China rolls out 20% tax on gains from $140.2B trusts
China is rolling out a big tax change that targets about $140.2 billion held by eight of the world's 500 richest people and their beneficiaries in overseas trusts.
Officials said in July they would begin enforcing a 20% tax on gains from these offshore assets, a move tied to President Xi's push for "common prosperity" as the country faces economic pressure.
Those who receive such income now have until October 22 to get their finances in line.
China's top earners review overseas trusts
China's top earners are quickly rethinking their money moves.
Some are reviewing or restructuring trusts in places like the British Virgin Islands and the Cayman Islands, while others might sell shares just to cover the new tax bill.
Wealth advisers are busy helping clients adjust, as this signals a real shift in how China handles offshore fortunes.