Why do seniors move to Hong Kong?

In recent years, many seniors have opted to relocate to Hong Kong for retirement. Many wish to move to Hong Kong even after they have retired in another country. To find out why so many seniors move to Hong Kong, stay with us until the end of this article. We all know that economic development in the last 50 years has made Hong Kong one of the most developed and affluent cities in East and Southeast Asia. However, the elderly population in Hong Kong is on the rise. Therefore, we are seeing that there is greater pressure on the state to provide more support and care to the elderly. The state has already put effort into initiating more beneficial programs for the elderly. If you are too looking to move to Hong Kong as a senior, feel free to look up relocation company Hong Kong for more information.

A senior couple looking to move to Hong Kong
It is a brave decision for seniors to move to Hong Kong.

Why do seniors move to Hong Kong for retirement?

The majority of the population in Hong Kong is Chinese. In accordance with the culture, elderly people often live with their children and are cared for by them. But due to the economic changes in recent years, this has begun to shift. Nowadays, seniors of Hong Kong are receiving care from their families and the state. The Chinese are known for their tradition of respecting the elderly. It is rare to see a family abandon their parents and grandparents. As Hong Kong grows in affluence, there is a greater emphasis on the rights of the individual. It is important to note that many seniors who move to Hong Kong often experience culture shock. Therefore, we advise you read this post about how to deal with culture shock once you relocate to Hong Kong.

Benefits of retiring in Hong Kong

In Hong Kong, there is no default retirement age. Employees and employers can agree on the age when to retire, although it is widely accepted that the retirement age is 65 for male employees and 60 for female employees. The Hong Kong government has launched many schemes to care for a rapidly aging population. From health care programs to retirement funds, senior citizens receive ample support in all aspects of life. The Mandatory Provident Fund ensures that workers have enough financial support after retirement. Furthermore, people above the age of 65 receive HK$2,000 per year for private care services under The Health Care Voucher Scheme.

Before you rush to find a storage unit Hong Kong, to fit all of your possessions in crowded Hong Kong, you should know that you may need a visa to stay in Hong Kong permanently.

A street in Hong Kong
Did you know that Hong Kong has no capital gains tax?

What will retirement in Hong Kong look like?

Most people would like to maintain their pre-retirement standard of living. However, considering the high property price and living cost in Hong Kong, it is highly recommended to have a detailed financial plan for retirement as early as possible. On the other side while living in Hong Kong you will get to experience beautiful places like:

  • Victoria’s peak
  • Dragon’s back
  • Chi Lin Nunnery
  • Lamma Island

To find out more about the city, here are a few tips on how to make yourself at home in Hong Kong  We hope that you will enjoy your retirement and that you will be happy in Hong Kong.

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I was hoping to avoid the struggles of having to relocate altogether, but with ReloSmart Movers by my side, I’m glad I didn’t. The team did an incredible job – they arrived on time and handled everything perfectly!

David R.