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Living Cost in Shanghai - Part II This post is a redirect from an earlier post which is attached below. Sorry. Should be yearly reduced income level to USD$75k/year. Not per month. My question is can live well on this amount as I would reduce my income from USD$220/year so I can afford to have someone still working my position in the US. I have been to China several times since 2003 and am quite familiar with many of the major city areas, including Shanghai. I have just never considered becoming an expat until recently. Sorry for the typo earlier. Posted by: Troy on February 2, 2008 4:45 AM __________________________________________________________________ I am a young (40yr old), successful, US citizen, thinking of moving to Shanghai or GuangZhou. I have a couple successful companies that are doing business with and in China from an import and export standpoint. I have been considering opening a Shanghai or GuangZhou office but am not sure if it is the right move. If I relocate to China, how long can I stay at a time? By stepping down from my companies as the COO and focusing all of my efforts on my Chinese business partners, I will reduce my gross income to around $75,000 US per month, leaving enough capital in HR to hire a new COO for the US side of the companies. My question is (and I am sorry for dragging on but felt it was important to describe the lifestyle that I am accustomed to); 1) Will I be able to live the same type of life that I am used to living in the US with a yearly gross salary of 220k per year? 2) What are the tax implications if I were to give up my US citizenship and remain in China? 3) I would be remised if I failed to tell you that I can speak enough Mandarin to get by in social situations, but not in business situations, I cannot read Mandarin nor can I read pinyin. 4) The work that I would do in China would barely be called work and would take me no time at all (maybe 7 to 10 days per month and mostly travel and dinners and such) and would be left with a lot of free time for myself so disposable income shall be an important factor. 5) What can one expect to pay for a full time car and driver? Thank you for your help and attention as I feel that I am at a crossroads in my life. |
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Living Cost in Shanghai - Part II I am a young (40yr old), successful, US citizen, thinking of moving to Shanghai or GuangZhou. I have a couple successful companies that are doing business with and in China from an import and export standpoint. I have been considering opening a Shanghai or GuangZhou office but am not sure if it is the right move. If I relocate to China, how long can I stay at a time? By stepping down from my companies as the COO and focusing all of my efforts on my Chinese business partners, I will reduce my gross income to around $75,000 US per month, leaving enough capital in HR to hire a new COO for the US side of the companies. My question is (and I am sorry for dragging on but felt it was important to describe the lifestyle that I am accustomed to); 1) Will I be able to live the same type of life that I am used to living in the US with a yearly gross salary of 220k per year? 2) What are the tax implications if I were to give up my US citizenship and remain in China? 3) I would be remised if I failed to tell you that I can speak enough Mandarin to get by in social situations, but not in business situations, I cannot read Mandarin nor can I read pinyin. 4) The work that I would do in China would barely be called work and would take me no time at all (maybe 7 to 10 days per month and mostly travel and dinners and such) and would be left with a lot of free time for myself so disposable income shall be an important factor. 5) What can one expect to pay for a full time car and driver? Thank you for your help and attention as I feel that I am at a crossroads in my life. |