transferring large dowry from China to U.S.

[Unknown Guest 15]

My fiancee just received her K1 visa. She will be receiving a rather large ($100,000+) dowry from her family. I heard somewhere about a 50,000 rmb limit on money leaving China? Does anyone have experience on how to bring the money into the U.S. from China? And will she be taxed in the U.S.? in China?

[aaron2020 11,651]

No US taxes.

As far as the US is concern, the money has to traceable to a legal source. And it is not meant to pay you for a sham green card marriage.

[baron555 934]

Max limit on one's person is $10,000 when travelling.

Use bank wire transfer.

[Unknown Guest 15]

No US taxes.

As far as the US is concern, the money has to traceable to a legal source. And it is not meant to pay you for a sham green card marriage.

nope, she is just from a very very wealthy family. And the money would be put in her separate bank account. So it would not come to me but would be for her to use.

[kitthekat 1,317]

Max limit on one's person is $10,000 when travelling.

Use bank wire transfer.

There's no limit on how much cash you can carry into the US. If it's over 10 grand, then you just have to declare it but won't be asked to pay taxes on it.

See this article for ways around the limit on bringing cash out of China (involves seeking help of a few trusted family members/friends): http://www.china-briefing.com/news/2011/11/11/getting-cash-money-rmb-out-of-china.html

[aaron2020 11,651]

Max limit on one's person is $10,000 when travelling.

Use bank wire transfer.

Incorrect.

There is no limit on how much a person can carry into and out of the US.

The requirement is that any amount over $10,000 must be declared.

[Removed030114 48]

My fiancee just received her K1 visa. She will be receiving a rather large ($100,000+) dowry from her family. I heard somewhere about a 50,000 rmb limit on money leaving China? Does anyone have experience on how to bring the money into the U.S. from China? And will she be taxed in the U.S.? in China?

There is a little known Chinese law that allows every Chinese citizen to transfer a maximum of $50,000 USD per year to a foreign bank. In your case where there is more than 50K, you can transfer the amount to another Chinese family member or friend's bank account and they can complete the transfer. This is by far the least expensive and least painful methods of transferring funds from a Chinese bank to an American bank.

Before making the transfer you will need:

1. Exact name, address and telephone number of the bank

2. Bank account number

3. Bank account holder's name

4. Swift code for a bank, and / or routing number for a credit union. Note: credit unions do not have swift codes.

5. US bank account holder's passport.

You can transfer the funds in RMB or USD, however I think the exchange rate and fees are better if you complete the exchange before the transfer to the US bank. I suggest you avoid carrying large sums of cash. It really pisses of the Chinese customs people and there is no telling what they will do.

Edited February 12, 2014 by CNTrav

[Removed030114 48]

Since you state here that the money is a dowry, you may want to consider reading the tax law for foreign gifts. I don't think you'll have a problem, but just in case:

http://www.irs.gov/Businesses/Gifts-from-Foreign-Person

[Pitaya 2,577]

~Moved from K-1 Process to China Regional Forum~

~Inquiry about Chinese money dowry transfer, not K-1~

[Darnell 8,478]

Max limit on one's person is $10,000 when travelling.

Use bank wire transfer.

mostly wrong.

you have to DECLARE over 9999.99 at the border,

but that's it.

nothing stops 'the more', it's some FBI tracking due to the Patriot Act.

----

Post #7 has the maJor bits of it, follow that post.

Some errata.

it's 50K per human, the human that's doing the sending of the wire, per year.

china not care who the wire is sent TO, so two humans in China can send 50K each to the same person in the USA.

Alternatively, a 100K cashier's check issued in USD from HSBC in China will be cashed at a HSBC office in the USA, no worries there if'n she wants to hand-carry. Might be some worries about making the cashier's check in China for that amount, but once it's made, it's carryable into the USA, simply declare it at the border.

taxes? nope.

Edited February 14, 2014 by Darnell

[Darnell 8,478]

And it is not meant to pay you for a sham green card marriage.

#######? seriously? not needed, this comment.

[novedsac 355]

mostly wrong.

you have to DECLARE over 9999.99 at the border,

but that's it.

nothing stops 'the more', it's some FBI tracking due to the Patriot Act.

----

Post #7 has the maJor bits of it, follow that post.

Some errata.

it's 50K per human, the human that's doing the sending of the wire, per year.

china not care who the wire is sent TO, so two humans in China can send 50K each to the same person in the USA.

Alternatively, a 100K cashier's check issued in USD from HSBC in China will be cashed at a HSBC office in the USA, no worries there if'n she wants to hand-carry. Might be some worries about making the cashier's check in China for that amount, but once it's made, it's carryable into the USA, simply declare it at the border.

taxes? nope.

ALL transactions of currency or monetary instruments (ie, checks, negotiable bonds, wire transfers, etc.), in total or in aggregate per day, in excess of $10,000 must be declared whether you are crossing the border, sending via wire transfer or sending through mail or courier.

Both the 50k wire and the 100000k bank check noted above must be declared if brought into the US regardless of the route of transit.

While the Patriot Act made some modifications, including more efficient sharing of information between federal agencies, the reporting requirement for individuals noted above has been required in the Currency Foreign Transactions Reporting Act since the 1970s. The Treasury Department is the primary end user of the information, though I'm sure FBI gets their fingers into it at times.

[Darnell 8,478]

ya, the banks handle the declaration over 10K for the FBI, easy peasy.

CBP goons handle the declaration over 10K for the FBI, easy peasy.

I'm not trying to be alarmist here, it's great you are telling the facts.

However, the 50K limit is on the chinese side,

for a chinese person in china to

--send or

--receive

foreign monies.

Once the lass is in the USA, that 50K/year limit not apply to her.

Sure, there are ways around this limit in China, usually involving family members or friends.

[aaron2020 11,651]

#######? seriously? not needed, this comment.

Seriously?

I did not accuse the OP of having a sham marriage.

When $100,000 is sent to the US and someone is getting a green card, there is the possibility that the US government may suspect a payola for a green card.

You're right - I shouldn't have brought it up because it's not a concern at all. Because payola for a green card marriage never happens and no one is ever suspected of doing that.

Maybe I shouldn't warn the OP that a dowery may be viewed differently by others.

Edited February 14, 2014 by aaron2020

[Darnell 8,478]

ah. that. ok.

apologies for my smallish outburst.

carry on