9th Annual Trusts, Foundations&Immigration Guide by MX Media Group

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信托、基金会和移民年度指南第九辑

9th Annual Trusts, Foundations & Immigration Guide 中国最完整的资产传承和规划指南

China's Most Comprehensive Asset Succession & Planning Resource

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

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| 9th Annual

产品经理 Production Manager:

Appio Li

撰稿人 Contributors:

Yang Feixiang, Michael Liu, Knight Frank, Wang Huaitao, Lin Hai, Morris Huang, Kelvin Ma,

Alan Yang, Han Liang, Gao Mingyue, Zhang Ling, Alexandros Philippides, Kenneth Camilleri, Evis Hadjipetrou, Jonathan Cron

移民特刊编辑 Immigration Supplement Editor:

Christian Henrik Nesheim IMCM 美术总监 Art Director: Susan Shen

营运总监 Director of Operations: Matthew Sumner

总经理 General Manager: Nicholas Parrish

销售总监 Sales Director:

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前言 | LETTER FROM THE GM

Dear Readers,

亲爱的读者：

Welcome to China Offshore's 9th Annual Trusts and Foundations Guide - the first to include a supplement exclusively on Immigration and Citizenship by Investment, a sphere of the industry that is becoming increasingly entwined with asset protection and succession as China ingratiates more fully with the world both culturally and economically. I encourage you to absorb the immigration and relocation-focused content to better support your clients with what is an intensely personal decision-making process.

欢迎阅读《中国离岸：信托和基金会年度指南第九辑》——

For the other fiscal quandaries you will face together, we can agree that despite the ongoing comprehensive changes to the global tax treatment of offshore vehicles, they still have a significant role to play in the protection and succession of assets. Despite the rapid evolution of financial services in the Middle Kingdom alongside mushrooming HNWI numbers up tenfold over the last decade, research shows that the majority of these first generation Chinese wealthy are unaware that structures in low tax jurisdictions even exist, let alone are available for them to use in securing wealth succession.

关于你们可能共同面对的其他财务困境，我们可达成共识

According to a survey conducted by Jersey Finance, 80% of wealth managers in Mainland China stated their clients needed to be further educated about the wealth management solutions available to them. Additionally, according to a survey conducted by Bain & Company in October last year, nearly 60% of HNWIs surveyed indicated that they are interested in wealth preservation and inheritance solutions offered by family offices. This knowledge gap between what is needed and what is available needs to be addressed, together with bringing to market a greater understanding of the swift development of the regulatory framework for clients and their service providers alike, to ensure the trillions of RMB in assets under management is utilized and protected legally as well as effectively. It is prudent to make use of the private banking services offered by China commercial banks to protect domestic assets, but especially in this increasingly globalized environment, international structures can be employed collaboratively to provide an ever more secure future for China's next generation.

此辑中，我们首次加入了专门针对移民和公民身份投资计划的增刊。随着中国在文化和经济方面与整个世界更加充分的接轨，这一行业领域与资产保护和继承之间的联系正变得越来越紧密。我们鼓励读者吸收与移民及安家相关的专题内容，为您的客户提供更多支持，帮助他们做出更好的个人决策。

的是，尽管全球各地对离岸工具的税务处理正在发生全面变化，但此种工具在资产保护和继承方面依然扮演着重要角色。过去十年间，中国的金融服务快速演变，高净值人士的数量迅速增长，但研究表明大多数第一代中国富人根本不知道还存在低税辖区的资产架构，更不用说还可以利用此种架构来确保自身财富继承的安全了。根据《Jersey Finance》的研究表明，中国大陆80%的财富管理者都认为，他们的客户需要进一步了解自己可用的财富管理解决方案。此外，根据贝恩公司（Bain & Company）去年十月执行的研究表明，接近60%的受调查高净值人士表明他们对家族办公室提供的财富保护和继承解决方案感兴趣。这种所需信息和可用信息之间的知识缺口还待填补，此外，还需要进一步推广并加深客户及其服务提供者对监管框架快速发展的理解，以确保其管理的数以万亿人民币计的资产能够得到合法且有效的利用和保护。利用中国商业银行提供的私人银行服务保护国内资产是一种谨慎的选择，但在全球化愈演愈烈的环境下，还可以协调利用国际架构来为中国的下一代提供更加安全的未来。祝您阅读愉快，我们希望您和您的客户在狗年和将来都能兴旺发达。

Enjoy the Guide, and we wish you and your clients a prosperous remainder of the Year of the Dog.

Nicholas Parrish

GM, China Offshore editorial@chinaoffshore.com.hk

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION

006

浅析家族信托及其实践 Simple Analysis of Family Trusts and Their Practice

050

慈善信托与家族传承 Charitable Trust and Family Inheritance

012

CRS 背景下离岸信托与财富家族的痛点？ What are the Pain Points of Offshore Trusts for Wealthy Families in the Context of the Common Reporting Standard (CRS)?

018 中资财富流通新图谱：从纯住宅到多元投资 A New Map of Chinese Wealth Distribution: From Pure Residential Investment to Diversified Investment

022 家族信托和基金会在中国的实践及发展 Practice and Development of Family Trusts and Foundations in China

030 个税法修正对高资产人群税务筹划的巨大影响 The Impact of Tax Law Amendments on Tax Planning for High-Net-Worth (HNW) Populations

036 美国移民是否还有捷径？ Are There Any Remaining Shortcuts for Immigrating to the United States?

044 如何通过基金会实现家族财富管理与传承？

How to Realize the Management and Inheritance of Family Wealth Through Foundation

| 9th Annual

056 全球资产配置时代已来临—迪拜，全球最佳不动产投资地 The Era of Global Asset Allocation Has Arrived—Dubai, the World’s Best Real Estate Investment Destination

062

塞浦路斯国际信托 (“CIT”) 简介

The Cyprus International Trust (CIT) In a Nutshell

068 马耳他——一个通往欧盟生活和经商的门户 Malta—A Gateway to Living and Doing Business in the EU

077 哈伊马角国际企业中心国际商务公司注册的首选 RAK ICC The International Business Registry of Choice

2018 热点 | HIGHLIGHTS

080 移民特刊 | IMMIGRATION SUPPLEMENT

085

2018 年创纪录的增长、中国人偏好的变化以及投资移民媒体关注度的提高 Record Growth, Changing Chinese

目录 CONTENTS Preferences, Increased Media Attention Investment Migration in 2018

088

看数据，了解世界上 13 个最火的黄金签证计划 The 13 Most Popular Golden Visas in the World, According to the Data

096

马耳他个人投资者计划四分之一申请案被拒 Malta Rejects 1 in 4 Applications for Citizenship by Investment

098

财富报告显示，13 的超高资产净值人士拥有第二护照，还有 13 在计划中 Third of UHNWIs Hold Second Passport, Another Third Plan to Buy One, Wealth Report Finds

100

分析显示，近 40,000 人已完成护照投资 Close to 40,000 People Have Invested in a Passport, Analysis Reveals

105

2018 年马耳他 MRVP 永居项目的那些最新变化详细解读！ Changes to the "Qualifying Investment" requirements of the Malta Residency and Visa Programme (“MRVP”)

司法辖区 | JURISDICTIONS

106

速查指南 | REFERENCE BOOKLET

215

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

Member Contribution

观点 | OPINION CHINA OFFSHORE

浅析家族信托及其实践

Simple Analysis of Family Trusts and Their Practice Yang Feixiang

杨飞翔 Yang Feixiang

杨飞翔律师，北京市中伦（上海）律师事务所合伙人,华东政法大学经济法学博士，美国西北大学（N o r t h we s te r n University）法律硕士。从事法律实务工作十余年，经常赴美国、香港等国家和地区工作、交流。杨律师担任多家上市公司法律顾问，在公司海内外上市与并购重组、资产管理、企业破产清算、银行及保险等业务领域有着丰富的实战经验以及深入的理论研究。 Yang Feixiang is an attorney and partner at Beijing Zhong Lun (Shanghai) Law Firm, with a PHD degree in Economic Law from East China University of Political Science and Law, and an L.L.M. from Northwestern University, U.S.A. With decades of experience practicing law, Mr. Yang pays frequent visits to the United States, Hong Kong, and other parts of the world for work and exchanges. Mr. Yang is a legal consultant for many listed companies from which he draws extensive practical experience, he also have conducted in-depth theoretical researches in the ﬁelds of domestic and international company listings, mergers and acquisitions, restructuring, asset management, corporate bankruptcy and liquidation, banking, and insurance.

| 9th Annual

he so-called family trust is a means of property management by which high-net-worth individuals entrust professional trust institutions to manage and handle their family properties in order to make their wealth planning and inheritance a reality. In recent years, family trusts have become an increasingly common way of managing family properties. Countries also regulate and manage family trusts through laws and taxation. As a method for long-term planning and isolating risks associated with family wealth, family trusts are sought after by a wide range of high-networth individuals. As the population of high-net-worth individuals in China increases, so family trusts are becoming known and accepted by

a growing number of people in the country. However, due to factors such as Chinese law lagging behind and a lack of supporting laws, family trusts in China still have a long way to go. High-net-worth individuals often rely on professional institutions to set up overseas trusts to achieve optimal asset allocation for their needs.

1. Advantages of Family Trusts Family trusts originate from Western countries such as the United States, where the trust legal system is highly developed. High-net-worth individuals can find professional institutions to help set up revocable or irrevocable trusts, living trusts, etc., according to their specific needs. It is common practice in the US to set up and operate family trusts due to the

观点 | OPINION CHINA OFFSHORE

所

谓家族信托，即指高净值人士委托专业信托机构，代为管理、处理家族财产的财产管理方式，以实现财富规划以及财富传承。近年来，家族信托已然成为一种较为常态的家族财产管理方式，各国也通过法律、税收等手段对家族信托进行规制和管理。家族信托作为对家族财富进行长期规划和风险隔离的方式，受到越来越广泛的高净值人群的追捧，随着中国高净值人群数量攀升，家族信托在中国也被日益增多的人士所了解和接受。但是，囿于中国法律滞后性以及配套法律缺失等因素，家族信托在中国的完善仍道路漫长，高净值人群结合实际需求通常会依靠专业机构设立海外信托以实现资产的最优配置。

一、家族信托之优势家族信托渊源于西方国家，以美国为例，美国的信托法律制度非常完善，高净值人群可以根据自身需要寻求专业机构协助设立可撤销或者不可撤销的信托、生前信托（living trust）等。因信托法律规定较为灵活，在美国设立和运营家族信托的操作非常普遍。相较于遗嘱或者赠与等其他家族财富传承方式而言，家族信托具有其自身特点与优点。

( 一 ) 家族信托与其他财富传承方式的比较遗嘱是指遗嘱人生前在法律允许的范围内，按照法律规定的方式对其遗产或其他事务所作的个人处分，并于遗嘱人死亡时发生效力的法律行为。赠与是赠与人将自己的财产无偿给予受赠人、受赠人表示接受的一种行为。与前两者相较而言，家族信托虽然需要专业机构协助设立信托，非由遗嘱人或者赠与人凭借自己的意思表示即可完成；但通过家族信托的方式，高净值人群可以避免缴纳过高的遗嘱税（遗嘱行为中）或者所得税（赠与行为中），因家

ﬂexibility of trust laws. Family trusts have their own characteristics and advantages compared to other family wealth inheritance methods such as wills or donations.

1) Comparison of family trusts and other methods of wealth inheritance A will is a legal act made by a testator before his death to personally deal with and dispose of his wealth and other affairs, where permitted by law, in a manner prescribed by law which becomes effective after his death. A donation is an act where a donor gives his property to a recipient for free. In contrast to the two methods mentioned above, a family trust requires a professional institution to help set up the trust, which cannot be done by the testator or the donor. By using a family trust, high-networth individuals can avoid the overpaying of probate tax (in the case of a will) or income tax (in case of a donation) for the reason that the title to the properties and income rights under the family trust can be separated. Given the aforementioned characteristics and advantages of the family trust, more and more highnet-worth individuals have turned to family trusts to safeguard the inheritance of their family wealth.

2) Advantages of family trusts According to the principles of trust laws, once a family trust is established, the property entrusted within the trust plan is independent. The property set up in the family trust plan will exist independently regardless of changes to the marital relationship, the death, or the asset status of the

high-net-worth individuals. Therefore, by utilizing the skills of professional institutions, high-net-worth individuals can ensure the safety of family wealth through family trusts, thus achieving their inheritance goals. Specifically, family trusts are advantageous in the following respects: (1) Risk isolation According to trust law principles, once a family trust is established, the trust property is independent of the property of the settlor and the trustee, and will not be affected by the marital relationship, change in asset status, or even the death of the settlor or the trustee, ensuring continual benefits for the beneficiaries and achieving the goal of isolating the risks associated with family wealth inheritance. (2) Tax planning High-net-worth individuals are particularly concerned about reasonable tax planning. By establishing a family trust, it is possible to avoid paying estate taxes or other tax liabilities arising from changes in the ownership of assets. For example, after the death of the settlor, the legal heir (as a beneficiary) only needs to pay the corresponding taxes for the trust income during the long-term trust period, without having to pay excessive estate tax. (3) Corporate governance Family trusts can effectively assist the separation of the operations, management and beneficiary rights of a family business, allow professional institutions to manage family assets, and achieve the continued prosperity of the family business. In addition,

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

族信托的财产所有权和收益权可以分离。鉴于家族信托前述特点与优势，愈来愈多的高净值人群转而选择家族信托的方式保障家族财富传承。

( 二 ) 家族信托的优点依据信托法原理，一旦设立家族信托，托入至信托计划内的财产即具有独立性，无论高净值人群的婚姻关系、资产状况发生变化或者身故，家族信托计划内的财产均将独立存在，因此高净值人群可以通过家族信托并依据专业机构的技能确保家族财富的安全度，从而达到财富传承的目的。具体而言，家族信托具有下述几大优势： 1. 风险隔离依据信托法原理，一旦设立家族信托，信托财产独立于委托人和受托人的财产，不会因委托人或者受托人的婚姻关系、资产状况发生变化或者身故而受影响，使得受益人可以持续获取收益，从而实现风险隔离和家族财富承继的目的。 2. 税务筹划高净值人群对合理的税务筹划尤为关注，通过设立家族信托的方式可以避免缴纳遗产税或者因资产所有权变更而产生的其他税负，例如在委托人身故之后，法定继承人作为受益人仍可以在较为长期的信托期间内，仅就其取得的信托收益缴纳相应税费，而无需缴纳过高的遗产税。 3. 企业治理家族信托可以有效协助家族企业经营权、管理权、受益权分离，引入专业机构对家族资产进行管理，实现家族企业的持续繁荣；另外，可以通过家族信托托管家族企业股权，可以有效降低家族内部成员因利益冲突或者股权变动而对家族企业所致的消极影响。

| 9th Annual

the equity rights of a family business can be entrusted within the family trust so as to effectively reduce the negative impact on family businesses due to conﬂicts of interest or changes in equity rights within the members of the family group.

Law, and no detailed rules for family trusts have been issued by the China Banking Regulatory Commission (CBRC) and other administrative organs, the establishment and operation of family trusts in China still requires reference to the Trust Law.

2. Family Trust Practices in China

2) Chinese family trust models China's family trusts are usually controlled by trust companies. Trust companies are responsible for the design and choice of trust products. The reason is that the major trust companies have strong trust and investment management capabilities and can rely on their own customer resource base and their management capability in trust investments. In practice, the structure of the family trust in China is as the right figure shows.

1) Relevant provisions As far as the provisions of the family trust are concerned, the establishment of family trusts in China is mainly subject to the basic provisions of the Trust Law of the People's Republic of China (hereinafter referred to as the "Trust Law"). For example, Articles 7 and 10 of the Trust Law are provisions for trust property and trust registration. The property set up in the family trust shall be the property legally held by the settlor and tradable, and the trust property shall be subject to the corresponding registration formalities. Otherwise, the trust will have no legal effect. However, due to the fact that family trusts are not regulated in the Trust

3) Problems with developing family trusts in China Since there are no specific laws and regulations on family trusts, family trusts face the following problems in China:

观点 | OPINION CHINA OFFSHORE

二、家族信托境内实践

( 一 ) 相关规定就家族信托所涉及的规定而言，在中国设立家族信托主要需遵循《中华人民共和国信托法》（以下简称“信托法”）中基本规定。例如信托法第七条、第十条为信托财产以及信托登记的规定，设立家族信托中的财产应当为委托人合法持有的、可以流通的财产，并且信托财产需要办理相应的登记手续，否则信托不产生效力。但由于信托法中未对家族信托该种模式进行规制，同时银监会等部门对家族信托尚未颁布细则，中国境内家族信托设立以及运营仍需参考信托法等规定。 ( 二 ) 中国家族信托模式中国的家族信托通常以信托公司为主导，由信托公司负责信托产品设计以及选择信托产品的投资去向，原因在于各大信托公司拥有较强的信托投资管理能力，可以依托自身的客户资源基础与信托投资管理能力主导家族信托业务的开展。在实践中，中国家族信托的结构模式如下图：

(1) Registration problems On August 25, 2017, the China Banking Regulatory Commission (hereinafter referred to as the "CBRC") officially issued the "Administrative Measures for Trust Registration" (hereinafter referred to as "the Measures" ), which stipulates that China Trust Registration Co., Ltd shall have information about trust products, their beneficiary rights, and other information prescribed by CBRC, with all changes recorded. However, the Measures does not involve the registration of trust property, and does not fill the gap in the longterm deficiency of the Chinese trust property registration system. If the trust property includes equity, real estate and other assets, it will lead to practical problems such as how to confirm the rights and how to register. As a normative legal document issued by CBRC, the Measures has not yet solved the problem of how to coordinate with the law on property rights and housing registration.

委托人

Fig. 2

Settlor

信托合同 Trust Deed 受托人（信托公司）

Trustee (trust company)

资产管理

Assets Management

资产计划

Assets Planning

组合投资

Investment Portfolio

受益人

Beneficiary

(2)Taxation issues Under the premise that the trust property can successfully solve the abovementioned registration problem, the tradable assets transferred from the settlor to the trustee (such as real estate and equity) enjoy no special tax incentives for the current establishment of trust compared with the transfer under the general commercial transaction transfer. This still requires that a higher tax is paid in accordance with the transfer of the transaction, resulting in the relatively high cost of setting up the trust.

3. Overseas Family Trusts 1) Overseas trust practices Given the various limitations on family trusts in China, some high-net-worth individuals choose to set up trusts overseas, especially in the United States. Here we have taken the setting up of a trust in the United States as an example. The general process is as the figure 2 shows. 2) Problems faced by overseas family trusts (1) Taxation issues On August 31, 2018, China passed the Amendments to the Individual Income Tax Law of the People's Republic of China, which introduced comprehensive anti-tax avoidance clauses for the first time. The establishment of overseas family trusts by high-net-worth individuals in the future may lead to a high tax burden. (2) Problems with the overseas transfer

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

( 三 ) 在中国发展家族信托面临的问题由于尚无有关家族信托的专门法律法规规定，家族信托在中国发展面临下述问题： 1. 登记问题 2017年 8月25日，中国银行业监督管理委员会（下称“银监会”）正式发布《信托登记管理办法》（下称“《登记管理办法》”），规定中国信托登记有限责任公司对信托机构的信托产品及其受益权信息、国务院银行业监督管理机构规定的其他信息及其变动情况予以记录。但是登记管理办法不涉及信托财产的登记，并未填补中国信托财产登记制度长期缺失的空白，如果信托财产包括股权、不动产等资产，则会产生如何确权、如何登记等实践问题；另外，登记管理办法作为银监会发布的规范性法律文件，与物权法、房屋登记办法的协调问题也尚未解决。 2. 税务问题在信托财产可以顺利解决前述登记问题的前提下，由委托人转移至受托人的可交易过户的资产（如房产、股权）在目前设立信托中与一般商业交易过户相比，并无特别的税收优惠政策，仍需按照交易过户缴纳数额较高的税赋，造成设立信托的成本相对较高。

三、家族信托境外实践

( 一 ) 海外信托之实践鉴于家族信托在中国各种受限，部分高净值人群选择在海外，尤其是美国设立信托。我们在此以美国设立信托为例进行阐述，一般流程见右图。 ( 二 ) 海外家族信托面临的问题 1. 税务问题中国境内于2018 年 8月31日通过《中华人民共和国个人所得税法修正案》，其中首次引入全面反避税条款，未来高净值

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of assets At present, if high-net-worth individuals in China choose to set up overseas family trusts, in addition to complying with local laws and regulations, they need to consider how to transfer domestic personal assets legally and reasonably to overseas trust holders. This requires planning by professional legal and taxation personnel in order to establish a reasonable model.

4. Conclusions As a means of long-term planning and risk isolation of family wealth, family trusts are sought after by a wide range of high-net-worth individuals. After considering the factors of tax burden, convenience, and cost, high-net-worth individuals in China can choose to set up family trusts abroad or in China in order to rationally allocate assets and family wealth inheritance. The establishment

of family trusts in China has the advantages of increased efficiency and speed and low transaction costs, but it is still necessary to take into account the registration problems and the adverse effect of future tax burdens. Establishing a family trust abroad has the advantages of optimizing asset allocation and reducing policy risks, while enjoying the benefits of a wellestablished foreign trust legal system. However, in the context of China's overseas investment, foreign exchange and other legal policies, ways in which to reasonably and legally transfer assets to overseas trusts and avoid taking on unnecessary high tax burdens still need to be reasonably planned and handled by professionals. In summary, high-net-worth individuals need to consider their own needs and set up the best family trust model with the help of professional legal and tax professionals to achieve long-lasting family wealth.

在美国设立信托的一般流程 The general procedures to set up trust in America 确立设立信托所在的州

Decide on the state where the trust is to be set up 确定受托人

Decide on the trustee 委托人、设立人及受托人签署信托合同

Sign trust deed with the settlor, the trustee and the beneficiary 将海外资产转移至信托持有

Transfer the overseas assets to the trust

确定委托的信托律师

Decide on the lawyer for the trust 取得信托设立人美国税务号

Obtain the settlor's US tax number 受托人在美国开具信托账户

Open trust account by the trustee in the US

Fig. 2

观点 | OPINION CHINA OFFSHORE

人群设立海外家族信托可能会触发高额税负问题。

2. 资产出境问题目前如果中国境内高净值人群选择设立海外家族信托，则在遵守当地法律法规之外，需要考虑如何将境内个人资产合法、合理转移至海外信托持有，这需要寻求专业法律、税务人士进行筹划，设立合理可操作的模式。

四、小结家族信托作为对家族财富进行长期规划和风险隔离的方式，受到越来越广泛的高净值人群的追捧，境内高净值人群在综合考量税负、便利度以及成本的因素后，可以选择在境内或 / 和境外设立家族信托，实现资产合理配置和家族财富传承的目的。在境内设立家族信托具有高效、快捷及较低交易成本的优势，但是仍需考虑登记问题、未来税负加重的不良影响。在境外设立家族信托具有优化资产配置、降低政策风险的优势，同时可以享受境外完善的信托法律制度的福利，但是囿于中国海外投资、外汇等法律政策的规制，如何合理、合法将资产转移至境外信托持有、避免承担不必要的高额税负，仍需由专业人士协助进行合理筹划。综上，高净值人群需结合自身需要，在专业法律、税务人士的协助下搭建最优的家族信托模式，以实现家族财富源远流长。综上所述，香港居民继承内地财产，由于程序比较复杂、专业度高，建议委托大陆从事此方向业务的律师办理。

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Member Contribution

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CRS 背景下离岸信托与财富家族的痛点？ What are the Pain Points of Offshore Trusts for Wealthy Families in the Context of the Common Reporting Standard (CRS)? 刘有辉 Michael Liu 信托与遗产执业者协会会员上海瑞岸投资管理有限公司执行董事刘有辉先生自2001年创始 CIL ，于北京、上海有两个办公室，CIL 以离岸公司与信托为核心，专注为客户提供全球的税务与投资优化，为高净值客户提供隐私、传承和保全的财富管理解决方案。作为中国本土的中立咨询机构，多年的专注让 CIL 在其主要的实践领域保持了最前沿的水平。

刘有辉先生至今已从事离岸投资咨询十几年，尤其擅长综合使用各类公司、信托、基金会、保险、贷款、匿名等工具实现客户在国际贸易、对外投资以及家族财富管理等方面隐私、传承、保全和节税的目标。刘有辉先生也经常在国内的财富管理论坛发表演讲，并在《中国经济评论》、《第一财经》、《中国经营报》、《环球财经》、《财富管理》、《中国离岸》等专业刊物发表多篇专业文章。刘有辉先生非常关注专业社区的成长，并积极的奉献自己的时间，他是亚洲离岸协会理事会的董事，经常在海内外举办免费的讲座，为金融人士提供专业的培训。

CIL Group Ltd. was founded by Michael Liu in 2001, with two offices in Beijing and Shanghai. CIL has its core business in the field of offshore incorporation and trusts, and is dedicated to offering wealth management solutions in global tax and investment optimization, privacy, succession, and protection

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Member of STEP CIL Group Ltd. Managing Director

for HNW clients. As a local Chinese consultancy, CIL's many years of dedication have made it a leader in its field of practice. Mr. Liu has been engaged in the offshore investment consulting industry for more than ten years, and is particularly skilled at integrating various types of companies, trusts, foundations, insurance, loans, and anonymity tools to achieve goals in international trading, outbound investment and family wealth management while ensuring clients' privacy, protection, inheritance goals, and tax-efficiency. Mr. Liu is also a frequent speaker at various wealth management forums in China, and has published articles in many professional publications such as China Economic Review, CBN Weekly, China Business, Global Business & Finance, Wealth Management, and China Offshore. Mr. Liu has a great concern for and devotes himself to the growth of the professional community. As a Council Member of the Asian Offshore Association, Liu often holds free lectures at home and abroad to provide financial practitioners with professional training.

Michael Liu

his is not a question of placing eggs in different baskets, but rather a question how someone with foresight can find a safer place to store the coming year's harvest. The privacy that is challenged by CRS is a threat to global private property rights. What role the offshore trust will play in this context is the question we will discuss.

Conditions for everlasting family inheritance First, let's tell two stories: I talked to locals when visiting Africa. I asked why their natural resources were so good, but they are doing nothing and staying poor. The locals said that there was no way out. If they worked and planted, others would steal. So, instead of working hard, it was better to steal too. Africa is undoubtedly an environment that is extremely unfavorable to the creation and accumulation of wealth and also an environment to be avoided by modern civilizations because wherever somewhere is prosperous, rights are clearly defined and properly protected. China's economic growth in the past 30 years was precisely a reform of the distribution of rights. It is important that your labor incomes are protected from being taken away

观点 | OPINION CHINA OFFSHORE

这

不是鸡蛋要放在不同篮子的问题，而是一个有计划的人必须找到一个更加安全的地方存放来年的种子的问题。CRS 所挑战的隐私性，是对全球私有物权的一种威胁。离岸信托将在这个背景下扮演什么样的角色，这是我们要讨论的问题。

家族基业长青的条件

先讲两个故事 : 在访问非洲的时候与当地人谈论。我问为什么他们的自然资源这么好，但他们却无所事事，一贫如洗呢？当地人说，没有办法，如果你劳动，你种植，别人就会来偷，所以与其辛苦努力，不如也去偷。非洲无疑是对财富创造和积累极为不利的环境，也是现代文明需要避免的环境，因为凡是繁荣的地方都对权益划分清楚，并给予保护的地方，中国近 30年的经济腾飞正是分配权益的改革，其中很重要的就是保证了你的劳动所得不被他人和社会强夺或偷窃。说到这里，我又联想到了明朝末年的情况。当时的崇祯皇帝虽然励精图治，但帝国的腐败已经深入骨髓，皇帝的意志已经出不了紫禁城了。在河南几个省连年旱灾的情况下，各省不但没有减税，反倒增加了无尽的税收，因为要应付辽东的清兵和李自成的起义军。于是农民发现，最好的方法是游走乞讨，因为老老实实种地的收入比乞讨还少，毕竟乞讨是 Tax Free 的啊。上面两个例子虽然很极端，但笔者想说明的是对物权的尊重与合理的税收是财富积累的最基本的前提。而在物质财富有所积累的时代，财富家族的顶层就更加渴望在这两个方面得到更加的强化。比如一个德国的家族企业，在列支敦士登设立信托虽然可能对税收未必带来特别直接的优惠，但对其摆脱家族企业所在地或者居住地的过于繁重的责任与负担，让资产的净值和家族的决

by force or stolen by others in society. Having said that, I am reminded of the situation in the last years of the Ming Dynasty. Although Emperor Chongzhen at that time made great efforts, the corruption of the empire went bone-deep, and the decree of the Emperor could spread no further than within the Forbidden City. In the case of successive droughts in Henan Province, taxes were not reduced, but increased instead, for the taxes were urgently needed for dealing with the Qing soldiers in east Liaoning Province and Li Zicheng's insurrectionary army. So the farmers found that the best approach was to roam around and beg because the income from farming was less than that from begging. Anyhow, begging is tax free.

accumulated, the wealthiest families are more eager to strengthen these two areas. Taking a German family business as an example, although establishing a trust in Liechtenstein may not bring a special direct benefit to taxation, it does play a vital role in reducing excessively heavy responsibilities and burdens at the place where the family business is located or where the family resides, so that the net value of assets and the family's decision-making can enter a "center" that is more focused on the long-term development of the family itself. These pain points can be subdivided into distribution rights and management rights from the perspective of power.

Although the above two examples are quite extreme, the author wants to explain that respect for property rights and reasonable taxation are the most basic prerequisites for wealth accumulation. During periods of time when material wealth has

Recently, CRS started its first batch of information exchange measures. The author sees from the ﬂood of web articles among circles of friends the spreading of a blind hatred of the rich. It is as if all overseas rich people are sinners; they should hand over their

CRS-resultant embarrassments

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观点 | OPINION CHINA OFFSHORE

策进入了一个更加以家族自身长久发展为核心的“中心”起到至关重要的作用。这些痛点可以从权力的角度进行细分为分配权和管理权。

CRS 带来的尴尬最近 CRS 已经开始了第一批的信息交换，笔者从朋友圈潮水般的起哄网文中看到是一种盲目的仇富的心理的蔓延。似乎所有海外有钱的人都是罪人，都应该把他们的钱拿来，然后大家分掉；至少税务局如果可以对他们大大的罚款，也可以大快人心。这种义和团思维我想很多理性的人群都是不能苟同的。CRS 表面听起来是税的问题，但实际上没有那么简单。我们还是拿明朝的游走行乞的游民为例，如果他们可以让自己的财富没有负担的扎根本地，他们就不会游走，游走是对现在已经有的制度的不信任。这种不信任可以简单总结为，如果 CRS 的信息交换了，我到底要交多少税，如果补税了，我到底是否还有别的责任。很遗憾，这些问题，似乎都没有什么可以普及化的说法，更不要提明确的法规。所以 CRS 所带来的尴尬不是税务的问题，而是隐私问题，因为这层隐私消失之后，财富的拥有者将面临很多不确定性，而这些不确定性正是家族财富和财富家族都要避免的。当然，情况也并不是特别糟糕。2019 年初要实施的新个税已经提及了海外的资产的纳税问题，虽然海外收入如何划分到不同的税率尚不明朗，但至少我们看到了一个清晰的税率，没有什么比未知对更加负面的情况。很多人会说个税对海外收入设立明确的类型意味着海外收入的纳税要开始了，仿佛危险临近，但笔者认为恰恰相反，明确了尺寸永远都是更好的，因为有法可依。

CRS 的意料之外的尴尬，不仅是中国人有，其实这个影响是全球的。CRS 的

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money and have it shared among the masses. At least if the tax authorities imposed large fines, it would give observers satisfaction. I think most rational people don't agree with this kind of gangster mentality. CRS sounds like a tax issue on the surface, but it's actually not that simple. Let us take the example of the vagrant beggars of the Ming dynasty. If they could have their wealth take root locally without any difficulty, they would not lead a vagrant's life. Roaming about is a distrust of the existing system. This distrust can be simply expressed as how much tax one has to pay if CRS information is exchanged, and

whether there are other burdens when overdue tax is paid. Unfortunately, there seems to be no such thing as universal wording of these issues, let alone explicit regulations. So the awkwardness that CRS brings is not a tax issue, but a privacy issue. Because when this kind of privacy disappears, owners of wealth face a lot of uncertainty, which is exactly what family wealth and wealthy families must avoid. Of course, this is not an especially bad situation. The new individual income tax policies to be implemented in early 2019 have already mentioned the taxation of overseas assets. Although it is unclear how overseas income will

观点 | OPINION CHINA OFFSHORE

交换必然要求一个全球性的税务通则解释，但这个通则并不具备，短期内也不会具备，甚至永远也不会具备。所以 CRS 必然产生担心和混乱。笔者以为海外信托能够减少和缓解这些混乱，为财富家族的顶层提供更加清晰的治理能力。

分配权我们抛开由于 CRS 交换可能造成的税务成本的上升不说，虽然 CRS 原则上所交换的信息只是用于税务，但实际上在某些情况下，隐私被揭开之后，潘多拉魔盒就被打开了。随之而来的很多问题，都会出现。在信息公开的情况下，委托人的债务、离婚、强制继承等问题都会影响到他的海外资产。虽然自由裁量信托可以成功的抵抗这些问题带来的分割资产的诉求，但由于复杂的法律冲突问题，委托人将在自己的居住地陷入被动的境地。在这样的情况下，委托人将财产保留为现金的可能性就会变小，全球的资本的流动性将大大减弱，世界会陷入更深的衰退。换言之，如果信托，尤其是离岸信托不能保证隐私，那么后面能够实现的针对债务、离婚、强制继承的保全就是很鸡肋的事情。反过来说，如果信托能够更加有效的实现隐私，我们可能刚好进入到了信托最好的时代，因为压力的确很大。

管理权信托对管理权的规划本身是有得天独厚的优势的。因为信托可以超越强制的继承顺序和同股同权的强制要求，进行灵活的规划，尤其是可以构造机制在委托人百年之后，仍然不失弹性的管理家族企业和家族资产。管理家族企业需要

be divided into different tax rates, at least we have seen a clear tax rate. Nothing is more negative than the unknown. Many people will say that defining a clear type of tax on overseas income means that taxation against overseas income necessarily has to begin – as if some danger is approaching – but the author believes that, on the contrary, clarifying rules is always better because there is a law to follow. The unexpected potential embarrassment arising from CRS does not only affect the Chinese; its impact is global. The exchange of CRS necessarily requires a global interpretation of general taxation terms, but these terms do not exist, and will not exist in the short term, or perhaps ever. Therefore, CRS will inevitably cause worry and confusion. The author believes that overseas trusts can reduce and alleviate these confusions and provide clearer governance capabilities for the top tiers of wealthy family.

Distribution rights We've put aside the rise in tax costs that may be caused by the CRS exchange. Although the information exchanged via CRS is only used for taxation in principle, in some cases after the privacy is compromised, a Pandora's Box will in fact be opened. Many resultant problems will appear. In the case of information disclosure, a client's debt, divorce, compulsory inheritance and other issues will affect his overseas assets. Although discretionary trusts can successfully

resist the demands for splitting assets brought about by these problems, due to complex legal conﬂicts, the settlor will remain in a passive position in their place of residence. Under such circumstances, the possibility that the settlor will retain their property as cash will become smaller, the liquidity of global capital will be greatly weakened, and the world will fall into a deeper recession. In other words, if privacy cannot be guaranteed to trusts (especially offshore trusts) then the preservation of debt, divorce, and compulsory inheritance that could be achieved later is of little or no value. Conversely, if trusts can achieve privacy more effectively, we may just enter the best era for trusts because the pressure is indeed great.

Management rights The trust's planning of management rights has unique advantages. Because the trust can go beyond the mandatory inheritance order and the mandatory requirements for the same shares, and ensure ﬂexible planning, it is possible in particular to construct a mechanism to manage family businesses and family assets without losing ﬂexibility, even after the settlor's death. Managing family businesses requires talented people – even those who are outside the family – but the default heirs under the civil law system may not always be appropriate. The transparency necessitated by CRS may indirectly interfere with this.

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观点 | OPINION CHINA OFFSHORE

能人，这些人甚至来自家族以外，但在大陆法系下的默认的继承人可能并不适合。

CRS 造成的透明性可能对此造成间接的干扰。当信托所指定的管理人想就任的时候，其他没有能够就任的家族成员可能会通过信息的透明来对就任者发起攻击。虽然在家族企业所在的在岸世界不会改变位于离岸的顶层结构，也不会影响管理人员的委任和海外现金资产的投资决策，但由于在隐私的丧失，关于管理权的争议可能造成将会造成在岸司法属地的深入介入，从而对信托的治理造成严重的侵扰。

属地的选择很明显离岸信托的选择需要能够提供隐私性。那如何实现呢？原则很简单，那就是要找到 CRS 不适用的司法属地。目前来看，除了美国以外，能够提供有质量的信托服务的属地并不存在。这也是目前媒体在近期都纷纷在讨论说，美国的信托公司正在学习一个新的技能，如何接管传统的离岸属地来的客户。如果这个趋势能够形成，OECD 和 AEOI 的参与国会怎样看待这个问题呢？他们会继续容忍美国这个巨大的漏洞的存在吗？美国会在多大程度上扮演新的离岸中心的角色呢？这个可能要拭目以待。

信托类型的选择为了获得更好的保全，无疑在信托的结构设计上要有所讲究。固定收益信托很明显会在面临债务、离婚、强制继承等问题的时候更容易被攻破；但自由裁量信托虽然对资产保全带来好处，但有效的植入灵活的控制机制也是非常重要的。综上所述，在目前 CRS 对隐私造成极大挑战的情况下，选择没有参与 AEOI 的属地，并精心的设计信托结构是上上策。

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When the trust manager wants to take office, other family members who are not permitted to take office may attack him via the transparency of the information available. Regardless, the onshore jurisdiction where the family business is located will not change the offshore top-level structure, nor affect the appointment of managers and the investment decisions for overseas cash assets. However, due to the loss of privacy, disputes over management rights may result in deep involvement by the onshore jurisdiction, which will be a serious intrusion into the trust's governance.

Selection of territory It is clear that the offshore trust needs to be able to provide privacy. How can this be achieved? The principle is simple: to find the jurisdiction where CRS is not applicable. At present, there are no territories that can provide quality trust services besides the United States. This is also what the current media have recently discussed: that US trust companies are learning a new skill so as to take over the business of customers from traditional

offshore jurisdictions. If this trend materializes, how will the OECD and AEOI participating countries view this issue? Will they continue to tolerate the existence of this huge loophole in the United States? To what extent does the United States play the role of a new offshore center? We have to wait and see.

Selection of types of trusts In order to obtain better wealth preservation, there is no doubt that the structure of the trust should be paid attention to. Fixed-income trusts are more likely to be compromised in the face of debt, divorce, compulsory inheritance, etc. However, while discretionary trusts bring benefits to asset preservation, the effective insertion of ﬂexible control mechanisms is also very important. In summary, in the current situation where CRS poses a great challenge to privacy, the best policy is to select a non-AEOI participating jurisdiction and carefully design the trust's structure.

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中资财富流通新图谱：从纯住宅到多元投资 A New Map of Chinese Wealth Distribution: From Pure Residential Investment to Diversified Investment

Knight Frank 资境外投资在最近 5 年发生了明显变化，进而影响全球财富新秩序。据莱坊研究部门统计，过去一年，中资海外投资增长保持 10%11% 的增速，其中华人资金来源占比上涨，从投资产品、渠道都变得多元，比如从住宅到商业、酒庄、物流地产等。

中

莱坊日前发布的最新《财富报告》显示，对于私人投资者来说，商业地产仍然是

hinese overseas investment has changed significantly in the past five years, which then has affected the new global wealth order. According to the statistics of Knight Frank's research department, over the past year, the growth of Chinese-funded overseas investment has maintained at 10%11%, of which Chinese funds have

莱坊简介 Introduction of Knight Frank 莱坊是全球知名的私营房地产顾问服务公司。莱坊在全球六大洲 60 个国家设有超过523个办事处。集团聘有超过 18,000 名专业人士，每年管理总值逾 1.57万亿美元（相等于1.12万亿英镑）的商业、住宅及农业物业，并向各大业主、买家、开发商、投资者及企业客户提供专业建议。莱坊在豪华住宅销售方面尤为专业。曾为丘吉尔爵士等无数知名人士买卖过房产，因此在英国被尊称为房地产界的 Harrods。作为世界上活跃的房地产咨询公司之一，莱坊代表国际买家为其在世界各地寻找住宅和投资机会，包括欧洲、美洲、亚太区、中东和非洲的物业，为客户推荐世界各地的优质物业。有意咨询，请联系：ipm@cn.knightfrank.

com

Knight Frank is a world-renowned private real estate consultation company. Knight Frank has established more than 523 offices in 60 countries of six continents all around the world. The group has employed more than 18,000 professionals, and the total value of commercial, residential and

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agricultural properties under the management of the group every year exceeds 1.57 trillion U.S. Dollars (equivalent to 1.12 trillion pounds), and the group has provided professional advice to the owners, buyers, developers, investors and corporate customers. Knight Frank is quite professional in selling luxurious property. Knight Frank has bought and sold properties for many big names such as Sir Winston Churchill etc., so it has been known as Harrods in the Real estate industry in UK. As one of most active real estate consultations companies in the world, Knight Frank looks for residential and investment opportunities in the whole world for the international buyers, including properties in Europe, America, Asia Pacific, Middle East and Africa, and recommend the finest properties all around the world to the customers. For inquiries, please contact: ipm@ cn.knightfrank.com

increased, and both investment products and channels have become diversified, such as from residential to commercial, chateau, and logistics real estate. According to the latest "Wealth Report" released by Knight Frank, commercial real estate is still a very important asset class for private investors, and the scale of individual real estate deals by private investors is getting bigger. In 2012, there were only a few transactions worth more than $1 billion, and the total value of the transaction was only $5 billion. By 2017, the total value of transactions worth more than $1 billion had risen to more than $20 billion. It is worth noting that the types of investors are changing: in the past, only institutional investors or real estate companies were capable of making block trade, and now the active participation of family and private investors has increased year by year. Ji Yanxun, Director of the Research and Consulting Department of Knight Frank (Greater China), pointed out in an interview with the 21st Century Business Herald that in the past five years, the investments abroad made by the mainland China have jumped to the third place in the world. Although regulations such as “outside limits”

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released by relevant departments last year may affect the progress of some investments, by the first quarter of this year, mainland funds still have a strong power in overseas real estate investment, achieving an annual growth of 10%-11%.

