Personal account in HK based bank for non-resident EU and RSA citizen

Post new topic

asdormin Member

Member since 20 September 2017

asdorminMember20 September 2017 21:19:53

Hello. My name is Asen Minkov and I am 29 years old. I am born in Bulgaria, but possess a Republic of South Africa passport as well, as that's where i was raised. I currently work and live in England, UK. I am contemplating a relocation to South East Asia in several years time, in regard to which I am willing to setup some financial foundations for myself for years to come. I have already contacted a few Hong Kong based banks, with inquiries for opening a personal account, which would later be used to purchase investment funds. I seem to be mostly interested in Bank of China, Industrial and Commercial Bank of China and Hang Seng Bank. I have been told that the process is pretty straightforward - visit a branch, bring proof of ID and proof of a home address. However, is it really that simple? It seems way to good to be true. I have been told that visiting is a must, so I am planning a trip to HK, but would a few days do the job or would i need to spare more time? What are the odds that I might not get approved? I am looking forward to reading your thoughts and advise on the subject.

AndrewC425 New member

Member since 31 October 2017

AndrewC425New member31 October 2017 10:11:36

Well, they can't reject you at this moment. However, when you actually walk in to the banks and they start going thru your document that required.... later they will have the most ridiculous reason to reject your case. As now HK banks are not very interest to open account for non resident, unless they are hire in HK or have big huge amount of deposit.... It will not be 1 or 2 weeks process.

mars2012hk Serial expat

Member since 14 August 2013

mars2012hkSerial expat01 November 2017 03:51:39

501

It is always possible indeed. They will probably "encourage" you to start investing art opening (you can of course refuse to buy these additional banking products) and their conditions require that you pay high fees unless you have a lot of money on the account.

Please note that you will have to justify where the money comes from, as it is the bank's duty to make sure that you are not laundering money.

Also be aware that as Bulgaria, ZA and HK are all part of OECD, The bank will share information to the tax authorities of ZA and/or Bulgaria (depending which passport you use to open the account), who will be informed that you have an account in HK and the amount of income that you deposit there.

Articles to help you in your expat project in Hong Kong

Banking in Hong Kong
If you live and work in Hong Kong, you will need a bank account. Fortunately, you find yourself in one of the top ...
How to drive in Hong Kong
While driving is generally a great way to get around, Hong Kong has one of the highest concentrations of vehicles ...
Having a baby in Hong Kong
Starting a family in a new country can be truly exciting. Thanks to top-quality medical care, and a variety of ...
Marriage in Hong Kong
There are many reasons why you may want to get married in Hong Kong. You could be a long-term expat and have ...
Buying a property in Hong Kong
Hong Kong is home to a large number of expats, many of whom call the city their second home. Thus, it comes as no ...
Phones and internet in Hong Kong
Staying connected to friends and family when living abroad is essential. Fortunately, this won't be difficult ...
The healthcare system in Hong Kong
As an expat, it can be overwhelming to navigate a new healthcare system in a foreign country. This is why ...
Working Holiday Visa for Hong Kong
A Working Holiday Visa in Hong Kong can be easy, relaxing, fun, and educational! Indeed, the Working Holiday ...