Move to OZ now or wait for Retirement?
#1
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Joined: Apr 2003
Location: Singapore
Posts: 216
Move to OZ now or wait for Retirement?
I am seeking views about my options:
I am 35 years old, married no kids, & I have a very good career in Hong Kong, decent salary etc which I enjoy very much.
Could probably muster enough points together with my wife (who has got an Ozzy Degree), and maybe emmigrate under the Independant Skills Cat.
We have lived in Brisbane before for 12 months, and saw quite a lot of Australia, and we thought the place was wonderful! The only drawbacks I can see are the relatively high taxation (compared to HK) and the lack of career prospects in my area (Security).
Another option would be to retire to OZ under the Retirement Scheme, where I think you need a lum sum of around AUD $650,000 at the age of 55 (but the Visa is subject to renewal every few years).
Waiting until the age of 55 means a lot for cash to bring down to OZ, but going sooner means a considerable reduction in career opportunities (for both of us).
Does anyone who lives in OZ consider it better to wait until 55 then retire here or would they still come down regardless?
All views deeply appreciated.
I am 35 years old, married no kids, & I have a very good career in Hong Kong, decent salary etc which I enjoy very much.
Could probably muster enough points together with my wife (who has got an Ozzy Degree), and maybe emmigrate under the Independant Skills Cat.
We have lived in Brisbane before for 12 months, and saw quite a lot of Australia, and we thought the place was wonderful! The only drawbacks I can see are the relatively high taxation (compared to HK) and the lack of career prospects in my area (Security).
Another option would be to retire to OZ under the Retirement Scheme, where I think you need a lum sum of around AUD $650,000 at the age of 55 (but the Visa is subject to renewal every few years).
Waiting until the age of 55 means a lot for cash to bring down to OZ, but going sooner means a considerable reduction in career opportunities (for both of us).
Does anyone who lives in OZ consider it better to wait until 55 then retire here or would they still come down regardless?
All views deeply appreciated.
#2
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Posts: n/a
Re: Move to OZ now or wait for Retirement?
Originally posted by paddythepilot
I am seeking views about my options:
I am 35 years old, married no kids, & I have a very good career in Hong Kong, decent salary etc which I enjoy very much.
Could probably muster enough points together with my wife (who has got an Ozzy Degree), and maybe emmigrate under the Independant Skills Cat.
We have lived in Brisbane before for 12 months, and saw quite a lot of Australia, and we thought the place was wonderful! The only drawbacks I can see are the relatively high taxation (compared to HK) and the lack of career prospects in my area (Security).
Another option would be to retire to OZ under the Retirement Scheme, where I think you need a lum sum of around AUD $650,000 at the age of 55 (but the Visa is subject to renewal every few years).
Waiting until the age of 55 means a lot for cash to bring down to OZ, but going sooner means a considerable reduction in career opportunities (for both of us).
Does anyone who lives in OZ consider it better to wait until 55 then retire here or would they still come down regardless?
All views deeply appreciated.
I am seeking views about my options:
I am 35 years old, married no kids, & I have a very good career in Hong Kong, decent salary etc which I enjoy very much.
Could probably muster enough points together with my wife (who has got an Ozzy Degree), and maybe emmigrate under the Independant Skills Cat.
We have lived in Brisbane before for 12 months, and saw quite a lot of Australia, and we thought the place was wonderful! The only drawbacks I can see are the relatively high taxation (compared to HK) and the lack of career prospects in my area (Security).
Another option would be to retire to OZ under the Retirement Scheme, where I think you need a lum sum of around AUD $650,000 at the age of 55 (but the Visa is subject to renewal every few years).
Waiting until the age of 55 means a lot for cash to bring down to OZ, but going sooner means a considerable reduction in career opportunities (for both of us).
Does anyone who lives in OZ consider it better to wait until 55 then retire here or would they still come down regardless?
All views deeply appreciated.
An investment of $650K today, invested so as to just cover inflation of 4% would be worth $1,500K so that may be what you will need at 55.
So I say you should consider mainly your options now at 35.
#3
Y Ddraig Goch
Joined: Aug 2002
Location: Body is in Brissie. Heart and soul has long flown home.
Posts: 3,722
Re: Move to OZ now or wait for Retirement?
Originally posted by paddythepilot
I am seeking views about my options:
I am 35 years old, married no kids, & I have a very good career in Hong Kong, decent salary etc which I enjoy very much.