Private investors accounting for 43% 十分重要的资产类别，私人投资者单项地产交易规模也日趋庞大。2012 年，价值超过十亿美元的交易不过寥寥几笔，交易总价值只有 50 亿美元；到了 2017 年，价值超过十亿美元的交易总价值已上升至 200 多亿美元。值得关注的是，交易投资者类型也在发生变化：过去，只有机构投资者或房地产公司有实力进行大宗交易，现在家族、私人投资者的参与活跃度逐年增加。莱坊大中华区研究及咨询部主管纪言迅接受21 世纪经济报道专访时分析指出，最近5 年，中国内地资金对外投资已跃升至全球第三位，尽管有关部门在去年出台“限外”相关法规，可能会影响一些投资的进度，但到今年第一季度为止内地资金对海外房地产投资仍然强劲，实现了10%-11% 的年化增长。

Knight Frank report shows that the total value of the transactions worth more than USD 500 million rose from USD 21 billion in 2012 to USD 53 billion in 2017, and the transactions worth more than USD 500 million become mainstream. In all real estate transactions worth more than USD 1 billion last year, transactions completed by private investors accounted for 43% of the total value of the transactions. Asia has become a major source of demand for such large-scale transactions, accounting for two-

thirds of the total transaction volume. For example, last year's most eyecatching office building acquisition in Central Hong Kong worth USD 5.1 billion, was completed by private investors in a consortium. Chinese bulk overseas transactions reached USD 45 billion in 2017, taking the second or third place in the world (the first is Hong Kong). Moreover, the increase in personal capital investment becomes a new trend compared with the proportion of institutions. In the past, personal capital investment was mainly made to luxury houses and chateaux, but it has become more diversified, such as star-rated hotels and logistics real estate. The global investment by Chinese is surging, which is evident from the number of Asian super-rich people. Although Europe still accounts for 10% of the global average, its mature market is hard to match the infinite

私人投资者占比43% 莱坊报告显示，价值超过五亿美元的交易总价值从 2012 年的 210 亿美元上升至 2017年的 530 亿美元，价值超过五亿美元的交易成主流。在去年所有价值超过十亿美元的地产交易中，由私人投资者完成的交易占交易总价值的43%。亚洲成为此类大规模交易的主要需求来源，占比总交易量的2/3。比如，去年最引人瞩目的香港中环中心办公楼51亿美元收购案，就是由私人投资者以财团形式完成。

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中资海外大宗交易在 2017年达到了450 亿美元之多，大概占据全球 2、3 位（第一位是香港地区）。而且，个人资金投资相比机构占比的提升是一个新趋势，以前个人资金投资豪宅、酒庄，如今更趋于多元化，比如星级酒店、物流地产等。中资全球投资汹涌，从亚洲超级富豪人数的绝对值上超越欧洲可见一斑。虽然与全球平均水平相比，欧洲的占比仍有 10%，但其成熟的市场难以匹敌亚洲市场的无限活力，亚洲的增长率达到了 15%。截至 2017年末，亚洲的超级富豪人数为3.58万，而欧洲为3.51万。纪言迅指出，以十亿美元交易为界线，这已是富豪们一种维持财富的隐秘方式，投资标的以房地产为主。莱坊调查的受访者表示，2017年客户的房地产投资增长了56%，仅次于增长率达62% 的股票投资。事实是，去年商业地产的交易总量达 8400 亿美元。北美洲的房地产投资份额为46%，紧随其后的是欧洲

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vitality of the Asian market, whose growth rate reached 15%. By the end of 2017, the number of super-rich people in Asia was 35,800, compared with 35,100 in Europe. Ji Yanxun pointed out that with billions of dollars in trading as the boundary, investment targeting at real estate is a secret way for the rich to maintain wealth. Respondents to the Knight Frank survey said that in 2017, the real estate investment made by clients increased by 56%, second only to stock investment with a growth rate of 62%. In fact, the total value of transactions in commercial real estate last year reached USD 840 billion. North America's real estate investment share is 46%, followed by European real estate investment, which accounts for 36%. Asia's real estate investment share is 17%, ranking

the third, with a large gap between the top two. The share of real estate investment in the rest of the world is only 2%.

Diversi�cation of Chinese investment Anthony Duggan, Head of Capital Markets Research Department of Knight Frank believes that investors' preferred target is to develop a mature, highly liquid, and transparent real estate market. The world's top ten cities attract nearly 30% of the annual total investment transaction volume. For investors who invest in foreign markets for the first time, cities such as London and New York that are transparent and highly liquid are undoubtedly attractive. Due to the generally low returns of mature markets such as Japan,

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的房地产投资，占比 36%。亚洲的房地产投资份额为 17%，排名第三，与前两名的差距较大。世界其他地区的房地产投资份额仅有 2%。

中资投资多元化莱坊资本市场研究部主管 Anthony Duggan 认为，投资者的首选目标是发展成熟、资金流动性强、交易透明的房地产市场，全球前十大城市每年吸引了接近 30% 的年总投资交易量。对于首次投资外国市场的投资者而言，伦敦和纽约等市场透明、资金流动性强的城市无疑具有极大的吸引力。由于日本、香港、新加坡等成熟市场投资普遍低收益，以中资为主的亚洲资金越发倾向于以风险曲线为参考、在海内外寻求投资机会，首选英美商业地产。在进行跨境购置投资时，中资投资者也倾向于投资医疗地产、养老地产和物流仓储地产等更为专业的商业地产。在上述超出十亿美元门槛的交易中，主要涉及办公楼买卖，而超出五亿美元门槛的交易涉及的资产类型更加多元化，包括购物中心、酒店和工业设施。

Hong Kong and Singapore, Asian funds, mainly Chinese funds tend to seek investment opportunities at home and abroad using the risk curve as a reference, and the preferred choice is the commercial real estate in the US and the UK. In cross-border investment, Chinese investors also tend to invest in professional commercial real estates such as medical real, pension and logistics warehousing real estate. The transactions mentioned above exceeding USD 1 billion mainly involve in the sale of office buildings, while the transactions exceeding USD 500 million involve in more diversified types of assets, including shopping centers, hotels and industrial facilities. William Matthews, a business research partner of Knight Frank believes that bulk transactions are more efficient and can lead to asset management

opportunities. Liam Bailey, Head of Global Research Department of Knight Frank pointed out that the increased liquidity of properties in the UK and the US and the enhancement of real estate hedging inﬂation are factors that boost investment. However, it should be noted that interest rates in the US, China, Canada and the UK may rise, and the European Central Bank began to reduce its quantitative easing policy. These changes will lead to a tighter monetary policy, but borrowers can still get a fairly low lending rate in 2018. In addition, Ji Yanxun pointed out that although overseas policies on restricting Chinese investment have also been released, the growth of Chinese investments will remain strong in the next five years.

莱坊商业研究合伙人William Matthews 认为，大宗交易更加高效，还可以带来资产管理机会。莱坊全球研究部主管 Liam Bailey 指出，英美等地的物业流动性加强，房地产对冲通胀属性增强，是促进投资上涨的因素。不过需要指出，美国、中国、加拿大和英国的利率或将上涨，欧洲央行开始缩减其量化宽松政策。尽管这些变化将带来更为紧缩的货币政策，借款人仍然可以在 2018 年获批相当低的借贷利率。此外，纪言迅指出，尽管境外也出台了限制中资投资的相关政策，但未来五年内，中资投资的增长仍将保持强劲。

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家族信托和基金会在中国的实践及发展

Practice and Development of Family Trusts and Foundations in China

Huaitao Wong & Limhay

王怀涛 Huaitao Wong

移投行家族办公室（IBKFO）创始人，家族首席战略顾问，家族首席法律顾问，著名金融律师，中国家族办公室行业的奠基人。他在全球经济一体化格局下的家族传承、家族战略架构、全球资产保全领域有着丰富的实操经验和合作资源。他重回古道重建城垣的 “超联合家族办公室模式” ，是家族办公室行业内共生共赢生态系统的倡导者。王怀涛先生擅长家族信托、身份规划、私募基金、跨境并购等，致力于为富有家族和金融财团提供最佳财富管理解决方案。

Mr. Wang is the founder of Investment Bank Family Office (IBKFO) and the company's chief strategy consultant and chief legal consultant. He is a renowned financial lawyer and founder of the Chinese family office industry. Mr. Wang has extensive experience in the fields of family inheritance, strategic family structure, and global asset preservation within the trend of global economic integration. He initiated the multi-family office model and is an advocate of the symbiotic win-win ecosystem within the family office industry. Mr. Wang Huaitao specializes in family trusts, identity planning, private equity funds, and crossborder mergers and acquisitions, and is committed to providing the

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best wealth management solutions for wealthy families and financial consortia.

林海 Limhay

移投行家族办公室（IBKFO）高级研究员，上海新古律师事务所律师，华东政法大学法学硕士，长期从事外国法与比较法研究，2007年起从事法律工作，业务领域主要涉及移民地产、私募基金、家族信托等，为多家金融机构、高净值客户及家族提供身份规划、法律筹划、全球资产配置、搭建离岸架构等方案及服务。

Mr. Lin is IBKFO's senior researcher and a lawyer at Shanghai Xingu Law Firm. He has a Master's in Law from East China University of Political Science and Law, and has long been engaged in research in foreign law and comparative law. Since 2007, he has been engaged in legal work in business areas mainly involving immigrant property, private equity funds, and family trusts. He provides solutions and services for identity planning, legal planning, global asset allocation, and offshore structure development for a number of financial institutions, high-networth clients and families.

n recent years, with the all-round implementation of the One Belt One Road (OBOR) initiative and other policies, China's private wealth has continued to grow rapidly. According to statistics from New World Wealth, China's private wealth growth rate reached 198% between 2007 and 2017, the second highest growth rate of private wealth in the world. In addition, according to the Hurun Report, the number of households with more than six million yuan of investable assets in the Greater China Region has reached 1.61 million, with Beijing, Shanghai and Guangzhou ranking in the top three. The growth of China's private wealth has made an increasing number of families and individuals pay more attention to wealth management and family trusts and foundations, which are common tools for wealth management that are gradually becoming familiar. In March of this year, 90-year-old Li Ka-shing officially announced his retirement. However, why is the "Superman Li" era able to continue? Contributions to the "Third Son" family trust established through the Li Ka-shing Foundation did not go unnoticed. In September this year, Ma Yun, the founder of Alibaba Group, announced that one year after the occasion of the 20th anniversary

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近

年来，伴随着“一带一路”等政策的深入落实，中国的私人财富也在持续、急剧地增加。根据 New World Wealth 统计的数据，自 2007至 2017年以来，中国的私人财富增长率已达 198%，成为全球私人财富增长率第二的国家。另外根据胡润研究院的报告显示，大中华地区目前拥有600 万元人民币以上可投资资产的家庭数量已达到 161 万户，北上港依旧位列前三。中国私人财富的增长，使得越来越多的家庭、个人对于财富管理更加重视亦更为需求，作为财富管理常见工具的家族信托、基金会也逐渐为人熟知。今年 3月，90 岁的“李超人”李嘉诚正式宣布退休，而“李超人”时代之所以能够延续，其通过“李嘉诚基金会”逐步设立起的“第三个儿子”家族信托功不可没。今年9月，阿里巴巴集团创始人马云宣布：一年后的阿里巴巴成立 20周年之际，即2019年9月10日，他将不再担任集团董事局主席，届时由现任集团 CEO 张勇接任。据悉，其将筹备马云基金会，从事教育事业。据此可以看出，无论是家族信托还是基金会，都成为了富豪们以及高净值客户财富管理、规划的常用工具之一。

of Alibaba's establishment, on September 10, 2019, he would no longer serve as the chairman of the group's board of directors, and would be replaced by the current group CEO Zhang Yong. It is reported that he will make prepare for the Ma Yun Foundation and engage in education. This situation shows that both family trusts and foundations have become one of the most common tools for wealth management and planning for wealthy and high-net-worth clients. In the following text, this paper brieﬂy analyzes the current practice and development of family trusts and foundations in China in order to explore their development models.

Ⅰ.The legal basis for the development of family trusts and foundations in China There is currently no specific law in China to regulate family trusts, and theoretical research on family trusts is also relatively weak. Judging from the current legal system, family trusts

apply the general provisions of the Trust Law of the People's Republic of China. However, in view of the current provisions of the Trust Law, there are still many shortcomings concerning the ownership of trust property rights, trust registration and other aspects. Taking the ownership of the trust property as an example, the trust property under the Anglo-American legal system follows the dual ownership model of both the settlor and the trustee. However, in China, according to Article 2 of the Trust Law: "Trust in this Law refers to the act in which the settlor, on the basis of confidence in the trustee, entrusts certain property rights to the trustee and the trustee manages or disposes of the property rights in its own name in accordance with the intentions of the settlor and for the benefit of the beneficiary or for specific purposes." That is to say, the trust property right still belongs to the settlor, and "the settlor, on the basis of confidence in the trustee, entrusts certain property rights to the trustee".

以下，本文结合当前的实践发展，对家族信托、基金会在中国的实践、发展做如下简要分析，以期共同探索中国境内家族信托、基金会的发展模式。

一、家族信托和基金会在中国发展的法律基础关于家族信托，我国目前并没有专门的法律对此加以规制，有关家族信托的理论研究也相对薄弱。从现行法律体系来看，家族信托适用《中华人民共和国信托法》的一般规定，但从现行《信托法》条文来看，在信托财产权归属、信托登

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记等方面仍存在诸多缺陷。以信托财产权归属为例，英美法系国家信托财产所有权采取委托人和受托人所有的模式。但是在我国，根据《信托法》第二条规定： “信托，是指委托人基于对受托人的信任，将其财产权委托给受托人，由受托人按委托人的意愿以自己的名义，为受益人的利益或者特定目的，进行管理或者处分的行为” 。也即，信托财产权仍属于委托人， “委托人基于对受托人的信任，将其财产权委托给受托人”。虽然该规定可防止受托人权利过大，在一定程度上维护了委托人的合法权益。但其实质上却与信托的本质相违背，信托财产的独立性也无法得到保障。设立家族信托的目的本是为财富管理、财富传承之用，设立家族信托以进行代际传承、资产隔离，但若家族信托的财产权仍归委托人所有，委托人仍然可以随意支配，则将无法实现家族信托财产隔离的基本功能，家族信托也将丧失其原有的优势和存在意义。今年 8月17日，银保监会信托部向各地银监局下发《关于加强规范资产管理业务过渡期内信托监管工作的通知》（信托

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Although this provision can prevent the trustee from having too much power, the legitimate rights and interests of the settlor are maintained to a certain extent. However, it is in fact contrary to the nature of the trust, and the independence of the trust property cannot be guaranteed. The purpose of establishing a family trust is for wealth management and wealth inheritance, for intergenerational inheritance and asset isolation. However, if the property rights of the family trust are still vested with the settlor, the settlor can still control it at will, and the trust will not be able to realize the basic function of family trust property isolation, and the family trust will also lose its original advantages and its essential significance. On August 17 this year, the Trust Department of the China Banking and Insurance Regulatory Commission issued the "Circular on Strengthening

the Supervision of Trust Management during the Transition Period of the Asset Management Business to the Banking Regulatory Bureaus" (Trust Letter [2018] No. 37), which is often referred to as "Circular No. 37" by industry insiders. Although Circular No. 37 clearly states that public welfare (charity) trusts and family trusts do not apply to the relevant provisions of the "Guiding Opinions", for the family trust industry, the article still has incomparable significance. First of all, Circular No. 37 clearly defines the meaning of the family trust. The family trust refers to trust services where the trust company, under the entrustment of an individual or a family, provides customized transaction management and financial services in areas such as property planning, risk isolation, asset allocation, children’s education, family governance and public welfare (charity) businesses mainly for the

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函 [2018]37号），也即业内人士常说的“37 号文” 。虽37号文明确表示，公益（慈善）信托、家族信托不适用该《指导意见》相关规定，但对于家族信托行业来说，该文仍具有不可比拟的重要意义。首先，37号文首次明确定义了家族信托的含义，家族信托是指信托公司接受单一个人或者家庭的委托，以家庭财富的保护、传承和管理为主要信托目的，提供财产规划、风险隔离、资产配置、子女教育、家族治理、公益（慈善）事业等定制化事务管理和金融服务的信托业务；其次，该文对于家族信托设立了一定的门槛，也即家族信托财产金额或价值不低于1000万元；再次，首次认可了受益人应包括委托人在内的家庭成员， “家庭”可以作为委托人。另外，37号文明确指出了：委托人不得为惟一受益人；单纯以追求信托财产保值增值为主要信托目的，具有专户理财性质和资产管理属性的信托业务不属于家族信托。虽37 号文对家族信托未做其他规定，但关于家族信托的政策和讨论仍犹如雨后春笋，给家族信托行业带来了希望和发展前景。可以预见，合法合规开展家族信托业务将会成为必然趋势。关于基金会，同上述家族信托存在类似情况，目前我国对此的相关法律规定并不多。基金会数量最多、活动最盛的当推美国，比如我们耳熟能详的洛克菲勒基金会等。基金会，也即基金中的非营利组织。按照美国权威性机构“美国基金会中心”的说法， “基金会是一个非政府、非营利性的机构。它有自己的资金来源（通常资金来源仅有一处，即某人，或某家庭（族），或某公司企业），它有自己的活动项目。基金会由董事组成的董事会领导。建立基金会的目的是开展或帮助教育、社会、慈善、宗教或其他公益事业活动，主要是向其他非营利机构提供资助。”根据我国《基金会管理条例》第二条规定： “本条例所称基金会，是指利用自然人、法人或者其他组织捐赠的财产，以从事公益事业为目的，按

purpose of protection, inheritance and management of family wealth. Secondly, the article establishes a certain threshold for the family trust, that is, the amount or value of the family trust property may not be less than 10 million yuan. Thirdly, the article stipulates for the first time that the beneficiary should include family members, including the settlor, and that the "family" can act as the "settlor". In addition, Circular No. 37 clearly states that the settlor should not be the sole beneficiary. The pursuit of the preservation and appreciation of the trust property is the trust's main purpose, and a trust business with a separately managed property and asset management account does not belong to a family trust. Although Circular No. 37 has no other provisions on family trusts, policies and discussions about family trusts are springing up all the time, bringing hope and development prospects to the family trust industry. It is foreseeable that legally-compliant family trust businesses will become an inevitable trend. Foundations face a similar situation to the above-mentioned family trusts. At present, the laws and regulations in this regard in China are limited. The United States has the largest number of foundations and the most frequent foundation activities, including the well-known Rockefeller Foundation. A foundation is a nonprofit fund organization. According to the relevant US authority, the US Foundation Center, "The foundation is a non-governmental, non-profit

organization. It has its own source of funding (usually there is only one source of funding, that is, a person, a family or a company), it has its own activities. The foundation is under management by a board of directors. The purpose of establishing a foundation is to develop or help education, society, charity, religion or other public welfare activities, mainly to provide financial support to other non-profit organizations." According to Article 2 of China's "Regulations on the Administration of Foundations", the term "foundation" as used in these Regulations refers to a nonprofit legal person established under the provisions of these Regulations by using the property donated by natural persons, legal persons or other organizations for the purpose of public welfare undertakings." That is to say, in China, the foundation is still a non-profit legal person with a public welfare nature.

Ⅱ .Development models of family trusts and foundations in China As a special property management system, financial instrument, and legal act, family trusts currently have four main business models in China: the trust company-led model, the private bank-led model, the private bank and trust company cooperative model, and the insurance company and trust company cooperative model. 1. The trust company-led model: that is, the trust company dominates the design and the investment direction of the trust products. In general, a family trust dominated by a trust company requires the trust company

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照本条例的规定成立的非营利性法人” 。也即，目前在我国，基金会仍是公益性质的、非营利性的法人。

二、家族信托和基金会在中国的发展模式作为一种特殊的财产管理制度、金融工具与法律行为，家族信托在国内目前主要有四种业务模式：信托公司主导模式、私人银行主导模式、私人银行与信托公司合作模式、保险公司与信托公司合作模式。

1、信托公司主导模式，也即信托公司主导设计信托产品、把握信托产品的投资方向。一般来说信托公司主导模式的家族信托需要信托公司自身拥有一定的客户资源、发展规模较大、具有较强的信托投资管理能力，能够起到主导作用。国内首个以信托公司主导模式的信托产品是2013 年初平安信托推出的“平安财富﹒鸿承世家”，该信托产品为单一资金信托，信托财产仅包含资金，投资门槛为5000万元，信托资金由委托人和平安信托共同管理，信托收益灵活分配给受益人。虽然以信托公司主导模式的家族信托背靠信托公司，具有一定的信托投资管理能力。但从实践来看，目前仍存在着信托公司人才匮乏、缺少优质客户资源等问题。 2、私人银行主导模式，即私人银行取代信托公司的地位，由私人银行主要负责，以其自身拥有的优质客户资源及团队，为委托人提供购买信托产品等金融产品的委托服务。这一模式的典型案例为外贸信托与招商银行的合作模式，该模式下，招商银行以“投资顾问”的身份参与家族信托业务的实际开展，将其自有客户资源推荐给外贸信托，由外贸信托与客户直接签订《信托合同》，但在信托财产的投资领域选择、资产配置方案等实际运作上，却体现出招商银行的主导地位。

| 9th Annual

to have certain customer resources, a large scale of development, and a strong trust investment management capability, which can play a leading role. The first trust product in China that was dominated by a trust company was the "Ping An Fortune Wealth-Hong Cheng Shi Jia" launched by Ping An Trust in early 2013. It is a single fund trust, and the trust property only contains funds at an investment threshold of 50 million yuan. The trust funds are managed jointly by the settlor and Ping An Trust, and the trust proceeds are ﬂexibly allocated to the beneficiaries. The family trust dominated by the trust company is backed by the trust company and has certain trust investment management capabilities. However, from a practical point of view, there are still problems such as a lack of talent and a lack of quality customer resources in trust companies. 2. The private bank-led model: in which the private bank assumes the major responsibilities in place of

the trust company and provides the settlors with commissioned services for purchasing financial products such as trust products by virtue of its own high-quality customer resources and teams. A typical case of this model is the cooperation between China Foreign Economy and Trade Trust Co., Ltd (FOTIC) and China Merchants Bank. Under this model, China Merchants Bank participates in the actual development of family trust business as an "investment consultant" and recommends its own customer resources to FOTIC, where a Trust Deed is signed directly between FOTIC and the customer. But in the actual operations such as the selection of investment fields and the asset allocation plans of the trust property, China Merchants Bank occupies the dominant position. 3. The private bank and trust company cooperative model: that is, a model of mutual cooperation and complementary advantages. Under this model, there is no such thing as who leads who between the 委托人

《信托合同》

Settlor

Trust Deed

交付财产 Property Delivery

信托公司

Trust Company

Fig. 1

受托管理 Trusted Management

家族信托

Family Trust 分配 Distribution 委托人

Settlor

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委托人

Settlor

交付财产 Property Delivery

财务管理 Financial consultant 《信托合同》

Trust Deed

家族信托

Family Trust 分配 Distribution

cooperate with each other, also called the "insurance trust" or "family trust". The common practice of this model is that after the insured purchases life insurance, the insurance company pays the insurance proceeds or the maturity insurance directly to the trust company in the event of death claims by the insured or settlement of the maturity payment. The trust company performs the fiduciary duty pursuant to the trust deed originally signed with the settlor.

私人银行

Private bank

推荐客户 Recommend customers

外贸信托（受托人）

FOTIC (trustee)

受托管理 Trusted Management

受益人

Beneficiary

Fig. 2

3、私人银行与信托公司合作模式，也即二者互相合作，优势互补的模式。在该种模式下，私人银行与信托公司之间不存在谁主导谁的情况，为互相合作关系，典型代表为2013 年北京银行与北京信托开展的家族信托业务。

private bank and the trust company. A typical case of a mutually cooperative relationship is the family trust business carried out by the Bank of Beijing and Beijing International Trust Co. Ltd (BITIC) in 2013.

4、保险公司与信托公司合作模式，即保险公司与信托公司互相合作的模式，又被称为“保险金信托”或“类家族信托” 。该种模式的常见做法为：投保人购买终身寿险后，被保险人身故理赔或满期保险金给付时，保险公司将保险赔款或满期保险金直接交付于信托公司，由信托公司根据当初与委托人签订的信托合同，履行受托义务。

4. The insurance company and trust company cooperative model: that is, a model in which the insurance company and the trust company

关于基金会，因目前我国的法律体系下基金会均为公益性质的，例如慈善基金会，因此，本文对于基金会模式不做过多论述。

三、目前家族信托、基金会在中国发展存在的问题正如前文所述，目前家族信托、基金会在中国发展面临的首要问题为法律体系仍尚不健全。在当前的法律体系下，家族信托、基金会都或多或少的受到相

With regards to foundations, because foundations under the current legal system in China are of a public welfare nature, such as charitable foundations, there is nothing more to be discussed on this topic in this article.

Ⅲ .Current issues related to the development of family trusts and foundations in China As mentioned above, the primary problem facing the current

保险公司

Insurance Company

正常投保 Normal insurance

保险金给付后，信托公司作为保单受益人获得理赔 After premium payment, the trust company as policy bene�ciary obtains the claims 支付续期保费 Renewal premium

信托受托人

信托公司

Trustee

Trust company 签署保险金信托合同 Sign premium trust deed

按合同约定进行分配 Distribute as agreed by contract

信托受益人

Beneficiary

Fig. 3

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应的制约。因此，在法律体系上，还需进一步明确信托财产的独立性，确保信托财产的安全；明确信托登记机关和流程，确保信托财产的独立与隔离；完善信托登记的效力，确保家族信托的私密性等。其次，在法律体系尚不健全的前提下，诸如信托公司、资产管理机构等也存在着良莠不齐的状况，专业人才的匮乏等导致其自身的资产配置以及管理能力也亟需加强。目前许多信托公司开展的融资类业务更偏向于向客户销售理财产品，然而，家族信托以及基金会并不仅仅是单纯的理财工具，而是集财富管理、金融、法律于一体的综合性工具。因此，目前的服务机构尚需提升自身的专业水平，为客户提供专业化、灵活性的综合财富管理服务。

四、如何去伪存真、选择适合的财富管理机构从长远来看，家族信托、基金会等市场前景广阔，随着财富的增加，将会有越来越多的家庭及高净值客户需要财富管理、需要财富管理机构提供服务。但面临市场上财富管理机构良莠不齐的现状，还需去伪存真、选择合适的财富管理机构。首先，真正的财富管理机构需真正的做到所有权与受益权的分离。财富管理机构应当仅仅扮演受托人的角色，为委托人提供合适的咨询服务建议、财富管理建议。在这个过程中，就需要财富管理机构自身具有专业的运作模式和风控模式，设计合理的信托架构、信托条款；其次，正如 37号文中所述，家族信托是指以家庭财富的保护、传承和管理为主要信托目的，提供财产规划、风险隔离、资产配置、子女教育、家族治理、公益（慈善）事业等定制化事务管理和金融服务的信托业务。因此，真正的财富管理机构不应当仅仅只是财富管理，还应包含

| 9th Annual

development of family trusts and foundations in China is that the legal system in China is still not well developed. Under the current legal system, family trusts and foundations are more or less subject to corresponding restrictions. Therefore, in the legal system, it is necessary to further clarify the independence of trust property, ensure the security of trust property, clarify the trust registration authority and procedures, ensure the independence and isolation of trust property, improve the effectiveness of trust registration, and ensure the privacy of family trusts, and so on. Secondly, under the premise that the legal system is still not perfect, both bad and good trust companies and asset management institutions exist simultaneously. The lack of professionals and other factors has also created the need for them to strengthen their own asset allocation and management capabilities. At present, in rendering financing services, many trust companies are more inclined to sell wealth management products to their customers. However, family trusts and foundations are not just pure financial instruments, but a comprehensive tool integrating wealth management, finance and law. Therefore, the current service organizations still need to upgrade their professional standards

so as to provide customers with professional and ﬂexible integrated wealth management services.

Ⅳ .How to select an appropriate wealth management agency In the long run, family trusts and foundations have broad market prospects. As wealth increases, more and more families and high-net-worth clients will need wealth management and wealth management agencies to provide services. However, in the face of the current mixed situation of wealth management institutions in the market, it is necessary to carefully select the appropriate wealth management agencies. Firstly, real wealth management agencies need to truly separate ownership and beneficiary rights. Wealth management agencies should only act as trustees, providing the settlors with appropriate advisory services and wealth management advice. During this process, it is necessary for wealth management agencies to have professional operational and risk control mechanisms, and to design a reasonable trust structure and trust terms. Secondly, as described in Circular No. 37, family trust refers to trust services where the trust company, under

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法律、税务、理财、教育等在内的综合性、一体化管理机构；再次，因目前的法律体系相对来说仍尚不健全，因此在履行受托义务时 , 还需财富管理机构自身有一定的约束力、行业底线。另外还应具有一定的行业影响力、行业公信力以及品牌知名度，有相关机构的背书，也即有一定的口碑和品牌。总体来说，纵观目前市场上的财富管理机构，更多的仍是传统的资管机构，名为 “家族办公室” ，实为“理财公司”，因此在选择合适的财富管理机构时还需多方比较考虑，选择有行业影响力、有品牌、有口碑、有专业机构背书、有综合性人才的综合性、一体化服务机构。移投行家族办公室（IBKFO）作为全球首家超联合家族办公室、中国本土家族办公室的领航者、首批持牌家族办公室机构，总部位于上海中心大厦，在英国、美国、迪拜、香港、广州等地均设有公司。在宁波、重庆、青岛、昆明、济南、成都、武汉、台湾等国内十余个省市均设有运营中心。移投行旗下设有家族智库，汇集了超过 150 名来自国内外知名律所、资管机构和研究机构的各类法律、金融、税务精英和家族办公室专家，专业致力于海内外信托和基金会、境内外资产配置、法律架构、税务筹划、遗产税、移民、大额保单、跨境协作、全球金融牌照等业务的教育培训、研究咨询及产品设计，亦为高净值个人、富裕家族，量身订制家族财富管理及家族传承的综合解决方案。目前，在中国联合家族办公室协会、金恪财富（恪金所）、《财富管理》杂志、国家金融与发展实验室、证大金服、宜信财富、鲍氏文化研究会、理财周刊等合作伙伴的大力支持下，移投行家族办公室已成为跨国性公司，并在相关服务市场上享有较高的知名度，可以为客户提供更加符合本土需求的财富保护和传承方案。

the entrustment of an individual or a family, provides customized transaction management and financial services such as property planning, risk isolation, asset allocation, children's education, family governance and public welfare (charity) business mainly for the purpose of protection, inheritance and management of family wealth. Therefore, a real wealth management agency should not only be involved in wealth management, but also in comprehensive and integrated management services, including law, taxation, financial management, education, etc. Thirdly, the current legal system is still not perfect. Therefore, in fulfilling the fiduciary duty, the wealth management agency itself must have certain restrictions and an industry bottom line. In addition, it should have certain industry inﬂuence, industry credibility and brand awareness, and endorsement by relevant authorities, that is, there is a certain reputation and brand. In general, most of the wealth management agencies currently on the market still belong to traditional asset management agencies, which are nominally "family offices", but actually "financial companies". Therefore, in choosing wealth management agencies, they must be compared in order to choose comprehensive and integrated service agencies with industry inﬂuence, brand, reputation, professional endorsement, and comprehensive talent. The Investment Banking Family Office (IBKFO), the world's first multi-family office, the pacesetter for the local Chinese family office,

and the first licensed family office, is headquartered in the Shanghai Tower, with branches in the United Kingdom, the United States, Dubai, Hong Kong, Guangzhou and other cities. It also has operations centers in more than ten Chinese provinces and cities in Ningbo, Chongqing, Qingdao, Kunming, Jinan, Chengdu, Wuhan and Taiwan. The family think tank under IBKFO brings together more than 150 legal, financial, tax and family office experts from well-known law firms, asset management institutions and research institutions at home and abroad, specializing in education, training, research, consulting and product design of trusts and foundations at home and abroad, foreign and domestic asset allocation, legal structure, tax planning, estate tax, immigration, large-scale insurance policies, cross-border collaboration, global financial licenses, etc., as well as providing tailor-made comprehensive solutions for family wealth management and inheritance for high-net-worth individuals and wealthy families. At present, with the strong support of cooperation partners such as China Multi Family Office Association, J&K Wealth, Wealth Plus magazine, National Institution for Finance and Development, Zendai Financial, Creditease, Bao's Culture Society and Financial Weekly, IBKFO has become a multinational company and enjoys an excellent reputation in the relevant service market, providing customers with wealth protection and inheritance programs that are more in line with local needs.

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个税法修正对高资产人群税务筹划的巨大影响

The Impact of Individual Tax Law Amendments on Tax Planning for HNW Populations

Morris Huang

黄文鸿 Morris Huang

黄文鸿先生现任磐合家族办公室董事总经理兼联合创办人，曾任国际知名信托公司大中华区业务董事总经理，拥有十多年丰富的经验，熟知新加坡、香港、开曼群岛、台湾以及中国财富管理、信托与私募基金的相关法规，曾服务于德勤会计师事务所，专注于转让定价、税收协议、国际遗产规划、欧洲及美国税法、以及跨国公司国际税务筹划。

Morris Huang at present acts as Managing Director and Co-founder of the office of Panhe Family, and he once served as the Managing Director of an internationally renowned trust company responsible for business in Greater China; he possesses more than ten years of experiences and is familiar with law and regulation related to wealth management, trust and private equity in Singapore, Hong Kong, Cayman Islands, Taiwan and China, and he once worked for Deloitte & Touche and specialized in transfer pricing, Taxation Agreement, international heritage planning, European and US tax laws and international tax planning of multinational corporations.

| 9th Annual

n August 31, 2018, the Decision of the Standing Committee of the National People's Congress on Amending the Individual Income Tax Law of the People's Republic of China, which is closely related to China's hundreds of millions of taxpayers, was officially passed and implemented on January 1, 2019. Retrospective of the development track of China's individual income tax law - In 1980, China announced its Individual Income Tax Law of the People's Republic of China, indicating that the individual tax law officially came into being; in the past 38 years, the law has been amended for six times; the most recent revision was made in 2011, with the threshold being raised to 3,500 Yuan per month; seven years later, the seventh amendment took only three months - from the initial review by the

Standing Committee of the National People's Congress on June 18 to the final approval and implementation, and It is called "an unprecedented tax reform." There are 17 amendments to the new individual income tax law. Who will be affected by these amendments? In fact, most of the provisions mainly affect the working class. The quicksighted media has also underlined the highly-inﬂuenced key points for us. For example, the four labor incomes, such as wages and salaries and labor remunerations, are subject to comprehensive income taxation for the first time, and the threshold is raised to 5,000 Yuan per month, special expense deductions in education, medical care, housing, etc. are introduced for the first time, in addition to optimize and adjust the

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018 年 8月31日，关系着中国亿万纳税人的《全国人民代表大会常务委员会关于修改＜中华人民共和国个人所得税法＞的决定》正式通过，并于2019 年 1月1日起实施。回顾中国个人所得税法的轨迹——1980 年，我国公布了《中华人民共和国个人所得税法》，个税法正式诞生；近 38 年来，六易其稿；最近一次修改为2011年，起征点上调至每月3500 元；时隔七年后，第七次修改的个税法——从6月19日个税法修正案进入全国人大常委会初次审议，到最终通过并公布实施，用时不过三个月，被称为“力度空前的个税改革” 。新个税法共有 17条修正条文，它都影响了谁？事实上，大部分条文主要对工薪阶层产生影响。嗅觉敏锐的媒体也已经为我们划出了几个影响较大的重点，例如：工资薪金、劳务报酬等四项劳动性所得首次实行综合征税，起征点调高至每月5000 元，首次引入教育、医疗、住房等方面的专项附加扣除，并优化调整税率结构，扩大较低档税率级距等。个人所得税，在西方有“罗宾汉税” 之称，即为劫富济贫式的税种。每个国家都在努力发挥个税在筹集财政收入、调节收入分配方面的重要作用。在中国，也不例外。给中低收入者和中等收入阶层减负，更加公平地征税并通过个税手段来调节分配，是此次修法其中两个重要目的。从宏观层面来看，大幅度减轻工薪阶层税负，有利于增加收入、增强消费能力，为消费结构升级、经济结构转型带来积极影响。而对于日益壮大的高资产群体来说，个税调整中的四项条文规定，可谓一环扣一环，影响深远，不可忽视。

一、重新定义税务居民，183 天挂钩 CRS 新个税法将第一条修改为： “在中国境

tax rate structure and to expand the low-level tax rate brackets. Individual income tax, known as the "Robin Hood tax" in the West, is a type of tax that robs the rich and assists the poor. Every country is striving to bring the role of individual income tax in raising fiscal revenues and regulating income distribution into full play. In China, it is no exception. It is the two important goals of this amendment to reduce the burden on low- and middleincome populations and to practice taxation on a more fairly basis and adjust the distribution by means of individual income tax. From a macro perspective, significantly reducing the tax burden of the working class is conducive to increasing income and enhancing consumption power, and has a positive impact on the upgrading of consumption structure and economic restructuring. For the ever-growing high-net-worth populations, the four provisions in the tax adjustments are closely linked, have far-reaching implications and cannot be ignored.

1. Tax Residents Rede�ned and CRS Linked with 183-Day Rule

The new individual income tax law amends the first article as: "An individual who has a domicile in China or has no domicile and has lived in China for 183 days in a tax year is a residential individual. His income obtained from within and outside China shall be subject individual income tax pursuant to this law" Before the amendment, having a domicile in China and "living in China for one year" are the two selective criteria to determine whether a person is a Chinese tax resident. As long as one of the two conditions is satisfied, it becomes a Chinese tax resident. After the amendment, the concept of tax residents and non-tax residents was introduced by drawing on international standards. Under the new individual income tax law, the "time of residence in China" becomes the standard for determining whether it is a residential individual. To put it simply, as long as a person lives in China for 183 days in a tax year, he/she is deemed as a residential individual and shall pay China's individual income tax for his incomes obtained within and outside China. In the past, for the foreigners, the tax law only required those who has lived in China for five years to pay his income tax on his global income from the sixth year onwards, which gives some foreigners a lot of tax planning space - as long as he has arranged an overseas "holiday" for more than 30 consecutive days, or 90 days cumulatively within five years, he can satisfy the provision of

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内有住所，或者无住所而一个纳税年度内在中国境内居住满 183天的个人，为居民个人，其从中国境内和境外取得的所得，依照本法规定缴纳个人所得税。”

"living in China less than one year" and therefore, can be exempted from paying taxes to China on his global incomes.

在新个税修订前，将住所和“居住满一年”作为判定一个人是否为中国税务居民的两个选择性标准，只要满足一个就成为中国税务居民。修法后，借鉴了国际标准，引入了税务居民和非税务居民个人的概念。新个税法下， “在中国居住的时间”成为判定是否为居民个人的标准。简单来说，一个纳税年度内，只要在中国境内居住满 183 天，即为居民个人，就其全球所得缴纳中国个人所得税。而在过去，针对外籍人士，税法规定只有在中国居住满 5 年、从第 6 年开始才需要在中国就全球所得纳税。这给予了部分外籍人士很大的税务规划空间——只要在五年间，安排一次连续30 天以上的海外“假期”，或者累计出境天数超过 90 天，就能满足“在中国居住不满 1年”的规定，不需就其全球所得向中国缴税。

Redefining the tax residents has farreaching implications. First of all, countries or regions with thriving private bank industry that are popular among the wealthy people such as Hong Kong, Singapore, will reexamine their customers "who hold Chinese passports and claim to be tax residents in low-tax jurisdictions such as Hong Kong and Singapore" or "who hold passports of non-CRS countries and prove themselves as non-CRS country tax residents". The bank's tax compliance will be severely challenged. It is expected that overseas private banks will inevitably adopt more prudent and pragmatic standards and re-examine the tax resident status of Chinese customers. At this point, CRS will have its role played to the fullest extent. It is expected that in the near future, the situations that banks similar to those in New Zealand, Australia and other countries and areas will massively

对税务居民重新定义，这一改变影响深远。首先，香港、新加坡、瑞士等深受富人追捧的海外私行蓬勃发展的地区或国家，将重新审视“持中国护照而声称其为香港 / 新加坡等低税区税务居民” 或“持有岛国护照并自证为岛国税务居民”的客户。银行的税务合规性将被严厉挑战，预期海外私行将无可回避地采取更加审慎务实的标准，重新审视华人客户的税务居民身份。至此，CRS 将可大大发挥其作用——可预期的是，在不久的将来，类似新西兰、澳大利亚等地银行大量冻结银行账户的情况，将扩散至其他国家地区。其次，搭配全面清查双重国籍身份，对选择放弃中国国籍但继续长期居住在国内的人士而言，过去对外籍人士的“超国民待遇”将不再适用，税务筹划空间将更趋紧。

二、首增个人版 CFC 反避税条款，剑

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freeze their bank accounts will spread to other countries and regions. Secondly, with the comprehensive checking on dual nationality, the "super national treatment" for the foreigners will no longer apply to those who choose to renounce Chinese nationality but continue to live in China for a long time, and the tax planning space will tighten up.

2. Initial individual-speci�c CFC Anti-tax Avoidance Clauses Targeted at Tax Loophole CFC (Controlled Foreign Corporation) regulations for resident enterprises have been implemented as early as 2009, while the personal version of CFC has long remained absent, providing individuals with huge tax evasion space. In order to plug the tax loophole, Article 8 of the new individual income tax amendments stipulates that in any of the following circumstances, the tax authorities have the right to make tax adjustments in accordance with reasonable methods: (1). Business transactions between

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指税收漏洞居民企业 CFC（Controlled Foreign Corporation）规定早在 2009 年即实施，而个人版 CFC 却一直空缺，给个人提供巨大的逃税空间。为了堵塞税收漏洞，此次新个税法修正第八条规定，有下列情形之一的，税务机关有权按照合理方法进行纳税调整：（1）个人与其关联方之间的业务往来，不符合独立交易原则且无正当理由。（2）居民个人控制的，或者居民个人和居民企业共同控制的设立在实际税负明显偏低的国家（地区）的企业，无合理经营需要，对应当归属于居民个人的利润不作分配或者减少分配。（3）个人实施其他不具有合理商业目的的安排而获取不当税收利益。这条规定，是参照企业所得税的有关条款引入的，将 CFC 扩展至个人，针对个人不按独立交易原则转让财产、在境外避税地避税、间接股权转等避税行为，赋予了税务机关纳税调整的权力。这项新规定，将对海外有离岸公司账户，或是以离岸公司持有海外上市公司股权的高净值中国税务居民具有立即且深远的影响。举个简单的例子，中国税务居民个人王先生，持有一家离岸公司（通常为消极非金融机构，CRS 下需要披露控制人的信息），并在海外银行有账户，该账户当年的利润，在过往常常累积在账户中，不对个人做股息分配；而根据新个税法，如果公司账户中应当归属于居民个人的利润不作分配或减少分配，在 CRS 规定和个人版 CFC 条款的助力下，税局可对账户内的所得进行纳税调整（中国税务居民缴纳 20% 的个人所得税）。

三、移民局落地，全面清查双重国籍

individuals and their affiliates are not in accordance with the principle of independent transactions and are not justified. (2). Enterprises controlled by the residents, or jointly controlled by residents and resident enterprises, in countries (regions) whose actual tax burden is significantly low, do not allocate or reduce the distribution of profits that should be attributed to individual residents, without reasonable needs for operation. (3). Individuals perform other arrangements that do not have a reasonable commercial purpose and receive improper tax benefits. This provision is introduced with reference to the relevant provisions of the corporate income tax, which extends the CFC to individuals, and authorizes the tax authorities for tax adjustment against such tax avoidance behaviors as individuals’ transferring property not in accordance with the principle of independent transactions, tax avoidance in overseas tax heaven, and indirect equity transfer. The new rules will have an immediate and far-reaching impact on the HNW Chinese tax residents holding offshore company accounts or holding offshore listed companies' equity in offshore companies. To give a simple example, Mr. Wang, a Chinese tax resident, holds an offshore company (usually a negative non-financial institution, which needs to disclose the controller's information under CRS), and has an account with an overseas bank, the profits of that account for that year are accumulated in the

past years and are not distributed as dividends to individuals. According to the new individual income tax law, if the profits of the company accounts that belong to the individual residents are not distributed or reduced in distribution, the tax authorities can make tax adjustment to the income within the account (20% individual income tax paid by Chinese tax residents) according to the CRS regulations and individual-specific CRS provisions.

3. Complete Checking on Dual Nationality by Immigration O�ce Looking back to the early of year 2018, China established the National Immigration Administration through constitutional amendments. Viewed from another perspective, it actually paved the way for the new individual income tax law to comprehensively check the dual nationality. The current nationality cancellation procedures do not reﬂect the requirements for tax settlement, but the drafted new individual tax law amendments stipulate that "taxpayers who cancel their Chinese household registration due to emigration should apply for tax settlement before canceling their Chinese household registration". Such a regulation is only a matter of principle, and it is necessary to further clarify how to be implemented in detail. The implementation of this regulation is relatively late in China, but there are precedents in other countries before tax settlement is carried out. Referring to other country's practices, it is generally considered to dispose of

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回想 2018 年初，国家通过修宪，成立了移民局，从另外一个侧面看，实际上是预先为新个税法全面清查双重国籍的规定铺路。现行的国籍注销流程，并未见税务清算要求，但新个税法修正草案规定“纳税人因移居境外注销中国户籍的，应当在注销中国户籍前办理税款清算”。这样一个规定只是原则性的，具体还需进一步明确如何落地。该规定在国内实施时间较晚，但除籍前实施税务清算在其他国家早有先例。参照其他国家做法，通常会被视为按照弃籍当天的市场公允价值处置资产，缴纳个人所得税。

四、大数据联网新个税法第十四条规定： “公安、人民银行、金融监督管理等相关部门应当协助税务机关确认纳税人的身份，银行账户信息。”该条文明确了所有金融机构有明确法律上之义务配合纳税人的信息收集，为打击避税行为布下天罗地网。

五、高资产人士如何应对与筹划新个税法实施后，具有中国税务居民身份的高资产人士必须重新审视以下问题 : • 国籍身分的取舍？ • 未来生活重心与筹划？ • 在中国境内外停留的天数？ • 过去税务合规程度？ • 是否有离岸公司与账户？什么对我最重要？税务筹划？还是传承？此次个税法修正实乃对接国际社会标准，严谨的税务合规实已是不可逆的国际趋势，受个税法影响的相关人士应及时调整并改变过往苟且侥幸的避税心态，全面谨慎地考虑自身的需求，以制定合适的财务规划。

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assets at the fair value of the market on the day of cancelling household registration and pay individual income tax accordingly.

