China Offshore - Asset Protection Guide - Trusts, Foundations, Identity Planning - 10th Edition by ChinaOffshore

REFERENCE BOOKLET | 速查指南

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信托和基金会年度指南第十辑

10th Annual Trusts & Foundations Guide 中国最完整的资产传承和规划指南

China's Most Comprehensive Asset Succession & Planning Resource

produced in collaboration with

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

速查指南 | REFERENCE BOOKLET

| 9th Annual

产品经理 Production Manager: Lina Zhu

撰稿人 Contributors:

Michael Liu, Alexandros Philippides, Jason Tian, Paxson Fung, Morris Huang, Phillip Kraeter, Wu Huijuan, Ivy Zhang, Techang Chieh, Gao Mingyue

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：

In these challenging times, perspective moves inwards, and priorities change; the health and wellbeing of our loved ones returns to its rightful place at the forefront of our decision-making processes. Protecting our legacies, both material and symbolic, is more important than ever.

在这个充满挑战的时代，思维方式会向内转变，优先权也会

Doing so safely, securely and scrupulously, with events such as the Panama and Paradise Papers revelations putting the asset protection and succession community on notice to work within well-regulated structures, has become a priority. There is also the well-documented ageing of the founder and even second generations of many of China's high net worth family leaders to consider, making the implementation of legacy planning and pan-generational wealth transfer ever more vital. This is only exacerbated by the current health crisis affecting the globe; one that was so prevalent in China at its outset. Lifestyle decisions have also come to the fore, with the benefits of immigration by investment and the ﬂexibility offered by many of the world’s best designed citizenship and residency programs looking continually more attractive. Couple this with the adjustment of regulations here in China and it has become a buyer’s market, with intermediaries better able to deliver cornucopia of options for their clients at competitive rates. The HNW market in China has as much need for services as ever, and the capability of providers to build long-lasting trust relationships while not necessarily having an on-the-ground presence in China will be a defining factor as the world braces itself for a period of uncertainty.

改变；我们所爱的人的健康和幸福会回到我们决策过程的重心。保护我们的遗产，包括物质的和象征意义的，比以往任何时候都更加重要。

安全、稳妥、一丝不苟地做这件事，随着巴拿马和天堂文件等事件的曝光，让资产保护和继承团体在监管良好的结构内工作，已成为一项优先任务。此外，有充分证据表明，中国许多高净值家族创始人的年龄都在变大，甚至到了第二代，这使得遗产规划和跨代财富转移的实施变得更加重要。当前影响全球的健康危机只会加剧该问题;这个问题一开始在中国非常流行。

随着投资移民带来的好处，以及世界上许多设计最好的公民和居住计划所提供的灵活性，人们对生活方式的选择也变得越来越重要。再加上中国监管的调整，中国已经成为一个买方市场，中介机构能够更好地以有竞争力的价格为客户提供丰富的选择。

中国的高净值人士市场对服务的需求与以往一样大，在世界做好准备迎接一段不确定时期之际，高净值人士市场将成为一个决定性因素，因为他们有能力在中国建立长期的信任关系，而不一定在当地驻守。

注意安全，照顾好您爱的人。

Keep safe, and watch over your loved ones.

Nicholas Parrish

GM, China Offshore editorial@chinaoffshore.com.hk

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION

006

如何让中国客户相信美国信托？ How to Convince Chinese Customers to Trust the American Trust?

012 公民身份与财政居留权：成为阿联酋财政居民 Citizenship vs Fiscal Residency: Becoming a UAE Fiscal Resident

020 在中国境内的财产上设立的境外信托有效吗？ Is the Oversea Trust Valid if it Established Base on the Asset in China?

026 信托的功能和应用 The Function and Application of Trust

030

家族信托是家族传承的万灵仙丹 ?

Are Family Trusts the Panacea of Family Inheritance?

034

Analysis of Overseas Immigration, Locking the Most Suitable Immigration Way for You

060 动荡时代中的稳定和长久生命力：新加坡商业的优势 Stability and Longevity in Uncertain Times: The Singapore Business Advantage

064 萨摩亚：与时俱进 Samoa: Moving with the Times

070 个人所得税反避税条款对高净值人士的影响 The impact of Individual income tax anti-avoidance clause on high net worth individual (HNWI)

074 境外人士在华不动产遗嘱继承案例分析 Cases analysis of testamentary succession of foreigners' real estate in China

移民特刊 | IMMIGRATION SUPPLEMENT

081

中国投资移民没有实际搬迁的四个原因

荷兰控股——欧洲对避税天堂的法律回应

The 4 Reasons Chinese Investor Migrants

The Dutch Holding – Europe’s Legal Answer to Tax Havens

084

044

病毒尘埃落定后，投资移民将何去何从？

投资克罗地亚，先弄清楚这七件事

Don’t Physically Relocate

Where Will Investment Migration Be

7 things everyone should know about investing in Croatia

When the Virus-Dust Settles?

054

继创纪录的一年后，马来西亚 MM2H2019 年发放的世界最大投资者的签证

海外移民解析 | 锁定最适合您的移民方式

| 9th Annual

087

目录 CONTENTS Malaysia’s MM2H World’s Largest Investor Visa in 2019 Following Record Year

090 中国投资移民市场将如何应对更高的投资要求 How China’s Investment Migration Market Will React to Higher Investment Requirements

095

根据土耳其内政部的数据，投资公民者现在每月为土耳其筹集 2.5 亿美元

Malaysia’s MM2H World’s Largest Investor Visa in 2019 Following Record Year

098 西班牙如何不费吹灰之力就成为一个黄金签证大国 How Spain Became a Golden Visa Powerhouse Without Even Trying

103

2019 年格林纳达 CIP 创纪录：房地产 4 年来首次超过捐款

2019 a Record Year for Grenada CIP: Real Estate Outpaces Donations For the First Time in 4 Years

司法辖区 | JURISDICTIONS

106

速查指南 | REFERENCE BOOKLET

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81 Trusts, Foundations & Immigration Guide CHINA OFFSHORE

Member Contribution

观点 | OPINION CHINA OFFSHORE

如何让中国客户相信美国信托？

How to Convince Chinese Customers to Trust the American Trust?

Michael Liu

新

事物面临的挑战和机遇往往是一样大的。就像去了一片从来都不穿鞋的大陆，很难说服当地人穿鞋，但如果说服了，那市场真的是很大。海外信托就有点像这样的一个市场，经过了大约 10 年的耕耘，在亚洲市场，尤其是中国，大部分人没有太多斩获，就打道回府了，但有一些还在坚持。众所周知，因为 CRS 的推动，美国信托正在悄然兴起，笔者想借着美国信托实操经验，来从以下几个层面谈谈美国信托对亚洲客户的适用性。做为一个信托与遗产执业者（TEP），我有一个深刻的感受，信托业务区别于保险或投资业务的地方就是：保险和投资客户更加关注的是产品本身的收益，对信托公司本身的关注并没有那么高；但信托公司本身，因为做的是家族信托，根本没有明确的产品，所以一切的一切最后都是信任。一个信托执业者（Trust Practitioner），你不是在销售“信” （Sell Trust），而是在实践“信” （Practice Trust），一个客户最后做了信托，是因为全面的信，然乎他才会托付。全面的信可以分成以下几个层面：

信任信托所在的主权国家。愿意在美国设立信托的人，对美国是有信任的。信任美国的人群是很大的，这和官方的宣传是反的。比如某主持人一边在电视台大放爱国豪言，但却让自己的孩子生在美国，成为美国人；甚至每天以骂美国为生的人，后来发现自己的身家竟然在美国。把信托做在一个国家，这是对这个国家的主权的信任。比如香港最近

| 10th Annual

hallenges and opportunities for new things are often the same. It's like going to a continent that never wears shoes. It's hard to convince the local people to wear shoes, but if you convince them, the market is really huge. Overseas trust is somewhat like this kind market, after about 10 years of cultivation, in the Asian market, especially in China, most people do not gain much, they just return home, but some are still persisting in. As we all know, American trust is rising quietly because of the promotion of CRS. I would like to use the practical experience of American trust to discuss the applicability of American trust to Asian customers from the following aspects.

As a trust and estate practitioner (TEP), I have a deep feeling that the difference between trust business and insurance or investment business is: insurance and investment customers pay more attention to the earnings of the product itself, but not so much attention to the trust company itself; but for the trust company itself, we can see it is actually doing the family trust, there is no specific product at all, so everything is ultimately trust. As a Trust Practitioner, you are not selling "Trust" (Sell Trust) but practicing "Trust” (Practice Trust). If a customer finally makes a trust investment, that’s only because of the comprehensive trust which makes him to entrust it. A comprehensive trust can be divided into the following levels:

观点 | OPINION CHINA OFFSHORE

的动乱，就会让很多人觉得这个地方不是那么的稳定可靠。信托不是投机，终极目的是要传承，传承至少要看20年，所以政治经济不稳定，尤其主权不明确的地方，是不会被信任的。这就涉及另外一个问题，跟美国相比，BVI、开曼、耿西等传统的离岸属地，亚洲客户会怎样看待呢？其实对于使用离岸岛屿业务的客户来说，几乎没有人去过这些地方，但如果做为一个短期的金融服务来说，大部分在乎的不是那个司法属地，而是是否能开出账户，这些账户的落点在成熟的金融中心，如香港、新加坡或者瑞士，

Trust on the sovereign state in which the trust is located. Those who are willing to set up trust in the United States of course have confidence in the United States. There are a lot of people who trust the United States, which is contrary to the propaganda from the authority. For example, when a host speaks patriotically on TV, he makes his children be born in the United States and become Americans. Even someone scolds America for a living, but you will find out that his

asset is actually in the United States. Set up a trust in a country is actually a trust of this country. For example, the recent turmoil in Hong Kong will make many people feel that the place is not so stable and reliable. Trust is not speculation, the ultimate goal is to inherit, and this inheritance will depend on at least the next 20 years, so if the politics and economy are unstable, especially where the sovereignty is not clear, this place will not be trusted. This involves

刘有辉 Michael Liu CIL集团执行董事 (www.cil.bz) 信托与遗产执业者（TEP）亚洲离岸协会（AOA）董事刘有辉先生自2001 年创立 CIL ，目前在上海、基督城和西雅图共有三个办公室。做为一家独立的海外信托公司，CIL 以离岸公司与信托为核心，专注为中国的高净值家族提供隐私、传承和保全的财富管理解决方案和全球投资的结构优化。因为专注，所以专业，多年的辛勤实践让 CIL 保持了“离岸结构设计”领域的领先水平。做为 CIL 的创始人，和最核心的咨询专家，刘有辉先生已从事离岸投资咨询十几年，他擅长综合使用各类公司、信托、私人基金会、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领域的综合架构目标。刘有辉先生尤其擅长 CRS 和 FATCA 的应对策略。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。2016 年刘有辉先生创立“禾场” ，禾场是中国首家专注财富管理领域的知识服务平台（KaaS），禾场的目标是帮助成长中的中国高净值人群和热爱学习的财富管理执业者，通过一杯咖啡的钱，突破一个知

美国西北信托亚洲总代表财富管理知识问答平台“禾场”创始人

识节点。

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，经常在海内外参与峰会和讲座，为金融人士提供专业的培训。

CIL Group Ltd was founded by Michael in 2001, with 3 offices in Shanghai, Christchurch, and Seattle. CIL has its core business in the field of offshore incorporation and trust, dedicated to offering wealth management solutions in global tax and investment optimization, privacy, succession and protection for HNWI clients. Many years of dedication makes CIL become the leader in its field of practice. Michael has been engaging in offshore financial industry for more than 18 years, and he is good at using vehicles such as incorporation, trust, foundation, insurance, loan, and anonymity to achieve the goals in international trading, outbound

Managing Director of CIL Group Trust and Estate Practitioner (TEP) Board director of AOA (Asia Offshore Association) Rep of Northwest Trustee in Asia Founder of Threshing Floor, a KaaS platform for wealth management

investment and family wealth management with privacy, succession, protection and tax-efficiency for the clients. One of Michael's strength is designing and employing plans for tackling CRS and FATCA issues. In 2016, Michael founded "Threshing Floor", no.1 KaaS (Knowledge as a Service) platform for wealth management industry, the vision of this platform is "Connect and Empower", i.e. connect the leaders who can impart real knowhow to help others to be successful in their real world practice. Michael is also a frequent speaker and powerful trainer in various wealth management forums in China, and has published articles in many professional publications such as China Economic Review, CBN Weekly, China Business, Global Business & Finance, Wealth Management and China Offshore.

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

对于信托来说，不仅仅是账户的问题，还有那个国家如何支撑信托条款的问题（做一个离岸公司并开一个户头的时候，没有看公司章程），所以应用场景可能非常的不同。正是因为这个背景，显然大国更容易带入到传承的背景之中。

信任一个司法属地。一个客户想做信托的时候，必然是有一定的痛点的，美国信托在长期服务海外客户的历史中一直在打磨自己的国际市场的接受度。虽然在 2015 年以前，美国信托并没有进入大部分执业者的视野，但走近的时候，大家大声惊呼的是，原来美国信托的“离岸”特色那么的明显。甚至可以说，你能想到的离岸该有的特色，他都有。美国的信托都是州立的，一个州一个样子，竞争很激烈，因为要和离岸的各个属地竞争，还要在不同的州之间竞争。正是因为激烈的竞争，所以各个州都在进行激烈的变革，以适应国际市场，比如华盛顿州在2016年刚刚修改过自己的信托法，摩拳擦掌准备进入国际市场。对于客户来说，到底信任哪个司法属地，当然从法律上来说，可以去看一些细节的法条，看看隐私以及资产保护方面的力度是否够。但信任是很微妙的东西，很

| 10th Annual

another question that compared with the United States, what will Asian customers think about the traditional offshore dependencies such as BVI, Cayman and Guernsey? In fact, few customers who use offshore islands to do business have ever visited these places, but as a short-term financial service, most of people are not concerning about the jurisdiction, they are actually concerning whether they can open accounts, these accounts can be in mature financial centers, such as Hong Kong, Singapore or Switzerland. For trust, it's not just about accounts, it's also about how the country supports the terms of the trust (when you open an offshore company and a bank account, you miss looking at the company's charter), so the situation may be very different. It is precisely because of this background that it is obvious that powerful countries are more likely to be brought into the inheritance.

Trust a jurisdiction area. When a

customer wants to do trust, there must be some pain points. In the long history of serving overseas customers, American trust has been burnishing its acceptability in the international market. The American Trust hasn’t been heeded by most practitioners before 2015, but when people start to learn about it, people shouted that the American Trust’s "offshore" feature is so obvious. It can even be said that it has all the features you can imagine of offshore. Trusts in the United States are all state-owned, different state different trust. Competition is fierce because they have to compete with offshore territorial areas and compete among different states. Just because of the fierce competition, every state is making drastic changes to adapt to the international market. For example, Washington has just amended its trust law in 2016 and they are eager for entering the international market. For customers, which jurisdiction area to do trust is suitable? Legally, we can pay attention to the details of the law to see whether privacy and asset protection are enough. But trust is subtle, mostly there are many emotions in it. For example, Alaska's trust law may be more radical and offshore, but it may not have an advantage when competing with Seattle’s, because customers find it more convenient to go to Seattle, there are direct ﬂights to go there, and It's happy memories that go to Pike Place Market to eat seafood, or to watch Amazon's campaign in downtown Seattle which makes you feel like you are in it too. At this time, it is really possible that an American dependency is much better than traditional BVI and Cayman.

观点 | OPINION CHINA OFFSHORE

多时候有很多情愫在里面，比如阿拉斯加州的信托法可能更加激进，更加离岸，但在和西雅图竞争的时候未必有优势，因为客户觉得去到西雅图更方便，有直飞的飞机，去到帕克市场吃一顿海鲜的记忆非常的好，或者看着亚马逊在西雅图市区的造成运动，似乎自己也加入了其中。这个时候，美国的某一个属地真的有可能甩了传统的 BVI、开曼几条街。

信任一个信托公司。在很多属地，受托人不一定是持牌公司。比如香港，受托人仍然不需要是持牌公司。这一点从表面上看，似乎很方便，也有很多优势。但实际上，不发牌照对一个产业来说，是对发展不利的。这一点，香港被新加坡都甩了几条街了，新加坡为了不稀释现有持牌公司的含金量，最近甚至根本就没有批准更多的牌照。让受托人持牌对行业发展是非常有利的，尤其是国际市场，这是为什么美国的信托公司纷纷去拿牌照。在美国，一个律师或者其他的合规人士，并不需要拿到牌照才可以做受托人，但在美国这个业务竞争如此激烈的地方，做国际市场的信托公司，马上发现，必须有牌照才能做国际市场，并大举申请牌照，毕竟美国比较大，还没有像新加坡那样已经收紧了牌照。有牌照客户就会信任一个信托公司了吗？当然没有那么简单，现在中国国内的金融机构的国际经验也已经很多了（很多客户还是通过国内机构与海外信托公司建立联系的），他们也会进行充分的尽职调查，甚至对信托公司的整个业务流程的细节进行详细的勘查，直到满意为止。所以信托真的不是一个容易的生意，钱不是很多，但接受的考察很多。信任一个美国的信托公司还有很多其他的条件，但笔者觉得还有两点是非常重要的：一是这个信托公司要独立，所谓的独立就是不拿任何投资品的提成，这个时候，对投资品进行受托监管的时候，就会立场中立，否则可能会因自身利益影响受托监管行为的独立性；二是这个信托公司没有被告的记录，没有这个记录说明

Trust a trust company. In many jurisdictions, trustees are not always licensed companies. Like Hong Kong, trustees still do not need to be licensed companies. Superficially, this seems convenient and has many advantages. But in fact, no licensing for an industry is not conducive to development. In this regard, Hong Kong is much behind Singapore. Singapore has not even approved more licenses recently in order to not dilute the gold content of existing licensed companies. Letting trustees be licensed is very beneficial to the development of this industry, especially in the international market, that is why American trust companies have to get licenses. In the United States, a lawyer or other compliance professional does not need a license to be a trustee. But in such a competitive market, you will immediately find that if you want to do a trust company in the international market, you must have a license, then a lot of people apply for a license. After all, the United States is relatively large and

has not yet tightened their licenses like Singapore. Will a customer trust a licensed trust company? Of course, it's not that simple. Now China's domestic financial institutions have more international experience (many customers still establish contacts with overseas trust companies through domestic institutions). They will also conduct full due diligence, and even conduct a detailed survey of the whole business process details until satisfied. So, trust is really not an easy business, not a lot of money, but a lot of inspection. Trust an American trust company has many other conditions should be considered, but I think there are two important points: first, the trust company should be independent, so-called independence is not to take any investment goods’ commission, so when the investment goods are subject to fiduciary supervision, it will be neutral, otherwise it may affect the independence of fiduciary supervision due to Self-interest; secondly, the trust company has not been recorded as the defendant, which shows that the trustees and beneficiaries of the

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

这个信托公司的委托人和受益人都是很满意的，在美国这个诉讼那么普遍的国家，没有发生诉讼说明服务是很好的，而且没有出现什么欺诈行为。

信任联络人。虽然表面上看，一个海外的信托公司可以直接通过广告和展会的方式切入海外市场，但问题没有那么简单。毕竟家族信托涉及的金额很大，涉及的问题是家族内部的私密的部分，所以能够直接给家族客户意见的人一定是有良好信任关系的人。谁是这些人呢？似乎在中国大陆和（建议添加：在）其他地方不同的是中国大陆的富裕家族并没有自己的家事律师，一些律师非常努力的成为家事律师，但因为没有那么多家事的业务来做，所以并不成功。在信托拓展的过程中，似乎原来从事保险行业以及资产投资的机构正在成为中国家族办公室的中坚力量。他们与高净值家族保持着密切的关系，同时他们的业务本身也会产生一定的利润，这允许他们进行很多前沿业务的探索。另外一个原因就是，这部分专业人士，如高级的保险从业者，一直在经历非常高强度的业务拓展的训练，这让他们在市场的韧性很好，能够进入到其他专业人士不能胜任的关系中去。不管怎样，一个客户总是要信任与自己亲密的人，所以美国信托在中国的业务拓展也同样是与美国走的比较紧的机构先开花落地了。信任的建立是一个大的话题，更何况业务本身是信托呢？以上的几个层面只是市场初期的一些感悟，还是比较初级的，但在未来的2-3年里面，国际信托在中国高净值人群（建议添加：中）更加普及的时候，我们必然可以总结出可以学习实践（建议添加：的）信任建立之道。最后，信的建立不是技巧，而是要真实的做好自己，真实的表达自己，不停的让自己的专业和良心与客户需要对齐，更大的信任，更宽广的道路就会在前途中展开！

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trust company are both satisfied. In the United States the lawsuits are so common, so there is no lawsuit for a trust company means its service is very good, and no fraud happened.

Trust the contact person. Seemingly, an overseas trust company can enter the overseas market directly through advertisements and exhibitions, but it is not that simple. After all, family trust involves a large amount of money, which involves the private part of the family, so the person who can give advice directly to family customers must have a good trust relationship. Who are these people? For this question, it seems that the difference between Mainland China and other places is that the wealthy families in mainland China do not have their own family lawyers. Some lawyers tried very hard to become family lawyers, but there were not so many family legal affairs for them to do, so they were not successful. In the process of trust business development, the institutions worked on insurance and asset investment before seem to become the backbone of the Chinese family office. They maintain a close relationship with the high net worth families, meanwhile their business itself will also generate a certain

profit, which allows them to explore many frontier businesses. Another reason is that these professionals, such as senior insurance practitioners, have been undergoing very intensive business development training, which makes them very resilient in the market and have ability to enter into the relationships that other professionals are not competent for. Anyhow, a customer always trusts people who are close to him, so American Trust's first batch of business and its development in the initial period in China will also belong to the institutions who are more closed to the American Trust companies. Building trust is a big topic, besides how about the business itself is trust? The above studies are only some simple perceptions of the initial stage of the market, but in the next 2-3 years, when the international trust is becoming more popular among high net worth individuals in China, we can certainly sum up the ways to learn and practice trust-building. In the end, the establishment of trust is not tricks, but to be and express the real you, align your profession and conscience with the needs of customers ceaselessly, then there will be a greater trust, a wider world unfolded in the future.

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公民身份与财政居留权：成为阿联酋财政居民

Citizenship vs Fiscal Residency: Becoming a UAE Fiscal Resident Alexandros Philippides

我

们大多数企业家、企业主、经理或富人对多个地方感兴趣并有着广泛旅行计划，很难清楚地将一个地方确定为“家”，而且可能在某个时候遇到过居留权以及公民身份的术语问题。熟悉的词汇，但不那么清楚，它们大多数时候混淆和错误地交替使用。在本文中，我们将讨论这些概念并区分这些术语。我们将阐述阿联酋居留权（一个良好的税收管辖区）的优势，并提供真实的客户案例，用以说明一旦计划制定合理，它将为新的高效企业设立提供可能性。并且可以在不放弃你的公民身份的情况下完成。

财政居留权简介理解居留权和公民权这两个术语的最好方法是首先区分公民居留权和财政居留权。公民居留权是一个“非正式”术语，通常用于定义您当前居住的国家和 / 或与您有最密切联系的国家。但在一个高度专业化的世界里，尤其是对那些有着巨大经济利益的人来说，真正重要的是你的财政居留权，而这两者可能并不相同。财政居留权是指你声明的你的“财政的家”的国家，因此要求你向该国纳税，最重要的是根据该国的税法纳税。因此，财政居留权就是我们通常所说的税务居留权。各国的财政居民身份可能有巨大的差

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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

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.

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别和财政影响，因为每个国家都会自行定义谁可以成为“财政居民”，以及他们可以要求他们缴纳多少税。申请财政居留权的决定性因素是是否有能力达到该国的标准，并“证实”该国确实是你的“财政之家”。这些要求因国家而异，通常是下列要求的组合： • 停留时间：每年年历的大部分时间（例如至少183天）在该国实际停留 • 居家：在那里有一个永久的家，定期支付水电费，并用通常的方式证明你在该国存在并活跃 • 利益中心：在该国拥有实质性的个人关系和经济利益，在某些情况下还包括社会和民事参与。你的财政住所应该是你大部分钱过手的国家。在少数国家，国籍将您定义为财政居民，例如美国或阿根廷。这意味着，无论你在何处获得收入，或你居住在何处或在何处花费时间，你仍然必须为你的全球收入，向你的国籍国纳税！就像每年花钱买该国护照持有权一样。

什么是公民身份？它与国籍有什么不同？

ost of us entrepreneurs, business owners, managers or wealthy individuals with interests in multiple locations and with an extensive travel plan find it hard to clearly identify a single location as "home" and probably have been, at one point or another, confronted with the terms Residency and Citizenship. Familiar words, yet not so clear, as they are most of the time confusing and wrongly used interchangeably. In this article we will discuss the concepts and distinguish the terms. We will set out the advantages of a UAE Residency – a favourable tax jurisdiction - and provide real, client examples illustrating how, once structured properly, it can open up possibilities to a new efficient business set-up. And all this without relinquishing your citizenship.

Introducing Fiscal Residence The best way to understand the terms

Residency and Citizenship is to first make the differentiation between Civil and Fiscal Residence. Civil Residence is a casual term often used to define the country which you are currently living in, and/or the country with which you have the strongest affiliation. But in an extremely technical world, especially for people with big financial interests, what really matters is your Fiscal Residency, and the two may not be the same. A Fiscal Residency is the country which you claim as your "fiscal home" and therefore are called to pay taxes to and, most importantly, according to that country's tax laws. Therefore, the Fiscal Residency is what we often call our Tax Residency. Fiscal residency from country to country can have huge variations and financial impact, as each country defines by itself who they can accept

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通常情况下，公民权和国籍是同义词。实际上，两者之间存在着“内在”的区别。一个人的国籍由其出生地确定。它是一种与生俱来的“属性”，而不是可以获得的，因为它是由出生或父母一方来定义的。因此，你的国籍永远不会改变。另一方面，一个国家的政府（如果不是通过出生，则通过结婚、入籍、投资等方式）在一个人符合各自国家的政治架构和法律手续的情况下，给予该个人公民身份。公民身份是签发护照的国家。事实上，一个人——同时满足一个以上国家的公民资格要求—— 有可能拥有多个公民身份，从而拥有多本护照。在下面的章节中，我们将提到公民身份，因为它多数和财政居留权在同一背景出现。

为什么公民身份与其说是财政居留权的同义词，不如说是一种补充？公民身份是一种持有或获得的身份，这一事实使一些人错误地认为它等同于财政居留权。对于大多数人来说，成为他们生活和工作的同一个国家的公民确实是很普遍的，但是现在很明显，对于某些人群（企业主、国际高管、高资产净值人士）来说，公民身份不应成为决定一个人应在哪个国家纳税的默认条件。恰恰相反，在当今这个人们在不同国家流动、生活和工作的互联互通的世界里，重要的是对所谓的“世界公民”要有选择并要有意识地作出那个选择。（有些人在一个国家出生并终生生活在这个国家然而在那里他们永远没得到过公民身份）。这是刺激人才流动、经济扩张和外国投资的唯一途径。与公民身份相比，越来越多地使用“税

税务方面

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as a "fiscal resident" and how much taxes they can ask them to pay. The determining factor of claiming a fiscal residency is the ability to meet the country's criteria and to substantiate that indeed the said country is your "fiscal home". These requirements vary from country to country and they are usually a combination of the below: • Duration of stay: To be physically present in that country for the majority of the calendar year i.e. at least 183 days • Residing home: To have a permanent home there, regularly pay utility bills and generally demonstrate that you are present and active in the country • Centre of interest: To have substantial personal ties and economic interests in that country and, in some cases, social and civil involvement. Your fiscal residence should be the country where most of your money is exchanging hands. In a small number of countries, nationality defines you as a fiscal resident e.g. the US or Argentina. This means that irrespective of where you

earn any income, or where you reside or spend your time, you must still pay taxes on your global income, to your country of nationality! It is like paying an annual price to hold the passport of that country.

What is Citizenship and how is it di�erent from Nationality? It is often the case that the words Citizenship and Nationality are used as synonyms. In reality, there is an inherent difference between the two. The nationality of a person is defined by that person's place of birth. It is an attribute that is innate rather than obtainable, as it is defined either by birth or inherited by one's parents. Hence, your nationality never changes. On the other hand, citizenship is granted to an individual by the government of a country (if not by birth, then via marriage, naturalization, investment etc.), when that person complies with the respective country's political framework and legal formalities. Citizenship is the country that issues your passport. In fact, it is possible for

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务居住”一词，居住计划在全世界的范围不断扩大，人们对该词的接受程度不断提高，这表明了环境的变化，并脱离了人们对它是一种逃税手段的误解。经合组织的论点是明确的： “不能再认为单纯的公民身份就足以成为国籍国强加给非居民的约束。相反，在一个国家的永久或惯常居民应为其经济利益而为这些管辖区的开支作出贡献。” 这是一个有效的论点—— 一个人在一个国家生活或在该国有其主要经济活动，应该对该国承担比他护照上的国家更多的税收义务。事实上，在同一时期，有可能成为几个国家的税务居民（这就是为什么国家间的双重征税条约变得很重要，以避免或等同双重征税）。但是，没有经济上的支持论点表明你需要成为你的国籍国的税务居民。在这一点上需要注意的是，身为公民身份国以外国家的税务居民，并不意味着你不再是你国家的公民，也不意味着你获得了第二个护照。它仅仅意味着称那个国家为你的“财政之家”，在你自己国家以外的国家纳税。而且，两种身份共存而不损害另一种的惯例也越来越普遍。

阿联酋居留权⸺ 您投资方法宝库中的一个强大工具通过对各种术语的明确区分，我们将有助于解释阿联酋居留权的优势，如何有效且有根据地使用，将有利于您的国际公司架构和个人财富管理。资产什么是资产？资产是收集税务机关和金融机构所需的充分证据，以证明您所声称的“财政之家” （因此也是您的财政居留权）所在的国家确实是您有实质利害关系的地方，无论是个人还是职业的利益。

a person - simultaneously satisfying the citizenship requirements of more than one country - to hold multiple citizenships and thus have multiple passports. In the following sections we will be referring to Citizenship, as this is the one mostly used in the same context as that of Fiscal Residency.

How is Citizenship complementary rather than a synonym to Fiscal Residency? The fact that citizenship is a status held or acquired, makes some people falsely assume that it is the same as a fiscal residency. It is indeed common for most people to be a citizen of the same country where they live and work, but nowadays it is becoming clear that for certain groups of people (business owners, international executives, HNWI), citizenship should not be the default for determining the country in which one should pay taxes. To the contrary, in today's

interconnected world, where people move, live and work in different countries, it is important for the socalled 'citizens of the world' to have a choice, and for them to consciously make that choice. (There are people who are born and live their whole life in a country, in which they never earn a Citizenship). It is the only way to incentivise talent mobility, economic expansion and foreign investment. The increasing use of the term Tax Residency in contrast to Citizenship, the expanding reach of the residency programmes across the world, and the increasing acceptance of the term demonstrates the changing landscape and moves away from the misconception that it is a means to evade taxes. The OECD argument is clear: "the mere relation of citizenship could no longer be considered a sufficient tie to impose on non-residents by their country of nationality. Instead, a permanent or habitual resident in a country should contribute to the expenses of such jurisdictions as a result of his economic interest." This is a valid argument: a person living or having their primary economic activity in a country should have more tax obligations to that country than to the country he was fortunate or unfortunate enough to have on his passport. It is in fact possible to be a tax resident in several countries in the same period (this is where Double Tax Treaties between countries become important, to avoid or equate double taxation). But there is no economically backed argument to suggest that you need to be a tax resident in your country of nationality.

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从公司的角度来看，创建一家阿联酋公司（有多种公司组建方案，包括自由区公司），并分配工作 / 运营空间（永久或弹性空间）、拥有当地公司银行账户、邮政信箱、当地网站、固定电话和足够的员工的数量，这些将形成一个实质性和合法性的强有力的事实。在个人层面上，满足这一要求的最佳方式与企业非常相似。一份合适的职业（如果在你自己的阿联酋公司，则是一份双重福利）、维持一个个人经常往来账户（支付工资并从中扣除当地费用）、一个当地电话号码、一个当地邮寄地址，当然还有一个住址。阿联酋与其他可信的国际商业中心一道，一直致力于将经济实体条例全面落实到本国法律中，实质上， “要求”在其境内经营的所有公司出示实际的经济证据。这一点非常受欢迎，

阿联酋重新定义阿联酋是一个以全年阳光、沙漠和石油闻名的国家。对于从未去过、工作过或在那里做过生意的人来说，它很容易与“老式”、 “保守”和“官僚”的中东地区邻国联系在一起，而中东地区又是一个冲突不断的地区。但是，阿联酋离这些很远！以上的错误观念，一旦您与这个国家进行真正的互动时，很快就会改观。阿联酋多次被选为最安全的居住国和最先进的经商国之一。尽管政治是在君主制的框架下进行的，但阿联酋还是设法将没有反对派带来的负面影响转化为其最强项之一。国家的领导层素有亲商现代派的美誉，他们坚定不移地做出任何改变和纠正措施，以保持在创新和引进商业的前沿。它是一个超过80% 的人口为其他国家的公民，约超过 236 的民族居住在那里。该国拥有前所未有的现代化基础设施（机场、公路网、公共

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It is important to note at this point that, being a tax resident of a country other than your country of citizenship, does not mean you stop being a citizen of your country nor does it mean obtaining a second passport. It simply means calling that country your "fiscal home" and paying taxes in a country other than your own nation. And it is becoming increasingly customary for both statuses to coexist without the one undermining the other.

UAE Residency – a powerful tool in your arsenal With a clear distinction between the various terms, we will help explain the supremacy of the UAE Residency which, when used efficiently and in a substantiated manner, will benefit your international corporate structure and personal wealth management.

Substance What is substance? Substance is the collection of sufficient evidence required by both the tax authorities,

as well as financial institutions to demonstrate that the country you are claiming as your "fiscal home" (and thus your fiscal residency) is indeed where you have substantial interests, whether personal or professional. From a corporate perspective, the establishment of a UAE company (there are several company formation options, including Free Zone Companies) with an assigned working/ operating space (either permanent or ﬂexi space), local corporate bank accounts, a PO Box, a local website, a landline and adequate number of employees, would build a strong case of substance and legitimacy. On an individual level, the best way to satisfy this requirement is very similar to the corporate. A proper employment (a double benefit if at your own UAE company), maintaining a personal current account (on which salary payments are made and from which local expenses are deducted), a local phone number, a local mailing address and of course a place of accommodation. Joining other credible international

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交通等）、先进的法律架构（规章制度、投资者保护计划等）、世界级的金融机构和富有弹性的银行体系。它拥有一系列令人印象深刻的正面形象。在英国持续脱欧事件、贸易战和反引渡抗议不断的世界里，阿联酋自豪地展示了另一个避风港。结合其独特的税收特点，阿联酋为投资者和企业提供了一个最佳的另外的居住地选项。对于聪明的投资者来说，除了税收功效之外，作为一个零税收、不交换税收信息的主要贸易国，可以很好地为资产多样化和保密性提供一个独特的机会。案例研究当作为高效结构化的一部分建立时，在您的国际企业和个人投资组合中阿联酋居留权可以证明是一个非常强大的工具。

#1. 客户简介：假设你是一个富有的人，在亚洲国家（如中国）拥有一家中型制造企业，客户遍布世界各地。你的主要目标是建立一个高效的国际公司架构，节省个人和公司的税收。问题：作为客户和中国税务居民，你在中国纳税。你的企业也要在国内缴纳企业税，这会侵蚀你的利润。解决方案在阿联酋设立一家独立的运营公司为您提供以下好处： • 作为自由区公司的业主经理和投资者，您可以成为阿联酋居民，享受阿联酋居民身份的零税收优惠。 • 作为阿联酋居民，您可以同时拥有阿联酋个人银行账户和其他地方的私人银行账户，例如在新加坡或瑞士 • 如果架构合理，您的中国公司最终会以较低的利润将其产品出售给您新成立的阿联酋自由区公司。产品将以全价

business hubs, the UAE has been working towards fully implementing the economic substance regulations into its national law, in essence, requiring all corporations operating in its grounds to demonstrate actual economic proof. This is strongly welcomed as it will further portray the UAE as a real economy; and a solid jurisdiction for international trade.

The UAE rede�ned The UAE is a country well known for its year-round sunshine, desert and oil. To people who have never visited, worked or done business there, it can be easily associated with its "old-fashioned", "conservative" and "bureaucratic" neighbours in the Middle Eastern region, a region of ever-lasting conﬂict. But, the UAE is far from this! The above misconceptions are quickly and easily invalidated upon one's first real interaction with the country. The UAE has been repeatedly voted as one of the safest countries to live and one of the most progressive countries to do business in. Despite politics taking place in a framework of monarchy, the UAE has managed to convert the negative aspects brought

about by the absence of opposition into one of its strongest points. The country's leadership has a reputation of being pro-business modernisers, adamant in making whatever changes and corrective actions it takes to remain at the forefront of innovation and bringing in business. It is a country populated by more than 80% of citizens of other countries and some 236+ nationalities live there. The country boasts an unprecedented modern infrastructure (airports, road network, public transportation etc.), an advanced legal framework (rules and regulations, investor protection schemes, etc.), a world class financial establishment and a resilient banking system. An impressive positive line-up of characteristics. In a world of an ongoing Brexit saga, trade wars and anti-extradition protests, the UAE proudly presents another version of safe haven. Combined with its unique tax characteristics, the UAE offers one of the best options available for an alternative residency, for investors and corporates alike. For the smart investor, apart from tax efficiency,

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

出售给您的全球客户。应计利润将流入阿联酋自由区公司的公司银行账户。公司将不为该利润缴纳公司税。 • 利润将分配给作为所有者的您，从而创造个人和公司税收功效的独特组合。

a major trading country with zero tax and with no exchange of tax information taking place, can very well present a unique opportunity for asset diversification and confidentiality.

#2. 客户简介：假设你是一个富有的人，在中国大陆拥有一家中型制造企业，客户遍布世界各地。国际旅行要求很高。作为中国护照的持有人，您需要（在大多数情况下）签证才能前往欧洲去休闲和会见您的欧盟客户。问题：除了你的公司，你作为客户和中国税务居民，目前在中国纳税。对于你的个人和商业事务来说，这不是最有效的税务结构。此外，所有这些旅行，每次都需要签证，这些使得在行政后勤上造成不方便，在经济上也变得不利。

Case Studies When set up as part of an efficient structure, the UAE Residency can prove a very powerful tool in your international corporate and personal portfolio.

解决方案：在这里，我们将案例 1 的解决方案应用其中，并通过申请塞浦路斯护照来加强它。在阿联酋设立一家独立的运营公司可带来以下好处： • 作为自由区公司的业主经理和投资者，您可以成为阿联酋居民，享受阿联酋居民身份的零税收优惠。 • 作为阿联酋居民，您可以同时拥有阿联酋个人银行账户和其他地方的私人银行账户，例如在新加坡 • 如果架构合理，您的中国公司最终会以较低的利润将其产品出售给您新成立的阿联酋自由区公司。产品将以全价出售给您的全球客户。应计利润将流入阿联酋自由区公司的公司银行账户。公司将不为该利润缴纳公司税。 • 利润将分配给作为所有者的您，从而创造个人和公司税收功效的独特组合。在这里，通过申请塞浦路斯护照可以获得额外的功效。除了拥有第二公民身份外，它还将解决您的企业必须经常前往欧洲的行政后勤问题：

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#1. Client profile: Assume you are a wealthy individual, owner of a medium-sized manufacturing business in an Asian country, e.g. China, with clients all over the world. Your main focus is to set up an efficient international, corporate structure and save personal and corporate money on taxes. Problem: As a client and Chinese tax resident you pay your taxes in China. Your business also pays its corporate taxes in the country, which eats away from its profits. Solution: Setting up an independent, operating company in the UAE provides you with the following benefits: • As owner-manager and investor in the Free Zone company, you become a UAE Resident - free to enjoy the zero tax benefits of the UAE residency status • As a UAE Resident, you can own both a UAE personal bank account and also a private bank account elsewhere, for example in Singapore or Switzerland

• With the right structuring, your Chinese company ends up selling its products to your newly established UAE Free Zone company at a lower margin. Products will then be sold on to your global clientele at full price. Accrued profits will be ﬂowing to the corporate bank account of the UAE Free Zone company. The company will be paying no corporate tax for its profits. • Profits will be distributed to you as the owner, thus creating a unique combination of personal and corporate tax efficiency.

#2. Client profile: Assume you are a wealthy individual, owner of a medium-sized manufacturing business in mainland China with clients all over the world with heavy international travel requirements. As a holder of a Chinese passport, you need (in most cases) a visa to travel to Europe, for leisure, and to meet up with your EU clients. Problem: In addition to your company, you, as a client and Chinese tax resident, currently pay your taxes in China. This is not the most tax efficient structure for your personal and business affairs. Furthermore, all this travelling, requiring a visa every time, is becoming logistically difficult and economically disadvantageous. Solution: Here we apply the solution to case #1 and strengthen it by applying for a Cyprus passport. Setting up an independent, operating

观点 | OPINION CHINA OFFSHORE

• 塞浦路斯是欧盟的一部分。塞浦路斯护照为您提供了前往全球 169 个国家的免签证旅行机会，并可无国界的进入欧洲各国。 • 塞浦路斯不向其他国家披露其公民身份。这是对其保密性的保证，也是你双重国籍最安全的选择之一。 • 通过塞浦路斯公民投资计划，您的房地产投资有可能获得丰厚回报，最终可以支付整个项目的成本。此外，通过在你的投资组合中加入欧元（一种公认的强势货币），你可以增加一项分散投资。

结论企业家、企业主、管理者和富有的个人需要考虑他们的需要和另外的财政居留权的可能选项。在当今的政治和金融环境中，这是恰当的企业和财富规划的一个组成部分。通过在国际公司架构方面经验丰富的专业顾问的帮助，他们的目标应该不仅是实现效能化税收，而且在个人和企业事务中实现资产多样化和保密性。记住，无论是第二个居留权还是第二个公民身份都不意味着放弃他们的国籍。相反，它们为实际问题提供了可行的解决方案。

company in the UAE provides the following benefits: • As owner-manager and investor in the Free Zone company, you become a UAE Resident free to enjoy the zero tax benefits of the UAE residency status • As a UAE Resident, you can own both a UAE personal bank account and also a private bank account elsewhere, for example in Singapore • With the right structuring, your Chinese company ends up selling its products to your newly established UAE Free Zone company at a lower margin. Products will then be sold on to your global clientele at full price. Accrued profits will be ﬂowing to the corporate bank account of the UAE Free Zone company. The company will be paying no corporate tax for its profits. • Profits will be distributed to you as the owner, thus creating a unique combination of personal and corporate tax efficiency. An additional layer of efficiency can be obtained here by applying for a Cyprus passport. In addition to

having a second citizenship, it will solve the logistics of having to frequently travel to Europe for your business: • Cyprus is part of the EU. A Cyprus passport gives you a visa-free travel opportunity to 169 countries around the world and borderless access to Europe. • Cyprus does not disclose its citizenships to other countries. It is a guarantee for confidentiality and one of your safest options for dual citizenship. • Via the Cyprus Citizenship by Investment Program, there is potentially a strong return you can make on your property investment which could ultimately cover the cost of the whole setup. Furthermore, by adding EURO - a strong recognized currency – in your portfolio adds an additional layer of diversification.

Conclusion Entrepreneurs, business owners, managers and wealthy individuals need to consider their needs and possible options for an alternate fiscal residency. In today’s political and financial environment this is an integral part of proper corporate and wealth planning. With the help of professional advisors experienced in international corporate structuring they should aim to achieve not only tax efficiency but also asset diversification and confidentiality in their personal and business affairs keeping in mind that neither a second residency nor a second citizenship means giving up their nationality. Instead, they provide viable solutions to real problems.

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Member Contribution

观点 | OPINION CHINA OFFSHORE

在中国境内的财产上设立的境外信托有效吗？ Is the Oversea Trust valid if it established base on the asset in China?

Jason Tian

当

下，家庭信托是个热门话题，席卷法律界和金融界。但对于这个舶来品，实际上我们有太

田杰 Jason Tian

上海兰迪律师事务所创始合伙人之一，兰迪跨境财产规划和传承团队负责人，主要法律服务领域：（1）为外国继承人、受托人等提供中国境内遗产继承、管理和分割等相关法律服务以延伸服务（如继承后房屋出售以及出售所得购汇汇出等）；（2）帮助中国高净值客户设立海外家庭信托和基金会实现财富传承（含身份规划、境内企业重组等）；（3）跨境投资等。 One of the founding partners in Shanghai Landing Law Firm, the head of Landing’s cross-border estate planning and inheritance team. The main ﬁelds of legal services are: (1) providing legal services for foreign heirs and trustees which related to inheritance, management and division of the heritage in China and also the extended service (such as sale of houses after inheritance and foreign exchange purchasing and remittance of the proceeds of sale); (2) helping China high net worth clients to set up overseas family trusts and foundations to achieve wealth inheritance (including identity planning, domestic enterprise restructuring, etc.); (3) cross-border investment, etc.

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ow, family trust is a popular topic, sweeping across the legal and financial world. But for this imported product, in fact, we have too many questions and confusion. Many basic legal problems need to be solved urgently.

I．The Question As the head of the cross-border wealth planning and inheritance team of Shanghai Landing law firm, my team often involves one kind problem in the business processing: the trust property of the testamentary trust abroad (mainly Anglo American law system) is pointing in the mainland of China. The common case is as follow: Overseas testator will establish their trust in his/her testament, including all their personal property (also those

in mainland China). The following passage comes from a will made in Hongkong: Weng* made a will on Nov. 6 of 2001 before his death, appointed Weng**, Yang Weng**, Weng**, Cai** as executor, divided his inheritance into 17.2 parts, share out in the form of trust like as follow: 1. 2.5 parts is entrusted with Weng He** as absolute

beneﬁciary; ………10. 1.0 part is entrusted with Weng** to hold until his age reaches

18 years old; 11. 1.0 part is entrusted with Weng** to hold until his age reaches 18 years old; 12. 0.6 parts is entrusted with ANDREASTEPHENIEYUNG to hold until her age reaches 18 years old; 13. 1.0 part is entrusted with CLAUDIANATALIEYUNG to hold until her age reaches 18 years old.…

观点 | OPINION CHINA OFFSHORE

多的疑问和困惑。很多基础性的法律问题亟待解决。

Another example:

laws are not perfect enough to establish family trust.

一、问题的提出

I devise and bequest all my real and

II． British Case Study

作为上海兰迪律师事务所跨境财富规划和传承团队的负责人，我的团队在业务处理过程中，经常涉及到一类问题：在境外（主要是英美法系）的遗嘱信托指向的信托财产位于中国大陆境内。

wheresoever after payment thereout my

常见的情况如下：境外的立遗嘱人在遗嘱中把自己的全部个人财产（包括位于中国大陆的）在其去世后设立信托。如下面这段文字来自一份在香港设立的遗嘱：翁*生前于 2001 年 11 月 6 日立下《遗嘱》，委任翁**、杨翁**、翁**、蔡**为遗嘱执行人，

并将遗产分为 17.2 份，以信托方式处分如

下:1.其中 2.5 份受托为翁何**的绝对受益

而持有;......... 10.其中 1.0 份受托为翁 **而

持有至其年满 18 岁;11.其中 1.0 份受托为

翁**而持有至其年满 18 岁;12.其中 0.6 份

受托为 ANDREASTEPHENIEYUNG 而持有至其年满 18 岁;13.其中 1.0 份受托为

CLAUDIANATALIEYUNG 而持有至其年满

18岁……

再如：

I devise and bequest all my real and personal estate whatsoever and wheresoever after payment thereout my just debt and funeral and testamentary expenses unto my trustee upon trust to sell call in and convert the same into ready money without being liable for loss and to divide the proceeds of such sale calling in and conversion and my ready money into

personal estate whatsoever and

just debt and funeral and testamentary expenses unto my trustee upon trust to sell call in and convert the same into ready money without being liable for loss and to divide the proceeds of such sale calling in and conversion and my ready money into three (3) equal shares and to pay...... (names of beneﬁciaries designated)

In dealing with the cross-border succession cases involving many successors, our team tends to simplify the procedures, hoping that they choose one or two representatives to inherit all the heritage and represent all successors to possess the heritage in China (usually requires registered real estate or share). In mainland China, such arrangement is simply to sign the so-called Entrustment Agreement in law, but the similar situation in the Anglo American law system is actually a real trust, that is, the one or two successor representatives as trustees to obtain the legal title and represent it and hold it for the benefit of all the successors (trust beneficiaries). And assign it now or in the future when it is cashed. So, can we arrange for the client to set up a trust abroad for the inheritance in China? The key of this issue is whether the overseas trust which is target to the property in China is valid under the background that mainland China's

In the process of studying this kind trust's validity, a Verdict from the British Supreme Court in 2017 makes me be suddenly enlightened. The plaintiff Saad Investments Co Ltd (hereinafter referred to as SICL) is a company located in the Cayman Islands and was in bankruptcy proceedings. Mr. Al Sanea is a Saudi Arabian businessman holding a stake in Saudi Arabia's domestic banks. SICL and Saanea made a series of transactions about the shares mentioned above, forming a trust arrangement in which Sanea acts as trustee with the above shares as trust property and SICL acts as beneficiary. Subsequently, Sanea transferred the shares in the trust to Samba in a financing transaction which Samba Financial Group (hereinafter referred to as Samba) acts as a third party to meet Samba's liabilities. The liquidation team of SICL considered that Sanea's transferring of shares to Samba against SICL's interests, and therefore the transaction mentioned above should be recognized as invalid since SICL enters the bankruptcy proceedings. The above-mentioned shares should be regarded as the bankruptcy property of SICL. An important fact need to be added is that the applicable law for the trust between SICL and Sanea is the law of the Cayman Islands, but Saudi Arabia, where the trust property (that is the shares mentioned above) located, is not a Anglo-American law system, and its domestic law does not admit the

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观点 | OPINION CHINA OFFSHORE

three (3) equal shares and to pay...... (names of beneﬁciaries designated)

我们团队在处理涉及众多继承人的跨境遗产继承案件中，往往为了简化程序，希望他们选择出一位或两位代表继承全部遗产，并代表全部继承人持有中国境内的遗产（通常是需要登记的不动产或股权）。在中国大陆，此类安排，法律上无非就是签订所谓的代持协议；但类似安排在英美法系其实就是一个实实在在的信托，即这一两个继承人代表作为受托人取得遗产权属（title）并代表和为了全体继承人（信托受益人）的利益而持有，并现在未来变现之后进行分配。那么能否安排当事人在境外设立一份针对境内待继承的遗产呢？问题的关键就是，在中国大陆的法律不完善，无法设立家庭信托的背景下，这类以中国境内财产为标的的境外信托是否有效呢？

二、英国判例研究在研究此类信托效力问题的过程中， 2017年英国最高法院一份判决书让我茅塞顿开。原告 Saad Investments Co Ltd （下称 SICL）公司是位于开曼群岛的一家公司，进入破产程序。Mr. Al Sanea 是一位沙特阿拉伯的商人，其持有沙特境内银行的股份。SICL 和 Sanea 之间就上述股份进行了一系列的交易，形成以 Sanea 作为受托人以上述股份作为信托财产，SICL 为受益人的信托安排。随后，Sanea 在与第三方 Samba Financial Group（下文称 Samba）融资交易中，把上述信托财产中的股份转让给了 Samba 用以偿还其所欠 Samba 的债务。SICL 的清算组认为 Sanea 转让股份给 Samba 的行为处分了 SICL 的利益，

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separation of trust's or similar legal title and beneficial title. The verdict of this case is not directly related to the topic of this article. But in reasoning process, the judge made a penetrating explanation for how to knowledge and understand the trust when the trust is under the Anglo American law system but the trust property is under the civil law system or other non-Anglo-American law countries. In this case, SICL argued that the

above shares held by Sanea who acts as trustee constituted a living trust, and SICL, as beneficiary of the trust, have equitable proprietary interests in the above-mentioned shares. Furthermore, it believed that Sanea's transferring of the abovementioned trust property to Samba was equivalent to dispose SICL's property. Therefore, according to Article 127 of the British Bankruptcy Act of 1986. The judgement should be invalid and Samba should return the trust property mentioned above and treat it as the bankruptcy property of

观点 | OPINION CHINA OFFSHORE

因此上述交易因 SICL 进入破产程序而应被确认无效，上述股份应作为 SICL 的破产财产。需要补充的重要事实是， SICL 与 Sanea 之间的信托安排的适用法律是开曼群岛的法律，但信托财产（即上述股份）所在地沙特并非英美法系，本国法律并不承认信托或与之类似的法律所有权（legal title）和受益所有权（beneficial title）的分离。本案的判决书与本文主题并不直接相关，但法官在判决书主文推理的过程中，对于英美法系项下信托涉及的信托财产位于大陆法系等非英美法系国家时如何认识和理解信托做了鞭辟入里的解释。案件中，SICL 主张 Sanea 作为受托人持有的上述股份构成有效信托，而其作为信托的受益人对上述股份财产享有平衡财产权益（equitable proprietary interests），并进而认为，Sanea 转让上述信托财产给 Samba 时相当于对 SICL 的财产做了处分，因此根据英国 1986 年《破产法》第127条的规定应判为无效， Samba 应返还上述信托财产并作为 SICL 的破产财产。而作为抗辩，Samba 认为，由于沙特阿拉伯的法律并不承认所谓的受益财产权益 , 因此 SICL 的主张是不成立的。换言之，Samba 实际上在否认在上述股份之上存在有效的信托。显然上述主张针锋相对，问题的本质就在于：根据英美法系的法律设立的信托可否针对位于大陆法系国家境内的财产而有效存续？

SICL. As a demurrer, Samba believed that the claim of SICL is untenable, because the law of Saudi Arabia doesn't admit the so-called equitable proprietary interests. In other words, Samba actually denies that there is a valid trust for the above shares. Obviously, the claim above is tit for tat, the essential problem is: whether trust established under AngloAmerican law can be validly existing when the trust property located in civil law countries. （i） In personam in trust legal relation

This question was answered by the court from four aspects. However, there seems to be only one main point: the British courts will judge according to their tradition in personam of rule of equity. When the trust established under the AngloAmerican law. Even the trust property is located in the jurisdiction area of nonrecognition of trust and the rule of equity, between beneficiaries and trustees, the beneficiaries cannot

claim property right and interests of the trust property but can claim the rights against the trustees according to the validity of trust it is similar to creditor's rights in civil law system; in other words, this kind trust which established according to AngloAmerican law won't be invalid or inoperative just because the law of the place where the trust property is located does not admit the trust legal system. Paragraph 29 of the verdict is very convincing. Please see as follow: Both A and B are British residents. A invests in B and requires B to buy real estate on behalf of A and registers it under B’s name. Then B purchases the real estate as agreed. The consequences of this transaction should be governed and determined by British law. If it is governed by the law of the real estate's location, the consequences will be confusing. More than that, this rule will lead to the absurd conclusion in the following transactions: if the instruction A gives to B is to purchase different

（一）信托法律关系中对人权法庭旁征博引，从四个方面分别回答了这个问题。但归纳其要点，似乎只有一个：英国法院基于其衡平法传统上对人管辖权权（in personam），信托依据英美法律设立后，尽管信托财产位于不承

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认信托和衡平法的法域境内，但在受益人与受托人之间，尽管受益人无法直接对信托财产提出财产权益，受益人却可以基于信托的有效性而对受托人主张权利，类似于大陆法系的债权；换言之，此类信托不会仅仅因为信托财产所在地法律不承认信托法律制度而导致依据英国法律成立的信托无效或不生效。判决书第 29段文字，非常具有说服力。简译如下：

A 和 B 均是英国居民，A 出资给 B，要求 B 代表 A 的利益而购买不动产，登记在 B 的名下。B 随后按约定购买了不动产。这一交易的后果应受英国法律管辖并予以确定。如果是受不动产所在地法律管辖，后果将令人困惑的。不仅如此，这种规则在下面交易中将会得出荒谬的结论：如果 A 给 B 的指示是在不同国家购买不同的不动产，那么同一交易安排就会因不动产所在地之不同而出现不同的交易后果。同样地，如果 A 给 B 的指示是由 B 自由决定所购买的不动产，这样就会赋予 B 单方面决定其与 A 达成的交易之法律后果的局面，这显然是荒谬不堪的。这段推理旨在说明，在信托成立后，受益人和受托人之间的法律关系应由英国法律确定，因此信托能够成立、存续和执行，而不会受财产所在地法律的影响。反向推之，英国法院基于英国法律只要在受益人和受托人之间确定信托法律关系，无论信托财产所在地在哪里，信托效力都会得到承认。（二）信托法律关系中财产权仅仅关注信托法律关系中的对人权（in personam）显然是不够的，还必须要同时探讨信托中财产权（in rem 或者 proprietary interests），即受益人对信托财产的直接权利。在英国传统的信托法律下，受益人对信托财产享有衡

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real estate in different countries, the same transaction will have different transaction consequences depending on the location of the real estate. Similarly, if the instruction A gives to B is that B can free to decide to purchase real estate, it would give B a situation in which B can unilaterally decide the legal consequences of this transactions with A, which is obviously absurd. The purpose of this reasoning is to show that the legal relationship between the beneficiary and the trustee should be determined by British law after a trust is established, so that the trust can be established, survived and enforced without being affected by the law of the place where the property is located. On the contrary, British courts, based on British law, will recognize the validity of trust as long as the legal relationship between the beneficiary

and the trustee is identified, regardless of where the trust property is located. （ii） Proprietary interests in trust legal relation

It is obviously that it is not enough only to pay attention to in personam in trust legal relations, and we must also discuss the proprietary interests in trust at the same time which is the beneficiary has the direct power to the trust property. Under the traditional trust law in British, the beneficiary enjoy the equitable proprietary interests to the trust property, like the following and tracing to the trust property. This is also discussed in the verdict that it focuses on the inﬂuence of the bona fide acquisition system to the trust in the law of the place where the property is located. Paragraph 20 of the verdict states that this legal

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平财产权益，如对信托财产的追及权（following 和 tracing）等。判决书中对此亦有涉及，重点讨论了财产所在地法律关于善意取得制度对于信托的影响。判决书第 20 段写到，英国上诉法院判例确立了如下的法律规范：如果财产所在地法律规定，受托人向第三人转让财产会导致衡平利益（equitable interest）（该利益通常可以在英国法律下存在）的消灭，那么这一法律效果应该被认为是赋予第三方受让人针对信托受益人之权利主张的有效抗辩权。第 42 段中，法官认为，本案中当事人之间的信托赋予受益人针对信托股份的衡平财产权益（equitable proprietary interests），并能够在 SICL，Sanea 以及任何第三人之间得以执行，当然这里的第三人不包括根据沙特法律有效取得上述股份权属的受让人（善意第三人）。显然，英国最高法院，承认信托受益人在外国信托财产中平衡财产权益，并愿意执行之。有必要指出的是，这里的财产权益（proprietary interests）并不能简单地理解为中国物权法项下的物权，而更多地是指针对具体财产取得利益的权利。

三、结论概而言之，英国最高法院的这份判决书，对于大陆法系信托法律工作者理解和研究英美法系的信托制度具有极高的价值。但问题远没有到清晰无疑的地步。如，在承认信托受益人对域外信托财产的财产权益的情况下，如何适用英国信托法下的财产追及制度，如何适用 Saunders V Vautier 规则而允许受益人直接取得域外信托财产权，都还需要进一步探讨。

precedent of The English Court of Appeal sets the following legal norms: if the property location's law provides that the transfer of property by the trustee to a third party will result in the extinction of the equitable interest (which usually exists under British law), then this legal effect should be considered as valid right of defense for the third party assignee against to the trust beneficiary's claim for rights. In paragraph 42, the judge deems that the trust among the parties in this case gives the beneficiaries equitable proprietary interests of the trust shares and can be enforced among SICL, Sanea and any third party, Of course this third party here does not include the transferee (bona fides third party) who acquires the abovementioned shares' title validly under Saudi law. Obviously, the British Supreme Court recognizes the equitable proprietary interests of the trust beneficiaries in foreign trust property and is willing to

enforce that. It is necessary to point out that the proprietary interests here cannot be simply understood as the property right under the Chinese property right law, it is more about the right to gain benefits from specific property.

III． Conclusion In a word, this verdict of the British Supreme Court has great value for the trust lawyers in the continental law system to understand and study the trust system of the Anglo-American law system. But the problem is far from clear without doubt. For example, in the case of recognizing trust beneficiary's proprietary interests of overseas trust property, how to apply the property recourse system under the British Trust Law and how to apply the Saunders V Vautier Rules to allow the beneficiaries to acquire the property rights of the overseas trust directly, these still need to be further explored.

