The following is an advertorial from the latest HongKongEcho magazine.
Wealth management experts, Banque Transatlantique, explain all about banking and asset considerations for setting up shop in Hong Kong.
By choosing to reside in Hong Kong, you will now be operating in an international context worthy of you taking the time to analyse your banking and assets organisation.
Add a new dimension to your banking organisation
Your tax residence was in France when it was incorporated, so it is important for you to review it in order to comply with your new tax status and Hong Kong legislation. If you have assets in France and you become a tax resident outside of France, it is essential that you touch base with your various partners in order to:
- inform your banks and insurance companies of your change of residence,
- review your property and health insurance contracts,
- open a non-resident account in euros and/or other currencies,
- inform yourself about the conditions and costs of transferring funds,
- plan to open a bank account in your host country,
- ensure that your banking partner in France has communication and management tools suited to the distance.
As of 20 March 2012, PEAs (Plan d'épargne en actions, French share savings plans) no longer have to be closed if you are leaving France.
Adapting your asset strategy
As a tax resident of France, you are subject to a specific type of taxation both in terms of income tax and ISF (French solidarity tax on wealth). Furthermore, new concerns may arise such as the financial protection of a spouse or the family, acquiring property as a foreign investor and exposure to foreign currency risk.
As such, it is necessary to devise a different asset strategy, leading you to review your existing investments and to consider new opportunities.
In order to implement this strategy, it is crucial to seek advice from people who are familiar with and understand the issues involved in working in an international context, which, by its very nature, is very specific.
After analysing your family, professional, asset and tax situation, the responses will be calibrated and adjusted.
Finally, it should be pointed out that investments made locally may turn out to be unsuitable once you leave Hong Kong. As a result, you must review any new movement with your financial institution before taking action.
With almost half of its clients in over 170 pays, Banque Transatlantique has unrivalled experience in helping the “French from abroad” for which it has become a leading institution.
Your expatriation calls for a reflection on the nature of the investments to be favoured according to your personal projects and your taxation.
That is why Banque Transatlantique has developed a specific offering dedicated to French citizens working abroad as well as a certain number of foreign establishments in order to meet all of your requirements and share local sensibilities.
The team at the Hong Kong office is at your disposal to provide you with any clarifications you may require, in order to:
- better determine the issues related to your international situation in a general fashion,
- acquire property in France (or other countries),
- rethink your investment strategy taking your international situation into account,
- review the relevance of the contingency systems put in place (spouse and family protection),
- to have a better understanding of the tax treatment concerning your stock option allocations and free shares.
We would be very happy to discuss all of your asset projects with you.
BANQUE TRANSATLANTIQUE, REPRESENTATIVE OFFICE