China Offshore Trusts and Foundations Guide 2016 by John Yang

7TH ANNUAL TRUSTS & FOUNDATIONS GUIDE

信托和基金会年度指南第七辑

7th Annual Trusts & Foundations Guide 中国最完整的资产传承和规划指南

China's Most Comprehensive Asset Succession & Planning Resource

主编 Editor in Chief: John Yang 撰稿人 Contributors: Wilson Yeung, Alan Taylor, David Lenok, Meng Li, Philipp Keiber, Andrew Yen, Haibo Xu, Dongming Liu, Michael Liu, Feixiang Yang, Paolo Balen 美术总监 Art Director: Yan Chen 美术编辑 Designer: Luo Yu 研究员 Researcher: Yuanyuan Wu 营运总监 Director of Operations: Matthew Sumner 制作总监，亚洲 Production Director, Asia: Oliver Davis 销售总监 Sales Director: Pooja Ramchandani 客户经理，亚洲 Accounts Managers, Asia: William Demers, Orin Pitkin, Isabella Fu, Stone Ro 销售助理 Sales Assistant: Stacy Wu 发行经理 Circulation Manager: Iris Gao 出版机构 PUBLISHER MX MEDIA GROUP LIMITED 地址 Address: Rooms 05-15, 13A/F, South Tower, World Finance Centre, Harbour City, 17 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong

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LETTER FROM EDITOR | 编者的话欢迎阅读《中国离岸：信托和基金会年度指南》第七辑，本指南旨在一如既往地为您提供全球主要离岸行政特区的离岸信托和基金会的最新信息，让您一站式获取最新的数据、分析报告和业界观点。英国退欧是今年上半年的热点，对离岸金融行业造成的影响不可估量，本刊“观点”栏目中对此也有比较专业中肯的分析。另外，中国著名演员王宝强的离婚诉讼案也是人们街头巷尾的谈资，据说他的个人资产高达一亿元。在感慨的同时，分析一下高净值人士婚前婚后的财产保全问题也不失一个比较应景的话题。离岸信托和基金会一直以来都是（家族）企业和高净值人士进行资产传承和财富管理的最强大工具之一，在节税和规避风险的基础上让自己的财富增值和高效安全地向下一代传承。和往年一样，这本《中国离岸：信托和基金会年度指南》的小册子将以年刊的形式向大家展示最新的行业动态和业界分析报告，通过数篇由业界著名的专业公司提供的报告和论述，为您的财富指明一条向广受欢迎的离岸金融中心进军的道路，进而向海外扩张和向下一代传承，为您的事业添砖加瓦，为您的财富和家人保驾护航。 Welcome to the 7th. Annual China Offshore Trusts and Foundations Guide, a report that offers information about trust and foundation information at major offshore jurisdictions around the world, here you will be able to look at the most recent data, ﬁgures and articles. Brexit has been a hot topic in the past months and its impact on the offshore finance sector is significant, our Opinion section will discuss this topic in details. Furthermore, famous actor Baoqiang Wang's divorce case has also been a very popular topic amongst netizens, he's a typical HWNI who owns personal asset of over 100 million yuan. It will be necessary to talk about wealth protection and preservation when it comes to marriage failure which leads to unexpected wealth loss. As always, the China Offshore Trusts and Foundations Guide will be presented to you on a yearly basis, this guide covers latest reports and analysis from some of the most reputable professional institutions in the world in the format of reports, interviews, Q&As and discussions, we hope to help with your choice of the right jurisdiction for offshore assets protection and succession, to succeed your businesses at these jurisdictions, and expand to the rest of world and safely take to the next generation.

Editor, China Offshore

John Yang

editorial@chinaoffshore.com.hk

观点 OPINION 香港作为全球信托中心的比较优势 Comparative Advantages of Hong Kong as a Worldwide Trust Centre

14 库克群岛的财富管理解决方案 Wealth Management: The Cook Islands Solution 22 英国退欧疑云让亚洲富人觊觎西方 Brexit Uncertainty Has Wealthy Asians Looking West 26 列支敦士登公司服务详解 Taking a Closer Look at Liechtenstein

特别报道 FEATURED STORY 66 王宝强：你需要一个婚姻财产规划律师

Wang Baoqiang: You Need a Lawyer for Matrimonial Property Planning 72 2016 热点 HIGHLIGHTS 74 司法辖区 JURISDICTIONS 289 离岸指南 OFFSHORE HANDBOOK

30 家族信托：笼中取宝，管之有道 The Family Trust: Keep Jewels in a Cage under Proper Management

38 家族办公室在中国的本土化发展 Localization Development of Family Offices in China 46 全球透明化的大背景下，离岸财富管理顶层结构设计该何去何从？

How to Complete the Top-level Structural Design of Offshore Wealth Management?

52 美国投资与并购中 LLC 的选择与运用

Selection and Application of LLC in the Investment and M&A in the U.S.

58 英国退欧对中国投资者的影响及专业顾问的主要作用

The Consequences of Brexit for Chinese Investors and the Key Role of Consultancy

China Offshore Trusts & Foundations Guide 2016

目录 CONTENTS ADVERTISER DIRECTORY 广告商目录

RAK ICC - Inside Front Cover Cook Islands FSDA - P1 ARIFA - P62 Uniwide International Corporate Services P75 Labuan IBFC - P101 The Hong Kong Trust Company Limited P115 British and Malayan Trustees Limited P123 Ansbacher Bahamas Limited - P137 Invest Barbados - 158 Meridian Law - 162 BVI House Asia - 167 T-LOFT Property Development Limited 173 Nevis Investment Promotion Agency - 181 CorPa Services AG - 213 Allgemeines Treuunternehmen (ATU) - 219 CorPa Services AG - 222 Westmoore Fiduciary Services - 247 Corum - 253 Cook Islands FSDA - 267 Invest Samoa - 279 St. Kitts Investment Promotion Agency Inside Back Cover Allgemeines Treuunternehmen (ATU) Outside Back Cover

66 2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

Member Contribution

香港作为全球信托中心的比较优势 Comparative Advantages of Hong Kong as a Worldwide Trust Centre Catherine Le Bourgeois, Wilson Yeung

set up utilizing a unit trust structure, and provide investors with the opportunity to invest in assets or stocks that they might not usually have access to in the open market. This is associated with risk diversification ability.

凯瑟琳·拉波尔乔 Catherine Le Bourgeois 凯瑟琳 • 拉波尔乔是 Masson de Morfontaine Ltd 的主管合伙人。她是一名律师，擅长于国际并购、法律及税务。

Catherine Le Bourgeois is the Main Partner of Masson de Morfontaine Ltd. She is a qualiﬁed lawyer specializes on international M&A, legal and taxation.

香港信托业现状香港信托业由四类主要的信托结构组成，包括公司信托、私人信托、养老金计划和慈善信托。

The Status Quo of Hong Kong’s Trust Industry The Hong Kong trust industry is comprised of four main types of trust, namely corporate trusts, private trusts, pension schemes and charitable trusts.

公司信托公司信托供应商提供核心的受托人服务及关键的配套服务，包括设立及管理信托和担当托管人。该些服务供应商对香港的基金管理业产生重要作用。

Corporate trusts Corporate trust providers offer core trustee services and essential corresponding activities – such as formation and administration of trusts – while also acting as custodians. These service providers are critical to Hong Kong’s fund management industry.

公司受托人向批发及零售投资产品提供专业服务，而该些产品一般利用单位信托结构设立，向投资者提供了他

Corporate trustees offer professional services for wholesale and retail investment products that are normally

China Offshore Trusts & Foundations Guide 2016

Private trusts With the support from advisors who specialize in private trusts, the growth of HNWIs across China and the Asia Pacific region has stimulated a surge in the demand for wealth and estate planning services. There is a growing demand for these services from HNWIs seeking to manage the inter-generational transmission of wealth and to implement succession plans for familyowned businesses, because Hong Kong is at the center of the world’s largest and fastest growing market for Asia’s wealthy. Pension schemes The pension system will continue to mature when assets reach a scalable size, since the government is looking to

观点 | OPINION CHINA OFFSHORE

们平时无法在公开市场买卖的资产或股票，以同时带来风险分散的作用。私人信托借着专门提供私人信托服务的顾问的支持，跨越中国及亚太地区的高资产净值人士的增长，刺激了市场上对财富及遗产规划服务的急增需求。由于香港处于全球最大和增长最快市场的中心位置，高资产净值人士对该些服务的需求殷切，以管理世代相传的财富，并实施家族企业的传承计划。养老金计划基于香港政府期望有更多人参与并强化强积金计划，养老金计划将随着资产更具规模的情况下得以日趋成熟。也由于该些计划持续增长，受托人在其中的角色仍然举足轻重。相比其他国家或地区较成熟的计划，由于香港的强积金计划尚处于初级发展阶段，故目前其规模相对较小。顺应全球趋势，香港养老金资产占本地生产总值的比例将持续增长。

increase participation and enhance the MPF schemes. The role of the trustee within the design of the scheme will remain pivotal as these schemes are likely to continue to grow. Hong Kong’s funds are relatively small when compared with mature schemes in other jurisdictions, since the Hong Kong MPF system is still in an early stage of development. The proportion of pension assets as a share of GDP will continue to grow, mirroring global trends. Charitable trusts Although charitable trusts represent a small proportion of the wider Hong Kong trust industry, they are becoming vital to advisors working with HNWIs as they look to create long-term legacies through philanthropy. Onshore charitable trusts – unlike other areas of the Hong Kong trust industry where offshore trusts dominate – are

杨维信 Wilson Yeung 杨维信是 Masson de Morfontaine Ltd 的国际税务总监。他是一名注册会计师和注册税务师，擅长于个人及企业国际税收筹划及转让定价。 Wilson Yeung is the International Tax Director of Masson de Morfontaine Ltd. He is a qualiﬁed accountant and certiﬁed tax adviser specializes on international tax planning and transfer pricing for individual and corporate clients.

normally set up in Hong Kong under the Hong Kong Trustee Ordinance, in which a charitable trust is one of four structures that can be utilized to form a charity in Hong Kong. Comparative Advantages of Hong Kong as a Worldwide Trust Centre Macro conditions • Hong Kong is a special administrative region of China;

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

慈善信托虽然慈善信托只代表香港总体信托业的一小部分，对为该些高资产净值人士提供专业服务的顾问而言，慈善信托变得日益重要。与香港其他种类的信托以离岸形式为主有别，香港在岸慈善信托一般是按照香港受托人条例而设立，其中慈善信托是四个可被用作在香港设立慈善机构的结构之一。上述条款带来香港信托法律的进步和振兴香港作为国际资产管理及信托规划中心的地位，并让香港成为更吸引委托人的信托设立地。香港作为全球信托中心的比较优势宏观条件 • 香港是中国的特别行政区；

China Offshore Trusts & Foundations Guide 2016

• Well-established legal system based on a mixed system of English model common law and Chinese customary law (in matters of family and land tenure); • Free market economy, highly dependent on international trade and finance; • Hong Kong has substantially implemented the internationally agreed tax standard set out by the OECD guidelines and is part of its white list; • Hong Kong complies with the Hague Convention in the recognition of trusts; • Hong Kong Trust law currently allows for the situs or the governing law of a trust to be changed from Hong Kong, or for resettlement of the assets in a new trust, subject to the laws of the receiving jurisdiction

Taxation • Tax-efficient legislation with a treaty network of more than 30 double taxation agreements in place; • There is no capital gains tax levied in Hong Kong; • Taxation of income in Hong Kong is assessed on a territorial basis and only income arising in or derived from Hong Kong is subject to tax in Hong Kong. • No estate duty for locals or foreigners Trust law reform Hong Kong is a world-renowned wealth management center following recent amendments to its trust law. On 17th July 2013, the Trust Law (Amendment) Bill 2013 was passed. This amends Hong Kong’s Trustee Ordinance (Cap.29) and the Perpetuities and Accumulations Ordinance (Cap.257)

观点 | OPINION CHINA OFFSHORE

• 拥有完善的法律体系，结合英式的普通法和中国的习惯法（关于家庭及土地使用权事务）； • 奉行自由市场经济并高度依赖国际贸易及金融； • 已根据经济合作与发展组织的准则推行大部分国际认可的税制，并在组织的白名单内； • 信托事务遵从海牙公约； • 现行香港的信托法律允许，可视乎对方法区的法例，改变信托的适用法体及所在地，或重新配置信托的资产到另一信托。税收 • 拥有具备税务效率的法规，并和超过 30 个税收管辖区签订税收协定； • 不征收资本利得税； • 计算所得税时，以地域为基础，只计算于本地取得的收入； • 香港及外籍人士均无须缴交遗产税。信托法改革随着近年信托法的修订，香港成为了世界著名的财富管理中心。2013 年 7 月 17 日，《2013 信托法律（修订）条例草案》正式通过。草案修改了于 1934 年制定的《受托人条例》（第 29 章），及于 1970 年制定的《财产恒继及收益累积条例》（第 257 章）。这些修订为在香港法例下成立的信托，提供了必须的法律基础和更新。以下的重要修订已于 2013 年 12 月 1 日生效：

which date back to 1934 and 1970 respectively. These amendments usher in much-needed improvements and modernization to the legal infrastructure for trusts subject to Hong Kong law. The most significant amendments that will come into force on 1st December 2013 are as follows: • Providing appropriate checks and balances a) the trustee must exercise the care and skill that is reasonable in the circumstances, taking into account any special knowledge or experience that the trustee has or has represented that it possesses;

b) Professional trustees cannot be exempted from liability for willful misconduct, gross negligence or fraud; c) Beneficiaries have the right to appoint and retire trustees • Improvement or validation of certain governing powers or rules a) Settlors can reserve for themselves certain powers; b) Abolition of the rule against perpetuities; a Hong Kong trust can be settled for an unlimited amount of time; c) Abolition of the rule against excessive accumulation of income; d) Provision against forced heirship rules in jurisdictions outside Hong Kong • Enhancing trustees’ default powers where the trust instrument is silent In view of the complexity of modern-day trust structures, the Trust Law Amendment Ordinance 2013 enhances the default powers of trustees to ensure that the law will support effective administration of the trust even if the trust instrument

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

• 提供适当的制衡 a) 受托人必须以关情况下属合理的谨慎和技巧行事，并考虑到其具备或声称具备的任特殊知识或经验； b) 专业受托人如有意进行不当行为、严重疏忽或欺诈，将不能豁免其有关责任； c) 信托受益人有权委任及辞退受托人。 • 监管权力或规则的改善或验证 a) 财产授予人可保留部分权力； b) 废除禁止信托累积过多收入的条例； c) 引入反强制继承权法例。 d) 信托文书没有定条时，扩大受托人的预设权力 • 鉴于现时信托结构复杂，《2013 信托法律（修订）条例》已扩大受托人的预设权力，确保在信托文书没有载列特定条文，法律仍可支持信托有效运作这些预设权力包括： a) 委任代理人﹑代名人及保管人来执行某些职能； b) 为信托财产可能遭受的损失或损害购买保险； c) 获取报酬； d) 授权扩大投资范围。私人信托公司香港的信托法例没有规定受托人必须拥有牌照，也没有规定香港的信托受托人必须为香港公司或其所在地或运作地点必须位于香港。这为设立私人信托公司（一般作为管理家族业务或持有上市公司股份）提供良好基础。故此，要确保家族信托能成功执行继承计划及提供保障，私人信托公司的正确运作极为重要。与新加坡比较香港和新加坡同是著名的国际金融中心。她们均是亚洲地区信托相关专业服务的主要供应商，以及作为信托的司法管辖基地。

China Offshore Trusts & Foundations Guide 2016

Private trust companies Hong Kong trust law provides that there is no requirement to obtain a license to act as a Hong Kong trustee. There is no requirement for a Hong Kong trustee to be resident or administered in Hong Kong, or for it to be a Hong Kong Company. This offers a good foundation to establish a Private Trust Company (“PTC”) structure, usually to hold the family business or listed company shares. Correct

does not contain specific provisions. These default powers include: a) The ability to appoint agents, nominees and custodians to perform certain functions; b) The power to insure trust property against loss or damage; c) The entitlement to receive remuneration; d) Authorization to invest in a widened scope of investments

国家（地区） Jurisdiction

香港 Hong Kong

新加坡 Singapore

可提供的结构 Available structure

信托 Trust

信托最长期限 Maximum trust period

永久 Unlimited unless trust instrument provides otherwise

100 年 100 years

委托人保留投资权力 Reservation of investment powers by settlor

有 Yes

没有 No

有 Yes

只在某些情况（如慈善信托） Yes, only in certain circumstances (e.g. charitable trust)

没有 No

委托人保留其他权力 Reservation of other powers by settlor 反强制继承权法例 Protection against foreign forced heirship rules

目的信托 Purpose trusts

其他类别信托 Other types of trust

观点 | OPINION CHINA OFFSHORE

香港的竞争优势包括其地理位置及法律制度，一方面捕捉中国的增长，另一方面按照普通法执行，与泽西、开曼群岛、英属维尔京群岛及新加坡相同。香港历史悠久的法律核心体系对客户来说尤为重要。近年来，新加坡采用了下列策略以推动其信托业： • 政府对信托业的支持——明确的政策和强大的政府投资支持，是新加坡信托业服务发展的基石。新加坡尔后大力宣传此新兴行业，以鼓舞国际参与者和客户。 • 信托业执业人士法规——新加坡从事信托业的人员必须持有专业执照，以及特种服务必须由新加坡持牌从业人员或事务所提供予客户。 • 信托专业培训及认证——新加坡采用积极进取的方针，以建立一所由新加坡政府部分资助的学院机构提供认证培训，而香港则拥有现成的高教育程度劳动力及专业人才库以支撑本地信托业。

administration of the PTC is crucial to ensuring successful succession planning and protection provided by the “Family Trust”. A comparison with Singapore Hong Kong and Singapore are both reputable international financial centers. Both are dominant players within Asian for the provision of trust-related services and as a jurisdictional base for trusts. Hong Kong’s competitive advantage includes its geographical location and legal system that, on one hand, can capture the growth of China and, on the other, can operate under the common law practices which are identical to those in Jersey, the Cayman Islands, the British Virgin Islands and Singapore. The long history of Hong Kong legislation’s core system is critical to clients. Singapore has adopted the following strategies to boost its trust industry in recent years:

• Government backing of the trust industry – Clear policy and strong government investment are cornerstones to the development of Singapore’s trust services. The infant industry was largely promoted to international players and clients. • Trust Practitioner Regulation – The requirement that trust practitioners be licensed to practice in Singapore and the condition that specific services be performed by Singaporean licensed practitioners/ providers are the two key factors that helped drive demand for local trust services. • Trust Professional Training and accreditation – Singapore has adopted a proactive approach and built up an institution to provide accredited training, which is partly subsidized by the government, whereas Hong Kong has a well educated workforce and an established pool of professional talent ready to support the industry. In practice, not all of the measures taken in Singapore would function

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

实际操作来说，不是所有新加坡采用的措施都能良好运作并受惠于香港，故一些香港的行业领导认为香港政府必须制定有关政策来应对其中一些领域。香港可以通过分析竞争对手的特征和最新发展来制定其相关策略，以持续其信托业及相关行业的长远目标。下表为香港与新加坡信托的基本比较如表所示。

and be beneficial to Hong Kong; some industry leaders consider that the Hong Kong government should formulate policy addressing some of these areas. Hong Kong can develop tactics for sustaining its long-term goals for the trust and related industries through analyzing the competitors’ characteristics and latest development.

展望未来

Below is a table showing a basic comparison between Hong Kong and Singapore trusts:

业界人士、政府和监管机构需要加强合作，就香港信托业的中长期愿景达成共识，并积极协作以巩固香港作为国际金融中心的地位。对于立法机构而言，也必须以通盘思维来制定有关政策，以支撑金融服务业的各个分部门合力打造一个强有力和独立的香港金融和管理服务市场。总括来说，由于越来越多海外司法管辖区与香港竞争作为信托中心的地位，香港政府必须制定追求长远愿景的政策，以宣传其信托业并创造有利于业务增长的环境，从而进一步巩固香港作为真正世界一流的国际金融中心的地位。

China Offshore Trusts & Foundations Guide 2016

Looking forward The industry, government and regulators need to increase their collaboration, come to a consensus on a medium to long-term vision for the Hong Kong trust industry, and work together rigorously to build on Hong Kong’s strong foundations as an international financial center. It is also vital for law makers to take a holistic approach to policy setting, which shall support the comprehensive financial services subsectors to foster

a robust and independent financial and administrative services market for Hong Kong. It is important to the Hong Kong government to pursue a long-term vision and policy on developing and promoting the trust industry, thereby creating a favorable environment to foster business growth and to further cement Hong Kong’s position as a truly world-class financial services center in all areas, given that an increased number of overseas jurisdictions are now competing with Hong Kong as a trust center.

观点 | OPINION CHINA OFFSHORE

Member Contribution

库克群岛的财富管理解决方案 Wealth Management: The Cook Islands Solution

Alan Taylor Alan 在新西兰开始他在法律行业的职业生涯，此后他移民海外，并在库克群岛、泽西岛和新加坡的国际金融服务行业供职。他在公众和私人机构中担任过法律、商务开发和高级管理的职位。在加入 FSDA 前，Alan 在新加坡为一家瑞士上市的金融服务机构管理一个资产管理和信托服务业务。 Alan 在经常欧洲、北美和亚洲代表他供职的公司出差，并就财富管理和金融服务发表演讲。 Alan 有新西兰奥克兰大学的法律和经济学学位。他获批加入新西兰律师协会且是 STEP 和新西兰管理学院的会员。 Alan 现在已和家人一起回到库克群岛，他期待为库克群岛金融服务行业的发展壮大贡献力量。

Alan commenced his career practicing law in New Zealand before moving overseas where he worked in the international ﬁnancial services industry in the Cook Islands, Jersey and Singapore. He has held legal, business development and senior management positions in both public and private organisations. Before joining the FSDA, Alan was based in Singapore heading the asset management and ﬁduciary services businesses

China Offshore Trusts & Foundations Guide 2016

for a Swiss listed financial services organisation. Alan has travelled extensively through Europe, North America and Asia representing the organisations he works for and speaking on wealth management and financial services. Alan has degrees in law and economics from Auckland University in New Zealand. He has been admitted to the New Zealand bar and is a member of STEP and the New Zealand Institute of Management. Alan has now returned to the Cook Islands with his family and is looking forward to contributing to the development and growth of the Cook Islands financial services industry.

espite the slowdown in the Chinese economy and continued volatility in its share market, private wealth continues to be generated at unprecedented rates. However, if history teaches us nothing else it is that that such prosperity will not continue indefinitely and the next financial crisis is just around the corner. That being the case, and given the globalisation of Chinese families and businesses, now is the perfect time for Chinese nationals who have, or are in the process of accumulating, wealth (“HNWIs”), to consult their professional advisors about an international wealth management plan. That is, a plan

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管中国的经济增速放缓和股票市场持续波动，私人财富管理却以前所未有的速度上升。不过，就历史上的经验来看，这一繁荣景象将不会无限期地延长，下一个金融危机已经近在咫尺。这就是说，在中国家族财富全球化的今天，现在是一个中国人正在，或正准备积累财富的过程中向专业的顾问人士咨询国际财富管理计划和生意，包括利用一个架构来持有、投资、管理和保护他们所处国家之外财富的时刻。没有比中国这样一个更需要财富管理的国家了，中国的高净值人士数量呈持续增长的势头，富人们对在中国境外的投资、学习和寻找机遇有着前所未有的热情。信托的使用几个世纪以来，信托都被证明为理想的财富管理工具，因此也是财富管理计划中的重要组成部分。信托是英国普通法中规定各种规划目的的手段，尤其大部分为：

tailored to the individual’s present and future personal, family and business needs including a structure to hold, invest, manage and protect wealth located outside of his/her home jurisdiction. Nowhere is the need for wealth management planning more prevalent than in China where the number of HNWIs continues to grow with those individuals showing a desire to invest, study and explore opportunities outside of China. Use of a Trust For centuries trusts have proved to be the ideal wealth management vehicle and therefore the key component in a wealth management plan. The trust is a creation of English common law and used for a variety of planning purposes, most notably:

• Succession - the desire to have one’s assets pass to the next generation in accordance with specific wishes; • Wealth protection - to protect assets from those who by force, legislation or litigation may try to take them away; • Avoidance of probate – remove the need for probate on death by removing assets from the estate now; • Tax - the effective legitimate minimization of tax charges on the transfer or sale of assets and the income they may generate; • Pre-migration – to structure assets and affairs in a fiscally efficient manner before becoming resident in another country; • Confidentiality – to allow the HNWI and his/her family to benefit from their assets and conduct their business without unnecessary

• 传承——根据特定意愿把一个人的资产向下一代传递的方式； • 财富保护——保护资产免受外来势力、法规或诉讼案的剥夺； • 避免遗嘱检验——在身故时通过把资产从遗产中移除的方式来免受遗嘱检验的需要； • 税务——资产的转移和销售和通过其产生的收入用合法高效的方式来最大限度地降低赋税； • 预迁移——用财政高效的方式在成为另一国居民之前架构资产； • 保密性——允许高净值人士及其家人从他们的资产中获益，并在不必要暴露个人信息的前提下管理生意。通过谨慎架构的信托方式，中国的高净值人士可以决定受益人如何和何时

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从信托中确定的资产受益，避免资产受到不确定的政治和经济因素的影响，避免特留份继承权，以及通过架构生意的方式来确保高效管理和公司传承。信托是计划中的终极资产所有工具。它可以持有，不论通过直接或间接的方式，所有形式的资产、可移动或不可移动资产、银行可接受或不可接受的，从投资组合、房地产到私人控股中的股份、投资和贸易公司、豪华资产比如游艇、飞机和艺术品等资产。执行的架构也能向高净值人士提供针对投资和信托资产管理的各种不同程度的适度控制，而不必牺牲其有效性或提供的利益。受托人的选择国际财富管理规划的基础，也就是建

China Offshore Trusts & Foundations Guide 2016

disclosure of personal information. Through a carefully constructed trust the Chinese HNWI can determine how and when a beneficiary will receive assets settled onto the trust, protect assets from uncertain political and economic climates, avoid forced heirship rights and structure businesses to ensure effective management and corporate succession. The trust is the ultimate asset owning vehicle in the plan. It can hold, directly or indirectly, all types of assets; moveable and immovable, bankable and non-bankable - ranging from investment portfolios to real estate to shares in private holding, investment and trading companies to

luxury assets such as yachts, planes and works of art. The structure implemented can also provide the HNWI with varying and appropriate degrees of control over the investment and management of trust assets without compromising the validity of the trust or the benefits it offers. Choosing a Trustee The first and most important decision to be made when establishing the trust structure to form the basis of the international wealth management plan, is choosing the trustee to manage and administer the trust and its assets. Creating a trust requires ultimate legal ownership of the HNWI’s assets to

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立信托架构时的最重要决定就是，选择受托人来管理和监督信托和其资产。创建一个信托需要高净值人士资产的终极所有权归受托人所有。高净值人士因此就必须对受托人的经验、实质、专业声誉，以及其雇佣的专业人士资格有极大的信心。受托人应该位于一个这位高净值人士所不在的行政辖区之内。这个行政辖区需要有强健的法律法规，用来加强信托所提供的利益和保护个人资产和权利，并有一个经验丰富的法律系统来应对信托相关事宜，和一个尊重法律的良好声誉。最后却也是最重要的，这些高净值人士应该希望他指派的受托人由一个独立的管理机构来监管，监督受托人的行为和接受和调查由高净值人士或信托收益人提交的任何投诉。在建立信托时需要高净值人士向一家位于外国行政辖区内的专业公司受托人转移其资产的终极所有权，他 / 她个人对该公司并不一定很熟悉，因此有效的法规保护是让人安心的根本要素。中国的高净值人士在选择正确的受托人和行政辖区来建立、管理和监督自己的信托时选择很多。信托源自于英国普通法，中国人对此不见得熟悉，但不熟悉却不应该成为不利用信托的众多利益和不采用专业顾问意见和可用管理方式的理由。

be with the trustee. The HNWI must therefore be very confident as to the trustee’s experience, substance, professional reputation, and the quality of the professionals it employs. The trustee should be based in a sovereign jurisdiction where the HNWI is not resident. The jurisdiction will need robust legislation designed to enhance the benefits provided by a trust and protect the individual’s assets and rights, together with a legal system experienced in dealing with trust matters and a reputation for respecting the rule of law. Last and by no means least, the HNWI should want his/her trustee to be regulated by an independent authority that will monitor the trustee’s activities and accept and investigate any complaints made against the trustee by the HNWI or trust beneficiaries. As establishing a trust will require the HNWI to transfer ultimate legal ownership of his/her assets often to a professional corporate trustee in a foreign jurisdiction with whom he/she personally may not be familiar, effective

regulation is essential for peace of mind. Chinese HNWIs will have a number of options when selecting the right trustee and jurisdiction in which to have their trusts established, managed and administered. As the trust is derived from English common law it may not be a familiar concept to those in China, but that unfamiliarity should not be a deterrent to using a trust given the benefits it can provide and the professional advice and management available. The Cook Islands Option When judged against the criteria set out above for choosing a trust jurisdiction and trustee, the Cook Islands would appear to be an excellent option. Legislation The Cook Islands, located in the South Pacific northeast of New Zealand

库克群岛从上述选择信托所在的行政辖区和受托人的标准时，库克群岛会是一个绝佳的选择。法律库克群岛坐落于新西兰东北面和夏威夷南面的南太平洋上，作为一个成熟的国际金融中心，已有超过 30 年的时间。库克群岛国际金融服务行业的基石是按照 1984 年的《国际信托法》

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（ITA）建立的国际信托。它让库克群岛成为外国高净值人士和家人的行政辖区之选，因为能为他们提供现代社会更符合要求的信托服务。ITA 的特点包括： • 受托人必须根据法定责任行事，须有专人作为专业受托人来管理其它事务； • 受托人有权进行任何合法的投资； • 受托人可以代表除决定权之外的所有权利的裁量权； • 委托人可以对信托和其资产保留一小部分的控制权； • 通过引用特定的时间和活动来要求信托资产的人将获得确定的权利； • 信托可以代际传承而无固定的终止日期； • 在外国行政辖区内的特留份继承权规则不应该影响信托或向信托转移的资产有效性； • 如果不符合库克群岛法律的规定，外国法庭的判决可不被承认。除了 ITA 之外，库克群岛法规也提供其它控股、投资和资产保护的架构，得以和国际信托整合使用来形成国际财富管理规划的组成部分。这些架构包括国际公司（1981-82 年的国际公司法，修正案），有限责任公司（2008 年有限责任公司法，修正案）和基金会（2012 年基金会法，修正案）。税收中立高效的税务规划可以通过采用库克群岛国际信托来实现，并将取决于委托和受益人作为税务居民的所在地和资产的所在地。中国的高净值人士在建立信托以及，如果他 / 她或家庭成员希望向这些行政辖区移民之前，应该寻求税务顾问。库克群岛的税法规定中国的高净值人士能够有免税的可能，否则就有可能被课税。

and south of Hawaii, is a mature international finance centre having been in existence for over 30 years. The cornerstone of the Cook Islands international financial services industry is the International Trust established pursuant to the International Trusts Act 1984, as amended (“ITA”). It has made the Cook Islands an industry leader in the preservation of wealth and the trust jurisdiction of choice for foreign HNWIs and their families by providing law better suited to the needs of people in today’s society. Features of the ITA include: • Trustees must act in accordance with a statutory duty of care being that of a prudent person engaged as a professional trustee managing the affairs of others; • A trustee has the power to make any lawful investment; • A trustee may delegate the exercise of all powers and discretions excluding dispositive powers; • The settlor can retain elements of control over the trust and its assets; • Certainty is given to the rights of those who might claim against trust assets by reference to specific dates and events; • Trusts can be dynastic with no fixed termination date; • Forced heirship rules in foreign jurisdictions shall not affect the validity of a trust or transfers on to trusts. • Foreign judgements will not be recognised or enforced if inconsistent with Cook Islands law. In addition to the ITA, Cook Islands

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legislation provides other structures for holding, investment and protection of assets that may be integrated with an International Trust to produce or form part of an international wealth management plan. Those structures include international companies (International Companies Act 1981-82, as amended), limited liability companies (Limited Liability Companies Act 2008, as amended) and foundations (Foundations Act 2012, as amended).

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法庭

Tax neutral

库克群岛法庭对牵涉到信托法和信托问题的案件有丰富的审判经验，在遵守法律的规定上有着良好的声誉。库克群岛的最高法院法官都是经验丰富的新西兰法官，都能施行库克群岛的法律法规。

Effective tax planning may be possible through the use of a Cook Islands International Trust and will be dependent on where the settlor and beneficiaries are tax resident and assets are located. It is important that a Chinese HNWI obtains Chinese tax advice before establishing a trust and, if he/she or members of his/her family intend to emigrate, in such jurisdictions to where they intend to move prior to

专业的服务提供商受托人公司在库克群岛持证提供信托和公司服务，具有丰富的相关经验，

arriving. The Cook Islands’ tax laws are designed so that it is possible to incur no tax charges in addition to what the Chinese HNWI would otherwise be charged. Courts Cook Islands courts are experienced in hearing and deciding upon cases involving trust law and trust issues and have a reputation for respecting the rule of law. The Cook Islands’ High Court judges are experienced New Zealand judges who apply Cook Islands law. Professional Service Providers The trustee companies licenced to provide trustee and corporate services in the Cook Islands contain a depth of relevant knowledge, experience and expertise to rival any jurisdiction in the world. Most of these companies have existed since, and contain professionals who were involved in, the formative years of the Cook Islands as an international finance centre. They have experience in dealing with Asian and particularly Chinese clients and some are part of organisations with an Asian presence. Regulation Trust Companies in the Cook Islands are licensed to carry on “trust company business”, as that term is defined in the Trust Companies Act 2014 (“TCA”). They are regulated by the Financial Supervisory Commission (“FSC”) in accordance with the provisions of the TCA, which give the FSC the power to vary, revoke or add conditions to a

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知识和专业度来和世界上任何一个行政辖区竞争。这些公司中的大多数都在库克群岛成为国际金融中心伊始就开始提供相关专业服务。他们在和亚洲，特别是中国客户打交道方面经验丰富，其中有些公司甚至是在亚洲有业务的机构成员。法规库克群岛的信托公司持证从事“信托公司业务”，这一称谓在 2014 年信托公司法（TCA）中已有明确定义。它们由金融监管委员会（FSC）根据 TCA 的条例进行规范，这让 FSC 有权在必要的时候对许可证的条款进行变更、撤销或增补。库克群岛致力于国际法律法规和最佳实践的执行和遵守。在这些因素和现代通讯设施、政府监管、支持行的政治环境、银行业务设施和便捷的商务交易时区相结合时，库克群岛对中国的高净值人士来说是真正的理想之选。库克群岛解决方案国际财富管理规划应该在各方面都达到这一标准：国际化。它将持有高净值人士的非本国资产，通过工具在行政辖区内在法律的保护下建立，提供最大限度的保护，灵活度和管理的便捷性。金融资产将在这些金融中心内通过专业人士和机构，以最适合高净值人士需求的方式进行监管和管理。根据每位高净值人士和其家族的不同情况，该计划必须相对简单，或对特定的案例更为精细化。由于每个人的情况各不相同，因此每个财富管理规划都是各不相同的。当然中国的高净值人士财富管理架构将类似于此： • 库克群岛国际信托由库克群岛居民受

China Offshore Trusts & Foundations Guide 2016

licence as it sees fit. The Cook Islands is committed to the implementation of and compliance with international regulatory best practice. When these factors are combined with its modern communication facilities, sovereignty of its government, supportive political environment, banking options and convenient time zone for transacting business, the Cook Islands does stand out as the ideal option for the Chinese HNWI. The Cook Islands Solution The international wealth management plan should in all respects be just that – international. It will hold the HNWI’s non-domestic assets in vehicles established in jurisdictions and under laws which provide the maximum protection, flexibility and ease of administration. Financial assets will be custodied and managed in those financial centres with the professionals and institutions best suited to the

HNWI’s needs. Depending on the HNWIs personal and family circumstances, the plan may be relatively simple or it may be more sophisticated requiring detail and focus on particular aspects. Given that no two individuals are the same it follows that no two wealth management plans will be the same, however the Chinese HNWIs’ wealth management structure may look something like this: • A Cook Islands International Trust administered by a Cook Islands resident trustee. The HNWI names a class of persons (which will include his/her spouse and children) to benefit from the trust; • Powers to direct investment of trust assets is reserved to the HNWI or someone nominated by him/her; • A bank account is opened in the trust’s name operated by the trustee to receive and hold cash to be distributed to beneficiaries;

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益人管理。高净值人士指定一队人（这些人将包括他 / 她的配偶和子女）来从这个信托获益； • 指导信托资产的投资权利为高净值人士，或者由他 / 她指派的人所保留； • 以信托的名义开设一个银行账户，并由受托人操作来接受和持有现金来向受益人分配； • 高净值人士签发的委托书来列明在他 / 她的有生之年和身故后对投资、管理和资产分配方面的意愿； • 高净值人士指导受托人在库克群岛的有限责任公司内投资。受托人是该有限责任公司的完全所有人（成员），高净值人士，或者他 / 她的受命人可以是有限责任公司和其资产的管理人； • 一个或以上的离岸控股公司，取决于所持有资产的种类和数量，可以向有限责任公司转移。控股公司可以已经成立或需要成为转移人的资产的公司所建立； • 例如，一家控股公司持有金融资产、投资组合、安全贸易账户，另一家持有房地产、商业或住宅地产，第三家则持有任何由高净值人士或他 / 她的家族所拥有的贸易公司的股份。

• A letter from the HNWI to the trustee details his/her wishes as to the investment, management and distribution of assets both during his/her lifetime and beyond; • The HNWI directs the trustee to invest in a Cook Islands LLC. The trustee is the 100% owner (member) of the LLC and the HNWI, or his/her nominee, can be the manager of the LLC and its assets. • One or more offshore holding companies, depending on the type and number of assets to be held, can be transferred to the LLC. The holding companies may already exist or will need to be incorporated and assets transferred in; • For example, one holding company holds financial assets, investment portfolios, security trading accounts, another holds real estate, commercial or residential, and a third holds shares in any trading

company owned by the HNWI or his/her family. Conclusion It is imperative that Chinese HNWIs consult their domestic advisors now to discuss the wealth management possibilities available. Past and current local, regional and global economic and political events highlight the need for them to understand how such issues may impact their present and future wealth and how they might best protect it. A Cook Islands International Trust and Cook Islands resident trustee gives the Chinese HNWI a platform to secure existing and future wealth whilst having it invested, managed and distributed in accordance with his/ her wishes both during his/her lifetime and indefinitely after his/her death. The Cook Islands would appear to provide a perfect solution.

结论中国的高净值人士咨询他们国内的顾问来讨论现有的财富管理可能性是十分必要的。过去和当前，地区和全球的经济和政治事件都要求他们能够理解，这些问题有可能影响到他们现在和未来的财富，以及他们如何以最佳方式来保护他们。库克群岛国际信托和库克群岛居民受托人给了中国的高净值人士一个平台，以保护他们现在和未来的财富，同时进行投资、管理和根据他 / 她的意愿在有生之年和身故后进行分配。库克群岛显而易见，是能够提供上述完美解决方案的理想选择。

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英国退欧疑云让亚洲富人觊觎西方 Brexit Uncertainty Has Wealthy Asians Looking West By David Lenok

David Lenok David Lenok 是 wealthmanagement.com 和 Trusts & Estate 的资深编辑。他也是纽约的执业律师，主要撰写财富管理和规划方面的专业文章。 David Lenok is a senior editor for Wealthmanagement.com and Trusts & Estates. He's an attorney admitted to practice in New York and writes about general wealth planning issues.

今

年 6 月 23 日举行的“英国退欧”全民公决出乎意料的结果让全球金融界炸开了锅。不过此间带来的不确定性和重重迷雾都让亚洲的高净值人士加速了进军西方的脚步，不仅在字面上，在经济上更是如此。西方国家的房地产市场一直以来都是亚洲高净值投资者眼中的香饽饽，用来应对自己所处本国的经济变数，这一方式已在他们中变得越来越流行。根据美国“国家房地产业者协会”的数据， 2015 年 4 月和 2016 年 3 月之间，中国买家在美国购入的超高端房产已

China Offshore Trusts & Foundations Guide 2016

he surprise result of the Brexit referendum on June 23rd has sent shockwaves through the financial world. This increased uncertainty and volatility has accelerated the trend of Asian highnet-worth (HNW) individuals looking to the West, both literally and financially. Western real estate, long a favorite of Asian high net worth investors looking to hedge against volatility in their

domestic economies is becoming even more popular. According to the National Association of Realtors, between April 2015 and March 2016, Chinese buyers purchased more high end homes in the U.S. than any other international group by a wide margin. Forty two percent of foreign buyers who purchased homes worth 1 million or more during that period were Chinese

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远超世界上其它任何一个国家。在上述时间段内，购买价格超过 100 万美元的美国住宅地产的外国买家中有 42% 是中国人（来自中国大陆、台湾和香港的受访者都包含在内）。随着英国退欧投票的结束，中国的人民币和许多其它亚洲国家的货币一样，都经历了大幅度的贬值。与此同时，美元则反其道而行。中国的投资者对人民币的不稳定性已如惊弓之鸟，而人民币在过去的 12 个月里已经历了三次大幅贬值。许多人会寻求在美国的主要城市抢购豪华地产，以期在人民币和美元的比值差距拉大前购入不动产保值，这也让美国的地产市场成为最受欢迎的财富保留工具之一。在中国投资者希望在还能买得起的时候赶上美国房地产投资这趟末班车的同时，他们也对英国的房地产显示了浓厚的兴趣，而其原因则截然相反。英镑对人民币的贬值幅度更大，对那些放眼离岸的亚洲投资者来说具有极大的潜在价值。瑞士联合银行（UBS），作为世界上最大的私人银行，据称旗下有许多客户希望在英镑跌惨的时候全额还清他们欠下的以英镑为支付货

(the survey bundles buyers from mainland China, Taiwan and Hong Kong together in this group). In the wake of the Brexit vote, the Chinese Yuan, like many other currencies across Asia, experienced steep declines. The U.S dollar, on the other hand, gained momentum. Chinese investors, increasingly skittish about the volatility of the currency after what is now the third round of major depreciation in the past 12 months are looking for safe havens. Many may look to snap up luxury properties in major U.S. cities before the gap between the two currencies widens any further and potentially makes this favored wealth preservation vehicle untenable. While Chinese investors are looking to jump on the U.S. real estate train while they can still afford to, they’ve also shown an increased interest in British property for precisely the opposite reason. The Pound has fallen even further than the Yuan has,

and now offers potential value for Asian investors looking offshore. UBS Group AG, the world’s largest Private Bank, has reported a rush of clients looking to fully pay off pound-based mortgages now that the currency has dropped so far. In both cases, HNW Asian investors appear to have more confidence in foreign currencies, be it that the U.S. Dollar will continue to be strong or that the Pound will inevitably rebound, than domestic ones. Beyond piquing an interest in western real estate, Brexit has also driven more HNW Asians to consider western wealth planning techniques, such as private banks, family offices and life insurance. Though HNW investors in Asia are notable for favoring managing their own money, a recent study by Singapore-based East & Partners Asia Pte. Reveals some erosion in that attitude. As of May, 52 percent of HNW Asians reported managing their won portfolios, down from 70 percent three years ago. Additionally, across the same period, the number of

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

币的房贷。在上述两个案例中，高净值亚洲投资者表现出对外国货币的更大信心，认为美元将继续走强且英镑将会无可避免地反弹，比本国货币更具投资价值。除了刺激西方国家的房地产市场之外，英国退欧也让更多亚洲的高净值人士考虑西方的财富规划方式，比如私人银行、家族办公室和人寿保险等等。虽然亚洲的高净值投资者以他们喜欢管理自己的钱财而著名，一个由一家新加坡的 East & Partners 私人公司最近所进行的研究结果表明，这一喜好已经开始松动。到 5 月份为止，52% 的亚洲高净值人士据称是在自己管理资产，这个比例比三年前的 70% 下降了很多。不仅如此，在同一时期，身为私人银行客户的受访者数量从 10%

China Offshore Trusts & Foundations Guide 2016

respondents who are clients of private banks increased from 10 percent to 25 percent. The firm anticipates that the increased uncertainty from Brexit will drive even more people to seek professional advice and projects the above figures to fall to 47 percent and rise to 30 percent, respectively, in the next year. UBS, Credit Suisse and Deutsche Bank are all planning on increasing their presence in Asia to attempt to take advantage. Life insurance policies have also seen a spike in popularity recently that Brexit-based uncertainty will likely only exacerbate. While mainland-based policies have become more popular in the past several years because of fear surrounding the long-rumored implementation of an inheritance

tax, the real action appears to be happening in Hong Kong In an attempt to keep wealth on shore, the Chinese government currently limits the amount that mainland citizens can send out of the country to $50,000 annually. High-net-worth investors have found that one of the most effective ways of putting that limited amount of money to work, or bypassing it completely, is buying Hong Kong life insurance policies. The policies are either maintained as an offshore wealth preservation vehicle, with an annual premium of the allowed $50,000 or bought for much more than that and immediately cashed out so the funds can be transferred into U.S. or Hong Kong Dollars, effectively sidestepping

观点 | OPINION CHINA OFFSHORE

的比例增加到了 25%。该公司预测由于英国退欧而导致的不确定性会驱使越来越多的人征求专业人士的意见，并预计上述数字会从明年开始进一步分别下降到 47% 和上升到 30%。瑞士联合银行、瑞信银行和德意志银行都计划在亚洲加大投入，以求借机赢得更多客户。人寿保险在英国退欧形势的不确定以及进一步加剧的情况下变得更受欢迎。而中国大陆的人寿保险在过去几年里因为长期以来关于遗产税的征收谣言也越来越受欢迎，真正的行动看起来位于香港，香港尽可能地希望把财富保持在在岸，中国政府对中国大陆公民能够向外汇出的外汇金额限制在每年 5 万美元。高净值投资者发现让这笔有限的资金发挥作用，或者规避这一政策的最有效方法之一，就是购买香港的人寿保险。这个保险或是以一笔离岸的财富保留工具来维持，每年被允许的保费为 5 万美元，也可以用高得多的价格来买入，并能立即提取现金，所以这笔资金可以被转换为美元或港币，可以有效且彻底地规避这一政策。根据保监会办公室的信息，中国公民在香港购买的人寿保险数量在过去的五年里翻了三倍，且大有大行其道的趋势。归根结底，目前英国退欧对亚洲金融局势的影响依旧迷雾重重。不过，亚洲的高净值人士在对付不确定形势上早已驾轻就熟，特别是面对人民币比值的变化上更是如此，更多的人则把目光投向四方国家的金融机构来帮助采取应对措施。英国退欧很有可能会加速这一趋势，而随着亚太地区在高净值财富数额和人口数量上首次超越北美，根据 GapGemini 的《世界财富报告》的分析，雨后春笋般出现的西方财富管理机构绝不会在这上面错失良机。

the regulation entirely. According to the Office of the Commissioner of Insurance, the number of life insurance policies issued in Hong Kong to Chinese citizens has more than tripled in the last five years. Look for that trend to continue. Ultimately, the current financial impact of Brexit on Asia comes down to uncertainty. However, HNW Asian investors are no strangers to dealing

with uncertainty, particularly when it comes to the value of the Yuan, and increasingly were already turning to western financial institutions to help cope. Brexit will likely accelerate this trend, and with the Asia-Pacific region recently surpassing North America for the first time in both HNW wealth and population, according CapGemini’s World Wealth Report, there will be no shortage of western institutions rushing to service the demand.

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观点 | OPINION CHINA OFFSHORE

Member Contribution

列支敦士登公司服务详解 Taking a Closer Look at Liechtenstein By Philipp Kieber

如 Philipp Kieber Philipp Kieber, 列支敦士登大使和信托专家，也是 Interadvice Anstalt 的董事会成员和执行董事。他还是为 Interadvice Anstalt 服务的第四代家族成员，同时是 LieAdvice AG 的合伙所有人，该公司专注于列支敦士登国内的（商业）公司和私人客户。 Philipp Kieber, Dipl. liecht. Fiduciary Expert, is Member of the Board of Directors and Managing Director of Interadvice Anstalt. He is the fourth generation of the family to work for Interadvice Anstalt; he is also a co-owner of LieAdvice AG, which specialises in services for domestic (commercial) companies and private individuals in Liechtenstein. Interadvice Anstalt, Landstrasse 25 Li-9490 Vaduz www.interadvice.li p.kieber@interadvice.li Tel: +423 232 24 12 Fax: +423 232 05 42

果您在欧洲和世界范围内寻求经济发展活动的最佳地点，或者想寻找资产保护和财富管理的战略要地，甚至移民目的地，位于欧洲心脏位置的列支敦士登绝对是您不容错过的考虑地点之一。列支敦士登公国是一个基于民主议会制度的君主立宪制国家。这个欧洲小国位于奥地利和瑞士之间，和上述两国都建立了海关和货币联盟。该国家人口为 37000，首都是瓦杜兹，官方语言是德语，商务语言为英语。列支敦士登交通便利，位于瑞士苏黎世国际机场的一小时辐射圈内（115 公里）。列支敦士登公国是独立国家，在 1923 年和瑞士建立了友邻国家海关协定，它和瑞士的行政和经济关系也异常密切。此外，它和瑞士还建立了货币联盟。列支敦士登是联合国成员国，也是欧洲经济区（EEA）的一员。不过和瑞士一样，它并不是欧盟成员国。2013 年 11 月，列支敦士登签署了国际反避税协议（经合组织 / 欧洲理事会）。列支敦士登以金融业闻名，事实上它还是世界上工业化程度最高的国家之一。通过和瑞士和欧盟经济区各国签订的海关协定，列支敦士登和国内建立公司的经济状况都处于非常良好的状态。在讨论列支敦士登的同时，稳定的经济和政治环境是不容忽视的事实。世

China Offshore Trusts & Foundations Guide 2016

hen you are looking for a strategic country for economic activities in Europe and Worldwide, a place for asset protection and wealth planning or a new residency you should have a closer look at the Principality of Liechtenstein in the heart of Europe. The Principality of Liechtenstein is a constitutional hereditary monarchy based upon democratic-parliamentary principles. The small state is located between Austria and Switzerland, with which it has a customs and currency union. It has 37,000 inhabitants, the capital is Vaduz, the official language is German, and the business language is English. Travelling there is easy as the international Zurich airport is within a one-hour radius (115 KM). The Principality is independent, and following the customs treaty with the neighbouring country of Switzerland in the year 1923, it has close administrative and economic ties with Switzerland. In addition, it also has a currency union with Switzerland. Liechtenstein is a member of the United Nations (UN) and of the European Economic Area (EEA), although, like Switzerland, it is

观点 | OPINION CHINA OFFSHORE

列支敦士登，商务活动和资产保护的理想之地

not a member of the European Union (EU). In November 2013, an international convention to prevent tax evasion ("OECD/Council of Europe Convention") was signed. International Liechtenstein is most known as an offshore place but in fact is one of the most highly industrialised countries in the world. Through its customs treaty with Switzerland and the membership in the European Economic Area (EEA), Liechtenstein and in the country established companies are in a very comfortable economic situation.

列支敦士登成为商务活动首选地的同时，在资产代际保护的避风港方面也非常成功。《列支敦士登人员和公司法》和《信托公司法》让一个自由、灵活的法制框架成为可能，具有企业自由、

When talking about Liechtenstein also the very stable economic and political situation of Liechtenstein has to be mentioned. All over the world states have to deal with political and

界各个国家都不得不应对政治和经济危机，而全球所有银行都有坏账问题。列支敦士登的标准普尔评级刚刚在 2016 年 7 月被评为三个 A。而且这个国家没有公共债务，银行也有上述良好的评级。除了稳定的社会、法制和经济秩序，高水平的政治稳定性和持续性之外，列支敦士登还有高度自由的公司法、双边经济政策、优良的基础设施、稳定的瑞士法郎作为其官方货币、极少的官僚主义和通畅的行政命令渠道。

economic crises and banks all over the world have problems with bad loans. While the Principality can refer to its triple A rating of S&P, which was just confirmed in July 2016. Also there is no public dept and the banks can refer to its good ratings. Other location factors beside the stable social, legal and economic order and the high level of political stability and continuity are the liberal company law, economic policy, good infrastructure, stable Swiss franc as official currency, the little bureaucracy and direct administrative channels. Liechtenstein, a place for business activities and asset protection Liechtenstein succeeds in doing

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

多种公司形式和资产持有方式并存的特点，信托和信托公司也被写入法律。股份公司是商务活动的理想工具，基金会以追寻双方共同利益为目的而建立，控股基金会（公司从传承方案）或家族基金会（遗产规划、家族资产的保护）也是列支敦士登的财富管理工具。列支敦士登信托可以有相似的目的。这和英国普通法的模式一脉相承。为瑞士公司预备的列支敦士登控股公司列支敦士登公国已和多个国家建立了免双重征税法规和税务信息的交换协定。比如它和中国有一个 TIEA（税务信息交换协议）以及和香港签订了免双重征税协议。最受关注的是和瑞士签订的免双重征税协定，即将在 2017 年 1 月 1 日起生效。这意味着瑞士的预提税（35%）将从向列支敦士登的自然人或法律实体支付的利息中完全扣除，且根据持股规模，红利也将被降至 15% 或完全免除。一个有效的后果则会是瑞士公司在列支敦士登建立的控股公司或为传承方案所建立的长期公司。

the split being a place for business activities as well as a safe haven for asset protection over generations. The Liechtenstein Persons and Companies Act (Personen- und Gesellschaftsrecht – "PGR") and the Trust Enterprise Act (Gesetz über das Treuunternehmen) establish a liberal, flexible statutory framework that is characterised by the spirit of entrepreneurial freedom and facilitates various company forms and asset holders; the trust (Treuhänderschaft) as well as the trust enterprise (Treuunternehmen/ Geschäftstreuhand) are also enshrined in law. While the stock corporation is an ideal vehicle for commercial activities, foundations are established to pursue common-benefit objectives, holding foundations (succession arrangements for companies) or as family foundations (estate planning, protection of family assets). The Liechtenstein trust can pursue similar purposes. This is closely based on the English common law model.

Liechtenstein Holding Company for Swiss companies The Principality of Liechtenstein has established double taxation conventions and treaties on the exchange of information for tax purposes with a number of states. For example there is a TIEA (Tax Information Exchange Agreement) with China and a double Taxation Agreement with Hong Kong. Of interest is the Double Taxation Treaty with Switzerland that is set to come into force on 1 January 2017. This means Swiss withholding tax (35%) will be entirely waived on interest payments to natural persons or legal entities domiciled in Liechtenstein, and tax rate on dividends will be reduced to 15% or will be entirely waived, depending upon the size of the shareholding. An effective option may consequently be a Liechtenstein holding company for Swiss companies or a corporate holding foundation for long-term corporate succession arrangements. Modern Tax Law in Liechtenstein The uniform tax rate for legal entities that are not covered by the special arrangement for private asset structures (Privatvermögensstrukturen - "PVS") is 12.5% of net earnings. A number of special aspects are applicable when determining net earnings. For example, earnings and profit shares (dividends) from participations are not subject to tax, and an interest deduction of 4% may be made on operationally necessary equity capital. Dividend distributions are tax-exempt.

China Offshore Trusts & Foundations Guide 2016

观点 | OPINION CHINA OFFSHORE

列支敦士登现代税法向法律实体所征收的统一为 12.5% 的净收入税率并不包含在私人资产架构内。在决定净收入额的时候，要考虑一些特定的方面。比如说，来自参股的收入和利润股份（红利）并不需缴税，且可以对运营需要的权益资本减免 4% 的利息。红利分配是免税的。资产管理基金会、公司和信托公司，依据管理私人资产法规所建立的架构，遵守特定的先决条件（特别是：无经济活动和由独立第三方管理的资产），可以选择缴纳最少每年 1200 瑞郎的所得税。信托唯一且无更多条件地遵守每年最少的金额为 1200 瑞郎的所得税。虽然列支敦士登议会计划把每年的最低税率提高到 1800 瑞郎，但这个数字仍然具有很大的吸引力。为什么选择 Interadvice Anstalt ？在列支敦士登受托人办公室行业中， Interadvice Anstalt 并不是最大的玩家，却是一个具有悠久历史的可信赖的公司。公司的创始人，也是笔者的曾祖父在 1922 年开始业务。Interadvice 专注于受托人服务的核心业务，专业团队为精选的私人和公司客户开发量身打造和长期的解决方案。客户的利益永远享有绝对优先权。我们把自己看作家族办公室服务和解决方案的服务提供商。得益于我们在多个不同国家的律所和信托办公室、资产经理和顾问进行的合作，我们能够简化复杂的问题并为客户提供精准和正确的专业方案。这一合作关系让我们能够独立行事且提供的解决方案永远是为客户利益选择的最佳方案。如果想要在列支敦士登选择一家可以长期合作和建立互相尊重和高效合作的信托公司，我们非常乐意为您效劳。

Asset management foundations, establishments and fiduciary companies, in accordance with the rules governing private asset structures (Privatvermögensstrukturen – "PVS"), subject to certain preconditions (in particular: no economic activity as well as asset management by an independent third party), may choose to be taxed at the minimum income tax rate of CHF 1,200.00 per annum. Trusts are subject exclusively and without further conditions to the minimum income tax rate amounting to CHF 1,200.00 per annum. Although the Liechtenstein Parliament wants to increase the minimum tax to CHF 1’800.00 per annum it’s still very attractive.

the great-grandfather of the author. Interadvice focuses on the core business of trustee services which is developing tailored and longterm solutions in a specialised team for selected private and business clients. The client’s interest has always first priority. We see ourselves as a provider of family office services and solutions.

Why Interadvice Anstalt?

Thanks to our cooperation with law firms and fiduciary offices, asset managers and consultants in a wide variety of countries, we are able to clarify complex questions or to refer clients to precisely the right specialists. This cooperations keep us self independent and the solutions are always in the best interest of the clients.

On the landscape of professional Liechtenstein Trustee Offices, Interadvice Anstalt is not the biggest player but a very old reliable company, which started its activity in 1922 by

If you are looking for a Trust Company in Liechtenstein which is interested in long term relationships and respectful and efficient cooperation we would like to offer you our services.

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观点 | OPINION CHINA OFFSHORE

Member Contribution

家族信托：笼中取宝，管之有道 The Family Trust: Keep Jewels in a Cage under Proper Management By Andrew Yen

随

着风险管控、家族传承的需求愈发增多，在国外兴起已久的家族信托开始走进中国企业家的视野。它站在统揽全局的角度，代表着家族最高的层次需求，是家族财富管理系统架构中的顶层设计，为家族有效解决财富保全与传承问题。从家族财富管理的立场来看，银行负责管理家族目前的现金流，保险负责管理与家族成员生命时间价值相关的资金，而家族信托负责管理家族世代传承的财富，其规划、设立与运作要求更加严谨、细致与个性化。

颜怀江

创办人磐合家族办公室

Andrew Yen Founder Panhe Family Office 颜先生专注于高净值中国企业家族的财富保全与传承策略的构建、执行与服务，拥有将近 20 年丰富的实务经验，累计服务过 230 个高净值华人家族，主持并运营数个联合家族办公室，协助客户建立自己家族的单一家族办公室；同时，担任国内多家金融机构的高级顾问，担任山东省国际信托有限公司独立董事，与各大银行、信托、保险等金融机构展开深度合作，负责协助建构私人银行服务体系以及中高层管理人员专业训练，在家族办公室、家族信托、私人银行、财富保全与传承策略等领域有丰富的授课经验与实务经验。

China Offshore Trusts & Foundations Guide 2016

With nearly 20 years of extensive practical experience, Mr. Yen focuses on building, implementing and serving highnet-worth families' wealth preservation and inheritance strategy. He has served more than230 high-net-worth families in China; meanwhile, he operates a number of multi-family offices, helping clients to build their own single-family office. At the same time, as a senior consultant to many domestic financial institutions, and an independent director of Shandong International Trust Co., Ltd, he expands deep cooperation with a number of banks, trust companies, insurance companies and other financial institutions, responsible for assisting the construction of private banking service system and professional training for senior managements. He is a professional trainer with extensive practical experience in family office, family trust, private banking, wealth preservation and heritage strategy.

ith the increasing demand for risk control and family inheritance, the family trust, which is long-standing and wellestablished tool in foreign countries, has begun to attract attention from Chinese entrepreneurs. With thorough planning, it addresses the highest-level demands of a family, and effectively solves problems related to family wealth preservation and inheritance as top levels in the structure of the family wealth management system. From the perspective of family wealth management, banks take charge of current cash flow of the family; insurance companies are responsible for capital related to the life time value of family members; family trusts manage family wealth passing from generation to generation with more rigorous, meticulous and customized planning, establishment and operational requirements.

观点 | OPINION CHINA OFFSHORE

国内家族信托认知与运作现状国内的信托市场还处在初步发展阶段，大多数人对家族信托的认识并不深，容易与市面上的信托理财产品产生混淆，开始总喜欢问应该投多少，收益是否有保障这样的问题。人们只根据报酬率来比较，看似直观，但事实上不同信托理财产品所配置的内容，很有可能因资产性质完全不同，并不具可比性。在设计家族信托的条款时，多数客户与信托机构仅注重在支出层面，例如给予受益人教育费、创业费或者结婚资金，都是一连串的现金资产支出，很少能充分考虑到，如何保证家族信托有足够的现金流入，去抵消未来有可能发生的种种支出，例如家族成员增多、税收增加等情况。而一旦现金流中断，家族信托可能就离终止不远了。对待家族信托必须认识到，它本质上并不是用来帮客户赚取收益的理财产品，而是为财富隔离风险，对财富进行长期管理与合理分配的金融工具。而且单一的信托产品并不能解决复杂的家族财富问题，家族办公室要为客户提供的是一套契合需求，整合资源并能形成良好循环的家族信托系统方案。在正确认知的指导下，如何使家族信托系统能够顺利运作，永葆家族常青呢？以下将针对此议题作进一步探讨。 1. 立足需求，架构思维，灵活组合进入到家族财富管理层面，面向资产累积到一定数量的高净值客户，报酬率仅是浅层需求，因为他们本身的创富能力就已经远优于理财产品。家族信托之所以为企业家所青睐，主要是因为它能够满足企业家的多重现实需

Understanding How Family Trusts Work in China The trust market in China is still at its initial stages of development. Most people do not have a thorough understanding of family trusts and tend to confuse them with trusts financial products, so at the beginning, they tend to ask questions like how much should be invested, or whether the income is guaranteed. People compare different trusts financial products by their return rates. It seems to be a straightforward approach but, in fact, different products may not be comparable as they may consist of different elements due to their different assets. When designing clauses for family trusts, most clients and trust companies place their focus on expenditure, such as offering beneficiaries educational expenses, or initial expenditure for starting businesses, or funds for marriage. It’s nothing but a series of cash outflows. Only a few could take into full conside-

ration to ensure the family trusts’ sufficient cash inflow to support all possible expenditures arising from situations like increase of family members, tax increases, etc. Once the cash flow is interrupted, the family trust may come to an end quickly. As for family trusts, we must understand that they are not designed in nature as a financial product to help clients grow their wealth, but to isolate wealth from risks. It is a financial tool to implement long-term management and the reasonable allocation of wealth. Besides, a single trust product cannot solve complicated family wealth issues. Instead, the family office should offer clients a full set of family trust solution to meet different demands, integrate resources and form a sound cycle system. How can one ensure the smooth operation of family trust system and sustain a family’s prosperity under guidance based on proper understanding? This topic will be further discussed as below.

