If you’re preparing to leave Hong Kong, your to-do list is probably overwhelming: packing up your home, booking flights, schools for the kids, and even the emotional goodbyes.
One thing that often slips through the cracks? Your finances – and unlike forgetting to pack an umbrella, this one can’t be fixed with duty-free shopping at the airport.
A financial departure that isn’t handled correctly can lead to nasty surprises later on – from frozen bank accounts to unexpected tax bills.
Here’s a practical, step-by-step checklist to ensure a clean, confident departure from Hong Kong, avoiding costly mistakes.
Taking the time to plan now means you can focus on the opportunities ahead, rather than being distracted by unresolved issues left behind.
1. Close and Consolidate Local Bank Accounts
Dormant accounts – those with no client-initiated transactions for 6–12 months – often lose vital services (e.g., ATM access, online functionality) and may still incur maintenance fees.
Reactivating them usually requires in-person verification, making access difficult once you’re overseas.
Taking a moment to streamline your banking before you leave can save you significant stress down the line.
- Action: Identify which accounts you’ll keep and which to close.
- Tip: Consolidate balances into one or two accounts you can still manage from abroad, and update your contact details before you leave.
2. Manage Your MPF (Mandatory Provident Fund)
Your MPF is a key part of your Hong Kong working life, and it’s essential not to overlook it when you relocate.
If you’re permanently leaving Hong Kong with no intention of returning for employment, you may be eligible to make a one-time permanent departure withdrawal of your MPF balance.
This requires submitting an original statutory declaration and documentary proof of overseas residence to your trustee.
Trustees are generally required to release funds within 30 days of receiving all valid documents, but delays are common if the paperwork isn’t complete.
- Options: Withdraw (if eligible), leave your balance invested in Hong Kong, or consolidate MPF into a single scheme or account (you cannot transfer MPF overseas).
- Watch out: Misunderstanding eligibility rules or missing paperwork could mean long delays in accessing your funds.
3. Settle Tax Obligations
Tax clearance with Hong Kong’s Inland Revenue Department (IRD) is legally required before you leave.
Your employer must file Form IR56G at least one month before your departure. From that point forward, all final payments – including salary, bonuses, commissions, and expense reimbursements – must be withheld until the IRD issues a Letter of Release.
You’ll typically receive a Personal Tax Return (BIR60) and must settle any outstanding tax balances promptly.
Once payment is confirmed, present your tax receipts and ID to the IRD to obtain the release letter, either in person or by mail.
- Action: Notify your employer of your departure at least one month in advance, and submit your final tax return without delay.
- Tips: If any bonuses or share awards are paid after clearance, a revised IR56G must be filed and tax withheld again until a new Letter of Release is received.
- Risk: Without clearance, future re-entry to Hong Kong or accessing certain funds could become problematic.
4. Review and Adjust Your Investment Strategy
Where you live affects how your investments are taxed and regulated.
For example, a portfolio that made sense in Hong Kong may not be suitable for your new home.
Reviewing your strategy before moving helps ensure your money continues to work hard for you in your next chapter.
- Action: Review your holdings with your adviser and decide whether to keep, transfer, or restructure them.
- Tip: Pay special attention to employee stock options, offshore funds, and mutual fund structures, as they may have unexpected tax implications across borders.
5. Plan Currency Transfers Carefully
Shifting large sums across borders is about more than just clicking ‘transfer’.
Exchange rate swings of just 1-2% can result in thousands of dollars lost on a six-figure transfer – enough to cover a year’s dim sum lunches, or perhaps a few celebratory bottles of champagne when you land.
Specialist FX providers – licensed as Money Service Operators or UK FCA-regulated – often offer better rates and can help you set forward contracts or limit orders to lock in favourable rates ahead of time.
This can protect you against market volatility while ensuring compliance with reporting rules.
- Why it matters: Exchange rate swings can be costly.
- Action: Explore whether a specialist FX provider offers better rates and lower fees than high-street banks.
- Reminder: Check reporting rules in both Hong Kong and your destination country.
6. Update Wills and Estate Planning Documents
If you’ve drawn up a will, trust, or Power of Attorney in Hong Kong, it’s critical to review whether these will still be valid in your new jurisdiction.
In many cases, it may be necessary to have a will that specifically covers assets remaining in Hong Kong, alongside one in your home country, to ensure both are recognised and to avoid conflicts of law.
Updating these documents ensures that your estate planning is recognised across borders and prevents costly disputes later.
Too often, people assume their existing arrangements apply globally, but that’s rarely the case.
- Risk: Official documents often don’t transfer automatically between countries.
- Action: Update or create new arrangements to ensure your wishes are protected.
7. Inform Key Institutions
Don’t forget to notify pension providers, insurers, investment managers, and tax authorities (HMRC if returning to the UK).
Proactive communication can prevent administrative hiccups and safeguard your income going forward.
- Action: Contact them well in advance to avoid gaps in coverage or missed obligations.
- Tip: Keep a centralised list of accounts and providers for smoother communication.
Leaving Hong Kong with Confidence
Leaving Hong Kong (or any other country) is a big transition; there is no disputing this.
However, by ticking off each of these steps, you’ll reduce stress, protect your wealth, and set yourself up for a smoother move.
We know that no two journeys are ever the same, and there is no one-size-fits-all solution.
So, while this checklist may only cover the essentials, having a structured guide at hand can make the process feel far less daunting.
To make life easier, we’ve compiled a practical, printable checklist that consolidates these steps in one place, so you don’t have to rely on memory alone.
Use it as your companion through the move, tick things off as you go, and feel confident you haven’t missed a critical detail.
That way, you can actually enjoy the in-flight meal (and maybe even a glass of bubbly) instead of having a sudden panic attack about whether you closed your HSBC account.
Download your free copy here and take one more task off your list with peace of mind.
If you’d like tailored support – whether with tax clearance, currency transfers, or structuring your investments for your next chapter – our advisers in Hong Kong and the UK would be delighted to help.
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