Many people from around the world have made their home and business in China over the least couple of decades. Some go for the long term, some for the experience. The growth of wealth in China has meant that Chinese nationals are looking at using their new found riches to buy properties, businesses and other investments around the world. With the amount of money leaving China it was only a matter of time before the government started tightening the restrictions. This, however has only slowed down not stopped the money jumping the great wall.
In the main foreign nationals are able to move their money as long as they can show tax receipts. It can be a long process and a long meeting with your local bank, so make sure you have all the correct paperwork.
One item of discussion that came up the other day with a client was that of Director Dividends. The client was told these could not be transferred without the relevant tax being paid as dividends were not recognised and this was seen as salary.
We work with a partner based in Hong Kong who can help with issues such as previously discussed.
We are happy to look at any situation and see if we can provide a solution to the dilemma. Please feel free to get in touch.
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