Banking, Money and Taxes in Hong Kong
Most large international banks will have branches in Hong Kong. Still, even if residents have an existing account in their home country with one of these banks, they will have to open a new Hong Kong account. Using the same bank will make transferring money easier, thus it is highly recommended expats continue to use their same bank if indeed it is present in Hong Kong. Some large Chinese banks require that new account holders come by referral only, and most require a passport and proof of address to open an account. ATMs are very accessible and most goods and services can be paid for with major credit cards.
Expat taxation works differently in Hong Kong than in most other countries. In general, taxation isn't concerned with citizenship or residency. Anyone who is in Hong Kong for more than 60 days is liable for salary tax. Advantageously for expats, salary taxes are only focused on the income derived from business within Hong Kong. Income and assets from overseas are not liable to be taxed.
