Can you take money out of Hong Kong?

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  1. #11

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    Thanks everyone for your comments. If you read the gov't website we will have financial ties to Canada. (Not property as we will be selling our house, 2 cars, furniture, etc)

    PDLM we will be receiving gov't pension money plus our retirement money in monthly installments (RIFs) so we will be taxed anyway. The question is do we bring what we only need when we need it and leave the rest behind. We will then receive a T5 form from the bank showing the interest made and that will have to be claimed on our income tax.


  2. #12

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    Oh OK - so Canada (like the USA) taxes on citizenship not residence? I will (eventually) get a UK government pension but that is not taxed in the UK if I am not resident in the UK.


  3. #13

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    Quote Originally Posted by BettyInToronto
    Thanks everyone for your comments. If you read the gov't website we will have financial ties to Canada. (Not property as we will be selling our house, 2 cars, furniture, etc)

    PDLM we will be receiving gov't pension money plus our retirement money in monthly installments (RIFs) so we will be taxed anyway. The question is do we bring what we only need when we need it and leave the rest behind. We will then receive a T5 form from the bank showing the interest made and that will have to be claimed on our income tax.
    Sounds like you really should be talking to a financial planner who will help you minimize your retirement tax liablity, etc. If you don't know the answers to these questions I wouldn't leave my financial future in the hands of a message board.

  4. #14

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    Quote Originally Posted by hello_there
    If you don't know the answers to these questions I wouldn't leave my financial future in the hands of a message board.
    Where's your sense of adventure?

  5. #15

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    I would never put my future in the comments received from a message board. Who would be foolish enough to do that!

    I was simply asking a general question about takiing money out of Hong Kong since my sister has a co-worker who saids he could not take money earned in Shanghai out of China. I was just curious.

    Since our move is still 5 years off; we will definitely speak to a financial planner and lawyer closer to the actual move date.

    I love these forums for the personal opinions. I don't take them for law and will continue to keep on asking about anything and everything.


  6. #16

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    Quote Originally Posted by BettyInToronto
    I love these forums for the personal opinions. I don't take them for law and will continue to keep on asking about anything and everything.
    And we'll keep giving our opinions because it sure beats working on the spreadsheet staring at me.

  7. #17

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    Quote Originally Posted by BettyInToronto
    My sister works in the USA and recently a co-worker went to live and work at one of their sub-companies in Shanghai. He called her recently asking if his pay could be split - part to a China bank and part to a US bank. He said he needs to do this because whatever money he earns and saves in China cannot be taken out of China. Is this really true?

    She brought this up because she knows when we sell our house and retire, we are moving to HK and plan to bring all of our money there (about $3.5 million HK). We plan on renting the first year to confirm I can handle the humidty and then if I like it as much as I hope, we will buy a village house in the Mui Wo area on Lantau Island. She is worried that if we decide NOT to stay, then we will not be able to get our money out. This was news to me.

    Can someone please comment?
    From Mainland China it is way more difficult to take money out than from HK. In HK there are no restrictions. But there is a way to get money out of China. In my example Limited to 5000 USD per day. If you have a premier account with HSBC in China and one in Hong Kong then you may wire up to 5000 USD per day out to HK (free of charge). But it must be any currency other than RMB. You can deposit foreign currency in cash, but must declare where it comes from if it exceeds 5000 USD per daily deposit. But I think in terms of a salary these limits are no barrier.

    They may and do change the rules frequently. Last year you could exchange 50000 USD per month into RMB, now it is 50000 USD per year, unless you get approval because for example you want to buy property.
    Last edited by hktraveller; 28-07-2007 at 05:01 PM.

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