If we were to translate “Hong Kong,” we would have “fragrant harbor” in Chinese. This destination is an essential economic hub in Southeast Asia.
Before becoming Chinese again in 1997, Hong Kong was a British colony. The peninsula has a unique identity of its own and is very different from China. Hong Kong attracts expatriates from all over the world who primarily come for work. But that is not the only reason; many other factors encourage expatriates to choose Hong Kong as their destination…
Working in Hong Kong
While many expatriates choose Hong Kong for their careers, they first and foremost do so because incomes are high there. Your career can receive a considerable boost, enhancing your experience and CV. It is possible to advance quickly, which provides greater motivation to be productive and succeed professionally.
But be aware of certain “traditions” in Hong Kong. People work a lot in Hong Kong. According to a government study, more than one in ten Hong Kong residents works over 60 hours a week, and the average is more than 50 hours per week. In addition, paid leave is rare, placing Hong Kong among the places where people work the most in the world.
Activities and Culture in Hong Kong
There are countless islands around Hong Kong, giving you plenty of options for entertaining yourself alone or with your family. There are many theme parks, including the famous Disneyland. Although Hong Kong is known for being expensive, it is still possible to enjoy affordable activities that allow you to make the most of the city.
Hong Kong’s culture is cosmopolitan, somewhat like Dubai. People of many nationalities coexist in complete peace. It is therefore very easy to build relationships and expand your network. From a cultural perspective, Hong Kong is strongly influenced by its Chinese and British heritage, which remains highly enriching for residents and visitors.
Hong Kong is also a prime shopping destination. Hong Kong has the highest density of stores in the world. As the city is a free port, prices are 20 to 30% lower than elsewhere! High-tech products, computers, DVDs, tailoring, made-to-measure clothing, and more… Hong Kong is a true shopping paradise. We recommend the Kowloon district (Tsim Sha Tsui) for shopping; you will not be disappointed.
A Global Financial Center
Hong Kong’s location is perfect, at the crossroads between East and West. Known as the “Pearl of the Orient,” the peninsula offers countless opportunities thanks to its economic dynamism. It is often described as the world’s third-largest financial center, and you can open a bank account in Hong Kong relatively easily. Hong Kong’s banking network is extensive, with many globally renowned fintech companies to help you develop your business.
Hong Kong has an integrated network of institutions and markets, providing a wide range of financial products and services with a high degree of liquidity to local and international investors.
Taxation in Hong Kong
Taxation in Hong Kong is very favorable, particularly if you generate income abroad. As Hong Kong has a territorial tax system, only income derived from activities in Hong Kong is taxable.
Suggested reading: Article on taxation in Hong Kong – insert link
There are no fewer than one million companies registered in Hong Kong, most of which are owned by foreigners.
Hong Kong is considered a leading tax haven because of its laws, which limit taxation on wealthy residents and foreign companies on the island.
Hong Kong therefore offers many advantages that encourage thousands of expatriates each year to take the plunge and settle on the island to establish a company or work for a local business. This article gives you four good reasons to move to Hong Kong.
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