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Wealth Management for Expats in Hong Kong

Submitted: August 2013

As Hong Kong promotes itself as a leading global financial centre, there are many highly qualified wealth managers in Hong Kong. Many of them are expatriates themselves.

Generally speaking, you should look for a wealth manager if you think you need help with financial planning. A financial institution is prone to offer you more sophisticated services when you are or get wealthier. These services range from traditional lending or investment management to inheritance tax planning or asset protection.

Issues for expatriates

Don’t miss out on your compliance requirements upon departure from your home country.

Financial planning complexity increases dramatically when you become an expatriate, as additional cross-border issues must be taken into account. These include, but are not limited to:

It is essential to check if your wealth manager is qualified enough to deal with your specific cross-border issues. In particular, it is very important to assess your Hong Kong-specific needs, as a foreign wealth manager may not have the adequate skills to address them.

However, you don’t necessarily need a Hong Kong-based wealth manager, especially if you already have a one with the appropriate qualifications in your home country.

In addition, departing from your home country may be subject to some paperwork there (e.g. tax compliance, letting your insurer know that you leave See Insurance for Expats in Hong Kong, switching to a non-resident bank account, etc.). A wealth manager in your home country is more likely to be qualified to help you with this.

In all cases, be wary of:

US taxpayers

It may be harder for US citizens to find a relevant wealth manager outside the US. This is because US citizens remain subject to US tax rules, even when they are resident outside the US. Consequently, US citizens are unlikely to avail themselves of the potential tax benefits that Hong Kong offers, and US tax considerations must be taken into account in any international planning.

If you are a US taxpayer, you are likely to need a specialist wealth manager, i.e. with the appropriate qualifications to advise US citizens resident in Hong Kong.

 

 

 




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