Offshore trusts have long been used by China's ultra-rich to tuck away hundreds of billions of dollars outside the country. Now, a move by Beijing to tax them has set off a rush to lawyers and a scramble for cash. But on July 24, China's Ministry of Finance and tax authority issued the clearest rules yet on how they should be taxed. That countdown has set off a scramble across Hong Kong and Singapore, popular destinations for China-linked families to set up trust structures. KPMG found some clients see less political risk in the city-state than in Hong Kong, according to a report released in 2025.