1/248 <font color=red>aaa</font> 09-07 19:01:34-09-07 19:01:36 What are the three things that Chinese wealthy people have?<br>2/248 <font color=red></font> 09-07 19:01:34-09-07 19:01:38 The answer is to register a company in the Cayman Islands.<br>3/248 <font color=red>hp</font> 09-07 19:01:35-09-07 19:01:36 Possess a passport from a small country,<br>4/248 <font color=red>n</font> 09-07 19:01:36-09-07 19:01:38 Establish a family trust.<br>5/248 <font color=red>bg</font> 09-07 19:01:37-09-07 19:01:46 These three items each have their own function.<br>6/248 <font color=red>hp</font> 09-07 19:01:38-09-07 19:01:38 Foreign companies can save taxes by going public.<br>7/248 <font color=red>aaa</font> 09-07 19:01:38-09-07 19:01:46 Foreign passports can leave the country at any time.<br>8/248 <font color=red></font> 09-07 19:01:39-09-07 19:01:46 Offshore family trust protects assets.<br>9/248 <font color=red></font> 09-07 19:01:40-09-07 19:01:46 Over the past two decades,<br>10/248 <font color=red>n</font> 09-07 19:01:41-09-07 19:01:46 In China, a successful private entrepreneur.<br>11/248 <font color=red>hp</font> 09-07 19:01:41-09-07 19:01:46 Whether it's real estate or the internet,<br>12/248 <font color=red></font> 09-07 19:01:42-09-07 19:01:52 Once a business has gone public, it will invariably follow t...<br>13/248 <font color=red>de</font> 09-07 19:01:44-09-07 19:01:52 However,<br>14/248 <font color=red>bg</font> 09-07 19:01:47-09-07 19:01:52 These three pieces are not very stylish anymore.<br>15/248 <font color=red></font> 09-07 19:01:47-09-07 19:01:52 July 24, 2026.<br>16/248 <font color=red>aaa</font> 09-07 19:01:48-09-07 19:01:52 The Ministry of Finance of China issued Announcement No. 21,<br>17/248 <font color=red></font> 09-07 19:01:49-09-07 19:01:52 This content, which is less than 300 words long,<br>18/248 <font color=red>n</font> 09-07 19:01:50-09-07 19:01:52 Plug and play.<br>19/248 <font color=red>hp</font> 09-07 19:01:50-09-07 19:01:52 The document, which came into effect today, requires...<br>20/248 <font color=red>xss</font> 09-07 19:01:52-09-07 19:02:20 The equity appreciation in offshore family trusts, where the...<br>21/248 <font color=red>bg</font> 09-07 19:01:53-09-07 19:01:59 Pay the overdue tax in one go.<br>22/248 <font color=red></font> 09-07 19:01:54-09-07 19:01:59 For a long time,<br>23/248 <font color=red></font> 09-07 19:01:55-09-07 19:01:59 A so-called myth is circulating in the wealthy circles of Ch...<br>24/248 <font color=red>hp</font> 09-07 19:01:56-09-07 19:01:59 That is, no matter what the domestic environment is like.<br>25/248 <font color=red>aaa</font> 09-07 19:01:56-09-07 19:01:59 As long as the assets are placed in an offshore trust,<br>26/248 <font color=red>de</font> 09-07 19:01:57-09-07 19:02:04 This money, even if it's put in a safe,<br>27/248 <font color=red>n</font> 09-07 19:01:58-09-07 19:01:59 Now, you can rest assured.<br>28/248 <font color=red></font> 09-07 19:01:59-09-07 19:02:04 However, starting from July 24th,<br>29/248 <font color=red>bg</font> 09-07 19:01:59-09-07 19:02:04 This myth has also been shattered.<br>30/248 <font color=red></font> 09-07 19:02:01-09-07 19:02:04 This is not a targeted crackdown on anyone.<br>31/248 <font color=red></font> 09-07 19:02:02-09-07 19:02:12 Instead, it represents the most significant rewriting of rul...