4. Big Data Networking Article 14 of the new individual income tax law stipulates: "Public security agencies, the People's Bank of China, financial supervision and management administrations and relevant other organs shall assist the tax authorities to confirm the identity of the taxpayers and bank account information." This provision clarifies that all financial institutions have clear legal obligations to cooperate in collecting taxpayer's information against tax avoidance.

5. How HNW Individuals Deal with and Make Plans After the implementation of the new individual income tax law, HNW

individuals with Chinese tax resident status must review the following issues: • Selection of nationality status • Future life focus and planning • Number of days sojourning inside and outside China • degree of past tax compliance • Is there an offshore company and account? What is most important to me? Tax Planning? or inheritance? This individual income tax law amendments are actually in line with the international standards. Strict tax compliance is an irreversible international trend. Relevant persons affected by the tax law should promptly adjust and change their past ﬂuky attitude towards tax avoidance, and consider their own needs in a comprehensive and cautious manner to develop an appropriate financial plan.

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Member Contribution

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美国移民是否还有捷径？

Are There Any Remaining Shortcuts for Immigrating to the United States?

Kelvin Ma & Alan Yang

特

朗普掌管白宫以后的确做了好几件惊天动地的大事。从叫停奥巴马医改，到宣布正式退出

马宁 Kelvin Ma

ince taking charge of the White House, Trump has certainly made several earthshaking decisions. From halting Obamacare, to announcing the formal withdrawal from the TransPacific Partnership Agreement (TPP) and overhauling immigration policy, to deporting undocumented immigrants, every single one of them has been astonishing. What changes

上海PKF 德美律师事务所管理合伙人 PKF Demei Law Firm Managing Partner 马宁律师精通为高净值人群提供身份管理、财富规划与传承的法律业务，并且在跨境投资领域具有丰富的经验，他更是全球商业移民领域的权威专家。马律师是美国联邦、纽约州及威斯康星州的执业律师，同时也是中华人民共和国注册律师。现任上海 PKF 德美律师事务所主任、管理合伙人。

Mr. Kelvin Ma specializes in legal services related to identity management, wealth planning, and inheritance targeted at high net-worth clients, and boasts extensive experience in crossborder investment. Moreover, he's a leading expert in the field of global business immigration.Kelvin Ma is a practicing attorney in the USA, New York State and Wisconsin, and a licensed attorney in the People's Republic of China. Now he is Director and Managing Partner at PKF Demei Law Firm.

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to US immigration policy are likely to happen while Trump is in office?

I. The Separation of Powers in the United States To answer the question above, it is first necessary to understand what restrictions Trump's power will be subject to as President of the United States. A president with unchecked power can easily implement any of his

杨页云 Alan Yang 律师法学硕士

Lawyer Master of Law

美国联邦、纽约州执业律师中华人民共和国执业律师上海财经大学法学学士美国埃默里大学法学硕士美国移民律师协会 AILA 成员擅长向中国的个人、家庭、以及企业客户提供海外投资、移民相关的法律服务已为数百个家庭成功申请到美国绿卡以及签证受邀出席过上百场行业峰会活动并担任演讲嘉宾

Practicing lawyer in American Commonwealth and New York State Practicing lawyer in the People’s Republic of China Bachelor of Law of Shanghai University of Finance and Economics Master of Law of Emory University of USA. Member of American Immigration Lawyers Association(AILA) Specializing in providing overseas investment and immigration-related legal services to individuals, families, and corporate clients in China. Successfully applied for US green card and visa for hundreds of families. Invited to attend hundreds of industry summit events and served as a guest speaker.

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跨太平洋伙伴关系协定 TPP，再到大修移民政策，驱赶非法移民，每件都是惊心动魄。那么在特朗普的执政之下，美国的移民政策又将会发生怎样的转变呢？

一、美国的三权分立制度要回答上面的问题，首先有必要了解特朗普总统的权力会受到哪些方面的制约。一个权力不受制约的总统，那么他的任何政策都可以轻易得到实施。这样的事情在美国并不会发生，美国的国家体系主要依靠三个政治机构联合运行，他们分别是：

1、由美国总统掌管行政层面的白宫和军队：总统是国家最高领导人和军队统帅，在外交和军事决策上有绝对的控制权。各个政府的职能部门，比如 FBI、移民局、美国驻各地的领事馆都听命于总统。所以，特朗普是可以指挥移民局如何审批案件以及领事馆如何发放签证的。比如，特朗普可以要求移民局不经过补件程序就直接拒绝一个移民申请，或者要求美国驻北京大使馆的签证官谨慎发放签证给那些想去美国留学的中国学生。 2、美国国会：由众议院和参议院组成的国会山，是美国的立法机构，掌管着美国的财政拨款权。特朗普如果想推行一个新的法律，那么他就必须想办法让国会的议员为他想立的新法投赞成票。如果特朗普修“长城”需要钱，那他就得求着国会拨钱给他。如果特朗普不听话，国会甚至可以投票把他弹劾掉。 3、最高法院：由9 位大法官组成的司法机构，他们对某些重大的法律问题拥有最高的解释权。比如堕胎是不是女性的自由权利，又或者同性恋婚姻是否应该合法化。这些都是过去几十年来美国社会争论不休的话题，由此产生的一系列官司最终都会被告到最高法院，由这 9 位大法官裁决。由于美国是一个司法判

policies. However, nothing like this will happen in the United States as the US national system relies mainly on the joint operation of three branches of government. They are as follows: 1) The White House and the United States Army at the executive level are governed by the President of the United States. As head of the state and commander-in-chief of the army, the President of the United States has absolute control over diplomatic and military decisions. All the functional government departments, such as the Federal Bureau of Investigation (FBI), the US Citizenship and Immigration Services (USCIS) and the US consulates around the world all take orders from the President. This means that Trump can direct USCIS in the review of cases, and instruct consulates in the issuance of visas. For instance, Trump may direct USCIS to directly reject an

immigration application without going through the "request for evidence (RFE)" procedure, or advise officials at the United States Embassy in Beijing on issuing visas to Chinese students who would like to study in the US. 2) The US Congress: Capitol Hill, composed of the House of Representatives and the Senate, is the legislative body of the United States and is in charge of the United States' financial allocations. This means that, should Trump intend to implement a new law, he must find a way to win the affirmative votes of the members of congress. If he plans to build a wall along the border with Mexico, he must lobby the Congress for money. If Trump gets out of hand, Congress may even vote to impeach him. 3) The Supreme Court is a judiciary

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例制度的国家，最高法院的判决，都将在很长的时间内主宰着相关的政策，法院系统也是可以制约总统的。在 2017年1月27日，特朗普的旅行禁令引起民众的不满和抗议，这个宪政大案被告到美国联邦法院，联邦法院的法官曾发布冻结令暂停特朗普政策的实施并层层上诉至最高法院，但最终，最高法院以 5:4 的票数支持了特朗普政府。也就是说，最高法院通过了一个判决的形式来告诉全美国和全社会，确认美国总统拥有这样的一个权利来禁止某一个国家的人入境。

二、最高法院法官任命，其平衡将被打破

最高法院的 9 名大法官，一般分为保守派、自由派以及摇摆派。在过去的几十年里，9 名大法官一直维持着一种微妙的平衡关系，即有4 名保守派、4 名自由派和 1 名摇摆派。当对某一个案子出现激烈争论时，往往是 4 票对4 票，然后看摇摆派的那一位选择站哪一边，来决定最后的判决结果。最高法院的法官，由美国总统提名，再经国会投票通过任职，一旦上任即终身任职直到主动辞职或者死亡。因此，历届的总统都希望可以把和自己政见相同的法官弄到最高法院里，这样就可以让白宫在今后一些涉及政府的诉讼中取得更有利的位置，特朗普也是这样做的。随着自由派法官安东尼 . 肯尼迪的离任，特朗普迅速启动程序选拔卡瓦诺来接任大法官的空缺。卡瓦诺是典型持保守派观点的法官，

| 9th Annual

body consisting of nine justices who have the highest power of interpretation over major legal issues, for example, whether women should have the right to abortion, or whether homosexual marriage should be legalized, etc. Issues like these have been debated for decades in American society, and the resulting series of lawsuits will eventually be brought to the Supreme Court, which is ruled by the nine justices. The US is a country that has adopted the judicial precedent system, so the rulings of the Supreme Court will dominate related

policies for a long time to come. The judicial system may also restrict the power of the President. On January 27, 2017, Trump's travel ban sparked public dissatisfaction and protests, and a constitutional case was filed in the federal court. The justices of the federal court issued a freezing order to suspend the implementation of Trump's policy and appeal at various levels to the Supreme Court. However, the Supreme Court eventually endorsed the Trump administration in a 5:4 voting. This means that, in the

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form of a ruling, the Supreme Court confirmed the power of the President of the United States to ban citizens from certain nations from entering the US.

II. The Upsetting of Balance by the Appointment of a New Supreme Court Justice The nine justices of the Supreme Court are generally classified into conservative, liberal and swing justices. In the past decades, they have maintained a delicate balance of four conservative justices, four liberal justices and one swing justice. In case of heated arguments over a case, usually there is a situation of 4 versus 4 at first, and then the final ruling is subject to the vote of the swing justice. The justices of the Supreme Court are nominated by the President of the United States, and voted in by Congress. Justices have lifelong appointments, ending only when they resign voluntarily or die. For this reason, every president wishes to bring justices who share their

policy positions into the Supreme Court, so that the White House can obtain a favorable position in future government-related lawsuits. This is what Trump has done as well. With the retirement of liberal Justice Anthony Kennedy, Trump quickly nominated Brett Kavanaugh to fill the vacancy. Kavanaugh is a typical conservative, and his assumption of duty will cause the Supreme Court to be dominated by conservatives in the next decade or two. For the conservative Trump and Republicans, this is obviously good news. The change will, no doubt, contribute to the tightened immigration policy of the Trump administration. Eventually Kavanaugh was elected as the 114th Justice of the Supreme Court by the tiniest margin in history (50:48). After he takes office, there will be five conservative justices in the Supreme Court of the United States, making it more conservative than ever. Given that the justices nominated by the President of the United States are highly independent

他的上任将在未来十几年内，使得最高法院的系统将会由保守派支配，这对于同属于保守派风格的特朗普以及共和党来说都是非常有利的，无疑也会影响着特朗普政府关于移民的紧缩政策。最终卡瓦诺以史上最接近票50:48，成功当选为最高法院第114任法官。卡瓦诺上任后 , 保守派人士将稳占 9 个大法官席位中的 5 个，让美国最高法院开始变得更加保守。由于美国总统提名的法官，他们其实是非常独立的，完全听令于自己内心的信仰。因此在可预见的未来数十年中 , 最高法院内部两派势力重回均势的可能性较小。趋于保守立场的最高

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观点 | OPINION CHINA OFFSHORE

conservative and radical political views will exert a profound inﬂuence on the future tightening or relaxing of a series of policies, and even American society. In addition, this also enhances the confidence of Republicans in the coming mid-term election in November.

III. The Flames of a Mid-term Election War are about to be Ignited No doubt, the coming mid-term election on November 6, 2018 is a major event in American political circles. According to the US Constitution, the US presidential election is held every four years, and the congressional elections are held every two years. That is, one congressional election is held in the same year as the presidential election, while the other one is held between two presidential elections. The congressional elections held between the two presidential elections are the mid-term elections and reﬂect on the "political achievements" of the President of the United States over the past two years.

法院和卡瓦诺其较为保守激进的政治观点，会对未来一系列政策的收缩和放宽，甚至对美国社会产生深远影响，同时也在 11月中期选举中，加大了共和党派的信心。

三、中期选举的战火即将点燃

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and extremely loyal to their inner beliefs, the possibility of the two sides in the Supreme Court striking a new balance of power in the foreseeable future is very small. The increasingly conservative position of the Supreme Court and Kavanaugh's more

The two major political parties in the United States are the Democratic Party and the Republican Party. President Trump is a member of the Republican Party, and has always taken a conservative attitude towards immigration and preferred tough immigration policies. On the contrary, the Democratic Party is highly supportive of measures that encourage immigration. The more seats the two parties have in

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2018 年 11月6日即将举行的美国中期选举对美国政界来说无疑是一件大事。根据美国宪法，美国总统选举每四年举行一次，国会选举每两年举行一次。其中一次国会选举与四年一度的总统选举同时举行，而另一次则在两届总统选举之间举行。在两次总统选举之间举行的国会选举，就是“中期选举”，也是美国总统就任两年的一个“成绩单” 。美国的主要政党是民主党以及共和党。总统特朗普属于共和党，对移民的态度一向是保守的，喜欢推行一些苛刻的移民政策。相反，民主党就非常支持推行一些鼓励移民的措施。两个党谁在国会中占的席位越多，谁就越有可能通过自己想推行的法律。因此，对于中期选举，其实质是两大党派民主党和共和党争夺对国会的控制权。目前，美国国会的两院都由共和党占据多数席位，所以特朗普想做一些事情还是相对容易一些。但如果今年11月让民主党重新夺回国会的控制权，那么特朗普在余下的任期内会变得非常难熬。特朗普曾宣称，如果民主党不同意出钱修建美墨边境长城、不支持移民法案，他就只能让联邦政府 “关门” 。特朗普这是在向民主党施压，让他们在移民改革等问题上妥协。此外也反映出，共和党和民主党在移民问题上分歧巨大且难以弥合，随着中期选举临近，双方围绕这一话题的斗争将愈发激烈。共和党国会议员上月先后拿出两份移民改革立法草案，一份得到保守派支持，立场强硬，另一份内容相对中立，不过均折戟众议院。不少共和党人担心，鉴于国会已经几十年未能通过任何综合性移民改革立法，目前也很难拿出一份能在参众两院都得到通过的立法草案。如果民主党在中期选举中最终胜出，那么特朗普的任何移民限制政策想落实到法律上几乎是不可能的事情，那在 10/3 提出的全面禁止向中国公民发放留学生签证就变得纸上谈兵。

Congress, the more likely they are to pass the laws they want to implement. In this sense, the mid-term election is a contest between the two parties for control of Congress. At present, the Republican Party is the majority party in both the House of Representatives and the Senate, so it is relatively easy for Trump to push forward his agenda. However, if the Democratic Party takes back control over Congress in November, Trump's remaining term of office could be very tough for him. Trump once declared that, should the Democratic Party decline to grant money for building a wall along the border with Mexico or for supporting his immigration bill, he would have to "shut down" the federal government. In this way Trump, has been trying to pressurize the Democratic Party so that the latter would compromise on immigration reform and other issues. This also suggests that there are huge and unbridgeable differences between the Republican

Party and the Democratic Party. With the approaching of the mid-term election, the debates between them are likely to intensify. Last month, Republican representatives presented two immigration reform legislation drafts in succession. One draft with a tough position was endorsed by conservatives; the other was relatively neutral. Both of them failed in the House of Representatives. Some Republicans have expressed concern that, given that no comprehensive immigration reform legislation has been passed by the Congress in recent decades, it will be very difficult for any legislation draft to be approved by both the House of Representatives and the Senate. If the Democratic Party wins the mid-term election, it will be almost impossible for any of Trump's immigration restriction policies to be passed as law. In that case, the allout ban on the issuance of student visas to Chinese citizens proposed on October 3 will become nothing more than empty words. However, should the Republican Party win, US immigration policy is bound to become tougher. Some of the immigration reforms proposed by the Republican Party in both houses of Congress have expanded the scope of criticism from undocumented immigrants to both undocumented and documented immigrants (Chinese immigrants included). Nominally, these schemes are proposed to put "America First" ; in a deeper sense, they have revealed the concerns of ruling elites and some American citizens about changes in the demographic structure of the United

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观点 | OPINION CHINA OFFSHORE

如果共和党最终胜出，那么美国移民政策一定会向更严峻的方向发展。之前共和党在国会两院提出的一些移民改革方案，无不是把矛头从非法移民扩大到合法移民，与华人移民息息相关。这些提案的目的是为了“美国优先”，但深层意义则是执政精英以及一些民众对美国人口结构发生变化，即大量移民进入美国导致白人成为少数族裔的趋势的担忧。我们可以预料到，如果共和党胜出，合法移民的难度又将上升，也将会有更多不利合法移民的提案和政策出现。

四、移民美国是否还有捷径？特朗普本身作为一名成功的商人，其移民政策主要以反对非法移民为主。在美国中期选举的背景和复杂的局势下，有一种快速移民美国的方法就是 EB1-A 杰出人才移民。EB-1A 类别绿卡授予对象为在科学、艺术、教育、商业、运动领域拥有杰出才能的人士。申请人在该领域内达到顶尖水平且有着持续的影响力。申请人在科学、艺术、教育、商业、运动领域拥有杰出的才能，到了美国以后会继续在该领域从业，申请人的到来将给美国带来实质性的益处。

EB-1A 满足要求如下：一次性的国际成就：诺贝尔、普利策、奥斯卡、奥林匹克等；或满足以下10 条中的3条以上：获得国家级别以上的奖项（如全运会金牌）；拥有专业协会的会员资格（如中国社科院学部委员）；主流媒体关于申请人成就的报道；在专业领域担任评审（如中国好声音评委）；对专业领域有原创且重大的贡献；在专业领域发表的著作（如《时间简史》）；作品在知名艺术展览中被展出；在著名组织机构中起到关键领导职能（如著名企业创始人）；收入远超其他同行水准；在艺术表演上取得了商业上的成功（如票房收入）。申请流程也十分简单和快速：向移民局递交 I-140申请，一般周期3-4个月，申请加

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States. That is, concerns that the inﬂux of immigrants is turning white people into a minority. We can expect that if the Republican Party wins, the difficulty of legal immigration will increase again, and there will be more unfavorable proposals and policies against legal, documented immigrants.

IV. Are There Any Remaining Shortcuts for Immigrating to the United States?

applying for an "employment-based immigration visa first preference" (EB1A). The EB-1A green card is mainly targeted at people who have shown distinguished talents in the fields of science, arts, education, commerce or sports. The applicants must have reached a top level and exerted continuing inﬂuence in these fields. Considering that they will continue with their engagement in these fields, their arrival will benefit the United States in substantial ways.

Trump is a successful businessman whose immigration policy is basically against illegal, undocumented immigrants. In the context of the mid-term elections and this complex situation, the fastest way of immigrating to the United States is

Requirements for EB-1A: one-time international achievements (Nobel Prize, Pulitzer Prize, Oscar, Olympics and so forth), or at least three of the following ten achievements: nationallevel awards (such as a gold medal in the National Games); membership

观点 | OPINION CHINA OFFSHORE

急15天即可。获得原则批准后约6个月，广州领事馆面谈，获得签证后的 180 天内，登陆美国获得永久绿卡。

EB1虽然要求的是杰出人才，其实这个杰出并没有人们想的那么“杰出”，并不是说非得获得诺贝尔，奥斯卡之类的国际大奖，才能算杰出。只要材料准备到位，律师够专业，任何人都有希望向移民局展现自己的杰出。就像当初很多人怀疑美国第一夫人梅拉尼娅 . 特朗普是如何通过 EB1的，认为她一个模特，还不是超模，不符合 EB1 的要求。在美国 EB1绰号“爱因斯坦”签证，不了解的人以为这类签证只发给科学，医学等领域的人才，但事实并非如此。只要能证明在自己的行业里足够优秀，且满足法律规定的条件，那么谁都可以申请 EB1。一个总统对移民的态度可能会影响到某些方向性的政策层面，但从美国的立法程序来看，移民法律的更改并不是总统可以一个人说的算的。一部法律如果要废除或者更改，需要经过众议院和参议院各自的投票表决通过，最终由总统签字才能生效。如此繁琐的流程，势必导致特朗普如果想要实施一部新的移民法案，要说服的利益团体非常之多。奥巴马在任时想推行的移民改革法案，通过了参议院，却没能过当时共和党把持的众议院，现在特朗普想做同样的事情，也必将充满艰难险阻，因此在可见的未来几年之内，美国几个热门的移民法案，比如投资移民 EB-5还有上文提及的杰出才能移民 EB1A 应该会继续维持着。对于内心确实想要移民美国的人士来说，只要证明自己符合相关法律的要求，命运是依然掌握在自己手中的。但未来终究不可预测，我们都是在与时间赛跑，趁着现在尚早，为何不赶紧去争取呢？

of a professional association (such as academic of the Chinese Academy of Social Sciences); coverage of achievements by mainstream media; judge in a professional field (such as judge of "The Voice of China"); original and major contributions in a professional field; works published in a professional field (such as A Brief History of Time); artwork exhibited at a famous art show; key leadership function in a well-known organization (such as founder of a well-known enterprise); significantly higher income level than peers; commercial success in artistic performance (such as substantial box office earnings). The application procedure is also very simple and quick. The first step is to submit an I-140 application to USCIS (the wait is generally 3-4 months; 15 days in expedited cases); about six months after being approved, there will be an interview by the consulate in Guangzhou; within 180 days after receiving the visa, the applicant can obtain a permanent green card. In principle, EB1 requires applicants to be distinguished talents, but the threshold is not as high as some people may imagine, at least not as high as a Nobel Prize or an Oscar. As long as the materials are complete and the lawyers are professional, everyone stands a chance of presenting their talents to USCIS. People questioned how Melania Trump, the First Lady of the United States, managed to pass the EB1 standards as she was only a model (not even a super model) and was not qualified (they believed) for EB1. In

the US, EB1 is nicknamed "the Einstein visa" which is misunderstood to be only issued to talents in science, medicine and similar fields. However, the fact is that anyone who has proven their talents in their industries and met the conditions stipulated by law can apply for EB1. The attitude of a President towards immigration may inﬂuence the orientation of policies; however, from the perspective of US legislative procedures, the revision of immigration laws is not the decision of the President alone. If a law is to be abolished or revised, the decision must be approved by both the House of Representatives and the Senate, and signed by the President before it takes effect. This tedious procedure means that, to implement a new immigration bill, Trump has to convince many interest groups. While in office, Obama tried to push his immigration reform act, which was voted through by the Senate but failed in the House of Representatives (controlled by the Republican Party then). Now that Trump intends to do the same thing, the difficulties will be huge as well. Thus, it's foreseeable that, in years to come, several popular immigration laws in the US, such as EB-5 and EB1A are likely to remain in existence. For those who really want to immigrate to the United States, as long as they prove that they meet the requirements of relevant laws, their fate is still in their own hands. But the future is unpredictable, and we are all racing against time. Why don't we hurry up while there is still time?

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

Member Contribution

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如何通过基金会实现家族财富管理与传承？ How to Realize the Management and Inheritance of Family Wealth Through Foundation

在

英美法系国家的家族财富管理与传承领域中，用得最为普遍的工具就是信托。对于中国大陆高净值客户，由于缺乏信托文化和相应的法律环境支持，对信托功能的理解及运用均存在一定的问题。而基金会本来就源于大陆法系，在家族财富管理与传承中更加符合中国的法律传统及民营企业家和高净值客户的需求，具备独特的优势。

一、基金会在中国家族财富管理与传承中相比信托更具优势

he most common tool used in the management and inheritance of family wealth in common law countries is the trust. For high-net-worth customers in mainland China, due to the lack of trust culture and the corresponding legal environment, there are certain obstacles in the understanding and application of the trust function. The foundation originated from the civil law system, and it is more in line both with China's legal tradition, and the needs of private entrepreneurs

Han Liang

and high-net-worth customers in the management and inheritance of family wealth. It has unique advantages.

I. The Foundation has more advantages in the management of family wealth and inheritance than trusts in China (a)Independent legal personality and long-term existence The biggest difference between a foundation and a trust is that the foundation has an independent legal

韩良 Liang Han 家族信托法律事务中心主任京都律师事务所韩良律师的执业领域为家族信托与投资基金、、海外投融资等业务。韩律师是金融工程博士，民商法博士后，现任南开大学法学院教授，博士生导师，南开大学资本市场研究中心主任 , 中国国际经济贸易仲裁委员会仲裁员。韩良律师共主编和公开发表论文50多篇，独著法学专著8部，在家族信托领域，主持国家社科基金与中国法学会课题各一项。其中主编的《家族信托法理与案例精析》一书，现已经成为家族信托领域的入门必读参考书目和培训教材。韩律师主导成立了京都律师事务所家族信托法律事务中心，该中心是我国第一家专门从事家族信托法律事务的研究与服务机构，韩良律师作为中信银行、北京银行等私行部法律顾问，曾主持和参与了几

| 9th Annual

Director of the Family Trust Legal Service Center (FTLSC) King & Capital Law Firm

十项境内外家族信托法律架构的设计和法律服务工作。

Mr. Liang Han is an experienced practitioner in family trusts and investment funds, overseas investment and financing, and related fields. He holds a PhD in Financial Engineering, and a Post-Doctorate degree in Civil and Commercial law. He is currently a professor and doctoral supervisor at Nankai University's School of Law, a director at Nankai University's Capital Markets Research Center, and an arbitrator at the China International Economic and Trade Arbitration Commission. He has published eight legal monographs as single author

or editor-in-chief and more than 50 theses. In the field of family trust, he presided over the national social science foundation and subject of China law society. His Legal Theory and Case Analysis of Family Trusts is a must-read training textbook in the family trust field. King & Capital Law Firm's Family Trust Legal Service Center (FTLSS) – China's first institution specializing in legal affairs research and services for family trusts – was established under the leadership of Mr. Han. As a legal consultant in the private banking department of China CITIC Bank, Bank of Beijing and others, he presided over the design of legal structures and legal services for tens of domestic and overseas family trusts.

观点 | OPINION CHINA OFFSHORE

（一）具有独立的法人资格且可以长期存在基金会与信托最大的区别，就是基金会有独立的法人资格且没有“股东”，不需要存在一个“受托人”作为存续和运行的前提，也无需通过立法创新在受托人责任与委托人控制权的平衡中做出取舍。而信托需要依靠信托公司或者委托人自行设立的私人信托公司担任受托人进行管理，需要满足严格的受托人忠实义务、注意义务和财产隔离要求，可能面临债权人发起撤销诉讼的风险。因此，基金会相比信托具有更为彻底的独立性，可以更好地避免被关联方的责任和风险波及。反永续存在是英国信托法的基本原则，到了一定的存续时间，信托资产要么被分配，要么被放置到另外一个信托中。但基金会是一个独立的法律实体，只要基金会章程无限制，保持注册状态就可以一直存在下去。虽然事实上不可能，但中国大陆高净值客户普遍具有想将家族财富永远传承给子孙的想法，而这种永远传承的想法是和信托制度的反永续存在的价值是相悖的。（二）以发起人为中心而不是以受托人为中心

personality and no "shareholders". There is no need for a "trustee" as a prerequisite for survival and operation, and no need for legislative innovation in order to make a trade-off between the trustee's responsibility and the settlor's rights. On the other hand, the trust needs to rely on the trust company or the private trust company established by the settlor who is acting as a trustee for management purposes.

legal entity, and as long as there are no restrictions in the foundation's charter and it remains registered, it can continue to exist indefinitely. Although it is virtually impossible, high-net-worth clients in mainland China generally have the perception that family wealth can be forever passed onto their offspring. However, this concept of eternal inheritance is contrary to trusts' impermanent nature.

The trustee's strict loyalty obligations, duty of care, and property segregation requirements need to be met. There may be a risk of the creditor initiating revocation proceedings. Therefore, the foundation has a more complete independence than the trust, which can better avoid the responsibility and risk affecting the related parties. Impermanence is the basic principle of UK Trust Law. After a certain duration, trust assets are either allocated or placed in another trust. But the foundation is an independent

(b)Centered on the promoters rather than the trustees In the design of the trust system, the trustee is in the center. If the settlor passes over the trustee and directly manages the property, it may be considered a "false trust" in the United States and United Kingdom, and become invalid. Equity trusts generally face several of the following dilemmas. Trustees usually do not have the professional knowledge required to operate a

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在信托制度设计中，是以受托人为中心的，如果委托人越过受托人，直接对财产进行管理，在英美国家可能被认为是 “虚假信托”而无效。股权信托一般面临如下困境：受托人通常不具备经营企业所需要的专业知识，委托人及其家族成员也不愿意受托人真正介入到家族企业的经营管理之中，受托人作为股东因没有尽到信义义务做出决策并最终失败的情况下，可能需承担赔偿责任等。将股权转移到私人基金会中就能顺利解决上述困境，因为基金会是以发起人为中心，按照发起人制定的“章程” 运作的，发起人也可担任基金会理事会的理事，继续对财产进行管理与运作。（三）较信托制度拥有更加优越的“本土资源” 由于中国大陆的法律属于民法法系，实行“一物一权”原则，没有英美法系“普通法上的所有权与衡平法上的所有权” 并存的制度，中国大陆的高净值客户普遍存在对信托制度理解偏差的问题。更为重要的是，由于中国缺乏信托文化，委托人很难将财产长期交给受托人进行管理，即使交给受托人进行管理，也要附加很多符合英美法系“虚假信托” 的控制与监督条款，面临将来信托被撤销或者被穿透的风险。而基金会起源于大陆法系，在中国大陆客户不存在法理障碍，基金会以发起人的设立意愿为中心，可同时满足企业家公益和私益目的，更适合中国国情且有利于家族企业传承与财富管理，在中国大陆客户拥有广阔的适用空间。

二、混合基金会可作为家族企业的控股主体受中国传统儒家“君子”文化影响，无论中国大陆还是中国的台湾地区都将基金会的性质界定为单一的公益性质，将家族慈善与传承割裂开来。中国台湾地区的企业家王永庆先生曾经做了公益

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business, while the settlor and his family members are not willing to let the trustee actually participate in the management of the family business. In the case that the trustee has not fulfilled his fiduciary obligation to make a decision, which ultimately fails, he may be liable for compensation. Transferring equity to a private foundation can successfully solve the above dilemma because the foundation is centered on the promoter and operates according to the "charter" established by the promoter. The promoter can also serve as the director of the foundation council and continue to manage and operate the property.

(c)More superior "local resources" than the trust system Since the laws of mainland China belong to the civil law system and implement the principle of "one thing and one right", there is no system in which the common law system has common law ownership and equity ownership. High-net-worth clients in mainland China generally have problems with understanding the trust system. More importantly, due to the lack of trust culture in China, it is difficult for the settlor to hand over the property to the trustee for management. Even if it is handed over to the trustee for management, it is often necessary to attach a lot

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基金会控股家族企业的尝试，成立了长庚医院公益基金会，将境内外的所有台塑集团财产都交付基金会，基金会成为台塑集团的控股机构。但由于公益基金会在治理结构、受益人安排上都存在非常大的限制，无法解决好家族企业传承与税收筹划的问题。与单一的公益基金会相比，兼顾公私利益的的混合基金会更加符合人性和高净值客户的需求。混合基金会是指同时兼具公益目的与私益目的的基金会。混合基金会是没有股东的法人，是对公司这种复杂法人关系的简化，避免了家族成员之间因产权之争而引发的分家析产风险，使家族企业的竞争力与凝聚力大大提高，所以混合基金会适合做家族企业最后的控制人。混合基金会可以成为家族企业传承以及从事公益慈善的最佳控股主体。在欧洲，许多知名公司都将混合基金会作为企业集团的最终所有者，起到控股公司的作用，同时也实现了家族企业的慈善功能。在信托架构设计中，借助私人信托公司的股权信托与持牌信托公司的目的信托两次信托关系，实现永续存在的目的信托架构过于复杂，常常不被中国大陆的高净值客户所理解。对于家族财富传承来说，最经济而且比较简单的结构是让混合基金会成为实业公司的股东，不需要进行目的信托的二次架构设计。现在，摩纳哥、列支敦士登、奥地利、巴拿马、比利时、德国、瑞士、荷兰等国允许基金会同时服务于公益和私益目的。例如，1847年，J.C. 雅各布森建立嘉士伯啤酒厂，1876 年建立嘉士伯基金会，由基金会持有嘉士伯集团30.3% 的可转换股份，并享有 75% 的投票权。嘉士伯基金会的目标是：（1）拥有嘉士伯集团的控股权，确保对嘉士伯集团战略的决定性影响；（2）通过捐赠社会公益项目，支持基础科学研究。嘉士伯基金会不但保证了家族企业的发展，同时服务了社会公益。

of control and supervision provisions in line with the "fake trusts" of the Anglo-American legal system, which means the trust faces the risk of being revoked or penetrated in the future. However, the foundation originated from the civil law system. There is no legal barrier for settlors in mainland China. The foundation is centered on the promoter's willingness to set it up. It can meet the interests of entrepreneurs' public welfare and private interests. It is more suitable for China's national conditions and is conducive to family business inheritance and wealth management, and therefore has a wide range of application for customers in mainland China.

II. The hybrid foundation can be used as the controlling entity of the family business Inﬂuenced by traditional Chinese Confucian "gentlemen culture", both mainland China and the Taiwan region of China define the foundation as an organization with the nature of single public welfare, separating the family charity from inheritance. Mr. Wang Yongqing, an entrepreneur in Taiwan, once tried to set up a family business held by a charity foundation,

and established the Chang Gung Hospital Public Welfare Foundation to deliver all the shares of Formosa Plastics Group at home and abroad to the Foundation. The Foundation became the controlling shareholder of Formosa Plastics Group. However, due to the very large restrictions on the governance structure and beneficiary arrangements of the charitable foundation, it is impossible to solve the problem of family business inheritance and tax planning. Compared to a single charitable foundation, a hybrid foundation that takes into account public and private interests is more humane and in line with the needs of high-net-worth clients. A hybrid foundation is a foundation that has both a public interest and a private interest as its purpose. The hybrid foundation is a legal person without shareholders. It is a simplification of the complex corporate relationship of the company, avoiding the risk of splitting the family due to a dispute over property rights between family members, and greatly improving the competitiveness and cohesion of the family business. The hybrid foundation is suitable for the ultimate controller of the inheritance of a family business and charity. In Europe, many wellknown companies have adopted the hybrid foundation as the ultimate owner of a corporate group, playing the role of a holding company and also fulfilling the charity function of the family business. In the design of the trust structure, there is a secondary trust relationship between the equity trust of private trust companies and the purpose trust of licensed trust companies. The structure

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simple) structure is to make the hybrid foundation become the shareholder of the industrial company, without it needing to carry out the secondary structure design of the purpose trust. Now Monaco, Liechtenstein, Austria, Panama, Belgium, Germany, Switzerland, the Netherlands and other countries allow foundations to serve both public and private interests. For example, in 1847, J.C. Jacobson established the Carlsberg Brewery, and in 1876 the Carlsberg Foundation was established. The Foundation holds 30.3% of the convertible shares of the Carlsberg Group and enjoys 75% of the voting rights. The objectives of the Carlsberg Foundation are: (1) possessing a controlling stake in the Carlsberg Group to ensure a decisive impact on the Carlsberg Group strategy; and (2) supporting basic scientific research through donations to social welfare projects. The Carlsberg Foundation not only guarantees the development of family businesses, but also serves social welfare.

III. Family wealth protection and through the private equity foundation

三、通过私益基金会实现家族财富保护与财富管理私益基金会是将家族成员作为基金会的受益人，从而实现个人或企业的目的。基金会按照章程的规定向其家族成

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of the purpose trust in achieving permanence is too complicated, and is often not understood by the highnet-worth clients in mainland China. For the inheritance of family wealth, the most economical (and relatively

In the private foundation, the family member is designated as the beneficiary of the foundation to achieve personal or business goals. The foundation allocates benefits to its family members in accordance with the provisions of the Charter, and meets the needs of family members for survival, education, and development. Once the private foundation is

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员分配利益，满足家族成员的生存、教育、发展所需。一旦设立私益基金会，将合法财产转移给基金会，该财产就和发起人的其他财产相独立，发起人所欠的债务、甚至破产都与基金会的财产相隔离。与信托相比，私人基金会的财产独立性更加彻底。在中国大陆，民营企业赚取的是非垄断利润，没有政策、资源倾斜的优势，还面临行业准入、融资环境、税收环境的不平等待遇。为了生存，民营企业必须要在经营模式、融资模式等领域进行创新，而这种创新充满了各种不确定的犯罪风险，甚至为了获取行业准入资格，一些民营企业家被迫给握有审批权限的政府公职人员行贿，可以说，很多民营企业家存在获罪入狱的法律风险。因此，很多中国大陆的民营企业家有通过设立私益基金会的方式实现家族财富保护和家族成员保护的需求。由于私益基金会具有以发起人为中心而不是以受托人为中心的特点，私益基金会的管理方式依靠基金会章程的规定，发起人也可担任基金会理事会的理事，继续对财产进行管理与运作。私益基金会的运行可以完全按照发起人的意愿进行，不需要向信托那样担心委托人对信托具有控制权从而导致信托无效或者被穿透的风险。因此，家族企业可以按照其意愿，使用私益基金会进行家族财富管理。私益基金会具有的在家族财富保护与管理的优势已经被越来越多离岸国家和欧洲国家所认可。2015 年 6月7日，欧洲基金会中心（European Foundation Centre）发布了《基金会法律比较要点：欧洲基金会的运营环境》，在比较研究的40 个国家中，奥地利、比利时、保加利亚、芬兰、德国、匈牙利、希腊、意大利、荷兰、瑞典、列支敦士登、瑞士、挪威、土耳其等 22 个国家允许设立私益目的基金会。应该说在大陆法系，允许单独设立私人基金会或者混合基金会已经成为了主流。

established and the legal property is transferred to the foundation, the property is independent of the other assets of the promoter. The debts owed by the promoter and even bankruptcy are isolated from the property of the foundation. Property assets in private foundations are more independent than trusts. In mainland China, private enterprises earn non-monopoly profits without the advantages of policies and resources, and also face unequal treatment of industry access, along with the financing and tax environments. In order to survive, private enterprises must innovate in areas such as their business model and financing model. Such innovation is full of various kinds of uncertain potentially criminal risks. Even in order to obtain industry access qualifications, some private entrepreneurs are forced to pay bribes to government public officials with approval authority. It can be said that many private entrepreneurs face being found guilty of imprisonment. Therefore, many private entrepreneurs in mainland China have the need to protect family wealth and family members through the establishment of private foundations.

accordance with the wishes of the promoter, without the need to worry about the trustor having control over the trust and penetrating it or making it invalid. Therefore, family businesses can use private foundations for family wealth management as they wish. The advantages of private foundations in the protection and management of family wealth have been recognized by more and more offshore countries and European countries. On June 7, 2015, the European Foundation Centre released the "Essentials of Foundation Law: The Operating Environment of the European Foundation". Among 40 countries studied comparatively, 22 countries including Austria, Belgium, Bulgaria, Finland, Germany, Hungary, Greece, Italy, the Netherlands, Sweden, Liechtenstein, Switzerland, Norway, and Turkey allow the establishment of private foundations. It should be said that in the civil law system, the establishment of a private foundation or a hybrid foundation has entered the mainstream.

Since the private foundation has the characteristics of being promotercentered rather than trustee-centered, the management of the private foundation relies on the provisions of the foundation charter, and the promoter can also serve as the director of the foundation council and continue to manage and operate the property. The operation of the private foundation can be carried out in full

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Member Contribution

慈善信托与家族传承

Charitable Trust and Family Inheritance

近

年来，私人财富管理从业人员在为财富客户进行资产配置与财富传承规划时，经常会遭遇客户的慈善诉求。有些客户高瞻远瞩，想借鉴洛克菲勒的基金会模式，意欲通过设立慈善基金会，进行本土化的慈善尝试。有些客户已善心萌发，但跬步初启，踟蹰于简单的资金捐赠层面，尚需路径指引。在财富保护与传承规划整体架构中，如何因人而异、因地制宜地嫁接慈善基因，从而提升家族传承的精神文化内涵，已成为评价财富传承方案完整性的重要因素，也成为从业人员业务进阶的必备技能。在法律工具层面，在为客户做家族财富传承的慈善架构设计时，慈善基金会、慈善信托是最重要的两个工具。本文将

n recent years, private wealth management practitioners have often encountered clients' philanthropic appeals when planning asset allocation and wealth inheritance for wealthy clients. Some clients are long-term thinkers and want to learn from the Rockefeller Foundation's model, and intend to conduct localized charity trials by setting up philanthropic foundations. Some clients' kind-heartedness has begun to blossom, but they are just getting started and still staying at the level of simple fund donations. There is still a need for guidance. In the overall structure of wealth protection and inheritance planning, how to graft charitable genes from different

高明月 Gao Mingyue

高明月律师，观韬中茂（上海）律师事务所合伙人，致力于家事法、信托法和慈善法的法律实践，擅长整合家事协议、信托架构及公益慈善等工具，为家族客户搭建系统、综合的财富传承法律架构。高明月律师是多家基金会、NGO 的发起人，也为多家银行、保险、信托公司提供常年法律顾问服务。高明月律师是国内首家律师发起并冠名的慈善信托“明月律师助学慈善信托”的发起人。

Gao Mingyue is a lawyer and partner at Guantao (Shanghai) Law Firm

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who is committed to the practice of family law, trust law and charity law. He is skilled at integrating family agreements, trust structures and charity structures to establish a systematic and comprehensive legal framework of wealth inheritance for family clients. Mr. Gao is the founder of several foundations and NGOs, and also provides continual legal counseling to a number of banks, insurance and trust companies. Mr. Gao is the founder of the first charitable trust "Charitable Trust Aided by Lawyer Mingyue", which was initiated by lawyers in China.

Gao Mingyue people and adapt to local conditions in order to enhance the spiritual and cultural connotation of family inheritance has become an important factor in evaluating the integrity of wealth inheritance programs. It has also become an indispensable skill for the advancement of practitioners' business. At the level of legal tools, charitable foundations and charitable trusts are the two most important tools when designing a charity structure for family wealth management. This article will focus on the legal structure of charitable trusts and the practice of private wealth protection and inheritance.

Charitable Trust 1.0 model The concept of a charitable trust is determined by the Charity Law (effective September 1, 2016). Prior to this, it was the charitable trust model under the Trust Law (October 1, 2001). In this period of charitable trusts, the use of trust tools for charity has enabled the realization of "value preservation' and "charitable wishes", and it can also be sustainable and has already shown great advantages. For example, if you decide to donate five million yuan to a charity organization and agree to allocate 500,000 yuan each year to charity,

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先重点介绍慈善信托的法律架构以及在私人财富保护与传承中的运用实践。

公益信托1.0 模式 “慈善信托”之概念，是《慈善法》（2016 年9月1日生效）所确定的。在这之前，是《信托法》（2001年 10月1日）下的“公益信托”模式。在公益信托阶段，利用信托工具来做慈善，已经能够实现“保值增值”和“慈善心愿”两不误，还能够有可持续性，已经展现了巨大的优势。举例：比如给慈善组织捐款 500万，约定每年拿出50万做慈善，那么这一善举，只能持续 10 年。如果这 500万用来设立 “公益信托” ，每年把收益拿出来做慈善，则可以把慈善之心长久传承下去。事实上，《信托法》下的“公益信托”，因为各项配套制度不成熟，导致落地的 “公益信托”数量较少且规模不大，对于作为受托人的信托公司而言，因为管理费较低、而投入较高，且“是否可以公开募集”始终存在争议，一般也不愿意大张旗鼓的推动“公益信托” 。因此，在公益信托1.0 时代，家族财富传承语境下的慈善诉求，很难通过公益信托模式来实现。

慈善信托2.0 模式

亮点1：慈善组织可成信托受托人《信托法》下的“公益信托”1.0 模式，到了《慈善法》时代，变成了“慈善信托”2.0 模式。模式迭代的一大亮点，就是受托人范围的扩大，除了信托公司，慈善组织也可以成为受托人。《慈善法》实施后的 3个月，国内首例慈善组织担任单受托人的慈善信托（北京市企业家环保基金会2016阿拉善 SEE 公益金融班环保慈善信托）就备案成功。截至 2018 年 10 月11日，在“慈善中国”网站上备案 107单的慈善信托中，慈善组织在其中23 单慈

then this kind of charity can only continue for 10 years. If this five million yuan is used to set up a charitable trust and the proceeds are allocated every year to charity, the charity at the heart of this can be extended for a long time. In fact, the number of charitable trusts under the Trust Law which have been put into practice is relatively small, and their scale is not large either because the various supporting systems are immature. For trust companies as trustees, because of the lower management fees, high investment, and debate over whether funds can be publicly raised, they remain controversial, and are generally not willing to promote charitable trusts with great fanfare. Therefore, in the era of charitable trust 1.0, the charity appeal in the context of family wealth inheritance is difficult to achieve through the charitable trust model.

