2017 marked the official start of the CRS era in China. Since July 1 of that year, the Chinese version of the Common Reporting Standard (CRS) has been implemented. Currently, several domestic banks, including China's "Big Four," have successively issued announcements regarding the "Due Diligence of Tax-Related Information for Non-Resident Financial Accounts." Hong Kong banks have also begun issuing "CRS Self-Certification Forms." The CRS storm previously discussed in newspapers, media, and on the internet has finally arrived, and the global asset information of high-net-worth individuals will become increasingly transparent.
Previously, the Organisation for Economic Co-operation and Development (OECD) released a tax report at the G20 summit, disclosing significant progress regarding international tax developments and the exchange of information under the CRS. The report indicates that the global implementation of CRS is progressing faster than expected. As of July 2017, nearly 2,000 bilateral relationships for the automatic exchange of information had been activated. The transparency of tax-related financial account information continues to increase; the first batch of approximately 500,000 individuals has disclosed offshore assets, resulting in approximately 85 billion euros in additional tax revenue, averaging 1.36 million RMB per person.
CRS has entered a comprehensive operational phase. For high-net-worth individuals, the time to respond to CRS is extremely urgent. In the context of CRS, how can you let your wealth "sleep" soundly?
In fact, high-net-worth individuals can quickly obtain a third-country passport from a tax haven, such as a Dominica passport, through tax residency planning. Dominica is a world-renowned offshore financial center. Holding a Dominica passport allows you to open overseas accounts and hold overseas assets under that identity, providing more options for your existing asset allocation. This not only helps you reasonably address CRS but also allows you to break free from the limitations of a single identity, enabling you to choose richer and more suitable investment tools in larger overseas markets for broader asset allocation.
Dominica is a world-class tax haven with a superior tax system. It imposes no capital gains tax, inheritance tax, or gift tax, and is one of the few countries that does not practice global taxation, implementing a "zero" tax policy on the overseas income of its citizens. Using a Dominica passport for overseas asset allocation allows for reasonable asset structuring and tax planning, enabling you to calmly handle the impact of CRS.
Furthermore, the Dominica passport is a high-value, gold-standard passport. With an investment starting from just $100,000, you can quickly apply for a highly cost-effective Dominica passport for four generations of your family. Holding a Dominica passport grants visa-free, visa-on-arrival, or e-visa access to over 130 countries and regions worldwide, including Schengen Area countries, the UK, Singapore, Hong Kong, and Ireland, while also allowing you to enjoy the generous benefits afforded to Commonwealth citizens.
How to obtain a Dominica passport? You can apply through the following two methods:
1. Invest (donate) at least $100,000 to the Dominica Government Fund;
2. Citizenship by Real Estate Investment: Invest no less than $200,000 in a government-approved real estate project.
Currently, the Dominica Citizenship by Investment Program has launched a limited-time price reduction and relaxed age requirements for dependents, making it an excellent time to apply for a Dominica passport. Regarding dependent age, the new preferential policy relaxes the age limit for adult children who are students and financially dependent from 18-28 to 18-30 years old; for unmarried, financially dependent adult daughters, the age limit is relaxed from 28 to 30 years old; for parents or grandparents over 55, the age requirement for their spouses has been lowered, allowing them to accompany the applicant even if they are under 55.
It is worth mentioning that this preferential policy is valid until March 31, 2018. Investors in need are advised to seize the opportunity and submit their applications as soon as possible for peace of mind.
Immigration is a long and complex process; choosing a formal, professional immigration agency with good government relations is particularly important. As a pioneer in Commonwealth passports, Worldway Immigration Group was the first to introduce the Dominica Citizenship by Investment Program to China and is also a company that has successfully promoted Dominica immigration. Furthermore, Worldway has maintained excellent government relations for many years. The Prime Minister of Dominica, Hon. Roosevelt Skerrit, has visited Worldway's senior management multiple times and has provided Worldway clients with preferential treatment, such as simplified application materials and expedited approval speeds. Choose Worldway for your Dominica passport immigration and make your journey easier!
Currently, as Worldway Immigration Group celebrates its 20th anniversary, to thank new and old clients for their support and trust over the past 20 years, we are launching the "Worldway Group 20th Anniversary Celebration, Comprehensive Gratitude Rewards" event from now until November 12, 2017. During the event, Worldway Group is offering numerous major promotions to share the joy with investors. For details, please call: 400-138-2929.
