Common Questions on Personal Asset Transfer Abroad, Consular Document Authentication & Notarization 518-956-5673 Video Authentication Available

1. Q: What does personal property transfer abroad specifically include?

A: According to the "Interim Measures for the Administration of Sale and Payment of Foreign Exchange for Personal Property Transfers Abroad" (hereinafter referred to as the "Interim Measures"), personal property transfers abroad include two categories: emigration property transfer and inheritance property transfer. Other forms of personal property transfer do not fall under the scope of these measures.

2. Q: What is emigration property transfer?

A: It refers to the act of a natural person who emigrates from mainland China to a foreign country or settles in the Hong Kong Special Administrative Region, Macao Special Administrative Region, or Taiwan region, liquidating their legally owned property in China before obtaining emigration status, and purchasing foreign exchange and remitting it abroad through designated foreign exchange banks.

3. Q: What is inheritance property transfer?

A: It refers to the act of a foreign citizen or a resident of the Hong Kong Special Administrative Region, Macao Special Administrative Region, or Taiwan region liquidating inherited assets legally obtained within China and purchasing foreign exchange to remit abroad through designated foreign exchange banks.

4. Q: What types of property are eligible for application for transfer abroad?

A: The property applied for transfer abroad by the applicant must be their own legally owned property and must not involve any disputes over rights or interests with others.

(1) Property subject to restrictions on transfer abroad by judicial, disciplinary inspection, or supervisory authorities in accordance with the law will not be accepted for foreign exchange transfer applications by the foreign exchange bureau.

(2) Applications for property transfer abroad involving ongoing domestic criminal or civil litigation cases will not be accepted by the foreign exchange bureau before the cases are concluded.

(3) Close relatives of individuals involved in domestic criminal or civil cases applying for property transfer abroad must provide proof from the case-handling authority that the property is unrelated to the case.

(4) Applications for property transfer abroad that involve property prohibited by law from being transferred or property with unverifiable legal sources will not be accepted by the foreign exchange bureau.

5. Q: Can I apply for emigration property transfer immediately after obtaining a foreign immigration visa?

A: No. Applicants for this service must have obtained foreign permanent residency or acquired foreign citizenship or residency status in the Hong Kong Special Administrative Region, Macao Special Administrative Region, or Taiwan region.

6. Q: Does purchasing foreign exchange and remitting funds abroad for personal property transfer require approval?

A: Yes, approval must be obtained from the foreign exchange bureau.

7. Q: If my household registration was in Hefei before obtaining emigration status and I plan to sell my property in Shanghai to purchase foreign exchange and remit it abroad, which foreign exchange bureau should I apply to?

A: The approval for purchasing foreign exchange and remitting funds for emigration property is handled by the foreign exchange bureau at the location of the emigrant's original household registration, i.e., the Anhui Provincial Branch of the Foreign Exchange Bureau.

8. Q: Which foreign exchange bureau should an applicant apply to for inheriting domestic assets? If there is more than one decedent, do separate applications need to be submitted?

A: The approval for purchasing foreign exchange and remitting funds for inheritance property transfer is handled by the foreign exchange bureau at the location of the decedent's household registration before their death. If an heir inherits property from multiple decedents, they may choose to submit the application materials collectively to the foreign exchange bureau at the household registration location of one of the decedents before their death.

9. Q: If the applicant cannot return to China, can they authorize someone else to apply on their behalf?

A: Applications for the outward transfer of assets can be submitted either by the applicant in person or by an authorized agent. The applicant must provide the materials specified in the "Interim Measures" and ensure their authenticity and completeness. If an agent is appointed, a power of attorney and the agent's identity documents must also be provided.

10. Q: What identity documents are required for applying for the transfer of inherited assets?

A: (1) If the applicant has acquired foreign citizenship, the following should be provided:

• ① The applicant's foreign passport or other proof of nationality;
• ② The applicant's resident ID card or other valid identity document from the country of residence;
• ③ Proof of the applicant's settlement in that country, authenticated by the Chinese embassy or consulate.

(2) If the applicant is a resident of the Hong Kong Special Administrative Region or the Macao Special Administrative Region, the following should be provided:

• ① Hong Kong SAR or Macao SAR (permanent) resident ID card or other valid identity document;
• ② Home Visit Permit or Special Administrative Region passport.

