Every year an increasing number of Brits pack their bags and relocate to an overseas location. The decision to leave the UK is obviously a huge one. However, choosing what country to set up a new life in is a decision of even greater importance. One city that is proving to be an attractive option for many is Hong Kong. Keeping that in mind, in this post we will provide some useful tips for negotiating a better package when moving to Asia.
But, before we delve into some top relocation tips, let’s take a look at the reasons why Hong Kong is becoming such a popular choice with UK expats.
What is appealing about relocation to Hong Kong?
- Friendly expat community – A lot of expats find it easy to integrate into their new life in Hong Kong. This is because there is an established expat community and it is considered an exceptionally friendly one.
- Great choice of properties – There are many new building developments in Hong Kong and undoubtedly there will be more cropping up as the year continues. The options are varied and thus you shouldn’t find it too difficult to locate the ideal property for your requirements.
- Excellent public transport– It’s easy to get around Hong Kong. Public transport is reliable, clean and modern. You won’t find it difficult to get a taxi either and they’re noticeably cheap.
- There are a lot of different things to enjoy – Whether you want to party the night away or you want to take an exhilarating hike, you won’t be short of options in Hong Kong.
- Delicious cuisine – One cannot mention this city without talking about the food. Aside from the tasty traditional cuisine, you have plenty of other options from all over the world.
How to negotiate a better payment package when moving to Hong Kong
Now you know why Hong Kong is so appealing to expats. It’s vital to have a plan for asset management Hong Kong in place if you are intending to move to the city. One of your key goals should be to negotiate the best possible payment package. To do this you will need to be aware of some of the most common elements of a compensation package. These are as follows…
- Days Off
- Hardship Premium
Now you know what influences your compensation package. But, how can you negotiate a better payment package for yourself?
- Become knowledgeable about the job and its compensation – Before negotiating it is imperative to do your research in order to determine what others in a similar role to yours are earning at different companies.
- Discover the pay philosophy of the company – Find out how the company goes about paying their employees. For instance, do they determine pay rate by ensuring salaries are competitive in regards to other companies in the region?
- Decipher what will be the most tax-efficient way of receiving pay – If you fall into the high tax bracket your employer may be willing to pay you in a manner aside from cash, e.g. with a transportation allowance.
- Think about split payments – If you conduct your work between two countries or more your employer may be willing to pay you separately in regards to where the work is carried out.
If you are planning on moving to Hong Kong, Taylor Brunswick Group can help you negotiate the best payment plan that will fit in perfectly with your investment plan to ensure you meet your financial goals.