I set up an account with Hang Seng through their Causeway Bay branch, thanks to an HK banker I know. They wanted at least 500k in there and suggested investing in their indexes, but I found a clever way to sidestep that requirement. It's handy for handling big transactions in Asia, and it's a nice middle ground between Dubai, the USA, and Singapore.
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Personal HK bank account
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you can pick a bank there which has an inbuilt stock trading feature and use that for aum, you will get access to a few most common markets.
They kinda expect you to have the deposit there at all times so cash is not really an option, but they usually will not hassle you if the stocks value tank and and will sit lets say -20% below the threshold for some time.
but HK can be tricky depending on the passport you have in the upcoming years. I just look at how the west is behaving towards a certain country and I think one could entertain the same treatment if things evolve according to trends in motion.
It's at best "unwise" to bank in Hong Kong, considering the outcome of the most recent Taiwan elections.
Signs are written on the wall for a new military conflict, and everybody who is on the wrong side of the conflict will bear the brunt.
Wealthy Chinese are looking to escape; they have their reasons.
So, better avoid HK and look for something more neutral.
You don't have to put your entire wealth in Hong Kong. Wherever you put money, you should keep an eye on what's going on there.
Diversifying into a China-controlled territory with a liberal economy and freely convertible currency can be a good thing for the future.
Diversifying into a China-controlled territory with a liberal economy and freely convertible currency can be a good thing for the future.
As said by @Sols above, HK is the best middle ground between China/Asia & the rest of the world. China has no intention of breaking HK from its economic/financial position. They need HK. One argument that can be made is that the HKD might be unpegged or pegged to CNY in the future. But nothing imminent by any means. And freedom of currency and movement with other juridictions is easy and should be kept in the long term.
I bank in the west as well as HK. However; most of my investments are made through HSBC Jersey/UK. I feel comfortable having 10% of my assets in HK and running my main business there. One argument does not exclude the other.
I bank in the west as well as HK. However; most of my investments are made through HSBC Jersey/UK. I feel comfortable having 10% of my assets in HK and running my main business there. One argument does not exclude the other.
I didn't go the direct route to snag a personal HK account. Instead, I took a different path. I bought an already well-established Hong Kong company with a pretty solid history. Once I had ownership squared away, I got into deals with some Chinese factories that had their footprints in Hong Kong. My buddy lent a hand in making this happen. the whole cost was around ~ 10k.
Here's the deal: Hong Kong banks usually want you to have some legit presence in the region before they're cool with giving you an account. So, I kicked things off with a business banking account as the first step. But getting to that stage requires you to have some contracts in play. Once I had that business account in place, I started building a solid relationship with the Crypto OTC desks in Hong Kong.
I'd sell off a chunk of my crypto stash to them, and they'd move the cash from their business bank accounts. These desks often operated under different names like "Shawn Peng General Trading" or "Shang Xiau Logistics," so in the eyes of the bank, it's business as usual, you catch my drift.
From there, getting a personal bank account became a lot more doable. Even though the process might seem like a bit of a grind, it's running pretty darn smoothly now. It's become a sweet way to cash out crypto on the down-low, away from the prying eyes of the West, and it's also handy for tapping into the Asian market, including China and Singapore.
I strongly disagree. China's reliance on Hong Kong is more critical now than ever before. Given the current economic slowdown and internal challenges faced by China, Hong Kong's unique status as "the capitalist buddha" is increasingly vital in maintaining and fostering relationships with Western businesses.
I mean if you look closely, you will find that there has been an intention to replicate Hong Kong's economic success in Beijing over the past two decades, this effort has not achieved the level of success anticipated by the CCP. and this partly due to Hong Kong's entrenched role as a global financial hub and its unique position under the 'one country, two systems' framework, which, despite recent political shifts and the introduction of the National Security Law, continues to make the city a pivotal intermediary in Sino-Western economic relations. So, HK is here to stay.
And as @Sols said it's a good bridge to the Chinese market.
Yes. but my accountant takes care of it, and it comes around 2% per year regardless of my revenue.
#Bingo
Reciprocity! I have too many horror stories of EU passport holders who have been denied entry on BS suspicion in Latin America because of the way their friends or relatives were treated upon arrival in the EU.
Who can blame Lai Ching-te??? Who wants to be "Gaddafied or Saddamed"?
At least China will let him live
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Don't you present invoices for these transfers? The invoice should say that this is crypto
Nice, can you share any legal tips to reduce HK CT as less as 2%?
If you check the forum, there are quite some people that were able to do so.
https://www.offshorecorptalk.com/threads/personal-hk-bank-account.43544/post-285524
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