Recently, a lot of guests came to our office to ask about how to deal with the domestic assets sold out of China. At present, it is more and more difficult for many overseas Chinese to transfer their domestic funds to foreign countries because of the increased supervision of capital departure by China's government. Because of the lack of understanding of the policy, or even misunderstanding, the legitimate proceeds of funds are not allowed to leave the country. In this issue, we are concerned about the issue of capital exit, analysis.
I. relevant law provisions
The interim measures for the Administration of Foreign Exchange transfer and payment of personal property promulgated by the people's Bank of China stipulates that two categories of persons may transfer their property to the outside world: China's citizen transfer and succession transfer, which are settled abroad.
- Immigration transfer: a natural person who emigrates from the mainland of China and acquires the right of permanent residence, or a natural person from the mainland of China to the Hong Kong Special Administrative region, Macao Special Administrative region or the Special Administrative region of Hong Kong, Or a natural person who has settled in the TW region from mainland may apply for the realization of the legal property held by him in China prior to obtaining immigration status, the purchase of foreign exchange and the transfer out of the territory of China;
- Transfer of succession: foreign citizen, or residents of the Hong Kong Special Administrative region, Macao Special Administrative region, or the TW region, may apply for the realization, purchase of foreign exchange and transfer out of China of the inherited estate within the territory of China in accordance with the law.
II. Documentation for the transfer of funds
Identity documents required for immigration transfer applicants:
1. Citizen, a Chinese nationality who has acquired the right of permanent residence in a foreign country, which provides:
- A valid passport of the people's Republic of China or other valid proof of identity, such as an alien certificate issued by the country of residence;
- Chinese embassies and consulates abroad issue (or certify) the applicant to settle abroad certificate.
2. Foreign citizen status has been obtained, providing:
- (a) an applicant's national identity card or other valid identity certificate (such as a passport);
- Applicants certified by Chinese embassies and consulates abroad are certified to settle abroad.
3. Whether Chinese in Australia can transfer funds from China to sell their real estate holdings out of China
In theory, all assets could be transferred to the country of residence. Because with the exception of real estate, other types of assets can be converted into cash assets and then converted to real estate for sale. And the sale of housing money can be settled into foreign exchange, and then, transfer to foreign accounts. The person in charge of this business must be a Chinese citizen, or a foreigner, who has obtained permanent residency abroad. Real estate that will be held in China will be sold in foreign exchange and transferred to the offshore bank account of the person concerned.
Those who are in the process of dealing with the right of permanent residence abroad are not applicable; if they have obtained the right of permanent residence abroad, but they are still domestic tax residents, caution should be taken. All domestic real estate transactions in China will be registered with the Housing Administration Department and the amount of foreign exchange purchased shall not exceed the amount sold. After buying foreign exchange, one-off exit must be made to a designated account, usually an individual account with the same name overseas. At present, there is no set limit for the sale of real estate, the future will have, it is difficult to predict.
Application materials to be prepared:
- The applicant's identity document (identity card, household register, permanent residence permit, etc.);
- If the name of a foreign document cannot be directly judged as the same person, the relevant notarization shall be issued;
- A certificate issued (or certified) by the Chinese embassy abroad that the applicant has obtained permanent residence abroad;
- Evidence of life outside China, such as driver's license, bank bill, etc., more than 3 kinds of supporting documents;
- A copy of the original Chinese real estate certificate (before the sale of the house);
- The original of the tax ticket and the tax payment certificate of the Inland Revenue Department at the time of the sale of the house;
- After transfer, copy of new motionless warrant;
- Stock house purchase and sell contract (net sign contract) need to note, house full price, refers to the contract price and tax payment price, as for the actual price, everyone knows. However, the settlement of foreign exchange can only be calculated on the basis of the verifiable price;
- The principal-agent agreement (providing the original without notarization) and a copy of the agent's identity certificate shall be provided in the case of entrustment to others;
- Specifies the transfer out of the receiving bank. In this regard, it is necessary to communicate in advance with the domestic remittance trip whether it can handle the transfer and remittance business of immigration property, whether the overseas receiving bank can receive the foreign remittance, and whether the account supports receiving the foreign currency. Remit, remit into account name, all belong to applicant the same person.