(3) If the applicant is a resident of the Taiwan region, the following should be provided:

• ① Taiwan region resident ID card or other valid identity document for residence in Taiwan;
• ② Mainland Travel Permit for Taiwan Residents or other entry-exit document.

11. Q: What is the process for handling inherited asset transfers, and what materials need to be submitted?

A: (1) The applicant or agent should submit the following materials to the foreign exchange bureau in the place where the deceased was registered as a resident:

• ① A personal asset transfer application form signed by the applicant or agent;
• ② The applicant's identity documents;
• ③ Notarized proof of the applicant's inheritance of the assets;
• ④ Proof of the deceased's property rights, including but not limited to property ownership certificates, real estate purchase agreements or demolition compensation agreements, property transfer contracts or agreements, and licensing agreements or contracts;
• ⑤ Tax clearance certificates issued by the tax authority in the location of the deceased's property;
• ⑥ If an agent is appointed, a power of attorney and the agent's identity documents;
• ⑦ Other materials required by the foreign exchange bureau.
• For items (2) to (7), originals should be presented for verification, and copies should be retained.

(2) After approval by the foreign exchange bureau, the applicant or agent can proceed to a bank to handle the purchase and outward remittance of foreign exchange.

12. Q: Can the applicant withdraw foreign currency in cash?

A: No. After selling foreign exchange, the designated bank must directly remit the funds to the applicant's account in the country or region of residence of the immigrant or heir. Cash withdrawals in foreign currency within China are not permitted.

13. Q: Can asset transfers be applied for in multiple installments?

A: No.

(1) For emigration-related asset transfers, the full amount of assets intended for transfer must be applied for in a single application.

(2) For assets inherited from the same deceased individual and intended for transfer after liquidation, a single application is required.

14. Q: Can the applicant remit the funds in multiple installments?

A: Yes. After approval by the foreign exchange bureau, the bank can remit the relevant funds in one or multiple installments within the approved limit.

15. Q: Is a tax certificate from the tax authority required for outward personal asset transfers?

A: Yes.

16. Q: Which tax authority issues the tax certificate?

A: When issuing tax certificates for applicants, tax authorities should issue them separately based on the category and source of the income or assets, either from the State Taxation Administration or the Local Taxation Administration at the source of the income or location of the assets. If the applicant has already obtained tax clearance certificates for the assets intended for transfer, these can be provided directly to the foreign exchange authority without applying for an additional tax certificate. For assets with a total value below RMB 150,000, no tax certificate is required from the tax authority.

Main Regulatory References:

1. "Interim Measures for the Administration of Outward Transfer and Sale of Personal Assets" (People's Bank of China Announcement No. 16, 2004)
2. "Notice of the State Administration of Foreign Exchange on Issuing the 'Interim Measures for the Administration of Outward Transfer and Sale of Personal Assets Operational Guidelines (Trial)'" (Hui Fa [2004] No. 118)
3. "Notice of the State Administration of Taxation and the State Administration of Foreign Exchange on Issues Related to Submitting Tax Certificates or Tax Clearance Certificates for Outward Transfer of Personal Assets" (Guo Shui Fa [2005] No. 13)
4. "Notice of the State Administration of Foreign Exchange, Ministry of Foreign Affairs, Ministry of Public Security, Ministry of Supervision, and Ministry of Justice on Implementing the 'Interim Measures for the Administration of Outward Transfer and Sale of Personal Assets'" (Hui Fa [2009] No. 9)
5. "Notice of the State Administration of Foreign Exchange on Adjusting the Approval Authority for Certain Foreign Exchange Capital Account Transactions" (Hui Fa [2009] No. 21)
6. "Notice of the State Administration of Foreign Exchange on Further Improving and Adjusting Foreign Exchange Management Policies for Capital Accounts" (Hui Fa [2014] No. 2)
7. Other relevant regulations

Download the Personal Asset Transfer Application Form:

https://www.safe.gov.cn/xiamen/file/file/20200819/260f085e0f3c43de9e117a91ef996b35.pdf

Reposted from: https://www.safe.gov.cn/anhui/file/file/20170728/c662967c1ff746b9805002873a2150f0.pdf