Cost of Living in Hong Kong
The cost of living in Hong Kong is high and proportionately more so with a family, which will require among other things, a larger accommodation and the payment of tuition fees for education. This can often be offset by high wages and a company housing allowance; it is recommended that expats attempt to negotiate contract stipulations to account for these types of elevated costs of living.
Accommodation is by far the most expensive aspect of life in Hong Kong, followed by education and healthcare. These add up to make Hong Kong one of the more expensive cities in the world. However, the city is a traveller's hub, allowing for cheap flights. Public transportation is also great value.
Hong Kong tax rates are some of the lowest in the world and sales tax, capital gains tax and VAT are not charged. Salary (income) tax starts at 2% for earnings less than HKD35,000 per annum, escalating to 20% for salaries in excess of HKD105,000 per annum. Expats present in Hong Kong for more than 60 days must pay salary tax, which is only charged on income derived within Hong Kong.
Cigarettes cost around HKD40 and beer is slightly more at about HKD50. A meal for two in a mid-range restaurant is around HKD800, although a fast-food burger is closer to HKD30.
Accommodation is by far the most expensive aspect of life in Hong Kong, followed by education and healthcare. These add up to make Hong Kong one of the more expensive cities in the world. However, the city is a traveller's hub, allowing for cheap flights. Public transportation is also great value.
Hong Kong tax rates are some of the lowest in the world and sales tax, capital gains tax and VAT are not charged. Salary (income) tax starts at 2% for earnings less than HKD35,000 per annum, escalating to 20% for salaries in excess of HKD105,000 per annum. Expats present in Hong Kong for more than 60 days must pay salary tax, which is only charged on income derived within Hong Kong.
Cigarettes cost around HKD40 and beer is slightly more at about HKD50. A meal for two in a mid-range restaurant is around HKD800, although a fast-food burger is closer to HKD30.
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