[VJL]

I have been offered a package of HKD 80k per month. Wanted to understand if this is good enough for a family of 4 (2 kids - one is 6 years and the other 2 years) ...understanding that rentals and education can be very high...

Advices are welcome....

 

[fonaray]

Hi VJL

I'm asking a similar question alongside yours! I've posted a link on my thread to a site I found summarising average expenses in Hong Kong. The closest I can find on the forum is the discussion here (I can't post URLs yet but you should be able to reconstruct it without too much difficulty);

expatforum <dot> com/expats/hong-kong-expat-forum-expats-living-hong-kong/83374-moving-hong-kong.html

 

[dvdlin]

I think it depends upon your life style and how you spend your money. Also what is important to you and your family. I also had a similar offer like you in 2008 and we have three kids, 1, 5 and 6. We settled down at Hong Kong island heng fa chuen of 760 Sqf 3 br apt. We had two maids, one took care of 1 year old and another took care the other two. The whole year tax is roughly about half month of my salary. Two girls went to international school similar like efs and we were able save money. The tax is lots lower comparing with US. We also able to take opportunities to travel to many nearby countries, such as China, Korea, Macau, Thailand, Singapore...

 

[fonaray]

Thanks dvdlin. That's helpful!

 

[PPashley]

What countries are you coming from?

It impacts your tax.

 

[fonaray]

Hi PPashley

I'm coming from the UK. I don't think there are any obligations for me to pay tax in the UK once I move to HK (provided I properly take care of things before I move!)

Thanks

F

 

[Robin Vinz Salvador]

Wow! That's a big sum of money already. If I were you, I'd move to HK gauge things and save before spending.

That's the best way to do things!

Check out the rule of 72 from einstein

 

[Baggio]

80k is WAY above enough...you can live really comfortably like this. Probably class you as upper middle class income bracket at that salary level.

 

[Southerncalm]

Being from America
As long as you follow some basics the first year you will get big tax breaks
Expat tax break on Fed is that the first $94,200 (i think) is exempt from USA tax
State tax depends on your state of residence
I rented an extended stay motel room in Vegas for 3 months
Registered my car there, got a drivers license and registered to vote there
They have no state tax but my home state did
Saved a lot there
Nothing says you have to actually live there
Just have an address for a time to be counted

There are several requirements your first year and i am not fresh on them
but you can google it
and you can also get a tax office that specializes in Expat taxes

The first year you cant be on US soil more than 35 calendar days to qualify
after that i don't think it matters how many

Hope that gives a little help to start
Best wishes on the rest

 

[Kingkong3]

I have been offered a package of HKD 80k per month. Wanted to understand if this is good enough for a family of 4 (2 kids - one is 6 years and the other 2 years) ...understanding that rentals and education can be very high...

Advices are welcome....

80k is very good salary. It depends on your lifestyle how much you will save.
If you live near Central then probably not much.

Schooling is costly but first you need to find one.

 

[Southerncalm]

Being from America
As long as you follow some basics the first year you will get big tax breaks
Expat tax break on Fed is that the first $94,200 (i think) is exempt from USA tax
State tax depends on your state of residence
I rented an extended stay motel room in Vegas for 3 months
Registered my car there, got a drivers license and registered to vote there
They have no state tax but my home state did
Saved a lot there
Nothing says you have to actually live there
Just have an address for a time to be counted

There are several requirements your first year and i am not fresh on them
but you can google it
and you can also get a tax office that specializes in Expat taxes

The first year you cant be on US soil more than 35 calendar days to qualify
after that i don't think it matters how many

Hope that gives a little help to start
Best wishes on the rest

update
Federal Tax Break if you meet the requirements
The first --------- dollars (see below) are no tax to the federal government. But everything above is taxed. The tax bracket or amount is based on the total sum however
not the sum minus the following
2013 $97,600 US dollars :yo:
2014 $99,200 US dollars:becky:

State tax still applies, so set up in a no income tax state before you go as a resident to save on that as well

 

[pbxpbx]

Hi to All!
Can you help to asses if the package I am being offered is reasonable?
- I am being offered HKD 52k net (after local HK tax) including housing allowance.
- I don't have to pay any tax out of HK
- I am single (no wife and kids)
- Work place is in Quarry Bay on HK Island
- I don't mind to commute unless it's not longer than 1 hour
- I'd like to travel locally on weekends (Singapore, Macau, Thailand, etc.)

Thank you for help!

 

[richard0907]

I would tell you most of the native of Hong Kong is earning around 20K-30K per month. And the normal flat in Hong Kong is around 4 - 5 million while the rent is near 10K, but not applicable to Tsim Sha Tsui or Hong Kong Island, in which it's more expensive.

 

[pbxpbx]

I would tell you most of the native of Hong Kong is earning around 20K-30K per month. And the normal flat in Hong Kong is around 4 - 5 million while the rent is near 10K, but not applicable to Tsim Sha Tsui or Hong Kong Island, in which it's more expensive.

Richard 0907 - thanks for your reply. I guess you want to say I should not be worried.
I just hope I will learn to shop for the prices that native of Hong Kong pay. From my past experience expats pay mostly higher prices as they do not speak language, they want to buy imported goods and sometimes they are seen as 'walking wallets' by locals.

 

[holo]

Hi Guys

As a noobie to HK, from reading this thread, I presume a net monthly of $150,000hk is a pretty decent amount for a single guy ? Housing allowance of $35k on top of that ?

I hear HK is so expensive.

Cheers

 

[holo]

ignore my question, I searched around and its obviously a decent income. Ta

 

[Laugh.love.smile]

Hi Holo where in UK are you from? Will you be moving to HK soon? I'm heading our ppt July to start work August

 

[dc984]

Hi to All!
Can you help to asses if the package I am being offered is reasonable?
- I am being offered HKD 52k net (after local HK tax) including housing allowance.
- I don't have to pay any tax out of HK
- I am single (no wife and kids)
- Work place is in Quarry Bay on HK Island
- I don't mind to commute unless it's not longer than 1 hour
- I'd like to travel locally on weekends (Singapore, Macau, Thailand, etc.)

Thank you for help!

Really depends on your work experience! If you are a fresh graduate that's fantastic

 

[questionsforyou]

80k is a lot of money however things in hk are pretty expensive ...

 

[Alexandaria]

Attractive salary sometimes 'hide' your real compensation needs, because that's what a normal working person always think of first , that is "salary" only. While the salary looks good, the overall expat salary package is a different story. As an expat your real needs is different, you need a "compensation" first and then benefits.