China offshore 2012 Autumn

Letter From Editor | 编者的话

本期《中国离岸》杂志就基金和基金服务方面做了深入浅出的介绍。离 岸金融业在世界各地的蓬勃发展，一定程度上影响了中国高净值人士的资金 去向和理财方式，而基金作为众多金融工具中的一种，也越来越受到中国政 府和投资者的重视。 在我们的特别报道单元，本期着重介绍了中国企业海外 IPO 上市的概况， 在越来越多中国企业，特别是民营企业寻求海外上市的大环境下，做好充分 的准备，选定合适的上市方式是非常有必要的。虽然整体环境趋于困难，监 管也愈发严厉，但危机中无不酝酿机遇，善于把握机会才是中国企业上市成 功，一发冲天的金钥匙。 本期特别报道中，对包括英属维尔京群岛、开曼群岛、库克群岛、塞舌 尔等离岸金融中心进行了深入介绍，此外，欧洲最富有的德语国家列支敦士 登也逐渐映入中国有识之士的眼帘，本期杂志特此采用了一定的篇幅重点介 绍列支敦士登在私有财产保护方面所作出的努力——用信托和基金来武装你 的财产，在最大限度保证您隐私的前提下将您的财富保护起来。 如您能参考本期杂志管理您来之不易的财富，将是我们无比的荣幸。祝 您阅读愉快！

《中国离岸》编辑 John Yang 主编 Editor in Chief: John Yang 撰稿人 Contributors: Claire van den Heever, Baron Laudermilk, Iain Manley, Leo Zhang, Hao Wang, Tendai Musakwa, Michael Liu 美术总监 Art Director: Susan Shen 美术编辑 Designer: Tank Hu 研究员 Researcher: Vanessa Fang 营运总监 Director of Operations: Spencer H.Hall 制作总监，亚洲 Production Director, Asia: Oliver Davis 销售总监 Sales Director: Matthew Sumner 客户经理，亚洲 Accounts Managers: Sammi Lin, Michael Lee, Chris Siu, Eino Hjort 销售助理 Sales Assistant: Brad Wang, Roger Chen, Anna Chan 发行经理 Circulation Manager: Iris Gao

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The current issue of China Offshore magazine offers detailed, yet easy-

to-understand, introductions to funds and fund services. The boom in

the offshore financial industries all over the world has, to some extent, influenced Chinese high net worth individuals’ capital flows and wealth

management philosophies. As one of a variety of financial tools, the fund is gaining more attention from the Chinese government and investors.

In our special report section, we highlighted Chinese enterprises’

overseas IPOs. As more and more Chinese enterprises, especially privately

owned companies, are seeking overseas listings, it is essential for them to fully prepare themselves to select the most appropriate listing option.

Although the overall environment is tough and regulators are increasingly

stringent, there are still many opportunities available during this recession. Grasping these chances is the key for Chinese companies to realize successful listings and expand their businesses drastically.

Also in the special report section, we made thorough introductions

of offshore financial centers, namely the British Virgin Islands, Cayman

Islands, Cook Islands and Seychelles. In addition, Liechtenstein, the richest

country in Europe, has caught the attention of sophisticated Chinese people. The issue has several pieces to highlight Liechtenstein’s efforts to

protect private property, notably its use of trusts and foundations to shield your assets and to maximize the protection of your privacy while ensuring your wealth.

We will be extremely honored if you can make reference to the issue

when managing your hard-earned wealth. Enjoy your reading!

Editor, China Offshore John Yang

john.yang@chinaoffshore.com.hk 2012, Autumn China Offshore

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新闻 | NEWS 全球概览 Global update

亚洲 ASIA 中国 China

欧洲 Europe 瑞士 Switzerland

香港和广东省在CEPA框架内提升经济合作关系

瑞士可能会允许多重请求

2012年8月20日，香港财经事务及库务局常任秘书长（财经事务）区璟智强调，改

作为解决与德国之间双边税收协定争议的一项重大妥协措施，瑞士表示它正计划允许

善中国大陆及香港之间的金融关系已经成为了当局的长期政策目标，其背后的主要原因

德国根据公民在两国间的金融交易历史和行为对其信息提出“分组”要求。

是香港和广东之间的合作与融合。

对两国来说，这项妥协将迈出重要一步，有可能会帮助确定那些德国居民在瑞士银行

区璟智说，通过实施中国大陆与香港《关于建立更紧密经贸关系的安排》

持有的未申报资产。在过去的许多年里，德国公司和个人一直在使用瑞士银行来藏匿它们

（CEPA）中放松规管的措施，并且作为促进广东和香港金融合作的重要一步，建立第

的资产。妥协将使德国当局能够获得那些选择将资金从瑞士移至国外的德国居民的名字，

一家证券咨询公司——广州广证恒生证券投资咨询有限公司——标志着两地证券行业合

这些居民选择在两国税收协议生效前将资金转移到国外，来逃避协议的规定。

作迈出了突破性的一步。

瑞士议会将于2013年秋季通过一项相关的法令，与此同时税收协议也将生效。这意味

广证恒生咨询由广州证券占有67%的股份，香港恒生银行的证券子公司恒生证券股

着由于两项法令将同时通过议会的审定，因此现有的条约无需进行修正。

权占比33%。去年，这两大股东根据CEPA的规定申请在广东建立首家证券投资咨询公

这种信息报告的义务将可能足以获得来自德国社会民主党的支持，后者一直反对两国

司，开始促进两地的经济合作。这家合资企业将在两地进行市场研究，并且就编制证券

之间的税收协议，认为其中有太多的漏洞。德国社会民主党已表示将联邦议会上否决这项

报告和其他相关产品。分析报告将面对中国的机构投资者以及广东省的投资者。

协议。而在议会中，黑黄联合政府已经不再拥有多数席位来做出许多改变。

区璟智总结道：“这家合资公司将充分展示这些优势。我相信未来将会有更多类似

德国外交部部长吉多·韦斯特韦勒最近表示，政府已经终止了德国联邦州对瑞士银行

的合作，帮助促进两地证券、保险、会计、债券、基金管理、银行和贷款领域的业务发

数据光盘具有争议性的购买行为，这些光盘中包含那些被怀疑拥有未申报瑞士银行帐户的

展。两地的相关政府部门和金融监管机构将努力推动金融合作，鼓励更多的广东企业到

德国居民的名字，并且敦促红绿联盟领导的州尽快批准这项税收协议。

香港上市和发行人民币债券，并且支持更多的香港金融机构进入内地市场，为投资者提

该项协议于四月底经过德国政府内阁的批准，协议已经由于瑞士方面的因素而进行了

供高品质的服务。”

修改，希望能确保平等对待德国公民的财富，不管它们是在德国还是瑞士，并且通过定额

HK and Guangdong Improve Economic Ties within CEPA On August 20, 2012 Hong Kong’s Permanent Secretary for Financial Services and the Treasury (Financial Services), Au King-chi, stressed that improving the financial ties between China and HK has been a long term policy goal for the authorities, with the co-operation and integration between HK and Guangdong as the main driver behind it.

Au said that to go through the liberalization measures of China and Hong Kong Closer Economic Partnership Arrangement (CEPA), and an effort to make an significant step forward in improving financial integration between Guangdong and HK, the establishment of the first joint venture securities investment advisory company-Guangzhou GuangZheng Hang Seng Securities Investment Advisory Company Limited (GZHS)- marks a groundbreaking step towards enhancing the cooperation between the securities sectors in the two regions.

GZHS is owned by 67% by GuangZheng Securties and 33% by Hang Seng Securities Limited, the securities department of Hong Kong’s Hang Seng Bank. Its two shareholders applied last year to establish the first joint venture securities investment advisory company in Guangdong under the CEPA to begin improving the economic ties between the two places.

An concluded “The joint venture company takes the lead to demonstrate the benefits. I trust there will be more such collaboration in the future to help foster the development of securities, insurance, accounting, bonds, fund management, banks and loans on both sides. I also trust the related government departments and financial regulators of both sides will strive to promote their financial co-operation, to encourage more Guangdong enterprises to become listed in Hong Kong and issue Renminbi bonds, and to support more Hong Kong financial institutions to enter the Mainland market and provide high-quality services to investors.”

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Autumn, 2012

税的方式来征税过去未申报的税款。

Switzerland may allow Multiple Request In a major compromise with Germany in the dispute over bilateral tax deals between the two nations, Switzerland says it now plans to allow “grouped” request for information based on history and behavior between the two countries.

The compromise would be a major step for both countries, possibly making a way for ratification of the undeclared assets held by German residents in Switzerland banks, a place where Germany companies and individuals have been using to hide events for many years.The compromise would enable German authorities to obtain the names of a German resident who are choosing to relocate their money from Switzerland abroad to prior to entry into force of the tax deal to circumvent the agreement.

A law is due to pass the Switzerland parliament in the autumn of 2013 that will enter the parliament at the same time as the tax agreement. That means that the existing treaty would not have to be amended since both of them will be up in parliament at the same time.

The reporting obligation might be enough to gain support from Germany’s Social Democrats who have always been against the deal because it has to many loopholes according to them. The SPD has said that it will veto the accord in Bunderstrat, where the black-yellow coalition government no longer has the majority to make many changes.

The accord that was adopted at the end of April by the German cabinet, which has already been modified because of Switzerland, hopes to ensure that the equal treatment of the wealth of German citizens, regardless if they are in Germany of Switzerland, to restore tax quite for the past by means of the lump sum tax.

NEWS | 新闻

欧洲 EUROPE 英国 UK

亚洲 ASIA 新西兰 New Zealand

Ogier 为 China ChainTek在伦敦进行首次公开招股提供法律顾问

机构建议新西兰变动税收体制，但是当地人并不这么想

China Chaintek 是为中国运动鞋和服装制造商提供物流服务的规模最大的供应商之

研究和公众政策智库—马克西姆研究所发布了一份引人注目的报告，对如何加强新西

一，该公司聘请了拥有850多名专业人员和技术支持人员的世界领先离岸法律和信托服务

兰的税收制度提出了很多建议，但是当地人民并不希望发生任何重大的变动。这些变化包

供应商 Ogier，帮助这家中国公司在伦敦上市，扩大公司物流服务、仓储和管理业务。

括降低公司税和个人所得税。对那些希望进入该地区的中国投资者和企业主来说，鉴于新

首次公开招股的目的是为了筹集足够的资金，来为公司位于晋江市的一个20万平方米

西兰的高税收以及短期内很难减税的情况，应该三思而后行。

的仓库提供部分融资，该仓库将最终帮助公司对客户业务进行集中管理。

根据马克西姆研究所的一项民意调查显示，绝大多数新西兰人反对在Working

Ogier的团队由常驻香港的合伙人Nathan Powell领导，由 Florence Chan律师提供协

Families、KiwiSaver和新西兰养老金项目上削减公共开支，他们同样反对土地税以及商品

助。常驻上海办公室的Kristy Calvery同样在交易初期起到了协调的作用。

服务税的上升，即便与此同时能够减少个人所得税。成本高、质量差的政府支出会拖累经

China Chaintek 的首席财务总监及执行董事Derrik Wong说：“我们在AIM的成功上市

济，并且是在未来是不可持续的。预测显示，在未来5年左右的时间里，政府的花费超过

对我们的业务来说是战略性的一步，这将在全国范围内推广我们的品牌，并且使我们有能

它的收入。预期的支出下降比不上预期的收入下降。

力投资于仓储设施，来服务我们在全国范围内日益增多的客户。”

报告建议，应该削减高达30％的企业所得税税率，个人所得税也应减少。但是，人们

我们期待看到越来越多的企业将英国作为进入西方市场的门户，这不仅是因为这个市

反正对这种建议。

场拥有杰出的人才和大量的顾问和资源，而且归因于那里的资源和其他具有竞争力的企业

如果中国投资者对高税率比较在意，他们对在新西兰进行投资甚至工作应该采取谨慎

的价格更为便宜。包括海尔、华为和迈瑞在内的跨国企业已经进军英国，希望提高它们的

的态度。新西兰的税收是相当高的，尤其是个人和公司税。报告和学者都认为，需要降低

技术，扩大它们的品牌影响力，并且把其作为进入西方市场的一种方式。2011年，这种情

税收，否则税收会损害该国的竞争力，使其无法与税收低得多的经济体进行抗衡。但到目

况是普遍的，而在2012年，它仍然将是大势所趋。

前为止，我们觉得在短期内不会看到任何重大的改变。

Ogier legally advised China ChainTek in IPO listing in London

New Zealand Tax Changes Are Recommended: But People Are Not Budging

China ChainTek, one of the biggest providers of logistic services to domestic sports shoes and clothes manufactures in China, hired Ogier, one of the world’s leading providers of offshore legal and fiduciary services that has over 850 professionals and support staff, will help the Chinese company list in London to expand the company’s logistics services business and its inventory storage and management business.

The goal behind the IPO is to raise enough money to partly fund a 200,000 sq m warehouse in Jinjiang City, which will eventually lead the company to centralize its customer operations.

The Oracle team was lead by Partner Nathan Powell, who is based in Hong Kong, and who was assisted by Associate Florence Chan. Kristy Calvery in the Shanghai office also helped in the initial coordination of the transaction.

Derrik Wong, the Chief Financial Officer and Executive Director for China Chaintek said “Our successful IPO on AIM represents a strategic step for the business; promoting our brand across China and enabling us to invest in our warehousing capacity to service our growing national customer base.”

We are expecting to see more firms expanding to the UK as an entry into the West not only because the market contains talented people and lots of consultants and resources, but also because resources and other competitive companies are cheaper there. These multinational firms like Haier, Huawei and Mindray, have tapped into England to enhance their technologies, brand expansion and as a way to enter the West. In 2011 it was prevalent, and it is also prevalent in 2012.

for

A compelling report by the Maxim Institute (MI), a research and public policy think tank, made many recommendations about how to enhance New Zealand’s tax system, despite the fact that the local people do not desire any major changes.

These changes include a reduction in corporate taxes and personal taxes. Chinese investors and business owners looking to expand to the region should think twice about New Zealand’s high taxes and the fact that they may not be reduced for awhile.

The MI report also says that New Zealand’s government revenue depends heavily on personal and corporate income taxes, which it calls “the least growthfriendly taxes.” Also, it says that “tax bases are mobile, and they are voting with their feet. For example, Inland Revenue has reported that about 24% of highly skilled New Zealanders live overseas. There is also a risk of international tax competition, in which our tax system is compared unfavorably to that of other countries.”

The report suggests that the 30% corporate tax rate should be reduced, and that personal income taxes should also be reduced. But the people are against it.

Chinese investors should be wary of investing and even working in New Zealand if they are concerned about higher taxes. Taxes in New Zealand are quite high, especially regarding personal and corporate taxes. Reports and scholars have argued that the taxes need to be lowered or the taxes will begin damaging the country’s ability to compete with economies with much lower taxes. But so far, we do not see any major changes in the near future.

2012, Autumn China Offshore

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观点 | Opinion CHINA OFFSHORE

家族办公室 力保家业常青的钥匙 Family Office – Key to Sustainable Family Business

破 刘有辉 Michael Liu

CIL GROUP LTD 执行董事 资深咨询顾问 Senior Consultant and Executive Director

2001 年 起 从 事 离 岸 投 资 咨询至今，曾运作国际贸 易和电子商务公司，精于 提供公司结构设计、返程 投资、海外投资、合理避 税、资产保护、海外信托 和海外基金设立等方面的 离岸应用方案。 Since 2001, Michael has specialized in offshore investments consulting. He has operated in international trade and in e-commerce companies, specializing in company structure, investment return, overseas i nve s t m e n t , l e g a l t a x avoidance, asset protection, foreign trust, overseas fund establishment and other aspects of the offshore system.

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Autumn, 2012

解“富不过三代”的魔咒 一个很有趣的现象是我们发现在不同的语 言文化中 ,“富不过三代”都是一句耳熟

能详的民间谚语，可见财富的跨代传承是一件非常 困难的事——所谓“创业容易，守业难”说的就是 这个道理。 实际上，跨代传承本身不是一件很难的事情，关 键是一个理念的转变。当然现代家族信托发展到家 族办公室已经有了更加丰富的内容，几乎所有的现 代与传统的家族传承与治理的要素都可以有机的融 汇其中，是打破“富不过三代”魔咒的重要法宝。 解开中国人的心结 在 GDP 登上全球第二的宝座，中国资本横行海外进 行并购的今天，国人累计的财富数量呈几何级数增 长。对私权的尊重，长远的规划，内部关系的平衡 等问题都已经提到了日程上来，但对于解决这些问 题的好用的海外工具华人却很难接受，这令很多海 外受托人大跌眼镜，而背后的原因可能只有少数精 通中外文化的人才能参透。 海外信托靠得住吗？ 在缺乏信托精神的社会，财富是没有安全感的。在 相当长一段时间里面，中国人的高端财富管理架构 肯定要使用西方的信托和基金会，而没有其他选择。 在这样的背景下，学习使用信托是不可或缺的一课。 海外信托真的不可靠吗？实际上恰恰相反。 首先，信托是西方社会自然发展起来的——从教会 传统开始，有几百年的立法经验，并随着时代需要 不断演进，无论是权力机构还是民间都是普遍尊重 的社会规则，这和中国的私权不能够被有效的尊重

O

vercoming the Third-Generation Curse There is a very interesting common saying that has been widely circulated among the people of countries with different languages and cultures: “wealth cannot be passed beyond the third generation". This perception of difficulty in passing on wealth across generations is widespread.

In fact, inter-generational inheritance itself is not difficult. The development of modern family trusts has entered the stage of a family office with richer content. Almost all the modern and traditional elements of family heritage and governance have been well integrated into this structure, making it an important tool in breaking this “curse”.

Although we’ve long heard that industry insiders complain that Chinese clients were illinformed of and resistant to overseas trusts and private foundations, but there is room for optimism.

If China continues its reformation and opening-up policy, regardless of the pace, as long as it marches ahead, Chinese capitalists, with global visions and a keen understanding of China, will accept the concept of family trusts faster than the affluent people in any other place. They will have a profound impact on this industry.

Untying the Chinese Peoples’ Knot Compared with the Cologne Cathedral, which took 300 years to build, most of China’s historical monuments were reconstructed in the Ming and Qing Dynasties although China boasts 5,000 years of history. Looking to the past, ancient civilizations

CHINA OFFSHORE Opinion | 观点

恰恰相反。除了有投诉监督机构和审判机构 以外，很多司法属地信托也有商业保险做为 后盾，整个西方社会的信托机制是非常成熟 和完整的。 其次，受托人都是专业人士（多数是律 师或会计师以及其他的许可人士），他们就 职的信托公司往往有管理几代人财富的经验、 专业，也就是为受益人而工作是受托人的生 命，相反任何不诚信和违约都会给信托公司 造成无法抹除的污点，罪错个人将面临财产 冻结和牢狱之灾。事实胜于雄辩，近年来海 外信托与家族办公室的发展也印证了中国高 净值人士对发达司法属地的信心和对信托规 则的认可。 家族办公室的精神内核 信托和基金会不仅仅有私密性、节税和资产 保值功能，利用信托和基金会建立泛家族办 公室传递家族的精神财富才是财富传承的 秘诀。 家族办公室是近 30 年来家族信托的升级 版本，不仅仅规定了财产的受益规则，更重 要的是家族宪章是家族治理与传承的精神法 典，让家族企业的精华——企业的精神基因 得以继承，从西方的经验来看，能够跨代发 展的私人企业都是有明确的家族治理的章程， 并通过专业的机构和工具得以实施的。 宜家的老板坎普拉德很早就将自己的财 富置于列支敦士登的基金会之下，并开始逐 步放权给三个儿子，整个传、帮、带的过程 持续几十年，而目前的宜家帝国仍然如日中 天。坎普拉德和他创立的宜家一样倡导简朴

are only recorded between the lines of history books with only a few real treasures passed on. The side effects of China's rapid development are prevalent fetishism and impetuous people. There are statistics showing that the average time spent annually

by Chinese people on reading time is only a percent of Israelis, the world's most active readers. Chinese architectural buildings and bridges often collapsed. A lack of long-term planning, combined with corruption, is also a reason. China has already become the world’s second largest economy and Chinese capital is rampant in overseas M&As today. The accumulated wealth of Chinese people is also astonishing. Protection of privacy, long-term planning and balance of internal relations are among the issues that are high on the agenda. However, it’s hard for Chinese people to accept useful tools to address these issues, which has surprised many overseas trustees.

The reasons behind this may be only known to a few people proficient in Chinese and foreign cultures.

Is an Overseas Trust Reliable?

Forget the past. Today, the world's two largest commercial banks, Citigroup and HSBC, have laid their foundations between the late Qing Dynasty and the foundation of the People’s Republic of China. The excess profits came from the Qing government and the wealth of the Republic of China during the troubled times; at that time, both the government and the people had no better choice but, just like a lot of people today, transferred their wealth overseas and emigrated. In a society lacking trust, there’s no guarantee for the safety of wealth. Over a long period of time, due to the management structures of wealth for Chinese high net worth individuals, there has been no other choice except for the western trusts and foundations. In this context, learning to use the trust is indispensable. Is an overseas trust really unreliable? In fact, it’s just the opposite.

First of all, the trust is the natural

development of the Western society. It started from church tradition with hundreds of years in legislative experience and has been evolving with growing and changing needs. Both authorities and private sectors respect such social rules. That’s just contrary to the situation in China where private rights are not well respected. In addition to supervision bodies and courts, trusts in many jurisdictions are backed by commercial insurance. The trust mechanism in the entire Western community is very mature and complete.

Second, trustees are professionals (mostly lawyers, accountants, and other licensed persons), and they have experienced many years of training and have undergone strict selections to obtain these qualifications.

The trust companies they work for usually have the experience to manage the wealth for several generations. Working for the benefit of beneficiaries is the life of the trustees. As such, any dishonesty and breach of contract will cause irrevocable damages to the trust company and individuals who conducted the wrongdoings, which may in turn have their property frozen, face sentences in jail and even be spurned by the society. Escaping with clients’ money, which Chinese suspect their advisors are doing, is what a professional trustee wouldn’t imagine.

Judging from the history of trust practice, instances of trustees hijacking the wealth of beneficiaries are rare. So the risk of choosing a trust is hundreds of times smaller than that of not choosing a trust.

Facts speak louder than words. In recent

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观点 | Opinion CHINA OFFSHORE

years, the development of overseas trusts and family offices also confirmed the confidence of China’s high net worth individuals in developed jurisdictions and their recognition of the trust rules.

简单，并关注变化以迅速创新，今天，这样 的理念让宜家公司走到了家居行业的巅峰。 西方世界中每个财富传承的成功故事都 是一次奇妙的精神大厦，大有可观，发人深省。 中国的高净值人士可以做什么 与西方的富裕阶层大不相同的是，中国富豪 目前多数都是春秋鼎盛的年岁，对事业的态 度是攻城掠地的扩张期，他们的家族财富的 特征是生意为导向的主动投资，而不是以投 资传承为导向的被动投资；但这并不意味着 家族财富的规划可以暂缓考虑，恰恰相反， 由于中国企业家没有家族传承的经验，需要 做的基础工作很多，而目前正是建立结构， 拟定家族宪章的最佳时机。 以下为笔者认为可供中国高净值人士参 考的财富管理规划要点： ·建立家族精神财富档案，制定家训，并 在家族和企业中灌输； ·建立信托和基金会，把财富置于家族控 股公司之下，并逐渐完善家族大会； ·学习理解信托和基金会相关的法律财税 知识，并充分运用建立传承与治理的规则 ·找到合适自己的专业咨询团队，如律师、 财税顾问、慈善顾问以及其他专业人士 ·对孩子的爱不是给他们多少财富享用， 而是培养他们驾驭财富的能力； ·注重子女和家族成员的教育，用知识、 智慧和眼光武装他们； ·培养人，留住人，管住人，充分激励职 业经理人但又能有效的制约； ·从基层做起，不要让子女成为空降的领袖。 中国有 900 万家私营企业，每年增长超 过 15％，这庞大的企业家群将在未来的半个 世纪内上演中国财富传承的大戏。家族财富 的成功传承，在于如何有效自如地运用财富 的管理工具。

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The Spiritual Core of the Family Office Trusts and foundations do not only feature privacy, tax savings and asset preservation, but also can be used to establish pan-family offices to pass on the family’s spiritual wealth, which is the key to pass on family heritage.

In the past 30 years, the family office has become an upgraded version of the family trust. It not only stipulates the property's benefit rules, but more importantly has the family charter, which is spiritual code of family governance and Inheritance, making the spirit of enterprise, the essence of the family business, inheritable. Private companies, which were able to achieve intergenerational developments, all had clear family governance charters with the help of professional institutions and tools to get them implemented.

IKEA boss Ingvar Kamprad transferred his wealth to a Liechtenstein Foundation long ago and began to gradually distribute the management rights to three sons. The whole process took several years. The IKEA empire is still in its heyday. Just like IKEA, its founder Kamprad pursues a simple life but is keen on changes to make innovation accordingly. Such a concept helps IKEA become a leader in the home decoration industry.

Each successful story of wealth inheritance in the West is a wonderful spirit builder and is very impressive and thought provoking.

What Should China's HNWI’s do?

Differing materially from the affluent people in the West, China's richest individuals are often in their youth and prime and are aggressive in business expansion. Their family wealth is characterized by active investment based on business opportunities,

instead of passive investment for heritage purposes. However, this does not mean the family wealth planning should be postponed. As Chinese enterprises have little experience in family succession, there is a lot of fundamental work that needs to be done.

Now is the best time to build a structure and draft the family charter.

Based on my own experience and knowledge, I listed a few key considerations for China's high net worth individuals in terms of family wealth management planning. I hope they can be helpful to the readers: • Set up a family spiritual wealth file to develop family mottos and instill them in the family and the enterprise; • Establish trusts and foundations and put the wealth under control of a family holding company; gradually improve the family assembly system; • Learn trusts and foundations-related taxation and legal knowledge and try to fully understand and make full use of the rules over building structures and their governances; • Find appropriate professional consulting teams, such as lawyers, tax consultants, charitable consultants and other professionals; • Loving your children is not about giving them much wealth to enjoy, but fostering their ability to harness the wealth; • Focus on the education of children and family members, equip people with knowledge, wisdom and vision; • To cultivate, retain and manage people, offer sufficient incentives to professional managers, but still retain effective restrictions; • Let the children work from the grassroots level, and do not let them become “airborne” leaders China has 9 million private enterprises, with annual growth rate of over 15%. The large group of entrepreneurs will face wealth succession issues in the next half century.

