Emboldened by repeated surpluses in the international balance of payments，strong foreign exchange reserves in the years immediately after China’s entry into the World Trade Organization，and the rising needs of individual property rights protection，in 2004 the People’s Bank of China unveiled the Announcement for the Administration of Purchase and Payment of Foreign Exchanges Due to Transfer of Individual Properties to the Outside of China [PBOC Announcement No. 16，(2004) ]，providing a legal channel for individuals to transfer their assets outside of China.

From the perspective of policy implementation，the key aspect of managing foreign exchange transfers related to individual assets is the proper identification of the applicant and the legitimacy of the ownership of the assets. The following article examines some typical issues regarding the transfer of assets offshore.

Determining Immigrant Status

Case #1. Individual A is a shareholder in a company in China. The same individual obtained a Hong Kong permanent identity card in 2007 and mainland travel permits for Hong Kong and Macau residents in 2017. The same person now hopes to remit dividends obtained between 2011 and 2017 to Hong Kong via a bank transfer.