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信托和基金会年度指南第八辑

8th 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:

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LETTER FROM EDITOR | 编者的话

欢迎阅读《中国离岸:信托与基金会年度指南第八 辑》,本指南为您提供在全球各主要司法辖区内进 行信托与基金会建立,以及通过财产保全、遗产继 承、财富传承等相关工具和财富管理形式进行了深 入浅出的介绍和探讨, 也让您有机会对最新的数据、 分析报告和业界观点进行一站式的获取。 本期指南概括了行业专家的意见和比较详实的离 岸行政特区的数据,辅以图表和数据给读者更为直 观的展示,离岸信托和基金会的组建一直以来都是 高净值人士和家族在财富管理方面最为关心的问 题之一,让他们在节税和风险规避的基础上,通过 合法途径让自己的财富进行有效增值和安全扩张。

Welcome to the 8th edition of China Offhore's Trusts and Foundations Guide, an annually released report that provides information about offshore trusts and foundations at major and reputable offshore jurisdictions around the world. The China Offshore Guide series is presented on an annual basis and includes various reports, analysis, interviews and Q&As and indepth articles written by some of the most reputable professional institutions and experts in the industry. Together with industry insiders' viewpoints and latest data on various offshore jurisdictions, it is designed to maximize your knowledge base to best arm you for an increasingly changeable industry landscape.

法律、金融、财富管理和信托行业出身的专业人士 很可能会陷入与信托或与信托法问题有关的争议。 信托纠纷和诉讼往往异常复杂,因此能正确处理好 这些纠纷的人就会有巨大的回报,但是如果处理方 法错误,就会造成严重的财务和声誉风险。随着越 来越详细的审查和对透明意识的增强,在法律框架 内谨慎管理您或您的客户的资产就变得尤其必要, 从而能够及时掌握您所选择的管辖区域内的最新 发展,机遇以及潜在的障碍。

Professionals from law, finance, wealth management and the trust industry itself can find themselves drawn into disputes relating to trusts or engaging trust law issues. Trust disputes and litigation can often be unusually complex and while there are significant rewards for those who handle them correctly, they pose serious financial and reputational risks if done wrong. Wither increasing scrutiny and calls for transparency, managing your or your clients' assets carefully within the bounds of the legal framework is becoming even more of a necessity, and thus does keeping abreast of the latest developments, opportunities and potential obstacles within your chosen jurisdiction.

这本《中国离岸:信托与基金会年度指南》年刊向大 家展示最新的行业动态和分析报告,通过数篇由业 界著名企业和专业人士撰写的报告和论述,为您的 财富指明一条通往离岸金融中心的康庄大道,让您 胸有成竹,从容不迫地进行海外扩张,为事业更上 一层楼添砖加瓦。祝您阅读愉快!

Offshore trusts and foundations have always been serving as a vehicle or even a weapon for HNWIs and families to globally further their business and ensure successful asset protection and wealth management. Arming yourself with knowledge of the right tools in the right jurisdictions will help you to take your business and wealth to the next level. Enjoy reading!

John Yang Editor, China Offshore editorial@chinaoffshore.com.hk

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观点 | OPINION

006 | 香港居民继承内地财产的法 律适用问题

On Law Application Concerning the Inheritance of Mainland-based Property by Hong Kong Residents

012 | 中国家族财富管理的实践与 思考

Practice of Family Wealth Management in China and Some Reflections

018 | 如何利用离岸信托实现家族 企业的传承安排

How Can Offshore Trusts Be Used to Implement a Family Enterprise's Inheritance Arrangements?

024 | 简述:信托和基金会在财富 管理中的运用

A Simple Discussion: Trusts and Foundations and Their Use in Wealth Planning

032 |“妈妈不曾教我的事物”

——新中国客户需要信托结构来保 护家庭 “Things My Mother Never Taught Me” - Clients in the New China Want Trust Structures to Protect Their Families

038 | 家族公益慈善:信托还是基 金会?

Family Charities: Trust or Foundation?

044 | 打破传统模式,房产投资新 趋势

Breaking Traditional Models to Form a New Trend in Real Estate Investment

048 | 存在亚洲银行里的现金、黄

金和保管箱是否应该向美国国税局 申报?

Must Cash, Gold, and Safety Deposit Boxes in Asian Banks Ever Be Reported to IRS?

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056 | 马耳他——在欧盟生活和经 商的理想地点

Malta - A Gateway to Living & Doing Business in the E.U.

066 | 伯利兹最新情况 Belize Update

072 |《外国投资法》背景下的开曼 群岛公司注册

Company Registration in the Cayman Islands under the Foreign Investment Act

078 | 开曼群岛 : 适合中国市场的离 岸信托目的地

The Cayman Islands - The Offshore Trust Destination for the Chinese Market 特别报道 | FEATURED STORY

086 | 海外账户纳税法案及其反馈 机制

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FATCA and the Feedback Loop

090 | 英属维尔京群岛为全球经济 做出重大贡献

The BVI Supports Two Million Jobs Globally

094 | 离岸中心在全球经济中的重 要地位

The Crucial Role of Offshore Centers in the Global Economy 2017 热点 | HIGHLIGHTS

098 司法辖区 | JURISDICTIONS

102 速查指南 | REFRENCE BOOKLET

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目录 CONTENTS

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Member Contribution

观点 | OPINION CHINA OFFSHORE

香港居民继承内地财产的法律适用问题 On Law Application Concerning the Inheritance of Mainland-based Property by Hong Kong Residents Miao Zhao

年是香港回归二十年,二十年 来,大陆与香港人民的民商事 交往得到前所未有的发展。据 统计,2016 年香港与内地的跨境婚姻占 到在港登记婚姻总量的 36%,两地联姻 已占香港婚姻登记的三成,随之而来的 遗嘱继承案件也有所增多。另外,越来 越多的大陆居民赴港置业、从事各项商 贸或金融活动。人员往来的增加使大陆 居民赴港继承遗产的人数也不断增加, 本文将探讨两地遗嘱继承的法律冲突

I

t has been 20 years since the return of Hong Kong to motherland. The past two decades has witnessed unparalleled personnel and commercial exchanges between the two places. As shown by statistics, in 2016 cross-border marriages between the Mainland and Hong Kong accounted for 36% of the total registered marriages in Hong Kong, approximately one-third of the total

赵苗 Miao Zhao

安杰律师事务所 合伙人

The applicable proper law for disposition of property in Hong Kong in the will of Mainland residents

AnJie Law Firm Partner 赵苗律师具有美国加州律师资格和中国 律师执业资格,同时具有扎实的商科背 景。她曾历任多家世界顶级企业亚太区和 大中国区法律顾问,对企业全球化、跨境 投资有独到的见解。在企业上市、跨境投 资并购中的家事问题提供法律建议;为 客户进行个人或家族财富保障传承的筹 划;对家族企业股权的设计优化提供法 律指导(包括信托搭建);为客户进行身 份规划和移民税务筹划等。赵苗律师兼 具公司法和家事法的背景,其专业服务获 得了公司和私人客户的高度认可和一致 好评。

Zhao Miao is a qualified lawyer in California of America and in China, with a solid background in business studies. She has acted as a law counsel for many world-class enterprises in Asia-Pacific region

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registered marriages in Hong Kong, which is followed by an increase in testamentary succession disputes. In addition, Mainland residents in increasing numbers are coming to Hong Kong for real estate purchases and commercial or financial activities. With rising personnel exchanges, the number of Mainland residents who come to Hong Kong for the purpose of property inheritance is also on the rise. This article intends to elaborate on the conflict of laws and law application concerning testamentary succession in these two places.

and in Greater China, and has her unique understandings about enterprise globalization and crossborder investment. Providing lawl advice in family matters related to the enterprise-listing and cross-border investments, mergers and acquisitions; planning for the protection and inheritance of individual or family wealth; offering law counsel about the stock structure design and optimization of family business (including trust building); providing identity planning, immigration & tax planning and so forth for clients, etc. As a lawyer specializing both in corporate law and family law, Zhao has won high recognition and unanimous praise from both corporate and private clients.

In pursuance of section 2 of Article 36 in the Law of Succession, for the inheritance by a foreigner of an estate within the People's Republic of China or of an estate of a Chinese citizen outside the People's Republic of China, the law of the place of domicile of the decedent shall apply in the case of movable property; in the case of immovable property, the law of the place where the property is located shall apply. • If the estate is in the Mainland, no matter whether the decedent is a Mainland resident or not, as long as his/her domicile is in Mainland, both


观点 | OPINION CHINA OFFSHORE

及法律适用。

大陆居民遗嘱中涉及在港财产处置时 具体适用的准据法 根据《继承法》第 36 条第 2 款规定,境 外公民继承在中华人民共和国境内的 遗产或者继承在中华人民共和国境外 的中国公民的遗产,动产适用被继承人 住所地法律,不动产适用不动产所在地 法律。具体来看就是: • 若遗产在大陆,不管被继承人是否大 陆居民,只要他居住地在大陆,则动 产和不动产均应适用大陆的法律; • 若遗产在大陆,被继承人生前居住在 香港,则动产适用香港法律,不动产 适用大陆法律。

香 港居民 继 承内 地 遗 产的 继 承 权确 认―公证继承或者诉讼继承 在内地, 办理继承权确认的程序有两个, 即公证 继 承,即在 遗 产所在的公证机 关办理继承权公证书,由公证机关依法 颁发继承权公证书,证明合法的继承权 人。这种方式是比较方便、快捷的,也 是通常采用的。另一方向,如果各继承 权人之间可能存在争议,或者不配合办 理继承手续或有其他无法解决的问题, 导致公证处无法办理继承权公证(或者 不愿意办理继承权公证的),则客户需 要向当地人民法院提起诉讼,由人民法 院通过判决的方式确认继承权人的继 承权。

房产继承公证程序 房产继承公证一般需要提供以下证件 材料: • 到被继承人所属派出所开被继承人 的死亡证明或者提供被继承人医学 死亡证明 ; • 到死者所在单位或者派出所开具继 承人身份证明 ; • 继承人的身份证明 ; • 被继承的房产证或其他证明文件。

the movable and immovable property shall be governed by the laws of the Mainland; • If the estate is in the Mainland and the decedent lived in Hong Kong, the movable property shall be governed by Hong Kong laws and the immovable property shall be governed by the Mainland laws.

Con�rmation of the right to inheritance for the estate in the Mainland by Hong Kong residents by means of notarization or litigation Two procedures are available for

confirming right to inheritance in the Mainland. One is notarized inheritance, whereby a notary certificate for the right to inheritance issued by the notary agency at the place where the estate is located will authenticate the lawful successor. This method is relatively convenient, fast and is also commonly used. The other is via litigation. If there are disputes among successors, or they do not render cooperation in the inheritance procedure, or in the case of problems that cannot be solved, which hampers the notary agency to handle the notarization of the right to

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• 被继承人生前所立的遗嘱 ( 遗嘱继承 的情况 )。

如果法定继承人不只一个,而房产只过 户给其中一人的话,需要其他人的书面 同意。

房产诉讼继承程序 根据民事诉讼法相关规定,房产继承诉 讼管辖地确定为不动产所在地,即被继 承房产所在地法院管辖。继承人是多人 的,一部分继承人作为原告,另一部分 继承作为被告参与诉讼。房产继承诉讼 一般需提供以下证件材料: • 到被继承人所属派出所开被继承人 的死亡证明或者提供被继承人医学 死亡证明 ; • 到死者所在单位或者派出所开具亲 属关系证明 ; • 继承人的身份证复印件,如果是外籍 继承人需提供经过公证书予以认证 ; • 被继承的房产证或其他证明文件。 • 被继承人生前所立的遗嘱 ( 遗嘱继承 的情况 )。 如果继承人之间对于房产过户无异议, 可以形成调解书;但如果无法对于房产 的继承达成一致的,则由法院判决。

两种继承方式进行分析及比较 一般来说,如果继承人之间没有纠纷, 法律文件齐全,急需办理继承手续的, 可以优先选择继承公证办理房产继承 手续。公证继承的好处是出证时间会比 较快。 如果继承人之间分歧较大,无法协商一 致 ; 或由于继承人年老体弱、居住在国 外、外地等情况,自行去派出所或者单 位取证困难的,建议聘请律师通过法院 诉讼途径解决。

内地与香港遗嘱继承的程序 取得遗嘱继承的公证书或诉讼判决书

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inheritance (or it is unwilling to handle such procedure), the client needs to institute the legal proceedings in the local people's court, whereby the people's court will confirm the right to inheritance by a judgment.

Notarization procedures for real estate inheritance The following documents and materials are usually necessary for notarized inheritance of the real estate: • A death certificate issued by the police station at the place of the domicile of the decedent or a medical death certificate of the decedent; • An identity proof of the successor issued by the organization to which the decedent was affiliated or by the local police station; • The identity certificate of the successor; • The certificate of the real estate to be inherited or other proof documents.

• The will made by the decedent before his/her death (in the case of testamentary succession).

If there is more than one statutory successor, and the ownership of the real estate is only transferred to one of them, the written consent of the other successors is required.

Litigation procedure for the inheritance of the real estate According to relevant provisions of the civil procedure law, the venue for litigation of the real estate inheritance is at the place where immovable property is located, namely, the court located at the place of the inherited real estate has the jurisdiction. If there is more than one successor, some will be plaintiff, and others will be the defendant in the proceedings. The following documents are usually necessary for the litigation of real estate inheritance: • A death certificate issued by the police station at the place of the


观点 | OPINION CHINA OFFSHORE

后,一般无争议的遗嘱继承具体流程: 根据《继承法》的有关规定,继承在中 华人民共和国境内的遗产,动产适用被 继承人住所地法律,不动产适用不动产 所在地法律。另外我国的《公证法》第 二十五条第二款也规定,申请办理涉及 不动产的公证,应当向不动产所在地的 公证机构提出。 必须提供经中国司法部指定的委托公 证人证明的声明书,声明书的内容应包 括被继承人的基本情况、死亡事实、婚 姻状况,配偶、子女、父母情况、遗产状 况等。 委托公证人制度是指具备一定条件的 香港律师,依据司法部的授权,应当事 人的申请,对发生在香港地区的法律行 为、 有法律意义的文书和事实的真实性、 合法性予以证明的活动。委托公证人出 具的公证书的使用范围在内地,与内地 公证书具有同等法律效力。当事人根据 香港宣誓条例作出“声明”根据香港法 律具有法律效力,如果声明内容虚假要 承担刑事责任。在提供上述声明书后, 所有法定继承人就可来到公证处办理 继承手续。如有继承人愿意继承遗 产 但不能回来办理继承手续,可以委托他

domicile of the decedent or a medical death certificate of the decedent; A kinship proof of the successor issued by the organization to which the decedent was affiliated or by the police station; A duplicated copy of the successor's identity certificate; in the case of the foreign successor, a notarized certificate of the identity shall be provided; The certificate of the real estate to be inherited or other proof documents. The will made by the decedent before his/her death (in the case of testamentary succession).

If there is no objection to the transfer of the real estate ownership among the successors, a mediation agreement can be formed; and if no agreement can be reached, it shall be decided by the judgment of the court.

Analysis and comparison of the two ways of succession

Generally speaking, if there is no dispute among successors, the legal documents are complete, and the formalities for inheritance are urgently required, the priority can be given to the notarized inheritance to handle the procedure for real estate inheritance, which is faster in obtaining the real estate certificate. If the divergence among the successors is enormous, and no consensus can be reached; or if the successor is advanced in age and poor in health, lives abroad or at another place, it's difficult to collect the proof documents in person in the police station or work organization of the decedent, it's advisable to hire a lawyer to deal with the case through court proceedings.

The process of testamentary succession in the Mainland and Hong Kong The specific procedure for undisputed testamentary succession after obtaining the notarial certificate or

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观点 | OPINION CHINA OFFSHORE

在死者死亡后,由遗嘱指定继承人凭死 者合法有效遗嘱,死者死亡证明,婚姻 情况证明,死者财产证明(房产证,存 折等),以及继承人身份证,户口本,婚 姻情况证明,死者和继承人亲属关系证 明。以上证件齐全后,到本地公证处办 理遗嘱公证手续,需要交纳公证费2%。 得到继承公证书之后,继承人再凭以上 证件材料和公证书,到房管部门或者银 行咨询办理继承死者遗产手续。

the judgment: According to relevant provisions of the "Law of Succession", for inheritance of an estate within the People's Republic of China, the law of the place of domicile of the decedent shall apply in the case of movable property; in the case of immovable property, the law of the place where the property is located shall apply. In addition, according to Section 2 of Article in "Notarization Law of the PRC", in the case of applying for notarization of the immovable property, the application shall be submitted to the notary agency at the place of the property.

在不动产登记管理部门,申请人应当提 交下列文件:《房地产登记申请书》( 原 件 )、身份证明 ( 复印件 )、房地产权证书 ( 原件 )、继承权公证文书或者遗嘱公证

A statement authenticated by the notary agency designated by the Ministry of Justice must be provided, including such contents as the basic

人办理,但授权委托书应经中国委托公 证人证明。如有继承人表示放弃继承遗 产,应当亲自到公证处作出放弃继承权 的意思表示或提供经中国委托公证人 证明的放弃继承权声明书。

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information of the decedent, the fact of death, matrimonial status, spouse, children, parents, and condition of the estate. The entrusted notary system refers to the practice whereby the qualified Hong Kong lawyer, in accordance with the authorization of the Ministry of Justice and upon request of the party concerned, will certify the authenticity and legality of the legal acts, documents and facts of legal significance in Hong Kong. The notarial certificate issued by the entrusted notary agency shall be equally authentic as the notarial certificate issued in the Mainland. The statement made under the oath ordinances of Hong Kong is legally binding according to laws of Hong Kong, and if the statement is false, the party concerned shall bear criminal liability. With the above statement made, all the statutory successors may handle the inheritance procedure in the notary agency. If any successor is willing to inherit the property but cannot come for the procedure of inheritance, he/she can entrust another person to handle it on his/ her behalf, but the power of attorney shall be proved by an entrusted notary agency. In the event that a successor disclaims the right to inheritance, he/ she shall, in person, make known to the notary agency his intention to waive such right to inheritance or provide a statement of renunciation of the right authenticated by a Chinese entrusted notary. Upon death of the decedent, the successor designated in the will can handle the will notarization procedure in the local notary agency with a complete set of such documents as the


观点 | OPINION CHINA OFFSHORE

书和接受遗赠公证书 ( 原件 )\ 契税完税 凭证 ( 原件 )。

继承不动产的税收 内地目前没有征收遗产税,由法定继承 人继承不动产目前不需要交纳契税,而 非法定继承人接受遗赠获得不动产需 要交纳 3% 左右的契税。契税需要在不 动产过户之前先行缴纳,不缴纳契税无 法顺利取得不动产产权。香港居民如需 对大陆的不动产作出遗嘱处分的,应当 咨询不动产所在地的法律专业人士,充 分了解该地区在不动产继承过程中的具 体政策,以便使将来的不动产继承变得 更为顺利,从而达到被继承人订立遗嘱 时的初衷。 综上所述,香港居民继承内地财产,由 于程序比较复杂、专业度高,建议委托 大陆从事此方向业务的律师办理。

death certificate, proof of matrimonial status, the proof of property condition of the decedent (real estate certificate, deposit passbook, etc.) identity certificate of the successor, his/her household registration certificate, proof of matrimonial status, proof of kinship between the decedent and the successor. The charge for the notarization procedure is about 2% of the value of the estate. Upon receipt of the inheritance notarization certificate, the successor shall, on the basis of the above documents and notarization certificate, go to the real estate administration department or the bank for handling the inheritance procedure. In the real estate registration administration department, the

applicant shall submit the following documents: "the application for registration of the real estate" (original), identity certificate (photocopy), real estate right certificate (original), notarization certificate of the right to inheritance or notarization certificate of the will and notarization certificate of legacy (original), the deed tax payment receipt (original).

Tax for inheriting the immovable property There is no estate tax in the Mainland hitherto, and the statutory successor does not need to pay deed tax when inheriting the immovable property, while the non-statutory successor has to pay the deed tax equal to 3% of the value of the immovable property. The deed tax is payable prior to the transfer of the ownership of the real estate, or the right to real estate cannot be transferred. If a Hong Kong resident needs to dispose of his/her immovable property in the Mainland in his/her will, he/she should consult the legal professional in the place of the immovable property, and have sufficient knowledge of policies in inheriting the immovable property, so as to facilitate the inheritance procedure in the future, and realize the intention of the will. To sum up, the procedure is really complicated and professionally demanding for Hong Kong residents to inherit the property in the Mainland, so it is advisable to entrust a lawyer specializing in this field in the Mainland to handle the case.

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Member Contribution

中国家族财富管理的实践与思考

Practice of Family Wealth Management in China and Some Reflections Haibo Xu

内的家族财富管理,最近几年 备受关注。代际传承,公益慈 善,跨境投资,境外上市,名人 离婚, 遗产纷争, 等等, 每一个热点事件,

I

n recent years, family wealth management has received extensive attention in China. Hot issues related to inter-generational

许海波 HaiboXu

北京金诚同达律师事务所 高级合伙人

Beijing Jingcheng Tongda & Neal Law Firm Senior Partner 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员, 上海市律师协会房地产、基金、信托业务 研究会委员。他主要执业领域包括金融、 公司重组与并购、跨境投融资、 私募基金、 房地产开发与基础设施建设、争议谈判和 诉讼,尤其在信托、票据、产业基金、资 产证券化领域有非常精深的造诣。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, 涉及房地产、能源、影视等。

Mr. Xu graduated from Fudan University with a Masters in Finance and is asenior partner of Beijing Jincheng Tongda & Neal Law Firm, and Headof the Financial Business Department of its Shanghai branch. He is an expert lawyer in the fields ofcorporate management, financial innovation, financial litigation and business negotiations.Currently, he holdsconcurrent posts aspart-

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time legal advisor atthe Shanghai Municipal Commission of Economy and Information, member of the Legal Advisory PanelinShanghai Baoshan District People's Government, member of the Legal Advisory Panel in Liaocheng People's Government of Shandong Province, arbitrator forthe UK Royal CharteredArbitrator's Association and Langfang ArbitrationCommission, and member of the Research Commission on Real Estate, Funds and Trustsfor the Shanghai BarAssociation. He mainly engages in suchfields asfinance, corporate restructuringand merging, cross-border investment and financing, private equity funds, real estate development and infrastructureconstruction, negotiation and litigation for disputes, and hasa profound knowledge of trusts, receipts, industry funds andasset securitization. With a focuson legal advisory and court attendance services, Mr. Xu provides renowned domestic corporations and institutes with legal advisory servicesincluding compliance, litigation and non-litigation consulting, covering such fields as real estate, energy, film & TV etc.

transition, public charity, cross-border investment, overseas listing, celebrity divorce, inheritance disputes and so forth are constantly triggering our reflections on family trust and family wealth management. In practice, the questions most frequently raised to legal professionals are: "Is tax avoidance possible?", "How high will the revenue be?", "Can our money go abroad?", etc. Being simple and straightforward, they can nevertheless reflect the present status of the family wealth management industry in China. In other words, family wealth management in China (mainly for wealthy families, of course) in itself is still in the early stage of "learning to speak". When more profound issues are concerned, it is still in a circle. Recently, China has successively brought in and released several policies related to family wealth management. The first policy is the Announcement on Issues concerning the Value-added Tax of Assets Management Products released by State Administration of Taxation (SAT) on June 30, 2017, which, in combination with the provisions of Document No.140 [2016] issued by SAT, makes clear stipulations about the value-added tax of assets management products


观点 | OPINION CHINA OFFSHORE

Regulating the Direction of Overseas Investment just released by the General Office of the State Council (Document No.74) in the field of overseas investment, which puts an "Incantation of the Golden Hoop" on the domestic investors of overseas investment. Indeed, these policies are at a relatively low level in terms of the legal effect, but they still exert a profound influence on the family wealth management industry, as will be gradually embodied. Described below are some observations and reflections about family wealth management.

常常都会引发大家对家族信托和家族 财富管理的思考。 实践中, 从业者被问及最多的几个问题: “能避税吗”、 “有多高收益”、 “钱能出 去吗”,浅显直白,同时也反映了我国家 族财富管理行业的现状。换句话说,国 内的家族 财富管 理,当然指富裕 家庭 而言,本质上还处于牙牙学语的幼年阶 段。一旦触及到深一点的问题,则停滞 不前。 最 近国内先后出台并实施了与家族 财 富管理相关的几个政策规定。一是国家 税务总局 2017 年 6月30日发布《关于 资 管产品增值税有关问题的通知》,结合 2016 年国税总局第 140 号文规定,针对 包括信托在内资管产品增值税问题做 出了明确的规定,资管产品管理人作为 纳税义务人按照简易税率 3% 纳税,填 补了商业信托领域的税收政策空白;二 是中国银监会2017年 8月25日发布的《信 托登记管理办法》,对信托产品及受益 权登记等问题作出了详细的规定,尽管

(trust included), defines asset management product managers as taxpayers (paying tax according to simples of 3%) and fills the tax policy blank in the business trust field. The second policy is the Measures for the Administration of Trust Registration released by Chinese Banking Regulatory Commission (CBRC) on August 25, 2017, which provides detailed stipulations about the registration of trust products and beneficiary rights and other relevant issues. Although these stipulations are not direct stipulations about trust property registration, they will undoubtedly exert an important influence on the promotion of trust property registration system in China and facilitate more normalized development of business trust and family trust. The third policy is the Announcement on Guiding Opinions concerning further Directing and

First, to realize family wealth management in the real sense, the first step is to define the longterm purposes and goals of family wealth management. The purposes of family wealth management, based on both long-term and shortterm considerations, are likely to be diversified. However, at its root, it should be a long-term behavior performed on the basis of the consideration and selection of longterm interests. Under a circumstance when it's difficult for money to go abroad, looking for shortcuts is to put the cart before the horse, just like trying to avoid tax when tax is high. A sound plan for family wealth management should be based on considerations and arrangements for inter-generational transition over the next 20 or 50 years or longer, instead of short-term "hide and seek" with the law or policies. Without preparing for danger in times of safety, it's difficult for short-term interest transactions

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并非直接的信托财产登记规定,但毫无 疑问,对推进中国信托财产登记制度具 有重要的影响,促进商业信托、家族信 托更 加规范发展;三是境外投资方面 刚刚颁布的国发 74号文《关于进一步引 导和规范境外投资方向指导意见的通 知》,给国内主体的境外投资戴上了一 道“颈箍咒” 。 这些政策尽管在法律效力的层级上并 不高,但对于家族财富管理的行业影响 也是深远的,会逐渐体现。以下几点为 笔者关于家族财富管理的几点观察与 思考。 第一,架设真正的家族财富管理,首先 要明确家族财富管理的长远目的和目 标。家族财富管理的目的可能是多样化 的,既有近期的考虑,也有远期的考虑, 但究其根本,应该是一个长期的行为, 系基于长远利益的考虑和选择。如果想 在钱难以出境的时候寻求快速出去的 路径,或者税负高的时候谋求避税,那 是本末倒置。一个良好的家族财富管理 规划,应当系基于20 年、50 年甚至更长 期限的代际传承的考虑和安排,而并非 是短期的与法律或政策捉迷藏的行为。 如果没有居安思危的考虑,当居于危墙 之下,出于短期利益的交易安排,难以 跳脱“违背法律”的窠臼。 家族 财富管理的目的和目标常常围绕 公司治理、代际传承、纳税筹划、资产 避险等主题。唯根据个人及家庭情况, 以及产业状况,来合理架设家族财富管 理的框架,才可以实现所计划的长远目 标。 第二,做好底层设计。什么是底层设计 呢?就是 先把家族资产的结 构化安排 做好。通过隔离、重组、板块化,将高风 险资产配置与低风险资产配置隔离,将 个人资产与企业资产隔离,将金融资产 与非金融资产隔离,以及不同投资板块 的隔离等等。这样的区隔或分类,并无

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and arrangements to escape the set pattern of "breaking the law". The purposes and goals of family wealth management usually focus on the themes of corporate governance, inter-generational transition, tax planning, asset hedge, etc. The only way of realizing the planned longterm purposes and goals is to design a rational family wealth management framework based on individual and family reality and industry status. Second, underlying design is important. What is underlying design? It is a design that aims to make a proper structural arrangement for family assets. That is, the measures of isolation, restructuring and sectoring are taken to isolate highrisk assets allocations from lowrisk ones, to isolate individual assets from corporate assets, to isolate financial assets from non-financial assets, to isolate between different investment sectors, etc. Isolation or classifications like these follow no regular tendency, but they all aim to gradually realize inter-generational

transition and management and complete overall planning for family wealth management in the future. Restricted by the law, change of assets usually requires the fulfillment of a complicated procedure and delivery process; to realize asset management according to personal wishes through signing in an emergency, it's necessary to set up such an underlying design in advance. In this way, the established triggering mechanism can be employed to complete intergenerational arrangement and asset reallocation. Third, it's also important to recruit a management team based on family members. An excellent family fund cannot, first and foremost, be separated from excellent strategic management, or from related professional counsels in the fields of law, finance, investment, public relations and so forth, or from an investment decision-making and consulting mechanism aiming at the strategic management of family wealth. This is not something you can copy from a template document.


观点 | OPINION CHINA OFFSHORE

定势,旨在便于日后渐近实现代际传承 和管理,逐步完成家族财富管理的整体 规划。因为受限于法律,资产的变动常 常需要履行一个复杂的手续和交割过 程,而在紧急情况下,要实现通过签字 就可以实现按个人意愿进行管理,需要 事先搭好这样的一个底层设计。通过设 定好的触发机制,来完成代际安排和资 产转换。 第三,选聘最适合的以家族成员为核心 的管理团队。一个优秀的家族基金,应 首先得益于其卓越的战略管理,以及与 此相配套的法律、财务、投资、公共关 系等领域的专业顾问,以及为实现家族 财富战略管理的投资决策与顾问机制。 这不是任 何一 个模板文件可以 拷贝出

Expertise, integrity and experience are very important for consultants of family wealth management, especially when an entrepreneur has trusted you with his or her core and private information and has taken an unquestionably great risk to assign some control power over family wealth to you. These problems are not to be solved based on case studies from textbooks; the solutions to these problems start with practice. When there are deficiencies in law, some creative arrangements are frequently needed. Some people may complain that it's difficult for money to go abroad now, and that the imperfect

trust law in China is incapable of supporting the establishment of a valid trust. This opinion is, of course, very superficial. Trust first originated in the UK, and, as an invention of a country embracing unwritten laws, it is the product of practice. Even in foreign jurisdictions where trust law is relatively mature, it does not mean that an illegally established trust can be protected there. Similarly, a family trust fund based on legitimate properties and with legitimate purposes can be established in China, and many practical problems can also

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来的。专业、良好的品德和富于经验, 对于家族财富管理的顾问人员来说,显 得尤其重要。尤其,当一个企业家要将 自己的核心隐私信息告 诉 这个团队的 时候,包括一定程 度地让渡 对家族 财 富的控制权,这毫无疑问承担了很大的 风险。这些问题都不是教科书案例可以 解决的,都需要从实践出发。当法律上 存在不足,常常还需要一些创造性的安 排。很多人抱怨,现在钱已经出不去了, 而境内的信托法不完善,根本无法支撑 设立一个有效的家族信托。这个看法当 然是浅薄的。 信托发源于英国,是非成文法国家的发 明,是实践推动的产物。即便现在境外 司法管辖区的信托法相对成熟,但并不 是说非法设立的信托在国外也能得到 保护。同样,只要信托目的正当,财产 合法,在境内设立一个经得起推敲的长 期限家族信托基金,很多现实中的问题 也以想办法逐步解决。 第四,根据资产的分布和类型,制定科 学、合理的资产管理方案。毫无疑问, 企业家的禀赋,除了战略性眼光、执行 力外,对成本非常敏感。不花冤枉钱, 不做亏本的交易。资金的跨境流动无疑 要受到政治和经济因素的限制。就我国 而言,基于长期趋势的城市国际化和基 于短期国策利益的货币管控,两者之间 难免存在矛盾。但这个矛盾在放在一个 长期规划的角度来看,还是有很多窗口 期的。制定境内、境外或这两者相结合 的方案,均需要依赖于具体的情境来考 虑。尽管信托制度本身具有高度的灵活 性,但我们仍然要强调,家族资产管理 的规划与架设,应高度重视合规问题。 违法违规的的资产管理筹划,本身已经 悖离了家族资产管理的初衷。长期的、 依法的、稳健的资产管理与传承,才符 合一个家族的根本利益。

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be gradually solved. Fourth, a scientific and rational assets management plan should be established according to the distribution and types of assets. No doubt, the endowments of entrepreneurs, besides strategic vision and executive force, also include a high sensitivity to cost, that is, spending wisely and avoiding bad bargains. The cross-border flows of assets are always under restrictions by political and economic factors. As far as China is concerned, contradiction is inevitable between the urban internationalization based on longterm trends and the currency control based on short-term national policy interests. However, when such contradiction is placed under the lens of long-term planning, there

are still many window periods. Creating a domestic or overseas plan or a plan that combines both factors, considerations must be given according to specific scenarios. Although the trust system itself has a high flexibility, we still must emphasize that the planning and erection of family wealth management should attach great importance to the compliance issue, as an asset management plan violating the law or policies has in itself deviated from the original intention of family wealth management. Thus, only longterm, legitimate and robust asset management and inheritance conform to the fundamental interests of a family.


Member Contribution

观点 | OPINION CHINA OFFSHORE

如何利用离岸信托实现家族企业的传承安排 How Can Offshore Trusts Be Used to Implement a Family Enterprise's Inheritance Arrangements? Gaoyuan Bai, Jie Tang

族企业的传承,有赖于产权科 学设计、企业和家族良好治理 这三个条件的同时具备。离岸 信托在发展过程中,既传承了传统的信 托法理,又进行了创新。对于那些希望 家族 企业百年传承的企业 主而言,离 岸信托适宜用来进行家族企业产权设 计,并可依托离岸信托搭建科学合理的 家族和企业的治理架构。英属维京群岛 (British Virgin Islands, BVI)的“私人信 托公司”制度(PTC)、VISTA 法案和目的 信托(Purpose Trust)制度,可以实现家

柏高原 Gaoyuan Bai

柏高原律师,管理学博士,北京市京都 律师事务所合伙人、京都家族信托法 律事务中心秘书长,拥有十余年律师 实务经验,为商业银行、私人银行、信 托公司、第三方财富管理机构、保险公 司及高净值人士等提供有关财富保全 与传承等专业法律服务。

Lawyer Gaoyuan Bai has a PhD degree in management; he's a partner of Beijing King & Capital Law Firm and Secretary General of King & Capital Family Trust Law Center. He has over ten years' practical experiences as a lawyer, and has provided professional legal services for commercial banks, private banks, trust companies, third party wealth management institutions, insurance agencies and HNWIs on wealth preservation and succession.

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T

he inheritance of a family enterprise relies on the simultaneous satisfaction of three premises, namely: the scientific design of property rights, and the good governance of both the enterprise and the family. In the course of their development, offshore trusts have inherited aspects of traditional trust law, but also seen their innovation. For entrepreneurs who want to build centuries-old

汤杰 Jie Tang

汤杰律师,北京市京都律师事务所家 族信托法律事务中心骨干成员,参与 境内多家信托公司法律服务和境内资 金信托、股权信托项目,参与多个离岸 家族信托方案设计、信托设立与运作 全程法律服务。

Lawyer Jie Tang, key member of Beijing King & Capital Law Firm's Family Trust Law Center, he has participated in various domestic trust companies' legal services and domestic trust and equity trust projects, he has also fully participated in various offshore family trust project planning and design, trust establishment and operation.

family enterprises, offshore trusts are a good choice for designing the enterprise's property rights, and can be used to set up a reasonable and scientific framework for family and enterprise management. The Private Trust Company (PTC) system in the British Virgin Islands (BVI), the VISTA Act and the Purpose Trust system can all be used to preserve family enterprises' stock rights, and to create a reasonable and scientific framework for family and enterprise management for first-generation entrepreneurs.

Designing property rights by relying on PTCs: Endowing the family enterprise with stock rights independence The principle of trust property independence is an important feature of trusts, and also the basis for the flexible application of trust mechanisms in all fields. By using trusts to design property rights, the founder of the family enterprise can create stock rights independence in the family enterprise and avoid risks like forced inheritance and division of the enterprise due to divorce or debt, thus protecting and passing on the family enterprise's stock rights. The Private Trust Company (PTC) is qualified for both trustees and legal persons and can be founded with the investment of one or several family members. On the one hand, a PTC can


观点 | OPINION CHINA OFFSHORE

族企业股权的保全并帮助创一代建立 科学合理的家、企治理架构。

依托 PTC 进行财富产权设计——赋予 家族企业股权独立性 信托财产独立性原则是信托的重要特 征,也是信托机制在各领域得到灵活应 用的基 础。家族企业创始人利用信托 进行家族企业的产权设计,可以赋予家 族企业股权的独立性,避免强制继承、 婚变分割或因债务被执行等风险,从而 达到家族企业股权保护和传承的目的。 PTC,即 Private Trust Company 兼具信 托受托人资格和法人主体资格,可由一 个或数个家族成员出资设立,一方面可 专门作为家族的信托受托人,另外可由 PTC 以信托方式持有家族企业的股权, 并可视为家族企业中的控股公司。相比 持牌信托公司,PTC 具有如下特征:首 先,PTC 并不需要取得金融牌照,因此 任何家族均可以在 BVI 设立家族专属的 私人信托公司,而持牌信托公司则需取 得许可后方可从事业务;其次,PTC 通 常仅能够在家族成员作为委托人设立 信托中担任受托人,而持牌信托公司则 无此限制;最后,PTC 由家族成员成立, 更熟悉家族企业运作,而持牌信托公司 在家族企业经营方面并不具备专长。纵 然 PTC 与持牌信托公司有诸多区别,但 PTC 作为受托人与持牌信托公司作为受 托人并无二致,信托财产都将取得独立 的效果,为打造百年企业奠定基础。

利用 VISTA 目的信托进行家族与企业 治理——家、企分而治之 PTC 系由家族成员设立,但如不对 PTC 的股权进行保全安排, 在PTC 股东身故、 婚变或负债时,该股权仍将面临风险。 通过由“VISTA目的信托”持有PTC股权, 一方面可以规避前述风险,同时可以为 家族及企业的治理搭建基础。VISTA 目 的信托为 BVI 所特有,其将 VISTA 信托 与目的信托相结合,可以满足创一代既

act as the trustee of the family. On the other hand, a PTC can hold the family enterprise's stock rights in the form of a trust and be deemed as a holding company under the family enterprise. Compared with a licensed trust company, a PTC has the following features. Firstly, a PTC doesn't need a financial license, so any family can set up a private trust company for the family in the BVI. A licensed trust company cannot conduct business until the license is obtained. Secondly, a PTC can only act as the trustee of the trust in which the family member is the settler in general, but a licensed trust company is not subject to such restrictions. Lastly, a PTC is founded by the family member who is more familiar with the family enterprise's operations, but a licensed trust company has no specialties in the operation of a family enterprise. In spite of many differences between a PTC and a licensed trust company, a PTC acting as the trustee and a licensed trust company acting as the trustee have the same effect, which

creates the independence of trusted property and lays the foundation for a centuries-old enterprise.

Using a VISTA Purpose Trust for family and enterprise management: Separating the family and the enterprise's management As previously mentioned, PTCs are founded by family members. If no arrangement is made for the preservation of a PTC's stock rights, such stock rights are still exposed to risks when the shareholder of a PTC dies, divorces or acquires debt. Holding a PTC's stock rights via a VISTA Purpose Trust can not only prevent the above-mentioned risks, but also lay a foundation for the management of the family and the enterprise at the same time. With their existence exclusively in the BVI, VISTA Purpose Trusts have integrated the VISTA Trust and the Purpose Trust and can satisfy first-generation entrepreneurs who want to hold a family enterprise's stock rights for a

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观点 | OPINION CHINA OFFSHORE

希望家族企业股权长期以信托方式持 有,又不愿持牌信托公司受托人过多干 涉家族 企业具体事务的诉求。委 托人 通 过 在 VISTA 信 托 契 据中设 计 一系列 条 款,可限制持牌信托 公司的受 托人 对信托财产(即 PTC 股权)管理;同时, 目的信托(Purpose Trust)无信托受益 人,目的信托不受“受益人终止规则” (Saunders v. Vautier) 和“反 永 续 规 则 ”(the Rule Against Perpetuities) 的 约束,可实现信托的永久存续。

PTC 股权风险隔离,且避免持牌信托 公司的不当干预 根据 VISTA 法案,持牌信托公司受托持 有 PTC 股权,但持牌信托公司通常不享 有经营管理 PTC 的权利,也豁免了持牌 信托公司受托人在信托中相应的受托 义务。公司的董事可由委托人或任命人 指定。如此不仅可以免除受托人更高的 管理责任,还帮助委托人保留了更多的 公司管理权力。而任命人可安排为家族 成员,或由家族成员组成的委员会担任 任命人。因此,家族 PTC 的股权虽然在 持牌受托人名下,但家族财富的控制权 仍可保留。VISTA 法案规定有 ODRs,即 “董事会规则”,该规则允许在信托文 件中明确谁可以担任董事或者制定选 举董事的标准等条款。根据“董事会规

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long time in the form of a trust, and resist too much intervention from a licensed trust company in the affairs of the family enterprise. By designing a series of terms in the VISTA Trust deed, the settler can restrict the management of the licensed trust company over the trusted properties (i.e. the PTC's stock rights). Meanwhile, without any trust beneficiary, the Purpose Trust is not restricted by the "Rule of Saunders vs. Vautier" and the "Rule Against Perpetuities" and can guarantee the permanent existence of a trust accordingly.

Isolate the risks of PTC stock rights and avoid improper intervention on the part of the licensed trust company According to the VISTA Act, the licensed trust company holds PTC stock rights under trust, but the licensed trust company is not entitled to operate and manage the PTC, and is exempted from the corresponding duties as the trustee. Directors of the Company can be appointed by the settler or appointer. Such

arrangements can not only exempt the trustee from higher management responsibilities, but can also help the settler preserve more power in corporate management. A family member or a committee consisting of family members can act as the appointor. Therefore, the stock rights of a family PTC may be held by a licensed trustee, but the family can still retain the right to control the family wealth. The VISTA Act sets up "Office of Director Rules (ODRs)", according to which the trust documents can clearly define the candidates for directors or set up provisions for the director’s selection criteria. Under ODRs, the appointer can instruct the trustee to appoint or dismiss the PTC director. The ODRs are designed for the appointer to control the PTC and to further control the family enterprise by retaining the power to appoint and dismiss PTC directors. Therefore, the appointer is the decision-maker for affairs related to the family enterprise, and the appointed PTC director can


观点 | OPINION CHINA OFFSHORE

则(ODRs)”,任命人可通过指示受托人 对 PTC 董事进行任命或解任。

be considered the executive of the family enterprise. The purpose of such a rule is to separate the ownership and decision-making power of the family enterprise's stock rights and PTC stock rights, so as to avoid the improper intervention of individual family members in the affairs of the family enterprise. "Family" and "enterprise" are independent systems with different value arrangements and different operational rules. Therefore, proper isolation between the two systems the family and the enterprise - is good for the long-term development of the enterprise. Setting up trusts for the stock rights of the family enterprise and trusts for the PTC's stock rights can prevent family members from directly having ownership of the family enterprise, creating a certain degree of separation between the family and the enterprise.

ODRs 规 则 的 实 质 是 任命人 通 过 掌 控 PTC 董事的任免权,进而控制 PTC,并 进一步控制家族企业。因此任命人实质 上是家族企业事务的决策者,而其任命 的 PTC 董事则可看作家族企业的执行 者。这一规则将家族企业的股权、PTC 股权的所有权与决策权分离,避免了个 别家族成员对家族企业事务的不当干 预。 “家庭”和“企业”是遵循不同价值 导向的独立系统,运行 规则存 在着差 异。因此,家族和企业的适度隔离,有 利于企业的长久发展。通过将家族企 业股权设立信托、PTC 股权设立信托, 可以避免家族成员直接拥有家族企业 所有权,实现一定程度的家企隔离。 任命人的另一重身份,则可以是家族理 事会(Family Council)。家族理事会是 家族的常设治理机构,负责家族事务的 具体执行。家族理事会通常可由家族的 优秀代表组成,也可吸引外部专业人士 加入。任命人与家族理事会的合体,使 得家族治理这一软性的机制通过依托

Family council - a permanent governing organization for the

持牌受托人

执行人

管理

设立

VISTA

目的信托

监督

持有

委托人

质询人

PTC 管理 设立

全权信托 持有

图1:PTC+VISTA 目的信托架构图

家族企业

任命人

监督

保护人

family - is another possible role for the appointer, who would be liable for the concrete execution of family affairs. Usually, the family council is composed of representatives from the family, but external professionals can also be included. The integration of an appointer within the family council - while relying on the trust system can make family administration easier to operate, more feasible, and more flexible.

Introduce a question-asker in order to place the execution of family a�airs under family supervision Participants who hold multiple roles - for example, a family member who is both the owner and manager of a family enterprise at the same time - is one of the most typical features of family enterprise management. Trusts are designed to reduce the difficulties, to a certain degree, that are caused by family members having multiple roles. The introduction of the questioning system provides family members who don't undertake management duties within the family enterprise with a channel to exert necessary supervision on those who act as senior executives in the family enterprise. Such a system is achieved by the questioner supervising the appointer and the PTC directors, so it is also a supervision of decisionmaking and the implementation of family affairs. Creating such a balance between decision-making, execution, and supervision is good for the internal management of the family, and can prevent the family from being controlled by insiders. In terms of the actual mechanism, when the questioner has an objection to

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观点 | OPINION CHINA OFFSHORE

信托制度而变得更具操作性和可行性。

引入质询人,将家族事务执行置于家 族监督之下 参与者的多重角色是家族企业治理的 最典型的特征之一,如某个家族成员可 能同时充当家族企业所有者及管理者。 通过信托设计,可以一定程度上解决家 族成员的多重角色带来的治理难度。质 询人制度的引入,可使得那些不担任家 族企业管理职务的家族成员有渠道对 那些担任家族企业高管的家族成员进 行必要的监督。这一机制是通过质询人 对任命人 及 PTC 董 事的监 督得以 实现 的,因此也是对家族事务决策和执行的 监督。这样一种决策、执行和监督的制 衡机制,有助于家族内部的治理,避免 家族出现内部人控制。在具体机制上, 当质询人对 PTC 事务的执行有异议时, 可行使“介入申请” (intervention call) 的权利,即请求持牌信托公司受托人介 入 PTC 的事务。如质询人要求持牌信托 公司受托人介入的理由正当充分但 受 托人拒不介入,质询人可以以其违背信 义义务为由向法院提起诉讼,强制其介 入,撤换已经选任的 PTC 的董事。

Licensed Trustee Management Establishment

VISTA Purpose Trust

Appointer

PTC

Settler

Questioner

Management Establishment

Discretionary Trust Holding

Family Enterprise

质询人的另一身份,可以是家族治理中 的家族监事会,主要作用是监督家族企 业管理层的各项行为,防止经营者滥用 权力。一旦家族企业的管理层牟取私利 或存在损害家族利益的行为,家族监事 会可进行干预,对相关人员实现撤换。 家族企业是一种特 殊的企业形式,其 最大特殊性就是家族影响在企业治理 中的广泛渗透。家庭和企业有着不同的 利益、规则、价值观和结构,平衡地处 理两者是维持健康的家族关系和企业 经久不衰的基础。离岸信托不但能在家 族企业所有权设计上实现股权的独立, 避免家族成员个人风险波及至家族企 业,还可通过 PTC 及 VISTA 目的信托的 机制,为家族企业和家族的良好治理奠 定基础,帮助创一代打造百年基业。

Another role of the questioner is family management in the board of family supervisors, whose main function is to monitor all aspects of the family enterprise management, and to prevent abuses of power. Once the management of the family enterprise seeks personal gains or behaves in a way that may impair family benefits, the board of family supervisors can exercise the right to

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Supervision

Holding

the execution of PTC affairs, they can exercise their right to an "intervention call", namely, asking the licensed trust company to intervene in PTC affairs as the trustee. If the questioner has just and sufficient reasons to require the intervention of the licensed trust company as the trustee, but the trustee refuses to intervene, the questioner can file a lawsuit against the licensed trust company with the court for violation of fiduciary duties, force it to intervene, and replace the selected PTC directors.

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Executive

Supervision

Protector

Picture 1: A structural diagram of the PTC and the VISTA Purpose Trust

intervene and, if necessary, replace relevant personnel. The family enterprise is a special kind of enterprise. The most special feature is the extensive reach of family influence in enterprise management. The family and the enterprise have different interests, rules, values and structures. The balance between the family and enterprise is the foundation for maintaining a healthy family relationship and the long-term success of the enterprise. Offshore trusts can not only realize the independence of stock rights in the design of a family enterprise's ownership and avoid the impact of family members' individual risks on the enterprise, but they also lay a firm foundation for the sound administration and longlasting prosperity of both the family enterprise and the family through the mechanisms of the PTC and the VISTA purpose trust.


Member Contribution

观点 | OPINION CHINA OFFSHORE

简述:信托和基金会在财富管理中的运用

A Simple Discussion: Trusts and Foundations and Their Use in Wealth Planning Thomas Ward Thomas Ward

Thomas Ward 在国际金融服务行业有 超过 20年的丰富经验,他还是英属维

尔京群岛英联邦信托有限公司(成立 于1994年)、伯利兹 CCS 信托有限公司 (成立于2005年) 和香港 AWARD 企 业服务有限公司(成立于2016年)的创 始人。Ward 先生与东西欧、亚洲、中 东和美洲的客户紧密合作。 Tom 在 1998 年加入“国际信托 规划协 会”。他持有多伦多大学的文学士学位 和多伦多大学享有盛名的罗特曼管理 学院工商管理硕士学位。

Mr. Thomas Ward has over 20 years of experience in the international financial services industry and is founder of Commonwealth Trust Limited of the BVI (est. 1994), CCS Trust Limited of Belize (est. 2005) and AWARD Corporate Services Ltd. in Hong Kong (est. 2016). Mr. Ward works with clients in Eastern and Western Europe, Asia, the Middle East and the Americas. Tom joined the International Tax Planning Association in 1998. He holds a BA from the University of Toronto as well as an MBA from the highly rated Rotman School of Management at University of Toronto.

I

nternational businesspeople are in increasingly turning to the use of Trusts and Foundations in their wealth planning. Although Trusts and Foundations take some time to adequately understand, both can offer the sophisticated client unique opportunities for asset protection, succession planning and often combined with substantial tax advantages. The basic principle is simple. Both rely on the splitting of ownership of an asset into its two constituent parts - legal ownership and beneficial ownership. Transferring the legal ownership of an asset into a trust or a foundation isolates it legally. This can help prevent seizure of an asset by a third party through civil litigation against the former owner and, with careful planning, can also often reduce the tax burden associated with ownership of an income producing asset. While legal ownership now rests elsewhere, beneficial ownership typically still rests with the former owner and his family or other appointees. This gives those beneficiaries the ongoing use of a physical asset or the income stream from a financial asset, as well as any amount realised by the sale of the asset. The most frequently expressed concern with trusts and foundations

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is that the new legal "owner" may not act in the interests of the beneficiaries. However there is a large body of well-respected law that protects the interest of those beneficiaries and prevents misuse. Giving up legal ownership also does not necessarily mean giving up 'operational' control. Some level of management control can be retained over certain assets, although this must be done with care to ensure that the benefits of the Trust or Foundation are not lost through this action. A fine line is involved and legal advice is necessary. Conceptually one might consider the situation rather like depositing your money in a bank; although you do not give up legal ownership of the money in a bank clearly you give up physical possession and you rely on the bank to give it back, or to pay it elsewhere, when you ask them to do so. A Trust or Foundation is quite different than a bank of course, because you cannot directly instruct them what to do with the asset. However, through the use of a set of general instructions (a Deed or a Charter), regular updates concerning the disposition of the assets (often called Letters of Wishes), the coupled with the use of a Protector and, very infrequently, an Enforcer, the person(s) putting assets into a Trust or a Foundation can be assured that the assets will be used


观点 | OPINION CHINA OFFSHORE

来越多的国际商务人士都开始 转而使 用 信 托 和 基金 会来 规 划他们的财富。虽然要完全理 解信托和基金会各自的含义需要花一 点功夫,但两者都能为客户复杂和独特 的要求提供资产保护、传承规划工具, 而且在很多情况下还包含极为可观的 税务优势。 基本原理很简单。两者都依赖于资产所 有权分离成的两个组成部分——法律 所有权和受益所有权。把资产转移至信 托或基金会是把两者合法地独立起来。 这就能避免第三方针对前任所有人以 提出民事诉讼的方式夺取资产,另外, 只要规划得当,通常情况下也可以降低 资产收入的所有权所须负担的税赋。在 没有法定所有权的情况下,受益所有人 一般来说仍然归前任所有人和其家族, 或其他指定的所有人所有。这就能让这 些受益人可以一直使用实质资产或来 自于金融资产的受益财产,以及任何数 目的资产销售额。

as intended. Let us examine each of these in turn. The Deed (of a Trust) or Charter (of a Foundation) sets out the rules by which the assets therein will be governed and who, either in general or in specific terms, will benefit from those assets. A Letter of Wishes can also be provided from time to time by the person who established the Trust or Foundation to indicate their current thoughts concerning the short or long-term disposition of the assets within the general guidelines set out in the Deed or Charter. The Protector is a trusted third-party who should

not benefit directly from the assets held by the Trust or Foundation, but whose approval is required for distributions of any assets, consistent with the principles established in the Deed/Charter. An appointed Enforcer is seldom used, but might be seen as a 'Super- Protector', who can take direct legal or other actions he deems necessary to force distributions of assets. (A Protector can typically also do this, should the Protector deem it necessary. Then the court could assume the role of Enforcer.) We have been referring to Trusts and Foundations rather as if they were

信托和基金会最受关注的问题是,新的 法定“所有人”的行事方式有可能不一 定代表受益人的利益。尽管如此,有众 多备受尊崇的法律会保护这些受益人 的利益不受侵犯,避免资产被滥用。放 弃法定所有权并不一定意味着放弃资 产的“运营”控制权。某些级别的管理 控制权可以在特定资产上得到保留,当 然这种控制权必须得到小心行使,以确 保信托或基金会的权益不会在上述行 为中受到损失。这就涉及到一个微妙的 界限问题,有必要事先进行法律咨询。 从概念上讲,人们可能会想到譬如把钱 存入银行这样的情况;虽然你并没有放 弃这笔钱的法定所有权,但可以肯定的 是,你在实质上是放弃了这笔钱的占有 权,并且只有银行能归还你这笔钱,或 在得到你指示的情况下,将这笔钱在其 它渠道上花出去。

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当然,信托或 基金会 和银行的区别很 大,因为你不能直接发出指令,告诉他 们如何使用这笔资产。虽然如此,通过 使用一套通用指令(契约或章程)、对 资产配置的定期更新(通常被称为“愿 望书”)、与保护人的并用,以及在很多 情况下一名强制执行者的参与,把资产 置于信托或基金会管理的人可以确保 资产被用于预期目的。让我们一起来逐 条研究一下。 契约(信托)或章程(基金会)设定其中 所辖资产由谁管理,可以取决于笼统概 念,也可以是特定的条款,来决定谁能 从资产中受益。 “愿望书”也可以不时地 由信托或基金会的创立人提供,在契约 或章程的允许范围之内,显示他们目前 对这笔资产的短期或长期的打算。 保护人是一个受信赖的第三方,不应该 直接从信托或基金会持有的资产获益, 但只有在得到他们允许的情况下才能 决定资产该如何分配,这需要和契约 / 章程 所规定的理 念保 持一致。指定的 强制执行人很少用到,但可以被视为一 名“超级保护人”,在必要的情况下,此 人可通过直接的法律手段或其它方式 来强制要求资产得到分配。 (如果保护 人觉得没必要,一般来说他也可以这么 做,这样的话,法庭就会把他当作强制 执行人的角色来对待。) 我们这里所讨论的信托和基金会,其前 提是它们是可以互为通用。许多情况下 也的确如此, 但它们其实也有很大区别。 信托是在英国普通法体系下创造的,是 股权的相关原理。虽然信托当然是可以 由法律来强制执行的,但它本身并不是 一个法定实体。信托本身不能拥有实物 (相反,它们归受托人所有,而不是信 托的代理人) ;它不能进行诉讼或被诉。 从法律的严格意义上来说,信托甚至不 是一个协议。它也许可以被描述为一个 牵涉其中各方之间达成的“谅解书” 。

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interchangeable. In many ways they are, but they are also different. A Trust is a creation of the English Common Law system and the related principle of Equity. While a Trust is certainly enforceable under the law, it is not a legal entity itself. A Trust cannot itself own things (instead they are owned by the Trustee, but only on behalf of the Trust); it cannot sue or be sued. A Trust is technically not even an Agreement. It can perhaps be best described as an 'understanding' between the parties to it. Some of the benefits of a Trust exist by virtue of the fact that it is not a legal entity. By contrast, a Foundation is originally a creation of Civil Law. Unlike a trust it is a legal entity. As such it can own property directly. It can sue and be sued and can enter into contracts

on its own behalf. Obviously, it too is legally enforceable under the law. Although the histories of the creation of the Foundation and of the Trust are quite different, in many instances they serve essentially the same purpose in different systems of law.

Trusts and Foundations in Belize Our jurisdiction of Belize offers international clients a low-cost, flexible environment in which to establish both Trusts and Foundations. Belize Trusts have particularly strong asset protection features as well as wide ranging freedom in the selection of a trustee. It is not necessary to have a local Belize Trustee, although many clients to select that option, at least for a co-trustee.


观点 | OPINION CHINA OFFSHORE

相比之下,基金会一开始是民法体系创 造的产物。和信托不同,基金会是一个 法律实体。因此它可以直接拥有财产。 它可以诉讼也可以被诉,也可以代表自 己签订合同。显然它本身也可以由法律 来强制执行。虽然基金会和信托的创造 历史极为不同,在许多情况下,从本质 上来说,它们在不同的法律体系下可以 为同一个目的而服务。

伯利兹的信托和基金会 伯利兹司法辖区为国际客户提供一 个 低成本而兼具灵活性的营商环境,可以 设立信托和基金会。伯利兹信托有极为 强健的资产保护特点,受托人的选择范 围也极为广阔。并不一定需要有一名伯 利兹当地人作为受托人,虽然许多客户 都会选择这么做,或至少会设立一个共 同受托人的角色。 国际信托和离岸基金会都不需要伯利 兹纳税。

伯利兹国际信托 所有伯利兹国际信托都必须先注册才 能生效和执行。尽管如此,您所提供的 信息是最低限度的,也不需要提供授予 人或受益人的信息,也不需要提交信托 契约的副本。这就对所有在信托中享有 直接利益的人员提供了额外的私密性 保护。不仅如此,信托注册处并不是一 个对外公开的公共注册处,只有在得到 受托人或信托经 纪人书面许可的前提 下才能向公众透露。所以其保密性是毋 庸置疑的。虽然在许多司法辖区中,信 托并不一定需要注册,许多客户更愿意 享受注册所带来的可信度和保密性。

Both International Trusts and Offshore Foundations are not required to pay tax in Belize.

Belize International Trusts All Belize International Trusts must be registered to be valid and enforceable. However the information provided is minimal and no information about the Settlor(s) or the Beneficiary(s) is required, nor is a copy of the Trust Deed. This creates another layer of confidentiality for all persons with a direct interest in the Trust. In addition, the Register of Trusts is not a public registry and can be examined by the public only with the written permission of the Trustee or Trust Agent. So confidentiality is ensured. Although trusts in many jurisdictions are not subject to registration, many clients prefer the credibility and protection of a trust which must be registered. A Trust comes into existence through the creation of a Deed of Settlement. While such a Deed typically refers to a

Settlor by name, there is no necessity to do so. The Deed can simply provide that certain assets are settled on trust without naming the source. Other confidentiality alternatives are either to have a Belize IBC, or some similar company, have ownership of the assets to be settled and then act as the Settlor or to establish the Trust with nominal assets and then have the bulk of the intended assets contributed after the Deed is already in place. Belize trusts are indeed flexible. Under Belize law a single person can be a settlor, a trustee, a beneficiary and a protector of a single Belize International Trust. This would not be permissible in most other jurisdictions. We recommend against it, because of the obvious conflict of interests it can create and the legal conflicts it could create if the trust were to be adjudicated in some jurisdiction other than Belize. Nevertheless, it does remain possible in Belize. Likewise the provisions governing a Belize trust can be very flexible; indeed

信托以创建“协议契据”的方式成立。 虽然契约一般来说指的是授予人,却并 不是必要条件。简单地说,契约能允许 特定资产汇入信托而不必说明来源。其 它的保密性备用方案包括成立一家伯

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利兹国际商务公司,或者某种类似的公 司,让资产的所有权得以安置,接着作 为授予人来行事;或以票面资产来成立 信托,接着在已有契约的情况下将大笔 资产贡献给信托。

almost anything that the settlor of the trust can conceive of, can be accommodated in the Deed of a Belize Trust, providing it is not illegal under the laws of Belize.

