Global Market: China's Wealthy Rush to Unwind Offshore Trusts as Tax Deadline Looms

ANALYSIS | China’s super-rich scramble to exit offshore trusts, raise cash as taxman knocks

Chinese tycoons liquidate overseas assets before October 22 declaration deadline

China’s super-rich scramble to exit offshore trusts, raise cash as taxman knocks

In late July, Beijing gave wealthy Chinese individuals until Oct 22 to declare offshore trust income, subject to a 20% tax, prompting a rush to calculate their tax liabilities.

Global Market: China's wealthy rush to unwind offshore trusts as tax deadline looms

Chinas wealthy individuals are restructuring offshore trusts, selling investments and reassessing residency amid a new 20% tax on overseas trust income. With an October 22 declaration deadline approaching, uncertainty over enforcement and liabilities is prompting asset sales, borrowing and delayed investments as Beijing tightens scrutiny of offshore wealth.

China's super-rich scramble to exit offshore trusts, raise cash as taxman knocks