Overseas property ownership after becoming a citizen

[shuyanwilliamson]

I have been a green card holder since 2009. Recently, I plan on starting my citizenship process. I currently own 2 apartments in Shanghai, China. I just want to make sure becoming a US citizen doesn't have any effect on my property in China. I can't seem to find a definate answer online. Anyone has any ideas?

 

Also I will eventually sell those properties. Any restrictions on the sales after I become a US citizen?

 

Thank you guys!

Edited January 8, 2018 by shuyanwilliamson (see edit history)

[dnoblett]

I did a search of the site and tagged several topics related to this...

 

http://candleforlove.com/forums/tags/China Property/

Edited January 2, 2021 by Randy W (see edit history)

[shuyanwilliamson]

Thank you so much for the link. I've read through the posts. It doesn't seem like becoming a US citizen will affect ownership on existing apartments.

 

To my knowledge, at least in Shanghai, when making a sale, all you need is a Chinese local ID card and the certificate of property ownership (green book). Has anyone or their spouse has any expierence selling apartments in China while being a US citizen? Does it affect the sales and/or taxes any different than a regular sale?

 

Also, what's the best also legal way to get that large sum of money to US? You can only bring less than 10k per person per trip. If do wire transfer, I'm sure IRS will be after that. How much do they tax? Anyone has any experience to share?

[Randy W]

Thank you so much for the link. I've read through the posts. It doesn't seem like becoming a US citizen will affect ownership on existing apartments.

 

To my knowledge, at least in Shanghai, when making a sale, all you need is a Chinese local ID card and the certificate of property ownership (green book). Has anyone or their spouse has any expierence selling apartments in China while being a US citizen? Does it affect the sales and/or taxes any different than a regular sale?

 

Also, what's the best also legal way to get that large sum of money to US? You can only bring less than 10k per person per trip. If do wire transfer, I'm sure IRS will be after that. How much do they tax? Anyone has any experience to share?

 

 

Transfers are not taxed. However, as a U.S. citizen, your INCOME on sources outside the U.S. IS taxed.

 

There IS no 10K limitation per trip - you simply declare the amount in excess of $10K.

 

We send money the other way - TO China. Your problem will lie in converting the money to US Dollars. Talk to your Chinese bank about what they can do for you.I think the limit is $50K RMB per person per year - i.e., you may have to line up a few family members to help.

[shuyanwilliamson]

 

Thank you so much for the link. I've read through the posts. It doesn't seem like becoming a US citizen will affect ownership on existing apartments.

 

To my knowledge, at least in Shanghai, when making a sale, all you need is a Chinese local ID card and the certificate of property ownership (green book). Has anyone or their spouse has any expierence selling apartments in China while being a US citizen? Does it affect the sales and/or taxes any different than a regular sale?

 

Also, what's the best also legal way to get that large sum of money to US? You can only bring less than 10k per person per trip. If do wire transfer, I'm sure IRS will be after that. How much do they tax? Anyone has any experience to share?

 

 

Transfers are not taxed. However, as a U.S. citizen, your INCOME on sources outside the U.S. IS taxed.

 

There IS no 10K limitation per trip - you simply declare the amount in excess of $10K.

 

We send money the other way - TO China. Your problem will lie in converting the money to US Dollars. Talk to your Chinese bank about what they can do for you.I think the limit is $50K RMB per person per year - i.e., you may have to line up a few family members to help.

 

I also got the answer for 50K limit per person per year when asking Shanghai local banks.

 

Do you know what's happening next after declaring carrying more than 10K when entering US? For instance, 500K?

[shuyanwilliamson]

Do I need any kind of paper work when declaring more than 10K?

Edited January 8, 2018 by shuyanwilliamson (see edit history)

[dnoblett]

I also got the answer for 50K limit per person per year when asking Shanghai local banks.

 

Do you know what's happening next after declaring carrying more than 10K when entering US? For instance, 500K?

Nothing happens you just need to declare it.