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求，如风险隔离、财产保密、合理节税、灵活分配、继承安排与慈善规划等。如果把客户的家族财富比喻为“资金池”，来自不同金融机构的信托理财产品就像形态固定的“容器”。理财顾问们运用这些“容器”，从客户的资金池里不断“取水”，但容量始终有限，使客户的需求受到限制。而且各个金融机构都是站在“卖方”的立场上推售产品，导致客户的需求难以进行系统管理。相比信托理财产品，容量无限并且能根据需求灵活组合的家族信托架构，具有明显的优势。以架构思维规划客制化的家族信托，需要综合考量委托人的设立目的、家族的具体情况、分配要求、信托相关人的利益平衡等因素，在整合客户所有需求的基础上，再将不同类型的资产，例如房产、股票、股权、保险、现金等资产，依照特定的功能逻辑，置入家族信托架构底下，从而产生良好地协同效应。从纳入的资产类别来说，家族信托架构扩充了资产容量，而且具有更大的扩充弹性。最重要的是，客户的需求也得到了全方位的满足。优质的家族信托架构还能够产生良好的循环效果。例如，家族信托架构下置入合理的保险规划，通过保险把每一代家族成员的时间价值变现，再回流到家族信托架构，依照信托协议用于下一代的分配支出。每一代资金紧密的衔接安排，为家族信托的长期运作奠定坚实的基础。站在服务者的角度，又有利于与家族世代成员建立长远稳定的关系，为家族提供更多定制化的服务。 2. 遵循逻辑，细化规划，精准服务能够为高端客户提供最具个性化服务的优秀家族财富规划师，既不是提供

China Offshore Trusts & Foundations Guide 2016

1. Demand-oriented, well structured thinking and flexible combinations For high-net-worth clients with certain extent of asset accumulation, the return rate of investment is only the surface of their needs as their ability of creating wealth is far better than financial products. Business owners prefer family trust because it can satisfy their multiple needs, such as isolation of risk, confidentiality of wealth, reasonable tax savings, flexible allocation, arrangement of inheritance, and charity planning. If you compare the family wealth of a client to a “capital pool”, trusts and financial products from different financial institutions are like “containers” with fixed forms. Financial advisors use such “containers” to constantly “fetch water” from clients’ capital pool. Due to limited capacity, however, the demands of clients cannot

be fully satisfied. Besides, all financial institutions offer products from the perspective of “sellside”, which makes it difficult to carry out systematic management of clients’ demands. Compared with trust financial products, family trusts boast significant advantages including its infinite capacity, demand-based approach and flexible structure. To plan for a customized family trust based on well-structured thinking, one should take into account factors like the client’s objectives of establishing trust, current situation of the family, requirements for allocation, and the balance between all trust-related parties. Based on the integration of all clients’ demands, different types of assets – such as real estate, stocks, equities, insurance policies and cash – are placed in the family trust structure in a logical manner, thus creating

观点 | OPINION CHINA OFFSHORE

产品，也不是提供机构，而是独特的体验模式。他能为客户厘清家族信托的层层规划逻辑，再针对不同的资产类别细化规划。这是最核心的竞争力，毕竟工具是古板的，遵循正确的逻辑才能把工具更好地应用在执行层面。下面举例简单说明。 • 资产类别：股票资产 • 遵循逻辑：把未来的现金流直接引导至他人身上，递延税收，合理节税。大多数上市公司每年最为苦恼的是为分红缴纳所得税的问题。身为大股东，获得分红之后是需要缴纳所得税的。但根据笔者多年的服务经验，很多高净值客户并不需要使用每年的分红，甚至计划将其累积后留给后代使用。需要警惕的是，未来如果赠与税出台，交给下一代时还需扣除税率可能高达 40%-50% 的赠与税，实际交到下一代手里最多就只剩一半了。因此，为了防患于未然，不如直接将这笔分红现金流导入家族信托，待累积到一定期限再分配给下一代。不但可以递延个人所得税，还能起到降低税基，合理节税的效果。当然，设立家族信托并非为了避税，但可以透过良好的信托架构合理节税。理论上，将财产置入家族信托都会产生一定成本，但如果置入的时间节点不同，可能花费的成本就会大为不同。

good synergy. Family trust expands the capacity of the structure and creates greater potential for extension and flexibility. And, most importantly, clients’ demands are fully satisfied. High-quality family trust structures can also result in a self-cycle system. For example, reasonable insurance planning can be introduced into the family trust structure. Through such insurance, time value of each generation of family members will be realized and monetized in the family trust structure to support allocation or expenditure for the next generation. These proper arrangements of capital lay a firm foundation for long-term operation of family trust. From the perspective of service provider, it facilitates the building of long-term stable relationship with family members for generations and allows the service provider to offer more customized services. 2. Logic-based, refined planning and accurate services An outstanding family wealth planner can offer high-end clients with individualized services – not as products or institutions – as a unique experience. The planner can clarify the logical planning of family

trusts at all levels and then develop refined strategies for different types of assets. This is also the core of their competitiveness. After all, tools are inflexible. Only by following a logical system can tools be effectively implemented and leveraged. This shall be briefly illustrated as below. • Asset class: stocks • Logic to be followed: lead future cash flow directly to others for the purpose of deferring taxes and reasonable tax saving. What bothers listed companies the most is income taxes on dividends every year. Major shareholders are required to pay income taxes after having obtained dividends. According to my years of experience, most of the high-net-worth clients don’t need such yearly distribution, and even plan for accumulating them for descendants. One thing to be mindful is that, if gift taxes are to be introduced in the future, such taxes may be at a rate as high as 40-50%, which will impact the wealth to be passed on to the next generation - only half the value would actually be delivered, at most. Therefore, to prevent such a risk, it would be wise to funnel such

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观点 | OPINION CHINA OFFSHORE

dividends directly into a family trust and then distributed them to the next generation after a certain period of time. Not only will this deter individual income tax, but also decrease the tax base. Hence, some tax expenses can be saved. Certainly, family trusts are not established to avoid taxes, but to rationally manage tax via proper trust structures. 目前把财产从委托人转移到受托人名下，都是透过赠与或者买卖的方式，在遗产税、赠与税尚未出台的情况下，委托人只需付出小比例的手续费用。如果等到未来再置入信托，万一在此期间资产迅速增长，就意味着需要置入家族信托的财产基数变大了，除了手续费的增长，还可能要面临高额的遗产税、赠与税的风险，无疑是“雪上加霜”。因此，从长远规划的角度来看，预防所付出的成本远比后期再治理的要低。 3. 量化数据，反复试算，达成共识在沟通家族信托诉求之初，客户的想法通常是感性的，按照个人内心的喜好与重视程度表达需求。比如，为了体现对家族人才教育发展的鼓励，在家族信托中设定，未来子孙后代中有人考取世界排名前 50 的大学，信托将奖励多少呢？客户一开始只能凭感觉说出大概的数字，比如 20 或者 30 万。如果此信托要照顾未来 5 代人以上，根据每代人的生育系数预估，未来将新增多少家族成员呢？万一新增的成员都考上，加上通货膨胀的因素，目前至少要投入多少，每年要产生多少现金流才能抵消这项奖励支出呢？面对这些一系列深远的问题，客户的想法是模糊的。所以感性的想法必须变为理性的数据，才能让客户了解家族信托的预期功能，合理衡量目前的投入规模与组合规划。

China Offshore Trusts & Foundations Guide 2016

Theoretically, placing assets within a family trust will create certain costs. However, depending on the timing of placements, the costs may vary greatly. At present, assets are mostly transferred from a client to a trustee via gifts or sale agreements. With neither inheritance tax nor gift tax introduced, the client only needs to pay a small proportion in commission. If their asset value increases rapidly in the same period, the asset basis expands. In addition to bearing an increase in commission, the clients may also face the risks of high inheritance tax or

gift tax. This suggests an even worse situation. Therefore, from a long-term perspective, the cost of preventions is much lower than that of asset management. 3. Reach a consensus based on quantified data and repetitive tests At the initial stage of communication about the expectations of a family trust, many clients express their demands based on individual preferences and priorities. For example, to present the expectation of talented family member’s future educational growth, in the context of family trusts, how much should be awarded from the trust to descendants who pass entrance examinations at the top 50 universities in the world? Clients could only intuitively propose a figure at the very beginning, such as 200,000 or 300,000. If such a trust aims to cover the next five generations, how many

观点 | OPINION CHINA OFFSHORE

对此，磐合家族办公室为客户创立了专属的“家族信托生涯现金流量表”，根据信托目的与设立诉求，透过严密的精算模型，模拟到底要投入多少资产，才能尽可能保证信托架构的现金流入，能够覆盖未来的支出。将家族信托的感性需求作最直接的量化，就是“您想为多少人准备现金。” 以此为需求的出发点，对应到“家族信托生涯现金流量表”的体现，就是 “需要用多少钱来解决多少人多大的需求”，并以此为家族信托的逻辑主线，建立具有动态调整功能的家族信托现金流管控系统。磐合家族办公室的家族信托客户都会有专属的现金流量表，因为每个家族的状况都是独一无二的。根据对外部环境与家族内部因素的考量，现金流量表纳入“通胀率、贴现率、每代人的相距年数、人均寿命……”

new family members would there be, according to the fertility coefficient of each generation? If all new members pass such examinations, together with the influence of inflation, how much should be invested at present? How much cash will be generated each year to compensate such awards? Clients do not have a clear picture about these issues. In this regard, personal thoughts and feelings should be supported with empirical evidence to enable clients to understand the expected functions of a family trust and to reasonably measure the current investment scale and portfolio planning. Panhe Family Office has set up an exclusive Family Trust Career Cash

Flow Statement for clients, which, according to the objectives and the appeal of family trusts, simulates the amount of asset input required to ensure sufficient cash inflow for trust structures to cover expenditure based on a rigorous actuarial model. Converting personal feelings and perceptions into quantifiable data represents “how many people do you want to prepare funds for?” Starting from this point onwards, the corresponding consideration within the Family Trust Career Cash Flow Statement is “how much money is needed to address the demands of a small population?” This question is regarded as the main bone that precedes the logical thinking for family trusts, family trusts cash flow

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观点 | OPINION CHINA OFFSHORE

等变量因素，假设几种不同的规划组合，然后输入不同变量进行试算，得出不同组合的现金流系统的 IRR（内部报酬率）。如果发现某方面的功能支出过多或者过少，客户也可以运用此表格试算，在专业团队的建议下，了解如何调整才能取得平衡。家族信托以照顾家族后代、保障家族永续为主要目的，着重的是稳定性，而不是有风险的增值。客户在磐合家

management and control systems with dynamic adjustment functions are established. Panhe Family Office makes exclusive cash flow statements for each family trust client. Therefore, the status of each family is unique. Based on the assessment of external environment factors and internal family factors, the cash flow statement takes many variables into account,

including inflation rate, discount rate, gap between generations, and life expectancy.Different portfolios and inputs are used to conclude a set of internal rate of return (IRR) of the cash flow systems for multiple combinations. If the functional expenditure on certain aspects costs too much or too little, clients may also use this statement to calculate and request suggestions from a professional team to understand how to achieve an appropriate level. Family trusts are mainly set up to take care of descendants and to ensure the sustainability of a family. They emphasize on stability rather than risk value increase. With the help of the professional team at Panhe Family Office, clients may use this exclusive Family Trust Career Cash Flow Statement to make multidimensional estimates and calculations by inputting different parameters, striving to reach a consensus on risk preference, the present resources for investment, future bearing capacity and many other aspects. Finally, with a comprehensive assessment of multiple variables, an optimal planning for family trust structures can be established. These family trusts are what clients are longing for the most. 4. System Management, Regular Reviews, and Appropriate Adjustments Family trusts that are set up to benefit a family’s future generations cannot be operated as independent projects. Instead, they should be traced and tracked as a systematic project closely linked to a family’s development, and

China Offshore Trusts & Foundations Guide 2016

观点 | OPINION CHINA OFFSHORE

族办公室专业团队的帮助下，运用专属的“家族信托生涯现金流量表”，输入不同的参数进行多维度的试算，力求在风险偏好、现有投资能力与未来承受能力等问题上达成共识，最后综合考量各种因素，找到家族信托架构规划的最优解。而这样的家族信托才能最符合委托人的意愿。 4. 系统管理，定期检视，合理调整要设立能够福泽绵延家族世代的家族信托，就不能把它当作一个独立项目来操作，而是应将它视为与家族发展息息相关的系统工程来跟进，定期进行监督、评估与完善。其设立是一个好的开始，能否执行到期并获得良好成效，将更多取决于长期的管理与维护。因为家族是一个长期发展与变化的生态系统，内部家族成员的增长、婚姻状况的变化、税务国籍调整等因素，加上外部的市场环境、经济政策等变化，家族信托设立后，必须配备项目组进行长期管理调控。遵循此理念，磐合家族办公室团队定期为客户进行家族信托进行系统检视，整合多家金融机构的投资报表，为客户提供整体分析报告，监督各大金融机构是否按照商定的架构去操作，并根据客户的意愿与家族相关成员的需求，做出合理的调整，力求保证家族信托能够遵循委托人意愿，长期良好地运作下去。除了定期的月度检视与年度检视，磐合家族办公室还设有突发事件型的检视与应对机制，比如遇到“英国脱欧” 等类型的大型黑天鹅事件，专业规划团队会根据资产的风险程度评估与未来趋势，为客户提供调整建议，努力为客户量身打造一个既具备严密的抗风险能力，又能适应未来潜在发展变化的家族信托工程系统，永葆家族长青。

they should be monitored, evaluated, and improved on a regular basis. To set up a family trust is a god start, but whether it may be fully implemented to achieve positive effects depends on long-term management and maintenance. A family is an ecological system undergoing long-term development and changes, such as an increase in family members, changes in marital status, adjustments in tax and nationality, as well as external changes in market environment and economic policies. Therefore, a project team has to be set up to manage, regulate and control it in the long term. Abiding by such a philosophy, Panhe Family Office carries out systematic reviews of clients’ family trust on a regular basis, integrates the investment statements of several financial institutions, provides clients with overall analysis reports,

oversees whether major financial institutions operate according to the agreed structure, makes reasonable adjustments according to clients’ wishes and demands of relevant family members, and strives to ensure the long-term sound operation of family trusts in accordance with clients’ expectations. Apart from regular monthly reviews and annual reviews, Panhe Family Office sets up emergency reviews and coping mechanisms. For example, in case of major black swan events like Brexit, a professional planning team will offer clients suggestions on adjustments according to the level of asset risk and future trends, and make great effort to create a family trust engineering system with both strong ant-risk capabilities and flexibility to comply with potential developments and changes in the future. In this manner, the sustainable development of a family can be maintained.

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Member Contribution

家族办公室在中国的本土化发展 Localization Development of Family Offices in China By Haibo Xu, Dongming Liu

许海波高级合伙人北京金诚同达律师事务所 Haibo Xu Senior Partner Beijing Jingcheng Tongda & Neal Law Firm 许海波律师，北京金诚同达律师事务所高级合伙人，上海分所金融业务部负责人，复旦大学金融学硕士，是公司治理、金融创新、金融诉讼和商业谈判领域的专家律师。现担任上海市经济和信息化委员会兼职法律顾问，上海市宝山区人民政府法律顾问团成员，山东聊城人民政府法律顾问团成员，英国皇家特许仲裁员协会仲裁员，廊坊仲裁委员会仲裁

随

着家族信托和家族资产管理话题的兴起，国内家族办公室机构也雨后春笋般地设立起来。尽管大部分家族办公室都主要在提供家族财富管理的前期咨询和保险、理财产品的配置与推介工作，但其触角已经越来越广泛地触及家族财富管理领域。实践中也有人认为，中国目前的财富管理环境和法律制度基础，决定了家族办公室徒有其名。针对于此，笔者对比国外家族办公室的概况，探讨中国国内构造

China Offshore Trusts & Foundations Guide 2016

员，上海市律师协会房地产、基金、信托业务研究会委员。许律师注重基于整体策略的法律顾问和出庭服务，先后为国内著名的大中型企业机构提供合规、诉讼和非诉讼法律顾问服务。 Mr. Xu graduated from Fudan University with a Masters in Finance and is a senior partner of Beijing Jincheng Tongda & Neal Law Firm, and Head of the Financial Business Department of its Shanghai branch. He is an expert lawyer in the fields of corporate management, financial innovation, financial litigation and business negotiations. Currently, he holds concurrent posts as part-time legal advisor at the Shanghai

ith family trust and family assets management becoming popular topics, family offices are also springing up in China. Although most family offices mainly focus on the preliminary consultation about family wealth management and the configuration and promotion of insurance and financial products, their toes are being more and more extensively dipped into the

Municipal Commission of Economy and Information, member of the Legal Advisory Panelin Shanghai Baoshan District People's Government, member of the Legal Advisory Panel in Liaocheng People's Government of Shandong Province, arbitrator for the UK Royal Chartered Arbitrator's Association and Langfang Arbitration Commission, and member of the Research Commission on Real Estate, Funds and Trusts for the Shanghai Bar Association. With a focus on legal advisory and court attendance services, Mr. Xu provides renowned domestic corporations and institutes with legal advisory services including compliance, litigation and nonlitigation consulting.

field of family wealth management. However, others argue that, in practice, the current wealth management environment and legal system basis in China determine that family offices exist only in name. Aiming at this point and based on an overview of foreign family offices, the author has explored the necessity of developing family offices domestically and their path of localization.

观点 | OPINION CHINA OFFSHORE

家族办公室的必要性及其本土化路径。

Overview of foreign family offices

1. Model of foreign family offices

国外家族办公室综述

Aiming at managing family wealth and family trust, family offices proceed from the standpoint of wealth owners to provide all kinds of professional management consultation and operation services for them. A family office is usually composed of experts from different fields and industries, and it monitors and manages the finance, health, risk management, education, development and other aspects of the entire family, with the purpose of assisting the family in achieving further success and development through exploring models of managing and protecting family wealth.

Tracing back to their early stage, family offices can be roughly classified into two types. The first type covers the single family offices (SFOs) which, as agencies mainly serving family clients, only manage and monitor the wealth of one single family. Depending on the needs and preferences of these wealthy families, SFOs can have either a simple or a complex structure, and, without a unified organizational structure, they either consist of some professionals specialized in assets investment, or consist of fully-functional large-scale teams devoted to building management platforms with comprehensive contents and a wide service scope.

作为管理家族财富、管理家族信托的家族办公室，是从财富所有者角度出发，为其提供各种专业管理咨询和操作服务，由涉及不同领域行业的专家组成，监督及管理整个家族的财务、健康、风险管理、教育发展等状况，以协助家族获得成功以及顺利发展为目标，专门研究管理和保护其家族财富的管理模式。 1. 国外家族办公室的模式追溯到早期的家族办公室，大致可分为两种类型。第一类为单一家族办公室（SFO），作为主要服务于家族客户的组织机构，只为单个家族管理和监管家族财富。单一家族办公室的构成可精简可复杂，基于富豪家族的需求和喜好，这种类型的家族办公室并没有一种统一的组织结构，其可由部分专业人士组成，着重关注资产投资，或者由功能全面的大规模团队组成，搭建内容全面、服务范围广泛的管理平台。随着单一家族办公室的进一步发展，专家人员的进一步扩充，维护一个功能全面的家族办公室的运维成本就逐步攀升，从而导致一些单一家族办公室逐步开始面向更多的家族客户进行服务，从而形成经验丰富、人员多样化的第二类家族办公室，多家族办公室 (MFO)。同时，家族办公室在发展过程中，主体形态呈现多元化的特点。不仅可以独立设立，与其他经验丰富的机构合作，也可以或通过收购市面上较为成熟的家族办公室，从而构建基于客户特定需求的家族办公室。 2. 国外家族办公室的组成家族办公室通常会为所服务的单个家族

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观点 | OPINION CHINA OFFSHORE

With the further development of SFOs and the further increase of experts, the operating expense of maintaining a single fully-functional family office is constantly on the rise, so some SFOs have begun to open their services to more family clients, as a result of which the second type of family offices, multifamily offices (MFOs) characterized by rich experience and diversified staff composition, come into shape. Meanwhile, in the course of development, family offices have

刘冬明 Dongming Liu

兼并收购及信托领域的法律工作，并向国内公司提供常年法律顾问服务。

刘冬明毕业于华东政法大学，获学士学位。后于美国明尼苏达大学获得法律硕士学位。

Liu Dongming graduated from East China University of Political Science and Law with a Bachelor degree, and later received LLM from University of Minnesota in the USA.

刘冬明于 2013 年获国家法律职业资格，先后在多家大型事务所实习，参与大量买卖合同纠纷、金融借款纠纷、著作权维权类及保险追偿类民商事诉讼类业务。后于美国明尼苏达州明尼阿波利斯市州立法院民事庭实习，熟悉各类民刑事案件，参与多起违反交通法规类刑事案件的庭外讨论及法律意见梳理。刘冬明助理于 2014 年 10 月加入金诚同达（JT&N）律师事务所，参与公司证券、

指定一个管理人，这个管理人要有广泛的投资视野及资产管理经验，在资产配置、财务管理等方面具有一定的阅历，能够面对且处理各种复杂资产管理实务。同时，家族办公室团队还需匹配一些具有工作经验的专业人士作为团队成员。从不同的侧重点出发，家族办公室团队一般在 10 到 30 人左右，应至少包括：

China Offshore Trusts & Foundations Guide 2016

After joining JT&N in October 2014, Liu Dongming has undertaken various legal affairs on company securities, merger and acquisition, and trust. She also provides long-term legal consulting service for domestic companies.

liudongming@jtnfa.com

presented diversified subject forms. New independent family offices can be established, and cooperate with other experienced agencies; relatively mature family offices in the current market can also be acquired to build family offices based on the specific needs of clients. 2. Composition of foreign family offices A family office usually appoints a manager for the single family served by it, and the manager is required to have a broad investment vision and rich experience in assets management, assets allocation, financial management and so forth and to be capable of dealing with all kinds of complex assets management practices. At the same time, a family office must also staff itself with experienced professionals as its team members. Depending on its focus, a family office team usually consists of 10-30 members, and should at least include: • Professionals in the fields of investment and wealth management to meet the needs of wealth inheritance and trust planning; • Professionals in the fields of risk management and legal compliance

观点 | OPINION CHINA OFFSHORE

• 投资和财富管理方面的专业人士，以满足财富传承和信托规划； • 风险管理和法律合规方面的专业人士，以满足信托构架的合规性管理； • 财税、预算方面的专业人士，以满足税务筹划； • 工程、IT 方面的专业人士，以满足国际化信息平台的搭建和资产的日常维护； • 其他专业人员，若需。对于人员齐备、管理完善的家族办公室，有些办公室还会设置内部投资决策委员会、聘请外部顾问、外部移民类事务咨询商等，从而使家族办公室更具多样性、客观性，以及准确性。家族办公室在中国的本土化发展 1. 我国现有“家族办公室”雏形现今，虽然亚洲尤其中国市场存在广阔的空间和可能，但家族办公室在这片领域内仍然发展缓慢，甚至止步不前。目前国内尚无成熟的单一家族办公室，根据发起人的种类来分，现阶段以家族办公室名义对外活动的机构或组织，一般包括以下几类： a) 家族公司设置的战略投资部、家族公司下设的投资公司、或者专业人士在家族的支持下创办的家族办公室。此类办公室仅为发展初期，由家族成员、董事长或 CFO 信赖的专业人士领衔，从事公司非主营业务领域的投资，属于单一家族办公室的初步发展阶段。 b) 信托公司基于创新部门下设的家族办公室。信托公司设立家族办公室，所提供的服务主要通过信托的构架，协助客户解决个性化的需求。主要包括：为客户实现

to perform the compliance management of trust framework; • Professionals in the fields of finance, taxation and budgeting to conduct tax planning; • Professionals in the fields of engineering and IT to satisfy the needs of international information platform building and daily assets maintenance; • Professionals in other fields (when needed). A full-staffed and well-managed family office may also have its internal investment decision-making committee, external consultants, external emigration affairs consultants and so forth, so as to guarantee its diversity, objectivity and accuracy. Localization development of family offices in China 1. Existing “rudiment” of family offices in China

Nowadays, notwithstanding the broad space and potential possibilities presented in the Asian market, especially in the Chinese market, the development of family offices is still very slow, or even comes to a halt. At present, there is not yet any mature SFO in China. Depending on the types of initiators, the agencies or organizations conducting activities in the name of family offices in the current stage can be generally categorized into the following: a) Strategic investment departments established by family companies; investment companies affiliated to family companies; family offices founded by professionals under the support of families. Offices of this category are only at the preliminary stage of their development, and, headed by a family member, the chairman or a professional trusted by the CFO, they are mainly engaged in

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观点 | OPINION CHINA OFFSHORE

preferences. Developing the family trust business is currently a need of strategic transformation for trust companies, and is still in the stage of exploration and innovation. c) Family offices established by the private bank department of commercial banks.

财富的隔离保护；为客户实现财富的保值与增值；根据客户的特定需求进行资产规划。信托公司设立的家族办公室不同于私人银行家族办公室，其不是简单的家族财富的增值，而是在家族财富传承中融入家族信托定制化的成分，完成企业家金钱财富的交接。

investment in a non-core business field of their parent companies, so they represent the initial form of SFOs.

而对于现今开展家族信托或即将开展家族信托的信托公司，每一家信托公司都根据自己的业务偏好，探索、推广具有其自身特色的信托模式。发展家族信托业务，目前对信托公司来讲仍只是战略转型的需要，尚在探索和创新阶段。

The family offices established by trust companies mainly provide services to meet the personalized needs of their clients through the trust framework, mainly including the isolation and protection of wealth, the preservation and appreciation of wealth and the assets planning based on the specific needs of clients. The family offices established by trust companies are different from family offices established by private banks, as, instead of focusing on the simple appreciation of family wealth, they aim at introducing the customization of family trust into the inheritance of family wealth and completing the transfer of money and wealth for entrepreneurs.

c) 商业银行私人银行部门下设的家族办公室。我国商业银行下设的家族办公室雏形，往往是从高端财富管理部门发展出来的，客户来源主要是零售条线累计下来的高端私人客户。因银行业务的多元化及客户资产管理的需求性，此类家族办公室更多的专注于资产的保值及增值。同时，以产品销售为主要目标的私人银行，在内部考核上也存在以销售业绩为主导的评比标准，从而在一定程度上，导致客户经理更加着眼于产品销售，而非围绕着客户为本的财富管理需求，对家族信托特有的传承管理还有待于挖掘。

China Offshore Trusts & Foundations Guide 2016

b) Family offices established by trust companies based on the innovation department.

As far as the trust companies currently engaged in the business of family trust or about to set foot in this business, each of them is exploring and promoting a trust model of its own characteristics based on its business

The “rudiment” of family offices established by commercial banks in China usually evolves out of the highend wealth management department, and their clients are high-end private clients retained in the retail business. Due to the diversification of the banking business and the assets management demand of clients, these family offices tend to focus on the preservation and appreciation of assets. At the same time, adopting product sales as their primary objective, private banks usually attach great importance to sales performance in their internal assessment, for which, to a certain extent, sales account managers focus more closely on product sales, instead of client-oriented wealth management. Further efforts are needed to explore the inheritance management specific to family trust. Apparently, as far as the current situations in China are concerned, there is no practical significance in probing into MFOs. 2. Localization development of family offices in China Domestic family clients are different from foreign ones, and the cultural, political, economic, and other

观点 | OPINION CHINA OFFSHORE

显然，就国内的现状而言，讨论多家族办公室（MFO）没有现实意义。

differences between China and foreign countries have determined that we cannot just mechanically copy the mature foreign family office models which have gone through hundreds of years of development. On that account, starting with the current situations and national conditions in China and partially borrowing foreign experience, the author has put forward the following suggestions:

management in China, the “indigenous” model can more closely adapt to the needs of family assets management, and thus is more acceptable to the actual controller of family assets. In the current legal environment and under the current wealth management system, it’s still relatively difficult for “exogenous” family offices to provide family assets management services to ultra-wealthy families.

a) The building of family offices should rely on family trust funds, and encourage the “indigenous” model.

Seen from the restructuring, isolation and holding in trust of family assets and the establishment and operation of family funds, each link requires the intervention and participation of core family members, so it’s more practicable to pick the core members of a family office from inside the family team.

2. 家族办公室在中国的本土化发展国内的家族客户不同于国外，基于国内的文化、政治、经济等方面的差异，决定了我们不能生搬硬套国外发展了几百年的成熟的家族办公室模式。据此，笔者从国内的现状和国情出发，结合并借鉴了部分国外的经验，建议如下： a) 家族办公室的构设应以家族信托基金为依托，鼓励“内生”模式。从家族办公室的设立由谁来主导来看，既有家族成员主导的“内生”模式，也有专业机构主导的“外生”模式。由于国内在私人财富管理领域受托人市场的残缺，“内生”模式更容易贴近家族资产的管理需要，更能被家族资产实际控制人的接纳。在现有的法律环境和财富管理体系下，依靠“外生”的家族办公室为超级富豪家庭提供家族资产管理服务还比较困难。

Depending on the nature of the party who dominates the establishment of family offices, family offices can be classified into two models, i.e., the “indigenous” model dominated by family members, and the “exogenous” model dominated by professional agencies. Due to the imperfection of trustee market in the field of private wealth

b) Adopting a “compact” model tallies with the entrepreneurship characteristics of first-generation entrepreneurs.

从家族资产的重组、隔离、信托代持、家族基金的设立运作来看，每一个环节都需要家族核心层人员的介入和参与，因此，从家族团队内部甄选家族办公室核心成员，更具有可操作性。 b) 采取“精简”模式，契合第一代企业家的创业特点。

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观点 | OPINION CHINA OFFSHORE

真正有传承意识的企业家，常常都是经历了艰苦卓绝的创业历程，尽管已经成为超级富豪，但一般都善于精打细算。为家族财富管理提供管家服务的家族办公室，理应崇尚节约，人员要精简。任何的奢华安排，可能会受到这些家族企业的实际控制人的排斥。家族办公室的团队结构，力求务实，不求奢华。很多家族企业的治理结构里常常有战略投资部、投资公司，这些单元常常都承担着部分协助企业实际控制人管理家族资产的职能。企业的董事长、投资部总监、财务总监、法律顾问常常都参与其中。从这个家族办公室的“雏形”中逐步建立起一个“内生”的家族办公室，配上必要的外部顾问，常常是一个务实的选择。首要的一点，首先要完成家族资产的结构化重组和家族基金的架设，在这个基础上逐步完善家族办公室，否则所谓的家族办公室就变成空中楼阁了。 c) 降低家族信托的起点，按照“伴生” 模式与家族信托匹配。同国外高起点的家族信托规模不同，国内的家族企业对于家族财富管理的态度尚处于试水的状态，家族信托要落地，必须降低起点，给予企业家一个认知和接受家族信托的过程。在这个过程中，国内的受托人市场会逐渐得到发展，配套的法律制度也会逐渐完善。基于国内家族企业显著的需求特色，家族办公室人员可以重点从移民、婚姻、子女教育、代际传承、保值增值角度，推出单一功能需求的家族信托规划，切中家族财富管理的现实需求，并根据家族财富传承管理的目标诉求，根据资产种类、结构和区域分布，逐步、分期完善家族信托基金的架设。在这个过程中，按照“伴生”模式，逐步构建专属的家族办公室专业团队。 d) 交叉利用境内与境外信托制度，按照

China Offshore Trusts & Foundations Guide 2016

For entrepreneurs with a real consciousness of inheritance, an arduous entrepreneurial journey is inevitable, which explains why they still budget strictly even after they have become ultra-wealthy individuals. In this regard, the family offices providing butler service for family wealth management should advocate an economical and compact pattern, as any luxurious arrangement would be probably rejected by the actual controller of family businesses. The team structure of family offices should be pragmatic and uninterested in luxury. The governance structure of many family businesses usually includes a strategic investment department and an investment company, which

frequently undertake some functions of assisting the actual controller in managing family assets. The chairman, investment department director, CFO, and legal consultant are regular participants in this respect. It’s usually a pragmatic choice to first gradually create an “indigenous” family office from its “rudiment”, and then equip it with necessary external consultants. The first step here is to complete the structural restructuring of family assets and the building of family funds, based on which the family office can be gradually perfected, otherwise the so-called family office would become a castle in the air. c) The starting point of family trust should be lowered to match it with the

观点 | OPINION CHINA OFFSHORE

“accompanying” model. Different from the high starting point of family trust abroad, the starting point of family trust in domestic must be lowered to land it on the ground, as domestic family businesses are still “testing the waters” when it comes to family wealth management. This also gives entrepreneurs a process of understanding and accepting family trust. In this process, the domestic trustee market will be gradually developed, and the supporting legal system will also witness a gradual perfection. “混合”模式来筹划境内富豪家庭的家族财富管理，并据此来完善家族办公室的决策和顾问结构。相比较而言，境外很多司法管辖区，已经有了较为完善、成熟、稳定的信托制度，构建境外信托来持有境内外资产，已经成为家族资产管理的一个重要手段。而对于国内信托制度，很多机构或境内企业家存有疑虑。尤其对于以境内非现金资产设立家族信托，面临诸多问题，既存在成本问题，也存在不确定性。在此情况下，家族办公室的创设，需要有国际化的视野，通过交叉利用境内与境外信托制度，来务实地创设家族信托基金，并在境内信托与境外信托之间构设一个合理的法律结构安排。同时，在家族信托基金的架设与运营方面，要务实地考虑公益和私益的混合，也要考虑现金类家族信托管理和非现金类（不动产、动产、股权等）家族信托管理的混合。 e) 构建家族办公室的“管家”模式，避免双向获利的佣金模式，真正从专注地服务于家族财富管理出发，在构建家族办公室的同时，建立家族办公室人员职业规范。

Considering the significant characteristic needs of domestic family businesses, the members of family offices can start with the perspectives of emigration, marriage, children’s education, intergenerational inheritance and wealth preservation and appreciation to launch family trust plans meeting single functional needs and target the practical needs of family wealth management; based on the target appeals of family wealth inheritance management and the type, structure and regional distribution of family assets, the building of family trust funds can be perfected step by step and stage by stage. In this course, an exclusive and professional family office team can be gradually built according to the “accompanying” model. d) Based on a cross utilization of domestic and foreign trust systems, the “hybrid” model is followed to plan the family wealth management of domestic wealthy families, and to perfect the decision-making and consultant structure of family offices.

Comparatively speaking, many offshore jurisdictions already have a relatively sound, mature and stable trust system, and creating an offshore trust to hold domestic and offshore assets has become one of the important means of family assets management. However, when it comes to domestic trust system, many agencies and domestic entrepreneurs still have their doubts. In particular, creating a family trust with domestic non-cash assets faces a series of problems, including the cost problem and the problem of uncertainty. Under this circumstance, the building of family offices requires an international vision and a cross utilization of domestic and offshore trust system to create family trust funds in a pragmatic manner, and to construct a rational legal structure arrangement between domestic trust and offshore trust. Meanwhile, when it comes to the building and operation of family trust funds, pragmatic considerations must be given to both the combination of public interests and private interests, and that of cash-equivalent family trust management and non-cash (immovable, movables, stock rights, etc.) family trust management. e) The “butler” model of family offices should be constructed to avoid the commission model of profiting in both ways, and to truly start with the sole aim of serving family wealth management, so as to match the building of family offices with the establishment of professional norms for the members of family offices.

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

Member Contribution

全球透明化的大背景下，离岸财富管理顶层结构设计该何去何从？ How to Complete the Top-level Structural Design of Offshore Wealth Management? By Michael Liu Transparency is a growing trend

刘有辉执行董事信托与遗产执业者协会会员上海瑞岸投资管理有限公司

Michael Liu

Managing Director Member of STEP CIL Group Ltd. 刘有辉先生自 2001 年创始 CIL，于北京、上海有两个办公室，CIL 以离岸公司与信托为核心，专注为客户提供全球的税务与投资优化，为高净值客户提供隐私、传承和保全的财富管理解决方案。作为中国本土的中立咨询机构，多年的专注让 CIL 在其主要的实践领域保持了最前沿的水平。刘有辉先生至今已从事离岸投资咨询十几年，尤其擅长综合使用各类公司、信托、基金会、保险、贷款、匿名等工具实现客户在国际贸易、对外投资以及家族财富管理等方面隐私、传承、保全和节税的目标。刘有辉先生也经常在国内的财富管理论坛发表演讲，并在《中国经济评论》、《第一财经》、《中国经营报》、《环球财经》、《财富管理》、《中国离岸》等专业刊物发表多篇专业文章。

China Offshore Trusts & Foundations Guide 2016

CIL Group Ltd. was founded by Michael in 2001, with two offices in Beijing and Shanghai. CIL has its core business in the field of offshore incorporation and trust, dedicated to offering wealth management solutions in global tax and investment optimization, privacy, succession and protection for HNWI clients. As a Chinese local neutral consultancy organization, many years of dedication makes CIL become the leader in its field of practice. Michael has been engaging in offshore investment consulting industry for more than ten years, and is good at using vehicles such as incorporations, trusts, foundations, insurances, loans, and anonymity to achieve the goals in international trading, outbound investment and family wealth management for the privacy, succession, protection and tax-efficiency for the clients. Michael is also a frequent speaker in various wealth management forums in China, and has published articles in many professional publications such as China Economic Review, CBN Weekly, China Business, Global Business & Finance, Wealth Management and China Offshore.

We have to admit that without the current digitization of information in the world, it would be really hard to truly implement anti-tax avoidance agreements like TIEA, ATIEA, FATCA and the most recent CRS. From the earliest TIEA, we have noticed that several of the largest countries in the world have reached a consensus on anti-tax avoidance in political, economic and financial arenas. That’s because it benefits all stakeholders. The intentions are clear and definite, so only technological problems are left unsolved. It is digitization’s applications that eliminate all technical obstacles. Why? Because any government taxation authority – whether it’s the privatelyrun IRS in America or the Chinese Tax Bureau supported by national finance – has cost problems. Therefore, they have to consider how much it costs to collect extra taxes of 10,000 U.S. dollars. Surely, they have other problems. Regardless, digitization and networking results in a significant decrease in costs. Intentionally screening “big taxpayers” by collecting and analyzing information will surely lead

透明是趋势我们不得不承认无论是 TIEA、ATIEA 和 FATCA, 还是最近开始实施的 CRS，如果没有当今世界的信息数字化，所有这些反避税协定都很难真正贯彻实施。从最早的 TIEA 开始，我们已经看到，全球最大的几个国家或集团在政治、经济和金融领域影响已经在反避税方面达成共识，因为这是符合大家共同利益的好事，既然意愿明确，剩下的就是技术问题了，而数字化的运用则铲平了所有的技术障碍。为什么这么说呢？因为一个政府的税务机构无论是像美国的 IRS 一样私有化运营，还是像中国的税务局由国家财政支持运营，都有成本问题，必然要考虑多收 10000 美金的税，要多付出多少成本的问题（当然还有很多其它问题）。但数字化和网络化让成本极大地降低了，搜集信息、分析信息，然后有目标地将部分“大户”筛选出来，必然获得税收上的效率最大化。金融机构的数字化是无法避免的，即使某个金融机构有办法用高成本避免数字化，但大环境也不会允许。举个例子， CRS 本身是全部是电子化的信息采集，而你没有这样的系统，怎么能够成为合规的金融机构呢？曾经在卢森堡见到一个同行的办公楼，壁垒森严，但想想这挺可笑的，因为要偷窃公司数据的人，不需要越过这些安保措施，那些以英雄自居的小偷让欧洲的银行和巴拿马的律所所承诺的隐私都昭然天下，那些隐私反倒有必要被曝光。

to the maximizing of taxation efficiency. The digitization of financial institutions is unavoidable. Even a financial institution can avoid digitization, but it comes at a high cost and is still not accepted in the broader environment. For example, CRS itself is an all-electronic information collection system. Without such a system, how can you become a qualified financial institution? I have personally witnessed the closely guarded and strongly fortified office building of a peer in Luxembourg. Security such as this is somewhat ridiculous because those who want to steal data from the company don’t need to overcome such measures. Thieves who consider themselves to

be heroes already exposed the privacy promised by banks in Europe and law firms in Panama. Such privacy is supposed to be exposed. In a word, the prevailing trend in the world is that privacy is extremely relative. For both legitimate privacy and hidden privacy, protection is only a little better than nothing. Are there any countries that don’t sign such agreements? Certainly, there’s North Korea. The conclusion is selfevident. Besides, some countries with unyielding integrity still want to resist it, such as Panama. However, soon after this leakage incident, an agreement was

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总之，当今世界的趋势就是隐私已经具有极大的相对性，无论是正当的隐私还是藏匿的隐私都聊胜于无。会不会有一些国家不签署这些协定呢？那当然有，比如朝鲜等国，那结论我就不说了。当然也有一些硬骨头想挺一挺。比如巴拿马，但在泄密事件发生之后，很快就签署啦（怎么那么巧啊？！）。再比如毛里求斯，签署了，后来退出了，但他们的离岸账户不能与美国直接来往（什么意思呢？）。反避税的协约国已经炉火纯青，CRS 的签约主体是各个国家的税务局，协议产生的标准将成为各国的税法的一部分，一个世界性的政府，首先是在收税上统一起来了，这个潮流你没有办法阻挡。通过隐私实现的税务驱动渐渐消亡所有财富管理结构设计的同仁必须明白我们正处在一个历史的转折点，在世界的透明度会有多大未明确之前，大家都很难决定是否裸奔。我们已经看到 FATCA 实施的结果并没有产生更多的有效的隐私结构，因为这些隐私结构在 FATCA 下是无效的。在不久的将来，CRS 的实施意味着更多的隐私结构的消亡，因为金融机构要为自己生计着想，不会为一个客户而接受天价罚款。但合规是有成本的，至少 FATCA 让很多机构直接放弃了和美国有关的客户。CRS 是全球版的 FATCA，谁也不能放弃地球上的客户，因为没有火星来的客户，所以 CRS 将带来进一步的合规标准的提高。既然隐私结构没有变得更多，那需要隐私的客户是怎么做的呢？大部分人并没有走向合规，而是走向简单粗暴，但短时间内十分有效的方法。第一就是干脆掩耳盗铃，就是不报。比如有成千上万的移民美国和加拿大的中国富裕人群（不限制于高净值，也包含数量庞大中产）

China Offshore Trusts & Foundations Guide 2016

signed by Panama (what a coincidence). Another example is Mauritius, which signed this agreement at first but later backed out. But their offshore accounts cannot make direct transactions with the U.S. The signatory countries of anti-tax avoidance agreements have achieved a high degree of professional proficiency. It is the national tax bureaus of countries that have signed the CRS agreement. The standards arising from such an agreement have become part of the tax laws of relevant countries. A modern government in the world must have unified taxation at first. This is a trend that cannot be ignored. Tax driving through privacy is gradually dying All designers of wealth management structures must understand that we are experiencing a turning point in history. Before the fate of worldwide transparency is finalized, it is hard for us to decide what

the future holds. We have already seen that the implementation of FATCA has not led to more effective structures of privacy, because such privacy structures are not valid in the framework of FATCA. In the near future, the implementation of CRS signifies the extinction of more structures of privacy. That’s because, for the sake of their own survival, financial institutions shall never accept such an extremely high penalty for a single client. However, compliance has its costs. At least, because of FATCA, many institutions have directly abandoned clients who are related to the U.S. CRS is the global version of FATCA. You cannot give up all the clients on Earth, because there are no clients from Mars. Therefore, CRS will lead to the further upgrading of compliance standards. The structure of privacy will not change too much, so how do clients who need privacy deal with it? Most people don’t choose to follow compliance systems,

观点 | OPINION CHINA OFFSHORE

在老家可能有价值 2-3 千万元的房产，相当于 3-5 百万美金的资产，他们都用自己的中国身份证持有着，虽然他们拿到北美公民的那一刻，中国的身份已经失效。第二就是用亲戚代持，无论是公司的股权还是房产。但这样的做法即使规避了透明的问题，却为继承带来极大的隐患：比如，房产是自己的名字，想传给自己在北美的儿女，但从前没有申报，现在就不知道怎么办才好；又比如，股权在别人的名下，现在要让儿女接班，如何顺利交接而不带来税务隐患呢；再比如，大量资产在别人名下，如果代持人身故或发生精神残疾，那后果不堪设想。回归本质一：继承在近两年的客户访谈中，笔者深刻体会到避税，尤其是通过隐私或是瞒报实现的避税并非客户关注的重心，在获知隐私不能成立或者隐私将伤害结构的稳定性之后，客户很快就将重心转移到了继承上。原因非常的简单，财富的永续是需要人来完成的，如果公司和遗嘱已经可以很好的解决财富的所有者之间的交接过程，那信托早就没有可以立足之处。

but on a simple, crude and effective method that takes effect quickly. Firstly, they bury their heads in the sand and just don’t declare their assets. For example, thousands of rich Chinese immigrants in America and Canada (not only high net worth individuals, but also a great number of middle class immigrants) own properties which are worth RMB 20 to 30 million Yuan, equivalent to 3 to 5 million U.S. Dollars, in their hometowns. Such properties are connected to their Chinese ID cards which became invalid when they became citizens in North America.

evades the problem of transparency, but it also causes great hidden danger for inheritance. For example, if you hold properties in your own name and want to transfer them to your children (without having declared them), this is very difficult to deal with. Or, if equity is held by someone else and you want to transfer it to your children, how can you ensure a smooth handover while avoiding potential tax problems? If those who own properties die or suffer from mental disabilities, the consequences would be unbearable.

Secondly, the assets, including stocks or equity and real estate, are held by their relatives on behalf of them. It

Return to the first essential element: inheritance During interviews with clients in the last

上一代的财富的所有者都爱自己的儿女，都希望这些财富可以得到增值，家族事业可以持续经营，上一代人的财富的分配和家族事业治理的思路可以被传承下去，这才是客户最终关注的核心。比如信托中强制性的规定公司股权永远不可出售、某某儿女不可以有任何投票权、某某儿女的受益需要满足某某条件等等，这些只有通过信托才能够实现的继承思路是客户首先考虑的要点。回归本质二：保全保全是与继承息息相关的，但也不尽相同。避免遗嘱公开所面临的问题当然是与继承相关，但也有诸多情况，并非关乎继承。比如规避婚姻风险、债务风险、防止子女挥霍、躲避政治风险等等问题，

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

inheritance and, for clients, this should be of paramount consideration.

都是保全的重要方面。在透明的环境下，信托的保全功能并没有因为没有那么高度的隐私而随之丧失。离岸信托中的保留权利功能为信托的设立者提供的继续参与管理和投资的便利，同时也实现了所有权和受益权的分离，从而有效的隔离了客户所居住的大陆地区的风险，而这一点，仍然只有在离岸才能真正做到。但由于透明度的提高，要想实现真正的保全，必须提高合规的水平，保证资产注入信托的有效性，或者说整个信托的有效性，这样在碰上有跨国的司法冲突的时候，客户的权益才能在最大的程度上得以保证。另外，由于每个司法属地的信托都有诉讼时效，从 1-6 年不等，也就是说做信托规划越早越好，过了这个期间，委托人的债权人就无法主张信托内的资产了。回归本质三：慈善富裕人群除了要让自己的事业、钱财和思想可以延续（传承）以及进行安全守卫（保全）以外，当然还有非家族利益的一面，那就是慈善。慈善的目的可以是公益的，可以宗教的，可以是其他非家族利益的安排。中国的富裕人群经历到二代之后，慈善的理念已经渐渐形成。给谁？如何给 ? 如何有效地给 ? 这些是慈善信托设立者关

China Offshore Trusts & Foundations Guide 2016

two years, I have gained a profound understanding of tax avoidance. In particular, tax avoidance realized through privacy or concealing information is not what clients pay close attention to. Once they’re aware of the fact that privacy is not legitimated or that privacy will harm the stability of a trust structure, clients soon shift their focus to inheritance. The reason is very simple. The sustainability of wealth is realized by people. If corporations and wills can handle the handover of wealth, there has been no place for trusts for some time. The wealthy love their children and hope that the value of their wealth can grow and their family business will remain sustainable. The philosophy of the last generation on wealth allocation and family business administration can be inherited. This is the core which clients must focus on most. For example, when establishing compulsory provisions such as the stock equities of company that can never be sold, children should not be allowed to have voting rights and certain children should not become beneficiaries until he/ she meets certain conditions. You have to take trusts as part of the philosophy of

Return to the second essential element: safeguarding Safeguarding is closely related to inheritance, though they are not exactly the same. Avoiding problems caused by the publicity of wills is surely related to inheritance. In many circumstances, however, it is not linked to inheritance. The avoidance of marriage risks, debt risks, children’s squandering or political risks is an important part of safeguarding. In the context of transparency, the safeguarding function of the trust is not lost with a lack of high-level privacy. The right reserving function for offshore trusts makes it convenient for trust founders to be further engaged in management and investments. Meanwhile, the offshore trust also realizes the separation between the ownership and the beneficiary right, thus effectively isolating risks from mainland China where the clients reside. Such a function can only be truly realized via an offshore trust. Due to increasing transparency, to realize true safeguarding it is necessary to enhance the level of conformity and to ensure the effectiveness of an injection of assets into a trust, or the effectiveness of the trust as a whole. In such a way, the interests of clients can be guaranteed to the greatest extent in case of transnational judicial conflict. Besides, the trust of each judicial territory has its own prescribed period for litigation, from 1 year to 6 years. In other words, trusts should be planned as soon as possible. When such a period expires, the creditor of the client cannot claim assets from the trust.

观点 | OPINION CHINA OFFSHORE

心的问题。如果受益对象在中国国内，当然慈善基金设立在国内是最理想的，但因设立的门槛非常高、审批时间过长、限制条件过多、强制运行机制不合理，选择在离岸设立慈善基金是个不错的方向，然后通过国内有牌照的机构进行工作，或直接使用慈善基金的资金做力所能及的事情。目前从事全球慈善事业结构设计的人才还是比较紧缺的，中国也需要跟西方成熟社区学习更多的经验。合规保障是服务重点正如前面屡次提及的，透明必然带来合规的压力。HSBC 在因涉及洗钱账户后大大增加了全球的合规人员的数量，据说翻了一番。作为财富结构的设计者我们必须清醒的认识到，在新的透明体系下，原来可以马虎的地方，也就是可以被当作隐私可以遮掩的地方，现在都将被曝光，接受税务局、婚内诉讼、债权人等多重的挑战。虽然说 CRS 的规则并不会直接造成数据的公开，但信息化已经让税务、银行、司法、公安各个部门全部可以花很少的力气拿到很多的信息，在一个全透明或者至少半透明的时代，如何保证客户的资产结构的抗风险能力是问题的关键之一。 CRS 下中国可以的应对 CRS 实施以来，虽然中国已经签署，但国内的客户反应参差不齐，观望者居多，做出响应的举措的还是少数。更令笔者大跌眼镜的是中国的律师对这方面的信息知之甚少，也不甚了解，至于会计师团队，一般也只局限于四大之类的大所。笔者建议对于已经有资产结构的客户需要重新按照 CRS 和 FATCA 的标准进行重新检查，根据专业报告重新决策；对于正需要设立新的结构的客户，建议找到专业的团队，进行精确的风险分析，然后再做出决策。

Return to the third essential element: charity Besides passing on their businesses, wealth and philosophy (via inheritance) and ensuring security (safeguarding), rich people also care about something beyond family interests, i.e. charity. They make donations to charity for public benefit, religious objectives or other arrangements beyond family interests. After two generations, rich Chinese people have gradually formed their own concept of charity. To whom should one donate? How can one go about it? And how can one do it effectively? These are what charitable trust founders care about. If the beneficiaries are in China, it is ideal to set up a charitable trust in China. However, due to high thresholds, long examination processes, too many limiting conditions and unreasonable mandatory operating mechanisms, it is a good option to set up an offshore charitable trust and then work through licensed institutions in China or do everything possible with capital from a charitable fund. At present, there is still a shortage of talents who specialize in the structural design of global philanthropy. China also needs to learn more from mature communities in the west. Ensuring compliance is the focus of service As repeatedly mentioned above, transparency will surely lead to pressure to undergo compliance procedures. After being involved in money laundering accusations, HSBC greatly increased (and reputedly doubled) the number of employees who are engaged in compliance on a global scale. As the

designers of wealth structures, we have to clearly understand that in the new system of transparency, vague things, and things which could previously be protected and concealed in privacy should now be exposed, and we should deal with the multiple challenges coming from tax bureaus, litigations during marriage, or creditors. CRS rules will not directly lead to the publication of data, but free moving information and digitization enables tax authorities, banks, judicial departments and public security departments to obtain more information with less effort. In an era of full transparency or at least semitransparency, one of the key problems is how to ensure the anti-risk capabilities of clients’ asset structures. China’s responses to CRS Since the implementation of CRS, which China has already signed, clients in China have had different responses. Most of them are on the fence and only a few make active responses. What surprises me is that Chinese lawyers know very little about CRS. As for accountancy teams, only large accounting firms like the four giants understand it. I suggest that clients who have asset structures should reexamine these in accordance with CRS and FATCA standards and make new decisions according to professional reports. As for clients who need to set up new structures, it is suggested that they find a professional team to conduct accurate risk analysis and then make decisions.

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观点 | OPINION CHINA OFFSHORE

Member Contribution

美国投资与并购中 LLC 的选择与运用 Selection and Application of LLC in the Investment and M&A in the U.S. By Feixiang Yang

杨飞翔 Feixiang Yang 杨飞翔律师，北京市中伦（上海）律师事务所合伙人 , 华东政法大学经济法学博士，美国西北大学（Northwestern University）法律硕士。从事法律实务工作十余年，经常赴美国、香港等国家和地区工作、交流。杨律师担任多家上市公司法律顾问，在公司海内外上市与并购重组、资产管理、企业破产清算、银行及保险等业务领域有着丰富的实战经验以及深入的理论研究。 Attorney Yang Feixiang, partner of Beijing Zhong Lun (Shanghai) Law Firm, J. D. in Economic Laws at East China University of Political Science and Law, and L.L.M. of Northwestern University, U.S.A. With decades of experience practicing laws, Mr. Yang pays frequent visits to the United States, Hong Kong, and other countries and regions for work and communication. Mr. Yang is the legal consultant of many listing companies, with rich practical experience and in-depth theoretical research studies in the ﬁelds of company listing domestically or abroad, M&A and restructuring, asset management, company bankruptcy liquidation, banking, and insurance.

he design of transaction structure plays a critical role in the scheme of overseas merger and acquisition (M&A), while the establishment of special purpose vehicle (SPV) is an essential part in the design of transaction structure of overseas M&A. Key factors that need to be considered in the process of establishing a SPV include establishment procedures, company management, taxation, acceptance of investment, etc. For investment in the U.S., Limited Liability Company (LLC) is an important form of organization. Overview of Limited Liability Company (LLC) Limited Liability Company (LLC) is quite different from the company we

China Offshore Trusts & Foundations Guide 2016

usually call limited company. LLC is usually considered as a unique legal entity with the right to sign contracts, hold properties, and file and respond to suits independently. Its owner or contributor is legally referred to as member rather than shareholder. Just like joint-stock company, LLC has the advantage that its owner only undertakes limited liability. In terms of taxation, however, LLC may choose to pay taxes as a partnership to avoid the double taxation on its revenue. Besides, LLC features extremely flexible organization, administration and management. LLC is an important option for foreign investors to invest in entities in the U.S.

观点 | OPINION CHINA OFFSHORE

在

海外并购中，交易结构设计是并购方案中非常关键的部分，而特殊目的公司的设立又是海外并购中交易结构设计中的一个重要环节。特殊目的公司设立选择中关键的考量因素包括设立程序、公司管理、税收以及投资地接受度等诸多因素。在美国投资中，LLC（Limited Liability Company）是一种重要的组织形式。有限责任公司 Limited Liability Company（LLC）概述有限责任公司（LLC），虽然被称为有限责任公司，但它和我们平时所述有限公司有较大区别。 LLC 通常被视为独特的法律实体，它有权签订合同、持有财产、独立起诉和被起诉。其所有人或出资人，在法律上不称作股东（shareholder)，而是称作为成员（member)。和股份公司一样， LLC 具备其所有者承担有限责任的优点。但在税收上 LLC 可以选择按合伙纳税，收入不用双重课税。并且 LLC 在公司组织、治理和管理上非常灵活。有限责任公司是外国投资者在美国投资实体的重要选择。有限责任公司 Limited Liability Company（LLC）的渊源及发展有限责任公司在全美国只有四十来年的历史。直到 1977 年，美国的第一家真正意义上的 LLC 才在怀俄明州得以通过立法合法成立，然后逐渐扩散到美国的各个州，得以被各州法律承认。紧随怀俄明州其后的是佛罗里达州。但此后十来年的时间里有限责任公司的立法处于停顿状态，主要原因是有限责任公司能否享受合伙型企业的税收待遇尚不明确。1988 年美国 Internal Revenue Service 对有限责任公司免税条件作了十分宽松的解释，这一裁决产生了巨大的反响，成了各

Origin and Development of Limited Liability Company (LLC) LLC has a history of only 40 years in the U.S. In 1977, the first LLC in a real sense in the U.S. was legally incorporated in Wyoming. Then, it was gradually spread to other states and accepted by the laws of different states in the U.S. The one closely followed Wyoming was Florida. However, in the next ten years, the legislation on LLC was at a standstill. That’s mainly because it was still not clear whether LLC can enjoy the tax treatment of partnership. In 1988, Internal Revenue Service released a loose interpretation on the tax exemption conditions of LLC. Such a decision caused enormous response and became the strong driving force to accelerate the legislation on limited liability company in all states. In 1994, a model law named Uniform Limited Liability Company Act (hereinafter referred to as ULLCA) was established in the U.S. In 1996, some important amendments to this model law were promulgated. By then,

limited liability company, as a new organizational form of enterprise, has fully consolidated its position in the U.S. Advantages of Limited Liability Company (LLC) The significant development of LCC in recent 30 years is inseparable from its unique advantages over other forms of enterprise. The advantages of limited liability company mainly include: 1. Flexible operating mode The operating mode of LLC is relatively flexible and different from either company or partnership. It can be classified into LLC operated by member and that operated by manager. In the so-called LLC operated by member, the business of the company is directly operated by the members. Each member is its representative with the same right to manage and execute the business. Unless specifically mentioned in law, any problem related to the company business should be decided by the

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州迅速进行有限责任公司立法的强大的推动力量。 1994 年，美国制定了一个《统一有限责任公司法》（Uniform Limited Liability Company Act）（以下简称 ULLCA）的示范法，1996 年又对该示范进行了一些重要的修改。至此，有限责任公司作为新型的企业组织的形式在美国已经完全确立了自己的地位。有限责任公司 Limited Liability Company（LLC）优点 LLC 之所以在最近三十多年的时间里在美国得到了极大的发展，这与其自身特有的相较于其它几种企业模式的优点密不可分。有限责任公司优点主要有如下几个方面： 1. LLC 的经营方式比较灵活 LLC 的经营方式既不同于公司，也不同于合伙，它的经营方式比较灵活，分为成员经营型 (member) 和经理经营型 (manage) 两种。所谓成员经营型的 LLC，是由成员直接经营公司业务，每个成员都是它的代理人，都有管理与执行公司业务的同等权利，除法律特别规定的情况外，公司业务的任何问题均可由成员的多数作出决定。这种其实就是合伙的经营方式。

majority of members. This is actually the business mode of partnership. In the LLC operated by manager, it is the manager’s exclusive authority to execute the business of the company. The manager here could be either a member of LLC or not. Except for things which have to be determined by the majority of the members according to the law, any matter related to LLC business can be solely determined by the manager. If there is more than one manager in LLC, the decision should be made by the majority of the managers. In the LLC operated by manager, normally, the member doesn’t have the right to operate business. If any member operates business on behalf of LLC without authority, LLC is entitled to deny it. In this case, LLC shall not be held accountable for the damage of third parties. Therefore, it is necessary to be stated in the Articles of Association of LLC that whether the company is operated by member or manager. Otherwise, it shall be presumed as being operated by member to protect the interests of the bona fides third party. So from the perspective of internal management, LLC is the freest form.

The member of LLC can choose whether the company is operated by all members or by manager. As to corporation, according to the principles to separate the operating right and management right, shareholders need to transfer the management right of the corporation to directors. LLC has no arrangements on the board of directors or the board of shareholders. LLC members are not required to hold plenary meetings on a regular basis. It requires at least one officer and one manager to set up LLC. A person can be appointed as both the officer and the manager at the same time. It is not required to appoint a secretary. The abovementioned staff members don’t have be local residents. People with an address in local state to receive possible legal instruments are qualified. LLC is simpler and more convenient for the management of operation. 2. Limited liability of member The establishment of LLC enables the properties of the member to be independent of the properties of the company. The member only needs to undertake limited liability within

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在经理经营型的 LLC 中，执行公司业务是经理的专属权限，这里的经理可以是 LLC 成员，也可以不是 LLC 成员。除法律规定必须由成员全体或多数作出决定的事项外，任何与 LLC 业务有关的事务完全可以由经理作出决定；如果 LLC 中有一个以上经理，则由经理的多数作出决定。经理经营型的 LLC 中，成员一般没有经营业务的权利，如果成员擅自对外代表 LLC 经营业务，LLC 有权不予承认，此时，受损害的第三方也不得追究 LLC 的责任。因此，在 LLC 的组织章程中必须声明该公司是成员经营还是经理经营，否则从保护善意第三人的利益出发，即推定为是成员经营。因此从内部管理来看，LLC 是最为自由的。LLC 的成员可以选择由全体成员管理，也可以选择由经理管理。而 corporation 的话，按照经营权和管理权分离的原则，股东需要将公司的管理权交给董事。LLC 对董事会、股东会无安排。LLC 会员（member）不被要求定期召开全体会议。设立 LLC 至少要有一个 officer 和一个 manager，officer 和 manager 可以是同一人，没有要求公司秘书，也没有要求以上人员必须是当地居民，只需要有本州地址以用来接收可能的法律文书即可。LLC 在经营管理上更为简易省心。 2. 成员有限责任设立 LLC 公司，可以使成员的财产独立于公司的财产，从而对公司的经营只需承担出资额之内的有限责任。 LLC 的成员与公司股东一样，对企业债务不承担直接责任。但二者又有明显区别：公司股东必须严格遵守法定的经营程序，不得直接插手公司事务，而对 LLC 的经营者（无论其是成员还是经理）则几乎没有经营程序方面的要求。ULLCA 特别强调：有限责

the amount of contribution. Just like the shareholder of company, member of LLC doesn’t undertake direct liability for the debts of the company. However, the two have obvious differences: shareholders have to strictly abide by legal procedures of operation and are not allowed to directly take part in the corporate affairs. In LLC, there are no requirements on the operators (both member and manager) of LLC in terms of operation procedures. ULLCA particularly emphasizes that: failure to abide by normal legal operating procedures is not the excuse for the member or manager of LLC to undertake personal liability. It means that the member of LLC enjoys more privileges and preferences than shareholders of ordinary company.

In fact, member of LLC directly operates the corporate business like partnership. This is one of the main reasons to develop LLC as a new form of business organization. 3. LLC has flexible options of taxation Another feature of LCC relies on its taxation system. According to the U.S. tax code, LCC can choose to pay taxes as a corporation or a partnership. In 1996, Internal Revenue Service modified the taxation system of LLC and granted LLC the right to choose to pay taxes as a corporation or a partnership according to the tax code. If the former is chosen, LLC shall be subject to double taxation, but it can be engaged in open

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任公司的成员或经理未遵守一般法定的经营程序不是其承担个人责任的理由。这就意味着，有限责任公司成员享有比一般公司的股东更多的特权与优惠。事实上，LLC 成员直接像合伙一样经营公司的业务，正是创设有限责任公司这一新型企业组织体的主要原因之一。 3. LLC 在税收上有灵活选择权 LLC 另具特色的一点在于其税收制度上。LLC 在美国税法上可选按公司纳税或按合伙纳税。美国 Internal Revenue Service 在 1996 年修改了对 LLC 的税收制度，允许其自行选择是按照税法意义上的公司征税，还是税法意义上的合伙征税。如果选择前者，其将受到双重负税的征管，但可以从事公开市场上的资金筹集、份额转让等公开交易行为；若选择后者，则可以享受合伙企业的单层税负，但不得进行公开交易。因此从税收来看， LLP 和 LLC 是 pass-through entity，税收仅仅向 LLP 的合伙人和 LLC 的成员征收，不在企业层面征收，因此是单层税。Corporation 既对企业征收，也对股东征税，是双层税制。有限责任公司 Limited Liability Company（LLC）的设立按照美国《统一有限责任公司法》（Uniform Limited Liability Company Act，以下简称 ULLCA）的规定，一个或一个以上的人均可向州务秘书交存组织章程，成立由一个或多个成员组成的 LLC。一旦 LLC 成立，其便成为独立于成员的实体，享有独立的财产所有权。在设立 LLC 时，应当具有对外公开的、证明其地位的组织章程。同时，LLC 成员可以订立内部经营协议，在公司章程与经营协议发生冲突时，就公司的内部关系和成员利益的受让人而言，内部经营协议优先；在

China Offshore Trusts & Foundations Guide 2016

transactions in the open market, like fund raising and assignment of shares. If the latter is chosen, LLC can enjoy the single tax as a partnership, but it is not allowed to be engaged in open transactions. Seen from taxation, LLP and LLC are both pass-through entities. Taxes are only collected from partners of LLP and members of LLC rather than the enterprise level. Therefore, it is single tax. In corporation, the taxes are collected from both enterprise and shareholders. Therefore, it is double tax. Establishment of Limited Liability Company (LLC) According to the ULLCA, one or more people can submit the Articles of Association to the Secretary of State for filing and establish LLC with one or more members. Once LLC is established, it becomes an entity independent of member and enjoys independent property ownership right. To establish LLC, there should be public articles of association to prove its status. Meanwhile, member of LLC can sign internal operation agreement. In case there is a conflict between the articles of association and the operation agreement, the

internal operation agreement prevails for assignees of internal relationship and member interests; the articles of association prevail for external parties. Besides, the law endows the operation agreement with great autonomy in operation. Unless otherwise restrained by the law, legal regulations on LLC can be modified. In a certain sense, ULLCA is only the default rules or supplementary rules when there are no regulations in the agreement. Taking California for example, the procedures to incorporate a LLC in California are: filling a LLC1 Form and submit it to the state government of California and a LLC-

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公司对外关系上，公司章程优先。此外，法律赋予了经营协议极大的自主权，除非法律有特别限制，否则其可以改变法律关于 LLC 的规定，某种意义上，ULLCA 只是一种协议没有规定时的默认规则或补充规则。以加州为例，在 California 注册 LLC 的流程是：填写一个 LLC-1 表格交给加州州政府，以及 LLC-12 表格，向 IRS(Internal Revenue Service) 申请 Tax ID number, 拿到公司的 certified copy 后向银行申请开户。LLC 注册需要有 California Address 的 agent， agent 可以是个人也可以是某些范围内的公司，用来接收可能的法律文书等。依据《统一有限责任公司法》的规定，一个或一个以上的人均可向州务秘书交存组织章程，组织有一个或更多成员的有限责任公司。就大多数州的立法看，一般对有限责任公司设立人的资格没有特别的限制，设立人可以是任何有法律行为能力的人，也可以是拟议中的公司成员的代理人；有限责任公司成员的性质也没有限制，可以是自然人，也可以是法人，可以是本州的人，也可以是外州的乃至外国的人。设立公司时的成员人数一般也没有限制，一个有限责任公司可以只有一个人，因此，独资经营者也可以利用有限责任公司这一形式。总的来说，有限责任公司是各种企业中设立条件限制最少，因而也是适应性最广泛的一种企业形式。可以说， LLC 是迄今为止将传统公司的有限责任屏障和合伙的灵活管理以及税收待遇结合得最完美的企业形式。因此， LLC 企业组织形式既不是公司，也不是合伙，它是聚合了公司与合伙两种制度的“混血儿”，是兼具二者优势的“第三条道路”。

12 Form; apply for a Tax ID number with Internal Revenue Service (IRS); apply for opening a bank account after obtaining a certified copy of the company. The incorporation of LLC requires an agent with California Address to receive possible legal instruments. Agent can be an individual or a company in a certain range. According to the Uniform Limited Liability Company Act, one or more people can submit the Articles of Association to the Secretary of State for filing and establish LLC with one or more members. Seen from the legislations of most states, there are no special restraints on the qualification of LLC founder, who can be any person with legal capacity or agent of the member of proposed company. There are no restraints on the quality of LLC member. Either natural person or legal person, either person from local state or person from

other state and even foreign country is qualified. There are also no restraints on the number of members when LLC is founded. It is feasible for a LLC to have only one person. Therefore, sole proprietor can also use the form of LLC. Generally speaking, among all forms of enterprises, LLC has the minimum restraints on the conditions of foundation, so it is also a form of enterprise with the broadest applicable scope. By far, LLC is deemed as the perfect form of enterprise to combine the limited liability barriers of traditional corporation and the flexible management and tax treatment of partnership. Therefore, the organizational form of LLC is neither a company nor a partnership. As a “hybrid” which combines the corporation system and partnership system, it is the “third path” combining the advantages of both systems.

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Member Contribution

英国退欧对中国投资者的影响及专业顾问的主要作用 The Consequences of Brexit for Chinese Investors and the Key Role of Consultancy By Paolo Balen

Paolo Balen Fidinam 集团全球有限公司（香港）副主席 Vice-Chairman Fidinam Group Worldwide Limited (Hong Kong) Paolo Balen 毕业于巴伐利亚大学的工商和经济学专业；他毕业后供职于一家著名的审计公司并开始自己的事业。 2000 年，他在瑞士加入 Fidinam 集团 2016 年 3 月，Paolo 担任 Fidinam 全球集团（香港）有限公司的副主席职务，该公司是 Fidinam 旗下的控股公司，主要负责集团在迪拜、香港、新加坡、澳大利亚和新西兰的国际运营。

作为财富和遗产规划策略的一部分， Balen 先生最近负责几位重要企业家从各个不同国家获得迪拜和香港的居留权

在

2016 年 6 月 23 日举行的英国公投让英国退出欧盟成为可能，英国希望另辟蹊径，通过其它途径来通往繁荣发展之路。和公投前几天举行的意见预测投票结果相反，由英国金融行业和许多国家联合发起的关于英国前首相大卫·卡梅伦是否能

China Offshore Trusts & Foundations Guide 2016

的顾问工作，并把这些企业的国际业务转移至位于上述行政辖区的公司总部。 Paolo Balen has graduated in Business and Economics at the University of Pavia; he started his career working for a prominent ﬁnancial audit ﬁrm. In 2000 he joined Fidinam Group in Switzerland. March 2016, Paolo took the position of Vice-Chairman of Fidinam Group Worldwide Limited (Hong Kong), the holding company of Fidinam in charge of international operations of the Group in Dubai, Hong Kong, Singapore, Australia and New Zealand. As part of wealth and estate planning tactics, Mr. Balen has recently advised important entrepreneurs from different countries to transfer the residency to Dubai and Hong Kong and to relocate to these jurisdictions headquarters of their worldwide business.

he UK referendum of 23rd June 2016 ratified the UK’s decision to exit the European Union and to undertake a new and alternative path towards prosperity and growth. Contrary to the forecasts shown by the opinion polls carried out in the days preceding

the referendum, the remain vote invoked by the ex-Prime Minister David Cameron, by the British financial sector and by numerous foreign countries was unexpectedly defeated, with a minority of only a few thousand votes. The leave faction won with 17,410,742 votes, representing 51.9% of the total. The reaction of the international community, of the financial markets and of the economic operators was immediate, spreading panic throughout the world’s stock markets, all of which registered significant losses on the following Friday. The European stock markets lost Euro 637 billion of capitalisation, representing the worst crash since the summer of 1981, worse even than those of the Lehman Brothers and of the Twin Towers. The Tokyo Stock Exchange registered a drop of approximately 8%, Shanghai and Hong Kong also recorded significant losses, as did New York. The effects of the leave vote have transcended national and European borders, reverberating in numerous countries throughout the world. After several months from the June vote,

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够留任的投票遭到意外失败，投票大比分倒向多数票。投他离任的票数达到了 17,410,742 票，占据总票数的 51.9%。国际社会对此的反应立刻在金融市场和经济领域上表现出来，全球股市一片慌乱，所有这一切都在其后的第一个星期五反映出来。欧盟股市的市值损失达到了 6370 亿欧元，是 1981 年夏天以来最为严重的股市崩溃，惨状甚至更甚于雷曼兄弟和双子塔倒塌而引起的股市崩溃。东京股市下跌了大约 8%，上海和香港股市也和纽约一样，经历了大幅下跌。卡梅伦的卸任影响甚至超越了英国和欧盟国家的边界，在全世界范围内产生了巨大反响。在英国六月投票的几个月后，英国退欧对全球政治和经济全局的影响已十分清晰，政府和经济部门必须要正视这一事实，在决策前把它纳入考虑范围。撇开政治方面不断上升的不确定性不谈，我们对市场的研究集中在 Fidinam 集团的客户利益和重要性的市场上，把工作重心放在研究英国退欧对中国经济领域，特别是中国投资者所造成的影响上。根据最新的统计数字，欧盟是中国最大的贸易伙伴，甚至比美国还重要；而英国直到 2016 年 6 月 23 日仍是欧盟最重要的成员国，在欧盟中扮演着重要角色，占据欧洲贸易总额的 15%。数据显示， 2000 年和 2015 年之间，中国在英国的投资达到了 151 亿欧元，占中国对欧洲投资总额的 25%。不仅如此，有必要着重说明的是，英国通常担任着中国对欧洲投资的门户角色。

it is clear that Brexit has contributed another element of uncertainty and instability to the political and economic panorama, and governments and economic operators must take this into account in their decision-making. Deliberately leaving aside the political aspects of this rising uncertainty, and concentrating our analyses on a market which is of particular interest/importance to the Fidinam Group, we focus on the consequences that Brexit could have for Chinese economic operators and, in particular, for Chinese investors. According to the latest estimates, the European Union is China’s largest trading partner, even ahead of the USA; and the UK, an important member country of the European Union up until 23rd June 2016, plays a key role, accounting for 15% of the total trade with Europe. Figures show that between the years 2000 and 2015 Chinese investment in the UK reached a total of Euro 15.1 billion, representing 25% of total Chinese investments in Europe.

