China offshore 2013 Summer Edition by John Yang

独家特刊：游艇和飞机管理

季刊 QUARTERLY SUMMER 2013 夏季

EXCLUSIVE SUPPLEMENT: Private Yacht & Aircraft Management

塞浦路斯经济危机：投资还是规避？

Cyprus Economic Crisis: invest in the Country or Avoid it? 特别报道 SPECiAL REPORT： QDII2：中国内地富裕人士和机构的机会 QDII2: Chances for Wealthy Chinese Individuals and Institutions

特别报道 SPECiAL REPORT：伦敦：离岸人民币新港湾

聚焦 SPOTLiGHT：鹿特丹港：投资未来的物流产业

London: Gaining Race to Become China’s New Offshore RMB Center

The Port of Rotterdam: Investing in the Logistics of Tomorrow 2013, Summer China OffshOre

Summer, 2013

Letter From Editor | 编者的话

最近一段时间来，离岸世界可谓风起云涌，重大事件层出不穷。首先是塞浦路斯，这个曾经一度被奉为离岸天堂国度的岛国，正经历着前所未有的危机——信用评级跌至谷底，大量资金一夜间撤离，大量公司倒闭、经济趋于崩溃……我们的封面故事就这一话题进行了深入分析，并采访到了数名业界知情人士，让我们一起来看看，昔日的离岸金融中心是否还值得我们信赖来管理我们的财富。此外，夏季刊的《中国离岸》还将为您奉上一系列的特别报道，作为国际金融中心的伦敦，我们将换一个角度来分析一下，看看它作为人民币的离岸中心，到底能发挥多大作用，另外，又一个引起金融界轰动的事件——离岸世界账户信息泄漏事件，也在本期的特别报道中作了详细说明，大家拭目以待。本期的“独家特刊”栏目给大家带来最新的飞机游艇注册信息，覆盖多个离岸金融属地；我们的独家离岸专栏作者陈崖峰 Jeffrey Chen 律师也将就中国游艇事业的现状、政策与期待阐述他的观点。感谢读者朋友对本刊一直以来的大力支持，坚信我们能一如既往地为您送上最新鲜最权威的业界资讯和独家视点。在关注本杂志的同时，也希望您同时关注《中国离岸》每月月底发送的 Newsletter 时事通讯，让您不错漏任何一件业界大事。主编 Editor in Chief: John Yang

《中国离岸》编辑 John Yang

撰稿人 Contributors: Anas Almasri, Baron Laudermilk, Leo Zhang, Mico M. Lysarian , Shiwei Zhang, Adam Skuse, Andy Toles, Jeffery Chen 美术总监 Art Director: Susan Shen 美术编辑 Designer: Tank Hu 研究员 Researcher: Naomi Wu 营运总监 Director of Operations: Spencer H.Hall 制作总监，亚洲 Production Director, Asia: Oliver Davis 销售总监 Sales Director: Matthew Sumner 客户经理，亚洲 Accounts Managers: Sammi Lin, Victoria Johnson, Pooja Ramchandani, Savannah Shi 销售助理 Sales Assistant: Brad Wang 发行经理 Circulation Manager: Iris Gao

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广告投放 Advertising enquiries 亚洲 Asia: +852 3073 2008 电子邮件 E-mail: sales@chinaoffshore.com.hk

Recently, offshore world has been experiencing great changes. Cyprus,

a previous offshore heaven, now is suffering from unprecedented economic crisis-downgraded credit rating, large fund withdrawal in an overnight,

collapsed economy…, we’ve done deep analysis in our cover story, with interviews and observations from professional insiders. Let’s stay close and

find out, whether Cyprus, the previous offshore finance center, can regain our trust for further wealth management.

Besides, in our summer edition, China Offshore will provide a series of

special reports. As an important international financial center, London has

taken an active role in managing offshore RMB. But what further effects

can it does to wealth preservation? Another blockbusting event that hit the

finance world - offshore account information leakage, was also analyzed and discussed in our special report.

This issue we also brought the latest information regarding airplane

and yacht registration, covering a number of offshore financial centers; our offshore columnist and lawyer, Jeffrey Chen, will share with you his ideas on China's Yacht Industry in terms of the status quo, policies and expectations

Thanks for your continuous cooperation and support. We will continue

providing you with the most authorized industry news and sharing our

unique points of view. Furthermore, we'd like to draw your attention to our monthly China Offshore Highlights Newsletter for all the latest big events.

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

2013, Summer China Offshore

伦敦：离岸人民币新港湾

London: Gaining Race to Become China’s New Offshore RMB Center

特别报道

SPECiAL REPORT

新闻 NEWS 04 全球离岸新闻

封面故事 COvER STORY 16 塞浦路斯经济危机：

Global Offshore News 离岸世界重要资讯

投资还是规避？

All the latest news from across the

Invest in the Country or Avoid It?

offshore world 观点 OPiNiON

06 离岸泄密事件：巨轮沉没还是扬帆起航？

Billions of Dollars Stashed Away in Offshore Centers

Cyprus Economic Crisis: 聚焦 SPOTLiGHT 41 鹿特丹港：投资未来的物流产业特别报道 SPECiAL REPORT 24 伦敦：离岸人民币新港湾

The Port of Rotterdam: Investing in the Logistics of Tomorrow

London: Gaining Race to Become China’s New Offshore RMB Center

Offshore Leaks: Shipwreck or Smooth Sailing?

38 亿万美元遁形离岸金融中心

50 马恩岛：理财珍宝岛 Isle of Man: Gem of Wealth

32 QDII2：中国内地富裕人士

Management

和机构的机会 12 中国企业欧洲投资、并购的离岸公司结构设计 China’s Europe Investment, M&A and Offshore Structuring

Summer, 2013

QDII2: Chances for Wealthy Chinese Individuals and Institutions

54 离岸指南 Offshore Handbook

SUMMER 2013 夏季刊

CONTENTS

ADVERTISER DIRECTORY 广告商目录

Cook Islands FSDA - Inside Front Cover China Offshore Summit - Shanghai 2013 - P11 Allgemeines Treuunternehmen(ATU) - P23 Eldridge Ranger Advertising Limited - P31 Asia Offshore Summit – Bangkok - P37 Civil Aviation Authority of the Cayman Islands Supplement Inside Front Cover Vistra (Malta) Limited - S06-07 China Offshore - Supplement Inside Back Cover Rosemont (Hongkong) Ltd – Supplement Back Cover Bilanz-Data Wirtschaftstreuhand GmbH - P4849 The ILS Group Limited - Inside Back Cover British Virgin Islands IFC - Back Cover

游艇和飞机管理 Private Yacht & Aircraft Management An exclusive supplement of China Offshore magazine

S01 私人飞机 - 飞向成功的翅膀 Offshore Aircraft Ownership A Tool to Success

S08 英属维尔京群岛：让船东放心的避风港 The British Virgin Islands – A Ship-Owner’s Safety Net

S11 观点 / 中国游艇事业：现状、政策与期待 Opinion/ China's Yacht Industry: The Status Quo, Policies and Expectations

2013, Summer China OffshOre

新闻 | NEWS 全球概览 Global update

欧洲 EUROPE

耿西岛 Guernsey

塞浦路斯 Cyprus

耿西岛与卢森堡签署DTA

塞浦路斯议会提高税收

2013年5月中旬，耿西岛与卢森堡签署了DTA。意味着耿西目前已经与八个司法管辖

塞浦路斯议会通过部分关键性的救助法案，包括将10%的公司税提高到12.5%，将

区签订了完整的DTA协议。除了与卢森堡签订的DTA，耿西岛已于多年前与英国签署了

0.04%的信贷机构银行交易税提高到0.05%,将存款利息税由15%提高到30%

DTA，2012年与马耳他，今年早些时候与马恩岛，泽西岛，卡塔尔，新加坡签署协定，甚

塞浦路斯经济政策委员会的主席Christopher Pissarides上个月指出，只要在至少十

至于上个月与香港也签订了协议。

年内，不再提高公司税，他们愿意接受此次针对公司税的提升。总统Nicos

耿西岛财政和资源部部长接受采访时说道，“这在耿西的税务协定网络上是很重要的

des也于近期提出岛国经济复苏举措，提高对企业的公司税优惠可能性。

一个组成，在与香港签署了DTA协定之后，耿西岛证明其已经可以达到国际税务合作的最

议会同时希望下周对不动产税的改革税案进行投票，这是基于1980年的房产价值估

高标准。”耿西岛的所得税部门负责人，Rob Gray称，“这项DTA将创建一个机制，可以

算而做出的相应改革。

减轻与卢森堡有关企业和个人收入的双重征税和交换税务信息。这也意味着,耿西岛的网络

这是塞浦路斯为获得救助而进行的部分新的举措。然后，尽管增加赋税得到了塞浦

协议将继续覆盖大多数欧盟成员国和G20国家。”

路斯反对党的支持，但是其他反对者则认为这些举措并不能支持欧盟援助计划。

除了与像卢森堡这样的国际主要金融中心签署协议，耿西岛也在努力与其他发展中国

4月17日，欧盟委员会签发了一项关于塞浦路斯的声明，指出银行业“较差的风险管

家签署税收信息交换协议，以便帮助这些国家保护其税收收入。财政和资源部部长同时指

理”是此次危机的根源。该声明同时指出，一个塞浦路斯支援小组已经成立，作为此项

出，“耿西岛的税务部门与南部非洲发展共同体有着良好的关系，这其中包括博茨瓦纳和

援助计划施行的一部分。

斯威士兰，均有着超过十几年的联系。经合组织全球论坛强调了与发展中国家进行税务信

该声明也强调了对于“有担保存款清晰度”的必要性，欧元集团和塞浦路斯均强

息交换，帮助他们保护税收收入的重要性。”

调，“有担保存款在欧洲的确是有担保的。”这也表明，建立一个单一监管机制来阻止

Anastasia-

这样的银行业危机发生。

Guernsey signed DTA with Luxembourg In mid May 2013 Guernsey, one of the world’s premier offshore financial centers, signed a Double Taxation Arrangement (DTA) with Luxembourg. This means that Guernsey has now signed “full” DTAs with eight jurisdictions. In addition to the DTA with Luxembourg, the island has had a DTA with the UK for multiple years and has signed DTAs with Malta, in 2012, and earlier this year with Isle of Man, Jersey, Qatar, Singapore and even Hong Kong last month. Treasury and Resources Minister of Guernsey said, “This is an important further component in Guernsey’s network of tax agreements. Following on so closely from the signing of our DTA with Hong, it is further demonstration of Guernsey meeting the highest global standards of international tax co-operation.” Rob Gray, Guernsey’s Director of Income Tax said, “This DTA will create a mechanism for alleviating double taxation and exchanging tax information with Luxembourg relating to both corporate and personal incomes. It also means that Guernsey’s network of agreements continues to cover the majority of EU Member States and G20 countries.” In addition to agreements with major international finance centers such as Luxembourg, Guernsey is continuing to conclude Tax Information Exchange Agreements (TIEAs) with developing economics in order to assist them in protecting their tax revenues. The Treasury and Resources Minister also said, “Guernsey’s tax team has built strong relationships with Southern African Development Community countries, including Botswana and Swaziland, over the past couple of years. The OECD’s Global Forum has emphasized the importance of working with developing countries to share expertise on tax information exchange, thereby helping them to protect their tax revenues.”

Summer, 2013

Cyprus Parliament Raises Taxes The Cyprus Parliament has voted to raise corporation tax by 2.5%, to 12.5%, to increase the bank levy on transactions by credit institutions by 0.04%, creating a new rate of 0.15%, and to double the tax rate collected via the Special Defense Contribution on bank deposit interest and dividends to 30%. The head of Cyprus’s Economic Policy Council, Christopher Pissarides, indicated last month that Cyprus would be willing to accept the rise in corporation tax, so long as it did not rise any further for at least a decade. President Nicos Anastasiades also recently raised the possibility of corporate tax breaks for businesses that reinvest in the island’s economy. Parliament is also expected to vote in favor of a revised tax on immovable property next week, based on a revision of property values last assessed in 1980. The new measures form part of Cyprus’s effort to secure a bailout. However, although the tax hikes received the support of Cyprus’ main opposition party, the opposition has indicated that it will not support the bailout deal itself. On April 17, the European Commission issued a statement about Cyprus, identifying “poor practices of risk management” in the banking sector as being at the root of the crisis. It also explained that a new Support Group for Cyprus was being established as part of the implementation of the adjustment process. The statement also stressed the need for “absolute clarity about secured deposits,” explaining that the Eurogroup and Cyprus had underlined “that secured deposits indeed are secured in Europe.” It further expressed the need for a Single Supervisory Mechanism to prevent the emergence of unsustainable banking sectors.

NEWS | 新闻

亚洲 ASiA

中国 China

新加坡 Singapore

香港与卡塔尔签约税务协定

新加坡新法应对避税行为

2013年5月13日，香港与卡塔尔签署了全面性避免双重征税协定（DTA）。加上卡塔

作为世界第四大离岸金融中心，新加坡政府在2013年5月表示，将配合他国设立新法

尔，香港不断增长的网络的避免双重征税协定合作伙伴总数已经达到了29个。

应对越来越严重的避税行为。

根据新协议，当前7％的利息预扣税率将减少到0%，特许权使用费预扣税率将保持在

由于近来一些国际“节税”中心，例如瑞士等国遭受的大量质疑，新加坡希望籍由和

5％，股息预扣税也仍保持在0%。正如其他避免双重征税协定，该协议将有助香港和卡塔

经济合作发展组织（OECD）签署多边协议，以和他国分享税务信息，达到打击避税行为

尔的公司和投资者有效地评估其跨境业务中潜在的税务负担及未来的免税条约。重新分

的目的。

配征税权，特别是消除利息扣缴率，将长期推动两地的经济贸易联系，并进一步鼓励卡塔

一份由中央银行和新加坡税务局发布的联合声明表示，新加坡内陆国税局可以在不必

尔和香港公司在彼此地方营商投资。协定将待双方完成有关的批准程序后开始生效。在香

获得法庭许可的情况下获取他国公司的银行信息。

港，评定时间在协议生效后的历年4月1日以后的将按照协定实施。在卡塔尔，DTA将对如

新加坡有众多国际大银行的办公室，其准备施行的OECD法规将和现有的所有双边税

下产生效应 “（一）避免双重征税协定生效后的历年1月1日以后缴纳或入账的源头征税金

务协定国家分享银行税务信息，前提是他国也同样和新加坡分享上述信息。

额（二）避免双重征税协定生效后的历年1月1日以后纳税年度内的其他税收”。在2012-

新加坡施行的OECD法规将使其达到税务信息共享国家的数量达到84个，这个数字在

2013财政年度中，税务局（IRD）征收了242亿元港币（31.2亿美元），比去年同期增长了

之前是41个，新加入的国家中还包括巴西和美国。

百分之二。上升主要归因于2011-2012年间健康的经济环境促使企业整体应税利润增加，

新加坡现在正研究通过更为严厉的法规，将在7月1日之前通过该法规指认那些被认为

从而使得利润税收大幅提升。

可以的避税账户，从而达到打击国际避税行为的目的。

Qatar and Hong Kong Sign DTA A comprehensive agreement on the avoidance of double taxation (DTA) between Hong Kong and Qatar was reached on May 13th 2013. With this latest addition, HK’s growing network of DTAs with its partners has reached a total of 29.Under the new DTA the withholding rate on interest, currently at seven percent, will be reduced to zero percent, withholding rate on royalties will be kept at five percent and will also remain the same for dividends at zero percent. As with all DTAs, the agreement is expected to provide companies and investors in both HK and Qatar with a better understanding of their respective tax liabilities and future tax exemptions with respect to cross-border business ties.Reallocating taxing rights, and specifically eliminating the withholding rate on interest, should boost economic and trade relations between the two jurisdictions on the long-term. It will act as an added incentive for HK-based companies to invest and follow business opportunities in Qatar and vice versa. The DTA will only come into force when both jurisdictions finalize their ratification procedures. In Hong Kong, it will be implemented for “any year of assessment beginning on or after April 1st of the calendar year following the year in which the agreement enters into force.” In Qatar the DTA will have effect “(i) with regard to taxes withheld at source, in respect of amounts paid or credited on or after 1 January in the calendar year following the year in which the DTA enters into force; (ii) with regard to other taxes, in respect of taxable years on or after 1 January in the calendar year following the year in which the DTA enters into force.” In the 2012-2013 fiscal year the Inland Revenue Department (IRD) collected some HKD 242 billion ($31.2 billion), a two percent year-on-year increase. The rise was largely attributed to a healthy economic environment for the 2011-2012 period, which led to an increase in overall assessable profits for businesses and in turn led to a spike in profit taxes.

Singapore to Focus on Complying with Cooperating on Tax Evasion Singapore, the nation with the highest GDP per capita in the world, and which maintains the status of the world’s fourth largest offshore financial center, said in mid May 2013, that it will adopt new measures to make it easier to share information on potential tax evaders with other countries. Since Singapore is keen to avoid the spotlight after Switzerland and other tax friendly centers have been heavily criticized by the media recently, the Southeast Asian city-state said that it will sign up to the Organization for Economic Cooperation and Developments (OECD) multilateral treaty on sharing tax details. A joint statement by the central bank and the tax authority said that the tax office, the Inland Revenue Authority of Singapore, will not need a court order to acquire information from banks and trust companies by foreign governments. Singapore, which has offices of some of the world’s largest banks, will adopt the OECD standards on information sharing in all of its existing bilateral tax agreements that do not already have them, as long as the other state does the same. Once Singapore puts this OECD measures in place, it will meet the international standards on tax information sharing with up to 84 different jurisdictions, up from the current of 41. Those new countries now include Brazil and the U.S. Singapore has also recently been implementing stricter rules that push financial institutions to identify accounts that they believe could hold fraudulent or willful tax evasion, and to close them by July 1. After July 1st 2013, handling the proceeds of tax evasion will be a criminal offense due to Singapore’s new anti-money laundering law.

2013, Summer China OffshOre

观点 | Opinion CHINA OFFSHORE

离岸泄密事件：巨轮沉没还是扬帆起航？ Offshore Leaks: Shipwreck or Smooth Sailing?

今

年年初，离岸金融中心由于海量信息的泄漏而饱受攻击。2013 年 4 月，调查记者国际联盟（ICIJ）发布的一

份显示，发现有 250 万份文件泄露了离岸行业的秘密。该组织的总部设在华盛顿特区，它是公共诚信中心的一部分，包括来自超过 40 个国家的记者，在发布结果前对文件进行了为期一年的分析。这些文件披露的机密包括：（1）菲律宾前总统费迪南德·马科斯的长女是一个离岸信托的受益人，这个信托正在由于试图恢复马科斯家族所窃取的财富而接受调查；（2）蒙古的副议长建立了一家离岸公司以及一个价值百万美元的瑞士帐户，这使得他承认有“道德问题”并且下台。现在，让我们来看看离岸金融中心的实用性，以及调查记者国际联盟的这份报告在未来几个月

Andy Toles 图安迪 Ellis, Li & McKinstry Law Firm

和几年内可能造成的影响。

Lawyer/ 律师

凳子的三条腿

atoles@elmlaw.com

发生的奇迹有着重要的影响。日本从二战后

已故现代管理之父彼得·德鲁克对日本经济

图先生是西雅图 Ellis, Li & Mckinstry 律师事务所的合伙人。他专长于为拥有高资产净值的富裕人士提供信托，地产和商务规划以及慈善捐助的多面复杂的战略咨询。他是国际慈善顾问协会的中国代表，在全球推广慈善活动。

的战败国发展成为了全球第三大的经济体。

Mr. Toles, partner in the Seattle law firm of Ellis, Li & McKinstry, specializes in trusts, estate and business planning, and complex charitable giving strategies for wealthy individuals. He is China Representative for the International Association of Advisors in Philanthropy, promoting generosity globally.

门，全国性、区域性和地方的机构做政府的

Summer, 2013

德鲁克的思想远远超出了管理范畴。他一生有 39 本著作，描绘了如何创建一个功能完备的“新社会”。他认为，这个社会需要三种类型的组织：公共部门、私营部门和社会部门。在公共部工作。在私营部门，在逐利的市场经济环境下，企业通过自愿交换来满足公民的需求和要求。社会部门被德鲁克称为“第三部门”，由于公共或私营部门无法充分满足公民的健康和福利需求，因此非营利组织将承担起这方面的工作。他把这些部门想象成凳子的三条腿子。每个部门都必须是有效而强大的，

ffshore financial centers have been torpedoed this year by news of massive information leaks. In April, 2013 the International Consortium of Investigative Journalists (ICIJ) reported that it unearthed 2.5 million documents exposing secrets from the offshore world. The ICIJ, based in Washington, D.C. and part of the Center for Public Integrity, is a group of journalists from more than 40 countries who analyzed documents for a year before revealing their discoveries. Among them were: (1) that the eldest daughter of Ferdinand Marcos, former President of the Philippines, is a beneficiary of an offshore trust now being investigated for the purpose of recovering wealth stolen by the Marcos family; and (2) that Mongolia's Deputy Speaker set up an offshore company and a milliondollar Swiss bank account, a disclosure that led to his confession of an "ethics failure" and dismissal. Now let’s examine the usefulness of offshore centers and the likely impact of the ICIJ story in the coming months and years.

Three Legs of a Stool The late Peter Drucker, the father of modern-day management, was a leading influence in the economic miracle of Japan that witnessed a nation shattered by World War II become the world's third largest economy. Drucker's mind extended well beyond management principles.

观点 | Opinion CHINA OFFSHORE

这样才能够让全社会享受健康，和平和繁荣。在这个环境下，离岸金融中心合适的位置在哪里？离岸意味着什么？在字面意义上，“离岸”指的是自己居住地以外的司法管辖区。由于税收一直与居住地紧密相连，因此人们通常会希望将自己的财富移至国外，来避免或减轻税收负担。最早以吸引外国资本而出名的现代国家是一战后的瑞士，这主要得益于该国的银行隐私法。在接下来的一个世纪中，许多离岸目的地展开了竞争，而过去的 20 年中这里出现了大量的新加入者。离岸司法管辖区通常被媒体称为“避税天堂”。而离岸金融中心似乎更喜欢“国际金融中心”这个称谓，尤其是与“避税天堂” 相比。它们认为“避税天堂”的说法是不公平的，拥有负面的意思。虽然国际金融中心的称谓可能会改善这些地区的公众形象，这可能会给不知情的人带来困惑，他们会认为国际金融中心等同于纽约、伦敦和上海。在通常情况下，这种看法是不正确的。不可否认的是，国际金融中心是很难界定的。在岸和离岸之间的界线也越来越模糊。然而，目前对全球最热门的国际金融中心的身份有着一个普遍的共识。他们包括英属维

Author of 39 books, he wrote on how to create a "new society" that functions well. He believed three kinds of organizations were required: public sector, private sector and social sector. In the public sector national, regional and local bodies do the work of government. In the private sector businesses meet the needs and wants of citizens through voluntary exchanges in a profit-driven market economy. In the social sector, what Drucker dubbed the "third sector," the health and welfare needs of the citizens not fully met by the public or private sectors are served by nonprofit organizations. He pictured these sectors as three legs of a stool. Each must be effective and strong for the whole society to enjoy health, peace and prosperity. Where do offshore centers fit in this picture? What Does Offshore Mean? In the literal sense "offshore" refers to a jurisdiction other than one's own residence. Because taxation has for ages

been linked to residency, historically there has been an incentive to move wealth outside of one's own country to avoid or reduce the tax burden. The first modern example of a nation that developed a reputation for attracting foreign capital was Switzerland in the wake of World War I, fueled in part by its privacy laws in banking. The century that followed gave rise to a number of competing offshore jurisdictions, culminating in a boom of new entrants during the last 20 years. Offshore jurisdictions are often called "tax havens" by the press. Offshore financial centers appear to prefer the name "international financial centers" (IFCs), especially in comparison to the term "tax havens," which they view as unfairly negative. While the name "IFC" may be an improvement from a public image standpoint, it undoubtedly creates confusion for the uninformed citizen who might assume that IFCs include New York City, London and Shanghai. Usually, that assumption would be incorrect.

尔京群岛（BVI）、开曼群岛、海峡群岛、巴哈马、百慕大、瑞士、新加坡和香港。税收正义网络是一个对国际金融中心持批评态度的组织，它估计国际金融中心拥有高达 32 万亿美元的金融资产。这相当于美国所有家庭财富的一半以上，是中国的两倍。国际金融中心的使用者还包括了许多世界上最知名的品牌，如苹果、可口可乐和微软。虽然大多数人可能没有真正地理解国际金融中心，但是这些相对较小的司法管辖区对今天的世界具有深远的意义。国际金融中心的巨大好处大家很少能够从新闻媒体获得这样一个信息：那就是真实地描述国际金融中心对全球经济发展带来的巨大好处，特别是对发展中国家。例如，中国发动了人类历史上消灭贫困最为成功的战争。自从毛主席逝世后，中国对境外投

今年，离岸世界变得波涛汹涌。但国际金融公司这艘大船（IFC）仍然强大而富有弹性。目前它正在航行在正确的位置上。它正在稳步地驶向平静的海面。

The offshore waters have been choppy this year. But the IFC ship is resilient and powerful. It has its compass bearings set right. And it's moving steadily toward calmer seas ahead.

资者的开放被视为提高生活水平的关键因素。

2013, Summer China Offshore

观点 | Opinion CHINA OFFSHORE

世界银行说：“外商直接投资仍然与贫困作斗争的最重要的工具之一。” （Klein, Aaron 和 Hadjimichael: 2001）内地的外资主要来自香港和英属维尔京群岛。根据 2010 年世界银行发布的报告，在过去十年中，中国的外商直接投资占所有发展中国家外商直接投资的五分之一。毫无疑问，中国与国际金融中心之间的良好关系帮助其吸引了大量的资本。随着私人部门的发展开始转向发展中市场，国际金融中心成为了必要的润滑剂。新兴市场通常缺乏获得资本的必要元素：（1）政治稳定（2）有健全独立的法律和监管框架以及（3）一流的金融、法律和会计服务。国际金融中心能够提供这些元素以及税务中立的平台。虽然税收优惠政策帮助国际金融中心实现了早期发展，但是相对于其他优势而言，税务优惠的重要性正在降低。因此，我们看到，作为德鲁克板凳的一条腿，私营部门在很大程度上依赖于国际金融中心来建立和维持有效的市场。国际金融中心同样也为公共部门提供服务。对那些认为良好的政府等同于大型的政府的人来说，他们可能会不同意这个看法。随着我们世界信息化程度的加深，国际金融中心可以让人们和资本选择他们的司法管辖地、限制公共部门的垄断力量以及促进政府之间的竞争。可以说，那些实行最公平和有效管理的政府将能够在最大程度上吸引着投资者、企业和财富。换句话说，国际金融中心能够制衡公共部门过度膨胀的增长。即使在第三部门（民间社会），国际金融中心也显示出了自己的价值。《中国离岸》 2013 年春季刊的封面故事概括了建立在国际金融中心的基金会的吸引力。随着公益创投走向全球，国际金融中心成为了理想的仓库，特别是对发展中地区的慈善家来说。大多数人最终打算计划支持本土的慈善事业。然而，面对国内经济或政治的不确定性，他们更愿意使用国际金融中心所提供的复杂金融市场和财富安全性来管理他们的慈善账户。国际金融中心也能够为以盈利为目的的社会企业提供工具，这些企业的利润都会被用于社会福利，而不是分配给私人投资者，在中国和其他新兴市场，国际金融中心有助于板凳的第三条腿在未来的某一天拥有与公共和私营部门相匹配的实力和效益。

Summer, 2013

Admittedly, IFCs are difficult to define. The lines between onshore and offshore are increasingly blurry. Nevertheless, there is a general consensus on the identity of the world's most popular IFCs. The list includes the British Virgin Islands (BVI), Cayman Islands, Channel Islands, Bahamas, Bermuda, Switzerland, Singapore and Hong Kong. One organization critical of IFCs, the Tax Justice Network, estimates that IFCs hold as much as US$32 trillion in financial assets. That is more than half of all household wealth in the U.S. and double that of China. IFCs are also employed by many of the world's most famous brands like Apple, CocaCola and Microsoft. Though most people may have no real understanding of IFCs, these relatively small jurisdictions have profound significance in today's world.

The Extraordinary Benefits of IFCs What the general public rarely receives from the news media is an honest portrayal of the substantial benefits that IFCs bring to the global economy, developing countries in particular. China, for example, has waged the most successful war on poverty in human history. Since the death of Chairman Mao the welcome extended to foreign investors by the Middle Kingdom is seen as the key factor in raising living standards. The World Bank says that "foreign direct investment remains one of the most important tools in the fight against poverty." (Klein, Aaron and Hadjimichael: 2001) Foreign capital deployed in the mainland came predominantly from Hong Kong and the BVI. According to a 2010 World Bank report, China attracted one fifth of the foreign direct investment made to all developing countries during the last decade. No doubt China's comfort with IFCs contributed to this remarkable attraction of capital.