<br>32/248 <font color=red>hp</font> 09-07 19:02:03-09-07 19:02:04 To figure out why this new regulation is being redefined,<br>33/248 <font color=red>n</font> 09-07 19:02:04-09-07 19:02:04 Now I understand how the Asta Trust helps wealthy people eva...<br>34/248 <font color=red>aaa</font> 09-07 19:02:04-09-07 19:02:12 In a nutshell,<br>35/248 <font color=red>bg</font> 09-07 19:02:06-09-07 19:02:15 Offshore means registering your company's legal entity and a...<br>36/248 <font color=red></font> 09-07 19:02:07-09-07 19:02:15 Aside from operating and paying taxes,<br>37/248 <font color=red>n</font> 09-07 19:02:08-09-07 19:02:12 Generally, it refers to the Cayman Islands.<br>38/248 <font color=red>de</font> 09-07 19:02:09-09-07 19:02:15 The British Virgin Islands and places like St. Croix have so...<br>39/248 <font color=red>hp</font> 09-07 19:02:10-09-07 19:02:12 It is very friendly to the wealthy,<br>40/248 <font color=red></font> 09-07 19:02:10-09-07 19:02:20 Like corporate tax,<br>41/248 <font color=red>aaa</font> 09-07 19:02:12-09-07 19:02:15 Inheritance tax,<br>42/248 <font color=red></font> 09-07 19:02:13-09-07 19:02:17 There is also capital gains tax.<br>43/248 <font color=red>hp</font> 09-07 19:02:14-09-07 19:02:15 Almost negligible,<br>44/248 <font color=red>n</font> 09-07 19:02:15-09-07 19:02:20 Even zero.<br>45/248 <font color=red>bg</font> 09-07 19:02:16-09-07 19:02:24 Offshore Trust is simply putting the shell of "offshore" aro...<br>46/248 <font color=red>aaa</font> 09-07 19:02:16-09-07 19:02:20 Your assets are located in the same location as your trustee...<br>47/248 <font color=red></font> 09-07 19:02:17-09-07 19:02:25 The entire architecture is located outside my area of jurisd...<br>48/248 <font color=red>hp</font> 09-07 19:02:18-09-07 19:02:21 It sounds like a mystery.<br>49/248 <font color=red>de</font> 09-07 19:02:20-09-07 19:02:28 In essence, it's about separating ownership and beneficiary ...<br>50/248 <font color=red></font> 09-07 19:02:21-09-07 19:02:25 A small, self-absorbed Larhu often thinks to himself...<br>51/248 <font color=red>n</font> 09-07 19:02:21-09-07 19:02:25 Whose property is, belongs to them.<br>52/248 <font color=red>aaa</font> 09-07 19:02:22-09-07 19:02:25 Who is responsible.<br>53/248 <font color=red></font> 09-07 19:02:23-09-07 19:02:30 But the trust is exactly opposite.<br>54/248 <font color=red>xss</font> 09-07 19:02:24-09-07 19:02:40 The principal entrusts his property to the agent.<br>55/248 <font color=red>hp</font> 09-07 19:02:25-09-07 19:02:28 The trustee is usually a professional trust company.<br>56/248 <font color=red>bg</font> 09-07 19:02:25-09-07 19:02:28 Legally speaking,<br>57/248 <font color=red>aaa</font> 09-07 19:02:26-09-07 19:02:28 After completing this step,<br>58/248 <font color=red></font> 09-07 19:02:27-09-07 19:02:33 This money will no longer belong to the client.<br>59/248 <font color=red>n</font> 09-07 19:02:28-09-07 19:02:30 Instead, it is under the control of a trustee.<br>60/248 <font color=red></font> 09-07 19:02:28-09-07 19:02:36 The beneficiary is usually only identified by their name.<br>61/248 <font color=red>hp</font> 09-07 19:02:29-09-07 19:02:33 The beneficiaries are those who, according to the terms of t...<br>62/248 <font color=red>de</font> 09-07 19:02:30-09-07 19:02:36 The person who receives money regularly.<br>63/248 <font color=red>bg</font> 09-07 19:02:31-09-07 19:02:40 Of course, the beneficiary is not necessarily the person who...<br>64/248 <font color=red>aaa</font> 09-07 19:02:33-09-07 19:02:36 It can also be someone he designates.