The full name of CRS is CommonReporting Standard, which is translated as "Common Reporting Standard". In July 2014, the Organization for Economic Cooperation and Development issued the "Standards for the Automatic Exchange of Tax-related Information on Financial Accounts". Its guidelines include CRS, which aims to increase tax transparency by strengthening global tax cooperation and combat tax evasion and avoidance using cross-border financial accounts.
Financial institutions including depository institutions, custodian institutions, investment institutions specific insurance companies
Deposit accounts, custody accounts, cash value insurance contracts, annuity contracts, equity/bond income from holding financial institutions
Account and account balance, name and date of birth, tax residence, annual payment to or credit to the account
All your overseas financial account information will be open and transparent to the Chinese tax authorities!
International trade groups bear the brunt. Once they find a huge amount of overseas income, they will not only face huge personal income tax repayment, but also set up a company overseas. They also face a 25% corporate income tax, and the total cost of Hutchison Water may be as high as 45%.
Chinese people who emigrate overseas may also be affected. If immigrants hide financial assets in China, they may also be disclosed to the immigration destination country, and they may face tax repayment, various fines and even legal liabilities.
The CRS brings not only the taxation problem it faces, in addition to the concern of "exposure of property", there is also a huge hidden danger of privacy leakage behind
For those with existing overseas accounts, it is recommended to reduce the amount of each account to less than 100W USD under professional guidance.
Use trusts, funds, insurance, investment institutions, real estate and other asset allocations to diversify asset holdings.
Investment in overseas real estate, jewellery, artwork, precious metals and other categories that are not financial assets. The intelligence involved in CRS mainly comes from the “financial assets” submitted by financial institutions. If the assets held are overseas real estate, jewelry, artwork, precious metals, etc., they are not classified as financial assets.
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Senior Regional Manager of AIA (International). He graduated from Shanghai Maritime University in 1987, and obtained a master's degree and a doctorate degree from the University of California and Harvard Business School from 1995 to 2002. During his advanced studies in the United States, he accumulated a wealth of practical experience in overseas investment. CFP, RFC, FchFP and international life insurance MDRT members, GAMA International Honor Management Development Award-Gold Award and other industry awards.
Director of Wealth Management of AIA (International) Limited. He has extensive experience in insurance and financial management. From 2010 to 2015, he served as branch manager of Dah Sing Life Insurance Co., Ltd., and joined AIA (International) Co., Ltd. in 2015. With his outstanding professional ability, Manager Yang has won many honors and won high recognition from customers.
Singapore legal adviser, proficient in both Chinese and English, graduated from the Law Department of National University of Singapore in 1994. He has been working as a lawyer for more than 20 years and has rich practical experience in various fields. He has a rich professional background in commercial law and is good at handling civil and commercial legal issues such as Singapore's real estate law, insurance law, contract law, and inheritance law.