伯利兹信托具有实实在在的灵活性。根 据伯利兹的法律规定,一个人可以是授 予人、受托人、受益人和一家伯利兹国 际信托的保护人。这在其它司法辖区里 是不被允许的。我们并不建议这么做, 因为显然会在利益上有冲突,在信托需 要在伯利兹以外的辖区内得到裁决时 也会造成冲突。同样地,伯利兹信托的 监 管条 款也可以非常灵活;的确是 这 样,所有信托授予人可能想到的几乎都 可以在伯利兹信托契约中找到一席之 地,前提是没有违反伯利兹的法律。

As noted, virtually any person(s), natural or corporate, can be appointed by the Settlor as the trustee of a Belize trust. While professional trustees operating in Belize require a license, no license is needed to be the trustee of a single trust or for a natural person acting as Trustee. The use of a Protector is common in International Trusts, but is not required. The Protector can be given virtually any powers that the Settlor wishes, but the two most commonly given are the right to approve all distributions of assets to the beneficiaries and the right to change Trustees. This gives the Protector significant influence on the ongoing operation of the Trust and provides a useful oversight of the actions of the trustee. Both the Trustee and the Protector can be guided by a formal Letter of Wishes provided by the Settlor or his representative from time to time.

正是如此,事实上,任何人,不管是自 然人或企业法人,都可以被受益人指定 为伯利兹信托的受托人。虽然在伯利兹 运营的专业受托人需要执照,成为单一 信托的受托人或作为受托人行事的自 然人则不需要执照。 在国际信托中使用保护人是很常见的, 但并非必须。保护人几乎可以被授予所 有授予人愿意给予的权力,但最常见的 两种被授予的权力为,资产批准所有资 产向受益人分配的权力和受托人的变 更权。这就让保护人对信托的日常运营

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Finally, a Belize International Trust

offers excellent asset protection. It is specifically provided that a Belize court shall not very or set aside a provision of a Belize Trust pursuant to foreign law or the order of a foreign court. As for the issue of law of fraudulent conveyance, in Common Law this is entirely a creature of legal statute. While Belize law does include provisions regarding fraudulent conveyance, trusts created in Belize are specifically excluded from these provisions. This combines to afford very strong asset protection.

Belize O�shore Foundations Foundation law is a relatively recent creation in Belize. It offers a structure similar to a Common Law Trust for a client who prefers a Civil Law approach to succession planning, asset protection and tax planning and prefers the use of a legal entity to a trust. Belize Offshore Foundation law takes a Common Law approach to foundations, attempting to draw the best points from legislation passed in a variety of other jurisdictions in both legal systems. The principles will be familiar to international clients, in what we feel is an easily used format,


观点 | OPINION CHINA OFFSHORE

产生了巨大影响,并对受托人的行为进 行了有效监督。受托人和保护人都可以 从授予人提供的正式“愿望书”或他的 代理人处不时地获得指导。 最后,伯利兹国际信托还是极佳的资产 保护工具。最主要的特点是伯利兹法院 不能驳回伯利兹信托在外国法庭的判 决要求 。在欺诈性转让的法律问题上, 普通法规定这是完全是一个法令产物, 在伯利兹创建的信托也明确被上述条 款排除在外。上述这些都意味着极为强 健的资产保护措施。

伯利兹离岸基金会 基金会法在伯利兹相对还是比较新的 产物。它提供和普通法 信托相似的架 构,适合那些更喜欢用民法进行传承规 划、资产保护和税务规划,也更喜欢信 托作为法律实体来使用的客户。伯利兹 离岸基金会法用普通法的方式来监管 基金会,意在获得其它司法辖区内的两 种法制体系下的最佳实践经验。国际客 户对其原则极为熟悉,这就让我们感觉 它是一个简单使用的形式,在避免一些 复杂问题的情况下对民法基金会进行 了复制。

replicating a Civil Law foundation without some of the complications. Like a Belize Trust, a Belize Offshore Foundation must be registered to be valid and enforceable. However, as with a Belize Trust, only minimal information is required for this registration and there is no requirement to file the Foundation Charter, Bylaws, or any other Foundation organisational documents. The Register of Foundations is not open to the public. All of this helps to preserve confidentiality. A Belize Foundation is funded by a Founder and operated by a Foundation Council in accordance with the Charter of the Foundation. The Foundation Charter may also provide for a Protector. The charter may specify any legal purpose(s) which are capable of being fulfilled personal, charitable or non-charitable.

The Foundation Council must have at least one member and at least one member of the Council must be resident in Belize. Thus results in most such Councils having three members or more. A Council member may not be a beneficiary of the Foundation; however the Founder may be a beneficiary of the Foundation or even its sole beneficiary. Similar to the provisions for a Trust, Belize Foundation Law contains an anti-alienation clause prohibiting constraints on or control over a foundation or its assets by operation of foreign law, claims of creditors, or claims by a spouse of a founder or a beneficiary. Likewise foreign law is disregarded concerning the validity of the foundation itself or the contribution of property to it in the absence of a demonstrated intention to defraud. This provides asset protection against creditor claims and

和伯利兹信托一样,伯利兹离岸基金会 必须在注册后才能生效和执行。虽然如 此,在伯利兹信托中,注册只需少量信 息,也没有呈交基金会章程、规章制度 或其它基金会组织文件的要求。基金会 注册信息并不向公众开放。上述这些都 对保密性起到了保留作用。 伯利兹基金会由创始人创立,并由基金 会理事会根据基金会章程来运作。基金 会章程也提供保护人制度。章程可以指 定可以实现的法定目标——可以是个 人、慈善或非慈善目的。基金会理事会 须有至少一名成员,并有至少一名理事 会成员 是伯利兹居民。因此这就 表 示 大多数的理事会都有三名或以上成员。

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理事会成员可以不是基金会的受益人; 但是基金会的创始人可以是基金会的 受益人,或者甚至是基金会的唯一受益 人。 与信托的条款相似,伯利兹基金会法包 含一个反异化条款,对外国法律、债务 要求或创始人配偶或受益人索赔要求 的控制权进行限制。同样地,外国法律 在基金会本身的合法性上或明确的反 诈骗目的缺席的情况下财产的分配方 式不做考虑。这就让资产能够免受债权 人或其他理赔要求的影响。在基金会受 到法定求偿权的要求下也需要付出大 量的安全成本,这样也能避免陷入毫无 根据的诉讼案。 一个比较有趣的条款是,以慈善和非慈 善目的而建立的基金会根据伯利兹的 法律规定,都可以被认定为一个慈善基 金会,即使它的非慈善目的是基金会的 主要成立目的。

为什么选择 CCS 信托有限公司 我们是一家成熟可靠(成立 12 年)的伯 利兹受托人和公司服务提供商。我们的 公司内部团队在信托 和基金会上有极 为丰富的知识和经验,为来自世界各地 的国际客户提供及时、细致和恭敬的支 持服务。我们专注于长期的业务关系, 我们认为这是我们在和每一位顾客建 立的长期关系中获得的成功经验。 为了对中国客户提供支持与协助,我们 和上海以及遍布中国其它城市的中国 金融服务产品提供商紧密合作。 我们非常希望与您建立业务关系,为您 提供您期待在伯利兹信托公司获得的 支持与服务。但不论供应商是哪家,我 们都强烈建议您选择伯利兹作为您未 来的离岸金融规划的选址地——这里 不仅能提供的信托和基金会,还有国际 商务公司这样的公司形式。

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the like. Substantial security is also required for legal costs should a legal claim be made against a Foundation, discouraging frivolous litigation. An interesting provision is that a foundation created for both charitable and non-charitable purposes qualifies under Belize law as a charitable foundation even if its non-charitable purposes are its primary purpose.

Why CCS Trust Limited We are a well-established (12 years) reliable trustee and company service provider in Belize. We have substantial trust and foundation knowledge on our in-house team and offer prompt, detailed and respectful support to international clients worldwide. We are focused on long-term business relationships and we feel that it is a testament to our service and support that we have succeeded in establishing these long-term relationships with

almost every client who has worked with us. To assist and support China-based clients, we work closely with a major Chinese supplier of financial services products based in Shanghai, but with offices in other cities in China. We would very much welcome your business and the opportunity to provide you with the service and support that you expect and deserve from a Belize Trust Company. But regardless of the supplier, we would strongly suggest that you consider Belize as a strong contender for your future offshore financial planning - not only its Trusts and Foundations but its International Business Companies as well.


Member Contribution

观点 | OPINION CHINA OFFSHORE

“妈妈不曾教我的事物” ——新中国客户需要信托结构来保护家庭

“Things My Mother Never Taught Me” - Clients in the New China Want Trust Structures to Protect Their Families Leon Mao

今的新中国, 财富渐趋国际化。 中国 家 庭 将 其 资 产 分布 在 世 界不同的角落。中国兴盛后的 第一代企业家, 许多已步入中年及老年。 为让自己有更多选择, 他们作跨境投资, 将财富转移至海外较安全的地方,以便 家庭成员能在西方国家追求新生活。 随着中国的兴起,传统儒家思想的家庭 观念受到冲击。上一代对下一代承传财 富的能力存疑。跟西方国家一样, 中 国的离婚率不断 攀 升,与结 婚率成反

I

n the New China, wealth is now internationalised. China's families are diversifying their assets, and travelling far and wide. The 1st Generation of entrepreneurs who made money with China's rise are transitioning into middle and old age. Availing themselves of broader options, they are traversing borders, developing safe harbours abroad, and enabling their families to pursue new lives in the West.

巫利安 Leon Mao

达盟香港 家庭事务和财策部主管 / 信托律师

TMF Group | Hong Kong Head of Family Business & Wealth Solutions/ Trust Lawyer 巫利安律师是 TMF 家庭事务及财富决案 部门的主管。TMF 为全球最具规模的信 托及商业服务公司, 为中 国富户提供信 托结构的先驱。我们拥有一支7000人的 国际团队,单在大中华区已有10个分区辨 事处及800名员工。 巫律师在澳大利亚成长及接受教育 , 先后 取得法律学士及投资法律硕士。巫律师 在港执业后 , 从事法律工作超过 25 年之 久 , 其间为港澳及国内客户, 担任法律顾 问 , 提供専业意见及服务 , 主要范围包括 成立离岸公司及信托基金。巫律师亦为英 格兰 ,韦尔斯及澳大利亚的注册律师。

Leon Mao is the Head of the Family Business and Wealth Solutions Division at TMF Hong Kong. TMF is the largest trust and corporate service provider

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in the world. It is at the forefront of developing structures for China's wealthy. It has 7,000 staff world-wide; of which 10 Offices and 800 staff are in Greater China. Educated in the West, Mr Mao earned undergraduate degrees in international relations and law, and a master degree in the area of foreign investment law. His professional career has been based in Hong Kong and China where he has 25 years' experience in providing advice and solutions in offshore law, specializing in corporate and commercial law and trusts. He is admitted as a lawyer in England and Wales and Australia.

With China's rise, the concept of the traditional Confucian family is being put to the test. There is a concern about the next Generation's ability to handle their wealth. In China as in the West, divorce rates are rapidly increasing, and yet marriages are decreasing. Moreover, emulating patterns in other parts of the Chinese world, there is a concept arising of "wealthy singles", whose lives may not necessarily revolve around the institution of marriage. In this new scheme, wealthy families are being tested. In a Q and A for China Offshore, Leon Mao examines issues confronted by China's new rich. Here, we are evidencing the phenomenon of the wealthy considering offshore trust structures as a highly useful structure for asset protection and wealth preservation.

Why are Clients turning to Trust Structures for their Family's Needs? What bene�ts do O�shore Private Trust structures o�er China's Wealthy Families? Offshore private trusts offer a broad range of benefits for China's wealthy, including the following: • Asset Protection. One of the key benefits is asset protection. A


观点 | OPINION CHINA OFFSHORE

比。此外,在中国以外的华人社会,亦有 所谓“单身贵族”的观念产生, 这些人士, 未必视结婚为人生必经之路。 在此种情况下, 富有家庭因而备受考验。 在一个问与答的环节中,巫律师剖析富 户所面对的种种问题。一个明显的现象 是很多富户正考虑采用离岸信托结构, 作为资产保护及财富积存的有效工具。

为何越来越多客户转向信托来迎合家 庭的需要?成立离岸私人信托,对中 国的富 户有什么好处 ? 离岸 私 人信 托能 提 供一纟列的好 处, 其中包括 : • 资产保护——此为其中一大好处。 一个 结构恰当的信托,可作资产保护, 免 遭受下列情况的索偿 : a) 免受债权人 的申索 ( 例如 : 破产, 董事承担或专业责任 ); b) 离婚配偶资产索偿 ; c) 个人遗 嘱申索。 除着中国离婚率增高,经济不稳定,及

properly structured trust may provide protection against any or all of the following types of claims: a) protection against creditor's claims (e.g. bankruptcy, director's liability or professional liability); b) protection against divorce claims which involve matrimonial property; c) protection against claims regarding an individual's will. In view of rising divorce rates in China, unstable economic indicators in the Chinese economy, and rising levels of personal wealth, the asset-protection benefits which trusts offer against risk, can no longer be ignored. • Inheritance Planning. China's wealth accumulation creates new challenges for inheritance planning. For instance, there may be unique family situations including the need to provide for "multiple wives" and "multiple families". There is also the desire for the wealthy to ensure that

their fortunes will serve as a legacy for their children's, or future generations' education, maintenance and medical needs, in the event that they are not here to provide guidance. Many people these days do not want their assets to pass to heirs according to rigid legal guidelines, which are known as "forced heirship". A well-structured offshore trust offers multiple, flexible options for inheritance planning. • Tax Planning. Offshore trusts offer exceptional options for tax planning. A properly structured trust may provide substantial savings in income tax, capital gains tax, inheritance tax, gift tax and stamp duty. • Flexibility. Offshore trusts offer a mechanism to protect the welfare of infant children, the aged, and disabled persons. Alternatively, an individual may wish to preserve family wealth as a legacy for future generations of their family, with the possibility to control

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私人累积财富的增加,信托所带来的资 产保护作用,实在不容忽视。 • 继承规 划—— 在中国,累积 财富对 于继 承规划而言面对重重新的挑战。 举例 来说,有些特殊的家庭会出现供 养“多 妻”及“多户”的情况。财富的主 人, 会想在他离世后,继续保障子女及 后 代的教育、生活及医疗需要。现在许 多人不想因死板的 " 强制继承权 " 而 不 能照自己的心意分配资产给后人。 一 个结构完善的信托能提供多样化及 灵 活的继承规划。 • 税务策划——离岸信托,是 对税务 安排的一 个不错选 择。一 个结构恰当 的信托能大副度减免入息、资产增值、 继承、馈赠及印花等税项。 • 灵活运用——离岸信托提供有效机 制,保障年幼子女,年老长者及残疾人 士 的福利。个别人士,亦希望保存家庭 财富,于在世时适当地操 控 及分配资 金,传承后代。

“一孩政策”对社会有无影响?对信 托结构又有甚么影响? 除引致男女性别不均外,中国的一孩政 策亦引致独生子女家庭的出现。在一个 没有其他兄弟姊妹,不需要作出任何妥 协的环境长大,可能形成孩子 持竉 生 娇。有些人相信独生子女可能直接继承 了父母的性格特征,更加做成婚姻的不 协调。现在的人很快堕入爱河,结为夫 妇,更快地申请离婚,成为一种“闪婚 闪离”的社会现象。 就一孩政 策、离婚对在富裕 家庭长大 独生子女的影响、及消费模式种种问题 上,我们已作出相应调整,使我们设计 的信托,能有效地处理这些问题,在财 富保护方面,发挥最大的功能。

你对离婚趋势有何见解?在这情种况 下,信托可作出怎样的支持? 中国为一传统社会,离婚本属罕见,可

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and allocate funds according to a plan which is agreed during the individual's lifetime.

What impacts if any are associated with the "One-Child" Policy? How does this impact on your structuring? As well as creating an imbalance between male and female, China's one-child policy created a generation

of children without siblings. Children raised in a one-child environment, without the need for compromise grew into a cherished, but somewhat spoilt child. Some people believe that as a one child, personality traits in both spouses contribute to marital disharmony in many Chinese marriages. This means that Chinese couples today are falling in love very quickly, getting hastily married, and


观点 | OPINION CHINA OFFSHORE

惜现在却不断增加。以 2016 年为例,便 有四百二十万椿离婚案子,数字实令人 震惊。主要成因包括一孩政策,简易离 婚程 序及很多城市人 对离婚观念的改 变。城市的离婚率急升, 便不足为怪。 在北京,40% 的离婚率比全国的2.2% 高 出了很多倍。 作为信托专家,我们致力为你设计可防 范离婚带来不便的结构。经 过慎密的 规划,一个离岸信托可保护资产不受子 女已离婚的配偶申索。重点是我们鼓励 客户在未婚前寻求适当的法律意见,不 让信托资产,被纳入为婚后共同拥有资 产(即可被瓜分 )。当你看见中国家庭越 来越像西方家庭,离婚法例宽松至可给 予对方有利可图时,这种未雨调谋的规 划,真是不能缺少。

中国的大家庭又怎样处理? 对于富有家庭而言,财富使他们比普通 人有更多选择,甚而可对一孩政策,置 诸不理。 有时更促使他们成立多户家庭。 因为财富使他们负担得起超生的罚款, 甚至到海外,例如香港或更远的地方生 养小孩。这些家庭有足够的资源,供给 在海外居住或接受国际教育的子女。 我们与这些大家庭紧密合作,提出有效 的决案,来处理以上种种情况。例如: 我们会帮助他们成立家族生意及办事 处,以便将股份分给各子女;或为各子 女的家庭成立个别的信托结构。我们致 力发展家族管治规范及生意继承规划, 帮助富裕家庭的第一代无忧地退休,及 顺利地将生意王国交给第二代接管。

离岸私人信托能否帮助客户的家庭 处 理喜欢花钱多于赚钱的子女 ? 中国内地家庭可向在香港、台湾及西方 等较为熟悉信托的家庭借镜,因他 们 都知道如果有“挥霍无度”的子女, 信 托会是一个好的方案,让委托人随 自

then filing for even hastier divorces. We do see implications of one-child policy when we examine issues such as divorce of a child within a wealthy family, and children's spending patterns (see below). Both of these issues benefit from effective wealth planning advice, including trust structuring.

What do you see as the trends in divorce? How might Trusts assist in a Divorce Situation? China is a traditional society. Divorce was once rare; but is now escalating. In 2016, as part of an alarming trend roughly 4.2 million marriages in China ended in divorce. Key factors include the one-child policy, simplified divorce procedures, and in urban areas, the decline in the traditional stigma about divorce. It is no surprise that urban areas have the highest Chinese divorce rates. In Beijing, almost 40% of marriages end in divorce compared to the national rate of 2.2%of marriage failure.

when we appreciate that Chinese families are moving to the West, where generous divorce laws tend to benefit the opposite party.

What about larger Chinese Families? With respect to wealthy families, wealth has positioned them to have access to more options than common folk, and indeed to side-step the onechild policy. It has allowed them to sometimes have multiple families. Wealth provides the means to settle penalties associated with the onechild policy, and has enabled many families to circumvent the policy entirely through travelling abroad, with the children born and raised in either Hong Kong or further afield. Such families have more than adequate resources to provide for their children's international education and living abroad. We are seeing ourselves working closely with larger Chinese families, which have arisen from scenarios such as the above. For instance, we

As trust structuring specialists, we are involved in developing structures which guard against future divorce. With proper planning, an offshore trust can be structured to shield assets from claims raised by a child's former spouse in a divorce situation. The golden rule is that clients are encouraged to seek proper legal advice at the earliest time prior to the marriage, so as to avoid the trust assets being characterised as matrimonial assets (and subject to division). This need for forward planning is all the more important,

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观点 | OPINION CHINA OFFSHORE

己心愿去分配财产。 信托为子女、孙子女、亲属及朋友在 各 方面的需要作准备,如大学学费、 医疗 保健及生活开支等。信托可年年 发放 资金予受益人,直至委托人认为 受益 人心智变得成熟,懂理财之道之 后,方 给予所占的余额,并终止该信托。 委托 人也可以成立永久 " 基金 ", 为世世 代代 的后人谋福祉。

单身人士成立信托的趋势又如? 我们留意到富裕的个别人士(非家庭) 成立信托结构已为一种趋势。这是因为 中国人社会经历无数改变,尤其那些受

add value through developing family offices so that each of the children are allocated a part of the business, or might create separate trust structures for each child's families, within the family office. We are involved in developing family governance rules, and business succession plans, which assist the first generation of a wealthy family to retire from their empire, and facilitate the second generation to take up the reins of the business.

Will an O�shore Private Trust help families to manage children who prefer to spend money, rather than

make money? Families in China can benefit from the experience of wealthy Chinese families in Hong Kong, Taiwan and the West, who have had a longer exposure to trusts. If there is a concern about "spendthrift" beneficiaries, the trust can be devised as a solution to dispense money as the Settlor determines. Trusts can make money available to children, grandchildren, other relatives, or even non-relatives for educational purposes, such as university tuition, medical care and living expenses. A trust can be used to dispense funds year-by-year to a Beneficiary, and then a final sum could be distributed at certain age when the Settlor is comfortable that a Beneficiary will be mature enough to protect and value the money. Alternatively, a Settlor may reach the decision that the family fortune should not be divided and distributed, but will only be used as a perpetual "fund" to meet the needs of future generations.

What Trends are you seeing in Single Persons establishing Trusts? We are noting a growth trend where wealthy Chinese singles (as compared to families) are coming to us to develop trust structures. This results from social changes impacting Chinese societies; and is trending in more Western-exposed Chinese societies, such as Hong Kong, Taiwan and Chinese communities in Asia and the West. Most likely, there are multiple factors at play here,

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| 8th Annual


观点 | OPINION CHINA OFFSHORE

independent trustee, which provides the benefit of a "nest egg" able to offer maintenance, medical expenses and eventually, a succession plan for the remainder of their life time.

到西方影响的华人社会,如香港、台湾、 其他亚洲及西方国家。个中可能有不同 因素,甚至儒家思想也随时代改变 。富 裕的中国老一辈视信托或基金结构,为 照顾他们将来的一个安全网,不需要倚 靠传统社会所谓的“孝顺子女” 。 此外,我们亦有客户要求成立“独身人 士”的信托,他们皆为富裕的成功人士, 但 终身无结婚的打算。虽然他们或无 家人要供养,但信托结构可当作一种保 障,尤其一个公司信托,可提供管理制 度,在他们的黄金岁月,因应不同的需 要,作经济上的支持。 最后, 我们亦发现 “祖父母信托”的现象, 许多之前以子女成立 生前信托为基 础 的年长委托人欲取回资金分配的控制 权。经过我们重组后,他们的资产,包 括个人银行户口及房地产,会重新纳入 由独立信托人保管的离岸信托内,在有 生之年为这些年长的委托人提供资金 作生活,医疗,甚至继承规划等用途。

在委任信托人时客户需要考虑什么? “信托”或“信任”最为重要。每个客户 选 择信托的标准不尽相同。最理想是 找到一家在国际及中国皆有地位 及办 事处的公司。中国客户期望有一个精通 中文,甚至可以用中文来拟定信托文件 的信托人。信托人理应对中国文化及事 物有所认识,假如信托人同时具备专业 知识及专长, 就更能令客户安心及放心。 他们能有不同的提案及司法区,供客户 选择 , 须知道信托结构非衣服,不能采 用一刀切或以一概全的做法。 客户须辨识银行信托与独立信托的分 别。即使最优越的银行信托,亦只能收 纳 资 产管 理 规模 (AUM) 及 理 财产品。 反而 言之,独 立信 托 极 具 灵 活 性,可 收纳不同类 别的资产:资产管 理 规模 (AUM),房地产,艺术品、古董及收藏品, 可因应客人的经历及爱好而有所不同。

What factors should a Client consider in appointing a Trustee?

not the least that Confucian values are changing with time. As wealthy Chinese are getting older, they are looking for a "safety net" in the form of a trust or foundation structure, in their later years, rather than relying on traditional "filial piety" from junior family members. For instance, we are seeing requests for "bachelor and spinster" trusts, at the request of wealthy individuals who have made their money, but remain unmarried later in life. In the absence of immediate family to look after them, a trust structure can be developed to provide a security mechanism, and with a corporate trustee providing an institutional administration and needs-based distributions of their finances in their golden years. Lastly, we see a phenomenon of "granny trusts" where elderly settlors have determined to take back control of the assets which they had either earlier distributed on an inter vivos basis, or had taken out in the name of their children. These assets, including private bank accounts and real estate are then restructured by us into an offshore trust maintained by an

The word "Trust" is all important. Each client will have their own criteria when it comes to choosing a Trustee. Clients look for trustees with both a global presence, as well as a front office presence in China. Chinese clients expect a Trustee to be able to effectively deal in the Chinese language, as well as to draft and prepare Chinese language trust documents. Ideally, trustees should broadly understand the Chinese cultural context and specific issues relating to Chinese clients' needs. It provides greater comfort, if the Trustee comes with professional and technical expertise. The best would have a legal and/or tax background. This enables them to readily generate different options for clients, rather than to sell a single solution or jurisdiction. For trust structures, one size doesn't fit all! Clients should differentiate between bank trustees and independent trustees. Bank trustees, however prestigious, will normally accept as trust assets: accounts under management (AUM) and financial products. Independent trustees offer increased flexibility and should be capable of accepting different asset classes: AUM, real estate, art, antiques and collectibles, subject to their experience and risk appetite.

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Member Contribution

观点 | OPINION CHINA OFFSHORE

家族公益慈善:信托还是基金会? Family Charities: Trust or Foundation?

着私人财富的不断积累,越来 越 多高 净 值 人士开 始 通 过各 种途径回馈社会,而开展公益 慈善活动便是最受欢迎的方式之一。高 净值人士开展慈善活动的过程中,用于 捐赠资产的家族越来越高、资产类型越 来越多样,这在无形之中对家族公益慈 善的具体实现方式提出了更高的要求。

2017年7月25日上午,美的集团创始人何 享健先生公布了60 亿元慈善捐赠计划, 用以支持多个领域的公益慈善事业发 展,捐助计划包含股权捐助和现金捐助

柏高原 Gaoyuan Bai

A

long with the continuous accumulation of private wealth, more and more high net-worth individuals have begun to give back to the community through various channels, and among the most popular is by engaging in charitable projects. High net-worth individuals are doing so by donating an increasingly large variety of assets, which is leading to higher requirements on the specific ways that charitable initiatives are implemented.

滕杰 Jie Teng

柏高原律师,管理学博士,北京市京都 律师事务所合伙人、京都家族信托法 律事务中心秘书长,拥有十余年律师 实务经验,为商业银行、私人银行、信 托公司、第三方财富管理机构、保险公 司及高净值人士等提供有关财富保全 与传承等专业法律服务。

滕杰律师,北京市京都律师事务所家 族信托法律事务中心骨干成员,南开 大学法学院民商法博士研究生,参与 多个境内外信托、基金会项目方案设 计、设立与运作全程法律服务,参与了 《家族信托法理与案例精析》等多部 著作的编写。

Lawyer Gaoyuan Bai has a PhD degree in management; he's a partner of Beijing King & Capital Law Firm and Secretary General of King & Capital Family Trust Law Center. He has over ten years' practical experiences as a lawyer, and has provided professional legal services for commercial banks, private banks, trust companies, third party wealth management institutions, insurance agencies and HNWIs on wealth preservation and succession.

Lawyer Jie Teng, key member of Beijing King & Capital Law Firm's Family Trust Law Center, Doctoral Candidate at Nan Kai University's Civil and Commercial Law School. He has participated in multiple domestic and overseas trust and foundation project planning and design, establishment and operation's legal services, he has also participated in the drafting of various books, which includes "The Principles and Case Study of Family Trust Law".

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Gaoyuan Bai, Jie Teng

On the morning of July 25, 2017, Mr. He Xiangjian, founder of Midea Group, announced a RMB 6 billion charitable donation program to support the development of charitable projects in a number of areas. Among them was an equity donation and a cash donation. The cash donation amounted to RMB 2 billion, which was donated to Guangdong He Foundation and used to set up Shunde Community Charitable Trust. As for the equity donation, Midea Holding Limited, as the trustor, used 100 million of the Midea Group Co., Ltd's shares that it held to set up a charitable trust with the trust company as the trustee. Mr. He Xiangjian adopted a dual "TrustFoundation" model, which seems to have enhanced the social efficacy of his charity activities to a certain extent. However, can the method used by Mr. He Xiangjian to allocate charitable assets between trusts and foundations achieve the desired effect? What are the respective advantages and disadvantages of a charitable foundation and a charitable trust as vehicles for charitable projects in China? The answers shall be found by comparing the following four aspects of charitable trusts and foundations.

Establishing a threshold A capital threshold of a considerable


观点 | OPINION CHINA OFFSHORE

degree exists for the establishment of foundations in China. According to the requirements of the Regulations for the Management of Foundations, a certain amount of the original fund is required to establish foundations, respectively of no less than RMB 8 million for national public offerings, no less than RMB 4 million for regional public offerings and no less than RMB 2 million for non-publicly raised funds. To compare them with foundations, Chinese charitable trusts currently have no minimum requirements for the original fund amount. The specific scale can be independently determined by the trustor and trustee through consultation.

两部分。其中,现金捐赠的部分总额为 20 亿元人民币,分别捐赠给广东省和的 慈善基金会及设立顺德社区慈善信托。 股权捐赠部分,由美的控股有限公司作 为委托人将其持有的 1亿股美的集团股 份有限公司股票设立一个慈善信托,计 划由信托公司担任受托人。何享健先生 采用了 “信托- 基金会”双轨制运作模式, 这似乎能够在一定程 度上帮助何享健 先生提升慈善事业的社会功效。但是何 先生在信托与基金会二者之间进行的 慈善资产配置方法能够实现所预想的 效 果吗?我国公益基金会与 慈善信托 作为公益慈善事业载体各有什么优劣 势?以下将通过慈善信托与基金会四个 方面的对比找出答案。

成立门槛

The convenience of asset injections and the tax costs

我国基金会的设立存在一定的资金门 槛。根据《基金会管理条例》要求,设立 基金会需有一定数额的原始基金,其中 全国性公募基金会不低于800万元人民 币,地方性公募基金会不低于400万元, 非公募基金会不低于200万元。

Chinese laws and regulations clearly endow foundations with the principal status of "a legal person", which creates extremely convenient conditions for the foundation to

相比于基金会,当前我国慈善信托的设 “信托 - 基金会”双轨制运作模式

美的控股有限公司 (委托人) 信托公司 (受托人)

管理

设立

和的慈善信托 (计划) 持股

15亿现金 收益 分配 执行 反馈

In line with the restrictions of the

捐赠

美的控股有限公司 (委托人) 设立

共同 受托人 信托公司 中信信托

其他基金会 双“受托人 - 慈善信托”模式

广东省和的 慈善基金会

美的控股 有限公司

何享健先生20 亿元慈善捐赠计划图

accept donations, as well as to hold, manage and donate charitable assets. To accept donated assets, which require a change in ownership registration, a foundation can easily go through the procedures of changing registration with the corresponding registration authorities. During the process of asset management and external donations, a foundation can make independent decisions and take measures in its own name. Besides this, the cost of tax paid by the donor for injecting assets into the foundation is relatively low. If you take an equity donation as an example, the donation of equity by an enterprise to a social organization is considered an equity transfer. The revenue from the equity transfer is determined based on the historical cost when the donated equity was acquired by the enterprise. No additional income tax is collected by the enterprise. Preferential policies on tax credit are also available.

顺德社区慈善信托 (5亿)

收益分配

广东省德胜社 区慈善基金会

Trusts & Foundations Guide CHINA OFFSHORE

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观点 | OPINION CHINA OFFSHORE Dual "Trust - Foundation" Model

Midea Holding Limited (Trustor) Establishment

Trust Company (Trustee)

Management

He Foundation (Plan) Shareholding

RMB 1.5 Billion in Cash Income Distribution Carrying out Feedback

立并无初始资金的最低数额要求,具体 规模可以由慈善信托的委托人与受托 人自主商定。

资产注入的便利性及税务成本 我 国 法 律 法 规 明 确 赋予了基金 会“法 人”的主体地位,这无疑为基金会接受 捐赠以及持有、管理、捐助慈善资产创 造了极为便利的条件。在受赠过程中, 对于需要变更所有权登记的财产,基金 会可以较为方便地在相应登记部门办 理变更登记手续。在财产管理、对外捐 助过程中,基金会同样完全以自己的名 义独立决策、进行各项操作。此外,捐 赠主体将资产注入基金会时税务成本 相对较低。以股权捐赠为例,企业对社 会团体的股权捐赠视同股权转让,其收 入额以企业所捐赠股权取得时的历史 成本确定,不会额外增加企业捐赠时的 所得税,并可享受税收抵免优惠政策。 受限于我国信托登记制度,以不动产、 有限责任公司股权设立信托的,因前述 财产无法实现信托登记,因此不能直接 由委托人将此类财产交付受托人设立 信托,只能采取先设立资金信托,而后 由受托人将此类财产购入的方式间接

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Other Foundations

Dual "Trustee - Charitable Trust" Model Guangdong He Foundation

Midea Holding Limited (Trustor) Establishment

Shunde Community

Midea Holding Limited

Chart: Mr. He Xiangjian's RMB 2 Billion Charitable Donation Plan

Donation

Com- Charitable Trust (RMB 500M) mon Trustee Income Distribution

Trust Company CITIC Trust

Chinese trust registration system, when establishing a trust with the real estate and equity of a limited liability company which does not qualify for trust registration, the trustor cannot directly deliver such assets to the trustee to establish a trust. The only feasible and indirect way is to establish a trust fund first, and then let the trustee acquire the assets. In such a way, the real estate and equity transaction of the limited liability company between the trustor and trustee is categorized as a donation rather than as buying and selling, so it cannot enjoy the tax preferences applied to charitable donations. With

Guangdong Desheng Community Charitable Foundation

regards to the trust transfer of the stocks of the listed company, although establishing a trust with the stocks of a listed company doesn't trigger the trust's registration, the prevailing conditions of the non-transactional stock transfer of the listed company don't include trusts. Therefore, this can only be realized by adopting the above-mentioned method, i.e. establishing a trust fund first and then letting the trustee acquire it through a transaction. It is clear that if the trustor plans to establish a trust with real estate, the equity of a limited liability company, and the stocks of a listed company, the asset injection


观点 | OPINION CHINA OFFSHORE

实现。这将 导致委托人与受托人之间 就不动产、有限责任公司股权的交易属 于买卖而非捐赠,也就无法援用慈善捐 赠的税收优惠制度。此外,对于上市公 司股份的信托转移,虽然以上市公司股 份设立信托虽然不会触发信托登记,但 因现行上市公司股份非交易过 户的条 件中不包含信托,故只能采取前述方法 交接实现,即先行设立资金信托再由受 托人以交易方式购入。可见,如委托人 拟将不动产、有限责任公司股权、上市 公司股份设立信托的,资产注入程序复 杂,且税务成本高。

公益慈善支出及管理费用 对于基金会而言,限制其公益事业支出 比例与管理费使用比例的规定较为繁 多。 《基金会管理条例》对基金会的年 度公益事业支出比例作出了限制,而后 《慈善法》与《关于慈善组织开展慈善 活动年度支出和管理费用的规定》等法 律法规对不同类别的基金会的年度公 益事业支出及管 理性费用比例均作出 不同程度的限制,如表所示。

类型 具有公开募捐资格的基金会 上年末净资产(或前三年年 末净资产平均数)高于 6000 万元(含本数)人民币

不具有公开 募捐资格的 基金会

process is complicated and the tax cost is high.

With regards to charitable trusts, prevailing Chinese laws and regulations don't fix mandatory requirements on the amount or proportion of annual expenditure allocated by charitable trusts for charitable projects. They do, however, require that the proportion or amount of annual charity expenditure of such trusts is stated in the trust's documentation. This provides the trustor and trustee of the charitable trust with quite a lot of room for free discussion. Since the legal system for charitable trusts has not been implemented in China for long, the possibility that future legislation includes a requirement that the proportion of expenditure for charities is similar to those required for foundations cannot be ruled out. As for the restrictions on the proportion of management expenses allowed for charitable trusts, laws and regulations like the Trust Law and the Charity Law

Charity expenditure and management fees When it comes to foundations, there are several regulations regarding the proportion of expenditure for charity projects and the proportion of management fees allocated. The Regulations for the Management of Foundations sets restrictions on the annual charity expenditure proportion for foundations. Laws and regulations like the Charity Law and the Provisions for the Annual Expenditures for Conducting Charitable Activities and Management Expenses for Charitable Organizations all set different degrees of restrictions on the annual charity expenditure proportions and the management fee proportions for foundations. Details are shown in the table as follows. 基金会公益事业年度支出比例与年度管理用限制表 公益事业年度支出比例

不得低于上一年总收入的 70% 或者前三年收入平均数额的

70%

年度管理费用

不得超过当年总支出的 10%

不得低于上年末净资产(或前 三年年末净资产平均数)的 6%

不得高于当年总支出的 12%

上年末净资产(或前三年年 末净资产平均数)低于 6000 不得低于上年末净资产(或前 万元高于 800 万元(含本数) 三年年末净资产平均数)的 6% 人民币

不得高于当年总支出的 13%

上年末净资产(或前三年年 末净资产平均数)低于 800 不得低于上年末净资产(或前 万元高于 400 万元(含本数) 三年年末净资产平均数)的 7% 人民币

不得高于当年总支出的 15%

不得低于上年末净资产(或前 三年年末净资产平均数)的 8%

不得高于当年总支出的 20%

上年末净资产(或前三年年 末净资产平均数)低于 400 万元人民币

其他

特殊情况下,年度管理费用难 以符合前述规定的,应当报告 其登记的民政部门并向社会公 开说明情况。

年度管理费用低于 20 万元人 民币的除外

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观点 | OPINION CHINA OFFSHORE

Table: Restrictions on Annual Expenditure Proportions and Annual Management Expenses for Foundations' Charitable Projects Type

Annual Management Fees

Other

Not less than 70% of the total income of the previous year or 70% of the average income in the previous three years

Not more than 10% of the total expenditure of that year

Under special circumstances when annual management expenses cannot comply with the aforesaid regulations, such a situation shall be reported to the relevant civil management department and made known to the public.

The net assets at the end of the previous year (or the average number of net assets at the end of the previous three years) is equal to or higher than RMB 60 million

Not less than 6% of the net assets at the end of the previous year (or the average number of net assets at the end of the previous three years)

Not more than 12% of the total expenditure of that year

The net assets at the end of the previous year (or the average number of net assets at the end of the previous three years) is lower than RMB 60 million but higher than (or equal to) RMB 8 million

Not less than 6% of the net assets at the end of the previous year (or the average number of net assets at the end of the previous three years)

Not more than 12% of the total expenditure of that year

The net assets at the end of the previous year (or the average number of net assets at the end of the previous three years) is lower than RMB 8 million but higher than (or equal to) RMB 4 million

Not less than 7% of the net assets at the end of the previous year (or the average number of net assets at the end of the previous three years)

Not more than 15% of the total expenditure of that year

The net assets at the end of the previous year (or the average number of net assets at the end of the previous three years) is lower than RMB 4 million

Not less than 8% of the net assets at the end of the previous year (or the average number of net assets at the end of the previous three years)

Not more than 20% of the total expenditure of that year

Foundations that qualify for public fundraising

Foundations that do not qualify for public fundraising

就慈善信托而言,我国当前法律法规尚 未对慈善信托每年用于慈善或公益事 业的支出数额或比例作出强制性要求, 而仅仅要求在慈善信托文件中载明该 慈善信托的年度慈善支出的比例或数 额,这便给予了慈善信托的委托人与受 托人较大的自由约定空间。但鉴于我国 慈善信托法律制度刚刚推出不久,不排 除将来立法完善后会对此作出类似于 基金会的公益慈善支出比例要求的可 能。至于慈善信托的管理费比例限制, 《信托法》、 《慈善法》等法律法规并未 对此作出规定,遵循委托人与受托人在 慈善信托文件中的相关约定即可。

44

Annual Expenditure Proportion for Charitable Projects

| 8th Annual

The annual management fee is lower than RMB 200,000

have no relevant or corresponding regulations. Only observing relevant agreements between the trustor and the trustee in the charitable trust documentation is required.

Tax credits for charitable donations China's preferential tax system for charitable donations is relatively mature, so the donor can enjoy a deduction before income tax within a certain range, as well as an exemption from income tax for certain donations.

A foundation can accept charitable donations in its own name. After going through certain procedures according to the relevant laws and regulations, such donations (or acceptance of donations) qualify for preferential tax policies for charitable donations as well as preferential policies for tax credits. As for charitable trusts in China, at present the relevant preferential tax system for charities only applies to donations by social organizations for


观点 | OPINION CHINA OFFSHORE

公益捐赠税收抵免 我国关于慈善公益捐赠的税收优惠制 度已相对比较成熟,捐赠人可以在一定 范围内进行所得税税前扣除,受赠人也 对特定的捐赠所得免纳所得税。基金会 正是基于能够以自己的名义接受公益 捐赠,在履行法律法规要求的特定程序 后,此种捐赠(受赠)行为便符合公益 捐赠税收优惠政策的要求,可以享受税 收抵免的优惠政策。 反观我国慈善信托,因当前我国有关慈 善公益事业的税收优惠制度仅 适用于 通过获得公益性捐赠税前扣除资格的 公益性社会团体或县级以上人民政府 及其组成部门和直属机构进行的捐赠 行为,而信托设立行为以及向慈善信托 本身的捐赠行为显然不属于该适用范 畴,使得信托委托人与捐赠人难以享受 税收优惠政策。

后语 公益慈善事业是慈善共同体对社会资 源的一种有效合理的重新配置和开发。 通过对比两种慈善工具,我们可以清晰 地看出:若慈善家们拟投入资金开展公 益慈善活动,可通过设立慈善信托的方 式开展公益事业;若慈善家拟捐赠家族 企业股权用于开展公益慈善活动,基金 会则更为适宜——既可直接捐赠至基 金会且捐赠人没有额外税务负担,还可 享受税收优惠。从这个角度而言,美的 集团创始人何享健的双轨制运作模式 的具体架构可以适当进行调整 ——将 资金类的财产以慈善信托的形式进行 管理运用、将股权类的财产放入基金会 中进行管理运用。如此一来,何享健先 生所搭建的双轨制慈善架构既能确保 所捐赠的美的集团 1亿股股票的有效管 理以及美的集团股东权利的顺利行使, 还可通过慈善信托的形式帮助资金类 慈善财产保值增值,发挥更大的公益慈 善效用。

charity, or governments above the county level and their component departments and subordinate agencies, and does not apply to the establishment of trusts and donations to charitable trusts. This makes it difficult for the trustor and donor to enjoy preferential tax policies.

Closing Remarks The development of charitable projects is an effective and reasonable reallocation of social resources on the part of the charitable community. By comparing the advantages and disadvantages of two charity tools - namely, the foundation and the charitable trust - we can clearly see that if philanthropists plan to invest capital in charitable projects, they can do it by establishing charitable trusts. If philanthropists plan to donate equity from their family enterprise to charity, foundations are a better

choice, allowing the donor to make a direct donation to the foundation without additional tax burdens, and while enjoying tax concessions. From this perspective, the specific structure of the dual model designed by Mr. He Xiangjian (Midea Group's founder) can be properly adjusted so as to manage and utilize the fund assets in the form of charitable trusts, and the equity assets in the form of foundations. In such a way, the dual model charity structure established by Mr. He Xiangjian can guarantee the effective management of the 100 million Midea Group stocks donated by him, and the successful execution of the stockholder rights of Midea Group. It can also stimulate the preservation and appreciation of charity fund assets and create more effective charitable endeavors.

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Member Contribution

观点 | OPINION CHINA OFFSHORE

打破传统模式,房产投资新趋势

Breaking Traditional Models to Form a New Trend in Real Estate Investment Phoenix Tong 人民币贬值,引发抢购海外物业潮 中国人传统喜爱投资物业, 认为购买「砖 头」最有保障。近年中国经济起飞,国 民生活得以改善,子女到海外留学十分 普遍,促使投资海外房产的需求增加。 加上近年人民币贬值,及国内多处城市 房价暴涨,至海外资产配置顿成热话。 从海外保险、债券、基金等金融产品至 房地产,均成为国内投资者追捧抢购的 目标,随着对境外金融类投资的政策日 渐收紧,海外房地产即成为国内投资者 的新宠儿。 从邻近的香港及东南亚,到欧洲及澳大 利亚,及至美加等地,各物业发展商均 大举来华推销各地房地产。

唐鳳靈 Phoenix Tong

“富盈金融集团”是香港的持牌金融 服务机构,旗下5间子公司分别从事财 富管理、企业融资、证券交易、资产管 理及资本管理等业务。

Galaxy Treasure Financial Group is a licensed financial institution in Hong Kong. Its 5 subsidiaries provide different services like wealth management, corporate finance, securities, asset management and capital management.

46

| 8th Annual

Renminbi devaluation, triggering a rushing tide of overseas property purchases Traditionally, Chinese love investing in property, regarding the purchase of "bricks and mortar" as the most secure investment. In recent years, China's economy has been developing rapidly, which has improved lives countrywide. It is very common for Chinese children to study abroad, which has stimulated an increasing demand for investment in overseas real estate. The depreciation of the Renminbi in recent years, together with the sharp increase in domestic housing prices in many cities has caused the purchase of overseas assets to become a trend. Overseas insurance, bonds, funds, other financial products, and real estate have all become the soughtafter goals of domestic investors. With the gradual tightening of foreign financial investment policies, overseas real estate has become the new darling of domestic investors. From neighboring Hong Kong and Southeast Asia to Europe, Australia, Canada, the United States – and even beyond – property developers come to China in large numbers to sell their real estate. According to the "Overseas Property Needs of Chinese HNWI in 2017"

report, jointly released by Hurun Report and IWC, data shows that China ranks in the top ten in "The world's major cities' increasing house price index", with the highest increase in Hefei, which was as high as 48.4%. However, in the "Overseas property investment return index", the top 50 cities do not include any cities in China besides Hong Kong and Macao, which has only encouraged investors' hot pursuit of overseas properties. Research shows that the United States ranks 16th among the top 50 cities in the "Overseas property investment return index", with an average return on investment of more than 20%.

The new investment hot spot in the US: Dallas-Fort Worth, Texas According to statistics from the US Real Estate Brokers Association (NAR), overseas buyers bought American houses with a total value of US$ 153 billion dollars between April 2016 and March 2017, an increase of 49% on the same period last year. In addition, the


观点 | OPINION CHINA OFFSHORE

据胡润百富与 万国置地 联合发布的 《2017中国高净值客户海外置业展望》 中数据显示:全球主要城市房价涨幅指 数”中,中国囊括头十位,最高的合肥涨 幅高达48.4%。然而,在“海外置业城市 投资回报指数”中则头50 位除香港及澳 门外,中国其他城市均榜上无名,这加 剧了投资者对海外物业的追捧。 硏究数据同时显示:美国占“海外置业 城市投资回报指数”头50 位中的 16 位, 平均投资回报超过 20%。

投资美国新热点 : 得克萨斯州的达拉 斯 - 沃斯堡

第一步 设立公司

第二步 购买土地

第三步 聘请建筑工人

第四步 销售房屋

第五步 获取所得

于美国开设 公司银行账户

拥有土地地块 及土地所有权

发展代理公司 协助监察及管 理整个建筑过 程

发展代理公司 协助将房屋推 出市场

销售所得将直 接存进投资者 的公司银行账 户

约4-6个月为一周期

物业开发商计划流程 | 来源:富盈金融集团

据美国地产经纪人协会(NAR)统计显 示,2016 年 4月至 2017年 3月期间,海外 买家购买了价值 总额 为 1530 亿美元的 美国住宅,比去年同期上涨了49%。此 外,数据亦指出中国人已连续四年成为 海外买家抢购美国房产的榜首,其购买 总额为 317亿美元,超越第 2 至 5 名的国 家之总和,2017年有继续攀升的趋势。 除一般的美国各大房产投资热点外,位 于得克萨斯州的达拉斯 - 沃斯堡,更将 是海外投资者热捧的新地标。

data also showed that Chinese buyers have ranked in first place for four consecutive years as the buyers of American real estate, with the value of purchases totaling US$ 31.7 billion. This is higher than the sum of the purchases of the other four countries in the top five positions, and in 2017 this trend is expected to continue. In addition to the general heating up of investment in US real estate, DallasFort Worth, located in Texas, will become a new hot spot favored by overseas investors.

得克萨斯州 • 土 地 面 积 全 美 第 二 大 州 分, 总 计 696241平方公里 • 人口全 美 第二多,总计 超 过 2786 万 (2016) • 经济体全美第二大,达 1.5万亿 (2015) • 2010 - 2015 年全美第二高净移民,达 1114874人 • 最大的房屋市场,2016 年有 162323个 建筑许可证 • 在过去 5 年里,德克萨斯州每天创造 近1000 个工作岗位,总计达 170万个 • 免州税,得克萨斯州为全美最低总税 率头十位之一 • 全美 第一营商环境、第二快 速 经济 增长、第三工作职位增长 • 《财富》500 强企业中,有 54 家总部

Texas • It's the second largest state in the United States, with a total area of 696,241 square kilometers • It has the second largest population in the United States, with a total of more than 27.86 million. (2016) • It has the second largest economy in the United States, up to US$ 1.5 trillion (2015) • From 2010-2015, it had the second largest number of immigrants in the United States, up to 1,114,874 people. • It has the largest housing market, with 162,323 building permits in 2016.

• Over the past five years, Texas has created nearly 1,000 jobs per day, totaling 1.7 million jobs. • Free from State taxes, Texas ranks in the top ten of the national lowest total tax rate. • It ranks first in the US for business environment, second for rapid economic growth, and third for job growth. • 54 Fortune 500 companies are headquartered in Texas (second only to New York and California), including AT&T, ExxonMobil and Dell.

Dallas-Fort Worth (DFW) • It has one of the hottest real estate markets in the US, and the fifth largest urban metropolis, with a GDP of US$ 504 billion. • Texas accounts for 31% of GDP, with 48% of high-tech staff. • With a population of 7.1 million, 2015 to 2016 witnessed a population growth of 14 million, that is, 300 people per day. • It has the fastest growing employment market, with 3.52 million people employed, and the average unemployment rate (3.5%) is much lower than the

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观点 | OPINION CHINA OFFSHORE

overall unemployment rate (5.5%) in the US. • The median housing price in 2017 was US$ 209,000, an increase of 11.2% per year. • The price per square foot is about US$ 131, below the US average. • Economic development has been stable, maintaining growth at 4-5%

位于得克萨斯州 ( 仅次于纽约和加利 福 尼 亚 州 ) , 如 AT&T, ExxonMobil 和 Dell

达拉斯 - 沃斯堡 (DFW) • 全美最火热房地产市场之一,经济第 五大都市区,生产总值5040 亿美元 • 生产总值占德州的 31%,高科技员工 占48% • 710万人口,15 至16 年人口增长14万, 即每天300人增长 • 最 快就 业市场,352 万就 业 人 数,平 均失业率 (3.5%) 远低于美国整体失 业率 (5.5%) • 17年家庭房屋价格中位数为209000 美元,按年上升11.2% • 每平方呎价格约 131美元,低于美国 平均水平 • 经济发展稳定,维持于4-5% 美国地产投资3大参与者 一般美国地产投资主要分3大参与者: • 收购及基建开发商 被形容为由“生地”変为“熟地”,如 一般的水、电、煤等基础设施的开发, 以机构投资者为主,投资金额较为庞 大 ( 如美国得克萨斯州的达拉斯 - 沃 斯堡最少为2千万美元 ),一般回报可 达 30%,除 税 后亦 可达 18-20% 的 回 报。 • 房地产开发商 从收购及基建开发商买入已开发“熟 地”,兴建房屋 / 楼宇后销售给零售

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| 8th Annual

Three major participants in US real estate investment US real estate investors are generally divided into three major categories: • Acquisition & Infrastructure Developers This is described as "changing from 'raw land' to 'mature land'". For instance, the development of general infrastructure such as water, electricity, coal, etc. is dominated by institutional investors and, with a large amount of investment (at least US$ 20 million in Dallas-Fort Worth), the return may be up to 30%, and up to 18-20% after tax, ordinarily. • Property Developers By purchasing this developed "mature land" from the acquisition and infrastructure developers, Step I Establish a company

Step II Buy the land

Open a corporate bank account in the United States

Own plots and gain land ownership

selling the built houses or buildings to retail buyers, and gaining profits from the transactions, the return can often be up to 20%. • Retail Buyers / Investors They account for about 99% of the real estate investment participants who are usually individual investors, with the main purpose of purchasing houses that are ready-built by property developers and gaining profits from property appreciation and/or rental. The rental return rate is about 4-6% generally, depending on the quality of the property, but the returns from property value appreciation are affected by environmental and economic factors, and the local policies of different areas.

Breaking traditional models to form a new trend in real estate investment As competition is becoming increasingly fierce, in order to meet the needs of retail buyers and investors, the developers around the world have shown their special prowess. This includes a Property Developer's

Step III Hire construction workers

Step IV Sell houses

Step V Get the income

Develop an agency Develop an Sales proceeds to help monitor agency to help will be deposited and manage the launch the houses directly into entire building on the market the investor's process corporate bank account About 4-6 months

Property Developer Planning Process | Source: Fuying Financial Group


观点 | OPINION CHINA OFFSHORE

买家 / 投资者,并从买卖交易中获取 利润,一般回报可达20%。 • 零售买家 / 投资者 占地产投资参与者约99%,一般为个 人投资者,主要购买由物业发展商兴 建的现成房屋,靠物业升值回报及 / 或租金回报获取利润,一般租金回报 率约4-6%,视乎不同地方 / 物业质素 而异,而物业升值回报率则因应不同 地方的环境 / 经济因素 / 当地政策所 影响。

打破传统模式,房产投资新趋势 由于竞争日趋激烈,为了迎合零售买家 / 投资者的需求,各地发展商各出奇谋, 如 市 场 近 年 推出的“房地 产 开发 商计 划”,由美国著名的发展商推出,为投资 者提供一个稳定的回报,深受零售买家 / 投资者欢迎。 • 从开发阶段开始投资,并从买卖交易 中得到潜在的较高回报 • 让零 售 买 家 / 投 资 者 参 与成为开发 商,并拥有土地所有权 • 以启动资金一百二十万美元作例,5 年经营期的预期投资回报率超过 80% ( 费后及税后 ) • 发展商帮助管理公司业务营运,并由 专家协助打理一切 • 拥有银行账户的完全控制权

Program (PDP) launched by wellknown US developers in recent years, providing investors with a steady return. It has been well received by retail buyers and investors. • Start investing from the development stage, and gain a higher potential return from transactions. • Allow retail buyers or investors to participate in the development of properties, and gain ownership of the land. • With start-up capital of US$ 1.2 million, for example, the expected return on investment within a 5-year period of operation is a rate of more than 80% (after fees and after tax) • Developers help manage corporate business operations and assist experts in taking care of everything. • Retain full control of bank accounts. The potential capital gains from

this project can offset the risk of devaluation of the Renminbi. As a result, a Chinese enterprise was attracted to this project as early as March 2017, and has made a total investment of US$ 650 million. A total of 2300 houses will be built. In addition, those who invested in this "Real Estate Developer Program" satisfied the requirements of the US EB1-C and EB5 plan for investment immigrants. The US housing market has seen a healthy rebound in recent years on the basis of highly liberal monetary policies, a strong labor force, and world economic recovery, in addition to a reduction in living costs and the increase of employment opportunities. It is believed that Dallas will continue to provide incentives for immigrants, and economic growth will continue to be supported, which further enhances the potential capital gains of this project.

该项目潜在资本收益并可抵消人民币 贬值风险,故早在 2017年3月已吸引了一 家中国企业投资,投资总额达6 亿 5千万 美元,将会建成共2300 套房子。 另外,投资此“房地产开发商计划”者亦 符合申请美国投资移民 EB1-C 和 EB5计 划的条件,近年美国住房市场在高度宽 松的货币政策、强劲的劳动力以及世界 经济复苏的基础上健康地反弹,加上随 着生活成本的降低和就业机会的增加, 人们相信达拉斯将继续为移民提供动 力,经济增长将得到进一步的支持,这 更提升此项目的潜在资本收益。

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Member Contribution

观点 | OPINION CHINA OFFSHORE

存在亚洲银行里的现金、黄金和保管箱 是否应该向美国国税局申报?

Must Cash, Gold, and Safety Deposit Boxes in Asian Banks Ever Be Reported to IRS? Robert W. Wood

部分人现在都知道,美国公民 和 绿 卡持 有者 都 必 须向美 国 当局申报自己的非美国金融账 户信息。尽管如此,许多人却并不知道 美国纳税人也会因为未经申报的贵金 属和货币而面临违法的风险。这方面的 规则相对银行账户来说并不那么清晰, 而答案也取决于和持有上述资产的机 构之间达成的协议。 对一部分的美国纳税人来说,公开自己 的货币或贵金属信息比公开账户更让 人不快。要考虑的一点是,世界上的银

Robert W. Wood

Robert W. Wood 执 业于 Wood LLP,

一家位于旧金山的税务律所,为全世 界的客户提供税务咨询和服务(www. woodllp.com)。他也是超过30本税务 书籍,包括《损害利益纳税和支付达成 (2009年第四辑和2012年副刊)》的作 者。

Robert W. Wood is a tax lawyer with a nationwide practice (www.WoodLLP. com). The author of more than 30 books including Taxation of Damage Awards & Settlement Payments (4th Ed. 2009 with 2012 Supplement, www.TaxInstitute.com). Wood@WoodLLP.com.

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ost people are now aware that U.S. citizens and green card holders must report their non-U.S. bank and financial accounts. However, many people are unaware that U.S. taxpayers can face reporting obligations on precious metals and currency. The rules are less clear than for bank accounts, and the answer can depend on the specific arrangement with the institution holding the loot. For some U.S. taxpayers, disclosing currency or precious metals seems even more intrusive than disclosing bank accounts. It is one thing to think that banks worldwide are exchanging information with the IRS. It is another to think that gold, currency or other valuables in a bank vault or safety deposit box may also be revealed. However, cautious practice now suggests considering this, particularly when such accommodations are linked to bank accounts. There are three main areas of reporting concern: • FinCEN Form 114, Report of Foreign Bank and Financial Accounts (also called an "FBAR"); • IRS tax returns on Form 1040 with Schedule B, Interest and Ordinary Dividends ("Schedule B"); • IRS Form 8938, Statement of

Specified Foreign Financial Assets ("Form 8938"). For precious metals and currency, much of the debate surrounds two issues: • the definition of "financial institution"; • whether safe deposit boxes that hold precious metals or currency are considered financial accounts.

FBARs The penalties for failing to file FBARs, even if they are civil, and even if they are non-willful, can mount up mercilessly. The Financial Crimes Enforcement Network bureau of the United States Department of Treasury ("FinCEN") issued rules amending the Bank Secrecy Act regulations, which went into effect March 28, 2011. Under the regulations, a U.S. person is required to file an FBAR if:


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行都在和美国国税局(IRS)交换信息。 另一点要考虑的是,存在银行金库里的 黄金、货币或其它贵重物品和保管箱也 有被公开的可能。不过,现在推荐的比 较谨慎的做法是把这些因素都考虑在 内,特别是这些信息和银行账户关联的 时候更应如此。 申报时主要考虑三个方面: • FinCEN 的 114表,外国银行和金融账 户申报(也被称为 FBAR); • IRS 纳税申报表 1040 和时间表 B,利 息和普通红利(时间表 B); • IRS 的 8938 表,特定外国金融资产申 明(8938表)。 对于贵金属和货币来说,大部分的争论 都集中在两个问题上: • 对于“金融机构”的定义; • 保管箱内是否装有被认为是金融账

• he had a financial interest in or signatory authority over at least one financial account located outside the U.S.; • the aggregate value of all foreign financial accounts exceeded $10,000 at any time period during the calendar year.

To determine whether the aggregate value of all financial accounts exceeds $10,000, "a reasonable approximation of the greatest value of currency or nonmonetary assets in (each) account during the calendar year" will be used. Bank Secrecy Act Regulation 31 CFR § 1010.350(c) states the following types of accounts are subject to the FBAR reporting requirements: • bank accounts, including "any other

account maintained with a person engaged in banking"; • securities accounts; • other financial accounts, including "an account with a person that is in the business of accepting deposits as a financial agency." The reach of this provision appears to go well beyond safe deposit boxes at banks and vaults. It appears to reach individuals holding assets for U.S. persons outside the U.S. No topic has probably generated more opinions than safe deposit boxes. At the same time, the IRS's Internal Revenue Manual ("I.R.M.") states in Section 4.26.16.3.2.3 that safe deposit boxes are not financial accounts with one important exception. In the note to

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户的贵金属或货币。

Section 4.26.16.3.2.3, the I.R.M. reveals:

of foreign accounts" on Schedule B.

FBARs

A reportable account may exist where the financial institution providing the safety deposit box has access to the contents and can dispose of the contents upon instruction from, or prearrangement with, the person.

The Specific Instructions to Schedule B state that a financial account includes, but is not limited to, a "securities, brokerage, savings, demand, checking, deposit, time deposit, or other account maintained with a financial institution (or other person performing the services of a financial institution)." The Specific Instructions to Schedule B then include examples of financial accounts that go beyond the traditional notions of financial accounts. Thus, a financial account is also: "a commodity futures or options account, an insurance policy with a cash value (such as a whole life insurance policy), an annuity policy with a cash value, and shares in a mutual fund or similar pooled fund (that is, a fund that is available to the general public with a regular net asset value determination and regular redemptions)."