Charitable Trust 2.0 model Highlight 1: Charitable Organizations Can Become Trustees The charitable trust 1.0 model under the Trust Law has changed into the charitable trust 2.0 model in the era of the Charity Law. One of the highlights of the model iteration is the expansion of the trustee's scope. In addition to trust companies, charitable organizations can also become trustees. Three months after the implementation of the Charity Law, the first charitable organization in China serving as a single trustee's charitable trust (Beijing Entrepreneur Environmental Protection Foundation 2016 Alashan SEE Public Welfare Finance Class Environmental Charitable Trust) was successfully filed. As of October 11, 2018, among the 107 charitable trusts filed on the Charity in China website, charitable organizations acted as trustees in 23 charitable trusts, 16 of

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慈善信托备案信息初始备案信息备案编号

信托目的备案时间

备案机关委托人

事务处理及财务状况变更备案信息

兴辰慈善信托

检查评估情况

表彰处罚情况

终止备案信息

其他事项

慈善信托名称

兴辰慈善信托

备案期限

永久存续

信托目的主要是将信托资金以慈善自主方式有效用于推动教育、医疗、科技等领域的创新项目和青年行动

2017-12-4 广东省民政厅

受托人

邮政编码

涂业兴、李美辰夫妇

深圳市社会公益基金会来源于慈善中国网站：http://cishan.chinanpo.gov.cn/platform/login.html

善信托中担任受托人，其中16 单与信托公司担任“双受托人”，在“双受托人”的架构中，信托公司承担资金管理（确保信托财产安全及保值增值）的职责，慈善组织则扮演慈善项目实际执行人的角色。参考法条：《慈善法》第四十六条慈善信托的受托人，可以由委托人确定其信赖的慈善组织或者信托公司担任。亮点2：慈善信托嵌入传承架构在慈善信托 2.0 时代，除了受托人范围的扩大，慈善信托门槛也随之降低，慈善信托嵌入家族财富传承整体架构也成为可能。根据上图显示，由深圳市社会公益基金会担任受托人的“兴辰慈善信托”在广东省民政厅成功领取备案回执。这也是广东省首单以慈善组织作为单一受托方的慈善信托通过备案。据悉，该慈善信托由涂业兴及李美辰夫妇首期出资 10万元人民币设立，并设定为开放式永续慈善信托，信托目的是以慈善资助方式推动教育、医疗、科技等领域的创新项目和青年行动。

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which were "double trustees" with trust companies. In the "double trustee" structure, the trust company assumes the responsibility of fund management (to ensure the security and value of the trust property) while the charitable organization plays the role of the actual executor of the charity project. Reference Law: Article 46 of the Charity Law： The trustee of a charitable trust may be served by charitable organizations or trust companies as determined by the clients.

Highlight 2: Charitable Trust Embedding Inheritance Structure In the era of charitable trust 2.0, in addition to the expansion of the scope of trustees, the threshold of charitable trusts has decreased, and the integration of charitable trusts into the family wealth inheritance structure has also become possible. Xingchen Charitable Trust According to the above chart, the

Xingchen Charitable Trust (whose trustee is Shenzhen Social Public Welfare Foundation) successfully received a filing receipt in the Department of Civil Affairs of Guangdong Province. This is also the first time in Guangdong Province that a charitable trust with a charitable organization as the single trustee has passed this filing process. It is reported that the charitable trust was established by the couple Tu Yexing and Li Meichen with an investment of 100,000 yuan in the first phase, and was set up as an open-ended sustainable charitable trust. The purpose of the charitable trust is to promote innovative projects and youth initiatives in the fields of education, medical care, science and technology through charitable funding. Compared with the 30 million plus custom-made family trust products currently on the market, the threshold for embedding charitable trusts in the family wealth inheritance structure is

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Table: Xing Chen Charitable Trust Filing Information of Charitable Trust

Initial Filing Information

Transaction Processing and Financial Situation

Inspection and Assessment

Filing Change Information

Filing Termination Information

Filing No. Trust Purpose

Commendation and Punishment

Name of Charitable Trust

Other Items

Xingchen Charitable Trust

The main purpose of the trust is to effectively use trust funds in charitable ways to promote innovative projects and youth initiatives in education, health care, science and technology.

Time of Filing

December 4, 2017

Filing Period

Filing Agency

Department of Civil Affairs of Guangdong Province

Zip code

Permanent survival

Client

Couple Tu Yexing and Li Meichen

Trustee

Shenzhen Social Public Welfare Foundation From the Charity in China Website：http://cishan.chinanpo.gov.cn/platform/login.html

与目前市面上动辄 3000万起的定制化家族信托产品相比，家族财富传承架构中嵌入慈善信托的门槛可以忽略不计。拥有财富的个人可以成为委托人，首期出资并无门槛限制，信托期限可以为开放式永续。问渠那得清如许，唯有源头活水来！在慈善信托工具运用之下，信托的隔离效果，慈善的精神力量得以充分彰显。慈善信托这个小小支点，竟可成为家族财富、文化、精神持续成长的内生源泉。亮点3：家族慈善的深度拓展慈善信托的出现，使得家族慈善不止停留在资金、财物捐赠层面，信托的灵活性和创造性，让家族慈善的深度拓展成为可能。以国内首单家族慈善信托为例，其略显复杂但却灵活有机的法律架构，让家族成员可以深度进入慈善本身。如文中架构图所示，信托财产总规模为 2000万元人民币，万向信托作为受托人负有让资产保值增值的义务。在慈善事务执行层面，委托人家族运用家族传承智慧，在慈善信托协议中设定慈善 “董事会”的架构，让家族成员得以深入具体慈善事务的操作和执行（可聘请公益项目秘书提供专业支持）。

negligible. An individual with wealth can become a principal, and there is no threshold for the initial investment. The duration of the trust can be open and sustainable. When asking why the water is so clear in the canal, it is because fresh water comes from the springhead. With the use of charitable trust tools, the isolation effect of the trust and the spiritual strength of charity can be fully demonstrated. This small fulcrum of charitable trusts can become an intrinsic source of family wealth, culture and spiritual growth.

In the above diagram, the total size of the trust property is 20 million yuan, and Wanxiang Trust is the trustee which bears the obligation to preserve and increase the value of the assets. At the executive level of charity affairs, the client makes use of the family to inherit wisdom, and establish the structure of a Board of Directors in the charitable trust agreement, allowing family members to drill down into the operation and execution of specific charitable matters. A public welfare project secretary can also be hired to provide professional support.

Highlight 3: Deep Expansion of Family Philanthropy The emergence of charitable trusts has led family charity to move beyond the level of funds and property donations, and the ﬂexibility and creativity of trusts has made it possible to deeply expand family charity. Take the first domestic family charitable trust as an example. Its slightly complicated but ﬂexible legal structure allows family members to enter the charity itself.

Highlight 4: The Practice of the Magnate Family Charity: The DualDrive Structure of the Charitable Trust + Foundation The world's richest man, Bill Gates, adopted this "dual-drive structure of the charitable trust + charitable foundation". Its operational logic is that the Bill & Melinda Gates Trust Fund is responsible for the management of investment assets, and if necessary, the funds are

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乐淳家族慈善信托 Lechun Family Charitable Trust

慈善法实施后中国首例慈善家族信托 The �rst family charitable trust after the implementation of Charity Law in China 投资组合

委托人 ( 个人 ) Trustee (Wanxiang Trust)

Investment portfolio

公益事务咨询 Consultation on public welfare a�airs

Trustee (Wanxiang Trust)

公益项目决策 Decision of public welfare project

公益项目秘书

Secretary of public welfare project

Public welfare project 1 -Educational research funding 公益项目申请者

Secretary of public welfare project

公益项目初选 Decision of public welfare project

亮点四：富豪家族慈善的实践：慈善信托 + 基金会的双驱动架构世界首富比尔盖茨夫妇做慈善采取的是信托基金 + 慈善基金会的双驱动架构，其运营逻辑是由“比尔及梅琳达 . 盖茨”信托基金负责管理投资资产，并在必要时将所得款项划拨给基金会，以便基金会顺利实现慈善目标，而“比尔及梅琳达 . 盖茨”慈善基金会则负责慈善项目的管理和运作，有权向基金会索要资产以进行慈善活动。自从我国《慈善法》实施后，比尔盖茨夫妇创立的双驱动架构在我国也有了实施的制度土壤。2017年 7月，名列世界 500强的美的集团创始人何享健先生公布“60 亿元慈善捐赠计划”，该计划就

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法定信托监察 Statutory trust supervision

资助运作 Funding operation

公益项目1 ( 教育科研资助）

董事会

公益项目初选 Decision of public welfare project

乐淳家族慈善信托 Lechun Family Charitable Trust

受托管理 Trusteeship management

Board of Directors

法定备案管理 Statutory �ling management

委托资金 / 股权 Entrusted funds/equity

投资 Investment

资产配置管理 Management of asset allocation

受托人 ( 万向信托 )

成立时间 Time of establishment: September 2016

公益项目 n ( 传统文化保护）

资助 Fund

资金托管管理 Fund management

备案机构

杭州市民政局

Filing agency Hangzhou Civil Affairs Bureau

监察人毕马威

Supervisor KPMG

专用账户商业银行

Dedicated account Commercial Bank

Public welfare project n -Traditional cultural protection

受益人1/n ( 各类受助对象 ) Beneficiary 1/n （Various types of recipients）

allocated to the foundation so that it can successfully achieve its charitable goals. Meanwhile, the Bill & Melinda Gates charitable foundation is responsible for the management and operation of charity projects and has the right to ask the foundation for assets for charitable activities. Since the implementation of the Charity Law in China, the dual-drive structure created by Bill Gates has also been implemented in China. In July 2017, Mr. He Xiangjian, the founder of Midea Group, one of the world's top 500 companies, announced the "6 billion charitable donation plan", which was implemented through the

来源于慈善中国网站 From the Charity in China Website： http://cishan.chinanpo.gov.cn/platform/login.html

dual-drive structure of "Charitable Trust + Charitable Foundation". The author believes that the dualdrive three-dimensional model of the "family charitable trust + family charitable foundation" will become the mainstream model for wealthy families to contribute to charity. In the dual-drive model, charitable trusts will become a channel and a carrier for ensuring the sustainability of charity. As an important charitable system, charitable foundations will return to their origins, do a good job in the discovery, evaluation, landing, management and supervision of charitable projects, and become

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是通过“慈善信托 + 慈善基金会”的双驱动架构来实施的。笔者认为， “家族慈善信托 + 家族慈善基金会”的双驱动立体模式将成为富豪家族做慈善的主流模式。在双驱动模式下，慈善信托将成为一个确保慈善永续的通道和载体，慈善基金会作为重要的慈善组织，将回归本源，做好慈善项目的发掘、评估、落地、管理、监督，成为实施慈善的真正主体。

2018 年 6月29日完成备案的“鲁冠球三农扶志基金慈善信托”，是中国慈善信托发展史具有里程碑意义的事件。该慈善信托由国内著名家族企业万向集团二代传人鲁伟鼎先生，在继承父亲鲁冠球先生遗志的基础上发起设立的。根据慈善信托备案信息现实，该信托财产总规模为“委托人持有的万向三农集团有限公司的股权（对应出资额6 亿元）” 。根据公开信息显示，仅万向三农集团有限公司对外持有的三家上市公司（万向德农、承德露露、航民股份）的股份总额已达数十亿元，这还未包括万向三农集团有限公司所持有的其他资产。笔者认为，通过慈善信托这一法律工具，传奇企业家鲁冠球家族财富和精神的传承得以完美实现。慈善信托在家族传承中的作用，得以完美彰显。

the main element for implementing charity. The Luguanqiu Sannong Fuzhi Fund Charitable Trust, established on June 29, 2018, was a landmark event in the history of the development of charitable trusts in China. The trust was initiated by Mr. Lu Weiding, a second generation descendant of a well-known family company in China, Wanxiang Group, who followed the behest of his father, Mr. Lu Guanqiu. According to the filing information for the charitable trust, the total size of the trust property is "the equity of Wanxiang Sannong Group Co., Ltd. held by the principal (corresponding to a capital contribution of 600 million yuan)". According to public information, the total shares of the three listed companies (Wanxiang Denong, Chengde Lulu, Hangmin Shares) held by Wanxiang Sannong Group Co., Ltd. have reached several billion yuan, which does not include other assets held by Wanxiang Sannong Group Co., Ltd. The author believes that, using the legal tool of a charitable trust, the inheritance of

the family wealth and spirit of the legendary entrepreneur Lu Guanqiu was perfectly realized. It perfectly demonstrates the role of charitable trusts in family inheritance. In summary, for wealthy families with surplus wealth and kind-heartedness, the establishment of charitable trusts is convenient, the capital threshold is low, the operating costs are low, and the preservation of charitable trusts can be maintained forever, making the advantages extremely attractive. For entrepreneurs with family businesses, charitable trusts are an important tool for establishing an image of family charity and enhancing the cultural esteem of the family. It is also an important way for family businesses to establish charitable brands and fulfill corporate social responsibilities. For ultra-high-net-worth family business owners, family inheritance through charitable trusts is a method for inheritance that is both safe (avoiding disputes) and noble (social respect) and conforms to the developmental trends in Chinese society.

综上，对于有财富更有爱心的财富家族而言，设立慈善信托手续便捷、资金门槛低，运营成本低，慈善信托的保值增值以及可以永续存在（私益的家族信托是无法永续的）的优势拥有极大吸引力。对于拥有家族企业的企业家而言，慈善信托既是树立家族慈善形象，提升家族文化内涵的重要工具，也是家族企业建立慈善品牌、履行企业社会责任的重要途径。对于超高净值的家族企业主而言，通过慈善信托来实现家族传承，是既安全（避免纷争），又高尚（社会尊重）且顺应中国社会发展趋势的传承方式。

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全球资产配置时代已来临 ——迪拜，全球最佳不动产投资地

The Era of Global Asset Allocation Has Arrived — Dubai, the World’s Best Real Estate Investment Destination Zhang Ling

张翎 Zhang Ling

亚太东方财富管理有限公司董事总裁前海国际资本管理学院家族办公室导师北大、清华等大学客座教授国际注册理财顾问师（CFC) 资深证券投资分析师曾先后任职于招商银行总行、安信证券、香港智易金融集团等大型金融机构。

Asia Pacific Oriental Wealth Management Co., Ltd. Director and President Qianhai International Capital Management Institute Family Office Tutor Visiting Professor at Peking University and Tsinghua University International Registered Financial Advisor (CFC) Senior Securities Investment Analyst Zhang Ling has worked in large financial institutions such as China Merchants Bank's Head Office, Essence Securities, and Hong Kong Zhiyi Financial Group.

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he power of finance lies not in short-term profits, but in compound interest over time. The guarantee of security comes from an asset allocation in which not all the eggs are put into one basket. When you are a wandering hero, your outlook and setup are important; investment is the same. China has entered the era of "enterprises trying to go abroad" + "global asset allocation". According to the Hurun Wealth Report, by 2020 the number of households with more than six million yuan of investable assets

will reach 3.46 million in China, and investable financial assets will account for half of China's overall personal wealth. According to statistics, more than 70% of respondents have taken the first step and begun to embrace global asset allocation: • More than 70% of high-net-worth individuals have overseas plans, using this as investment activity in order to make full use of the market and resource allocation brought about by globalization, and enjoying global

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金

融的力量，不在于短期暴利，而在于时间的复利。安全的保障，来自于鸡蛋不放在一个篮子里的资产配置。仗剑走天涯，眼界和格局最重要，投资亦如是。中国已进入 “企业走出去”+“全球资产配置”时代，据胡润财富报告预计，到 2020 年中国可投资资产大于 600万人民币的家庭将达到 346万户，可投资金融资产将占据中国整体个人财富的半壁江山。据统计，七成以上被访者已先行一步，开始拥抱全球资产配置： • 70% 以上的高净值人士有海外规划，将其作为一种投资行为，充分利用全球化带来的市场和资源配置，立足中国，享受全球化红利。 • 74.7% 的高净值人士在进行海外规划和投资时依靠专业财富管理机构或这些机构发布的专业信息。

全球资产配置的价值和意义全球资产配置可最大程度上分散资金风险、使资产保值增值，具备帮助家族财富传承、资产组合、子女留学教育、财务规划、税务筹划、资产保护等优点。随着人民币汇率的波动，更需要分散持有一部分离岸资产和非人民币资产，以回避资产过于本土化、单一货币下跌带来的系统性风险。所以中、高净值人群，近年来已越来越多的积极进行不同程度的海外资产配置。鉴于中、高净值客户的全球资产配置需求非常旺盛，我们长期以来经过不断探索与完善，透过独特的多方位视角，利用全球多元化的投资平台和工具，建立了“在岸 + 离岸”一体化投资服务体系，帮助客户实现全球资产一站式配置，为众多高净值客户提供了完善的财富规划、财务服务等解决方案，助其实现中长期的核心财富战略目标。

dividends while based in China. • 74.7% of high-net-worth individuals rely on professional wealth management agencies or professional information issued by these institutions when planning and investing overseas.

comprehensive solutions for wealth planning, and financial services to help them achieve their medium and long-term core strategic wealth goals.

The Value and Signi�cance of Global Asset Allocation

I. Offshore Trusts and Foundations Trusts and foundations are the preferred framework for the isolation, preservation and inheritance of family wealth around the world. They have been widely used by high-net-worth individuals at home and abroad. They are mainly intended for tax planning or deferral, asset security isolation, ﬂexible wealth inheritance, strict confidentiality of information, and so on. Many wealthy families at home and abroad such as Li Ka-shing have used this as their main tool for wealth inheritance.

Global asset allocation can reduce capital risk to the utmost extent, and preserve and increase the value of assets. It has the advantages of contributing to family wealth inheritance, asset portfolios, overseas education for clients' children, financial planning, tax planning, and asset protection. With the ﬂuctuation of the RMB exchange rate, it is necessary to decentralize the holding of some offshore assets and non-RMB assets in order to avoid the systemic risks caused by the excessive localization of assets and the decline of a single currency. Therefore, in recent years, medium to high-networth individuals have been actively engaged in different forms of overseas asset allocation. In view of the strong demand from medium to high-net-worth customers, we have been exploring and perfecting global asset allocation for a long time. Through a unique multifaceted perspective, we have established an "onshore + offshore" integrated investment service system, using globally diversified investment platforms and tools to help customers realize the one-stop allocation of global assets. We provide a number of high-net-worth clients with

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II. Overseas Insurance Compared with mainland insurance, overseas insurance has the following significant advantages: high compensation ratio, broad insurance coverage, efficiently-settled payments, wide-ranging geographical area, high dividend returns, a focus on privacy and confidentiality, convenient reinsurance, and so on. III. Equity Fund of Leading Enterprises in the Industry Under the ever-changing market conditions, industry leaders reﬂect the momentum of the new economy and new technologies. The excellent "Head Wolf" equity project has huge potential for profit. At the same time, we focus on the best time for investors to find equity investments,

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我们可为您提供的解决方案

一、离岸信托和基金会信托和基金会是世界各地富有家族财富隔离、保全与传承的首选架构，已被境内、外的高净值人群广泛使用。主要有税务规划及递延、资产安全隔离、财富灵活传承、信息严格保密等特点，国内外诸多富豪家族如李嘉诚等均以此作为财富传承的主要工具。二、海外保险海外保险与内地保险比，有以下显著优势：赔付比例高、保险范围广、赔付效率高、保障地域广、红利回报高、注重隐私和保密、投保续保方便等。三、行业龙头企业的股权基金在市场瞬息万变的状况下，行业龙头体现着新经济、新技术的增长动力，优秀的“头狼”股权项目存在着巨大的获利空间。与此同时，我们着重为投资者寻找股权投入的最佳时点，避开早期的股权投资，降低陷入企业夭折的风险；同时不参与 pre-ipo 轮的投资，避免估值过高收益不确定的风险，将股权投资锁定在稳定收益的确定性范围内，为客户带来财富的稳定增值。四、全球房产房产投资已成为中国人的信仰和刚需。在房价持续飙升的年代里，多少中国投资者借助不动产投资工具，财富快速增长，成为千万资产甚至亿万资产的“财富阶层” 。在近年来人民币汇率波动、国内房价高企、房景扑朔迷离的状况下，相当一部分先知先觉、独具慧眼的投资者打开全球视野，跟随国家“一带一路” 的步伐，在世界版图中进行海外投资，寻找不动产投资洼地，通过全球资产配置调整自己的财富架构。据《2018 胡润中国投资移民白皮书》显示：目前国内高净值人群海外投资选择最多的是外汇存款、不动产两种类型，其中投资不

| 9th Annual

avoid early equity investments, and reduce the risk of getting caught up in a failing business. Furthermore, we do not participate in pre-IPO rounds of investment to avoid the risk of overvaluation and the uncertainty of overvalued returns. Instead, we lock the equity investment within a certain scope of stable returns, bringing stable growth and appreciation of wealth to customers.

IV. Global Real Estate Real estate investment has become both Chinese people's faith and a strong need. In the era of soaring housing prices, many Chinese investors have used real estate investment tools to rapidly grow their wealth and become a "wealth class" with tens of millions – or even billions – of assets. In the recent years of RMB exchange rate volatility, high domestic housing prices, and confusing housing scenes, quite a number of prophetic and discerning investors have opened up global horizons and followed the country's "One Belt, One Road" move towards making overseas investments across global territories, to look for real estate investment slumps and

adjust their wealth structure through global asset allocation. According to the "2018 Hurun China Investment Immigration White Paper", the investment types which domestic high-net-worth individuals have currently chosen the most are foreign exchange deposits and real estate. The proportion of real estate investment will grow steadily to 44% from 30% in the next three years. More than half of high-net-worth individuals are willing to invest between three million and six million yuan in overseas property.

Dubai – An Investment Paradise for High-Net-Worth Individuals, and a Modern International Metropolis Suitable for Living and Doing Business 1. Investment Three returns when investing in Dubai properties: 01 Rental Yield • Dubai is currently one of the cities with the highest rental yield in the world. According to statistics, the average rate of return on real estate investments in Dubai last year reached 8-10%, and the annual

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动产的比例，在未来三年将从占比 30% 稳步增长到44%，超过一半的高净值人群平均意愿投入 300万至600万元在海外置业上。而迪拜作为中东地区最大的金融、经济、贸易中心，如今更被国际权威机构评选为 2017 年全球最佳不动产投资地！

迪拜 — 高净值人士的投资天堂、适宜生活和经商的现代化国际大都市 1、投资

投资迪拜房产的三种回报： 01 租金回报率 • 迪拜是目前全球租金回报率最高的城市之一，据统计，去年迪拜房产投资平均投资回报率达到 8%-10%，热门地段的房租年收益率高达 10% 以上，因此，投资回收期也非常短，基本 11 年左右即可回本。 • 迪拜作为全球第四大旅游城市，包揽各种世界之最，这里倾尽人类的想象和热情，在碧海蓝天和金色沙漠的相恋中野蛮生长，每年吸引近2000万的游客，房屋租住需求量巨大。

02 房产保值增值 • 迪拜是位于欧洲、亚洲、非洲交汇处的国际大都市，全球排名居前的金融中心与第五大世界航运中心，房价收入比全球第三，与同样性质的新加坡、香港、上海、伦敦、纽约等相比，迪拜平均房价仅为2.5 万 / 平米，处于估值洼地，升值空间十分可观。 • 随着 2020 年世博会的临近，迪拜房价正在逐渐攀升中，加之阿联酋是我国 “一带一路”的核心国，迪拜投资发展署与我国建立了紧密的商业关系，越来越多来自中国的高净值人群正涌入这座城市，经济增长势头相当强劲。 • 迪拜目前整体处于期房市场，在期房

rate of return on rents in popular locations is as high as 10% or more. Therefore, the investment recovery period is also very short. Basically the cost can be recovered in about 11 years. • As the world's fourth largest tourist city, Dubai has the best of all kinds of things in the world. It is full of human imagination and enthusiasm. In between blue sea and sky and golden desert, people's love for it

grows wildly, and it attracts nearly 20 million tourists every year. The demand for housing rentals is huge. 02 Appreciation of Real Estate • Dubai is a cosmopolitan city located at the intersection of Europe, Asia and Africa. It ranks among the world's top financial centers and is the fifth largest shipping center in the world. Its housing price-toincome ratio is the third highest in

以何种金融投资方式投资海外 What kind of �nancial investments are used for investing overseas? 目的

Purpose

升降趋势

rising or falling trend

未来三年

the next 3 years

外汇存款

Foreign exchange deposit

43%

34%

不动产

Real estate

30%

44%

保险

Insurance

16%

26%

标准理财产品

Standard financial products

16%

25%

股票

Stock

15%

基金

Fund

10%

17%

债券

Bond

14%

信托

Trust

14%

黄金

Gold

艺术品投资

Investment in Arts

期货

Futures

开设海外公司

Opening an overseas company 风投 / 股权投资 VC / PE Venture capital / equity investment VC/PE

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has a fixed exchange rate with the US dollar. 1 US$ equals 3.67 Dirham, which has hardly changed for decades. Buying a Dubai property is equivalent to holding a dollar asset, which can hedge the risk of RMB depreciation and is one of the best means of maintaining and increasing the value of assets.

建成变现后，房产总价将会有至少 20%-30% 的增幅。

03 美元资产增值 • 迪拜的流通货币为迪拉姆，与美元是固定汇率，1美元＝3.67迪拉姆，几十年几乎从未改变。购买迪拜房产就等同于持有美元资产，可对冲人民币贬值风险，是资产保值增值的最佳手段之一。

2. Comfortable Living Environment

2、舒适的生活环境 01 氛围友好包容迪拜是充满梦想和激情的热土，文化开放程度世界排名第二，外来人口占 90% 以上。同时迪拜作为中东以及北非地区中心，对外来人口的吸引力非常强，人口处于高增长状态，平均每天有 761人来到迪拜工作和生活，平均每年 6.5% 人口增长率居全球前列。且非常年轻态， 20--49岁的人口占总人口的79%，200多个民族，类似美国、香港、深圳这样的移民城市，人口心态积极开放、氛围友好宽松、文化多元包容、富有创新精神，朝气蓬勃！ 02 全球第二大安全城市迪拜的法律健全，被国际刑警组织 (Interpol) 评定为世界上最安全的城市之一，在世界安全城市中排名第二。并且，随着迪拜将人工智能技术应用于安全领域，其安全度会进一步提升。 03 国际教育高地教育一直被迪拜政府视为发展命脉之一。迪拜是多元化的教育体制，有 200 多所国际学校，美国的纽约大学、英国的伯明翰大学、澳洲的伍伦贡大学（原译：卧龙岗大学）等世界排名前百的顶尖高校都在此设立了分校，且留学费用远低于英美和国内的国际学校。如果想回国内的学校就读，也可参加华侨生联考，国内顶尖大学对华侨考生的录取分数线大幅降低。

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the world. Compared with Singapore, Hong Kong, Shanghai, London, New York, and others, Dubai's average house price is only 25,000 yuan per square meter, which is a low valuation, and the space for appreciation is considerable. • With the approach of the 2020 World Expo, Dubai's housing prices are gradually rising. In addition, the UAE is the core country of China's "One Belt, One Road". The Dubai Investment and Development Agency has established close commercial relations with China, and more and more high-net-worth people from China are pouring into the city. The momentum of economic growth is quite strong. • Dubai is currently in the market of forward delivery housing. After the completion of the forward delivery housing, the total price of the property will increase by at least 2030%. 03 Appreciation of Dollar Assets • Dubai's currency is the Dirham, which

01 Friendly and Inclusive Atmosphere Dubai is a hot spot full of dreams and passions. Its culture of openness is ranked second in the world, and the number of immigrants accounts for over 90% of the population. At the same time, as a center for the Middle East and North Africa, Dubai is very attractive to the outside population. The population is in a state of high growth. On average, 761 people come to work and live in Dubai every day. The average annual population growth rate of 6.5% is among the highest in the world. Furthermore, the population is very young. A total of 79% of the population are 20-49 years old. Dubai has more than 200 ethnic groups, similar to other immigrant cities in the United States, and Hong Kong and Shenzhen. The population's mentality is positive and open, the atmosphere is friendly and relaxed, and the culture is diverse and inclusive. It is really a city full of innovation and vigor! 02 The Second Safest Large City in the World Dubai's laws are sound, and it has been rated by Interpol as one of the safest cities in the world and ranked second within the world's safe cities.

3、良好的经商环境 01 税收极低得益于稳定的社会经济，在迪拜注册的企业增值税 5%，全球最低，别无其他税收，且有部分行业无税收。 02 贸易、经济中心迪拜作为欧亚非大陆的贸易中心和货物集散地，是重要的贸易交通枢纽，海运的必经之处，世界级的基础设施，整个城市的经济充满活力，发展空间巨大。目前已有4200多家中国公司在迪拜运营。 03 航运枢纽作为世界的航空枢纽，国际客流量全球第一。4 小时航程可覆盖全球除北美之外的超�人口，8 小时航程覆盖剩余� 人口。同时根据波罗的海航运交易所和新华社国际航运中心发展指数的排名，迪拜已跻身世界五大航运枢纽之一。综上所述，诚如全球著名的房地产咨询公司 Cluttons，1765 年于伦敦创立，已有 253 年历史，在全球 100 多个国家开展业务，专业从事资产估值、物业咨询的权威机构发布的重磅报告：迪拜—— “2017年全球最佳房地产投资地”！资产配置最大的价值是通过敬畏风险、分散风险、对冲风险后让我们在财富之上，与未来有约！谁说“劝君更尽一杯酒，西出阳关无故人”？！去迪拜看看，去与雄心勃勃、充满激情和梦想的酋长共赏： “大漠孤烟直长河落日圆”！

Furthermore, as Dubai applies artificial intelligence technology to its security field, its security will be further enhanced. 03 International Education Heights Education has always been regarded as one of the life-bloods of the Dubai government. Dubai has a diversified education system with more than 200 international schools. The top 100 universities in the world such as New York University in the United States, the University of Birmingham in the United Kingdom, and the University of Wollongong in Australia have set up branches here. Furthermore, the cost of studying abroad is much lower than that of international schools in the UK, the US and China. If you want to go back to a domestic school, you can also take a dual entrance exam for overseas Chinese students. The admission scores for overseas Chinese candidates at the top universities in China have been greatly reduced.

3. Good Business Environment 01 Very Low Taxes Thanks to a stable social economy, companies registered in Dubai enjoy a VAT rate of 5%, the lowest in the world. There are no other taxes, and some industries have no taxes at all. 02 Trade and Economic Center As a trade center and cargo distribution center for Europe, Asia and Africa, Dubai is an important trade and transportation hub and a necessary location for shipping. The world-class infrastructure breathes vitality into the city's economy and there is enormous room for

development. More than 4,200 Chinese companies are currently operating in Dubai. 03 Transport Hub As the world's aviation hub, international passenger traffic ranks first in the world. A four-hour-long flight reaches more than one third of the world's population (with the exception of North America), and an eight hour flight reaches the remaining two thirds. At the same time, according to the rankings of the Baltic Shipping Exchange and the Xinhua News Agency International Shipping Center Development Index, Dubai has become one of the top five aviation hubs in the world. In summary, just as one influential report stated, Dubai is the "world's best real estate investment destination in 2017"! The report was issued by Cluttons, a world-renowned real estate consulting company, which was founded in London in 1765 and has a history of 253 years. It operates in more than 100 countries around the world, and is also a professional organization engaged in asset valuation and property consulting. The greatest value of asset allocation is to let us control wealth and, after diversifying and hedging risks, let us have an appointment with the future! Who said "Of wine, won't you drink one last cup with me? West beyond Yang Pass, no old friends you'll see?!" Go to Dubai and have a look, and enjoy the "splendid scene of glorious setting sun over the edge of the desert" together with the ambitious, passionate and dreamy chiefs!

Member Contribution

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塞浦路斯国际信托 (“CIT”) 简介

The Cyprus International Trust (CIT) In a Nutshell Alexandros Philippides

Alexandros Philippides Director Oneworld ltd

Alexandros 是我们税务和法律服务部门的董事。他在建议客户以金融服务为重点安排国际活动方面拥有相当丰富的经验。他曾参与多个项目，包括税务筹划、金融服务公司牌照、内部审计、合规职能和监管问题。 Alexandros 是一名注册会计师，持有诺丁汉大学的学士学位。他是 Oneworld 有

限公司的国际税务、法律和金融服务顾问。

Oneworld 有限公司的主要业务是信托和企业服务，集团总部在塞浦路斯 ( 欧盟成员国 ) 成立了30 年 , 在迪拜的办公室成立超过了10年 , 该公司提供精品和量身定制

的专业服务，包括公司、信托、管理、银行、会计、企业迁移服务 , 以及建立和管理私人基金和信托。

Oneworld 的公民和居住咨询服务台在全球范围内提供公民和居住服务。

没有典型的 Oneworld 客户。从充满活力的年轻企业到全球企业，从高净值个人到他们的家庭和顾问，我们都为他们服务。我们关注的不仅仅是他们的财富，还有他们的未来。我们不仅仅是他们的顾问，我们也是他们的合作伙伴。这就是我们在信托、商业和金融服务领域表现突出的原因。

Alexandros is a director, heading our tax and legal services. He possesses considerable experience in advising

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clients to structure their international activities with emphasis on financial services. He has been involved in diverse projects covering tax planning, licensing of financial services companies, internal audit, compliance functions and regulatory issues. Alexandros is qualified as a Chartered Accountant and holds a bachelor's degree from the University of Nottingham. He is an adviser to Oneworld ltd for international tax, legal and financial services issues. Oneworld ltd is a major fiduciary and business services group with headquarters in Cyprus (EU member country) for 30 years and in Dubai over the last 10 years, and provides boutique and tailor made professional services including incorporation, fiduciary, administration, banking, accounting, corporate migration services, as well as setting up and administering private funds and trusts. Oneworld's Citizenship and Residency advisory desk provides citizenship and residency services around the globe. There are no typical Oneworld clients. From dynamic young enterprises to global corporations, from high net worth individuals to their families and consultants. We serve them all. We are not just looking after their fortunes but their futures. We are not just their advisors, we are their partners. Which is why we are prominent in fiduciary, business and financial services.

he Cyprus International Trusts regime enables Cyprus nontax residents to create a Cyprus Trust and enjoy the highest degree of asset protection and create estate planning internationally along with numerous tax benefits and high level of confidentiality. The definition of a Cyprus International Trust (CIT) has become more ﬂexible: • Allows the settlor / beneficiary to become a Cyprus resident as long as neither the settlor nor the beneficiary take up residence during the calendar year preceding

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塞

浦路斯国际信托制度使塞浦路斯的非税收居民能够建立塞浦路斯信托，享受最高程度的资产保护，并在国际上制定遗产规划，并享有众多的税收优惠和高度保密。塞浦路斯国际信托 (CIT) 的定义变得更加灵活 : • 允许授予人 / 受益人成为塞浦路斯居民，只要授予人或受益人在信托成立前的历年居住，之前对塞浦路斯不动产投资的限制已经解除。现在，信托财产可以包括塞浦路斯的不动产，在整个信托期间，至少有一名受托人是塞浦路斯的永久居民。 • 就法律而言，即使财产授予人、受托人或受益人是塞浦路斯公司或合伙企业，一份信托仍有资格成为 CIT。事实上，这为许多投资者提供了独特的机会。

the year the trust was set-up the previous restriction on investment in immovable property in Cyprus has been lifted. It is now possible for the trust property to include real estate in Cyprus at least one of the trustees, during the whole duration of the trust, is a permanent resident of Cyprus.

• A trust can still qualify as a CIT for the purposes of the law even if the settlor, trustee or the beneficiaries are Cypriot companies or partnerships. In fact this provides unique opportunities for a wide range of investors. The trust will be subject to the Cyprus'

该信托受塞浦路斯 1992-2013 年国际信托法的制约。CIT 从商业和税收的角度来看是有利的，也是机密的。此外，如果受益人不是塞浦路斯的税务居民，他

International Trust Law 1992-2013. CITs are favourable from a business and tax perspective and confidential. Also if the beneficiaries are not Cypriot tax residents, they are exempt from Cyprus taxation. A CIT is established by a settlor (individual or legal entity) and is a means whereby property (the Trust Property) is held by one or more persons (the Trustees) for the benefit of another or others (the Beneficiaries) or for specified purposes. A Protector who can be the Settlor may be appointed to oversee the work of the Trustee. As one of the trustees needs to be a Cypriot tax resident and a regulated person under the

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们也可免于塞浦路斯的税收。托管人是由财产财产授予人 ( 个人或法人实体 ) 设立的，是一种财产 ( 信托财产 ) 由一人或多人 ( 受托人 ) 为他人 ( 受益人)的利益或特定目的而持有的手段。可指定一名可任财产授予人的保护人监督受托人的工作。由于其中一名受托人必须是塞浦路斯税务居民，以及根据 2012/2013 年管理提供行政服务的公司的法律受监管人士。为建立信托，必须签署一份信托契约，定义以下概念 : • 授予人 • 信托资产 • 受益人 • 持续时间；信托可以永远存在 • 保护人 ( 执行者 )；( 即你或公司中可信赖的人 ) • 受托人及其权力

税务方面国际信托受当地信托法制约，在塞浦路斯不征税。事实上，CIT 拥有重要的税收优势，为利益相关方提供了重要的税收筹划机会。以下的税收优惠说明了尽量减少税收的可能选择 : • 在塞浦路斯，CIT( 即财产位于塞浦路斯境内且收入来自塞浦路斯境外的信托公司 ) 的所有收入，无论交易与否，都不征税 • 如果受益人不是塞浦路斯的税务居民，则信托公司从塞浦路斯公司获得的股息、利息或其他收入既不应课税，也不需预扣税。尽管持有塞浦路斯公司股份的信托公司可能不是 CIT，但这项豁免取决于塞浦路斯只对塞浦路斯居民征税这一事实。由于受益人不是塞浦路斯居民，因此对信托的分配不征税

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Law regulating companies providing administrative services of 2012/2013. For the creation of a trust a trust deed must be signed, defining the following: • The settlor • The trust assets • The beneficiary/ies • The duration; the trust may exist in perpetuity • The protector (enforcer); (i.e. you or a trusted person in a corporate

capacity) • The trustees and their powers

Tax aspects International trusts are governed by the local trust law and are not taxed in Cyprus. In fact, CIT enjoy important tax advantages providing significant tax planning opportunities to interested

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•CIT 资产处置所得 ( 持有塞浦路斯房地产除外 ) 在塞浦路斯不征收资本利得税 • 在塞浦路斯，为遗产税规划目的而创建的 CIT 不需缴纳遗产税当地信托 ( 在这种信托中，财产授予人或任何受益人都是塞浦路斯居民 ) 在所得税方面仍将被视为透明的工具。在塞浦路斯国际信托的情况下，如果不包括当地利润，则不会对其收入、资本或分配征收塞浦路斯税。

优点 CIT 有很多优点，包括 : • 可能永远存在 • 其收入可以在整个信托期间累积 • 如果其条款如此规定，适用于其的法律可以变更为外国法律，前提是新法律承认信托的有效性和受益人的各自利益 • 资产保护是国际信托法的基石。目前的立法旨在限制债权人将资产转移预留给信托基金的权力。法律使信托即使在财产授予人破产的情况下也难以使其无效，除非信托的设立背后有明显的欺诈意图。证明责任在于债权人，任何诉讼必须在付款或转让后两年内提起 •CIT 来自或被认为是来自塞浦路斯以外来源的收入和利润是完全免征所得税，也不征收在塞浦路的其他税收，如资本利得，特殊贡献等等。信托财产不缴纳遗产税。 • 任何与继承或继承有关的法律，无论是塞浦路斯法律还是外国法律，都不会以任何方式影响信托的转让或处置，或以其他方式影响信托的有效性

parties. The following tax privileges are indicative of the possible options for tax minimization: • All income, whether trading or otherwise, of a CIT (ie a trust whose property is located and income is derived from outside Cyprus) is not taxable in Cyprus • Dividends, interest or other income received by a trust from a Cyprus company are also neither taxable nor subject to withholding tax provided that the beneficiaries are not tax residents in Cyprus. Even though a trust with shares in a Cypriot company may not be a CIT, the exemption relies on the fact that Cypriot tax is imposed only on Cyprus residents. As the beneficiaries are not residents of Cyprus, no tax is imposed on the distributions made to the trust • Gains on the disposal of the assets of a CIT (except in the case it holds Cyprus real estate) are not subject to capital gains tax in Cyprus • A CIT created for estate duty planning purposes would not be subject to estate duty in Cyprus Local trusts ie trusts under which either the settlor or any beneficiary is a Cypriot resident, will still be treated as transparent vehicles for income tax purposes. In the case of Cypriot international trusts, provided that no local profit is included, no Cypriot tax will be levied on their income, capital or distribution.

登记

Strong points

根据 2012/2013 年的《国际信托 ( 修改 ) 法》， CIT 必须在塞浦路斯证券交易委员会 (CySEC) 注册。信托的名称和受托

A CIT has many advantages, including: • May exist in perpetuity • its income can be accumulated for

the entire duration of the trust • If its terms so provide, the law applicable to it can be changed to a foreign law, provided that the new law recognizes the validity of the trust and the respective interests of the beneficiaries • Asset protection is the cornerstone of the International Trust Law. The current legislation is designed to limit the power of creditors to set aside transfers of assets into a trust. The law makes it difficult to invalidate the trust even in the event of a settlor's bankruptcy unless clearly fraudulent intention was behind the creation of the trust. The onus of proof lies on the creditor and any action must be brought within two years from the payment or transfer • The income and the profits of a CIT derived or deemed to be derived from a source outside Cyprus are completely exempt from income tax or any other tax imposed in Cyprus such as capital gains, special contribution etc. The property of the trust is not subject to estate duty • No law, Cypriot or foreign, relating to inheritance or succession affect any transfer or disposition in favour of the trust in any way or otherwise affect its validity

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人的详细信息必须提交给塞浦路斯证券交易委员会 (CySEC)，而不是实际的信托契约。

信托登记册应包括 : • 信托公司的名称 • 每个受托人在所有相关时间的姓名和详细地址 • 信托成立日期 • 管理信托的法律与塞浦路斯法律的任何变更的日期和信托终止的日期 • 此外，如果主管部门在调查过程中提出正式要求，我们有义务向塞浦路斯证券交易委员会 (CySEC) 披露以下信息: • 受托人的姓名 • 授予人的姓名 • 受益人姓名或受益人类别信息，包括根据信托向其发放任何款项的受益人 • 保护人名称 ( 如适用 ) • 基金经理、会计师、税务顾问 ( 如适用 ) • 信托的活动 • 任何其他对信托行使有效控制的人提供信托服务的人必须在塞浦路斯共和国境内拥有该信息，以便随时向有关主管当局披露和检查。最后，请注意，受托人、财产管理人和受益人的姓名是向银行机构披露的信息，作为其尽职调查程序的一部分。此外，信托必须保存会计记录并编制帐目，因为作为信托的税务代理人的受托人必须提交信托的纳税申报表。

保密性在保密方面，法律禁止受托人、保护人和任何其他人披露有关信托的信息。除非法庭只可就已证明的刑事罪行发出命令，否则不得披露任何文件或资料 : • 定居者或受益人

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Registration The International Trusts (Amending) Law of 2012/2013 requires that CITs are registered with Cyprus Securities and Exchange Commission “ ( CySEC). The Name of the trust and details of the trustee must be submitted to CySEC, but not the actual trust deed.

The Register of Trusts should contain: • The name of the trust • The name and full address of every trustee at all relevant times • The date of establishment of the trust • The date of any change in the law governing the trust to or from Cyprus law and the date of termination of the trust • Furthermore, in case of an official request in the process of an investigation by the Competent Authorities we are obliged to disclose to CySEC the following: • Name of the trustees • Name of the settlor • Names of beneficiaries or information on the class of beneficiaries

including the beneficiaries to whom any distributions have been made pursuant to the trust • Name of protector (if applicable) • Fund manager, accountant, tax consultant (if applicable) • The activities of the trust • Any other person who exercises effective control over the trust. The person providing trust services must have this information available in the Republic of Cyprus for disclosure to and inspection by the relevant Competent Authority at all times. Finally, note that the names of the trustees, settlor and beneficiaries is information that is disclosed to banking institution(s) with which the SPV is (or will be banking with) as part of their due diligence procedures. Furthermore the trust must keep accounting records and prepare accounts, as the trustee, who is acting as a tax agent to the trust, must submit the trust's tax returns.

