Hong Kong, which is situated in the financial hub of Southeast Asia, is the ideal location for someone who wishes to live an expatriate lifestyle while yet enjoying all the conveniences of home. Hong Kong is a particularly sought-after location for foreigners who want to switch professions, benefit from a job, or take part in their company’s global growth.
Here is a rundown of all the administrative tasks you need to complete before you can start to genuinely appreciate everything this incredible city has to offer
- Expensive dwelling
When making preparations, it’s crucial to keep in mind that Hong Kong is the most pricey city on the globe for foreigners to live in. Due to the lack of available land, property values in the city are high and steadily increasing, so you should prepare to pay a hefty price for your modest home. A three-bedroom residence in the central city rents for $39,800 a month, and $16,551 for a one-bedroom apartment. However, there are several solutions to get over this obstacle and locate cheap housing, such as relocating from the priciest parts of town or dividing the rent with a friend.
- Octopus card
This indispensable item is a debit-style card that is frequently used for car parking, dispensing outlets, public transportation, and purchasing foodstuffs. MTR stations, 7-Eleven locations, and Starbucks locations are the most popular places that accept cards. For owners of Octopus cards, a monthly subsidy program has been initiated. Swipe your card at any of the subsidy collecting locations to immediately receive a credit for 25% of your monthly transportation costs.
- Low taxes
The city has very fair business and individual tax rates, and a straightforward and consistent tax system. If you’re relocating to Hong Kong for a job or are from a nation with exceptionally high taxes, this is an exciting opportunity for you. You can pay your taxes in two installments, granting you plenty of time to allocate them to your yearly budget.
People are subject to taxation at either a rate of 15 percent on earnings or at graduated levels on their net taxable profits, which range from 2 percent to 17 percent. Hong Kong also has no VAT or sales tax, which only serves to increase its allure for locals.
- Cheap transport
Hong Kong’s public transportation is incredibly affordable. You may board buses, trams, and ferries for as little as $2.6 each trip by purchasing a dependable Octopus top-up travel pass for a measly $50. In addition, cab costs are typically reasonable, even when you have to utilize overpasses, so you won’t have to shell out a fortune to get from point A to point B.
- Humid summers
If you struggle in warm or muggy conditions, you should get equipped for city summertime. On summer days, when afternoon heat can frequently exceed 30°C and dampness can reach 100%, you can essentially wave farewell to nice hair days. Nevertheless, don’t worry, a good dehumidifier may help keep the humidity levels in your flat under control.
- Two healthcare systems
The healthcare system in Hong Kong is divided into two segments: a private sector and a public line supported by the government. The private sector has many possibilities and opulent benefits, but it is very expensive. On the other hand, the public sector receives government subsidies and offers relatively affordable, high-quality medical care to those who qualify. Overpopulation, lengthy wait periods, and an excessive amount of paperwork are just a few of the rising issues plaguing the public system, which is why many people prefer the private despite the high cost.