未能向 FBARs 申报的惩罚,即使属于民 事案件,即使并非故意,也会导致面临 毫不留情处罚的严重后果。美国财政部 金融犯罪网络执法局(FinCEN)颁布了 “银行保密信息行动规则”的修改规则, 并于 2011 年 3月28日开始实 施。在 这一 规定下,美国公民需要向 FBAR 申报,如 果: • 他在至少一个位于美国之外的金融 账户上拥有金融利益或签名权力; • 在一个日历年度中任何一个时期的 外国金融账户的累计价值超过了1万 美元。 要确定所有金融账户中的累积价值是 否超过 1万美元,需要采用“日历年度中 每个账户的货币或 非货币资产的最大 值的合理估计”。 “银行秘密法案规则31 CFR § 1010.350(c)”表明以下类型的账 户需要遵守 FBAR 申报要求的规定: • 银 行 账 户,包 括所有 其它由当事人 在银行业务中需 要维护的其它账 户; • 证券账户; • 其它金融账户,包括一名经营作为金 融经纪机构来接受存款的当事人。 这一条款的覆盖范围对于银行金库和 保管箱来说已经明朗化。看起来也包括 了为在美国之外的美国公民持 有资产 的个人。没有什么话题比银行保管箱更 能引起争论了。与此同时,国税局的《国 内税收手册》(I.R.M.)也在4.26.16.3.2.3 章节中声明银行保管箱并非金融账户, 并有一个重要的例外。在对4.26.16.3.2.3 章节的说明中,I.R.M. 揭示:如果 金融 机构提供的保管箱在得到指示时,或者 和该当事人在预先安排的情况下可以 得到其中内容和处理其内容,则能被认 为是一个需要申报的账户。

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Thus, a safe deposit box containing precious metals or currency may in itself trigger FBAR reporting obligations when its value exceeds $10,000.

Schedule B A U.S. taxpayer may also be under an obligation to report foreign accounts on Schedule B to IRS Form 1040. Schedule B suggests a taxpayer is required to report a foreign account even where the account produces no income on Line 7a, Question 1. Recently, the IRS reminded taxpayers that they must report the "existence


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因此,含有贵金 属 或 货币的 保管箱如 果其价值超过 1万美元则可能引起触发 FBAR 申报义务。

时间表 B 美国的纳税人也有可能需要根据时间 表 B 来填写 IRS1040 表来尽到外国账户 的申报义务。时间表 B 建议纳税人即使 在第七行 A,第一个问题的情况下,如 果账户没有收入也要申报。最近,美国 国税局提醒纳税人,他们必须根据时间 表 B 来申报“外国账户的存在” 。 时间表 B 的特定指令表明一 个金融 账 户会包括,但并不仅限于“证券、经纪 佣金、储蓄、需求、存款、定期存款,或 其它由金融机构(或其他提供金融机构 服务的人)维护的账户。”时间表 B 的特 定指令这就包括了传统金融账户标注 以外的例子。所以,金融账户也是: “一 个商品化期货或者期权账户,一个具有 现金价值的保险单(比如全套人寿保险 合同),一个具有现金价值的养老金合 同,和一个共同基金的股份或类似的合 并式基金(这就是,一个可向公众发行 的具有普通净资产价值确定和普通赎 回的基金。)” 看 起来 似乎要否定时间表 B 的特定指 令不包含保管箱和其中存储的贵金属 和货币是很困难的。对此需 要加倍小 心。显然,虽然时间表 B 或时间表 B 的 指令都不意味着纳税人必须根据时间 表 B 公开外国金融账户的价值。 不仅如此,如果纳税人不必向 FBAR 申 报,那么这名纳税人就不需要根据时间 表B来公开任何更多的信息。另外看来, 一名在外国,但并不在金融机构内持有 贵金属和货币的纳税人就不必根据时 间表 B 来尽到纳税申报的义务。值得注 意的是,时间表 B 的特定指令包含对“金 融账户”的定义, “位于外国账户的金融 账户”和“签字权力”,却指的是其它相

It seems difficult to argue that the Specific Instructions to Schedule B do not encompass safe deposit boxes, and the precious metals and currency held inside. Caution would suggest taking this seriously. Remarkably, though, neither Schedule B nor the Instructions to Schedule B indicate that a taxpayer must disclose the value of a foreign financial account on Schedule B. Moreover, if the taxpayer is not required to file FBARs, then the taxpayer is not required to disclose any further information on Schedule B. Regardless, it appears that a taxpayer that holds precious metals and currency in a foreign country, but outside of a financial institution, would not have a Schedule B tax reporting obligation. Notably, the Specific Instructions to Schedule B contain definitions for the terms 'financial account,' 'financial account located in a foreign account', and 'signatory authority', but refers to the FBAR instructions for other relevant terms. Unfortunately, the definition of financial institution is not included in the BSA Electronic Filing Requirements for Report of Foreign Bank and Financial Accounts (FinCen114) ("FBAR Instructions"). The Bank Secrecy Act does not use the term financial institution in determining whether a financial account is subject to FBAR reporting. Instead, it refers to whether a financial account is held with a 'foreign financial agency.' This is probably due to the fact that the Bank Secrecy Act, which authorizes the Secretary of Treasury with the power

to obligate U.S. persons to adhere to FBAR reporting requirements, uses the term foreign financial agency. Yet the FBAR Instructions do not employ the term financial agency. Instead, the FBAR Instructions replace the term financial agency with financial institution, but the I.R.M. appears to use the terms interchangeably. Therefore, a taxpayer may want to err on the side of caution and report financial accounts at foreign financial agencies on Schedule B.

Form 8938 A U.S. taxpayer is required to file Form 8938 with his tax return when: • he has an interest in a 'specified foreign financial asset'; • the aggregate value of his specified

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关术语的 FBAR 指令。 而遗憾的是,金融账户的定义并未包含 在“外国银行和金融账户 BSA 电子存档 要求” (FinCen 114)(FBAR 指令)。 “银 行保密法案”并不使用金融机构确定一 个金融账户是否需要遵守 FBAR 申报的 术语。相反,它指的是一个金融账户是 否和“外国金融经纪机构”一起持有。 这有可能是因为授权财政的保密性,并 有权要求美国公民遵守 FBAR 申报要求 的《银行保密法案》采用的是“外国金 融经纪机构”的提法。 而 FBAR 指令并不采用金融经纪机构这 样的提法。相反,FBAR 指令用“金融机 构”来替换“金融经纪机构”的提法,但 是 I.R.M. 看起来是把两个术语当作可以 相互替代的用法。因此,纳税人有可能 希望加倍谨慎,并根据时间表 B 申报外 国金融经纪机构的金融账户信息。

表8938 美国的纳税人需要在如下情形下在提 交纳税申报表的同时填写表8938: • 他在一个“特定的外国金融资产”上 有利息收入; • 他的特定的外国金融资产的累积价 值超过适用于此人的申报门槛。 美国国税局颁布了《8938 表格的基本问

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foreign financial assets exceeds the reporting thresholds applicable to him. The IRS has issued Basic Questions and Answers on Form 8938 ("Form 8938 FAQs"), on whether certain assets are specified foreign financial assets and reportable on Form 8938. The Form 8938 FAQs clearly state "a safe deposit box is not a financial account." In addition, the Form 8938 FAQs proclaim that "directly held precious metals, such as gold, are not specified foreign financial assets." Nonetheless, the tax reporting obligations for directly held currency is less clear. In the answer to Question 3, under the heading "Cash or foreign currency, real estate, precious metal, art and collectibles," the Form 8938 FAQs imply that any currency, not just foreign currency, is excluded from the definition of specified foreign financial asset. This suggests that precious metals and currency held in a taxpayer's safe deposit box should not be required to be reported on Form 8938. However, if a U.S. taxpayer sells his precious

metals to a foreign person, the contract with the foreign person is a considered a specified foreign financial asset. Also, precious metal certificates issued by foreign persons, such as gold certificates, are also deemed specified foreign financial assets. In either case, if the U.S. taxpayer meets the reporting threshold, the taxpayer is required to file Form 8938.

Practical Considerations It is hard to argue with the wisdom of disclosing everything, perhaps even over-disclosing, when the FBAR penalty structure is so draconian. For many, though, a non-U.S. safe deposit box to which neither a bank nor a trust company has access should probably


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答》(“表 8938FAQs”),适用于是否这 一特定外国金融资产的特定资产是需 要申报的。而“8938表问答”清楚地表明 “银行保管箱并不是金融账户” 。此外, “表 8938 问答”也宣称“直接持有的贵 金属,比如黄金等,并不是特定的外国 金融资产。”

not be considered a foreign financial account or a specified foreign financial asset. That suggests it need not be disclosed on an FBAR, Schedule B to Form 1040, or a Form 8938. The same result should apply to the precious metals or currency held inside.

not read or retain a form agreement they sign with a bank. A safe deposit box that is linked to a bank account at foreign bank increases the risk that the safe deposit box will be deemed a financial account, even if the institution does not have access to it.

尽管如此,直接持有货币的税务申报义 务就没有那么清晰了。在对第三个的问 题的回答中, 在“现金或外国货币、房产、 贵金属、艺术品和收藏”的标题下, “表 8938 问答”所表示的任何货币,并不仅 限于外国货币,都不包括在特定外国金 融资产的定义之内。

However, there appears to be no official authority. Moreover, if the safe deposit box can be accessed by a financial institution, the safe deposit holds precious metal certificates, or the financial institution provides insurance or other services for the contents within the safe deposit box, then the safe deposit box, and its contents, are more likely to be subject to U.S. income tax reporting and disclosure obligations.

In sum, it is simply not clear when a safe deposit box is itself a financial account. It is also not clear that the safe deposit box's contents could not be aggregated with the financial account amount to reach a higher dollar total. The possibility that the government could make these arguments and seek penalties makes the topic a continuing worry.

This can be a slippery slope, and the U.S. depositor may not even know about all the terms and conditions applying to the box. Many people do

It is hard to discuss these topics without highlighting penalties. If one is uncertain whether and what to disclose, the penalty regime should

这表示纳税人银行保管箱中的贵金属 和货币并不应该在表格 8938 中进行申 报。不过,如果美国的纳税人向外国人 出售他的贵金属,和这名外国人之间的 合同就会被认为是一个特定的外国金 融资产。 而且,外国人出具的贵金属证书,比如 黄金证书,也会被认为是特定的外国金 融资产。 在上述两个案例中的任何一例, 如果美国纳税人达到了申报门槛,纳税 人都需要填写表8938进行申报。

Penalties

须考虑的实际问题 对信息曝光,也许是过度曝光的做法, 如果有不同意见,也是很难辩驳的,特 别是在 FBAR 处罚力度如此之大的大背 景下。然而对很多人来说,一个银行或 信托公司都无法开启的非美国的保管 箱,也许并不应该被视为一个外国金融 账户或一个特定的外国金融资产。这就 表示它不需要遵守 FBAR、表格 1040 的 时间表 B 或者表 8938 的规 定而被 迫公 开。同样的情形也适用于保管箱中所内 置的贵金属或货币。 尽管如此,看起来似乎并没有官方的说 法。不仅如此,如果保管箱可以被金融

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机构开启, 该保管箱中装有贵金属证书, 或金融机构提供的保险或其它服务,那 么这个保管箱和其内容物,则更有可能 要尽到美国的所得税申报和公开责任。 这就有可能会成为一个滑坡性谬误,而 美国存款人甚至有可能都不知道针对 这个盒子的所有条款和条件。许多人并 不会仔细阅读或保留他们和银行签署 的制式协议。位于外国银行中的,和银 行账户关联的保管箱让 这个保管箱被 视作金融账户的可能性大大提高,即使 该机构并没有处置它的权力。 当保管箱本身是一个金融账户时的情 况下就很不清晰。保管箱和内置物也可 以不和金融账户金额共同累积起来达 成更高总计金额的情况也不明晰。政府 会拿这些情况做文章并有采取惩罚措 施的可能性,就让该问题让人担忧。

处罚措施 不谈及处罚就很难深入讨论这些话题。 如果当事人不确定 是否应该公 开或公 开 什么内容,处罚制度 就应该 起 到作 用。当然照理来说,如果过度曝光的话 则是没有惩罚的。有两个适用于个人的 FBAR 民事处罚措施: • 对非故意违反 FBAR 的惩罚; • 故意违反 FBAR 的惩罚措施。总体来 说,国税局会对 FBAR 处罚措施做为 期六年的评估。

2015 年 5月13 日,国 税 局颁 布 了“FBAR 处罚临时指导方针” ( “临时指导”),对 FBAR 处罚的上限作了定义。 对于大多数涉及非故意违反的情况,国 税局检察员将会建议每一个公开年度 进行一次处罚,每次处罚限定为 1万美 元。指导方针公告称: “对于检查年中 非故意违反的累积处罚总额不应超过 所有未申报外国金融 账户最高累计金 额的50%。”一些案例中,在一些事实和

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matter. Axiomatically, there is no penalty for disclosing too much. There are two FBAR civil penalties that can apply to individuals: • the penalty for non-willful FBAR violations; • the penalty for willful FBAR violations. In general, the IRS has six years to assess a civil FBAR penalty. On May 13, 2015, the IRS issued Interim Guidance for FBAR Penalties ("Interim Guidance") defining the upper limits of FBAR penalties. For most cases involving non-willful violations, an IRS examiner will recommend one penalty per open year, with each penalty limited to $10,000. The Interim Guidance proclaims: "In no event will the total amount of the penalties for nonwillful violations exceed 50 percent of the highest aggregate balance of all

unreported foreign financial accounts for the years under examination." In some cases, where the facts and circumstances indicate that asserting non-willful penalties in multiple years is unwarranted, the IRS may assert "a single penalty, not to exceed $10,000, for one year only." In most cases, the total penalty amount will be limited to 50 percent of the highest aggregated balance of all unreported financial accounts during the years under examination. According to the Interim Guidelines, the IRS may recommend a lower or higher penalty based on the facts and circumstances. However, "[i]n no event will the total penalty amount exceed 100 percent of the highest aggregate balance of all unreported foreign financial accounts during the years under examination." In addition to civil penalties, a person may also be subject to criminal


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情况都表明认定的为期多年的非故意 处罚是无根据的,美国国税局有可能主 张“单一的处罚,不超过 1万美元,仅针 对一年期。” 大多数案例中,检查年中非故意违反的 累积处罚总额不应超过所有未申报外 国金融账户最高累计金额的50%。根据 “临时指导”的规定,国税局可以根据 事实和具体情况建议采取一个更低或 更高的处罚措施。不过, “全部罚款金 额不应该超过在检查年度内的所有未 申报外国金融账户的 100%。” 除了民事处罚之外,当事人也有可能因 为 故 意 的 FBAR 违 规 行 为而 面 临 刑 事 处罚。故意违反 FBAR 的当事人可能面 临最高 25万美元的罚款和5 年的牢狱之 灾。总的来说,FBAR 的刑事 处罚诉 讼 时效是从违反之日起开始计算的五年。 未能正确和完整填写 8938 表格的美国 纳税人可能因为不公开信息而面临 1万 美元的处罚。如果国税局向纳税人寄送 违法通知书,违法的处罚金额将在国税 局邮寄通知书之日起后 90 天内增加。处 罚金额将在“每 30 天的时间(或其中主 要部分)由此内增加 1万美元,在此期间 这一违法行为在上述 90 天的时限结束 后继续增加。”但是增加的金额不会超 过 5 万美元。所以,违反信息公开的最 大处罚金额可以达到6万美元。

penalties for willful FBAR violations. A person charged with a willful FBAR violation can face a fine of up to $250,000, up to 5 years in prison, or both. In general, the statute of limitations on FBAR criminal penalties is five years from the date the offense is committed. A U.S. taxpayer that fails to file a correct and complete Form 8938 may be subject to a $10,000 penalty for failure to disclose. If the IRS sends a notice of the failure to the taxpayer, the penalty for failure to disclose increases if the failure continues for more than 90-days after the IRS mailed notice. The penalty increases by "$10,000 for each 30-day period (or fraction thereof) during which such failure continues after the expiration of such 90-day period." But the increase will not exceed $50,000. Thus, the potential maximum penalty for failure to disclose is $60,000.

The failure to disclose penalty will not be imposed if a taxpayer can show reasonable cause. Notably, the penalty for failure to disclose does not preclude any civil or criminal penalties that may otherwise apply. Therefore, penalties for underpayment attributable to undisclosed specified foreign financial assets are still applicable, including: the accuracyrelated penalty under Section 6662(j), which equals 40 percent of any underpayment; the fraud penalty under Section 6663, which equals 75 percent of the underpayment attributable to fraud; and criminal penalties under Sections 7201, 7203, 7206 et seq. In light of all of these potential penalties, a 'for the avoidance of doubt' disclosure may be an attractive alternative.

违反信息公开的处罚在纳税人提交合 理 原因的情况下 可以不 被 实 行。尤 其 是,违法并不排除民事或刑事犯罪处罚 的可能性,在必要的情况下,上述处罚 都是适用的。所以,未曝光的特定外国 金融资产的缴付不足的处罚仍然适用, 这包括:第6662 节(j)规定的和准确性 相关的处罚措施,相当于任何缴付不足 金额的40%;第6663节规定的欺诈处罚 相当于缴付不足金额的 75%;而根据第 7201、7203 和 7206节等等的规定,也将 面临刑事处罚。

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Member Contribution

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马耳他——在欧盟生活和经商的理想地点 Malta - A Gateway to Living & Doing Business in the E.U. Kenneth Camilleri

合经商且充满机遇的环境,投 资安全性高、利于资产保护和 财富规划,甚至获得第二居留 权或者国籍,这里是投资人的天堂。马 耳他是位于欧洲和北非间十字路口的 岛国,越来越多的亚洲投资人将其视为 理想的投资地点。

Kenneth Camilleri

肯尼斯 • 卡米莱里是高奇律师事务所的 高级合伙人,高齐律师事务所在马耳 他、塞浦路斯、伦敦、苏黎世和香港都 有办公室的领先事务所。 他擅长公司、 个人税务、增值税,也负责居留与入籍 亚洲区。他的专长是移民法和税务,因 为可以为私人和公司客户、以及律师 事务所、银行、家族办公室和移民机构 提供无缝协助服务。

Kenneth Camilleri is a Senior Partner at Chetcuti Cauchi Advocates, a leading law firm with offices in Malta, Cyprus, London, Zurich and Hong Kong. He specializes in corporate, personal taxation, VAT, and is also in charge of the Asia desk for Residency and Citizenship. His expertise of immigration law and taxation allows him to seamlessly assist private clients and corporations, as well as law firms, banks, family offices and immigration agents. E: Kenneth@cclex.com

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business-friendly environment that is ripe with opportunities, yet where one can safely invest and cater for asset protection and wealth planning, and perhaps take up a secondary residence or citizenship is an investor's paradise. Malta, an island nation located at a crossroads between Europe and North Africa is increasingly being eyed by Asian investors as an ideal destination for investment. The Republic of Malta is strategically located at the heart of the Mediterranean, just a 2 hour flight away from most European capitals. Maltese is the national language common to most natives; however, English is an official language as well which is widely spoken and used for day to day business in Malta, with official documentation and regulation also being in English. Malta became a full member of the European Union in 2004, and adopted the region's common currency in 2008 which has significantly increased the country's attractiveness for trade. As a member of the Schengen Area, Malta also grants its citizens the right to travel freely across the Area made up of 26 European Countries, a factor which has attracted several investors to invest in Maltese Citizenship by Investment.

Besides being a destination of choice for those seeking to do business within the EU, Malta is also a very familyfriendly and welcoming jurisdiction. Being ranked amongst the top safest locations in the world, Malta is considered as an ideal relocation destination for families. Malta also enjoys an internationally acclaimed education system with both public and private schooling options. Malta enjoys a stable political climate and a bi-partisan political scene that is largely convergent on issues of national and economic importance. Malta is a parliamentary republic fully adherent to a policy of nonalignment, therefore enjoying political neutrality in international affairs. The country has excellent relations with neighbouring countries, as well as a well-developed network of bilateral and multi-lateral relations across the globe. Political stability in Malta has served a precursor for sound economy and good quality of life - attracting


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马耳他共和国地处地中海心脏的战略 位置,距离大部分欧盟国家的首都为2 小时的飞行时间。马耳他语是大部分 当地人使用的民族语言,马耳他的官方 语言为英语,是马耳他营商领域的日常 语言;而且官方文件和法规也由英语撰 写。 马耳他 2004 年加入欧盟,在 2008 年采 用欧盟的共同货币欧元,这让马耳他的 贸易更具有吸引力。作为申根国家,马 耳他公民可以自由进出26个申根国家, 这也是许多投资者选择通过投资入籍 马耳他的原因之一。 除此之外,马耳他是在欧盟经商的首选 地点,是非常利于举家搬迁的极受欢迎 的国家。马耳他是世界上最安全的国家 之一,是家庭移居的理想之地。马耳他 的教育系统,无论是公立还是私立的, 都在国际上享有盛誉。

政治环境和经济状况 马耳他 政 局稳定,实 行的虽然 是两党

high levels of FDI, and attracting families and retirees alike. Malta's economy has been resilient through times of financial turmoil, being one of only two states in the Euro Zone (the other being Germany) to maintain economic growth during the 2008 financial crisis. The country has experienced 6.4% and 5% GDP growth in 2015 and 2016 respectively - which is well above the EU average of 1.9%. Over the last decades, Malta has managed to diversify and develop new economic pillars. Whilst maintaining competitiveness of its traditional sectors like manufacturing and tourism, new economic sectors have emerged, namely; financial services, iGaming and digital, as well as the pharmaceutical industry. Malta's economic success has led rating agencies such as Moody's, Fitch and

the IMF to praise Malta's economic growth and forecast an economic surplus for years to come.

Maltese Residency and Citizenship Options For NNWs Ever since the launch of the Malta Individual Investor Programme (MIIP) in 2014, a programme which grants Maltese citizenship to affluent individuals of good repute following an investment in the Maltese economy, Malta has become a highly popular option for those seeking to attain economic citizenship. Maltese citizenship grants a number of benefits, including European citizenship within 1 year and the grant of Schengen residency while you wait for citizenship, allowing applicants to start benefitting from freedom of movement within less than a year. In order to be eligible, the applicant

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制,但在国家和经济重要问题上高度统 一。马耳他施行议会共和制,遵守不结 盟政策,在国际事务上保持政治中立。 马耳他是一个友好睦邻,同时在全球范 围内有着良 好的双 边和多边关系。稳 定的政局是经济稳健和生活质量的前 提——吸引着高水平的外国直接投资, 也吸引着一些人举家搬迁至此,也有退 休人员来马耳他生活定居。 马耳他 经济 平安度 过了金融 危机,是 2008 年欧元区内保持经济增长的两个 国家之一(另一个国家是德国)。 在 2015 年和2016 年,马耳他的国民生产 总值 增长分别6.4% 和5% ——远远超过 欧盟1.9% 的平均水平。在过去的几十年 里,马耳他的经济出现多元化,并且发 展新型的经济支柱。在保持制造业和旅 游业等传统领域的竞争力的同时,新型 经济领域也出现了金融服务、博彩业和 数字化产业和制药业等。马耳他在经济 上取得的成功,穆迪、标普和国际货币 基金组织等评级机构对马耳他的经济 增长给予了高度的评价,预测马耳他将 在未来几年保持经济的持续增长。

高净值人士的马耳他居留权和入籍选 择 2014 年启动的马耳他个人投资者计划, 向马耳他经济投资的富裕和有名望的 人士授予马耳他国籍,这使得马耳他成 为广受寻求经济公民身 份人士欢 迎的 选择。马耳他公民身份有众多优势,其 中包括一年内获得欧盟公民身份,以及 在等待入籍时的申根居留权,申请人从 自由流动的原则中受益。 • 申请人必须年满 18周岁、名誉良好、 无犯罪纪律。 • 申请人需要购买价值 350000 欧的房 地 产, 或 者 租 赁 的 房 屋 年 租 金 为 16000 欧; • 捐款650000 欧; • 购买150000 欧元的政府债券;

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would need to be at least 18 years of age, and be in good standing with a clean criminal conduct. The applicant would need to: • Purchase a property at €350,000, or rent a property at €16,000 per annum, • Make a contribution of €650,000, • Buy government Bonds amounting to €150,000, • And establish a genuine connection with Malta. Besides the MIIP, Malta offers a number of options for investors seeking to attain Maltese residency as well, namely the Malta Golden Visa or the Malta Global Residence Programme. There are various reasons why several non-EU nationals, including a number of Asian HNWI and families have attained Maltese citizenship. Under one of the aforementioned

programmes, investors will be able to relocate to a stable, economically sound jurisdiction which offers the beauty of a calm Mediterranean lifestyle coupled with the high standard of living offered by a European country. Maltese citizens also have the opportunity to live, work, relocate or do business in any EU member state. Doing business through Malta is a safe, yet advantageous option. Malta has an excellent and highly rated banking infrastructure and a robust financial services sector that makes an ideal alternative for investors, fund managers, and insurance businesses seeking a European domicile that is significantly more cost effective than financial services centers such as London or Luxembourg, but which is still competitive and a pioneer in various respects. Thus, under the Malta


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citizenship by Investment programme a non-EU entrepreneur or business person would be able to tap into the EU internal market which would have been previously inaccessible to him or her. Additionally, an investor would be able to benefit from visa-free travel to 168 destinations, including the US, Canada and the UK.

Citizenship and Taxation - PreImmigration and Tax Advice

• 建立与马耳他的真实联系。

除了马耳他个人投资者计划,投资者还 可以选择投资获得马耳他居留权项目, 即《马耳他黄金签证》计划或者《马耳 他全球居留》项目。 非欧盟公民,包括亚洲高净值人士及其 家庭希望获得马耳他公民身 份的原因 有很多。根据上述提及的项目,投资人 可以移居到政局稳定和经济稳健的国 家,且可以享受优质的地中海生活以及 欧盟国家的生活水平。马耳他公民可以 在任何欧盟国家生活、工作和移居或者 经商。

A US Chief Justice once said, 'the power to tax is the power to destroy', and indeed taxation which cripples enterprise has closed down businesses and driven investors away in a number of jurisdictions. Malta understands that balance is crucial in this regard and has sought to foster a businessfriendly tax regime that allows businesses to prosper and attracts foreign investment. Investors should know better than anyone else that tax planning, particularly pre-immigration tax planning is a must to avoid incurring taxes which could be avoided. Malta offers a tax neutral environment for

those who obtain Maltese citizenship but do not take up residency here but also offers expatriates who elect for tax residency in Malta unrivalled quality living and tax optimization opportunities. One should note that Maltese citizenship does not automatically create a tax residency, but this is arises due to the genuine link with Malta which is needed to qualify for Maltese citizenship. When meeting the residency requirements set under Malta's Citizenship Programme, one can prudently assume that the investor will be considered a tax resident for at least two years over which the 12 month timeline for citizenship extends. However, being considered tax resident in Malta does not necessarily result in taxation. Tax will only be due for resident foreigners on income or capital gains arising in Malta, and foreign income (excluding capital or capital gains) which have been received in Malta, a system which is commonly referred to as the source and remittance basis of taxation. Thus, through sound pre-immigration

在马耳他经商是非常安全的,而且还是 有利可图的。马耳他的银行基础设施完 备,备受好评;还有强健的金融服务行 业,这都是意图在欧盟开展业务的投资 人、基金经理人、保险企业的理想选择, 而且相对伦敦 或者卢森堡等金融中心 的成本更低。因此,根据马耳他投资入 籍计划,非欧盟企业家或者商务人士可

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以进入之前无法进入的欧盟内部市场。 另外,投资人还可以免签畅游 168个国 家,这些国家中包括美国、加拿大和英 国等高度发达的国家。

入籍与税务——移民前税务咨询 正如美国首席法官所说: “课税的力量 也是毁灭的力量。”的确,某些国家的 税收使一些企业停业,投资人不得不离 开其宗主国。马耳他对此的理解是要取 得平衡非常关键,追求建立有利于商业 发展的税收体系至关重要,以促进商业 繁荣和吸引外国投资。 投资人应当比任何人更了解 税务规划 的重要性,尤其是移民前税务规划是必 须的,以节省可以避免的税收。马耳他 的税收中立环境非常适合具有马耳他 公民身份但未在马耳他居留的投资人, 也适合将马耳他作为税收居住地的海 外人士,享受无与伦比的优质生活和税

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planning advice, a prospective citizen will be able to reap the benefits of Malta's tax resident-non-dom regime which allows individuals to be taxed on a remittance basis of taxation.

Malta Holding Companies: Flexible and Tax-e�cient Structures Malta holding companies have become a highly popular option and an ideal conduit to and from the EU mainly due to their flexible setup structures, as well as their costeffective domestic tax treatment. Malta holding companies can be set up in order to hold shares and securities and business assets in any form such as real estate, fixed assets, aircraft, investments, bank accounts and intellectual property as well as personal assets including any luxury

items such as yachts, residential property, and works of art. From a taxation point of view, holding companies which qualify as qualifying participating holdings under the Malta Participation Exemption regime will be exempt from tax in Malta on any income or capital gains derived by Malta companies. Holding companies which do not qualify, or opt to be taxed under a different regime could still benefit from Malta's full imputation system, effectively resulting in an exemption from taxation, or one of following tax refunds: • 5/7ths of the Malta tax paid, where the income received by the company is passive interest or royalties or income or capital gains from a participating holding which


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收优化机会。 应当注意的是,马耳他的公民身份不会 自动成为税收居民,而是因为与马耳他 之间的真实联系而产生。当达到马耳他 入籍计划的居留要求时,就可以谨慎地 认为投资人是税收居民,且至少应该是 2 年的时间,其中包括入籍 12 个月的时 间。然而,马耳他的税收居民不一定意 味着纳税义务。在马耳他居住的外国人 仅因在马耳他获得收入或者资本利得 和汇款至马耳他的外国收入而纳税(不 包括资本或者资本利得),也就是经常 所指的纳税来源和基于汇款基础的税 收体系。 因此,通过合理的移民前规划咨询,投 资人可以 从马耳他的非常驻税收公民 的制度中获益,符合基于汇款基础的税 收体系。

马耳他控股公司:灵活的节税架构 马耳他控股公司是极受欢迎的选择,也 是通向欧盟的理想道路。因为他们有灵 活的组建程序和成本低廉的国内税收 待遇。为持有股份、证券和任何形式的 商业资产,例如房地产、固定资产、航空 器、投资、银行账号和知识产权,还有 包括游艇、住宅房地产和艺术品任何奢 侈品等个人资产,可以设立马耳他控股 公司。 从纳税的角度来看,根据《马耳他参与 免税法》,控股公司的参与控股符合条 件的,马耳他公司的任何收入或者资本 利得在马耳他无需纳税。不合格的或者 选择其它税收制度纳税的控股公司,可 以从马耳他的完全归集抵免制中获益, 可以免税或者获得下列退税之一: • 如果公司的收入是消极利益或者版 税或者来源于参与控股,但又不是避 风港或者符合反滥用条款的收入或 者资本利得,5/7的马耳他税; • 如果收入是符合双重征税协定的减

does not fall within certain safe harbours or satisfy the anti-abuse provisions; • 2/3rds of the tax payable in Malta, where income has benefitted from double taxation relief; • 6/7ths of the Malta tax in all other cases. Additionally, dividend payments made by Malta holding companies to non-residents are paid free of Malta withholding tax. Moreover a nonresident shareholder of Malta holding companies would be exempt from tax in Malta on the gain derived upon the disposal of shares in a Maltese company whose main assets do not consist of real estate situated in Malta, provided that the ultimate beneficial owner of the gain or profit is not directly or indirectly owned and controlled by, nor acts on behalf of individuals who are resident and domiciled in Malta. One should note that Malta has also concluded over 70 double taxation treaties with different countries around the world which provide for relief from double taxation. Most of these treaties are based on the OECD model. Where no such treaty has been concluded, one may benefit from the granting of unilateral relief or the Flat Rate Foreign Tax Credit system which also provide relief from double taxation.

Asset Protection and Wealth Structuring in Malta Whilst fostering an environment that is highly beneficial for those seeking an ideal platform to do business,

mainly through innovative regulatory efforts that promote business and a cost-efficient domestic tax regime, Malta is also a stable jurisdiction that provides for optimal asset protection and wealth structuring. Malta trusts and foundations are the most popular vehicles for estate management since they are beneficial yet secure ways of structuring one's wealth. Corporations, particularly successful family businesses may set up a Malta Private Trust Company, a privately owned corporate trustee acting as a trustee of trusts holding the assets of a wealthy family. Alternatively, a unit trust may be set up which merges the resources and funds of a number of investors which will be entrusted to a third person. This option is ideal for persons (be it legal or natural) who are not able to individually accumulate a large pool of money which is sufficient to give them access to substantive investment

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少条件的,2/3 的马耳他税; • 所有其它情况的6/7的马耳他税。 另外,马耳他控股公司向非居民支付的 分红无需缴纳马耳他预提税。而且,如 果其主要资产不是在马耳他的房地产, 且该收益的最终受益人不是在马耳他 居住居民直接或者间接拥有或者控制, 也不是其代表的,马耳他控股公司的非 居民股 东因出售在马耳他公司的股份 的收益无需纳税。 应当注意的是,马耳他与不同国家签订 了超过 70 份免双重征税协定,这就可以 有效减少双重征税。大部分的协定都是 以经济合作与发展组织的税收协定范 本为基础的。如果没有签订该协定,可 以从当方税额减免的法则或者外国抵 免所得税同一税率制度中获益。

马耳他资产保护和财富规划 为商人营造非常有利的环境,主要是通 过创新的法规来促进商业和成本低廉 的国内税收体系。马耳他非常稳定,是 最理想的资产保护和财富规划之地。 马耳他信托和基金会是最受欢迎的资 产管理工具,因为它们有利可图且安全 可靠。公司,特别是成功的家族企业可 以成立马耳他私人信托公司 ,私人所 有的公司受托人担任受托人的角色持 有其资产。另一种选择是,由众多投资 人将其资源和资金结合一起设立单位 信托,并且委托给第三人。该选择对于 个人无法大量投资的人士(法人或者自 然人)能够有大量投资的机会。通过设 立单位信托,投资人可以筹集大量资金 并有机会投资之前其无法企及的投资 机遇。 另外,部分或者全部在马耳他之外获得 收入以及受益人是非马耳他居民或者 根据马耳他法律免税的收入,信托是税 收透明的实体。

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opportunities. By setting up a unit trust, such investors would be able to collectively contribute such large pools of moneys and access lucrative investment opportunities which were previously out of their reach. Additionally, trusts whose income partially or wholly arises outside of

Malta and whose beneficiaries are non-Maltese residents or have income which would be exempt from tax under Maltese law will be treated as tax transparent entities.

A Thriving Financial Services Hub Building on the success of its robust


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蓬勃发展的金融服务中心 因为强健的银行业的成功,马耳他抓住 机会打造成欧洲金融服务中心。 马耳他有众 多创 新 的基金,包括 专业 投资者基金(通常简称为 PIFs,马耳他 的对冲基金,但不受《另类投资基会管 理人指令》的监管)、另类投资者基金 (AIFs)、公告另类投资基金(马耳他的 创新基金产品,经注册,十天内就能上 市)、可转让证券集合投资计划(零售基 金)、个人基金和不可转让证券集合投 资计划以及经认可的注册细胞公司。 尽管马耳他比伦敦 等金融中心在 规模 上要小,但马耳他的金融服务领域已发 展壮大,且有能力根据法规创造完全符 合标准的基金和产品。如专业投资人基 金和公告另类投资基金,提出创新解决 方案。 而且,作为一个欧盟成员国,另类投资 基金和公告另类投资基金可以获得欧 盟通行权。

博彩业 从商业的角度出发,必须提到马耳他成 功成为博彩业中心。马耳他立法机构是

banking industry, Malta has taken the opportunity to style itself as a European financial services centre. Malta offers a whole gamut of innovative funds structures, including Professional Investor Funds (commonly referred to as PIFs, the Maltese hedge fund that does not fall under the AIFMD), Alternative Investment Funds (AIFs), Notified AIFs (an innovate fund product offered in Malta which may be incorporated and market to investors within just 10 days), UCITS (retail funds), private funds and nonUCITS, and Recognised Incorporated Cell Companies. Despite the fact that it has a significantly smaller market size than much larger centres such as London, the Maltese financial services sector has grown for its ability to create innovative solutions through regulation which allows it to offer fully EU-compliant funds and products such as PIFs and Notified Alternative Investment Funds which come as refreshing alternatives to European products.

Moreover, as an EU member state, Maltese funds such as AIFs and Notified AIFs benefit from the possibility of EU Passporting.

Gaming From a business perspective, it is impossible not to mention Malta's success in becoming a gaming hub for gaming companies. The Maltese legislator was one of the first to regulate the sector and the result was a transparent environment where companies feel safe to set up. Additionally, Malta grants several fiscal benefits to gaming companies seeking to set up shop here, namely a low gaming tax that has attracted several to set up shop here.

Property and Development - invest in a buoyant Real Estate market Real estate is often seen as an ideal investment option for those seeking a safer way to protect their income and invest. In 2010, when most European property

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第一个监管该领域的,其成果是建立了 一个透明,公司可以安全投资的商业环 境。此外,马耳他为在马耳他设立公司 的博彩公司提供财政支持,即较低的博 彩税收,且已经吸引了多家公司。

房地产开发——投资发展良好的房地 产市场 房地产,对于想要更安全的方式保护其 收入和投资的人来说,通常被认为是理 想的投资选择。

2010 年,大部分的欧盟国家的房地产市 场都处于低迷时期,但是马耳他的房地 产市场却因其相当稳定和一流的投资 回报,赢得了梦寐以求的良好声誉。之 后,房价下跌是短暂的。通常,马耳他 房地产的价值得以维持,在过去的几十 年里,其价值层指数型增长。马耳他房 地产行业的一流的专家确认的事实,马 耳他房地产的需求稳定增加。因为马耳 他经济多元化,房地产价格不会突然下 降,可以安全投资。

为什么选择高奇律师事务所? 高奇律师事务所是专业的服务公司,向 世界范围内的企业和个人提供法律、税 务、信托、会计和保证服务。事务所誉 满国际,在马耳他、塞浦路斯、苏黎世、 伦敦和香港都有办公室。马耳他作为著 名的离岸金融中心而出现,创始合伙人 们通过将他们的专业领域结合在一起, 组成高奇律师事务所,在马耳他的法律 和金融服务领域享有盛名。我们专业从 事居留与国籍法、金融服务、公司法和 税法,提供一系列的服务,包括房地产、 运输与游艇、航空、艺术法、博彩、知识 产权和信息通讯技术。 事务所由经验丰富的律师、咨询师、税 务专家和会计组成,提供全面的、符合 我们客户的个人和商业法 需求的全 套 服务。

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markets experienced a downturn, the Maltese realty market earned itself a coveted reputation for being relatively steady, constant and with a first-rate return on investment. Any slumps in property prices since then were short lived. Generally, Maltese property holds its value very well and has experienced exponential growth for decades, a fact which is confirmed by leading experts in the Maltese property industry who are confident that while we are seeing a steady demand for Maltese property, this will not result in a sudden drastic fall in prices due to the fact that Malta has a diverse economy where one feels safe to invest.

Why Chetcuti Cauchi Advocates? Chetcuti Cauchi is a professional services firm providing legal, tax, fiduciary, accounting and assurance services to businesses and private clients worldwide. The firm enjoys a highly international profile with

offices in Malta, Cyprus, Zurich, London and Hong Kong. With roots in Malta's emergence as a prominent offshore financial centre, Chetcuti Cauchi started with the merger of the professional practices of its founding partners and has since established a solid name in the legal and financial services industry in Malta. We specialise in residency and citizenship law, financial services corporate law and tax law, and offer a wide range of services linked to several sectors, including property, shipping and yachting, aviation, art law, gaming, intellectual property and ICT. Our firm is made up of an experienced team of lawyers, advisors, tax specialists and accountants who are able to offer a holistic, in-house service that caters to all our clients' personal and business legal needs.


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Member Contribution

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伯利兹最新情况 Belize Update

利兹位于中美洲和加勒比海之 间,现有人口37.5万,是中美洲 唯 一 以 英语为官 方语 言 的 国 家。自1990 年起,伯利兹就是一个国际 金融服务辖区。 自从国内出现国际金融服务行业以来, 伯利兹相继颁布了1990 年《国际商业公 司法案》、1992 年《信托法案》、2010 年 《国际基金会法案》以及2011 年《国际 有限责任公司法案》,多年来,伯利兹 并没有对其境内可用的国际商务工具 的监管立法进行 过多次 重大的修订。 2007年,伯利兹要求对国际信托进行强 制注册;2013 年,颁布了《会计记录(维 护)法案》。但过去两年时间里,伯利兹 对其国际金融服务行业进行了重大调

Amanda C. Young TEP, JP

Amanda 在国际金融服务行业已有 14 年经验。她于2014年加入 ICS 团队,担

任信托经理,主要负责管理信托公司。 她是信托及房地产从业者协会 (STEP) 的正式会员,担任伯利兹行业协会的 秘书及伯利兹信托及房地产从业者协 会的主席。

Amanda has fourteen years of experience in the IFS industry. She joined the ICS team in 2014 as Trust Manager focusing on the administration of their trust company. She is a full STEP member, serves as Secretary of the industry association in Belize and as Chairperson of STEP Belize.

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Amanda C. Young TEP, JP

N

estled between Central America and the Caribbean, Belize currently stands at a population of 375,000 people and is the only English speaking country in Central America. Belize has also been an international financial services jurisdiction as of 1990. Since the advent of the IFS industry in Belize, with the introduction of the International Business Companies Act in 1990, the Trusts Act 1992, the International Foundations Act 2010 and the International Limited Liability Companies Act 2011 there haven't been many significant amendments to the legislation governing the vehicles available in Belize for international business. The year 2007 saw the requirement for mandatory registration of international trusts and the year 2013 introduced the Accounting Records (Maintenance) Act. The past two years, however, have brought about substantial

amendments to the IFS industry in Belize and more importantly, to the Belize IBC Act.

New Developments International Financial Services Commission (Licensing) (Amendment) Regulations, 2016 The start of 2016 saw the introduction of two important Statutory Instruments. S.I. No. 10 of 2016, the International Financial Services Commission (Licensing) (Amendment) Regulations, focuses on the fees and capital requirements for the various IFS licenses available in Belize. Belize offers thirteen different licenses, and the amendment gave effect to the increase in the application fee for each license. Additionally, while the annual license fee also increased for majority of the licenses, license holders for Formation or Management of IBCs, Trust and Foundation Formation and


观点 | OPINION CHINA OFFSHORE

整,更重要的是,对《伯利兹国际商业 公司法案》进行重大修订。

新发展

2016年《国际金融服务委员会(许可) (修正)条例》 2016 年初,伯利兹颁布了两个重要的法 律文件,一个是“2016 年第 10 号法律文 件” 《国际金融服务委员会(许可) (修正) 条例》,集中关注伯利兹可用的各种国 际金融服务许可证的费用及资本要求。 伯利兹提供十三种不同的许可证,此修 正条例提高了每一种许可证的申请费 用。此外,大多数许可证的年度许可证 费用也相应提高了,但国际商业公司组 建或管理、信托及基金 组 建和管理以 及会计服务许可证的持有者年费并未 增长。大多数许可证的资本要求也提高 了,其中对外汇交易及证券交易许可证 持有人资本总额的要求提高了最多。自 2016 年起,这两种许可证的持有人必须 存入 500000 美元的资本金。在 2016 年 年底之前,许可证持人必须增加其各自 伯利兹银行账户的资本存款额,如果需

Management and Accounting Services saw no increase in their annual fee. Capital requirements also increased for majority licenses with the most significant increase being the capitalization now required for license holders of Trading in Foreign Exchange and Trading in Securities licenses. License Holders of these two licenses, since 2016, are now required to deposit a capital amount of US$500,000.00. License Holders had until the end of 2016 to increase their capital deposit at their respective Belize bank, where required, and had the option to make further arrangements with the International Financial Services Commission if needed. The Belize IFS Commission has indicated that the passing of the Licensing Amendment Regulations is a step towards better regulating the licenses available in Belize. The Commission has also hinted on various other amendments being considered

for its overall plan on the regulation of the industry. With time, we should see these amendments come into force.

IBC (Fees) (No. 2) Regulations, 2016 Statutory Instrument No. 39 of 2016, which also served as a revocation of S.I. No. 11 of 2016, gave effect to the increase of various IBC related registry fees and put into law fees in relation to certain common practices. Some increases in fees include the fee for submitting Articles of Continuation which is now US$100, up from US$25. A Certificate of Good Standing from the Belize IBC Registry now comes at a cost of US$50, also up from US$25. Clients who fail to renew their IBC for any given year are now looking at higher fees to bring that company into good standing. The Restoration Fees for struck off companies now stand at US$500 for restoration within six months after striking off, and US$1,000 for restoration after six

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要,还可以选择与国际金融服务委员会 做出进一步安排。 伯利兹国际金融服务委员会指出,通过 许可修正条例是为了加强对伯利兹现 有各种许可证的监管。委员会还暗示其 正在考虑各方面其他修正案,以落实对 行业监管的全面规划。

2016年《国际商业公司(费用) (第2号) 条例》 “2016 年第 39 号法律文件”废除了“2016 年第11号法律文件”,同时还提高了各种 国际商业公司相关的注册费用,将与某 些惯例相关的费用纳入法律规定。 上涨的费用包括了提交《延续章程》的 费用,从 之前的 25 美元 增长 到现在的 100 美元。伯利兹国际商业公司注册处 出具《存续证明书》的成本也从之前的 25 美元增长到现在的 50 美元。任 何特 定年份未对国际商业公司进行续期的 客户现在必须支付更高的费用,才能使 公司成为良好存续状态。注销公司的恢 复费用也上涨了,注销后六个月内恢复 的费用从之前的300美元增长到现在的 500 美元,注销满六个月后恢复的费用 从 之前的 600 美元 增长 到现在的 1000 美元。新近纳入法律规定的费用包括: 想要在其国际商业公司代理期限内提 交辞职信的任 何代 理 人,需支付 25 美 元;想要向伯利兹国际商业公司注册处 提交任何公司登记簿 , 也需支付费用。 在这些费用修正案中,最重要的一项是 伯利兹国际商业公司的续期费。国际商 业公司的注册费用依然是100 美元,但 此后的续期费用为 150 美元,这反过来 也会影响到未按时缴纳续期费用的滞 纳金,现在,只要超过了每一年的 7月31 日,就需额外缴纳50% 的续期费用作为 滞纳金。

2017 年《税收事务相互行政 协助(修 正)法案》 伯利兹已经签署了经济合作与发展组

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months following striking off, both increases from US$300 and US$600 respectively. Fees newly introduced into law include a fee of US$25 for any Agent wishing to file resignation letters for any IBC under its agency as well as fees for companies wishing to file any of its corporate registers with the Belize IBC Registry. With these amendments in fees, of most importance is the increase in the

renewal fee of a Belize IBC. While the incorporation fee for the IBC remains at US$100, the renewal fee thereafter is now US$150, which in turn affects the late penalty fee for renewal, which now stands at 50% of the renewal fee applied immediately after July 31st in each year.

Mutual Administrative Assistance in Tax Matters (Amendment) Act, 2017


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织的“统一报告标准”,计划于2018 年起 推行报告实践,毫无疑问,伯利兹届时 将颁布法律来实现此目标。本质上, 《税 收事务相互行政协助(修正)法案》对主 体法案进行了修正,实现了金融信息的 自动交换,而不是应要求才进行的信息 交换。此修正案引进了 “统一报告标准” 的定义及其“多边主管当局协议” 。 此修正 案 还 列出了主管当局的权力和 职能,规定如未按照要求提交信息申报 表须缴纳 10000 美元的行政罚金,还定 义了评估此项罚金的程 序以及提出上 述的权利。 此修正案的实质性内容在于修正法案 后附的新附件,特别是其中的附件 2 和 附件 3。附件2 包括伯利兹于2015 年 10月 29日签订的“多边主管当局协议”的文 本;附件 3 则是针对统一报告标准以及 金融账户信息的尽职调查。附件 3 具体 介绍了一 般报告要求以 及 对新的和预 先存 在的个人 及 实体账户进行尽职调 查的要求。附件3还包括与“统一报告标 准”相关的条款,介绍了“报告及非报告 金融机构”、 “金融账户”、 “被动和主动 非金融机构”等术语的定义。有趣的一 点是,修正方案被视为于2017年 1月1日 起生效。 尽管此修正法案于2017年初生效,但直 到 2017 年 7月通 过《税 收事务相互行政 协助(金融账户信息自动交换)条例》才 真正有效。此条例使修正法案和公约的 规定 生 效,还一 一列出了80 个参与的 司法辖区。伯利兹已准备好在 2018 年报

As Belize has signed on to the OECD's Common Reporting Standard with a timeline of 2018 to commence reporting exercises, it comes as no surprise that legislation would be introduced to make this possible. The Mutual Administrative Assistance in Tax Matters (Amendment) Act in essence amends the principal act to allow for automatic exchange of financial information as opposed to exchange of information upon request. The amendment introduces the definition of CRS and its Multilateral Competent Authorities Agreement. The amendment proceeds to lay out the powers and functions of the competent authority and introduces an administrative penalty of US$10,000 for failure to file information returns when required as well as procedures for the assessment of this penalty and the right to appeal. The real substance of the amendment lies within the new schedules of the amendment act, specifically Schedule 2, which contains the text of the Multilateral Competent Authority Agreement signed onto by Belize on 29th October, 2015, and Schedule 3 which deals with the common standard on reporting and due diligence for financial account information. Schedule 3 goes into detail on the general reporting requirements, due diligence requirements for new and pre-existing individual and entity accounts. Schedule 3 also includes terms related to CRS and introduces the definitions of Reporting and Non-Reporting FIs, Financial Account, Passive and Active

NFE among others. It is of interest to note that the amendment act is deemed to have come into force on 1st January, 2017. While the amendment act came into force at the beginning of 2017, it has not been truly effected until the introduction of the Mutual Administration Assistance in Tax Matters (Automatic Exchange of Financial Account Information) Regulations passed in July, 2017. These regulations provide for giving effect to the provisions of the amendment act and the Convention, and list all 80 Participating Jurisdictions. Belize is poised for the reporting and sharing of financial account information for 2018.

International Business Companies (Amendment) Act, 2017 Following the passing of the robust CRS legislation, another such fullbodied amendment is the IBC (Amendment) Act of 2017. This amendment serves as a step towards the transparency of the Belize IBC by introducing mandatory keeping of registers of directors and beneficial owners and allowing IBCs the option to become tax liable. This amendment also gives effect to the abolishing of bearer shares. 1. Registers of Directors and Beneficial Owners While the filing of registers of directors, shareholders and beneficial owners with the IBC Registry remains optional, all IBCs are now required to keep a copy of these registers at their Registered Office. The amendment further lists all information required

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告并分享金融账户信息。

2017年《国际商业公司(修正)法案》

在通过了强有力的统一报告标准立法 后,另一个影响重大的此类修正案就是 2017年《国际商业公司(修正)法案》。 此修正案强制要求保留董事及受益所 有人登记簿,允许国际商业公司选择成 为纳税责任人,从而进一步推动伯利兹 国际商业公司的透明度。此修正案还正 式废除了不记名股票。

1. 董事及受益所有人登记簿 尽管向国际商业公司注册处提交董事、 股东和受益所有人登记簿依然只是一 个可选内容,但现在所有国际商业公司 都必须在其公司注册办事处保留此类 登记簿。此修正案进一步列出了公司董 事登记簿中必须反映的所有信息;规定 在违反修正法案此章节规定的持续期 限内,须缴纳 25 美元 / 天的罚金,而且 明知违反规定但仍允许此种行为的每 位董事也都要缴纳此项罚金。为了更好 地落实保留公司登记簿的规定,其中还 定义了“受益所有人”、 “最终所有或控 制”以及“最终有效控制”等条款。新增 的“第四部分 A——受益所有人”还针对 以下事项做出了规定:保留受益所有人 登记簿;登记簿中须反映的所有信息; 更新 登记簿以 始终维持其精确性;公 司查证受益所有权信息的义务;被裁定 违反此章节规定的任何公司都需缴纳 50,000.00 美元的罚金。在 2018 年 7月1 日之前,每一家公司都必须在自己的注 册办事处保留此类登记簿。 2. 废除不记名股票 此修正案通过之后,即废除了不记名股 票,不再允许发行不记名股票,且记名 股票也不再允许转为不记名股票。新公 司的组织大纲和公司章程必须包括有 此意思表达的条款,而现有公司可选择 对其组织大纲和公司章程进行修改,删 除所有提到不记名股票之处,加入禁止 公司发行不记名股票的条文。而现在已

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to be reflected in a company's register of director and introduces a penalty of US$25 for each day or part thereof during which the contravention of this section of the amendment act continues, and also attaches such penalty to each director who knowingly permits the contravention. For better effect of the keeping of the corporate registers, the terms "beneficial owners", "ultimately owns or controls" and "ultimate effective control" are defined. A new Part VI A - Beneficial Owners has also been included to address the keeping of the register of beneficial owners, all information to be reflected in the register, the updating of the register to maintain accuracy at all times, the company's duty to seek beneficial ownership information and a penalty of US$50,000.00 for any company found to be in contravention of this section. Each company has until 1st July, 2018 to file its registers at its registered office.

2. Repeal of Bearer Shares With the passing of this amendment act, bearer shares have been repealed and are no longer allowed to be issued, and registered shares are no longer allowed to be converted into bearer shares. The Memorandum and Articles of Association of new companies are required to include a clause to this effect, while existing companies have the option to amend their M&A to remove all reference to bearer shares and to include clauses prohibiting the company from issuing bearer shares. Companies that currently have bearer shares in issue have until July 2018 to convert those shares to registered shares, after which time the company shall become liable on summary conviction to a fine of US$5,000.00 for each day during which it fails to comply with this section of the amendment act. 3. Income Tax and Other Taxes, Duties and Exchange Control Restrictions


观点 | OPINION CHINA OFFSHORE

经发行不记名股票的公司,必须在 2018 年 7月之前将此类股票转为记名股票; 此期限之后,公司如未满足修正法案中 此章节的规定,则循简易程序定罪,在 未合规期限内,处以5000 美元 / 天的罚 金。

3. 所得税和其他税金、关税和外汇管控 限制 废除《国际商业公司法案》 “第十二部 分”,以“第十二部分——所得税和其他 税金、关税和外汇管控限制”取而代之。 此章节的规定主要是允许国际商业公 司选择成为伯利兹的纳税责任人。在伯 利兹注册的国际商业公司现在可以 选 择豁免《所得税和营业税法案》中规定 的税费,或者选择承担与公司收益相关 的此类税费。尽管该《国际商业公司(修 正)法案》现在提供了成为纳税责任人 的选择,但要使此类纳税义务生效,还 必须对《伯利兹所得税和营业税法案》 进行相应的修正。 4. 其他修正 《国际商业公司(修正)法案》还对其他 一些方面进行了修正,但并没有前文所 述的修正那么重要。在国际商业公司名 称限用词汇表中加入了更多的词汇,包 括“君主” “ 、金融” “ 、学院” “ 、资产管理” 、 “教育”、 “投资管理”等。此外,除公报 外,修正案现在还允许国际商业公司注 册处和代理人在注册官的网站上发布 某些通知。

Part XII of the IBC Act has been repealed and replace with Part XII – Income Tax and Other Taxes, Duties and Exchange Control Restrictions. This section essentially includes provisions allowing IBCs to opt to become tax liable in Belize. International Business Companies registered in Belize can now elect to be exempted from taxes under the Income and Business Tax Act or elect to be liable to these taxes in relation to the company's profits and gains. While this IBC (Amendment) Act now provides for the option to become tax liable, the respective amendments must be made to the Belize Income and Business Tax Act for tax liability to be effective. 4. Other Amendments The IBC (Amendment) Act introduces other amendments, while not as significant as those previously mentioned are of note. Additional words have been included in the list of restricted words to be used in the name of an IBC including

"Monarchy", "Financial", "Academy", "Asset Management", "Education", "Investment Management" among others. The amendment also allows the IBC Registry and Agents to now publish certain notices on the website of the Registrar in addition to the Gazette. Belize has seen the introduction of significant amendments in the years 2016 and 2017, and while these amendments affect mainly the Belize IBC, the International Financial Services Commission has indicated that amendments will follow for the LLC, International Trust and International Foundation, with an overall aim to strengthen each product offered by the jurisdiction. Changes within the Commission itself, the introduction of a new Director General as of 1st September, 2017, brings about a renewed commitment to the reinforcement of the IFS industry in Belize and a re-focus on the promotion of the jurisdiction internationally.

2016 和 2017年,伯利兹对现有法案作出 了重大修正,而此类修正案主要影响的 是伯利兹的国际商业公司。国际金融服 务委员会指出,之后还会针对有限责任 公司、国际信托和国际基金会颁布此类 修正案,其总体目标是为了加强伯利兹 所提供的每一项产品。委员会本身也发 生了变化,2017年 9月1日新上任的局长 再次承诺要加强伯利兹的国际金融服 务行业,把工作的焦点重新集中辖区的 全球推广上。

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Member Contribution

观点 | OPINION CHINA OFFSHORE

《外国投资法》背景下的开曼群岛公司注册 Company Registration in the Cayman Islands under the Foreign Investment Act Meng Li

曼群岛几乎是全球最著名的离 岸注册地,名气这么大完全是 因为 VIE 架构。VIE 架构原本为 新浪独创,当年的互联网公司新浪在国

李梦 Meng Li

李梦律师拥有十年律师执业经验,北 京德和衡(上海)律师事务所律师,家 族财富管理业务团队的负责人,上海 律师协会信托业务委员会委员,民主 建国会会员。 借助 境内外 优秀 金融 机 构的合作资 源,李律师致力于在私人财富管理和 纠纷解决领域为广大中外客户提供法 律服务。李律师注重理论研究,在中外 期刊发表财富管理领域的论文多篇。

Lawyer Meng Li's experience in law practice is more than 10 years; she works at Beijing Deheng (Shanghai) Law Firm and leads a family wealth management team. She is also a member of Shanghai Lawyers Association Trust Business committee as well as the China Democratic National Construction Association. With the co-operational resources from domestic and foreign financial institutions, Lawyer Li is dedicated to private wealth management and dispute resolution for Chinese and foreign clients. Lawyer Li has an emphasis on theoretical research; her articles of wealth management were published on various periodicals in China and overseas.

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T

he Cayman Islands is perhaps the best-known offshore destination for company registration around the globe, and its fame comes down to the Variable Interest Entity (VIE) structure. The VIE structure was originally created by the Chinese Internet company Sina, during a time when it was tough for the company to finance domestically. The state doesn't allow foreign capital to be directly invested into Internet companies in China, so Sina's investors registered a company in the Cayman Islands, through which it could indirectly maintain control. Relying on this miraculous legal structure, Sina successfully financed from outside of China and eventually got listed in the overseas capital markets.

eventually got listed on the U.S,' NASDAQ. It is said that, on average, over 4,300 Chinese enterprises are registered in Cayman per year, and in the past two decades, 44 of the 50 family enterprises successfully listed in Hong Kong were registered in the Cayman Islands. In 2015, Li Ka-Shing also changed his enterprises' domicile to the Cayman Islands. In terms of offshore company registration, the Cayman Islands is a god-like entity to entrepreneurs.

Foreign investors choose the Cayman Islands not only because of its good supporting services, including information non-disclosure, efficient registration, tax-exemptions, and absence of foreign exchange regulations, but also because the registration of a company in Cayman has the appeal of facilitating a smooth financial process that allows enterprises to get listed in the U.S. or Hong Kong.

The Foreign Investment Act is a law that allows China to regulate foreign investment. The context of its introduction is that a large number of Internet and telecommunication giants - including Sina, Alibaba and JD, with market capitalizations in the region of CNY 100 billion - were being controlled by foreigners, and fell beyond the scope of China's regulation. Meanwhile, the opening of the Internet sector endangered state security and social stability in China. In particular, after a decade of high speed growth, China has powerful economic strength, therefore, it is unwilling to let foreign capital continue to invest in

Since then, Alibaba, Baidu and several other large Internet firms have dealt with the difficulty of financing by adopting this VIE structure, and

The Chinese government's announcement of the Foreign Investment Act (yet to be enacted), however, has to some extent implied the termination of the Cayman Islands' golden days for offshore registration.