Con�dentiality Regarding confidentiality, the law prohibits the trustee, protector, and

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• 受托人行使权力或自由裁量权的方式 • 任何特定行使受托人权力的原因 •CIT 的账目应该注意的是 , 如果一个受益人提交请求的受托人披露账户 CIT 或相关文件收支的受托人 , 受托人有权向受益人披露此类信息如果在受托人的意见的披露是必要的和信任的最佳利益。

使用塞浦路斯信托基金 CIT 广泛用于所谓的“家族情况”，但也用于商业和商业交易，以及作为慈善和其他目的的载体。例如，可以在以下情况下成立 CIT: • 为未成年人或一个家族的连续几代人持有财产 • 保护财产不受挥霍者侵害 • 为信托继承人提供保密和隐私

• 在婚姻关系上为一对夫妇提供保障，同时确保所提供的财产在婚姻失败时被“捆绑” • 根据家族成员将来的需要，在他们需要的时候，为他们建立一个基金 • 作为投资工具 ( 通常通过单位信托 ) • 为员工和受抚养人提供养老金 • 为员工提供激励：例如通过各种员工信托基金 • 为非慈善的抽象目的 “ ( 目的信托”) 作出规定 • 使慈善目标得以实现 • 作为商业安排的一部分 : 例如，保护商业贷款人

any other person from disclosing information concerning the trust. Unless a court order is issued which is possible only for proven criminal offences, no documents or information can be disclosed on any of the following: • Settlor or beneficiaries • The way the trustee exercises powers or discretion • Reason for any particular exercise of a trustee power • Accounts of the CIT It should be noted that if a beneficiary submits a request to a trustee for the disclosure of the accounts of a CIT or documents relating to receipts and payments of a trustee, the trustee has the power to disclose such information to the beneficiary if in the trustee's opinion the disclosure is necessary and in the best interests of the trust.

Uses of a Cyprus Trust CITs are widely employed in what may be loosely termed 'family situations' but also in commercial and business transactions and as a vehicle for

charitable and other purposes. For example a CIT may be created: • To hold for property for minors or successive generations of a family • To protect property against spendthrift people • To provide secrecy and confidentiality to the successors of the trust • To provide for a couple on their marriage whilst ensuring that the property so provided is 'tied up' in the event of that marriage failing • To establish a fund for the benefit of family members according to future needs as and when they arise • As an investment vehicle (typically via unit trusts) • To provide pensions for employees and dependants • To provide an incentive to the workforce: e.g. via employee trusts of various kinds • To make provision for abstract purposes which are not charitable ('the purpose trust') • To enable charitable objects to be carried out • As part of commercial arrangements: e.g. to protect commercial lenders

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Member Contribution

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马耳他——一个通往欧盟生活和经商的门户 Malta— A Gateway to Living and Doing Business in the EU

Kenneth Camilleri

马

耳他具有友好的商业环境，成熟而充满了机会，同时也是人们可以安全地进行投资、资产保护和财富规划，或许还是一个开辟第二居所或拥有第二公民身份的好地方，毫无疑问是投资者的天堂。马耳他是一个位于欧洲和北非之间十字路口的岛国，正日益成为亚洲投资者心目中的理想投资目的地。

A business-friendly environment that is ripe with opportunities, yet where one can safely invest and cater for asset protection and wealth planning, and perhaps take up a secondary residence or citizenship is an investor's paradise. Malta, an island nation located at a crossroads between Europe and North Africa is increasingly being eyed by Asian investors as an ideal destination for investment.

Kenneth Camilleri

Kenneth Camilleri 是高奇律师事务的居留，公民身份及税务的高级合伙人。

Kennet 是一名国际税务顾问，他擅长公

司税和间接税。作为一名获得认证的公民身份和居住权代理人，Kenneth 在税务、移民和遗产规划等方面为公司一些最著名的高净值家庭提供咨询。

过去 10 年，高奇律所一直积极参与中国事务，涉及的领域包括在法律会议上发言、与中国律师事务所和咨询公司合作、向律所、银行、家族理财室和移民中介提供马耳他和欧洲法律、税务和移民咨询服务等。该公司还帮助中国企业进行国际投资。

Kenneth Camilleri is a Senior Partner in Residency and Citizenship & Tax at Chetcuti Cauchi Advocates. Kenneth is an international tax advisor with

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key specialisations in corporate tax and indirect taxation. As an accredited Citizenship and Residency Agent, Kenneth advises some of the firm's most prominent high net worth families in matters of tax, immigration and estate planning. The firm has been actively involved in China for the last decade with different involvements ranging from speaking at legal conferences, working with Chinese law firms and consultancy companies and providing Maltese and European legal, tax and immigration advice to law firms, banks, family offices and immigration agents. The firm has also assisted Chinese companies in international investment.

E: Kenneth@cclex.com

The Republic of Malta is strategically located at the heart of the Mediterranean, just a 2-hour ﬂight away from most European capitals. Maltese is the national language common to most natives; however, English is an official language as well which is widely spoken and used for day to day business in Malta, with official documentation and regulation also being in English. Malta became a full member of the European Union in 2004 and adopted the region's common currency in 2008 which has significantly increased the country's attractiveness for trade. As a member of the Schengen Area, Malta also grants its citizens the right to travel freely across the Area made up of 26 European Countries, a factor which has attracted several investors to invest in Maltese Citizenship by Investment. Besides being a destination of choice for those seeking to do business within

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马耳他共和国地理位置优越，位于地中海的中心地带，距离大多数欧洲国家的首都仅有 2 个小时的航程。马耳他语是大多数当地人的共同语言，但英语也是官方语言之一，被广泛地应用马耳他人的日常业务中，官方文件和规定也采用英语。马耳他于 2004 年成为欧盟的正式成员，并在 2008 年采用该地区的共同货币，这显著提高了该国的贸易吸引力。马耳他作为申根地区的成员之一，还赋予其公民在 26 个欧洲国家之间自由旅行的权利，这也是吸引了一些投资者以马耳他公民身份进行投资的其中一个因素。除了作为寻求在欧盟境内开展业务的人士的首选目的地外，马耳他还是一个有利于家庭生活的和热情好客的行政辖区。马耳他位列全世界最安全的国家之一，被认为是家庭生活的理想搬迁目的地。马耳他还享有国际知名的教育体系，包括公立和私立的学校。

政治环境与经济一览马耳他的政治环境稳定，两党轮流执政，主要集中在具有国家和经济重要性的问题上。马耳他是一个完全遵守不结盟政策的议会制共和国，因此在国际事务中享有政治中立。该国与邻国关系良好，并在全球建立起完善的双边和多边关系网。马耳他的政治稳定成为其健康的经济和高质量生活的前提 - 吸引了大量外国直接投资的同时也吸引了家庭和退休者。

the EU, Malta is also a very familyfriendly and welcoming jurisdiction. Being ranked amongst the top safest locations in the world, Malta is considered as an ideal relocation destination for families. Malta also enjoys an internationally acclaimed education system with both public and private schooling options.

Political Climate and Economic Snapshot Malta enjoys a stable political climate and a bi-partisan political scene that is largely convergent on issues of national and economic importance. Malta is a parliamentary republic fully adherent to a policy of nonalignment, therefore enjoying political neutrality in international affairs. The country has excellent relations with neighbouring countries, as well as a well-developed network of bilateral and multi-lateral relations across the globe. Political stability in Malta has served a precursor for sound economy and good quality of life – attracting high levels of FDI, and attracting families and retirees alike.

Malta's economy has been resilient through times of financial turmoil, being one of only two states in the Euro Zone (the other being Germany) to maintain economic growth during the 2008 financial crisis. The Maltese economy has undergone several changes over the past years. Higher value-added sectors, such as online gaming, blockchain, aircraft maintenance, pharmaceuticals, the film industry and property development have gained traction, indicating a shift towards more knowledge-intensive sectors. Traditional sectors like manufacturing and tourism have been sustained through competitiveness, whilst new economic sectors such as healthcare, energy, education and logistics have attracted considerable investment. Because of the increased economic performance, GDP economic growth for Malta in 2018 is expected to increase by 5.4%, which is more than double the forecasted EU average growth rate which stands at 2.1%. This indicates a robust yet moderated

在金融风暴时期，马耳他的经济一直保持弹性，是 2008 年金融危机期间能够维持经济增长的欧元区（另一个是德国）中仅有的两个国家之一。马耳他经济在过去几年中经历了几次变化。具有较高附加值的行业，如在线

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博彩、区块链、飞机维护、制药，电影行业和房地产开发等都受到了关注，这表明其开始向知识密集型行业的转变。制造业和旅游业等传统行业通过竞争力得以持续发展，而医疗保健、能源、教育和物流等新经济部门则吸引了大量的投资。由于经济效益的增长，预计 2018 年马耳他的 GDP 经济增长率将增长 5.4％，是预测的欧盟平均增长率 2.1 ％的两倍以上。这表明继 2017 年实际 GDP 增长 6.4％之后，增长模式仍然保持着稳键而温和增长的势头。根据欧盟统计局的数据，马耳他 2017 年的政府盈余为 4.366 亿欧元，占 GDP 的 3.9％，并创造了当年最高的欧盟盈余，超过了德国和荷兰。马耳他的经济成功促使穆迪、惠誉和国际货币基金组织（IMF）等评级机构肯定了马耳他的经济增长并预测其未来几年的经济盈余。

高净值人士在马耳他居住和获取公民身份的选择 - 通往欧盟生活和经商的门户自 2014 年启动马耳他个人投资者计划（MIIP）——一项富裕人士在马耳他进行经济投资后为其提供马耳他公民身份的计划以来，马耳他已经成为那些寻求获得经济公民身份的人们非常受欢迎的选择。马耳他公民身份给予许多福利，包括 1 年的欧洲公民身份以及在您等待获得公民身份时授予申根居留权，使申请人能在不到一年的时间内开始享受行动的自由。要想达到申请资格，申请人必须年满 18 周岁，并且信誉良好，无犯罪记录。申请人需要：

• 购置 35 万欧元的房产，或每年租赁 16000 欧元的房产，

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growth pattern following the 6.4% real GDP growth in 2017. According to Eurostat, Malta registered a €436.6 million government surplus in 2017, reaching 3.9% of GDP, and setting itself as the highest registered EU surplus for the year, exceeding the surplus registered by Germany and the Netherlands. Malta's economic success has led rating agencies such as Moody's, Fitch and the IMF to praise Malta's economic growth and forecast an economic surplus for years to come.

Maltese residency and citizenship options for HNWs – a gateway to living and doing business in the EU Ever since the launch of the Malta Individual Investor Programme (MIIP) in 2014, a programme which grants Maltese citizenship to affluent individuals of good repute following an investment in the Maltese

economy, Malta has become a highly popular option for those seeking to attain economic citizenship. Maltese citizenship grants a number of benefits, including European citizenship within 1 year and the grant of Schengen residency while you wait for citizenship, allowing applicants to start benefitting from freedom of movement within less than a year. In order to be eligible, the applicant would need to be at least 18 years of age, and be in good standing with a clean criminal conduct. The applicant would need to: • purchase a property at €350,000, or rent a property at €16,000 per annum, • make a contribution of €650,000, • buy government Bonds amounting to €150,000, • and establish a genuine connection with Malta.

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• 捐款 65 万欧元， • 购买数额达 15 万欧元的政府债券， • 并与马耳他建立真正的联系。此外，2015 年推出的马耳他居留和签证计划（MRVP）吸引了信誉良好的个人及其家属，他们并非欧盟或欧洲经济区的国民和长期居民，也不属于任何其他居住计划的马耳他居民。有了依据 MRVP 而获得的住所才能取得马耳他居留许可。反过来，该许可证也允许其受益人在申根区自由旅行。居留许可还将使受益人有机会在马耳他无限期地居住、定居和居留。然后，相对欧盟居留卡每 5 年更新一次。申请人想获得马耳他居留许可，必须；

• 在马耳他的未指定区域购买 320000 欧元的房产，或以每年 12000 欧元的价格租赁房产，或 • 在 Gozo 或马耳他南部地区购买 270000 欧元的房产，或以每年 10000 欧元的价格租赁房产； • 向马耳他政府债券投资 25 万欧元；且 • 提供不可退还的 30000 欧元的捐款。除了 MIIP 和 MRVP 之外，马耳他还为寻求获得马耳他居住权的投资者提供了多种选择，即马耳他黄金签证或马耳他全球居住计划。几个非欧盟国家的国民，包括很多亚洲富裕人士和家庭已获得了马耳他公民身份，其中的原因不尽相同。根据上述计划中的一个，投资者将能够搬迁到一个稳定、经济合理的管辖区，这个管辖区能提供宁静的地中海式的生活方式，以及欧洲国家所提供的高标准生活。马耳他公民也有机会在任何欧盟成员国生活、工作、搬迁或经商。在马耳他经商是一种安全而有利的选择。马耳他拥有出色且评价很高的银行基础设施和强大的金融服务部门，是寻

Additionally, the Malta Residency and Visa Programme (MRVP) Launched in 2015 attracts reputable individuals and their dependents, who are not EU or EEA nationals and long-term residents or, residents in Malta under any other Residency programme. Residence which is acquired under the MRVP results in a Maltese residence permit. This permit, in turn, allows its beneficiaries to travel freely in the Schengen Area. The residence permit will also give beneficiaries the opportunity to reside, settle and stay on indefinitely in Malta. The relative EU residence card is then to be renewed every 5 years. Applicants, to obtain a Maltese residence permit, must; • purchase a property at €320,000, or rent a property at €12,000 per annum, in undesignated areas in Malta, or; • purchase a property at €270,000, or rent a property at €10,000 per annum, in Gozo or in the Southern region of Malta, and; • invest €250,000 in Maltese Government bonds, and; • contribute a non-refundable €30,000.

Under one of the aforementioned programmes, investors will be able to relocate to a stable, economically sound jurisdiction which offers the beauty of a calm Mediterranean lifestyle coupled with the high standard of living offered by a European country. Maltese citizens also have the opportunity to live, work, relocate or do business in any EU member state. Doing business through Malta is a safe, yet advantageous option. Malta has an excellent and highly rated banking infrastructure and a robust financial services sector that make is an ideal alternative for investors, fund managers, and insurance businesses seeking a European domicile that is significantly more cost effective than financial services centres such as London or Luxembourg, but which is still competitive and a pioneer in various respects. Thus, under the Malta citizenship by Investment programme a non-EU entrepreneur or business person would be able to tap into the EU internal market which would have been previously inaccessible to him or her. Additionally, an investor would be able to benefit from visa-free travel to 168 destinations, including the US, Canada and the UK.

Besides the MIIP and MRVP, Malta offers a number of options for investors seeking to attain Maltese residency as well, namely the Malta Golden Visa or the Malta Global Residence Programme. There are various reasons why several non-EU nationals, including a number of Asian HNWI and families have attained Maltese citizenship.

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求在欧洲居住的投资者、基金经理和保险业务人的理想选择，该永久居住地要比伦敦或卢森堡等金融服务中心更具成本效益，虽然这些中心仍然具有竞争力，并且在各方面都成为先驱。因此，根据马耳他公民投资计划，非欧盟企业家或商业人士将能够进入欧盟内部市场，这是以前无法进入的。此外，投资者可以享受到 168 个目的地的免签证旅行，包括美国、加拿大和英国。

公民身份和税收 - 移民前和税务咨询美国首席大法官曾经说过， “征税的权力是摧毁的权力”，实际上，削弱企业的税收已经关闭了众多司法管辖区人企业并赶走了投资者。马耳他懂得平衡在这方面的重要性，并已做出努力，建立起一种有利于企业的税收制度，使企业能够繁荣并吸引外国投资。投资者应该比其他任何人更了解税务规划，特别是移民前的税务规划是避免产生税收的必要条件。马耳他为那些获得马耳他公民身份但不在此地居住的人提供中立的税收环境，但也为在马耳他选择税务居住的外籍人士提供无与伦比的优质生活和税收优化的机会。应该注意的是，马耳他公民身份并不会自动产生税务居留权，该权利是与马耳他发生了真正联系而产生的，是有资格获得马耳他公民身份所必需的。在满足马耳他公民身份计划所规定的居住要求时，人们可以谨慎地假设投资者将被视为至少两年的税务居民，在这之后还可以延长 12 个月的公民身份。但是，被视为马耳他的税务居民并不一定会产生税收。税收只适用于在马耳他产生收入或资本收益的外国居住者，以及在马耳他收到的外国收入（不包括资本或资本收益），这一系统通常被称为税收的来源和汇款基础。因此，准公民将能够通过合理的移民前

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Citizenship and Taxation – PreImmigration and Tax Advice A US Chief Justice once said, 'the power to tax is the power to destroy', and indeed taxation which cripples enterprise has closed down businesses and driven investors away in a number of jurisdictions. Malta understands that balance is crucial in this regard and has sought to foster a businessfriendly tax regime that allows businesses to prosper and attracts foreign investment. Investors should know better than anyone else that tax planning, particularly pre-immigration tax planning is a must to avoid incurring taxes which could be avoided. Malta offers a tax neutral environment for those who obtain Maltese citizenship but do not take up residency here but also offers expatriates who elect for tax residency in Malta unrivalled quality living and tax optimisation opportunities.

One should note that Maltese citizenship does not automatically create a tax residency, but this arises due to the genuine link with Malta which is needed to qualify for Maltese citizenship. When meeting the residency requirements set under Malta's Citizenship Programme, one can prudently assume that the investor will be considered a tax resident for at least two years over which the 12-month timeline for citizenship extends. However, being considered tax resident in Malta does not necessarily result in taxation. Tax will only be due for resident foreigners on income or capital gains arising in Malta, and foreign income (excluding capital or capital gains) which have been received in Malta, a system which is commonly referred to as the source and remittance basis of taxation. Thus, through sound pre-immigration planning advice, a prospective citizen will be able to reap the benefits of Malta's tax resident-non-dom regime

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规划建议从马耳他的税务居民 - 非居民制度中获益，该制度允许个人在税收的汇款基础上纳税。

马耳他控股公司：灵活且节税的结构归功于其灵活的设立结构以及其具有成本效益的国内税收待遇，马耳他控股公司已成为非常受欢迎的选择，同时成为一个进出欧盟的理想渠道。设立马耳他控股公司的目的是方便以任何形式持有股票、证券和商业资产，如房地产、固定资产、飞机、投资、银行账户和知识产权以及个人资产，包括游艇、住宅物业和艺术品等任何奢侈品。从税收的角度来看，符合条件、有资格参与控股的控股公司，根据马耳他参与豁免制度，将免于在马耳他就马耳他公司所得的任何收入或资本收益纳税。不符合资格或选择在另一个不同制度下征税的控股公司仍可从马耳他的完全归集抵免制中受益，实际上可以免税或享受以下退税之一： • 在马耳他所纳的 5/7 的税，其中该公司所得收入为被动利益或特许权使用费或参与控股所得的收入或资本收益，其并不在某些避风港内或满足反滥用条款； • 马耳他应纳税额的 2/3，其中收入受益于双重征税减免。 • 在所有其他情况下的马耳他税收的 6/7。此外，马耳他控股公司向非居民支付的股息将免征马耳他预扣税。此外，马耳他控股公司的非居民股东，其主要资产并不包括位于马耳他的不动产，前提是该收益或利润的最终受益所有人并不直接或间接地由在马耳他居住的个人所拥有和控制，也不代表其行事，则其在马耳他公司处置股份时所获得的收益将获得免税。值得注意的是，马耳他还与世界多国签

which allows individuals to be taxed on a remittance basis of taxation.

Malta Holding Companies: Flexible and Tax-e�cient Structures Malta holding companies have become a highly popular option and an ideal conduit to and from the EU mainly due to their ﬂexible setup structures, as well as their costeffective domestic tax treatment. Malta holding companies can be set up in order to hold shares and securities and business assets in any form such as real estate, fixed assets, aircraft, investments, bank accounts and intellectual property as well as personal assets including any luxury items such as yachts, residential property, and works of art. From a taxation point of view, holding companies which qualify as qualifying participating holdings under the Malta Participation Exemption regime will be exempt from tax in Malta on any income or capital gains derived by Malta companies. Holding companies which do not qualify, or opt to be taxed under a

different regime could still benefit from Malta's full imputation system, effectively resulting in an exemption from taxation, or one of following tax refunds: • 5/7ths of the Malta tax paid, where the income received by the company is passive interest or royalties or income or capital gains from a participating holding which does not fall within certain safe harbours or satisfy the anti-abuse provisions • 2/3rds of the tax payable in Malta, where income has benefitted from double taxation relief. • 6/7ths of the Malta tax in all other cases. Additionally, dividend payments made by Malta holding companies to non-residents are paid free of Malta withholding tax. Moreover a nonresident shareholder of Malta holding companies would be exempt from tax in Malta on the gain derived upon the disposal of shares in a Maltese company whose main assets do not consist of real estate situated in Malta, provided that the ultimate beneficial owner of the gain or profit is not directly or indirectly owned and controlled by, nor acts on behalf of individuals who are resident and domiciled in Malta. One should note that Malta has also concluded over 70 double taxation treaties with different countries around the world which provide for relief from double taxation. Most of these treaties are based on the OECD model. Where no such treaty has been concluded, one may benefit from the granting of unilateral relief or the Flat Rate Foreign Tax Credit system

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订了 70 多项双重征税协定，目的是减轻双重征税。大多数条约均以经合组织（OECD）的模式为基础。如果没有缔结此类条约，便可以从给予单方面救济或外国税收统一抵免制度中受益，该制度也可以减免双重征税。

马耳他的资产保护和财富结构马耳他主要通过促进商业和具有成本效益的国内税收制度的创新型监管措施为追求理想经商平台的人们营造一个非常有利的环境，同时它也是一个稳定的司法管辖区，能提供最佳的资产保护和财富结构。马耳他的信托和基金会是最受欢迎的房地产管理工具，它为个人财富构建有益且安全的方式。公司企业，特别是成功的家族企业，可以成立马耳他私人信托公司，一家作为持有富裕家庭资产的信托受托人的私营公司。或者，可以设立单位信托基金，合并委托给第三人的多名投资者的资源和资金。这个选项非常适合那些无法单独积累大量资金的人（无论是合法的还是自然的），足以让他们获得实质性的投资机会。通过设立单位信托基金，此类投资者将能够集体贡献如此庞大的资金池，并获得以前无法实现的有利可图的投资机会。此外，部分或全部收入来自马耳他以外且其受益人为非马耳他居民或收入依据马耳他法律免税的信托将被作为税务透明实体来对待。

蓬勃发展的金融服务中心在强大的银行业成功的基础上，马耳他借此机会将其自身定位为欧洲金融服务中心。马耳他提供全方位的创新基金结构，包括专业投资者基金（通常称为 PIF，不属于 AIFMD 的马耳他对冲基金）、替代投

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which also provide relief from double taxation.

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

to collectively contribute such large pools of moneys and access lucrative investment opportunities which were previously out of their reach. Additionally, trusts whose income partially or wholly arises outside of Malta and whose beneficiaries are non-Maltese residents or have income which would be exempt from tax under Maltese law will be treated as tax transparent entities.

A thriving Financial Services hub Building on the success of its robust banking industry, Malta has taken the opportunity to style itself as a European financial services centre. Malta offers a whole gamut of innovative funds structures, including Professional Investor Funds (commonly referred to as PIFs, the Maltese hedge fund that does not fall under the AIFMD), Alternative Investment Funds (AIFs), Notified AIFs (an innovate fund product offered in Malta which may be incorporated and market to investors within just 10 days), UCITS (retail funds), private funds and nonUCITS, and Recognised Incorporated Cell Companies. Even though it has a significantly smaller market size than much larger

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资基金（AIF）、通知 AIF（在马耳他提供的创新基金产品，可在短短 10 天内成立公司并面向投资者）、UCITS（零售基金）、私募基金和非 UCITS 以及认可的合作细胞公司。尽管马耳他的市场规模远小于伦敦等大型中心，但其金融服务业因其通过监管形成创新型解决方案的能力不断增强，这使其能够提供完全符合欧盟标准的基金和产品，如 PIF 和通知替代投资基金，可作为欧洲产品的新鲜替代品。通过加密货币和区块链技术获得牵引力很普遍，但只有少数国家为此提供了一个法律框架，企业和投资者可在其中感受到运营安全。马耳他是第一个起草深度法律框架的国家，该框架旨在填补金融科技技术方面的法律真空。2018 年，这个岛国被称为区块链岛，在全面 DLT 立法方面拥有世界第一的声誉。作为欧盟成员国，AIF 和通知 AIF 等马耳他基金可从欧盟的护照通行制度中获益。

博彩业从商业角度来看，不能不提一下马耳他在成为博彩中心方面取得的成功。马耳他立法者是最早对该行业进行监管的人之一，其结果是创造了一个透明的环境，使公司得以安全地成立。此外，马耳他还向试图在此地开店的博彩公司提供了几项财政收益，即低赌博税，因此吸引了几家博彩公司在这里开店。

centres such as London, the Maltese financial services sector has grown for its ability to create innovative solutions through regulation which allows it to offer fully EU-compliant funds and products such as PIFs and Notified Alternative Investment Funds which come as refreshing alternatives to European products. The traction garnered by cryptocurrency and blockchain technology is widespread, yet only a few countries have provided a legal framework within which enterprises and investors can feel safe operating in. Malta is the first country to draft an in-depth legal framework which seeks to put an end to the legal vacuum surrounding fintech technology. In 2018, the island nation became known as the Blockchain Island and boasts a world first in comprehensive DLT legislation. As an EU member state, Maltese funds such as AIFs and Notified AIFs benefit from the possibility of EU Passporting.

Gaming

From a business perspective, it is impossible not to mention Malta's success in becoming a gaming hub for gaming companies. The Maltese legislator was one of the first to regulate the sector and the result was a transparent environment where companies feel safe to set up. Additionally, Malta grants several fiscal benefits to gaming companies seeking to set up shop here, namely a low gaming tax that has attracted several to set up shop here. In August 2018, Malta launched an all new Gaming Act, complement by subsidiary legislation and regulations specific to the gaming sector. The new framework provides for a stricter and less bureaucratic supervision of gambling companies located in Malta. The new Act also intends to simplify procedures as well as combat illegal activities, such as money laundering and terrorist financing. Additionally, the Malta Gaming Authority (MGA) has launched the 'Sandbox' initiative. The MGA has issued a Sandbox Consultation Paper, intended to better regulate the use

2018 年 8 月，马耳他推出了一项全新的博彩法案，并通过针对博彩业的附属法律和法规进行了补充。新的框架为位于马耳他的赌博公司提供了更严格的规定，但来自官僚方面的监督也更少。新的法案还打算简化程序以及打击洗钱和恐怖主义融资等非法活动。

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此外，马耳他博彩管理局（MGA）还推出了“沙箱”计划。MGA 发布了一份《沙箱咨询文件》，旨在更好地规范“分布式分类帐技术”的使用，并将博彩运营商在沙箱环境中采用加密货币这一举措推向最前沿。该计划将帮助多家企业在 DLT 上运营并在测试环境中采用加密货币。

of Distributed Ledger Technology and push acceptance of cryptocurrency by gaming operators in a sandbox environment to the forefront. This initiative will help several businesses to operate on DLTs and accept cryptocurrencies in a test environment.

房地产和开发――投资蓬勃的房地产市场

Property and Development – invest in a buoyant Real Estate market

对于试图以更安全的方式来保护其收入和投资的人来说，房地产通常被视为理想的投资选择。

2010 年，在大多数欧洲房地产市场经历低迷时，马耳他房地产市场因其相对稳定不变和一流的投资回报率而赢得了令人垂涎的声誉。自那时起，房地产价格的任何下跌都是短暂的。据全球咨询机构莱坊（Knight Frank）称，马耳他的住宅价格同比上涨约 17 ％，这使得该国有史以来首次超过香港，成为全球热点。这种排名上的飞跃是通过供应限制、持续强劲的经济增长（2017 年的 GDP 增长率为 6.6％）以及蓬勃发展的技术进步所引发的不断增长的需求产生的。除了 2017 年第二季度至 2018 年第二季度期间增长了 16.9％外，马耳他住宅的平均价格也于最近的 2018 年第一季度上涨了 3.6％。马耳他房地产市场已经成功维持了上升的趋势，因为马耳他经济继续保持在欧洲最高水平上。由于当地人和外国人，特别是开发商、投资者和 iGaming 高管的刚性需求，马耳他群岛的房地产行业也一直在享受着稳定的价格上涨。马耳他是越来越多每年的住宅价格都出现增长的国家之一，即使在全球平均增长率正在放缓的时候也是如此。

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top spot for the first time ever. Such a leap in ranking is due to the evergrowing demand instigated through supply restraints, consistent vigorous economic growth (6.6% GDP growth in 2017), and booming technological advancements.

In 2010, when most European property markets experienced a downturn, the Maltese realty market earned itself a coveted reputation for being relatively steady, constant and with a first-rate return on investment. Any slumps in property prices since then were short lived.

Apart from the 16.9% increase observed in the period from Q2 2017 to Q2 2018, Maltese residential property prices have also more recently undergone a 3.6% average price increase in the first quarter of 2018. The Maltese property market has managed to sustain an upward trend, as the Maltese economy continues to perform among the highest in Europe. Property sectors on the Maltese islands have also been enjoying steady price increments fuelled through the unwavering demand of both locals and foreigners, especially from developers, investors, and iGaming executives.

Residential prices in Malta, according to global consultancy agency Knight Frank, have experienced roughly a 17% year-on-year increase, pushing the country ahead of Hong Kong to the

Malta is one of an increasing number of countries seeing growth in annual residential prices, even when the average global rate of growth is moderating.

Real estate is often seen as an ideal investment option for those seeking a safer way to protect their income and invest.

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哈伊马角国际企业中心

RAK ICC

国际商务公司注册的首选

哈伊马角国际企业中心 (RAK ICC) 是在阿联酋哈伊马角酋长国运行的公司注册的政府机构。哈伊马角国际企业中心负责国际商业公司的注册和组建，并提供与国际商业公司活动相关的全套注册服务。哈伊马角国际企业中心是一个世界一流的现代化公司注册机构，完全遵循国际商业公司建立行业的国际标准和最佳实践经验。

1. 关于哈伊马角我应该知道什么？哈伊马角是阿联酋七个酋长国之一，位于迪拜以北 45 分钟车程，有一个大型国际机场，方便商务旅行者。哈伊马角自然风光秀丽，是一个十分静逸的城市，有众多的自然景观。城市依山傍水，一侧可以享受阿拉伯湾的海水，另一侧则有阿尔 •吉宝山。与此同时，这里还有现代化的设施，自有房屋、游艇俱乐部和高尔夫球场，提供独特的都市生活体验。哈伊马角有一个充满活力的商业环境，行政、制造和工业运营协同合作，是一个繁荣的经济中心。

2. 为什么中国公司要考虑在哈伊马角建立国际商业公司？由于阿联酋是中国公司的战略贸易中心，中国是阿联酋最大的贸易伙伴，哈伊马角国际企业中心将为中国的国际商业公司提供良好的环境。

The International Business Registry of Choice

RAK International Corporate Centre (RAKI CC) is a United Arab Emirates Corporate Registry operating in Ras Al Khaimah. RAK ICC is responsible for the registration and incorporation of International Business Companies, as well as providing a full suite of Registry services related to International Business company activity. RAK ICC is a modern, world class Company Registry operating in full compliance with international standards and best practices in the International Business company formation industry.

1. What should I Know about Ras Al Khaimah? Ras Al Khaimah is one of seven emirates that form the UAE and is located 45 minutes' drive north of Dubai and has a large international airport, making it convenient and easy for business travelers. Naturally beautiful and serene, it's a very peaceful city which boasts a variety of landscapes. It has the waters of the Arabian Gulf on one side and the mountain range of Ru'us Al Jibal on the other. At the same time, modern luxuries like freehold properties, yacht clubs and golf courses co-exist in this city to provide a very unique living experience. It has a vibrant business environment, with administrative, manufacturing and industrial operations working side-by-side to create a thriving economic centre.

2. Why should a Chinese company consider establishing an International Business Company with RAK ICC? As the United Arab Emirates is a strategic trading hub for Chinese companies and with China being the U.A.E’s largest trading partner, RAK ICC is well positioned to provide the right environment for Chinese International Business Companies. We offer a world class solution for corporate structuring to benefit from zero corporate and capital gains taxes, asset ring fencing and confidentiality on customer trade information, whilst at the same time meeting international requirements for transparency and compliance.

3. Industry research suggests that China will soon rank �rst in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for? What types of business activity is most suitable for incorporating

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Member Contribution

我们为企业结构提供世界级的解决方案，使企业架构从零企业所得税和零资本利得税中获利，并对客户交易信息进行资产圈隔离和保密，同时满足透明度和合规方面的国际要求。

3. 行业研究显示，中国将很快成为全球第一大新兴企业来源国。传统上，贵管辖区在世界上哪个地区最受欢迎 ? 什么样的商业活动最适合在贵管辖范围内进行？哈伊马角国际企业中心在欧洲、中东和北非地区、亚洲和独联体国家等多个地区都很流行。它被认为是提供公司成立服务的高级司法管辖区，重点是高度遵守全球标准。大多数类型的商业活动都适合合并到哈伊马角国际企业中心。最常见的注册活动类型包括交易、控股公司、咨询、管理服务和投资。 4. 贵公司对中国客户最重要的优势是什么？由于哈伊马角国际企业中心提供的服务根据客户的具体情况而定，因此没有一个优势是突出的，主要的优势包括 : 100% 免征所得税、100% 企业免税、 100% 资本和利润回流、无资本利得税、没有增值税、没有预扣税——资产保护和位于战略商业中心，履行国际合规义务。 5. 有人建议，在选择离岸司法管辖权时，价格仍然是客户考虑的主要因素。你同意这种说法吗 ? 你认为这种情况在未来几年将会发生怎样的变化 ? 你是否注意到重心从价格转向离岸结构的质量 ? 在选择医疗服务提供者时，希望加入你管辖范围的人应该考虑哪些其他因素？尽管在选择司法管辖区时，价格仍是一个重要因素，但我们看到市场正转向质量更好的国际商业公司结构。司法权的质量和声誉也变得越来越重要。哈伊马角国际企业中心提供理想的安全免税管辖权，具有高度的合规、政治和经济稳定，位于白名单上，符合国际标准，在战略位置上拥有最先进的银行体系。公司设立的成本并不一定反映总体的成本 / 业务的收益上，正是整体的福利计划吸引了企业来到哈伊马角国际企业中心 (RAK ICC)，而物质需求将推动当地活动，阿联酋将成为一个越来越具吸引力的开展国际业务的地方。

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in your jurisdiction. RAKICC has been popular among several regions in the world including Europe, MENA region, Asia and CIS Countries. It is perceived as a premium jurisdiction for the provision of company formation services with a focus on a high level of compliance in line with global standards. Most types of business activities are suitable to be incorporated in RAKICC. The most frequently incorporated activity types include Trading, Holding company, Consultancy, Management Services and Investments. 4. What is the single most important advantage your jurisdiction provides for Chinese clients? There isn't one advantage that stands out as RAK ICC offers many benefits, depending on the individual circumstances of the client, and the main benefits include: 100% Income tax exemption, 100% corporate tax exemption, 100% capital and profit repatriation, no capital gain tax, no value-added tax, no withholding tax - asset protection and being located in a strategic business hub, meeting international compliance obligations. 5. It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider? Even though price is still an important factor when choosing a jurisdiction, we are seeing a shift towards better quality IBC structures, which are available in RAKICC through SPV's & SPC's. The Quality & Reputation of the jurisdiction is becoming increasingly important also. RAKICC offers the ideal secure tax-free jurisdiction, with high level of compliance, political & economic stability, white listed, aligned with international standards with a state of the art banking system in a strategic location. The cost of incorporating a company is not necessarily reflective of the overall cost / benefit to the business and it is the overall benefits package that is attracting businesses to RAK ICC and with substance requirements leading to move local activity the U.A.E. will become an increasingly attractive place to conduct international business.

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6. 您是否认为行业监管越来越严格，如 CRS、 AEOI、FATCA 等，中国企业将倾向于进入更透明的司法辖区？是的，随着国际监管压力不断加大，包括中国企业在内的全球企业将寻求透明的司法管辖。哈伊马角国际企业中心将自己定位为全球最合规、法律法规透明的司法管辖区之一，同时尊重商业贸易事务中的保密权利。 7. 过去几年，为新成立的国际商业公司设立银行账户一直是一些司法管辖区面临的挑战。这是你们也面临的问题吗 ? 在你管辖范围内的公司多久能开设银行账户？很明显 , 银行近年来增加了法规遵循需求 , 但提供了一个公司可以提供的详细业务模型，来说明为什么要运营国际商业公司，建立了资金来源，银行没有理由不愿意提供帮助。阿联酋境内的一些银行可以设立包括人民币在内的多种货币账户。银行开户平均时间为 7 个工作日。 8. 哈伊马角公司擅长的业务是什么？哈伊马角国际企业中心公司最擅长的业务是：财富管理和资产保护国际税收筹划离岸银行交易全球投资和全球贸易房地产及资产所有权控股结构遗产规划交易发票 9. 如何成立哈伊马角国际企业中心公司？所有哈伊马角国际企业中心的公司都是通过注册代理在阿联酋提供行政支持，以确保公司的顺利注册和更新。在哈伊马角国际企业中心网站上可以找到注册代理的联系方式。

6. Do you agree that as the industry comes under increasing regulatory pressure, e.g. CRS, AEOI, FATCA, etc., Chinese business will gravitate to jurisdictions that are perceived as more transparent? Yes, with the international regulatory increasing pressure, businesses around the world including Chinese will look for transparent jurisdictions. RAKICC is positioning itself among the most compliant jurisdictions worldwide with transparent laws & regulations, whilst at the same time respecting the rights of confidentiality in business trade matters. 7. Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is it the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? It is apparent that banks have increased the compliance requirements in recent years but provided a company can provide details of the business model which explains the reason for operating an international business company and establishes the source of funds there is no reason why banks will not be willing to assist. RAK ICC companies bank with a range of local and international banks and clients can have multiple currency account which includes Chinese currency account RMB. The average time frame for the bank account opening is 7 working days. 8. What are RAK companies suited for? RAK ICC Companies are best suited for • Wealth Management & Asset Protection • International tax planning • Offshore banking transactions • Worldwide Investments & Global trade • Ownership of real properties & assets • Holding structures • Estate Planning • Trading & Invoicing 9. How can a RAK ICC company be established? All RAK ICC comapnies are established through Registsred Agents who provide the administrative support in the UAE to ensure the smooth operation of the companies. Contact details of the agents can be found on the RAK ICC website. 来源：哈伊马角国际企业中心 Contributed by: RAK International Corporate Center

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

2018 热点

HIGHLIGHTS

香港 HONGKONG | 亚洲 ASIA

和纽约相比，香港的超高净值人士更多 Hong Kong Now Home to More Ultra Wealthy Than NYC 市场研究公司 Wealth-X 发布的一份最新报告显示，香港已超过纽约，成为拥有超高净值人士最多的城市。

2017 年，全球超高净值人士 (UHNW) 增长 12.9%，至 255,810人。由于全球经济同步好转、资产市场上

涨以及企业盈利强劲，这些公司的总资产净值增长 16.3%，至31.5万亿美元。

其中有 1万多人生活在香港，这一数字为 31% 。这意味着居住在这个亚洲金融中心的超高净值人士比英国、瑞士或意大利等国家的人口略多700万。香港经济与中国内地经济的进一步融合，推动了香港的财富创造。中国内地包括连接香港和深圳股市的交易通道。 “全球金融市场的全面好转，以及加息带来的通货再膨胀交易，是财富增长强劲的驱动因素之一。”港元与美元挂钩，因此国内利率基本上遵循美联储设定的上行路径。

| 9th Annual

市场研究公司 Wealth-X 发布的一份最新报告显示，香港已超过纽约，成为拥有超高净值人士最多的城市。 A new report from market research company Wealth-X reveals that Hong Kong has surpassed New York City as home to the most number of ultra high net worth individuals.

A new report from market research company Wealth-X reveals that Hong Kong has surpassed New York City as home to the most number of ultra high net worth individuals. The ultra high net worth (UHNW) population, which only includes people with net worths over $30 million, rose 12.9% globally in 2017 to 255,810 individuals. Their combined net worth increased by 16.3% to $31.5 trillion thanks to a synchronized upturn in the world economy, rising asset markets and robust corporate earnings. Over 10,000 of them live in Hong Kong, a 31% jump for the city that is a semi-autonomous region of China. This means there are more UHNW people residing in the Asian financial hub with a population of just over 7 million than countries like the UK, Switzerland or Italy. Wealth creation in Hong Kong was boosted by the further integration of its economy with that of mainland China, which includes a trading link between the Hong Kong and Shenzhen bourses. "The broad upturn in global financial markets and the reflation trade from higher interest rates were among the drivers of robust wealth gains. The

2018 热点

HIGHLIGHTS

近9000名超级富豪居住在纽约市，位居第二。在排名前10位的城市中，2017年的增长最为疲软 (7%)。东京、洛杉矶和巴黎分列五名。

亚太地区增长最快

虽然美国的超级富豪人数为 79,595人，占全球富豪总数的31%，但在前 7位国家中，美国的超高净值人口和集体财富增速最慢。从绝对值上看，北美预计仍将是超级富裕地区的霸主，但其在超高净值人士和总资产净值中所占的份额将缓慢下降。中国的总体财富在2017年跃升了33%，而美国的这一比例为13% 。在过去5年增长最快的30个超高净值城 : 市中，有26个位于中国。报告称“从中期来看，亚太地区经济增速预计将超过其他地区，其中以中国为主导。中国政府仍致力于在本世纪末实现 GDP 和人均收入翻一番的目标。” 孟加拉国、中国、越南、肯尼亚和印度是超高净值人士发展最快的前5个国家。

Hong Kong dollar is pegged to the U.S. currency so domestic rates largely followed the upward path set by the U.S. central bank," added the report Close to 9,000 extremely rich people live in New York City, which came in second place on the ranking. It saw the weakest growth in 2017 (7%) of the top 10 cities. Tokyo, Los Angeles and Paris rounded out the top 5. Asia-Paci�c Sees Highest Growth Rate

Although the U.S. accounts for 31% of the world's ultra rich with 79,595 individuals, it recorded the slowest growth in UNHW population and collective wealth among the top 7 countries. North America is expected to remain the dominant ultra wealthy region in absolute terms, but its global share in UNHW population and collective net worth will decline slowly. Collective wealth in China jumped by 33% in 2017 compared with 13% in the U.S. Twenty-six of the 30 fastest-growing major UHNW cities over the past five years are in China. "Over the medium term, growth of the Asia-Pacific economy is expected to outpace that of other regions, led by developments in China, where the government remains committed to meeting its target of doubling both GDP and per capita income by the end of this decade," said the report. The top 5 fastest-growing UNHW countries are Bangladesh, China, Vietnam, Kenya and India. Courtesy of investopedia.com

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

2018 热点

HIGHLIGHTS

英国 UK | 欧洲 EUROPE

离岸单位信托的替代方案

The Alternative to Offshore Unit Trusts 投资信托是在英国证券交易所作为股票交易的基金。这些信托投资于各种资产类别和在世界各地交易所上市的股票。信托公司按照固定的授权积极管理，并由董事会监督。投资信托可被视为单位信托的替代选择，因为它们的基本费用低于活动管理单位信托的费用。投资信托收取的年费低于1%，而许多单位信托收取的年费为1.5% 至2%，这种情况并不少见。因此，在年费低于 1% 的情况下，一个良好的、积极管理的投资信托基金有着良好的回报状况，前景诱人。这种投资的另一个好处是，基金经理不必担心客户赎回，迫使基金经理出售部分投资以偿还投资者。基金经理可以长期投资，并坚持严格的投资流程。如果你对业绩不满意，你可以在证券交易所出售投资信托基金。你出售投资信托并不会强迫基金经理出售信托的基本投资。一些有趣的投资信托遵循一个很大程度上发达市场

| 9th Annual

投资信托是在英国证券交易所作为股票交易的基金。这些信托投资于各种资产类别和在世界各地交易所上市的股票。 Investment trusts are funds that are traded as shares on the UK stock exchange. These trusts invest in various asset classes and shares listed on various exchanges around the world.

