The sky is falling—China's wealthy elites are seeing their secret offshore wealth doors slammed shut! According to Reuters, starting this Friday, domestic tax authorities will impose personal income tax on assets and income held in offshore trusts. This includes a 20% personal income tax on 'interest, dividends, and profit distributions' or 'other income.' In the past, many of China's top tycoons transferred equity, real estate, or cash assets offshore to places like the Cayman Islands, BVI, or Jersey, setting up irrevocable offshore trusts. Since the ownership was held by offshore trust companies and no longer personally owned, they avoided paying personal income tax. The new regulations clearly state that as long as the settlor or actual controller is a Chinese tax resident, the assets and income will be 'looked through' and deemed as personal income. That said, the value of offshore identities and privacy-focused cryptocurrencies is likely to keep rising in the future. Time to start considering some $ZEC. Sponsored by @binancezh: 'Buy U.S. stocks on Binance—global assets, zero time lag, instant access!' [URL]