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信托的功能和应用

The Function and Application of Trust

信

托是一项法律契约，委托人将所持资产转移给受托人，而受托人则需按照委托人意愿，为受益人持有并管理资产，能够有效地财产安排授予指定的受益人。信托设立愈

rust is a legal contract. The settlor transfers the assets to the trustee, and the trustee needs to hold and manage the assets for the beneficiary according to the

冯南山 Paxson Fung

冯南山先生是连城集团的合伙人，香港会计师公会及澳洲会计师公会会员。

冯先生自2012年创立连城集团，目前在香港﹑深圳﹑上海﹑ 新加坡﹑澳洲共有五个办公室。连城集团由一班来自不同背景和范畴的会计师所组成的专业团队。七年间，已为超过3000家公司提供企业服务，包括基金及信托设立服务﹑离岸公司成立、秘书会计服务、税务筹划、财务尽职调查、内部监控和上市咨询服务。冯先生拥有丰富经验，对公司财务、公司架构、内部监控、上市筹划及税务安排有深入了解。同时现在亦担任多间于分別於香港主机板及创业板上市的公司董事、财务总监及公司秘书、主要处理上市公司合规、内部监控、合并收购和财务融资事宜。冯先生亦曾任多间香港著名的房地产公司的财务总监，为地产项目融资发债。

Mr. Paxson Fung is a Partner of CityLinkers Group, as well as a member of Hong Kong Institute of Certified Public Accounts and the CPA Australia. CityLinkers Group, founded by Mr. Fung in 2012, now has five

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offices altogether in Hong Kong, Shenzhen, Shanghai, Singapore, and Australia. It boasts a professional team of accountants from different backgrounds and business sectors. In the past seven years, it has provided corporate services to over 3,000 companies, including fund and trust setup, establishment of offshore companies, secretarial and accounting, tax planning, financial due diligence, internal control and consultancy for listing, to name just a few. Being a seasoned professional, Mr. Fung is clued-up on corporate finance and structure, internal control, listing planning and tax arrangement. Meanwhile, he serves as the president, the CFO or the secretary in many companies listed on the Main Board of Hong Kong Exchange or the Growth Enterprise Markets, undertaking the compliance of listed companies, internal control, mergers and acquisitions, financing, etc. What's more, he serves as the CFO for a number of Hong Kong-based real estate companies, raising funds and issuing bonds for real estate projects.

Paxson Fung wishes of the settlor and the trustee can arrange the property effectively to the designated beneficiary. Set up Trust is becoming more and more popular, and the cost of setting up is becoming democratized. The banks can also set up a simple trust structure for its customers.

Family Trust Can Give Full Play to Di�erent Guarantees Family trust is often misunderstood as the asset allocation agreement set up for the family members and descendants of an established family. Up to this day, many middle classers have protected their assets by trust, because family trust can play a role in proper management, so as to continue the asset rights and interests, tax-deferred, and distribution and inheritance of heritage without limit. Some people mistakenly believe that family trusts are the same as testament and are allocated to designated beneficiaries according to his/her wishes after the testator’s death, but this is only one of the functions. According to the place where the trust is established, the assets can be passed on to the beneficiaries by stages from one hundred years to indefinite duration, reducing the risks that the successors or offspring will tear the whole family apart because of the distribution of

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Trust can obstruct the risk crisis

来愈普及，而现在的设立费用亦趋向大众化，一般银行亦能为其客户设立简单信托架构。

家庭信托能发挥不同保障家庭信托经常被人误解为名门望族的家属和子孙而设的资产分配协议，但时至今日，已有很多中产都以信托形式为资产作出保护，因为家庭信托能发挥妥善管理作用，从而无限延续资产权益、税务递延以及遗产分配和继承。有些人误以为家庭信托与遗嘱一致，于受托人离世后，按意愿分配给指定受益人，但这只是当中一种功能。信托可根据信托的设立地方，将资产由一百年到无限期分阶段传承给受益人分配，减少继承人或后代，因财产分配撕裂整个家族，延续成立人的意愿。由于某些地区如开曼群岛、BVI、香港及新加坡，因处于免税或低税区地方，也成为信托设立的热门地。部份国家例如中国设有继承法，按照父母、妻子、子女以及其他亲属，先后分配资产继承权，而不是按受托人的意愿，这正是信托另一个功能，去补足遗嘱的执行力，减少过身后的争拗。由于资产拥有权转移给信托公司，信托公司按照受托人的意愿管理和分配收益给受益人，若果受托人遇到任何债务问题，而连带责任追溯到个人财产上，信托内的资产或不能被追索，体现保护财富的功能。

信托可阻隔风险危机家族信托同时也作为阻隔风险的用途，透过资产转移至信托名下且约定为不可撤销之信托种类，资产与委托人正式分离，规划得当，便有可能具有资产隔离的效果，避免在债务纠纷或破产清算中涉及信托财产部份。设立家族信托后获得个人债务隔离保障外，同时可应用于婚姻家庭保障，把婚前财产独立托管

property, and continuing the wishes of the founders. Some areas are in tax-free or low-tax areas, such as the Cayman Islands, BVI, Hong Kong and Singapore, so they are also popular places for trust establishment. Some countries, such as China, has inheritance laws, which distributes the inheritance of assets successively according to parents, wife, children and other relatives, rather than according to the wishes of the testator. This is another function of trust to supplement the execution of the will and reduce the argument after death. As the ownership of assets is transferred to the trust company, the trust company manages and distributes the benefits to the beneficiaries according to the wishes of settlor. If the settlor encounters any debt problems and the joint liability goes back to the personal property, the assets in the trust may not be reimbursed, which reﬂects the function of protection of wealth.

Family trust also serves as a barrier to risk. By transferring assets to trust under settlor's name and agreeing to be irrevocable trust types, the assets are separated from the settlor, and with proper planning, family trust may have result like asset isolation so then avoid involving the trust property in dispute over obligation or bankruptcy liquidation. In addition to acquiring the personal debt isolation after the establishment of family trust, it can also be applied to the marriage and family. The pre-marital property can be managed and distributed independently in the pre-marital trust. In case of facing marital crisis and alimony dispute, the possibility of dividing the pre-marital property can be reduced. The example of the Hengfeng family case in 2014 was the largest alimony judgment in Hong Kong, which absolute decree that the former daughter-in-law could receive alimony up to 410 million yuan. If the property is built on trust step by step and the husband or wife is entrusted with the property's management or the related partnership enterprises' running, then the continuity of the property after marriage can be guaranteed by the change of the marital relationship. By entrusting others to continue to operate the business through the trust, the business will not be broke off, also the property will not be broke off because of the marital relationship, such as bereft of one's spouse, serious disease or the other half’s obnubilation which causing

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到婚前信托中独立管理分配，一旦出现婚姻危机且涉及赡养费的争议时可减低婚前财产被瓜分的可能性。

2014 年恒丰家族的例子是本港最大宗赡养费判决，最终裁定前媳妇可获赡养费高达 4.1 亿元。如有步骤地将财产建基于信托上，并委托丈夫或妻子管理该财产或营运相关合伙企业，可以保障婚姻关系变化而影响婚后财产的持续性，通过信托委托其他人继续营运企业以避免业务受到中断，财产更不会因为婚姻关系中断，例如：丧偶、重病或另一半神智不清，导致财产落于其他人手上。婚姻破裂和赡养费的争议亦影响子女的生活质素及后升学费用的负担，委托人可透过设立子女抚养信托，划拨部份金融资产单独管理支配，专款专用则避免因为婚姻危机而影响子女抚养的资金。至于婚后财产亦可通过钳套不同股权结构，兼顾管理的灵活性和受益分配的公平安排及资产的控制权，达致婚姻与财产的风险隔离。

上市前信托可保留企业始创人心血另一类是现时很流行的上市前信托，随着内地独角兽公司纷纷来港上市，在同股不同权的情况下，主要经营者虽然控制着公司的营运权，但持公司股份量比例较少，所以会在上市前选择设立股份信托。小米创办人雷军便是一个例子，他在未上市之前安排未上市股份以家族信托形式持有，并委托信托公司作信托人，按照委托人的意思对其本人及家族成员利益安排。设立上市前公司股份信托不仅有利于市场融资，更甚者是一个完整的税务规划、资产保护规划及有利 CRS 申报交换数据要求。目前香港 216 间上市家族公司中至少约有 30% 的企业以家族信托形式控股，通常采用公司基本结构实行信托，由企业始创人成立家族信托基金，委托离岸公

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the property to be given to others. Marriage breakdown and alimony disputes also affect the quality of children's lives and the burden of their upbringing expenses. The client can set up a children support trust and allocate some financial assets to be managed and controlled separately. Special funds can avoid the impact of the marital crisis on children's upbringing fees. As for marital property, isolation of risk between marriage and property can be achieved by nesting different ownership structures, and giving consideration of the ﬂexibility of management, the fair arrangement of benefit distribution and the control of assets.

Trust can retain the painstaking e�orts of the enterprise's founder before listing Another kind is the popular pre-listing trust. With the unicorn companies coming to Hong Kong to be listed, the main managers control the company's operational rights, but the proportion

of shareholding is low, so they will choose to set up a stock trust before listing. Lei Jun, the founder of MIUI, is an example for this kind. Before going public, he arranges the unlisted shares to be held in the form of family trust, and entrusts the trust company to act as the trustee to arrange the benefits for himself and his family members according to the wishes of the settlor. Setting up company stock trust before listing is not only conducive to market financing, but it is also a complete tax planning, asset protection planning and helping for CRS declaration and exchange data requirements. Now, at least 30% of the 216 listed family companies in Hong Kong hold shares in the form of family trust. Usually, Using the company basic structure to layout the trust. The founder of the company will set up a family trust fund and entrusts the offshore company to hold the shares held by family members on behalf of the family members, thus achieve the family enterprises' equity control.

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司代持家族成员所持股份，从而实现对家族企业股权控制。透过对上市公司控股主体层面的董事委任安排，通常由委托人或委任其家族成员担任，可分离受益权与经营管理权，为未来家族成员退出企业管理层奠定基础。透过信托公司持有上市公司股份亦可避免外人轻易看到股权架构及其家属的内部利益分配机制，亦确保家族成员必须一致行动，减低家族内部斗争而损害上市公司营运，并保留协商的私人空间。

信托基金在香港的税务优势香港是亚洲第二大私募基金市场，截至 2018 年中，本港私募基金管理规模达 1520 亿美元，而香港的资产管理规模达 3.1万亿美元，而非香港的投资者占三分之二。设立离岸基金情况愈见普及，可用作为财产保护、财富管理及传承等的途径。「离岸基金」不受离岸司法管辖以外的国家或地区的法律法规管制，但基金管理人须受管理人所在国家或地区的法律法规监管。相对地，「在岸基金」是在本港管理运作，但不在香港以外地方注册的基金，注册及管理运作均在香港进行。目前在香港以私人形式发售的离岸基金享有利得税豁免，但以私人形式发售的在岸基金却不可享有利得税豁免。香港有避免双重课税协议网络，更拥有大量提供专业服务的人才。当中包括公司注册处于去年引入开放式基金型公司，让投资基金能以公司形式成立，藉着灵活发行和取消股份，供投资者买卖基金。不论成立信托的原因为何，多类的信托让资产管理得以连贯，帮助委托人妥善处理税务及财产事务，而毋须经历冗长和昂贵的遗嘱承办程序。财产授予人在转移资产的同时，亦能够平衡管理资产的需要，鱼与熊掌，二者可得。

Through the appointment of listed companies' directors in holding mainstay level, which usually appoints trustee or other family members as the director, can separate the beneficial rights from the management rights, and lay the foundation for the family members' quitting from the management in the future. Through trust company to hold shares of listed companies can also avoid the equity structure and the internal benefit distribution mechanism to be easily seen by outsider. Meanwhile it ensures that family members must act in concert to reduce internal conflict which might damage the operation of listed companies, and retain private space for negotiation.

Tax Advantages of Trust Funds in Hong Kong Hong Kong is the second largest private equity market in Asia. By mid-2018, Hong Kong's private equity fund under management had reached US$152 billion, while Hong Kong's assets under management

had reached US$3.1 trillion, and non-Hong Kong investors accounts for two-thirds. The establishment of offshore funds is becoming more and more popular, which can be used as a way of property protection, wealth management and inheritance etc. Offshore funds are not regulated by laws and regulations of countries or regions beyond the offshore jurisdiction, but fund managers must be regulated by laws and regulations of the countries or regions where the managers are located. In contrast, onshore funds are managed and operated in Hong Kong, but not registered outside of Hong Kong, both registration and management are carried out in Hong Kong. Now, offshore funds sold by private in Hong Kong enjoy the profits tax exemption, but onshore funds sold by private cannot enjoy the profits tax exemption. Hong Kong has a Double Taxation Avoidance Agreements network and a large number of professionals. Including introducing the open-ended fund companies by the companies registry last year, which enables investment funds to be established as companies, and investors can buy and sell funds through flexibly issuing and cancelling shares. Whatever the reasons for the formation of trust, various kinds of trusts enable asset management to be coherent and help clients handle tax and property matters properly without having to go through lengthy and expensive testamentary procedures. In transferring assets, the settlor can also achieve the need to manage assets, you can implement them both.

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家族信托是家族传承的万灵仙丹 ?

Are Family Trusts the Panacea of Family Inheritance? HSBC International Trust Limited

委托人

联合创办人兼董事总经理磐合家族办公室

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Family Trust

家族信托（Jersey/ 泽西）

受益人：

Beneficiary:

信托资产 (HongKong)： Analogue 公司84.63% 的股份， Realty Limited 公司100% 的股份 Trust assets (Hong Kong): 84.63% of the shares in Analogue, 100% of the shares in Realty Limited

Co-Founder and Managing Director Panhe Family Office

Morris Huang holds a LL.M degree in International Taxation from Leiden University, the Netherlands. He is an expert in legal regulations of wealth management, family trusts and private funds in Singapore, Hong Kong, Cayman Islands, Taiwan and China. He has over a decade's rich experiences in planning and setting up family offices, private wealth management, private trust structures and international private funds. He has been providing indepth services to a few ultra-high net worth families in mainland China, Hong Kong, Macao and Taiwan, also been offering comprehensive family office services including global legal and tax services.

Mr. Poon（潘先生）

Discretionary Trust

Settlor

黄文鸿先生持有荷兰莱顿大学国际税法硕士学位，熟知新加坡、香港、开曼群岛、台湾以及中国财富管理、信托与私募基金之相关法律，拥有十多年丰富的家族办公室、私人财务管理、私人信托架构及国际私募基金规划与设立之经验，深度服务两岸三地多个超高净值资产家族，提供全球法律、税务等全面性的家族办公室服务。

信托管理人

Trustee

自由裁量信托

黄文鸿 Morris Huang

Morris Huang

信托资产共计：约15亿港币 Total trust assets: c. HKD 1.5 billion

ome time ago, there was a piece of news that exploded suddenly in WeChat Moments. Hong Kong billionaire, Mr. Poon, had put his assets in an offshore trust a few decades ago. He, his wife and children were all beneficiaries of the trust. Decades later, when the couple got divorced, the wife took the husband to court in Hong Kong in order to divide the assets in the trust. The court eventually supported the wife’s claim that the assets in the trust were the communal property of both spouses, and they were divided equally between them. In this case, there are two points worthy of attention. The first is that the court adopted quite an innovative view that's been introduced in recent years in the Crown Dependencies in a few divorce

The Wife（潘太太）潘先生女儿已过世的2位子女未来潘先生的直系子女 Daughter of Mr. Poon 2 deceased children Future immediate children of Mr. Poon

cases involving discretionary trusts, on the debate of whether trust assets can be isolated from matrimonial assets ("the court looks at resources, not just at ownership"). The second is the consideration and planning of matrimonial assets by high-net-worth individuals before setting up a trust. A more thought-provoking question is whether trusts are the only elective tool for achieving family prosperity and family inheritance. Besides trusts, what needs to be done to achieve family wealth transfer and inheritance? Another well-known case is that of Anita Mui Yim Fong (Anita Mui). She studied art as a young woman and has been in the entertainment industry for decades, creating a vast net-worth. In order to prevent her mother from squandering

观点 | OPINION CHINA OFFSHORE

前

段时间朋友圈突然被一则新闻刷屏，香港富豪潘先生几十年前将名下的资产置入一个离岸信托，他及他的太太，子女都是这个信托的受益人。几十年后，因为夫妻离婚，太太起诉至香港法院要求平分信托内的资产，香港法院最终支持了太太的诉求，认为信托内的资产属于夫妻共同财产，由两人平分。

此案件中，有两点值得关注：一是法院对信托是否能隔离夫妻共同财产的论理基础引入了近几年在英国王冠属地涉信托离婚诉讼中开始被采用的相当创新的 ( the court looks at resources; not 观点 “ just at ownership”)；二是高净值人群在设立信托前对于夫妻共同财产的考虑与筹划。更值得深思的是，信托是实现家族财富与家族传承唯一有效的工具吗？除了信托以外，实现家族传承还需要做哪些呢？再举一个大家耳熟能详的案例：梅艳芳。梅艳芳年少学艺，纵横娱乐圈几十年，留下了丰厚的身家。梅艳芳患病逝世前为了避免她的母亲将财产挥霍一空，于临死前设立了信托，将她的大部分遗产导入信托，并约定由信托受托人每个月从信托中支取七万港币的生活费给梅母，供其日常生活使用。待梅母去世后将剩余财产捐给妙境佛学会有限公司。然而梅母并不满意梅艳芳的分配，于是向信托的受托人、梅艳芳的主治医师及妙境佛学会有限公司提起了多起诉讼，最终梅母因为无力支付高昂的律师费而面临破产，而信托受托人因应诉发生的开支，都需要从受托财产中支出，系列诉讼耗尽了梅艳芳信托内的流动财产，受托人不得不拍卖梅艳芳的遗物。梅艳芳的个人声誉也在这一系列的诉讼中受到了影响。试问：梅艳芳设立的信托是成功，还是失败？我个人认为，既成功也失败！成功在于，信托架构天衣无缝，梅母从各种角度都无法击破击穿信托；失败在于，梅母对

her inheritance, she set up a trust before she died, and poured most of her estate into the trust through a will, and agreed that the trustee would distribute HK$70,000 from the trust every month for her mother's living expenses. After the death of her mother, the remaining assets would be donated to the New Horizon Buddhist Association Limited. However, Mui's mother was not satisfied with the arrangement, so she filed multiple lawsuits against the trustee of the trust, Anita Mui's attending physician, and New Horizon Buddhist Association Limited. Eventually, Mui's mother faced bankruptcy because she could not afford to pay the high legal fees, and the expenses incurred by the trustee in response to the lawsuit had to be spent from the trust property. The series of lawsuits depleted the liquid assets in the trust, and the trustee had to auction Anita Mui's physical estates. Anita Mui's personal reputation has also been affected during this series of lawsuits. The question is: Is Anita Mui's trust successful or unsuccessful? Personally, I think it's both successful and unsuccessful! What's successful is that

the trust structure is flawless, and Anita Mui's mother couldn't break through the trust from various angles; what's unsuccessful is that Anita Mui's mother was too obsessed with her daughter's huge estate, and the trust lacked adjustment mechanisms, so the trust established by Anita Mui did not meet Anita Mui's dying wish to "guarantee her mother a decent life". Mui's mother was still down and out in the end. This reflects the problem that high-net-worth individuals must face in matters of family inheritance: the importance of Family Governance. From the Rockefeller family's "one's self is only the custodian of wealth" to the "altruistic concept" of the Taiwan Advantech Family (one of Panhe's clients), these values are intangible, but will bring everlasting and inexhaustible energy to the two families. As a devout Buddhist, Anita Mui paid attention to alms-giving (donating her remaining property to the Buddhist Society), but failed to carry out an important spiritual alms-giving (the influence of intangible property) because of her sudden death, and didn't have a chance to transmit the Buddhist value "anatman" to her family.

梅艳芳信托架构 Structure of Anita Mui's Trust HSBC Trust Company HSBC 信托公司

梅艳芳

Anita Mui

Trustee 受托人

Settlor

Karen Trust Karen 信托

委托人

Beneficiary 受益人

信托资产 Trust Assets 房产 Properties

金融资产 Financial Assets

好友及侄子：房产及170万港币教育金梅母：每月7万港币生活费

妙境佛学院：梅母去世之后全部的

剩余财产 Friends and nephews and nieces: properties and HKD 1.7 million of educational funds

Mother of Anita Mui: HKD 70,000 of living expenses per month

New Horizon Buddhist Association Limited: all the properties remained after the death of Anita Mui's mother

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于梅艳芳的巨额财产过于执着，而信托又缺少了调整机制，因此其所设立的信托并未达到梅艳芳生前“保障梅母体面生活”的愿望，梅母最终依旧是穷愁潦倒。而这正反映了高净值人群在进行家族传承中必须面对的问题：家族治理的重要性。从洛克菲勒家族的“自己只是财富的保管人”到我们磐合服务的客户台湾研华科技家族的“利他理念” ，这种无形的价值观的传递会带给家族源源不断的正能量。梅艳芳作为一名虔诚的佛教徒，其注重了财布施（将剩余财产捐赠给佛学会），却因匆匆离世没能进行重要的法布施（无形财产的影响），没能将佛教“无我”的价值观传递给其家庭。目前，越来越多的家族已经完成财富的原始积累，现在开始面临二代培养与传承的问题，经过了在财富传承上的摸爬滚打，逐渐开始意识到无形财富传承的重要性与紧迫性，他们开始重视“家族治理” 。好的家族治理应当是一个完整的体系，从家族价值观的归纳，家族宪法、家族议会、家族委员会相关规章制度的制定再到家族聚会的情感表达和家族凝聚力的提升，除了需要借助家族办公室的力量进行有组织的专业规划和实施外，家族成员用心的参与也不可缺少。家族治理从来都不是一蹴而就的。有这样一个华人家族，他们未必是最富有，但一定是名扬海外的。那就是苏州贝家，享誉海内外的华人设计师贝聿铭就出自这个家族。贝家从明朝开始往后500年间从未中断过发展，这是一个历经了 15 代传承的名门望族。深究其原因，就是这个家族的思想传承“以产遗子孙，不如以德遗子孙，以独有之产遗子孙，不如以公有之产遗子孙”，真正的铭刻在了每一代人的心中。上述三个家族，关于传承，他们都做了规划，两个是将家族财富纳入信托，妥善运

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At the moment, more and more families have completed their initial accumulation of wealth, and now they are beginning to face the problem of the second generation's cultivation and inheritance. After going through numerous hardships in wealth inheritance, they gradually realize the importance and urgency of intangible wealth inheritance, and they begin to pay attention to "Family Governance". Good Family Governance should be an all-around system — from the induction of Family Values, to the forming of the family regulatory framework, including Family Constitution, Family Congress and Family Councils, to emotional expression during family gatherings to enhance family cohesion. In addition to organized professional planning and implementation from the family office, family members' intentional participation is indispensable. Family Governance has never been accomplished overnight.

儿子贝定中 Son:Bei Dingzhong

There is such a Chinese family; they may not be the richest, but they must be famous overseas. That is the Pei family in Suzhou. The Chinese architect Pei Yuming, who is renowned at home and abroad, comes from this family. The Pei family has never interrupted its development in the 500 years since the Ming Dynasty. This is a famous family which has thrived for 15 generations. The reason for this is that the family's ideological inheritance is really engraved on every generation's mind, namely: "It is better to bequeath descendants the virtue than to bequeath descendants the property; it is better to bequeath descendants the public property than to bequeath descendants the exclusive property." Mui's, Rockefeller's and Pei's families all made plans for inheritance. Two of them have included family wealth into trusts and used properly the legal tools developed in Europe for hundreds of years. Another aspect

外祖父张荫棠 Maternal grandfather: Zhang Yintang

夫人卢爱玲 Wife: Ellien Loo

九姑姑贝娟琳 Ninth aunt:Bei Juanlin

儿子贝建中 Son: Didi Pei

叔祖贝润生 Granduncle: Bei Runsheng 继母蒋士云

儿子贝礼中 Son: Sandi Pei

Stepmother: Jiang Shiyun

贝聿铭 Ieoh Ming Pei

祖父贝理泰 Grandfather: Bei Litai 父亲贝祖诒 Father: Bei Zuyi

女儿贝莲

Daughter: Liane Pei 胞弟贝津昆 Brother: Bei Yukun

贝聿铭的家族图表 Family Tree of Ieoh Ming Pei

生母庄氏 Natural mother: Zhuang

祖母 Grandmother

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用欧洲发展数百年的法律工具。另一个是将家族精神世代传承，所谓“若是子女有才，何愁子女无财” 。这两种传承方式无所谓孰对孰错，孰优孰劣，更重要的是一种互补关系。信托法制历经欧洲数百年的案例积累与发展，形成一种对家族财富保护与传承的有效的、系统性的制度，它是高净值人群对家族财产永续筹划的一个重要核心工具。但要想世代传承并达到代代兴旺，仅有家族信托是远远不够的，正所谓“道法术” 必须三位一体，才能修成正果。近年来，一些豪门家族的争产案比比皆是，如何才能避免与跨越这些争议呢？有效而深入的“家族治理”是不可或缺的关键因素。家族治理的范围很广，好的家族治理至少要包括对家族成员进行情感、健康、投资、慈善及事业的全方位整合。一个国家将宪法作为根本大法，那么在家族中，也同样需要这样一部宪法，对家族未来的发展和规划有一个纲领性的指导。在家族宪法下，家族委员会应运而生，负责家族重大事务的决策与执行。以家族情感委员会为例，可能很多人对家族中设立这样的委员会很陌生，不知道存在的意义以及如何运营，但这个委员会，在家族传承中担负着最为重要的使命。越大的家族，各方的利益越是纠缠不清，如何抵御金钱所带来的诱惑，在困难和风雨面前，家族成员如何做到齐心协力，情感委员会存在的意义，就是让家族成员在顺境与逆境中都勿忘初心，时时提醒自己家族创始人筚路蓝缕的艰辛与不易。这也是目前很多高净值家族需要去深度思考的问题。祖辈总是想将最好的东西留给子女及后代，财富是他们看来最为保障，最有实际效用的东西。但是，只是进行财富的传承有用吗？家族治理是通过对一个家族进行全方位的凝聚与整合达成家族成员群策群力，想要实现世代的传承，家族治理必不可缺。

is passing on the family spirit from generation to generation, in line with the old saying: "If the children have talent, why worry about the children's wealth". There's no right or wrong about these two inheritance methods; the two can be complementary to each other. After hundreds of years of case law accumulation and development in Europe, trust law has become an effective and systematic method for the protection and inheritance of family wealth. It is an important tool for the sustainable planning of family property by high-net-worth individuals. But, if a family wants to inherit and prosper from generation to generation, family trusts alone are far from enough. The key to "Taoist principles and tactics" in traditional Chinese ideology is that three elements must form a trinity in order to lead to a happy ending. In recent years, there have been many asset dispute cases among rich families. How can we avoid and overcome these disputes? Effective and indepth "Family Governance" is an indispensable key factor. The scope of family governance is very wide. A good family governance mechanism should at least integrate family members' emotions, health, investments, charities and careers into the same system. The Constitution is usually considered as the fundamental law for many countries; likewise, a family also needs to have such a Constitution, which provides guidance for the

future development and planning of the family. Under the Family Constitution, the Family Councils emerge as required, to be responsible for the decision-making and implementation of important family affairs. Taking the "Family Emotion Council" as an example, many people may be very unfamiliar with such a council in the family, and not know the meaning of its existence or how to operate it. This council, however, has the most important mission in family inheritance. The larger the family, the more entangled the interests of all parties. How can one resist the temptation of wealth? In the face of difficulties, how do family members stand together regardless? The significance of the existence of the "Family Emotion Council" is to remind family members of the family's original aspiration whatever the situation is, and to let them always remember that their family founders endured great hardships in their pioneering work. This is also a question that many high-net-worth families need to think about deeply at the moment. Ancestors always want to leave the best things to their children and future generations. Wealth, in their opinion, is the most secure and useful thing. But is it helpful just to inherit wealth? Family Governance is to achieve family members' collective strength through the comprehensive cohesion and integration of a family. If you want to achieve inheritance from generation to generation, family governance is indispensable.

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Member Contribution

荷兰控股——欧洲对避税天堂的法律回应

The Dutch Holding – Europe’s Legal Answer to Tax Havens

介

绍当考虑到资产或利润的转移、资本保护和税收利益（甚至是 “避税天堂”）时，许多人的都会想到塞舌尔、马绍尔群岛、毛里求斯、阿联酋、塞浦路斯甚至香港等异国目的地。然而，如果这样的好处能够在欧洲的中心地区找到——不仅如此还是 ——完全合法，并且有一个更发达的基础设施来提供支持、稳定性和长寿命呢？本文将探讨荷兰的法律优势和税收优惠。在控股结构方面，荷兰控股（DH）制度是一种非常流行的制度。事实上，业内人士认为它是全球最受欢迎的一款！这

Phillip Kraeter

ntroduction When thinking of asset or profit shifting, capital protection and tax benefits (even "tax havens"), the thoughts of many will jump to exotic destinations such as the Seychelles, Marshall Islands, Mauritius, Emirates, Cyprus or even Hong Kong. However, what if such benefits could be found in the heart of EUROPE – and at that – completely legally and with a more developed infrastructure to provide support, stability and longevity? This article will explore the legal advantages and tax benefits of The Netherlands.

In terms of holding structures, the DUTCH HOLDING (DH) regime is a very popular one. In fact, insiders regard it as the most popular one worldwide! This is caused by not one but several factors which make opening a DH company so worthwhile. At the root of factors motivating the set up of a DH is the simple reality that Dutch corporate and tax laws are historically very ﬂexible and create fewer-thanusual complications. This is further supported by the reasonably low cost of incorporation and annual maintenance, which is bundled up with straightforward notary procedures that are easy to coordinate, generally

Phillip Kraeter MCI CLT集团首席战略官兼亚洲副总裁

Phillip Kraeter 在莱顿大学（荷兰）和上

海外国语大学（中国）学习国际学研究。他常驻海牙和香港。在那里，他作为 MCI CLT 集团的首席战略官维持着持续增长的合作伙伴和执业者网络。作为亚洲区副总裁，他进一步参与了集团在东亚和中南半岛的智能企业服务活动。他对国际 / 跨境税收和公司架构有着深厚的知识。这与他对“新技术”的兴趣相结合，使得他能够开发出解决传统问题的现代解决方案。

MCI CLT 集团是一家国际法律、税务、合规和管理服务公司，成立于1987年，是一

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Chief Strategy Officer and VP Asia in MCI CLT GROUP

家智能企业服务提供商（咨询、财富、银行和财务、CFO）、资产经理、托管人和协调人。该集团为其客户提供一个整体战略和行动合作伙伴，并严格保持其作为精品供应商的态度。

Phillip Kraeter studied International Studies at Leiden University (Netherlands) and SISU Shanghai International Studies University (China). He is based in The Hague & Hong Kong. From there he maintains as Chief Strategy Officer of MCI CLT Group the continuous growing partner & practitioner Network. As Vice

President Asia he accompanies further the Group's Intelligent Corporate Service activities in East Asia and Indochina. He has profound knowledge in international / cross border taxation and corporate structuring. This is paired with his interest in "new tech", allowing for development of modern solutions to traditional problems. MCI CLT Group is an international Law, Tax, Compliance & Management Corporation, established 1987 as Intelligent Corporate Service Provider (Counselling, Treasury, Banking & Finance, CFO), Asset Manager, Custodian and Facilitator. The Group is for its clients a Holistic Strategy & Action Partner but keeps strictly its attitude as a Boutique Provider.

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不是由一个而是由几个因素造成的，这些因素使得开设一家荷兰控股公司非常值得。激励建立荷兰控股公司的根本原因是很简单的现实情况，那就是荷兰的企业和税法在历史上非常灵活，产生的困难比平时更少。此外，公司成立和年度维护的成本也相对较低，这与简单的公证程序捆绑在一起，这些程序易于协调，通常负担得起，并及时完成。除了上述结构的简单性和好处外，DH 的潜在好处也相当简单：它为 DH 的子公司提供了一个有效的获利退出途径，因此可以在公司税方面创造一个利润丰厚的环境——不考虑收入多少，不考虑年利润超过 200000 欧元时 25% 的公司所得税。因此，如果以最佳方案实施， DH 结构可以归结为大约 5% 的有效税负！这种智慧型国际结构的突出例子是 Facebook、谷歌、亚马逊和其他几家大公司的 IP 控股。一般来说，子公司对利润的征税是在其母国进行的，无论其是母公司的直接子公司还是仅通过公司结构形式上的公司。因此，股东从子公司获得的收入仍可能在其母国被征税。然而，作为欧盟（EU）的一个欧洲中部国家，荷兰已经签订了若干（90 个以上）税收协定，不仅使 DH 公司，而且使其所有者能够从大幅减税中受益。虽然这是有益的，但在这种情况下并没有充分发挥潜力，因为这些条约可能为在母国避税创造法律可能性。

DH 制度的核心是能够获得免税股息和资本利得，同时能够消减费用。这些方面将显示 DH 公司的吸引力，以及它如何在不考虑常规企业税率的情况下受益。这将在本文的各个章节中进行更详细的探讨，准确地展示 DH 在税收方面的益处。

DH 的实质性经营要求在决定何时、何地以及如何成立公司

affordable and completed in timely manner. Aside from the aforementioned structural simplicities and benefits, the underlying benefit of the DH is rather simple: It provides an efficient exit route for profits of the DH's subsidiaries and can thus create a lucrative environment in terms of corporate taxation - regardless of income bracket, despite the regular corporate income tax of 25% when exceeding profits of EUR 200,000 annually. Therefore, if executed optimally, a DH structure could boil down to an effective tax load of roughly 5%! Prominent examples of such intelligent international structures are the IP holdings of Facebook, Google, Amazon and several other large corporations. Generally, a subsidiary's taxation of profits is triggered in its country

of origin, no matter if it is a direct subsidiary to a parent company or only formally via a corporate structure. Hence, the shareholders may still be taxed in their own country for the income they receive from it. However, as a central European country that is part of the European Union (EU), the Netherlands has conducted several (90+) tax treaties, allowing not only the DH company but also its owners to benefit from significant taxation reductions. This, although beneficial, is not the full extent of potential in this situation, as these treaties may create legal possibilities to avoid taxation in the home country. At the center of the DH regime is the ability to receive tax-free dividends and capital gains payments, while at the same time being able to deduct expenses. These aspects go

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时，需要考虑的重要方面往往是有关司法管辖区的实质性经营要求。DH 的情况是几乎没有实质性要求：DH 甚至不需要雇员，可能完全由信托公司提供服务。这类服务为维持 DH 提供了最低限度的实质性经营，例如可以包括管理服务或提供注册地址。简单地说，就实质而言，这已经涵盖了控股公司存在的要求。

荷兰参与豁免（DPE） DH 公司功能的核心是 Deelnemingsvrijstelling，即所谓的荷兰参与免税（DPE）。从本质上讲，这提供了对所有收入和利润的免税，如任何合格子公司股份产生的股息、资本收益或版税。为使 DH 有此资格，DH 母公司和 DH 随后的子公司必须满足以下条件之一： · DH 中的资产不能超过固定资产的 50%，这些资产的税率较低。也就是说， DH 的资产基础总是需要用活动资产来 “充实” 。 · 与固定资产管理产生的利润相比，DH 必须产生更高的投资回报率（ROI）。例如，可以通过租赁活动资产，以及向子公司提供咨询服务来实现这一目标。 · 如果满足这些条件，DH 就合格了。为了使任何 DH 子公司也能达到此免税的资格，它必须满足以下标准之一： · 由荷兰企业纳税人（在本例中为其 DH 母公司）拥有，金额至少为该子公司实缴名义股本的5% · 如果子公司的活动应符合作为“被动投资活动”的条件，则必须缴纳 10% 的 “正常”利润税 · 不要成为一个 Fiscale

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to show the attractiveness of the DH company, and how it can be beneficial regardless of the regular corporate tax rate. This will be explored in further detail throughout the chapters of this article, displaying accurately the ways in which a DH can be beneficial in terms of taxation.

Substance Requirements for the DH Important aspects to factor in when deciding where, when, and how to incorporate a company are very often the substance requirements in the concerned jurisdiction. In case of a DH, there are almost no substance requirements: The DH does not even require employees and may be serviced entirely by a trust company. Such services provide minimum substance for maintaining a DH and could, for example, include management services or providing a registered address. This, simply, would already cover the requirements that

exist for holding companies, as far as substance goes.

Dutch Participation Exemption (DPE) At the core of functionality for the DH company lies the Deelnemingsvrijstelling – the so called (Dutch) Participation Exemption (DPE). This, in essence, provides tax exemptions from all revenues and earnings such as dividends, capital gains or royalties arising from shares in any qualified subsidiary. In order for a DH to quality for this, one of the following conditions must be true for the parent DH and subsequent subsidiaries of the DH: · The assets in the DH cannot exceed 50% of passive assets, these being subject to lower tax rates. Means, the asset base of the DH always needs to be "enriched" with active assets as well. · The DH must generate a higher

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Beleggingsinstelling，意思是一个“财政投资基金” 。在这些条件下，如果符合，DH 享有资本利得、股息和特许使用金的全部免税，对于超过 200000 欧元的利润， “正常” 利润的公司税仍为25%。回顾这一点，DH 公司之所以是如此吸引人的解决方案就变得显而易见了。这并不是说没有（预期的）风险：任何生意都有一定的风险，任何声称“零风险” 的人都是不诚实的。然而，随着上述结构的存在，风险被最小化了。DH 子公司结构在您和您的业务活动之间添加了额外的保护层。例如，如果 DH 持有运营子公司95% 以上的股份，税务机关可以将其视为一个纳税单位。这将意味着两者之间的费用很容易解决，这反过来又支持您的纳税申报。

一个 DH 公司的活动和效益 DH 公司可能的业务活动本质上是无限制的。例如，它可以作为地区总部发挥作用，培养业务配对的能力比如从其子公司收取股息、利息甚至版税等，所有活动在一家公司。此外，这意味着它可以充当一家金融服务公司，同时仍然是一家传统的控股公司。这自然会带来很多好处。其中最有趣的方面当然是上述资本收益或任何子公司现有股份股息免税的事实，只要它们符合条件。然而，其他相关好处包括：

1. 良好的基础设施，非常容易进入金融市场 2. 几乎没有实质性经营要求 3. 无外汇兑换限制 4. 灵活的公司法 5. 税收事先裁定 6. 股息、利息和版税 0% 预扣税率的欧盟税收优惠

return on investment (ROI) compared to its profits arising from its passive asset management. This could be reached for example with consequent renting or leasing of the active assets, as well as rendering consulting services to the subsidiaries. If these conditions are met, the DH qualifies. In order for any DH subsidiary to also quality for this exemption, it must meet one of the following criteria: · Be owned by a Dutch corporate taxpayer (in this case, its parent DH) in the amount of at least 5% of paid-in nominal share capital of the subsidiary in question · If the activities of the subsidiary should qualify as "passive investment activities", it has to be subject to a 'normal' profits tax of 10% · Not be a Fiscale Beleggingsinstelling, meaning a "fiscal investment fund". Under these conditions, if met, the DH enjoys full tax exemption on capital gains, dividends and royalty payments, and the corporate taxation for 'normal' profits remains 25% on profits exceeding EUR 200,000. Upon reviewing this, the reason why the DH company is such an attractive

solution becomes apparent. This is not to say that there is no aspect of (calculated) risk: any business has some risk, and anyone claiming there is "zero risk" is not being honest. However, with the above structure existing, risk is minimized. The DH subsidiary structure adds an extra layer of protection between you and your business activity. For example, if the DH holds more than 95% of shares of the operating subsidiary, it can be considered as a fiscal unit by the tax authorities. This would mean that costs between the two are easily settled, which in turn supports your tax return. Activities & Benefits of a DH Company The possible business activities of a DH company are, essentially, limitless. For instance, it may function as the regional HQ, creating the ability to pair activities such as collecting dividends, receiving interests and even royalties from its subsidiaries, all in one company. Furthermore, this means that it can act as a financial service company while simultaneously still remaining a traditional holding firm. This, naturally, brings a rich multitude of benefits. Among the most interesting aspects are surely the aforementioned capital gains or the fact that dividends on existing shares in any subsidiaries are tax exempt, provided they qualify. However, other relevant benefits include the following: 1. Excellent infrastructure with very easy access to financial markets 2. Virtually no substance requirements

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7. 与全球 90 多个国家签订税收协定，确保与其他欧盟国家相比有一个有利的税收制度 8. 成立成本低，运行成本和年度维护成本低总之，这种结构呈现出两类优势：法律优势和涉税优势。

DH 公司结构的法律优势包括但不限于： 1. 通过保持活跃和 / 或资产分开来改善负债状况。 2. 提供资产或活动灵活性，这些最终必须被出售，这是由于独立的实体结构：资本收益由于荷兰参与免税（DPE）而不征税。 3. 子公司的剩余现金可分配给 DH，出于债务考虑使运营公司保持“轻量化” 。由于 DPE，这些分配也不征税。税收优势始于总体税负显著降低，使利润能够再投资于公司结构，以及 DH 和子公司。然而，真正的潜力取决于以下：

1. 一个第三国对于母国和荷兰适用的预扣税率是多少？ 2. 股息是再投资还是汇回母国？ 3. 在 DH 持有多少股份（百分比）？ 4. 受管制外国公司法例 - 什么是实质重于形式概念和什么是母国的实质利益规则？ 5. 相关税收协定是否规定了资本利得保护？结合强大的法律基础，提供有吸引力的税收优惠，DH 公司因此是一个有吸引力的选择，特别是对于海外投资者来说，尤其是在涉及额外的资产保护和资本转移方面。上述税收协议网络可被视为在这方面发挥了重要作用。

税务条约优惠和欧盟预扣税豁免

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3. No foreign currency exchange restrictions 4. Flexible corporate law 5. Advance tax ruling 6. EU tax benefits of 0% withholding tax rate on dividends, interests and royalties 7. Tax treaty benefits with more than 90 countries worldwide, ensuring a beneficial tax regime in comparison to other EU countries 8. Low incorporation costs, as well as low running costs and annual maintenance costs In summary, this structure presents two categories of advantage: legal and tax related advantages. Legal advantages of the DH company structure involve, but are not limited to: 1. Improving the liability situation by keeping activities and/or assets separate. 2. Providing ﬂexibility with assets or activities which must be sold eventually, due to a separate entity structure: capital gains are not taxed due to Dutch Participation Exemption (DPE).

3. Surplus cash in the subsidiary can be distributed to the DH, keeping operating companies "light weight" for liability reasons. These distributions are also not taxed due to the DPE. Tax advantages begin with a significantly lower tax burden overall, enabling reinvestment of profits into the corporate structure, and into the DH and subsidiaries as well. However, the true potential is dependent upon the following: 1. What is the applicable withholding tax rate of a third country towards the country of origin vs. the Netherlands? 2. Are dividends reinvested or repatriated to the country of origin? 3. What number of shares is held in the DH (as a percentage)? 4. Controlled Foreign Corporation legislation – what is the substance over the form concept & substantial interest rules in country of origin? 5. Is there capital gains protection under the relevant tax treaties? With its combination of a strong legal base, which provides attractive taxation benefits, the DH company

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多年来，荷兰与全世界 90 多个国家缔结了税收协定，范围远远超出了欧洲地区。这反过来又在许多方面加强了 DH 的纳税情况。例如，如果（荷兰）股东出售其股份，DH 可在子公司所在国免征资本利得税。常见的税收问题，如双重居住权问题，因为这些协定通常也不会出现。还避免了可能发生冲突的其他方面，例如与常设机构有关的问题。如前所述，DH 向投资者所在国进行股息代扣所得税也有所减少，其他收入来源如利息或特许使用金的预扣税率也有所降低。需要注意的一个方面是，这些条约可以被欧盟法规否决。特别是就股息而言，母子公司指令为在欧盟境内支付股息的任何合格公司提供 0% 的预扣税率。当然，这会因执行法的不同而在各国有所不同，但同时也为股息问题提供了一个有吸引力的前景。然而，要适用这一点，还必须再一次满足若干条件，其中包括： · 股东是取得另一个欧盟成员国或欧洲创业区（EER）成员国（列支敦士登除外）纳税居民资格的公司。 · 如果居住在荷兰，股东（公司）将有资格获得荷兰参与免税或荷兰参与信贷。 · 股东不是一个免税投资组合基金，可与荷兰投资组合基金相媲美。 · 股东在欧盟 /EER 以外的国家没有双重居民身份。 · 股东取得股份的受益所有人的资格。 · 股东不在荷兰缔结了有反避税条款的税收协定的国家，因此股东无权享受股息预扣税率的降低。这项裁决即使对非欧盟居民投资者也保持着吸引力。利用涉及 DH 及其子公司税收优势的双层控股结构提供了在对受益所有人的股息征税到来时比股息征税结束时更广泛的品种。这里有必要指出谷歌的“Double Irish with a

is therefore an attractive choice especially for overseas investors, and particularly when it comes to additional asset protection and capital shifting aspects. The aforementioned network of tax treaties can be seen as playing a major role in this.

Tax Treaty Bene�ts & EU Withholding Tax Exemption The Netherlands has, over the years, concluded tax treaties with more than 90 countries worldwide, extending far beyond purely the region of Europe. This in turn strengthens the tax situation for the DH in numerous ways. As an example, a DH may avoid capital gains tax in the country of a subsidiary if the (Dutch) shareholder sells his shares. Common tax issues, like dual-residency issues, do not typically arise due to these treaties either. Other aspects for potential conﬂict such as questions related to permanent establishment are also avoided. As mentioned previously,

there is also a reduction in withholding tax with dividend payments by the DH to the country of the investor, as well as a reduction of withholding tax rates for other sources of income such as interest or royalty payments. One aspect to note is that these treaties can be overruled by the EU directives. Especially in the case of dividends, the Parent-Subsidiary Directive provides a 0% withholding tax rate for any qualifying corporate dividends paid within the EU. This, naturally, will deviate per country depending on the implementation laws, but nonetheless provides an attractive outlook on the subject of dividends. For this to be applicable, however, several conditions must, yet again, be met, including: Shareholder is a corporation which qualifies as a tax resident of another EU or European Entrepreneurial Region (EER) member state (excluding

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荷兰税收协定 - 国家概况 NL Tax Treaties – Country Overview • 阿尔巴尼亚 Albania • 阿根廷 Argentina • 亚美尼亚 Armenia • 阿鲁巴，库拉索岛上的圣马丁 Aruba, St. Martins on Curacao • 澳大利亚 Australia • 奥地利 Austria • 阿塞拜疆 Azerbaijan

• 巴林 Bahrain • 孟加拉国 Bangladesh • 巴巴多斯 Barbados • 白俄罗斯 Belarus • 比利时 Belgium • 百慕大群岛 Bermuda • 贝斯群岛 BES Islands • 巴西 Brazil • 保加利亚 Bulgaria

• 加拿大 Canada • 中华人民共和国 China PRC • 克罗地亚 Croatia • 库拉索 Curacao • 捷克共和国 Czech Republic

• 丹麦 Denmark

• 埃及 Egypt • 爱沙尼亚 Estonia

• 芬兰 Finland • 法国 France

• 格鲁吉亚 Georgia • 德国 Germany • 加纳 Ghana • 希腊 Greece

• 香港 Hong Kong • 匈牙利 Hungary

• 冰岛 Iceland • 印度 India • 印度尼西亚 Indonesia • 爱尔兰 Ireland • 以色列 Israel • 意大利 Italy

• 日本 Japan • 约旦 Jordan

• 哈萨克斯坦 Kazakhstan • 韩国 Korea • 科威特 Kuwait • 吉尔吉斯斯坦 Kyrgyzstan

• 拉脱维亚 Latvia • 立陶宛 Lithuania • 卢森堡 Luxembourg

• 马其顿 Macedonia • 马拉维 Malawi • 马来西亚 Malaysia • 马耳他 Malta • 墨西哥 Mexico • 摩尔多瓦 Moldova • 蒙古 Mongolia • 摩洛哥 Morocco

• 新西兰 New Zealand • 尼日利亚 Nigeria • 挪威 Norway

• 阿曼 Oman

• 巴基斯坦 Pakistan • 巴拿马 Panama • 波兰 Poland • 葡萄牙 Portugal

• 卡塔尔 Qatar

• 罗马尼亚 Romania • 俄罗斯联邦 Russian Federation

• 沙特阿拉伯 Saudi Arabia • 新加坡 Singapore • 斯洛伐克 Slovakia • 斯洛文尼亚 Slovenia • 南非 South Africa • 韩国 South Korea • 西班牙 Spain • 斯里兰卡 Sri Lanka • 苏里南 Surinam • 瑞典 Sweden • 瑞士 Switzerland

• 台湾 Taiwan • 塔吉克斯坦 Tajikistan • 泰国 Thailand • 菲律宾 The Philippines • 突尼斯 Tunisia • 土耳其 Turkey • 土库曼斯坦 Turkmenistan

• 乌干达 Uganda • 阿拉伯联合酋长国 United Arab Emirates • 英国 United Kingdom • 美利坚合众国 United States of America • 乌兹别克斯坦 Uzbekistan

• 委内瑞拉 Venezuela • 越南 Vietnam

• 南斯拉夫（前） Yugoslavia (former)

• 赞比亚 Zambia • 津巴布韦 Zimbabwe

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Dutch Sandwich” （通过将利润经由爱尔兰分公司和荷兰转移到低税或免税区的方式来减少纳税）结构的例子，但也有一些更新的策略。

不同类型的控股结构：荷兰金融公司一个经常使用的并且有可靠税务规划的结构是所谓的荷兰金融公司（DFC）。它是通过荷兰提供的出色的法律和金融基础设施实现的。一个针对进一步扩大 DFC 的能力的特有属性可以归结为2010年关于“通过融资流动”的裁决，这使得 DFC 成为一个有吸引力的解决方案。要应用这个，DFC 必须拥有自己的办公室和银行账户。此外，权益风险值必须至少为任何未偿还贷款的 1%，或者如果低于1%，则必须超过 200万欧元。DFC 非常适合外国税收制度，并在本裁决下抵制外国的反避税规定。在集团融资活动方面，这一特别裁决将荷兰置于欧盟的前沿。虽然没有真正的“优惠税率”，而且适用于公司的正常所得税，但这项新规定提供的有效税率只有 5% ！自2010 年裁决以来，DFC 的主要类型是荷兰集团金融公司（DGFC）。DGFC 的主要活动是向子公司、股东和集团公司提供贷款。然而，它也可以作为控股公司甚至运营公司。在这种结构中，实际 75-80% 的净利息收益不包括在计税依据中。如上所述，这有助于将税率降低到实际上的5% ！因此，好处是显而易见的。尽管如此，这里还是给出一个重要部分列表，举几个例子： · 非常有竞争力的低企业所得税 · 根据上述税收协定和欧盟指令，无（或很少）外国利息预扣税 · 没有适用外国反避税规定的避税天堂身份 · 没有适用于美国反避税天堂措施的避税天堂身份 · 在某些情况下，对外国分公司利润免税

Liechtenstein). � Shareholder (corporate) would qualify for Dutch participation exemption or participation credit if residing in the Netherlands. � Shareholder is not a tax-exempt portfolio investment fund, comparable to a Dutch portfolio investment fund. � Shareholder has no dual residency status with a country outside the EU/ EER. � Shareholder qualifies as a beneficial owner of shares. � Shareholder is not located in a state where the Netherlands has concluded a tax treaty with an anti-abuse clause, so that the shareholder would not be entitled to a reduction of the dividend withholding tax rate. This ruling retains its attractiveness even to non-EU resident investors. The double layer holding structures with utilization of the tax advantages in relation to DH and its subsidiaries offer a much wider variety when it comes than at the end to the dividend taxation towards the beneficial owner. Here it makes sense to pinpoint the example of Google's "Double Irish with a Dutch Sandwich" structures, but also some updated strategies.

Separate Types of Holding Structures: Dutch Finance Company A frequently used and reliable tax planning structure is the so-called DUTCH FINANCE COMPANY (DFC). It is enabled through the excellent legal and financial infrastructure which the Netherlands provides. A specific attribute towards further amplifying the capacity for a DFC can be made to the 2010 ruling for "ﬂow through

financing", which made the DFC an attractive solution. For this to apply, the DFC must possess its own office and own bank account. Further, the equity at risk must be at least 1% of any outstanding loans or exceed EUR 2 Million if it is less than 1%. The DFC is very compatible with foreign tax regimes and resistant to anti-abuse provisions of foreign countries under this ruling. In terms of group financing activities, this particular ruling places the Netherlands at the frontline of the EU. While there is no true "special tax rate", and the normal income tax for corporations applies, this new ruling provides an effective tax rate of just 5%! The main type of DFC since the 2010 ruling is the Dutch Group Finance Company (DGFC). A primary activity of the DGFC is to provide loans to subsidiaries, shareholders and group companies. However, it may also function as a holding or even operating firm. In this structure, effectively 75-80% of the net interest income is excluded from the taxation base. This, as mentioned above, helps reduce the tax rate to 5% de facto! The benefits are therefore apparent. Nonetheless, here is a list of highlights, to name a few: � A very competitively low corporate income tax � No (or very little) foreign withholding taxes on interest due to the aforementioned tax treaties & EU Directives � No tax haven status for application of foreign anti-abuse provisions � No tax haven status for anti-tax haven measures in the US � In some cases, tax exemption for

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当然，一个 DFC/DGFC 公司必须符合荷兰的税务申报和注册要求，因此，当局对 DFC 或其他“税务工具”的审查力度加大。一个DFC公司必须进行税务登记，编制年度企业所得税申报表，获得纳税居民身份（如果要求），管理增值税申报表（如果要求），管理股息预扣税申报表（如果要求）。尽管如此，这些方面结合起来，使 DFC 成为外国投资者有利可图和可行的选择。

不同类型的控股结构：荷兰合作社另一种相关且有利可图的 DH 结构是荷兰合作社（DC）或 DUTCH COOP。它是母子公司结构中的一种公认形式，可以从欧盟子公司获得股息，而无需在子公司的母国缴纳股息预扣税。这使得它成为不征税控股公司的一个受欢迎的国际结构选择。DC 虽然要缴纳荷兰企业所得税，但可能有资格享受 DPE。DC 使用“成员”而不是“股东”。DC 成立时必须至少有两名成员，其设计是通过其活动如控股或其他与控股结构相关的活动使其成员受益。例如，与荷兰的两大公司类型BV 和 NV 类似，责任是有限的。在这一点上，成员可以比作股东，因为他们有权获得 DC 的利润，但没有股票资本股息，所以没有最低资本甚至股权要求。公司注册是通过公证书进行的，但是公司注册没有最低资本要求，也不需要银行对账单。但是，它必须区分 UA （除外责任）或 BA（有限责任），甚至按名称区分。对 DC 征税的方式与所有荷兰公司在表面上的做法相同：它要缴纳企业所得税。但是，只要利息可以分配给 DC 任何成员的活跃业务，就没有股息预扣税（否则是15%）。值得注意的是，如果 DC 直接持有一家主要目的是规避荷兰股息预扣税或外国税收的公司的股份，则这 15% 适用。符合条件的子公司的任何股息收入或股份资本收益实

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foreign branch profits Naturally, a DFC / DGFC must comply with Dutch tax filing and registration requirements – there is, therefore, increased scrutiny from authorities towards DFCs or other "tax vehicles". A DFC must register for tax purposes, compose an annual corporate income tax return, obtain tax residency status (if required), manage VAT returns (if required), and manage dividend withholding tax returns (if required). Nonetheless, in combination, these aspects make the DFC a lucrative and viable option for foreign investors.

Separate Types of Holding Structures: Dutch Cooperative A further relevant and lucrative type of DH structure is the DUTCH COOPERATIVE (DC), or DUTCH COOP. It is an acknowledged form of parent-

subsidiary structure which can receive dividends from EU subsidiaries without incurring dividend withholding tax in the origin country of the subsidiary. This makes it a popular international structure choice for notax holding companies. The DC, while being subject to Dutch corporate income tax, may be eligible for DPE. The DC uses 'members' instead of 'shareholders'. A DC must have at least two members at the time of incorporation and is designed to benefit its members via its activities, such as holding or other holding structure related activities. For example, similarly to the two main company types in the Netherlands, the BV and NV type companies, liability is limited. In this, members can be compared to shareholders, in that they can be entitled to profits of the DC, but do not have capital dividends in shares, so there is no minimum

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际上免税。在 DC 成员层面，值得注意的是，如果有来自 DC 成员的收入，只要不能根据《荷兰企业所得税法》将这些收入分配给企业的股权，外国成员可能会被征收荷兰公司甚至个人所得税。非居民纳税人直接拥有荷兰实体至少 5% 的利息或投票权就是这种情况。

DC 可能成为一家有资格享受税收协定优惠的公司。但是，它不是一种标准的法律形式，可能因此会受到来自原国税务机关的审查，因此无法享受条约待遇。为了避免这种情况发生，BV 公司可能会作为 DC 和支付款项的外国公司之间的中介。这与欧盟对股息、利息和版税的免预扣税类似。对于外国投资者来说，DC 虽然不是一种标准的必要的合法控股形式，但仍然是一种奢侈的可能性。

结束语荷兰控股允许外国投资者一个灵活、可靠的方式优化经营结构。荷兰必须提供的良好的基础设施和法律框架使得其实现并加强，它提供了一个解决问题的办法，这个问题通常只能在异国他乡（有时甚至是有问题的） “避税天堂”得到解决。它位于欧洲的中心，若干（90 个以上）税收协定的使用与不被归类为传统“避税天堂”的进一步属性相结合，允许免税股息和资本收益等基本特征。始终处于合法的“绿色地带”，荷兰控股在我们看来本身不是之一，而是绝对的外国离岸投资者的选择。

capital – or even equity – requirement. The incorporation is performed via notary deed, however there is no minimum capital requirement for the incorporation and a bank statement is not required. It must, however, be differentiated between the UA (excluded liability) or the BA (limited liability) – even by name. Taxation of the DC happens the same way as with all Dutch corporations at the surface level: It is subject to corporate income tax. However, as long as the interest can be allocated to an active business of any member in the DC, there is no dividend withholding tax (otherwise it is 15%). It is worth noting that this 15% applies if the DC (in)directly holds shares in a company where the main purpose is to avoid Dutch dividend withholding tax or foreign tax only. Any dividends received or capital gains on shares in qualifying subsidiaries are effectively tax exempt. On the layer of members of a DC, it is worth noting that foreign-based members may be subjected to Dutch corporate or even individual income tax if there is income derived from the membership in the DC, as long as this cannot be allocated to the equity of a business enterprise according to the Dutch Corporate Income Tax Act. This is the case when a non-resident taxpayer owns (in)directly at least 5% of the interest or voting power of the Dutch entity.

However, it is not a standard legal form and may thus be scrutinized by tax authorities in the source state and therefore denied treaty benefits. To avoid this, a BV company may be involved as an intermediary between the DC and the foreign company making payments. This behaves similarly to EU withholding tax exemptions for dividends, interest and royalties. The DC is, although not a standard and go-to legal form of holding, still an extravagant possibility for a foreign investor.

Concluding Remarks The Dutch Holding allows foreign investors a ﬂexible and reliable way to optimize their operating structures. Enabled and enhanced by the excellent infrastructure and legal framework the Netherlands has to offer, it provides a solution to an issue that can typically only be taken care of in exotic (and, at times, questionable) "tax havens". Situated at the heart of Europe, it combines the use of several (90+) tax treaties with the further attribute of not being classified a traditional "tax haven", allowing for prime features such as tax-free dividends and capital gains. Remaining at all times in the legal "green zone", the Dutch Holding presents itself in our view as not one, but the choice for foreign offshore investors.

The DC may qualify as a company eligible for tax treaty benefits.

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投资克罗地亚，先弄清楚这七件事

7 things everyone should know about investing in Croatia Lin Huihui

克

罗地亚是巴尔干地区经济较为发达的国家，有良好的经济基础。虽然在2008年经济危机后，克罗地亚受到欧债危机的波及，经济连续六年衰退。但是得益于出口和旅游业的强劲势头，以及国内需求的扩大和低油价的影响，克罗地亚经济在 2015 年触底反弹，GDP 增长1.6%。2016 年，克罗地亚 GDP 更是取得了2.8% 的增长。近年来，克罗地亚政局稳定，金融体系也较为稳固，加上加入欧盟后，相关政

roatia is a relatively developed country in the Balkan region with a good economic base. Although Croatia was affected by the European debt crisis after the 2008 economic crisis, its economy has been in recession for six years. Thanks to the strong growth of export and tourism, as well as the expansion of domestic demand and the inﬂuence of low oil prices, Croatia's economy bottomed out in 2015, with GDP expanded by

瑞麟集团，是一家总部位于瑞士的综合性跨国集团，在英国、卢森堡、爱尔兰、马耳他、克罗地亚及北京等地设有办公室及分公司。

集团业务涵盖瑞麟家族办公室、欧笙投资、瑞麟银行、瑞麟基金会、华闻周刊、未来公民学院六大版块；为客户提供专业的资产管理与咨询服务、公民身份和海外居留解决方案、行业研究智库、大众媒体以及教育服务。集团拥有卓越的国际化专业团队及前瞻性的全球视野，致力于与投资者、企业家、政府和商务人士在全球化的世界中共同探索更活力多元的未来。

Kylin Prime Group is committed to helping internationally-minded investors, entrepreneurs, governments and businesspeople build a brighter future in a globalized world. Our range of services includes high-quality investment opportunities and advice, asset management, research and advisory services, citizenship and residency solutions, cutting-edge digital and print media, and educational services. We have developed a unique set of interconnected and complimentary services to ensure that we are an indispensable asset and a trusted partner for our clients. The global nature of our business also means that we can create positive global change; whether our partners are investors, employees, governments, or the local communities in which we operate, we form positive and sustainable relationships that bring about meaningful change. Our globally-minded, yet locally sensitive team is committed to creating a more inclusive, dynamic future for all through an ethical, innovative business approach.