Investment trusts are funds that are traded as shares on the UK stock exchange. These trusts invest in various asset classes and shares listed on various exchanges around the world. The trusts are actively managed in line with fixed mandates and overseen by a board of directors. Investment trusts can be considered as an alternative to unit trusts because their underlying charges are lower than those on activelymanaged unit trusts. It is not uncommon to find investment trusts that charge less than 1% ongoing annual charge versus the 1.5% to 2% ongoing annual charge that a lot of unit trusts charge. A good activelymanaged investment trust with a superior return profile is thus an enticing prospect at levels of ongoing annual charges below 1%. Another advantage of this type of investment is that the fund manager does not have to worry about client redemptions forcing the fund manager to sell some investments to repay the investor. The fund manager can invest for the long term and stick to a disciplined investment process. If you are dissatisfied with the performance, you can simply sell the investment trust on the stock exchange. Your sale

2018 热点

HIGHLIGHTS

的选股指令，它们是 Monks, Bankers 和摩根大通美国投资信托。这些公司的年化回报率分别为19.3%、 11.7% 和14.9% 。它们也比这篇文章的大多数读者年代悠久 ! 蒙克斯投资信托基金有88年的历史，银行家信托基金自1888年以来一直存在。摩根大通美国投资信托成立于1881年。这些信托基金的长期特性让人放心，它们有一个经过周期检验的投资过程。还有一些主题基金专注于科技、生物科技、新兴市场或私人股本等领域。这些基金适合高风险投资者，与只关注发达市场的投资信托基金相比，它们的成本可能更高。一些不错的基金包括摩根大通印度投资信托基金 (JP Morgan India Investment Trust)、邓普顿新兴市场投资信托基金 (Templeton Emerging Markets Investment Trust) 或国际生物技术信托基金 (International Biotechnology Trust)。这些信托基金的历史更近。投资信托并非没有风险。他们中的一些人被授权可以借钱来支持他们的投资计划。如果信托公司不明智地使用借来的资本，这种潜在投资组合的杠杆作用可能会在熊市中导致资本流失。一些信托公司也可以按资产净值折价或溢价交易。折扣或溢价通常可以作为进入或退出投资信托的点。投资信托有稳定回报的历史，可能看起来很简单，但建议咨询你的财务顾问，选择适合你所需回报和风险能力的投资信托。仅在英国就有数百种这样的工具。必须对投资信托招股说明书进行研究和讯问。

of the investment trust does not force the fund manager to sell the underlying investments in the trust. Some interesting investment trusts that follow a largely developed markets stock picking mandate are Monks, Bankers and JP Morgan American Investment Trusts. These have five-year annualised returns in GBP of 19.3%, 11.7% and 14.9% respectively. They are also much older than most of the readers of this article! Monks investment trust has an 88-year history, Bankers Trust has been around since 1888. JP Morgan American Investment Trust has been in existence since 1881. The longterm nature of these trusts gives a level of comfort that they have a cycle-tested investment process. There are also themed funds that focus on sectors like technology, biotech, emerging markets or private equity. These are suitable for high-risk investors and can be more expensive in comparison to investment trusts focused on developed markets only. Some good ones include JP Morgan India Investment Trust, Templeton Emerging Markets Investment Trust or International Biotechnology Trust. These trusts are of a more recent vintage. Investment trusts do not come without risk. Some of them have a mandate that allows them to borrow money to back their investment calls. This gearing of the underlying portfolio can cause erosion of capital in a bear market if the trust was not judicious in the use of borrowed capital. Some trusts can also trade at discount or premium to their net asset value. The discount or premium can often be used as entry or exit points into the investment trust. Investment trusts have a history of solid returns and can be deceptively simple, however it is advisable to consult with your financial advisor to pick the right one that fits your required return and risk capacity. There are hundreds of such instruments available in the UK alone. One must research and interrogate the investment trust prospectus. Courtesy of moneyweb.co.za

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

2018 热点

HIGHLIGHTS

| 9th Annual

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

2018 年创纪录的增长、中国人偏好的变化以及投资移民媒体关注度的提高 Record Growth, Changing Chinese Preferences, Increased Media Attention Investment Migration in 2018

and citizenship by investment (RCBI) programs. An ever swelling number of citizenship and golden visa programs - with price points running the gamut from $30,000 to £2 million - are bringing the market into the arena of the mass affluent.

总

体而言，在2018 年，投资移民行业在多个方面都创造了历史最佳纪录，个人投资者的数量、投资金额及参与居民及公民身份投资（RCBI）计划的人数均创历史新高。公民及黄金签证计划的数量不断增长，价格涵盖了从30,000美元到 20 0万美元的整个区间，因此该市场也开始对大众富裕阶层具有吸引力。对居留许可或护照的投资很快变得普通且常见，这引起了很多小型经济体的注意，现在，它们通过创设投资移民计划实现了尚未利用的经济潜力，此外，此种投资也引起了行业怀疑论者的注意。中国作为催化剂广泛地说，中国依然是投资移民市场的最大来源。过去12个月里，在全球范围内，参与居民及公民身份投资计划人数超过54,000，其中大约一半是

Christian Henrik Nesheim IMCM Founder, Editor Investment Migration Insider imidaily.com

n the whole, 2018 was the investment migration industry's best year on record in several respects; never have so many individuals invested so much in so many residence

Investing in a residence permit or a passport is quickly becoming ordinary and unremarkable, a matter that's attracted the attention of a long list of small economies now realizing the untapped economic potential available to them through the opening of an investment migration program, but also that of the industry's skeptics. China as catalyst China remains - by a wide margin

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

移民特刊 | IMMIGRATION SUPPLEMENT CHINA OFFSHORE

中国国籍。保守估计，投资居民及公民行业所筹集的外商直接投资超过140亿美元，其中大约80亿来自于中国。相比去年，整个市场的全面增长率超过20%，但不同计划的增长亦有快有慢。多年以来，葡萄牙一直是欧洲黄金签证计划的领军者，但越来越多的中国申请人对葡萄牙相关计划的兴趣下降，转投希腊、马耳他和爱尔兰，所以葡萄牙的申请数量趋近平稳。雅典有“九百万辆自行车” 2018 年的大赢家是希腊的黄金签证计划。截至今年8月，已经有3,154位主申请人及4,969 位家属获得了居留许可，按照此趋势，其2018年的总申请量将超过2017年创记录值的两倍。在今年结束之前，希腊的黄金签证计划将正式成为最受欢迎的投资居民计划，甚至会超过美国的EB-5计划。让希腊脱颖而出的因素有以下几项：与其主要的欧洲竞争对手葡萄牙相比，希腊提供居留许可的价格低得多，且其房地场价格也达到了历史

9th Annual

- the largest source market for investment migration; globally, over the last 12 months, roughly half of the more than 54,000 individuals who participated in a residence or citizenship by investment program were Chinese nationals. Conservatively estimated, the RCBI-industry raised in excess of US$14 billion in FDI, around US$8 billion of which came from China. While the market as a whole has seen across-the-board growth in excess of 20% compared to last year, some programs have enjoyed more of those gains than others; Portugal, for many years the undisputed leader of European golden visa programs, has seen its application volumes plateau thanks to a drop in interest from Chinese applicants who increasingly prefer Greece, Malta, and Ireland. There are nine million bicycles in Athens The big winner in 2018 has been

the Greek Golden Visa program; With 3,154 main applicants and 4,969 dependents obtaining residence permits already by August this year, its 2018 application numbers are on track to more than double its 2017 record. Before the year is over, Greece's Golden Visa program will officially become the world's most popular residence by investment program, surpassing even the US EB-5 scheme. A handful of factors have catapulted Greece to pole position: It offers residence permits for far less than its main European competitor, Portugal, and its real estate prices are also historically low; while Portugal's housing price index is 30% above its last peak in 2008, that of Greece is 40% below. This explains much of Greece's rising star among Chinese applicants, who have gone from constituting a quarter of all applicants in the program in 2017 to more than half today. If there's one asset class with which

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

最低值。葡萄牙的房屋价格指数比 2008年的上一次峰值高30%，而希腊的房屋价格指数下降了40%。这在很大程度上解释了希腊为何会成为吸引中国投资人的后起之秀，2017年，中国申请人占到希腊计划申请人总数的四分之一，而今年，这一比例已超过二分之一。如果说有哪一个资产类别是中国投资人熟悉且愿意下注的，那就是房地产。此外，与美国EB -5和魁北克IIP等传统上最吸引中国投资人的计划不同，希腊不会按国别施加任何配额，这意味着来自中国的申请人无需在等候名单上等待数年。中国政府与希腊的关系越来越紧密——在关键基础设施领域投资（一带一路）、推广希腊旅游等 ——这也为潜在的中国投资人进一步铺平了道路。投资人归化及其不满供应侧的市场也增长了，今年又新出台了三项公民投资计划——黑山共和国、摩尔多瓦和约旦。在2010年，一共只有2项正式的公民投资计划——圣基茨和尼维斯和多米尼克，而现在有 12项：加勒比地区5项、欧洲地区4项、太平洋地区1项以及中东地区2项。

Chinese investors are familiar and comfortable betting on, it's real estate. Moreover, Greece, unlike traditional Chinese favorites like the US EB-5 and Quebec IIP, does not impose any per-country quotas, which means there are no multiyear waiting lists for applicants from China. The Chinese government's increasingly close relationship with Greece - investment in key infrastructure (belt and road), the promotion of tourism to the country, and so on - further eases the path for prospective Chinese residents. Investor-naturalization and its discontents The market has grown on the supply-side as well; three new citizenship by investment programs

- Montenegro, Moldova, and Jordan - opened this year. While in 2010 there were only two formal CIPs Saint Kitts & Nevis and Dominica - there are now 12; five in the Caribbean, four in Europe, one in the Pacific, and two in the Middle East. The growing popularity of investment migration - both among investors and countries seeking non-tax revenue - has not gone unnoticed among opponents, chiefly from left-leaning politicians and press. The industry is now routinely a topic of media attention, nearly always of the unfavorable kind, and invariably mischaracterized. Industry professionals will have their work cut out for them in correcting a flawed and unfairly negative perception among the lay public.

对寻求非税收入的投资人和国家而言，投资移民的受欢迎程度与日俱增，这种情况也引起了反对者的注意，主要是左倾政治家和媒体。现如今，此行业已成为媒体惯常关注的话题之一，不过几乎全都是充斥曲解的负面报道。业内专业人士已经安排好了相关工作，将努力纠正大众对此行业不公平、不正确的消极认知。

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

移民特刊 | IMMIGRATION SUPPLEMENT CHINA OFFSHORE Courtesy of imidaily.com

看数据，了解世界上 13 个最火的黄金签证计划

The 13 Most Popular Golden Visas in the World, According to the Data 《投资移民知情者》参照官方数据，集合了世界上最火的投资居留项目。关于排名方法的说明：《投资移民知情者》使用的似乎是来自官方渠道的最近一份全年数据。鉴于官方渠道在发布频率上的差异（一些是月度发布，一些则是不定期），数据的新鲜程度大相径庭，一些国家的数据截止到这个月，而有国家的则是一年多以前了。《投资移民知情者》根据各个项目批准的申请人数量来对各个项目进行了排名，同时也列出了签发签证的总数（包括家属），只要这些数据是公布了的。有两个情况 - - - - 泰国和马来西亚- - - 《投资移民知情者》不得不通过查询签发签证的总数（包括家属）来推测主申请人的数量，因为单独的主申请人数据没有出来。

9th Annual

We've put together an overview of the world's most popular residence by investment programs, backed by official statistics. A note on the methodology: We've used the latest available fullyear figures from official sources. Since official sources differ in their reporting frequency (some report monthly, others every now and then), the degree to which data is current also varies; for some countries, the numbers are up-todate as of this month, while for others they date back up more than a year.

We've ranked programs by the number of approved main applicants, while also listing the total number of visas issued (including dependents) where such figures were available. In two cases – for Thailand and Malaysia – we have had to estimate the number of approved main applicants by looking at the number of total approved visas (which includes dependents) because data for main applicants in isolation were not available.

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~ 13 ~ 拉脱维亚

投资者签证 Latvia Investor Visa Program

拉脱维亚的投资居留计划在俄罗斯人中最受欢迎，但是大多数投资移民公司的货架上都没有这个项目。这并不意味着这个项目不怎么样；这个项目提供了移居欧盟的3 种相对便宜的方式；商业投资，购房，在银行存款。 2017年发给主申请人的拉脱维亚投资者签证数量：119 2017年签发的拉脱维亚投资者签证总数： 379 Latvia's residence by investment program is most popular among

Russians, and not one typically featured on the shelves of most investment migration firms. That doesn't mean it should be discounted; the program offers three relatively cheap ways of immigrating to an EU country; business investment, real estate acquisition, or bank deposits. Latvian investor visas issued to main applicants in 2017: 119 Total Latvian investor visas issued (including dependents) in 2017: 379

中国人占总申请的比例 ( 历史数据 ) Chinese proportion of total applications (historical data)

其他 Other 中国人 Chinese

100% 75% 50% 25% 0%

美国

EB-5 United States EB-5

~ 12 ~ 澳大利亚

重大投资者签证 Latvia Australia Signiﬁcant Investor Visa

魁北克

QIIP 项目 Quebec QIIP

葡萄牙黄金签证

Portugal Golden Visa

西班牙黄金签证

Spain Golden Visa

希腊黄金签证

英国

Tier 1 投资者 Greece United Kingdom Golden Visa Tier 1 Investor

澳大利亚

SIV Australia SIV

新西兰投资者签证

New Zealand Investor Visa

马耳他

RVP Malta RVP

澳大利亚门槛奇高的重大投资者签证的申请量从2015年以后就下降，当时的阿博特政府对资产来源的文件说明出台了更加严苛的要求。

application figures since 2015, when the Abbott administration introduced stricter requirements and tougher demands for documentation of wealth.

该国政府的统计数据只显示了“ 主要签证”的数量，也就是说只显示了主申请人的数量，不包括家属。

Government statistics only reveal the number of "primary visas" granted, which is to say the figures for main applicants only, and not including dependents.

截止2018年5月31日往前的12个月里，发给主申请人的重大投资者签证数量：170 Australia's dearly priced Significant Investor Visa has seen a slump in

Significant Investor Visas issued to main applicants in the 12 months leading up to May 31st, 2018: 170

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~ 11 ~ 马耳他

居留与签证计划 Malta Residence Visa Programme

根据马耳他Malta Residence Visa Agency 的说法，尽管去年春季才推出，马耳他 RV P 项目截至目前已经收取了大概1,000份申请， 2018年上半年就收取了560份。尽管过去的6个月接收了大部分的申请，但是目前的数据并没有显示MRVP项目的申请量在迅速增加。截止2018 年7月往前的12个月里，签发的马耳他RVP签证数量（只包括主申请人）：250 截止2018 年7月往前的12个月里，签发的马耳他RVP签证数量：700

Despite launching only last spring, Malta's RVP has received nearly 1,000 applications to date, 560 of them in the first half of 2018 alone, according to the Malta Residence Visa Agency. Having received the bulk of applicants in the last six months, currently available data does not reflect the quickly growing volumes in MRVP applications. Malta RVP visas approved (main applicants only) in the 12 months to July 2018: 250 Total MRVP visas approved (including applicants) in the 12 months to July 2018: 700

~ 10 ~ 新西兰

投资者签证 New Zealand Investor Visa

新西兰有两大类的投资者签证，一类和二类，前者门槛更高。去年，两大类投资者签证更受欢迎的二类投资者签证价格翻番，但是申请人- - - -主要是中国人----毫无惧色。截止2018年7月31日往前的12个月里，新西兰投资者签证（两类合起来）给主申请人签发了310张签证。家属的数据暂未可知，但是很可能在750上下。

~9~ 爱尔兰

资移民项目 Ireland Investor Immigration Programme

9th Annual

尽管数据可能是有的，但是《投资移民知情者》找不到爱尔兰投资移民项目2016年以后的精确的批准数据。除此之外，发布的数据也只有主申请人。爱尔兰投资移民项目2016 年签发的签证数量：329

New Zealand has two investor visas; Category 1 and 2, of which the former is the more expensive. Last year, the more popular of its programs doubled in price, but applicants – mostly Chinese – were not deterred. In the 12 months leading up to July 31st 2018, New Zealand’s Investor Visa Programmes (combined) issued 310 visas to main applicants. Figures for dependents are not available, but they are likely in the region of 750. Although they may exist, we have not been able to find accurate approval figures for Ireland's Immigrant Investor Programme after 2016. Furthermore, only the figure for main applicants is reported. Total number of Irish Investor visas (including dependents) issued in 2016: 329

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~8~ 英国

第一层级投资者签证 United Kingdom Tier 1 Investor Visa

截止2018年第二季度（包括第二季度）往前的12个月里，签发给主申请人的英国第一层级投资者签证数量：379 截止2018年第二季度（包括第二季度）往前的12个月里，签发的英国第一层级投资者签证数量（包括家属）：998 UK Tier 1 Investor visas issued to main applicants in the twelve months leading up to and including Q2 2018: 379 Total UK Tier 1 Investor visas issued (including dependents) in the twelve months leading up to and including Q2 2018: 998

~7~ 泰国

精英签证项目 Thailand Elite Residence Program

去年表现最好的项目之一就是泰国精英签证项目。尽管在2016年，这个项目只吸引了大概 300名申请人，但是去年，申请量几乎是之前的5倍。非常不幸的是，目前仅有的数据只反映了签发的签证总数，没有针对主申请人和家属的单独数据。截止2018年4月往前的12个月里，泰国精英居留签证（包括家属）批准数量：1,400 鉴于主申请人和家属的数据都没有分开，我们只能假设，家属和主申请人的系数为2.46 （黄金签证差不多都是这个系数），进而预测主申请人的数量。截止2018年，签发给主申请人的泰国精英居留签证数量（预测）：588 One of the biggest gainers over the last year has been the Thai Elite residence by investment program. While the program only attracted some 300 applicants in

2016, it's almost quintupled its volume in the last year. Unfortunately, the only figures reported are for total visas issued under the program, rather than separate figures for main applicants and dependents. Thai Elite Residence visas (including dependents) approved in the 12 months leading up to April 2018: 1,400 Since the number of main applicants and dependents are not reported separately, we've estimated the number of main applicants by presuming a rate of dependents-to-applicants of 2.46 (the average for golden visa programs in general). Thai Elite Investor residence visas issued to main applicants in the 12 months leading up to 2018 (estimate): 588

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~6~ 葡萄牙

黄金签证 Portugal Golden Visa

谢天谢地，葡萄牙每个月都发布数据，除了夏季，当然，那是因为公共部门的雇员要享受一个充满南欧特色的假期，1到2个月的假期。

of course, when public sector employees take a characteristically southern European month or two off.

截止2018 年7月往前的12个月里，签发给主申请人的葡萄牙黄金签证数量：1,173

Portuguese golden visas issued to main applicants in the twelve months leading up to July 2018: 1,173

截止2018 年7月往前的12个月里，签发的葡萄牙黄金签证数量（包括家属）：2,230 Portugal, thankfully, publishes statistics nearly every month, except in the summer,

~5~ 西班牙

黄金签证 Spain Golden Visa

就申请量来说，多年来西班牙黄金签证一直尾随葡萄牙，这个项目似乎在2017年超过了它的伊比利亚邻国。2016年到2017年，西班牙黄金签证申请量经历了大幅增加，是以前任何一个年度累计数量的两倍还多。 2017年签发给主申请人的西班牙黄金签证： 1,699 2 0 17 年签发的西班牙黄金签证（包括家属）：3,170 Having trailed Portugal for several years in terms of application volume, the program appears to have passed its Iberian neighbor in 2017. Between 2016 and 2017, the program saw a massive surge, more than doubling its cumulative number of

~4~ 魁北克

投资移民 Quebec Investor Immigrant Programme

9th Annual

Total Portuguese golden visas issued (including dependents) in the twelve months leading up to July 2018: 2,230

魁北克的年度配额是1,900，实际上每年都用完了。 2017年签发给主申请人的魁北克投资移民签证：1,900 2017年签发的魁北克投资移民签证（包括家属）：4,331

golden visa holders in a single year. Spanish golden visas issued to main applicants in 2017: 1,699 Total Spanish golden visas issued (including dependents) in 2017: 3,170

Quebec has an annual quota of 1,900, which is virtually filled to the brim every year. Quebec Immigrant Investor visas approved for main applicants in 2017: 1,900 Total immigrant investor visas (including dependents) approved in 2017: 4,331

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~3~ 马来西亚第二家园 Malaysia M2H

马来西亚第二家园（MH2H）最近一份全年数据要追溯到2016年，该国政府发布了2017 年1月到8月的统计数据。可惜的是，该报告并没有单独公布主申请人的数量；只公布了签证的签发总量。因此，《投资移民知情者》这里提供的是 2016年的数据，对2017年剩下4个月的数据进行了推测（方法是根据前8个月，推测一整年的数据）。截止 2 017年 8月往前的 12 个月里，马来西亚第二家园签发的签证总量（包括家属）： 3,084

for January to August 2017. Unfortunately, the reports do not provide a figure for main applicants in isolation; only the total number of visas issued are presented. We can, therefore, provide actual data for 2016 but only an estimate for the latter four months of 2017 (by annualizing the data reported for the first eight months of the year). Total MM2H visas issued (including dependents) in year to August 2017: 3,084

2017年，推算的马来西亚第二家园签发的签证总量（包括家属）：4,626

Estimate of total MM2H visas issued (including dependents) in 2017: 4,626

鉴于主申请人和家属的数据都没有分开，我们只能假设，家属和主申请人的系数为2.46 （黄金签证差不多都是这个系数），进而预测主申请人的数量。

Since the number of main applicants and dependents are not reported separately, we've estimated the number of main applicants by presuming a rate of dependents-to-applicants of 2.46 (the average for golden visa programs in general).

基于这样一个设想，2017年签发给主申请人的马来西亚第二家园签证大概为1,950。 *The latest full year data available for the Malaysia My Second Home (MM2H) program date back to 2016, but the government has also published statistics

Using this assumption, the number of main applicants to the MM2H in 2017 is estimated at approximately 1,950.

希腊黄金签证 ( 只适用于主要申请人 ) Greek Golden Visa Issuance by Nation of Origin( Main Applicants Only)

自 2018 年 3 月以来，希腊黄金签证的批准数量增长百分比

% Growth in Greek golden visa approvals since March 2018

乌克兰 Ukraine

埃及 Egypt

俄罗斯 Russia

黎巴嫩 Lebanon

伊拉克 Iraq

约旦 Jordan

叙利亚 Syria 其他 Others

中国 China

土耳其 Turkey

伊朗 Iran

25%

50%

75%

100%

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~2~ 希腊

黄金签证 Greece Golden Visa

当希腊7月份公布黄金签证统计数据时，一切迹象显示，它目前似乎是欧洲最火的黄金签证项目，即将成为世界上最热门的投资居留项目，若果保持势头的话。

Europe's most popular such scheme and on a path that will make it the world's most popular residence by investment program if the trend continues apace.

最新的数据是 2 018 年7月往前12个月的数据，但是鉴于我们没有2017年往前12个月的数据与之相比较，我们只能提供2017年的实际数据，预测2018年的数据。

The latest figures are for the year to July 2018, but since we have no July 2017 figures with which to compare it, we can only report the actual figures for 2017 and provide an annualized estimate for 2018.

2017年，签发给主申请人的希腊黄金签证数量：2,458 2017年，签发的希腊黄金签证数量（包括家属）：6,120 2018年，预计签发给主申请人的希腊黄金签证数量：5,088 2018年，签发的希腊黄金签证数量（包括家属）：12,969 按照2 018 年目前的趋势判断，希腊将成为世界上最大的黄金签证项目，甚至比美国的 EB-5还要高，至少在年内是这样的。 When Greece in July released statistical data on its golden visa program, it quickly became apparent that they were now

9th Annual

Greek golden visas issued to main applicants in 2017: 2,458 Total Greek golden visas issued (including dependents) in 2017: 6,120 Estimate of Greek golden visas issued to main applicants in 2018: 5,088 Estimate of total Greek golden visas issued (including dependents) in 2018: 12,969 Judging by the trend so far in 2018, Greece will be the world' s largest golden visa program – bigger even than the United States EB-5 program – before the year is over.

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

2017财年，美国EB-5签证签发量：主申请人：2,589 总计（包括家属）：10,090 Coming up on its fourth decade, the US EB-5 program still leads the pack. But unless Congress enacts reforms soon to allow for more applicants (currently capped at 10,000 individual visas), the program will be overtaken by tiny Greece, population 11 million. US EB-5 visas issued in fiscal year 2017: Main applicants: 2,589 Total (including dependents): 10,090 美国 EB-5 继续蓬勃发展，但希腊将目光投向了黄金 ( 签证 ) US EB-5 continues to thrive, but Greece has its eye on the golden (visa) �eece

3000

2000

Un 美 ite 国 d St at es

马

Gr 希腊 ee ce

M 来西 ala ys 亚 ia

魁

Q 北 ue 克 be c

西

Sp 班牙 ai n

葡

Po 萄 rtu 牙 ga l

Th 泰 ai 国 lan d

英

Ki Uni 国 ng te do d m

马

M 耳他 alt a

爱

Ire 尔 lan 兰 d

澳

Ne 新 w 西 Ze 兰 ala nd

1000

Au 大 str 利亚 ali a

EB-5 US EB-5

拉脱

美国

凭借40年的历史，EB-5仍旧笑傲群雄。除非国会启动改革以接受更多申请人（目前配额是10,000张签证），否则这个项目会被人口仅 1100万，小小的希腊超过。

La 维 tv 亚 ia

~1~

签发给主要申请人的签证

Visa issued to main applicants

申请量最多并不意味着最成功 Most applications doesn't always mean most successful

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马耳他个人投资者计划四分之一申请案被拒 Malta Rejects 1 in 4 Applications for Citizenship by Investment

马

耳他个人投资者计划的负责人 Jonathan Cardona接受了《马耳他今日报》的采访，他表示，从2014 年开始到目前，该国的投资入籍计划拒绝了大概24%的申请人。只要我们瞅一眼马耳他个人投资者计划办公室年度报告中的数据，涵盖上一年度的6月底到后一年度7月初的数据，每年11月发布，我们就可以知道拒签率自项目4 年前推出以来，每年都在大幅增加。

9th Annual

Speaking to Malta Today, Jonathan Cardona, head of Malta's Individual Investor Programme (the MIIP), said that, since the beginning in 2014 and until the present, the CIP he heads has rejected some 24% of all applicants. A quick look at the data as reported in the annual reports of the Office of the Regulator of the Individual Investor Programme (ORiip) – which cover the periods between

the end of June and the beginning of July each year and are published every November – reveals that rejection rates have risen sharply each year since the program opened four years ago. Rates of rejection have risen ﬁvefold since 2015 While data on rejection rates for the period June 31st, 2017 to July 1st, 2018 will not be available to the

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2015以后，拒签率是以前的5倍 Jonathan Cardona表示，尽管2017年 6月31日到2018年7月1日之间的数据还没有发布，要等到11月，但是考虑到累计拒签率之前已经增了2个百分点，这次我们可以负责任地推测，拒签率要比去年的22%高得多。换句话说，马耳他的尽职调查越来越严苛，项目也越来越挑客户（尽管挑剔程度还比不上新西兰投资者前者，后者拒签率50%）。 “我们目前工作量的85%都是关于尽职调查，” Jonathan Cardona说道。他自信地认为马耳他个人投资者计划经得起欧盟委员会的详细审查，后者正在编制一份有关欧盟各国投资入籍计划和黄金签证项目尽职调查有效性的报告。

public until November, we can safely presume it will be significantly higher than last year's 22% considering the cumulative rejection rate has risen by two percentage points according to Cardona. Malta's due diligence, in other words, is becoming more stringent and effective by the year, and the program increasingly picky (although not as picky as New Zealand's investor visa program which turns down half of all applications). Read also: Malta PM: Applicants Rejected by Other Programs Should "Not Even Bother" Trying Malta IIP

"85% of our work today is due diligence," said Cardona, who also indicated he felt comfortable the MIIP would hold up well to even very close scrutiny by the European Commission, which is preparing a report on the effectiveness of due diligence among CIPs and golden visas within the European Union. "Our due diligence team today is almost entirely composed of former risk and compliance officers who worked at major banks," continued Cardona, and went on to explain in detail the four-tier vetting process his agency employs, about which interested parties may learn more by reading Malta Today's article.

“我们目前的尽职调查团队成员几乎都是曾经在世界著名银行工作过的前风险控制官员，” Jonathan Cardona 继续说道，接着详细介绍了他们团队采用的4层审核流程，这吸引着感兴趣的朋友去看《马耳他今日报》的文章，以了解更多。越来越严苛被拒绝或被撤回的马耳他 IIP 的申请百分比 Increasingly choosy Percentage of applications to the Malta IIP that were either rejected or withdrawn 22.02%

24.00%

11.56% 4.50%

2015

2016

2017

2018

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财富报告显示，1/3 的超高资产净值人士拥有第二护照，还有 1/3 在计划中 Third of UHNWIs Hold Second Passport, Another Third Plan to Buy One, Wealth Report Finds

护照。

4%的超高净值资产人士- - - -定义是那些净资产超过3,000万美元的人群 - - - -已经拥有第二

在接受该报告态度调查的受访者中， 29%表示他们计划再购买一个公民身份，另外21%表示他们正在考虑永久移民。后苏联时代的护照追求这个调查进一步发现，各个地区之间，第二护照的拥有比例差别很大。 24%的亚洲人和北美人，28%的非洲人，26%的大洋洲人，还有31%的欧洲超高资产净值人士持有不止一本护照，39%的中东人，41%的拉美人，以及苏联/独联体国家境内高达58%的超高资产净值人士持有至少2本护照。亚洲人中相对较低的双重/多重公民身份比例最可能的原因是这些国家有禁令，比如中国（拥有该区域绝大部分的超高资产净值人士）禁止双重国籍。还有个原因就是日本，韩国，台湾，以及香港公民（这些国家和地区拥有该区域剩下的超高资产净值人士的大部分）已经拥有“高质量”的护照。另一方面，富有的拉美人持有第二护照的比例很高，倒不是说他们申请了投资入籍计划；南美大批的经济精英都持有西班牙护照，一般都是通过血缘关系获得。

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4% of Ultra High Net Worth Individuals (UHNWIs) – defined as those with a net worth in excess of US$30 million – have already obtained a second passport. A further 29% of respondents to the report's Attitudes Survey said they planned to purchase a citizenship, while 21% said they were considering permanent emigration. Post-Soviet Passport Pursuit The survey further found that rates of second citizenship acquisition varied widely by region: While 24% of Asian and North American, 28% of African, 26% of Australasian, and 31% of European UHNWIs held more than one citizenship, a full 39% of Middle Eastern, 41% of Latin American, and a whopping 58% of ultrawealthy individuals in Russia/CIS held at least two passports. The comparatively lower rates of dual/multiple citizenships among Asians is most likely explained by the prohibitions on such in countries like China (home to a big chunk of the region's UHNWIs), coupled with the relatively "good"

passports already available to nationals of Japan, South Korea, Taiwan, and Hong Kong (home to most of the rest of the regions ultrarich). Wealthy Latin-Americans, on the other hand, hold second passports at a very high rate, but not necessarily because they've participated in a CIP; large swaths of the economic elites in South America hold Spanish passports, usually acquired by rights of descent. Tremendous potential, tempered by reputational risk Growth in demand for citizenships acquired through investment has resulted in "a bidding war, as more countries seeking new sources of revenue try to encourage foreign direct investment in return for citizenship," notes the report, referring to what investment migration industry observers have termed, alternately, the "price war" and "race to the bottom" among Caribbean citizenship by investment programs. The report prognosticates that "as the industry matures, it will provide a major source of future revenue

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

潜力巨大，但是也有信誉风险对投资换公民身份的需求不断增长导致了“投标战争，因为更多的寻求收入来源的国家试图鼓励外商直接投资，回报是公民身份，”该报告写道，这个报告指的是投资移民观察家所称的爆发于加勒比各国投资入籍计划之间的 “价格战”以及“逐底竞争”。该报告预测， “随着行业的成熟，投资入籍计划将会成为那些没有出口产业的国家未来的主要收入来源，”但是，由贩卖公民身份导致的信誉风险日渐上升。该报告也采纳了投资移民行业影响力人物的评论意见。 Wit her s Worldw ide的合伙人之一 Joseph A Field表示，投资居留和投资入籍计划可能会被用于逃税目的，各国当局越来越重视，他说道“如果这个看法得到赞同，推出相关项目的国家可能会遇到很多问题”。 “投资入籍计划给小国带来了‘实打实的’经济利益。在某些加勒比岛国，项目收入占到了岛国的几乎1/3。这个途径潜在的盈利能力使得投资移民政策不断拓展，可以使小经济体将以前不是很正式的居留和入籍计划给予政策化并予以加强，” Kristin Surak 博士说道。 “项目有多强大取决于最弱的一环，” 恒理合伙人主席兼CEO Christian Kälin 博士表示， “最吸引人的还是那些目前有着最严苛审核流程的项目。值得考虑的项目往往是那些高举高标准尽职调查以及没有腐败的项目。这些项目将有着宝贵商业网络和创业经验的人才，他们信誉可靠，富有，并且有技术，吸引到各个国家，丰富了它们的社会和经济资本。”

for countries that lack alternative exports," but that reputation risks related to the selling of citizenships were also on the rise. The report also features commentary from several influential figures from the investment migration industry. Joseph A Field, a partner at Withers Worldwide, indicated authorities were increasingly concerned that residence and citizenship by investment programs could be used for tax evasion purposes and said that "if this idea gathers momentum, it could potentially create problems for the countries involved". "Citizenship by investment programs brought 'substantial' economic benefits to microstates. In certain Caribbean islands, program revenues account for up to a third of GDP. The potential

profitability of the channel has led to investment migration policies spreading, allowing small economies to formalize and scale up previous informal offerings of residency and citizenship," said Dr. Kristin Surak. "Programs are only as strong as their weakest link," said Dr. Christian Kälin, Chairman and CEO of Henley & Partners, "and the most appealing are those with the most stringent processes in place. The only programs worth considering are those that uphold high standards of due diligence and are free of corruption. These are the ones that draw credible, wealthy, and talented individuals with valuable business networks and entrepreneurial expertise to a country, enriching its social and economic capital."

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移民特刊 | IMMIGRATION SUPPLEMENT CHINA OFFSHORE Courtesy of imidaily.com

分析显示，近 40,000 人已完成护照投资 Close to 40,000 People Have Invested in a Passport, Analysis Reveals

过去几年间，公民身份的投资市场以惊人的速度增长，不断有新计划加入战局，现有计划的申请量也是与日俱增。但是在全世界范围，总共有多少公民身份投资计划的参与者获得了个人护照？我们挖掘相关数据，估算了全球经济公民的总数，我们自信这是到迄今为止最为精确的一个估计值。分析的每一段落，我们都解释了自己估算的方式。我们依赖的不仅仅是官方计划报告，还有政府专项声明以及国际货币基金组织以及世界银行的数据。欧洲马耳他 2,101位经济公民我们怎么得出这一数字：不存在任何猜测臆想。在计划监管者发布的年度报告中，可以获得马耳他个人投资者计划（MIIP）的详细统计数据。在世界上所有公民身份投资计划中，马耳他在数据报告方面做得最为彻底及透明。 2017年7月1日到2018年6月30日的年度数据将在下个月公布。塞浦路斯 3,850位经济公民我们怎么得出这一数字：2月份，财政部官员向媒体公布塞浦路斯公民身份投资计划签发了3300份护照。今年剩

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The citizenship by investment market has grown at a ferocious pace in the last few years; New programs have entered the fray, and existing ones have seen their application volumes grow.

government statements, as well as IMF and World Bank data.

But how many individual passports have been issued to participants in citizenship by investment programs worldwide, all told? We've been digging through the data and come up with what we're confident is the most accurate estimate ever compiled on the total number of economic citizens in the world.

Europe Malta 2,101 economic citizens How we arrived at the number: No guesswork was involved here. Detailed statistics on Malta's Individual Investor Programme (MIIP) are available in the annual reports of the program's regulator. Of all the world’s citizenship by investment programs, Malta does the most thorough and transparent job of reporting data.

Throughout the analysis, we explain how we calculated our estimates. We've had to rely not only on official program reports but also on ad-hoc

Data for the year between 1st of July 2017 and 30th of June 2018 will become publicly available next month.

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

余时间的完整数据尚未公布，但基于前四年的统计，塞浦路斯平均每月会新增62位经济公民。此数字构成我们估算今年3月至今经济公民数量的基础。加勒比安提瓜和巴布达 3,022位经济公民我们怎么得出这一数字：安提瓜和巴布达投资公民部以前会在自己的网站上发布了六个月报告（自计划开始推行起就落实的一项程序），但自2017 年上半年报告之后就不再发布了。截至当时，安提瓜和巴布达总共记录了2,322位新公民。从总理加斯顿•布朗（Gaston Browne）的声明中我们得知，在2017年下半年，该国公民身份投资计划的申请数量几乎完全归零——原因是当年其他竞争对手的降价，2017年底，安提瓜也开始降价，才重新获得了一些申请量。因此，在估算之时，我们假设安提瓜和巴布达在2017年下半年总共只增加了大约20位新公民。此数字并不完全精确，但也不会差得太远。

Cyprus 3,850 economic citizens How we arrived at the number: Officials at the Finance Ministry informed the press in February that the country had issued 3,300 passports under the Cyprus CIP. Complete data for the rest of the year is as yet unavailable but, over the last four years, Cyprus has added an average of 62 economic citizens a month. This number forms the basis for our assumption for the period between March and today. The Caribbean Antigua & Barbuda 3,022 economic citizens How we arrived at the number: Antigua & Barbuda's CIU used to publish six-month reports on its website – a procedure that had been in place since the beginning of the program – but stopped publishing after the first six-month report of 2017.

By that time, it had recorded 2,322 new citizens. We know from Prime Minister Gaston Browne's statement that the second half of 2017 saw application volumes to the country's CIP dry up almost completely – due to price cuts among competitors that year – and only picked up again toward the end of the year when Antigua implemented price cuts of their own. In constructing our estimate, therefore, we have assumed that Antigua & Barbuda added only about 20 new citizens in during the latter half of 2017. This number will not be completely accurate, but it is not off by much. By the end of the second quarter of 2018, Antigua's price cuts had brought application volumes back to more normal levels; Addressing parliament last month (but still not making the complete data set

截至2 018 年第二季度末，随着安提瓜的降价，申请量重新回到了一个更加正常的水平。在向议会发表讲话时（仍未公布完整的数据），加斯顿•布朗总理披露从今年1月到6月，公民身份投资计划收到了278 份申请。考虑到投资公民部的现有处理能力，再加上之前几个月的零申请量，所以我们假定大部分申请现在已经处理完毕。基于历史数据，我们假定H12018的平均家庭人数为2 . 5人（安提瓜公民身份投资计划的平均家庭人数在2 .1 到3 . 5之间波动），再考虑到被拒绝的申请，最后我们估计的数字为680 左右。

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1,500 and 2,000 applications a year. Such massive application volumes are, however, a recent phenomenon in Dominica. The program, according to the IMF's figures, only gained significant traction in 2016.

多米尼克 6,000-10,000位经济公民我们怎么得出这一数字：多米尼克没有就本国的公民计划发布过任何类型的统计报告，所以我们必须通过多种信息源进行数据测算，但这些来源无法给我们提供任何精确的数字，只能是一个粗略的近似值。首先，我们注意到多米尼克投资公民部部长伊曼纽尔•内森（E m m a nuel Nanthan）在今年4月提到，他一年要收到1,500到2,000份申请。但是，这么大的申请量是多米尼克最近才出现的现象。根据国际货币基金组织的数字，该计划只在2016年产生过巨大的吸引力。其次，国际货币基金组织在多米尼克第四条款磋商报告中，记录了投资公民收入在国内生产总值中的占比。此外，多米尼克的总经济规模也有公开的记录。我们比较了自2005年起，多米尼克每一年投资公民收入在国内生产总值中的占比以及官方发布的国内生产总值，得出了投资公民收入的美元总金额。第三，总理一般都在年度预算发言中，披露多米尼克通过公民身份投资计划募得的投资，但也并非每一年都披露。此外，关于有多少是费用、有多少是房地产等行业的投资，并没有明

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publicly available) PM Browne revealed the program had received 278 applications between January and June this year. Considering the available capacity at the CIU thanks to the empty pipeline months earlier, we've assumed that most of those applications will have been processed by now. Based on historical data, we've assumed an average family size of 2.5 for H12018 (average family size for the Antigua CIP has fluctuated between 2.1 and 3.5), which comes out to roughly 680 when accounting for rejections. Dominica 6-10,000 economic citizens How we arrived at the number: Dominica does not do any sort of statistical reporting on its citizenship program, so we've had to triangulate data from a variety of sources, neither of which can give us any accurate figures, but which nonetheless renders a rough approximation. First, we note that the head of Dominica's CIU, Emmanuel Nanthan, stated in April this year that he was receiving between

Second, the IMF, during its Article IV missions to the island, records CBI-receipts as % of GDP. The overall size of Dominica's economy, furthermore, is a matter of public record. We compared CBI receipts as % of GDP with official GDP in Dominica for each year since 2005 and arrived at a US dollar sum for total CBI-receipts. Third, in the annual budget address, the Prime Minister normally discloses the investment raised in Dominica through the program, but not every year. Furthermore, it is not clear how much was raised in fees and how much in, for example, real estate. We are unable to reach anything close to a precise number for Dominica, so we have left ourselves a big margin for error: We are certain it is more than 6,000 and less than 10,000. Grenada 1,614 economic citizens How we arrived at the number: Out of all the Caribbean programs, Grenada does the best job of reporting statistical data, issuing reports on applications, approvals, rejections, and amounts every quarter.

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

确的信息。我们无法得出多米尼克的精确数字，所以只能留下一个较大的误差容许量：我们确定的是这一数字高于 6,000但小于10,000。格林纳达 1,614位经济公民我们怎么得出这一数字：在所有加勒比的计划中，格林纳达在统计数据报告方面做得最好，每一季度都会发布关于申请量、批准量、拒绝量以及金额的报告。自实施计划开始，格林纳达每一季度都会报告相关数字，除了了2017年第 4 季度。我们假定该季度的申请数量与其之前和之后季度的数量接近。 1996 年到20 01年期间，有少量人也获得了格林纳达的公民身份，关于这些人，没有任何可用数据。圣基茨和尼维斯 16,544位经济公民我们怎么得出这一数字：这一数字直接来自权威的消息源。今年7月，圣基茨和尼维斯总理哈里斯（Harris）说明其国家总计获得了16,544位经济公民。

Since the beginning of the program, Grenada has reported figures each quarter, with the exception of the fourth quarter of 2017. We've assumed application figures for that quarter similar to the quarters immediately preceding and succeeding it. A small number of individuals also received citizenships in Grenada in the years between 1996 and 2001, about whom no data is available. Saint Kitts & Nevis 16,544 economic citizens How we arrived at the number: This one came straight from the horse's mouth; In July this year, PM Harris of Saint Kitts & Nevis stated that his country had a grand total of 16,544 economic citizens. Saint Kitts and Nevis, like Dominica, publishes no data on its program, although the government has repeatedly vowed to do so. Saint Lucia 195 economic citizens

How we arrived at the number: In July this year, Nestor Alfred, CEO of the Saint Lucia CIU, revealed that the young program he heads had received 279 applications since opening, 78 of which had been approved. Here, we've simply assumed an average family size of 2.5. Elsewhere Vanuatu 1-3,000 economic citizens How we arrived at the number: Vanuatu's government reports only their CBI-related revenue and does make clear which of the country's several citizenship programs (current and historical) the revenues came from. Simplifying our calculation is that there's no real estate option, so applications numbers could be inferred from revenue, but complicating it is the difference in price for Vanuatu citizenship, both over time and between programs. Ultimately, this number is based

圣基茨和尼维斯和多米尼克一样，没有公布任何计划数据，尽管政府反复承诺要公布相关数据。圣卢西亚 195位经济公民我们怎么得出这一数字：今年7月，圣卢西亚投资移民部首席执行官内斯特 •阿尔弗雷德（Ne stor A l f red）披露其负责的“青年计划”总共已收到 279份申请，其中78份已获批准。这里，我们简单地假设平均家庭人数为2.5人。

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其他地方瓦努阿图 1,000-3,000位经济公民我们怎么得出这一数字：瓦努阿图政府只报告了公民身份投资计划相关收入，并没有明确说明这些收入来源于该国多项公民计划（现有的和以前的）中的哪一项。让计算变得简单的因素是其中没有房地产选项，所以可以从收入中推导出申请数量；让计算变得复杂的因素是瓦努阿图公民计划价格的差异，时间上的差异以及不同计划之间的差异。最终，该数字是基于与瓦努阿图公民委员会长期、频繁接触的本地服务提供者提供的估计数字。让情况更加复杂的是，20世纪90年代，瓦努阿图颁行的公民身份销售计划多变且毫无规律。其他计划除了上文提到的正式公民身份投资计划以外，不论是现在还是过去，都还有不少较小规模的计划（和准计划），通过此类计划获得投资公民身份的投资人数量也大幅增加。伯利兹（1985-2002）、保加利亚、爱尔兰（1988 -98）、约旦、土耳其、奥地利、佛得角、柬埔寨和奥地利综合 1,000-2,000位经济公民全世界经济移民总数至少35,326 这是一个非常保守的估计。真实的数字更可能在40,000以上，尤其是考虑到大多数计划2018年的数字尚不明确。

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on estimates provided by long-time local service providers frequently in touch with the Vanuatu Citizenship Commission. Further complicating matters is Vanuatu's checkered past of irregular citizenship sales in the 90's. Other programs Beyond the formal CIPs mentioned above, a number of smaller-scale programs (and quasi-programs), both current and historical, have seen a considerable number of investors obtain citizenship through investment.

