![]() (2) under capital accounts, a foreigner can legitimately transfer out of China the sale proceeds arising from sale of real estates in China. But when you apply to a bank in China to do the conversion and remittance, you need to prove how the money is earned and the payment of relevant taxes. Legitimate earnings include your salaries/wages, your rentals generated by your property in China, license royalties, and dividends received from your invested China company. (1) under the current accounts, any legitimate earning in RMB can be converted into foreign exchanges and remit the same out of China. Here are some of the ways that foreigners can employ to move Chinese RMB denominated fund out of China: So in the discussion of taking money out of China by foreigners, this USD 50,000 quota has nothing to do with it. For a Chinese citizen, it is a quota for both conversion and purchase. For a foreigner, the USD 50,000 is the quota for them to convert into RMB fund, but not the quota for them to purchase foreign exchange with RMB money. In other words, the persons seeking to convert foreign exchanges into RMB fund or to purchase foreign exchanges may just produce their identity document to the bank without proving why they need to make such conversion or purchase. The USD 50,000 annual quota is the equivalent amount of foreign exchanges that a person (foreigner or Chinese) in China can convert into RMB fund, and that a Chinese citizen can purchase with RMB fund, within a calendar year, without the necessity of providing transaction/deal documents to support such conversion or purchase. What is the often mentioned USD 50,000 quota? He said he had known for long that a foreigner can only take USD 50,000 out of China, and it would take too long a time to move his millions of RMB to his home country. One of the his headaches is how he can take money out of China after selling the apartment registered in his name. The other day, a client from Europe consulted me about his contemplated divorce with his cheating Chinese wife. There are other ways that can be utilized through corporate transactions, but not covered by this article. In this post, I would just focus on transferring money out of China by individuals, foreigners or Chinese. ![]() The question is: how to take the China money out of China. With the backdrop of the trade-war and tech-war between China and USA simmering with no assuring sign of cooling down, China economy has been hurt somehow, and 2019 is a tough year for China and in the meantime, United States is still looking buoyant, there is a strong demand for investing in USA. This is a hot topic in today’s China: how to move money in China to a foreign country. ![]()
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