China's Wealthy Seek Tax Advice Amid New Offshore Trust Tax
China's Ministry of Finance has introduced a new tax on offshore trusts, causing a rush among wealthy Chinese for legal and financial advice. The tax, which imposes a 20% levy on various stages of a trust's lifecycle, affects assets transferred into trusts since 2023. This move has significant implications for the offshore trust industry, particularly in Hong Kong and Singapore, where many Chinese high-net-worth individuals hold assets. The new rules have created urgency among families and advisors to assess the tax impact and explore asset liquidation options before the October deadline. 
