Hello
anyone has first-hand experience or reliable information about investigation bank account (getting freezed and locked) if a big transfer is received and/or possible automatically income tax deduction?
My situation: I'm a foreigner and I don't live anymore in China nor any long-term visa. I'm going to sell my property in China and the buyer will transfer the sales price to my Bank of China BOC account. I'm worried that my account will get investigated and frozen and I can't access the money (with online banking).
Also I heard rumours about new laws that banks automatically deduct income tax from accounts of foreigners if capital is above a certain amount.
Any enlightening information very appreciated!
ask bank of china. tell them what you want. i guess they may have a vehicle for doing this officially
I have an article on my wechat about this new rule that became effective January 1st of 2019 called...
Do you pay taxes?
The new tax law will impact all foreigners!
It's about changes in the new law and I think it is what you are looking for.
Do you have WEchat?
.. Actually, if you are a foreigner and you keep more than 5000rmb in a bank account or even in wechat, you should be familiar with this new rule.
Theres a youtube video, might be this year, on those two laowai youtubers in China, one of them selling his house and the numerous complications there was to get the money out. I recall they had to transfer the money from BOC to HK first, and then get it to USA, after endless paperwork and setbacks. And he is married to a Chinese with family. But maybe there are easier ways, dont know, that being said, you might want to search for that video.
Any problems with bringing personal money from abroad into the Chinese bank account of a foreigner by electronic transfer of funds?
Not that I know of but there are complicated rules concerning residence double taxation agreements etc.
mp.weixin.qq.com/s/0Vr-0XTn10f-DUbPlHbxXw
I think I figured out how to send you the article... this applies to ANY foreigner who has more than 5000 in an account... you should be especially concerned if you are making your money "illegally."
I need to accumulate 3,000 per month to pay my annual rent.
All my income is in Canada and I withdraw monthly to deposit here.
Maybe I'll just start keeping it in cash in the mattress.
BOC opened an account for you on a long-term visa?
Luxury !
