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Top 5 Financial Review Checks to Complete the Year

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Mark Kirkham of Platinum Financial Services outlines what you need to know

The end of the year is the perfect time to reflect on your finances and make positive changes to achieve your goals. Whether you want to save for a dream holiday, prepare for retirement, or invest for your children’s future education, undertaking regular financial reviews are crucial and ensure that your finances remain in order and on track.

Read below as we discuss the top five financial review checks for Hong Kong residents to complete this year.

Reviewing your tax position and liabilities in Hong Kong is an important task. Hong Kong has a straightforward tax system that operates on a territorial basis. This means that only income earned within Hong Kong is subject to taxation. However, it is crucial to consider the tax position of any investments or property assets you have in other countries, as these might benefit from some strategic planning that will reduce your overall tax exposure and liability.

Retirement planning is essential for everyone, but especially for expatriates, and it can be challenging to navigate the often-complex rules around pensions. Seeking professional advice will help you navigate the rules and make the most of your retirement options.

Besides the regular MPF contributions, there are numerous international pension plans available, which offer access to a wide range of asset classes in a tax-efficient way.

Reviewing your investments regularly will help you understand your options and manage risk. As your day-to-day requirements and goals change, so will your investment requirements in line with your appetite and attitude towards managing risk. What was once an adventurous investment can be realised and turned into a property investment or allocated to other alternative strategies.

Insurance is essential for protecting your financial future, and expats in Hong Kong should consider their insurance needs carefully. Health insurance should be the very first cover in your insurance portfolio. Depending on your circumstances, you should consider additional coverage, such as life, travel and property insurance, all of which play a vital role in maintaining the standard of living you enjoy in the event of an accident, incapacity or death.

Estate planning is necessary to protect your assets and assure your wealth is transferred according to your wishes. Residents of Hong Kong, who have assets in more than one country, may face challenges when it comes to estate planning as international laws and regulations can be complex. Seeking professional advice can help you better understand your options and help you navigate the local fiduciary rules around wills, trusts and inheritance tax.

Conducting a regular financial review is of paramount importance for a prosperous future. By undertaking these checks and taking professional advice as needed, you will be well-equipped to overcome the complexities that exist and maximise the opportunities of your financial situation in Hong Kong.

Welcome to Platinum Financial Services, an independent financial planning company that embraces traditional values with innovative products and services. Our commitment lies in delivering excellent service and providing sound independent financial advice tailored to your needs. We’re authorised by the MPFA and Insurance Authority of Hong Kong, offering personal financial advice and planning for life, health and critical illness insurance, mortgages, property investments, retirement, fiduciary and tax planning. To find out more, visit www.fsplatinum.com.

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