Furthermore, it must be stressed that the UK often represents the gateway for Chinese investors into Europe. However, the UK could quickly lose its attraction for these investors and Europe could also suffer the consequences thereof. In order to avoid such risk, the international community, the UK government and the European Union shall all require to provide clear answers regarding the fundamental issues such as London’s future status as a global financial centre, the future trade and financial relationships between the UK and Europe, Europe’s ability to prevent a domino effect with other countries following the UK example and also choosing to exit the European Union. Chinese government sources state that interest in investment abroad remains extremely high despite Brexit, but that, however, the target countries could change depending on their different levels of uncertainty. Significantly, statistics show that Chinese foreign investment increased by more than

不过，英国可能会迅速丧失这些投资客，且英国更会尝到上述情况所造成的苦果。为了规避这些风险，国际社会、英国政府和欧盟都被要求提供有关基本问题方面的清晰回答，比如伦敦作为全球金融中心的地位，英国和欧洲之间未来的贸易和金融关系，欧洲其它国家会不会有样学样，由此产生多米诺效应而陆续选

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择退出欧盟。尽管受到英国退欧影响，来自中国政府的消息称，中国对外投资的兴趣仍然极高，不过话虽如此，投资的目标国家可能因他们不同程度的国家稳定性而各不相同。重要的是，统计数字表明中国的外国投资在 2016 年已上升了 60%，但是中国对欧洲的投资却在同期下降了大约 15%。欧盟以外的其它国家也许可以从中国投资目的地的变化中获得好处。鼓励中国投资者对外国投资的主要原因，和他们对不同投资组合分配方案的更成熟选择相关；另外还有投资的多样性、对预期回报的追求，以及更为重要的，和风险管理等有关的原因，上述都是投资者在做选择时要考虑的重要因素。这一趋势由影响投资行为的多种因素所决定。我们可以指出的是，2011 年以来，中国私营企业的对外投资增长极为迅速，和国营企业的投资逻辑并不相同。房地产项目的投资在 2015 年创造了一个新的

China Offshore Trusts & Foundations Guide 2016

60% during the year 2016, but that Chinese investment in Europe fell by approximately 15% during the same period. Other countries outside of Europe could benefit from the change in the destination of Chinese capital. The main reasons that encourage Chinese investors to invest abroad are related to the different and more mature approach to portfolio allocation choices; the diversification of investments, the search for returns in line with expectations and, most importantly, the management of risk appear to be increasingly relevant aspects that determine investment decisions. This trend is confirmed by numerous factors that analyse investor behaviour. We would point out that, as from 2011 onwards, there has been a significant

growth in foreign investment by the Chinese private sector, and not only by the state sector, which normally follws a different logic. Investment in real estate projects reached a record level of Euro 18 billion in 2015. Hong Kong, the USA, Australia and Singapore represent the most important destinations in numerical terms. In different ways and for various reasons, these countries offer returns in line with investors’ expectations together with very low levels of risk. Chinese investors have also shown increasing interest in setting up manufacturing or commercial companies in the USA, in many cases linking these investments to programmes which include the possibility for the Chinese entrepreneur and his family to obtain residence in the USA. In line with the latest trends observed, the Chinese investor is increasingly

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纪录，达到了 180 亿欧元。按数量来看，香港、美国、澳大利亚和新加坡都是最重要的投资目的地。从不同的方式和原因来看，这些国家提供和投资者预期相对等的回报，且风险极小。中国投资者对在美国设立生产企业或商业公司的兴趣越来越浓厚，许多案例中，这些投资都包含和中国企业家和其家人获得美国永久居留权的可能性相关联。和最新趋势的研究一致，中国投资者对把投资重心向国外转移的可能性采取了宽容的态度。最受欢迎的目的地为美国、加拿大和澳大利亚。欧洲最受欢迎的目的地仍为英国，而英国的吸引力由于退欧和英国政府无法对上述问题提出清晰的解决方案或许会变得越来越小。和过去其它国家的情况一样，我们看到中国的投资者正在放眼国际市场。视野的开放得益于对有利的宏观经济环境和国内市场上不再足够的投资机会，必将会让投资者们自己和资本投入的市场双双受益。 Fidinam 集团在国际公司和遗产税规划顾问行业服务了超过 50 年，为来自众多国家的客户在国际化过程中提供了大量协助。我们深知，在和客户一起共同成熟成长的同时，这些投资、收购和制造业建立、产品行销或服务、个人资产转移等方面的任务，只有在周详安排和由我们专业顾问提供的亦步亦趋，步步为营的服务时才能实现。

open to the possibility of transferring the centre of his interests abroad. The preferred destinations are the USA, Canada and Australia. The most popular destination within Europe remains the UK, whose attractiveness could be diminished however as a result of Brexit and of the failure of the UK government to provide clear solutions to the problems mentioned above. As was the case in the past with other countries, we are now seeing an opening up on the part of the Chinese investor towards the international market. This opening up, caused by the search for favourable macro-economic conditions and investment opportunities no longer available in the domestic market, is bound to benefit both the investors themselves and also the markets in which the relative capital is invested. The Fidinam Group, which has been operating for over fifty years in the international, corporate and inheritance tax planning consultancy sector, has assisted clients from numerous

countries in the internationalization process. We know, from the past experience matured alongside our clients, that these projects related to investments, acquisitions, the establishment of production activities, the marketing of products or services, the transfer of persons abroad, can only be completed successfully if they are planned in minute detail and are subsequently monitored throughout their various phases of implementation by experienced professional consultants. In an environment characterized by an increasing degree of uncertainty and continuous systemic changes, consultancy services in the various areas of activity can represent an increasingly important factor of success and can have a profound effect on the outcome of each operation. The Chinese investors, at one time reluctant to rely on consultants for their international, corporate and inheritance tax planning, have learned to appreciate the importance thereof and now frequently turn to experts for advice on the optimization of their wealth.

在一个越来越充满不确定性和不断变化的环境中，经济活动中采取的多种顾问服务在成功的路上可以达到事半功倍的效果。对每一个案例的结果都会造成重大影响。中国的投资者，曾经不太愿意在他们的国际化、公司和遗产税规划过程中听取顾问的意见，但他们现在已学会重视上述服务的重要性，且更为频繁地咨询专业人士的意见来优化他们的财富。

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

为什么巴拿马私人利益基金会是您遗产规划的首选工具？ Why should a Panamanian Private Interest Foundation be your first-choice for estate planning purposes?

多

年来，巴拿马私人利益基金会已成为一个在民法和普通法司法辖区客户中极受欢迎的遗产规划和资产保护工具。这一法律框架根据 1995 年第 25 法案的规定，重新创造了一个具有现代化和灵活性特点的法规，让巴拿马基金会在充满竞争的基金会法制市场中处于主导地位。什么是巴拿马私人利益基金会？

Rosa Restrepo 合伙人

Partner ARIFA 监察委员会成员 1989~2008 年 ARIFA 英属维尔京群岛办公室常驻律师专业于机构和私人客户的离岸服务、财政居住、遗产规划、信托和基金会 STEP 成员（担任巴拿马分支主席） ARIFA Compliance Committee member. 1989 - 2008 resident lawyer in ARIFA BVI office. Specializes in advising institutional and private clients in the areas of offshore services, fiscal residency, estate planning, trusts and foundations. Member of STEP (Chair of the Panama Branch).

巴拿马基金会是一个独特的法律实体（区别于信托），不过没有基金会成员或股东（区别于公司）。它由一个被称为基金会理事会的行政主体进行管理，理事会由至少三名个人或一个法律实体组成，负责基金会的收入和资产，以及资产向受益人分配的管理工作。巴拿马基金会的法律框架基于法律条例要求的基金会宪章。宪章是公司成立的契约，条例对基金会理事会的行为作出规定。上述两个文件的主要区别在于两者向第三方的公布程度。宪章包含非敏感性的信息并在巴拿马公众注册处归档，条例中包含一个私人文件，列明受益人的姓名和地址和基金会的财产，不需要向政府当局归档。

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ver the past years, Panamanian Private Interest Foundations have become an incredibly popular estate planning and asset protection vehicle for clients of both civil and common law jurisdictions. Its legal framework is found under Law 25 of 1995 which recreated a modern and flexible legislation enabling Panamanian Foundations to secure a predominant position in the competitive foundations legal regimes market. What is a Panamanian Private Interest Foundation? A Panamanian Foundation is a distinct legal entity (unlike a trust) but without members or shareholders (unlike a company). It is managed by an administrative body known as the Foundation Council, composed of at least three individuals or one legal entity, responsible for the management of the foundation’s income and assets as well as for the distribution of its assets to the beneficiaries. The legal architecture of a Panamanian foundation is based on the Charter which is complemented by the Regulations. The Charter is the deed of incorporation while the Regulations govern the actions of the Foundation Council. The key difference between

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巴拿马基金会的要点 • 通常作为家族利益的资产保留之用 • 允许资产从创始人的遗产中分离出来，确保资产的独立性和自主性 • 能够持有包括股票、现金存款、艺术品首层等在内的任何形式的资产 • 根据基金会宪章的规定，它的资产可以在任何时候向受益人转移 • 在此期间，根据巴拿马法律的规定，除基金会宪章的归档之外，没有其它的申报要求

these two documents is the degree of disclosure each of them represent to third parties. The Charter contains non-sensitive information and is filed before the Panamanian Public Registry, the Regulations constitute a private document listing the names and addresses of the beneficiaries as well as the foundation’s patrimony and it does need not to be filed before any government authority.

autonomy. • Are capable of holding any assets including stocks, cash deposits, art collections, etc. • Its assets can be transferred to the Beneficiaries at any time, subject to the Charter and the Regulations. • At this time, under Panamanian Law there are no reporting requirements beyond the filing of the Foundation Charter.

Key Notes on Panamanian Foundations

Trusts vs. Foundations

信托和基金会对比对信托和基金会特点的对比如表所示，这个简单的说明，有助于更好地理解这两个独特实体的区别：不论是信托还是基金会，事实上对个

• Commonly used to preserve assets for the benefit of a family. • Permits the separation of assets from the estate of the Founder and ensures their independence and www.ar ifa.c om

The following comparative chart briefly describes the characteristics of both trusts and foundations for a better understanding of these distinct entities:

信托 Trusts

基金会 Foundations

并非法律实体。资产由受托人的名义持有，并遵守信托契约和巴拿马信托法条款的规定。 Not a legal entity. Assets are held in the name of the Trustee and subject to the provisions of the Trust Deed and the Panamanian Trusts Law.

是一个基金会理事会管理的法律实体。 It is distinct legal entity managed by a Foundation Council.

资产由受托人所有 Assets are owned by a Trustee

资产由基金会所有。 Assets are owned by the Foundation.

法律应用 Application of Laws

在立法和判例法中已有相当多的法律规定 There exists considerable regulations, both in respect of statutes and case law.

成文法。判例法有限 Statutory law. There is limited case law.

监管授权 Regulatory Authorizations

受托人需要持有一个巴拿马银监会出具的受托人许可证 Trustees are required to hold a trustee license issued by the Panamanian Superintendence of Banks.

监管委员会没有许可证要求。 There are no licensing requirements for the administrative council.

信托是一个委托人和受托人之间签订的私人协议。 The Trust is a private agreement between Settlor and Trustee.

对于巴拿马基金会来说基金会的所有信息都是其财产。基金会宪章在公众注册处归档，法律条款组成一个私人文件。 All information regarding the Panamanian Foundation is the property of the Foundation itself. The Foundation Charter is filed at the Public registry, while the Regulations constitute a private document.

移动性 Mobility

信托可以转移入任何一个受到法律承认的司法辖区。 Trusts can move to any jurisdiction where trusts are recognized by Law.

巴拿马基金会可以移入任何一个法律承认基金会的司法辖区。 Panamanian Foundations can migrate to any jurisdiction where Foundations are recognized by Law.

持续时间 Duration

通常上限为 100 年。 Usually limited to a maximum of 100 years.

无限 Unlimited

Whether it is a trust or a foundation, the truth is that individuals now have more choices to find a vehicle that would assist them in organizing their affairs while adapting to worldwide

laws and regulations. Under this premise, the Panamanian Foundation provides one of the most suitable vehicle for complex estate planning.

法律架构 Legal Structure

法定所有权 Legal Ownership

保密性 Confidentiality

人来说，现在已有更多的选择可以利用合适的工具来帮助自己组织事务和遵守国际法律和法规。在这一前提下，巴拿马基金会是复杂遗产规划的最合适工具。

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特别报道 FEATURED STORY

王宝强：你需要一个婚姻财产规划律师

Wang Baoqiang: You Need a Lawyer for Matrimonial Property Planning By Meng Li

爱搂着娇妻秀恩爱的电影明星王宝强，昨天突然宣布离婚，据说妻子出轨经纪人。这不算大新闻，明星们整天都爱离婚，扎堆离婚。大新闻是今天王宝强和律师一起到法院起诉离婚，据说诉讼费 50 万都得借款，跑了好多家银行，也凑不够诉讼费，这是真的吗？！王宝强可是家财万贯，资产上亿啊。网上都是心疼王宝强，都说这哥们傻，吃了没有文化的亏。可是王宝强，你那么有钱有名，你找经纪人帮你赚钱，找老婆帮你理财，你怎么不找个专业律师，提前帮你规划婚姻财产呢？ ! 也不知道是因为哪部电影，王宝强有个昵称“傻根”。其实傻根不傻，他肯定早就知道老婆有外心，就在今年初把悄悄把股权从马蓉名下转移到自己名下，然后率先网上发难，宣布离婚，还把老婆偷人的证据昭告天下。他步步为

China Offshore Trusts & Foundations Guide 2016

Wang Baoqiang, a Chinese movie star, suddenly announced his divorce yesterday. It was reported that his wife had an affair with his agent. This is no unusual news; movie stars are always getting divorced. The big news is that Wang Baoqiang and his lawyer filed for divorce in court today, and reportedly, he was rushing to various banks to get hold of the CNY 500,000 in legal fees, but he ultimately had no way of doing so. Could this be true? Wang Baoqiang is a man with very deep pockets and hundreds of millions in assets. Netizens have expressed pity for Wang Baoqiang, saying he was softheaded and suffered from his own ignorance. But Wang Baoqiang, being so rich and famous, why didn’t you find a professional lawyer to help plan your matrimonial property in advance rather than asking your agent to help you make

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营，欲得先机。可是股权即使转移到自己名下，这是婚姻存续期间所得，老婆还是有份；即使老婆出轨在先也不影响其分割财产（虽然可能导致其少分家产），王宝强这几年辛苦打拼的银子老婆都得对半分呢；再说这孩子抚养权，孩子是父母的心头肉，王宝强肯定想拿到两个小孩的抚养权，可是抚养权的确定要坚持最有利于孩子成长原则和考虑到夫妻一方谁照顾小孩最多的事实，而众所周知，王宝强常年奔波于片场，早出晚不归，孩子主要由老婆马蓉照顾，所以目前还真看不出王宝强在争夺孩子抚养权上的优势……虽说王宝强满腹委屈，可是这离婚诉讼还没有开打就已经显示出前景堪忧的苗头。如果王宝强有个专业律师帮助其提前规划婚姻财产，结局一定不同。 • 首先，专业律师可以帮助王宝强起草婚前财产协议。王宝强和马蓉 2009 年结婚，当时王宝强因为演了《天下无贼》已经出名，钱途看涨。签婚前财产协议中国人总是觉得难为情，一谈钱就伤感情。可是婚前财产协议也是试金石啊，你到底是爱我的钱还是爱我的人，表个态吧，爱我的人就该签署个《婚前财产协议》，让我心安。中国婚姻法规定夫妻可以通过合同约定：夫妻财产共同所有制、夫妻财产分别所有制、夫妻财产部分共同所有／部分分别所有。就以王宝强和马蓉为例，可以部分财产共同王宝强和前妻马蓉 Wang Baoqiang and his ex-wife Ma Rong

王宝强王宝强，1984 年 5 月 29 日出生于河北省邢台市，中国内地男演员、导演。王宝强 6 岁开始练习武术，8 岁在嵩山少林寺做俗家弟子。2003 年，凭借剧情片《盲井》获得第 40 届台湾电影金马奖最佳新演员奖。2004 年，因参演冯小刚执导的剧情片《天下无贼》而获得关注。据称，王宝强资产已达上亿，包括十数套位于国内和国外的豪宅，以及数量豪车等。 2016 年 8 月 14 日凌晨，王宝强在微博发离婚声明，与妻子解除婚姻关系。8 月 15 日上午 9 时许，王宝强本人在律师陪同下来到北京朝阳法院，起诉其妻马蓉要求离婚。朝阳法院经审查符合立案条件，已正式受理此案。

money and your wife to help you manage your wealth? I don’t know after which film Wang Baoqiang was nicknamed as Silly Boy. But in fact, the Silly Boy is not silly at all and he must have long known that his wife was having an affair. Just at the beginning of this year, he quietly transferred his equity from Ma Rong’s name to his own name and then he cast the first stone via the internet, announcing his divorce and making his wife’s adultery known to the world. He consolidated at every step and intended to take preemptive measures, but even if he transferred his equity under his own name, the equity was obtained during his marriage and therefore his wife still gets her share. Even if his wife had relationships with other people before their marriage, this would not affect her

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

特别报道 FEATURED STORY

share in the properties and all the wealth earned by Wang Baoqiang during those years had to be shared fifty-fifty with his wife. Next, we come to the custody of his children. Children are parents’ treasured possessions and Wang Baoqiang will naturally want to get custody of his two children. However, custody is determined under the principle of what is most beneficial to children’s development and well-being, and by whom the children are predominantly looked after. It is well known that Wang Baoqiang is busy shooting films all year round, leaving home early and often staying out late, and therefore, his two children are mostly looked after by his wife, Ma Rong. At present, Wang Baoqiang seems to have no advantage in getting custody of his children. Though Wang Baoqiang feels totally wronged, the prospect for Wang Baoqiang’s case is full of uncertainty, even before the divorce proceedings have started. If Wang Baoqiang had had a professional lawyer to help him plan ahead for his matrimonial property, things would have turned out differently.

所有、部分财产分别所有，比如股权和票房收入、商业广告收入属于王宝强所有，部分房产和现金属于夫妻共有；还可以约定每生育一个小孩给女方多少固定补偿，向张艺谋大哥学习，听说每生一个娃给 1000 万！甚至可以约定离婚财产分割准则：根据婚姻存续年限分隔财产或者按照比例给予补偿。听说外国明星夫妇都是这样做对的，我们中国明星夫妇当然也可以！我们团队在去年帮一位著名艺人起草的《婚前财产协议》中约定：”婚姻每存续满一年，离婚时男方应向女方补偿 300 万人民币照顾女方生活。“借助一份专业的《婚前财产协议》，王宝强既可以对娇妻恩宠有加又可以保住自己的钱包！同时还可以震慑娇妻，不至于任由其出轨的同时还谋划王宝强口袋中的钱！ • 其次，家族信托也是婚姻财产保护神！再说一遍，家族信托是财产保护神。美国媒体大亨默多克、中国房地产富豪吴亚军都因为家族信托的庇护，安安静静地离婚，可能他们也因为离婚而伤心，可是他们的钱没有受伤，他们的公司股权更没有受到冲击！默多克坐拥百亿

China Offshore Trusts & Foundations Guide 2016

• Firstly, professional lawyers would have helped Wang Baoqiang draft a prenuptial property agreement. Wang Baoqiang and Ma Rong got married in 2009. At that time, Wang Baoqiang had become famous from his performance in the film A World without Thieves, indicating a promising future. Chinese always feel embarrassed to sign prenuptial agreements and worry that their partner’s feelings will be hurt once you talk about money. But prenuptial agreements are also a gauge: do you love me or my money? If you love me, then sign the prenuptial agreement and let me feel at ease. According to China’s marriage laws, spouses may contractually agree on common ownership, independent ownership, or partially common and partially independent ownership of matrimonial property. Taking Wang Baoqiang and Ma Rong as an example, some properties could be commonly owned, and some independently. For example,

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美金，用仅仅两套房子和一些基金会的受益份额就结束了他和邓文迪长达 13 年的婚姻，而吴亚军和蔡奎离婚根本就不需要分隔财产，因为他们在离婚前就通过设立信托分割了两个家族的财产。如果王宝强也把自己的主要财产比如演戏收入、票房分红、商业广告收入、珠宝、公司股权放进大小不等的几个家族信托，这些财产由信托公司持有，王宝强本人或者其家人仅仅作为信托受益人享有收益，那么离婚之时，就无需分割上述财产，即使一定要进行财产分割，也仅仅是分割家族信托的收益。王宝强也不知经谁指点，悄悄把原本由妻子马蓉持有的股权转到自己名下，可是虽然股权由其本人持有，这股权及股权收益在没有夫妻财产协议的情况下，仍然是夫妻共同财产，妻子马蓉正等着对半分割呢！现金、珠宝等流动性资产分割比较容易，而股权的分割则往往比较复杂，无论是折价补偿还是采取股权转让都会影响公司的投融资等正常商业运营。热心网民都替王宝强捏了一把汗！ • 最后，离婚需要专业婚姻律师。中国离婚率居高不下，明星的婚姻聚少离多，维系更难。不管有多少人秀恩爱，最后以离婚收场的都是正常的，不

earnings from equity, the box office and commercial ads belonged to Wang Baoqiang, and some real estate and cash belonged to them both. It could be further agreed how much fixed compensation would be paid to Ma Rong for each child’s birth, like Zhang Yimou, who gave CNY 10 million to his wife for each child’s birth. He could even reach an agreement on property distribution rules in the instance of a divorce; properties can be divided or pro rata compensation given, on the basis of the duration of the marriage. It is said that foreign celebrity couples all do this, and our Chinese stars should follow suit. Last year, our team helped a famous star draft a Prenuptial Agreement, agreeing that “for each full year of marriage, the husband, after a divorce, shall compensate the wife CNY 3 million.” By having a professional prenuptial agreement, Wang Baoqiang could have both showed his affection to his wife and held onto his wallet. Furthermore, he could have, in this way, deterred his wife from having an affair while draining his wealth. • Secondly, family trusts are also the guardian of marital properties. Once again, family trusts are the guardian of properties. US media tycoon Rupert Murdoch and Chinese real estate mogul Wu Yajun both divorced quietly under the custody of a family trust. They might have felt distressed because of the divorce, but at least their wealth remained intact, not to mention their company shares. Murdoch, with his billions of dollars, ended his 13-year marriage with Wendi Deng at the cost of just two houses and some sharing of benefits from foundations. There weren’t even any properties that needed to be divided when Wu Yajun and Cai Kui got divorced, because the properties of their two families were already divided by setting up trusts before the divorce. Suppose Wang Baoqiang had entrusted his major wealth – like earnings from acting, box

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

特别报道 FEATURED STORY

离婚才稀有。所以婚前财产协议和家族信托必不可少，万一像王宝强这样的傻根男人，财政大权全部交给老婆掌管，那么离婚时候也一定得找个专业离婚律师。法律不是文字游戏那么简单，术业有专攻，具有丰富婚姻财产规划和婚姻诉讼经验的律师一定让王宝强少受委屈，挽回银子、保全面子。婚前财产规划不是万能的，家族信托不是一托就灵的，有了专业离婚律师也很难胜诉无忧。王宝强，王宝强们，你需要一个专业的财富规划律师，为你提供一系列，一揽子的私人财富管理法律服务。这样，人财两空的婚姻悲剧或许可以避免。

office bonuses, commercial ad returns, jewelry and company shares – into several family trusts, and Wang Baoqiang and his family had enjoyed the returns from the entrusted wealth just as the beneficiary of the trust would, there would be no need for property division upon divorce. Even if there was a property division, only the returns from the family trust would be divided. We don’t know by whom Wang Baoqiang was directed to transfer equity rights originally held by Ma Rong to him. Although the equity rights are held by him now, the equity rights and proceeds thereof still constitute spousal common property when there is no marriage property agreement. His wife Ma Rong is just waiting to divide it in half. It is easy to divide current assets, like cash and jewelry, but it is rather complex to divide equity rights. Whether it is discounted compensation or equity transfer, both will influence the normal business activities of the company. Netizens with an interest are all worried about Wang Baoqiang. • Finally, divorce requires a professional marriage lawyer. China’s divorce rate remains at a high level and it is harder for stars to maintain their marriage because of the particularity of their careers. No matter how much they love each other in the beginning, it is common for relationships to end in divorce; what is rare is remaining married. Therefore, prenuptial agreements and family trusts are indispensable. In the case of ignorant people like Wang Baoqiang, who put all their fiscal power at the disposal of their wife, they must find a professional divorce lawyer when getting divorced. Law is not as simple as word games, and lawyers who have extensive experience in matrimonial property planning and matrimonial proceedings would certainly have helped Wang Baoqiang recover his money and save face. Pre-marital property planning is not a solution for everything; family trusts will not always function, and a professional divorce lawyer cannot always win. Wang Baoqiang and company, you need a professional wealth planning lawyer to provide you with a series of legal services for private wealth management. Only by doing this can you avoid the tragedy of losing both your spouse and your wealth.

China Offshore Trusts & Foundations Guide 2016

2016 热点 HIGHLIGHTS

美洲 AMERICAS | 巴哈马 BAHAMAS

欧洲 EUROPE | 英国 UNITED KINGDOM

巴哈马力求成为人民币交易中心

英海外属地对英国退欧反应不一

Bahamas Seeks to Become Renminbi Trading Hub

Crown Dependencies React to Brexit Result

巴哈马金融服务部部长 Hope Strachan 表示，这一计划的成功将让巴哈马的金融服务业和贸易领域“转变成一个全新的阵地”，将成为巴哈马成为整个地区人民币贸易“具有纪念意义的成就”。她表示这一人民币交易中心将为金融交易提供支持，结束完全依赖美元的历史。

对于英国退欧全民公决的结果，英国海外属地，如耿西岛和泽西岛等都表示，虽然未来还有很大的不确定性，他们已经做好了应对任何情况的准备。

人民币交易中心的建立是在中国政府和中国企业对巴哈马提供金融支持的项目基础上进行的。Hope 解释称：“计划的基本原理是巴哈马政府、巴哈马公司、金融机构和地区内的所有业务都有通过更便宜和更迅捷的方式，在巴哈马用人民币进行结算”。“这将结束对美元的高度依赖和通过美国进行业务交易的历史。创造人民币交易的平台和巴哈马元进行自由交易，将会使国际贸易金融、贸易和投资得到极大的增长。” The Minister of Financial Services, Hope Strachan, said the success of the initiative would “translate into an entirely new frontier” of financial services and trade business for the country and would be a “monumental achievement” in making the Bahamas the Renminbi trading hub for the entire region. She said the hub would facilitate financial transactions and eliminate reliance on the US Dollar. The establishment of a hub for trade in the renminbi follows recent project financing in the Bahamas from the Chinese Government and from Chinese corporations. Hope explained: “The rationale is that the Bahamas Government, Bahamian businesses, financial institutions, as well as those throughout the region, would have the ability to engage in less costly and less time-consuming processes related to transactions involving the direct clearing and payment of the yuan currency in the Bahamas.”“It would eliminate reliance on the US dollar and the transacting of business through the United States. The creation of a platform for the Yuan to trade freely with the Bahamian Dollar will allow for international trade finance, and trade and investment to increase significantly.”

China Offshore Trusts & Foundations Guide 2016

耿西岛政策和资源委员会总裁Gavin St Pier表示：“英国退欧的全民公决结果将不会在一夜之间改变耿西岛和欧盟，或者英国的关系。我对各国对此进行过渡时期的管理问题的讨论持欢迎态度，并确保耿西岛能保持不变。我们将对英国在这一重大政策变更中所做的经济影响进行持续观察，并将和商务和经济发展委员会保持一致，充分理解退欧对经济会产生的影响。” 泽西岛首相Ian Gorst表示，政府即将“在岛上和公众会面以讨论英国退欧对泽西岛政府产生的影响，确保泽西岛有更美好的未来。” In the wake of the UK’s EU referendum Guernsey and Jersey have said that while there will be a period of uncertainty, they are well placed to weather the effects of this change. Gavin St Pier, Guernsey President, Policy & Resources Committee, said: “Following the UK decision to leave the EU in this referendum nothing will change overnight in the relationships that Guernsey has with the EU, or the UK for that matter. I welcome the opportunity for debate in the States on how we will manage this transition to ensure Guernsey can seek to remain the same. We will be monitoring the economic impact of this significant constitutional change for the UK and we will be engaging with business, with the Committee for Economic Development, to understand this knock-on effect to our economy.” Jersey’s Chief Minister, Ian Gorst, said Ministers will “be meeting the public around the island to discuss what this vote means for islanders and to outline the Government’s plan to secure the best possible outcome for Jersey.”

2016 热点 HIGHLIGHTS

亚洲 ASIA | 香港 HONG KONG

欧洲 EUROPE | 马恩岛 ISLE OF MAN

香港税务信息交换法生效

马恩岛和上海签订金融服务业合作协议

Hong Kong's Tax Info Exchange Legislation in Effect

IoM, Shanghai Agree Financial Services Partnership

《2016 年税务（修订）（第 3 号）条例》（《修订条例》）6 月 30 日生效。香港政府发言人表示：“《修订条例》为香港实施税务事宜自动交换财务帐户资料（自动交换资料）安排订立法律框架，使香港可以履行其承诺，支持实施由经合组织就自动交换资料颁布的新国际标准。”

在中国长达一周的推广访问后，马恩岛的中国推广之旅以和上海商业委员会签订的谅解备忘录（MoU）而圆满结束。

香港政府在2014年9月表示，在香港可于2017年或之前通过所需的本地法例的大前提下，支持根据互惠原则，与合适伙伴实施自动交换资料，以期在2018年年底前进行首次自动交换资料。经过过去两年数次联系相关持份者，以及在2015年4月至6月进行公众谘询后，政府于2016年1月向立法会提交了条例草案，有关条例草案於6月22 日获立法会通过。《修订条例》于今日刊宪，并在同日生效。政府发言人补充：“一直以来，香港均十分支持国际间就提升税务透明度及打击跨境逃税的努力。适时实施自动交换资料对于香港符合相关国际标准，并维持香港作为国际金融中心和国际社会负责任一员的声誉，十分重要。” The Inland Revenue (Amendment) (No. 3) Ordinance 2016, which provides a legal framework for Hong Kong to implement the new international standard for automatic exchange of financial account information in tax matters (AEOI), went into effect on June 30. “The Amendment Ordinance enables Hong Kong to deliver its pledge of support for the new international standard on AEOI as promulgated by the Organization for Economic Cooperation and Development (OECD),” a government spokesman said. In September 2014, Hong Kong had told the OECD that it supported the implementation of AEOI on a reciprocal basis with appropriate partners with a view to commencing the first exchanges by the end of 2018, providing that it could put in place necessary domestic legislation by 2017.

马恩岛希望和中国在经济、贸易和投资方面加强合作。根据谅解备忘录的条款，上海政府将把马恩岛作为中国公司在英国和欧盟市场上拓展的基地进行推广，同时对马恩岛的公司在上海和上海自贸区内设立公司感兴趣的公司进行协助。作为回报，马恩岛政府将帮助希望在岛上建立公司的上海企业，推广上海这座城市，作为马恩岛企业在中国拓展业务的基地，并将马恩岛经验丰富的专业服务公司介绍给中国的企业。 The Isle of Man has capped a week promoting the island in China with the signature of a Memorandum of Understanding (MoU) with the Shanghai Municipal Commission of Commerce. The MoU is intended to foster cooperation on economic, trade, and investment matters between the two regions. Under the terms of the MoU, the authorities in Shanghai will promote the Isle of Man as a base for companies seeking to expand into the UK and EU markets, as well as assist any Manx companies looking to establish themselves in Shanghai or its free trade zone. In return, the Isle of Man Government will assist companies from Shanghai wishing to locate to the island, promote the city as a potential destination for Manx businesses seeking a base in China, and facilitate introductions to the Isle of Man’s experienced professional services companies.

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

司法辖区 JURISDICTIONS

非洲

AFRICA

塞舌尔

Seychelles

司法辖区 JURISDICTIONS

概况

塞舌尔

General

Seychelles

实体类型

信托

Type of Company

Trust

法律类型

混合法系

Type of Law

Hybrid

建立信托所需时间

24 小时

Our Time to Establish a Trust

24 Hours

最低政府费用（不包括税收）

100 美元

Minimum Government Fees (excluding taxation)

US $100

是否签订双重征税协定

否

Double Taxation Treaty Access

国外收入课税

无

Taxation on Foreign Income

N/A

信托资产

Trust Assets

标准货币

无

Standard Currency

N/A

允许币种

任何币种

Permitted Currencies

Any

最低资产要求

无

Minimum Assets Required

N/A

受托人

Trustees

独立法人最低人数

不少于 2 人且必须委任 1 个持牌居民受托人

Minimum Number If Individuals

Not less than 2 however a licensed resident trustee must be appointed

公司法人最低人数

2人

Minimum Number If a Body Corporate

是否要求有当地受托人

是

If Local Trustee Required

Yes

公众可否查阅记录

否

Publicly Accessible Records

会议地点

未指定

Location of Meetings

Not speciﬁed

保全

Protector

是否需要

可选

Required

Optional

持有专业资格

可选

Professional Qualiﬁcations Held

Optional

信托契书公众可否访问

Trust Deed 否

账户

Publicly Accessible

Accounts

准备要求

基金会应当保持或备存适当的会计记录使信托的财务状况可以在任何时间都合理准确的做出决策及可以准备好信托账户

Requirements to Prepare

A trustee shall keep or cause to be kept proper accounting records that enable the ﬁnancial position of the International Trust to be determined with reasonable accuracy at any time and enable accounts of the International Trust to be prepared

审计要求

否

Audit Requirements

公众可否访问账户

否

Publicly Accessible Accounts

其他法定继承权是否允许迁册

Other 不适用取决于信托契书的内容

Forced Heirship Rules

Not applicable

Change in Domicile Permitted

Depends on how the Trust Deed is drafted By Seychelles Investment Board

司法辖区 JURISDICTIONS

行政特区：塞舌尔所在地区：印度洋，非洲官方货币：塞舌尔卢比官方语言：英语、法语所属时区：UTC+4 电话区号：+248 通讯设施：优秀

Country: Seychelles Region: Indian Ocean, Africa Currency: Seychellois rupee (SCR) (SR) Languages: English, French Time Zone: UTC+4 Phone Code: +248 Communications: Good

简介

Introduction

塞舌尔是热带天堂的代名词。115 个靠近赤道的岛屿和旋风带以外的地理位置，让它成为令人艳羡的度假天堂。塞舌尔的主岛，马希，有一个且非常优良的港口，维多利亚港。塞舌尔 89000 名居民中的大部分居住在马希，混居着法国和非洲人种，说克里奥尔语，但也说英语和法语，特别是在商务环境中更是如此。英国允许塞舌尔在 1976 年独立；塞舌尔是一个独立的共和制民主国家，有总统制的政府。塞舌尔总统 Albert Renee 从 1977 年掌权至 2004 年，经历了这个国家从一个“渔业和香蕉”型的经济转型为现代化的旅游胜地，并成为一个发展完备的离岸金融中心，具有较强的竞争力。塞舌尔的服务业为该国经济贡献了 70% 的产值，其中包括

The Seychelles are a byword for tropical beauty. The 115 islands, near the equator and outside the cyclone belt, are indeed unspoiled. The main island, Mahe, has an airport and a very good port, Victoria. Most of the 89,000 inhabitants live on Mahe, and are a blended mixture of French and African, speaking Creole, but also English and French, especially in business. The British granted independence only in 1976; the Seychelles are an independent democratic republic with a presidential style of government. The President from 1977 until 2004, Albert Renee oversaw the conversion of a 'fishing and bananas' type of economy into a modern tourist mecca, alongside a carefully created offshore financial centre which has taken good notice of its competition.

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

概况

塞舌尔

General

Seychelles

实体类型

基金会

Type of Company

Foundation

法律类型

混合法系

Type of Law

Hybrid

有限责任

无，无理事会成员的基金会是独立的法人实体

Limited Liability

N/A. Foundations are separate legal entities without members.

建立基金会所需时间

在注册处注册 1 个基金会需要 24 小时

Our time to Establish a Foundation

The Registrar will register a foundation within 24 hours

基金会最低资本金（等值货币）

初始资产不低于 1 美元价值

Foundation Capital Minimum (equivalent in currency)

The initial assets should be of a value not less than US$ 1

基金会资本货币

任何货币

Foundation Capital Currency

Any

公众可查阅记录

Publicly Accessible Records

基金会章程

是

Foundation Charter

Yes

基金会管理规则

可选

Foundation Regulations

Optional

受益人

一个基金会有“受益人”。然而，与公司股东或信托的受益人相反，基金会受益人在基金会资产没有法定或受益利益。也就是说，基金会资产不会成为受益人的资产除非根据该基金会的章程或条例分配。

Beneﬁciaries

A foundation has “beneficiaries”. However, in contrast to shareholders of a company or beneficiaries of a trust, foundation beneficiaries have no legal or beneficial interest in foundation assets. That is, foundation assets do not become the assets of a beneficiary unless distributed in accordance with the foundation’s charter or regulations.

创始人

是

Name of Founder

基金会管理成员

Ofﬁcers of Foundation

保全要求

可选

Protector Required

Optional

是否允许企业保全

是

Corporate Protector Permitted

Yes

理事会成员最少人数

至少 1 个

Minimum Number of Council Members

Minimum 1

是否允许有企业理事会成员

是

Corporate Council Members Permitted

Yes

会议地点

任何地方

Meeting Location

In or outside the Seychelles

基金会本地规定

Local Requirements of Foundation

基金会代理

是

Foundation Agent

Yes

是否需要秘书

无

Secretary Required

N/A

章程语言

任何语言（必须提供英语或法语翻译）

Language of Charter

Any (English or French translation required)

管理条例语言

任何语言（必须提供英语或法语翻译）

Language of Regulations

Any (English or French translation required)

账户

Accounts

准备要求

基金会应当保持或备存适当的会计记录使基金会的财务状况可以在任何时间都合理准确的做出决策及可以准备好基金会账户

Requirements to Prepare

A foundation shall keep or cause to be kept proper accounting records that enable the ﬁnancial position of the foundation to be determined with reasonable accuracy at any time and enable accounts of the foundation to be prepared

审计要求

可选

Audit Requirements

Optional

其他

Other

年度政府费用

200 美金

Annual Government Fee

US$ 200

是否允许迁册

是

Change in Domicile Permitted

Yes By Seychelles Investment Board

司法辖区 JURISDICTIONS

旅游业、海产品加工和商业。塞舌尔的国际自由贸易区非常成功，且正快步成为印度洋上的贸易集散中心，这也是塞舌尔政府公开宣布的目标。塞舌尔政府由家长式管理作风（非常法国化）和经济自由主义（非常英国化）的风格一分为二，但两者哪个占据上风却不好说。直到 2004 年底，在海啸造成了相当大的损失后，经济开始有所复苏，但失业率和财政赤字仍旧居高不下。当地的居民对经济奇迹并不十分感冒，和政府希望把塞舌尔打造成印度洋上的新加坡的意愿相驳。2004 年塞舌尔发布了一个新的宏观经济调控缩写为 MERP 的计划，旨在纠正财政和经济发展的不平衡现象，进行加税和政府的缩编。塞舌尔的物价飙升，货币储备短缺和高通胀率都让这个国家在 2008 年年中入不敷出，因此进行了进一步的财政紧缩，政府转而求助于国际货币基金组织要求获得金融支援。 2009 年底，国际货币基金组织同意向该国注资 3100 万美元。在该组织 2011 年 6 月组团访问塞舌尔进行调查时，塞舌尔政府因为其“结构革新和财政制度取得的进步”而受到该组织的赞扬。

The service sector contributes 70% of the Seychelles's economy, which is based on tourism, fish processing and commerce. The International Trade Zone is successful, and the Seychelles are on the way towards becoming an Indian Ocean trading entrepot, which is their avowed goal. The Government is torn between Colbertian paternalism (very French) and economic liberalism (very English) and it is hard to say which is winning. Until late 2004, when the tsunami did substantial damage, there was growth but also unemployment and a deficit. The local population is not always willing to be cast in the role of economic superstars, to the despair of the Government, which privately would like the Seychelles to be a new Singapore. A macro-economic programme under the acronym MERP, launched in 2004, aimed to correct fiscal and economic imbalances with increased taxation and government retrenchment. The commodity price spike, a shortage of currency reserves and high inflation has prompted a further round of fiscal tightening after the

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

司法辖区 JURISDICTIONS

country defaulted on much of its debt in mid-2008, when the government turned to the IMF for financial assistance. By the end of 2009, an Extended Fund Facility (EFF) of USD31m was approved by the IMF. Following a visit by an IMF mission in June, 2011 the Government of the Seychelles was praised for its' fiscal policies and the progress achieved in structural reforms.

适合于 :

Suitable for: Wealth Management, Banking, Fund Management, Shipping,

财富管理、银行业、基金管理、航运、游艇、货物贸易、金融贸易、

Yachting, Trading Goods, Trading Financial, Holding Companies

控股公司离岸工具种类：

Vehicle Types: Limited companies, public limited companies, trusts, sole

有限公司、公众有限公司、信托、单一所有制公司、通用合伙制

proprietorships, general partnerships and limited partnerships

和有限合伙制公司资本主要营运区域：

Capital primary business districts: Victoria

维多利亚关系良好国家：

Good Relationships: China, Indonesia, Switzerland, United Kingdom

中国、印尼、瑞士、英国关系不佳国家：缅甸、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚税务负担——商务：极轻税务负担——个人：极轻总体税率： CIT 25-33% ( 个体营业者和合伙制 18.75%-33%), PIT 0%, 增值

Bad Relationships: Burma, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Very Light Tax Burden - Individual: Very Light Headline tax rates: CIT 25-33% (sole traders and partnerships 18.75%-33%), PIT 0%,

税 15%

VAT 15%

合约签订国：巴林、巴巴多斯、博兹瓦纳、中国、塞浦路斯、印尼、马恩岛、

Treaty Jurisdictions: Bahrain, Barbados, Botswana, China, Cyprus, Indonesia, Isle of

卢森堡、马来西亚、毛里求斯、阿曼、卡塔尔、圣马力诺、南非、

Man, Luxembourg, Malaysia, Mauritius, Oman, Qatar, San Marino,

泰国、阿联酋、越南、赞比亚

South Africa, Thailand, United Arab Emirates, Vietnam, Zambia

税务信息交换协议签订国：开曼群岛、丹麦、法罗群岛、芬兰、格陵兰岛、耿西岛、冰岛、荷兰、

TIEA Jurisdictions: Cayman Islands, Denmark, Faroe Islands, Finland, Greenland,

挪威、瑞典、瑞士

Guernsey, Iceland, Netherlands, Norway, Sweden, Switzerland

China Offshore Trusts & Foundations Guide 2016

司法辖区 JURISDICTIONS

Q&A

离岸问答

塞舌尔 Seychelles

1. 向下一代传承资产的中国高净值人士或家族（等）的隐私和资产保护方面，贵司法辖区的优势有哪些？不管是塞舌尔信托或塞舌尔基金会，相关法律都对隐私和资产保护提供了相当多的保护。在信托方面，委托人、受托人或受益人都不会对公众公布。信托契约和其它任何和信托相关的文件也不会在公众归档。在注册信托时，受托人必须发表一个简单的声明，表示达到了《国际信托法》的所有要求即可。在基金会方面，唯一需要公示的是“宪章”，宪章包含了创始人的身份信息。当然提名创始人也是可以被允许的，且是一种比较常见的做法。只有当地的监管机构或最高法院出具命令的情况下才能获得塞舌尔信托或基金会方面的文件和信息。在其它所有情况下，受托人依法对信托保密，而信托的顾问和其他塞舌尔基金会有关的所有人员都应如此。基金会和信托法规中的各个条文都为资产提供了保护。保护信托也是明确可以得到允许的。在基金会方面，受益人明确认为不可在基金会中拥有受益人利益，也不对基金会具有管理权。针对外国法律的规定下，基金会和信托也享有反特留份继承权，针对想要通过外国法庭的判决或命令来执行上述条款的塞舌尔信托或基金会的创始人提供保护。

China Offshore Trusts & Foundations Guide 2016

1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? Whether it is a Seychelles trust or Seychelles foundation, the relevant laws provide for a great deal of privacy and asset protection. In the case of a trust, there is no public record of the settlor, trustees or beneficiaries. The trust deed and any other documents relating to the trust are also not publicly filed. Upon registering a trust, the trustee must simply file a declaration confirming that all of the requirements of the International Trust Act have been met. In the case of a foundation, the only publicly filed is the “Charter” which contains the identity of the Founder(s). However a nominee Founder is allowed and is common practice. Access to information or documents relating to a Seychelles trust or foundation is then only possible for local regulatory bodies or upon an order by the Supreme Court. Trustees are bound by law to maintain confidentiality in all other cases as are councilors and other persons associated with a Seychelles foundation. Various clauses in each of the foundation and trust laws

司法辖区 JURISDICTIONS

2. 在贵司法辖区设立信托 / 基金会和其它辖区相比有什么不同？如果价格更高，您能为客户提供的附加价值是什么？塞舌尔历史上一直是一个传统的高性价比的司法辖区，其国际商务公司的价格在世界上是最具竞争力的工具形式之一，在中国也享有很高的声誉。信托和基金会方面的服务价格和其它地区的市场相比也极具竞争力。但这并不意味着服务质量的降低，许多塞舌尔公司都和国际信托服务提供商和律所合作，有很强的竞争力，其训练有素的专业职员也是信托和遗产行业执业者协会的成员。塞舌尔基金会在兼顾法律的高质量、政府费用的低廉和服务提供商的较低费用方面也显得十分有竞争力。 3. 在为中国或亚洲客户进行财富规划时，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？和大多数司法辖区一样，如果一家公司没有会操顾客母语的顾问为客户服务，语言就会成为一个主要障碍。许多塞舌尔的公司和中国有很深的关系，因此语言不会成为任何问题。此外，中国和亚洲的中介服务公司一般也可以帮助跨越这一鸿沟，因为塞舌尔在亚洲和中国有相对完善的中介服务公司网络。 4. 贵辖区法律中有哪些特点是这个司法辖区的信托 / 基金会得以吸引投资者的最大特点？ • 创始人——法律要求创始人为公司宪章的执行人且允许 “提名创始人”为信托创始人提供保护，前提是公司宪章是该公司唯一对外公布的文件。创始人可以保留包括监督在内的多种权利，并为特定的事务提供指导，比如指派 / 撤销受益人、投资和相关事务等。创始人也可以将上述保留权利指派给第三方（比如“代理创始人”）。创始人可以是受益人，但不应是唯一受益人。创始人可以是一名自然人或法人，也可以有一名甚至多名联合创始人的存在。

provide for asset protection. Protective trusts are expressly allowed. In the case of foundations, a beneficiary is expressly deemed not to have any beneficial interest or otherwise in the assets of a foundation nor any say over the administration of the foundation. Both foundation and trusts also enjoy express anti-forced heirship provisions providing protection against foreign judgments or administrative orders if intended to enforce any such provision of a foreign law as regards an individual who is a founder of a Seychelles foundation or a settlor of a Seychelles trust. 2. In terms of cost, how is the cost of a setting up a trust/foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? Seychelles has traditionally been a cost effective jurisdiction in terms of International Business Companies which are amongst the most competitively priced in the world and very popular in China as well. Services around trusts and foundation are also typically competitively priced with other comparable markets. This should not be confused with a low level of service however as many Seychelles firms are associated with international trusts services providers, law firms and otherwise have highly competent and trained professional staff who are members of the Society of Trust and Estate Practitioners for example. Seychelles Foundations in particular are a good value when factoring the quality of the law, low government fees and typically competitive fees from the service providers 3. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? As with most jurisdictions, language is sometimes a hurdle if the firm does not have native language speakers or the client does not. Many firms in Seychelles have ties with China and as such the language barrier is not always an issue. Furthermore, China and Asian based intermediaries are often able to bridge the language gap and Seychelles has a relatively strong network of such intermediaries. The other main issue would likely be mostly related to trust in that Chinese clients often desire to maintain a level of control and involvement with the trust that makes the job of the trustees difficult and can further add risk to the trust

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司法辖区 JURISDICTIONS

• 资产——最低资产为 1 美元，并可以在注册时或一个稍后的时间由创始人或其他任何第三方提供。额外资产也可以在稍后提供。如果资产有第三方提供，该第三方并不自动获得这一创始人的身份、权利或义务。资产可以包括任何国际上的资产，包括另一个基金会或信托的受益人利益。塞舌尔基金会也可以持有塞舌尔国际公司的股份，或者是塞舌尔有限合伙制的一名合伙人。 • 税务——塞舌尔基金会是 100% 免缴塞舌尔任何形式的所得税或利得税的。 • 种类——私人基金会、慈善基金会、特殊目的基金会（“目的基金会”）或上述任何形式的组合都是被允许的。

China Offshore Trusts & Foundations Guide 2016

in terms of validity and tax residency. These issues are not necessarily isolated to Chinese nationals as this is often a struggle with trustees in offshore locales. Foundations provide a structure that can allow for a higher level of involvement from the client without the “sham trust” risk given that a foundation is an incorporated body and as such cannot be a sham. Private trust companies are also an alternative where the client can have a higher level of involvement. Lastly, often times a foundation or trust is often structures with one or more subsidiary companies where the client can fill certain roles including being a director. 4. What are some of the major features of the law that make the trust/foundation in your jurisdiction

司法辖区 JURISDICTIONS

particularly attractive to investors? Seychelles Foundations are governed under a modern legal framework that offers several beneficial provisions. • Founders- the law provides that the founder is the subscriber to the charter and allows for “nominee” founders to protect the privacy of the trust founder given that the Charter is the only publicly filed document. The Founder may reserve various rights of oversight and to direct certain matters such as appointment/ removal of beneficiaries, investments and similar. The Founder can also assign any of these reserved rights to another party (i.e. an “Assignee Founder”). The Founder may be a beneficiary, but not the sole beneficiary. The Founder may be a natural or legal person and there may one or even multiple co-Founders. • Assets- minimum assets are US$1.00 and may be contributed by the Founder or any other third party at the time of registration or at a later date. Additional assets may be contributed later. If the assets are contributed by a third party that party does not automatically acquire the role, rights or obligations of a Founder. Assets can include any international asset including a beneficiary interest of another foundation or trust. A Seychelles Foundation may also own shares in a Seychelles IBC, CSL or be a partner in a Seychelles Limited Partnership. • Tax- a Seychelles Foundation is 100% exempt from any form of taxation in Seychelles on any of its income or gains of any kind.

5. 贵辖区内是否有投资者需要知道的在信托和基金会方面的法律更新？信托和基金会法案从其上一次在 2011 年修正到现在为止尚无更改。要注意的是，塞舌尔很快将颁布一项新的信托法，届时将取代 1994 年颁布的国际信托法。法律的内容和修正案可以在 www.fsaseychelles.sc 上获取详细内容，这也是塞舌尔金融服务业的监管机构。

来源：塞舌尔投资局（SIB）首席执行官 Rupert Simeon 先生 Contributed by: Mr. Rupert Simeon, CEO Seychelles Investment Board (SIB)

• Types- private foundation, charitable foundations, foundation with a specific purpose (“purpose foundations”) or any combination of these are allowed. 5. Are there any recent developments in trust/ foundation law in your jurisdiction that investors should be aware of? The trust and foundation Act remains without change till date since its last amendment in 2011. It is to be noted that Seychelles will soon be enacting a new Trusts Act which will repeal and replace the International Trusts Act, 1994. The decree and its amendments can be found at www. fsaseychelles.sc which is the regulator for financial services in Seychelles.

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毛里求斯 Mauritius

司法辖区 Mauritius

JURISDICTIONS

概况

毛里求斯

General

Mauritius

实体类型

信托

Type of Company

Trusts

法律类型

普通法

Type of Law

Common Law

建立信托所需时间

1至2天

Our Time to Establish a Trust

1 to 2 working days

最低政府费用（不包括税收）

无

Minimum Government Fees (excluding taxation)

N/A

是否签订双重征税协定

是的，只有当信托适用于毛里求斯的全球业务类别 1 执照

Double Taxation Treaty Access

Yes, only if the Trusts applies for a Mauritius Global Business Category 1 License

国外收入课税

非居民免税

Taxation on Foreign Income

Tax exempt if non-resident

信托资产

Trust Assets

标准货币

任何主要货币

Standard Currency

Any major currencies

允许币种

任何主要货币

Permitted Currencies

Any major currencies

最低资产要求

无

Minimum Assets Required

N/A

受托人独立法人最低人数

Trustees 1人

Minimum Number if Individuals

公司法人最低人数

1人

Minimum Number if a Body Corporate

是否要求有当地受托人

是

If Local Trustee Required

Yes

公众可否查阅记录

否

Publicly Accessible Records

会议地点

任何地方

Location of Meetings

Anywhere worldwide

保全

Protector

是否需要

不是强制性的，可指定

Required

Not compulsory, may be designated

持有专业资格

否

Professional Qualiﬁcations Held

信托契书公众可否访问

Trust Deed 否

账户

Publicly Accessible

Accounts

准备要求

否

Requirements to Prepare

审计要求

否

Audit Requirements

公众可否访问账户

否

Publicly Accessible Accounts

其他

Other

法定继承权

否

Forced Heirship Rules

是否允许迁册

是

Change in Domicile Permitted

Yes By ABC Global Management Services Ltd.

司法辖区 JURISDICTIONS

行政特区：毛里求斯所在地区：印度洋，非洲官方货币：毛里求斯卢比官方语言：英语、法语所属时区：UTC+4 电话区号：+230 通讯设施：极佳

Country: Mauritius Region: Indian Ocean, Africa Currency: Mauritian rupee (MUR) (Rs) Languages: English, French Time Zone: UTC +4 Phone Code: +230 Communications: Very Good

简介

Introduction

蔗糖（当然这个肯定是来自于某个地方）一直保持着毛里求斯最主要的农作物和占据其三分之二的出口。出口外向型的当地制造业和服务业提供商们从中获利匪浅。政府以许多投资刺激政策、自由贸易区和一个自由港的方式来打造更佳的制造业。服装生产是一个非常成功的例子，其次是它的金融服务业，包括一个股票交易所也被发展起来。毛里求斯政府对电子商务兴趣浓厚，并已建成一个“网络城市”。该国几乎所有行业都能享受 15% 的平税政策。毛里求斯签订了超过 40 个税务协定，且作为外国投资通路，特别是对印度的通路而存在，充分利用其税务优惠的政策。毛里求斯从 1968 年开始就是英联邦的独立成员国，在 1992 年成为共和国。这个多火山的国家人口数为 130 万

Sugar (well it has to come from somewhere) remains the dominant crop and accounts for one third of exports. Exportoriented domestic manufacturers and service providers get favored treatment. The government has tried hard to create a manufacturing sector with a range of investment incentives, free trade zones and a Freeport. Garment manufacture has been a particular success, and a financial services sector including a stock exchange has also developed. The government is enthusiastic about e-commerce and has built a 'Cyber City'. There is a flat tax rate of 15% in almost all areas. Mauritius has signed more than 40 tax treaties, and acts as a conduit for FDI, particularly to India, which would like to trim back its tax advantages.

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

概况

毛里求斯

General

Mauritius

实体类型

基金会

Type of Company

Foundation

法律类型

民法

Type of Law

Civil law

有限责任

无

Limited Liability

n/a

建立基金会所需时间

2-4 工作日

Our Time to Establish a Foundation

2 to 4 working days

基金会最低资本金（等值货币）

1 美元

Foundation Capital Minimum (equivalent in currency)

USD1

基金会资本货币

任何主要货币

Foundation Capital Currency

Any major currencies

公众可查阅记录

Publicly Accessible Records

基金会章程

否

Foundation Charter

基金会管理规则

否

Foundation Regulations

受益人

否

Beneﬁciaries

创始人

否

Name of Founder

基金会管理成员

Ofﬁcers of Foundation

保全要求

不是强制性的，可以在章程中指定

Protector Required

Not compulsory, may be designated in the Charter

是否允许企业保全

是

Corporate Protector Permitted

Yes

理事会成员最少人数

1 个，至少有一个毛里求斯居民

Minimum Number of Council Members

1, at least one Mauritian resident

是否允许有企业理事会成员

是

Corporate Council Members Permitted

Yes

会议地点

任何地方

Meeting Location

Anywhere worldwide

基金会本地规定

Local Requirements of Foundation

基金会代理

否

Foundation Agent

是否需要秘书

是

Secretary Required

Yes

章程语言

英语或者法语

Language of Charter

English or French

管理条例语言

英语或者法语

Language of Regulations

English or French

账户

Accounts

准备要求

否

Requirements to Prepare

审计要求

否

Audit Requirements

其他

Other

年度政府费用

300 美元

Annual Government Fee

USD300

是否允许迁册

是

Change in Domicile Permitted

Yes By ABC Global Management Services Ltd.

司法辖区 JURISDICTIONS

（2013 年 7 月预估数），其中有 15 万人生活在这个国家的首都，路易斯港。该国气候属于亚热带气候类型；日平均气温从 17 到 30 摄氏度；毛里求斯会比较潮湿，相对格林威治时间早 4 小时。毛里求斯官方语言为英语；占大多数的种族是印度——毛里求斯人，印度教是最受欢迎的宗教。毛里求斯政府实行总统制，有一个选举出来的国民大会和一个首相领导的内阁会议。该国的法律体系体现了法国和英国的渊源，管理模式则偏向于法式政治。旅游业已成为该国经济的主要贡献来源。机场和世界各个主要国家通航。人均 GDP 是 15800 美元（2012 年数据），处于欧洲中端水平，经济增长率在 2012 年约为 3.3%（2011 年约为 3.8%）；失业率为 8.1%（2011 年数据），属于比较高的。直到 1998 年，离岸公司和国际公司（和 IBC 相同）允许对一系列的离岸行为，包括银行业、航运、保险和基金管理，以及在该国的自贸区内都施行零关税。在 2001 年一系列新法规出台后，这两种类型的公司被称为全球商务公司类别 1 和 2（GBC1 和 GBC2）。毛里求斯决定成为一个“值得尊敬”的国际境外金融中心（IOFC）且现在在几乎所有领域都有比较平抑的为 15% 的税率。一些外国税收抵免积分从 2003 年开始。但是，毛里求斯和超过 40 个国家签订了

Mauritius has been an independent member of the Commonwealth since 1968, and became a republic in 1992. The mostly volcanic island has a population of just over 1.3 million (July 2013 est.), with around 150,000 living in the capital, Port Louis. The climate is sub-tropical; average daily temperature ranges from 17 to 30 Celsius; it can be wet. The time zone is 4 hours ahead of GMT. The official language is English; the dominant ethnic group is Indo-Mauritian and the most popular religion Hindu. The Government is presidential, with a single elected National Assembly and a Council of Ministers headed by a Prime Minister. The legal system reflects mixed French and British ancestry, and administration can be bureaucratic in the French style. Tourism has become a major contributor to the economy. The airport has good connections with a wide range of countries. GDP per head of USD15,800 (2012 est.) is in a middle range while growth was estimated at 3.3% in 2012 (3.8% in 2011 est.); and unemployment at 8.1% (2011 est.) is on the high side. Mauritius has quite good land so that sugar became and remains the dominant crop; it still accounts for one third of exports. Apart from encouraging tourism, the Government has

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税务条约，它们能和离岸法制一起起到很好的效果，特别是对印度的贸易和投资方面。毛里求斯是 2000 年 5 月向经合组织提交“义务承担书”的六个行政特区之一，为了避免被经合组织列入提供“不公正”税务竞争的名单。2009 年，毛里求斯向经合组织承诺了其新的税务标准（12 TIEA）。适合于：资产管理、银行业、保险业、基金管理、航运、游艇、金融贸易、知识产权管理 / 许可证、控股公司、电子商务离岸工具种类：有限公司、公众有限公司、信托、单一所有制公司、分公司、通用合伙制公司和有限合伙制公司资本主要经营区域：路易港关系良好国家：中国、南非、美国关系不佳国家：缅甸、古巴、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚

tried hard to create a manufacturing sector with a range of investment incentives, free trade zones and a freeport, although these are being phased out as part tax reforms aimed at simplifying the system for all users. Garment manufacture has been a particular success. More recently, a financial services sector has developed, including a stock exchange, to take advantage of Mauritius' location offshore India and Africa. The Government is enthusiastic about e-commerce and has built a 'Cyber City'. Until 1998, the Offshore Company and the International Company (equivalent to an IBC) allowed zero taxation across a range of offshore activities including banking, shipping, insurance and fund management, as well as in the free trade zones. Since a raft of new legislation in 2001 these two types of company are known as Global Business Companies Categories 1 and 2 (GBC1 and GBC2). Mauritius has decided to be a 'respectable' IOFC and there is now a flat tax rate of 15% in almost all areas. Some dilution of the foreign tax credit applied from 2003. However, Mauritius has signed tax treaties with more than 40 countries, and they can be combined with the offshore regime to give a good result, especially for trade and investment in India. Mauritius was one of six offshore jurisdictions which wrote 'commitment letters' to the OECD in May 2000 in order to avoid being included on the OECD's list of jurisdictions offering 'unfair' tax competition. In 2009, Mauritius committed to the OECD's new tax standard (12 TIEAs). Suitable for: Treasury Management, Banking, Insurance, Fund Management, Shipping, Yachting, Trading Financial, Intellectual Property/ Licensing, Holding Companies, E-commerce Vehicle Types: Limited companies, public limited companies, trusts, sole proprietorships, branches, general partnerships and limited partnerships Capital primary business districts: Port Louis Good Relationships: China, South Africa, United States Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of),

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Libya, Somalia, Sudan, Syria 税务负担——商务：轻

Tax Burden - Business: Light

税务负担——个人：轻总体税率： CIT 15% ( 离岸贸易公司 3%), PIT 15%, 增值税 15% 协议签订国家：澳大利亚、孟加拉、巴巴多斯、比利时、博兹瓦纳、中国、克罗地亚、法国、德国、印度、意大利、科威特、莱索托、卢森堡、马达加斯加岛、马来西亚、摩纳哥、莫桑比克、纳米比亚、尼泊尔、阿曼、巴基斯坦、卡塔尔、卢旺达、塞内加尔、塞舌尔、新加坡、南非、斯里兰卡、斯威士兰、瑞典、泰国、突尼斯、乌干达、阿联酋、英国、赞比亚、津巴布韦

Tax Burden - Individual: Light Headline tax rates: CIT 15% (offshore trading company 3%), PIT 15%, VAT 15% Treaty Jurisdictions: Australia, Bangladesh, Barbados, Belgium, Botswana, China, Croatia, Cyprus, France, Germany, India, Italy, Kuwait, Lesotho, Luxembourg, Madagascar, Malaysia, Monaco, Mozambique, Namibia, Nepal, Oman, Pakistan, Qatar, Rwanda, Senegal, Seychelles, Singapore, South Africa, Sri Lanka, Swaziland, Sweden, Thailand, Tunisia, Uganda, United Arab Emirates, United Kingdom, Zambia, Zimbabwe

税收信息交换协议签订国：澳大利亚、丹麦、法罗群岛、芬兰、格陵兰、耿西岛、冰岛、挪威、美国

TIEA Jurisdictions: Australia, Denmark, Faroe Islands, Finland, Greenland, Guernsey, Iceland, Norway, United States

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

司法辖区 JURISDICTIONS

Q&A

离岸问答

毛里求斯 Mauritius

1. 在希望向下一代传承资产的中国高净值人士或家族（等）的隐私和资产保护方面，贵司法辖区的优势有哪些？ • 毛里求斯有一个基于英国普通法的现代化的法律法规，《2001 年毛里求斯信托法》是世界上最现代和创新的信托法。它能应对大多数和私人财富管理有关的事务，由于信托的注册在毛里求斯是自愿的，因此能提供极高的保密性。 • 毛里求斯是位列经合组织白名单的司法辖区，有相关的法律制度和现代化的银行设施。 • 毛里求斯没有特留份继承权并允许存在信托和基金会的保护人。 2. 价格方面，在贵司法辖区设立信托 / 基金会和其它辖区相比有什么不同？如果价格更高，您能为客户提供的附加价值是什么？ • 毛里求斯和其它司法辖区相比，特别相对开曼群岛和巴拿马来说具有价格优势；银行收费和其它司法辖区相比也较为低廉。 • 毛里求斯的律师费也比较低廉，这里有超过 600 名独立（在西方接受过教育）的律师和数量众多和享有盛誉的国际律所。

China Offshore Trusts & Foundations Guide 2016

1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? • Mauritius has a modern legislation based on English Common Law, the Mauritius Trust Act 2001 is one of the most modern and innovative Trust legislation in the world. It is able to deal with most matters that are relevant to Private Wealth Management and provides confidentiality as registration of trusts is optional in Mauritius. Other wealth planning tools such as Foundations can also be used. • Mauritius is an OECD white-listed jurisdiction with legal and modern banking facilities. • There is no forced heirship in Mauritius and protector for Trusts and Foundation is allowed in Mauritius.

2. In terms of cost, how is the cost of a setting up a trust/foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this?

司法辖区 JURISDICTIONS

3. 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？ • 在主要的管理公司和银行内都有会说中文的职员 • ABC 集团的金融服务部门提供一站式的全套服务，它们分别是企业服务、财富管理和私人银行业务等。 • 专注于提供解决方案和响应迅速的职员队伍；我们在其它司法辖区，比如塞舌尔等都设有办公室，确保为客户的不同需求提供快速响应。 4. 贵辖区法律中有哪些特点是这个司法辖区的信托 / 基金会成为吸引投资者的最大特点？ • 毛里求斯没有特留份继承权。 • 保密性是在《信托和基金会法案》明文规定的，只有在法庭命令的时候才又有可能公布。 • 非居民信托和基金会在毛里求斯是免税的，因此向非居民受益人支付的费用也免税。此外，信托和基金会也可以在毛里求斯在银行开户。 • 信托和基金会可被用作控股或贸易目的。 • 私人信托公司也是可用的公司形式。 5. 贵辖区内是否有投资者需要知道的在信托和基金会方面的法律更新？毛里求斯信托和基金会已经被大量使用，主要为欧洲客户，因为它在一个受到认可的司法辖区内提供现代化的财富管理工具；毛里求斯把自己定位于一个可靠的司法辖区。来源：ABC Global Management Services Ltd Contributed by: ABC Global Management Services Ltd

• The costs in Mauritius compare favourably to other jurisdictions especially those from Cayman Islands and Panama; Bank charges are also low compared to other offshore jurisdictions. • Legal costs are affordable as Mauritius houses more than 600 individual (western-trained) lawyers and a number of reputable global law firms.

3. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? • Availability of Chinese-speaking staff at major management companies and banks • ABC Group’s financial services cluster provides all services under one roof namely Corporate Services, Wealth Management, Private Banking Services, etc. • Solution-focused and reactive staff; we also have offices in other jurisdictions such as the Seychelles thus ensuring fast response to diverse customer needs. 4. What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? • There is no forced heirship in Mauritius. • Confidentiality is enshrined in the provisions of the Trusts Act and Foundation Act, where disclosure is only possible with a court order. • A non-resident Trusts and Foundation is tax-exempt in Mauritius, thus payments to non-resident beneficiaries are tax free. Additionally it is possible to open offshore bank accounts for Trusts and Foundation in Mauritius. • Trusts and Foundations can be used for Holding or Trading purposes • Private Trust Companies are also available. 5. Are there any recent developments in trust/ foundation law in your jurisdiction that investors should be aware of? Mauritius Trusts and Foundations are already being extensively used mainly by European customers as it provides for modern wealth management tools in a recognized jurisdiction; Mauritius has positioned itself as a reliable jurisdiction.

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

毛里求斯的信托和基金会介绍 Mauritius Trusts and Foundation

中

国有一句著名的俗语叫做“富不过三代”，这句话是中国富人在财富传承的方面的真实写照和善意警告。随着中国新一代百万富翁的出现和最近中国对海外资产的高调收购，中国的“富一代”正在迅速创富中崛起。问题在于如何确保这些新晋财富进行可持续性的代际传承。当今中国，越来越多的成熟企业家和在欧美发达国家接受过高等教育的年轻一代，有着更为开放的思维，对使用高效财富管理工具的理念也颇为认同。特别是在那些有多处住宅和多种形式资产的客户之中，他们在应对不同税务和监管制度方面，是能够理解寻求专业机构意见的重要性的。信托和基金会在世界范围内的使用非常广泛，从个人财富规划的观点上来看，是用于巩固和保护家族财富和协助资产传承规划的工具。在企业界，

he Chinese proverb ‘wealth does not pass beyond three generations’ is a quaint admonition often repeated in China. While the rise of new millionaires in China and recent high profile overseas assets acquisitions creates the ‘first generation of wealth’, the question is how to ensure sustainable wealth for generations to come. Nowadays in China the increasing sophisticated entrepreneurs and the return of younger generation who have received higher education in the US and Europe are more open-minded when it comes to effective wealth management tools. In particularly clients with multiple residences and holds diversed type of assets understand the importance to seek professional advice in order to deal with different tax and regulatory regimes.

Trusts and foundations are used worldwide to consolidate and protect family wealth as well as to assist with succession planning from a personal wealth planning point of view. In the corporate world, they are utilised in employee share option plans and international tax efficient holding structures. Clients often enquire whether Trusts or Foundation is better. There is no real answer to such. Instead we often say to our clients that this is based on individual’s circumstances and varies on a case to case basis. For example how much control is the client comfortable to relinquish. Both types of wealth management tools are equally beneficial and effective. Mauritius Trusts The Mauritius Trusts is gaining popularity in the Asian market as it contains most of the desirable features prevailing in other offshore jurisdictions and also brings about a number of interesting features. • No requirement in Mauritius to register Trusts, thereby maintains confidentiality. • The absence of forced heirship laws in Mauritius means assets held in a Mauritius Trusts does not form part of the settlor’s estate. • It is possible to have a managing trustee in Mauritius and a custodian

China Offshore Trusts & Foundations Guide 2016

Member Contribution

人们在雇员股份计划和国际节税控股架构上使用这些形式。客户们经常询问到底是信托好还是基金会好。对此并没有真正的正确答案。相反我们经常告诉客户，好不好的关键取决于个人的具体情况和具体案例具体分析。比如说，客户愿意在多大程度上放手对资产的控制权。两种财富管理工具都同样有利和有效。毛里求斯信托由于包含在其它司法辖区流行的大部分特点和自身的有利特征，毛里求斯信托在亚洲市场上越来越受欢迎。 • 无需在毛里求斯对信托进行注册，所以能够保持私密性。 • 毛里求斯没有特留份继承权法，意味着毛里求斯信托持有的资产并不成为委托人财产的一部分。 • 可以在毛里求斯指定一名管理受托人和另一名位于其它司法辖区的监护受托人。

trustee in another jurisdiction. • Can be used as family governance vehicles and to provide management succession and exit strategies for corporate clients. • Tax exempted, subject to criteria • Number of Trustees must not exceed 4, of which 1 must be a Qualified Trustee (a management company or such other person resident in Mauritius as may be authorised by the Mauritius Financial Services Commission to provide trusteeship Services) Private Trust Companies Private Trust Companies is a company formed to act as trustee for a specific family trust or of a number of related trusts. This is ideal for clients who wish to retain a degree of control and permits family members to be appointed on the board of directors to have close involvement in the

administration and management of the assets of those trusts. It also ensures the continuity of the trustee. Mauritius Foundation Foundation is required to be registered in Mauritius. With its legal personality, a Foundation is viewed as a combination of a Trust with certain characteristics of a regular company. It may apply to hold a Category 1 Global Business Licence with the Financial Services Commission, which enables access to the vast network of double taxation treaties Mauritius has signed with over 40 countries. Unlike Trusts whereby the ownership of the assets lies with the trustee, the Foundation fully owns all the assets. Unlike many Civil Law

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

• 可作为家族管理工具，提供管理继承权和公司客户的退出策略工具。 • 特定条件下的税收豁免优势。 • 受托人的数量不能超过 4 名，其中 1 人必须为“合格受托人”（一家位于毛里求斯的管理公司或居住在毛里求斯的人员，可以由“毛里求斯金融服务委员会”授权提供信托受托人服务）。私人信托公司私人信托公司是一个扮演特殊家族信托或几个相关信托的受托人的角色。这对那些希望保持控制程度，允许家族成员指派为董事会成员来对上述信托资产进行管理的客户来说，十分理想。这样也确保了受托人的连续性。毛里求斯基金会基金会要求在毛里求斯进行注册。它的法律特点体现在，基金会被视为具备信托综合特点的，具有特定特征的普通公司。它可以向金融服务委员会申请持有 1 类全球营业执照，此执照能让它利用毛里求斯和世界 40 多个国家签订的免双重征税协议网络。和信托规定的资产的所有人是受托人的要求不同，基金会对所有资产有完全的所有权。和许多民事法司法辖区，比如巴拿马等不同，毛里求斯基金会能主动从事贸易和商业活动。我们的服务 ABC 集团（www.abcgroup.mu）是印度洋地区的前百名综合企业之一，我们是您达成目标的理想服务提供商。我们提供一站式金融服务，借助设立高效的离岸架构和通过 ABC 全球管理服务有限公司的金融服务部门、ABC 银行业务有限公司和 ABC 资本市场有限公司，把银行业务从财富管理进行扩展。上述公司都持有合法执照，由毛里求斯当局监管。 ABC 全球管理服务有限公司（www. abcmanagementservices.com）

China Offshore Trusts & Foundations Guide 2016

jurisdictions, such as Panama, a Mauritius Foundation may engage actively in trade and commerce.

