# Moving to Hong Kong- Cost of Living.



## islmvp

I am in the process of negotiating a move to with one of the big banks from the UK to Hong Kong. They have asked me for my salary expectations and based on initial research and what the role is paying- i have asked for a salary 1m plus which works out at about 83k per month. Initial discussions with HR suggest that is a realistic request however they will need to review before tabling an official offer. Based on my initial research we are thinking of living either in Lohas Park or Tung Chung- which i believe is about 45 mins door to door commute to Central which is reasonable for me and we dont want to live in the hustle bustle areas with young kids (4 year old and 9 month). I am bit concerned whether the amount they are offering will be comfortable for us live on and save at least 18k a month I have done a bit of research on the cost of living and things seems quite reasonably priced with the exception of housing and schooling (about 7k for Kindergarten). Can anyone help me a provide a view of the potential cost of living please? I am still unclear on how much we will need after paying bills and savings to live on. We dont tend to eat out much and dont drink alcohol and not particular on buying any specific European brands when it comes to shopping. 

Any view will be appreciated. Thanks !


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## HKG3

Education cost is very high in Hong Kong for expat children. You also face a long waiting list. If you are going to accept the Hong Kong offer, you will need to get your children's name with one of the international schools as soon as possible.

It is also expensive to get a car in Hong Kong, but public transport is good, so you do not really need a car.

Have you think of living in Discovery Bay? There are lots of expats there, but the only disadvantage is transport. You will need to get the ferry to Hong Kong Island for your work, while you can use the rail/underground system to get to work if you stay in Lohas Park or Tung Chung.

A point to note for the OP - unlike the UK, Hong Kong salary is paid gross and the Hong Kong Inland Revenue will send you a tax demand towards the end of the year. You need to put money away to pay your income tax.

Health care is also an issue for the OP. As visa holders, the OP and his family will be entitle to get cheaper health care from government hospitals, but a lot of the local GPs are private. Private GPs charge every time you visited.

Food cost - it is cheaper to get meat and vegetables from local wet markets than supermarkets. However, most wet market sellers don't speak much English.


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## islmvp

Thanks HKG3.

The package includes medical insurance for the family so that is covered. We intend to stay in HK for 2-3 years so we dont intend to get a car. As for the school fees- I have looked around and it seems you pay about 10k a month which is indeed rather high. Will check discovery bay and see if they have any decent apartments- within the budget of 15k. Do you think the salary being offered {83k a month} is enough to live a comfortable life though in HK and save few thousands? Is that a good wage to cover a family of 4? My wife wont be working initially but plan to work once we are settled- maybe after six months.


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## HKG3

islmvp said:


> Thanks HKG3.
> 
> The package includes medical insurance for the family so that is covered. We intend to stay in HK for 2-3 years so we dont intend to get a car. As for the school fees- I have looked around and it seems you pay about 10k a month which is indeed rather high. Will check discovery bay and see if they have any decent apartments- within the budget of 15k. Do you think the salary being offered {83k a month} is enough to live a comfortable life though in HK and save few thousands? Is that a good wage to cover a family of 4? My wife wont be working initially but plan to work once we are settled- maybe after six months.


You will manage fine with a salary of HK$83k per month. However, your budget for housing (HK$15k per month) is rather low. You will need to move it up to HK$25k a month for something decent. As I said above, your salary is paid gross, so you will need to put money by to pay your income tax at the end of the year. You will also need to pay into the MPF (pension scheme). Please see links below for details on income tax and MPF in Hong Kong - 

GovHK: Basic & Other Allowances

MPFA 

With regards to your wife, what kind of job she is looking to do in Hong Kong?


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## siobhanwf

https://www.esf.edu.hk/Fees-2016-17

My daughter attended KG V


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## islmvp

Thanks- my wife is a Dr in Pharmacology and is looking to either work as a research scientist or a lecturer. In terms of accommodation- you mention that 15k is too low but i have seen several flats in Caribbean Coast, Tung Chung for between 15k-18k. My current commute now is about 1.30 mins so i dont mind commuting 45 mins and dont really want to stay on the Island. I have accepted the offer of 83k but still a bit concerned that this may not be enough to cover all expenses plus save a decent amount.