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1.6%. In 2016, Croatia's GDP even grew by 2.8%. In recent years, Croatia's political situation is stable, and its financial system is relatively firm. After joining the EU, relevant policies and laws are fully connected with the EU’s. More and more Chinese investors begin to pay close attention to this country and look for corresponding investment opportunities. How to treat the investment environment of Croatia correctly? What should we be noted when investing in Croatia? What are the procedures for company formation? We have collected the information of the "Croatian investment guide" and sorted them out appropriately.

The potential of attracting foreign investment awaits for being explored According to the world investment report 2017 released by the United Nations, in 2016, Croatia absorbed USD174.5 million in foreign direct investment and USD42.2 million in OFDI (outward foreign direct investment). Croatia's foreign investment is mainly distributed in the financial industry, wholesale and retail industry, real estate industry, telecommunications

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策、法律与欧盟全面对接，有越来越多的中国投资者开始关注这个国家，并寻找相应的投资机会。如何正确地看待克罗地亚的投资环境？在克罗地亚投资要注意些什么？注册企业有哪些程序？我们综合整理了《克罗地亚投资指南》的信息，做了相应梳理。

吸收外资潜力有待挖掘根据联合国发布的 2017 年《世界投资报告》（World Investment Report 2017），2016年克罗地亚吸收的外国直接投资流量为1.745亿美元，对外直接投资流量为0.422亿美元。克罗地亚外资主要分布于金融业、批发

industry, chemical industry, etc. The main feature of foreign investment in Croatia is that the investment fields are narrow, mainly in the financial industry and wholesale and retail industry. These two industries attracted 67.46% of Croatia's total investment.

3. Germany 4. Hungary 5. Luxembourg 6. Italy 7. France 8. Slovenia 9. United Kingdom 10. Switzerland

Croatia's foreign investment sources are mainly concentrated in EU countries, with the top 10 sources accounting for 82.54% of Croatia's total investment. Top 10 foreign investment sources in Croatia 1. Netherlands 2. Austria

Business cost is relatively low Croatia has a high quality of labor force. In addition to the shortage of labor force in the peak season of tourism, there are plenty labor force in other industries. In 2015, the average unemployment rate in Croatia was 16.3%.

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零售业、房地产业、电信业、化工业等。外商对克罗地亚投资的主要特点是投资领域窄，主要集中在金融业和批发零售业。这两个行业吸引外资的额度占克罗地亚总投资额的67.46%。克罗地亚外资来源主要集中在欧盟国家，其外资来源前十名占克罗地亚投资总额的82.54%。克罗地亚外资来源地前十名 1. 荷兰 2. 奥地利 3. 德国 4. 匈牙利 5. 卢森堡 6. 意大利 7. 法国 8. 斯洛文尼亚 9. 英国 10. 瑞士

商务成本相对较低克罗地亚劳动力素质较高，除了在旅游业旺季劳动力紧张之外，其他行业的劳动力资源都比较充裕。2015 年，克罗地亚平均失业率为16.3%。

2015年3月，据克罗地亚国家统计局统计，法人企业就业职工年平均工资税前为 8055库纳，税后为5711库纳，约60% 就业者没达到平均工资收入。其中萨格勒布地区的工资水平最高。而按照行业来看，月收入最高的职业分别是广告和市场开发、航空运输业、金融业、计算机、高级管理者和及电信业。在萨格勒布、斯普利特、里耶卡、奥西耶克等大城市，写字楼的租金约为每月每平方米15欧元。

2015 年，克罗地亚的住宅的均价为每平方米10668库纳。萨格勒布的住宅均价

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According to the statistics of Croatia's National Bureau of Statistics, in March of 2015, the annual average salary of employees in corporate enterprises was 8055 Kuna before tax and 5711 Kuna after tax, and about 60% of the employees did not reach the average income. Zagreb has the highest salary level. In terms of the industry, the occupations with the highest monthly income are advertising and market development, air transport, finance, computer, senior managers and telecommunications. In big cities such as Zagreb, Split, Rijeka and Osijek, the office rents are about 15 Euros per square meter per month. In 2015, the average price of houses in Croatia was 10668 Kuna per square meter. The average price of the houses in Zagreb was about 11797 Kuna, and that in other cities was 9617 Kuna. Foreign investment access rules The government department in 2015 年 3 月克罗地亚就业者收入分布 In March of 2015 employee's income in Croatia

收入（单位：库纳） Income (unit: Kuna)

2500 以下

所占比例（单位：%） Proportion (unit: % )

5.4

2500-3500

19.2

3500-4500

18.3

4500-5500

16.6

5500-6500

15.4

6500-8000

12.0

8000-10000

6.5

10000 以上

6.6

数据来源：克罗地亚国家统计局 Source: Croatian NBS(National Bureau of Statistics)html

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• Mining • Expanding port construction • Road construction • State-owned agricultural land use • Hunting right • Telecommunications services • Occupy radio & TV frequency • Development and utilization of state-owned conservation parks • Use of water resources and waterways • Railway construction The above types of Croatian investment and construction need to be gained through international public bidding. In Croatia, the forms of enterprises through investment include general public enterprises, joint-equity public enterprises, joint-equity enterprises, limited liability companies, economic interest consortiums and dormant partnerships.

约为11797库纳，其他城市为9617库纳。

外国投资准入规定克罗地亚主管国内投资和外国投资的政府部门是经济部，其主要职责是审批投资项目，为国外投资者提供技术和咨询服务，与其他部委和地方主管部门共同商定、实现具体的投资项目，并解决项目实施过程中出现的问题。在克罗地亚投资，需要特许（Concession）的领域包括以下几种： • 矿山开采 • 港口扩建

charge of domestic investment and foreign investment in Croatia is the Ministry of Economic Affairs, whose main responsibilities are to examine and approve investment programs, provide technical and advisory services for foreign investors, negotiate and implement specific investment projects together with other ministries and local competent departments, and solve problems arisen in the implementation of projects. Investing in Croatia, the industries that require Concession are as follow:

The minimum share capital for setting up a joint stock company is 200000 Kuna (around 28000 euros), and the nominal value of one share is at least 10 Kuna; the minimum share capital for setting up a limited liability company is 20000 Kuna (around 2800 euros), and the individual share capital is at least 200 Kuna. a foreign natural person can engage in handicraft job in Croatia only when he has obtained a handicraft license. Now, the major way of foreign investment in Croatia is M & A, and there are very few Greenfield investments. Croatia’s joint-equity enterprise takeover law also stipulates that those who purchase more than 25% of the shares of listed enterprises

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• • • • • • • •

公路建设国有农业用地使用狩猎权电信服务占用无线广播电视频率国有自然保护公园的开发和利用水资源和水道的使用铁路建设

以上这几类克罗地亚的投资建设都需要通过国际公开招标获取。在克罗地亚，投资设立的企业的形式包括一般公共企业、股份制公共企业、股份公司、有限责任公司、经济利益联合体、隐名合伙企业。成立一家股份公司的最少股本为20万库纳（约为2.8万欧元），单股票面价值最少为10库纳；成立一家有限责任公司的最少股本为2万库纳（约为2800欧元），个人持股额最少为200库纳。外国自然人只有获得手工业执照，才可以在克罗地亚经营手工业。目前，外商在克罗地亚投资以并购为主要方式，绿地投资寥寥无几。克罗地亚《股份制企业收购法》还规定，购买量达上市企业股份25% 以上的，需向克罗地亚证券委员会报告。

克罗地亚税收制度企业税克罗地亚实行属地税法。目前，克罗地亚建立了以所得税和增值税为核心的税收体系。除了地方税上的差异之外，克罗地亚实行全国统一的税收制度。外国公司和外国人与克罗地亚的法人和自然人一样同等纳税，企业利润税为20%。克罗地亚的中央税包括个人所得税、企业利润税、增值税、特种税（车、船、飞机、汽油、酒、饮料、烟草、咖啡）等；省级税

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shall report to the Croatian Securities Commission. Croatian taxation system Corporate tax Croatia acts territorial tax laws. At present, Croatia has established a tax system with income tax and valueadded tax as the core. In addition to the differences in local taxes, Croatia acts a unified national tax system. Foreign companies and foreigners pay the same tax as legal persons and natural persons of Croatia, and the enterprise profit tax is 20%. Croatia's central tax includes individual income tax, enterprise profit tax, value-added tax, special tax (car, ship, aircraft, gasoline, wine, beverage, tobacco, coffee), etc.; provincial tax includes inheritance tax, motor vehicle and ship tax, etc.; municipal tax includes consumption tax, corporate tax, public area use tax, etc. According to the enterprise profit tax law of Croatia, the deadline for declaring dutiable goods shall be no later than 4 months after the end of the tax year. Individual income tax From January 1, 2015, Croatia started to implement the newly revised tax laws and regulations. The deduction before tax of individual income tax was increased from 2200 Kuna to 2600 Kuna. The individual income tax is still divided into three grades which are 12%, 25% and 40%. The threshold of 40% individual income tax rate was increased from 8800 Kuna monthly net income to

13200 Kuna. The Croatian government hopes to stimulate consumption through the adjustment of the individual income tax and reverse the continuous downward trend since 2008. If the enterprise invests its profits in long-term assets, it will get tax relief. VAT and the Consumption Tax Sales of goods and services in Croatia are subject to pay VAT by month. The tax base of VAT is the turnover of goods or services, that is, the balance after subtracting the VAT from the value of goods sold or providing services. Small businesses can pay VAT after invoicing or after receiving payment. Since March of 2012, the basic tax rate of value-added tax in Croatia has been raised from 23% to 25%, the VAT rate of edible oil and grease, children's food and grain processing food for infants, not bottled and not packaged drinking water, white sugar has been reduced from 23% to 10%, the VAT rate of hotel service industry is 10%, and the VAT of bread, milk, books and some drugs and other products is exempted. From January of 2015, Croatia began to levy land value increment tax on real estate development. In addition, the consumption tax of Croatia's cars, boats and airplanes varies according to the price, length (boats) and number of seats (airplanes). Consumption taxes on gasoline, ardent spirits, wine, fruit wine, non-alcoholic drink and tobacco

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包括遗产税、机动车船税等；市级税包括消费税、企业税、公共区域使用税等。根据克罗地亚《企业利润税法》规定，企业报税期期限最迟不能超过纳税年度结束后的4个月。个人所得税 2015 年 1月1日起，克罗地亚实施新修订的税收法律法规。个人所得税税前扣除额从2200库纳提升至2600库纳，个人所得税仍分为12%、25% 和40% 三个等级。 40% 的个人所得税的起征点由月净收入 8800库纳提升到1.32万库纳。克罗地亚政府希望通过个人所得税的调整来刺激消费，扭转从2008年来持续下降的趋势。企业如果将利润投资于长期资产，将获得税收减免。增值税和消费税在克罗地亚境内销售商品和提供服务都需要按月缴纳增值税。增值税的纳税基数是商品或服务的周转额，即销售商品或提供服务的价值减去增值税后的余额。小型企业可在发票开具后或在收到款项后再缴纳增值税。

2012年3月起，克罗地亚增值税的基本税率由原先的 23% 上调为25%，食用油和油脂、儿童食品和婴幼儿谷物加工食品、非瓶装和非包装饮用水、白砂糖等增值税税率由23% 下调至10%，旅馆服务业的增值税税率为10%，面包、牛奶、书籍和部分药品等商品免征增值税。 2015年1月起，克罗地亚房地产开发开征土地增值税。此外，克罗地亚的车、船、飞机的消费税还根据价格、长度（船）、座位数（飞机）不同而有不等的税率。汽油、烈性酒、葡萄酒、果酒、无酒精和烟草的消费税也不同。

are also different Encourage foreign investment by various means In recent years, the Croatian government has announced a series of infrastructure development plans and allowed and encouraged foreign investors to participate in local infrastructure investment. At the same time, tourism is the pillar industry in Croatia. At present, the Croatian government has listed tourism related industries as an important encouraging investment field. For example, the newly approved Porec peninsula project of the KPG is a strategic investment project in this field. Another good thing is that Croatia has newly issued the investment incentives law, and specific preferential policies have been defined for foreign investment in taxation, tariff and other aspects. On September 21 of 2012, investment promotion and improvement of investment environment law was issued, giving specific preferential policies to encourage foreign investment and increase employment. The specific tax preferences are: • Invest less than 1 million euros to create 5 jobs gives 50% income tax reduction within 10 years; • Invest 1-3 million euros to create 10 jobs gives 75% income tax reduction within 10 years; • Invest more than 3 million euros to create 15 jobs gives 75% income tax reduction within 10 years. For the above investment projects, the investment horizon should not be shorter than the time limit

of enjoying the incentives. Large enterprises' duration should last for at least 5 years, and small and medium enterprises' duration should last for at least 3 years. Preferential policies for the special economic zones In order to ensure the implementation of some preferential policies, Croatia has set up 12 special economic zones, which provide the following preferential policies: 1. Croatian citizens, foreign citizens or body corporates (foreign capital companies) can register companies in accordance with the Croatian company law in the special economic zones; 2. Goods from Domestic and goods from abroad both can enter the free zone without storage time limit. Goods in the free zone can be tax-free and can be shipped out of the country without the customs supervision; 3. The government gives tariff and domestic value-added tax relief to the enterprises in the free zone. Applicable parks mainly include warazidin Park, buyerova Park, osiek Park, Zagreb Park, cook janovo Park, Pula port Park, Sprite Park, ukova Park, riyeka port Park, etc. The investment priority areas are processing activities, innovation and development activities, business support activities (customer / customer contact center, logistics center, software development center), high value-added service activities, tourism service activities, and laborintensive projects.

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多种手段鼓励外资近年来，克罗地亚政府陆续公布了一系列基础设施发展规划，并允许和鼓励外国投资者参与当地基础设施投资。与此同时，旅游业是克罗地亚的支柱产业，目前，克罗地亚政府已经将旅游相关业列为重要的投资鼓励领域，如新近获批的瑞麟集团伊港半岛项目即属于在此领域的战略级引资项目。另一大利好在于，克罗地亚新颁布了《鼓励投资法》，在税收、关税等方面对外国投资明确了具体的优惠政策。2012年9月 21日，又颁布了《投资促进与改善投资环境法》，对鼓励外资和增加就业给予了具体的优惠政策。具体的税收优惠为： • 投资100万欧元以下，创造5个就业岗位，给予10年内减免50% 所得税的优惠； • 投资 100-300万欧元，创造 10 个就业岗位，给予10 年内减免75% 所得税的优惠； • 投资 300万欧元以上的，创造 15个就业岗位，给予10 年内减免75% 所得税优惠。以上保持投资的项目，投资期限不能短于享受鼓励措施的年限，大型企业至少保持5年，中小型企业至少保持3年。

经济特区优惠政策为了保障一些优惠政策的落地，克罗地亚设立了12个经济特区，经济特区提供的相关优惠政策有： 1. 园区内克罗地亚公民、外国公民个人或法人团体（外资公司）可在克罗地亚境内按《克罗地亚公司法》注册公司； 2. 境内货物及境外货物均可进入自由区内，无存储时间限制，自由区内货物可以免税、不受海关监管运出境外； 3. 政府对自由区内的企业给予关税和国内增值税减免优惠。适用的园区主要包括瓦拉日丁园区、不

| 10th Annual

番外篇：投资克罗地亚旅游业 Extra chapter: Invest in Croatian tourism

Main procedures for company formation If you want to set up a company in Croatia, the main procedure is to first apply for a tourist visa from the Croatian embassy in your country (generally a single entry and exit, with a maximum stay time of three months), and process the relevant formalities in the notary office, register the company in the commercial court, and apply for a business permit from the Croatian DOI (Department of the Interior) by the company manager or director (only

one person). The business permit is equivalent to temporary residence and multiple-entry visa. Others of the company apply for work permit and temporary residence from Croatian DOI (Department of the Interior). It usually takes a month to register a company. For company formation in Croatia, relying on the partners with local professional service teams will make investment more convenient and appropriate.

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旅游业在克罗地亚的经济发展中有举足轻重的地位，2018 年克罗地亚旅游人次达到了1,970万，使之成为整个地中海地区最受欢迎的旅游目的地。旅游业所创造的经济收入约占克罗地亚国民生产总值的20％，其带来的积极影响还推动了零售

Tourism industry plays an important role in Croatia's economic development. In 2018, the number of tourists in Croatia reached 19.7 million, making it the most popular tourist destination in the whole Mediterranean region. The economic income generated from tourism industry accounted for about 20% of Croatia's GNP, and its positive impact also promotes retail industry, processing industry and summer seasonal employment to booming.

业、加工业和夏季季节性就业的蓬勃发展。

耶洛瓦园区、奥西耶克园区、萨格勒布园区、库克雅诺沃园区、普拉港园区、斯普利特园区、乌科瓦尔园区、里耶卡港园区等。投资优先领域是加工活动、创新发展性活动、商业支持性活动（顾客 / 客户联络中心、物流中心、软件发展中心）、高附加值服务活动、旅游服务活动、劳动密集型项目。

注册企业主要程序如果要在克罗地亚注册企业，主要程序为先向克罗地亚驻本国大使馆申请旅游签证（一般为单次出入，最长停留时间为三个月），并在公证处处理相关手续，在商业法院注册公司，公司经理或董事长（只有一人）向克罗地亚内务部申请经营许可证（Business Permit），经营许可相当于临时居留和多次往返签证，公司其他人向克罗地亚内务部申请许可（Work Permit）和临时居留。注册公司一般需要一个月时间。在克罗地亚注册企业，依靠有本土专业服务团队的合作方会使得投资更加便捷妥善。

游客人数 years

游客人数 Number of tourists

游客人数 Year-on-year growth

游客人数 Duration of Stay

游客人数 Year-on-year growth

2018

4,456,792

28,443,129

2017

4,223,233

10%

27,511,615

10%

2016

3,852,114

25,010,890

2015

3,570,668

23,668,568

2014

3,272,280

22,274,541

2013

3,195,564

22,032,695

Tourism related industries are concentrated on the coast of the Adriatic Sea. The holiday paradises along the Adriatic coast and small island group have many tourism services from entertainment, catering to souvenir. At the same time, due to its numerous wharves and yacht clubs with more than 16000 berths, its navigation tourism industry is also very developed. In addition, the attractive medieval cityscape and rich cultural activities along the coast of Stella Peninsula also make cultural

tourism quite prosperous. Like mentioned above, as the second developed region after Zagreb in Croatia. This triangular Peninsula, located in the northeast of Adriatic Sea, was conquered by the Ancient Roman Empire around the 2nd century BC, and was successively ruled by Byzantine Empire, Lombardy Kingdom and Venetian Republic. During this period, it is a tourist resort with a longstanding reputation for the European

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与旅游的相关产业都集中于亚得里亚海沿岸，沿着亚得里亚海岸和小岛群的度假胜地涌现出了众多从娱乐、餐饮到纪念品市场的旅游观光服务。同时，由于拥有鳞次栉比的码头和超过 16,000个泊位的游艇俱乐部，其航海旅游产业也十分发达，此外斯特拉半岛沿海深具吸引力的中世纪城市风光与丰富的文化活动也使得文化旅游颇为兴盛。如上文所提，作为发展仅次于首都萨格勒布的克罗地亚第二发达地区。这一位于亚得里亚海东北区的三角形半岛，约在公元前2世纪左右被古罗马帝国征服，先后受拜占庭帝国、伦巴底王国和威尼斯共和国统治，期间作为欧洲贵族及后来大众的旅游度假胜地一直久负盛名。文艺复兴之后，欧洲旅游业开始蓬勃发展，1815 年亚得里亚海沿岸原属于威尼斯领土的部分，被奥匈帝国并吞，因此整个半岛也成为奥匈帝国的领土，于1890年建成的奥帕蒂亚的 “豪华酒店” 与杜布罗夫尼克的“帝王酒店”便是当时第一批度假酒店。伊斯特拉半岛在过去的几年中成为了欧洲旅游的新宠，从近年平稳上升的游客人数和停留天数可以看出，伊斯特拉半岛对于旅游业相当重视，以下为相关部门的统计数据。如此优越便利的交通环境，可以为周边 300公里范围内超3亿人口提供一个属于自己的旅游天堂。伊斯特拉地区，有着“小托斯卡纳”的美称，受到了来自全球著名机构及投资者的青睐。高盛集团在 2018 年投资了伊斯特拉当地的酒店运营集团 Arenaturist 公司。另一家来自美国的世界顶级私募基金投资公司 Advent 国际与欧洲复兴银行则一起投资了伊斯特拉当地的金融系统与私人银行。许多明星也纷纷投资当地具有深厚历史底蕴的城堡别墅和私家庄园，比如来自英国的奥斯卡影帝安东尼霍普金斯爵士、著名影星布拉德皮

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nobles and later the public. After the Renaissance, European tourism industry began to ﬂourish. In 1815, the Adriatic coast part of the Venetian territory, which was annexed by the Austro-Hungary. Therefore, the whole peninsula also became the territory of the Austro-Hungary. The "luxury hotel" of Opatija and the "Empire Hotel" of Dubrovnik built in 1890 were the first resort hotels at that time. Istria Peninsula has become a new favourite of European tourism in the past few years. From the steadily increasing number of tourists and the length of stay in recent years, it can be seen that Istria Peninsula attaches great importance to the tourism industry. The following is the statistical data from relevant departments. Such a superior and convenient transportation environment can provide a tourism paradise for more than 300 million people within 300 kilometres. The Istria region, known as "Little Tuscany", is preferred by famous

institutions and investors from all over the world. Goldman Sachs in 2018 invested in company Arenaturist, a local hotel operation group in Istria. Another top-notch private equity investment company from the United States, Advent international with the EBRD together, have invested in the local financial system and private banks in Istria. Many stars have also invested in castle villas and private manors which have profound historical background, such as Sir Anthony Hopkins, the Oscar winner from the UK, Brad Pitt, F1-Schumacher, as well as some British aristocrats, famous European politicians and the upper celebrities, who are investors and owners of private manors in Istria. As Croatia's richest region, Istria, like Croatia's Shanghai, gathered the most cutting-edge fashion art, worldwide food, the healthiest living conditions and the paradise-like luxurious enjoyment. Porec Peninsula is located on the northwest coast of the Istria Peninsula, between the tourist resorts

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特、F1车神舒马赫，以及一些英国贵族、欧洲著名政客和上层名流，都是伊斯特拉地区的投资人和私家庄园拥有者。作为克罗地亚最富有的大区，伊斯特拉犹如克罗地亚的上海，汇聚着最前沿的时尚艺术、各国美食以及最健康的生活状态和世外桃源般的奢华享受。伊港半岛位于伊斯特拉半岛的西北海岸，置身于旅游胜地波雷奇市和诺维格雷伊市之间，紧邻美丽的亚得里亚海，是特阿 - 瓦布里加区（Tar-Vabriga）最具吸引力的旅游目的地之一。由于滨海独特的地理位置，伊港半岛非常适合发展包括高尔夫度假村、临海别墅、高端旅游度假酒店、旅游博彩娱乐城等在内的多功能旅游地产开发项目。得益于伊斯特拉半岛温和的地中海气候，这里几乎可以全年开展高尔夫球、网球等高端休闲体育活动。伊港半岛项目是政府规划的区域性大规模发展计划项目，有望直接提升克罗地亚地区的游客整体质量，促进当地服务业和零售业的发展，并刺激就业市场。这一项目得到了当地政府及社区的广泛关注和欢迎。据专业报告预估，项目将为所在地区直接新增数百个就业岗位，并为当地企业的发展起到积极促进作用。

Porec and Novigrey, close to the beautiful Adriatic Sea, it is one of the most attractive tourist destinations in Tar-Vabriga. Due to the unique geographical location of the coast, the Porec peninsula is very suitable for the development of multifunction tourism real estate projects, including golf resorts, beach houses, highend resort hotels, tourist-gambling entertainment centre, etc. Thanks to the mild Mediterranean climate of the Istria Peninsula, high-end leisure sports such as golf and tennis can be played here almost all year round.

governments and communities. According to the professional report, this project will directly create hundreds of new jobs in this region and play a positive role in the development of local enterprises.

The Porec peninsula project is a regional large-scale development plan planned by the government, which is expected to directly improve the overall quality of tourists in Croatia, promote the development of local service industry and retail industry, and stimulate the employment market. This project has been aroused wide concerned and welcomed by local

As a member of the Kylin Prime Family Office, Kylin Prime Cpital, KPC devoted itself to helping high net worth families and individuals achieve quality management of wealth and lifestyle worldwide. This cooperation with Croatian authority is another expansion strategy of its global investment, and also provides another ideal path for clients to enter Europe.

In 2016, the project of Porec Peninsula and its golf resort was officially approved by the government of Croatia and jointly managed by Croatia Ministry of National Assets and the Ministry of tourism. In 2019, KPC was authorized by the government to become the operation partner of this project.

2016 年，伊港半岛和其所在的高尔夫旅游度假区项目获得克罗地亚共和国政府正式批准，由克罗地亚国有资产部与旅游部共同承管。2019年，瑞麟资本获得政府授权，成为该项目运营合作伙伴。瑞麟资本 (Kylin Prime Cpital, KPC) 隶属于瑞麟集团家族办公室 (Kylin Prime Family Office)，致力于帮助高净值家庭及个人在全球范围内实现财富及生活方式的优质管理。此次选择与克罗地亚官方达成合作，是其全球投资版图的又一次有力扩张，也为客户提供了落地欧洲的又一理想途径。

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海外移民解析 | 锁定最适合您的移民方式

Analysis of Overseas Immigration, Locking the Most Suitable Immigration Way for You

Wu Huijuan

“移

民”这个词在我们的生活和工作当中出现的次数越来越多。

以前，我们觉得移民是背井离乡，到一个全新的国家定居生活工作。后来发现，原来移民是有很多附加值的，随着移民申请人的需求越来越多元化，很多人选择移民是出于对全球资产配置、税务规划、子女教育、养老定居等几大方面的需求，移民的认可度和市场热度也随之越来越高。

吴惠娟 Wu Huijuan

香港卓信会计事务所高级合伙人，杭州卓信企业副总经理，卓信世野移民部总监。十五年离岸投资咨询经验，擅长境外公司架构搭建、海外资产配置、税务筹划等服务。

senior partner of Hong Kong Zhuoxin accounting firm, deputy general manager of Hangzhou Zhuoxin, and director of Immigration Department of Zhuoxin shiye. She has 15 years' experience in offshore investment consultation, good at overseas company structure building, overseas asset allocation, tax planning and other services.

| 10th Annual

he word "immigration" appears increasingly in our life and work.

Previously, we felt that immigration was leaving their native place to settle down in a new country. Later, we found that there were many additional values in immigration. With increasingly demanding of immigration applicants, many people choose to emigrate because of the needs of global asset allocation, tax planning, children's education, oldage care and other main aspects. The recognition and market enthusiasm of immigration also increased. For China's immigration applicants, most of them consider immigration is for their children’s education, next is their own old-age care, medical care, social welfare and other realistic purposes. However, under

the tendency of assets allocation's globalization, the demand and motivation of immigration have gradually changed from realistic purpose to asset management. With the increasing number of high net worth individuals and families in need of keeping capital value, diversified portfolio has become megatrends. How to achieve overseas asset allocation and identity planning has been put on the agenda. Immigration policies are in a changeable situation and rising immigration threshold of all countries is unchanging. At present, there are many kinds of immigration in the market, most people do not understand them well. During the selection of our immigration solution, we should make decision according to our own needs and conditions, and not just follow others blindly. So, when

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就中国的移民申请者而言，多数都是为了子女教育，其次才是为自己的养老、医疗、社会福利等现实目的。但是在资产全球配置的趋势下，移民人群的需求与动机，从现实目的到资产管理，已经逐渐转型。有投资保值需求的高净值个人与家庭日益增多，资产多元化配置成为大趋势，如何实现海外资产配置与身份规划更是被众人提上议事日程。移民政策风云变幻，各国门槛提升是不变的趋势。目前市场上移民的种类繁多，多数人都是不了解的，大家在选择移民方案时要根据自己的切身需求和自身条件，不要随波逐流。所以当你决定要移民的时候，你首先要明确自己移民的目的。是希望换个更好的生活居住地？还是为了子女拥有良好的教育？亦或是家庭资产能够保值增值？移民的目的不同，移民的国家自然也就不同。

海外移民热潮中，投资移民成趋势一直以来，投资移民都是最火热的移民方式之一。选择投资移民，只要按照当地移民法案完成简单的投资操作和居住，就能直接拿移民身份，通常以家庭为单位，主申请人可以携带配偶、子女，全家人一同获得身份。投资移民能较全面的满足投资者的需求，包括移民身份、子女教育、资产配置、社会福利和生活环境等方面的需求。

you decide to emigrate, you first need to be clear about your purpose. Is that you want to live in a better place? Or to have a good education for your children? Or family assets can preserve or increase the value? The different purpose of immigration will lead you to different countries.

In the upsurge of overseas immigration, investment immigration has become a trend Investment immigration has always been one of the hottest immigration ways. Choosing investment immigration, you will obtain your immigration status directly as long as you complete the investment and reside in local according to local immigration act. Usually take family as a unit, the principal applicant can bring his/her spouse, children, the whole family together. Investment immigration can meet almost all investors’ needs, including immigration status, children's education, asset allocation, social

welfare and living environment etc. Choosing an investment immigration project depends on your own needs. You should consider comprehensively such as your own assets, the money planned to invest, how long to obtain identity, and whether you can live in the local area or not, to select an appropriate immigration project for individual or family. At present, the mainstream investment immigration projects include UK investment immigration, USA E-2 visa, Australia investment immigration, Ireland investment immigration, BC Entrepreneur Program of Canada, Quebec business immigration of Canada and so on. Among these projects, UK investment immigration are one of the preferred countries for many immigration applicants. Britain is not only a powerful country, but also has great inﬂuence. It is called "the paradise of rich people". Because of the long waiting for EB-5, more and more

选择投资移民项目首先要看自己的需求，从自身的资产情况、计划投入的资金、多长时间获得身份、能不能到当地居住等多方面综合考虑，挑选到合适个人或家庭的移民项目。目前主流的投资移民项目，有英国投资移民、美国 E-2 签证、澳大利亚投资移民、爱尔兰投资移民、加拿大 BC 省企业家移民，加拿大魁北克省商业移民等。

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在这些项目中，英国投资移民是很多移民申请人的首选国之一，英国不仅综合实力强大，且影响力颇为深远，被称为“富豪的天堂”。美国因 EB-5 排期过长等难题，越来越多的投资人选择 E-2 签证，它可以在短时间内通过少量投资，实现长期的美国居住。而澳大利亚、加拿大国家也因其自身优势深受国内投资者的欢迎。除此之外，在传统移民国家逐渐政策收紧，门槛抬高的趋势下，爱尔兰投资移民计划以其方便、快捷、性价比高的优势成为了投资者的新目标。从移民的投资方式来讲：各个国家不尽相同，有在当地开设企业的、投资当地房产、购买基金、购买政府国债等非常多样化、多元化的移民投资方式。而从投资移民的政策走向来看，门槛越来越高，移民不止看财，也越来越趋向看才，所以要移民需趁早。

护照移民成为 CRS 时代高净值人士标配

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investors choose the E-2 visa, which can achieve long-term residence in US through a small amount of investment in a short waiting. Australia and Canada are also welcomed by China investors because of their own advantages. In addition, under the tendency that the immigration policy become tightened and the threshold become high in traditional immigration countries, Ireland's investment immigration program has become a new target for investors with its advantages of convenience, speedy and cost-effective. From the perspective of immigration's investment methods, there are many diversified immigration's investment methods in different countries, such as setting up enterprises in local area, investing in local real estate, purchasing funds, and purchasing government bonds. And from the

perspective of the policy trend of investment immigration, the threshold is getting higher and higher. Immigration will not only consider money, but also tend to consider talent, so it is necessary to migrate as soon as possible.

Passport immigration become the standard out�t of high net worth individuals in CRS Era With the CRS' coming, there is a "passport tide" in the immigration market. CRS has the greatest impact on high net worth individuals. The information exchange reports all overseas financial account information back to China. That is to say, China has a clear understanding of high net worth individuals' overseas assets. In order to avoid the risks brought by the automatic tax-related information exchange mechanism of the financial

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随着 CRS 的步步推进，移民市场刮起了一阵“护照风”。CRS 影响最大的人群当属高净值人士，信息交换促使海外的所有金融账户信息全部反馈回国，也就是中国对于高净值人士海外资产一目了然，为规避因金融账户涉税信息自动交换机制带来的风险，拥有一本全球护照进行海外资产配置和身份规划显得尤其重要。护照移民是一步到位、直接入籍的移民方式，它以办理速度及性价比高的两大优点让其得到青睐，像欧盟的塞浦路斯、加勒比海的圣基茨、多米尼克、格林纳达、安提瓜和圣卢西亚，太平洋的瓦努阿图等，都是比较火爆的护照项目的移民国。这些国家中不乏有离岸税务天堂，选择有离岸税务天堂美称的国家，可享受：无全球征税，无遗产税，无赠与税，无资本利得税、无净资产税等税收优惠。这样不仅仅满足众多高净值人士的投资倾向，还能够实现的合理避税。护照不仅仅是一种身份的证明，更是高品质生活的保证，比如说欧盟护照，办理欧盟护照即可在法国、德国等 27个欧盟国家及瑞士、挪威、冰岛等欧洲经济区自由居住、生活、学习、工作。办理一本最适合自己的护照，无论是资产配置或者子女教育还是世界旅游，一本优质的护照将会带你畅享全球，这也正是为何众多移民者选择护照移民的原因。

accounts, have a global passport for overseas asset allocation and identity planning is particularly important. Passport immigration is a onestep immigration method with naturalization directly. It gains popularity because of its two advantages which are fast speed and cost-effective. Such like Cyprus of the European Union, Saint Kitts of the Caribbean Sea, Dominica, Grenada, Antigua and Saint Lucia, Vanuatu of the Pacific Ocean, and so on, they are the most popular countries of passport immigration programs. Many of these countries are tax havens. Choosing tax haven countries, you can enjoy: no global taxation, no inheritance tax, no gift tax, no capital gains tax, no net assets tax and other tax preference. This not only meets the investment propensity of many high net worth individuals, but also achieve reasonable tax avoidance. Passport is not only a proof of identity, but also a guarantee of high quality of life. For example, the EU passport can support you to live, study and work in 27 EU countries such as France, Germany, Switzerland, Norway and Iceland. Getting a passport that

suits you best, whatever it is asset allocation or children's education or travelling around the world, a good passport will help you enjoy the world. That's why many immigrants choose a passport immigration program.

Buy properties overseas under the immigration wave: maintenance and appreciation of assets value Overseas investment has become more and more popular in recent years, and investment in real estate has become the mainstream. More and more China investors are focused on overseas real estate market. Compared with the domestic real estate market, overseas real estate is cheaper, equipped with refined decoration, have the freehold of the property, can pass from generation to generation, have good construction quality, and have considerable return on investment. This good news attracts the investors to purchase real estate abroad for investment. Besides simple real estate investment, most people choose to buy houses for immigration. For example, in Greece, only needs 250,000 Euros to buy one house, in Cyprus, 300,000

移民浪潮下的海外置业：资产保值增值近年来海外投资的热度越发高涨，房地产已经成为主流。有越来越多的国内投资者把眼光投注在了海外房产领域，与国内房产市场相比，海外房产价格便宜，并且配备精装修，拥有永久产权，世代延续，建筑质量好，更有可观的投资回报率，这些利好吸引着投资者前往国外购置房产进行投资。

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

除了单纯的房产投资，更有大部分人群为获得海外身份选择购房移民，例如希腊置房仅需 25 万欧，塞浦路斯 30万欧元可获得欧洲永居，土耳其则是购买25 万美金房产起即可获得公民身份，且它还是进入英美国家的跳板。另外像马耳他、葡萄牙等其他国家，通过购买一定价格的房产就可以移民。而且有些国家是不需要移民监的，也就是可以移民不移居，身份与永久产权共同拥有。投资房产不仅可以出租、出售，实现增值保值，还可以一举获得该国家的身份。所以，恰逢诸多国家购房移民政策的开放，只需投资房产即可拿海外身份的机遇就在眼前，有想法的申请者一定不要错过这样大好的机会。

选择众多，更要借助专业的力量移民热的兴起，形势大好却不可盲目从众，想要移民一个国家，就要在方方方面面考虑周全，从移民政策到生活环境的了解，再到具体的实施，这是一个复杂的过程，也需要依靠权威人士、专家团队定制全面细致、切实可行的专属移民方案。卓信移民部为客户提供全球多个国家与地区的出国服务，包括境外工作签证、投资移民、护照入籍、海外房产置业、海外信托等跨境服务：如美国、英国、爱尔兰、马耳他等海外移民服务；希腊、土耳其、西班牙以及葡萄牙等购房移民；英国、迪拜、澳洲等海外置业规划；圣基茨、塞浦路斯、马耳他、安提瓜、格林纳达等护照项目入籍服务；APEC 商务卡，香港，新加坡等工作签证办理相关服务。

Euros can help you to get permanent resident in Europe, in Turkey you can get the citizenship by purchasing at least 250,000 US dollars'real estate, and it is also a springboard to enter Britain and the United States. Other countries, such as Malta and Portugal, can immigrant by purchasing property at a certain price. Moreover, some countries do not need immigration supervision, that is, they can immigrate without living there, and they can hold the identity and freehold both. Investing in real estate can not only rent, sell, achieve preservation and appreciation, but also can obtain the identity of the country at one stroke. Therefore, when many countries open their immigration policies for house purchasing, the opportunity for obtaining the overseas identity via investing in real estate is in front, if you have thought about it, don't miss out.

You have many choices, but also need the help from professional team Under immigration upsurge, you cannot follow the crowd blindly

| 10th Annual

even in excellent situation. If you want to immigrate to a country, you must consider all aspects, from the immigration policy to the living environment, then to the specific implementation. This is a complex process, you will need rely on the authoritative sources and expert teams to customize a comprehensive and detailed and achievable exclusive immigration solution. Zhuoxin Immigration Department provides overseas services to clients in many countries and regions around the world, including overseas work visas, investment immigration, passport naturalization, overseas real estate, overseas trust and other cross-border services: such as overseas immigration services in the United States, UK, Ireland, Malta and other countries; house purchasing immigration in Greece, Turkey, Spain and Portugal and other countries; Overseas properties purchasing planning in the United Kingdom, Dubai, Australia and other countries. Passport Naturalization Services in Saint Kitts, Cyprus, Malta, Antigua, Grenada and other countries; APEC Business Card, work visa related service in Hong Kong, Singapore and other countries.

观点 | OPINION CHINA OFFSHORE

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

Member Contribution

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动荡时代中的稳定和长久生命力：新加坡商业的优势 Stability and Longevity in Uncertain Times: The Singapore Business Advantage

Ivy Zhang

张力文 Ivy Zhang

张力文主修企业管理、金融管理、市场经济课程，担任云马天隆国际顾问有限公司大中华区销售经理，长期深耕于离岸架构、跨境税务、资产配置领域，与律师事务所、税务师事务所紧密探讨研究 FATCA、CRS、经济实质等解决方案；为各界人士提供离岸业务、国际财税、会计财务规范、国际知识产权、家族财富管理等一站式服务。

Ivy Zhang majored in business management, financial management and market economy courses, served as the sales manager of Greater China in Yunma Tianlong International Consulting Co., Ltd., engaged in offshore structure, cross-border tax and asset allocation for a long time, explored and studied the solutions for such as FATCA, CRS and economic substance closely with law firms and certified tax agent firms. And provided one-stop service such as offshore business, international finance and taxation, accounting and financial regulations, international intellectual property, family wealth management and the like for people from various circles. Financial Group.

| 10th Annual

ingapore's Minister of Trade and Industry, Chen Zhensheng, said in Singapore parliament on September 3, 2019 that Singapore needed diversification and innovation to cope with uncertainty in the world market. The uncertainties mentioned not only the US-China trade conﬂict, also including BREXIT, tense situation between Japan and South Korea, and the situation in Hong Kong. This is also a various challenge, not only including trade but also technical issues. He answered Mr. Christopher de Souza from Holland-Bukit Timah

GRC's question on how Singapore's SMEs, regional headquarters, MNCs and labor force could protect themselves from the side-effects of the trade confrontation between the United States and China. Minister Chen Zhensheng said that Singapore should be continue to achieve the diversification of the market, supply chain and product mix. He urged Singaporean companies to achieve further business internationalization and run business in countries with positive economic growth. At the same time, he pointed out that

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加坡贸工部长陈振声 2019 年 9月3日在新加坡国会表示，新加坡需要多元化和创新来应对世界市场的不确定性。提到不确定因素超出了美中贸易冲突，包括英国退欧，日韩紧张局势以及香港局势等。这也是一个多方面的挑战，不仅包括贸易还包括技术问题。他回答了 Christopher de Souza 先生（Holland-Bukit Timah GRC）关于新加坡中小企业，地区总部，跨国公司和劳动力如何保护自己免受美中贸易对峙的副作用的问题。陈振声部长说新加坡应该继续现实市场，供应链和产品组合多样化，敦促新加坡公司进一步企业国际化，在经济积极增长的国家进行商业经营，同时他指出新加坡企业可以利用新加坡多元化的自由贸易协定（FTAs）组合。先有自由贸易协定已涵盖新加坡90% 以上的贸易。新加坡仍继续扩大其自由贸易协定网络，包括数量和质量。

新

创新带来商机和生机，且看新加坡公司的众多优势：亚洲的避税天堂新加坡的经商环境始终秉承亲商理念，公司税率与个人税率极低，并且进一步享有相关的免税优惠，而严格监管制度下，又保持长期稳定的低税率，使得新加坡公司在享有优良声誉的同时，成为免税天堂。

Singaporean enterprises could use Singapore's diversified FTAs portfolio. The current FTAs cover more than 90% of Singapore's trade. Singapore continues to expand its FTAs'network, both in quantity and quality.

Innovation brings business opportunities and vitality. Please see the advantages for Singapore company formation: Asia's Tax haven Singapore's business environment has always adhered to the concept of probusiness, corporate and personal tax rates are extremely low, and corporate and individual can further enjoy the relevant tax exemption. Under the strict regulatory system and a longterm stable low tax rate, Singapore companies enjoy a good reputation, and meanwhile become a tax haven. � Implement of asset transformation Singapore has a ﬂexible foreign exchange control system, foreign

banks are everywhere, and the longterm stable low tax rate makes it the best place to transfer personal assets. There is no inheritance tax in Singapore. Possibility of immigrating to Singapore Singapore Regulations stipulate that foreigners can apply for a Singapore work permit on the grounds of operating and managing a company, and therefore set up a company in Singapore. Company formation in Singapore just like having actual business and paying taxes locally in Singapore. Trade and Logistics Center Singapore's superior geographical location makes it a world-class sea and air transportation hub. With the help of developed land, sea and air transport channels, Singaporean companies can extend their commercial advantages to Southeast Asia and even the entire world.

资产转移的实现新加坡施行宽松的外汇管理制度，外资银行林立，而长期稳定的低税率，使其成为个人资产转移的最佳地点。新加坡不征收遗产税。移民新加坡的可能新加坡条例规定，外国人士可以以经营管理一间公司的理由申请新加坡工作证，并因此在新加坡成立公司，投资者在新加坡注册公司后，就如在新加坡本地有实际业务和纳税。

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

贸易及物流中心新加坡优越的地理位置，使之成为世界一流的海运和航运交通枢纽。新加坡公司可以借助发达的陆，海，空运输渠道，将商业优势辐射至东南亚乃至全世界。自由贸易协议网络新加坡目前拥有亚洲最广大的自由贸易协议网络，方便企业有效轻易的进军国际市场。已与新加坡签订协议的主要经济体包括：美国，日本，中国，澳洲，新西兰，欧盟，约旦，智力，韩国，印度和巴拿马等。上市融资的可能新加坡是除中国之外，聚集中国上市企业最多的国家。截止 2009年底，在新加坡交易所上市的外国公司中，超过40% 是中国公司。通过在新加坡交易所挂

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Free Trade Agreement Network Singapore currently has the largest free trade agreement network in Asia, which can help the enterprises enter the international market effectively and easily. Major economies that have signed agreements with Singapore include the United States, Japan, China, Australia, New Zealand, the European Union, Jordan, Chile, South Korea, India and Panama etc. The Possibility of Listing and Financing After China, Singapore is the country with the largest number of China Listed Companies. By the end of 2009, more than 40% of foreign companies listed on the SGX (Singapore Exchange Ltd) were Chinese companies. By listing on the SGX, Chinese companies

can raise funds from international capital markets, enjoy international reputation and benefit from a comprehensive and clear regulatory. Consideration of the convenience of operation Singapore is about five hours ﬂight from China, which bring great convenience to the businessmen that need to take care of both Singaporean and Chinese businesses. Return investment Singaporean companies as holding companies return to invest in mainland China and enjoy preferential foreign investment policies. Singapore can also settle accounts in RMB,

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牌，中国公司可以从国际资本市场集资，享有国际知名度，并从全面而透明的条例框架中获益。兼顾打理的便利新加坡距中国约5个小时的飞行距离，极大的方便了需要兼顾打理新加坡与中国两地生意的商人群体。返程投资以新加坡公司作为控股公司返程投资中国大陆，享受优惠的外资政策。新加坡也能够以人民币进行结算，让企业可以控制外汇风险，并实现资产国化企业国际化和增值，提高企业的国际知名度和竞争优势。健全的知识产权（IP）制度为保护知识产权，新加坡投入大量精力制定出强有力的国内监管框架。2011年度的 IMD《世界竞争力报告》将新加坡评委亚洲最佳、全球第七的知识产权保护国。同样世界经济论坛的《2011-2012 年度全球竞争力报告》也将新加坡评为亚洲最佳、全球第二的知识产权保护国。

so that enterprises can control foreign exchange risk, achieve the internationalization and appreciation, and improve their international visibility and competitive advantage.

economists are surveyed shows that gross domestic product (GDP) from July to September of 2019 is expected to grow by 1.5% compared with the previous quarter.

A sound intellectual property (IP) system In order to protect intellectual property rights, Singapore has devoted a lot of energy to developing a strong domestic regulatory framework. The 2011 IMD "World Competitiveness Report" rated Singapore as Asia's best and the seventh largest intellectual property protection country in the world. And the World Economic Forum's "Global Competitiveness Report 2011-2012" ranks Singapore as the best intellectual property protection country in Asia and the second largest in the world.

A New York-based bank estimated that by August, the largest outﬂow of Hong Kong dollar deposits to Singapore, another financial centre in this region, was between $3 billion and $4 billion.

According to a Reuters' opinion survey, the expected value from 11

The Monetary Authority of Singapore will implement semi-annual easy money policy on October 14 (the same day as the third quarter GDP announcement). It is expected that the Singapore government will also process a generous budget before next year's general election. At the same time, DBS, United Overseas Bank and OCBC (Oversea-Chinese Banking Corp) have opened their door to open accounts for investors.

路透社的一项民意调查显示，接受调查的 11位经济学家的预期中值显示，预计 2019年 7月至9月国内生产总值（GDP）将比上季度增长1.5%。一间总部位于纽约的银行估计截至八月，港元存款流向该地区的另一个金融中心新加坡的最大流出量为30 亿至40 亿美元。新加坡金融管理局将于10月14日（即宣布第三季度 GDP 的同一天）进行半年度宽松的货币政策，预计新加坡政府还将在明年大选之前推出慷慨的预算。与此同时新加坡星展银行、大华银行及华侨银行更是为投资者敞开开户之门。

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Member Contribution

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萨摩亚：与时俱进

Samoa: Moving with the Times

萨

摩亚国际金融业由萨摩亚国际金融管理局（SIFA）管理和监督，该管理局成立于 2005 年，以创新和严肃的方式提供国际金融服务，为了确保最大限度地为寻求司法管辖区的客户考虑，该司法管辖区提供最合理、最方便、最现代化、最理想和最适当的财富管理解决方案。本文深入了解萨摩亚的离岸解决方案，特别是其新颁布的《2014 年受托公司法》以及《2014 年信托法》和《2016 年基金会法》。通过积极参与经济合作与发展组织（经合组织）和亚太反洗钱组织的工作，并将相关要求纳入我国法律，萨摩亚的这一合规文化表明了萨摩亚致力于建立一个透明的国际金融世界。

amoa's international finance industry, administered and supervised by Samoa International Finance Authority (SIFA), was established in 2005 to provide international financial services in an innovative and meaningful manner, in order to ensure that the greatest consideration is afforded to clients seeking a jurisdiction that provides the most sensible, accessible, modern,

萨摩亚自 1988 年以来一直是一个国际金融中心。然而，管理受托人公司或服务提供商工作的主要法律最近才更新，投资萨摩亚 Invest Samoa 推广萨摩亚提供的国际金融服务和财富管理解决方案。作为萨摩亚国际金融管理局（SIFA）的推广机构，投资萨摩亚 Invest Samoa 为那些寻求国际资产规划的解决方案提供了第一手资料，包括各种国际公司、信托、基金会、合伙企业、公募基金、分离式保本基金、保险和银行。萨摩亚的创新和人性化的法律符合先进的和现代的立法标准以及安全性要求安全这一点对国际金融中心来说至关重要。萨摩亚国际金融中心成立于1987年，是根据《1987年萨摩亚国际金融管理局法》设立的国际金融中心。

Invest Samoa promotes the international financial services and wealth management solutions offered by Samoa. As the promotional arm of the Samoa International Finance Authority (SIFA), Invest Samoa offers first-hand information for those seeking solutions for international estate planning including various international companies, trusts, foundations, partnerships, mutual funds, segregated funds, insurances and banks. Samoa’s innovative and user-friendly laws meet progressive and modern legislative standards as well as security which is crucial for an international finance centre. Samoa's international finance centre was established in 1987 as SIFA, mandated by the Samoa International Finance Authority Act 1987.

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optimum and appropriate wealth management solutions. This article provides an insight into Samoa's offshore solutions, particularly its newly-enacted Trustee Companies Act 2014 as well as its Trusts Act 2014 and Foundations Act 2016. Its compliance culture — through active participation in the work of the Organization for Economic Cooperation and Development (OECD) and the Asia Pacific Group on Anti-Money Laundering (APG), and the incorporation of relevant requirements into our laws — demonstrates Samoa’s commitment to a transparent world of international finance. Samoa has been an international financial center since 1988. However, the principal law that governs the work of trustee companies or service providers was only recently updated, with its modern, cutting-edge new Samoan Trustee Companies Act 2017 offering users of our center the

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2017年最现代的，最前沿的《新萨摩亚受托公司法》为本中心用户提供了从萨摩亚境内开展国际金融服务业务的大量的选择。

受托公司法：一个新视角虽然萨摩亚的重点历来在国际公司（ICS），萨摩亚受托公司法2017（以下简称“TCA”）的出现提供了一个有吸引力的平台，该平台为客户建立办事处提供了灵活的选择，以便从萨摩亚向外有效地开展业务。新法律概述了各项实质性要求，规定了客户身份识别、核实实益所有权和会计信息，以及按照经合组织（OECD）和金融行动特别工作组（FATF）最新国际标准纪录保持一致，以巩固萨摩亚对与时俱进的遵守和持续的承诺。更重要的是，TCA 是萨摩亚对全球专业人员商业需求的回应，通过提供不同类型的受托人许可证明了这一点。

TCA 提供三种类型的受托公司许可，根据所开展的业务水平设定具有竞争力的资本要求和资本总额。提供专业保护是通过引入保险要求来适当的确保客户和服务提供商的利益得到保障。

vastest array of options to conduct international financial services business from within Samoa.

professionals, demonstrated through the different types of trustee licences available.

Trustee Companies Act: A new perspective

The TCA offers three types of trustee company licences with competitive capital requirements and capitalization, set according to the level of business carried out. The provision of professional protection is through the introduction of insurance requirements in place to ensure that clients' interests, and those of the service providers, are safeguarded. The first type of licence is a Financial Services Licence, which enables the holder of said licence to conduct incorporation services. The second type of licence is a Trust Licence, which enables the holder of said licence to provide Trust services. The third type of licence is a Composite Licence, enabling the holder of such a licence to provide both financial services and Trust services. For persons or trustee companies who do not wish to set up office in Samoa,

While Samoa's focus has historically been on international companies (ICs), the development of the Samoan Trustee Companies Act 2017 “ ( the TCA”) provides an attractive platform for clients seeking ﬂexible options for establishing offices in order to conduct business from within Samoa efficiently. The new law outlines substantive requirements setting out customer identification, verification of beneficial ownership and accounting information, as well as record-keeping in line with the most recent OECD and FATF international standards to solidify Samoa's adherence and continuing commitment to moving with the times. More importantly, the TCA is Samoa's response to the commercial needs of global

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第一类牌照是金融服务牌照，该牌照使持有人能够进行公司注册服务。第二类牌照是信托牌照，该牌照使持有人能够提供信托服务。第三类牌照是综合牌照，该牌照使持有人既能提供金融服务，又能提供信托服务。对于不希望在萨摩亚设立办公室的个人或受托公司，可根据 TCA 提供管理许可选择，其中一类许可可由一家萨摩亚本地的法律或会计师事务所签发和管理。萨摩亚有大约27 家律师事务所和 15 家会计师事务所。对于希望以合理的行政费用在萨摩亚设立信托业务的个人或受托公司来说，这一选择是理想的选择，同时还有可以提高效率和方便地开展业务的额外好处。管理许可也为那些希望为其业务提供新家的公司提供了方便，也因此可以很容易地与我们当地的专业人员联系来管理上述许可。

TCA 规定了私人信托公司的设立，只要这些公司符合适当的条件，就不受监管。萨摩亚 TCA 是通过《2017年萨摩亚受托公司法》采用 GIFC 最佳实践标准的第一部立法。采用 GIFCS 最佳实践标准，确保我们的信托业不仅努力为客户需求提供最新的解决方案，而且还接受国际标准。

萨摩亚信托：一份比较分析萨摩亚自 1988 年以来一直提供信托解决方案。2014 年《信托法》的重新制定废除了1988 年的《信托公司法》，这是萨摩亚最近采取的另一项行动，旨在为寻求其他司法管辖区的客户修订并提供最新的信托解决方案。根据《2014 年萨摩亚信托法》，信托可以是慈善信托，也可以是目的信托，更令人兴奋的是，将在本文后半部分讨论的 SISTA（萨摩亚国际特别信托安排）的概念。

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a managing licence option is available under the TCA, where a type of licence may be issued and managed by one of the local Samoan law or accountancy firms. Samoa has about twenty seven law firms and fifteen accountancy firms. This option is ideal for persons or trustee companies wishing to set up a Trust business in Samoa at a reasonable administrative cost, with the added benefit of efficiency and ease of doing business. The managing licence option is also convenient for firms who want a new home for their business, and thus may easily link with one of our local professionals to manage said licence. The TCA provides for the establishment of Private Trust Companies which are exempt from regulation, provided that they meet the appropriate conditions. The Samoan TCA is the first piece of legislation to adopt the GIFCS Standard of Best Practice through the Samoan Trustee Companies Act 2017.

The adoption of the GIFCs Standard of Best Practice ensures that our Trust industry does not only strive to provide the most up-to-date solutions for client needs, but also embraces international standards.

Samoan Trusts: A comparative analysis Samoa has provided Trust solutions since 1988. The reinvention of its Trust Act 2014, which repealed the old Trustee Companies Act 1988, is another recent move by Samoa to revise and provide up-to-date Trust solutions for clients seeking alternative jurisdictions. Under the Samoan Trusts Act 2014, trusts can be either a Charitable Trust or a Purpose Trust, and even more exciting is the concept of a SISTA (Samoa International Special Trust Arrangement) which will be dealt with in the latter part of this article. A unique aspect of Samoa’s Trust

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萨摩亚信托法的一个独特方面是，只要有适当的英文翻译，它可以是任何语言。萨摩亚信托法对外国继承规则或涉外婚姻诉讼中的索赔提供了充分的保护，这些规则和任何其他司法管辖区都一样。资产保护有一个三年的规则，因此，如果在债权人对委托人（信托的设立者）提出诉讼事由之后信托的设立和对信托的任何处分进行了三年以上，则信托及其所转让的资产不受债权人的索赔保护。萨摩亚信托的期限是非常灵活的，因为它可以无限期地持续下去，也可以持续一段固定的时间。如果它持续一个固定的时期，那么这个时期可以变长或变短，或者可以改变信托，使它无限期地持续下去。如果信任无限期地持续下去，那么它可以被更改为持续一段固定的时间。有了萨摩亚信托，收入可以在信托的整个延续过程中积累起来。对目的信托的监护人和执行人的规定与任何其他司法管辖区的规定是一样的。受托人的权力在行使某些权力时有法定的需要被遵循的责任。受托人的法定注意义务包括在信托契约中，对受益人特别有帮助和令其安心的，因为它表明了受托人必须行使的注意标准。对于萨摩亚信托，这些规定遵循英国和新加坡的规定，以及有关投资、委托、被指定人和保管人的使用、保险和受托人报酬的具体权力也一样。2014 年《萨摩亚信托法》对权力进行了广泛保留，该法与开曼群岛、迪拜、泽西岛和纳闽岛的司法管辖区提供的权利比较起来毫不逊色。此外，还规定了“规定的指示” ，即当委托人拥有保留权力时，委托人可以向受托人发出的指示。如果受托人遵守这些指示，则受保护，这是萨摩亚信托法的一个独特特点。为了确保委托人和萨摩亚信托下维持的其他人能持续控制，还有其他方法可以获得这种持续控制，即使已经有了信托。这可以采取保留权力信托的形式，或者，受托人必须为受益人持有信托财产并对其行使适当控制。

Law is that it can be in any language, provided that there is a proper English translation. The Samoan Trust Law provides sufficient protection against foreign succession rules or claims in foreign matrimonial proceedings, which are as good as in any other jurisdiction. Asset protection has a three year rule, so that if the creation of the Trust and any disposition to the Trust took place more than three years after a creditor's cause of action arose against the Settlor (the creator of the Trust), the Trust and the assets transferred to it are protected from the creditor's claim. The duration of a Samoan Trust is very ﬂexible as it can continue indefinitely or it can last for a fixed period. If it lasts for a fixed period, then this period can be made longer or shorter, or the Trust can be changed so that it continues indefinitely. If the Trust continues indefinitely, then it can be changed to last for a fixed period. With a Samoan Trust, income can be accumulated throughout the continuation of the Trust. The provisions for both a Protector and an Enforcer of a Purpose Trust are as good as in any other jurisdiction. Trustees’ powers

have a statutory duty of care to be observed in their exercise of certain powers. Statutory duty of care for trustees is included in the Trust Deed and is particularly helpful and reassuring for beneficiaries as it demonstrates the standard of care that trustees must exercise. For a Samoan Trust, these provisions follow those in the UK and Singapore, as well as specific and detailed powers concerning investment, delegation, the use of nominees and custodians, insurance and the remuneration of trustees. Wide reservation of powers is available under the Samoan Trust Act 2014 which compares well with what is provided by the jurisdictions of the Cayman Islands, Dubai, Jersey and Labuan. There is also provision for "prescribed directions", which is what a settlor can give to a trustee, when the settlor has reserved powers. The Trustee is protected if it complies with such directions, and this is a unique feature of Trust Law to Samoa. To ensure continuing control by a settlor and others sustained under a Samoan Trust, there are other ways to obtain this continuing control, even though there is a Trust. This can be in the form of a Reserved Power Trust or, alternatively, the Trustees must hold the Trust property for the Beneficiaries and exercise proper control over it. Another method is the use of a Private Trust Company (PTC) which may be owned, for example, by members of the settlor's family, by a Purpose Trust, or by a company limited by guarantee, or by a Special Purpose International Company (SPIC), which is unique to Samoa. The SPIC provisions and requirements are similar to those of

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另一种方法是使用私人信托公司（PTC），该私人信托可能由例如，委托人家庭成员、目的信托公司、担保有限公司或萨摩亚特有的特殊目的国际公司（SPIC）拥有。SPIC 的规定和要求与新加坡的类似，与任何其他管辖区的规定和要求一样。萨摩亚国际特别信托安排（SISA）类似于《维尔京群岛特别信托法》（VISTA）和《纳闽特别信托法》（LST）。SISA 的目的是允许萨摩亚信托持有萨摩亚公司的股份，而不是使其分散，并允许包括受托人以外的其他人担任公司董事，而受托人不会因此而面临风险。此外还有一个信托与有限合伙相结合的结构。这使得萨摩亚信托公司能够将有限合伙人在有限合伙企业中的权益作为一项资产持有，并允许有限合伙法要求的控制日常运营的普通合伙人（即按照有限合伙企业合伙人所占资本的比例持有有限合伙企业合伙人的资产）持有该资产，而不让受托人面临风险。萨摩亚是唯一为此立法的国家。该解决方案不局限于一个司法管辖区（如 SISTA），更确切的说有限合伙企业和任何涉及的公司可以在任何司法管辖区成立。此外，由于受托人不持有实际资产，而只是间接的权益，因此他们不能挪用任何资产。

萨摩亚基金会：一项新的创新除了过去三年重塑的信托平台外，萨摩亚还通过《2016 年萨摩亚基金法》对基金会进行了规定。改法通常被称为民法观念，萨摩亚引入了基金会，以满足寻求提供现代基金会的新的司法管辖区的不同客户日益增长的需求，并扩大其目标市场——不仅是普通法司法管辖区，而且是民法司法管辖区。萨摩亚基金会是一个拥有自己资产的注册法人实体。萨摩亚基金会的章程

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Singapore, and are as good as those of any other jurisdiction. The Samoa International Special Trust Arrangement (SISTA) is similar to the Virgin Islands Special Trusts Act (VISTA), and the Labuan Special Trust (LST). The objective of a SISTA is to permit a Samoan Trust to hold and not diversify the shares of a Samoan company and let others besides the trustees act as directors of the company, without the trustees being at risk for that reason. There is also a structure combining a Trust with a Limited Partnership. This enables a Samoan Trust to hold as an asset the interest of a Limited Partner in a Limited Partnership, and permits the General Partner, who is required by Limited Partnership Law to control day to day operations (as well as hold the assets for the partners of the Limited Partnership in the ratio in which they share the capital of the Limited Partnership) to do that, without the trustees being at risk. Samoa is unique in having legislated for this. This solution does not confine

the structure to one jurisdiction (like SISTA) but rather the Limited Partnership and any companies involved can be formed in any jurisdiction. Also, since the Trustees do not hold the actual assets but merely an indirect interest in them, they cannot misappropriate anything.