As the gears of the private sector begin to turn in developing markets, IFCs are the necessary lubricant. Emerging markets often lack essential ingredients to access capital: (1) political stability, (2) a sound and independent legal and regulatory framework, and (3) first-class financial, legal and accounting services. IFCs offer these essentials plus a taxneutral platform. While tax incentives may have caused much of the early growth in IFCs, tax benefits have and will continue to diminish in importance relative to these other advantages. Thus, we see that one leg of Drucker's stool, the private sector, depends heavily on IFCs to build and sustain efficient markets. IFCs also serve the interests of the public sector. Those who equate good government with big government may disagree. In our mobile, instantly informed world, IFCs empower citizens and capital to choose their jurisdiction, limiting the monopoly power of the public sector and creating competition among governments. Arguably, those governments that govern most fairly and efficiently do best in attracting people, businesses and wealth. In other words, IFCs are a check on unwarranted growth in the public sector. Even in the third sector – civil society – IFCs display their worth. The cover story from the Spring 2013 issue of China Offshore outlines the appeal of IFC-based foundations. As venture philanthropy goes global, IFCs become ideal storehouses, especially for philanthropists in developing regions. Most plan to support causes within their own homelands eventually. Yet, in the face of domestic economic or political uncertainty, they prefer access to sophisticated financial markets and the wealth safety of IFCs for their charitable accounts. IFCs also supply tools for social ventures where businesses are run for profit, and profits

观点 | Opinion CHINA OFFSHORE

避税与逃税对国际金融中心最常见的指责是它们包庇偷税的行为。在过去，这是真实的，而滥用的情况仍然存在。金融犯罪是人类生存环境的一部分，不仅限于离岸世界。虽然并不总是很清晰，重要的是要认识到通过适当的规划进行合法避税与非法逃税之间的区别。鉴于国际税收环境最近的趋势，那些容忍逃税和刑事滥用行为的国际金融中心将在国际市场中无容身之地。相反，那些致力于满足税务和监管合规标准的国际金融中心将蓬勃发展并且成为行业的领导者。国际金融中心同样被指责威胁的企业所得税收入。有些人认为，通过使用国际金融中心进行合法避税将推动各国的企业税率一路走低，展开一场让人绝望的“比谁最低” 的比赛。持有这种观点的包括欧盟的经济合作与发展组织（OECD）。关于荷兰“信箱公司”和瑞士“知识产权盒子”的相关报道也催生了这样的担忧。不过，经合组织和其他团体仍然在对低税司法管辖区施加压力，希望它们进行协作和合作，而不是在同一个家

are devoted not to private investors but to social welfare. In China and in other emerging markets, IFCs will help enable the third leg of the stool to one day match the public and private sectors in strength and effectiveness. Tax Avoidance and Evasion The most common charge leveled against IFCs is that they harbor tax cheats. This was true in the past, and abuses still persist. Financial crimes are part of the human condition and not confined to the offshore world. Though not always apparent, it is important to recognize the distinction between legitimate tax avoidance by proper planning versus unlawful tax evasion. Because of recent trends in the international tax environment, IFCs that countenance tax

evasion and criminal abuses will find themselves without a seat in the global marketplace. Instead, it will be IFCs that are committed to tax and regulatory compliance that will prosper and lead the industry. IFCs are also accused of threatening the world's corporate tax revenues. Some argue that legitimate tax avoidance by use of IFCs will drive the nations' corporate tax rates down in a desperate "race to the bottom." This viewpoint is championed by the European Union's Organisation for Economic Co-operation and Development (OECD). Reports of "letterbox companies" in the Netherlands and "IP boxes" in Switzerland breed such fears. Still, the OECD and other groups are exerting pressure on low tax jurisdictions to collaborate and cooperate rather than

族内采取相互竞争的税收政策。保密性和透明度对国际金融中心作为严厉的批评是其与全球恐怖主义、洗钱、贩毒或其他形式的腐败之间的联系。在过去的十年中，恐怖主义所带来的威胁让各国的政治意愿从保护隐私权利转移到了提升财务透明度。经合组织的税务信息透明和交换全球论坛已经成功地让各国广泛地接受了税收信息交换协议。2010 年，美国通过了海外账户税收遵从法（FATCA），旨在阻止美国海外侨民的逃税行为。根据《巴哈马群岛新闻》的报道，该国的财政部长认为 FATCA“是如今国际金融服务行业面临的最重要的事情。”他补充说：“全球的趋势已经转移到对全球透明度的期望。”如果没有信息时代的来临，FATCA 和其他信息报告结构将是不可行的。过去，隐私帮助人们将邪恶的做法隐藏在阴暗的角落，而这个时代即将结束。虽然大部分的透明度规定旨在提高税收合规性，他们必将会给恐怖分子和洗钱者带来困难。然而，新的监管标准如果希望获得良好的结果，国际金融中心必须在合规性方面保持警

根据 2010 年世界银行发布的报告，在过去十年中，中国的外商直接投资占所有发展中国家外商直接投资的五分之一。毫无疑问，中国与国际金融中心之间的良好关系帮助其吸引了大量的资本。

According to a 2010 World Bank report, China attracted one fifth of the foreign direct investment made to all developing countries during the last decade. No doubt China's comfort with IFCs contributed to this remarkable attraction of capital.

2013, Summer China Offshore

观点 | OPiNiON CHINA OFFSHORE

compete on tax policy among the family of nations.

惕。包括格里菲斯大学的贾森·沙曼在内的三位教授在 2012 年发布的一项研究结果表明，通过“了解你的客户”的反洗钱标准来防止匿名空壳公司被滥用只是“修修补补”，而这个透明的体系已经“被破坏”。为了给国际金融中心做出辩护，这项研究指出国际金融中心的表现要优于在岸金融中心，特别是（具有讽刺意味的）美国。即便如此，国际金融中心之间的监管合规必须做得更好。公众形象和国际金融中心的未来毫无疑问，今年离岸世界的信息泄露和塞浦路斯的银行业危机已经危害到了国际金融中心的公众形象。无论如何，调查记者国际联盟窥探到了 12 万家离岸公司和信托背后的信息。即使这样做是非法的，并且违反了保密义务，这些信息泄漏能够为国际金融中心带来积极的长期结果。首先，这种关注将进一步推动国际金融中心采取并且保持更为严格的税务及其他监管报告标准。这个行业将继续发展和成熟，甚至更为迅速。其次，对那些考虑使用国际金融中心来进一步实施腐败计划的人来说，他们应该了解到这里的透明度将比以往任何时候都更大。第三，国际金融中心的这种负面发展实际上是提供了一个平台，让大家能够更好地了解全球性的离岸市场，并且能够反驳对手对国际金融中心的诋毁。其中做得最好的是英属维尔京群岛的埃莉斯·多诺万，她表示：“我们认为这是一个机会，让一切走入正轨，并且展示包括英属维尔京群岛在内的离岸中心在维持稳定和有效全球经济环境中所扮演的合规和关键的角色。”（2013 年 4 月英属维尔京群岛国际金融公司通讯）今年，离岸世界变得波涛汹涌。但国际金融公司这艘大船（IFC）仍然强大而富有弹性。目前它正在航行在正确的位置上。它正在稳步地驶向平静的海面。

Summer, 2013

Secrecy and Transparency The most serious claim facing IFCs relates to any involvement with global terrorism, money laundering, drug trafficking or other forms of corruption. Over the past decade, the threat of further acts of terrorism has turned the political will in favor of financial transparency in lieu of privacy rights. The OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes has successfully promoted the widespread acceptance of Tax Information Exchange Agreements (TIEAs). In 2010 the U.S. adopted the Foreign Account Tax Compliance Act (FATCA) to stem the flow of tax evasion by U.S. citizens living abroad. According to Bahamas Islands Info, their Minister of Finance calls FATCA the "most significant matter facing the international financial services industry today." He adds: "The global paradigm is shifting to an expectation of transparency globally." Without the advent of the Information Age in this generation, FATCA and other information reporting structures would not be feasible. The era of secrecy that hides evil practices in dark corners of the world is coming to an end. Though most of the transparency provisions are aimed at improving tax compliance, they will surely make life more difficult for would-be terrorists and money launderers. But for the new regulatory standards to produce solid results, IFCs must be vigilant in compliance. A 2012 research study by three professors, including Jason Sharman of Griffith University, suggests that compliance with “know your customer” anti-money laundering standards fashioned to prevent the use of anonymous

shell companies is "patchy," and the transparency system is "compromised." In defense of IFCs the study points out that they outperform their onshore counterparts, especially (and ironically) the United States. Even so, regulatory observance among IFCs must and will get better.

Public Image and the Future of IFCs Without question, the public image of IFCs has suffered this year from news of offshore leaks and the banking crisis in Cyprus. Somehow the ICIJ peeked behind the curtains of 120,000 offshore companies and trusts. Even though this was done illicitly and in violation of obligations of confidentiality, these leaks should produce positive long-term results for IFCs. First, this attention will further motivate IFCs to adopt, and adhere to, even stricter standards of tax and other regulatory reporting requirements. This industry will continue to develop and mature, now even more quickly. Second, anyone considering using IFCs to further their corrupt schemes is now on notice that the light of transparency will shine brighter than ever. Third, this unwelcome development for IFCs actually provides a platform for them to educate the public about the global marketplace and refute the caricatures of IFCs painted by their opponents. Among the best at doing so is the BVI's Elise Donovan, who said, "We see it as an opportunity to put the record straight and present the facts on the legitimate and vital role centres like the BVI play in maintaining a stable and efficient global economy." (BVI IFC Newsletter April 2013) The offshore waters have been choppy this year. But the IFC ship is resilient and powerful. It has its compass bearings set right. And it's moving steadily toward calmer seas ahead.

2013, Summer China Offshore

观点 | Opinion CHINA OFFSHORE

中国企业欧洲投资、并购的离岸公司结构设计 China’s Europe investment, M&A and Offshore Structuring

随

着中国政府 “走出去”政策的实施，越来越多的中国企业进行了跨国并购活动。目前的并购的热点地

区和企业主要集中在澳洲、非洲和美国等区域。然而欧洲作为世界机械、电信、新能源以及金融企业的传统重镇，由于传统上未受并购方看重，因此其资产价格比较合理，因此，中国企业在欧洲的并购活动在初期较为低调。因此，在欧债危机的背景下，中国企业对欧洲企业的并购活动日益活跃，欧洲已成为中国企业海外并购的一个热点区域。（一）卢森堡控股公司在中联重科并购意大利 CIFA 公司中的运用 2008 年 7 月 10 日中联重科披露的交易公告中显示，该公司将与共同投资方弘毅投资（中联重科第二大股东佳卓集团的关联公司）、

张诗伟 Shiwei Zhang 国枫凯文律师事务所

Grandfield Law Offices

合伙人 Partner

曼达林基金和高盛集团合计出资 2.71 亿欧元收购意大利 Compagnia Italiana Forme Acciaio S.p.A.（简称 CIFA 公司）100% 股权。其中，中联重科通过境外公司间接收购 60% 股权。报告书披露的收购方式显示，

新浪微博：@ 张诗伟律师；http://weibo.com/civilaw E-mail: zhangshiwei@grandwaylaw.com

中联重科通过中联香港控股公司设立的香港

自 1999 年开始从事律师工作，主要从事境内外改制上市、私募、（跨国）并购以及与此相关的争议解决方面的法律业务，是中国跨境投融资方面的顶级专家。代表作有《离岸公司法》等。

立香港特殊目的公司 B（其中香港特殊目的

Mr. Zhang’s principal areas of focus are corporate reorganization, restructuring, onshore and offshore IPO, private placement, cross-border M&A and related dispute settlement. He is an elite expert in the field of cross-border investment and financing Representative books include "Offshore Corporate Law" etc..

Summer, 2013

特殊目的公司 A，与共同投资方共同出资设公司 A 持股 60%）。香港特殊目的公司 B 将于卢森堡设立一家全资子公司卢森堡控股公司 C，卢森堡控股公司 C 再在卢森堡设立另外一家全资子公司卢森堡控股公司 D。D 公司将于意大利全资设立一家意大利特殊目的公司，并由该特殊目的公司收购 CIFA 100% 股权。在上述操作完成后，意大利特殊目的公司 D 和 CIFA 将进行合并。其具体结构如图 A 所示。

ith the implementation of "going out" policy by Chinese government, more and more enterprises are undergoing cross-border M & A activities. The current M & A hot spot areas are mainly concentrated in regions such as Australia, Africa and the United States. However, with their core strength on machinery, telecommunications, new energy, and financial institutions, Europe was not much taken into account by traditional M & A outlook, so its asset prices are more reasonable. Therefore, merging and acquisitions of Chinese enterprises in Europe were somewhat low-key at an early stage. Stimulated by European debt crisis, M & A are becoming more active toward European companies; Europe has now become another hot spot.

(A)Operation of Luxembourg holding Company in Zoomlion Merging CIFA Italy in July 2008, Zoomlion revealed from its disclosed transaction announcement that the company would jointly invest total amount of € 271 million in buying out Italian Compagnia Italiana Forme Acciaio S.p.A (CIFA). Partnered along with Fang Hongyi Investment (Zoomlion’s second largest shareholder Jia Zhuo Group affiliates), Mandarin Capital and Goldman Sachs Group, Zoomlion indirectly

CHINA OFFSHORE Opinion | 观点

由图可见，本次并购的一个关键与核心正在于卢森堡控股公司（SOPARFI）。卢森堡控股公司在中国企业欧洲投资、并购结构中的价值所在。卢森堡 SOPARFI 控股公司没有特殊的公司形式，但最常用的公司类型为“股份有限公司” （SA）或“有限责任公司” （SARL）。这类控股公司在公司结构治理、行政管理、财务和税收规划等方面都非常有优势。主要如下： ·受益于广泛的税收协定网络 ·适用于欧盟税收优惠待遇指令 ·预提税优惠：对分配给股东的利润免征预提税 ·股息预提税：

( 适用于某些特定情况 ) ·资本利得预提税：

acquired 60% stake of CIFA through an offshore company. The acquisition report disclosed that, Zoomlion jointly funded a special purpose company B through another special purpose company A (both in Hong Kong) established by its holding company in Hong Kong, in which company A holds 60% company B’s stake. Company B set up a wholly-owned subsidiary company C in Luxembourg. Company C established another of its subsidiary company D, also in Luxembourg. Company D then opened a wholly-owned special purpose company in Italy, which purchased 100% equity of CIFA in acquisition, the Italian special purpose company then merged with CIFA

after the operation was complete. The process is showing as Chart A. Seen from the above, core key to this acquisition is the Luxembourg holding company (SOPARFI). Value of investment structure and M & A activities in Europe through Luxembourg holding company SOPARFI has no particular corporate form, but the most common types are company Co., Ltd. (SA) or limited liability company (SARL). Such holding companies are advantageous in corporate structure management, administration and financial as well as tax planning. Mainly as follows: · Benefit from extensive tax treaty network

图A

中联重科 - 中国大陆 Zoomlion Co. Ltd. Mainland China

Chart

中国大陆 Mainland China

100%

香港 Hong Kong

中联重科香港控股公司 Zoomlion HK Holding Co. Ltd.

Mandarin 资本 Mandarin Capital

100%

香港特殊目的公司 A HK SPV A 无企业所得税 No Corporation Tax 无预提税

No Withholding Tax

无企业所得税 No Corporation Tax 无预提税

No Withholding Tax

60%

Honey 资本 Honey Capital

高盛投资公司 Goldman Sachs

100% 香港特殊目的公司 B HK SPV B

香港 Hong Kong

100%

欧盟 European Union

卢森堡控股公司 C Luxembourg Holding Co. C

100%

意大利特殊目的公司 D Italian SPV D

100%

CIFA

2013, Summer China Offshore

观点 | Opinion CHINA OFFSHORE

( 适用于某些特定情况 ) ·特许权使用费预提税：

·清算所得预提税：

·易于开办港——卢森堡双边税收协定》，当卢森堡公免交或交纳较低税率的预提税。应用到前面提到的中联重科并购结构中，我们可以清晰的看到，当意大利特殊目的公司和 CIFA 完

三一德国

中信产业基金香港

Sany Germany

Citic Hong Kong

子公司所有支付给股东的股息、红利、特许权使用费将直接上缴给卢森堡公司。根据欧盟颁布的母子公司指令和利息与特许权使用费指令，一旦 SOPARFI 公司控制了子公司超过 10% 的股份，SOPARFI 公司从子公司处获取的股息、红利和特许权使用费则无须纳税。由此可见，合理利用卢森堡控股结构对于大大节省中国企业的海外投

10%

离岸 Offshore 在岸 Onshore

间接控股

CIFA100% 股权的控股母公司。此后意大利

90% Indirect Holding

成合并之后，卢森堡控股公司将成为控制

Chart

Portsmouth Meister Holdings, Germany

而且，根据 2007 年 11 月签订的《香司向香港公司支付股息、利润或版税时，可

图B

德国普茨迈斯特

三一重工 Sany Heavy Industry

资成本的重要性。而且，卢森堡一向以政治、社会和经济稳定、法律框架清晰完善，政府机构民主高效而举世闻名。因此，当我们看到卢森堡成为全球最大的钢铁企业——阿塞洛·米塔尔 (Arcelor Mittal)、英美烟草（British American Tobacco)、eBay、Skype 的控股公司以及微软的欧洲控股公司以及欧洲投资银行、欧洲货币基金组织、国际清算银行、苏格兰皇家银行等等众多的国际著名金融机构所在地时，当不必惊讶。（二）三一重工收购德国普茨迈斯特控股有限公司的比利时控股公司设计欧债危机中，中国对德投资不降反升，在 2011 年已首度超过美国，成为在德国投资项目最多的国家。根据德国联邦外贸与投资署的数据，2011 年，中国在德国投资项目累计达 158 个，超过美国的 110 个。而安永在 2012 年对中国大中型公司的一份调研报告称，德国是不少中国企业海外投资、投资的首选之地，已在欧洲投资的中国企业中，有 63% 选择了德国。其所看重的主要为德国在研发领域的传统优势和持续投入，以及双元制教育体系下培养出的高素质技工，德

Summer, 2013

· Entitle to EU preferential tax treatment · Withholding tax concessions: exemption from withholding tax on profits distributed to shareholders · Dividend withholding tax: 0% (in certain circumstances) · Capital gains withholding tax: 0% (in certain circumstances) · Royalty withholding tax: 0% · Income liquidation withholding tax: 0% · Easy to operate According to “Hong Kong Luxembourg Double Tax Agreement” signed in November 2007, Luxembourg companies may be exempt or pay a lower rate of withholding tax when paying dividends, profits or royalty fees. Applied to previously mentioned Zoomlion’s M & A procedure, we can clearly see that after CIFA’s merging with Italian special purpose company, the Luxembourg holding company will become the parent company with 100% stake of CIFA. Therefore, all dividends, bonus and

royalties paid to shareholders by the Italian subsidiary will directly go to their Luxembourg holding company. According to EU Parent-Subsidiary, Interest and Royalties Directive, when SOPARFI holds more than 10% shares of a subsidiary, its dividends, bonus and royalties receiving from the subsidiary are not subject to tax. That being said, it is important for Chinese enterprises to take advantage of this kind of structure for significant cost saving when it comes to overseas investment. Moreover, Luxembourg has always been renowned for its political, social and economic stability, implicit legal framework, and its democratic and efficient government institutions. Therefore, it is not surprising when we see Luxembourg contains holding companies of the world's largest iron and steel enterprises - Arcelor Mittal (Arcelor Mittal), BAT (British American Tobacco), eBay, Skype's, Microsoft Europe, and the European Investment Bank, European

CHINA OFFSHORE OPiNiON | 观点

国制造某种程度上已成为世界品质的保证。三一重工正是在此背景下在沈阳机床并购德国希斯股份公司的八年以后进行了对其“德国老师”、机械巨头普茨迈斯特的收购。根据三一重工的相关公告，三一重工及中信产业投资基金（香港）顾问有限公司与德国普茨迈斯特控股有限公司的股东 Karl Schlecht Stiftung 和 Karl Schlecht Familienstiftung 收购交割完成后，三一重工之间接控股子公司三一德国有限公司持有其 90％股权，中信产业投资基金（香港）顾问有限公司持有其 10％股权。（如图 B）从本项目现有公告尚无法判断三一重工与三一德国存在几层架构，但从三一重工 H 股上市招股章程看，三一德国应为三一重工通过三一国际发展有限公司再通过其子公司三一比利时控股公司在德国设立的子公司。事实上，比利时凭借其得天独厚的欧洲中央地理位置，与所有欧洲及国际大企业总部联系便捷，以及高素质专业人才成功地吸引了许多国际大公司在此设立其欧洲营运总部、服务中心物流中心或研发中心。而且，和中国与卢森堡双方、香港与卢森堡签订有避免双重征税和防止偷漏税的协定一样，中国与比利时、香港与比利时也有同样的协定从而使得比利时在相关税收方面制度优势并不输于卢森堡。综上，我们的建议是，在中国企业对欧洲企业进行投资、并购活动，原则上应考虑具体项目的需要设计以卢森堡控股公司或比利时控股公司等离岸公司为中心，同时辅以香港中间控股公司的复合结构从而最大程度节省相关税收并隔离相关投资风险。

Monetary Fund, Bank for International Settlements, Scotland Royal Bank and so many other well-known international financial institutions.

(B) Procedure of SANY Acquiring Germany's Putzmeister Holding Limited through Belgian Holding Company Chinese capital investment in Germany surprisingly increased in 2011 during European debt crisis, surpassing the U.S. for the first time in terms of investment projects. According to the data from German Federal Ministry of Foreign Trade and Investment Agency, Chinese investment projects in Germany amounted to 158 in 2011, 110 more than that of the United States. According to a research report about China's large and medium-sized companies from Ernst & Young in 2012, Germany is the first choice for many Chinese enterprises when considering overseas investment. Among all the investment in Europe from Chinese companies, 63% of those happen in Germany. Germany is most valued for their traditional advantages in research and development, continued investment, and highly trained and qualified technicians hatching from dual education system; “made in Germany” to some extent has become a global quality assurance. For reasons discussed above, SANY Heavy Industry started the acquisition of “German Teacher” and machinery giant Putzmeister eight years after Shenyang Machine Tool merging Schiess AG. According to SANY announcement, upon the completion of acquiring Germany Putzmeister Holding Co., Ltd through its shareholders Karl Schlecht Stiftung and the Karl Schlecht along

with CITIC Industrial Investment Fund (Hongkong) Co. Ltd., SANY Germany Co., Ltd.- indirect holding subsidiary company of SANY Heavy holds 90% stake while CITIC holds the other 10%. (Showed in Chart B) Although it is hard to tell how many layers SANY Heavy and SANY Germany has from existing announcement of the project, according to their H-share listing, SANY Germany already set up another subsidiary for SANY Heavy in Germany through SANY International Development Co., Ltd. and then through its subsidiaries SANY Belgian holding company. In fact, because of its unique central location in Europe, it is quick and efficient for companies in Belgium to reach all European and international corporate headquarters. Along with all the highly qualified professionals, Belgium has successfully attracted many large international companies in setting up their European operational headquarters, service centers, logistics centers or R & D center. Just like China and Hong Kong has signed agreement with Luxembourg on double taxation avoidance and smuggling prevention, they also have the same agreements with Belgian so that its tax advantage is comparable to that of Luxembourg. In summary, when making investment and acquisitions with European companies, our suggestion is that Chinese companies should take advantage of Luxembourg/ Belgium holding company structure and supplementing by Hong Kong intermediate holding company according to their specific needs for a particular project, in order to reduce investment risk and maximize related taxes savings as a result. 2013, Summer China OffshOre

封面故事 | COvER STORY

塞浦路斯经济危机：投资还是规避？ Cyprus Economic Crisis: invest in the Country or Avoid it? By Baron Laudermilk

Summer 2013 Summer,

Cover STORY | 封面故事

塞

照片提供 Photo by Zap Photos

浦路斯是否仍然是一个低税的商业金融中心，它在未来是否能够保持这个地位 ?

近来时有新闻报道，塞浦路斯的经济出现了崩溃，投资者可能在未来的许多年里都不再会信任这个国家。该国的第二大银行正在解体，政府已要求欧盟采取一项重大的干预措施。而评级机构穆迪公司于 2012 年 3 月将塞浦路斯的信用评级下调至垃圾级。大多数投资者正在迅速地将资本抽离塞浦路斯。但是偏好风险的投资者对塞浦路斯的经济危机感到困惑和迷茫。在塞浦路斯投资是一个千载难逢的机会？还是目前应该撤离这个国家，在其它地方寻找机会？风险和机遇毫无疑问，经济和金融分析师都认为，随着政府开始清理坏账并且采取紧缩政策来为经济疗伤，塞浦路斯目前正在经历一个重大的过渡期。然而，在每一次危机中，总会有一些不起眼的机会，只有最敏锐、最警惕的投资者才会注意到。所以，这里仍然存在有利可图的投资机会。对那些寻求短期和长期收益的真正投资者来说，这是值得关注的。但是，这些机会在哪里？投资者应该在什么时候进行投资？应该在哪里进行投资？塞浦路斯大学银行和金融中心主任亚历山大·米海利德斯教授就塞浦路斯的金融服务行业发表过许多著作，他在接受《中国离岸》的采访时表示，相比欧洲的邻国，塞浦路斯有低税体制，这将使其继续成为一个吸引国际企业的目的地。米海利德斯教授表示，有趣的是塞浦路斯近期经历的经济和债务危机将给新的投资者创造新的机会。他说：“塞浦路斯的经济危机不会影响该国的税收制度。换句话说，所得税率将保持在 12.5％，这在欧元区内是非常有竞争力的。因此，税率相比其他欧洲竞争对手仍然是较低的。”米海利德斯补充说：“我同时认为塞浦路斯为了执行备忘录将在未来减少官僚机构，这将使得市场更利于营商（这些改革将得益于大规模经济衰退所带来的紧迫性）。” 塞浦路斯的经济危机将损害该国的国际声誉，并且在今后的岁月里让消费者的腰包缩水。然而，对国际公司来说，只有人才不流失，这里仍然是建立企业的好去处。随着

塞浦路斯政府将继续采取措施让这个国家更利于营商，来其对国际企业的吸引力。对那些希望廉价而快速地进入欧洲的决策者来说，塞浦路斯也许是他们感兴趣的地方。

Cyprus’ government will take steps to continue to make the island more businessfriendly to maintain its international business presence. From a decision maker’s standpoint that is looking for a cheap and quick entry into Europe, Cyprus is a place that might be on their list of interest.

s Cyprus still a tax friendly business center and will it be in the near future? Cyprus’s economy is broken and it is unlikely that investors will trust it for many years. The country’s second largest bank is dissolving, the government has requested a major EU intervention, and Moody’s, a credit agency, in March 2012 slashed Cyprus’s credit rating to junk status. Most investors are rapidly pulling their capital out of the country. But riskthirsty investors are baffled and confused about Cyprus’ economic crisis. Is it a golden opportunity to invest in Cyprus or is it the ideal time to cash out and look else where for opportunities? Risk and Opportunity There is no doubt amongst economic and financial analysts that Cyprus is currently undergoing a major transition as it weeds out bad debts and implements

austerity measures in order to heal. However, in every crisis, there are always some obscure opportunities that only the keenest and most alert investors will notice. So there must still be lucrative investment opportunities in the country that are worth the attention of serious investors who are looking for shortterm and long-term gains. But where are they, and when should and where should investors invest? Professor Alexander Michaelides, the Director of Center of Banking and Finance at the University of Cyprus, who has written extensively about the Cyprus’s financial services industry, told China Offshore during an interview that Cyprus will continue being a place that will attract international businesses because of its low tax regime compared to its European neighbors. Interestingly, according to Michaelides, the economic and debt crisis that has recently 2013, Summer China Offshore

封面故事 | Cover Story

就业率的增加和资金注入带来的通胀上升，那些失去工作却富有才干的劳动力将重新热衷于寻找工作，这使得他们愿意接受比在正常情况下要低的工资。在那里开展业务的国际公司不只为了获得廉价的劳动力，它们同样可以从这些劳动力的天赋以及他们与欧洲其他地区的联系中获益。塞浦路斯的劳动力能够讲一口好英语和多种其他欧洲语言。米海利德斯是正确的，塞浦路斯政府将继续采取措施让这个国家更利于营商，来其对国际企业的吸引力。对那些希望廉价而快速地进入欧洲的决策者来说，塞浦路斯也许是他们感兴趣的地方。并非所有的塞浦路斯观察员都认为该国将继续成为一个利于营商的金融中心。事实上，作为专业从事资产保护超过 20 年的律师，杰伊·阿基森在知名的杂志上发表过多篇关于塞浦路斯经济危机的文章，他认为塞浦路斯作为利于营商的国际金融中心的日子已经结束了。在接受《中国离岸》的采访时，阿基森表示：“作为利于营商的金融中心，塞浦路斯已经成为过去式。现在，大家都认为这个离岸中心的政府会冲击帐户，包括离岸账户，来弥补

Summer, 2013

unraveled in the country will create new opportunities for new investors. “Cyprus' economic crisis will not affect the country’s tax brackets. In other words, the tax rate will remain very competitive at 12.5% within the Eurozone. Therefore the low taxation regime still remains relatively lower compared to other European competitors.” Michaelides added, “I also expect the country’s bureaucracy to be reduced in the future due to the implementation of the memorandum which should make the market even more business friendly (these reforms will gain strength from the urgency a large recession gives).” Cyprus’s economic crisis will damage the country’s reputation worldwide and will shrink consumers’ pockets in the years to come, but it will still be an ideal place for international companies to open a business in the country as long as the talent does not flee. As the employment

rate increases and as inflation rises due to injected money into the economy, talented labor that is laid off will be keen to finding work, making them more open to accepting lower wages than they would accept in normal times. An international company setting up shop does not just acquire cheaper labor; it also benefits from the fact that the labor in Cyprus is talented and connected with many other parts of Europe since the population speaks good English and a variety of other European languages. Michaelides is correct that Cyprus’ government will take steps to continue to make the island more business-friendly to maintain its international business presence. From a decision maker’s standpoint that is looking for a cheap and quick entry into Europe, Cyprus is a place that might be on their list of interest. Not all observers of Cyprus believe that the country will continue to be a friendly business center. In fact Jay

Cover STORY | 封面故事

其财政缺口。我严重地怀疑，许多个人和公司将会在几代人的时间里都无法将塞浦路斯视为一个真正意义上的离岸司法管辖区。” 就塞浦路斯作为一个利于营商的金融中心而言，人们有着截然不同的看法，阿基森和米海利德斯关于塞浦路斯未来经济状况的看法就很好地反映了这一点。但是，这两名观察人士都认为，选择在今年投资塞浦路斯将会是危险的，因为该国的经济仍然没有跌到谷底。在该国的金融援助方案出台前，欧盟委员会曾经预测，本年度塞浦路斯的经济将萎缩 3.5％。更让投资者担忧的是，一名塞浦路斯政府官员表示，“危机比我们大多数人想象得更为严重。” 塞浦路斯政府官员克里斯托基斯·斯蒂利亚尼德斯最近表示： “2013 年经济衰退的情况可能不会是想象中的 8.7％，它可能会达到 13％。”这种类型的数据将会严重地打击塞浦路斯的经济以及其作为离岸金融中心的地位。塞浦路斯还有哪些投资机会？塞浦路斯的经济正在跌入谷底，随着投资者看到该国的股票价格，他们开始变得很焦虑。但是，出乎很多人的意料之外，塞浦路斯仍然存在有利可图的投资机会，尤其是对于长期投资者来说。尽管塞浦路斯目前需要解决本国的经济危机，该地区一些企业的首席执行官正在计

