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Chinese parents want to move money into US for eventual move

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  • Chinese parents want to move money into US for eventual move

    Good evening,

    Short background:

    My wife and I have been married for 3 years. She is a Chinese national and we applied for get permanent resident status and it was granted in early 2015. She will be applying for citizenship once she is eligible.

    Her parents eventually want to relocate here to be closer to us and their grandkids. They aren't rich by any stretch but probably have anywhere from 1.5-1.75 million in total assets in China. The value of Chinese currency vs the dollar is falling recently so they are anxious to start converting their money and transferring it to the US. Does anyone have any experience dealing with this type of thing? I am nervous about them sending money to my wife for various reasons (tax implications, etc...) I am not even sure who would be an appropriate advisor for this type of thing... Have no issue reaching out to a professional but don't know who. China complicates things slightly as they have some rules on foreign investments where they limit outgoing money to something like 50k/year... But I know there are exceptions. None of us have any interest in doing anything illegal... Just need to know how to accomplish the move in a reasonable way.

  • #2
    They should just open a US bank/brokerage account online or a USD denominated bank account in Hong Kong (in their own names) and wire $50k+$50k each year

    If they want to move more they have to do some shady stuff, at which point they should make decisions accounting for estate and future income taxes
    Last edited by inadmissible; 10-26-2017, 01:31 PM.