Expert Info
on 16 Sep 2012
Hi. I am a dual citizen and my US company has made me an offer to move to HKG (Kwun Tong Area) as a localized hire, not under an expat package. I currently live and work in Georgia, USA. I'd love advice from anyone on what I should be considering or negotiating in the process, such as: a) Salary (cost of living, should I be paid in USD or HKD currency, etc) b) Tax implications c) transportation (should I take public transportation or get a car?) d) housing (should I get pre-furnished apartment?) e) Cell Phone and Banking account (which providers should I go with)? Any advise would be great!
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I will answer each of you questions in turn :
With regard to your salary payment, in most cases expats are paid in HKD, which is paid into a local bank account.
You'll find this article on Salaries for expats in Hong Kong very useful, when coming to a conclusion on whether the job offer is good enough.
You need to make sure that the package you are receiving is worthwhile as the cost of living in Hong Kong is not cheap. Use the Expat Arrivals page on the Cost of Living in Hong Kong when drawing up your budget.
When it comes to banking, the fact that Hong Kong is a financial hub makes life easy. There are many international banks in Hong Kong such as HSBC, Citibank and Standard Charterd. Most expats find it straightforward to open a new account with their existing bank.
Taxes in Hong Kong are extremely low. There are no sales taxes, capital gains tax and VAT. Families with children get lucrative special allowance and even wealthy foreigners will never pay more than 17% in taxes. Find out more on the Expat Arrival's page, Banking and Money and Taxes in Hong Kong.
Theres a lot of information there for you. I hope it helps.