Adkisson, an attorney with more than 20 years of experience who specializes in asset protection, and who has written about Cyprus’ economic crisis in well known magazines, believes that Cyprus’s days of being an international business friendly center have come to an end. In an interview with China Offshore, Adkisson said, “Cyprus was--past tense-known as a business-friendly hub. It is now known as the one domicile where the government essentially raided accounts, including offshore accounts, to make up its fiscal shortfall. It is seriously doubtful that many persons and companies will begin to trust Cyprus as a serious offshore jurisdiction for some generations.” The views about surrounding the fate of Cyprus’ business friendly center are divergent, which is clear by comparing the views of Adkisson and Michaelides regarding the future of the country’s economic status. But both observers would agree that this year investing in the country would be risky, as it still

has not hit rock bottom. The European Commission predicted before the island's financial rescue that the economy would shrink 3.5% in the current year. Even more worrisome for investors, an official from the Cyprus government said the crisis could be worse than most of us think. Christos Stylianides, a Cyprian government official said recently, "The recession may not be 8.7% in 2013 – as is estimated – it may reach 13%.” This kind of data will have serious blows to the island's economy and its standing as an offshore financial center. What investment opportunities are still options in Cyprus? Cyprus’ economy is tumbling to the bottom, and investors are shaking in their boots as they see the country’s stock prices blow beneath their feet. But, to many people’s surprise, there are still investment opportunities in Cyprus that are lucrative, especially for long-term investors. Despite the economic crisis that

划如何安然地度过这场风暴，并继续在该国进行投资，因为这里拥有熟练的劳动力以及在欧洲独特的地理位置。威德福公司威尔屏幕技术业务部门的副总裁加里·斯玛特近日表示：“塞浦路斯拥有北非和中东桥梁的战略性地理位置。这个位置使得我们能够更快地将我们的技术输送给包括沙特阿拉伯在内的石油生产国和西非国家。塞浦路斯能够帮助我们进一步扩大威德福的全球生产能力，同时以日益高效的方式满足客户的需求。” 甚至连《华尔街日报》的评论都说：“塞浦路斯提供了一个优越的地理位置、良好的税收环境、受过教育的劳动力、优良的电信设施、现代的银行业以及法律基础设施，这些使之成为欧盟和中东之间完美的商业桥梁。” 更为具体地来说，塞浦路斯的房地产市场存在投资机会，随着居民离开这个地区去寻找工作，这里的房屋价格将会变得更加便宜。阿基森说：“塞浦路斯的房地产价格将

塞浦路斯的经济正在跌入谷底，随着投资者看到该国的股票价格，但是，出乎很多人的意料之外，塞浦路斯仍然存在有利可图的投资机会，尤其是对于长期投资者来说。

Cyprus’ economy is tumbling to the bottom, and investors are shaking in their boots as they see the country’s stock prices blow beneath their feet. But there are still investment opportunities in Cyprus that are lucrative, especially for long-term investors. 2013, Summer China Offshore

封面故事 | Cover Story

更为便宜，非常可能会便宜得超乎想象。作为人口规模较小的国家，塞浦路斯的很大一

塞浦路斯债务分析

部分富裕人士和离岸行业最为成功的法律和

Debt Analysis of Cyprus

金融专业人士都会去向别处。这意味着，他们将出售他们的住所，将家迁至岛外。”他补充说：“由于塞浦路斯的经济继续恶化，通货膨胀不可避免地上升，当地的家庭将被

占国内生产总值的 75%

占国内生产总值的 83.3% 公共债务约为 149 亿欧元

75%of GDP

迫出售他们所持有的物业来赚取用来生活的钱。此外，塞浦路斯房地产市场的低迷刚刚

占国内生产总值的 66.8%

开始，过去的经验已经表明，房地产市场触

66.8%of GDP

83.3% of GDP Public Debt around Euro 14.9billion

底需要 3 到 4 年的时间。所以，如果我考虑投资塞浦路斯的房地产，我不会选择现在，而是在 2016 年开始寻找投资目标。那时，我会寻找沿海且适合旅游投资的物业或适合出租的别墅。”

2011

塞浦路斯房地产公司 Investia 的官员吉欧斯·阿基斯·皮塔斯在接受采访时说，目前投资者不仅应该在塞浦路斯购买住宅，还应该在那里购买商用物业。皮塔斯说：“目

2012 第一季

2012 第二季

公共负债率同比增长最快的前四个国家分别为： Top 4 Countries in Terms of Most Rapidly Increase of National Debt-to-GDP Ratio

前，塞浦路斯最便宜的物业是一居室的公寓，

塞浦路斯

葡萄牙

爱尔兰

起价仅为 5 万欧元。两居室旧公寓的起价大

Cyprus

Portugal

Ireland

Spain

约为 10 万欧元。对大多数在塞浦路斯投资

16.5%

10.8%

10.0%

9.3%

西班牙

的中国人来说，我个人认为他们购买房产是为了获得永久居留权。目前是合适的时机，

来源：中金在线 Source: China Capital Investment Group

不仅应该投资住宅物业，而且还应该购买商用物业，比如酒店和公园。” 在全球金融危机和欧洲经济放缓的大背景下，塞浦路斯房地产市场的价格已经下降了 20-25％，这位投资者和购房者提供了独特的机会。在如此规模的危机下，房地产价格可能会再跌 15％。塞浦路斯的旅游业也存在投资机会。为了让经济早日走出危机，塞浦路斯政府将不得不开始推动旅游业的发展。宾馆、饭店、高尔夫球场、主题公园、世界级的游艇俱乐部、游艇码头、体育和娱乐设施的建设可能会给寻求长期现金流的投资者带来坚实和稳定的收入。对那些希望获得欧洲永久居住权的投资者来说，塞浦路斯经济危机带来的另一个值得注意的机会是非常有用的。2013 年 4 月，塞浦路斯总统尼科斯·阿纳斯塔宣布，此前 “投资公民权”计划（允许外国人在投资 1000 万欧元的条件下成为塞浦路斯的公民）的门槛已经下降到 300 万。通过带入新技术和创新技术，或者在该国拥有 1500 万欧元的存款且存期不少于 5 年，相应的人员也可以成为公民塞浦路斯。

Summer, 2013

Cyprus is currently dealing with, some CEOs in the region are planning on weathering the storm and to continue investing in the nation as the country has a skilled labor force, and because of its unique location in Europe. Gary Smart, the Vice President of Weatherford’s Well Screen Technologies Business Unit recently said "Cyprus is strategically located between North Africa and the Middle East. This location allows for more rapid deployment of our technology to oil producing nations such as Saudi Arabia and those in West Africa. Cyprus is an ideal location to further extend Weatherford’s production capacity globally, while meeting the needs of its clients in an increasingly efficient manner.” Even the Wall Street Journal commented, “Cyprus offers a strategic location, favorable tax environment,

educated work force, excellent telecommunications, modern banking and legal infrastructure which make the country the perfect business bridge for the European Union and the Middle East.” To be more specific, there are investment opportunities in Cyprus’s real estate market, and they will become cheaper as residences leave the region seeking work. Adkisson said, “Cyprus’ real estate will get cheaper, and possibly much cheaper. For a country with a small population, Cyprus is about to see a significant portion of its wealthiest and most successful legal and financial professionals in the offshore sector go elsewhere, which means that they will be selling their residences and moving their families off the island.” He added, “As Cyprus's economy continues to deteriorate and inflation inevitably sets in, local families will be forced to liquidate

Cover STORY | 封面故事

申请人必须年满三十岁，同样在塞浦路斯拥有价值不低于 50 万欧元的住所。塞浦路斯经济的大萧条和重回正轨的必要措施截至目前，塞浦路斯的经济仍然处于不确定的状态中，塞浦路斯和欧洲各国政府还没有决定塞浦路斯是否应该退出欧元区。但是，根据不同的分析，大多数观察家认为，塞浦路斯应该离开欧元区，建立一个新的出口中心，让货币贬值，并且靠自身的力量进行重建。保罗·克鲁格曼是一位美国的经济学家，他是普林斯顿大学经济学和国际事务的教授，并且获得了 2008 年的诺贝尔经济学奖。他认为，塞浦路斯必须立即退出欧元区。克鲁格曼于 2013 年 3 月 26 日在他的博客上写道： “塞浦路斯应该离开欧元区。现在，原因很简单：留在欧元区意味着极其严重的经济萧条，即便在塞浦路斯试图建立一个新的出口部门，这种状态也将持续多年。退出欧元区并且让新货币大幅贬值将大大加快重建的进程。” 克鲁格曼相信塞浦路斯必须离开欧元区并且进行全面转型，他的这种看法并不孤单。《大西洋月刊》商业和经济的副主编马修·奥布赖恩最近写了一篇名为“塞浦路斯的注定命运：为什么这个国家必须立即离开欧元区” 的文章，他认为塞浦路斯一直受到三大冲击：财政、金融和财富，这将很快导致经济萧条。换句话说，他认为经济将崩溃。 Maverick Intelligence 首席经济学家梅根·格林（该公司主要为政府和企业在政治、政策和宏观经济发展方面提供建议）在彭博的一篇评论文章中写道，只有塞浦路斯与其三大债权人（国际货币基金组织、欧盟委员会和欧洲央行）确保合作的情况下，离开欧元区也是一个更好的选择。但在现实中，情况比这更加复杂。如果塞浦路斯离开欧元区，这不仅将损害欧盟，而且将可能对塞浦路斯的经济造成永久性的伤害，因为人才将离开这里，这将使得其主要的金融行业失去大部分的吸引力。即便多方都认为塞浦路斯应该退出欧元区并且进行重大的改革，塞浦路斯总统已表示，该国不会离开欧元区。塞浦路斯总统尼科斯·阿纳斯塔在 2013 年 3 月 29 日表示： “我们不会拿我们国家的未来进行试验。” 他肯定地表示，塞浦路斯将通过实施资本管

their holdings to provide living money. Also, Cyprus’s real estate downturn is just starting, and experience has shown that it takes three to four years for real estate crashes to hit bottom. So, if I were looking to invest in Cyprus real estate, I would forget about it for now and target 2016 to begin looking at it again. Then, I would look for coastal properties suitable for tourism investments or rental villas.” In an interview, Georgios Akis Pittas, an executive at Investia, a real estate company based in Cyprus, said that now is the ideal time for investors to not only buy homes in Cyprus, but to also buy commercial properties there too. “The cheapest properties right now in Cyprus are one-bedroom apartments that start at 50000 euros. Old apartments that have two bedrooms start around 100, 000 euros. Most Chinese who invest in Cyprus I personally believe buy property for permanent residency. Now is the right time to invest not only in residential property but also commercial property such as hotels and parks,” said Pittas. In the backdrop of the global financial crisis and economic slowdown in Europe, the price of the real estate market in Cyprus decreased by 20-25% providing unique opportunities for investors and buyers. With a crisis of that magnitude, prices of real estate could drop another 15%. Other investment opportunities lie in tourism, which the Cyprus government will have to begin promoting to ease its way out of its economic crisis. The construction of hotels, restaurants, golf courses, theme parks, world-class yacht clubs, marinas, sporting and entertainment facilities could potentially bring a solid and steady income to investors looking for long-term cash flow. Another noteworthy opportunity that has come from Cyprus’s economic crisis could be very useful for investors who

are looking to gain permanent access to Europe. In April 2013, Cypriot President Nicos Anastasiade announced that the “Citizenship for investment” program, which allows foreigners to become a citizen of Cyprus if they invest 10 million euros, has been decreased to three million. One can also become a citizen of Cyprus by introducing new and innovative technologies to the country, or by having bank deposits in the country of 15 million for fives years. One must be thirty years old and also must have a home in the country that is worth at least 500,000 euros.

Cyprus Economic Depression and Necessary Measures to Get Back on Track As of now, Cyprus is still in economic limbo as the Cyprus and the European governments have not decided if Cyprus should exit or stay in the Eurozone. But according to different analysis, most observers believe that Cyprus should leave the Eurozone to build a new export center, let the currency fall, and to let it rebuild on its own terms. Paul Krugman is an American economist, Professor of Economics and International Affairs at Princeton University, and who won the Nobel Memorial Prize in Economic Sciences in 2008, said that Cyprus must get out of the Eurozone immediately. Krugman wrote on March 26th 2013 on his blog, “Cyprus should leave the euro. Now, the reason is straightforward: staying in the euro means an incredibly severe depression, which will last for many years while Cyprus tries to build a new export sector. Leaving the euro, and letting the new currency fall sharply, would greatly accelerate that rebuilding.” Krugman is not alone in believing that Cyprus must leave the Eurozone to fully 2013, Summer China Offshore

封面故事 | Cover Story

照片提供 Photo by Zap Photos

对那些希望获得欧洲永久居住权的投资者来说，塞浦路斯经济危机带来的另一个值得注意的机会是非常有用的。

Another noteworthy opportunity that has come from Cyprus’s economic crisis could be very useful for investors who are looking to gain permanent access to Europe.

制来避免破产的危险，从而度过这些艰难的

时刻。总统补充说： “尽管面临这一切的悲剧，情况还是得到了控制。” 重塑塞浦路斯的金融体系塞浦路斯的金融体系已经趋于被摧毁，因此政府将不得不做出重大的改变，来重新获得经济的稳定。阿基森提到，如果塞浦路斯能够正确地对其银行体系进行重组，这可以使其在长期获得更大的竞争力。他说：“他们将需要恢复人们的信心，这包括存户和潜在的投资者。我预计他们将变得更加精简，并且降低工资成本。最终，这将使他们更具竞争力。” 持有同样看法的包括塞浦路斯欧洲大学管理学教授 ATHANASIOS Hadjimanolis 博士，他认为在修复银行体系的过程中塞浦路斯似乎位于正确的道路上。他说：“在出售海外分支机构之后，塞浦路斯银行的规模将会小得多，并且将更加专注本地市场。正在进行的资本重组将帮助它们恢复并且以更为坚实的方式继续运营。”问题归结到：“塞浦路斯是否已经采取了足够的措施来确保能够稳定其银行系统？” 只有时间会告诉你答案。塞浦路斯总统已经开始与全球的国际贷款机构和全球财政官员就这个问题展开协商。

Summer, 2013

restructure itself. Matthew O Brien, an associate editor at The Atlantic covering business and economics, recently wrote an article called “Cyprus is Doomed: Why the Country Must Leave the Euro Immediately” arguing that the economy has been hit by three mega-shocks: fiscal, financial, and wealth, which will soon result in an economic depression. In other words, he believes the economy will collapse. Megan Greene, the chief economist at Maverick Intelligence, which advises governments and companies on political, policy and macroeconomic developments, wrote in Bloomberg that Cyprus leaving the euro would be a better option for Cyprus if – and only if – it can secure cooperation from its troika of creditors: the International Monetary Fund, the European Commission and the European Central Bank.” But in reality, the situation is more complicated than that. If Cyprus leaves the Eurozone it would not only damage the EU, but also

possibly permanently damage Cyprus’ economy as its talent would flee the country leaving the country with very little to offer in its main industry, finance. Even with all the discussions that Cyprus should exit the Eurozone and implement significant and major reforms, the President of Cyprus has stated that the country will not leave the Eurozone. “In no way will we experiment with the future of our country” said President Nicos Anastasiades on March 29 2013. He is certain that the country can pull through these tough times by implementing capital controls to avert the risk of bankruptcy. The President added, “The situation, despite the tragedy of it all, is contained." Restructuring the Country’s Financial System Cyprus’s financial system is devastated, and the government will have to make significant changes in order to rebuilt stability in the economy. Adkisson mentioned that if Cyprus restructures its banking system correctly, it could make it more competitive in the longterm. He said, “They will need to restore confidence, both of their depositors and their potential investors. I expect they will become leaner and reduce wage costs. Eventually that will make them more competitive.” On the same note, Dr. Athanasios Hadjimanolis, Professor of management at the European University Cyprus said that the country appears to be on the right path to fixing its banking system. He said, “Cypriot banks will be much smaller after divestment of their foreign subsidiaries and much more focused to the local market. The recapitalization, which is now under process, will help them to recover and continue operation on a much sounder basis.” The question comes down to: “Has

Cover STORY | 封面故事

底线：等待复苏的迹象，然后进行投资在经济困难时期，塞浦路斯一定会浮现一些投资机会。但截至目前，它们的风险太大，即使是冒失鬼也不会轻易进行投资。目前，塞浦路斯的未来是不确定的。该国的人才正在逃离这个国家，该国作为一个金融中心的声誉已经受到严重破坏。在考虑投资该国以前，投资者应该看看塞浦路斯政府的发展前景。如果选择在目前投资塞浦路斯，投资者需要问自己很多问题。“政府是否已经采取有效的政策来促进经济和金融系统的恢复，从而使塞浦路斯成为一个稳定且正常运行的经济体？”在投资这个市场前，另一个需要问自己的问题是“在未来几年内，经济情况是否会变得更糟，或者换句话说，经济是否已经触底反弹了？” 关键的一点是找到经济触底的确切时间。截至目前，经济似乎还在衰退。因此，至少在未来的几个月内，投资塞浦路斯是高风险的。但随着复苏迹象的出现，机会仍然存在。至少对投资者来说，风险越高，机会越多。

Cyprus taken serious enough measures to ensure that it stabilizes its banking system?” Only time will tell as the country’s president negotiates with the world’s international lenders and deals with the world’s finance officials.

The Bottom Line: Wait for Signs of a Recovery and then Invest There are definitely some investment opportunities that are emerging in Cyprus during their economic tumble, but as of now, they are too risky, even for daredevils to invest in the economy. Currently the country’s future is uncertain. Its talent is fleeing the country, and the country’s reputation as a financial center has been severely damaged. Before anyone considers investing in the country, an investor should look at the growth prospects of

the government. Multiple questions should be asked before one considers investing in Cyprus at this time. “Has the government implemented effective policies that will put the economy and financial system back on track to becoming a stable and functioning economy?” Another good question to ask yourself before investing money in this market is, “Will the economy get worse in the next few years, or in other words, has it bottomed out?” The key is finding the exact time the economy has bottomed out. As of now, it appears that the economy is breaking down, so for the next few months at least, investing in the economy is highly risky, but the opportunity still exist when the sign of recovery arise and at least for investors – the riskier, the more opportunities.

2013, Summer China Offshore

特别报道 | SPECiAL REPORT

纵

观全球金融世界，伦敦是一个充分体现了“21 世纪金融服务中心应该是何种模样”的城市。这里有着

监管有力且稳定的市场环境、经验丰富的劳动者和创意无限的金融之道，这些优势都令这座城市处于全球金融中心排行榜的首位。此外 , 伦敦又借其外汇市场的坚挺姿态，不仅使得以争取到越来越多的金融支持和投资，同时也巩固了其作为世界领先的国际金融中心和商业服务中心的地位。伦敦是全球第五大城市经济体 , 排名仅次于东京、纽约、洛杉矶和芝加哥。根据 2008 的一项数据统计显示：伦敦国内生产总值达 5650 亿美元，远远超过一些邻国的中型经济体，如比利时、瑞典和瑞士。2013 年 3 月，全球金融中心指数（GFCI）推出最新的数据，再一次证明了伦敦始终保持着它“世界第一金融中心”的美誉，而这已经不是伦敦第一次独占鳌头了。全球金融中心

Summer, 2013

or many in the finance world, London exemplifies what a 21st century financial services center should look like. Its stable well-regulated enviroENnment, highly experienced labor force and a host of innovative financial instruments have seen the city consistently placed at the top of the ladder in rankings of global financial centers. That, combined with London’s strong presence in the currency exchange markets, has not only allowed it to garner increasing support and investments but also cemented its position as a world leader in international finance and business services. The United Kingdom’s, and England’s, capital has the fifth largest urban economy in the world after Tokyo, New York, Los Angeles and Chicago with an estimated

GDP of nearly $565 billion based on 2008 figures – that’s larger than some national mid-sized economies such as Belgium, Sweden and Switzerland. London maintained its top ranking as the number one financial center on the latest Global Financial Centers Index (GFCI) in March 2013. The city has held that position since the twice-a-year GFCI was launched in 2007. The Index ranks 79 of the world’s top financial centers based on competitiveness via responses to surveys and ratings primarily answered by investment professionals worldwide. New York came in second, followed by Hong Kong and Singapore, and the report anticipated these four strong centers to remain powerful players for the foreseeable future. London was the best performing

SpECIAL REPORT | 特别报道

London

Gaining Race to Become China’s New Offshore RMB Center

By Anas Almasri

指数于 2007 年推出，每两年更新一次，它为全球 79 个世界级金融中心排名，数据来源有两个方面：第一是根据调查反馈得出的金融中心的竞争力；第二则是通过对世界各地的投资专业人士的访问总结出的金融中心的等级。纽约排在第二位，其次是香港和新加坡。该报告还预计这四个强势的金融中心将在未来拥有无限发展的可能性。伦敦是迄今为止始终保持良好表现的金融中心之一，即便是当有人评估其金融行业的子行业时，结果依旧令人十分满意。该市的五个子行业经过调查后，确认了在投资管理、政府监管和专业服务这三方面做到了业内最佳，并分别在银行业中排名第二，保险业中排名第三。在另一项重要的评估中，全球金融中心指数主要观察的是不同规模的企业如何看待这些金融中心。在不多于 100 名员工的公司看来，伦敦和新加坡的评分要高出纽约或香港许多；而在拥有超过 5000 名

financial center even when assessing sub-sectors of the financial industry. The city topped three of the five sub-sectors examined by the survey in Investment Management, Government and Regulatory, and Professional Services. It also ranked second in Banking and third in Insurance. In another important assessment, the GFCI looked at how the leading centers were viewed by different sizes of organizations. London and Singapore were rated higher by companies with less than 100 employees compared to New York or Hong Kong. London, alongside New York, was also rated higher than other top financial centers by firms with over 5,000 employees – a testament to the scope and depth of the city’s financial sector. Building on all these strengths and accolades, London is now

taking significant steps towards becoming Europe’s first offshore RMB center.

A Wider Role for an Underutilized RMB China has undoubtedly carved itself a place among the world’s economic powerhouses after decades of mind-boggling growth, even in times of global economic turmoil. The country took over Japan in 2010 as the world’s second largest economy; officially its current GDP is $8.25 trillion. Some estimates say China will overtake the United States as the world’s biggest economy by 2020, a recent report by the Organization for Economic Cooperation and Development (OECD) projected that happening as early as 2016. Asia’s not-sosleeping giant also stripped the US from its spot as the world’s largest trading hub 2013, Summer China Offshore

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照片提供 Photo by Kathy Joes

员工的公司眼中，伦敦依然较其他顶级金融中心拥有更高的好评率，这点纽约也是如此，这充分证明了伦敦作为一个顶级金融中心所坐拥的广度和深度。伦敦所获得的所有这些优势和荣誉将成为它朝着“欧洲首个人民币离岸中心”这个目标前行的重要一步。伦敦：人民币港湾毫无疑问的是，中国的经济在近几十年内经历了令人难以置信的增长，并且迅速跻身于世界经济强国之列，即使是在全球经济动荡时期，中国的经济发展依旧一切如常，并且于 2010 年一跃成为世界第二大经济体，将日本推下这个宝座。官方公布的数据显示：中国国内生产总值为 82500 亿美元。有人估计到 2020 年，中国将超越美国成为世界上最大的经济体，而经济合作与发展组织（OECD）在最近的一份报告里将这一时间提早到 2016 年。亚洲不再是“沉睡的巨人”这一事实似乎正渐渐剥夺了美国作为“世界上最大的贸易集散地”这一理所当然的称号。然而有目共睹的是，中国的货币却还没有赶上经济实

Summer, 2013

伦敦是迄今为止始终保持良好表现的金融中心之一，该市的五个子行业经过调查后，确认了在投资管理、政府监管和专业服务这三方面做到了业内最佳。

London was the best performing financial center even when assessing sub-sectors of the financial industry. The city topped three of the five sub-sectors examined by the survey in Investment Management, Government and Regulatory, and Professional Services. recently. Its currency, however, has not yet caught up with that level of economic prowess and remains well behind that of other economically smaller countries. Import-export activity is usually a catalyst for increased usage of a currency on the international level due to large volumes needed to settle trade transactions. According to a 2011 white paper by SWIFT, the main provider of secure financial messaging services, the RMB was world payment currency number 21, with a tiny share of 0.24 percent of global payments value, while China’s share of global trade in 2010 was much more substantial at 11.4 percent. These uneven figures show exactly how internationally

underutilized the RMB is compared to its economy. In contrast, internationalized currencies such as the USD, EUR and GBP are used on a global scale well beyond the specific nation or bloc’s share of world trade. In June 2011, 98 percent of payments to and from China were not made in RMB; in fact most of them were made in USD. Although the Chinese currency’s use has increased since then, current estimates suggest that near 10 percent of trade settlements with China are now conducted in RMB mainly through HK, it still has a long way to go before it reaches usage levels seen in the US or Japan – where 90 and 70 percent respectively of payments in and out of the country are made in local

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力与整体发展水平，仍然远远落后于其他经济规模较小的国家。由于进出口业务的发生需要大量使用到某一国货币作为结算工具，因此这是一种通常发生在国际层面上的促进货币使用的催化剂。SWIFT 是一家主要提供金融安全短信服务的提供商，它在 2011 年白皮书上总结道：人民币为全球支付货币排名第 21 位，只占全球支付价值份额的 0.24％，而中国在 2010 年的全球贸易中所占的份额却是 11.4％。这些参差不齐的数据其实都表明了一点，那就是国际社会并没有充分利用好人民币的价值。相比之下，国际化的货币，如美元、欧元和英镑等在世界贸易中的使用遍及全球范围，远远超出了本国或指定的区域与集团内。 2011 年 6 月，98％往来中国的货币支付都不是人民币，事实上它们多为美元。虽然中国货币的使用自那时起已经增加了许多，根据目前的数据表明，有近 10％的人民币被用来做与香港之间的贸易结算。尽管美元在美国内外的使用率达到 90%，日元则为 70%, 而人民币要达到前两者这样高的使用率依旧还有很长一段路要走。当然，这些都是发达经济体，它们的货币在世界各地的外汇市场上进行自由买卖也已经历经多年。相比较而言，即便是俄罗斯货币卢比，它的支付率也达到了 46%，这么看来，人民币的使用率的确偏低许多。对此，中国政府已经采取了一些积极举措以增加人民币在国际上的流通和使用，包括允许合格的境外机构投资到当地的股市、

currency. These of course are developed economies whose currencies have been freely traded on exchange markets around the world for years. Nonetheless, the RMB utilization rate is still low even when compared with the RUB for example, which accounts for 46 percent of payments conducted with Russia. The Chinese government has taken on several positive initiatives to increase the international use of the RMB including allowing qualified foreign institutional investors to invest in local stock markets, signing currency swap agreements with a number of countries, an ongoing liberalization of currency controls, and recently permitting a number of investment options denominated in RMB. It has also been strongly supported by foreign central banks and the private financial sector that has identified the big potential gains associated with the RMB going global. Today, as reported by SWIFT, more than 1,050 financial institutions in over 90 countries are already engaged in RMB related business. With ‘Dim Sum’ bonds

伦敦提供的人民币零售银行业务种类

and RMB IPOs in HK likely to continue growing, RMB retail services in Singapore and other countries truly picking up and the current FX trading activity around the RMB in London set to expand, all signs point towards a much greater role for the RMB on the international level in the coming years.

