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With the increase of activities of China with foreign countries, the scale of the foreign exchange business of non-resident individuals has also been increasing. In order to regulate the acts of non-resident individuals of foreign exchange collection and payment, foreign exchange settlement, and foreign exchange purchase, the relevant issues concerning the foreign exchange administration of non-resident individuals are notified as follows in accordance with the Regulation of the People's Republic of China on Foreign Exchange Administration and other relevant provisions on foreign exchange administration: I. The term "non-resident individuals" refers to foreign natural persons (including stateless persons), Hong Kong, Macao, and Taiwan compatriots, and the Chinese natural persons who hold Chinese passports but who have already obtained the right of permanent residence overseas. II. Non-resident individuals shall follow the present Notice and other relevant provisions when handling foreign exchange collection and payment, foreign exchange transfer, foreign exchange settlement, foreign exchange purchase, and the opening of foreign exchange account in China. Banks shall follow the present Notice and other relevant provisions when handling the business of non-resident individuals of foreign exchange collection and payment, foreign exchange transfer, foreign exchange settlement, foreign exchange purchase, and the opening of foreign exchange account. III. Regulation on the inflow of foreign exchange of non-resident individuals (1) With respect to the foreign exchange remitted or foreign exchange cash carried by non-resident individuals into China from overseas, the non-resident individuals may hold the sums by themselves or deposit them with the bank, draw foreign exchange cash or make foreign exchange settlement. (2) Where non-resident individuals open foreign exchange accounts with the banks within China, they shall abide by the principle of using true name when opening bank account. Where a non-resident individual opens a foreign exchange remittance account by taking the instrument of foreign exchange capital or the bank notice remitted from overseas, he/she shall open the account with the original of his/her true identity certificate (including foreign passport, and the original certificate of overseas permanent residence, etc., hereinafter referred to the true identity certificate). Where a non-resident individual opens the foreign exchange cash account by taking with him/her foreign exchange cash, and the amount deposited per day per person is less than US$5,000 or the equivalent (including US$ 5,000 or the equivalent, hereinafter the same), he/she shall open the account on the strength of his/her true identity certificate; where the amount deposited per day per person is more than US$ 5,000 or the equivalent, the individual shall open the account on the strength of his/her true identity certificate, the original declaration form for carrying foreign exchange cash into China of that individual (hereinafter referred to the declaration form), or the original bank form for withdrawal of foreign exchange cash of the original bank. The bank shall indicate the amount and the time of deposit and the name of the deposit bank on the originals of the declaration form and the bank form for withdrawal of foreign exchange cash, and shall return those originals to the non-resident individual. A non-resident individual shall open the foreign exchange remittance account with respect to the foreign exchange capital remitted from overseas, and shall open the foreign exchange cash account with respect to the foreign exchange cash carried into China from overseas. (3) Where a non-resident individual collects foreign exchange remitted from overseas or draws foreign exchange cash from his/her foreign exchange account in China, he/she shall handle the transaction with the bank on the strength of his/her true identity certificate. Where the amount deposited per day per person is more than US$ 10,000 or the equivalent, the individual shall, apart from providing his/her true identity certificate, faithfully fill in the Form of Foreign Exchange Income and Expenditure of Non-resident Individuals (see the attachment, hereinafter the same). The bank shall carefully check the contents filled in by the non-resident individual against the materials supplied by that individual. (4) When handling foreign exchange settlement, a non-resident individual shall faithfully explain to the bank the usage of the foreign exchange to be settled, and fill in the Form of Foreign Exchange Income and Expenditure of Non-resident Individuals. The bank shall carefully check the contents filled in by the non-resident individual against the materials supplied by that individual. Where a non-resident individual settles foreign exchange in his/her foreign exchange account, and the amount settled per day per person is less than US$ 10,000 or the equivalent, he/she shall handle the transaction directly at the bank; where the accumulated settled amount per person per month exceeds US$ 50,000 or the equivalent, the individual shall file an application with the local foreign exchange administration, and handle the transaction at the bank after the foreign exchange administration examines and confirms that the usage is in compliance with the provisions (such usages shall include trade settlement, purchase of real properties, as well as expensive and enduring consumables such as automobiles by the individual, etc.). With respect to direct settlement of foreign exchange remitted from overseas, the individual shall, apart from handling pursuant to the abovementioned provisions, provide his/her true identity certificate to the bank or the foreign exchange administration. Where a non-resident individual settles the foreign exchange cash he/she holds, and the amount settled per person each time is less than US$ 5,000 or the equivalent, he/she shall handle the transaction on the strength of his/her true identity certificate; where the amount settled per person each time is more than US$ 5,000 or the equivalent, he/she