Depending on the requirements of the client, we can set up the following types of trusts:

Our Services

• Discretionary trust • Protective trust • Fixed income trust • Trading trust • Purpose trust (charitable or non charitable) • Employee benefit trust and pension trust • Service trust • Business trust • Carried interest trust • Family trust/office

At ABC Group (www.abcgroup.mu) one of the top 100 conglomerates in the Indian Ocean, we are your ideal service provider to achieve your ambitions. We provide a one-stop shop financial services from setting up of effective offshore structure, extensive banking service to wealth management via the Financial Services sector ABC Global Management Services Ltd, ABC Banking Corporation Ltd and ABC Capital Markets Ltd, which are licensed and regulated in Mauritius. ABC Global Management Services Ltd (www.abcmanagementservices. com) provides comprehensive range of trust services and built considerable expertise in providing tailor-made solutions to clients in terms of the type of trust and structuring to use Foundation or Trusts in the most efficient manner in Mauritius.

Member Contribution

提供大范围的综合信托服务和成熟可观的专家团队，向客户提供量身打造的信托和架构种类，最大程度地高效利用毛里求斯的基金会或信托。 • 全权信托 • 保护信托 • 固定收入信托 • 贸易信托 • 目的信托（慈善或非慈善） • 雇员利益信托和退休金信托 • 服务信托 • 商务信托 • 附带收益信托 • 家族信托 / 办公室 • 符合回教教规信托 ABC 银行业务有限公司在 2015 年荣登非洲私人银行前十位，该银行连续三年被《欧洲货币》——一家英国的金融市场杂志评为“毛里求斯最佳私人银行服务商”。该行向国内和国际客户提供私人和商务业务方面的服务。 ABC 资本市场有限公司向企业、机构、投资者和高净值人士提供公司和投资顾问、财富管理和基金管理方面的服务。该公司目前持有三张执照，分别是投资顾问（无限制）、金融产品分销和 CIS 经理执照。创建亚洲和非洲之间的空中走廊自 2016 年 3 月开始，因为航班量的激增，亚洲和非洲之间的空中走廊在毛里求斯和新加坡樟宜机场，这个世界第七大客货吞吐量的国际机场之间启用。这将加强毛里求斯作为非洲地区中心的地位，通过毛里求斯和新加坡这两个国家来提高非洲 / 印度洋国家和亚洲 / 东南亚国家的发展速度。毛里求斯首相 Anerood Jugnauth 爵士也表示，在这个空中走廊的西端，毛里求斯已和以下非洲国家签订了谅解备忘录 / 双边空中服务协议：博兹瓦纳、科摩罗、刚果共和国、埃及、埃塞俄比亚、肯尼亚、马达加斯加、马拉维、莫桑比克、尼日利亚、卢旺达、塞舌尔、南非、斯威士兰、坦桑尼亚、乌干达、赞比亚和津巴布韦。

• Shariah-compliant trust ABC Banking Corporation Ltd has been ranked top 10 Africa banks for private banking in 2015 and the bank was awarded for three consecutive years for Best Private Banking Services in Mauritius by Euromoney an English publication specialises in content on financial markets. The bank provides personal and business services to domestic and international clients. ABC Capital Markets Ltd provides corporate and investment advisory, wealth management and fund management for corporate, institution investors and HNWIs. The company currently holds three licences, Investment Adviser (Unrestricted), Distribution of Financial Products and CIS Manager.

will strengthen the position of Mauritius as the regional hub in Africa with enhanced the development between Africa/Indian Ocean countries and Asia/South East Asia via Mauritius and Singapore. The Prime Minister of Mauritius, Sir Anerood Jugnauth has also outlined that on the west side of the corridor, Mauritius has already signed Memoranda of Understanding/Bilateral Air Services Agreements with the following African countries: Botswana, Comoros, republic of Congo, Egypt, Ethiopia, Kenya, Madagascar, Malawi, Mozambique, Nigeria, Rwanda, Seychelles, South Africa, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.

Creation of Air Corridor between Asia and Africa As from March 2016 the air corridor between Asia and Africa has been created with increased air access between Mauritius and Singapore Changi Airport, the seventh largest international airport in terms of passenger and air cargo tragic. This

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

司法辖区 JURISDICTIONS

亚洲 ASIA

纳闽岛 Labuan

司法辖区 JURISDICTIONS

Labuan

概况

纳闽岛

General

Labuan

实体类型

信托

Type of Company

Trust

法律类型

普通法

Type of Law

Common

建立信托所需时间

根据信托契约完成程度

Our Time to Establish a Trust

Depending on completion of Trust Deed

最低政府费用（不包括税收）

1. 如果信托没有注册，则没有政府费用。2，如果注册了那费用是 200 美元。

Minimum Government Fees (excluding taxation)

1. If the trust is not registered, there are no government fees. 2. If registered, fees is USD200

是否签订双重征税协定

普遍上是的但是根据条件

Double Taxation Treaty Access

Generally yes but depending on conditions

国外收入课税

无

Taxation on Foreign Income

信托资产

Trust Assets

标准货币

任何币种，包含人民币，但除了马来西亚林吉特

Standard Currency

Any currency, including renminbi but not Malaysian Ringgit (MYR)

允许币种

任何币种但除了马来西亚林吉特

Permitted Currencies

Any other than Malaysian Ringgit (MYR)

最低资产要求

1 美元

Minimum Assets Required

USD1.00

受托人

Trustees

独立法人最低人数

至少一个受托人来自纳闽信托公司或最少有一个纳闽受托人管理信托公司

Minimum Number If Individuals

Minimum one Trustee from Labuan Trust Company or Labuan Managed Trust Company

公司法人最低人数

至少一个受托人来自纳闽信托公司或最少有一个纳闽受托人管理信托公司

Minimum Number If a Body Corporate

Minimum one Trustee from Labuan Trust Company or Labuan Managed Trust Company

是否要求有当地受托人

至少一个受托人来自纳闽信托公司或最少有一个纳闽受托人管理信托公司

If Local Trustee Required

Minimum one Trustee from Labuan Trust Company or Labuan Managed Trust Company

公众可否查阅记录

不公开

Publicly Accessible Records

Not publicly available

会议地点

任何地点

Location of Meetings

Anywhere

保全

Protector

是否需要

可选

Required

Optional

持有专业资格

可选

Professional Qualiﬁcations Held

Optional

信托契书公众可否访问

Trust Deed 否

账户

Publicly Accessible

Not publicly available

Accounts

准备要求

是

Requirements to Prepare

Yes

审计要求

可选

Audit Requirements

Optional

公众可否访问账户

否

Publicly Accessible Accounts

Not publicly available

其他

Other

法定继承权

无

Forced Heirship Rules

是否允许迁册

是

Change in Domicile Permitted

Yes By Labuan IBFC

司法辖区 JURISDICTIONS

行政特区：纳闽岛所在地区：亚太官方货币：美元（USD）、马来西亚林吉特（MYR）（RM）

官方语言：英语、马来语、汉语、泰米尔所属时区：UTC+8 电话区号：+608 通讯设施：极佳

Country: Labuan Region: Asia-Paciﬁc Currency: US dollar (USD) , Malaysian Ringgit (MYR) (RM)

Languages: English, Malay, Chinese, Tamil Time Zone: UTC +8 Phone Code: +608 Communications: Very Good

简介

Introduction

纳闽岛虽然隶属马来西亚，但它却有自己的“离岸”制度。纳闽岛公司可以利用马来西亚广阔的免双重征税协议网络，因此该岛也成为外国直接投资进入东盟国家的优选渠道。纳闽岛有一个主要为伊斯兰金融债券上市问题所准备的股票交易市场，且已取得了相当的成功。从事贸易业务的离岸公司需要缴纳 3% 的税负或者可选择缴纳一笔 20000 马来西亚林吉特（约 6500 美元）的固定费用；所有其它类型的离岸公司均可免缴上述费用。马来西亚本岛所赚取的大多数利润，可通过许多政府提供的激励和豁免政策，通过纳闽岛以免税的方式回汇。联邦安全署（FSA）已建立了一个电子商务的基础设施用作进入岛内的电子商务运营和新金融市场。

Although Labuan is part of Malaysia, it has its own ‘offshore’ regime. Labuan companies can make use of Malaysia's extensive double tax treaty network, and as a result the island has become a preferred conduit for FDI to a number of ASEAN countries. A stock exchange aimed primarily at the listing of Islamic financial debt issues has had considerable successes. Offshore companies engaged in trade pay 3% tax or can elect to pay a fix sum of RM20,000 (approx. US$6,500); all other offshore companies are exempt. There are many incentives and exemptions which make it possible for most mainland Malaysian profits to be repatriated taxfree through Labuan. The FSA has built an e-commerce infrastructure which can be used by incoming e-commerce operations and new financial markets.

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

103

概况

纳闽岛

General

Labuan

实体类型

基金会

Type of Company

Foundation

法律类型

普通法

Type of Law

Common

有限责任

基金会是一个作为独立实体的法人机构，由创始人建立，在合同基础上为一类人的利益去管理这些资产。可用作慈善和私人用途。这是与管理者不同的（例如其官员和议会成员）一个独立的法律实体，因此是合法的合同人。

Limited Liability

A foundation is a corporate body with a separate entity, established by the founder to hold assets with the objective of managing these assets for the beneﬁt of a class of persons on contractual basis. Its for charitable and private objectives. It is a separate legal entity from its managers (example its ofﬁcers and council member) and as such is a legal contractual person.

建立基金会所需时间

大约需要 30 个工作日

Our time to Establish a Foundation

Depends on the complexity of the charter, can be as fast as 30 days.

基金会最低资本金（等值货币）

无最低资本金要求

Foundation Capital Minimum (equivalent in currency)

No minimum capital requirement.

基金会资本货币

任何货币包含人民币，除了马来西亚元

Foundation Capital Currency

Any currency including Renminbi. Malaysian currency not allowed.

公众可查阅记录

Publicly Accessible Records

基金会章程

否

Foundation Charter

基金会管理规则

否

Foundation Regulations

Not publicly available

受益人

否

Beneﬁciaries

Not publicly available

创始人

否

Name of Founder

Not publicly available

基金会管理成员

Not publicly available

Ofﬁcers of Foundation

保全要求

需要有监管人员

Protector Required

A supervisory person is needed

是否允许企业保全

是

Corporate Protector Permitted

Yes

理事会成员最少人数

私人基金会至少一人，纳闽岛慈善基金会最少三人

Minimum Number of Council Members

Minimum one for Private Foundation and minimum three for Labuan Charitable Foundation

是否允许有企业理事会成员

成员可以是自然人或法人

Corporate Council Members Permitted

Council member can be a natural person or corporation

会议地点

任何地方

Meeting Location

Anywhere

基金会本地规定

Local Requirements of Foundation

基金会代理

信托公司是必要的

Foundation Agent

是否需要秘书

是

Secretary Required

Yes

Trust company needed

章程语言

英语，其他语言兼英语翻译也允许

Language of Charter

Generally in English but other languages with English translations are permissible

管理条例语言

英语

Language of Regulations

English

是

Requirements to Prepare

Yes

Audit Requirements

Required for Labuan Charitable Foundation that solicits donations from public

账户准备要求审计要求

Accounts

纳闽慈善基金会的公众募捐需要审计

其他

Other

年度政府费用

是

Annual Government Fee

Yes

是否允许迁册

是

Change in Domicile Permitted

Yes By Labuan IBFC

司法辖区 JURISDICTIONS

适合类型：财富管理、银行业务、保险、基金管理、航运、航空、贸易货物、

Suitable for: Wealth Management, Banking, Insurance, Fund Management,

贸易金融、知识产权 / 许可证、控股公司

Shipping, Aviation, Trading Goods, Trading Financial, Intellectual Property/Licensing, Holding Companies

离岸工具种类：有限公司、公众有限公司、分公司、信托、基金会、通用合伙制、有限合伙制和受保护的单元公司

Vehicle Types: Limited companies, public limited companies, branches, trusts, foundations, general partnerships, limited partnerships and

资本主要业务区：

protected cell companies

纳闽岛镇、吉隆坡关系良好国家：

Capital primary business districts: Labuan Town, Kuala Lumpur

中国、印度、印尼、日本、马来西亚、新加坡、美国关系不佳国家：

Good Relationships: China, India, Indonesia, Japan, Malaysia, Singapore, United States

古巴、伊朗、朝鲜（朝鲜民主主义共和国）、利比亚、索马里税务负担——商业：

Bad Relationships: Cuba, Iran, Korea (Democratic People's Republic of), Libya,

非常轻

Somalia

税务负担——个人：

Tax Burden - Business: Very Light

轻总体税率： CIT 25%（离岸贸易公司为 3%；非贸易公司为零），PIT 26%，

Tax Burden - Individual: Light

增值税 0% 协议签订国家：

Headline tax rates: CIT 25% (offshore trading company 3%; non-trading 0%), PIT

阿尔巴尼亚、澳大利亚、奥地利、巴林、孟加拉国、比利时、文

26%, VAT 0%

莱、加拿大、中国、克罗地亚、捷克共和国、丹麦、埃及、斐济、芬兰、发过、香港、匈牙利、印度、伊朗、爱尔兰、意大利、约旦、哈萨克斯坦、韩国、科威特、吉尔吉斯斯坦、老挝、黎巴嫩、马

Treaty Jurisdictions: Albania, Australia, Austria, Bahrain, Bangladesh, Belgium, Brunei,

耳他、毛里求斯、蒙古、摩洛哥、缅甸、纳米比亚、新西兰、挪威、

Canada, China, Croatia, Czech Republic, Denmark, Egypt, Fiji,

巴基斯坦、巴布亚新几内亚、菲律宾、波兰、卡塔尔、罗马尼亚、

Finland, France, Hong Kong, Hungary, India, Iran, Ireland, Italy,

俄罗斯、圣马力诺、沙特阿拉伯、新加坡、斯里兰卡、苏丹、瑞士、

Jordan, Kazakhstan, Korea, Republic of, Kuwait, Kyrgyzstan,

叙利亚、台湾、泰国、土耳其、土库曼斯坦、阿联酋、乌兹别克

Laos, Lebanon, Malta, Mauritius, Mongolia, Morocco, Myanmar,

斯坦、委内瑞拉、越南、津巴布韦

Namibia, New Zealand, Norway, Pakistan, Papua New Guinea, Philippines, Poland, Qatar, Romania, Russia, San Marino, Saudi

TIEA 签订国家：

Arabia, Singapore, Sri Lanka, Sudan, Switzerland, Syria, Taiwan,

百慕大

Thailand, Turkey, Turkmenistan, United Arab Emirates, Uzbekistan, Venezuela, Vietnam, Zimbabwe TIEA Jurisdictions: Bermuda

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Q&A

离岸问答

纳闽岛 Labuan

1. 在希望向下一代传承资产的中国高净值人士或家族（等）的隐私和资产保护方面，贵司法辖区的优势有哪些？ • 纳闽岛国际商务金融中心（Labuan IBFC）提供多种多样的创富和财富保留架构，范围从普通法信托到民事法基金会，形式上从传统到伊斯兰都有。 • 事实上，纳闽岛 IBFC 是亚洲唯一一个提供基金会作为财富管理工具的司法辖区。亚洲其它国家的基金会都被限制为慈善目的，因此不能作为财富管理工具来使用。 • 举例说明：纳闽岛特殊信托对传承规划来说是十分理想的。它让公司股份的信托可以在一个无限期保留和公司管理可由董事管理而不受受托人干涉的地方设立。在决定纳闽岛 IBFC 作为财富管理的司法辖区时的首要考虑因素包括： • 一个强健的法律基础 —— 完善的法律系统，比如，法律给予合法保护的充分性，伊斯兰教法规定的清晰性和一个井然有序的法律框架。 • 稳定性 —— 有一个强健的已对这个司法辖区进行了 25 年监管的监管机构。 • 营商便利性——实体设立时的高性价比和简便流程，有专业的中介机构和政府提供支持。 • 可以利用马来西亚超过 80 个国家免双重征税协议的

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1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? • Labuan IBFC offers a plethora of wealth creation and preservation structures, ranging from common law trusts to civil law foundations, in conventional and Islamic forms. • In fact, Labuan IBFC is the only jurisdiction in Asia that offers foundations as a wealth management tool. The foundations in other Asian jurisdictions are limited to charitable purposes, leaving it unable to function as a wealth management vehicle. • For example: The Labuan Special Trust is ideal for succession planning. It enables a trust of company shares to be established where the shares can be retained indefinitely and the management of the company can be carried out by its directors without any intervention by the trustee. The key considerations for choosing Labuan IBFC as the jurisdiction of choice for wealth management include: • A strong Legal foundation - comprehensive legal

司法辖区 JURISDICTIONS

• •

广阔网络。简单易懂的税务系统 —— 有一个清晰的财政框架提供全球公司或跨辖区家族来建立公司和私人财富管理架构的生态系统。税务系统由法律提供支持来避免“ 摩擦”。因此，这里没有汇率控制，没有转让税，没有预提税和其它可能对国际交易造成障碍的非直接税率。

2. 价格方面，在贵司法辖区设立信托 / 基金会和其它辖区相比有什么不同？如果价格更高，您能为客户提供的附加价值是什么？ • 设立一个纳闽岛基金会没有最低启动资产的要求。 • 设立一个信托或基金会的注册费大约为 200 美元。 3. 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？ • 对家族企业来说，维持控制权是重中之重。 • 正式的管理架构，比如家族办公室、基金会和信托等并没有被家族企业广泛采用。外部顾问的使用被限制在遗产规划和纳税义务领域。 • 家族成员的罢黜和成员间的策略分歧都是压力的来源。 • 家族企业是自信心更少的所有制结构，且未来十年将保持不变。鉴于上述理由，纳闽岛 IBFC 能提供下列优势： • 灵活性和控制权纳闽岛基金会——提供选择和创建多个目的的基金会的能力。创始人在基金会创建的整个过程和持有的资产、受益人和基金会的持续时间等都有占据独占地位的控制权。纳闽岛信托——让委托人允许对信托的管理方式保留直接控制的权力，按法律规定也不会让信托失效。 • 基金会的设立可以不受限制，且可以由个人或公司创建。 • 保护 —— 纳闽岛的基金会和信托分别由《纳闽岛 2010 年基金会法案》和《纳闽岛 1996 年信托法案》所管辖。 • 纳闽岛基金会可以是固定或无限期的，纳闽岛信托提供永久和固定期限的信托形式。信托的期限可以在其生命周期中被延长或缩短。 4. 贵辖区法律中有哪些特点是这个司法辖区的信托 / 基金会成为吸引投资者的最大特点？

system, i.e. sufficiency of law to render legal protection, clarity of Shariah rulings and the implementation of a well-regulated framework. • Stability – the presence of a strong regulator which has been supervising the jurisdiction for more than a quarter of a century. • Ease of doing business – cost-efficient and easy procedures in setting up entities, with the assistance professional intermediaries and authorities. • Access to the majority of Malaysia's extensive double taxation treaty network of more than 80. • Simple and straightforward tax system - an unambiguous fiscal framework that provides an ideal ecosystem for global companies or multi-jurisdictional families to house their corporate as well as private wealth management structures. • The tax system is complemented by laws to eliminate "friction". Hence, there is no exchange control, no transfer taxes, no withholding tax and no indirect taxes that may be barriers to international transactions. 2. In terms of cost, how is the cost of a setting up a trust/foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? • There is no minimum initial asset required in order to set up a Labuan Foundation. • Registration fee is about USD200 to set up a trust or foundation. 3. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? • Retaining control is paramount in business families. • Formal governance structures such as family offices, foundations and trust have not been widely adopted among family businesses. The use of external advisors has been limited to the areas of estate planning and tax liabilities. • Ousting family members and disagreements on strategy are sources of stress. • Family businesses are less confident ownership structures

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• 纳闽岛基金会和信托可以针对债权人的索赔要求提供包含为期两年的追回利益条款的保护。 • 外国的索赔要求或和婚姻、离婚遗产继承权的终止和破产索赔相关的判决都不能强制执行。 • 提供针对欺骗意图索赔的保护。 • 保密性——所有信息在任何时候都受到保护。 5. 贵辖区内是否有投资者需要知道的在信托和基金会方面的法律更新？ • 纳闽岛信托和伊斯兰信托建立的新指导方针的发布。 • 纳闽岛 IBFC 还引入了国际宗教基金（waqf）的指导方针，让它成为首个把 waqf 概念引入财富管理工具的司法辖区。

来源：Labuan IBFC Inc Contributed by: Labuan IBFC Inc

in 10 years will remain the same. In regard to this, Labuan IBFC offers these advantages: • Flexibility and control Labuan Foundation – provides the ability to choose and create a foundation for numerous purposes. The Founder has exclusive control over the way the foundation is structured, the types of assets held, the beneficiaries and the duration of the foundation. Labuan Trust – provides for reserved powers by the Settlor which allows for direct control over how a trust is managed and will not be invalidate the trust as it is provided by law. • Foundation can be set up without restriction and be founded by individuals or corporations. • Protection – Both Labuan Foundation and Trust are governed by the Labuan Foundations Act 2010 and Labuan Trust Act 1996 respectively. • A Labuan Foundation may have either a fixed or infinite life span while a Labuan Trust provides for both perpetual and fixed term trusts. The term of trust may be lengthened or shortened during its lifetime. 4. What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? • A Labuan foundation and trust are fully protected from a creditor’s claim with a two- year clawback provision. • A foreign claim or judgment related to the consequences of marriage, termination of marriage succession of rights and insolvency claims are unenforceable. • Provides protection against claims of intent to defraud. • Confidentiality – All information is protected at all times. 5. Are there any recent developments in trust/ foundation law in your jurisdiction that investors should be aware of? • Issuance of new guidelines on the establishment of Labuan Trust and Islamic Trust. • Labuan IBFC has also introduced the international waqf guidelines placing it the first jurisdiction to facilitate the inclusion of the concept of waqf or endowment into a wealth management vehicle.

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为满足富裕中国人的需求而努力 Catering to the Needs of the Chinese Affluent Danial Mah Abdullah 纳闽岛国际商务金融中心首席执行官 Chief Executive Officer Labuan IBFC Incorporated Danial Mah Abdullah 目前担任纳闽岛国际商务金融中心首席执行官的职务，该中心为纳闽岛国际商务金融中心的官方推广和市场行销机构。他是国际伊斯兰金融市场和金融稳定委员会的成员；也是纳闽岛国际商务金融中心有限公司的董事会成员和纳闽岛金融服务局组建的马来西亚私人有限公司 Sdn Bhd 和 Pristine Era Sdn Bhd 的成员 Danial 毕业于马来亚大学，获得该大学的会计学（荣誉）学士学位，并持有英国曼彻斯特大学的工商管理硕士学位。Danial 也是马来西亚会计师学会的注册会计师。

Danial Mah Abdullah is currently the CEO of Labuan IBFC Incorporated, the official promotion and marketing agency for Labuan IBFC. He is a member of the Executive Committee of the International Islamic Financial Market and the Financial Stability Committee; a Board Member of Labuan IBFC Inc, Labuan FSA Incorporated Sdn Bhd and Pristine Era Sdn Bhd. Graduated with a Bachelor of Accounting (Hons) from the University of Malaya, Malaysia and a MBA from the Manchester Business School, UK, Danial is also a registered Chartered Accountant with the Malaysian Institute of Accountants.

纳闽岛国际商务金融中心为越来越多的中国高净值人士提供优异的财富管理服务 Labuan IBFC offers sound wealth management options for the growing HNWIs in China

许

多亚洲超级富豪，包括阿里巴巴的马云在内，都是利用财富管理解决方案，比如家族办公室等工具来管理财富的超高净值人士群体中的一员。据报道，中国大陆的高净值人士数量是香港的八倍。仅在中国大陆，高净值人士的数量就已达到了 890,000 人。这一数量在过去几年里一直增长，整个国家已变成亚太地区高净值人士的主要产地，过去五年的增长率达到了 60%。随着高净值人士基数的不断增长，中国的高净值人士正越来越多地寻求财富管理解决方案来帮助自己更高效地管理财富和为自己的下一代保留资产。

any Asia’s richest, including the owner of Alibaba Group, is among the ultra-net-worthindividuals (UNWIs) who uses wealth management solutions such as family offices to manage their wealth. According to reports, about eight times as many high-net-worth individuals are in China as in Hong Kong. Just in China alone, the number of HNWIs stands at around 890,000 people. The number has increased over the years and the country is a major contributor to the increase of the number of HNWIs in the Asia Pacific region, recording a 60% rise compared www.l abuani bfc .c om

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to five years ago. With this growing base of HNWIs, Chinese HNWIs are increasingly looking for wealth management solutions to help them manage their wealth efficiently and to preserve their fortunes for future generations. Family Succession Planning and Its Issues There is a glaring dissimilarity when it comes to the level of awareness towards family succession planning between the East and the West. In Western countries, family succession planning is a common practice.

Member Contribution

家族传承规划和其问题东西方在家族传承规划方面有很多的不同之处。家族传承规划在西方国家已是一个通行的做法。尽管如此，总体来说，对财富保留和传承的认知在亚洲，特别是中国的家族中仍然相对较低，虽然利用专业的财富管理解决方案在亚洲已经渐渐成为趋势。亚洲的家族更注重资产的所有权——对财产的所有——而不是注重于财富或资产如何被自己的下一代利用。比如说，由纳闽岛国际商务和金融中心委任的《经济学人智库》出具的研究报告发现，东南亚家族企业中的三分之二都有领导层的传承计划，但是大多数都还没有执行正式的管理和传承架构。家族企业中有超过一半的家族都采用非正式团队来管理企业。不仅如此，文化差异，比如尊重老人和孝道及无处不在的代沟等，都是阻碍家族传承规划进程的重要因素。事实上也确实如此，亚洲的富人子女如果提出传承问题就会被认为大逆不道，而且亚洲的家族，特别是中国家庭，总的来说对上述问题都采取保留态度而避而不谈。家族的视野、价值和传统也正在失去地位，家族成员越来越多地分散在世界各地。因此这也对前瞻性规划和家族宪章的定期评估产生影响，而这些都是鼓励传承价格得到正确监管的重要因素。尽管亚洲的家族传承规划面临重重障碍，毋庸置疑的是，亚洲的家族需要一个高效的财富管理工具来满足他们在财富保留和传承方面的需求。为数众多的财富管理可选方案纳闽岛 IBFC 在传统的和伊斯兰的范畴内提供大量的创富和财富保留架构。这些完备的私人财富管理工具覆盖了从普通法信托到民法基金会的广阔范围。

However, in general, the awareness on wealth preservation and succession is relatively low among Asian families, particularly the Chinese, albeit the trend in using professional wealth management solutions is growing in Asia. Asian families tend to emphasise more on ownership – who will own the assets – rather than focus on how wealth or assets can be used for future generations. For instance, the Economist Intelligence Unit research report commissioned by Labuan International Business and Financial Centre (Labuan IBFC) found that two-thirds of Southeast Asian family businesses have leadership succession plans but the majority have yet to implement formal governance and succession structures. More than half of business families use informal gatherings for family governance. Additionally, cultural differences such as respecting elders and filial piety, as well the ever present generational gaps are some of the contributing issues that hinder the process of family succession planning. Indeed in Asia it is considered taboo for children to raise the issue

of succession and Asian families, especially the Chinese, are generally more reticent and avoid discussing such matters. Family vision, values and traditions are also losing their adherence as families become increasingly scattered throughout the globe. This subsequently impacts forward planning and regular review of family constitution, which are important to encourage proper governance of succession structures. Notwithstanding the roadblocks to family succession planning in Asia, it is undoubtedly clear that Asian families need an efficient and effective wealth management vehicle that can meet their wealth preservation and succession needs. A Wide Range of Private Wealth Management Options Labuan IBFC offers a plethora of wealth creation and preservation structures in conventional and Islamic forms. These comprehensive private wealth management vehicles range from common law trusts to civil law foundations.

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事实上，纳闽岛 IBFC 是亚洲唯一一个提供以私人基金会作为财富管理解决方案的司法辖区。举例来说，纳闽岛基金会就是一个有独立法人的公司实体，以任何合法目的来管理自由财产而建立，不论慈善或非慈善目的。它提供动态财富转移，代际传承和遗产管理的通道，在一个节税的法律实体中受到保护。基金会的建立没有最低启动资产的限制，且能在一个固定期限内或无限期地存在。纳闽岛基金会由《纳闽岛 2010 年基金会法案》管辖，提供强健的法令防火墙，在清晰定义其功能的前提下为基金会提供保护。其自身作为一个法人实体，基金会与它的创始人、管理人员和理事会截然不同。和纳闽岛基金会相似，纳闽岛私人信托公司（LPTC）也是一个独立法人，通过《纳闽岛 2010 年金融服务和证券法案》（LFSSA）建立，并在纳闽岛金融服务管理局注册。根据 LFSSA 的规定，信托公司允许提供所有信托公司服务，比如向封闭式集团提供信托和行政管理的整套服务。简单地说，纳闽岛基金会和 LPTC 允许创始人 / 委托人对实体的事务保留足够的控制权而不必影响到基金会的有效性。他们可以在董事会或理事会的组建，家族成员的构成或家族信托顾问的指派上得到足够的灵活性。这让财富管理架构能够对家族事务有参与度和知情权，也能对意向中的受益人有更深入的理解。家族办公室（FO）也可以通过 LPTC 或纳闽岛基金会来建立，这要归因于纳闽岛 IBFC 作为一个能提供具备灵活性且处于高度规范和高性价比环境的中岸司法辖区的独特性特点。中国富人通过 LPTC 或纳闽岛基金会建立家族办公室的优势包括：

In fact, Labuan IBFC is the only jurisdiction in Asia that offers private foundations as a wealth management solution. A Labuan Foundation, for example, is a corporate body with a separate legal entity, established to manage its own property for any lawful purpose, be it for charitable or non-charitable purposes. It provides a conduit for dynamic wealth transfer, dynastic planning and inheritance management protected within a tax-efficient legal entity. There is no minimum initial asset required for its establishment and the foundation can exist for a fixed or perpetual duration. The Labuan Foundation is governed by the Labuan Foundations Act 2010, which provides a strong statutory firewall that protects the foundation with clarity in its functioning. As a separate legal entity, the foundation is distinct from its founder, officers and council. Like a Labuan Foundation, the Labuan Private Trust Company (LPTC), is also a separate legal entity and is established via the Labuan Financial Services and Securities Act 2010 (LFSSA) and www.l abuani bfc .c om

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registered with the Labuan Financial Services Authority. The trust company is permitted to provide all trust company services accorded to LFSSA such as a suite of trust and administrative services to a closed-end group. In a nutshell, both Labuan Foundation and LPTC allow the founder/settlor to retain sufficient control over the affairs of the entities without compromising the validity of the foundation. They are given flexibility on the formation of the board of directors or council, comprising of family members or trusted advisors of the family. This allows both wealth management structures to be privy to the requisite knowledge of the family affairs, as well as better understand the needs of the intended beneficiaries. A family office (FO) can also be established via the LPTC or Labuan foundation, attributing to the uniqueness of Labuan IBFC being a midshore jurisdiction that can offer a flexible yet well-regulated and cost-efficient environment. Among the advantages for the Chinese affluent to establish a FO via the LPTC

Member Contribution

• 保留对财富足够控制权上的灵活性； • 通过采纳多位信托顾问的意见对家族紧密掌握下资产的更高效决策，让意见能够更为及时地采纳；以及 • 让家族办公室承担高稳定性财富传承的持续性特点。比如说，在托管制度和基金会上根除在未来的变更需要，因为它是一个管理和向受益人转移家族财富的永久性工具而不必将创始人绑定其中。纳闽岛国际商务金融中心 ——满足财富管理需求的最合适辖区选择一个合适的司法辖区来管理财富很大程度上取决于高净值人士的要求和喜好，但趋势是通过它齐全的财富管理解决方案，纳闽岛 IBFC 成为一个亚太地区享有盛誉的财富管理中心势头不减。 2015 年财富管理行业仍然是纳闽岛作为一个中岸司法辖区中增长率最高的行业就是最好的证明，基金会的增长率几乎达到了 28%，让整个基金会数量达到了 166 个。这个金融中心对地区内投资者的吸引力，也可从它超过 77% 的基金会都来自于亚太地区这一事实得到证明。除基金会之外，纳闽岛 IBFC 也有超过 300 个信托进驻，其中包含特殊信托和目的信托等。这个中岸司法辖区也因为它能提供马来西亚广阔的免双重征税协议网络和一个直截了当的税务系统，以法律为依据来遏止“财政冲突”而充满吸引力，因为它没有外汇管制，没有转移税，没有预提税和间接税，上述这些税赋都可能成为国际交易、投资和资产管理的绊脚石。最后，随着中国的可持续性增长和富人的不断增多，寻求一个司法辖区来帮助中国的富人进行财富保留和满足管理需求的增长是必然趋势。

jurisdiction in 2015, with nearly a 28% increase in the number of foundations, bringing the total to 166. And as evidence to the centres allure to those in the region more than 77% of these foundations originated from the APAC region. or Labuan Foundation are: • Flexibility in retaining sufficient control; • Efficient decision-making on closely held family owned assets by involving multiple trusted advisors so that advice can be obtained in a more timely manner; • The continuity that enables the FO to undertake wealth succession with greater certainty. For instance, eradicating the need for future changes in the trusteeship and foundation as it is a perpetual vehicle to manage and transfer family’s wealth to the beneficiaries without binding it to its founder. Labuan IBFC - A Suitable Jurisdiction for Wealth Management Needs Choosing a suitable jurisdiction to manage wealth depends largely on the list of criteria or preferences that a HNWI has, but increasingly, Labuan IBFC has been gathering momentum as a reputable wealth management centre in the APAC region with its comprehensive wealth management solutions. This is evident as the wealth management sector remains as one of the high growth sectors in the midshore

In addition to Foundations, Labuan IBFC is also home to more than 300 trusts, comprising of special trusts as well as purpose trusts. The midshore jurisdiction is also attractive as it provides access to Malaysia’s extensive double taxation treaty network and a simple and straightforward tax system that is complemented by laws to eliminate "fiscal friction" as it offers no exchange control, no transfer taxes, no withholding tax and no indirect taxes that may act as barriers to international transactions, investments and asset management. In closing, with China’s potential to chalk a sustainable growth pattern and the subsequent rise in its affluent population, there is indeed an increased demand in the quest for a jurisdiction to assist in wealth preservation and management needs. For this, Labuan IBFC with its unique solutions offering a highly effective and comprehensive range of wealth management vehicles, estate management and dynamic succession, possesses all the right tools to meet the ever-growing demands.

对此，纳闽岛 IBFC 以它独特的解决方案提供高效和完整的财富管理工具，遗产管理和动态传承，拥有所有正确的工具来满足不断增长的需求。 www.labuani bfc .c om 2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

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司法辖区 JURISDICTIONS

香港

Hong Kong

司法辖区 JURISDICTIONS

Professional Services You Can Depend On Incorporated in Hong Kong and registered under the Hong Kong Trustee Ordinance and the Hong Kong Companies Ordinance, The Hong Kong Trust Company Limited provides professional trust and fiduciary services to support high-net-worth private clients, family offices and corporations. Specifically, The Hong Kong Trust Company provides trusteeship, custodial and fiduciary services for clients wishing to set up trusts or custody relationships for the protection of international assets, wealth planning, estate management and tax structuring, and also provides a full range of services to Investment and Private Equity Funds.

香港信托有限公司根据《香港受托人条例》及《香港公司条例》于香港注册成立，为高资产净值私人客户、家庭办公室及企业提供专业的信托及受托人服务。香港信托有限公司为希望通过建立信托或受托关系而获得国际资产保护、财富规划、遗产管理和税务管理的客户提供托管、保管和信托人服务。此外，也为客户提供全面的投资基金和私募股权基金服务。

信托及受托人服务基金成立及管理企业咨询服务

Trust & Fiduciary Fund & Private Equity Administration Corporate Services

For Enquiries, please contact us 如有查询，请联系我们 T: +852 3746 - 9080 F: +852 3746 - 9081 E: info@hongkongtrustco.com 6th Floor, Wyndham Place, 44 Wyndham Street, Central, Hong Kong 香港中环云咸街 44 号云咸商业中心 6 楼

www.hongkongtrustco.com

Hong Kong

您值得信赖的专业顾问

概况

香港

General

Hong Kong

实体类型

信托

Type of Company

Trust

法律类型

普通法

Type of Law

Common

建立信托所需时间

2到3天

Our time to establish a Trust

2- 3 days

最低政府费用（不包括税收）

无

Minimum government fees (excluding taxation)

Nil

是否签订双重征税协定

是

Double Taxation Treaty Access

Yes

国外收入课税

否

Taxation on Foreign income

信托资产

Trust Assets

标准货币

美元

Standard currency

US$

允许币种

任何币种

Permitted currencies

Any

最低资产要求

10 美元

Minimum Assets Required

US$10

受托人

Trustees

独立法人最低人数

1人

Minimum number if individuals

One

公司法人最低人数

1人

Minimum number if a body corporate

One

是否要求有当地受托人

否

if Local trustee required

公众可否查阅记录

否

Publicly accessible records

会议地点

任何地方

Location of meetings

Anywhere

保全

Protector

是否需要

可选

Required

Optional

持有专业资格

可选

Professional qualiﬁcations held

Optional

信托契书公众可否访问

Trust Deed 否

账户

Publicly accessible

Accounts

准备要求

是

Requirements to prepare

Yes

审计要求

否

Audit requirements

公众可否访问账户

否

Publicly accessible accounts

其他

Other

法定继承权

外国司法管辖区的继承权是不适用的。

Forced Heirship Rules

Forced Heirship of a foreign jurisdiction is not applicable.

是否允许迁册

是，如果信托契约有规定

Change in domicile permitted

Yes if drafted in Deed By The Hong Kong Trust Company Limited

司法辖区 JURISDICTIONS

行政特区：香港所在地区：亚洲官方货币：港币（HKD）（HK$）官方语言：粤语、英语所属时区：UTC+8 电话区号：+852 通讯设施：极佳

Jurisdiction: Hong Kong Region: Asia Currency: Hong Kong Dollar (HKD) (HK$) Languages: Cantonese, English Time Zone: UTC+8 Phone Code: +852 Communications: Very Good

简介

Introduction

香港作为亚太地区诸多国家贸易中转站和集散地的角色，以及作为低成本制造业中心，一直以来都让它成为一个繁荣的行政特区，现在它业已成为服务业，特别是金融服务业的首选地。香港的经济成功很大程度上是基于纯粹的免税和自由贸易区，其价值体现在基于英国普通法的法律体系和自由制度，政府对经济的干涉降低到最小程度。外国投资的障碍也非常少。香港政府一直以来都遵循对外国商业行为友善的政策，并继续保持。它并不是一个“离岸”的行政特区，但税率也非常低廉，且只针对在香港获得的收入征收。这里没有资本利得税，没有预提税，没有销售税，没有增值税，没有年度资产净值税和公司保持收入而非分配收入时获得的资本累积税。

Hong Kong has thrived historically as a trading entrepot serving many Asia Pacific countries and also as a low-cost manufacturing center, and has turned towards the provision of services, particularly financial services. Its economic success is largely based on a whole-hearted adherence to free and open trade, the values encompassed in a British common law legal system and a laissez-faire, noninterventionist attitude on the part of government. There are few if any significant barriers to investment by foreigners. The government has consistently followed business friendly policies and continues to do so. It is not an 'offshore' jurisdiction as such, but has low tax rates which are levied only on Hong Kong-source income. There is no capital gains

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司法辖区 JURISDICTIONS

香港并不是传统意义上的离岸中心，相反它更是一个由“领地概念”提供无差别待遇的低税率中心，在这一概念下只有在香港产生的收入才是可征税的，让这个行政特区成为控股公司的理想之选。因此它的吸引力并非建立在高度的保密性和最少的公司曝光率，或者和某些普通法岛屿行政特区一样的管理需求，而是建立在低税率、慷慨的可抵扣税率、仅针对在该特区内产生的收入征税的政策以及完全没有资本利得税、预提税、利息税、销售税和增值税的基础上。

tax, no withholding tax, no sales taxes, no VAT, no annual net worth taxes and no accumulated earnings taxes on companies which retain earnings rather than distribute them.

适合于：

Vehicle Types:

银行业、保险、基金管理、航运、货物贸易、金融贸易、知识产权

Limited companies, public limited companies, trusts, branches,

/ 许可证、控股公司、电子商务、不动产所有权

general partnerships, limited partnerships and sole proprietorships

离岸工具种类：

Capital primary business districts:

有限公司、公众有限公司、信托、分公司、通用合伙制、有限合伙

Victoria, Kowloon

制和单一所有权公司资本主要商务区域：维多利亚港、九龙关系良好国家：中国大陆、新加坡、美国

Suitable for: Banking, Insurance, Fund Management, Shipping, Trading Goods, Trading Financial, Intellectual Property/Licensing, Holding Companies, E-commerce, Property Ownership

Good Relationships: China, Singapore, United States Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business:

关系不佳：缅甸、古巴、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚

Light Tax Burden - Individual:

税务负担——商务：轻

Light Headline tax rates:

税务负担——个人：轻

CIT 16.5%, PIT 15%, VAT 0% Treaty Jurisdictions: Austria, Belgium, Brunei, Canada, China, Czech Republic, France,

总体税率： CIT 16.5%, PIT 15%, 增值税 0% 合约签订行政辖区：

Guernsey, Hungary, Indonesia, Ireland, Japan, Jersey, Kuwait, Liechtenstein, Luxembourg, Malaysia, Malta, Mexico, Netherlands, New Zealand, Portugal, Qatar, Spain, Switzerland, Thailand, United Kingdom, Vietnam

澳大利亚、比利时、文莱、加拿大、中国、捷克共和国、法国、耿西岛、匈牙利、印尼、爱尔兰、泽西岛、科威特、列支敦士登、卢

TIEA Jurisdictions:

森堡、马来西亚、马耳他、墨西哥、荷兰、新西兰、葡萄牙、卡塔尔、

Denmark, Faroe Islands, Greenland, Iceland, Norway, Sweden,

西班牙、瑞士、泰国、英国、越南

United States

税务信息交换协议签定国家：丹麦、法罗群岛、格林兰岛、冰岛、挪威、瑞典、美国

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司法辖区 JURISDICTIONS

Q&A

离岸问答

香港 Hong Kong

1. 在希望向下一代传承资产的中国高净值人士或家族（等）的隐私和资产保护方面，贵司法辖区的优势有哪些？在海外司法辖区（相对中国来说）能获得更大的自由和保护。委托人和受益人不必在政府注册所以这也确保了隐私。特定的司法辖区，比如香港，提供一些比如向信托的委托人投资的保留权力。我们也会用到其它一些中国公民可以完全规避中国司法体系的司法辖区，比如新西兰。

1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation?

2. 价格方面，在贵司法辖区设立信托 / 基金会和其它辖区相比有什么不同？如果价格更高，您能为客户提供的附加价值是什么？

Setting up a trust in an overseas (to China) jurisdiction gives more freedom and protection. There is no public register of the settlor and beneficiaries so this ensures privacy. Certain jurisdictions such as Hong Kong provide some advantages such as reserved investment power to the settlor of the trust. We also utilize other jurisdictions such as New Zealand where Chinese nationals want removal from the overall Chinese legal system.

在香港设立信托和其它辖区相比具有较高的性价比，其它辖区在会计和注册经纪人等方面的费用有可能会很高。虽然价格是一个重要的考虑因素，对客户更重要的，是寻找合适的辖区和法规来满足自己的要求。

3. 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？

Establishing a trust in Hong Kong is cost effective in comparison with other jurisdictions where the statutory costs of accounting, registered agents etc. can be high. Whilst cost is of course a consideration it is important that a client seeks the appropriate jurisdiction and rules that best satisfies their needs.

许多中国和亚洲的客户会对资产控制权是否得到保留有顾

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司法辖区 JURISDICTIONS

3. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues?

虑。由于信托实质上是向受托人转让部分资产来实现对资产的保护，是一种对控制权的剥夺，所以就会产生一些挑战。对于那些希望保留公司运营权的客户，我们提供几个方式可供选择，1）位于多个司法辖区的信托来允许上述控制， 2）让一名委托人担任董事的方式来成立一家私人信托公司，或者 3）利用一个有限合伙 / 通用合伙架构，其中受限合伙人作为投资人和通用合伙人来运营业务。受限合伙人可以归信托所有。 4. 贵辖区法律中有哪些特点是这个司法辖区的信托 / 基金会成为吸引投资者的最大特点？委托人对信托做投资决策的权利，和香港专业受托人行使的谨慎要求的责任，向委托人提供更多的权利，也让客户更为安心，确保至少有最低限度的专业性会在处理信托时得到保障。 5. 贵辖区内是否有投资者需要知道的在信托和基金会方面的法律更新？香港在 2013 年 12 月对信托法的修正案进行了一些重要改进。除了委托人可以对信托采取投资决定，香港的信托也支持对抗特留份继承权的条款。这意味着委托人可以在不遵守其它国家强制执行规则的前提下决定受益金额的多少和对受益人的认定。此外，永久信托的引入也意味着废除了要求通常 21 年之内的红利分配要求，意味着信托不必在特定的时间段内进行分配，可以继续无限期地向下一代传承。

Many Chinese and Asian clients concerned with keeping control of their assets. This creates challenges since a trust is essentially divestment of that control to a trustee in order to protect the assets. For those clients wanting control of their operating companies, we offer a number of options, a) trusts in various jurisdictions which allow such control, b) establishment a private trust company with the settlor as a director or c) utilize a limited partner/ general partner structure with the limited partner being the investor and the general partner operating the business. The limited partnership can be owned by a trust. 4. What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? The settlor’s right to make investment decisions on the trust, and the statutory duty of care requirements which are imposed on Hong Kong professional trustees, provide more control to settlors and also comfort to the client that a minimum standard of professionalism is required in dealing with the trust. 5. Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of? In Hong Kong changes to the trust laws in December 2013 have provided some key improvements. In addition to the settlor’s right to make investment decisions on the trust, Hong Kong trusts will also be the upheld against forced heirship provisions. This means that settlor is able to determine beneficial entitlement amount and beneficiaries without forced rules of other countries. In addition the introduction of perpetual trusts and the abolition of rules requiring distribution generally within 21 years means the trust does not need to make distributions within a certain time frame and can continue indefinitely through multiple generations.

来源：Carolyn Butler，The Hong Kong Trust Company Limited，董事兼首席执行官 Contributed by: Carolyn Butler , Director & CEO, The Hong Kong Trust Company Limited

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司法辖区 JURISDICTIONS

新加坡

Singapore

司法辖区 JURISDICTIONS

Singapore

概况

新加坡

General

Singapore

实体类型

信托

Type of Structure

Trust

法律类型

普通法

Type of Law

Common

建立信托所需时间

取决于结构的复杂程度

Our Time to Establish a Trust

Depends on complexity of structure

最低政府费用（不包括税收）

固定期限不得超过百年

Duration

A ﬁxed term not exceeding 100 years

主要立法

1. 受托人法（ TA） 2. 信托公司法（TCA）

Key Legislations

1. Trustees Act (TA) 2. Trust Companies Act (TCA)

是否签订双重征税协定

是

Double Taxation Treaty Access

Yes

国外收入课税

无

Taxation on Foreign Income

Nil

信托资产

Trust Assets

标准货币

新币

Standard Currency

允许币种

任何币种

Permitted Currencies

Any

最低资产要求

新币 1 元

Minimum Assets Required

SGD1

独立法人最低人数

1人

Minimum Number If Individuals

One

公司法人最低人数

1人

Minimum Number If a Body Corporate

One

是否要求有当地受托人

受托人必须是新加坡执业的公司或者个人

If Local Trustee Required

The Trustee must be a Singaporelicensed company or individual

公众可否查阅记录

否

Publicly Accessible Records

会议地点

新加坡

Location of Meetings

Singapore

受托人

SGD

Trustees

保全

Protector

是否需要

可选

Required

Optional

持有专业资格

可选

Professional Qualiﬁcations Held

Optional

否

Publicly Accessible

新加坡信托不要求与新加坡政府或新加坡任何其他管理当局注册。

Conﬁdentiality

A Singapore trust is not required to be registered with the Singapore Government or any other governing authority in Singapore.

是

Requirements to Prepare

Yes

信托契书公众可否访问保密性

Trust Deed

账户准备要求

Accounts

审计要求

取决于结构和营业额

Audit Requirements

Depends on the structure and turnover

公众可否访问账户

否

Publicly Accessible Accounts

其他

Other

法定继承权

不强行反对新加坡信托

Forced Heirship Rules

Not enforceble against Singapore trust

是否允许迁册

取决于信托契书的规定

Change in Domicile Permitted

Depends on how the Trust Deed is drafted

尽职调查 -AML

作为亚太集团反洗钱的创始成员，新加坡的反洗钱法律集中在腐败，贩毒和其他严重犯罪（没收所得）。

Due Diligence - AML

As a founder member of the Asia-Pacific Group on Money Laundering, Singapore's anti-money laundering laws are centred in the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.

By TPS Group

司法辖区 JURISDICTIONS

行政特区：新加坡所在地区：亚太官方货币：新加坡元 (SGD) (S$) 官方语言：英语、马来语、汉语、塔米尔语所属时区：UTC+8 电话区号：+65 通讯设施：优秀

Country: Singapore Region: Asia-Paciﬁc Currency: Singapore dollar (SGD) (S$) Languages: English, Malay, Chinese, Tamil Time Zone: UTC+8 Phone Code: +65 Communications: Very Good

简介

Introduction

新加坡的目标是成为亚太地区主要的金融集散地，在全球不景气的现状下，新加坡的表现似乎能够达成这一目标。这个城市国家大力鼓励国际金融和其它公司形式扎根于此，对企业提供慷慨的税务激励政策，估计他们把亚太地区总部设立于此。确实，在很多国家奋力挣扎脱离经济低迷的同时，根据新加坡财政局（MAS）的数据，新加坡在 2010 年达到了经济增长 14.5% 的成绩。新加坡财政局表示近期的经济展望将被石油价格的飙升和日本频发的自然灾害影响，而新加坡在 2012 年的经济增长率则更为实际，为 4.9%。新加坡有极为优良的通讯设施和四通八达的运输系统。新加坡港就航运吨位、转运和集装箱来说是世界上第一大港，。新加坡也是世界第三大石化精炼国，有东南亚技术最先进和高效的

Singapore’s aim is to become a major financial hub in the AsiaPacific region, and judging by its recent performance in the wake of the global recession it appears to be achieving this goal. The city state is striving to encourage international finance and other businesses to locate there, and offers generous tax incentives to companies that locate their global or Asia-Pacific regional headquarters there. Indeed, while many countries are struggling out of recession, Singapore achieved economic growth of 14.5% for 2010, according to the Monetary Authority of Singapore (MAS). The MAS says that the immediate economic outlook is clouded by uncertainty arising from the spike in oil prices and the natural disasters in Japan, and Singapore's economy by a more modest 4.9% in 2012.

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造船和船舶维修设施。新加坡船舶注册处有超过 3000 艘的注册船舶，总吨位达到 2900 万公吨，以多种多样的税务计划和基金政策为在新加坡注册的船只提供税务优势和金融激励政策。新加坡提供非常优厚的公司组建政策来鼓励亚太或国际公司在这里设立总部。这里有非常优秀的电信通讯设施和良好的交通设施。新加坡港是世界最大的港口（就吨位吞吐量、转运和集装箱量来说）。新加坡提供税务和金融刺激政策来鼓励在新加坡多元化的方案和基金下注册船舶。银行业的保密性是新加坡法律所保护的，对不合法的账户或金融信息泄露所采取的法律制裁非常严厉。新加坡还是世界银行中心发展最快的国家之一。公司在这里享受丰厚的税收刺激计划，对小型创始型公司和科技公司提供优惠。专业服务在这里非常高效和具有性价比。英语和中文是通用的官方语言。离岸工具：财富管理、财资管理、银行业、保险、基金管理、航运、航空、游艇、贸易货运、金融贸易、知识产权和认证、控股公司、电子商务离岸工具种类：有限公司、公众有限公司、信托、单一所有制公司、分公司、通用合伙制和有限合伙制公司资本主要营商区域：新加坡

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The island has excellent telecommunications and good transport links. The Port of Singapore is the world’s largest in terms of total shipping tonnage, transshipment and containers. It is also the world’s third largest petrochemical refiner, and operates South-East Asia’s most technically advanced and efficient shipbuilding and ship-repair facilities. The Singapore Registry of Ships has over 3,000 registered vessels totaling more than 29 million gross tonnes, and offers tax advantages and financial incentives to Singapore-registered vessels under various schemes and funds. Singapore offers generous tax incentives to companies that locate their global or Asia-Pacific regional headquarters there. It has excellent telecommunications and good transport links. The Port of Singapore is the world’s largest in terms of total shipping tonnage, transshipment and containers. It offers tax advantages and financial incentives to Singapore-registered vessels under various schemes and funds. Banking secrecy remains enshrined in Singapore law, with heavy penalties for wrongful disclosure of financial details or accounts. It is one of the world’s fastest growing banking centers. Companies benefit from a plethora of tax incentives, aimed particularly at start-ups and the technology sector. Professional services are efficient and not unduly costly. English is the business language alongside Chinese.

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Suitable for: Wealth Management, Treasury Management, Banking, Insurance, Fund Management, Shipping, Aviation, Yachting, Trading Goods, Trading Financial, Intellectual Property/Licensing, Holding Companies, E-commerce Vehicle Types: Limited companies, public limited companies, trusts, sole proprietorships, branches, general partnerships and limited partnerships Capital primary business districts: Singapore

关系良好国家：中国、印度、美国关系不佳国家：缅甸、古巴、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚税务负担——商务：轻税务负担——个人：轻总体税率： CIT 17%, PIT 2%-20%, 增值税 7% 协议签订国家：

Good Relationships: China, India, United States Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Light Tax Burden - Individual: Light Headline tax rates: CIT 17%, PIT 2%-20%, VAT 7% Treaty Jurisdictions: Albania, Australia, Austria, Bahrain, Bangladesh, Belarus, Belgium,

阿尔巴尼亚、澳大利亚、奥地利、巴林、孟加拉、白俄罗斯、文莱、

Brunei, Bulgaria, Canada, China, Cyprus, Czech Republic, Denmark,

保加利亚、加拿大、中国、塞浦路斯、捷克共和国、丹麦、埃及、

Egypt, Estonia, Fiji, Finland, France, Georgia, Germany, Guernsey,

爱沙尼亚、斐济、芬兰、法国、格鲁吉亚、德国、耿西岛、匈牙利、

Hungary, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Japan,

印度、印度尼西亚、爱尔兰、马恩岛、以色列、意大利、日本、泽西岛、

Jersey, Kazakhstan, Korea, Republic of, Kuwait, Latvia, Libya, Lithuania,

哈萨克斯坦、韩国、科威特、拉脱维亚、利比亚、立陶宛、卢森堡、

Luxembourg, Malaysia, Malta, Mauritius, Mexico, Mongolia, Myanmar,

马来西亚、马耳他、毛里求斯、墨西哥、蒙古、缅甸、荷兰、新西兰、

Netherlands, New Zealand, Norway, Oman, Pakistan, Panama, Papua

挪威、阿曼、巴基斯坦、巴拿马、巴布亚新几内亚、菲律宾、波兰、

New Guinea, Philippines, Poland, Portugal, Qatar, Romania, Russia,

葡萄牙、卡塔尔、罗马尼亚、俄罗斯、沙特阿拉伯、斯洛伐克共和国、

Saudi Arabia, Slovak Republic, Slovenia, South Africa, Spain, Sri Lanka,

斯洛文尼亚、南非、西班牙、斯里兰卡、瑞典、瑞士、台湾、泰国、

Sweden, Switzerland, Taiwan, Thailand, Turkey, Ukraine, United Arab

土耳其、乌克兰、阿联酋、英国、乌兹别克斯坦、越南

Emirates, United Kingdom, Uzbekistan, Vietnam

税务信息交换协议签订国：

TIEA Jurisdictions:

百慕大

Bermuda

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Q&A

离岸问答

新加坡 Singapore

1. 在希望向下一代传承资产的中国高净值人士或家族（等）的隐私和资产保护方面，贵司法辖区的优势有哪些？新加坡是为亚洲高净值人士和家族来设立资产所有权、管辖权，管理权和 / 或行政权管理权的重要司法辖区。一直以来，身为贸易和金融中心地位的新加坡，在金融交易和个人事务方面的隐私和保密性保护的价值维护，以及上述领域在法律法规和实践性方面所受到的保护，都在国际上得到了广泛认可。这些法律法规在特许信托公司的活动方面都有十分清晰的定义。作为国际大都市，新加坡在寻求公平开明的金融交易的全球组织机构中享有盛誉并努力保持其独有地位。新加坡完全执行 FATCA 标准且承诺实行通用申报标准（CRS）。向新加坡国税局（IRAS）的税务信息申报将从 2017 年开始，不过信息的自动交换（AEOI）将从 2018 年在主管机关协议（CAA）和各个国家分别协商的基础上开始实施。新加坡确保信息只会向那些合法合理利用信息，以降低抵押风险为前提的国家提供。在本文撰写的同时，CAA 已宣布和澳大利亚和英国签订协议，其它国家也正在积极谈判之中。新加坡在总体方式方法上大获成功，成功创建了一个安全和稳定的环境，在同一个信托或架构中保护、维护和助长

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1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? Singapore is the premier jurisdiction in Asia for HNWI’s and Families to base their Ownership, Governance, Management and/or Administration of Assets. Through its history as a trading and financial center, Singapore has recognized the importance and value of maintaining privacy and confidentiality concerning financial transactions and personal affairs and has codified those requirements into law, regulation and practice. Such rules are expressly applicable to activities of Licensed Trust Companies. As an international hub, Singapore also strives to maintain its standing and reputation within the major Global organizations seeking fair and open dealings. It was a full adopter of FACTA and has also committed to implement Common Reporting Standards (CRS). Reporting to the Inland Revenue Authority of Singapore (IRAS) will begin in 2017, but the Automatic Exchange of Information (AEOI) will be done starting in 2018 on the basis of Competent

司法辖区 JURISDICTIONS

财富在多个时代上的积累和分配。 2. 价格方面，在贵司法辖区设立信托和其它辖区相比有什么不同？如果价格更高，您能为客户提供的附加价值是什么？新加坡向超过 50 家信托公司颁发了牌照，这里有数量极多的服务提供商；包括银行所有的信托运营机构、跨国信托运营分公司；以及独立信托公司。上述每种公司都有自己的专注点和能力，收费也各不相同。商品化的服务通常比较便宜，但由于所蕴含的风险和限制也许并不适合资产种类的要求和复杂程度更高的高净值人士和家族。定制化的服务一般来说会牵涉到特殊化的专业服务，和其它国际金融中心相对比价格适中，需要一定程度的投资。 3. 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？对中国和亚洲客户来说，最大挑战是 1）对信托和国际架构的熟悉程度，以及 2）对开放式思想和向主要的服务提供商采取相对开诚布公的态度，以获取同等的接受程度和赞誉。信托从 19 世纪末开始就已经在新加坡得到了广泛使用。不过，和来自中国和亚洲以及一些特定辖区的客户在信托设立方面的体验，之前十分有限。随着信托带来的优势越来越为人所熟知，许多高净值人士和家族都开始越来越喜欢使用上述工具作为他们的财富规划架构的重要组成部分。客户应该预计新加坡信托的受托人接受向主要各方（代际相传）告知信托作为我们核心服务要求的一部分的使用、功能、限制和其它运营方式的必要性和责任。作为一个多元文化的司法辖区，新加坡的信托理解和尊重亚洲客户向任何一家公司或个人曝光“太多”信息方面的顾虑。所以就要达成一种平衡，没有及时向您的受托人或其它合作专业人士透露足够的信息也有巨大风险。这些风险不仅限于运营和业务上的，更多的是税务、法务和法规方面的风险。经验丰富的专业人士努力和客户，通过对信息透露要求的完全讨论和解释来建立良好关系，而不是简单地提出要求。

Authority Agreements (CAA) negotiated individually with each Country. Singapore has assured that information will only be shared with countries that will treat the information appropriately so as to minimize collateral risk to the individuals concerned. As of this writing, CAA’s have been announced with Australia and The United Kingdom, and more are under active discussion. The overall approach of Singapore has succeeded in creating a safe and stable environment to protect, maintain and grow wealth for accumulation or distribution over many generations, within the same trust or structure. 2. In terms of cost, how is the cost of a setting up a trust in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? With over 50 Trust Company Licenses issued in Singapore, there are a broad range of service providers; including Bank Owned Trust Operations, Multinational Trust Operation Branch Offices; and Independent Trust Companies. Each has their focus and capabilities which are priced accordingly. Commoditized services tend to be less expensive, but carry risks or have restrictions that may not be suitable for HNWI’s and Families, whose asset types, needs and requirements are more complex. Bespoke services generally involve the use of specialized professionals and, while modest when compared to other international financial centers, do require some level of investment. 3. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues?

4. 贵辖区法律中有哪些特点是这个司法辖区的信托 / 成为吸引投资者的最大特点？

The most significant challenges with Chinese and Asian clients are i) Education about trusts and international structures and, ii) Gaining mutual acceptance and appreciation of the need to be open and make relevant disclosures to their key service providers.

• 历史——新加坡一直以来常年都在为高净值人士和家族提供信托架构的方面的服务。新加坡建立在普通法原则的

Trusts have been widely used in Singapore for since the end of the 19th Century. The experience with trusts

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法制体系的基础上，早先就建立一个正式的信托公司认证方面的法制和法规体系，通过应用信托法案来确保他们的信托实践。这一悠久的历史对代际传承解决方案的规划来说是具有巨大的可预测性的意义的。 • 税收——新加坡的税务制度主要为新加坡人所设计，但也为利用新加坡作为他们信托所在地的非新加坡人提供大量的优势。这里没有遗产、继承或赠与税，总体上来说也没有资本利得税。所得税税率位于较低和中等之间，新加坡以外的收入总体上说，除了回汇到新加坡之外，也是免税的。国际信托和国际慈善信托都能享受特殊待遇。信托和其下所属的实体也能从新加坡广阔的税务协定网络中获益。 • 灵活性——取决于高净值人士或家族的目标，新加坡提供足够的方式来建立信托架构。这就向资产保护、代际转移、财富多样性、未来发展等目标提供足够的灵活性。 • 私人信托公司（PTC）——许多年以来，新加坡一直是大量私人信托公司的所在地。新加坡的私人信托公司具有很大的灵活性，但它的 AML/CFT 合规功能则必须由一个认证的信托公司来执行。

by Chinese and Asians from certain other jurisdictions, however, has previously been quite limited. As the benefits become better understood, many HNWI’s and Families are increasingly beginning to adopt use of these vehicles as part of the wealth planning structure. Clients should expect Trustees in Singapore to accept the necessity and responsibility to inform the key parties (over generations) of the uses, functions, limitations and proper operation of trusts as one of our core service requirements. As a multi-cultural jurisdiction, trustees in Singapore understand and appreciate the reluctance of Asian clients to disclose “too much” information to any one company or individual. There has to be a balance achieved, however, as there are significant risks in not making timely and sufficient disclosure to your trustee or other allied professionals. These risks are not just operational or business, but increasingly tax, legal and regulatory risks. Experienced professionals strive to build on the relationship with clients through thorough discussion and explanation of the information requirements, rather than simply making demands. 4. What are some of the major features of the law that make the trust in your jurisdiction particularly attractive to investors? • History – Singapore has provided a situs for trust structures for HNWI’s and Families throughout the years. Built upon a legal system based on Common Law principles, Singapore early on established a formal legal and regulatory system of licensing trust companies and assuring their fiduciary practices by adoption of a Trustees Act. This long history is significant for predictability and when planning for generational solutions. • Tax – Singapore’s taxation regime is designed principally for Singaporeans, but provides significant benefit to NonSingaporeans who utilize Singapore for their Trusts. There is no estate, inheritance or gift taxes, and generally no capital gains tax. Income taxes are at a low to moderate rate and earnings outside of Singapore are generally excluded unless remitted to the jurisdiction.

Special accommodations are provided for International Trusts and International Charitable Trusts. Trusts, with their

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underlying entities can also benefit with the broad tax treaty network enjoyed by Singapore. • Flexibility – Depending upon the objectives of the HNWI or Family, Singapore provides sufficient leeway to structure trusts. This provides flexibility to address issues of asset protection, generational transfer, variability, future developments, etc. • Private Trust Companies (PTC’s) – For many decades, Singapore has been the home to significant private trust companies. Administration of a PTC in Singapore is quite flexible, but its AML/CFT compliance functions must be undertaken by a licensed trust company. • Charities – While Singapore does not offer “foundations” in the model of civil law jurisdictions, it does encourage establishment of domestic and international charitable organizations.

• 慈善——虽然新加坡作为民法司法辖区的法律模式并不提供“基金会”，它确实鼓励本地和国际慈善信托组织在新加坡的设立。 • 相关资产——大多数种类的资产都可以在新加坡持有，而信托经常作为位于新加坡或全球其它地方的特殊目的工具（SPV）来持有。 5. 贵辖区是否有投资者需要知道的在信托方面的法律更新？新加坡战略性地专注于维持其领先的公司集散地和金融中心的地位而存在。它有几个对多个层次的私人财富行业提供广泛支持的计划，包括信托公司和服务方面法规的不间断评估，特殊培训，金融科技推广，地区控股公司激励计划，以及和地区和全球组织的协调合作等方面。信托和信托公司方面的法律和法规的发展在过去几年里，一直都专注于 AML/CFT 流程的改进和合规，以及 AEOI 的执行等。虽然新加坡是一个成熟的信托司法辖区，为了要维护其作为全球金融中心的地位，也会有更多的法律法规方面的改进。

• Underlying Assets – Most assets classes can be held under trust in Singapore, and trusts frequently hold special purpose vehicles (SPV’s) located in Singapore or other jurisdictions globally.

5. Are there any recent developments in trust law in your jurisdiction that investors should be aware of? Singapore is strategically focused on maintaining its status as a leading corporate hub and financial center. It has several initiatives broadly supporting the private wealth industry on various levels including ongoing review of regulations concerning trust companies and services, specialized training, FinTech promotion, regional holding company incentive programs, and coordination with regional and global organizations. Developments in law and regulations relating to trusts and trust companies have, over the past year, been focused on enhancement of AML/CFT processes and compliance and on implementation of AEOI. Although Singapore is a mature trust jurisdiction, further enhancements can be expected as deemed appropriate to maintain its global status as a leader in the field.

来源：James W. Cox，执行总裁兼首席执行官，British and Malayan Trustees Limited Contributed by: James W. Cox, Executive Director & CEO, British and Malayan Trustees Limited

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新加坡公司注册情况说明 Fact Sheet: Singapore 工作经验 TPS 集团——主席和首席执行官多家著名的家族企业集团——国际顾问新加坡 AIESEC（国际经济学商学学生联合会）新加坡，AIESEC 国际校友会——顾问新加坡基督少年军——荣誉副总裁新加坡 YMCA（基督青年会）——董事校友会顾问委员会委员—新加坡国立大学

PETER Y.B.TAY MBA, ACIS Tel: +65 9631 0683 Email: peter@tps.com.sg 教育背景新加坡国立大学——工商管理硕士、工商管理学士（荣誉）

今天的新加坡已经成为一个享誉世界的金融和地区贸易中心。新加坡是世界上最繁忙的港口城市和亚太地区顶尖的投资目的地。新加坡以它战略性的地理位置，极具竞争力的劳动力队伍，有利的营商环境和前瞻性的经济政策，成为世界进入亚洲的门户。私人有限公司是最受欢迎的公司形式，其股东受限于名下所持股份的数量多寡。

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Peter Y.B. Tay 是 TPS 公司集团的执行主席和创始人。集团成立于 1982 年，在他的领导下快速扩张。他在企业咨询领域，比如企业金融、风险资本、业务再造、并购、投资和管理顾问等方面有丰富的经验。Peter 也是新加坡、马来西亚、香港、印尼、奥拉利亚和新西兰的多家公众和私人公司的董事会成员。 Education National University of Singapore – MBA, BBA (Honors) Experience Chairman & CEO – TPS Group

Singapore has today established itself as a reputable financial and regional trading centre. It is the world’s busiest port and a top location for investments in the Asia Pacific region. Factors such as strategic location, a competitive workforce, pro-business environment and forward looking economic policies have enabled Singapore to be the world’s gateway to Asia.

