“Nothing’s certain but death and taxes,” as Benjamin Franklin wrote. This applies even to Hong Kong. Residents have a life expectancy of 82, though, and a maximum tax rate of only 17%. This section of our expat guide addresses both the tax system and the retirement provisions of an aging population.
Moving to Hong Kong for professional reasons can often be a great step forward in your expat career. Many foreign assignees earn a good living as highly qualified employees and executives in the service sector. Therefore, they will hopefully never need to fall back on Hong Kong’s social welfare benefits, which mainly cater to the elderly and the poor among the urban population. Moreover, there is a residency clause which applies to a number of services offered by social security in Hong Kong. In various cases, you need to have been a registered resident for at least seven years before you can apply for financial assistance.