<br>65/248 <font color=red>n</font> 09-07 19:02:34-09-07 19:02:36 For example, children.<br>66/248 <font color=red></font> 09-07 19:02:34-09-07 19:02:40 This seems a bit contradictory.<br>67/248 <font color=red></font> 09-07 19:02:35-09-07 19:02:40 A person gives money to another.<br>68/248 <font color=red>hp</font> 09-07 19:02:36-09-07 19:02:40 This is the safest approach.<br>69/248 <font color=red></font> 09-07 19:02:37-09-07 19:02:48 But it's precisely this kind of behavior,<br>70/248 <font color=red>aaa</font> 09-07 19:02:39-09-07 19:02:40 Woven a safe protective net.<br>71/248 <font color=red>n</font> 09-07 19:02:39-09-07 19:02:40 Think about it,<br>72/248 <font color=red>de</font> 09-07 19:02:40-09-07 19:02:48 Since this property is no longer in your possession,<br>73/248 <font color=red>bg</font> 09-07 19:02:41-09-07 19:02:48 So, when I divorce my spouse in the future,<br>74/248 <font color=red></font> 09-07 19:02:42-09-07 19:02:48 It's just a matter of natural division.<br>75/248 <font color=red>hp</font> 09-07 19:02:44-09-07 19:02:48 The same goes for the other one.<br>76/248 <font color=red>aaa</font> 09-07 19:02:45-09-07 19:02:48 The property is not owned by your company.<br>77/248 <font color=red>n</font> 09-07 19:02:45-09-07 19:02:48 In case your company is ever sued by creditors,<br>78/248 <font color=red></font> 09-07 19:02:46-09-07 19:03:00 It's the same as when creditors apply to freeze assets.<br>79/248 <font color=red>xss</font> 09-07 19:02:48-09-07 19:03:13 I think it's more likely that this money never even made it ...<br>80/248 <font color=red>bg</font> 09-07 19:02:49-09-07 19:02:55 Instead, stay in the Cayman Islands or another dazzling gem ...<br>81/248 <font color=red></font> 09-07 19:02:50-09-07 19:02:55 Applicable to local trust laws.<br>82/248 <font color=red>aaa</font> 09-07 19:02:51-09-07 19:02:55 If the case is decided by a domestic court,<br>83/248 <font color=red>n</font> 09-07 19:02:51-09-07 19:02:55 Even if you try to force it, it's not effective.<br>84/248 <font color=red></font> 09-07 19:02:52-09-07 19:03:00 What truly makes wealthy Chinese people feel secure is not t...<br>85/248 <font color=red>hp</font> 09-07 19:02:54-09-07 19:02:55 Its biggest value is that it was previously inaccessible to ...<br>86/248 <font color=red>de</font> 09-07 19:02:55-09-07 19:03:05 Actually, the Chinese government was not unaware of this mon...<br>87/248 <font color=red>bg</font> 09-07 19:02:56-09-07 19:03:05 Because China had already joined the CRS common reporting st...<br>88/248 <font color=red></font> 09-07 19:02:56-09-07 19:03:05 This is a mechanism for automatic exchange of tax informatio...<br>89/248 <font color=red>aaa</font> 09-07 19:02:57-09-07 19:03:00 This mechanism allows domestic tax authorities to obtain inf...<br>90/248 <font color=red>n</font> 09-07 19:02:58-09-07 19:03:00 So the problem is not whether you know or don't know,<br>91/248 <font color=red>hp</font> 09-07 19:03:00-09-07 19:03:05 Instead, it's about whether to intervene or not, and what th...<br>92/248 <font color=red></font> 09-07 19:03:01-09-07 19:03:05 As long as this money remains overseas,<br>93/248 <font color=red>n</font> 09-07 19:03:02-09-07 19:03:05 Trust, not to move.<br>94/248 <font color=red>aaa</font> 09-07 19:03:04-09-07 19:03:05 Will not return to the Chinese mainland.<br>95/248 <font color=red></font> 09-07 19:03:05-09-07 19:03:17 Therefore, according to the past tax laws, there is no speci...