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There is no denying that Hong Kong is, and has long been, an attractive destination for expats. Many thousands of people have come to call it home, revelling in its urban beauty. Hong Kong expats feel safe and secure in a community which prides itself in its low crime rate and dynamic environment. In the last few years, the expat community has swelled in size, with 2010 and 2011 seeing an increase of around 50%. With an ever growing expat community, young Hong Kong expat families are looking to the future with regards to their children’s education.
Hong Kong has been overwhelmed recently with soaring admissions for quality schools; some schools saw applications increase by as much as 35% for 2011. Companies with offices in Hong Kong, who employ from the expat market, often have very attractive packages for employees which allow their children to fully enjoy the benefits of a good education from one of the many international schools. However, very few companies offer such assistance for higher education. This means that it is very important for parents to think about university education fee planning and to understand that it is never too early to begin doing so.
Many Hong Kong expats do not consider the staggeringly high costs of university education fees until it is too late. University tuition fees in the UK have shot up over the last few years. As a result of the Browne Review, newly enrolled students stand to pay tuition fees of around £9000. However, the problem is exacerbated for Hong Kong expats wishing to send their children to British universities as they are likely to be charged international fees regardless of whether their children are British citizens or not. University tuition fees are equally daunting in most English language countries including the US, Australia and Canada. In addition to the cost of tuition, Hong Kong’s expat parents have to consider annual living costs and international flights which can often be in excess of $20,000 a year. For parents who will have two or more children at university at the same time, the costs can cause palpitations for all but the wealthiest families.
The solution to the education fees dilemma is to start planning to meet education costs as early as possible in a child’s life. A good education savings plan spread out over the years can, not only help spread the cost, but also benefit from compound growth. Allowing your money to work for you while your children grow up can ease the burden when the time comes for them to go to college. If you would like to get an idea of how this works use our custom education fee calculator to help you.
At Infinity, we understand the pressure that expat parents are under when it comes to affording university. Many of our staff are in the same position, which is why we offer professional and client focused education fee planning tailored to the needs of each individual family. We can help identify the likely funding requirements to help expat children through university and establish an appropriate tax efficient international savings to ease the future burden. For more information get in touch today and start your children on the road to a university degree.