Expat Hong Kong News

Latest 10 news items tagged Hong Kong

2 Jan at 6 PM 2018

British expats in Hong Kong blamed for debauchery in former British colony

Hong Kong’s world reputation as a gateway to the treasures of the Orient was formed almost two centuries ago, but recent reports suggest it’s now dedicated to sex, drugs and rock ‘n roll due to the influence and activities of British expats. Some 30,000 Brits now call the island archipelago their home, and are being accused of bringing with them the worst, not the best of Britain. A slightly less than serious-minded British tabloid newspaper describes the British contingent as a ‘hard-partying bunch’ enjoying life to the full...
15 Dec at 6 PM 2017

Luanda now most expensive world city for expats

Although the vast majority of expatriates scattered across the world might not have heard of it, Angola’s capital Luanda is now the planet’s most pricey location for expat professionals. The Angolan capital has been slowly edging upwards through the five most expensive cities’ list, but now it’s number one – and it’s probable the last place in the world most expats would like to find themselves in, even at a huge salary. The Mercer survey placed it at number one after Hong Kong, Singapore, Tokyo and Zurich, with London...
6 Dec at 6 PM 2017

All Hong Kong QROPS delisted by HMRC

British expats living in China as well as Chinese nationals with UK pension rights cannot now transfer their pension savings to a Hong Kong QROPS. In total, all 19 Hong Kong-based QROPS have been delisted by HMRC and are no longer included in the authority’s list of approved schemes. For expats living in China and planning to transfer their funds to a QROPS, the delisting means they no longer qualify for an exemption and must either pay a 25 per cent transfer tax or switch the fund to a UK-based SIPP self invested personal pension....
5 Dec at 6 PM 2017

Wealthy expats fleeing Britain in fear of post Brexit tax status

Reports show over 12,000 non-domiciled expat professionals have left the UK over the past year, with another 55,000 planning to leave. The mass exodus is focused on the City of London financial district with its specially orchestrated non-dom tax rules, introduced to encourage top financial talents to take temporary assignments in the UK. With Brexit looming, the privileged few aren’t hedging their bets after an announced new crackdown on long-term non-doms. Changes in the law will mean non-doms will need to have been resident...
9 Nov at 6 PM 2017

British expats in Spain lose €20 million after IFA firm collapses

The British boss of a failed pension advisory company has fled to Australia after losing his British expat clients some €20 million by the use of an all too familiar scam format. The 300 Brits who’d invested with Alicante-based Continental Wealth Management are mostly expats living in the popular Spanish resort of Alicante, and are now struggling to retrieve their lost money after the IFA firm closed its doors in September and its CEO Darren Kirby left for Australia with his ill-gotten gains. Those affected, spread across Spain...
7 Nov at 6 PM 2017

Survey rates Singapore as most expensive expat relocation

A new survey by the Economic Intelligence Unit has placed Singapore as the world’s most expensive city for the fourth year running. Expatriates already living in the pristine city state will be well aware of the ever-rising costs of an acceptable lifestyle. The survey results, released last Monday, clarified the reasons for the ranking, but also pointed out that it offers ‘relative value’ in several categories when compared with certain other countries in the same region. Asian cities seem to be taking over the ‘most expensive...
31 Oct at 6 PM 2017

Expats in Saudi gobsmacked at granting of citizenship to female robot

An attractive female star attending Saudi Arabia’s recent Future Investment Initiative programme was interviewed and questioned about her lifestyle and wishes for her future. The young lady said she wanted to help humanity and was subsequently granted Saudi Arabian citizenship, an unusual move by the Saudi authorities. Exactly how unusual was soon made clear to an international audience via the media – the female star is a humanoid, talking robot. Long-term expats’ eyebrows hit their hairlines when they heard the news, as...
20 Oct at 6 PM 2017

State pensions not enough for comfortable expat retirement

New research reveals state pensions worldwide don’t provide enough for a comfortable retirement in any country. A study by the Swiss bank UBS has made it crystal clear that relying on a state pension anywhere in the world makes no sense, as all pay the minimum amount necessary to cover basic expenses. The bank’s research identified a pension gap in all major world countries’ state pensions large enough to make even the necessities of life difficult to cover. The widest gap is found in Hong Kong, one of the world’s most...
19 Oct at 6 PM 2017

Decline in disposable incomes causing expat concern

Relocation is often seen as the answer to stagnant wages and stalled career opportunities, but expat professionals nowadays are often struggling to make ends meet. For several decades, accepting relocation overseas was synonymous with a vast increase in salary, a luxury lifestyle and a boost in career prospects. Nowadays, worldwide economic instability and fewer opportunities in desirable locations are causing concerns about diminishing salaries, fewer benefits and the rising costs of living in the majority of expat hubs. Expat...
19 Sep at 6 PM 2017

New survey for compensation packages based on price of one beer

A new approach to cost of living surveys, calculated on the price of a beer, gives more accurate results than traditional studies. It goes without saying that surveys can be very useful for expats looking for new assignments or pensioners looking for an exotic retirement, but a new, simpler approach is likely to prove very popular as a reference. Similar to the Economist’s ‘Big Mac’ survey, which based the purchasing power of top currencies on the cost of a hamburger, Sovereign’s new survey kid on the block is basing itself on...