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Overseas Health Insurance News: Expats subject to 15% property tax in Hong Kong

Expatriates in Hong Kong are now subject to a 15 per cent tax on any properties they buy, as the government attempts to assert some control on the market.

The property market in the special administrative region has increased by 20 per cent in the first nine months of 2012, reports The Telegraph.

John Tsang, financial secretary to Hong Kong, said: "Home prices have grown rapidly despite the economic slowdown. The risk of a property bubble is growing."

The 15 per cent rate applies to all permanent residents of Hong Kong who are not originally from the island.

Further to this stamp duty will apply on a sliding scale with any expats selling a property within six months of buying it having to pay 20 per cent.

It is then dropped to 15 per cent if the intermediary period is between six months and a year and ten per cent if a year to 36 months has elapsed.

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