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Discussion Starter · #1 ·
Hi everybody, we (Family with 1 kid of 4 years + 1 newborn somehow soon) are considering to move to hkg. The company have offered a fix monthly salary of hkd100k gross + housing hkd 65k gross + schooling at expense + yearly variable bonus (10x salary) + transport allowance etc
From what we understand the overall package is interesting, although my wife is not going to work.
What kind of apartment can we expect for the mentioned housing allowance or do we have to expect to pay something on top? Which area would you suggest, it needs to be close or with easy access to the international swiss/german school? We have read about long waiting lists, do you know if swiss citizen have certain priority for final admision?
In regards of car expenses, what is the monthly cost (excl fuel)to be considered for a standard mid size car, most likely weekend use only!

Any comments will be highly appreciated

Brgds
Frederic
 

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It really depends where abouts in HK but a typical one would have a simple living room/dining room, small kitchen, small bathroom and 2 bedrooms. For expats with families, I would personally recommend Sai Kung, near the coast and away from the urban areas.
 

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Frederic

Here are a number of links which you may find useful.

The German Swiss International School website -

German Swiss International School

In order to drive in Hong Kong, you need to exchange your Swiss driving licence to a Hong Kong one by filling in the form below and return it to the Hong Kong Transport Department -

http://www.td.gov.hk/filemanager/common/tdforms/td63a(2013.09).pdf

Just one more point, you may wish to visit your local HSBC branch to see whether you can open a Hong Kong bank account before your move to Hong Kong. HSBC has one of the largest retail banking network in Hong Kong.

https://www.hsbc.com.hk/1/2/home
 

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With regards to driving in Hong Kong. Why would you want to?

Hong Kong has one of the worlds best transport systems in the world.
Cars are horrendously expensive to buy and then you have unbelievable running costs. That doesn`t even take into consideration where you are going to park it!
rush hour traffic is permanent.
THE MTR (Mass Transit Railway) will get you to most places fast and safely. Taxis are cheap.
Consider ease of access to the MTR when considering living accomodation

The school will more than likely have their own transport system.
You will need to see which school has the shortest waiting list one is on the East (Sai Kung) the other in the west looking towrads Lamma Island

The amounts/ salary/allowances you mention are they monthly, yearly ????



Before you make any decisions please contact the school.
 

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Discussion Starter · #5 ·
Thanks for the messages... I have heard about the great public transport coverage, however i was thinking to use the car for wknd trips only....
The mentioned amounts are on monthly basis.
 

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A car is an expensive item in Hong Kong

For example friends who live there at present have a smalll car ....mk7 golf 1.4 tsi which cost HK245000 about 3 years ago
Insurance runs about HK$3500/4000 cheaper if you want just third party
Parking somewhere like Fanling IRO HK$1500/1750 (we were lucky we had government parking facilities)
Car servicing depends on whether you use a main dealer or a local garage any where between 2000 & 4000 pa.
Road tax for a 1..2 engine is approx $4000 it depends on the size of the engine

KINDERGARDEN & JUNIOR SCHOOL German Swiss is situated in
Pok Fu Lam
these are a couple of site you can look at is you want to check what property prices are like in the school area.
Pokfulam Property for Rent - Pokfulam Apartment
Pok Fu Lam Unit / Flat / Apartment For Rent in Hong Kong Island , Hong Kong

One real bonus is that the income tax rate is extremely low.
You will pay tax on the rental allowance
Need to check if the school allowance is also taxable.
 

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Discussion Starter · #7 ·
Dear siobhanwf!!! Thks for your PM... Much appreciated...
You mentioned some costs in regards of the car, are you talking about yearly or monthly expenses?
 

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all in HK$, pm=per month, pa=per annum.

With a salary of 2M pa, your will need to pay HK tax of 300k pa. Keep that in mind.

Rent is your biggest expense. Keep it at 40k pm even if the company is giving you 65k (I assume they are giving you money and not paying the rent on your behalf).

Kid edu (2kids) will eat 30k pm (ESF) a little bit more for GSIS.

Car cost pa is approx 30% of the new car price. Typically a 6seater Honda Stepwagon cost around 300k new. The annual running cost for the car is 100K. The breakdown (all in pa) is as follows :
30K Depreciation
30k Parking
10k Registration(road tax) + Insurance
10k Maintenance
20K Fuel (assume you drive 10k km pa , @2$ per km) .

To summarise (Salary vs. Expense)

2,000K Salary
1,600K Expense
400k Saving 20% (relatively low for your salary - but i guess your priority is your kids education). Remember saving will build your balance sheet and lead you to faster "Financial Freedom".

Expenses as follows:
500K rent
350k Kids Education
300k Tax
100k Car
50K Domestic Helper
300K (Food and misc..)

You should be able to live well with that salary. Financial planning is a must. Remember "Easy come easy go".
 

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I agree with the above remarks and please remember owning a car is a heavy burden for many and make your expenses ballooned substantially. Kids' education is a major concern and that's why I'm moving back to the UK after living here for around 12 years!
 

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Oh? I used to think that Hongkong's education should be good because of their strong economy....Asian children are famous for their maths?
 

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Many people in HK look at a car as a luxury, whilst for many it is an essential.

It really does depend on where you live and what you do.

Agreed that HK does have a great public transport system, but a family queuing for the bus in summer heat at peak hours is also not a lot of fun.
 
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