观点 | OPINION CHINA OFFSHORE

内融资艰难,而国家又不允许外国资本 直接投资中国的互联网企业,于是新浪 的投资人就在开曼群岛注册公司,然后 通过开曼公司间接控股国内的新浪,借 助这神奇的法律架构,新浪在境外融到 了资并最终登录境外资本市场。 外国投资者之所以选择开曼群岛不仅 因为在开曼公司信息保密、注册快捷、 无税收、无外汇管制等配套服务好,更 因为在开曼注册公司能满足企业便利 地融资以及顺利在美国和香港上市的 诉求。后来的阿里巴巴、百度等互联网 企 业都 是 采 用这种 VIE 架 构 解 决 融 资 难题最终登录美国纳斯达克。据说每 年平均有4300 多家中国企业注册在开 曼,且 过去 20 年间成 功在香港上市的 50 家家族企业中,有44 家是在开曼群岛 注册的。2015 年,李嘉诚也将企业迁址 到了开曼群岛。开曼群岛作为离岸注册 地,对于企业家来说是一个神一样的存 在。 然而,2015 年初中国《外商投资法》征 求意见稿出台,这一定程度上宣告了开 曼群岛作为离岸公司注册地黄 金时代 的终结。

or control the Technology, Media and Telecommunications (TMT) sectors which concern state information security and big data. The act strictly regulates foreign investment and the Chinese government expects to encourage Chinese enterprises to seek domestic financing channels by restraining foreign capital from entering core TMT sectors, thereby stimulating China's economic vitality and ensuring national economic security. Such an act is, to investors who register controlling companies in the Cayman Islands in order to invest domestically, a deadly strike, as it destroys the VIE structure of overseas financing and overseas listings. This will definitely inflict great losses on the Cayman Islands, significantly reducing the number of offshore company registrations. The number of offshore companies registered in BVI, Hong Kong and other offshore jurisdictions will dramatically decrease as well.

The provisions of the Foreign Investment Act state: "enterprises established under the laws of other states or regions" and "domesticallyfunded enterprises controlled by the subject of the foregoing clause" are all considered foreign investors, and the act requires a review of access of foreign investment. Once it enters into force, the act will cause the following effects on registration of offshore companies in the Cayman Islands: 1. The number of Chinese citizens and companies that transfers domestic capital to Cayman by establishing offshore companies, and then obtain preferential policies or tax preferences by way of inbound investment to the domestic TMT sector, will decrease. Because a company established in Cayman is considered a foreign investor in such a case, it will be subject to strict restrictions on investments to China's TMT and other sectors.

《外国投资法》是中国管制外商投资的 法律。其出台的背景是诸多市值上千亿 的关系国计民生的互联网、电信增值巨 头公司比如新浪、阿里巴巴、京东由外 国人控股并游离在中国监管之外;同时 互联网领域的开放又危及国家安全和 社会稳定。尤其是中国经过过去十年的 高速增长已经拥有雄厚的资本实力,因 而不愿意让外国资本继续投资或者控 制关系国家信息安全和大数据的 TMT 行业。这部对外国投资严加规制的法律 因此应运而生,中国政府期望通过限制 外国资本进 入包括 TMT 在内的核心信 息、科技等领域,鼓励中国企业在国内 寻求人民币基金融资渠道,刺激国内经 济活力,确保国民经济安全。这样一部 法律,对于以在开曼群岛注册控股公司

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进而投资国内的投资者是致命打击,因 为它摧毁了境外融资和境外上市的 VIE 结构。这必将重创开曼群岛,大大减少 该地的离岸注册数量。而注册在 BVI 或 者香港、其他离岸辖区的离岸公司也将 大大减少。 依据《外国投资法》规定, “依照其他国 家或者地区法律设立的企业“以及”受 前款主体控制的内资企业“都是外国投 资者的规定,以及该法中关于对外国投 资准入审查的要求,这部法律生效后会 对开曼群岛的离岸公司注册产生以下具 体的影响: 一、中国自然人或者中国公司通过在开 曼设立离岸公司,将国内资本转移到开 曼,然后再返程投资国内 TMT 行业换取

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2. A person who is either naturally or legally foreign who registers offshore companies in Cayman and then invests in domestic companies by other supportive structures will also be subject to restrictions, as with certain sectors in which such investors invest. The sectors which affect state information security and domestic technology, for example, are the precise targets under the Foreign Investment Act's restrictions. 3. How should foreign investors who previously registered companies in the Cayman Islands and invested in domestic sectors subject to prohibition or restrictions handle this?

There is simply no way. Splitting the existing VIE structure to get listed in China or transferring equity interest to third parties legally eligible as a transferee is inevitable. In fact, the attractive valuation of A stocks has triggered the desire of the Chinaconcept technology companies to get back into the A stock market. One example is Baofeng Technology, which is following this model of splitting a VIE structure and getting back into the A stock market. However, for those VIE enterprises already listed overseas, including Baidu, Alibaba and Tencent, it's incredibly risky to get back into the A stock market as it involves pricing transfers, tax-management, foreign


观点 | OPINION CHINA OFFSHORE

优惠政策或者税收优惠的情形将会减 少。因为此种情况下设立的开曼公司也 属于外国投资者,在国内投资 TMT 等行 业将受到严格限制。

exchange and many other barriers.

二、外国自然人或者外国法人通过在开 曼设立离岸公司,再通过其他配套架构 将资本投入国内企业的情况将会受到 限制,因为此种投资者投资国内的特定 行业(比如影响国家信息安全、影响国 内科技水平等)正是《外国投资法》要 严格规制的对象。

4. For start-ups with a VIE structure controlled by a domestic individual, this will affect their efforts to destroy their initial VIE structure. Although they can be directly identified as Chinese-invested enterprises, in the long run they will also lose opportunities to acquire capital injections by foreign VC investment agencies.

三、之前在开曼群岛注册公司并投资国 内被禁止或者限制的行业的外国投资 者们怎么办呢?没有办法,拆分既有的 VIE 架构返回境内上市或者转让股权给 具有合法受让资格的第三方将是必由

Besides all this, there is also a case that needs special attention. Chinese enterprises that are domestically invested would often, in order to strengthen control over the enterprises

or resolve the issue of inheritance of family wealth, establish trust by registering offshore companies in the Cayman Islands before enterprises were listed (if ever) to resolve marriage property planning, controlstrengthening over the enterprises, employee equity incentives, and family wealth inheritance. LongFor Estate achieved the aforementioned objectives by establishing complex structures in Cayman and elsewhere before listing, and Wu Yajun (owner of LongFor) and her husband Cai Yingkui divorced in a peaceful manner after the enterprise was listed because no split of the equity interest was required. Such a story wins praise from

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之路。其实,A 股的诱人估值也引发中 概 科 技公司回归的欲 望,暴风 科 技 是 拆除 VIE 架构回归国内市场的典范。但 是对于已在境外上市的 VIE 企业,包括 BAT 这些互联网公司,要回归 A 股,仍 涉及定价转移、节税、汇率等诸多障碍, 绝非易事。 四、对于国内个人控制的 VIE 架构创业 公司,虽然可以直接被认定为中国投资 企业,破除原有的 VIE 架构对经营许可 影响,但是从长远来看,也会失去获取 外国风险投资机构注资的机会。 还需要注意的一种情况是,某些境内中 国投资企业为了加强对企业的控制权 或者解决 家族 财富传承问题,会在 企 业上市之前(当然也可能没有上市之规 划)通过在开曼群岛注册离岸公司,设 立信托来解决 婚姻财产规 划、加强企 业控制权、员工股权激励、家族财富传 承。吴亚军的龙湖地产就在上市前通过 在开曼等地设立复杂架构,达到了上述 诸多目的,她和她的老公蔡英奎在企业 上市后和平离婚而无需分割股权为企 业家称道。 可是《 外国投资法》出台并生效后,这 种注册在开曼群岛等地的复杂架构也 会受到影响,如果是国家禁止或者限制 的敏感行业,这种离岸架构将不可行, 即使是不被《 外国投资法》禁止或者限 制的行业,也一样可能受到不利影响。 因为《外国投资法》对审查规定比较概 括,可能导致被禁止或者限制的行业边 界不清晰。 基于上述关于《外国投资法》给开曼群 岛注册的 VIE 架构带来的不利影响,是 否会有专业人士创设出新的法律架构 规避法律的限制呢?答案要留给时间。 受《外国投资法》影响,中国企业在开 曼群岛注册企业数量大大减少,开曼群 岛的明天将会怎样?祝愿它依然辉煌。

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entrepreneurs. But after the Foreign Investment Act enters into force, the complex structures of these kinds of registration in the Cayman Islands and other offshore jurisdictions will all be affected. They will not be feasible for sensitive or prohibited sectors that are restrained by the state, and even sectors that are not prohibited or restrained by the Foreign Investment Act will possibly be negatively affected too. Because the provisions regarding examination in the Foreign Investment Act are relatively general, it may result in unclear boundaries of the sectors subject to prohibition or restriction. Based on the aforementioned negative effects caused by the Foreign

Investment Act to the VIE structure of registration in the Cayman Islands, whether there will be professionals who can create new legal structures to avoid the restrictions and limitations of such an act is a question that will only be answered in time. Due to the effects of the Foreign Investment Act, the number of China's enterprises that register in the Cayman Islands is dramatically decreasing. What is the future of the Cayman Islands? We hope it can still be brilliant.


Member Contribution

观点 | OPINION CHINA OFFSHORE

开曼群岛 : 适合中国市场的离岸信托目的地

The Cayman Islands - The Offshore Trust Destination for the Chinese Market Kristy Calvert, Gonzalo Jalles & Henry Mander 简介

Introduction

开曼群岛是一个广受尊崇,也是一个成 熟的,适于建立信托的司法辖区。开曼 群岛信托法的总体法理来自于英国普 通法,并依照法规进行了增补,提供具 有多种灵活性和易于使用的信托架构 首选地。 开曼群岛金融服务行业已经为满足全 球高净值人士和家族的财富架构和传 承规划的需要服务了数十年之久。为什 么开曼群岛是 这些客户的首选司法辖 区?以下是一些重要理由:

Kristy Calvert

Kristy Calvert 是 Harneys 上海办事处 的合伙 人 兼 首席代 表。Kristy 有 15 年 以上的跨境交易处理经验,包括投资 基金和离岸信托的创立和维护,以及 在亚太地区的私募股权、矿业和资本 市场交易。

Kristy Calvert is a partner and the Chief Representative of Harneys' Shanghai office. Kristy has more than 15 years' experience working on cross-border transactions including the establishment and maintenance of investment funds and offshore trusts, as well as private equity, mining and capital markets transactions in the Asia-Pacific region.

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The Cayman Islands is a well-respected and sophisticated jurisdiction for the establishment of trusts. The general principles of Cayman trust law are derived from those of English common law and have been supplemented by statutes to offer a variety of flexible and user-friendly trust structuring options. The Cayman financial services sector has served the wealth structuring and succession planning needs of international high net worth individuals and families (HNWs) for many decades. Why are the Caymans the first choice for these clients? A few of the primary selling points are as follows: • A stable and buoyant economy; • A politically stable and democratic government (British overseas territory); • The availability of a wide range of top quality service providers, including law firms, accountants, trust companies and banks; • A neutral tax regime; • Judiciary of the highest calibre for fast tracking disputes; and • A solid regulatory framework overseeing the Cayman financial services industry.

Cayman Trusts - an Enhanced Common Law Vechicle

Trusts have for centuries been the go-to succession planning vehicle for HNWs based in common law countries as they, and importantly, their advisors, are familiar with trusts and the way in which they operate. However, for HNWs in civil law jurisdictions, there have been historical difficulties with appreciating the true advantages offered by trusts, and specific concerns about a potential lack of control over assets once transferred into a trust, which has led to a reluctance to embrace trusts as a wealth structuring tool in specific HNW markets in the past. The reasons for this can be explained as follows: • A trust does not have its own legal personality, unlike a company, but rather it is a legal relationship under which the trustee holds the trust assets for the benefit of beneficiaries. The fact that a HNW is required to transfer actual legal ownership of assets to a third party trustee requires


观点 | OPINION CHINA OFFSHORE

• 稳定和蓬勃发展的经济; • 有一个政治稳定的民主政府(是英国 海外领地); • 有众多高质量的服务提供商可供选 择,其中包括律所、会计师、信托公司 和银行等; • 中立的税务体制; • 能够快速解决争端的高效率司法体 系; • 一个稳健的监管框架负责开曼群岛 金融服务行业的监管工作。

开曼信托——加强版的普通法工具 几个世纪以来,信托在普通法为基础的 国家一直都是高净值人士进行传承规 划的首选工具,而且重要的是,这些人 的顾问们也都对信托和操作方式极为 熟悉。尽管如此,对于在民法司法辖区 内的高净值人士来说,历史上一直都无 法体现信托提供的优势,并信托资产的 转移从而造成无法对资产进行控制存 有特定的担忧,这也是一些高净值市场 在过去一直无法接受信托作为财富架 构工具的原因。 下列为详述原因: • 和公司不同,信托没有自己的法人资 格,而是一个法律关系,在此关系下, 受托人为受益人的利益而持有信托资 产。高净值人士需要把资产真正的法定 所有权转让给第三方这一事实,对那些 不熟悉这一概念的高净值人士来说需 要一次“信仰的飞跃” 。 • 即使在高净值人士完成所谓的“信仰 的飞跃”并且不再担心受托人接手信托 资产的控制权时,高净值人士必须进一 步接受受托人是一名信托资产的受委 托者,必须一直为信托受益人的利益所 行动,而并非仅仅是高净值人士自己的 利益这一事实。 与第二个问题相关,在信托资产投资的 背景下,如果高净值人士和受托人之间 存在明显潜在冲突,尤其是当信托是被

a "leap of faith" for HNWs unfamiliar with this concept; • Even after the HNW has made the leap of faith and become comfortable with the notion of the trustee taking ownership of the trust assets, the HNW must further accept that the trustee is a fiduciary who must always act in the best interests of the beneficiaries of the trust and not just in the best interests of the HNW alone. In relation to this second issue, whilst is applies to the discharge of all duties of a trustee, it is in the context of the investment of the trust assets where there is an obvious potential clash in approach between the HNW and the trustee, especially when the trust holds a business that is in operation.

Gonzalo Jalles

投资管理方面拥有15年以上的经验, 曾担任众多基金、银行和投资公司的 董事及董事会主席,包括长期投资基 金、私募股权、对冲基金以及其他复杂 结构。

Gonzalo Jalles is regional managing director and head of Harneys Fiduciary in the Cayman Islands. Gonzalo has over 15 years' experience in banking, risk management and investment management and has acted as director and chairman of a number of boards of funds, banks and investment companies including long only funds, private equity, hedge funds and other complex structures.

The Prudent Businessman Test The general rule which requires a trustee to act prudently in relation to trust investments can have unintended consequences in the context of assets, such as when controlling interests in company shares are transferred into traditional trusts. This rule has particularly been a case in point where trusts are used as succession vehicles for family businesses. Traditionally, the trustee has a duty to be prudent in relation to the allocation of trust assets and, in the context of companies held in trust, to monitor the conduct of the company's directors and to intervene where necessary in the company's business, e.g. to prevent the company

Henry Mander

Henry Mander 是信托行业的资深从 业者,是 Harneys 开曼群岛和英属维

尔京群岛信托业务的负责人。他具有 丰富的信托及财产规划经验,包括创 立、管理和终止复杂的国际信托,为高 净值人士和家庭提供有效继承规划机 制方面的建议。

Henry Mander is an experienced trust practitioner and head of Harneys' Cayman and BVI trusts practice. He has a broad range of trust and estate planning experience including the creation, administration and termination of complex international trusts and advising on the mechanics for effective succession planning for high net worth individuals and families.

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用于业务运营之用的时候,受托人适用 于撤销所有受托人责任的情况。

精明的商务人士测试 要求受托人在信托投资方面审慎行事 的一般规则,能对资产产生意料不到的 后果,比如,公司股份的控股权益转入 传统信托。当信托被用作家族企业的 继承工具时,该规则尤其合适。传统上, 受托人在资产配置方面负有审慎职责, 并且,对于以信托形式持有的公司,则 须对公司董事的行为进行监控,并在必 要时干预公司的业务等,以防止公司演 变为一家非正式的投机企业。 再者,受托人负有对信托资产的价值进 行最大化并对可能与家族企业的长期 目标相冲突的风险进行分散的义务。受 托人的义务同在公司有控股权益的高 净值委托人的目标 之间通常都有明晰 的冲突。 因此在过去几年中,开曼的信托立法已 小心翼翼地发展,以应对一系列特殊的 通常对信托用作资产持有结构的担忧。 • 通常施加给受托人的审慎义务,与认 为冒风险是企业惯例不可分割的高净 值委托人的创业眼光互不相容。 • 一家家族企业的委托人所考虑的,可 能远不止单纯的投资回报那么简单。家 族传统、种族问题及环境问题,连同雇 员问题,都可能是相关因素。 • 受托人的全套技能,对由某一家公司 承担的大范围的企业活动而言可能并 不适宜。 • 为了确保受托人是在履行其行政管 理及监控义务所牵涉的成本费用,可能 会过分高昂。 • 高净值委托人口头指定由谁负责公 司的要求,可能在董事表现不佳时给受 托人造成困难。

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from entering into an unduly speculative venture. Furthermore, trustees are under an obligation to maximise the value of the trust assets and to diversify risk, which may be in conflict with the longterm objectives of a family enterprise. There is often a clear conflict between the duties of trustees and the objectives of an HNW settlor with a controlling interest in a company. The trusts legislation in the Caymans has therefore been carefully developed over the years so as to address a particular set of concerns which commonly influence the use of trusts as asset holding structures, in the following ways: • The duty of prudence imposed upon trustees is often incompatible with the entrepreneurial flair of an HNW settlor who believes risk-taking to be an integral part of business practice. • A settlor of a family business may have wider considerations than pure return on investment. Family tradition, ethical and environmental issues together with employee concerns may all be relevant factors. • The skill set of a trustee may not be appropriate for the wide range of business activities undertaken by a company. • The cost involved in ensuring that the trustee is discharging its administrative and monitoring obligations may be prohibitively expensive. • The HNW settlor's desire to dictate who should be in charge of the company may lead to difficulties for the trustee when directors are underperforming.

Cayman Reserved Power Trusts The perceived limitations of trusts (in terms of the inability of an HNW who establishes a trust while retaining control of how the underlying assets are invested) have been confronted head on by Cayman Reserved Power Trusts. The relevant legislation enables an HNW (or another person of his selection) to retain a wide range of powers in relation to the administration of a Cayman Trust. These are described in detail below,


观点 | OPINION CHINA OFFSHORE

jurisdictions who may sometimes feel uncomfortable with the idea of relinquishing control over strategic decisions and investments. Cayman Reserved Power Trusts are frequently implemented where an HNW desires that particular assets in the trusts are not sold, for example property with sentimental value or shares in long-established family companies. Furthermore, where assets or asset classes are viewed as being risky or unconventional, reserving a trustee's investment powers will provide comfort to both the HNW and the trustee because its fiduciary responsibility and duty of care in relation to the trust assets are removed. Thus, this serves to reduce its potential liability for actions brought by beneficiaries in the future (for example, in relation to a trust fund's potential loss due to a failure to diversify investments).

设立了信托的高净值人士,没有能力保 持对标的资产是如何被投资的控制的 情况下,能觉察到的信托限制就会正面 遭遇开曼权力保留型信托。 相关立法使高净值人士或其选出的其 他人士能保持开曼信托的行政管理有 关的诸多权力。下文对这些作了详尽描 述,但是,特别是关于信托资产的投资 决策,开曼权力保留型信托允许高净值 人士将其财富及企业权益放入信托结 构,而同时对这些资产保留一定程度的 控制与管理。通过免除受托人对信托 资产的表现进行监控的核心义务并赋 予作出高净值人士、或其选出的一名人 士或委员会有关的投资决策的权力,事

but specifically in the context of investment decisions concerning the trust assets, Cayman Reserved Power Trusts allow HNWs to place their wealth and business interests into a trust structure while retaining a degree of control and management over these assets. By removing the trustee's core duty to monitor the investment performance of trust assets and conferring the power to make investment decisions on the HNW (or a person or committee of his choosing), Cayman trusts have proved to be particularly attractive vehicles for individuals from civil law

In relation to non-investment related issues, the following are some of the key reserved powers available to HNW settlors of a Cayman trust: • To remove and appoint trustees, protectors & beneficiaries; • To revoke, vary or amend the trust; • To direct the trustee to make distributions to beneficiaries; • To act as a director or officer of a company owned by the trust; and • To require the trustee to obtain consent of the settlor (or another nominated person, such as a protector) before exercising a power under the trust. The above listed reserved powers afford HNW settlors of Cayman trusts

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实证明,尤其对于那些来自民事法律司 法管辖区的、有时会对放弃对战略决策 和投资放弃控制的想法感到不悦的个 人,开曼信托是颇有吸引力的工具。 当高净值人士希望信托下的特定资产 (如:诸如家族传家宝之类的具有情感 价值的财产、或创办历史悠久的家族公 司的股份)不被出售时,开曼权力保留 型信托被频发实施。况且,当资产或资 产级别被视为是冒险或不符传统,不受 制于委托人而保留投资权力,将会令高 净值人士和受托人都乐于接受,因为, 其与信托资产相关的授信责任和照管 义 务被 免除,因此有助于减 少其 对于 未来由受益人所带来的潜在经济责任 (如:归咎于未能分散风险而对某一信 托基金造成的潜在损失)。 有关非投资相关的问题,某一开曼信托 的高净值委托人可动用的某些主要保 留权力如下: • 任免受托人、保护人及受益人; • 撤销、变更或修订信托; • 指引受托人向受益人作出分配; • 担任由信托拥有的公司的董事或高 级职员; • 要求受托人在行使信托下的某一权 力之前取得委托人、或另一被指定人士 (如保护人)的正式同意。 上述所列保留权力,在确保开曼信托的 高净值委托人的财富得到适宜的管理 并遵从他们的意愿方面,向他们提供了 很大的游刃空间。保留权力对离岸信托 的当代发展至为重要,而且是开曼信托 发行的一个重要基石,因为高净值委托 人的商业头脑和行业具体的专业技能 能确保信托基金的增长和稳定性。

星级信托 开曼的星级信托管理体制是旨在令普 通法律信托结构对高净值人士更为有 效和用户友好并再次为高净值人士带

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significant latitude in ensuring that their wealth is managed appropriately and in accordance with their wishes. Reserved powers are vital to the contemporary development of offshore trusts and are a key cornerstone of the Cayman trust offering, as the business acumen and industry specific expertise of the HNW settlor of the trust ensure the growth and stability of a trust fund.

Star Trusts The STAR trust regime in Cayman is another legislative development aimed at making the common law trust structure more effective and user-friendly to HNWs and again creates the potential for an HNW to retain a certain level of control over the administration of the trust and its underlying assets. The key features of a STAR trust are:

• They may exist indefinitely (whereas the trust period for most other Cayman trusts is limited to 150 years); • They can hold assets a) to benefit persons or b) for the furtherance of specific purposes or c) for both. The ability to have the objects of a trust as both human beneficiaries and specific purposes is unique to a STAR trust; and • A beneficiary of a STAR trust has no right to information about the trust, nor to bring proceedings against the trustee concerning the administration of the trust. Instead, an enforcer must be appointed.

Under classic trust principles a beneficiary has the right to bring the trustee to account in relation to the administration of the trust. This right to enforce the trust will usually also enable the beneficiary to obtain certain information about the trust.


观点 | OPINION CHINA OFFSHORE

来对信托的行政管理以及其标的资产 保 持 特定水平的控制的可能的另一立 法发展成果。 星级信托的主要特征有: • 它们可无限存续(注意:大多数其它 开曼信托被限于150 年以内); • 他们能向 a) 利益人持有资产; b) 为促进特定目的持有资产; c) 同时为前述两个目的持 有资 产。 同时作为人类受益人和特定目的而具 有的信托对象的能力,对于星级信托来 说,是独一无二的; • 星级信托的受益人无权利获得信托 相关信息、也无权利针对受托人发起信 托管理方面的法律诉讼,相反,必须任 命一名强制执行人。 • 根据经典信托准则,受益人有权利就 信托管理而向受托人问责。同时,强制 执行信托的权利,也通常将使受益人能 获得关于信托的特定信息。但是,根据 星级信托法律,某一信托的受益资格和 强制执行的概念被割裂开来。相应地, 唯一具有强制执行星级信托的身 份的 人是强制执行人。高净值人士能指定他 们自己或受托顾问作为他们的星级信 托的强制执行人,或者,强制执行人可 以是由顾问和家族成员组成的委员会。

However, under the STAR law, the concepts of beneficial entitlement and enforcement of a trust are split. Accordingly, the only person who has standing to enforce a STAR trust is the enforcer. HNWs can appoint themselves or a trusted advisor as the enforcer of their STAR Trust or the enforcer could be a committee made up of advisors and family members. All of these features are appealing to HNWs because: • STAR trusts, as a form of noncharitable purpose trust, allow individuals to establish trusts for philanthropic purposes which might not qualify as "charitable" within the legal definition (e.g. no element of public benefit is required); • STAR trusts are attractive as dynastic or multi-generational trusts because they can exist indefinitely; • HNWs may use STAR trusts if they wish to benefit specific individuals, but may also use the trust to further a purpose, such as the continuance of

a business. This would allow for the continuance of a family business in the trust for multiple generations; and • By restricting the rights of beneficiaries, the settlor has a greater degree of certainty as to the information about the trust which a beneficiary can obtain. This can be helpful in various contexts, such as where an HNW is concerned about his children finding out about the value of the family wealth at too young an age.

A Private Trusts Ccompany Since 2008, it has been possible to establish a Private Trust Company (PTC) in the Caymans, which does not require its own trust licence to act as trustee of a Cayman trust. This exemption is on the condition that the PTC only carries out "connected trust business", is registered with the Cayman Islands Monetary Authority and its registered office must be provided by the holder of a Cayman

所有这些特征都迎合高净值人士的需 要,因为: • 作为一种非慈善目的的信托形式,星 级信托允许个人出于慈善目的而设立信 托,而根据法律定义,此类信托可能并 不具备“慈善”资格(如:不要求公共利 益要素)。 • 星级信托作为可跨域朝代的或多代 人的信托,颇具吸引力,因为它们能无 限存续; • 如果高净 值人士希望让指定的个人 受益,但也将信托用于进一步目的(如 业务的延续),则其可用星级信托。这 将允许家族企业在信托中继续存续许 多代人;以及

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• 通过限制受益人的权利,在有关某一 受益人能获得的信托的信息方面,委托 人拥有更大程度的确信;并且,这对各 类情景(比如,当高净值人士担心起子 女过早地发现家族财富的价值时)均有 帮助。

私人信托公司 自2008 年起,就已能在开曼设立私人 信托公司来充当开曼信托的受托人,此 类私人信托公司不要求其自有信托执 照。该豁免是建立在私人信托公司仅可 实施“关连信托业务”的条件之上的、 是到开曼群岛金管局注册的,开曼信托 执照的持有者必须提供其注册办公地 址。须为该豁免而需付一笔初始注册费 与年度费用。 “关连信托业务”要求:私人信托公司 将是受托人的信托的所有委托人及出 资人必 须 是 关 连的(这 是 一项 法 定 定 义,该定义涵盖了个人之间的血缘及婚 姻关系以及各公司之间的各类关系)。 与其它离岸司法管辖区不同,并不要求 各受益人是关连的。 私人信托公司可以是任何类型的开曼 信托(包括星级信托)的受托人,且迎合 那些不愿从事企业受托人服务而愿将 私人信托公司纳入他们所设立的任何

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trust licence. An initial registration fee and annual fees are payable for this exemption. "Connected trust business" requires that all the settlors and contributors to the trusts of which the PTC is to be trustee must be connected (which is a statutory definition which covers relationships by blood and marriage between individuals and various relationships between companies). Unlike other offshore jurisdictions, there is no requirement that the beneficiaries are connected. A PTC can be trustee of any type of Cayman trust, including STAR trusts, and this appeals to HNWs who do not wish to engage the services of a corporate trustee and, instead, to incorporate a PTC to be trustee of any trusts which they establish. PTCs can be a very effective element of a Cayman trust structure for a number of reasons. Firstly, because the board of the PTC can be made up of family members, trusted family advisors, or those familiar with the industry of a family business if

that is the underlying trust asset. Additionally, PTCs are likely to be more familiar with the dynamics of the HNW’s family and their investment culture and more reactive than a third party corporate trustee. The carefully selected board of directors of a PTC will ensure that there is an ongoing understanding and continuity of the HNW's family's affairs. The PTC's attitude to risk, for example in terms of investment decisions, may well be less conservative than a corporate trustee for various reasons. Establishing one's own trustee is perhaps the most extensive reservation of control which an HNW could have. However, it is important that a PTC is not simply viewed as a "family friendly" trustee. The role of a trustee is fiduciary in nature, and the trustee is required to discharge its duties to the requisite standard of care, irrespective of whether it is a PTC or a corporate trustee. It is therefore crucial that PTCs conduct their business in a suitable fashion and administer the trust to the standard of care required of them.


观点 | OPINION CHINA OFFSHORE

信托的受托人的高净值人士的需要。 私 人信托 公司可出于多种原因而成为 开曼信托结构的一个非常有效的成分。 首先,因为私人信托公司的董事会可由 家族 成员、受托家族 顾问或那些熟 悉 家族企业的人组成(如果是标的信托资 产的话)。另外,私人信托公司很可能更 熟悉高净值人士的家族动态及其投资 文化,且响应速度比第三方企业受托人 更快。一家经仔细遴选而产生的私人信 托公司的董事会,将确保高净值人士的 家族事务的的永续理解及持续性。出于 各种原因,私人信托公司对风险的态度 (如:根据投资决策)可能没企业受托 人那样保守,这一点很好。 设立自己的受托人,或许是能最大程度 地保留住一 位高净 值人士可能具有的 控制权的方式。但是,私人信托公司不 被简单地视为“家族友好型”受托人, 这一点非常重要。受托人的职位是授信 职,并且受托人也须按必要的照顾标准 履行其义务,而无须考虑其是私人信托 公司或企业受托人与否。因此,私人信 托公司以合适的方式展开其业务并根 据所需照顾标准对信托进行管理至关 重要。

结论 总 之,开曼提供 尤 其 迎合那些在为其 家庭财富(特尔别是在经营业务方面) 寻求有效资产保护与继承解决方案的 中国高净值人士需要的大范围的信托 解决方案。开曼拥有一套建立好的针对 中国高净值人士的量身定制发行结构 的追踪记录,该记录允许他们在无须放 弃对家族财富的有效控制和管理的情 况下从信托的经典好处中受益。开曼将 继续对其法律进行更新和精炼化,以确 保其在离岸信托界中的先锋地位,并继 续增加其在不断增长的市场(如中国市 场)上的知名度。

Conclusion In summary, it is clear that the Cayman Islands offer a wide range of trust solutions which are especially appealing for Chinese HNWs looking for effective asset protection and succession solutions for their family wealth, especially concerning businesses currently in operation. Cayman has an established track record of offering bespoke structures

to Chinese HNWs which allow them to benefit from the classic advantages of a trust without having to give up effective control and management of the family's wealth. The Cayman Islands will continue to update and refine its laws to ensure that it remains at the cutting edge of the offshore trust world, and it continues to increase in popularity in growing markets, such as China.

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海外账户纳税法案及其反馈机制 FATCA and the Feedback Loop David Olenzak

所周知,美国国内的金融机构 须 向美 国 税 务当 局 —— 美 国 国 税 局 提 供 账 户持 有人 的 财 务清单。这一举措让国税局能确保所有 美国人的所有收入都向当局完全公开。 对于离岸账户来说,长久以来,外国金 融机构(FFI)仅向个人提供金融账户信 息。对个人账户持有者的要求是,纳税 人需要通过 FBAR 或 8938 报告的形式主 动向国税局提供他们的纳税信息。 “海外账户纳税法案” (简称 FATCA) 的颁布目的就是为了填补这一空挡。通 过要求外国金融机构报告离岸金融账

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I

n the United States, domestic financial institutions provide financial statements to the account holder and to the U.S. tax authorities: The Internal Revenue Service. This allows the IRS to ensure that all income is fully disclosed. For offshore accounts, historically foreign financial institutions (FFI) have only provided information about financial accounts to the individual. The individual is expected to voluntarily report income information to the IRS on their tax forms through a FBAR or 8938 Report.

The Foreign Account Tax Compliance Act (FATCA) was created to bridge that gap. By getting foreign financial institutions to report information about U.S. taxpayers with offshore financial accounts, the IRS can compare that information with individuals' annual tax forms and determine if they have any undeclared offshore income. What many foreign financial institutions do not realize is that this can work both ways. Let us take


特别报道 | FEATURED STORY CHINA OFFSHORE

户的美国纳税人的账户信息,美国国税 局可以 把上 述信息和个人填 写的年度 纳税表进行对比,判断他们是否有未申 报的离岸收入。 许多外国金融机构没有意识到的问题 是,这也是一把双刃剑。让我们假设有 一家参加 FATCA 申报,并同意申报美国 纳税人信息的外国金融机构,如果他们 提交一份 FATCA 报告,两件事情是肯定 会发生的:这家外国金融机构没有美国 纳税人;或这家外国金融机构有美国纳 税人,只是没有履行申报的义务而已。 让我们假设这家外国金融机构有 10 位 需要申报的美国纳税人的户头。即使这 10 位中只有一位美国纳税人自动申报了 他在这家外国金融机构的离岸账户信 息,国税局就知道这家机构没有履行申 报义务。换句话说,如果这家外国金融 机构申报了所有 10 位 美国纳税人的账 户,但只有其中一位主动申报了上述信 息,国税局也能据此作出其他九名纳税 人没有按规定申报的判断。

a hypothetical foreign financial institution that has signed up for FATCA and agreed to report U.S. taxpayer information. If they fail to file a FATCA report, one of two things can be true: the FFI has no U.S. taxpayers or the FFI has U.S. taxpayers and simply did not fulfil its obligations to report. Let us say the FFI has 10 U.S. accounts that should have been reported. If even one of the 10 U.S.

taxpayers voluntarily reports their FFI offshore account, the IRS knows the FFI is not fulfilling its obligations. In reverse, if the FFI reports all 10 of the U.S. taxpayers and only one volunteers that information, the IRS can go after the other nine for failing to report. This introduces a bit of game theory called the "prisoner's dilemma". In the prisoner's dilemma, a policeman

这就有点符合一个被称为“囚犯困局” 的博弈论。在“囚犯困局”的情况下,警 察在犯罪现场当场抓获了两名嫌疑人。 警察将上述两名嫌疑人逮捕并把他们 投入两间不同的审讯室,让他们相互无 法通气。警察分别告诉两名囚犯他没有 掌握实质性证据,所以如果两个人都申 明自己是无辜的话,他就会被迫把他们 释放。如果其中有任何一位囚犯认罪, 警察就会要求法官对这名囚犯从轻 发 落以奖励他的诚实坦白。不过,如果其 中有一名囚犯认罪,另一名却申明自己 无辜的话,警察就会要求法官重判那名 谎称自己无辜的囚犯。 理论上说,对两名囚犯最有利的情况是 两人都申明自己无辜并且无罪释放。但 情况是,由于两名囚犯无法得知对方是 否会这么说,正常情况下,一般人的理 性选择是认罪并接受从轻处罚的判决, 因为担心如果自己申明无辜的话,另一

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maximum penalty to the liar who claimed he was innocent. In theory, it would be in the best interest of both prisoners to claim innocence and get released. However, since each prisoner does not know what the other will do, more often than not, rational people will admit guilt and take a light sentence, afraid if they claim innocence, the other might admit guilt and they will get a long prison sentence. This is true of the FFI and U.S. taxpayers. It would be in both parties' best interest to not report the income, however, afraid the other party might, both parties are likely to comply. Currently, the IRS is running an amnesty program for U.S. taxpayers. If a taxpayer comes forth and declares previously undeclared offshore accounts, they have to pay the back taxes, interest, and a 20 percent penalty, and then are forgiven. This is better than if the IRS finds the taxpayer first.

名囚犯有可能会承认自己有罪,而自己 就会被重判。就外国金融机构和美国纳 税人之间关系来看,这一情况也同样适 用。对双方利益有利的最佳方案是都不 上报收入,但是,各方都会担心对方会 申报,所以双方各自选择如实申报的几 率会比较大。 目前,美国国税局对美国纳税人正在实 行大赦。如果纳税人现身申报之前并未 申报的离岸账户, 那么他们在补交税款、 利息以及20%的罚金后就能获得赦免。 这要比国税局先找到他们的情况好得 多。

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catches two suspects at the scene of crime. The policeman arrests them and puts them in separate cells so they cannot communicate. He tells each of them that he has no physical evidence, so if both claim they are innocent, he will be forced to set them free. If either prisoner admits the two suspects did the crime, the policeman will ask the judge to provide a very light sentence to reward their honesty. However, if one prisoner admits guilt and the other claims innocent, the policeman will ask the judge for the

If I were the IRS, I would take the next 100 people that ask for amnesty and list the financial products and the foreign financial institutions that hold those products. I would then pull the FATCA forms for each of these financial institutions. Behind every account there was a sales person. This sales person was likely targeting U.S. clients, and somehow, at least one U.S. client got the idea that in the years before FATCA they could maintain the account and likely get away without paying taxes. For each FATCA form, one of two things would happen: There is no FATCA filing, in which case


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如果我是国税局,我会找到申请赦免的 100人, 并列出他们所购买的金融产品, 以及持有上述产品的外国金融机构。接 着我 会拉出上 述金融机构进行 FATCA 申报每一分清单。每个账户都有一名销 售人员,这名销售人员的目标客户有可 能是美国客户,或者说,至少有一名美 国客户的想法是在 FATCA 颁布的多年 前,他们可以保留这个海外账户,并有 可能逃 避 纳 税责任。对 每 一 份 FATCA 申报表来说,至少下列两件事情中的一 件事会发生:没有 FATCA 申报,这种情 况下国税局就不能正式通知这家外国 金融机构或所属的司法辖区未能恪守 他们所 做的申报承 诺;或者另一种情 况是,有提交过 FATCA 申报表,如果有 FATCA 申报表在手,我会拉出表上每位 纳税人的纳税单,挑出没有主动报告离 岸账户的人。

the IRS could hold the FFI to account by formally notifying the FFI or jurisdiction of their failure to adhere to their reporting commitments; or a FATCA form is filed. With the FATCA form, I would pull the tax returns of everyone on the form, looking for individuals that did not voluntarily declare the offshore income. Like the traffic police, they do not have the manpower to catch everyone. The goal is to get voluntary compliance. Catch enough people that it scares the rest into complying. In addition, although matching declared accounts with those reported on FATCA forms would be a straightforward IT exercise, I would advise against it on the grounds that it would tip the IRS's

hand. If you attempt to match all the accounts, if someone does not receive a letter of non-compliance, the IRS would inadvertently be sending the message that you are "in the clear" and have gotten away with not reporting. Unlike anti-money laundering, where the chances of being caught with a sanctioned individual or entity in your client base was relatively remote and AML compliance was really determined by the local regulators, with FATCA the IRS has the data to show compliance or the lack thereof. In addition, there are real dollars behind this. Every tax cheat caught means more dollars for a depleted U.S. Treasury. Be forewarned.

这就和交通警察一样,他们没有这么多 警力抓获每个违法者。但最终目的是让 每个人都自觉遵守。抓到让其他所有人 都遵守规则的足够多的违法者是手段 之一。不仅如此,虽然把 FATCA 申报表 上的信息和所申报账户的内容对比在 技术上难度不大,我却不建议这么做, 理由是这样会泄露国税局的底牌。如果 你的企图是把所有账户的信息进行匹 配,要是有人没有收到合规通知书,国 税局不自觉透露的信息就是你是“清白 的” ,而且有可能逃脱纳税申报的要求。 与洗钱不同,在你服务的客户群中,洗 钱的个人或实体被抓获并受到惩罚的 几 率相对较 低,而且 反洗钱的合规标 准事实上取决于当地监管机构的裁决。 而实施 FATCA 的美国国税局却掌握着 足够的数据来显示当事人是否合规。不 仅如此,其中牵涉到的都是真金白银, 每抓获一次逃税行为,都意味着日益枯 竭的美国财政部会有一笔额外收入。所 以必须未雨绸缪。

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英属维尔京群岛为全球经济做出重大贡献 The BVI Supports Two Million Jobs Globally BVI Finance/Philomena Robertson

据最近出版的一份报告显示, 英属维尔京群岛(BVI)对全球 投资和贸易起到了促进作用, 为全球提供了超过 200万个工作岗位。 这份标题为《创造价值:英属维尔京群 岛对全球的贡献》将于近日(2017年 6月 21日)在英属维尔京群岛国际仲裁中心 的接待会上隆重发布。 报告由《资本经济》,一家独立的经济 顾问公司出版,报告对英属维尔京群岛 对全球经济所做的重大贡献进行了深 入分析。报告显示英属维尔京群岛操作 全球超1.5万亿美元的跨境投资流动,相 当于全球 GDP 的2%。 该报告为同类报告的首次发布,报告也 显示全球政府征收的年税收总额超过 1500 亿美元,由英 属维尔京群岛和其

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T

he British Virgin Islands (BVI) enables global investment and trade which supports more than two million jobs worldwide according to a detailed report published recently. The report, titled Creating Value: The BVI's Global Contribution will be launched today (June 21) at a reception at the BVI International Arbitration Centre. It was undertaken by Capital Economics, an independent economics consultancy firm, and analyses the significant global economic contribution of the BVI. It finds that the BVI mediates over US$1.5 trillion of cross-border investment flows, the equivalent to two percent of global

GDP. The first of its kind report also finds that over US$15 billion of tax revenues are generated annually for governments around the world, via investment mediated by the BVI and the resulting economic activity. The UK (US$3.9 billion), the EU excluding UK (US$4.2 billion) and China and Hong Kong (US$2.1 billion) are the largest beneficiaries of this tax generation. Coupled with the jobs it supports, the tax generation marks the BVI as a substantial net benefit to governments worldwide. Commenting, Lorna Smith, OBE,


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相关的经济活动所操作。英国(39 亿美 元)、不包含英国在内的欧盟(42亿美元) 和中国大陆和香港(21 亿美元)都是这 一税收创造的最大受益国和地区。 不仅创造了工作岗位,其创造的税收也 让英属维尔京群岛成为一个让全球政 府净获利的重要离岸辖区。 英属维尔京群岛金融中心临时执行总 监和大英帝国勋章获得者 Lorna Smith 对此发表看法: “上述调研报告的结果 显示了英属维尔京群岛对全球经济所 做的重大贡献。英属维尔京群岛不仅促 进了跨境贸易和投资,也为全球提供了 数百万的工作岗位,为全球政府创造了 巨大的税收收入。这为全球的公人和员 工、投票人、家庭和商务人士带来了不 可估量的无形资产收益。”

Smith 女士 还 补充 道: “报告的结果十 分明确:与一些无端指责相反,英属维 尔京群岛是一个良好和可靠的离岸金 融中心,相对许多大得多的国家来说, 我们更加努力地力求达到国际标准,我 们并不是一个避税天堂。这份独立和权 威的报告也同样明确地告知世人,英属 维尔京群岛不是一个企业利润转移的 中心。这就一劳永逸地明确了对英属维 尔京群岛的准确认识和误解,也证明了 它在全球经济中所扮演的重要角色。” 《资本经济》的委任项目主管和该报告

左:Lorna Smith 女士,大英帝国勋章获得者,英 属维尔京群岛金融管理局有限公司执行总监。 右:Mark Pragnell 先生,资本经济学项目委员会 主管。 Left: Ms. Lorna Smith, OBE Interim Executive Director, BVI Finance Limited. Right: Mr. Mark Pragnell, Head of Commissioned Projects, Capital Economics.

Interim Executive Director of BVI Finance said, "The results of this study clearly demonstrate the significant contribution the BVI makes to the global economy. Not only does the BVI enable cross border trade and investment, it also supports millions of jobs and generates substantial tax receipts for governments globally. This brings tangible benefits to the lives of employees, voters, families and businesspeople around the world." Mrs. Smith added, "The report is unequivocal: contrary to some accusations, the BVI is a sound and

reliable centre which has worked harder than many bigger nations to meet international standards, and is not a tax haven. This independent and authoritative report is equally clear in stating that the BVI is not a centre for corporate profit shifting. This helps clarify once and for all some of the inaccuracies and misunderstanding about what the BVI is and the valuable role it plays in the global economy." Commenting, Mark Pragnell, Head of Commissioned Projects at Capital Economics and the report's author said, "The BVI provides the legal structures that allow companies, institutions and individuals to safely and efficiently carry out their business and make investments across international borders." The 'BVI Business Company' is a widely used and dependable vehicle to facilitate cross-border trade, investment and business. Over 140 major businesses listed on the London, New York or Hong Kong main stock exchanges use BVI vehicles to support their international investment activities. Similarly, major international development banks, such as the World Bank's International

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的 作 者 Mark Pragnell 表 示: “英 属维 尔京群岛为公司、机构和个人安全高效 地进行业务和进行跨境投资的合法架 构。” 英属维尔京群岛商务公司是一个得到 广泛使用的,促成跨境贸易和业务的可 靠工具。超过 140 家在伦敦、纽约和香 港主要证券交易市场上市的公司利用 英属维尔京群岛来为它们的国际投资 活动提供支持。同样地,主要的国际开 发银行,比如世界银行下属的国际金融 公司,也利用英属维尔京群岛商务公司 来为重要项目提供资金支持。 “我们的报告显示英属维尔京群岛是 世界跨境投资的发电机,保守来说,相 当于旗下417000 家英属维尔京群岛商 务公司的约 1.5万亿美元的投资总额。 《资本经济》受英属维尔京群岛金融有 限公司的委任,对英属维尔京群岛对全 球经济所做的贡献进行调研和报道。 报告结合了针对现有信息、统计数据和 调研的最新分析,通过大量的数量和质 量方式的调研实践,以及来自辖区内运 营的金融和专业服务公司的代表样本。 报告的五个主要调查结果: • 虽然相对来说土地面积不大,英属维 尔京群岛是一个真正的、平衡的和可 持续发展的经济体。 • 英属维尔京群岛有独特的金融和专 业服务公司机构,由这些机构组成了 这个“国际商务和金融中心” 。 • “英属维尔京群岛商务公司”是一个 被 广泛 应用的可靠工具,用于促成 跨境贸易、投资和业务的开展。 • 英属维尔京群岛是良好和可靠的金 融中心,比许多大国更努力地达到国 际标准,而并非所谓的避税天堂。 • 通 过它的直 接雇佣方式,以 及贸易 和对跨境商务的促进作用,英属维尔 京群岛提 供工作岗位、促 进 经济繁 荣,为全球政府创造价值。

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Finance Corporation, use BVI Business Companies to help fund vital projects. "Our report shows that the BVI is a global powerhouse for crossborder investment equating to a conservatively estimated $1.5 trillion across its 417,000 active BVI Business Companies." Capital Economics has been commissioned by BVI Finance Limited to research and report upon the contribution made by the British Virgin Islands to the global economy. This report combines new analysis of existing information, statistics and research with the results from a major quantitative and qualitative research exercise among a large and representative sample of financial and professional services firms operating in the territory.

There are five key findings. • Despite its relatively small size, the BVI is a real, balanced and sustainable economy. • The BVI is home to a unique cluster of financial and professional services firms that form an 'international business and finance centre'. • The 'BVI Business Company' is a widely used and dependable vehicle to facilitate cross-border trade, investment and business. • The BVI is a sound and reliable centre which has worked harder than many bigger nations to meet international standards, and not some supposed tax haven. • Through its direct employment, trade and, most importantly, facilitation of cross-border business, the BVI supports jobs, prosperity and government revenues worldwide.


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离岸中心在全球经济中的重要地位

The Crucial Role of Offshore Centers in the Global Economy Offshore Compass

I

属 维 尔 京 群 岛的 行业代 表 们 正在 为离岸 金 融 行业 振 臂 疾 呼:英属维尔京群岛的金融服 务行业对全球经济的贡献绝对不可小 觑。

ndustry representatives in the British Virgin Islands are shouting it from the rooftops: BVI's financial services sector is a boon to the global economy.

由英属维尔京群岛在最近出具的一份 经济影响力报告显示: • 在英属维尔京群岛注册的公司已达 417000 家 • 上述公司在全球控制的资产高达 1.5 万亿美元 • 离岸金融行业在全球范围内提供了 220多万个工作岗位

A recently released economic impact report commissioned by BVI Finance shows: • 417,000 companies are registered in BVI • The companies have US$1.5 trillion in global assets • The sector supports 2.2 million jobs

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worldwide. • Impressive as the results are from our British colonial cousin (applause, applause), we are certain that a similar analysis of the Cayman Islands' global impact would yield similar - perhaps larger - figures. As a matter of fact, we happen to have at hand one such study, which was conducted by University of Amsterdam researcher Jan Fichtner, who wrote about his findings in the latest issue of our sister publication


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• 令人称赞的是,这些数字来自于我们 同属 英 国 海 外 领 地 的兄 弟 辖区(鼓 掌!鼓掌!),我们相当肯定的是,开 曼群岛出版的类似全球经济影响力 报告会显示同样的结果—— 也许会 更让人大跌眼镜——的统计数据。

事实上是,我们也是偶然得到这样一份 调研报告的,这份报告由阿姆斯特丹大 学研究员 Jan Fichtner 撰写,报告中也 提到了我们的兄弟出版物《开曼群岛评 估》(CFR)最新出版的结果,我们也在 另一份最新一期的高端媒体出版物《大 开曼杂志》上被引用了同样数据。 如果就如我们所希望的那样,当地的行 业集团“开曼金融岛” (我们国家在“英 属维尔京群岛金融”的同等单位)也为 我们至关重要的金融服务行业而摇旗 呐 喊,下 面几点 是我们想要重 点强调 Fichtner 先生的研究结果: • 在开曼群岛投资的海外资本高达4万 亿美元 • 上述资金中有 2.6万亿美元是外国投 资组合,尤其是对冲基金 • 开曼群岛不仅是一个向美国金融市 场投资的渠 道,也是 美国投资者用 开曼群岛基金购入美国证券的“转手 套利”技巧。

Cayman Financial Review (CFR), and which we also referred to in a story in the most recent issue of another Pinnacle Media publication, Grand Cayman Magazine.

of which the central banks from both Japan and China hold more than $1,000 billion each, Cayman is the largest holder of U.S. securities in the world."

If, as we would hope, local industry group Cayman Finance (our country's counterpart to BVI Finance) is considering trumpeting the success of our all-important financial services sector, here are a few bullet points from Mr. Fichtner's research that are well worth highlighting: • Cayman is home to US$4 trillion in investments from abroad • More than US$2.6 billion of that is in foreign portfolio investments, notably hedge funds • Cayman is not only a vital conduit to invest in U.S. financial markets, but also acts as a mechanism for "round-tripping" for U.S. investors who use Cayman-based funds to buy U.S. securities.

"Cayman is not a random exotic small island financial center but a key component of contemporary global finance," he said.

As Mr. Fichtner wrote in CFR, "In fact, when excluding U.S. long-term debt,

"Hedge fund managers are extremely concentrated in New York and London, while most funds are legally domiciled in the Cayman Islands," Mr. Fichtner wrote. "Actually, in this respect Cayman could be seen as a branch of or a special bookkeeping device for Wall Street and the City of London." During the span of two generations, Cayman's financial services sector has transformed our islands from a forgotten (or never discovered) Caribbean backwater to a cosmopolitan destination, and propelled our standard of living from "subsistence-based" to "first-world."

Fichtner 先生在 CFR 中写道: “事实上, 在排除美国长期债务时,日本和中国各 自持有超过 10000 亿以上上述债务,开 曼群岛是世界上持 有美国证券最多的 辖区。” 他表示: “开曼群岛并不是一个不知名 的金融中心为业的海外小岛,它是全球 现代金融行业的重要组成部分。” “对冲基金经理大量聚集在纽约和伦 敦,而大多数对冲基金则合法地存在于 开曼群岛。”Fichtner 先 生 还写道。 “事 实上,就这一方面来说,开曼群岛可以 被看作是华尔街和伦敦金融城的特殊

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特别报道 | FEATURED STORY CHINA OFFSHORE

记簿工具的分支之一。” 经过两代人的努力,开曼群岛的金融服 务行业已把我岛从一个被遗忘的(或者 说从未被发现的)的加勒比小岛,成功 转型成一个大都会式的目的地,让我们 的生活水平从 “温饱”飙升至“第一世界” 的水平。 大多数读者都已对创造无数利益的“开 曼奇迹”耳熟能详,这些好处包括了高 薪的工作、充满活力的经济,对年轻人 来说充满无限可能的工作机会 和令人 艳羡的生活质量。我们国家的金融服务 行业已成为从未涉足我们美丽海滩的 人成就梦想的地方,这些人也许并不能 在地图上找到开曼群岛,甚至也曾把开 曼群岛误会为一个所谓的“离岸避税天 堂” 。 老实说,如果专业批评者,比如“税收 正义网络”或“经合组织”急于对离岸金 融中心喊停的话,滚滚向前的全球经济 车轮也会陷于停顿。 这也是开曼群岛应该不遗 余力地向世 界传达的重要信息。 来自“英属维尔京群岛金融”的报告非 常重要,因为它对避税、洗钱、恐怖主 义融资、 “不公正的经营活动”或“收入 不均”的猜测来说,是最有力的反击。 即使仍有无知或念稿报告的外国官员、 利益团体和许多媒体来说,离岸金融中 心还有许多负面报道,开曼群岛应该感 到自豪——对它在国际金融中扮演的 角色而感到无比自豪。 司法辖区,比如开曼群岛(和英属维尔 京群岛、百慕大等)是围绕全球经济运 转的中心之一。这一点必须向世界公开 强调。

98

| 8th Annual

As our readers well know, the "Cayman miracle" has yielded innumerable benefits at home, including wellpaying jobs, a robust economy, and limitless opportunities for our young people and an enviable quality of life. Our country's financial services sector has also been advantageous to people who have never taken a single step on our beautiful beaches, who might not be able to locate Cayman on a map, or who may even be vociferous critics of so-called "offshore tax havens." Frankly speaking, if professional detractors such as the Tax Justice Network or the Organization for Economic Co-operation and Development got their way and pulled the plug on offshore financial centers such as ours, the gears of the global economy would grind to a halt. That's a message Cayman should be

proactively projecting to the rest of the world. The report from BVI Finance is important because it offers a counternarrative to the tired old stories speculating about tax evasion, money laundering, terror financing, "unfair business practices" or "income inequality." Instead of shrinking from the negative rhetoric peddled by ignorant or agenda-driven foreign officials, advocacy groups and many media outlets, Cayman should take pride publicly - in the vital role our country plays in international finance. Jurisdictions such as Cayman (and BVI, and Bermuda) are the hubs around which the global economy rotates. That's a story that needs telling.


2017 热点

HIGHLIGHTS

英属维尔京群岛 BVI | 美洲 AMERICAS

英属维尔京群岛取消商务访客 的工作签证要求

BVI to Waive Work Permit Req's for Business Visitors 英属维尔京群岛(BVI)最近对多种类别的商务访客 批准了工作许可的签证要求。 这一签证豁免政策将允许没有工作许可的个人进入 英属维尔京群岛领地,且适用于来这里参加会议、 在英属维尔京群岛公司接受培训、作为董事参加会 议、持有所需许可来从事研究工作、从岛上公司进 行采购、来访目的为谈判和业务交易的,以及以鉴定 证人的身份参与争端解决的个人等人士。 参加业 余体育活 动的个人,来 此地 就 读 H Lavity Stoutt 社区学院的学生、金融服务机构,或其它学术 机构的培训工作的人也都能适用于这一新颁布的工 作签证豁免政策。 在发生争端仲裁时,可以享受为期 60天的豁免期, 其他类别的商务访客则可以享受为期七天的豁免 期。在收到申请后,也可以考虑给予首张工作签证的 延期。

100

| 8th Annual

英属维尔京群岛(BVI)最近对 多种类 别的商务访客批准了 工作许可的签证要求。 The British Virgin Islands has approved a work permit exemption for various classes of business visitor.

The British Virgin Islands has approved a work permit exemption for various classes of business visitor. The exemption will allow persons to enter the territory without a work permit, and applies to those visiting for meetings and conferences, those receiving training from British Virgin Islands' businesses, persons attending meetings as directors, those conducting research with the required approval, persons making purchases from territory businesses, those visiting clients for negotiations and business deals, and those who are expert witnesses in dispute resolution cases. Persons participating in amateur sporting activities and students attending the H Lavity Stoutt Community College, Financial Services Institute, or other academic institutions for training will also be eligible for a work permit exemption. A 60-day exemption will apply in the case of arbitration or mediation, and seven days for all other business visitors. Extensions to an initial work permit waiver will be considered upon request.


2017 热点

HIGHLIGHTS

耿西岛 Guernsey | 欧洲 EUROPE

耿西金融岛副首席执行官 Kate Clouston 向与会代表宣 称,耿西岛对 CRS 标 准 的早 期执行意味着该岛“处于向亚 洲从 业者 分享专业信息的完 美地位”。 Delegates heard from Guernsey Finance Deputy Chief Executive Kate Clouston, who said the island's early adoption of CRS meant it was "perfectly placed to share its expertise with its Asia counterparts."

耿西岛认为 CRS 倍受中国投资者重视 Guernsey Says CRS a 'Hot Topic' for Chinese Investors

耿西岛金融服务管理局(Guernsey Finance)是耿 西岛在国际上推广岛上金融服务业的官方机构。该 管理局最近在香港举办了一场关于《通用申报准则》 (Common Report Standard)的新闻发布会。 这场新闻发布会时关于由经合组织(OECD)推出的 针对金融账户的税务信息的自动交换国际标准的官 方解读,会议吸引了来自该地区银行业、信托和证券 行业的60多名代表参加。向来自于服务中国客户的 财富管理执业者进行 CRS 的细则解读是本次发布 会的讨论重点。 耿西金融岛副首席执行官 Kate Clouston 向与会代 表宣称,耿西岛对 CRS 标准的早期执行意味着该岛 “处于向亚洲从业者分享专业信息的完美地位”。 耿西金融岛亚太地区代表 Christopher Chan 表示, 该发布会已是过去六个月里的第二场,这表示业界 对于 CRS 相关知识的渴求状态。

Guernsey Finance, the agency tasked with promoting the island's financial services sector internationally, recently hosted a briefing in Hong Kong on the Common Report Standard (CRS). The briefing on the OECD's new international standard for the automatic exchange of financial account information in tax matters attracted more than 60 delegates from the region's banking, trust, and securities industries. The intricacies of CRS proved to be the main topic of discussion among wealth management practitioners working for Chinese clients. Delegates heard from Guernsey Finance Deputy Chief Executive Kate Clouston, who said the island's early adoption of CRS meant it was "perfectly placed to share its expertise with its Asia counterparts." Christopher Chan, Guernsey Finance's Asia-Pacific Representative, said the briefing, the second held in Asia in the last six months, demonstrated the appetite for knowledge in relation to the CRS.

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2017 热点

HIGHLIGHTS

迪拜 Dubai | 亚洲 ASIA

迪拜多种商品交易中心受中国公司青睐

Dubai Multi Commodities Center Sees Surge in Interest from China

迪拜多种商品交易中心(DMCC)最近宣称,越来越 多的中国公司有兴趣进驻这个位于中东的低税率自 贸区。

DMCC 的上述声明是在 DMCC 代表团对中国进行为 期七天的路演过程中所做,紧接着的是 DMCC 继茶 叶、黄金和其它商品之后,将允许中国的咖啡豆通过 迪拜进行的实质和金融交易。

DMCC 首席执行官 Gautam Sashittal 对中国公司注 册数量的激增发表评论: “在迪拜和 DMCC 成立的

中国公司数量越来越多。事实上,一些中国最大和最 成功的公司都已经成为了我们中的一员,这些公司 包括:海康威视、中国电力、海信、中石化、中国港口 工程公司,以及中国国家建设工程公司等。这些公司 选择迪拜和迪拜自贸区的最重要原因之一,就是这 座城市是连接东西方,以及中国一带一路计划的走 廊。”

102

| 8th Annual

中国公司的注 册 数 量在过去 的五年里以46% 的速 度保 持 增长, 而 DMCC 把 这一 切 归 因于中国公司将迪拜作为和 新兴国家和成熟市场建立更 紧密贸易联系的始发地。 Registrations of Chinese companies have grown by 46 percent annually over the last �ve years, which the DMCC attributes to the China business community using Dubai as a location to establish closer trade ties with emerging and established markets.

The Dubai Multi Commodities Centre (DMCC) said there has been a surge in Chinese companies joining the low-tax free trade zone. The announcement by the DMCC was made during a seven-day roadshow by DMCC representatives across China, and come on the heels of deals to allow physical and financial trading of Chinese coffee beans through Dubai, in addition to existing trade flows for tea, gold, and other commodities. Commenting on the increase in Chinese company registrations, Gautam Sashittal, CEO of the DMCC, said: "Chinese companies setting up in Dubai and DMCC are on the rise. In fact, some of China's biggest and most successful companies are already among our members, including: Hikvision, Power China, Hisense, Sinopec, China Harbour Engineering Company, and China State Construction Engineering Corporation. A significant reason they have come to Dubai and our free zone is that our city connects the West to East corridor with China's Belt and Road initiative."


2017 热点

HIGHLIGHTS

上海 Shanghai | 亚洲 ASIA

领 航 基金总裁 和首席执行官 William McNabb 表 示, 新 成 立的子公司对领 航 基金的业 务来说是一个极为重要的一 步,并进一步巩固其对中国市 场的承诺。 William McNabb, Chairman and CEO of Vanguard, said the new subsidiary is an important initiative for Vanguard's business and solidi�es its commitment to China.