Samoan Foundations: A new innovation Additional to the Trusts platform that has been reinvented in the last three years, Samoa also provides Foundations through the Samoan Foundations Act 2016. Commonly known as a civil law concept, Samoa introduced Foundations to cater for the growing needs of different clients seeking new jurisdictions that provide modern Foundations, as well as to widen its target market — not just to common law jurisdictions, but those in civil law jurisdictions. A Samoan Foundation is a registered legal entity which owns its own assets. The Charter and Rules of a Samoan Foundation and other documents

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和规则以及与基金会有关的其他文件可以是任何语言，只要有适当的英文翻译，类似于信托的要求。必须有一个创办人将初始资产交给基金会，基金会章程可以保留创办人的权力和权利，创办人可以分配他们的利益。上述权力和权利的任何受让人都可以继续转让。萨摩亚基金会的一项强制性要求是其“宗旨”，其中可以包括受益人的利益。可以成为受益人的范围很广，有应申报的受益人，也有不须申报的受益人。前者可以获得有关基金会的信息，后者则不能。在这方面，有时会有一名监护人保护非应申报受益人的利益。作为信托的同义词，萨摩亚基金会也有类似的资产保护条款。在这方面，创办人的债权人对创办人的诉讼事由是创办人创立基金会两年多后提出的，或者创办人将资产转让给基金会的，其债权诉求不能扩大到基金会的资产。此外，也有针对外国继承规则的保护，为基金会的资产提供全面保护。

结论萨摩亚的愿景是继续修订我们的解决方案，以确保我们继续为不断变化的客户需求提供相关选择，并遵循和服从国际标准。Invest Samoa 努力成为一个明智、适当、现代、最佳和无障碍的管辖区。

relating to the Foundation can be in any language, so long as there is a proper English translation, similar to the requirements for Trusts. There must be a Founder who gives the initial assets to the Foundation, and its Charter can reserve powers and rights to the Founder who can assign their benefit. Any assignee of the said powers and rights can assign them onwards. A mandatory requirement for a Samoan Foundation is its "Purpose", which can include the benefit of persons who are beneficiaries. There is a wide scope of who can be beneficiaries, with Notifiable Beneficiaries and NonNotifiable Beneficiaries. The former can obtain information about the Foundation and the latter cannot. In this regard, there is sometimes a Guardian to protect the interests of Non-Notifiable Beneficiaries. Synonymous to Trusts, a Samoan Foundation has similar asset protection provisions. In this regard, the claim of a creditor of the Founder whose cause of action against the Founder arises more than two years after the creation of the Foundation by the Founder — or the transfer

of assets to it by the Founder — cannot extend to the assets of the Foundation. There is also protection against foreign rules of succession for giving complete protection for the assets of the Foundation.

Conclusion It is Samoa's vision to continue to revise our solutions to ensure that we continue to provide relevant options to the changing client needs, as well as to adhere and comply to international standards. Invest Samoa strives to be a sensible, appropriate, modern, optimum and accessible jurisdiction. The development of the TCA as well as continuous revision of our international finance laws demonstrates the Samoan Government's support of Invest Samoa's assured future vision in that we continue to provide the highest quality of offshore solutions to those seeking security in IFC's, through legitimate international finance solutions such as the Samoan International Company and Samoan Trustee Companies.

TCA 的发展以及我国国际金融法的不断修订表明，萨摩亚政府支持 Invest Samoa 确定的未来愿景，即我们通过合法的国际金融解决方案，如萨摩亚国际公司和萨摩亚受托公司，继续为那些寻求国际金融公司（IFC）安全性的客户提供最优质的离岸解决方案。

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个人所得税反避税条款对高净值人士的影响

The impact of Individual income tax anti-avoidance clause on high net worth individual (HNWI)

Techang Chieh

018 年个人所得税法修法，增加第八条反避税条款，分别从独立交易原则、受控外国企业、一般反避税三个方面作出规定。与修订前的个人所得税法相比，是一个全新的条款，首次提出税务机关有权进行个人所得税纳税调整，与企业所得税法中的“特别纳税调整”的概念含义基本相同，这次修法对高净值人士在做境内或跨境租税规划时，必须更加谨慎，否则事后可能会被税局认为有故意避税，而遭补税甚至罚款。个人所得税法第八条规定：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： ( 一 ) 个人与其关联方之间的业务往来不符合独立交易原则而减少本人或者其关联方应纳税额，且无正当理由 ; ( 二 ) 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 ;

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n 2018, the individual income tax law was amended to add article 8 anti-tax avoidance provisions, which are respectively made from three aspects: arm's length principle, controlled foreign corporation and general anti avoidance. Compared with the individual income tax law before, it is a new clause. For the first time, it is proposed that the tax authorities have the right to adjust the individual income tax, which is

basically the same as the concept of "special tax adjustment" in the enterprise income tax law. The high net worth individuals must be more careful when making inside China or cross-border tax planning because of this amendment, otherwise it may be considered by the tax authorities as tax avoidance deliberately, and then pay an overdue tax or even fined. Article 8 of the individual income tax law stipulates that under any of the following circumstances, the tax

偕德彰 Techang Chieh 董事长德安咨询（上海）有限公司偕德彰先生是台湾注册会计师及注册税务师，于1989年在台湾开始执行会计师及税务师行业，2001年成立德安咨询（上海）有限公司，协助台商用境外公司控股大陆公司的架构及税务规划；2006 年成立上海德安财富管理公司及德安投资（香港）有限公司，协助客户对其个人境内境外财富进行管理及传承规划；拥有30 年的境内外财税经验，造就德安财税团队能提供企业及个人客户精准、传动、无时差的财税及财富传承服务。

Mr. Techang Chieh, a certified public accountant and certified tax agent from Taiwan, began to work as an accountant and a tax accountant in Taiwan in 1989. In 2001, Dean Consulting (Shanghai) Co., Ltd. was founded by him assisting

President DEAN Consulting (Shanghai) Co., Ltd

a number of Taiwanese businessmen in structuring overseas companies to hold companies in Mainland China as well as tax planning. In 2006, Shanghai Dean Wealth Management Co., Ltd. and Dean Investment (Hong Kong) Co., Ltd. were founded to help clients in terms of domestic and overseas wealth management and succession planning. With 30-year experience in domestic and overseas finance and tax, the professional team from Dean Consulting can provide accurate, driving and time-differencefree services in finance, taxation and wealth inheritance for corporate and individual clients.

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( 三 ) 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。税务机关依照前款规定作出纳税调整，需要补征税款的，应当补征税款，并依法加收利息。我们分别加以说明如下 :

( 一 ) 独立交易原则⸺ ALP（Arm’ s Length Principle）规则 “个人与其关联方之间的业务往来不符合独立交易原则而减少本人或者其关联方应纳税额，且无正当理由”; 对该条款可以理解，不合理的关联交易定价将可能面临被反避税调查的风险。比如个人将其持有的某项资产人为做低转让价格转让给关联企业，造成个人财产转让所得的应纳税额减少，税务机关有权对其进行调整。跨境来说，境外关联方在向境内关联方收取货款、利息、服务费或技术使用费时，人为抬高价格，借此将境内的应税所得转移到境外、逃避中国境内税收。

authority shall have the right to make tax adjustments based on reasonable methods: （1） Business that is not carried out under the arm's length principle between an individual and his or her affiliated party results in the lower amount of the individual's or his or her affiliated party's taxable income, without any justifiable causes; （2） An enterprise established in a country (region) where the actual tax is obviously lower, which is controlled by a resident individual or jointly controlled by a resident individual and a resident enterprise, does not distribute profits that belong to such resident individual or distributes such profits in a smaller amount, without reasonable business needs; （3） An individual makes other arrangements, without justifiable business purposes, to seek unjustified tax benefits.

虽为关联方交易，但仍可被税法接受的情况，以股权转让为例，可参考《股权转让所得个人所得税管理办法（试行）》第 13条规定，个人股权价格偏低的可以不做调整的“正当理由”：

Where it is required to make additional tax payments due to tax adjustments made by the tax authority in accordance with the provisions of the preceding paragraph, additional tax payments due shall be made, plus the interest thereon.

（一）能出具有效文件，证明被投资企业因国家政策调整，生产经营受到重大影响，导致低价转让股权；

We will explain as follows:

（二）继承或将股权转让给其能提供具有法律效力身份关系证明的配偶、父母、子女、祖父母、外祖父母、孙子女、外孙子女、兄弟姐妹以及对转让人承担直接抚养或者赡养义务的抚养人或者赡养人；（三）相关法律、政府文件或企业章程规定，并有相关资料充分证明转让价格合理且真实的本企业员工持有的不能

（1）ALP (Arm's Length Principle) rule "Business that is not carried out under the arm's length principle between an individual and his or her affiliated party results in the lower amount of the individual's or his or her affiliated party's taxable income, without any justifiable causes"; it can be understood that the unreasonable related party transaction pricing may face the risk of being anti-tax avoidance investigated. For example, if individual transfer a certain asset held by him to a related enterprise at an artificially low transfer price, resulting in a decrease in tax amount payable on the income from the transfer of personal property, the tax authorities have the right to adjust it. For crossborder, when overseas related parties collect payment for goods, interest, service fee or royalti from domestic related parties, they artificially raise the price, so as to transfer domestic taxable income abroad and evade domestic taxes. Although it is a related party transaction, it can still be accepted by the tax law. Take the stock right transfer as an example, please refer to Article 13 of the Administrative Measures for Individual Income Tax on Incomes from Equity Transfer (Trial). If the price of individual equity is low, there is no "justifiable reason" for adjustment: （1） Effective document are provided to prove that equities are transferred at a low price because the production and management of the invested enterprise are significantly affected

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对外转让股权的内部转让；（四）股权转让双方能够提供有效证据证明其合理性的其他合理情形。

( 二 ) 受控外国企业规则⸺ CFC(Controlled Foreign Corporation) 规则 “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”; 要想理解本条中国税法，需要弄清楚以下两个概念：第一、什么是控制？所称控制是指： · 居民个人、居民企业直接或者间接单一持有外国企业 10% 以上有表决权股份，且由其共同持有该外国企业 50% 以上股份； · 居民个人、居民企业持股比例未达到第一项规定的标准，但在股份、资金、经营、购销等方面对该外国企业构成实质控制。第二、什么是实际税负明显偏低？是指实际税负低于《中华人民共和国企业所得税法》规定的税率的50%。根据中华人民共和国主席令2007年第 63 号中华人民共和国企业所得税法：第四条企业所得税的税率为25%，本条所指实际税负低于《中华人民共和国企业所得税法》规定的税率的50%，即指 12.5% 及以下。很多避税天堂税负都低于12.5%，比如：维尔京群岛、英属泽西群岛、百慕大群岛、瑙鲁、巴拿马、卢森堡。该条款与 CRS 信息交换是精准打击以往境外避税安排的强强组合拳。举例来说，中国税务居民个人 A 在 BVI 设立一家离岸公司用于经营投资，离岸公司持有若干金融账户。以往，中国税务机关很难掌握 A 的离岸公司信息，特别情况下也只能通过国际情报交换的方式，程序复杂、耗时较长。现在及未来，CRS

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due to the adjustment of the policy of the State; （2）The equities are inherited by or transferred to the spouse, parents, children, grandparents, grandchildren, siblings and the person assuming the obligation to provide direct support to the transferor as proven by the legally effective personal status relationship certificates; （3） As stipulated in relevant laws, government documents or the articles of association and fully proven by relevant materials, with the internal transfer of the equities which are held by employees of the enterprise and may not be transferred to external parties, the transfer price is reasonable and true; and （4） Other reasonable circumstances which may be justified by valid evidence provided by the transferor and the transferee.

（2） Controlled foreign corporation rules "An enterprise established in a country (region) where the actual tax is obviously lower, which is controlled by a resident individual or jointly controlled by a resident individual and a resident enterprise, does not distribute profits that belong to such resident individual or distributes such profits in a smaller amount, without reasonable business needs"; to understand this Chinese tax law article, we need to make clear the following two concepts: first, what is control? The control here means: · The resident individual or resident

enterprise directly or indirectly holds more than 10% of the voting shares of the foreign enterprise, and they jointly hold more than 50% of the shares of the foreign enterprise; · The shareholding ratio of individual residents and resident enterprises does not meet the standards specified in the first paragraph, but possess substantial control on the foreign enterprise in terms of shares, capital, operation, purchase and sale, etc. Second, what is the obvious low actual tax? It means that the actual tax is lower than 50% of the tax rate stipulated in the Enterprise Income Tax Law of P. R. C. According to the order of president of P.R.C No. 63 enterprise income tax law of the P.R.C in 2007: Article 4 the enterprise income tax rate shall be 25%, and the actual tax referred to in this article is lower than 50% of the tax rate stipulated in the enterprise income tax law of the P.R.C, that is, 12.5% and below. Many tax havens, such as the Virgin Islands, the British Jersey, Bermuda, Nauru, Panama and Luxembourg, have a tax burden of less than 12.5%. This clause and CRS information exchange is a powerful combination to crack down on previous overseas tax avoidance arrangements. For example, individual A, a tax resident of

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实施后，离岸公司的涉税信息被交换进来，新个税又补上了这个 CFC 反避税条款， BVI 显然就是属于实际税负明显偏低的国家，中国税务机关可以以受控关联公司的名义将没有商业实质的 BVI 公司取得的利润视同个人直接取得而征个人所得税，这无疑大大促进了税务机关反避税工作的推进。

( 三 ) 一般反避税规则⸺ GAAR (General Anti Avoidance Rule) 规则 “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。” 这是一个兜底条款，建立了个人所得税管理的最终屏障，为我国后期不断完善个人所得税反避税体系提供了制度性保障。一般反避税条款用以弥补特别反避税条款的不足，有利于增强税法的威慑力。面对各种各样新的避税手法，必须有相应的应对措施。一般反避税条款规定对不具有合理商业目的的安排进行调整，是指税务机关有权对以减少、免除或者推迟缴纳税款为主要目的的安排进行调整。不具有合理商业目的的安排通常具有以下特征：一是必须存在一个安排，即人为规划的一个或一系列行动或交易 ; 二是企业必须从该安排中获取“税收利益”，即减少企业的应纳税收入或者所得额 ; 三是企业获取税收利益是其安排的主要目的。满足以上三个特征，可推断该安排已经构成了避税事实。

结论 : 实质重于形式是当前境内境外税务环境不可改变的趋势。在 CRS 下的首次信息交换之前（2018 年 9月），中国个人所得税法迅速完成修订与实施，两项重磅税务监管实施组合出击，必定会给高净值人群在税务方面带来深远影响。

China, has set up an offshore company in BVI for operating investment, and the offshore company holds several financial accounts. In the past, it was very difficult for Chinese tax authorities to grasp the information of A's offshore company, in particular situation, they could only through exchanging international information, which was complicated and timeconsuming. Now and in the future, after the implementation of CRS, the tax related information of offshore companies will be exchanged, and the new individual tax levying has already been supplemented with the CFC anti avoidance clause. BVI is obviously a country with a significantly lower actual tax. In the name of controlled related companies, Chinese tax authorities can treat the profits of BVI companies which is no commercial substance as directly obtained by individuals and levy individual income tax, which is undoubtedly greatly to promote the anti-tax avoidance work.

（3） General anti avoidance rule "An individual makes other arrangements, without justifiable business purposes, to seek unjustified tax benefits." This is a save clause, which sets up the final barrier of individual income tax management, and provides institutional guarantee for the continuous improvement of the individual income tax anti-tax avoidance system in the future. The general anti-avoidance clause is used to make up for the deficiency of the special anti-avoidance clause, which is helpful to enhance the deterrence

of tax law. Facing all kinds of new tax avoidance methods, we must have corresponding solutions. The general anti avoidance provisions regulate to adjust the arrangements that have no reasonable business purpose, which means that the tax authorities have the right to adjust the arrangements with the main purpose of reducing, exempting or delaying the payment of tax. Arrangements that do not have a reasonable business purpose usually have the following characteristics: First, there must be an arrangement, that is, a planned action or a series of transactions; Second, the enterprise must obtain "tax benefits" from this arrangement, that is, to reduce the taxable income or amount of income; Third, the main purpose of the arrangement is to obtain tax benefits. The arrangement met the above three characteristics, it can be inferred that this arrangement has constituted a tax avoidance fact.

Conclusion: The substance over form is an unmodifiable trend for current home and abroad tax environment. Before the first information exchange under CRS (September 2018), China has completed the revision and implementation of the individual income tax law partially. The combination of two blockbuster tax regulations will surely have a profound impact on the tax of high net worth individuals.

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Member Contribution

境外人士在华不动产遗嘱继承案例分析

Cases analysis of testamentary succession of foreigners' real estate in China

一

、跨境遗嘱继承背景分析

在中国高净值人群全球化配置资产的同时，不少境外高净值人士在华购买不动产，有些境外高净值人士在华生活数年之后，最终落叶归根回国生活，有些仅仅是作为投资在华购置房产，这些人在本国立下遗嘱处理安排自己名下财产，自然也包含在中国的不动产，身故之后，自然面对境外所立遗嘱在中国继承不动产的事宜，以上情形也多发于华人在移民之后自己名下房产仍然留在中国，但本人及家人已经变更国籍且在国外生活，在境外设立遗嘱安排。本律师团队处理的涉外继承案件大多

一

、Background analysis of cross-border testamentary succession

When the Chinese high-net-worth individuals allocate the asset globally, many foreign high-net-worth individuals purchase real estate in China. After living in China for several years, some foreign high-net-worth individuals finally return home. Some of them only purchase real estate as investment. These people will process and arrange their own property under their own wills in their country, which naturally includes real estate in China. Therefore, they will face the wills made overseas inherit real

高明月 Gao Mingyue Partner 合伙人北京观韬中茂（上海） Beijing Guantao (Shanghai) Law Firm 律师事务所高明月律师常年致力于家事法、信托法、慈善法等领域理论研究和业务实践。他执业 12年，其团队已经办数百起专业、疑难、跨界的家事和财富传承的项目和案件；现服务国内多家银行、保险、信托等金融机构，并为国内外上百位知名企业家提供专业与定制化的家族财富保护与传承综合法律服务。\

Mingyue Gao is committed to theoretical research and business practice in the fields of family law, trust

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law, and charity law. He has practiced for 12 years, during which time his team has handled professional, difficult, cross-border family and wealth inheritance projects and cases. He currently offers his services to many domestic banks, insurance firms, trusts and other financial institutions, and provides comprehensive legal services for customized family wealth protection and inheritance for hundreds of famous entrepreneurs at home and abroad.

Gao Mingyue

estate in China. The situation above is also more likely happen to when the Chinese people's property is still in China after immigration, but the Chinese people and their family have changed their nationality and live abroad, also make a will abroad. Most of the foreign-related inheritance cases handled by our team are complex and diversified, which can be summarized into two categories: the legal inheritance and the testamentary succession of foreign national's property in China / the legal inheritance and the testamentary succession of Chinese national's overseas property. It involves jurisdiction, determination of the validity of the cross-border wills, application of law to the cross-border inheritance and so on. In specific case, it is full of various uncertain factors, and the content is numerous and jumbled, but because of limited space, this article brieﬂy discusses the testamentary succession of foreigners' real estate in China in some crossborder inheritance cases.

二、Inheritance cases and focus of foreigners' real estate in China There are many Inheritance cases of foreigners' Real Estate in China. Considering that there are two ways of inheritance in China: notarization of inheritance succession, and bringing

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复杂，且情形多样化，概括为两类：外籍人士在中国财产的法定继承及遗嘱继承 / 中国籍人士在境外财产的法定继承及遗嘱继承。其中涉及管辖问题、跨境遗嘱的效力认定、跨境继承的法律适用等等，且在具体案例中又充满了各式各样的不确定因素，内容庞杂，但限于篇幅有限，本文简单与大家探讨一些跨境继承案件中境外人士在华不动产的遗嘱继承。

二、境外人士在华不动产继承案例及焦点境外人士在华不动产继承案例有很多，考虑到在中国继承的两种方式：继承公证，及向法院提起继承诉讼，且为保护当事人隐私，我们仅列出下面两个典型案例案例一：通过公证处做继承公证德国人 Peter 在 2009年在中国工作期间

an inheritance lawsuit to the court, and in order to protect the privacy of the clients, we only list the following two typical cases Case 1: notarization of inheritance succession through notary office Peter, a German, met his wife Zhao Hua while he was working in China in 2009, and then married in 2010. They purchased one real estate in Shanghai in 2012, registered under the name of Zhao Hua. In 2013, they had a son. After Ms. Zhao acquired German nationality in 2016, they moved to Germany to live. In 2018, Ms. Zhao died of a serious illness. Before her death, Ms. Zhao made a will in Germany to leave all the property under her name to his son.

Peter came to China with his wife's will to find a lawyer to solve the real estate inheritance problem after handling the German property, and finally obtained the inheritance notarial certificate at the notary office. Case 2: filing a lawsuit for a testamentary succession dispute through the court Frank, a Singaporean citizen, has his wife, Ms. Chen, and children in Singapore, and has an illegitimate child Wang in China. Frank died in Singapore in 2011. After Frank died, his illegitimate child, Wang, sued his wife Ms. Chen to the court for inheritance disputes, request to inherit the real estate in Shanghai which is under Frank and Chen's name. Ms. Chen provided proof to the court

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与其妻子赵桦结识，后于2010 年结婚，双方在 2012 年在上海购置不动产一套，登记在赵桦一人名下，2013 年双方生育一子，赵女士在 2016 年取得德国国籍之后，一家三口搬至德国生活，2018 年赵女士身患重病去世，在去世前赵女士在德国设立遗嘱，将自己名下所有财产留给自己的儿子所有。Peter 在处理完毕德国财产之后，拿着妻子的遗嘱来到中国找到律师来解决房产继承问题，最终在公证处获取继承公证书。案例二：通过法院提起遗嘱继承纠纷诉讼新加坡公民 Frank，在新加坡有妻子陈某及子女，在中国境内有非婚生子女王某。Frank2011 年在新加坡去世，Frank 去世后其非婚生子女王某将其妻子陈某以继承纠纷为由诉至法院，要求继承登记于 Frank 及陈某名下位于中国上海市的房产，陈某向法院举证 Frank 于 2001年在新加坡立有遗嘱，遗嘱内容为 Frank 将其全部遗产留给其妻陈某及新加坡的子女，并相应提供了经过公证的新加坡律师的法律意见书、新加坡法院遗嘱认证事项的尽职调查。中国法院对上述证据的效力予以确认，涉讼房屋依据遗嘱继承，但因考虑到 Frank 对王某所尽抚养义务较少，且遗嘱中未保留遗产份额，酌情判决王某得15万元的遗产份额。上述两个案件最核心的问题如下： 1、外籍人士在境外所立遗嘱在华效力问题； 2、外籍人士在华遗嘱继承不动产的法律适用。

三、律师分析（一）法律适用《中华人民共和国涉外民事关系法律适用法》

The core issues of the two cases are as follows: 1. The validity of wills made by foreigners abroad in China; 2. the applicable law to the testamentary succession of real estate of foreigners in China.

三、Lawyer analysis （一）Application of law

第四条

that Frank made a will in Singapore in 2001, which said that Frank left all of his inheritance to his wife Ms. Chen and the children in Singapore, and also provided the notarized legal opinions by Singapore lawyers and due diligence on Singapore court's probate matters. The Chinese Court confirmed the validity of the evidence above. The house involved in this case was inherited according to the will. However, considering that Frank had less obligation to bring up Wang, and there is no heritage in the will to give to Wang, the court awarded Wang 150000 yuan according to the circumstances.

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The Law of the Application of Law for Foreign-related Civil Relations of the People's Republic of China Article 4 If there are mandatory provisions on foreign-related civil relations in the laws of the People's Republic of China, these mandatory provisions shall directly apply. Article 10 Foreign laws applicable to foreign-related civil relations shall be ascertained by the people's court, arbitral authority or administrative organ. If any party chooses the applicable foreign laws, he shall provide the laws of this country. If foreign laws cannot be ascertained or there are no provisions in the laws of this country, the laws of the People's Republic of China shall apply. Article 11 The laws at the habitual residence shall apply to the civil rights capacities of a natural person. Article 12 The laws at the habitual residence shall apply to the civil acts capacities of a natural person.

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Where a natural person conducting civil activities is determined as incompetent for civil acts in accordance with the laws at the habitual residence but is determined as competent for civil acts in accordance with the laws at the locality of the acts, the laws at the locality of the acts shall apply unless they are related to marriage, family or inheritance.

中华人民共和国法律对涉外民事关系有强制性规定的，直接适用该强制性规定。第十条涉外民事关系适用的外国法律，由人民法院、仲裁机构或者行政机关查明。当事人选择适用外国法律的，应当提供该国法律。不能查明外国法律或者该国法律没有规定的，适用中华人民共和国法律。第十一条自然人的民事权利能力，适用经常居所地法律。

Article 24 As for the property relation between husband and wife, the parties concerned may choose the applicable laws at the habitual residence, of the state of nationality or at the locality of the main properties of one party by agreement. If the parties do not choose, the laws at the mutual habitual residence shall apply; if there is no mutual habitual residence, the laws of the mutual state of nationality shall apply. Article 32 A testament shall be confirmed as valid if its form conforms to the laws at the habitual residence, of the state of nationality or at the

locality of the testamentary acts when the testament is made or at the time of death of the testator. Article 33 The laws at the habitual residence or of the state of nationality when the testament is made or at the time of death of the testator shall apply to the validity of a testament. Interpretation of the Supreme People's Court on Several Issues concerning applying to The Law of the Application of Law for Foreign-related Civil Relations of the People's Republic of China (1) In any of the following circumstances, involving the public interest of the s Republic of China, the parties People’ cannot be excluded by convention, and apply directly to the laws on foreign-related civil relations without guide from conﬂict rules, provisions of administrative regulations, the people's court shall recognize them as mandatory provisions under Article 4 of The Law of the Application of Law for Foreign-related Civil Relations:

第十二条自然人的民事行为能力，适用经常居所地法律。自然人从事民事活动，依照经常居所地法律为无民事行为能力，依照行为地法律为有民事行为能力的，适用行为地法律，但涉及婚姻家庭、继承的除外。第二十四条夫妻财产关系，当事人可以协议选择适用一方当事人经常居所地法律、国籍国法律或者主要财产所在地法律。当事人没有选择的，适用共同经常居所地法

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律；没有共同经常居所地的，适用共同国籍国法律第三十二条遗嘱方式，符合遗嘱人立遗嘱时或者死亡时经常居所地法律、国籍国法律或者遗嘱行为地法律的，遗嘱均为成立。第三十三条遗嘱效力，适用遗嘱人立遗嘱时或者死亡时经常居所地法律或者国籍国法律。《最高人民法院关于适用〈中华人民共和国涉外民事关系法律适用法〉若干问题的解释 ( 一 )》第十条有下列情形之一，涉及中华人民共和国社会公共利益、当事人不能通过约定排除适用、无需通过冲突规范指引而直接适用于涉外民事关系的法律、行政法规的规定，人民法院应当认定为涉外民事关系法律适用法第四条规定的强制性规定 : （一）涉及劳动者权益保护的；（二）涉及食品或公共卫生安全的；（三）涉及环境安全的；（四）涉及外汇管制等金融安全的；（五）涉及反垄断、反倾销的；（六）应当认定为强制性规定的其他情形。（二）律师简析 1、遗嘱效力认定无论是通过公证处还是法院来完成继承事宜，被继承人在境外设立的遗嘱，在中国是否有效，是继承人、公证员、法官所要面对的首要问题。遗嘱的效力，指遗嘱人设立的遗嘱所发生的法律后果。遗嘱作为一种单方民事法律行为，虽然只要有遗嘱人单独的意思表示就可以成立，但只有具备法律规定的条件，才能有效地发生法律效力。各个国家和地区法律都在遗嘱继承中

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（1） Involving the protection of laborers' rights; （2） Involving food or public health safety; （3） Involving environmental safety; （4） Involving financial security such as foreign exchange control; （5） Involving anti-monopoly and anti-dumping; （6）Other circumstances that

should be recognized as mandatory provisions. （二）Lawyer brief analysis 1、Determination of the validity of a will Whether it is through the notary office or the court to complete the inheritance matters, if the will established by the decedent abroad

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对设立遗嘱及遗嘱本身规定了一些条件。主要的有效要素包括立遗嘱人的行为能力 / 立遗嘱人的意思表示 / 涉及财产的确定性 / 遗嘱形式合法。因此，一个遗嘱是否合法有效，要看多方面的条件是否符合法律的规定，那么在境外所立遗嘱效力在中国进行确认所参照的法律一定是中国继承法及相关法律吗，答案是否定的。

2、法律适用及法律查明根据上述所列法条可知，涉外遗嘱继承案件中立遗嘱人的权利能力和行为能力的判断，适用立遗嘱人的经常居所地法律；遗嘱方式，则只要符合立遗嘱人立遗嘱时或者死亡时经常居所地法律、国籍国法律或者遗嘱行为地法律的，遗嘱均为成立，这个规定给出的范围还是比较宽泛的，只要符合四个关联地中任何一个关联地法律即可；遗嘱效力，适用立遗嘱时或死亡时经常居所地法律，国籍国法律或遗嘱行为地法律均成立。因此在一个遗嘱继承案件中，律师要调查清楚立遗嘱人死亡地、立遗嘱人立遗嘱地、去世之前的经常居住地、生活地，看似简单的“对号入座”，在实践中却没有那么简单，有些立遗嘱人去世前并无固定居住国家，而是集中生活在三、四个国家，每个国家生活一段时间，只能通过收集立遗嘱人的家庭、房产所在地，社会关系、投资关系所在地等等综合因素来判断。结合以上种种因素判断出适用哪个国家或地区的法律之后，就涉及国外准据法的查明，主要查明途径有依职权查明和当事人提供两种方式，篇幅有限，不再赘述。遗嘱继承案件涉及家庭关系、财产关系，本就复杂多样，尤其是参杂涉外因素，在证据收集、立案、法律适用、法律查明上面都会使案件本身都更加困难，但借助专业团队，抽丝剥茧，终会顺利解决。

is valid or not in China is the primary problem that the successor, notary and judge should face. The validity of a will refers to the legal consequences of a will established by the testator. As a unilateral civil legal act, a will can be established as long as the testator expresses his own will, but only if it has the conditions prescribed by law can it have legal force effectively. Every countries and regions stipulate in the law some conditions for the establishment of wills and wills themselves. The main effective factors include the disposing capacity of the testator / the declaration of will of the testator / the certainty of the property involved / the legality of the form of will. Therefore, whether a will is legal and valid depends on whether various conditions meet the requirements of the law. Then, is the law used to confirm the validity of a will made abroad necessarily the Chinese inheritance law and relevant laws? The answer is No. 2、Application and identification of laws According to the articles of law mentioned above, the judgment of rights capacity and disposing capacity of the testator in the case of foreign testamentary succession shall apply to the law of the testator's habitual residence. If the form of will meets the law of the testator's habitual residence, the law of the country of nationality or the law of the place of the testamentary act at the time of the testator's will making or death, the will is established, This rule's scope is

relatively broad, as long as it complies with the law of any of the four related places; the validity of a will shall apply to the law of the place of habitual residence at the time of making a will or death, and the law of the country of nationality or the law of the place where the will is made. Therefore, in a case of testamentary succession, a lawyer should make clear the place where the testator died, where the testator made his will, his habitual residence before his death. It seems like a simple "sit in the right seat", but in practice it is not so simple. Some testators do not live in a fixed country before their death, but live in three or four countries, and live in each country for a period of time, only can be judged by collecting the comprehensive factors such as the testator's family, the location of the real estate, the social relationship, the location of the investment relationship and so on. After figuring out the applicable law by combining with the above factors, it will involve the identification of foreign applicable law. The main ways to identify are two ways which are find out by the authority and the parties to provide. The space is limited and will not say more here. Testamentary succession cases involve family relations and property relations, which are complex and diverse in nature, especially involving foreign factors. It will be more difficult in collecting evidence, filing a case, application and identification of laws. However, with the help from professional teams, it will be solved smoothly.

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

Member Contribution

观点 | OPINION CHINA OFFSHORE

魅力新加坡生活后花园 ——2020 全球移民新风向

Charming Singapore Back Garden for Living ——New trend of global immigration in 2020

近

几年，在资产配置全球化趋势下，越来越多高净值人士意识到海外身份规划及建立海外家园的重要性。高净值人士进行资产配置已从单纯的关注财富规划、税务规划等，转移到关注身份规划、营造海外生活后花园上来。高净值人士依然以母国为第一居住地和事业的发展地，但出于投资、教育、健康、养老、度假、医疗等方面的考虑而打造自己海外生活后花园，这个海外后花园是与随着经济全球化、投资者国际事业的增强以及身份规划相匹配的一个海外家园，并且海外后花园的特点可能不限一个，基于不同理由可能有不同选择。因此，2020 年， “积极配置海外身份，打造人生后花园”成为移民投资的重要趋势。在全球传统移民大国都在收紧移民政策的今天，新加坡因福布斯亚洲发布了《新加坡50 大富豪榜（2019）》，海底捞老板张勇以138 亿美元（折合约 1000 亿 RMB）身家登上榜首而备受关注。新加

| 10th Annual

Gao Mingyue

n recent years, with the trend of asset allocation globalization, more and more high net worth individuals realize the importance of overseas status planning and building overseas homeworld. HNWI's asset allocation has shifted from simply focusing on wealth planning and tax planning to focusing on status planning and building a back garden for overseas life. The home country is still the first place for HNWIs to live and develop their businesses, but

戴和芳 Dai Hefang 总经理金翼集团

戴和芳 , 金翼集团总经理 , 从事投资移民及海外投资行业十五年的行业经历，帮助上万个高净值财富家庭获得海外身份及完成4.5亿美元的海外投资，服务过4万多个高净值客户的海外移民及投资咨询。在投资移民及海外身份规划，税务居民筹划及海外地产投资，金融投资方面有独到的见解 , 同时是国内和香港首批接触 CRS 的专业人士，有四年多 CRS 研究经验 , 目前为国内多家财富机构和家族办公室提供相关专业技术支持。

Dai Hefang, General Manager of Gold Wing Group, has been engaged in investment immigration and overseas investment for fifteen years, helped tens of thousands of net worth wealth

General Manager Gold Wing Group

families to gain overseas status and complete overseas investment of 450 million US dollars, provided overseas immigration and investment consultation services for more than 40000 net worth wealth customers. Dai has insightful view in investment immigration and overseas status planning, tax resident planning, overseas real estate investment and financial investment. At the same time, Dai is one of the first professionals in accessing to CRS in China and Hong Kong, with more than four years of CRS research experience. Now, Dai is providing relevant professional technical support for many domestic wealth institutions and family offices.

观点 | OPINION CHINA OFFSHORE

坡为何逆势而上，出现移民政策放松迹象？新加坡又因何备受高净值人士青睐？大家不妨跟随小金一起了解下。

为什么新加坡移民政策有放松的迹象？新加坡在 2019 世界生育率排名为全球倒数第四，而且是近20 年来持续下跌，没有任何缓和的趋势。与此同时，人口老龄化的问题也愈发严重，预计到 2050 年，新加坡的人口的平均年龄将高达53 岁，排名世界第五。新加坡在 2019 年首次打败美国成为全球最具竞争力经济体，其突出的得分项为：先进的科技基础建设、熟练的技术劳动力储备、优惠的移民条例以及高效的创业模式。大家都知道人口数量对社会稳定和经济发展是有决定性影响的，要维持经济的可持续发展，和人们优质的生活水平，人才储备、劳动力储备是重中之重，不可或缺的。新加坡政府当然也意识到了这一点，正因为有巨大的人才缺口，所以才有政要在各种公开渠道官宣新加坡的百万人口计划，截至 2030 年新加坡要引进 100万人的外来人口，用以维持经济的可持续发展和对抗老龄化社会给经济和社会稳定带来的负面影响。

新加坡因何备受高净值人士青睐？中国于2015 年 12 月17日加入 CRS 协定，承诺成为第二批实施 CRS 的国家（地区），国税总局已经正式发布《非居民金融账户涉税信息尽职调查管理办法》的公告，并于2018 年 9月进行第一次信息交换。CRS 条例签署国，需要将所在国司法管辖区内的非税务居民的金融账户信息交换给该居民的所属国。

CRS 征税时代已经到来，不用逃避，不用害怕，选择新加坡正确应对。

for investment, education, health, pension, vacation, medical and other reasons, they build their own overseas living garden. This overseas garden is an overseas home that matches with the economic globalization, Enhancement of investors' international business and status planning, and for the characteristics of the overseas garden, there may be no limit to one, and there may be different choices based on different reasons. Therefore, in 2020, "actively allocate overseas identity and build a garden for life" becomes an important trend of investment immigration. Today, the world's traditional immigration powers are tightening their immigration policies. Singapore has attracted much attention because Forbes Asia released the Singapore's 50 rich list (2019). Zhang Yong, the owner of Hai Di Lao, topped the list with USD13.8 billion (around 100billion RMB). Why does Singapore go against

200 201 202 203 204 205 206 207 208 209

the trend and show signs of easing its immigration policy? Why is Singapore favored by HNWIs? You may as well follow Xiao Jin to take a look.

Why is Singapore's immigration policy showing signs of easing? Singapore ranks the fourth lowest fertility rate in the world in 2019, and it has been declining for nearly 20 years without any easing trend. At the same time, the aging of population problem is becoming more and more serious. It is estimated that by 2050, the average age of Singapore's population will be 53 years old, ranking fifth in the world. Singapore beat the United States to become the world's most competitive economy for the first time in 2019. Its outstanding scoring points are: advanced technology infrastructure, skilled labor reserves, preferential immigration regulations and efficient entrepreneurial model. We all know

圣马力诺 San Marino 西班牙 Spain

摩尔多瓦 Moldova

中国台湾 China, Republic of (Taiwan) 中国香港 Hong Kong (China) 波多黎各 Puerto Rico (US) 新加坡 Singapore 安道尔 Andorra

韩国 Korea, South

中国澳门 Macau (China)

1.3 1.3 1.2 1.1 1.1 1.1 1.1 1.0 1.0 0.9

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观点 | OPINION CHINA OFFSHORE

顺位 Ranking

2030 年预期 2030prospection

年龄（岁） age

2050 年预期 2050prospection

年龄（岁） age

1位

日本 Japan

51.5

其他地区 other area

56.2

2位

意大利 Italy

3位

葡萄牙 Portugal

4位

50.2

西班牙 Spain

5位

50.1

希腊 Greece

6位

48.9

德国 Germany

7位

其他地区 other area

8位

48.6

斯洛文尼亚 Slovenia

10 位

韩国 Korea

1、新加坡以低税闻名，被誉为“东方瑞士” 。 2、新加坡企业最主要的税收就是利得税，税率非常低。公司注册头三年，营业额低于10万新币免税。 3、新加坡是非全球征税国家，无资产增值税、资本利得税、欧盟储蓄税，无遗产税。 4、新加坡整体政局稳定，无动荡的政治环境及金融体制。 5、选择投资新加坡，最快 3个月即可获得 EP/SP 准证，即可申请成为新加坡税务居民，不受 CRS 条例的管制。合理实现海外资产的优化配置，保护好您的财富。税务天堂全球税收最低的发达国家之一，税种少税率低，无资本税、分红税、遗产税，全球资产配置的理想地。金融中心全球第四大外汇交易中心，不仅在国际金融和贸易方面拥有领先地位，在资产及财富管理方面同样是佼佼者。

50.8

| 10th Annual

48.1 48.1 47.5

韩国 Korea

日本 Japan

波黑 Bosnia and Herzegovina 新加坡 Singapore 葡萄牙 Portugal 希腊 Greece 古巴 Cuba

波兰 Poland

53.9 53.3 53.2 53 52.5 52.3 51.9 51.8

that population has a decisive impact on social stability and economic development. To maintain sustainable economic development and people's quality of life, talent reserve and labor reserve are the most important and indispensable. The Singaporean government is also aware of this. It is precisely because of the huge talent gap that Politicians have declared Singapore's million population plan in various public channels. As of 2030, Singapore will introduce 1 million migrants to maintain the sustainable development of the economy and to combat the negative impact of aging society on economic and social stability.

CRS. The State Administration of Taxation has officially issued the announcement of the administrative measures for tax related information due diligence of non-resident financial accounts, and conducted the first information exchange in September 2018. The signatory country of CRS regulation needs to exchange the financial account information of the non-resident in the jurisdiction of the host country to the country of the resident.

Why is Singapore favored by HNWIs?

1. Singapore is famous for its low tax and is known as "Oriental Switzerland". 2. The main tax of Singapore enterprises is profit tax, with very low tax rate. In the first three years of the company's formation, the turnover

China joined the CRS agreement on December 17, 2015, promising to become the second batch of countries (regions) implementing

The CRS taxation era has come. Do not evade or be afraid. We should choose Singapore to deal with it correctly.

观点 | OPINION CHINA OFFSHORE

花园城市全球知名花园城市，干净整洁，治安良好，气候宜人，无国内无时差，非常适合居住与生活。精英教育优质教育体制备受认可，独具特色的双语教育，剑桥体系的教育系统，全球名校的“黄金跳板” 。全球通行护照免签 / 落地签 190 个国家和地区，包括美国、中国和欧洲大部分国家，相当于 “国际通行证” 。医疗福利医疗水平亚洲最佳、全球第六，拥有发达的医疗设施和各类型的医疗机构，确保为每个人提供最佳医疗服务。

新加坡移民的几种方式 1．技术移民 2．投资移民 3．留学移民 4．创业移民 5．结婚移民 6．专才引进移民

is less than SGD 100000, it will be tax free. 3. Singapore is a non global tax country, without Capital Gain Tax, tax on capital profit, EU savings tax and inheritance tax. 4. Singapore's political situation is stable and there is no turbulent political environment and financial system. 5. if you choose to invest in Singapore, you can obtain the EP / SP permit as soon as 3 months, and you can apply to become a tax resident of Singapore, which is not subject to the CRS regulations. Optimize the allocation of overseas assets and protect your wealth.

exchange trading center is not only a leader in international finance and trade, but also a leader in asset and wealth management.

Tax heaven One of the developed countries with the lowest tax in the world, less tax categories, low tax rate, no capital tax, dividend tax, heritage tax, ideal for global asset allocation.

Global access 190 countries and regions, including the United States, China and most of Europe, are visa-free / landing visa, which is equivalent to "international passport".

Financial center The world's fourth largest foreign

Medical benefits The medical level is the best in Asia and the sixth in the world. It has developed medical facilities and various types of medical institutions to ensure the best medical services for everyone.

Garden city World famous garden city, clean and tidy, good security, pleasant climate, no time difference with China, very suitable for living. Elite education The high-quality education system is highly recognized, with unique bilingual education, the education system of the Cambridge system which is a golden springboard for the world's top universities

Several ways of Singapore immigration 1. Skilled immigration 2. Investment immigration 3. Education immigration 4. Entrepreneurial immigration 5. Marriage immigration 6. Specialist immigration

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上海自贸区一站式企业事务服务平台 ——高效便捷的“一键通”

One stop enterprise affairs service platform in Shanghai Free Trade Zone - efficient and convenient "e-Touch"

013 年9月29日中国（上海）自由贸易试验区正式成立，面积 28.78 平方公里。涵盖上海市外高桥保税区、外高桥保税物流园区、洋山保税港区和上海浦东机场综合保税区等 4个海关特殊监管区域。2014 年 12 月 28 日中国（上海）自由贸易试验区面积扩展至 120.72平方公里，新增片区金桥出口加工区、张江高科技园区和陆家嘴金融贸易区，涵盖 7个区域。

“一键通”企业事务服务平台及线下体验中心正式上线、运营为了积极响应李克强总理“大众创业、万众创新”的号召，上海外联发商务咨询有限公司致力于协助各地投资者进行远程网上办理企业设立、工商登记信息变更及税务等在线操作，运用“互联网 +”的运营模式，自主开发并在 2014 年9月上线了“一键通”企业事务服务平台。2016 年11月11日基于线下体验的“一键通企业服务中心”正式对外营业，同时满足投资者线上、线下的咨询及事务办理。

“一键通”企业事务服务平台优势 1. 全程指导、实时咨询多种咨询方式，让投资者随时可以咨询相关业务办理内容。 2. 全程在线、远程办理平台用户注册、支付、合同签约均全程

| 10th Annual

n September 29, 2013, China (Shanghai) pilot free trade zone was officially established, covering an area of 28.78 square kilometers. It covers four customs special supervision areas including Shanghai Waigaoqiao Free Trade Zone, Waigaoqiao Free Trade

Logistics Park, Yangshan Free Trade Port Zone and Shanghai Pudong Airport comprehensive Bonded zone. On December 28, 2014, the area of China (Shanghai) pilot free trade zone was expanded to 120.72 square kilometers, including Jinqiao Export Processing Zone, Zhangjiang High-Tech Park and Lujiazui finance and trade zone, covering 7 regions.

章月琼 Jannie Zhang 营运企划部总监上海外联发商务咨询有限公司丰富的园区招商引资从业经验，熟悉开发区运营管理模式和招商引资政策；深度参与自贸区建设，了解自贸区创新政策，开拓实践招商引资新模式、新渠道、新案例，为投资企业落户和运营提供全方位的商务咨询服务；熟悉外汇管理制度和资本出入境政策，搭建美元和人民币基金合规出入境方式，为中国资本“走出去”海外并购，为国内新兴产业海外上市，为集团企业“一带一路”国际布局，提供一站式服务；完成出境项目案例300多个，累计出境中方投资额200多亿美金。

Rich experience in inviting investment for the park, familiar with the operation management mode and the policies for inviting outside investment for the development zone; deeply involved in the construction of the free trade zone, understand the innovation

Director of Operation & Marketing Department Shanghai UDC Business Consulting Co., Ltd.

policies of the free trade zone, develop and practice new investment inviting modes, channels and cases, provide comprehensive business consulting services for the settlement and operation of investment enterprises; familiar with the foreign exchange management system and capital in and out policies, and build the compliance in and out method for USD and RMB fund, which provides a one-stop service for Chinese capital "Go out" for the overseas merger and acquisition, domestic emerging industry go for overseas listing and the groups' "one belt and one way" international layout. More than 300 cases of outbound projects have been completed, and the total amount of Chinese investment is more than 20 billion dollars.

观点 | OPINION CHINA OFFSHORE

在线完成，为投资者节省了签约及支付时间。

3. 专业团队、专业服务平台拥有一支经验丰富发客服团队，为投资者进行一对一的针对性服务，自上线至今服务订单数合计7000+，注册会员数达到14000+，2018年招商税收多达 9.3亿人民币。 4. 价格优惠、公开透明平台所有服务在平台展示，不更改平台价格，公开透明。 5. 办理流程、随时可控平台订单可实时咨询客服查看办理进度，在近期的平台优化中更是将优化该功能实现办理流程投资者实时查询功能。 6. 多元服务、涵盖广泛 “一键通”企业事务服务平台所覆盖并提供的各类服务包括： 1）企业设立服务根据不同的客户需求，平台将投资者需求量较大的设立服务汇总并形成了包括创业套餐、菁英套餐、尊享套餐在内的三种服务方案。内资企业设立的内容包括企业设立、企业住所集中登记点、开业涉税、首年云会计服务、一般纳税人资格申请、税控申请、首年企业汇算清缴、首年企业年报公示、进出口业务相关证件办理。除了上述服务内容外，外资 / 中外合资企业设立还提供开业证明文件翻译、标准文件翻译包等。 2）企业变更服务平台为存续的内资企业、外资 / 中外合资企业提供登记信息的变更服务，涵盖到注册地址、经营范围、经营期限、注册资本、高级管理人员、股东、股权、进出口业务相关证件的变更。 3）税务服务

"e-touch" enterprise a�airs service platform and o�ine experience center o�cially go online and operate In order to active respond to premier Li Keqiang's call for mass entrepreneurship and innovation, Shanghai UDC Business Consulting Co., Ltd. is committed to helping local investors to conduct online operations such as enterprise establishment, business registration's information change and taxation, etc., using the Internet+ operation mode, and developed and launched the "e-touch" business affairs service platform independently in September 2014. On November 11, 2016, the "e-touch enterprise service center" which based on offline experience was officially opened to the public, while meeting the investors' request of online and offline consultation and processing.

Advantages of "e-touch" enterprise a�airs service platform 1.Full guidance and real-time consultation A variety of consultation methods, so that investors can consult relevant

business processing at any time. 2.All online and remote processing Platform user registration, payment and contract signing are all completed online, saving the signing and payment time for investors. 3.Professional team, professional service The platform has an experienced customer service team to provide oneto-one specific service for investors. Since its launch, the total number of service orders has reached 7000 +, the number of registered members has reached 14000 +, and the investment tax in 2018 has reached 930 million RMB. 4.Preferential price, open and transparent All services of are displayed on the platform without changing the price, which is open and transparent. 5. Handling procedures, controllable at any time On the platform, you can ask the customer service for the order in real time to check the processing progress. In the recent platform optimization, the function will be optimized to achieve

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query function for investors to check the processing process real-time. 6.Multi-services and wide coverage All kinds of services covered and provided by the "e-touch" enterprise affairs service platform include:

税务常规服务包括开业涉税、一般纳税人资格申请、税控申请、汇算清缴、企业年报公示。云会计服务是建立在云计算基础上的以互联网为媒介，专为中小型企业设计的、向企业提供会计核算、会计管理和会计决策服务的在线会计信息系统。

4）其他服务平台还提供了食品类企业设立服务、类金融类企业地址变更服务、企业住所集中登记点公共秘书服务等多元化的内容。

“一键通”企业事务服务平台功能 “一键通”企业事务服务平台的开发主体为上海外联发商务咨询有限公司。自 2003年成立以来，上海外联发商务咨询有限公司专注于为境内外客户提供“资金 + 渠道 +方案”全资源综合集成服务以及园区整体方案服务，拥有丰富的招商引资、投资咨询、园区运营管理及相关课题研究等专业服务经验，现已形成与企业和政府间高效沟通的渠道。

| 10th Annual

1）Enterprise establishment service According to different customer needs, the platform summarizes the formation services which the investors have large demand to three service schemes, including entrepreneurship package, elite package and exclusive package. The formation for the domestic funded enterprises include enterprise establishment, centralized registration address of enterprise residence, tax related business, cloud accounting service in the first year, qualification application of general taxpayer, tax control application, final settlement of enterprises in the first year, publicity of annual report of enterprises in the first year, and handling of relevant certificates for import and export business. In addition to the services above, the establishment of a foreign / Sino foreign joint venture shall also provide translation of business operation certification documents, standard document translation packages, etc. 2）Enterprise change service The platform provides the change service of registration information for the existing domestic funded enterprises and foreign / Sino foreign joint ventures, covering the change of registration address, business scope, operating period, registered capital, senior management, shareholders, equity, import and export business related certificates.

3）Tax services Regular tax services include business tax related, general taxpayer qualification application, tax control application, final settlement and corporate annual report publicity. Cloud accounting service is an online accounting information system based on cloud computing, which is designed for small and medium-sized enterprises and provides accounting, accounting management and accounting decision-making services. 4）Other services The platform also provides diversified contents such as food enterprise establishment service, similar financial enterprise address change service, public Secretary Service, centralized registration address of enterprise residence, etc.

"E-touch" enterprise a�airs service platform function The main development body of "E-touch" enterprise affairs service platform is Shanghai UDC Business Consulting Co., Ltd. Since its establishment in 2003, Shanghai UDC Business Consulting Co., Ltd. has been focusing on providing "capital + channel + solution" full resource integrated services and overall solution services for domestic and foreign customers. It has rich professional service experience in inviting investment, investment consulting, park operation management and related subject research, and has formed an efficient communication channel with enterprises and governments.

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2018 热点

HIGHLIGHTS

| 9th Annual

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

中国投资移民没有实际搬迁的四个原因 The 4 Reasons Chinese Investor Migrants Don’t Physically Relocate

Luc Lu

作

为全球投资移民的极具影响力的一部分，中国约占全球申请者的三分之二。仅在过去十年中，就有57000多名中国人通过投资居留项目上花费了至少440亿美元。但实际上只有很小一部分人搬到了新的居住国/国籍国。每年，（不是成千）就是上百的中国投资移民看到他们的永久居留证被取消，原因是他们无法满足亲临实地的要求，典型的地方比如澳大利亚和加拿大。在这篇文章中，我们将试图剖析为什么中国投资者常常只是纸上移民。 1-真正的移民往往是家属，而不是投资者本人在中国询问100个RCBI项目申请者，至少有一半的人会告诉你，他们的主要动机是以某种方式改善孩子的教育前景。持有居留证的学生不需要学生签证，他们的学费经常低于非居民，而且他们在大学里被录取通常更容易。对于年龄较小的学生，例如寄宿学校的学生，由于家长经常会加入项目因为他们想要陪伴孩子。通常，父亲将是主要的申请人。虽然母亲住在离伊顿公学/哈罗公学/拉格比公学不远的地方，但父亲仍留在中国经营他的生意。 2-将自己迁出中国很容易；将资产迁出并非易事

s the global investment migration heavyweight, China accounts for some two-thirds of applicants globally. In the last decade alone, more than 57,000 Chinese together spent at least US$44 billion on residence by investment programs. But only a tiny proportion of those actually moved to their new country of residence/citizenship. Each year, hundreds (if not thousands) of Chinese investor migrants see their permanent residence permits canceled over their failure to meet physical presence requirements, typically in places like Australia and Canada.

In this article, we’ll try to dissect the reasons why Chinese investors are so often migrants on paper only. 1 – It is often the dependents, and not the investors themselves, who are the real immigrants Ask a hundred RCBI-program applicants in China, and at least half will tell you their chief motive is to somehow improve the educational prospects of their children. Students with residence permits don’t need student visas, their tuition fees are frequently lower than for non-residents, and they often have an easier time being

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移民特刊 | IMMIGRATION SUPPLEMENT CHINA OFFSHORE

中国实行严格的资本管制。一般来说，每人每年搬出国的费用不得超过 50000美元。有很多方法可以减轻这一限制——一些是合法的，一些是非法的，还有很多是介于两者之间的。在中国，这些规则很少是绝对的或普遍适用的。如前所述，在过去的十年里，至少有570 0 0名中国主要申请人参加了投资居留计划，而且几乎所有人都找到了规避资本管制的办法。虚开的发票、加密货币交易、影子银行机制；不要问他们是怎么做到的，只要接受这是常有的事情，而且一直是这样。想办法从中国弄出5 0万美元是一回事。把你所有的资产搬出中国是另一回事。工厂、零售连锁店或房地产（中国最受欢迎的资产类别）并不总是那么容易搬迁。当然，你可以清算，但你还是很难把钱从国内拿出来。这就意味着你甚至想卖掉你的中国业务，但大多数人并不这么认为，因为a）它的回报率是你在工业化国家无法想象的；b）你将从一个你知道如何经营的市场到一个你可能不知道的市场。这就是为什么爸爸留在北京，而妈妈和孩子们搬到加州阿卡迪亚。 3-生活方式适应失败申请投资移民项目的中国高净值人士，特别是1980年以前出生的人，对在海外居住的未来感到担忧；许多人认为这是一种生活方式，其特点是风景优美，但也令人厌烦。是的，他们认识到，例如，欧洲和北美的生活水平、空气质量、医疗保健、教育和公民自由都比中国好得多。但他们一生都在中国度过，很好地适应了中国的环境，尽管他们可能不是最优的。他们不觉得迫切需要访问维基百科或Facebook。他们常常被西方人如何肆意妄为丢脸

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accepted at universities altogether. For younger students, for example those attending boarding schools, program participation often occurs because the parents want to accompany the child. Typically, the father will be the main applicant. While the mother takes up lodgings not too far away from Eton/Harrow/ Rugby, the father remains in China to run his business. 2 – Moving yourself out of China is easy; moving your assets is not China imposes strict capital controls. Generally, you may not move more than US$50,000 per person per year out of the country. There are many ways to mitigate this limitation – some legal, some illegal, and many that fall somewhere on the spectrum between the two. The rules, in China, are rarely absolute or universally applied. As mentioned, at least Chinese 57,000 main applicants participated in residence by investment programs in the last decade, and virtually all of

them found some way around the capital controls. Inflated invoices, cryptocurrency transactions, shadow banking mechanisms; don't ask exactly how they did it, just accept that it happens. All the time. Finding a way to get half a million dollars out of China is one thing. Moving all your assets out of China is another. Factories, retail chains, or real estate (China's favorite asset class) aren't always so easy to relocate. You could liquidate, of course, but then you'd still struggle to get your cash out of the country. And that's presuming you'd even want to sell your Chinese business, which most don't because a) it's been making returns you could not hope to get in industrialized countries and b) you'd be moving from a market you know how to navigate to one that you probably don't. And that's why daddy stays in Beijing while mom and the kids move to Arcadia, CA.

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

（或让别人丢脸）、重视真相而不是和谐、不带礼物来或要求个人空间而震惊。尤其是食物。就像西方人很难适应红烧鸡爪一样，中国人对蓝芝士意大利小方饺的适应也很慢。 4-告别高速增长和个人网络尽管最近经济放缓，中国仍然是世界上增长最快的消费市场之一，不仅是相对的，而且是绝对的。据《福布斯》报道，2008年至2018年，中国亿万富翁的数量在这十年间增长了16倍。一款热门产品有14亿潜在客户。在这个巨大的市场上赚钱的人不愿意离开它。他们想变得更富有。那些还没赚到钱的人，更是如此。另一个因素是，中国的高净值人士享有广泛的个人和专业网络带来的各种特权。这种与关系相关的特权可能包括优先获得公共资源（最好的公立学校、医院等）、内幕投资信息以及政治保护。这种地位衍生的优势，很可能是这些高净值人士商业成功的基础，而这些在一个新的国家获得是不现实的。上述情况在很大程度上解释了为什么中国的高净值人士历来只把一只脚放在国门外;希望获得国内市场的经济利益，同时使自己免受其不利影响。然而，在很大程度上，将企业家与中国联系在一起的节制因素正在减少，这意味着上述许多特征可能在几年后就不成立了。

3 – Lifestyle adaptation failure Chinese HNWIs applying to investment migration programs – especially those born before 1980 – are apprehensive about a future spent residing overseas; many think of it as a lifestyle characterized by nice scenery but also by boredom. Yes, they recognize that standards of living, air quality, health care, education, and civil liberties in Europe and North America, for example, are much better than in China. But they've spent their whole lives in China and are well-adapted to its circumstances, suboptimal as they may be. They don't feel a pressing need to access Wikipedia or Facebook. They're often shocked by how Westerners are disposed to wantonly lose (or make others lose) face, to value truth over harmony, to not come bearing gifts, or to demand personal space. And not least, the food. Just like Westerners have trouble adapting to braised chicken feet, the Chinese are slow to grow accustomed to blue-cheese ravioli. 4 – Saying goodbye to high-octane growth and personal networks Recent economic slowdowns notwithstanding, China remains

one of the fastest-growing consumer markets in the world, not just in relative but also in absolute terms. According to Forbes, the number of billionaires in China grew 16-fold in the decade between 2008 and 2018. A hit-product has 1.4 billion potential customers. Those who have made money in this enormous marketplace are loath to leave it. They want to get even richer. Those who haven't yet made their money, even more so. Another factor is that HNWIs in China enjoy a wide array of privileges derived from an extensive personal and professional network. Such 关系(guanxi) related privileges might include preferential access to public resources (the best public schools, hospitals, and so on), insider investment information, as well as political protection. Such status-derived advantages, which may well be the basis of much of these HNWIs' business success, are not realistically attainable in a new country. The above is largely an explanation of why China's HNWIs have historically kept only one foot out the door; hoping to reap the economic benefits of the domestic market while insulating themselves from its disadvantages. To a great extent, however, the mitigating factors that tied entrepreneurs to China are diminishing, which means many of the above characteristics may not hold true just a few years hence.

