Shocked! The overseas doors for hiding wealth belonging to Chinese tycoons have been blocked! 🧐

According to a Reuters report, China’s tax authorities will, starting this Friday, levy personal income tax on assets held in offshore trusts and on the income generated from them, for “interest, dividends, and dividend/bonus income,” or “other income,” at a 20% personal income tax rate.
Previously, many of China’s top billionaires transferred equity, real estate, or cash assets overseas to offshore jurisdictions such as the Cayman Islands, BVI, and Jersey, and set up irrevocable offshore trusts. Since the property rights belonged to the offshore trust company rather than the individual, they no longer had to pay taxes.
The new rules make it clear that as long as the settlor or the person with actual control is a Chinese tax resident, the assets and returns will be “looked through” and treated as personal income.
By the way, with overseas status and crypto privacy coins, their “value” going forward is still on the rise—keep working on a layout for some #XMR