The 5 benefits of permanent resident status in Hong Kong, see why I suggest you obtain permanent resident status in Hong Kong!

The 5 benefits of permanent resident status in Hong Kong, see why I suggest you obtain permanent resident status in Hong Kong!

Today's article is "The 5 Advantages of Hong Kong Permanent Resident Status. visa hong kongAfter reading it, why do I suggest you obtain Hong Kong Permanent Resident StatusMore information on the processing, renewal, and permanent residence of Hong Kong identity cards.

In just 6 months of 2023, China has no more than 100000 people who have submitted applications for Hong Kong social identity. visa agency hong kongAmong these people, over 61000 have also been approved for personal identity as Hong Kong residents. However, we need to know that our work visa has a term and if we want to develop into a permanent resident of Hong Kong in China, we need to renew it. After the final visa expires for 7 years, Only then can I submit an application for permanent residency in Hong Kong and obtain a Hong Kong passport.

The Five Advantages of Permanent Resident Status in Hong Kong

Why do I suggest you think carefully and plan ahead to apply for permanent residency status in Hong Kong?Let's first understand the advantages of Hong Kong permanent residency status over non permanent residency status in terms of housing purchase, apec business travel cardtax system, education, travel, and civil service examination.

Hong Kong saves 30% on permanent home purchase stamp duty.

Non Hong Kong permanent residents are not allowed to rent government public housing in Hong Kong. If they buy a house in Hong Kong, they are considered non Hong Kong residents and are subject to a 30% buyer stamp duty.

In last year's Policy Address, the Hong Kong government adjusted its housing policy. Non permanent residency status in Hong Kong can also be developed like local permanent residency in Hong Kong. We can purchase and purchase properties in Hong Kong by enjoying national preferential tax management policies, but do they really not have such a simple policy?

Under the new tax refund management mechanism, if a Hong Kong enterprise purchases residential properties on or after October 19, 2022, and subsequently becomes a permanent resident of Hong Kong in China, they can simultaneously apply for a refund of the buyer's stamp duty and the new residential stamp duty paid by a national residential property company they have already purchased.

Because according to the previous housing policy of the Hong Kong government, if you want to buy a 10 million yuan house in Hong Kong, because you have not yet obtained permanent resident status in Hong Kong, you need to pay a 15% buyer's stamp duty, plus a 15% ad valorem stamp duty, which is 30% tax, which is 3 million yuan.

Hong Kong permanent residents can enjoy stamp duty exemption on their first home purchase, which is equivalent to purchasing 10 million residential properties. They only need to pay 3.75% of the new ad valorem stamp duty, which is 375000 yuan. After the implementation of the new housing purchase policy, even if you attempt to purchase a house without permanent residency, and have resided in Hong Kong for seven years and applied for a permanent residency ID card, you can still apply to the Hong Kong government for a refund of 15% of the buyer's stamp duty, which means you can apply for a refund of 26.

However, in order to obtain stamp duty exemption, the prerequisite is to have permanent residency status in Hong Kong, that is, to pay attention to the issue of permanent residency. I would like to know if I can successfully renew/apply for permanent residence.

Tax subsidies for permanent residency in the Greater Bay Area of Guangdong, Hong Kong, and Macao

Permanent residents of Hong Kong and Hong Kong residents (talents, professionals, entrepreneurs) who have obtained the Hong Kong entry plan shall receive financial subsidies from the People's Government of the nine cities in the Pearl River Delta for the portion of their personal income tax paid in excess of the tax amount calculated at 15% of the taxable income. The subsidy portion shall be exempt from personal income tax.

Individual enterprise income tax exceeding 15% will be subsidized by Chinese fiscal policies (with a subsidy of no more than 5 million yuan per company's tax year), which means that after completing the tax refund, the individual's actual development will only bear 15% of the tax burden. The excess amount will be subsidized by the national financial funds by the Nine Cities Government of the Greater Bay Area, which is exempt from personal information income;

For example, a qualified management person's family annual income can reach 2.3 million yuan and RMB. Originally, they had to pay 45% of their personal enterprise income tax, which was (2.3-60000) * 0.45=1.008 million yuan. After enjoying the tax refund policy benefits, it is equivalent to only paying 15% of their personal income tax, which is (2.3-60000) * 0.15=33600 yuan. The above data calculation results are for research reference only, and the specific evaluation standards for actual situations conducted by relevant government departments shall prevail.

Hong Kong permanent residency status can be tested as a Hong Kong civil servant.

