Is this enough money for living in Hong kong?

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  1. #1

    Join Date
    Jul 2009
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    Is this enough money for living in Hong kong?

    Hi, we are a copule + newborn baby who are moving to Hong Kong in three months.
    The company has offered me HK $597,067 and no housing or health insurance.
    Would it be enought for making a life there?
    My company is located in New Territories, I guess by the University (am I wrong?)
    Could you help us leting us know if the money we are going to make would be enough for living in a two bedroom apartment and.. how much do you think we could save after all expenses?
    We'd love to be able to travel around.

    Where is the best area to live with a baby and also having the office at the New territories??

    Thanks so much!!


  2. #2

    Join Date
    Jul 2006
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    399

    Firstly, where at in the NT? It's a pretty big area and housing prices vary across it. (There are several universities there to boot). Will you be expected to go to Mainland China additionally?

    Secondly, HK$597,067 (roughly $50k/month) is enough for a couple with a newborn to live on in the NT, so long as you don't want an extravagant apartment and aren't planning on throwing money around foolishly.

    Health care is relatively affordable in HK (compared with Mainland). You can read more health insurance elsewhere in the forum, e.g. this thread.


  3. #3

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    Jun 2009
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    HK$50k a month should be more than sufficient for a couple + new born. You won't be living highest standard but above the average HK lifestyle


  4. #4

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    Quote Originally Posted by isinina
    Hi, we are a copule + newborn baby who are moving to Hong Kong in three months.
    The company has offered me HK $597,067 and no housing or health insurance.
    Would it be enought for making a life there?
    My company is located in New Territories, I guess by the University (am I wrong?)
    Could you help us leting us know if the money we are going to make would be enough for living in a two bedroom apartment and.. how much do you think we could save after all expenses?
    We'd love to be able to travel around.

    Where is the best area to live with a baby and also having the office at the New territories??

    Thanks so much!!
    Should be easy - rent for a New Territories village house 707 sq.ft should cost on average 8-9k leaving you a clear 40k for other expenses. If you are working near the University nr the KCR, then Sai Sha Road is ideal - the regular minibus (like every 2 minutes) is like 20-25 mins to University KCR at a cost of $6.30 a trip.

    However, once your child starts school, be ready for the big ouch - school fees can be hefty, by which time I hope you would have got a promotion and pay rise!

  5. #5

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    Oh yeah, one more expense, your tax is roughly $25k per year with your allowances


  6. #6

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    Correction - make that $44k/year for tax


  7. #7

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    I read in another thread international school can be as much as 500,000 per year.


  8. #8

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    Quote Originally Posted by ray98
    Correction - make that $44k/year for tax
    On IRD website tax is $23,501 for the year.

    Quote Originally Posted by Drunken Master
    I read in another thread international school can be as much as 500,000 per year.
    ESF Junior is around $58,000/year I believe.

  9. #9

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    Quote Originally Posted by jaykay
    On IRD website tax is $23,501 for the year.



    ESF Junior is around $58,000/year I believe.
    Ummm...nope. HK$597,000 - MCA of HK$216,000 - CA HK$60,000, leaves NAI of HK$321,000. 1st HK$120k @ 8,400, remainder of HK$201,000 @ 17%= HK$34,170. Total payment HK$34,170 + HK$ 8,400 = HK$42,570.

    I use to work for PwC tax, so hopefully, I am not wrong!

  10. #10

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    Whoops used the wrong year. According to 2009/2010 is $44,281. I hate these changes each year!


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