<br>96/248 <font color=red>bg</font> 09-07 19:03:05-09-07 19:03:10 Therefore, for wealthy individuals in China,<br>97/248 <font color=red></font> 09-07 19:03:06-09-07 19:03:10 It's like getting an unlimited toll pass.<br>98/248 <font color=red>hp</font> 09-07 19:03:07-09-07 19:03:10 Actually,<br>99/248 <font color=red>n</font> 09-07 19:03:07-09-07 19:03:10 The U.S. government began implementing the "Fat Card Act" as...<br>100/248 <font color=red></font> 09-07 19:03:08-09-07 19:03:13 Require global financial institutions to disclose informatio...<br>101/248 <font color=red>de</font> 09-07 19:03:09-09-07 19:03:21 And the countries that participate in the CRS global tax inf...<br>102/248 <font color=red>aaa</font> 09-07 19:03:10-09-07 19:03:13 This is in accordance with international conventions.<br>103/248 <font color=red>bg</font> 09-07 19:03:11-09-07 19:03:13 Undisputed.<br>104/248 <font color=red></font> 09-07 19:03:11-09-07 19:03:21 July 24, 2026<br>105/248 <font color=red>hp</font> 09-07 19:03:12-09-07 19:03:13 This announcement from the Chinese Ministry of Finance,<br>106/248 <font color=red>n</font> 09-07 19:03:13-09-07 19:03:17 It's like welding the window shut, making it impossible to o...<br>107/248 <font color=red></font> 09-07 19:03:14-09-07 19:03:17 He's been caught.<br>108/248 <font color=red>bg</font> 09-07 19:03:15-09-07 19:03:21 He no longer expects you to transfer the money back home.<br>109/248 <font color=red>hp</font> 09-07 19:03:15-09-07 19:03:17 Amount,<br>110/248 <font color=red>aaa</font> 09-07 19:03:16-09-07 19:03:17 Start collecting taxes,<br>111/248 <font color=red>xss</font> 09-07 19:03:17-09-07 19:03:35 Instead, the tax levy is shifted to every stage of trust ope...<br>112/248 <font color=red>hp</font> 09-07 19:03:18-09-07 19:03:21 Once you put your equity in real estate into a trust,<br>113/248 <font color=red></font> 09-07 19:03:19-09-07 19:03:27 The tax authorities will then recognize this as a taxable pr...<br>114/248 <font color=red>aaa</font> 09-07 19:03:19-09-07 19:03:21 After that, the trust will be distributed according to the n...<br>115/248 <font color=red>n</font> 09-07 19:03:20-09-07 19:03:21 Pay 20% of the income tax on property transfer.<br>116/248 <font color=red></font> 09-07 19:03:21-09-07 19:03:31 If you put money in a trust and bought stocks,<br>117/248 <font color=red>bg</font> 09-07 19:03:22-09-07 19:03:27 And generated cash dividends and stock dividends.<br>118/248 <font color=red></font> 09-07 19:03:22-09-07 19:03:31 Then you still have to pay personal income tax at a rate of ...<br>119/248 <font color=red>hp</font> 09-07 19:03:23-09-07 19:03:27 In the past,<br>120/248 <font color=red>n</font> 09-07 19:03:24-09-07 19:03:27 The little tricks that rich people use to get more money,<br>121/248 <font color=red>aaa</font> 09-07 19:03:25-09-07 19:03:27 The logic that money is safe as long as it's kept in a trust...<br>122/248 <font color=red>de</font> 09-07 19:03:25-09-07 19:03:35 From July 24th, it has been out of service.<br>123/248 <font color=red>bg</font> 09-07 19:03:28-09-07 19:03:35 This reminds me of the couple Pan Shiyi and Zhang Xin.<br>124/248 <font color=red></font> 09-07 19:03:28-09-07 19:03:31 The year 2005,<br>125/248 <font color=red>n</font> 09-07 19:03:29-09-07 19:03:31 Before Soho China's IPO, the couple pulled off a move that m...<br>126/248 <font color=red>aaa</font> 09-07 19:03:30-09-07 19:03:31 Pan Shiyi transferred all of his equity to his American-born...