Beijing’s tax crackdown tests wealthy Chinese property buyers in Singapore

[SINGAPORE] China’s tightening grip on offshore wealth may be forcing wealthy Chinese to rethink how – and where – they hold their assets, with Singapore property bought under trust structures especially under scrutiny.

Beijing has been stepping up efforts to enforce taxes on offshore income and gains made by Chinese tax residents.

In late July, the country imposed a 20 per cent income tax on offshore trusts, long viewed as a grey area through which high-net-worth individuals have been harbouring wealth. Beijing’s move has stoked concern that the authorities could broaden their tax net further.