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封面故事 | Cover Story

使用离岸基金 创建和维护财富 Create and Maintain Wealth with Offshore Funds

By Tendai Musakwa

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Cover STORY | 封面故事

企

业利润的降低、经济增长放缓和零 售投资的大幅下降使得中国股市今 年的表现成为了历史上最糟糕之一。

随着中国股票市场的个人投资者发现自己越 来越难在这个充满挑战的环境获得满意的回 报，投资海外基金能够提供一种比目前国内 市场获得更高利润的投资方式。 风险承受能力决定基金的选择 选择离岸基金投资的类型取决于投资者愿意 承担的风险。 谨慎的投资者可以选择投资低风险的基 金，以确保初始投资的安全，但必须放弃未 来增长的潜力。当股市被高估时或者为了保 护已经从其他基金中获得的收益，投资于能 够保护初始资本的低风险基金是一个明智的 选择。投资于低风险基金也可以帮助投资者 平衡他们的投资组合，搭配高收益、高风险 的投资。 就离岸基金而言，安全的选择包括存款 基金，它能够保值，并且提供与银行存款利 率相同的回报。对谨慎的投资者来说，货币 储备基金是另一种选择，它们能够提供较低 的回报率，但是与此同保证基金的价格。投 资者同样可以选择投资债券型基金，它投资 于由政府和大公司所发行的固定利率的证券， 能够在较长时期内确保资本增长。 相比低风险的基金，中等风险的基金能 够提供更高的潜在回报。但是，由于投资的 资产价格波动的程度更高（通常是股票资产）， 它们的波动要高于市场平均水平。这也意味 着，投资者可能无法收回投资。中等风险的 离岸基金包括指数追踪基金，其目的是尽可 能地模仿某只股票大盘指数的表现，通常是 购买指数中包含的每家公司的股份。 平衡型基金提供了相对的安全性以及长 期收入增长的潜力。但是，平衡型基金的价 值可升可跌。 基金类型 开放式基金会按照股票投资者的需求发行尽 可能多的份额，对投资者数量或他们持有的 金额没有限制。封闭式基金发行固定数量的 份额，在此之后基金通过经纪公司进行交易， 与买卖股票类似。封闭式基金在一般的证券 交易所交易，让投资者能够在市场交易时买 卖股份，并且拥有多元化的标的资产组合。

L

ower corporate profits, a slowing economy and a sharp drop in retail investment led to one of the worst performances of Chinese stock markets in history in the first half of this year.

Turnover on the Shanghai and Shenzhen stock exchanges fell 32 percent year-on-year from January to June. In addition, China's economy grew 7.8 percent during the first half of the year compared to 9.6 percent growth in the same period in 2011, marking the slowest growth rate recorded in more than three years. Further, only 360,000 retail broker accounts were opened in July, less than half of the 790,000 accounts opened in the same month last year. At the beginning of September, the Shanghai Composite Index dropped to lows not seen since the height of the global financial crisis in February 2009.

As individual investors in China's stock markets are finding it increasingly difficult to make satisfactory returns in such a challenging environment, investment in overseas funds offers a way for higher profits than can currently be obtained through domestic investment vehicles.

Risk Tolerance Should Determine Fund Choice Choosing the type of offshore fund to invest in depends on the risk that an investor is willing to take.

Cautious investors can choose to invest in low-risk funds that ensure that their initial investment remains secure at the price of giving up potential growth. Investment in low-risk funds that protect initial capital is also a wise choice when stock markets are overvalued or to protect gains that have been already made from other funds. Investment in low-risk funds can also help balance an investor’s portfolio if paired with higheryield, more riskier investments.

Safe choices among offshore funds include deposit funds, which preserve value, while providing returns in line with bank deposit rates. Currency reserve funds are another option for cautious investors, as they offer small rates of returns, while protecting fund share prices. Investors can also choose to invest in bond funds, which offer capital growth over the longer term by investing in fixed interest securities that are issued by 2012, Autumn China Offshore

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封面故事 | Cover Story

由于封闭式基金的股份数量是有限的， 相比其他类型的基金，供给和需求在确定其 价格的问题上发挥着更大的作用。热门的封 闭式基金的交易价格可以相对其每股净资产 值实现大幅溢价，而那些无人问津的基金则 可能出现大幅折扣。这使得封闭式基金的交 易会产生大幅的收益或亏损。封闭式基金对 投资者来说是一个可行的选择，因为它们可 以相对交易投资组合的净资产值实现大幅折 价或溢价，封闭式基金的基金经理在使用杠 杆提升回报的问题上拥有更高的自由度。 股权或股票型基金投资于一个多样化的 投资组合，覆盖不同的公司和行业。根据投 资策略，一些可能只投资于大公司，而另一 些只投资于特定的行业。也有一些股票型基 金投资于特定的行业，比如健康行业和电信， 能够为投资者提供某一特定行业的分散投资。 债券型基金投资于定息证券的多元化投 资组合，例如政府债券和公司债券。该基金 投资的证券将会给投资者带来利息的收益。 相比投资于公司债券，投资于政府债券的基 金通常被认为是相对风险较低的。然而，利 率是无法保证的。 平衡型基金的优势在于能够投资股票和 债券的混合组合。平衡型基金通常会将大部 分份额投资于这些资产的组合，而剩余的资 金将会投资在于包括物业及现金在内的资产。 然而，这取决于基金的目标。重要的是投资 者需要知道股票和债券之间的差别，才能够 对特定平衡型基金的固有风险和回报拥有充 分的认识。 新兴市场基金投资于欠发达的国家，可 能拥有或者将会拥有非常高的经济增长率。 这些国家包括巴西，俄罗斯，印度和马来西亚。 高增长潜力可能会受到一些因素的影响，比 如一个国家政治和结构的变化（例如私有化）、 贸易自由化以及更好地获得资本。另一方面， 主要风险是政治上的不稳定以及对外部资金 的依赖程度较高。这些国家的金融市场波动 很大。 全球基金提供了一个方便的解决方案， 来实现地理上多样化的投资组合，它们投资 于来自世界各地的各种资产。 指数基金投资组合的构造匹配或跟踪特 定金融市场某一指数的变动。通常，指数基 金会跑赢主动管理型基金，它们能够分散市 场风险，具有更低的运营成本，并且拥有较

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government and major companies.

Medium-risk funds offer a potentially higher level of return than low-risk funds, but they can achieve greater-than-average market movements due to investment in assets that can undergo a higher degree of price change, which are typically stock assets.

This also means that investors may not get back the amount they invested. Medium-risk offshore funds include index-tracking funds, which aim to mirror the performance of a particular stock market index as possible, typically by purchasing shares of every company included in an index.

Higher-risk funds offer the opportunity to achieve very high levels of return over the long term. These high-yield funds typically focus on specific sectors in stock markets or investments denominated in different currencies, therefore they encounter high levels of fluctuation because of market movements. Higher-risk funds typically invest in assets belonging to higher risk markets, especially assets associated with emerging economies.

Balanced funds offer some security with the potential for long-term income growth.

The value of balanced funds can go down as well as up, though.

Types of Funds There are many different types of funds to choose from.

Open-end funds issue as many shares as investors demand and have no limit to the number of investors or the amount of money that they hold. Closed-end funds issue a set number of funds, after which the funds are traded through brokers in a similar way to stock. Closed-end funds trade on regular stock exchanges, letting investors buy and sell shares whenever the market's open and have diversified portfolios of underlying assets.

As closed-end funds have a limited number of shares, supply and demand play a larger role in determining their price than they do for other types of funds. Popular closed-end funds can trade at large premiums to their net asset value per share, while those that are out of favor can trade at substantial discounts. This makes it possible to make large gains or losses from trading in shares of closed-end funds. Closed-end funds are a viable option for investors because they can trade at significant discounts or premiums to the net asset value of their portfolios and closed end fund managers have more freedom to use leverage to boost returns.

Equity or stock funds invest in a

Cover STORY | 封面故事

照片提供 Photo by Philips Wong

低的投资组合换手率。 交易所买卖基金是指数基金，像股票一 样在证券交易所进行交易。交易所买卖基金 一般没有最低投资额，但是它们有经纪费用。 指数基金通常只能根据当日的收盘价进行交 易，而与其不同，只要股市开放，交易所买 卖基金在交易日的全天都可以进行交易。然 而，每次买入或卖出交易所买卖基金，个人 投资者必须支付经纪佣金。 对冲基金是适合高净值人士的投资选择。 对冲基金的投资风险很大，它们通过购买衍 生工具（基于两个或两个以上当事人之间合 同的证券，合同指明支付的条件）或者卖空（先 出售证券或其他金融工具，目的是以较低的 价格再买回来）进行操作。与共同基金相比， 对冲基金具有更高的风险和更高的费用，不 受相同的监管审查，并有较高的回报。 投资于美国货币市场基金是安全的选择 对偏好风险规避的投资者来说，投资于美国 货币市场基金是一个安全的选择。主要针对 散户的零售货币市场基金被证明越来越受投 资者的欢迎。 在 9 月 19 日结束的一周中，美 国零售货币市场基金实现了增长，零售货币 市场基金总资产相比前一周增加18.8亿美元， 达到了 8887.3 亿美元。 特定的美国股票基金提供了丰厚的回报。 对那些愿意承担风险的投资者来说，也可投 资于美国的股票基金，它们的表现同样出色， 目前已经超过了金融危机前的水平。 2008 年 1 月，个人和机构在美国股票基金中投资 了 12 万亿美元。 2008 年 12 月金融危机最高 峰时期，股票型基金的规模下降了 20％，为 9.6 万亿美元。然而，截至今年 7 月底，机构 和个人投资于股票型基金的金额已经达到了 12.3 万亿美元。此外，美国股票基金在今年 第三季度的平均收益率为 5.3％，这使得美国 基金今年前 9 个月的涨幅达到了 12.9％。 在过去的四年里，投资于黄金的基金获 得了最多的收益：Van Eck 国际投资者黄金 基金自 2008 年以来取得了平均 22.2％的增 长速度，而 Tocqueville 黄金基金的增长率为 21.9％。 科技基金也取得了巨大的收益，苹果公 司在该领域贡献了大部分的涨幅。在过去的 四年里，伯克希尔焦点基金押宝科技股，获 得了 19.5％的年增长率。同样在过去的四年

对偏好风险规避的投资者来说，投资于美国货币市场基金是一个安全的选择。主要针 对散户的零售货币市场基金被证明越来越受投资者的欢迎。

Investment in US money market funds is a safe option for investors who are risk averse. Retail money funds, which are offered primarily to investors, are proving increasingly popular among investors. diverse set of portfolios from different companies and industries. Depending on their investment straggles, some many only invest in large companies while others invest only in particular industries. There are also stock funds that will only invest in particular sectors, such as health and telecommunications – offering the investor a diversified investment into a particular industry.

Bond funds invest in a diversified portfolio of fixed interest securities, for example government bonds and corporate bonds. The securities within the fund will give the investor an income from the coupons, or interest, that is paid out. Funds that invest in government bonds are generally considered to be less risky than funds investing in corporate bonds. However, rates are not guaranteed.

Balanced funds have the advantage of investing in a mixture of stocks and bonds.

It is common for a balanced fund to have

the majority of the portfolio invested in a mixture of these assets, with the remainder held in other asset classes such as property and cash. However, this varies depending on the objective of the fund. It is important to be aware of the split between stocks and bonds to fully understand the risks and rewards inherent within a particular balanced fund.

An emerging market fund invests in less developed countries that might, potentially, have a very high economic growth. Examples are Brazil, Russia, India and Malaysia.

This high growth potential may be due to a number of factors, such as political and structural changes in a country, for example privatization; liberalization of trade or better access to capital. The main risks on the other hand are political instability and higher reliance on external capital. The financial markets in these countries can fluctuate quite dramatically.

Global funds offer a convenient solution to achieve a geographically diverse portfolio, 2012, Autumn China Offshore

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瑞士保障财富策略 设想一下… … 您有机会参与全球性最好的投资方案 … 您可以从最安全的地区选择一个最好的资产经理和最值得信赖的投资机构 … 您的资产能够得到应有的法律保护，免于遭受债权人的诉讼与政府的干扰 … 您的投资策略将为您每年带来复合回报率，且所有的盈利将会是免税的 … 您可以在合格的法律范围内实现以上的所有一切

有兴趣于这类型的投资策略吗？ 您觉得这类型的投资策略真的令 人难以置信吗？好消息，我们瑞士 恒丰资产管理在过去数年一直集中开发各 种的服务、基础设施和网络以提供一个最 适合我们客户的解决方案。瑞士保障财富 策略是根据您的特定需求和目标为所需要 的元素来为您提供尖端的财富保值和资产 保护解决方案。

您

的财富是由他自己努力得来的。 “你是个 聪明的年轻人，懂得善用自己的机智。但 是你可以告诉我，我对财政管理一窍不通 吗？ “我把身体往前倾再对他说：”通过利 用瑞士保障财富策略，你永远不必缴纳投 資回报所得税！”该绅士顿时面部表情全 没了， “汉普顿冻结”因此驰名整個离岸投 资领域。

资者已经发现个人的寿险政策也能满足 其它用途。众多的优势让人寿保险产品在 全世界大部分地区创造了各种令人难以 置信的财务规划的机会。 节省税务

大多数的国家都接受及认同人寿保险合约 为一个合法的税务优惠合同。各国政府依 这是一篇著名的境外投资刊物里题为“汉 个别的司法权规定，以多方面的方式去对 我们所探讨的解决方案是一个精心设计的 普顿冻结”文章的首段。国际知名的专家， 待不同类型的人寿保险。基本上，您将发 长期财富保值策略，必须提供最安全的财 克雷格 • 汉普顿教授，于一九九四年十月 现年金寿险可享有延后缴税的优惠。换句 富管理服务和最可靠的财富保密性。最重 发表了一篇关于国际税收和瑞士保障财富 话说，客户从保单或年金中提取部分累积 要的是，财富保值策略是能够提供长期可 策略的文章。汉普顿教授是一位杰出的法 红利、保单余款或年金支付都需要缴税。 持续的税收优惠。鉴于总体经济环境仍有 学教授，并在四十五岁的时候就过着舒适 定期保险单、终生或万能寿险都可以为受 高度不确定性和市场上的波动性增大，一 的半退休生活。他是我们瑞士恒丰金融集 保人在受保期间及死后彻底地消除税务。 个更前沿创新的财富保值计划就是能让投 团的学术顾问和要好的深交。在他的支持 这种节省税务的方式在美国、加拿大以及 资策略更具弹性， 可随时随地掌握投资趋势。 之下，我们现在已经能够凭我们的实力去 英国是合法的。 建立一个提供上述优点的创新财富保值 保护您的财富免于遭受债权人的轻率诉讼 汉普敦教授在他发表的文章说过“知 ： 无论您多么看涨还是看跌当前的市场，不 策略。 管您的信念是多么的坚固，您必须确保您 情的国际观察员都知道，富有经验的境外 的投资组合在无需改变它的法律结构之下， 投资者通常会发现利用他们的原居地户籍 瑞士和列支敦士登的司法权有完善的法律 能迅速地回应市场的变化和就您个人的需 （或其他）的离岸避税天堂去有效地安排 来确保由当地保险公所签发的资产保险计 求而做出调整。这就是我们所说的瑞士保 投资回报的税务问题不是一个特别困难的 划得到最高程度的保护。例如，瑞士法律 任务。但是这样的结论可能已经过时了， 保证债权人不能沒收债务人的保险契约， 障财富策略。 总的来说 , 一个健全可靠的财富保值计划 同一群的人现在都发现他们各自的原居 包括养老金。此外，保险契约不被纳入瑞 地户籍（或其他）的离岸避税天堂都备有 士的破产程序以内。在破产程序中，投资 应具备有以下的核心元素 : 二十一世纪更历害的方法去处理国民避税 者能享有对外政府的保护。比方说英国法 “如果这种说法在一九九四年 庭在破产程序中可以明确下令冻结一个瑞 合法的税务优惠 –利用国家的税收代码所 的大问题。 提供的人寿保险和养老金政策去实现延期 是真实的，那么到了今天它更是铁一般的 士的年金账户。然而，只要这个帐户已经 事实。这种能让投资者合法和保密地减少 合法地在瑞士成立，瑞士当局便不能采取 纳税 稳健的资产保护 – 保护您的财富免于遭 或完全消除他们的投资回报税的方案已成 任何行动。因此，我们的许多医生客户利 过去。事实上，利用信托，國際商業公司和 用这种方式来保护他们的储蓄金，避免了 受债权人的诉讼和政府的充公 隐私保护权 – 保护隐私是财富与资产保 其他复杂的公司结构来減少投资回报税的 任何潜在的医疗诉讼风险。 日子已一去不返。因此，那些信托，國際商 护的一项基本政策 業公司和其他复杂的公司结构并被喻为不 主张财富的隐私和保密权 全球性投资 – 增加资产配置的弹性 安全策略 – 选择高素质、可信赖的机构、 合法的“藏身之所”。一般来说，我们应该 要被避免使用这些“藏身之所” 策略。因 真正能够确保您财富的隐私和保密权的 顾问、司法管辖权和法律系统 为除了这些不法方案，还有其他更有效的 政策就属以上所述的两个国家（瑞士和列 支敦士登）的保密法。人寿保险合约是一 选择能让你在晚上安枕无忧！ 永远不需缴纳投資回报所得税！ 项私人的合约，不需要向任何政府机构注 册。正因为如此，人寿保险是没有任何限 几乎每个人都知道如何计算投資回報稅对 瑞士保障财富策略™简介 制的，例如免交投资回报税、大部分国家 投資回报率的影响。 计算出来的结果是惊人。 我们务必将投資回報稅这一点考虑在我们 瑞士保障财富策略™是一项专为客户需求 的保险客户亦不需要按年交税务报告。 的投资计划当中。实际上，如果能够减少对 而精心设计的财富保值方。它结合了多项 投资收入的税收，您就可以在一个较低的 优势，例如全球性的投资通道、资产保护、 提供全球性的投资机会 隐私权和节省税务的方案等等。一般来说， 风险水平上达到理想的投資回报率。 我在伦敦皮卡迪利区拜访了一位绅士。据 这些策略是基于或涉及各种尖端的方法 您将能够轻易地察觉到以上所列出的特 说，他的净资产超过而且比 1 亿美元高出 去为客户量身定制的私人银行保险单 , 有 征建立了一个强大的财富保值和资产保 一大截。我注意到在他的大书桌上有一台 时也称为保险投资双单。过去 , 这样的保 护策略。然而，对投资者而言，更棒的是选 计算机。在计算机的周围有大量关于离岸 险投资双单产品通常用于管理与死亡或身 择最先进的理财方案能让投资策略更具 投资的纸张。很明显的，他想对我表达他 体缺陷相关的个人风险。如今 , 富裕的投 弹性。 AUGUST 2012, BY FRANK R. SUESS

您可以选择一个专业资产管理公司为您的 资金提供最佳的投资策略。又或者，您可 以自己做出最佳的投资决策。世界各地的 股票、债券、共同基金、房地产、贵金属投 资项目均可供你选择！

类似于其他著名的基金会和信托功能，瑞 士保障财富策略™也把合法的投资方案 如运营中的个人公司包括在内。现有的资 产和财产可以在无需清算过程被纳入新 的瑞士保障财富策略™投资方案中。举个 例子，一个客户可以选择把他的私人股本 和房地产纳入为瑞士保障财富策略的范围 以便能减轻其资产升值后应缴纳的税款。 我们曾经为一个客户建立瑞士保障财富策 略的投资组合。在他所投资的股票未上市 前，将他的私人股本纳入在该投资组合以 内。当该股票上市发行以后增值不少，我 们也成功为该客户省却了不少的投资回报 所得税。 安全策略 最后，不管是任何一项的投资，安全策略 是最重要的。尤其是对时下经济的看法和 系统性风险的考量之下，我们推荐您考虑 在政治上最为稳定的司法辖区雇用一个有 稳健经济基础的金融公司，但您绝对不会 只依赖此合作伙伴机构的稳定性。然而我 们瑞士保障财富策略所提倡的应对措施 就是即使当财富托管的金融机构面临破 产，您的资产将不会被牵涉在任何破产法 律程序之内，因为您的资产与该管理金融 机构是完全分开的。换句话说，即使和你 一起合作的保险公司和银行宣布破产，您 的资产将不会受到任何影响。 结语 在过去的十年里 , 瑞士保障财富策略是专 为最优秀以及具有超高净值财富的欧洲 和美国家庭、投资者量身定制的策略。无 可否认 , 瑞士保障财富策略是当今最好的 财富保值策略之一。如果您认为它可以加 强您的财富保护和遗产规划，那么我们建 议您与我们联系。

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THE SWISS PORTFOLIO SHIELD STRATEGY IMAGINE… … … … … …

you had the opportunity to invest in the best investments available globally. you could choose from a selection of the best asset managers and the safest institutions in the safest jurisdictions. your assets were legally protected. They could not be touched by any creditor or plaintiff. They would be safe from forced repatriation or government confiscation. your strategy would generate an attractive compounded annual return. And ALL of the earnings would be yours -- TAX-FREE… you could do all this privately AND within the ambit of the law.

W

ould you be interested in this type of investment? Too good to be true? Well, at BFI we have worked intensively over the past years to develop the kinds of services, infrastructure and network to make precisely that kind of solution available to our clients. The Swiss Portfolio Shield strategy affords all the elements that are required for a cutting edge wealth preservation and asset protection solution, tailored to your specific needs and objectives.

It should be obvious to all that a well-crafted long-term wealth preservation strategy must provide the highest levels of safety, legal asset protection, and confidentiality. On top of that, it should provide for sustainable long-term tax benefits. And finally, in view of the volatility and uncertainty we face in markets, possibly the most important feature of a cutting edge wealth preservation plan is a structure that allows for total investment flexibility, one that ensures easily and rapidly adjustable asset allocation of global scope.

No matter how bullish or bearish you are about current markets, no matter how strong your convictions are one way or the other, you must ensure that your portfolio adjusts promptly to the changes in markets and your personal needs, without having to alter its legal structure and protective shield. That is what the Swiss Portfolio Shield is all about.

To summarize, the core elements of a solid wealth preservation plan are the following: LEGAL TAX BENEFITS – take advantage of the benefits your country’s tax code affords to life insurance policies and annuities, namely deferral or complete elimination of taxes SOLID ASSET PROTECTION – protect your wealth from creditors, frivolous lawsuits and government confiscation PRIVACY – the first critical step toward asset protection is to keep your financial affairs private and conduct them confidentially GLOBAL INVESTMENT FLEXIBILITY – obtain and maintain ready access to all asset classes on a global scale - true international diversification capability is critical SAFETY – choose institutions, advisors, jurisdictions and legal systems of only the highest quality

NO INCOME TAXES FOR THE REST OF YOUR LIFE! All of us have studied calculations of total compounded returns with and without taxation.

The difference is stunning and should be considered in any investment plan. In fact, by reducing the taxation on an investment, a targeted return can be achieved at a lower risk level. In brief, tax planning is not just an accountant’s pastime!

I was visiting with a gentleman at his home in the Piccadilly district of London. It was explained to

me that his net worth exceeded US$100 million by a substantial margin. I noticed the presence of a computer terminal on a large desk in his den. It was surrounded by reams of paper dealing with offshore investing. It soon became apparent that his affluence was due to his own efforts when he said to me: You’re a bright young man who obviously knows his craft. But what can you tell me that I don’t already know about finances? I leaned forward and made this simple statement: Through the creative use of international life insurance, your financial affairs can be arranged so that you will never have to pay income taxes for the rest of your life! The gentleman took serious notice, and thus was born The Hampton Freeze.

“This was the opening paragraph of an article titled “The Hampton Freeze” in the well-known publication Offshore Investment. Prof. Craig D. Hampton, an internationally acclaimed expert, wrote it in October of 1994 on international taxation and life insurance planning. Prof.

Hampton is a distinguished Professor of Law and in the fortunate situation to be semiretired comfortably at the age of 45. He is the academic advisor to BFI Consulting and a good personal friend. With his support, we have now been able to complete our efforts of creating an array of cutting edge strategies that provide the advantages discussed above.

In his article, Prof. Hampton states the following: “Informed international observers know that sophisticated offshore investors have not typically found the avoidance of taxation by their domiciliary (or other) jurisdiction to be a particularly difficult task. However true that conclusion may have been in the past, these same individuals are now finding that their respective jurisdictions are now better equipped to deal with this matter as the 21st century approaches.”

If this statement was true in 1994, it is a certainty that it is even more accurate today.

The strategies that allow investors to legally and confidentially minimize or completely eliminate taxes on their investments have become a rarity. In fact, most former strategies employing various forms of trusts, IBC’s and other multiple layer structures are no longer effective in terms of taxation. At best, they might be applied as “hideouts”. Generally, any such “hideout strategy” should be avoided. There are better alternatives that let you sleep at night!

INTRODUCING THE SWISS PORTFOLIO SHIELD™ The Swiss Portfolio Shield™ is a bouquet of exclusive services geared toward the tailoring of wealth preservation strategies to the precise needs of our clients and with the objective of combining the benefits of global investment access, asset protection, privacy and tax savings. In general, these strategies are based on or involve a variety of sophisticated, privately tailored private banking

insurance policies, sometimes also referred to as “insurance wrappers”.

In the past, such life insurance products were generally employed for the insurance of risks related to death or physical impairment. Today, affluent investors have discovered that a life insurance policy can serve other purposes as well. The multitude of advantages afforded to life insurance products in most jurisdictions around the world creates an incredible variety of financial planning opportunities.

Tax savings – or elimination Most jurisdictions afford a tax-preferred status to contracts that qualify as life insurance policies.

The different kinds of life insurance policies available are manifold, as are the ways in which different jurisdictions treat such policies. In general, one will find that annuity policies will enjoy income tax deferability. In other words, withdrawals, surrenders or annuity payments will be taxed in some way or another. Life insurance policies, such as term policies, whole life policies or so-called universal life policies, can eliminate taxation altogether, during the lifetime of the insured as well as after death. This is the case, for example, in the United States, Canada or the United Kingdom.

Protection from confiscation, frivolous lawsuits and creditors Some jurisdictions, such as Switzerland and Liechtenstein, have laws that ensure the highest level of legal protection of the assets underlying the insurance policies issued by the local insurance carriers. For instance, Swiss law ensures that creditors cannot seize insurance policies, including annuities. Moreover, such policies cannot be included in a Swiss bankruptcy procedure. The investor enjoys protection from foreign governments in the matter of bankruptcy as well. An English court, for instance, may expressly order the seizure or the inclusion of a Swiss annuity account in a bankruptcy proceeding. However, provided that the account has been structured in the proper way, Swiss authorities will not seize it. That explains why many of our clients are doctors who want to shelter their “nest egg” from the dangers of a potential malpractice suit.

Privacy and Confidentiality What ensures the confidentiality and privacy of such policies is, on the one hand, such secrecy laws as employed in the two aforementioned countries. On the other hand, life insurance contracts are private contracts that do not need to be registered with any government agencies.

Being private contracts, they are portable without any restrictions. Moreover, since in many cases life insurance policies are exempt from income taxes, they are not reportable on an annual basis.

AUGUST 2012, BY FRANK R. SUESS

Global investment flexibility As you will easily conceive, the features listed above create a powerful wealth preservation and asset protection device. However, the icing on the cake is added by the fact that a small selection of state-of-the-art solutions allows for an incredible level of investment flexibility.

You may select a professional asset manager to invest the funds for you. Or, if so preferred, you make your investment decisions yourself. The stocks, bonds, mutual funds, real estate and precious metals investments available around the world are at your disposal!