Why London Though not already a done deal, London has several key advantages that have earned it its pole position to become China’s new RMB trading center. For one, it is the biggest center for international-bond issuance and currency trading. Additionally, the capital city is well equipped with financial professionals and efficient trading systems. Its market share of worldwide financial activity is particularly high with respect to cross-border bank lending (18 percent), OTC interest rate derivatives (46 percent) and foreign exchange dealings (40 percent, with a daily turnover around a staggering $2 trillion). With China aiming to take its currency to the next level on a

RMB Retail Banking Services Offered in London

10,000

年总量：百万人民币 Annual Volumn: ￥mn

与一些国家签署货币互换协议、货币管制日渐自由化，以及允许一些以人民币计价的投资项目。

1,000

诸多国外央行和私营金融部门也纷纷确定了人民币存在的巨大的潜在利益，同时也

100

参与到推广人民币走向世界这一目标。今天，正如 SWIFT 报告上显示：全球超过 90 个国家的 1050 家金融机构已经开始从事人民

496

155

107

3,600

币相关业务。随着点心债券和人民币在香港的首次公开募股不断持续增长，人民币零售

服务在新加坡及其他国家也得到了真正的回

转账 / 付款

存款

储蓄账户

私人银行

升。当前，围绕人民币展开的外汇活动在伦

Payments/ Transfers

Deposit

Saving Accounts

Private Banking

敦也将不断扩大，所有的迹象都表明：在未来的几年里没人民币将在国际层面上发挥更大的作用。

来源：Bourse Consult Survey Source: Bourse Consult Survey

2013, Summer China Offshore

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伦敦：雄厚的实力虽然世事总有变，但就伦敦是否能成为新的中国人民币交易中心这个问题上似乎不存在讨论的空间。伦敦凭借其几点关键的优势早就赢得了重要的地位。其一，它是最大的国际债券发行和货币交易中心，有着最顶尖的金融专业人士和高效的交易系统。其全球金融活动的市场份额尤其高，占跨境银行贷款的 18％、场外息率衍生产品的 46％，以及国外交换交易的 40％（日营业额达到惊人的两万亿美元左右）。随着中国瞄准其货币使用率在全球范围内的上升，伦敦时区也可能是一个重要的因素。伦敦是一个经济不夜城，工作时间与中国和世界其他地区，如澳大利亚和巴西都有重叠，相比较其他时区与中国正好相反的地区而言，这一点无疑是宝贵的财富。时区带来的优势的同时不但延长了人民币交易的时间，也为总部设在中东、欧洲和非洲以及美洲的商人提供了便利。在很长的一段时间里，伦敦都作为全球金融体系的一个不可分割的部分，它有能力不断在创新和法规方面进行演变，而同时对市场变化保持高度敏感性。伦敦的许多机构都是金融领域里的大玩家，他们可以大量动用流动资金。这里已经开展出广泛的人民币企业及个人银行服务，包括外汇交易、企业账户和贸易融资，而这些活动都可以利用现有的体制在香港进行结算。根据《伦敦金融城》所出的一份报告，2011 年中国货币在伦敦的存款总额为 1090 亿元，分别是客户存款占 350 亿元，机构和银行内存款占 740 亿元。伦敦现在每天都要进行价值为 6.8 亿美元的人民币外汇交易，估计在 2011 年占全球离岸人民币现货交易市场的 26％。随着人民币业务被越来越多地摆放在重要位置，伦敦也早已不是唯一一个争夺中国金融支持的国际金融中心了。巴黎和苏黎世等都希望能成为中国的下一个离岸贸易中心，并且它们与伦敦实力相当。在接受本刊记者采访时，伦敦金融城（极具影响力的地方当局）政策主席马克·博雷（Mark Boleat）表示他对伦敦的竞争力充满信心。他同时指出，竞争不一定是坏事。“竞争永远是金融服务业的一个特点，促进成本降低和效率提升。但是，金融服务并非一场零和博弈，其他的金融中心也在整个市场环境里增加流动性，离岸人民币市场也不例外。伦

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global scale, London’s time zone could be an essential piece of the puzzle. In a global economy that never sleeps, working hours that overlap with those of China and the rest of the world from Australia to Brazil offer London a valuable asset compared to, say, New York which is almost at the exact opposite side of the planet from China. It would also support HK’s time zone and extend RMB trading hours for traders based in the Middle East, Europe and Africa as well as the Americas. Being an integral part of the global financial system for such a long time, London has acquired the ability to continuously evolve in terms of innovation and regulations while being highly responsive to market changes. Its institutions are some of the biggest players in the financial scene and can make use of the massive liquidity at their disposal. The city already offers a wide range of RMB banking services both corporate and individual, including forex trading, corporate accounts and trade financing using the existing infrastructure in HK for clearing. According to a report by the City of London, London’s 2011 deposits of the Chinese currency totaled ¥109 billion, split between ¥35 billion from customers and

¥74 billion in institutional and intra-bank deposits. Spot RMB forex trading in London was valued at $0.68 billion per day, and estimated to account for 26 percent of the global offshore RMB spot market during 2011. With the growing importance being placed on RMB business and CNH (China’s offshore Yuan), London is not the only European financial center vying for China’s backing to become its next offshore trading center. Several others, including Paris and Zurich, are also in the race for the same status. In an interview with Invest In, Mark Boleat Policy Chairman for the City of London Corporation (the city’s highly influential local authority) was confident of London’s competitive edge while pointing out that competition was not necessarily a bad thing. “Competition will always be a feature of financial services – driving down costs and promoting efficiency. But financial services are not a zero sum game – the growth of other centers increases liquidity across the whole market, and the CNH market is no different. London offers the widest range of RMB products and services in its time zone, and is the international financial center for this region. This is a natural advantage”, he said.

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在很长的一段时间里，伦敦都作为全球金融体系的一个不可分割的部分，它有能力不断在创新和法规方面进行演变，而同时对市场变化保持高度敏感性。

Being an integral part of the global financial system for such a long time, London has acquired the ability to continuously evolve in terms of innovation and regulations while being highly responsive to market changes. 敦作为其所在地区的国际金融中心，始终不间断地提供着最广泛的人民币产品和服务，这是一种天然的优势。”他说道。博雷同时强调了伦敦在人民币业务方面的主要优势，范围设及零售业、企业和机构业务，以及外汇。他说：“在伦敦交易花费的美元比在美国多”。谈到中国货币离岸业务的最新情况，他表示：“2012 年前半年市场发展迅猛，外汇交易量强劲增长，贸易服务也显著增长，这是一个非常积极的信号。我们也正在与中国人民银行密切合作，期待挖掘出伦敦更深层的能力。” 机遇和挑战：伦敦欢迎中国人民币计价产品和服务的发展已经为那些对金融服务供应商抱着期望、并不断定义什么是可行的长期企业政策的客户们留下了很好的印象。无论是在投资、商务、外汇交易或任何其他领域，许多企业在当今这个日益纵横交错的业务环境下根本就负担不起一项中立的人民币策略。当然，香港是离岸人民币交易的主要枢纽，但伦敦正在稳步发展并壮大这个前途看好的离岸市场，希望所占份额得以越来越大。专家预计将有更多的企业及

Boleat also highlighted the city’s major strengths in RMB services in retail, corporate and institutional business as well as foreign exchange with “more dollars traded here (London) than in the US”. On the latest status of the Chinese currency’s offshore business he said the market “grew significantly in the first six months of 2012 with transaction volumes in foreign exchange and trade services growing strongly. This is a very positive signal. We are also working closely with the People’s Bank of China on developing London’s capabilities.” Opportunities and Obstacles The development of RMB denominated products and services has already made an impact on what customers expect of their financial service providers as well as what defines viable long term corporate strategies. Be it in investment, commerce, FX trading or any other sector, many businesses simply cannot afford to have a

neutral RMB strategy in today’s increasingly interconnected business environment. Hong Kong is of course the major hub for CNH trading, but London is steadily gaining an increasing share of this promising offshore market. Experts anticipate larger volumes of RMB business in the city as more corporate and institutional customers seek out such products and services. The City of London Corp initiative is focused on providing support to the city’s financial center in order to create and maintain a long-term CNH market, where companies and investors are able to invest, settle trade transactions, and bill their customers and bank all in RMB. Both Chinese and NonChinese financial institution are already feeling the effects from these early stages of the Chinese currency’s internationalization and are closely monitoring its progress. China’s major banks want to capitalize on this opportunity to follow their own clients who are expanding to overseas markets. International banks, on the other hand, are keen to assist the large number of foreign corporations who are currently looking for ways to buy, pay and invest in RMB received from dealing with Chinese businesses. “We are hoping that London will develop a strong market in a range of RMB 2013, Summer China Offshore

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机构客户将扩展其人民币业务量，同时寻求此类产品和服务的企业会越来越多。伦敦金融城将其重点放在为这个城市的金融中心提供支持，以此来创造和维持一个长期的离岸人民币市场。在这里市场里，企业和投资者能够进行投资、贸易结算、用人民币开票给客户和银行。从中国货币国际化的早期阶段开始，中国和非中国的金融机构都已经感知到这样影响力并密切留意其进展。中国各大银行都希望利用这个机会跟进自己那些希望向海外市场拓展的客户。另一方面，国际银行热衷于帮助大量的外国公司寻找与中国企业之间的业务往来，完成购买，支付和投资人民币的一系列过程。 “我们希望伦敦可以建成一个强有力的人民币产品和服务市场”，博雷说，同时，他也指出这样一个市场将为中国企业提供的三个关键利益点。首先，这将有助于促进中国与欧洲的中小企业之间的贸易往来，增加出口，解决欧洲就业问题。其次，这将使欧洲企业更方便使用人民币作为贸易结算货币。例如，人民币账户可以简化贸易结算、方便资本直接注入到内地运营，并直接从中收益。最后，博雷补充道：“使用人民币对企业来说是一个天然的屏障，企业不但可以与中国进行双向贸易，更可以减少外汇成本和风险。” 尽管人民币拥有国际化的巨大潜力，但要想达到这一目标，中国也确实面临着一定的风险和阻碍。金融专家和诸多外国政府官员经常提到“外汇管制”，这其实是人民币全球化的主要障碍之一。此外，普遍透明度也是一个主要问题，特别是当几家信誉度良好的国际金融机构对中国近来的经济指标提出质疑之后，这个问题便更突出了。国际化的、可兑换的人民币在未来应该是一个不带任何风险的货币，而目前看来，人民币的价值似乎是由外汇交易市场来决定的，这也说明人民币使用比较脆弱，市场的跌宕起伏会影响到它本身。最后，如果人民币在市场上公开自由交易，那么毋庸置疑的是：全球金融体系的冲击对中国的货币而言也将是一个更大的影响。虽然中国政府没有公布要在多少时间内达到“完全自由兑换人民币”这一目标，但是有分析师预测这一天将在 2020 年到来，也有人预测，就是在未来五年之内。

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伦敦是全球第五大城市经济体，排名仅次于东京、纽约、洛杉矶和芝加哥。根据 2008 的一项数据统计显示：伦敦国内生产总值达 5650 亿美元。

The United Kingdom’s, and England’s, capital has the fifth largest urban economy in the world after Tokyo, New York, Los Angeles and Chicago with an estimated GDP of nearly $565 billion based on 2008 figures. products and services”, said Boleat, before highlighting three key benefits such a market would offer to businesses working in or with China. First, it would help “facilitate trade with China for European corperates including SMEs, increasing exports and therefore boosting growth and benefitting European employment.” Second, it would make it “easier for European corperates to use renminbi for trade settlement purposes. For example, RMB accounts can simplify trade settlement, conducting capital injections into onshore operations and repatriating RMB proceeds out of a company’s China operations.” Lastly, he added, “using RMB acts as a natural hedge for corporates which have a two-way trade ﬂow with China - reducing foreign exchange costs and risks.” Despite the massive potential accompanying a truly international RMB, China does face certain risks and obstacles

as it reaches for that goal. Financial experts and different foreign government officials often mention currency controls as one of the major roadblocks to the globalization of the RMB. General transparency issues are another, especially following several reputable financial institutions questioning the country’s recent reports on its economic indicators. A fully convertible RMB in the future will not be without risks; a currency whose value is determined by the forex exchange market is always vulnerable to that market’s ups and downs. Shocks to the global financial system would have a much larger effect on the Chinese currency if it were freely traded on the open market. While officials in China have not announced a specific timeframe for the RMB to reach full convertibility, some analysts don’t expect that to happen until 2020, others forecast it within the next five years.

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2013, Summer China Offshore

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为

了扩大个人投资者海外投资的范围并且开放中国的资本账户，中国政府宣布了一项大胆的计划，将最终

让富裕的大陆人直接进入外国资本市场。这项计划在今年第二季度正式亮相，它不仅将帮助富有的个人获得投资更多证券的机会，同时将为专业经纪公司和中介机构在交易及顾问服务方面提供更多的业务机会。今年年初，中国人民银行在 2013 年年度工作会议上透露，这个项目被称为“合格境内个人投资者计划”（简称为 QDII2），旨在推动人民币的跨境贸易。分析师表示，这一举措将开始提升人民币在内地和香港股市之间的流动。根据拟议的 QDII2 项目，内地个人投资者将首次被允许直接购买和出售在海外证券

QDII2：中国内地富裕人士和机构的机会 QDII2: Chances for Wealthy Chinese Individuals and Institutions By Leo Zhang

交易所上市的证券。市场观察家预测，香港将成为试点项目的第一个试验场，然后中国政府将会把这个项目逐步扩展到其他海外市场。重启“直通车” 金融监管机构正在优先考虑 QDII2 计划的实施，这可能会引发数十亿人民币流入香港股市。 QDII2 与之前的“直通车”体系相类似，后者曾经试图允许内地投资者在香港的经纪公司开立账户并买卖港交所上市的股票，但是此计划最终没有付诸实施。 2007 年 8 月，国家外汇管理局宣布，拟允许内地个人投资者直接买卖香港上市的股票。但该建议被推迟，并于 2010 年 7 月正式被废除。监管当局担心潜在的资金外流会损害在上海和深圳交易的以人民币计价的 A 股。早在 2007 年，当外汇监管机构宣布将在天津（北京附近的一个沿海城市）启动这个允许内地个人直接购买港股的项目时，香港的恒生指数在三个月内飙升了近 60％，投资者预期将有大量的资金从大陆流入香港。然而，期望最终落空。试点计划从未落实，外汇监管机构于 2010 年表示这个项目已经被取消，并且没有给出相应的理由。业内人士称，随着中国政府致力于加速人民币的国际化进程，QDII2 计划将最早于今年中期得以实现。他们表示，一些内地经纪商的香港子公司已经开始为股票开户做准备，并且即将进行内部的运营测试。包括上海、北京、深圳、温州和天津等

Summer, 2013

业内人士称，随着中国政府致力于加速人民币的国际化进程，QDII2 计划将最早于今年中期得以实现。

As Beijing is determined to rev up the internationalization of the yuan, the QDII2 scheme would materialize as early as the middle of this year.

SpECIAL REPORT | 特别报道

在内的内地城市纷纷表示希望成为 QDII2 项目的试点区，这可以帮助它们在成为区域金融中心的竞争中占据上风。内地投资者一直抱怨说，很少有渠道能够让他们投资于海外股市。根据现有的合格境内机构投资者（QDII）计划（起始于 2006 年），大陆的个人投资者被允许通过持牌商业银行、基金管理公司或者证券公司发行的基金来投资境外资本市场。截至三月底，外汇监管机构已经批准了价值为 841.3 亿美元的 QDII 额度。随着中国政府鼓励更多的个人到国外投资，QDII2 的投资额度最终可能会超过 QDII 的额度。 QDII2 的配额将有可能首先发放给内地券商在香港的附属公司，这些公司再将额度分配给内地的合格投资者。一些业内人士表

示，个人投资的资产门槛可能高达 500 万元。从技术上来讲，QDII2 项目的推出没有障碍。由于政府已经从失败的“直通车”项目中吸取了教训，这次将不会有临时的变化。群益金鼎证券的分析师 Lin Jinghua 在接

n a bold step to boost individuals’ overseas investment scope and liberalize China’s capital account, Beijing has announced a plan to ultimately offer rich mainland citizens direct access to foreign capital markets. The initiative, which are expected to officially unveiled in the second quarter of this year, will not only help wealthy individuals gain exposure to a wider range of securities to diversify their investment, but also provide business opportunities for professional brokerages and intermediaries in terms of trading and consultancy. The so-called Qualified Domestic Individual Investors program, dubbed as QDII2, is aimed at promoting cross-border trading in the Chinese yuan, the People's Bank of China said at its annual working conference for 2013 early this year. The move will initially increase the flow of the Chinese currency between stocks in the mainland and Hong Kong, analysts said. Under the proposed QDII2 program, mainland individual investors will be allowed to directly buy and sell securities on overseas stock exchanges for the first time. Market watchers predict Hong Kong will be the first testing ground for the pilot project before Beijing gradually expands it to other offshore markets. Reviving “Through Train” Financial regulators were giving priority to the implementation of QDII2 scheme, which could spark a multibillion-yuan outflow into Hong Kong’s equity market. QDII2 is similar to an earlier proposal for a "through train" system, which never came to pass, would let mainland investors open accounts at brokerages in Hong Kong to trade stocks listed on the city’s exchange. In August 2007, the State Administration of Foreign Exchange announced that it would allow individual mainland investors to trade Hong Konglisted stocks directly. But the proposal was

delayed and officially scrapped in July 2010, as authorities worried that potential capital outflow would damage yuan-denominated A shares traded in Shanghai and Shenzhen. Back in 2007, after the forex regulator announced that it would run an experimental program in Tianjin, a coastal city near Beijing, to allow Chinese mainland individuals to buy Hong Kong stocks directly, the Hang Seng Index in Hong Kong surged almost 60 percent in the three months, as investors there anticipated a huge inflow of funds from the mainland. However, the expectations were eventually dashed. The experimental program never materialized, and in 2010, the forex regulator said it had been scuttled. No reason was given. As Beijing is determined to rev up the internationalization of the yuan, the QDII2 scheme would materialize as early as the middle of this year, industry sources said, adding that some mainland brokers have already been prepared for stock-account opening at their Hong Kong subsidiaries and are ready to conduct internal operation tests. Mainland cities including Shanghai, Beijing, Shenzhen, Wenzhou and Tianjian have said that they hoped to become the locations for the trial run of the QDII2 program, which could help them gain an upper hand in the competition to be regional financial hubs. Mainland investors have long complained that there were few channels for them to invest in overseas stock markets. Under the existing Qualified Domestic Institutional Investors (QDII) program, begun in 2006, individual investors on the mainland were allowed to invest in offshore capital markets only through funds offered by approved commercial banks, fund managers or securities firms. As of the end of March, the foreign exchange regulator had approved a total 2013, Summer China Offshore

特别报道 | SpECIAL REPORT

外汇时，它不得不把等量的人民币注入市场，

-60

然后进行公开市场操作，来对冲市场上的过

-80

2012 年 4 月，外汇监管机构宣布，大陆将提供更多的资金流出渠道，并将逐步放宽公民

-42.45

-41.20

-73.37

-100 -104.24 3 -0 0 9 10 -30 20 123 11 -0 1 320 31 11 20 0630 11 20 0911 3 -1 0 220 31 12 20 0312 31 20 0630 12 20 0930 12 20 123 13 -0 1 331

6-0

3-0

2-1 20

-0 20

6-0

9-0 08 20

-120

外汇储备高达 3.31 万亿美元。因此，中国政府已经放宽了中国公民使用外汇的限制。

-50.22

-81.25

问题。央行数据显示，截至去年年底中国的

-46 -59.59

有外汇并且用其进行投资将有助于解决这类

-36.99 -43.68

-51.06

量货币。通过 QDII2 项目，鼓励私营部门持

-21.97 -24.91 -25.36

-22.7 -29.18

-29.13

-40

储备所带来的压力和成本。当中央银行购买

-20

-0

QDII2 计划旨在帮助缓解中国巨额外汇

可以推动这个项目。”

3.11 0.96

到的是从香港开始，大陆证券公司的子公司

汇回上还存在着技术障碍。因此，更容易做

单位：亿份 Unit: A hundred million Shares

完全可兑换，而在交易帐户的开立和资金的

Shares of QDII Net Purchase (Redemption)

-1

资于全球市场，这是由于人民币还没有实现

QDII 基金净申购（赎回）份额

国很难开发一个完整的交易体系来让人们投

受商业新闻社 ET Net 的采访时表示：“中

来源：晨星 Source: Morningstar

海外投资的限制。中国政府希望 QDII2 项目可以对现有的人民币合格境外机构投资者（RQFII）计划进行补充，后者允许机构吸收香港的人民币存款，投资于内地上市的股票。在这种情况下，有可能形成一个双向资本流动的机制。内地投资者将会有兴趣投资那些内地市场欠发达或无法提供的金融产品，如股票期权或认股权证。中国建设银行研究员赵庆明说：“在最初阶段，QDII2 项目的规模可能会被限制在 100 亿美元左右，以降低对国内市场的影响。这表明中国正在逐步放宽资本账户。尽管步伐缓慢，投资者最终将获得直接买卖海外股票的机会。” 互惠互利市场观察家指出，QDII2 的出现至少在概念上正在再次重振投资者对香港股市的希望。香港正在努力捍卫其作为全球领先的离岸人民币贸易和投资枢纽的地位。 QDII2 计划被认为与内地证券监管机构所提出的 B 股和 H 股转换项目有内在联系。中国政府正在鼓励 B 股公司（在上海以美元计价、在深圳以港币计价）在香港重新上市。目前，B 股市场缺乏流动性和买盘兴趣。在 B 股公司在香港重新上市后，QDII2 计划可以让 B 股的持有人在香港交易他们持有的股票。国泰君安证券（香港）有限公司在一份

Summer, 2013

quota of US$84.13 billion for QDIIs. The investment quotas for QDII2 may eventually exceed that of the QDII program as Beijing encourages more individuals to invest abroad. The QDII2 quotas will likely be first issued to the Hong Kong subsidiaries of mainland brokerages, which will in turn distribute them to qualified mainland individuals. The asset threshold for individuals may be set at as high as 5 million yuan, some industry insiders said. Technically, there are no barriers to the launch of the QDII2 project and there will be no about-face this time as officials have already drawn a lesson from the failed "through train" proposal. "It's difficult for China to develop a complete trading system that enables its citizens to invest in all global markets because the yuan is not yet freely convertible and technical difficulties remain in terms of the opening of trading accounts and the repatriation of funds," Lin Jinghua, an analyst with Capital Securities Corp, said in an interview with business news agency ET Net. "It would be easier to start with Hong Kong, where subsidiaries

of mainland-based securities firms can facilitate the program." The QDII2 scheme is part of larger plans to ease the pressure and cost of dealing with the China’s huge foreign exchange reserves. When the central bank purchases foreign exchange, it has to put an equivalent amount of yuan into the market and then carry out open market operations to hedge against excessive amounts of currency building up in the market. Encouraging the private sector to hold and invest with foreign exchange, which QDII2 will do, will help solve such problems. With foreign exchange reserves that amounted to US$3.31 trillion as of the end of last year, as central bank data show, Beijing has been easing restrictions on the use of foreign exchange by Chinese nationals. In April of 2012, the forex regulator announced that the mainland will provide more channels for capital outflow and will gradually relax controls on overseas investment by its citizens. Beijing hopes the QDII2 program could complement an existing Renminbi Qualified Foreign Institutional Investor (RQFII) plan, which allows institutions to

SpECIAL REPORT | 特别报道

报告中说：“虽然在最初阶段可能会给合格的境内私人投资者设置一些要求，这也意味着起初内地的资金流可能不会太大，但是香港市场仍然可以受益于市场的乐观情绪。” 虽然有人担心允许个人投资者直接投资港股或者其他离岸市场会使得内地股市失去资金，但是重要的业内人士并不这么认为。投资咨询公司咨奔商务咨询在发给客户的一份研究报告中表示：“人民币流向香港不太可能影响到 A 股市场，这是因为私人资本已经通过其他的方式流向海外市场。此外， H 股相对 A 股并无太大的折价，因此它们也不像过去那么有吸引力。” 咨奔商务咨询表示，内地投资者更担心大量 A 股首次公开募股所带来的影响，这可能会从市场吸走数百亿元人民币，并且稀释现有股票的价格。作为反映大陆上市 A 股和香港上市 H 股之间溢价的晴雨表，恒生 AH 股溢价指数最近在 100 左右，相比 2009 年 167.1 的高点下降明显。这是因为 A 股市场连续三年下跌的原因。国泰君安证券指出，银行、保险和基础设施领域价值被低估的 A 股将受益于内地和香港之间人民币资金更强的双向流动。国泰君安表示：“QDII2 可以被视为人民币国际化另一个重大步骤。我们预期同一家公司在大陆和香港市场的股价将在未来逐步趋同，或者至少估值差异会逐步缩小。” 与此同时，作为一个完善的金融枢纽，香港比大陆市场拥有更广泛的投资工具，比如股票期权和认股权证。申银万国证券有限公司的分析师谭飞表示，在这样一个复杂的市场，QDII2 项目可以为内地投资者提供更多的金融产品，帮助他们分散风险，提高资产配置的有效性。风险控制机制由于内地投资者缺乏海外市场的投资经验，风险控制可能是 QDII2 项目最优先考虑事项之一。兴业银行首席经济学家鲁政委表示，目前推出这个试点项目可能不是正确的时机，特别是考虑到香港将作为首个试验地。鲁政委说：“自 2009 年以来，随着中国大陆经济的蓬勃发展以及美国采取宽松的货币政策，香港股市已经上涨了许多。目前，上涨的空间已经不大。大陆的经济复苏仍然不稳，而且美国联邦储备委员会也正在考虑

pull yuan deposits in Hong Kong in order to invest in mainland-listed equities. Under such a scenario, there could be a two-way capital-flowing mechanism. Mainland investors to be attracted to investments in financial products that are less developed or not available on the mainland market, such as stock options or warrants. “The QDII2 program could be limited to a size of around US$10 billion at the initial stage to limit its impact on the domestic market,” said Zhao Qingming, a researcher with China Construction Bank. “It shows the gradual relaxing of China’s capital account. Despite the slow pace, investors will eventually have an option to start direct trading of overseas stocks.” Mutual Benefits Market observers noted that the emergence of QDII2, at least in concept, is once again reviving investor hopes in Hong Kong, which is striving to defend its status as the world’s leading hub for offshore yuan trading and investment. The QDII2 scheme is believed to be linked to the B-H share conversions proposed by the mainland securities regulator. Beijing is encouraging companies with B shares - traded in US dollars in Shanghai and Hong Kong dollars in Shenzhen - to relist in Hong Kong amid a lack of liquidity and buying interest in the B-share market. A QDII2 scheme could let former holders of B shares trade stocks in Hong Kong after the firms are relisted in the city." Although several requirements may be set to select qualified domestic private investors in the initial stages, indicating that incremental liquidity from domestic funds may not be very significant at first, the Hong Kong market could still benefit from boosted market optimism," Guotai Junan Securities (Hong Kong) Ltd said in a report. Although some concerns have been raised that the plan to give individual

investors direct access to Hong Kong equities or other offshore markets may drain capital from mainland stock markets, key industry players don’t think that will be the case. "The outflow of renminbi to Hong Kong is unlikely to affect the A-share market because private capital has already been flowing to overseas markets through other means," Investment consultancy Z-Ben Advisors said in a note to clients. "Additionally, H shares are not trading at a large discount to A-shares, being less attractive than they once were." Mainland investors are more worried about a flood of A-share initial public offerings that could siphon hundreds of billions of yuan from the market while diluting the prices of the existing stocks, according to Z-Ben Advisors. The Hang Seng A-H Premium Index, a barometer of the price premium of mainland-listed A shares to their corresponding H Shares listed in Hong Kong, was at around 100 recently, down significantly from the high of 167.1 in 2009, after the A-share market suffered a threeyear losing streak. Guotai Junan Securities pointed out that undervalued class A shares in the banking, insurance and infrastructure sectors would benefit from stronger twoway flow of yuan funds between the mainland and Hong Kong. "QDII2 could be considered another significant step in renminbi internationalization," the broker said. "We expect the same shares on the mainland and Hong Kong markets to gradually trade at an equal price, or at least the valuation difference to gradually narrow in the future." Meanwhile, Hong Kong, as a wellestablished financial hub, hosts a wider range of investment tools than available in the mainland, such as stock options and warrants. In such a sophisticated market, QDII2 could offer mainland investors 2013, Summer China Offshore

特别报道 | SpECIAL REPORT

早日结束其债券购买的刺激计划。”他补充说：“在这个时候，向内地个人投资者开放香港市场将是不明智的，特别是考虑到他们在风险管理方面一般都没有什么经验。”然而，其他业内人士表示，尽管面临挑战，该计划应该进行下去，因为长期来看它将有利于人民币的全球化和资本账户开放。不过，他们希望中国的监管机构能够考虑到相关的风险。中国农业银行首席经济学家项松祚表示，只有具有一定规模流动性资产的个人才可能有资格参与这个项目。他建议，资产门槛可能设定为 500 万美元或 1000 万美元。国泰君安资产管理董事总经理袁军平在接受香港 Standard 报纸采访的时候表示：“申请人还必须拥有良好的声誉、长期投资的经验和风险承受能力。” 机构的机会据了解，QDII2 将通过机构将配额授予大陆的高端投资者。他们很可能会以需要同时在大陆和香港的金融机构开立特殊目的投资账户，以保证资金流得到控制。这样的安排将有利于那些在香港拥有附属公司的中国券商以及那些已经在为大陆高净值人士提供服务的金融咨询机构。常驻上海的独立顾问、前中国银行投资经理 Sky Wu 说：“毫无疑问，它会开创一个新的业务平台。经纪商可以通过帮助投资者在香港买卖股票来赚取额外的佣金。此外，对那些专业分析香港市场的投资咨询机构来说，富裕的中国人可能会希望从它们获得关于资产配置和选股的建议。”此外，富裕的内地人可能会需要通过一定的测试，才能被允许在香港直接买卖股票。这将为中介机构提供投资者教育方面的机会。虽然大陆投资者已经逐步开始认识到离岸市场（比如香港）的投资规则和产品，但如果没有切实的尽职调查和审查过程，直接交易可能会带来风险。专业从事股票投资咨询的上海赋嘉投资顾问有限公司经理 Stephen Chen 说：“我们已经开始收集客户关于直接投资香港上市股票的反映，其中的许多人似乎对此非常热衷。很显然，他们需要更多有关海外上市股票的信息，不仅仅是价格和基本面，还包括最新的发展和行业更新。一旦 QDII2 项目启动，我们计划建立一项与其相关的新业务。”

Summer, 2013

access to more financial products and enable them to spread risk and improve the effectiveness of asset allocation, according to Tan Fei, analyst with Shenyin & Wanguo Securities Co. Risk-Control Mechanism Risk control could one of the top priorities for QDII2 as mainland investors lack experience in investing in overseas markets. Lu Zhengwei, chief economist with the Industrial Bank, said the timing may not be right to unveil the pilot project, especially if Hong Kong is to be used as the first testing ground. "Hong Kong's stock market has gained a lot since 2009 because of the booming economy of the Chinese mainland and easing monetary policies in the US," Lu said. "Currently, it has little room left to rise. The economic recovery on the mainland remains flabby, and the US Federal Reserve is considering an early end to its bond-buying stimulus." He added, "It would be unwise to open the Hong Kong market to mainland individual investors at this time, especially considering that they are generally less skilled in risk management." However, other industry insiders said that despite the challenges, the program should be carried out as it is positive in the longer term in terms of yuan globalization and capital-account opening. But they expect Chinese regulators to take risk into consideration. Xiang Songzuo, chief economist at Agricultural Bank of China, said only individuals with a certain scale of liquid assets may qualify for the new program. He suggested that the asset threshold could be US$5 million or US$10 million." Applications would also need to be of good reputation, with long-term investment experience and the ability to bear risks," Yuan Junping, managing director of Guotai Junan Assets (Asia), was quoted as saying in Hong Kong's Standard newspaper.