Belize (1985-2002), Bulgaria, Ireland (1988-98), Jordan, Turkey, Austria, Cape Verde, Cambodia, and Austria combined 1,000-2,000 economic citizens Total number of economic citizens in the world At least 35,326 That is a very conservative estimate. The true number more likely exceeds 40,000, particularly considering 2018-figures are as yet unaccounted for among most programs.

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊 Clint Bennetti 博士 —— 瑞麟集团信托与公司服务总监 By Dr. Clint Bennetti – Director of Trusts and Corporate Services at Kylin Prime Group

2018 年马耳他 MRVP 永居项目的那些最新变化详细解读

Changes to the “Qualifying Investment” requirements of the Malta Residency and Visa Programme (“MRVP”) 马耳他的永居绿卡投资移民政策已将符合条件的投资选项进一步扩充——投资移民马耳他，你的投资选择性更多了。修订过的政策法案关于条例6（1）d中所提到的投资方式，可以由马耳他股票交易市场上官方列出的债券、或者股票证券组成，以这些债券作为投资的也可以通过组合投资计划的投资来实现（基金），前述投资一定是被批准的并在马耳他证券交易市场官方列出的名单里。这些改变其实是传递了非常积极的信息，申请人在选择投资移民途径时会有更多选择，更多样的可选性也将使得马耳他投资移民项目变得更加吸引人。在法案修改之前，申请人需要投资25 万欧元到马耳他国债中或者投资马耳他组合投资计划（其中至少85%得投入到政府国债中），此类投资持有期至少为5年。此项变更已于9月份正式生效，申请人可投资马耳他股票交易市场上的债券或者股票证券和/ 或投资于此类债券或股票证券的集体投资计划。这类集体投资计划必须拥有相关资质，并在马耳他证券交易所的正式名单上。投资金额（25万欧元）和投资期限（5年）保持不变。最新增加的名单是马耳他政府证券基金，它是瑞麟可变资本投资公司（Kylin Prime SICAV plc）的一支子基金。瑞麟可变资本投资公司隶属于瑞士瑞麟集团，瑞麟集团业务覆盖全球移居解决方案、资产管理、银行和信托业务以及企业全球服务。

The Malta Residency and Visa Regulations have been amended to extend the list of Qualifying Investments. The revised regulations now state that that the investments referred to in regulation 6(1) (d) of the said regulations, can be made in debt or equity securities listed on the Official List of the Malta Stock Exchange. Investment in these securities may also be achieved through an investment in collective investment schemes that are licensed and are on the Official List of the Malta Stock Exchange. These changes are very positive and are expected to make the programme more attractive since applicants will have a wider choice when selecting investments with a view to satisfying the investment requirements of the programme. As things stood before these changes were implemented, applicants were required to invest a minimum of EUR 250,000 in Malta Government Stock or in Maltese collective investment schemes that invested at least 85% of their assets in Malta Government Stocks, and to hold such investment for a minimum period of five years. Following these changes which came into effect in September,

applicants will be able to invest in any debt or equity securities listed on the Official List of the Malta Stock Exchange and/or in collective investment schemes that invest in such debt or equity securities. Such collective investment schemes must be licensed and be listed on the Official List of the Malta Stock Exchange. The amount required to be invested (EUR 250,000) and the period for which the investment must be held (five years) remain unchanged. The latest addition to this list is the Malta Government Securities Fund, a Sub-Fund of the Kylin Prime SICAV plc. The Kylin Prime SICAV plc forms part of the Kylin Prime Group, a group of companies that is active in the citizenship and residency by investment industry as well as the asset management, banking and trusts and corporate services industries globally.

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美洲

AMERICAS

英属维尔京群岛 British Virgin Islands

BVI

Member Contribution 概况

实体类型

信托

法律类型

建立信托所需时间

最低政府费用（不包括税收）是否签订双重征税协定标准货币

普通法

2到3天

印花税200美元否

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

General Type of Entity

Trust

Type of Law

Common

Our Time to Establish a Trust

2 - 3 days

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

信托资产

美元

允许币种

任何币种

1美元

1人

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

受托人住所（首选）

持有专业资格公众可否访问准备要求

可选可选

US $

Permitted Currencies

Any

Minimum Assets Required

USD 1 Trustees

Minimum Number If Individuals

One

Minimum Number If a Body Corporate

One

If Local Trustee Required

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

Publicly Accessible Records

Location of Meetings

Domicile of trustees (Preferred)

公众可否访问账户法定继承权

是否允许迁册

| 9th Annual

Required

Optional

Professional Qualifications Held

Optional

Trust Deed

Publicly Accessible

账户

是

审计要求

Protector

信托契书否

否否

是

No Accounts

Requirements to Prepare

Yes

Audit Requirements

Publicly Accessible Accounts

其他

无

Standard Currency

受托人

1人

Stamp Duty USD200

Trust Assets

保全

是否需要

108

By BVI Finance

Other

Forced Heirship Rules

Change in Domicile Permitted

Yes

司法辖区

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

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

简介 Introduction 英属维尔京群岛的经济很大程度上依赖于旅游业和金融服务业。英属维尔京群岛的共同基金和专属保险行业独占鳌头。该岛的金融服务委员会确保对金融机构进行独立和有效的监管。和其它处于竞争地位的加勒比国家相比，英属维尔京群岛相对来说比较实惠，且专业服务也相对较强。英属维尔京群岛政府对国内的商务需求有求必应，其大部分法规比较灵活和直接。岛上有税收中立的离岸工具（例如国际商务公司），且国内税率大部较低。英属维尔京群岛已成为新兴市场公司金融行业的领先国家。

The economy is highly dependent on tourism and financial services. The BVI has significant mutual fund and captive insurance sectors. The Financial Services Commission ensures independent and effective supervision of financial institutions. The BVI is a cost-effective jurisdiction compared to competing Caribbean countries, and has relatively strong professional services. The government is responsive to the country’s business needs, and its legislation is mostly ﬂexible and straightforward.Tax-neutral offshore vehicles (e.g. BCs) are available, and domestic taxes are not high in any event. The BVI has emerged as a leader in emerging market corporate finance.

适合的离岸工具：财富管理、银行业务、保险、基金管理、航运、航空、游艇、贸易金融、知识产权 / 许可证、控股公司、电子商务、房地产所有权

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司法辖区

JURISDICTIONS 离岸工具种类：有限公司、公众有限公司、信托、通用合伙制公司、有限合伙制和国际商务公司

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

资本主要商务地区：罗德城

Capital primary business districts: Road Town

关系良好辖区：英国、美国

Good Relationships: United Kingdom, United States

关系不佳辖区：缅甸、古巴、伊朗、北朝鲜、利比亚、索马里、苏丹、叙利亚

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

税务负担⸺商务：极轻

Tax Burden - Business: Very Light

税务负担⸺个人：极轻

Tax Burden - Individual: Very Light

总体税率： CIT 0%, PIT 0%, 增值税 0%

Headline tax rates: CIT 0%, PIT 0%, VAT 0%

签订条约辖区：瑞士

Treaty Jurisdictions: Switzerland

税收信息交换协议签订辖区：阿鲁巴、澳大利亚、奥地利、加拿大、中国、库拉索、捷克共和国、丹麦、法罗群岛、芬兰、法国、德国、格陵兰、耿西岛、冰岛、印度、爱尔兰、日本、荷兰、新西兰、挪威、波兰、葡萄牙、圣马丁岛、瑞典、英国、美国

TIEA Jurisdictions: Aruba, Australia, Austria, Canada, China, Curacao, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, India, Ireland, Japan, Netherlands, New Zealand, Norway, Poland, Portugal, Sint Maarten, Sweden, United Kingdom, United States

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司法辖区

JURISDICTIONS

Member Contribution

离岸问答 Q&A

英属维尔京群岛 BVI

Q1 信托法是何时在贵辖区内实施的？

Q1 When was trust law introduced in your jurisdiction?

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

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

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

Q2 贵辖区在隐私和资产保护方面，对希望向下一

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

司法辖区

JURISDICTIONS

代传承财富的中国高净值人士和家族（等）来说主要有哪些优势？

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

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

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

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

Q4 为中国和亚洲客户进行财富规划时您遇到的

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司法辖区

JURISDICTIONS

最大问题和挑战是什么？您和您的辖区为此提出的解决方案是什么？

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

衡力斯在帮助亚洲高净值人士和家族办公室设立 BVI 信托方面的经验非常丰富，遇到的问题主要来自于财富保护和传承规划。中国客户对离岸信托尤其感兴趣，因为中国现在的法律法规在基于“一个物业，一个权力”的原则上运作，对向受托人转让的法定所有权方面有诸多不便。虽然如此，要劝说亚洲客户把他们的资产向第三方受托人转让确实是一个挑战，因为受托人不会对特定的信托财产采取相同的管理或投资方法，尤其重要的是，因为受托人通常来说需要担任确保信托资产不贬值的卫士角色。

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

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

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

Q5 贵辖区的信托法方面有否新，需要投资者注意的更新？

Q4 What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues?

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

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

Harneys have vast experience assisting Asian HNWIs and family offices

司法辖区

JURISDICTIONS

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

Q5 Are there any recent developments in trust law in your jurisdiction that investors should be aware of? 5月16日后设立的信托，时限最高从100 年增加到了360 年（除无限期的慈善信托或目的信托之外）。 VISTA 信托和私人信托公司（PTC）也做了重要改动。 BVI 信托和 VISTA 信托不同，但现在可以在其中一个受托人是 PTC 或是一个信托许可证持有者的情况下转换成 VISTA 信托（在特定的条件下），这意味着个人或非 BVI 公司能成为协作受托人。VISTA 信托证书的声明书可以要求特定的法律规定得以取消、暂停或由个人或委员会成员之一指示的特定事件而触发。这让 VISTA 信托能够被量身定做。除了作为 VISTA 信托的受托人角色外，PTC 现在也可以成为 BVI 目的信托的受托人，且“被指定人员”作为目的信托受托人的定义也有所改变。上述只是 BVI 信托制度的最新更新，BVI 信托制度一如既往地为投资者提供友好和灵活的财富管理选择。来源 / Contributed by：BVI Finance

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

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开曼群岛 Cayman Islands

Cayman

Member Contribution

By Harney Westwood & Riegels

概况

实体类型

信托

法律类型

Trust

Type of Law

Common

2到3天（会基于架构的复杂性以及背景调查所需的时间而改变）

Our Time to Establish a Trust

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

印花税40开曼元

Minimum Government Fees (excluding taxation)

Stamp Duty CI$40.00

Double Taxation Treaty Access

Perpetuity Period

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

普通法

建立信托所需时间最低政府费用（不包括税收）是否签订双重征税协定永久所有权期限标准货币

否

150年，有个别例外，如 STAR 信托均没有期限

信托资产

美元

允许币种

最低资产要求

General Type of Company

任何币种

大约 100美元的象征性金额

Trust Assets

Standard Currency

US $

Permitted Currencies

Any

Minimum Assets Required

Nominal amount of generally USD100

受托人

Trustees

独立法人最低人数

最少一个受托人（自然人或公司）。取决于 STAR 信托的特殊要求和一些诸如特许互惠基金的特殊单位信托，受托人可以是开曼群岛特许专业受托人，开曼群岛私人信托公司，外国受托人公司或个人（无论哪里居民均可）

Minimum Number If Individuals

公众可否查阅记录

否

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

Publicly Accessible Records

Location of Meetings

Anywhere

会议地点

保全

是否允许

持有专业资格公众可否访问准备要求

是

可选

公众可否访问账户是否允许私人信托公司法定继承权

| 9th Annual

Protector

Permitted

Yes

Professional Qualifications Held

Optional

信托契书否

Trust Deed

Publicly Accessible

账户

是

审计要求

118

任何地方

No Accounts

Requirements to Prepare

Yes

Audit Requirements

否

Publicly Accessible Accounts

是

"Private Trust Companies Permitted"

Yes

Forced Heirship Rules

Not applicable

否其他

不适用

Other

司法辖区

JURISDICTIONS 行政特区：开曼群岛地区：加勒比货币：开曼群岛元语言：英语所在时区：协调世界时-5 电话区号：1-345 通讯设施：良好

Country: Cayman Islands Region: Caribbean Currency: Cayman Islands Dollar (KYD) Languages: English Time Zone: UTC -5 Phone Code: 1-345 Communications: Good

简介 Introduction 开曼群岛是世界领先的国际金融中心之一，是一个政治稳定的司法辖区，就共同基金、私人股权基金、控股架构、结构性金融、保险公司和上市公司等业务为公司提供税收中立平台。

The Cayman Islands is one of the world's leading international financial centres and is a politically stable jurisdiction that offers companies a tax neutral platform for mutual funds, private equity funds, holding structures, structured finance, insurance companies and listing vehicles.

开曼群岛也是全球最大的 50 家银行的所在地，也是专属自保保险的第二大离岸司法辖区。世界上大约 80% 的对冲基金都是在开曼群岛设立的。许多私人股权基金也选择开曼群岛，因为其具有综合性和商业友好性的豁免有限合伙法。

The Cayman Islands is also home to the world's 50 largest banks and is the second largest offshore jurisdiction for captive insurance. Approximately eight out of ten of the world's hedge funds are set up in the Cayman Islands. Many private equity funds also choose the Cayman Islands due to its comprehensive and business friendly Exempted Limited Partnership Law.

开曼群岛还努力满足透明度的要求。自动交换信息协议由三部分组成——2010 年外国账户纳税法案、皇家属地和海外领土法案和共同申报准则 (CRS)，开曼群岛作为自动交换信息协议成员，努力寻求打击逃

The Cayman Islands has also endeavoured to meet the requirements of transparency. As a member of Automatic Exchange of Information Agreements, which is made up of three regimes - the Foreign Account

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税和洗钱以及个人隐私和保密的权利之间有效的平衡。已有超过 100 个国家签订了 CRS，其中中国、俄罗斯和澳大利亚都是较晚的签订者，并将在 2018 年之前进行首次信息交换。适合于：财富管理、银行业、保险、基金管理、海运、航空、游艇、贸易金融、知识产权 / 许可、控股公司、电子商务、财产所有权公司类型：豁免公司、独立投资组合公司、有限责任公司、豁免有限合伙企业、基金公司、外国公司、外国合伙企业、经济特区公司 (SEZC) 主要商务城区：乔治城关系良好的国家 / 地区：巴哈马、巴巴多斯、百慕大、伯利兹、加拿大、多米尼加、印度、牙买加、蒙特塞拉特、圣基茨和尼维斯、圣卢西亚、圣文森特和格林纳丁斯、特立尼达和多巴哥、特克斯和凯科斯群岛、美国关系不佳的国家 / 地区：缅甸、古巴、伊朗、朝鲜 ( 民主主义人民共和国 )、利比亚、索马里、苏丹、叙利亚

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Tax Compliance Act 2010, the Crown Dependencies and Overseas Territories and the Common Reporting Standards (CRS) - efforts have been paid to seek an effective balance between combatting tax evasion and money laundering and individual privacy and confidentiality rights. More than a hundred countries have since subscribed to CRS, with China, Russia and Australia being late adopters and due to undertake first exchanges by 2018.

Suitable for: Wealth Management, Banking, Insurance, Fund Management, Shipping, Aviation, Yachting, Trading Financial, Intellectual Property/Licensing, Holding Companies, E-commerce, Property Ownership Vehicle Types: Exempted Companies, Segregated Portfolio Companies, Limited Liability Companies, Exempted Limited Partnerships, Foundation Companies, Foreign Companies, Foreign Partnerships, Special Economic Zone Companies (SEZC) Capital primary Business District: George Town Good Relationships: Bahamas, Barbados, Bermuda, Belize, Canada, Dominica, India, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, Turks and Caicos Islands, United States

司法辖区

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Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People’s Republic of), Libya, Somalia, Sudan, Syria Tax Burden-Business: No taxes, only stamp duty which is minimal Tax Burden-Individual: No taxes, only stamp duty which is minimal Formation Cost: US$3,500 – US$4,500 Formation Time: 3-5 business days

税务负担⸺企业：除了小额的印花税，不征税税务负担⸺个人：除了小额的印花税，不征税设立公司成本： 3,500-4,500美元设立公司需时： 3-5天设立公司费用： 2,500-3,500美元

Maintenance cost: US$2,500 – US$3,500 Headline Tax Rates: CIT 0%, PIT 0%, VAT 0% Treaty Jurisdictions: United Kingdom TIEA Jurisdictions: Argentina, Aruba, Australia, Belgium, Brazil, Canada, China, Curacao, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, India, Ireland, Italy, Japan, Malta, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Qatar, Seychelles, Saint Maarten, South Africa, Sweden, United Kingdom, United States of America

总体税率 : 企业所得税0%、个人所得税0%、增值税0%。协议签订司法辖区：英国税务信息交换协议签订司法辖区：阿根廷、阿鲁巴、澳大利亚、比利时、巴西、加拿大、中国、库拉索岛、捷克共和国、丹麦、法罗群岛、芬兰、法国、德国、格陵兰、耿西岛、冰岛、印度、爱尔兰、意大利、日本、马耳他、墨西哥、荷兰、新西兰、挪威、波兰、葡萄牙、卡塔尔、塞舌尔、圣马丁岛、南非、瑞典、英国、美国

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Member Contribution

离岸问答 Q&A

开曼群岛 Cayman Islands

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

Q1 What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation?

开曼群岛是具有悠久历史的国际信托机构的成熟管辖区。开曼立法是专门为满足海外企业主和家庭的动态需求而设计的，隐私和资产保护是两个关键考虑因素。

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

开曼群岛作为建立信托以实现隐私和资产保护的理想司法管辖区的主要优势如下：

The key advantages of the Cayman Islands as an ideal jurisdiction in which to establish trusts that achieve privacy and asset protection are as follows:-

• 经济稳定、充满活力 ; • 政治稳定，民主的政府 ( 英国海外领土 ); • 监管开曼金融服务业的坚实监管框架 ; • 私人信托无需注册 ; • 信托登记不向公众开放 ; • 保护客户免受外国监管机构和法院信息要求的具体立法 ; • 只要受托人不参加外国诉讼，开曼受托人不受外国判决的约束 ; • STAR信托允许有特殊目的的信托(例如经营企业，为家庭成员的教育 / 婚姻提供资金等 )，并且没有

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• a stable and buoyant economy; • a politically stable and democratic government (British overseas territory); • a solid regulatory framework overseeing the Cayman financial services industry; • no registration requirements for private trusts; • the Register of Trusts is not available to the public; • specific legislation protecting clients from requests for information from foreign regulatory bodies and courts; • Cayman trustees will not be bound by foreign judgments as long as

司法辖区

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永久期限 ; • 客户还可以建立自己的私人信托公司 (PTC)，以保留对受托人的控制权。

Q2 成本方面，在贵司法辖区设立信托 / 基金会和其它辖区相比有什么不同？如果成本更高，您能为客户提供的附加价值是什么？在开曼群岛建立信托的成本远低于香港和新加坡等其他受欢迎的司法管辖区。对于私人信托基金来说，没有地方税收或注册费。特别是，建立一个标准的 STAR 信托的成本是非常有限的，也是可以管理的。开曼群岛长期以来一直在促进其信托业务，因此其信托结构被设计成非常有效和具有成本效益。

Q3 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？在中国和其他亚洲国家，从历史上看，信托公司提供的真正优势难以得到认可，而且人们特别担心，一旦信托公司转入信托公司，它们可能缺乏对资产的控制权。最大的挑战之一是，中国或亚洲客户往往需要离岸信托来实现多种目的，包括 :-

• 在中国经营家族企业 ; • 同时保留对此类业务的控制权 ; • 实现继任计划、资产保护和隐私保护。在开曼群岛可以找到解决这些问题的办法，在那里灵活的开曼法律制度使我们能够建立信托以实现这些目标。我们可以为每个客户定制计划，以满足客户的具体需求。

the trustee does not join the foreign litigation; • STAR Trusts permit trusts for a special purpose (e.g. to run a business, to provide funding for education/marriage of family members, etc.), and have no perpetuity period; and • clients can also establish their own private trust company (PTC) to retain control over the trustee.

Q2 In terms of cost, how is the cost of a setting up a trust/ foundation in your jurisdiction compare to other jurisdictions? If it's more expensive, what is the additional value that a client receives for this? The cost of establishing a trust in the Cayman Islands is much lower than in other popular jurisdictions such as Hong Kong and Singapore. There are no local taxes or registration fees for private trusts. In particular, the cost of establishing a standard STAR Trust is quite limited and manageable. The Cayman Islands has long been promoting its trust business and accordingly its trust structures have been designed to be extremely efficient and cost effective.

Q3 What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? In China and other Asian countries, there have historically been difficulties with appreciating the true advantages offered by trusts, as well as specific concerns about a potential lack of control over assets once they have been transferred into a trust. One of the biggest challenges is that Chinese or Asian clients often require offshore trusts to achieve multiple purposes, including:• holding their family businesses located in China;

开曼群岛提供了广泛的信托解决方案，对中国的高净值人士尤其具有吸引力，他们寻求有效的资产保护和家族财富的继承解决方案，尤其是在经营业务方面。

Q4 贵辖区法律中有哪些特点是这个司法辖区的信托/基金会成为吸引投资者的最大特点？

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开曼信托具有其他司法管辖区不一定具备的以下特征 :

• retaining control over such business in the meantime; and • achieving succession planning, asset protection and privacy.

• 税务中立管辖区 ; • 有大量高质量的服务供应商 ; 包括律师事务所、会计师事务所、信托公司和银行 ; • 最高司法能力的快速解决争端 ; • 财产授予人可以保留对信托的重大权力，而不影响信托的有效性 ; • 客户可以很容易地建立私人信托公司 (PTC) ( 不需要自己的信托许可证就可以作为开曼信托的受托人 ) 作为受托人 ; • 信托保护者得到认可 ; • 可以设立信托来持有企业，但企业的管理仍可由财产授予人控制，不受受托人的监督或干预 ; •STAR 信托可永久成立，使信托无受益人的目的 ; • 保留权力信托使客户能够保留与信托管理相关的广泛权力 ; • 严格的资产保护规则，其中开曼受托人不受外国判决的约束，除非他们已向外国司法管辖区提交 ; • 信托公司不向公众开放搜索，从而实现隐私和机密性。

Solutions to these issues are available in the Cayman Islands, where the ﬂexible Cayman legal regime enables us to structure the trusts to achieve these goals. We can customise plans for each client to meet the client’s specific needs.

如上所述，开曼群岛有向中国高净值人士提供定制结构的良好记录，这使他们能够在不放弃对家族财富的有效控制和管理的情况下，从信托的经典优势中获益。开曼群岛将继续更新和完善其法律，以确保自己仍处于离岸信托世界的前沿，并在中国等不断增长的市场上继续受欢迎。

The Cayman Islands offers a wide range of trust solutions which are especially appealing for Chinese HNWs looking for effective asset protection and succession solutions for their family’s wealth, particularly concerning operating businesses.

Q4 What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? Cayman trusts have the following features that other jurisdictions do not necessarily have: • a tax neutral jurisdiction; • the availability of a wide range of top quality service providers; including law firms, accountants, trust companies and banks; • judiciary of the highest calibre for fast-track dispute resolution; • the settlor may retain significant powers over the trust without affecting its validity; • clients may easily set up a PTC (which does not require its own trust license to act as trustee of a Cayman trust) to act as the trustee; • trust Protectors are recognised; • trusts can be set up to hold businesses, the management of which can still be controlled by the settlor(s) with no oversight or intervention by the trustees; • STAR Trusts can be set up in perpetuity enabling the trust to be for a purpose with no beneficiaries; • Reserved Powers Trusts enable clients to retain a wide range of powers in relation to the administration of a trust; • strong asset protection rules under which Cayman trustees are not bound by foreign judgments unless they have submitted to the foreign jurisdiction; and • trusts are not open to search by the public thus achieving privacy and confidentiality. As stated above, the Cayman Islands has an established track record of offering bespoke structures to Chinese HNWs, which allow them to benefit from the classic advantages of a trust without ceding effective

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Q5 贵辖区内是否有投资者需要知道的在信托和基金会方面的法律更新？开曼基金会公司法于2017年 4月生效。对于那些寻求信托之外的选择的客户，特别是在民法管辖区，基金会公司将更容易在客户的本地司法管辖区得到认可，并可用于持有家族财富和企业。如有需要，管理基金会公司的个人可以参照现有家族企业的董事会。受益人享有不同权利的能力在资产保护方面也非常有用。此外，基金会公司是持有风险较高、多元化程度较低的资产的理想公司，因为有兴趣的人对基金会公司负有责任，而不是对任何潜在受益人。

来源 / Contributed by：Kristy Calvert, Partner &

Chief Representative - Shanghai Representative Office, Harney Westwood & Riegels

control and management of the family's wealth. The Cayman Islands will continue to update and refine its laws to ensure that it remains at the cutting edge of the offshore trust world and continues to increase in popularity in growing markets, such as China.

Q5 Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of? The Cayman Foundation Companies Law came into effect in April 2017. For those clients who are seeking an alternative to trusts, in civil law jurisdictions particularly, the foundation company will be more easily recognised in the home jurisdiction of the client, and can be used to hold family wealth and businesses. If desired, individuals in control of a foundation company can mirror the board(s) of existing family enterprises. The ability for beneficiaries to have different entitlements will also be very useful for asset protection purposes. Additionally, the foundation company is ideal for holding higher-risk, less diversified assets, as interested persons will owe their duty to the foundation company, and not to any potential beneficiaries.

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尼维斯 Nevis

Nevis

Member Contribution 概况

实体类型

信托

建立信托所需时间

最低政府费用（不包括税收）是否签订双重征税协定国外收入课税标准货币

Trusts

除条例

Type of Law

24小时

Nevis International Exempt Trust Ordinance, 1994, as amended

Our Time to Establish a Trust

Twenty four (24) hours

250美金

Minimum Government Fees (excluding taxation)

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

Double Taxation Treaty Access

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

无

最低资产要求

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

Taxation on Foreign Income

信托资产

东加勒比元

允许币种

General Type of Entity

1994 年修正版尼维斯国际信托免

法律类型

None Trust Assets

Standard Currency

East Caribbean Dollars (XCD)

任何币种

Permitted Currencies

Any currency

以信托方式持有的资产没有最低金额，但信托必须有一个主体。

Minimum Assets Required

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

受托人

1人，必须是圣基茨尼维斯律师 1人，这可能是一个尼维斯公司，尼维斯企业法人，尼维斯有限责任公司或多种形式基金会

是否

任何地方

Trustees

Minimum Number if Individuals Minimum Number if a Body Corporate

持有专业资格公众可否访问准备要求

否，只有目的信托才需要否

Yes

Publicly Accessible Records

Location of Meetings

Anywhere

公众可否访问账户法定继承权

是否允许迁册

| 9th Annual

Required

No, only for purpose trusts

Professional Qualifications Held

Trust Deed

Publicly Accessible

账户

是

审计要求

Protector

信托契书否

否否

不适用

No Accounts

Requirements to Prepare

Yes

Audit Requirements

Publicly Accessible Accounts

其他

否

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

If Local Trustee Required

保全

是否需要

128

By Nevis Investment Promotion Agency

Other

Forced Heirship Rules

Change in Domicile Permitted

N/A

司法辖区

JURISDICTIONS 司法辖区：尼维斯所属地区：加勒比官方货币：东加勒比元官方语言：英语所属时区：UTC-4 电话区号：+1869 通讯设施：极佳

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

简介 Introduction 尼维斯是政治独立的圣基茨和尼维斯联邦的一部分。自1984 年以来，尼维斯一直是声誉卓著的国际金融中心。尼维斯在一定程度上享有联邦的自主权，并已提出立法，支持其提供广泛的财富管理和继承规划工具。在尼维斯做生意有很多好处。尼维斯的优势所在 • 独立司法辖区 • 所得税、预提税、赠与税、遗产税和继承税都免税 • 稳定的政治和安全的经济环境 • 高度发展的金融服务行业 • 基于英国法律的普通法法律体制 • 高度发达的专业服务基础设施 • 极佳的通讯设施 • 通往北美和欧洲的便利空中航路

Nevis is a part of the politically independent St Kitts and Nevis Federation. Nevis has been a well-regarded International Finance Centre since 1984. Nevis enjoys a certain level of autonomy from the Federation and has introduced legislation which supports its offering of a broad range of wealth management and succession planning tools. There are many advantages of doing business in Nevis.

Advantages of Nevis • Independent jurisdiction • Exemption from income, withholding, gift, estate and succession taxes • Stable political environment and secure economy • Well-developed financial services industry • Common law legal system based on English law • Well-developed professional infrastructure

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• 没有外汇管制 • 投资者可享有公民权计划税收尼维斯商务公司 (IBCs) 和有限责任公司 (LLCs) 免除所有当地税收，包括收入、预提、资本利得税、印花税和其他费用或税收，这些费用或税收是基于来自尼维斯以外或与尼维斯以外活动有关的收入或资产。隐私和信息披露受益所有人、股东 / 成员、董事 / 经理及高级人员的资料，可通过自愿备案方式披露。但是，在其他情况下，这些信息不会被提交到公众可以访问的任何注册中心。尼维斯仍然致力于所有国际透明度标准，并在这方面被经合发组织评为“大体上遵守” 。资金的转移在尼维斯没有货币兑换或资金转移控制。根据所得税法，对非居民征收 15% 的预提税。股利、利息、特许权使用费和利润的转让，除代扣代缴、不征收资本利得税外，不需要政府批准。政治制度圣基茨和尼维斯联盟是一个君主立宪制国家，拥有韦斯特明斯特式的议会。它于1983 年从英国独立。圣基茨和尼维斯是加勒比共同体和东加勒比国家组织的成员，在联合国有自己的代表。法律体系法律体系以英国普通法为基础。适用于 : 航空，游艇，控股公司，财产所有权，任何法律目的离岸工具种类：有限责任公司，国际商务公司，信托，基金会资本主要营商区域 : 查尔斯顿

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

Taxation Nevis Business Corporations (IBCs) and Limited Liability Companies (LLCs) are exempt from all local taxes, including income, withholding, capital gains taxes, stamp duties and other fees or taxes based upon income or assets originating outside of Nevis or in connection with activities outside of Nevis. Privacy and Disclosure Information about beneficial owners, shareholders/members, directors/ managers and officers may be disclosed through voluntary filings. However, in other instances the information is not filed with any Registry accessible to the public. Nevis remains committed to all international standards of transparency and has been rated "largely compliant" by the OECD in this regard. Transfer of Funds There are no currency exchange or transfer of funds controls in Nevis. There is a 15% with-holding tax for non-residents according to the Income Tax Act. The transfer of dividends, interests, royalties and profits do not require the approval of government except for the payment of with-holding tax and there is no capital gains tax.

司法辖区

JURISDICTIONS

税务负担 - 商务 : 很轻税务负担 - 个人 : 很轻总体税率 : 企业所得税 (CIT)( 当地公司33%)，个人所得税 (PIT) 为 0%，增值税 (VAT) 为10% 和 17% 协议签订辖区：安提瓜和巴布达、蒙特塞拉特、伯利兹、多米尼加、格林纳达、圭亚那、牙买加、摩纳哥、圣卢西亚、圣文森特和格林纳丁斯、瑞士圣马力诺、特立尼达和多巴哥、阿拉伯联合酋长国。税收信息交换协议签订辖区：阿鲁巴，澳大利亚，比利时，加拿大，库拉索，丹麦，法罗群岛，芬兰，法国，德国，格陵兰，根西岛，冰岛，印度，爱尔兰，列支敦士登，荷兰，新西兰，挪威，葡萄牙，南非，圣马丁岛，瑞典，英国。

Political System The Federation of St Kitts and Nevis is a constitutional monarchy with a Westminster-style parliament. It became independent from the United Kingdom in 1983. St Kitts and Nevis is a member of the Caribbean Community (CARICOM) and the Organization of Eastern Caribbean States (OECS), and has its own representation at the United Nations.

Legal System The legal system is based on the English Common Law. Suitable for: Aviation, Yachting, Holding Companies, Property Ownership, any legal purpose Vehicle Types: Limited liability companies, IBCs, trusts, foundations. Capital primary business districts: Charlestown Tax Burden - Business: Very light Tax Burden - Individual: Very Light Headline tax rates: Corporate Income Tax (CIT) (resident companies 33%), Personal Income Tax (PIT) 0%, Value Added Tax (VAT) 10% and 17% Treaty Jurisdictions (Double Taxation Treaties): Antigua and Barbuda, Montserrat, Belize, Dominica, Grenada, Guyana, Jamaica, Monaco, Saint Lucia, Saint Vincent and the Grenadines, San Marino, Switzerland, Trinidad and Tobago, United Arab Emirates. TIEA Jurisdictions: Aruba, Australia, Belgium, Canada, Curacao, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, India, Ireland, Liechtenstein, Netherlands, New Zealand, Norway, Portugal, South Africa, Sint Martin, Sweden, United Kingdom.

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Member Contribution

离岸问答 Q&A

尼维斯 Nevis

Q1 在希望向下一代传承资产的中国高净值人士或家族（等）的隐私和资产保护方面，贵司法辖区的优势有哪些？

Q1 What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation?

尼维斯有极具吸引力和先进的金融服务业 , 包括国际信托、国际商务公司、基金会、有限责任公司、专属保险和分保公司，以及国际银行业务，可以被用作财富管理、资产保护和投资等目的。尼维斯以它 31年来的丰富经验和成为首选的离岸司法辖区而感到骄傲；它已在业界享有高效和超高质量的服务声誉。尼维斯司法辖区致力于经合组织和 FATF（金融行动特别工作组）推行的国际标准方面的合规，同时不牺牲客户享有隐私和保密性的权利。

Nevis has a very active and progressive financial services sector. It offers financial services products such as international trusts, international business companies (IBCs), foundations, limited liability companies (LLCs), captives and reinsurance companies, and international banking which can be used for wealth management, estate planning and investment purposes. Nevis prides itself as the jurisdiction of choice with over 31 years of experience; it has developed a reputation for efficiency, and exceptional service. The Jurisdiction is committed to compliance with international standards promoted by the OECD and FATF without sacrificing our clients’ right to privacy and confidentiality.

Q2 价格方面，在贵司法辖区设立信托 / 基金会和其它辖区相比有什么不同？如果价格更高，您能为客户提供的附加价值是什么？在尼维斯成立一个公司实体迅捷而便利。尼维斯信托创建方面的费用，和其它领先的著名国际金融中心相比，极具竞争力。寻求企业服务提供商和专业团队的意见，将帮助客户建立最务实的架构来满足其在财富管理上的个性化需求。

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Q2 In terms of cost, how is the cost of setting up a trust/foundation in your jurisdiction compare to other jurisdictions? If it's more expensive, what is the additional value that a client receives for this? Setting up an entity in Nevis is prompt and hassle-free. Costs in relation to the creation of trusts in Nevis are very cost effective and competitive with those in other leading reputable International

司法辖区

JURISDICTIONS

Q3 信托和基金会是否是贵司法辖区的首选架构？您为什么会这样认为？您是否预计这一现象在未来会有所变化？

Finance Centers. Seeking the advice of corporate providers and their teams will assist the client in setting up the most practical structure to meet the needs of their wealth portfolio.

客户选择尼维斯的原因在于它在财富管理和资产保护方面的竞争力。我们信托法中对资产的众多保护的特点让它成为客户的首选架构。例如，尼维斯国际豁免信托法规规定国际信托在委托人所在国、公司成立和所在地或居住地内，不能由于特留份继承权的规定而被声明为无效、可撤销或不成立。此外，除非特殊情况，反永久所有权规则方面的规定并不适用于国际信托；国际信托应该有无限有效期。

Q3 Are trusts or foundations in your jurisdiction the preferred structure for clients? Why do you believe that is? Do you expect any changes in that preference in the future?

也有针对信托方面的保密性法规。通过国际信托注册的维护，它只记录国际信托的名称和设立日期，且不会成为一个会接受检查的公众性文件。虽然信托意欲成为一个首选架构，尼维斯也有一个极佳的基金会法。该法在制定方面具有极大的创新力，因为它允许基金会具有多种形式。处于监管目的，这此基础上建立的基金会可以采取标准基金会或信托、公司、有限责任公司或合伙制的形式。该法也允许成立新实体，也可以让现有的外国基金会、外国和本地实体转变为一个多种形式的基金会形式。这些条款允许基金会作为实体的进出尼维斯的动态特征，并给予创始人一个极为有价值的资产保护工具。我们预计多形式基金会法将在不久的将来吸引新公司的进驻，因为基金会作为一个概念，对中国客户来说是更有吸引力的。

Q4 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？信托这一概念正越来越和中国对圣基茨和尼维斯联邦的对外投资产生关系。随着中国继续对传承规划的关注，他们会考虑尼维斯多形式基金会和信托作为他们财富管理规划的组成部分。一个多形式基金会对客户和来自民法国家的专业中介机构来说是具有很大吸引力的，因为这对他们来说是一个熟悉的法律概念。该法整合了民法和普通法中的概念，能为客户提供公司和信托法中无法提供的，具有一定水平的安全和保密性。

Clients consistently choose Nevis for its competence in wealth management and succession planning. Many features of our trust law make it the preferred structure for clients. Under the Nevis International Exempt Trust Ordinance for instance, an international trust cannot be declared void, voidable or defective by reason of any forced heirship rules of the settlor's domicile, residence, place of incorporation, formation or establishment. Additionally, the rule against perpetuities does not apply to an international trust unless otherwise provided in the trust instrument. The Nevis International Exempt Trust Ordinance also provides for there to be confidentiality with respect to the trust. Though an international trust register is maintained, it only records the name of the international trust, the name of trustees and the date of settlement and is not a public document available for inspection. Although the trust tends to be the preferred structure, Nevis also has an excellent Multiform Foundations law. The Multiform Foundations Ordinance –Cap 7.08 is quite innovative in its approach to the law since it allows a foundation to assume many forms. For administrative purposes, multiform foundations established thereunder may assume the form of a standard foundation or a trust, a corporation, a limited liability company or a partnership. The Multiform Foundations Ordinance allows the establishment of new entities and also enables existing foreign foundations, foreign and domestic entities to convert into a multiform foundation. These provisions allow for the mobility of the foundations as an entity into and out of Nevis and give the founder an extremely valuable succession planning tool.

Q4 What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? The concept of the trust is becoming increasingly relevant with growing Asian outbound investment into the Federation of St. Kitts and Nevis. As the Chinese continue to consider their options for succession planning, it is envisaged that they will consider Nevis multiform foundations suitable to their management planning and succession planning strategies. A multiform foundation is very

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Q5 贵辖区内是否有投资者需要知道的在信托和基金会方面的法律更新？尼维斯一如既往，成为一个享誉卓著的创新力和实用性兼顾的司法辖区。更新后的《尼维斯国际豁免信托法规》很快就会颁布。我们预计信托法规将会被用来保证尼维斯公司的所有权和维持合法的保密性。新法将加大信托在资产保护方面的力度。它还将法规在跟上金融服务行业的国际趋势和标准上进行更新和使之更加现代化。比如说，这一创新和领先的资产保护工具将让司法辖区允许有夫妻共同物权信托的直接信托和法定租赁权。上述和其它众多特点将为债权人和委托人提供更大的保护，同时又从监管的角度提供更大的灵活性。更新后的信托法将在应对第三方责任方面更加高效，同时允许委托人在他们的有生之年保持酌情权益。

attractive to clients and professional intermediaries from civil law countries since it is likely to be a familiar legal concept. The Multiform Foundations Ordinance – Cap 7.08 combines the concepts found in civil law and common law and can provide clients with a level of security and privacy which does not exist in corporate and trust law. By offering clients in Asia a more familiar vehicle, Nevis is likely to attract more business and to be regarded as more customer friendly than other common law jurisdictions which do not offer the same ﬂexibility.

Q5 Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of? Nevis continues to be a highly regarded jurisdiction at the forefront of innovation and practicability. The revised Nevis International Exempt Trust Ordinance will be enacted shortly. We anticipate the trust ordinance will be used to preserve legitimate confidentiality for both settlors and beneficiaries, while offering enhanced provisions that will modernize succession planning. The new law will keep pace with international trends and standards in the trust industry making Nevis even more competitive with similar jurisdictions. 来源：尼维斯投资促进局

Contributed by Nevis Investment Promotion Agency

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巴拿马 Panama

Panama

Member Contribution

By CLD Legal

概况

实体类型

公司、私人基金会

法律类型

民法

建立信托所需时间最低政府费用（不包括税收）是否签订双重征税协定永久所有权期限标准货币

公司和私人基金会 3-10 个工作日 ( 可能根据复杂程度和完成“了解你的客户”要求所需的时间而有所不同 )

公司每年300美元，私人基金会每年 400美元没有和中国签订无限制

任何

最低资产要求

Type of Company

Corporations, Private Foundations

Type of Law

Civil Law

对于公司来说没有最低限额，对于私人基金会来说最低限额是 1万美元

Corporations and Private Foundations 3-10 business days (may vary according to complexity and time taken to complete KYC requirements) Corporations $300 per year and Private Foundations $400 per year

Our Time to Establish a Trust

Minimum government fees (excluding taxation) Double Taxation Treaty Access

Not with PRC

Perpetuity Period

No limit

信托资产

美元

允许币种

General

Trust Assets

Standard currency

US$

Permitted currencies

Any

Minimum Assets Required

For companies there is no minimum, for private foundations the minum is $10,000

受托人

Trustees

独立法人最低人数

如属个人或公司，则最少须有3 名董事 ; 对于私人基金会，如果是公司的话，3个人或者1个人

Minimum Number If Individuals

公众可否查阅记录

对于公司只适用于董事 ; 对于私人基金会适用于创始人和理事会成员

Publicly Accessible Records

会议地点

持有专业资格公众可否访问准备要求审计要求

公众可否访问账户法定继承权

是否允许迁册

138

任何地方

Location of Meetings

是

Required

Yes

可选

Professional Qualifications Held

Optional

不

Publicly Accessible

是

Requirements to Prepare

Yes

Anywhere

保全

是否需要

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For companies there is a minimum of 3 directors required, not withstanding if they are individuals or companies; For Private Foundations, 3 individuals or 1 if its a company For companies only the directors; for private foundations the founder and the council members

Protector

信托契书

Trust Deed

账户

不

No Accounts

Audit Requirements

不

Publicly Accessible Accounts

不

Forced Heirship Rules

Change in Domicile Permitted

Not applicable

其他

不接受

Other

司法辖区

JURISDICTIONS 司法辖区：巴拿马共和国所在地区：中美洲官方货币：美元 (USD) 官方语言：西班牙语所属时区：UTC -5 电话区号：+507 通讯设施：极佳

Country: The Republic of Panama Region: Central America Currency: United States Dollar (USD) Languages: Spanish Time Zone: UTC -5 Phone Code: +507 Communications: Excellent

简介 Introduction 巴拿马共和国于1821年脱离西班牙宣布独立，并加入大哥伦比亚共和国。经过多年的忽视，巴拿马于1903 年 11月3日宣布脱离大哥伦比亚共和国，成为一个独立的主权国家 ------ 巴拿马共和国。巴拿马约有人口410万。官方语言为西班牙语，但英语的使用十分广泛，大多数人都听得懂英语。巴拿马的华人群体较大，迄今已有 160 多年的历史。首都为巴拿马城，拥有多个国际机场和港口设施，往来便利，交通发达。巴拿马的气候特征属于热带气候。巴拿马共和国是拉丁美洲少数拥有投资级评级（智利、墨西哥、巴西和秘鲁）的光荣成员国之一。国际评级机构惠誉评级公司于2010 年3月23日将巴拿马评为 BBB- 级，前景良好。自2010 年起，巴拿马的投资级

The Republic of Panama became independent from the Spain in 1821 and united to the Great Colombia. After years of being put aside, Panama seceded from the Great Colombia on November 3 of 1903 and the Republic of Panama was born as an independent and sovereign country. The population is approximately 4,1 Million. The official language is Spanish, although English is widely spoken or at least understood and there is a large Chinese community established in Panama for over 160 years. The capital is Panama, there are a number of international airports with good connections, and there are excellent port facilities. The climate is tropical. The Republic of Panama is a proud member of a select group of Latin American countries (Chile, Mexico, Brazil and Peru) that have Investment

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Grade. On March 23, 2010, Fitch Ratings granted Panama the rating of BBB- with a positive perspective. Since 2010 the Investment Grade has been sustained every year, the latest ratings are: Standard & Poor's credit rating for Panama stands at BBB with stable outlook. Moody's credit rating for Panama was last set at Baa2 with stable outlook. Fitch's credit rating for Panama was last reported at BBB with stable outlook. Panama is no stranger to foreign investment. For centuries, the Spaniards used Panama as a trade and distribution center. On more modern times, Panama is not only used for trade and distribution, but also as a Financial Center and a suitable jurisdiction to establish regional offices for multinationals as well as other types of businesses and of course, tourism.

