Hong Kong and blacklists

[ogbofjnr]

I'm trying to find the information about whether Hong Kong is blacklisted in any countries. Are there any additional charges or restrictions for outgoing transactions toward HK based companies.

I found that at some point at a time it was blacklisted by Bulgaria, Croatia, Estonia, Greece, Italy, Latvia, Lithuania, Poland, Portugal and Spain.

Also it was in Grey list of EU.

For example I found the following "The Portuguese Tax Code foresees aggravated withholding tax, 35% tax rate, on capital income (interests and dividends) deriving from black listed jurisdictions"


What do you know about current state of Hong Kong reputation?

If I open the company in Hong Kong, will my potential client be able to pay my invoices in US, EU banks without scrutinize checks or offshore fees?

 

[Martin Everson]

What do you know about current state of Hong Kong reputation?

Reputation is least of your worries. The way the UK is going ape over China's control of its own offshore territory (i.e HK) means they could do to HK what they are doing to Russia.

Situation is worrying. HK is the gateway to the world capital markets for a lot of Chinese businesses and will be first to be punished by west. Just assume HK will be blacklisted at some point once all the folk entitled to UK passports are given them and leave.

Below UK complains about China's clamp down on protests in HK:

https://www.reuters.com/article/uk-hongkong-security-britain-china-idUSKBN29Y0Q1
Below UK's clamp down on domestic protests in UK :

https://www.businessinsider.com/bor...ests-that-are-noisy-or-cause-annoyance-2021-3

P.S Double standards have no limits.

 

[Golden Fleece]

Reputation is least of your worries. The way the UK is going ape over China's control of its own offshore territory (i.e HK) means they could do to HK what they are doing to Russia.

Yes, it is not as if actions have consequences in the real world. Just because Russia invaded Ukraine and Communist China blatantly violated the Sino-British Joint Declaration of 1984, which dictated the terms under which Hong Kong was returned to China and also ensured a high degree of independent autonomy for fifty years (until 2047), does not mean that the rest of the world should not treat Russia and China as uncivilized thugs.

 

[thirtyniner]

According to my experience in HK, which is vast, it is one of the most reliable off-shore jurisdictions of current times.

Either if we are speaking of 1st class banks or not, HK is extremely reliable in terms of payments. The only issue of HK is that one of this days it will be Chinese (1st matter of concern) and 2nd it is only accessible to wealthy and none blackilested customers (1 Million USD is not enough to seduce them if you are not reliable).

Beyond this, HK alll the way. I have a company there since 2014. Nothing to claim about, and I have accounts in 3 banks (1 international and 2 local). Both Business and personal accounts.

Reputation is least of your worries. The way the UK is going ape over China's control of its own offshore territory (i.e HK) means they could do to HK what they are doing to Russia.

Situation is worrying. HK is the gateway to the world capital markets for a lot of Chinese businesses and will be first to be punished by west. Just assume HK will be blacklisted at some point once all the folk entitled to UK passports are given them and leave.

Below UK complains about China's clamp down on protests in HK:

https://www.reuters.com/article/uk-hongkong-security-britain-china-idUSKBN29Y0Q1
Below UK's clamp down on domestic protests in UK :

https://www.businessinsider.com/bor...ests-that-are-noisy-or-cause-annoyance-2021-3

P.S Double standards have no limits.

Martin, I'm used to agree with you on pretty much everything, but not on this one. UK cannot take any extreme measure against HK. Most of the wealthy foreigners over there are British which have never been to UK. I have sitted with a few of them though-out the years. They are not Russian Oligarcs, but almost. They have less money, but also a little bit more of civilization amogst them.

So, I'm much more concerned with measures from Chinese side, then from Western side, in what relates to HK.

 

[Golden Fleece]

According to my experience in HK, which is vast, it is one of the most reliable off-shore jurisdictions of current times.

Either if we are speaking of 1st class banks or not, HK is extremely reliable in terms of payments. The only issue of HK is that one of this days it will be Chinese (1st matter of concern) and 2nd it is only accessible to wealthy and none blackilested customers (1 Million USD is not enough to seduce them if you are not reliable).

Beyond this, HK alll the way. I have a company there since 2014. Nothing to claim about, and I have accounts in 3 banks (1 international and 2 local). Both Business and personal accounts.



Martin, I'm used to agree with you on pretty much everything, but not on this one. UK cannot take any extreme measure against HK. Most of the wealthy foreigners over there are British which have never been to UK. I have sitted with a few of them though-out the years. They are not Russian Oligarcs, but almost. They have less money, but also a little bit more of civilization amogst them.

So, I'm much more concerned with measures from Chinese side, then from Western side, in what relates to HK.

I think that the part of the geo-political equation that you might be overlooking is that before China broke its treaty with the UK regarding Hong Kong, Western countries would never have punished Hong Kong for actions undertaken by mainland China.

