Foreign Exchange Remittance::FirstLaw

Regulations in Regards to Foreign Exchange Remittance:

　　Foreign Exchange is governed by Taiwan Foreign Exchange Control Act and regulated by Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursement or Transactions.

Any person within the territory of Taiwan who possesses or needs foreign exchange with the value equal to or over NT$ 500,000 for any inward or outward remittance made within Taiwan shall complete Declaration Statement of Foreign Exchange Receipts and Disbursements or Transactions (hereinafter referred to as the “Declaration”) and give the Declaration to the Central Bank of China through the banking enterprises authorized by the Central Bank of China to conduct foreign exchange business.

Qualification:

Juristic Person, including company, firm and association, established in terms of Laws of Taiwan or registered with the government and has obtained a Uniform Number from the competent authorities; or
Natural Person over 20 years of age residing within the territory of Taiwan and possess Identification Card, Taiwan Resident Certificate or Alien Resident Certificate that would not expire within one year.

Once the Declaration has been noted, one can proceed with:

1.　Inward Remittance received from the export of goods or services to the
　　 non-residents;
2.　Outward remittance for the import of goods or services from the non-residents;
3.　Maximum accumulative amount for foreign exchange purchased or sold within
　　 a calendar year for:
　　 3.1 company or a firm not exceeding US$ 50 million;
　　 3.2 by association or individual with an accumulated amount not exceeding
　　 US$ 5 million.
4.A single remittance by a non-resident which the amount does not exceed US$ 100,000. However, a foreign financial institution outside the territory of Taiwan may not sell foreign exchange that is remitted into Taiwan. Remittance for this instance are:
　　 4.1 Funds for engaging in construction projects within the territory of the
　　 Republic of China;
　　 4.2 Guarantees and arbitration fees due for deposit as a result of pending legal
　　 cases within the territory of the Republic of China;
　　 4.3 Funds relevant to real estate for self use within the territory of the Republic
　　 of China that has been legally acquired or approved by the competent
　　 authorities; and
　　 4.4 Inheritance, insurance claims, and pensions legally acquired within
　　 the territory ofthe Republic of China.

Exceptions:

　　Remittance of foreign exchange for New Taiwan Dollar may not be processed until the banking enterprise has confirmed that the Declaration is consistent with the contracts and letters of approval that give the evidence to the foreign exchange inward/outward remittance or transactions in question:
　　 1.A single remittance by Juristic Person with an amount over US$ 1 million;
　　 2.A single remittance by a group or individual with an amount over
　　 US$ 500,000;
　　 3.Remittances approved by the competent authorities for direct investment or
　　 shares investment remittance;
　　 4.Outward remittances to Mainland China, except for the remittances which
　　 has been exempted from furnishing any evidential documentation by the
　　 Central Bank of China’s Regulations;
　　 5.Remittances for transactions conducted within the territory of Taiwan,
　　 which involves goods or services rendered outside the territory　of the Taiwan;
　　 6.Remittances that might require evidential documents for verification thereof.

Others:

~ The calendar year shall mean from the 1 January to the 31 December.
~ It shall not be required to complete the Declaration for each remittance case which the amount is less than NT$500,000, and such transaction shall not be included in the Accumulative Amount within that calendar year.