With its improving economic status, Hong Kong attracts a large number of people looking for pleasant places to spend their retirement years. Even if this place has an attractive economy, there are some important factors that expats in Hong Kong should take into account, such as the weather, the government, and the tax system. In addition, they must also take into account the state of health care, real estate and shopping in this place. Above all, expats should not forget to assess the cost of living in the Chinese autonomous place.
Climate and Government
Although Hong Kong is still part of the People’s Republic of China, this region has a local government that has control over the economic activities of the place. Other than these, China has no control over policies related to immigration and foreign affairs in Hong Kong. In this regard, those who plan to become expatriates in Hong Kong should contact the local agencies that are in charge of immigration services. On the other hand, before spending time in this place, it is convenient to know its climate. The winter season in this place begins in December and ends in February. Meanwhile, the hot or summer season starts from June to September.
Tax System and Medical Care
Expats in Hong Kong are encouraged to do business as it has a thriving economy. Also, this place has low tax rates because its inflation rate is stable. People in this place can choose between two types of tax system implemented in the area. They can choose whether they will follow the fixed taxation of 16 percent of their income or the adjusted taxation in which the taxes that people will pay are adjustable from two to 19 percent. In terms of healthcare, expats can visit numerous efficient public hospitals in case of emergencies. If they do not have a budget for their medical needs, these hospitals bill them at a later date.
Real Estate and Shopping
Many expats in Hong Kong experience real estate difficulties as condo and apartment rentals are more expensive than those in major US cities. Also, the apartments are not spacious compared to apartments in San Francisco and New York City. Meanwhile, for those who visit this place to do some shopping, they can find plenty of Hong Kong fashion items and accessories. In addition, there are numerous on-site retailers offering cheap clothing, bags, and footwear.
Cost of living
Expats in Hong Kong should know that the cost of living in this place is very expensive. In this sense, they are encouraged to consider some of the businesses in which they can invest to help them improve their money. With this information, those who plan to stay in Hong Kong for several years should have a long-term plan to be able to afford the cost of living here. Entrepreneurs are also advised to first assess the status of their investments before deciding to migrate to Hong Kong.