Requirements for Foreigners to Buy Property and Live Permanently in Hong Kong Without an Expat Package

To live permanently in Hong Kong as a foreigner without an expat package, you need to consider multiple aspects, including property purchase regulations and residency requirements. This comprehensive guide will help you understand the process and necessary steps.

Property Purchase Requirements

Eligibility

Foreigners are generally eligible to buy property in Hong Kong without any restrictions. However, if you intend to reside in the property, it must be for residential use.

Financing

If you plan to finance the property, banks typically require a higher down payment from non-residents, usually around 40% to 50% of the property's value.

Stamp Duty

Foreign buyers are subject to an Additional Stamp Duty (ASD) of 30% on property purchases, in addition to the standard stamp duty. This is a considerable cost to consider.

Legal Process

Engage a local solicitor to handle the property transaction, including the signing of the sale and purchase agreement and the transfer of ownership.

Residency Requirements

Vacation Visa Options

To live permanently in Hong Kong, you need a valid visa. Here are a few options:

Investment Visa: If you invest a substantial amount in a business or property, you can apply for an investment visa. The investment amount should generally be at least HKD 10 million, approximately USD 1.3 million, in a business that creates jobs for locals. Quality Migrant Admission Scheme (QMAS): This is a points-based system for skilled individuals to migrate to Hong Kong. Applicants are assessed based on factors like age, education, work experience, and language proficiency. Employment Visa: If you secure a job in Hong Kong, you can apply for an employment visa. This typically requires a job offer from a local employer.

Permanent Residency

After living in Hong Kong for seven continuous years on a valid visa, you may apply for permanent residency. This applies to those who have been legally residing in Hong Kong, including holders of various types of visas.

Documentation

When applying for residency, you will need to provide the following documentation:

Proof of property ownership or lease. Financial statements. Identification documents. Documentation supporting your visa application, including employment letters and business registration.

Additional Considerations

Language

While English is widely spoken, especially in business and legal contexts, knowledge of Cantonese can be beneficial for daily life and integration.

Cultural Aspects

Understanding local customs and regulations is important for settling into life in Hong Kong.

Conclusion

In summary, while foreigners can purchase property in Hong Kong, living there permanently requires navigating visa options and residency applications. Consulting with legal and immigration professionals is advisable to ensure compliance with all regulations and to facilitate the process.