Life In Hong Kong For A Foreigner

Life In Hong Kong For A Foreigner – This is part five of my eight-part guide to financial life in Hong Kong. It is mainly for foreigners living or moving to Hong Kong who want to understand the “system” and manage their money well inside and outside Hong Kong. Let me know if you have any questions.

Hong Kong is one of the largest offshore insurance centers in Asia, if not the world. What matters is the number of insurance company buildings that have been drawn to the sky on both sides of Victoria Harbour, including AIA, Prudential and Manulife, not to mention the big banks that have never been banned from selling insurance in Hong Kong. Unlike other Asian countries.

Life In Hong Kong For A Foreigner

An expert with a lot of knowledge and experience in the field of insurance, I do not deal with the insurance business and do not give insurance advice. Please speak to us privately for a second opinion or referral for any special insurance needs you may have.

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If you are covered by life insurance from outside Hong Kong, you may want to consider getting the new policies listed here for comparison purposes. In my experience, life insurance policies in the United States are still cheaper than the same ones offered in Hong Kong, but I don’t have the same data compared to other countries.

One of the reasons why life insurance is so expensive in Hong Kong is that many Asians use life insurance as an important form of long-term savings and investment. Drivers are very large as in the US. Most of the insurance agents I meet here who focus on selling life or investment related policies, say that many customers here don’t like the idea of ​​paying for a policy for 20 years or more. . Plus, you don’t get that money. later. Therefore, I accept the idea that has been popular in the United States, but still in other countries, especially in Asia, that life insurance should be a cheap way to get millions of dollars,’ and I hope that my family and I have never seen that. . (Because if they do, it means I’m dead!).

I’m a firm believer in buying low-term insurance and investing differently, and I always show how the difference between life and term annuities can be made even when you’re in debt.

Many employers offer group life insurance, but this is often not enough for the main recipient, who usually has to have an insurance policy that does not disappear when you leave the company and generally receives a salary of happy birthday to you. There is a fair amount of money lost. Equally important, basic income earners must raise income and save to replace the need for insurance over time.

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Unlike life insurance, health insurance is fortunately cheaper in Hong Kong than in the United States. In fact, many health insurance plans offer cheaper options if you don’t need insurance in the United States, and more expensive options that cover you in the United States. Another reason is that Hong Kong has a world-class two-tier healthcare system that includes public and private hospitals, both of which are cheaper than American hospitals. Private doctors and clinics also abound, using both Western and traditional Chinese medicine, and most of them compete for cash and non-cash or insurance payments.

Many employers offer group health plans that may or may not fit your needs, depending on the type of care you may need in a public or private hospital and whether you need domestic or international insurance only.

For what it’s worth, after I started my company, I chose the international plan for the highest level of people, but the insurance was too high and I was I have less insurance.

Travel insurance may be required when applying for a visa to visit certain countries, but luckily it is one of the easiest types of insurance to buy online. HSBC may have the most popular online link to buy travel insurance for single trips and year-round trips, but they are expensive even with all the discounts.

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As an AXA customer, I get better benefits and service when I buy family travel policies through my AXA agency.

Since 2017, I have been joining Aimviva Travel Club with travel insurance included in membership only for myself (not for my family, but they are cheap members where I can buy insurance for them separately). I have included here more information and discount codes (excluding my affiliate commission) to join Aimviva Travel Club.

I often talk about health and wellness and sometimes I get clients who need real estate, mortgage or other types of insurance. I maintain referral relationships with insurance professionals I know who specialize in these areas and do not pay referral fees (although they also refer me for investment advice) and will be happy to provide feedback. To them. The changing political situation in Hong Kong has made many people from other countries consider it as a desirable destination for foreigners. Rapidly changing regulations have long had an impact on Hong Kong’s reputation as a global financial center.

In July 2020, the Chinese Communist Party (CCP) introduced a new provision in Hong Kong called the National Security Law (NSL) amid protests, riots and violence. All these events have serious consequences:

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Hong Kong was officially handed over by the United Kingdom to the Chinese government in 1997 under the conditions that Hong Kong would maintain its capitalist structure and be governed differently from China for the next 50 years.

Life in the first decade after repatriation continued as normal until the National Security Act (NSL) was passed and implemented. It is now clear that the Chinese government is violating the agreement and is still violating the situation in Hong Kong, especially as they pass the controversial extradition law: Criminals will be prosecuted in China. it’s not Hong Kong.

Responding to a survey conducted by AmCham, Hong Kong’s Minister of Commerce said that his position has not changed, and that it is still accepting foreign companies in its banks.

He also said that the city is still very attractive for many international companies that have their headquarters. He said other studies show that the number of international companies headquartered in Hong Kong has remained stable in recent years.

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He added that those who vote remain understand the Chinese government’s commitment to stabilize Hong Kong. After the riots in 2019.

Foreigners make up the majority of Hong Kong’s population and hold jobs in finance, aviation, and education, as well as large numbers of domestic workers from other parts of Asia. .

It goes without saying that the presence of riot police on your daily commute to work or school and the uncertainty of what might happen would make anyone rethink life in Hong Kong. Children who see police interference and violent riots in their familiar environment are at great risk of suffering.

Writing on the wall for many foreigners and the next change is coming to Hong Kong. The question of whether to go or stay will depend on your personal circumstances and what you deserve.

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Depending on their nationality, foreigners pay different taxes. In the United States, this would be a big and big problem… but what does this city look like? And what does it look like to change and build a new life in Hong Kong?

In this Ask an Expat series, I’ve interviewed people from all over the world, but outside of their country. I try to help paint an honest picture of life abroad to share tips for expats and information about what to see and do in the town, city or country that expats call home .

“I came to Hong Kong about five years ago to study at university and ended up living in the city.

I grew up in about four countries, but Hong Kong is something I have never seen. I didn’t think I would live here until I wanted to leave. But I’m thinking of walking in the city

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