Posted by
chess
15 yrs ago
I want to head back to Europe, my husband wants to stay to get his PR but I want to head back ASAP. We have been here for 5 years and just need to work out what the benfits are to staying eg tax, work etc.
If people have ANY advice it would be greatly apperciated.
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basically, you have access to longer China entry visas (up to 3yr I believe) and you can't be deported if you commit a crime in Hong Kong...probably more obscure benefits (voting rights?? that's a laugh), but these are the two that stick in my mind...
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chess
15 yrs ago
Thanks do you know anything about the tax benefits?
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190k
15 yrs ago
Doesn't effect tax but you won't need a work visa with PR
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chess
15 yrs ago
Sorry I dont think I made myself clear, my mistake i mean with regards to paying tax back in the uk and capital gains tax etc. Any help would be great.
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As a general rule, you are not tax resident in the UK if you are not in the UK for more than 91 days a year PLUS not "ordinarily resident" in the UK. This comes into effect after one tax year.
Once you are not tax resident, you pay no income tax or capital gains tax (on assets acquired while abroad) in the UK. Your residency status in HK is irrelevant to this.
You'll be taxed by HK as HK tax resident whether you have permanent residency or not if you are in HK for more than six months days a year.
In other words, no tax benefit to permanent residency.
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chess
15 yrs ago
Thank you very much for the info can I ask where you got the info from so that I can show my husband.
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You can find such info here http://britishexpats.com/articles/finance/uk-tax-residency-and-domicile/ for example
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chess
15 yrs ago
Sounds like you know what your talking about do you know anyone I can meet to discuss this with further!
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Any of the big accounting firms.
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The big accounting firms are ok, but frankly I prefer a smaller shop. Less bureaucracy. There are plenty of tax consultants with the requisite experience in HK. I'll see if I can dig out a name for you.
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chess
15 yrs ago
Yep so true re the air!!!
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If you get the PR, you can come back anytime you wish and work. HK is safe place with great health care and you pay a small amount of tax (16% if that). Also, no CGT. Unless you have a great career opportunity in the UK, it would be probably best to stay in HK and get the PR. Madtown, yes you have to return every 3 years but if you don't, you will still have the right to live and work here (unless you have been sentenced to more than 5 years I think).
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chess
15 yrs ago
CGT benefit is after 5 years which we have done pretty soon, So apart from the CGT which is important to us there are no other benefits?!? Not to fussed about the visa issue
Can anyone recommed a tax specilaist here is HK that can help with tax here and uk?
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