Insurances

[Lowen/Zhang]

My wife has explained to me that she would like to maintain her Chinese Citizenship as well as obtaining her US Citizenship. Her reasoning is that for the past 6 years she has been putting money into a insurance, as she calls it. My take is it is similar to a 401K and she can draw this money at age 50. There is also another insurance that while you work your employer pays and if you loose your job you must pay to maintain it, again my take is similar to our Social Security. Can she do this? Keep paying on these insurances as a Permanent Res or after obtaining her Green Card and then at her age 50 obtain payment of these benefits? Or is this something she might loose? I think the 401K style plan she can stop paying and get a reduced benefit but don't know if she can take the benefit now and bring with her and put into a high yield CD here. Anyone know about this?

 

mike

Edited June 29, 2006 by Lowen/Zhang (see edit history)

[MRMC]

My understanding is that China will not allow you to keep your citizenship once you become a US Citizen.

[Lowen/Zhang]

My understanding as well and the USA does not really allow dual citizenship either allow they let some incidences slide as I have read on Government sites.

[MikeandRong]

My take on it is that it is the same as ours, just the words are different. Rong's is a combo health insurance/social security (using English words). It costs 2000RMB (yuan)/year to keep it for her. Able to draw at age 50, so it really is not that much to keep up and pay, and it gives great peace of mind for the future. She can always use the insurance on future trips back to China if needed, and when we reitre, she will have the retirement payments coming in too.