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!

Always interesting topic for me.....I would like to make two comments after reading the thread. 1. Not sure anyone directly answered but there, isn't/wasn't, a concept of a joint-checking account or two people on the same account in China - at least up until 2012. I cannot 100% say that it hasn't changed now- but they seem to be wedded to the idea of a1 account 1 person concept. This negates what the poster originally asked how to do or if it could be done. 2. HSBC - 100K requirement. It was my experience - with HSBC wealth management (I think they call it Premire Account) that the $50K (2007) or $100K requirement now, did not count if it was in an investment vehicle. Additionally, unlike other Banks in China - there was no way to link it to a CD and have it meet the base deposit amount, whether it be 50k or 100K. Again, my information was current as of 2009, and updated anecdotally in 2011/2012. HSBC, was for me, a non-starter, when I lived there and subsequently upon moving back to the US. As I've posted, on other similar topics, especially moving larger sums back and forth, my best results have come from BofA/CCCB and BOC. The online resources within BOC are about where the US was 10 years ago in terms of automation, (i.e. IBM mainframe based programs with somewhat slicker forms mode presentation - displayed via your web browser). Unfortunately, BOC web-interface to the mainframes only allows I.E., so for some of us MACaholics, one can run VM with a Win7 or XT partition to get around it. It works well, and it basically gives you visibility into all banking functions - i.e all banking functions that you would expect from a bank. Accounts (ATM/CD's and the basic savings account are linked and you can move funds between them - as well as exchange money types). If one desired, they also have Investment options (stocks, bonds, GOLD etc) available on the same menu screen and you can buy/sell if you set up the appropriate permissions and links. BTW - having this account is the only way I can track China Bank/CD income - since you generally have to have the passbook in-hand and be present in the branch. I investigated BOC, LA, Washington etc - US branches - but in short, the accounts are not the same. Yes, you can transfer money between the US BOC and China BOC, but it's like any other wire-transfer - and it's not worth the hassle, confusion, and the IRS oversight - at least for larger sums. FYI - for all those who might have been involved in earlier discussions - the $50K annual migration I've been doing back to the US took 48 hours this year and the only thing I still don't like about it is the Mellon Bank in New York stripping out the $15.00 handling fee....but it worked just like clock work....this is the 5th year in a row...so nothing has changed from previous postings/information about transferring larger sums of money back. (A note this wouldn't have mattered if it was $50K or $500K, BOC doesn't care) ENJOY (So for those of you wondering why in the world I keep moving money out of China - were trying to stay under the new US IRS new mandatory reporting requirements for accounts larger than $150K in my wife's "local household account", and we sold her car in one year and the parking space in another year...so the money had to leave else we bust the limits)

Please-all move to Hawaii - we're 60+ percent Asian - and when my wife arrived she asked where all the Americans were! I splained it to her! We - so called - White people (or half Red in my case) are the minority and there is of course local slang for our bleached out race - "Haole".....not a nice reference to the Race! You can find most of us Old Haole's at the Dermatologist getting the cancer removed from our white/red skin - it's called a "Haole Overhaul"!!! BTW - this co-existance is one of the reasons we're building a house in Hawaii - so our "mixed blood" children will be with all the other mixed children! (I think it also works in California)

Yes I do remember - and it is indeed a pleasure to have them refund some of the money I give them. Not sure if you've also done this - but I've been saving a ton of money by "increasing" my deductibles both for car's and homes. My rationale - if it's under a $1000.00 damage or claim - I wouldn't claim it anyway for fear that would increase my rates - so might as well raise up the deductible. This works with anyone's insurance company - but I'm here to tell all that it is a big cost savings --- at least for me/us. My wife also didn't raise my rates at all because she had two years of driving experience in China prior to coming to the US. UNFORTUNATELY -- the next person in the household that will change the rates is me...as I drift into "REALLY OLD AGE" and they make up for my senility etc. CHOP SUEY - Enjoy your refund!!

Just use the BEER METHOD with everything Chinese......"HAVE ANOTHER"!!!

Well - actually a TS without special compartments should actually be NO problem, given that you don't have any serious offenses - remember you must be honest - and disclose truthfully anything that they ask. If you do this, you should have no problem with a clearance - this includes Top Secret, Secret, and Confidential Clearances/Access. NSA Crypto and other "special access" programs usually require Poly's and other hurdles and if you're feeling guilty about anything or haven't fully disclosed they will most likely catch it and make it much more difficult. THese special access programs usually take "lifestyle details" into account much more than general service clearances. From memory - Military only requires a basic Secret clearance - FBI is slightly different but has an equivalent level - as are Q clearances when dealing with DOE matters. Different names - but all "general service" clearances. Details might have slightly changed with naming conventions and or procedures to obtain (now one fills out most forms online - especially for DoD) etc...etc. Don't forget the President of our Nation, wrote a book which mentions his driving around Honolulu - while attending Punahou Prep School - in a fog of Marijuana and smoking many hours and days....he has a clearance...so that is a good benchmark about juvenile offenses, whether caught and prosecuted or just admitted to later in life!!!!!

