Why Invest?
Hong Kong is one of the world's most open and dynamic economies. It is one of the cosmopolitan cities, with a rich supply of experienced international talent.
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Market Report
We forecast that the property market of Hong Kong will remain stable in the coming years.
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Economic Overview
Hong Kong has one of the least restricted economies in the world and is basically duty-free. It is the world's 10th largest trading entity and 11th largest banking centre. The dominant presence of international trade is reflected in the number of consulates located in the territory: As of June 2005, Hong Kong had 107 consulates and consulates-general, more than any other city in the world.
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Visa/Residency Issues
If you have a close connection with Hong Kong by birth or long period of residence in the region, you may not require a visa or entry permit. If not, you will need a visa or entry permit to work, study, establish or join in any business or to take up residence in Hong Kong. However, you may not need a visa or entry permit for visit, depending on your nationality / type of travel document you hold.
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Getting to Hong Kong
Approximate flight time from Hong Kong to London is 12 hours 50 minutes. Internationally, there is a major way to get into Hong Kong through the modern Hong Kong International Airport (HKIA) which is also called Chek Lap Kok, the name of the small island it was built over.
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Fees & Taxes
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Property tax is usually charged at 16% on 80% of rental income derived from any real property.
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There are no withholding taxes in Hong Kong.
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Profits tax rate is 17.5% (16% for unincorporated businesses).
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Gift tax is levied at a progressive rate. Inter-vivos gifts which are not made for valuable consideration attract stamp duty of up to 2.75% where the gift has a value in excess of US$513,000 whereas no tax is payable if the gift is worth less than US$128,000 or where the recipient is a charitable organisation.
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Hong Kong
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Basic Information
| Population |
6,940,432 |
| Languages |
Chinese (mainly Cantonese), English |
| Area (km2) |
1,103 km² |
| Currency |
The Hong Kong Dollar, which is pegged to the US Dollar.
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| Dialing Code |
+852 |
| Emergency Services |
999 |
Hong Kong Overview
Hong Kong is located in the Far East, just south of the Tropic of Cancer. Hong Kong Island is 32km (20 miles) east of the mouth of Pearl River and 135km (84 miles) southeast of Canton. It is separated from the mainland by a good natural harbour. Hong Kong Island was ceded to Britain in 1842 by the Treaty of Nanking; and the Kowloon Peninsula (south of Boundary Street and Stonecutters Island) in 1860 by the Convention of Peking.
Average Property PricesComing soon.
Buying Process
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The process of purchasing property in Hong Kong is based on common law and is similar to that in England, the territory's former colonial ruler.
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In Hong Kong, a buyer typically puts down 5 percent of the purchase price when a preliminary sales and purchase agreement is signed; another 5 percent is paid about two weeks later when a formal agreement is signed. The balance is due at closing - normally six to eight weeks later.
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There are penalties for pulling out of a sale after the preliminary agreement is signed.
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The broker's fee generally ranges from half a percent to 1 percent of the price; the lawyer's fee varies but usually is about 6,000 Hong Kong dollars.
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Buying a property can produce a residence permit, if the purchase is costly enough.
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