China produces more millionaires and billionaires than any other country. Chinese high-net-worth-individuals (HNWIs) generally have great interest in using offshore trusts for wealth planning as a result of the unique benefits offshore trusts can offer coupled with the fact that Chinese domestic trusts are not suitable for wealth planning. One of the common questions I hear from my clients is “when is the best time to establish an offshore trust?” My standard response in the past was “it depends”. However, given certain recent developments in China relating to the next wave of tax reform, perhaps it is advisable to act immediately in order to avoid the adverse consequences caused by such tax reform. So what are these new developments?
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