[Metro Journal] Why Hong Kong is still an Expat Destination?
Being a major international financial hub, Hong Kong, has been a very popular destination for expats to work over the last two decades that it has been a Special Administrative Region of the nation People’s Republic of China. Companies that have Asia in their business plans look at Hong Kong as the hot place to do business for several reasons such as ease of setting up business, strong infrastructure that helps new business layout their operations, free economy, transparent legal system, etc. What makes Hong Kong so attractive for expatriates? Here is our finding
1. Better Career Prospects
Certainly, better career prospects draw job seekers to any location. Therefore, expatriates looking to have an all-round experience of working abroad have Hong Kong at the top of their list of must-work-in-city. Though recession slowed down number of opportunities available especially in the fields of finance, IT and logistics but it has picked up again and is much in demand now. Also, lawyers and accountants with professional degrees mainly from US or UK have much higher chances of getting lucrative jobs here. Compared to Singapore, Hong Kong fairs higher for salaries of top expats especially in the financial industry which is close to 25% higher. In addition to this, the income tax to be paid is much lower at just 17% making Hong Kong a haven for expatriates.
2. Standard of Living in Hong Kong
Over a dozen surveys done recently show that Hong Kong is the top go-to destination in Asia for the ultra rich expats. With the huge number of expatriates, the cost of living in Hong Kong has also gone up though it had slumped after the Asia Financial Crisis in 1997. Cost of living is also really high in the expat dense posh areas. But this doesn’t deter the wealthy expats as the high standard of living is what attracts them to the country in the first place.
Hong Kong has a very exciting nightlife that serves as another attraction for expats while relocating, and the cost of it is clearly at par with what most popular cities have. Most luxury items and imported goods are available here making it easier for expats to live a life here the way they would back home. Taking all this into account, expats lead a luxurious life in Hong Kong.
3. Lifestyle
Hong Kong with its liberal economy is considered one among the most easiest to adapt cities. The expat community here don’t find it hard to make friends and lead a happening social life, meeting friends, exploring new places, getting new experiences all form part of a great lifestyle for them.
Recreational clubs are a great attraction here as they provide much relief from the stresses of the job and serve as a great source of entertainment. Because of its huge popularity, popular clubs do have a long wait list.
This shopper’s paradise is also home to many international and high-end brands, many elite pubs and restaurants, and even outdoor sports activities for those who are always on the go.
4. Ease of Travel in and out of Hong Kong
Travelling in and around Hong Kong is really easy thanks to its proximity to many other Asian urban cities. Going on a short vacation over the weekend isn’t a challenge here; a short 4-hour flight can take one to many touristy places such as Macau, Singapore, Kuala Lumpur, Vietnam, Manali, etc. The airlines make it even easier by having competitive rates for flight tickets to these locations.
5. Education system
Getting into many Hong Kong schools is tough but for American nationals it isn’t as bad with just $25,000 as fees they can reserve a spot for their children. The education system here has a lot of British influence and initially was as high quality as that in the UK, however later over the years it has adopted more local curriculum. Yet the schooling in Hong Kong is considered high class, with state-of-the-art technology and infrastructure, and international teaching practices that makes Hong Kong’s education system at par with many global schools. For expats, this is a great plus as these international schools are globally recognized and their certificates valid
world-wide. The only major down side to Hong Kong for expats could be the housing system which is ridiculously expensive. The lack of space has sky-rocketed the real estate prices, so a 3- bedroom house could cost you US $4,750 on an average in mid-level areas while the same can go really high up if you prefer to stay in upscale expat zones.
Relocating to any new location has its set of advantages and disadvantages, that’s true for Hong Kong as well. But what makes this destination stand out in the crowd is that the pros definitely outnumber the cons as far as living and working in Hong Kong is concerned.
