Advisers Report More U.S. Bank Inquiries From Wealthy Chinese Clients
Photo: TokenPost
Private bankers and lawyers who advise wealthy Chinese clients say inquiries about U.S. bank accounts have increased as China spells out how tax rules apply to offshore trusts. The advisers also described some clients moving assets from Singapore or Hong Kong to U.S. accounts, but gave no combined figure for accounts or transfers. Keith Tan, CEO of Singapore-based Golden Acacia Capital, said planning started in July; he described account setup for some clients as a process lasting under two months. “It has become relatively prevalent,” Tan said.
Source: TokenPost
