Q&A on Capital Account Foreign Exchange Business for Individuals

Q: If a person has gained permanent residence in a foreign country, is it possible to apply for immigration property transfer or is this possible only for those who become a citizen of another country?

A: Immigration property transfers can be made under certain conditions but there are requirements under the Interim Measures for the Administration of the Purchase and Sale of Foreign Exchange and the Foreign Transfer of Personal Property (People's Bank of China, No.16, 2004) and the Interim Measures Guidelines for Administration of Sale and Purchase of Foreign Exchange and Foreign Transfer of Personal Property printed and distributed by State Administration of Foreign Exchange (State Administration of Foreign Exchange, No.118). This applies to any natural person who has immigrated to a foreign country and has obtained permanent residence there or has become a citizen of that country. A person from mainland China who has settled in the Chinese territories of Hong Kong, Macau or Taiwan and obtained permanent residence in any of these places is also eligible.

Q: What are the proper procedures for a person from mainland China who has obtained permanent residence in Australia, for example, and wants to sell property in China which he or she had bought before obtaining permanent residence in Australia and remit the proceeds to Australia? Can he or she entrust others to undertake the filing on his or her behalf?

A: According to regulations stated in the Interim Measures for Administration of the Purchase and Sale of Foreign Exchange and the Foreign Transfer of Personal Property (People's Bank of China, No.16, 2004) and SAFE Document No.118, if a person wants to sell property in mainland China and that property was owned legally before he or she emigrated, that person can file an application for an immigration property transfer. He or she should submit the following information to foreign exchange authorities in the locality where he or she resided prior to emigration: The application should include the applicant's identity document, the applicant's proof of income and property rights certificate, the original tax certificate issued by the local tax department and any other information requested by foreign exchange authorities. The person can entrust another representative to file on his or her behalf but the agent needs to submit a proxy agreement and his or her own identity document.

Q: If an individual who is not from mainland China wishes to convert renminbi income from a property sale into foreign currency and remit the funds abroad, must that person go to the foreign exchange bureau to make an application? Is there a time limit on filing the application and what materials should be submitted in order to make a remittance?

A: Foreign nationals, residents of Hong Kong, Macao and Taiwan, overseas Chinese and other natural persons do not need to apply at the foreign exchange bureau when they wish to remit proceeds abroad. They can make the application at