长期以来，中国27世纪的超级富豪一直利用离岸信托将数千亿美元存入国外。现在,北京对他们征税的举措引发了律师热潮和现金争夺战。
Offshore trusts have long been used by China的 ultra-rich to tuck away hundreds of billions of dollars outside the country. Now, a move by Beijing to tax them has set off a rush to lawyers and a scramble for cash.
几十年来,，这种法律结构一直是中国大亨们青睐的工具，他们可以持有从首次公开募股前的股份到家族财富的各种资产—，而且他们在中国的税收待遇从未得到明确说明。但7月24,中国的财政部和税务机关就如何征税发布了迄今为止最明确的规定。
For decades, the legal structure has been a favored vehicle of Chinese tycoons to hold everything from pre-IPO stakes to family fortunes — and their tax treatment in China was never spelled out. But on July 24, China的 Ministry of Finance and tax authority issued the clearest rules yet on how they should be taxed.
现在，从设立到利润分配和终止，信托'生命,的几乎每个阶段都将征收20%税。家庭需要在 10 月 22 日之前申报并支付自 2023 年初以来转移到此类信托的资产的未偿还金额—，总窗口期为 90 天。逾期申报或不付款可能会产生附加费。
Now a 20% levy will be collected at nearly every stage of a trust的 life, from establishment to profit distribution and termination. Families need to declare and pay outstanding amounts on assets transferred into such trusts since the start of 2023 by Oct. 22 — a total window of 90 days. Late declarations or non-payments could incur surcharges.
这一倒计时引发了香港和新加坡, 与中国有联系的家庭设立信托结构的热门目的地的争夺。
That countdown has set off a scramble across Hong Kong and Singapore, popular destinations for China-linked families to set up trust structures.
"许多客户,受托人,和顾问仍然感到震惊,"中伦律师事务所驻香港合伙人Clifford Ng,表示。
"Many clients, trustees, and advisors are still in shock," said Clifford Ng, a Hong Kong-based partner at Zhong Lun law firm.
新加坡律师事务所 Dentons Rodyk 的首席运营官 Kia Ming Loh, 表示，来自富裕家庭, 私人银行, 信托公司, 和保险公司, 的电话纷至沓来。人们想知道他们是否受到新规则的影响, 税单可能有多大, 以及如何在宽限期到期之前解决, 他说, 补充说，一些人已经在权衡要出售哪些资产。
Calls have poured in from wealthy families, private banks, trust companies, and insurers, said Kia Meng Loh, chief operating officer and senior partner at Singapore-based law firm Dentons Rodyk. People want to know whether they are affected by the new rules, how large the tax bill might be, and how to settle it before the grace period expires, he said, adding that some are already weighing which assets to sell.
"这是与中国相关的私人财富规划的分水岭," Loh 补充道。
"This is a watershed moment for China-linked private wealth planning," Loh added.
对于一个建立在数十年中国资金,基础上的行业来说，潜在涉及的金额是巨大的。根据毕马威会计师事务所和香港受托人'协会,的一份报告，仅香港的信托资产在2023年,就达到了港币$5.2万亿($667亿)，其中55%的基础投资位于中国内地和香港,，该报告称内地是行业'最重要的增长动力。
For an industry built on decades of Chinese money, the sums potentially involved are massive. Assets held under trusts in Hong Kong alone reached HK$5.2 trillion ($667 billion) in 2023, with 55% of the underlying investments located in mainland China and Hong Kong, according to a report by KPMG and the Hong Kong Trustees Association, which called the mainland the industry的 most significant growth driver.
Singapore, along with the British Virgin Islands and the Cayman Islands, has been favored as another legal hub for Chinese high-net-worth families to hold offshore assets.根据 2025 年发布的一份报告，毕马威发现一些客户认为这个城市国家的政治风险低于香港,。
Singapore, along with the British Virgin Islands and the Cayman Islands, has been favored as another legal hub for Chinese high-net-worth families to hold offshore assets. KPMG found some clients see less political risk in the city-state than in Hong Kong, according to a report released in 2025.
"来自不同国家的财富所有者选择新加坡的原因有很多,，包括我们的高标准监管,强大的法治,以及财富管理机构和专业服务提供商的综合生态系统,"新加坡金融管理局发言人告诉CNBC。
"Wealth owners from a diverse range of countries choose Singapore for many reasons, including our high standards of regulation, strong rule of law, and a comprehensive ecosystem of wealth managers and professional service providers," a Monetary Authority of Singapore spokesperson told CNBC.
截至发稿时，香港'财经事务及库务局尚未发表评论。
Hong Kong的 Financial Services and the Treasury Bureau hadn't provided comment by the time of publication.
上海,、深圳和江苏的地方税务局甚至在国家规定发布之前就已经开始对离岸信托进行检查，并在特定情况下征收20%的税。尽管零售额几乎没有增长，但 2026 年上半年个人所得税收入增长了 13.1%,。
Local tax bureaus in Shanghai, Shenzhen and Jiangsu had begun inspecting offshore trusts and applying 20% levies in select cases even before the national rules were released. Individual income-tax revenue jumped 13.1% in the first half of 2026, even as retail sales barely grew.
中国官员还对资本流出该国采取更强硬的立场,，包括今年早些时候禁止三家跨境在线经纪公司进入该国。
Chinese officials have also been taking tougher stances on capital flows out of the country, including banning three cross-border online brokerage firms from the country earlier this year.
寻找现金
Look for cash
超级富豪们正在打电话给律师来确定他们的风险范围并确定税单。存在多重挑战。
The super-rich are calling lawyers to figure out the scope of their exposure and pin down a tax bill. There are multiple challenges.