 

https://help.cbp.gov/app/answers/detail/a_id/195/~/currency-and-monetary-instruments---amount-that-can-be-brought-into-or-leave

https://help.cbp.gov/app/answers/list/search/1/kw/more%20than%20$10000%20cash/suggested/1

 

OR if they suspect criminal activity they take it and you learn an expensive lesson in civil asset forfeiture. United States v. $124,700 in U.S. Currency. Worth noting that while the outcome in this case was not in the government's favor, usually the government keeps the cash. Between 9/11 and 2014, U.S police forces have seized over 2.5 billion dollars in cash without search warrants or indictments and returned the money in less than 10% of cases.

 

the legal website The Law Dictionary includes details of how money laundering laws may come into play here :

 

As part of the War on Terror and the War on Drugs, U.S. law enforcement agencies have significantly increased their vigilance over money laundering. To this effect, travelers who carry large amounts of cash without supporting documentation of its legitimate source may be subject to secondary inspections and seizure of funds. In some cases, law enforcement may confiscate cash in excess of $10,000 until supporting documents are produced.

https://thelawdictionary.org/article/how-to-bring-cash-legally-into-the-united-states/

[Randy W]

It would seem that WIRING the money would be the only possibility you should consider.

[shuyanwilliamson]

Thank you guys this is very helpful!!

[johnny206]

Thank you so much for the link. I've read through the posts. It doesn't seem like becoming a US citizen will affect ownership on existing apartments.

 

To my knowledge, at least in Shanghai, when making a sale, all you need is a Chinese local ID card and the certificate of property ownership (green book). Has anyone or their spouse has any expierence selling apartments in China while being a US citizen? Does it affect the sales and/or taxes any different than a regular sale?

 

Also, what's the best also legal way to get that large sum of money to US? You can only bring less than 10k per person per trip. If do wire transfer, I'm sure IRS will be after that. How much do they tax? Anyone has any experience to share?

 

If you become a US citizen, then you automatically give up your Chinese citizenship as China doesn't recognize dual citizenship. That said, wouldn't that void your Chinese ID card and hukou as you're not Chinese anymore? If that's the case, would it invalidate your property ownership certificate? The crux of the issue is that you can't prove who you are to the Chinese government anymore. Were you able to sell your property in China? Just curious because Chinese bureaucracy can be ridiculous.

[Randy W]

 

Thank you so much for the link. I've read through the posts. It doesn't seem like becoming a US citizen will affect ownership on existing apartments.

 

To my knowledge, at least in Shanghai, when making a sale, all you need is a Chinese local ID card and the certificate of property ownership (green book). Has anyone or their spouse has any expierence selling apartments in China while being a US citizen? Does it affect the sales and/or taxes any different than a regular sale?

 

Also, what's the best also legal way to get that large sum of money to US? You can only bring less than 10k per person per trip. If do wire transfer, I'm sure IRS will be after that. How much do they tax? Anyone has any experience to share?

 

If you become a US citizen, then you automatically give up your Chinese citizenship as China doesn't recognize dual citizenship. That said, wouldn't that void your Chinese ID card and hukou as you're not Chinese anymore? If that's the case, would it invalidate your property ownership certificate? The crux of the issue is that you can't prove who you are to the Chinese government anymore. Were you able to sell your property in China? Just curious because Chinese bureaucracy can be ridiculous.

 

 

 

Simple answer - no. Not so simple answer - maybe.

 

There HAVE been rare cases where the hukou was revoked, and being an American citizen CAN make it more difficult to renew your Chinese ID, but they're not confiscating ANYONE's property. Foreigners can legally buy and own property in China.

 

The typical sequence of events is that when a newly naturalized American citizen applies for a visa in their new American passport, the Chinese consulate will notice that their place of birth was in China. The applicant will need to cough up their Chinese passport - it will be voided. That's generally as far as it goes.

Edited October 22, 2018 by Randy W (see edit history)