2mike&jin

Todays buy sell rates for BOC Currency Name Buying Rate Cash Buying Rate Selling Rate Cash Selling Rate Middle Rate Pub Time USD 611.01 606.11 613.45 613.45 616.88 2013-08-27 12:56:06 My experience was there was about a 6RMB difference in BUY SELL when it was at the 700-800 RMB to 1 range. It has slightly changed. I used to get angry about the difference, but at the same time my conversion was costing me money, the USD was falling - so I was making money and it all ended up in the "Cost of doing transactions" - but I don't think I every was behind - but certainly wouldn't want to do it the same day !

Great movie - I think I saw it on Netflix or Amazon Streaming - FYI

THanks -- new baby boy, now with two under 4 years old, and I'm only 66! What was I thinking when she said she wanted to be "married and have a family"?

on 1. the Estate tax. Reading online it says up to the limit (2007 was 2 million) even a non-citizen spouse is not estate taxed. Is that your understanding ? on 1. the Estate tax. Reading online it says up to the limit (2007 was 2 million) even a non-citizen spouse is not estate taxed. Is that your understanding ? Yes YOU ARE correct - only the amount over the limit. (Be careful for a variety of reasons computing this) THe current limit was set at $5,120,00 in 2012 and indexed up to approximately $5.25M for 2013. THere is NO available Gift Tax - but there is a provision that allows we USC's to give our Non-USC wives up to $135,000 a year as a gift - tax free. (It was indexed for inflation as well) For the 3 years, that actually spanned 4, - while we waited I was able to "Gift" to my non- USC wife over $500K with no taxation at all, and then she rolled it into something north of $875K - with no cost basis. Again, people start to think that the Estate Tax limit is very high - but congress has changed this about 15 times in the last 20 years - and it has been all over the place. As you noted $2M, in 2007 - well in Hawaii a high level state employee - with retirement benefits (cash value or flow) and home could exceed the $2007 limit quickly. I'm sure LA and New York and other places have the same situation. My real problem is the "changes" that congress tends to make - i.e. we promise you military guys - free medical for life for going to war and retiring with us - OH, not so quick - we now want you to pay into medicare - oH, you worked hard saved your money we will now "means test" your payment for your "Free Medical Care" now that promise costs about $4K a year - so much for Congressional Promises. I'm wondering how the firemen in Detroit are feeling right now? Most of the folks that I know that are in a position to be affected by this do one of two things. Do their Death planning - set up a Trust/Pour Over Will, and have the QDT all set up, in the event " spouse is NOT a USC. Any qualified USC could fill the bill (Daughter or Son who is an accountant/Lawyer etc) or as I said some financial institution. OF course the second thing is to just become a USC --- which is what we did. I'm not sure what is best but I tend not to trust "individuals" and completely don't trust financial institutions. Your mileage may vary. rw - let me know if I screwed it up

Since "Chop Suey" asked.... 1. It was a struggle to balance all the competing demands in terms of US Citizenship. For us it was a not a real issue, as per the list, ESTATE TAXes was the overwhelming issue at the time, for some it will continue to be the driving force. I.e., FYI- if US Citizen, ALL Property/Funds PASS FREE OF ESTATE OR Gift Taxes to our spouses. If not, you can either (1) Set up a special trust with a financial institution (costly, less flexible, burdensome), or (2) Hand the US Gov't 45% of what you have. Recently, this "limit" has "CHANGED" from Unlimited, to $1M, back to $5.25M indexed for inflation - which is the current law - as defined in the last minute budget/Tax negotiations in Washington in 2012.. Other taxes at state and local levels may be added as well, depending on state. Don't forget this is "total estate", so do your best to avoid probate as well as estate and gift limits. FYI - my wife became a USC and voted last year, which was the very earliest she was eligible. 2. Yes, my wife had both a home and considerable "savings" in bank accounts in China. The former is a none issue, as once you own something they don't "Take it away from you", in fact when I lived there we almost bought several places - and each of us could've bought them individually - even me with my school visa. (Tourist Visa could not when I was there - and I couldn't get a loan, not that I would've ever done that). So, from a "house standpoint", nothing has changed she owns her house, and she most likely always will. I could've bought and I could've continued to own a house. Unfortunately, if she now tells them she is "MARRIED" she must obtain my signature to sell the house or do anything with it - strange little rule I never understood but sort of, I guess, like our "401/IRA" accounts here in the US. As of yet, no ongoing property taxes in our Province/Town, Xiamen. When the place is sold - if nothing changes - the 3% sales tax to the Gov't and the selling expenses are all borne by the "Buyer". She signs at the Notary and it's finished. No LTCG if she has held the property for 5 years, which for us is over. 3. I have no information about "retirement benefits" as my wife was a restaurant(s) owner and didn't have a Gov't retirement. Although it has been well vetted here on the site, I find it most troublesome with the passport/visa/visit traveling paperwork - regarding the change to USC status. We all remember the "get an invitation letter" to visit - well now that she is a USC does that mean she has to get a letter to visit her own house? When we go to visit our house - can she no longer go to the police station and register the USC husband and Children because she also is a USC? These little things get complicated - moreover if she shows up at the Police Station to register us, and her children and Husband are USC's with US passports and she hands them here Huko ID, what will they surmise - that she is a USC, because they could just as well ask for the passport, of course which will have the corners cut off of it when she applies for her first Chinese visa. Yes, many schemes have been concocted to enter through HK and pass to Shenzhen but I can't do the math on leaving the country - because one needs a HK travel document update - and again it becomes problematic. Honesty, is probably the best method for reporting of visa's, passports, and travel documents. 4. Banking/Large Investments: I find this an easy issue to deal with. Opening a bank account with an ID CARD can be done at anytime and does not depend on citizenship - if you don't wear a US Flag lapel pin. If you have an account, even if you are a foreigner, you can keep it. My wife uses her ID card for all bank transactions - and moreover - leaves the card in China for her "Cousin" to make trips to various places, including the bank to wire home the $50K chunks periodically, with no apparent issues. 5. After living in China, owning property in China, and dealing with the Chinese wife issues for the last 5 Years, the Country ID system being different from the Passport/Travel Document issue helps all of us - I think! I initially was frustrated because the system was "different" but the decoupling helps, as outlined above. 6. I believe there is "little" downside to conversion to a USC, BUT, I think it will be extra steps for my wife if she ever wants to go back to China and live. She has no plans to do that. Our SECOND BOY (Shan William) will ARRIVE Friday afternoon at 3:30 PM HST (C-Section scheduled) and she has chosen to live and enjoy our life in America. (Not that Hawaii is much different from China - one party system, lot's of Asians, lot's of Traffic, Expensive etc etc) Take Care..... 7. Best of Luck to all of you on the Journey.

