Need Help Making a BIG move

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  1. #11

    Join Date
    Apr 2005
    Posts
    250

    Citibank is a good option for cross border ATM usage. I withdrawn from Citibank ATMs in the States, HK, Singapore, Shanghai, Bombay, and Bali without paying an extra ATM fee. Citibank has enough ATMs in HKG for you to avoid out of network usage fees.


  2. #12

    Join Date
    Jun 2005
    Location
    in my home
    Posts
    3,451

    yeah.....thats what i thought about the banks

    i planned on opening a citibank HK account as well....
    they said i could then transfer money between the two accounts....and that i shouldnt be charged since it is the same parent company.

    i have no clue what you said about MPF....but i appreciate the effort...

    so if i am payed in us currency in the us......do i still have to pay HK taxes?
    i didnt think i had to....

    if i do......is it a lot?
    cause i would want to be somewhat reimbursed by my company if i am being taxed in the US and HK


  3. #13

    Join Date
    Jan 2003
    Location
    Back in Toronto now - after 10 1/2 years in HK
    Posts
    945

    If you live and work in HK, what you're paid for it is taxable in HK, regardless of where you are paid (otherwise everyone in HK would ask to be paid in Isle of Man or Bahamas). If you are in a "regional" or "HQ" type of function in HK, you may be able to deduct salary for days spent outside HK on work for offices outside HK.

    HK tax is low; at the highest slab it won't exceed 16/17 pct (search other threads for links for more exact info - KIA has one).

    US tax rules for its citizens abroad are quite unique - any worldwide income above a certain deductible (USD 80K?) is taxable but you can offset any taxes paid overseas. Better check all this with someone who knows exactly (I don't).

    If your total (US+HK) tax payable exceeds what you'd pay if you'd remained in the US on the same (base) salary, you might approach your employer to pay the excess. But get your calculations right before you decide to play this 'tax equalization' game common to expat packages - it doesn't work for everyone.