
Recently, Ronnie O'Sullivan, the world snooker champion nicknamed "The Rocket," successfully immigrated to Hong Kong through the "Quality Migrant Admission Scheme" at the age of 48.
O'Sullivan has excelled in many major tournaments, including winning 7 World Snooker Championship titles, 8 Masters titles & 8 UK Championship titles. In 1997, he made history by recording the fastest-ever 147 breaks in snooker, completed in just 5 minutes and 8 seconds, setting a Guinness World Record. This achievement earned him the nickname "The Rocket."
O'Sullivan explained his reasons for choosing to immigrate to Hong Kong: "I spend most of my time working in China or Asia, so I needed to establish a home here, not just travel with my luggage."
He also praised Hong Kong for its favorable tax system, along with its food and culture, making the city an ideal place to live.
1.Hong Kong's Tax System
Hong Kong is renowned for its low tax rates and simple tax administration. The key features include:
Types of Taxes:
Profits Tax: The tax rate is 8.25% on the first HK$ 2 million of a corporation's profits and 16.5% on the excess.
Hong Kong has signed double taxation avoidance agreements with 51 tax jurisdictions.
Salaries Tax: Tax is levied on personal income with a progressive rate ranging from 0% to 17%.
Property Tax: Tax is levied on rental income from properties, with a tax rate of 15% after deducting allowable expenses.
Stamp Duty: Tax imposed on real estate transactions or certain financial transactions.
No Capital Gains Tax.
Tax Residency:
Hong Kong follows a territorial basis of taxation, meaning only income generated within Hong Kong is subject to tax. Income from outside Hong Kong is typically not taxed.
Tax Deductions:
The government offers various tax deductions, including for donations, education expenses, and pension contributions, to ease the tax burden on residents.
2. Advantages of the Quality Migrant Admission Scheme
This scheme aims to attract skilled and talented individuals to settle in Hong Kong to enhance the city's international competitiveness. Applicants do not need to secure a local employer before arriving or making any investments in projects.
The scheme is divided into two scoring systems: the Comprehensive Points Test and the Achievement-based Points Test. Applicants must meet the points requirement of one of these systems and compete for the available quotas.
Achievement-based Points Test:
Ronnie O'Sullivan is an example of an individual who applied through the Achievement-based Points Test. He is granted the ability to stay in Hong Kong for up to 8 years without additional stay conditions upon initial entry.
Comprehensive Points Test:
The Comprehensive Points Test uses an evaluation system to replace the previous itemized points method. More details on this will be provided in future articles. Applicants who enter under this scheme are initially allowed to stay in Hong Kong for 36 months without any other stay restrictions. After that period, applicants can apply for an extension, typically in 3- to 2-year increments, without further restrictions.
3. Conclusion
If you are considering immigrating to Hong Kong, feel free to contact Oceanus Strategic. We will publish more interesting articles in the future, so stay tuned.
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