上海自贸区欢迎世界最大互惠基金进驻 Shanghai FTZ Welcomes Major Fund Manager Vanguard

领航基金,世界最大的互惠基金公司正式宣布五月 底在上海自贸区成立一家该公司旗下的全资子公司。 新成立的全资子公司和福达国际、JP Morgan、阿伯 丁资产管理公司和 Bridgewater Associates 等作为 投资管理公司的一部分,在中国大陆成立外国全资 子公司,希望不久在中国市场开放的时候立即对中 国客户提供服务。 领航基金的子公司开始将从事投资管理、投资顾问、 调研和教育功能方面的业务,主要服务于在海外进 行资产配置的机构投资者。其现有客户包括保险公 司、银行、资产经理和其它金融机构。领航基金表示, 该公司希望中国的管理当局能够授权外国投资基金 公司,在未来的三到五年里在中国大陆出售金融产 品,允许领航基金为中国普通的投资者提供服务。 领航基金总裁和首席执行官 William McNabb表示, 新成立的子公司对领航基金的业务来说是一个极为 重要的一步,并进一步巩固其对中国市场的承诺。

Vanguard, the world's largest mutual fund company, officially launched a wholly owned subsidiary in at the end of May. The new subsidiary joins Fidelity International, JP Morgan, Aberdeen Asset Management, and Bridgewater Associates as one of just a few investment management companies to set up wholly foreign-owned enterprises on the Chinese mainland, in anticipation that it can soon serve Chinese consumers once the market is opened up. Vanguard's subsidiary will initially conduct investment management, investment consulting, research, and educational functions, mainly targeting institutional investors looking to allocate assets overseas. Its existing clients include insurers, banks, asset managers, and other financial institutions. Vanguard says it hopes China's authorities will authorize foreign investment fund houses to sell products on the mainland in the next three to five years, allowing Vanguard to serve ordinary Chinese investors. William McNabb, Chairman and CEO of Vanguard, said the new subsidiary is an important initiative for Vanguard's business and solidifies its commitment to China.

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非洲 AFRICA

塞舌尔

Seychelles


Seychelles


Member Contribution

By Seychelles Investment Board

概况

实体类型

信托

法律类型

建立信托所需时间

最低政府费用(不包括税收) 是否签订双重征税协定 国外收入课税

混合法系

24小时

100美元 否 无

General Type of Company

Trust

Type of Law

Hybrid

Our Time to Establish a Trust

24 Hours

Minimum Government Fees (excluding taxation)

US $100

Double Taxation Treaty Access

No

Taxation on Foreign Income

N/A

信托资产

标准货币

允许币种

任何币种

最低资产要求

Trust Assets

Standard Currency

N/A

Permitted Currencies

Any

Minimum Assets Required

N/A

受托人

独立法人最低人数 公司法人最低人数

是否要求有当地受托人 公众可否查阅记录 会议地点

不少于 2 人且必须委任 1 个持牌居 民受托人

1人 是 否

未指定

Trustees Minimum Number If Individuals

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

Minimum Number of a Body Corporate

1

If Local Trustee Required

Yes

Publicly Accessible Records

No

Location of Meetings

Not specified

保全

是否需要

可选

持有专业资格

可选

Protector

Required

Optional

Professional Qualifications Held

Optional

信托契书

公众可否访问

Trust Deed

Publicly Accessible

账户

No 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

审计要求

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

Audit Requirements

No

Publicly Accessible Accounts

No

公众可否访问账户 法定继承权

其他

不适用

是否允许迁册

106

取决于信托契书是如何起草的

| 8th Annual

Other

Forced Heirship Rules

Not applicable

Change in Domicile Permitted

Depends on how the Trust Deed is drafted


司法辖区

JURISDICTIONS 司法辖区:塞舌尔 所属地区:印度洋,非洲 官方货币:塞舌尔卢比 官方语言:英语、法语 所在时区: UTC+4 电话区号: +248 通讯设施:优秀

Country: Seychelles Region: Indian Ocean, Africa Currency: Seychellois rupee 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 中包括旅游业、海产品加工和商业。塞舌尔的国际自

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. 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

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Member Contribution 概况

实体类型

基金会

法律类型

混合法系

有限责任

建立基金会所需时间

基金会最低资本金(等值货币) 基金会资本货币 基金会章程

任何货币 是

是否允许企业保全

理事会成员最少人数 会议地点

Beneficiaries

Name of Founder

可选

Protector Required

Optional

Corporate Protector Permitted

Yes

至少1个 是

任何地方

任何语言(必须提供英语或法语 翻译) 任何语言(必须提供英语或法语 翻译)

管理条例语言

Any

Publicly Accessible Records

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

章程语言

Foundation Capital Currency

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

是否需要秘书

Our time to Establish a Foundation Foundation Capital Minimum (equivalent in currency)

N/A. Foundations are separate legal entities without members. The Registrar will register a foundation within 24 hours The initial assets should be of a value not less than US$ 1

Limited Liability

Optional

基金会本地规定

基金会代理

Hybrid

Yes

是否允许有企业理事会成员

Foundation

Type of Law

Foundation Regulations

基金会管理成员

保全要求

Type of Company

Foundation Charter

可选

受益人

No O�cers of Foundation

Minimum Number of Council Members Corporate Council Members Permitted Meeting Location

审计要求

是否允许迁册

In or outside the Seychelles

Foundation Agent

Yes

Secretary Required

N/A

Language of Charter Language of Regulations

Any (English or French translation required) Any (English or French translation required) Accounts

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

Requirements to Prepare

可选

Audit Requirements

200美金

Annual Government Fee

US$ 200

Change in Domicile Permitted

Yes

| 8th Annual

Yes

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

其他

年度政府费用

Minimum 1

Local Requirements of Foundation

账户

准备要求

108

初始资产不低于1美元价值

公众可查阅记录

基金会管理规则

创始人

无, 无理事会成员的基金会是独 立的法人实体 在注册处注册1个基金会需要24小 时

By Seychelles Investment Board

General

Optional Other


司法辖区

JURISDICTIONS

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

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.

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司法辖区

JURISDICTIONS 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。 适合于 : 财富管理、银行业、基金管理、航运、游艇、货物贸易、 金融贸易、控股公司 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、 通用合伙制和有限合伙制公司 资本主要营运区域: 维多利亚 关系良好辖区: 中国、印尼、瑞士、英国 关系不佳辖区: 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%, 增值税15% 合约签订辖区: 巴林、巴巴多斯、博兹瓦纳、中国、塞浦路斯、印尼、 马恩岛、卢森堡、马来西亚、毛里求斯、阿曼、卡塔尔、 圣马力诺、南非、泰国、阿联酋、越南、赞比亚 税务信息交换协议签订辖区: 开曼群岛、丹麦、法罗群岛、芬兰、格陵兰岛、耿西岛、 冰岛、荷兰、挪威、瑞典、瑞士

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The commodity price spike, a shortage of currency reserves and high inflation has prompted a further round of fiscal tightening after the 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.

Suitable for: Wealth Management, Banking, Fund Management, Shipping, Yachting, Trading Goods, Trading Financial, Holding Companies Vehicle Types: Limited companies, public limited companies, trusts, sole proprietorships, general partnerships and limited partnerships Capital Primary Business Districts: Victoria Good Relationships: China, Indonesia, Switzerland, United Kingdom 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%, VAT 15% Treaty Jurisdictions: Bahrain, Barbados, Botswana, China, Cyprus, Indonesia, Isle of Man, Luxembourg, Malaysia, Mauritius, Oman, Qatar, San Marino, South Africa, Thailand, United Arab Emirates, Vietnam, Zambia TIEA Jurisdictions: Cayman Islands, Denmark, Faroe Islands, Finland, Greenland, Guernsey, Iceland, Netherlands, Norway, Sweden, Switzerland


司法辖区

JURISDICTIONS

Member Contribution

离岸问答 Q&A

塞舌尔 Seychelles

Q1 贵辖区在中国高净值人士或家族寻求资产向 下一代传承的隐私和资产保护方面来说,有哪些主 要优势?

Q1 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?

信托或基金会的注册是财富保全和资产保护的方 式之一。POC(受保护单元公司)的概念也能保护您 的财产,其中每一个单元都有自己的责任。塞舌尔 选择不会将客户的信息向公众透露,而更倾向于仅 仅透露给有足够资格的管理当局,比如 F.I.U.、SRC 和基于法庭命令的 FSA。塞舌尔是一个主权国家, 政治稳定、地理位置和所处的时区优越,没有内战 或部落战争,这些特点都让塞舌尔成为一个受欢迎 的安全司法辖区。

Registering a Trust or Foundation is a means for wealth preservation and asset protection. The concept of a PCC (Protected Cell Companies) also protects your assets, whereby each Cell has its own liability. Seychelles has opted not to divulge client information to the public and rather disclose only to competent authorities such as the F.I.U, SRC, and FSA under a court order. Seychelles being a sovereign country, politically stable, geographical location and time-zone, no civil or tribal wars makes it a favorable safe jurisdiction.

Q2 价格方面,在跪下去设立信托 / 基金会和其它 辖区相比有什么不同?如果价格更高,客户能获得 的额外价值是什么?

Q2 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?

塞舌尔的费用一直都具有很强的竞争力。

A Seychelles cost has remained competitive.

Q3 中国或亚洲客户考虑选择塞舌尔司法辖区的 主要优势是什么?

Q3 What are the advantages for Chinese or Asian clients to consider Seychelles as a jurisdiction of choice?

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塞舌尔非常适应中国 / 亚洲客户的需求。塞舌尔的 中国大使馆与行业紧密合作,一起提供文件的及时 认证,我们的法庭提供当天立等可取的认证和加签 服务。我们的快递服务行业中包括世界著名公司比 如敦豪、联邦快递等,每天都有飞往世界各地的航 班,这些都让塞舌尔成为您首选的司法辖区。

Q4 贵辖区的法律有哪些特征,能让信托 / 基金会 对投资者来说更具有吸引力? 《塞舌尔国际信托法案》能允许信托的受益人可以 是自然人或实体公司;这表示塞舌尔法律允许有公 司、合伙制公司或协会的形式。信托可以以慈善、 贸易(商业信托)、管理现金存款(现金存款信托)、 管理公积金和退休金、雇员福利计划和雇员认股计 划为目的而建立。 委托人所选择的准据法规定不需要位于塞舌尔。信 托的生命周期可以是不确定的。 可以允许有受托人, 但在这个情况下,受托人必须是一个塞舌尔持证的 信托服务提供商。在一个受托人是一个持证服务提 供商的情况下,则可以指定一名个人或公司作为额 外的受托人。委托人有保留的权力,也可以是受益 人,但不能是信托的唯一受益人。

Seychelles has adapted well to Chinese/Asian clients. The Chinese Embassy in Seychelles works well with the industry to provide on-time authentication of documents and our Court House provides a same day service for apostille. Our courier services include worldwide known companies i.e. DHL, Fed-EX & others and with daily flights to the rest of the world, makes Seychelles a jurisdiction of choice.

Q4 What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? The International Trust Act of Seychelles provides for the beneficiary of a Trust to be either a natural individual or body corporate; meaning a company, partnership or association incorporated under the laws of Seychelles. The Trust may be registered for charitable purposes, trading (commercial trust), managing cash deposits (cash deposit trust), managing provident funds, and pension funds, employee end of service benefic scheme and employee stock option plan. The proper law of a trust is that chosen by the Settlor and need not be in Seychelles. The life of the Trust may be indefinite. One trustee is allowed but if this is the case then that trustee must be a Seychelles licensed trust service provider. Where one trustee is a licensed service provider then an individual or corporate may be appointed as additional trustee/s. The Settlor has reserved powers and may be a beneficiary, but not the sole beneficiary of the Trust.

来源:塞舌尔金融服务协会 / Contributed by Seychelles Financial

Services Association (SIFSA)

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美洲

AMERICAS

巴巴多斯 Barbados


Barbados


Member Contribution 概况

实体类型

信托

法律类型

建立信托所需时间

最低政府费用(不包括税收) 是否签订双重征税协定 国外收入课税

普通法

3到5工作日 无 是

是(1-3%)

General Type of Company

Trust

Type of Law

Common

Our Time to Establish a Trust

3-5 working days

Minimum Government Fees (excluding taxation)

Nil

Double Taxation Treaty Access

Yes

Taxation on Foreign Income

Yes ( 1-3%)

信托资产

标准货币

多币种

允许币种

多币种

最低资产要求

独立法人最低人数 公司法人最低人数

是否要求有当地受托人 公众可否查阅记录 会议地点

Trust Assets

Standard Currency

Multi currency

Permitted Currencies

Multi currency

Minimum Assets Required

None

受托人

1人 1人

可选 无

可选

Trustees

Minimum Number If Individuals

1

Minimum Number If a Body Corporate

1

If Local Trustee Required

Optional

Publicly Accessible Records

No

Location of Meetings

Optional

保全

是否需要

持有专业资格

Protector

Required

No

Professional Qualifications Held

No

信托契书

公众可否访问

Trust Deed

Publicly Accessible

账户

准备要求

审计要求

公众可否访问账户

法定继承权

如果资产或者收入 , 超过 2 百万美 元 是

| 8th Annual

No Accounts

Requirements to Prepare

Yes

Audit Requirements

If assets or income >US$2M

Publicly Accessible Accounts

Yes

其他

是否允许迁册

116

By Invest Barbados

Other

Forced Heirship Rules

No

Change in Domicile Permitted

Yes


司法辖区

JURISDICTIONS 司法辖区:巴巴多斯 所在地区:加勒比 官方货币:巴巴多斯元 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 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。

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.

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、控股公司

Suitable for: Banking, Insurance, Fund Management, Shipping, Yachting, Intellectual Property/Licensing, Holding Companies

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司法辖区

JURISDICTIONS 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、有限合伙公司、豁免有限合伙公司和 受限责任协会 资本主要营商区域: 布里奇敦 关系良好辖区: 巴哈马、伯里兹、百慕大、英属维尔京群岛、加拿大、 开曼群岛、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 关系不佳辖区: 缅甸、伊朗、北韩(人民民主主义共和国)、利比亚、 索马里、苏丹、叙利亚 税务负担⸺商务: 轻 税务负担⸺个人: 中等 总体税率: CIT 15%, PIT 20-35%, VAT 0% 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、古巴、捷克共和国、多米尼加、芬兰、 格林纳达、圭亚那、冰岛、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、英国、美国、委内瑞拉 税务信息交换行政辖区: 丹麦、法罗群岛、格陵兰岛、南非、美国

Vehicle Types: Limited companies, public limited companies, trusts, foreign sales corporations, general partnerships, limited partnerships, exempted limited partnerships and societies with restricted liability Capital Primary Business Districts: Bridgetown Good Relationships: Bahamas, Belize, Bermuda, British Virgin Islands, Canada, Cayman Islands, China, Cuba, Dominica, Jamaica, Mexico, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, Trinidad and Tobago, Turks and Caicos Islands, United Kingdom, United States Bad Relationships: Burma, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Light Tax Burden - Individual: Moderate Headline Tax Rates: CIT 15%, PIT 20-35%, VAT 0% Treaty Jurisdictions: Antigua and Barbuda, Austria, Bahrain, Belize, Botswana, Canada, China, Cuba, Czech Republic, Dominica, Finland, Grenada, Guyana, Iceland, Jamaica, Luxembourg, Malta, Mauritius, Mexico, 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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司法辖区

JURISDICTIONS

Member Contribution

离岸问答 Q&A

巴巴多斯 Barbados

Q1 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?

Q1 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?

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。

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.

Q2 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?

Q2 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?

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。

Q3 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

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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).

Q3 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? Not necessarily. Trusts and Foundations are always at the heart of


司法辖区

JURISDICTIONS

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。

Q4 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。

Q5 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。 来源 / Contributed by:Jonathan Brathwaite /

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.

Q4 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.

Q5 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.

Mithril Advisors

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英属维尔京群岛

British Virgin Islands


BVI


Member Contribution 概况

实体类型

信托

法律类型

建立信托所需时间

最低政府费用(不包括税收) 是否签订双重征税协定 标准货币

普通法

2到3天

印花税200美元 否

最低资产要求 独立法人最低人数 公司法人最低人数 是否要求有当地受托人 公众可否查阅记录 会议地点

General Type of Entity

Trust

Type of Law

Common

Our Time to Establish a Trust

2 - 3 days

Minimum Government Fees (excluding taxation) Double Taxation Treaty Access in the BVI

信托资产

美元

允许币种

任何币种

1美元

1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) 否

受托人住所(首选)

持有专业资格 公众可否访问 准备要求

可选 可选

US $

Permitted Currencies

Any

Minimum Assets Required

USD 1 Trustees

Minimum Number If Individuals

One

Minimum Number If a Body Corporate

One

If Local Trustee Required

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

Publicly Accessible Records

No

Location of Meetings

Domicile of trustees (Preferred)

公众可否访问账户 法定继承权

是否允许迁册

| 8th Annual

Required

Optional

Professional Qualifications Held

Optional

Trust Deed

Publicly Accessible

账户

审计要求

Protector

信托契书 否

否 否

No Accounts

Requirements to Prepare

YES

Audit Requirements

No

Publicly Accessible Accounts

No

其他

No

Standard Currency

受托人

1人

Stamp Duty USD200

Trust Assets

保全

是否需要

124

By BVI Finance

Other

Forced Heirship Rules

No

Change in Domicile Permitted

Yes


司法辖区

JURISDICTIONS 司法辖区:英属维尔京群岛 所属地区:加勒比 官方货币:美元 官方语言:英语 所在时区:UTC-4 电话区号:+1284 通讯设施:优秀

Country: British Virgin Islands Region: Caribbean Currency: US dollar 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。

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.

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、房地产所有权

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

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JURISDICTIONS 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

Vehicle Types: Limited companies, public limited companies, trusts, general partnerships, limited partnerships and international business companies

资本主要商务地区: 罗德城

Capital Primary Business Districts: Road Town

关系良好辖区: 英国、美国

Good Relationships: United Kingdom, United States

关系不佳辖区: 缅甸、古巴、伊朗、北朝鲜、利比亚、索马里、苏丹、 叙利亚

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

税务负担⸺商务: 极轻

Tax Burden - Business: Very Light

税务负担⸺个人: 极轻

Tax Burden - Individual: Very Light

总体税率: CIT 0%, PIT 0%, 增值税 0%

Headline Tax Rates: CIT 0%, PIT 0%, VAT 0%

签订条约辖区: 瑞士

Treaty Jurisdictions: Switzerland

税收信息交换协议签订辖区: 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、美国

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

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司法辖区

JURISDICTIONS

Member Contribution

离岸问答 Q&A

英属维尔京群岛 BVI

Q1 信托法是何时在贵辖区内实施的?

Q1 When was trust law introduced in your jurisdiction?

英属维尔京群岛(BVI)是一个颇受尊敬和成熟的建 立信托的辖区。BVI 信托法的基本理念来自于英国 信托法,由英国法院通过。因此,英国普通法和“衡 平法”能直接以普通法(应用申请)1705 年法案和东 加勒比最高法院(维京群岛)法案而适用于 BVI,同 时由特定的法律规定所定义的补充条文或修改条 文能提供各式各样具有灵活性和易于利用的信托 架构选择。

The British Virgin Islands (BVI) is a well-respected and sophisticated jurisdiction for the establishment of trusts. The general principles of BVI trust law are derived from those of English trust law as developed by the English courts of equity. Indeed, the principles of English common law and equity can be applied directly in the BVI by virtue of the Common Law (Declaration of Application) Act 1705 and the Eastern Caribbean Supreme Court (Virgin Islands) Act, as supplemented or modified by specific statutory provisions to offer a variety of flexible and user-friendly trust structuring options.

BVI 法律管理信托的创立和管理的主要法律由英属 维尔京群岛1961年信托法案所规定,这一法案也是 基于英国 1925 年信托法案而创立。BVI 信托1961 年 法案在 1993,2003 和最近的2013 年都得到了修正。 其它的主要 BVI 信托法规包括英属维尔京群岛特别 信托 2003 年法案(由受托人(修正案)2013 年法案修 正), 这一法案创建了“特殊类型信托” (被称为“VISTA 信托”)。VISTA 信托在过去几年里广受欢迎,对希 望在资产传承规划和财富管理中寻求平衡点的中 国客户来说尤其如此。

Q2 贵辖区在隐私和资产保护方面,对希望向下一

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The main legislation in the BVI governing the creation and administration of trusts generally can be found in the British Virgin Islands Trustee Act of 1961, which was based on the English Trustee Act 1925. The BVI Trustee Act 1961 was amended in 1993, 2003 and most recently in 2013. Other significant trust legislation in the BVI includes the Virgin Islands Special Trusts Act 2003 (as amended by the Trustee (Amendment) Act of 2013) which creates a special type of trusts (known as the "VISTA" trusts). VISTA trusts have gained increasing popularity over the years, particularly to Chinese clients who wish to balance succession planning with wealth management.


司法辖区

JURISDICTIONS

代传承财富的中国高净值人士和家族(等)来说主 要有哪些优势?

BVI 的信托法提供高级别的私密性保护。在 BVI 设 立的信托和其它所有以 BVI 信托条款实施的信托契 约都不必遵循《注册和记录法案》。受托人也可不 必背负任何的报告和归档责任。这些豁免权可以追 溯到 1993 年 11月1日之前的信托契约。中国的高净值 人士能很放心地认为 BVI 信托其条款或其本身都是 非常具有保密性的。 BVI 信托以多种方式提供资产保护。一些中国的高 净值人士喜欢利用 BVI 信托在一个经济和政治都稳 定的环境里持有资产。其它的风险,比如政府当局 的资产充公或征用都能得到避免。另一方面是和其 资产的法律抬头在信托创建时向受托人的转让过 程相关,因为一些中国的高净值人士对让受托人来 管理财富有所顾虑。在 BVI 的法律规定下,受托人 需要严格按照信托证书的条款来管理信托资产,总 体上来说是按照信托责任来实行其权力,为受益人 的福利和谨慎操作得以保留信托资产的价值而谋 利。

Q3 价格方面,在贵辖区设立信托 / 基金会和其它 地方 相比有什么不同?是否更 加昂贵?如果 是 这 样,客户能获得的额外价值在哪里?

Q2 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? Trust law in the BVI offers a high degree of privacy. Deeds creating BVI trusts and all other deeds executed pursuant to the terms of the trusts are exempt from registration under the Registration and Records Act. Trustees are also exempt from any reporting or filing requirements. These exemptions apply retroactively to deeds not filed or registered prior to 1 November 1993. Chinese HNWIs can take comfort that the terms, or the bare existence, of BVI trusts would remain confidential. BVI trusts offer asset protection in a number of ways. Some Chinese HNWIs prefer to use BVI trusts to hold assets in a stable economic and political environment. Other risks such as confiscation or expropriation by governmental authorities may also be reduced. Another aspect relates to the transfer of legal title of the assets to the trustees upon creation of the trusts, as some Chinese HNWIs may have concerns over administration of the assets by the trustees. Under BVI law, trustees are required to deal in the trust assets in strict accordance with the terms of the trust instrument and are generally under fiduciary duties to exercise their powers in the best interests of the beneficiaries and to act prudently in preserving the value of the assets.

BVI 税率中等,且对个人或在BVI 的公司而言无遗产、 赠与或所得税之忧。因此这里没有在多个行政辖区 内进行财富管理的双重征税问题。 信托是无需注册或归档的私人契约,在 BVI 设立信 托的费用是最 低的。BVI 的信托由 BVI 法律管辖且 无需纳税,前提是受益人都不是 BVI 的居民,信托 资产不包括 BVI 的土 地 且 受 托人在 此 身 份下不在 BVI 进行任何商业或贸易活动。 虽然为 BVI 以外居民创立的信托证书无需缴纳印花 税,信托证书本身需要在从其它金融辖区向 BVI 转 换或创建终身的 BVI 信托(单纯信托和专属慈善信 托除外)时缴纳总共为200美元的税款。补充文件、 向现有信托增加地产证书或契约证书副本等无需 缴税。

Q4 为中国和亚洲客户进行财富规划时您遇到的

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最大问题和挑战是什么?您和您的辖区为此提出的 解决方案是什么?

Q3 In terms of cost, how does the cost of a setting up a trust in your jurisdiction compare to other jurisdictions?

衡力斯在帮助亚洲高净值人士和家族办公室设立 BVI 信托方面的经验非常丰富,遇到的问题主要来 自于财富保护和传承规划。中国客户对离岸信托尤 其感兴趣,因为中国现在的法律法规在基于“一个 物业,一个权力”的原则上运作,对向受托人转让的 法定所有权方面有诸多不便。虽然如此,要劝说亚 洲客户把他们的资产向第三方受托人转让确实是 一个挑战,因为受托人不会对特定的信托财产采取 相同的管理或投资方法,尤其重要的是,因为受托 人通常来说需要担任确保信托资产不贬值的卫士 角色。

The BVI offers a tax neutral position with no estate, gift or income taxes for individuals or companies in the BVI. So there is no issue of double taxation in multi-jurisdictional wealth management structures.

BVI 信托以最佳 VISTA 信托来提供最佳解决方案, 这一方案增加了一个由受托人拥有的来持有资产的 控股公司的层面。信托资产的管理和控制由公司的 董事会决定,董事会成员通常为授予人,委托人的 家庭成员或受信任的顾问等。受托人不能对受保护 的信托资产的管理进行干预(除非在极端情况下)。 VISTA 信托因此在家族生意或公司在牵涉到传承管 理时而变得非常有用。

Although no stamp duty is payable in relation to trust instruments created for the benefit of beneficiaries resident outside of the BVI, a sum of US$200 duty is payable on instruments which change the proper law of a trust from another jurisdiction to the BVI or which create lifetime BVI trusts (bare trusts and exclusively charitable trusts are exempt). No duty is payable in respect of supplementary documents, instruments adding property to existing trusts or counterparts/duplicates.

Q5 贵辖区的信托法方面有否新,需要 投资者注 意的更新?

Q4 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?

BVI 信托受托人法案最近的一次修改是在 2013 年, 修正案引入了更多的灵活性。总体来说,在 2013 年

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Trusts are private arrangements which require no registration or filing and the cost of setting up a trust in the BVI is minimal. No taxes are payable in respect of trusts created in the BVI which are governed by BVI law on the basis that none of the beneficiaries is resident in the BVI, the trust assets do not include land in the BVI and that the trustees do not, in their capacity as trustees, carry on any business or trade within the BVI.

Harneys have vast experience assisting Asian HNWIs and family offices


司法辖区

JURISDICTIONS

in structuring BVI trusts to address concerns such as preservation of wealth and succession planning. Offshore trusts are particularly attractive to Chinese clients since the current legal and regulatory systems in China operate on the principle of "one property, one right", which creates difficulties in preserving assets by way of transfer of legal ownership to trustees. However, it is often a challenge to persuade Asian clients to transfer their assets to third party trustees, as trustees may not share the same management or investment approach to specific trust assets, not least because trustees are generally required to act prudently in safeguarding the value of trust assets. The BVI offers the best solution by introducing VISTA trusts, which adds a layer of holding company owned by the trustees to hold the assets. Management and control of trust assets lie with the board of directors of the company who are often the settlors, their family members or trusted advisers. The trustees cannot interfere in the management or investment of the underlying trust assets (except in extreme circumstances). VISTA trusts are therefore particularly useful when family business or corporations are involved in succession planning.

Q5 Are there any recent developments in trust law in your jurisdiction that investors should be aware of? 5月16日后 设 立的信 托,时限 最高从100 年增加到 了360 年(除无限期的慈善信托或目的信托之外)。 VISTA 信托和私人信托公司(PTC)也做了重要改动。 BVI 信托和 VISTA 信托不同,但现在可以在其中一 个受托人是 PTC 或是一个信托许可证持有者的情 况下转换成 VISTA 信托(在特定的条件下),这意味 着个人或非 BVI 公司能成为协作受托人。VISTA 信托 证书的声明书可以要求特定的法律规定得以取消、 暂停或由个人或委员会成员之一指示的特定事件而 触发。这让 VISTA 信托能够被量身定做。除了作为 VISTA 信托的受托人角色外,PTC 现在也可以 成为 BVI 目的信托的受托人,且“被指定人员”作为目的 信托受托人的定义也有所改变。 上述只是 BVI 信托制度的最新更新,BVI 信托制度 一如既往地为投资者提供友好和灵活的财富管理 选择。 来源 / Contributed by:BVI Finance

The BVI Trustee Act was last amended in 2013 to introduce more flexibility in BVI trusts. Generally, the maximum trust period has been increased from 100 to 360 years for trusts established after 16 May 2013 (except charitable or purpose trusts which may exist indefinitely). Key changes have also been made to the use of VISTA trusts and private trust companies (PTCs). BVI trusts which are not VISTA trusts may now be converted into VISTA trusts (subject to certain conditions) as long as one of the trustees is a PTC or a trust license holder, which means that individuals or non-BVI companies can be co-trustees. Declarations in VISTA trust instruments may state that certain aspects of the statutory regime be revoked, suspended or triggered by specific events or by a directions from an individual or committee. This allows VISTA trusts to be tailored. Apart from acting as trustees of VISTA trusts, PTCs may now act as trustees of BVI purpose trusts too and changes have been made to the definition of "designated person" as trustees of purpose trusts. These are just some of the changes recently made to the BVI trust regime which continues to offer a variety of flexible and user-friendly options for investors.

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开曼群岛

Cayman Islands


衡力斯于亚洲地区提供有关英 属维尔京群岛、开曼群岛及百 慕达法律方面独一无二的交 易、诉讼及重组建议,同时通 过衡力斯信托业务提供全方位 的企业服务。

Ian Mann 孟承恩 合伙人 ian.mann@harneys.com 上海代表办事处 Kristy Calvert 施煜琼 首席代表 kristy.calvert@harneys.com 新加坡 Lisa Pearce 合伙人 lisa.pearce@harneys.com 日本代表办事处 Hideki Hashiguchi 桥口 英毅 日本代表 hideki.hashiguchi@harneys.com

HARNEYS | 亚洲

香港中環皇后大道中99號 中環中心 35樓01室 +852 5806 7800

harneys.cn | harneysfid.com

安圭拉 百慕达 英属维尔京群岛 开曼群岛

塞浦路斯 香港 伦敦 毛里求斯

蒙特维多 圣保罗 上海 新加坡

百慕达的法律服务是经和一所独立的当地事务所Zuill & Co.合作下提供的。

东京 温哥华

Cayman

香港 Jonathan Culshaw 顾嘉雄 亚洲管理合伙人 jonathan.culshaw@harneys.com


Member Contribution 实体类型 法律类型 建立信托所需时间 最低政府费用(不包括税收) 是否签订双重征税协定 永久所有权期限 标准货币 允许币种

最低资产要求

独立法人最低人数

公众可否查阅记录 会议地点 是否允许

持有专业资格 公众可否访问 准备要求 审计要求

公众可否访问账户 是否允许私人信托公司 法定继承权

By Harney Westwood & Riegels

概况

信托

普通法

最 少 2-3 天 ( 根 据 复 杂 性 和 完 成 KYC 要求所花费的时间可能有所 不同 ) 印花税40开曼元 否

150年,除了那些没有限制的 STAR 信托公司

General Type of Company

Trust

Type of Law

Common

Our Time to Establish a Trust

Minimum 2-3 days (may vary according to complexity and time taken to complete KYC requirements)

Minimum Government Fees (excluding taxation)

Stamp Duty CI$40.00

Double Taxation Treaty Access

No

Perpetuity Period

150 years, except for STAR trusts where there is no limit

信托资产

美元

任何币种

大约100美元名义金额

Trust Assets

Standard Currency

US $

Permitted Currencies

Any

Minimum Assets Required

Nominal amount generally USD100

受托人

Trustees

Minimum Number If Individuals

Minimum of one trustee (corporate or individual). Subject to special requirements for STAR trusts and certain types of unit trusts which are licensed mutual funds. Trustees can be licensed Cayman Islands professional trustees, Cayman Islands private trust companies, foreign corporate trustees or individuals (wherever resident)

Publicly Accessible Records

No

Location of Meetings

Anywhere

1个受托人(独立或公司)。 取决 于 STAR 信托的特殊要求和一些诸

如特许互惠基金的特殊单位信托, 受托人可以是开曼群岛特许专业 受托人,开曼群岛私人信托公司, 外国公司信托或个人(无论哪里 居民均可) 否

任何地方

保全

可选

Protector

Permitted

Yes

Professional Qualifications Held

Optional

信托契书 否

Trust Deed

Publicly Accessible

账户

No Accounts

Requirements to Prepare

Yes

Audit Requirements

No

Publicly Accessible Accounts

No

"Private Trust Companies Permitted"

Yes

Forced Heirship Rules

Not applicable

否 其他

不适用

Other


司法辖区

JURISDICTIONS 行政特区:开曼群岛 地区:加勒比 货币:开曼群岛元 语言:英语英语 所在时区:UTC-5 区号:+1345 通讯设施:良好

Country: Cayman Islands Region: Caribbean Currency: Cayman Islands dollar Languages: English Time Zone: UTC -5 Phone Code: +1345 Communications: Good

简介 Introduction 开曼群岛是世界上最大的离岸银行业中心,也是排名 在百慕大之后,世界第二大离岸专属保险基地。这里 没有直接或间接税;政府收入来自于关税、印花税和 向公司征收的年费。最近试图征收的一项工资税因 为工作签证费的不断增加而搁浅。因此在这里雇佣 外国人很困难,也很昂贵。开曼群岛的经济高度依赖 旅游业和金融服务业。从1997年开曼群岛股票交易 市场开市以来,互惠基金已成为一个主要的增长行 业,整个群岛已成为世界上最主要的对冲基金、债务 抵押债券(CDO)和其它证券形式的注册基地。虽然 开曼群岛有成熟的营商基础设施和灵活多变的法规 制度,它仍是一个比较昂贵的行政特区。 开曼群岛是一个以英语为官方语言的英国附属地, 位于加勒比海地区的古巴和中美洲之间。这里有两

Cayman is the largest offshore banking centre in the world, and the second largest offshore captive insurance base after Bermuda. There are no direct or indirect taxes; government revenue comes from customs duties, stamp duty and annual fees levied on corporations. A recent attempt by the administration to impose a payroll tax was withdrawn in favour of a substantial increase in work permit fees. It is thus difficult and expensive to employ expats. The economy is highly dependent on tourism and financial services. Since the opening of the Cayman Islands Stock Exchange in 1997, mutual funds have become a growing sector, and the islands have emerged as a predominant registration base for hedge funds, CDOs and other securitization instruments. Although Cayman has an established commercial infrastructure and a flexible approach to regulation, it is an expensive jurisdiction.

Suitable for:

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JURISDICTIONS 个国际机场,一个在乔治城,大开曼群岛,另一个位 于开曼湾。几条主要的航线都经停开曼群岛,每天都 有航班飞往迈阿密,每周都有航班飞往北美和欧洲 的主要城市。 开曼元对美元的比值是固定的,比率定为1开曼元比 1.2 美元。这里并没有外汇管制。开曼是一个比较昂 贵的行政特区,商业基础设施比较完善,法律灵活多 变,对个人隐私保持足够的尊重。 开曼群岛在西半球有良好的声誉,但是在欧洲被视 为“避税天堂”,很大程度上是因为媒体宣传而并没 有事实依据。事实上开曼群岛努力立法来和国际标 准保持一致,使自己成为“干净”的离岸中心,甚至在 2001年接受了针对财政不道德行为的调查,至少当 犯罪在国际上和开曼群岛上已成为公认事实的时候 更是如此。通常的看法是开曼群岛仍然在没有犯罪 事实的前提下最大限度地保护个人隐私。 虽然开曼群岛被 FATF(金融行动特别组)列为没有力

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Wealth Management, Treasury Management, Banking, Fund Management, Shipping, Aviation, Yachting, Trading Financial, Intellectual Property/Licensing, Holding Companies

Vehicle Types: Limited companies, public limited companies, exempt companies, foreign companies, trusts, limited partnerships and exempted limited partnerships Capital Primary Business Districts: George Town Good Relationships: Bahamas, Barbados, Bermuda, Belize, Canada, Dominica, India, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, Turks and Caicos Islands, United States Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria


司法辖区

JURISDICTIONS 量对抗洗钱活动的名单之一,2001 年开曼群岛收到 FATF 的表扬,认为它在针对洗钱的斗争中表现出色, 包括出台反洗钱法规,修改货币财政法律和刑事犯 罪法。银行和信托公司法和公司管理法等也得到了 修订,2002 年底还出台了金融公司强制许可证制度。 适合于: 财富管理、资产管理、银行业、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 离岸工具种类: 有限公司、公众有限公司、豁免公司、外国公司、信托、 有限合伙制和豁免有限合伙制 资本主要营商地区: 乔治城 关系良好辖区: 巴哈马、巴巴多斯、百慕大、伯利兹、加拿大、多米尼 加、印度、牙买加、蒙特色拉特岛、圣基茨和尼维斯、 圣卢西亚、圣文森特和格林纳丁、特立尼达和多巴哥、 特克斯和凯科斯岛、美国 关系不佳辖区: 缅甸、古巴、北韩、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

Tax Burden - Business: Very Light

总体税率: CIT 0%, PIT 0%, VAT 0%

Tax Burden - Individual: Very Light

协议签订辖区: 英国

Headline Tax Rates: CIT 0%, PIT 0%, VAT 0%

税务信息交换协议签订辖区: 阿根廷、阿鲁巴、澳大利亚、比利时、巴西、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、格陵兰岛、耿西岛、冰岛、印度、爱尔兰、 意大利、日本、马耳他、墨西哥、荷兰、新西兰、挪威、 波兰、葡萄牙、 卡塔尔、塞舌尔、圣马丁岛、南非、瑞典、 英国、美国

Treaty Jurisdictions: United Kingdom TIEA Jurisdictions: Argentina, Aruba, Australia, Belgium, Brazil, Canada, China, Curacao, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, India, Ireland, Italy, Japan, Malta, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Qatar, Seychelles, Sint Maarten, South Africa, Sweden, United Kingdom, United States

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Member Contribution

离岸问答 Q&A

开曼群岛 Cayman Islands

Q1 对希望向下一代传承资产的中国高净值人士 或家族(等)而言,贵司法辖区在隐私和资产保护 方面有哪些核心优势?

Q1 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?

开曼群岛是一个成熟的司法辖区,在国际信托方面 拥有悠久的历史。开曼群岛的立法专为满足海外公 司所有人和家族的需求而设计,隐私和资产保护更 是重中之重。

The Cayman Islands is a mature jurisdiction for international trusts with a long history. Cayman legislation has been specifically designed to meet the dynamic needs of overseas business owners and families, with privacy and asset protection being two key considerations.

开曼群岛之所以是创立信托、实现隐私和资产保护 的理想司法辖区,其核心优势如下: • 经济稳定且蓬勃发展; • 政治稳定的民主政府(英国的海外属地); • 有可靠的监管框架,对开曼金融服务行业进行监 督; • 私人信托无注册要求; • 公众无权查询登记簿; • 通过专门立法保护客户隐私,不接受外国监管机 构和法院的信息查询请求; • 开曼群岛的受托人只要不参与外国的诉讼,就不 会承受外国判决的约束; • STAR 信托允许出于 特别目的而设立的信托(比 如为了经营公司、为了为家族成员提供教育 / 婚

The key advantages of the Cayman Islands as an ideal jurisdiction in which to establish trusts that achieve privacy and asset protection are as follows: • A stable and buoyant economy; • A politically stable and democratic government (British overseas territory); • A solid regulatory framework overseeing the Cayman financial services industry. • No registration requirements for private trusts; • The register is not available to the public; • Specific legislation protecting clients from requests for information from foreign regulatory bodies and courts; • Cayman trustees will not be bound by foreign judgments as long as the trustee does not join the foreign litigation;

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姻资金等),非无限期设立; • 客户还可以设立私人信托公司(PTC)从而保留对 受托人的控制权

Q2 成本方面,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?如果成本更高,您能为 客户提供的附加价值是什么? 在开曼群岛设立信托的成本远低于其他为人熟知 的司法辖区,比如香港和新加坡等。私人信托无需 缴纳任何地方税或注册费用。尤其是设立标准的 STAR 信托,成本非常低,且易于管理。 开曼群岛一直致力于推广其信托业务,所以其信托 结构的设计极其有效且极具成本效益。

Q3 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? 在中国及其他亚洲国家,长久以来,人们都很难真 正理解信托的优势所在,尤其是担心将资产转入信 托之后,可能会丧失对资产的控制权。 最大的挑战之一就是中国或亚洲客户往往要求通 过离岸信托实现多重目的,包括: • 持有位于中国的家族企业; • 同时保留对此类企业的控制权;和 • 实现继承规划、资产保护和隐私。 开曼群岛可以提供解决此类问题的方案,因为在开 曼群岛灵活的法律制度下,我们可以打造用以实现 此类目标的信托结构。我们可以为每一位客户提供 量身定制的计划,满足其具体的需求。 对于有意寻求有效资产保护及家族财富继承解决 方案的中国高净值人士而言,开曼群岛可提供的各 种信托解决方案极具吸引力,尤其是在公司经营方 面。

Q4 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? 开曼信托有众多其它辖区未必具有的优势,包括: • 税收中立辖区;

• STAR Trusts permit trusts for a special purpose (e.g. to run a business, to provide funding for education/marriage of family members, etc.), and have no perpetuity period; • Clients can also establish their own private trust company (PTC) to retain control over the trustee.

Q2 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 of establishing a trust in the Cayman Islands is much lower than in other popular jurisdictions such as Hong Kong and Singapore. There are no local taxes or registration fees for private trusts. In particular, the cost of establishing a standard STAR Trust is quite limited and manageable. The Cayman Islands has long been promoting its trust business and accordingly its trust structures have been designed to be extremely efficient and cost effective.

Q3 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?

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• 拥有各个行业的顶尖服务提供者,包括律师事务 所、会计师、信托公司和银行; • 司法部门具有快速跟进解决纠纷的卓越能力; • 在不影响信托有效性的前提下,委托人能够保留 对信托的大部分权力 • 客户可以便捷地设立私人信托公司(担任开曼群 岛信托的受托人,本身不需要持有信托许可证) 作为受托人; • 承认信托保护人的角色; • 可以设立信托来持有公司,公司的管理权仍由委 托人控制,受托人不会进行任何监管或干预; • STAR 信托能够无限期地设立,让信托在无受益 人的情况下为一个目的而设立; • 通过设立保留权力信托,客户可以保留与信托管 理相关的各种权力; • 强有力的资产保护规定,开曼群岛的受托人除非 自愿服从外国辖区的管理,否则不受外国判决的 约束; • 公众没有权力对信托进行质询,实现了隐私和保 密性。

In China and other Asian countries, there have historically been difficulties with appreciating the true advantages offered by trusts, as well as specific concerns about a potential lack of control over assets once transferred into a trust.

如上文所述,开曼群岛在为中国高净值人士提供定 制结构方面取得过辉煌的成果,可以让客户在享受 到信托经典优势的同时,保留对家族财富的有效控

Q4 What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors?

One of the biggest challenges is that Chinese or Asian clients often require offshore trusts to achieve multiple purposes, including: • Holding their family businesses located in China; • Retaining control over such business in the meantime; and • Achieving succession planning, asset protection and privacy. Solutions to these issues are available in the Cayman Islands, where the flexible Cayman legal regime enables us to structure the trusts to achieve these goals. We can develop tailor-made plan for each client to meet their specific needs. The Cayman Islands offers a wide range of trust solutions which are especially appealing for Chinese HNWs looking for effective asset protection and succession solutions for their family's wealth, particularly concerning operating businesses.

Cayman trusts have the following features that other jurisdictions do not necessarily have: • A tax neutral jurisdiction; • The availability of a wide range of top quality service providers, including law firms, accountants, trust companies and banks; • Judiciary of the highest caliber for fast tracking disputes; • The settlor may retain significant powers over the trust without affecting its validity; • Clients may easily set up a PTC (which does not require its own trust license to act as trustee of a Cayman trust) to act as the trustee; • Trust Protectors are recognised; • Trusts can be set up to hold businesses, the management of which can still be controlled by the settlors with no oversight or intervention by the trustees; • STAR Trusts can be set up in perpetuity enabling the trust to be for a purpose with no beneficiaries; • Reserved Power Trusts enable clients to retain a wide range of powers in relation to the administration of a trust; • Strong asset protection rules under which Cayman trustees are not bound by foreign judgments unless they have submitted to the

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制和管理。开曼群岛还将继续更新、优化自身的法 律,确保自己始终位于离岸信托世界的最前沿,不 断提高在中国等发展中市场的普及度。

foreign jurisdiction; • Trusts are not open to search by the public thus achieving privacy and confidentiality.

Q5 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?

As stated above, the Cayman Islands has an established track record of offering bespoke structures to Chinese HNWs, which allow them to benefit from the classic advantages of a trust without ceding effective control and management of the family's wealth. The Cayman Islands will continue to update and refine its laws to ensure that it remains at the cutting edge of the offshore trust world and continues to increase in popularity in growing markets, such as China.

截至此问答发布之日,开曼群岛已经制定了《开曼 基金会公司法》,但尚未最终生效。Harneys 会一直 监督此法律的状态,一旦其最终版本颁布并生效, 我们会立即制定自己的基金会文件。

Q5 Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of?

来源 / Contributed by:Harney Westwood &

Riegels

The Cayman Foundation Companies Law has been formulated but not finalized as of the date of this Q&A. Harneys is monitoring the status of the law and will develop our foundation documents once the final version of the law is announced and in force.

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尼维斯 Nevis


Nevis


Member Contribution 概况

实体类型

信托

建立信托所需时间

最低政府费用(不包括税收) 是否签订双重征税协定 国外收入课税 标准货币

Trusts

除条例

Type of Law

24小时

Nevis International Exempt Trust Ordinance, 1994, as amended

Our Time to Establish a Trust

Twenty four (24) hours

250美金

Minimum Government Fees (excluding taxation)

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

Two hundred fifty United States Dollars (US$250) The Federation of St. Kitts & Nevis has signed Tax Information Exchange Agreements (TIEAs) with twenty four (24) countries

最低资产要求

独立法人最低人数 公司法人最低人数 是否要求有当地受托人 公众可否查阅记录 会议地点

Taxation on Foreign Income

信托资产

东加勒比元

允许币种

General Type of Entity

1994年修正版尼维斯 , 国际信托免

法律类型

None Trust Assets

Standard Currency

East Caribbean Dollars (XCD)

任何币种

Permitted Currencies

Any currency

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。

Minimum Assets Required

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

受托人

1人,必须是圣基茨尼维斯律师 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 是 否

任何地方

Trustees

Minimum Number if Individuals Minimum Number if a Body Corporate

持有专业资格 公众可否访问 准备要求

否,只有目的信托才需要 否

Yes

Publicly Accessible Records

No

Location of Meetings

Anywhere

公众可否访问账户 法定继承权

是否允许迁册

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Required

No, only for purpose trusts

Professional Qualifications Held

No

Trust Deed

Publicly Accessible

账户

审计要求

Protector

信托契书 否

否 否

No Accounts

Requirements to Prepare

No

Audit Requirements

No

Publicly Accessible Accounts

No

其他

One (1), who must be a Saint Kitts Nevis attorney One (1), which may be a Nevis Company, a Nevis business corporation, a Nevis limited liability company or a Multiform Foundation

If Local Trustee Required

保全

是否需要

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Other

Forced Heirship Rules

No

Change in Domicile Permitted

Yes


司法辖区

JURISDICTIONS 司法辖区:尼维斯 所属地区:加勒比 官方货币:东加勒比元 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 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、遗产税和传承税都免税 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 极佳的通讯设施

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 activities.

Advantages of Nevis • Independent jurisdiction • Exemption from income, withholding, gift, estate and succession taxes • 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

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• 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 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。 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

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• • • • •

Well-developed professional infrastructure Excellent telecommunications system Easy air access to North America and Europe No foreign exchange restrictions Citizenship programs are available for investors

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.

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.

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


司法辖区

JURISDICTIONS

The legal system is based on the English Common Law.

Suitable for: Aviation, Yachting, Holding Companies, Property Ownership Vehicle Types: Limited companies, public companies, IBCs, trusts, foundations, limited partnerships and exempt limited partnerships Capital Primary Business Districts: Basseterre

免有限合伙制公司 资本主要商务区域: 巴斯特尔 关系良好辖区: 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 关系不佳辖区: 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% 协议签订辖区: 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、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

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% 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

税收信息交换协议签订辖区: 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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Member Contribution

离岸问答 Q&A

尼维斯 Nevis

Q1 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?

Q1 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?

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。

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.

Q2 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。

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Q2 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? 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.


司法辖区

JURISDICTIONS

Q3 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?

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.

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。

Q3 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?

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。

Q4 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

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.

Q4 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? 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

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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。

Q5 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 Statutor y 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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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.

Q5 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


圣基茨

Saint Kitts


Saint Kitts


Member Contribution 概况

实体类型

信托

法律类型

建立信托所需时间

最低政府费用(不包括税收) 是否签订双重征税协定 国外收入课税 标准货币 最低资产要求 独立法人最低人数 公司法人最低人数 是否要求有当地受托人 公众可否查阅记录 会议地点

General Type

Trust

普通法

Type of Law

Common

Not Applicable

Our time to establish a Trust

不适用

USD200

Minimum government fees (excluding taxation)

USD200

Double Taxation Treaty Access

No

Taxation on Foreign income

No

信托资产

美元、东加勒比元

允许币种

Trust Assets

Standard currency

USD, XCD

任何

Permitted currencies

Any

Not Applicable

Minimum Assets Required

不适用

受托人

Trustees

1

Minimum Number If Individuals

One

1

Minimum Number if a Body Corporate

One

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

Publicly Accessible Records

No

Location of Meetings

Any Locations

任何地方

保全

是否需要

持有专业资格 公众可否访问 准备要求

可选

公众可否访问账户 法定继承权

是否允许迁册

| 8th Annual

Protector

Required

Yes

Professional Qualifications Held

Optional

信托契书 否

Trust Deed

Publicly Accessible

账户

审计要求

154

By T-LOFT Property Development

否 否

No Accounts

Requirements to Prepare

Yes

Audit Requirements

No

Publicly Accessible Accounts

No

其他

Other

Not Applicable

Forced Heirship Rules

Not Applicable

Change in Domicile Permitted

不适用 不适用


司法辖区

JURISDICTIONS 司法辖区:圣基茨 所在地区:加勒比 官方货币:东加勒比元 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 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(有限责任公司)法规尤为成功。这里没有资产净

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. 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,

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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。

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.

适用于: 航空、游艇、控股公司、房地产所有权

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

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

Vehicle Types: Limited companies (Nevis), public companies, IBCs (Nevis), trusts, foundations (Nevis), limited partnerships and exempt limited partnerships

资本主要商务区域: 巴斯特尔

Capital Primary Business Districts: Basseterre

关系良好辖区: 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

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

关系不佳辖区:

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Bad Relationships:


司法辖区

JURISDICTIONS

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

Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria

税务负担⸺商务: 极轻

Tax Burden - Business: Very Light

税务负担⸺个人: 极轻

Tax Burden - Individual: Very Light

总体税率: CIT 0% ( 当地公司35%), PIT 0%, 增值税0%

Headline Tax Rates: CIT 0% (resident companies 35%), PIT 0%, VAT 0%

协议签订辖区: 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、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

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

税收信息交换协议签订辖区: 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

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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Member Contribution

离岸问答 Q&A

圣基茨 Saint Kitts

Q1 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?

Q1 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?

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。

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.

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。

Q2 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。

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Q2 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 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.


司法辖区

JURISDICTIONS

Q3 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。

Q4 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。

Q5 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。

Q3 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.

Q4 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.

Q5 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 / Contributed by:T-LOFT Property Development

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亚洲 ASIA

香港

Hong Kong


Hong Kong


Member Contribution 概况

实体类型

信托

法律类型

建立信托所需时间

最低政府费用(不包括税收) 是否签订双重征税协定 国外收入课税

标准货币

普通法

2到3天 无 是 否

最低资产要求

独立法人最低人数 公司法人最低人数

是否要求有当地受托人 公众可否查阅记录 会议地点

General Type of Company

Trust

Type of Law

Common

Our time to establish a Trust

2- 3 days

Minimum government fees (excluding taxation)

Nil

Double Taxation Treaty Access

Yes

Taxation on Foreign income

No

信托资产

美元

允许币种

任何币种

10美元

Trust Assets

Standard currency

US$

Permitted currencies

Any

Minimum Assets Required

US$10

受托人

1人 1人 否 否

任何地方

Trustees

Minimum number if individuals

One

Minimum number if a body corporate

One

if Local trustee required

No

Publicly accessible records

No

Location of meetings

Anywhere

保全

是否需要

持有专业资格

公众可否访问

准备要求

可选 可选

公众可否访问账户

法定继承权

是否允许迁册

| 8th Annual

Protector

Required

Optional

Professional qualifications held

Optional

信托契书 否

Trust Deed

Publicly accessible

账户

审计要求

162

By The Hong Kong Trust Company Limited

否 否

Accounts

Requirements to prepare

Yes

Audit requirements

No

Publicly accessible accounts

No

其他

外国司法管辖区的继承权是不适 用的 是,如果信托契约有规定

No

Other

Forced Heirship Rules

Forced Heirship of a foreign jurisdiction is not applicable

Change in domicile permitted

Yes if drafted in Deed


司法辖区

JURISDICTIONS 行政特区:香港 所在地区:亚洲 官方货币:港币 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 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, non-interventionist 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 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.

香港并不是传统意义上的离岸中心,相反它更是一

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司法辖区

JURISDICTIONS 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。 如果不在香港当地产生利润,在香港建立一个办公 室并不意味着需要提交利润税。因此香港无疑是地 区总部设立的最佳选择。 根据一份由香港投资部和统计局在 2010 年 10月出具 的年度调查报告显示,在香港运作的海外和中国大 陆的公司在过去一年内上升了 2.6%,达到 6561 家的 总数。 香港 投资 部是 香港政 府负责外国直 接 投资提 供海 外、中国大陆和台湾在香港建立公司或在香港扩张 的部门。该“香港以外母公司在香港设立公司年度调 查”旨在充分理解这些公司和他们对香港的商务环 境看法。 适合于: 银行业、保险、基金管理、航运、货物贸易、金融贸易、 知识产权 / 许可证、控股公司、电子商务、不动产所 有权 离岸工具种类: 有限公司、公众有限公司、信托、分公司、通用合伙制、 有限合伙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 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 税务负担―商务: 轻

164

| 8th Annual

Suitable for: Banking, Insurance, Fund Management, Shipping, Trading Goods, Trading Financial, Intellectual Property/Licensing, Holding Companies, E-commerce, Property Ownership Vehicle Types: Limited companies, public limited companies, trusts, branches, general partnerships, limited partnerships and sole proprietorships Capital Primary Business Districts: Victoria, Kowloon Good Relationships: China, Singapore, 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


司法辖区

JURISDICTIONS

税务负担―个人: 轻 总体税率: CIT 16.5%, PIT 15%, 增值税0% 合约签订行政辖区: 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、卢森堡、马来西亚、马耳他、墨西哥、荷 兰、新西兰、葡萄牙、卡塔尔、西班牙、瑞士、泰国、英 国、越南 税务信息交换协议签定国家: 丹麦、法罗群岛、格陵兰岛、冰岛、挪威、瑞典、美国

Headline Tax Rates: CIT 16.5%, PIT 15%, VAT 0% Treaty Jurisdictions: Austria, Belgium, Brunei, Canada, China, Czech Republic, France, Guernsey, Hungary, Indonesia, Ireland, Japan, Jersey, Kuwait, Liechtenstein, Luxembourg, Malaysia, Malta, Mexico, Netherlands, New Zealand, Portugal, Qatar, Spain, Switzerland, Thailand, United Kingdom, Vietnam TIEA Jurisdictions: Denmark, Faroe Islands, Greenland, Iceland, Norway, Sweden, United States

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司法辖区

JURISDICTIONS

Member Contribution

离岸问答 Q&A

香港 Hong Kong

Q1 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?

Q1 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?

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。

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.

Q2 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。

Q3 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

166

| 8th Annual

Q2 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? 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.


司法辖区

JURISDICTIONS

为这些问题提出的解决方案有什么? 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: • 位于多个司法辖区的信托来允许上述控制, • 让一名委托人担任董事的方式来成立一家私人 信托公司, • 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。

Q4 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。

Q5 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。

Q3 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? 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: • trusts in various jurisdictions which allow such control, • establishment a private trust company with the settlor as a director, • 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.

Q4 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.

Q5 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 / Contributed by:Carolyn Butler,The Hong Kong Trust Company Limited,董事兼首席执行官 / Director & CEO

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纳闽

Labuan


酽跣藥鈵醐㝧艊

讀鲤潇芤 法脏撈雕 Labuan

鄐䄍噿蹺䅕縟烏嶗㳟@跤宆䯒Labuan IBFC䯓抲辭醝諦屟艊跤嚩㓦噴昷橉䯖呅醭鳢曧酽跣絔嶎艊窹㠮 㠨哱艊攝㬬鰱砎䯖㫤錨桹㠨敤跤襫屟嶗袊呯屟艊朄魳〓獻、 鮪魍䅕™恔。㭤鲲㓇陝嶗㠨哱墮瑪昷䉳䯖鄐䄍噿蹺䅕縟烏嶗㳟@跤宆镾抲辭瑪鲡爳桭妭熼侸樭艊㠨 哱諎絔㓦噴昷橉䯖妛讜暚豕燍鲋™酛嶗黥昤賣㳟@、㫥鲢㓦噴昷橉藥愥▕㳟=。竑濇茩艊惡怐。蟔鳏 惡怐駡誒嶗糴墮悜艊雜廬駡誒訵、 鄐䄍噿蹺䅕縟烏嶗㳟@跤宆桹蹺䅕㚪詵艊粷魍誼熴嬣橅楯抲辭媰擊敆慁䯖抲辭玜杝暺薶艊熴嬣棷潎 嶗酽襽媀苳諎梽椨䯖桹鄐䄍噿㳟@桽烏諎絔嗁怱ǹ艊ǹ趵慇啂豈賒、


Member Contribution 概况

概况

纳闽岛

实体类型

信托

法律类型

建立信托所需时间

最低政府费用(不包括税收) 是否签订双重征税协定 国外收入课税 标准货币

普通法

2-5天 无 是 无

最低资产要求 独立法人最低人数 公司法人最低人数

是否要求有当地受托人 公众可否查阅记录 会议地点

General General

Labuan IBFC

Type of Company

Trust

Type of Law

Common

Our Time to Establish a Trust

2-5 days

Minimum Government Fees (excluding taxation)

No

Double Taxation Treaty Access

Yes

Taxation on Foreign Income

No

信托资产

任何币种

允许币种

任何币种

1美元

Trust Assets

Standard Currency

Any except Malaysian Ringgit

Permitted Currencies

Any except Malaysian Ringgit

Minimum Assets Required

USD1.00

受托人

1人 1人 是 否

任何地点

Trustees

Minimum Number If Individuals

One

Minimum Number If a Body Corporate

One

If Local Trustee Required

Yes

Publicly Accessible Records

No

Location of Meetings

Anywhere

保全

是否需要

持有专业资格 公众可否访问 准备要求

可选 可选

公众可否访问账户 法定继承权

是否允许迁册

| 8th Annual

Protector

Required

Optional

Professional Qualifications Held

Optional

信托契书 否

Trust Deed

Publicly Accessible

账户

审计要求

170

By Labuan IBFC

可选 否

Accounts

Requirements to Prepare

Yes

Audit Requirements

Optional

Publicly Accessible Accounts

No

其他

无 是

No

Other

Forced Heirship Rules

No

Change in Domicile Permitted

Yes


司法辖区

JURISDICTIONS 司法辖区:纳闽 所属地区:亚太 官方货币:除马来西亚元以外的 任何货币 官方语言:英语、马来语、汉语、 泰米尔语 所在时区:UTC+8 电话区号:+6087 通讯设施:极佳

Country: Labuan Region: Asia-Paci�c Currency: Any currency of choice except Malaysian Ringgit Languages: English, Malay, Chinese, Tamil Time Zone: UTC +8 Phone Code: +6087 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。

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.

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 马币(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。纳闽岛联邦安全署(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。

Offshore companies engaged in trade pay 3% tax or can elect to pay a fix sum of MYR20,000 (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 tax-free through Labuan. LabuanFSA has built an e-commerce infrastructure which can be used by incoming e-commerce operations and new financial markets.