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## HKG3

islmvp said:


> Thanks- my wife is a Dr in Pharmacology and is looking to either work as a research scientist or a lecturer. In terms of accommodation- you mention that 15k is too low but i have seen several flats in Caribbean Coast, Tung Chung for between 15k-18k. My current commute now is about 1.30 mins so i dont mind commuting 45 mins and dont really want to stay on the Island. I have accepted the offer of 83k but still a bit concerned that this may not be enough to cover all expenses plus save a decent amount.


HK$83k is enough for a family of four and many locals earn less than that. The median household income in Hong Kong for 2014 is HK$23,500, and your income level will put you at the top 10% of household income in Hong Kong.

http://www.gov.hk/en/about/abouthk/factsheets/docs/population.pdf

You also need to note that the current exchange rate works in your favour just now as you can get £1 for less than HK$10. If you are aiming to save in GBP, you will need to note that the exchange rate will not always favours you. I have seen rates as high as £1 = HKG$16.


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## islmvp

Thanks. 

I have accepted the offer and now the search for accommodation begins! From what we have seen- it seems like Caribbean Coast in Tung will provide with what we want for a reasonable price. You can get a 3 bed flat for less 18k all inclusive and with 2 young kids- we would rather live off the island in green areas than in the city. Also it seems like the commute is reasonable- 45 minutes door to door to central (IFC center) which is where i will work.

Does anyone know much about the flats and Tung in general? Is it s decent area? The pictures look really nice and they also have a quite few schools/Kindergartens nearby. 

Any views will be greatly appreciated.


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## HKG3

islmvp said:


> Thanks.
> 
> I have accepted the offer and now the search for accommodation begins! From what we have seen- it seems like Caribbean Coast in Tung will provide with what we want for a reasonable price. You can get a 3 bed flat for less 18k all inclusive and with 2 young kids- we would rather live off the island in green areas than in the city. Also it seems like the commute is reasonable- 45 minutes door to door to central (IFC center) which is where i will work.
> 
> Does anyone know much about the flats and Tung in general? Is it s decent area? The pictures look really nice and they also have a quite few schools/Kindergartens nearby.
> 
> Any views will be greatly appreciated.


The full name of the place is Tung Chung.

Tung Chung is a new town developed to provide housing for people working in the airport nearby. Transport link is very good. However, not a lot of shops but I think the OP's family will manage there.

The link below will give you more details on Lantau Island, where Tung Chung is located.

https://en.wikipedia.org/wiki/Lantau_Island

You also need to note that the size of flats in Hong Kong is not as big as it is in the UK. Another point for the OP is that when you rent a place in Hong Kong, you are expected to pay the rates (like council tax in the UK) of your rented property for the landlord. You may want to ask how much the current rates for the flat is before making up your mind.

You will also need to organise schooling for your 4 year old child as soon as possible.


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## HKG3

Another point for the OP is that in Hong Kong, unlike the UK, people are expect to have their Hong Kong ID cards or other ID documents with them at all times. If you get caught without any ID document in Hong Kong, you can be taken to the local police station and you will only be release if someone comes to the police station with your ID card / document. You may also be taken to court and fine for not carrying your ID document with you. You and your wife will need to get your Hong Kong ID card once you arrive. Please see link below for details - 

Registration/Replacement of Hong Kong Identity Card | Immigration Department


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## nola92

cheap


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## islmvp

@nola what is cheap????


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## siobhanwf

nola92 said:


> cheap


Nola have you every either visited or lived in Hong Kong. 

CHEAP is the last thing it is.
Rent alone is one of the highest in the world at £1,345 ($1,930)/64% of income.
Hong Kong is now on a par with Zurich as one of the highest cost of living in the world. 
Sharing second place with Zurich behind Singapore in first! 
Daily chart: Worldwide cost of living survey | The Economist


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