Opportunities for Institutions It is understood QDII2 will extend the quota from institutions to high-end mainland investors. They will likely to be required to open special purpose investment accounts in financial institutions in both the mainland and Hong Kong to keep capital flow under control. The arrangement will benefit Chinese brokerages, which have subsidiaries in Hong Kong, as well as financial consulting agencies, which have already served high net-worth individuals in the mainland. “Definitely, it opens a new platform for businesses,” said Sky Wu, a Shanghaibased independent consultant and former investment manager at Bank of China. “Brokers can earn extra commissions from helping investors to trade stocks in Hong Kong. In addition, wealthy Chinese may seek advice from investment consulting agencies with experience in analyzing the Hong Kong market for asset allocation and stock picking.” Besides, rich mainlanders may have to pass certain tests before being allowed to trade stocks directly in Hong Kong. That would provide chances for intermediaries in terms of investor education. Although mainland individuals are increasingly aware of investment rules and products available in offshore markets like Hong Kong, direct trading could bring about risks without solid due diligence and reviewing processes. “We’ve already started to gauge clients’ responses on investing directly in Hong Kong-listed shares and many of them seem enthusiast about it,” said Stephen Chen, a manager with Shanghai Fuga Investment Consulting Co, a firm specializing in providing advice in trading stocks. “Apparently, they need more information about stocks listed overseas, not just prices and fundamentals, but also latest developments and industry updates. We plan to start a business on that once the QDII2 program is unveiled.”

Asia Offshore Summit Bangkok, April, 2014

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Program Overview

Who Should Sponsor & Attend

The Asia Offshore Association is back! We are pleased to announce our return with the highly anticipated Asia Offshore Summit in Bangkok in April 2014. Through resentations, workshops, and panel discussions, the topics to be addressed include the most pressing issues in Asia’s outbound offshore investments.

Senior Level Managers of the Following:

The two-day summit will gather the Asia's leading financial intermediaries with the international trust companies, bankers, lawyers, and corporate service providers for an exclusive and indepth conference examining the full spectrum of investment, trade, and wealth management coming out of Asia. The Asia Offshore Summit has been designed to explain to Asia’s top financial intermediaries how they can benefit from the unique asset management and and Offshore Professionals product offerings available in the world’s international offshore financial centers.

· Investment Promotion Agencies · International and Offshore Law Firms · Trust & Fiduciary Service Providers · Wealth Management Professionals · Corporate Service Providers · Other Offshore Professionals and Entrepreneurs · Tax Advisory & Consultants · International Accountants · Immigration Consultant

For more information, please contact Spencer H. Hall via email at spencer.hall@asiaoffshore.org

www.asiaoffshore.org

2013, Summer China OffshOre

特别报道 | SpECIAL REPORT

亿万美元遁形离岸金融中心 Billions of Dollars Stashed Away in Offshore Centers By Baron Laudermilk

Summer, 2013

SpECIAL REPORT | 特别报道

不

久之前，总部设在华盛顿特区的调查记者国际联盟（ICIJ）发布了一份最新报告，详尽地描述了多年来借

助离岸世界进行发生的不合法活动。该报告显示，全球的离岸金融中心拥有超过 12 万个离岸银行账户，许多户头所有人是企业决策者和政府官员。通过使用高级数据分析和数据统计，调查记者国际联盟分析了所有离岸银行账户的信息，包括电子邮件和文件，并且找到了信息中所包含的相应数据。文件中有些公司类型包括空壳公司和被称为信托的法律架构，它存在于超过 170 个国家和地区。泄漏的数据总量超过 260 千兆字节，比 2010 年维基解密发布的美国国务院电报信息多 162 倍。调查记者国际联盟表示，文件显示了与“狡猾人物”相关的数据，如操作庞氏骗局、进行股票诈骗以及使用离岸帐户藏钱的人们，同样还包括著名的政治家、商界领袖、甚至医生、牙医和律师。游说团体加拿大税收公平组织的执行董事丹尼斯·豪利特说，这些文件揭示了全球范围内资金避税活动的保密性和复杂性。在上周接受记者采访时，豪利特先生说：“这确实揭示了整个系统是如何工作的。这些细节我们从来没有获得过，这是非常有趣的。” 皇后大学法学教授科克菲尔德详细地介绍了泄漏的文件，并在上周告诉记者，人们一直以来对离岸金融中心的使用呈上升趋势。他说：“这并非一些小岛的一些服务提供商的问题，我们认为问题可能甚至要比过去分析师认为的严重地多。这是个巨大严峻的问题，我们甚至只是看到了冰山一角。” 政治家和世界各地的公司面对离岸账户的问题由调查记者国际联盟引发的离岸金融记录大量泄漏使得全球最杰出企业和政府领导人的信息得以曝光。英国首相戴维·卡梅伦已经感受到了压力，需要对包括开曼群岛、马恩岛和英属维尔京群岛在内的六个避税天堂做出行动。自由党参议员珀西·道恩说，他希望他的同事参议员帕纳·马青特能够解释她为什么要使用她丈夫的名字在库克群岛设立离岸信托。在蒙古，副议长在他的秘密离岸公司和瑞士银行帐户被曝光后，表示正在考虑辞职。调查记者国际联盟的调查结果也使得银行面临着广泛的批评。荷兰两家最大的银行 ING 和荷兰银行目前正在由于它们的离岸交易而受

ast week the International Consortium of Investigated Journalist (ICIJ), based in Washington, D.C, released a report recently that highlighted in detail about the illegal activities that have been occurring on the islands for years. The report also revealed that offshore centers were holding over 120,000 offshore bank accounts, many being owned by decision makers in business and government. The files that ICIJ analyzed all the offshore bank accounts including emails and documents, by using high level data analytics and data crunchers to find trends in the information. Some of the type of companies that were part of the files included shell corporations and legal structures known as trusts, which involved in more than 170 countries. The leak amounted to over 260 gigabytes of data, or 162 times larger than the U.S. State Department cables published by WikiLeaks in 2010. The ICIJ said that the documents show data about “dodgy characters”, such as people running Ponzi schemes, stock scams and hiding money in offshore accounts, but also the names of famous politicians, business leaders, and even doctors, dentists and lawyers. Dennis Howlett, executive director of lobby group Canadians for Tax Fairness, said the documents reveal the secrecy and complexity involved when money is moved around the world to avoid taxation. “This really reveals how the whole system works,” Mr. Howlett said in an interview last week. “There’s a level of detail here that we just haven’t had before, which is very interesting.” Queen’s law professor Art Cockfield, who pored over the leaked documents and told reporters last week that people have been using offshore financial centers much more than previously though. “If that’s just a couple of service providers in a couple of small islands, one

gets the sense that the problem may be even greater than all of the analysts thought in the past,” he said. “It’s immense. We’re just seeing a little slice of the problem.”

Politicians and Companies Worldwide Face Questions Regarding Offshore Accounts The massive leak of offshore financial records that came to light due to the ICIJ has shed light on the hidden of some of the world’s most prominent business and government leaders. Pressure has hit Prime Minister David Cameron to change the six tax havens under British domain, including the Cayman Islands, the Isle of Man, and the Virgin Islands. Liberal Senator Percy Downe said he wants his caucus’s colleague, Senator Pana Merchant, to explain why she had an offshore trust set up in Cook Islands under her husband’s name. In Mongolia, the country’s deputy Parliamentary Speaker said that he is thinking about resigning after his secret offshore company and Swiss Bank account were exposed. Banks have also been facing widespread criticism due to ICIJ’s findings. Two of the largest Dutch banks, ANG and ABN Amro, are currently being asked questions over their offshore dealings. 21 current and former members of ING’s board of directors were part of the leaked offshore records, which showed that both banks helped establish dozens of offshore companies for their customers. Furthermore German, French and Swiss banks have also set up thousands of secretive companies in offshore havens for Thai and Pakistani politicians. Exotic Offshore Centers Considered Taking Strong Criticism The ICIJ report found that smaller islands and offshore centers that once appeared to be in the shadows of Switzerland and other major offshore centers are hiding the identities of many 2013, Summer China Offshore

特别报道 | SpECIAL REPORT

到质疑。ING 的 21 位现任和前任董事的资料也被泄露，它们显示了两家银行帮助了它们的客户建立了数十家离岸公司。此外，德国，法国和瑞士的银行还为泰国和巴基斯坦的政治家在离岸避风港设立了数以千计的秘密公司。异国离岸中心受到强烈的批评报告发现，曾经生活在瑞士和其他主要离岸中心阴影下的较小岛屿和离岸金融中心正在隐藏许多富裕人士的身份，这些人有时在离岸藏匿了数百万美元。泄露的文件和调查记者国际联盟的报告显示了，小型的离岸金融中心是有多么隐秘和富裕。在调查记者国际联盟的报告中，库克群岛是全球最大的离岸避税天堂。记者尼基·海格对该岛离岸金融中心的调查显示，全球数以千计的政府官员和富裕名人将现金放在了秘密的岛屿信托中，希望来躲避国内的税负。

wealthy individuals who sometimes hide millions of dollars offshore. The leaked 规模最大的信息泄漏事件，比以往任何时候都 files and the report from ICIJ revealed how 要大得多 ...... 这是一整套内部信息，展示了这 secretive and wealthy the smaller offshore 个世界是如何运作的。”库克群岛的离岸金融 financial centers were. 业务为这个国家赚到了大钱，它仅次于旅游业。 The ICIJ report ranked Cook Island 事实上，分析师和专家预测，世界各地的离岸 as being the top offshore tax haven on 避税天堂可能藏匿了 20 - 30 万亿美元的资金。 the planet. Journalist Nicky Hager’s investigation into the island’s offshore 离岸金融中心的未来 financial center revealed how thousands 离岸金融中心一直以来都在受到政治家和政府 of government officials and rich famous 的严肃批评。但是，这个问题并不足以破坏世 around the world have stashed cash in the 界上的所有离岸中心。然而，这加剧了“离岸 secret islands trust to avoid domestic taxes. 金融中心”的负面含义。尽管这份浮出水面的 Hager said Tax havens are the great 报告损害了离岸金融中心的形象，分析预计这 black holes of the world, a lot of dodgy 些国家的国际政策和国内政策只会发生微小的 things go on and this is the biggest leak ever, 变化。“ 税收正义网络”的董事会成员亨利说 it’s much bigger than anything ever before… 即便世界经济持续下滑，离岸世界正在持续发 There's a whole suite of inside information 展。“ 税收正义网络”是一个国际性的研究和 of how that world works." The Cook Islands 宣传组织，对离岸避税港一直持有批判的态度。 offshore finance business earns big money 世界上最大的 50 家“私人银行”（它们通常 for the country, only second to tourism. 利用离岸避税港为他们的“高净值”客户提供 In fact, Analyst and experts predict that 服务）管理的资产从 2005 年的 5.4 万亿美元 $20~30 trillion may be hidden in offshore 上升到了 2010 年的至少 12 万亿美元。只要 tax havens across the world. 海格说： “ 避税天堂是这个世界上的巨大

的黑洞，很多‘狡猾’的事情正在发生。这是

这些国家（比如库克群岛）依赖离岸金融中心

获得收入，这些离岸金融中心仍然会继续成长， The Future of Offshore Centers 除非来自外国的压力能够逼迫他们遵守游戏规则。调查记者国际联盟的报告是审视离岸中心广泛使用情况的一块踏脚石，但是它不足以让监管发生显著的变化。

Summer, 2013

Offshore financial centers have always received major criticism from politicians and governments over the years. But this incident was not significant enough to

undermine every offshore center in the world, but it has worsened the negative connotation that comes with the phrase “Offshore Financial Center”. Despite the fact that this report has surfaced that has damaged the names of these offshore centers, we expect only marginal changes in international policy and domestic policy by the countries. Even as the world economy has stumbled, the offshore world has continued to grow, said Henry, who is a board member of the Tax Justice Network, an international research and advocacy group that is critical of offshore havens. His research shows, for example, that assets managed by the world’s 50 largest “private banks” – which often use offshore havens to serve their “high net worth” customers – grew from $5.4 trillion in 2005 to more than $12 trillion in 2010. These offshore centers will still continue to grow as long as these countries depend on offshore financial centers revenue, such as the Cook Islands, or until heavy pressure is used by foreign powers to force them to play by the rules. The ICIJ report is a major steeping stone in reviewing the extensive use of offshore centers, but it’s not enough to make significant regulatory changes.

EXCLUSIVE SUPPLEMENT

独家特刊

2013

SUMMER 夏季刊

游艇和飞机管理

Private Yacht & Aircraft Management

2013, Summer China Offshore

Summer, 2013

exclusive REPORT | 独家报道

私人飞机 - 飞向成功的翅膀 Offshore Aircraft Ownership A Tool to Success By Adam Skuse

“拥

有私人飞机真是太好了。如果有人对你说拥有自己的飞机不好，那他就是在

对你说谎。”美国脱口秀主持人奥普拉·温弗瑞 2009 年在杜克大学年毕业典礼的演讲中说到。也许没有什么比拥有属于你的私人飞机更能证明你已跻身名流——除了拥有自己的岛屿以外——许多高级精英人士认为这样才能把重要的商务旅行列入他们繁忙的日程。你永远不会再被商业航班的时间表所限制，而且较小的飞机会有更多降落地点。例如美国有超过5000个小飞机可以降落的机场，而商业航空公司能降落的只有 550 个。这样可以在增强隐私性的同时减少来回机场、安检和候机的时间。由于飞机类型和实施的流程不同，对于某些机主来说，私人飞机已然成为他们自己的空军一号，美国总统商讨国事的飞机，因为他们

“I

t’s great to have a private jet. Anyone that tells you that having your own private jet isn’t great is lying to you.” So said US talk show host Oprah Winfrey during a speech to the graduating class of Duke University in 2009. While perhaps nothing screams that you’ve made it into the major leagues of the wealthy like having your own airplane – except perhaps owning your own island – many high-fliers see them as a necessity in allowing them to fit essential business travel into their hectic schedules. You need never again to be beholden to the schedules of commercial flights and with a smaller aircraft there are far more options about where to land. In the US, for example, there are over 5,000 airports

that small jets can land at, compared to the 550 that commercial airlines serve. This cuts down on travel time from and to the airport, as well as the associated security checks, waiting times and lack of privacy. Depending on the type of aircraft and working practices, for some owners the private jet becomes their own version of Air Force One – the aircraft from which the US President conducts affairs of state – where they can carry on work and even meetings with accompanying staff. However, while there is no doubt a private jet can save time and logistical headaches, how do they stack up as investments in terms of cash return? And, while China’s domestic private jet market is showing the potential to really take off, 2013 Private Yacht Aircraft Management 2013,&Summer China Offshore

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独家报道 | exclusive REPORT

照片提供 Photo by Falcon

可以与随行工作人员开展工作甚至会议。然而，尽管私人飞机毫无疑问可以节省时间和减少一些后勤问题，他们怎么以现金的形式体现投资回报率？现如今中国国内的私人飞机正呈现出一定的市场潜力，但购买和维护私人飞机是否

由于飞机类型和实施的流程不同，对于某些机主来说，私人飞机已然成为他们自己的空军一号，美国总统商讨国事的飞机，因为他们可以与随行工作人员开展工作甚至会议。

Depending on the type of aircraft and working practices, for some owners the private jet becomes their own version of Air Force One – the aircraft from which the US President conducts affairs of state – where they can carry on work and even meetings with accompanying staff.

真的是高净值个人的明智之举？在问到是否中国富人应该购买海外私人飞机之前，首先需要确定的是他们是否能够在目标管辖区域之内购买，对于许多人来说，这将是在美国。如果是这样，中国公民是否有所有权资格的答案是肯定的，据国际飞机经纪交易商和咨询公司查理·布拉沃航空的首席执行官和创始人 Rene Banglesdorf 透露。去年，她建立了查理·布拉沃航空亚洲公司以应对来自中国和亚洲其他地区不断增长的需求。 “目前在美国和几个加勒比国家都允许任何国籍的人拥有飞机，并拥有该国的注册号，”Banglesdorf 在接受记者采访时告诉中国离岸。 “我们多年来为许多客户通过第三方的协助进行这些操作。由于反恐的需求，美国联邦航空管理局（FAA）对飞机的所有权有一定的限制，所以飞机所有者不可能匿名。几年前有人谈到了这个限制被取消的可能性，但传闻证据不可靠而且似乎已经消失。然而法律是可以改变，这是好事。” 中国内地买家的另一个考虑是，如果是在美国注册的飞机，它在中国的着陆点将有一定的局限性。在这种情况下，中国政府要求机上有一个中国领航员。当谈到在海外拥有私人飞机的成本，同样的飞机在国内购买所需的成本都需要纳入考虑范围。飞机本身的成本是大致相同的，

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does buying and maintaining a private jet offshore make sense for China’s high networth individuals? Before asking if wealthy Chinese should buy a jet that will be based overseas, it first needs to be determined if they can in their target jurisdiction. For many, this will be the US, and if so, the answer to whether Chinese nationals are eligible for ownership is yes, according to Rene Banglesdorf, CEO and founder of international aircraft broker, dealer and consulting company Charlie Bravo Aviation. Last year, she also established Charlie Bravo Aviation Asia in response to the burgeoning demand from China and the rest of Asia. “It is possible presently in the US and several Caribbean countries for people of any nationality to own an aircraft and have that country’s registration notation,” Banglesdorf told China Offshore in an interview. “We have facilitated setting these up over the years for a number of clients through a third-party trust. The Federal Aviation Administration (FAA)

has some anti-terrorism requirements around the ownership of an aircraft and hiding the true owner isn’t an option. There was some talk a couple of years ago about limiting this, but the rumors were unsubstantiated and seem to have disappeared. However, it is always good to keep in mind that laws can change.” Another consideration for Chinese mainland buyers is that if the aircraft is registered in the US, there will be some limitations on where it can land in China, and that in some cases the Chinese government requires there to be a Chinese navigator on board. When it comes to the costs of owning a private jet overseas, all the same costs that is associated with domestic ownership need to be taken in to account. For the purchase costs of the aircraft itself, these will be roughly the same; however, regional differences in wages and training costs for crew, hangar space, insurance, regularly scheduled maintenance, fuel, landing fees and taxes as well as other recurring expenses need to be taken into

exclusive REPORT | 独家报道

然而，船员的工资和培训费用，机库空间，保险，定期维护，燃料，起降费和税收，以及其他经常性开支不同区域下的差异需要予以考虑。与此同时，政策的变化对飞机海外司法管辖区的所有权成本有显着的影响。例如，前不久奥巴马政府呼吁取消“私人飞机拥有者的税收减免”政策，此政策允许企业核销公务机成本五年，包租飞机和商用飞机则是七年。 Banglesdorf 说，虽然最大限度地减少开支可以通过租赁或租赁抵消来实现，但只能抵消部分的年度固定费用。 “有了一个合理的租赁收入——在利息情况良好的情况下——应该可以涵盖机库，保险，飞行员培训和一些员工工资费用，” 她说。“ 关于租赁，机主可以预期收回他们的一些费用，这取决于市场对特定类型飞机

consideration. At the same time, changes in policy can have a significant effect on the ongoing costs of jet ownership in overseas jurisdictions. For example, earlier this year the Obama administration called for an elimination of what it called “tax breaks for private jet owners,” referring to the current law that allows companies to write off the cost of business jets over five years, compared to the seven years for

charter and commercial planes. As for minimizing expenses, they can be offset somewhat through leasing or chartering, although Banglesdorf says buyers should only expect to see such action offset some of the fixed annual costs. “With a reasonable amount of charter revenue – in a region where there is the right market for charter interest – owners should expect those opportunities to

飞机使员工能够有效地飞往较偏远的地方拜见现在和潜在客户。公司可以带上整个团队在飞机上召开会议，并不受航班限制及时返回。

The plane enables employees to travel efficiently to visit prospects and clients in more remote locations. Companies can bring an entire team, hold meetings on the plane and return promptly without relying on commercial schedules. 照片提供 Photo by Gulfstream

2013 Private Yacht Aircraft Management 2013,&Summer China Offshore

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的需求。然而，这意味着需要机主在租期结束的时候交还飞机。” 另一种选择是部分所有权，在美林财富管理关于私人飞机的报告中提到过。据该报告称，这对于那些每年飞 50 至 200 小时的人群来说是最具成本效益的选择。该报告指出： “顾名思义来说，就是你买一架喷气式飞机一段时期（通常为五年）的部分所有权。股份转换成飞行时间。十六分之一的股份代表 50 小时，八分之一代表 100 小时，依此类推。你不会固定使用某架飞机，但持飞机其余份额的公司有能保证在你需要的时候提供其他相似的机型。你需要每月支付维护费，而公司则处理所有权中繁琐的行政管理问题。和公司共同拥有飞机的税务问题跟拥有整架飞机差不多：部分股份贬值，所以问题仍然是：你到底能否有效利用这部分扣除款？风险可能包括，你将不得不在低迷的市场中卖出份额。另一方面，股份的未来买家在经济衰退中创造了令人羡慕的交易。同样一部中型飞机八分之一的股份，在金融危机之前可能耗资 150 万美元现在只需要 75 万。” 其他的选择包括提供部分所有权私人飞机服务提供商 NetJets 公司，他们最近开通了在中国的业务。NetJets 的操作方式是让投资者拥有一个特定的飞机的一部分，而不是完全拥有一架喷气式飞机。投资者可以随时使用该飞机或者类似的机型。作为一个国际化的公司，这也意味着中国的客户希望在境外使用私人飞机，同时省去在该司法管辖使用飞机的费用或后勤问题。归根结底，作为一个纯粹的投资工具，境外拥有私人飞机并不比在国内购买要好，而且事实上更为不好的是飞机可能将不能得到充分的利用。 “私人飞机，无论是喷气还是直升机，应视为一种商业工具，而不是一个投资机会，许多美国公司通过使用公务飞机在竞争中脱颖而出，”Banglesdorf 说。“飞机使员工能够有效地飞往较偏远的地方拜见现在和潜在客户。公司可以带上整个团队在飞机上召开会议，并不受航班限制及时返回。公司在投资一个软件系统时不是指望它能升值，技术投资能使企业在更有效地运行的同时提高成交量。投资私人飞机也是同样的道理。”Banglesdorf 也把飞机保值的能力和汽车进行对比，“飞机会在使用中贬值。当在全球经济良好的情况下，出售飞机可以获得利润。然而，以我的经验，这往往

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cover the hangar, insurance, pilot training and some of the staff salaries fees,” she said. “Regarding leasing opportunities, owners can expect to recoup some of their expenses, depending on the demand for particular aircraft types. However, this does usually require the owner to give up the aircraft for the term of the lease.” Another option is fractional ownership, as outlined in a Merrill Lynch Wealth Management report on private aircraft. According to the report, this is the most cost-efficient option for those who fly 50 to 200 hours per year. The report states: “As the term implies, you buy partial ownership of a specific jet for a specific period (usually five years). Shares translate into air time. A sixteenth share gives you 50 hours, an eighth 100, and so on. You don't fly just on that plane, but you are guaranteed flights on a comparable aircraft in the fractional company's fleet. You pay monthly maintenance fees, and the fractional company handles the

administrative headaches of ownership. Tax considerations with fractional are similar to those involved in owning the whole plane – fractional shares depreciate – so the question remains: Can you use the deductions? Risks include the possibility that you will have to sell your share in a down market. On the other hand, the recession has created enviable deals for prospective fractional buyers. A oneeighth interest in a midsize jet that would have cost $1.5 million before the financial crisis might cost $750,000 today.” There are options such as Netjets, a private jet service provider that offers fractional ownership of aircraft, and recently opened its China operation. Rather than fully owning a jet, it allows investors to own part of a particular aircraft, and have access to that aircraft or a similar model at their convenience. As an international company, it also means Chinese clients wishing to use a private jet while overseas can do, without incurring the cost or logistical problems of

在国内拥有私人飞机只对于那些飞行非常频繁的人士有意义，除非你大部分的时间都在飞机隶属的司法管辖区，否则你会对预期投资回报有错误的判断。

As even domestic ownership of private jets is only advisable for those who fly extremely frequently, unless the bulk of your time is spent in the jurisdiction in which you hold your aircraft, you would be misguided to expect any investment returns.

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中国内地买家的另一个考虑是，如果是在美国注册的飞机，它在中国的着陆点将有一定的局限性。

Another consideration for Chinese mainland buyers is that if the aircraft is registered in the US, there will be some limitations on where it can land in China. 照片提供 Photo by Zap Photos

会是例外。” 喷气机的转售价值的不可预测性，可以用去年七月报道的二手喷气价格下降 50％来说明。当时，做飞机代理的 The Private Jet Company 首席执行官丹·詹宁斯告诉纽约时报：“在过去的十年中，私人飞机的保值情况优于几乎所有资产类别，每年只贬值大约2％。 “二手飞机已跌至底价，将会迎来一轮抢购。” 在文章中给出的一个例子是，亿万富翁罗恩·佩雷尔曼以 189 万美元出售销售 Gulfstream 5，而两年以前，飞机账面价值高达 3200 万美元。在国内拥有私人飞机只对于那些飞行非常频繁的人士有意义，这本身就意味着，除非你大部分的时间都在飞机隶属的司法管辖区，否则你会对预期投资回报有错误的判断。即使你把飞机出租，从而最大限度地提高飞机的收入，那么你将需要把飞机完全租赁出去，而这样的话就失去了拥有私人飞机的意义：在需要的时候能随时使用。彻底拥有一个飞机可以让你自由，但这种自由是只有愿意支付额外费用，而不是作为一种货币投资的非常富有的人才负担得起的。当然也存在成瘾的危险，沃伦·巴菲特就是一个很好的例子。起初他对使用私人飞机持怀疑的态度，然而几年后他开玩笑说，他希望和他的飞机埋在一起，因为飞机很大程度上改变了他的生活。

maintaining a jet in that jurisdiction. When it comes down to it, as a pure investment vehicle, private jets held offshore are no better than those held domestically – worse, in fact, due to the likelihood they will be underutilized. “Private aircraft, whether jets or helicopters, should be considered a business tool, not an investment opportunity, and many American companies utilize business aircraft as a competitive differentiator,” said Banglesdorf. “The plane enables employees to travel efficiently to visit prospects and clients in more remote locations. Companies can bring an entire team, hold meetings on the plane and return promptly without relying on commercial schedules. Companies don't invest in a software system hoping to make money from appreciation; technology investments allow businesses to run more efficiently and to close a higher quantity of sales. The same principle holds true with aircraft.” Banglesdorf likened the ability of aircraft to retain value to that of

automobiles. “Aircraft depreciate over the years. When there is a strong worldwide economy, aircraft can be sold for a profit. However, in my experience, this is frequently an exception to the rule.” The unpredictability of the resale value of jets can be illustrated by the 50 percent drop in used jet prices reported last July. At the time, Dan Jennings, CEO of aircraft broker The Private Jet Company, told the New York Post: “Private jets had always held their values better than almost any asset class in the past decade, losing only about 2 percent a year. “The bottom has fallen out for pre-owned jets and the bargain rush is on.” An example given in the article was that of billionaire Ron Perelman, who was selling Gulfstream 5 for $18.9 million. Two years previously, the book value stood at $32 million. As even domestic ownership of private jets is only advisable for those who fly extremely frequently, this means that unless the bulk of your time is spent in the jurisdiction in which you hold your aircraft, you would be misguided to expect any investment returns. Even if you charter the aircraft out so as to maximize the amount of income the jet can generate, you will have to lease it out fully, and therefore negate the primary point of owning a jet in the first place: quick access at your convenience. Owning a jet outright can set you free, but that freedom comes at a cost only affordable to the very wealthy who are prepared to pay the premium and don’t purchase as a monetary investment in its own right. Then, of course, there’s the danger of addiction, as in the case of Warren Buffet. At first a skeptic towards private jet use, a few years after having access to one he joked that he wanted to be buried with his plane, such was the difference it made to his life. 2013 Private Yacht & Aircraft Management

S05

游艇和飞机

Yachting & Aviation 马耳他拥有值得骄傲的杰出海事行业，船舶登记规模是欧洲最大的，列全球第七。

Malta has a proud and distinguished maritime tradition and its shipping register is the largest in Europe and the seventh largest worldwide.

在国际航运界，马耳他旗就是品质和信心的代名词。因此，在商船注册获得巨大成功的基础上，马耳他正采用相同的方式将自己打造成国际游艇和飞机注册具有吸引力、严谨且高效的司法管辖区。

In international shipping the Malta flag is now synonymous with quality and confidence. As such, with a view to emulating its success in connection with its merchant fleet register, Malta is now positioning itself as an attractive, serious and cost-effective jurisdiction for international yachting and aviation. Yacht Registration

游艇注册无论最终用于私人或者商业用途，游艇都可以使用马耳他的旗帜进行注册。任何马耳他或欧盟的公民以及任何在马耳他或者欧盟成员国注册的公司都可以使用马耳他旗对游艇进行注册。因此，非欧盟国家的公民无法直接在马耳他完成对游艇的注册。然而，这样的非欧盟公民将有权在马耳他成立一家公司，并且使用马耳他旗持有并注册相关的游艇。只要向国内当局递交规定的简单文件就能够完成一艘游艇在马耳他旗下的注册。1 在完成临时注册的六个月后，2 并且在向当局递交额外文件的基础上，游艇将永久地注册为马耳他旗船只。用于国际商业用途的游艇将额外需要遵守国内商业游艇法则的标准。3 国内当局就游艇注册所收取的费用与大小和吨位相关。这些费用一般都是合理的。4 税收方面的考虑马耳他公司通过运营一个或多个商业游艇获得的收入需要在马耳他缴税。在马耳他税收抵免体系下，总体有效税率非常低。事实上，运营企业需要就这些收入承担 35％的所得税率。然而，如果该公司基于股东的利益来分配净股息，那么这些股东一般能够获得相当于运营公司利润分配七分之六的税收返还。增值税

Yachts may be registered under the Malta Flag regardless as to whether they are ultimately intended for private or commercial use. Any citizen of Malta or of the European Union (EU) and any company registered in Malta or in an EU Member State may register a yacht under the Malta flag. A non-EU citizen cannot, accordingly, procure the registration of a yacht in Malta directly. However, any such non-EU citizen would be entitled to set up a company in Malta to hold and register the relevant yacht under the Malta flag. A yacht would first be registered under the Malta flag provisionally merely pursuant to the submission of certain prescribed and straightforward documentation to the domestic authorities. 1 Prior to the lapse of six months 2 from the provisional registration of a yacht and pursuant to the submission of additional documentation to the said authorities, the yacht would be permanently registered as a Maltese flagged vessel. Yachts intended for international commercial use would additionally be required to comply with standards set by the domestic Commercial Yacht Code. 3 Registration fees levied by the domestic authorities in connection with yacht registrations are chargeable by reference to size and tonnage. Such fees are generally reasonable. 4 Tax Considerations Income derived by a Malta company from the operation of one or more commercial yachts should ultimately be chargeable to tax in Malta at a low combined overall effective Malta tax rate - by application of Malta’s refundable tax credit system. In fact, such income would be chargeable to tax in Malta at the rate of 35% at the level of the operating company. However, upon a distribution of net dividends by that company in favour of its shareholders, the said shareholders should generally be entitled to a refund of sixsevenths of the Malta tax suffered at the level of the operating company on the profits out of which the dividends were distributed. VAT

此外，在公海上行驶、载有收费乘客的商用包租游艇将免于支付马耳他的增值税（零税率）。同样，船舶供给和后续服务（包括维护和配置）将免征增值税。

In addition, the charter of a commercial yacht which navigates on the high seas and carries paying passengers would represent an exempt with credit (zero-rated) supply for Malta VAT purposes. Likewise, the supply of the vessel itself and subsequent supplies made in respect thereof (including maintenance and provisioning) would represent exempt with credit supplies.

