8 Smart Ways Aussie Expats in Hong Kong Can Boost Their Wealth
Living in Hong Kong as an Australian expat offers more than just exciting career prospects and cultural adventures — it can be a golden opportunity to strengthen your financial future. Here are eight practical ways to make the most of your time abroad.
1. Leverage the Low-Tax Environment
Hong Kong’s low personal income tax regime means you can save more from your earnings. Take advantage of this by building your investment portfolio or creating a safety net for your long-term goals.
2. Stay Engaged with Your Super
Your Australian superannuation doesn’t stop working when you move overseas. Depending on your fund’s rules, you may still be able to make concessional and non-concessional contributions. This can be a strategic way to grow your retirement savings while benefiting from compounding returns.
3. Contribute to the MPF Scheme
If you’re employed in Hong Kong, you’ll likely be enrolled in the Mandatory Provident Fund (MPF). Not only are your contributions tax-deductible (up to HKD 18,000), but you can also make additional voluntary contributions (up to HKD 60,000) to boost your retirement savings.
4. Review Your Mortgage Strategy
Thinking about buying property in Australia while living abroad? Work with an expat-savvy mortgage broker to access competitive rates and understand your options. Also, if you’re renting out an Australian property, be sure you’re on top of your tax obligations.
5. Check Your Insurance Coverage
Ensure your existing insurance policies still cover you internationally. If not, consider taking out new health, life, and contents insurance plans suited to expat life. International health cover can offer peace of mind, especially if you plan to stay long-term.
6. Update Your Will and Power of Attorney
Your legal documents may not automatically apply in different jurisdictions. Review your Wills and Powers of Attorney to ensure they remain valid across borders. If you have children, appoint temporary guardians in Hong Kong in case of an emergency.
7. Get Better FX Rates
If you're regularly transferring funds between Australia and Hong Kong, a multi-currency account or foreign exchange (FX) service could save you thousands. Timing your transfers and using professional services can make a big difference.
8. Plan Your Return Early
Whether repatriation is on the near or distant horizon, it’s never too early to plan. St. James’s Place offers a dedicated Repatriation Service to help you transition your finances and lifestyle back to Australia smoothly.
The information contained is general information only and does not consider your personal objectives, financial situation and needs. We strongly recommend that you do not act on any information provided in this website without individual advice from your trusted advisor. You should also obtain a copy of and consider the Product Disclosure Statement for all financial products before making any decision.
The Expatriate always tries to make sure all information is accurate. However, when reading our website, please always consider our Disclaimer policy.
