Investor Category – Transfer of Funds From China

Bradley So immigration lawyer at Queen City Law recently authored an article on the transfer of funds for migrants, you can read the full article here as a pdf.

The Migrant Investment Category is considered to be a success story. To date, it has injected a total of around $646 million of capital in the NZ economy. The main contributing countries are USA, China, and UK. In terms of the value of investment USA is number one. In terms of the number of applicants, China is by far ahead with around 30% of the total number of applicants under the Investor 2 Category.Brad-Pic-688x1024 We would predict Japan will soon sneak up in terms of value.

However, China also has the highest decline rates with around 36% rate of decline. The main reason for decline is essentially not meeting the transfer of fund requirement. The NZ Government instructions require that the investment funds must be transferred through the banking system directly from the principal applicant’s bank account(s) to New Zealand.

Given the foreign exchange restriction in China and the difficulty with providing evidence of earning, this requirement has provided a stumbling block for a large number of applicants from China. An applicant could meet all the requirement but still be declined on the basis that the investment fund was not transferred appropriately. Therefore, unless this requirement is met, the application will be declined.

Is there a magical solution?

This has been an age old question since the inception of the policy.
The answer is simple NO!

Applications will be considered on a case by case basis. However, as evidenced by the number of application being approved from China it is possible for Chinese applicants to satisfy this policy. So far, the following options have been accepted by the
Business Migration Branch:

1) If the applicant already have foreign currency in or out of China;

2) If the applicant is earning salary that is paid in foreign currency;

3) If the applicant sells an asset and is paid in foreign currency;

4) If the applicant operates a business outside of China and had offshore account;

5) If the applicant operates a company in China and transfer the funds through company to company account.

* The above list is not exhaustive and we would recommend that you approach us to determine what is the most appropriate way to satisfy this requirement and ensure compliance with the immigration instructions.

Queen City Law are leaders in Business Immigration and all other aspects of Immigration. Immigration consultants across Auckland and around Asia choose to engage Queen City Law for their clients.

Queen City Laws’ philosophy in terms of dealing with immigrant clients is to try and put ourselves into our clients shoes and provide a range of legal and other services to such clients. We approach matters in a reasonably robust manner, have developed excellent precedents and check lists and operate in an entirely transparent manner with our clients. Auckland immigration experts in character waiver, medical waiver and Investor Category and the Long Term Business Visa

We also have the ability to very quickly determine an applicants eligibility under the various categories for residency or temporary visas.

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