SO's assets in China

[riki37421]

I am not sure if this is the correct place to post this question, but this has become a discussion between me and my SO.

 

As my SO and I get close to our interview, we are faced with various concerns regarding disposition of certain assets of hers. (i.e. car, stocks, condo, bank account, etc.).

 

At this point in time she's decided to sell her car, liquidate her stocks and roll the cash into her current bank account. (this was a decision I left entirely to her). This begs the question how to access these funds from US.

 

Are there any banks that you are aware of, (i.e. Citibank, etc) that would allow us to establish an account over in China and access funds in US?

 

Myunderstanding that there are limitations to the amount of funds you can bring into the US (I beleive its $10,000 USD w/o having to declare it).

 

 

Is anyone aware of any links/websites where I can research any potential reporting obligations?

 

I certainly don't want to circumvent the law but at the same time do not want to incur any unessessary fine/fees, tariffs etc.

 

Are there any potential pitfalls looming should we decide to keep the property in China and turn it into a rental property? My main concern here is once she becomes an American citizen, do we risk having the property seized by the Chinese gov't?

 

 

I'd like to hear how some of you addressed these issues.

 

Best regards,

 

Eric

[BuffaloPaul]

We have gone round and round about this because my SO has considerable assets in China. For now she will rent out one property and have her parents live in the other. I think that there are risks either way and we did not know how to transfer her assets to the US. (I dont' think the Chinese gov't allows much) In the end it was a personal decision on her part. Hopefully, in the future there will be more options. We are not worried about the government seizing the property, but who knows? Maybe they have the same absurd eminent domain laws we have.

Edited August 16, 2005 by BuffaloPaul (see edit history)

[Yuanyang]

My understanding re: money into the USA is that even declaring cash over $10,000.00 is no big deal. It isn't subject to taxes or anything else; just must be declared. Consult your local tax advisor for the real skinny on it.

[BuffaloPaul]

My understanding re: money into the USA is that even declaring cash over $10,000.00 is no big deal.  It isn't subject to taxes or anything else; just must be declared.  Consult your local tax advisor for the real skinny on it.

147138[/snapback]

I don't think it is as much an issue of getting cash into the US as it is of getting money out of China. The Chinese are very limited as to how much rmb they can change to US$

[Guest ShaQuaNew]

As my SO and I get  close to our interview, we are faced with various concerns regarding disposition of certain assets of hers.  (i.e. car, stocks, condo, bank account, etc.).

 

At this point in time she's decided to sell her car, liquidate her stocks and roll the cash into her current bank account. (this was a decision I left entirely to her).  This begs the question how to access these funds from US.

 

 

Is anyone aware of any links/websites where I can research any potential reporting obligations?

 

 

 

Are there any potential pitfalls looming should we decide to keep the property in China and turn it into a rental property?  My main concern here is once she becomes an American citizen, do we risk having the property seized by the Chinese gov't?

 

 

I'd like to hear how some of you addressed these issues.

 

Best regards,

 

Eric

147129[/snapback]

All good questions.....

 

regarding property, my SO and I plan to rent her apartment for a time after her arrival until real property prices increase in her neighborhood. The major reason for this is that they are now building a subway on the main street in front of her building. Also, we will have a place to go should we ever decide to move to China....

 

We don't plan to immediately liquidate assets and bank accounts realizing that there is value in keeping them just how they are for a while. Later, after she get's here we will have plenty of time to decide such things. Right now, our motis operendae is not all or nothing, but rather baby steps....

[lynne]

We are having problems like this as well. I beleive that once you SO has a visa then the bank will change the assets into US dollars then the safest way is to do a transfer into a bank account in the US. My husband wants to exchange some money right now before he has a visa and has no idea of how to do it in Guangzhou. In Xiamen the banks wouldn't let me exchange RMB for US dollars because my Chinese bank account was over a year old and I didn't keep the documentation they gave me when I opened the account. I ended up exchanging quite a large amount of money on the street which I really hated doing. Banking in China is so frustrating!

 

I knew of a lot of people who were living in the US or other countries abroad and renting out their apartment in China. I don't think this would be a problem now but you never can tell what might happen in the future.