With the entry of 101 countries and regions, including China, into the CRS, the era of global taxation has arrived, and the era of tax exemption for offshore accounts will be a thing of the past. Many high-net-worth individuals' overseas financial information will be disclosed, and various income generated abroad will face the requirement of personal income tax. In summary, the start of the CRS in China in 2017 will impact the structure of global asset allocation for high-net-worth individuals.
For high-net-worth individuals, in the context of the CRS, you need a passport from a Commonwealth country that has not joined the CRS and is globally tax-exempt to obtain a second identity, fundamentally addressing tax issues. For example, with a Dominica passport, you can quickly apply for a Commonwealth passport for the whole family starting from just $100,000.
Dominica is not only a world-class offshore financial center but also one of the world's tax havens, with no capital gains tax, overseas income tax, inheritance tax, or gift tax, and is one of the few non-global taxation countries. By holding a Dominica passport, you can open an offshore account as a citizen of Dominica and transfer overseas assets to the offshore account, allowing you to reasonably and easily respond to the CRS and avoid the "naked running" of overseas asset information.
As one of the earliest immigration companies to promote the Dominica investment citizenship program in China, the WorldWay Immigration Group has a good relationship with the government of Dominica. The Prime Minister of Dominica, Hon. Roosevelt Skerrit, has visited the Shanghai and Hong Kong offices of the WorldWay Immigration Group three times. During his most recent visit to the Group's Hong Kong office, Prime Minister Hon. Roosevelt Skerrit brought exclusive significant good news for WorldWay clients applying for citizenship in Dominica:
1. Simplified application materials for WorldWay clients applying for citizenship
WorldWay clients applying for investment immigration to Dominica can be exempt from the following materials:
* 2 personal recommendation letters
* Bank recommendation letter
* Audit report
* Immunization certificate (diphtheria, tetanus, hepatitis)
2. Green light for WorldWay VIP clients throughout the process
Prime Minister Hon. Roosevelt Skerrit stated that in the future, the approval speed for applicants will be accelerated, and a fast track will be exclusively opened for important investment citizenship clients of WorldWay, simplifying application documents and providing more support and assistance in the application and approval process. WorldWay clients will exclusively enjoy this simplified policy, which also means that in the future, WorldWay clients applying for investment citizenship in Dominica will save time, effort, and worry!
The editor believes that with China's orderly implementation of the CRS, reasonable tax planning is imperative for high-net-worth individuals, and the significant good news brought by the Prime Minister of Dominica is undoubtedly a great blessing for investors.
For more immigration details, please consult the WorldWay Immigration Group hotline: 400—9626—886.