There are many reasons to live in Hong Kong. It is one of the most vibrant cities in the world, with a mixture of cultures that makes the jurisdiction as diverse as it is exciting.
As well as being the culinary capital of Asia, it’s also the region’s financial hub, providing excellent career prospects, which together with the island’s generous tax rules, means Hong Kong residents can enjoy a prosperous and healthy lifestyle.
New and exciting opportunities are arising too, especially as China develops its progressive plans. The Greater Bay Area, which will integrate Hong Kong as its financial centre, is just one.
Despite all this, people leave Hong Kong, often because of a change in their circumstances or priorities. Here we look at eight reasons why you might be thinking of moving abroad, and possible destinations.
In Hong Kong, space is limited
For all that the island offers, spacious accommodation is unlikely to be one of the key attractions. For those of us living here, it’s the price most pay to enjoy all that the city offers, but does that work if you have children?
If you’re looking for a family home of larger proportions, moving to Britain, Australia, the US or Canada could provide an answer. Not only will your new home likely to be larger, but chances are you’ll get a garden to enjoy.
According to finder.com, a two-bedroom flat in Hong Kong city will cost £1.4 million, a sum that could comfortably provide a spacious family home in other parts of the world.
Maybe you like the idea of breathing easier
You may also be thinking about the health impact of living in a large city like Hong Kong. Like many other cities, it suffers from pollution due to heavy traffic and power stations.
Moving out to greener pastures abroad not only offers more space for your money, but also cleaner air for you and your family to breathe.
Maybe the rural idyll of the British countryside appeals, or the sun-kissed beaches of Australia, Portugal, or California. Whichever it is, there are plenty of options for you to consider.
The quality of education
Hong Kong has a good education system. However, for some parents, the demands it puts on young children is difficult to deal with. For those of you wondering which countries to consider, research by Master and More list the following top five countries for education quality:
- United States
- United Kingdom
Your skills will be valued by global employers
Hong Kong is the financial hub of Asia with access to the rest of the world, making it a linchpin to the region and home to many pivotal firms and financiers.
This also means that those working in Hong Kong can offer other employers worldwide a host of valuable experience, contacts and knowledge.
If the dream job for you is not currently available in Hong Kong, and you don’t want to wait, then considering further afield could be a shrewd move.
There are also plenty of “headhunting” companies that specialise in recruiting the cream of the crop, offering attractive positions and salaries to those willing to move abroad, and this could be you.
With their close links to Hong Kong, banks in Zurich or finance companies in Wall Street and the City of London are likely to value your experience and your links with the Asia-Pacific region.
Even with potentially more stringent tax regulations, the ability to buy a bigger home – maybe within a “greener” commuter belt – while furthering your career could be an attractive option.
According to a survey carried out in June 2020 by the American Chamber of Commerce in Hong Kong, 38% of those questioned are thinking about leaving Hong Kong due to the recent national security law. Political uncertainty may well be on your mind.
For those considering leaving, your experience and links into the Asia-Pacific region are, again, likely to be valued.
Time to put your feet up
After many years working and playing hard in Hong Kong, residents can find themselves yearning for a quieter pace of life, where they can retire and enjoy life in the slow lane.
France and Spain are a popular destination for retirement, but there are others too. For example, Canada offers a high standard of living and stunning natural attractions.
According to one report in Expatra, a survey carried out on people who had retired to Canada found 70% of respondents said life was exactly as they planned it.
You might also consider Britain, America and Australia, which are popular destinations, and Portugal is proving a particularly attractive new home for retirees, thanks to its climate, stunning coastlines and reasonable property prices.
Another major pull can be family, especially as parents start to become older and may need care. Understandably, when this happens the desire to return to one’s roots, or another country where family members may have emigrated to, can be strong.
Being closer to aging parents or other family members may be particularly attractive if you have children and you want them to know their wider family.
A taxing issue
Wherever you may be thinking of moving to, taxation is going to be a major consideration.
Hong Kong enjoys generous taxation regulations, so it is vital that you fully understand the tax rules of your new potential home – something we at BMP Wealth can help you with.
Get in touch
At BMP Wealth we specialise in building, managing and preserving the wealth of Hong Kong’s international community. By creating a personalised, comprehensive financial plan, we can help you realise and achieve your greater goals in life.
For more information, email firstname.lastname@example.org or call +852 3975 2878.