China’s super-rich scramble to exit offshore trusts, raise cash as taxman knocks

China’s super-rich are scrambling to exit offshore trusts and raise cash as tax authorities crack down on overseas income. Wealthy individuals are selling shares and even changing their nationalities ahead of an upcoming deadline to declare income booked abroad.

The regulatory push targets offshore structures that have long been used to shelter wealth, forcing high-net-worth individuals to liquidate assets to meet unexpected tax liabilities or compliance requirements.