Hong Kong to receive MPF MPF immigration strategy

Lighthouse移民專家
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IPFS
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Let us briefly explain what MPF is. Due to the aging population of Hong Kong and the increasing life expectancy, in order to avoid the future population having to bear the living costs of a large number of retirees, the World Bank released the report "Reversing the Crisis of Old Age: Policies for Protecting the Elderly and Promoting Growth" in 1994. The three-pillar scheme of retirement security: government management, tax-supported social safety net, privately managed mandatory payment scheme, individual voluntary savings and insurance, and the mandatory provident fund system is the second pillar of the retirement security scheme.

How to immigrate to receive MPF MPF in advance:

In recent years, Australian immigrants , Canada, and the United Kingdom have established lifeboat programs for Hong Kong immigrants. For example, the British government has set up a 5+1 BNO immigration program for Hong Kong people. Many citizens plan to transfer their assets to live in the United Kingdom. Many of them want to Collect MPF in advance for emergency purposes.

However, the MPFA issued a statement earlier. Since the Hong Kong government announced as early as January 29 this year that it would not recognize BNO passports as valid travel documents, the authorities stated that BNO immigrants cannot be used as evidence of permanent departure from Hong Kong as a reason to receive MPF in advance, so applicants may have to wait six years to become a Only full British citizens can receive MPF.

In fact, apart from leaving Hong Kong permanently, what conditions are there for citizens to apply for MPF withdrawal in advance? And what should you pay attention to when you receive MPF MPF? What documents do you need to prepare for MPF applicants?


For immigrants to receive MPF in advance, pay attention to the procedures and procedures:

To receive MPF MPF, you need to prepare all the documents and you can get it back within 30 days

Under the current MPF legislation, scheme members aged 65 or above can choose to receive MPF in one lump sum. If withdrawn before age 65, one of six specific conditions is met: early retirement at age 60; permanent departure from Hong Kong; total incapacity; terminal illness with a life expectancy of less than 12 months; small balance account; death

MPF MPF withdrawal requires a form to be sworn in

Immigrants usually withdraw from MPF on the grounds of permanent departure. MPF scheme members are required to make a sworn statutory declaration that they will leave Hong Kong and have no intention of returning to Hong Kong as a permanent resident or to work and settle in Hong Kong. A statutory declaration form (MPF(S)) is available on the MPFA website. Immigrants can take the oath at the Home Affairs Centre after completion. After taking the oath, the declaration form is signed by the competent statutory officer. Generally, if all the required documents are submitted, the immigrant can withdraw the MPF within 30 days.

Related: 2022 Canadian Lifeboat Program Stream A vs. Stream B Immigration Canada Comparison

MPF withdrawal may be required to submit proof of residential address

It should also be noted that a person can only apply for early withdrawal of MPF once in his lifetime on the grounds of leaving Hong Kong permanently. Even if they return to Hong Kong in the future and join the MPF scheme again, they will not apply for MPF withdrawal on the same grounds. In the past, some citizens have been convicted of twice withdrawing their MPF funds by leaving Hong Kong permanently, while others have been convicted for false or misleading statements.

The MPFA maintains member files, which record the successful withdrawal of MPF due to permanent departure. Once any problem is found, it will follow up and deal with it according to law. The SAR Government issued a statement on January 29 this year, stating that it does not recognize the British National (Overseas) passport as a valid travel document and certificate of identity. The MPFA stated that MPF scheme members cannot rely on the relevant visa (BNO) as proof of applying for early withdrawal from MPF.

Therefore, immigrants must provide other supporting documents, such as immigrant visa documents issued by the immigration department, residence permits, etc. Even proof of address, electricity and water bills for immigrant properties, etc. Have the MPF staff confirm that the applicant has left Hong Kong permanently, and then release the MPF.


Precautions for Immigrants to withdraw MPF MPF tax payment

In addition, immigrants can also decide when to withdraw MPF according to the tax regulations of the destination. For example, the UK, which is taxed globally, treats pensions as overseas income tax. Due to the double tax avoidance agreement between Hong Kong and the UK, there is no need to pay tax to the UK government and to withdraw work-related MPF contributions after moving to the UK (additional voluntary contributions may be taxed).

As for immigration to Australia, as there is no bilateral double taxation treaty between Hong Kong and Australia, Hong Kong's MPF retirement plans have the opportunity to be treated as overseas income by Australia and subject to taxation. To save time, most Hong Kong immigrants choose to settle their MPF accounts before leaving Hong Kong.

What should I do if I immigrate to another country before the age of 65?

You can withdraw money from your Mandatory Provident Fund. If you leave Hong Kong permanently, you can withdraw from the MPF scheme before the retirement age of 65. However, you must understand the following three steps:

1. Prove that you have been away or will leave Hong Kong for a long time, but do not intend to return to Hong Kong for work or permanent residence.

If you decide to leave Hong Kong permanently, please state that you will leave Hong Kong and get back your MPF funds within 1-2 months before departure. It is recommended to prepare the following documents:

Alien Status Local Status – Tax Residence Certificate – Approval of VISA Application – Identification Document – Admission Notice – Residence Address Proof – School Admission Notice – Residence Transfer Certificate – Residence Address Proof

2. Notify Mandatory Provident Fund Schemes Authority

Documents required to inform the Mandatory Provident Fund Schemes Authority (MPFA):

  • ID
  • Statutory Declaration MPF(S) – W(SD2)
  • Form MPF(S) – W(O) for payment of accrued benefits on grounds of permanent departure from Hong Kong
  • Written proof that you are allowed to live outside Hong Kong (see point 1 for a suggested list of documents)

3. Submit your tax return

If you are an employee, obtain document IR56G from your employer (a full sample form is here) and check with them for tax clearance requirements. Your employer will also withhold all payments for a one-month period from the date the IR56G is filed, or until the MPFA issues a release letter. A personal tax return will be sent to you for tax clearing. After submitting your tax return, MPFA will issue you a tax return upon receipt of your application.

Contact Lighthouse Global Canada Immigration for a free immigration consultation!

source:

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