Offshore account to transfer money out of China and invest it

[Dal Johansson]

Hi!

I tried browsing the threads but couldn't really find a topic corresponding to my situation.

I´m looking for a location to transfer some money out of China and then invest it possibly in ETFs. Trying to lower the tax on the return. Do you think it's worth it?

Being an EU national I was thinking that a SEPA location would be both safer and easier to transfer the money later. Or are there easy locations to transfer to from China?

 

[Gediminas]

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[fshore]

So you have cny or foreign currency?
You cannot exchange cny unless you have all paperwork.
Transfer foreign currency out is not a problem.

 

[Dal Johansson]

@fshore yes I have the paperwork, I will change it before transferring out of China.

There must be a lot of people in my case in China, which location did you use to open an account? Are there any threads I missed?

 

[Silvio]

Not sure if helpful but fun read... good luck.

https://www.chinalawblog.com/2018/12/getting-money-out-of-china-not-this-way.htmlhttps://www.chinalawblog.com/2016/12/getting-money-out-of-china-its-complicated.html

 

[fshore]

Dal Johansson said:
@fshore yes I have the paperwork, I will change it before transferring out of China.

There must be a lot of people in my case in China, which location did you use to open an account? Are there any threads I missed?
Click to expand...

So you are asking where in the world it's the best to open a brokerage account?
Interactive brokers, schwab, saxo.
China has tax treaty with USA so only 10% tax on dividends.

 

[Dal Johansson]

Thanks for your replies. As you understood I am new to this kind of thing.

@fshore I guess that's what I'm asking. I'm an EU citizen but I will check out the banks you mentioned. Even if the tax is lower in China, I don't feel it's safe to keep the money here.

 

[fshore]

Dal Johansson said:
Thanks for your replies. As you understood I am new to this kind of thing.

@fshore I guess that's what I'm asking. I'm an EU citizen but I will check out the banks you mentioned. Even if the tax is lower in China, I don't feel it's safe to keep the money here.
Click to expand...

Taxes very seldom relates to where you have the money.
If you use a US brokerage account then they will normally tax 30% of dividend payments, but as there is a tax treaty with China this is reduced to 10%.