Breaking News! It is reported that the Chinese version of the CRS multilateral tax data service platform has been officially announced as live on the State Taxation Administration's portal website, marking another step forward in China's work on the automatic exchange of tax-related information under the CRS.
According to the "User Manual for the Multilateral Tax Data Service Platform," financial institutions (excluding banks) that meet the relevant definitions in the "Administrative Measures for Due Diligence of Tax-Related Information on Non-Resident Financial Accounts" must register in the system, regardless of whether they have accounts to report (financial institutions with no accounts to report for the year must complete a zero-declaration in the system). If a financial institution entrusts an agency to report data, the agency shall register the account and register the financial institution's information on its behalf.
According to the timetable for the Chinese version of the CRS: Starting January 1, 2017, due diligence will be conducted on newly opened individual and entity accounts; by December 31, 2017, due diligence on existing individual high-net-worth accounts (with a total financial account balance exceeding 6 million RMB as of December 31, 2016) must be completed; by December 31, 2018, due diligence on existing individual low-net-worth accounts and all existing entity accounts must be completed.
However, if a Chinese tax resident holds financial accounts overseas, it is necessary to analyze and judge based on the due diligence policies of the country where the account is located. Once the relevant information is exchanged to China, the confirmation of tax obligations must be carried out in accordance with China's relevant tax policies. Therefore, under the CRS implementation system, the location of an individual's tax residency is of paramount importance, as it will ultimately determine which country's tax authorities will receive the tax information. With the CRS countdown underway, it is urgent for high-net-worth individuals to reasonably plan their tax residency status.
Rapid response to CRS, Commonwealth passports can help
The response to CRS must be not only fast but also accurate. Commonwealth passports, such as those from Saint Lucia, Dominica, Saint Kitts and Nevis, Antigua and Barbuda, and Vanuatu, are among the most effective tools for dealing with CRS. They not only help in reasonably addressing CRS but also satisfy various needs such as children's education, immigration for retirement, global asset allocation, and global mobility in one go. They are the premier choice for achieving wealth preservation, appreciation, and reasonable tax planning.
First, Commonwealth passports such as those from Saint Lucia, Dominica, Saint Kitts and Nevis, Antigua and Barbuda, and Vanuatu have high value. Starting from just 100,000 USD (Saint Lucia, Dominica, and Antigua and Barbuda start from 100,000 USD; Vanuatu from 130,000 USD; Saint Kitts and Nevis from 150,000 USD), one person invests, and the whole family can quickly apply for Commonwealth passports. They offer visa-free, visa-on-arrival, or e-visa access to over 100 countries and regions worldwide, and are known as the "Golden World Passport."
Secondly, the aforementioned Commonwealth countries are world-class tax havens with developed offshore financial systems and superior tax regimes. They are among the few non-global tax-levying countries, imposing zero tax on the overseas income of their citizens. Holding a Commonwealth passport from Saint Lucia, Dominica, Saint Kitts and Nevis, Antigua and Barbuda, or Vanuatu allows you to conduct overseas asset allocation as a Commonwealth citizen. This not only allows you to calmly cope with the impact of global CRS taxation and effectively save on asset allocation tax costs, but also enables you to utilize developed offshore finance to reasonably plan assets and achieve wealth preservation and appreciation.
WorldWay Group
The only officially authorized Chinese immigration agency for Saint Lucia/Dominica
Your premier choice for obtaining a Commonwealth passport
As one of the Top 500 Asian Brands and a leading institution in the investment immigration industry, WorldWay Group is also a pioneer in Commonwealth passport programs. As the only officially authorized Chinese immigration agency for Saint Lucia and Dominica, we have always maintained excellent relationships with Commonwealth governments, enabling us to provide timely official information and serve as a solid backing on your immigration journey.
In early November, the Prime Ministers of Saint Lucia and Dominica, old friends of WorldWay Group, visited WorldWay separately and attended the Prime Ministerial Afternoon Tea meetings hosted by WorldWay for the two popular Commonwealth passport programs, where they had face-to-face friendly exchanges with WorldWay clients. To date, WorldWay is the only immigration agency to have invited the Prime Ministers of Saint Lucia and Dominica to attend such afternoon tea meetings, which once again reflects the excellent trust, interaction, and cooperative relationship between WorldWay and the governments of Commonwealth countries such as Saint Lucia and Dominica.
Choose WorldWay, a formal, professional agency with excellent government relations, to make your immigration journey easier! For details, please consult: 400-138-2929.