China’s Ultra-Rich “In Shock” After Beijing Issues Surprise Tax on Offshore Trusts

China’s ultra-rich are scrambling for tax advice after Beijing issued surprise rules targeting offshore trusts, with a 20% levy applied at multiple stages of a trust’s life. Families have a limited window to declare and pay taxes owed on assets moved into trusts since 2023, triggering an urgent rush to lawyers, private bankers, and trust firms in major financial hubs. The move is viewed as part of broader efforts to raise fiscal revenue and curb capital outflows.