According to the latest "Administrative Measures for the Sale and Payment of Foreign Exchange for Personal Property Transfers Abroad" issued by the State Administration of Foreign Exchange of the People's Bank of China, legal immigrants from China can now follow the relevant legal procedures to remit large sums of capital exceeding $50,000 abroad, liquidate legal assets owned within China prior to obtaining immigrant status, and complete foreign exchange purchase and remittance through designated foreign exchange banks!
The requirements for those transferring large sums of capital are: they must be Chinese citizens or foreign nationals who have already obtained permanent residency abroad, including residents moving from mainland China to foreign countries, or those settling in the Hong Kong, Macao, or Taiwan regions.
Let us look at the specific residency requirements:
Must be a Chinese citizen or foreign national who has already obtained permanent residency abroad (including residents moving from mainland China to foreign countries, or those settling in the Hong Kong, Macao, or Taiwan regions);
Property held within China must be sold (proceeds from property sales can be settled into foreign exchange and transferred to the individual's overseas bank account in a single transaction); other marketable securities and real estate must also be sold before applying for asset transfer;
Property to be transferred abroad must be legal property, and there must be no disputes regarding rights and interests with other parties;
Successful applicants are not permitted to withdraw foreign currency cash within China. The funds must be remitted directly to the applicant's own account in the country or region where the immigrant resides;
All Chinese citizens who have legally immigrated to other countries or regions have exactly one opportunity to apply to the State Administration of Foreign Exchange for the transfer of immigrant property;
Requirements for assets to be transferred: Property held within China must be sold; other marketable securities and real estate must also be sold before applying for asset transfer. The property to be transferred abroad must be legal property, and there must be no disputes regarding rights and interests with other parties.
To apply, the following materials must be prepared:
Identity documents (National ID card, household registration booklet, permanent residency permit, etc.);
Proof of having obtained permanent residency abroad issued (or authenticated) by a Chinese embassy or consulate abroad;
Proof of life abroad, such as a driver's license, bank statements, etc. (at least 3 types of supporting documents);
Tax payment certificates for bank deposits;
Photocopy of the original property ownership certificate (before the sale), original tax invoices from the sale and the tax authority's tax payment certificate, and a photocopy of the new property ownership certificate after the title transfer;
Stock housing purchase and sale contract (online signed contract). Please note that the full price of the property refers to the contract price and the tax-paid price; foreign exchange settlement can only be calculated based on provable payment amounts;
If appointing another person to handle the asset transfer, a power of attorney agreement (original copy, no notarization required) and a photocopy of the agent's identity document should be provided;
Designate the remitting and receiving banks. This requires prior coordination with the domestic remitting bank to ensure they can handle immigrant property transfer remittances, and confirming that the overseas receiving bank can accept international inward remittances and supports the relevant currency. Both the remitting and receiving accounts must be held in the name of the applicant.
Additionally, please note that once the application materials are complete, the process takes approximately 20 working days. It is crucial not to miss any phone calls, as the foreign exchange purchase and transfer must be completed within 15 calendar days from the date the approval document is issued; late applications will not be accepted.
All Chinese citizens who have legally immigrated to other countries or regions have only one opportunity to apply to the State Administration of Foreign Exchange for immigrant property transfer; a second application is not permitted.
Furthermore, the remitting and receiving accounts must be held in the name of the same applicant. Successful applicants are not permitted to withdraw foreign currency cash within China and must transfer funds abroad via remittance.
Foreign exchange purchases and asset transfers have long been a major concern for overseas Chinese. In recent years, as China's capital controls have become increasingly stringent, transferring domestic assets has become significantly more difficult for the Chinese diaspora.