A foreign passport, permanent residence abroad, or an offshore trust may not shield wealthy Chinese from Beijing’s tax reach. Tax residency lies at the heart of the matter, as having a foreign passport or overseas permanent residence does not automatically exempt individuals from China’s tax obligations if their economic ties to China persist, stated Loh Kia Meng, senior partner at Dentons Rodyk. Chinese tycoons often utilize foreign passports, residency, and offshore trusts to manage their wealth abroad. Singapore and Hong Kong serve as favored locations for China-linked families to establish trust structures. Offshore trusts are a preferred method for holding…
News Timeline:
Track the development of this news story across the Internet.