Hong Kong L/S from M.B.A.
Assuming a good pedigree but not Apollo level (e.g., Berkshire / GTCR) plus H/S M B A, can I get a L/S role in HK as an American? Really like HK, can't stop going back. I'm not Asian, top 10 school but not Ivy school (e.g., Caltech, Northwestern, UChicago). Are they open or is it tough like France etc.
Just apply for the HK top talent visa. You’ll get it based upon your undergrad alone. Then you are free to live and work there for 2 years. Though, make sure you understand the way they collect income tax. I believe they make you pre-pay your income tax bill on your anticipated income, which makes it extremely expensive in your early years. Plus cost of living in Asia is insane. If you’re an American with global taxation you’ll be at a huge disadvantage relative to locals who will pay a fraction in taxes, enabling them to spend more of their income on nicer housing, car, food, etc..
Hey, how is the pay in Hong Kong in the Hedge Fund/High Finance Industry as compared to the Western countries?
If you aren’t paid on formula and are paid entirely discretionary then US pay is highest, pay in HK/SG is second, Europe/Middle East pay is lowest but still decent. If you are paid formula then pre-tax comp is the same.
You should also factor in taxes too. If you live in NYC you’ll be paying 50% all in with federal/state/city taxes. Europe taxes are high. Middle East taxes are the lowest, and Asia taxes are relatively low but still higher than the ME.
If you’re an American you pay US taxes no matter where you live so you don’t really get any benefits in asia or the ME. Europe taxes are high too, but the Netherlands has some temporary tax incentives to attract talented foreigners.
Are you saying first year is difficult because you pay 30% to prepay the next year? Isn’t 30% still less than most other countries? (…it is). And Americans have foreign earned income deduction and rent deduction, tax will always be lower.
The foreign tax credit is insignificant for hedge fund pay. It’s good for people with regular incomes, but the bonuses are too volatile in this industry and you can grossly overpay in one year relative to how much you’ll owe the next. Consider making $500k one year and then $3m the next year, and then $1m the following year. In year 2 you get murdered on taxes with the higher prepayment for your anticipated year 3 income.
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