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Article 1. These Measures are hereby formulated in accordance with the "Regulation of the People's Republic of China on Foreign Exchange Control", the "Order No. 412 of the State Council of the People's Republic of China" and the relevant provisions in other laws and regulations in order to facilitate and regulate the transfer of individual properties out from China. Article 2. The transfer of individual properties out from China mentioned in these Measures shall include the transfer of properties due to immigration (hereinafter referred to transfer due to immigration) and the transfer of properties due to inheritance (hereinafter referred to transfer due to inheritance). The transfer due to immigration shall mean that a natural person (hereinafter referred to immigrant) of the Inland of China who immigrates to a foreign country or settles down in Hong Kong Special Administrative Region, Macao Special Administrative Region or Taiwan region, cash realizes his properties lawfully owned inside China before obtaining the identity of immigrant, then purchases foreign exchanges in a designated foreign exchange bank, and remits the purchased foreign exchanges to the outside of China. The transfer due to inheritance shall mean that a foreign citizen or a resident of Hong Kong Special Administrative Region, Macao Special Administrative Region or Taiwan region (hereinafter referred to inheritor) cash realizes the heritages which he lawfully inherits inside China, then purchases foreign exchanges in a designated foreign exchange bank, and remits the purchased foreign exchanges to the outside of China. Article 3. The properties which an applicant applies for transferring to the outside of China shall be his own lawful properties, and shall not be in dispute of interests with a third person or with others. Article 4. The State Administration of Foreign Exchange, its branches and sub-branches (hereinafter uniformly referred to foreign exchange bureaus) shall be responsible for the foreign exchange control concerning the transfer of individual properties to the outside of China. Article 5. An applicant who applies for the transfer due to immigration needs to file the application to the branch bureau of foreign exchange control or the office of foreign exchange control at the locality of the immigrant's former household registration (hereinafter referred to foreign exchange bureau at the locality). An applicant who applies for the transfer due to inheritance needs to file the application to the foreign exchange bureau at the locality of the decedent's household registration before his death. The State Administration of Foreign Exchange's central sub-branch at the applicant's locality may accept the application documents as an agent. Article 6. For the sake of transfer due to immigration, the applicant must apply for once for the amount of all the properties under planned transfer to the outside of China, and remit the funds outside by installments. The initial remittable amount may not exceed one half of all the properties under application for transfer. After one year of the initial remittance, the remittable amount of the second time shall not exceed one half of the remaining properties. After two years of the initial remittance, all the remaining properties may be remitted outside. (Small amount of properties to be transferred due to immigration may be remitted in a lump sum upon approval.) If the equivalent value of all the properties under application for transfer is no more than 200,000 Yuan, the funds may be remitted outside in a lump sum upon approval. Where the inheritor plans to transfer all the properties he inherits from the same decedent to the outside of China after they have been cash realized, he must file an application for once, and may remit the funds either in a lump sum or by installments. If the inheritor inherits properties from different decedents, he shall file applications separately, and remit the funds outside separately. Article 7. He who applies for transfer of properties to the outside of China may file the application either by himself or by entrusting another person. If he entrusts another person, the agency agreement concluded between the applicant and the entrusted person needs to be submitted. Article 8. Where an applicant applies for the transfer due to immigration, he shall submit the following documents to the foreign exchange bureau at his locality: (1) the written application, whose contents include: the reason for applying for transfer due to immigration, sources of the property income, and a detailed statement on cash realizing the properties, etc; (2) the "Form of Information on the Applicant for Transfer of Properties to the Outside of China due to Immigration", which is signed by the applicant himself; (3) the "Application Form for Foreign Exchanges Business under Transfer of Individual Properties to the Outside of China", which is signed by the applicant or his agent; (4) the certificates on the applicant's identity. An applicant who immigrates to a foreign country shall provide the testimonial on cancellation of his Chinese household registration, which is issued by the public security organ, and the testimonial on his settlement in the foreign country, which is issued or authenticated by the Chinese embassy or consulate stationed in that country. An applicant who settles down in Hong Kong Special Administrative Region or Macao Special Administrative Region shall submit the testimonial on cancellation of his Inland household registration, which is issued by the public security organ, his identity certificate as a resident of Hong Kong Special Administrative Region or Macao Special Administrative Region, and his home-visiting pass or his passport of the Special Administrative Region; (5) the applicant's testimonials on property rights, such as the photocopy of his house title certificate, the deed on sale of real estate, or the agreement on resettlement and compensation for demolishment and resettlement, the testimonial on deposits, and other testimonials; (6) the tax payment testimonial or receipts issued by the competent taxation organ at the locality of the properties under application for transfer or at the locality of the source of income; and (7) other documents required by the foreign exchange bureau to be provided. The applicant who entrusts another person to file the application needs to provide the agency agreement and the identity certificate of the agent in addition. The agency agreement and other relevant testimonials on property rights shall be notarized in accordance with the relevant provisions of the state on notarization. Where an applicant remits funds for the second installment or thereafter, he needs to submit the approval reply to him which is issued by the foreign exchange bureau at his locality, the "Document on Ratification of Foreign Exchange Under Capital Account" ratified and issued by the foreign exchange bureau at his locality (hereinafter referred to "ratification document") when the applicant remitted funds at the last time, and applies to the foreign exchange bureau at the original approval locality for ratification of purchase and remittance of foreign exchanges. If the applicant entrusts another person to file the application, he needs to provide the certificate of the agent's identity and the notarized agency agreement in addition. In case of entrusting another person to file the application, the agency agreement and the identity certificate of the agent need to be provided in addition. The agency agreement and other relevant testimonials on property rights shall be notarized if they have not been notarized. Article 9. Where an applicant applies for the transfer due to inheritance, he needs to submit the following documents to the foreign exchange bureau at his locality: (1) the written application, whose contents include: the reason for applying for transfer due to inheritance, relationship between the applicant and the decedent, and a detailed written statement on the source of inherited properties and cash realization of the properties, etc.; (2) the "Application Form for Foreign Exchanges under Transfer of Individual Properties to the Outside of China", which is signed by the applicant or his agent; (3) the certificates on the applicant's identity. If the applicant is a foreign citizen, he shall provide the testimonial on his settlement in the foreign country, which is issued or authenticated by the Chinese embassy or consulate stationed in that country. If the applicant is a resident of Hong Kong Special Administrative Region or Macao Special Administrative Region, he shall provide his identity certificate as a resident of Hong Kong Special Administrative Region or Macao Special Administrative Region, and his home-visiting pass or his passport; (4) the testimonial on the applicant's obtaining of the inherited properties; (5) the testimonial on the title of the inherited properties, and the tax payment testimonial or receipts issued by the competent taxation organ at the locality of the inherited properties; and (6) other documents required by the foreign exchange bureau to be provided. In case of entrusting another person to file the application, the agency agreement and the identity certificate of the agent need to be provided in addition. The agency agreement, the testimonial on the inheritor's obtaining of the inherited properties, and the testimonials on the title of the inherited properties shall be notarized if they have not been notarized. Article 10. The application for the transfer of properties to the outside of China of a total value of not more than 500,000 Yuan shall be examined and approved by the foreign exchange bureau at the locality. After approval, the foreign exchange bureau at the locality shall issue the approval reply and ratification document to the applicant. And the applicant shall bring the ratification document to the local designated foreign exchange bank to apply for purchase and payment of foreign exchanges. If the application involves a value more than the above mentioned amount, the foreign exchange bureau at the locality shall, after preliminary examination, transmit the application to the State Administration of Foreign Exchange for approval. The foreign exchange bureau at the locality shall, on the basis of the approval document of the State Administration of Foreign Exchange, issue the approval reply and ratification document to the applicant. And the applicant shall bring the ratification document to the local designated foreign exchange bank to apply for purchase and payment of foreign exchanges. Article 11. A designated foreign exchange bank shall, after handling the sale of foreign exchanges, directly remit the foreign exchanges to the applicant's account in the country or region where the immigrant or inheritor resides. And the foreign exchange cash may not be drawn inside China. Article 12. A foreign exchange bureau shall not accept the applications for transfer of properties to the outside of China, which are lawfully restricted by departments such as judicial department, disciplinary inspection and supervision department, etc. Where an applicant's properties are involved in a case in a domestic criminal or civil litigation, a foreign exchange bureau shall not accept the application for transfer of such properties to the outside of China before the case is finalized. Where a close relative of a person involved in a domestic criminal or civil case applies for transfer of properties to the outside of China, he shall provide a testimonial proving that the properties are irrelevant to the case, which is issued by the organ having jurisdiction over the case. A foreign exchange bureau shall not accept an application for transfer of properties to the outside of China if such properties are either prohibited by law from being transferred to the outside of China or their lawful sources can not be proved. Article 13. Where an applicant commits an illegal arbitrage or purchases foreign exchanges by fraud by means of providing false documents or filing repeated applications for the same properties, etc., so as to transfer properties outside China, the foreign exchange bureau shall impose penalties in accordance with Article 40 of the "Regulation of the People's Republic of China on Foreign Exchange Control". Where a designated foreign exchange bank fails to handle the sale or payment of foreign exchanges for transfer of individual properties to the outside of China in accordance with these Measures, the foreign exchange bureau shall impose penalties in accordance with the relevant provisions in the "Regulation of the People's Republic of China on Foreign Exchange Control". Article 14. These Measures shall be recommended for application if a natural person coming from the Inland of China who intends to settle down in Taiwan region transfers his properties to the outside of China, or if a resident of Taiwan region transfers the properties he inherits in the Inland to the outside of China. The certificates on the applicant's identity shall mean the testimonial on cancellation of household registration in the Mainland, the pass for the Mainland resident to travel between the Mainland and Taiwan, the pass for the Taiwan resident to travel between the Mainland and Taiwan, the effective identity testimonial for residing in Taiwan region, and other certificates for entry and exit, which are issued by the public security organ. Article 15. The People's Bank of China shall be responsible for the interpretation of these Measures. Article 16. These Measures shall come into force on December 1, 2004. |
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