Beijing time, February 10, 2019, Singapore media circulate a notice, a case of Chinese immigrants from China mainland large remittance to Singapore was deceived. The amount of fraud was as high as $3 million (20.23 million yuan).
In 2018, Ms. Lu, a Chinese tycoon, acquired the right of permanent residence in Singapore.
At this time, Ms. Lu's biggest worry is that the money is enough but can not be transferred out.
Ms Lo found (BNP Paribas), the Singapore branch of BNP Paribas, which she opened overseas, plans to transfer large assets from China's mainland to Singapore. But the bank decisively rejected Ms Lu's request because the Singapore branch was able to collect money, while Chinese branches did not dare to remit money.
But the last thing the rich need to worry about is that someone will be willing to help if they are in trouble. A clerk at the bank hinted at Ms. Lu that there was a Lin Neng who could help solve the problem of large remittances.
On Oct. 18, 2018, Ms. Lu managed to divert $3 million through Mr. Lin to a number of strangers' accounts by moving through ants. The money was then transferred several times to Singapore's victorious rendezvous. Ms. Lu won the first battle, and Mr. Lin earned a commission of $ one hundred thousand.
Ms. Lu tasted the sweetness and soon chose to make a second remittance, but this time, Ms. Lu's $3 million went missing, and the destination of the money was completely unknown. Ms. Lu angrily sued Mr. Lin and four other Singaporean Chinese who lent Ms. Lu's account to court. The case is being heard in Singapore's High Court.
Huang Sanshui said that at the end of the case, how Singapore's judge ruling has nothing to do with the subject matter of this article. The real big story comes from a Singapore banking manager who has a branch in mainland, China:
1. Ms. Lew, a permanent resident of Singapore, a Chinese national, can legally transfer large dollar assets out of Singapore to Singapore at one time, free from the "$50,000 a year" policy of "individual cross-border remittances."
2. This legal approach must go through complex application and approval procedures.
In addition to Ms. Lu's case, China's citizen, which has acquired permanent residency rights in other countries and regions, could theoretically apply for the business, with the exception of Ms. Lu's case.
The policy basis of the so-called legal approach is the interim measures for the Administration of Foreign Exchange transfer and payment of personal property, which clarifies the operating rules of the transfer of property of legal immigrants.
(1) Natural persons who emigrate from the mainland of China or to settle in the Hong Kong Special Administrative region, the Macao Special Administrative region and the TW region shall realize their lawful property held in China prior to obtaining their immigration status, Foreign exchange can be designated by designated banks to purchase foreign exchange and remit out of the country.
2. Residents of the foreign citizen or the Hong Kong Special Administrative region, the Macao Special Administrative region and the TW region shall, in accordance with the law, realize their inheritance within the territory of China, and may purchase and remit the assets to and from abroad through designated foreign exchange banks.
3, the property transferred to the outside world shall be lawful property and shall not dispute the rights and interests of others.
4, the transfer of legal immigration property needs to apply for approval from the foreign exchange bureau where the household registration is located.
Successful applicants may not withdraw foreign currency notes in Central Europe. The foreign exchange must be remitted directly to the applicant's own account in the country or territory of residence of the immigrant or successor.
In particular, the editor reminds us that China's citizen, which legally emigrates to other countries, has, and only once, an opportunity to apply to safe for immigration property transfers.
We assume that Mr. A has acquired permanent residency in Canada, where the residence is located in Nanjing, and that the main domestic residence and assets are located in Beijing.
Then Mr. A:
1, it is necessary to apply to Jiangsu Foreign Exchange Administration for the transfer of assets abroad.
2. The assets that can be applied for are cash. If you own other securities and real estate, you must sell before you can apply for asset transfer.
3, the amount applied must be planned. For example, Mr. A can apply for a transfer of $30 million or a transfer of $10 million after a discount on all his assets, but no matter what the number is, he has only one chance to apply. If you choose to apply for $10 million, you will have to comply with the $50, 000 a year limit if you want to transfer assets to Canada in the future.
4. If there is a real estate sale, the amount of transactions registered with the Housing Administration is transferable. For example, Mr. A house sold 3 million, but only wrote 2.8 million at the time of registration. Although some taxes could be saved, the assets that could be transferred abroad were two hundred thousand less.
5. When transferring assets, it must be my personal account of the same name in the country of residence. It is impossible for Mr. A to use his permanent residence to help others transfer money.
In addition, it should be noted that the ease of examination and approval of the SAFE is inconsistent. Relatively speaking, the more developed the city, the less difficult it is to approve, such as Beijing and Shanghai. Chinese commercial banks everywhere do not usually handle high-profile business. If you need to do so, please look for a foreign bank.
The following information should be prepared at the time of application:
1, applicant's identity document (ID card, household register, permanent residence permit, etc.). If the name of a foreign document cannot be directly judged to be the same person, the relevant notarization shall be issued.
2, the Chinese Embassy abroad issued (or certified) the applicant in foreign countries has obtained permanent residence status.
3, the proof of living abroad, such as driver's license, bank bill and more than 3 kinds of supporting documents.
4. Proof of tax payment for bank deposits.
5, the original real estate card (before the sale) copy. The original of the tax ticket and tax payment certificate of the Inland Revenue Department at the time of the sale of the house. Copy of new motionless warrant after transfer.
7, stock house purchase and sell contract (net sign contract). It is important to note that the house full price refers to the contract price and tax payment price, as to the actual price, we all know. However, the settlement of foreign exchange can only be calculated on the basis of verifiable prices.
8, entrustment other person should provide principal-agent agreement (provide original, do not need notarization), agent identity proof copy.
9, designated to remit to the receiving bank. This need to communicate with the domestic remittance travel ahead of time whether to handle immigration property transfer remittance business, overseas receiving banks can receive foreign remittances, whether the account to support the receipt of the currency. Remit, the transfer account name is the applicant the same person.
It should also be noted that:
1, after the application materials are complete, about 20 working days to close.
2, do not miss phone calls at this time, because 15 natural days from the date of issuance of the approval must complete the foreign exchange purchase and transfer business, otherwise it will not be overdue.
3, and no second applications are allowed!
Finally, the editor stresses that there is a door for legal immigrants to transfer large amounts of assets overseas, but it is really difficult to say whether they can be opened at any time. Judging from the cases collected by the editor, there are both successful and unsuccessful cases. The most important thing is that most of the time safe will never tell you what information you still lack and what procedures to perform. Anyway, the application is limited in number and time. Once in a lifetime, the opportunity to apply will no longer be missed.
You have a heart, and do and cherish.