Similar to the structural capabilities known from foundations and trusts, the top of the line Swiss Portfolio Shield™ policies allow for inclusion of legal entities, even operational companies. They also allow for premiums in kind, which means that existing assets and property can be brought into the policies without prior liquidation. Therefore, as an example, a client may choose to bring his private equity or real estate under the protection of a Swiss Portfolio Shield™ strategy in order to shield its appreciation from tax consequences.

One of our clients was able to “wrap” his private equity shares into a Swiss Portfolio Shield™ structure BEFORE the shares multiplied in value after a successful IPO, thus sheltering the capital gains from all and any taxation.

Safety Last but not least, the safety of any such investment strategy is paramount. Particularly in view of today’s economic and systematic risks, you do not want to depend on the soundness of the institutions you work with. We do recommend employing only the soundest companies in the most economically and politically stable jurisdictions. However, the structure of the Swiss Portfolio Shield™ solutions is such that even in a case of a custodian’s insolvency, your assets are segregated from the assets of the institution and therefore are not subject to any bankruptcy proceedings. In other words, even if the insurance company and banks you work with go belly up, your assets will not be affected.

CONCLUSION In conclusion, Swiss Portfolio Shield™ solutions make for first-class and individually tailored strategies, used by wealth families and ultrahigh net-worth investors in Europe and America increasingly over the past decade. Without any doubt in my mind, the Swiss Portfolio Shield™ is among the best wealth preservation planning vehicles you will find today. If you think it could add to your wealth protection and estate planning, then I suggest you get in touch with us.

封面故事 | Cover Story

里，ProFunds 互联网超级行业逆向基金获得 了 18.3％的平均回报。 美国债券和混合型共同基金的收益超过股票 型基金 在其他共同基金中，最好投资于债券型基金 或混合型基金（该类型的基金投资于股票和 固定收益证券），而不是股票型基金。根据 美国投资公司的国家——投资公司协会—— 的最新统计，在截至 9 月 12 日的一周中， 投资者从美国股票型基金中撤回了 27.5 亿 美元，这是投资者连续第八周从基金中撤回 资金。与股票共同基金相反，债券型基金估 计吸引了 81.1 亿美元资金流入，相比前一周 52.8 亿美元的流入额增长了 54％。在这 81.1 亿美元中，68 亿美元流入了应税债券基金， 而余下的 13.1 亿美元流入了市政债券基金。 混合型基金同样是赢家，流入额预计达到了 13.1 亿美元，相比前一周的 9.1 亿美元增长 了 43％。 美国的封闭式基金同样给投资者带来希望 由于美国利率可能在 2014 年前一直保持在较 低的水平上，投资者在投资封闭式基金上可 能获得更多的收益。 封闭式基金最近纷纷崛起，在 1 月 1 日 至 8 月 31 日之间，15 个新的封闭式基金筹 得了 68 亿美元。相比之下，去年全年只有 17 个新的封闭式基金成立。 面对即将出台的法规，英国基金出现下滑 在英国，由于整个欧洲正在实施一些新的法 律，个人投资者正在从英国基金中撤资。因此， 鉴于欧盟基金目前面临的监管措施，欧盟基 金的直接投资对中国投资者的吸引力并不大。 美国的外国帐户税务合规法案、欧盟的 另类投资基金经理指令以及欧洲可转让证券 集体投资体制的变化困扰欧洲基金的一些法 规。这些法规将增加欧盟基金经理的合规负 担，提升欧盟基金的管理费，这样做使它们 失去了对全球投资者的吸引力。 美国的外国帐户税务合规法案于 2010 年 3 月制定，将分阶段于 2013 年 1 月 1 日起开 始实行。其目的是要确保美国公民支付相应 的税收。为了做到这一点，该法案将对美国 本土向非美国金融机构支付的金额征收 30％ 的预提税。为了逃避缴纳此项预扣税，非美

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Autumn, 2012

as they invest in a variety of assets from across the world.

Index funds have portfolios that are constructed to match or track the movements of an index in a particular financial market.

Index funds typically outperform actively managed funds, provide diverse market exposure, have lower operating expenses and have a low portfolio turnover.

Exchange traded funds are index funds that trade like stocks on a stock exchange.

Exchange-traded funds typically have no minimum investment amounts, although they do have brokerage costs. Unlike index funds that can typically only be traded at the closing price on the day that a trade is placed, exchange traded funds can be traded throughout the day as long as stock markets are open. However, individual investors have to pay brokerage commissions each time they buy or sell exchange-traded funds.

Hedge funds are a suitable investment choice for high net worth individual.

Hedge funds take significant risk with their investments by purchasing derivatives (a security based on a contract between two or more parties specifying conditions under which payments will be made) or by shortselling (selling securities or other financial instruments with the intention of buying them back at lower prices). In comparison with mutual funds, hedge has much higher risk, higher fees, are not subject to the same regulatory scrutiny and have lower returns.

Investment in US Money Market Funds a Safe Option Investment in US money market funds is a safe option for investors who are risk averse. Retail money funds, which are offered primarily to investors, are proving increasingly popular among investors. US retail money funds saw growth in the week ended September 19 as total retail money market funds' assets increased by $1.88 billion over the previous week, climbing to $888.73 billion.

Select US Stock Funds Offer Superior Returns Investors who are willing to take risks can also invest in US stock funds, which are doing similarly well and have now surpassed pre-financial crisis levels. In January 2008, individuals and institutions invested $12 trillion in US stock funds. At the park of the crisis in December 2008, holdings in stock funds were down to $9.6 trillion, a 20 percent drop. By the end of July this year, however, institutions and individuals had placed $12.3 trillion in stock funds. In addition, the average return from US stock funds in the third quarter of this year was 5.3 percent, bringing the year-to-date gain of US funds in the first nine months of the year to 12.9 percent.

Currently, the top performing US stock fund is the Oceanstone Fund, which only invests in US growth stock. The fund has posted an average return of 47.2 percent over the past four years and seen its assets grow from $752,500 to $26.5 million. Yet another high performer is the Matthew 25 Mutual Fund, which saw an average return of 51.4 percent over the 12 months ended September 30, and 32.8 percent from the start of 2012 through September. Meanwhile, the Buffalo Micro Cap Fund has returned 48.1 percent in the past 12 months, and 26.8 percent from the beginning of the year until September 30. In addition, as of September 30, the Hotchkis & Wiley Mid-Cap Value Fund, was up 47.2 percent over the past 12 months and 24.4 percentso far in 2012.

Fund that invest in gold have gained the most returns over the past four years: the Van Eck International Investors Gold Fund has gained an average 22.2 percent a year since 2008 while the Tocqueville Gold, at 21.9 percent a year.

Technology funds have also made large gains, with Apple driving most of the gains in the sector. The Berkshire Focus fund has gained 19.5 percent a year over the past four years by betting on technology stocks.

Similarly, the ProFunds Internet UltraSector

Cover STORY | 封面故事

US Closed-End Funds Also Offering Hope to Investors As US interest rates are likely to remain low until 2014, investors are more likely to gain more from investing in closed-end funds.

Closed-end funds have picked up recently with 15 new closed end funds, which raised $6.8 billion, established between January 1 and August 31. In comparison, only 17 new closed-end funds were established in the whole of last year.

国金融机构必须披露其美国账户持有人（帐 户价值超过 50000 美元）的收入和利息支付 信息。 摩根大通全球证券服务欧洲，中东和非 洲地区的负责人 Fracis Jackson 在九月初的一 份声明中说：“在未来两到三年内，基金管 理业将面临前所未有的监管变化。新规定的 合规是全球性的，代价将是昂贵的。” 此外，欧盟国家正在执行另类投资基金 经理指令的过程中，这项指令被要求于 2013 年 7 月前写入所有欧元区国家的法律。该指 令的目的是为欧洲的投资基金经历创建一个 全面和有效的监管和监督框架。此项法律将 影响所有欧盟的对冲基金、私募股权基金、 风险投资基金、房地产基金、投资信托基金 以及其他投资工具。银行、对冲基金和私募 股权基金的基金经理们已经警告说，该规则 是行不通的，它超越了欧盟委员会的职责， 并且将增加投资者的成本。 英国表现最佳的基金大多是债券型基金， 这并不让人感到奇怪。今年 8 月初，英国表 现最佳的基金是 GLG 全球企业债券基金，在 截至 7 月 31 日的五年中，它已经为投资者获 得了 107％的累计收益。该基金主要投资于来 自世界各地的债券。该基金的持仓数据没有 公布。 M ＆ G 国际主权债券同样表现出色。在 截至 7 月 31 日的五年时间里，它的累积回报

Inverse fund recorded an average return of 18.3 percent over the past four years.

US Bond and Hybrid Mutual Funds Gaining More than Equity Funds Among other mutual funds, it is best to invest in bond funds or hybrid funds (funds that invest in both stocks and fixed income securities), rather than stock funds. During the week ended September 12, investors pulled an estimated $2.75 billion from funds that invest in US stocks, marking the eighth consecutive week that investors have withdrawn money from the funds, according to the latest statistics from the Investment Company Institute, the national association of US investment companies.

In contrast to equity mutual funds, bond funds attracted $8.11 billion in estimated inflows, up 54 percent from the $5.28 billion they took in the week before. Of the $8.11 billion, $6.80 billion went to taxable bond funds with the remaining $1.31 billion going to municipal bond funds.

Hybrid funds were also winners, taking in an estimated $1.31 billion, up 43 percent from the $910 million they drew in in a week earlier.

UK Funds Slumping in the Face of Incoming Legislation Individual investors in the UK are pulling out of UK funds, as a number of new laws are being implemented across Europe. As such, direct investment in EU funds may become a less attractive option to Chinese investors who can do so in light of the regulatory measures EU funds are being barraged with.

The US Foreign Account Tax Compliance Act, the European Union's Alternative Investment Fund Managers Directive and changes to the EU's Undertakings for Collective Investment in Transferable Securities regime are some of the regulations that EU funds have to grapple with. These regulations will increase the compliance burdens of EU-based fund managers, driving up EU funds' management fees and in so doing make them less attractive to global investors.

The US Foreign Account Tax Compliance Act, which was enacted in March 2010 and will be phased in starting on January 1, 2013, is a law that aims to ensure that US citizens pay all appropriate taxes. In order to do this, the act will impose a 30 percent withholding tax on payments from the US to non-US financial institutions. To escape the withholding tax, non-US financial institutions will have to disclose income and interest payment information about its US account holders who have accounts worth more than $50,000.

"The fund administration industry 2012, Autumn China Offshore

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为 102％。该基金主要投资于主权债务证券， 其规模最大的投资包括由挪威发行的债券（占 其投资组合的 10.42％）、德国发行的债券（占 其投资组合的 9.60％）和美国国库债券（占 其投资组合的 1.75％）。 然而值得注意的是，英国基金只适合那 些寻求长期投资的投资者，而英国基金的短 期收益一直低迷。 境外投资的国内替代品：QDII 基金 中国政府于 2006 年 4 月推出了 QDII 计划， 旨在将流动性过剩从国内证券市场中挤出， 当时中国经济体中的现金供过于求正在导致 通货膨胀和资产价格上涨的压力。 QDII 计划 同样希望让中国的金融机构有机会从海外投 资中获得更多的经验，并且为中国公民提供 新的投资选择。 QDII 计划允许经批准的金融机构帮助客 户将资产投资于海外市场，绕过中国其他严 格的外汇管理规定。就投资海外产品而言， 金融机构被给予一定的配额。每个 QDII 产品 都有自己的最低投资额要求。 中国监管机构一直不断增加 QDII 申请 的批准数量，并且在最近几年慢慢地提高了 QDII 的总投资额度。截至 9 月 3 日，QDII 的 总额度为 843 亿美元，有 101 家金融机构有 能力到海外进行投资。相比较而言，在该计 划于 2006 年 4 月启动时，QDII 的总投资额 度为 142 亿美元。该计划的不断扩大让中国

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is facing an unprecedented volume of regulatory change over the next two to three years. Compliance with new regulation is global in reach and will be costly," Fracis Jackson, the head of Emea, JP Morgan Worldwide Securities Services, said in a statement in early September.

In addition, EU countries are in the process of implementing the Alternative Investment Fund Managers Directive, which is required to be made into law by all Eurozone countries by July 2013. The aim of the directive is to create a comprehensive and effective regulatory and supervisory framework for investment fund managers in the EU. The law affects all EU hedge funds, private equity funds, venture capital funds, real estate funds and investment trusts, among other investment vehicles. Bank, hedge fund and private equity fund managers have warned that the rules are unworkable, overstep the European Commission’s mandate and would drive up costs for investors.

Fund managers are further anxious because of proposed changes to the EU's Undertakings for Collective Investment in Transferable Securities (Ucits) regime, which is a set of directives that allow funds that

comply with the directive to operate freely throughout the EU on the basis of a single authorization from one member state. Ucits funds are regulated and easier-to-trade alternatives to hedge funds.

The EU Commission released a proposal to revise Ucits regulations that affect, among other things, Ucits funds' depositaries.

Currently, EU rules stipulate that the responsibilities of Ucits funds depositories include monitoring that funds adhere to investment restrictions and calculating net asset values for funds. Under the proposed changes, depositories would have greater potential liability for the actions of fund managers, which would increase the costs passed on to fund managers.

All these regulations are being felt by fund managers as investors pull out their funds from UK funds. According to the Investment Management Association, the total number of open-end UK fund shares sold to investors fell in August of this year, amounting to £23.2 million ($37.6 million), compared to £1.2 billion ($1.9 billion) in August last year.

Investors in UK funds are pulling their funds from risky stock funds, with net outflows of £604 million ($978 million) from equity funds reported in August, the biggest outflow since November 2011. Bond funds remained the best-selling asset class, gaining inflows of £518 million ($839 million).

This is not surprising as the top performing funds in the UK are mostly bond funds. At the beginning of August this year, the top-performing fund in the UK was the GLG Global Corporate Bond Fund, which has achieved a 107 percent cumulative return for its investors over the last five years as of July 31. The Fund primarily invests in bonds from across the world. Holding data for this fund is unavailable.

Another top performer was the Investec Emerging Markets Local Currency Debt Fund, which posted a 106 percent cumulative return over the past five years as of July 31.

The fund invests in public sector, sovereign

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的投资者拥有更多的机会到大陆以外的地区 分散他们的投资，这也显示政府愿意逐步放 宽针对境外投资的限制。 由于许多投资者投资离岸基金在 2008 年 金融危机时都赔了钱，因此他们一直对 QDII 基金持有谨慎态度。他们仍然认为投资海外 市场存在风险。 然而，美国股市的牛市前景和潜在的高 回报让投资者重新考虑投资 QDII 基金。长信 标普 100 等权重指数 QDII 基金的基金经理薛 天表示，虽然海外市场仍然不稳定，风险仍 然存在，但是美国经济正在稳步复苏，那里 的市场目前能够为全球投资者提供最好的投 资选项。薛补充说，相比较而言，中国经济 出现了下滑，新兴市场的动荡风险加剧，由 于债务危机依旧，投资欧洲对投资者来说拥 有很大的风险。 此外，QDII 基金在中国所有类型的基金 中最具成长性，这使它们成为全国最好的投 资选择之一。根据中国银河证券的统计数据 显示，从今年初到 9 月 14 日，中国的 66 只 QDII 基金上涨了 4％以上。相反，在同一时 期，封闭式基金平均净值的同比增长率仅为 0.51％，混合型基金增长率为 1.17％，股票 型基金增长率 1.14％，货币市场基金同比增 长 2.88％。与此同时，上海的综合指数较上 年同期下跌了 3.26％。 QDII 指数基金提供高投资回报 QDII 基金一直表现很好，这是因为它们一直 得益于美国经济的复苏。 QDII 基金跟踪的指 数覆盖那些表现特别好的蓝筹公司。其中包 括国泰纳斯达克 100 基金和长信标普 100 等 权重指数 QDII 基金，它们投资于一些全球最 大公司（以市值计算）的股票。 国泰纳斯达克 100 指数基金是中国大陆 第一只跟踪海外指数表现的基金，于 2010 年 3 月开始认购。该基金跟踪纳斯达克 100 指数，这个股票指数覆盖在纽约纳斯达克证 券交易所上市的最大的 100 家公司。该基金 所投资的公司权重基于流通股总市值，该基 金所投资的公司包括苹果、亚马逊、百度、 谷歌、英特尔和其他公司。总部位于美国的 State Street Corporation 在 为 机 构 投 资 者 提 供金融服务方面是世界领先的供应商之一， 它是国泰纳斯达克 100 指数基金的全球托管 人。而中国建设银行银行（中国的第三大商

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Autumn, 2012

and corporate bonds issued in emerging markets, with its top three holdings in government bonds issued by Brazil (6.10 percent of its portfolio), government bonds issued by Turkey (5.66 percent of its portfolio) and government bonds issued by Russia (3.47 percent of its portfolio).

The M&G International Sovereign Bond has done similarly well, with cumulative returns of 102 percent over the past five years as of July 31. The fund invests mostly in sovereign debt securities, with its top five holdings in bonds issued by Norway (10.42 percent of its portfolio), bonds issued

by Germany (9.60 percent of its portfolio) and US treasury notes (1.75 percent of its portfolio).

It is important to note, however, that investing in UK funds is recommended for investors who are looking for long-term investments, as the short-term gains from UK funds has been lackluster.

China Domestic Alternative to Offshore Investing: QDII Funds The Chinese government launched the QDII scheme in April 2006 as a means to drain excess liquidity from domestic securities markets, as oversupply of cash in the Chinese economy was leading to inflation and upward pressure on asset prices. The QDII program was also designed to give Chinese financial institutions the opportunity to gain greater experience with, and from, overseas investment, while providing new investment options for Chinese citizens.

The QDII program allows approved financial institutions to invest their clients’ assets in overseas markets, bypassing China's otherwise stringent foreign exchange regulations. The financial institutions are given a quota of money that they can invest in overseas financial products. Each QDII product has its own minimum investment requirements.

Chinese regulators have been approving an ever-increasing number of QDII

applications and have slowly increased the total QDII investment quota in recent years.

As of September 3, the total QDII quota stood at $84.3 billion, with 101 financial institutions having the ability to invest abroad. In comparison, when the scheme was introduced in April 2006, the total QDII quota amounted to $14.2 billion. The continuing expansion of the scheme gives Chinese investors increased opportunities to diversify their investments outside of the mainland and indicates the government’s willingness to gradually liberalize offshore investment restrictions.

Investors have been wary of QDII funds because many lost money in offshore funds during the financial crisis in 2008 and they still believe there is risk associated with investing in overseas markets.

The bullish outlook of US stock markets and the accompanying potential for high returns should make investors reconsider investing in QDII funds, however. Xue Tian, the fund manager of the Chang Xin S&P 100 QDII fund, noted that although there is instability in overseas markets and risks remain, the American economy is steadily recovering and its markets offer the best investment option available to global investors at present. Xue added that, in comparison, there is a slump in the Chinese economy, there are intensifying risks posed by unrest in emerging markets and the debt crisis means investing in Europe poses a large risk to investors.

In addition, QDII funds have shown the most growth among all types of funds offered in China, making them one of the best investment options in the country at present.

China Galaxy Securities statistics show that the 66 QDII funds offered in China had risen by over 4 percent from the beginning of the year until September 14. In contrast, over the same period, closed ended funds had an average net growth of 0.51 percent year-onyear, hybrid funds grew 1.17 percent, equity funds grew 1.14 percent and money-market funds grew 2.88 percent. Meanwhile, the

Cover STORY | 封面故事

The Chang Xin S&P 100 Fund has also posted impressive gains. The fund, which was launched in April 2011 and tracks the S&P 100 index of 100 US stocks with large market capitalizations, recorded year-on-year growth of 19.67 percent at the end of trading on September 19 and growth of 10.88 percent over the past three months 业银行）是该基金的本地托管人。截至 9 月 19 日收市，国泰纳斯达克 100 基金的同比增 长率为 22.72％，在过去 3 个月中的增长率为 11.59％。 长信标普 100 等权重指数 QDII 基金同样 获得了可观的收益。该基金发起于 2011 年 4 月，跟踪标普 100 指数，其覆盖美国市值最 大的 100 只股票。截至 9 月 19 日收市，该基 金同比增长 19.67％，在过去的 3 个月中的增 长率为 10.88％。 黄金 QDII 基金提供了丰厚的回报 由于日本、美国和欧洲央行已经开始实施刺 激措施，黄金价格不断上涨。对那些希望用 黄金投资来对冲通胀的投资者来说，这些刺 激措施使得黄金变得更有吸引力。黄金价 格于 9 月 19 日达到了 6 个半月的新高，下 午 2 时 56 分的现货黄金交易价格达到了在 1799.10 美元。黄金价格的上升使得专注于黄 金交易的基金实现了增值。汇添富黄金及贵 金属基金将其至少 90％的资产投资于黄金支 持的交易所交易基金和贵金属支持的证券， 截至 9 月 19 日，它相比上月上涨了 9.02％。 汇添富黄金及贵金属基金的基金经理刘子 龙说，由于通货膨胀的持续威胁，长期来看黄 金价格可能会继续上升。考虑到贵金属价格 的上升，投资黄金 QDII 基金是值得考虑的。 投资基金是明智的选择 无论是离岸债券型基金还是国内 QDII 基金， 好的基金是最好的投资工具，因为它们能够 提供投资的多样性，很少引起关注，并且拥 有潜在的长期回报。对个人来说，基金是进 行多样化投资的卓越方式，他们无需单独购 买每个证券。经过仔细挑选，共同基金可以 在未来帮助人们创建和扩大财富。

Shanghai Composite Index fell 3.26 percent over the same period.

QDII Index Funds Offer High Returns on Investment QDII funds have been doing well because they have been boosted by the recovering US economy. QDII funds that track indices that are composed of blue-chip companies have been performing particularly well, including the Guotai NASDAQ-100 Fund and the Chang Xin S&P 100 Fund, which invest in stocks of some of the world’s largest companies by market capitalization.

The Guotai Nasdaq-100 Index Fund was the first mainland fund to track the performance of an overseas index when it opened for subscription in March 2010. The fund tracks the Nasdaq-100, a stock market index of the 100 largest companies listed on New York's Nasdaq stock exchange. The weighting of companies included in the fund is based on the total market value of their outstanding shares and the companies that the fund invests in include Apple Inc, Baidu Inc, Googl, Intel and others. The US-based State Street Corp., one of the world's leading providers of financial services to institutional investors, is the global custodian to the Guotai Nasdaq-100 Index Fund, while China Construction Bank, the country's third largest commercial bank, acts as local custodian for the fund. At the close of trading on September 19, the Guotai Nasdaq-100 Fund had grown 22.72 percent year-on-year and 11.59 percent over the past three months.

Gold QDII Funds Offer Superior Returns Gold prices are rising as Japan, US and European central banks have embarked on stimulus measures. These stimulus measures have made gold more attractive to investors who want to use investments in gold as a hedge against inflation. Gold prices hit their highest level in six-and-a-half months on September 19, with spot gold trading at $1,799.10 by 2.56 pm. The rise in gold prices has led to increases in the value of funds that focus on gold trading. The China Universal Gold and Metal Fund, which invests at least 90 percent of its assets in gold-backed exchange-traded funds and metal-backed securities, had risen 9.02 percent month-onmonth as of September 19.

The China Universal Gold and Metal Fund manager Liu Zilong said that gold prices would probably continue to rise over the long term because of the continuing threat of inflation.

Considering the increase in precious metal prices, investing in gold QDII funds is a worthy investment to consider.

Investing in Funds a Wise Choice Regardless of whether they are offshore bond funds or domestic QDII funds, good funds are among the best investment vehicles available because of the diversity they offer, the little attention they require and their potential for returns over the long term. Funds are a superior way for a person to invest in a broad variety of investments without having to buy each individual security. Chosen carefully, mutual funds can help create and grow wealth for years to come.

2012, Autumn China Offshore

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特别报道 | SpECIAL REPORT

海外上市逐渐困难， 中国公司希望犹存

Overseas IPOs more Difficult, But still Possible

By Tendai Musakwa

鉴

于中国公司在海外市场（尤其是美 国）受到更加严格审查的现状，那 些打算将公司在国外上市的中国

企业家更应该三思而后行。 欺诈指控让投资者远离中国公司 卖空公司和美国证券监管机构增加了对中国 企业会计实务的调查，这助长了投资者对美 国上市的中国公司的消极情绪。会计欺诈指 控和盈利警告已经导致中国公司的股票价格 大幅下挫，这也打击了外国投资者对中国企 业海外 IPO 的积极性。 2006 年 1 月至今年 9 月 20 日期间，美 国卖空公司 Citron Research 指控 21 家中国 公司存在欺诈行为。这导致了其中一些公司 的股票价格下降 80％以上。包括 Citron 在内 的卖空公司先出售这些公司的股份，希望将 来以较低的价格买回来。一些中国分析师表 示，美国空头公司之所以会针对中国公司， 是因为美国的审计师无法正确地监控中国公 司在中国的业务，同样，中国公司无法对其 国内财务或会计实务的真实性做出证明。

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C

hinese entrepreneurs thinking of listing their companies abroad should carefully consider that decision in light of the increased scrutiny C h i n e s e c o m p a n i e s a re g e t t i n g i n overseas markets, especially in the US. Fraud Allegations Turning Investors Against Chinese Companies Short sellers and US securities regulators’ increased probes into Chinese companies' accounting practices have fueled negative investor sentiment towards domestic firms that list in the US. Accusations of accounting fraud and profit warnings h ave l e d to s h a rp fa l l s i n Ch i n e s e companies' stock prices and dampened foreign investors' enthusiasm for the overseas IPOs of Chinese companies.

US short seller Citron Research accused 21 Chinese companies of fraud between January 2006 and September 20 of this

year, which led the shares of some of these companies to drop by more than 80 percent.

Short sellers such as Citron sell shares with the hope of buying them back at a lower price. Some Chinese analysts say that US short sellers have targeted Chinese companies because US auditors cannot properly monitor Chinese companies' operations in China and, therefore, the Chinese companies cannot prove the veracity of their domestic finances or accounting practices.

