Recently, I've seen a lot of similar messages, mainly regarding the CRS system. Generally speaking, opening an account in Hong Kong to trade US stocks will result in data being transmitted back. Among Asian countries, Hong Kong, Macau, Singapore, Japan, South Korea, and Vietnam are all part of the CRS system. Therefore, even if you open an account in these countries or regions, if you are still considered a tax resident of China, your financial information will be sent back to China.

It is important to note that if you hold an EP in Singapore and reside there for more than 183 days within a year, you will become a tax resident of Singapore, and your information will not be transmitted back.

Additionally, there is no CRS relationship between the United States and China. Although there is the FATCA system, FATCA only involves one-way transmission, meaning that China is required to transmit information about US tax citizens, but the US does not transmit information to China. In simpler terms, if you open an account with a US brokerage, CRS will not be able to access your securities information.

Of course, China has a global tax obligation, and as a qualified taxpayer, you are obligated to proactively report your income, regardless of whether CRS can see it. Proactive tax payment is an obligation that tax residents should fulfill.

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