Chinese individual is permitted to transfer property out of China

 
On November 16, China's Central Bank has released "Provisional regulations of transferring personal property to overseas" ("the Regulation"). The Regulation stipulates the relevant management of foreign currency policy for conversion and transferring of the property of emigrant and inheritance property into foreign currency out of China.

The Regulation applicable to the following categories:

i) Transferring of emigrants' property
If an individual, who emigrates from China to foreign country or Hong Kong and Macao Special Administrative Region, redeems his or her property into foreign currency and remits outside China before obtaining the emigrant status.

ii) Transferring of inheritance property
If a foreign resident or resident from Hong Kong and Macao Special Administrative Region redeems his or her inheritance into foreign currency and remits outside China. The Regulation also applicable to the transferring of personal property for the Taiwanese under the abovementioned circumstances. The Regulation does not cover any other forms of transferring of personal property.

The property in question should be legally owned the applicant and freed from any litigation with other parties. State Administration of Foreign Exchange (SAFE) will not accept any application and property in question, which is restricted by Ministry of Justice, Inspection Department or untransferable property in accordance with the relevant laws, unidentified or involved in unfinished criminal or civil cases.

All the application should be lodged to the SAFE of the original residence of the emigrant or the deceased. Application can be handled by the applicant personally or other representatives. For the application below RMB500,000, it will be verified and approved by the regional office of the SAFE. For the application equivalent to or in excess of RMB500,000, it will be verified by the regional office of the SAFE and then approved by the head office of SAFE.

The Regulation effective from December 1, 2004.


允許個人合法財產外轉移
 


中國人民銀行於11月16日發佈《個人財產對外轉移售付彙管理暫行辦法》(以下簡稱《暫行辦法》)。《暫行辦法》明確規定移民和繼承財產購彙對外轉移相關外匯管理政策.


《暫行辦法》所指個人財產對外轉移包括兩類：


(一) 移民財產轉移，即從中國內地移居外國，或赴香港、澳門特別行政區定居自然人，將其在取得移民身份前在境內擁有合法財產變現，購彙和彙出境外行為；


(二) 繼承財產轉移，即外國公民和香港、澳門特別行政區居民將依法繼承境內遺為變現，購彙和彙出境外行為。涉及向臺灣地區個人財產轉移可比照適用本辦法。其他形式個人財產轉移不屬於本辦法規範範疇。


申請人財產應是本人所有合法財產，不得與他人有權益爭議；外匯管理部門不受理司法、監察等部門依法限制對外轉移財產申請，及法律規定不得轉移財產、不能證明合法來源財產、涉及未結案刑事或民事訴訟案件財產的申請。


個人財產對外轉移統一向移民原戶籍所在地或被繼承人生前戶籍所在地外匯管理部門申請。申請可由本人或他人代為辦理。對申請金額低於等值50萬元人民幣，由國家外匯管理局各分局(外匯管理部)審核辦理；超過等值50萬元(含50萬元)人民幣，由各分局(外匯管理部)初審後報國家外匯管理局批准。


《暫行規定》自2004年12月1日起正式實施。