US expats- COL question!

Closed Thread
  1. #1

    Join Date
    Mar 2008
    Location
    nyc
    Posts
    316

    US expats- COL question!

    ok. so this isn't a post to ask how much you make or anything like that. this one's relatively simple

    (this is actually aimed more at the NYC'ers).

    how much bump in salary are you btn ny/USA vs. hkg AND did it provide you (in your opinion) with the same lifestyle??

    right now i'm looking at a 20% bump in base (not sure of bonus) to move out to hkg (on top of relo)...but i'm just concerned that this isn't enough to keep my same lifestyle?

    anyone have any thoughts? the bottom line imo is that while housing = 40-60% more in hkg (for a comparable place) all else is relatively cheaper so it somewhat balances itself out?

    i'm just worried that i'll be 'relatively' poorer....from a financial perspective (though richer? from my cultural experience heh)


  2. #2

    Join Date
    May 2008
    Location
    hong kong island
    Posts
    55

    taxes

    The most important piece of info in determining the answer to your question is: How are you taxed? As a US national you are obligated to pay Uncle Sam wherever you go on this planet unless you found a way of skipping it. If you only have to pay HK tax, I will say yeah, you've got it made and enjoy Hk!


  3. #3

    Join Date
    Mar 2008
    Location
    nyc
    Posts
    316
    Quote Originally Posted by landreclaim:
    The most important piece of info in determining the answer to your question is: How are you taxed? As a US national you are obligated to pay Uncle Sam wherever you go on this planet unless you found a way of skipping it. If you only have to pay HK tax, I will say yeah, you've got it made and enjoy Hk!


    i'll be paying 32% (iirc) on anything over 85k USD....

  4. #4

    Join Date
    Jan 2006
    Location
    Fo Tan
    Posts
    2,389

    You are paying for your housing? If you think that evens out at +20%, the rest should be about the same.
    Although if you are tied to specific US brands in terms of food/clothing/appliances/etc... it could become expensive here.
    Your COLA is almost equal to mine and I came out of Atlanta, which is nothing like HK nor NYC.


  5. #5
    Quote Originally Posted by campas12:
    i'll be paying 32% (iirc) on anything over 85k USD....
    yeah but is that before or after deductions? or you can't claim any? (i.e. child credit, mortgage/student loan interest, etc.)

  6. #6

    Join Date
    Oct 2007
    Posts
    4

    don't forget you can deduct a significant amount for foreign earned income and foreign housing expenses, and don't have to pay state taxes (don't know about NY). I pay significantly less US tax now, compared to before, even after factoring in paying HK tax.