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Author Topic: Chinese Currency Restrictions  (Read 95 times)

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Online Ste

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Chinese Currency Restrictions
« on: November 16, 2016, 03:13:51 PM »
One for Manny probs....

Been asked to help a UK guy trying to get his Chinese wife her second FLR(M) visa, the extension to five years and they don't meet the financial requirements.

However she's sold her place in China and the fuss for that are in her bank account in China, around 65,000 sterling. This can be used to pass the financial test (£62,000 savings) but has to be 'readily' accessible, which according to the husband it isn't, as the Chinese Gov only allows $50,000 to leave the country from a personal account per year.

Any ways a round it?
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Online Markje

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Re: Chinese Currency Restrictions
« Reply #1 on: November 16, 2016, 03:29:49 PM »
Open up a bank account outside China, deposit half of her savings in it now, and the other half in say, 6 weeks?
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Online Ste

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Re: Chinese Currency Restrictions
« Reply #2 on: November 16, 2016, 03:35:18 PM »
Open up a bank account outside China, deposit half of her savings in it now, and the other half in say, 6 weeks?

But as I understand it from the guy, you can only transfer a maximum of $50k per year out of China via the banking process, which to be honest, doesn't sound right to me.

£65,000 must be about $100,000 ish, so that's $50,000 now, then $50,000 in a year which is too late for the purposes of the visa application.
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Online Markje

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Re: Chinese Currency Restrictions
« Reply #3 on: November 16, 2016, 03:48:21 PM »
Open up a bank account outside China, deposit half of her savings in it now, and the other half in say, 6 weeks?

But as I understand it from the guy, you can only transfer a maximum of $50k per year out of China via the banking process, which to be honest, doesn't sound right to me.

£65,000 must be about $100,000 ish, so that's $50,000 now, then $50,000 in a year which is too late for the purposes of the visa application.
You didn't read all of my message:

Open account now, send 40k pounds to it. now in 6 weeks it will be a new year, so fully compliant with chinese law you can now send the rest and your application will be delayed 6 weeks.
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Online Ste

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Re: Chinese Currency Restrictions
« Reply #4 on: November 16, 2016, 03:57:28 PM »
Open up a bank account outside China, deposit half of her savings in it now, and the other half in say, 6 weeks?

But as I understand it from the guy, you can only transfer a maximum of $50k per year out of China via the banking process, which to be honest, doesn't sound right to me.

£65,000 must be about $100,000 ish, so that's $50,000 now, then $50,000 in a year which is too late for the purposes of the visa application.
You didn't read all of my message:

Open account now, send 40k pounds to it. now in 6 weeks it will be a new year, so fully compliant with chinese law you can now send the rest and your application will be delayed 6 weeks.

Ahh, then I don't know what 'per year' actually means here to the Chinese, calendar year or 12-month period. Or even Chinese year.

I'll ask the guy...
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Online andrewfi

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Re: Chinese Currency Restrictions
« Reply #5 on: November 16, 2016, 04:07:51 PM »
I think you will find that a Chinese current account is liquid enough for the purposes of the visa. What they are NOT wanting to see is money tied up in less liquid forms such as stocks, real estate and the like. The purpose is to demonstrate that one will not be a burden on the UK tax payer.

And yes, the Chinese have gotten very strict about taking money out of China and at levels lower than $50k, see here: CLICK HERE!

For personal spending purposes though there should not be a problem.


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Online Ste

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Re: Chinese Currency Restrictions
« Reply #6 on: November 16, 2016, 04:15:42 PM »
I think you will find that a Chinese current account is liquid enough for the purposes of the visa. What they are NOT wanting to see is money tied up in less liquid forms such as stocks, real estate and the like. The purpose is to demonstrate that one will not be a burden on the UK tax payer.

And yes, the Chinese have gotten very strict about taking money out of China and at levels lower than $50k, see here: CLICK HERE!

For personal spending purposes though there should not be a problem.

I tend to agree, just the guy has a worry, possibly justified, that the $50k pa limit makes it not liquid....
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Online Ste

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Re: Chinese Currency Restrictions
« Reply #7 on: November 16, 2016, 04:25:07 PM »
Saw the FB thing BTW, cheers!
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Offline SuperPanda

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Re: Chinese Currency Restrictions
« Reply #8 on: November 16, 2016, 05:07:36 PM »
Be careful with moving it out of China as it won't have been in an account for 6 months plus which should be a requirement.

There are multiple ways of getting money out of China, Singapore and Hong Kong have numerous advisors however China has become incredibly strict lately.

I would presume though that readily available means it can be used to pay for goods and services, surely a debit card will make the money readily available under HO rules?

Offline Manny

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Re: Chinese Currency Restrictions
« Reply #9 on: November 16, 2016, 06:36:18 PM »
There are multiple ways of getting money out of China, Singapore and Hong Kong have numerous advisors however China has become incredibly strict lately.

SaperPanda beat me to it, I was going to suggest HK would be the route out.

I would presume though that readily available means it can be used to pay for goods and services, surely a debit card will make the money readily available under HO rules?

I would agree with this too. The requirements dont state the money should be in the UK or in sterling?
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Online Ste

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Re: Chinese Currency Restrictions
« Reply #10 on: November 16, 2016, 06:49:07 PM »
There are multiple ways of getting money out of China, Singapore and Hong Kong have numerous advisors however China has become incredibly strict lately.

SaperPanda beat me to it, I was going to suggest HK would be the route out.

I would presume though that readily available means it can be used to pay for goods and services, surely a debit card will make the money readily available under HO rules?

I would agree with this too. The requirements dont state the money should be in the UK or in sterling?

No requirement just liquid and been held for six months. Get the feeling the guy wants the cash more than the lass though, I agree with what's been said, leave it where it is.
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Offline SuperPanda

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Re: Chinese Currency Restrictions
« Reply #11 on: November 16, 2016, 07:13:56 PM »
There are multiple ways of getting money out of China, Singapore and Hong Kong have numerous advisors however China has become incredibly strict lately.

SaperPanda beat me to it, I was going to suggest HK would be the route out.

I would presume though that readily available means it can be used to pay for goods and services, surely a debit card will make the money readily available under HO rules?

I would agree with this too. The requirements dont state the money should be in the UK or in sterling?

No requirement just liquid and been held for six months. Get the feeling the guy wants the cash more than the lass though, I agree with what's been said, leave it where it is.
From previous experience (second hand from a friend) the Home Office just want to see that it is accessible, doesn't matter where it is but as long as they can access with debit card all should be good.

Moving it now would set back any application, it needs to be in one account for 6 months, they may not state this but they ask a lot of questions if it is moved around and so close to application as well.

I would bet that he wants to money out as the restrictions are becoming a lot tighter than they were, his best bet is investment through Hong Kong then wherever afterwards but there are plwnty of peolple that can do this in Hong Kong and Singapore (DBS have a department to handle Chinese expats in Hong Kong).