Thanks for all your very helpful guides and information, Thomas is doing a great job.
I’m in the process of applying for Portugal GV and My family faced an issue in transferring the money to me in the UK in order to send it to Portugal. The law in China limits the money transferred per person to 50,000 $ a year, which is very time-consuming and inconvenient for 500,000 EUR.
Does anyone from China or have had Chinese clients that transferred the money ? and how they can go about it?
Also, as I live and study in the UK right now, Do I need to declare a large amount of money with HMRC or FCA, like for tax-paying? or are there any transfer limits/requirements/laws that I have to be aware of?
Regarding your first question, while that obviously poses a huge challenge, it’s probably not something that’s smart to discuss in a public forum. We wouldn’t want to get blocked in China, after all
While I’m not an expert on UK tax laws, I assume that would depend on the nature of the transfer. Is it a loan? Well then I would imagine not… Is it a gift or inheritance? Well, then it may depend on how long your family members stay alive. Note: I have not checked if UK estate tax would apply to someone who’s not living in the UK or not.
Hopefully someone more familiar with UK tax laws can chime in, too.
Thanks Thomas, that is very helpful,
And I’m sorry my question had gave a wrong impression. So let me be absolutely clear . I’m not asking how to BREAK the law , I merely curious how could many other Chinese succeed to transfer the money under this law because I couldn’t , and I don’t aspire or plan to break any laws whatsoever.