飞机注册

Aircraft Registration

马耳他航空方面的监管框架 5 旨在使马耳他成为国际航空业务的枢纽。6 马耳他希望成为欧洲地区飞机注册领域高效而成熟的司法管辖区。7 基于这一点，在马耳他注册将给予飞机和其所有人 / 运营人良好的声誉。

Malta’s regulatory framework applicable in the context of aviation 5 is intended to establish Malta as ahive of international aviation activity.Malta aims to be a cost-effective but sophisticated and reliable European jurisdiction for aircraft registrations. 7 As such, the Malta registration marks emblazoned on an aircraft lend substantial credibility to that aircraft and its owner/operator.

1. 商用游艇需要获得运营许可证，并且完成相关的检查，确认船只符合适用的安全标准。 2. 如果需要可以延长六个月。 3. 商业游艇法则适用于那些不运载货物或多于 12 名乘客的游艇，这些游艇需要由业主或者法人企业运营。 4. 在这种情况下，对长度小于 24 米的商业或休闲游艇来说，征收的登记费 115 欧元。前提是游艇的总吨位小于 50。 5. 该框架同样负责监管飞机按揭贷款，并且执行开普敦移动设备国际利益公

1. An operating certificate would be procured in respect of a commercial yacht pursuant to a survey of the vessel confirming compliance with applicable safety and security standards. 2.Renewable for an additional period of six months if necessary. 3.The Commercial Yacht Code applies in respect of commercial yachts which do not carry cargo or more than 12 passengers and which are operated by the owner or body corporate owning the commercial yacht. 4.As such, a registration fee of €115 is levied in respect of a commercial yacht or pleasure yacht which is less than 24 metres in length – provided that the gross tonnage of a pleasure yacht is less than 50. 5.The framework also regulates mortgages over aircraft and implements the provisions of the Cape Town Convention on

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国内的监管框架是广泛适用并且在马耳他飞机注册的类型和目的上不受限制。在马耳他注册的飞机可能会被用于商业或其他私人用途。上述监管框架同样可以为正在建造中的飞机提供注册。

The domestic regulatory framework is broadly applicable and unrestricted as regards the type and intended use of aircraft registered in Malta. A Malta registered aircraft may accordingly be used commercially or otherwise for private purposes. The said regulatory framework also provides for the registration of aircraft under construction.

然而，对飞机注册人的国籍 / 居住地有着相应的限制。获批司法管辖区的居民或者企业可以注册私人飞机，8 前提是注册人指定一位当地的居民作为代理人，代表其在马耳他处理飞机的相关事宜。

However, prescribed eligibility restrictions apply by reference to the nationality/residence of prospective registrants of aircraft. At any rate, a private aircraft may be registered by a citizen of or an undertaking established in an approved jurisdiction 8 but provided that, inter alia, the registrant appoints a local resident agent to represent the owner in Malta for matters concerning the aircraft.

注册过程应该是相当简便的，其中包括获得额外的许可和授权，比如适航证和航空经营许可证。

The registration process should be straightforward and streamlined – as should the processes employed with a view to the issuance of additionally required licenses and authorisations including certificates of airworthiness and air operating licenses.

税收方面的考虑

Tax Considerations

任何人通过拥有、出租或经营任何飞机或飞机发动机并且从事或者受雇于与国际乘客或货物运输相关的活动获得的收入将被认为是来自马耳他以外地区的收入，无论飞机或者飞机发动机的注册国是哪里，也无论飞机是否通过马耳他的机场进行运营。反过来，无需在马耳他纳税的居民公司（指的是在马耳他境外注册，但是在马耳他境内控制和管理的公司）只需要就以下项目在马耳他纳税： ·来自马耳他的应税收入和资本利得 ; ·在马耳他获得的、来自马耳他以外地区的应税收入（非资本利得）。因此，注册在马耳他以外地区的企业（但不是马耳他的居民企业）通过拥有、租赁或者运营飞机或者飞机发动机获得的收入不会在马耳他被征税，除非企业在马耳他获得此类收入。基于上述马耳他退税体系，任何在马耳他获得的此类收入（或者支付给在马耳他注册的企业）通常总体上只需要承担很低的税率。此外，就马耳他的免双重征税条约而言（目前有 60 个条约已生效），对企业通过国际航空运营获得收入的征税权通常只属于企业进行有效管理的司法管辖区。因此，马耳他居民公司通过营运飞机从事国际航空业务所获得的利润通常只在马耳他进行征税。9 增值税航空公司使用飞机的供应、租赁、维修、服务和配置通常无需在马耳他承担增值税。游艇 / 飞机租赁协议马耳他的增值税部门已发出指引，澄清了马耳他在游艇和飞机租赁方面的增值税制度。就指引条款而言，收购游艇或者飞机所产生的增值税率最低可以达到 5.4％，这取决于游艇的大小和动力以及飞机的相关功能，包括飞机的型号、最大燃油容量和燃油消耗。10

Income derived by any person who owns, leases or operates any aircraft or aircraft engine/s and which is/are used or employed in the international transport of passengers or goods, is deemed to arise outside Malta for Malta tax purposes - irrespective of the country of registration of the said aircraft or aircraft engine/s and regardless as to whether the aircraft may have called at, or operated from, any airport in Malta. In turn, a company resident but not domiciled in Malta for domestic tax purposes (that is, incorporated outside Malta but controlled and managed from Malta) is subject to tax in Malta only on: · chargeable income and capital gains arising in Malta; · chargeable income (not capital gains) arising outside Malta to the extent that such income is received in Malta. As such, income derived by a company incorporated outside Malta but which is resident in Malta from the ownership, leasing or operation of aircraft or aircraft engines would not be chargeable to tax in Malta unless such income is received in Malta.Any such income received in Malta (or otherwise accruing to a company incorporated in Malta) would then typically be subject to tax in Malta at a low combined overall effective rate by application of Malta’s refundable tax credit system described above. In addition, in terms of Malta’s double tax treaties (60 treaties currently in force), taxing rights over profits of an enterprise derived from the operation of aircraft in international traffic are generally allocated exclusively to the country in which the place of effective management of the relevant enterprise is situated. As a result, profits derived by a Malta resident company from the operation of aircraft in international traffic may be taxable exclusively in Malta. 9 VAT The supply, chartering, maintenance, servicing and provisioning of aircraft destined to be used by an airline operator would represent exempt with credit supplies for Malta VAT purposes. Yacht/Aircraft Leasing Arrangements The Malta VAT Department has issued guidelines clarifying the Malta VAT treatment of yacht and aircraft leasing arrangements. In terms of the guidelines, the overall VAT incidence incurred on the acquisition of a yacht or aircraft may be reduced to 5.4% depending on the size and means of propulsion of the yacht or the relevant features of the aircraft – including the aircraft type, maximum fuel capacity and fuel burn. 10

Vistra (Malta) Limited 34 Cathedral Street, Sliema SLM 1503, Malta

约以及飞行器协议，以确保加强对债权人的保护。 6. 国内运营成本预计是其他欧洲司法管辖区的一半左右。 7. 作为欧盟成员国，马耳他同样是欧洲航空安全局（EASA）的成员国。马耳他也是国际民用航空组织（ICAO）的成员。 8. 中国是一个被认可的司法管辖区。 9. 尽管这里利润实际上可能不会在马耳他被征税。 10. 马耳他所得税当局也发出了指引，澄清了马耳他在飞机或者飞机发动机金融租赁方面的税收政策。

Tel: +356 21314259 Fax: +356 21314253 Email: marco.bugelli@vistra.com Website: www.vistra.com

International Interests on Mobile Equipment and its Aircraft Protocol with a view to securing enhanced creditor protection. 6.Domestic operating costs are estimated to be up to half of those prevailing in other European jurisdictions. 7.As an EU Member State, Malta is also a Member State of the European Aviation Safety Agency (EASA).Malta is also a Member of the International Civil Aviation Organisation (ICAO). 8.China is an approved jurisdiction. 9.Notwithstanding that such profits may not, in fact, be taxable in Malta as aforesaid. 10.The Malta income tax authorities have also issued guidelines verifying the Malta tax treatment applicable in the context of finance leases of an aircraft and/or engine.

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英属维尔京群岛让船东放心的避风港 The British Virgin Islands – A Ship-Owner’s Safety Net By Anas Almasri

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2013

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英

属维尔京群岛（BVI）是英国的海外领土，位于加勒比海，波多黎各以东。领土由四个主要岛屿，托托

拉岛，维京果岛，阿内加达岛和约斯特·范代克岛，还有超过 50 个较小的岛屿和珊瑚礁组成。英属维尔京群岛的实际居住总人口近 28,000 这些岛屿中被居住使用的只有约 15 个，其中最多居民的是托尔托拉岛。英属维尔京群岛与邻近的美属维尔京群岛和西班牙维尔京群岛合称为维尔京群岛。该群岛被认为是最富盛名的全球船舶注册地点之一。由于是基于英国司法系统 , BVI 的法律提供了一个良好，规范，稳定的环境。维尔京群岛与 Red Ensign 联盟是其最强的优势之一， Red Ensign（英国）类目一注册制度能注册私人或商业游艇，包括高达 3000 吨的超级游艇和无上限吨位容量和长度的货船。这也有加强了船舶抵押和船舶所有权的转让或变更的简易度。英国公民或公司注册以及所有英国领土以及欧洲共同体（EC）或欧洲经济区（EEA）成员国，和其海外领土的公民及注册公司，都可成为英属维尔京群岛注册船只的业主。在加勒比共同体（加共体）或东加勒比国家组织（OECS）成员国以及在英属维尔京群岛注册成立的公司，也准予在群岛拥有船只。其他国家的国民或企业只被允许拥有在英属

he BVI is a British overseas territory located in the Caribbean Sea, east of Puerto Rico. The territory consists of four main islands, Tortola, Virgin Gorda, Anegada and Jost Van Dyke, in addition to over 50 smaller islands and cays. Only about 15 of those islands are actually inhabited, the BVI’s total population is near 28,000 most of them living on Tortola Island. Formally known as Virgin Islands? the British’s prefix is used to distinguish it from the neighboring Virgin Islands of the United States? The Islands are considered one of the most prestigious locations for vessel registrations worldwide. Laws in the BVI are based on the British judicial system, thus providing a well-regulated, stable environment. The Islands’ alliance with the Red Ensign flag is one of its strongest assets; it is designated as a Category One Red Ensign (British) Registry and can register private or commercial yachts, including super yachts with up to 3,000 tons and cargo ships with unrestricted tonnage capacity and length. It also facilitates the registration of ship mortgages and

transfer or change of vessel ownership. Citizens of the United Kingdom or companies registered there as well as all British Territories are allowed to be the owners of vessels registered in the BVI. So too are citizens or companies from a Member State of the European Community (EC) or the European Economic Area (EEA), including overseas territories of those member states. Companies incorporated in a Member State of the Caribbean Community (CARICOM) or the Organization of Eastern Caribbean States (OECS) and registered in the BVI are also permitted to be registered ship owners in the Islands. Other nationals or corporate are only permitted to own a minority stake in a BVI registered ship, unless a registered company is formed to own the vessel. The Red Ensign Tax incentives, time and ease of registration and anonymity of ownership often guide the choice of ship owners when deciding on a registry center. It is also highly dependent on usage purposes of the vessel. Through

维尔京群岛注册的船舶的少数股权，除非注

节税、省时、便于登记和所有权的匿名性决定了船东们在注册中心上的选择。

册的公司在其它形式上拥有船只。

Tax incentives, time and ease of registration and anonymity of ownership often guide the choice of ship owners when deciding on a registry center.

The Red Ensign 节税、省时、便于登记和所有权的匿名性决定了船东们在注册中心上的选择，除此之外很大程度上也取决于船只使用的目的。通过与 Red Ensign 的联盟，英属维尔京群岛在严格监管的美誉下又增加了一层安全性。Red Ensign（红色船旗标志）的历史可以追溯到 17 世纪初，当时只能被皇家海军使用，而后来英国商船也开始悬挂红船旗。最重要的是，悬挂英属维尔京群岛国旗航行的船舶会得到英国大使馆和领事馆，以及英国皇家海军的保护。由于海盗和抢劫已蔓延整个国际水域，海事安全的重要性日趋严峻，Red Ensign 不仅提供了安全保证，英国皇家海军的保护也阻碍了海盗试图劫持船只的企图，这种安全的感觉是不能在其他注册地点上得到的。在英属维尔京群岛注册的船舶也获得一些从英

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独家报道 | exclusive REPORT

国海事和海岸警卫局提供的先进的科技支持。 Red Ensign 多年来已成为豪华游艇的标杆，目前超过一半的世界超级游艇都在其下航行。在旗帜的全球份额中，英国 Ensign 集团占近 50 万总注册吨位（GRT），以吨位计算， Red Ensign 在船旗领域排名全球第七。航行在这个标志下的团体包括由英国运营的国际航运，以及其三大皇家属地（马恩岛，根西岛和泽西岛）和八个英国海外领土（安圭拉，百慕大，英属维尔京群岛，开曼群岛，福克兰群岛，直布罗陀圣赫勒拿岛，蒙特塞拉特，特克斯和凯科斯群岛）。Red Ensign 由技术、社会关系和行政支持带来的良好声誉，加上它能为游艇带来显赫背景声誉的原素，使其在同行中有明显的优势。英属维尔京群岛本身的一个特点是它提供世界一流的公司的组建和其他企业服务而成为全球著名离岸金融中心的国际地位。程序和费用 BVI 船舶注册处负责根据英属维尔京群岛的商船法审批所有船舶登记申请，一般的规则是有准备登记期限，但船舶注册处处长可根据请求签发临时证书登记和终止证书。游艇的名称获得批准后，相关调查清单必须填写并提交。所需文件包括：游艇所有者姓名（必须是英国公民，英属维尔京群岛的公民或英属维尔京群岛国际商业公司），游艇生成器证书或销售法案证明游艇所有权，合格的海洋调查船只及委任获授权人员。核准登记后，船舶注册处处长将会发一张必须刻到游艇上的登记号和其他细节的表格。虽然无论是游艇还是所有人本人都不用实际到维尔京群岛进行注册，所有人需要委派受理人或者授予注册服务提供商 BVI 公司的律师权利来完成整个注册过程。在英属维尔京群岛成立国际商务公司及成为持有不记名股份的提名董事，船只持有者可以享受最大程度的隐私和保密。这种结构将允许持在任何正式文件中都不需要透露身份的情况下全面保留其对公司和银行账户的管理权利。对于一个 500 吨（或低于）的游艇在 BVI 注册的平均成本为 $ 3,000 到 $ 4,000 之间，其中包括注册服务费，公司合并以及第一年的年费。每年要交的费用大约是 200 美元。全过程和认证需要大约一个月时间。

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its alliance with The Red Ensign flag, the BVI adds a layer of security to its reputation of solid regulation. Also known as the Red Duster? This flag dates back to the early 17th century as a British ensign that was primarily flown by the Royal Navy. British merchant ships later began flying the Red Ensign. Most importantly, a ship flying under the BVI flag is entitled to assistance from British embassies and consulates around the globe, with protection of the British Royal Navy. Maritime security is of growing importance as an alarming trend of pirating and looting has been spreading across international waters. Flying the Red Duster not only provides a security assurance, it also discourages pirates from attempting to hijack a vessel protected by the British Royal Navy, a feeling of safety that other registries cannot provide. Ships registered in the BVI also gain access to some of the best technical expertise available from the British Maritime and Coast Guard Agency. Over the years the Red Ensign has become the benchmark for luxury yacht registration, and currently more than half the world’s super-yachts are sailing under it. In terms of the flag’s share of the world’s total fleet, the British Ensign Group accounts for nearly 50 million Gross Registered Tonnage (GRT), placing it as the seventh largest Flag State worldwide by GRT. The Group flying this flag includes the international shipping registries operated by the United Kingdom, its three Crown Dependencies (Isle of Man, Guernsey and Jersey) and eight UK Overseas Territories (Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Falkland Islands, Gibraltar, Montserrat, St Helena and the Turks & Caicos Islands). The Red Ensign’s strong reputation for high technical, social and administrative support sets it apart from other flags of convenience while it also adds an element of prestige to a yacht. One very specific advantage to the British Virgin Islands itself is its status as a globally reputable offshore financial center offering

world-class company formation and other corporate services.

Procedure and Cost The BVI Registrar of Shipping is in charge of approving all vessel registration applications, which need to be in accordance with the BVI Merchant Shipping Act. The general rule is there is to preliminary registration period, but the Registrar of Shipping may issue a provisional certificate of registration, Terminable Certificate, upon request. After obtaining approval for the name of the yacht, a list of relevant surveys must be filled out and submitted. Some of the required documents include: name of Yacht owner (who must be British citizen, BVI citizen or BVI international business company), the yacht Builder Certificate or Bill of Sale as proof of yacht ownership, qualified Marine Survey of the vessel and Appointment of Authorized Officer. After registration approval the Registrar of Shipping will issue a form with the registration number and other details that must be carved onto the yacht. Neither the yacht nor its owner actually needs to ever visit the Virgin Islands to register there provided the owner appoints a director or grants power of attorney of the BVI Company to a registration service provider in order to follow through the whole process. By forming a BVI International Business Company and assigning a Corporate Nominee Director while holding bearer shares, the ship owner can enjoy maximum privacy and confidentiality. That structure would allow the owner to retain full management of the company and bank accounts without compromising his identity on any official documents. For a 500-ton (or below) yacht to be registered in the BVI the average cost is between $3,000-$4,000 including registration services, company incorporation and first year of annual fees? The recurrent last part is near $200. It requires one month .

OPINION | 观点

陈崖峰 Jeffrey Chen 律师 / 合伙人 Lawyer/Partner 上海辰禾律师事务所 Practising Lawyer Shanghai Chen He Law Firm Member

陈律师的主要执业方向包括跨境投融资、涉外投资架构与税收筹划等。陈律师在各类专业领域贡献自己的专长，他是亚太法学会终身会员，亚洲境外协会常务理事，国际税收筹划协会会员，特许仲裁员协会会员，上海 WTO 事务培训中心人才库成员，上海市律师协会港澳台研究会会员。

Mr. Chen’s major practice focuses on cross-border investment laws, international investment structuring and tax planning. Mr. Chen actively contributes his expertise to various professional activities and has been admitted as Life Member of Law Asia Association, Executive Director of Asia Offshore Association, Member of International Tax Planning Association, Fellow of Chartered Institute of Arbitration, Member of Shanghai WTO Think Thank Database, Research Fellow of Research Institute Hong Kong, Macau and Taiwan of Shanghai Bar Association

中国游艇事业：现状、政策与期待 China's Yacht Industry: The Status Quo, Policies and Expectations

中

国大陆拥有 9 万个湖泊、6500 个岛屿、18000 公里海岸线，丰富的水路资源为中国游艇消费提供了

自然条件。此外，沿海经济发达地区日益增多，又为中国游艇消费提供了经济条件。事实上，中国大陆游艇行业主要集中在广东、上海、江苏、浙江、辽宁等地区，游艇活动主要为旅游业、水上赛事、水产养殖等领域服务，客观上也反映出游艇消费与经济基础的关系。早在 2008 年，中国社会科学院有关报告即指出，中国的中等收入阶层家庭 6 年后将达到 1 亿户，户均拥有资产 62 万元人民币。这 1 亿个中产阶层家庭就是潜力巨大的游艇消费市场。中国现阶段中产阶层占就业人口 15%，并将以每年 1% 的速度增长。在今后 3-5 年内，游艇休闲、运动将成为人们娱乐生活的重要选择，游艇海上运动将成为海洋旅游、个性消费和追求品位的新亮点。中国交通运输协会邮轮游艇分会（CCYIA）和全国游艇俱乐部协作联盟（CYCA）调查显示，游艇最大的消费群体是中等收入群体，价格在人民币 50-100 万元左右的钓鱼艇、帆船等中低档游艇将最受欢迎，中低档游艇既可以作为海上运动、游

ainland China has 90,000 lakes, 6500 islands, and 18,000 kilometers of coastline. The abundant sea resources provide the natural conditions for China's yacht market. In addition, the increasing number of developed coastal regions provides the economic conditions for China's yacht market. In fact, the Chinese mainland yacht industry is mainly concentrated in Guangdong, Shanghai, Jiangsu, Zhejiang and Liaoning. Yachts mainly serve tourism, water events, aquaculture and other areas, well reflecting the relations between yacht consumption and the economic base. As early as in 2008, the Chinese Academy of Social Sciences stated in a report that the number of middle-income families in China would reach 100 million within six years, with an average household assets reaching RMB 620,000. Such 100 million middleclass families will likely become the huge consumer market for yachts as the middleclass accounts for 15% of the employed population in China at this stage, and will

grow by 1% per year. In the next 3-5 years, yacht leisure and sport will become people’s major choice of entertainment. Yacht marine sports will become a new option for marine tourism, personal consumption and the pursuit of quality life. According to a survey by China Cruise & Yacht Industry Association (CCYIA) and China Yacht Club Alliance (CYCA), the largest consumer group in the yacht industry is the middle-income group, which prefers lowand middle-end yachts such as fishing boats and sailing yachts with a price tag of RMB 500,000 to 1 million. Low-and middle-end yachts can be used for sea sports, recreation, business and social functions as well as for carrying passengers. High-income group as well as institutions and enterprises are able to bear the price and cost, and this kind of consumers is the main consumer group for yachts in the long term. The development of the scenic water resources in China will become under the spotlight as there is huge space for development driven by huge demand for water resources brought 2013 Private Yacht & Aircraft Management

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观点 | OPINION

调查显示，游艇最大的消费群体是中等收入群体，价格在人民币 50-100 万元左右的钓鱼艇、帆船等中低档游艇将最受欢迎。

乐、商务活动和社交的工具，也可以用来载客经营；中高收入阶层及一般机构和企业都能够承担价格和费用，而这类消费群体是今

According to survey, middle-class households are strongly representative in the consumer groups. Entry-level and mid-range yacht with price ranges from 500,000 to 1 million are pretty popular, such as fishing boats and sailing yachts.

后相当长时期游艇的主力消费群体。我国景观水系资源的开发将成为旅游市场的一个新亮点，由游艇带来的水系资源休闲市场存在巨大需求巨额发展空间。这一观点，已经为至少 16 个省市振幅所接受，与游艇产业相关的水上景观开发项目的启动、游艇经济发展地方政策的出台、现代化功能齐全的游艇俱乐部的规划与建设，均预示着中国私人游艇发展的乐观前景。 2009 年 12 月 1 日，国务院下发《关于加快发展旅游业的意见》首次从把旅游业培育成国民经济战略性支柱产业并作为新兴产业和经济增长点加以培育扶持的角度出发，把邮轮、游艇等旅游设备制造业纳入国家鼓励类产业目录。

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by the yacht leisure market. This view has been accepted by at least 16 provincial governments, which have started to develop yacht-related scenic water projects, unveiled incentives to spur the development of yacht economy and planned construction of modern, multifunctional yacht clubs. All these indicate that there is an optimistic view about the prospects for the development of China’s private yacht industry. On December 1, 2009, the State Council issued the "Opinions on accelerating the development of tourism industry” which for the first time targeted the tourism industry as a strategic

pillar industry of the national economy. It also included cruise, yacht and other tourism equipment manufacturing industries into the encouraged industries directory. The official release provides huge opportunities for development of the country’s fledging yacht industry. China’s cruise and yacht industry has been growing steadily and has a promising prospect. However, the regulatory development of the yacht industry is not that promising. In terms of yacht regulation, China has about 1,000 yachts officially registered in the country (as of April 2008). Among them, there are about 200-odd owned by the

OPINION | 观点

该意见的正式出台，给处于起步阶段的我国游艇新型产业带来硕大的发展机遇与期冀。尽管中国的邮轮游艇产业经济步伐坚定、未来可期，但是，游艇监管方面的规则跟进确不容乐观。就游艇监管而言，我国正式注册的游艇约 1000 艘（至 2008 年 4 月），其中注册私人游艇数量 200 多艘，未注册的私人游艇数量则远大于统计数据。这种松散状态，反映出我国对于游艇注册与监管方面的弱势。就税收而言，在中国，长度超过 8 米的私人游艇所涉及的税收包括 10% 的消费税、 10% 的游艇进口关税、17% 的增值税，总税负达到 40% 至多，高额的税收限制了游艇的进口也降低了游艇所有人在中国注册船舶的积极性。就注册管理而言，中国船级社（CCS）《游艇建造规范（2008）》从船舶工程角度奠定了游艇分类的基础，但尚未完全与国际接轨。后期所跟进的 2012 年《游艇入级与建造规范（2012）》以及《游艇法定检验暂行规定（2012）》尚在报批过程中，不足以改变中国成为游艇注册热门法域的现状。就监管而言，中国海事部门作为水上交通安全和防止船舶污染的主管部门，在法律、法规和制度建设上步伐不大。有关部门颁布的规章仅 2009 年 1 月 1 日实施的《游艇安全管理规定》以及《游艇法定检验暂行规定（2009）》，而且也是主要针对保障游艇的

private sector. The number of unregistered private yachts is much larger than the official number. This loosely-regulated state reflects the weakness of China’s yacht registration and regulation. For tax purposes in China, taxation over private yachts exceeding 8 meters in length includes a 10% consumption tax, 10% yacht import duties, a value-added tax of 17%, which add up to a total tax burden of 40%. High taxes restrict imports of yachts and dampen the enthusiasm of people to register their ships in China. In terms of management of registration, the China Classification Society (CCS) Yacht Construction Rules (2008) provides the basis for the classification of the yachts from the engineering point of view, but they have yet to be fully integrated into the international standards. The following Yacht Classification and Construction Rules (2012) and Yacht Statutory Inspection Interim Provisions (2012) are still in the approval process. They won’t be enough to make China a popular

jurisdiction for yacht registration. For regulatory purposes, China's maritime authorities take charge of water traffic safety and the prevention of pollution from ships. They have yet to make big progress in the construction of laws, regulations and systems. The only regulations promulgated by relevant departments were Administrative Rules on Yacht Safety unveiled on January 1, 2009 and Interim Provisions on Statutory Inspection of Yacht (2009). They just standardized the rules for the protection of the operation of the yachts and provided incentives to more flag states. Fortunately, on February 18, 2013, the National Tourism and Leisure Guideline (2013-2020) (Guo Ban Fa [2013] No. 10), which was promulgated according to the Opinions of the State Council on Accelerating the Development of the Tourism Industry, was implemented. The promulgation of the guideline is another boost to China’s booming cruise and yacht industry shortly

就游艇监管而言，我国正式注册的游艇约 1000 艘（至 2008 年 4 月），其中注册私人游艇数量 200 多艘，未注册的私人游艇数量则远大于统计数据。

Record shows that China has about 1,000 officially registered yachts as of April 2008, among which roughly 200 were owned by private. The number of unregistered is much larger than the statistical data.

安全运行进行了规范，为给予注册游艇更多的船旗国优惠和吸引措施。庆幸的是，2013 年 2 月 18 日，根据《国务院关于加快发展旅游业的意见》所制定的《国民旅游休闲纲要（2013—2020 年）》（国办发〔2013〕10 号）开始执行。该《纲要》的颁布，对蓬勃发展中的中国邮轮游艇行业而言，是继前不久政府出台《服务业发展“十二五”规划》之后的又一重大政策利好。在发展国民旅游休闲的措施中，《纲要》明确了支持邮轮游艇码头等旅游休闲基础设施建设和积极发展邮轮游艇旅游等旅游休闲产品两个方向。众所周知，宏观环境（经济发展、地理环境、交通设施、社会稳定性、人文环境）、

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观点 | OPINION

照片提供 Photo by Clara Taub

我国景观水系资源的开发将成为旅游市场的一个新亮点，由游艇带来的水系资源休闲市场存在巨大需求巨额发展空间。

Among numerous value-added resource development, scenic water resources are becoming a light star that bring tremendous demand and huge development space for the scenic water market.

