Black boxes and taxes – an unheady mix!
A friend of mine is looking into the idea of residing in Hong Kong. He’s a soon to be traditionally published book author in the United States, and he’s based in another country.
Well, assuming his work becomes a financial hit and reasonably well known in first world countries (not on the scale of Rowling, but I think you get what I mean), do you think he’ll find higher success with the QMAS scheme?
What other visa options can he consider if you think the QMAS scheme is still going to be like a lottery draw?
And assuming he does get to stay in Hong Kong, since his royalties will be coming from a US based company that already deducts their share and US withholding tax, does he need to open up a company there to receive his funds, or can he just open up a Hong Kong bank account and start depositing his cheques there without having to worry about Hong Kong’s Inland Revenue Department swooping down on him?
(I take it they won’t need to since the funds are foreign-sourced, but is this really the case or am I missing something here?)
Thanks again for your time!
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