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China’s push back on dual passports may derail investment immigration schemes

Global real estate investment flows could be disrupted if the authorities in mainland China were to crack down on the country’s booming trade in ­second passports.Tens of thousands of high-net-worth individuals in the mainland could be affected if authorities restricted the practice of buying property in a foreign country as a way of acquiring a second citizenship, experts said.The possibility of such action was highlighted earlier this month when Sun Xiang, a National People’s Congress… Source link

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Property 

What’s the difference among Hong Kong’s subsidised housing schemes, and who can buy?

Who can buy under the Home Ownership Scheme?Public housing tenants can buy either new or used flats under the scheme without paying a premium to the Housing Authority if they surrender the public housing flats they are renting.Hong Kong families with a maximum gross monthly income of HK$60,000 (US$7,600) and assets of HK$1.96 million or below, or one-person households earning half the monthly amount, are eligible to join the Hong Ownership Scheme (HOS). Families and individuals who qualify are… Source link

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Hong Kong’s health insurance and pension saving ‘tax deducting schemes’ find traction in the first two weeks since launch

Two government programmes to encourage individuals to buy private health insurance and save more for retirement have been well received in the first two weeks since launch, providing what could be a long term growth engine for local insurance companies, according to industry players and credit rating agencies.Several major insurers including Prudential, AXA, AIA, Manulife and HSBC Life all told the Post that they have recorded strong sales in the new tax-deductible schemes over the first two… Source link

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Money 

Chinese take a shine to Europe’s investor immigrant schemes, as waiting list for US programme stretches to 10 years

Wealthy Chinese mainlanders are taking a shine to Europe as a potential emigration destination, as they seek out alternatives to the United States, where long processing times and policy uncertainty have put a damper on the appeal of citizenship in the world’s largest economy.Data from the US State Department shows visas issued to China-born applicants last year under an investment immigration programme called EB-5 dropped by almost half from the peak in 2014.A total of 4,642 visas were issued… Source link

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HSBC, BOCHK and AXA to mobilise entire networks as Hong Kong rolls out tax incentive schemes

Financial companies including HSBC and Bank of China (Hong Kong), two of the city’s three currency-issuing banks, as well as insurers AXA and Sun Life on Sunday said two tax schemes the government is launching on Monday will be available throughout their networks in Hong Kong.Hong Kong is launching a Voluntary Health Insurance Scheme (VHIS), under which the government will offer HK$8,000 in tax incentive per person per year for the purchase of health insurance cover up till the age of 100 years… Source link

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China 

China’s new small business loans echo schemes in Europe and Japan, economists say

China’s central bank reached into the toolkit of its peers around the world, announcing a new facility to encourage bank lending to companies that looks very similar to what others have done. The People’s Bank of China (PBOC) is trying to balance competing demands of a debt crackdown and ensuring that banks lend to support growth. The clampdown has made it harder for small and private companies to borrow, and the new Targeted Medium-Term Lending Facility tool announced on Wednesday adds to measures announced recently which try to make it…

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Cryptocurrency market rife with ‘pump-and-dump’ schemes, study shows

Scammers have been successfully manipulating the price of digital assets, including bitcoin, so they can dump their holdings onto unsuspecting traders at a higher price, according to a new academic paper mapping out the extent of market abuse in cryptocurrencies. Researchers identified 4,818 so-called pump-and-dump attempts between January and July, using data scraped from Telegram and Discord, two encrypted messaging apps popular with the cryptocurrency community. The scale of the fraud is “widespread and often quite profitable”, and should alarm regulators, according to the draft published in the SSRN, a…

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UBS is accused in Paris tax-evasion trial of tactics akin to schemes in a Bond movie plot

UBS Group AG goes on trial in Paris on Monday accused of encouraging rich clients to stash cash overseas to evade French taxes by deploying tactics “worthy of James Bond.” The Zurich-based lender dispatched bankers across the border to seek out new clients even though they lacked the paperwork – a banking license or European passport – to offer such services in France, the lead investigator wrote in the indictment ahead of the trial which starts on Monday afternoon. When they came over from Switzerland to France, UBS bankers allegedly…

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