‘Hong Kong. Live it! Love it! Feel it! Enjoy it!’ – the slogan used by the Hong Kong Tourism Board – isn’t practical if you’re living on the breadline, and the pleasures of dining out, drinking and dancing don’t come cheap.
Obviously it’s easier if you’re here with a partner and both of you are earning or pooling resources: singles should aim to earn at least $30,000–35,000 a month before tax to live in reasonable comfort and have some disposable income. Families with children may need to factor in the high cost of international schooling.
Main Costs
If you are paying for everything yourself, you will probably find that your main costs are:
- accommodation;
- education for children;
- entertainment, dining out and drinking; and
- travel.
More information on these main cost areas is provided in the relevant chapters.
Other Costs
Salary TaxSalary tax in 2006–2007 was 16%, significantly lower than in Europe and the US, and is not deducted at source. A government-instated Mandatory Provident Fund (that is, a pension fund) creams off roughly another 5% of your salary unless you have a private pension scheme. More information on this and other taxes is included in Chapters Ten (‘Money’) and Thirteen (‘Work’).
Monthly And Quarterly Bills
Other costs to bear in mind include utilities. IDD/Internet usage rates are extremely competitive, but there are also water, gas/electricity and landline phone connection charges to factor into your monthly expenditure. Cable
and satellite TV are also available. More information on these services is provided in Chapter Five, ‘Accommodation’.
Public Transport
Getting to and from work and around town is cheap by international standards, but a necessary daily expense unless you have a car. Those living out in the New Territories or on an Outlying Island will find it adds one or two thousand dollars per person to their monthly bills. For more information, refer to Chapter Four, ‘Getting Around’.
Cars
Cars are not really necessary in Hong Kong, although they are obviously useful if you need to ferry children around. For more information on the costs associated with running a car, please refer to Chapter Four, ‘Getting Around’.
Wardrobe
Clothing may also make a sizeable dent in your wallet. Whilst local-brand casual clothes are cheap, fashionable and well-made, if you wear suits on a regular basis and are larger than a UK size 12 you will probably need to shop at designer stores to find the quality and size you need, or have your clothes made. More information on shops stocking larger clothes and where to find tailors is included in Chapter Seven, ‘Shopping’.
Orientation
Your outgoings will also depend on how you orient yourself in Hong Kong. Expat-oriented products and services are expensive – you pay more and you don’t necessarily get more. As one Hong Kong savant who has experienced the highs and lows of Hong Kong comments:
