Leaving HK, what to do with MPF

[joey_bear]

Hello,

Just curious for those of you who have left HK but still visit this forum, was it easy for you to deduct all your MPF? From my understanding, if you leave HK for good to go back to your home country, you can remove all funds in your MPF account. Anyone have any personal experience with this? What if you are not under an employment visa as you have stayed 7 years and became a ROA PR resident, can you still claim back your money?

Once you have removed your money from an MPF account, if you wish to return to HK to work, I read somewhere that you cannot continue to contribute to an MPF account as you have previously deducted the funds. If this is the case, from the posts on this forum who do not wish to contribute to the MPF scheme, why not just deduct it by saying you are leaving, then come back and not have to be forced to pay into it?

[bak875]

from what I know if you come back to HK to work you cannot withdraw the contributions until the age retirement. You'll still have to contribute during your second stint in HK.

[freeier]

just take most out, but leave abit in there and keep the account. it would be useful if you need to come back again. i regretted drawing out all my funds.

[dickinson]

huh, now i know it well coz my ex-boss who just went back to UK for good had the same question. you can take money out from your MPF account once in a lifetime using the excuse of "leaving hong kong permanently". which means you cannot use this reaons again in the future. but if you come back to work again, you still have to contribute to your MPF account.

[OZTOHK]

Sorry one more question on this: can we withdraw the money we contributed to ORSO account?

[dickinson]

i think with ORSO, if you are leaving the company, it is still required by law to "retain" part (which is calculated according to a certain formula which i am sure you can find easily somewhere else.... but i was told it's the "theoretical" amount your company should have contributed for you if you were under an MPF scheme) of the ORSO money to an MPF preserved account. then you should be able to take the rest out (if your company's ORSO plan permits you.. there are usually restrictions especially on the numbers of year you have to be with the company before you can fully vet it....).

applying the same logic above, if you are really leaving hk for good, i assume you can take the rest in the MPF preserved account out as well.

[echew2000]

joey_bear: what is your current status now? I am exactly have the same problem as you?
dickinson: is your ex-boss having HK PR? Will he still retain his/her HK PR?
freeier: how to withdraw just most but not all MPF?

[bak875]

best thing is to call up your provider and ask.

Mine is bank of China Prudential - I called em up and said "can I have my voluntary contribution please" they checked my account and said when u leave your current job u can withdraw the voluntary part.

Not too difficult huh?

[PDLM]

You can, but you might what to check the tax implications.

[echew2000]

I called and also know that I can withdraw 100% including the voluntary part. My most concern is can I still retain the HK PR? As I heard that need to declare something you are leaving HK permenantly.