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It can be said that the news is very close to the common people. Once the policy of relaxing foreign exchange controls is implemented, there will be at least two major benefits:
1. Domestic partners can make overseas personal investment more freely.
Through domestic securities firms, they can buy US stocks and Hong Kong stocks at will without considering the currency exchange rate and quota.
The investment quota is 50,000 US dollars per person per year, which is not small.
However, the money can only be left in the accounts of domestic brokerages.
2. Cross-border capital flows in both directions, and the RMB exchange rate tends to be stable on the whole.
The exchange rate of the RMB is more stable, which means that there is less chance of at least being falsely high or too low.
Before the New year, there were friends who complained that when they went to remit money in oxcart water, the exchange rate of the US dollar against RMB fell to 6.47 or even lower.
In fact, over the past year or two, especially due to the impact of the epidemic, the exchange rate of the RMB has been changing. Since 2020, the RMB has continued to appreciate, and by the beginning of 2021, it has risen sharply.
If the above measures under discussion are implemented, then it should be possible to reduce the fluctuation of the RMB exchange rate.
After 2007, safe has implemented the facilitation management measures for the annual total amount of individual foreign exchange purchase and settlement.
According to the process, the purchase and settlement of foreign exchange of less than 50,000 US dollars a year can be handled directly in the bank with an ID card.
If it exceeds US $50,000, it needs to be handled at the bank with proof of the transaction volume.
Fifty thousand dollars per person per year is already the maximum.
In addition, it is not possible to carry foreign exchange across borders.
In other words, it is illegal to transfer assets in other ways, such as ant moving, underground banks and virtual currency.
It is also not possible, even if it is found that it will be “blocked” directly by safe, and in serious cases, it will be forcibly deprived of the two-year foreign exchange quota, totaling US $100000.
In addition, it is not possible to split and sell foreign exchange:
(1) the same person or institution outside the territory shall remit foreign exchange to more than 5 (including, the same below) different individuals within the territory on the same day, every other day or for several consecutive days, and the payee shall settle the foreign exchange respectively.
(2) more than 5 different individuals shall remit foreign exchange to the same person or institution abroad after purchasing foreign exchange on the same day, every other day or for many consecutive days.
(3) more than 5 different individuals shall deposit or remit RMB funds to the RMB account of the same person or institution after settling foreign exchange on the same day, every other day or for many consecutive days.
(4) the same person transfers the deposits in his foreign exchange savings account to more than 5 immediate family members, who respectively settle foreign exchange within the annual total amount.
(5) five or more immediate family members of the same person shall transfer the purchased foreign exchange to the individual foreign exchange savings account after purchasing foreign exchange within the annual total amount respectively.