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Posts: 36

Governor

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Q: My husband (Chinese citizen) and I (American) want to buy a house in the US.

We want to buy the house, as in the the Chinese tradition, in full. However, we have run into problems on how to take that  money to the US with us. Bank transfers and wire transfers all pose a limit on how much we can take back a year. 

 

 

Any suggestions that can be offered will be appreciated!

11 years 6 days ago in  Money & Banking - China

 
Answers (7)
Comments (3)
Posts: 3025

Emperor

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There are a few bank regulations, some will apply to you and not your husband.. Besides that, there are a few for those traveling abroad in China and at USA that you must consider too. But, at least in China, he who has a will will find a way..........

 

Let's start with the USA, which is a bit shorter.  You can not enter or exit USA legally with more than $ 10,000 in cash or negotiable commodities on you.  And "guangxi" does not work there.  One way around it when I had too was to travel with my former wife and /or son, and each carried the limited amount, and each filled a customs declaration.

 

In China, you as a foreigner can only exchange local currency (Rmb) into dollars to the tune of the equivalent of $ 500 US dollars per day.  This does not applies to Chinese nationals.  Bank of China tells me a local can exchange as much as needed at one time.

Foreigners are limited to bring up to $ 50,000 US dollars per year into China.  But a permit to exceed that limit for a reasonable purpose (like buying an apartment) are very easy to get on a one time basis, provided you may have to follow some instructions, like the money does not come in directly to you, but to the contractor doing the building bank account.  That happened to me, but another friend from England brought the money in to his account at the same Bank of China branch.

Another Chinese regulation limits the money you can take with you when traveling abroad to 6,000 yuan.  But no one ever have asked me how much money I do carry with me when I exit China.

 

I do not have any idea of how much the home you seek to buy will cost.  But either 100K or 1 million, you will need to improvise.  Do you have an account at a bank in USA?  Start sending whatever monies the bank allows you to wire transfer there.  If you do know someone trustworthy to you, start sending that person Western Union money grams with instructions to deposit into your account there. 

 

Good luck to you and your husband.  If you have money, the time to buy a nice home very cheaply is now in USA.

 

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11 years 6 days ago
 
Posts: 5732

Emperor

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you can get a certified cashiers check at icbc for moving large amounts. also the chinese citizens should get a tax id number as foreign investor from the irs website unless citizen is immigrating , then use social security number..

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11 years 6 days ago
 
Posts: 1153

Shifu

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also if you buy a a house for 500,000 or more he can get a green card right away

Hulk:

No. You must invest 500k in poorer areas, or 1-3 million in richer areas, and it must be proven to have created at least 13 jobs.

10 years 47 weeks ago
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11 years 6 days ago
 
Posts: 5732

Emperor

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their are american banks in south korea around the military bases that you can make deposits on a trip for a holiday, bank of america , usaa federal savings bank.

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10 years 47 weeks ago
 
Posts: 62

Governor

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I am sorry but don't understand so much the problem. See all previous answers, I mean you wanna buy a house in US. What you expect you get a rent income out of it for more than 50,000 USD, also will be taxed in US. Otherwise you open offshore a portfolio bond, with open architecture, and deposit amount and than you buy through the portfolio bond the property in US. Also good set up, by inheritance. Success. 

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10 years 40 weeks ago
 
Posts: 2409

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You can transfer the money out of China if you have an accepted offer from the seller.  Just show that to the bank and you can transfer the full amount out of China.  (This is how a lot of Chinese buy homes in the US.)

juestewang:

Thanks! That's been the most helpful answer so far. 

10 years 40 weeks ago
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Xpat.John:

Not a problem, happy to help.  I am in the process of doing the same thing in order to get some money out of China.

10 years 40 weeks ago
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10 years 40 weeks ago
 
Posts: 1008

Shifu

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Why transfer, go to Beijing or Shanghai and deposit your money directly into Wells Fargo or Bank of America

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10 years 38 weeks ago
 
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