Worldway Group News: It is reported that the data reporting for the 'China version of CRS' was completed on May 31, 2018. This means that the 'China CRS' has finished the phase of tax-related information collection and receipt, and is set to enter the implementation phase this September, carrying out the first exchange of information.
Image captured from the State Taxation Administration website
On May 19, 2017, the State Taxation Administration and five other ministries jointly issued the 'Administrative Measures for Due Diligence on Tax-Related Information of Non-Resident Financial Accounts' (hereinafter referred to as the 'Administrative Measures'), marking the official launch of the 'China version of CRS'. This means that China will begin to exchange financial account information of each other's residents with other countries or regions around the world, realizing the automatic exchange of tax information between nations or regions.
Subsequently, the 'China version of CRS' train has been moving at a speed beyond people's imagination:
July 1, 2017: The 'Administrative Measures' were officially implemented;
May 8, 2018: The collection and receipt of tax-related information were initiated;
May 14, 2018: The Director of the International Taxation Department of the State Taxation Administration stated at the 'Belt and Road' Tax Cooperation Conference that as of April 2018, Chinese tax authorities had established cooperative relationships with 25 international and regional tax organizations, established bilateral tax cooperation mechanisms with 117 countries and regions, signed tax agreements with 54 'Belt and Road' countries and regions, and released 75 country-specific investment tax guides.
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Facing the aggressive 'China version of CRS', the wealth of groups including but not limited to the following will be profoundly affected in the future: (1) Foreign individuals (i.e., from CRS participating countries) working in China and opening financial accounts in China; (2) Overseas Chinese or ethnic Chinese from CRS participating countries who hold financial accounts in China; (3) Chinese citizens holding overseas (i.e., in CRS participating countries) financial accounts; (4) Chinese citizens holding more than 25% of a company's equity, where the company owns overseas (i.e., in CRS participating countries) financial accounts; (5) Chinese citizens holding listed company stocks through overseas (i.e., in CRS participating countries) securities firms; (6) Chinese citizens purchasing overseas (i.e., in CRS participating countries) insurance or annuities with cash value; (7) Chinese citizens acting as settlors, trustees, beneficiaries, or other individuals with ultimate effective control over overseas (i.e., in CRS participating countries) trusts.
As a high-net-worth individual, are you just going to watch your assets 'run naked' and be helpless?!
No! In fact, you have many choices. You can fully cope with CRS, plan your assets reasonably, and easily take the initiative! Without a doubt, apply for a Commonwealth passport immediately. From now on, put your assets into an 'asset safe'. A Commonwealth passport, known as an 'asset planner', will help you realize your dream of reasonable global asset allocation in one step, and obtain double insurance for freedom and wealth.
Recently, Li Ka-shing, who has been the richest man in the Chinese world for many years, stated when talking about immigration issues that having multiple passports is 'not strange', and 'use whichever one is useful'.
Coincidentally, Wall Street financial tycoon Jim Rogers also stated in an interview with the media that in the next 10, 15, or 20 years, it is very dangerous to have only one passport. The future situation is very 'turbulent', and you must have a Plan B. Having a second passport will give you a second chance to survive.
It is not surprising that these business leaders would express such sentiments. Taking Commonwealth passports favored by investors in recent years as examples, such as the Saint Kitts and Nevis passport, Saint Lucia passport, Dominica passport, Antigua and Barbuda passport, and Vanuatu passport, these countries are all 'asset allocation paradises' with no inheritance tax, gift tax, capital gains tax, and no global taxation. They can well realize the minimization of costs for global asset allocation and the optimization of asset planning schemes that high-net-worth individuals desire, thereby better ensuring the preservation and appreciation of assets.
In addition, holding a Commonwealth passport also allows visa-free access to more than 120 countries and regions around the world, such as the UK, EU Schengen countries (e.g., Germany, France), and some developed countries in North America and Asia (e.g., Singapore), truly realizing a spontaneous trip anytime, anywhere. More importantly, with a Commonwealth passport, your children can enjoy authentic high-end British-style education. Commonwealth member states mutually recognize credits and academic qualifications, and your children can choose to continue their studies among many Commonwealth countries! If they return to China as international students, they can easily enroll in domestic international schools, and even be admitted to top domestic universities like Tsinghua University without written exams... Such benefits are too numerous to mention.
Applying for passport immigration is a long and complex process. Choosing a formal, professional immigration agency with good relationships is very important!
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Worldway Group
Pioneer of Commonwealth Passport Projects
Leading Institution for the Saint Kitts and Nevis Citizenship Program
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Your Best Choice for Handling Commonwealth Passports
After investors and their families obtain citizenship through immigration, they will have inextricable ties with the country for life, such as reissuing lost passports, renewing expired passports, requiring Commonwealth consular protection during international travel, as well as marital status, non-criminal records, birth certificates, proof of kinship, proof of address, proof of residence, tax identification numbers, etc. All these aspects related to a citizen's life and career may require government assistance and the issuance of valid supporting documents. These matters all need to be handled with the assistance of an intermediary agency that has good relationships with the government. This is the advantage of Worldway Group!
Choose Worldway for your Commonwealth passport, making your immigration journey easier! For details, please consult: 400-138-2929.