Just a comment on the internet connectivity. When I lived in China - and had to be connected to my Washington Company - I was frustrated more often than not. Basically, if I needed to do on-line VPN stuff - I did it from about 12 PM - 7:30 AM, as it was the only time my internet, in the home, would perform well enough. Yes, I was in a modern City (Xiamen), and yes I had paid for the "FASTEST" home service available. There was a time when I considered "trying" to put a "Commercial Business" internet connection in the home - but prior to installing I went to several businesses that I knew people from, including the manager at the Sofitel, and asked to use their business internet. In short, it wasn't any faster making connections to the US, via a VPN or basic connection that my home connection was during the off - TV hours. (I.e. I guess everyone understands the Chinese watch movies and tv shows over the internet) So I maintained the "home connection" and just dealt with the issue. I equated the speed to about a 64K line of OLD. Great in it's day - but miserable in today's environment. Best of Luck - your mileage may vary.

I love the pictures - and Chop Suey has commented on the large pipe - and I love the outside. Really nice. Ok, all kidding aside, where do you want me to send the mosquito repellent?

I second and third all the previous advice - sage at worst ...life saving at best. My 2 Mao - Security, bugs, and crap downhill/pipe would be my strongest reasons to be above the 8th-10th floor - given that there were sufficient elevators. If the elevators were crap (#, speed, size) I would look for a different building. One un-scientific fact I have learned from living in many high-rises both in Washington DC and Hawaii - as well as China - is that sound tends NOT to dissipate at higher levels. Sounds strange, but low level background noise is lower but bar noise, horns, security alarms, broken bottles, arguments, emergency vehicle sirens -- all seem to me to be just as loud on the 45th floor as they are on the 8th or 10th floor. We have a 15th floor in Xiamen - and the little "English/German" sports bar about 100 ft away, and of course 15 floors down, drives me nuts on Saturday night. Seems like they get louder and drunker as the night goes on - what a surprise! Just my opinion - but I would never buy on the ground floor or anywhere near it. I love the advice your wife gave you...you make the decision --- a recipe for disaster! My wife did the same thing with our new home construction on the slopes of Diamond Head - specifically ...build me a strong house for the kids and don't screw it up!

Thanks - I wonder about the veracity and soundness of my decisions - as our new son arrives this July and I start drawing my Social Insecurity payments this November! I'm going to continue with my Nike approach - Just Do it....when it comes to exercise, eating and the most important item - drinking beer!

