Legal Question in Immigration Law in California

Asset transfer after immigration
I'm now live in China, soon I will immigrate to the US (EB-5 investment immigration). Once I land in the US, I will need to transfer my existing money (more than 1 million usd, earned before immigration) from Hong Kong into the US (to buy house, cars etc), my question is do I have to pay any taxes for that? Or is there a amount upper-limit? How do I declare this money?

Asked on 2/05/09, 3:22 am

2 Answers from Attorneys

Joshua Hale Hale Law Group

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Re: Asset transfer after immigration

This is a delicate situation. Many attorneys may tell you simply to bring the money, and declare it and suffer the consequences. You do have to declare more than 10,000$.

For reference please review, http://www.cbp.gov/xp/cgov/newsroom/news_releases/archives/2004_press_releases/122004/12082004_1.xml

There may be a means to handle this transfer legally and beneficial to your taxes. If you would like to discuss this in further detail with someone very familiar with Hong Kong, as I lived there for quite a while as an expat, and someone who deals with these international matters regularly please contact me directly.

JDH

Answered on 2/05/09, 3:36 am

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