Under Chinese law, it is illegal to remove audit papers from China and Chinese authorities do not allow foreign a u d itors or regu l a tors to condu ct i n s p e c t i o n s of Chinese compan i e s domestically. US-based auditors, the US Public Company Accounting Oversight Board and the US Securities and Exchange Commission have all sought to investigate some US-listed Chinese companies to

SpECIAL REPORT | 特别报道

根据中国的法律，删除中国的审计文件 是非法行为。中国当局也不允许外国审计师 或监管机构在国内对中国企业进行审查。常 驻美国的审计师、美国公众公司会计监督委 员会以及美国证券交易委员会都试图对一些 在美国上市的中国公司进行调查，旨在减轻 投资者对这些公司会计实务的担忧，但是中 国当局对这些努力设置了障碍。 审计师和监管机构无法独立核实中国公 司的国内会计报表，因此无法提供让投资者 满意的结果，这导致这些公司的股票价格出 现下跌。根据彭博的数据，在 2010 年 1 月 至今年 4 月期间完成 IPO 的中国公司在 4 月 30 日的股票价格要比其上市价格平均下 跌 38％。相比之下，截至 4 月 30 日，其它 同一时期在美国上市的公司的股票价格平均 上涨了 9.9％。 香港上市的中国公司情况要稍微好一 点，但是它们的股票价格也出现了下降。 2010 年 1 月 至 今 年 4 月 期 间 在 香 港 上 市 的 110 家中国公司 4 月 30 日的股票价格相 比上市价平均下降了 15.8％。与此相反， 2010 年 1 月至今年 4 月期间在香港上市的 非中国公司截至 4 月底的股票价格相比上市 价平均上涨了 6.5％。 国内企业重新考虑是否海外上市 就满足中国企业寻求增长机会和扩大海外销 售的欲望而言，海外上市未必是最好的方 法。在跨国财务管理杂志 7 月刊上研究结果 显示，长期来看，在美国上市的中国公司普 遍表现低于美国股市基准指数和业内同行。 此外，研究还表明，在美国上市的中国公司 普遍会在 IPO 后出现经营业绩的显着下降。 此外，相比境内上市的同行公司，在美国上 市的中国公司似乎在净收入增长或资本开支 方面并不占优势。 许多中国的企业家们正在认识在当前的 环境下到海外上市的陷阱，并且选择搁置或 推迟 IPO。因此，2012 年中国公司海外上 市的步伐明显放缓。2012 年 1 月至 6 月期间， 共有 24 家中国公司在海外市场上市。与此 相 比，2011 年 1 月 至 6 月 期 间， 共 有 40 家中国企业在境外上市。随着外国投资者对 中国企业变得更加谨慎，选择到海外上市的 中国企业的融资额也出现了大幅的下降。今 年上半年海外上市中国公司的融资总额为

allay investors' concerns about these companies' accounting practices, but Chinese authorities have stymied these efforts.

Auditors and regulators’ inability to independently verify Chinese companies' domestic accounting to the satisfaction of investors has led to a fall in the stock prices of these companies. According to data from Bloomberg, the stock prices of 53 Chinese companies that completed IPOs in the US between January 2010 and April of this year were down by an average of 38 percent on April 30 compared to their offer prices on listing. In contrast, other USlisted companies that had IPOs within the same period had gained an average of 9.9 percent by April 30.

Hong Kong listed Chinese companies are faring slightly better, although they too are seeing decreases in their stock prices. The 110 Chinese companies that listed in Hong Kong between January 2010 and April of this year had their stock prices fall by an average of 15.8 percent from the initial offer prices from the time of their listing until April 30. In contrast, non-Chinese companies that had IPOs in Hong Kong between January 2010 and April of this year had gained 6.5 percent between the time of their listing and the end of April.

Domestic Companies Reconsidering Overseas IPOs Listing overseas may not be the best method to satisfy Chinese firms’ desire to find growth opportunities abroad or expand their foreign sales. Research by Luo et. al. published by the Journal of Multinational Financial Management in July shows that Chinese firms listed in t he US generally underperform the US benchmark stock indices and their industry peers in the long run.

In addition, the research shows that Chinese companies that list in the US

generally experience significant drops in operating performance after their IPOs. Furthermore, US-listed Chinese firms do not seem to enjoy better net income growth or greater returns in capital expenditure compared to their domestically-listed peers.

Many Chinese entrepreneurs are recognizing the pitfalls of listing abroad in the current environment and are choosing to shelve or delay their IPOs. As a result, the pace of overseas IPOs

by Chinese companies has slowed down significantly in 2012. A total of 24 Chinese companies went public in overseas markets between January and June 2012. In contrast, 40 companies listed abroad between January and June 2011. Financing for Chinese companies that choose to list abroad has also fallen sharply as foreign investors have become more wary of domestic firms. The total amount of money that Chinese companies raised from listing abroad in the first half of this year was $2.98 billion, much lower than the $8.53 billion that domestic firms raised from overseas IPOs during the first half of 2011.

Of the 24 companies that listed abroad during the first half of this year, 19 companies listed on the Hong Kong Stock Exchange's Main Board, raising $2.88 billion or 96.4 percent of the total financing amount raised by Chinese companies that listed overseas in the first half of this year; three companies listed on the Frankfurt Stock Exchange, raising $10.41 million; one listed on the New York Stock Exchange, raising $71.53 million; and another listed on the Hong Kong Stock Exchange's Growth Enterprise Market, raising $25.77 million.

In comparison, among the 40 companies that listed abroad during the first half of 2011, 22 companies listed on the Hong Kong Stock Exchange's Main Board, raising $6.34 billion or 74.2 2012, Autumn China Offshore

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特别报道 | SpECIAL REPORT

29.8 亿美元，远低于 2011 年上半年中国企 业在海外募集的 85.3 亿美元。 在今年上半年海外上市的 24 家公司中， 有 19 公司在香港证券交易所的主板上市， 筹集了 28.8 亿美元，约占上半年中国企业 海外上市总融资数的 96.4％。另外有三家 公司在法兰克福证券交易所上市，筹集了 1041 万美元；一家在纽约证券交易所上市， 筹集了 7153 万美元；另一家在香港联交所 的创业板上市，筹集了 2577 万美元。 相 比 之 下，2011 年 上 半 年 在 海 外 上 市的 40 家公司中，有 22 家在香港证券交 易所的主板上市，筹集了 63.4 亿美元，占 当年上半年中国企业海外上市总融资数的 74.2％。有七家公司在纽约证券交易所上市， 筹集了 13.3 亿美元；另外七家公司在纳斯 达克上市，筹集了 4.586 亿美元；两家公司 在法兰克福证券交易所上市，筹集了 1.675 亿美元；一家公司在韩国证券交易所的主板 上市，筹集了 1.9182 亿美元；另一家公司 在韩国证券交易所的创业板市场上市，筹集 了 4694 万美元。 今年到目前为止，只有一家大陆公司 在美国进行了 IPO —— 它是总部位于广州 的在线折扣零售商“唯品会”。与此相反， 2010 年有 34 家中国企业在纳斯达克和纽约 证券交易所上市，而 2011 年也有 15 家中 国公司在这两个交易所上市。 中国企业在政府帮助下从海外交易所退市 很多中国企业正在从海外市场退市。根据罗 仕证券的统计，在 2011 年 1 月至今年 8 月 期间，有 33 家在美国上市的中国公司宣布 了收购及私有化交易。 中国当局正在支持国内公司从美国证券 交易所退市。上海证券交易所副总经理周勤 业说，海外投资者卖空中国企业是为了获得 利益，虽然只有少数中国企业有严重的财务 问题，但是美国监管机构却将公司会计问题 政治化。 周说：“我们知道，很多海外上市的中 国公司还不错。因此，我们欢迎这些中国概 念股回家。” 虽然监管收紧，海外上市仍有希望获得成功 对那些希望到海外上市的公司，希望仍然存 在。包括前谷歌高管李开复在内的一些中国

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percent of the total financing amount raised by Chinese companies that listed overseas in the first half of that year; seven companies listed on the New York Stock Exchange, raising $1.33 billion; another seven companies listed on the Nasdaq Stock Market, raising $458.60 million; two companies listed on the Frankfurt Stock Exchange, raising $167.50 million; one company listed on the Korea Stock Exchange's Main Board, raising $191.82 million; and another listed on the Korea Stock Exchange's Growth Enterprise Market, raising $46.94 million.

So far this year, only one mainland company has had an IPO in the US – Vipshop Holdings Limited, an online discount retailer headquartered in Guangzhou. In contrast, 34 Chinese companies listed on the Nasdaq and the NYSE in 2010 and 15 listed on those exchanges in 2011.

Chinese Firms Getting Government Help with Delisting from Overseas Exchanges Many Chinese companies are delisting from overseas markets. According to Roth Capital, 33 US-listed Chinese companies announced buyout and privatization

deals between January 2011 and August of this year.

Chinese authorities are supporting domestic companies' delisting from US stock exchanges. Zhou Qinye, deputy general manager of the Shanghai Stock exchanges, said overseas investors are short-selling Chinese companies for profit and US regulators have politicized company accounting issues when only a few Chinese companies have serious accounting issues.

"We know that many overseas-listed Chinese companies are not bad. So we welcome those China stocks to return home," Zhou said.

Hope Remains for Successful Overseas IPOs as Regulation Tightens There may still be hope for companies that want to list abroad, however. A group of Chinese entrepreneurs, including, Lee Kai-Fu, a former senior Google executive, have launched a website, www. citronfraud.com, which aims to expose short sellers or analysts who publish false accusations against US-listed Chinese companies for financial gain. The efforts of Lee and the group of entrepreneurs he works with may reduce the incidence of legitimate US-listed companies being brought down by unverified claims of accounting malpractice. This would make investors more receptive to Chinese companies, ultimately leading to more Chinese companies being able to list on US stock exchanges.

In another move expected to allay investors' suspicions of accounting fraud

by US-listed Chinese companies, the US Public Company Accounting Oversight Board announced September 21 that it had reached a tentative accord with Chinese authorities that would allow American accounting inspectors to observe audit activities in China. Lewis Ferguson, a board member of the Public

2012, Autumn China Offshore

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特别报道 | SpECIAL REPORT

企业家已开通一个网站（www.citronfraud. com），旨在揭露那些以获取金融利益为目 的编制虚假报告指控美国上市中国公司的空 头或分析师。李开复和这群企业家的努力可 能会减少合法的美国上市公司受到虚假会计 舞弊指控的可能性。这将使投资者更容易接 受中国公司，最终让更多的中国公司在美国 证券交易所上市。 为了进一步消除投资者对美国上市中国 公司在会计欺诈方面的怀疑，美国公众公 司会计监督委员会（PCAOB）9 月 21 日宣 布，它已经与中国政府达成了初步协议， 将允许美国会计检查员观察中国的审计活 动。公众公司会计监督委员会的成员 Lewis Ferguson 表示，该计划允许美国审计员进 入中国将是“建立信任的举措”，这可能会 引出更多的监管合作。 因此，中国本土的企业家要到海外上市， 仍然有一些希望。但是他们应该小心，需要 首先防止出现会计和法律上的问题。

中国本土的企业家要到海外上市，仍然有一些希望。但是他们应该小心，需要首先防

纽约 - 泛欧交易所集团执行副总裁 Scott

止出现会计和法律上的问题。

Cutler 表示，中国 IPO 数量的显着下降主要

Local entrepreneurs who want to list abroad still have some hope, but they should be careful to prevent accounting and legal problems from developing in the first place.

归因于对金融市场普遍缺乏信任和信心，对 公司本身的财务报表缺乏信心。Cutler 还是 纽约 - 泛欧交易所美国上市及现金执行部门 的联席主管，他说，公司将能够让投资者恢 复信任和信心的唯一途径是变得更透明，更 愿意与投资者和监管机构进行沟通。 提高上市前会计、披露和企业管理的水准 IPO 的准备期可能会跨越数个月，这取决于 公司的结构以及公司符合拟上市交易所的规 定所需要的时间。在准备进行海外上市时， 中国企业应该特别注意调节自己的会计制 度，完善公司管理结构，并且提升它们的信 息披露制度。这些措施都应该在公司计划上 市前完成。 通过使得公司的实际控制人向公司的董 事会负责，完善公司治理结构是上市前国内 企业必须采取的第一个步骤。在许多国内公 司的企业结构中，公司的实际控制人拥有无 限的力量，而董事会或监事会对实际控制人 拥有很少的影响或没有影响。在这样体系下， 公司的决定仅仅由实际控制人做出，而无需 通过监事或董事。这可能会导致公司在上市 后股东的利益无法得到充分的体现。因此， 准备上市的企业应该加强董事会的建设并且

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Company Accounting Oversight Board, said the plan to allow U.S. observers in China would be a "trust-building exe rc i s e" t h a t c o u l d l e a d to m o re regulatory cooperation.

Ferguson added that the Public Company Accounting Oversight Board had been trying to gain access to China to address the accounting scandals plaguing US-listed Chinese companies. The board’s efforts were spurred by Americans’ loss of billions of dollars invested in China-based companies listed on U.S. exchanges after questions were raised about the companies' accounts. Allowing US auditors in China should do much to ally concerns about US-listed Chinese companies' accounting practices, making it easier for Chinese companies to gain financing by listing on US exchanges.

As such, local entrepreneurs who want to list abroad still have some hope, but they should be careful to prevent

accounting and legal problems from developing in the first place.

Scott Cutler, executive vice president of NYSE Euronext, said that the significant decline of Chinese IPOs has a lot to do with a general lack of trust and confidence in financial markets and a lack of confidence in the companies' own financial statements.

"Unfortunately, the mistakes or fraud by a very few number of companies has impacted the perceptions that the investors have on all companies from China."

Cutler, who is also a co-head of US Listings and Cash Execution at NYSE Euronext, said the only way that the companies will be able to restore that trust and confidence is by being more transparent and more communicative with investors and regulators.

Improve Accounting, Disclosure, and

SpECIAL REPORT | 特别报道

赋予其权力，改善董事的质量并且提高独立 董事的比例。 熟悉上市的法律、法规及规定 计划在海外上市的公司应该让自己熟悉国内 和海外的法律、法规和 IPO 的规定。 在收到中国证券监督管理委员会的批准 后，中国公司才能（在国内和国外）发行股 票。根据中国人民共和国证券法，公司只有 在拥有“完整和运作良好的组织结构”、具 有“持续盈利的能力”并且“在过去三年中 的财务报表中不存在任何虚假记录”的情况 下，才能去海外上市。中国证监会还有其认 为合适的其他要求。此外，国务院也就上市 和海外发行股票制定了一套法规。 选择去哪里上市取决于许多因素。企业 家不应该只考虑成本和法规，还应该考虑在 一个特定的地区上市将如何帮助他们实现自 己的企业目标，他们在上市地会遇到什么样 的投资者，以及那里的投资者对它们这样的 公司或者行业有着什么样的看法。 相比较而言，美国对计划在美国上市的 公司有相对较少的上市前要求。作为美国证 券监管机构，美国证券交易委员会没有正式 的上市要求。不同的美国交易所都有自己 各自的要求。例如，在纽约证券交易所上市 的非美国公司被要求在全球范围内拥有至少 5000 名股东、250 万公众持有的股份、以 及至少价值 1 亿美元市值。 纽约证券交易所上市的财务要求意味 着，只有相对较大的公司能够在纽交所上市。 而另一方面，纳斯达克证券交易所的上市标 准允许相对小型的公司在那里上市。针对计 划在那里上市的公司，纳斯达克拥有四套标 准。其中一个标准要求公司在上市之前的市 值至少达到 1.6 亿美元、总资产达到 8000 万美元、股东权益至少达到 5500 万美元， 另外还有其他要求。 相比纽约证券交易所或纳斯达克交易 所，香港联交所主板的上市要求是更严格。 香港联交所主板申请人需要在三套上市标准 中进行选择。其中一套标准要求申请人拥有 至少 40 亿港币（约合 5.16 亿美元）的市值 以及在最近一个经审核的财政年度中拥有至 少 5 亿港币的收入。另一方面，在香港联 合交易所创业板市场上市的财务要求相对较 低，这能够让新兴的公司获得筹集资金的机

Corporate Management Before IPOs Preparation for IPOs may span several m o n t h s b a s e d o n t h e s t r u c t u re o f the company and the time needed to make the company compliant with the regulations of the exchange on which it will list. In preparing to list overseas, Chinese companies should pay particular attention to regulating their accounting systems, improving their corporate management structures and improving their information disclosure systems.

These practices should be established well before the company plans to list.

Improving corporate management structures through making the actual controller of the company accountable to the directors of the company is a first step that domestic companies have to take before listing. Many domestic companies have a structure in which the actual controller of the company has limitless power and the board of directors or board of supervisors has little or no influence on the actual controller. Such a system, in which decisions are made by the actual controller without input from supervisors or directors, can lead to situations in which shareholders' interests are not adequately represented a f t e r t h e c o m p a ny l i s t s . A s s u c h , companies that are preparing to list should strengthen and empower the board of directors and improve the quality of directors and the ratio of independent directors.

As investors have the right to timely and thorough knowledge about all aspects of a publicly-traded company, companies that plan to list abroad should ensure that information is provided in an accurate, complete and timely manner.

Familiarize with Listing Laws, Regulations, and Requirements Companies planning to list abroad should make themselves familiar with the

domestic and overseas laws, regulations and requirements governing IPOs. Chinese companies can only issue shares (domestically and abroad) only after they receive the approval of the China Securities Regulatory Commission.

According to the Securities Law of the People's Republic of China, a company can only embark on an initial public offering abroad if it has "complete and welloperated organization," has "the capability of making profits continuously," and has "no false record in its financial statements over the lasts 3 years." The CSRC can also impose other requirements as it sees fit.

In addition, the State Council has a set of regulations governing listing and issuing shares abroad.

Choosing where to list depends on a number of factors. Entrepreneurs should not only consider costs and regulations, but should also consider how listing in a particular location will help them achieve their corporate goals, what access they have to investors in the location they plan to list and the perceptions investors in those locations have towards their companies or industries.

Comparatively, the US imposes fewer pre-listing requirements on companies that plan to list in the US. The US securities' regulator, the Securities Exchange Commission, has no formal listing requirements. Different US exchanges have their own requirements.

For example, non-US companies listing o n t h e N e w Yo r k S t o c k E xc h a n g e are required to have at least 5,000 shareholders worldwide, 2.5 million publicly held shares worldwide and at least a $100 million market capitalization.

The financial requirements of the New York Stock Exchange mean that only relatively large companies can list on the New York Stock Exchange.

The Nasdaq Stock Exchange’s listing standards, on the other hand, allow 2012, Autumn China Offshore

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特别报道 | SpECIAL REPORT

会。创业板市场的申请人必须拥有至少 1 亿 港币（约合 1290 万美元）的市值以及在提 出上市申请前两个财务年度中的总现金至少 要达到 2000 万港币（260 万美元）。 对那些寻求高效、快速 IPO 的中国企 业来说，德国同样是一个热门的目的地。相 比在香港或美国上市，德国拥有相对较低的 财务要求。法兰克福证券交易所上市的审批 过程可以在短短的 20 天内完成。中国企业 选择法兰克福证券交易所上市，是因为德国 的高透明度和公司治理的要求突出了这些公 司的信誉，并且能够帮助公司在中国进行品 牌建设。法兰克福证券交易所主板的上市要 求包括最低市值达到 125 欧元（约合 162 万美元）、股本达到 125 万欧元（约合 162 万美元）、股票数量达到至少 10000 股以 及拥有三年的经审核财务资料。 较低的财务要求让兰克福证券交易所为 中等规模公司的首选目的地，而大型公司可 能会去香港或美国上市。 赶紧行动来获得优势 总部位于纽约的摩根大通银行的中国投资银 行业务行政总裁方方预测，随着监管机构逐 步清理欺诈活动，中国企业的海外上市活动 将于 2013 年出现反弹。他说：“我希望今 年下半年的某个时候，投资者会重新回来。” 因此，在未来的一年将会有许多中国企 业到海外去上市。如果真是这样的话，只有 那些抢先上市的企业才能获得投资者最大的 关注度。那些愿意去冒这个险到海外上市的 投资者会比正常情况提前开始上市准备，并 且特别注意其会计和财务报表。随着投资者 对中国企业的信心和信任开始复苏，准备较 早的公司将以最快的速度采取行动。

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Autumn, 2012

slightly smaller companies to list. The Nasdaq has four sets of standards among which companies that plan to list may choose to meet. One standard requires market capitalization of at least $160 million, total assets of $80 million and stockholders' equity of at least $55 million before companies may list, among other requirements.

The listing requirements of the Hong Kong Stock Exchange's Main Board are more formidable than listing on the New York Stock Exchange or the Nasdaq. The Hong Kong Stock Exchange requires Main Board applicants to choose among three sets of listing criteria. One set requires applications to have market capitalization of at least HK4 billion ($516 million) and at least HK$500 million in revenue for the most recent audited financial year. On the other hand, listing on the Hong Kong Stock Exchange's Growth Enterprise Market, which provides nascent companies with the opportunity to raise capital, has lower financial requirements.

Growth Enterprise Market applications must have a market capitalization of at least HK$100 million ($12.9 million) and a positive cash-flow totaling at least HK$20 million ($2.6 million) for the two financial years immediately preceding the application for listing.

Germany has also emerged as a popular destination for Chinese companies that want an efficient and fast IPO process, with

lower minimum financial requirements compared to listing in Hong Kong or the US. The vetting and approval process of listing on the Frankfurt Stock Exchange can be completed in as little as 20 days.

Chinese companies are also choosing to list on the Frankfurt Stock Exchange because the high transparency and corporate governance requirements in Germany underline these companies' credentials and help with brand building in China. Requirements for listing in the Prime Standard Segment of the Frankfurt Stock Exchange include a minimum market capitalization of €1.25 million ($1.62 million), €1.25 million ($1.62 million) in equity capital, at least 10,000 shares and three years of audited financials among other requirements.

Lower financial requirements make the Frankfurt Stock Exchange a preferred destination for mid-sized companies, while bigger companies might go to Hong Kong or the US. Move Fast to Take Advantage Fang Fang, chief executive officer of China investment banking for New York-based JPMorgan, has predicted that Chinese companies' overseas share sales will rebound in 2013 as regulation roots out fraud. “I’m hopeful that sometime in the second half, investors will come back to the table,” he said.

As such, there may be a flood of overseas IPOs by Chinese companies next year. If this is the case, there will be a narrow window during which companies that list first will gain the most attention from investors.

Investors who are willing to take the risk to list in overseas markets should begin listing preparations earlier than normal, paying particular attention to their accounting and financial statements. Companies that prepare earlier will be ready to move quickly as soon as investor confidence and trust in Chinese companies returns.

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Trusts & Foundations

2012, Autumn China Offshore

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Autumn, 2012

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信托和私人基金 完美规划下一代的未来

Trust and Private Foundations Securing the Future for the Next Generation

By Jorge Luis Yu

虽

然许多经济强国都受到本国经济 下滑问题的影响，但在过去几年里 中国令人印象深刻的增长推动了

世界前进的脚步。 中国的开放程度和当前商业和金融环境 的发展让该国的公民获得更大的机会来享有 经济成就提高生活水平。得益于迅速的经济 增长，中国已经成为世界上主要的高净值人 士孵化器国家。根据著名的胡润财富报告， 截 至 2011 年 年 底， 中 国 大 约 有 102 万 名 千万富翁（资产超过 1000 万元人民币）以 及 63500 名超级富人（资产超过 1 亿元人 民币）。 与拥有更为成熟高净值人群的西方世界 相比，中国的百万富翁大多是年轻、敢于奋 斗的企业家。他们不到四十岁，利用当前中 国蓬勃的经济增长来积累财富。由于是第一 代企业家，他们的主要目标也成了为其子孙 后代创造财富。 富裕的中国家庭对资产国际化的优势并

W

hile many powerful countries are being affected with their own economic issues, the world is magnified by the impressive growth that China has experienced in the past few years. China’s openness and the current development of its business and financial environment have been giving its citizens greater opportunities of economic success and improvement of their life standards. As result of this outstanding economic growth, China has become the world’s major incubator of high net worth individuals.

According to the renowned Hurun Wealth Report, by the end of 2011 in China, there were approximately 1,020,000 individuals identified as millionaires (with assets over RMB 10 million) and 63,500 super rich individuals (with assets over RMB 100 million).

In contrast with the western hemisphere, where a more matured class of high net worth individuals can be observed, Chinese new millionaires are mostly young striving entrepreneurs in their late thirties who have accumulated wealth taking advantages of the current flourishing economic growth of China. Since they are first generation entrepreneurs, their main objective is still the creation of wealth for future generations.

Wealthy Chinese families are no strangers to the advantages of asset internationalization. A large percentage of these family enterprises have begun to invest overseas and have also purchased real estate in countries such as the United Kingdom, United States, Canada and Australia. For many of them this is the first stage in a journey to send their children 2012Autumn Trusts & Foundations 2012, China Offshore

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不陌生。有相当大比例的家族企业已经开始 进行海外投资，并且购买英国、美国、加拿 大和澳大利亚的房地产。对他们中的很多人 来说，这是送子女出国留学或移民到这些国 家的第一个阶段。

随着积累的财富，第一代富裕的企业家将面临一个两难的问题——他们需要知道如何保护他 们的财富，以及如何持续这得来不易的家族企业并且安全地将其交给第二代和后续的世代。

First generation of rich entrepreneurs will now be challenged with a dilemma – they will need to know how to ensure their wealth and how to keep the so appreciated family. 照片提供 Photo by Helen Kao

随着积累的财富（无论在内地还是海 外），这第一代富裕的企业家将面临一个两 难的问题——他们需要知道如何保护他们 的财富，以及如何持续这得来不易的家族 企业并且安全地将其交给第二代和后续的 世代。 即便迄今为止中国没有开征遗产税或赠 与税，许多中国的高净值人士已经开始意识 到，他们需要更成熟的法律工具，比如信托 或私人基金会来保护财产。 这两个都是合法的财富工具，可以帮助 他们有效地构建自己的资产并且最大限度地 减少行政和税务负担。如果他们已经获得 或正在购买国外的资产，就尤其需要考虑 这一点，因为他们将受到国外继承和税法 的制约。 虽然中国已经于 2001 年颁布了信托法， 但是许多中国律师认为，它同样还是不适用 于遗产规划和资产保护，这也是与信托密切 相关的概念。事实上，中国提供的信托相当 于金融或投资产品。 出于这个原因，中国的精英人士们被迫 寻求离岸司法管辖区的援助，这些地区可以 提供专门的信托服务。 包括英属维尔京群岛和巴拿马在内的离 岸司法管辖区拥有健全的信托法律、能够作 为受托人的规管及持牌信托投资公司、以及 能够妥善解决高净值人士关注问题并且有效 地为他们提供财富管理和遗产规划建议的训 练有素的法律执业者。 信托的概念在各大离岸司法管辖区是相 类似的。简单地说，当一个人（财产授予人） 将自己的资产转移给第三方（受托人），信 托就被建立了。受托人就变成了被转让资产 的合法拥有者，也将负责保护和管理这些资 产，为第三方（受益人）谋取利益和好处， 这个第三方也可以是财产授予人本身。受托 人在任何时候都必须遵守和遵循财产授予人 在信托契约中设定的意愿。 信托结构已经被广泛地应用于各种用 途，特别是对资产的保护，而最重要的是继 承规划。由于受托人合法地拥有的资产，这

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to study abroad or to immigrate to those countries.

With the accumulation of wealth, both inside mainland and abroad, this first generation of rich entrepreneurs will now be challenged with a dilemma – they will need to know how to ensure their wealth and how to keep the so appreciated family business sustainable and be safely passed to the second and subsequent generations.

Even though there is so far no estate or gift tax in China, many Chinese high net worth individuals are starting to be aware that they will require more sophisticated legal instruments like the trust or private foundations. These two figures are legal tools that can allow them to efficiently structure their assets and minimize administrative and tax burdens. This should be considered, particularly, if they have acquired or purchased assets abroad, as they will be subject to their inheritance and tax laws.

