With the arrival of 2018, the countdown to China's first implementation of the CRS financial account tax information exchange in September 2018 has begun, and there is truly little time left for high-net-worth individuals to address global taxation under CRS.
CRS global taxation is in full swing, with initial results emerging
Among the more than 100 countries and regions that have committed to implementing CRS, the first batch of 50 countries completed the exchange of financial account tax information in September 2017, and the remaining countries will begin exchanging information in 2018. Among them, China, as a country in the second batch to conduct its first information exchange, will provide account information held by Chinese tax residents in Chinese financial institutions to the governments of 56 countries and regions, including the United Kingdom, in September 2018. Meanwhile, 74 countries and regions, including Switzerland, will provide information on accounts held by Chinese tax residents in their respective financial institutions to the Chinese government in September 2018.
In fact, CRS global taxation already showed initial results in 2017. According to a tax report released by the Organisation for Economic Co-operation and Development (OECD) during the G20 summit, as of July 2017, nearly 2,000 bilateral relationships for automatic information exchange had been activated, and the progress of information exchange exceeded expectations: approximately 500,000 natural persons disclosed offshore assets, resulting in approximately 85 billion euros in additional tax revenue!
As 2018 CRS global taxation arrives, Commonwealth passports demonstrate their power
With China's first implementation of the CRS financial account tax information exchange in September 2018, global tax transparency will reach an unprecedented level, and information on the overseas assets of high-net-worth individuals will become increasingly transparent. Therefore, how to reasonably respond to CRS and avoid the disclosure of overseas asset information has become an urgent issue for high-net-worth individuals to resolve.
Against the backdrop of CRS, Commonwealth passport programs that offer exemption from global taxation—such as the Saint Lucia passport program, the Dominica passport program, the Saint Kitts and Nevis passport program, the Antigua and Barbuda passport program, and the Vanuatu passport program—are highly sought after by high-net-worth individuals. With an investment starting from just $100,000 (minimum $100,000 for Saint Lucia, Dominica, and Antigua; $130,000 for Vanuatu; $150,000 for Saint Kitts), the whole family can quickly apply for and obtain a Commonwealth passport. Among these, the Saint Lucia and Dominica passports, which feature low investment costs and high cost-effectiveness, are particularly popular.
These Commonwealth countries have simple tax systems, share common features such as exemption from overseas income tax, inheritance tax, and value-added tax, and have no foreign exchange controls. Using a Commonwealth passport identity to open overseas accounts and hold overseas assets can reasonably address the impact of CRS, while also satisfying multiple needs such as children's education, immigration for retirement, global asset allocation, and global travel convenience in one go, which can be described as achieving multiple goals at once.
WorldWay Group
The only officially authorized Chinese immigration agency for Saint Lucia/Dominica
Your first choice for processing a Commonwealth passport
Immigration is a long-term and complex matter, and choosing a formal, professional immigration agency with good government relations is very important. As a leading institution in the investment immigration industry, WorldWay Group, as a pioneer of Commonwealth passport programs, has always maintained good trust, interaction, and cooperative relationships with the governments of various Commonwealth countries. It is the only officially authorized Chinese immigration agency for Saint Lucia and Dominica, making it your best choice for processing a Commonwealth passport program.
WorldWay's good relationship with the government of Saint Lucia:
The only officially authorized Chinese immigration agency for Saint Lucia;
The only immigration agency invited by the Prime Minister of Saint Lucia to visit Saint Lucia and received by the Prime Minister and government officials;
The only immigration agency to invite the Prime Minister of Saint Lucia and the Director of the Saint Lucia Immigration Department to attend a tea party for the Prime Minister and investors.
WorldWay's good relationship with the government of Dominica:
The only officially authorized Chinese immigration agency for Dominica;
The immigration agency with the highest frequency of mutual visits with the Prime Minister of Dominica;
The only immigration agency to invite the Prime Minister of Dominica and the Director of the Dominica Immigration Department to attend a tea party for the Prime Minister and investors.
Choose WorldWay for your Saint Lucia, Dominica, and other Commonwealth country passports, and make your immigration journey easier! For details, please consult: 400-138-2929.