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

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

Today's article is entitled“Five Benefits of Hong Kong permanent resident status”. visa extension hong kongFind out more about applying for permanent residence as a permanent resident in Hong Kong.

In just 6 months of 2023, China has no more than 100000 people who have submitted applications for Hong Kong social identity. Among 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. multi entry visa chinaAfter 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 to carefully consider and plan your application for permanent residency status in advance? Let us first understand the advantages of permanent residency and permanent residency status in the purchase of housing, training visa hong kongthe tax system, education, tourism and the Civil Service Examination.

1. Hong Kong can save 30% of the stamp duty on permanent home ownership.

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 regarded as non-Hong Kong residents and need to pay 30% buyer stamp duty.

In last year's policy address, the Hong Kong government adjusted its housing policy. In addition, the permanent residency status of Hong Kong can be developed into a local permanent residency. We can buy property in Hong Kong through the national tax concession policy, 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 house in Hong Kong for ten million yuan because you have not obtained permanent resident status in Hong Kong, you have to pay buyer's stamp duty of 15% , plus 15% AD valorem stamp duty, which is 30% tax, which is three million.

First home purchases by Hong Kong permanent residents are exempt from stamp duty, which is equivalent to the purchase of 10 million residential properties. They will only have to pay 3.75 per cent of the new ad valorem stamp duty, or $375,000. After the implementation of the new housing purchase policy, even if you have tried to purchase a permanent residency home and have resided in Hong Kong for seven years and have applied for a permanent residency identity card, you can still apply to the Hong Kong government for a refund of 15% of BSD and you can apply for a refund of 26% .

However, a prerequisite for stamp duty exemption is permanent residency status in Hong Kong, which requires permanent residency attention. I would like to know if I can successfully renew/apply for permanent residence.

2. tax subsidies for permanent residency in the guangdong-hong Kong-macao Bay Area

For Hong Kong permanent residents and Hong Kong residents (talents, professionals, entrepreneurs) who have obtained a Hong Kong entry scheme, their personal income tax will exceed 15% of their taxable income, subsidies were given by Government of the People's Republic of China in nine cities in the Pearl River Delta. The subsidy is partly 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 manager's family income can reach 2.3 million yuan and RMB. The original individual enterprise income tax of 45% , that is (2.3-60000) * 0.45 = 1008 million yuan. After enjoying the tax rebate policy benefits, only 15% of the individual income tax, that is (2.3-60000) * 0.15 = 33600 yuan. The above data calculation results are only for reference, to the relevant government departments for the actual situation of the specific evaluation criteria.

3. Hong Kong permanent residence status can be tested for Hong Kong civil servants.

Non-hong Kong permanent residents are not allowed to apply for civil service posts in Hong Kong. Hong Kong permanent residents are eligible for the civil service in Hong Kong and at the prevailing civil service pay levels. As shown in the table below, the minimum monthly salary for civil servants in Hong Kong is at level 0, i.e. HK $13,240, and the maximum monthly salary is at level 49, i.e. HK $138,855.

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

Source: Civil Service and Social Affairs Bureau, Hong Kong Government

In addition, in order to retain talents, the government conducts surveys every year to adjust the salaries of civil servants. The Executive Council of the Hong Kong Special Administrative Region approved the salary increase of civil servants this year on June 6th. The salary increase of middle and lower civil servants is 4.65%, and that of directorate civil servants and senior civil servants is 2.87%.

4. It is more convenient for Hong Kong permanent residents to visit Hong Kong.

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 long made it easier for Hong Kong people to live there. For example, the Government of Canada has announced an immigration policy for Hong Kong residents: to provide open work permits for Hong Kong young people who hold a university degree or above in Canada or overseas (within five years) , the maximum validity period is three years.

5. Students with permanent resident status in Hong Kong choose to provide more options for continuing education.

In Hong Kong, permanent residents and non-permanent residents enjoy the same right to education, such as 15 years of free education (3 years of Kindergarten + 6 years of Primary School + 6 years of secondary school) and children studying in Hong Kong, for example, the results of the Diploma examination registered at a local university.

But the difference is that non-permanent residents in Hong Kong can only enter local and overseas universities through DSE scores, but they cannot enter mainland universities or take the entrance examination for overseas Chinese students. With Hong Kong permanent residence status and home visit permit, their children can directly attend 129 mainland universities (including Tsinghua, Peking University, Fudan University, Shanghai Jiaotong University and other famous schools). ) pass the "exam-free admission plan" based on their DSE scores. In addition, Hong Kong permanent students can 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 wish to acquire permanent residency status in Hong Kong, you must apply for 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 the talent scheme, the talent scheme, the talent scheme or the iang for non-local graduates, you need to renew your Hong Kong identity two to three times, to apply for a permanent residence or Hong Kong passport after 7 years and to maximise the value of your Hong Kong identity.

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

The Hong Kong immigration department defines“Habitual residence” as any person who is lawfully, voluntarily and for the purpose of settling (e.g. study, work or stay) in Hong Kong, irrespective of the length of his/her residence, will be regarded as ordinarily resident in Hong Kong and will still be regarded as ordinarily resident in Hong Kong if he is temporarily absent from Hong Kong.

If applicants cannot live in Hong Kong for a long time, we need to explain to the Immigration Department our personal development analysis and the reasons why they are not in China and Hong Kong, including:

1. The reason, time and frequency of departure;

Does he have a habitual residence in Hong Kong?

3. Whether he is employed by a Hong Kong company;