Relocating to Hong Kong in a months time

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  1. #1

    Join Date
    Jun 2007
    Posts
    2

    Relocating to Hong Kong in a months time

    Hi,

    I'm new to this, but have read some really interesting articles, really helpful and informative threads.

    I am about to relocate to HK from the UK at the end of July, although i'm being offered substancial assitance from my company, i.e. relocation help, costs paid for, flights etc , i'd like to get advice from ppl who have made the move over.

    I have budgeted $12-14k for an apartment (pref 2 beds, balcony etc), but would like to get advice on the best areas to live. I'm a BBC, and would like to live in an area with a good mix of expats and locals and within say 30 mins of Central for work.

    I'd also like to know a bit more about the tax system, apart from being so much better than the UK. I gather that you are liable for the tax and have to pay it in a lump sum at the end of the financial year. Any tips how to deal best with this necessity to avoid any nasty pitfalls?

    Thanx

    Joe


  2. #2

    Join Date
    May 2005
    Location
    Sham Tseng
    Posts
    1,377

    Tin Hau, Shueng Wan, Happy Valley, SoHo are all good places to consider for a mixture and well suited for your budget.


  3. #3

    Join Date
    Aug 2005
    Location
    Sham Tseng
    Posts
    622

    If you automatically put 15% aside for tax then you'll be fine but if you do get in strife then the banks do tax loans at a really low rate of interest ie: 1-2%. Better yet ask your company if they will pay a 13 month salary. This used to be really common in HK so people did have the money for taxes. Some companies still offer it. If yours doesn't but you get an annual bonus then you will get it around Chinese New YEar which is also tax time.

    For your apartment you should probably budget closer to $20k to be safer until you find a place. Also don't forget the set up costs - you need 3.5months rent to start (2 deposit, 1 in advance and .5 for the agent) plus depositis for your utilities - ask your company for a lump sum to help with this even if you have to pay it back to them over your first 6 months or so.


  4. #4

    Join Date
    Jun 2007
    Posts
    2

    Thanks guys much appreciated, yeah i will budget money from the monthly salary away for tax.

    Unfortunatley i will only get 12 pay days a year, but lucky for me, my company is paying me a generous lump sum towards relocation.

    Thanx

    Joe