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

病毒尘埃落定后，投资移民将何去何从？ Where Will Investment Migration Be When the Virus-Dust Settles?

Chris Willis

和

世界上大多数地方一样，我在家里办公，试图理解席卷世界的全球流行病——改变了我们的生活方式，让我们重新审视我们的优先事项。各国政府采取严厉措施对抗新冠状病毒的影响目前仅是很短的一段时间，只有时间才能证明这些行动是否成功。新冠状病毒的影响导致各国政府关闭边境，实施隔离，限制人员流动。连锁效应，如航空公司减少航班数量，超市的主要供应告罄，日常生活普遍放缓，这些正影响着每个人。

取决于你在世界上的位置，影响可能会比其他地方大得多。对许多人来说，突然迫切需要回到自己的祖国，这样他们才能与家人亲近，获得医疗服务，并支持自己的社区。在某些情况下，由于旅行禁令，只有公民/永久居民才能进入一个国家。当一切尘埃落定未来几周和几个月，将有一段时间的整合，人们将重新评估他们的优先事项。当他们这样做的时候，一些人肯定会考虑增加他们的流动性和进入他们认为可以为他们和他们的家庭提供一个更安全的庇护所的国家。虽然许多公司都有“业务连续性计划”，但这样的危机为我们提供了反思的时间，并强化了我们制定自己“个

9th Annual

s with most of the world, I am working from my home office and trying to make sense of the global pandemic that has overtaken the world-changing the way we live and making us reexamine our priorities. It has only been a short while since governments introduced drastic measures to counter the effects of the coronavirus and only time will tell if these actions have been successful. The impact of the coronavirus had led to governments shutting down borders, imposing quarantines, and limiting mobility. The knock-on effect, such as airlines reducing their number of flights, supermarkets running out of key

supplies, and the general slowdown of daily life, is impacting everyone. Depending on where you are in the world, the impact could be significantly greater than in other parts. For many, there is a sudden urgency to return to their home country so they can be near family, have access to health services, and support their community. In some cases, due to travel bans, only citizens/permanent residents are permitted to enter a country. When the dust settles Over the next few weeks and months, there will be a period of consolidation and people will be reevaluating their priorities. As they do so, some will most certainly want to look at increasing their

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

人应急计划”的必要性。我们经常讨论需要B计划涵盖各种“假设”情况。这通常与人们生活在社会、政治或经济不确定地区的情况有关。由于这些原因，我们已经看到了来自香港、黎巴嫩和南非等地区的利率飙升。虽然我们大多数人将继续关注这一流行病如何影响我们的个人生活，但我们也要考虑RCBI行业可能发生的情况。在我们走出困境之前的短期痛苦许多希望参与这些计划的人将把他们的财富持有在上市股票和股份上。每日新闻有关股市亏损的消息，将对他们的基金产生明显影响，这些基金可能已被预留用于投资RCBI项目之一。这一选择不仅可能被排除在外，而且在这一不确定时期能否保住他们的财富可能是一个严重的问题。这将影响到那些依赖这些客户并处理他们的申请的私人客户公司。经济大幅放缓将影响它们的收入，其中许多公司将被迫检查其日常开支并裁减员工。这并不是 RCBI行业独有的现象，因为所有行业都受到影响，大多数行业都处于整合模式。因此，在未来几个月内，对各种RCBI 项目的申请和投资将减少。这将影响许多国家依赖的项目收入。例如，在加勒比地区，旅游业将受到重大打击。现在是旺季，随着航班取消、旅行禁令和邮轮停航，主要收入来源将被取消。不幸的是，许多人将无法承受如此重大的财务影响，加上较少的RCBI申请，这将对这些岛屿造成双重打击。他们会有什么反应？我们会看到短期激励措施来刺激人

mobility and access to countries that they feel could provide a safer haven for them and their family. While many companies have a 'business continuity plan', a crisis such as this provides time for reflection and reinforces the need for us to develop our own 'personal contingency plan'. We have often discussed the need for a plan B to cover all sorts of 'what if' scenarios. This usually relates to situations where people live in areas of social, political, or economic uncertainty. We have seen spikes in interest from regions such as Hong Kong, Lebanon, and South Africa for these very reasons. While most of us will continue to focus on how this pandemic is affecting our personal lives, let's also consider what could happen in the RCBI industry. Short term pain before we're out of the woods Many of those who are looking to participate in these programs will have their wealth held in listed stocks and shares. The daily news of losses on the stock market will have a clear impact on their funds that may have been put aside for investment into one of the RCBI programs. Not only could this option be off the table, but just the ability to preserve their wealth during this uncertain time could be a grave concern. This will then affect private client firms who rely on these clients

proceeding with their applications. A major slowdown will affect their revenues, and many of these firms will be forced to examine their overheads and reduce their workforce. This is not unique to the RCBI sector as all industries are being affected and most are in consolidation mode. As a consequence, fewer applications and investments will be made to the various RCBI programs in the months ahead. This will impact the program revenues on which many countries have become reliant. In the Caribbean, for example, tourism will take a major hit. It is high season and with flight cancellations, travel bans, and the suspension of cruises, the primary source of revenue will be eliminated. Unfortunately, many will not be able to absorb such a significant financial impact and this, combined with fewer RCBI applications, will be a double whammy for these islands. How will they react? Will we see short term incentives to stimulate interest as we saw with the Hurricane Relief Fund in St Kitts & Nevis? Perhaps there will be directives from the OECS and Eastern Caribbean Central Bank (ECCB) to ensure investment levels are maintained or a least a floor is fixed to avoid another race to the bottom. Will we see a coordinated response from CIPA to work together to protect the industry

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

移民特刊 | IMMIGRATION SUPPLEMENT CHINA OFFSHORE

们的兴趣吗?就像我们在圣基茨和尼维斯看到的飓风救援基金那样 ? 或许，东加勒比国家组织和东加勒比中央银行 ( E C CB) 将出台指令，以确保投资水平保持不变，或至少设定一个下限，以避免另一场“向下竞争”。我们会看到来自CI PA的协调对策，共同保护该地区的工业吗？其他岛屿会决定进入 RCBI 市场吗？在这一困难时期，将出现许多棘手的问题。晚成的凤凰虽然欧洲受到了新冠状病毒的严重影响，但它们能够依靠其他收入来源来支持经济。由于全球经济仍不稳定，我们可以预期房地产价格将贬值。当这种情况发生时，这些项目会有多大吸引力？虽然我们对自己的活动、社交距离、洗手和自我隔离都很谨慎，但这并不总是对每个人来说都具有可能性。我们可以看看那些极端贫困的国家，并疑惑在那里如何控制这种病毒。这些国家的人们很难获得洗手盆和洗手液。像这样的危机也强化了为什么一些客户希望这些项目从更强大的医疗体系中受益。申根区已经关闭，但你现在认为马耳他、希腊或葡萄牙的欧洲居住证的价值是多少，特别是如果你来自欠发达国家？这些都是人们问的问题类型。他们意识到拥有另一个居所或公民身份正成为一种必要。全球经济的影响将是巨大的，没有人能够预测最终的结果会是什么。我们所能做的就是对自己的行为负责，并制定计划，为将来可能发生的任何此类事件做好准备。大家注意安全。

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for the region? Will other islands decide they want to enter the RCBI market? Many tough questions will present themselves over this difficult period. A late-bloomer phoenix Although Europe has been affected enormously by the coronavirus, they are able to rely on other revenue streams to support their economy. As the global economy remains volatile, we can expect real estate prices to devalue. When that happens, how attractive will these programs be? While we are all being prudent with our activities, social distancing, hand washing, and self-isolation, this isn't always possible for everyone. We can look at countries with extreme poverty and wonder how the virus can be contained. People in these countries will not have easy access to washbasins and

hand sanitizer. A crisis like this also reinforces why some clients look at these programs to benefit from stronger health care systems. The Schengen zone has been closed but what value would you now place on a European residence card from Malta, Greece, or Portugal, especially if you are from a less developed country? These are the types of questions people are asking. They're realizing that having an alternative residence or citizenship is now becoming a necessity. The global economic impact will be significant, and no one can predict what the final outcome will be. All we can do is be responsible with our behavior and make plans to prepare for any such event that could happen in the future. Stay safe, everyone.

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

继创纪录的一年后，马来西亚 MM2H2019 年发放的世界最大投资者的签证 Malaysia’s MM2H World’s Largest Investor Visa in 2019 Following Record Year

nvestors filed 7,904 applications for the Malaysia My Second Home (MM2H) program in 2019, according to the Ministry of Tourism, Arts, and Culture, reports The Malaysian Reserve.

马

来西亚旅游、艺术和文化部（Ministr y of Tourism， A r t s，a n d C u l t u r e）报告称，投资者在2019年提交了7904份马来西亚“我的第二个家”（MM2H）项目的申请。虽然批准的申请数量目前还不清楚，但该项目历来拒绝率很低，我们可以假设最终批准数字将比申请数量少 10%。

While the number of approved applications is, as yet, unknown, the program has historically had a very low rejection rate and we may presume the final approval figure

这一数字使MM2H以较可能成为全球

马来西亚 M2H 项目 - 主要申请人批准数 Malaysia M2H Program - Main Applicant Approvals

6,000

4,000

For 2019 only data on applications-not approvals- are available *2019年，只有未过批准的申请数据可用

Chart: Investment Migration Insider. Source: Malaysian Ministry of Tourism and Culture Created with Datawrapper 图表：投资移民知情者。资料来源：马来西亚旅游文化部用数据包装器创建

2018

2019*

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2,000

will be less than 10% below that of applications. The number makes the MM2H the world's largest investment migration program by a wide margin; number two on the list in 2019 was the US EB-5 program, which approved 3,659 applications (as measured by I-829 forms). Mainland Chinese made up some 35% of applications last year, revealed the Ministry's Deputy Secretary-General, Mohd Zamri Mat Zain, at a meeting of program stakeholders in Kuala Lumpur last week. He also said the remaining applicant source countries in the top 10 in 2019 included South Korea, Hong Kong, Japan, Bangladesh, the UK, Singapore, the US, Taiwan, and India, but did not share country-specific figures. The program's director, Datin Sharifah Ikhlas Syed Ismail AlJaffree, said the Ministry was still reviewing some of its policies to attract more applicants in the future. "It is ongoing. We are definitely looking at the engagement criteria that we have to do because it is very competitive. Now, when you look at this industry alone, there are

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最大的投资移民项目；2019年排名第二的是美国EB-5计划，该计划批准了 3659份申请（以I-829表格衡量）。该部副秘书长莫赫德扎姆里马特扎因（Mohd Zamri Mat Zain）上周在吉隆坡召开的一次项目利益相关者会议上透露，去年中国大陆的申请占了 35%。他还说，在2019的前10名中，剩下的申请来源国包括韩国、香港、日本、孟加拉、英国、新加坡、美国、台湾和印度，但没有分享各个国家详细的数字。该项目的负责人 D a t i n S h a r i f a h Ikhlas Syed Ismail AlJaffree说，该部仍在审查一些政策，以期在未来吸引更多的申请人。 “项目正在进行中。我们确实在考虑我们必须要做的参与标准，因为它很有竞争力。现在，当你单看这个行业，有10 0 个国家提供类似 M M 2H的项目。为了使我们具有竞争力，我们必

按年份列出的主要申请人：按投资项目的主居住地 Main applicants by year: Major residence by investment programs 2019

2018

2017

Malaysia 马来西亚

US EB-5 美国 EB-5

（I-526 approvals）（I-526 批准数）

Australia 澳大利亚 Greece 希腊

Spain 西班牙

Portugal 葡萄牙

Thailand Elite 泰国精英 Latvia 拉脱维亚

UK Tier 1 investor 英国一级投资者 New Zealand IV 新西兰 IV

Quebec IIP 魁北克 IIP South Korea 韩国 Paraguay 巴拉圭 Ireland 爱尔兰

2016

2015

2014

2013

2012

2011

2018

2017

2016

2015

2014

2012

2011

3339

6195

3347

2211

3074

2013

7904 3659

13571

11321

7632

8761

5115

3699

3677

1571

2420

2421

2420

2161

2053

2336

2401

2412

1795

961

583

505

423

1422

1188

1091

1011

674

1245

1409

1351

1414

766

1526

494

716

560

340

238

155

368

124

119

191

327

2395

1647

360

376

350

217

194

1172

565

470

331

246

310

447

344

181

185

120

1460

1444

1476

1704

1221

1264

1478

1235

637

501

717

565

593

921

793

840

302

254

156

294

272

3675

3227

2387

*For QIIP, Thailand Elite, and Australia BIIP, only data on total visas (including dependents) are available. We've presumed a family size of 3 to arrive at a main applicant figure. For the US, New Zealand, and Australia, figures are reported per fiscal year, so "2019" is more accurately read as FY2018-19 *对于QIIP、泰国精英和澳大利亚BIIP，只有签证总数（包括家属）的数据可用。我们假设一个三口之家就会有一个主要的申请人。对于美国、新西兰和澳大利亚，数字是按财政年度报告的，因此“2019”更准确地理解为2018-19财年 Chart: Investment Migration Insider. Created with Datawrapper 图表：投资移民知情者。用数据包装器创建

introduced investment incentives. war" and "race to the bottom" among Caribbean citizenship by investment programs.

须知道其它国家在做什么。”她补充称，部里还在审查此前出台的投资激励措施。 “我们过去一直对汽车免税到2017 年，但他们也可以购买或进口汽车。

9th Annual

100 countries offering programs similar to MM2H. In order for us to be competitive, we must know what the other countries are doing," she said, adding that the Ministry was also reviewing previously

"We used to have tax exemption on cars until 2017, but they can also purchase or import cars. Besides that, the visa that we give them is renewable after ten years. Apart from spouses, they can also bring their parents, in-laws, and children here. We also allow them to invest and do business [so long as] they do not play a main role, as we do not allow them to seek employment here," she added. Most of the program's participants have opted to settle in Kuala

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

除此之外，我们给他们的签证十年后可以续签。除了配偶，他们还可以带父母、公婆和孩子来这里。我们也允许他们投资和做生意（只要）他们不起主要作用，因为我们不允许他们在这里找工作，”她补充说。

Lumpur, Penang, Johor, and Melaka. Among UK participants, Penang is the definite favorite. Americans, Koreans, and Singaporeans, meanwhile, favor Johor, said the program chief.

该项目的大部分参与者选择在吉隆坡、槟城、柔佛和马六甲定居。在英国参与者中，槟城无疑是最受欢迎的。项目负责人说，同时，美国人、韩国人和新加坡人都喜欢柔佛。

UK nationals Graham and Jill Brown immigrated to Negri Sembilan State, about an hour southeast of the capital, in 2009 and say they've never regretted their decision.

20 09年，英国公民格雷厄姆和吉尔• 布朗移民到距离首都东南约一小时的森美兰州，并说他们从未后悔自己的决定。在去年之前，在马来西亚的外国房地产买家的价格下限为100万马来西亚令吉（约合23.6万美元）。2019年10月，政府将这一门槛降低至60万马币（14.2万美元）。然而，一些州，包括布朗一家居住的州，还没有实施这项改革。 “他们给外 “问题是，”布朗夫妇说，国人定了一百万的限制，但是在森美兰州没有一百万的房产。我们在波德申有一处15000平方英尺的大地产，但是，十年前，当我们来到这里时，我们还年轻到足以维持它。现在我们年纪大了，我们想缩小居住面积，购买较小的房地产，但我们无法在森美兰州购买房地产，因为他们的规定使外国人无法购买[较小的房地产]”。都持有西班牙护照，一般都是通过血缘关系获得。

to MYR 600,000 (US$142,000). Some states, however, have yet to implement the change, including the one in which the Browns reside. "The problem," the Browns say, "is that they made it MYR1 million strata title for foreigners, but there are no MYR1 million strata properties in Negri Sembilan. We have a huge 15,000 sq ft property in Port Dickson but, ten years ago, when we came, we were still young enough to maintain it. Now that we're older, we want to scale down to a smaller property, but we can't buy property in Negri Sembilan because they made it impossible for foreigners to buy [smaller properties]".

Until last year, foreign property buyers in Malaysia were subject to a price floor of MYR 1 million (about US$236,000). In October 2019, the government reduced that threshold

马来西亚 M2H 计划参与者护照分布 Malaysia M2H Program-Participant Passport Distribution 日本 Japan

中国 China

新加坡 Singapore 印度 India

2019

35%

2017

47%

2018 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

伊朗 Iran

孟加拉国 Bangladesh

其他 Others

65%

45%

33% 36% 23%

7% 8%

13%

11%

14%

6% 13% 14% 19% 24% 32% 29%

13%

18%

20%

25% 9%

14%

20%

16%

33%

11%

12%

15%

13%

10%

12% 11%

10%

6% 13%

40%

15%

8% 9%

12%

14%

20%

24%

12%

5% 10% 10%

14%

11%

14%

43%

10%

韩国 South Korea

中国香港 Hong Kong, China

6% 7%

45%

17%

英国 UK

中国台湾 Taiwan, China

14%

18%

17%

19%

24%

32% 32%

31%

26%

20%

25% 25%

6% 27%

图表：投资移民知情者。资料来源：马来西亚旅游文化部用数据包装器创建 Chart: Investment Migration Insider. Source: Malaysian Ministry of Tourism and Culture Created with Datawrapper

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

面

对全球各地投资项目对居住和公民身份的最低投资要求不断提高，中国的IM市场将采取三种应对方式之一。就在新年来临之际，新加坡启动了 2020年投资移民（IM）计划以价格上涨开场，其他几项计划也暗示有意效仿。我们不需要看太远的例子：希腊政府已经公开考虑将其黄金签证计划所需的金额增加一倍；澳大利亚政府说，它认为对其结构性投资工具 SI V 的要求太低；美国EB-5计划最近将价格提高了80%。中国移民代理如何应对？虽然中国的 I M 市场在很大程度上是世界上最大的市场（见：过去10年，57000多名中国人在黄金签证上花费了440多亿美元），但它仍然没有直接影响国际项目之间的价格决策所必需的影响力。尽管如此，有关部门还是考虑到了中国申请人的偏好，因为在市场上获得青睐可以将一个项目推到前所未有的高度。希腊和葡萄牙的黄金签证就是一个很好的例子；尽管后者曾经是无可争议的欧洲市场领军者，但由于中国的兴趣，希腊计划在18个月内超过了伊比利亚这个竞争对手，这要归功于中国的投资迅速转向东地中海。针对价格上涨，中国IM市场通常采用三种方法之一，或三种方法的组合。方法一： “发现”最近降价的项目不是所有的项目都在提高价格。有时，项目在过高的价格点上运行，或是在数年的时间里在申请者数量有限的情况下挣扎，最后才决定大幅降低价格。也许没有比土耳其投资公民计划更好的例子了。可能是由于对公民商品化现实的天真无知，也可能是由于对自身内在吸引力

9th Annual

中国投资移民市场将如何应对更高的投资要求

How China’s Investment Migration Market Will React to Higher Investment Requirements

Luc Lu

aced with rising minimum investment requirements among residence and citizenship by investment programs across the globe, China's IM market will respond in one of three ways. Just as we rang in the new year, Singapore set off the opening salvo on 2020 investment migration (IM) program price hikes, and several other programs have hinted at intentions to follow suit. We needn’t look far for examples: The Greek government has publicly contemplated a doubling of required amounts for its golden visa program; the Australian government says it believes requirements for its SIV are too low; the US EB-5 program recently raised prices by 80%. How can Chinese immigration agents cope? While the country's IM market is, by a wide margin, the world's largest (see: 57,000+ Chinese Spent More Than US$44 Billion on Golden Visas in Last Decade), it still doesn't have the clout necessary for directly influencing price decisions among programs internationally. Nonetheless, authorities do take the

preferences of Chinese applicants into account because finding favor with the market can catapult a program to unprecedented heights. Good examples of this occurring are the golden visas of Greece and Portugal; While the latter was once the undisputed European leader, thanks to Chinese interest, the Greek program usurped its Iberian rival in a matter of 18 months thanks to a swift re-channeling of Chinese investment toward the Eastern Mediterranean. Responding to price increases, the Chinese IM market generally resorts to one of three methods, or a combination of them. Method 1: "Discover" programs that have recently lowered prices Not all programs are raising their prices. Sometimes, programs open at an over-ambitious price point or struggle with modest application volumes for years, before deciding to drastically cut rates. There's probably no better example of this than the Turkish citizenship by investment program.

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的不准确估计，土耳其CIP于2017年启动，要价初为100万美元。当这个项目几乎完全没有吸引到申请者时，投资移民行业没有人感到惊讶。大约一年半后，当局屈服于市场现实，将价格降至25万美元。接下来发生的事情在业内没有先例；在降价8个月内，土耳其CIP就成了全球最受欢迎的产品。中国公民目前是该计划的第九大申请群体，前十名中的其余成员来自中东国家。但我们仅在土耳其看到了中国的冰山一角。记住，在土耳其大开国门之前，中国投资者必须首先学会在地图上找到安塔利亚。然后，他们必须了解里拉最近的贬值情况，以及里拉房产的价格有多便宜。最后，必须让他们了解土耳其作为E 2条约国的地位。这一教化过程的准备期可能为 6 -9个月，一旦这个过程完成，中国申请者将会主导这个项目，就像他们对每一个项目所做的那样（详见《经济学人》中的IMI图表）。此外，中国房地产开发商越来越多地发现通往伊斯坦布尔的道路（和“一带一路”），以便从一波中国内地投资潮中获利，这似乎是十拿九稳的事。方法2：财务杠杆投资移民和金融服务业是两个独立的行业，但它们之间有着共生和不可分割的关系。只要投资移民计划存在，金融中介机构就会向申请者提供符合条件所需的资金。一些IM项目明确禁止使用借来的钱来为投资提供资金，少数人对此表示欢迎，但大多数项目对此都模棱两可（灵活）。在现在已关闭的加拿大移民投资者计划的早期，你可以支付12万加元来融资支付枫叶卡所需的4 0万加元的资金。不久之后，香港资本投资者入境计划(Hong Kong Capital Entrant

Possibly from naïveté about the realities of citizenship commoditization, possibly from an inaccurate estimate of its own inherent attractiveness, the Turkish CIP opened in 2017 with an asking price starting at US$1 million. Nobody in the investment migration industry was surprised when the program failed almost entirely to attract applicants. About a year and a half later, authorities bowed to market realities and lowered the price to US$250,000. What happened next had no precedent in the industry; within 8 months of reducing its price, the Turkey CIP had become the world's most popular. Chinese nationals are currently the 9th largest applicant group for the program, the remainder of the top 10 consisting of nationals from Middle Eastern countries. But we have only just had a glimmer of the tip of the Chinese FDIceberg in Turkey. Remember that, before

the true floodgates can open onto Turkey, Chinese investors must first learn to find Antalya on the map. Then, they must be informed of the recent depreciation of the Lira and how cheap it's made property. Finally, they must be made aware of Turkey's status as an E2 Treaty country. This edification process has a lead-time of, perhaps, 6-9 months but, once it's completed, Chinese applicants will come to dominate the program, as they always do sooner or later with every program with which they become enamored (see IMI's graph in the Economist for more on this). Furthermore, Chinese property developers are increasingly discovering the road (and belt) to Istanbul in order to capitalize on a wave of Mainland investment, that, to them, seems all but guaranteed. Method 2: Financial leverage Investment migration and financial

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Scheme)和匈牙利永久居民债券计划 (resident Bond program)也出现了类似的选项(目前这两个计划也已关闭)。它仍然经常用于马耳他RVP和爱尔兰 IIP。每次引领这一趋势的都是中国市场，代理商帮助客户在目的国或国内寻求融资。方法3：垂直整合更高的价格意味着更少的申请人或更低的利润率，或两者兼而有之。历史上，中国移民机构曾试图（成功程度参差不齐）抓住更多的价值链，从而支撑每一个客户的收益，以此来应对这一局面。在本世纪头十年的后半段，中国代理机构几乎完全面向美国EB-5市场。许多机构决定成为地区中心的股权合作伙伴，甚至开放自己的项目，使它们能够从客户口袋里得到双倍的利益。考虑到这一点，西方读者可能会觉得讽刺的是，中国行业协会一致认为，试图直接在中国争夺B2C客户的国际公司“必须反对”， “将受到惩罚”。近年来，中国的机构已经将同样的垂直整合模式应用于各种各样的项目，如圣基茨和尼维斯CIP、希腊黄金签证和马耳他RVP。由于投资要求提高，2018年11月放松监管的效果影响，利润率受到挤压，中国投资移民市场将继续纵向和横向整合。纵向来看，移民机构在海外冒险成为开发商和当地认可的代理人。横向来看，数以万计的财富经理、家族理财办公室、律师事务所和税务顾问正在加入一个曾经专门为持牌移民机构保留的市场。这些因素势必导致内地市场出现新一轮的蜕变。那些在随后的混乱中手足无措的公司将会灭亡; 剩下的将成为王者。

100

9th Annual

services are two separate industries that, nonetheless, have a symbiotic and inextricable relationship. For as long as investment migration programs have existed, financial intermediaries have offered to lend applicants the funds needed to qualify. A few IM programs expressly forbid the use of borrowed money to fund the investment, a handful welcome it, but most are ambiguous (flexible) about it. During the early years of the now-closed Canadian Immigrant Investor Program, you could pay CA$120,000 to finance the full CA$400,000 to get your Maple Leaf card. It didn't take long for similar options to emerge in the Hong Kong Capital Entrant Scheme and the Hungarian Residency Bond program (both now closed as well). It's still frequently used for the Malta RVP and the Irish IIP. Spearheading this trend, each time, was the Chinese market, where agents helped their clients seek out financing either in the destination country or at home. Method 3: Vertical integration Higher prices means fewer applicants or lower margins, or both. Chinese immigration agencies have, historically, counter-acted this by attempting (with mixed degrees of success) to capture more of the value chain, thereby shoring up perclient revenue. In the latter part of this millennium's first decade, Chinese agencies were geared almost

exclusively toward the US EB-5 market. Many were those agencies who decided to become equity partners with regional centers, or even to open up their own, enabling them to enjoy a doubledip into their clients' pockets. This considered, Western readers may find it ironic that Chinese industry associations unanimously agree that international firms that try to compete for B2C clients directly in China "must be opposed" and "will be punished". In recent years, Chinese agencies have applied the same vertical integration model to programs as diverse as the Saint Kitts & Nevis CIP, the Greek Golden Visa, and the Malta RVP. As margins are squeezed because of higher investment requirements and effects of the November 2018 deregulation continue to materialize, China's investment migration market will continue to integrate, both vertically and horizontally. Vertically, because immigration agencies venture abroad to become developers and locally accredited agents. Horizontally, because tens of thousands of wealth managers, family offices, law firms, and tax advisors are now joining a market once exclusively reserved for licensed immigration agencies. These factors will inevitably lead to a new round of metamorphosis for the mainland market. The firms caught wrong-footed by the ensuing chaos will perish; those who remain will reign as kings.

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

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移民特刊 | IMMIGRATION SUPPLEMENT CHINA OFFSHORE

102

9th Annual

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根据土耳其内政部的数据，投资公民者现在每月为土耳其筹集 2.5 亿美元

Malaysia’s MM2H World’s Largest Investor Visa in 2019 Following Record Year Christian Nesheim

据

土耳其政府报道，土耳其投资公民计划（CIP）的申请数量令人难以置信；17个月内新增公民近25000人。去年9月，土耳其内政部表示，自投资要求从10 0万美元减至 25 万美元以来，第一年就有2611名投资者和7351 名家属通过投资土耳其CIP获得了公民身份。这些数字震惊了RCBI世界；尽管没有与申根签署免签协议，但这

he volume of applications to Turkey's citizenship by investment program (CIP), as reported by the government, defies belief; nearly 25,000 new citizens in 17 months. In September last year, Turkey's Interior Ministry said 2,611 investors and 7,351 dependents had obtained citizenship by investment

under Turkey's CIP in the first year since investment requirements were reduced from US$1 million to US$250,000. Those figures came as a shock to the RCBI-world; seemingly out of nowhere, the program had become the world's most popular CIP, the absence of a visa-waiver agreement with Schengen notwithstanding.

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个项目似乎突然成为了世界上最受欢迎的CIP。现在，政府最近发布的一组数据打消了人们对9月份创纪录数字可能只是昙花一现的怀疑。据内政部(Ministry of Interior)称，上周五，也就是上次数据公布整整5个月后，这一数字几乎翻了一番。

Now, a recent set of data from the government put to rest any suspicions that the record numbers from September may have been a flash in the pan. On Friday, exactly five months after the last data release, that number had nearly doubled, according to the Ministry of Interior.

逃离速度 Escape Velocity 自2018年9月19日起通过土耳其CIP项目累计入籍 Cumulative naturalizations under the Turkey CIP since September 19th, 2018 Main applicants

Dependents

20,000 15,000 10,000 5,000 0

Oct'18

Jan'19

Apr'19

Jul'19

Oct'19

Lan'20

图表：投资移民知情者。资料来源：土耳其内政部。用数据包装器创建 Chart: Investment Migration Insider. Source: Turkey Interior Ministry. Created with Datawrapper

据《沙巴日报》报道，土耳其内政部长 Süleyman Soylu上周五对土耳其媒体表示，目前已有5111名投资者获得了土耳其国籍，其中多达9000人的申请数量惊人地庞大，正等待裁决。此外，还有1382名投资者已经完成了这一程序，并等待收到他们的公民身份文件，部长还说。这些数字令人难以置信。假定先前报道的家属与主要申请人的比例（2.82）保持相对恒定，土耳其自2018年9月以来的17个月内已经接纳了近2万人。

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Daily Sabah reports that Interior Minister Süleyman Soylu told Turkish press on Friday that 5,111 investors had now received citizenship and that an astoundingly large number of applications – up to 9,000 of them – are awaiting adjudication. Furthermore, an additional 1,382 investors had already completed the process and were waiting to receive their citizenship documents, said the Minister. The numbers boggle the mind. Presuming the previously reported ratio of dependents to main applicants (2.82) remains relatively constant, Turkey has already naturalized nearly 20,000 individuals in the 17 months since September 2018. Include the number of applicants who have completed processing but still await their documents, that figure grows to nearly 25,000. The program's average family

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

土耳其 CIP：主申请人批准数 Turkey CIP: Main applicant approvals 在三个不同时期内，平均每月批准的申请数 Average number of approved applications per month during three different periods 815

776

如果算上已完成处理但仍在等待文件的申请者人数，这一数字将增长到近 25000人。该计划每次申请的平均家庭规模为 3.82人，考虑到大部分投资者来自逊尼派占多数的国家，这是一个非常高的数字，尽管似乎是合理的，但从其他投资移民计划的国籍分布可以看出，这些国家往往比任何其他国家都包含更多的家庭成员。如果数字准确，这意味着土耳其内政部在过去5个月里批准了3882名主要申请人，平均每月776人。世界上没有任何一个其他的投资公民计划能与此相媲美。 Soylu部长进一步透露，到目前为止， 5111名投资者已通过该计划注资17亿美元，仍在等待文件的1382名投资者预计将带来4.07亿美元。部长的数字意味着平均投资约为325000美元，远远高于所要求的最低250000美元。自去年9月以来，土耳其的项目平均每月筹集超过2.5亿美元的投资，如果这一趋势持续下去，将相当于年收入30 亿美元。即便是这个数字也可能被证明是保守的，毕竟考虑到仍有9000名申请者在等待处理。保守地假设，只有80%的项目获得批准，土耳其还有23.4亿美元的投资在进行中。

109 2018年9月至2019年6月（9个月） Sep 2018-Jun 2019 (9 months)

2019年6月至2019年9月（2个月） Jun 2019-Sep 2019 (2 months)

2019年9月至2020年2月（5个月） Sep 2019-Feb 2020 (5 months)

图表：投资移民知情者。资料来源：土耳其内政部。用数据包装器创建 Chart: Investment Migration Insider. Source: Turkey Interior Ministry. Created with Datawrapper

size per application is 3.82, an extraordinarily high – though plausible – number considering the bulk of investors come from Sunni-majority countries which, as is observable from the nationality distributions in other investment migration programs, tend to include a greater number of family members than any other group. If the numbers are accurate, it means Turkey's interior ministry has approved 3,882 main applicants in the last five months, an average of 776 per month. No other citizenship by investment program in the world comes close to matching that. Minister Soylu further divulged that the 5,111 investors have so far injected capital amounting to US$1.7 billion through the program

and that the 1,382 investors still awaiting documents would bring in an expected US$407 million. The Minister's figures imply an average investment of around US$325,000, well above the required US$250,000 minimum. Since September, then, Turkey's program has raised investment valued at an average of more than US$250 million a month which, if the trend is sustained, would equate to annual receipts of US$3 billion (!). But even that number may turn out to be conservative considering 9,000 additional applicants still await processing. Presuming (conservatively) that only 80% of them are approved, Turkey has another US$2.34 billion of investments in the pipeline.

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

西班牙如何不费吹灰之力就成为一个黄金签证大国

How Spain Became a Golden Visa Powerhouse Without Even Trying

明

年9月将是《2013年第14号支持企业家及其国际化法》（西班牙“ 黄金签证 ”法）在西班牙生效7年之际。

西班牙政府尚未公布2019年全年的数据，但仅在上半年，西班牙就批准了848 项投资居住申请，成为这一时期欧洲第二大投资移民项目，仅次于希腊，其中房地产投资选项的价格明显较低。这一成功可能合理地构成使投资移民成为西班牙政策优先事项和许多公开辩论话题的基础。但事实并非如此。虽然在葡萄牙、希腊或马耳他，任何理发师或出租车司机都至少对本国的投资移民计划略知一二，但普通西班牙人对黄金签证立法的条款和好处却知之甚少，更不用说这类计划的全球市场了。在这个市场上，是我们的伊比利亚表兄弟葡萄牙人开创了一条先河，早在西班牙、希腊、马耳他和意大利之前，他们就已经在2012年通过了投资居留法规。他们得到了政府和广大葡萄牙社会的支持。政界人士对该行业的建议反应灵敏，对投资者的偏好敏感，并敏锐地意识到该计划存在于全球市场的框架内，这意味着不能单方面对该计划进行修改而不期望它会对需求产生影响。其结果是，主要是亚洲和巴西对该国主要城市里斯本和波尔图的大量投资。

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his next September will mark seven years since the Law 14/2013 of Support For Entrepreneurs And Their Internationalization (the Spanish "Golden Visa" Law) entered into force in Spain. The Spanish Administration has not still published the figures for the full year of 2019 but, in the first half of the year alone, Spain approved 848 applications for residence by investment, making it the second-most applied-to investment migration program in Europe during the period, surpassed only by that of Greece, which has a real estate investment

option significantly lower in price terms. 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 government statements, as well as IMF and World Bank data. This success may reasonably constitute the basis of making investment migration a policypriority and a topic of much public debate in Spain. But that's not the case. While in Portugal, Greece, or Malta, any hairdresser or taxi driver will have at least a cursory knowledge of their country's

2019年上半年的批准数 - 按投资项目划分的欧洲居住地 Approvals in H1 2019-European residence by investment programs 仅主申请人 Main applicants only 西班牙 Spain

希腊 Greece

英国一级 UK Tier 1

拉脱维亚 Latvia

Greece 希腊

1,266

Spain 西班牙

848

Portugal 葡萄牙

621

UK Tier 1 英国一级 Latvia 拉脱维亚

葡萄牙 Portugal

255 91

图表：投资移民知情者。资料来源：IMI数据中心。用数据包装器创建 Chart: Investment Migration Insider. Source: IMI Data Center. Created with Datawrapper

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

然而，在西班牙，其经济和人口分别是葡萄牙的5倍和6倍，投资移民只不过是一个脚注而已微不足道。与圣基茨和尼维斯或塞浦路斯的移民律师、开发商和政府官员不同，西班牙的移民律师、开发商和政府官员往往对西班牙黄金签证在全球投资移民市场的地位视而不见。事实上，在西班牙与黄金签证申请人打交道的专业人士中，很少有人是该项目的专家；除了少数例外，黄金签证只是其更广泛服务组合的一部分。他们中的大多数甚至都不读IMI！西班牙是一个有吸引力的投资目的地，我们知道它西班牙为何对该计划如此漠不关心？简单的回答是，该计划对西班牙经济没有太大影响。即使西班牙今年的投资移民人数增加一倍，这项计划的收益也不会超过其国内生产总值的 0.15%——这在大计划中是微不足道

investment migration program, ordinary Spaniards know very little about the terms and benefits of the golden visa legislation, to say nothing of the global market for such programs. In that market, it was our Iberian cousins, the Portuguese, who blazed a trail by approving residence by investment legislation already in 2012, well before Spain, Greece, Malta, and Italy did the same. They had the support of both the government and the broader Portuguese society. Politicians were responsive to the industry's recommendations, sensitive to investor preferences, and keenly aware that the program existed within the framework of a global

market, which meant it could not unilaterally make changes to the program without expecting it to have an effect on demand. The result has been a flurry of, chiefly Asian and Brazilian, investments in the country's principal cities, Lisbon and Porto. In Spain, however, the economy and population of which are, respectively, five and six times those of Portugal, investment migration is treated as little more than a footnote. Unlike their counterparts in, say, Saint Kitts & Nevis or Cyprus, immigration lawyers, developers, and government officials in Spain often appear virtually oblivious to the Spanish golden visa's place in the global investment migration

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的，当然也不会是像小一些国家一样的头版。西班牙黄金签证投资的压倒性优势是房地产。但即便是在房地产领域，黄金签证也很少出现在人们的视线中。首先，因为西班牙8 8%的房产出售给西班牙人。其次，即使你孤立地考虑外国买家，84%的买家来自欧盟/ 欧洲经济区国家。2018年，西班牙共售出50多万套房产；其中第三国国民不到1万套。另一个原因是西班牙的投资移民利益相关者并不积极主动，因为西班牙与其他许多国家不同，拥有一个公认的品牌，在推销自己时几乎不需要帮助。任何在中国参加路演的马耳他代理都知道，他们必须指出地图上的国家，解释它有自己的语言，而且是欧盟成员国。不过不是西班牙。甚至亚洲农村的中年制造商也知道皇家马德里、斗牛和圣家大教堂。从来没有一个经纪人在半感兴趣的中国客户顾问面前做过“西班牙简介”，因为对西班牙来说，不需要介绍。西班牙的黄金签证计划之所以成功，并不是因为管理它的当局采取了积极主动的措施在国际上推广这一计划；也不是因为它的条款比竞争对手的计划好；也不是因为西班牙的房地产比葡萄牙和希腊的便宜。西班牙的计划在缺乏这些优势的情况下是成功的。这个项目的目标是如此的受欢迎和认可，以至于项目的利益相关者不需要动动手指就能激起人们的兴趣。换句话说，西班牙认为自己的吸引力是理所当然的。这并不是一个不合理的立场。西班牙的项目并非完全没有竞争优

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2018年谁在西班牙买房产 ? Who bought property in Spain in 2018? 欧盟 / 欧洲经济区买家

EU/EEA buyers

10%

非欧盟 / 欧洲经济区买家

Non-EU/EEA buyers

88% 西班牙买家

Spanish buyers

market. Indeed, very few of those professionals who deal with golden visa applicants in Spain are even specialists in the program; with a few exceptions, golden visas are only part of their broader portfolio of services. Most of them don't even read IMI! Spain is an attractive investment destination and we know it Why is Spain so nonchalant about its program? The simple answer is that the program doesn't make a big difference to Spain's economy. Even if Spain should double its investor migrant intake this year, proceeds from the program would amount to no more than 0.15% of its GDP – a paltry sum in the grand scheme of things, and certainly not the headline-grabber it is in smaller countries. The overwhelming preponderance of Spanish golden visa investment has taken the form of real estate. But

even in the property sector, golden visas barely show up on the radar. First, because 88% of all property sold in Spain is sold to Spaniards. Second, because even if you consider foreign buyers in isolation, 84% are from EU/EEA countries. More than half a million properties were sold in Spain in 2018; third-country nationals accounted for fewer than 10,000 of those. Another reason Spain's investment migration stakeholders aren't more proactive is that Spain, unlike many other countries, has a wellrecognized brand name, one that hardly needs help in selling itself. Any Maltese agent who's been on a roadshow in China knows they have to point out the country on the map, explain that it has its own language, and that it's an EU member country. Not Spain, though. Even middleaged manufacturers in rural Asia know about Real Madrid,

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

势；我们的处理时间是欧洲最快的。 “在两我惊讶地看到IMI发布的消息，年前提交黄金签证申请的35 名希腊房地产中国投资者正准备对希腊政府采取法律行动，要求赔偿和立即获得居留许可。” 政府推出的投资移民计划结果很受欢迎，但却没有为之准备必要的人力资源和官僚基础设施，这种情况并不少见。西班牙对这种困境也并不陌生（这就是为什么它必须加强各局以应对对该计划日益增长的需求），但这并没有对投资者造成负面影响。由于我们有行政默许，两年的黄金签证申请积压根本不会发生在西班牙。对于居住许可证，政府的最高允许裁决期是从向主管机构提交电子申 “这有什么，” 请之日起20个工作日。你可能会说。 “很多项目都有规定，说它们将在一定的天数内处理，但它们超出了自己的期限后并不会产生任何后果”。好吧，在西班牙，这是不同的，因为法律肯定有利于申请人。如果在规定的20 天期限内未作出决定的，法律规定因行政默许可以视为准予居住。因此，责任在于政府，而申请人则从质疑中获益。如果政府效率低下，那就是政府处于不利地位，而不是申请人。换句话说，除非你在三周内被拒绝，否则默认情况下你是被批准的。

bullfighting, and La Sagrada Familia. No agent ever had to give "a brief introduction to Spain" in front of a half-interested audience of Chinese client advisors because, for Spain, no introduction is needed. The Spanish Golden Visa program is successful, not because the authorities who govern it take proactive measures to promote the program internationally; not because its terms are better than competing programs; not because real estate is cheaper in Spain than in Portugal and Greece. Spain's program is successful in the absence of such advantages. So popular and recognized is the destination that the program's stakeholders needn't lift a finger to drum up interest. Spain, in other words, takes its own attractiveness for granted. And it's not an unreasonable position to take. Spain's program isn't entirely devoid of competitive advantages; our processing times are among the fastest in Europe. I read with surprise the news published by

IMI that "35 Chinese investors in Greek real estate who filed their golden visa applications up to two years ago are preparing legal action against the Greek state, demanding compensation and immediate residence permits." It's not uncommon to observe governments launching investment migration programs that turn out to be popular but for which the necessary human resource and bureaucratic infrastructure isn't prepared. Spain is no stranger to this predicament either (which is why it's had to reinforce bureaus to deal with rising appetite for the program), but this has not negatively impacted investors. Two-year backlogs for golden visa applications simply don't happen in Spain, because of our tacit administrative assent. For residence permits, the government's maximum permissible adjudication period is legally set at 20 working days from the filing of the electronic application with the competent

西班牙的申请费也比市场惯例低得多；其他地中海国家需要数千欧元，而西班牙的申请费仅为每人8 0欧元左右。由于该国的地理位置，在欧洲和非洲的十字路口，以及它与拉丁美洲市场密切的文化和语言联系，第三国国民认为西班牙是投资这些市场的天然跳板。在西班牙成立控股公司（或收购活跃的西班牙公司）是一个允许投

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资者利用的平台，例如，与拉丁美洲国家签订的双重征税协议等。简而言之，西班牙的黄金签证是一种几乎没有被利用的资源一个安全的法律框架、旨在有利于 (或至少不损害)投资者的公共部门规则、一流资产的过剩、以及一个可用于打开近5亿讲西班牙语的市场的司法管辖区，都使西班牙成为一个有吸引力的提议。然而，政策制定者和从业人员对该计划的重视程度相对较低，以及为获得公民资格所需的相对较长的实际居住时间，都阻碍了该计划的实施。但总有一天，比你想象的要快，西班牙当局会采取积极措施来推动这项计划。或许他们会引入一种经济选项，比如葡萄牙35万欧元的房地产项目，或者一种智慧风险投资基金的选项。也许他们会取消公民资格的实际居住要求。只要在议会里挥挥笔，西班牙就能从意外的银牌得主变成欧洲外商直接投资的强国。套用拿破仑的话说：西班牙的黄金签证项目是一个沉睡的巨人。其他的地中海项目最好希望她保持沉睡，因为当她醒来时，她会撼动他们的世界。

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body. "Big deal," you may say. "Plenty of programs have rules that say they will process within a certain number of days, but they exceed their own limits without consequences". Well, in Spain, that's different because the law definitely favors the applicant. If no decision is reached within the mandatory 20day period, the rules stipulate that the residence permit may be deemed granted due to tacit administrative assent. The onus, therefore, is on the government, while the applicant gets the benefit of the doubt. If the government is inefficient, it is the one that's disadvantaged, not the applicant. In other words, unless you get a rejection within three weeks, you are – by default – approved. Spain also has considerably lower application fees than what's customary for the market; while other Mediterranean countries require thousands of euros, the Spanish application fee is only around EUR 80 per person included in the application. Thanks to the country's geographical position, at the crossroads of Europe and Africa, as well as its close cultural and linguistic ties to the Latin-American market, thirdcountry nationals consider Spain a natural springboard for investment in those markets. The incorporation of a holding company in Spain – or the acquisition of an active Spanish company – is a platform that allows investors to take advantage of, for example, dual taxation agreements

with Latin-American countries. In a nutshell, Spain's golden visa is a resource that's barely been tapped A secure legal framework, public office rules designed to favor (or at least not harm) the investor, a surfeit of first-rates assets, and a jurisdiction that can be used to open up markets to nearly half a billion Spanish speakers all make Spain an attractive proposal. Holding the program back, however, is the relative lack of priority accorded to it by policymakers and practitioners, as well as the relatively long physical residence period required to enable citizenship eligibility. But a day might come, sooner than you think, when Spanish authorities do take active steps to promote the program. Maybe they'll introduce an economy-option like Portugal's EUR 350,000 real estate projects or an option for intelligent venture capital funds. Maybe they'll remove the physical presence requirement for citizenship eligibility. With a few strokes of the parliamentary pen, Spain could go from accidental silver medalist to a European power-house of FDI. To paraphrase Napoleon: Spain's golden visa program is a sleeping giant. Other Mediterranean programs had better hope she stays asleep, for when she wakes, she will shake their world.

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

2019年格林纳达 CIP 创纪录：房地产 4 年来首次超过捐款

2019 a Record Year for Grenada CIP: Real Estate Outpaces Donations For the First Time in 4 Years

Christian Nesheim

林纳达投资公民计划（GCIP）在 2 019 年筹集了1. 6 6 亿欧元，比 2 0 1 8 年的纪录高出 13%。推动这一上升趋势的是第四季度房地产投资的大幅上升。

格

G C I P 在 2 019 年收到3 73 份申请，比上一个记录年2018 年多60 份。其

he Grenada Citizenship by Investment Programme (GCIP) raised EC$166 million in 2019, 13% more than its 2018 record. Driving the upward trend was a sharp uptick in real estate investments during the fourth quarter.

The GCIP received 373 applications in 2019, 60 more than in 2018, the previous record year. Of those, the Grenada CIU rejected 44, a refusal rate of about 12%. The CIU's decisions resulted in 814 new citizens.

按年计的格林纳达 CIP 投资 Grenada CIP Investment by year

国家转型基金（捐赠）National Transformation Fund (Contribution)

按百万EC$计（1EC$=US$ 0.37） In EC$ millions (1EC$=US$0.37)

房地产投资 Real Estate Investment

政府收费 Government Fees

160 140 49

120 100

60 55

20 6 31 2014

2018

2019

2015

2016

2017

没有2017年4月份的数据可用 No data is available for 04 2017 图表：投资移民知情者。资料来源：格林纳达财政部。用数据包装器创建Chart: Investment Migration Insider. Source: Grenada Ministry of Finance. Created with Datawrapper

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格林纳达 CIP：申请批准和拒绝的数据 Grenada CIP: Application Approval and Rejection Data 收到的申请 Applications Received 收到的申请

Applications Received

批准数 Approvals 批准数

拒绝数 Rejections

签发的护照 Passports issued

Approvals

拒绝数

签发的护照

Rejections

Passports issued

拒绝的数据 Rejection data 拒绝的数据

Rejection data

2019

373

265

814

11.8%

2018

313

244

851

4.2%

2017

296

194

705

8.5%

2016

116

259

11.2%

2015

128

100

246

3.9%

2014

4.6%

没有2017年4月的数据可用 No data is available for 04 2017 图表：投资移民知情者。资料来源：格林纳达财政部。用数据包装器创建 Chart: Investment Migration Insider. Source: Grenada Ministry of Finance. Created with Datawrapper

中，格林纳达CI U拒绝了44 个，拒绝率约为12%。CI U的决定产生了814 名新公民。格林纳达的房地产选项似乎正在复

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Grenada's real estate option appears to be enjoying a renaissance; in the fourth quarter, the number of investors who opted for property invested exceeded that of those

choosing donations, a feat not observed since 2016. For 2019 as a whole, the program raised EC$79 million in real estate

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

investments, a 47% increase on the preceding year and, by a wide margin, the highest such figure on record. Another EC$86 million were raised through the NTF option, while the government collected EC$8 million in fees.

格林纳达 CIP 批准数：房地产 VS 国家转型基金 Grenada CIP approvals：Real Estate vs NTF 120 100 80 房地产

Real Estate

国家转型基金

NTF

20 0

Q1'18

Q2'18

Q3'18

Q4'18

Q1'19

Q2'19

Q3'19

Q4'19

图表：投资移民知情者。资料来源：格林纳达财政部。用数据包装器创建 Chart: Investment Migration Insider. Source: Grenada Ministry of Finance. Created with Datawrapper

兴；第四季度，选择投资房地产的投资者数量超过了选择捐赠的投资者，这是自2016年以来的首次。整个2019年，该计划筹集了790 0万欧元的房地产投资，比上一年增长了 47%，并且以较大幅度增长，达到了有记录以来的最高水平。另外8600万欧元通过 N T F 方案筹集，而政府收取800万欧元的费用。

Clouden delivers Head of the Grenada Citizenship by Investment Unit (CIU) since August, Percival Clouden is delivering on his promise to drastically increase the CIU's processing rate; while processing slowed to an alarming rate in August due to what observers have called a "messy" handover, Clouden quickly brought the Unit up to speed after taking the helm. Whereas the CIU processed only 8 applications in August and September combined, the Unit processed an average of 45 applications a month during the fourth quarter.

格林纳达 CIP – 房地产 VS 捐赠 Grenada CIP - Real Estate vs Donation

在批准了的申请人中投资与捐赠选择的对比 Investment VS donation choices among approved applicants 房地产 Real Estate

国家转型基金 NTF

100% 80% 60%

Clouden提供自8月Percival Clouden担任格林纳达投资公民部门（CIU）负责人以来，他兑现了大幅提高CIU处理率的承诺； 8月，由于观察员称之为“混乱的”移交，处理速度放缓至令人担忧的水平，但Clouden在掌舵后很快让该部门提速。虽然该局8月和9月总共只处理了8宗申请，但在第四季度，该局平均每月处理45宗申请。

40% 20% 2014

2015

2016

2017

2018

2019

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移民特刊 | IMMIGRATION SUPPLEMENT CHINA OFFSHORE

英国对中国企业家开放和一位正规的英国移民顾问的访谈

THE UK IS OPEN FOR CHINESE ENTREPRENEURS AN INTERVIEW WITH A REGULATED UK IMMIGRATION ADVISOR

你

是一个希望为家庭提供更好的生活质量，同时扩展业务的企业主吗？再也没有比英国海外商务代表签证更好的方式了。

如果你符合要求，Beyond Residence & Citizenship，一家英国投资移民公司可以在几个月内帮助你移居英国。我们请Beyond Residence & Citizenship的合伙人、拥有多年投资移民行业经验的执照英国移民顾问 Polina Revzina解释如何以最低的投资要求，同时到达移民英国，以及拓展生意的目的。什么是海外商务代表签证？早在2014年，英国就将投资移民所需的最低投资额翻倍，达到200万英镑，而且相关规定也在逐步收紧。相比于逐步提高的英国居住及入籍政策，英国的海外商务代表签证对企业家来说是一个非常有吸引力的选择。获得英国护照的具体方式是：在你的海外商务代表签证获批之后，你将获得有效期为三年的首次签证。在这期间只要符合英国政府规定的要求，就可以拿到有效期为两年的续签签证。您必须在这五年内作为同一母公司的高级雇员留在英国，在英国设立的分支机构或子公司必须继续运营。持有海外商务代表签证五年后，你就可以

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re you a business owner who would like to provide a better quality of life for your family, and expand your business at the same time? Then look no further than the United Kingdom, through the Representative of an Overseas Business visa route. Beyond Residence & Citizenship, a UK investment immigration firm

can help you move to the UK in a matter of months, if you meet the requirements. We asked Polina Revzina, Partner of Beyond Residence & Citizenship, and a licensed UK immigration advisor with many years of experience in the investment migration industry, to explain how to get to the UK with minimal investment requirements and to

Polina Revzina 合伙人 Partner

Polina 是集团伦敦办公室的合伙人，英国内政部直接注册的持照移民顾问。Polina

擅于把控整个移民和入籍项目申请过程，包括协助申请人完成递交所需文件和向申请人介绍不同的移民选项，为申请人制定符合其需求的移民项目。她凭借其在投资移民行业中工作超过14年积累的知识和经验，为私人客户提供全透明的专业服务，协助申请人达到家庭移民的目的。

Polina每年递交大约150个各类英国申请。她丰富的经验，使得她成为移民入籍行业不可多得的全面顾问专家。 Polina is a partner in the group's London office and a licensed immigration adviser registered directly in the British Home Office. Polina is good at controlling the whole

immigration and naturalization project's application process, including assisting the applicant to complete the required documents and introducing different immigration options to the applicant, and developing immigration projects that meet the needs of the applicant. With more than 14 years of knowledge and experience in the investment immigration industry, she provides full transparent professional services to private clients and helps applicants achieve the goal of family immigration. Polina submits about 150 UK applications of all kinds every year. Her rich experience has made her a rare and comprehensive consultant in the immigration and naturalization industry.

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

申请英国永居。对母公司有什么要求？母公司要满足海外商务代表签证的要求，必须是一家真正运营的企业，其注册地为英国以外。并且主要业务一直保持在英国以外。比方说如果你的母公司是生产汽车零部件，那么英国分公司或子公司必须从事相关业务。一个典型的就是一家营业额为10 0 0万英镑左右的中国公司，派遣一个它的高级雇员来英国建立分支机构。如果你有家族企业，也可以满足英国移民政策要求。只要申请人是公司的全职高级雇员就可以。英国代表签证什么时候不合适？如果您的企业已经在英国有分公司，并且可以直接雇佣员工，则本签证不

make your business grow at the same time. What is a Representative of an Overseas Business visa? The UK Representative of an Overseas Business visa is a very attractive option for entrepreneurs, at a time when the bar to British residency and citizenship is being raised. Britain doubled the minimum investment required for a Tier 1 visa to two million pounds back in 2014, and the rules are progressively tightening. The route to a British passport goes like this: If your application for a Representative of an Overseas Business visa is approved, you will be given permission to enter and remain in the UK for up to three years initially. Beyond this, you

will need to extend the visa for two years, provided you meet the requirements set out by the UK government. You have to remain in the UK as a senior employee of the same business throughout the five years, and the branch or subsidiary established in the UK must continue to operate. After five years in the UK in the Sole Representative visa category, you may then be granted permission to remain in Britain permanently. What are the requirements for the parent company? For a parent company to satisfy the requirements of the Representative of an Overseas Business visa, it must be a genuine commercial enterprise with its principal place of business outside the UK. It must

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移民特刊 | IMMIGRATION SUPPLEMENT CHINA OFFSHORE

适用于您。另外，申请人在母公司的持股不可以超过50%，如果持股超过 50%，需要重新架构企业，变成小股东之后才能递交申请。英国分支机构或子公司的经营性质发生任何变化（此后，该分支机构或子公司将不再被视为开展与原母公司相同类型的业务）或者英国子公司不再是海外的母公司所有，都是影响签证成功的危险信号。对申请人有什么要求？申请人必须具有代表母公司作决定权力，在公司内担任高级职务，且不持有超过50%股份，有足够的资金支持其家属，在该行业具有广泛的知识和经验，符合英语水平要求，在英国期间不从事任何其他工作，并且母公司在英国没有其他分支机构。因此，申请人和企业必须在经验、营业额和过往业绩方面是可信的。我能带我的家人去英国吗？你可以带上你的家人，包括配偶或未婚伴侣以及18岁以下的孩子。你的配偶可以选择从事其他形式的雇佣工作，你的孩子也可以学习。你将有机会进入公共教育和医疗系统。为什么选择Beyond移民机构我们是一家国际投资移民公司，为高净值人群及其家庭提供定制的居留和公民计划。我们的整体方法植根于客观建议和长期关系。我们是无缝引导您和您的家庭到您选择的目的地的专家，同时满足您的所有搬迁需求，从房地产投资到教育，以及两者之间的一切。我们在英国有特别的实力，我们强大

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also intend to keep its main center of operations outside the UK. So, if your company is manufacturing auto parts, your UK branch or subsidiary must be engaged in a related line of business. A typical scenario might involve a senior employee of a company in China, with a turnover of 10 million that seeks to establish a commercial presence in the UK. If your family has a business, you could also be eligible if you satisfy the British authorities' requirements that you are a senior employee who plans to work for the parent company on a full-time basis. When is the UK Representative Visa not suitable? If your business already has a UK presence and the representative can be employed directly by the UK branch or subsidiary, then this visa is not for you. If you own more than 50 percent of the overseas business, then you would have to restructure the business and become a minority shareholder in order to follow the rules. Any change in the nature of the operations of the UK branch or subsidiary (after which it can no longer be considered as carrying out the same type of business as the original overseas business) would also be a red flag, as would a situation in which the UK branch or subsidiary is no longer wholly owned by the original overseas business.

What are the requirements for the applicant? To be eligible, an applicant must have full authority to make decisions on behalf of the parent company, hold a senior position within the company, be a minority shareholder who does not own more than 50 percent of the business, have sufficient funds to support their dependents, have extensive knowledge and experience in the industry, meet the English language proficiency requirements, not take up any other employment whilst in the UK, and prove that this UK branch is the first commercial presence in the UK. So, the applicant and the business must be credible in terms of experience, turnover and track record. Can I bring my family to the UK? You can bring your family with you, including spouse or unmarried partner and children under 18. Your spouse can take up gainful employment of their choice and your children can study. You will have access to public education and healthcare systems. Why Beyond Immigration? We are an international investment migration firm offering bespoke residency and citizenship programmes to high-net-worth individuals and their families. Our holistic approach is rooted in objective advice and long-term relationships. We are experts at seamlessly guiding you and your

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

的执行团队由投资移民、法律和银行专业人士组成，在一个平台上提供独特的家族理财办公室专业知识，从战略咨询到综合报告。

family to your destination of choice whilst serving all your relocation needs, from property investment to education, and everything in between.

今天就联系我们以获得诚信迅速周全的个人服务 Contact us today for a personal service with integrity, speed and discretion.

We have particular strength in the UK, where our strong executive team, made up of investment migration, legal and banking professionals, delivers a unique family office expertise under one roof, from strategic advice to consolidated reporting.

