Shanghai allows expatriates working for foreign-invested companies to transfer their income abroad without restrictions

On 1 September 2023, the Government of Shanghai released the Regulations 2023 No.19, which allowed expatriates working for foreign-invested enterprises operating in the Shanghai Pilot Free Trade Zone and Lingang New Area to transfer their income abroad without restrictions. The funds are required to be “real and legally compliant” and associated with their investments in China.

• Type:

  • Treatment and operation (Capital transfer and FOREX)
  • Promotion and facilitation (Investment facilitation , Special economic zones)

• Industry:

  • Not industry specific

• Sources:

  • Shanghai Municipal People’s Government, Shanghai Government Regulations 2023 No.19, https://www.shanghai.gov.cn/nw12344/20230921/39626f989993402aaaaaec1cb2e7620d.html, 30 Aug 2023
  • State Council, Guo Fa 2023 No.9, S, https://www.gov.cn/zhengce/content/202306/content_6889026.htm, 29 Jun 2023