EconomyNYC’s wealthy Chinese grapple with Beijing’s tax rules as enforcement deadline nears

Beijing’s new rules for offshore trusts have reached New York City, home to one of the largest concentrations of mainland Chinese wealth outside Asia, after also affecting Hong Kong and Singapore. Effective July 24, the rules impose a 20 per cent tax on realised gains and an annual income tax on mainland tax residents who transfer assets into offshore trusts or receive distributions.

offshore truststax rulesNew York wealth

SSouth China Morning Post★★☆☆☆2026-09-14 22:00Original