<br>127/248 <font color=red>hp</font> 09-07 19:03:31-09-07 19:03:35 Ten days after Zhang Xin,<br>128/248 <font color=red></font> 09-07 19:03:31-09-07 19:03:39 Zhang Xin put almost all the equity into one.<br>129/248 <font color=red></font> 09-07 19:03:32-09-07 19:03:35 In the family trust of the Cayman Islands,<br>130/248 <font color=red></font> 09-07 19:03:33-09-07 19:03:45 Pan Shiyi completely disappeared from the company's equity a...<br>131/248 <font color=red>n</font> 09-07 19:03:34-09-07 19:03:35 He even joked that he was a peasant from the countryside.<br>132/248 <font color=red>aaa</font> 09-07 19:03:35-09-07 19:03:39 This operation was once considered a classic.<br>133/248 <font color=red>bg</font> 09-07 19:03:36-09-07 19:03:39 Twenty years have passed,<br>134/248 <font color=red>hp</font> 09-07 19:03:36-09-07 19:03:39 The profits and asset appreciation in Soho China have been c...<br>135/248 <font color=red></font> 09-07 19:03:37-09-07 19:03:45 And inside, the Zero-Shenbao has not paid a single penny in ...<br>136/248 <font color=red>n</font> 09-07 19:03:38-09-07 19:03:39 In the past, Zhang Xin deliberately kept her American citize...<br>137/248 <font color=red>xss</font> 09-07 19:03:39-09-07 19:04:07 This seemingly perfect plan, which has been in place for the...<br>138/248 <font color=red>de</font> 09-07 19:03:39-09-07 19:03:45 The sense of security that came from the information gap bet...<br>139/248 <font color=red>aaa</font> 09-07 19:03:40-09-07 19:03:45 It has basically been completely erased.<br>140/248 <font color=red>bg</font> 09-07 19:03:41-09-07 19:03:45 The announcement states that...<br>141/248 <font color=red></font> 09-07 19:03:42-09-07 19:03:45 Even if you are a foreigner,<br>142/248 <font color=red>n</font> 09-07 19:03:44-09-07 19:03:45 Or individuals who have obtained overseas long-term residenc...<br>143/248 <font color=red>hp</font> 09-07 19:03:45-09-07 19:03:51 As long as the source of economic benefits remains within Ch...<br>144/248 <font color=red>bg</font> 09-07 19:03:45-09-07 19:03:51 Can be considered as residents with a fixed residence.<br>145/248 <font color=red></font> 09-07 19:03:46-09-07 19:03:51 Individual.<br>146/248 <font color=red>aaa</font> 09-07 19:03:48-09-07 19:03:51 In simple terms,<br>147/248 <font color=red></font> 09-07 19:03:49-09-07 19:04:02 As long as your company's main income and core assets are in...<br>148/248 <font color=red>de</font> 09-07 19:03:50-09-07 19:03:55 Soho, Zhang Xin definitely has a US passport.<br>149/248 <font color=red>n</font> 09-07 19:03:51-09-07 19:03:52 Soho China is the core asset and main source of income for S...<br>150/248 <font color=red></font> 09-07 19:03:51-09-07 19:03:58 I haven't left China in the past twenty years.<br>151/248 <font color=red>hp</font> 09-07 19:03:52-09-07 19:03:55 According to some media estimates,<br>152/248 <font color=red>bg</font> 09-07 19:03:53-09-07 19:04:02 Pan Shiyi's family had to pay back taxes ranging from 20 bil...<br>153/248 <font color=red></font> 09-07 19:03:54-09-07 19:03:58 The time spent writing, plus any potential profits and losse...<br>154/248 <font color=red>aaa</font> 09-07 19:03:55-09-07 19:03:55 Some estimates suggest that Pan Shiyi may have to pay up to ...<br>155/248 <font color=red>n</font> 09-07 19:03:55-09-07 19:03:58 A few days ago, Xu Jia-yin, who was publicly judged by the S...