公司介绍 Company introduction - Beyong Residence & Citizenship Beyond是全球领先的投资入籍和居留规划机构。有遍布全球的办公室网络，为来自世界各地的高净值客户提供最专业的本地化服务。Beyond的专业顾问团队，为寻求第二个公民身份或者居留的高净值个人和家庭，提供私人化定制的帮助。同时，Beyond的政府咨询团队为那些想要设计和实施投资入籍和居留计划的政府提供政策上的建议。 Beyond将提供一系列的完善服务给那些寻求财富转移及公民身份的客户，包括教育，落地安家和投资我们的使命给客户提供最好的服务以保障客户的利益为行事标准为客户寻求最佳解决方案为合伙人和客户提供全球各地的投资移民和入籍项目培训通过全球公民身份积极促进贸易，旅游业，劳工和投资的发展自上世纪9 0 年代初成立以来 ,投资入籍和居留产业持续发展至今，已经包含了大量的参与国家，并且仍在不断扩大中。高净值移民所带来的积极效益已被全球广泛认可，所以每年都有新的项目被开发引进市场。Beyond团队成立于2005年，自该产业成立伊始一直踊跃参与其中，并且在建立世界上最知名的几个移民项目里发挥了积极的作用, 包括加拿大和英国移民项目。

Beyond is the world's leading investment naturalization and residence planning agency. With a global office network, we provide the most professional localization services for high net worth customers from all over the world. Beyond's professional advisory team provides customized help for high net worth individuals and families who are seeking second citizenship or residence. At the same time,

beyond's government advisory team provides policy advice to governments that want to design and implement investment naturalization and residence plans. Beyond will provide a series of perfect services to customers who are seeking wealth transfer and citizenship, including education, settlement and investment Our mission Provide customers with the best service To protect the interests of customers Seeking the best solution for customers Training partners and clients on investment immigration and naturalization programs around the world Actively promote trade, tourism, labor and investment through global citizenship Since its establishment in the early 1990s, the investment naturalization and residence industry has continued to develop, including a large number of participating countries, and is still expanding. The positive benefits of high net worth migration have been widely recognized around the world, so every year new projects are introduced into the market. Founded in 2005, beyond has been actively involved in the industry since its inception, and has played an active role in the establishment of several of the world's most famous immigration projects, including Canadian and British immigration projects.

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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天无否

最低资产要求独立法人最低人数公司法人最低人数是否需要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

Trust Assets

保全

是否需要

120

By BVI Finance Asia

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 对于希望将其资产继承给下一代的中国高资产净值人士或家庭（等），贵辖区在隐私和资产保护方面的主要优势是什么？

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

英属维尔京群岛（ “BVI”）是一个在建立家庭信托方面备受尊重的管辖区。英属维尔京群岛信托法提供了高度的隐私权。为设立英属维尔京群岛信托而订立的文书，或根据该等信托的条款订立的文书，均获豁免公开注册。英属维尔京群岛信托的受托人一般也免于任何报告或备案要求，除非法律要求，否则不披露任何信托记录。尽管受托人仍必须遵守实益所有权和其他报告要求，但对报告信息的访问受到限制的。

British Virgin Islands ("BVI") is a jurisdiction which is well-respected for the establishment of family trusts. BVI trust law offers a high degree of privacy. Instruments entered to establish BVI trusts or pursuant to the terms of such trusts are exempt from public registration. Trustees of BVI trusts are also generally exempt from any reporting or filing requirements, and do not disclose any trust records unless required by law. Though trustees must still comply with beneficial ownership and other reporting requirements, access to reported information is restricted.

英属维尔京群岛有一个独特的备任董事概念，作为英属维尔京群岛公司的唯一董事和唯一股东的高资产净值人士可通过书面文书提名另一人担任备任董事，在其死亡时代替其位置。

BVI has a unique concept of reserve director, whereby an HNWI, being the sole director and sole shareholder of a BVI company, may by instrument in writing nominate another person to be a reserve director to act in his/her place in the event of his/her death.

或者，可以设立英属维尔京群岛信托，持有这些公司和其他资产的股份，据此，资产的合法所有权属于受托人，高资产净值人士和 / 或其家庭成员是信托的受益人，所有人都可以继续从资产和 / 或其收入中受益。

Alternatively, a BVI trust may be established to hold shares of such companies and other assets, whereby the legal ownership of the assets lie with the trustee, with the HWNI and/or his/her family members being the beneficiaries of the trust, all of whom can continue benefiting from the assets and/or their income.

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《英属维尔京群岛托管法》还包含强有力和全面的 “防火墙”规定，保护英属维尔京群岛信托（以及对英属维尔京群岛信托持有的财产的处置）免受潜在的强制继承权要求。此外，英属维尔京群岛信托文书还可包含“逃离条款”，其中规定，在某些特定的触发事件中，如受托人居住地国的政治或战略紧急情况，信托准据法或管理法院可自动转移到另一个 “安全”法域。

The BVI Trustee Act also contains robust and comprehensive "firewall" provisions protecting a BVI trust (and the dispositions of property to be held upon a BVI trust) from potential forced heirship claims. Furthermore, a BVI trust instrument may also contain a "ﬂee clause", which provides that the proper law or the forum of administration of the trust may be automatically moved to another 'safe' jurisdiction in certain specified triggering events, such as political or strategic emergency in the country of the trustee's residence.

Q2 从成本的角度，在您管辖区设立信托 / 基金会的费用与其他司法管辖区相比如何？如果成本更高，客户为此获得的附加价值是多少？

鉴于信托是私人部署，无需在英属维尔京群岛进行公开注册或备案，设立英属维尔京群岛信托的费用将取决于所选受托人，律师和税务顾问（如有要求或适当的）收取的专业费用也是这样。专业受托人通常会根据信托的类型、信托管理的复杂性以及要在信托中确定的资产的类型和价值来收取费用。一般而言，在英属维尔京群岛设立信托 / 基金的成本与其他管辖区相当。任何英属维尔京群岛信托受托人向非英属维尔京群岛居民受益人分配财产时，受益人不应支付房产税、遗产税、继承税、赠与税、税率、关税、税款或其他费用。此外，受托人和非英属维尔京群岛居民受益人手中的任何英属维尔京群岛信托的收入应免缴英属维尔京群岛所得税，没有英属维尔京群岛居民受益人的英属维尔京群岛信托免缴印花税，前提是信托公司在英属维尔京群岛没有标的资产土地，并且不在英属维尔京群岛开展业务或贸易。但是，任何声明或证明英属维尔京群岛信托的文书，以及任何将信托的依据法改为英属维尔京群岛法律的文书，均负有信托责任。

Given that trusts are private arrangements which require no public registration or filing in the BVI, the cost for setting up a BVI trust would depend on the trustee chosen, as well as the professional fees to be charged by lawyers and tax advisers (where required or appropriate). Professional trustees would normally charge their fees based on the type of the trust, the complexity of administration of the trust as well as the type and value of assets to be settled into the trust. Generally speaking, the cost of setting up a trust/foundation in the BVI is comparable to other jurisdictions. No estate tax, inheritance tax, succession tax, gift tax, rate, duty, levy

Q3 在为中国或亚洲客户进行总体规划时，您遇到的最大问题和挑战是什么？您的管辖区为这些问题提供了哪些解决方案？可以理解，中国和亚洲的客户普遍不愿放弃对其资产的完全控制，特别是因为许多客户仍处于财富创造阶段。英属维尔京群岛提供的一些解决方案包括：

•VISTA（维尔京群岛特别信托法）信托允许对财产

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授予人或授权另一人的信托保留对资产进行更大的控制，而使受托人的干预最小。

• 私人信托公司（PTCs）也是英属维尔京群岛的一种选择，允许家庭参与信托的托管。 • 保留权力的信托创建一个英属维尔京群岛信托，可将任何权力授予财产授予人或其他人（包括监护人）。但是，在决定保留什么和保留多少权力以及赋予财产授予人或此类信托的监护者的职能时，应当有一个平衡。

or other charge is payable by beneficiaries who are not BVI resident beneficiaries in respect of any distribution to them by the trustee of any BVI trust. In addition, the income of any BVI trust in the hands of a trustee and the non-BVI resident beneficiaries shall be exempt from payment of BVI income tax, and a BVI trust without any BVI resident beneficiaries is exempted from payment of stamp duty, provided that the trust does not has an underlying asset land in the BVI and does not carry on business or trade in the BVI. However, any instrument declaring or evidencing a BVI trust and any instrument changing the proper law of a trust to BVI law is liable to a trust duty.

Q4 法律的主要特色是什么使得你管辖区的信托/ 基金会对投资者特别有吸引力？

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?

英属维尔京群岛是最早制定立法允许将权力保留给财产授予人或授权他人的司法管辖区之一。同样，通常赋予财产授予人，监护人或其他人的某些权力可转归于受托人。鉴于受托人监督和管理信托基金投资或干预的义务已被法律取消，VISTA 信托降低了受托人面临的风险水平，因此，受托人更倾向于

Chinese and Asian clients in general are understandably reluctant to give up full control over their assets, especially as many clients are still in the wealth creation phase. Some of the solutions offered by the BVI include: • The VISTA (Virgin Islands Special Trusts Act) trust allows greater control over trust assets to be retained by a settlor or granted to

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another person, with minimal interference from the trustee. • Private Trust Companies (PTCs) are also an option in the BVI, allowing families to be involved in the trusteeship of a trust. • Trust with reserved powers creates a BVI trust that may confer any powers to the settlor or some other person (including a protector). However there should be a balance in deciding what and how much powers to be reserved and functions to be given to the settlor or the protector of such a trust.

Q4 What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? The BVI was one of the first jurisdictions to have legislation allowing powers to be reserved to the settlor or granted to another person. As such, certain powers that are usually vested in the trustee may be instead conferred on the settlor or a protector or other person. Given that the trustee's obligation to monitor and manage the trust fund investments or intervene is removed by the law, a VISTA trust reduces the level of risk faced by the trustee, who will therefore be more inclined to hold high risk assets and enter into speculative transactions in highly complex financial transactions. It is therefore possible to establish a VISTA trust with a BVI company for purposes such as securitizations and off-balance sheet transactions. 持有高风险资产，并在高度复杂的金融交易中进行投机性交易。因此，可以与英属维尔京群岛公司建立 VISTA 信托，用于证券化和表外交易。此外，一些司法管辖区限制了信托存在的时间，但 BVI 信托可以持续长达 360 年。目的信托和慈善信托可能无限期地存在。

Q5 在你管辖区的信托/ 基金会最近有什么新的发展可以让投资者了解的吗？虽然英属维尔京群岛信托法没有最新发展，但英属维尔京群岛实施了《英属维尔京群岛实益所有权安全搜索系统法》（BOSS 法）的修正案，该法于2017 年出台，旨在为特定实益所有权信息搭建平台。这是调整《BOSS 法》以适应 2019 年 1月1日生效的英属维尔京群岛经济实体新规则。

Additionally, while some jurisdictions limit the time a trust can be existence, BVI trusts can continue for up to 360 years. Purpose trusts as well as charitable trusts may exist indefinitely.

Q5 Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of? While there has been no recent development in BVI trust laws, BVI has implemented amendments to the BVI Beneficial Ownership Secure Search System Act (BOSS Act), which was introduced in 2017 to build a platform for specific beneficial ownership information. This is to adjust the BOSS Act to the new rules of economic substance in the BVI which came into force on 1 January 2019.

来源 / Contributed by：BVI Finance

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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

130

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

JURISDICTIONS

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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圣基茨 St. Kitts

St. Kitts

司法辖区

JURISDICTIONS Member Contribution

概况

实体类型

信托

法律类型

建立信托所需时间

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

General Type

Trust

普通法

Type of Law

Common

Not Applicable

Our time to establish a Trust

不适用

USD200

Minimum government fees (excluding taxation)

USD200

无

Double Taxation Treaty Access

Taxation on Foreign income

无

信托资产

美元、东加勒比元

允许币种

Trust Assets

Standard currency

USD, XCD

任何

Permitted currencies

Any

Not Applicable

Minimum Assets Required

不适用

受托人

Trustees

Minimum Number If Individuals

One

Minimum Number if a Body Corporate

One

圣基茨公司或在圣基茨有业务的信托公司

if Local Trustee Required

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

Publicly Accessible Records

Location of Meetings

Any Locations

否

任何地方

保全

是否需要

持有专业资格公众可否访问准备要求

是

可选

公众可否访问账户法定继承权

是否允许迁册

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Protector

Required

Yes

Professional Qualifications Held

Optional

信托契书否

Trust Deed

Publicly Accessible

账户

是

审计要求

136

By T-LOFT Property Development

否否

No Accounts

Requirements to Prepare

Yes

Audit Requirements

Publicly Accessible Accounts

其他

Other

Not Applicable

Forced Heirship Rules

Not Applicable

Change in Domicile Permitted

不适用不适用

司法辖区

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

St Kitts (and Nevis) are islands in the Caribbean Sea with a population of approx. 50,000. The capital is Basseterre, on St Kitts, the location of Bradshaw International Airport, which serves North America and Europe. The legal system is largely based on English Common Law. Although sugar dominated the agricultural sector until 2005, when it was finally abandoned as a major crop, activities such as tourism, export-oriented manufacturing, and offshore banking have assumed larger roles in the economy. GDP grew by 3.2% in 2008, but then shrank sharply in 2009, by 9.6%. GDP growth is estimated at 2% for 2012. St Kitts and Nevis has offshore legislation as a Federation, but so does Nevis independently. On the whole, St Kitts focuses on attracting inward industrial and tourist investment, while Nevis concentrates more on offshore asset protection. Nevis has been particularly successful with its LLC (Limited Liability Company) legislation. There is no net worth tax, gift tax, turnover tax,

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值税、赠与税、营业税或遗产税。公司税和预提税适用于当地公司，但不适用于和非居民之间进行商务活动的实体。

or estate duty on St Kitts and Nevis. Corporate tax and withholding tax apply to domestic companies, but not to entities carrying on business solely with non-residents.

适用于：航空、游艇、控股公司、房地产所有权

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

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

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

资本主要商务区域：巴斯特尔

Capital Primary Business Districts: Basseterre

关系良好辖区：巴哈马、巴巴多斯、百慕大、伯利兹、加拿大、开曼群岛、中国、古巴、多米尼加、法国、牙买加、韩国、俄罗斯、圣卢西亚、圣文森特和格林纳达、特立尼达和多巴哥、特克斯和凯科斯群岛、英国、美国

Good Relationships: Bahamas, Barbados, Bermuda, Belize, Canada, Cayman Islands, China, Cuba, Dominica, France, Jamaica, Korea (Republic of), Russia, Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, Turks and Caicos Islands, United Kingdom, United States

关系不佳辖区：

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Bad Relationships:

司法辖区

JURISDICTIONS

缅甸、古巴、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚

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

税务负担⸺商务：极轻

Tax Burden - Business: Very Light

税务负担⸺个人：极轻

Tax Burden - Individual: Very Light

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

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

协议签订辖区：安提瓜和巴布达、巴巴多斯、伯利兹、多米尼加、格林纳达、圭亚那、牙买加、摩纳哥、圣卢西亚、圣文森特和格林纳达、圣马力诺、瑞士、特立尼达和多巴哥

Treaty Jurisdictions: Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Monaco, Saint Lucia, Saint Vincent and the Grenadines, San Marino, Switzerland, Trinidad and Tobago

税收信息交换协议签订辖区：阿鲁巴、澳大利亚、比利时、加拿大、库拉索、丹麦、法罗群岛、芬兰、法国、德国、格陵兰、耿西岛、冰岛、列支敦士登、荷兰、新西兰、挪威、葡萄牙、圣马丁岛、瑞典、英国

TIEA Jurisdictions: Aruba, Australia, Belgium, Canada, Curacao, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, Liechtenstein, Netherlands, New Zealand, Norway, Portugal, Saint Marteen, Sweden, United Kingdom

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Member Contribution

离岸问答 Q&A

圣基茨 Saint Kitts

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

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

圣基茨和尼维斯作为英联邦国家，基于英国普通法，有自己的离岸法规。

As a member of British Commonwealth of Nations, Saint Kitts and Nevis has its own offshore regulations based on British common law. Offshore trust in Saint Kitts and Nevis has been passed and implemented via International Exemption and Trust Regulations in 2009. According to the law of Nevis, non-residents can not only set up offshore trust, but also own and transfer such properties.

离岸信托在圣基茨尼维斯，于2009 年在《国际豁免信托条例》通过并施行。依据尼维斯的法律，非居民也可以设立离岸信托，而且可以拥有并转让此类财产。

Q2 我们知道有一些司法辖区专注于资产保护，另一些则致力于资产传承产品。贵辖区对资产保护或资产传承是否能提供更好的解决方案？在私密性方面，由于圣基茨和尼维斯未与中国大陆建交，所以对中国的高净值人士来说，其在圣基茨的信息安全方面具有较大优势。在资产保护方面，圣基茨和尼维斯是有名的离岸金融中心，这里没有个人所得税、资本利得税、净资产税、赠与税、遗产税等，所以是中国高净值人士搭建离岸架构的最优选择。

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Q2 We understand that some jurisdictions focus on asset protection, others focus on asset succession products, is your jurisdiction able to provide better solutions in terms of asset protection and succession? In terms of privacy, since Saint Kitts and Nevis has not established diplomatic relation with China, Chinese high net worth individuals enjoy greater information security in Saint Kitts. In terms of asset protection, Saint Kitts and Nevis is a famous offshore financial center where no individual income tax, capital gains tax, net asset tax, gift tax and inheritance tax are collected. Therefore, it is the best choice for Chinese high net worth individuals to set up offshore framework.

司法辖区

JURISDICTIONS

Q3 价格方面，在贵司法辖区设立信托 / 基金会和其它辖区相比有什么不同？如果价格更高，您能为客户提供的附加价值是什么？在圣基茨和尼维斯搭建信托架构的设立费用相比在其他国家设立相似架构的费用较低。而对于具体架构搭建的费用，还要根据所搭建架构的最终形式来确定价格。除在价格方面的优势，圣基茨和尼维斯在税务方面也极具竞争力。而且对中国高净值人士来说，信息的安全性也是其一大特色。

Q4 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？由于圣基茨和尼维斯与中国的法律体系不同，所以这些中国及亚洲的高净值客户，他们不能很好的理解其中的差异是面临最大的一个挑战。其次，客户对放弃信托控制权有所担心，如何消除客户的疑虑也是一个很大的挑战。为了可以让客户更好的去了解离岸信托架构及相关法律内容，会举办一些沙龙活动以及从一些真实的案例中让客户去真正去了解其中的差异。

Q5 圣基茨律中有哪些特点是这个司法辖区的信托/基金会成为吸引投资者的最大特点？从资产保护和税务筹划的角度，对于中国的高净值和超高净值客户来说，圣基茨和尼维斯最大的优势在于与中国没有建立外交关系，这样可以最大程度上保护客户的信息安全及更好的发挥其境外架构效用。

Q3 In terms of cost, how is the cost of a setting up a trust/ foundation in your jurisdiction compare to other jurisdictions? If it's more expensive, what is the additional value that a client receives for this? The cost to set up trust framework in Saint Kitts and Nevis is lower than the cost to set up similar framework in other countries. The specific cost to set up trust framework shall be determined according to the final form of prospective framework. Besides advantages in terms of price, Saint Kitts and Nevis is also extremely competitive in terms of taxation. For Chinese high net worth individuals, information security is also a great attraction.

Q4 What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? For high net worth individuals in China and Asia, one of the largest challenges is to understand the difference between the legal system of Saint Kitts and Nevis and that of China. Secondly, clients worry about losing the control over trust. How to dispel their misgivings is also a great challenge. To enable clients to better understand the framework of offshore trust and contents of relevant laws, some salon activities shall be held to enable clients to truly understand the differences from some practical cases.

Q5 What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? From the perspective of asset protection and tax planning, for Chinese high net worth and ultra-high net worth clients, the biggest advantage of Saint Kitts and Nevis is that it has not established diplomatic relation with China. Therefore, it can protect clients' information security to the greatest extent and better realize its effect as an offshore framework.

来源 / Contributed by：T-LOFT Property Development

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通往安全的护照

YOUR PASSPORT TO SECURITY

圣

基茨和尼维斯是领先的投资移民司法辖区，于1984 年成为首个设立投资计划公民权的司法辖区。

在我们辖区，公民无需承受移民监，并能享受全球 150 多个国家畅行无阻的免签政策。可选的投资方式包括： 1) 每一位申请人向“可持续发展基金” 捐赠 15万美元，如果按家庭申请，则需捐赠额外的金额。 2) 每位申请人最低购买 40万美元的房地产，或两位申请人每位购买20万美元的房地产。申请可在90 天内进行处理，但也可加急处理。财富管理（用于创建信托、基金会和其它类似的财富管理工具，如有限合伙公司和国际商务公司）基于英国司法体系。信托受《圣基茨和尼维斯信托法案》和《尼维斯国际豁免信托条例》监管，优势包括受托人可以是一家信托公司或其它注册实体公司。允许挥霍信托和慈善信托的存在，但信托的授予人和受益人必须是非居民，也可以是同一个人。永久财产的否决规定在这里并不适用，从而保护外国法庭裁决、强制继承权和最低注册要求。它们是可分割的，因此可确保不同法规所管辖的各个方面都得以顺利实行。也可以在圣基茨和尼维斯创立基金会。可对迁址于圣基茨和尼维斯的外国基金会提供免受外国法庭判决和强制继承权的保护。注册流程十分简单，可以

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t. Kitts & Nevis is the leading jurisdiction for investment migration, being the first to establish a Citizenship by Investment programme in 1984. With no residency requirement, our citizens enjoy enhanced mobility with visa-free access to over 150 countries. The investment options are: 1) Donating US$150,000.00 to the Sustainable Development Fund for a single applicant or additional investments for a family 2) Purchasing real estate for minimum US$400,000.00 for an individual or US$200,000.00 each for two applicants. Applications are processed within 90 days but may be fasttracked.

Wealth management based on the English legal system for the creation of Trusts, Foundations and other similar vehicles such as Limited Liability Companies and International Business Corporations. TRUSTS are governed by the St. Kitts & Nevis Trust Act and the Nevis International Exempt Trust Ordinance, the highlights of which include that a trustee may be a trust company or other incorporated entity, spendthrift and charitable trusts are permitted, the settlor and beneficiary must be non-resident and may be the same person, the rule against perpetuity does not apply, protection from foreign judgments and forced heirships and minimal registration requirements, they are severable thereby facilitating various aspects

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在五个工作日内完成，对基金会的捐助也没有限制。税务豁免在圣基茨和尼维斯建立的信托和基金会可以使用当地和离岸的银行服务。没有个人所得税、资本利得税、资本预扣税或房产税，但与超过二十四（24）个司法辖区签有《税务信息交换协议》。需要注意的是，圣基茨和尼维斯的公民权和置存资产都不被视为税务居民，银行系统则要遵守共同申报准则。 HAZELALLEYNE 律师事务所是一家提供全方位法律服务的律所，位于圣基茨的巴斯特尔，为所有客户提供准时、高效和专业的服务。律所的执业范围包括房地产、公司和家庭法、房地产规划、遗嘱认证和投资移民。

公司创始人 Lisa Hazel-Claxton 女士和 Deniece Alleyne 女士是在英国和牙买加接受教育的律师和公证人。HazelClaxton 女士是内殿法律学院的成员，同时拥有会计学历以及银行业的从业背景，而 Alleyne 女士则是特许董事。电话：办公室 (869)465-3986 电子邮件：info@hazelalleynelaw.com 网址：www.hazelalleynelaw.com

Grey's 法律商会是一家向各类客户提供全方位服务的律所。我们聆听客户需求，了解他们的目标，并以及时和高性价比的解决方案回应客户的需要。Natasha Grey 拥有律师资格证和公证员证，在圣基茨和尼维斯的投资移民计划领域有丰富的经验，帮助高净值个人及其家庭成就美好的未来。让 Grey 法律商会在您的移民旅途中为您保驾护航！电话：办公室 Office (869)466-9839 电子邮件：greyn26@gmail.com 网址：www.greyslegalchambers.com

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being governed by different laws. FOUNDATIONS may be established in St. Kitts or in Nevis. Foreign Foundations may be domiciled in St. Kitts & Nevis offering protection from foreign judgments and forced heirships. Registration is simple and may be completed in five business days, with no restriction on the endowment of the foundation. Tax Exemptions Trusts or foundations established in St. Kitts or Nevis have access to local and offshore banking. There is no personal income, capital gains, withholding or estate tax but there are Tax Information Exchange Agreements with over twenty – four (24) jurisdictions. It is noteworthy that neither citizenship nor holding assets in St. Kitts or Nevis confers tax residency and that the banking system adheres to the common reporting standards. HAZELALLEYNE Law Office is a fullservice law firm located in Basseterre, St. Kitts which prides itself on

delivering high-level timely, efficient and professional service to all clients. The firm's practice includes property, corporate, and family law, estate planning, probate and citizenship by investment. Its founders, Ms. Lisa Hazel–Claxton and Ms. Deniece Alleyne, are United Kingdom and Jamaica trained Attorneys-at-Law and Notaries Public. Ms. Hazel–Claxton, a member of the Inner Temple, is also trained in accounting with a background in banking while Ms. Alleyne is a Chartered Director. Telephone: Office (869)465-3986 Email: info@hazelalleynelaw.com Website: www.hazelalleynelaw.com GREY'S Legal Chambers is a full-service law firm offering a wide range of legal services to a diverse clientele. We listen to our clients, understand their objectives, and respond with timely, cost efficient solutions. Natasha Grey, a qualified Attorney-at-law and a Notary Public, is experienced in the Citizenship by Investment Programme of St. Kitts-Nevis which has helped to shape a brighter future for high-net-worth individuals and their families. Let Grey's Legal Chambers accompany you on your immigration journey. Telephone: Office (869)466-9839 Email: greyn26@gmail.com Website: www.greyslegalchambers.com

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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

纳闽基金会是一个具有独立法人资格的法人团体，它以自己的名义持有资产，目的是为了管理其受益人利益或特定目的，或两者兼具的资产。它可以是任何合法的慈善或非慈善目的。

Limited Liability

A Labuan foundation is a corporate body with a separate legal entity, established to hold assets in its own names with the objective to manage the assets for the benefits of its beneficiaries, or particular purposes, or both. It can be any lawful purpose which may be charitable or noncharitable.

成立基金会的执照

21个工作日

Client charter for foundation establishment

21 working days

资本要求

无最低资本要求

Capital requirement

No minimum capital requirement

章程和条款的语言

一般为英语，但允许使用其他语言，包括中文带英文翻译

Language of charter and articles

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

法律类型

普通法

公众可查阅记录

基金会宪章

否

基金会章程

否

受益人

否

创始人

否

Publicly Accessible Records

Charter of the foundation

Articles of the foundation

Beneficiaries

Name of Founder

基金会管理成员

O�cers of Foundation

监督人

取决于基金会的宗旨和目标。向社会募捐的纳闽慈善基金会，必须配备监督人员

Supervisory person

Depending on the purpose and objective of the foundation. Supervisory person is required for Labuan Charitable foundation that solicits public donations

公司监事

是

Corporate Supervisory person

Yes

最少理事会成员数量

取决于基金会的宗旨和目标。纳闽慈善基金会征集公众捐款，至少需要委派理事会3名成员。

Minimum number of council members

Depending on the purpose and objective of the Foundation. A Labuan charitable foundation that solicits public donations requires to appoint at least 3 council members

是否允许有企业理事会成员

是，需要是一个纳闽信托公司

Secretary Required

Yes, whom is a Labuan trust company

准备要求

是

在纳闽慈善基金会征集公众捐款并进行贸易活动（如果有的话）的情况下需要。

审计要求

Accounts

Requirements to Prepare

Yes

Audit Requirements

Yes for a Labuan charitable foundation that solicits public donations and undertake trading activities (if any).

其他

法定年费

重新决定住处

146

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| 9th Annual

是

Other

Annual Statutory fee

Yes

Re-domiciliation

Yes

司法辖区

JURISDICTIONS 司法辖区：马来西亚-纳闽岛所属地区：亚太地区官方货币：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：很好

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

简介 Introduction 马来西亚纳闽国际商业和金融中心（纳闽国际金融中心）是亚洲首选的国际商业和金融中心，通过我们国际公认的、且对商业友好的法律框架。纳闽国际金融中心成立于1990 年，由金融服务管理局监管，隶属马来西亚财政部。作为一个中游管辖区，我们为全球投资者和企业提供了一个监管良好的管辖区的益处，该管辖区遵守国际税收透明度标准。在货币中立的操作环境下，我们还提供财政中立性和确定性。位于亚洲中心的纳闽 IBFC 拥有成本效益高和有利的环境，使其成为全球企业（着眼于渗透亚洲）和亚洲实体（旨在走向全球）的理想场所。

Labuan International Business and Financial Centre (Labuan IBFC), Malaysia, through our internationally recognised, yet business-friendly legal framework, is the preferred international business and financial centre in Asia. Established in 1990, Labuan IBFC is regulated by the Labuan Financial Services Authority (Labuan FSA) statutory regulator, under the purview of the Ministry of Finance, Malaysia. As a midshore jurisdiction, we offer global investors and businesses the benefit of being in a well-regulated and supervised jurisdiction, which adheres to international standards of compliance in tax transparency. We also provide fiscal neutrality and certainty in a currency-neutral operating environment. Labuan IBFC, located in the centre of Asia, boasts a cost-efficient

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它提供广泛的业务结构和投资解决方案，以满足跨境交易和国际商业交易，包括金融科技和数字解决方案。我们还提供风险管理、商品交易、再保险、财富管理、国际商业公司和伊斯兰金融服务等利基市场的服务和解决方案。由单一监管机构 (Labuan FSA) 执行的法律规定、指导方针和实践说明清晰而全面，为企业和具有国际视野的高净值个人提供了理想的司法管辖权。纳闽公司纳闽公司有三种类型：纳闽公司、纳闽外企和纳闽受保护的公司。纳闽公司是根据 1990 年纳闽公司法成立的公司。本法规定的公司可以在纳闽、从纳闽或通过纳闽开展业务，以享受税收中立。纳闽公司可以有下列股权结构：股份有限公司、担保有限公司、无限公司。在纳闽国际商业金融中心组建的公司可以享有： • 与 70多个国家签订马来西亚双重税收协定 • 竞争性税收制度：纳闽商业活动 - 按 1990 年纳闽商业活动税（1990 年纳闽商业活动税法）- 其中规定： • 公司从事贸易活动，按经审计净利润的3% 征税。 • 从事非贸易活动的公司不征税，即0%。 • 根据1990年《1990年纳闽商业活动税法》第 3A 条，纳闽公司可以选择根据 1967年《马来西亚所得税法》征税。 • 文中表格总结了纳闽的商业活动及其税务处理。适用于：跨境贸易业务、财富管理、银行、保险和风险管理、资本市场、商品交易、租赁、货币经纪、信贷租赁业务，以及伊斯兰金融和数字金融载体类型：国际商业公司、信托公司、基金会、合伙企业和受保护的公司税负 - 业务：轻税负 - 个人：轻

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and enabling environment, making it an ideal location for substance creation for both global businesses looking at penetrating Asia or Asian entities aiming to go global. Offering a wide range of business structures and investment solutions catered to cross-border transactions and international business dealings including fintech and digital solutions. We also provide services and solutions in niches such as risk management, commodity trading, reinsurance, wealth management, international business companies, and Islamic financial services. Operating with clear and comprehensive legal provisions, guidelines and practice notes, enforced by a single regulator, Labuan FSA, Labuan IBFC provides an ideal jurisdiction for both corporates and high-net-worth individuals with international exposure.

Labuan Companies There are three types of Labuan company: The 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 share 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 70 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 if the company is undertaking trading activities. • Companies carrying a non-trading activity are not charged tax, i.e. 0%. • Pursuant to Section 3A of the LBATA 1990, a Labuan company can elect to be taxed under the Malaysian Income Tax Act 1967. • A summary of the description of Labuan business activities and

司法辖区

JURISDICTIONS 税率：纳闽贸易活动：净审计利润的3%；纳闽非贸易活动： 0% 条约司法管辖区阿尔巴尼亚、奥地利、澳大利亚、巴林、孟加拉国、比利时、文莱、波斯尼亚黑塞哥维那、加拿大、智利、中国、克罗地亚、捷克、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、科威特、吉尔吉斯斯坦、老挝、黎巴嫩、卢森堡、马耳他、毛里求斯、蒙古、摩洛哥、缅甸、纳米比亚、荷兰、新西兰、挪威、巴基斯坦、巴布亚新几内亚、菲律宾、波兰、罗马尼亚、俄罗斯、卡塔尔圣马力诺，沙特阿拉伯，塞舌尔，新加坡，南非，西班牙，斯洛伐克共和国，斯里兰卡，苏丹，瑞典、叙利亚、泰国、土耳其、土库曼斯坦、阿联酋、英国、乌兹别克斯坦、委内瑞拉、越南、津巴布韦

TIEA 管辖：

their tax treatment is shown in the following table.

Suitable for: Cross border trading business, wealth management, banking, insurance and risk management, capital markets, commodity trading, leasing, money broking, credit token business, and also for Islamic finance and digital finance Vehicle Types: International business companies, trusts, foundations, partnerships, and protected cell companies Tax Burden - Business: Light Tax Burden - Individual: Light Tax rate: Labuan trading activity: 3% of net audited profits; Labuan non-trading activity: 0% Treaty Jurisdictions:

百慕大群岛

纳闽活动简介

纳闽岛非贸易活动 : 由纳闽实体代表其本身持有对位于纳闽的证券、不征税股票、股份、贷款、存款或任何其他财产的投资。

税务处理

纳闽贸易活动 : 包括银行、保险、贸易、管理、航运业务、许可或任何其他非纳闽非贸易活动

审计净利润的 3%

非纳闽商务活动

根据 1967 年马来西亚所得税法征税

兼营纳闽贸易和非贸易活动 : 视为纳闽贸易活动

Description of Labuan Activities

审计净利润的 3%

Tax Treatment

Labuan non-trading activity: Holding investments in securities, stock, shares, loans, deposits or any other properties situated in Labuan 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 audited profits

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

3% of net audited profits

Non-Labuan business activities

Taxed under domestic or Malaysia Income Tax Act 1967

Albania, Austria, Australia, Bahrain, Bangladesh, Belgium, Brunei, Bosnia Herzegovina, Canada, Chile, China, Croatia, Czech Republic, Denmark, Egypt, Fiji, Finland, France, Germany, Hong Kong, Hungary, India, Indonesia, Iran, Ireland, Italy, Japan, Jordan, Kazakhstan, Kuwait, Kyrgyzstan, Laos, Lebanon, Luxembourg, Malta, Mauritius, Mongolia, Morocco, Myanmar, Namibia, Netherlands, New Zealand, Norway, Pakistan, Papua New Guinea, Philippines, Poland, Qatar, Romania, Russia, San Marino, Saudi Arabia, Seychelles, Singapore, South Africa, Spain, Slovak Republic, Sri Lanka, Sudan, Sweden, Syria, Thailand, Turkey, Turkmenistan, UAE, United Kingdom, 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

司法辖区

JURISDICTIONS

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

Q2 价格方面，在贵辖区内设立信托 / 基金会的价格和其它辖区比有什么不同？如果价格更贵的话，客户能获得的额外价值是什么？设立纳闽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——纳闽基金会和纳闽信托由《2010 年纳闽基金会法案》和《1996 年纳闽信托法案》分别管理。 • 纳闽基金会可以有一个固定时间或无限期生命周期，纳闽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？

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?

纳闽信托和伊斯兰信托建立的新指导方针的颁布。

Issuance of new guidelines on the establishment of Labuan Trust and Islamic Trust.

纳闽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。

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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新加坡 Singapore

Singapore

司法辖区

JURISDICTIONS

By Labuan IBFC

概况

实体类型

General

信托

Type of Entity

Trust

法律类型

普通法⸺源于英国信托法

Type of Law

Common Law - derived from English Trust Law

建立信托所需时间

3到5天

Time to Establish a Trust

3-5 days

最低政府费用（不包括税收）

15新加坡币

Minimum Government Fees (excluding taxation)

SGD15

是否签订双重征税协定

目前已获批准的贸易协定有87个

Double Taxation Treaty Access

Currently 87 Ratified DTAs

Perpetuity Period

100 years

永久所有权期限标准货币

100年

信托资产

新加坡元

允许币种

最低资产要求

任何币种

1000新加坡元

Trust Assets

Standard Currency

SGD

Permitted Currencies

Any

Minimum Assets Required

SGD1000

受托人

Trustees

独立法人最低人数

1人

Minimum Number If Individuals

One

公众可否查阅记录

否

Publicly Accessible Records

Location of Meetings

Domicile of Trustees

会议地点

受托人的住所

保全

是否允许持有专业资格

公众可否访问准备要求

Protector

是 - 可选

Permitted

Yes - optional

可选

Professional Qualifications Held

Optional

信托契书否

Trust Deed

Publicly Accessible

账户

No Accounts

是

Requirements to Prepare

Yes

审计要求

是，虽然可以豁免

Audit Requirements

Yes, although exemption can be applied

公众可否访问账户

否

Publicly Accessible Accounts

是否允许私人信托公司

法定继承权

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其他是

否

Other

Private Trust Companies

Yes

Forced Heirship Rules

司法辖区

JURISDICTIONS 司法辖区：新加坡所属地区：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: Singapore 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 作为一个国际金融中心，新加坡为金融机构提供了一个利商的环境、良好的基础设施、成本竞争力、高技能和国际化的劳动力。

As an international financial centre, Singapore offers financial institutions a pro-business environment, excellent infrastructure, costcompetitiveness, a highly skilled and cosmopolitan labour force.

新加坡位于东南亚的中心，完全可以为亚太地区快速增长的市场提供服务。新加坡的金融机构还与亚太中心以及欧美中心进行全天候交易，使新加坡成为24 小时外汇和证券交易的重要中心。国际旅行也同样方便。新加坡已成为全球投资者的战略枢纽和重要门户。

Located at the heart of Southeast Asia, Singapore is well placed to serve the fast-growing markets of the Asia-Pacific region. Financial institutions in Singapore also trade around-the-clock with Asia-Pacific centres, as well as European and American centres, making Singapore a significant hub for 24-hour trading in foreign exchange and securities. International travel is equally convenient. Singapore has grown to be a strategic link and important gateway for global investors.

新加坡不仅与亚洲而且与其他地区的增长型市场保持着联系。新加坡与美国、欧盟、中国、日本、印度、韩国、澳大利亚、新西兰和瑞士等主要经济体缔结了

Singapore remains connected to growth markets, not just in Asia but also beyond. Singapore has concluded bilateral Free Trade Agreements

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JURISDICTIONS 双边自由贸易协定。新加坡也是一些多边自由贸易协定的一部分，包括全面和进步的跨太平洋伙伴关系、海湾合作委员会新加坡自由贸易协定以及和一些重要的东盟对话伙伴签订的东盟自由贸易协定。这些自由贸易协定提供了进入伙伴国家市场的特权。新加坡还正在建立联系，包括通过双边投资条约和金融科技合作协定，与包括中东、非洲和南美在内的其他 a 领域国家建立联系，因为新兴经济体的贸易和投资利益日益增长。有利的营商环境新加坡长期以来一直被认为是最好的商业城市之一。世界银行（World Bank）的一份报告对在新加坡经商的看法是：一个企业家只要 6 个多工作日就能在新加坡创业，创业成本低。总的来说，考虑到其他因素，包括商业许可、税收、信贷法律权利和投资者保护，新加坡拥有世界上最有利于商业的法规。投资者也开始意识到新加坡在商业、经济和监管事务方面的高度透明度和可靠性。稳定的议会民主政治结构、完善的司法体系、强大的国内机构的存在以及良好的公司治理实践，使新加坡的商业环境对全球投资者更具吸引力。成本竞争力和业务基础设施与其他主要金融中心相比，新加坡的成本竞争力仍然很强。金融机构受益于新加坡世界级的基础设施和连通性。新加坡凭借得天独厚的地理位置，已成为全球最大的贸易和交通枢纽之一。新加坡位于亚洲时区的中部，与亚洲主要经济体保持着良好的连通和亲近。新加坡的金融机构也可以利用我们广泛的自由贸易协定和全面避免双重征税协定（DTAs）网络。我们拥有80 多个司法管辖区的 DTAs 网络，为任何以新加坡为区域或全球中心的金融机构提供了服务。技术精湛的劳动力新加坡拥有大量金融专业人才是全球金融机构在新加坡开展业务并将新加坡作为地区或全球中心的一个关键原因。我们继续吸引海外顶尖人才和专业人才。同时，新加坡金融管理局与我们的三方合作伙伴密切合作，建立金融专业人士和领导人的输送渠道。世界经济论坛（World Economic Forum）和总部位

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(FTAs) with major economies, including the United States, European Union, China, Japan, India, Korea, Australia, New Zealand, and Switzerland. Singapore is also part of a number of multilateral FTAs, including the Comprehensive and Progressive Trans-Pacific Partnership, GCC-Singapore FTA and ASEAN FTAs with some of the key ASEAN Dialogue Partners. These FTAs provide privileged access to the markets of partner countries. Singapore is also building linkages, including through Bilateral Investment Treaties and FinTech Cooperation Agreements, with countries further a-field including the Middle East, Africa and South America, given the growing trade and investment interests in emerging economies.

Conducive Pro-Business Environment Singapore has long been recognised as one of the best cities for business. This is what a World Bank report had to say about doing business in Singapore: It takes an entrepreneur just over 6 working days to get a new business going in Singapore, with low start-up costs. Overall, taking into account other factors, including business licensing, taxes, credit legal rights and investor protection, Singapore has about the most business-friendly regulation in the world. Investors have also come to appreciate the high levels of transparency

司法辖区

JURISDICTIONS

and reliability in business, economic and regulatory affairs in Singapore. A stable political structure with parliamentary democracy, a wellestablished judicial system, and the presence of strong domestic institutions with good corporate governance practices, have made the Singapore business environment even more attractive to global investors.

Cost Competitiveness and Business Infrastructure Singapore remains highly cost competitive compared with other major financial centres. s world-class infrastructure Financial institutions benefit from Singapore’ and connectivity. Singapore has built on its advantageous geographical location to become one of the world’s top trading and transportation hubs. Located right in the middle of the Asian timezone, Singapore maintains excellent connectivity and proximity to major Asian economies. Financial institutions in Singapore can also tap on our extensive network of free trade agreements and Comprehensive Avoidance of Double Taxation Agreements (DTAs) . Our network of DTAs with more than 80 jurisdictions works to the advantage of any financial institution using Singapore as its regional or global hub.

Skilled Workforce The availability of a large pool of finance professionals in Singapore is a key reason why global financial institutions operate here, and use Singapore as a regional or global hub. We continue to attract top talent and expertise from overseas. At the same time, MAS works closely with our tripartite partners to build the pipeline of finance professionals and leaders. Singapore’s labour regulations and workforce have consistently been rated highly by leading international organisations such as the World Economic Forum and Washington-based risk consultancy agency, Business Environment Risk Intelligence (BERI).

于华盛顿的风险咨询机构，商业环境风险评估公司（Business Environment risk Intelligence，BERI）等主要国际组织一直高度评价新加坡的劳动法规和劳动力水平。

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阿联酋 UAE

UAE

Member Contribution 概况

实体类型

基金会

法律类型

最低政府费用（不包括税收）是否签订双重征税协定永久所有权期限标准货币允许币种

RAK ICC 基金会条例2019

By RAK ICC

General Type of Company

Foundation

Minimum Government Fees (excluding taxation)

The RAK ICC Foundations Regulations 2019 USD200 for Government registration fee

Double Taxation Treaty Access

Not applicable for a foundation

永续性

Perpetuity Period

Perpetual existence

阿联酋迪拉姆

Standard Currency

AED

Permitted Currencies

Not limited

Minimum Assets Required

Minimum initial capital at USD100 (or equivalent if in other currency)

政府登记费200美元不适用

信托资产

不受限制

Type of Law

Trust Assets

最低资产要求

最低初始资本为100美元（或其他等值货币）

独立法人最低人数

1. 创始人（个人或法人团体） 2. 理事会成员（个人或法人团体，由至少2名成员组成，其中包括创始人）

Minimum Number If Individuals

公众可否查阅记录

须在当地注册处备存一份基金注册纪录册，内载各基金会基本详情（基金会名称和注册日期，理事会成员，注册代理人）。所有其他信息均视为私人信息，除非有关当局要求，信息并不对外披露

Publicly Accessible Records

会议地点

无限制，除非经济实质要求

Location of Meetings

是否允许

允许监护人监督，如果是以慈善目的，或非慈善但有指定目的而设立的基金会，该基金会必须有一个与该目的相关的监护人来监管。

受托人

保全

监护人可以是合资格的接收人，也可以是法人，但不得是理事会成员

持有专业资格

公众可否访问

准备要求

会计记录应保存在注册代理人的注册地址

公众可否访问账户是否允许私人信托公司

162

不需要

It allows a Guardian for oversight. If a Foundation has a charitable object, or a specified non-charitable object, the Foundation must have a Guardian in relation to that object. A Guardian may be a Qualified Recipient and may be a Legal Person, but may not be a Council Member.

Permitted

Professional Qualifications Held

Trust Deed

The Registrar shall maintain a Foundations Register which shall contain basic details of each Foundation (Name and date of registration, details of the Founder, Council Members, Registered Agent).

Publicly Accessible

账户

审计要求

1. Founder (Individual or Body Corporate) 2. Council Members (Individual or Body Corporate, comprised of a minimum 2 Members who could include the Founder) The Registrar shall maintain a Foundations Register which shall contain basic details of each Foundation (Name and date of registration, Council Members, Registered Agent). All other information is treated as private and shall not be disclosed unless so required by relevant authorities. No restriction unless for Economic Substance Requirements

Protector

信托契书

须在当地注册处备存一份基金注册纪录册，内载各基金会基本详情（基金会名称和注册日期，理事会成员，注册代理人）

法定继承权

O�cers of Foundation

Accounts

Requirements to Prepare

The Accounting Records shall be maintained by the Registered Agent at the Registered Office

Audit Requirements

不可以

Publicly Accessible Accounts

是

Private Trust Companies Permitted

Yes

Forced Heirship Rules

Yes

是

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其他

No Other

司法辖区

JURISDICTIONS 司法辖区：阿联酋所属地区：中东（EMEA）官方货币：迪拉姆（AED）（DH）官方语言：阿拉伯语、英语所在时区：UTC+4 电话区号：+971 通讯设施：优良

Country: United Arab Emirates (UAE) Region: Middle East (EMEA) Currency: Dirham (AED) (DH) Languages: Arabic, English Time Zone: UTC +4 Phone Code: +971 Communications: Good

简介 Introduction 关于哈伊马角哈伊马角是阿联酋七个酋长国之一。哈伊马角市位于风景如画的北方酋长国哈伊马角，距离迪拜只有一个小时的车程。这个酋长国也被称为“正在崛起的酋长国”，因为最近的经济增长和新兴的商业机会而赢得了声誉。这个酋长国以靠近大海而闻名，由于全年降雨量充沛，土地肥沃得令人难以置信。该城市位于该地区的北部，拥有一个大型国际机场，为商务旅客提供便利。、哈伊马角的自然风光秀丽，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

About Ras Al Khaimah Ras Al Khaimah is one of seven emirates that form the UAE. The city of Ras Al Khaimah itself is located in the picturesque northern Emirate of Ras Al Khaimah, just an hour's drive from Dubai. The Emirate is also known as the 'Rising Emirate', having gained a reputation for its recent economic growth and emerging business opportunities. The Emirate is known for its close proximity to the sea and is incredibly fertile due to generous rainfall throughout the year. The city is located in the north of the region and has a large international airport, making it convenient and easy for business travelers.

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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无一缺席，提供独特的都市生活体验。城市的公共交通系统也极为优秀，哈伊马角能让你毫不费力地准时到达会议现场。道路建设一直都在不断改进，满足不断增长的交通流量需要，让您免受堵车之苦。邮政系统也十分快速高效，因此不用担心无法及时收到重要的商务文件，这对企业来说也是至关重要的。港口设施哈伊马角有数个港口，确保货物的航运更为快捷便利。哈伊马角港位于这座城市之中，提供多种多样的现代化货运设施和服务，还有训练有素的安保服务，保证货物不会丢失，让港口设施的用户放心。这里还有客轮服务，满足越来越多的通过海路到达这里的乘客，或者享受邮轮之旅的游客的需求。酒店和食宿哈伊马角市有许多极好的酒店，满足商务顾客的需求。大多数酒店有舒适的会议设施或紧邻商务区域的便利的会议区域。您也许也同样会考虑把公司迁至哈伊马角，这样就能距离自己的业务运营地点更近。您能把注意力放在公司的运营情况上，亦步亦趋地掌握业务发展进度，同时让您及时高效地解决遇到的问题。别忘了，这座城市本身也是十分美丽和活力十足的。哈伊马角还有多种多样的生活和食宿设施供您租赁或购买。海边有漂亮的公寓和别墅，让您在工作之余得到充分放松，这样才能更好地规划业务的发展方向。这里的风景让人惊艳，城市气氛极为和谐安详。城里的更深处还有许多公寓和传统房屋，便利的设施和商务中心仅在咫尺之遥。哈伊马角的电力和供水价格十分低廉，生活成本极为平易近人。哈伊马角的休闲生活哈伊马角不仅有超棒的商务机遇和营商设施，更

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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. The public transport system is excellent, allowing you to get to meetings on time and without stress. There are constant improvements being made to the road system in order to cater for increasing amounts of traffic and to keep the roads free from congestion for a smoother traffic flow. The postal system is quick and efficient, so waiting for important documents and parcels is rarely a hassle, which is always vital in business. Port Facilities Ras Al Khaimah has a number of port facilities available that make shipping goods an easier and smoother process. The Ras Al Khaimah port is based in the city itself and offers a range of modern cargo handling facilities and services, as well as a well-trained security service to ensure that no goods go missing providing peace of mind for those using the facilities. A passenger ship service is also available from the port meeting the demands of the growing number of people who wish to arrive by sea or those who enjoy leisurely cruises. Hotels and Accommodation In the city of Ras Al Khaimah there are a number of excellent hotels which meet the needs of business customers. Most of the hotels have comfortable conference facilities or meeting areas conveniently located close to business areas.

司法辖区

JURISDICTIONS

有极佳的休闲和娱乐场所。这里有许多让您放松的水疗馆，还有让人赞不绝口，在地区内口碑极佳的最佳餐厅和食物。哈伊马角还有水上公园和剧院，有艺术和历史博物馆供人参观。从购物中心到俱乐部，这座充满活力的城市里有适合任何人口味的娱乐形式。全年内还有多个节日，庆祝的内容从美味的食物到阿拉伯的奇幻文化等，应有尽有。关于哈伊马角国际企业中心哈伊马角国际企业中心（R AK ICC）是阿联酋哈伊马角酋长国政府的公司注册机关。哈伊马角国际企业中心负责国际商务公司的注册和设立，提供与国际商务公司相关的全套注册登记服务。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关，完全遵循国际商务公司设立行业的国际标准和最佳实践经验。在哈伊马角国际企业中心可以设立注册具有国际公司法律特征的各种公司架构，在一个公认的、信誉良好的司法管辖区内运营，完全符合国际标准和最佳实践，可享受广泛的国际双边税收协议（D T T）网络并开设国际和本地银行账户。

You may also be considering relocating to Ras Al Khaimah so that you can be closer to the business you are operating. It allows you to keep a close eye on operations and keep in regular contact with progress, as well as allowing you to sort out any issues quickly and efficiently. Plus, the city itself is beautiful and vibrant. There are a range of living accommodation that you can select to rent or buy while living in Ras Al Khaimah. There are beautiful apartments and villas on the sea front that allow you to stay relaxed while you work and determine important business plans. The views are stunning and the atmosphere is serene. There are also a number of apartments and traditional houses available further in the city, keeping you close to local amenities and centres of business. Electricity and water prices are considerably low, making the cost of living very affordable to many. Leisure in Ras Al Khaimah Ras Al Khaimah not only has fantastic business opportunities and facilities, but also excellent ones for leisure and relaxation. There are a number of spas you can visit to de-stress after a long day, as well as some delicious traditional restaurants where you can sample some of the best food the region has to offer. There are water parks and theatres to visit, as well as museums for art and archaeology. From shopping to clubs, there is form of entertainment that suite everyone living in this vibrant city. There are also a number of festivals held every year that celebrate everything from food to the fascinating Arabic culture. About RAK ICC RAK International Corporate Centre (RAK ICC) is a Corporate Registry operating in Ras Al Khaimah, United Arab Emirates. RAK International Corporate Centre 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 International Corporate Centre is a modern, world class Company Registry operating in full compliance with international standards and best practices in the International Business Company formation industry. RAK International Corporate Centre offers various corporate structures with international corporate and legal features, operating in a strong recognized and reputable jurisdiction fully compliant with international standards and best practices with access to a large DTT network and international & local bank accounts.

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司法辖区

JURISDICTIONS

Member Contribution

哈伊马角 RAK

离岸问答 Q&A Q1 您所在辖区对于希望下一代能成功继承资产的中国高净值人士或家庭（等）在隐私和资产保护方面的主要优势是什么？？

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?

基金会是一个法人实体，其法人资格与其创始人和任何其他人的法人资格不同，以加强继承规划和资产保护。 RAK-ICC 基金会提供了一个稳健的治理结构，以加强对家族资产的长期管理。创始人去世后，它永远存在。 RAK ICC 基金会的章程还提供了受益类的灵活性，因为它允许受益人员通过姓名、类别或级别作为收取人。关于基金会的基本信息是公开的，但基金会的详细情况则不是。

A Foundation is a corporate entity with a legal personality separate from that of its Founder(s) and any other person to enhanced succession planning and asset protection.

Q2 在成本方面，在您的管辖范围内建立信托 / 基金会的成本与其他司法管辖区相比如何？如果成本更高，客户为此获得的附加价值是多少？

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

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RAK ICC Foundation provides a robust governance structure to enhance long-term administration of the family assets. It has perpetual existence after the lifetime of the Founder. The By-laws of RAK ICC Foundation also provides ﬂexibility with beneficial class as it allows to benefit persons by name, category or class of persons as recipients. Basic information on the Foundation is publicly available, but details of the Foundation are not.

司法辖区

JURISDICTIONS

RAK ICC 的基金会注册费为200美元，年费为200美元。成立该基金会所需的最低初始资本为100美元，并在日后可以向该基金会提供额外财产。

more expensive, what is the additional value that a client receives for this?

Q3 在为中国或亚洲客户进行总体规划时，您遇到的最大问题和挑战是什么？您的管辖区为这些问题提供了哪些解决方案？

The Foundation registration fee under RAK ICC will be USD200 and an annual fee of USD200 will also apply. Minimum initial capital required to incorporate the Foundation is USD100 and it is possible to contribute additional Property to the Foundation at a later date.

最大的挑战是文件的语言，因为所有文件都是英文的，我们要么提供中文版本，要么让他们进行税务规划师/律师的专业咨询。

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?

Q4 法律的主要特色是什么使得您管辖范围内的信托/基金会对投资者特别有吸引力？

The biggest challenge is the language of the document as all are in English, we have either to provide a Chinese version or let them to conduct their tax planner/lawyer for professional advice.

• 与其他司法管辖区相比，建立 RAK ICC 基金会具有成本效益。 • 普通法司法管辖权的选择 : 阿布扎比全球市场法院或迪拜国际金融中心法院。 Q5 在您的管辖范围内，投资者应该注意到关于信托/基金法的哪些最新发展？虽然基金会是最近在 RAK ICC 发展的，但它是在长期的实践和跟踪记录的基础上建立的。

RAK ICC 基金会的条例以普通法为基础，可诉诸普通法法院。本基金会由理事会成员根据章程细则管理，章程细则是一份私人文件。在某些条件下，基金会迁进迁出RAK ICC是被允许的。

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

• Cost efficient for setting up a RAK ICC Foundation in comparing to other jurisdictions. • A choice of Common Law Jurisdictions between either: The Courts of the Abu Dhabi Global Market or The Courts of the Dubai International Financial Centre. Q5 Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of? Whilst the Foundation is a recent development in RAK ICC it is based on long established practices with an established track record. RAK ICC Foundations regulations are based on common law with the access to common law courts. The Foundation is governed by the Council Members in accordance with the provisions of the By-Laws which are a private document. Migration of a Foundation into, or from the RAK ICC, is permissible subject to certain conditions

来源：哈伊马角国际企业中心

Contributed by: RAK International Corporate Centre

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塞浦路斯 Cyprus

Cyprus

Member Contribution

By Loggerhead Partners

概况

实体类型

General

塞浦路斯国际信托

Type of Company

Cyprus International Trust (CIT)

法律类型

成文法 - 塞浦路斯国际信托法立法

Type of Law

Statutory law - CY legislation of International Trusts Law

建立信托所需时间

3到5天

Our Time to Establish a Trust

3-5 days

最低政府费用（不包括税收）

印花税430欧元

Minimum Government Fees (excluding taxation)

Stamp Duty EUR430

是否签订双重征税协定

大约60个双重征税协定

Double Taxation Treaty Access

Approximately 60 double-tax treaties.

永久所有权期限

没有限制⸺一个 CIT 可以无限期持续

Taxation on Foreign Income

No limitation - A CIT can last for an indefinite period

信托资产

标准货币

欧元

允许币种

最低资产要求

独立法人最低人数公众可否查阅记录会议地点

任何币种

1欧元

Trust Assets

Standard Currency

EUR

Permitted Currencies

Any

Minimum Assets Required

EUR1

受托人

1人- 在整个信托期间，至少一名

受托人应是塞浦路斯的税务居民否

受托人的住所

Trustees

Minimum Number If Individuals

One - Also at least one of the Trustees shall, throughout the life of the Trust, be a tax resident of Cyprus.

Publicly Accessible Records

Location of Meetings

Domicile of Trustees

保全

是否需要

持有专业资格公众可否访问准备要求

是 - 可选可选

公众可否访问账户

Required

Yes - optional

Professional Qualifications Held

Optional

信托契书否

Trust Deed

Publicly Accessible

账户

是

审计要求

Protector

是否

No Accounts

Requirements to Prepare

Yes

Audit Requirements

Yes

Publicly Accessible Accounts

其他

Other

是否允许私人信托公司

是

Private Trust Companies Permitted

Yes

法定继承权

是

Forced Heirship Rules

Yes

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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

JURISDICTIONS

Member Contribution

离岸问答 Q&A

塞浦路斯 Cyprus

Q1 对于希望将资产传承给下一代的中国高资产净值人士或家庭（等）您所在辖区在隐私和资产保护方面的主要优势是什么？

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?

塞浦路斯信托的主要法律框架是英国法律体系和现行成文法的结合，即塞浦路斯受托人法和塞浦路斯国际信托法，后者是以英国完善的公平和互信法律原则为基础的。塞浦路斯国际信托法是世界上最具吸引力的信托法律框架之一，其原因在于设立塞浦路斯国际信托（CIT）具有诱人和合理的定价，并提供了出色的公司服务。CIT 可以适应复杂的情况，并享有巨大的优势。

The main legal framework governing trusts in Cyprus is a combination of the English legal system and the Statute Laws in place, being the Trustees Law of Cyprus and the International Trusts Law of Cyprus, which is based on the well-established British legal principles of equity and trust. The International Trusts Law of Cyprus is fairly characterized as one of the most attractive trust legal frameworks in the world due to the enticing and reasonable pricing for setting up a Cyprus International Trust (CIT) and the excellent corporate services provided. A CIT can suit complex situations and enjoy great advantages.

Q2 在成本方面，在您的管辖范围内建立信托 / 基金会的成本与其他司法管辖区相比如何？如果成本更高，客户为此获得的附加价值是什么？与其他司法管辖区相比，设立 CIT 的成本非常具有

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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?

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JURISDICTIONS

吸引力。当然，这取决于该公司的建立 CIT 的方法，但在塞浦路斯，它肯定会低于其他欧洲国家。

Q3 在为中国或亚洲客户进行总体规划时，您遇到的最大问题和挑战是什么？您的管辖区为这些问题提供了哪些解决方案？在塞浦路斯，对中国或亚洲客户而言，没有特别的挑战。任何希望通过塞浦路斯投资或经营其业务的国际客户，都需要熟悉塞浦路斯所属的国际商业体系，并了解与他打算在塞浦路斯建立的商业活动有关的塞浦路斯法律框架。塞浦路斯已经被许多国际客户认为是非常平易近人和友好的，因为，它是一个欧盟成员国而且几乎每个人的英语都说得很好。值得注意的是，塞浦路斯的许多指示、标志和广告都使用中文，并为外国投资者和高资产净值人士提供负担得起的公民身份计划。

Q4 法律上面有哪些特点使得您管辖范围内的信托/基金会对投资者特别有吸引力？可以成立一个 CIT，并以外国人作为唯一受益人。塞浦路斯为 CIT 提供了强有力的资产保护法律，但监管 CIT 的法律可能会更改为其他外国法律。CIT 的受托人受保密性约束，除非塞浦路斯法院下令或在某些特定情况下法律要求，否则不得披露信息或文件。 CIT 可以无限期持续。涉外继承、继承权或其他法律不影响 CIT 的有效性。塞浦路斯不对 CIT 征收所得税或遗产税。

Q5 在您的管辖范围内，投资者应该知悉那些信托/基金法的最新发展？《塞浦路斯国际信托法》经第 20（I）/2012 号法律修订，以非常强大的支柱为基础，允许轻松创建任何类型的 CIT。投资者可以依赖塞浦路斯的相关法律，这些法律可以保证他们在 CIT 的运作中不会遇到任何障碍。在塞浦路斯建立信托将为合格投资者提供理想的保证，同时确保满足他们的要求。

来源 Contributed by Loggerhead Partners

The cost of setting up a CIT, is very attractive in comparison with other jurisdictions. Of course, it depends on the approach of the company which will assist in the set-up of the CIT, but in Cyprus, it will be definitely lower in contrast to other European countries.