Non Hong Kong permanent residents cannot apply for civil service positions in Hong Kong. Hong Kong permanent residents all meet the qualifications of Hong Kong civil servants, and the current salary level of civil servants. As shown in the table below, the minimum monthly salary for Hong Kong civil servants is level 0, which is HKD 13240; The highest level is 49, at HKD 138855.

At present, the minimum monthly salary for senior civil servants in Hong Kong is HKD 76380, with a salary increase of HKD 78570. The minimum monthly salary for middle level civil servants is HKD 24670, with a salary increase of HKD 25815. The minimum monthly salary for junior civil servants is HKD 13240, with a salary increase of HKD 13855.

Source: Hong Kong Government Civil Service and Social Affairs Bureau

In addition, in order to retain talent, the government conducts annual surveys to adjust the salaries of civil servants. The Executive Council of the Hong Kong Special Administrative Region (HKSAR) approved this year's salary increase for civil servants on June 6th. The salary increase for middle and lower level civil servants is 4.65%, and the salary increase for directorate level civil servants and senior civil servants is 2.87%.

Hong Kong permanent residents are more convenient to travel.

After obtaining permanent residency status in Hong Kong, you can also apply for a Hong Kong passport, which does not conflict with a Chinese passport. Hong Kong ranks 18th in terms of visa free entry in 168 countries/regions worldwide, including Canada, Finland, Japan, France, Germany, Iceland, Italy, Sweden, and multiple other countries. For travelers or business people, holding a Hong Kong passport to travel around the world is very convenient.

In addition, countries around the world have provided convenience for people with Hong Kong status to reside in the country for a long time. For example, the Canadian government has announced an immigration policy targeting Hong Kong residents: providing open work permits for Hong Kong youth who hold a college degree or above in Canada or overseas (within five years), which can be valid for up to three years.

Hong Kong permanent residency status students choose to offer more options for further education

In Hong Kong, permanent residents and non permanent residents have the same right to education, such as 15 years of free education (3 years in kindergarten+6 years in primary school+6 years in secondary school), as well as children studying in Hong Kong, such as diploma exam scores registered at local universities.

However, the difference is that non permanent residents of Hong Kong can only enter local and overseas universities through DSE scores, cannot enter mainland universities, and cannot take the Overseas Chinese Student Entrance Examination. With permanent residency status in Hong Kong and a return home permit, their children can directly enroll in 129 mainland universities (including prestigious universities such as Tsinghua, Peking University, Fudan, Shanghai Jiaotong, etc.) through the "Exam Free Admission Plan" based on their DSE scores. In addition, Hong Kong permanent students can also apply to nearly 320 universities in China through the "Overseas Chinese Joint Examination", and the most important thing is that the score requirements are low.

Secondly, if you want to obtain permanent residency status in Hong Kong, you must apply for a renewal

If you wish to enjoy the benefits of staying in Hong Kong by obtaining permanent residency status in Hong Kong, renewing your visa is a mandatory topic. During the visa renewal process, the Immigration Department mainly conducts a comprehensive assessment of whether the applicant has settled in Hong Kong, the duration of their stay in Hong Kong, their habitual residence, permanent residence at work, and family members.

Whether you are maintaining your Hong Kong identity through talent programs, talent programs, talent programs, or non local graduate stay/return employment arrangements, you need to renew your Hong Kong identity 2 to 3 times in order to apply for permanent residence or a Hong Kong passport after 7 years and maximize the value of your Hong Kong identity.

According to the regulations of the Hong Kong Immigration Department, to apply to become a permanent resident of Hong Kong, one must comply with the relevant provisions of the Immigration Ordinance and have resided in Hong Kong continuously for at least 7 years. This requires applicants to mainly live in Hong Kong, but there are no clear regulations or restrictions on the length of stay in Hong Kong, so you have some flexibility.

The definition of "usual residence" by the Hong Kong Immigration Department is that any person lawfully, voluntarily, and for the purpose of settlement (such as studying, working, or staying) resides in Hong Kong, Regardless of the length of time, he will be regarded as ordinarily residing in Hong Kong, while if he is only temporarily absent from Hong Kong, he will still be regarded as ordinarily residing in Hong Kong.

If the applicant is unable to reside in Hong Kong for a long time, we need to explain to the immigration department our personal development analysis and their absence from Hong Kong, China, including:

Reason, duration, and frequency of absence from Hong Kong;

Does he have a habitual residence in Hong Kong?

Whether employed by a Hong Kong company;

visa hong kong travel card

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