Could probably muster enough points together with my wife (who has got an Ozzy Degree), and maybe emmigrate under the Independant Skills Cat.
We have lived in Brisbane before for 12 months, and saw quite a lot of Australia, and we thought the place was wonderful! The only drawbacks I can see are the relatively high taxation (compared to HK) and the lack of career prospects in my area (Security).
Another option would be to retire to OZ under the Retirement Scheme, where I think you need a lum sum of around AUD $650,000 at the age of 55 (but the Visa is subject to renewal every few years).
Waiting until the age of 55 means a lot for cash to bring down to OZ, but going sooner means a considerable reduction in career opportunities (for both of us).
Does anyone who lives in OZ consider it better to wait until 55 then retire here or would they still come down regardless?
All views deeply appreciated.
I am seeking views about my options:
I am 35 years old, married no kids, & I have a very good career in Hong Kong, decent salary etc which I enjoy very much.
Could probably muster enough points together with my wife (who has got an Ozzy Degree), and maybe emmigrate under the Independant Skills Cat.
We have lived in Brisbane before for 12 months, and saw quite a lot of Australia, and we thought the place was wonderful! The only drawbacks I can see are the relatively high taxation (compared to HK) and the lack of career prospects in my area (Security).
Another option would be to retire to OZ under the Retirement Scheme, where I think you need a lum sum of around AUD $650,000 at the age of 55 (but the Visa is subject to renewal every few years).
Waiting until the age of 55 means a lot for cash to bring down to OZ, but going sooner means a considerable reduction in career opportunities (for both of us).
Does anyone who lives in OZ consider it better to wait until 55 then retire here or would they still come down regardless?
All views deeply appreciated.
Can I put an another idea on the table for you?
I used to live in Sing (before moving to Aus) and like Hong kong the tax is lower, and the wages are a lot higher than in Aus (if you're on an expat wage that is and not on a local wage).
If you are unsure of what to do.. what about applying for the migration anyway ( a PR visa) - taking a couple of months off work in HK if you can, come to Aus - buy a house (rent it out if you decide to go back to HK) - go back to HK. The only thing you'll have to do - is after a couple of years, you'll need to come back and get a Return visa or you'll lose your Aussie PR.
I had a mate (British passport holder) in Sing (his business was sing based) who was PR in Aus (had been for thirty years) . He used to come back to Aus every now and again to renew his Return visa, so not to lose his aussie PR. (he could have had citizenship if wanted - but preferred to stay a PR holder)
Anyway just a though.
I assume you're an expat in HK and not a citizen - so leaving Hong kong - you can't return when your HK green card runs out(?) if you decide you do not think Aus for you.
I fully understand the predicament you're in when it comes down to the career. Our decision to come here was a lot easier than yours - we were lucky in that respect, we moved with the job, got a transfer. But the taxes here!! . - we had a major pay cut because of the taxes and living expenses - the pay wasn't lower for us, we were offered the same "expat" salary here - but the taxes were higher( plus minus the house and car paid for in Sing by our company which we didn't get here in Aus).
It's a hard one isn't it - career verses a western country of space?
I'll also put another one to you - don't rush into anything. We were absolutely sick to the back teeth of living in Sing (was there for 5 years) - and decided we needed to get back to "reality" - the first year, year and half was great in Aus - the freedom!. After that time the novelty wore off - can't wait to get out of here after being here 6 years, it's too slow a country, too backward (sorry if I offend anyone - but after living in Asia, I do miss the diversity of the peoples and way of life - ie the pace and flying into the surrounding countries) . At the time we could have chosen to move to China (within the company), Thailand ( a complete career change - was offered to manage a company on the ship building industry) , or Australia - we chose Aus. Anyway wish I'd gone the China route now.
Just saying - do not rush into anything - it's a hard one isn't it. - the easiest solution would be to take a year off from your current jobs in HK if you can, if you manage to get the Aussie PR - ie - don't burn your bridges.
Good luck
P.s I had a quick look at your profile - and it seems to me you are looking for a Western country as I noticed you asked a similar question about moving to Canada.
So I assume you're having difficulty in making a decision because of the good wages in HK verses a free Western country.
Don't rush into anything if you're unsure , which you sound as if you are to me- take your time to decide.
As for your age - You've got a few years left for the cut off age for emigrating to Aus (45 I think it is, you'll have to check that one out - but of course you'll get less points at this age)
Last edited by Ceri; Jul 14th 2003 at 1:43 am.
