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Moving to HK- Cost of living ...

  1. #1

    Join Date
    Nov 2016
    Posts
    21

    Moving to HK- Cost of living ...

    Hi All,

    Newbie here and would appreciate some insight before deciding to make the big move...

    I have been offered a role in one of the big financial institutions in HK with a salary of 1m per year (83k a month) to move from UK. No housing or education allowance but includes the standard basic benefits I. E. medical insurance, bonus, 30 days annual leave and direct flights to HK (Business class) for me and my family and also 6 weeks accommodation when we arrive. For a family of 4, I'm still trying to work out if the package is reasonable and will be enough for us to live comfortably and also enable us to make some good savings. Currently I'm earning 60k gross in uk which is about 40k net and after working out the numbers, it seems like a sizable uplift to my current earnings. Having looked around, it seems like rent will be our biggest outgoing and as I'm happy to commute within an hour, it seems like Tung Chung maybe a reasonable area which will provide us with decent facilities and good spaces for our or lil ones (12 month old and 4 year old) and we can get a 3 bed for 20k- which is our max budget. We will also be renting our house in uk to supplement our income c600£ per month net.

    Is the salary offered a decent? Can we live a decent lifestyle and also save a lil bit while in HK?

    Thanks for the help!


  2. #2

    Join Date
    Feb 2005
    Location
    NT
    Posts
    1,868

    1. Schooling for your 4 year old will cause you headache as you need to find a spot for her in a nearby school so start looking at Kindergarten information and asking if any space is available for your 4 yr old in around Tung Chung.

    2. Hire a helper ($4310 per month) to take care of the household and kids

    3. Your Mrs will get a dependant visa which entitles her to work for anyone, Kick her out of the house and earn more money

    83K a month is plenty and you will still save a lot.


  3. #3

    Join Date
    Sep 2016
    Posts
    155

    Your wife needs to work as well. Rent and schooling is expensive! Also consider that you need to pay tax and MPF, so your real salary would be closer to HKD70,000 / month.


  4. #4

    Join Date
    Dec 2015
    Location
    Mid Levels
    Posts
    64

    Your salary is definitely more than enough. Tung Chung is a great choice if you work around Central (30-40 mins to commute). There is a kindergarten in Caribbean Coast though I am not sure of the admission procedures. From my understanding, it should not be too much of a hassle.

    You are looking at 18-30K rent in Tung Chung. You should look into caribbean coast if you want your kid to get to school in less than 5 mins. There's a international kindergarten right below the building. Allocate around 1.5k for transport per month (per person). Groceries can vary depending on what you go after. Organic food probably will cost you quite a bit. 4.4k for domestic helper as well. So you are looking at around 35-40K in pre-entertainment expenses.

    Hope this helps. On the same boat but on a considerably lower salary as I am about to graduate. But with a 80k salary, you shouldn't have problems - Don't listen to what others are saying. I know people running a family with 40-50k no problems provided that you spend wisely

    Quote Originally Posted by Islmvp25
    Hi All,

    Is the salary offered a decent? Can we live a decent lifestyle and also save a lil bit while in HK?

    Thanks for the help!

  5. #5

    Join Date
    Sep 2016
    Posts
    155

    Don't listen to what others are saying?! So, no one except you is allowed to give advice? Pathetic.


  6. #6

    Join Date
    Dec 2014
    Location
    Quarry Bay
    Posts
    115

    Before you make the decision, you better fly here to have a look first.

    Morrison and TheBrit like this.

  7. #7

    Join Date
    Aug 2013
    Posts
    501

    If the package is 'reasonable' depends on your background and seniority/work experience, can't comment on that. Your salary as such is more than enough if you budget wisely. If you choose to commute approximately thirty minutes you can live in a (for Hong Kong standards!) perfectly nice flat with club facilities for HKD 30k/month. Send your kids to local school for a few years and you will save even more money.


  8. #8

    Join Date
    Nov 2016
    Posts
    21

    Thanks.

    I've emailed Discovery mind school in Tung chung and and in the process of applying. School fees seem reasonable- similar to paying nursery fees over here full time. Is Tung chung nice enough? Is it considered an expat area?

    OH has started looking at jobs and as she is Dr (PHD) and lectured in the past- I'm hoping she will be able to get a job quite easily once we settle.


  9. #9

    Join Date
    Nov 2016
    Posts
    21

    I've worked out the tax and MPF and it seems closer to 75k a month unless I am mistaken. Apart from rent which I know is expensive- is everything else expensive or cheaper than in the UK? I can't work out the differences!


  10. #10

    Join Date
    Nov 2016
    Posts
    21

    18-30k seems too much for rent looking at square foot and go home.com you can find a 3 bed flat in Carribean coast for about 20k per month for 800- 1000sq foot. Is this wrong??? Are there hidden costs I need to be aware??

    Thanks


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