Although China has enacted its trust law in 2001, many Chinese lawyers consider that the same is inapplicable for the purposes of estate planning and asset protection, which are concepts closely related to the trust. In fact, trust being offered in China are comparable to financial or investment products. For that reason, Chinese elites are forced to seek assistance in major offshore jurisdictions where specialized fiduciary services can be provided. Offshore jurisdictions such as British Virgin Islands and Panama have well established trust legislations, regulated and licensed Trust Companies that can act as trustees and trained legal practitioners that can appropriately address the concerns of high net worth individuals and efficiently provide them with advice on wealth management and inheritance planning.

The concept of trust is similar in any offshore jurisdiction. In simple words, a Trust is created when a person (settlor)

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种结构可以防止财产授予人和受益人的债权 人对财产进行索赔。信托基本上可以使得资 产远离任何诉讼，从而实现保护资产的目的。 根据以往的经验，大部分的中国客户将信托 作为上层结构来持有相关公司的股票。这种 类型的信托将允许富裕家庭将其全球资产的 所有权整合到一个单一的结构中去。在国际 舞台上，这种整合有利于家族企业的管理， 并且能够降低行政成本和税收负担。信托结 构同样可以被用来进行继承规划。大多数信 托司法管辖区没有遗产税，也不承认强制继 承权。 对那些在征收高额遗产税和拥有遗嘱认 证法规的国家购买财产的中国精英人士来 说，这一点是很有意义的。通过将此类资产 的所有权转移到离岸公司中去，可以实现平 稳和有效的继承规划，其股份将由一家建立 在有利离岸司法管辖区的信托进行持有。因 此，信托可以将这些公司的股票及相关的财 产传给下一代，通常不会在物业所在国引起

transfers assets of its own to a third party, the trustee. The trustee then becomes the legal owner of the transferred assets and will also be responsible for the preservation and management of those assets in favor or benefit of another third party, the beneficiaries, who can be the settlor himself. The trustee at all times shall observe and follow the wishes set by the settlor in the trust deed.

Trust structures have been used thoroughly for a variety of purposes especially for asset protection and most importantly for succession planning.

Because the trustee legally owns the assets, claims from the settlor or beneficiaries’ creditors can be prevented. The trust can basically isolate those assets from any lawsuit fulfilling the objective of asset protection.

In our experience at MMG, most of our Chinese clientele are using trust as an upper tier structure to hold shares of underlying companies. This kind of trusts will allow wealthy families to synthesize the ownership of their global assets in one single structure. Such consolidation facilitates family business management in the international arena and reduces administrative cost and tax concerns. Trust structures are also relevant for succession planning. Most trust jurisdictions have no estate tax and do not recognize forced heir ship; this is relevant for those Chinese elites that have purchased properties in Countries that impose heavy estate tax and probate regulations. A smooth and efficient succession plan can be achieved by transferring the ownership of such assets to an offshore company and which shares

2012Autumn Trusts & Foundations 2012, China Offshore

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遗嘱认证诉讼或房产税。 中国客户共同面临的挑战之一是他们发 现自己很难理解这一工具，如果要让这种结 构运行起来，他们必须将自己的资产转移给 受托人。向受托人转移资产可能会让他们感 到，自己正在失去对财富的控制权。因此， 信托的构建方式必须确保他们能够对资产保 持一定程度的控制权以及对家族业务保留一 定程度的管理权。 英属维尔京群岛的某些特别信托非常适 合中国客户，因为它允许他们将家族企业的 股份在信托下进行分配，而受托人不再承担 管理的责任。在这类信托安排下，客户的公 司事务将继续由董事进行管理，不会受到受 托人的干预。 除了信托之外，熟悉企业架构的中国富 裕人士可能会更容易理解和接受私人基金会 作为另一种选择。私人基金会被认为是一个 法人实体，必须在公共登记处进行注册。作 为一个法人实体，私人基金会是转移给它的 全部资产的合法拥有者，这些资产将由基金 会的理事会成员进行管理（这些成员由创始 人任命），根据相关章程和法规必须有利于 受益人。 私人基金会让中国人感到心情舒畅，因 为他们的资产将被转移到由他们创建的实体 中，并且通过基金会的理事会对他们的企业 进行直接控制。 应该指出，就实现资产保护和遗产规划 而言，私人基金会能够与信托达到同样的目 的。一些司法管辖区已经制定了私人基金会 法律，但是巴拿马的私人利益基金会由于其 灵活性、可靠性和成本效益仍然是最为出 名的。 可以看出，随着富裕的中国人开始寻求 解决方案来满足其不断增长的资产保护需求 和在国际范围内减少继承方面的障碍，受托 工具是高效和具有吸引力的选择。即使在中 国使用离岸信托和私人基金会仍处于早期阶 段，如果中国政府决定引入遗产税和赠与税， 它们有望实现稳步的发展，并且在未来的日 子里一定会大幅增长。 同样重要的是中国高净值人士需要得到 来自专家的适当意见，这些专家能够引导他 们使用不同的司法管辖区，并且建立适当的 法律结构。这将帮助他们在整合全球范围内 的财富、降低管理成本、并且使他们能够有 效地管理他们的企业和家庭事务。

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will be held by a trust set up in a favorable offshore jurisdiction. Consequently, the trust can transfer those company shares and their underlying properties to the next generation without causing probate proceeding or estate taxes in the country where such properties are located.

One common challenge with Chinese clients is that they find difficult to understand that for this structure to be functional they must relinquish their assets to the trustee. This transfer of assets to a trustee might make them feel that they are losing control over their wealth. Therefore, the trust should be structured in a way that they can maintain certain degree of control over the assets and the management of their family business. The British Virgin Islands especial Vista Trust is very suitable for Chinese clients, because it allows them to allocate the shares of their family company under a trust that disengage the trustee from management responsibility.

In this kind of trust, the client’s company affairs will remain being managed by the directors without intervention of the trustee.

In addition to the trust, Chinese wealthy people who are familiar with corporate structuring may find it easier to comprehend and accept the Private

Foundation as another alternative. The Private Foundation is considered a legal entity and it should be incorporated or registered on a public registry. As a legal entity the Private foundation is the legal owner of all assets transferred to it, those assets will be managed by the members of the Foundational Counsel, who are appointed by the founder, in favor of the beneficiaries in accordance to what is stipulated in its charters and regulations.

The Private Foundation gives Chinese ease of mind since their assets will be transferred to an entity created by them and where they can maintain direct control of their businesses through the Foundational Counsel. It should be pointed out, that a Private Foundation can accomplish the same purposes of asset protection and estate planning that can be achieved by a trust. Several jurisdictions have enacted their own Private Foundation legislation, but Panama’s Private Interest Foundations remains to be well-known because of their flexibility, reliability and cost effectiveness.

As it can be seen, both fiduciary instruments are effective and attractive choices for wealthy Chinese who are looking solutions for their ever growing need of protecting their assets and reducing the hurdles of succession process in an international context. Even though the use of offshore trust and private foundations are still in the early stages in China, it is expected to grow steadily in the years to come and will surely increase drastically if the Chinese Government decides to adopt estate and gift taxes. It is also important for Chinese high net worth individuals to get proper advice from experts who will be able to guide them through the different jurisdictions and to establish suitable legal structures. This will help them to encompass their worldwide wealth, reduce administrative costs and allow them to efficiently manage their business and family affairs.

列支敦士登信托与基金会之比较 Comparison between Trusts and Foundations in Liechtenstein 1926 年以来，在列支敦士登可以通过私人信托或者基金会管理财产。 在当时将普通法的信托概念引入列支敦士登的法律体系、并同时制 定关于基金会及其它一些独特的法律形式如法人机构（Anstalt）的 法律，为列支敦士登今日金融服务业的蓬勃发展奠定了基础。有关 私人信托与基金会之比较的出版物已经有很多，本文从最近几次的 基金会法与税法修订入手来介绍一下两者之间的差异。

Since 1926, properties have been managed using trusts and foundations in Liechtenstein. Common-law trusts, foundations and other special legal entities were incorporated into the Liechtenstein law at that time, laying the foundation for the booming financial services industry in Liechtenstein today. There have been a lot of publications on the comparisons between trusts and foundations. The article tends to explain the differences between the two structures based on the recent revisions of trust and foundation laws.

众所周知的差异与共同点 Well-known differences and similarities 以下表格中简明扼要地列出私人信托与基金会的主要不同点： The following table briefly lists the major differences between trusts and foundations:

信托

基金会

Trusts

Foundations

法律形式 / 财产状况 Legal form / asset status

受托人拥有的特别财产，不具法人地位 Segregated assets owned by the trustee, no legal personality

权利人的自有资本，具法人地位 Legal entity with its own assets and legal personality

机构 / 功能 Bodies / functions

受托人，也可能是保护人（并非公司法意义上的机构） Trustee or protector (institution without corporate legal personality)

基金会委员会，也可能是保护人或其他机构 Foundation council or protector, other bodies possible

商业活动 Commercial activities

盈利性与非盈利性活动均可 Both for commercial and non-commercial activities

允许仅用于非盈利目的的商业活动 For commercial activities to achieve noncommercial goals

资金 / 最低资金 Capital / minimum capital

没有最低资金要求，通常只规定小额启动资金（如 1000 瑞郎） No minimum capital required, often small initial capital stipulated (e.g. CHF 1,000)

最低资金 30000 瑞郎（或欧元，或美元） Minimum capital of CHF 30,000 (or EUR or USD 30,000)

注册 Registration

登记（不是获取法律效力的必须步骤，简要说明）或者存档 （信托合同）Registration (not necessary for legal validity, minimal information required) or deposit (trust deed)

存档（成立文件）或登记（是获取法律效力的必 须步骤）Deposit of the notification of formation or registration (necessary for legal validity)

受益人 Beneficiaries

直接于信托文件或者在附属文件中注明 Defined in trust deed itself or in attachments

通常在单独的附加章程中注明 Usually defined in a supplementary foundation deed

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绝大多数情况下，信托文件比基金会文件更详细，并写明财产托管人、 受托人以及受益人的权利及义务。这可追溯到信托早期的普通法理 念，即主要的权力并非依据成文法的规定，而是依据法官法成立的。 而基金会则以民法理念为基础，始终依据成文的法律规定，所以其文 字表述相对简单一些。虽然列支敦士登作为民法属地制定了信托法， 但通常信托文件的内容都很详细，因为考虑到将来可以将信托转入普 通法管辖权下（通过在信托文件中注明相应的适用法选择及更换受托 人很容易办到）。另外将信托文件适用英国法律模式，可方便其在 世界各地获得承认。所以列支敦士登的信托文件中也常见英国元素， 虽然这一点在列支敦士登并非必要（如时间限制等）。内容详尽的 信托文件的另一作用是可以根据客户意愿从很多方面更改一些规范， 这些都要归功于列支敦士登信托法的自由构成。

2009 年修订基金会法带来的影响 信托与基金会的一个根本性的差别在于基金会的经营目的受到限制， 不够灵活。基金会遵循所谓固化原则，按照这一原则，基金会创始人 在创办伊始就规定了基金会的目的（特别是受益人条例），不可改变。 这一点在 2009 年修订基金会法时做了更加清楚的说明，并通过立法 加以确定。基金会创始人可在章程中注明保留在其有生之年改变基 金会目的的权利，不过这一点只限于自然人作为基金会创始人的情 况。信托中财产托管人也可享有类似的权利，但同时也赋予受托人 较大的自主权，在此范围内无须获得财产托管人的同意，经常只需 保护人同意即可。也就是说，列支敦士登的信托不受制于固化原则， 是更有活力的财产托管工具。

2010 年修订税法带来的影响 新税法的报告与提案在 2010 年第 48 号中提到：“不具法人资格的 特别财产托管人（如信托）不需要缴纳利润税；但依据第 65 条应缴 纳最低利润税。”第 65 条第 1 款的规定使得信托在报税方面相对于 基金会及其它具有法人资格的财产托管机构拥有明显的优势。具备 法人资格的财产托管机构（如基金会，法人机构 (Anstalt) 等）如 想免除报税义务及争取只缴纳最低利润税，必须构成并提交作为所 谓私人财产结构（PVS）的声明，而信托则无此必要。无论所涉信托 财产的形式和数额如何，受托人每年只需缴纳 1200 瑞郎的税金，并 无需满足对私人财产结构（PVS）的要求。

In a majority of cases, the trust certificates are more detailed than the Foundation documents and specify the rights and obligations of the settlor, trustee and beneficiary. This can be traced back to the early concept of the common law, meaning that judgment is not based on the statutory law, but in accordance with the Judges Law. The Foundation is based on civil law concept and is always in accordance with the statutory law, so its textual representation is relatively simple. Although Liechtenstein’s trust law is enacted under a civil law jurisdiction, the contents of the trust certificate are very detailed, given the potential of being converted into a common law system (it is easy to do this through the appropriate choice of law and to replace the trustee). In addition, adopting the British Trust Certificate mode is easy to be recognized all over the world, so it’s common to see the British elements in Liechtenstein trust certificates.

Of course, it’s unnecessary in Liechtenstein (such as time limits, etc.).

Detailed trust certificates can also play a role in helping change some specifications according to customers’ wishes. Therefore, in many ways, the Liechtenstein trust law is a dispositive law.

The influence of the 2009 amendments to the Foundation Act Trust and Foundation have a fundamental difference: the business purpose of the Foundation is limited and not flexible enough. Foundation follows the fixed principles, under which the purpose of the foundation is set when the founder establishes the Foundation (especially the Beneficiary Ordinance) and can not be changed. The Foundation Act, which was amended in 2009, made a more clear explanation, and validated it by legislation. The founder of the Foundation can stipulate in the Charter that he or she reserves the right to change the purpose of the Foundation during his or her lifetime. However, the situation is valid only if the founder of the Foundation is a natural person. The Settlor in a trust can also enjoy similar rights, but it also offers a greater autonomy of the Trustee. Within a certain range, the Trustee can act without seeking the consent from the Settlor, but from the Protector. In other words, the Liechtenstein trust is not subject to the fixed principles and is a more dynamic property custodian.

The influence of the amended 2010 Tax Law According to the No. 48 Proposal of 2010 and the report on the New Tax Law, "Special Property Custodian (such as trust institution) without a legal personality doesn’t need to pay profit tax; However, pursuant to the 65 Article, it shall pay a minimum profit tax." The first provision of the 65 Article enables the Trust to have apparent advantages over foundations and other custodian institutions with legal personality. If other property custodians with legal personality (such as foundations and legal entities) would like to exempt from the tax reporting obligations and pay only the minimum profit tax, they have to submit a statement to qualify as a PVS, while the trust institution doesn’t need such a statement. The Trustee should only pay 1,200 CHF annually as tax regardless of the form and the amount of the property.

Summary

小结 2009 年修订基金会法与 2010 年修订税法使信托与基金会之间的差异 增大。二法修订后信托的优点更加突出：由于信托依据任意法，信 托享有较大的灵活性和自由度（对于财产托管人和受托人而言）。 而基金会的灵活性与自由度因二法的修订受到很大限制。另外信托 在纳税方面获得了新的优势：无须报税；无论托管财产的形式与数 目如何，只需缴纳 1200 瑞郎的小额税金。这些优势使得信托的吸引 力胜过了基金会。

The amended Foundation Act 2009 and the amended Tax Law 2010 have enlarged the differences between the Trust and the Foundation. After the revisions, Trust’s advantages are more prominent: as the Trust is based on the dispositive law, the flexibility and degrees of freedom of the trust institution (for the Settlor and the Trustee) is significantly higher than those of the Foundation. Foundation’s flexibility and freedom are very much restricted because of the amendments of the two laws. In addition, the trust has new advantages in terms of taxation: it needn’t to file tax returns; regardless of the form and the account of the property under the trust, it only needs to pay a small-sum tax of 1,200 CHF. These advantages make the Trust more attractive than the Foundation.

Dr. iur. Thomas Zwiefelhofer Member of the Board of Directors ATU www.atu.li

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在列 信托和基金会： Trusts and Foundations: Protecting your Wealth in Liechtenstein

Leo Zhang

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支敦士登保护您的财富 尽

管面临外部需求疲软和国内经济 增长放缓的诸多问题，富裕的中 国投资者数量和财富仍然在不断

上升，他们越来越需要金融工具来应对各 种不确定性。 根据凯捷和加拿大皇家银行财富管理 公司 9 月发布的一份报告显示，随着去年 富裕亚洲人的数量首次超过北美，中国人 占亚洲 337 万高净值人士的近 17％，紧随 日本的 54％。去年，这些中国富裕人士的 财富总额比去年同期增长了 1.8％，而相比 之下亚洲的整体财富下降了 1％。 这份由两个机构联合发布的亚太财富 报告受到了全球财富管理机构、高端物业 代理商、奢侈品零售商和其他企业的密切 关注。他们希望了解该地区超富裕人士是 如何进行投资和向什么领域投资，以及他 们财富的状况。该报告指出，亚洲的富裕 人士（特别是中国）正在越来越多地试用 离岸财富中心，来寻求更为广泛的产品和 服务、税务优惠和金融保密性。 对如何区分信托和私人基金会这两个 关键的离岸结构来保护他们的个人财富， 中国人可能会感到疑惑。虽然它们都可以 帮助保护个人不受离婚、破产和继承纠纷 等问题的困扰，它们拥有不同的起源和法 律后果，这可以在很大程度上影响富裕中 国投资者如何接受这些概念。因此，选择

D

espite weak external demand and slowing domestic growth, affluent Chinese investors have still been rising both in number and wealth and are increasingly demanding financial tools against uncertainties.

As the amount of rich Asians surpassed North Americans for the first time last year, the Chinese people accounted for nearly 17 percent of t he reg ion’s 3.37 million high net worth individuals, trailing Japan’s 54 percent, according to a report issued by Capgemini and RBC Wealth Management in September. Total wealth of these Chinese HNWIs increased 1.8 percent year on year in 2011, compared with a 1 percent drop in the overall wealth in Asia.

The Asia-Pacific Wealth Report, jointly issued by the two agencies, is closely monitored by global wealth managers, high-end property agents, luxury goods retailers and other businesses for signs of how and where the region’s ultra-wealthy are investing and how their fortunes are faring. The report stated that Asia's rich, especially

those in China, are looking more to offshore wealth centers in search of wider access to products and services, tax advantages and financial confidentiality.

Chinese people may feel puzzled on how to distinguish between two key offshore structures for the protection of their personal wealth: trusts and private foundations. Although both of them can help protect the individuals against such issues as divorce, bankruptcy and inheritance disputes, they have different origins and legal implications that could largely influence how wealthy Chinese i nve s to r s a c c e p t t h e m . T h e re fo re , choosing a well-established offshore center with deep experience in trusts and foundations may help the emerging Chinese HNWIs to ensure strong legal protections and cost savings in investing their wealth and passing it on.

A doubly landlocked alpine country in Central Europe, Liechtenstein is the world’s smallest but the richest Germanspeaking country. The country is known as a principality as it is a constitutional monarchy headed by a prince. It is also divided into 11 municipalities. Much of 2012Autumn Trusts & Foundations 2012, China Offshore

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照片提供 Photo by George Wang

一个在信托基金和基金会领域拥有丰富经 验的成熟离岸金融中心，可以帮助中国新 兴的富裕人士在财富投资和资产继承时确 保拥有保强有力的法律保护和节约成本。

列支敦士登政治和经济稳定性、保密性、优良的基础设施成为全球客户在管理公司和保护资 产方面的理想目的地。

Its political and economic stability, confidentiality, and excellent infrastructure make Liechtenstein an ideal place to manage companies and protect client assets from all over the world.

列支敦士登是一个欧洲中部的内陆高 山国家，它是世界上最小、但最富有的德 语为官方语言的国家。它被称为一个公国， 因为它是一个君主立宪制、以王子为首领 的国家。列支敦士登分为 11 个市镇，领土 的大部分是山区，使其成为一个冬季运动 的理想胜地。 列支敦士登的西部和南部与瑞士接壤， 东部与奥地利接壤，该国的总面积刚刚超 过 160 平方公里，人口总数约为 35000 人。 根据美国政府的世界概况表述，列支敦士 登拥有世界上最高的人均国内生产总值 （GDP），达到了 141100 美元（2008 年 的估计数据）以及全球最低的失业率之一。 该国的政治和经济稳定性、保密性、 优良的基础设施以及其位于欧洲心脏地带 的地理位置都使得列支敦士登成为了全球

S10 010 Trusts & Foundations Autumn, 2012 2012

its territory is mountainous, making it a winter sports destination.

Bordered by Switzerland to the west and south and by Austria to the east, Liechtenstein’s total area is just more than 160 square kilometers and its estimated population is around 35,000.

According to CIA’s World Factbook, Liechtenstein has the world’s highest gross domestic product per person at US$141,100 (2008 estimated) and one of the globe’s lowest unemployment rates.

Its political and economic stability, its confidentiality, its excellent infrastructure and its central location in the heart of Europe make Liechtenstein an ideal

place for administering and managing companies as well as protecting assets of clients from all over the world.

More importantly, Liechtenstein has a solid financial sector, with the majority of businesses located in its capital, Vaduz.

It has been a member of the European Economic Area, an organization serving as a bridge between the European Free Trade Association (EFTA) and the European Union, since May 1995. It is also a member of the European Free Trade Association.

Liechtenstein’s Special Status What has made Liechtenstein so

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客户在管理公司和保护资产方面的理想目 的地。 更重要的是，列支敦士登拥有强大的 金融业，大部分业务位于其首都瓦杜兹。 从 1995 年 5 月以来，它一直是成为欧洲经 济区的成员，这个机构是欧洲自由贸易联 盟（EFTA）和欧盟之间的桥梁。它也是欧 洲自由贸易联盟的成员。 列支敦士登的特殊地位 让列支敦士登在财富管理的历史上变得如 此重要的是因为，它是现代基金会的发源 地。尽管建立在英国普通法基础上的信托 基金的历史可以追溯到 12 和 13 世纪，但 是第一个私人基金会于 1926 年于列支敦士 登推出，当时该国颁布了 1926 年列支敦士 登个人和公司法。如今，信托和基金在列 支敦士登都具有良好的表现，随着越来越 多的中国富人乐意在管理个人海外财富时 使用这种工具，它们的功能应该值得肯定。 列支敦士登法人实体的建立基于 1926 年列支敦士登个人和公司法（PGR 法典）， 这过去是 ——现在仍然是——该国经济迅 速和成功发展的重要基石。 公共法律企业列支敦士登专业受托人 协 会 的 Clemens Laternser 介 绍 说， 该 立 法引入外国法律下所有已知和被证明的公 司形式（比如信托基金），并且以非常宽 松的形式管理这些公司形式，以确保企业 结构的灵活性能够最好地服务公司实体和 传达创始人的意愿。 PGR 法典下最常用的企业实体类型是 股份有限责任公司、机构（Anstalt）、基 金会（Stiftung）、信托协议和信托企业。 在 PGR 法 典 下 建 立 了 许 多 注 册 和 控 股 公 司，这使得列支敦士登成为了一个成功的 离岸金融行业先驱。 谈到列支敦士登在资产保护和其他方 面 的 优 势，Laternser 先 生 说，PGR 法 典 和对隐私的保护（受到包括银行私密法等 在内的一些法律的保护）帮助了该国建立 了保障客户资产的悠久传统。 列支敦士登信托基金和基金会都是重 要的工具，能够确保为客户资产提供保护， 它们也都能够作为继任规划的选择。就隐 私而言，列支敦士登的银行和专业保密法 是满足客户合法需求的重要保护工具。

important in the history of wealth management is that it was the birthplace of modern foundations. Although trusts, which are built upon British common law, could be traced back to the 12th and 13th centuries, the first private foundations were introduced in Liechtenstein in 1926 when the country enacted The Liechtenstein Person and Companies Act of 1926. Nowadays, both trusts and foundations have strong performance in Liechtenstein, and they should deserve recognition from a growing number of Chinese wealthy who are becoming more comfortable with such instruments in managing individual wealth overseas.

Liechtenstein legal entities are formed under The Liechtenstein Person and Companies Act of 1926 (the PGR Code), which was - and still is - an important cornerstone of the country’s rapid and successful economic development.

The legislation introduced all the forms of companies known and proven in foreign legislations (such as the Trust) and regulated these company forms very liberally to ensure corporate structure flexibility that best serves the entity and founder’s wishes, according to Clemens Laternser with the Liechtenstein Association of Professional Trustees, a public-law corporation.

The most commonly used types of entities formed under the PGR Code are the Company Limited by Shares, the Establishment (Anstalt), the Foundation (Stiftung), the Trust Settlement and the Trust Enterprise. The PGR Code led to the establishment of numerous domiciliary and holding companies, which established Liechtenstein as a successfully offshore financial pioneer.

Talking about asset protection and other advantages of Liechtenstein, Mr. Laternser said that the PGR Code and the protection of privacy (guaranteed by

several laws e.g. banking secrecy) have laid the basis for a long tradition of asset protection for clients.

The Liechtenstein Trust and Foundation are both important vehicles for ensuring asset protection for clients and both offer the possibility for succession planning.

Liechtenstein’s bank and professional secrecy laws still have an important protective function for legitimate needs of clients regarding their private sphere.

In addition, Liechtenstein’s industrial and financial sectors take advantage of a unique combination in Europe as the country is simultaneously integrated in the European Economic Area (due to the EEA Agreement) and the Swiss economy (customs and monetary union with Switzerland). With the Swiss franc, Liechtenstein has an exceptionally secure currency.

On the tax front, Liechtenstein's new Tax Act of 2011 is very competitive at the international level and additionally complies with OECD and EU requirements.

It provides for all legal entities a flat tax rate of 12.5 % on the net income and

2012Autumn Trusts & Foundations 2012, China Offshore

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此外，列支敦士登的工业和金融部门 能够利用一个欧洲的独特组合，因为该国 同时与欧洲经济区（根据欧洲经济区协定） 和瑞士经济（与瑞士的海关和货币联盟） 融合到了一起。瑞士法郎让列支敦士登拥 有了非常安全的货币。 在 税 收 方 面， 列 支 敦 士 登 的 2011 年 税 法 在 国 际 层 面 是 非 常 有 竞 争 力 的， 且 符合了经济合作与发展组织和欧盟的要 求。所有法律实体的统一税率为净收入的 12.5％，而公司的应税净收入可以享受一 定抵扣（公司资本的 4％），每年最低的企 业所得税可能仅为 1200 瑞士法郎。 对那些不太了解信托基金和基金会的 机制和好处的中国人，Clemens 先生就列 支敦士登如何能够在这两个领域帮助客户 做出了明确的解释。 信托 由于列支敦士登是唯一采用普通法信托基 金的民法司法管辖区，它结合了普通法信 托和民法制度的优势。列支敦士登的信托

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the possibility of tax deductions from the taxable net income (4 % of the company's capital) respectively a minimum corporate income tax of only CHF 1,200 per annum.

