What will happen to the apartment & property?

[Rachel + Will = Together Forever]

My fiance and I have been concerned about what will happen to the property deeds and apartment, stocks, etc., that he owns here in China once he becomes a citizen, because it's all under his name and ID number here...

 

Does anyone know if they will allow him to switch everything over to his US ID once he becomes a Citizen, or will they confiscate it all claiming he doesn't exist as a person belonging to China anymore?

 

I suggested we go to the local police station here and make an inquiry, but my fiance said he's not sure if that's a good idea.

 

It would be great if someone has experience with this and can give some advice, just in case there is anything we need to do before we leave in a couple months!

 

Thanks!!

[Kyle]

Found this:

 

http://candleforlove.com/forums/index.php?...amp;hl=property

 

I'm sure you will find more information if you do a search for "property" under the citizenship process category. Others will chime in, I'm sure

Edited November 22, 2009 by Kyle (see edit history)

[2mike&jin]

My fiance and I have been concerned about what will happen to the property deeds and apartment, stocks, etc., that he owns here in China once he becomes a citizen, because it's all under his name and ID number here...

 

Does anyone know if they will allow him to switch everything over to his US ID once he becomes a Citizen, or will they confiscate it all claiming he doesn't exist as a person belonging to China anymore?

 

I suggested we go to the local police station here and make an inquiry, but my fiance said he's not sure if that's a good idea.

 

It would be great if someone has experience with this and can give some advice, just in case there is anything we need to do before we leave in a couple months!

 

Thanks!!

 

There has been several posts "recently" about USC/PRC citizenship, advantages and disadvantages in changing/not changing etc. Some information has been very helpful, and other pieces have been inaccurate under "most circumstances".

 

Kyle, provided a link where Yuehan123 had posted some "good information" but left some details out - and I can understand not wanting to get into the weeds.

 

Since my wife owned property in Xiamen, and her original "family book" was with her Uncle in another Province, this became an important aspect when doing our K1 and subsquent move/marriage in the US. She was lucky in that the house she had purchased before I met her was large enough - for her to then be eligible to become her own "head of household" and have her own book and NEW ID card.

 

Id cards are issued for certain time-periods based on age. 16-25 for a 10 year period, 26-45 for 20 year periods and above 46 for the duration of the persons life. As has been pointed out here, the ID card/number is what "all other documents" (Passports, Travel to HK/Macau etc, property, bank, investment etc...etc) are keyed to or provide the basic Idenifcation process.

 

As Yuehan123 properly pointed out, if one owns property and becomes a non-citizen, and it is known by the Gov't (I.e. one doesn't have a valid ID card) then there is a transfer tax due on sale of the property. All other rules (based on the leasehold form of ownership in China) prevail.

 

Foreigners, (non-Citizens) whether they are "new non-citizens" or just Lao Wei like you and I, can buy property - "almost anywhere" and at anytime in China - since about the middle of 2006. THe two requirements are that.....you have to pay in RMB, and you must have some form of "resident visa" that grants you at least 1 year in CHina or you have been in CHina 1 year. (This is easily circumvented) There are no other requirments. Often in Large Cities, whole towers of building projects are established as "foreigner only" purchase. My wifes place is in the tower - for Chinese and the tower next to her's is for "foreign investment only". (US, Australian, Taiwan, Hong Kong...etc that I know of in that tower). The rooms were slight differences in the size but the price was not much different - per the real estate folks.

 

Now, that doesn't answer all the questions that one can ask about what happens after someone moves to the US and has a green card or then subsequently becomes a citizen.

 

Many, and there is lot's of anecdotal evidence is that many - keep both Passports - use the Chinese passport when traveling to China and us the US passport whenever they travel anywhere else. Mostly, people travel through Honk Kong and have "travel permits" to exit into HK/Macau for this purpose when exiting China. This seems problematic to me - over the "long haul".

 

There are other issues with trying to balance between "keeping all the benefits" of Chinese citizenship/ID cards and becoming a US citizen. But, home-ownership, bank-account ownership, retention of A or B shares of Chinese Stock - are not dependent on which Passport or which country you are a citizen of. (The purchase of A or B shares is dependent only at the time of purchase).

 

Inheritance, the creation of will's and trusts, is starting to follow the rest of the world. However, if you die in-testate you are going to be at the mercy of the CHinese interpetation of Chinese property, unless you can produce a will, trust or deed to provide the "wishes" of the deceased. If you have these documents, whether produced in the US or China, and have them properly certified/translated/documented the courts will follow the guidelines contained within them. Trusts (I.e Family Trusts) have special rules - and have not been tested in Chinese courts to any degree, nor have the "leashold property" limits (70 years) been tested for renewals - the country and rules for ownership are too new.

 

These are murky subjects when one gets to the detail - but ownership, investment, banking, inheritance - are pretty clear. THe duration of an ID card is pretty well known - and unless a person does something "very definitive" to have it terminated it will run to term and can be used. The issue of holding two passports is well known, but many have used various methods to circumvent the "clear rules" of the PRC. A passport is the least "important document" in dealing with PRC- ex pats, who have immigrated to the US.

 

Your Mileage may vary.

Hawaii Mike

[shadeOgray]

Good info, thanks