Hong Kong is one of the most expensive cities in the world to live in. In fact, the city is currently ranked as the place with the highest cost of living for expats.
Why Hong Kong is very expensive?
Hong Kong was named the most expensive city in the world for the second year running, mainly due to its high housing prices. These items include housing, transportation, food, clothing, household goods, and entertainment.
Why is tax so low in Hong Kong?
There are no taxes charged on capital gains, interest, or dividends; there are also no net-worth or public benefit taxes. Shoppers in Hong Kong can enjoy higher purchasing power since the island does not impose a sales tax.
Is tap water in Hong Kong drinkable?
Hong Kongs water is good enough to drink. According to Hong Kongs Waterworks Regulations, the consumer is responsible for the proper maintenance of the buildings plumbing15. So as long as you maintain your plumbing in good condition, Hong Kongs water is actually safe to drink from the tap without having to boil.
How long is quarantine in Hong Kong?
What is the quarantine period? The date of arrival in Hong Kong is Day 1 and the quarantine period will last from Day 1 to 23:59 of the last day of compulsory quarantine (i.e. Day 7, Day 14 or Day 21).
Do people in Hong Kong pay taxes?
Individuals are taxed at progressive rates on their net chargeable income (i.e. assessable income after deductions and allowances) starting at 2% and is capped at 17%; or 15% of net income (i.e. income after deductions only), whichever is lower. For further details, refer to Hong Kong Personal Income Tax guide.