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Inland Revenue scrutiny of property transactions has resulted in $12.5 million in tax bills for property traders and speculators last year. The department is tasked with identifying property dealers and speculators who should have paid tax on the gains they make from buying and selling properties. A spokeswoman said its current focus was on identifying […]

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News » Top 10 most expensive cities for expats

For the second year in a row, Hong Kong has taken out the top spot on the list of the world’s most expensive cities for expatriates, based on an annual report by consulting firm Mercer.

Aimed at helping multinational companies and governments determine compensation packages for the skilled foreign workers the send or hire overseas, the report measures the comparative cost of more than 200 items in 209 cities. The items include housing, transport, food, clothing, household goods and entertainment.
Asian cities account for eight of this year’s top 10. However, the list’s biggest climber is Turkmenistan’s capital, Ashgabat, which soared 36 spots to seventh place due to a shortage of currency and imported goods driving up the prices.
Hong Kong’s housing market and fluctuations in its currency, which is pegged to the strong US dollar, kept the city at the top of the list. Australian cities fell down the rankings, largely due to depreciation of the local currency against the US dollar. Sydney is the country’s most expensive place for expats, coming in at number 50.

Top 10;

  1. Hong Kong
  2. Tokyo
  3. Singapore
  4. Seoul
  5. Zurich
  6. Shanghai
  7. Ashgabat
  8. Beijing
  9. New York City
  10. Shenzhen

Article from InTheBlack issue October 2019

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