As for Chinese individuals who are not so clear about the mechanisms and benefits of trusts and foundations, Mr. Clemens made a clear explanation on how Liechtenstein can help clients on the two sectors.

Trusts As Liechtenstein is the only civil law jurisdiction that has adopted the common law of Trusts, it combines the advantages of the common law Trust with the advantages of the civil law system. The Liechtenstein Trust Settlement attracts considerable interest and is commonly used by clients who come from common law countries. A Liechtenstein Trust is set up by a written Trust Deed (agreement)

between the settlor and the trustee(s).

With that document, the settler assigns a Tr u s t p ro p e r t y to a t r u s te e a n d imposes on the latter the obligation to administer or use the Trust property in his own name in relation to any person in favor of on ore more beneficiaries.

A Liechtenstein Trust is no separate legal entity and no minimum capital is required.

U n l i k e t h e E n g l i s h Tr u s t l a w, Liechtenstein law neither prohibits the accumulation of earnings, nor does it have a "rule against perpetuities" in the sense of a limitation to a certain time.

The liberal Liechtenstein company law also allows the formation of Trusts according to foreign, e.g., English or American, law (pursuant to Art. 931 PGR, the foreign Trust regulations to be applied must be expressly listed in the Trust document). The ability to form a

Sponsored Article

WEALTH PRESERVATION EXPERTS

通过列支敦士登基金会合法财富保障 本文的未删减版本刊登于 2010 年 7 月第 16 卷第 6 期的《信托和受托人》期刊上，题为列支敦士登的家庭基金会和财务隐私。

Lawful wealth protection through a Liechtenstein Foundation

An extended version of this article has been published under the headline Liechtenstein family foundations and financial privacy in Trusts & Trustees, Vol. 6, No. 6, July 2010.

Prince Michael of Liechtenstein Chairman Industrie- und Finanzkontor

• 财富的重要性

• The importance of wealth

不论多少，财富是很重要的。对于各自的所有者而言，小财富和大财 富同样重要。富裕人士（无论财富规模大小）的数字越高，国家积累 财富的稳定性也越高。因此，财富保值不仅对一小部分高资产净值个 人和家庭显得重要，而且与众多繁荣和成功中产阶级人士联系更为紧 密。通过建立支持社会进步和福祉改善的机构，家庭财富会影响社会、 文化、教育和科学的发展。长期来看，无论什么社会，私人财富都是

Wealth is important, irrespective of its size. For their respective owners, small fortunes are as important as large ones. The higher the number of more or less wealthy people, the higher the stability of the accumulated savings of an economy. In consequence, wealth preservation is not only important to a small group of high-net-worth individuals and families, but even more relevant to a broad number of members of a prosperous and successful middle class. Family wealth influences social, cultural, educational and scientific improvement by launching institutions which support the progress and well-being of society. Long-term private wealth acts as a stabilizing factor in any society.

一个稳定因素。

• 私有财富的合法保障 1926 年，由于全球政治动荡，列支敦士登创造了私人基金会，作为保 护家庭资产的工具。它是民法体系下的工具，可以与普通法体系下长 期存在的信托相提并论。这开启了列支敦士登基金会的成功发展历程， 它在我们这个时代仍然是保护私有财富的一种合法手段。 如今，除了信托法律以外，列支敦士登拥有非常现代的基金会法体系， 能够明确区分家庭基金会、慈善基金会、混合用途基金会和私人专用 基金会。比如，家庭基金会的主要目标是： - 继任计划 - 家族企业的控制 - 确保财富代代相传 - 保护资产免受不合理的扣押 - 避免破坏影响、离婚和浪费等问题 - 具体意图的实施，比如保护家族艺术收藏品，保护家庭传统，支持家 庭中的弱势成员等等 此外，基金会治理是基金会法的核心部分，它能够在在任何时候确保 创始人的意图以及受益人的利益。特别值得一提的是，列支敦士登的 法律对慈善基金会做了具体的治理规定，这非常适用于家庭对慈善事 业的初衷。 从上述的例子我们可以看到，基金会不仅对长期保存家庭财富至关重 要，而且是确保财务隐私的一种有效手段！

• 财务隐私的本质 在一般情况下，隐私是一个人的权利。财务隐私是一种每个人都应该 享有的特定隐私，无论资产或收益的大小。财务隐私是保护个人不受 盗窃、抢劫、绑架或者不合理扣押的最优工具。财务隐私同样可以防 止继承人和“淘金者”拥有过高的期望，也可以防止资产被滥用。隐 私权支持个人自由！在过去，人们通过将贵重物品埋在森林中或隐藏 在床垫下，来保护它们不受无理的攻击。如今，财务隐私取而代之， 成为了保护家庭财富最有效的手段之一。列支敦士登的基金会拥有伟 大的传统，能够为那些认为隐私是必需品的个人和家庭合法取得的资 产提供财务隐私。

• Lawful private wealth protection In 1926, as a result of the worldwide political turmoil, the Liechtenstein Private Foundation was created as a tool to protect a family’s assets and as a comparable civil law instrument to the long-standing common law trust. This was the start of the success of the Liechtenstein Foundation, which continues in our days as a means of lawful private wealth protection. Today, besides the law on trusts, Liechtenstein has a very modern law on foundations which clearly distinguishes between family foundations, charitable foundations, mixed purpose foundations and private special-purpose foundations, etc. As an example, the main objectives of a family foundation are: - Succession planning.

- Control of family businesses.

- Securing wealth over generations.

- Asset protection against unjustified attachment.

- Avoidance of problems due to spoiling effects, divorces, extravagance, etc.

- Implementation of specific intentions, such as protection of a family’s art collection, a family’s tradition, support of disadvantaged family members, etc.

Furthermore, Foundation Governance is a core part of the Foundation Law and ensures that the founder’s intentions, as well as the beneficiaries’ interests, are at all times applied. In particular, the Liechtenstein law makes specific governance provisions for the charitable foundation which is perfectly suited to cater to philanthropic purposes of a family.

From all of the above we can see that a foundation is not only important to the preservation of long-term family wealth but it is also an effective means to ensure financial privacy!

• The essence of financial privacy Privacy, in general, is a human right. Financial privacy is a specific field of privacy to which everybody should be entitled to, irrespective of the size of assets or revenue. Financial privacy is the best protection against personal attacks like theft, robbery, kidnapping or unjustified attachment. Financial privacy also protects against inflated expectations of heirs and «gold diggers» or against spoiling, etc. Privacy supports personal freedom! In former times, people protected their valuables against unjustified attacks by burying them in the forest or by hiding them under the mattress. Today financial privacy has taken over this protection and hence is one of the most effective means for protecting family values. The Liechtenstein Foundation has a great tradition in providing essential financial privacy to persons and families with lawfully acquired assets who require privacy as a basic necessity.

Industrie- und Finanzkontor Establishment, Herrengasse 21, 9490 Vaduz, Liechtenstein Phone +423 237 58 58 . Fax +423 237 58 59 . E-mail: susanna.gopp@iuf.li . Web: www.iuf.li

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协议吸引了人们相当大的兴趣，通常被来 自普通法国家的客户使用。列支敦士登信 托的建立需要财产授予人与受托人之间签 订书面信托契约（协议）。根据该文件， 财产授予人将信托财产转给受托人，并且 让后者担当起以自己的名义管理或使用信

列支敦士登的工业和金融部门能够利用一个欧洲的独特组合，因为该国同时与欧洲经济区（根 据欧洲经济区协定）和瑞士经济（与瑞士的海关和货币联盟）融合到了一起。

Liechtenstein’s industrial and financial sectors take advantage of a unique combination in Europe as the country is simultaneously integrated in the European Economic Area (due to the EEA Agreement) and the Swiss economy (customs and monetary union with Switzerland).

托财产的义务，为一个或者多个受益人服 务。列支敦士登的信托基金不是独立的法 人实体，并没有最低资本要求。 与英国信托法不同的是，列支敦士登 的法律既不禁止盈利积累，也没有就一定 的时间期间设立“反永久存续的规则”。 自由的列支敦士登公司法同样允许根据外 国法律（比如英国或者美国）建立信托（根 据 PGR 第 931 条， 使 用 的 外 国 信 托 法 规 必须在信托文件中清楚地说明）。能够根 据本国熟悉的法律建立信托对外国财产授 予人来说显得尤为方便，现有的法律条文 可以被简单地采用。 基金会 基金会是一个独立的特殊目的基金，拥有相 应的法律属性。赋予基金会的资产成为了 一个独立的法律实体，从创立人的私人私 产是分开的。基金会没有任何成员和股份。 在列支敦士登，最低的实收资本为 30000 瑞士法郎、30000 欧元或者 30000 美元。 基金会的形成 / 建立是出于特定目的对 资金和资产进行分配。通常来说，创始人 可以自由地选择相应的目的。列支敦士登 家庭基金会是最流行的一种形式，其目的 是为了维护、管理和节省家庭的资金，并 且支持家庭成员的生活。家族基金会也着 眼于慈善活动。基金会由基金会理事会负 责管理，必须包括至少两名成员（自然人 或法人）。 基金会和信托基金之间的共性和差异 信托基金和基金会都是重要的资产保护工 具，能够提供相关的继任规划，确保在创 始人和资产授予人死亡时，资产能得到持 续的管理。 基金会和信托基金的其他可能用途还 包括： ·确保家庭成员在未来的经济能力 ·延续创始人 / 财产授予人一生的事业 ·慈善用途

S14 014 Trusts & Foundations Autumn, 2012 2012

Trust in accordance with the familiar law of their own country is especially convenient for foreign settlors as already prepared statutory provisions can simply be adopted.

Foundations The foundation is an independent special purpose fund that has legal attributes.

The assets endowed to the foundation become a separate legal entity and are separate from the private assets of the founder. A foundation has no members and no shares. In Liechtenstein, the minimum capital to be paid up is CHF 30,000, EUR 30000 or USD 30,000.

The formation/establishment of a

Foundation takes places by the dedication of funds/assets for a specified purpose.

In general the founder is free to choose the purpose. The Liechtenstein Family Foundation is the most popular one whose purpose is to safeguard, manage and conserve the funds of a family and to support family members. Family foundations can also focus on charitably activities. The Foundation is administered by the Board of Foundation and has to consist of at least two members (natural persons or legal entities).

Similarities and differences between Foundations and Trusts Tr u s t s a n d Fo u n d a t i o n s a re important asset protection vehicles,

exclusive REPORT | 独家报道

此外，列支敦士登的法律实体可以被 用来防止一般的政治或司法风险。正如上 面所提到的，在列支敦士登可以根据国外 的信托法成立信托，而列支敦士登的基金 会只能根据列支敦士登法律进行建立。与 信托基金不同，基金会是一个独立的法人 实体，拥有的资产由基金会理事会负责管 理。信托的资产由受托人持有。就列支敦 士登的信托基金而言，没有最低资本要求。 而基金会的最低资本要求为 30000 瑞士法 郎、30000 欧元或者 30000 美元。 结论 随着富裕的中国人逐渐了解信托基金和基 金会以及它们在管理资产时能够同时保持 灵活度和控制权，他们预计将更加接受这 些工具。作为一个以资产保护出名的司法 管辖区，列支敦士登能够提供更高水平的 服务和建议，来满足亚洲不断增长的富裕 人士的特殊需要。

offering the possibility for succession planning and ensuring the continuity of the administration of the assets in the event of death of the founder/settler.

Further possible purposes of Foundations and Trusts include: • Securing the economic future of family members • Perpetuating the life's work of the founder/settler • Charitable purposes Moreover, Liechtenstein legal entities can protect against general political or judicial risks. As mentioned above, in Liechtenstein a Trust can be set up according to foreign Trust law, whereas a Liechtenstein Foundation can only be set up according to Liechtenstein law. Unlike the Trust, the Foundation is a separate legal entity that owns the assets managed

by the Foundation Council. The assets of a Trust are under the ownership of the entrusted trustee. For a Liechtenstein Trust no minimum capital is required, whereas the minimum capital of the Foundation is CHF 30'000, EUR 30'000 or USD 30'000.

Conclusion Wealthy Chinese people are expected to grow more comfortable with trusts and foundations as they gradually learn about them and the ways in which they can maintain both flexibility and control over their assets. As a renowned jurisdiction for asset protection, Liechtenstein can provide a more intense level of service and higher level of advice to meet the particular needs of Asian’s growing HNWIs.

2012Autumn Trusts & Foundations 2012, China Offshore

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在

过去 30 年的时间里，库克群岛一 直是一个领先的国际金融中心。 对大多数成熟的富裕者和企业客

户来说，库克群岛是一个能够提供综合性国 际服务的首选目的地。库克群岛位于南太平 洋上，地处新西兰东北部、塔希提岛东部和 夏威夷南部。它地理位置优越，能够为全球 的客户提供法律和金融服务。 库克群岛以创新服务和拥有应对全球 市场变化和要求的快速反应能力而闻名。随 着最近全球银行业经营环境的变化，库克群 岛在金融业的监管和监督方面的排名变得 非常高。由于政府的支持和行业的积极运 作，该司法管辖区能够在保证价格竞争力。 更为重要的是，在确保卓越服务的前提下， 库克群岛能够维持其多样化的法律和金融 服务。 《中国离岸》独家专访了库克群岛金 融服务发展管理局首席执行官 Jennifer A. Davis 女士，她介绍了该司法管辖区如何帮 助您有效地保护您来之不易的财富。 Jennifer 为律师、顾问和客户提供咨询 服务，旨在根据他们所处的环境来优化他们 的财务结构。作为国际金融服务的提供者， 她拥有多年的行业经验。Jennifer 从事复杂 的国际公司交易工作，并且为企业和高净值 人士提供财富管理的策略。作为首席执行 官，Jennifer 担负着发展库克群岛国际金融 服务产业、推动开发新市场的使命。 问：与其他司法管辖区相比，库克群岛 在资产保护方面有哪些独特之处？在目前 的经济情况下，人们为什么应该把自己的财 富放在库克群岛？ 答：自从于 1989 年在国际信托法中加 入了资产保护功能后，库克群岛一直被认为 是能够提供最优资产保护的司法管辖区。立 法的强度与受托人的专业水准相互辉映，它 们让库克群岛在超过 20 年的时间里一直保 持享有良好的声誉。对亚洲的客户来说，库 克群岛拥有独特的地理位置，便于开展亚洲、 欧洲和北美之间的业务。此外，，我们深受 客户青睐的原因之一是我们的受托人在各个 地区拥有大量的经验和广泛的网络，而不仅 限于一个细分客户市场。这使得库克群岛的

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库克群岛： 保护您财富的理想之选

Copublished Report

Cook Islands:

An Ideal Place to Protect Your Wealth Leo Zhang

A

s a leading international finance center for three decades, the Cook Islands is a prime choice for sophisticated international services for the most discerning wealthy clients and corporate entities. Located in the South Pacific northeast of New Zealand, east of Tahiti, and south of Hawaii, the country boasts an ideal location and a global client reach for its legal and financial services.

T h e C o o k I s l a n d s i s k n ow n fo r its innovative services and ability to respond quickly to changes in and d e m a n d s f ro m t h e g l o b a l m a r ke t .

With the recent changes in the global banking environment, the Cook Islands is ranked very highly for its regulation and oversight of the financial industry.

With a supportive government and proactive industry, the jurisdiction has been able to maintain its sophisticated legal and financial services at competitive prices and, most importantly, with an outstanding level of service.

China Offshore has an exclusive interview with Jennifer A. Davis, CEO of Cook Islands Financial Services Development Authority, who talked about how the jurisdiction can help effectively protect your assets.

Jennifer advised attorneys, advisors, and clients on the optimal structures for their situation, backed by years of experience working from the perspective 2012 Trusts & Foundations

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受托人能够处理各种各样的企业和私人客户 工作，提升它们对个人客户的价值。 就企业和财富管理需求而言，人们应 该选择库克群岛，这是因为其规划结构背 后的立法强度以及服务供应商的专业水准。 客户需要与他们的财富委托管理人在一起 的时候感觉到非常放心愉快。我们发现， 客户最初可能会认为他们只会使用库克群 岛的信托产品，但是当他们看到受托人公 司能够提供的成熟服务后，都不约而同地 带来了更多的业务。 问： 请介绍一下库克群岛在资产保护和 财富管理方面的各种法律、法规和条例的发 展历史？最新发展是什么？这对投资者来说 意味着什么？库克群岛仍然是所谓的“避税 天堂”吗？ 答： 库克群岛于 20 世纪 80 年代第一 次确立了自己作为国际金融中心的地位，当 时它制定了国际公司法，这对新西兰和澳大 利亚的公司是很有吸引力的。不久之后，该 地区颁布了国际信托法、国际合伙制法、国 际保险法和离岸银行法。客户市场和需求的 变化导致众多的立法进行了修订，其中包括 在国际信托法中加入了保护功能。这为库克 群岛开辟了新的客户市场，并且巩固了其作 为国际金融中心的地位——库克群岛能够快 速地响应客户的需求，并且利用专业知识 来帮助客户处理复杂且仅有细微差别的各 式问题。 初期监管不是那么严格，但是与所有国 际金融中心一样，库克群岛需要提升监管的

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of the international service providers.

Jennifer managed complex international c o r p o ra te t ra n s a c t i o n a l wo rk a n d structured wealth management strategies for businesses and high net worth individuals. In her role as CEO, Jennifer is charged with growing the Cook Islands international financial services industry and promoting the jurisdiction to new markets.

Q: Compared with other jurisdictions, what is unique in Cook Islands in terms of asset protection? Under the current economic scenario, why should people put their money in the islands?

A: Since enacting the asset protection features of its International Trusts

legislation in 1989, the Cook Islands has been regarded as the premier jurisdiction for asset protection. The strength of the legislation combined with the expertise of trustees has allowed the Cook Islands to maintain this reputation for over twenty years. For Asian clients, the Cook Islands is uniquely located geographically allowing for ease of business between Asia and Europe and North America. In addition, clients like that the trustees have significant experience and networks in all regions, not just one niche client market. This allows Cook Islands trustees to handle a wide variety of corporate and private client work increasing their value to individual clients.

People should choose the Cook Islands for their corporate and wealth management needs because of the strength of the legislation underlying their planning structures and the level of expertise of the service providers. Clients need to feel comfortable with the people with whom they are entrusting their wealth. We find that clients might think they are going to use the Cook Islands for their trust only and invariably they bring more business to the trustee companies after seeing the sophisticated services of which the companies are capable.

Q: Please introduce the history of

Copublished Report 照片提供 Photo by Philips Wong

强度来满足国际标准。根据 2009 年亚太地 区相互评估报告，库克群岛中排名第二，在 该地区仅次于新加坡。这意味着库克群岛比 香港、澳大利亚、新西兰、美国和许多其

库克群岛位于南太平洋上，地处新西兰东北部、塔希提岛东部和夏威夷南部。它地理位置优越， 能够为全球的客户提供法律和金融服务。

Located in the South Pacific northeast of New Zealand, east of Tahiti, and south of Hawaii, the country boasts an ideal location and a global client reach for its legal and financial services.

他国家拥有更好的排名。库克群岛也是唯 一没有不符合标准项目的司法管辖区。领 先的地位让库克群岛能够很好地迎接任何 未来可能施加的监管标准。 库克群岛金融监督管理委员会一直在评 估相关的规定，确保库克群岛采用国际最佳 的规范。这个流程包括平衡国际要求与如何 适应库克群岛具体业务之间的关系。 除了行业监管以外，库克群岛正在寻求 客户群的多样化。要实现这一目标，必须能 够为客户提供多样化的服务。库克群岛于 2008 年颁发了有限责任公司法，旨在满足 现有客户的需求，并且逐年实现了强劲的 增长。 2012 年 6 月，库克群岛颁布了基金会 法，旨在满足来自亚洲和民法司法管辖区的 需求。基金会给客户提供了信托以外的一种 选择，它对那些不太熟悉信托概念的客户来 说拥有极大的吸引力。该法案同样包括了国 际信托法中的资产保护功能。 专属自保保险法于 2012 年年底颁布， 其目的是吸引大型自保公司和私人自保公 司。国际公司法正在经历修订，虽然目前 的法律非常强大，它仍然需要现代化和吸 引新兴的市场。2013 年，我们将迎来独立 公司法和共同基金法。在创建这些法律的 过程中，库克群岛一直于国际服务供应商 和特定领域的专家进行紧密的合作。

various laws, rules and regulations on the islands for asset protection and wealth management. What are the latest developments? What do they mean to investors? Is the Cooks Island still a "tax haven"?

A: The Cook Islands first established itself as an international finance centre in the early 1980s with the enactment of the International Companies Act which was attractive to New Zealand and Australian companies. Soon thereafter came the International Trusts Act, International Partnerships Act, International Insurance Act, and Offshore Banking Act. Shifts in client markets and demand led to numerous amendments of the legislation including the asset protection features of the International Trusts Act. This opened up new client markets for the jurisdiction and cemented its standing as an IFC that was responsive to client needs and had the expertise to handle the complexities and nuances of client issues.

The early days were light on regulation but as with all IFCs, the Cook Islands had to elevate its regulations to

international standards. After the Asia Pacific Group Mutual Evaluation Reports in 2009, the Cook Islands ranked NO. 2 in the region, behind only Singapore.

This means the Cook Islands had better ratings than Hong Kong, Australia, New Zealand, the United States, and a host of other countries. The Cook Islands was also the only jurisdiction with zero non-compliant ratings. This places the Cook Islands in a great position for any future regulatory standards that may be imposed as they are ahead today.

The Cook Islands Financial Supervisory Commission is in a continuous state of evaluating regulations and ensuring that the Cook Islands is employing international best practices. This is done through a process of balancing international requirements with specific businesses in the Cook Islands.

In addition to the regulatory side of the industry, the Cook Islands seeks to diversify its client base and to achieve this there must be a diversity of services available to clients. The Limited Liability Companies Act was enacted in 2008 to 2012 Trusts & Foundations

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照片提供 Photo by Rosanne Wong

问：库克群岛最热门的资产保护产品 是什么？他们如何保护投资者的利益，并 且帮助他们发展自己的财富？

库克群岛是唯一没有不符合标准项目的司法管辖区。领先的地位让库克群岛能够很好地迎接 任何未来可能施加的监管标准。

The Cook Islands was the only jurisdiction with zero non-compliant ratings.

答：就库克群岛的资产保护功能而言， 最出名的是其所提供的国际信托。因此， 信托一直以来都是最重要的产品。许多客 户也选择库克群岛公司或有限责任公司， 作为建立信托的基础实体。库克群岛的有 限公司法以特拉华州的法律为蓝本，并且 植入了资产保护的好处，其中包括对资产 扣押令补救措施的限制。 当遇到债权问题时，资产保护功能旨 在保护建立这些结构的客户的利益，他们 同样可以使用信托作为整体财富规划的一 个方面。债权人必须在资产转移到信托后 的两年内针对欺诈性转让或转易提起诉讼。 假设债权人在规定的时间内采取行动，他 们必须对欺诈行为提出超越合理的怀疑， 这对他们来说是很大的负担。库克群岛并 不承认破产。 如果案件进入法院，债权人和客户可 以放心，所有的利益方将得到公平地对待， 因为库克群岛的高等法院由新西兰法官监 管，其对国际金融法的分析和解释水平是 受到高度尊敬的。

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address demand from existing clients and shows strong growth year over year.

In June 2012, the Foundations Act was enacted to address demand from Asia and civil law jurisdictions. Foundations allow clients an alternative to trusts and show great appeal with clients who are less familiar with the concept of trusts. The legislation also includes the asset protection features found in the International Trusts Act. Captive insurance legislation will be enacted late 2012 with the aim of attracting both larger company captive work and private captives.

The International Companies Act is in the midst of an overhaul, but while the current legislation is strong, the legislation is in need of modernization and features that appeal to growing markets. The year 2013 will see the

creation of a Segregated Companies Act and a Mutual Funds Act. In creating legislation, the Cook Islands works closely with service providers internationally as well as current experts in particular fields.

Q: What are the most popular assetprotection products on the islands? How can they protect the interest of investors and help them grow their wealth?

A: The Cook Islands are best known for the asset protection features available within its international trusts; therefore, trusts have long been the most significant product. Many clients also choose a Cook Islands company or LLC to use as an underlying entity to their trust. Cook Islands LLC legislation is modeled after the American state of Delaware’s legislation and has built in

Copublished Report

问：对中国的富裕人士和投资者来说， 库克群岛最大的卖点是什么？你们如何鼓 励中国人来到合理投资？他们这样做最大 的好处是什么？他们有什么顾虑吗？ 答：许多中国人熟悉和 / 或与澳大利亚、 新西兰及南太平洋地区保持联系。库克群 岛位于亚洲和北美之间，能够方便中国客 户开展业务。此外，库克群岛是日界线以 东的最后一个司法管辖区，这让中国客户 的工作从字面上来说在前一日就能够完成。 库克群岛的受托人公司通过持股与亚 洲有着紧密的联系，公司结构应该可以为 中国客户带来舒适感，让他们觉得库克群 岛能够理解他们的需求。库克群岛致力于 发展中国客户市场，一直看重与中国同事 和他们的客户保持长期的合作关系。中国 客户渴望高效和成熟的服务，而库克群岛 擅长提供这个级别的服务。同样，客户会 把更多的工作交给库克群岛的受托人，即 便它们不直接与库克群岛的结构相关。这 是因为他们知道，专业人士可以处理自己 的企业和财富规划需求。 问： 库克群岛能够提供什么样的信托和 基金会专业服务？现有的客户有哪些？你 们希望吸引的潜在客户是谁？ 答： 库克群岛能够提供了全方位的信 托和基金会服务，并且有许多其他的功能作 为补充。让库克群岛的受托人公司感到骄傲 的是，它们能够为每一个客户提供高端和成 熟的服务。公司会为客户度身定制结构，根 据具体情况来满足每个客户的需求。虽然许 多客户的信托和基金会可能在形式上有所类

asset protection benefits, not the least of which is the limitation to a charging order remedy.

The asset protection features are designed to protect the interests of clients who have set up their structures when they had no creditor issues and use the trust as one aspect of their overall wealth planning. Creditors must bring forth an action for fraudulent transfer or conveyance within two years of a transfer to a trust. Assuming the creditor does so within the prescribed timeframe, they must establish the higher burden of proof of beyond a reasonable doubt that fraud was committed. The Cook Islands does not recognize bankruptcy.

Should cases reach the courts, both creditors and clients can feel comfortable that all interests will be fairly evaluated a s t h e C o o k I s l a n d s H i gh C o u r t i s overseen by New Zealand judges and is highly regarded for the quality of its analysis and interpretation of the international financial legislation.

Q: As for Chinese wealthy people and investors, what are the biggest selling points of the Cook Islands? How do you encourage Chinese to put their money into the islands? What are their biggest

benefits of doing so? Do they have any concerns?

A: Many Chinese are familiar with and/or have ties with the Australia-New Zealand-South Pacific region. The Cook Islands are located halfway between Asia and North America providing ease of doing business for Chinese clients.

In addition, the Cook Islands is the last jurisdiction east of the dateline allowing Chinese client work to literally be completed yesterday.