#4
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Joined: Apr 2003
Location: Singapore
Posts: 216
Ceri,
Many thanks for taking the time to reply. (and The Tooth Fairy, wise words also much appreciated)
Well in fact I do have PR in Hong Kong which means I am free to come and go, work here, whenever I like.
I have already considered your recommendation to apply for Australian PR anyway then move back to HK if required. This is still an option of course.
Having lived in Asia I think you are fully aware of the career opportunties here, and basically it all boils down to one simple formula................ years salary in Hong Kong is equal to 4 years salary in Australia! I would never be able to match my career here in Australia or anywhere else for that matter.
You are quite correct, I have also been looking very carefully at Canada recently and my Wife is very keen on Vancouver.
Options, options eh? I think we are leaning more towards Canada, but Australia is a very attractive country!
From my research it looks like I will have better career options in Canada, (in particular Vancouver because we can both speak Cantonese), than in Oz.
However, it looks like Taxes in both countries are similarly high.
I guess our other option is to stay in Asia, then retire in Oz or Canada........but life isn't always about the money eh?
Thanks for your advice, I will certainly take your tip about taking our time because moving around the World on impluse is very expensive and can be damaging to your career.
Anymore views would be most welcome!
(p.s. why did you get fed-up with Oz after the first year or so?).
Many thanks for taking the time to reply. (and The Tooth Fairy, wise words also much appreciated)
Well in fact I do have PR in Hong Kong which means I am free to come and go, work here, whenever I like.
I have already considered your recommendation to apply for Australian PR anyway then move back to HK if required. This is still an option of course.
Having lived in Asia I think you are fully aware of the career opportunties here, and basically it all boils down to one simple formula................ years salary in Hong Kong is equal to 4 years salary in Australia! I would never be able to match my career here in Australia or anywhere else for that matter.
You are quite correct, I have also been looking very carefully at Canada recently and my Wife is very keen on Vancouver.
Options, options eh? I think we are leaning more towards Canada, but Australia is a very attractive country!
From my research it looks like I will have better career options in Canada, (in particular Vancouver because we can both speak Cantonese), than in Oz.
However, it looks like Taxes in both countries are similarly high.
I guess our other option is to stay in Asia, then retire in Oz or Canada........but life isn't always about the money eh?
Thanks for your advice, I will certainly take your tip about taking our time because moving around the World on impluse is very expensive and can be damaging to your career.
Anymore views would be most welcome!
(p.s. why did you get fed-up with Oz after the first year or so?).
#5
Y Ddraig Goch
Joined: Aug 2002
Location: Body is in Brissie. Heart and soul has long flown home.
Posts: 3,722
Originally posted by paddythepilot
(p.s. why did you get fed-up with Oz after the first year or so?).
(p.s. why did you get fed-up with Oz after the first year or so?).
How long have you got?? (from backward , inward thinking regarding business matters... to the very little things which annoy the hell out of me)
Lets just say Australia isn't for me to avoid arguments with some "other" people on this subject. - it gets a bit heated on this forum sometimes.
Anyway, It took me about a year , maybe a bit longer to realise it just isn't for me. I think the first couple of years in any country is exciting and new - sort of like a honeymoon stage.
I also find it strange why they call Australia multi cultural, as I find most people here ignorant of other peoples cultures. I'll take a guess and say you speak at least two languages don't you?
When I first arrived in Sing - there was an old Chinese woman up our local hawker centre (70 year old), she could not speak a word of English (she was originally from mainland china - old school type)... do you know she learnt English just because she wanted to speak English to us, talk to us ( and before anyone asks - yes I learnt languages while I was over in Asia ...probably because I'm very nosy - I want to know when people were swearing at me - lol , not very good mind you - but enough to get me by) Anyway, I find this country is so inward looking, and not very tolerant at all regarding some things.
Some things are best left unsaid. Anyway don't burn your bridges, but then again you have PR in HK so you could always go back there if you decide you do not like Aus or Canada in the future. I said "If" - you and your wife may throughly enjoy Australia - it may be the country you're looking for - who knows
Cheers
#6
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Joined: Apr 2003
Location: Singapore
Posts: 216
Ceri,
Thanks for your comments, I have a few questions about OZ so I have sent you a Private Message.
Please take a look.
Regards
Thanks for your comments, I have a few questions about OZ so I have sent you a Private Message.
Please take a look.
Regards