China Offshore Trusts & Foundations Guide 2016

International Advisor – Various Prominent Family Groups Advisor – AIESEC Singapore, AIESEC Alumni International Honorary Vice President – The Boys’ Brigade in Singapore Director – YMCA Singapore Member of Alumni Advisory Board – National University of Singapore Peter Y.B. Tay is the Executive Chairman and the Founder of TPS Group of Companies. The group started in 1982 and has expanded steadily under his leadership. He has extensive experience in corporate advisory areas such as corpora te finance, venture capital, business re-engineering, M&A, investment and management consultancy. Peter also sits on the Board of Directors of numerous public and private companies in Singapore, Malaysia, Hong Kong, Indonesia, Australia and New Zealand.

Private Limited Company is the most popular form of company as the liability of the shareholders is limited to the amount of shares subscribed by them.

Member Contribution

合规特点 COMPLIANCE FEATURES

股份数量 Number of Shares 董事和股东 Directors and Shareholders

最少的股份数量为一（1）股。

The minimum number of shares is One (1) share.

每家公司都有至少：一名董事——新加坡的普通居民一名股东——可以是个人或公司实体

Every company shall have at least: One (1) director – ordinarily resident in Singapore One (1) shareholder – either an individual or a corporate entity

• 单一董事也可以是公司的单一股东。 • 从 2009 年 3 月起生效，公司董事的年龄必须在 18 岁以上。

公司秘书 Company Secretary

从公司建立之日起算六个月内，必须指派一名当地人担任公司的秘书。 • 这名公司秘书必须在新加坡居住且不是公司的单一董事。

审计师 Auditor

除非公司可以豁免审计，公司必须在公司成立之日起算三个月内指派一名审计师。具有下列情况的公司可以豁免审计： • 所有股东都为个人。 • 股东的总人数少于 20 人。 • 年营业额少于 1000 万新元。

年度股东大会 Annual General Meeting (AGM)

年度股东大会必须每年举办一次，年会上公司账户将提交股东批准。小型的豁免私人公司（EPC）或处于休眠状态的私人公司如果公司的所有股东都同意没有必要，则可以不必举办年度股东大会。不过，公司如果不再是休眠公司或小型 EPC 的话就必须要指派一名审计师。设计师的任命必须在年度股东大会举办前的任何时间，通过股东决议来完成。上市公司根据法律的固定仍然需要举行年度股东大会。 • 首届 AGM 必须在公司成立起后的 18 个月内举行。 • 在 AGM 上提交的账户必须是最新的且不超过 AGM 举办前的六个月的时间。

• •

The sole director may also be the sole shareholder of the company. With effect from 1 March 2009, the director must be aged 18 years above.

A local Company Secretary must be appointed within six (6) months from the date of incorporation. • The company secretary must be residing in Singapore and not the sole director of the company.

The Company must appoint an auditor within three (3) months form date of incorporation, unless it is exempted from audit requirements. Companies are exempted from audit requirements if: • All shareholders are individual. • Total number of shareholders is less than 20. • Annual turnover is less than S$10 Million.

Annual General Meeting must be conducted annually where the company accounts are presented to the shareholders for approval. A small Exempt Private Company (“EPC”) or a dormant private company does not need to hold an AGM if all its shareholders agree that an AGM is not required. However, the Company must appoint as auditor once it ceases to be dormant or a small EPC. The appointment must be done at any time before the AGM of the year in question, by way of ordinary resolution. Public companies will still be required by law to hold its AGM. • First AGM must be held 18 months from the date of incorporation • Accounts presented during the AGM must be up to date and not more than 6 months before AGM.

年报 Annual Returns (AR)

从 AGM 举办后的一个月之内就必须向“会计和公司注册局”（ACRA）提交公司年报。文件归档须由公司秘书来完成。

Annual returns must be lodged annually with the Accounting and Corporate Regulatory Authority (“ACRA”) within one month form the AGM. The filing is done by the Company Secretary.

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财政年底 Financial Year End (FYE)

公司必须有一个固定的财政年底。如果该公司是一家分公司，它的 FYE 就必须和控股公司的 FYE 相同。否则就由该公司来决定 FYE 的时间。

A Company must have a fix financial year end. If the company is a subsidiary company, its FYE must coincide with the FYE of the holding company. Otherwise, the choice of the FYE is left to the Company to decide.

账户 Accounts

所有新加坡公司的账户都需要提供正确的财务报表 / 账户用作年度归档。

All Singapore company accounts are required to maintain proper financial statements/accounts for the annual filing.

公司或其管理人员的变更情况必须在 ACRA 登记

All changes occur in the particulars of the company or its officers must be lodged with ACRA.

公司信息在新加坡 ACRA 归档（ACRA 之前曾被称为公司和业务注册处）并向公众公布。在注册处保管的信息包括：

Company information is filed with ACRA (formerly known as Registry of Companies and Businesses) in Singapore which is available to member of the public. Information kept at the registry includes:

变更通知 Notification of Changes 公众归档信息 Information on Public File

• • • • • •

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董事的姓名和地址所有公司成员的姓名、地址和持股情况公司秘书的姓名和地址审计师的姓名和地址注册地址、公司地址、公司名称和商业登记号码抵押贷款和费用

• Names and addresses of the directors • Names, addresses and shareholding of all members • Name and addresses of the company secretaries • Name and Address of the auditor • Registered address, business address, company name and business registration number • Mortgages and Charges

司法辖区 JURISDICTIONS

美洲

AMERICAS

巴哈马

The Bahamas

司法辖区 JURISDICTIONS

Bahamas

概况

巴哈马

General

The Bahamas

实体类型

不适用

Type of Company

N/A

法律类型

普通法

Type of Law

Common

建立信托所需时间

没有时间限制

Our Time to Establish a Trust

There are no time restrictions to esatblish a trust

最低政府费用（不包括税收）

创建信托的信托税 50 美金

Minimum Government Fees (excluding taxation)

Trust duty of $50 on creation of trust.

是否签订双重征税协定

否

Double Taxation Treaty Access

国外收入课税

否

Taxation on Foreign Income

信托资产

Trust Assets

标准货币

可接受任何常规货币，不要求最低资本金

Standard Currency

Any common currencies acceptable, no minimum capital required.

允许币种

可接受任何常规货币，不要求最低资本金

Permitted Currencies

Any common currencies acceptable, no minimum capital required.

最低资产要求

无

Minimum Assets Required

受托人

Trustees

独立法人最低人数

1人

Minimum Number if Individuals

One

公司法人最低人数

1人

Minimum Number if a Body Corporate

One

是否要求有当地受托人

否

If Local Trustee Required

公众可否查阅记录

否

Publicly Accessible Records

会议地点

任何地方

Location of Meetings

Anywhere

保全

Protector

是否需要

可选

Required

Optional

持有专业资格

可选

Professional Qualiﬁcations Held

Optional

信托契书公众可否访问

Trust Deed 否

账户

Publicly Accessible

Accounts

准备要求

是

Requirements to Prepare

Yes

审计要求

否

Audit Requirements

公众可否访问账户

否

Publicly Accessible Accounts

其他

Other

法定继承权

无

Forced Heirship Rules

是否允许迁册

取决于信托契书的内容

Change in Domicile Permitted

Depends on how the Trust Deed is drafted

By BFSB Member Law Firm Higgs & Johnson

司法辖区 JURISDICTIONS

行政特区：巴哈马所在地区：加勒比官方货币：巴哈马元 (BSD) (B$) 官方语言：英语所属时区：UTC-5 电话区号：+1242 通讯设施：良好

Country: The Bahamas Region: Caribbean Currency: Bahamian Dollar (BSD) (B$) Languages: English Time Zone: UTC-5 Phone Code: +1242 Communications: Good

简介

Introduction

巴哈马在 1973 年正式从英国独立出来，当然英国女王仍然是该国的首脑。坐落于距离美国佛罗里达州 50 英里外的加勒比海上，巴哈马有 700 个岛屿，人口仅为 35 万人左右。巴哈马的官方语言是英语，首都是拿骚。巴哈马有数个国际机场连接世界各地，并有非常精良的港口设施。巴哈马属于亚热带气候。威斯敏斯特型的政府架构对营商非常有利。2012 年 5 月，选民弹劾了 Hubert Ingraham 首相的自由国家运动党政府，38 个议会席位中有 29 个把票投给了由 Perry Christie 领导的进步自由党。Christie 先生从 2012 年 5 月 8 日起宣誓就职巴哈马首相。巴哈马早在 20 世纪早期曾是一个信托和旅游业的离岸金融辖区，但发展成为金融中心则比较晚。该国经济主要依赖旅游

The Bahamas became independent from the UK in 1973, although the Queen remains Head of State. Beginning 50 miles off Florida, in the Caribbean, The Bahamas has 700 islands and a population of just over 350,000. The official language is English. The capital is Nassau, there are a number of international airports with good connections, and there are excellent port facilities. The climate is sub-tropical. The Westminster-style government is business-friendly. In May 2012, the Progressive Liberal Party (PLP) replaced Prime Minister Hubert Ingraham's Free National Movement Party, with 29 of the 38 House of Assembly seats going to the PLP, led by Perry Christie, who was sworn in as Prime Minister on May 8, 2012.

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概况

巴哈马

General

Bahamas

实体类型

基金会

Type of Company

Foundation

法律类型

普通法

Type of Law

Common Law

有限责任

是

Limited Liability

Yes

建立基金会所需时间

一周

Our Time to Establish a Foundation

One Week

基金会最低资本金（等值货币）

一万美元或其他任何等值货币

Foundation Capital Minimum (equivalent in currency)

USD 10,000 or the equivalent in any other currency

基金会资本货币

任何

Foundation Capital Currency

Any

公众可访问记录

Publicly Accessible Records

基金会章程

可选

Foundation Charter

Optional

基金会管理规则

否

Foundation Regulations

受益人

否

Beneﬁciaries

创始人

否

Name of Founder

基金会管理成员

Ofﬁcers of Foundation

保全要求

可选

Protector Required

是否允许企业保全

是

Corporate Protector Permitted

Yes

Optional

理事会成员最少人数

（1）2 个自然人；（2）1 个法人和 1 个或多个自然人；（3）一个或多个法人

Minimum Number of Council Members

(1) Two natural persons, or (2) A legal person and one or more natural person, or (3) One or more legal person

是否允许有企业理事会成员

是

Corporate Council Members Permitted

Yes

会议地点

任何地方

Meeting Location

Anywhere

基金会本地规定

Local Requirements of Foundation

基金会代理

如果没有秘书则需要代理

Foundation Agent

Yes if no Secretary

是否需要秘书

如果没有基金会代理前提下需要

Secretary Required

Yes if no Foundation Agent

章程语言

任何语言，但是要求翻译

Language of Charter

Any, but a translation is required

管理条例语言

任何语言，但是要求翻译

Language of Regulations

Any, but a translation is required

账户

Accounts

准备要求

一个基金会必须保留充分的记录去证明和解释所有交易

Requirements to Prepare

A foundation must keep records sufﬁcient to show and explain its transactions

审计要求

可选

Audit Requirements

Optional

其他

Other

年度政府费用

500 巴哈马元

Annual Government Fee

B$500

是否允许迁册

是

Change in Domicile Permitted

Yes

By BFSB Member Law Firm Higgs & Johnson

司法辖区 JURISDICTIONS

业（每年 400 万游客），但是金融服务业也正成为重要产业之一。GDP 在 2012 年是 112.4 亿美元（估计）。2012 年人均 GDP 约为 31900 美元，这在当地是高于平均值的，但是也是远远落后于那些最成功（和更小型）的行政特区，比如开曼群岛和英属维尔京群岛。全球金融危机对该国影响颇大，GDP 缩水不少，财政赤字也在增加。当然随着旅游业的增长，特别是来自美国的投资已经扭转了颓势。旅游业的投资提升的游客数量对未来的增长至关重要。这里有一家证交所，名为巴哈马国际证券交易所（BISX）。到 2014 年年底为止，BISX 有 5 家经纪公司进行普通股、优先股和债券的的交易，总价值为 36.53 亿美元。另外，到 2014 年 12 月 31 日位置，有 32 只基金在 BISX 上市，管理的资产总额为 22 亿美元。巴哈马位居领先的产业为银行业（到 2015 年底为止有 249 家银行）和投资基金（到 2015 年底为止有 898 只）。信托管理也前景广阔。离岸运作通过国际商务公司或其它免税形式实现。保险业的资产由 260 万美元。专业服务领域非常出色。船舶注册对大型船只来说非常成功。这里没有所得税、资本利得税、销售税、使用税或财富税。企业需要向政府缴纳年费，还有国家保险和印花税、增值税和物业税。

The Bahamas was a trust and tourist jurisdiction very early in the 20th century. The economy is heavily dependent on tourism (6m visitors a year), but financial services have grown in importance, with an existing full toolkit of products and services. GDP was USD 9bn in 2015 (est.) at purchasing power parity, and GDP per head was about USD 25,794 in 2015 (est.) at PPP. This is above average for the region. The global financial crisis left its mark on the country's economy with GDP contracting and the budget deficit increasing. However increased tourism, particularly from the US and new investments, have reversed the decline. Investment in the tourism sector and increased visitor numbers are vital for further growth. There is a stock exchange, The Bahamas International Securities Exchange (BISX). At the end of 2014 BISX had 5 Broker-Dealers that trade in ordinary shares, preference shares and bonds, with a collective value of $3.653 Billion. And, as at December 31, 2014 there were 32 funds listed on BISX with approximately $2.2 billion in Assets Under Management.

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司法辖区 JURISDICTIONS

Leading sectors are banking (249 banks at the end of 2015) and investment funds (898 at the end of 2015). Trust management is also prominent. Offshore operations take place through International Business Companies or other tax-exempt forms. The insurance sector has assets of USD2.6m. Professional services are excellent. The shipping registry has been very successful for larger vessels. There is no income tax, capital gains tax, sales or use tax or wealth tax. Annual government fees are imposed on businesses and there are national insurance, stamp duties, VAT and property taxes. The Bahamas has signed 33 Tax Information Exchange Agreements (TIEAs). 巴哈马和 33 个国家签订了税务信息交换协议（TIEA）。

Suitable for: Wealth Management, Banking, Shipping, Aviation, Yachting,

适合于：财富管理、银行业、航运业、航空、游艇、知识产权 / 许可证、控股公司

Intellectual Property/Licensing, Holding Companies Vehicle Types:

离岸工具种类：有限公司、公众有限公司、信托、外国公司、有限合伙制公司、豁免有限合伙制和分离账户公司资本主要商务区域：拿骚税务负担——商务：极轻

Limited companies, public limited companies, trusts, foreign companies, limited partnerships, exempted limited partnerships and segregated account companies, IBCs. Capital Primary Business Districts: Nassau Tax Burden - Business: Very Light Tax Burden - Individual:

税务负担——个人：

Very Light

极轻

Headline Tax Rates: 总体税率：

CIT 0%, PIT 0%, VAT 7.5%

CIT 0%, PIT 0%, 增值税 7.5%

TIEA Jurisdictions: 税务信息交换协议签订国：

Argentina, Aruba, Australia, Belgium, Canada, China, Czech

阿根廷、阿鲁巴、澳大利亚、比利时、加拿大、中国、捷克共和国、

Republic, Denmark, Faroe Islands, Finland, France, Germany,

丹麦、法罗群岛、芬兰、法国、德国、英国、格陵兰、耿西岛、冰岛、

Great Britain & Northern Ireland, Greenland, Guernsey, Iceland,

印度、印度尼西亚、爱尔兰、日本、韩国、马耳他、墨西哥、摩纳

India, Indonesia, Ireland, Japan, Korea, Malta, Mexico, Monaco,

哥、新西兰、挪威、波兰、圣马力诺、南非、西班牙、瑞典、荷兰、

New Zealand, Norway, Poland, San Marino, South Africa, Spain,

美国

Sweden, The Netherlands, United States

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司法辖区 JURISDICTIONS

巴哈马：经验丰富的信托和基金会司法辖区 The Bahamas: An Experienced Trust and Foundations Jurisdiction

Ivylyn Cassar CPA TEP ACIArb Cassar 女士是格鲁吉亚认证公众会计师协会、巴哈马特许会计师协会和信托额遗产执业者协会的会员，也是巴哈马金融服务局、巴哈马国际银行和信托公司协会、巴哈马证券经纪人协会的前任董事，她还是具备 7 级资格投资顾问。她最近还获得了英国特许仲裁学会的准会员资格。她也被巴哈马政府任命为巴哈马贸易委员会的董事。 Cassar 女士在罗斯会计事务所开始了她的职业生涯（1985 年），稍后加入了新世界信托集团（1988 年）启动了她在国际财富管理和私人银行业务领域担任信托、公司、投资基金、基金会和保险产品等方面信托专家的事业。她还曾是 Leopold Joseph 巴哈马有限公司的前任执行总裁（1996 年），在此期间她从公司成立起就担任领导职务直到公司之后被比大菲尔特银行收购。她现在是股权集团国际有限公司的集团副主席和校长，也是股权银行巴哈马信托有限公司的副主席（2004 年至今），该公司旧名 Experta 信托（巴哈马）有限公司。股权银行由巴哈马央行监管其银行和信托业务，由巴哈马证券委员会监管其投资基金和经济自营商服务。 Cassar 女士曾在巴哈马学院和自由大学攻读会计学，并以 GPA 4.0 的优异成绩毕业（1985 年）。

144

Ms. Cassar is a Fellow Member of Georgia Society of Certified Public Accountants, a Member of the Bahamas Institute of Chartered Accountants, a Member of the Society of Trust and Estate Practitioners, a past Director of the Bahamas Financial Services Board, a past Director of the Association of International Banks and Trust Companies in the Bahamas, a past Director of the Bahamas Association of Securities Dealers, and Series 7 qualified Investment Advisor. She has recently qualified for Associate Membership of The Chartered Institute of Arbitrators in England. She was appointed Director of the Bahamas Trade Commission by the government of the Bahamas. Ms. Cassar started her career at Touche Ross (1985), and later joined the New World Trust Group (1988) to launch a 27 year career in international wealth management and private banking, as a fiduciary specialist in trusts, companies, and investment funds. Foundations, insurance products amongst others. She was the former managing director of Leopold Joseph Bahamas Limited (1996) which she headed up from inception in the Bahamas until its acquisition by Butterfield Bank. She is presently a principal and Group Vice Chairman of Equity Group International Limited, and Vice Chairman of Equity Bank and Trust Bahamas Limited (2004 to present), formerly Experta Trust Company (Bahamas) Limited. Equity Bank is regulated by the Central Bank of the Bahamas for its bank and trust services, and the Securities Commission of the Bahamas for its investment fund and broker-dealer services. Ms. Cassar attended the College of the Bahamas and Liberty University to study Accounting and graduated with Summa Cum Laude honours with a 4.0 GPA (1985).

China Offshore Trusts & Foundations Guide 2016

巴

哈马的首家信托公司成立于 1936 年。差不多 80 年后的今天，巴哈马在世界上已被广泛认可为信托和财富管理的领先司法辖区，它的“股权信托银行巴哈马有限公司 ”（Equity Bank And Trust Bahamas Limited）是巴哈马人所有的在该领域处于最前沿的公司。巴哈马不断增加的法律法规工具，包括信托、基金会和创新的法律实体，对资产保护和代代相传的传承规划提供支持。

巴哈马的信托法历史作为英国的前海外殖民地，巴哈马沿用了英国所有的法律体系，其中包括 1898 年的英国信托法案。这意味着巴哈马法庭有充足的英国法庭判例先例可以参考，除非和普通法判例背离，用来处理信托和遗产方面的案件。通过这种方法，现代巴哈马信托就从两重世界中获益匪浅：一方面是异常丰富的参考范例，另一方面则是一个非常进步的法律框架，让它从一些常见的法律条条框框中解放出来。这些由巴哈马极富创新力的法律修正案中得以体现，这些修正案让巴哈马拥有永久信托、保护性信托、慈善和非慈善的目的信托，监管信托中相关委托人的私人信托公司，以及信托替代品，比如基金会和纯政府架构，比如巴哈马执行实体等形式成为可能。巴哈马信托的特点灵活性：信托可以在给予受托人完全自由裁量

Member Contribution

权的基础上建立（当然要取决于它的受托人义务），自由裁量权包括利益分配、分配的时间点、受益人的选择、受益人的排除和信托资产的投资等。这些权利可以由一个委托人出具的不具约束性的意愿书来指导。让委托人保留他在上面描述的许多权力而不必影响到信托的有效性也是有可能的，也可以根据信托条款指导受托人的投资实践行为。经指导的信托让这些权力可以在委托人的指导下执行，或由一个信托证书中任命的第三方来进行，在不存在欺诈的情况下指导受托人必须遵守的行动方向。

he first trust company was established in The Bahamas in 1936. Almost 80 years later, The Bahamas is widely recognized as a leader in trusts and wealth management, with Equity Bank And Trust Bahamas Limited at the forefront of Bahamian owned firms specializing in this area. The ever-expanding Bahamian legislative toolkit now consists of trusts, foundations and other innovative entities that can assist wealth creators with asset protection

and succession planning spanning generations. The History of Trust Laws in The Bahamas As a former colony of Britain, The Bahamas inherited all the laws of the realm including the English Trusts Act of 1898. This means that Bahamian courts can call on the substantial precedent of English courts in dealing with matters of trusts and estates

隐私和保密性：巴哈马的信托契约并不需要公众注册，而受托人根据巴哈马的强健的 AML、 CFT 法律，则需要对委托人、受益人和

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其它各方进行尽职调查。出于 FATCA 税务申报的目的，巴哈马受托人仅需就信托美国的受益人向当局申报。巴哈马法律至高无上：在巴哈马法律被选为监管信托时，产生的所有问题都将参考巴哈马法律，其中包括但不仅限于如下方面的问题： • 委托人的能力范围； • 信托的有效性或其解释或影响力的处置方式等方面的问题； • 信托的监管，信托的监管是在巴哈马或其它地方进行，包括信托的权力、义务、责任和其任命和撤销等方面的问题； • 权力的存在性和权限，授予还是保存；包括信托的变化或废除，以及上述权力的指派和有效性等。

except where our statute has departed from common law precedent. In this way the modern Bahamas trust benefits from the best of both worlds: a deep bench of precedent and guidance and a very progressive statutory framework which has freed it from some common law constraints. This has been accomplished by innovative statutory amendments that make it possible in The Bahamas to have perpetual trusts, protective trusts, trusts for purposes both charitable and non-charitable, private trust companies to administer the trusts of related settlors, trust substitutes like

资产保护：巴哈马法律包含让身为基金会创始人的信托委托人把资产向基金会的受托人转移，同时期望他的这一架构和意愿将得到我们国家法律保护的各项规定。在一些司法辖区内，对信托处置无效的时限是无限期的，这对债权人极为有利，却让委托人持反对意见。其它司法辖区则会另辟蹊径，大力宣传其执行方面的“实际障碍”。巴哈马承认对欺诈性转让的债权人保护方面的法律目的，并有一个对委托人架构应该得到尊重且不必暴露在不定时攻击的同等预期。代际传承： 2011 年，巴哈马废除了“ 反永久所有权规则”（并有进一步的法律修正案）限制巴哈马信托的年限为 150 年。巴哈马信托现在可以设立为无限期，并能达成许多创富者的代际传承期望——通过一个财富的延续性规划让自己的下几代对此做出努力和从上几代人建立的架构中获益。代际传承架构需要制度化的监管以确保长期目标和家族期待得以实现和认

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the foundation and pure governance structures, like the Bahamas Executive Entity. Features of The Bahamas Trust Flexible: Trusts may be established giving the trustee full discretion( subject of course to its fiduciary obligations) as to making of distributions, timing of distributions, selection of beneficiaries, exclusion of beneficiaries as well as investment of trust assets. These may be guided by a non-binding letter of wishes issued by the settlor.

Member Contribution

可。财富架构的监管常常可以通过一名向受托人提供信托资产投资、红利配发的时间点和受益人的增减等方面问题咨询的保护人或保护人委员会来支持。这一向制度化监管的进步是一件好事，但是保护人制度的信托本质是一个有时候可以让个人承担无限责任，以及需要一些所有权架构的公司方面的工具，上述都会让整个财富规划变得更为复杂。巴哈马创建了“巴哈马执行实体”来负责监管、任职和信托等角色，比如保护人、基金会或其它委员会的成员、董事或主管等角色。 It is also possible for the settlor to reserve many of the powers described above without invalidating the trust or to “direct” the Trustee as to the exercise of its investment powers under the terms of the trust. Directed trusts allow for these powers to be exercised at the settlor’s direction or at the direction of a third party identified in the trust instrument, which direction the trustee must follow in the absence of fraud. Private & Confidential: Trust deeds in The Bahamas are not publicly registered though Trustees are obliged to perform due diligence on the Settlor, Beneficiaries and other parties in accordance with Bahamas’ robust AML, CFT regime. For the purposes of FATCA reporting, a Bahamas trustee will be required to report in respect of trusts with US beneficiaries only. Bahamas Law is Supreme: Once Bahamas Law is chosen to govern the trust all questions are referred to Bahamas law including but not limited to questions about: • the capacity of the settlor;

• any aspect of the validity of the trust or disposition or of its interpretation or effect; • the administration of the trust, whether the administration be conducted in The Bahamas or elsewhere, including questions as to powers, obligations, liabilities and rights of trustees and their appointment and removal; • the existence and extent of powers, conferred or retained; including powers of variation or revocation of the trust and powers of appointment, and validity of such powers. Asset Protection: Bahamas laws contain various provisions that enable the Settlor of a Trust of the Founder of a Foundation to transfer assets to a trustee or foundation with the expectation that his structure and his intention will be respected by our courts. In some jurisdictions there is an unlimited time period in which to void the disposition making them incredibly creditor friendly but settlor averse. Others have swung the pendulum the other way aggressively marketing the

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Bahamas trusts can now be set up for an unlimited period with an outlook that recognizes the dynastic intentions of many wealth creators – a sustaining plan for wealth that enables generations to contribute to and benefit from the structures set up generations before. These dynastic structures require institutionalized governance in order to recognize the long term goals and aspirations of the family. Governance in wealth structures can often be supported through a protector or protector committee which may give advice to the Trustee as to the Investment of trust assets, timing of distributions and addition or exclusion of beneficiaries. This move toward institutionalize governance is a good thing but the fiduciary nature of the office of protector was something which could subject individuals to almost unlimited liability and corporate vehicles which required some structure for ownership made wealth plans more complex. The Bahamas created the Bahamas Executive Entity to act in governance, office-holding, and fiduciary roles like a protector, a council member of 基金会基金会以其内在和外在两方面的特点而被巴哈马所接受。它的内在特点意味着它对监管基金会资产的人来说，在信托责任方面有所降低。外在特点包括对来自拉丁美洲和民法国家的潜在创始人来说的文化习俗方面的适应性。具有里程碑意义的《1998 年信托法》为委托人所准备的“保留权力”信托，是一个基于基金会作为一个法律实体在客户本国法律规定下得到双方认可的统一性，也是一个来自拉丁美洲和

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“practical barriers” to enforcement. The Bahamas has recognized that there is a legitimate aim of protecting creditors against fraudulent transfers and an equally legitimate expectation that settlors’ structures should be respected and not open to indefinite attack. Dynastic: In 2011 The Bahamas abolished the Rule Against Perpetuities which (with further statutory modification) had limited the duration of Bahamas Trusts to a period of 150 years.

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Member Contribution

欧洲国家客户的基本工具。巴哈马在其信托法中复制了许多现成的，可以被基金会采用的条款。巴哈马基金会和基金会的相似处： • 具有承认基金会监管法高于一切的规定； • 具有针对特留份继承权索赔的保护性条款； • 具有在遭遇挑战时终止受益人权益的条款。关于股权信托银行巴哈马有限公司股权信托银行巴哈马有限公司（Equity Bank And Trust Bahamas Limited）位于巴哈马的拿骚，是加勒比地区私人财富管理的中心，也是股权公司集团（The Equity Group of Companies）的一部分，在瑞士、巴拿马、迪拜和英属维尔京群岛有多家银行和信托附属公司。作为一家独立和高端的信托和其它金融服务提供商，股权公司集团为达到高净值人士、家族和机构客户的要求设计了定制化的产品和服务。我们位于多个司法辖区的大量公司和附属公司为我们提供公司实体的设计和建立方面的灵活性，我们良好的关系网络不仅位于巴哈马，还遍布客户最感兴趣的地区。

a foundation or other committee, a director, or officer. Foundations The foundation was adopted in The Bahamas for its extrinsic and intrinsic characteristics. Its intrinsic characteristics meant that there was a reduced fiduciary responsibility for those administering the foundation’s assets. The extrinsic characteristics accommodated the culture and custom of potential founders from Latin America and the rest of the civil law world. While the landmark Bahamas 1998 Trustee Act provided for settlor “reserved powers” trusts, a consensus developed that a foundation, a legal entity recognizable under the laws of the client’s home country, was an essential tool for both Latin American and European originating clients. The Bahamas replicated many of the provisions found within its trust law applying it where the context permits to the foundation. Bahamas foundations similar to trusts: • Have provisions which recognize the supremacy of the governing law of

the foundation; • Have provisions which protect against forced heirship claims; • Have provisions which provide for termination of a beneficiaries interest upon challenge. About Equity Bank And Trust Bahamas Limited Equity Bank And Trust Bahamas Limited is located in Nassau, Bahamas, the leading private management centre in the Caribbean region and is part of The Equity Group of Companies with bank and trust company affiliates in Switzerland, Panama, Dubai and the British Virgin Islands. As an independent, boutique bank, trust and other financial services provider, The Equity Group designs custom made products and services to meet specific needs of high net worth individuals, families and institutional clients. The breadth of our multi-jurisdictional group of companies and affiliates provides us with the flexibility to devise and establish entities and relationships not only in The Bahamas but elsewhere if this in the best interest of a client.

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司法辖区 JURISDICTIONS

巴巴多斯 Barbados

司法辖区 JURISDICTIONS

Barbados

概况

巴巴多斯

General

Barbados

实体类型

信托

Type of Company

Trust

法律类型

普通法

Type of Law

Common

建立信托所需时间

3 到 5 工作日

Our Time to Establish a Trust

3-5 working days

最低政府费用（不包括税收）

无

Minimum Government Fees (excluding taxation)

Nil

是否签订双重征税协定

是

Double Taxation Treaty Access

Yes

国外收入课税

是（1-3%）

Taxation on Foreign Income

Yes ( 1-3%)

信托资产

Trust Assets

标准货币

多币种

Standard Currency

Multi currency

允许币种

多币种

Permitted Currencies

Multi currency

最低资产要求

无

Minimum Assets Required

None

受托人

Trustees

独立法人最低人数

1人

Minimum Number If Individuals

公司法人最低人数

1人

Minimum Number If a Body Corporate

是否要求有当地受托人

可选

If Local Trustee Required

Optional

公众可否查阅记录

无

Publicly Accessible Records

会议地点

可选

Location of Meetings

Optional

保全

Protector

是否需要

否

Required

持有专业资格

否

Professional Qualiﬁcations Held

信托契书公众可否访问

Trust Deed 否

账户

Publicly Accessible

Accounts

准备要求

是

Requirements to Prepare

Yes

审计要求

如果资产或者收入超过 2 百万美元

Audit Requirements

If assets or income >US$2M

公众可否访问账户

是

Publicly Accessible Accounts

Yes

其他

Other

法定继承权

否

Forced Heirship Rules

是否允许迁册

是

Change in Domicile Permitted

Yes By Invest Barbados

司法辖区 JURISDICTIONS

行政特区：巴巴多斯所在地区：加勒比官方货币：巴巴多斯元（BBD）（BDs$）官方语言：英语所属时区：UTC-4 电话区号：+1246 通讯设施：优良

Country: Barbados Region: Caribbean Currency: Barbadian Dollar (BBD) (Bds$) Languages: English Time Zone: UTC -4 Phone Code: +1246 Communications: Good

简介

Introduction

巴巴多斯的经济已从单纯的制糖业向旅游和金融行业成功转变。政府对商业更为友善，最近的经济状况也十分良好。巴巴多斯提供多种多样的离岸工具形式，并从和美国和加拿大的贸易伙伴关系中获得了利益和好处。巴巴多斯的离岸保险业成长迅速，并有不断增加的离岸银行。巴巴多斯的股市已经在一个中央枢纽的控制下完全电算化，当然互惠基金还没有完全发展起来。巴巴多斯的离岸公司多种多样，税务架构十分复杂，但并不过度夸张。巴巴多斯对制造业和其它行业有激励政策，当然其国内市场毫无疑问是比较小的。适合的离岸行业：银行业、保险业、基金管理、航运、游艇、知识产权 / 授权、控

The economy has diversified from sugar production into tourism and financial services. The government has become more business-friendly and lately has been economically sound. Barbados offers a wide range of offshore formats, and benefits from profitable trade partnerships with the US and Canada. The offshore insurance sector is booming, and there are a growing number of offshore banks. The stock exchange is fully computerized with a central depositary, although mutual funds have not yet developed strongly. There is a wide range of corporate formats, but the taxation structure is complex, although not unduly high. There are manufacturing and other domestic incentives but the home market is inevitably small.

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股公司

Suitable for: Banking, Insurance, Fund Management, Shipping, Yachting,

离岸工具种类：有限公司、公众有限公司、信托、外国销售公司、通用合伙制公司、

Intellectual Property/Licensing, Holding Companies

有限合伙公司、豁免有限合伙公司和受限责任协会

Vehicle Types: Limited companies, public limited companies, trusts, foreign sales

资本主要营商区域：

corporations, general partnerships, limited partnerships, exempted

布里奇敦

limited partnerships and societies with restricted liability

关系良好国家：巴哈马、伯里兹、百慕大、英属维尔京群岛、加拿大、开曼群岛、

Capital primary business districts: Bridgetown

中国、古巴、多米尼加、牙买加、墨西哥、蒙特色拉特岛、圣基茨和尼维斯、圣卢西亚岛、圣文森特和格林纳达岛、苏里南、特立尼达和多巴哥、特克斯河凯恩斯群岛、英国、美国

Good Relationships: Bahamas, Belize, Bermuda, British Virgin Islands, Canada, Cayman Islands, China, Cuba, Dominica, Jamaica, Mexico,

关系不佳国家：缅甸、伊朗、北韩（人民民主主义共和国）、利比亚、索马里、苏丹、

Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and

叙利亚

Islands, United Kingdom, United States

税务负担——商务：

Bad Relationships: Burma, Iran, Korea (Democratic People's Republic of), Libya,

轻

the Grenadines, Suriname, Trinidad and Tobago, Turks and Caicos

Somalia, Sudan, Syria 税务负担——个人：中等

Tax Burden - Business: Light

总体税率： CIT 15%, PIT 20-35%, VAT 0%

Tax Burden - Individual: Moderate

合约签订行政辖区：安提瓜和巴布达、奥地利、巴林、伯里兹、博茨瓦纳、加拿大、中国、

Headline tax rates:

古巴、捷克共和国、多米尼加、芬兰、格林纳达、圭亚那、冰岛、

CIT 15%, PIT 20-35%, VAT 0%

牙买加、卢森堡、马耳他、毛里求斯、墨西哥、蒙特色拉特岛、荷兰、挪威、巴拿马、圣基茨和尼维斯、圣卢西亚、圣文森特和格林纳丁斯岛、圣马力诺、塞舌尔、西班牙、瑞典、特立尼达和多巴哥、

Treaty Jurisdictions: Antigua and Barbuda, Austria, Bahrain, Belize, Botswana, Canada,

英国、美国、委内瑞拉

China, Cuba, Czech Republic, Dominica, Finland, Grenada, Guyana, Iceland, Jamaica, Luxembourg, Malta, Mauritius, Mexico,

税务信息交换行政辖区：丹麦、法罗群岛、格陵兰岛、南非、美国

Montserrat, Netherlands, Norway, Panama, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, San Marino, Seychelles, Spain, Sweden, Trinidad and Tobago, United Kingdom, United States, Venezuela TIEA Jurisdictions: Denmark, Faroe Islands, Greenland, South Africa, United States

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Q&A

离岸问答

巴巴多斯 Barbados

1. 在希望向下一代传承资产的中国高净值人士或家族（等）的隐私和资产保护方面，贵司法辖区的优势有哪些？全球的新经济环境具有透明化和规范化的特点，巴巴多斯具有十足活力的机制能让中国的高净值人士和家族通过巴巴多斯国内的合法合规的架构来运作，从而达到资产、隐私保护和代际传承的目的。 2. 价格方面，在贵司法辖区设立信托 / 基金会和其它辖区相比有什么不同？如果价格更高，您能为客户提供的附加价值是什么？和其它司法辖区相比，巴巴多斯是一个非常具有性价比的国家。而且巴巴多斯的附加价值可以通过它庞大的免双重征税网络（DTA）来实现。 3. 信托和基金会是否是贵司法辖区的首选架构？您为什么会这样认为？您是否预计这一现象在未来会有所变化？未必是这样。信托和基金会一直是财富规划中的重头戏。不过，通过国际商务积累财富的更年轻客户采用巴巴多斯的免双重征税网络来更迅速地扩展业务和积累财富。我们预计企业家高净值人士会越来越多地采用巴巴多斯以及它

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1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? In the new global environment characterized by transparency and regulation, Barbados offers a range of robust mechanisms that enable Chinese HNWI & families to operate legal tax compliant structures from within Barbados. 2. In terms of cost, how is the cost of a setting up a trust/foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? Barbados is very cost effective compared to other jurisdictions. Also Barbados trusts add much more value as they have access to Barbados’ extensive double tax treaty network (DTAs). 3. Are trusts or foundations in your jurisdiction the preferred structure for clients? Why do you believe that is? Do you expect any changes in that preference in the

司法辖区 JURISDICTIONS

future? Not necessarily. Trusts and Foundations are always at the heart of wealth planning. However, younger clients building their wealth through international business utilize the Barbados double tax treaty network to grow their business and hence wealth at a faster rate. We expect entrepreneurial HNWIs to increasingly seek out Barbados as the only Caribbean jurisdiction with an established and growing tax treaty network that has DTAs with notably the USA and increasingly Latin America. 4. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? Tax efficient structures that enable Chinese investors to do business and invest in the USA, making BVI companies and private equity funds and becoming tax resident in Barbados. These are some of the most typical solutions for Chinese clients. 成熟和迅速增加的税务协定网络作为加勒比地区唯一的司法辖区，巴巴多斯已和美国和更多的拉丁美洲国家签订了免双重征税协定。 4. 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？利用高效的税务架构来让中国投资者能够在美国经商和投资，成立英属维尔京群岛公司和私募基金，并成为巴巴多斯的税务居民。上述这些都是中国客户最为青睐的典型解决方案。 5. 我们知道有一些司法辖区专注于资产保护，另一些则致力于资产传承产品。贵辖区对资产保护或资产传承是否能提供更好的解决方案？巴巴多斯国内信托是一个极佳的资产保护和传承工具。它的特点包括在保持对资产终极控制权的同时不对信托的本质有所损害。巴巴多斯国内信托的特点让控制权和资产保护都能通过一个简单的架构来实现。巴巴多斯最近颁布了私人信托公司（PTC），巴巴多斯的信托和服务于信托的受托人都能免缴所得税和资本利得税。

5. We understand that some jurisdictions focus on asset protection, while others focus on asset succession products. Does your jurisdiction have a better solution for asset protection or asset succession? The Barbados domestic trust is a superior asset protection and succession vehicle. It has features that combine the desire for retaining some ultimate control while not undermining the fundamental nature of the trust. The features of the Barbados domestic trust enable control and asset protection in one simple structure. The Private Trust Company (PTC) was recently introduced and the PTC and the trusts its serves as trustee, is exempted from income and capital gains taxes in Barbados.

来源： Jonathan Brathwaite/Mithril Advisors Contributed by Jonathan Brathwaite/Mithril Advisors

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PTCs —— 在日趋透明的世界里规划财富 PTCs – Planning in A Transparent World By Roland Jones AICB, CPA, CGA, FCA, TEP.

公

众舆论和政治导向让今天的信托和财富管理行业面临着巨大的挑战，逼迫企业和个人的财富规划能够与时俱进。巴巴多斯有庞大的税务和双边投资协议国家网络，它完备的税务系统服务于本地和国际股东，让巴巴多斯能够在新世界里立于不败之地。虽然信托和企业在传统的公司和遗产规划中是匿名的，其它的规划工具——包括保险、慈善、基金会和私人信托公司等在内——也是离岸工具的一种，同样是财富管理专家的百宝箱中的有效“武器”。

Roland Jones

AICB, CPA, CGA, FCA, TEP. Roland 在银行业务、信托、财富管理和国际金融服务领域有超过 23 年的丰富经验。他是一名信托专家，是加拿大注册会计师协会（CGA）的注册会计师和银行家。他位列 Axebridge 公司集团和数家私人国际公司的董事会。Roland 目前也是 STEP 拉丁美洲和加勒比地区主席，且是 STEP 全球理事会的成员。 Axebridge 集团专注于为私人和企业客户寻找传统和备选解决方案。 Roland has over 23 years of experience in the areas of Banking, Trusts, Wealth Management and International Financial Services. He is a trust professional, CGA chartered accountant and banker. He sits on the board of the Axebridge Group of companies and several private international businesses. Roland is the current Chair of the STEP LATAM and Caribbean region and sits on the Council of STEP worldwide.

私人信托公司到底是什么？

ublic opinion and political agenda are among the many challenges that the trust and wealth management industry is facing today, forcing the evolution of corporate and personal planning. Barbados, with its large network of tax and bilateral investment treaties, along with a comprehensive tax system serving local and international stakeholders is well positioned to take advantage of this new world. Whilst trusts and corporations have become synonymous with traditional corporate and estate planning, other vehicles – including insurance, charities, foundations, private trust companies – are also among the offshore tools or ‘technology’ available in the wealth manager’s kitbag of solutions.

私人信托公司就如字面意思一样：它是私人的（比如说，私人所有的），且通常来说是由一群相关人士所严密持有的，建立的目的是为了向信托或相关的信托提供服务。

Barbados legislation around one such alternative vehicle, Private Trust Companies (PTCs), was recently announced. PTCs have many benefits, some of which are discussed below.

和其它公司类似，私人信托公司由董事会运营，并做出信托方面的决策。私人信托公司的主要优势就是通过对信托公司的终极所有权和作为公司董事的方式，让委托人和他的家族对受托人的决策实行高级别的控制。可以

What exactly is a Private Trust Company?

关于这一备选的离岸工具，私人信托公司（PTCs）方面的立法，巴巴多斯就在最近宣布实施。PTC 有众多的优势，以下将对其中的一些做简单讨论。

Axebridge Group specializes in finding traditional and alternative solutions for private and corporate clients.

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A PTC is quite literal in meaning: it is private, (i.e. privately owned) and usually closely held among a group

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想象，对一个希望保留对信托基础资产的特定权力的家族来说，这将是一个极具吸引力的方案。作为一个行业标准，董事会（通常由家族成员组成）来负责运营这家 PTC，而信托的基础资产通常则由一个专业的受托人来运营。典型的私人信托公司架构基本上如右图所示。上述架构中，客户可以直接拥有 PTC 的股份，出于实践和保密性的原因，通常来说，最好由他们通过诸如目的信托（比如，一个以特定目的而建立的信托，如慈善或非慈善目的）或基金会等工具来持有。建立一家私人信托公司私人信托公司和其它巴巴多斯公司一样，可以通过选中的服务提供商向我们的“企业事务和知识产权办公室” （CAIPO）提交申请和其它公司建立文件的方式来建立。公司一旦得到建立，将会实行常规的组织和企业管理流程，包括建立董事会（通常包含相关的家族成员）、注册办公室和雇佣审计师等。私人信托公司提供包含如下几点在内的重要优势： • 更容易被理解：公司架构对非信托专家，特别是来自那些非信托司法辖区的人来说更容易被理解，也能立即被整合进入家族办公室架构。 • 费用可能更加低廉：虽然在实际操作中（而且也是明智之选），信托专业人士事实上从事信托管理的职务， PTC 的建立是作为一名受托人来限制专业受托人权利的目的，通常来说对家族就意味着节省开支。而且，PTC 作为一家公司来说，将享受有限责任的全部优势。一般来说，PTC 的资产本身就被限制为和其实收资本和和支付其运营开支等额的任何资金。 • 控制权：在承认信托或类似架构是

受托人：专业外部受托人实施者或保护者：专业人士或家族成员 ● Trustee: Professional External Trustee ● Enforcer or Protector: Professional or Family member

委托人 Settlor

● ●

目的信托 P u r p o s e Tr u s t 董事会（家族成员）公司秘书，注册办公室，会计和管理都由专业的服务提供商提供 ● Board of directors (family membewrs) ● Corporate Secretary, registered office, accounting and administration all provided by professional service provider ● ●

私人信托公司 P r i v a t e Tr u s t C o m p a n y

家族信托 Fa m i l y Tr u s t

一般和外部专业公司提供的董事会成员、公司秘书、会计师、簿记师来建立和管理 Typical set up with external professional firm providing board members, corporate secretary, accounting, record keeping and administration

资产，比如房产 Assets e.g. real estate

私人信托公司股份的其它备选持有方式包括基金会、全权信托、担保有限公司 Other alternatives for owning shares of a PTC can include foundations, discretionary trusts, companies limited by guarantee

P T C 扮演家族信托的受托人的角色 PTC acts Trustee of Family Trust

控股公司 Holdco

资产，比如投资 Assets e.g. investments

of related parties, and is established to provide trust services to a trust or related trusts. As with any other company, a PTC is run by its board of directors, which, in the case of a PTC, make the trustee decisions. The principal advantage of a private trust company is that it enables the settlor and his family to exercise a significantly greater degree of control over the trustee’s decision by ultimately owning and being the directors of the trust company. You can imagine that for a family looking to reserve certain powers for the underlying assets of the trust, this

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资产，比如艺术品 A s set s e.g. A r t

can be quite attractive. As an industry standard, the board of directors (usually consisting of family members) runs the PTC, while the underlying trust is usually administered by a professional trustee. A typical PTC structure can look something like the above diagram. In the above structure, whilst the client can own the shares of the PTC directly, for practical and confidentiality reasons it is usually best for them to own them through a vehicle such as a purpose trust (i.e. a trust set up for a specific purpose; charitable or non-

最佳且最高效的遗嘱规划和资产保护工具的同时，我们也知道客户并不希望放弃控制权。对传统信托来说，尽管立法正在促成控制权（比如，保留权利），客户对信托控制权的保留往往会让信托处于风险之中，且有可能损害整个财富管理计划，让许多优势荡然无存。 PTC 提供了另一个方法，客户或他的家族可以对信托事务保留更大的控制权而不必让家族信托的有效性受到影响。客户对包括他自己在内的董事会成员，家族成员和对家族生意和金融事务有经验和关心受益人需求的受到信赖的顾问有选择权。 • 保密性：虽然有人会认为新世界格局中隐私的保密已经荡然无存，但对基本人权的机密性保护在实践中仍有需要。保密性对那些对金融隐私甚至于人身安全有担忧的家族来说尤其重

charitable) or a foundation. Establishing a PTC The PTC is incorporated as per any other Barbados company with an application and other incorporation documents being submitted to our corporate affairs and intellectual property office (CAIPO) by the chosen service provider. Once established, the usual organizational and corporate governance process takes place, including establishing the board of directors (usually consisting of the related family members), registered office, auditor etc. The PTC provides many benefits including: • More easily understood: The www.in v es tbar bados .or g

corporate structure is much more readily understood by non-trust professionals, especially those from non-trust jurisdictions, and can be more readily integrated into a family office structure. • Potentially lower fees: Although in practice (and also advisable) a professional trustee is engaged for the actual trust administration duties, the incorporation of the PTC to act as a trustee tends to limit the liability of the professional trustee, which can often mean a cost saving for the family. PTC, as a company, will enjoy the full advantages of limited liability. Typically, the assets of the PTC itself are limited to its paid-up capital and whatever additional capital may be employed to cover its operational expenses.

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要。通过常见的 PTC 持有架构，还是能维持一些保密性的。 • 灵活性：有家族成员和受信赖的顾问始终牵涉其中，PTC 有在决策和处理信托资产时就比传统的机构信托具有更大的灵活性。可以根据在不断变化环境中的个人知识和经验来做决策。 • 信托托管关系的持续性：把 PTC 作为家族信托受托人的方式可以避免未来托管关系的变更。举例说明，如果有更换服务提供商的需要而不是更换受托人（这就要填写大量的文件，包括退休和任命契约和特定的必须由各方首肯的赔偿等），在此只需要一类文件，那就是和 PTC 和获批的管理者之间签订的管理协议。 • 受托人责任限制：通过 PTC 所有制架构实行的受托人责任限制，家族的利益可以更好地体现——比如说，在信托架构中可以有更大风险的投资尝试，而不必让专业的受托人为受益人担心自己对资产的合适性的责任和信托的长期目的。 • 慈善：PTC 是一个可以和慈善支付一起使用的极佳工具。

• Control: Whilst recognizing that the trust or similar structure is the best and most efficient method for efficient estate planning and asset protection, we are aware of clients who are unwilling to give up control. For traditional trusts, despite legislation promoting control (i.e. reserved powers), the client retaining control may put the trust at risk and can taint the overall planning process, which prevents many of the benefits. PTCs provide another means by which the client or their family can retain a greater degree of control over the trust affairs without compromising the validity of the family trusts. The client has control over the selection of the board and can include himself, family members and trusted advisers who have a heightened knowledge of the family’s business and financial affairs, and are also empathetic to the needs of the beneficiaries. • Confidentiality: Although one would argue that secrecy in the new world is dead, there is still a need to exercise the basic human right of confidentiality. Confidentiality can be

of particular importance to families where concerns over financial privacy are driven by issues of personal safety. Through the usual ownership structure of the PTC, some confidentiality can be maintained. • Flexibility: With the close family parties and trusted advisors always involved, a PTC will likely be more flexible and nimbler when dealing with decisions around trust assets than traditional institutional trustees. Decisions can be made on the basis of personal knowledge and changing circumstances. • Continuity of trusteeship: Having a PTC as the trustee of a family trust prevents the need for future changes of trusteeship. For example, should there be a need to change service providers, rather than changing the trustee (which can include many different documents including retirement and appointment deeds and certain indemnities which must be agreed upon by all parties) the only documents that come into play would be the management agreement between the PTC and the licensed administrator. • Limitation of Trustee liability: With trustee liability limited through the usual PTC ownership structure, the interests of the family may be better served – for example, the inclusion of riskier ventures and/or investments in the trust structure without the need for concern from professional trustees about their liability regarding the suitability of the assets for the beneficiaries and the long term objectives of the trust. • Philanthropy: The PTC is an excellent vehicle for use in conjunction with philanthropic payments.

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巴巴多斯信托和基金会为中国的超高净值人士和家族提供企业传承和资产保护方面的协助 How Barbados Trusts and Foundations Can Help UHNWI Chinese and Families with Business Succession Planning and Asset Protection By Dawn A. Williams, LLB, MBA

Dawn A. Williams, LLB, MBA E-mail: daw@meridianlawbb.com www.meridianlawbb.com

Dawn Williams 拥有法学士和工商管理硕士的学历，是 Meridian 律所的律师，向主要位于亚太、欧洲和北美的客户提供架构和税务策略方面的建议，帮助他们管理和保留财富。她还在南加勒比地区为客户的商务开发方面提供协助，通过公众 - 私人合伙制的形式代表客户和政府进行联络。 Dawn Williams 是多个组织机构的成员，她是 BIBA 慈善组织的受托人，是 BIBA 巴巴多斯国际商务协会、国际律师协会、国际税务规划协会（ITPA）和国际合规协会的会员。

中

国有一句古话叫做“富不过三代” ，意即第一代创造财富，第二代消耗财富，第三代则把财富挥霍殆尽。这在古代也许确有其事，但是如果通过远见，策略和谨慎安排和利用正确的工具，中国的超高净值人士和他们的家族就能保护他们的财富，并把财富代代相传，远超三代。那现在有什么不同呢？现在可用的财

here is a Chinese saying that “wealth does not go beyond the third generation” that ‘the first generation makes it, the second generation spends it, and the third generation blows it. That may have been true in ancient times but with foresight, strategy, and prudent use of the right tools, UHNWI Chinese and their families can preserve their wealth and legacy beyond just three

Dawn Williams, LLB, MBA of Meridian Law, Attorneys-at-law and provides structuring and tax strategic advice and assistance to clients primarily in Asia Pacific, Europe and North America managing and preserving their wealth. She also assists clients with business development throughout the Southern Caribbean region liaising with governments on their behalf in Public-Private Partnerships (PPPs). Dawn Williams is a member of several organizations, Trustee of the BIBA Charity, member of BIBA Barbados International Business Association, International Bar Association, International Tax Planning Association (ITPA) and the International Compliance Association.

generations. How are things different now? The structuring tools available now were not around in ancient times. Present day legal structures are ideal for preserving and protecting the wealth, particularly where there may be (i) a different

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While the use of Trusts is a newer concept to China, this concept has existed in English-speaking countries and some civil law countries for over centuries, weaving its way from equity to our statutes. With many jurisdictions offering various forms of trust structures, the view may be that one is spoilt for choice. I highly recommend that we take a little closer look and think long-term.

富架构工具在过去是不可想象的。现代的法律架构对财富的保留和保护十分理想，特别是在如下情况下，比如 1）一个不同的营商和投资哲学，且让子女在海外求学变得更为显而易见；2）有可能会离婚；3）家族成员间的财产分配争议，或 4）贷款拖欠的引起的强制执行程序会让资产保留方面所用到工具变得更为迫切。信托在中国是一个比较新的概念，这个概念在英语国家和一些民法国家已存在了几个世纪，早已完成了从股权向律例的转变。现在有许多司法辖区都提供多种多样的信托架构形式，目前的状况是选择众多，让人眼花缭乱。我强烈建议经过深思熟虑后再做决定，并且要有长远的眼光。

business and investment philosophy, made even more apparent where the child may be educated overseas; (ii) a possible divorce, (iii) a dispute over the division of property between family members or (iv) enforcement proceedings due to loan default can make the need for the right tools in preserving the assets more apparent. And hindsight is 20/20.

A Barbados Trust is administered by a trustee who has title to all of the assets settled by the settlor and the trustee usually owns the shares of a privately held underlying company. This is to ensure separation and independence and removal of most of the control from the settlor in order to meet trust construction requirements. The company can own a variety of assets ranging from bank accounts, to real property, to movable property (art, antiques, etc.), or may have the right to receive income from a third party. With International Trusts governed by the International Trust Act Cap 245

保护人 Protector

受托人 / 基金会

巴巴多斯信托由受托人管理，受托人受命从委托人这里接手所有资产，且受托人通常持有一个私人附属公司的股份。这就确保了资产的分离度和独立性，从委托人处转移出大部分的控制权来达到信托架构的要求。这家公司可以拥有多种资产，从银行账户到房地产和动产（艺术品、古董等），也许还有从第三方获得收入的权利。《巴巴多斯国际信托法案》第 245 节管辖下的国际信托对委托人有保留权力的条款，让委托人仍然可以通过一

Tr u s t e e/F o u n d a t i o n

巴巴多斯国际商务公司离岸公司 Barbados IBC O f fshore Company

当地有限公司 1

当地有限公司 2

房地产财产 1

房地产财产 2

Local Limited Company 1

Local Limited Company 2

Real Estate Proper ty 1

Real Estate Proper ty 2

定程度的控制权来指导信托的管理。这一架构应该得到仔细考虑，由法律顾问起草，并不时地得到评估来确保它能够适应不断变化的法律和国际规范。请参见所附图表。此外，《巴巴多斯受托人法案》第 250 节修正案明确允许委托人可以保留权利。这一规定的效果是委托人现在可以有影响信托财产和信托管理的决定权。因此这一架构允许所有权向一个独立法人实体的转移，同时仍然保留一定程度的资产管理和分配方面的控制权。巴巴多斯的国际和国内信托都允许委托人权力的保留。这是委托人更为心安的原因所在，巴巴多斯国内信托的优势在于它可以利用巴巴多斯广阔和不断增加的协定网络。到 2015 年 12 月为止，巴巴多斯已有 31 个税务协定伙伴国家，这些国家包括：加勒比共同市场（CARICOM）、美国、加拿大、奥地利、英国、芬兰、荷兰、挪威、马耳他、瑞典、塞舌尔、瑞士、古巴、委内瑞拉、中国、墨西哥、卢森堡、巴拿马、新加坡、毛里求斯、圣马力诺和博茨瓦纳。和巴林、卡塔尔、加纳、葡萄牙、阿联酋、意大利和斯洛伐克共和国签订的协议尚未执行。巴巴多斯和日本之间的税务协定谈判始于 2006 年 8 月，巴巴多斯也正和印度就签订免双重征税协议的可能性进行谈判。对上述广泛的协议网络进行大范围和合法利用的可能性不可低估，特别对那些希望向全球扩张的公司来说更是如此。在不断变化的全球环境中，灵活性对经济和金融的可持续发展来说尤为重要，巴巴多斯在众多对手中脱颖而出，以它稳定的政治经济环境和广阔的协议网络在世界上享有盛誉。

of Barbados, there is provision for reserved powers of the settlor so they can still guide the administration of the trust with some measure of control. Such a structure should be carefully considered, drafted by legal counsel, and reviewed from time to time to ensure that it still complies with the ever changing laws and international regulations.Please see the diagram. Additionally, the amended Barbados Trustees Act Cap. 250 expressly permits reserve powers to a settlor. The effect of this is a settlor now has the legal right to make certain decisions affecting the trust property and in the administration of the Trust. So this structure allows the ability to transfer ownership to a separate legal entity while still retaining some level of control on how the assets are managed and distributed. Both International trusts and domestic trusts in Barbados allow the settlor reserve powers. Along with this added level of comfort for the settlor, the beauty of a domestic Barbados trust is that it can utilize the extensive and ever expanding treaty network that Barbados has.

As of December 2015, Barbados had 31 tax treaties, including with the following countries: The Caribbean Common Market (CARICOM), the United States, Canada, Austria, United Kingdom, Finland, The Netherlands, Norway, Malta, Sweden, the Seychelles, Switzerland, Cuba, Venezuela, China,, Mexico, Luxembourg, Panama, Singapore, Mauritius, San Marino and Botswana. Treaties with Bahrain, Qatar, Ghana, Portugal, United Arab Emirates, Italy and Slovak Republic are not yet in force. Discussions between Barbadian and Japanese officials over the possibility of a tax agreement took place in August 2006, and Barbados has also explored negotiations for a double tax treaty with India. The extent and legitimate use of such a comprehensive treaty network is not to be underestimated particularly for businesses looking to expand the global footprint. In a changing global environment where flexibility is critical to economic and financial sustainability, Barbados stands above its peers with its reputable jurisdiction, stable political environment and extensive treaty network.

司法辖区 JURISDICTIONS

英属维尔京群岛 British Virgin Islands

司法辖区 JURISDICTIONS

BVI

概况

英属维尔京群岛

General

British Virgin Islands

实体类型

信托

Type of Entity

Trust

法律类型

普通法

Type of Law

Common

建立信托所需时间

2到3天

Our Time to Establish a Trust

2 - 3 days

最低政府费用（不包括税收）

印花税 200 美元

Minimum Government Fees (excluding taxation)

Stamp Duty USD200

是否签订双重征税协定

否

Double Taxation Treaty Access in the BVI

信托资产

Trust Assets

标准货币

美元

Standard Currency

US $

允许币种

任何币种

Permitted Currencies

Any

最低资产要求

1 美元

Minimum Assets Required

USD 1

受托人

Trustees

独立法人最低人数

1人

Minimum Number If Individuals

One

公司法人最低人数

1人

Minimum Number If a Body Corporate

One

是否要求有当地受托人

受托人可以是 BVI 专业受托人，英属维尔京群岛豁免私人信托公司，外资法人受托人或个人（不限属地居民）

If Local Trustee Required

Trustees can be licensed BVI professional trustees, BVI exempt private trust companies, foreign corporate trustees or individuals (wherever resident)

公众可否查阅记录

否

Publicly Accessible Records

会议地点

受托人住所（首选）

Location of Meetings

Domicile of trustees (Preferred)

保全

Protector

是否需要

可选

Required

Optional

持有专业资格

可选

Professional Qualiﬁcations Held

Optional

信托契书公众可否访问

Trust Deed 否

账户

Publicly Accessible

Accounts

准备要求

是

Requirements to Prepare

YES

审计要求

否

Audit Requirements

公众可否访问账户

否

Publicly Accessible Accounts

其他

Other

法定继承权

无

Forced Heirship Rules

是否允许迁册

是

Change in Domicile Permitted

Yes By BVI House Asia

司法辖区 JURISDICTIONS

行政特区：英属维尔京群岛所在地区：加勒比官方货币：美元（USD）（US$）官方语言：英语所属时区：UTC-4 电话区号：+1284 通讯设施：优秀

Country: British Virgin Islands Region: Caribbean Currency: US dollar (USD) (US$) Languages: English Time Zone: UTC-4 Phone Code: +1284 Communications: Good

简介

Introduction

英属维尔京群岛的经济很大程度上依赖于旅游业和金融服务业。英属维尔京群岛的共同基金和专属保险行业独占鳌头。该岛的金融服务委员会确保对金融机构进行独立和有效的监管。和其它处于竞争地位的加勒比国家相比，英属维尔京群岛相对来说比较便宜，且专业服务也相对较强。英属维尔京群岛政府对国内的商务需求有求必应，其大部分法规比较灵活和直接。岛上有免税的离岸工具（国际商务公司），且国内税率大部较低。英属维尔京群岛已成为新兴市场公司金融行业的领先国家。适合的离岸工具：财富管理、银行业务、保险、基金管理、航运、航空、游艇、贸易金融、知识产权 / 许可证、控股公司、电子商务、房地产

The economy is highly dependent on tourism and financial services. The BVI has significant mutual fund and captive insurance sectors. The Financial Services Commission ensures independent and effective supervision of financial institutions. The BVI is a reasonably cheap jurisdiction compared to competing Caribbean countries, and has relatively strong professional services. The government is responsive to the country’s business needs, and its legislation is mostly flexible and straightforward. No-tax offshore vehicles (IBCs) are available, and domestic taxes are not high in any event. The BVI has emerged as a leader in emerging market corporate finance.

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Suitable for: Wealth Management, Banking, Insurance, Fund Management, Shipping, Aviation, Yachting, Trading Financial, Intellectual Property/Licensing, Holding Companies, E-commerce, Property Ownership 所有权离岸工具种类：有限公司、公众有限公司、信托、通用合伙制公司、有限合伙制和国际商务公司资本主要商务地区：罗德城关系良好国家：英国、美国关系不佳国家：缅甸、古巴、伊朗、朝鲜民主主义共和国、利比亚、索马里、苏丹、叙利亚税务负担——商务：极轻税务负担——个人：极轻总体税率： CIT 0%, PIT 0%, 增值税 0% 签订条约国：瑞士税收信息交换协议签订国：阿鲁巴、澳大利亚、奥地利、加拿大、中国、库拉索、捷克共和国、丹麦、法罗群岛、芬兰、法国、德国、格陵兰、耿西岛、冰岛、印度、爱尔兰、日本、荷兰、新西兰、挪威、波兰、葡萄牙、圣马丁岛、瑞典、英国

Vehicle Types: Limited companies, public limited companies, trusts, general partnerships, limited partnerships and international business companies Capital primary business districts: Road Town Good Relationships: United Kingdom, United States Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Very Light Tax Burden - Individual: Very Light Headline tax rates: CIT 0%, PIT 0%, VAT 0% Treaty Jurisdictions: Switzerland TIEA Jurisdictions: Aruba, Australia, Austria, Canada, China, Curacao, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, India, Ireland, Japan, Netherlands, New Zealand, Norway, Poland, Portugal, Sint Maarten, Sweden, United Kingdom, United States

司法辖区 JURISDICTIONS

圣基茨

Saint Kitts

司法辖区 JURISDICTIONS

St. Kitts

概况

St. Kitts

Jurisdiction

圣基茨

实体类型

信托

Type

Trust

法律类型

普通法

Type of Law

Common

建立信托所需时间

不适用

Our time to establish a Trust

Not Applicable

最低政府费用（不包括税收）

USD200

Minimum government fees (excluding taxation)

USD200

是否签订双重征税协定

无

Double Taxation Treaty Access

国外收入课税

无

Taxation on Foreign income

信托资产

Trust Assets

标准货币

美元、东加勒比元

Standard currency

USD, XCD

允许币种

任何

Permitted currencies

Any

最低资产要求

不适用

Minimum Assets Required

Not Applicable

受托人

Trustees

独立法人最低人数

Minimum Number If Individuals

One

公司法人最低人数

Minimum Number if a Body Corporate

One

是否要求有当地受托人

圣基茨公司或在圣基茨有业务的信托公司

if Local Trustee Required

St. Kitts company or trust company with operations in St. Kitts

公众可否查阅记录

否

Publicly Accessible Records

会议地点

任何地方

Location of Meetings

Any Locations

保全

Protector

是否需要

是

Required

Yes

持有专业资格

可选

Professional Qualiﬁcations Held

Optional

信托契书公众可否访问

Trust Deed 否

账户

Publicly Accessible

Accounts

准备要求

是

Requirements to Prepare

Yes

审计要求

否

Audit Requirements

公众可否访问账户

否

Publicly Accessible Accounts

其他

Other

法定继承权

不适用

Forced Heirship Rules

Not Applicable

是否允许迁册

不适用

Change in Domicile Permitted

Not Applicable By T-LOFT Property Development Limited

司法辖区 JURISDICTIONS

行政特区：圣基茨所在地区：加勒比官方货币：东加勒比元 (XCD) (EC$) 官方语言：英语所属时区：UTC-4 电话区号：+1869 通讯设施：极佳

Country: Saint Kitts Region: Caribbean Currency: East Caribbean dollar (XCD) (EC$) Languages: English Time Zone: UTC -4 Phone Code: +1869 Communications: Very Good

简介

Introduction

圣基兹（和尼维斯）是加勒比海上的群岛国家，人口大约在 5 万左右。该国的首都位于圣基兹的巴斯特尔，岛上还有布拉德肖国际机场，有航班往返北美和欧洲。该国的法律体系基于英国普通法。虽然蔗糖直到 2005 年还占据该国的农产品大头，之后蔗糖不再是该国的主要农作物，而其它产业，比如旅游业、出口导向的制造业和离岸银行业开始在经济中扮演重要角色。GDP 在 2008 年的增长率达到了 3.2%，但在 2009 年却急速下滑了 9.6%。GDP 在 2012 年的增长率是 2%。圣基兹和尼维斯作为联邦国家有离岸法规，但尼维斯却也有自己的独立法规。总体来说，圣基兹重点在吸引外国的工业和旅游业投资，而尼维斯则专注于离岸资产保护。尼维斯的 LLC（有限责

St Kitts (and Nevis) are islands in the Caribbean Sea with a population of approx. 50,000. The capital is Basseterre, on St Kitts, the location of Bradshaw International Airport, which serves North America and Europe. The legal system is largely based on English Common Law. Although sugar dominated the agricultural sector until 2005, when it was finally abandoned as a major crop, activities such as tourism, export-oriented manufacturing, and offshore banking have assumed larger roles in the economy. GDP grew by 3.2% in 2008, but then shrank sharply in 2009, by 9.6%. GDP growth is estimated at 2% for 2012. St Kitts and Nevis has offshore legislation as a Federation, but so does Nevis independently.

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任公司）法规尤为成功。这里没有资产净值税、赠与税、营业税或遗产税。公司税和预提税适用于当地公司，但不适用于和非居民之间进行商务活动的实体。适用于：航空、游艇、控股公司、房地产所有权离岸工具种类：

On the whole, St Kitts focuses on attracting inward industrial and tourist investment, while Nevis concentrates more on offshore asset protection. Nevis has been particularly successful with its LLC (Limited Liability Company) legislation. There is no net worth tax, gift tax, turnover tax, or estate duty on St Kitts and Nevis. Corporate tax and withholding tax apply to domestic companies, but not to entities carrying on business solely with non-residents.