Q3 What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? In Cyprus there are not particular challenges in relation to Chinese or Asian clients. Any international client wishing to invest or operate his business through Cyprus, needs to be familiar with the international business system that Cyprus is part of, and be aware of the Cypriot legal framework which relates to the business activities he intends to establish in the island. Cyprus is already considered as very approachable and friendly by many international clients since, it is an EU Member and English is spoken very well by almost everyone. It is worth noting that many directions, signs and advertisements in Cyprus are in the Chinese language and affordable citizenship schemes are provided for foreign investors and HNWI.

Q4 What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? A CIT can be formed and have as the sole beneficiaries, foreigners. Cyprus provides strong asset protection laws for CITs but the law regulating a CIT may be changed to another foreign law. The trustees of a CIT are bound by confidentiality and cannot disclose information or documents unless they are ordered by a Cyprus Court or are required by law in certain defined circumstances. A CIT can last for an indefinite period. Foreign succession, heirship or other laws do not affect the validity of a CIT. Cyprus does not impose income or estate taxes on a CIT.

Q5 Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of? The International Trusts Law of Cyprus was amended by Law 20(I)/2012 and is formed based on very strong pillars and it allows for easy creation of any kind of CITs. Investors could rely on the relevant Cypriot laws which could guarantee that they will not face any obstacles in the operation of a CIT. Creating a trust in Cyprus will offer the qualified investors the desirable assurance while securing satisfaction of their demands.

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为何在塞浦路斯投资 WHY INVEST IN CYPRUS

Evis Hadjipetrou

afilia 成立于1977年，是塞浦路斯最大的私人住宅开发商，致力于为个人生活和商业投资开发世界一流的房产。Pafilia 有超过40年的经验，是塞浦路斯领先的豪华房地产开发商，拥有屡获殊荣的项目和包括 Minthis 和 ONE 在内的综合房地产投资组合。Minthis 是塞浦路斯最高端的高尔夫度假胜地。 ONE，是欧洲最高的海滨住宅大厦。NEO, 即将成为塞浦路斯的新地标。通过我们在理念、设计、质量和服务上的不懈努力，我们将继续为塞浦路斯房地产行业优化转型和树立标杆。我们从著名的国际建筑师、工程师和室内设计师中精心挑选合作伙伴，创造一流的、标志性的和永恒的建筑。Pafilia 是塞浦路斯第一家与业内多家全球知名企业合作的公司，如 Atkins, WKK, WoodsBagot, HBA 等。我们的综合开发项目在位置和风格上具有多样性，从现代住宅、地中海别墅和公寓到综合休闲度假胜地、高楼、一线海景地产、私人地产和高端社区。我们的服务范围广泛，包括物业管理、综合销售、租赁和转售服务、法律和移民、生活方式和休闲、财富管理咨询。 Pafilia 为塞浦路斯的永居和公民身份提供了一个完整的解决方案。我们拥有丰富的经验、人性化服务和可靠的记录，加上丰富多样的房地产组合，使 Pafilia 成为塞浦路斯永居和公民身份的市场领导者。

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ounded in 1977, Pafilia is the largest privately owned residential developer in Cyprus, dedicated to developing worldclass properties for personal living and investment. With over 40 years' experience, Pafilia is Cyprus' leading luxury property developer with awardwinning projects and a comprehensive property portfolio including Minthis, the island's most exclusive golf resort, ONE, Europe's tallest seafront residential tower, and Neo, which is set to be a new landmark in the country. With our uncompromising effort in delivering the best in concept, design, quality and service, we continue to transform and set the benchmark for the Cyprus real estate sector. We hand-pick our partners from among acclaimed international architects, engineers and interior designers to create prime, iconic and timeless properties. Pafilia is the first company to collaborate with world-renowned firms in the industry, such as Atkins, WKK, WoodsBagot, HBA and others. Our comprehensive developments represent diversity in locations and styles ranging from modern houses, Mediterranean villas and apartments, to integrated leisure resorts, towers, seafront properties, private estates and exclusive communities. Our wide range of services include property management, comprehensive sales, rentals and resale services, legal and immigration, lifestyle and leisure, and wealth management consulting.

Pafilia offers a total solution for Cyprus residency and citizenship. Our extensive experience, personal service and proven track record, together with our vast and varied property portfolio, have made Pafilia the market leader for Citizenship and Residency in Cyprus.

Cyprus Investment Programme Dual 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-month visa-free visits to countries like Canada • Ease of getting a 10-year multipleentry American visa • Austrian multiple-entry visa can be obtained in a 10-minute online application

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.

baofinancialgroup.cn

塞浦路斯投资项目

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塞浦路斯投资项目的一些主要优势是 : •6个月免签加拿大等国家 • 轻松获得10年多次美国签证 • 在线 10 分钟申请即可获得澳大利亚多次往返签证 • 可在任何欧盟国家定居和工作，包括瑞士

申请资格

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PERMITTED 允许

5 YEARS 5年

塞浦路斯投资项目是一个非常切合实际的方案，因为不需要放弃目前的国籍、没有语言要求、不需要体检或面谈，也可以产生良好的回报，而且没有税务后果。对于来自国际活动的收入，塞浦路斯提供了优惠参与豁免条款的独特组合，对在世界任何地方进行的任何类型的支付行为都实行零预扣税 : • 只有在一个纳税年度内在塞浦路斯居住超过 183 天，才会成为塞浦路斯的税务居民 • 与包括中国在内的60 个国家签订的避免双重征税条约 • 免除对股票、债券和单位利润的征税 • 对于将收入汇回国内的股息、利息和版税不征收预扣税

选择塞浦路斯的理由塞浦路斯是一个新兴的区域能源中心，因为在其专属经济区发现了巨大的碳氢化合物储量。埃克森美孚（ExonMobile）、道达尔 (Total)、埃尼 (Eni)、诺贝尔 (Nobel)、科加斯 (Kogas) 等国际公司一直在此开采和开发天然气储备。此外，由香港何氏家族经营的地中海梦幻之城是塞浦路斯第一家综合性赌场度假村，也是欧洲此种规模的唯一一家。这是一个世界级的项目，不仅对塞浦路斯具有里程碑意义，对更广泛的地区也具有里程碑意义，预计2021年开放。

免签旅游

6 MONTHS 6 个月

173 COUNTRIES 173 个国家

DUAL CITIZENSHIP

ELIGIBILITY

ALL NATIONALITIES 所有国籍人士居住要求

家庭成员

ONLY 1 VISIT REQUIRED FOR BIOMETRICS 仅打指纹和领取护照时需登陆

INVESTOR, SPOUSE, DEPENDENTS UP TO AGE 28 & PARENTS OF MAIN INVESTOR 投资者、配偶、 28 岁以下受抚养子女和主投资者的父母

VISIT REQUIREMENT

纳税要求

NONE 无

EXIT STRATEGY

FAMILY

• Easy to settle and work in any EU country, including Switzerland 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, and there are no tax consequences. Cyprus provides a unique combination of favourable participation exemption provisions on income emanating from international activities and applies zero withholding taxes on any type of payment made anywhere in the world. • An individual is tax resident in Cyprus if he/she is present in Cyprus for more than 183 days in a tax year • Double taxation treaties with 60 countries, including China • Exemption from tax on profits from

shares, bonds and units • No withholding tax on the repatriation of income as dividends, interest or royalties

Reasons To Choose Cyprus Cyprus is an emerging regional energy hub, since the discovery of huge hydrocarbon reserves in its exclusive economic zone. International companies like ExonMobile, Total, Eni, Nobel, Kogas are proceeding with exploitation and development of gas reserves. Furthermore, City of Dreams Mediterranean, operated by the Hong Kong HO family, is Cyprus' first integrated casino resort and the only one of its kind in Europe. A world class development and a landmark not only for Cyprus but also for the wider region, it is expected to open its doors in 2021.

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泽西岛 Jersey

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Jersey

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司法辖区

JURISDICTIONS Member Contribution

By Jersey Finance

概况

实体类型

General

信托

Type of Company

Trust

法律类型

法定框架和习惯法

Type of Law

Statutory framework and customary law

最低政府费用（不包括税收）

不适用

Minimum Government Fees (excluding taxation)

N/A

是否签订双重征税协定

如果所有受益人都居住在泽西岛以外，泽西岛信托基金将免缴泽西岛所得税。

Double Taxation Treaty Access

Where all beneficiaries are resident outside Jersey a Jersey trust will be exempt from Jersey income tax.

永久所有权期限

无

Perpetuity Period

None

标准货币

英镑

允许币种最低资产要求

独立法人最低人数公众可否查阅记录会议地点

Trust Assets

Standard Currency

GBP

任何

Permitted Currencies

Any

没有最低要求，但需要一定资产

Minimum Assets Required

No minimum but some property required

受托人

一个无

没有规定

Trustees

Minimum Number If Individuals

one

Publicly Accessible Records

None

Location of Meetings

Not prescribed

保全

是否允许

持有专业资格

公众可否访问

准备要求

是

没有规定

公众可否访问账户

是否允许私人信托公司法定继承权

| 9th 10thAnnual Annual

Protector

Permitted

Yes

Professional Qualifications Held

Not prescribed

信托契书否

Trust Deed

Publicly Accessible

账户

是

审计要求

180

信托资产

不适用否

No Accounts

Requirements to Prepare

Yes

Audit Requirements

N/A

Publicly Accessible Accounts

其他

Other

是

Forced Heirship Rules

Yes

泽西法律信托不受其他司法管辖区强制继承权的约束

Change in Domicile Permitted

A Jersey law trust is not subject to forced heirship rights of other jurisdictions

司法辖区

JURISDICTIONS 行政特区：泽西岛所在地区：海峡群岛（皇家属地）官方货币：英镑（GBP）官方语言：英语/法语所属时区：世界标准时间电话区号：+44 通讯设施：极佳

Country: Jersey Region: Channel Islands (Crown Dependency) Currency: Sterling (GBP) Languages: English/French Time Zone: UTC Phone Code: +44 Communications: Excellent

简介 Introduction 泽西岛是一个离法国诺曼底海岸不远的岛屿。该岛屿人口约为96,000。虽然泽西岛是一个皇家属地，但却是一个自治地，拥有与英国不同的独立的法律、金融和司法系统。泽西岛是世界领先的金融中心之一，在过去50 多年里，该岛一直是金融业的领导者。泽西岛大大简化了征税，让来自不同司法管辖区的投资者之间可以轻松合作。泽西岛提供了世界上最为完备的规章制度之一。通过制定和应用全球标准，泽西岛金融服务委员会提供了强有力的领导。适合类型：财富管理、银行、保险、基金管理、基金治理、航运、航空、游艇、交易性金融、知识产权 / 许可、控股公司、

Jersey is an island situated off the coast of Normandy France. It has a population of circa 96,000. Jersey Although a Crown Dependency Jersey is self-governing and has a separate legal, financial and judicial system to the United Kingdom. Jersey is one of the World’s leading financial centers and has been a finance industry leader for over 50 years. Jersey offers significant simplification of tax allowing investors from multiple jurisdictions to work together easily. Jersey provides one of the strongest regulatory frameworks in the world. The Jersey Financial Services Commission provides strong leadership by setting and applying global standards.

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

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电子商务、财产所有权公司类型：有限公司、信托公司、有限合伙企业和国际商业公司以及基金会。资本主要商务区域：圣赫利尔关系较好的国家：英国、马耳他关系较差的国家：制裁国：阿富汗、白俄罗斯、缅甸、中非共和国、刚果民主共和国、埃及、厄立特里亚、伊朗、伊拉克、科特迪瓦、黎巴嫩、利比里亚、利比亚、朝鲜、几内亚共和国、几内亚比绍共和国、俄罗斯、卢旺达、索马里、南苏丹、叙利亚、突尼斯、乌克兰、也门、津巴布韦。税务负担 - 商业：很轻税务负担 - 个人：很轻总体税率： CIT 0%，PIT 20%，VAT 5%

DTA 司法管辖区：

塞浦路斯、爱沙尼亚、根西岛、香港、马恩岛、卢森堡、马耳他、毛里求斯、卡塔尔、卢旺达、塞舌尔、新加坡、阿联酋、英国。

TIEA 司法管辖区：

阿根廷、澳大利亚、奥地利、比利时、巴西、加拿大、智利、中国、捷克共和国、丹麦、法罗群岛、芬兰、法国、德国、格陵兰、匈牙利、冰岛、印度、印度尼西亚、爱尔兰、意大利、日本、韩国、拉脱维亚、墨西哥、荷兰、新西兰、挪威、波兰、葡萄牙、罗马尼亚、斯洛文尼亚、南非、西班牙、瑞典、瑞士、土耳其、英国、美国。

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Administration, Shipping, Aviation, Yachting, Trading Financial, Intellectual Property/Licensing, Holding Companies, E-commerce, Property Ownership

Vehicle Types: Limited companies, trusts, limited partnerships and international business companies and foundations. Capital primary business districts: St Helier Good Relationships: United Kingdom, Malta Bad Relationships: Sanction Countries: Afghanistan, Belarus, Burma (Myanmar), Central African Republic, Democratic Republic of Congo, Egypt, Eritrea, Iran, Iraq, Ivory Coast, Lebanon, Liberia, Libya, North Korea, Republic of Guinea, Republic of Guinea-Bissau, Russia, Rwanda, Somalia, South Sudan, Syria, Tunisia, Ukraine, Yemen, Zimbabwe. Tax Burden - Business: Very Light Tax Burden - Individual: Very Light Headline tax rates: CIT 0%, PIT 20%, VAT 5% DTA Jurisdictions: Cyprus, Estonia, Guernsey, Hong Kong, Isle of Man, Luxembourg, Malta, Mauritius, Qatar, Rwanda, Seychelles, Singapore, UAE, United Kingdom. TIEA Jurisdictions: Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Hungary, Iceland, India, Indonesia, Ireland, Italy, Japan, South Korea, Latvia, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Slovenia, South Africa, Spain, Sweden, Switzerland, Turkey, United Kingdom, United States of America.

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疫情下，英国移民政策持续发力

Under the COVID-19 situation, British immigration policy continue making a splash

Hakan Cortelek

“无

论您身在何处，我们的使命是为您量身定制最佳的投资及移民服务” 。多年来，英国一直是高净值人群安家投资的首选。突如其来的疫情打乱了很多人的计划，也严重影响了国际移民市场。面对疫情，各国纷出奇招；美国试图阻止新移民进入，暂停发放绿卡。泰国暂停落地签证。很多欧洲国家更是全面封锁国境。

相比之下，英国内政部的举动犹如一股清流：为因疫情滞留在英国的游客自动延期签证；为无法回国递交签证的申请人开通英国本土递交渠道；为因疫情无法回来英国的移民，自动减免居住天数；连一向审查严格的学生签证，也放开政策公然允许“旷课”。针对英国企业，政府更是拿出前所未有的 “社会主义” 精神，注资16 亿英镑，成为疫情期间全球第一个政府直接为国民发工资的国家。一系列举动的背后，不仅有英国扶持经济的决心，更能看出英国对于外来移民的重视与友好。脱欧之后上台的约翰逊首相，被称为史上最 “现实”的英国首脑，他决心改变外界对于英国移民政策严苛的看法，打出一系列组合拳，吸引高净值和高技术人才，简化签证处理流程，取消部分移民项目的名额限制，并且推出5万英镑三年就可以拿到永居的“创新移民签证” ，为各国精英来英国投资移民开辟了超快速绿色通道。有开明的政府，利好的政策。英国投资移民项目在疫情期间持续发力。根据 BEYOND 博岩海外的内部数据，2020年 4月份以来，针对英国项目的咨询量逆流而上有增无减，这也体现出了市场对于

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"No matter where you are, our mission is to tailor the best investment and immigration services for you." For many years, the UK has been the first choice for HNWIs to settle down and invest. The sudden outbreak disrupted many people's plans and seriously affected the international immigration market. In the face of the COVID-19, various countries have made many moves; the United States tried to prevent new immigrants from entering and suspended the issuance of green cards. Thailand has suspended landing visas. Many European countries have completely blocked their borders. In contrast, the move of the Home Office is like fresh air: automatic visa extension for tourists staying in the UK due to the COVID-19; opening

up local visa submission channels for applicants unable to return to their home country; automatically reducing staying days for immigrants unable to return to the UK due to the COVID-19; and even the student visa that has always been strictly reviewed, the policy is also open to allow "absenteeism". For British enterprises, the government has put forward an unprecedented " socialism" spirit and invested 1.6 billion pounds, becoming the first country in the world to

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quota limit of some immigration projects, and launch the "innovative immigration" with 50000 pounds for three years to gain PR Visa which has opened up a super fast green channel for elites from all over the world to invest and immigrate to the UK. There is an enlightened government and favourable policies. The UK's investment immigration program continued make a splash during the outbreak. According to the internal data of Beyond overseas, since April 2020, the consulting volume for UK projects has increased unabated, which also reﬂects the market's confidence in the UK. Children's education is always the rigid demand and main driving force of the immigration market. The UK has attracted the top immigration resources from the world with highquality education resources, which will not be affected by the short-term COVID-19.

英国的信心。子女教育永远是移民市场的刚需和主要推动力，英国以优质的教育资源吸引了来自全球的顶尖移民资源，这个优势是不会受到短期疫情影响的。

BEYOND博岩海外的旗舰办公室位于英国伦敦，我们的团队由经验丰富的专业人员组成，旨在为客户提供全方位的各国移民解决方案。除了活跃于英国市场之外，BEYOND 还在迪拜，香港，新加坡，伊斯坦布尔和基辅设有核心业务。在俄罗斯，中国，土耳其，西非，中东，东南亚以及北美和拉丁美洲的客户申请方面拥有丰富的经验，Beyond 的平台可以为中介机构以及直接客户，提供全球各地，可靠的投资移民项目，帮助申请人选择最佳方案。

directly pay citizen wages during the COVID-19. Behind these series of actions, we can see not only the determination of Britain to support the economy, but also the importance and friendliness of Britain to immigrants. Prime Minister Johnson, who came to power after brexit, is known as the most "realistic" British head in history. He is determined to change the outside world’s harsh views on the British immigration policy, make a series of combos, attract high net worth and high-tech talents, simplify visa processing procedure, remove the

Beyond's ﬂagship office is located in London, UK. Our team is composed of experienced professionals, aiming to provide customers with a full range of international immigration solutions. In addition to being active in the UK market, Beyond has core businesses in Dubai, Hong Kong, Singapore, Istanbul and Kiev. With rich experience in customer applications in Russia, China, Turkey, West Africa, the Middle East, Southeast Asia, North America and Latin America, Beyond's platform can provide intermediaries and direct customers with reliable investment immigration projects around the world to help applicants choose the best solution.

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列支敦士登 Liechtenstein

Liechtenstein

Member Contribution 概况

实体类型法律类型

建立信托所需时间

最低政府费用（不包括税收）是否签订双重征税协定国外收入课税

By Gri�n Trust AG

General

信托授产安排（没有法律实体）

Type of Company

Trust settlement (no legal entity)

民法 ( 建立从普通法派生的信托概念 )

Type of Law

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

大约1周

Our Time to Establish a Trust

around one week

Minimum Government Fees (excluding taxation)

只有当税收协定明确也适用于信托

Double Taxation Treaty Access

CHF 200 (in total normally CHF 800 including duties) Only if the tax treaty specifically also applies to trusts Trusts (settlements) are endowments without personality. They only pay the minimum corporate income tax (CHF 1,800).

200 瑞士法郎（包含关税大约 800 瑞

士法郎）

信托（授产安排）是没有特点的捐赠。他们只需支付最低企业所得税（1800瑞士法郎）

Taxation on Foreign Income

无最低限制，瑞士法郎，美元，欧元和其他可接受的通用货币

Standard Currency

信托资产

标准货币允许币种

最低资产要求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

瑞士法郎，美元，欧元和其他可接受的通用货币无限制

受托人

1人 1人

没有，但是如果只有外国受托人，没有列支敦士登的代表，信托就不能存入，也不能在列支敦士登注册无

对于会议地点没有具体的规定。然而，如果受托人的决定发生在列支敦士登之外的地方，有效管理的地方可能会改变。

Trust Assets

Permitted Currencies Minimum Assets Required Minimum Number If Individuals Minimum Number If a Body Corporate

Publicly Accessible Records

Location of Meetings

There are no specific rules for the location of meetings. If trustee decisions take place outside of Liechtenstein, however, the place of effective management may change. Protector

Required

持有专业资格

保护者不需要有任何具体的专业资格，但是保护者应该知道他或她可能拥有的任何信托权力的含义。

Professional Qualifications Held

公众可否访问账户

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信托契书否

受托人必须保持最新信托财产的资产记录

Requirements to Prepare

账户

否

The appointment of a Protector is optional but recommended in order to ensure oversight of the trustee in the ultimate interest of the beneficiaries. A Protector need not hold any specific professional qualifications but a Protector should be aware of the implications of any fiduciary powers he or she may have. Trust Deed

Publicly Accessible

不适用信托协议，但是信托契约可以指定审计员

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

是否需要

审计要求

One

If Local Trustee Required

委任一名保护人是可选的，但建议这样做，以确保受托人的监督符合受益人的最终利益。

准备要求

No Limitation Trustees

保全

公众可否访问

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

No Accounts

Audit Requirements Publicly Accessible Accounts

The trustee is required to keep upto-date records of the assets forming the trust fund. Not for trust settlements, but an auditor can be appointed in the instrument of trust. No

司法辖区

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

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

简介 Introduction 列支敦士登，一个有历史和稳定的国家列支敦士登公国目前正在庆祝建国 300 周年。考虑到它所能提供的东西，这个国家的知名度实在是太低了。

Liechtenstein, a country with history and stability The Principality of Liechtenstein, now celebrating 300 years of existence, is a country that is too-little known when taking into account what it has to offer.

列支敦士登坐落在莱茵河上游的阿尔卑斯山北部，毗邻米兰、苏黎世和慕尼黑等大型旅游中心。列支敦士登的东部邻国是奥地利，而瑞士位于其北部、西部和南部边界的另一边。

Nestled into the northern Alps on the upper course of the Rhine and within easy reach of large travel hubs such as Milan, Zurich and Munich, Liechtenstein's eastern neighbour is Austria while Switzerland lays on the other side of its northern, western and southern borders.

根据1921年颁布的宪法，列支敦士登公国是一个在民主和议会框架内运作的君主世袭立宪政体。根据宪法，本着合作精神，由王子和人民共同行使决定国家运行的权力和特权。

By virtue of the Constitution decreed in 1921, the Principality of Liechtenstein is a constitutional hereditary monarchy operating within a democratic and parliamentary framework. The powers and prerogatives to make decisions about the running of the country vest

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司法辖区

JURISDICTIONS 其他

Other

Forced Heirship Rules

Any contribution of the settlor's property to a trust within two years of the settlor's death is likely to curtail the rights of the settlor's heirs if they are deprived of their compulsory share of the settlor's estate. However, if any contested transfer to the trust took place at least two years prior to the settlor's death, and provided the settlor had not reserved extensive powers over the trust, then that claim contesting the transfer will fail.

外国判决的执行

来自瑞士和奥地利以外国家的外国判决在列支敦士登没有直接的强制执行力，这意味着案件必须向列支敦士登法院提起诉讼，而这些法院的预诉讼障碍相对较高。

Enforcement of foreign judgements

Foreign judgments from countries other than Switzerland and Austria are not directly enforceable in Liechtenstein, meaning that the case must be litigated before the Liechtenstein courts where prelitigation hurdles are relatively high.

是否允许迁册

是的，只要信托文书允许，适用的法律可被修改为具有信托法的另一个适当司法管辖区的法律。

Change in Domicile Permitted

Yes, provided it is permitted by the instrument of trust, the governing law by be changed to that of another suitable jurisdiction with a trust law.

法定继承权

在委托人死亡后两年内，委托人财产对信托的任何捐献，如果委托人的继承人被剥夺对委托人财产的强制份额的权利，则可能会限制委托人继承人的权利。但是，如果对信托的任何有争议的转让至少在委托人去世前两年发生，并且微弱人没有对信托保留广泛的权力，那么对转让提出异议的索赔就会失败。

列支敦士登是世界上政治最稳定的国家之一，享有标准普尔的 AAA 评级，是联合国、世界贸易组织和欧洲经济区（EEA）的成员，欧洲经济区及其与瑞士的关税同盟无疑为列支敦士登繁荣的金融业做出了贡献。列支敦士登，私人客户的大本营列支敦士登的金融部门专门为寻求一个安全管辖区的私人客户提供服务，以便将其财富用于风险分散、资产保护和继任规划。列支敦士登王子家族通过列支敦士登王子基金会对其家族财富的拥有所有权体现了该司法管辖区对业务连续性和多代遗产规划的稳健性和适宜性。列支敦士登拥有一个旨在保护资产的法律框架，具有独特的地位，是一个值得信赖的司法管辖区，可以保护财富和推进遗产持久性。列支敦士登的《个人和公司法》于1926 年首次生效，该法允许创建一些知名的多功能实体：

• Liechtenstein AG 列支敦士登股份有限公司：列支敦士登股份有限公司的法律形式与大多数欧洲大陆国家的股份有限公司大体相同。该公司的资本金必须至少为50000 瑞士法郎，并按股份分配。股份公

司必须任命一名审计师，并向注册官提交年度审计

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jointly in the Prince and the people to be exercised in a spirit of cooperation in accordance with the Constitution. One of the most politically stable countries worldwide, Liechtenstein enjoys an AAA rating from Standard & Poor's and is a member of the United Nations, World Trade Organization and the European Economic Area (EEA), which, together with its customs union with Switzerland, undoubtedly contribute to Liechtenstein's ﬂourishing financial sector.

Liechtenstein, a stronghold for private clients Liechtenstein's financial sector specialises in servicing private clients looking for a safe jurisdiction in which to place their wealth for riskdiversification, asset protection and succession planning purposes. The Liechtenstein princely family's ownership of their family wealth through the Prince of Liechtenstein Foundation exemplifies the jurisdiction's robustness and suitability to plan for business continuity and multigenerational legacy. With a legal framework geared towards asset protection, Liechtenstein is uniquely positioned as a trustworthy jurisdiction to safeguard wealth and promote lasting legacies. Liechtenstein's Persons and Companies Act, which first came into force in 1926, allows the creation of a number of well-known versatile entities: • Liechtenstein AG (company limited by shares): the legal form of an

司法辖区

JURISDICTIONS

账目。股份公司适用于所有经济目的，特别是在活跃的国际商业交易作为控股实体或资产管理。

• 列支敦士登机构：该机构或 Anstalt 是列支敦士登独有的一种企业形式，在欧盟得到认可和接受，就像 AG 一样。企业所需的最低资本为30000瑞士法郎（如果企业发行股票，则为50000 瑞士法郎）。该机构是一个有或没有固定受益人的自主基金，可以发行股票，用于商业和 / 或私人目的。 • 列支敦士登基金会：基金会是列支敦士登最常见的法律实体形式，要求基金会的最低资本为 30000 瑞士法郎。创始人捐赠给基金会的资产与创始人的个人资产分开，并将按创始人指定的目的持有。基金会最适合长期管理和资产保护以及有序的继任规划。 • 信托和解：列支敦士登的信托和解以普通法模式为基础。这项法律文书可以与基金会类似的方式使用，即委托人可以将资产或权利转让给受托人，受托人作为法定所有人，为一个或多个受益人的利益管理信托财产，同时考虑到委托人的意愿。与基金会不同，信托公司没有独立于受托人的法人资格，也不受最低资本要求的约束。与基金会类似，信托最适合于保护资产和计划有序的继承。监管环境作为欧洲经济区成员国，列支敦士登遵循了经合组织的标准，是最早实施新的共同报告标准的国家之一，并有越来越多的双重税收协定（目前 2020 年有 20 项协定 —— https://www.llv.li/files/stv/intuebersicht-dba-tiea-engl.pdf）。为了提高金融中心的质量，列支敦士登执行了欧盟第四项反洗钱指令，并承诺遵守第五项反洗钱指令的所有要求。列支敦士登《尽职调查法》和《尽职调查条例》规定，银行和金融机构以及律师、受托人、

AG in Liechtenstein largely mirrors that of AGs from most continental European countries. The AG's capital, which must be at least CHF 50,000, is divided into shares. The AG must appoint an auditor and submit annual audited accounts to the registrar. The AG is suitable for all economic purposes, in particular active international commercial transactions, as holding entity or for asset management. • Liechtenstein Establishment: Unique to Liechtenstein, the Establishment, or Anstalt, is a corporate form that is as recognised and accepted in EU as, for instance, an AG would be. The minimum capital required for an Establishment is CHF 30,000 (or CHF 50,000 if the Establishment issues shares). The Establishment is an autonomous fund with or without set beneficiaries that may issue shares and be used for commercial and/or private purposes. • Liechtenstein Foundation: Foundations, the most common form of legal entity in Liechtenstein, requires a minimum Foundation capital of CHF 30,000. Assets endowed to the Foundation by the founder become separate from the founders' personal assets and will be held for such purpose as may be specified by the founder. Foundations are best suited for long-term administration and protection of assets as well as orderly succession planning. • Trust settlement (Trust): the Liechtenstein Trust settlement is based on the common-law model. This legal instrument can be used in a similar manner to the Foundation in that the settlor may transfer assets or rights to the trustee, who then, as the legal owner, administers the trust property for the benefit of one or more beneficiaries taking into account the settlor's wishes. Unlike Foundations, the trust does not have a legal personality separate from its trustee and is not subject to minimum capital requirements. Similar to Foundations, Trusts are best suited for protecting assets and for planning an orderly succession.

Regulatory landscape In adhering to the OECD's standards as a member of the EEA, Liechtenstein was one of the first countries to implement the new Common Reporting Standards and has a growing number of double tax treaties (currently 20 in 2020 - https://www.llv.li/files/stv/intuebersicht-dba-tiea-engl.pdf). With a view to furthering the quality of the financial centre, Liechtenstein has implemented the EU's 4th Anti-Money Laundering Directive and is also committed to complying with all the requirements under the 5th Anti-Money Laundering Directive. The Liechtenstein

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信托公司和信托公司管理层的持牌代表或成员应持续遵守国际反洗钱标准。税收列支敦士登税法（Steuergesetz）将法律实体（不论其具体法律形式）分为两类：

• 一般纳税公司在列支敦士登，法人实体的应纳税所得额应按每年 12.5% 的税率纳税，每年最低应纳税1800 瑞士法郎。这一费率适用于在列支敦士登注册成立的法律实体，并根据《税法》第44（1）条规定，在列支敦士登注册的外国法人，其“理念和管理”在列支敦士登实施。 • 私人资产结构纯粹为私人和非商业目的而设立的外国和国内法律实体，只要符合私人资产结构的标准，就可以向税务机关申请私人资产结构（PAS）的地位。一旦获得批准，相关实体将免征普通所得税，取而代之以目前设定为每年 1800 瑞士法郎的年度统一税，无需提交纳税申报表。但是，享有 PAS 的法律实体不得利用列支敦士登加入的税收条约所载取得任何利益。

Due Diligence Act and Due Diligence Ordinance regulates banks and financial institutions, as well as attorneys, trustees, trust companies and licensed representatives or members of the management of trust companies as regards ongoing compliance to international anti-money laundering standards.

Taxation Liechtenstein's Tax Law (Steuergesetz) categorises legal entities (irrespective of their specific legal form) into one of two categories: • Ordinarily taxed companies Taxable income of legal entities is subject to tax in Liechtenstein at a rate of 12.5% p.a., with a minimum of CHF 1,800 due per year. This rate applies to legal entities incorporated in Liechtenstein and, in accordance with art. 44(1) of the Tax Law, foreign legal entities registered in Liechtenstein for tax purposes by virtue of their "mind and management" being exercised in Liechtenstein, • Private asset structure Legal entities, both foreign and domestic, which are set up purely for private and non-commercial purposes may apply to the tax authorities for the status of private asset structure ("PAS") provided they meet the PAS criteria. Once granted, the relevant entity will be exempt from ordinary income tax, paying instead an annual ﬂat tax currently set at CHF 1,800 per annum, and are not required to file tax returns. Legal entities enjoying the PAS status may, however, not take advantage of any benefits contained within tax treaties to which Liechtenstein may be a party. Trusts are always subject to an annual ﬂat tax currently set at CHF 1,800 per annum and are not required to file tax returns. Capital gains and dividends are notably tax-exempt, provided that dividends are paid from a company that is either commercially active or subject to tax rate of at least 6.25%.

Suitable for: Private wealth structuring and placement with Trusts, Foundations, Holding Companies, banks, fund management, international trade, intellectual property Vehicle Types: Trusts, Foundations (Stiftung), Establishments (Anstalt), Companies Limited by Shares (Aktiengesellschaft), Private Limited Companies (GmbH), Trust Enterprises (Trust Reg.), Partnerships and UCITS and AIFMD compliant Investment Funds.

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信托公司每年都要缴纳 1800 瑞士法郎的统一税，不需要提交纳税申报表。资本利得和股息特别免税，前提是股息是从商业活动公司支付的，或须缴纳至少 6.25% 的税率。载体类型：信托公司、基金会（Stiftung）、机构（Anstalt）、股份有限公司（Aktiengesellschaft）、私人有限公司（GmbH）、信托企业（Trust Reg.）、合伙企业和欧盟可转让证券集合投资计划以及符合另类投资基金经理指令的投资基金。首都主要商业区：瓦杜兹，特里森，沙安税负-商业：有吸引力公司所得税按 12.5% 的统一税率适用于公司的净收入 / 利润，不论该利润的大小及其分配。参与权益产生的收入和资本利得免税，对结转损失的使用不受时间限制。此外，还引入了股本利息扣除。不从事经济活动的法人，可以申请作为私人资产结构征税。税负 - 个人：适度的，隐性财富税，将个人财富的 4% 加到应纳税所得额工资税（来自就业）中：3% 到24% 个人所得税和财富税：在国家一级最高为 8%，但市政府征收的附加税为国家收入和财富税率的 150200%。主要税率： CIT 12.5%（统一），工资税（来自就业）：3-24%，增值税7.7%，无赠与税，无遗产税列支敦士登与下列国家签订了双重征税协定：安道尔、奥地利、捷克共和国、格鲁吉亚、德国、根西岛、香港、匈牙利、冰岛、泽西岛、立陶宛、卢森堡、马耳他、摩纳哥、圣马力诺、新加坡、瑞士、英国、乌拉圭和阿拉伯联合酋长国列支敦士登与以下国家签订了税务信息交换协议（TIEA）：3% - 24%。安道尔、奥地利、捷克共和国、格鲁吉亚、德国、根西岛、香港、匈牙利、冰岛、泽西岛、立陶宛、卢森堡、马耳他、摩纳哥、圣马力诺、新加坡、瑞士、英国、乌拉圭和阿拉伯联合酋长国。

Capital primary business districts: Vaduz, Triesen, Schaan Tax Burden - Business: attractive Corporate income tax at a uniform rate of 12.5% applies to a company' s net income/profit, irrespective of the size of that profit and its distribution. Income and capital gains from participating interests are exempt, and there is no time limit on the use of losses carried forward. Furthermore, an equity capital interest deduction has been introduced. Legal persons not pursuing economic activities can apply to be taxed as Private Asset Structures. Tax Burden - Individual: moderate, wealth tax applies Wage tax (from employment): 3 to 24% Personal income and wealth tax: maximum 8% at country level, however municipalities levy additional tax charges in the amount of 150-200% of the country income and wealth tax rate.

Headline tax rates: CIT 12.5% (uniform), wage tax (from employment): 3 to 24%, VAT 7.7% Liechtenstein has Double Taxation Agreements (DTA) with: Andorra, Austria, Czech Republic, Georgia, Germany, Guernsey, Hong Kong, Hungary, Iceland, Jersey, Lithuania, Luxembourg, Malta, Monaco, San Marino, Singapore, Switzerland, United Kingdom, Uruguay and the United Arab Emirates Liechtenstein has Tax Information Exchange Agreements (TIEA) with: Andorra, Austria, Czech Republic, Georgia, Germany, Guernsey, Hong Kong, Hungary, Iceland, Jersey, Lithuania, Luxembourg, Malta, Monaco, San Marino, Singapore, Switzerland, United Kingdom, Uruguay and the United Arab Emirates.

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Member Contribution

离岸问答 Q&A

列支敦士登 Liechtenstein

Q1 您所在的司法管辖区在其提供的商业环境方面如何从全球其他司法管辖区中脱颖而出。

Q1 How does your jurisdiction stand out from other jurisdictions around the world in terms of its offering business environment.

列支敦士登位于中欧，在世界上政治最稳定的国家中名列前茅，凭借一级资本充足率提供安全资金的银行系统享有标准普尔（Standard & Poors）的 AAA 评级。

Liechtenstein, located in central Europe, is ranked amongst the most politically stable countries in the world and enjoys an AAA rating from Standard & Poors with a banking system that is securely funded with Tier 1 ratios .

与许多其他小型金融中心不同，列支敦士登的 GDP 也受到强大的工业部门的支持，占全国 GDP 的40% 左右。作为欧洲经济区的成员国，列支敦士登还遵守欧盟制定的规则，并很容易进入欧洲资本市场。

Unlike many other small financial centres, Liechtenstein's GDP is also supported by a strong industrial sector making up approximately 40% of the national GDP. As a member of the European Economic Area , Liechtenstein also adheres to rules laid down by the European Union and enjoys easy access to the European capital markets.

列支敦士登的规模小，使其成为适应国际趋势的一个非常灵活的管辖区，并使其当局能够非常方便地为当地服务提供者提供服务，从而减少了政府的繁文缛节和经商摩擦。

Q2 您如何描述列支敦士登作为一个司法管辖区可以为亚洲高资产净值人士带来的附加值？保障财富首先要选择有足够经验、专业知识和专业精神的服务提供商，以及选择一个拥有成熟法律体

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Liechtenstein's small size makes it a very agile jurisdiction in adjusting to international trends and allows its authorities to be very accessible to local service providers, thereby reducing government red tape and friction in doing business.

Q2 How would you describe the added value that Liechtenstein as a jurisdiction can bring to Asian HNWIs? Safeguarding wealth begins by choosing service providers that

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系、独立法院和便于打交道的政府机构的司法管辖区。列支敦士登符合所有这些要求。保护资产意味着通过在司法辖区内创建灵活的财富结构（如信托基金和基金会）来规避未来风险，特别是立法保护财富结构免受非法索取者的侵害。列支敦士登不仅提供了一个明确和完善的法律框架来构架自己的财富，而且还存在着特定的法律规定，不承认外国判决和外国继承法，以及防范债权人提出的债权，积极表明列支敦士登愿意迎合国际利益攸关方对强有力的保护法的渴望。此外，列支敦士登职业受托人协会以及受托人行为守则规定了正式程序，以改变专业服务提供者，有效地保证客户可持续自由选择最适合其不断变化的需求的服务提供者。

Q3 在为亚洲高净值人士做规划时，你遇到的最大问题和挑战是什么？您的管辖区为这些问题提供了哪些解决方案？在许多亚洲国家（如世界其他地区的一些国家一样），仍然存在一定程度的法律不确定性，这驱使客户需要通过在境外进行投资和持有资产来分散其财富并使其免受潜在风险的影响。此外，围绕核心价值观团结在一起的家庭，有时会困惑如何建立一个持久的遗产来继续指引子孙后代。列支敦士登信托基金会、基金会和机构都非常适合实现这些目标，允许财富所有者为家庭成员建立一个储备金，在财产授予者的意愿指导下，在受托人的帮助下鼓励他们负责任地管理财富。

can demonstrate a sufficient degree of experience, expertise and professionalism as well as selecting a jurisdiction with a sophisticated legal system, independent courts and accessible government authorities. Liechtenstein meets all these requirements. Protecting assets means hedging against future risks by creating ﬂexible wealth structures (such as trusts and foundations) in jurisdictions with legislation specially geared towards protecting wealth structures from illegitimate claimants. Not only does Liechtenstein offer a clear and well-established legal framework to structure one's wealth, the existence of specific statutory provisions precluding the recognition of foreign judgments, excluding foreign inheritance laws and protecting against creditors' claims actively demonstrates Liechtenstein's willingness to cater to international stakeholders' desire for strong protection laws. Furthermore, the Liechtenstein Institute of Professional Trustees and Fiduciaries' Code of Conduct mandates formal procedures to effect a change of professional service providers, effectively guaranteeing clients' ongoing freedom to choose the most compatible service provider for their changing needs.

Q3 What are some of the biggest issues & challenges you come across when planning for Asian HNWIs? What are the solutions that your jurisdiction provides for these issues? In many Asian countries (as in a number of countries in other regions of the globe), a degree of legal uncertainty still persists which drives clients' need to geographically diversify and ring-fence their wealth from potential risks by investing and holding assets outside of the confines of their country of origin. Moreover, families united around core values sometimes puzzle over how to establish a lasting legacy that will continue to guide future generations. Liechtenstein trusts, foundations and establishments are singularly well suited to achieve these goals, allowing wealth owners to create a nest-egg for family members to encourage their responsible stewardship of wealth with the help of trustees guided by the settlor's wishes. As Liechtenstein is part of the European Economic Area, structuring outbound investments through a Liechtenstein entity provides a barrier-free investment access to the European market, with the additional benefit that having ﬂexible discretionary structures with a tax identification number from a reputable central European country will increase counterparts and banks' confidence in the legitimacy of the client's structure. Through our extensive network of lawyers

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and tax experts, Griffin Trust AG advises clients planning outbound investments.

Q4 What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to Asian HNWIs? The Liechtenstein law on trusts and foundations grants the founder/ settlor a high degree of autonomy in determining the distribution modalities which will regulate what benefits and distributions beneficiaries may come to enjoy and the timing thereof. The settlor of a Liechtenstein discretionary entity is free to dictate any condition for distributions, provided the requirements are not otherwise illegal under Liechtenstein law. While Liechtenstein structures are particularly attractive by the ability to tailor them to a family's particular set of circumstances, ideology and long-term goals, guidelines as to whether payments to beneficiaries should be made i) periodically, ii) exclusively from income / capital, and iii) upon request by a beneficiary or upon reaching a specific age, are particularly en vogue with HNWI wishing to mould their family members' expectations going forward. 由于列支敦士登是欧洲经济区的一部分，通过列支敦士登实体构建的对外投资可为进入欧洲市场提供无障碍的投资渠道，此外还有一个好处，即拥有灵活的自由支配结构以及具有声誉的中欧国家的税收标识号将会增强同行和银行对客户架构合法性的信心。通过我们广泛的律师和税务专家网络，格里芬信托公司为客户提供海外投资规划建议。

Q4 法律中有哪些主要特征使得你的管辖区的信托/基金会对亚洲高资产净值人士特别有吸引力？《列支敦士登信托和基金法》授予创始人 / 委托人在确定分配方式的高度自主权，该分配方式将规定受益人和受益人可能享有的利益和分配方式及其时机。列支敦士登实体的委托人可以自由决定分配的任何条件，前提是根据列支敦士登法律，这些要求在其他方面不违法。列支敦士登的结构特别吸引人，因为它具有根据家庭的特定情况，意识形态和长期目标进行调整的能力，以及有关是否应向受益人付款的准则 i）定期地，ii）仅从收入 / 资本中支付，（iii）应受益人的要求或在达到特定年龄时，在高资产净值人士中尤其流行，希望塑造其家庭成员的未来期望。

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Moreover, Liechtenstein law does not have any rule against perpetuities or accumulations and it recognizes pure purpose trusts where there is no individually ascertained or ascertainable beneficiary (with the only restriction being that the purpose in question cannot be illegal, immoral or impossible to fulfil). A special governmental body has been incorporated to control Foundations set up for charitable purposes so as to preserve the jurisdiction's reputation and the clients' interests. Foreign judgments are not automatically enforceable in Liechtenstein, which means that illegitimate or politically motivated claims cannot be pushed through the Liechtenstein courts as a matter of course. Instead we often see clients bolstered by the knowledge that foreign claimants are a) required to sue Liechtenstein entities in Liechtenstein to obtain a judgement that can be enforced in Liechtenstein, and b) have to pay a deposit in order to be allowed to start the claim (as the Liechtenstein court will not allow a claim to be filed without having funds to enable it to give effect to any cost order it may make in favor of the defendant). As the court routinely requires between 10% and 20% of the claim's value to be placed into an escrow account, these requirements often deter frivolous or illegitimates claims. From a tax law perspective, dividends from Liechtenstein corporations and distributions from trusts or foundations are not subject to any

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此外，列支敦士登法律没有任何针对永久财产或累积财产的规则，它承认纯粹目的信托，该信托没有单独确定或可确定的受益人（唯一的限制是有关目的不能是非法的、不道德的或不可能实现的）。政府成立了一个特别机构，负责管理为慈善目的设立的基金会，以维护司法管辖区的声誉和客户的利益。外国判决在列支敦士登不能自动执行，这意味着非法或出于政治动机的索赔不能理所当然地被列支敦士登法院通过执行。取而代之的是，我们经常看到客户因知道以下事实而感到鼓舞：外国索赔人 a) 被要求起诉列支敦士登的实体以获得可在列支敦士登执行的判决，（b）必须支付押金才能开始索赔（因为列支敦士登法院不允许在没有资金使其能够执行任何有利于被告的费用命令的情况下提交索赔）。由于法院通常要求将索赔额的 10% 至 20% 存入第三方托管账户，这些要求往往会阻止轻率或非法索赔。

Liechtenstein taxation. The option to structure the entity as a Private Asset Structure allows qualifying entities to be taxed at an annual ﬂat rate of CHF 1,800.

Q5 Are there any recent developments in trust/foundation law in your jurisdiction that Asian HNWIs should be aware of? The Liechtenstein Foundation Law (Articles 552 - 570 of the Law on Personal and Company Law [PGR]) has existed for over 90 years and was most recently revised in 2009 with a view to modernizing and clarifying legislation whilst providing enhanced governance mechanisms for founders. The result is a unique set of laws tailored to the needs of entrepreneurs, high net-worth individuals and corporations, which form a coherent body of law enabling clients to plan for the future thanks to Liechtenstein's highly consistent and enduring legal framework.

从税法的角度来看，列支敦士登公司的股息以及信托或基金会的分红无需缴纳任何列支敦士登税。将实体结构定为私人资产结构的选择允许符合条件的实体按 1800瑞士法郎的年统一税率纳税。

Q5 在你的管辖范围区的信托基金会有什么新的发展是亚洲高资产净值人士应该知道的？列支敦斯坦基金法（《个人法和公司法》[PGR] 第552 至570 条）已有90多年的历史，最新修订于2009年，目的是为了使立法现代化和并对其进行解释，同时为创始人提供强化的治理机制。其结果是制定了一套独特的法律，以满足企业家、高净值个人和公司的需要，感谢列支敦士登高度一致和持久的法律框架，这些法律形成了一套连贯的法律体系，使客户能够为未来作计划。

www.griffin.li 来源：Griffin Trust AG 高级顾问 Alexander J. Baker Contributed by Alexander J. Baker, Senior Advisor at Griffin Trust AG, Liechtenstein

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列支敦士登公国：传统和创新

Principality of Liechtenstein: Traditional and Innovative

Philipp Kieber

列

支敦士登公国是建立在民主议会原则基础上的君主立宪制世袭制国家。今年是列支敦士登公国成立 300周年。这个小国位于欧洲的中心，奥地利和瑞士之间。它有 3.7 万居民，首都瓦杜兹，官方语言为德语，商业语言为德语和英语。从不同的国际机场都可以很容易地到达列支敦士登，比如从苏黎世（1小时内）、慕尼黑和米兰（2 个半小时内）公国是独立的，并遵循 1923 年与瑞士的海关条约，与瑞士有着密切的行政和经济联系，包括货币联盟。列支敦士登是联合国（UN）和欧洲经济区（EEA）的成员国，尽管它不是欧盟（EU）的成员国。2013 年11月，签署了一项防止逃税的国际公约（“经合组织 / 欧洲委员会公约”）。列支敦士登以金融中心著称，但事实上它是世界上工业化程度最高的国家之一，国内生产总值（GDP）的40% 来自工业部门，只有 18% 来自金融服务业。基于列支敦士登与瑞士的海关条约和在欧洲经济区（EEA）的成员资格，列支敦士登以及在该国的老牌公司处于非常有利的经济地位。在谈到列支敦士登时，还必须提到列支敦士登非常稳定的经济和政治局势。在世界各地，国家都要应对政治和经济危机，而公国可以参考其 aaa 标准普尔评

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he Principality is independent and follows the customs treaty of 1923 with Switzerland, with which it has close administrative and economic ties, including a currency union. Liechtenstein is a member of the United Nations (UN) and of the European Economic Area (EEA), although it is not a member of the European Union (EU). In November 2013, an international convention to

Philipp Kieber 列支敦士登理科硕士

prevent tax evasion ("OECD/Council of Europe Convention") was signed. Liechtenstein is best-known as a financial centre, but in fact it is one of the most highly industrialised countries in the world, with 40% of the gross domestic product (GDP) generated through the industrial sector, and only 18% through financial services. Through its customs treaty with Switzerland and its membership in the European Economic Area (EEA), Liechtenstein and established companies in the country are in a very comfortable economic position.

Dipl. liecht

菲利普· 鲁道夫· 基贝尔，列支敦士登理科硕士。信托专家，是 Interadvice Anstalt 公司董事会成员。他是自1922年以来为 Interadvice Anstalt 工作的第四代家庭成员。这家公司专门从事财富规划、家族理财室服务和信托服务。他还是 LieAdvice AG 的所有者，LieAdvice AG 专门为列支敦士登的国际客户和国内（商业）公司提供会计和税务服务。

Philipp Rudolf Kieber, Dipl. liecht. Fiduciary Expert, is Member of the Board of Directors of Interadvice Anstalt. He is the fourth generation since 1922 of the family to work for Interadvice Anstalt. Which is specialised on Wealth Planing, Family Office Services and Fiduciary Services he is also the owner of LieAdvice AG, which specialises in accountancy and taxes for international clients and domestic (commercial) companies in Liechtenstein.

When talking about Liechtenstein, its very stable economic and political situation also has to be mentioned. All over the world, states have to deal with political and economic crises, while the Principality can refer to its ‘triple A’ Standard & Poor’s rating, which was just reconfirmed in June 2018. In addition to it stable social, legal and economic order, and the high level of political stability and consistency, other features of Liechtenstein include its liberal company law, liberal economic policy, good infrastructure, stable Swiss franc as official currency, minimal bureaucracy, and direct administrative channels. Yes, Liechtenstein is a small country, but it is also very pleasant, innovative and successful.

interadvice.li

级，该评级于2018 年6月再次得到确认。列支敦士登除了稳定的社会、法律和经济秩序以及高度的政治稳定和一致性外，其其他特点还包括自由的公司法、自由的经济政策、良好的基础设施、稳定的官方货币瑞士法郎、极少的官僚主义和直接的行政渠道。是的，列支敦士登是一个小国，但它也非常令人愉快，富有创新精神和成功。

Liechtenstein: A place for business activities, innovative new business models and traditional asset preservation Liechtenstein has successfully achieved a split between being a place for business activities, as well as a safe haven for asset preservation over

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the generations. The Liechtenstein Persons and Companies Act (Personen- und Gesellschaftsrecht – "PGR") and the Trust Enterprise Act (Gesetz über das Treuunternehmen) establish a liberal, ﬂexible statutory framework that is characterised by the spirit of entrepreneurial freedom, and facilitates various company

列支敦士登：商业活动、创新的新商业模式和传统资产保护的地方列支敦士登成功地实现了商业活动场所和世代资产保值避风港之间的分离。《列支敦士登个人和公司法》（Personen- und Gesellschaftsrecht– “PGR”）和《信托企业法》（Gesetz über das Treuunternehmen）建立了一个自由、灵活的法律框架，以创业自由精神为特征，并为各种公司形式和资产持有人提供便利。自 1926 年以来，信托（Treuhänderschaft）和信托企业（Treuunternehmen/ Geschäftstreuhand）也被载入法律。虽然股份公司是商业活动的理想载体，但基金会的设立是为了追求共同的利益目标，即控股基金会（公司的继承安排）或家族基金会（遗产规划、家庭资产保护）。列支敦士登信托以英国普通法模式为基础，可以实现类似的目的。列支敦士登的现代税法利得税制度列支敦士登有一项针对法人实体的利得税法，税率为净收益的 12.5%，符合欧洲经济区和经合组织标准的规定。在确定净收益时，有一些特殊因素是适用的——例如，对运营所需的股本权益扣除 4% 的利息。还有更多的因素可以减少净收益，但这取决于商业模式。

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大洋洲

OCEANIA

库克群岛 Cook Islands

Cook Islands

Member Contribution 概况

实体类型

信托

法律类型

建立信托所需时间

最低政府费用（不包括税收）国外收入课税

是否签订双重征税协定标准货币

普通法，1984年国际信托法

2-3个工作日 310美元无无

最低资产要求独立法人最低人数公司法人最低人数

是否需要当地受托人公众可否查阅记录会议地点

General Type of Entity

Trust

Type of Law

Common law; International Trust Act 1984

Our Time to Establish a Trust

2-3 working days

Minimum Government Fees (excluding taxation)

USD $310

Double Taxation Treaty Access

Taxation on Foreign Income

信托资产

美元

允许币种

任何币种无限制

Trust Assets

Standard Currency

US $

Permitted Currencies

Any

Minimum Assets Required

No limitation

受托人

1个

1人是否

任何地方

Trustees

Minimum Number If Individuals

One

Minimum Number If a Body Corporate

One

If Local Trustee Required

Yes

Publicly Accessible Records

Location of Meetings

Anywhere

保全

是否需要

持有专业资格公众可否访问

可选可选

审计要求

公众可否访问账户法定继承权

是否允许迁册

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Protector

Required

Optional

Professional Qualifications Held

Optional

信托契书否

Trust Deed

Publicly Accessible

账户

受托人必须保存收入，资产，配额和转账记录

准备要求

212

By Cook Islands Finance

否否

Accounts

Requirements to Prepare

Trustee must keep records of income, assets, distributions, and financial transactions.

Audit Requirements

Publicly Accessible Accounts

其他

否是

Other

Forced Heirship Rules

Change in Domicile Permitted

Yes

司法辖区

JURISDICTIONS 行政特区：库克群岛所在地区：太平洋官方货币：新西兰元，库克群岛元官方语言：英语、库克群岛毛利语所属时区：UTC-10 电话区号：+682 通讯设施：良好

Country: Cook Islands Region: Paci�c Currency: New Zealand Dollar, Cook Islands Dollar Languages: English, Cook Islands Maori Time Zone: UTC -10 Phone Code: +682 Communications: OK

简介 Introduction 库克群岛位于南太平洋，在新西兰和夏威夷之间的大约一半，由15个岛屿组成，海洋面积超过 220万平方公里。法律体系以英国普通法为基础，商业中使用的官方语言是英语。库克群岛是一个自治的议会民主国家，与新西兰自由联合。国家元首是英国女王，在库克群岛任命一位女王代表。政府首脑是总理，他和他的内阁是由选举产生的议会成员任命的。人口11700人，种族上与新西兰毛利人相似，居住在分散的岛屿上，大部分人口集中在主要的拉罗汤加岛。时区比格林尼治标准时间晚10小时。首都阿瓦鲁阿位于拉罗汤加岛，有直飞洛杉矶、新西兰、澳大利亚等地的航班。气候是热带气候，夏季可能有气旋。

Located in the South Pacific Ocean approximately half-way between New Zealand and Hawaii, the Cook Islands is comprised of fifteen islands with over 2.2 million square kilometers of ocean.The legal system is based on English common law and the official language used in business is English. The Cook Islands is a self-governing parliamentary democracy in free association with New Zealand. The Head of State is the Queen of the United Kingdom who appoints a Queen's Representative in the Cook Islands. The Head of Government is the Prime Minister, he and his cabinet are appointed from elected members of parliament. The population of 11,700, ethnically similar to New Zealand Maoris, occupies the scattered islands with most of the population concentrated on the main island of Rarotonga. The time zone is 10 hours behind GMT. The capital, Avarua, on the island of Raratonga,

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Member Contribution

离岸金融和信托服务是政府财政的最大贡献者之一另外两个是旅游业和海洋资源。经济依赖进口。出口包括椰子肉、黑珍珠和水果。库克群岛拥有大量未开发的海底矿物，据估计，这些矿物占世界钴供应量的 25%。货币是新西兰元。没有外汇管制。失业率和通货膨胀率都很低。外资企业可获得投资激励。地方税包括对国内公司在全球范围内的收入征收 20% 的税，非本地公司须就源自库克群岛的收入所赚取的利润缴付 28% 的税款，对全球范围内的收入征收 30% 的个人所得税。增值税是15%。不征收遗产税、死亡税、资本利得税或财产转让税。非居民收入代扣所得税为 15%。库克群岛没有双重征税条约，但自 2009 年以来已经签署了 21 项税收和信息交流协议。

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has direct ﬂights to Los Angeles, New Zealand, Australia. The climate is tropical and with potential for cyclones in the summer. Offshore financial and fiduciary services are one of the largest contributors to Government finances along with tourism and marine resources. The economy is import dependent. Exports include copra, black pearls and fruit. The Cook Islands boasts a significant untapped cache of seabed minerals that is estimated to contain 25% of the world's supply of Cobalt. The currency is the New Zealand dollar. There are no exchange controls. Unemployment and inﬂation are low. Investment incentives are available to foreign-owned businesses. Local taxation consists of a 20% tax on domestic companies' worldwide income, with non-resident companies paying 28% tax on profits derived from income sourced in the Cook Islands. Personal

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离岸部门自1980 年代初就存在，主要由国际信托、国际公司、国际伙伴关系、有限责任公司和基金会以及专属保险制度组成。这些实体目前都不在库克群岛征税。不过，为了避免被列入欧盟的非合作税收管辖区名单，库克群岛同意只对国际公司征收库克群岛税，并将于2022 年首次申报收入。客户和实体信息不公开，但将在法律要求或库克群岛高等法院命令时披露。适用范围：信托管理、受托人和公司服务。车辆类型：有限公司、IBC、LLC、信托、基金会、专属保险、外国公司和有限合伙企业首都主要商业区：阿瓦鲁阿

income tax at rates go up to 30% on worldwide income. There is VAT of 15%. There is no estate tax, death duty, capital gains tax or tax on the transfer of property. Withholding tax on income payments to non-residents is 15%. The Cook Islands have no double taxation treaties, but 21 Tax and Information Exchange Agreement have been signed since 2009. The offshore sector has been in existence since the early 1980s and primarily consists of international trusts, international companies, international partnerships, limited liability companies and foundations as well as a captive insurance regime. None of these entities are currently taxed in the Cook Islands. However, to avoid being placed on the European Union's list of non-cooperative tax jurisdictions, the Cook Islands has agreed to subject international companies only to Cook Islands tax with the first reporting due on 2022 income. Client and entity information is not public but will be disclosed where required by law or ordered by the Cook Islands High Court.

税负 - 商业：适度

Suitable for: Trust Administration, fiduciary and corporate services.

税负 - 个人：适度

Vehicle Types: Limited companies, IBCs, LLCs, trusts, foundations, captive insurance, foreign companies and limited partnerships

总体税率： CIT 20%，PIT 20%-30%，VAT 15%

Capital Primary Business Districts: Avarua

条约司法管辖区：澳大利亚、新西兰。

Tax Burden - Business: Moderate

TIEA 税务信息交换协议司法管辖区：

澳大利亚、比利时、加拿大、捷克共和国、丹麦、法罗群岛、芬兰、法国、德国、希腊、格陵兰岛、冰岛、爱尔兰、意大利、韩国、墨西哥共和国、荷兰、新新西兰、挪威、南非、瑞典

Tax Burden - Individual: Moderate Headline Tax Rates: CIT 20%, PIT 20%-30%, VAT 15% Treaty Jurisdictions: Australia, New Zealand. TIEA Jurisdictions: Australia, Belgium, Canada, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greece, Greenland, Iceland, Ireland, Italy, Korea, Republic of Mexico, Netherlands, New Zealand, Norway, South Africa, Sweden

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Member Contribution

离岸问答 Q&A

库克群岛 Cook Islands

Q1 对于希望将其资产继承给下一代的中国高净值人士或家庭（等），贵辖区在隐私和资产保护方面的主要优势是什么？

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

库克群岛是一个自治国家，拥有充分的立法权和立法机构。政治稳定，司法独立，尊重法治。

The Cook Islands is a self-governing nation with full legislative powers and law making authority. It is politically stable with an independent judiciary that respects the rule of law.