<br>156/248 <font color=red>aaa</font> 09-07 19:03:56-09-07 19:03:58 In fact, he had already established a family trust worth $23...<br>157/248 <font color=red>hp</font> 09-07 19:03:57-09-07 19:03:58 The result is that the Hong Kong High Court has issued a una...<br>158/248 <font color=red>de</font> 09-07 19:03:58-09-07 19:04:07 Include this foreign trust in the scope of liquidation and t...<br>159/248 <font color=red></font> 09-07 19:03:58-09-07 19:04:07 In the eyes of the court,<br>160/248 <font color=red>hp</font> 09-07 19:03:59-09-07 19:04:02 This firewall is not impenetrable.<br>161/248 <font color=red>n</font> 09-07 19:04:00-09-07 19:04:02 A dramatic scene also occurred with Zongfuli from Wahaha.<br>162/248 <font color=red>aaa</font> 09-07 19:04:01-09-07 19:04:02 After his father's passing,<br>163/248 <font color=red></font> 09-07 19:04:02-09-07 19:04:07 Before his death in February 2024,<br>164/248 <font color=red>bg</font> 09-07 19:04:02-09-07 19:04:13 The original plan was to set aside $7 million for each of th...<br>165/248 <font color=red>hp</font> 09-07 19:04:05-09-07 19:04:07 Total of twenty-one billion dollars in real estate trust.<br>166/248 <font color=red>n</font> 09-07 19:04:05-09-07 19:04:07 But before this procedure was completed,<br>167/248 <font color=red>aaa</font> 09-07 19:04:06-09-07 19:04:07 Old Zong has passed away.<br>168/248 <font color=red></font> 09-07 19:04:07-09-07 19:04:13 Eighteen out of the twenty-one billion dollars.<br>169/248 <font color=red></font> 09-07 19:04:08-09-07 19:04:13 Currently, it is legally registered under the name of Jianha...<br>170/248 <font color=red></font> 09-07 19:04:08-09-07 19:04:13 The only shareholder and director of this company is Zhong F...<br>171/248 <font color=red>hp</font> 09-07 19:04:09-09-07 19:04:13 That is to say,<br>172/248 <font color=red>de</font> 09-07 19:04:10-09-07 19:04:13 This money is legally,<br>173/248 <font color=red>aaa</font> 09-07 19:04:12-09-07 19:04:13 It's not even a formal trust.<br>174/248 <font color=red>n</font> 09-07 19:04:13-09-07 19:04:14 Therefore, there were only three siblings and a roommate who...<br>175/248 <font color=red>xss</font> 09-07 19:04:13-09-07 19:04:32 They are arguing about how to define this amount of money.<br>176/248 <font color=red>bg</font> 09-07 19:04:14-09-07 19:04:21 Who should be the master of this property?<br>177/248 <font color=red></font> 09-07 19:04:15-09-07 19:04:21 Should I follow my late father's wishes and complete the tru...<br>178/248 <font color=red>hp</font> 09-07 19:04:17-09-07 19:04:21 This case happened to coincide with the 21st fiscal year.<br>179/248 <font color=red></font> 09-07 19:04:18-09-07 19:04:21 A regulation in the announcement,<br>180/248 <font color=red>aaa</font> 09-07 19:04:19-09-07 19:04:21 Whether this trust has been formally established or not,<br>181/248 <font color=red></font> 09-07 19:04:19-09-07 19:04:28 As soon as the property enters into the estate,<br>182/248 <font color=red>de</font> 09-07 19:04:20-09-07 19:04:28 This may trigger tax obligations.<br>183/248 <font color=red>n</font> 09-07 19:04:21-09-07 19:04:28 And the announcement is clear,<br>184/248 <font color=red>bg</font> 09-07 19:04:22-09-07 19:04:32 Even if a person transfers property through another or other...<br>185/248 <font color=red></font> 09-07 19:04:24-09-07 19:04:28 But as long as the property is out of control,<br>186/248 <font color=red></font> 09-07 19:04:25-09-07 19:04:28 It's you,<br>187/248 <font color=red>aaa</font> 09-07 19:04:25-09-07 19:04:28 Then, it's like you are yourself.