香港离岸律师事务所 Appleby 的合伙人理查德·格拉斯比, 表示，向中国当局提交的应税金额需要与外国政府根据通用报告标准, 已与北京共享的数字相匹配。全球税务信息交换, 表示。自2018年首次参与CRS以来,离岸金融账户信息不断与中国税务机关交换。
Taxable amounts submitted to Chinese authorities will need to match figures already shared with Beijing by foreign governments under the Common Reporting Standard, the global tax-information exchange, said Richard Grasby, a partner at offshore law firm Appleby in Hong Kong. Since first participating in the CRS in 2018, offshore financial account information has been continuously exchanged with Chinese tax authorities.
有些资产可能难以估值。这些信托内部的财富通常被锁定在运营公司, IPO前股权,财产,和其他非流动资产中。过去的银行和交易记录可能很难或不可能找到。
Some assets may be hard to value. The wealth inside these trusts is often locked up in operating companies, pre-IPO stakes, properties, and other illiquid assets. Past banking and trading records may be difficult or impossible to locate.
还有什么, "动用信托基金本身来支付账单可能会引发额外的税收," Grasby 说。
What的 more, "dipping into the trust fund itself to cover the bill could trigger additional tax," Grasby said.
但对于许多信托持有人来说，他们很有可能需要出售一些东西来支付新的税费。
But it的 a distinct possibility for many trust holders that they'll need to sell something in order to pay the new levies.
"寻找现金缴税可能比计算税金更复杂," Dentons Rodyk的 Loh 说。他的客户正在权衡分配, 资产销售, 融资, 和分期付款计划。
"Finding cash for taxes can be more complicated than calculating the tax," Dentons Rodyk的 Loh said. His clients are weighing distributions, asset sales, financing, and installment plans.
"他们中的大多数人表示，他们将清算部分投资组合以缴税,"新加坡的 Bayfront Law的董事Ryan Lin,表示，他的客户包括富裕的中国家庭。他表示，香港上市和A股持股可能首当其冲，因为它们是许多投资组合中流动性最强的资产。
"Most of them are saying that they will liquidate some of their portfolio to pay the tax," said Ryan Lin, a director at Singapore的 Bayfront Law whose clients include wealthy Chinese families. He said listed Hong Kong and A-share holdings are likely to bear the brunt because they are the most liquid assets in many portfolios.
股票风险
Risk to stocks
花旗集团经济学家于向荣表示，可能会受到影响:香港股票,的一个明显资产类别，其中一些内地公司的创始人持有信托,股份。
One obvious asset class that could be affected: Hong Kong equities, where founders of some mainland companies hold their stakes in trusts, according to Citigroup economist Xiangrong Yu.
"追溯性 90 天窗口可能会导致 强制或先发制人的股权削减 为合规性提供资金," Yu 表示。
"The retrospective 90-day window could lead to 'forced or pre-emptive stake reductions to fund compliance," Yu said.
但其他人认为压力相对较小。 CGS International, 的香港和中国股票策略师 Edith qian, 指出，大多数大型红筹股早在 2023 年回顾期之前就已上市。 Dominic Chiu, 欧亚集团, 高级分析师预计"一次性, 会出现偶发性抛售压力，而不是持续的市场崩盘。"
But others see the pressure as relatively contained. Edith Qian, Hong Kong and China equity strategist at CGS International, noted most large red-chip names were listed well before the 2023 lookback period. Dominic Chiu, senior analyst at Eurasia Group, expects "one-off, episodic selling pressure rather than a sustained market crash."
根据上个月北京'的政策公告，在某些情况下,人们可以向地方税务局申请分期付款条款，在五年内缴纳,金额。
And in certain scenarios, people can apply for installment terms with local tax bureaus to pay the sum over five years, according to Beijing的 policy announcement last month.
到目前为止，几乎没有迹象表明退出,，因为解除信托使家庭试图管理,的税单具体化，而中国'的20%统一税率仍然远低于美国纳税人在全球收入中面临的最高联邦税率37%。
So far there are few signs of a stampede for exits, as unwinding a trust crystallizes the very tax bill families were trying to manage, and China的 20% flat rate remains well below the top U.S. federal rate of 37% that American taxpayers face on worldwide income.
具有外国公民身份或居住在国外的个人的庇护所,律师表示,，因为如果他们的主要经济利益仍在中国，他们仍然可以被视为中国税务居民–，类似于华盛顿'长期以来对美国人无论居住在何处的征税。
Individuals with foreign citizenship or residency abroad will have limited shelter, lawyers say, as they can still be treated as Chinese tax residents if their primary economic interests remain in China – akin to Washington的 longstanding taxation of Americans wherever they live.
"第二本护照不是税收计划," Loh 说。
"A second passport is not a tax plan," Loh said.
离岸信托仍然可以在资产保护,财富保值和家族继承规划,方面发挥重要作用，但它们不再是有效的税务规划工具,贝克·麦坚时的高级顾问Michael Olesnicky,表示。
Offshore trusts can still play an important role in asset protection, wealth preservation and family succession planning, but they are no longer effective tax-planning tools, said Michael Olesnicky, senior consultant at Baker McKenzie.
有一点似乎是肯定的— 任何拥有此类帐户的中国公民都需要注意自己的义务,，而且越早越好, 以避免与新规定发生冲突。
One thing seems certain — any Chinese citizen with this type of account needs to be paying attention to their obligations, and the sooner the better, to avoid falling afoul of the new mandate.
"如果有的话，在 90 天内可能很难得出正确的数字," Ng 说。
"It may be difficult to come up with the correct numbers within 90 days if at all," said Ng.
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