Perspective | A Must-Read for Immigrants! A Complete Guide to Personal Asset Transfer (Part 1): Legally and Complying Transferring Assets for Immigration
Published:
2025-08-08
With the acceleration of globalization, more and more high-net-worth individuals are choosing to immigrate or settle overseas. However, how to legally and compliantly transfer domestic property abroad has become a difficult problem for many. Improper operations may face foreign exchange control, tax audits, or even legal risks. As a lawyer, I will explain the key points of "immigration transfer in the transfer of personal property abroad" today to help you complete cross-border asset allocation safely and efficiently!
With the acceleration of globalization, more and more high-net-worth individuals are choosing to immigrate or settle overseas. However, how to legally and compliantly transfer domestic assets abroad has become a challenge for many. Improper operations may face foreign exchange controls, tax audits, or even legal risks. As a lawyer, I will explain the key points of "immigration transfer" in the transfer of personal property abroad today, helping you complete cross-border asset allocation safely and efficiently!
I. What is "Immigration Property Transfer"?
According to China's "Interim Measures for the Administration of Foreign Exchange Sales and Payments for the Transfer of Personal Property Abroad" (Announcement [2004] No. 16 of the People's Bank of China), immigration transfer refers to: a natural person who moves from mainland China to a foreign country, or to settle in the Hong Kong Special Administrative Region, the Macao Special Administrative Region, and Taiwan, realizing their legal property owned in mainland China before obtaining immigration status, purchasing foreign exchange through designated banks and remitting it abroad.
Key Points:
1. Applicable People: Chinese citizens who have obtained foreign permanent residency, natural persons who have obtained foreign citizenship and Hong Kong, Macao, and Taiwan resident identities.
2. Scope of Property: Must be legal income within the country before personal immigration (such as deposits, proceeds from property sales, stock income, etc.), and proof of tax payment must be provided.
II. Principles and Conditions of Immigration Transfer
1. Basic Principle: One-time application, phased remittance
The amount that can be remitted for the first time shall not exceed half of the total amount of property applied for transfer; after one year from the first remittance, no more than half of the remaining property can be remitted; after two years from the first remittance, all remaining property can be remitted.
For example, transferring 10 million RMB:
(1) The amount of the first remittance cannot exceed half of the total amount of property applied for transfer, so the first transfer is 5 million RMB.
(2) After one year from the first remittance, no more than half of the remaining property can be remitted, so the second transfer is 2.5 million RMB.
(3) After two years from the first remittance, all remaining assets of 2.5 million RMB can be remitted.
2. Core Conditions:
(1) Immigration procedures have been completed (such as holding a foreign permanent residence permit or passport), and Chinese nationality or mainland household registration has been cancelled;
(2) The source of the property is legal and taxes have been paid (e.g., for property sales, a sales contract and transaction property tax certificate must be provided).
III. Detailed Operation Process (Example: Property Sale)
Step 1: Prepare Materials
——Identity Proof: Overseas permanent residence proof (such as a green card), proof of cancellation of nationality or mainland household registration
——Property and Tax Payment Proof: Property certificate, sales contract, bank statements, and tax payment certificates, etc. (property proof materials need to be notarized)
——Application Form: "Applicant Information Form for Transfer of Immigration Property Abroad", "Application Form for Personal Property Transfer Business" (download from the SAFE website)
Step 2: SAFE Approval
——Submit the application to the State Administration of Foreign Exchange (SAFE) of the original registered permanent residence
——If large sums of money are involved (more than 500,000 RMB), the local SAFE will submit it to the State Administration of Foreign Exchange for review. After the State Administration of Foreign Exchange approves it, it will issue an approval document to the local SAFE.
——The local SAFE will issue an approval document to the applicant.
Step 3: Bank Purchase and Remittance of Foreign Exchange
——With the SAFE approval document, go to the designated bank to handle the purchase of foreign exchange and cross-border remittance.
IV. Lawyer's Reminder: Three Risk Avoidance Strategies
1. Tax Compliance:
——Before the transfer, ensure that all income has been taxed, otherwise, tax arrears + late payment fees may be collected.
- Some countries tax global income; tax residency status needs to be planned in advance.
2. Foreign Exchange Control Red Line:
——Strictly prohibit fictitious transactions, splitting foreign exchange purchases, or underground bank operations; otherwise, it may involve money laundering and may violate criminal law.
3. Number of Times Restriction:
——Immigration transfer applications are only allowed once, cherish each transfer.
V. Frequently Asked Questions
Q: The amount of property transferred is not large; does it also need to be transferred in stages?
A: If the total amount of property applied for transfer is less than or equal to 200,000 RMB (inclusive), it can be transferred at one time after approval.
Q: Before obtaining immigration status, the household registration was in Jinan. I plan to sell the property in Beijing and remit it in foreign exchange. Which SAFE should I apply to?
A: The SAFE of the original registered permanent residence of the immigrant is responsible for handling it.
Q: If the applicant cannot return to China, can they entrust someone else to handle the immigration transfer application?
A: Yes, but a notarized power of attorney and the agent's identity proof must be provided.
VI. Conclusion
Immigration property transfer involves the intersection of multiple fields such as law, foreign exchange, and taxation. A slight oversight may lead to risks. It is recommended to consult a professional lawyer in advance to tailor a plan.
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