Anti-money laundering supervision prelude is about to begin! Cross-border large cash transfers "from July 1 to July 1, more than $10,000 in cross-border transfers need to be declared."
Most of the industry believes that for the upcoming implementation of China`s new anti-money-laundering rules, after July 1, the relevant authorities will be "ant move"-style foreign exchange purchase supervision will be more stringent, split foreign exchange purchase will be banned and punished.
Before that, we would have to declare a quota of more than $50,000, and this time the political reform shows only one thing-it will be harder and harder to get out of here.
At the end of last year, the people`s Bank of China issued the measures on the Management of Financial institutions` large transaction and suspicious transaction reports, which will be implemented on July 1; Not only strengthen the control of foreign remittances, but also adjust the daily cash to receive large cash transaction reporting standards, the impact was not small. In particular, the use of ants to move the capital out of the way of overseas individuals.
An overseas real estate sales agency said that overseas investment this is to say "goodbye" to ordinary investors thoroughly! He said he would still recommend real estate, but if individual clients do not have overseas funds, they will not receive, and are now moving towards a corporate customer-oriented model, with structural changes in the client base.
An employee of the Shanghai branch of the Pudong Development Bank pointed out that foreign exchange purchases and remittances for overseas home purchases and insurance products for overseas investment were explicitly prohibited. The method of remitting $50,000 in five instalments is a clear split of foreign exchange, which is also prohibited and will be enforced strictly in accordance with the rules of the people`s Bank of China (PBOC).
According to the 21st Century Economic report, the new law stipulates that any single transaction or cumulative transaction exceeding 50,000 yuan or more on the same day, with a foreign currency equivalent of more than 10,000 US dollars, will be paid into cash, cash drawn, cash settled and sold, cash exchanged and cash remittance remitted. Cash notes and other forms of cash receipts and payments, financial institutions are required to send large transaction reports. It was originally two hundred thousand yuan to send a report.
The report said that in order to implement the "management measures" regulations, the actual implementation standards of banks are very strict. According to a foreign bank official, if a domestic individual transfers more than 10,000 US dollars a month to foreign countries, he or she needs to show the bank a specific consumption certificate. Otherwise, banks may close their personal accounts and report the information to the State Administration of Foreign Exchange.
According to an analysis by the US investment immigration industry, the new rules on foreign exchange purchase have thrown a shock bullet on investment immigrants. Before that, each person had a quota of 50,000 US dollars a year, which turned into a daily limit of 10,000 US dollars. After the new rules were implemented, Although the quota of $50, 000 a year for foreign exchange purchase has not been changed, the daily exchange amount cannot exceed 50, 000 yuan. If according to the present system, investment immigrants will include an application fee of about $ five hundred and eighty thousand, subject to the limit of 50, 000 US dollars a year for individuals. Find 12 people to help with the remittance; But since July 1, $10,000 will have to send a large cross-border remittance report, by which time 58 people may have to be found to help with the remittance to compare insurance.
Immigrants believe that because of U.S. investment immigrants, prices are likely to rise in the middle of the year, if speculated to $ eight hundred thousand, adding about $80, 000 in application fees to new rules for cash and foreign exchange purchases, and it is likely that nearly a hundred people will be able to complete the remittance in the middle of the year.
In response to a question about recent cross-border capital flows, a spokesman for China`s State Administration of Foreign Exchange said cross-border capital flows on the mainland continued to recover steadily in April. At the end of April, the balance of foreign exchange deposits, which was announced on May 7, had risen for three consecutive months, rising by $20.4 billion at the end of April compared with the end of March, and individual foreign exchange purchases by residents fell further.
UnionPay recently issued a statement that it will close the overseas credit card channel in Cyprus on June 1, 2017, a popular home shopping destination for Chinese overseas buyers. You know, under current policy, Cyprus is the only country where a Chinese can also pay a card to buy a house.
The opportunity for Chinese to pay by card overseas will also be closed. From now on, the Chinese want to buy houses abroad, or make other investments, as long as the capital exit, the formalities will be more cumbersome.