有限公司（尼维斯）、公众公司、国际商务公司（尼维斯）、信托、基金会（尼维斯）、有限合伙制公司和豁免有限合伙制公司

Suitable for: Aviation, Yachting, Holding Companies, Property Ownership

资本主要商务区域：巴斯特尔

Vehicle Types: Limited companies (Nevis), public companies, IBCs (Nevis), trusts,

关系良好国家：

foundations (Nevis), limited partnerships and exempt limited

巴哈马、巴巴多斯、百慕大、伯利兹、加拿大、开曼群岛、中国、

partnerships

古巴、多米尼加、法国、牙买加、韩国、俄罗斯、圣卢西亚、圣文森特和格林纳达、特立尼达和多巴哥、特克斯和凯科斯群岛、英国、美国

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Capital primary business districts: Basseterre

司法辖区 JURISDICTIONS

关系不佳国家：缅甸、古巴、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚税务负担——商务：极轻税务负担：个人极轻总体税率： CIT 0% ( 当地公司 35%), PIT 0%, 增值税 0% 协议签订国家：安提瓜和巴布达、巴巴多斯、伯利兹、多米尼加、格林纳达、圭亚那、

Good Relationships: Bahamas, Barbados, Bermuda, Belize, Canada, Cayman Islands,

牙买加、摩纳哥、圣卢西亚、圣文森特和格林纳达、圣马力诺、瑞士、

China, Cuba, Dominica, France, Jamaica, Korea (Republic of),

特立尼达和多巴哥

Russia, Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, Turks and Caicos Islands, United Kingdom, United

税收信息交换协议签订国家：

States

阿鲁巴、澳大利亚、比利时、加拿大、库拉索、丹麦、法罗群岛、芬兰、法国、德国、格陵兰、耿西岛、冰岛、列支敦士登、荷兰、新西兰、挪威、葡萄牙、圣马丁岛、瑞典、英国

Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Very Light Tax Burden - Individual: Very Light Headline tax rates: CIT 0% (resident companies 35%), PIT 0%, VAT 0% Treaty Jurisdictions: Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Monaco, Saint Lucia, Saint Vincent and the Grenadines, San Marino, Switzerland, Trinidad and Tobago TIEA Jurisdictions: Aruba, Australia, Belgium, Canada, Curacao, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, Liechtenstein, Netherlands, New Zealand, Norway, Portugal, Saint Marteen, Sweden, United Kingdom

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Q&A

离岸问答

圣基茨 Saint Kitts

1. 在希望向下一代传承资产的中国高净值人士或家族（等）的隐私和资产保护方面，贵司法辖区的优势有哪些？圣基茨和尼维斯作为英联邦国家，基于英国普通法，有自己的离岸法规。离岸信托在圣基茨尼维斯，于 2009 年在《国际豁免信托条例》通过并施行。依据尼维斯的法律，非居民也可以设立离岸信托，而且可以拥有并转让此类财产。 2. 我们知道有一些司法辖区专注于资产保护，另一些则致力于资产传承产品。贵辖区对资产保护或资产传承是否能提供更好的解决方案？在私密性方面，由于圣基茨和尼维斯未与中国大陆建交，所以对中国的高净值人士来说，其在圣基茨的信息安全方面具有较大优势。在资产保护方面，圣基茨和尼维斯是有名的离岸金融中心，这里没有个人所得税、资本利得税、净资产税、赠与税、遗产税等，所以是中国高净值人士搭建离岸架构的最优选择。

3. 价格方面，在贵司法辖区设立信托 / 基金会和其它辖区相比有什么不同？如果价格更高，您能为客户提供的附加价值

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1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? As a member of British Commonwealth of Nations, Saint Kitts and Nevis has its own offshore regulations based on British common law. Offshore trust in Saint Kitts and Nevis has been passed and implemented via International Exemption and Trust Regulations in 2009. According to the law of Nevis, non-residents can not only set up offshore trust, but also own and transfer such properties. 2. We understand that some jurisdictions focus on asset protection, others focus on asset succession products, is your jurisdiction able to provide better solutions in terms of asset protection and succession? In terms of privacy, since Saint Kitts and Nevis has not established diplomatic relation with China, Chinese high net worth individuals enjoy greater information security in Saint Kitts. In terms of asset protection, Saint Kitts and Nevis is a famous offshore financial center where no individual income

司法辖区 JURISDICTIONS

是什么？在圣基茨和尼维斯搭建信托架构的设立费用相比在其他国家设立相似架构的费用较低。而对于具体架构搭建的费用，还要根据所搭建架构的最终形式来确定价格。除在价格方面的优势，圣基茨和尼维斯在税务方面也极具竞争力。而且对中国高净值人士来说，信息的安全性也是其一大特色。 4. 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？由于圣基茨和尼维斯与中国的法律体系不同，所以这些中国及亚洲的高净值客户，他们不能很好的理解其中的差异是面临最大的一个挑战。其次，客户对放弃信托控制权有所担心，如何消除客户的疑虑也是一个很大的挑战。为了可以让客户更好的去了解离岸信托架构及相关法律内容，会举办一些沙龙活动以及从一些真实的案例中让客户去真正去了解其中的差异。 5. 圣基茨律中有哪些特点是这个司法辖区的信托 / 基金会成为吸引投资者的最大特点？从资产保护和税务筹划的角度，对于中国的高净值和超高净值客户来说，圣基茨和尼维斯最大的优势在于与中国没有建立外交关系，这样可以最大程度上保护客户的信息安全及更好的发挥其境外架构效用。

tax, capital gains tax, net asset tax, gift tax and inheritance tax are collected. Therefore, it is the best choice for Chinese high net worth individuals to set up offshore framework. 3. In terms of cost, how is the cost of a setting up a trust/foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? The cost to set up trust framework in Saint Kitts and Nevis is lower than the cost to set up similar framework in other countries. The specific cost to set up trust framework shall be determined according to the final form of prospective framework. Besides advantages in terms of price, Saint Kitts and Nevis is also extremely competitive in terms of taxation. For Chinese high net worth individuals, information security is also a great attraction. 4. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? For high net worth individuals in China and Asia, one of the largest challenges is to understand the difference between the legal system of Saint Kitts and Nevis and that of China. Secondly, clients worry about losing the control over trust. How to dispel their misgivings is also a great challenge. To enable clients to better understand the framework of offshore trust and contents of relevant laws, some salon activities shall be held to enable clients to truly understand the differences from some practical cases. 5. What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? From the perspective of asset protection and tax planning, for Chinese high net worth and ultra-high net worth clients, the biggest advantage of Saint Kitts and Nevis is that it has not established diplomatic relation with China. Therefore, it can protect clients’ information security to the greatest extent and better realize its effect as an offshore framework. 来源： T-LOFT Property Development Limited Contributed by: T-LOFT Property Development Limited

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尼维斯 Nevis

司法辖区 JURISDICTIONS

Nevis

概况

尼维斯

General

Nevis

实体类型

信托

Type of Entity

Trusts.

法律类型

1994 年修正版尼维斯国际信托免除条例

Type of Law

Nevis International Exempt Trust Ordinance, 1994, as amended.

建立信托所需时间

24 小时

Our Time to Establish a Trust

Twenty four (24) hours.

最低政府费用（不包括税收）

250 美金

Minimum Government Fees (excluding taxation)

Two hundred ﬁfty United States Dollars (US$250).

是否签订双重征税协定

圣基茨和尼维斯联邦已与二十四（24）个国家签署税务信息交换协议（税收信息交换协议）

Double Taxation Treaty Access

The Federation of St. Kitts & Nevis has signed Tax Information Exchange Agreements (TIEAs) with twenty four (24) countries

国外收入课税

无

Taxation on Foreign Income

None.

信托资产

Trust Assets

标准货币

东加勒比元 w

Standard Currency

允许币种

任何币种

Permitted Currencies

Any currency.

Minimum Assets Required

There is no minimum monetary amount for assets held upon trust, but the trust must have a corpus.

最低资产要求

以信托方式持有的资产没有最低金额，但信托必须有一个主体。

受托人

East Caribbean Dollars (XCD)

Trustees

独立法人最低人数

1 人，必须是圣基茨尼维斯律师

Minimum Number if Individuals

One (1), who must be a Saint Kitts Nevis attorney.

公司法人最低人数

1 人，这可能是一个尼维斯公司，尼维斯企业法人，尼维斯有限责任公司或多种形式基金会。

Minimum Number if a Body Corporate

One (1), which may be a Nevis Company, a Nevis business corporation, a Nevis limited liability company or a Multiform Foundation.

是否要求有当地受托人

是

If Local Trustee Required

Yes.

公众可否查阅记录

否

Publicly Accessible Records

No.

会议地点

任何地方

Location of Meetings

Anywhere.

保全

Protector

是否需要

否，只有目的信托才需要

Required

No, only for purpose trusts.

持有专业资格

否

Professional Qualiﬁcations Held

No.

信托契书公众可否访问

Trust Deed 否

账户

Publicly Accessible

No.

Accounts

准备要求

否

Requirements to Prepare

No.

审计要求

否

Audit Requirements

No.

公众可否访问账户

否

Publicly Accessible Accounts

No.

其他

Other

法定继承权

否

Forced Heirship Rules

No.

是否允许迁册

是

Change in Domicile Permitted

Yes. By Nevis Investment Promotion Agency

司法辖区 JURISDICTIONS

行政特区：尼维斯所在地区：加勒比官方货币：东加勒比元 (XCD) (EC$) 官方语言：英语所属时区：UTC-4 电话区号：+1869 通讯设施：极佳

Country: Nevis Region: Caribbean Currency: East Caribbean dollar (XCD) (EC$) Languages: English Time Zone: UTC -4 Phone Code: +1869 Communications: Very Good

简介

Introduction

尼维斯是政治上的独立国家圣基茨和尼维斯的一部分。传统上说，圣基茨的专注点为旅游商业，尼维斯则提供离岸资产保护服务。尼维斯有自己的离岸法规，对进行国际商务活动的客户来说有极大的优势。尼维斯的优势所在

• 独立的司法辖区 • 所得税、预提税、赠与税、遗产税和继承税都免税 • 极佳的保密性和资产保护特征 • 稳定的政治和安全的经济环境 • 高度发展的金融服务行业 • 基于英国法律的普通法法律体制 • 高度发达的专业服务基础设施

Nevis is a part of the politically independent St Kitts and Nevis Federation. Traditionally, St. Kitts focuses on tourism business and Nevis offers offshore asset protection services. Nevis has own offshore legislation, which brings a lot of advantages to clients involved in international business. Advantages of Nevis • Independent jurisdiction • Income, withholding, gift, estate, succession taxes exemption • Outstanding confidentiality and asset protection features • Stable political environment and secure economy • Well-developed financial services industry • Common law legal system based on English law • Well-developed professional infrastructure

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概况

尼维斯

General

Nevis

实体类型

基金会

Type of Entity

Foundation.

法律类型

多种形式的 2014 年基金会条例

Type of Law

Multiform Foundations Ordinance, 2004.

有限责任

一个多种形式的基金会是一个自主的结构和法人，它可以启动和捍卫法律行为。

Limited Liability

A multiform foundation is a selfowned structure and a legal person, which can initiate and defend legal actions.

建立基金会所需时间

24 小时

Our Time to Establish a Foundation

Twenty four (24) hours.

基金会最低资本金（等值货币）

无

Foundation Capital Minimum (equivalent in currency)

None.

基金会资本货币

任何币种

Foundation Capital Currency

Any currency.

公众可查阅记录

Publicly Accessible Records

基金会章程

否，多种形式基金会的建立证书保密。

Foundation Charter

No, a multiform foundation's Certiﬁcate of Establishment is held conﬁdential.

基金会管理规则

否，多种形式基金会的章程是机密除非另有说明。

Foundation Regulations

No, a multiform foundation's Bylaws are held conﬁdential unless stated.

受益人

否，各种形式基金会，可以建立在基于受益人或履行目的的基础上。此信息进行保密除非另有说明。

Beneﬁciaries

No, a multiform foundation may be established to benefit beneficiaries or to fulfill a purpose. This information is held confidential unless stated.

创始人

否，该用户名机密除非另有说明。

Name of Founder

No, the name of the subscriber of is held conﬁdential unless stated.

基金会管理成员

Ofﬁcers of Foundation

保全要求

多种形式基金会不要求有监督委员会

Protector Required

A multiform foundation is not required to have a Supervisory Board.

是否允许企业保全

是，一个监督委员会可以是一家企业

Corporate Protector Permitted

Yes, a Supervisory Board may be a corporation.

理事会成员最少人数

一个管理委员会需要一（1）法人或自然人。

Minimum Number of Council Members

One (1) legal or natural person is required for a Management Board.

是否允许有企业理事会成员

是

Corporate Council Members Permitted

Yes.

会议地点

任何地方

Meeting Location

Anywhere in the World.

基金会本地规定

Local Requirements of Foundation

基金会代理

所有多种形式基金会都需要一个尼维斯注册代理。

Foundation Agent

All multiform foundations are required to maintain a registered agent in Nevis.

是否需要秘书

是的，要求所有各种形式的基金会有一个秘书，这可能是一个法人或自然人，但不一定是本地。

Secretary Required

Yes, all multiform foundations are required to have a Secretary, which may be a legal or natural person, but such person need not be local.

章程语言

多种形式基础建立的证书必须是英文。

Language of Charter

The Certiﬁcate of Establishment of a multiform foundation must be in English.

管理条例语言

多种形式基金会的章程必须是英文

Language of Regulations

The Bylaws of a multiform foundation must be in English.

准备要求

否

Requirements to Prepare

No.

审计要求

否

Audit Requirements

No.

账户

Accounts

其他

Other

年度政府费用

250 美金

Annual Government Fee

Two hundred ﬁfty United States dollars (US$250).

是否允许迁册

是

Change in Domicile Permitted

Yes. By Nevis Investment Promotion Agency

司法辖区 JURISDICTIONS

• 极佳的通讯设施 • 通往北美和欧洲的便利空中航路 • 没有外汇管制 • 投资者可享有公民权计划

• Excellent telecommunications system • Easy air access to North America and Europe • No foreign exchange restrictions • Citizenship programs are available for investors.

税务尼维斯国际商务公司（也称为尼维斯商务公司）和有限责任公司

Taxation Nevis IBC (also called as Nevis Business Corporation) and Limited Liability Company are exempt from all local taxes, including income, withholding, capital gain taxes, stamp duties and other fees or taxes based upon income or assets originating outside of Nevis or in connection with other activities outside of Nevis.

都可以免缴所有的当地税收，包括所得税、预提税、资本利得税、印花税和其它基于收入或源自尼维斯之外或和尼维斯之外的其它商务活动所产生的收入或资产。隐私和信息披露受益所有人、股东 / 会成员、董事 / 经理和主管的信息无需在尼维斯政府登记在册，并不会向公众透露。在尼维斯打任何形式的官司都十分昂贵。如果债权人或其他任何人想要起诉一家尼维斯的公司和其所有人，此人必须上缴一笔不可退的至少 25000 美元的债券并雇佣一名尼维斯的律师。资金的转移尼维斯没有货币兑换和资金转移的管制措施。尼维斯政府保证利润的自由转移和资本的自由回汇。红利、利息、版税或其它利润的转移或资本的回汇不需要政府的任何批文。政治体制圣基茨和尼维斯实行的是君主立宪制和威斯敏斯特风格的议会制

Privacy and Disclosure Information about beneficial owners, shareholders/members, directors/managers and officers is not filed with the Nevis government, and not available to the public. It's quite expensive to initiate any lawsuit in Nevis. If a creditor or any other person would like to sue a Nevis company and its owners, that person must post a non-refundable bond of at least $25,000 and hire a Nevis lawyer. Transfer of Funds There are no currency exchange and transfer of funds controls in Nevis. The Government of Nevis guarantees the free transfers of profits and repatriation of capital. The transfer of dividends, interest, royalties other profits or for repatriation of capital are not required any government approval.

度。它在 1983 年宣告独立。尼维斯联邦和大多数加勒比的英语国家不同，它不是英国的殖民地或海外属地。圣基茨和尼维斯是加勒比共同市场（CARICOM）和东加勒比国家组织（OECS）的成员国，在联合国有自己的席位。

Political System The federation of St Kitts and Nevis is a constitutional monarchy with a Westminster-style parliament. It received independence in

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法律制度法律制度基于英国的普通法。适用于：航空、游艇、控股公司、房地产所有权离岸工具种类：有限公司（尼维斯）、公众公司、国际商务公司（尼维斯）、信托、基金会（尼维斯）、有限合伙制公司和豁免有限合伙制公司

1983.The federation is not a British colony or dependency territory unlike most English speaking jurisdictions in the Caribbean region. St Kitts and Nevis is a member of the Caribbean Community (CARICOM) and the Organization of Eastern Caribbean States (OECS), and has its own representation at the United Nations. Legal System The legal system is based on the English Common Law. Suitable for: Aviation, Yachting, Holding Companies, Property Ownership

资本主要商务区域：巴斯特尔关系良好国家：巴哈马、巴巴多斯、百慕大、伯利兹、加拿大、开曼群岛、中国、古巴、多米尼加、法国、牙买加、韩国、俄罗斯、圣卢西亚、圣文森特和格林纳达、特立尼达和多巴哥、特克斯和凯科斯群岛、英国、美国关系不佳国家：缅甸、古巴、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚税务负担——商务：极轻税务负担：个人极轻总体税率： CIT 0% ( 当地公司 35%), PIT 0%, 增值税 0% 协议签订国家：安提瓜和巴布达、巴巴多斯、伯利兹、多米尼加、格林纳达、圭亚那、

Vehicle Types: Limited companies, public companies, IBCs, trusts, foundations, limited partnerships and exempt limited partnerships Capital primary business districts: Basseterre Good Relationships: Bahamas, Barbados, Bermuda, Belize, Canada, Cayman Islands, China, Cuba, Dominica, France, Jamaica, Korea (Republic of), Russia, Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, Turks and Caicos Islands, United Kingdom, United States Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Very Light Tax Burden - Individual: Very Light Headline tax rates: CIT 0% (resident companies 35%), PIT 0%, VAT 0%

牙买加、摩纳哥、圣卢西亚、圣文森特和格林纳达、圣马力诺、瑞士、特立尼达和多巴哥税收信息交换协议签订国家：阿鲁巴、澳大利亚、比利时、加拿大、库拉索、丹麦、法罗群岛、芬兰、法国、德国、格陵兰、耿西岛、冰岛、列支敦士登、荷兰、新西兰、挪威、葡萄牙、圣马丁岛、瑞典、英国

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Treaty Jurisdictions: Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Monaco, Saint Lucia, Saint Vincent and the Grenadines, San Marino, Switzerland, Trinidad and Tobago TIEA Jurisdictions: Aruba, Australia, Belgium, Canada, Curacao, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, Liechtenstein, Netherlands, New Zealand, Norway, Portugal, Saint Marteen, Sweden, United Kingdom

司法辖区 JURISDICTIONS

Q&A

离岸问答

尼维斯 Nevis

1. 在希望向下一代传承资产的中国高净值人士或家族（等）的隐私和资产保护方面，贵司法辖区的优势有哪些？尼维斯有极具吸引力和先进的金融服务业 , 包括国际信托、国际商务公司、基金会、有限责任公司、专属保险和分保公司，以及国际银行业务，可以被用作财富管理、资产保护和投资等目的。尼维斯以它 31 年来的丰富经验和成为首选的离岸司法辖区而感到骄傲；它已在业界享有高效和超高质量的服务声誉。尼维斯司法辖区致力于经合组织和 FATF（金融行动特别工作组）推行的国际标准方面的合规，同时不牺牲客户享有隐私和保密性的权利。 2. 价格方面，在贵司法辖区设立信托 / 基金会和其它辖区相比有什么不同？如果价格更高，您能为客户提供的附加价值是什么？在尼维斯成立一个公司实体迅捷而便利。尼维斯信托创建方面的费用，和其它领先的著名国际金融中心相比，极具竞争力。寻求企业服务提供商和专业团队的意见，将帮助客户建立最务实的架构来满足其在财富管理上的个性化需求。 3. 信托和基金会是否是贵司法辖区的首选架构？您为什么会

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1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? Nevis has a very active and progressive financial services sector. It offers financial services products such as international trusts, international business companies, Foundations, Limited Liability companies, Captives and reinsurance companies, and international banking which can be used for wealth management, asset protection, and investment purposes. Nevis prides itself as the jurisdiction of choice with over 31 years of experience; it has developed a reputation for efficiency, and exceptional service. The Jurisdiction is committed to remain compliant with international standards promoted by the OECD and FATF without sacrificing our clients’ right to privacy and confidentiality. 2. In terms of cost, how is the cost of setting up a trust/foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this?

司法辖区 JURISDICTIONS

Setting up an entity in Nevis is prompt and hassle-free. Costs in relation to the creation of trusts in Nevis are very competitive with those in other leading reputable International Finance Centers. Seeking the advice of corporate providers and their team will assist the client in setting up the most practical structure to meet the needs of their wealth portfolio. 3. Are trusts or foundations in your jurisdiction the preferred structure for clients? Why do you believe that is? Do you expect any changes in that preference in the future?

这样认为？您是否预计这一现象在未来会有所变化？客户选择尼维斯的原因在于它在财富管理和资产保护方面的竞争力。我们信托法中对资产的众多保护的特点让它成为客户的首选架构。例如，尼维斯国际豁免信托法规规定国际信托在委托人所在国、公司成立和所在地或居住地内，不能由于特留份继承权的规定而被声明为无效、可撤销或不成立。此外，除非特殊情况，反永久所有权规则方面的规定并不适用于国际信托；国际信托应该有无限有效期。也有针对信托方面的保密性法规。通过国际信托注册的维护，它只记录国际信托的名称和设立日期，且不会成为一个会接受检查的公众性文件。虽然信托意欲成为一个首选架构，尼维斯也有一个极佳的基金会法。该法在制定方面具有极大的创新力，因为它允许基金会具有多种形式。处于监管目的，这此基础上建立的基金会可以采取标准基金会或信托、公司、有限责任公司或合伙制的形式。该法也允许成立新实体，也可以让现有的外国基金会、外国和本地实体转变为一个多种形式的基金会形式。这些条款允许基金会作为实体的进出尼维斯的动态特征，并给予创始人一个极为有价值的资产保护工具。我们预计多形式基金会法将在不久的将来吸引新公司的进驻，因为基金会作为一个概念，对中国客户来说是更有吸引力的。

Clients consistently choose Nevis for its competence in wealth management and asset protection. The many asset protection features of our trust law make it the preferred structure for clients. Under the Nevis International Exempt Trust Ordinance for instance, an international trust cannot be declared void, voidable or defective by reason of any forced heirship rules of the settlor’s domicile, residence, place of incorporation, formation or establishment. Additionally, the rule against perpetuities does not apply to an international trust unless otherwise provided; an international trust shall have unlimited duration. The Ordinance also provides for there to be confidentiality with respect to the trust. Though an international trust register is maintained, it only records the name of the international trust and the date of settlement and is not a public document available for inspection. Although the trust tends to be the preferred structure, Nevis also has an excellent foundation law. The Ordinance is quite innovative in its approach to the law since it allows a foundation to assume many forms. For administrative purposes, foundations established thereunder may assume the form of a standard foundation or a trust, a corporation, a limited liability company or a partnership. The Ordinance allows the establishment of new entities and also enables existing foreign foundations, foreign and domestic entities to convert into a multiform foundation. These provisions allow for the mobility of the foundations as an entity into and out of Nevis and give the founder an extremely valuable asset protection tool. We anticipate that the Multiform Foundation Ordinance will attract new business in the near future as the foundation concept may appeal more to the Chinese clientele.

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4. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues?

4. 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？信托这一概念正越来越和中国对圣基茨和尼维斯联邦的对外投资产生关系。随着中国继续对传承规划的关注，他们会考虑尼维斯多形式基金会和信托作为他们财富管理规划的组成部分。一个多形式基金会对客户和来自民法国家的专业中介机构来说是具有很大吸引力的，因为这对他们来说是一个熟悉的法律概念。该法整合了民法和普通法中的概念，能为客户提供公司和信托法中无法提供的，具有一定水平的安全和保密性。 5. 贵辖区内是否有投资者需要知道的在信托和基金会方面的法律更新？尼维斯一如既往，成为一个享誉卓著的创新力和实用性兼顾的司法辖区。更新后的《尼维斯国际豁免信托法规》很快就会颁布。我们预计信托法规将会被用来保证尼维斯公司的所有权和维持合法的保密性。新法将加大信托在资产保护方面的力度。它还将法规在跟上金融服务行业的国际趋势和标准上进行更新和使之更加现代化。比如说，这一创新和领先的资产保护工具将让司法辖区允许有夫妻共同物权信托的直接信托和法定租赁权（Directed Trusts and Statutory Tenancy by Entireties Trusts）。上述和其它众多特点将为债权人和委托人提供更大的保护，同时又从监管的角度提供更大的灵活性。更新后的信托法将在应对第三方责任方面更加高效，同时允许委托人在他们的有生之年保持酌情权益。

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The concept of the trust is becoming increasingly relevant with growing Chinese outbound investment into the Federation of St. Kitts and Nevis. As the Chinese continue to consider their options for succession planning, it is envisaged that they will consider the Nevis multiform foundations and trusts as part of their wealth management planning. A multiform foundation is very attractive to clients and professional intermediaries from civil law countries since it is a familiar legal concept with which they are familiar. The Ordinance combines the concepts found in civil law and common law and can provide clients with a level of security and privacy which does not exist in corporate and trust law. 5. Are there any recent developments in trust/ foundation law in your jurisdiction that investors should be aware of? Nevis continues to be a highly regarded jurisdiction at the forefront of innovation and practicability. The updated Nevis International Exempt Trust Ordinance will be enacted shortly. We anticipate the trust ordinance will be used to preserve legitimate confidentiality for ownership of Nevis companies. The new law will increase the asset protection aspects of a trust. It will update and modernize the legislation in keeping with international trends and standards in the financial services industry. For instance, this innovative and pioneering asset protection tool will allow the Jurisdiction to permit Directed Trusts and Statutory Tenancy by Entireties Trusts. These and other key features will enhance protection from creditors for settlors while providing flexibility from an administrative standpoint. The updated Trust legislation will be more efficient in shielding assets from third party liability while permitting settlors to retain a discretionary interest during their lifetime.

来源：尼维斯投资促进局 Contributed by: Nevis Investment Promotion Agency

司法辖区 JURISDICTIONS

欧洲

EUROPE

塞浦路斯 Cyprus

司法辖区 JURISDICTIONS

Cyprus

概况

塞浦路斯

General

Cyprus

实体类型

塞浦路斯国际信托

Type of Company

Cyprus International Trust

法律类型

普通法

Type of Law

Common

建立信托所需时间

1到2天

Our Time to Establish a Trust

1-2 days

最低政府费用（不包括税收）

印花税 430 欧元

Minimum Government Fees (excluding taxation)

Stamp Duty of Euro 430

是否签订双重征税协定

是

Double Taxation Treaty Access

Yes

国外收入课税

如果受益人是非塞浦路斯居民的话此税为零

Taxation on Foreign Income

Zero if beneﬁciaries are non- Cyprus residents

信托资产

Trust Assets

标准货币

任何币种

Standard Currency

Any

允许币种

任何币种

Permitted Currencies

Any

最低资产要求

无最低要求

Minimum Assets Required

No minimum

受托人

Trustees

独立法人最低人数

至少 1 个合格的塞浦路斯居民受托人

Minimum Number If Individuals

At least one Cyprus resident Trustee

公司法人最低人数

1 个合格的塞浦路斯居民受托人

Minimum Number If a Body Corporate

One Cyprus resident Trustee

是否要求有当地受托人

是

If Local Trustee Required

Yes

公众可否查阅记录

否，但信托的信息要在信托注册处登记，并不公示

Publicly Accessible Records

Information of the Trust is required to be registered on the Register of Trusts. Publicly that's not accesseble.

会议地点

任何地方

Location of Meetings

Anywhere

保全

Protector

是否需要

可选

Required

Optional

持有专业资格

可选

Professional Qualiﬁcations Held

Optional

信托契书公众可否访问

Trust Deed 否，但信托的信息将被记录在信托登记册

账户

Publicly Accessible

No but the information of the Trust will be recorded in the Register of Trusts

Accounts

准备要求

受托人须保存形成信托财产的资产记录

Requirements to Prepare

The Trustee is required to keep records of the assets forming the trust property

审计要求

是

Audit Requirements

Yes

公众可否访问账户

否

Publicly Accessible Accounts

其他

Other

法定继承权

否

Forced Heirship Rules

是否允许迁册

是

Change in Domicile Permitted

Yes By Pafilia

司法辖区 JURISDICTIONS

行政特区：塞浦路斯所在地区：欧洲官方货币：欧元官方语言：希腊语、英语所属时区：UTC+2 电话区号：+357 通讯设施：良好

Country: Cyprus Region: Europe Currency: Euro (EUR) (€) Languages: Greek, English Time Zone: UTC +2 Phone Code: +357 Communications: Good

简介

Introduction

塞浦路斯是一个独立的民主共和国，也是英联邦成员国。它的国民生产总值相当不错，人均约为 21000 美元（2010 年）。该国经济主要以来服务业，旅游业非常重要。而失业率也不高。塞浦路斯政府努力创造有利的离岸税务政策环境，同时也维持本国经济的持续增长，就国际标准衡量该国的税率属于偏低。这一成功主要归因于从 1975 年起就在塞浦路斯注册的成千上万的离岸公司。虽然如此，塞浦路斯在 2004 年加入欧盟则意味着对税制的重组，重组在 2003 年 1 月 1 日施行。本国和离岸公司现在需要缴纳的税率是 10%。塞浦路斯和超过 40 个国家签订了免双重征税协议，其中包

Cyprus is an independent democratic republic, and a member of the Commonwealth. It is prosperous: GDP US$21,00 (2010) per head. The economy is dominated by services, with tourism particularly important. Unemployment is low. The Cyprus Government worked hard to create a favorable offshore tax regime while at the same time maintaining a normal-looking domestic economy, albeit with rates of taxation that are low by international standards. The success of this programme is attested by the tens of thousands of offshore companies registered in Cyprus since 1975. However, the island's entry to the EU in 2004 meant a

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括几个主要的西方“高税率“国家，以及大多数的中欧和东欧国家。这对一个国际离岸金融中心来说并不常见，但塞浦路斯是一个面向新兴市场的控股公司和投资公司非常有效的选址地。适合于：财富管理、资产管理、航运、游艇、知识产权 / 许可证、控股公司、不动产所有权离岸工具种类：

restructuring of the tax regime, which took place on 1st January 2003. Domestic and offshore companies alike now pay 10% tax. Cyprus has double-tax treaties with more than 40 other countries, including most major Western 'high-tax' countries, and most Central and Eastern European states. This is unusual for an international offshore financial centre and the effect is that Cyprus is a very effective location for holding and investment companies aimed at emerging markets.

有限公司、公众有限公司、分公司、通用合伙制公司、有限合伙

资本主要营商区域：

Suitable for: Wealth Management, Treasury Management, Shipping, Yachting, Intellectual Property/Licensing, Holding Companies, Property

尼科西亚、利马索尔、拉纳卡

Ownership

关系良好国家：

Vehicle Types: Limited companies, public limited companies, branches, general

制公司、单一所有制和信托公司

奥地利、比利时、保加利亚、克罗地亚、捷克共和国、丹麦、爱沙尼亚、芬兰、法国、德国、希腊、匈牙利、爱尔兰、意大利、拉脱维亚、立陶宛、卢森堡、马耳他、荷兰、波兰、葡萄牙、罗马尼亚、俄罗斯、斯洛伐克、斯洛文尼亚、西班牙、瑞典、英国关系不佳国家：缅甸、埃及、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚、土耳其

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partnerships, limited partnerships, sole proprietorships and trusts Capital primary business districts: Nicosia, Limassol, Larnaca Good Relationships: Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland,

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税务负担——商务：

Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden,

轻

United Kingdom

税务负担——个人：

Bad Relationships: Burma, Egypt, Iran, Korea (Democratic People's Republic of),

中等总体税率： CIT 10%, PIT 20-35%, 增值税 18% 协议签订国家：亚美尼亚、奥地利、阿塞拜疆、白俄罗斯、比利时、保加利亚、加拿大、中国、捷克共和国、丹麦、埃及、爱沙尼亚、芬兰、法国、德国、希腊、匈牙利、爱尔兰、意大利、科威特、吉尔吉斯斯坦、黎巴嫩、马耳他、毛里求斯、摩尔多瓦、黑山共和国、挪威、波

Libya, Somalia, Sudan, Syria, Turkey Tax Burden - Business: Light Tax Burden - Individual: Moderate Headline tax rates: CIT 10%, PIT 20-35%, VAT 18%

兰、葡萄牙、卡塔尔、罗马尼亚、俄罗斯、圣马力诺、塞尔维亚、塞舌尔、新加坡、斯洛伐克、斯洛文尼亚、南非、瑞典、叙利亚、塔吉克斯坦、泰国、乌克兰、阿联酋、英国、美国、乌兹别克斯坦税务信息交换协议签订国：无

Treaty Jurisdictions: Armenia, Austria, Azerbaijan, Belarus, Belgium, Bulgaria, Canada, China, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Kuwait, Kyrgyzstan, Lebanon, Malta, Mauritius, Moldova, Montenegro, Norway, Poland, Portugal, Qatar, Romania, Russia, San Marino, Serbia, Seychelles, Singapore, Slovakia, Slovenia, South Africa, Sweden, Syria, Tajikistan, Thailand, Ukraine, United Arab Emirates, United Kingdom, United States, Uzbekistan TIEA Jurisdictions: None

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Q&A

离岸问答

塞浦路斯 Cyprus

1. 在希望向下一代传承资产的中国高净值人士或家族（等）的隐私和资产保护方面，贵司法辖区的优势有哪些？按照《1992 年国际信托法》69(I)/92 号文件的规定，国际信托的概念被引入塞浦路斯的法制体系。因此，塞浦路斯正式宣告成为一个富有盛誉的国际信托中心。法律随后进行了数次修正，确保《塞浦路斯国际信托法》（CIT）法律框架的进一步完善和现代化。和 CIT 相关的隐私和保密性是具有重大意义的，因此也受到法律的严格保护。特别是法律的第 11 章所规定的针对 CIT 相关的信息或文件只能向法庭公布，前提是假设上述公布的信息对案件的结果是至关重要的。信息不披露的规则对参与 CIT 设立的各方和保密性施加压力，在适用法和创建 CIT 的法规的基础上提供安全保障。资产保护可以作为高级法律策略的执行而定义，这一策略把个人的资产置于未来债权人 / 索赔人的可达范围之外。由于事实上任何向 CIT 转移的资产不再构成委托人（创建信托的人）的财产组成部分，这一保护性是确定无疑的。CIT 在委托人宣告破产或清算时不会失效或被撤销，债权人不能对此进行诉讼要求，除非向法庭证明这一 CIT 是以欺诈为目的而设立的。几乎所有司法辖区内的遗嘱检验都耗时

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1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? By virtue of the 1992 International Trusts Law 69(I)/92 ("Law"), the concept of an international trust was introduced within the Cyprus legal regime. Consequently, Cyprus rightfully proclaimed its status as a reputable international trust center. Subsequent amendments of the Law followed, ensuring further modernization of the legal framework pertaining to Cyprus International Trusts ("CITs"). Privacy and confidentiality in relation to a CIT is of paramount significance and thereby, fully safeguarded. Specifically, Article 11 of the Law provides inter alia, that information or documents regarding a CIT may only be disclosed by Court Order, assuming that such disclosure is deemed important to the outcome of the case. The obligation for nondisclosure burdens the parties participating in the setup of a CIT and confidentiality, is secured on the basis of the applicable legislation and the instrument creating the CIT.

司法辖区 JURISDICTIONS

耗力，CIT 对资产向受益人 / 继承人的转移变得极为迅速，是一个遗产规划的理想工具。

2. 价格方面，在贵司法辖区设立信托 / 基金会和其它辖区相比有什么不同？如果价格更高，您能为客户提供的附加价值是什么？通过信托或基金会来进行资产保护在中国的高净值人士和他们的家族中正变得越来越受欢迎。塞浦路斯和其它司法辖区，比如列支敦士登或新加坡相比，提供的信托架构是最简便和最具有成本效率的。塞浦路斯国际信托（CIT）可以在数天之内设立，且价格低廉。政府收取的强制费用是一笔 450 欧元的印花税，可以在创建 CIT 之时支付。其它注册 CIT 的要求是至少受托人之一（个人或法人）必须是塞浦路斯共和国的永久居民且应该在塞浦路斯的政府监管机构认证。这一要求在塞浦路斯国际信托的整个周期内都必须得到满足。指定一名塞浦路斯受托人的费用根据塞浦路斯不同的服务提供商而各不相同，且由于塞浦路斯信托的义务和责任的要求而价格更高。此外，由于塞浦路斯信托是一个认证实体这样一个事实，客户可以对在一个专业人士身上的投资大可放心，这名专业人士将谨慎管理信托并严格按照信托所规定的条款办事。个人不仅应该检查和考虑设立和维护塞浦路斯国际信托的费用，还应该注重我们司法辖区可以提供的灵活性和节税优势。

Asset protection may be defined as the implementation of advanced legal strategies which place the assets of a person beyond the reach of future creditors/claimants. Due to the fact that any assets transferred to a CIT no longer constitute part of the property of the Settlor (the person creating the trust) this protection is guaranteed. A CIT shall not be void or voidable in the event of the Settlor's bankruptcy or liquidation and no proceedings may be raised by creditors, unless it is proven in Court that the CIT was established with intention to defraud. Probate procedures in almost all jurisdictions are both time consuming and costly whereas, CITs facilitate the swift transfer of assets to the beneficiaries/heirs thereby, constituting an ideal vehicle for inheritance planning. 2. In terms of cost, how is the cost of a setting up a trust/foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? Asset protection through a trust or a foundation is becoming increasingly popular for the Chinese HNWI and their families. Cyprus offers one of the most simple and cost effective trust structures when compared to other jurisdictions like Lichtenstein or Singapore. Cyprus International Trusts (CIT) can be set up within a couple of days and the cost is minimal. The mandatory government cost is a stamp duty of only €450 which is payable upon the creation of a CIT. Additional costs to the registration of CIT is the requirement that at least one of the Trustees (individual or legal entity) must be a permanent resident in the Republic of Cyprus and should be licensed by government regulatory authority in Cyprus . This requirement extends to the whole duration of the Cyprus International Trust. The cost of appointing a Cyprus Trustee may vary between different service providers in Cyprus and can be more expensive when compared to other jurisdictions due to the obligations and the responsibilities the Cyprus Trustee has. Further, due to the fact that the Cyprus Trustee is a licensed entity the Client shall be confident that they are investing in someone who is a professional, will administer the trust prudently and follow strictly the terms as stated in the Trust.

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3. 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？ 1. 在塞浦路斯的中国公司所面临的挑战 1) 我的公司最适合采用哪种架构？ 2) 哪些是我需要遵守的当地法律法规的条款要求？ 3) 法定税的要求是什么？ 4) 为什么选择塞浦路斯？ 2. 塞浦路斯和它的优势 A. 经济 • 塞浦路斯经济建立在如下三个行业的专业服务上： a) 银行业 b) 保险业 c) 证券业 B. 能源 • 塞浦路斯政府正在规划建立一个能源中心（天然气的进口和勘探）

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Individuals should not only examine and consider the cost for setting and maintaining a Cyprus International Trust but should focus at the flexibility and the tax effectiveness our jurisdiction has to offer. 3. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? 1. Challenges faced by Chinese businesses in Cyprus. 1) What structure meets best my business needs? 2) What are the provisions of the local legislation that I need to comply with? 3) What are the statutory tax requirements? 4) Why to choose Cyprus for business? 2. Cyprus and its benefits A. ECONOMY

司法辖区 JURISDICTIONS

C. 有利的税务系统

• 贸易利润的公司税税率为 12.5%。 • 非居民公司的营业利润免税。 • 塞浦路斯是一个超过 45 个国家的免双重征税协议的签订国。 • 塞浦路斯和中国签订的免双重征税协议让两国间的金融关系更为密切。 D. 塞浦路斯的法律系统 • 是一个普通法和民法的混合体。 • 欧盟的法规总体上在塞浦路斯是可以直接强制执行的。 E. 商务工具 • 通过设立一个塞浦路斯的有限责任公司。 • 备选的法律架构：信托或选择把一个外国公司向塞浦路斯重新迁册。 F. 欧盟成员国 • 货物、服务和资本的自由移动原则。 G. 公民权和永久居留权 • 移民局对申请的评估极为迅速。 • 永久居民计划许可

• The Cyprus economy is based on professional services with three sectors; a) Banking b) Insurance c) Securities B. ENERGY • The Government of Cyprus is planning the construction of an energy center (import and exploitation of nature gas). C. ADVANTAGEOUS TAX SYSTEM • The corporate tax rate is 12.5% on trading profits. • Business profits of non-resident companies are tax free. • Cyprus is a signatory to over 45 Double Tax Treaties with other countries. • The Double Tax Treaty between China and Cyprus strengthens the financial ties of the two countries. D. THE CYPRUS LEGAL SYSTEM: • It is a mixture of both common law and civil law. • The EU regulations are generally directly enforceable in Cyprus. E. BUSINESS VEHICLES • By setting up a Cyprus Limited Liability Company. • Alternative legal structures: Trusts or choosing to re-domicile an existing foreign company to Cyprus. F. EU MEMBERSHIP • The principles of free movement of goods, services and capital apply. G. CITIZENSHIP AND PERMANENT RESIDENT PERMITS • Attractive investor migration programs for the acquisition of the Cyprus Citizenship. • Schemes for permanent residence permits. • The Migration Department assesses applications on a fast track basis. WHY CYPRUS: 1) Strategic location between Europe, Africa and Asia. 2) Highly developed infrastructure. 3) Highly qualified, multilingual and multicultural workforce. 4) Business friendly and tax legal system. 5) Multi jurisdiction services depending on the origin and destination of investments. 4. What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? Cyprus International Trusts (CIT) is governed by the

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• 移民局对申请的评估非常迅速。为什么选择塞浦路斯： 1) 位于欧洲、非洲和亚洲交汇处的战略性地理位置。 2) 高度发达的基础设施。 3) 高技术，能说多种语言和多元化的劳动力队伍。 4) 营商便利和税务法制系统 5) 根据不同投资来源和目的地的多司法辖区服务。 4. 贵辖区法律中有哪些特点是这个司法辖区的信托 / 基金会成为吸引投资者的最大特点？塞浦路斯国际信托（CIT）由塞浦路斯《1992 年国际信托法管辖》（2012 年修正案）。信托和基金会由于在塞浦路斯法中的如下灵活性而倍受投资者青睐： 1) 除非法庭命令要求，由于受托人不必就 CIT 的任何信息

或文件向公众透露，所以有很高程度的保密性和匿名性。

2) 在信托的生效期间，只有信托受托人中的一人必须是塞

浦路斯的永久居民。

3) 慈善组织除外，委托人和受益人不必在 CIT 创建前的一

年成为塞浦路斯的永久居民。

4) 所得税和利润税都免税。 5) 没有遗产税或继承税。 6) CIT 不需要遵守外汇管制。 7) 没有申报要求。 8) CIT 的资产相对潜在索偿要求得到保护，并永久性地从

委托人的个人所有的资产中分离出来。

9) 信托可以持有塞浦路斯和外国公司的股份。 10) 委托人有很大范围的权力，比如信托的撤回或变更，以

及指导资本的转移和支付。

International Trusts Law, 1992 (as amended in 2012). Trusts and foundations became more attractive to prospective investors mainly due to the following flexibilities of the Cyprus law: 1) Great level of confidentiality and anonymity for

beneficiaries since Trustees are not required to reveal any information or documents concerning the CIT unless ordered by a Court. 2) Only one of the trustees must be a permanent resident in Cyprus for the duration of the trust. 3) The Settlor and the beneficiaries, with the exception of a charitable institution, must not be permanent residents of Cyprus 1 year before the CIT is created. 4) Income gains and profits are exempted from any taxes. 5) There is no estate duty or inheritance tax. 6) CIT’s are not subject to exchange control. 7) No reporting requirements. 8) CIT assets are protected against potential claims and are permanently separated from the Settlor’s personally owned assets. 9) The Trust may hold shares of a Cyprus and a foreign company. 10) The Settlor has wide range of powers such as to revoke or modify the trust as well as to instruct the transfer and payment of capital. 11) CIT income may be accumulated without limitations. 12) Transfer of a foreign trust to Cyprus from its jurisdiction and vice versa is allowed by law. 13) CIT may be challenged only on defraud of creditor grounds within a period of 2 years. 14) Through a CIT a person may provide for a charity, promote a religious or artistic cause, or establish a foundation to support a worthy project. 15) CIT may last for indefinite period. 5. Are there any recent developments in trust/ foundation law in your jurisdiction that investors should be aware of? Cyprus trust law is essentially based on the English system. In 1992, the International Trusts Law (L. 69(1)/1992) was enacted in Cyprus and two amendments have followed, in 2012 (L.20(I)2012) and 2013 (L.98(I)/2013, deletion of Section 15), respectively. In particular, the Amendment Law of 2012 attempts to respond to the needs of Investors/

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司法辖区 JURISDICTIONS

11) CIT 所得可以无限制地累积。

Estate Planners.

12) 外国信托自所在司法辖区向塞浦路斯的转移是被法律允

许的，反之亦然。

13) CIT 可以在两年的期间中受到债权人欺诈原因的质疑。 14) 通过 CIT，个人可以为慈善事业、宗教推广或艺术事业

的原因，或建立一个基金会等有价值的项目而提供支持。

15) CIT 的延续时间是无限期的。

5. 贵辖区内是否有投资者需要知道的在信托和基金会方面的法律更新？塞浦路斯信托法本质上来说是基于英国法律体系的。1992 年，国际信托法（L. 69(1)/1992 年）在塞浦路斯颁布，此后还颁布了两个修正案，分别为 2012 年（L.20(I)2012 年）和 2013 年（L.98(I)/2013 年，删除了第 15 节）。尤其值得注意的是，2012 年的修正案是以回应投资者 / 遗产规划者的需求为目的的。特别注意的是： • Section 3(1)(a) 声明塞浦路斯法律（没有提及任何外国法律）对一个国际信托的有效性或监管或国际信托的处置

Specifically: • Section 3(1)(a) states that Cypriot law (without reference to any foreign law) regulates any question related to the validity or administration of an international trust or a disposition to an international trust. • Section 4A allows the settlor to reserve powers to himself, to retain beneficial interest in trust property, or to act as the protector or enforcer. • Section 5(1) eliminates the limit on the duration of trusts (regarding the international trusts established after the enforcement of the Amended law). • Section 8(1) introduces that the trustee may exercise his investment powers as if he was the owner of the asset. • Section 10 states that any power contained in the trust instrument permitting variation of the trust is valid. • Section 11(A) provides that “a trustee may file an application to the Court for directions concerning the manner in which the trustee should act in connection with

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而做出规定。 • Section 4A 允许委托人权力的自我保留，目的为保持信托财产中的受益人利益，或作为保护人或执行人而做出行动。 • Section 5(1) 废除了信托期限的限制（关于修正案执行后所建立的国际信托）。 • Section 8(1) 表明了受托人可以实行他的投资权力，如同他就是资产的所有人一样。 • Section 10 声明了允许信托工具中对允许信托变更的有效性权力的保留。 • Section 11(A) 规定了“受托人可以就国际信托中的任何事务相关联的指导向法庭提出申请。” • Section 11(1) 保密性责任延伸至保护人、强制执行人和其他。 • Section 12 引入了一个统一的税收制度。 • Section 12B 宣布塞浦路斯法庭对国际信托和塞浦路斯共和国有紧密关系的外国信托有专属管辖权。

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any matter concerning an international trust”. • Section 11(1) extends the duty of confidentiality to protectors, enforcers, and others. • Section 12 introduces a uniform tax regime. • Section 12B provides that the Cypriot Court has exclusive jurisdiction over international trusts as well as foreign trusts with significant connections to the Republic.

来源： Bybloserve Management Ltd. Contributed by: Bybloserve Management Ltd.

塞浦路斯的绝佳移民计划 Cyprus’ Excellent Immigration by Investment Program

塞

浦路斯终年阳光明媚，有很高的生活质量，地理位置处于三个大陆的交汇处，交通便利。塞浦路斯一直以来都像磁铁一样吸引着国际投资者、外国人、养老者和希望把一个气候温和环境舒适的地方当作自己第二家乡的投资者。即使全球经济风云变幻，而塞浦路斯却能置身事外，让能够出淤泥而不染，引领风骚。塞浦路斯对新移民的税收优惠政策闻名遐迩——特别是对高净值人士来说更是如此。最新颁布的法规和极具吸引力的房地产价格，对中低市场的刺激作用不可小觑，而豪宅和高端地产项目的销售表现也超越预期。塞浦路斯有两个绝佳的移民计划吸引非欧盟国家公民，通过购买房产的途径在这里获得永居或公民权。塞浦路斯永居计划保证在两个月内，通过一次性，安全的，金额为 30 万欧元的房地产投资的方式，向非欧盟国民签发永久居留许可。它适用于投资者本人、其配偶和年龄在 25 岁以下的子女，以及申请人和配偶的父母。更重要的是，这个许可的有效期是无限期的哦！申请流程非常直接，甚至能在异地远程办理。 Pafilia 对这一流程非常熟悉，并很高兴能够协助您完成永居许可的申请。关键要点 • 在塞浦路斯自由生活的权利 • 您自己和 25 岁以下子女的永居权 • 您自己和您亲属的许可是无限期有效的，不需要续签 • 它是对您未来的一份保障 • 让您能在塞浦路斯拥有自己的生意 • 它让您能有权利申请欧盟公民权——

206

yprus, with its year-round sunshine, high quality of life, and convenient location between three continents, has long been a magnet for international investors, expats, retirees and those looking to enjoy a second home in a mild and hospitable climate. It seems that despite the uncertainty of fluctuating global economic cycles,

Cyprus offers two excellent immigration programs that enable non-EU nationals to acquire permanent residency or citizenship through a real-estate investment.The Cyprus Permanent Residency program offers non-EU nationals guaranteed permanent residency within 2 months with a single, secure, real estate investment of €300,000. It applies to the investor, their spouse dependent children up to age 25 and the parents of the applicant and spouse. What’s more, the permits are valid forever! The process is extremely straightforward and can even be arranged remotely. Pafilia is experienced with the process and will gladly assist you to achieve your residency permit.

Paﬁlia 对整个流程非常熟悉，并很高兴能够协助您完成永居许可的申请。 these factors continue to have enduring appeal. Cyprus ranks highly because of its favorable tax regime for new residents – particularly for high-net-worth individuals. Recent legislation, coupled with attractive real estate prices, has triggered new interest in the middle and lower end of the market, while sales of luxury, top-end developments have surpassed expectations.

China Offshore Trusts & Foundations Guide 2016

Key Points • Freedom to live freely in Cyprus • Permanent residency for yourself

and dependents up to age 25 • The permits for yourself and dependents are valid forever, no renewal is required • It offers a future insurance policy • It enables you to own a business in Cyprus • It gives you the right to apply for EU citizenship - It enables you to travel

Member Contribution

让您在欧洲的旅行更为便利 • 让您能获得世界一流的医疗保健和教育 • 一笔 30 万元的无风险房地产投资是必要条件 • 申请流程和要求非常简单，永居许可保证能在两个月之内拿到 • 它的通过率是 100% • 永居许可的签发非常迅速（三周到两个月） • 条件简单，没有语言要求，不需要学历证明和体检证明 • 只需每两年在塞浦路斯待一天即可获得塞浦路斯永居权的好处有哪些？永久居留权意味着您和您的家人有在塞浦路斯，或者在您自己国家自由生活的权利，只在必要的时候使用永居许可。它能扮演您未来保障的角色。永居许可的持有人也有权在塞浦路斯开公司或开设一家和全世界做生意的出口贸易公司，从而从塞浦路斯极佳的商务和税务优惠中获益。塞浦路斯是在欧洲旅行的绝佳基地，航线四通八达，签证也很便捷迅速。塞浦路斯永居许可持有人能在一周内获得申根签证。而在不久的将来在塞浦路斯加入

throughout Europe with ease • It enables you to access first class healthcare and education • A risk-free property investment of €300,000 is required • The process and requirements are very simple and the permit is guaranteed to be issued within 2 months • It has a 100% approval rate • Permits are issued very quickly (3

that your family has the right to live freely in Cyprus or continue to live in your home country and just use the permit whenever you need it. It can act as an insurance policy for the future. Permit holders also have the right to own a business in Cyprus or setup a Cyprus company as an intermediary for export trading throughout the world, thus benefit from Cyprus’ excellent business and tax

Paﬁlia is experienced with the process and will gladly assist you to achieve your residency permit. weeks – 2 months) • Simple criteria, language proficiency, education certificates and medical examination aren’t required • A single day visit, once every two years is required What Is The Benefit Of Obtaining Permanent Residency In Cyprus? Permanent residency status means

advantages. Cyprus is a superb base for travelling throughout Europe with its excellent flight connections and visas are very easy and quick to obtain. A permit holder can obtain a Schengen visa within just one week. Travel will become even easier when Cyprus becomes a Schengen State in he very near future. The island offers excellent education opportunities which enable

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申根国家后，在欧洲旅行将变得更加便利。塞浦路斯有极佳的教育机会，让您的子女就读世界一流的大学。塞浦路斯永居许可也让您在七年后有权申请欧盟国家的公民权！

your children access to the best universities worldwide.

“永久居留权为您的家人提供在欧盟自由生活和旅行的权利，为您提供绝佳的教育和医疗保健，是您为不确定未来所上的最佳保险！”

“Permanent residency offers your family the freedom to live freely in the EU and to travel with ease, it provides access to excellent education and healthcare, or simply offers an insurance policy for an uncertain future!”

塞浦路斯公民权计划用最简单高效的方式为您获得欧盟护照，是欧盟国家中唯一的直接欧盟公民权计划，且绝对没有居住要求，能在短短三个月之内就获得欧盟护照。投资者和其家人能获得完整的欧盟公民权，包括实际上能够立刻获得的在欧盟任何一个国家生活和工作的权利。双重国籍为国际税务规划提供了一个高效的工具，提供银行业务和投资方面的财务隐私权。它能提升个人安全性，让自由移居成为可能，同时获得最佳的医疗保健和教育计划。

208

It also gives you the right to apply for EU citizenship after 7 years!

The Cyprus citizenship program offers the most simple and efficient means of obtaining EU citizenship, it is the only direct EU citizenship program as it has absolutely no residency requirement and passports are issued in just 3 months. Investors and their families can obtain full EU rights, including the ability to live and work in any EU country practically immediately! Dual citizenship offers an effective tool for

China Offshore Trusts & Foundations Guide 2016

international tax planning and provides financial privacy for banking and investment. It improves personal security, enables freedom of movement and allows access to the best healthcare and education opportunities. TIME TO CITIZENSHIP 3 Months RESIDENCY REQUIREMENT None ELIGIBILITY All Nationalities VISA-FREE TRAVEL 168 Countries DUAL CITIZENSHIP Permitted FAMILY Spouse & dependents up to age 28 EXIT STRATEGY 3 Years TAX CONSEQUENCES None

Member Contribution

公民权获得时间三个月居住要求无申请资格所有国籍人士无需签证自由旅行 168 个国家双重国籍允许家人配偶和 28 岁以下子女退出策略三年税务影响无主要激励因素 • 自由迁徙 • 稳定性和安全性 • 医疗保健和教育 • 税务和传承规划 • 投资机遇 • 更大的财务自由度投资要求塞浦路斯公民权能通过安全可靠的房产投资方式来获得，财务要求是住宅地产上的 250 万欧元投资（这笔投资可以是一个单一的地产投资或投资组合）

Key motivators • Mobility • Stability & security • Healthcare & education • Taxation & Succession planning • Investment opportunities • Enhanced financial freedom

• Citizenship is passed on by descent, thus offering a legacy to future generations • No tax consequences, unless you opt to become tax resident in Cyprus • Pure investment, no donation required

INVESTMENT CRITERION Cyprus citizenship may be obtained through a secure property investment, the financial criterion is €2.5 Million investment in residential real estate (the investment can be in a single property or portfolio ) BENEFITS OF THE PROGRAM • Citizenship granted within three months • No physical residency requirement • Passports issued to the investor, their spouse and dependent children up to age 28, provided they are in full-time education • Cyprus allows dual citizenship • All nationalities eligible • No language requirement, medical test or interview • Exit strategy after 3 years

BENEFITS OF CYPRUS EU CITIZENSHIP • Unrestricted right to live, work, travel and study anywhere in the European Union • Visa-free travel to 168 countries • Free trade within EU, business access to 500 million EU citizens • Cyprus has no inheritance tax, has a highly favourable corporate tax structure and a comprehensive double tax treaty network • Cyprus offers a great place to visit or live, it enjoys a strategic geographical position advantage, offers excellent worldwide connections, has excellent infrastructure, a pleasant climate and is highly stable government • Establishment and free movement of services and goods

计划优势 • 公民权能在三个月内获得 • 不需要在当地居住 • 投资者本人、其配偶和 28 岁以下的正在进行全日制学习的子女都能获得护照 • 塞浦路斯承认双重国籍 • 任何国籍人士均可申请 • 没有语言要求，无需体检或面试 • 三年后的退出策略 • 公民权可以世袭，所以下一代能够继承 • 没有税务后果的影响，除非你自愿成为塞浦路斯的税务居民 • 纯投资，无需捐款

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塞浦路斯欧盟公民权的优势 • 在欧盟任何一个地方自由生活、工作的不受限制的权利 • 全世界 168 个国家免签 • 欧盟国家中的自由贸易，业务可到达五亿欧盟公民 • 塞浦路斯没有遗产税，有极为优厚的公司税务架构和一个非常完善的免双重征税网络 • 塞浦路斯是旅行和生活的绝佳选择，有战略性的地位位置，和全球的交通四通八达，基础设施极佳，气候非常温和和宜人。条件 • 主要投资能在三年后出售；不过投资者必须一直维护 / 购买一个价值至少为 50 万欧元的房地产 • 在提交公民权申请的最多三年前的房地产投资可被视为公民权申请投资的一部分而被计算在内 • 申请人必须在国籍地和居住地无犯罪记录，他们的名字也不能出现在欧盟的财产冻结名单之上 Pafilia 提供塞浦路斯居住和公民权的一揽子解决方案。我们丰富的经验、个性化的服务和久经考验的成绩，以及我们众多的房地产投资可选组合都让 Pafilia 成为您在塞浦路斯的最佳合作伙伴。无论有什么需求和地处何方，Pafilia 都为客户提供最大支持。我们经验丰富的专业人员为您的需求提供贴身贴心的关照和服务，而我们透明化和专业性的方法，加上我们高度安全性的服务流程都让您随时保持成竹在胸。 • 塞浦路斯领先的豪宅开发商 • 超过 37 年的服务经验 • 备受赞誉的服务升级 • 完备的房地产投资组合，包括该国独有的高尔夫度假胜地“明迪斯山庄” • 跻身国际市场 • 完善的销售、房地产管理和转售服务 • 行业先驱，2015 年 Pafilia 启动了地中最高的海景住宅大楼的销售 • 出色的质量保准 • 个性化服务和注重细节 • 合作伙伴提供的极佳支持 • 每个月的公民权申请人组合提交 • 极佳的合伙人激励措施

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CONDITIONS • The main investment may be sold after three years; however, the investor must always maintain/ purchase a property with a value of at least €500,000 • Property purchased up to 3 years prior to the submission of the citizenship application will count towards the required investment • Applicants must hold a clean criminal record from the country of origin and country of residence if different and their name must not be on the list of persons whose property is ordered to be frozen within the EU Pafilia offers total solutions for Cyprus residency and citizenship. Our extensive experience, personal service and proventrack record, with vast and varied property portfolio have made Pafilia the partner of choice in Cyprus. Pafilia offers excellent support to our clients whatever their needs and wherever they may be. Our experienced professionals are on-hand to manage your needs with condense and care, while our transparent and professional approach combined with our highly secure process assures peace of mind.

China Offshore Trusts & Foundations Guide 2016

• Cyprus’ leading luxury property developer • Over 37 years’ experience • Award-winning developments • Comprehensive property portfolio including the islands most exclusive golf resort, Minthis Hills • Global presence • Comprehensive sales, property management and resale services • A pioneer, in 2015 Pafilia will launch the highest seafront residential tower in the Mediterranean • Outstanding quality standards • Personalised service and attention to detail • Excellent partner support • Monthly formation of collective citizenship groups • Excellent partner incentives PAFILIA 房地产开发有限公司 Barry Winter —东南亚地区总监 0084 1227686019 00357 99 381 684 网址： www.paﬁlia.com 邮箱： b.winter@paﬁlia.com

PAFILIA PROPERTY DEVELOPERS LTD Barry Winter – Director South East Asia 0084 1227686019 00357 99 381 684 Website: www.paﬁlia.com Email: b.winter@paﬁlia.com

司法辖区 JURISDICTIONS

列支敦士登 Liechtenstein

创始人兼首席执行官 Founder, CEO 卡尔 - 海因兹·何麦勒先生 Mr. Karl-Heinz Hemmerle

我们是在列支敦士登得到注册许可的信托公司，客户为国际私人和商务人士。

■

2000 年成立

We are a licensed Liechtenstein trust and fiduciary company with both international private and business clientele. ■ ■

■

独立的私营企业

■

在迪拜、列支敦士登、新西兰、新加坡和苏黎世

有主要办公室的跨国集团 ■

■

致力于提供个性化的服务，对客户利益提供最佳

保护 ■

■

在多个行政辖区内提供信托、基金会和公司组建和管理的专业服务，服务还包括慈善事业和个人利益提供传承规划、财富规划和公司架构的解决方案

■

Founded in 2000 Independent and Privately-owned Global Group with offices in Dubai, Liechtenstein, New Zealand, Singapore and Zurich Dedicated to Providing a Personalized Service and Safeguarding the interests of the client Expert in Trust, Foundation and Company Establishment and Administration for various jurisdictions Providing Succession and Estate Planning and Wealth Planning Solutions as well as Corporate Structuring Solutions.

CorPa Treuhand AG ( 总部 )

CorPa Treuhand AG (Headquarter)

电话：+423-239 01 01 传真：+423-239 01 09 电子邮件：office@corpatrust.com / hemmerle@corpatrust.com www.corpatrust.com

Tel: +423-239 01 01 Fax: +423-239 01 09 Email: office@corpatrust.com / hemmerle@corpatrust.com www.corpatrust.com

Am Schrägen Weg 19 Postfach 6 9490 罁棯貿燒敆斣佖舽駡蹺

Am Schrägen Weg 19 Postfach 6 9490 Vaduz Principality of Liechtenstein

概况

列支敦士登

General

Liechtenstein

实体类型

信托授产安排（没有法律实体）

Type of Company

Trust settlement (no legal entity)

法律类型

民法（推行来自英美法的信托概念）

Type of Law

Civil law (instituting the trust concept deriving from common law)

建立信托所需时间

大约 1 周

Our Time to Establish a Trust

around 1 week

最低政府费用（不包括税收）

200 瑞士法郎（包含关税大约 800 瑞士法郎）

Minimum Government Fees (excluding taxation)

200CHF (in total normally 800CHF including duties)

是否签订双重征税协定

只有当税收协定明确也适用于信托

Double Taxation Treaty Access

Only if the tax treaty speciﬁcally also applies to trusts

国外收入课税

信托（授产安排）是没有特点的捐赠。他们只需支付最低企业所得税（1200 瑞士法郎）。

Taxation on Foreign Income

Trusts (settlements) are endowments without personality. They only pay the minimum corporate income tax (CHF 1,200).

信托资产

Trust Assets

标准货币

无最低限制，瑞士法郎，美元，欧元和其他可接受的通用货币

Standard Currency

CHF, USD, EUR and any common currencies acceptable, no minimum capital required.

允许币种

瑞士法郎，美元，欧元和其他可接受的通用货币

Permitted Currencies

CHF, USD, EUR and any common currencies acceptable

最低资产要求

无限制

Minimum Assets Required

No Limitation

受托人独立法人最低人数

Trustees 1人

Minimum Number If Individuals

公司法人最低人数

无

Minimum Number If a Body Corporate

是否要求有当地受托人

没有，但如果只有国外受托人没有列支敦士登的代表被任命，信托既不能存折，也不能在列支敦士登注册。

If Local Trustee Required

No, but if there are only foreign trustees and no Liechtenstein representative is appointed, the trust can neither be deposited, nor registered in Liechtenstein.

公众可否查阅记录

无

Publicly Accessible Records

会议地点

推荐在列支敦士登举行会议

Location of Meetings

No, but meetings in Liechtenstein recommended.

保全

Protector

是否需要

可选

Required

Optional

持有专业资格

可选

Professional Qualiﬁcations Held

Optional

否

Publicly Accessible

信托契书公众可否访问

Trust Deed

账户

Accounts

准备要求

受托人必须保持形成信托财产的资产记录，并每年进行调整。

Requirements to Prepare

The trustee is required to keep records of the assets forming the trust property and to adjust them annually.

审计要求

不适用信托协议，但是信托契约可以指定审计员

Audit Requirements

Not for trust settlements, but an auditor can be appointed in the deed of trust.

公众可否访问账户

否

Publicly Accessible Accounts

其他

Other

法定继承权

列支敦士登法律规定限制短的时效以示对潜在继承权索赔的尊重。

Forced Heirship Rules

Liechtenstein law stipulates short limitation periods in respect of potential forced heirship claims.

是否允许迁册

是，取决于信托契书

Change in Domicile Permitted

Yes, depends on the trust deed. By Allgemeines Treuunternehmen

司法辖区 JURISDICTIONS

行政特区：列支敦士登所在地区：欧洲官方货币：瑞士法郎（CHF）官方语言：德语所属时区：UTC+1 电话区号：+423 通讯设施：优秀

Country: Liechtenstein Region: Europe Currency: Swiss franc (CHF) Languages: German Time Zone: UTC +1 Phone Code: +423 Communications: Good

简介

Introduction

列支敦士登公国是一个极小的，本国及周边邻国均为内陆国的国家，位于瑞士和奥地利之间，地处莱茵河山谷的群山山麓之间，并和上述两国建立了货币联盟。

The Principality of Liechtenstein is a small alpine country located between Austria and Switzerland with which it has a customs and currency union.

列支敦士登公国的政治体制民主议会制度，是一个郡主立宪世袭制国家。它的人口数量为 37000 人，首都为瓦杜兹，官方语言为德语（普遍使用德语的阿勒曼方言）。

The Principality is an independent constitutional hereditary monarchy based on democratic-parliamentary principles. It has 37,000 inhabitants, the capital is Vaduz, official language is German (an Alemannic dialect is commonly spoken).

在 1923 年和邻国瑞士签订了海关协定后，列支敦士登和瑞士的经济和政治联系更为紧密。不仅如此，他还和瑞士建立了货币联盟。列支敦士登是联合国成员国和欧洲经济区（EEA）成员国，不过和瑞士一样，它并非欧盟成员国。 2013 年 11 月，列支敦士登和经合组织 / 欧洲议会签订了

Following the customs treaty with the neighbouring country of Switzerland in the year 1923, it has close administrative and economic ties with Switzerland. In addition, it also has a currency union with Switzerland. Liechtenstein is a member

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概况

列支敦士登

General

Liechtenstein

实体类型

基金会

Type of Company

Foundation

法律类型

民法（列支敦士登 2009 年基金法）

Type of Law

Civil Law (Liechtenstein Foundation Law 2009)

有限责任

只有第三方对基金会资本负有责任，与创始人与受益人无关

Limited Liability

Only the foundation capital is liable to third parties, not the founder or the beneﬁciaries.

建立基金会所需时间

5 个工作日

Our time to Establish a Foundation

5 working days

基金会最低资本金（等值货币）

3 万瑞士法郎或美元或欧元

Foundation Capital Minimum (equivalent in currency)

CHF 30'000 or USD 30'000 or EURO 30’000

基金会资本货币

瑞士法郎，美元，欧元和任何通用货币

Foundation Capital Currency

CHF, USD, EUR and any common currencies acceptable

公众可查阅记录

Publicly Accessible Records

基金会章程

否

Foundation Charter

基金会管理规则

否

Foundation Regulations

受益人

否

Beneﬁciaries

创始人

否

Name of Founder

基金会管理成员保全要求

Ofﬁcers of Foundation 可选

Protector Required

Optional

是否允许企业保全

是

Corporate Protector Permitted

Yes

理事会成员最少人数

2 个（其中一个在列支敦士登有执照）

Minimum Number of Council Members

2 (one with a license in Liechtenstein)

是否允许有企业理事会成员

是

Corporate Council Members Permitted

Yes

会议地点

推荐在列支敦士登进行会议

Meeting Location

No, but meetings in Liechtenstein are recommended.

基金会本地规定基金会代理

Local Requirements of Foundation 是

Foundation Agent

是否需要秘书

否

Secretary Required

章程语言

允许的语言是德语（法院等）。通常情况下，在合法形式下翻译成英文，法文，西班牙文，意大利

Language of Charter

Permitted Language is German (court etc.). Normally, translation into English, French, Spanish, Italian is provided in legalized form.

管理条例语言

任何语言，如果法院将决定一个法律案件可能需要翻译。

Language of Regulations

Any, but court might ask for translation, if the court will have to decide on a legal case.

账户

Yes

Accounts

准备要求

除了帐户外通常只有需纳税的基金会必须提交年度纳税申报。

Requirements to Prepare

Only ordinarily taxable foundations must submit an annual tax declaration, in addition to the accounts.