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Member Contribution 概况

实体类型

基金会

法律类型

普通法

General Type of Company

Foundation

Type of Law

Common

有限责任

基金会可以作为一个法人成立和 有限担保责任。 它取决于资产的 风险及合同条款 董事及官员的责任可以是无限的。 因此, 假设法律没有作出规定的 法律费用, 它可以是索赔里最昂 贵的部分

Limited Liability

建立基金会所需时间

大约需要30个工作日才能获得批 准

Our time to Establish a Foundation

基金会最低资本金(等值货币) 基金会资本货币 基金会章程

Foundation Charter

No

Foundation Regulations

No

Beneficiaries

No

基金会管理成员

保全要求

Foundation Capital Minimum (equivalent in currency) Foundation Capital Currency

受益人

A foundation is a registered body established by a founder to hold assets with the objective of managing these assets for the benefit of a class of persons on contractual basis. It is a separate legal entity from its managers (for example, its offices and council member) and as such a legal contractual person It will take approximately 30 working days for approval purposes No minimum capital requirement. Any currency except Malaysian Ringgit

任何货币除马来西亚元

公众可查阅记录

基金会管理规则 创始人

无最低资本金要求

1个

By Labuan IBFC

Publicly Accessible Records

Name of Founder

No O�cers of Foundation

Protector Required

One

Corporate Protector Permitted

Yes

理事会成员最少人数

取决于基金会的性质, 如果它是 非慈善基金会应指定至少一名议 会成员, 如果是慈善基金会至少 有3名独立理事会成员

Minimum Number of Council Members

Depending on the nature of the Foundation. If it is noncharitable, a Foundation shall appoint at least 1 council member; if it is a charitable foundation, at least 3 council members (of which majority are independent)

是否允许有企业理事会成员

Corporate Council Members Permitted

No

可以在纳闽岛外开会

Meeting Location

Meetings can be carried outside Labuan

Foundation Agent

Yes (Labuan Trust company)

Secretary Required

Yes

一般用英语, 但其他语言, 包括 中文翻译都是允许的

Language of Charter

Generally in English but other languages, including Chinese with English translations are permissible

是否允许企业保全

会议地点

基金会本地规定

基金会代理

是否需要秘书

章程语言 管理条例语言

Language of Regulations

Requirements to Prepare

Yes

Audit Requirements

Required for Labuan Charitable Foundation that solicits donations from public

纳闽慈善基金会或一个纳闽基金 会,审核其账目需要选择支付3% 的税

审计要求

其他

年度政府费用

是否允许迁册

允许

| 8th Annual

Local Requirements of Foundation

英语

账户

准备要求

172

English Accounts

Other

Annual Government Fee

Yes

Change in Domicile Permitted

Yes


司法辖区

JURISDICTIONS 纳闽岛离岸公司

Labuan Offshore Companies

纳闽岛有三种离岸公司形式,分别是:纳闽岛公司、 纳闽岛外国公司和纳闽岛受保护单元公司。 马拉西亚居民和非马来西亚居民都被允许成立纳闽 岛公司。按照《1990 年纳闽岛公司法案》 (LCA 1990) 的规定,允许纳闽岛公司允许和居民商业来往,但须 通知纳闽岛金融服务管理局(Labuan FSA)。

There are three types of offshore companies in Labuan: Labuan Company, Labuan Foreign Company and Labuan Protected Cell Company. Residents and non-residents of Malaysia are allowed to establish Labuan companies. Under Section 7(5) of the Labuan Companies Act 1990 (LCA 1990), a Labuan company is allowed to deal with a resident subject to notification to Labuan Financial Services Authority (Labuan FSA).

在 纳 闽岛国 际商务和 金融中心 组 建 的 公司可以享 受: 1. 受惠于马来西亚与超过80 个国家的双重税务协议 2. 具竞争力税务机制的纳闽岛商业活动,根据 1990 年纳闽岛商业活动税务法案(LBATA 1990)提供: • 从事贸易活动的公司,每年缴纳经审核纯利的 3% 作为税收,或缴纳固定税率 20,000马币。 • 从事非贸易活动的公司不必纳税,即零税率。 • 在 LBATA 1990 第 3A 条 文 中, 公 司 可 选 择 根 据《1967年马来西亚所得税法案》纳税,即首笔 500,000马币的收入须缴纳20% 公司税,之后为 24%。 纳闽岛活动说明

纳闽岛非贸易活动 : 纳闽岛控股实体或以其名义所持有的证券、股票、 股份、贷款、存款或其它产业的投资活动。

纳闽岛贸易活动 : 包括银行、保险、贸易、管理、船运营运、执照 或其它非纳闽岛的非贸易活动 共同从事纳闽岛贸易和非贸易活动 : 被视为纳闽岛的贸易活动 非纳闽岛商业活动

Description of Labuan Activities

Companies incorporated in Labuan IBFC may enjoy: 1. Access to Malaysia’s Double Tax Agreements with over 80 countries 2. A competitive tax regime Labuan business activities as defined in the Labuan Business Activity Tax 1990 (LBATA 1990) which provides: • Taxation of 3% of net audited profits or a flat rate of MYR20,000 to be elected yearly, if the company is undertaking trading activities. • Companies carrying a non-trading activities is not charged tax, i.e. 0%. • Under Section 3A1 of the LBATA 1990, a company can elect to be taxed under the Malaysia Income Tax Act 1967, i.e. subject to corporate tax rate of 20% (on the first MYR500,000) and thereafter 24%. • A summary of the 课税方式 description of Labuan 无需纳税 business activities and its tax treatment is shown in the table. 每年经审核账目纯利的 3%,或选择每年 20000 马 币的固定税率

与纳闽岛贸易活动相同的课税方式(每年经审核 账目纯利的 3%,或选择每年 20000 马币的固定税 率 在 1967 年马来西亚所得税法案的规定下征税⸺

24%

Tax Treatment

Labuan non-trading activity: Holding of investments in securities, stock, shares, loans, deposits or any other properties held by a Labuan entity on its own behalf

Not subject to tax

Labuan trading activity: Includes banking, insurance, trading, management, shipping operations, licensing or any other activity which is not a Labuan nontrading activity

3% of net profits per audited accounts; or MYR20,000 upon yearly election

Carrying out both Labuan trading and non-trading activities: Deemed to be Labuan trading activity

Same tax treatment as Labuan trading activity (3% of net profits per audited accounts or MYR20,000 upon yearly election)

Non-Labuan business activities

Taxed under domestic or Malaysia Income Tax Act 1967 - 24%

Suitable for: Wealth Management, Banking, Insurance, Fund Management, Shipping, Aviation, Trading Goods, Trading Financial, Intellectual Property/Licensing, Holding Companies Vehicle Types: Limited companies, public limited companies, branches, trusts, foundations, general partnerships, limited partnerships and protected cell companies Capital Primary Business Districts: Labuan Town, Kuala Lumpur

Trusts & Foundations Guide CHINA OFFSHORE

173


司法辖区

JURISDICTIONS

• 纳闽岛商业活动及其课税方式的说明摘要如表 所示。 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、贸易金融、知识产权 / 许可证、控股公司 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 资本主要业务区: 纳闽岛镇、吉隆坡 关系良好辖区: 中国、印度、印尼、日本、新加坡、美国 税务负担⸺商业: 非常轻 税务负担⸺个人: 轻 税率: 每 一 家离岸公司审核 账 户纯 利的 3%;或 可选每年 20000马币;非贸易公司为0%) 协议签订辖区: 阿尔巴尼亚、澳大利亚、奥地利、巴林、孟加拉国、比 利时、文莱、加拿大、智利、中国、克罗地亚、捷克共 和国、丹麦、埃及、斐济、芬兰、法国、德国、香港、匈 牙利、印度、印度尼西亚、伊朗、爱尔兰、意大利、日 本、约旦、哈萨克斯坦、韩国、科威特、吉尔吉斯斯坦、 老挝、黎巴嫩、卢森堡、马耳他、毛里求斯、蒙古、摩 洛哥、缅甸、纳米比亚、荷兰、新西兰、挪威、巴基斯 坦、巴布亚新几内亚、菲律宾、波兰、卡塔尔、罗马尼 亚、俄罗斯、圣马力诺、沙特阿拉伯、塞舌尔、新加坡、 南非、西班牙、斯里兰卡、苏丹、瑞典、瑞士、叙利亚、 台湾、泰国、土耳其、土库曼斯坦、阿联酋、英国、乌 兹别克斯坦、委内瑞拉、越南、津巴布韦

TIEA 签订辖区: 百慕大

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

Tax Burden - Business: Very Light Tax Burden - Individual: Light Tax Rate: Offshore trading company 3% of net profits per audited accounts; or MYR20,000 upon yearly election; non-trading 0%) Treaty Jurisdictions: Albania, Australia, Austria, Bahrain, Bangladesh, Belgium, Brunei, Canada, Chile, China, Croatia, Czech Republic, Denmark, Egypt, Fiji, Finland, France, Germany, Hong Kong, Hungary, India Indonesia,Iran, Ireland, Italy, Japan, Jordan, Kazakhstan, Korea, Republic of, Kuwait, Kyrgyzstan, Laos, Lebanon, Luxembourg, Malta, Mauritius, Mongolia, Morocco, Myanmar, Namibia, Netherlands, New Zealand, Norway, Pakistan, Papua New Guinea, Philippines, Poland, Qatar, Romania, Russia, San Marino, Saudi Arabia, Seychelles, Singapore, South Africa, Spain, Sri Lanka, Sudan, Sweden, Switzerland, Syria, Taiwan, Thailand, Turkey, Turkmenistan, United Arab Emirates, United Kingdom, Uzbekistan, Venezuela, Vietnam, Zimbabwe TIEA Jurisdictions: Bermuda

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司法辖区

JURISDICTIONS

Member Contribution

离岸问答 Q&A

纳闽 Labuan

Q1 在隐私和资产保护方面,贵辖区对中国高净值 人士和家族向下一代传承财富方面有什么重要优 势?

Q1 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?

纳闽国际商业金融中心提供极为丰富的创富和财 富保留架构, 这些架构从普通法信托到民法基金会, 从传统金融到伊斯兰金融等应有尽有。

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.

事实上,纳闽国际商业金融中心是亚洲唯一的提供 基金会作为财富管理工具的司法辖区,和地区内的 其它司法辖区不同,不仅限于以慈善为目的。因此 纳闽岛的基金会被用于财富管理的工具。

In fact, Labuan IBFC is the only jurisdiction in Asia that offers foundations as a wealth management tool, which, unlike other regional jurisdiction is not limited to charitable purposes. As such Foundations in Labuan is used as a wealth management vehicle.

举例来说:纳闽岛特殊信托是财富传承规划的理想 工具。它能建立公司股份的信托,股份可以无限期 保留,而公司的管理可以由公司的董事进行,不会 受到受托人的干预。

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.

选择纳闽国际商业金融中心作为首选的财富管理 司法辖区的主要考虑因素如下: • 强健的法定基金会——完整的司法系统,比如 说,法律提供合法性保护的高效性,伊斯兰律法法 规的清晰性和一个监管良好的司法框架。

176

| 8th Annual

The key considerations for choosing Labuan IBFC as the jurisdiction of choice for wealth management include: • A strong legal foundation - comprehensive legal system, i.e. sufficiency of law to render legal protection, clarity of Shariah rulings


司法辖区

JURISDICTIONS

• 稳定性——强健的监管机构,已对司法辖区进行 了超过 25 年的监管。 • 营商便利性—— 性价比高,实体设立的流程简 便,有专业中介机构和政府机关提供协助。 • 简单和一目了然的税务系统—— 一个清晰不含 糊的财政框架,为来自全球的公司或多辖区家族和 私人财富管理架构进驻纳闽岛提供一个理想的生 态系统。 • 税务系统通过法律进行补充加强,能够完全消除 “摩擦”。因此这里也没有可能成为国际交易障碍 的外汇管制、转让税、预提税和间接税。

Q2 价格方面,在贵辖区内设立信托 / 基金会的价 格和其它辖区比有什么不同?如果价格更贵的话, 客户能获得的额外价值是什么? 设立纳闽岛基金会没有最低起始资产要求。 设立信托或基金会政府收取的注册费用约为200 美 元。 注册经纪人的费用不一,但和其它司法辖区相比是 相对较为合理的。

Q3 总体上说,在为中国或亚洲客户进行财富规划 时,你们遇到的最大问题和挑战是什么? 对家族生意来说,保持控制权十分重要,因为大多 数管理层都更愿意选择家族成员作为家族生意的 继承人。 正规的财富管理架构比如家族办公室、基金会和信 托都已在家族生意中遍地开花。外部顾问的聘用被 限制于遗产规划和纳税义务等领域。 被罢黜的家族成员和各方对家族财富策略的意见 不合都是压力产生的源头。而同胞之争,对家族生 意来说十分常见,通常也是压力的主要来源。 鉴于此,纳闽国际商业金融中心能提供如下解决方 案之选: • 灵活性和控制权 纳闽岛基金会——提供选择能力,以多种目的建 立基金会。创始人对基金会的架构方式、资产类 型、受益人和基金会期限都有独断权力。

and the implementation of a well-regulated framework. • Stability - the presence of a strong regulator that 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. • 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.

Q2 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. Government registration fee is about USD200 to set up a trust or foundation. The cost of a registering agent varies but it is reasonable compared to other jurisdictions.

Q3 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 as most management would still opt for or choose family members as a successor for the business. 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. Sibling rivalry, for example, is common among family businesses and is often seen as a major source of stress.

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司法辖区

JURISDICTIONS

纳闽岛信托——能让财产授予人保留权力,允许 对信托的管理方式有直接控制权,依法规定,也 不能废除信托。 • 基金会可以在不受限的情况下建立,并由个人或 公司创立。 • 保护——纳闽岛基金会和纳闽岛信托由《2010 年 纳闽岛基金会法案》和《1996 年纳闽岛信托法案》 分别管理。 • 纳闽岛基金会可以有一个固定时间或无限期生 命周期,纳闽岛信托能同时提供永久和固定期限的 信托。信托时间可在生命周期中得到缩短或延长。

Q4 让贵辖区的法律中,让信托 / 基金会吸引投资 者的最主要特点是什么?

In regard to this, Labuan IBFC offers these options as possible solutions: • 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.

Q4 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 short a two-year clawback provision.

纳闽岛基金会和信托可免受有短短两年追溯期的 债权人理赔要求的影响。

A foreign claim or judgment related to the consequences of marriage, termination of marriage succession of rights and insolvency claims are unenforceable.

对婚姻、离婚、权力继承和破产偿付要求的外国理 赔要求或判决,可以不予执行。

Provides protection against claims of intent to defraud. Confidentiality - all information is protected at all times.

起到针对故意诈骗理赔要求的保护作用。

Q5 Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of?

保密性——所有信息都受到全天候的保护。

Q5 贵辖区是否有投资者需要知晓的最新发展和 更新信息? 纳闽岛信托和伊斯兰信托建立的新指导方针的颁 布。 纳闽岛国际商业金融中心也引入了国际“瓦克夫” (waqf)指导方针,让它成为首个包含“瓦克夫”概 念财富管理工具的司法辖区。

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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. 来源:纳闽国际商业金融中心股份有限公司 / Contributed by Labuan

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概况

实体类型

塞浦路斯国际信托

法律类型

建立信托所需时间

最低政府费用(不包括税收) 是否签订双重征税协定 国外收入课税 标准货币

普通法

1到2天

印花税430欧元 是

如果受益人是非塞浦路斯居民的 话此税为零

最低资产要求 独立法人最低人数 公司法人最低人数

是否要求有当地受托人

Type of Company

Cyprus International Trust

Type of Law

Common

Our Time to Establish a Trust

1-2 days

Minimum Government Fees (excluding taxation)

Stamp Duty of Euro 430

Double Taxation Treaty Access

Yes

Taxation on Foreign Income

Zero if beneficiaries are nonCyprus residents

信托资产

任何币种

允许币种

General

任何币种

无最低要求

Trust Assets

Standard Currency

Any

Permitted Currencies

Any

Minimum Assets Required

No minimum

受托人

至少1个合格的塞浦路斯居民受托 人

1个合格的塞浦路斯居民受托人 是

Trustees

Minimum Number If Individuals

At least one Cyprus resident Trustee

Minimum Number If a Body Corporate

One Cyprus resident Trustee

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

会议地点

任何地方

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

Location of Meetings

Anywhere

保全

是否需要

持有专业资格

公众可否访问

可选 可选

Protector

Required

Optional

Professional Qualifications Held

Optional

信托契书

否, 但信托的信息将被记录在信 托登记册

Trust Deed

Publicly Accessible

账户

受托人须保存形成信托财产的资 产记录

准备要求 审计要求

公众可否访问账户 法定继承权

是否允许迁册

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| 8th Annual

是 否

Accounts

Requirements to Prepare

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

Audit Requirements

Yes

Publicly Accessible Accounts

No

其他

否 是

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

Other

Forced Heirship Rules

No

Change in Domicile Permitted

Yes


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 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。

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.

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%。

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 restructuring of the tax regime, which took place on 1st January 2003. Domestic and offshore companies alike now pay 10% tax.

塞浦路斯和超过40 个国家签订了免双重征税协议, 其中包括几个主要的西方“高税率“国家,以及大多

Cyprus has double-tax treaties with more than 40 other countries,

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JURISDICTIONS 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: 有限公司、公众有限公司、分公司、通用合伙制公司、 有限合伙制公司、单一所有制和信托公司 资本主要营商区域: 尼科西亚、利马索尔、拉纳卡 关系良好辖区: 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 关系不佳辖区: 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 税务负担⸺商务: 轻 税务负担⸺个人: 中等 总体税率: CIT 10%, PIT 20-35%, 增值税18% 协议签订辖区: 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辖区: 无

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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.

Suitable for: Wealth Management, Treasury Management, Shipping, Yachting, Intellectual Property/Licensing, Holding Companies, Property Ownership Vehicle Types: Limited companies, public limited companies, branches, general 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, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, United Kingdom Bad Relationships: Burma, Egypt, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria, Turkey Tax Burden - Business: Light Tax Burden - Individual: Moderate Headline Tax Rates: CIT 10%, PIT 20-35%, VAT 18% 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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Member Contribution

离岸问答 Q&A

塞浦路斯 Cyprus

Q1 在隐私和资产保护方面,贵辖区对中国高净值 人士和家族向下一代传承财富方面有什么重要优 势?

Q1 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?

凭借《992 年国际信托法 69(I)/92》(简称信托法), 国际信托的概念被引入了塞浦路斯的司法体系。自 此后,塞浦路斯正式宣布其作为一个广受赞誉的国 际信托中心的地位。信托法随后经历了数次修正, 确保了塞浦路斯国际信托(CIT)的法律框架能够实 现进一步的现代化。

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").

与 CIT 相关的隐私和保密性十分重要,所以也得到 了完全保护。尤其要指出的,信托法的第11节也提供 了关于 CIT 信息只可在法庭命令的要求下才能公布 的文件,假设每一次的公布对案件的结果会产生重 大影响的前提下。信息不予公开的职责对参与设立 CIT 的各方来说是一个保密性的要求,应用法规的 基础和创建 CIT 的工具来说从根本上确保了安全。

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 non- disclosure 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.

CIT 的定义变得更加灵活: • 允许授予人 / 受益人成为塞浦路斯居民,只要授 予人或受益人在信托设立之前在塞浦路斯住满一 年,且在塞浦路斯的不动产物业投资的限制被解

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The definition of a CIT has become more flexible: • allows the settlor / beneficiary to become a Cyprus resident as long as neither the settlor nor the beneficiary take up residence during the


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除。现在可以让信托财产包含塞浦路斯的房地产, 至少有一名受托人在信托的整个周期内是塞浦路 斯的永久居民。 • 信 托 仍 然 有资 格 作 为以 法 律 为目的 而 成 立 的 CIT,即使委托人、受托人或受益人是塞浦路斯公司 或合作伙伴。事实上,这就为许多投资者提供了独 特的机会。 资产保护可以被定义为先进法律策略的执行,让个 人资产置于未 来债权人 / 索赔人够得到的范围之 外。由于转入 CIT 的任何资产不再成为委托人(创建 信托的人)财产的一部分,这一保护是有保证的。

CIT 在委托人破产或清算时不会失效也不具有失效 性,债权人也不能提起法律诉讼,除非能向法庭证 明该 CIT 的成立目的就是欺诈。几乎所有司法辖区 的遗嘱检验都十分耗时和耗资,CIT 能保证资产迅 速转给受益人 / 继承人,构成了一个遗产规划的理 想工具。

Q2 价格方面,在贵辖区内设立信托 / 基金会的价 格和其它辖区比有什么不同?如果价格更贵的话, 客户能获得的额外价值是什么? 通过信托或基金会进行资产保护对中国的高净值 人士和家族来说已经越来越受欢迎。与例如列支敦 士登或新家坡等其它司法辖区相比,塞浦路斯提供 最简单和最具性价比的信托架构。 塞浦路斯国际信托(CIT)可在几天内设立完毕,且 价格低廉。 政府的强制性收费是仅为450 欧元的印花税,可以 在 CIT 的创建时支付。CIT 注册时的额外费用是一个 要求至少有一名受托人(个人或法律实体)必须是一 名塞浦路斯共和国的永久居民,且应该由塞浦路斯 的政府监管机构颁发证书。这一要求适用于塞浦路 斯国际信托的整个周期内。 委任一名塞浦路斯受托人在塞浦路斯各个不同服 务提供商之内各不相同,和其它的司法辖区相比有 可能会更贵一点,原因是塞浦路斯受托人所承担的 义务和责任。不仅如此,由于塞浦路斯受托人是一 个持证实体,客户应该很有信心,相信他们投资给 了一名高度专业的人士,此人会谨慎管理信托,严

calendar year preceding the year the trust was set-up the previous restriction on investment in immovable property in Cyprus has been lifted. It is now possible for the trust property to include real estate in Cyprus at least one of the trustees, during the whole duration of the trust, is a permanent resident of Cyprus. • A trust can still qualify as a CIT for the purposes of the law even if the settlor, trustee or the beneficiaries are Cypriot companies or partnerships. In fact this provides unique opportunities for a wide range of investors. 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.

Q2 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

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格按照信托的条款办事。

compared to other jurisdictions like Lichtenstein or Singapore.

个人不仅应该考虑塞浦路斯国际信托的设立和维护 成本,也应该关注我们司法辖区能提供的灵活性和 节税优势。

Cyprus International Trusts (CIT) can be set up within a couple of days and the cost is minimal.

Q3 总体上说,在为中国或亚洲客户进行财富规划 时,你们遇到的最大问题和挑战是什么? 中国公司在塞浦路斯面临的挑战 • 我们的业务需求适用于什么样的架构? • 我需要遵守当地法规中的哪些条款规则? • 法定税有哪些要求? • 为什么选择塞浦路斯的公司形式? 塞浦路斯和其优势 • 经济 塞浦路斯经济是基于以下三个行业的专业服务: 1. 银行业 2. 保险业 3. 证券业 • 能源 塞浦路斯政府正计划建造一个能源中心(进口和

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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. Individuals should not only examine and consider the cost for setting


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开采天然气) • 具备优势的税务系统 贸易利润的公司税税率为12.5% 非居民公司的业务利润免税 塞浦路斯和超过45 个国家签订了免双重征税协 议 中国和塞浦路斯之间签订的免双重征税协议加 固了两国之间的金融关系。 • 塞浦路斯法律体系: 是普通法和民法的混合体 欧盟法规总体上都能在塞浦路斯执行 • 营商工具 通过设立一个塞浦路斯有限责任公司的方式 备选的法律架构:信托或选择把一个现成的外 国公司迁册至塞浦路斯。 • 欧盟成员国 适用于商品、服务和资本自由流通的理念 • 公民权和永久居留许可 获取塞浦路斯公民权的具备吸引力的投资移民 计划 永久居留许可计划 移民局能够快速地对申请进行评估。 • 为什么选择塞浦路斯

and maintaining a Cyprus International Trust but should focus at the flexibility and the tax effectiveness our jurisdiction has to offer.

Q3 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 faced by Chinese businesses in Cyprus. • What structure meets best my business needs? • What are the provisions of the local legislation that I need to comply with? • What are the statutory tax requirements? • Why to choose Cyprus for business? Cyprus and its benefits. • ECONOMY The Cyprus economy is based on professional services with three sectors; 1. Banking 2. Insurance 3. Securities • ENERGY The Government of Cyprus is planning the construction of an energy center (import and exploitation of nature gas). • 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. • THE CYPRUS LEGAL SYSTEM: It is a mixture of both common law and civil law. The EU regulations are generally directly enforceable in Cyprus. • 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. • EU MEMBERSHIP The principles of free movement of goods, services and capital apply. • CITIZENSHIP AND PERMANENT RESIDENT PERMITS Attractive investor migration programs for the acquisition of the Cyprus Citizenship. Schemes for permanent residence permits.

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位于欧洲、非洲和亚洲大陆之间的战略性地理位 置 高度发达的基础设施 高素质和能说多种语言的多文化劳动力队伍 有利于营商的环境和税制系统 取决于投资的来源地和目的地的多辖区服务

Q4 让贵辖区的法律中,让信托 / 基金会吸引投资 者的最主要特点是什么? 塞浦路斯国际信托(CIT)由1992 年国际信托法管理 (2012 年得到修正)。信托和基金会因为以下具备灵 活性的塞浦路斯法律,对投资者更具有吸引力: • 高度的保密性和受益人的匿名性, 除非法庭命令, 受托人不需要透露任何信息或文件。 • 在信托的生命周期内,只有一名受托人必须是塞 浦路斯的永久居民。 • 授予人和受益人,除了慈善机构之外,都必须在 CIT 创建前一年成为塞浦路斯的永久居民。 • 收入所得和利润都可以免缴任何税收。 • 没有遗产税或继承税。 • CIT 不会受制于外汇管制。 • 没有申报要求。 • CIT 资产得到保护,免受潜在的理赔要求的损害, 并可以永久性地从授予人的私人财产中分割出去。 • 信托可以持有塞浦路斯和外国公司的股份。 • 授予人的权力很大,比如撤销或修改信托,以及 指导资本的转让或支付。 • CIT 收入可以无限制地累积。

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The Migration Department assesses applications on a fast track basis. • WHY CYPRUS Strategic location between Europe, Africa and Asia. Highly developed infrastructure. Highly qualified, multilingual and multicultural workforce. Business friendly and tax legal system. Multi jurisdiction services depending on the origin and destination of investments.

Q4 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 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: • 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. • Only one of the trustees must be a permanent resident in Cyprus for the duration of the trust. • 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. • Income gains and profits are exempted from any taxes. • There is no estate duty or inheritance tax. • CIT’s are not subject to exchange control. • No reporting requirements. • CIT assets are protected against potential claims and are permanently separated from the Settlor's personally-owned assets. • The Trust may hold shares of a Cyprus and a foreign company. • 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. • CIT income may be accumulated without limitations. • Transfer of a foreign trust to Cyprus from its jurisdiction and vice versa is allowed by law. • CIT may be challenged only on defraud of creditor grounds within a period of 2 years. • 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. • CIT may last for indefinite period.


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• 把外国信托从另一个司法辖区转入塞浦路斯或 相反,都是被法律允许的。 • CIT 仅在两年的期限里由债权人以诈骗为理由来 挑战。 • 通过 CIT,一个人可以以慈善、宗教推广或艺术原 因,或为一个有价值的项目为目的来成立基金会。 • CIT 可以无限期。

Q5 贵辖区是否有投资者需要知晓的最新发展和 更新信息? 塞浦路斯信托本质上是基于英国法制体系的。1992 年,塞浦路斯颁布了国际信托法 (L. 69(1)/1992), 并 在 此 后 经 历 了 两 次 修 正 案 。分 别 是 2 0 1 2 年 (L.20(I)2012)和 2013 年 (L.98(I)/2013, 删除第 15章)。 特别是2012 年的修正案,意在回应投资人 / 遗产规 划者的需求。 要点: • Section 3(1)(a) 表明塞浦路斯法律(没有参考其他 任何外国法律)监管任何国际信托有效性或管理的 相关问题,或国际信托法 处置等。 • Section 4A 允许授予人为自己保留权力,保留信 托财产的受益利益,或者作为信托的保护人或执行 人。 • Section 5(1) 消除了信托期限的限制(关于 在法 律修改后成立的信托的执行)。 • Section 8(1) 介绍了受托人可以行使他的投资权 力,好似他就是资产的所有人一样。 • Section 10 表明信托工具中允许信托多样化的任 何权力都为有效。 • Section 11(A) 规定“受托人可以向法庭提交申请, 请求关于受托人应该实行与国际信托事物有关的 行为” • Section 11(1) 把保密性责任延至保护人、执行人 和其他人等。 • Section 12 也引入了一个统一的税制。 • Section 12B 规定塞浦路斯法庭对与塞浦路斯共 和国有紧密关系的国际信托和外国信托有绝对管 辖权。

来源 / Contributed by:Oneworld Ltd

Q5 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/Estate Planners. 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 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.

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以公民身份及居留权规划作为税务规划的集成工具 Citizenship & Residence Planning as an Integrated Tool of Tax Till Neumann Planning

全球化的世界中,随着“自动 信息交换” (AEOI)和“统一报 告标准” (CRS)的推行,私人 会意识到在离岸辖区隐匿自己的财富 来实现 税务最优化已经不再是一个可 行的解决方案。 除 此 之外,在 财富和公司组 织 架 构方 面,人们也越来越意识到这种老旧的避 税操作在未 来不会再有效 果。从国际

Till Neumann

Till Neumann 是 Citizen Lane 的 创 始 人 和 管 理 合 伙 人。Citizen Lane 是

一家专门处理投资移民事务的独立咨 询及律师事务所,其总部位于瑞士,在 德国、马耳他和中国设有办事处。Till Neumann 创立 Citizen Lane 是为了给 客户提供量身定制的个人服务。他的 信条就是充分理解客户的需求,因为 这是提供个人咨询的基础。

Till Neumann is Founder and Managing Partner of Citizen Lane, an international consulting and law firm dedicated to investor migration. Citizen Lane is headquartered in Switzerland and has offices in Germany, Malta and China. Till Neumann has set up Citizen Lane with a view to serve his clients individually and with a tailor-made and personal approach. His credo is to fully understand his client's needs; because this is the fundament for individual advice.

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I

n a globalised world, with implemented Automatic Exchange of Information (AEOI) and Common Reporting Standards (CRS) private individuals need to realise that hiding their wealth in offshore jurisdictions is nowadays not a feasible solution in regards of tax optimisation. Beyond this and in regards of wealth and company structuring it becomes more and more important that people are aware that this timeworn practices of tax evasion will not work in future. The internationally growing requirements that operating companies need to prove substance in order to benefit from low taxes in offshore jurisdictions, shows this clearly. For these reasons individuals and their advisors need to realise that payment of certain taxes especially on company level is inevitable, thus they have to consider reliable other approaches on the level of the ultimate beneficial owner.

Personal Tax Optimisation Doubtlessly, because of these changes the private tax domicile of a High Net Worth Individual (UHNWI) has already and will gain even more importance during the upcoming years. Many UHNWI have already adapted their tax situation by relocating to low

tax jurisdictions. Whereby the earlier trend was relocating to Caribbean zero-tax jurisdictions, it is now shifting to European tax havens such as Switzerland, Malta and Cyprus. Nevertheless, company and trust structures will remain an integral part of personal wealth planning. As they are irreplaceable when it comes to tax optimisation on corporate level and for the individual in terms of asset protection. Successful European jurisdictions like Cyprus and Malta offer for both, individuals and on companies, very tax efficient tax plans.

Malta With just 5% the effective corporate tax in Malta is uniquely low in Europe


citizenlane.ch

上 对离岸公司不断提高的要求就可以 明确看出这一点,现在这些运营中的公 司要想获得离岸辖区的低税率,就必须 拿出实质性证明。 出于此种原因,个人及其顾问应意识到 支付某些税款已不可避免,尤其是公司 层面上的税款,因此他们必须从最终受 益所有人的角度考虑其他可靠的途径。

个人税务最优化 毫无疑问,因为这些变化,高净值人士 (UHNWI)私人税收属地的变化已经且 在未来几年将变得越来越重要。很多高 净值人士已通过迁往低 税率辖区来调 整自己的税务状况。较早期的趋势是迁 往加勒比零税率辖区,目前的趋势则是

and the European Union; foreign individuals can benefit of a fixed income tax rate at 15%. The network of 72 Double Taxation Treaties (DTS) is a mayor benefit for Malta. Those countries include China, Germany, Hong-Kong, India, Lichtenstein, Singapore, Switzerland, the United Kingdom and the United States of America. Currently further DTAs have been signed with Belgium, Curacao and Ukraine, but are not yet in force. Malta is one of the few jurisdictions that cater for both trusts and foundations. While trusts are peculiar to systems of law based on common law and are not generally found in civil

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law countries, civil law in Malta is an exception to this rule. Malta trusts and foundations benefit from important advantages when compared to other trust jurisdictions, such as the excellent regulated legal basis, which is supervised by the European Union. English as official language, which means that legislation is published in English. Malta is not only known as an International Financial Centre, furthermore it is with its low taxes a hot spot for IT companies and is internationally well known for its online gambling and online gaming industry. It should not be forgotten to

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citizenlane.ch 前往瑞士、马耳他和塞浦路斯等欧洲避 税天堂。但是公司和信托结构依然是个 人财富规划中不可或缺的一环。因为在 涉及到公司层面上的税务优化以及个人 的资产保护时,它们是无可替代的。

mention that Malta provides excellent offers for registration of yachts and private jets.

塞浦路斯和马耳他等成功的欧洲辖区 可为个人和公司提供有效的税务规划。

As a member state of the European Union Cyprus' corporate tax is comparably low at 12.5%, and its resident non-domiciled scheme offers a 0% tax on dividends and interests; this makes Cyprus very interesting as a personal tax domicile for UHNWIs. Cyprus' network of DTAs

马耳他 马耳他的有效公司税率仅为5%,是欧 洲及欧盟罕见的低税率辖区,外国个人 可以享受到 15% 的固定所得税税率。72 份双重税收协定(DTS)构成的网络是马 耳他的核心优势所在。与其签订此类协 定的国家包括中国、德国、香港、印度、 列支敦士登、新加坡、瑞士、英国和美 国。目前,它也已经和比利时、库拉索 和乌克兰签订了双重税收协定,但尚未 生效。 马耳他是少数几个既适合创立信托又 适合创立基金会的辖区之一。信托往往 局限于以普通法为基础的法律体系,在 民法系国家中比较罕见,但马耳他的民 法法系是一个例外。与其他信托辖区相 比,马耳他的信托和基金会具有一些显 著的优势,比如监管得当、受到欧盟监 督的法律基础;以英语作为官方语言, 意味着法律也以英文发布。 马耳他不仅是知名的国际金融中心,还 因为其低税率,吸引了众多信息技术公 司,其在线赌博和在线游戏行业更是享 誉全球。还有一点不能忽略,马耳他还 提供优质的游艇和私人飞机注册服务。

塞浦路斯 作为欧盟成员国之一,塞浦路斯的公司 税相对较低,仅为12.5%,且其非定居居 民计划不对股息和收益征收任何税费, 这让塞浦路斯成为超高净 值 人士个人 税务属地的理想选择。塞浦路斯的双边

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Cyprus

consists of 62 jurisdictions, including China, Germany, India, Singapore, Switzerland, the United Kingdom and the United States of America. Provisions such as tax exempt status of gains, under certain conditions, from sale of securities and received dividends make Cyprus an interesting jurisdiction for many companies. As a common law country Cyprus International Trusts can be established for non-residents resulting in zero taxation.


citizenlane.ch

税收协定网络由62 个辖区构成,包括中 国、德国、印度、新加坡、瑞士、英国和 美国。塞浦路斯的不少规定使它对很多 公司都具有吸引力,比如通过销售有价 证券的获得的收入以及已获得的股息, 在特定条件下可作免于征税。作为一个 普通法系国家,塞浦路斯可为非居民设 立零税收的国际信托。 这两个国家都是企业家友好型环境的 优秀典范,其特点是:为公司和个人提 供优惠的税务制度;庞大的双边税收协 定网络;信托和基金会法律完善;有吸 引力的游艇注册服务;以英语为官方语 言。当然,在欧盟国家设立枢纽,对所 有公司而言也是一项重大优势,因为这 样便于它们进入欧盟市场。这些都是离 岸辖区不可能提供的优势。

居留权和公民身份 马耳他和塞浦路斯都提供居留权和公 民身份计划,帮助投资人获得欧盟的居 留许可或公民身份。如果说居留计划只 是用于重新定位和税务规划的工具,那 么公民身份计划就能提供更多、更广泛 的优势,比如增加免签国家范围,保护 个人权利, 便于开展业务及购买房产等。 下文将概述塞浦路斯和马耳他现有的 此类计划。

公民身份 通过欧盟公民身份计划,投资人可以在 任何欧盟国家或欧洲自由贸易联盟国 家定居,包括瑞士。

Both countries serve as excellent example as an entrepreneur friendly environment, which is characterised by their favourable tax regimes for companies and individuals, their vast networks of double taxation treaties, their trust and foundation laws, their attractive yacht registration services and having English as official language. Certainly it is for every business a great advantage to have a hub in an EU country as this facilitates the market entry to the European Union. These are benefits which cannot be offered by offshore jurisdictions.

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residence programs are rather just relocation and tax planning tools, citizenship programs have a broader range of benefits, such as increased visa free traveling, protection of personal rights, easing of business and property purchase. The following information shall provide just an overview of the existing programs in Cyprus and Malta.

Citizenship EU citizenship programs enable investors to take residency in any EU or EFTA country, including Switzerland.

Residence & Citizenship Both, Malta and Cyprus offer residence and citizenship programs which enable investors to achieve an EU residence permit or citizenship. Whereby

The Malta Individual Investor Program (MIIP) requires an investor to • donate €650,000 to a government fund, and • invest €350,000 in real estate, and • invest €150,000 in government bonds. The investments must be held for a period of five years. The Cypriot Citizenship by Investment Program requires an investor to • invest €2,000,000 in real estate, or business • purchase a private property of a minimum value of €500,000. The investment might be sold after

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citizenlane.ch 马耳他个人投资人计划(MIIP)要求投资 人: • 向政府基金捐赠650000 欧元 • 在房地产领域投资350000 欧元 • 在政府债券领域投资150000 欧元 投资期限必须达到五年。 塞浦路斯投资公民身份计划要求投资 人: • 在房地产或商业领域投资 2000000 欧元 • 购买最低价值为500000 欧元的私人 房产 投资必须持有至少三年后方可销售,而 私人住宅必须终身维持。

居留 马耳他提供两种居留计划: 马耳他居留及签证计划(MRVP)要求 投资人: • 租赁 或购买私 人 房产,租赁房产 最低价值为10,000 欧元 / 年,购买 房产最低价值为270,000 欧元 • 投 资 250,000 欧 元 购 买 政 府 债 券 或者其他符合规定的投资。 全球居留计划(GRP)要求投资人: • 租赁 或购买私 人 房产,租赁房产 最 低 价值 为 9600 欧 元 / 年,购买 房产最低价值为220000 欧元 • 就汇至马耳他的收入,缴纳 15% 的 所得税,最低为15000 欧元 / 年 塞浦路斯的居留计划要求投资人: • 购买最低价值为300000 欧元的 私人房产。 因为塞浦路斯并非申根条约国,所以非 欧盟公民的居民必须获得签证才能前 往申根国家。 作为财富规划的重要组成部分,Citizen Lane 提供关于公民身份和居留规划的 咨询和法律服务,还提供公司服务。

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a minimum holding period of three years, whereby the private home must be maintained lifelong.

Residence Malta offers two residence programs: The Malta Residence and Visa Program (MRVP) requires an investor to • rent or purchase a private property of a minimum value of €10,000 p.a. respectively €270,000, and • invest €250,000 in government bonds or other qualifying investments. The Global Residence Program (GRP) requires an investor to • rent or purchase a private property of a minimum value of €9,600 p.a. respectively €220,000, and

• pay taxes of 15% on the income remitted to Malta, minimum €15,000 p.a. The residence program of Cyprus requires an investor to • purchase a private property of a minimum value of €300,000. As Cyprus is not a full Schengen member, residents who are not EU citizens require a visa for Schengen countries. As an essential part of wealth planning Citizen Lane provides consultation and legal services in regards of citizenship and residence planning, and provide corporate services.


塞浦路斯司法辖区一览 Cyprus at a Glance

Alexandros Philippides

Alexandros 是 Oneworld 公司董事之

一,主攻塞浦路斯和阿联酋的税务和 法律服务。 他在协助客户的国际事务架构,尤其 是金融服务方面有丰富的经验。他还 曾参与包括税务筹划、金融服务公司 的执照申请、内部审计、合规功能和监 管事务等多个项目。 Alkexandros 是一名注册 会计师,获 得英国诺丁汉大学的学士学位。他是 Oneworld 有限公司旗下的中东有限 公司国际税务、法律和金融服务事务 顾问。

Alexandros is a director of our company specializing on tax and legal services both in Cyprus and the UAE. He possesses considerable experience in advising clients to structure their international activities with emphasis on financial services. He has been involved in diverse projects covering tax planning, licensing of financial services companies, internal audit, compliance functions and regulatory issues. Alexandros qualified as a Chartered Accountant and holds a bachelor's degree from the University of Nottingham. He is an adviser to Oneworld ltd and to Oneworld MidEast Ltd for international tax, legal and financial services issues.

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C

yprus is the third largest island in the Mediterranean Sea, with a total area of Cyprus is 9,250 km2 with a coastline of 648 km and population of 860,000. Combining its sub-tropical climate and its extensive summer with its cultural heritage Cyprus is considered as one of the most popular tourist destinations in the Mediterranean and at the same time remains a developed economy with a high human development index (HDI) regarding to living and quality of life. The political system of the island is presidential democratic republic and Greek and Turkish are the official languages. English is prevalent and is the principal business language. Cyprus became a member of the EU on 1 May 2004, with its official currency being the euro (€). The principal economic activities of the island are tourism, services, shipping, real estate and energy. Cyprus is a recognized financial centre and a significant gateway for EU inbound and outbound investments. It complements the traditional links Cyprus has with central and eastern Europe, Russia, India and China. Further, the harmonization of the EU capital markets, the adoption of the "Single EU Passport", the introduction of Alternative Investments Law in the EU etc have paved the way to

Alexandros Philippides

significant cross border opportunities for investors wishing to engage in the wider EU business market using Cyprus tax efficient structures. The island hosts a noteworthy expatriate community, having the third highest percentage of foreign citizen residents in the EU.

Why choose Cyprus • geographical location, being at the crossroads of three continents Europe, Asia and Africa • timezone is GMT+2 • stable economy in a western-type presidential democracy • low tax rates and favourable international double tax treaties • no inheritance tax • legal system based on English common law • English language is widely spoken and is the accepted language for business • high level and mature professional services industry • highly trained professional labour force • access to reputable private and public schools including British universities based in Cyprus • lowest crime level in the EU • low cost of living • reasonably priced immovable property • high quality healthcare • Schengen applicant state, with


www.oneworldmideast.net

浦 路 斯是 地 中 海 上 的 第三 大 岛,总面积为9250 平方公里, 海岸线长度为 648公里,人口 86万。塞浦路斯为亚热带气候,夏季很 长,文化遗产丰富,被认为是地中海上 最具吸引力的旅游胜地,同时也有发达 的经济,在关乎生活质量的人类发展指 数上也得分颇高。 塞浦路斯的政体为总统民主共和制,官 方语言为希腊语和土耳其语。英语广为 使用,是主要的商用语言。 塞浦路斯在 2004 年5月1日加入欧盟,官 方货币为欧元。支柱产业为旅游业、服 务业、航运、房地产和能源业。 塞浦路斯是公认的经济中心,是欧盟重 要的对内对外投资的门户。塞浦路斯在 历史上和中东欧、俄罗斯、印度和中国 都有来往。不仅如此,欧盟资本市场的 融合,和欧盟单一护照的使用,以及欧 盟颁布的备选投资法,都为希望通过塞 浦路斯高效的架构来涉足欧盟商务市 场提供了极为便利的跨境机遇。 塞浦路斯有极为可观的外国人群体,是 欧 盟国家中外国人占人口比重 第三高 的国家。

为什么选择塞浦路斯 • 地 理位 置优越,位于三大 洲的交汇 处——欧洲、亚洲和非洲 • 时区为 GMT+2 • 西方总统制民主制度下的稳定经济 • 低税率和有利的国际免双重征税协 议网络 • 无遗产税 • 基于英国普通法的法制体系 • 英语广为使用,也是广为接受的商务 用语 • 高水平和极为成熟的服务行业 • 技术高超的劳动力队伍 • 有著名的私立和公里学府,包括位于

General

Cyprus

Type of Company

Limited Liability Company

Type of Law

Company Law

Shelf Company Availability Time to Establish a New Company

On request 5-10 working days

Double Taxation Treaty Access

Corporate Income Tax 12,5%, VAT 19% Yes (with more than 50 countries)

Standard Currency

EUR

Corporation Tax

Share Capital or Equivalent

Permitted Currencies

1 share of any denomination 1.0 shares of 1 EUR each

Minimum Number

1

Local Required

No (but may affect Company's residency)

Location of Meetings

是否可利用现成公司

有需要时

公司法

法律类型

成立新公司所需时间 公司税

5-10 个工作日

公司所得税 12.5%,增 值税 19%

免双重征税协议网络

是(超过 50 个国家)

标准货币

欧元

最低付清股份资本

任何面额 1 股

股份资本或同等

任何

每股 1 欧元

董事

最低数量

1

Yes

可向公众开发记录

Not required to be held in Cyprus (but it effects company's residency)

会议地点

不需要在塞浦路斯 举行(但会影响到 公司的所在地)

Minimum Number

Location of Meetings

1 Yes Anywhere

Company Secretary Required

Yes

Local

No residency requirements Accounts

Yes

Audit Requirements

Yes

Tax year

1 January to 31 December

Publicly Accessible Records

有限责任公司

本地所需

Publicly Accessible Records

Requirements to File Accounts

公司类型

无(但会影响到 公司的所在地)

Shareholders

Requirements to Prepare

塞浦路斯

发行股票的常见数量

Directors

Publicly Accessible Records

总体

允许货币

Any

Minimum Paid Up Share Capital Usual Number of Shares Issued

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Yes

Yes

最低数量

股东

1 是

可向公众公布记录 会议地点 是否需要 本地

是否需要准备

公司秘书

账户

审计要求

账户归档要求 税年

是否向公众公开记录

任何地点 是

无所在地要求 是 是 是

1 月 1 日 -12 月 31 日 是

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www.oneworldmideast.net 塞浦路斯的众多英国大学 欧盟国家中犯罪率最低 生活成本低 不动产价格合理 高质量的医疗保健 申根申请国之一,即将成为成员国 “塞浦路斯独立经济区”在石油和天 然气勘探方面有巨大的经济成长潜 力 • 极佳的通讯和航空网 • 塞浦路斯有四个联合国教科组织认 可的世界遗产地

• • • • • •

塞浦路斯公司和信托 投资者可以利用欧盟能提供的跨境机 遇,选择塞浦路斯来持有投资,并利用 它作为跳板,从事其它业务活动,募集 资金或在所选的欧盟资本市场上进行 股份上市。 公司的创建和注册流程包括各个行政 管理要求,一般来说能在两周时间内完 成。 符合塞浦路斯所得税法的要求,如果一 家公司的管理和控制都位于塞浦路斯 共和国之内,则该公司就是塞浦路斯的 税务居民。这也符合经合组织关于“有 效管理地点”的模式。因此,作为最低 限度的管理,管理权的地点被视为董事 会的会议和决策地点。 在塞浦路斯创建公司的主要税务激 励 政策包括: • 公司税税率为12.5%,为欧盟最低 • 大多数情况下红利收入可免税 • 大多数情况下外国常设机构所获利 润可免税 • 股份、证券、债券和单元的利润收入 免税 • 红利、利息和版税收入的资本回汇可 免缴预提税 • 广泛的免双重征税协议网络 • 可利用欧盟指导方针

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membership pending • Cyprus Exclusive Economic Zone holds significant economic growth potential in oil & gas exploration • excellent telecommunication and air travel connections • rich history with four UNESCO World Heritage Sites in Cyprus

Cyprus companies and trusts Investors can reap the benefits of

cross border opportunities within the EU by selecting the island to host their investment holding and use it as a springboard to carry out business activities, raise funds or list their shares in EU capital markets of their choice. The formation and registration procedures including various administrative needs can normally be completed within a period of two


www.oneworldmideast.net • 无受 控外国公司(CFC)意味着所得 的外国收入也可免税

控股公司 塞浦路斯最为常见的是被作为控股公 司的媒介司法辖区,在如下情况下尤其 适用: • 在塞浦路斯之外的地方投资,目标位 红利收入的国内外群体来说 • 有极大的资本增值期望可在未来分 拆或出售的子公司的控股。出售所获 利润在塞浦路斯是免税的 • 可利用塞浦路斯广泛的免双重征税 协议网络,欧盟的母公司指导方针和 其它指令 • 需要一个外国公司法规的有限控制 权的司法辖区 • 根据允许红利、利息、版税支付的塞 浦路斯税法,可利用塞浦路斯有利的 资本回汇条款,大多数情况下,不必 支付预提税 • 适用于任何基金或投资工具,因为证 券交易免税,即使上述交易是贸易行 为也是如此 • 在未来的某些时候可用免税的方式 (股份出售可无条件免税,红利的免 税取决于一些很容易满足的条件, 清算或资本向非塞浦路斯居民股东 的减资)来放松控股公司架构也很重 要。 • 为流出免税退出通道而持有的知识 产权公司。由于塞浦路斯对股份出售 免税(塞浦路斯房地产所获得的收入 例外)。塞浦路斯公司提供知识产权 公司持 有的理想方式。用向未来投 资者出售知识产权子公司股份的方 式,可对无形资产的处置进行有效免 税

参与集团内部贷款的融资公司 对普通行政管理开支的减免税十分宽 宏大量。向非居民支付的利息也可以免 缴预提税。

weeks. In accordance with Cyprus' Income Tax Laws, a company is a tax resident of Cyprus if its management and control is exercised in the Republic of Cyprus. It is evident that the definition follows the OECD model convention in relation to "place of effective management". Therefore, as a minimum management and control is considered to be exercised where the board of directors meets and takes decisions.

The main tax incentives for locating a business in Cyprus include: • 12,5 percent corporation tax, the lowest in the EU • exemption from tax on dividend income, in most instances • no tax of profits from foreign Permanent Establishment (PE), in most instances • exemption from tax on profits from shares, securities, bonds and units • no withholding tax on the repatriation of income as dividends, interest and royalties • extensive double tax treaties network • access to EU Directives • absence of Controlled Foreign Company (CFC) rules thus exempting foreign income received

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Such dividend in most cases will be tax exempt in Cyprus to hold subsidiaries that have scope for significant capital appreciation that may be spun off or sold in the future. Profits arising from disposals are not taxable in Cyprus to benefit from the favourable withholding tax provisions of the Cyprus double tax treaty network, the EU Parent Subsidiary Directive and the other directives where a jurisdiction is required that has limited controlled foreign company legislation to avail of the favourable repatriation provisions under Cypriot tax law which allows payment of dividend, interest and royalties, in most cases, without payment of withholding tax suitable for any fund or investment vehicle, as there is no tax on transactions in securities even if this is the trading activity of the entity where it may be important to

Holding companies Cyprus is most commonly used as an intermediate holding company jurisdiction and is of particular interest in the following circumstances: • for groups, international or domestic, investing outside Cyprus, aiming at dividend income streams.

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知识产权公司 虽然新条款于2016 年 7月1日生效,适用 于塞浦路斯知识产权法匹配经合组织 BDS 的第五行动方案的所得税法,塞浦 路斯知识产权法仍然是欧盟最具吸引 力的,有效税率极低。 国际信托 塞浦路斯国际信托(CIT)根据 1992 年到 2013 年颁布实施的国际信托法建立,对 岛上的国际信托的建立和管理进行监 管。 信托是由个人(授予人)建立的,是财产 (信托财产)由一人或多人(受托人)为 另一人或多人(受益人)以特定目的来 持有的方式。授予人可以是受托人,授 予人和受 托人 或两者之一都可以 成为 受益人。保护人也可以是授予人,且能 被指派为信托的监督人。

CIT 是免税的,并能有效地用于税务和 其它规划工具,和其它普通法国际司法 辖区相比,为各类投资者提供具吸引力 的机遇。 CIT 享受重要的税务优势,为利益方提

unwind the holding company structure at some stage in the future in a tax free manner (unconditional exemption on profit on disposal of shares, dividends exempt from taxation subject to easily met conditions, no taxes on liquidation or capital reduction to non Cyprus resident shareholders) • to hold intellectual property companies for a tax free exit route. Since Cyprus imposes no tax on the disposal of shares (with the exception of gains derived from real estate situated in Cyprus), a Cyprus company offers an ideal way of holding an IP company. By selling the shares in the subsidiary IP company to a prospective investor effectively allows for the tax free disposal of the intangible assets

Financing companies engaged in intra group loans Generous tax deductibility of general administration expenses.

No withholding tax on payments of interest to non-residents

Intellectual property (IP) companies Although, new provisions, effective from 1 July 2016, have been introduced to the application of the Cyprus IP regime to align the Income Tax Law with OECD Action 5 of BEPS, the Cyprus IP regime remains one of the most attractive in the EU with very low effective tax rate. International trusts Cyprus International Trusts (CIT) are set up under the International Trust Laws enacted between 1992 till 2013, regulating the establishment and administration of international trusts in the island. A trust is established by an individual (the Settlor) and is a means whereby property (the Trust Property) is held by one or more persons (the Trustees) for the benefit of another or others (the Beneficiaries) or for specified purposes. The Settlor can be a Trustee and the Settlor and the Trustees or any of them can be Beneficiaries. A Protector who can be the Settlor may be appointed to oversee the work of the Trustee. CIT are exempt from taxation and can be used effectively for tax and other planning considerations fact that provides attractive opportunities for a wide range of investors as compared to the other common-law international jurisdictions. CIT enjoy important tax advantages providing significant tax planning opportunities to interested parties.

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Cyprus and retires in Cyprus is still exempt from tax if all the property settled and the income earned is abroad, even if he is a beneficiary • a CIT created for estate duty planning purposes would not be subject to estate duty in Cyprus Local trusts ie trusts under which either the settlor or any beneficiary is a Cypriot resident, will still be treated as transparent vehicles for income tax purposes. In the case of Cypriot offshore trusts, provided that no local profit is included, no Cypriot tax will be levied on their income, capital or distribution. 供可观的税务筹划机会。以下税务优势 都是节税方面的重要指标: • CIT(比如信托的资产位于塞浦路斯, 收入来自塞浦路斯以外地方)产生的 所有收入,无论是贸易或其它收入都 可在塞浦路斯免税 • 信托从塞浦路斯公司获得的红利、利 息或其它经济收入也可免税,也可不 必 缴 纳预提税,前提 是受 益人不免 税 • 塞浦路斯的税务居民。虽然在塞浦路 斯公司有股份的信托可以不是一 个 CIT,免税的前提是塞浦路斯税务仅 对塞浦路斯居民征收。由于受益人并 非塞浦路斯居民,信托所获得的分配 收入也可免税 • CIT 的资产出售收入在塞浦路斯可免 缴资本利得税 • 在塞浦路斯创建 CIT,并在塞浦路斯 退休的外国人,如果所有财产和收入 都在外国所得,即使他是受益人,也 仍然可以免税 • 以遗产责任规划为目的建立的 CIT 在 塞浦路斯可免除遗产税 本地信托,比如此信托的授予人或任何 受益人为塞浦路斯居民的话,仍将被当

The following tax privileges are indicative of the possible options for tax minimization: • all income, whether trading or otherwise, of a CIT (ie a trust whose property is located and income is derived from outside Cyprus) is not taxable in Cyprus • dividends, interest or other income received by a trust from a Cyprus company are also neither taxable nor subject to withholding tax provided that the beneficiaries are not • tax residents in Cyprus. Even though a trust with shares in a Cypriot company may not be a CIT, the exemption relies on the fact that Cypriot tax is imposed only on Cyprus residents. As the beneficiaries are not residents of Cyprus, no tax is imposed on the distributions made to the trust • gains on the disposal of the assets of a CIT are not subject to capital gains tax in Cyprus • an alien who creates a CIT in

Cyprus Citizenship In general On the basis of a Council of Ministers Decision (dated 13 September 2016), non Cypriot Investors, can acquire the Cyprus Citizenship by Naturalization (by exception on the basis of the Civil Registry Law 2002-2013). That made the Cyprus program the most attractive in the EU. The investment threshold has been reduced significantly thus enabling more foreign investors to take advantage. The investment is now reduced to €2mn and kept only for 3 years, express procedure of 3 months is retained, there is no requirement to reside in Cyprus and citizenship is granted to the family and now the parents of the investor also.

