The 'Administrative Measures for the Reporting of Large-Value and Suspicious Transactions by Financial Institutions' recently issued by the People's Bank of China will be implemented starting July 1, 2017. The 'Administrative Measures' adjust the reporting threshold for large-value cash transactions in RMB from '200,000 yuan' to '50,000 yuan,' and stipulate that financial institutions must submit large-value transaction reports for cross-border fund transactions.
In other words, after July 1, 2017, the daily foreign exchange quota per person is 50,000 RMB or 10,000 USD; any amount exceeding this will require a declaration. Currently, the annual quota for overseas remittances and foreign exchange purchases in China is 50,000 USD, which can be completed in a single transaction on the same day. However, if the 'Measures' are strictly enforced after July 1, 2017, it will take 6 separate transactions to complete the 50,000 USD transfer to avoid being flagged for a 'large-value transaction report.'
For investment immigration clients, this means a sharp increase in the time and labor costs of currency exchange, as the process will take longer and involve more complex procedures. Therefore, those intending to immigrate should plan ahead and make arrangements in advance. It is best to complete the investment before July 1 to avoid the complications of foreign exchange controls.
Currently, the Canadian dollar is at a low point, with the exchange rate against the RMB nearly 'falling below 5.' Economists believe that the decline of the Canadian dollar is most favorable for investment immigrants. On one hand, it significantly reduces the investment cost for Canadian investment immigration; on the other hand, it also lowers the cost for immigrant children to study in Canada. Therefore, now is the perfect time for Canadian investment immigration.
Worldway Immigration Group offers high-quality programs such as the Quebec Immigrant Investor Program, Manitoba Provincial Nominee Program, Saskatchewan Immigrant Nominee Program, and Prince Edward Island Provincial Nominee Program to assist investors in immigrating to Canada.
To celebrate the 11th anniversary of Worldway Immigration Group's successful promotion of U.S. investment immigration services, Worldway launched a major full-line promotional month in May 2017 to provide further momentum for investors to immigrate overseas. This event will end on May 31. Investors interested in immigration are encouraged to sign up as soon as possible. For inquiries, please call: 400-138-2929