Whether you’re new to Hong Kong or just getting around to sorting out your paperwork, we have answers to your burning financial issues, courtesy of Simon Parfitt of Pyrmont Wealth Management.
“I want to buy a home in the UK; should I arrange the mortgage here or there?”
There are mortgage brokers in Hong Kong who can help arrange a mortgage on a UK property. I suggest using an FCA-regulated broker; they can deal with as many lenders as possible and find you the best deal. Sometimes for large mortgages (i.e., over £1m), a specialist broker is required to deal with private banks. Specialist advice can save you thousands of pounds of interest costs too.
“Is a will important, and do I need a different one in Hong Kong?”
A will ensures your assets are distributed as you wish when you die. The one from your home country may be suitable for assets there, but due to the probate process you should have a “mirror will” written for any other country you have assets in.
In Hong Kong, an important consideration is to have a Deed of Temporary Guardianship to ensure that if something happens to both parents the children will not become wards of the state, and will instead be cared for by people you know and trust. It would be sensible to have your current will reviewed to see if it’s still appropriate.
Simon is regulated by both the HK Confederation of Insurance Brokers (011833) and the Securities and Futures Commission (BGY807).
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This article first appeared in the August/September 2018 issue of Expat Living magazine. Subscribe now so you never miss an issue.