Key bene�ts of the Cyprus Citizenship program • Free Movement of People: Freely travel, reside and work

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www.oneworldmideast.net 作透明化工具来对待, 用于所得税目的。 在塞浦路斯离岸信托的案例中,如果没 有产生当地利润,他们的收入、资本利 得或分红所得就不必缴纳塞浦路斯税 赋。

塞浦路斯公民权

总览 根据内阁部长的决议规定(日期为2016 年9月13日),非塞浦路斯投资者可以通 过归 化 来 获 得 塞浦 路斯 公民 权(根 据 2002-2013 年民事注册法的例外要求)。 这让塞浦路斯投资移民计划成为欧盟 最具吸引力的公民权计划。 投资移民的门槛已大幅度降低,因此能 让更多的外国投资者受益。投资额现在 已降低为200万欧元,并保留三年时间。 申请流程缩短为三个月时间,没有在塞 浦路斯居住的移民监要求,塞浦路斯的 公民权以家庭为单位签发,现在也已包 含了申请人的父母。

塞浦路斯公民权计划的主要优势: • 人员的自由迁移: 在欧盟自由旅行、居住和工作 • 所有家庭成员都可以获得塞浦路斯 国籍: 包括了申请人的配偶、18 岁以下子女 和受抚养的子女(18 岁以上,最高为 28 岁),以及申请人的父母。申请人 和其配偶都没有达到财务要求的硬 性要求 • 资本的自由转移: 从任何欧盟国家向另一国家转移任 意金额的资金,可在任何欧盟成员国 购买房地产和从事任何投资活动 • 服务业的自由转移: 服 务的创办和自由移动 —— 个人公 民 和公司可以在任 何欧盟国家中从 事服务活动而不受阻碍 • 商品的自由移动: 欧盟成员国内生产的所有商品可以 从任何国家自由移动到另一国

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within the EU • All family can obtain Cyprus citizenship: It includes spouse of applicant, children under 18 years, and adult dependent children (over 18 years and up to 28 years) as well as the parents of the applicant. Neither the spouse nor the children are obliged to meet any financial criteria • Free Movement of Capital: Transfer any amount of money from any EU Member State to another, purchase of property in any EU Member State and invest in any activities of choice • Free Movement of Services: Establishment and free movement of services - individual citizens and companies can offer services without hindrance in all EU Member states • Free Movement of Goods: All goods produced in EU Member States can be transferred freely from any Member State to another • No Requirement to Physically

Reside in Cyprus: Either before the application or after obtaining the citizenship Visa Free Travel: Visa free travel to 157 countries worldwide, including all the EU countries, Canada and Australia, amongst others Investment for 3 Years: Only the investor must retain the investment made for 3 years after which he/she is free to realize it. There is no gift or donation Express Procedure: A fast process - around 3 months to be approved No History or Language: No history and language proficiency tests are required

Financial criteria and other conditions One of the following financial criteria must be met: • direct Investments in Cyprus amounting to a minimum of €2mn, held for at least 3 years, in any of the following


www.oneworldmideast.net • 不必在塞浦路斯实际居住: 在申请前或拿到公民权之后均可 • 免签证旅行: 全球 157个国家免签,包括所有欧盟 国家、加拿大、澳大利亚等等 • 投资年限仅为三年: 投资者的投资必须保留三年,之后就 能自由处置。没有赠与或捐献要求 • 快速的申请流程: 流程快速——约三个月的批准时间 • 历史和语言: 没有任何历史和语言测试要求

• investment in real estate, land development and infrastructure projects • purchase, creation or participation in Cyprus businesses and companies based and operating in Cyprus. Such companies are required to have a physical presence in Cyprus and to employ at least 5 Cypriot citizens • investments in Alternative

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Investment Funds ("AIF") established in Cyprus and licensed by the CySEC which invest exclusively in Cyprus. This criterion includes financial assets of Cypriot companies or organizations issued after approval by the CySEC • combination of the aforementioned criteria amounting to €2mn. In the context of this criterion, the applicant may also purchase Cyprus

财务要求和其它条件 如下财务要求必须满足其中一条: • 在 塞浦 路斯 的直 接 投 资 达 到 200万 欧元,至少持有三年时间,在如下的 任何一个领域: • 在房地产、土地开发和基建项目中的 投资 • 购买,创建或参与塞浦路斯运营的公 司和业务。上述公司需在塞浦路斯有 实际地址,至少雇佣五名塞浦路斯公 民 • 在另类投资基金(AIF)中的投资并由 CySEC认证的, 仅在塞浦路斯的投资。 这一要求包括塞浦路斯公司或组织 由 CySEC 批准后的金融资产 • 上 述 要求 的 合并金额 达 到 200万 欧 元。在这一要求下,申请人也可购买 塞浦路斯政府债券,最高50万欧元 除了满足上述要求外,申请人还必须满 足下列条件: • 母国和 / 或塞浦路斯警方无犯罪记录 • 确认申请人的姓名没有在欧盟财产 被冻结的名单之列 • 在塞浦路斯拥有私宅,不含增值税价 格必须超过 50万欧元。如果是对房 地产直接投资,这一要求则不适用 • 若投资者父母也在申请人之中,可以 购买额外的价值50万欧元的房产,或 投资者和父母共同购买一处塞浦路 斯房产,总价至少为100万欧元 • 居住和公民权须同时申请

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www.oneworldmideast.net • 至少访问塞浦路斯一次

要牢记在心的几个要点: • 申请人不成为塞浦路斯的税务居民, 除非他 / 她在一年里在塞浦路斯的居 住时间超过 183天 • 是否批准申请人的公民权申请由塞 浦路斯内阁部长做出相关决定 • 申请文件由内政部提交。财政部负责 评估财政要求是否达标 • 申请人的配偶和主申请人的申请同 时提交。在批准上述申请时,接着处 理子女的申请 • 在两个部门评估后,申请将交由内阁 部负责 • 申请流程通常为时三到四个月 • 维持投资的期限为三年 • 政府收取的申请归档费用极低 • 允许双重国籍,获得的塞浦路斯国籍

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government bonds of a maximum amount of €500,000 In addition to the above criteria the applicant must fulfil the following conditions: • hold a clear criminal record from the country of origin or/and the Cyprus police • confirm that the applicant's name is not included in the list of persons whose property is ordered to be frozen within the EU • privately owned residence in Cyprus, the costs of which must exceed the amount of €500,000 excluding VAT. If the direct investment is made in residential property, this requirement is not

applicable • in case the investor's parents are included in the application either purchase an additional property of at least €500,000 or the investor and parents acquire one residential property of a total value, minimum, €1mn • a simultaneous application for both residency and citizenship must be made • have at least one visit to Cyprus

Key information to keep in mind • applicant does not become a tax resident in Cyprus, unless he/she spends more than 183 days in any one calendar year • the approval of Citizenship under


www.oneworldmideast.net 不会向其它国家透露

塞浦路斯永久居留许可

法律依据 塞浦路斯政府在 2013 年5月颁布了修改 后的要求和条件,对外国人申请永久居 留许可的办法作出修改。 主要优势 • 无期限签发,没有续签要求 • 没有最低居住时间要求 • 可以立即搬入购买的房产 • 快速居住权可以在两个月之内签发 • 让持有人免于移民入关的流程 • 可用于整个家庭 • 此后可申请塞浦路斯(欧盟)公民权 • 在欧盟的旅行更为便利 其它考虑因素 • 向非欧盟公民签发 • 进入并在塞浦路斯居住没有限制 • 申请人每两年访问塞浦路斯 一次的 情况下不会过期 • 经济上依赖申请人的,年龄最高达25 岁的成年子女也可申请 • 不可在塞浦路斯工作 • 申请向尼科西亚的塞浦路斯民事注 册和移民局提交,并由出入境管制局 评估 • 最终由塞浦路斯内务部批准 • 申请流程最长为12 个月 可选项目 希望获得塞浦路斯永久居留权的外国 投资者有两个选择则, 分别是类别6(2) 快速通道和类别 F。 类别6(2)快速通道 • 以最低 30万欧元外加增值税购买位 于塞浦路斯的房产 • 在申请前支付至少20万欧元的购买 价格 • 在塞浦路斯银行存入最低三万欧元, 为期三年

• • • •

the relevant Decision is granted by the Cyprus Council of Ministers the application package is submitted to the Ministry of Interior. The Ministry of Finance assesses the financial criteria spouse's application is submitted concurrently with the application of the main applicant. Upon the approval of these applications, children's applications follow after examination by the two Ministries, the application is presented to the Council of Ministers the application processing usually takes 3-4 months keeping investments for a period of minimum 3 years low government fees for the filling of the application dual citizenship is permitted and the acquisition of citizenship in Cyprus is not reported to other countries

Cyprus Permanent Residence Permits Legal basis The Cyprus Government introduced in May 2013 amended criteria and conditions for the issuance of Cyprus Permanent Residence permits to foreign investors. Key bene�ts • granted for indefinite duration, no renewal required • no minimum residence stay required • can move to house purchased, immediately • fast track residency can be granted in 2 months

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• exempts holders from immigration entry procedures • applies to whole family • can lead to Cyprus (EU) citizenship • easier travel within the EU

Other considerations • granted to non-EU nationals • enter and remain in Cyprus with no limitations • does not expire if the applicant visits Cyprus once every 2 years • financially dependent adult children up to the age of 25 are also eligible • no right to work in Cyprus • applications are submitted to the Civil Registry and Migration Department in Nicosia and reviewed by the Immigration Control Board • final approval is granted by the Cyprus Minister of Interior • application processing may take up to 12 months to complete Options available Foreign persons who want to obtain Cyprus Permanent Residency through investment have two options available, Category 6 (2) Fast Track and Category F. Category 6 (2) Fast Track • purchase a property located in Cyprus of at least €300,000 plus VAT • pay at least €200,000 of the purchase price prior to application • deposit a minimum €30,000 in a Cyprus bank for at least 3 years • show a stable means of income of at least €30,000. This amount increases by €5,000 for every dependent, wife or child. The funds must originate from abroad

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www.oneworldmideast.net • 显示有稳定的至少为三万欧元的收 入。这一金额每增加一位亲属、妻子、 子女而增加 5000 欧元。这笔资金必 须来源于海外 • 出示由母国签发的无犯罪记录证明

• demonstrate clean criminal record issued by the country of origin

申请每两个月评估一次。

Category F • purchase a property located in Cyprus of at least €300,000 plus VAT • pay a minimum of 30 percent of the property price • provide proof that he/she has adequate funds to live comfortably in Cyprus • demonstrate clean criminal record issued by the country of origin

类别 F • 购买一处塞浦路斯的房产,价格至少 为30万欧元,另加增值税 • 支付最低房屋价格的30% • 提供证明,证明他 / 她有能力在塞浦 路斯舒适地生活 • 出示母国签发的无犯罪记录证明 申请的处理时间为六到八个月时间。

所需文件: • 申请人有效护照的认证副本 • 申请人简历,包括学历 • 申请人有最 低三万欧元的来自海 外 的稳定年收入。每增加一 位亲属在 年收入上须增加5000 欧元 • 申请人出示的正式申明,申明他 / 她 不会在塞浦路斯工作或不会从事任 何业务活动

The application is reviewed within 2 months.

The application is processed within 6 to 8 months.

Documentation required • certified copy of valid passport of the applicant • curriculum vitae including academic qualifications • declaration of the applicant of a secured annual income of at least €30,000 from abroad. The necessary annual income is increased by €5,000 for each dependent person • official statement by the applicant that he/she does not intend to work or be engaged in any form of business in Cyprus • certified copy of clean criminal record Oneworld Ltd At Oneworld ltd we deal in solutions. Although a significant proportion of our business is corporate registration and administration, many clients come

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to us for a complete solution and for many we also provide creation and administration of trusts, international tax advice, accounting and payroll, VAT and customs, corporate finance, valuations and related services. We also arrange and act as intermediaries for clients or individuals that would like to obtain the Cyprus citizenship or become Cyprus residents. Like our clients, we maintain the highest professional standards and code of conduct. Our due diligence procedures more than meet the requirements of the highly regulated jurisdictions in which we work. Adherence to the highest standards is demonstrated by the licences we have obtained. Our staff are trained comprehensively in anti-money laundering and 'know your client' procedures. As you would expect, confidentiality is paramount in all our dealings, and our staff are bound by law to maintain professional confidences. Our personnel consists of chartered accountants, lawyers, financial advisors, tax specialists, administrators and company secretaries as well as a highly trained and knowledgeable corporate and support staff.

Oneworld ltd is a member of One Group which includes: • One Plus Capital ltd • One Plus Family MFO ltd • Oneworld Trustees ltd • Oneworld MidEast ltd


耿西岛

Guernsey


Our Trusts 我们的信托 and Private 和私人财富 Wealth services 管理服务 Carey Olsen is a leading offshore law firm advising on the laws of the British Virgin Islands, Cayman Islands, Guernsey and Jersey from a network of eight international offices.

To find out more on our services, please contact one of our partners. 请联系我们的合伙人获取服务详情。

Tracing our origins back to 1898, we understand the longevity of trusts, foundations and private wealth work which is why we focus on building long-term and meaningful relationships with clients and intermediaries. Our experienced trusts and private wealth lawyers will work closely with you to establish the right structure for your purposes.

Siobhan Riley

Partner, Jersey 合伙人,泽西岛 D 直线 +44 (0)1534 822355 E 电邮 siobhan.riley@careyolsen.com

Partner, Guernsey 合伙人,根西岛

Carey Olsen是一家领先的离岸律所,在全球各地有八 家分公司。主要提供英属维尔京群岛、开曼群岛、根西 岛和泽西岛的法律顾问服务。

D 直线 +44 (0)1481 732049 E 电邮 russell.clark@careyolsen.com

追溯至1898年律所初建之时,我们就已对信托、基金会 和私人财富管理的长远发展有了深刻的理解,这也是为 什么我们会注重与客户和中介机构建立长期和隽永的亲 密关系的原因。我们经验丰富的信托和私人财富律师将 为您提供贴心服务,帮助您建立量身订制的正确架构。

Natasha Kapp

Partner, Guernsey 合伙人,根西岛 D 直线 +44 (0)1481 741541 E 电邮 natasha.kapp@careyolsen.com

OFFSHOR E L AW S P EC I A LI ST S B R ITISH V I R G I N I S L A N D S C APE TOW N

H O N G KO N G

CAYMA N ISL A N D S LON DON

G UE RN SE Y

SI N GAP ORE

JERS EY

careyolsen.com

Guernsey

Russell Clark


Member Contribution 概况

实体类型

信托

法律类型

耿西岛2007年信托法

建立信托所需时间 国外收入课税

是否签订双重征税协定 标准货币

Trust

无 - 耿西岛的居民有责任就其全球 收入纳税

Minimum Government Fees (excluding taxation) Taxation on Foreign income

No

Double Taxation Treaty Access

Full DTA - Hong Kong

英镑

Standard Currency

Type of Law Time to Establish a Trust

信托资产

允许币种

是否对信托资产限制

General Type of Company

common law and statute - Trusts (Guernsey) Law, 2007 There are no time restrictions to esatblish a trust None - no registration requirement (except for charities)

没有时间限制

最低政府费用(不包括税收)

By Carey Olsen

任何币种,取决于信托条款 无,取决于信托条款

Trust Assets

British Pound Any, subject to the terms of the trust None, subject to the terms of the trust

Permitted Currencies Limitation to Trust Assets

受托人

Trustees

独立法人最低人数

一个耿西岛信托必须有两个受托 人

Minimum Number if Individuals

是否需要当地受托人

A Guernsey trust must have two trustees unless the terms of the trust provide otherwise or a Guernsey corporate trustee is acting as sole trustee

Local Required

No

Publicly Accessible Records

No

Location of Meetings

Trustees may meet anywhere, subject to the terms of the trust

公众可否查阅记录 会议地点

取决于受托人所在地点

受益人

最低人数 公众可否查阅记录

委托人和受托人可否成为受益人

账户

受托人必须保持其托管的准确帐 目及纪录

准备要求 审计要求

提交账户要求

公众可否访问账户 年度审计 提交年度报表要求 是否允许迁册

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无,除非信托条款另有规定 否

Bene�ciaries

Minimum Number

A trust must have at least one identifiable beneficiary; a noncharitable purpose trust has no beneficiaries but exists for purposes only

Publicly Accessible Records

No

Can Settlor and Trustee be a Beneficiary

Yes Accounts

Requirements to Prepare Audit Requirements

A trustee must keep accurate accounts and records of their trusteeship None, unless the terms of the trust provide otherwise

Requirements to File Accounts

No

Publicly Accessible Accounts

No

不需要

Annual Audit

Requirement to File Annual Return

No

Change in Domicile Permitted

Yes, provided the terms of the trust permit a change in governing law

年度要求 其他

是, 前提是信托条款允许法律改 变

Annual Requirements

Not required, subject to the terms of the trust Other


司法辖区

JURISDICTIONS 金融辖区:耿西岛 地区:欧洲 货币:英镑 语言:英语 时区:UTC 0 区号:+441481 通讯设施:良好

Country: Guernsey Region: Europe Currency: Pound Sterling Languages: English Time Zone: UTC 0 Phone Code: +441481 Communications: Good

简介 Introduction 耿西岛的经济很大程度上依赖于金融业。为了保护 有限的资源,政府由外国非居民控制的不鼓励劳动 密集型产业投资。这里没有投资激励政策或投资补 助金,但电子和其它知识密集型产业却是政府所鼓 励的。耿西岛有欧洲最大的专属保险业和强健的银 行业、投资基金业和信托产业,其顾问行业和金融基 础设施也非常发达。海峡群岛股票交易中心已成为 欧洲公司金融业最重要的节税地。这里没有公司税, 但是金融公司需要缴纳的税低至10%。耿西岛是控股 公司和贸易公司面向欧洲业务和电子商务的基地。 适合于: 财富管理、财资管理、银行业、保险、基金管理、航运、 游艇、贸易金融、控股公司、电子博彩业、房地产所 有权

The economy is dominated by the finance sector. To protect its limited resources the government tends to discourage labour-intensive inward investment controlled by non-residents. There are no investment grants or incentives, but electronics and other knowledge-based industries are encouraged. Guernsey has Europe's largest captive insurance sector as well as strong banking, investment fund and trusts sectors, with a welldeveloped advisory and financial infrastructure. The Channel Islands Stock Exchange, which has become a key part of tax-efficient European corporate finance, is based in Guernsey. There is no corporate tax, except for financial companies which pay tax at 10%. Guernsey remains a favored base for holding and trading companies working into the EU, and for e-commerce activity.

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

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司法辖区

JURISDICTIONS

Management, Shipping, Yachting, Trading Financial, Holding Companies, E-gaming, Property Ownership

Vehicle Types: Limited companies, public limited companies, exempt insurance companies, branches, trusts, general partnerships and limited partnerships 离岸工具种类: 有限公司、公众有限公司、豁免保险公司、分公司、信 托、通用合伙制和有限合伙制公司 资本主要营商地区: 圣彼得港 关系良好国家: 英国 关系不佳: 缅甸、埃及、伊朗、朝鲜(人民民主主义共和国)、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: 轻 总体税率: CIT 0/10%, PIT 20%, 增值税 0% 合约签订国: 香港、马恩岛、泽西岛、马耳他、卡塔尔、新加坡、英 国 税务信息交换协议签订国: 阿根廷、澳大利亚、奥地利、巴哈马、比利时、百慕大、 博兹瓦纳、 巴西、英属维尔京群岛、加拿大、开曼群岛、 智利、中国、哥斯达黎加、捷克共和国、丹麦、法罗群 岛、芬兰、法国、 德国、直布罗陀、 希腊、 格陵兰、 匈牙利、 冰岛、印度、印尼、爱尔兰、意大利、日本、拉脱维亚、 莱索托、立陶宛、澳门、毛里求斯、墨西哥、蒙特色拉 特岛、荷兰、新西兰、挪威、波兰、葡萄牙、罗马尼亚、 圣基兹和尼维斯、圣马力诺、塞舌尔、斯洛伐克、斯 洛文尼亚、南非、斯威士兰、瑞典、瑞士、土耳其、特 克斯和凯科斯群岛、英国、美国、乌拉圭

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Capital primary business districts: Saint Peter Port Good Relationships: United Kingdom Bad Relationships: Burma, Egypt, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Very Light Tax Burden - Individual: Light Headline tax rates: CIT 0/10%, PIT 20%, VAT 0% Treaty Jurisdictions: Hong Kong, Isle of Man, Jersey, Malta, Qatar, Singapore, United Kingdom TIEA Jurisdictions: Argentina, Australia, Austria, Bahamas, Belgium, Bermuda, Botswana, Brazil, British Virgin Islands, Canada, Cayman Islands, Chile, China, Costa Rica, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Greenland, Hungary, Iceland, India, Indonesia, Ireland, Italy, Japan, Latvia, Lesotho, Lithuania, Macau, Mauritius, Mexico, Montserrat, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Saint Kitts and Nevis, San Marino, Seychelles, Slovakia, Slovenia, South Africa, Swaziland, Sweden, Switzerland, Turkey, Turks & Caicos Islands, United Kingdom, United States, Uruguay


耿西岛基金会设立指南

A Guide to Guernsey Foundations

Natasha Kapp

Natasha Kapp 是 Carey Olsen 旗下信 托和私人财富集团的合伙人。Natasha

迄今为止已为数量极多的在耿西岛设 立的基金会提供过顾问服务,包括作 为受托人身份成立的信托基金会、基 金会控股权、否决权和受控股份、私人 财富和代际规划私人财富基金会,以 及以慈善为成立目的的基金会等。

Natasha Kapp is a partner in Carey Olsen's trusts and private wealth group. Natasha has advised on a considerable number of the foundations established in Guernsey to date, including a private trust foundation to act as trustee, foundations holding powers, veto rights and controlling shares, foundations for private wealth and dynastic planning, as well as foundations established for philanthropic purposes. natasha.kapp@careyolsen.com

为什么选择耿西岛? 耿西岛是一个领先的国际信托中心,在 信托行业有50 多年的经验,为全球客户 提供信托、基金会和公司服务。 耿西岛有众多信托和企业服务提供商 进驻,这些进驻企业包括大型全球金融 机构的下属公司和所有人管 理的独立 信托公司等,应有尽有。总体上说,耿

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Natasha Kapp

Why Guernsey?

clients.

Guernsey is a leading international fiduciary centre with more than 50 years' experience supplying trust, foundation and corporate services to clients from around the world.

The Guernsey foundation may be particularly attractive to those coming from jurisdictions where the trust concept is unknown or not easily understood.

The island plays host to a wide range of fiduciary and corporate service providers, ranging from subsidiaries of major global financial institutions to owner-managed independent trust companies. In total, there are more than 150 licensed fiduciaries in Guernsey.

Essential characteristics of a foundation

Guernsey's branch of the Society of Trust and Estate Practitioners (STEP) has more than 700 members - one of the largest regional memberships in the world.

Foundations in Guernsey Although the Island's fiduciary professionals are experienced in the management and administration of foundations established elsewhere, typically in civil law jurisdictions where foundations have their origin, the introduction of foundations legislation in Guernsey in 2013 means the Island's highly regarded wealth management industry has an additional local wealth planning tool at its disposal to offer

A foundation is a legal entity which is created when a person provides assets for a specific purpose. The Guernsey foundation is a distinct legal entity with separate legal personality. It is registered and can continue indefinitely. It is governed by a council in accordance with its constitutional documents: a Charter and Rules. It owns its own property but has no shareholders or owners. Whilst a foundation shares many characteristics with both companies and trusts, a foundation is neither a company nor a trust and is its own unique entity.

Uses and application A Guernsey foundation must have a purpose, the only restriction being that it cannot have as its purpose the carrying out of any commercial activities. It can, however, carry out commercial activities that are ancillary or incidental to its purpose.


careyolsen.com 西岛有超过 150 家持证的信托公司。 “信托和遗产执业者协会” (STEP)的 耿西岛分会有超过 700 名会员——是世 界上最大的地区性会员制行业协会。

耿西岛基金会 虽然耿西岛的信托从 业者在其它地方 建立的基金会管理和行政管辖方面有 丰富经验,通常这些地方都是基金会发 源地的民法司法辖区,基金会在 2013 年 被引入耿西岛,意味着耿西岛极为重视 的财富管理行业有一个额外的本地化 财富规划工具来为客户提供服务。 对信托概念认知不足或完全不了解信 托的司法辖区来说,耿西岛基金会也许 具有尤为突出的吸引力。

基金会的基本特征 基金会是 一 个 个人以一 个 特 殊目的而 创建的法律实体。耿西岛基金会是一个 独特的法律实体,有多个独立的法律特 性。耿西岛基金会需要注册并能无限期 地存在。它由一个理事会依据法律文件 来管理。

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The purpose of the foundation can be to benefit particular individuals or other persons; or for charitable or philanthropic purposes, or for a combination of purposes and beneficiaries.

Foundations, being an orphan structure, are ideally suited to act as a special purpose vehicle for example acting as protectors or enforcers of trusts, to hold consent or veto powers or special voting rights in companies.

Foundations can be used as an alternative to or together with trusts for succession and asset protection planning.

Founder

Foundations are also ideally suited as vehicles to pursue charitable objects and philanthropic purposes.

The founder is the person who provides property to be held by the foundation for a specific purpose and arranges for the Constitution to be prepared and for the foundation's registration. The founder can be a natural person or a body corporate.

Foundations are being used is as an alternative to private trust companies with the foundation itself acting as the private trustee entity.

There is a requirement for a Guernsey foundation to have an initial endowment, but there is no minimum.

Foundations are being used to hold high risk or wasting assets which are not well suited to being held within trust structures.

A founder does not have any interest in a foundation by virtue only of endowing it with its initial capital or further property.

虽然基金会具有公司和信托的许多共 同特点,基金会却不是公司,也不是信 托,有作为一个独特实体的自身特点。

用途和应用 耿西岛基金会必须有一个目的,唯一的 限制是它的目的不能是任 何形式的商 业活动。不过,它的目的仍然可以偶尔 从事附带性质的商业活动。 基金会的目的可以是让一 个 特定的个 人或其他人受益 , 或以慈善为目的,或 者也可以是各种目的和受益人的组合。 基金会可以作为备选方案,或者与信托

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careyolsen.com 或传承和资产保护规划一起使用。 基金会是一 个追求慈善目的和目标的 合适工具。同时 , 基金会也被用于私人 信托公司的备选工具,基金会本身可以 作为私人信托受托实体。基金会被用于 持有高风险或递耗资产来使用,上述资 产不便在信托架构中持有。 基金会作为一个独立的架构,很适于作 为特殊目的工具来使用,比如说作为信 托的保护人或实施者,持有批准或否决 权,或持有公司中特别投票权。

创始人 创始人是提供基金会以特殊目的持有 财产的人,他负责安排基金会章程的撰 写和基金会的注册。创始人可以是一位 自然人或一个法人团体。 耿西岛基金会的成立有初始资金的要 求,但没有设立资金下限。 创始人除了提供初始资金和追加资金 外,不会抽取资会的任何利息收入。创 始人可以保留修改、撤销或改变基金会 章程或目的的权力,并保留终止基金会 的权力,前提是上述权力都在基金会的 章程中有具体说明。上述权力仅能在创 始人的有生之年得以保留(如果他是一 名自然人的话)或从基金会的创立之日 起算不超过50 年的时间里,如果创始人 是一个法人则上述保留的权力会在在 这之后自动失效。

A founder can reserve the power to amend, revoke or vary the terms of the foundation's Constitution or its purpose and reserve the power to terminate the foundation but only if these powers are fully detailed in the foundation’s Charter. Such powers can only be reserved by the founder for the duration of the founder's life (if he is a natural person) or for a period not exceeding 50 years from the date the foundation is established if the founder is a legal person and the reserved powers will thereafter automatically lapse.

不过,除了作为受益人之外,创始人可 以是一名顾问或监护人(但不可以同时 担当两个职务)。

However, the founder can either be a councillor or a guardian (but not both simultaneously) in addition to being a beneficiary.

理事会

Council

理事会担任基金会的行政管理职 责——理事会是基金会的心脏和管理 方,这和一家公司的管理方是董事局的

The council administers the affairs of the foundation - it is the mind and management of the foundation

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in much the same way that a board of directors is the mind and management of a company. Where no member of the council or the guardian is a Guernsey licensed fiduciary, the foundation must have a Guernsey resident agent to hold the foundation's records in the jurisdiction. The Council must be comprised of at least two councillors unless the Constitution permits a single councillor. The founder or any person (including a body corporate) may be appointed as a councillor, but a councillor may not also be a guardian of the foundation. The Rules of the foundation must detail the procedures for the appointment, resignation and removal of councillors. The Constitution can expressly provide that a councillor is removed from or ceases to hold office on the coming into effect of a particular circumstance (for example,


careyolsen.com 格局如出一辙。在理事会或监护人中没 有一 个人 是耿西岛持 证信托 公司的成 员的情况下,基金会必须有一名耿西岛 居民作为经 纪人在 这个辖区内持 有基 金会的记录。 除非法律规定允许只有一名会员,理事 会须由至少两名会员组成。创始人或其 他任何人(包括一家实体公司)可以被 任命为理事会成员,但是该成员不可以 还担任基金会的监护人职务。 基金会的规则必须详细说明理事会成 员的委任、辞退和撤销流程。理事会章 程可以清楚地解释理事会成员在特定 情况下遭到撤职或停止工作的情况(比 如说,成为特定司法辖区的总裁)或行 使撤职权力的情形。理事会可以向皇家 法院申请理事会成员的撤职,前提是有 理由相信该成员不愿或拒绝行使责任 或破产,也可能是他不适合行使上述责 任且已丧失工作能力。 基金会的理事会成员有责任秉诚行使 自己的工作职责。必须仅根据法律和基 金会章程和基金会目的的要求来执行 和管理基金会。理事会成员必须在全体 一致通过的前提下行使权力,除非在基 金会章程中有额外说明。根据章程的条 款规定,基金会在有不止一名受益人或 受益目的的情况下,理事会成员都必须 公正对待,虽然根据基金会章程的要求 这一行为不会对理事会的自由裁 量权 的行使造成损害。

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becoming resident in a certain jurisdiction) or upon the exercise of a power of removal. The Council can apply to the Royal Court for the removal of a councillor where it has reason to believe that the councillor is unwilling or is refusing to act, is bankrupt or otherwise unfit to act, or is incapacitated.

and accounts that are sufficient to show and explain the foundation's transactions, the financial position of the foundation and also detail the day to day entries of receipts and expenditure, together with the assets and liabilities of the foundation. These records must be kept or be accessible in Guernsey.

The councillors have a duty to the foundation to act in good faith in the exercise of their functions. The councillors of the foundation must execute and administer the foundation only in accordance with the Law, and the terms of the foundation’s Constitution and only in advancement of its purpose. Councillors must act unanimously unless the Constitution provides otherwise. Subject to the terms of the Constitution, where a foundation has more than one beneficiary or purpose the councillors must act impartially, although this does not prejudice their exercise of a discretion conferred on the Council by the terms of the Constitution.

Unless prohibited by the Law or the terms of the Constitution, the Council may delegate the management of foundation property, appoint competent and qualified managers and professional persons to act in relation to the foundation's affairs or hold foundation property (and may also authorise the retention of commission for services rendered).

The Council is responsible for ensuring that the foundation keeps records

Guardian A Guernsey foundation needs to have a guardian only where there are either disenfranchised beneficiaries or where the foundation is not established for the benefit of individual beneficiaries but for some other purpose. The guardian has a duty to the

理事会负责基金会的档案和账户记录, 确保上述记录足够说明和解释基金会 的交易记录、财务状况,并详细记录基 金会每天的收入和开支情况,以及基金 会的资产和负债情况。上述记录必须保 留或能够在耿西岛内查询。 除非法律或基金会章程禁止,理事会可 以代表基金会财产的管理、委任能干和 有资质的经理人和专业人员代表基金

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careyolsen.com 会行事,或持有基金会的财产(也可以 授权保留所提供服务的佣金)。

监护人 耿西岛基金会仅在没有受 益人权 益被 剥夺的情况下,或基金会并未就个人受 益人为目的而建立,而是以其它目的成 立的情况下,必须要有一名监护人。 监护人对创始人和受益负责,秉着善意 从事和对家人负责的原则来形式基金 会的章程和目的所赋予的权力。

受益人 基金会的受益人是一个有权从基金会 获益的人,他可以是基金会章程中指名 道姓的人,也可以是一个团体中的特定 某人或和另一人有关系的人。 作为“授予权利”或“被撤销权利”的受 益人分类,是耿西岛法律创建和管理的 独特受益人。 受益人分两个种类:有权受益人和被剥 夺权益的受益人。有权受益人有权获得 基金会的章程副本、基金会的记录和账 户信息,并能向皇家法院申请变更基金 会目的、撤销或解散基金会。根据基金 会章程的条款规定,被剥夺权益的受益 人无权获得基金会的任何信息。 基金会章程可以表述是否,以及在哪些 情况下,被剥夺权益的受益人能成为有 权受益人。

章程 基金会章程包含两个核心文件,分别是 宪章和基金会规则。 基金会宪章必须包含基金会的名称和 目的,其初始资金或捐助资金的描述, 如果这是一家期限有限的基金会,也需

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founder and the beneficiaries to act in good faith and en bon pere de famille to enforce the Constitution and the purpose. The Rules of the foundation must detail the procedures for the appointment, resignation and removal of a guardian. The Constitution can expressly provide that a guardian is removed from or ceases to hold office on the coming into effect of a particular circumstance (for example, becoming resident in a certain jurisdiction) or upon the exercise of a power of removal. The Council

can apply to the Royal Court for the removal of a guardian where it has reason to believe that the guardian is unwilling or is refusing to act, is bankrupt or otherwise unfit to act, or is incapacitated.

Bene�ciaries A beneficiary of a foundation is someone who is entitled to benefit from the foundation and is either identified in the foundation's Constitution by name, or whose identity is ascertainable as a member of a class or by their relationship to


careyolsen.com another person. The classification of beneficiaries as "enfranchised" or "disenfranchised" is unique to foundations created and governed by Guernsey law. There are two types of beneficiary; an enfranchised beneficiary or a disenfranchised beneficiary. An enfranchised beneficiary is entitled to a copy of the foundation's Constitution, the records and accounts of the foundation and to apply to the Royal Court to change the foundation's purposes or to revoke or dissolve a foundation. A disenfranchised beneficiary is not entitled to any information about the foundation, subject to the terms of the foundation's Constitution. The foundation's Constitution may state whether, and if so in what manner, a disenfranchised beneficiary may become an enfranchised beneficiary.

要表述期限是多长。它可以包含创始人 希望包含的其它任何东西。 基金会规则确定了基金会的运营条款 和基金会理事会成员的职能详情、任命 流程、理事会成员的退休和酬劳,以及 所有监护人。规则在实际操作中也可以 定义其它事务,比如基金会应该应用什 么样的资产及受益人的增加或撤销方 式。规则也可以让受益人对诸如受益条 件规定责任,或者包含保护性措施以终 止受益权,比如说在破产的情况下。

注册 耿西岛基金会的注册申请只能由耿西

The Constitution The foundation's Constitution is comprised of two core documents; the Charter and the Rules of the foundation. The Charter must contain the name and purpose of the foundation, a description of its initial capital or endowment and, if it is a foundation with limited duration, the duration must be stated. It may contain anything else that the founder wants to include.

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provisions of the foundation and detail the functions of the councillors, the procedures for the appointment, retirement and remuneration of councillors and any guardian. The Rules may, and in practice do, specify other matters such as how the assets of the foundation should be applied and how beneficiaries may be added or excluded. They may also impose obligations on a beneficiary such as a condition of benefitting or contain protective measures to terminate a beneficiary's interest, for example if he becomes bankrupt.

Registration Applications for registration of a Guernsey foundation can only be made by a licensed Guernsey fiduciary. Applications are processed within 24 hours or a same day service is available at an additional fee. Annual validations are required to be filed thereafter.

Regulation and oversight The formation, management or administration of Guernsey foundations is subject to regulation and licensing by the Guernsey Financial Services Commission under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended. Clients can therefore take assurance from the fact that those persons providing foundation services in Guernsey are professionals who are regulated and bound by a code of practice.

The Rules set out the operative

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岛的持证信托公司提交。申请可在 24 小 时内完成,或在支付额外费用情况下当 天完成。年审费用需要在之后缴纳。

监督和管理 耿西岛基金 会的成 立、管 理 或行政 管 理取决于耿西岛金融服务委员会根据 2000 年信托、工商行政管理和公司董 事(耿西岛管理法)法和修正案的内容 进行。因此客户就能得到保证,在耿西 岛提供基金会服务的人员都为专业人 士,并根据实务守则进行监管。 备受推崇的耿西都皇家法院负责对耿 西岛基金会的监管。所有有关耿西岛基 金会的问题都须遵循根据耿西岛法的 原则。耿西岛以外地区产生的有关耿西 岛基金会的任何判决或法令都必须与 耿西岛法活皇家法院的判决保持一致, 目的在于保护基金会的目的或受益人

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The well-regarded Royal Court of Guernsey has oversight over Guernsey foundations. All questions arising in relation to a Guernsey foundation are to be determined in accordance with Guernsey law. No judgment or order of a Court outside of Guernsey shall be recognised or enforced in respect of a Guernsey foundation where it is inconsistent with the Law or the Royal Court, for the purposes of safeguarding the purpose of the foundation or the interests of the beneficiaries or in the interest of the proper administration of the foundation, so orders

Access to information and Privacy The distinctive facet of a Guernsey foundation is the ability to create

classes of enfranchised and disenfranchised beneficiaries with different rights in respect of accessing information about the foundation. Often there is a desire to shield minors or vulnerable persons from too much information about the family's wealth. With a Guernsey foundation, in contrast to the position under a trust, a founder of a Guernsey foundation can provide, for example, that the beneficiaries can only access information once they have reached a particular age. The Guernsey Register of Foundations is in two sections; Part A and Part B. Part A of the Register is public and contains the name and registered number of the foundation, the name and address of the councillors and


careyolsen.com 权益,以及有利于基金会的正确管理。

信息的获取和隐私权 耿西岛基金会的独特之处,在于不同权 利的有权和无权受益人获得基金会信 息的权利。很多情况下需要防止少数人 或弱者获得过多有关家族财富方面的 信息。通过耿西岛基金会,与信托的地 位相反,比如说,耿西岛基金会能提供 的优势是,其创始人只有在到达一定的 年龄才有权获得特定的信息。 耿西岛基金会 注册文件包含 A、B 两个 部分:注册文件的 A 部分是公开的,包 含基金会的名称和注册号码,基金会理 事会成员的姓名和地址,以及注册办公 室的详细信息的监护人信息;注册文件 的 B 部分提供基金会目的的表述和在注 册处归档的所有声明和其它文件,在达 成一致或法律规定的情况下信息不公 开,比如说法庭命令等。有关基金会授 予受益人利益的信息,或从基金会获益 的所有人都需要由基金会的居民经 纪 人发送至安全的受益人所有权注册文 件,但是该注册文件并不向公众公开, 只有监管机构和执法机构才有权获取。

any guardian and the details of the registered office. Part B of the Register provides a statement of the purpose of the foundation and all declarations and other documents filed with the Registrar. Part B of the Register is not public, save for the disclosure of information with consent or in the circumstances prescribed in the Law, such as by court order. Information regarding beneficiaries in whom an interest under the foundation has vested or any person who benefits from the foundation are required to be sent by the foundation's resident agent to the secure beneficial ownership register, but that register is not open to the public and can only be accessed by regulatory and law enforcement authorities.

Advantages of foundations

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As a foundation is a separate legal entity that is registered many clients who are familiar with the use of other legal entities like companies can readily understand how the foundation works. The Guernsey foundation offers maximum flexibility allowing clients to structure the foundation's affairs in a way which suits their objectives. A Guernsey foundation can be structured in a way that allows for family involvement and governance and to aid in dynastic planning. A Guernsey foundation can also provide that the flow of information to beneficiaries is controlled in order to protect minors and other vulnerable persons.

There are many potential advantages and benefits in using a Guernsey foundation.

基金会优势 耿西岛基金会能够提供许多潜在的优 势和有利条件。 基金会是一个法律实体,其注册的许多 熟悉其它法律实体,如公司等的客户可 以很容易地就理解基金会的工作方式。 耿西岛基金会能提供最大的灵活性,允 许客户根据他们的不同目标 来架构基 金会的事务。 耿西岛基金会可以通过允许家族和政 府参与的方式组建,可以被用于代际规 划。耿西岛基金会也能允许向受益人透 露的信息是可控的,以便保护少数人和 弱者的利益。

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列支敦士登

Liechtenstein


Liechtenstein


Member Contribution 概况

实体类型

信托授产安排(没有法律实体)

法律类型 建立信托所需时间

最低政府费用(不包括税收) 是否签订双重征税协定 国外收入课税

民法 ( 建立从普通法派生的信托概 念) 大约1周

200瑞士法郎(包含关税大约800

瑞士法郎) 只有当税收协定明确也适用于信 托

By Allgemeines Treuunternehmen

General Type of Company

Trust settlement (no legal entity)

Type of Law

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

Our Time to Establish a Trust

around 1 week

Minimum Government Fees (excluding taxation)

200CHF (in total normally 800CHF including duties) Only if the tax treaty specifically also applies to trusts Trusts (settlements) are endowments without personality. They only pay the minimum corporate income tax (CHF 1,200)

Double Taxation Treaty Access

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

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

信托资产 标准货币 允许币种

最低资产要求

瑞士法郎, 美元, 欧元和其他可 接受的通用货币

Trust Assets

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

Permitted Currencies

无限制

Minimum Assets Required

1人

Minimum Number If Individuals

1

Minimum Number If a Body Corporate

No

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

Publicly Accessible Records

No

推荐在列支敦士登举行会议

Location of Meetings

No, but meetings in Liechtenstein recommended

可选

Required

Optional

可选

Professional Qualifications Held

Optional

Publicly Accessible

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

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

独立法人最低人数 公司法人最低人数 是否要求有当地受托人 公众可否查阅记录 会议地点

持有专业资格 公众可否访问

公众可否访问账户 法定继承权 是否允许迁册

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没有,但是如果只有外国受托人, 没有列支敦士登的代表, 信托就 不能存入, 也不能在列支敦士登 注册 无

Trustees

保全

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No Limitation

受托人

Protector

信托契书

Trust Deed

账户

No Accounts

The trustee is required to keep records of the assets forming the trust property and to adjust them annually Not for trust settlements, but an auditor can be appointed in the deed of trust

Publicly Accessible Accounts

列支敦士登的法律规定, 对潜在 的强制继承权要求有限制

Forced Heirship Rules

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

Change in Domicile Permitted

Yes, depends on the trust deed

其他

是,取决于信托契书

No Other


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 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 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。

The Principality of Liechtenstein is a tiny, doubly-landlocked country tucked away between Switzerland and Austria and with mountain slopes rising above the Rhine valley.

列支 敦士登曾作为传 统的节税天 堂而赚得盆 满 钵 满,当然该国在最近几年里力求改变作为避税天堂 的形象,把自己重新定位为一个合法的金融中心。

It owes much of its wealth to its traditional status as a tax haven, though the country has in recent years taken steps to shake off its image as a tax haven and to reposition itself as a legitimate financial center.

列支敦士登目前的形象要追溯到2000 年公布的两个 报道,报道公开批评它松懈的金融管控力度,声称列 支敦士登的银行系统被来自俄罗斯、意大利和哥伦 比亚的匪帮所利用,为犯罪所得的财富进行洗钱。 经合组织(OECD)随即开始对列支敦士登的金融法 规进行了特别关注——且在 2008 年的国际金融萧条

This status came under the spotlight in 2000 when two international reports criticized Liechtenstein for lax financial controls. The reports said that the Liechtenstein banking system enabled gangs from Russia, Italy and Colombia to launder money from their criminal activities. The Organization for Economic Co-operation and Development (OECD)

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司法辖区

JURISDICTIONS 时对它进行了加倍关注。 各国政府由于税收收入的直线下降,故决定把隐秘 在避税天堂的大量财富昭示天下,而列支敦士登也 开始面对银行业需要增加更大透明度的压力。 在饱受批评后,列支敦士登逐渐对该国的法律进行 了一系列的改革,并和几个国家达成了税务协议—— 这些国家包括德国、英国和美国——旨在鼓励上述 国家的公民对在列支敦士登银行里的财产来源进行 澄清。 列支敦士登在第二次世界大战中保持中立。一份由 政府在 2001年出示的报告中表明,对列支敦士登的 银行在二战中和纳粹合作的职责是毫无根据的。报 告还指出来自纳粹集中营的苦力在奥地利做苦工, 不过列支 敦士登 只 是 一名旁观者而非事 实的实 施 者。 列支敦士登对世袭君主制度的政治角色和权力问题

began to take a close interest in Liechtenstein's financial regulations - a process that received a further impetus when the international recession took hold in 2008. G overnm ent s af fe c te d by p lumm etin g t a x in com es b e c am e determined to flush out assets hidden in tax havens, and Liechtenstein c ame under considerable pressure to apply greater banking transparency. Stung by the criticism, Liechtenstein gradually reformed some of its laws. It reached tax agreements with several countries - including Germany, the UK and the US - aimed at encouraging citizens of those countries to come clean about any assets they might have in Liechtenstein's banks. Liechtenstein remained neutral in World War II. A report commissioned by the government in 2001 after allegations that the country's banks had had dealings with the Nazis found that the banks' actions had been above board. It also found that slave labour from Nazi concentration camps had been used on Crown estates in Austria, but described the principality as a bystander rather than a perpetrator. The country has come through a lengthy political wrangle over the role and power of the hereditary monarchy. After an often bitter campaign, the people voted in March 2003 in a constitutional referendum to give Prince Hans-Adam sweeping new political powers. The outcome was decisive with just over 64% in favor of the changes. In effect, the referendum made Liechtenstein Europe's only absolute monarchy. It gave Prince Hans-Adam the power to hire and fire the government, despite publicly-expressed fears that the development could usher in dictatorship.

Suitable for: Banking, Fund Management, Yachting, Trading Financial, Intellectual Property/Licensing, Holding Companies Vehicle Types: Limited companies, public limited companies and trusts Capital Primary Business Districts: Vaduz, Schaan Good Relationships: Switzerland, United Kingdom

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JURISDICTIONS 发生过很长时间的争论。 在经历了持久的争斗之后,终于在 2003 年 3月,列支 敦士登人民进行了宪法公民投票,给予 Hans-Adam 王子绝对的政治新权力。这一投票结果的支持方仅 占全部投票人数的64%。 投票生效后,列支敦士登事实上成为欧洲仅存的绝 对君主制国家。让 Hans-Adam 王子有权组建和解散 政府,而公众对日趋严峻的独裁威胁也感到恐慌。 适合的离岸工具: 银行业、基金管理、游艇、贸易金融、知识产权 / 许 可证、控股公司 离岸工具种类: 有限公司、公众有限公司和信托 资本主要商务区域: 瓦杜兹、沙安 关系良好辖区: 瑞士、英国 关系不佳辖区: 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

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

税务负担⸺商务: 轻

Tax Burden - Business: Light

税务负担⸺个人: 中等

Tax Burden - Individual: Moderate

总体税率: CIT 12.5%, PIT 21%, 增值税 8%

Headline Tax Rates: CIT 12.5%, PIT 21%, VAT 8%

协议签订辖区: 奥地利、德国、香港、卢森堡、圣马力诺、英国、乌拉 圭

Treaty Jurisdictions: Austria, Germany, Hong Kong, Luxembourg, San Marino, United Kingdom, Uruguay

税务信息交换协议签订辖区: 安道尔、安提瓜和巴布达、澳大利亚、比利时、加拿大、 中国、丹麦、法罗群岛、芬兰、法国、德国、格陵兰岛、 冰岛、 印度、爱尔兰、 日本、墨西哥、摩纳哥、 荷兰、挪威、 圣基茨和尼维斯、圣文森特岛和格林纳达岛、南非、 瑞典、英国、美国

TIEA Jurisdictions: Andorra, Antigua and Barbuda, Australia, Belgium, Canada, China, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, India, Ireland, Japan, Mexico, Monaco, Netherlands, Norway, Saint Kitts and Nevis, Saint Vincent and the Grenadines, South Africa, Sweden, United Kingdom, United States

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JURISDICTIONS

离岸问答 Q&A Q1 和资产保 护方面,贵辖区对中国高净 值人士 和家族向下一代传承财富方面有什么重要优势? 一个富有的国际性家族正在各个国家寻找财富管 理的服务, 除了该国的政治和经济稳定性因素之外, 这个家族可以享受超高专业度的服务,通过这些服 务,这个家族可以实现他们的资产保护和遗产规划 的目的。 列支敦士登的金融产品即基金会、信托和贸易公司 之间,第一眼看上去,是和其它金融辖区所能提供 的架构相类似的。而不同的地方则是列支敦士登作 国际信托和基金会法领域的国际金融中心的始于 1926 年的丰富经验。列支敦士登金融中心的重要优 势是它与瑞士之间在 1924 年签订的海关协定,并把 瑞士法郎作为它的法定货币。

Q2 基金会是否贵辖区的首选架构?为什么这么 认为?您是否觉得未来会有所变化? 信托和基金会是世界各地富有家族的首选架构,为 他们的财富传承给下一代早做准备。为了达到财富 保全的目的,资产需要一个稳定和客观的环境,不

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Member Contribution

列支敦士登 Liechtenstein

Q1 What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family looking to succeed their assets to the next generation? A wealthy international family is looking for services in countries, where, apart from the political and economic stability of that country, the family is experiencing superior professionalism, where the family can protect their assets and do estate planning. Liechtenstein financial products that mean foundations, trusts and trading companies are interchangeable, at the first sight, with structures of other jurisdictions. What is not interchangeable is the 88-year-old experience of the financial center of Liechtenstein in the international trust and foundation law fields, which started to develop already in 1926. Substantial key elements of the financial center of Liechtenstein are the customs agreement with Switzerland of 1924, the takeover of the Swiss franc as a legal currency.

Q2 Are trusts and 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? Trusts and foundations are the preferred structure for wealthy families


司法辖区

JURISDICTIONS

会受到只顾眼前利益的个人的影响,而是考虑到整 个家族的大局利益。信托和基金会对准备转变居 住地或国籍,或者只是想保证财富和当初设想的用 途一致的家族来说,如果他们不熟悉所在国的新法 规,就能很好地利用这一工具。如果财富在没有正 确信托或基金会架构的情况下直接持有或通过离 岸实体来持有,家族就有可能对家族成员或债权人 的攻击而感到不知所措。 家族的需求不见得真的会改变,所以他们的喜好是 保持一致的,虽然复杂程度会在自身税法,CRS 和 相关银行日益收紧监管的情况下大量增加。资产保 护很多情况下可以从不同国家的法律仲裁中获益, 各国之间的合作程度越高,则所获得的结果就会越 好。一名专业受托人对架构来说是很重要的第一步, 也许会通过法庭如何衡量一个架构的有效程度而 成为各个信托 / 基金会之间的极大区别。

Q3 在为中国或亚洲客户进行财富规划时,你们遇 到的最大问题和挑战是什么? 总的来说,中国家族和部分亚洲的家族并没有足够 的时间来了解信托或基金会的运营方式。他们会聆 听,但最终会根据价格、银行的规模或朋友推荐的 信托公司来做决定。尽管如此,他们并不会坐下来 仔细思考自己的特定问题。也不会考虑到适合A 国 的解决方案不见得就适合 B 国的家族。专业受托人 需要一个受教育良好的家族向他们表达需求,而不 会有各种异想天开的想法。富有家族应该避免寻求 投资回报,并和银行沟通,银行也可以同时通过它 们的信托部门向他们销售信托或基金会。无需多言

moving around in the world and preparing for the transfer of wealth from one generation to the next generation. In order to preserve wealth, assets need a stable and objective environment, free from personal short sighted interests or influence which is not in the long term interest of the overall family. Trusts and foundations are excellent tools as preparation for families who change their residences or nationalities if they are not familiar with the new laws in the host country, or simply want to make sure that the wealth has the destiny the family initially planned. If wealth is held directly or via offshore entities without appropriate trust or foundation structure, the families might be surprised with the outcome if assets are attacked by family members or creditors. The family needs do not really change, so the preferences stay, although the complexities increase substantially above all in the light of the own tax laws, the CRS and increased scrutinity by correspondence banks. Asset protection quite often benefits from legal arbitrages from one country to the other, and the more there is cooperation between countries, the more difficult it may be to obtain the result. Here a professional trustee is the most important first step for the structuring, and it may be a big difference from trust/ foundation structure to the other by giving an answer on how a court may consider the effectiveness of a structure.

Q3 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 families and partially Asian families in general do not reserve sufficient time to understand the effects of a trust or foundation done in one way or the other. They listen, but finally decide on the basis of the price tariffs, the size of a bank or trust company or recommendation of a friend. However, they do not sit down and think about their specific problems. And do not think about the problem that a solution for a family in country A is not a solution for a family in country B. A professional trustee needs an educated family who expresses their needs and is not jumping from one idea to the other within seconds. And wealthy families should avoid looking for return on investments and speak to bankers who in the same time sell them a trust or foundation in their trust department. Needless to say that such a trust or foundation is normally not worth the money the clients pay because the structure does not consider the problems of the wealthy family. There is not an easy solution to this, simply be patient, prepare booklets and material to address the specific needs and slowly dig into the market. That is what ATU with its 88 years of professional

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knowledge does.

Q4 When was trust and foundation law introduced in your jurisdiction? The respective laws were enacted in 1926, so what is not interchangeable from one country to the other is the 88-yearold experience of the financial center of Liechtenstein in the international trust and foundation law fields. When you look at the various foundation laws in different countries which introduced the foundation law in the last 20 years, you see that all of them studied the legal basis in Liechtenstein and copied to a large extent the Liechtenstein foundation law. Liechtenstein foundations have for Chinese families a big advantage compared to trusts as the owner of the assets is not the trustee/director but the foundation itself. So if you kick out the director/board of the foundation, the owner of assets is not changed, what is completely different from the trust concept.

Q5 Are there any recent development in trust/foundation law in your jurisdiction that investors should be aware of? 的是,这种信托或基金会通常并不能体现顾客所支 付的价值,因为这一架构并没有考虑到富有家族本 身的问题。并没有一个简单的解决方案,只要耐心 等待,准备充分的材料来表达自己的需求,并逐渐 深入市场。这就是ATU和它 88 年的丰富经验能为您 带来的好处。

Q4 贵辖区是什么时候引入信托或基金会法的? 相关的法规颁布于1926 年,国与国所能提供的不同 之处就是列支敦士登作为金融中心的 88 年的在国 际信托和基金会法律领域的丰富经验。纵观不同 国家在过去20 年里颁布的各种基金会法,可以看到 所有国家都研究了列支敦士登的基本法理并复制 了列支敦士登基金会法中的很大一部分。与信托相 比,列支敦士登基金会为中国的家族提供了很大的 优势,其资产的所有人并不是受托人 / 董事,而是 基金会本身。所以如果你把董事踢出基金会,资产 所有人并没有变更,这是和信托概念完全不同的地 方。

Q5 是否有投资者需要知晓的最新发展和更新信 息? 列支敦士登的信托 / 基金会法在最近并没有大的改

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There are no recent major changes in the trust/foundation law in Liechtenstein. However, there are important changes which will have a deep impact on any wealthy family: The increased appetite of organizations and states for data and the readiness to exchange those between countries. On 1 July 2015 China's National People's Congress approved the signature of the Multilateral Convention for Mutual Assistance in Tax Matters. The Multilateral Convention contains provisions for mutual assistance in various ways. These include exchange of information on request, spontaneous information exchange, tax examinations in other countries, simultaneous tax examinations and assistance in tax collection. The agreement contains provisions to protect taxpayers' rights. The agreement allows the option to engage in automatic exchange of information where parties agree to this. In case the account holder is a foundation/trust, then the information transferred will be on settlors, protectors, trustees, beneficiaries and other controlling persons. Here a professional trustee may outline to wealthy families the differences from one foundation/trust structure to the other and what this may have as consequence to answer which names and which data will be sent out or not (normally by the bank). Depending on the way a foundation or trust is set up, for example a participation and the capital gains out of a sale may be reportable


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变。不过对所有的富有家族来说是有一些重大的更 新的:组织机构和国家不断增长的需求和国与国之 间交换上述数据的意愿。

2015 年7月1日,中国的人大批准了《多边税收互助公 约》。公约包含了通过多种途径互助的条款。这些 条款包括在被要求的情况下进行信息交换,自发的 信息交换,其它国家进行的税务调查,同步进行的 税务调查和征税协助的内容。协定包含了保护纳税 人权利的条款。协定还允许在各方同意的前提下进 行信息自动交换的选项。 在账户持有人作为基金会 / 信托的情况下,信息将 在财产授予人、保护人、受托人、受益人和其它控制 人之间传递。此处一名专业的受托人可以向富有家 族简单概述一个基金会、信托架构和另一个之间的 区别,这也有可能回答哪些姓名和什么数据将会发 出去(一般由银行发送)。取决于基金会或信托的组 建方式,比方说,一项销售的资本利得是否应该被 上报。

or not. Family Foundations and trusts are a wealth planning tool, also in times of increased exchange as the main object of the Family Foundation/Trust is wealth preservation, succession planning, inheritance matters, creditor protection and tax optimization. Here a professional trustee can offer and recommend certain opportunities and demonstrate the effects by drafting the appropriate foundation/ trust deed, considering the right country and bank network. And the trustee may be able to explain why a trust or foundation which holds a production company directly or via a Hong Kong company in China can offer a completely different solution with respect of the CRS compared to stuctures which only hold bank accounts. To define these elements, carve out the best solution to obtain asset protection, this is our daily business, in order the client can benefit in this world of transparency, from where nobody can escape.

家族基金会和信托是一种财富管理工具,在家族基 金会 / 信托财富保全、传承规划、遗产事务、债权人 保护和税务优化方面作为重点。一名专业受托人可 以提供或建议特定的机遇,并通过起草正确的基金 会 / 信托契约来演示其效果,把对正确的国家和银 行网络的选择作为考虑因素。 受托人可以解释为什么一个通过一家香港公司直接 持有一家生产企业的信托或基金会可以就 CRS 提 供一个完全不同的解决方案,与一个仅仅持有银行 户口的架构相比有什么不同。为了定义这些相关元 素并找出获得资产保护的最佳方案,是我们的日常 业务,我们的客户能够从这个无人能够规避的日益 透明化的世界中获得利益。

来源:ATU 受托人董事会成员 Roger Frick /

Contributed by Roger Frick, Member of the Board of Trustees, ATU

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英国

United Kingdom


UK


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概况

实体类型

信托

法律类型

建立信托所需时间

最低政府费用(不包括税收)

普通法

实际需要1个月 无

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

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

信托资产

现金资产

任何币种

允许币种

任何币种

必须有某种形式的信托财产, 即 使只有面值

最低资产要求

受托人

独立法人最低人数

受托人、个人或企业无最低数量。 只要有1个受托人即可。 然而英国 信托持有物业通常必须有2个受托 人

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2 名受托 人

是否要求有当地受托人 公众可否查阅记录 会议地点

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 否

取决于税务居民

保全

是否需要

可选

持有专业资格

可选

信托契书

公众可否访问

Type of Entity

Common Realistically 1 month

Cash Assets

Any There must be some form of trust Minimum Assets Required property, even if this has nominal value Trustees No minimum trustee numbers, individual or corporate. As long Minimum Number If Individuals as 1 trustee is sufficient. However, UK trusts holding property must normally have 2 trustees A recognised trust corporation can act as sole trustee. If the Minimum Number If a Body corporate trustee is not a Corporate recognised trust corporation, a minimum of 2 trustees may be required for certain types of trust For UK resident trustees, they must reside in the UK. For Residence of trustees offshore trusts the trustees should all reside offshore Publicly Accessible Records No Location of Meetings Required

Audit Requirements

| 8th Annual

Optional

Trust Deed

否,除非政府工具说明

236

Optional

Professional Qualifications Held

审计要求

Publicly Accessible Accounts

信托可以否决这个继承权

Forced Heirship Rules

取决于信托契书, 可允许政府法 律和法律论坛的改变

Dependent on tax residency Protector

Requirements to Prepare

是否允许迁册

Any

Permitted Currencies

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

法定继承权

Nil

UK has a wide range of double tax treaties and UK trusts may potentially benefit. Offshore Double Taxation Treaty Access trusts are unlikely to benefit from double tax treaties but exclude Cyprus and Malta trusts Taxation is dependent on the Taxation on Foreign Income residence of the trustees and the domicile of the settlor Trust Assets

准备要求

其他

Trust

Our Time to Establish a Trust Minimum Government Fees (excluding taxation)

Publicly Accessible

公众可否访问账户

By Jordans Trust Company

Type of Law

账户

General

No Accounts Essential beneficiaries can call for accounts and trustees are required to maintain accounting records to meet their fiduciary duties No, unless stated in governing instrument No Other

Change in Domicile Permitted

Trusts can overule these Up to the Trust Deed. Change in law and legal forum may be permitted


司法辖区

JURISDICTIONS 司法辖区: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 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。

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 lowtax 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 busiest in terms of passenger numbers. The UK has well-developed trust law, with distinct tax advantages, especially in relation to inheritance tax.

英 国 的 公司 税 税 率自 2012 年 开 始 为 24%(2011 年为

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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 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 关系良好辖区: 澳大利亚、奥地利、比利时、保加利亚、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、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

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. 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).

Suitable for: Insurance, Shipping, Yachting, Trading Financial, E-commerce Vehicle Types: Limited companies, public limited companies, limited partnerships, limited liability partnerships, sole proprietorships, branches and specialist companies Capital Primary Business Districts: London

关系不佳: 伊朗、朝鲜(民主主义人民共和国)、索马里、叙利亚

Good Relationships: Australia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, India, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United States

税务负担⸺商业: 重

Bad Relationships: Iran, Korea (Democratic People's Republic of), Somalia, Syria

税务负担⸺个人: 极重

Tax Burden - Business: Heavy

总体税率: CIT 20-25%, PIT 20-50%, 增值税 20%

Tax Burden - Individual: Very Heavy

协定签订辖区: 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、巴林、孟加拉、巴巴多斯、白俄罗斯、 比利时、伯利兹、玻利维亚、波黑、博兹瓦纳、文莱、 英属维尔京群岛、 保加利亚、缅甸、加拿大、开曼群岛、 智利、中国、克罗地亚、塞浦路斯、捷克共和国、丹麦、 埃及、爱沙尼亚、福克兰群岛、法罗群岛、斐济、芬兰、

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Headline Tax Rates: CIT 20-25%, PIT 20-50%, VAT 20% Treaty Jurisdictions: Antigua and Barbuda, Argentina, Armenia, Australia, Austria, Azerbaijan, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Belize, Bolivia, Bosnia-Herzegovina, Botswana, Brunei, British Virgin Islands,


司法辖区

JURISDICTIONS 法国、冈比亚、格鲁吉亚、德国、加纳、圭亚那、香港、 匈牙利、冰岛、印度、印尼、爱尔兰、以色列、意大利、 象牙海岸、牙买加、日本、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、马拉维、马来 西亚、马耳他、毛里求斯、墨西哥、摩尔多瓦、蒙古、 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、菲律宾、波兰、葡萄牙、卡塔尔、罗 马尼亚、俄罗斯、圣基兹和尼维斯、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、斯威士兰、 瑞典、瑞士、台湾、塔吉克斯坦、泰国、特立尼达和多 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

Bulgaria, Burma (Myanmar), Canada, Cayman Islands, Chile, China, Croatia, Cyprus, Czech Republic, Denmark, Egypt, 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

税收信息交换协议签订辖区: 安圭拉、安提瓜和巴布达、阿鲁巴、巴哈马、伯利兹、 百慕大、巴西、英属维尔京群岛、库拉索、多米尼加、 直布罗陀、格林纳达岛、耿西岛、马恩岛、泽西岛、利 比里亚、列支敦士登、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

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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Member Contribution

离岸问答 Q&A

英国 United Kingdom

Q1 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?

Q1 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?

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。

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.

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。

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 may be maintained by placing ownership of shares into trust. The reputation and political and economic stability of the UK is a

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Q2 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。

Q3 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

further key characteristic.

Q2 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.

Q3 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? 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

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留,资产的完全法定权利被转移至受托人。

Q4 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。

Q5 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。

来源 / Contributed by:Jordans Trust Company

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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.

Q4 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.

Q5 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.


大洋洲 OCEANIA

库克群岛

Cook Islands


Cook Islands


Member Contribution 概况

实体类型

信托

法律类型

建立信托所需时间

最低政府费用(不包括税收) 国外收入课税

是否签订双重征税协定 标准货币

普通法,1984年国际信托法

2-3个工作日 310美元 无 无

是否对信托资产限制 独立法人最低人数 公司法人最低人数

是否需要当地受托人 公众访问记录权限 会议地点

General Type of Company

Trust

Type of Law

Common law, International Trust Act 1984

Our Time to Establish a Trust

2-3 working days

Minimum Government Fees (excluding taxation)

USD $310

Double Taxation Treaty Access

No

Taxation on Foreign Income

No

信托资产

美元

允许币种

任何币种 无限制

Trust Assets

Standard Currency

US $

Permitted Currencies

Any

Minimum Assets Required

No limitation

受托人

1个 1人 是 否

任何地方

Trustees

Minimum Number If Individuals

One

Minimum Number If a Body Corporate

One

If Local Trustee Required

Yes

Publicly Accessible Records

No

Location of Meetings

Anywhere

保全

是否需要

持有专业资格 公众可否访问

可选 可选

审计要求

公众可否访问账户 法定继承权

是否允许迁册

| 8th Annual

Protector

Required

Optional

Professional Qualifications Held

Optional

信托契书 否

Trust Deed

Publicly Accessible

账户

受托人必须保存收入, 资产, 配 额和转账记录

准备要求

246

By Cook Islands FSDA

否 否

Accounts

Requirements to Prepare

Trustee must keep records of income, assets, distributions, and financial transactions

Audit Requirements

No

Publicly Accessible Accounts

No

其他

否 是

No

Other

Forced Heirship Rules

No

Change in Domicile Permitted

Yes


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: Paci�c Currency: New Zealand Dollar, Cook Islands Dollar 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220万平凡公 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。作 为英国下属的保护国来说,库克群岛的法制体系基 于英国的普通法,但是作为一个司法辖区它现在已 经是完全自治的民主国家。离岸金融和信托服务行 业和旅游业一样,都是库克群岛财政的主要贡献者, 而且库克群岛对银行、专属保险和信托管理也有专 门的政策。本地公司需要对其在全球所得的收入缴 纳 20% 的税赋。非居民公司在岛上所获得的收入需 要缴纳的税赋为利润的28%。尽管如此,离岸实体公 司在库克群岛是完全免税的。

Located in the South Pacific Ocean approximately half-way between New Zealand and Hawaii, the Cook Islands is comprised of fifteen islands with over 2.2 million square kilometers of ocean. As a legacy of its status as a British protectorate, the legal system is based on English common law and the official language used in business 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. Domestic companies pay 20% tax on worldwide income. Non-resident companies pay 28% tax on profits derived from income sourced in the Islands. However, offshore entities are exempt from Cook Islands taxation.

