Hong Kong has long been regarded as one of the most prominent finance centres in Asia, alongside Japan and Singapore.
The Special Administrative Region is extremely popular with Expatriates and continues to attract growing numbers of expats each year. The Economy of Hong Kong is largely dominated by the financial sector, and it is jobs here that typically draw the most expat workers.
The financial importance of the region can be seen throughout history, The global bank HSBC was founded as the Hong Kong Shanghai Banking Corporation back in 1865. The enclaves history as a British Colony allowed it to thrive and become one of the leading world economies today.
Real estate in HK is infamous for being expensive and offering very small living spaces. Many of the city’s poorer community live in very confined living conditions. On the other end of the scale, Hong Kong is also host to some of the most expensive luxury properties in the world.
The country is served by a range of both local and international banking concerns, with substantial local representation from banks such as Standard Chartered and HSBC. Full banking services including credit cards, Personal loans, Car loans, and Mortgages.
Th legal system of Hong Kong has its roots firmly planted in the British legal system, owing to its history as a Crown Colony. Following the handover of the region from British rule, to Chinese rule, in 1997 the legal system remains largely the same and the area is officially recognized as a “Special Administrative Region”, a title it shares in common with Macau. For the most part, the financial laws of Hong Kong follow the same principals of those in the United Kingdom.
Visas are issued on arrival for citizens of 148 countries. British Citizens can enjoy up to 180 days,EU and US passport holders can remain for 90 days. Long term residency in HK is possible through a variety of visas, however the most common are Employment Visa’s and Investor Visa’s. Any Expatriate employee working on behalf of a company will be issued an employment visa under the company sponsorship.
It is also possible to acquire an investment visa if you intend to operate your own business in the region. To qualify for an investor visa you must present a valid business plan and have sufficient finances to support the business for at least 6 months. Such a visa is valid for 2 years, but can be extended thereafter. After 7 years, expatriates of any residency visa status can apply for permanent residency in the country.