评级一直得以保持，最新的评级为：标准普尔评级公司对巴拿马的评级为 BBB，前景稳定。穆迪评级公司对巴拿马的最新信用评级为 Baa2，前景稳定。惠誉评级公司对巴拿马的最新信用评级为 BBB，前景稳定。巴拿马对外来投资毫不陌生。西班牙人在长达几个世纪的时间内将巴拿马当作一个贸易和物流中心。在现代，巴拿马不仅仅是一个贸易和物流中心，也是一个金融中心，一个适合建立跨国企业区域办事处和其他业务的商务中心，更是一个旅游热点。旅游业是另一个机会。巴拿马非常重视对旅游业投资人的激励，其于 1994 年颁布的《8号法令》中包含了取消征收所得税以及用于旅游业的建筑材料、车、船和其他交通工具的进口税等。国家的稳定以及《8 号法令》提供的激励政策吸引了大量的酒店连锁产业，现如今有多个项目正在建造或已进入初期准备阶段。其中大多数项目（如果不是全部）均位于巴拿马城的太平洋沿岸以及该沿岸的“干拱”地区，投资总额达数亿美元。商业上，巴拿马也有很多机会，例如：科隆自由贸易区，巴拿马太平洋经济区，以及跨国公司地区总部特别体制等，除了税务激励政策外，最具有吸引力的还有对特定税务的减免以及可进行业务的多样性。事

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Tourism is another area of opportunity. Panama has great incentives for the investor in the Tourism Industry as set forth in Law 8 of 1994, ranging from exemptions in income tax, to exemptions in import duties for constructions materials, cars, boats and any other means of transportation to be used in the tourism facility. The stability of the country, along with the incentives offered by Law 8 has attracted many hotel chains, which presently are either in the middle of construction of or at least on the initial stages of their respective projects. Many, if not most of these projects, are located on the Pacific Coast of Panama City and the “Dry Arch” area of the Pacific Coast of Panama with investments totaling Hundreds of Millions of US Dollars. Panama has many other opportunities for business, such as those offered at the Colon Free Zone, the Panama Pacific Economic Area and the special regime for Regional Headquarters of Multinational Companies. All have tax incentives, but most notable, of course are the exemptions of certain taxes and the multitude of businesses than can be done, in fact, just concerning the special regime for Regional Headquarters of Multinational Companies, it has attracted 146 companies from all over the world, including 3M, Johnson & Johnson, Huawei, Maersk, Proctor & Gamble, Shanghai Zhenhua Heavy Industries Co., Ltd. (ZPMC) to name a few. Professional services are excellent. The shipping registry is presently the number one in the world in terms of tonnage and number of vessels registered. The Republic of Panama has in force 17 Double Taxation Agreements and 9 Tax Information Exchange Agreements (TIEAs). Furthermore, the Republic of Panama also signed the CRS Multilateral Competent Authority Agreement (MCAA).

司法辖区

JURISDICTIONS 实上，仅跨国公司地区总部特别体制而言，就吸引了 3M公司、强生公司、全球 146个企业的进驻，其中包括，华为公司、马士基集团、宝洁公司、上海振华重工 ( 集团 ) 股份有限公司。专业服务发达。从船舶登记吨位和数量上说，海运登记目前在世界排名第一。与巴拿马共和国签署《双重征税协定》和《税务信息交换协议》（TIEAs）的国家总数分别有 17个和 9 个。另外，巴拿马还签署了 CRS《多边主管当局间协议》（MCAA）。适合类型：财富管理、银行业务、船运、航空、游艇、知识产权 / 许可、控股公司。离岸工具种类：股份有限公司、有限责任公司、私人利益基金会、信托。资本主要业务区：巴拿马城税务负担⸺商业：对在巴拿马经营和收入源自巴拿马的企业净收入，收取25% 的所得税税务负担⸺个人：对在巴拿马经营和收入源自巴拿马的个人净收入，收取15%-25% 的所得税主要税率： CIT 25%, PIT 15-25%, VAT 7.5%

Suitable for: Wealth Management, Banking, Shipping, Aviation, Yachting, Intellectual Property/Licensing, Holding Companies. Vehicle Types: Corporations, limited liability companies, private interests foundations, trusts. Capital Primary Business Districts: Panama Tax Burden - Business: 25% on the net income when operating in Panama and receiving Panamanian source income. Tax Burden - Individual: 15%-25% on the net income when operating in Panama and receiving Panamanian source income. Headline Tax Rates: CIT 25%, PIT 15-25%, VAT 7.5% TIEA Jurisdictions: Canada, Denmark, Faroe Islands, Finland, Greenland, Iceland, Norway, Sweden, United States. DTT Jurisdictions: Barbados, Czech Republic, France, Israel, Ireland, Italy, Luxembourg, Mexico, Portugal, Qatar, Republic of South Korea, Singapore, Spain, The Netherlands, United Arab Emirates, United Kingdom, Vietnam. Exchange of information: CRS Multilateral Competent Authority Agreement (MCAA) and FATCA.

TIEA 签订国家：加拿大、丹麦 , 法罗群岛、芬兰、格陵兰、冰岛、挪威、瑞典、美国。 DTT 签订国家：

巴巴多斯、捷克共和国、法国、以色列、爱尔兰、意大利、卢森堡公国、墨西哥、葡萄牙、卡塔尔、大韩民国、新加坡、西班牙、荷兰、阿联酋、英国、越南。

信息交换： CRS《多边主管当局间协议》（MCAA）以及《海外账户纳税法案》 (FATCA)

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Member Contribution

离岸问答 Q&A

巴拿马 Panama

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

Q1 What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation?

中国高净值人士或家庭 ( 等 ) 希望将资产传给下一代，在隐私和资产保护方面的关键优势是 : • 通信和通信的隐私受到宪法授权的保障 ; • 公司股东没有公开记录 ; • 私人利益基金会的受益人和保护人不在公共记录中; • 对于私人利益基金会，违反隐私和保密规定将被处以6个月的监禁和5万美元(US$50,000)的罚款，但不影响民事责任。 • 在巴拿马共和国，公司或私人利益基金会的资产被视为与其股东 / 受益人或理事会成员或向基金会转让资产的任何人的资产是分开的 ; • 经济和政治稳定 ; • 美元作为官方货币

The key advantages in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation would be:

Q2 成本方面，在贵司法辖区设立信托 / 基金会和其它辖区相比有什么不同？如果成本更高，您能为客户提供的附加价值是什么？

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• Privacy of correspondence and communications is guaranteed by Constitutional mandate; • Shareholders of companies are not in public records; • Beneficiaries and protectors of Private Interest Foundations are not in public records; • Regarding Private Interest Foundations, violation of privacy and confidentiality carries a sanction of 6 months of jail time and a fine of Fifty Thousand Dollars (US$50,000), without prejudice to the civil liabilities. • In the Republic of Panama assets of a company or private interest foundation are considered separate from that of its shareholders/ beneficiaries or members of the council or anyone that transfers assets to the foundation; • Stability, both economically and politically; • US Dollars as official currency

司法辖区

JURISDICTIONS

我认为，与其他司法管辖区相比，我们的成本是有竞争力的，但我们提供的附加价值是，我们是律师，精通巴拿马法规，因此我们不仅提供法律服务，还提供法律咨询。

Q3 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？

I believe the cost is competitive in comparison to other jurisdictions, however, the added value that we provide is that we are Lawyers, well versed on Panamanian regulations, thus we do not only incorporate, but also provide legal advice.

或许最大的挑战在于合规，因此我们与客户代表携手合作，克服任何障碍。

Q4 贵辖区法律中有哪些特点是这个司法辖区的信托/基金会成为吸引投资者的最大特点？具有灵活性，架构可以用中文注册 ( 可翻译成西班牙文 )，隐私保护，资产与信托 / 基金会的资产分离。

Q5 贵辖区内是否有投资者需要知道的在信托和基金会方面的法律更新？自2017年1月以来，相关规定要求在巴拿马注册的、在巴拿马没有业务的法人实体进行会计核算。最近 2018 年 9月 , 关于如何保存会计帐户以及在提出要求时如何将资料送交巴拿马当局的规定已经出台。

Q3 What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? Perhaps the biggest challenge is concerning compliance, so we work hand in hand with representatives of the clients to overcome any obstacle.

Q4 What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? Flexibility, structures can be registered in Chinese (with a translation to Spanish), privacy, separation of assets from those owned personally by the settlor or founder to the assets of the trust/foundation.

Q5 Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of? Since January 2017, regulations obligate legal entities incorporated in Panama, that do not operate in Panama, to keep accounting and most recently, on September 2018, regulations have come out in regards to how the accounting must be kept and how the information must be delivered to the Panamanian authorities when requested.

来源 / Contributed by：Ricardo Cambra, CLD Legal.

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亚洲 ASIA

纳闽 Labuan

Labuan

Member Contribution 概况

实体类型

基金会

By Labuan IBFC

General Type of Company

Foundation

Type of Law

Common

有限责任

基金会是一个由创始人设立的注册机构，以持有资产，目的是管理这些资产，使某一类人在合约基础上受益。基金会是其管理人员 ( 例如其办事处和理事会成员 ) 管理下的独立法律实体，并且是这样一个合法的合同人。

Limited Liability

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

建立基金会所需时间

大约需要30个工作日

Our time to Establish a Foundation

It will take approximately 30 working days for approval purposes

无最低资本金要求

Double Taxation Treaty Access

No minimum capital requirement.

任何货币除马来西亚元

Taxation on Foreign Income

Any currency except Malaysian Ringgit

否

Standard Currency

Permitted Currencies

法律类型

普通法

基金会最低资本金（等值货币）基金会资本货币基金会章程

公众可查阅记录

基金会管理规则

否

受益人创始人

否

Minimum Assets Required

否

Name of Founder

1个

Protector Required

One

是

Corporate Protector Permitted

Yes

取决于基金会的性质。如果是非慈善性质的，基金会应当至少委派一名理事 ; 如果是慈善基金会，至少有 3个理事会成员 ( 其中大多数是独立的 )。

Minimum Number of Council Members

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

基金会管理成员

保全要求

是否允许企业保全理事会成员最少人数是否允许有企业理事会成员会议地点

否

O�cers of Foundation

Publicly Accessible Records

基金会代理

章程语言

管理条例语言准备要求

审计要求

年度政府费用

是否允许迁册

| 9th Annual

No Meetings can be carried outside Labuan

可以在纳闽岛外开会

Meeting Location

是（纳闽信托公司）

Foundation Agent

Yes (Labuan Trust company)

Secretary Required

Yes

Language of Charter

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

基金会本地规定

是否需要秘书

146

Publicly Accessible Records

是

一般用英语，但其他语言，包括有英文翻译的中文是允许的

Local Requirements of Foundation

英语

Language of Regulations

是

账户

English Accounts

Requirements to Prepare

Yes

纳闽慈善基金会或一个纳闽基金会，审核其账目需要选择支付3％的税。

Audit Requirements

Required for Labuan Charitable Foundation that solicits donations from public.

是

Annual Government Fee

Yes

Change in Domicile Permitted

Yes

其他

允许

Other

司法辖区

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

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

简介 Introduction 纳闽岛位于马来西亚东部沙巴州海岸附近，是马来西亚的联邦领土。自1990 年起被马来西亚政府指定为国际商业金融区。它被称为“纳闽国际商业金融中心”(Labuan IBFC)，为全球投资者和企业提供全面而成本效益高的中岸解决方案和架构。该司法管辖区除了提供物质创造的理想场所之外，还提供了在监管良好的司法管辖区的利益，同时提供了财政中立和确定性。

Labuan IBFC 拥有广泛的商业架构和投资解决方案，以满足跨境交易和国际商业交易。它在资产租赁、风险管理、商品交易、财富管理、国际商业公司和伊斯兰金融服务领域提供服务和解决方案。

Labuan is located off the coast of the state of Sabah in East Malaysia and is a Federal Territory of Malaysia. It is also designated as an international business and financial zone by the Malaysian Government since 1990. Known as Labuan International Business and Financial Centre (Labuan IBFC), it presents a comprehensive yet cost-efficient midshore solutions and structures to global investors and businesses. The jurisdiction offers the benefits of being in a well-regulated jurisdiction, while provides for fiscal neutrality and certainty, in addition to being an ideal location for substance creation. Labuan IBFC boasts a wide range of business structures and investment solutions catered to cross-border transactions and international business dealings. It offers services and solutions in niches such as asset

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Labuan IBFC 在由单一监管机构——纳闽金融服务管理局执行的清晰而全面的法律规定、指导方针和操作规程中运营。纳闽岛公司纳闽岛公司有三种形式分别是：纳闽岛公司、纳闽岛外国公司和纳闽岛受保护单元公司。纳闽公司是根据1990 年《纳闽公司法》注册成立的公司。依照本法规定，公司可以在纳闽境内、境外或经纳闽经营业务，享有税收中性。公司可以有下列股份结构 : 股份有限公司 ; 担保有限公司 ; 或者无限公司。在纳闽岛国际商务和金融中心组建的公司可以享有： • 受惠于马来西亚与超过80 个国家的双重税务协议 • 具竞争力税务机制的纳闽岛商业活动，根据 1990 年纳闽岛商业活动税务法案（LBATA 1990）提供： • 从事贸易活动的公司，每年缴纳经审核纯利的 3% 作为税收，或缴纳固定税率 20,000马币。 • 从事非贸易活动的公司不必纳税，即零税率。 • 在 LBATA 1990第 3A 条文中，公司可选择根据《1967 年马来西亚所得税法案》纳税，即首笔 500,000 马币的收入须缴纳20% 公司税，之后为24%。 • 纳闽岛商业活动及其课税方式的说明摘要如下表所示适合类型：财富管理、银行业务、风险管理、基金管理、商品交易、租赁、货币经纪、授信业务、资本市场、国际商业公司离岸工具种类：有限公司、公众有限公司、分公司、信托、基金会、通用合伙制、有限合伙制和受保护的单元公司资本主要业务区：纳闽岛、吉隆坡关系良好国家：中国，新加坡，日本，英国，美国，海合会税务负担⸺商业：轻

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leasing, risk management, commodity trading, wealth management, international business companies and Islamic financial services. It operates within clear and comprehensive legal provisions, guidelines and practice notes, enforced by a single regulator, Labuan Financial Services Authority.

Labuan Companies There are three types of Labuan company:Labuan Company, Labuan Foreign Company and Labuan Protected Cell Company. A Labuan company is a company incorporated under the Labuan Companies Act 1990. Companies under this Act are allowed to carry out business in, from or through Labuan in order to enjoy its tax neutrality. A Labuan company may have the following shares structures: company limited by shares; company limited by guarantee; or an unlimited company. Companies incorporated in Labuan IBFC may enjoy: • Access to Malaysia’s Double Tax Agreements with over 80 countries • A competitive tax regime Labuan business activities as defined in the Labuan Business Activity Tax 1990 (LBATA 1990) which provides: • Taxation of 3% of net audited profits or a ﬂat rate of MYR20,000 to be elected yearly, if the company is undertaking trading activities. • Companies carrying a non-trading activity are not charged tax, i.e. 0%. • Under Section 3A of the LBATA 1990, a company can elect to be taxed under the Malaysia Income Tax Act 1967, i.e. subject to corporate tax rate of 20% (on the first MYR500,000) and thereafter 24%. • A summary of the description of Labuan business activities and its tax treatment is shown in the following table:

Suitable for: Wealth management, banking, risk management, fund management, commodity trading, leasing, money broking, credit token business, capital markets, international business companies

司法辖区

JURISDICTIONS 税务负担⸺个人：轻税率：每一家纳闽贸易公司审核账户纯利的 3%；或可选每年20000马币；非贸易公司为0%）协议签订国家：阿尔巴尼亚、阿根廷、奥地利、澳大利亚、巴林、孟加拉国、比利时、波斯尼亚、文莱、黑塞哥维那、加拿大、智利、中国、克罗地亚、捷克共和国、丹麦、埃及、斐济、芬兰、法国、德国、香港、匈牙利、印度、印度尼西亚、伊朗、爱尔兰、意大利、日本、约旦、哈萨克斯坦、韩国、科威特、吉尔吉斯、老挝、黎巴嫩、卢森堡、缅甸、马耳他、毛里求斯、蒙古、摩洛哥、纳米比亚、荷兰、新西兰、挪威、巴基斯坦、巴布亚新几内亚、菲律宾、波兰、卡塔尔、罗马尼亚、俄罗斯、圣马力诺、沙特阿拉伯、塞舌尔、新加坡、斯洛伐克共和国、南非、瑞士、叙利亚、泰国、土耳其、土库曼斯坦、阿联酋、英国、美国、乌兹别克斯坦、委内瑞拉、越南、津巴布韦

TIEA 辖区百慕大

Vehicle Types: Limited companies, public limited companies, branches, trusts, foundations, general partnerships, limited partnerships and protected cell companies Capital primary business districts: Labuan and Kuala Lumpur Good Relationships: China, Singapore, Japan, United Kingdom, United States, GCC Tax Burden - Business: Light Tax Burden - Individual: Light Tax rate: Labuan trading company 3% of net profits per audited accounts; or MYR20,000 upon yearly election; non-trading 0% Treaty Jurisdictions: Albania, Argentina, Austria, Australia, Bahrain, Bangladesh,Belgium,

纳闽岛活动说明

课税方式

纳闽岛贸易活动 : 包括银行、保险、贸易、管理、船运营运、执照或其它非纳闽岛的非贸易活动

每年经审核账目纯利的 3%，或选择每年 20000 马币的固定税率

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

共同从事纳闽岛贸易和非贸易活动 : 被视为纳闽岛的贸易活动

非纳闽岛商业活动

与纳闽岛贸易活动相同的课税方式（每年经审核账目纯利的 3%，或选择每年 20000 马币的固定税率

在 1967 年马来西亚所得税法案的规定下征税⸺

24%

Description of Labuan Activities

Tax Treatment

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

Not subject to tax

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

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

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

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

Non-Labuan business activities

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

Bosnia, Brunei, Herzegovina, Canada, Chile, China, Crotia, Czech Republic, Denmark, Egypt, Fiji, Finland, France, Germany, Hong Kong, Hungary, India, Indonesia, Iran, Ireland, Italy, Japan, Jordan, Kazakhstan, Korea, Kuwait, Kyrgyz, Laos, Lebanon, Luxembourg, Myanmar, Malta, Mauritius, Mongolia, Morocco, Namibia, Netherlands, New Zealand, Norway, Pakistan, Papua New Guinea, Philippines, Poland, Qatar, Romania, Russia, San Marino, Saudi Arabia, Seychelles, Singapore, Slovak Republic, South Africa, Switzerland, Syria, Thailand, Turkey, Turkmenistan, UAE, United Kingdom, USA, Uzbekistan, Venezuela, Vietnam, Zimbabwe

TIEA Jurisdiction: Bermuda

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Member Contribution

离岸问答 Q&A

纳闽 Labuan

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

Q1 What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation?

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

Labuan IBFC offers a plethora of wealth creation and preservation structures, ranging from common law trusts to civil law foundations, in conventional and Islamic forms.

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

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

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

For example: The Labuan Special Trust is ideal for succession planning. It enables a trust of company shares to be established where the shares can be retained indefinitely and the management of the company can be carried out by its directors without any intervention by the trustee.

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

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

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

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

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

and the implementation of a well-regulated framework. • Stability - the presence of a strong regulator that has been supervising the jurisdiction for more than a quarter of a century. • Ease of doing business - cost-efficient and easy procedures in setting up entities, with the assistance professional intermediaries and authorities. • Simple and straightforward tax system - an unambiguous fiscal framework that provides an ideal ecosystem for global companies or multi-jurisdictional families to house their corporate as well as private wealth management structures. • The tax system is complemented by laws to eliminate "friction". Hence, there is no exchange control, no transfer taxes, no withholding tax and no indirect taxes that may be barriers to international transactions.

Q2 In terms of cost, how is the cost of a setting up a trust/ foundation in your jurisdiction compare to other jurisdictions? If it's more expensive, what is the additional value that a client receives for this? There is no minimum initial asset required in order to set up a Labuan Foundation. Government registration fee is about USD200 to set up a trust or foundation. The cost of a registering agent varies but it is reasonable compared to other jurisdictions.

Q3 What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? Retaining control is paramount in business families as most management would still opt for or choose family members as a successor for the business. Formal governance structures such as family offices, foundations and trust have not been widely adopted among family businesses. The use of external advisors has been limited to the areas of estate planning and tax liabilities. Ousting family members and disagreements on strategy are sources of stress. Sibling rivalry, for example, is common among family businesses and is often seen as a major source of stress.

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

Q4 让贵辖区的法律中，让信托 / 基金会吸引投资者的最主要特点是什么？纳闽岛基金会和信托可免受有短短两年追溯期的债权人理赔要求的影响。对婚姻、离婚、权力继承和破产偿付要求的外国理赔要求或判决，可以不予执行。起到针对故意诈骗理赔要求的保护作用。保密性——所有信息都受到全天候的保护。

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

In regard to this, Labuan IBFC offers these options as possible solutions: • Flexibility and control Labuan Foundation - provides the ability to choose and create a foundation for numerous purposes. The Founder has exclusive control over the way the foundation is structured, the types of assets held, the beneficiaries and the duration of the foundation. Labuan Trust - provides for reserved powers by the Settlor which allows for direct control over how a trust is managed and will not be invalidate the trust as it is provided by law. • Foundation can be set up without restriction and be founded by individuals or corporations. • Protection - both Labuan Foundation and Trust are governed by the Labuan Foundations Act 2010 and Labuan Trust Act 1996 respectively. • A Labuan Foundation may have either a fixed or infinite life span while a Labuan Trust provides for both perpetual and fixed term trusts. The term of trust may be lengthened or shortened during its lifetime.

Q4 What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? A Labuan foundation and trust are fully protected from a creditor's claim with a short a two-year clawback provision. A foreign claim or judgment related to the consequences of marriage, termination of marriage succession of rights and insolvency claims are unenforceable. Provides protection against claims of intent to defraud. Confidentiality - all information is protected at all times.

Q5 Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of? Issuance of new guidelines on the establishment of Labuan Trust and Islamic Trust. Labuan IBFC has also introduced the international waqf guidelines placing it the first jurisdiction to facilitate the inclusion of the concept of waqf or endowment into a wealth management vehicle. 来源：纳闽国际商业金融中心股份有限公司

Contributed by Labuan IBFC Inc

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欧洲

EUROPE

塞浦路斯 Cyprus

Cyprus

Member Contribution

By Oneworld Ltd

概况

实体类型

塞浦路斯国际信托

法律类型

建立信托所需时间

最低政府费用（不包括税收）是否签订双重征税协定国外收入课税标准货币

普通法

1到2天

印花税430欧元是

如果受益人是非塞浦路斯居民的话此税为零

最低资产要求独立法人最低人数公司法人最低人数

是否要求有当地受托人

Type of Company

Cyprus International Trust

Type of Law

Common

Our Time to Establish a Trust

1-2 days

Minimum Government Fees (excluding taxation)

Stamp Duty of Euro 430

Double Taxation Treaty Access

Yes

Taxation on Foreign Income

Zero if beneficiaries are nonCyprus residents

信托资产

任何币种

允许币种

General

任何币种

无最低要求

Trust Assets

Standard Currency

Any

Permitted Currencies

Any

Minimum Assets Required

No minimum

受托人

至少1个合格的塞浦路斯居民受托人

1个合格的塞浦路斯居民受托人是

Trustees

Minimum Number If Individuals

At least one Cyprus resident Trustee

Minimum Number If a Body Corporate

One Cyprus resident Trustee

If Local Trustee Required

Yes

公众可否查阅记录

否，但信托的信息要在信托注册处登记，并不公示

Publicly Accessible Records

会议地点

任何地方

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

Location of Meetings

Anywhere

保全

是否需要

持有专业资格

公众可否访问

可选可选

Protector

Required

Optional

Professional Qualifications Held

Optional

信托契书

否，但信托的信息将被记录在信托登记册

Trust Deed

Publicly Accessible

账户

受托人须保存形成信托财产的资产记录

准备要求审计要求

公众可否访问账户法定继承权

是否允许迁册

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是否

Accounts

Requirements to Prepare

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

Audit Requirements

Yes

Publicly Accessible Accounts

其他

否是

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

Other

Forced Heirship Rules

Change in Domicile Permitted

Yes

司法辖区

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

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

简介 Introduction 塞浦路斯是一个独立的民主共和国，也是英联邦成员国。它的国民生产总值相当不错，人均约为21000 美元（2010 年）。该国经济主要以来服务业，旅游业非常重要。而失业率也不高。

Cyprus is an independent democratic republic, and a member of the Commonwealth. It is prosperous: GDP US$21,00 (2010) per head. The economy is dominated by services, with tourism particularly important. Unemployment is low.

塞浦路斯政府努力创造有利的离岸税务政策环境，同时也维持本国经济的持续增长，就国际标准衡量该国的税率属于偏低。这一成功主要归因于从1975 年起就在塞浦路斯注册的成千上万的离岸公司。虽然如此，塞浦路斯在 2004 年加入欧盟则意味着对税制的重组，重组在 2003 年 1月1日施行。本国和离岸公司现在需要缴纳的税率是10%。

The Cyprus Government worked hard to create a favorable offshore tax regime while at the same time maintaining a normal-looking domestic economy, albeit with rates of taxation that are low by international standards. The success of this programme is attested by the tens of thousands of offshore companies registered in Cyprus since 1975. However, the island's entry to the EU in 2004 meant a restructuring of the tax regime, which took place on 1st January 2003. Domestic and offshore companies alike now pay 10% tax.

塞浦路斯和超过40 个国家签订了免双重征税协议，其中包括几个主要的西方“高税率“国家，以及大多数的中欧和东欧国家。这对一个国际离岸金融中心

Cyprus has double-tax treaties with more than 40 other countries, including most major Western 'high-tax' countries, and most Central

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JURISDICTIONS 来说并不常见，但塞浦路斯是一个面向新兴市场的控股公司和投资公司非常有效的选址地。适合于：财富管理、资产管理、航运、游艇、知识产权 / 许可证、控股公司、不动产所有权离岸工具种类：有限公司、公众有限公司、分公司、通用合伙制公司、有限合伙制公司、单一所有制和信托公司资本主要营商区域：尼科西亚、利马索尔、拉纳卡关系良好辖区：奥地利、比利时、保加利亚、克罗地亚、捷克共和国、丹麦、爱沙尼亚、芬兰、法国、德国、希腊、匈牙利、爱尔兰、意大利、拉脱维亚、立陶宛、卢森堡、马耳他、荷兰、波兰、葡萄牙、罗马尼亚、俄罗斯、斯洛伐克、斯洛文尼亚、西班牙、瑞典、英国关系不佳辖区：缅甸、埃及、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚、土耳其税务负担⸺商务：轻税务负担⸺个人：中等总体税率： CIT 10%, PIT 20-35%, 增值税18% 协议签订辖区：亚美尼亚、奥地利、阿塞拜疆、白俄罗斯、比利时、保加利亚、加拿大、中国、捷克共和国、丹麦、埃及、爱沙尼亚、芬兰、法国、德国、希腊、匈牙利、爱尔兰、意大利、科威特、吉尔吉斯斯坦、黎巴嫩、马耳他、毛里求斯、摩尔多瓦、黑山共和国、挪威、波兰、葡萄牙、卡塔尔、罗马尼亚、俄罗斯、圣马力诺、塞尔维亚、塞舌尔、新加坡、斯洛伐克、斯洛文尼亚、南非、瑞典、叙利亚、塔吉克斯坦、泰国、乌克兰、阿联酋、英国、美国、乌兹别克斯坦税务信息交换协议签订辖区：无

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and Eastern European states. This is unusual for an international offshore financial centre and the effect is that Cyprus is a very effective location for holding and investment companies aimed at emerging markets.

Suitable for: Wealth Management, Treasury Management, Shipping, Yachting, Intellectual Property/Licensing, Holding Companies, Property Ownership Vehicle Types: Limited companies, public limited companies, branches, general partnerships, limited partnerships, sole proprietorships and trusts Capital Primary Business Districts: Nicosia, Limassol, Larnaca Good Relationships: Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, United Kingdom Bad Relationships: Burma, Egypt, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria, Turkey Tax Burden - Business: Light Tax Burden - Individual: Moderate Headline Tax Rates: CIT 10%, PIT 20-35%, VAT 18% Treaty Jurisdictions: Armenia, Austria, Azerbaijan, Belarus, Belgium, Bulgaria, Canada, China, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Kuwait, Kyrgyzstan, Lebanon, Malta, Mauritius, Moldova, Montenegro, Norway, Poland, Portugal, Qatar, Romania, Russia, San Marino, Serbia, Seychelles, Singapore, Slovakia, Slovenia, South Africa, Sweden, Syria, Tajikistan, Thailand, Ukraine, United Arab Emirates, United Kingdom, United States, Uzbekistan TIEA Jurisdictions: None

司法辖区

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Member Contribution

离岸问答 Q&A

塞浦路斯 Cyprus

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

Q1 What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation?

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

By virtue of the 1992 International Trusts Law 69(I)/92 ("Law"), the concept of an international trust was introduced within the Cyprus legal regime. Consequently, Cyprus rightfully proclaimed its status as a reputable international trust center. Subsequent amendments of the Law followed, ensuring further modernization of the legal framework pertaining to Cyprus International Trusts ("CITs").

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

Privacy and confidentiality in relation to a CIT is of paramount significance and thereby, fully safeguarded. Specifically, Article 11 of the Law provides inter alia, that information or documents regarding a CIT may only be disclosed by Court Order, assuming that such disclosure is deemed important to the outcome of the case. The obligation for non- disclosure burdens the parties participating in the setup of a CIT and confidentiality, is secured on the basis of the applicable legislation and the instrument creating the CIT.

CIT 的定义变得更加灵活： • 允许授予人 / 受益人成为塞浦路斯居民，只要授予人或受益人在信托设立之前在塞浦路斯住满一年，且在塞浦路斯的不动产物业投资的限制被解

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

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

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

Q2 价格方面，在贵辖区内设立信托 / 基金会的价格和其它辖区比有什么不同？如果价格更贵的话，客户能获得的额外价值是什么？通过信托或基金会进行资产保护对中国的高净值人士和家族来说已经越来越受欢迎。与例如列支敦士登或新家坡等其它司法辖区相比，塞浦路斯提供最简单和最具性价比的信托架构。塞浦路斯国际信托（CIT）可在几天内设立完毕，且价格低廉。

during the calendar year preceding the year the trust was set-up the previous restriction on investment in immovable property in Cyprus has been lifted. It is now possible for the trust property to include real estate in Cyprus at least one of the trustees, during the whole duration of the trust, is a permanent resident of Cyprus. • A trust can still qualify as a CIT for the purposes of the law even if the settlor, trustee or the beneficiaries are Cypriot companies or partnerships. In fact this provides unique opportunities for a wide range of investors. Asset protection may be defined as the implementation of advanced legal strategies which place the assets of a person beyond the reach of future creditors/claimants. Due to the fact that any assets transferred to a CIT no longer constitute part of the property of the Settlor (the person creating the trust) this protection is guaranteed. A CIT shall not be void or voidable in the event of the Settlor's bankruptcy or liquidation and no proceedings may be raised by creditors, unless it is proven in Court that the CIT was established with intention to defraud. Probate procedures in almost all jurisdictions are both time consuming and costly whereas, CITs facilitate the swift transfer of assets to the beneficiaries/heirs thereby, constituting an ideal vehicle for inheritance planning.

Q2 In terms of cost, how is the cost of a setting up a trust/ foundation in your jurisdiction compare to other jurisdictions? If it's more expensive, what is the additional value that a client receives for this? Asset protection through a trust or a foundation is becoming increasingly popular for the Chinese HNWI and their families. Cyprus offers one of the most simple and cost effective trust structures when

政府的强制性收费是仅为450 欧元的印花税，可以在 CIT 的创建时支付。CIT 注册时的额外费用是一个要求至少有一名受托人（个人或法律实体）必须是一名塞浦路斯共和国的永久居民，且应该由塞浦路斯的政府监管机构颁发证书。这一要求适用于塞浦路斯国际信托的整个周期内。委任一名塞浦路斯受托人在塞浦路斯各个不同服务提供商之内各不相同，和其它的司法辖区相比有可能会更贵一点，原因是塞浦路斯受托人所承担的义务和责任。不仅如此，由于塞浦路斯受托人是一个持证实体，客户应该很有信心，相信他们投资给了一名高度专业的人士，此人会谨慎管理信托，严

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格按照信托的条款办事。

compared to other jurisdictions like Lichtenstein or Singapore.

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

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

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

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The mandatory government cost is a stamp duty of only €450 which is payable upon the creation of a CIT. Additional costs to the registration of CIT is the requirement that at least one of the Trustees (individual or legal entity) must be a permanent resident in the Republic of Cyprus and should be licensed by government regulatory authority in Cyprus . This requirement extends to the whole duration of the Cyprus International Trust. The cost of appointing a Cyprus Trustee may vary between different service providers in Cyprus and can be more expensive when compared to other jurisdictions due to the obligations and the responsibilities the Cyprus Trustee has. Further, due to the fact that the Cyprus Trustee is a licensed entity the Client shall be confident that they are investing in someone who is a professional, will administer the trust prudently and follow strictly the terms as stated in the Trust. Individuals should not only examine and consider the cost for setting

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

Q3 What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? Challenges faced by Chinese businesses in Cyprus. • What structure meets best my business needs? • What are the provisions of the local legislation that I need to comply with? • What are the statutory tax requirements? • Why to choose Cyprus for business?

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

Cyprus and its benefits. • ECONOMY The Cyprus economy is based on professional services with three sectors; 1. Banking 2. Insurance 3. Securities • ENERGY The Government of Cyprus is planning the construction of an energy center (import and exploitation of nature gas). • ADVANTAGEOUS TAX SYSTEM The corporate tax rate is 12.5% on trading profits. Business profits of non-resident companies are tax free. Cyprus is a signatory to over 45 Double Tax Treaties with other countries. The Double Tax Treaty between China and Cyprus strengthens the financial ties of the two countries. • THE CYPRUS LEGAL SYSTEM: It is a mixture of both common law and civil law. The EU regulations are generally directly enforceable in Cyprus. • BUSINESS VEHICLES By setting up a Cyprus Limited Liability Company. Alternative legal structures: Trusts or choosing to re-domicile an existing foreign company to Cyprus. • EU MEMBERSHIP The principles of free movement of goods, services and capital apply. • CITIZENSHIP AND PERMANENT RESIDENT PERMITS Attractive investor migration programs for the acquisition of the Cyprus Citizenship. Schemes for permanent residence permits. The Migration Department assesses applications on a fast track basis.

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高度发达的基础设施高素质和能说多种语言的多文化劳动力队伍有利于营商的环境和税制系统取决于投资的来源地和目的地的多辖区服务

Q4 让贵辖区的法律中，让信托 / 基金会吸引投资者的最主要特点是什么？塞浦路斯国际信托（CIT）由1992 年国际信托法管理（2012 年得到修正）。信托和基金会因为以下具备灵活性的塞浦路斯法律，对投资者更具有吸引力： • 高度的保密性和受益人的匿名性，除非法庭命令，受托人不需要透露任何信息或文件。 • 在信托的生命周期内，只有一名受托人必须是塞浦路斯的永久居民。 • 授予人和受益人，除了慈善机构之外，都必须在 CIT 创建前一年成为塞浦路斯的永久居民。 • 收入所得和利润都可以免缴任何税收。 • 没有遗产税或继承税。 • CIT 不会受制于外汇管制。 • 没有申报要求。 • CIT 资产得到保护，免受潜在的理赔要求的损害，并可以永久性地从授予人的私人财产中分割出去。 • 信托可以持有塞浦路斯和外国公司的股份。 • 授予人的权力很大，比如撤销或修改信托，以及指导资本的转让或支付。 • CIT 收入可以无限制地累积。 • 把外国信托从另一个司法辖区转入塞浦路斯或相

• WHY CYPRUS Strategic location between Europe, Africa and Asia. Highly developed infrastructure. Highly qualified, multilingual and multicultural workforce. Business friendly and tax legal system. Multi jurisdiction services depending on the origin and destination of investments.

Q4 What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? Cyprus International Trusts (CIT) is governed by the International Trusts Law, 1992 (as amended in 2012). Trusts and foundations became more attractive to prospective investors mainly due to the following ﬂexibilities of the Cyprus law: • Great level of confidentiality and anonymity for beneficiaries since Trustees are not required to reveal any information or documents concerning the CIT unless ordered by a Court. • Only one of the trustees must be a permanent resident in Cyprus for the duration of the trust. • The Settlor and the beneficiaries, with the exception of a charitable institution, must not be permanent residents of Cyprus 1 year before the CIT is created. • Income gains and profits are exempted from any taxes. • There is no estate duty or inheritance tax. • CIT's are not subject to exchange control. • No reporting requirements. • CIT assets are protected against potential claims and are permanently separated from the Settlor's personally-owned assets. • The Trust may hold shares of a Cyprus and a foreign company. • The Settlor has wide range of powers such as to revoke or modify the trust as well as to instruct the transfer and payment of capital. • CIT income may be accumulated without limitations. • Transfer of a foreign trust to Cyprus from its jurisdiction and vice versa is allowed by law. • CIT may be challenged only on defraud of creditor grounds within a period of 2 years. • Through a CIT a person may provide for a charity, promote a religious or artistic cause, or establish a foundation to support a worthy project. • CIT may last for indefinite period.

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

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反，都是被法律允许的。 • CIT 仅在两年的期限里由债权人以诈骗为理由来挑战。 • 通过 CIT，一个人可以以慈善、宗教推广或艺术原因，或为一个有价值的项目为目的来成立基金会。 • CIT 可以无限期。

Q5 贵辖区是否有投资者需要知晓的最新发展和更新信息？塞浦路斯信托本质上是基于英国法制体系的。1992 年，塞浦路斯颁布了国际信托法 (L. 69(1)/1992)，并在此后经历了两次修正案。分别是 2 0 1 2 年 (L.20(I)2012)和 2013 年 (L.98(I)/2013, 删除第 15章)。特别是2012 年的修正案，意在回应投资人 / 遗产规划者的需求。要点： • Section 3(1)(a) 表明塞浦路斯法律（没有参考其他任何外国法律）监管任何国际信托有效性或管理的相关问题，或国际信托法处置等。 • Section 4A 允许授予人为自己保留权力，保留信托财产的受益利益，或者作为信托的保护人或执行人。 • Section 5(1) 消除了信托期限的限制（关于在法律修改后成立的信托的执行）。 • Section 8(1) 介绍了受托人可以行使他的投资权力，好似他就是资产的所有人一样。 • Section 10 表明信托工具中允许信托多样化的任何权力都为有效。 • Section 11(A) 规定“受托人可以向法庭提交申请，请求关于受托人应该实行与国际信托事物有关的行为” • Section 11(1) 把保密性责任延至保护人、执行人和其他人等。 • Section 12 也引入了一个统一的税制。 • Section 12B 规定塞浦路斯法庭对与塞浦路斯共和国有紧密关系的国际信托和外国信托有绝对管辖权。

来源 / Contributed by：Oneworld Ltd

Cyprus trust law is essentially based on the English system. In 1992, the International Trusts Law (L. 69(1)/1992) was enacted in Cyprus and two amendments have followed, in 2012 (L.20(I)2012) and 2013 (L.98(I)/2013, deletion of Section 15), respectively. In particular, the Amendment Law of 2012 attempts to respond to the needs of Investors/Estate Planners. Specifically: • Section 3(1)(a) states that Cypriot law (without reference to any foreign law) regulates any question related to the validity or administration of an international trust or a disposition to an international trust. • Section 4A allows the settlor to reserve powers to himself, to retain beneficial interest in trust property, or to act as the protector or enforcer. • Section 5(1) eliminates the limit on the duration of trusts (regarding the international trusts established after the enforcement of the Amended law). • Section 8(1) introduces that the trustee may exercise his investment powers as if he was the owner of the asset. • Section 10 states that any power contained in the trust instrument permitting variation of the trust is valid. • Section 11(A) provides that "a trustee may file an application to the Court for directions concerning the manner in which the trustee should act in connection with any matter concerning an international trust". • Section 11(1) extends the duty of confidentiality to protectors, enforcers, and others. • Section 12 introduces a uniform tax regime. • Section 12B provides that the Cypriot Court has exclusive jurisdiction over international trusts as well as foreign trusts with significant connections to the Republic.

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Cyprus Investment Programme

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重公民身份为国际税务规划提供了有效的工具，为银行和投资提供了金融隐私。它改善了个人安全，提高了行动自由，并提供了重要的机会。塞浦路斯投资方案的一些主要优势是 : •6个月免签，可访问加拿大等国家 • 容易获得10年多次美国签证 • 在线申请 10 分钟即可获得奥地利多重签证 • 容易在任何欧盟国家定居和工作，包括瑞士 • 只要申请者在 2020 年 12 月31日之前访问并定居英国，就可以进入英国

Evis Hadjipetrou

Evis 是塞浦路斯最大的私有房地产开发商 PAFILIA 的中国市场总监，毕业于

伦敦政治经济学院。他在俄罗斯、欧洲、中东、英国、加拿大和亚洲有丰富的销售和商业开发经验。

Evis is director of China market for the biggest privately owned property developer PAFILIA in Cyprus. .He graduated from London School of Economics and Political Science. He has full experience in sales and business development in Russia, Europe, Middle East, United Kindom, Canada and Asia.

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ual citizenship offers an effective tool for international tax planning and provides financial privacy for banking and investment. It improves personal security, enhances freedom of movement and opens up significant opportunities. Some of the key benefits of the Cyprus Investment Programme are: • 6 months visa free to visit countries like Canada • Easy to get 10 years multiple American visa • Austrian multiple visa can be obtained after 10 minutes' online application

Evis Hadjipetrou

• Easy to settle and work in any country of the EU, including Switzerland • The U.K. is accessible as long as the applicant visits and settles in the U.K. by Dec.31, 2020 The Cyprus Investment Programme is a very practical scheme as there is no need to relinquish current nationality, no language requirement, medical tests or interview, pure investment with no donation element, which can also generate a good return, and there are no tax consequences. Cyprus provides a unique combination of favourable participation exemption

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