China drives another nail into the coffin of the $ !

[nedtheguy]

Re: China drives another nail into the coffin of the $ !

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[touchring]

Re: China drives another nail into the coffin of the $ !

That would explain this recent article: http://news.domain.com.au/domain/rea...827-2so3g.html

"Chinese investor snaps up trophy penthouse for his children who are studying in Sydney."

In Singapore, there's a 18% stamp duty or purchase tax on foreigners buying property. Assuming the property costs $1 million, the buyer will need to pay at least $1.18 million (we've still not factored in legal and bank fees). Yet, the Chinese are still buying from what I've heard.

I guess it's better to pay a 18% fee to "get rid of the booty" than to get caught with it and land up in prison for 14 years after all?

http://sg.finance.yahoo.com/news/for...134750203.html

[nedtheguy]

Re: China drives another nail into the coffin of the $ !

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[GRG55]

Re: China drives another nail into the coffin of the $ !

Britain wants in on this: http://www.theguardian.com/politics/...rne-china-visa

Not really. Britain is trying to take the next step, beyond hawking property to the rich like Singapore.

The UK has never discouraged foreign ownership of property, particularly in Central London, and has long been a haven for Arab, African and Russian money seeking property investment in a legally secure jurisdiction (compared with where the money is coming from) as well as Greek and other money seeking a lower tax jurisdiction. The UK has long had special and advantageous domicile vs residency arrangements regarding the taxation of non-UK income of wealthy foreigners that own homes in London.

They have been "reaching out" to the Chinese for some time now. When I was in Hong Kong in 2010 one of the local English language television stations was running all Chinese language advertisements for top end London real estate. I was able to figure out what the ads were about from recognizing the pictures from my time living in London, including the glitzy One Hyde Park development on the site of the demolished Bowater House next to the Mandarin Oriental in Knightsbridge.

What the Brits seem to be trying to do now is make it easier for non-resident (non UK property owning) Chinese citizens to travel to the UK. This is particularly important for business travel. Visa rules in many, many countries are set up to control and restrict visitors from "working" in the country. A major issue is that these rules most often do not distinguish between those foreigners who are seeking employment and those that are investors in the country and travelling there to oversee the operation of their investment. I run into this all the time and it is maddening. On the one hand the nations want the external development investment and partnerships with local companies, but on the other they make everyone from outside the country apply for a new 2-week visa for every entry into the country, even for a business or Board meeting. The alternative is to go through a 6 month process of applying for residency, and then they want to tax you as a local on your worldwide income (and that is where it pays to have the right local partner with "wasta").

[nedtheguy]

Re: China drives another nail into the coffin of the $ !

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[nedtheguy]

Re: China drives another nail into the coffin of the $ !

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