The sky has fallen, and the door to the hidden overseas wealth of China's rich has been blocked! 🧐

According to Reuters, domestic tax authorities will start imposing personal income tax on assets in overseas trusts and their generated income from Friday, charging a personal income tax of 20% on "interest, dividends, and other income."

In the past, many top domestic billionaires transferred equity, real estate, or cash assets overseas, to offshore locations such as the Cayman Islands, BVI, and Jersey, establishing irrevocable offshore trusts. Since the property rights belong to offshore trust companies and are no longer owned by individuals, there was no need to pay personal income tax.

The new regulation clearly states that as long as the trustee or actual controller is a tax resident in China, the assets and income will be "pierced" and recognized as personal income.

That said, the value of overseas identity and privacy cryptocurrencies is expected to rise in the future, preparing to invest in some #ZEC.

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