Your PRC Clients – The Trailing Baggage Of Community Property Rules

Advisors in the wealth management space play an important role in educating HNW clients about structuring their wealth and ensuring successful family succession. In performing these roles, advisers must obviously be knowledgeable about relevant legal issues affecting their clients. Specifically, clients from the People's Republic of China (PRC), when they emigrate to other countries, can bring with them a baggage of PRC legal issues that impact on their ability to plan for the management of their assets. These issues include PRC tax, foreign exchange control restrictions, probate and succession rules and potentially marriage and divorce rules.

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