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China taxes offshore trusts used by ultra-rich, triggering rush to lawyers
Beijing’s surprise tax has prompted a scramble for cash among families that use offshore trusts to hold assets, CNBC said.
Beijing’s surprise decision to impose a tax on offshore trusts, a vehicle long used by China’s ultra-rich to hold money, has triggered immediate concern among wealthy families and the professionals who advise them, according to CNBC Markets and CNBC World.
Both outlets said the move has led to a rush to lawyers and a scramble for cash as affected individuals work to respond to the new tax treatment.
CNBC characterized the reaction as wealthy people seeking liquidity and legal guidance in the wake of the announcement.
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