The Economist recently noted that China's rapid economic growth has enabled many of its citizens to accumulate varying degrees of wealth. Today, China has nearly 400 billionaires, a figure second only to the United States. However, as the population gradually ages, more and more Chinese citizens are struggling to address a related issue: what will happen to this wealth after they pass away?
China does not have a tradition of writing wills. However, writing wills is becoming increasingly popular today. Last year, notary offices in Guangzhou processed 24,000 wills, a year-on-year increase of 20%. During the same period, Shanghai saw a similar growth rate. Data from China's Ministry of Justice shows that notary offices across the country have registered approximately 1.4 million wills, five times the number from 20 years ago.
A study released by the China Notary Association in 2015 showed that families across the country still overwhelmingly favor sons over daughters when distributing property. The China Will Registration Centre, which functions similarly to a national (will) notary institution in China, stated that many parents use wills to state their wishes directly: family assets should remain within their own family and should not be passed on to their children's spouses.
Many wealthy individuals with an international perspective also choose to invest and immigrate to countries with more mature personal property systems and no inheritance tax, handling will procedures through lawyers in the immigrant country in accordance with local laws. Generally, wealthy individuals with smaller asset scales choose Commonwealth countries in the Caribbean with lower immigration costs, such as Saint Kitts and Nevis, Saint Lucia, and Dominica.
Wealthy individuals with higher net worth are more inclined to choose EU citizenship with a low-tax system, such as a Cyprus EU passport. You only need to invest over 2 million euros in real estate. Whether it is one property or multiple properties, as long as the total value exceeds 2 million euros, your entire family can quickly obtain a Cyprus EU passport within 6 months. Cyprus is both a Commonwealth country and an EU member state. By investing and immigrating here, you can enjoy the benefits of EU citizenship while also benefiting from Cyprus's simple and favorable tax system, such as the absence of inheritance tax, which is highly popular among high-net-worth individuals.
WorldWay Group
The Pioneer and Leader in European Real Estate Immigration
Your Best Choice for Obtaining a Cyprus EU Passport
As one of the Top 500 Asian Brands and a leading institution in the investment immigration industry, WorldWay Group, as a pioneer and leader in Cyprus investment immigration, has always been at the forefront of the industry in promoting Cyprus EU passport immigration: in 2011, it was the first to introduce the Cyprus permanent residence and citizenship by investment program to China, starting a wonderful journey of European investment immigration; in 2014, the "Paphos Night" events in Beijing and Shanghai were the first investment and cultural exchange events in China themed around a European city.
For many years, WorldWay has maintained a positive and friendly cooperative relationship with the Cyprus government, enabling it to obtain official investment immigration news in a timely manner and provide clients with comprehensive and perfect follow-up services. Choose WorldWay for your Cyprus EU passport and make your immigration journey easier! For details, please call: 400-138-2929.
