Analysis: How Hong Kong’s New Tax Rules Will Transform Cross-Border Wealth Management

Hong Kong is moving to implement a major overhaul of its global tax reporting rules, known as the Common Reporting Standard 2.0 (CRS 2.0). This revised framework, designed by the OECD to combat cross-border tax evasion, expands the scope of information that banks and other financial institutions must report to tax authorities.

On April 1, Hong Kong submitted the “Inland Revenue (Amendment) (Automatic Exchange of Information) Bill 2026” to its Legislative Council, paving the way for the full implementation of CRS 2.0 by 2028. Singapore plans to implement the framework in 2027, while the British Virgin Islands and the Cayman Islands have rolled it out this year.