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Wealthy Chinese fleeing oppression aren’t money launderers.
by valuearb 6y ago
Wealthy Chinese fleeing oppression aren’t money launderers.
- mtnGoat 6y agoThey are if they don't follow rules. Your political issues do not free you from following tax law.
- dirtyid 6y agoEvading Chinese capital outflow restrictions occurs on the Chinese side. Vast majority of real estate in Vancouver adhere to Canadian law, the industry is very well developed, agents and lawyers cross their T's and dot their I's. The issue is there are just too many wealthy Chinese people. Essentially any Chinese citizen who owns property in tier1 Chinese cities, many snatched up 20 years ago for nothing, can afford to buy 1M+ homes in Vancouver or Toronto if sold. None of it involves black money, just being lucky at the right place at the right time and having a desire to live in Canada. The TL;DR: is there's like more legitimate Chinese millionaires by wealth than there are Canadians.
- valuearb 6y agoWhat Canadian tax laws are they violating?
- pessimizer 6y agoWould you say the same thing if I embezzled a bunch of money in the US and moved to China?
- valuearb 6y agoThat’s illegal in both countries. Are these money launderers being extradited back to China for transferring their own funds to Canada, like an embezzler would? No, because that’s not illegal in free countries.
- jbay808 6y agoIf they continue to live, work, and do business in China, then it doesn't count as fleeing.
- valuearb 6y agoDiversifying your net worth internationally to create an insurance policy against worse oppression by your regime is a first step towards fleeing.
- jbay808 6y agoNot... really, at least not in the sense that "fleeing oppression" typically conveys. That's fleeing oppression about as much as any other multi-millionaire with holdings in a Swiss bank account is doing.