Surprised at expats' ignorance
Updated: 2012-01-16 08:06
Comment on "Expats in US pay high price" (China Daily, Jan 10)
I read the article and found quite naive the fact that even successful Chinese entrepreneurs have not been advised that any US resident, citizen or not, must declare to the US Internal Revenue Service all his/her domestic and foreign assets, including his/her financial wealth.
The article mentions that the policy is one-sided, which in reality it is not because it applies to US citizens, too. It is not a new policy and has been there for a long time.
If the goal of wealthy Chinese is to provide education for their children and not avoid paying taxes, they can easily get a student visa for their wards and continue living and doing good business happily in their motherland, which would also help them avoid the stressful cultural gap that one has to struggle with living in a foreign country.
Giorgio Ronzani, via e-mail
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(China Daily 01/16/2012 page9)