Immigrant Property Transfer
It refers to the activity of natural persons migrated from mainland China to foreign countries and acquired overseas identity, or natural persons moved from mainland China to Hong Kong Special Administrative Region and Macao Special Administrative Region and acquired permanent residency, or natural persons settled down from mainland China to Taiwan to cash domestic legal properties owned before acquiring immigrant identity and purchase foreign exchange and remit overseas through designated foreign exchange banks.
In migration transfer, the amount of all properties to be transferred overseas shall be applied at lump sum and remitted in steps. The first sum of remittance amount shall not exceed half of property to be transferred; the amount less than one half of remaining property may be remitted one full year after the first sum of remittance; full amount of remaining property may be remitted two full years after the first sum of remittance. If the full amount of properties to be transferred is below RMB 200,000 Yuan (including RMB 200,000 Yuan) equivalently, the amount may be remitted at lump sum upon approval. The application for property transfer may be handled either in person or by others under entrustment. After the designated foreign exchange bank handled foreign exchange sales, the bank shall directly remit foreign exchange to account of the Applicant opened in country or region where the migrant or successors reside in. It is not allowed to withdraw cash of foreign currency within the borders.