People are moving all the time in search of better job positions, higher salaries, or lower costs of living. People also move because of studies, marriage, or because they wish to make a fresh start and change their surroundings. Sometimes, people also move because of retirement. Our elderly citizens usually decide to move because of health and financial reasons. They usually seek more affordable neighborhoods or warmer climate to get the most of their retirement. Additionally, cheap airline tickets and modern technologies made it possible for people to move to the remotest of places. This is why we are going to use this article to discuss the possibility of retiring in Hong Kong. Learn what are the pros and cons, and what can you expect of this exciting city before you call your removal company Hong Kong to help you with the move.
Financial aspects of retiring in Hong Kong
Most people take their finances very seriously. With that being said, you should know that Hong Kong has earned a reputation for being one of the world’s most expensive cities. In 2019, it shared the first place with Singapore and Paris as the most expensive city in the world. However, Hong Kong has many different neighborhoods, some of which are more friendly for your pocket. You just have to find a quality real estate agent who can give you in-depth info about Hong Kong. On the other hand, Hong Kong was famous for decades as a tax-free port. Companies and workers in Hong Kong enjoy some of the lowest taxes in the world. The city has no estate tax, no capital gains tax, no dividend tax, no withholding tax, no sales tax or value-added tax, and no interest tax on. In other words, Hong Kong is a tax haven.
Retiring in Hong Kong may give you more job opportunities
Wait, what? Aren’t we speaking about retirement? Well, some people want to continue working even after they retire. In fact, according to recent studies, 80% of Americans say that they would like to work after they retire. Working after retirement can be difficult as old age is somewhat a limiting factor, but you can always land a part-time job. And this is why moving to a big city like Hong Kong could prove to be a winning strategy. Hong Kong is a highly developed territory and one of the world’s major financial centers. The city is also home to the second-highest number of billionaires of any city in the world. Additionally, Hong Kong has one of the highest per capita incomes in the world making it a desirable destination for people looking for any type of job, including part-time work.
Extreme crowds are the main reason to re-evaluate your decision
Before you decide to move to Hong Kong you should be aware of the fact that Hong Kong is absolutely packed. First of all, Hong Kong metropolitan area has 15.8 million residents. And these are just population stats, add to that number another hundreds of thousands of people who flock to Hong Kong each day because of work. But even that is not all as roughly 58 million tourists visit Hong Kong each year. So, before you call car shipping HK, don’t forget that driving in Hong Kong can be a stressful experience. Because most people perceive retirement as a rewarding time of peace and relaxation, you should definitely reconsider your decision as Honk Kong is certainly not a quiet place. In fact, it is buzzing 24 hours a day. Just hop on a metro ride to get a better picture of how crowded is Hong Kong.
Climate Downsides of retiring in Hong Kong
Moving is one of the biggest decisions in life, especially if you undertaking a long-distance move like the one to Hong Kong. Therefore, you should be familiar with all the pros and cons of moving to that city, if you wish to make the right decision. Listed below are some of the downsides of moving to Hong Kong, at least in our opinion.
- Pollution is quite problematic. Hong Kong has gained notoriety for air pollution, even though the locals will say that it used to be much worse. Tuen Mun, Kwai Chung, Causeway Bay, Mong Kok, and Central are some of the city spots where air pollution is especially prominent.
- Heat and humidity. Hong Kong is famous for its warm climate all year round. Summer heats could be problematic for some people, but that pales into insignificance when compared to humidity. The average humidity in Hong Kong is 77%, while humidity levels from May can reach a staggering 95%
There are certain language barriers
Networking is quite easy is in Hong Kong, and you can find expat communities in almost every industry. On the other hand, the language barrier seems to be increasing lately. English is still the official language in Hong Kong, but Mandarin is being heavily prioritized. While we agree that you should learn the language of the country you are moving to, we must admit that learning Mandarin is not an easy task. Especially if you have to balance between a hectic work schedule, children, and language lessons.
Other downsides of retiring in Hong Kong
- Expensive rents
- High rates of mental illnesses, depression, and anxiety
- It’s very pricey to own and use a car
- The cultural scene is not very rich
- The abundance of bitter expats
- Overpriced supermarkets that lack in variety
All things considered, retiring in Hong Kong has it’s limiting factors like the costs of living and language barriers. Then again, the costs of living in Hong Kong are 19.90% lower compared to those in New York. Our last piece of advice for you is to make a good financial plan before you move to Hong Kong.