审计要求

否

Audit Requirements

其他

Other

年度政府费用

是

Annual Government Fee

Yes

是否允许迁册

是

Change in Domicile Permitted

Yes By Allgemeines Treuunternehmen

司法辖区 JURISDICTIONS

反逃税国际公约。由于它的银行保密制度和低税率，列支敦士登过去曾被认为是一个避税天堂。低税率仍然是一个地理位置因素，而银行保密制度则已是明日黄花，列支敦士登现在通过签订的国际条约已经几乎是全透明地向世人展示。列支敦士登通过一个稳健的金融政体和大幅缩减的政府开支来实现它的低税率。由于是中立国家和仅有 160 平方公里的国土面积，这个国家没有军队，没有高速公路和机场。当然，除了上述这些之外，列支敦士登的基础设施极佳，距离瑞士苏黎世国际机场也仅有一小时的车程。经济上，列支敦士登的强劲金融行业以瓦杜兹为中心，但它也是一个工业化程度非常高的国家。如果考虑购买力平价，列支敦士登的人均国内生产值位居世界第四，如果不考虑购买力平价，其人均国内生产总值位居世界第一。它的失业率位居世界最低之一，仅为 2.4%。对旅游业来说，列支敦士登是一个阿尔卑斯山国家，整个国家多山地，是一个冬季运动天堂和夏季徒步旅行的绝佳胜地。列支敦士登的南部（奥伯兰、上部地区）和北部（昂特兰，下部地区）。列支敦士登也以其红酒和美食而闻名于世。

of the United Nations (UN) and of the European Economic Area (EEA), although, like Switzerland, it is not a member of the European Union (EU). In November 2013, an international convention to prevent tax evasion ("OECD/Council of Europe Convention") was signed. In the past Liechtenstein was recognized as tax haven because of its bank secrecy and low tax level. The low tax level is still a location factor, bank secrecy not any more as it is almost hollowed through international arrangements. Liechtenstein can afford the low tax level through a stable financial politic and deep spending. It has no military, no highways and no airport due to its neutrality and a size of only 160 square kilometres. Off course, it has an excellent infrastructure beside of this examples and the international airport of Zurich is in a one-hour range. Economically, the country has a strong financial sector centred in Vaduz but is also highly industrialized. Liechtenstein has the fourth highest gross domestic product per person in the world when adjusted for purchasing power parity, and the highest when not adjusted by purchasing power parity. The unemployment rate is one of the lowest in the world at 2.4%.

列支敦士登的最显著特点是它稳定的经济和政治环境。适合的离岸工具：银行业、基金管理、金融贸易、控股公司、家族办公室、资产保护、

For Tourists Liechtenstein is an alpine country, Liechtenstein is mainly mountainous, making it a winter sport destination and a hiking destination in the summer. Many cultivated fields and small farms are found both in the south (Oberland, upper land) and north (Unterland, lower land). Liechtenstein is also famous for its princely vine and food. Liechtenstein is characterised in particular by its stable political and economic environment. Suitable for: Banking, Fund Management, Trading Financial, Holding Companies, Family Offices, Asset Protection, Wealth Protection Vehicle Types: Limited companies, active companies, Foundations and trusts Location factors: • Stable social, legal, and economic order • High level of political stability and continuity

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财富保护离岸工具种类：有限公司、活跃公司、基金会和信托司法辖区显著特点： • 稳定的社会、法律和经济秩序 • 极高的政治稳定性和持续性 • 自由的公司法 • 自由的经济政策 • 优良的基础设施

• Liberal company law

• 良好的公共财政

• Liberal economic policy

• 稳定的瑞士法郎作为官方货币

• Good infrastructure

• 极少的官僚主义和直接的政令通路

• Sound public finances

• 强劲的金融能力和低利率

• Stable Swiss franc as official currency

• 标准普尔国家评级三个 A 级

• Little bureaucracy and direct administrative channels • Strong financial capacities and low interest rates

资本主要商务区域：

• AAA country-rating (Standard & Poor's)

瓦杜兹、沙安 Capital primary business districts: 关系良好国家：

Vaduz, Schaan

瑞士、英国 Good Relationships: 关系不佳国家：

Switzerland, United Kingdom

缅甸、埃及、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚

Tax Burden - Business: Light

税务负担——商务：轻

Tax Burden - Individual: Moderate

税务负担——个人：中等

Headline tax rates: CIT 12.5%, PIT 21%, VAT 8%

总体税率： CIT 12.5%, PIT 21%, 增值税 8%

Treaty Jurisdictions: Austria, Germany, Hong Kong, Luxembourg, San Marino, United

协议签订辖区：

Kingdom, Uruguay

奥地利、德国、香港、卢森堡、圣马力诺、英国、乌拉圭 TIEA Jurisdictions: 税务信息交换协议签订国：

Andorra, Antigua and Barbuda, Australia, Belgium, Canada, China,

安道尔、安提瓜和巴布达、澳大利亚、比利时、加拿大、中国、丹麦、

Denmark, Faroe Islands, Finland, France, Germany, Greenland,

法罗群岛、芬兰、法国、德国、格林兰岛、冰岛、印度、爱尔兰、

Iceland, India, Ireland, Japan, Mexico, Monaco, Netherlands,

日本、墨西哥、摩纳哥、荷兰、挪威、圣基茨和尼维斯、圣文森

Norway, Saint Kitts and Nevis, Saint Vincent and the Grenadines,

特岛和格林纳达岛、南非、瑞典、英国、美国

South Africa, Sweden, United Kingdom, United States

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Q&A

离岸问答

列支敦士登 Liechtenstein

1. 在希望向下一代传承资产的中国高净值人士或家族（等）的隐私和资产保护方面，贵司法辖区的优势有哪些？我相信 2018 年以后大多数国家，包括中国在内，都应该会签订 AEOI（信息自动交换协议），因此届时隐私会是一个问题。对资产保护来说，政治和经济的稳定性，法律的确定性和国际认可的标准都是确保资产向第二代传承的有力保证，因为这里的基金会法已有几乎 100 年的历史。 2. 在贵司法辖区设立信托 / 基金会和其它辖区相比，价格有什么不同？如果价格更高，能为客户提供的附加价值是什么？总体来说，和大多数司法辖区相比我们的价格具有竞争力，而且就基金会来说可以被认为是十分具有性价比的。我们有已知最古老的基金会法，且大多数其它司法辖区都是改编自我们的基金会法以适应他们的情况。 3. 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？来自中国的客户和亚洲其它国家不同，中国的法律具有相当的刑罚特征。在进行财富规划时必须十分小心，否则就

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1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? I believe that post 2018 should most countries sign up to the AEOI which includes China then privacy becomes questionable. As for Asset Protection the Political and economic stability, legal certainty and internationally recognized standards are more than adequate to ensure that the assets are succeeded to the next generation as the Foundation Law is close to 100 years old. 2. In terms of cost, how is the cost of a setting up a trust/foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? In general we are competitive in comparison to most jurisdictions and can be considered value for money when it specifically comes to Foundations. As we have the oldest Foundation laws known and most other jurisdictions have adapted our laws to suite theirs.

司法辖区 JURISDICTIONS

会触犯法律，在其它司法辖区的客户需要负民事责任的时候，在中国就有可能已经触犯刑法，所以必须进行更严格的尽职调查来保护客户。 4. 贵辖区法律中有哪些特点是这个司法辖区的信托 / 基金会成为吸引投资者的最大特点？主要特征之一是政治和经济的稳定性。我们的基金会和信托法已存在 100 年左右，我们有许多法庭判例来澄清法律方面的开放性问题。在许多新近执行新基金会法的国家，还有许多尚待解决的问题。我们的经验和庭审流程仍是我们的最大特点。 5. 贵辖区内是否有投资者需要知道的在信托和基金会方面的法律更新？大多数国家中法规的最新变更是 AEOI 所规定的影响外国公司管控和 FATCA 的通用申报标准（CRS）。这方面我们和其它国家并没有什么两样，所以必须且一定会遵守，不过由于是一个小国，我们可以迅速改变以适应新标准，这方面和其它司法辖区相比有很强的竞争力。

3. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? Chinese from China are unlike other Asian countries where the rule of law in China is very penal. One must take care when planning as not to run foul of the law as in other jurisdictions clients are taking on civil liability whereas in China it is a criminal liability and hence enhanced due diligence must be carried out for the clients protection. 4. What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? A major feature is the political and economic stability. Our Foundation and Trust law has been in existence since around 100 years and we have many court decisions to clarify open questions with regards to the law. In many countries which have implemented new Foundation laws most recently, all pending decisions have still to be worked out. Our experience and judicial precedence is still our major feature. 5. Are there any recent developments in trust or foundation law in your jurisdiction that investors should be aware of? The most current change in legislation across the board in most countries is the implementation of the AEOI on Common Reporting Standards which affects the Control of Foreign Companies as well as FATCA. We are no different from any other country in this aspect and must and will comply, however as we are a small country we are able make changes very quickly and adapt so as to comply and be competitive in comparison with any other jurisdiction.

来源： CorPa Treuhand AG Contributed by: CorPa Treuhand AG

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可信赖的列支敦士登信托和受托人公司 Trusted Liechtenstein Trust and Fiduciary Company 卡尔 - 海因兹· 何麦勒先生是 CorPa Treuhand AG（CorPa 信托有限公司）的委托人。他的职业生涯始于会计师并取得了瑞士审计会计师的资格。之后他决定投身信托的受托人行业，迄今他在信托和受托人领域已有 25 年的经验，成为少数几个在跨国私人银行主管整个信托部门的专业人士之一。 2012 年开始，他以自己的执业经验受命一家私人银行信托部门的合并工作，不仅在欧洲，也在亚洲为自己赢得了声誉。从 2012 年接手银行的信托独立部门后，他已和来自亚洲私人银行中心城市，比如新加坡、香港和迪拜，以及欧洲诸多城市的多家私人银行建立起了工作关系。

Karl-Heinz Hemmerle 创始人兼首席执行官

列

支敦士登基金会法在 1926 年正式颁布。该法的条款被相当多的外国法规借鉴为立法的模板，比如《奥地利私人基金会法案》、《巴拿马法》和泽西岛新颁布的《基金会法案》等，不一而足。法庭根据基金会法所做的众多判例让该国的法律确定性得到保证。设立列支敦士登私人基金会的优势为：

• 隐私保护在贸易注册处的登记注册是自愿的。即使私人基金会得到注册，该基金会的创始人或受益人等身份信息也不会得到披露。

Karl-Heinz Hemmerle is the principal of CorPa Treuhand AG (CorPa Trust Limited).

He first began his career as an accountant whilst qualifying as a Swiss Comptroller Accountant. He then decided to go into Trustee work and till date has 25 years of Trust and Fiduciary experience having been one of the few to have white labeled and entire Trust Department for a Global Private Bank. Since 2012 he was entrusted to merge the Trust Department of a Private Bank with his own practice and has created a presence not just in Europe but in Asia as well. Since taking the Bank’s Trust Department Independent from 2012, he has secured working relationships with many Private Banks spanning both Asian Private Banking centers such as Singapore, Hong Kong and Dubai as well as across Europe.

he Liechtenstein foundation law was codified in 1926. Its provisions have been used as a model for a number of foreign legislation, such as Austrian Private Foundation Act, the Panamanian Law or Jersey’s new Foundation Act. The high number of court decisions in the area of foundation law contributes to legal certainty. Advantages of setting a Liechtenstein Private Foundation:

in case of pending or threatened litigation there is no duty to disclose documents to the adversary. The only documents that may need to be disclosed upon a court order in the course of litigation are documents so-called “common documents” of the plaintiff and defendant, such as written contracts between them, or other contracts where there is a preexisting obligation to disclose them.

• Protection of privacy Registration in the trade registry is voluntary. Even if a private foundation is registered, the identity of the founder or the beneficiaries is not disclosed.

• No enforcement of foreign judgements Liechtenstein does not enforce foreign judgements without a relitigation on the merits unless there is an enforcement treaty in place with the country whose courts rendered the judgement. This distinguishes Liechtenstein from a large number of jurisdictions, in particular those

• No pre-trial discovery proceedings In contrast to a number of jurisdictions,

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• 无预审证据开示制度和许多行政辖区的做法相反，在有未定或潜在诉讼的情况下，没有向诉讼另一方披露文件的义务。在诉讼案件的法庭命令下唯一可能需要披露的文件是一份名为原告和被告的“普通文件”，比如双方签署的书面文件，或者在预先存在义务上规定要对其进行披露的情况下需要提交的其它合同文件等。 • 无需强制执行外国法庭的判决在没有相关再次诉讼的法律依据下，列支敦士登没有强制执行外国判决的要求，除非曾和签发该审判决议的国家签订过强制执行的协议。这个特点让列支敦士登和世界上的许多行政辖区区别开来，特别是那些受普通法影响极深的国家，如果诉讼过程公平，这些国家通常会执行审判结果。 • 向基金会转入资金的诉讼时效较短在受到债权人挑战的情况下，追讨时限为一年。如果债权人能够证明基金会创始人的意图是故意欺诈，向基金会转入资金的诉讼时效为五年。在这些最后期限都到期之后，在列支敦士登的法律规定下，转入基金会的资产将不得追讨，前提是该基金会得到了正确的设立。特别值得一提的是，基金会管理委员会有最终决议权，而基金会不应该被视为该创始人或受益人的亲友。 • 受益人利益没有附加要求在资产保护成为最关心问题的时候，一个有数个可能受益人自由设立的架构是更可取的选择。该架构中，基金会产生的资本或产生的收入由基金会管理委员会决定。这就确保了第三方不可向受益人附加任何法定赔偿要求。列支敦士登基金会在条件满足的情况下可作为私人资产架构来征税，只需要支付最低为 1,800 瑞郎的年度利润税。然而，即使没有特殊税赋，特定种类的收入，包括所有红利和来自于基金会参与者的资本利得和外国房地产产生的收入，都能免缴 12.5% 的利润税。

foundation is structured properly. In particular, decisions must be taken by the foundation council, and the foundation should not be seen as the alter ego of the founder or the beneficiaries.

influenced by common law, which often enforce foreign judgement if they were rendered in fair proceedings. • Short stature of limitations for a challenge of the transfer of assets to the foundation Claw back period is 1 year from the transfer if challenged by the creditors. The statute of limitations for transfers to the foundation is 5 years from the transfer of assets to the foundation if creditors can prove the intent of the founder to defraud them. After the expiry of these deadlines, no challenges of the transfer of assets to the foundation are possible under Liechtenstein law, provided that the

• No attachment of the interest of beneficiaries Where asset protection is a concern, a discretionary structure with several possible beneficiaries is preferable where distributions of the capital or income of the foundation are left to the discretion of the foundation council. This will ensure that there are no legal claims of the beneficiaries that can be attached by third parties. The Liechtenstein foundation can be taxed as a Private Asset Structure if the conditions are met, only liable to pay the minimum annual profit tax of CHF 1,800. However, even without the special tax status, certain types of income, including all dividends and capital gains from participations and any revenue from foreign real estate are exempt from the otherwise applicable 12.5% profit tax.

家族办公室 ——为全球家族的个性化需求提供服务

FAMILY OFFICE – Services for the Individual Needs of Worldwide Linked up Families

一

个具有国际化地位和在世界范围内有经营活动的富有家庭在寻求家族办公室所处国家时，这个国家除了必须政治和经济稳定之外，还必须有丰富的经验和专业精神，这些都是建立代际传承的互惠信托和关系网络所必需的条件，这些条件确保了在资产保护和传承规划上的法律和规划方面的安全性。专业的家族办公室为其顾客，通过其内部雇员或外部专家，提供诸如资产和遗产规划、传承规划、企业销售、资产管理、税务顾问和法律咨询、以及家族慈善活动协调等等服务。根据每个家族的不同需求，家族办公室的服务也会包含房地产管理、游艇、飞机甚至艺术品收藏管理等，以上都是家族财产的一部分。此外，家族办公室在有需要时，也会处理家族成员的个人事务。

n internationally located and worldwide active wealthy family searches Family Office services in countries, where, besides the political and economic stability, it experiences that kind of professionalism, which is necessary to build up mutual trust, often lasting for generations, as well as a relationship network, which guarantees its legal security and planning security with reference to asset protection and succession planning. A professional Family Office renders for its customers, either with its own staff or by including external experts, services like asset planning, inheritance planning and succession planning, enterprise sales, administration of assets, tax consultation and legal advice, coordination of the charitable activity of the family and a lot more. According to the specific needs of a family, the services of a Family Office can also include the administration of the properties, yachts, airplanes or also art collections, which are in the possession of the family. Further, w w w.atu.l i

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Roger Frick 受托人 / TEP，列支敦士登公国 Trustee / TEP, Principality of Liechtenstein

Family Offices, when required, also look after personal affairs of the members of a family. On 21 November 2013, Liechtenstein signed the Multilateral Convention on Administrative Assistance in Tax Matters (MAK). Among other things,

Member Contribution

2013 年 11 月 21 日，列支敦士登签署了《税务事项行政协助的多边公约》（MAK），提供了多种形式的信息交换。公约将最迟在 2017 年开始执行。当今世界，各个国家对信息透明化和合作的要求与日俱增，MAK 的签署，或在注册地曝光股东信息的要求，都体现了对财产架构方面的预期，和保持个人控制和影响力之间的鸿沟正在加大，表现在一方面要维持由裁量权 / 保密性，另一方面又要保持运作的高效性。能够注意到的是，上述预期是互冲突的。不过，专业的家族办公室顾问知道如何应对这些预期背后的文化背景，他会聆听和赢得顾客的信任，能够可靠地代表顾客的利益并为此负责。基于顾客的期许，他会利用家族办公室为顾客提供量身打造的解决方案。需要着重指出的是，财富架构的打造的确能够导致不同的结果，比如 MAK 不仅包括在根据要求的情况下提供信息的交换，还包括在不远的将来对数据进行自发和自动的交换。有国际业务的家族越来越多地面临一个事实，那就是相同的财产架构方式

the Convention provides for various forms of information exchange. The Convention will be ratified in 2017 at the latest. In today's world of increasing transparence and cooperation between the countries as in the case of an existing MAK or disclosure of shareholders in registries, an context of the Family Office support. increasing gap stands out between the It is important to highlight that wealth expectations in property structuring structuring can indeed lead to different with respect to the maintenance of results with respect of the MAK which personal control/influence, on one might not only include exchange of hand, and discretion/confidentiality information upon request, but also as well as effectiveness on the spontaneous exchange or Automatic other hand. Noticeably, these two Exchange of Data in the nearest expectations are contradictory. future. However, a professional Family Office advisor knows how to take Internationally operating families are care of the cultural circumstances more and more faced with the fact of such expectations, listens and that one and the same property justifies the trust of his customers, structuring can be more effective for a when he represents their interests family, which operates internationally, reliably and responsibly. Based on than when a family lives exclusively the expectations of his customers, in one country and is working there. he will offer tailor-made solutions in Here, an elbowroom arises, which does not open for families or members of the families, who do not change the residence. An example can be given, that a member of the family, who moves to Switzerland with a tailormade trust or a tailor-made foundation achieves that the assets and yields are not attributed to the person residing in Switzerland, which opens enormous elbowroom for planning for any

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对一个在国际上运作的家族来说，比一个只在一个国家内运营和工作的家族来说更为有效。这里就产生了发展的空间，虽然这个空间对那些不需要改变居住地的家族或家族成员来说意义不大。一个例子就是，一名通过量身打造的信托或基金会移居到瑞士的家族成员，他的资产和产出并不认为是居住在瑞士时候所获得的，这就给通过瑞士进行对内或对外的投资规划开启了一个极大的活动空间。列支敦士登的金融产品，比如基金会、信托、贸易公司，是企业或者列支敦士登特有的公司形和在列支敦士登建立的公司或注册的信托，上述都是第一眼看上去可以和其它行政辖区的架构进行互换的。当然，无法相提并论的则是列支敦士登在国际信托和公司法领域作为国际金融中心的 88 年历史和丰富经验，早在 1925 年，列支敦士登由于个人和公司法的颁布就已

inbound or outbound investment. Liechtenstein financial products, that means foundations, trusts, trading companies like for example corporations or the company forms specific to Liechtenstein like the establishments or registered trusts, are interchangeable, at the first sight, with structures of other jurisdictions. What, however, is not interchangeable is the 88-year-old experience of the financial center of Liechtenstein in

the international trust and company law fields, which started to develop already in 1926 with the introduction of the Liechtenstein personal and company law. Further, it is also possible to obtain residence in Liechtenstein in special cases, what opens further planning potential. Upon the establishment and administration of foundations and trusts, as well as of companies, the international developments must be considered. It is important that an internationally operating family profits from a Family Office service, which takes these aspects into consideration, be it for inbound or outbound investments. Let me show you two small examples what a professional can do for a worldwide active family. Let us assume that a family has investments in real estate in Europe or USA and holds bank accounts in Europe or Asia. One of the concerns might be that confidentiality is as stake by the future automatic exchange of information. There the concept of so-called active non-financial-entities (aNFE) can be used by employing a person to manage the properties being let out. By doing so, and without moving the bank accounts it may be possible to offer the families various solutions

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经开始蓬勃发展。不仅如此，在特殊案例中获得列支敦士登居留权也是可能的，这就给进一步的财富规划开启了更多可能性。在信托、基金会和公司建立后，向国外扩张也必须被提上议事日程了。在国际上运作的家族通过家族办公室服务获得的利润，比如通过对内和对外投资获得的回报，也是需要重点考虑的因素。让我给你举两个专业人士可以为国际家族提供怎样服务的例子。让我们假设一个家族在欧洲或美国有房地产投资，并在欧洲或亚洲有银行账户。需要考虑的因素中的一点是，未来的信息交换会对保密性产生什么样的威胁。此处所谓的“活动非金融实体” （NFE）概念可以通过雇佣一人来管理出租的房产来实现。通过这种方法，且同时不必转移银行账户，就可以向家族提供多种解决方案，即使该实体持有银行账户也完全不必担心保密性的问题。这对控股架构来说，如果它们是贸易或制造业企业来说也是同理。改变居住地或持有全权信托或基金会也可能在不成为 NFE 的基础上解决一些问题，虽然这种方式并非万能。列支敦士登签署有多个税务协定，基金会或公司缴纳的普通税率为 12.5%，不过红利和股份的资本利得收入是免税的。控股或房地产基金会需要就利润缴纳 12.5% 的税率，其外国分公司的利润、股份资本利得和红利收入则免税，这对通过香港进入中国的投资来说也许是很好的机会。正确设立的基金会没有控制功能和利益，它们也许不会受到多个国家，比如德国或中国的所谓外国控股公司（CFC）规定的约束。受益人权利方面的规定不仅对理解纳税条件很重要，家族财富的仔细规划也是理解受益方和基金会董事成员来决定红利分配的金额和时间限制含义所必须的。也许各国的法律各不相同，但是专家却对这些了如指掌，且会让顾客对这些情况也了然于胸。

in order that they can maintain full confidentiality even if an entity holds the bank accounts. That might also be the case for holding structures if they invest into trading or production companies. Changing residency or simply having discretionary trusts or foundations might also solve some concerns without being an aNFE, although they are not available for everything. Liechtenstein has signed various tax treaties and foundations or companies pay ordinary taxes of 12.5 %, although dividends and capital gains on shares

are tax free. As holding or real estate foundations are taxable on their profits with 12.5 %, with the exception of foreign branch profits, capital gains on shares and dividend income, they might be a good opportunity for investments via Hong Kong into mainland China. As properly set up foundations do not have beneficiaries with controlling functions, they might not fall under so-called Controlled Foreign Company (CFC) regulations of various countries, as are known in Germany or China.

The regulation on beneficial rights is not only important to understand for taxable situations, careful planning for families is needed to understand what are the implications if deeds/ by-laws specify beneficial parties and restrict the trustees or foundation board members to only decide on the amount and timing of a distribution. Courts may be different from country to country, and a professional is aware of this fact and educates the client in this respect.

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马耳他 Malta

司法辖区 JURISDICTIONS

Malta

马耳他

General

实体类型

信托

Type of Structure

Trust

法律类型

成文法，信托及信托法，马耳他法律第 331 章

Type of Law

Statute, Trusts and Trustees Act, Chapter 331 of the Laws of Malta

建立信托所需时间

信托可以以各种理由成立，受托人契约的起草工作可能需要更多的时间直到委托人同意所有条款。

Time to Establish a Trust

In nature, a Trust can be established for various reasons, The drafting of a Trustee Deed can take more time until the settlor agrees to the terms.

最低政府费用（不包括税收）

无

Minimum Government Fees (excluding taxation)

N/A

国外收入课税

信托的税务影响将取决于多种因素。

Taxation on Foreign income

The tax implications of a trust would be dependent on various factors

是否签订双重征税协定

是

Double Taxation Treaty Access

Yes

概况

信托资产

Malta

Trust Assets

标准货币

欧元

允许币种

任何币种

Permitted Currencies

Any

是否对信托资产限制

无限制

Limitation to Trust Assets

No limitation

受托人

Standard Currency

Euro

Trustees

独立法人最低人数

至少一个受托人

Minimum Number of Individuals

At least one trustee.

是否需要当地受托人

马耳他受托人（马耳他金融服务管理局授权要求）

Local Required

Malta trustee (requirement of authorisation from the Malta Financial Services Authority)

公众可否查阅记录

信托契书不需要向任何公共权威注册。

Publicly Accessible Records

The trust deed does not require registration with any public authority.

会议地点

无

Location of Meetings

N/A

受益人

Beneﬁciaries

最低人数

至少一个受益人

Minimum Number

At least one beneﬁciary

公众可否查阅记录

信托契书不需要向任何公共权威注册。

Publicly Accessible Records

The trust deed does not require registration with any public authority.

委托人和受托人可否成为受益人

信托的财产授予人也可以是信托受益人。受托人不能同时是一个信托的受益人。

Can Settlor and Trustee be a Beneﬁciary

A settlor of a trust may also be a beneﬁciary under the trust. A trustee cannot also be a beneﬁciary of a trust.

账户

Accounts

准备要求

受托人须保存准确帐目及其托管的记录。

Requirements to Prepare

Trustees shall keep accurate accounts and records of their trusteeship.

审计要求

否

Audit Requirements

提交账户要求

否

Requirements to File Accounts

公众可否访问账户

否

Publicly Accessible Accounts

年度要求年度审计

Annual Requirements 否

其他

Annual Audit

Other

提交年度报表要求

否

Requirement to File Annual Return

是否允许迁册

是

Change in Domicile Permitted

Yes

By Ms. Katrin Taho Prospera Europe Ltd. (Malta)

司法辖区 JURISDICTIONS

行政特区：马耳他所在地区：欧洲官方货币：欧元 (EUR) (€) 官方语言：马耳他语、英语所属时区：UTC+1 电话区号：+356 通讯设施：优良

Country: Malta Region: Europe Currency: Euro (EUR) (€) Languages: Maltese, English Time Zone: UTC +1 Phone Code: +356 Communications: Good

简介

Introduction

马耳他政府企图创造一个高科技的制造业和创建一个加工和配销设施，为它高速发展的自由港服务。这里有充足的投资刺激政策。几乎毋庸置疑，马耳他已成为欧盟的博彩服务业中心，且利润丰厚。马耳他的制造业、旅游业和航运业也让人垂涎。马耳他的银行业、互惠基金、保险业和信托服务业等都蓬勃发展。马耳他为公司提供低税政策，虽然理解起来有些复杂。这里的商务和专业基础设施比较先进。商业和离岸金融业包括银行业、投资基金管理（这里有股票交易市场和不少的互惠基金上市公司）、信托管理、航运和投资控股。

The government has attempted to create a high-technology manufacturing sector and to establish processing and distribution facilities around its rapidly growing Freeport. There are extensive investment incentives. Almost without wanting to, Malta has become the leading EU provider of gaming services, to its immense profit. Manufacturing, tourism and shipping are also rewarding. Its banking, mutual funds, insurance and trust service sectors are growing. Malta offers low-tax regimes to companies, although they are hard to understand.

适合于：

There is a reasonably sophisticated business and professional infrastructure. Business sectors with offshore

财富管理、银行业、保险业、基金管理、航运业、游艇业、电子商务、

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概况

马耳他

General

Malta

实体类型

基金会

Type of Structure

Foundation

法律类型

民法典的附表二（马耳他法例第 16 章）

Type of Law

Statute, Second Schedule of the Civil Code (chapter 16 of the Laws of Malta)

有限责任

法人是区别于它们的发起人，创始人，管理人员和理事会成员的，如果有的话。除非法律规定另外，法人的行为仅仅约束自己不约束其他人。

Limited Liability

Legal persons are distinct from their promoters, founders, administrators, members, if any. Legal persons' acts only bind themselves except as lawfully provided.

建立基金会所需时间

最少一周

Our time to Establish a Foundation

Minimum of one week

基金会最低资本金（等值货币）

最低 1,165 欧元

Foundation Capital Minimum (equivalent in currency)

At least €1,165

基金会资本货币

欧元

Foundation Capital Currency

Euro

公众可查阅记录

Publicly Accessible Records

基金会章程

只有由公证或者遗嘱构成的基金会

Foundation Charter

基金会管理规则

无

Foundation Regulations

Nil

Beneﬁciaries

A foundation may be established for the private benefit of person(s) or a class of persons who enjoy such benefits, and shall have legal rights against the foundation as may be stated in the foundation deed's terms. Purpose foundations may also be established for the achievement of 'a lawful purpose', including but not limited to a social purpose, without beneficiaries.

Name of Founder

Yes

受益人

一个基金会可为一人或多人，或可享受该利益的一类人，及在基金会契书上说明的拥有法律上强制执行的权利对抗基金会而建立。目的基金会，也可以为“合法目的” 的实现建立，包括但不限于社会目的，没有受益者。

创始人

是

基金会管理成员

A foundation can only be constituted either by a public deed or by a will.

Ofﬁcers of Foundation The terms of the foundation may provide for the establishment of a supervisory council consisting of at least one member or for the ofﬁce of a protector or protectors with similar functions.

基金会条款规定设立监事会由至少一名理事会成员或一个办公室保全或类似功能的保全。

Protector Required

是否允许企业保全

是

Corporate Protector Permitted

Yes.

理事会成员最少人数

私人基金会最少 1 人，目的基金会最少 3 人

Minimum Number of Council Members

One for private foundations, three for purpose foundations

是否允许有企业理事会成员

是

Corporate Council Members Permitted

Yes

会议地点

未指定

Meeting Location

Not speciﬁed

保全要求

基金会本地规定基金会代理

Local Requirements of Foundation 如果没有马耳他管理员就认命当地的代表

Local representative is to be appointed if there is no Maltese administrator

Foundation Agent

是否需要秘书

未指定

Secretary Required

Not speciﬁed

章程语言

马耳他语或英语

Language of Charter

Maltese or English

管理条例语言

马耳他语或英语

Language of Regulations

Maltese or English

账户

Accounts

准备要求

管理员应保存的记录所有资产及负债纪录 ; 及所有年度财务周期的收入和企业支出。

Requirements to Prepare

The administrator shall keep records of all assets and liabilities; and all income and expenditure of the organisation for the annual ﬁnancial periods.

审计要求

无

Audit Requirements

Nil

其他

Other

年度政府费用

无

Annual Government Fee

N/A

是否允许迁册

是

Change in Domicile Permitted

Yes

By Ms. Katrin Taho Prospera Europe Ltd. (Malta)

司法辖区 JURISDICTIONS

电子博彩、房地产所有权离岸工具种类：有限公司、公众有限公司、可变股本的投资公司、通用合伙制、

activity include banking, investment fund management (there is a stock exchange with a growing array of mutual fund listings), trust management, shipping and investment holding.

有限合伙制、分公司、单一所有制公司和信托资本主要业务区域：

Suitable for: Wealth Management, Banking, Insurance, Fund Management,

瓦莱塔、比尔吉卡拉

Shipping, Yachting, E-commerce, E-gaming, Property Ownership

关系良好国家：奥地利、比利时、保加利亚、克罗地亚、塞浦路斯、捷克共和国、

Vehicle Types: Limited companies, public limited companies, investment

丹麦、爱沙尼亚、芬兰、法国、德国、希腊、匈牙利、爱尔兰、

companies with variable share capital (SICAV), general

意大利、拉脱维亚、立陶宛、卢森堡、荷兰、波兰、葡萄牙、罗

partnerships, limited partnerships, branches, sole proprietorships

马尼亚、斯洛伐克、斯洛文尼亚、西班牙、瑞典、英国

and trusts

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Capital primary business districts: Valletta, Birkirkara Good Relationships: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom Bad Relationships: Burma, Egypt, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Moderate 关系不佳国家：缅甸、埃及、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、

Tax Burden - Individual: Heavy

苏丹、叙利亚税务负担——商务：

Headline tax rates: CIT 35%, PIT 20-35%, VAT 18%

中等税务负担——个人：

Treaty Jurisdictions: Albania, Australia, Austria, Bahrain, Barbados, Belgium, Bulgaria,

重

Canada, China, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Georgia, Germany, Greece,

总体税率：

Hong Kong, Hungary, Iceland, India, Ireland, Isle of Man, Israel,

CIT 35%, PIT 20-35%, 增值税 18%

Italy, Jersey, Jordan, Korea, Republic of, Kuwait, Latvia, Lebanon, Libya, Lithuania, Luxembourg, Malaysia, Montenegro, Morocco,

协定签订国家：

Netherlands, Norway, Pakistan, Poland, Portugal, Qatar, Romania,

阿尔巴尼亚、澳大利亚、奥地利、巴林、巴巴多斯、比利时、保

San Marino, Saudi Arabia, Serbia, Singapore, Slovak Republic,

加利亚、加拿大、中国、克罗地亚、塞浦路斯、捷克共和国、丹

Slovenia, South Africa, Spain, Sweden, Switzerland, Syria, Tunisia,

麦、埃及、爱沙尼亚、芬兰、法国、格鲁吉亚、德国、希腊、香港、

Turkey, United Arab Emirates, United Kingdom, United States,

匈牙利、冰岛、印度、爱尔兰、马恩岛、以色列、意大利、泽西

Uruguay

岛、约旦、韩国、科威特、拉脱维亚、黎巴嫩、利比亚、立陶宛、卢森堡、马来西亚、黑山共和国、摩洛哥、荷兰、挪威、巴基斯坦、波兰、葡萄牙、卡塔尔、罗马尼亚、圣马力诺、沙特阿拉伯、塞尔维亚、新加坡、斯洛伐克共和国、斯洛文尼亚、南非、西班牙、瑞典、瑞士、叙利亚、突尼斯、土耳其、阿联酋、英国、美国、乌拉圭税务信息交换协议签订国家：巴哈马、百慕大、开曼群岛、直布罗陀、澳门

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司法辖区 JURISDICTIONS

Q&A

离岸问答

马耳他 Malta

1. 在希望向下一代传承资产的中国高净值人士或家族（等）的隐私和资产保护方面，贵司法辖区的优势有哪些？从国际层面上看，马耳他提供有利于家族事业的营商监管和财富管理环境，它的法律框架和专业基础设施都为家族提供和他们的顾问共同合作，进行资产保护规划的机会，从而进行资产的分类隔离，并在一个保密性良好的环境中达到资产保护的最大化效果。马耳他本质上是一个民法司法辖区因此有一个强劲的基金会传统，但它同时从 2004 年开始，也提供了一个设立信托的稳固法律基础，当时出台了特定的法律来允许国内信托的设立。利用马耳他作为资产保护规划的优势，是它作为欧洲司法辖区和位于欧元区的地位。不仅如此，它还提供非常灵活的工具，比如私人基金会、信托（包括家族信托）和有限责任公司，让高净值家族得以维持需要的保密水平，同时又可以在在岸的环境中运营，并继续在欧洲安全的环境中投资。马耳他的《信托和受托人法案》和基金会法律为资产保护和家族生意的运营提供国际范围内的灵活性工具。不仅如此，马耳他有利的税务环境还包括红利预提税、版税和利息税的豁免，以及红利收入和参股转让收入的资本利得的

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1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? At an international level, Malta provides a family-friendly environment for business governance and wealth management, complimented by a legal framework and professional infrastructure providing an opportunity for the family to work on an asset protection plan with their advisors in order to segregate assets and achieve maximum protection in a confidential environment. Malta is essentially a civil law jurisdiction and therefore has a strong tradition of foundations but it also offers a solid legal base where to setup a trust since 2004 when a specific law was enacted in order to allow for the setting up of domestic trusts. The advantage of using Malta for an asset protection plan is the fact that it’s an EU jurisdiction and is part of the Eurozone. Apart from this it offers very flexible institutes such as the private foundation, the trust (including family trusts) and the limited liability company that enable the family to retain the required degree of confidentiality but at the same time operate in an onshore environment and

司法辖区 JURISDICTIONS

免税。一个相似的税务豁免政策也同样适用于在马耳他公司的股份收购上。马耳他清楚地把自己定位成一个极具吸引力的家族生意和家族办公室的管理平台。马耳他议会也将颁布一个《家族生意法案》，届时将成为世界首创，为那些已经向适当管理和传承迈出合理可观步骤的家族生意提供支持工具。 2. 价格方面，在贵司法辖区设立信托 / 基金会和其它辖区相比有什么不同？如果价格更高，您能为客户提供的附加价值是什么？和其它司法辖区相比，马耳他在设立一个资产保护计划的必要架构方面是极具竞争力的。把马耳他和其它较受欢迎的司法辖区比如泽西岛和卢森堡相比，马耳他在价格控制和营商便利性方面更胜一筹。马耳他因为它数量庞大的金融服务行业的高技术专业人士而更具有性价比。虽然马耳他的生活质量很高，但是工资水平比较稳定，因此成本也可以控制得很好。在政府注册基金会的官方注册费用也很合理，信托不必要注册，所以也没有官方收取的额外费用。 3. 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？由于沟通不畅而造成的文化方面的误解，是我们在服务亚洲，特别是中国客户时遇到的最大挑战之一。虽然越来越多的中国人能说流利的英语，但是在应对微妙商务谈判情况时所需要的对中国和西方文化方面的深刻理解，仍然是

continue investing in a safe European environment. The Trusts and Trustees Act and Malta's law on foundations provide flexible tools for asset protection and the running of family businesses on an international scale. Furthermore, Malta's favourable tax environment includes the absence of withholding taxes on dividends, royalties and interests, as well as tax exemptions for dividend income and capital gains arising on the transfer of participating holdings. A similar exemption also applies to stamp duty otherwise applicable on the acquisition of shares in Maltese companies. Malta has clearly established itself as an attractive platform for family-business governance and family-office management. Malta’s parliament will also be enacting a Family Business Act which will be the first of its kind in the world and aims to provide tools for the assistance of family businesses that have taken reasonable identifiable steps in the direction of proper governance and succession. 2. In terms of cost, how is the cost of a setting up a trust/foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? Compared to other jurisdictions the cost of setting up an asset protection plan together with the setting up of the necessary structures is very competitive. When comparing Malta to the other popular trust jurisdictions like Jersey and Luxembourg, Malta is the winner in terms of contained costs and ease of doing business. Malta tends to be more cost effecitve than other jurisdictions in view of the fact that it has a large number of specialised and highly skilled people working in the financial services sector. Although standard of living is of a high level in Malta, salaries have been kept stable and therefore costs are maintained as well. Official registration costs for foundations with the authorities are also very reasonable and trusts do not have the requirement of registration and therefore there is no additional official cost. 3. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? Cultural misunderstandings arising from miscommunication are one of the biggest challenges faced when dealing with

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Asian clients, in particular Chinese. Although there are an increasing number of Chinese people highly proficient in English, it is still a challenge to possess a strong enough understanding of both Chinese and western culture to navigate delicate business negotiations. To overcome such problems, we have built an international team in place which can bridge Chinese and western cultural differences. The importance of building strong relationships (Guanxi) in business is not a novel concept for western businesses. However, in China, guanxi plays a far more important role than it does in the West. While in the other parts of the world, you may be able to seal a deal just through formal business meetings, in China it is necessary to spend time getting to know your Chinese counterparts outside the boardroom during tea sessions and lunches or dinners. 一个相当大的挑战。要克服上述问题，我们打造了一个国际化的团队，能够在中国和西方文化之间搭起一座桥梁。在商务活动中建立强健关系的重要性对西方业者来说已不是新鲜事儿。不过，关系在中国扮演的角色比西方远为重要。在世界的另一端，你也许可以仅仅通过正式的商务会晤就能确定交易，而在中国则有必要花时间在会议室以外的茶歇、午餐会或晚餐时间来更多地了解你的中国客户。总体上说，中国和马耳他两国已在 1972 年 1 月 31 日建立了外交关系。在过去的 40 多年里，两国之间的双边关系继往开来，已成为两个大小规模和社会体制不同国家之间如何发展友谊和合作的典范。去年，马耳他政府和中国政府签订了一个为期五年的中期合作计划书，该计划将把两国之间已经完备的合作关系提上一个新的水平。两国讨论了包括航空业、免双重征税协议的改进、金融服务和中国出资马耳他项目的金融工具等方面的话题。马耳他在过去几年里已经且将继续进行几个相当成功的移民计划，以吸引国际商务人士获得马耳他的居住权或公民权。这对亚洲的客户来说比较有吸引力，能为他们提供旅行便利性方面的解决方案。获得马耳他的居住或公民权意味着不必每次都申请旅行签证就可以自由进出申根地区。 4. 贵辖区法律中有哪些特点是这个司法辖区的信托 / 基金会成为吸引投资者的最大特点？信托被用在房地产所有、资产证券化和税务筹划等许多领域。设立信托是满足投资者的特定需求和确保投资者绝对隐私的工具。马耳他提供专业受托人的许可证制度，所以

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As for both countries in general, China and Malta established diplomatic relations on 31st January 1972. Over the last 4 decades bilateral relations have covered a long distance and have become a model of how two countries of different sizes and social systems can develop friendship and cooperation together. Last year, the Government of Malta and the Government of China have signed a 5-year Medium-Term Cooperation Plan which will take the already well-established cooperation between the two countries to another level. The two sides discussed various topics including investment in aviation, improvement of doubletaxation agreements, financial services and new financial instruments for Chinese funding of projects in Malta. Malta has over the past years operated and still continues to operate very successfully a number of immigration programmes in order to enable international businessman to take up residence or citizenship in Malta. This would be attractive for Asian clients and provides a solution required for ease of travelling. Obtaining residence or citizenship in Malta means that one would have access to the Schengen area without the requirement of applying each and every time for a travel visa. 4. What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? Trusts are used for property ownership, securitisations and tax planning, amongst others. The instrument setting up the trust is drafted to cater for the specific needs of the investors and to ensure the utmost confidentiality for

司法辖区 JURISDICTIONS

投资者很放心，知道自己的资产受到最为专业妥当的管理。不仅如此，投资者可以指定一人作为信托的保护人，受托人在对特定事件做决策之前，需向此人咨询并有可能让此人在事先预先审批。马耳他信托提供有利的税收方式—— 在信托的所有受益人都非马耳他居民，以及信托所产生的所有收入都不是源自马耳他的前提下，马耳他的法律规定上述情况都不必纳税。信托所产生的，没有向受益人分配的收入需要由受托人按照 35% 的税率缴税。马耳他法律规定下的私人基金会在注册后就被赋予了法人资格。投资者可以向基金会和管理基金会的管理员捐赠资产。马耳他提供专业管理员的认证制度，确保最大程度的专业性。也可以设立一个监管理事会来监管基金会管理员的行为。如果自愿选择作为信托来缴税，基金会也可以以公司或信托的同样条例来缴税，上述公司或信托中，所有受益人都不是马耳他居民，且信托所产生的所有收入都不是源自马耳他，根据马耳他法律的规定，都不必缴税，前提是监管者需要向税务局局长提供一张证明，表明基金会的受益人都不在马耳他居住。

the investors. Malta provides for licensing of professional trustees, so investors can have the peace of mind that their assets are duly managed in the most professional manner. Moreover, the investor may appoint a person of his trust to act as a protector, with whom the trustee would need to consult and potentially attain the prior approval, before deciding on certain matters. Malta trusts offer an advantageous tax treatment. - where all the beneficiaries of the trust are not resident in Malta, and where all the income attributable to the trust does not arise in Malta, there are no tax implications which arise under Maltese law. Income attributable to a trust which is not distributed to the beneficiaries is taxed in the hands of the trustees at a rate of 35%. Private foundations under Maltese law are vested with legal personality once registered. The investor would donate assets to the foundation, and administrators who manage the foundation. Malta provides for licensing of professional

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5. 贵辖区内是否有投资者需要知道的在信托和基金会方面的法律更新？马耳他的信托和受托人法规最近得到了修正，提供了更具灵活性的产品造福投资者。适用于信托，之前为 100 年的有效期已被延长至 125 年。此外，马耳他法规限制还规定委托人可以保留“指派、增加或撤销受托人、保护人或受益人”的权力以及在不影响信托有效性或延迟信托生效期的前提下指派任何“投资顾问或投资经理”的权力。这就让投资者更为安心，因为它确实允许此人为他的信托指派人员来担任信托中的不同角色。最新的进展是引入针对“家族信托”的柔性监管制度。在受托人作为公司设立且其公司目标和活动被限于和特定家族信托或信托相关的受托人身份，且在其它方面并不作为受托人出现在公众面前，以及日常中不扮演受托人角色的情况下，受托人在从事上述活动时不必从 MFSA 获取执照，只需在 MFSA 以家族信托注册即可。MFSA 也在今年四月公布了和上述家族信托受托人相关的规则。这些私人信托公司（PTC）只需通过一个更为简单的流程在 MFSA 注册，而不必走完整套批准流程。因此，希望设立信托但不愿意指派一名专业受托人作为信托受托人的投资者，就可以选择有目的性地设立一家公司来担当特定家族信托或信托受托人的角色。

来源：Chetcuti Cauchi Advocates Contributed by: Chetcuti Cauchi Advocates

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administrators, ensuring greater professionalism. A supervisory council may also be set to monitor the acts of the administrators. Foundations may be taxed under the same provisions as companies or trusts Should the foundation opt to be taxed as a trust, where all the beneficiaries of the foundation are not resident in Malta, and where all the income attributable to the trust does not arise in Malta, there are no tax implications which arise under Maltese law, provided that the administrators need to provide the Commissioner of Inland Revenue with a certificate that the beneficiaries benefiting from the foundation are all not resident in Malta. 5. Are there any recent developments in trust/ foundation law in your jurisdiction that investors should be aware of? The Maltese legislation on Trusts and Trustees has recently been amended, providing a more flexible product to the benefit of investors. The perpetuity period applicable to a trust, which was previously 100 years, has been extended to 125 years. Moreover, Maltese legislation now provides that the settlor may reserve powers to ‘appoint, add or remove trustees, protector or beneficiaries’ and powers to appoint any ‘investment adviser or investment manager’ without effecting the validity of the trust or delaying the taking effect of the trust. This may provide the investor with further peace of mind as it does allow him to appoint people in his trust to carry out roles within the trust. A recent development was the introduction of a light touch regime for ‘family trusts’. In case where a trustee is set up as a company whose objects and activities are limited to acting as trustee in relation to a specific settlor or settlors and providing administrative services in respect of a specific family trust or trusts, and which does not otherwise hold itself out as trustee to the public, and which does not act habitually as a trustee, the trustee need not attain a license from the MFSA to act as such, but simply register as a family trustee with the MFSA. The MFSA has also published in April of this year the rules relating to the trustees of such family trusts. These PTC’s (Private Trust Companies) are required to register with the MFSA through a simpler process rather than a full authorisation process. An investor, therefore, who wishes to set up a trust but does not wish to appoint a professional trustee as the trustee of the trust, may opt to set up a company purposely to act as trustee for the specific family trust or trusts.

爱沙尼亚电子居民的在线银行开户 Opening a Bank Account Online in Estonia for e-Residents

016 年 6 月 15 日开始，爱沙尼亚“电子居民”（Estonian e-Residency）可通过在线开户的方式开设企业或个人银行账户。爱沙尼亚电子居民向世界上所有欲在爱沙尼亚开设公司的人开放。这让爱沙尼亚成为让企业家扬帆起航的友好国家——现在可以在这里通过在线的方式建立公司和开设企业和 / 或私人银行账户，而不必本人亲自来到爱沙尼亚。为了顺因时代潮流而与时俱进，爱沙尼亚政府批准了这一新政策，让银行开户变得更为简便迅捷，同时确保了必要的安全水平得以维持。这样做的重要性是什么？

rom June 15th, 2016 it is possible to open a corporate or personal bank account online in Estonia for Estonian e-residents. Estonian e-Residency is available to anyone in the world who is interested to set up an Estonian company. This is a step further to make Estonia an even more viable country for entrepreneurs to start a company in – now you can establish a company and open a corporate and /or private bank account online without having to be present in Estonia.

和电子居民政策一起到来的，是位置独立的公司制度。这意味着您可以在爱沙尼亚成立和管理一家公司而不必因为填写繁琐的文件和 / 或法律事务而来到爱沙尼亚。

The Estonian government has approved this legislation to keep up with the times, making opening a bank account simpler and faster while ensuring that the necessary level of security is maintained.

第一步是取得世界任何一个地方合伙人的首肯，制作和在爱沙尼亚面对面的手写签名授权一样具有法律效力的数字签名。

Why is this important?

第二步是创建爱沙尼亚的在线公司注册档案，您可以在此以爱沙尼亚居民或电子居民身份通过在线的方式注册一家公司。

With the announcement of e-residency also came the idea of a location

创建一家正常运作公司的最后一步是银行开户。由于反洗钱法的严格规定，银行开户会有延迟，但现已通过一项法律，允许在线开户而不必事先在银行确认身份。什么是电子居民？爱沙尼亚是第一个提供电子居民形式的国家——全世界所有人都可以使用的跨国界电子身份让他们可以在线开设位置

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independent company. This means that you can set up and manage a company in Estonia without having to be present for the paperwork and/or legal matters. The first step was making the digital signature and authentication legally equal to handwritten signatures and face-to-face identification in Estonia and between partners upon agreement anywhere around the world. The second step was creating the Estonian online business register, where you can register a company online as an Estonian resident or as an e-resident. The last step necessary to create a functioning company was for it to have a bank account. This was delayed because of the strict anti-money laundering laws regarding the opening of a bank account, but a law has now been passed which allows the opening of a bank account online without having been previously identified at the bank. What is e-Residency? Estonia is the first country to offer e-Residency — a transnational digital identity available to anyone in the world interested in administering a location-independent business online. e-Residency additionally enables secure and convenient digital services that facilitate credibility and trust online. e-Residency offers to every world citizen a government-issued digital

Member Contribution

独立的公司。此外，电子居民也以安全便捷的数字服务的方式让在线诚信和信用成为可能。

identity and the opportunity to run a trusted company online, unleashing the world’s entrepreneurial potential.

电子居民为世界公民提供了一个政府签发的数字身份识别系统和在线运营受信赖公司的机会，这在世界企业界激发了巨大潜力。

e-Residents can:

电子居民 • • • • • • • • •

在线成立一家爱沙尼亚公司。要成立一家爱沙尼亚公司是需要一个真实地址的。Prospera 为爱沙尼亚注册的公司提供地址设施服务。对于非欧盟居民来说，公司需要指派一名当地可以联系得到的代表人，比如一家当地的会计事务所来进行注册。 Prospera 也能提供上述服务。在世界任何地点管理公司。操作电子银行和进行远程转账。获得在线支付服务提供商的服务。在线向爱沙尼亚政府报税。电子居民并不自动成为税务居民。要想知道更多关于税务和如果避免双重征税方面的信息，请向我们的顾问咨询。对文件和合同进行数字签名。验证所签署文件的真实性。安全加密和传输文件。

• Establish an Estonian company

online. A physical address in Estonia is required to establish an Estonian company. Prospera provides Estonian registered office address facilities. • For non-EU residents, a company has to appoint a local contactable representative person such as a local accounting firm to the registry. Prospera provides this service. • Administer the company from anywhere in the world. • Conduct e-banking and remote money transfers. • Access online payment service providers • Declare Estonian taxes online. e-Residency does not automatically establish tax residency. To learn about taxation and to avoid double taxation please consult one of our

consultants. • Digitally sign documents and contracts • Verify the authenticity of signed documents • Encrypt and transmit documents securely All of these efficient and easy-touse services have been available to Estonians for over a decade. By offering e-Residents the same services, Estonia is proudly pioneering the idea of a country without borders. It is now easier than ever before to establish and manage a business in the European Union independent of your location in the world. How can I open a bank account online? The process will be conducted through a video call with the representative of a bank. A copy of your passport or ID is

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上述所有这些高效和简便的服务在爱沙尼亚已经有十年的历史。通过提供电子居民的方式，爱沙尼亚很自豪地成为无国界概念的领头羊。现在欧盟开设和管理公司已经变得前所未有地简单和便利，国界再也不会成为阻隔。怎样在线银行开户？整个流程需要由一名银行的职员代表通过视频电话的方式进行。您的护照拷贝件需要事先提交给银行。爱沙尼亚的所有银行都有这一服务，因此您有机会选择最适合自己需求的银行。爱沙尼亚最大的银行分别是瑞典银行（Swedbank）、北欧斯安银行（SEB bank）和北欧联合银行（Nordea bank）。这一方式是否有缺点？目前为止，在线开户仅对账户有一项限制：从个人账户不超过 10000 欧元和从公司账户不超过 25000 欧元可以在不经过当地身份识别的情况下取现。当地要求是什么？仍然需要公司在当地的地址，这是在爱沙尼亚开设公司的必要条件。对于非欧盟公民来说也需要指派一名当地的可以联系得上的公司代表。

also required to be sent to the bank beforehand.

to appoint a local contactable representative for the company.

This option will be available for all banks in Estonia, so you have the opportunity to choose which bank suits your needs the most.

Local accounting is also vital for an active or dormant business. This is even more essential when the management is not locally based as extensive know-how is required for a company’s accounting so it would not run in to problems with the Estonian tax department.

The largest banks in Estonia include Swedbank, SEB bank and Nordea bank. Are there any downsides of using this method? For now, opening a bank account online enacts one restriction on the account: from a personal bank account no more than 10 000 € per month and from a company bank account no more than 25 000 € per month can be withdrawn before local identification has been conducted. What are the local requirements? The requirement of a local address for a business still remains and is a necessity to register a company in Estonia. For non-EU citizens it is also necessary

当地的会计服务也是活跃或休眠公司的重要条件。这对管理层不位于爱沙尼亚的公司来说尤其基本。对于公司会计来说，丰富的经验和对当地的了解是必要的，让公司不会在爱沙尼亚税务局惹上麻烦。上述所有问题都可以用虚拟办公室服务或我们的远程会计服务来解决。公司税务系统的优势爱沙尼亚公司税务系统具有很强的竞争力，为国际贸易、控股和投资提供许多优势。它也以利润分配前的零公司税而独一无二。Prospera 对企业利用爱沙尼亚税务系统的节税架构优势提供专业的顾问服务。要想获得更多细节，请联系 Katrin Taho 女士，电子邮件：katrin.taho@ prosperainfo.com 或致电我们的爱沙尼亚办公室：+3726307700。

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All of these issues can be solved with the virtual office service or our remote accounting service. Advantages of corporate tax system Estonian corporate tax system is very competitive providing many advantages for international trading, holding and investment. It is unique as there is no corporate tax until profit distribution. Prospera provides expert advice on tax efficient corporate structuring utilizing the advantages of Estonian tax system. To learn more, please contact Ms. Katrin Taho by e-mail: katrin.taho@ prosperainfo.com or call our offices in Estonia dialling +3726307700.

司法辖区 JURISDICTIONS

瑞士

Switzerland

司法辖区 JURISDICTIONS

Swiss

概况

瑞士

General

Switzerland

Type of Trust

Discretionary Trust and Purpose Trust most common

实体类型

最普遍的是全权信托和用途信托

法律类型

瑞士没有信托法，而是通过海牙公约认可。瑞士受托人和瑞士私人信托公司是很优秀和灵活的选择，允许可以真正的选择合适的信托法律。

Type of Law

No Swiss Trust Law but ull recognition through the Hague Convention. Swiss Trustee and Swiss based Private Trust Company an excellent and ﬂexible alternative, allowing to reely choose the Proper Law of the Trust.

建立信托所需时间

起码 2-5 天

Our Time to Establish a Trust

Minimum 2 - 5 days

最低政府费用（不包括税收）

无

Minimum Government Fees (excluding taxation)

N/A

是否签订双重征税协定

否

Double Taxation Treaty Access

国外收入课税

否

Taxation on Foreign Income

信托资产

Trust Assets

标准货币

任何币种

Standard Currency

允许币种

任何币种

Permitted Currencies

Any

Minimum Assets Required

May be as low a USD/GBP/EURHKD 1

最低资产要求

可以低至一美元 / 英镑 / 欧元

受托人独立法人最低人数

Any

Trustees 2人

Minimum Number if Individuals

Normally 2

公司法人最低人数

1人

Minimum Number if a Body Corporate

Normally 1

是否要求有当地受托人

否

If Local Trustee Required

公众可否查阅记录

否

Publicly Accessible Records

会议地点

任何地方

Location of Meetings

In principle anywhere

保全

Protector

是否需要

取决于信托的种类和相关法律

Required

Depends on type of Trust and proper law selected

持有专业资格

否

Professional Qualiﬁcations Held

信托契书公众可否访问

Trust Deed 取决于信托法但普遍上不可以

账户

Publicly Accessible

Depend on the proper law of the Trust but normally not

Accounts

准备要求

是

Requirements to Prepare

Yes

审计要求

否

Audit Requirements

Normally not

公众可否访问账户

否

Publicly Accessible Accounts

Normally not

其他

Other

法定继承权

瑞士居民有继承权，外国人可以选择退出。

Forced Heirship Rules

Yes, for Swiss residents. Foreigners may opt out.

是否允许迁册

是

Change in Domicile Permitted

Yes By Westmoore Wealth

司法辖区 JURISDICTIONS

行政特区：瑞士所在地区：欧洲官方货币：瑞士法郎（CHF）官方语言：德语、法语、意大利语所属时区：UTC+1 电话区号：+41 通讯设施：极佳

Country: Switzerland Region: Europe Currency: Swiss franc (CHF) (CHF) Languages: German, French, Italian Time Zone: UTC +1 Phone Code: +41 Communications: Very Good

简介

Introduction

瑞士喜欢把自己称为“最欧洲的国家”，尽管它从查理曼大帝起就不是欧盟的成员国。当然两个双边协议的签订正让瑞士越来越靠近欧盟，至少在表面上如此。瑞士被称为世界上最大的私人银行中心，三分之一的私人财产都位于瑞士。瑞士的银行业资产早已突破 3 万亿瑞士法郎。虽然瑞士作为经合组织成员国，在 2000 年向经合组织表示会尊崇信息的交换协议，但它仍是银行信息私密性的最大拥戴者。最近，瑞士和多个国家，如德国、英国等签订了一系列的税收协议，以对它的国民在保护私密性的基础上征税。瑞士从这方面上来说并非一个离岸金融中心，但它仍有一系列的公司形式能让国际投资者和跨国公司加以利用，来显著降低税费。当然，作为一个民事法典的金融辖区，瑞士

Switzerland likes to call itself 'the most European country', yet it has stayed outside the European Union since Charlemagne. However two sets of 'bilateral agreements' are gradually bringing Switzerland within the EU in all but name. Switzerland is said to be the world's biggest centre of private banking, with more than a third of all private wealth based there. Swiss banking assets exceed three trillion Swiss francs. Although Switzerland, an OECD member, agreed in 2000 with an OECD declaration aimed at securing information exchange, it has fought a rearguard action ever since to preserve banking secrecy. Most recently, it has entered a

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

249

概况

瑞士

General

Switzerland

实体类型

瑞士基金会

Type of Company

Swiss Foundation

法律类型

瑞士民法典

Type of Law

Swiss Civil Code

有限责任

是

Limited Liability

Yes

建立基金会所需时间

2 周起

Our Time to Establish a Foundation

From 2 weeks

基金会最低资本金（等值货币）

5 万瑞士法郎

Foundation Capital Minimum (equivalent in currency)

CHF 50,0000

基金会资本货币

瑞士法郎

Foundation Capital Currency

CHF

公众可查阅记录

Publicly Accessible Records

基金会章程

创建基金会的文件必须经正式认证或遗嘱。家庭基金会没有登记要求

Foundation Charter

A document creating the Foundation that must be duly certiﬁed or testamentary. No registration requirement for a Family Foundation

基金会管理规则

家庭基金会无关

Foundation Regulations

N/A for Family Foundations

受益人

家庭基金会无关

Beneﬁciaries

N/A for Family Foundations

创始人

家庭基金会无关

Name of Founder

N/A for Family Foundations

基金会管理成员

Ofﬁcers of Foundation

保全要求

否

Protector Required

是否允许企业保全

是

Corporate Protector Permitted

Yes

理事会成员最少人数

1人

Minimum Number of Council Members

是否允许有企业理事会成员

是

Corporate Council Members Permitted

Yes

会议地点

无要求

Meeting Location

No requirement

基金会本地规定

Local Requirements of Foundation

基金会代理

否

Foundation Agent

是否需要秘书

否

Secretary Required

章程语言

法语 / 英语 / 德语

Language of Charter

French / English / German

管理条例语言

法语 / 英语 / 德语

Language of Regulations

French / English / German

准备要求

是

Requirements to Prepare

Yes

审计要求

时但是家庭基金会例外

Audit Requirements

Yes but Family Foundations may be exempt

账户

Accounts

其他

Other

年度政府费用

家庭基金会无关

Annual Government Fee

是否允许迁册

否

Change in Domicile Permitted

Purpose

Family foundations are permitted under the Swiss law. However, only for the purpose of education or support of the family members, not for their ﬁnancial alimentation. Often foreign Family Foundations would be established for other purposes.

目的

瑞士法律家族基金会。但是只针对教育和支持家庭成员的目的，而不是为他们的财务规划。通常国外家庭基金会成立于其他用途。

N/A for Family Foundations

By Westmoore Wealth

司法辖区 JURISDICTIONS

不可避免地有些官僚主义，这意味着节奏的缓慢和价格的昂贵。瑞士和超过 100 个国家签订了税务协定。适合于：财富管理、资产管理、银行业务、保险、基金管理、航运、航空、游艇、知识产权 / 许可证、控股公司、电子商务、电子博彩可用工具种类：有限公司、公众有限公司、独立所有权、分支机构、通用合伙人和

series of agreements with Germany, the UK etc to tax their nationals Swiss assets on a confidential basis. Switzerland is not an offshore jurisdiction as such, but has a series of specialised corporate forms which can be used by international investors and multinational companies to reduce their tax bills to a significant extent. However, as a civil code jurisdiction, Switzerland tends to the bureaucratic, meaning slow and expensive. Switzerland has double tax treaties with more than 100 other countries.

有限合伙人公司

Suitable for: 资本的主要营商地区：

Wealth Management, Treasury Management, Banking,

伯尔尼、苏黎世

Insurance, Fund Management, Shipping, Aviation, Yachting, Intellectual Property/Licensing, Holding Companies,

关系良好：

E-commerce, E-gaming

奥地利、比利时、保加利亚、加拿大、克罗地亚、塞浦路斯、捷克共和国、丹麦、爱沙尼亚、芬兰、法国、德国、希腊、匈牙利、爱

Vehicle Types:

尔兰、意大利、日本、拉托维亚、立陶宛、卢森堡、马耳他、荷兰、

Limited companies, public limited companies, sole proprietorships,

波兰、葡萄牙、罗马尼亚、斯洛伐克、斯洛文尼亚、西班牙、瑞典、

branches, general partnerships and limited partnerships

英国

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司法辖区 JURISDICTIONS

Capital primary business districts: Bern, Zurich Good Relationships: Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom Bad Relationships: Burma, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria 关系不佳：

Tax Burden - Business:

缅甸、北韩、利比亚、索马里、苏丹、叙利亚

Moderate

税务负担—商务：

Tax Burden - Individual:

一般

Moderate

税务负担—个人：

Headline tax rates:

一般

CIT 8.5% (partnership and sole proprietor 0%-11.5%) (cantonal and municipal taxes 6%-24%), PIT 0%-11.5%, VAT 8%

总体税率： CIT 8.5%（合伙人和独立所有人 0%-11.5%）（市区和地方税 6%-

Treaty Jurisdictions:

24%），PIT 0%-11.5%, VAT 8%

Albania, Algeria, Armenia, Australia, Austria, Azerbaijan, Bangladesh, Belarus, Belgium, Bulgaria, Canada, Chile, China,

协议签订行政辖区：

Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt,

阿尔巴尼亚、阿尔及利亚、亚美尼亚、澳大利亚、奥地利、阿塞拜

Estonia, Finland, France, Georgia, Germany, Ghana, Greece,

疆、孟加拉、白俄罗斯、比利时、保加利亚、加拿大、智利、中国、

Hong Kong, Hungary, Iceland, India, Indonesia, Iran, Ireland,

哥伦比亚、克罗地亚、捷克共和国、丹麦、厄瓜多尔、埃及、爱沙

Israel, Italy, Ivory Coast, Jamaica, Japan, Kazakhstan, Korea,

尼亚、芬兰、法国、格鲁吉亚、德国、加纳、希腊、香港、匈牙利、

Republic of, Kuwait, Kyrgyzstan, Latvia, Liechtenstein, Lithuania,

冰岛、印度、印度尼西亚、伊朗、爱尔兰、以色列、意大利、象牙

Luxembourg, Macedonia, Malaysia, Malta, Mexico, Moldova,

海岸、牙买加、日本、卡撒克斯坦、韩国、科威特、吉尔吉斯斯坦、

Mongolia, Montenegro, Morocco, Netherlands, New Zealand,

拉托维亚、列支敦士登、立陶宛、卢森堡、马其顿、马来西亚、马

Norway, Pakistan, Philippines, Poland, Portugal, Qatar, Romania,

耳他、墨西哥、摩尔多瓦、蒙古、黑山共和国、摩洛哥、荷兰、新

Russia, Serbia, Singapore, Slovak Republic, Slovenia, South Africa,

西兰、挪威、巴基斯坦、菲律宾、波兰、葡萄牙、卡塔尔、罗马尼亚、

Spain, Sri Lanka, Sweden, Taiwan, Tajikistan, Thailand, Trinidad

俄罗斯、塞尔维亚、新加坡、斯洛伐克共和国、斯洛文尼亚、南非、

and Tobago, Tunisia, Turkey, Turkmenistan, Ukraine, United Arab

西班牙、斯里兰卡、瑞典、台湾、塔吉克斯坦、泰国、特立尼达和

Emirates, United Kingdom, United States, Uruguay, Uzbekistan,

多巴哥、突尼斯、土耳其、土库曼斯坦、乌克兰、阿联酋、英国、

Venezuela, Vietnam

美国、乌拉圭、乌兹别克斯坦、委内瑞拉、越南

TIEA Jurisdictions: TIEA 行政辖区：

Andorra, Greenland, Guernsey, Isle of Man, Jersey, San Marino,

安道尔、格陵兰、耿西岛、马恩岛、泽西岛、圣马力诺、赛舌尔

Seychelles

252

China Offshore Trusts & Foundations Guide 2016

司法辖区 JURISDICTIONS

Q&A

离岸问答

瑞士 Switzerland

1. 在希望向下一代传承资产的中国高净值人士或家族（等）的隐私和资产保护方面，贵司法辖区的优势有哪些？瑞士的政治、经济和金融稳定性享誉世界，有极为高效的金融服务提供商可供选择。在加入“海牙信托认可会议”后，瑞士的家族办公室可以在没有导致任何负面税务后果的前提下成为家族信托架构的受托人。 2. 价格方面，在贵司法辖区设立信托 / 基金会和其它辖区相比有什么不同？如果价格更高，您能为客户提供的附加价值是什么？瑞士也许比一些司法辖区要略贵一些，但是考虑到它能提供的总体服务，可以确定的是，在瑞士设立信托 / 基金会或家族办公室是绝对能够值回票价的。 3. 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？总的来说，邀请来自中国或亚洲的客户来享受我们提供的

254

China Offshore Trusts & Foundations Guide 2016

1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? Switzerland is world famous for being is politically, economically and financially stable and provides easy access to financial service providers. After Switzerland's accession to 'The Hague Convention on the Recognition of Trusts' a family office in Switzerland can, without any negative tax consequences, act as Trustee on a family's trust structure. 2. In terms of cost, how is the cost of a setting up a trust/foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? Switzerland may be slightly more expensive than some jurisdictions but considering the total services offered, setting up a trust/foundation or a family office in Switzerland is certainly good value or money.

司法辖区 JURISDICTIONS

服务时，当然会遇到文化和语言方面的障碍。不过，我们位于香港的本土办公室也能够确保这个问题可以得到很好的解决。更为重要的是，诸如信托这样的架构中，您事实上是要把资产的法定所有权向受托人转移，对一些来自民法辖区的高净值人士来说也会有所担忧。许多案例中，我们通过建立一个高净值人士和一些家族成员和专业服务提供商共同管理的私人信托公司来解决这个问题。这就让人放心，是一个让年轻一代参与家族财富管理的好方法。 4. 贵辖区法律中有哪些特点是这个司法辖区的信托 / 基金会成为吸引投资者的最大特点？我们能提供的灵活性是我们的真正价值之一。您可以建立一个瑞士的家族基金会，前提是您遵守这个基金会的目的限制，也可以在列支敦士登、圣基茨或其它地方建立一个私人基金会，同时又能够利用广泛的专业受托人服务，您可以根据自己的喜好和要求在信托上选用合适的法律法规。 5. 贵辖区内是否有投资者需要知道的在信托和基金会方面的法律更新？瑞士是一个极为稳定的国家，其法律框架不会在未来有任何改变。

3. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? There may of course be a cultural and language barrier when you invite Chinese or Asian clients in general to make use of our services. However, our local office in Hong Kong ensures we can easily overcome this. More importantly, structures like trusts where you actually transfer the legal ownership of your assets to the Trustee(s) may be difficult to be comfortable with for HNWIs from civil law countries. In many cases we overcome this by establishing a Private Trust Company where the HNWI and some family members may be on the Board together with the professional providers. This provides peace of mind and is a great way of introducing the younger generations to the management of the family wealth. 4. What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? The flexibility offered is really a great asset. You may establish a Swiss Family Foundation provided you respect the limits on its purpose or you may establish a private foundation in Liechtenstein, St Kitts or elsewhere. Similarly, while being able to make use of the range of professional trustees, you can choose the proper law to apply to the trust in accordance with your own preferences and requirements. 5. Are there any recent developments in trust/ foundation law in your jurisdiction that investors should be aware of? Switzerland is a stable country and the legal framework is not expecting to be changed in the near future.

来源：Stein Johnsen, Westmoore Wealth 公司总经理 Contributed by: Stein Johnsen, Director of Westmoore Wealth

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司法辖区 JURISDICTIONS

英国

United Kingdom

司法辖区 JURISDICTIONS

概况

英国

General

实体类型

信托 - 信托是一种法律关系，但不是一个具有法人资格的公司或实体。

Type of Entity

Trust - A trust is a legal relationship but not a company or entity with a legal personality.

