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Private Wealth

By 2017, China is expected to move from 7th to 3rd place in the global wealth index (according to Barclays Wealth) with the number of high net worth families in 10 wealthiest countries set to double over next 10 years.

Chinese succession law gives priority to will; then spouse, children or parents; then siblings or grandparents. Inheritors may lose their right to succession through interference with the will, or the killing of decedent or rival successors. Disqualification may be disputed within two years and not more than 20 years after the death of the decedent. Immovable foreign assets shall be bound be the law of the place where they are situated; movable foreign assets shall be bound by the law of the decedent’s last country of domicile.

Currently there is a restriction on funds that may be taken out of the PRC of US$50,000 per annum, or RMB equivalent. It is anticipated that this limit will be raised in the mid-term, but for now private wealth opportunities in the PRC needed to be approached indirectly.

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