Wealthy Chinese move money to US banks after 20% tax
Business
Wealthy Chinese are quietly shifting money to US banks after China's new tax rules kicked in this July, slapping a 20% tax on income and gains from overseas trusts owned by Chinese tax residents.
The US is suddenly the go-to spot. Unlike Hong Kong or Singapore, it isn't part of the Common Reporting Standard and offers more financial privacy.
Chinese seek US accounts, experts warn
Private bankers say they're seeing way more Chinese clients asking about opening accounts in the US.
Wealthy clients are choosing big private banks, while others look at regional or online options.
But experts warn this move is just a quick fix: Chinese tax residents still have to declare all worldwide income, so hiding money abroad could bring trouble down the line.