法律类型

普通法

Type of Law

Common

建立信托所需时间

实际需要一个月。大多数信托公司遵循由律师准备的定制行为成立。

Our Time to Establish a Trust

Realistically one month. Most trusts are set up with bespoke deeds prepared by lawyers.

最低政府费用（不包括税收）

无

Minimum Government Fees (excluding taxation)

Nil

是否签订双重征税协定

是，英国已与多方签订该协议 , 离岸信托是不太可能从免双重征税协定中获益，但是塞浦路斯和马耳他信托例外。

Double Taxation Treaty Access

UK has a wide range of double tax treaties and UK trusts may potentially beneﬁt. Offshore trusts are unlikely to beneﬁt from double tax treaties but exclude Cyprus and Malta trusts.

国外收入课税

税收是依赖于受托人的居住地和财产授予人的住所。

Taxation on Foreign Income

Taxation is dependent on the residence of the trustees and the domicile of the settlor.

信托资产

Trust Assets

现金资产

任何币种

Cash Assets

Any

允许币种

任何币种

Permitted Currencies

Any

最低资产要求

必须有某种形式的信托财产，即使只有面值。

Minimum Assets Required

There must be some form of trust property, even if this has nominal value.

受托人

Trustees

Minimum Number If Individuals

No minimum trustee numbers, individual or corporate. As long as there is one trustee this is sufﬁcient. However UK trusts holding property must normally have two trustees.

公司法人最低人数

受认可的信托公司可以作为唯一受托人。如果公司受托人并非认可的信托公司，最少需要两名受托人。

Minimum Number If a Body Corporate

A recognised trust corporation can act as sole trustee. If the corporate trustee is not a recognised trust corporation, a minimum of two trustees may be required for certain types of trust.

是否要求有当地受托人

对于英国居民受托人，受托人必须居住在英国。信托根据英国法律创建和受托人可以居住在其他司法管辖区。

Residence of trustees

For UK resident trustees, they must reside in the UK. For offshore trusts the trustees should all reside offshore.

公众可否查阅记录

否

Publicly Accessible Records

会议地点

取决于税务居民

Location of Meetings

Dependent on tax residency

独立法人最低人数

受托人，个人或企业没有最低数量。只要有一个受托人这是足够的。然而英国信托持有物业通常必须有两个受托人。

保全

Protector

是否需要

可选

Required

Optional

持有专业资格

可选

Professional Qualiﬁcations Held

Optional

否

Publicly Accessible

信托契书公众可否访问

Trust Deed

账户

Accounts Requirements to Prepare

Essential beneﬁciaries can call for accounts and trustees are required to maintain accounting records to meet their ﬁduciary duties.

否，除非政府工具说明

Audit Requirements

No unless stated in governing instrument

否

Publicly Accessible Accounts

准备要求

基本受益者可以拨打电话查询账户和受托人必须保持会计记录，以满足他们的信托责任。

审计要求公众可否访问账户

其他

Other

法定继承权

信托可以否决这个继承权

是否允许迁册

取决于信托契书，可允许政府法律和法律论坛的改变

Forced Heirship Rules

Trusts can overule these.

Change in Domicile Permitted

Up to the Trust Deed. Change in law and legal forum may be permitted

By Jordans Trust Company

司法辖区 JURISDICTIONS

行政特区：英国所在地区：欧洲官方货币：英镑官方语言：英语所属时区：UTC 0 电话区号：+44 通讯设施：极佳

Country: United Kingdom Region: Europe Currency: Pound Sterling (GBP) Languages: English Time Zone: UTC 0 Phone Code: +44 Communications: Very Good

简介

Introduction

虽然英国是一个适合营商的国家，它高度专业的金融服务业、普通法的运用、直截了当的公司法都让它的吸引力经久不衰。但是它也是一个税收相对较高的国家，即使有一些机会可以适当节税。英国的“离岸”依靠泽西岛、耿西岛和马恩岛，都提供低税率的可能性，对那些非英国居民的公司也有有利的税收政策可用。英国的服务业由银行、金融和保险业组成，位于伦敦的中心部位。英国有极佳的通讯网络、铁路系统和公路系统，包括通过英吉利海峡隧道连接欧洲的高铁和许多机场，伦敦的希思罗机场就旅客数量上来看是世界上最繁忙的机场。英国的信托法非常成熟，税务优势很大，特别在遗产税方面更有极大的优势。英国的公司税税率自 2012 年开始为 24%（2011 年为

Although the UK must be counted as business-friendly, with its superb professional services, a common law heritage, and straightforward company law, it is relatively highly taxed and there are few if any niches available by way of escape. The ‘offshore’ dependencies of Jersey, Guernsey and the Isle of Man (qv) do however provide low-tax possibilities, and there is a beneficial tax regime for ‘non-doms’ – those who do not have UK origins. The services sector is dominated by banking, finance and insurance, centred in the City of London. The UK has excellent telecommunications, extensive rail and road networks, including high-speed rail links to Europe via the Channel Tunnel, and a number of airports, with London Heathrow said to be the world’s

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26%），其最低的 20% 的税率适用于的可征税收入达到 30 万英镑；这个低税率在 2011 年 4 月前为 21%。边缘税率减免在可征所得税 20 万英镑和 150 万英镑之间得到运用，这一政策能让公司的企业税负担降到极低。另一个得到减免的是 2010 年 4 月实行的，运用于在英国专利所得收入的 10% 的税率。 2010 年 4 月 6 日起，个人所得税在收入达到 12 万英镑时需要征税 50%。资本利得税为 18%，适用于 2011/2012 年年度免税额度为 10600 英镑（之前为 10100 英镑）。适用于：保险业、航运、游艇、金融贸易、电子商务

busiest in terms of passenger numbers. The UK has welldeveloped trust law, with distinct tax advantages, especially in relation to inheritance tax.

离岸工具种类：有限公司、公众有限公司、有限合伙制公司、有限责任合伙制公司、单一所有权公司、分公司和特殊公司资本主要业务区域：伦敦关系良好国家：澳大利亚、奥地利、比利时、保加利亚、克罗地亚、塞浦路斯、

Corporation tax is charged at a rate of 24% from 2012 (26% in 2011), although a lower rate of 20% applies to taxable profits of up to GBP300,000; this lower rate was 21% prior to April 2011. Marginal rate relief may apply where taxable profit falls between GBP300,000 and GBP1.5m, which can reduce the company’s corporation tax liability. Another reduced corporation tax rate of 10% applies from April 2010 to profits derived from UK patents.

捷克共和国、丹麦、爱沙尼亚、芬兰、法国、德国、希腊、匈牙利、印度、爱尔兰、意大利、拉托维亚、立陶宛、卢森堡、马耳他、荷兰、波兰、葡萄牙、罗马尼亚、斯洛伐克、斯洛文尼亚、西班牙、瑞典、美国

From April 6, 2010, the top rate of personal income tax is 50% on income of over GBP150,000. Capital gains are taxed at 18%, subject to an annual exemption of GBP10,600 for the 2011/12 tax year (GBP10,100 previously).

关系不佳：伊朗、朝鲜（民主主义人民共和国）、索马里、叙利亚

Suitable for: Insurance, Shipping, Yachting, Trading Financial, E-commerce

税务负担——商业： Vehicle Types:

重

Limited companies, public limited companies, limited partnerships,

税务负担——个人：

limited liability partnerships, sole proprietorships, branches and

极重

specialist companies

总体税率：

Capital primary business districts:

CIT 20-25%, PIT 20-50%, 增值税 20%

London Good Relationships:

协定签订国家：

Australia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech

安提瓜和巴布达、阿根廷、亚美尼亚、澳大利亚、奥地利、阿塞拜疆、

Republic, Denmark, Estonia, Finland, France, Germany, Greece,

巴林、孟加拉、巴巴多斯、白俄罗斯、比利时、伯利兹、玻利维亚、

Hungary, India, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta,

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波黑、博兹瓦纳、文莱、英属维尔京群岛、保加利亚、缅甸、加拿大、

Netherlands, Poland, Portugal, Portugal, Romania, Slovakia,

开曼群岛、智利、中国、克罗地亚、塞浦路斯、捷克共和国、丹

Slovenia, Spain, Sweden, United States

麦、埃及、爱沙尼亚、福克兰群岛、法罗群岛、斐济、芬兰、法国、冈比亚、格鲁吉亚、德国、加纳、圭亚那、香港、匈牙利、冰岛、

Bad Relationships:

印度、印尼、爱尔兰、以色列、意大利、象牙海岸、牙买加、日本、

Iran, Korea (Democratic People's Republic of), Somalia, Syria

约旦、哈萨克斯坦、肯尼亚、基里巴斯、韩国、科威特、拉托维亚、莱索托、利比亚、列支敦士登、立陶宛、卢森堡、马其顿、马拉

Tax Burden - Business:

维、马来西亚、马耳他、毛里求斯、墨西哥、摩尔多瓦、蒙古、

Heavy

黑山共和国、蒙特色拉特岛、摩洛哥、纳米比亚、荷兰、新西兰、尼日利亚、挪威、阿曼、巴基斯坦、巴拿马、巴布亚新几内亚、

Tax Burden - Individual:

菲律宾、波兰、葡萄牙、卡塔尔、罗马尼亚、俄罗斯、圣基兹和

Very Heavy

尼维斯、沙特阿拉伯、塞尔维亚、塞拉利昂、新加坡、斯洛伐克、斯洛文尼亚、所罗门群岛、南非、西班牙、斯里兰卡、苏丹、斯

Headline tax rates:

威士兰、瑞典、瑞士、台湾、塔吉克斯坦、泰国、特立尼达和多

CIT 20-25%, PIT 20-50%, VAT 20%

巴哥、突尼斯、土耳其、土库曼斯坦、图瓦卢、乌干达、乌克兰、美国、乌兹别克斯坦、委内瑞拉、越南、赞比亚、津巴布韦

Treaty Jurisdictions: Antigua and Barbuda, Argentina, Armenia, Australia, Austria,

税收信息交换协议签订国：

Azerbaijan, Bahrain, Bangladesh, Barbados, Belarus, Belgium,

安圭拉、安提瓜和巴布达、阿鲁巴、巴哈马、伯利兹、百慕大、

Belize, Bolivia, Bosnia-Herzegovina, Botswana, Brunei, British Virgin

巴西、英属维尔京群岛、库拉索、多米尼加、直布罗陀、格林纳

Islands, Bulgaria, Burma (Myanmar), Canada, Cayman Islands,

达岛、耿西岛、马恩岛、泽西岛、利比里亚、列支敦士登、

Chile, China, Croatia, Cyprus, Czech Republic, Denmark, Egypt,

澳门、马绍尔群岛、圣基兹和尼维斯、圣卢西亚、圣文森特和格林纳达、圣马力诺、圣马丁、特克斯和凯科斯群岛、乌拉圭

Estonia, Ethiopia, Falkland Islands, Faroe Islands, Fiji, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Grenada, Guyana, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Ivory Coast, Jamaica, Japan, Jordan, Kazakhstan, Kenya, Kiribati, Korea, Republic of, Kuwait, Latvia, Lesotho, Libya, Liechtenstein, Lithuania, Luxembourg, Macedonia, Malawi, Malaysia, Malta, Mauritius, Mexico, Moldova, Mongolia, Montenegro, Montserrat, Morocco, Namibia, Netherlands, New Zealand, Nigeria, Norway, Oman, Pakistan, Panama, Papua New Guinea, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saint Kitts and Nevis, Saudi Arabia, Serbia, Sierra Leone, Singapore, Slovakia, Slovenia, Solomon Islands, South Africa, Spain, Sri Lanka, Sudan, Swaziland, Sweden, Switzerland, Taiwan, Tajikistan, Thailand, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Tuvalu, Uganda, Ukraine, United States, Uzbekistan, Venezuela, Vietnam, Zambia, Zimbabwe TIEA Jurisdictions: Anguilla, Antigua and Barbuda, Aruba, Bahamas, Belize, Bermuda, Brazil, British Virgin Islands, Curacao, Dominica, Gibraltar, Grenada, Guernsey, Isle of Man, Jersey, Liberia, Liechtenstein, Macau, Marshall Islands, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, San Marino, Saint Maarten, Turks and Caicos Islands, Uruguay

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Q&A

离岸问答

英国 United Kingdom

1. 在希望向下一代传承资产的中国高净值人士或家族（等）的隐私和资产保护方面，贵司法辖区的优势有哪些？英国在信托和法律体系方面的优势和深度无与伦比，在国际上因其公平、公正和可靠性而闻名于世。无论国际交易内是否有英国元素，许多国际协议基于英国法律撰写的事实绝非偶然。事实正是这样，英国管辖属地的最高上诉法院和最高院都在争端发生时给予这些独立的国际金融中心更多的可靠性和诚信度。英国在保密性和透明度方面保持极佳的平衡，后者在欧盟和经合组织国家中已是大势所趋。而从 2016 年开始，英国公司的受益所有人很有可能在公众注册处登记，不过这一信息的曝光并不一定适用于信托的受益人。透明度被添加到公司工具的实质中去，而与此同时，委托人和受益人的合法隐私也可以通过信托中的股份所有权来得到保持。英国的声誉和政治经济的稳定性更是一个主要的特征。 2. 价格方面，在贵司法辖区设立信托 / 基金会和其它辖区相比有什么不同？如果价格更高，您能为客户提供的附加价值是什么？英国在信托创建方面的费用是可以和世界领先的国际金融

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1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? The United Kingdom has an unparalleled depth of precedent for matters relating to trusts and the legal system is renowned globally for its fairness, equity and reliability. It is no coincidence that many international agreements are written under UK law regardless of whether the transaction has a UK based element. It is indeed a fact that the highest court of appeal for the UK dependent territories, the Supreme Court, gives dependent International Financial Centres added reliability and integrity should disputes arise. The United Kingdom strikes a fine balance between confidentiality and transparency, the latter being an ongoing initiative amongst the EU and OECD countries. Whereas from 2016, beneficial ownership of UK companies will be likely to be recorded on a public register, this exposure does not necessarily apply to beneficiaries of trusts. Transparency adds to the substance of corporate vehicles, whilst at the same time, legitimate privacy for settlors and beneficiaries

司法辖区 JURISDICTIONS

中心，比如泽西岛和开曼群岛媲美的。需要考虑的因素包括税务方面的问题，特别是十年度的继承税，该税也适用于拥有英国资产的离岸信托。在合适的情况下就能得到税收优惠政策。在英国或离岸建立信托或公司之前应寻求专业顾问的意见，但是其带来的好处经常会超过在零税率国家设立信托所能享受到的优势。 3. 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？普通法信托的概念过去在中国并不常见，但随着中国对英国投资的不断增加，此概念正变得和中国人越来越息息相关。委托人向一名和自己无长期关系的受托人转交资产的概念让中国的委托人心存担忧，但仍然有授予保留权力（小心翼翼地）或指派保护人的可选方案。虽然如此，信托的原则仍得以保留，资产的完全法定权利被转移至受托人。 4. 贵辖区法律中有哪些特点是这个司法辖区的信托 / 基金会成为吸引投资者的最大特点？受托人的衡平法债务和信托资产的栅栏原则和分离都是主要的特征之一。

may be maintained by placing ownership of shares into trust. The reputation and political and economic stability of the UK is a further key characteristic. 2. In terms of cost, how is the cost of a setting up a trust/foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? Costs in relation to the creation of trusts in the UK are comparable with those in leading reputable International Finance Centres such as Jersey and Cayman. There are tax issues that need to be considered, particularly decennial inheritance tax charges which also apply to offshore trusts that own UK assets. In the right circumstances, tax reliefs are available. Advice must be taken before establishing companies or trusts in the UK, or offshore, but the benefits can often outweigh the advantages of trusts set up in zero tax countries. 3. What are some of the biggest issues & challenges

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5. 贵辖区内是否有投资者需要知道的在信托和基金会方面的法律更新？投资者必须知晓英国税务领域的发展对离岸信托，例如 2017 年 4 月 6 日起实施的英国住宅地产 IHT 和 URCGT 法案等的影响。《2015 年小型企业和雇佣法案》将通过创建新法人登记“有重大控制力的个人”的方式影响英国的公司。这个个人被定义为在一家英国公司有超过 25% 的股份利息或投票权的独立个人（不论是否通过直接或非直接提名股东或该人占据大多数股权的其它英国离岸公司）。受托人可以被认为是有重大控制力的个人。我们预计会有利用全权信托来保留英国公司所有权的合法保密性。

you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? The concept of the common law trust is one that has not been widely used in the past in China but is becoming increasingly relevant with growing Chinese outbound investment into the UK. The concept of handing assets to trustees who do not have a long relationship with the settlor is an uncomfortable one for Chinese settlors but options exist to grant reserve powers (with care) or to appoint a protector. However, the principle of the trust remains that full legal title of assets is transferred to trustees. 4. What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? The equitable obligations of trustees and the ring-fencing and separation of trust assets are key features. 5. Are there any recent developments in trust/ foundation law in your jurisdiction that investors should be aware of? Investors need to be aware of developments in the UK tax field that impact on offshore trusts e.g. UK IHT on residential property from 6 April 2017 , and NRCGT. The Small Business Enterprise and Employment Act 2015 will have an impact on UK companies by way of creating a new corporate of register of “persons with significant control”. Such persons are defined as individuals with over 25% interest in the shares or voting rights of a UK company (whether direct or indirect via nominee shareholders or other UK or offshore companies in which the person has a majority stake). Trustees may be considered persons with significant control. We anticipate the use of discretionary trusts to preserve legitimate confidentiality for ownership of UK companies.

来源：Jordans Trust Company Contributed by: Jordans Trust Company

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司法辖区 JURISDICTIONS

大洋洲

OCEANIA

库克群岛

Cook Islands

司法辖区 JURISDICTIONS

Cook Islands

概况

库克群岛

General

Cook Islands

实体类型

信托

Type of Company

Trust

法律类型

普通法，1984 年国际信托法

Type of Law

Common law; International Trust Act 1984

建立信托所需时间

2-3 个工作日

Our Time to Establish a Trust

2-3 working days

最低政府费用（不包括税收）

310 美元

Minimum Government Fees (excluding taxation)

USD $310

国外收入课税

无

Double Taxation Treaty Access

是否签订双重征税协定

无

Taxation on Foreign Income

信托资产

Trust Assets

标准货币

美元

Standard Currency

US $

允许币种

任何币种

Permitted Currencies

Any.

是否对信托资产限制

无限制

Minimum Assets Required

No limitation.

受托人

Trustees

独立法人最低人数

1个

Minimum Number If Individuals

One.

公司法人最低人数

1人

Minimum Number If a Body Corporate

One.

是否需要当地受托人

是

If Local Trustee Required

Yes.

公众访问记录权限

否

Publicly Accessible Records

No.

会议地点

任何地方

Location of Meetings

Anywhere

保全

Protector

是否需要

可选

Required

Optional.

持有专业资格

可选

Professional Qualiﬁcations Held

Optional.

信托契书公众可否访问

Trust Deed 否

账户

Publicly Accessible

No.

Accounts

准备要求

受托人必须保存收入，资产，配额和转账记录

Requirements to Prepare

Trustee must keep records of income, assets, distributions, and ﬁnancial transactions.

审计要求

否

Audit Requirements

No.

公众可否访问账户

否

Publicly Accessible Accounts

No.

其他

Other

法定继承权

否

Forced Heirship Rules

No.

是否允许迁册

是

Change in Domicile Permitted

Yes.

By Cook Islands FSDA

司法辖区 JURISDICTIONS

行政特区：库克群岛所在地区：太平洋官方货币：新西兰元，库克群岛元官方语言：英语、库克群岛毛利语所属时区：UTC-10 电话区号：+682 通讯设施：良好

Country: Cook Islands Region: Paciﬁc Currency: New Zealand Dollar (NZ$), Cook Islands Dollar (CI$) Languages: English, Cook Islands Maori Time Zone: UTC -10 Phone Code: +682 Communications: OK

简介

Introduction

坐落于南太平洋，大约位于新西兰和夏威夷的中间位置，库克群岛的众多岛屿散布在大约 240 平凡公里的海面上。作为传统上的英国保护国之一，该岛的法律体系是基于英国普通法，官方语言也是英语。但是这个行政特区现在已成为一个自治政府。离岸金融和信托服务，旅游业和海洋资源现在已成为该国第三大的政府收入来源，这里还有特别的针对银行业、专属保险和信托管理政策，上述都是这里最大的离岸领域。本地公司对全球范围内的收入需要支付 20% 的税率。非居民公司需要对在岛上获得的收入缴纳 28% 的税率。不过，离岸实体在库克群岛上是免税的。库克群岛是一个自治议会的民主制国家，在宪法上和新西兰有不少渊源。女王是国家的首脑而在新西兰有一个高级

Located in the South Pacific Ocean approximately half-way between New Zealand and Hawaii, the Cook Islands are a widely scattered group of islands occupying a surface area of about 240 sq km. As a legacy of its status as a British protectorate, the legal system is based on English common law and the official language is English, but the jurisdiction is now a self-governing democracy. Offshore financial and fiduciary services are in the top three largest contributors to Government finances along with tourism and marine resources, and there are special regimes for banks, captives and trust management, which is the biggest offshore sector. Domestic companies pay 20% tax on worldwide income. Non-resident companies pay 28% tax on profits derived from

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概况

库克群岛

General

Cook Islands

实体类型

基金会

Type of Company

Foundation

法律类型

2012 年基金会法

Type of Law

Foundations Act 2012

有限责任

一些。基金会是对于自己的行为承担法律责任的法人。根据库克群岛法律自身的不当行为或疏忽将会产生责任。

Limited Liability

Some. Foundations are legal persons liable for own actions. Liability may exist for own misconduct or negligence under Cook Islands law.

建立基金会所需时间

2 到 3 个工作日

Our time to Establish a Foundation

2-3 working days

基金会最低资本金（等值货币）

无最低资本要求

Foundation Capital Minimum (equivalent in currency)

No minimum capital required.

基金会资本货币

任何币种

Foundation Capital Currency

Any.

公众可查阅记录

Publicly Accessible Records

基金会章程

是的，公众谁支付一定的费用向注册处处长证实基金会的存在。可以访问基金会会章（其中包含基金会名字，对象和注册代理人）

Foundation Charter

Yes, the "foundation instrument" (which contains the foundation name, objects, and registered agent) is accessible to those of the public who pay a fee to the Registrar to conﬁrm the existence of a foundation name.

基金会管理规则

否，基金会规则由注册代理人执行

Foundation Regulations

No, the "foundation rules" would be held by the registered agent.

受益人

否，除非包含在基金会章程里

Beneﬁciaries

No, if beneﬁciaries are determined by the foundation rules.

创始人

无

Name of Founder

No.

基金会管理成员

Ofﬁcers of Foundation

保全要求

可选，否则，被称为“强制实施”。

Protector Required

Optional. Otherwise known as "Enforcer."

是否允许企业保全

是

Corporate Protector Permitted

Yes.

理事会成员最少人数

1个

Minimum Number of Council Members

One.

是否允许有企业理事会成员

是

Corporate Council Members Permitted

Yes.

会议地点

任何地方

Meeting Location

Anywhere.

基金会本地规定

Local Requirements of Foundation

基金会代理

是，必须指定一家在库克群岛的受托公司

Foundation Agent

Yes, a trustee company residing in the Cook Islands must be appointed.

是否需要秘书

无

Secretary Required

No.

章程语言

任何语言，但是必须有认证的英语翻译

Language of Charter

Any language. Must be accompanied by a certiﬁed English translation.

管理条例语言

任何语言，但是必须有认证的英语翻译

Language of Regulations

Any language. Must be accompanied by a certiﬁed English translation.

账户

Accounts

准备要求

否。但是，基金会必须保持可靠的财务记录。

Requirements to Prepare

No. However, the foundation must keep reliable ﬁnancial records.

审计要求

无

Audit Requirements

No.

年度政府费用

是，300 美元

Annual Government Fee

Yes. USD $300.

是否允许迁册

是

Change in Domicile Permitted

Yes.

其他

Other

By Cook Islands FSDA

司法辖区 JURISDICTIONS

总督。库克群岛有一名首相和一个由议会成员中选出的内阁。该岛人口数为 11,600 人，和新西兰的毛利人属于同族，人口散布在南太平洋地区上的众多岛屿中。当地的时区为格林威治时间减 10 小时。国家首都阿瓦鲁阿位于拉罗汤加岛上，和洛杉矶、夏威夷和新西兰等地都有直飞航班。库克群岛气候属于热带类型，夏季会遭遇台风。库克群岛的经济主要依靠进口，该岛出口包括椰子、珍珠和水果。旅游业是支柱产业，离岸产业是政府收入的第三大来源。货币为新西兰元，且没有外汇管制。这里的失业率和通胀率都很低。对外商公司的投资也有非常多的投资优惠政策。当地的税率中包括 20% 的公司税，个人所得税最高可达 30%。增值税为 15% 且有印花税。向非居民支付的预提税是 15%，并且从 2011 年 9 月 1 日开始，利息支付时要交纳税率为 15% 的预提税。库克群岛没有签订过免双重征税条约，但从 2009 年开始已签订了 21 个税务信息交换协议。在库克群岛注册的国际信托、基金会、国际合伙制公司、有限责任公司和国际公司在库克群岛免税。离岸产业早在 1981 年就已经开始，这里对银行、专属保险和信托管理都有特殊政策。离岸公司和信托不需要缴纳除印花税以外的任何税款。客户和实体的信息不对外公布，但是在库克群岛最高法庭命令的情况下需要公布。适合类型：信托管理、基金管理离岸工具种类：有限公司、国际商务公司、信托、基金会、专属保险、外国公司和有限合伙制公司

income sourced in the Islands. However, offshore entities are exempt from Cook Islands taxation. The Cook Islands are a self-governing parliamentary democracy in a loose constitutional association with New Zealand. The Queen is Head of State and New Zealand has a High Commissioner. There is a Prime Minister and a cabinet appointed from among elected members of parliament. The population of 11,600, ethnically similar to New Zealand Maoris, occupies widely scattered islands in the South Pacific half way between New Zealand and Hawaii. The time zone is 10 hours behind GMT. The capital, Avarua, on Raratonga Island, has direct flights to Los Angeles, Hawaii, New Zealand etc. The climate is tropical and there are hurricanes in summer. The economy is import dependent. Exports include copra, pearls and fruit. The tourist industry is vital, and the offshore sector is the third biggest source of government revenue. The currency is the New Zealand dollar. There are no exchange controls. Unemployment and inflation are low. There are significant investment incentives available to foreign-owned businesses. The law is based on English common law. Local taxation consists of a 20% corporation tax, and personal income tax at rates up to 30%. There is VAT of 15% and there is Stamp Duty. Withholding tax on payments to non-residents is 15% and from September 1, 2011, a final withholding tax of 15% applies to interest payments. The Cook Islands have no double taxation treaties, but 21 Tax and Information Exchange Agreement have been signed since 2009. International trusts, foundations, international

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partnerships, limited liability companies and international companies registered in the Cook Islands are not taxed in the Cook Islands. The offshore sector began quite early in 1981 and there are special regimes for banks, captives and trust management, which is the biggest sector. Offshore companies and trusts do not pay any taxes except for Stamp Duty. Client and entity information is not public but will be disclosed where required by law or ordered by the Cook Islands High Court. Suitable for: Trust Administration, Fund Management Vehicle Types: Limited companies, IBCs, trusts, foundations, captive insurance, foreign companies and limited partnerships

资本主要商务地区：阿瓦努阿关系良好国家：澳大利亚、马绍尔群岛、新西兰、纽埃、巴布亚新几内亚、瓦努阿图关系不佳国家：缅甸、埃及、伊朗、利比亚、索马里、苏丹、叙利亚税务负担——商务：

Capital primary business districts: Avarua Good Relationships: Australia, Marshall Islands, New Zealand, Niue, Papua New Guinea, Vanuatu Bad Relationships: Burma, Egypt, Iran, Libya, Somalia, Sudan, Syria Tax Burden - Business: Moderate

中等 Tax Burden - Individual: 税务负担——个人：

Moderate

中等 Headline tax rates: 总体税率：

CIT 20%, PIT 20%-30%, VAT 15%

CIT 20%, PIT 20%-30%, VAT 15% Treaty Jurisdictions: 条约签订司法辖区：

New Zealand, Australia

新西兰、澳大利亚 TIEA Jurisdictions: TIEA 协议签订司法辖区：

Australia, Belgium, Canada, Czech Republic, Denmark, Faroe

澳大利亚、比利时、加拿大、捷克共和国、丹麦、法罗群岛、芬

Islands, Finland, France, Germany, Greece, Greenland, Iceland,

兰、法国、德国、希腊、格陵兰岛、冰岛、爱尔兰、意大利、韩国、

Ireland, Italy, Korea, Republic of Mexico, Netherlands, New

墨西哥、荷兰、新西兰、挪威、南非、瑞典

Zealand, Norway, South Africa, Sweden

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Q&A

离岸问答

库克群岛 Cook Islands

1. 在希望向下一代传承资产的中国高净值人士或家族（等）的隐私和资产保护方面，贵司法辖区的优势有哪些？库克群岛用它具有创新力的法律法规（《1984 年国际信托法》）发明了现代资产保护信托，该法已被世界上许多不同的司法辖区所采用。虽然国际信托法在过去的 30 年里曾被修正多次，以求反映全球金融行业的最新变化，它仍不失为一部相当完备的，具有高度灵活性和被证明为适合中国高净值人士和家族以达成高效财富和传承管理的工具。库克群岛并没有针对受益所有人的公众注册记录机制。隐私和机密性是库克群岛的重中之重且是该岛法律的基本保证，这对中国的高净值客户来说是极为有利的。库克群岛在世界上在执行金融服务行业的国际法规标准方面排名前列，这也让金融顾问对这个司法辖区有更大的信心。和大多数离岸金融司法辖区相似，库克群岛也承诺从 2018 年开始执行和遵守《普通报告标准》。 2. 价格方面，在贵司法辖区设立信托 / 基金会和其它辖区相比有什么不同？如果价格更高，您能为客户提供的附加价值是什么？涉及到在库克群岛建立信托或基金会方面的费用和其它离岸金融司法辖区相似，取决于客户所采用的架构的复杂程

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1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? The Cook Islands invented the modern asset protection trust through its innovative legislation, the International Trusts Act 1984 (“ITA”), which has been substantially embraced by many offshore finance jurisdictions. Although the ITA has been amended several times over the past 30 years to reflect changes in the global finance industry, it remains a well-crafted, flexible, and a proven tool to achieve effective wealth and succession planning for a Chinese HNWI and family. The Cook Islands does not have public registers of beneficial owners. Privacy and confidentiality is important in the Cook Islands and is reflected in our key legislation, which is an advantage for the Chinese HNWI client. The Cook Islands also ranks high globally for implementing international regulatory standards in the financial services industry, which should give advisors added confidence in the jurisdiction. Like the majority of offshore finance jurisdictions, the Cook Islands is also committed to implementing the Common

司法辖区 JURISDICTIONS

度。我们法律的优势和灵活性，以及我们所处的位于亚洲和美洲之间的地理位置和时区，加上我们在库克群岛运作的受托人公司所具有的丰富经验的专业度，都为我们客户提供了更大的反应能力、控制力和专业经验。在库克群岛建立的离岸实体，包括信托、基金会和有限责任公司等在内，对外国的受益所有人来说都是税务中立的。 3. 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？总体来说，亚洲客户要考虑的重点之一是对作为财富规划架构资产的控制力。库克群岛信托具有十足的灵活性且能根据客户的规划要求和对控制力的担忧而量身定制。私人信托公司的使用、信托所有公司的管理、委托人的保留权利和信托保护人的角色，根据信托建立时的客户意愿，通常都能被用来给予客户更高级别的参与权利。当然，对亚洲客户来说，重要的是听取专业顾问的意见以确保期望的控制力能很好地适应他们所采用的架构。来自民法社会的中国客户对控制力的担忧因其对信托这个法律概念的陌生而引起。2012 年，库克群岛颁布了法律，允许客户在库克群岛建立基金会。作为信托的备选方案，库克群岛基金会允许客户更高级别的参与程度，同时仍然提供库克群岛信托的特定具有保护性质的特点。 4. 库克群岛法律中有哪些特点是这个司法辖区的信托 / 基金会成为吸引投资者的最大特点？信托和基金会的相关法律有继承权条款，允许资产被转移

Reporting Standard in 2018.

2. In terms of cost, how is the cost of setting up a trust/foundation in your jurisdiction compared to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? Costs relating to establishing a trust or foundation in the Cook Islands are comparable to those in other offshore finance jurisdictions and may range depending on the complexity of a client’s structure. The strength and flexibility of our laws, our location and time zone between Asia and the Americas, and the depth of experience and professionalism of our trustee companies operating in the Cook Islands adds further value for clients seeking responsiveness, control, and experience. Offshore entities, including trusts, foundations, and limited liability companies, established in the Cook Islands are tax neutral in the Cook Islands for foreign beneficial owners.

3. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? An important concern for Asian clients in general is a desire for control over assets intended to be part of their wealth planning structure. Cook Islands trusts are flexible and can be tailored to a client’s planning needs and concerns regarding control. The use of private trust companies, management of companies owned by the trust, settlor reserved powers, and the role of a Protector can often be used to grant clients a higher level of involvement in accordance with their wishes when the trust is established. However, it is important for Asian clients to consult with their advisors to ensure the level of control desired fits well into their structure. Coming from civil law societies, some Chinese clients’ concerns regarding control come with unfamiliarity with the common law concept of a trust. In 2012 the Cook Islands enacted legislation allowing clients to establish a foundation in the Cook Islands. As an alternative to trusts, the Cook

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Islands foundation allows a client a high level of involvement while still incorporating certain protective features enjoyed by Cook Islands trusts.

4. What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? Legislation for both our trusts and foundations has heirship provisions that allow assets to be transferred into a trust or foundation and be administered in accordance with the client’s wishes. This is especially important for clients coming from civil law societies where clients are concerned about succession planning and managing family wealth. Cook Islands trusts and foundations offer flexible and protective wealth structures managed by experienced and qualified professionals. The Cook Islands also does not recognize foreign court judgments and any litigation would need to commence in the Cook Islands High Court.

入一个信托或基金会，并能根据客户的需求来量身定制。这对来自民法社会的客户来说尤其重要，这些客户对传承规划和家族财富的管理特别担忧。库克群岛信托和基金会提供灵活和保护性的财富架构，由经验丰富和合格的专业人士打理。库克群岛也不承认外国法庭的判决，所有诉讼都必须由库克群岛高级法庭执行。 5. 贵辖区内是否有投资者需要知道的在信托和基金会方面的法律更新？库克群岛以它的创新力和转业度而著名。最近库克群岛被其它南太平洋司法辖区在建立“太平洋巨灾风险保险设施” （PCRIF）时选为首选的司法辖区。库克群岛对此做出了迅速回应，并颁布了定制的法规来确保根据 PCRIF 所基金会和专属保险架构能够生效。最近税务信息的自动交换也引起了广泛关注，超过 100 个司法辖区承诺执行《普通报告标准》。库克群岛承诺执行“正确接触”法规，确保库克群岛继续执行国际标准和保持让客户放心的标准。

5. Are there any recent developments in trust/ foundation law in your jurisdiction that investors should be aware of? The Cook Islands is known for its innovation and expertise. Recently the Cook Islands was selected as the jurisdiction of choice among other south pacific jurisdictions to establish a Pacific Catastrophe Risk Insurance Facility (“PCRIF”). The Cook Islands responded quickly and enacted bespoke legislation to ensure that the foundation and captive insurance structure established under the PCRIF would be effective. Automatic exchange of tax information has also come under the spotlight more recently with over 100 jurisdictions having committed to implementing the Common Reporting Standard. The Cook Islands is committed to implementing “right-touch” regulation to ensure the Cook Islands continues to implement international standards and maintain standards that would give clients peace of mind.

来源： Tamatoa Jonassen, CEO, 库克群岛金融发展局 Contributed by: Tamatoa Jonassen, CEO, Cook Islands Financial Services Development Authority

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萨摩亚 Samoa

司法辖区 JURISDICTIONS

Samoa

概况

萨摩亚

General

Samoa International Business Companies, Special Puposes Companies

实体类型

国际商业法，特殊目的公司

Type of Company

法律类型

普通法

Type of Law

Common Law

建立信托所需时间

取决于提供所有需要的信息

Our Time to Establish a Trust

Depends on the provision of all required information

最低政府费用（不包括税收）

没有政府费用或税收征收

Minimum Government Fees (excluding taxation)

No Government Fees or tax levies

是否签订双重征税协定

新西兰

Double Taxation Treaty Access

New Zealand

国外收入课税

无

Taxation on Foreign Income

Nil

信托资产

Trust Assets

标准货币

美金

Standard Currency

USD

允许币种

任何法定币种

Permitted Currencies

Any Lawful Currency

最低资产要求

无最低要求

Minimum Assets Required

None

受托人独立法人最低人数

Trustees 至少一人

Minimum Number if Individuals

At least one

公司法人最低人数

至少一人

Minimum Number if a Body Corporate

At least one

是否要求有当地受托人

没有，除了萨摩亚国际特别信托安排（ “ SISTA ” ）

If Local Trustee Required

No, except for a Samoa international Special Trust Arrangement ("SISTA")

公众可否查阅记录

否，但信托的信息要在信托注册处登记

Publicly Accessible Records

None

会议地点

任何地方

Location of Meetings

Can be held anywhere in the world

保全

Protector

是否需要

否

Required

持有专业资格

否

Professional Qualiﬁcations Held

否，请看 2014 年信托法 S80 条例

Publicly Accessible

信托契书公众可否访问

Trust Deed

账户

No, see S80 Samoa Trusts Act 2014

Accounts

准备要求

没有，但会计和其他信息必须在萨摩亚由萨摩亚税收居民受托人或注册代理保留 - 请依据信托修订 2016 年草案第 6 条， 2014 年信托法提出的新 S80 条例。

Requirements to Prepare

No, but accounting and other information must be retained in Samoa by a Samoan tax resident Trustee or the Registered Agent - please see Clause 6 of the Trusts Amendment Bill 2016, as provided in proposed new S80 of the Trusts Act 2014

审计要求

否，除非信托要求。

Audit Requirements

No, unless the Trust so requires

公众可否访问账户

否

Publicly Accessible Accounts

其他

Other

法定继承权

否

Forced Heirship Rules

是否允许迁册

是

Change in Domicile Permitted

Yes By Invest Samoa

司法辖区 JURISDICTIONS

行政特区：萨摩亚所在地区：南太平洋官方货币：萨摩亚塔拉 / 美元官方语言：英语所属时区：UTC-11 电话区号：+685 通讯设施：良好

Country: Samoa Region: South Paciﬁc Currency: Samoan Dollar (Tala)/US Dollar (USD/US$) Languages: English Time Zone: UTC-11 Phone Code: +685 Communications: Good

简介

Introduction

萨摩亚由两个大岛和七个小岛组成，坐落于南太平洋的中心，和夏威夷和悉尼的距离相等，也是国际日界线的东面起始位置。这个岛国的土地面积大约为 2831 平方公里。其中的五个岛屿是无人居住的荒岛。岛国的政府和商业中心都位于首都阿皮亚。萨摩亚的意思是“宇宙的神圣中心”。萨摩亚的人口约为 18 万。90% 的萨摩亚人是本土的波利尼西亚人。人口的组成是一部分萨摩亚人，另外一部分则是中国人或欧洲移民。尽管如此，2001 年的人口普查显示 114435 名萨摩亚人现在居住在新西兰，其中一半以上是在那里出生的。萨摩亚是南太平洋上第一个宣布独立的国家，独立日期为

Samoa, which comprises two large islands and seven smaller isles, is situated in the centre of the Southern Pacific Ocean, approximately equidistant between Honolulu and Sydney and immediately east of the International Date Line. The Islands have a total land area of approximately 2,831 sq km. Five of the islands are uninhabited. The administrative and commercial centre is situated in its capital, Apia. The name Samoa means “Sacred centre of the Universe”. The population of the Islands is approximately 180,000. Ninety per cent of Samoans are indigenous Polynesians. The balance of the population is part Samoan and part Chinese or of European extraction. However the census of 2001 revealed 114,435 Samoans living in New Zealand, more than

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1962 年 1 月 1 日。它的宪法规定国家是议会制，包括了传统的萨摩亚社会组成架构和一个民主选举的制度。萨摩亚的立法会有 47 人组成，其中 45 人是原萨摩亚的部落酋长（每一个大家族的头目），这些酋长由他们的平辈和两个在通用选票注册的非萨摩亚居民选举。议会选举每三年举行一次。萨摩亚的第一个高级法院掌控和管理所有的行政区域，其权力以确保萨摩亚的法律得以公正实现。萨摩亚的上诉法庭在民事和刑事法领域旁听所有判决、法令或高级法院命令的诉讼过程。萨摩亚航空与新西兰、澳大利亚、斐济、库克群岛和夏威夷有直航班机。这个国家有足够的港口且由太平洋地区航运服务公司提供最佳的服务。萨摩亚有极佳的国际通讯设施，提供电传、传真和卫星国际长途直拨的服务。萨摩亚的经济主要依赖农业和经济作物，也有一部分的椰子供出口。因此它对自然灾害的防御力很低，比如飓风和农作物疾病等。萨摩亚成功进行了经济转型，其政府一直鼓励经济的多元化来降低对农业的依赖，且鼓励私有化的进程。这些政策让萨摩亚的经济得到了长足的发展，渔业得到了发展，新的制造业企业开始出现且离岸金融业也得以启动。旅游业的比重也在稳步上升。公司建立要求：

• 萨摩亚的公司名称可以使用汉字且公司注册证明上也可以出现汉字。

• 萨摩亚的所有公司都至少需要一名董事，一名股东和一名秘书。也可以任命董事会。无记名股票已不再被允许。

• 所有萨摩亚注册的公司都必须有一个已登记的办公室和一家作为常驻代理人的公司，该公司须为持证的信托公司。萨摩亚公司要进行董事、秘书和公司成员的注册和上述人员在注册办公室内的登记是有要求的。公司成员的登记或者登记证书的副本必须在公司成立当日起的六个月之内创建。股东可以不必满足每年进行年会和审计账户决算的要求。适合于：

half of whom were born there. Samoa was the first South Pacific Island to achieve independence on 1st January 1962. Its Constitution provides for a Parliamentary Government, which combines the traditional Samoan social structure and a democratic voting system. There is a forty-seven member Legislative Assembly which consists of forty-five Matai title holders (the heads of each extended family) who are elected by their peers and two non-Samoan residents who are registered on the Universal Voters' Roll. Parliamentary elections are held every three years. Corporate Requirements: • Chinese character names are permitted and can be included in a company’s Certificate of Incorporation.

• All companies need at least one director, one shareholder and a secretary. Corporate directors are permitted. Bearer shares are no longer allowed.

• All companies must have a registered office and a resident

agent in Samoa, which must be a licensed trust company. There are requirements for Samoan companies to prepare Registers of Directors, Secretaries and Members and for these to be kept at the registered office. The Register of Members or a copy of the register must be created within six months of the date of incorporation. Shareholders may waive the requirements annual general meetings and audited accounts.

保险业、航运、航空、控股公司、不动产持有 Suitable for: Insurance, Shipping, Aviation, Holding Company, Property Ownership

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司法辖区 JURISDICTIONS

Q&A

离岸问答

萨摩亚 Samoa

1. 在希望向下一代传承资产的中国高净值人士或家族（等）的隐私和资产保护方面，贵司法辖区的优势有哪些？《萨摩亚 2014 年信托法》为寻求资产向下一代传承的中国高净值人士客户提供更新后的理想架构。这在萨摩亚的法规的特色中可以体现，比如委托人从创建信托或向信托转移资产的当天，当债权人向信托委托人提出索偿要求的两年期时限中可见一斑。这个为期两年的追诉期十分敏感，既不能因为时间太短而受到诟病，也不能时间过长而变得不切实际。控制权的保留条款在《萨摩亚国际特殊信托方案》（SISTA）上也得到了理想的体现，这一方案仅在世界上另外两个司法辖区中实行。萨摩亚的 SISTA 允许萨摩亚信托中的受托人持有股份，但同时不能扩大萨摩亚公司的经营种类，并允许受托人以外的其他人扮演公司董事的角色，受托人不必为董事的成功或失败行为负责。另一个需要注意的地方是在《萨摩亚信托 2014 年法案》中规定的有限合伙制架构，连同信托一起，并不局限于一个司法辖区之内的架构（比如 SISTA），有限合伙制和其它任何牵涉其中的公司可以在任何司法辖区中建立。和有限合伙制相关联的信托让萨摩亚信托的受托人以资产的方式持有有限合伙公司的利益并允许一名《有限合伙制公司法》所要求的普通合伙人来控制日常运营。

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1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc) looking to succeed their assets to the next generation? The Samoa Trusts Act 2014 provides updated and relevant structures ideal for Chinese HNWI clients seeking succession in their assets for the next generation. This is mirrored in its salient features such as the 2 year period from the time that the Settlor created the Trust or transferred assets to the Trust to the date on which the creditor’s cause of action arose against the Settlor of the Trust. The 2 year period is sensible being neither too short and thus open to criticism or failure nor too long to be impractical. Retention of Control provisions are also ideal with the Samoa International Special Trust Arrangement (“SISTA”) which is only provided by two other jurisdictions. The SISTA permits the Trustees of a Samoan Trust to hold and not diversify the shares of a Samoan company and allows others than the Trustees, to act as directors of the company, without the Trustees being liable for what the directors do or fail to do. Also notable is the Trust combined with Limited Partnership structure under the Samoan Trusts Act 2014 which is not

司法辖区 JURISDICTIONS

萨摩亚在这项法规上是独一无二的。 2. 价格方面，在贵司法辖区设立信托 / 基金会和其它辖区相比有什么不同？如果价格更高，您能为客户提供的附加价值是什么？根据萨摩亚信托 2014 年法案的规定，信托不再需要在萨摩亚国际金融局（SIFA）处进行注册，因此没有政府收取的任何费用。 3. 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？在国际金融业务中挑战和问题是无可避免的，不过萨摩亚作为一个高端的国际金融中心正在不断发展，确保有一个与时俱进的法律框架来保护我们司法辖区的诚信和客户的利益。我们定期评估我们的国际金融服务并融合国际监管机构发布的国际标准，同时为客户的利益提供充足的保障。信息的保密性是每一位中国客户都看重的问题，因此萨摩亚的法律在遵守我们合规政策的同时对客户的隐私提供最佳保护。

confined to structure in one jurisdiction (like SISTA) but rather the Limited Partnership and any companies involved can be formed in any jurisdiction. A Trust combined with a Limited Partnership enables the trustees of a Samoan Trust to hold as an asset the interests of a Limited Partner and permit the General Partner, who is required by Limited Partnership Law to control day to day operations. Samoa is unique in having legislated for this. 2. In terms of cost, how is the cost of setting up a trust/foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? Trusts are no longer required to be registered with Samoa International Finance Authority (SIFA) under the Samoan Trusts Act 2014 therefore there are no government fees. 3. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? Challenges and issues are inevitable in international financial business, however Samoa as a premier international finance center continues to strive to ensure that we have an up to date legal framework to protect the integrity of our jurisdiction as well as the interests of clients. We regularly review our international financial services laws incorporating international standards promulgated by international regulatory authorities whilst at the same time maintaining sufficient safeguards for client’s interests. Confidentiality of information is a crucial aspect for every Chinese client therefore Samoan laws offer appropriate safeguards to protect confidentiality balanced against our compliance policy. 4. What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? The Samoan Trusts Act 2014 provides for a Trust to be in any language provided there is a proper English translation and this is unique to Samoa. We have protection against foreign succession laws which are as good as those in any other jurisdiction. For Asset Protection, there is a 2 year period rule for sensible and legitimate asset protection.

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4. 贵辖区法律中有哪些特点是这个司法辖区的信托 / 基金会成为吸引投资者的最大特点？《萨摩亚 2014 年信托法案》允许任何语言的信托，前提是有正确的英语翻译，这也是萨摩亚信托所独有的。我对外国的传承法提供法律保护，这和其它任何一个司法辖区内的信托法都可以媲美。就资产保护来说，有一个为期两年的合理和合法的资产保护期限。在萨摩亚继续的信托有完全的灵活性，信托可以是永久性的也可以有一个固定的期限。信托的保护人和执行人都有详细的条款。对受托人的权力来说，有法定条款规定受托人执行特定权力时有谨慎责任。对投资、指定人和保管人的代表权使用都有特定的权利细则规定。对委托人和保护人来说也有相当大的保留权力。还有一个“规定指示”可由任何人给予受托人指示，且受托人如果遵守规定就能得到保护。这也是萨摩亚 2016 年信托法案的独特特点，保留的权力比其它任何一个司法辖区都多。《萨摩亚 2016 年基金会法案》目前正在议会讨论并有可能在 2016 年年底前通过。萨摩亚作为一个普通法司法辖区在提供这一源自于民法辖区的财富管理解决方案的方面领先一步。与此同时，基金会法反映了 2014 年信托法案中架构的财富管理方面的广泛规定，其中一些独特的特点包括：萨摩亚基金会的宪章和守则和上述基金会的其它文件在有正确英语翻译的前提下可以是任何语言；它的管理文件由宪章和规定所提供且是一个注册法人，有自己名下的资产。萨摩亚基金会和萨摩亚信托有相似的资产保护条例，且对外国的传承规定提供保护。《萨摩亚 2016 年基金会法案》会让萨摩亚整套的财富管理解决方案更为完善，让它不仅与时俱进，对寻求下一代安全保护架构的投资者来说也具有很大的吸引力。 5. 贵辖区内是否有投资者需要知道的在信托和基金会方面的法律更新？萨摩亚 2016 年信托修正案根据信托法案的要求和引用《萨摩亚国际特殊信托法案》（SISTA），并插入有限合伙制架构中的信托参考条款，还包含一个获取信托相关会计信息的条款。如上所述，萨摩亚的 2016 年新基金会法案应该会在今年年底前正式颁布。来源：Invest Samoa Contributed by: Invest Samoa

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There is total flexibility during which a Trust continues in Samoa which can be perpetual or can be for a fixed period. Detailed provisions are made for both a Protector and an Enforcer. For Trustees’ Powers, provision is made for a statutory duty of care to be followed by Trustees in the exercise of certain powers. There are specific and detailed powers concerning investment, delegation the use of nominees and custodians. There are wide reserved powers to a Settlor and Protector. There is a provision for “prescribed directions’ which can be given by anyone to a Trustee and the Trustee is protected if it complies with such directions. This aspect is another unique feature of the Samoan Trusts Act 2016 as reserved powers are wider than any other jurisdiction. The Samoan Foundations Bill 2016 is currently before Parliament and may become law before the end of 2016. Samoa as a common law jurisdiction is taking the lead in providing this wealth management solution originally offered by civil law jurisdictions. While the Foundations Bill reflects wide provisions for wealth management and structuring in the Trusts Act 2014 some of its salient features are as follows: the Charter and Rules of a Samoan Foundation and other documents of the said Foundation can be in any language provided there is a proper English translation; its governing documents is provided by a Charter and Rules and is a registered legal entity which owns its own assets. A Samoan Foundation has similar provisions for asset protection as a Samoan Trust as well as protection against foreign rules of succession. The Samoan Foundations Bill 2016 will add to Samoa’s suite of wealth management solutions which are not only up to date but attractive to investors seeking secure structures for future generations. 5. Are there any recent developments in trust/ foundation law in your jurisdiction that investors should be aware of? The Samoa Trusts Amendment Bill 2016 will include a provision to obtain accounting information concerning the trusts as required by the Trust Act, reference to Samoa International Special Trust Arrangements (SISTAs) as well as an insertion of a reference to a Trust with a Limited Partnership structure. As mentioned earlier Samoa’s new Foundations Bill 2016 should become law before the end of this year.

中国和主要司法辖区签订的免双重征税协议表 DTA Access of China with Major Jurisdictions 序号 Serial No

司法辖区 Jurisdiction

签署日期 Signed On

生效日期 Effective On

奥地利 Austria

1991.04.10

1992.11.01

日本 Japan

1983.9.6

1984.6.26

美国 USA

1984.4.30

1986.11.21

德国 Germany

2014.3.28

2016.4.6

意大利 Italy

1986.10.31

1989.11.14

法国 France

1984.5.30

1985.2.21

韩国 Korea

1994.3.28

1994.9.27

塞浦路斯 Cyprus

1990.10.25

1991.10.05

香港 Hong Kong

2003.12.10

2006.12.08

马耳他 Malta

2010.10.23

2011.08.25

毛里求斯 Mauritius

1994.08.01

1995.05.04

新西兰 New Zealand

1986.09.16

1986.12.17

塞舌尔 Seychelles

1999.08.26

2000.01.17

新加坡 Singapore

2007.07.11

2007.09.18

阿联酋 UAE

1993.07.01

1994.06.05

英国 UK

1984.07.26

1984.12.23

澳大利亚 Australia

1988.11.17

1990.12.28

巴巴多斯 Barbados

2000.05.15

2000.10.27

加拿大 Canada

1986.05.12

1986.12.29

瑞士 Switzerland

1990.07.06

1991.09.27

卢森堡 Luxembourg

1994.03.12

1995.07.28

冰岛 Iceland

1996.06.03

1997.02.05

拉脱维亚 Latvia

1996.06.07

19970.1.27

爱尔兰 Ireland

2000.04.19

2000.12.29

南非 South Africa

2000.04.25

2001.01.07

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

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行政特区 - 税务信息交换网络 Jurisdictions - TIEA networks

290

安道尔 Andorra

奥利地 Austria

巴哈马 The Bahamas

百慕大 Bermuda

英属维尔京群岛 British Virgin Islands

阿根廷 Argentina

安道尔 Andorra

阿根廷 Argentina

阿鲁巴 Aruba

澳大利亚 Australia

安圭拉 Anguilla

阿鲁巴 Aruba

澳大利亚 Australia

奥利地 Austria

阿鲁巴 Aruba

澳大利亚 Australia

加拿大 Canada

比利时 Belgium

巴哈马 The Bahamas

比利时 Belgium

中国 China

捷克 Czech Republic

巴林 Bahrain

加拿大 Canada

巴西 Brazil

捷克 Czech Republic

丹麦 Denmark

伯利兹 Belize

中国 China

加拿大 Canada

丹麦 Denmark

法罗群岛 Faroe Islands

百慕大 Bermuda

丹麦 Denmark

中国 China

法罗群岛 Faroe Islands

芬兰 Finland

开曼群岛 Cayman Islands

法罗群岛 Faroe Islands

捷克 Czech Republic

芬兰 Finland

法国 France

库克群岛 Cook Islands

芬兰 Finland

丹麦 Denmark

法国 France

德国 Germany

哥斯达黎加 Costa Rica

法国 France

法罗群岛 Faroe Islands

德国 Germany

格陵兰 Greenland

多米尼加国 Dominica

德国 Germany

芬兰 Finland

格陵兰 Greenland

冰岛 Iceland

直布罗陀 Gibraltar

格陵兰 Greenland

法国 France

耿西岛 Guernsey

列支敦士登 Liechtenstein

格林纳达 Grenada

耿西岛 Guernsey

德国 Germany

冰岛 Iceland

摩纳哥 Monaco

危地马拉 Guatemala

冰岛 Iceland

格陵兰 Greenland

印度 India

荷兰 Netherlands

耿西岛 Guernsey

印度 India

耿西岛 Guernsey

爱尔兰 Ireland

挪威 Norway

马恩岛 Isle of Man

日本 Japan

冰岛 Iceland

荷兰 Netherlands

波兰 Poland

泽西岛 Jersey

韩国 Republic of Korea

印度 India

新西兰 New Zealand

葡萄牙 Portugal

利比里亚 Liberia

马耳他 Malta

爱尔兰 Ireland

挪威 Norway

圣马力诺 San Marino

列支敦士登 Liechtenstein

墨西哥 Mexico

意大利 Italy

波兰 Poland

西班牙 Spain

中国澳门 Macao, China

摩纳哥 Monaco

日本 Japan

葡萄牙 Portugal

瑞典 Sweden

马绍尔群岛 Marshall Islands

荷兰 Netherlands

韩国 Republic of Korea

圣马丁岛 Sint Maarten

瑞士 Switzerland

毛里求斯 Mauritius

新西兰 New Zealand

马耳他 Malta

瑞典 Sweden

摩纳哥 Monaco

挪威 Norway

墨西哥 Mexico

英国 United Kingdom

蒙塞拉特岛 Montserrat

波兰 Poland

荷兰 Netherlands

美国 United States

萨摩亚 Samoa

圣马力诺 San Marino

新西兰 New Zealand

圣马力诺 San Marino

南非 South Africa

挪威 Norway

圣马丁岛 Sint Maarten

西班牙 Spain

波兰 Poland

特克斯和凯科斯群岛 Turks and Caicos Islands

瑞典 Sweden

葡萄牙 Portugal

乌拉圭 Uruguay

英国 United Kingdom

新加坡 Singapore

瓦努阿图 Vanuatu

美国 United States

英国 United Kingdom

英属维尔京群岛 British Virgin Islands

美国 United States

其他 others

China Offshore Trusts & Foundations Guide 2016

开曼群岛 Cayman Islands

库克群岛 Cook Islands

耿西岛 Guernsey

香港 Hong Kong

马恩岛 Isle of Man

泽西岛 Jersey

利比里亚 Liberia

澳大利亚 Australia

奥利地 Austria

丹麦 Denmark

阿根廷 Argentina

澳大利亚 Australia

阿鲁巴 Aruba

丹麦 Denmark

巴哈马 The Bahamas

法罗群岛 Faroe Islands

澳大利亚 Australia

丹麦 Denmark

澳大利亚 Australia

法罗群岛 Faroe Islands

比利时 Belgium

格陵兰 Greenland

博茨瓦纳 Botswana

奥利地 Austria

法罗群岛 Faroe Islands

比利时 Belgium

芬兰 Finland

百慕大 Bermuda

冰岛 Iceland

加拿大 Canada

巴西 Brazil

芬兰 Finland

巴西 Brazil

法国 France

开曼群岛 Cayman Islands

挪威 Norway

中国 China

加拿大 Canada

法国 France

加拿大 Canada

德国 Germany

中国 China

瑞典 Sweden

捷克 Czech Republic

中国 China

加纳 Ghana

中国 China

希腊 Greece

丹麦 Denmark

美国 United States

丹麦 Denmark

捷克 Czech Republic

格陵兰 Greenland

捷克 Czech Republic

格陵兰 Greenland

法罗群岛 Faroe Islands

丹麦 Denmark

冰岛 Iceland

丹麦 Denmark

冰岛 Iceland

法国 France

芬兰 Finland

法罗群岛 Faroe Islands

印度 India

法罗群岛 Faroe Islands

爱尔兰 Ireland

德国 Germany

法国 France

芬兰 Finland

荷兰 Netherlands

芬兰 Finland

意大利 Italy

直布罗陀 Gibraltar

德国 Germany

法国 France

挪威 Norway

法国 France

韩国 Republic of Korea

格陵兰 Greenland

德国 Germany

波兰 Poland

德国 Germany

墨西哥 Mexico

匈牙利 Hungary

冰岛 Iceland

格陵兰 Greenland

葡萄牙 Portugal

格陵兰 Greenland

荷兰 Netherlands

冰岛 Iceland

印度 India

匈牙利 Hungary

南非 South Africa

耿西岛 Guernsey

新西兰 New Zealand

日本 Japan

印度尼西亚 Indonesia

冰岛 Iceland

瑞典 Sweden

冰岛 Iceland

挪威 Norway

列支敦士登 Liechtenstein

爱尔兰 Ireland

英国 United Kingdom

爱尔兰 Ireland

南非 South Africa

新西兰 New Zealand

意大利 Italy

瑞典 Sweden

挪威 Norway

日本 Japan

波兰 Poland

莱索托 Lesotho

墨西哥 Mexico

马耳他 Malta

葡萄牙 Portugal

墨西哥 Mexico

荷兰 Netherlands

墨西哥 Mexico

圣马力诺 San Marino

荷兰 Netherlands

新西兰 New Zealand

荷兰 Netherlands

塞舌尔 Seychelles

新西兰 New Zealand

挪威 Norway

新西兰 New Zealand

斯洛伐克 Slovakia

挪威 Norway

波兰 Poland

挪威 Norway

斯洛文尼亚 Slovenia

波兰 Poland

葡萄牙 Portugal

波兰 Poland

南非 South Africa

葡萄牙 Portugal

斯洛文尼亚 Slovenia

葡萄牙 Portugal

瑞典 Sweden

斯洛文尼亚 Slovenia

南非 South Africa

塞舌尔 Seychelles

瑞士 Switzerland

瑞典 Sweden

圣马丁岛 Sint Maarten

土耳其 Turkey

瑞士 Switzerland

南非 South Africa

英国 United Kingdom

土耳其 Turkey

瑞典 Sweden

美国 United States

英国 United Kingdom

美国 United States

英属维尔京群岛 British Virgin Islands

美国 United States

其他 others

其他 Others

阿根廷 Argentina

其他 Others

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

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列支敦士登 Liechtenstein

马耳他 Malta

毛里求斯 Mauritius

新西兰 New Zealand

巴拿马 Panama

安道尔 Andorra

巴哈马 The Bahamas

澳大利亚 Australia

安圭拉 Anguilla

加拿大 Canada

安提瓜和巴布达 Antigua and Barbuda

百慕大 Bermuda

丹麦 Denmark

巴哈马 The Bahamas

丹麦 Denmark

澳大利亚 Australia

开曼群岛 Cayman Islands

法罗群岛 Faroe Islands

百慕大 Bermuda

法罗群岛 Faroe Islands

比利时 Belgium

直布罗陀 Gibraltar

芬兰 Finland

开曼群岛 Cayman Islands

芬兰 Finland

加拿大 Canada

中国澳门 Macao, China

格陵兰 Greenland

库克群岛 Cook Islands

格陵兰 Greenland

丹麦 Denmark

冰岛 Iceland

库拉索 Curacao

冰岛 Iceland

法罗群岛 Faroe Islands

挪威 Norway

多米尼加国 Dominica

挪威 Norway

芬兰 Finland

直布罗陀 Gibraltar

瑞典 Sweden

法国 France

耿西岛 Guernsey

美国 United States

德国 Germany

马恩岛 Isle of Man

格陵兰 Greenland

泽西岛 Jersey

耿西岛 Guernsey

马绍尔群岛 Marshall Islands

冰岛 Iceland

纽埃岛 Niue

印度 India

圣基茨和尼维斯 Saint Kitts and Nevis

爱尔兰 Ireland

圣文森特和格林纳丁斯 Saint Vincent and the Grenadines

日本 Japan

萨摩亚 Samoa

墨西哥 Mexico

圣马丁岛 Sint Maarten

摩纳哥 Monaco

特克斯和凯科斯群岛 Turks and Caicos Islands

荷兰 Netherlands

瓦努阿图 Vanuatu

挪威 Norway

British Virgin Islands 英属维尔京群岛

圣基茨和尼维斯 Saint Kitts and Nevis 圣文森特和格林纳丁斯 Saint Vincent and the Grenadines 南非 South Africa 瑞典 Sweden 英国 United Kingdom 美国 United States

292

China Offshore Trusts & Foundations Guide 2016

萨摩亚 Samoa

塞舌尔 Seychelles

新加坡 Singapore

英国 United Kingdom

瓦努阿图 Vanuatu

澳大利亚 Australia

开曼群岛 Cayman Islands

百慕大 Bermuda

安圭拉 Anguilla

澳大利亚 Australia

丹麦 Denmark

安提瓜和巴布达 Antigua and Barbuda

丹麦 Denmark

法罗群岛 Faroe Islands

巴哈马 The Bahamas

法罗群岛 Faroe Islands

芬兰 Finland

伯利兹 Belize

芬兰 Finland

格陵兰 Greenland

百慕大 Bermuda

法国 France

冰岛 Iceland

耿西岛 Guernsey

巴西 Brazil

格陵兰 Greenland

爱尔兰 Ireland

冰岛 Iceland

库拉索 Curacao

格林纳达 Grenada

日本 Japan

荷兰 Netherlands

多米尼加国 Dominica

冰岛 Iceland

墨西哥 Mexico

挪威 Norway

直布罗陀 Gibraltar

爱尔兰 Ireland

摩纳哥 Monaco

瑞典 Sweden

格林纳达 Grenada

韩国 Republic of Korea

荷兰 Netherlands

瑞士 Switzerland

耿西岛 Guernsey

新西兰 New Zealand

马恩岛 Isle of Man

挪威 Norway

泽西岛 Jersey

圣马力诺 San Marino

利比里亚 Liberia

瑞典 Sweden

南非 South Africa

列支敦士登 Liechtenstein

瑞典 Sweden

马绍尔群岛 Marshall Islands 圣文森特和格林纳丁斯 Saint Vincent and the Grenadines 圣马力诺 San Marino 圣马丁岛 Sint Maarten 特克斯和凯科斯群岛 Turks and Caicos Islands 乌拉圭 Uruguay 英属维尔京群岛 British Virgin Islands

2016 China Offshore Trusts & Foundations Guide CHINA OFFSHORE

293

企业服务提供商

Corporate Services Provider

委托和信托服务 Singapore

The Bahamas

Equity Bank and Trust Bahamas Limited www.equitybahamas.com 1 242 676 8188 info@equitybahamas.com

Trust & Fiduciary Services

St. Kitts & Nevis

The Bahamas TPS Group www.tps.com.sg 65 6372 0092 enquiry@tps.com.sg

离岸律所

Offshore Law Firms

Hong Kong

Ansbacher (Bahamas) Limited ansbacher.bs 1 242 502 3600 info@ansbacher.bs

Fidesco Trust Corporation www.fidesco.com 1 869 466 6989 info@fidesco.com

Singapore

Hong Kong Barbados

Masson de Morfontaine www.masson-de-morfontaine. com 852 3953 4880 info@masson-de-morfontaine. com

Meridian Law www.meridianlawbb.com 1 246 431 6677 daw@meridianlawbb.com

Hong Kong Trust Co., Ltd. www.hongkongtrustco.com 852 3746 9080 info@hongkongtrustco.com

Cyrpus

Liechtenstein

British and Malayan Trustees Limited www.bmtrust.com 65 6535 4922 enquiry@bmtrust.com

Switzerland Malta

Westmoore Fiduciary Services westmoore-services.com 44 207 193 4115

Prospera Europe Ltd www.prosperainfo.com 356 2122 4847 info@prosperainfo.com

Bybloserve Management bybloserve.com 357 2481 2575 hr@bybloserve.com

Malta Mauritius

ABC Global Management Services abcmanagementservices.com 230 464 2668 info@abcglobal.mu

Allgemeine Treuunternehmen www.atu.li 423 237 3434 info@atu.li

Liechtenstein

Chetcuti Cauchi Advocates www.ccmalta.com 356 2205 6200 info@ccmalta.com

CorPa Services AG www.corpatrust.com 423 239 0101 office@corpatrust.com

Jordans Trust Company www.jordanstrustcompany. com 44 117 923 0600 info@jordanstrustcompany. com

资产管理公司

Asset Management Company

Panama Liechtenstein

Seychelles

Uniwide www.uniwide.biz 371 6611 8787 info@uniwide.biz

United Kingdom

Arifa www.arifa.com 507 205 7000 panama@arifa.com

Interadvice Anstalt www.interadvice.li 423 232 2412 advice@interadvice.li

Switzerland

Corum www.corumag.ch 41 44 213 2020 info@corumag.ch

地产服务

Real Estate Service

亚洲离岸协会会员 BVI

Samoa

Cyprus

Asia Offshore Association Members

China BVI House Asia www.bvihouseasia.com.hk 852 3468 8530 info@bvihouseasia.com.hk

Pafilia www.pafilia.com 357 2684 8800 info@pafilia.com

St Kitts

T-LOFT Property Development Limite www.piratesnest.cn 400 777 7665 ]info@tloftproperty.com

国际金融中心

International Financial Centres

Cook Islands

Cook Islands Financial Services Development Authority www.cookislandsfinance.com 682 21175 enquiry@fsda.gov.ck

Labuan

Invest Samoa www.sifa.ws 685 66400 enquiries@investsamoa.ws

Seychelles

Seychelles Investment Board www.sib.gov.sc 248 429 5500 info@sib.gov.sc

United Arab Emirates Labuan IBFC www.labuanibfc.com 603 2780 2180 communication@labuanfsa. gov.my

Nevis

Barbados

RAK International Corporate Center www.rakicc.com 971 7 207 7177 info@rakicc.com The Nevis Investment Promotion Agency www.nevisipa.org 1 869 469 0038 info@nevisipa.org

China

Panhe Family Office zmpt.com.cn 86 755 3306 5339 service@panhefo.com

China

CIL Group www.cil.bz 86 21 6301 0553 info@cil.bz

The Bahamas

Bahamas Financial Services Board www.bfsb-bahamas.com 242 393 7001 info@bfsb-bahamas.com

Beijing Jincheng Tongda & Neal Law Firm www.jtnfa.com 86 10 5706 8585 beijing@jtnfa.com

China

专业机构

Professional Associations

Hong Kong

Shanghai Junyue Law Firm www.junyuelawyer.com 86 61132988 junyue@junyuelawyer.com

St. Kitts Hong Kong

Invest Barbados www.investbarbados.org 246 626 2000 info@investbarbados.org

St. Kitts Investment Promotion Agency www.investstkitts.kn 1 869 465 1153 office@investstkitts.kn

Asia Offshore Association www.asiaoffshore.org 852 3073 2008 info@asiaoffshore.org

Fidinam Group www.fidinamgroup.com 852 2110 0990 info@fidinam.com.hk