Cook Islands trustee companies have strong ties to Asia through ownership and company structures that should give Chinese clients comfort that the Cook Islands understands their needs.

The Cook Islands is committed to the development of the Chinese client market and values the importance of developing strong long-term relationships with Chinese colleagues and their clients.

Chinese clients desire efficient and sophisticated services and the Cook Islands is known for this level of service.

Again, clients tend to bring more work to their Cook Islands trustee, even if not directly tied to their Cook Islands structure, as they know the professionals can handle their corporate and wealth planning needs.

似，但是客户可以放心，每个结构的细节是 个性化的。大多数客户的目标通常是相同的： 扩大财富，保护财富，享受财富。每个客户 对它们的定义以及他们为家族或者企业设 立的长期目标是因人而异的。库克群岛的 受托人擅长根据每个客户的情况建立合适 的理财计划。 库克群岛国际信托的资产保护功能起源 于 20 世纪 80 年代美国的诉讼案例。因此， 大多数的信托客户来自北美，而来自亚洲的 客户比例也越来越大。如今，有越来越多的 国家面临类似的诉讼问题。亚洲客户家庭和 商业利益的全球化提升了，库克群岛信托、 基金会和其他实体的吸引力。虽然有许多专 业人士是库克群岛的客户，但是库克群岛的

2012 Trusts & Foundations

S21

典型客户是私营企业的老板，他们希望为业 务、继承计划、财富管理和财产规划建立相 应的结构。绝大多数的库克群岛实体是用 来满足客户的长期需求的。 在吸引客户的类型方面，库克群岛没有 特别的偏好。库克群岛实体的吸引力是广泛 的，适合各种类型的客户。在包括中国在内 的一些地区，财富增长的速度更快，这使得 库克群岛的服务对中国客户非常有吸引力， 特别是那些拥有国家化家族和业务的客户。 库克群岛希望吸引全球各地的优质成熟客 户，他们看重能够保护他们的监管标准， 他们希望获得高水准的服务，他们认为强 大的法律体系是其规划获得成功的关键。 问：就金融服务行业而言，你们如何 吸引海外客户，特别是来自中国的客户。 作为一个离岸中心，你们会如何在提升透 明度和保护客户隐私之间做到平衡？ 答： 吸引来自任何地方的客户都不是短 时间能够实现的事情。客户需要了解能够满 足他们特殊需求的选择、不同司法管辖区之 间的差异、以及服务比成本更为重要。大多 数客户永远不会与债权人发生磨擦，也不会 遇到对他们财富的攻击。但是如果出现最坏 的情况，非常重要的一点是，客户的服务提 供商在处理困难情况时拥有丰富的经验。正 是在这些情况下，库克群岛能够显示自己 的实力。 就吸引来自中国的客户而言，库克群 岛认识到有必要参与行业会议，并且与中国 的中介机构和客户建立关系。如果客户不了 解你，最好的立法和服务也没用。库克群岛 的受托人公司与亚洲保持着紧密的关系，并 且正在使用这些网络来扩大它们的中国客户 群。正如库克群岛基金会所证明的那样，有 能力满足市场的需求能够说服客户库克群岛 能够快速地响应市场需求的变化。

S22 Trusts & Foundations 2012

Q: What kinds of professional trust and foundation services can the Cook Islands provide? What are your existing clients? What potential clients do you want to attract?

A: The Cook Islands provides a full range of trust and foundation services and a host of other functions to compliment those entities. Cook Islands trustee companies pride themselves on providing high end sophisticated services to each client. Structures are customized to suit the needs of each client situation.

While many client trust and foundation structures may be similar in form, clients can rest assured that the specifics of each structure are individualized. The goals of most clients are typically the same: to grow, protect, and enjoy their wealth.

How each client defines that and what their long-term goals are for their family or business results in different paths for different clients. Cook Islands trustees are expert at creating the right wealth management plan for each client’s path.

The asset protection features of Cook Islands international trusts were born out of the litigious nature of the US in the 1980s. As a result, the majority of trust clients are from North America with a growing percentage from Asia.

Many more countries today have similar litigious issues. Globalization of families and business interests by Asian clients has increased the attractiveness of Cook Islands trusts, foundations and other entities. While there are a significant number of professionals who are Cook Islands clients, the typical Cook Islands client is a private business owner looking to create structures for business and succession planning as well as wealth management and estate planning. The vast majority of Cook Islands entities are set up for long-term client needs.

There is no particular client profile that the Cook Islands is trying to attract.

The appeal of Cook Islands entities is

broad across numerous client types.

Wealth is expanding in places like China at a higher rate than elsewhere which makes the services of the Cook Islands appealing to Chinese clients, particularly those with international family and business scenarios. The Cook Islands wants to attract quality sophisticated clients worldwide who welcome the regulatory standards in place to protect them, who demand a high level of service, and who appreciate the importance of strong legislation as the key to the success of their planning.

Q: In terms of the financial services industry, how do you attract overseas clients, especially those from China? As an offshore center, what are you going to do in terms of balancing the need for more transparency with the need to protect the privacy of the clients?

A: Attracting clients from anywhere does not happen quickly. Clients need to be educated on options for their particular needs, the differences between jurisdictions, and the importance of service over cost. Most clients will never have issues with creditors or attacks on their wealth, but should that worst case scenario occur, it is vital that the service provider with whom the client is working has experience in handling difficult scenarios. It is in those times that the strength of the Cook Islands shines.

In terms of attracting clients from China, the Cook Islands recognizes the need to be present at industry events and establishing relationships with Chinese intermediaries and clients.

The best legislation and service mean nothing if clients do not know who you are. Cook Islands trustee companies have strong ties to Asia and are using those networks to expand their base of Chinese clients. The ability to respond to market demands, as in the case of Cook Islands foundations, shows clients that the Cook

Copublished Report

照片提供 Photo by Alex Avancini

目前，平衡金融服务的监管和发展事 宜主要由国际代理机构负责。所有的国际 金融中心都面临着同样的问题，其中很多

让任何国际业务或财富规划结构有效的关键所在不是隐私和保密性，而是实体所在地的法律 实力。库克群岛已被证明拥有强大和高效的法律体系，这最能让客户感到安心。

The Cook Islands has proven the strength and effectiveness of its legislation - that should be the greatest source of comfort for clients.

是由银行系统产生的。 大多数问题都将集中在这一水平，而 库克群岛擅长满足或超过国际监管标准， 并且根据当今的标准最大限度地保护客户 的隐私。最新发布的一份报告是经合组织 的全球论坛第一阶段同行评审，其中库克 群岛就做得非常好。 在过去十年中，由于监管强度的提升， 隐私受到了极大的侵蚀，但是它并没有彻底 消失。库克群岛的许多客户并不想向监管机 构隐瞒什么，他们希望获得的隐私是个人层 面的。大量的财富会吸引不必要的注意，在 一些国家还会给家人的安全带来威胁。将国 际结构融入个人的财富、遗产规划以及企业 中，这能够为客户建立隐私。 让任何国际业务或财富规划结构有效 的关键所在不是隐私和保密性，而是实体 所在地的法律实力。库克群岛已被证明拥 有强大和高效的法律体系，这最能让客户 感到安心。

Islands can quickly respond to changes in market needs and demands.

Balancing the regulatory and development aspects of financial services is largely driven by international agencies at this stage. All IFCs are faced with the same issues and much is driven by the banking system. Most issues will be focused at that level, and the Cook Islands has excelled at meeting or exceeding the international regulatory standards while at the same time preserving client privacy to the extent allowed under today’s standards. The most recent report was the OECD’s Global Forum Phase 1 Peer Review in which the Cook Islands did very well.

Privacy has been greatly eroded through increased regulation in the last

decade, but it has not yet disappeared.

Many Cook Islands clients are not looking for privacy from regulatory authorities but rather on a more personal level. Great wealth can attract unwanted attention and put one’s family in potentially dangerous scenarios in some countries.

Incorporating international structures into one’s wealth and estate planning as well as one the business side can create privacy for clients.

The key to making any international business or wealth planning structure work is not privacy or secrecy, but rather it is the strength of the legislation on which the entities are based. The Cook Islands has proven the strength and effectiveness of its legislation--that should be the greatest source of comfort for clients.

2012 Trusts & Foundations

S23

奥地利私人基金会 The Austrian Private Foundation 奥地利私人基金会的合法地位

• the total amount of assets endowed to the foundation are included in the non-public by-laws.

奥地利私人基金会本身是一个法人实体，它没 有股票，也没有股东。它只需一份公证书就能 够建立，创建人能够在不可撤销或可撤销的 前提下建立基金会。需要注意的是，只有作为 创始人的个人才能够撤销基金会。不如，作为 创始人的法人或个人可以随时修改公开章程 和非公开的附录。 基金会的章程是一份公开的文件，里面规定 了基金会的一般情况，包括基金会的名称、 席位、是否可撤销以及创始人是否预期要修 改基金会的章程。 类似以下内容的重要细节 • 受益人的名称，

• 受益人能够获得的款项，以及 • 基金会的资产总量

将会被收录在非公开的附录里。 创始人可以指定任何人作为受益人，并且可 以随时增加额外或者新的受益人。

Legal status of an Austrian private foundation

The founder can denominate any beneficiary he thinks of and can, denominate additional or new beneficiaries whenever he likes to do so.

如果创始人过世了，会发生什么？

What happens after the founder has deceased ?

One of the major benefits is, that the death of the the foundation, neither taxwise nor otherwise.

When the founder has endowed his assets to the

individuals as founders can at any time amend both the public charter as well as the non-public by-laws.

The charter of the foundation is a public document and governs general topics like the name of the foundation, its seat and whether it is revocable or irrevocable and whether the founder has foreseen the possibility to amend the charter of the foundation or not.

The important details like • the names of the beneficiaries, • the payments which have to be effected to the beneficiaries and

Private Banking 2012 024S20 Offshore Autumn,&2012

no inheritance tax coming due. Rights embedded in the position of being a founder cannot be inherited according to Austrian law.

The non-public by-laws of the foundation usually foresee, that after the founder has died those individuals or corporate entities or associations whom he has foreseen in the non-public by-laws will become beneficiaries.

Becoming beneficiary of an Austrian private foundation does not trigger any inheritance tax or estate tax.

创始人的权利

奥地利私人基金会法规定基金会必须至少有 以下企业实体： • 管理委员会 • 审计师

into existence with the help of a notarial deed whereby

a foundation. Nevertheless both juridical persons or

left to be inherited and as a consequence there is also

基金会非公开的附录通常规定，在创始人过 世后，其在附录里规定的个人、企业实体或 者协会将成为受益人。成为奥地利私人基金 会的受益者不会触发任何继承税或遗产税。

founder does not have any impact on the situation of

that only individuals acting as founders can revoke

accrual left for the heirs. Logically there is nothing

奥地利基金会创始人的权利非常广泛： • 他选择第一任管理委员会的成员 • 他可以随时修改章程和非公开的附录 • 他可以决定支付给受益人的金额以及何时支付 • 他可以决定他死后财产如何分配 • 他可以知道管理委员会如何投资和投资何种 产品 • 他可以随时撤消基金会 • 他可以随时增加额外或者新的受益人

per se, it has no shares and no shareholders. It comes

irrevocable or revocable basis. It is important to note,

foundation and therefore will not form part of the

主要的好处之一是创始人的死亡无论在税收 方面还是其他方面对基金会的运营不会产生 任何影响。当创始人将其资产给予基金会后， 这些资产就成为了基金会的合法财产，因此 不再是继承人所应得财产得一部分。从逻辑 上来说，由于没有东西需要继承，也就没有 需要支付的继承税。根据奥地利的法律，创 始人的权利不能被继承。

The Austrian Private Foundation is a corporate entity

the founder can establish the foundation on an

foundation they become legal property of the

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The rights of the founder

审计师

The rights of the founder of an Austrian foundation are

法律规定年度账户必须经由注册公共会计师进 行年度审计。此外，基金会委员会的所有成员 有权向竞争法庭提出要求，进行外部审计。

very far reaching: • he selects the first board of management • he can amend the charter and the non-public by-laws at any time • he can determine how much is paid, to whom, and when

Auditor

一 般 而 言， 基 金 会 的 付 款 会 被 认 为 是 其 他 收入，因此仅在受益人作为居民的国家进行 征税（如果有此项税）。在奥地利与其他国 家签署的 88 项税收协定中，大部分是上述 的情况。只有当缔约国没有根据广义税务协 定第十条对红利收入进行定义时，对此类支 付的征税权利属于奥地利。然而，在几乎所 有的类似税收协定中，预提税被大幅地削减 了，范围为 5％至 15％。收款人还可以在本 国申请外国税收减免。因此，我希望邀请您 来奥地利创建基金会，这将为您带来好处！

• he can determine what happens after his death

Law determines that the annual accounts have to be

• he can give guidelines to the management board of

audited by a Certified Public Accountant every year.

how to invest and into what

Furthermore every member of the foundation's board

• he can revoke the foundation at any time

has the right to request such an extraordinary audit by

• he can determine additional or new beneficiaries at

lodging such a request with the competent court.

Taxation of the beneficiaries

基金会的征税

In case of non-resident beneficiaries living in non-treaty

any time The Austrian Private Foundation Act governs that the foundation has to have a minimum of corporate bodies, which are: • the management board and • the auditor

管理委员会 创始人有权选择第一任管理委员会，除非法 庭对委员会进行提名。后者仅在创始人未在 章程中制定不同的规则时适用。

The management board

countries payments made to such beneficiaries are due

奥地利国内的税法规定对国内和外国的红利 不征税，对出售其他公司股份的国内和外国 资本利得也不征税。从一定程度上来说，通 过基金会的帮助利息收入也可以实现免税。 基金会的最低资本金授予额度为 7 万英镑， 这些资金可以在后期被用来投资，而不会被 锁定。在成立时，基金会收到的净资产将仅 需支付一次性 2.5% 的税。

the founder has not foreseen a different regulation in the charter.

Provided such a beneficiary is living in a treaty country the relevant tax treaty regulations have to be applied.

The general rule is that payments from foundations are considered as other income and therefore only taxable in the country where the beneficiary is resident, if at all. This is the case in the majority of the 88 tax

对基金会、财产授予者或受益人 • 无净值税 • 无赠予税 • 无继承税

treaties Austria currently has with other countries.

Only in case of a treaty with a country, which does not have an extensive definition of dividend income in Art 10 of the very tax treaty, the right to levy taxes upon such payments is left in Austria. Nevertheless in

The first management board is selected by the founder, otherwise the court nominates the board, but only, if

to a 25 % withholding tax at source.

Conclusion

almost all cases of such treaties the withholding tax

Using an Austrian private foundation can lead to

%, whereby the recipient of such a payment will be

enormous advantages not only taxwise but also be

granted a foreign tax credit in his home country.

is significantly reduced, ranging between 5 % and 15

very helpful in preserving and protecting assets and net wealth for a family.

Furthermore an Austrian foundation might open ways to avoid problems concerning formalities of a will or claims of spouses or other family members in case of an inheritance.

Together with a generally friendly tax climate in Austria the Austrian Private Foundation is a perfect tool for • dynastic wealth planning • managing wealth tax-free • preserving assets for a family • Sharia compliant structures • legally avoiding income tax and inheritance tax burdens I may therefore invite you to go the Austrian way, it pays off !

受益人的征税 如果受益人是非本国居民且居住在没有缔结 税收条约的国家时，向此类受益人支付的金 额将被收征 25％的预提税。当受益人居住在 缔约国时，相关税收协定的规则将适用。

2011 年 8 月于维也纳 Erich Baier， 工商管理硕士、法学硕士（国际税法） TEP 注册税务顾问 Vienna, August 2011 Erich Baier, MBA, LL.M. (Int’l Tax Law) TEP Certified Tax Advisor

Bilanz-Data Wirtschaftstreuhand GmbH Schwarzenbergstraße 1-3/14a 1010 Vienna, Austria Phone: (+43 1) 516 12 0 Fax: (+43 1) 516 12 14 Email: baier@austrian-taxes.com 2012, Autumn China Offshore

025

观点 | OPINION

王昊 Hao Wang

北京瑞银律师事务所

律师 Lawyer

www.rayyinlawyer.com 创 始 合 伙 人

wh@rayyinlawyer.com

之一，全球受托人与财产管理从业者 协会 (STEP) 唯一中国大陆地区的会 员。 她又是英国卫达士律师事务所的 外国律师。该律所是全球最著名的信 托律师所，管理着英国四分之一富翁 的财产。

Ms. Wang is the founding partner and

managing partner of RayYin & Partners P.R.C Lawyers. She specializes in foreign investment,

trusts, merger & acquisition, financial market and corporate. Apart from advising trust

companies on corporate or commercial trusts, Ms. Wang also has rich experience with estate planning for wealthy individuals.

对“遗产大战”说不 Say No to the "War of Legacy"

中

国人一般不愿意谈论与死亡有关 的话题，中国的富人对这一话题则 更避讳莫深。福布斯中国家族企业

继承问题调查显示，中国上市的企业中，只 有不到 5% 的企业完成了第二代交班工作。 根据各大银行统计，截至 2011 年，中国富 人资产规模达到一亿元的，超过六万人，平 均年龄 43 岁；身价达到 10 亿元人民币的 群体，超过四千人，平均年龄 50 岁。这部 分人在 10 年之后，就会面临财产交接班的 问题。 与此同时，中国富人对财富有强大的控 制欲望，希望家族内部成员控制掌管家族 企业，这也免不了产生家庭事务方面的纠 纷。这在《中国信托法》的起草中就可略窥 一二。在西方普通法系国家，“信托”意味 着委托人把财产的所有权转移给受托人。而 中国信托法对于信托的定义则特别强调了是 “委托人把财产委托给受托人”而不是将财 产所有权转移给受托人。 这些不愿意谈论继承问题，对资产有强 大控制欲望的中国富人，多半具有复杂的家 庭结构，而且在不同程度上拥有海外身份以 及位于不同司法辖区的不同种类的资产。下 面这个案例几乎囊括了我们今天要讨论的中 国富人的所有特点：成功人士、海外身份、 海外资产、国内资产、家庭结构和资产状况 复杂。

S26 026 Trusts & Foundations Autumn, 2012 2012

C

hinese people are generally reluctant to talk about death-related topics.

These topics are especially taboo for China's rich. A survey by Forbes on family business succession issues shows that in China's listed companies, only less than 5% of them have organized a business shift to a second generation. As of 2011, according to the statistics from major banks, the number of Chinese wealthy with personal assets of more than 100 million yuan exceeded 60,000 with an average age of 43 years old.

The number of the group with personal assets of more than 1 billion yuan exceeded 4,000 with an average age of 50 years old.

They will face the issue of how to transfer their assets to the next generation in about a decade.

At the same time, the Chinese rich have a strong desire for control over their wealth, and hope that the internal members of the family can take charge of the family business.

As such, there are inevitably disputes over family issues. This is reflected in the drafting of the Chinese Trust Law. In western countries with common law, trust means that settlor transfers the ownership of the property to the trustee. However, the

Chinese trust law’s definition on the trust particularly emphasized that the settlor entrusts the property to the trustee instead of transferring the ownership of the asset to the trustee.

The Chinese rich, who are reluctant to talk about succession and have a strong desire to control assets, mostly have complex family structures, and to varying degrees, they have overseas identities as well as the different types of assets that are located in different jurisdictions. The following attributes virtually cover every aspect of the features of Chinese rich nowadays: successful people, overseas identity, overseas assets, domestic assets, family structure and complex asset allocations.

In 2007, Mr. Liu died in China due to illness. He left behind a huge sum of money, but the succession plan was unclear. Since Mr. Liu died due to sudden illness, the fact that he didn’t have a plan of action for this contingency seemed to be in line with the Chinese people's traditional psychological behavior. This tradition has inevitably led to a uproar over the distribution of estates.

OPINION | 观点

2007 年，刘先生在中国病逝，他留下 了一笔数额巨大却分配不明的遗产。由于刘 先生是突发疾病而英年早逝，因此其未在生 前立下遗嘱的行为也合乎中国人的传统心 理，但这样的传统却不可避免地引发了一场 遗产分割的轩然大波。 事实上，刘先生作为旅居海外多年的艺 术家和商人，其财产并不仅仅分布于中国， 在美国也拥有不菲的资产。而位于美国的那 部分财产因已在刘先生生前设立了家族信 托，所以并没有在其突然离世后引发任何争 议，但留在中国的多处房产，多家公司的股 权，银行存款和百余幅艺术品则成为了下面 这场遗产争议的焦点。他与前妻生有一子， 取得了美国绿卡；跟现任妻子也有一个孩子； 其兄弟在内地企业的实际运营中起着非常重 要的作用。 2007 年 11 月，其现任妻子李女士作为 刘先生的遗孀，就遗产纠纷问题向某市法院 提起了诉讼，称其于 2006 年同刘先生与其 前妻王女士的儿子刘甲，以及刘先生的弟妹 共同签署了一份协议书，其中约定李女士将 得到刘先生留下的超过 70% 的遗产。但同 年 9 月底，刘甲突然要求和李女士均分遗产， 因此该争议被诉诸法律。与此同时，刘先生 的长子刘甲在美国提起诉讼，当地法院判定 刘甲拥有刘先生遗产的临时管理权。虽然李

In fact, as an artist and businessman living abroad for many years, Mr. Liu’s property was not only located in China, and he had a large part left in the United States. As for the property located in the United States, Mr. Liu had set up a family trust; therefore there was no dispute over it after his death. However, several real estate assets, equities of several companies, bank deposits and hundreds of pieces of artworks become the focus of the following dispute over the estate.

He and his former wife have a son, who obtained a US green card. He also has a child with current wife, and his brothers also play a very important role in the actual operation of enterprises in the Mainland.

In November 2007, as Mr. Liu’s widow, his current wife Ms. Li filed a lawsuit to a city court concerning the inheritance disputes. She claimed that she signed an agreement with Mr. Liu, his son’s ex-wife Ms. Wang (Liu Jia), and Mr. Liu’s brothers and sisters. The agreement

stipulated that Ms. Li would get more than 70% of the legacy left by Mr. Liu. However, at the end of September of the same year, Liu Jia suddenly requested that he would have the equal distribution of the legacy with Ms. Li. Thus, she resorted to the court to solve the dispute. At the same time, the elder son of Mr. Liu, Liu Jia, filed a lawsuit in a United States court and the local court found that Liu Jia had the temporary management rights over Mr. Liu’s heritage. Although Ms. Li and Liu Jia reached a settlement out of court in terms of the litigation, it was already the end of 2008 and the family business and its brands significantly stalled due to the year-long dispute, which seriously affected the normal development of this typical family business. Moreover, there were a lot of uncertainties with regards with the fulfillment of the settlement agreement. Even in 2011, the younger son of Mr. Liu, Liu Yi, had to bring his elder brother to court, as the property transfer had not been performed.

女士和刘甲最终就诉讼、遗产分割和刘氏集

在中国人传统的家天下观念中，“肥水不留外人田”是一条几乎不可逾越的底线，因此，富 人阶层中有不少人开始通过自己或要求子女以签订婚前协议的形式来保证辛苦打拼的家业不会徒

团管理权等问题达成了庭外和解，并分别向

然落于所谓“外人”的手中。

中美两国法院撤诉，但当时已是 2008 年底，

In the traditional Chinese concept of home, “leaving the benefits back at home instead of offering them to outsiders” is an almost insurmountable bottom line.

刘先生生前倾尽心血打造的产业包括刘氏集 团和刘氏系列品牌因为这场持续了一年多的 风波而停滞不前，严重影响了这样典型的家 族式企业的正常发展。而且，就和解协议的 履行也存在很大的不确定性。直到 2011 年， 刘先生的小儿子刘乙还因财产过户得不到履 行而不得不将其大哥告上法院。 在中国人传统的家天下观念中，“肥水 不留外人田”是一条几乎不可逾越的底线， 因此，富人阶层中有不少人开始通过自己或 要求子女以签订婚前协议的形式来保证辛苦 打拼的家业不会徒然落于所谓“外人”的手 中。然而，对于拥有巨大家族产业的人来说， 其家庭结构通常会相对复杂，即使没有因为 婚姻关系而出现的“外人”，单是有血缘关 系的“内人”可能就人数众多，财产如何在 这些人之中分配无疑也是一件让人头痛的事

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观点 | OPINION

优秀的规划模式可以使辛苦打江山的财产拥有人凭借自己多年的商海经验和卓越的商 业敏感在家庭成员之间进行权衡，进而根据资产类型和规模等因素合理地分配给具有不同 优势和特质的后人。

An excellent planning model can help the owner of hard-earned family business strike a balance amongst family members based on his years of business experience and strong commercial sensitivity. 情。其实，无论财产分配是否牵涉上文所述 的“外人”，借助专业人士的力量来管理和 规划家族事业绝对是明智之选。然而，中国 人平素虽并不像西方人那样注重隐私的保 护，可一旦涉及到家族内部的金钱纠葛时就 十分忌讳外人的介入了，这些外人中还包括 理财师和律师——但只要挑选到真正的专业 人士，他们作为理性的第三方能够为整个家 族的平稳发展提供客观而高效的帮助，并且 可以在家庭成员出现变化时及时调整各自名 下财产的安排，最大程度地避免和平息争议。 对于掌握巨额资产的富人来说，只停留 在对遗嘱的认知阶段，对于其家族的产业的 传承是远远不够的，因为他们不仅注重遗产 的顺利继承，更关心财富的不断增值以及整 个家族的长盛不衰，而这样的需求使得未雨绸 缪的财产规划变得更加必要。优秀的规划模 式可以使辛苦打江山的财产拥有人凭借自己 多年的商海经验和卓越的商业敏感在家庭成 员之间进行权衡，进而根据资产类型和规模 等因素合理地分配给具有不同优势和特质的 后人，同时也可以安排一部分资产由专业的 财富管理人员进行管理，预设分配条件，保 障相对家族中相对弱势的成员的利益，更确 保这些财产不会被不合理地使用甚至挥霍一 空。这样清晰而全面的规划方式在客观上尽 可能地避免了日后引发遗产继承纠纷的可能。 财富管理和财产规划专家们需要体会和 理解财产所有人的分配意愿和要求，对其家 庭结构、家族关系和财产类型等情况进行充 分了解，并熟稔各种财产管理结构和相关法 律法规。现在，中国的富人阶层选择聘请专 业团队为自己量身打造财富管理和财产规划 方案已经越发得到认同，这不仅是因为同样 的方式已在西方世界成熟且成功地运作了数 百年，更因为他们意识到这是一项福泽后代 且势在必行的选择。

S28 028 Trusts & Foundations Autumn, 2012 2012

In the traditional Chinese concept of home, “leaving the benefits back at home instead of offering them to outsiders” is an almost insurmountable bottom line.

Therefore, many wealthy people start to ask their children to guarantee their hardearned wealth and family business by signing a prenuptial agreement to protect them from being in the hands of the socalled "outsiders". However, for a person who has a huge family business, the family structure is usually relatively complex.