信托是大多数财富和继承计划的基石。库克群岛通过其创新的信托立法，成为现代资产保护信托的先驱，今天仍然是这一领域的领导者。30 多年来，库克群岛的信托法证明是强有力和有效的，提供了一些最全面的保护。这些法律旨在提高商业信托提供的利益，保护个人的资产和权利。库克群岛信托法为中国的高净值人士提供了确定性，即如何在其生前和生后管理、投资和保护固定资产，以及如何将这些资产转移给下一代。库克群岛没有信托委托人和受益人的公共登记册。个人信息是保密的，只有在库克群岛法律要求的情况下，持牌受托公司才能披露。

Q2 从成本的角度，在您管辖区设立信托 / 基金会的费用与其他司法管辖区相比如何？如果成本更

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Trusts are the cornerstone of most wealth and succession plans. The Cook Islands was the pioneer of the modern asset protection trust through its innovative trust legislation and remains a leader in this field today. For over 30 years Cook Islands trust laws have proved to be robust and effective providing some of the most comprehensive protection available. The laws are designed to enhance the benefits provided by a common law trust and protect the individual’s assets and rights. Cook Islands trust laws provide certainty to a Chinese HNWI as to how settled assets will be managed, invested and protected during his/her lifetime and after, as well as how they will be transferred to the next generation. The Cook Islands does not have public registers of settlors and beneficiaries of trusts. Personal information is confidential and can only be disclosed by licensed trustee companies where they are

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高，客户为此获得的附加价值是多少？

required by Cook Islands law to do so.

在库克群岛设立国际信托或基金会的费用与提供类似服务的其他管辖区比较是非常有竞争力的。国际信托和基金会的政府注册和年度更新费分别为 310 美元和 300 美元。持牌受托公司在设立和管理企业时会收取服务费，这些费用将取决于企业和工作的复杂性。

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?

在库克群岛经营的持牌受托人公司的经验、专业知识和专业精神，为寻求优质服务的客户增加了真正的价值。

Q3 在为中国或亚洲客户进行总体规划时，您遇到的最大问题和挑战是什么？您的管辖区为这些问题提供了哪些解决方案？一般来说，中国和亚洲客户通常寻求保留对他们建立的信托或基金所包含的资产的一定程度的控制权。根据库克群岛法律，这样做不会损害架构的完整性或有效性。库克群岛国际信托可以由一名监护人设立，该监护人代表委托人作为监督人行使受托人权力。委托人可以保留某些权力，包括任命和罢免受托人和受益人以及投资和管理信托资产。库克群岛国际信托可以是王朝式的，因此可以无限期地延续下去。私人信托公司可以成立作为不超过三个国际信托的受托人。关于基金会，设立人可以通过基金会的规则，或者作为基金会理事会的一员，来指导基金会成立的目的和其资产的投资和分配。

Q4 法律的主要特色是什么使得你管辖区的信托/ 基金会对投资者特别有吸引力？库克群岛法律的资产保护特色对全球高资产净值人士的吸引力特别大。这些特色包括为委托人和受益人提供更多保护的规定，使其免受外国法院判决、债权人和法定继承规则的影响。特别是在法定时效期间为向库克群岛国际信托公司的财产转让是否具有欺诈性提供了确定性。索赔人必须排除合理质疑，刑事证明标准，即某一特定转让是为了欺诈该特定索赔人而使委托人破产。库克群岛法院由

The costs of establishing an international trust or foundation in the Cook Islands are competitive with other jurisdiction offering similar services The Government registration and annual renewal fees for international trusts and foundations are USD310 and USD300 respectively. The licensed trustee companies charge fees for their services in setting up and administering structures and those fees will depend on the complexity of the structure and work required. The depth of experience, expertise and professionalism of the licensed trustee companies operating in the Cook Islands adds real value to clients seeking high quality services.

Q3 What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? Chinese, and Asian clients generally, often seek to retain a degree of control over assets contained in the trust or foundation they have established. Under Cook Islands law this can be done without prejudicing the integrity or validity of the structure. Cook Islands international trusts can be established with a protector who acts on the settlor's behalf as a watch dog over the exercise of the trustee's powers. Settlors can retain certain powers including appointing and removing trustees and beneficiaries and investing and managing trust assets. Cook Islands international trusts can be dynastic and therefore continue indefinitely. A private trustee company can be established to act as trustee of no more than three international trusts. In regards to foundations, the settlor can through the foundation rules, or as a member of the foundation council, direct the purposes for which the foundation is established and the investment and distribution of its assets.

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

独立的新西兰法官组成，他们适用库克群岛法律。因此，托管人和创办人可以确信，他们转移到库克群岛中的资产可以按照他们的意愿进行管理、投资和分配，并在其生命周期内和以后受到现有最全面的资产保护法的保护。

Q5 在你管辖区的信托/ 基金会最近有什么新的发展可以让投资者了解的吗？最近的事态发展涉及管制和遵守关于洗钱和金融信息透明度的国际要求，以打击逃税和其他金融犯罪。库克群岛力求达到国际监管标准，并鼓励合规的金融活动和商业运营。持牌受托公司和其他金融机构必须遵守反洗钱和信息自动交换法。近年来，库克群岛已将《海外账户纳税法案》和《共同申报准则》纳入自动共享税务信息的法律，并加强了反洗钱制度。2018 年，它收到了亚太反洗钱组织提交的优秀的相互评估报告。这对于提高库克群岛的国际信誉以及在国际上开展业务和竞争的能力具有重大意义。它还应使客户感到欣慰的是，他们的企业正由一个独立机构监管的持牌受托人管理，该机构将监督他们的活动，并接受和调查委托人或信托受益人提出的任何投诉。来源：库克群岛金融公司首席执行官艾伦 • 泰勒

Contributed by: Alan Taylor, CEO, Cook Islands Finance

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The asset protection features of Cook Islands law are particularly attractive to HNWI’s globally. Those features include provisions providing increased protection to settlors and beneficiaries from foreign judgments, creditors and forced heirship rules. In particular statutory limitation periods provide certainty in determining whether a transfer to a Cook Islands international trust is fraudulent or not. Claimants must prove beyond reasonable doubt, the criminal standard of proof, that a particular transfer was made with the intention of defrauding that particular claimant and rendered the settlor insolvent. The Cook Islands court is made up of independent New Zealand judges who apply Cook Islands law. Settlors and founders can therefore be confident that the assets they transfer into a Cook Islands structure can be managed, invested and distributed in accordance with their wishes as well as be protected during their lifetime and beyond by the most comprehensive asset protection laws available.

Q5 Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of? Recent developments relate to regulation and compliance with international requirements on money laundering and transparency of financial information to combat tax evasion and other financial crimes. The Cook Islands seeks to meet international regulatory standards and encourages compliant financial activity and business operations. Licensed trustee companies and other financial institutions must comply with anti-money laundering (AML) and automatic exchange of information laws. In recent years the Cook Islands has incorporated FATCA and CRS into its laws for the automatic sharing of financial information for tax matters, and enhanced its AML regime. In 2018 it received and outstanding Mutual Evaluation Report from the Asia Pacific Group on Money Laundering. This is hugely significant for the Cook Islands in terms of enhancing its international credibility and its ability to conduct business and compete internationally. It should also give clients comfort that their structures are being administered by licensed trustees regulated by an independent authority that will monitor their activities and accept and investigate any complaints made by a settlor or trust beneficiaries.

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Gerard Field 首席执行官 Chief Executive Officer

Gerard Field 是资本证券银行 Capital Security Bank 的首席执行官，也是代

表库克群岛银行家协会的库克群岛金融服务发展局（Cook Islands Financial Services Development Authority）的董事。Gerard 在银行业、财政管理和国际市场举债方面有超过26年的经验。他的银行业生涯包括在汇丰银行（HSBC）新西兰分部的21年多，最后一个职位是新西兰的全球市场和金融机构负责人。他是向首席执行官汇报的执行委员会成员，负责分行的财政资金和流动资金、资金产品销售（外汇和利息产品）、金融机构和分托管人业务。在此之前， Gerard是汇丰银行债务资本市场主管，负责为国内外客户发行大规模债券，安排银团贷款和专门资金。Gerard 是新西兰注册会计师和金融专业人士协会会员。

Gerard Field is the Chief Executive Officer of Capital Security Bank and is a Director of the Cook Islands Financial Services Development Authority representing the Cook Islands Bankers' Association. Gerard has over 26 years' experience in banking, treasury management and debt raising in international markets. His banking career has included over 21 years with HSBC, New Zealand Branch with his last position being the Head of Global Markets and Financial Institutions, NZ. He was a member of the Executive Committee reporting to the CEO and responsible for Treasury Funding and Liquidity, Treasury Sales (Foreign Exchange and Interest products), Financial Institutions and Sub-Custodian businesses for the Branch. Prior to this Gerard was Head of Debt Capital Markets for HSBC originating wholesale bond issues for clients domestically and internationally, arranging syndicated loans and specialised funding. Gerard is a Chartered Accountant and Member of Institute of Finance Professionals New Zealand.

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库克群岛 - 国际金融中心

THE COOK ISLANDS – INTERNATIONAL FINANCE CENTRE Gerard Field

n the heart of the South Pacific is the nation of the Cook Islands. Situated south of Hawaii and in the same time zone, Cook Islands is an independent nation, in free association with New Zealand, so all are New Zealand citizens. The Cook Islands established itself as an international finance center in the early 1980s, with the enactment of the International Companies Act 1981-82 and the International Trusts Act 1984. Since that time, through amendments to those acts and subsequent legislation, the Cook Islands has developed a robust asset protection framework. Its focus on protecting wealth has developed in response to society's need, and right, to have wealth protected from those who attempt to take it by force, litigation or legislation – whether through illegal, unethical or immoral means. The Cook Islands is a Westminster style democracy with an elected Parliament. The Head of State is Queen Elizabeth 2, represented locally by the Queen's Representative. The legal system is based on British Common Law, similar to other Commonwealth nations. It has an independent Judiciary with a High Court and a Court of Appeal based in Rarotonga, and the Privy Council in London as the final Appellate Court.

Overall, Cook Islands has a strong level of governance and appropriate public systems in place. English is the official language with the New Zealand Dollar as the official currency. It is well-connected internationally by air with direct ﬂights to Los Angeles, Sydney, Auckland and Papeete. It is also well-regulated by the government's Financial Supervisory Commission (FSC), including licensing and regulating domestic and international banks, insurers, captive insurers, trustee companies, and money changing and remittance businesses. It is supported by the Financial Investigations Unit, which manages Anti-Money Laundering and Countering Financing of Terrorism obligations. The latest report undertaken on the Cook Islands by the multi-government Financial Action Task Force in September 2018 found the Cook Islands to have "established a well-functioning framework" and met its obligations under all of the Effectiveness and Technical

capitalsecuritybank.com

南

太平洋的中心是库克群岛。库克群岛位于夏威夷南部，处于同一时区，是一个独立的国家，与新西兰自由联合，因此都是新西兰公民。随着 1981-82 年国际公司法和 1984 年国际信托法的颁布，库克群岛在 20 世纪 80 年代初成为一个国际金融中心。从那时起，库克群岛通过对这些法案的修正和随后的立法，制定了一个强有力的资产保护框架。注重保护财富是为了响应社会的需要和权利，保护财富不被那些试图通过非法、不道德或不雅的手段以武力、诉讼或立法夺取的人所获取。库克群岛是威斯敏斯特式的民主国家，有民选议会。国家元首是伊丽莎白女王 2 世，由女王代表在当地做代表。该法律体系以英国习惯法为基础，类似于其他英联邦国家。它有一个独立的司法机构，设有一个高等法院和一个设在拉罗汤加的上诉法院，伦敦枢密院是最后的上诉法院。总的来说，库克群岛拥有强大的治理水平和适当的公共系统。英语为官方语言，新西兰元为官方货币。它与国际航空联系紧密，有直飞洛杉矶、悉尼、奥克兰和帕皮提的航班。

Compliance Ratings criteria. There are four banks currently licensed to provide banking. There are two types of banking licenses – Domestic, for local residents, and International, which is for people or entities not resident in the Cook Islands. Banks are required to meet the requirements of the Banking Act 2011, together with the obligations under the FSC's Prudential Standards. Capital Security Bank (CSB) is the only bank that utilizes its International License to provide banking services to nonresident clients. CSB is a full-service private bank with its office in Avarua, on the main island of Rarotonga. It provides banking services to individuals and entities from around the world, with the ability to open accounts remotely so there is no need to be there in person. Providing accounts in all major currencies, CSB also provides Term Deposits, USD Pre Paid Debut

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Cards, Foreign Exchange, Investment Accounts and Bullion Storage. As a SWIFT bank, CSB is connected to the banking world’s payment system, meaning that it can make payments to anywhere in the world. With strong banking relationships in Asia, Europe and North America, CSB is wellconnected. Establishing and operating a bank account in the Cook Islands is a simple process, and our clients tell us that the 3 key areas are: 1. Ease of opening an account 2. Availability of support; and 3. Speed of international payments. Opening an international account with CSB will ensure that your requirements in these areas are met. Trustee companies that are licensed (pursuant to the Trustee Companies Act 2014) are responsible in the Cook Islands for providing services to

政府金融监管委员会（FSC）也对其进行了严格监管，包括对国内和国际银行、保险公司、专业自保人、受托人公司以及货币兑换和汇款业务发放许可和进行监管。它得到金融调查部门的支持，该部门负责管理反洗钱和打击资助恐怖主义的义务。多国政府金融行动特别工作组于 2018 年 9 月就库克群岛提交的最新报告发现，库克群岛“建立了一个运作良好的框架”，并履行了其在所有有效性和技术合规性评级标准下的义务。目前有四家银行获准提供银行业务。有两种类型的银行执照 - 国内针对本地居民的，和国际的针对不居住在库克群岛

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的个人或实体。银行须符合《2011 年银行法》的规定，以及 FSC 审慎标准下的义务。资本证券银行（CSB）是唯一一家利用其国际许可证向非居民客户提供银行服务的银行。

CSB 是一家全方位服务的私人银行，其办事处位于拉罗汤加岛的阿瓦鲁阿。它为来自世界各地的个人和实体提供银行服务，能够远程开户，因此无需亲自到场。CSB 提供所有主要货币的账户，还提供定期存款、美元预付卡、外汇兑换、投资账户和金条存储。作为一家 SWIFT 银行，CSB 与银行界的支付系统相连，这意味着它可以向世界任何地方进行支付。与亚洲、欧洲和北美的银行业关系密切，人脉广泛。在库克群岛开设和经营银行账户是一个简单的过程，我们的客户告诉我们，这三个关键领域是： 1. 开户容易 2. 提供支持；以及 3. 国际支付的速度。在 CSB 开立国际账户将确保满足您在这些领域的要求。持有许可证的受托人公司（根据2014 年《受托人公司法》）在库克群岛负责向根据库克群岛离岸法设立的离岸实体提供服务。持牌受托人公司在提供财富管理服务时提供丰富的经验和专业知识。这些服务包括架构、受托人、公司的、行政和会计服务。受托人公司由库克群岛金融监督委员会授权和监管。库克群岛对所有船只，包括商船和渔船，以及商业和私人游艇，实行开放登记。库克群岛海事有限公司代表库克群岛交通部履行船旗国责任。注册遵从 2007年库克群岛船舶注册法和国际海事组织公约。注册后，船只可在国际水域悬挂库克群岛国旗。

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offshore entities established under the Cook Islands offshore legislation. The licensed trustee companies offer a wealth of experience and expertise when providing wealth management services. Those include structuring, trustee, corporate, administration and accounting services. Trustee companies are licensed and regulated by the Cook Islands Financial Supervisory Commission. The Cook Islands operates an Open Register for all vessels, including merchant and fishing vessels, and commercial and private yachts. Maritime Cook Islands Limited performs the Flag State responsibilities on behalf of the Cook Islands Ministry of Transport. Registrations

are compliant with the Cook Islands Ship Registration Act 2007 and IMO Conventions. Upon registration, a vessel can ﬂy the Cook Islands ﬂag in international waters. The Cook Islands is able to offer excellent legal resources to assist clients, both resident and nonresident, with their legal requirements. Lawyers admitted to practice in the Cook Islands are members of the Cook Islands Law Society, established pursuant to the Law Practitioners Act 1993-94. The Act provides for the functions of the Law Society, admission procedures for barristers and solicitors, disciplinary and trust account obligations, and the establishment of a Council of the Law

capitalsecuritybank.com 库克群岛能够提供出色的法律资源，协助居民和非居民客户满足其法律要求。获准在库克群岛执业的律师是根据《1993-94 年法律从业人员法》成立的库克群岛法律协会的成员。该法规定了律师协会的职能、诉讼律师和非诉讼律师的准入程序、纪律和信托账户义务以及成立律师协会理事会。它还规定了道德准则。库克群岛银行业的另一个需要考虑的因素是隐私。与正在考虑披露要求的其他离岸司法管辖区不同，库克群岛已立法保护国际公司、国际信托、有限责任公司和国际合伙企业的隐私，从而“泄露或传达”与相关法人或安排有关的信息或银行业务及其客户可能构成犯罪。库克群岛的立法中有保密规定。但是，请注意，这些保护不适用于： • 库克群岛法院要求或授权披露； • 披露的目的是履行任何职责、履行任何职能或根据任何行为行使任何权力； • 根据搜查令的要求或根据搜查令进行披露；或 • 《金融交易报告法》要求向主管机关披露的。

Society. It also provides for a Code of Ethics. Another factor to consider with regard to banking in the Cook Islands is privacy. Unlike other offshore jurisdictions which are considering disclosure requirements, the Cook Islands has legislated privacy protections for international companies, international trusts, limited liability companies, and international partnerships, whereby 'divulging or communicating' information relating to the relevant legal person or arrangement or banking business and its customers may be an offence. The Cook Islands has confidentiality provisions enshrined in its legislation. However, note that these protections do not apply where:

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• the disclosure is required or authorised by a Court of the Cook Islands; • the disclosure is made for the purpose of discharging any duty, performing any function or exercising any power under any Act; • the disclosure is made as required by or under a search warrant; or • where disclosure is required by the Financial Transactions Reporting Act to competent authorities. This island nation has developed a robust, sound asset protection system based on common law principles and a judicial system that will consider foreign judgements so long as they are compatible with Cook Island's law. Want to learn more? Visit capitalsecuritybank.com or discuss more with Gerard Field, CEO Gerard.field@capitalsecuritybank.com

Disclaimer: CSB's products and services are available only in those jurisdictions where they may be legally obtained or offered. CSB is a Licensed Bank in the Cook Islands, regulated by the Financial Supervisory Commission.

这个岛国在普通法原则的基础上发展了一个健全有力的资产保护体系，并建立了一个只要外国判决符合库克岛法律就会予以考虑的司法制度。想了解更多？前往 capitalsecuritybank.com 或与首席执行官杰拉德 • 菲尔德（Gerard Field）进行更多的讨论，Gerard.Field@ capitalsecuritybank.com

免责声明：

CSB 的产品和服务仅在合法获得或提供的司法管辖区内可用。CSB 是库克群岛的一家持牌银行，由金融监管委员会监管。

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萨摩亚 Samoa

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Samoa

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By Invest Samoa

概况

General

实体类型

国际商务公司特殊目的公司

Type of Company

IInternational Business Companies Special Purpose Companies

法律类型

普通法

Type of Law

Common Law

建立信托所需时间

取决于是否提供所需的所有信息

Our Time to Establish a Trust

Depends on the provision of all required information

最低政府费用（不包括税收）

没有政府费用或税收

Minimum Government Fees (excluding taxation)

No Government Fees or tax levies

是否签订双重征税协定

新西兰

Double Taxation Treaty Access

New Zealand

Taxation on Foreign Income

Flexible

永久所有权期限标准货币

灵活的

信托资产

美元

允许币种

最低资产要求独立法人最低人数公众可否查阅记录会议地点

任何合法货币无

受托人

至少一人

Trust Assets

Standard Currency

USD

Permitted Currencies

Any Lawful Currency

Minimum Assets Required

None

Trustees Minimum Number if Individuals

At least one

无

Publicly Accessible Records

None

能在世界任何地方举办

Location of Meetings

Can be held anywhere in the world

保全

是否需要

持有专业资格公众可否访问

是

Protector

Required

Yes

否

Professional Qualifications Held

否

Publicly Accessible

信托契书

Trust Deed

账户

No Accounts

准备要求

无，但会计和其他信息必须由萨摩亚税务居民受托人或居民代理人保留在萨摩亚

Requirements to Prepare

No, but accounting and other information must be retained in Samoa by a Samoan tax resident Trustee or the Resident Agent

审计要求

无，除非信托公司这样要求

Audit Requirements

No, unless the Trust so requires

公众可否访问账户

没有政府费用或税收

Publicly Accessible Accounts

No Government Fees or Tax levies

是否允许私人信托公司法定继承权

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其他

Other

是

Private Trust Companies Permitted

Yes

否

Forced Heirship Rules

司法辖区

JURISDICTIONS 司法辖区：萨摩亚所在地区：南太平洋官方语言：英语官方货币：萨摩亚塔拉/美元所属时区： UTC-11 电话区号： +685 通讯设施：良好

Country: Samoa Region: South Paci�c Currency: Samoan Dollar /US Dollar Languages: English Time Zone: UTC-11 Phone Code: +685 Communications: Good

简介 Introduction 萨摩亚由两个大岛和七个小岛组成，坐落于南太平洋的中心，和夏威夷和悉尼的距离相等，也是国际日界线的东面起始位置。这个岛国的土地面积大约为 2,830 平方公里。其中的五个岛屿是无人居住的荒岛。岛国的政府和商业中心都位于首都阿皮亚。萨摩亚的意思是“宇宙的神圣中心” 。萨摩亚的人口约为19.8万。百分之九十三的萨摩亚人是土生土长的波利尼西亚人。剩余人口部分是萨摩亚人，部分是中国人或欧洲人的后裔。然而，2013 年的人口普查显示，144138 名萨摩亚人生活在新西兰，其中一半以上在那里出生。萨摩亚是南太平洋上第一个宣布独立的国家，独立日期为1962 年1月1日。它的宪法规定国家是议会制，包

Samoa, which comprises two large islands and seven smaller isles, is situated in the centre of the Southern Pacific Ocean, approximately equidistant between Honolulu and Sydney and immediately east of the International Date Line. The Islands have a total land area of approximately 2,830 sq. km. Five of the islands are uninhabited. The administrative and commercial centre is situated in its capital, Apia. The name Samoa means "Sacred centre of the Universe". The population of the Islands is approximately 198,000. Ninety three per cent of Samoans are indigenous Polynesians. The balance of the population is part Samoan and part Chinese or of European extraction. However the census of 2013 revealed 144,138 Samoans living in New Zealand, more than half of whom were born there. Samoa was the first South Pacific Island to achieve independence

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on 1st January 1962. Its Constitution provides for a Parliamentary Government, which combines the traditional Samoan social structure and a democratic voting system. There is a fifty member Legislative Assembly which consists of forty-seven Matai title holders (the heads of each extended family) who are elected by their peers and two nonSamoan residents who are registered on the Universal Voters' Roll. An extra Member was added after the 2016 election to meet the quota of 10% female MPs. The Parliamentary elections are held every five years.

Corporate Requirements: Chinese character names are permitted and can be included in a company's Certificate of Incorporation. All companies need at least one director, one shareholder and a secretary. Corporate directors are permitted. Bearer shares are no longer allowed.

括了传统的萨摩亚社会组成架构和一个民主选举的制度。萨摩亚的立法会由50人组成，其中47个是原萨摩亚的部落酋长 ( 每个大家庭的首领 ) 组成，他们由同级选举产生，还有两个非萨摩亚居民登记在全民选民名册上。2016 年大选后又增加了一名成员，以满足10% 的女议员配额。议会选举每五年举行一次。公司建立要求： • 萨摩亚的公司名称可以使用汉字且公司注册证明上也可以出现汉字。 •所有公司需要至少一名董事，一名股东和一名秘书。也可以任命董事会。无记名股票已不再被允许。所有萨摩亚注册的公司都必须有一个已登记的办公室和一家作为常驻代理人的公司，该公司须为持证的信托公司。萨摩亚公司要进行董事、秘书和公司成员的注册和上述人员在注册办公室内的登记是有要求的。公司成员的登记或者登记证书的副本必须在公司成立当日起的六个月之内创建。股东可以不必满足每年进行年会和审计账户决算的要求。适用于 : 保险，航运，航空，控股公司，不动产持有，财富管理

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All companies must have a registered office and a resident agent in Samoa, which must be a licensed trust company. There are requirements for Samoan companies to prepare Registers of Directors, Secretaries and Members and for these to be kept at the registered office. The Register of Members or a copy of the register must be created within six months of the date of incorporation. Shareholders may waive the requirements annual general meetings and audited accounts.

Suitable for: Insurance, Shipping, Aviation, Holding Company, Property Ownership, Wealth Management

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Member Contribution

离岸问答 Q&A

萨摩亚 Samoa

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

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

萨摩亚《2014 年信托法》提供了现代化的相关结构，非常适合那些寻求为后代规划资产的中国高端私人客户。资产保护是一项为期两年的计划，开始时间为信托人建立信托机构或将资产转移给信托机构，结束时间为债权人提起针对信托人的起诉理由。经由萨摩亚国际特别信托安排（“SISTA”），保留控制条款也非常理想，这是一种仅由其他两个司法管辖区提供的形式。SISTA 允许萨摩亚信托的受托人持有一个萨摩亚公司的股权，但不会将公司股权多样化，并让受托人以外的其他人自由担任公司董事，而受托人无需为董事的作为或不作为承担任何责任。还需注意，信托与萨摩亚《2014 年信托法》下的有限责任合伙公司结构相结合，这种形式并不针对特定的辖区（如 SISTA），但是，该有限责任合伙公司以及任何相关公司可以在任何辖区内设立。将信托与有限责任合伙公司结合后，萨摩亚信托的受托人就能将有限责任合伙人的权益作为资产持有，并允许普通合伙人按照《合伙企业法》的要求对日常运营进行管理。就这方面的立法而言，萨摩亚是独一无二的。

The Samoa Trusts Act 2014 provides updated and relevant structures ideal for Chinese HNWI clients seeking an avenue for succession planning. Asset protection is a 2 year period from the time that the Settlor created the Trust or transferred assets to the Trust to the date on which the creditor's cause of action arose against the Settlor of the Trust. Retention of Control provisions are also ideal through the Samoa International Special Trust Arrangement “ ( SISTA”) a form which is only provided by two other jurisdictions. The SISTA permits the Trustees of a Samoan Trust to hold and not diversify the shares of a Samoan company and allows others other than the Trustee, to act freely as directors of the company, without the Trustee being liable for what the directors do or fail to do. Also notable is the Trust combined with a Limited Partnership structure under the Samoan Trusts Act 2014 which is not jurisdiction specific (like SISTA) but rather the Limited Partnership and any companies involved can be formed in any jurisdiction. A Trust combined with a Limited Partnership enables the trustees of a Samoan Trust to hold as an asset the interest of a Limited Partner and permit the General Partner, who is required by Partnership Law to control day to day operations. Samoa is unique in having legislated for this.

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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？

信托机构无需依据萨摩亚《2014 年信托法》在萨摩亚国际金融局（SIFA）注册，因此不存在政府费用。

Trusts are not required to be registered with the Samoa International Finance Authority (SIFA) under the Samoan Trusts Act 2014 therefore there are no government fees.

萨摩亚《2016 年基金会法案》规定，每年在 SIFA 注册时，萨摩亚基金会的注册费用为200.00 美元，这非常有竞争力。萨摩亚基金会还提供了附加值，因为该基金会可以与有限责任合伙公司结合，就像其信托机构一样，该基金会可以持有一家有限责任合伙公司的有限责任合伙人利益，在出现问题时，无需承担基金理事会或会官员的责任。萨摩亚基金会与萨摩亚信托基金有类似的资产保护条款。

Q3 总体来说，在为中国或亚洲客户进行财富规划的时候，您遇到的最大问题和挑战有哪些？贵辖区为这些问题提出的解决方案有什么？国际标准的不断变化以及报告义务和不断增加的成本都构成了一个挑战。但是，作为一个优质的国际金融中心，萨摩亚会继续努力确保其拥有最新的法律框架，以保护本国管辖权的完整性以及客户的利益。国际金融服务法律纳入了国际监管机构颁布的国际标准，我们会定期审核该法律，并为客户利益提供充分的保障。信息机密性是每位中国客户的重要考量，因此，萨摩亚法律提供了适当的保障措施以确保机密性，但同时又不违反我们的合规性政策。

Q4 贵辖区法律中有哪些特点是这个司法辖区的信托/基金会成为吸引投资者的最大亮点？萨摩亚《2014 年信托法》规定信托可以采取任何语言，但前提必须有英文翻译。我们有针对外国继承法的一些保护措施，这些保护措施优于其他任何一个司法管辖区的法律。就资产保护而言，存在一个 2 年的期间，用合理合法的方式保护资产。这个期间非常灵活，在此期间，在萨摩亚存续的信托可以选择无期限或固定期限。对保护者和执行者都有详细的规定。对受托人权力，规定受托人在行使某些权力时应遵守法定的注意义务。就投资、授权以及被提名人和保管人的聘用规定了具体而详细的权力。

The Samoan Foundations Act 2016 provides for the registration of Samoan Foundations at a competitive cost of USD$200.00 for annual registration with SIFA. A Samoan Foundation has added value with its ability to be combined with Limited Partnerships like its Trusts where it can hold the interest of a limited partner in a Limited Partnership and can permit the General Partner to manage and control the assets and investments of the limited partnership without the liability of the Council or Officers of the Foundation if things go wrong. A Samoan Foundation has similar provisions for asset protection as Samoan Trusts.

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? Perpetual changes in international standards with reporting obligations and increasing costs continue to be a challenge. However Samoa as a premier international finance center continues to strive to ensure that we have an up to date legal framework to protect the integrity of our jurisdiction as well as the interests of clients. We regularly review our international financial services laws incorporating international standards promulgated by international regulatory authorities whilst at the same time maintaining sufficient safeguards for client interests. Confidentiality of information is a crucial aspect for every Chinese client therefore Samoan laws offer appropriate safeguards to protect confidentiality balanced against our compliance policy.

Q4 What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? The Samoan Trusts Act 2014 provides for a Trust to be in any language provided there is a proper English translation. We have protection against foreign succession laws which are as good as, if not better than those in any other jurisdiction. For Asset Protection, there is a 2

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信托人和保护者拥有广泛的保留权力。有一个关于 “规定指示”的规定，任何人都可以向受托人提出规定指示，而受托人如果符合该条件，那么就可以得到保护。这也是萨摩亚《2014 年信托法》另一个独特之处，因为保留的权力要大于任何其他司法管辖区。萨摩亚《2016 年基金会法案》也是萨摩亚的吸引人之处，该普通法提供的财富管理方案一开始源自民法。虽然萨摩亚《2016 年基金会法案》广泛反映了《2014 年信托法》中的财富管理和结构，但它还是具备一些显著的特征：萨摩亚基金会的章程和规则以及该基金会的其他文件可以采取任何语言，只要提供适当的英文翻译；其管理文件是由章程和规则规定的，并且是拥有自己资产的注册法人实体。萨摩亚基金会与萨摩亚信托基金有类似的资产保护条款，以及针对外国继承规则的保护。萨摩亚《2016 年基金会法案》是萨摩亚财富管理解决方案的补充，该法案是最为现代化的，而且对那些希望为子孙后代保全资产的人士来说也很有吸引力。

Q5 贵辖区内是否有投资者需要知道的在信托和基金会方面的法律更新？萨摩亚《2014 年信托法》还包含一项获取有关信托机构会计信息的规定，该法案还提及萨摩亚国际特别信托安排（“SISTA”），并将该引用插入一家带有有限责任合伙公司结构的信托机构。

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year period rule for sensible and legitimate asset protection. There is total ﬂexibility during which a Trust continues in Samoa which can be perpetual or can be for a fixed period. Detailed provisions are made for both a Protector and an Enforcer. For Trustee's Powers, provision is made for a statutory duty of care to be followed by Trustees in the exercise of certain powers. There are specific and detailed powers concerning investment, delegation, the use of nominees and custodians. There are wide reserved powers to a Settlor and Protector. There is a provision for "prescribed directions" which can be given by anyone to a Trustee and the Trustee is protected if it complies with such directions. This aspect is another unique feature of the Samoan Trusts Act 2014 as reserved powers are wider than any other jurisdiction. The Samoan Foundations Act 2016 is an attractive feature of Samoa as a common law jurisdiction providing this wealth management solution originally offered by civil law jurisdictions. While the Samoan Foundations Act 2016 reﬂects the wide provisions for wealth management and structuring in the Trusts Act 2014, some of its salient features are as follows: the Charter and Rules of a Samoan Foundation and other documents of the said Foundation can be in any language provided there is a proper English translation; its governing documents is provided by a Charter and Rules and is a registered legal entity which owns its own assets. A Samoan Foundation has similar provisions for asset protection as a Samoan Trust as well as protection against foreign rules of succession. The Samoan Foundations Act 2016 is an addition to Samoa's suite of wealth management solutions which are not only up to date but attractive to investors seeking secure structures for future generations.

司法辖区

JURISDICTIONS

新版萨摩亚《2017年受托人公司法》（该法案）为那些希望使用萨摩亚信托制度的投资者提供了多种选择。该法案就信托和企业服务提供商的管理提出了新监管标准。该法案为私人受托公司和提供“信托业务”的专业人士提供了适当的注册豁免，由此为那些想要利用萨摩亚信托来保留对信托财产的控制权的人士提供了另一种合法的解决方案。该法案还规定经批准的基金会可以成为私人受托公司，并规定了基金会受益人的提议目的或细节。新版萨摩亚《2017年受托人公司法》的一个显著特点就是为信托公司引入了三（3）种不同类型的许可证，例如，金融服务许可证，针对信托业务的信托许可证和复合许可证。如果信托公司服务提供商获批管理另一家信托公司服务提供商，那么还会引入托管受托人公司。此外，萨摩亚律师事务所或会计师事务所也可以申请管理执照，以此来管理托管信托许可证。《2016 年基金会法案》（该法案）提供了与《2014 年信托法案》类似的解决方案。基金会必须有一个目的，其中包括受益人的利益。萨摩亚基金会是一家注册的法人实体，拥有自己的资产。有一些针对特殊类型基金会的规定：存在一种慈善基金会和一种将基金会与有限责任合伙公司进行结合的方式。海外基金会可以申请迁入或迁出萨摩亚。

2017年修订了该法案并颁布了《基金会条例》，由此引入了基金会注册费用和表格。《2017年基金会修正法案》和《2016 年基金会法案》为财富管理解决方案提供了一种替代方案。

Q5 Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of? The Samoa Trusts Act 2014 includes a provision to obtain accounting information concerning the trusts, reference to Samoa International Special Trust Arrangements (SISTAs), as well as the insertion of a reference to a Trust with a Limited Partnership structure. The new Samoan Trustee Companies Act 2017 (the Act) provides various options for investors wishing to use Samoa's trust regime. The Act covers new regulatory standards on the regulation of trust and corporate service providers. There is appropriate exemption from licensing both for private trustee companies and for professionals offering "trust business" providing yet another legitimate solution for those who wish to use Samoa for their trusts to retain control of trust property. The Act also makes provision for an approved Foundation to become a private trustee company, with the proposed purpose or details of the beneficiary of the Foundation. A salient feature of the new Trustee Companies Act 2017 is the introduction of three (3) separate types of licence for Trust Companies such as a licence for financial services, trust licence for trust business only and a composite licence. Managed trustee companies will also be introduced where a Trust Company Service Provider can apply for approval to manage another Trust Company Service Provider. Moreover, a Samoan law firm or accounting firm will also be able to apply for a managing licence to manage a managed trust licence. The Foundations Act 2016 (the Act) provides similar solutions to those of the Trusts Act 2014. A Foundation has to have a Purpose, which includes the benefit of persons, who are beneficiaries. A Samoan Foundation is a registered legal entity, which owns its own assets. There are provisions for special types of Foundations: There is a Charitable Foundation as well as the Combination of a Foundation with a Limited Partnership. An overseas Foundations may apply for redomiciliation into and out of Samoa. The Act was amended and Foundation Regulations enacted in 2017 which implements the introduction of Fees and Forms for registration of Foundations. The Foundations Amendment Act 2017 and the Foundations Act 2016 provide an alternative for wealth management solutions. 来源 / Contributed by：Invest Samoa

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REFERENCE BOOKLET | 速查指南

中国和主要司法辖区签订的免双重征税协议表 / DTA Access of China with Major Jurisdictions 序号 Serial No

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

签署日期 Signed On

生效日期 E�ective On

实施日期 Applicable since

1983.9.6

1984.6.26

1985.1.1

1984.4.30

1986.11.21

1987.1.1

法国 FRANCE

2013.11.26

2014.12.28

2015.1.1

1984.7.26

1984.12.23

1985.1.1

比利时 BELGIUM

2009.10.7

2013.12.29

2014.1.1

2014.3.28

2016.4.6

2017.1.1

1985.11.23

1986.9.14

1987.1.1

1986.2.25

1986.12.21

1987.1.1

2012.6.16

2012.12.27

2013.1.1

2007.7.11

2007.9.18

2008.1.1

1986.5.12

1986.12.29

1987.1.1

2010.5.25

2010.11.25

2011.1.1

1986.5.16

1987.1.3

1987.1.1

1986.9.16

1986.12.17

1987.1.1

1986.10.27

1986.12.29

1987.1.1

1986.10.31

1989.11.14

1990.1.1

日本 JAPAN

司法辖区 Jurisdiction

美国 U.S.A. 英国 U.K.

德国 GERMANY

马来西亚 MALAYSIA 挪威 NORWAY

丹麦 DENMARK

新加坡 SINGAPORE 加拿大 CANADA 芬兰 FINLAND 瑞典 SWEDEN

新西兰 NEW ZEALAND 泰国 THAILAND 意大利 ITALY

荷兰 THE NETHERLANDS

捷克斯洛伐克 CZECHOSLOVAKIA 波兰 POLAND

澳大利亚 AUSTRALIA

南斯拉夫（波黑）YUGOSLAVIA（BiH）保加利亚 BULGARIA 巴基斯坦 PAKISTAN 科威特 KUWAIT

瑞士 SWITZERLAND 塞浦路斯 CYPRUS 西班牙 SPAIN

罗马尼亚 ROMANIA 奥地利 AUSTRIA 巴西 BRAZIL

蒙古 MONGOLIA

2013.5.31

2014.8.31

2015.1.1

1987.6.11

1987.12.23

1988.1.1

1988.6.7

1989.1.7

1990.1.1

1988.11.17

1990.12.28

1991.1.1

1988.12.2

1989.12.16

1990.1.1

1989.11.6

1990.5.25

1991.1.1

1989.11.15

1989.12.27

1989.1.1/7.1

1989.12.25

1990.7.20

1989.1.1

2013.9.25

2014.11.15

2015.1.1

1990.10.25

1991.10.5

1992.1.1

1990.11.22

1992.5.20

1993.1.1

1991.1.16

1992.3.5

1993.1.1

1991.4.10

1992.11.1

1993.1.1

1991.8.5

1993.1.6

1994.1.1

1991.8.26

1992.6.23

1993.1.1

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序号 Serial No

32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62

236

司法辖区 Jurisdiction

签署日期 Signed On

生效日期 E�ective On

实施日期 Applicable since

1992.6.17

1994.12.31

1995.1.1

2010.10.18

2011.8.25

2012.1.1

阿联酋 UAE

1993.7.1

1994.7.14

1995.1.1

1994.3.12

1995.7.28

1996.1.1

韩国 KOREA

1994.3.28

1994.9.27

1995.1.1

2014.10.13

2016.4.9

2017.1.1

1994.7.14

1995.8.16

1996.1.1

1994.7.18

1994.11.19

1995.1.1

1994.8.1

1995.5.4

1996.1.1

1995.1.9

2001.5.18

2002.1.1

1995.1.17

1996.10.3

1997.1.1

1995.2.13

1995.12.27

1996.1.1

1995.4.8

1995.12.22

1996.1.1

1995.5.17

1996.10.18

1997.1.1

1995.5.23

1997.1.20

1998.1.1

亚美尼亚 ARMENIA

1996.5.5

1996.11.28

1997.1.1

1996.6.3

1997.3.15

1998.1.1

冰岛 ICELAND

1996.6.3

1997.2.5

1998.1.1

1996.6.3

1996.10.18

1997.1.1

1996.6.7

1997.1.27

1998.1.1

1996.7.3

1997.1.1

1997.5.30

1999.2.9

2000.1.1

1997.6.9

1997.11.29

1998.1.1

1997.8.13

1999.3.24

2000.1.1

1998.4.21

2000.6.7

2001.1.1

1998.5.12

1999.1.8

2000.1.1

1999.1.25

1999.6.22

2000.1.1

1999.8.26

1999.12.17

2000.1.1

1999.11.18

2001.3.23

2002.1.1

2000.4.25

2001.1.7

2002.1.1

2000.5.15

2000.10.27

2001.1.1

匈牙利 HUNGARY 马耳他 MALTA

卢森堡 LUXEMBOURG 俄罗斯 RUSSIA

巴布亚新几内亚 PAPUA NEW GUINEA 印度 INDIA

毛里求斯 MAURITIUS 克罗地亚 CROATIA 白俄罗斯 BELARUS

斯洛文尼亚 SLOVENIA 以色列 ISRAEL

越南 VIETNAM

土耳其 TURKEY

牙买加 JAMAICA

立陶宛 LITHUANIA 拉脱维亚 LATVIA

乌兹别克斯坦 UZBEKISTAN 苏丹 SUDAN

马其顿王国 MACEDONIA 埃及 EGYPT

葡萄牙 PORTUGAL 爱沙尼亚 ESTONIA 老挝 LAOS

塞舌尔 SEYCHELLES 菲律宾 PHILIPPINES

南非共和国 SOUTH AFRICA 巴巴多斯 BARBADOS

| 9th Annual

REFERENCE BOOKLET | 速查指南

序号 Serial No

63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93

来源 / Source：中华人民共和国国家税务总局 / State Administration of Taxation of the People's Republic of China 司法辖区 Jurisdiction

签署日期 Signed On

生效日期 E�ective On

实施日期 Applicable since

2000.6.7

2001.5.26

2002.1.1

2001.4.2

2008.10.21

2009.1.1

古巴 CUBA

2001.4.13

2003.10.17

2004.1.1

2001.4.17

2004.12.23

2005.1.1

尼泊尔 NEPAL

2001.5.14

2010.12.31

2011.1.1

2001.9.12

2003.7.27

2004.1.1

2001.11.7

2003.8.25

2004.1.1

2002.3.25

2002.7.20

2003.1.1

2002.4.15

2009.3.21

2010.1.1

2002.4.16

2003.9.23

2004.1.1

2002.4.20

2003.8.14

2004.1.1

2002.5.16

2002.8.8

2003.1.1

2002.6.3

2005.11.1

2006.1.1

2002.6.24

2003.3.29

2004.1.1

2002.8.27

2006.8.16

2007.1.1

2003.8.11

2005.5.22

2006.1.1

2003.9.18

2005.5.22

2004.9.13

2005.7.28

2006.1.1

2004.9.21

2006.12.29

2007.1.1

2005.3.17

2005.8.17

2006.1.1

2005.6.22

2005.11.10

2006.1.1

2005.9.12

2006.3.1

2007.1.1

2006.1.23

2006.9.1

2007.1.1

2006.11.6

2007.7.27

2008.1.1

2008.8.27

2009.3.28

2010.1.1

2009.5.14

2012.12.25

2013.1.1

2009.12.13

2010.5.30

2011.1.1

2010.7.26

2011.6.30

2012.1.1

2010.10.31

2011.9.1

2012.1.1

2013.1.21

2014.3.6

2015.1.1

2015.5.25

2016.8.8

2017.1.1

摩尔多瓦 MOLDOVA 卡塔尔 KATAR

委内瑞拉 VENEZUELA 哈萨克斯坦 KAZAKHSTAN 印度尼西亚 INDONESIA 阿曼 OMAN

尼日利亚 NIGERIA 突尼斯 TUNIS 伊朗 IRAN

巴林 BAHRAIN 希腊 GREECE

吉尔吉斯斯坦 KYRGYZSTAN 摩洛哥 MOROCCO

斯里兰卡 SRILANKA

特立尼达和多巴哥 TRINIDAD AND TOBAGO 阿尔巴尼亚 ALBANIA 文莱 BRUNEI

阿塞拜疆 AZERBAIJAN 格鲁吉亚 GEORGIA 墨西哥 MEXICO

沙特阿拉伯 SAUDI ARABIA 阿尔及利亚 ALGERIA

塔吉克斯坦 TAJIKISTAN 埃塞俄比亚 ETHIOPIA

土库曼斯坦 TURKMENISTAN 赞比亚 ZAMBIA 叙利亚 SYRIA

厄瓜多尔 ECUADOR 智利 CHILE

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行政特区 - 税务信息交换网络 / Jurisdictions - TIEA networks 安道尔 Andorra

奥利地 Austria

巴哈马 The Bahamas

百慕大 Bermuda

英属维尔京群岛 British Virgin Islands

开曼群岛 Cayman Islands

Argentina

Andorra

Argentina

Aruba

Argentina

Australia

Anguilla

Aruba

阿根廷

安道尔

澳大利亚

安圭拉

奥利地

阿根廷阿鲁巴

Aruba

澳大利亚

Austria 比利时

阿鲁巴

Aruba

澳大利亚

Australia

澳大利亚

Belgium

The Bahamas

Czech Republic Denmark

伯利兹

Australia

阿根廷阿鲁巴

Aruba

Australia

加拿大

Canada

澳大利亚

Belgium

Bahrain

Canada

Brazil

Czech Republic

法罗群岛

Canada

芬兰

Bermuda

Faroe Islands

Czech Republic

芬兰

China

Cayman Islands

法罗群岛

China

Finland

开曼群岛

Denmark

中国

Denmark

Faroe Islands

百慕大

China

丹麦

Brazil

Belize

中国

巴西

China

Finland

Czech Republic

France

Cook Islands

Faroe Islands

Dominica

Finland

Greenland

Finland

Iceland

直布罗陀

Germany

芬兰

Germany

Greenland

多米尼加国

Faroe Islands

德国

Denmark

France

法罗群岛

France

Costa Rica

法国

Denmark

Germany

哥斯达黎加

Finland

Gibraltar

Greenland

France

Guernsey 冰岛

France

Iceland

Germany

耿西岛

印度

India

Greenland

巴哈马

捷克

巴林

丹麦

法国

库克群岛

德国

格陵兰冰岛

列支敦士登

比利时加拿大丹麦芬兰德国

格陵兰

比利时加拿大捷克丹麦

法国

捷克

法罗群岛法国

格陵兰耿西岛

Australia 比利时巴西

加拿大中国捷克丹麦

法罗群岛芬兰法国

摩纳哥

格林纳达

Grenada

Guernsey

耿西岛

Germany

Monaco

Guatemala

冰岛

Iceland

Greenland

Netherlands 挪威

Guernsey

Isle of Man

Japan

冰岛

Ireland

Norway

马恩岛

India

Iceland

Poland

Jersey

Republic of Korea

印度

Netherlands

India

New Zealand

Ireland

Norway

Italy

Poland

危地马拉耿西岛

波兰

泽西岛

葡萄牙

利比里亚

Portugal

圣马力诺

日本韩国

Liberia

马耳他

Liechtenstein

Mexico

列支敦士登

San Marino

印度

Malta

墨西哥

格陵兰

爱尔兰意大利

西班牙

Spain 瑞典

中国澳门

Macao, China 马绍尔群岛

Monaco

Japan

Sweden

Marshall Islands

Switzerland

毛里求斯

Netherlands

Mauritius

New Zealand

马耳他

Monaco

挪威

墨西哥

Montserrat

瑞士

荷兰

新西兰挪威波兰

耿西岛冰岛

爱尔兰意大利

Italy

日本

Japan

韩国

Portugal

Republic of Korea

圣马丁岛

马耳他

Sint Maarten

Malta

瑞典

Mexico

Sweden

Netherlands

Norway

Mexico

United Kingdom

New Zealand

萨摩亚

波兰

英国

Poland

United States

Norway

Samoa

圣马力诺

Netherlands

San Marino

New Zealand

San Marino

South Africa

挪威

Poland

Norway

Portugal

蒙塞拉特岛

圣马丁岛

荷兰

新西兰

南非

日本

爱尔兰

德国

格陵兰

葡萄牙

摩纳哥

德国

中国

Liechtenstein 荷兰

荷兰

新西兰

美国

Malta

墨西哥荷兰

新西兰挪威波兰

葡萄牙

特克斯和凯科斯群岛

Sint Maarten

西班牙

Spain

Poland

波兰

乌拉圭

Sweden

Portugal

Sint Maarten

Uruguay

英国

葡萄牙

Seychelles

Turks and Caicos Islands

瑞典

United Kingdom

Singapore

South Africa

Vanuatu

United States

United Kingdom

British Virgin Islands

美国

Sweden

United States

others

瓦努阿图

英属维尔京群岛其他

238

阿鲁巴

| 9th Annual

美国

新加坡英国其他

塞舌尔

圣马丁岛南非瑞典美国其他

REFERENCE BOOKLET | 速查指南

库克群岛 Cook Islands

耿西岛 Guernsey

香港 Hong Kong

马恩岛 Isle of Man

利比里亚 Liberia

Australia 丹麦

Austria

Argentina

Australia

Faroe Islands

Australia

芬兰

Belgium

Greenland

Botswana

Austria

Faroe Islands

Finland 法国

Bermuda

Canada

巴西 Brazil

Finland

France

开曼群岛

Iceland

加拿大

奥利地

Denmark

Faroe Islands

格陵兰

Australia

澳大利亚

The Bahamas

澳大利亚

Argentina

Denmark

巴哈马

Denmark

阿根廷

泽西岛 Jersey

Cayman Islands

Canada

France

希腊

China

瑞典

China

Germany

中国

Norway Sweden

Czech Republic

格陵兰

Denmark

United States

Denmark

捷克

Ghana

Greece

丹麦

China Czech Republic

Greenland

Faroe Islands

Denmark

Iceland

Iceland 爱尔兰

France

芬兰

Finland

Faroe Islands

Ireland

Germany

Finland

Netherlands

Italy

韩国

直布罗陀

France

芬兰

India

Gibraltar

Norway

Greenland

格陵兰

France

Republic of Korea

格陵兰

Germany Greenland

Hungary

Iceland

格陵兰

Poland

Mexico

冰岛

Germany Greenland

Portugal

Netherlands

Iceland

South Africa

挪威

Japan

印度尼西亚

Hungary

New Zealand

日本

India

匈牙利

Indonesia

Iceland

Sweden

Norway

Liechtenstein

Ireland

United Kingdom

South Africa

New Zealand

Italy

Sweden

Norway

澳大利亚法罗群岛

德国

冰岛

意大利墨西哥荷兰

新西兰南非瑞典

奥利地比利时百慕大

丹麦

法罗群岛法国德国

匈牙利冰岛

列支敦士登新西兰挪威

丹麦

法罗群岛冰岛挪威美国

博茨瓦纳中国捷克

法罗群岛法国德国

印度

爱尔兰意大利日本

Japan

阿根廷

加拿大中国丹麦

法罗群岛法国德国

冰岛

爱尔兰意大利

Lesotho

Mexico

Portugal

圣马力诺

墨西哥

Mexico

San Marino 塞舌尔

荷兰

Netherlands

New Zealand

Seychelles

New Zealand

Norway

Slovakia

Norway

Poland

Slovenia

Poland

South Africa

葡萄牙

Portugal

斯洛文尼亚

斯洛文尼亚南非

挪威波兰

Sweden

Turkey

瑞士

Switzerland

United Kingdom 美国

Turkey

United States

英国

Turkey

United Kingdom

British Virgin Islands

United States

其他

波兰

葡萄牙南非瑞典英国

Slovenia

土耳其

Others

挪威

葡萄牙

Switzerland

美国

荷兰

波兰

South Africa

英属维尔京群岛

印度

挪威

Slovenia

土耳其

冰岛

新西兰

斯洛文尼亚

英国

格陵兰

荷兰

瑞典

加纳

墨西哥

Sweden 瑞士

法国

Japan

Poland

新西兰

芬兰

Italy

莱索托

斯洛伐克

法罗群岛

日本

波兰

葡萄牙

丹麦

南非瑞典瑞士

土耳其英国美国其他

Others

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

239

速查指南 | REFERENCE BOOKLET

列支敦士登 Liechtenstein 安道尔

马耳他 Malta

毛里求斯 Mauritius

巴拿马 Panama

Andorra

The Bahamas

澳大利亚

新西兰 New Zealand

Australia

Anguilla

Canada

Antigua and Barbuda

安提瓜和巴布达

Bermuda

百慕大

Denmark

丹麦

The Bahamas

巴哈马

Denmark

澳大利亚

Australia

Cayman Islands

开曼群岛

Faroe Islands

法罗群岛

Bermuda

百慕大

Faroe Islands

Belgium

比利时

Gibraltar

直布罗陀

Finland

芬兰

Cayman Islands

开曼群岛

Finland

加拿大

Macao, China

中国澳门

Greenland

格陵兰

Cook Islands

库克群岛

Greenland

Canada

安圭拉

加拿大丹麦

法罗群岛芬兰

格陵兰

Denmark

丹麦

Iceland

冰岛

Curacao

库拉索

Iceland

法罗群岛

Norway

挪威

多米尼加国

Dominica

Norway

Faroe Islands

冰岛挪威

Finland

芬兰

Gibraltar

直布罗陀

Sweden

France

法国

Guernsey

耿西岛

United States

Germany

德国

Isle of Man

Greenland

格陵兰

泽西岛

耿西岛

Guernsey

马绍尔群岛

Marshall Islands

冰岛

Iceland

纽埃岛

印度

India

圣基茨和尼维斯

Saint Kitts and Nevis

爱尔兰

Ireland

圣文森特和格林纳丁斯

St. Vincent & the Grenadines

日本

Japan

萨摩亚

墨西哥

Mexico

圣马丁岛

Sint Maarten

摩纳哥

Monaco

特克斯和凯科斯群岛

Turks and Caicos Islands

荷兰

瓦努阿图

挪威

British Virgin Islands

Netherlands Norway 圣基茨和尼维斯

Saint Kitts and Nevis 圣文森特和格林纳丁斯

St. Vincent & the Grenadines 南非

South Africa 瑞典

Sweden 英国

United Kingdom 美国

United States

240

巴哈马

| 9th Annual

马恩岛

Jersey

Niue

Samoa

Vanuatu

英属维尔京群岛

瑞典美国

REFERENCE BOOKLET | 速查指南

萨摩亚 Samoa

澳大利亚

塞舌尔 Seychelles

新加坡 Singapore

英国 United Kingdom

瓦努阿图 Vanuatu

Australia

Cayman Islands

Bermuda

Anguilla

澳大利亚

Australia

丹麦

Denmark

丹麦

Denmark

安提瓜和巴布达

Antigua and Barbuda

Denmark

Faroe Islands

法罗群岛

Faroe Islands

法罗群岛

The Bahamas

巴哈马

Faroe Islands

Finland

芬兰

Finland

芬兰

伯利兹

Belize

Finland

Greenland

格陵兰

Greenland

格陵兰

Bermuda

百慕大

France

Iceland

冰岛

Guernsey

耿西岛

Brazil

巴西

Greenland

Ireland

爱尔兰

Iceland

冰岛

Curacao

库拉索

格林纳达

日本

Japan

荷兰

Netherlands

多米尼加国

Dominica

Iceland

Mexico

墨西哥

Norway

挪威

Gibraltar

直布罗陀

Ireland

Monaco

摩纳哥

Sweden

瑞典

格林纳达

Grenada

Republic of Korea

荷兰

Switzerland

瑞士

Guernsey

耿西岛

New Zealand

Netherlands

开曼群岛

百慕大

安圭拉

丹麦

法罗群岛芬兰法国

格陵兰

Grenada 冰岛

爱尔兰韩国

新西兰

New Zealand

新西兰

Isle of Man

马恩岛

Norway

挪威

泽西岛

Jersey

San Marino

圣马力诺

利比里亚

Sweden

South Africa

南非

Liechtenstein

瑞典

Marshall Islands

Sweden

Liberia

挪威

圣马力诺瑞典

列支敦士登马绍尔群岛

圣文森特和格林纳丁斯

St. Vincent & the Grenadines 圣马力诺

San Marino 圣马丁岛

Sint Maarten 特克斯和凯科斯群岛

Turks and Caicos Islands 乌拉圭

Uruguay 英属维尔京群岛

British Virgin Islands

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

241

离岸索引 | OFFSHORE INDEX

企业服务提供商

Corporate Services Provider

离岸律所

Offshore Law Firms

委托和信托服务

Cyprus

Barbados

The Bahamas

Trust & Fiduciary Services

Fidesco Trust Corporation www.fidesco.com 1 869 466 6989 info@fidesco.com Switzerland

Oneworld Ltd www.oneworldweb.net 357 22 496 000 info@oneworldweb.net

Meridian Law www.meridianlawbb.com 1 246 431 6677 daw@meridianlawbb.com Cayman

Hong Kong

Ansbacher (Bahamas) Limited ansbacher.bs 1 242 502 3600 info@ansbacher.bs

Kylin Prime Group www.kylinprime.com 86 400 0900 188 zimo.shao@kylinprime. com

Hong Kong

Masson de Morfontaine www.masson-demorfontaine.com 852 3953 4880 info@masson-demorfontaine.com

Harney Westwood Riegels www.harneys.com 852 3195 7200 852 3195 7210 bvi@harneys.com

Malta

资产管理公司

Asset Management Company

Hong Kong Trust Co., Ltd. www.hongkongtrustco. com 852 3746 9080 info@hongkongtrustco. com New Zealand

Prospera Europe Ltd www.prosperainfo.com 356 2122 4847 info@prosperainfo.com

Chetcuti Cauchi Advocates www.ccmalta.com 356 2205 6200 info@ccmalta.com Panama

Mauritius

Arifa www.arifa.com 507 205 7000 panama@arifa.com

Singapore

Corum www.corumag.ch 41 44 213 2020 info@corumag.ch

地产服务 New Zealand Foreign Trust Services www.nzfts.com 64 27 432 0875 jonathan.cron@nzfts.com Liechtenstein

ABC Global Management Services abcmanagementservices. com 230 464 2668 info@abcglobal.mu

Switzerland

Interadvice Anstalt www.interadvice.li 423 232 2412 advice@interadvice.li

Real Estate Service Caribbean

Range www.rangedevelopments. com +971 4325 3447

Cyprus

St. Kitts & Nevis TPS Group www.tps.com.sg 65 6372 0092 enquiry@tps.com.sg

242

| 9th Annual

CLD Legal www.cldlegal.com 507 263 1042 info@cldlegal.com

Pa�lia www.pafilia.com 357 2684 8800 info@pafilia.com

OFFSHORE INDEX | 离岸索引

BVI

Aristo www.aristodevelopers.com +357 26 842842 St. Kitts

T-LOFT Property Development Limite www.piratesnest.cn 400 777 7665 info@tloftproperty.com UAE

亚洲离岸协会会员

Asia Offshore Association Members

China

BVI House Asia www.bvihouseasia.com.hk 852 3468 8530 info@bvihouseasia.com.hk Cook Islands

Invest Samoa www.sifa.ws 685 66400 enquiries@investsamoa.ws

Cook Islands Financial Services Development Authority www.cookislandsfinance. com 682 21175 enquiry@fsda.gov.ck

Seychelles

Labuan

Beyond beyond-immigration.com +971 506 918 860 enquiries@beyondimmigration.com

Samoa

Seychelles Investment Board www.sib.gov.sc 248 429 5500 info@sib.gov.sc

Beijing Jincheng Tongda & Neal Law Firm www.jtnfa.com 86 10 5706 8585 beijing@jtnfa.com

Panhe Family O�ce zmpt.com.cn 86 755 3306 5339 service@panhefo.com

United Arab Emirates

Labuan IBFC www.labuanibfc.com 603 2780 2180 communication@ labuanfsa.gov.my

CIL Group www.cil.bz 86 21 6301 0553 info@cil.bz

Nevis

CS Global www.csglobalpartners.com +86 10 6463 7166 china@csglobalpartners. com

国际金融中心

International Financial Centres

The Bahamas

RAK International Corporate Center www.rakicc.com 971 7 207 7177 info@rakicc.com The Nevis Investment Promotion Agency www.nevisipa.org 1 869 469 0038 info@nevisipa.org St. Kitts

专业机构

Professional Associations

Shanghai Junyue Law Firm www.junyuelawyer.com 86 61132988 junyue@junyuelawyer.com

Hong Kong Hong Kong

Bahamas Financial Services Board www.bfsb-bahamas.com 242 393 7001 info@bfsb-bahamas.com

St. Kitts Investment Promotion Agency www.investstkitts.kn 1 869 465 1153 office@investstkitts.kn

Asia O�shore Association www.asiaoffshore.org 852 3073 2008 info@asiaoffshore.org

Fidinam Group www.fidinamgroup.com 852 2110 0990 info@fidinam.com.hk

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

243

离岸索引 | OFFSHORE INDEX

244

| 9th Annual

OFFSHORE INDEX | 离岸索引

Trusts, Foundations & Immigration Guide CHINA OFFSHORE

245

离岸索引 | OFFSHORE INDEX

246

| 9th Annual