Global Market: China's wealthy rush to unwind offshore trusts as tax deadline looms

Wealthy individuals in China are reportedly moving to unwind offshore trusts as a tax deadline approaches, while authorities increase efforts to identify offshore assets.

Greater scrutiny of offshore wealth

Tax authorities have stepped up work to identify wealthy individuals with assets held outside China. The intensified focus is putting offshore trusts under closer attention as affected individuals review or seek to unwind these structures.

The development points to a more active compliance environment for people holding wealth through offshore arrangements. The available information does not provide details on the deadline, the number of individuals involved or the specific jurisdictions affected.

What is known

• China’s wealthy are reportedly rushing to unwind offshore trusts.
• A tax deadline is approaching.
• Authorities are working to identify offshore assets held by wealthy individuals.

The immediate issue is the growing scrutiny of offshore wealth ahead of the looming tax deadline.