Can you live in commercial property Hong Kong?

Is commercial property Non Residential?

Commercial property is used for non-residential activities such as hotels, office space, retail shops, industrial buildings, public facilities, etc. Similar to residential property, the owner can operate a business from the commercial property they own or lease some or all of the space to tenants.

Can foreigners buy commercial property in Hong Kong?

Most foreigners can buy in Hong Kong but, in an attempt to cool the market and put off overseas speculation, the government has imposed an extra 15% Buyers’ Stamp Duty on foreign sales. There is also additional stamp duty for second homes and for homes resold within three years.

Do you pay stamp duty when buying a commercial property?

How is stamp duty calculated? SDLT for both commercial and residential property is charged on the purchase price. It is calculated on the proportion of a property’s value in each tax band.

Is a B&B a commercial property?

Is a B&B a commercial property. Yes. As the term “commercial property” refers to any property that is used for business activities, a bed & breakfast definitely falls under this heading.

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Can foreigner buy house in Hong Kong?

Can foreigners buy properties in Hong Kong? Yes – unlike some countries, Hong Kong allows foreigners (with the exception of a few nationalities) to buy properties in Hong Kong and rent them out without restriction.

Can you own a house in Hong Kong?

Foreigners, in general, can buy properties such as condominiums in Hong Kong and rent out without restriction. However, Hong Kong is not open to Afghans, Albanians, Cubans, North Koreans and Chinese from the mainland (unless they are permanent residents in another country). However, buying land is a different story.

Is there property tax in Hong Kong?

Property Tax is payable annually by the owner(s) of an immovable property (i.e. home flat, apartment, land and/or building) in Hong Kong at the standard rate 15% from 2008/09 onwards by the year of assessment (starts on 1 April and ends with 31 March in the following year.

How do you value a freehold for a commercial property?

Take the price of one lot (the “value per door”) and multiply it by the total number of commercial spaces within the building. Conversely, if you know the value of the building as a whole, you can divide it by the number of lots to find the price of one on its own.

Can you claim VAT back on commercial property purchase?

Commercial property is almost always ‘opted in’ to the VAT system, otherwise it is ‘exempt’ and VAT can’t be reclaimed. When a property has been opted in to tax, the vendor must charge VAT on all supplies they make in relation to that property, including the sale of the property itself.

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Is a holiday let a commercial property for SDLT?

SDLT and the 3% SDLT surcharge will apply to holiday lets and serviced accommodation as HMRC state that they are a dwelling. … Your property would be deemed to be mixed use if your holiday let, guest house etc has an office where you keep paperwork. This means that the non residential rates of SDLT would apply.

Do you need a Licence to run a bed and breakfast?

You don’t need a specific licence or qualification to open or run a B&B but there are areas of law you need to be aware of. … You may also need to apply to your local planning office for a change of use of your property if you’re planning to have more than three guest rooms, or don’t plan to live at the B&B yourself.

What is the difference between bed and breakfast and Airbnb?

Is there a difference between an Airbnb rental and a B&B? … Airbnb is a lightly regulated home-sharing site that lets almost anyone list accommodations for rent. A B&B is a regulated small inn subject to state or local lodging laws. Think of it as a small hotel with a few extra perks and personal touches.