In July 2025, the Henan Provincial Religious Affairs Bureau, in conjunction with multiple departments, issued a notice pushing Shaolin Temple abbot Shi Yongxin to the center of public opinion.
The storm of overseas fund undercurrents, cross-border asset transfers, and disputes over private life management norms not only tears apart the hidden concerns of religious commercialization, but also makes the compliance issues of "overseas asset allocation" a public focus.
When religious capital falls into a "black box game", we may as well use the "negative example" as a mirror to explore the correct way to open up legal wealth inheritance and immigration planning - Singapore, this Asian financial hub, may hide a breakthrough answer.
01
Shi Yongxin's' Overseas Secret War '
Full analysis of asset allocation
1、 The 'fund funnel' of offshore companies
The Shaolin Culture Communication Co., Ltd. registered in the British Virgin Islands has become a core channel for capital outflow: from 2016 to 2024, the Shaolin Temple's "International Promotion Special Account" transferred nearly one million yuan to it every month, totaling 130 million yuan.
Ironically, the pinyin of the legal representative of the company, "Liu Yingcheng," is completely consistent with the common name of Shi Yongxin.
In October 2023, 72 hours before the company was deregistered, a sum of funds quietly transferred to an anonymous account at UBS, ultimately flowing to three properties in London, New York, and Sydney, with the property rights listed as the "Shaolin Overseas Buddhist Foundation". However, the board members were actually distant relatives of Shi Yongxin (who had never participated in Buddhist activities).
2、 Singapore's' asset dark line '
In the 2022 "Songshan Cultural Industry Park" project, Shi Yongxin requested that 80 million government subsidies be transferred to the "Buddha Light Shining Buddhist Center" in Singapore, claiming to be used for the "Southeast Asian Dharma Promotion Base".
But the investigation has revealed the truth: the center is actually a commercial company, only serving as a "funding channel" for an investment company in Hong Kong.
After the funds were received, they were exchanged for Bitcoin within just 72 hours and circulated through the dark web. Eventually, this government subsidy was returned to a mining company in Henan under the name of "ore procurement funds" - evading asset monitoring throughout the process and turning Singapore's financial convenience into an "illegal tool".
3、 The Grey Logic of Tax Avoidance and Asset Privatization
Shi Yongxin's operation is essentially a policy arbitrage using offshore "information concealment+zero tax rate" and Singapore's "financial freedom".
The British Virgin Islands company concealed its actual controller, and the transfer of funds was unregulated. Singapore acted as a intermediary, blurring the purpose of the funds under the guise of "spreading the Dharma", accelerating cross-border money laundering, and ultimately privatizing temple assets through property leasing and shell companies.
But the 'dark box' is never sustainable: account freezing, personnel interviews, reputation collapse... the cost of violating regulations is far beyond imagination.
02
Singapore
Why has it become a "safe haven" for wealth planning
Shi Yongxin's "negative case" precisely highlights the institutional advantages of Singapore's legal wealth planning system - this is not a breeding ground for "grey arbitrage", but a holy land for asset inheritance with transparent rule of law and policy friendliness:
1. Strict regulation does not equate to restraint, but rather serves as a safety net
The Monetary Authority of Singapore (MAS) implements full process supervision over family offices and investment companies:
Overseas investments by religious groups must be registered in advance, and financial audits must be conducted by independent third parties (to prevent internal operations);
Offshore company registration information is made public (compared to the "anonymity system" in the British Virgin Islands), and the flow of funds can be traced.
2. Tax dividend - legal tax reduction, not tax evasion
Corporate income tax is 17%, and personal income tax is levied in a gradient, much lower than in Europe and America;
Family offices enjoy tax exemptions of 13O/13U: eligible fund income can be exempted from Singapore income tax;
PIC project tax flexibility: Under the structure of a private investment company, asset allocation and personal income tax planning are more efficient.
3. Business+residential, dual value combination
Political stability and sound rule of law, awarded the title of "Asia's Most Livable City" for consecutive years;
No inheritance tax, relaxed foreign exchange controls, significant advantages in corporate financing and talent attraction;
Education and healthcare are globally leading, balancing family inheritance with quality of life.
03
Singapore Legal Immigration Program
From 'Dark War' to 'Straight Path'
Singapore has designed two core paths for high net worth individuals: family offices (13O/13U) and PIC projects. The former is suitable for high-end families, while the latter is more flexible and affordable, with "compliance and transparency" as the core:
? Singapore Family Office: The 'Inheritance Engine' of High end Families
1. Threshold and positioning:
13O (formerly 13R): Onshore fund with managed asset size (AUM) ≥ SGD 20 million, suitable for focusing on local asset allocation in Singapore;
13U (formerly 13X): Both offshore and onshore funds are available, with AUM ≥ 50 million SGD, covering global asset planning.
2. Core advantages:
Tax exemption - eligible fund income is exempt from Singapore income tax;
● Identity Planning - Family members can gradually transition to Singapore Permanent Residence (PR) by applying for an EP work permit;
Flexible architecture - supports nested trust and holding companies, achieving wealth isolation and intergenerational inheritance.
3. Compliance guarantee:
Registration with MAS is required, with full transparency in investment direction, annual expenses, and professional personnel allocation, and legal protection.
? Singapore Self Employed PIC Project: A Flexible and Affordable 'New Choice'
If the asset size is slightly smaller (or more focused on "identity+asset" dual planning), PIC projects are more cost-effective:
1. Loose application requirements:
College degree, 30-50 years old (golden period of career), industry achievements/business experience, recommended starting investment of SGD 1 million (far below the threshold for family offices).
2. Efficient and worry free process:
● Contract evaluation → Registration of Singapore company → Submission of EP application → Principle approval (2-3 months) → Obtaining entry permit, the entire process takes 3-6 months without the need for complex financial licenses.
3. Clear path to permanent residence:
The company operates normally (providing transaction records), fulfills tax obligations, shifts the focus of life to Singapore (recommended to reside in Singapore for at least 6 months per year), invests/hires in local entities, and gradually consolidates its identity.
4. Tax and industry advantages:
The enterprise belongs to the financial industry and is favored by policies, resulting in a higher approval rate for EP;
● Double low personal and corporate income tax, compliance planning CRS (Common Reporting Standard).
04
From 'routine' to 'correct path'
The key to legal planning
Shi Yongxin's lesson is profound: wealth layout cannot tolerate "grey operations", otherwise the cost will be frozen funds, reputation destruction, and legal accountability.
The family office and PIC project in Singapore are based on the underlying logic of "compliance":
★ Transparent flow of funds, subject to supervision;
Tax planning is legal and relies on policy dividends;
★ Stable identity planning, step by step from EP to PR.
When capital tricks sting the public, we should understand even more: true wealth inheritance begins with compliance.
Singapore builds a transparent stage with its system, waiting for wise people who are willing to take the 'right path'.
If you are also considering asset security, family inheritance, and identity planning, you may want to start by understanding Singapore's legal projects - after all, true freedom starts with "peace of mind".
Welcome to inquire with Xingyunhai International, we will provide you with customized exclusive solutions.
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