4 ms·

Well. In one sense no, but in another—-if you are going to do capital controls why leave giant loopholes like foreign land?

• baybal2 6y ago
  Not so giant, the $50,000 limit works for it as well. The property is specially attractive because unlike socks, you can do one big effort to move money out in one go, and then forget about it for a few years. Plus, the customary blindness of Western law enforcement institutions to dirty money in property transactions.
  • robjan 6y ago
    The 50k limit is easy to circumvent. Anyone who's anyone in China has a Hong Kong bank account. They then hire a tour bus and a bunch of poor elderly people and each takes 50k across the border and deposits it into the HK account. This money can then be invested however they see fit. Before the pandemic this was not an uncommon sight.
    • baybal2 6y ago
      Yes, it is, but having a string of correspondence in between you, and broker, and a stream of legal records pouring from sock transactions is much more bothersome, unlike pouring money into a stone cold piece of concrete in Ontario which will assuredly not go anywhere, and would not bother you with requests to prove your place of residence 4 times a year.