NYC’s wealthy Chinese grapple with Beijing’s tax rules as enforcement deadline nears

ByAtlasnews

Sep 14, 2026 #Beijing, #British Virgin Islands, #Cayman Islands, #China, #Common Reporting Standard, #Foreign Account Tax Compliance Act, #Hong Kong, #New York City, #offshore trusts, #People's Bank of China, #SCMP Business, #Singapore, #Soho China, #Tsinghua University, #US, #Washington

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In FocusNYC’s wealthy Chinese grapple with Beijing’s tax rules as enforcement deadline nears

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Daisy WuPublished: 6:00am, 15 Sep 2026

Months after Beijing unveiled a bevy of new tax rules for offshore trusts, the fallout has now reached New York City – home to one of the largest concentrations of mainland Chinese wealth outside Asia – after the changes swept across Hong Kong and Singapore.

Under the rules, which took effect on July 24, mainland tax residents who transfer property or shares into an offshore trust – or receive distributions from one – face a 20 per cent tax on realised gains, plus an annual tax on income the trust generates.

A 90-day grace period, running to October 22, allows taxpayers to declare and settle liabilities dating back to January 1, 2023, without incurring late-payment interest or administrative penalties.

With just over one month before that window closes, advisers serving New York’s Chinese community said affluent families were racing to review their cross-border wealth holdings.

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