Now that China has broken that treaty, Hong Kong is now seen merely as an extension of mainland China, a financial center that provides mainland China with essential access to foreign currency and international trade. If China invades Taiwan, or perhaps even if it aides Russia despite international sanctions, Hong Kong may very well be treated no differently than mainland China.

I am not saying that it absolutely would happen. I am saying that the odds of Hong Kong getting sanctioned (as an extension of mainland China) has now risen dramatically. Actions have consequences.

 

[thirtyniner]

I think that the part of the geo-political equation that you might be overlooking is that before China broke its treaty with the UK regarding Hong Kong, Western countries would never have punished Hong Kong for actions undertaken by mainland China.

Now that China has broken that treaty, Hong Kong is now seen merely as an extension of mainland China, a financial center that provides mainland China with essential access to foreign currency and international trade. If China invades Taiwan, or perhaps even if it aides Russia despite international sanctions, Hong Kong may very well be treated no differently than mainland China.

I am not saying that it absolutely would happen. I am saying that the odds of Hong Kong getting sanctioned (as an extension of mainland China) has now risen dramatically. Actions have consequences.

Your odds are nor correct! It is like Putin ignore his oligarcs. It won't happen. There are British (amongst plenty of other western nations) in Hong-kong pretty much wealthy. That process will happen, but not that fastenn!

 

[JackAlabama]

Your odds are nor correct! It is like Putin ignore his oligarcs. It won't happen. There are British (amongst plenty of other western nations) in Hong-kong pretty much wealthy. That process will happen, but not that fastenn!

Maybe soon Xenophobia against the rich British and other Western (named gweilos, so the base branding is already established) will be stirred up to maybe distribute their wast wealth in a patriotic duty when the heat gets turned on on China by the West?

It is not entirely out of the playbook as a lot of international rules have gone out of the window in the last few years and the populace are not happy about their not increasing standards of living whereas a lot of Chinese cities have seen their wealth grow.

But indeed, HK has been one of the best places to bank and do business, way ahead of Singapore. Sad to see it slowly creeping into the spotlight of war.

 

[johndunham]

You probably have much more experience than me when it comes to HK, thirtyniner. However, you say the above things with misplaced confidence in my opinion. Martin's concerns are very real and I have spoken to multiple HK based people that have expressed the exact same concerns. This makes HK "unstable", since we cannot determine what is going to happen in the geo-political sphere (for instance, things might develop extremely fast if China decides to act on Taiwan in the near future...). I wouldn't want to gamble on HK. But again I want to emphasize that my view might not be accurate, since my direct experience with HK is non-existent and I just have second-hand experiences to go on.

 

[Martin Everson]

Yes, it is not as if actions have consequences in the real world. Just because Russia invaded Ukraine and Communist China blatantly violated the Sino-British Joint Declaration of 1984, which dictated the terms under which Hong Kong was returned to China and also ensured a high degree of independent autonomy for fifty years (until 2047), does not mean that the rest of the world should not treat Russia and China as uncivilized thugs.

But that is the pot calling the kettle black. Again double standards abound from the UK .

The UK has yet to hand back the Chagos islands to Mauritius after ICJ ruling and UN vote. Why should a rising power like China even acknowledge a waning colonial island like UK that practices again and again double standards and fails to follow rule of law by refusing to hand back the Chagos islands till today. They even threatened to break international agreements themselves...lol.

https://www.bbc.com/news/world-africa-55848126
P.S You need to maybe research China's view over HK . Don't take the British version at their word as they have no word to speak off and have not been honest about the HK situation...lol.

 

[Golden Fleece]

But that is the pot calling the kettle black. Again double standards abound from the UK .

The UK has yet to hand back the Chagos islands to Mauritius after ICJ ruling and UN vote. Why should a rising power like China even acknowledge a waning colonial island like UK that practices again and again double standards and fails to follow rule of law by refusing to hand back the Chagos islands till today. They even threatened to break international agreements themselves...lol.

https://www.bbc.com/news/world-africa-55848126
P.S You need to maybe research China's view over HK . Don't take the British version at their word as they have no word to speak off and have not been honest about the HK situation...lol.

So, you're purposefully conflating an actual international treaty between two sovereign nations with a UN advisory opinion and a UN maritime law tribunal, a decision which the UK may nonetheless honor?

 

[Martin Everson]

So, you're purposefully conflating an actual international treaty between two sovereign nations with a UN advisory opinion and a UN maritime law tribunal, a decision which the UK may nonetheless honor?

The issue was about clear double standards which you moved away from.

However please don't get distracted from thread topic and lets move back to discussing that .

 

[RexS9999]

Hong Kong is not what it once was. Over ten years ago I sold a property in China. Took a backpack full or RMB to the HK HSBC. They accepted it all on my word only. Two years ago sold a small investment in HK. To my surprise the tax authorities in my home country had be notified by the HK tax authorities.