| Foreign Ownership of Hong Kong Property |
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Foreign ownership of Hong Kong property is a viable option for international investors in the residential real estate, and commercial real estate sectors. Following are key points related to this and how Healy Consultants assists investors with their objectives in foreign ownership of Hong Kong property: | ||||
1.
| Foreign ownership of Hong Kong property is generally not a difficult process. Healy Consultants manages the preparation and execution of key steps to assist international investors. These steps include include i) signing a provisional sale and purchase agreement ii) payment a 5% deposit iii) signing the mortgage deed iv) signing the final sale & purchase agreement with an additional 5-10% deposit v) settling the final balance from the agreed purchase price. The entire process can take two to three months. | |||
2.
| Foreign ownership of Hong Kong property requires the payment of taxes. Healy Consultants provides professional tax and accounting advice to investors in the Hong Kong property market. Our firms tax specialists liaise with Hong Kong tax authorities such as the Inland Revenue Department to ensure that all tax obligations related to the Hong Kong market are met.
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3.
| Healy Consultants assists clients by managing the process of arranging property finance. Our firm sources the most appropriate financing options, including international mortgages, and negotiates mortgage terms and conditions. Leading international banks in Hong Kong are preferred for obtaining housing loans for clients, these include HSBC, ANZ Bank, DBS Bank and OCBC Bank. | |||
4.
| Appointing and supervising a local lawyer is an important step for property investors. This helps to ensure the legal matters associated with foreign ownership of Hong Kong property are undertaken correctly and allows the strengths of local laws to be utilized to protect asset ownership for foreign investors.
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| If foreign ownership of Hong Kong property is by investors living in another country, the property management services provided by Healy Consultants are of great benefit. Our firm project manages activities such as property maintenance and refurbishments, implementing property security, organizing property valuations, finding tenants and ad hoc problem solving, to help clients avoid these time consuming activities, hence saving them time and money. | |||
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| Hong Kong's vibrant city and nightlife are one attraction for foreign ownership of Hong Kong property. According to the 2009 Quality of Living survey, conducted by Mercer Human Resource Consulting, Hong Kong ranked 8th out of 215 cities around the world in terms of infrastructure. Despite this ranking, the pollution in Hong Kong is one reason for expats leaving Hong Kong for other Asian cities with cleaner environments, such as Singapore. The Hong Kong government is tackling this issue and has reduced vehicle emissions by 80%. Initiatives include: i) being the first of Asian cities to switch to ultra low sulphur diesel fuel, ii) over 98% of taxis have switched to LPG, iii) all new petrol cars have to be fitted with catalytic converters and iv) higher fines for polluting cars. | |||
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| Because of Hong Kong’s limited availability of land, along with it's position as a regional and international business hub, Hong Kong's property is amongst the most expensive in the world. While all land belongs to the Hong Kong government, there are virtually no restrictions on foreign ownership of Hong Kong property. Buying property is on a land tenure basis, with leases ranging from 50 to 999 years. |
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| Contact Us | ||||
For more information on foreign ownership of Hong Kong property, call our Hong Kong office at (+852) 8331 1911 or contact email@healyconsultants.com | ||||
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