市场需求（参与情况、市场发展、游艇贸易）、支持产业（设计研究、制造工艺与水平、旅游业发展）、企业热情（游艇俱乐部、人力资源、游艇展览、行业协会作用、驾驶培训、服务企业）、政府（重视程度、管理能力）中任何一个项目和分项目的提升，都有助于游艇行业的发展。目前，中国已经在宏观环境、市场需求、支持产业、企业热情等项目中取得了局部进展，而是否能够在以下方面更上一层楼，就是游艇行业人士最为关注和期待的： 1，对游艇的检验及登记规则更加明确； 2，游艇从业人员的培训监督更加规范； 3，游艇的航行安全管理矛盾突出的状况予以改善； 4，对游艇航行安全保障措施予以完善。

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after the government unveiled the 12th Five-Year Plan for the service industry. Among the measures in the development of national tourism and leisure sector, the guideline clearly offers support to the construction of leisure infrastructure such as terminals for cruise and yacht and to the development of leisure products such as cruise and yacht tourism. As we all know, the macroeconomic environment (economic development, geographical environment, transport facilities, social stability, human environment), market demand (participation, market development, yacht trade), supporting industries (design and research, manufacturing process and

level, development of tourism) corporates’ enthusiasm (yacht club, human resources, yacht exhibition, the role of industry associations, driver training, service enterprises), the government (the degree of attention, management capabilities) all contribute to the development of yacht industry if one or several aspects improves At present, China has achieved some progress in the macro environment, market demand, industry support, and corporates’ passion. Yacht industry professionals have the most attention and expectations in the following aspects: 1. Being clearer in yacht inspection and registration rules; 2. Being standardized in training and supervision of yacht industry professionals; 3. Easing the conflicts in management of safe operation of the yachts; 4. Improving the safety measures for yacht sailing.

2013 Company Formation Guide

S17

016

Summer, 2013

ROTTERDAM SPOTLiGHT | 聚焦

鹿特丹港投资未来的物流产业

The Port of Rotterdam

investing in the Logistics of Tomorrow By Mico M. Lysarian

对

于认真的投资者来说，在全球市场中寻找新的商机和致富手段时，了解经济和金融体系的现状一直

是成功探险的关键要素。投资本身一直被认为是一种能力，能够不断发展的市场中预见相应的变化或差异并付诸行动。这些“变化”就像漆黑的大海发出微弱光芒，只有那些目光敏锐或者邻近的船舶才能够看见。这些光芒体现了投资者在永无止境地探索财富和成功之路中所拥有的寻找新的可能性的勇气。本文将着重介绍荷兰的鹿特丹港，以及这个欧洲小国是如何推动全球航运物流、船舶设计和港口发展进入一个新世纪的。这一切都在横向整合领域为早期投资者提供的各种方式，帮助他们在经济动荡时期投资和发展他们的资金。鹿特丹港有着什么样的独特之处，需要让我们特别关注它的海事部门及相应行

or serious investors, understanding the currents of economy and finance has always been at the helm of any successful venture when navigating the global markets in search of new business opportunities and means to wealth. Investing in itself has always been considered the ability to foresee and act upon a change or discrepancy in an otherwise inconsistent market. These “changes” are comparatively like flickers of light emanating over a darkened sea for any vessel wise or close enough to recognize it, for it is this very light that beckons the bold to search new shores of possibilities in their never ending pursuit to discover more riches and avenues of success. This article will focus on the Dutch port of Rotterdam and how this small European country

is pushing the world into a new era of maritime logistics, vessel designs and port developments, of which all play a crucial horizontally integrated role in providing early investors with multiple ways to both invest and grow their funds in these times of economic turmoil. What is so unique about the port of Rotterdam that beckons our attention to the maritime sector and its chain of respective industries? Why should investors look beyond the port veil of simple import/export businesses when sourcing new methods of accumulating wealth? These two questions merit an unusually high degree of attention for any individual interested in developing themselves, their business strategies and fortune through probably one of the hottest 2013, Summer China OffshOre

照片提供 Photo by Port of Rotterdam

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荷兰的鹿特丹港是欧洲最重要的港口之一，也是世界上最活跃的港口之一。每年大约有 4.5 亿吨货物从这里被运送在世界各地。

The Dutch port of Rotterdam is one of the most important ports in Europe and one of the most active ports in the world. It conducts on an annual basis roughly 450 million tons of cargo shipped out to every location around the world.

业的产业链？在寻找积累财富的新方法时，投资者为什么要超越港口所提供的简单的进口和出口业务？对那些有兴趣开发港口、发展相关的业务战略以及积累相应财富的人来说，这两个问题很值得他们思考，毕竟他们面对的可能是 21 世纪即将到来的最炙手可热的市场之一。关于鹿特丹港，我们知道些什么？如今，荷兰的鹿特丹港是欧洲最重要的港口之一，也是世界上最活跃的港口之一。每年大约有 4.5 亿吨货物从这里被运送在世界各地，它也是外国市场进入拥有 3.5 亿消费的

Summer, 2013

markets to soon emerge out of the 21st century.

What Do We Know about the Port of Rotterdam? As of today, the Dutch port of Rotterdam is one of the most important ports in Europe and one of the most active ports in the world. It conducts on an annual basis roughly 450 million tons of cargo shipped out to every location around the world, and is the primary gateway for foreign goods entering the European market of over 350

million consumers. But most importantly the port is pioneering marvelous research into developing for the first time in admiralty history a sustainable port equipped with futuristic technologies and modern innovations in every field related either directly or indirectly to the maritime world of logistics, goods and consumer behaviors. • Rotterdam port has a prime location with accessibility via the sea, land and air. • Rotterdam port has numerous companies and organizations active in the port and port industrial complex (Maasvlakte 2) • Rotterdam port stretches 40 kilometers and about 12,000 ha (incl. Maasvlakte 2)

ROTTERDAM SPOTLIGHT | 聚焦

欧洲市场的主要门户。但最为重要的是，鹿特丹港正在尝试新的研究方法，旨在成为在全球海事史上第一个发展可持续港口的地区，每个领域的未来技术和现代创新都直接或间接地与物流、货物和消费者行为相联系。 ·鹿特丹港拥有优越的地理位置，可以通过海、陆、空等方式达到。 ·鹿特丹港拥有许多公司和组织，活跃在港口及港口工业园区（马斯弗拉克特 2 号码头） ·鹿特丹港绵延 40 公里，占地约 12,000 公顷（包括马斯弗拉克特 2 号码头）为什么企业应该考虑使用鹿特丹港作为运营目的地？鹿特丹港是欧洲最大的港口，它也已成为全世界最大的港口之一。由于其优越的地理位置以及能够对接欧洲消费者，许多公司都将鹿特丹作为业务的枢纽。亚洲的投资者（如日本、中国和印度的公司）特别喜欢使用鹿特丹港来建立欧洲的基地，促进它们业务战略的制定和资

Why should companies consider a Rotterdam port jurisdiction to operate? The port of Rotterdam is the biggest port in Europe and has become one of the largest in the world. Many companies have considered Rotterdam as a nexus of operations due to its prime location and accessibility to European consumers. Asian investors such as Japanese, Chinese and Indian companies are especially fond of using the port to establish a foothold in Europe, furthering their business strategies and capital gain. From Rotterdam they are able to distribute their goods easily by different means to all over Europe via railway, trucks and barges of which are the most common methods to reach their final destinations. And for goods especially such as oil products and chemicals, pipelines are available which also connect to Germany and Belgium. Companies considering a Rotterdam presence would benefit from

鹿特丹港最吸引人的方面业务是马斯弗拉克特 1 号和 2 号码头。作为进入北海的重要枢纽，在过去几年里，越来越多的企业开始出于这个原因而选择荷兰港口。

The most appealing aspect of Rotterdam port is Maasvlakte 1 and 2. With access to the North Seas, a growing number of companies have chosen the Dutch port for this very reason to operate over the past couple years.

对那些选择投资在鹿特丹展开运营的企业来说，它们这么做的目的是出于这个港口独特的地理位置、优越的物流设施以及众多的公用事业。

All the companies which have chosen to invest operating costs into Rotterdam do so because of the ports unique location, brilliant logistic facilities and numerous utilities. its unique advantages if they are primarily involved in logistics, goods and especially chemicals/oil. • Rotterdam port has an industrial complex with over 45 chemical companies • Rotterdam port houses 5 world-class chemical clusters (petro) oil refineries • Rotterdam port has 10 production companies using renewables as their feedstock • Rotterdam port companies are under the jurisdiction of the Port Authorities, not the Dutch Government (special advantages) All the companies which have chosen to invest operating costs into Rotterdam do so because of the ports unique location, brilliant logistic facilities and numerous utilities. But probably the most attractive reason for why these companies chose to position themselves in Rotterdam port is because of the mutual synergy which is created throughout the entire cluster. This means that unlike other places where companies compete amongst each other with in a small given space, the companies at Rotterdam’s cluster directly provide their neighbors with feedstock and semifinished products. It is common practice that waste products of one company serve as raw materials for another company. Landowners and port authorities are also particularly welcome to new companies (especially Asian) that are considering 2013, Summer China Offshore

聚焦 | SPOTLIGHT ROTTERDAM 照片提供 Photo by Port of Rotterdam

本收益的增长。从鹿特丹出发，这些公司能够很容易地通过铁路、卡车和驳船等最为常用的方法将货物运输到欧洲各地，从而到达它们的最终目的地。对石油和化工产品等货物而言，

荷兰政府预计，鹿特丹港将在 2030 年成为全球及欧洲货物运输在欧洲地区主要的枢纽。它将成为全球集装箱、燃料和能源的中心，也将成为可持续、高效供应链发展的领导者。

The Dutch government foresees the Port of Rotterdam to be the leading European hub for all global and intra European cargo by the year of 2030. It will be the global center for containers, fuel, and energy, and will be the leader in the development of sustainable and efficient supply chains.

这里拥有运输管道，能够连接到德国和比利时。对从事物流、货物以及特别是化工和石油业务的企业来说，考虑在鹿特丹运营将能够获得这里独特的优势。 ·鹿特丹港拥有超过一个工业园区，其中有超过 45 家化工企业 ·鹿特丹港拥有 5 个世界级的化工集中区、（石油）炼油厂 ·鹿特丹港拥有 10 家企业使用可再生能源作为其原料 ·鹿特丹港的公司受到港口当局管辖，而不是荷兰政府（这是特别的优势）对那些选择投资在鹿特丹展开运营的企业来说，它们这么做的目的是出于这个港口独特的地理位置、优越的物流设施以及众多的公用事业。但对这些公司来说，鹿特丹最大的吸引力在于它能够带来整个行业链上的协同效应。这意味着，在鹿特丹产业集群中的公司能够直接为其相邻的企业提

Summer, 2013

using the Dutch hub as a cornerstone for their European activities.

What is a Sustainable Port? Apart from pitching the perfect location for foreign companies to operate in, the port is primarily looking to the future and envisioning a concept called a “sustainable port”. With a consensus for the living conditions of future generations, the port has divided its concept of sustainability into three dimensions. • Ecological - Being aware of and considering nature, the environment and energy • Economic - Maintaining and strengthening the position of the port in the market

• Social - Improving the overall quality of life within the city and outer regions What Else Makes the Port Attractive to Investors? Probably the most appealing aspect of Rotterdam port is Maasvlakte 1 and 2. Being an important hub with access to the North Seas, a growing number of companies have chosen the Dutch port for this very reason to operate over the past couple years. However, this influx of entrepreneurs and corporations has quickly filled up the space originally available. That is what Maasvlakte 2 was designed in 2008 to resolve by 2013. Expansion is crucial for the port to continue rising in response to growing

ROTTERDAM SPOTLIGHT | 聚焦

供原料和半成品，而不是像其他地方的公司一样在一个狭小的空间里进行互相竞争。常见的做法是，一家公司的废品能够成为另一家公司的原料。土地所有者和港口当局也特别欢迎新的公司（特别是亚洲的公司）使用这个荷兰港口作为其欧洲业务的基石。什么是可持续的港口？除了努力成为外资公司运营的理想目的地之外，鹿特丹港主要着眼于未来的发展，提出了“可持续港口”的概念。在为未来几代人创造良好生活条件的共识下，鹿特丹港已经将可持续发展的概念划分为三个层面。 ·生态 - 能够认识并且考虑自然、环境和能源 ·经济 - 维护和加强鹿特丹港在市场上的地位 ·社会 - 提高城内和城外地区的整体生活质量鹿特丹港对投资者的吸引力还有哪些？鹿特丹港最吸引人的方面业务是马斯弗拉

demands of global expectations. Naturally, the overall future of the port will depend on foreign investments by companies and entrepreneurs, but the quality of life and concern for the environment are just as important as strengthening Rotterdam’s position as a main port. Expanding the port and improving the quality of life will go hand in hand. • Maasvlakte 2 will be a direct extension of Maasvlakte and will have access to all its connections within the European mainland. • Maasvlakte 2 will create a new top location in the heart of the European market. • Maasvlakte will have 1000 hectares of space for deep sea related container transport and distribution. • Nowhere else in Europe will the largest ships in the world be able to moor 24 hours a day.

How Will the Port of Rotterdam Influence the International Trade Network? Rotterdam is an international hub and market place for containers, crude oil, oil products, chemicals, bio-fuels and vegetable oils. Because of this accumulation of bulk in Rotterdam, many foreign trading companies have established themselves in or nearby Rotterdam to be close to these trade flows. Furthermore, in the port many prices are set for commodity product, and offer an integrated approach not just as a logistics hub, but as a developer of supply chain integration and consolidation of industries efficiently and effectively. Rotterdam has a deep sea bed allowing large ships easy access to the port. Rotterdam is the only port in Europe which has such a deep sea bed, and definitely benefits from its undersea landscape. This however will influence the shipping

鹿特丹港示意图 Overview of Rotterdam 2013, Summer China Offshore

聚焦 | SPOTLIGHT ROTTERDAM

克特 1 号和 2 号码头。作为进入北海的重要枢纽，在过去几年里，越来越多的企业开始出于这个原因而选择荷兰港口。然而，企业家和公司的涌入已经迅速地占领了最初的空间。这就是 2008 年设计马斯弗拉克特 2 号码头的原因，希望能够在 2013 年解决这个问题。对鹿特丹港来说，扩张是极为重要，旨在满足全球不断增长的需求。当然，港口的未来将依赖于外国公司和企业家的投资，但生活品质和对环境的关注与增强鹿特丹港的地位显得一样重要。扩建港口和改善生活质量将齐头并进。 ·马斯弗拉克特 2 号码头是马斯弗拉克特码头的直接延伸，拥有与欧洲大陆的所有连接。 ·马斯弗拉克特 2 号码头将在欧洲市场的中心创建一个新的顶级港口。 ·马斯弗拉克特将为深海集装箱运输和配送提供 1000 公顷的区域。 ·在整个欧洲，只有这里可以每天 24 小时停泊全球最大的船舶。鹿特丹港将如何影响国际贸易的网络？鹿特丹是一个国际航空枢纽，也是集装箱、原油、成品油、化学品、生物燃料和植物油的市场。由于鹿特丹港聚集着大量的货物，

industry and all companies around the world related to anything shipping from design, raw material and construction. Super transport ships are being designed such (as by the Danish logistics giant Maersk), and constructed for the logistics of tomorrow. Our traditional cargo ships will eventually be replaced with new sustainable vessels with technologies and capabilities far beyond our conventional idea of boats. This is due to the distinct competitive advantages of the Port of Rotterdam. On a global scale, few international ports have the ability to compete with the tiny Dutch country. This in turn has had a ripple effect on not just maritime industries, but all industries involved in the supply chain of building, research and design of the future super vessels. What are Rotterdam Port Advantages Over other EU Ports? The primary advantage the Port of

Rotterdam has over other continental European ports is the location of Holland to the European mainland and market as well as the excellent infrastructure that is available. The port is famous for its numerous methods of logistics around Europe and the world. In addition to this, the Dutch government wants to upgrade these channels of distributions such as rail, road and pipe lines connecting with major chemical sites in Germany, Belgium and France. Currently, the Dutch government is investing in increased road capacity, better rail connections, more use of the river for inland transport and pipeline connections with the Antwerp cluster. In addition to the ease of cargo distributions, the port offers foreign companies assurance of their willingness and ability to invest in infrastructure to be even more competitive than other ports. Having invested € 3 billion euro into the expansion of the port (Maasvlakte 2), the port is able to provide companies

许多外贸公司在鹿特丹或其附近建立了业务机构，希望能够考虑这些货物流。此外，许多大宗商品在鹿特丹进行定价，这提供了一种整合性的方案，使之不仅仅是一个物流中心，而且是不同行业供应链高校整合方案的开发商。鹿特丹拥有一个深海床，让大型船舶能够轻松地访问这个港口。鹿特丹是欧洲唯一拥有如此深度海床的港口，并且得益于此。就船舶的设计、原材料和建造而言，这无疑将影响整个航运业和世界各地的所有企业。在这个基础上诞生了超级运输船（由丹麦物流巨头马士基设计和建造），这成为了物流行业的明天。我们的传统货轮最终将被新型可持续船舶所取代，这些船只拥有超越传统船舶概念的技术和能力。这将归因于鹿特丹港的显著竞争优势。在全球范围内，很少有国际港口能够与这个微小的荷兰港口展开竞争。这反过来又产生了连锁反应，

Summer, 2013

鹿特丹港已经投资了 30 亿欧元来进行扩展（马斯弗拉克特 2 号码头），这使其能够为企业提供发展空间和投资机会。

Having invested € 3 billion euro into the expansion of the port (Maasvlakte 2), the port is able to provide companies room for growth as well as investment opportunities.

ROTTERDAM SPOTLIGHT | 聚焦

不仅对海事行业是如此，更是覆盖了供应链上的所有行业：未来超级船舶的建造、研究和设计。

全球十大港口排名（按吞吐量） Top10 Ports (By Volume) 2010 年吞吐量 ( 百万标准箱 ) Volume 2010 (Million-TEUS)

2011 年吞吐量 ( 百万标准箱 ) Volume 2011 (Million-TEUS)

新加坡，新加坡 Singapore, Singapore

28.43

29.94

釜山，韩国 Busan, Korea

22.51

22.57

宁波，中国 Ningbo, China

13.14

14.72

青岛，中国 Qingdao, China

12.01

13.02

排名

港口，国家

相比欧洲大陆的港口，鹿特丹港的主要优

Rank

Port, Country

势是荷兰通往欧洲大陆和市场的地理位置

上海，中国 Shanghai, China

相比欧盟的其他港口，鹿特丹港的优势是什么？

以及其优良的基础设施。众所周知，鹿特丹港拥有众多通往欧洲和全球的物流渠道。

此外，荷兰政府希望能够对连接德国、比利时和法国重要化工区的物流渠道（比如铁路、公路和管道）进行升级。目前，荷兰政府正努力投资改善道路通行能力、提升铁路连接、利用河流进行内陆运输并且更好地使用与安特卫普集群之间的管道连接。除了提升货物运输的便利性，鹿特丹港同样为向外国公司展示了进一步投资基础设施的意愿和能力，希望比其他

3 4 5 6 7

港口更具竞争力。鹿特丹港已经投资了 30 亿欧元来进行

扩展（马斯弗拉克特 2 号码头），这使其能够为企业提供发展空间和投资机会。在过

去的五年里，外国企业在生产设施、炼油厂、码头、仓储设施、电力公司和其他业务领域已经在鹿特丹港投资了 110 亿欧元。这预示着会有越来越多的公司在这个港口落脚，

香港，中国 Hong Kong, China 深圳，中国 Shenzhen, China

12.55

阿里山港口，迪拜，阿联酋

鹿特丹，荷兰 Rotterdam, Netherlands

来源：The Journal of Commerce, August 20-27, 2012 Source: The Journal of Commerce, August 20-27, 2012

23.70 14.18

广州，中国 Guangzhou, China

Jebel Ali, Dubai, UAE

29.07

11.60

11.14

31.74

24.38 16.17

14.26

13.01

11.88

而鹿特丹港正在向成为欧洲大陆业务主要港口的目标迈进。 2030 年的鹿特丹港荷兰政府预计，鹿特丹港将在 2030 年成为全球及欧洲货物运输在欧洲地区主要的枢纽。它将成为全球集装箱、燃料和能源的中心，也将成为可持续、高效供应链发展的领导者。到 2030 年，鹿特丹港将与安特卫普相连，这将使得鹿特丹的工业和能源行业能够形成大型的整合集群，通过其集群优势、一体化的供应链和能源效率在全球的舞台上与其他地区展开竞争。此外，鹿特丹港已经完成了使用可持续能源的过渡期，在日常活动中可以使用生物化工产品，使其成为了该领域的领导者，这将帮助外资企业更好地寻找新的投资目的地、不断增强自身的实力并且在企业治理的新环境中找到自己的位置。

room for growth as well as investment opportunities. Over the last five years, foreign companies invested € 11 billion in production facilities, refineries, terminals, storage facilities, power companies among an array of other businesses in the port. This hints towards a rapid movement escalating companies to get a foot hold on a port which is envisioning itself as the main port of activity in the continental European region. The Port of Rotterdam 2030 The Dutch government foresees the Port of Rotterdam to be the leading European hub for all global and intra European cargo by the year of 2030. It will be the global center for containers, fuel, and energy, and

will be the leader in the development of sustainable and efficient supply chains. The port will be connected to Antwerp by 2030 making the Rotterdam industries and energy sectors function as a large integrated complex with the ability to compete on a world scale through its cluster advantages, integrated supply chains and energy efficiency. In addition to this, the port has already passed the transition point of using sustainable energy supplies and bio based chemicals in its daily activities, making it the leading pioneer in its field and a beacon for foreign enterprises searching new shores to invest capital, grow in power and situate themselves within this new world of corporate governance. 2013, Summer China Offshore

奥地利的控股体系作为东西方世界之间的桥梁，奥地利是一个完美的枢纽，能够帮助投资者在境外投资中获得税收效率。如果要获得奥地利控股税收体系带来的好处，投资者无需一个特殊目的公司，任何奥地利企业实体（比如有限责任公司或股份公司）以及欧洲企业实体在奥地利的常设机构都可以从奥地利控股体系中获益。奥地利控股制度的主要特点是什么？国内控股：就奥地利两家公司之间的母子公司股息支付，作为接受方的奥地利公司享受免税的待遇。一家奥地利公司出售其持有的另一家奥地利公司的股份所获得的资本利得需要支付所得税，标准的固定税率为 25％。与股份收购有效相关的融资成本可以享受全额抵扣的待遇。

在奥地利是免税的

奥地利控股公司

境外附属公司无受控外国公司（CFC）立法奥地利的法律没有 CFC 或类似的法规。尽管如此，我们需要知道境外附属公司取得的收入会如何影响奥地利母公司的纳税情况。如果奥地利公司持有股份的境外实体能够获得被动收入，那么出售此类股份或者从该公司获得股息时，奥地利公司需要支付税款。仅仅持有此类公司的股份不会触发任何税费。哪些应当被视为被动收入？

英属维尔京群岛有限公司

开曼群岛有限公司

租金收入本地税负 :0

Summer, 2013

瓦努阿图有限公司

咨询收入本地税负 :0

经营酒店本地税负 :0

非洲工厂主动收入本地税负 :0

如果以下收入由境外子公司获得，并且同时这家子公司的总体税收负担不超过 15％，那么奥地利税间接控股务当局将会把此类收入归类为被根据奥地利的法律，如下图所示，动收入：奥地利控股公司通过合伙制进行境外控股：间接控股同样能够获得收入免税 ·利息收入的待遇：如果一家奥地利公司持有境外法人 ·版税收入实体（相对于奥地利有限责任公司） ·通过出售其他公司中少于 10％税收协定网络至少 10％的股份至少一年，奥地的股份获得的资本利得利公司获得的任何股息以及出售境外公司股份获得的资本利得都可以如果股息来自租金收入（被认为是考虑到奥地利拥有广泛的条约网络（目前有 90 个条约），包括巴巴主动收入），那么它将是免税的。在奥地利享受免税的待遇。即便境外子公司无需缴税，股息也多斯、伯利兹、爱沙尼亚、香港、列支敦士登、卢森堡、马耳他、圣无论奥地利是否与外国签署税收是免税的。马力诺、瑞士、新加坡、阿联酋和条约我们需要知道，如果境外子公司通塞浦路斯等国（这些国家和地区同如果奥地利公司的境外子公司位过购买和出售证券、国债或者股权样拥有非常吸引人的税收制度），于一个免税条约国或者一个离岸获得收益，那么这些将被认为是主因此这些非常具有吸引力的税务条司法管辖区，那么也可以享受免动收入，因此向奥地利时公司支付约提供了大量的税收筹划机会。的任何股息以及奥地利公司获得的税的待遇。双重居民身份的企业资本利得将是免税的。无负债权益比率或资本弱化规则无论位于何处，任何法人实体都能举例 : 够利用奥地利的控股体系，前提是奥地利不适用资本弱化规则或负债股息和资本利得（见附图）境外母公司的管理运作在奥地利进权益比率，这两者会限制利息支付行。比如，一家英属维尔京群岛公的抵税额度。因此，奥地利的企业境外附属公司录得亏损司持有一家俄罗斯或者乌克兰公司可以利用收购外资股权或任何其它投资。利息可以获得完全的税收抵基于新的集团税收体系，海外附属的股份，但是英属维尔京群岛的执扣，并且可以冲抵奥地利公司获得公司所遭受的损失可以从奥地利控行董事居住在奥地利。股公司的国内税基中扣除，前提的任何其他收入。是奥地利公司持有境外附属公司通过奥地利公司获得版税收入奥地利对支付给境外银行的利息没 50％以上的股份。有预提税，且无论它们位于何处。如果境外实体使用这些损失来抵扣奥地利公司经常被用于获得来自国因此即便是支付给离岸公司的利息自己的税收负担，那么奥地利公司外的版税收入。奥地利与其他国家也不需要在税源地奥地利支付任何就无法针对这些境外损失进行税收签署了大量的税务条约（超过 89 个），这些条约中的大部分针对与抵扣。预提税。奥地利公司相关的版税支付采取零虽然境外附属公司的亏损能够从奥预提税的政策。奥地利的“勾选”体系地利母公司的税基中扣除，该境外奥地利与以下国家或地区签署了如果奥地利公司希望让资本利得应实体支付的股息是免税的。条约：税，那它可以选择那么做。这家奥地利公司只需要在税收申报时进行即便境外实体无需纳税，境外实 “勾选”，可以选择哪些由于出售体支付的股息也能够享受免税的比利时，伯利兹，保加利亚，加拿大，克罗地亚，塞浦路斯，捷克共股份而获得的资本利得应当缴税。待遇。和国，丹麦，埃及，法罗群岛，法获得的股息仍然享受免税的待遇。

巴拿马有限公司

国，格鲁吉亚，德国，希腊，匈牙利，爱尔兰，意大利，卢森堡，马耳他，荷兰，挪威，俄国，圣马力诺，斯洛伐克共和国，斯洛文尼亚，南非，瑞典，瑞士，塔吉克斯坦，土库曼斯坦，乌克兰，阿拉伯联合酋长国，英国，美国对其他缔约国而言，预提税得到了显著的降低，仅为 3％至 10％，只有在某些情况下为 15％。根据奥地利税法的相关规定，通过奥地利公司作为中介的版税所得仅需承担 4％至 8％的所得税税率。奥地利贸易公司奥地利公司可以作为离岸本金的完美代理，从货物贸易中获得的利润所需承担的有效税率仅为 2％至 5％。总结大型的条约网络、完美的控股体系以及能够获得奥地利税务当局有约束力的裁决让奥地利成为了控股公司和未来税务规划活动的完美场所。

Erich Baier, MBA, LL.M. (Int’l Tax Law) TEP Certiﬁed Tax Advisor 工商管理硕士、法学硕士（国际税法）、信托和财产从业者、注册税务师电话 tel: (+43 1) 516 12 x 0 传真 fax: (+43 1) 516 12 x 14 电子邮件 email: baier@austrian-taxes.com

Sponsor Article

The Austrian Holding Regime Austria, at the gateway between East and West, is a perfect hub for making investments into foreign countries tax efficiently. For being able to obtain the benefits of the Austrian Holding Tax Regime there is no need for a special purpose company but any Austrian corporate entity like a GmbH (company with limited liability) or AG (stock corporation) as well as Austrian permanent establishments of European corporate entities can benefit from the Austrian Holding Privilege. What are the key features of that Austrian holding regime ? Domestic holding: Intercompany dividends paid between two Austrian companies are tax exempt in the hands of the receiving Austrian company. Capital gains arising from the sale of shares in an Austrian corporation held by another Austrian corporation are taxable and are due to the standard flat corporate tax of 25 %. Financing costs effectively connected with the acquisition of the shares held are fully tax deductible. Foreign holdings: Provided that the Austrian company holds at least 10 % of the shares of a foreign corporate entity, comparable to an Austrian GmbH, for at least one year, any dividends received by the Austrian company and any capital gains resulting from the sale of the shares of the foreign corporation are tax exempt in Austria. Regardless whether Austria has a treaty with that foreign country or not. This tax exemption is also valid if the foreign subsidiary of the Austrian company is located in a non-tax treaty country or in an off-shore jurisdiction. No debt-equity ratios or thin cap rules Austria does not apply thin capitalization rules or debt-equity-ratios which would limit the deductibility of interest payments. So Austrian corporations can leverage the acquisition of foreign shareholdings or any other investments. Interest is fully tax deductible and can compensate any other income which is achieved by the Austrian corporation. There is no withholding tax on interest paid to foreign lenders, regardless where they are located. So even interest payments to off-shore companies are not exposed to any withholding tax at source in Austria. The Austrian “check-the-box”-system An Austrian corporation can make capital gains taxable if it wishes to do

Austrian Holding

TAX EXEMPT IN AUSTRIA

so. The Austrian company just has to “check-the-box” in its tax return and can select for which participation any capital gains resulting from a sale should be taxable. Nevertheless dividends received stay tax-exempt. The foreign subsidiary NO CFC legislation Austrian law does not know CFClegislation or similar regulations. Nevertheless it is important to know how income achieved by a foreign subsidiary has impact on the tax situation of the Austrian parent company. Provided that the Austrian corporation holds shares in a foreign entity which achieves passive income the sale of such a participation and the dividends when, paid to the Austrian company, will be taxable. The mere holding of such corporations does not trigger any taxes. What is seen as passive income ? The Austrian tax authorities categorize income as passive if the following income is achieved by the foreign subsidiary and, at the same time, the overall tax burden of this subsidiary is not more than 15 %. ·Interest income ·Royalty income ·Capital gains achieved by selling shareholdings of less than 10 % in other corporations Dividends are tax exempt if resulting from rental income (considered to be active income) Dividends are tax exempt even if the foreign subsidiary is not subject to taxes It is important to know, that if the foreign subsidiary achieves profits from buying and selling securities, treasury bonds or stocks this is considered to be active income and therefore any dividends paid to the Austrian company and any capital gains achieved by the Austrian company are tax exempt. Example: Dividends and capital gains are $$$$ The foreign subsidiary is making losses Due to the new group taxation system, losses, suffered by foreign subsidiaries, can be set off from the domestic tax base of the Austrian company holding shares in such a subsidiary, provided that the Austrian company holds more than 50 % of the shares of the foreign subsidiary. These foreign losses have to be exposed to taxes in the hands of the Austrian corporation when the foreign entity is using these losses as a loss

British Virgin Islands Ltd.

