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Leaving (soon-ish) - checklist?

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  1. #1

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    Leaving (soon-ish) - checklist?

    As I've mentioned elsewhere, I expect to be leaving Hong Kong relatively soon - on the order of months rather than years at this point. I don't need to get into the reasons here, and I'm sure most of you could guess, but let's say personal/lifestyle/career/economics/family with a side order of politics... I'm not likely to be taking much in the way of furniture with me - it's mostly years-old Ikea stuff anyway - just personal belongings, clothes, couple of computers, some books, various other small electronics/appliances, so I'm not all that worried about the pure logistics. I don't know exactly where I'm likely to end up longer-term, but immediate plan is likely to be heading to my parents' place in Leeds, rent something smallish somewhere nearby, get some work, and decompress for a while. This isn't going to happen in a hurry - likely in the summer, could be later depending on factors.

    So, trying to think of things to do before leaving, and after arriving. Off the top of my head, some of the maybe less obvious things would be:

    • Health - getting a good copy of my records here to take with me, and getting signed up with a GP at the other end. Depending on timing, would be good to get some BiioNTech in my arm before I go.
    • Financial - I've already withdrawn my MPF once, many years ago (probably prematurely) so I can't take it with me. I've got a bank account in the UK already, but I need to sort out what I'm leaving here, and for how long.
    • Related, tax - getting my account cleared down here, and becoming formally resident in the UK again.
    • Shopping - anything I should buy here to take with?
    • Accounts - getting things like Google/Netflix/etc accounts transferred to UK address and payments
    • References?

    Thoughts?

  2. #2

    Join Date
    May 2005
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    And then I saw this, which a) is weirdly personally appropriate and b) is even more weirdly appropriate since my current work is through Albert Lee's agency...

    https://www.scmp.com/news/hong-kong/...ortage-skilled


  3. #3

    Join Date
    Aug 2006
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    My 'planned' leaving is in years, rather than months. I will maintain a presence in Hong Kong - bank account, maybe rental property for example. However, I will downsize in Hong Kong - from multiple bank accounts and credit cards to just one account. I need to consider whether to maintain a HK phone number - sometimes needed for bank SMS messages - and if yes, what is the cheapest way to do that. Health - I do have medical 'records' here, although touch wood nothing serious yet. It basically in the form of a annual health check which I have - I'm not sure on any other records.

    I hope some interesting information comes up in this thread - what should I start planning now for a future move out of HK.

    huja likes this.

  4. #4

    Join Date
    May 2012
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    1,195

    Personally I:

    - will mariekondo the heck out of my personal possessions...save few objects with sentimental values

    - will keep a bank account with HSBC (global transfers is indeed useful), the credit card that comes with it (most subscriptions are on it..unless there are arbitrage opportunities e.g. Netflix is cheaper in certain countries)
    - I'll keep an MPF account with minimum balance (you never know) - global equity fund
    - I'm in the process of figuring out a low-cost way to keep my number (CSL currently 98hkd/month is due for renewal soon, looking for something cheaper...happy to use referral links )

    - will settle taxes before I go - one of the few things better done in person, I'm told
    - if you want to claim deduction for the QDDI (deferred annuity policy) you need to wait for mid-april to file your tax return, so the insurance give you the annual statement for tax purposes

    - health records, mostly had paper copies already, as the clinic always returned exams results, etc every time after a consultation
    - looking into a health insurance...I heard some countries have silly rules about reimbursing x% only, deductions, need to obtain insurance pre-approval to go to the hospital (what about emergencies then?) ..that's worrying me most tbh

    - I am trying to understand if I need to "transfer" some investiments.. (e.g. LN and US ETF bought via IBKR...are they actually "held" into custodians overseas? Will it be enough change my residence status/address with IBKR, or am I still "linked" to HK because I opened my account in HK?)


  5. #5

    Join Date
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    734
    Quote Originally Posted by alexdown:
    Personally I:

    - I am trying to understand if I need to "transfer" some investiments.. (e.g. LN and US ETF bought via IBKR...are they actually "held" into custodians overseas? Will it be enough change my residence status/address with IBKR, or am I still "linked" to HK because I opened my account in HK?)
    I think they are. I opened my IB account years ago in HK, and it is still there though I moved to Taiwan.

    I opened a new account with IB a few months ago for my TW company, that one was opened with IB Australia - hence it doesn't seem like all TW accounts are held in HK...

  6. #6

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    Setup a shared document with friends and family (sheets?) with dates you are available to catch up with them for drinks and or a meal.

    Since we are all restricted to groups of four, farewells have become complicated!


  7. #7

    Join Date
    Mar 2020
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    Quote Originally Posted by shri:
    Setup a shared document with friends and family (sheets?) with dates you are available to catch up with them for drinks and or a meal.

    Since we are all restricted to groups of four, farewells have become complicated!
    Alternatively just email this

    http://gph.is/1VUo5GU
    jdf21st likes this.

  8. #8

    Join Date
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    3,886
    Quote Originally Posted by alexdown:

    - I am trying to understand if I need to "transfer" some investiments.. (e.g. LN and US ETF bought via IBKR...are they actually "held" into custodians overseas? Will it be enough change my residence status/address with IBKR, or am I still "linked" to HK because I opened my account in HK?)
    I'd be very interested in your conclusions on this.

    I just recently (approaching end of the financial year?) had to complete a new tax declaration on IB - basically confirming that my tax residency status hasn't changed (which it hasn't). This seemed like an automated process that I thus assumed was requirement every year.....maybe not?

    My take away was that the jurisdiction that my account is held is immaterial, my tax residency status is not. Maybe there's more to it than this.

    I've read conflicting info on IB's custodian relationships for HK accounts and thus I'm still not sure whether the HK govt would be able to freeze HK equites I hold in a HK based IB account or not. What about global equities? Not that this is a major risk, but if it's one that's avoidable with some cost free account transfer admin then it's a route I'd choose.
    alexdown likes this.

  9. #9

    Depending on the cost and availability of medical insurance/state funded medical support at your destination, you may want to think about a full medical before you depart - so that if there are any problems you can make a claim under your current insurance policy.

    Hkemail888 likes this.

  10. #10

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    For those with holdings in IBKR or any other holdings such as property - once you become UK resident you are liable for any capital gains taxes on those, even if they are held in Hong Kong.

    It would therefore be smart to realise as much capital gains as possible in the tax year before you become resident in the UK. So sell any profitable investments before 6 April, transfer the cash to the UK and open a brokerage account to buy up the same instruments in the UK. If possible, stick as much as you can in an ISA.

    TheBrit, Sage, AsianXpat0 and 1 others like this.

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