Recently, the Organisation for Economic Co-operation and Development (OECD) released a tax report during the G20 summit. The report disclosed significant progress regarding international tax developments and the implementation of the Common Reporting Standard (CRS) for information exchange.
The report shows that the progress of global CRS taxation is exceeding expectations. As of July 2017, nearly 2,000 bilateral relationships for the automatic exchange of information have been activated. Transparency regarding tax-related financial account information continues to increase. In the first batch, approximately 500,000 individuals have disclosed offshore assets, resulting in approximately 85 billion euros in additional tax revenue, averaging 1.36 million RMB in taxes per person.
The report also indicates that 101 jurisdictions have committed to implementing the Common Reporting Standard (CRS) for the automatic exchange of financial account information for tax purposes; the first group of 50 countries began exchanging information in 2017, while the other 51 countries began in 2018. Of these 101 jurisdictions, 80% have implemented a complete legal framework for the collection and reporting of financial institution information, while 17 jurisdictions outside the 101 have improved their information exchange standards, creating the legal foundation and policy conditions for the smooth implementation of CRS.
CRS is coming on strong. It can be said that global taxation is irreversible and the process has fully accelerated. Tax residency planning is imminent, and asset allocation has become an issue that high-net-worth individuals must face squarely—there is no time to delay!
The best solution is to change your status, quickly obtain a foreign passport through immigration, and then open an account using that country's identity. This portion of assets will then be recognized by the host country as belonging to a tax resident, and the asset information will not be exchanged back to China. Taking Saint Lucia immigration as an example, through WorldWay Group, you can obtain a Saint Lucia passport in just 12 weeks. Post-immigration financial planning is conducted entirely as a local citizen, which allows for reasonable management of CRS.
Furthermore, Saint Lucia is a world-class tax haven with a superior tax system, featuring no property tax, gift tax, inheritance tax, estate tax, or capital gains tax. It is also one of the few countries that does not impose global taxation, making it suitable for conducting offshore business, holding investments, and operations.
In addition to effectively handling CRS and helping high-net-worth individuals with reasonable tax avoidance, obtaining a Saint Lucia passport offers multiple identity advantages!
Holding a Saint Lucia passport allows you to enjoy visa-free, visa-on-arrival, or e-visa access to nearly 150 countries and regions, including the United Kingdom, Schengen countries, Ireland, the United Arab Emirates, South Korea, Hong Kong (China), Taiwan (China), and Singapore.
Obtaining Saint Lucia status also helps children attend prestigious international schools domestically and easily gain admission to top-tier universities in China.
In fact, with its affordable price (starting from only 100,000 USD), the ability for one person to apply for the whole family across three generations, flexible requirements, short processing time, tax haven status, and the versatility of the passport, the Saint Lucia passport has stood out among numerous immigration programs. Especially with the official launch of CRS, the advantages of Saint Lucia status are even more prominent, making it a "powerful tool for wealthy individuals to deal with CRS," and it is highly favored by high-net-worth individuals!
Application requirements for the Saint Lucia passport program:
1. The applicant must be at least 18 years old
2. No criminal record and good character
3. Meet the investment requirements
As a leading institution in investment immigration, WorldWay Group maintains excellent trust, interaction, and cooperative relationships with the government of Saint Lucia, allowing us to obtain official news in a timely manner and safeguard the immigration journey for investors. In July 2017, a WorldWay delegation led by Dr. Winner Xing, Chairman of WorldWay Group, was invited to visit Saint Lucia and held cordial and friendly talks with the Prime Minister of Saint Lucia, Mr. Allen Michael Chastanet, and several other Saint Lucian dignitaries. WorldWay became the only immigration agency in China to be received by the Prime Minister of Saint Lucia. This meeting was described by the industry as a "historic meeting."
An affordable Saint Lucia passport not only helps high-net-worth individuals achieve tax planning arrangements but also effectively protects asset security and provides a reasonable way to handle CRS! What are you still hesitating for? Call the toll-free number 400-138-2929 immediately to contact WorldWay Group and consult with professional experts for further details.