<br>188/248 <font color=red>hp</font> 09-07 19:04:26-09-07 19:04:32 Place the assets in a separate account.<br>189/248 <font color=red></font> 09-07 19:04:28-09-07 19:04:36 If the Hong Kong Court of Final Appeal ultimately rules that...<br>190/248 <font color=red></font> 09-07 19:04:29-09-07 19:04:35 The $18 million will be treated as Mr. Zong's unpaid income ...<br>191/248 <font color=red>n</font> 09-07 19:04:30-09-07 19:04:32 I've heard that someone has made a rough estimate,<br>192/248 <font color=red>aaa</font> 09-07 19:04:31-09-07 19:04:32 At least 2.4 billion RMB.<br>193/248 <font color=red>de</font> 09-07 19:04:31-09-07 19:04:38 From the effective date of the announcement on July 24, 2026...<br>194/248 <font color=red></font> 09-07 19:04:32-09-07 19:04:42 In the 90 days from October 21st to this year,<br>195/248 <font color=red>bg</font> 09-07 19:04:33-09-07 19:04:40 As long as you proactively declare and pay the taxes owed si...<br>196/248 <font color=red>aaa</font> 09-07 19:04:34-09-07 19:04:36 You can waive the late fee.<br>197/248 <font color=red>n</font> 09-07 19:04:34-09-07 19:04:36 But if you miss this window of opportunity,<br>198/248 <font color=red>hp</font> 09-07 19:04:35-09-07 19:04:38 What awaits you is a daily 5% late fee.<br>199/248 <font color=red>xss</font> 09-07 19:04:36-09-07 19:05:00 Equivalent to an annual average of 18.25%,<br>200/248 <font color=red></font> 09-07 19:04:37-09-07 19:04:43 The amount of money can also face a maximum penalty five tim...<br>201/248 <font color=red>aaa</font> 09-07 19:04:39-09-07 19:04:42 And the time span is unlimited.<br>202/248 <font color=red></font> 09-07 19:04:40-09-07 19:04:43 According to statistics,<br>203/248 <font color=red>n</font> 09-07 19:04:40-09-07 19:04:43 In 2023, the amount of money held in offshore trusts by high...<br>204/248 <font color=red>hp</font> 09-07 19:04:41-09-07 19:04:43 Approximately 1.4 trillion yuan.<br>205/248 <font color=red>de</font> 09-07 19:04:42-09-07 19:04:49 Years have passed.<br>206/248 <font color=red>bg</font> 09-07 19:04:43-09-07 19:04:49 According to the latest estimates from a market research age...<br>207/248 <font color=red>aaa</font> 09-07 19:04:44-09-07 19:04:49 The value is expected to reach around 2.3 trillion in 2026.<br>208/248 <font color=red></font> 09-07 19:04:44-09-07 19:04:55 Between 2.7 trillion and 3 trillion yuan,<br>209/248 <font color=red>n</font> 09-07 19:04:46-09-07 19:04:49 Here's another piece of information,<br>210/248 <font color=red></font> 09-07 19:04:47-09-07 19:04:53 Trusts are divided into revocable and irrevocable types.<br>211/248 <font color=red></font> 09-07 19:04:48-09-07 19:04:55 Revocable trust is a type of trust where the grantor retains...<br>212/248 <font color=red>hp</font> 09-07 19:04:49-09-07 19:04:53 Can be undone at any time.<br>213/248 <font color=red>bg</font> 09-07 19:04:50-09-07 19:04:53 Get the money back,<br>214/248 <font color=red>aaa</font> 09-07 19:04:50-09-07 19:04:53 In simple terms, it means you can cancel at any time.<br>215/248 <font color=red>n</font> 09-07 19:04:51-09-07 19:04:55 This would then be considered legally as not having truly co...<br>216/248 <font color=red>de</font> 09-07 19:04:53-09-07 19:05:06 Therefore, this type of trust is an irrevocable and unchalle...