Investment bankers in Hong Kong typically earn about 25% to 30% more than those in Shanghai. FMTNews
The skyline of the business district is silhouetted against sunset in Hong Kong.
While questions remain about how broadly Chinese authorities will apply the new tax rules in Hong Kong, professionals of all stripes now have reasons to leave a city that not long ago was viewed as one of the world’s most attractive places to build a career. For now, it appears that only SOE employees who transferred from China have been explicitly instructed to pay taxes on their 2019 income. It’s unclear how Chinese authorities will apply the tax laws to citizens who were hired overseas or who don’t work for state-owned companies.
One senior executive at a Chinese state-owned bank said his tax bills will now probably wipe out the savings he amassed since moving his family to Hong Kong a few years ago. Investment bankers in the city typically earn about 25% to 30% more than those in Shanghai, according to recruiters, though much of that extra pay gets whittled away by higher living costs.
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