Attention! Countdown 26 days! With the arrival of the last month of 2017, high-net-worth individuals in China are about to officially welcome the global taxation era of CRS in 2018!
China's CRS Implementation Schedule:
Starting from January 1, 2017, new account due diligence will be implemented, and individual account holders need to sign a tax residency declaration (existing institutional accounts with a total balance not exceeding 1.5 million yuan are exempt from investigation);
By December 31, 2017, due diligence on existing high-net-worth individual accounts (individuals with assets exceeding 6 million yuan as of December 31, 2016, and companies with assets exceeding 1.5 million yuan) must be completed;
By December 31, 2018, due diligence on existing low-net-worth individual accounts and all existing institutional accounts must be completed.
What is CRS?
To strengthen international tax cooperation and combat cross-border tax evasion, the Organisation for Economic Co-operation and Development (OECD) released the "Standard for Automatic Exchange of Financial Account Information" (referred to as "CRS") in July 2014. Currently, over a hundred countries worldwide have committed to implementing the exchange standard, with September 2018 marking the first time China will exchange information externally.
As of November 17, 2017, 106 countries and regions have committed to implementing the CRS automatic exchange of tax information system, including popular jurisdictions for high-net-worth individuals in China such as the Cayman Islands, Bermuda, Switzerland, Singapore, and New Zealand.
What is the Chinese version of CRS?
In simple terms, it means that in the future, information on accounts held by foreign tax residents in China will be collected and submitted to their home tax authorities; conversely, information on accounts held by Chinese tax residents abroad will also be provided to Chinese tax authorities by foreign tax departments. This means that the Chinese tax authorities will be able to know how much assets Chinese individuals hold abroad and how much money is deposited in banks through foreign financial institutions!
How should high-net-worth individuals in China respond actively?
Accurately determining one's tax residency status, thoroughly reviewing overseas financial accounts, comprehensively assessing the tax risks associated with overseas assets, and promptly adjusting the structure of overseas asset allocation to preserve and increase asset value have become urgent concerns for high-net-worth individuals.
Passports from Commonwealth countries such as Saint Lucia help you easily cope with CRS
As CRS deepens, more and more countries are joining CRS, and high-net-worth individuals are taking the lead in overseas asset allocation. Having a convenient overseas identity will be the starting point for global asset allocation. Top Commonwealth passports, such as those from Saint Lucia, Dominica, Saint Kitts, Antigua, and Vanuatu, are favored by high-net-worth individuals due to their high cost-effectiveness, powerful functions, and tax haven advantages.
Although the aforementioned Commonwealth countries, including Saint Lucia, are also CRS implementing countries, their tax systems are very favorable, exempting not only property tax, gift tax, inheritance tax, estate tax, and capital gains tax, but also being one of the few non-global taxation countries, implementing "0" tax on overseas income for its citizens. This not only effectively saves tax costs for global asset allocation but also reasonably addresses the impact of CRS global taxation.
For example, with a Saint Lucia passport, Saint Lucia has a developed offshore financial system, and with a Saint Lucia passport, one can easily set up offshore companies and offshore accounts. Utilizing the advantages of Saint Lucia's developed offshore financial center is more conducive to converting RMB assets into USD assets, allowing for reasonable diversification of asset allocation globally, perfectly achieving asset preservation and appreciation.
WorldWay Immigration Group
is the only officially authorized immigration agency in China for Saint Lucia
is your top choice for obtaining Commonwealth passports such as Saint Lucia
Choosing WorldWay Immigration for obtaining Commonwealth passports such as Saint Lucia makes the immigration process easier! With a highly valuable Commonwealth passport that allows for global travel, starting from just $100,000 (Saint Lucia, Antigua, Dominica starting from $100,000; Vanuatu starting from $130,000; Saint Kitts starting from $150,000), one investment allows the whole family to quickly apply for a Commonwealth passport, enjoying the generous benefits of Commonwealth citizens while also being able to cope with CRS and plan assets reasonably.
Immigration is a long and complex process, and it is important to choose a legitimate immigration agency with good government relations. As a pioneer in Commonwealth passport programs and the only officially authorized immigration agency in China for Saint Lucia and Dominica, WorldWay Immigration Group has maintained good interaction, trust, and cooperation with the governments of multiple Commonwealth countries, providing timely official information and safeguarding investors' immigration paths, serving as a solid support on your immigration journey.
At the beginning of this month, the Prime Ministers of Saint Lucia and Dominica, long-time friends of WorldWay Immigration Group, visited WorldWay Immigration and attended the afternoon tea meeting hosted by WorldWay Immigration for the Prime Ministers of two popular Commonwealth passport project countries, bringing the most authoritative and cutting-edge investment immigration information to WorldWay Immigration clients.
WorldWay Immigration is also currently the only immigration agency that has invited the Prime Minister of Saint Lucia to participate in an afternoon tea meeting, and the only immigration agency that has been received by the Prime Minister of Saint Lucia, further demonstrating the good trust, interaction, and cooperation between WorldWay Immigration and the governments of Commonwealth countries such as Saint Lucia.
Creating brilliance together, celebrating 20 years!
Congratulations to WorldWay Immigration clients for their continuous approvals, with significant anniversary discounts ongoing.
You immigrate, I subsidize, but the service does not compromise.
For more details on discounts, please call: 400-138-2929.
