Expat Hong Kong News

Latest 10 news items tagged Hong Kong

12 Feb at 6 PM 2014

Expats in Hong Kong forced to move to suburban areas as rents soar

Expatriate workers in Hong Kong are being forced out of the central area by rapidly rising rents. Estate agents in the city are reporting strong demand for rental apartments in less expensive outlying areas of the city from expatriate workers whose leases have expired. Landlords are taking advantage of the city’s soaring rents, and employers are cutting back on expat housing allowances. Researchers into the rising rental market for central properties have noted that, when leases expire, a 20 to 30 per cent increase in the rent is...
10 Jan at 6 PM 2014

Offshore tax havens Jersey, Guernsey and Isle of Man sign up for FATCA

The halcyon days of the UK’s three offshore islands as tax havens finally came to an end recently as all three simultaneously signed up for FATCA. As a result, all three will now be passing the financial details of all transactions, investment and bank accounts owned by US citizens to the American Internal Revenue Service (IRS). The UK signed up earlier in 2013, and has been pushing its overseas territories and crown dependencies to enter into a similar deal with the UK tax authority. Financial companies on the islands have had...
17 Dec at 6 PM 2013

Expat health insurance inflation fuelled by overtreatment and fraud

Expats in most popular destinations are having to pay ever-increasing premiums for private heathcare due to local private hospitals' over-treatment and even fraudulent billing. Foreign nationals everywhere, especially in southeast Asian medical hubs such as Thailand, have seen their health insurance premiums soar over the last several years at a far higher rate than medical inflation alone would suggest. A large number of expats abroad are younger staff on assignment and with international cover, suggesting that increases in claims...
6 Dec at 6 PM 2013

Singapore now the 30th most expensive country for expats

Having moved in 2013 from 31st place last year to 30th, Singapore is still well down from the leader, Caracas, and price rises in the city state have slowed in recent months. The results of ECA International’s latest Cost of Living survey also revealed that Singapore had slipped in the regional ranking from 8th to 9th, placing it behind Hong Kong for the first time in three years. ECA’s surveys are regarded as accurate due to the company’s position as providers of information and knowledge to businesses with employees on overseas...
22 Nov at 6 PM 2013

Hong Kong expats desert financial advisors for internet advice

Wealthy residents as well as expats working in Hong Kong are backing off from banks and financial advisors in favour of internet sites dealing with investment and finance. The city’s investment market recently suffered a severe blow due to new, stricter rules applying to FAs and banks, with regulators putting the brakes on high-risk investments such as insurance-wrapped funds. A survey by Friends Provident, an Isle of Man insurance company whose Hong Kong office actually facilitates this type of fund, revealed that only 26 per cent...
11 Nov at 6 PM 2013

Expat Filipinos struggle to get word from their loved ones

Filipino expats and US/UK citizens with friends and relatives living in the typhoon-devastated areas are struggling without news as the communications blackout continues. The devastating storm, one of the strongest the modern world has seen, laid waste to popular beachside areas in Cebu as well as other more remote ecotourism destination islands popular with visitors. The worst-hit was the Visayas archipelago, home to a number of beach communities popular with retirees. The Filipino community worldwide is taking part in prayer...
14 Oct at 6 PM 2013

Financial advisory companies in Thailand turn to full SEC regulation

Continuing reports of investment mis-selling in many expat world destinations is forcing not only action by government regulators but also by financial advisory firms themselves in seeking legal registration with local financial authorities. Recent media reports have identified countries as far apart as Hong Kong, the UAE, Spain, the UK and several Southeast Asian states including Thailand as being hotbeds of unqualified, unregistered salesmen persuading unsophisticated expat investors to take on unsuitable funds, bonds and property...
2 Oct at 6 PM 2013

British expats shun UK investments and prefer local opportunities

Britons living overseas are fighting shy of investment opportunities in th8ier country of origin, preferring to invest their money in their countries of residence. Domestic stock markets in a number of popular expat destinations are being favoured over and above the FTSE by almost a third of British investors living overseas, according to a new study. A Lloyds Bank International survey found that Britons in the USA, Germany and Canada had more confidence in the outlook for the local economy than in that for the UK and are betting on...
26 Sep at 6 PM 2013

Survey finds UAE expats save less than those in Asia

A recent survey indicates that expats working in the United Arab Emirates spend more on luxury lifestyles than their counterparts in Hong Kong and Singapore. The survey, commissioned by Standard Life, compared the average spend of expats working in Singapore, Hong Kong and the emirates, and found that Western expats in the UAE were more profligate and less interested in saving or investing than those in Asian hubs. Over 97 per cent of UAE expat workers admitted to splurging their spare cash on a luxury lifestyle. In comparison,...
2 Sep at 6 PM 2013

Expats lose faith in FAs as bogus firms continue trading

In spite of repeated warnings by the UK’s Financial Conduct Agency, bogus financial advisors peddling dodgy investments, illegal pension unlocking schemes and online scams are still trading happily. The warnings are listed on the FCA’s website which, it seems, is rarely visited by prospective investors who have already had contact with the scammers via cold calling or online advertisements. Although the FCA has regulatory powers in the UK, it’s far harder to deal with offshore fraudsters who clone respected financial websites and...