<br>217/248 <font color=red></font> 09-07 19:04:54-09-07 19:05:00 Once the property is loaded,<br>218/248 <font color=red>hp</font> 09-07 19:04:55-09-07 19:05:00 Completely relinquish control and revocation rights of this ...<br>219/248 <font color=red>bg</font> 09-07 19:04:56-09-07 19:05:00 That is, actually giving money to the trustee.<br>220/248 <font color=red>aaa</font> 09-07 19:04:56-09-07 19:05:00 Because this is irreversible,<br>221/248 <font color=red></font> 09-07 19:04:57-09-07 19:05:06 Therefore, it can truly establish a defense against the wall...<br>222/248 <font color=red>n</font> 09-07 19:04:58-09-07 19:05:00 Achieve a divorce without dividing assets and property.<br>223/248 <font color=red></font> 09-07 19:05:00-09-07 19:05:06 So, over the past twenty years...<br>224/248 <font color=red>bg</font> 09-07 19:05:01-09-07 19:05:06 The top wealthy people in China are all using irrevocable tr...<br>225/248 <font color=red>hp</font> 09-07 19:05:01-09-07 19:05:06 According to the Ministry of Finance's announcement on 21st,<br>226/248 <font color=red></font> 09-07 19:05:02-09-07 19:05:06 You've blocked this road for me.<br>227/248 <font color=red>n</font> 09-07 19:05:03-09-07 19:05:06 Because the notice follows a principle of substance over for...<br>228/248 <font color=red>aaa</font> 09-07 19:05:04-09-07 19:05:06 Whether your trust agreement is revocable or irrevocable,<br>229/248 <font color=red>xss</font> 09-07 19:05:06-09-07 19:05:26 As long as you still have control over this asset,<br>230/248 <font color=red>bg</font> 09-07 19:05:07-09-07 19:05:13 Therefore, they are still considered tax residents.<br>231/248 <font color=red>aaa</font> 09-07 19:05:07-09-07 19:05:13 Whether through serving as a director of an offshore company...<br>232/248 <font color=red></font> 09-07 19:05:08-09-07 19:05:13 Write a private message to me,<br>233/248 <font color=red></font> 09-07 19:05:09-09-07 19:05:13 I understand.<br>234/248 <font color=red>n</font> 09-07 19:05:10-09-07 19:05:13 This type of application is done remotely, in secret.<br>235/248 <font color=red>hp</font> 09-07 19:05:10-09-07 19:05:13 As long as this property is still under your control.<br>236/248 <font color=red>de</font> 09-07 19:05:12-09-07 19:05:21 So, the irrevocable trust is a matter of...<br>237/248 <font color=red></font> 09-07 19:05:13-09-07 19:05:21 In the eyes of tax authorities, it's as if nothing happened.<br>238/248 <font color=red>bg</font> 09-07 19:05:14-09-07 19:05:21 Over the past two decades,<br>239/248 <font color=red></font> 09-07 19:05:16-09-07 19:05:21 Chinese tycoons believe that the rules have loopholes,<br>240/248 <font color=red></font> 09-07 19:05:17-09-07 19:05:21 But now the rules of the game have changed.<br>241/248 <font color=red>aaa</font> 09-07 19:05:18-09-07 19:05:21 As long as your money is rooted in the soil of China,<br>242/248 <font color=red>hp</font> 09-07 19:05:18-09-07 19:05:21 Then you have to fulfill your tax obligations.<br>243/248 <font color=red>n</font> 09-07 19:05:19-09-07 19:05:26 This might be the most shocking moment of this trust storm i...<br>244/248 <font color=red>bg</font> 09-07 19:05:21-09-07 19:05:26 No incidents occurred.<br>245/248 <font color=red></font> 09-07 19:05:22-09-07 19:05:26 Simple but not simple.<br>246/248 <font color=red></font> 09-07 19:05:23-09-07 19:05:26 Thank you for watching.<br>247/248 <font color=red>hp</font> 09-07 19:05:24-09-07 19:05:26 9 minutes, immediately.<br>248/248 <font color=red>aaa</font> 09-07 19:05:24-09-07 19:05:26 See you next time.<br>