All - Living and being engaged or married to Chinese Citizen is a non-issue when maintaining or obtaining a US Security Clearance. I maintained my TS (with some code letters) clearances all the time I was living in China. I reported my moving to China, the purpose, and my location/activities - straight away to the company Security Officer (She works for me) and cleared it with a phone call to the DISCO. (Name now changed). It was a non-issue. My return to the US, was coincidentally concurrent with my FIVE year review/update. Other than a "Large NUMBER" exceeding (50) exits and entries to the US, with several pages of travel notes/dates - there was no real problem. I did have a local Hawaii interview, at my home, since I was remote from the Washington Area....but again, just a basic Five year interview - that did touch on my travel. I also did normal standard - things like - alerting my friends (who knew I was living abroad) that they might be interviewed pursuant to the process. This however, this is no different from what I would've done, had I not lived in China. The bottom line is - be honest and complete in dealing with all security issues. If the period of the background investigation goes back to your youth - and you were arrested for entering a gambling establishment and not being 21, then full disclosure. If you used any drugs - tell them up front. If you are honest and open - you should have no problem. Having been a former Industrial Security Officer (when I started my company and was too small to have a separate individual doing security) I have seen just about everything in the papers that one must fill out - and only in extreme cases - usually fraud or felonies - does a person get denied a security clearance, especially at the Secret or below level. If you want to work for NSA as a Crypto Specialist - then the requirements are much tougher.

I just want to comment on the quick trips. I did it several times, when I had to spend a lengthy time back in Washington attending to business. When I did this - I would spend 2-3 weeks working and then, leave Friday - direct to Shanghai - spend the week - and back on Sunday - all told about 9 days away from work. I also increased efficiency by having my finance at the time - fly to Shanghai - and we would bunk in at the Hyatt in the JinMao tower. This netted maximum time - minimal airport delays - and the real risk was a broken plane - since there were no plane changes for either of us. I also investigated other alternatives all with minimal - plane changes but I just didn't pull the trigger since I was always able to get business class to Shanghai. One of my alternatives - was to train out of Washington (usually reliable) and then direct to GuangZhou or Beijing or Hong Kong - then have her join me there to reduce airport delays. You're plan is doable....I've done it multiple times - but avoid plane changes - reduces the risk significantly. Enjoy....also the gals like to go to different cities - a "staycation" rw - fixed quote tags, and (hopefully) didn't screw anything else up

The one to eat at...right around corner from coffee shop is "Tuto Bene". They have "Erdlinger Beer" as well. Good food, been there a 100 years. The place next to it, forgot the name....caters' more to wine tasting...food is Ma Ma Hu Hu, and expensive.

Great Pictures - reminds of all my time there.....our house is about a 1 1/2 blocks away....I'm there for coffee all the time. THe Marco Polo, now has a Starbucks - in the back on the Lake Side. I had a boat built in Haichang and started staying at the Marco Polo in 2004. My wife's house looks right at the Marco Polo and the Lake, new construction completed in 2007 - on the edge of the big park/Weather Tower and behind the KFC (which is not a good reference point in China - as there are so many of them)...but thank's for the flash back to the old HOOD!

We still have a house there, I lived there and attended the Xiamen University for two years....TAKE MONEY! Usually nice weather - meaning clear air, but it all depends on wind direction from mainland. Others can advise you on "age appropriate" things to do, and as I also understand most of the KTV's and Disco's have been moved out of town and on the beach - beyond the University. Sort of putting all the places one can get in trouble in one place. It's a great little island, albeit crowded, but the seafood is good. Hard to find a bad place to eat - they just don't last long. They will not serve Snake or Turtle, something about a local law....but the underground still serves them - next to Wall Mart closest to Taiwan Village! Not sure about the hotel you selected - suspect it will be local Chinese style - don't set expectations too high. There are several "BIG NAME" hotels that have entertainment, Holiday Inn, SHeraton, etc in the town. Last I was there, Nov 2010 - no Hyatt or Mandarin Oriental, two of my favorite places. Main street in town is alive - crowded - but is good for "walking around". Not to far from the ferry to GuLangYu - which is a fun day trip or a night or two stay. Visit the Piano Museum there. Lot's of places to get snacks - watch the Chinese all walk on the sand, stand at waters edge and take a picture, and then check "Beach" off the list. As a last item, I feel perfectly safe walking around Xiamen - at all hours of the day and night. Doesn't mean something won't happen but the chances are low. Have fun...