Questions on overseas financial protection for SPR and SCitizen

2019-07-19 16:44
Hello Agony Uncle, I would like to seek your advice on the following questions:

1. After a SPR converts to S Citizen, what will happen to his/her existing deposites and properties overseas, say in mainland China? Is there any legal process he/she needs to go through with the Chinese government regarding the deposites and properties?

2. In general, what's the difference between SPR and S citizen in terms of the overseas financial protection? (eg. SPR is not protected at all? S Citizen is fully protected?)

Appreciate your kind reply. Feel free to ask if you need clarifications. Thanks!

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2019-07-19 16:44

安胜琴

Reply From Agony Uncle
That would depend on the policy of the local government pertaining to the ownership of poverty in China. It might affect ownership, financing etc, but this may vary from place to place, so it is better to understand the law and regulation as well as the policy of the specific locality.
With regards to the second part of your question I am not very sure about what you meant by “overseas financial protection”. Perhaps you can elaborate before I could assist you follow.

2019-07-19 16:44

钟玉宏

Thanks for your reply. To answer your question, I meant to say ...
As for the "overseas financial protection", I meant that, for example, a foreigner has invested in a company in mainland China, in case of policy changes or other matter, which caused the company went on badly, the foreigner would have better rights to get back its money originally invested, as compared to his local co-partner. It that true?

The reason why I ask this is because I was told that many rich business ppl in China are trying hard to gain citizenship overseas so as to better protect their wealth accumulated in China. Could you help me better understand this in a legal prospective? Thanks once again.

2019-07-19 16:44

钟玉宏

Dear Uncle Chung, Kindly help to elaborate more please. Thanks.
Please refer to my last reply for details.

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