Yes, I set it up inside of my revocable trust in the event of my death to avoid the estate taxes that would befall my new wife. The long and short of it is that administration by a financial institution is required and they will control many items, upon your death. I wrote the Qdot with my attorneys help to restrict what the financial institution could do in terms of "investment decisions". I.e., if one loves bonds - I wrote in there they couldn't sell any bonds without my wife's permission. ETC..ETC. For us, I was counting the days until I could get my Chinese Wife to test and become a US Citizen. This happened last July/August and we made our trek to the Lawyers office in Las Vegas to "UPDATE" all of our individual and Joint Trusts - reflecting her new Name Change (Took my last name), and REDACTING out all the QDOT stuff from my revocable trust, since it was no longer necessary. I am greatly relieved. Cost - my slick lawyers in LV charge about $2500 a shot a the basic document but remarkably charge me the same thing for a "scrub/update". We have 4 of them (Mine, Hers, Ours, and our 3 year old Son's Irrevocable Trust) and you can do the math. Other than adding a NEW TURST FOR our new Son arriving this year - we should be set for the foreseeable future unless there are remarkable changes in the Law. Even a change to another state of domicile usually will not trigger update. So, bottom line, I spent about $20K in LEGAL FEES for Pre-Nupt, Interim Trusts, and final Trusts subsequent to her becoming a citizen - but it was an Insurance Policy agains the Gov't scooping as much as 55%, in the event of my death, vice 0! Best of Luck. I

All - there is some great advice in these responses to the poster - and I think we see this all too many times with people heading towards the immigration journey. I was teaching, I didn't make enough money, I don't have W2's, I didn't file because I didn't make enough, I didn't think I had too --- all variations on a theme. This thread has what I consider an ideal response to a request for help in that most of the information has centered around helping the poster to realize that they need to actually file the returns so he/she has the three years of returns so that that box is checked at interview time. It's such an easy thing to do, whip out the three returns, mail them in, compute the 5 or 6 days after potential receipt by the IRS, then request the transcripts of the 3 years of returns. Then it's a done deal and move on with life - without the specter of the issue following you through the immigration process or possibly to some distant IRS field audit in the future. This issue is just like so many of the reporting requirements for overseas bank accounts that are becoming onerous. Heretofore, the requirements for reporting were pretty easy to comply with and reporting was as easy as dropping the form off so as to arrive at the IRS by June of the filing year. The new forms are not simple if one breaks the thresholds - and they continue to burden US citiens with more and more reporting, especially with any connection to an overseas job, financial account, or disposition of property. The Sun used to never set on the British Empire and now the Sun never sets on any financial transaction involving a US Citizen, or Green Card Holder electing to be treated like a US citizen for tax purposes. File the returns, file the reports, declare transactions - else you are subject to US audits and prosecution as well as a real hassle when transiting the immigration journey. Best of Luck to ALL.

I would recommend that you request and receive the transcripts vice making copies of the tax return. My experience is that it takes only 7-10 days to get the transcripts and they are superior to copies of the returns you submitted for at least two reasons. (1) They don't have "S O MUCH" detail on them which can show other information that is not necessarily what you want to show, i.e. old addresses on W2's, old information on any 1099R's or other required income support documents, conversions of Retirement benefits, etc; and (2) They are a trusted "feedback loop" from the IRS computers - thus showing what the IRS thinks vice what you have that is a copy of what you might or might not have actually submitted. This is only my opinion - and I have not seen any other person or entity take this position....it's just from reading the tea leaves as it were and during the various interviews as I transitioned thru the entire process. Your mileage may vary. Best of Luck.

Perhaps I missed it but what about "Housing Information", Utility Information, Internet/Cable TV, and or Investment Information, copies of Family Christmas letter sent to family/friends, Car Registration, Ownership Records of Cars, Boats, Planes, Life Insurance Beneficiary Letters, any work related documents assigning benefits - "Other than 401K"? Hopefully, along the way you have taken the "care" to put some of the accounts for the house with her name or added her to the accounts. If you Rented, placed her name as Joint person renting or if owning have placed her name on the title. Best of luck on your subsequent submittal.

Thanks for the ICBC bank information - I wonder what makes their bank different. Next time in Tiny Hiney Land I will check! Thanks to all.

Yea - I had seen a couple of people say it in passing - but there were never any details. Shanghai Expat reported that "Standard Charter Bank" (and I think one other bank) had allowed a few thousand people to do this - and then the Gov't got wind of it...since it's a no no in China) and made them purge all the accounts - i.e. split into 2 separate accounts. I've also seen many instances on Bank Websites talking about business accounts - where 2-5 managers can manage the same account - but mainly when you dig into the details it turns out to be "AR/AP/Offshore receipts" type of account. If anyone has any knowledge of someone actually having a "joint personal bank account" where 2 people have their names on the account and have 2 ATM cards/authorized signature cards - I would love to hear about it.....so as to stop the silliness of sometimes bouncing money between accounts - but my Chinese Speaking skills are getting so rusty it might not make sense for me any longer - as I can't carry on a conversation over the phone -- I need to have my hands around their throat or for them to see my eyes bulge as I get upset over the game of 200 questions. Hope someone has some first hand knowledge of someone doing this.....but I sure haven't seen it to date. Always Hope!