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The United States and Hong Kong have strong economic ties, as evidenced by their two-way trade record and a number of trade and investment agreements that seek to enhance and promote trade and investment opportunities for businesses and individuals in both countries. Hong Kong’s currency, the Hong Kong dollar (HKD) has been pegged to the US dollar since 1983. Currently, there are no restrictions on international fund transfers for American citizens who wish to transfer money from USA to Hong Kong.
American citizens must apply for the appropriate visa or permit when coming to Hong Kong, if planning to stay beyond the typical time. Normally, Hong Kong issues visas for stays of 7 – 180 days, depending on the individual and the reason for the visit. For American citizens who have former residential status in Hong Kong or close ties to the country (through family or business), it is possible to stay longer without a visa or entry permit. If planning a visit or extended stay to Hong Kong, it is advisable to first check with the local Chinese embassy or consular office to see which type of visa is required.
In general, it is easy for foreigners to purchase property in Hong Kong, though recently the Hong Kong government imposed a 15% fee for any foreigner purchasing property within Hong Kong. It is more difficult to purchase land, however. All land belongs to the Hong Kong government, and private ownership is based on a renewable leasehold basis. Currently, land leases are being granted for 50 years.
It is typical to go through an appointed estate agent for a property purchase, though it is not uncommon to find a property without one. If using an estate agent, finding one who is licensed is advisable, as is signing an estate agency agreement with the agent to ensure all agreements are in writing and understood by all parties involved. Upon purchase of the property, the buyer typically pays 5% of the purchase price as a down payment. When a formal purchase agreement is signed by all parties, the buyer will pay another 5% of the purchase price, and will pay the remaining balance at the closing, which is typically six to eight weeks later. There are no restrictions for American citizens who wish to transfer money from USA to Hong Kong when preparing to purchase property.
American citizens who wish to study in Hong Kong must apply for the appropriate student visa/entry permit and provide proof of a valid travel document to return to the United States once the study program is completed. American applicants can apply for a student visa in person at their local Chinese diplomatic or consular office. For more information on studying in Hong Kong, please refer to Hong Kong’s government immigration website.
US citizens living and working in Hong Kong are required to file a tax return with the US government and may owe taxes to the US government. Currently, there is no tax agreement in place between the US and Hong Kong, though recently an agreement was signed between them. The tax information exchange agreement (TIEA) was the first signed by Hong Kong, and stipulates that US tax authorities may request tax-specific information from the Hong Kong Inland Revenue Department.
American citizens living in Hong Kong can access hospital and other health-related services via Hong Kong’s healthcare system, but are considered ‘non-eligible’ and are charged higher rates for these services. For American citizens visiting or traveling through Hong Kong, it is advisable to take out a private or travel insurance policy to help offset healthcare costs while in Hong Kong.
American citizens living abroad are eligible to vote by absentee ballot in US primary, general, and presidential elections. US citizens must first complete and return a voter registration/absentee ballot to the elections office of the last state where they lived before moving abroad. Once approved, they will receive their ballot by mail for each election.
The United States and Hong Kong have strong economic and investment ties, and are involved in several trade and investment initiatives. Two-way trade of goods and services between the countries amounted to $64 billion in 2013. Hong Kong was the eighteenth largest goods trading partner for the US in 2013, with approximately $48 billion worth of goods exchanging hands in two-way trade between the countries. Hong Kong was also the ninth largest exports market for the US, with total imports from the US into Hong Kong in 2013 totaling $42.3 billion, an increase of nearly $5 billion, or 13%, from the previous year. US foreign direct investment and money transfers to Hong Kong totaled $58.8 billion in 2013, an increase of 7.2% from the previous year.
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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
