Beijing’s offshore trust tax changes could affect wealth hubs including Singapore
Singapore lawyers, financial advisers and banks say impact hard to evaluate, still in ‘early stages’
China's new rules imposing taxes on offshore trusts could have significant repercussions for wealth hubs like Singapore, according to experts. The changes, announced on July 24, are expected to affect wealthy Chinese families who have traditionally used offshore trusts as a tool for asset protection and wealth transfer. Within just two weeks of the announcement, reports emerged that local tax authorities had begun collecting personal income tax on returns from insurance policies, though these claims have not been officially confirmed.
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