China tax shift: Offshore trusts face reality check as CRS disclosures bite

China’s tax authorities are increasingly utilising Common Reporting Standard (CRS) disclosures to review the offshore wealth structures of mainland UHNW individuals, prompting greater scrutiny among families who have traditionally viewed trusts as “set-and-forget” vehicles. Clifford Ng, managing partner at Zhong Lun Law Firm in Hong Kong, told Asian Private Banker recently that tax rules and their enforcement can change quickly,…

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