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Overseas permanent HK residents

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  1. #31

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    Yes, thats why I called them and asked them explictly. You are welcome to do the same, the number is right there and they are open 24/7.


  2. #32

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    Unfortunately, thats where you get an incentives problem. if you’re still abiding by a looser but reasonable interpretation of the rules, there’s little to gain in clarifying further since that just increases the chances they’ll say no - even if just mistakenly by a operator out of an abundance of caution.

    arguably the onus is on the company to make their wording for requirements as clear as possible while anticipating a reasonable degree of slack users may apply in interpreting it. imo your accusation of fraud applies if outright hk tax residency (and the corresponding addy) was the requirement for an account but that isn’t the case. sure it may be prudent and meticulous to seek clarity to be doubly sure on all situations but someone who isn’t violating the conditions from a reasonable interpretation of the rules has little to gain in asking too many questions. to worsen the incentives problem, many things are often allowed and understood to be an acceptable grey area too from both sides of the aisle precisely until someone explicitly asks, oddly enough. Not talking about the principle of it, just the practical reality of incentives to clarifying

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  3. #33

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    I think valid residential address is fully clear. It's not a grey zone at all.

    And funnily enough, my interpretation is exactly the same as ZA Bank's.


  4. #34

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    There's no fraud because ZA Bank don't suffer a financial loss from a non-resident opening an account.


  5. #35

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    Quote Originally Posted by Paxbritannia:
    There's no fraud because ZA Bank don't suffer a financial loss from a non-resident opening an account.
    Another joker who can't read.
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  6. #36

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    Quote Originally Posted by TheBrit:
    I think valid residential address is fully clear. It's not a grey zone at all.

    And funnily enough, my interpretation is exactly the same as ZA Bank's.
    Well, it couldn't have been fully clear if it still required a call to ask

  7. #37

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    Quote Originally Posted by foxwendal:
    Well, it couldn't have been fully clear if it still required a call to ask
    I just couldn't believe the rubbish i was reading on here.

    Technically it doesnt say the applicant needs their OWN permanent HKID card, just to be holding one.

    Im sure some genius could argue any adult on the planet could therefore open an account if they can simply be holding someone else' s HKID when they do so. Then give it back.. No fraud there either.
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  8. #38

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    Funny thing is that banks will apply similarly loose standards when it suits them. In 2018 I opened an account with Shanghai Commercial Bank with my HKID and non-HK passport. They wouldn’t open the account without a home country address for records, which I insisted I don’t have since I haven’t lived there for over a decade. Even as a HK PR, they said they needed one as a foreign national and no amount of protesting that I simply don’t have a residence back home made sense to them. “How about your parent’s address? Siblings? Where do you stay when you go back?”. Explaining that my family's address is in no way mine or affiliated with me was met with great confusion and in the end I was told to just put it down for them to tick the box

    in light of those standards, it may be a reasonable interpretation for some that a relatives residential addy with consent suffices. Especially when they say they will open for non-HK tax residents (barring Americans) who would normally not have an ordinary HK address either.

    All this is moot though because it all hinges on the reasonableness of interpretation which ultimately the courts must decide. But none of this would ever make it to a case there given how insignificant the application we're talking about is.

    Last edited by foxwendal; 02-08-2020 at 09:45 PM.
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  9. #39

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    Why are you continuing to debate this foxwendal? ZA Bank will quite happily tell you exactly what they mean.

    You or anyone can verify this in five minutes by picking up the phone and asking.

    But nobody has done so? Why not?

    ReleaseZeKraken likes this.

  10. #40

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    I don’t have a horse in the race but as for why they don’t confirm: game theory and disincentives.


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