Job Discussion Forums

[stumptowny]

Thanks guys. Wondering…

1.
How many years do you get in Hong Kong as non-resident citizen before you become a resident foreigner (permanent resident)?

2.
Does Hong Kong tax “worldwide assets” after becoming a resident foreigner (permanent resident)? Before?

I live in Japan. Here you get 5 years of hassle free living. The day after the 5 year mark, you become a permanent resident and tax authorities then attempt to tax income on all “worldwide assets” (all foreign accounts, property, trusts, inheritance, property... everything).

It’s warped. I am already taxed for my income in Japan, which I send home, and then taxed again by the IRS on my capital gains (brokerage account). The third tax comes then, from japan on these same capital gains in my brokerage account. 20%!!! Japan and the IRS share tax documents if requested.

Naturally I want to leave before I get to 5 years and am asked to retroactively pay massive late fees, penalty’s ect. Looking for a new home for a longish stay.

Thanks in advance for your advice…

[oxi]

1. 1st 7 years - defined as 'Resident'. You and your employer need to sort out visas. After 7 years you may apply for and become 'Permanent Resident'. Makes no difference to tax, but you no longer have to worry about visas.

2. As far as I know - in HK you're taxed on the money you make in HK, not for anything outside. If not... I'm in trouble.