Kyle Bass@Jkylebass 14h14 hours ago The Chinese have made it next to impossible for multi-national corporations to remove money from China. Many have been unable to since NOV. 14 replies 70 retweets 102 likes Kyle Bass@Jkylebass 14h14 hours ago China urges foreign firms to make ‘joint efforts’ to control flow of cash out the country
A lot of manufacturing has been moving back to US, China has been devaluing Yuan perhaps they are taking precautions anticipating lack of foreign reserves in the future...
Interesting, and more related news would be welcome (adressing myself here as well, thanks to the first one who will make the effort) A couple of years ago I had a rather close friend who was in the accounting part of a multinational in China, and he reckoned for many companies, repatriating funds meant paying a significant flat tax on those funds (10%?) . Not sure how it's evolving, except that china seems very touchy about capital flight at the moment. It looks strange that at the same time the country is develloping free trade areas, foreign investors must worry about the funds they bring in. Read the article below in a cafe today, fiy the fund town in Qianhai is a very modern and pleasant area in Shenzhen, and it seems the government offers life long residence permits to foreigners investing over 1million USD there http://www.szdaily.com/content/2017-04/07/content_15901130.htm
Yeah, you should never do business in communist country. One day they're gonna nationalise everything.
The only problem with life long residence permit is that most foreigners are going to China on a temporary jaunt, even the entrepreneurs. I don't think too many Europeans or North Americans are thinking let me retire in China like they do about France, Italy or Mexico.
Sure, there are way fewer foreigners in China than in the countries you mentioned percentage wise, i'd read recently around 3% but the 2010 census shows only a tiny fraction of 1%. And most of those are probably overseas chinese. But there are quite a few people who'd be happy with a lifelong visa, most obvious are children of mixed couples who usually only hold the foreign nationality and former chinese who naturalised overseas than gave up their chinese nationality but actually wish to spend time back in China . Many actually get a foreign nationality for logistics reason but mostly keep on living in China, others do live and work overseas but wish to retire in China, and there are also long term entrepreneurs or executiveswho'd be interested. Those group need to live in China on bothersome short term visas, 1 to 3 years seem to be the most common in those categories ( I might have missed special arrangements for former chinese citizens ). I read about life long visa beeing introduced, but it remains to be seen how easy they are to get. Anyway bringing money in for investments one can't later take out of the country does temper one's appetite to invest.