# Financial assets - getting it out of china!



## kreisler1730 (Aug 20, 2012)

Hi all,

Help!!!

I am a UK man that has lived in China since late 2003, when I met my Chinese girlfriend, in 2004 we married.
In the same year I transfered a large sum of money(from my divorce) to China to buy us a new 3 bed apartment.

Well since then things have been up and down with my health so much so that I retired early from a teaching position in a university in Guangdong.

More recently things have not improved and now at almost 63 we have decided that it would be best for me to return to the UK and buy a house there.

I have in the last month discovered that it is extremely difficult for foreigners to transfer financial assets out of the country. It is all controlled by 'The State Administration of Foreign Exchange', who will only allow you to transfer the equivalent of $500 per day.
Well when you have just sold an apartment for 880,000 rmb ($133,000) this is obviously going to take a long time and cost a fortune in transfer fees!

So does anyone know of ways of transfering larger amounts legally?

All and any answers welcome.

Regards


----------



## Zhongshan Billy (May 18, 2014)

As I understand it one can transfer $50,000 US dollars a year either in or out of the country. 

When I transfer money here for the UK as soon as it reaches the equivalent of $50,000 in any one year I then need to make transfers to my wifes account.

I have always understood that the two of you can transfer $50,000 each.

Do you have a full residency or is it just temporary residents permit that you are here on?

Was the sale in your name or your wifes name? 

It may also depend on whose name the money is now in.

It is not something I have looked into in depth as, even being more than 10 years older than yourself, I have no intention of leaving China and have no intention of selling any of the properties we have purchased.

Zongshan Billy

My health has also deteriated over the years here, mainly due to age, but I am happy with the hospital treatment I receive here.


----------



## kreisler1730 (Aug 20, 2012)

Zhongshan Billy said:


> As I understand it one can transfer $50,000 US dollars a year either in or out of the country.
> 
> When I transfer money here for the UK as soon as it reaches the equivalent of $50,000 in any one year I then need to make transfers to my wifes account.
> 
> ...


Hi Billy,

I do not know any foreigners with full residency. If there are any they must be very rich and have made some large contribution to PRC!
No like most I only have temporary residency that needs to be renewed every two years.
However this makes no difference at all to transfering money!
Only Chinese nationals can transfer $50,000(once per year) or its equivalent in one go. So my wife can do this, but I most definitely cannot.
The property was sold in both our names as I have had to sign many documents to push the sale through, but I am not sure what difference this will make.

Personally I can't wait to get out of China!

I do not consider the country to be user friendly to foreigners and it gets worse the older you get, and there hospitals are truly appalling. 
My illnesses are serious and although I have received treatment in local hospitals including surgery, I would not want to repeat these experiences.

Every way you turn there is a problem waiting just round the corner, including my financial assets problem which I should be able to transfer back to my UK bank no questions asked, but I cannot!

Anyway thanks for your reply Billy

Regards


----------



## Zhongshan Billy (May 18, 2014)

Your financial problem is one that people who move to China probably do not consider. For me it was not a problem as once here I did not want to live anywhere else.

I am in receipt of a work related pesion and a private one and although slightly disabled I enjoy a high standard of life here.

I can also understand your concerns if you are needing surgery. Fortunately my stays in hospital did not involve surgery.

As for residence permits I was offered a longer stay but I do not know how long it could have been as my passport expires in 18 months so at my last visit to the PSB I received a renewal for 3 years and 7 months. Which is the period until my passport needs renewal.

I will find out in 18 months as to what period and the type I can receive. 

I suppose the way you are treated depends on the City your in. I am in a smaller but growing city and have many friends here plus I am just a bus ride from Hong Kong and can travel too and fro as many times as I like.

Zhongshan Billy


----------



## kreisler1730 (Aug 20, 2012)

Hi Billy,

Yes it does depend on the city you live in. For those foreigners that live in Shenzhen, Foshan, Zhuhai, and Zhongshan I think the situation is much better. These places are much more developed than the city I live in, and I would imagine that the expat community is much stronger and useful than here.
I have lived and worked in China for most 15 years and now feel tired and mostly unwell, so I must return to the safety of good health care. Yes I know that the NHS has long waiting lists but at least the hospitals are clean and the nurses and doctors are well trained and professional in their procedures.

Sadly next May, 2018 I have to leave my wife behind as she is now burdened by her sick parents who she needs to take care of, but I pray that at some future point I may(so long as the crazy UK government allow it ) be able to get her a spouse visa to join me. Then we can live out our old life together in the UK.

Yes I agree that you can enjoy a higher life standard, but it comes at a price that I am no longer willing or able to pay!

There are just too many things I miss about England and now that I am mostly sick I need to prepare for the inevitable that all of us one day will face!!

I am pleased you are happy with your life. 

Good luck to you.

Regards


----------