The New South Wales notary office provides a wide range of common document formats and references. The notary office's International Justice lawer can also draw up notarization documents for you.
Due to the different requirements of the documents acceptance department in China, we recommend that you entrust your relatives and friends to consult in advance. Then, consult our international notarization lawer.
The document usually involves an human rights interest, either a request or a proposal, must be an expression of your true will (you can add, subtract or adjust to your own will).
I cannot return home, how to handle the power of attorney
If you are in Australia, it is not convenient to go back to China to handle the relevant formalities, you can entrust the relevant affairs to others, and through the notarization, the authenticity and legitimacy of the commission act to be proved; When dealing with related matters, the trustee shall present a notarized power of attorney to the relevant departments in China.
You can notarize the power of attorney at the notarization office of NSW, and apply for consular certification at Ministry of Foreign Affairs and Chinese consulates in Australia.
5. Is a locally issued Australian document subject to consular certification?
Consular certification is an international practice which is gradually formed in practice in order to facilitate the exchange of documents among countries all over the world. Documents issued locally by Australia should be notarized locally, certified by the Ministry of Foreign Affairs and Trade offices, and subsequently certified by Chinese embassies and consulates in Australia if they need to be used in China. However, the adoption of the instrument will also depend on whether the contents of the instrument itself meet the requirements of the relevant authorities. The content of the certification document is the responsibility of the sending agency (not consular certification).
6. Is it possible to apply only for consular certification of Chinese embassies and consulates abroad and not for certification of Australian Ministry of Foreign Affairs, or certification bodies?
No。 First of all, Chinese embassies and consulates abroad usually can only confirm the seal and signature of the Ministry of Foreign Affairs or certification authority in the host country. Second, Chinese embassies and consulates abroad generally do not have the seals and signatures of the notarization or commercial documents issuing agencies in the host country, and cannot verify the authenticity of the documents. Therefore, the relevant documents should first be certified at the Ministry of Foreign Affairs or certification bodies in the host country, and then applied for consular certification at Chinese embassies and consulates abroad.
7. In Australia, where can I go for notarization?
Generally, you can go to the local international notarization lawer. New state notarization office is the government certification specialized international notarization business organization. It has experienced international notarization lawer, issued notarization documents in the world has law effectiveness.
VIII. What services can be provided by the notary office of the new state?
The notarization services provided include, inter alia:
- Overseas status, residence certificate;
- Authorizing the use of official and personal documents and information abroad;
- To witness the validity of the signatory's signature on a private instrument;
- Witness and draft a power of attorney for overseas use;
- The authenticity of photocopies of documents used overseas shall be notarized;
- To notarize all kinds of documents and transactions of the company and commercial organization;
- Notarization of land, property and overseas heritage documents;
I have an experienced professional notarization team that includes, but is not limited to, the notarization documents provided to clients:
- Power of attorney;
- Statutory declaration;
- Company contract and business contract;
- Birth certificate;
- Marriage relation proof;
- No criminal record;
- Drafting of land transfer documents;
- Testamentary declaration;
- Power of attorney for inheritance;
- Affidavit;
- Witness signatures on law documents, such as statutory declarations, power of attorney, contract documents, affidavits, etc.
The new state notary office, (NSW STATE NOTARY), not only provides Chinese customers with the above notarization and certification required for the use of the original Australian documents in china, but also provides a notarization certificate for elderly and time-deprived friends. Australia Ministry of Foreign Affairs certification to the Chinese Consulate certification of the one-stop service, for you because the language is impassable, car inconvenience, can not ask for leave and other unnecessary trouble, thus saving you time and money. For more information on international notarization, please contact us.
Contribution: new state notary office
Address: Suite 801, Level 8276 Pitt Street, Sydney NSW 2000 (3 minutes from Town Hall train Station)
Tel: 61 2 9267 5488
Web site: www.nswsnotary.com.au