Hong Kong has again been acknowledged as the costliest property market in the world for the 7tyh consecutive year. The rankings for 2017 reveal that apartments in Hong Kong cost 18.1 times the gross annual median income surveyed across 406 leading cities. Hong Kong is the most expensive property market in the world and this gives it an added sheen and allure of its own when it comes to drawing foreign investments.
Home prices have gone up to record levels in Hong Kong and will continue to grow, making it the most prime and coveted destination for property in Asia. This also means that Hong Kong is also the most coveted global destination for property investments courtesy foreign investors. As a result, its attraction will forever remain and being the most expensive property market across the globe, it will continue generating lucrative returns for buyers.
Hong Kong is also known for its ease of doing business. There is ample protection for investors and it ranks highly in Asia when it comes to starting new businesses and obtaining licenses, permits and conducting trade across the border. Hong Kong has a simple registry process for businesses with almost no restrictions. Hong Kong offers solid transportation infrastructure across shipping, aviation, logistics, freight forwarding and roads. Hong Kong is ideally located in the heart of the Asia-Pacific region and has excellent telecommunication infrastructure as well.
Hong Kong has a very simple and hassle free system of taxation and some of the lowest rates are charged here. The legal system is transparent and extremely fair which is another major draw for business owners. Hong Kong is also one of the most liberal economies in the world on account of its free trade policy, absence of trade barriers and absence of limits for foreign onshore and offshore investments. There are no fees or tariff quotas for general export and import trade here as well.
Hong Kong is known for its excellent infrastructure including a solid logistics network and an excellent network of ports and sea transportation. Hong Kong has one of the best airports in the world along with a globally acclaimed public transport system. There are top class underground and over ground railway networks along with trams, minibuses, buses, taxis and ferry services on offer. Hong Kong has continually expanding infrastructure and the new Kai Tak Cruise Terminal is a case in point.
The Hong Kong-Zhuhai-Macau Bridge will also boost overall connectivity while the upcoming Guangzhou-Shenzen-Hong Kong Express rail will also boost Hong Kong’s business relations with Mainland China. Hong Kong has more than 250 hotels across diverse budgets along with excellent restaurants, bars, conference and meeting facilities and top amenities at the same. Hong Kong has one of the leading air and sea cargo networks in the world.
Hong Kong has maintained a very low and simple tax regime which makes it a great destination for doing business. Hong Kong does not have any capital gains or dividend tax. There are no taxes on interest and one is only taxed on income in Hong Kong and not overseas.
The maximum personal tax or tax on salary is 15% but there are several allowances to reduce this while corporate tax is fixed at an attractive 16.5%. Property tax is also 15% while there is no withholding tax or estate tax along with no VAT or sales tax. Tax returns can also be submitted quite easily in Hong Kong.