Article 1: In order to improve the foreign exchange management of individual residents within the country, these Measures are formulated in accordance with the "Regulations of the People's Republic of China and Foreign Exchange Administration". Article 2 The term "domestic resident individuals" (hereinafter referred to as "resident individuals") as mentioned in these Measures refers to Chinese nationals residing in the territory of the People's Republic of China and foreigners settled in the territory of the People's Republic of China (hereinafter referred to as "resident individuals"). Including stateless persons) as well as foreigners and compatriots from Hong Kong, Macao and Taiwan who have resided in China for more than one year (calculated based on the date of entry registered in the applicant’s passport). Article 3 The term “bank” as mentioned in these Measures refers to a designated foreign exchange bank approved to engage in foreign exchange business. Article 4 The term "foreign exchange account" as mentioned in these Measures includes "cash exchange account" and "cash account". "Cash account" refers to the transfer deposit account of foreign exchange bills remitted or brought in from Hong Kong, Macao, Taiwan or overseas (hereinafter referred to as "overseas"); "Cash account" refers to the foreign currency cash held by domestic residents. banknote deposit account. Article 5 Resident individuals are not allowed to handle foreign exchange receipts and payments for institutions in their own names. Article 6 The State Administration of Foreign Exchange and its first- and second-level branches (hereinafter referred to as the “foreign exchange bureaus”) are responsible for the supervision and management of the foreign exchange income, expenditures and accounts of individual residents. Article 7 Foreign exchange income of resident individuals refers to foreign exchange income obtained by resident individuals from abroad, with full ownership and free disposal, including the following:
(1) Foreign exchange income from current account:
1． Patents and copyrights: foreign exchange obtained by resident individuals from licensing or transferring their personal patents and copyrights to non-residents;
2. Manuscript fees: foreign exchange royalties earned by resident individuals for publishing articles and books abroad;
3. Consulting fees: foreign exchange obtained by resident individuals for providing legal, accounting, management and other consulting services overseas;
4. Insurance money: compensatory foreign exchange received by individual residents from overseas insurance companies;
5. Profits and dividends: income from overseas direct investment by resident individuals and dividends obtained from holding overseas foreign currency securities;
6. Interest: interest on overseas deposits of resident individuals and interest income from holding overseas foreign currency securities;
7. Annuities and pensions: foreign exchange annuities and pensions obtained by resident individuals from abroad;
8. Employee compensation: foreign exchange received by resident individuals for providing services to non-residents;
9. Inheritance: foreign exchange obtained by resident individuals inheriting the inheritance of non-residents;
10. Family support funds: Resident individuals accept foreign exchange provided by overseas relatives to support relatives;
11. Donations: Resident individuals accept free donations and gifts from overseas;
12. Other current account foreign exchange income legally obtained by resident individuals.
(2) Foreign exchange income under capital account:
The principal of various direct investments or indirect investments repatriated by resident individuals from abroad and approved by the relevant domestic overseas investment authorities. Article 8 The foreign exchange income under the current account of individual residents may be paid in foreign currency cash or converted into RMB; the foreign exchange income under the capital account of individual residents may be paid into foreign currency cash or converted into RMB with the approval of the foreign exchange bureau. Chapter 1 General Provisions Article 9 If resident individuals remit or bring in current account foreign exchange income listed in Items 1 to 11 of Article 7 of these Measures from abroad, if they need to pay foreign currency cash or convert it into RMB, the following provisions shall be followed: Processing:
(1) For one-time payment of foreign currency cash or exchange of RMB equivalent to less than 10,000 US dollars, go directly to the bank;
(2) One-time payment of foreign currency For cash or exchange of RMB equivalent to more than 10,000 U.S. dollars (including 10,000 U.S. dollars) and less than 50,000 U.S. dollars, the bank must review the certification materials stipulated in Article 10 of these Measures and then register and process it;
(3) For one-time payment of foreign currency cash or exchange of RMB equivalent of more than 50,000 U.S. dollars (including 50,000 U.S. dollars) and less than 200,000 U.S. dollars, an application must be made to the local foreign exchange bureau with the certification materials specified in Article 10 of these Measures. After the foreign exchange bureau has verified the authenticity, go to the bank with the approval document from the foreign exchange bureau;
(4) One-time payment of foreign currency cash or exchange of RMB equivalent to more than 200,000 U.S. dollars (including 200,000 U.S. dollars) , shall apply to the local foreign exchange bureau with the certification materials specified in Article 10 of these Measures. The local foreign exchange bureau will forward it to the State Administration of Foreign Exchange for verification of authenticity, and then go to the bank with the approval document from the local foreign exchange bureau.
Article 10 If individual residents’ current account foreign exchange income needs to be paid in foreign currency cash or converted into RMB, they must provide the following relevant certificates to the bank or foreign exchange bureau:
(1) Income from patents and copyrights: true facts must be provided Proof of identity, patent or copyright certificate, transfer or use agreement, and overseas tax payment certificate;
(2) Author fee income: true identity certificate, published works, and overseas tax payment certificate must be provided;
(5) Profit and dividend income: Proof of true identity, investment agreement or equity certificate, profit distribution resolution or dividend payment certificate, and overseas tax payment certificate must be provided;
(6) Interest income : Proof of true identity, bond or bond registration certificate or deposit interest list, and overseas tax payment certificate must be provided;
(7) Annuity and retirement pension: true identity certificate, overseas work certificate, and overseas tax payment certificate must be provided ;
(8) Employee remuneration: true identity certificate, employment agreement, overseas tax payment certificate must be provided;
(9) Inheritance of foreign exchange: true identity certificate, notarization certificate, Overseas tax payment certificate;
(10) Family support: true identity certificate and kinship statement must be provided;
(11) Foreign exchange donation: true identity certificate and donation agreement must be provided ;
(12) Resident individuals who have other current account foreign exchange income not included in these measures, and the amount is equivalent to more than 10,000 U.S. dollars (inclusive of 10,000 U.S. dollars), should present their true identity certificates. and relevant certification materials to the local foreign exchange bureau. After the authenticity is verified by the local foreign exchange bureau, the local foreign exchange bureau’s approval document can be used to go to the bank to go through the relevant procedures; if the equivalent of more than 200,000 U.S. dollars (including 200,000 U.S. dollars), the local foreign exchange bureau shall Report to the State Administration of Foreign Exchange for review, and the bank will handle the relevant procedures with the approval document from the local foreign exchange bureau.