Time flies, and in the blink of an eye, 2018 has arrived, bringing CRS along with it. Recently, according to official data from the OECD, mainland China has successfully activated automatic exchange of tax information relationships under the MCAA with 13 additional countries and regions, including Switzerland, in addition to the 61 countries and regions previously established.
Accordingly, in September 2018, China will provide account information held by tax residents in Chinese financial institutions to the governments of 56 countries and regions, including the United Kingdom. Meanwhile, 74 countries and regions, including Switzerland, will provide the Chinese government with account information held by Chinese tax residents in their respective financial institutions in September 2018.
The implementation of CRS in Hong Kong and Macau is also proceeding intensively. Currently, Hong Kong and Macau are adopting a bilateral "pairing" model under CRS rather than the multilateral "pairing" model under the MCAA. Therefore, although Hong Kong has listed mainland China in its previously announced list of intended CRS information exchange partners, the OECD has not yet published this on its official website.
It is worth noting that according to a statement released by the OECD last month, the Chinese government has agreed in principle to extend the effectiveness of the Convention on Mutual Administrative Assistance in Tax Matters to Hong Kong and Macau, enabling both regions to achieve multilateral information exchange under the MCAA model in 2018. Before the Convention formally takes effect for Hong Kong and Macau, both regions will continue to implement relevant CRS rules with their respective partners under the existing bilateral "pairing" model.
Recently, the Chinese version of the multilateral tax data service platform for CRS was officially announced to be live on the State Taxation Administration's portal, marking another step forward in China's efforts regarding the automatic exchange of tax-related information under CRS.
The series of information above indicates that CRS is drawing ever closer! How should high-net-worth individuals who hold extensive overseas financial accounts for global asset allocation respond rationally?
Respond rapidly to CRS with a Commonwealth passport. The response to CRS must be not only fast but also precise. Commonwealth passports, such as those from Saint Lucia, Dominica, Saint Kitts and Nevis, Antigua and Barbuda, and Vanuatu, are powerful tools for addressing CRS. They not only help you manage CRS compliance effectively but also fulfill various needs in one go, including children's education, retirement migration, global asset allocation, and global mobility. They are the premier choice for wealth preservation, appreciation, and rational tax planning.
Recently, in the article "Worldway Immigration Group Exclusively Releases 'Five Major Immigration Trends for 2018'," Worldway immigration experts predicted that as China implements the first exchange of financial account tax information under CRS in September 2018, global tax transparency will reach unprecedented levels. Investment immigration programs with low tax rates will become highly popular. Considerations regarding tax systems will become a significant factor influencing immigration investment trends. Taxation and business will become another major driver for immigration, second only to children's education.
Commonwealth countries in the Caribbean and South Pacific regions share common characteristics such as simple tax systems, no overseas income tax, and no inheritance or value-added taxes. Therefore, they will attract more investment immigrants to make immigration choices from a commercial and tax perspective. In particular, investment citizenship programs in countries like Saint Lucia and Dominica, which have lower investment costs and higher cost-effectiveness, will be more popular. Due to Saint Lucia's unique national conditions, it will become the Commonwealth country with the fastest growth in applicant numbers in 2018.
Worldway Immigration Group
The only officially authorized Chinese immigration agency for Saint Lucia/Dominica
Your premier choice for obtaining a Commonwealth passport
As a top 500 Asian brand and a leading institution in the investment immigration industry, Worldway Immigration Group is also a pioneer in Commonwealth passport programs. We maintain strong trust, interaction, and cooperative relationships with the governments of several Commonwealth countries. As the only officially authorized Chinese immigration agency for Saint Lucia and Dominica, we will be a solid backing on your immigration journey.
In early November 2017, old friends of Worldway Immigration Group, the Prime Ministers of Saint Lucia and Dominica, visited Worldway respectively and attended the Prime Ministerial Afternoon Tea hosted by Worldway for the two popular Commonwealth passport programs, engaging in face-to-face, cordial exchanges with Worldway clients. Worldway is the only immigration agency to date to have invited the Prime Ministers of Saint Lucia and Dominica to an afternoon tea, once again reflecting the excellent trust, interaction, and cooperative relationship between Worldway and the governments of Commonwealth countries such as Saint Lucia and Dominica.
Choose the professional and reputable Worldway Immigration Group, which possesses strong government relations, to make your immigration journey easier! Starting from just $100,000, you can not only quickly apply for a Saint Lucia passport for your whole family and enjoy Commonwealth citizen benefits, but also respond rapidly to CRS—achieving multiple goals at once! For more details, please consult: 400-138-2929.