库克群岛是一个自治议会的民主制国家,在宪法上

The Cook Islands is a self-governing parliamentary democracy in a

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Member Contribution 概况

实体类型

基金会

2012年基金会法

法律类型

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

有限责任 建立基金会所需时间

基金会最低资本金(等值货币) 基金会资本货币

2到3个工作日

无最低资本要求 任何币种

公众可查阅记录

By Cook Islands FSDA

General Type of Company

Foundation

Type of Law

Foundations Act 2012

Limited Liability

Some. Foundations are legal persons liable for own actions. Liability may exist for own misconduct or negligence under Cook Islands law

Our time to Establish a Foundation Foundation Capital Minimum (equivalent in currency)

Foundation Charter

基金会管理规则

否, 基金会规则由注册代理人执 行

Foundation Regulations

创始人

是否允许企业保全

理事会成员最少人数 会议地点

是否需要秘书 章程语言

管理条例语言

准备要求 审计要求 年度政府费用 是否允许迁册

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可选,否则,被称为“强制实施”

Protector Required

Optional. Otherwise known as "Enforcer"

Corporate Protector Permitted

Yes

1个 是

任何地方

基金会本地规定

基金会代理

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Beneficiaries Name of Founder

是否允许有企业理事会成员

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 No, the "foundation rules" would be held by the registered agent No, if beneficiaries are determined by the foundation rules

基金会管理成员

保全要求

Any

Publicly Accessible Records

基金会章程

否,除非包含在基金会章程里

No minimum capital required

Foundation Capital Currency

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)

受益人

2-3 working days

是, 必须指定一家在库克群岛的 受托公司 无

任何语言, 但是必须有认证的英 语翻译

No O�cers of Foundation

Minimum Number of Council Members Corporate Council Members Permitted Meeting Location

One Yes Anywhere

Local Requirements of Foundation

Foundation Agent

Yes, a trustee company residing in the Cook Islands must be appointed

Secretary Required

No

Language of Charter

任何语言, 但是必须有认证的英 语翻译

Language of Regulations

否。 但是, 基金会必须保持可靠 的财务记录

Requirements to Prepare

账户

Any language. Must be accompanied by a certified English translation Any language. Must be accompanied by a certified English translation Accounts

No. However, the foundation must keep reliable financial records

Audit Requirements

是,300美元

Annual Government Fee

Yes. USD $300

Change in Domicile Permitted

Yes

其他

No Other


司法辖区

JURISDICTIONS

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11700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,大部分人口集中在拉罗汤加岛。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 入的第二大来源。库克群岛也有数量惊人的尚未开 发的海底矿藏,其钴元素约占全球储量的25%。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。失业率和通货膨胀率也很低。这里对外商 投资企业有极多的投资激励政策。 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

free association with New Zealand. The Head of State the Queen of the United Kingdom who appoints a Queen's Representative in the Cook Islands. The Head of Government is the Prime Minister, and he and his cabinet are appointed from among elected members of parliament. The population of 11,700, ethnically similar to New Zealand Maoris, occupies the scattered islands with most of the population concentrated on the main island of Rarotonga. The time zone is 10 hours behind GMT. The capital, Avarua, on the island of Raratonga, has direct flights to Los Angeles, New Zealand, Australia etc. The climate is tropical and there are typhoons 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 Cook Islands also boasts a significant untapped cache of seabed minerals that is estimated to contain 25% of the world's supply of Cobalt. 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

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JURISDICTIONS 和国际合伙制、有限责任公司和国际公司在库克群 岛无需纳税。 离岸产业早在 1981年就已经开始,这里对银行、专属 保险和这里最大的离岸行业信托管理业都有特殊政 策。离岸公司和信托不需要缴纳除印花税以外的任 何税款。除了在受到除经济犯罪之外的犯罪调查时, 这里的保密性非常严谨。客户和实体公司的信息并 不公示,但是如果有库克群岛最高法的命令则需要 公开。 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 资本主要商务地区: 阿瓦努阿 关系良好辖区: 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 关系不佳辖区: 缅甸、埃及、伊朗、利比亚、索马里、苏丹、叙利亚 税务负担⸺商务: 中等 税务负担⸺个人: 中等 总体税率: CIT 20%, PIT 20%-30%, VAT 15% 条约签订司法辖区: 澳大利亚、新西兰

TIEA 协议签订司法辖区: 澳大利亚、比利时、加拿大、捷克共和国、丹麦、法罗 群岛、芬兰、法国、 德国、 希腊、 格陵兰岛、冰岛、爱尔兰、 意大利、韩国、墨西哥、荷兰、新西兰、挪威、南非、 瑞典

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Tax and Information Exchange Agreement have been signed since 2009. International trusts, foundations, international 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 offshore sector. Offshore companies and trusts do not pay any taxes except for Stamp Duty. Confidentiality is tight, except in cases of criminal activity. 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 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 Tax Burden - Individual: Moderate Headline Tax Rates: CIT 20%, PIT 20%-30%, VAT 15% Treaty Jurisdictions: Australia, New Zealand. TIEA Jurisdictions: Australia, Belgium, Canada, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greece, Greenland, Iceland, Ireland, Italy, Korea, Republic of Mexico, Netherlands, New Zealand, Norway, South Africa, Sweden


司法辖区

JURISDICTIONS

Member Contribution

离岸问答 Q&A

库克群岛 Cook Islands

Q1 在隐私和资产保护方面,贵辖区对中国高净值 人士和家族向下一代传承财富方面有什么重要优 势?

Q1 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?

库克群岛基于创新特色的法律发明了现代资产保 护手段之一的信托,名为“1984 年国际信托法案” (ITA),该法案当今已被大量的离岸金融辖区所采 用。虽然 ITA 在过去的 30 年间经过多次修正,目的 在于反映全球金融行业的最新变化,它仍然是一个 设计精良、灵活和一个实际证明有效的为中国高净 值人士和家族所准备的高效财富和传承管理工具。

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.

库克群岛没有实益所有人的公众登记制度。隐私和 保密性对库克群岛来说,已被岛上的主要法律法规 所规定,对中国高净值人士来说具有重要优势。库 克群岛也在金融服务行业中实施国际法规标准方 面保持很高的排名,这对这个辖区内的财富顾问来 说也是更进一步的保密性措施。和绝大多数离岸金 融辖区一样,库克群岛也承诺将在 2018 年执行经合 组织的《通用申报准则》。

The Cook Islands does not have public registers of beneficial owners. Privacy and confidentiality are important in the Cook Islands and are 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 Reporting Standard in 2018.

Q2 价格方面,在贵辖区内设立信托 / 基金会的价 格和其它辖区比有什么不同?如果价格更贵的话,

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客户能获得的额外价值是什么? 在库克群岛成立国际信托或基金会的价格和其它 离岸金融辖区比相差不多,而且取决于客户所建立 架构的复杂程度。我们辖区的法律优势和灵活性, 我们所处的位于亚洲和美洲之间的地理位置和时 区,以及在库克群岛上运营的受托人公司的丰富经 验和专业程度,都为那些寻找快速反应、控制权和 丰富经验的客户带来了更深入的价值所在。 在库克群岛成立的离岸实体公司,包括国际信托、 基金会和有限责任公司等在内的外国实益所有人, 都享有税收中立的优惠政策。

Q3 总体上说,在为中国或亚洲客户进行财富规划 时,你们遇到的最大问题和挑战是什么?

in your jurisdiction compare to other jurisdictions? If it's more expensive, what is the additional value that a client receives for this?

总体上说,亚洲客户的最重要担忧是他们对成为财 富规划架构的资产一部分的控制权的渴望。库克群 岛国际信托具有灵活性,可以根据客户的财富规划 要求和他们对控制权的担忧而量身定制。在信托设 立之时,采用私人信托公司、信托所有公司的管理、 财产授予人保留权力,和保护人的角色通常可以根 据他们的愿望被用来给予客户更高水平的参与度。 尽管如此,重要的是亚洲客户应该向他们的财富顾 问咨询,确保他们对控制权的要求程度可以和他们 的财富架构相结合。

Costs relating to establishing an international 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.

来自于民法社会的中国客户,最担心的除了控制权 还有他们不熟悉普通法概念下的信托并不熟悉。 2012 年,库克群岛颁布了允许客户在库克群岛上设 立基金会的法案。作为国际信托的备选工具,库克 群岛基金会允许客户有很高级别的参与度,同时仍 然整合了库克群岛国际信托所能赋予的保护性特 点。

Q4 让贵辖区的法律中,让信托 / 基金会吸引投资 者的最主要特点是什么? 针对信托授予人或基金会创始人相关的任何人员 的继承权,我们的国际信托和基金会法规都包含信 托和基金会所持有资产的保护性条款。因此,这就 能让客户放心,转入国际信托或基金会的资产将根 据他 / 她的意愿得到妥善管理。这对来自民法社会 的客户尤其重要,这些客户最担心的是传承规划和

Offshore entities, including international trusts, foundations, and limited liability companies, established in the Cook Islands are tax neutral in the Cook Islands for foreign beneficial owners.

Q3 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 international 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.

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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 international trusts, the Cook Islands foundation allows a client a high level of involvement while still incorporating certain protective features enjoyed by Cook Islands international trusts.

Q4 What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors?

家族财富的管理。 库克群岛国际信托和基金会提供灵活和保护性的 财富架构,由经验丰富和有资质的专业人员负责管 理。库克群岛不承认和库克群岛法律有出入的外国 法庭的判决。所以在这种情况下,任何有关库克群 岛国际信托或基金会的资产要求都必须经由库克 群岛高级法院作出裁决。

Q5 贵辖区是否有投资者需要知晓的最新发展和 更新信息? 库克群岛以它创新力和专业度闻名于世。最近,库 克群岛在众多南太平洋司法辖区中脱颖而出,被选 为成立“太平洋巨灾风险保险基金” (PCRIF)的首先 司法辖区。库克群岛对此做出迅速反应,并颁布了 相应法规,以确保根据 PCRIF 所成立的基金会和专 属保险架构能够生效。 税务信息的自动交换在最近也来到了聚光灯下,全 球已有超 100 个司法辖区都承诺执行《通用申报准 则》的标准。库克群岛也致力于实施“正确”的法规, 确保库克群岛能够一直满足国际标准的要求,让客 户安心。 来源:库克群岛金融服务发展管理局首席执行官

Tamatoa Jonassen / Contributed by Tamatoa Jonassen, CEO,Cook Islands FSDA

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Legislation for both our international trusts and foundations contain provisions protecting the assets held in the trust or foundation from the heirship rights of any person related to the settlor of the trust or founder of the foundation. That therefore gives the client comfort that assets transferred into an international trust or foundation will be administered in accordance with his/her 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 international 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 that are inconsistent with or governed by the law of the Cook Islands. Therefore, in such circumstances, any claim against assets in a Cook Islands international trust or foundation must be commenced in the Cook Islands High Court.

Q5 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 meet international standards giving clients peace of mind.


萨摩亚 Samoa


Samoa


Member Contribution

By Invest Samoa

概况

General

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

International Business Companies, Special Puposes International Companies, Segregated Fund International Companies,

Type of Law

Common Law

Our Time to Establish a Trust

Depends on the provision of all required information

Minimum Government Fees (excluding taxation)

No Government Fees or tax levies

Double Taxation Treaty Access

New Zealand

Taxation on Foreign Income

Nil

建立信托所需时间

最低政府费用(不包括税收) 是否签订双重征税协定 国外收入课税 标准货币

没有政府费用或税收征收 新西兰 无

信托资产

美金

允许币种

最低资产要求 独立法人最低人数 公司法人最低人数

是否要求有当地受托人 公众可否查阅记录 会议地点

任何法定币种 无最低要求

受托人

至少一人 至少一人 是 否

可以在世界任何地方举行

Trust Assets

Standard Currency

USD

Permitted Currencies

Any Lawful Currency

Minimum Assets Required

None

Trustees Minimum Number if Individuals

At least one

Minimum Number if a Body Corporate

At least one

If Local Trustee Required

Yes

Publicly Accessible Records

None

Location of Meetings

Can be held anywhere in the world

保全

是否需要

持有专业资格 公众可否访问

否 否

审计要求

公众可否访问账户 法定继承权

是否允许迁册

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Protector

Required

No

Professional Qualifications Held

No

信托契书

否,请看2014年信托法 S80条例

Trust Deed

Publicly Accessible

账户

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

准备要求

258

取决于提供所有需要的信息

否,除非信托要求 否

Accounts

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 provisions of the SamoanTrusts Act 2014

Audit Requirements

No, unless the Trust so requires

Publicly Accessible Accounts

No

其他

否 是

No, see S80 Samoa Trusts Act 2014

Other

Forced Heirship Rules

No

Change in Domicile Permitted

Yes


司法辖区

JURISDICTIONS 司法辖区: 萨摩亚 所在地区: 南太平洋 官方语言: 英语 官方货币: 萨摩亚塔拉/美元 所属时区: UTC-11 电话区号: +685 通讯设施: 良好

Country: Samoa Region: South Paci�c Currency: Samoan Dollar /US Dollar 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 1962 年 1月1日。它的宪法规定国家是议会制,包

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 half of whom were born there. Samoa was the first South Pacific Island to achieve independence

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JURISDICTIONS 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: 保险业、航运、航空、控股公司、不动产持有

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. Suitable for: Insurance, Shipping, Aviation, Holding Company, Property Ownership

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离岸问答 Q&A

萨摩亚 Samoa

Q1 对希望向下一代传承资产的中国高净值人士 或家庭(等)而言,贵司法辖区在隐私和资产保护 方面有哪些核心优势?

Q1 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?

《萨摩亚 2014 年信托法案》为寻求向下一代传承资 产的中国高净值人士客户提供最新的理想架构。比 如从委托人创建信托或向信托转移资产起,当债权 人向信托委托人提出索偿要求时,可提供两年的保 护期限。这个为期两年的保护期十分合乎情理,既 不会因为时间太短而遭受诟病,也不会因为时间过 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,但不能改变萨摩亚公司的经营种类,并允许受 托人以外的其他人担任公司董事,受托人不必为董 事的作为或不作为负责。另一个需要注意的地方是 在《萨摩亚 2014 年信托法案》中规定的结合了有限 合伙制架构信托,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。结合了有限 合伙制架构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人的权益并允许《有限合伙制

The Samoa Trusts Act 2014 provides updated and relevant structures ideal for Chinese HNWI clients seeking a avenue for succession in planning. Asset protection is a 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 through the Samoa International Special Trust Arrangement ("SISTA") a form 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 freely 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 jurisdiction specific (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 interest of a Limited Partner and permit

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公司法》所要求的普通合伙人来控制日常运营。萨 摩亚在这项法规上是独一无二的。

the General Partner, who is required by Partnership Law to control day to day operations. Samoa is unique in having legislated for this.

Q2 成本方面,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?如果成本更高,您能为 客户提供的附加价值是什么?

Q2 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?

根据《萨摩亚 2014 年信托法案》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。

Trusts are not required to be registered with the Samoa International Finance Authority (SIFA) under the Samoan Trusts Act 2014 therefore there are no government fees.

《萨摩亚 2016 年基金会法案》针对萨摩亚基金会的 注册设定了一个具有竞争力的价格,即每年向萨摩 亚国际金融局缴纳200.00美元的注册费。萨摩亚基 金会的附加价值在于其能够与有限合伙制结构(比 如萨摩亚信托)相融合,它可以持有有限合伙企业 中有限合伙人的权益,允许普通合伙人管理和控制 有限合伙企业的资产和投资,如果出现差错,基金 会理事会或高管无需承担责任。萨摩亚基金会和萨 摩亚信托有相似的资产保护条例。

The Samoan Foundations Act 2016 provides for the registration of Samoan Foundations at a competitive cost of USD$200.00 for annual registration with SIFA. A Samoan Foundation has added value with its ability to be combined with Limited Partnerships like its Trusts where it can hold the interest of a limited partner in a Limited Partnership and can permit the General Partner to manage and control the assets and investments of the limited partnership without the liability of the Council or Officers of the Foundation if things go wrong. A Samoan Foundation has similar provision for asset protection as Samoan Trusts.

Q3 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? 国际标准以及报告义务的普遍变化依然是一项挑 战。不过萨摩亚作为一个高端的国际金融中心正在 不断发展,确保有一个不断完善的法律框架来保护 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。

Q3 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? Prevalent changes in international standards with reporting obligations continue to be a challenge. 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 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.

Q4 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. We have protection

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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。

Q4 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亮点? 《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。我们对外国的传承法提 供法律保护,可与其它任何一个司法辖区内的信托 法相媲美。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 2014 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》也是萨摩亚具有吸引 力的特征之一,据此法案,萨摩亚作为一个普通法 司法辖区,可以提供这一源自于民法辖区的财富管 理解决方案。与此同时, 《萨摩亚 2016 年基金会法案》 反映了《萨摩亚 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》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。

Q5 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? 萨摩亚已通过《萨摩亚 2016 年信托修正案》,根据 《信托法案》的要求,此修正案现包含一个获取信 托相关会计信息的条款,引用了《萨摩亚国际特殊

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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. 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 Trustee's 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 2014 as reserved powers are wider than any other jurisdiction. The Samoan Foundations Act 2016 is an attractive feature of Samoa as a common law jurisdiction providing this wealth management solution originally offered by civil law jurisdictions in Samoa. While the Samoan Foundations Act 2016 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 Act 2016 is an addition 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.

Q5 Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of? The Samoa Trusts Amendment Bill 2016 has been passed which now includes 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. The Samoan Trustee Companies Bill 2017 when it becomes law before the end of 2017 will repeal and replace the current Samoan Trustee Companies Act 1988 and will cover new regulatory standards on the regulation of trust and corporate service providers. Further, there will be appropriate exemption from licensing both for private trustee


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信托法案》(SISTA),还插入了有限合伙制架构中的 信托参考条款。 《萨摩亚 2017年受托人公司议案》将于2017年年底 之前成为法律,取代现行的《萨摩亚 1988 年受托人 公司法案》,它针对信托及公司服务提供者的监管 提出了新的监管规定。此外,它将为私人受托人公 司和提供“信托业务”的专业人士提供适当的许可 豁免,为有意使用萨摩亚信托维持其信托财产控制 权的人提供另一种合法的解决方案。新的《2017年 受托人公司议案》的一个显著特点是为信托公司引 进了三(3)种不同类型的许可证,分别为金融服务 许可证、仅限于信托业务的信托许可证以及复合许 可证。它还将引入一种受管控的受托人公司形式, 籍此信托公司服务提供者可以申请获得管理另一 个信托公司服务提供者的批准。此外,萨摩亚法律 事务所或会计师事务所还将能够申请用以管理受 管控信托许可证的管理许可证。

companies and for professionals offering "trust business" providing yet another legitimate solution for those who wish to use Samoa for their trusts to retain control of trust property. A salient feature of the new Trustee Companies Bill 2017 will see the introduction of three (3) separate types of licence for Trust Companies such as a licence for financial services, trust licence for trust business only and a composite licence. Managed trustee companies will also be introduced where a Trust Company Service Provider can apply for approval to manage another Trust Company Service Provider. Moreover, a Samoan law firm or accounting firm will also be able to apply for a managing licence to manage a managed trust licence.

来源 / Contributed by:Invest Samoa

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萨摩亚——一个想客户所想的司法管辖区

SAMOA - A Jurisdiction Providing What the Client Wants Mark Lea

Mark Lea

Mark Lea 为高净值家族提供国际财产 规划及结构方面的咨询已逾46年。

他还为新加坡、香港和马来西亚政府 提供信托法及其他法律方面的意见。 他起草了萨摩亚的信托法、基金会法 和受托人公司法。 Mark 还有丰富的教学授课经验。

Mark Lea has been advising families on international estate planning and structuring for 46 years. He has advised the governments of Singapore, Hong Kong and Malaysia on trust law and other law. He has drafted trust law, foundations law and trustee companies law for Samoa. Mark also teaches and lectures extensively.

概述 自20世纪70 年代以来,萨摩亚一直是国 际金融中心。 它有一个稳定的政府,一 套健全的习惯法制度,和公正的法院。 它的管制制度也非常明智和完善。深受 基督教的福佑,它并没有涉入最近困扰 其他司法管辖区的任何问题。 萨摩亚提供的服务包括信托,基金会, 合伙,公司,基金和银行许可证。 一些司法管辖区只提供他们希望给到 的可行方案,而萨摩亚则会寻求提供客 户想要和需要的解决方案,当然前提条 件是该方案是合理合法的。信托和基金

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Overview Samoa has been an International Financial Centre since the 1970s. It has a stable government and a sound common law system with good Courts. It is well and sensibly regulated. It is blessed with a very Christian society and has not been involved in any of the problems which have recently beset other jurisdictions. Samoa offers trusts, foundations, partnerships, companies, funds and banking licences. Some jurisdictions provide only solutions which they wish to make available. Provided that solutions are legal and sensible, Samoa seeks to provide solutions which clients want and need. It is intended that trusts and foundations will offer alternative but similar solutions, the former being unregistered and the latter registered.

Trusts The Trusts Act 2014 of Samoa contains a number of features which have been of interest and help to clients and their advisers:

1. Language The trust can be in any language provided there is a proper English translation: This is unique to Samoa.

2. Protection against foreign succession laws There are provisions preventing the enforcement of foreign judgments in Samoa with regard to succession rights under foreign laws or claims in foreign matrimonial proceedings. These provisions are as good as those in any other jurisdiction. 3. Asset protection There is a 2 year period from the time that the creditor's cause of action arose against the Settlor of the trust to the time when the settlor created the trust or disposed of assets to the trustees. If the trust is created or the disposition takes place after that period, the assets are protected. This is a sensible period, being neither too short, and thus open to criticism or failure, nor too long to be impractical. 4. The time during which a trust continues A Samoan trust can be perpetual or it can last for a fixed period. If it lasts for a fixed period, then this can be shortened or lengthened or the trust can be changed to be perpetual. If the trust is perpetual, then it can be changed to last for a fixed period. There is total flexibility. Only one other jurisdiction offers this. 5. Parties to the Trust Detailed provisions are made for both a protector and an enforcer (of a


www.investsamoa.ws 会将提供可替代但类似的解决方案,前 者未注册,后者已注册。

信托 《萨摩亚 2014 年信托法案》包含了一些 对客户及其顾问感兴趣且有帮助的特 征:

1. 语言

信托可以以任何语言形式存在,只要有 恰当的英文翻译:这是萨摩亚独有的。

2. 对外国传承法的保护

关于外国法律上的传承权利或外国婚 姻诉讼中的索赔,萨摩亚有一些条款规 定阻止这些外国判决的执行。这些规定 与任何其他司法管辖区一样。

purpose trust). There are specific and useful default powers exercisable by a protector, which will apply unless the Trust provides otherwise. These are as good as in any other jurisdiction. Under Samoan trust law, protectors and enforcers can receive similar protection as trustees.

6. Trustees' powers Provision is made for a statutory duty of care to be observed by trustees in the exercise of certain powers. The settlor and the beneficiaries know the standard of care which a trustee

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must exercise. There are specific and detailed powers concerning investment, delegation, the use of nominees and custodians, insurance and the remuneration of trustees. Only 3 other jurisdictions offer this.

7. Reservation of powers Wide reserved powers to a settlor are permitted and are as good as any other jurisdiction. A protector can be given any reserved powers. There is also provision for "prescribed directions", which can be given by anyone to a trustee. The trustee is

3. 财产保护

从债权人的诉讼理由产生的信托的期 限到委托人向受托人创建信托或处置 资产的时间期限为两年。如果信托创建 或处置的时间在该时间段之后,则资产 就会受到保 护。这是一 个合情合理的 时期,既不能太短以待公开批评甚至面 对失败,也不能太长时间不切实际。

4. 信托持续的时间

萨摩亚的信托可以是永久的,也可以是 持续一段时间的固定时期。如果是固定 的,可以缩短或延长,甚至变更为永久 的。如果是永久的,当然也可以将其变 为持续一段时间的固定时期,操作具有 很大的灵活性。只有另一个管辖区提供 这种方案。

5. 信托双方

萨摩 亚 能 为保 护者 和 执 行 者(目的 信 托)作出详细的规定。保护者可以执行 特定有用的默认权力,除非信托机构另 有规定。这些做得与任何其他管辖区一 样好。根据萨摩亚信托法,保护者和执 行者可以得到类似受托人的保护。

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6. 受托人的权力

规定受托人在行使某些权力时应遵守 法定责任。委托人和受益人知道受托 人必须行使的护理标准。关于投资,转 让,使用提名人和保管人,保险和受托 人报酬等方面都有详细规定。只有三个 其他司法管辖区提供这个方案。

7. 保留权力

萨摩亚允许向委托人提供广泛的保留 权 力,这 点与 其他管 辖区做 得 一样到 位。保护者可以获得任何保留的权力。 还规定了任何人向受托人提供的“指定 方向”。受托人如果符合这样的指示, 就会受到保护。这是萨摩亚独有的。这 些保留权力比任 何其他司法管辖区都 更宽泛。

8. 保留控制权 8.1 保留的权力已经被提及。 8.2 萨 摩 亚 国 际 特 别 信 托 安 排 ( “SISTA”):这项特别安排允许萨摩 亚信托的受托人持有但不能分散化 萨摩亚公司的股份,让其他人不得是 担任公司董事的受托人,受托人无须 对董事做或不做的事负责。只有两个 其他司法管辖区提供此解决方案。 8.3 信托与有限责任公司的合伙关系: 萨摩亚信托的受托人可以直接或间 接持有有限合伙人的利益,并允许普 通合伙人按照有限合伙法的规定进 行日常管控(并以有限合伙的资本比 例为有限合伙的合伙人持有资产), 这样可避 免受托管人承担 风险。萨 摩亚在此项立法上是独一无二的。 该解决方案并不限于一个管辖区(如 SISTA),有限合伙和相关的公司都可 以在任何管辖区域形成。此外,由于 托人不 持 有实际 资产,只 是间接的 利益,故他们不能滥用任何东西。

9. 信托 除了 SISTA,还有几种特定的信托类型: • 慈善信托:许多司法管辖区都有致力 于慈善事业的信托。萨摩亚也不例外,

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protected if it complies with such directions. This is unique to Samoa. These reserved powers are together wider than in any other jurisdiction.

8. Retention of control 8.1 Reserved powers have already been mentioned. 8.2 Samoa International Special Trust Arrangement ("SISTA"): This special arrangement permits the trustees of a Samoan trust to hold and not diversify the shares of a Samoan company and let others than the trustees act as directors of the company, without the trustees being liable for what the directors do or fail to do. Only 2 other jurisdictions offer this solution. 8.3 Trust combined with a limited partnership: The trustees of a Samoan trust can directly or indirectly hold as an asset the interest of a limited partner in a limited partnership and permit the general partner, who is required by

limited partnership law to control day to day (as well as hold the assets for the partners of the limited partnership in the ratio in which they share the capital of the limited partnership) to do that without the trustees being at risk. Samoa is unique in having legislated for this. This solution does not confine the structure to one jurisdiction (like SISTA) but rather the limited partnership and any companies involved can be formed in any jurisdiction. Also, since the trustees do not hold the actual assets but merely an indirect interest in them, they cannot misappropriate anything.

9. Types of trust apart from SISTA there are several specific types of trust: • Charitable Trusts: Many jurisdictions have trusts which are dedicated to the benefit of charity. Samoa is no exception but there are three important factors: The first is


www.investsamoa.ws 但有三个重要因素:第一,这里的“慈 善机构”的定义是最宽泛的;第二,委 托人可以 且能够 在 生前 执行 信托,从 而确保他希望受益的慈善机构也这样 做;第三,如果慈善目的未达成,而且 委托人还活着,他可以收回资产。 • 目的信托:这些是为了目的而不是人 的信托,因此他们必须有执行者来执行 目的。与其他司法管辖区一样,萨摩亚 允许这种信托仅用于一个或多个目的, 以及个人和 / 或慈善机构。如果一个目 的结束,另一个可以接管,或者人 / 慈 善机构可以受益。这些规定与任何其他 管辖区域一样。

10. 获取信息的能力

案例法提出了一 个关于谁能够收到相 关信托信息的难题,这就需要有法定准 则来提供确定性。 萨摩亚为此提供了 现代和有用的指导方针,这些方式与其 他管辖区一样好,甚至更好。 否则萨摩 亚信托法则要求保密。

基金会 《2016 年基金会法案》为《信托法》提供 了类似的解决方案,但形式完全不同。

that the definition of charity is the widest available. The second is that the Settlor can enforce the trust while he is alive and capable of doing so and thus can ensure that the charities he wishes to benefit do so. The third is that, if the charitable purpose fails and the Settlor is then alive, he can receive the assets back. • Purpose trusts: These are trusts for purposes rather than persons and thus they have to have an enforcer to enforce the purpose. As with other jurisdictions, Samoa permits such trusts to be for a purpose or purposes alone or for a purpose or purposes and for persons and/or charity. If the purpose comes to an end another purpose can take over or persons or charity can benefit. These provisions are as good as those in any other jurisdiction.

10. Powers to obtain information Case law has rendered the difficult question of who can receive what information about a trust. There is

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a need for statutory guidelines to provide certainty. Samoa provides modern and useful guidelines for this and these are as good as or better than any other jurisdiction. Otherwise Samoan trust law requires confidentiality.

Foundations The Foundations Act 2016 provides similar solutions to those of the Trusts Act but in an entirely different form.

11. Langauge The charter and rules of a Samoan foundation and other documents relating to the foundation can be in any language so long as there is a proper English translation. 12. Founder and founder's reserved powers and rights Every foundation has a founder, who gives the initial assets to the foundation. The charter can reserve powers and rights to the founder or

11. 语言

萨摩亚基金会的章程和规则以及与基 金会有关的其他文件可以是任何语言, 只要有恰当的英文翻译即可。

12. 创始人以及他拥有的权力和权利

每个基金会都有一个创始人,他们将初 始资产交给基金会。章程可以为创始人 或任何其他人保留权力和权利,并且可 以 进行 分配。任 何受权 人的权力和权 利可以分配给他们。如果没有分配给他 们,他们将归属于监护人,且不会丢失。

13. 目的

基金会的成立必然有其目的。这其中可 以包括受益人的利益。

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14. 受益人

这里有应申报受益人和未通报的受益 人。前者可以收到关于基金会的信息, 后者不能。监护人的角色也是为了保护 未通报受益人的利益。

15. 管理文件

萨摩亚基金会与其他基金会一样,受其 章程和规则约束,如公司纪要和条款。

16. 注册

像其他基金会一样,萨摩亚基金会是一 家注册的法人机构,拥有自己的资产。

17. 管理与控制

由理事会负责,它可以委任官员,并委 托其实行日常行政职能。

18. 监督人员

除了理事会外,还可以任命监督人员并 对其进行监督。

19. 监护人

某些情况下,萨摩亚基金会必须有一名 监护人,上文已列举了这方面的例子。

20. 权力,职责和任用

对理事会,监督人员和监护人以及一般 官员具有明确的权 力和义务 规定。此 外,这个人如何辞职,被卸职和被任命 也是有很清楚的规定。

21. 特殊类型的基金会

适用于 特 殊类 型的基金会的规定:慈 善基金会与慈善信托类似,慈善信托的 定义广泛, 创始人有能力执行慈善宗旨, 并满足他的愿 望。如果 慈善目的未 达 成,则收回资产。基金会与有限合伙的 结合:与其信托的对手一样,萨摩亚基 金会使有限合伙 人的利益符合有限合 伙关系,并允许普通合伙人管理和控制 资产和投资有限合伙关系,不经理事会 或基金会官员的干预,对他们而言没有 任何风险。

270

| 8th Annual

to anyone else and the benefit such powers and rights can be assigned. Any assignee of the powers and rights can assign them onwards. If there is a failure to assign them, they vest in a guardian and are not lost.

15. Governing documents A Samoan foundation, like other foundations, is governed by its charter and rules (which are like the memorandum and articles of a company).

13. Purpose A foundation has to have a Purpose. This can include the benefit of persons, who are beneficiaries.

16. Registration Like other foundations, a Samoan foundation is a registered legal entity, which owns its own assets.

14. Bene�ciaries There are notifiable beneficiaries and non-notifiable beneficiaries. The former can receive information about the foundation and the latter cannot. The role of the guardian is also to protect the interests of non-notifiable beneficiaries.

17. Management and control This is undertaken by a council, which can appoint officers to whom it can delegate day to day administrative functions. 18. Supervisory person A supervisory person may be


www.investsamoa.ws appointed in addition to the council and to supervise it.

19. Guardian In certain circumstances a Samoan foundation must have a guardian and examples of this are set out above.

22. 资产保护

萨摩亚基金会对萨摩亚信托的资产保 护有类似规定。因此,创始人的债权人 的索赔,其创始人的诉讼原由如果在创 始人创立基金会或 转让资产之前超过 两年,则不能扩展到基金会的资产。

23. 对外国传承规则的保护

有一些类似的规定保护萨摩亚基金会 的资产免受外国传承规则和外国判决, 即保护萨摩亚信托资产的相关条款。

24. 清盘

大多数萨摩亚基金会将继续下去,直到 他们被清盘。这里有明确的规定,包括 理事会的自发清盘或法院的清盘以及 两者操作的依据。

25. 信息

基金会登记册有一 部分载有公众可获 得的资料,以及另一部分不可获取的资 料信息。

结论 这些解决方案是现代化的,旨在满足客 户及其顾问对家族传承,资产保护,避 免遗嘱认证,保留控制权,持续控制权 和其他原因的国际财产规划的意愿和 需求。信托提供的解决方案与基金会提 供的相似,但其性质完全不同。 这为客 户提供了一个受欢迎的替代选择。

20. Powers, Duties and Appointment There are clear powers and duties specified for the council, the supervisory person and the guardian and generally for officials. Also it is made quite clear how any such person can resign, be removed and be appointed. 21. Special types of foundation There are provisions for special types of Foundation: There is a charitable foundation, which has similar benefits to a charitable trust as to the breadth of the definition of charitable, the ability of Founder to enforce the charitable purpose to meet his wishes and to receive back the assets if the charitable purpose fails. The combination of a foundation with a limited partnership: This, like its counterpart with trusts, enables a Samoan foundation to hold the interest of a limited partner in a limited partnership and to permit the general partner to manage and control the assets and investments of the limited partnership without the intervention of the council or officers of the foundation and without any risk to them. 22. Asset protection Samoan Foundations have similar provisions for asset protection to Samoan trusts. Thus the claim of a creditor of the founder, whose cause

Sponsored Article

of action against the founder arises more than 2 years before the creation of the foundation by the founder or the transfer of assets to it by the founder, cannot extend to the assets of the foundation.

23. Protection against foreign rules of succession There are similar provisions protecting the assets of a Samoan foundation against foreign rules of succession and foreign judgments as there are with regard to the protection of the assets of Samoan trusts. 24. Winding-up Most Samoan foundations will continue until they are wound up. There are clear provisions covering voluntary winding up by the council or winding up by the court and the grounds for both. 25. Information The Register of foundations has a Part A, containing information available to the public, and a Part B, with information and documents which are not so available. Conclusions These solutions are modern and designed to meet the wishes and needs of clients and their advisers for family succession, asset protection, avoidance of probate, retention of control, ongoing control and other reason for international estate planning. The solutions offered by a trust are similar to those offered by a foundation but the nature of the solutions is entirely different. This gives a welcome alternative to clients.

Trusts & Foundations Guide CHINA OFFSHORE

271


REFERENCE BOOKLET | 速查指南

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

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

签署日期 Signed On

生效日期 E�ective On

实施日期 Applicable since

1983.9.6

1984.6.26

1985.1.1

1984.4.30

1986.11.21

1987.1.1

法国 FRANCE

2013.11.26

2014.12.28

2015.1.1

1984.7.26

1984.12.23

1985.1.1

比利时 BELGIUM

2009.10.7

2013.12.29

2014.1.1

2014.3.28

2016.4.6

2017.1.1

1985.11.23

1986.9.14

1987.1.1

1986.2.25

1986.12.21

1987.1.1

2012.6.16

2012.12.27

2013.1.1

2007.7.11

2007.9.18

2008.1.1

1986.5.12

1986.12.29

1987.1.1

2010.5.25

2010.11.25

2011.1.1

1986.5.16

1987.1.3

1987.1.1

1986.9.16

1986.12.17

1987.1.1

1986.10.27

1986.12.29

1987.1.1

1986.10.31

1989.11.14

1990.1.1

日本 JAPAN

司法辖区 Jurisdiction

美国 U.S.A. 英国 U.K.

德国 GERMANY

马来西亚 MALAYSIA 挪威 NORWAY

丹麦 DENMARK

新加坡 SINGAPORE 加拿大 CANADA 芬兰 FINLAND 瑞典 SWEDEN

新西兰 NEW ZEALAND 泰国 THAILAND 意大利 ITALY

荷兰 THE NETHERLANDS

捷克斯洛伐克 CZECHOSLOVAKIA 波兰 POLAND

澳大利亚 AUSTRALIA

南斯拉夫(波黑)YUGOSLAVIA(BiH) 保加利亚 BULGARIA 巴基斯坦 PAKISTAN 科威特 KUWAIT

瑞士 SWITZERLAND 塞浦路斯 CYPRUS 西班牙 SPAIN

罗马尼亚 ROMANIA 奥地利 AUSTRIA 巴西 BRAZIL

蒙古 MONGOLIA

2013.5.31

2014.8.31

2015.1.1

1987.6.11

1987.12.23

1988.1.1

1988.6.7

1989.1.7

1990.1.1

1988.11.17

1990.12.28

1991.1.1

1988.12.2

1989.12.16

1990.1.1

1989.11.6

1990.5.25

1991.1.1

1989.11.15

1989.12.27

1989.1.1/7.1

1989.12.25

1990.7.20

1989.1.1

2013.9.25

2014.11.15

2015.1.1

1990.10.25

1991.10.5

1992.1.1

1990.11.22

1992.5.20

1993.1.1

1991.1.16

1992.3.5

1993.1.1

1991.4.10

1992.11.1

1993.1.1

1991.8.5

1993.1.6

1994.1.1

1991.8.26

1992.6.23

1993.1.1

Trusts & Foundations Guide CHINA OFFSHORE

273


速查指南 | REFERENCE BOOKLET

序号 Serial No

32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62

274

司法辖区 Jurisdiction

签署日期 Signed On

生效日期 E�ective On

实施日期 Applicable since

1992.6.17

1994.12.31

1995.1.1

2010.10.18

2011.8.25

2012.1.1

阿联酋 UAE

1993.7.1

1994.7.14

1995.1.1

1994.3.12

1995.7.28

1996.1.1

韩国 KOREA

1994.3.28

1994.9.27

1995.1.1

2014.10.13

2016.4.9

2017.1.1

1994.7.14

1995.8.16

1996.1.1

1994.7.18

1994.11.19

1995.1.1

1994.8.1

1995.5.4

1996.1.1

1995.1.9

2001.5.18

2002.1.1

1995.1.17

1996.10.3

1997.1.1

1995.2.13

1995.12.27

1996.1.1

1995.4.8

1995.12.22

1996.1.1

1995.5.17

1996.10.18

1997.1.1

1995.5.23

1997.1.20

1998.1.1

1996.5.5

1996.11.28

1997.1.1

1996.6.3

1997.3.15

1998.1.1

1996.6.3

1997.2.5

1998.1.1

1996.6.3

1996.10.18

1997.1.1

1996.6.7

1997.1.27

1998.1.1

1996.7.3

1996.7.3

1997.1.1

1997.5.30

1999.2.9

2000.1.1

1997.6.9

1997.11.29

1998.1.1

1997.8.13

1999.3.24

2000.1.1

1998.4.21

2000.6.7

2001.1.1

1998.5.12

1999.1.8

2000.1.1

1999.1.25

1999.6.22

2000.1.1

1999.8.26

1999.12.17

2000.1.1

1999.11.18

2001.3.23

2002.1.1

2000.4.25

2001.1.7

2002.1.1

2000.5.15

2000.10.27

2001.1.1

匈牙利 HUNGARY 马耳他 MALTA

卢森堡 LUXEMBOURG 俄罗斯 RUSSIA

巴布亚新几内亚 PAPUA NEW GUINEA 印度 INDIA

毛里求斯 MAURITIUS 克罗地亚 CROATIA 白俄罗斯 BELARUS

斯洛文尼亚 SLOVENIA 以色列 ISRAEL

越南 VIETNAM

土耳其 TURKEY

亚美尼亚 ARMENIA 牙买加 JAMAICA 冰岛 ICELAND

立陶宛 LITHUANIA 拉脱维亚 LATVIA

乌兹别克斯坦 UZBEKISTAN 苏丹 SUDAN

马其顿王国 MACEDONIA 埃及 EGYPT

葡萄牙 PORTUGAL 爱沙尼亚 ESTONIA 老挝 LAOS

塞舌尔 SEYCHELLES 菲律宾 PHILIPPINES

南非共和国 SOUTH AFRICA 巴巴多斯 BARBADOS

| 8th Annual


REFERENCE BOOKLET | 速查指南

序号 Serial No

63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93

来源 / Source:中华人民共和国国家税务总局 / State Administration of Taxation of the People's Republic of China 司法辖区 Jurisdiction

签署日期 Signed On

生效日期 E�ective On

实施日期 Applicable since

2000.6.7

2001.5.26

2002.1.1

2001.4.2

2008.10.21

2009.1.1

古巴 CUBA

2001.4.13

2003.10.17

2004.1.1

2001.4.17

2004.12.23

2005.1.1

尼泊尔 NEPAL

2001.5.14

2010.12.31

2011.1.1

2001.9.12

2003.7.27

2004.1.1

2001.11.7

2003.8.25

2004.1.1

2002.3.25

2002.7.20

2003.1.1

2002.4.15

2009.3.21

2010.1.1

2002.4.16

2003.9.23

2004.1.1

2002.4.20

2003.8.14

2004.1.1

2002.5.16

2002.8.8

2003.1.1

2002.6.3

2005.11.1

2006.1.1

2002.6.24

2003.3.29

2004.1.1

2002.8.27

2006.8.16

2007.1.1

2003.8.11

2005.5.22

2006.1.1

2003.9.18

2005.5.22

2004.9.13

2005.7.28

2006.1.1

2004.9.21

2006.12.29

2007.1.1

2005.3.17

2005.8.17

2006.1.1

2005.6.22

2005.11.10

2006.1.1

2005.9.12

2006.3.1

2007.1.1

2006.1.23

2006.9.1

2007.1.1

2006.11.6

2007.7.27

2008.1.1

2008.8.27

2009.3.28

2010.1.1

2009.5.14

2012.12.25

2013.1.1

2009.12.13

2010.5.30

2011.1.1

2010.7.26

2011.6.30

2012.1.1

2010.10.31

2011.9.1

2012.1.1

2013.1.21

2014.3.6

2015.1.1

2015.5.25

2016.8.8

2017.1.1

摩尔多瓦 MOLDOVA 卡塔尔 KATAR

委内瑞拉 VENEZUELA 哈萨克斯坦 KAZAKHSTAN 印度尼西亚 INDONESIA 阿曼 OMAN

尼日利亚 NIGERIA 突尼斯 TUNIS 伊朗 IRAN

巴林 BAHRAIN 希腊 GREECE

吉尔吉斯斯坦 KYRGYZSTAN 摩洛哥 MOROCCO

斯里兰卡 SRILANKA

特立尼达和多巴哥 TRINIDAD AND TOBAGO 阿尔巴尼亚 ALBANIA 文莱 BRUNEI

阿塞拜疆 AZERBAIJAN 格鲁吉亚 GEORGIA 墨西哥 MEXICO

沙特阿拉伯 SAUDI ARABIA 阿尔及利亚 ALGERIA

塔吉克斯坦 TAJIKISTAN 埃塞俄比亚 ETHIOPIA

土库曼斯坦 TURKMENISTAN 赞比亚 ZAMBIA 叙利亚 SYRIA

厄瓜多尔 ECUADOR 智利 CHILE

Trusts & Foundations Guide CHINA OFFSHORE

275


速查指南 | REFERENCE BOOKLET

行政特区 - 税务信息交换网络 / Jurisdictions - TIEA networks 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

开曼群岛 Cayman Islands

Argentina

Andorra

Argentina

Argentina

Aruba

Argentina

Australia

Anguilla

Aruba

阿根廷

安道尔

澳大利亚

安圭拉

奥利地

阿根廷 阿鲁巴

阿根廷 阿鲁巴

Aruba

澳大利亚

Austria 比利时

阿鲁巴

Aruba

澳大利亚

Australia

澳大利亚

Belgium

The Bahamas

Czech Republic Denmark

伯利兹

Australia

阿根廷 阿鲁巴

Aruba

Australia

加拿大

Canada

澳大利亚

Belgium

Belgium

Belgium

Bahrain

Canada

Brazil

Czech Republic

法罗群岛

Canada

Canada

芬兰

Bermuda

Faroe Islands

Faroe Islands

Czech Republic

芬兰

China

Cayman Islands

法罗群岛

China

Finland

开曼群岛

Denmark

中国

Denmark

Faroe Islands

百慕大

China

丹麦

Brazil

Belize

中国

巴西

China

Finland

Czech Republic

France

Cook Islands

Faroe Islands

Dominica

Finland

Greenland

Finland

Iceland

直布罗陀

Germany

芬兰

Germany

Greenland

多米尼加国

Faroe Islands

德国

Denmark

France

法罗群岛

France

Costa Rica

法国

Denmark

Germany

哥斯达黎加

Finland

Gibraltar

Greenland

France

Guernsey 冰岛

France

Iceland

Germany

耿西岛

印度

India

Greenland

巴哈马

捷克

巴林

丹麦

法国

库克群岛

德国

格陵兰 冰岛

列支敦士登

比利时 加拿大 丹麦 芬兰 德国

格陵兰

比利时 加拿大 捷克 丹麦

法国

捷克

法罗群岛 法国

格陵兰 耿西岛

Australia 比利时 巴西

加拿大 中国 捷克 丹麦

法罗群岛 芬兰 法国

摩纳哥

格林纳达

Grenada

Guernsey

耿西岛

Germany

Monaco

Guatemala

冰岛

Iceland

Greenland

Netherlands 挪威

Guernsey

Guernsey

Guernsey

Isle of Man

Japan

冰岛

Ireland

Norway

马恩岛

India

Iceland

Iceland

Poland

Jersey

Republic of Korea

印度

Netherlands

India

New Zealand

Ireland

Ireland

Norway

Italy

Poland

危地马拉 耿西岛

波兰

泽西岛

葡萄牙

利比里亚

Portugal

圣马力诺

日本 韩国

Liberia

马耳他

Liechtenstein

Mexico

列支敦士登

San Marino

印度

Malta

墨西哥

格陵兰

爱尔兰 意大利

西班牙

Spain 瑞典

中国澳门

Macao, China 马绍尔群岛

Monaco

Japan

Sweden

Marshall Islands

Switzerland

毛里求斯

Netherlands

Mauritius

New Zealand

马耳他

Monaco

挪威

墨西哥

Montserrat

瑞士

荷兰

新西兰 挪威 波兰

耿西岛 冰岛

爱尔兰 意大利

Italy

日本

Japan

韩国

Portugal

Republic of Korea

圣马丁岛

马耳他

Sint Maarten

Malta

瑞典

Mexico

Sweden

Netherlands

Norway

Mexico

United Kingdom

New Zealand

萨摩亚

波兰

英国

Poland

United States

Norway

Samoa

圣马力诺

圣马力诺

Netherlands

San Marino

New Zealand

San Marino

South Africa

挪威

Poland

Norway

Portugal

蒙塞拉特岛

圣马丁岛

荷兰

新西兰

南非

日本

爱尔兰

德国

格陵兰

葡萄牙

摩纳哥

摩纳哥

德国

中国

Liechtenstein 荷兰

荷兰

新西兰

美国

Malta

墨西哥 荷兰

新西兰 挪威 波兰

葡萄牙

特克斯和凯科斯群岛

Sint Maarten

西班牙

Spain

Poland

波兰

乌拉圭

Sweden

Portugal

Sint Maarten

Uruguay

英国

葡萄牙

Seychelles

Turks and Caicos Islands

瑞典

United Kingdom

Singapore

South Africa

Vanuatu

United States

United Kingdom

British Virgin Islands

美国

Sweden

United States

United States

others

others

others

瓦努阿图

英属维尔京群岛 其他

276

阿鲁巴

| 8th Annual

美国

新加坡 英国 其他

塞舌尔

圣马丁岛 南非 瑞典 美国 其他


REFERENCE BOOKLET | 速查指南

库克群岛 Cook Islands

耿西岛 Guernsey

香港 Hong Kong

马恩岛 Isle of Man

利比里亚 Liberia

Australia 丹麦

Austria

Argentina

Australia

Faroe Islands

Australia

芬兰

Belgium

Greenland

Botswana

Austria

Faroe Islands

Finland 法国

Bermuda

Canada

巴西 Brazil

Finland

France

开曼群岛

Iceland

加拿大

奥利地

Denmark

Faroe Islands

格陵兰

Australia

澳大利亚

澳大利亚

The Bahamas

澳大利亚

Argentina

Denmark

巴哈马

Denmark

阿根廷

泽西岛 Jersey

Cayman Islands

Canada

France

希腊

China

瑞典

China

Germany

中国

Norway Sweden

Czech Republic

格陵兰

Denmark

United States

Denmark

捷克

Ghana

Greece

丹麦

China Czech Republic

Greenland

Greenland

Faroe Islands

Faroe Islands

Denmark

Iceland

Iceland 爱尔兰

France

芬兰

Finland

Faroe Islands

Ireland

Germany

Finland

Netherlands

Italy

韩国

直布罗陀

France

芬兰

India

Gibraltar

Norway

Greenland

格陵兰

France

Republic of Korea

格陵兰

Germany Greenland

Hungary

Iceland

格陵兰

Poland

Mexico

冰岛

Germany Greenland

Portugal

Netherlands

Iceland

South Africa

挪威

Japan

印度尼西亚

Hungary

New Zealand

日本

India

匈牙利

Indonesia

Iceland

Sweden

Norway

Liechtenstein

Ireland

Ireland

United Kingdom

South Africa

New Zealand

Italy

Sweden

Norway

澳大利亚 法罗群岛

德国

冰岛

意大利 墨西哥 荷兰

新西兰 南非 瑞典

奥利地 比利时 百慕大

丹麦

法罗群岛 法国 德国

匈牙利 冰岛

列支敦士登 新西兰 挪威

丹麦

法罗群岛 冰岛 挪威 美国

博茨瓦纳 中国 捷克

法罗群岛 法国 德国

印度

爱尔兰 意大利 日本

Japan

阿根廷

加拿大 中国 丹麦

法罗群岛 法国 德国

冰岛

爱尔兰 意大利

Lesotho

Mexico

Portugal

圣马力诺

墨西哥

Mexico

San Marino 塞舌尔

荷兰

Netherlands

Netherlands

New Zealand

Seychelles

New Zealand

Norway

Slovakia

Norway

Poland

Slovenia

Poland

South Africa

葡萄牙

Portugal

Portugal

斯洛文尼亚

斯洛文尼亚 南非

挪威 波兰

Sweden

Sweden

Turkey

瑞士

Switzerland

Switzerland

United Kingdom 美国

Turkey

United States

英国

Turkey

United Kingdom

United Kingdom

British Virgin Islands

United States

United States

其他

波兰

葡萄牙 南非 瑞典 英国

Slovenia

土耳其

Others

挪威

葡萄牙

Switzerland

美国

荷兰

波兰

South Africa

英属维尔京群岛

印度

挪威

Slovenia

土耳其

冰岛

新西兰

斯洛文尼亚

英国

格陵兰

荷兰

瑞典

瑞典

加纳

墨西哥

Sweden 瑞士

法国

Japan

Poland

新西兰

芬兰

Italy

莱索托

斯洛伐克

法罗群岛

日本

波兰

葡萄牙

丹麦

南非 瑞典 瑞士

土耳其 英国 美国 其他

Others

Trusts & Foundations Guide CHINA OFFSHORE

277


速查指南 | REFERENCE BOOKLET

列支敦士登 Liechtenstein 安道尔

马耳他 Malta

毛里求斯 Mauritius

巴拿马 Panama

Andorra

The Bahamas

澳大利亚

新西兰 New Zealand

Australia

Anguilla

Canada

Antigua and Barbuda

安提瓜和巴布达

Bermuda

百慕大

Denmark

丹麦

The Bahamas

巴哈马

Denmark

澳大利亚

Australia

Cayman Islands

开曼群岛

Faroe Islands

法罗群岛

Bermuda

百慕大

Faroe Islands

Belgium

比利时

Gibraltar

直布罗陀

Finland

芬兰

Cayman Islands

开曼群岛

Finland

加拿大

Macao, China

中国澳门

Greenland

格陵兰

Cook Islands

库克群岛

Greenland

Canada

安圭拉

加拿大 丹麦

法罗群岛 芬兰

格陵兰

Denmark

丹麦

Iceland

冰岛

Curacao

库拉索

Iceland

法罗群岛

Norway

挪威

多米尼加国

Dominica

Norway

Faroe Islands

冰岛 挪威

Finland

芬兰

Gibraltar

直布罗陀

Sweden

France

法国

Guernsey

耿西岛

United States

Germany

德国

Isle of Man

Greenland

格陵兰

泽西岛

耿西岛

Guernsey

马绍尔群岛

Marshall Islands

冰岛

Iceland

纽埃岛

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

St. Vincent & the Grenadines

日本

Japan

萨摩亚

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

瓦努阿图

挪威

British Virgin Islands

Netherlands Norway 圣基茨和尼维斯

Saint Kitts and Nevis 圣文森特和格林纳丁斯

St. Vincent & the Grenadines 南非

South Africa 瑞典

Sweden 英国

United Kingdom 美国

United States

278

巴哈马

| 8th Annual

马恩岛

Jersey

Niue

Samoa

Vanuatu

英属维尔京群岛

瑞典 美国


REFERENCE BOOKLET | 速查指南

萨摩亚 Samoa

澳大利亚

塞舌尔 Seychelles

新加坡 Singapore

英国 United Kingdom

瓦努阿图 Vanuatu

Australia

Cayman Islands

Bermuda

Anguilla

澳大利亚

Australia

丹麦

Denmark

丹麦

Denmark

安提瓜和巴布达

Antigua and Barbuda

Denmark

Faroe Islands

法罗群岛

Faroe Islands

法罗群岛

The Bahamas

巴哈马

Faroe Islands

Finland

芬兰

Finland

芬兰

伯利兹

Belize

Finland

Greenland

格陵兰

Greenland

格陵兰

Bermuda

百慕大

France

Iceland

冰岛

Guernsey

耿西岛

Brazil

巴西

Greenland

Ireland

爱尔兰

Iceland

冰岛

Curacao

库拉索

格林纳达

日本

Japan

荷兰

Netherlands

多米尼加国

Dominica

Iceland

Mexico

墨西哥

Norway

挪威

Gibraltar

直布罗陀

Ireland

Monaco

摩纳哥

Sweden

瑞典

格林纳达

Grenada

Republic of Korea

荷兰

Switzerland

瑞士

Guernsey

耿西岛

New Zealand

Netherlands

开曼群岛

百慕大

安圭拉

丹麦

法罗群岛 芬兰 法国

格陵兰

Grenada 冰岛

爱尔兰 韩国

新西兰

New Zealand

新西兰

Isle of Man

马恩岛

Norway

Norway

挪威

泽西岛

Jersey

San Marino

San Marino

圣马力诺

利比里亚

Sweden

South Africa

南非

Liechtenstein

瑞典

Marshall Islands

Sweden

Liberia

挪威

圣马力诺 瑞典

列支敦士登 马绍尔群岛

圣文森特和格林纳丁斯

St. Vincent & 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

Trusts & Foundations Guide CHINA OFFSHORE

279


离岸索引 | OFFSHORE INDEX

企业服务提供商

Corporate Services Provider

Singapore

The Bahamas

Equity Bank and Trust Bahamas Limited www.equitybahamas.com 1 242 676 8188 info@equitybahamas.com

TPS Group www.tps.com.sg 65 6372 0092 enquiry@tps.com.sg

离岸律所

Ansbacher (Bahamas) Limited ansbacher.bs 1 242 502 3600 info@ansbacher.bs

Barbados

Hong Kong

Offshore Law Firms

Meridian Law www.meridianlawbb.com 1 246 431 6677 daw@meridianlawbb.com Cyprus

Malta

Trust & Fiduciary Services

Hong Kong Trust Co., Ltd. www.hongkongtrustco. com 852 3746 9080 info@hongkongtrustco. com Liechtenstein

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

Chetcuti Cauchi Advocates www.ccmalta.com 356 2205 6200 info@ccmalta.com Panama

280

| 8th Annual

Arifa www.arifa.com 507 205 7000 panama@arifa.com

Fidesco Trust Corporation www.fidesco.com 1 869 466 6989 info@fidesco.com Singapore

British and Malayan Trustees Limited www.bmtrust.com 65 6535 4922 enquiry@bmtrust.com Switzerland

Westmoore Fiduciary Services westmoore-services.com 44 207 193 4115 United Kingdom

Allgemeine Treuunternehmen www.atu.li 423 237 3434 info@atu.li Liechtenstein

Jordans Trust Company www.jordanstrustcompany .com 44 117 923 0600 info@jordanstrustcompany .com

CorPa Services AG www.corpatrust.com 423 239 0101 office@corpatrust.com

资产管理公司

Liechtenstein

Seychelles

Uniwide www.uniwide.biz 371 6611 8787 info@uniwide.biz

St. Kitts & Nevis

The Bahamas

Hong Kong

Masson de Morfontaine www.masson-demorfontaine.com 852 3953 4880 info@masson-demorfontaine.com

委托和信托服务

Interadvice Anstalt www.interadvice.li 423 232 2412 advice@interadvice.li

Asset Management Company

Switzerland

Corum www.corumag.ch 41 44 213 2020 info@corumag.ch


OFFSHORE INDEX | 离岸索引 地产服务

Real Estate Service

BVI

亚洲离岸协会会员

Asia Offshore Association Members

Samoa

Cyprus

China

BVI House Asia www.bvihouseasia.com.hk 852 3468 8530 info@bvihouseasia.com.hk Pa�lia 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

The Bahamas

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

China

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

Bahamas Financial Services Board www.bfsb-bahamas.com 242 393 7001 info@bfsb-bahamas.com 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

专业机构

Professional Associations Hong Kong

St. Kitts

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

Beijing Jincheng Tongda & Neal Law Firm www.jtnfa.com 86 10 5706 8585 beijing@jtnfa.com

Panhe Family O�ce zmpt.com.cn 86 755 3306 5339 service@panhefo.com China

CIL Group www.cil.bz 86 21 6301 0553 info@cil.bz China

Shanghai Junyue Law Firm www.junyuelawyer.com 86 61132988 junyue@junyuelawyer.com Hong Kong

Asia O�shore Association www.asiaoffshore.org 852 3073 2008 info@asiaoffshore.org

Fidinam Group www.fidinamgroup.com 852 2110 0990 info@fidinam.com.hk

Trusts & Foundations Guide CHINA OFFSHORE

281


OFFSHORE INDEX | 离岸索引

Trusts & Foundations Guide CHINA OFFSHORE

283


离岸索引 | OFFSHORE INDEX

衡力斯于亚洲地区提供有关英 属维尔京群岛、开曼群岛及百 慕达法律方面独一无二的交 易、诉讼及重组建议,同时通 过衡力斯信托业务提供全方位 的企业服务。 香港 Jonathan Culshaw 顾嘉雄 亚洲管理合伙人 jonathan.culshaw@harneys.com Ian Mann 孟承恩 合伙人 ian.mann@harneys.com 上海代表办事处 Kristy Calvert 施煜琼 首席代表 kristy.calvert@harneys.com 新加坡 Lisa Pearce 合伙人 lisa.pearce@harneys.com 日本代表办事处 Hideki Hashiguchi 桥口 英毅 日本代表 hideki.hashiguchi@harneys.com

HARNEYS | 亚洲

香港中環皇后大道中99號 中環中心 35樓01室 +852 5806 7800

harneys.cn | harneysfid.com

安圭拉 百慕达 英属维尔京群岛 开曼群岛

塞浦路斯 香港 伦敦 毛里求斯

蒙特维多 圣保罗 上海 新加坡

| 8th Annual 284 百慕达的法律服务是经和一所独立的当地事务所Zuill & Co.合作下提供的。

东京 温哥华

8th Annual Trusts & Foundations Guide  
8th Annual Trusts & Foundations Guide  

Welcome to the 8th edition of China Offhore's Trusts and Foundations Guide, an annually released report that provides information about offs...