China’s Tycoons Made Fortunes Offshore. Now the Party Is Over.

China’s Tycoons Made Fortunes Offshore. Now the Party Is Over.

In a series of new rules and laws, China is reordering the wealth landscape, seeking to better control how money leaves the country.

China targets offshore trusts with new tax rules

China is stepping up scrutiny of overseas assets held by its richest families by imposing personal income tax on offshore trusts, the South China Morning Post (SCMP) reported. The change aims to close a “loophole” long used by the wealthy to avoid tax and to ease fiscal pressures aggravated partly by a prolonged downturn in domestic housing prices. A recent statement from the Ministry of Finance indicated that the broader crackdown has now reach…