And 4) a HUGE benefit: you don't have to buy a new passport quite as soon ...
... in fact, if you live in HK and are not a Permanent Resident, it means your passport will last twice as long ... i.e. on each visit you only get stamped twice by the place you visit (entry and exit) not twice more by HK, so the space used up is half.
Kinda neat
Unless, that is, you're trying to get rid of a passport that has an inconvenient stamp in it!!
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