Hong Kong is attracting more British expats who are turning their backs on more traditional locations such as Spain and France, it is claimed.
The booming economy and low tax regime means that Hong Kong is one of the centres of growth in Asia along with China, Singapore and Malaysia, according to Guardian Wealth Management.
‘Hong Kong is very much the jewel of the Asian crown, with the lure of a thriving economy, rich and vibrant culture and low tax regime making it an obvious destination for British expats,’ said David Howell, chief executive of the financial planning firm.
Guardian Wealth Management recently opened an office in Hong Kong, marking its first foray into the Asian market and plans to extend its footprint across Asia, with further operations in Malaysia, Singapore and Mainland China in the future.
‘While the markets in the West continue to struggle under the economic malaise, Asia’s growth has soared and this is undeniably exciting for British expats,’ added Howell.
The fifth NatWest International Personal Banking Quality of Life Index recently revealed that economic prospects and higher salaries have contributed to an 18% increase in the number of expats working in China and Singapore, while those working in the US have dropped 11%.
The financial advisory firm says that as well as the tax and salary opportunities afforded to British expats in the Far East, there is also growing demand for the professional skills they possess.
‘As infrastructure and business models develop across Asia, and more businesses expand into Asian markets, we are likely to see a rising number of British expats turning their backs on Western Europe and the US in favour of the Far East,’ explained Howell.
Guardian Wealth Management is a professional financial planning service dealing with international workers and expatriate clients across the UK and mainland Europe with a reputation built on reliability and the highest ethical standards.
It is a pioneering member of the Federation of European IFAs, the trade body representing English speaking IFAs in Europe.
Guardian Spread Trading is a trading name of London Capital Group, which is authorised and regulated by the Financial Services Authority and a member of the London Stock Exchange.