shall handle the transaction on the strength of his/her true identity certificate, the original declaration form, or the original bank form for withdrawal of foreign exchange cash of the original bank. The bank shall indicate on the original declaration form and the original bank form for withdrawal of foreign exchange cash the amount settled, the time of settlement, and the bank of settlement, and shall return those originals to the non-resident individual. IV. Where a non-resident individual makes transfer of foreign exchange capital in China, he/she shall faithfully explain to the bank the usage of the capital transferred, and fill in the Form of Foreign Exchange Income and Expenditure of Non-resident Individuals. The bank shall, on the basis of careful check of the contents filled in by the non-resident individual against the materials supplied by the non-resident individual, handle the capital transfer only between the foreign exchange accounts of the same nature of that individual. V. Regulation of the administration on the outflow of foreign exchange of non-resident individuals (1) Where a non-resident individual needs to remit to overseas the deposit in his/her foreign exchange remittance account and foreign exchange cash account, he/she shall handle the transaction directly at the bank, and fill in the Form of Foreign Exchange Income and Expenditure of Non-resident Individuals. The bank shall carefully check the contents filled in by the non-resident individual against the materials supplied by that individual. (2) Where a non-resident individual needs to remit to overseas the foreign exchange cash he/she holds, and the amount remitted is less than US$ 5,000 or the equivalent, he/she shall handle the transaction at the bank on the strength of his/her true identity certificate; where the amount remitted is more than US$ 5,000 or the equivalent, he/she shall handle the transaction on the strength of his/her true identity certificate and the declaration form. The bank shall indicate on the original declaration form of the non-resident individual the amount remitted out, the date of remittance, and the name of the remitting bank, and shall return the original to the non-resident individual. (3) Where a non-resident individual purchases foreign exchange for remitting out his/her legitimate income in RMB, or converts into foreign exchange the RMB remained upon his/her exit of China, he/she may follow the existing provisions on the transaction. VI. A non-resident individual may entrust others to handle the abovementioned transactions for him/her within China. Where any other person is entrusted, the written certificate of entrustment, the original identity certificate of the person entrusted and the photocopy thereof, and the various certifications prescribed in the above provisions shall be provided. VII. When handling foreign exchange business of non-resident individuals, the bank shall distinguish such business from that of resident individuals, and shall make notations for distinction. VIII. After finishing the foreign exchange business of non-resident individuals, the foreign exchange administration or bank shall keep for five years for reference the photocopies of the identity certificates of the non-resident individual and the person entrusted thereby, the photocopy of the bank form for foreign currency withdrawal, and the Form of Foreign Exchange Income and Expenditure of Non-resident Individuals, as well as the photocopies of other certifications. IX. Where non-resident individuals carry foreign exchange cash out of China, the relevant provisions in the Interim Measures for the Administration of Carrying of Foreign Exchange Cash into and out of China shall be strictly abided by. X. The foreign exchange income and expenditure occurring under the capital account for trading of B shares etc of non-resident individuals shall be governed by the existing relevant provisions of the SAFE. XI. Where collections and payments involving foreign elements are transacted through banks within China, international balance report shall be made in accordance with the relevant provisions of the Measures for International Balance Statistics Report, and the Notice of the State Administration of Foreign Exchange on the Relevant Issues concerning the Strengthening of Statistics Monitoring of B Shares and other Cross-border Capital Flows (No.72 [2001] of SAFE). XII. When handling the foreign exchange business of non-resident individuals, the banks shall report the relevant transaction information in accordance with the relevant provisions in the Measures for the Administration of Report of Large-amount and Doubtful Transactions of Foreign Exchange Capital by Financial Institutions. XIII. The banks shall handle the foreign exchange business of non-resident individuals in accordance with the present Notice, and subject themselves to the supervision and inspection of foreign exchange administrations. XIV. The local foreign exchange administrations shall, in accordance with the provisions hereof and in conjunction with the relevant financial regulatory departments, strengthen the supervision and inspection of the foreign exchange business of non-resident individuals. The foreign exchange administrations may punish any party that violates the provisions hereof in accordance with the Regulation of the People's Republic of China on Foreign Exchange Administration and other relevant provisions. XV. The present Notice shall come into force as of March 1, 2004. Where any previous relevant provisions conflict with the provisions hereof, the latter shall prevail. The branches of SAFE shall, after receiving this Notice, transmit it to the sub-branches, foreign-funded banks, and urban commercial banks under their respective jurisdictions as soon as possible. The Chinese-funded designated foreign exchange banks shall transmit it to their branches as soon as possible. If any problem is encountered in the implementation, please pass it on to SAFE in good time. Attachment: 1. Form of Foreign Exchange Income and Expenditure of Non-resident Individuals (omitted) |
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