Quote:
Originally Posted by Hondaracer
I've always wondered, what stops somone from China etc who has a legit 20 mill in the bank from coming here and buying whatever?
Everyone talks about illicit funds etc and people trying to fly into YVR with a million dollars in their carry on, but if you have "legit" business back in China with millions in the bank besides the new 15% tax, what are the downsides of just buying homes with the money you've got in a legitimate bank?
My mom is a mortgage broker for coast capital and they've really cracked down on people applying for loans who cannot prove a legitimate source and income for their wealth, but if you can buy a home outright or get a loan from another bank, who decideds the legitimacy of that money?
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The money still needs to be snuck out. The Chinese government has controls in place where only 50K can be legitimately moved out each year.