The Swiss Federal Tax Administration (FTA) issued an announcement on its official website on October 5, stating that in accordance with the Standard for Automatic Exchange of Financial Account Information (AEOI), the Swiss Federal Tax Administration had exchanged financial account information with tax authorities of certain countries (or regions) at the end of September. This is the first time in history that such an action has been taken.
CRS will usher in an era of tax financial information transparency
The Swiss banking secrecy rule, which has lasted for more than three hundred years, is on the decline. This all indicates that the CRS will usher in an era of tax financial information transparency...
According to the announcement, the first batch of countries to exchange information with the Swiss Federal Tax Administration in accordance with the AEOI standard includes Romania (EU) and nine other countries and regions: Australia, Canada, Guernsey, Iceland, the Isle of Man, Japan, Jersey, Norway, and South Korea.
The AEOI standard consists of two parts: the MCAA (Multilateral Competent Authority Agreement) and the CRS (Common Reporting Standard). AEOI is a set of standards; MCAA refers to the exchange operational procedures between government tax departments; while CRS refers to the requirements for financial institutions to exchange information with their domestic tax authorities.
It must be emphasized that the CRS targets non-resident accounts. For example, if a Chinese citizen has a financial account in Switzerland, it is considered a non-resident account from the perspective of Switzerland. Switzerland will exchange the financial account information of this person with China, and the same applies to China.
Asset Allocation, Identity First
Under the influence of CRS implementation, wealth is essentially exposed! Therefore, more and more high-net-worth individuals are realizing the importance of planning overseas asset allocation in advance, and the concept of "Identity First" is becoming increasingly popular!
When tax planning becomes a consideration for immigration, some visionary investors choose to immigrate and plan their identity. Obtaining status through investment immigration is not limited to enjoying high-quality education, medical care, and other benefits; it has become an important way to preserve and increase the value of assets. Therefore, experts suggest that obtaining a third-country passport is a good choice! For example, the Commonwealth member state of Grenada is one of the good choices!
What are the unique advantages of investment immigration to Grenada?
1. Currently the only country among the Caribbean investment citizenship programs that allows siblings to accompany the applicant, offering ultra-humanized family member immigration;
2. The only country among the Caribbean investment citizenship programs that has signed an E-2 investor visa treaty with the United States, making its citizens eligible to apply for U.S. non-immigrant visas;
3. Visa-free or visa-on-arrival access to more than 140 countries/regions worldwide, including mainland China (currently the only country among Caribbean investment citizenship programs with visa-free access to mainland China), Hong Kong, Macau, the European Union, Schengen countries, Singapore, South Korea, etc.
4. One person invests, four generations can accompany, obtaining citizenship in one step;
5. Dependents can be added after citizenship is obtained;
6. Favorable tax system, no property tax, inheritance tax, gift tax, etc., not a global tax system, directly facing the CRS;
7. Children can enjoy top-tier British-style education and have the opportunity to return to China as international students to be admitted to top domestic universities without taking the written entrance examination.
As one of the pioneers of the Commonwealth passport program, WorldWay Group is one of the immigration agencies that first introduced multiple Commonwealth fast-track passport programs (investment citizenship plans) to China. WorldWay maintains good relationships with the governments of many Commonwealth countries. With 21 years of rich practical experience and the philosophy of "Integrity-based, Client-first," it carefully selects projects and provides professional services to clients, with successful cases all over the world!
One of the immigration agencies that introduced multiple Commonwealth fast-track passport programs (investment citizenship plans) to China early on;
Global general agent for the investment passport program of the Republic of Kiribati, a Commonwealth country, at the beginning of this century;
Global first-tier agent for the investment citizenship program of the Republic of Nauru, a Commonwealth country;
One of the immigration agencies that first introduced the St. Kitts and Nevis investment citizenship plan to China;
The first to hold investment citizenship seminars featuring heads of Commonwealth countries;
Dr. Winner Xing, Chairman of WorldWay Group (first from right), Ms. Li Ma, Vice President of WorldWay Group (second from right), and Ms. Tracy Sun, General Manager of WorldWay Group Beijing Company (first from left), in a friendly meeting and photo session with Thomas Anthony, Director of the Grenada Citizenship by Investment Unit (second from left)
Currently, WorldWay is launching multiple preferential benefits for Grenada investment immigration, making it the best time for you to apply for a Grenada passport! Investors interested in applying for a Grenada Commonwealth passport should contact a WorldWay consultant as soon as possible. Sign up early to benefit early; opportunities wait for no one!
With the global implementation of CRS, how can you calmly face wealth transparency and accurately carry out wealth succession? One-click to break through the confusion: 400-138-2929