Cayman Islands Ltd.

Panama Ltd.

Vanuatu Ltd.

consulting income runs a hotel local tax: 0 local tax: 0

rental income local tax: 0 African factory active income local tax: 0 carry forward to compensate its own tax burden. Although losses from the foreign subsidiary can be set oﬀ from the tax base of the Austrian parent dividends paid by such a foreign entity are tax exempt. Such dividends from foreign entities are tax exempt even if the foreign entity is not due to taxes. Indirect holdings According to Austrian law also indirect participations via partnerships lead to tax exempt income for the Austrian holding company as the following graphic shows: Tax treaty network Taking into consideration that Austria has a far reaching treaty network (currently 90 treaties) including countries like Barbados, Belize, Estonia, Hong Kong, Liechtenstein, Luxembourg, Malta, San Marino, Switzerland, Singapore, UAE and Cyprus just to name a few of those, which also have very interesting tax regimes, it is of course a fact, that these very interesting tax treaties open a bundle of tax planning opportunities. Dual resident companies Any corporate entity, regardless where domiciled, has access to the Austrian holding system, provided that the management of the foreign parent company is located in Austria. This would be the case when a BVI company is holding shares in a Russian or Ukrainian company but the managing director of the BVI company is resident in Austria. Obtaining royalty income via Austrian companies

Austrian companies are quite often used to obtain royalty income from foreign sources. Austria has a large number of tax treaties (more than 89) with other countries and a large number of these treaties provide for a zero withholding tax rate levied upon royalty payments to or from Austrian companies. These are the treaties with: Belgium, Belize, Bulgaria, Canada,Croatia, Cyprus, Czech Republic, Denmark, Egypt, Faroer Islands, France, Georgia, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Malta, Netherlands, Norway, Russia, San Marino, Slovak Republic, Slovenia, South Africa, Sweden, Switzerland, Tadjikistan, Turkmenistan, Ukraine, United Arab Emirates, United Kingdom, United States. In case of other treaty countries the withholding tax rate is significantly reduced ranging between 3 % and 10 %, only in some cases 15 %. Using regulations laid down in Austrian tax law such royalty income routed via an Austrian company can lead to a profit exposed to a tax bracket of only 4 % to 8 %. Austrian Trading Company An Austrian Company can serve perfectly as an agent for an off-shore principal and profits resulting from the trade of goods are then exposed to an effective tax bracket of only 2 % to 5 %. Summary The large treaty network in combination with a perfect holding regime together with the possibility to obtain binding rulings from the Austrian tax administration make Austria a perfect place for holding companies and further tax planning activities. 2013, Summer China OffshOre

聚焦 | SPOTLiGHT IslE Of MAn

马

恩岛位于爱尔兰海中央位置，它在自己的国歌中被称作为“上帝的珍

马恩岛

宝”。这座岛屿是曾经的凯尔特六

国之一，如今则是英国的皇家属地，其历史渊源最早可追溯到公元前 6500 年。岛上最早的居民不仅自力更生，他们还发展了自己的语言——马恩岛语，又称为曼克斯语，是一

理财珍宝岛

种凯尔特语族盖尔亚支的语言。现在，岛上人口约为 8 万人，也正是这些人保留了整个马恩岛最独特的特性。该岛最著名的活动是每年都会在这里举办的环岛机车 TT 耐久赛，这是一种属于世界超级机车锦标赛。除此之外，高尔夫赛事和马恩岛无尾猫也是源于该岛的知名事物。当然，马恩岛获得中国高资产人士的吸引力绝不仅仅是高尔夫球场而已。总部位于香港的世界上最大的离岸法律、信托基金和行政管理服务供应商之一的 Appleby 公司合伙人约翰·墨利埃（John Melia）始终敦促高尔夫球爱好者们不要忘记，来到这里就得去高尔夫俱乐部玩玩。当被问及马恩岛离岸金融中心的核心竞争力的时候，这位资格认

jewel in the heart of the Irish Sea, the Isle of Man is referred 强大的法律制度都意味着信托法和公司法的 to as “the gem of God’s Earth” in 完善发展，甚至可以与英国法并驾齐驱，但 its national anthem. One of the six Celtic 却做了改进和调整，这是为了确保马恩岛的 nations, the island – now a British Crown 信托及公司都能保持其对用户的友好性，也 Dependency – has been inhabited since 能拥有较强的竞争力。 at least 6500BC, where its own language “在许多方面，马恩岛都有着独一无二 – Manx – developed as a branch of Gaelic. 的特殊性，包括它的面积大小以及宪法地位。” With a modern-day population of some 墨利埃说。“相比中国而言，马恩岛可谓极 80,000, the island retains a unique 其微小，然而它却创造了一个诸多其他具有 character, and is well known for among 竞争力的离岸金融中心所不具备的物理空间。 other things a breed of tailless cat, the 因此，在马恩岛上，这也更容易能够找寻到 international TT motorcycle racing event, 建立一套高端的制造设施的空间，而非其他 and some of the best golfing to be had in 皇家属地，或加勒比海岛屿。这也意味着高 northern Europe. 资产人士可以在这个空间里购买或建造更宽 Of course, it’s not just golf courses 敞舒适的居家环境，这点也是其他的离岸金 that will be of attraction to China’s high 融中心所不能及的。马恩岛政府积极鼓励高 net worth individuals, although Hong 端富裕人士，特别是企业家，能合理规划这 Kong-based Appleby partner John Melia 些房产和他们每年 12 万英镑的收入税上限。 still urges golfing enthusiasts not to forget 此外，符合条件的企业可获得搬迁补助，这 their clubs when they visit. When asked 项费用高达企业设施成本的 40％。” about the Isle of Man’s core competencies 英国政府负责的是国家防卫和对外事务， as an offshore jurisdiction, Melia – an 而马恩岛却享有自治权，并且其政府还会征 Isle of Man qualified lawyer - told China 询一切可能影响到马恩岛的国际公约、条约 Offshore that the island’s low tax rates 证律师告诉我们，岛上的低税率（大多数公司都是零百分比）和基于英国普通法制定的

Summer, 2013

(zero percent for most companies) and robust legal system based on English common law, which means both trust law and company law are well developed, and can evolve in parallel with the English law, but with some statutory refinements to ensure that Manx trusts and companies remain user-friendly and competitive. “The Isle of Man is exceptional in a number of ways, including its size and its constitutional position,” said Melia. “While the Isle of Man is tiny compared to China, it offers physical space in a way that many of the competing offshore jurisdictions do not. It would therefore be easier to find space to establish, say, a high-end manufacturing facility on the Isle of Man than in the other Crown Dependencies, or the Caribbean islands. This space also means that HNWIs can buy, or build, more spacious accommodation than might be available in other jurisdictions. The Isle of Man government actively encourages HNWIs, particularly entrepreneurs, with sensible planning

IslE Of MAn SPOTLiGHT | 聚焦

isle of Man Gem of Wealth Management

或协定。它不是一个欧盟会员国，更不是准会员，但它却十分享受这种特殊的关系。因此，它被囊括在欧盟的海关区域内，允许与欧盟之间在工业和农业产品上的自由流动。虽然岛上发行自己的货币，但它也接受英国货币，一个英镑相当于一个马恩岛镑。这里没有外汇管制，对岛内外资金流动也没有任何约束。作为与英国共同旅游区的一部分，岛上对人员进出没有额外的限制，不同于平常的英国移民要求。墨利埃还说，马恩岛与其他离岸金融中心的另一个区别就是，马恩岛与英国使用相同的增值税体系。因此，企业在马恩岛设立公司后，只要通过马恩岛政府和税务署的海关检查，便可直接将产品出口到欧盟国家，实现利润提高和资金流转等目的。“马恩岛

马恩岛在金融服务领域具有很深的技术基础，教育水平也非常高。

Meanwhile, it has a deep skillbase in the financial services sector, and a high level of education.

By Adam Skuse

for such houses and an income tax cap of £120,000 per annum. Also, relocation grants are available for qualifying businesses, and these can be for up to 40 percent of establishment costs of a business.” While the UK government is responsible for defense and external affairs, the Isle of Man is self-governing, and its government is consulted on any international convention, treaty or agreement that would affect the island. It is not a member state or associate member of the EU, but enjoys what is termed a special relationship. As such, it is included in the EU’s customs area, allowing the free movement of industrial and agricultural goods between the island and the EU. While the island does issue its own currency, UK currency is also accepted, with one Isle of Man pound equaling one UK pound sterling. There are no exchange controls on the movement of funds into or out of the island. As part of the

common travel area with the UK, there are no extra restrictions on entry to the island, other than usual UK immigration requirements. Melia added that another difference between the Isle of Man and other jurisdictions is its inclusion within the UK’s VAT area. As a result, the Isle of Man can be used as a gateway into the EU for import businesses, gaining both efficiency and cashflow advantages by clearing customs through the Isle of Man’s Customs and Excise office. “It also makes Isle of Man companies ideal for holding UK commercial property, as the VAT registration in the Isle of Man can be affected quickly and efficiently, with personal service from a customs officer allocated specifically to that registration,” said Melia. “This makes the Isle of Man an attractive proposition if the property owner wishes to ‘opt to tax’.” In May this year, a double taxation agreement with Singapore came in to force, bringing the number of countries and jurisdictions it has taxation agreements with to almost 40. This includes China, with which a tax information exchange agreement (TIEA) became effective last year. More recently, the island agreed to cooperate with the US’s Foreign Accounts Tax Compliance Act (FATCA) and to enter into a similar arrangement with the UK to help cut down on tax avoidance. The Isle of Man also enjoys good transport links, with London around an hour away by flights to Gatwick, Luton and London City. It also has air connections with other major UK airports, as well as Dublin. It also has sea links to Liverpool, Belfast and Dublin. The island is also a popular location for registering private aircraft. It was also voted the number one jurisdiction in the world by Corporate Jet Investor 2013, Summer China OffshOre

聚焦 | SPOTLIGHT Isle of Man

上的增值税注册由一位海关官员专门负责，这样每个企业就能得到快速、高效、个性化的服务，这也使得马恩岛注册企业成为最理想的英国商业财产。”墨利埃说，“如果房产业主希望选择性交税，这也就更增添了马恩岛的吸引力。” 马恩岛与外界往来交通便捷，坐飞机去伦敦大约一小时的行程。它与英国其他主要的机场以及都柏林等地也有非常良好的飞行交通往来，与利物浦、贝尔法斯特和都柏林之间还有海上互通往来。马恩岛同时还是一个颇受欢迎的私人飞机注册点，它被《公司商务机投资》杂志评为“世界第一的离岸金融中心”。同时，在马恩岛进行船舶注册的数量增长是欧洲最快的，该排名在全球是第四位。岛上的政府也积极鼓励游艇注册，根据《金融时报》的报道，目前已有 410 艘游艇在该岛登记在册。岛上还有一座世界级的电信基础设施，它是世界上第二个能够使用 3G 手机服务的国家，并且最先向公众提供 ADSL 宽带服务。马恩岛在金融服务领域具有很深的技术基础，教育水平也非常高。五月最新公布的消息显示：岛上两个大学生获得了 NASA 暑期太空学校项目的名额。由此可见，马恩岛航天部门在这方面所投入的心力是不少的，也正因为如此，马恩岛还被公认为“第五个最有可能将人类送上月球的国家”。六位曾

magazine. Meanwhile, its shipping register is the fastest growing in Europe and the fourth fastest growing in the world. The island’s government is also actively encouraging the registration of yachts, with 410 vessels already on its register according to a Financial Times report. The island also has a world class telecoms infrastructure, and was the second country in the world to enable a 3G mobile phone service, and one of the first in the world to make broadband ADSL services available to the public. Meanwhile, it has a deep skillbase in the financial services sector, and a high level of education, exemplified by an announcement in May that two of its college students had one places on NASA’s summer space school program. The island is also active in encouraging entrepreneurship. In keeping with the island’s unique appeal, it was also voted the fifth most likely nation to put a man on the moon, thanks to the strength of its aerospace sector. Continuing the space link, the

island was visited by the six Nasa astronauts who crewed the final mission of the space shuttle Discovery, who gave talks to students. Meanwhile, its bracing sea climate, rugged hiking and biodiversity add to the quality of life. The Isle of Man has been making great effort to promote itself to Chinese HNWIs, and according to Melia has much to recommend it to the group. “As the recent Isle of Man government delegation to China made clear, we would welcome Chinese entrepreneurs to the Isle of Man, particularly if they intended to start new businesses or headquarter their European operations here,” Melia said. “We have low taxation rates, and space both to live and to build facilities. Residents of the Isle of Man enjoy a very high standard of living, superb air and water quality, proximity to all the major cities in the UK and some excellent golf courses. “If they do not wish to physically relocate, or to relocate their businesses, they can take advantage of the zero

登陆“发现号航天飞机”的 NASA 宇航员还来岛上参观过，他们还为当地学生做了演讲。近年来，马恩岛也瞄准了中国不断增加的高资产人士，并协助这些人群在欧盟市场开展贸易和投资活动。“2013 年 4 月，马恩岛代表团到中国来访问，并明确提出马恩岛热烈欢迎中国企业家到岛上开展新业务，或是以马恩岛为起点展开在欧洲的业务。”墨利埃说。“我们税率很低，有足够的空间让人生活地十分舒适，同时又能创业。马恩岛的居民享受生活，这里的空气新鲜，水质优良，与所有英国主要城市都相距不远，一流的高尔夫球场也近在咫尺。” “如果他们不希望将企业所在地有所变动或对其商业模式进行改动，他们还可以充分利用马恩岛零税率条款来进行进口业务，用马恩岛增值税法来管理其商业财产的持有。马恩岛还有着非常发达的信托法，并于最近推出了一项基础法。因此，马恩岛真的是一

Summer, 2013

马恩岛与其他离岸金融中心的另一个区别就是，马恩岛与英国使用相同的增值税体系。因此，企业在马恩岛设立公司后，只要通过马恩岛政府和税务署的海关检查，便可直接将产品出口到欧盟国家。

Another difference between the Isle of Man and other jurisdictions is its inclusion within the UK’s VAT area. As a result, the Isle of Man can be used as a gateway into the EU for import businesses, by clearing customs through the Isle of Man’s Customs and Excise office.

Isle of Man SPOTLIGHT | 聚焦

马恩岛管理的公司，信托和合伙公司列表 Companies, Trusts & Partnerships under Administration by Fiduciary Services

公司以及合伙公司 Companies and Partnerships

信托 Trusts

2009/2010 2010/2011 2011/2012 2012/2013 马恩岛公司

IOM Companies 其他公司

Other Companies 合伙公司

Partnerships 总计 Total

20,116**

18,508*** 19,652**** 18,511***

11.183

14,990

12,683

14,995

693

704

575

529

31,992

34,202

32,910

33,959

来源：马恩岛金融监督管理委员会 Source: Isle of Man, The Financial Supervision Commission

个最适合财产规划和资产保护的好地方。” 当谈到详细的投资举措时，墨利埃说： “马恩岛公司法于 2006 年推出了一项措施，它基本上是根据英属维尔京群岛商业公司的运作模式而定的，该公司在中国运作良好。因此，凡是在我们 2006 年法令下的公司也都可以做与英属维尔京群岛商业公司一样的任何事情。又由于相关的知识产权法，任何企业所拥有的知识产权也将为小岛所欢迎。 ” “近来，有一家马恩岛企业最近收购了总部位于伦敦的高盛投资公司，这也吸引了大量来自中国出口商的关注。”墨利埃说。 “我们也看到越多越多的企业对知识产权的拥有展现出极大的兴趣。”他补充道。正因为如此，中国也为马恩岛提供了大量的机会。正如墨利埃所说：“对企业而言，马恩岛与中国政府提倡的“走出去”政策是最完美契合的。中国政府历来鼓励中国企业能更深层次地拓展他们的价值链，并将产品出口到欧盟国家。中国个人财富的增加也将导致诸多的个人资产保护和财产规划问题，并且，我们十分期待中国高资产人士将他们的飞机注册到马恩岛来。此外，马恩岛也时时严正以待，为总部设于欧洲并不断寻求扩大化的中国企业提供更多有利条件，包括低税率的平台和高品质的生活。

信托 Trusts

2009/2010

2011/2012

2012/2013

20,313

20,905

21,411

19,567

262

220

347

292

20,575

21,125

21,758

19,850

私人信托公司

Private Trust Companies

tax rates for companies, or the Isle of Man’s VAT arrangements with the UK for imports or the holding of UK commercial property. The Isle of Man also has a very well-developed trust law, and recently introduced a foundations law, so is an excellent place for estate planning and asset protection measures.” When it comes to particular investment vehicles, Melia said: “The Isle of Man Companies Act 2006 introduced a vehicle modeled on, and very much the equal of, the BVI business company, which has proven very popular in China: our 2006 Act companies can do everything a BVI company can do. An Isle of Man company is also very popular as a holding vehicle for intellectual property rights, as it is a party to the TRIPS Agreement on Intellectual Property, the Berne Convention and the Madrid Protocol.” In addition, an Isle of Man company was recently used to acquire Goldman Sachs’ headquarters in London, and the gateway proposition has been attracting

a lot of attention from Chinese exporters recently, Meila said. “We are also seeing increased interest in the holding of intellectual property rights,” he added. As such, China provides a massive opportunity for the island. As Meila puts it: “On the corporate front, the Isle of Man’s ‘gateway’ proposition is a perfect fit for the ‘Go Out’ policy of the Chinese government, encouraging Chinese businesses to move further up the value chain and to take charge of the import of their products into the EU. The increased wealth of Chinese individuals will also lead to asset protection and estate planning opportunities, and we look forward to ultra-high net worth individuals registering their private aircraft on the Isle of Man’s aircraft register. The Isle of Man is also very keen to accommodate the European headquarters of Chinese businesses looking to expand from their domestic base, providing both a low tax platform and high quality of life.” 2013, Summer China Offshore

离岸指南 | OFFSHORE HAND BOOK 企业服务提供商

Corporate Service Providers

Cyprus

enquiries@emcs.com.mt

国际银行 international Bank

Switzerland

Seychelles

Anguilla

The Aspen Trust Group www.aspentrust.com AxA Offshore Management www.axaoffshore.com

Tel: +357 2241 8888 info@aspentrust.com

MASlux (Mauritius) Ltd www.masint.com Tel: +230 466 9447 contact@mu.masint.com

BMi Offshore Bank Limited www.bmi.com.sc Tel: +248 4325660 Seychelles.Enquiries@ bmibank.com

UBS www.ubs.com Tel:+345 914 6001 bernard.knights@ubs.com

Tel:+264 497 3142 aoml@axaoffshore.com Belize

Panama Fiducenter Ltd

Frontier Biz

FWM international Ltd

www.ﬁducenter.com.cy

www.axys-group.com

Tel: +357 25 504 000

Tel: +230 213 6600

ﬁducenter@ducenter.

global@axys-group.com

com.cy

www.frontierbiz.bz

Seychelles

Tel: +501 223 2144 frontier@btl.net

Tel:+357 25 868 686 www.sabcolaw.com Tel:+501 223 5803

www.mmgbank.com Tel. (507) 265-7600

infonicosia@deloitte.com Madeira

offshore@sabcolaw.com

Royal Bank of Canada www.rbcroyalbank.com

Nevis The Bank of Nevis Ltd Tel: (869) 469-5564/5796

www.deloitte.com/cy SABiDO & Co

MMG Bank Corporation

www.thebankofnevis.com Deloitte Limited

Canada

info@thebankofnevis.com

离岸飞机注册机构

Offshore Aircraft Registry

Cayman

Sterling Offshore www.sterlingoffshore.com Tel: +248 410 940 michelle@ sterlingoffshore.com

St. Lucia

Canada Scotiabank scotiabank.com Tel:+1 800 472 6842

Civil Aviation Authority www.caacayman.com Tel:+345 949 7811

Bespoke Corporate and Fiduciary Services Limited

Actuarius Consulting

A.C.T. - Offshore Limited

www.actuarius-

www.offshorecompanies.

Tel: +758 453-2000

consulting.com

net

ZacheusJ@fachambers.

Tel: +351 291 234 245

Tel: +248 224 899

com

info@actuarius-onsulting.

email@actseychelles.com

com Hong Kong

USA

civil.aviation@caacayman. com

Bank of America www.bankofamerica.com

离岸律所

Offshore Law Firm

France

Barbados

The Bank of France www.banque-france.fr Dike group www.dikegroup.com

MB Consultants (HK) Limited www.mbc-hk.com Tel:+852 3568-6651

Tel:+351 291 207 080 info@dikegroup.com Malta

ABC international

Tell: +01 42 92 39 08

Services

infos@banque-france.fr

www. abcmanagementservices. com Tel: +248 374 088

www.bancotrasatlantico. 投资银行 investment Bank

British virgin islands

Hong Kong Mauritius www.offshore-inc.com Tel: +86 21 6287 7779 info@offshore-inc.com

Summer, 2013

Banco Trasatlantico Ltd dm

info@mbc-hk.com

Offshore incorporations

Dominica

info@bancotrasatlantico.

www.chancerychambers. org Tel: +246 431 0070 chancery@ chancerychambers.com British virgin islands

dm Channel islands

EMCS international Services LTD

Tel: +1-767-449-9254

Chancery Chambers

Roth Capital Partners

www.emcsinternational.

www.china.roth.com

com

Tel: +852 2251 8585

Tel: +356 2777 2540

hr@roth.com

Standard Bank Offshore www.sboff.com Tel: 44 (0)1624 643643 sbiom@standardbank.com

Harney Westwood & Riegels www.harneys.com Tel: +284 494 6286 bvi@harneys.com

OFFSHORE HAND BOOK | 离岸指南

Malta

Fenech & Fenech

French international

The Central Bank of

Guernsey Financial

Barbados

Services Commission

www.rif.mer.equipement.

www.centralbank.

www.gfsc.gg

gouv.fr

org.bb

Tel: +44 1481 712706

Tel: +334 2684 5762

Tel: (246) 436-6870

rif@developpement-durable.

hrinfo@centralbank.org.bb

gouv.fr British virgin islands

www.fenechlaw.com Tel: +356 2124 1232

www.register-iri.com Tel: +852 2526 6641 hongkong@register-iri.com

Tel: +356 2122 8862

British virgin islands Financial Services www.bvifsc.vg

Maritime Cook islands www. maritimecookislands.com

Appleby Global

Jersey

Commission

simon@simontortell.com

Tel: +682 23 848

www.thv.lt Tel: +423 231 1919 info@thv.li Ras Al Khaimah

hkma@hkma.gov.hk

inc

Seychelles

Monetary Authority

Treuhandervereinigung

Tel: (852) 2878 8196

international Registries,

www.simontortell.com

The Hong Kong www.hkma.gov.hk

info@fenechlaw.com

Simon Torell & Associates

Hong Kong

Liechtenstein

Tel: 284-494-1324 webmaster@bvifsc.vg

RAK Offshore www.rakoffshore.ae

Jersey Financial Services

Tel: +971 7 206 8666

Commission

gmassist@rakoffshore.ae

www.jerseyfsc.org

info@ggba-switzerland.ch

Tel: +44 (0)1534 822000 info@jerseyfsc.org

私人银行

Private Banking

Belize

UAE Anguilla

www.applebyglobal.com Tel: +248 429 5281 info@applebyglobal.com

公共和私有机构

Public & private institutions

iBCR Belize Anguilla 离岸游艇注册机构

www.ibcbelize.com Tel: +501 223 5108

Offshore Yacht Registry

ibc@btl.net Bermuda Anguilla Financial Services Division

Bahamas Maritime Authority www.bahamasmaritime. com Tel: +852 2522 0095 hongkong@

Organizing Committee http://www.aimcongress. com Tel: +971 4 39 23232 info@aimcongress.com

National Bank of Anguilla www.nbaoffshore.ai Tel: +264 497 7096 nbaprivatebank@ nbaoffshore.ai

isle of Man

Barbados

isle of Man Finance

J&T Bank and Trust www.jtbanktrust.com Tel: +246 430 8650 info@jtbanktrust.com

www.axafsc.com Tel: +264 497 3881 anguillafsd@anguillafsd. com

Business Bermuda www.businessbermuda.org Tel: +441 292 0632

Bahamas

sstirling@ businessbermuda.org

bahamasmaritime.com

Cook islands

www.bfsb-bahamas.com Tel: +242 326 7001

Shipping

info@bfsb-bahamas.com

Tel: +44 1624 686400

Labuan Cook islands FSDA

Barbados

Tel: +682 211 75

gov.cy

enquiry@fsda.gov.ck

invest Barbados

Guernsey

Labuan iBFC inc. Sdn Bhd www.labuanibfc.my Tel: +60 3 2773 8977 info@labuanIBFC.my

info@investbarbados.org

FBME Bank www.fbme.com

www.investbarbados.org Tel: +246 626 2000

Tel: +357 2122 8000 info@cy.bankofcyprus.com

com

maritimeadmin@dms.mcw.

Bank of Cyprus www.bankofcyprus.com

www.cookislandsﬁnance.

ww.shipping.gov.cy

Cyprus

isleofmanﬁnance.com

Services Board

Department of Merchant

www.gov.im enquiries@

Bahamas Financial

Tel: +357 258 481000

Annual investment Meeting

Liechtenstein

Tel: +357 22 888400 nicosa@fmbe.com

2013, Summer China OffshOre

离岸指南 | OFFSHORE HAND BOOK 游艇注册服务提供商

Tel: +246 437 6092 Marﬁn Laiki Bank www.marﬁnbank.com.cy Tel: +357 2288 7766

Hong Kong

Management@

Bermuda

Nova Sage incorporations www.nova-sage.com Tel: +852 2528 1322 info@nova-sage.com

Trust & Fiduciary Services

St.George’s Trust

British virgin islands

Verwaltungsanstalt

www.midlandconsult.hk Tel: +852 2899 2009

isle of Man

http: //www.ﬁduciana.com/

Tel: +284 494 3399 enquiries@amsbvi.com Cyprus

www.austrian-taxes.com Tel: +431 516 120 baier@austrian-taxes.com Switzerland

Capital international Tel: +44 1624 654200

Wealth Management

Bermuda

The iLS Group Limited www.ils-world.com Tel: +44 1624 682500 iom@ils-world.com PAAP Management

info@anchor.com.mt

www.lom.com

Gloconsult Management

Tel: +441 295 6999

Services Ltd.

lomam@lom.bm

www.info-gloconsult.com

info@sgt.b

Tel: +230 213 5080 info@glo-consult.com

St. George’s Trust Company

com

www. sgt.bm

Tel: +357 25 662285

Tel:+1 441 2951 820 info@sgt.bm Allgemeines Barbados

www.atu.li Tel: +423 237 3434 info@atu.li

Tel: +242 367 2558

RBC Wealth Management http://www. rbcwminternational.com Tel. (1 246) 429 4923

Azure Consultants (UK) Limited www.azuregroup.biz Tel: +44 207 193 0910 info@azure-consultants. com

WEALTH PRESERVATION EXPERTS

Malta

industrie & Finanzkontor www.iuf.li Tel: +423 237 58 58 client.ofﬁce@iuf.li

海运服务

Maritime Services

Bahamas Bahamas Maritime Services www.bahamasmaritime. com Tel: +852 2522 0095 hongkong@ bahamasmaritime. com Panama Panama Marine Surveys &

Altarius Asset Management Ltd www.altariusam.com Tel:+356 2123 2540 info@altariusam.com

Summer, 2013

Tel: +356 212 3239

Liechtenstein

Services LTD

www.theelcogroup.com

www.anchor.com.mt

Mauritius

Management Ltd.

Dubai

www.platinumoffshore.com

财富管理

info@capital-iom.com

Treuunternehmen (ATU)

Management Services, inc.

singapore@asiacititrust.

LOM Asset

com

Platinum Offshore

Malta

Tel: +65 6533 2611

www.capital-iom.com

info@paapmanagement.

Barbados

www.asiacititrust.com

Anchor Corporate Services

www.paapmanagement.

issac@elco-bank.com

ofﬁce@winermerecm.com Asiaciti Trust

indianos@indianos.com.cy

intertrustgroup.com/

Elco Group

Tel: +242 677 1920

Tel: +357 22 675231

http: //www.

Bahamas

Services Ltd.

www.indianos.com.cy

Holding S.A

info@intertrustgroup.com

Windermere Yacht

Costas indianos & Co

intertrust Group

T +41 (0)22 322 09 80

Tel: +65 6576 0990

The AMS Group www.amsbvi.com

Bilanz-Data

com

Tel: +423 388 0202 info@ﬁduciana.com

www.ﬁrstadvisorygroup.

Midland Consult

Ofﬁce@midlandconsult.hk

FiDUCiANA

First Advisory Group

p.schmid@blueaxis.net

Company Ltd. www.sgt.bm

Yacht Registration Providers

Bahamas

platniumoffshore.com

委托和信托服务

Austria

Singapore

Certiﬁcation Services inc. www.pmscs.net Tel:+507 223 1156 info@pmscs.net

2013, Summer China Offshore

Summer, 2013