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

Some of China’s richest people are winding down their offshore trusts, selling shares, and even switching nationality as a deadline looms to declare income booked overseas, say wealth advisers, lawyers and others familiar with the matter. The move is part of tougher scrutiny of capital outflows and rule enforcement amid growing fiscal strains as the world’s second-largest economy battles with persistent weakness in domestic demand and broader economic imbalances. At the same time, tax officials have also stepped up efforts to gather information on wealthy individuals in their jurisdictions and are setting up dedicated teams to scoop up taxes owed on offshore incomes, they said.