Job Discussion Forums

[stumptowny]

Thanks guys. Wondering…

1.
How many years do you get in China as non-resident citizen before you become a resident foreigner (permanent resident)?

2.
Does China tax "worldwide assets" after becoming a resident foreigner (permanent resident)? Before?

I live in Japan. Here you get 5 years of hassle free living. The day after the 5 year mark, you become a permanent resident and tax authorities then attempt to tax income on all “worldwide assets” (all foreign accounts, property, trusts, inheritance, property... everything).

It’s warped. I am already taxed for my income in Japan, which I send home, and then taxed again by the IRS on my capital gains (brokerage account). The third tax comes then, from japan on these same capital gains in my brokerage account. 20%!!! Japan and the IRS share tax documents if requested.

Naturally I want to leave before I get to 5 years and am asked to retroactively pay massive late fees, penalty’s ect. Looking for a new home for a longish stay.

Thanks in advance for your advice…

[hdeth]

You pay income tax on your salary. I wouldn't mention about anything else. I can't imagine anyone bothering you about it in China. I don't know what the actual law is and don't really care....

It's extremely difficult to become a permanent resident in China...only about 2,000 are issued a year and it's usually just for people who've been married to a Chinese person for 5+ years.

[Non Sequitur]

Don't think it is a number of years issue.
More like maximum age.
My understanding is that you can get renewed contracts multiple times especially if you renew at the same college.
But all that stops when you reach 60.
As others have said 'this is China' and as soon as you say '60' someone from the far West will pop up and declare that they know someone who was told by a taxi driver that a friend of his was a legit Z visa FT at age 70.

[asiannationmc]

While there is a regulation stating 60 as the max age, it is also regulated that exceptions are made so yes, it is a regulation, but also is the exception.

The exception can be filed with a letter from you work unit that you are needed and that they accept responsibility and if it is approved by the Department of Labor, then yu may work past the mandatory retirement age.

Also Bud is correct in the figure of over 90 k USD and the requirement to file, if you made over 9000 USD (est. ammt.) under and no filing is required I think that is another posted topic but same difference) .

[Banner41]

In China you get 5 years where you don't pay personal income tax. You will still be taxed on your salary every month but do not have to do a complete tax submission until you hit your five year mark. We have an accounting company file a tax return for us every year but we never have to pay. Once you hit the five year mark you can choose to leave for 3 months and it will reset to five years again. I think (and I could be wrong) that the taxes that I pay are for social insurance, unemployment (yea I know it's a joke), and retirement (another joke).

[Lost.And.Found]