Getting transferred to HK with 35k net salary

[TheBrit]

He says the 35k salary is net. Presumably this means net of taxes.

Nonetheless, I wouldn't do it.

[MandM!]

for 35k per month salary, the salaries tax should be below $500 per year after factoring in married couples (given spouse doesn't work) and dependent child's allowances along with deduction for mpf. I thought residents and foreigners were taxed alike. Or am i mistaken?

Assuming the discounts apply to subsequent years -- and you don't know until the end of the year. Best to have sufficient funds saved up. I didn't consider married + kid though.

[alunharford]

His total annual salary is $420,000.

Married tax allowance is $264,000.
Child tax allowance is $120,000.
MPF deduction is $18,000.

Total remaining taxable income is $18,000, on which he would need to pay 2% ($360 per year). If there's a normal sweetener in the next budget, he'll save $270 and will only have to pay $90.

If he comes to Hong Kong after April 1st, he should expect to pay $337.50 around 31st December 2109 and $112.50 around 31st March 2020. In future years, he'll pay less. If the government abandons the sweeteners (a sensible but unlikely idea) he'll have to pay an extra $202.50 around 31st December 2019 and $67.50 around 31st March 2020.

There's no need to plan on needing to save $3,000 per month.

[Islmvp25]

The main question the OP has to consider IMO is the uplift this move would mean in terms of career and future earning perspective. It's easy to say don't make the move given the salary offered but that could be an improvement in terms of his current situation and future prospects..

[civil_servant]

Forced savings would be US$380/month (MPF). Would that be considered good savings in India? Any additional realized savings are on top of that.

[Vid]

I'm overwhelmed by your advises. As pointedout by PMIslmvp25, carrer development is the prime reason behind the move. Hope HK won't let me down. Thanks guys

[Vid]

Yes. My wife is a banker here and she is considering to work as well once the kid starts schooling..

[GlennBond]

[shri]

Yes. My wife is a banker here and she is considering to work as well once the kid starts schooling..

Worth checking if her bank has a presence here (many of the Indian banks do have extensive commercial operations here) and a transfer / lateral move of sorts might be possible once she is ready to get back into the work force.

[kamoteboy911]

I have the same situation as you last year with a little bit higher salary. 1 Wife() and 1 son.
I chose to enrol my 3 year old son in a local school so I only pay around 6k per year all in all expenses.
It is possible to live with 35k but you may have minimal to zero savings specially if you live in a 12k apartment and when your wife is not working.
Tax is only around 6-8k per year depending on the subsidy. This year I paid 7K only.
I save around 10k per month since I live in a village house and share the flat with my colleague so I pay only 5k for housing, electricity, gas, water.
The key for us in saving money is, do home cooking as much as possible.
Our budget for food is maximum 12k per month.
If we never eat outside, our average expense for food is only 9k.