China Enforces Up to 20% Tax on Ultra-Rich's Overseas Investment Gains

Oct 15, 2024, 12:44 AM

China has begun enforcing a previously overlooked tax on overseas investment gains by its ultra-rich citizens, including those who have invested in non-Chinese real estate, according to people familiar with the matter. The move aims to expand government revenue sources amid slowing economic growth and declining land sales. The tax, which can be up to 20%, targets individuals with at least $10 million in offshore assets and shareholders of companies listed in Hong Kong and the United States.