There may be things you need to know about the CRS relationship between Singapore and China. Today, I happened to have dinner with a private banking account manager and product manager from a large bank in Singapore. During the conversation, we talked about the issue of CRS in Singapore, and we can give our friends another round of education. From the perspective of Singapore as a whole, China, like the United States, requires all users who open accounts with Chinese identity (including but not limited to passports, ID cards, and driver's licenses) to return their information to China. Even if you are a tax resident of Singapore, as long as you open an account with Chinese documents, your information must be returned to China. At present, private banks will begin to transfer assets in 2027, which is the tax year of 2028. Chinese users' assets in Singapore banks will be almost completely transparent, which is currently uncontrollable. Not only Singapore, but also all CRS member countries around the world have been requested by China to return data. Currently, there are only three exceptions: 1. 100% exception, if you obtain a passport from Singapore or a third country before 2028 and change all account opening information to that of a third country passport, it will no longer be related to Chinese taxation. 2. The most likely exception is the establishment of a trust, as the trust indicates that the assets are no longer directly related to you and are only distributed according to your wishes. Therefore, it does not currently involve CRS, but it is not completely unrelated. However, when the property is transferred to the beneficiary through the trust, CRS may still be required, but the main force of CRS is still trading or deposit users. 3. There are exceptions with greater opportunities, such as buying insurance, but it must be life insurance. If it is an annual dividend, it is not enough. Only long-term life insurance can be used. Life insurance does not need to pay taxes. Although it may be subject to CRS during settlement, it is more difficult to manage compared to trading users and bank deposit users. The probability of being CRS is lower, but higher than trust. From a global perspective, there is another possibility that is an exception: Banks from countries not included in the OECD CRS MCAA signatory list, such as the United States, Bhutan, Taiwan, Vietnam, Philippines, Cambodia, Laos, Myanmar, Bangladesh, Nepal, Sri Lanka, Iran, Iraq, Jordan, Egypt, Algeria, Ethiopia, Bolivia, Cuba, Venezuela, Zimbabwe, North Korea, Turkmenistan, Uzbekistan, etc., may not be required to consider CRS issues. Moreover, there is currently no deposit tax in China. If there is a deposit tax in the future, it may be even more troublesome. However, based on the current situation, these three are highly likely exceptions to the CRS. The new CRS 2.0 will be fully implemented around 2027, and there will be a lot of data to be submitted in the latest policy. The tax bureau can almost deduce all of your financial flows for this year by looking at the data.