospital) or dentist is 50% cheaper here compared to the states. I only had to go once to the doctor for strep throat, but I had several experiencesn with the dentist. All have been excellent.
4. Internet and telephone
Internet service is over 50% cheaper compared to what I got back in the states. Telephone service is also inexpensive and IDD calling is very cheap. Stuff like Skype phones drive the price down even further.
5. Clothes
Not sure about this aspect, what are your guys experiences on this? I didn't really buy that many clothes here, and I'm not a person who constantly needs new clothes.
6. Electronics
I was a little disapointed with this aspect.
Back in the states I used to buy everything from newegg.com which sold top quality computer hardware at rock bottom prices.
The Mong Kok computer center in comparison is on average around 4% to 6% more expensive even after I do some hard haggeling. This is a little disapointing. I was hoping that the prices would at least be exactly the same. Although it is convenient that I can just walk in and buy all my computers needs rather than wait for it to get shipped to me.
I haven't compared prices in the golden computer center yet in Sam Shui Po. Would those prices there be even cheaper?
What are your thoughts on the cost of living in HK (assuming you don't need to live on the island)?
Also what were some of your reasons for moving to Hong Kong.