What Do You Think of My Package

Reply
Page 1 of 2 1 2 LastLast
  1. #1

    Join Date
    Dec 2008
    Posts
    26

    What Do You Think of My Package

    Firstly, I think thats the first time I ever said "What Do You Think of My Package".

    Anyway, like many other people on here I just want to gather some opinions on what my company is offering me to relocate to Hong Kong.


    *I will be paid as a local and will keep my current US Salary of 75k

    *I will be given 10k USD as a lump sum to help me relocated, buy furnishings, etc

    *They will pay all apartment broker fees I might incur in finding my apartment.

    *They pay all visa costs

    *I get one flight home per year

    Now the one thing that they did not include was any type of housing allocation. Obviously I am getting an increase in salary because of the tax reduction but I see so many people on here getting huge housing allotments so it struck me as odd. I have figured out my monthly salary at around 37500HKD and I am single so I definitely think I can live off that easily. This is also an opportunity that I want to take just for the life experience and it can't look bad on a resume either. I'm also figuring that with current market conditions I might be better off in our HK office rather than New York City as we seem to be expanding here and contracting there.

    Thanks for any thoughts.


  2. #2

    Join Date
    Mar 2007
    Location
    Gold Coast Marina
    Posts
    17,941

    I think you said it all yourself to be honest.....! I agree with all of that.


  3. #3

    Join Date
    Aug 2006
    Posts
    11,107

    Also depends on your industry and seniority.

    Though if you're not on an expat package, a housing allowance would be surprising. I read that even Goldman is cutting housing allowances for locally-employed staff.


  4. #4

    Join Date
    Oct 2008
    Location
    Tsuen Wan
    Posts
    108

    It's a good deal!!!
    As a US citizen, don't you also need to pay US income tax as well?


  5. #5

    Yep, US citizens definitely need to pay tax on global income. I would consult an advisor.


  6. #6

    Join Date
    Dec 2008
    Posts
    26

    Thanks for the replies folks!

    Ucdavis,

    My understanding from reading these forums is that us tax will not apply on income under 80k usd providing I have 330 days working in hong kong. Please correct me anyone if I am wrong in that assumption.


  7. #7

    Join Date
    May 2008
    Posts
    49

    Medical/Dental

    We get our medical insurance and dental insurance paid aswell....
    Membership to any clubs - if you are single you are most likely
    to live quite central and a lot of expats have membership to various clubs as part of the deal !


  8. #8

    Join Date
    Jun 2005
    Location
    Hong Kong
    Posts
    23,217
    Quote Originally Posted by Stirling:
    We get our medical insurance and dental insurance paid aswell....
    Membership to any clubs - if you are single you are most likely
    to live quite central and a lot of expats have membership to various clubs as part of the deal !
    Well medical treatment is essentially free (and having seen A&E first hand today I can say that it works pretty well in that aspect anyway). And I think "a few" expats get membership of clubs would be more accurate that "a lot" it's certainly a small minority - I know at least 100 expats and not one of them has a club membership paid by anyone except themselves. It may be different for the Gambling Bankers.

    Even if you don't get an additional housing allowance, you should if possible get your employer to contract whatever you think you will spend from your salary as housing allowance and manage and report it to IDR as such. That will have a tax benefit (the more of you salary you spend on housing the bigger the tax benefit).
    Last edited by PDLM; 10-12-2008 at 09:27 PM.

  9. #9

    Join Date
    Dec 2008
    Posts
    26

    Pdlm,

    Can you point me to a link with more info on idr? I have not looked into that at all.


  10. #10

    Join Date
    Jun 2005
    Location
    Hong Kong
    Posts
    23,217

    Sorry - typo - obviously I meant IRD (Inland Revenue Department).
    Here in general: Inland Revenue Department
    Here for the treatment of housing allowance: http://www.ird.gov.hk/eng/pdf/pam44e.pdf


Reply
Page 1 of 2 1 2 LastLast