Even if there are so-called “outsiders” due to the marital relationship, there could a large number of “insiders” with blood relationships. How to allocate property among these people is certainly a headache. In fact, regardless of whether the distribution of property involves "outsiders" as described above, tapping the efforts of professionals to manage and plan the family business is a wise choice.

However, although Chinese people don’t seem to care much about protection of privacy in daily life as the westerners do, when it comes to money disputes within the family, it is a taboo to let outsiders get involved. These outsiders also include financial planners and lawyers - but as long as they select the true professionals, these people, as a rational third party, can help objectively and efficiently ensure smooth development of the entire family, and avoid and quell the controversy by adjust property arrangements in a timely manner when there is a change in family members.

For the wealthy people who have huge assets, it’s not enough to just be aware of the wills in terms of the succession of family business. These individuals cannot only focus on the smooth succession of the estate, and they also realize the longterm prosperity of the family is of utmost importance. This has made preemptive estate planning more necessary. An excellent planning model can help the owner of hard-earned family business strike a balance amongst family members based on his years of business experience and strong commercial sensitivity. Based on the types and scales of the properties, they could be distributed to the future generations with different advantages and characteristics. Meanwhile, professional wealth managers with preset allocation conditions that could help protect the interests of the relatively weak relative family members and ensure that the property will not be squandered can manage some parts of the assets.

Such a clear and comprehensive approach to planning can help avoid inheritance disputes in the future by the largest degree.

Wealth management and estate planning experts need to appreciate and understand the wishes and demands of the property owner. They should have a full understanding of the family structure, family relations and property types, as well as be familiar with a variety of property management structures and related laws and regulations. Nowadays, China's wealthy choose to hire a team of professionals to work out tailor-made wealth management and estate planning programs. The concept has been widely recognized not only because it has been a mature and successful method in the West for a number of years, but also because they’ve realized that it’s an inevitable choice to benefit the future generations.

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中国：

与其他在民法中纳入信托概念的亚洲国家一样，财产授予人在设立 信托后将继续享受一些权利。这包括获得信托管理的相关信息（包 括收入与支出的信息）以及有权要求受托人对其活动做出解释。

离岸行业新的曙光？

特别值得一提的是，中国的信托法中有规定，如果有特殊原因，财 产授予人可以要求受托人修改管理信托资产的方式，前提是现有的 方式不符合信托的目的或者对受益人不利。

Ogier 在中国的经验 2011 年 7 月，Ogier 成为第一家在中国大陆开设办事处的离岸律师事 务所。Ogier 在中国的办公室是由董事总经理 Kristy Calvert（施煜琼） 负责运营。Kristy 有十多年的法律从业经验，之前曾是力拓中国 / 亚洲 的法律总监，并且在澳洲和亚洲的国际律师事务所工作过。她的母语 是普通话和上海话。上海办公室与我们在香港的中国区团队紧密合作， 其中包括能操普通话、上海话、粤语和英语的专业人士以及在英属维 尔京群岛（BVI）、开曼群岛、耿西岛和泽西岛等主要离岸司法管辖区 拥有执业资格的律师。大多数评论家认为，香港很可能是中国客户的 首选上市目的地，而对来自东南亚的客户来说，新加坡很可能更具吸 引力。

如何使用离岸工具？ Ogier 曾协助首个泽西岛注册企业在香港证券交易所上市的案子。此 外，常驻香港的合伙人 Nathan Powell 亦协助了嘉能可（使用泽西上 市工具）在香港证券交易所上市，这是 2011 年全球规模最大的首次公 开募股。另一位常驻香港的合伙人 Marcus Leese 定期为超高净值的 个别人士利用离岸公司（通常为英属维尔京群岛或开曼群岛）购买飞 机提供建议。毫无疑问，我们所看到了企业在进行首次公开募股前对 离岸工具使用的需求正在不断增长。而泽西的工具特别用于伦敦上市。 根据我们在目前市场中的经验，随着中国经济的持续增长，相比美元 基金，人民币基金似乎获得更多的关注。因此，客户现在更愿意使用 离岸工具来构建这种类型的基金。

受托人须遵守信托文件的规定，处理信托业务必须使得受益人的利 益实现最大化。他在履行职责时必须相当小心，在履行自己的义务 时必须诚实、守信、谨慎和有效率。 在中国信托法下，受益人的地位受财产授予人的权利所影响。事实上， 法律规定，受益人可以行使财产授予人所享有的权利。如果在行使这 些权利时受益人与财产授予人持有不同的看法，他可以申请让人民法 院做出裁决。 中国信托法的合同性质塑造了信托各方当事人之间的关系。虽然从 广义上来说，在普通法下受托人和受益人享有相似的权利，但是财 产授予人的角色则完全不同。财产授予人可以享受受益人的所有权 利，并且如果受托人有严重的疏忽，财产授予人可以罢免受托人。 因此，财产授予人是信托关系中权利最大的一方。这与普通法司法 管辖区所采取的理念形成鲜明的对比。

结论 基于 Ogier 在香港的经验，客户对离岸产品（特别是信托）有很大 的需求。我们开始看到我们的劳动成果，并且为进一步发展我们在 中国业务前景而感到兴奋。随着中国对境外法律服务的需求越来越 旺盛，作为第一家入驻中国市场的离岸律师事务所，Ogier 的上海 办事处将加倍利用此优势，尽量满足客户的需求。

此外，我们还发现，中国人已有多年使用离岸服务的经验，他们使用 离岸工具来集合自己、朋友和（或）相关企业的私募股权投资基金。 因此，离岸法院的诉讼（譬如股东类型纠纷）变得更加频繁，尤其在 英属维尔京群岛。 最后，根据我们在中国的经验，我们注意到高净值人士越来越注重建 立某种形式的离岸信托或受托结构带来的好处和其可能性。为什么会 出现这样的情况呢？在我们看来，尽管中国的富裕人士总体来说要比 世界其他地方的富裕人士年轻（因此对建立架构毋需操之过急），但 是他们开始认识到将业务转化为信托会如何帮助他们防止企业分化， 并且能够有效地将财富传递到下一代。另一种潜在并且着实让人吃惊 的因素是自 2001 年以来，中国已经拥有了自己的信托法，这意味着 中国客户已经对这个概念有所了解，而大多数欧洲人却不明白它。

中国的信托法 中国的信托法于 2001 年推出。根据中国的法律，信托的基本原理 是财产委托人将他或她的财产委托给受托人，受托人根据财产委托 人的意愿，以符合受益人的利益或预期的目的，管理或处置这些 财产。中国的信托法要求信托必须以书面形式呈现。这意味着中 国的信托法与合同法有着密不可分的关系。在此基础上，财产授予 人的突出身份创造了一个三方信托的关系。

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Autumn, 2012

Kristy Calvert 施煜琼 China Managing Director 总裁 , 中国区 +86 21 6075 6528 kristy.calvert@ogier.com

Sponsored Article

China:

A New Dawn for Offshore? associates. As a result, litigations (for instance shareholder type disputes) have become more frequent in offshore courts, such as the BVI in particular.

Finally, in terms of our Chinese experience, we are noticing a very much greater awareness among high net worth clients of the possibilities and advantages of establishing some form of offshore trust or fiduciary structure. Why is this the case? It seems to us that even though the Chinese wealthy are on the whole younger than the wealthy in other parts of the world (and hence do not see the immediate need to worry about structuring), they are beginning to see how settling a business into trust can assist in preventing fragmentation and can have the effect of transferring the wealth from one generation to the next. Another possible, and indeed surprising factor, is that since 2001 China has had its own trust law which means Chinese clients have a familiarity with the concept which, for instance, most Europeans do not.

China's Trust Law

Steve Meiklejohn, Partner +44 1534 504462 steve.meiklejohn@ogier.com

The Ogier Experience in China In July 2011, Ogier became the first offshore law firm to open an office in mainland China. The Ogier office in China is run by Managing Director Kristy Calvert. Kristy has over a decade of legal experience, having worked previously as Legal Director for Rio Tinto China/Asia as well as with international law firms in Australasia, and she is a native Mandarin and Shanghainese speaker. The Shanghai office works closely with our China Team in Hong Kong, which consists of Mandarin, Shanghainese, Cantonese and English-speaking professionals and lawyers qualified in the key offshore jurisdictions of British Virgin Islands (BVI), Cayman Islands, Guernsey and Jersey. Most commentators are of the view that Hong Kong is likely to be the preferred destination for listing for Chinese clients, and Singapore is likely more attractive for clients from South East Asia.

How Are Offshore Vehicles Being Used?

Ogier assisted in the process of enabling the first Jersey company to list on the Hong Kong stock exchange. Furthermore, Hong Kong based Partner Nathan Powell acted on the Hong Kong Stock Exchange listing of Glencore (using a Jersey listing vehicle) which was the largest IPO in the world in 2011. Another Hong Kong based partner, Marcus Leese, advises regularly on the acquisition of aircraft by ultra high net worth individuals using offshore companies (typically BVI or Cayman) for the acquisition of vehicles. Undoubtedly we are seeing an increased appetite for offshore vehicle use for pre IPO entities to list offshore.

Jersey vehicles in particular are used for London listings. It is our experience in the current market, with China’s growing economy, that RMB funds seem to gain more attention compared with US$ funds and as such, clients are now more prepared to structure such funds using offshore vehicles.

Furthermore, we have discovered that the Chinese have experience using offshore services for a number of years, as they have used offshore vehicles to pool their private equity investments with their friends and/or business

China's trust law was introduced in 2001. The underlying principle behind the trust under Chinese law is based upon the settlor entrusting his or her property rights to the trustee who, according to the will of the settlor, will administer or dispose of such property in the interest of a beneficiary or intended purpose.

The requirement that trusts must be in writing means that Chinese trust law is inextricably connected to contract law. This, combined with the prominence of the settlor, has the effect of creating a tripartite trust relationship.

As with the other Asian civil law countries that have embraced the trust, the settlor continues to enjoy a number of rights after the creation of the trust.

The settlor enjoys the right of access to information about the administration of the trust, including its income and expenses, as well as the right to request explanations of the trustee's activities.

Especially noteworthy is the provision that if there are special reasons, the settlor may ask the trustee to modify the methods for administering the trust property if the existing methods are not favourable to the purpose of the trust or the beneficiaries.

The trustee is required to abide by the provisions in the trust documents and handle trust business in the best interests of the beneficiaries. He must be careful in performing his duties and must fulfill his obligations with honesty, good faith, prudence and efficiency.

The positions of the beneficiary under Chinese trust law is coloured by the rights enjoyed by the settlor. Indeed, the legislation provides that a beneficiary may exercise the rights that the settlor enjoys. If while exercising those rights a beneficiary holds views differing from those of the settlor, he may apply to the People's Court for a decision.

The contractual nature of trust law in China shapes the relationships of the various parties to the trust. Whilst, in a broad sense, the trustee and the beneficiary enjoy similar rights as under the common law, the role of the settlor is quite different. The settlor enjoys all of the rights of the beneficiary, and in light of the settlor's power to remove the trustee if he is guilty of gross negligence, it may be argued that the settlor is the most powerful party to the trust. This is in stark contrast to the position adopted in common law jurisdictions.

Conclusion

As with the Ogier experience in Hong Kong, there is certainly an appetite for offshore products and for trusts in particular. We are beginning to see the fruit of our labours and are excited at the prospect of developing our links into China further. With the growing demand for offshore legal services in China, Ogier Shanghai office will leverage its first mover advantage and being where our clients need us to be.

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独家报道 | exclusive REPORT

全球信托法规更新一览 Global Trust Law Update

By Tendai Musakwa

越

来越多的中国高净值人士开始认 识到他们需要在财富和继承计划 事宜上采取深思熟虑的策略。将家

族企业延续在后代的手里是中国企业家关注 的另一个主要问题。此外，更高的监管和税 收要求正在加重有效管理财富的成本。信托 是解决这些问题的有效方式之一。 为什么要建立信托？ 在遗产规划、资产保护和税收减免方面，信 托可以发挥重要的作用。虽然中国新生的信 托行业可能会在未来得到发展，但是包括百 慕大、开曼群岛和泽西岛在内的主要离岸 信托司法管辖区已经拥有成熟的信托行业， 并且能够为高净值人士提供稳定和可靠的环 境，帮助他们创建信托。主要的离岸信托司 法管辖区同样能够提供经验丰富的专业受托 人，他们专门提供信托和与信托相关的服务， 并且能够提供务实和高效的意见。 了解信托 信托是一个具有法律约束力的安排，其中的 一个（财产授予人）向另一人（受托人）转 移资产，后者成为资产的所有者产，并且有 责任按照指定的方式对它们进行，符合相关 指定人的利益（受益人）。 财产规划是建立离岸信托的首要原因。 信托基金可用于持有资产，让家庭在全球范 围内使用单一、连贯的结构来整合他们的财 富，使得财富能够长期持有，不依赖于特定 的个人。 建立离岸信托也可以帮助保护资产，因 为信托中资产的合法注册人是受托人，而不 是财产授予人。在这种方式下，离岸信托可 以不让潜在的债权人接近资产。此外，离岸 信托同样可以帮助减少房地产税以及将税务 负担转移给受益人，后者往往只需要承担较 低的税级。 在考虑在何处设立离岸信托时，最好先 熟悉不同离岸司法管辖区的信托法规。下面， 我们选择性地提供了主要离岸目的地的主要 信托法律条款。

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T

here is a growing awareness among China's high net worth individuals (HNWI’s) of the need for a considered approach towards wealth and succession planning. The continuation of family business into future generations is another major concern for Chinese entrepreneurs.

Furthermore, greater regulatory and tax requirements are increasing the cost of managing wealth effectively. Trusts can be an effective way to solve all of these problems.

Why Establish a Trust?

Trusts can play an important role as vehicles for estate planning, asset protection and tax mitigation. While China's nascent trust sector will likely see growth in the future, major offshore trust jurisdictions such as Bermuda, the Cayman Islands and Jersey already have well established trust industries, and offer high net worth individual’s stable and dependable environments in which to create trusts. Major offshore trust jurisdictions also offer experienced professional trustees who specialize in providing trust and trust-related services and can provide practical and efficient advice.

Understanding Trusts A trust is a legally binding arrangement in which a person (the settlor) transfers assets to another person (the trustee), who becomes the owner of the assets and is obligated to administer them in a specified manner for the benefit of specified persons (beneficiaries).

Est a te pl a nning is t he prima ry reason for establishing offshore trusts.

Trusts can be used to hold assets in a way that allows families to consolidate their worldwide wealth in a single coherent structure that allows long-term ownership and does not depend on a particular individual.

Establishing offshore trusts may also help in asset protection, as assets in a trust are legally registered to the trustee not the settlor; in this way, offshore trusts can shield assets from potential creditors. In addition, offshore trusts can also help minimize estate taxes and shift income tax burden to beneficiaries, who may be in lower tax brackets.

In considering where to establish offshore trusts, it is helpful to familiarize with the regulations governing trusts in different offshore jurisdictions. Below is a selective guide to the main provisions affecting trusts in key offshore locations.

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百慕大

Bermuda

在百慕大，只要签署了信托文件并且财产授

In Bermuda, trusts can be set up as soon as a trust document is signed and the settlor transfers property to the trustee.

In addition, trusts set up in Bermuda do not have to be registered, except for trusts that have assets that include Bermuda land.

There is no requirement for trustees to be resident in Bermuda and there are no restrictions on who may act as a trustee. It is recommended, however, that Chinese who plan to create a trust in Bermuda have at least one trustee who is resident in Bermuda to ensure that Bermuda courts will accept jurisdiction over the trust should the need arise.

Generally, no tax is levied on Bermuda trustees if the trust they administer holds non-Bermuda currency or nonBermuda real estate assets. According to Bermuda's Stamp Duties Amendment

予人将资产转移给受托人后，信托就能够被 建立。此外，在百慕大建立的信托不需要注 册，除非信托中的资产包括百慕大的土地。 受托人也不需要是百慕大的居民，对受 托人的身份也没有限制。然而，我们建议对 那些计划在百慕大建立信托的中国人来说， 他们应该至少有一名受托人是百慕大的居 民，以确保在需要时百慕大的法院可以接受 信托所属的司法管辖地。 在一般情况下，如果百慕大的受托人管 理的信托持有非百慕大货币或者非百慕大房 地产资产，他们无需缴税。根据 2008 年的 百慕大印花税修正法案，拥有房地产或者当 地货币在内的百慕大资产的信托需要交纳印 花税。

开曼群岛 在卡曼群岛建立信托没有具体的流程或者监 管要求。只要财产授予人和受托人签署信托 文件并且财产授予人将初始信托财产转移给 受托人，信托就能够建立。在开曼群岛建立 信托不要求当地居民作为受托人，对受托人 的身份也没有任何限制。 开曼群岛没有直接税收，受托人、财产 授予人和受益人都无需支付所得税、继承税

Act of 2008, however, trusts that contain Bermuda-assets such as real estate or local currency do incur stamp duty.

Cayman Islands There are no specific procedures or regulatory requirements needed to establish trusts in the Cayman Islands; trusts can be established as soon as the settlor and trustee have executed the trust document and the settlor has transferred the initial trust property to the trustee. Setting up trusts in the Cayman Islands does not require a resident trustee, and there are no restrictions on who may act as trustees.

There is no direct taxation in the Cayman Islands, so neither trustees, nor settlers nor beneficiaries are charged income tax, inheritance taxes or other taxes on trust income, regardless of

财产规划是建立离岸信托的首要原因。信托基金可用于持有资产，让家庭在全球范围内使用 单一、连贯的结构来整合他们的财富，使得财富能够长期持有，不依赖于特定的个人。

Estate planning is the primary reason for establishing offshore trusts. Trusts can be used to hold assets in a way that allows families to consolidate their worldwide wealth in a single coherent structure.

和其他与信托收入相关的税收，无论他们是 照片提供 Photo by Jackie Yeung

不是开曼群岛的居民。对大多数信托来说， 唯一的费用是信托建立时需要支付约 50 美 元。为了进一步保护资产，信任可以被注册 为“豁免信任”，这意味着在长达五十年的 时间里，开曼群岛实行的法律不会对信托中 的任何资产或者收入征收任何收入或者资本 利得税。在开曼群岛，只有不设受益人的信 托可以被注册为豁免信托。

库克群岛 外国人在库克群岛建立的信托基金必须进行 登记。必须通过库克群岛持牌受托人公司进 行外资信托登记的申请，在信托各方就信托 的条款达成一致并且提供所有相关的信息 后，相关注册流程通常需要一天的时间。注 册一个信托的费用是 200 美元，而每年注册

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续期的费用也相同。持牌受托人公司就注册 信托收取的费用会根据每个受托人公司的费 率而有所不同。 在库克群岛建立的外资信托应至少有一 名受托人是库克群岛持牌受托人公司、库克 群岛公司或者是在库克群岛注册的外资公 司。只要根据上述受托人类型其中之一建立 信托，对拥有非居民受托人没有相关的限制。 只要在库克群岛建立的外资信托继续保 持外资信托的注册身份，该信托的任何外国 受托人和所有其他各方都不需要交纳任何形 式的税收。如果库克群岛的居民从库克群岛 的信托或者建立在其他地方的信托中获得收 入，他们需要交纳相关的税款。

whether or not they are resident in the Cayman Islands. The only fee levied on most trusts is an approximately $50 duty that is payable whenever a trust is established. For further protection, a trust can be registered as an "exempted trust," which means that for a period of up to fifty years, no law enacted in the Cayman Islands imposing any income capital or taxes will apply to any property comprised or income arising under the trust. Only trusts with no beneficiaries in the Cayman Islands can be registered as exempted trusts.

耿西岛

Cook Islands

在耿西岛，信托可以通过受托人的声明或者

Trusts established by foreigners in the Cook Islands have to be registered. An application for registering a foreign trust must be made by a Cook Islands licensed trustee company and usually takes a

财产授予人和受托人之间的协议而建立。耿 西岛的受托人需要进行注册，除非他们是专 业的受托人。而对非居民受托人没有相应的 限制。

S34 034 Trusts & Foundations Autumn, 2012 2012

day to complete after the parties to the trust agree to the terms of the trust and provide all the information needed. The fee to register a trust is $200, which is the same amount of money required for the annual renewal of a trust’s registration. Fees charged by licensed trustee companies to register the trust will vary according to the rates of each trustee company.

Foreign trusts established in the Cook Islands should have at least one trustee that is a Cook Islands licensed trustee company, a Cook Island company or a foreign company registered in the Cook Islands. There are no restrictions on having non-resident trustees as long as they act alongside one of the types of trustees mentioned above.

As along as a foreign trust established in the Cook Islands maintains its registration as a foreign trust, any foreign trustee and all other parties to the trust will not be subject to any form of taxation. Cook Islands residents are liable to local taxation if they receive a distribution from a Cook Islands trust or from a trust established anywhere else.

Guernsey In Guernsey, trusts may be created through a declaration by the trustee or through an agreement between the settlor and the trustee. Trustees in Guernsey do to have to be registered unless they are professional trustees and there are no restrictions on having nonresident trustees.

Although there is no express requirement that private trusts be set up in writing, this is the usual practice in Guernsey. According to the Guernsey Charities and Non-Profit Organizations Law of 2008 charitable trusts have to be registered with the Guernsey Director

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Artha Trust reg. 是位于列支敦士 登公国的依家拥有特许经营权的信 托公司，且在全球范围内活跃地开 展业务。它同样是列支敦士登专业 受托人协会的成员。 就企业法而言，我们能够提供个性 化的组织结构。可以根据客户的需 要，为其度身定制继承和税法方面 的解决方案，整合出客户专享的独 特结构。 我们的核心业务是法人实体以及其 会计帐目和银行帐户的构建和管 理。我们与列支敦士登和瑞士最有 信誉的各大银行进行合作。 我们在以下领域提供广泛的服务： ·设立法人实体 ·后台办公室服务 ·资产保护 ·咨询和重组 ·个人继承安排的准备 ·管理顾问

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Taking account of company law considerations, we offer individual organisational structures. Law of succession and tax law aspects can be accommodated according to individual needs, by integration into specifically customised structures.

Our core business lies in the fields of organisation / administration of legal entities and their accounting records and bank accounts. We cooperate with the most reputable and major banks in Liechtenstein and Switzerland.

We offer extensive services and contacts in the following fields: · Setting up legal entities · Back-office service · Asset safeguarding · Consulting and reorganisation · Preparation of personal succession arrangements · Management consultancy

With our many years of experience in the Liechtenstein financial sector and our excellent business relations with domiciled banks and businesses we dedicate ourselves to the individual counselling of private persons, foundations, companies and associated families. The Family Office assumes the structuring and investment of your assets, with you as asset holder and settlor retaining decision-making authority over the strategic focus.

In our capacity as a family office, we support our clients with the widest possible range of services.

As a rule, we recommend potential clients take advantage of a nonbinding and free-of-charge initial consultation at our offices.

We also specialise in operating from Liechtenstein in all jurisdictions of offshore financial centres and are able to offer our own directors for operative Swiss companies (limited by shares, LLC). Thanks to our global contacts, we handle the setting up of companies and foundations in different jurisdictions on your behalf, and organise the administration according to your stipulated requirements.

If you need further information or clarification, please do not hesitate to contact us by e-mail: postmaster@artha-trust.com Artha Trust reg. has a solution for most client needs, and will be delighted to assess your individual requirements.

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虽然没有明文规定私人信托必须以书面 形式建立，但这在耿西岛是通常的做法。 根据 2008 年耿西岛慈善和非盈利组织法， 慈善信托需要在耿西岛所得税主管那里登 记，慈善信托相关的某些细节将予以公开。 慈善信托基金的资本如果低于 10000 英镑 （16126 美元），它们的收入低于 5000 英 镑（ 8063 美元），或者它们由受耿西岛金 融服务委员会监管的机构进行管理，就无需 进行注册。所有希望获得公众募捐的慈善信 托基金必须进行登记。 耿西岛的居民如果从信托中获得受益， 他们将需要缴税。当一个信托的全部收入都 支付给居住在耿西岛以外的受益人，受托人 的税务责任仅限于来自耿西岛的信托收益和 耿西岛的银行利息。当一个或多个受益人是 耿西岛的居民时，受托人的税务责任仅限于 在耿西岛居住的受益人所获得的收入。

香港 根据香港的法律，信托是私人的安排。因此， 香港的信托无需进行登记，建立信托安排只 需要财产授予人、受托人及任何其他有关同 意即可。在香港，对受托人的居住地没有要 求，对受托人的身份也没有其他限制。 香港没有资本利得税，也不征收赠与税。 因此，内地居民在香港建立信托持有内地资 产，无需缴纳税款。然而，通过赠予或者出 售转让香港房地产或者香港证券需要支付印 花税。而持有香港资产的大陆信托可能会被 征收此印花税。

马恩岛 在马恩岛建立信托没有登记或者维护的要 求。需要的仅仅是对可辨认财产加以信托条

S36 036 Trusts & Foundations Autumn, 2012 2012

of Income Tax and certain details about them will be made publicly available.

Charitable trusts are not required to be registered if their capital is less than £10,000 ($16,126), their income is less than £5,000 ($8,063) or they are administered by institutions that are under the regulation of the Guernsey Financial Services Commission. All charitable trusts that wish to solicit donations from the public must be registered.

Guernsey residents are liable to income tax on trust distribution on a receipts basis. When the whole of the income of a trust is payable to beneficiaries resident outside Guernsey, the tax liability of the trustee is restricted to trust income that comes from Guernsey, apart from Guernsey bank interest. In cases in which one or more beneficiaries are resident in Guernsey, the tax liability of the trustees is restricted to income to which the beneficiaries that are resident in Guernsey are entitled.

Hong Kong Trusts are private arrangements under Hong Kong Law. Hong Kong trusts are therefore not registered and entering into trust arrangements only requires the agreement of the settlor, the trustee and any other parties involved. There are no requirements related to the residency of a trustee in Hong Kong and no other restrictions as to who may act as a trustee.

Hong Kong does not tax capital gains and does not levy gift tax; therefore, trusts holding mainland assets established by mainland residents in Hong Kong have no tax liability. There is, however, a stamp duty imposed on the transfer by gift or sale of Hong Kong real estate and on Hong Kong securities. This stamp duty

may be levied on mainland trusts that hold Hong Kong assets.

Isle of Man There are no registration or maintenance requirements for the setting up of trusts in the Isle of Man. All that is required is the imposition of trust terms on identifiable property, meaning that a trust is usually constituted as soon as property is transferred to the trustee.

However, charitable trusts should be registered with the Isle of Man General Registry, trusts that receive taxable income should be registered with the Income Tax Division and trusts that are pension schemes should be registered w i t h t h e I n s u ra n c e a n d Pe n s i o n s Authority.

Manx law does not require trustees to be licensed or registered in the Isle of Man in order for a trust to be valid.

In addition, there is no general rule prohibiting non-resident trustees under Manx law.

Non-Manx resident trustees and Manx resident trustees are not liable to tax on non-Manx source income that is distributed to non-Manx beneficiaries, but they may be liable to taxation on Manx source income. Taxes may also be imposed when the beneficiaries of a trust include Manx residents.

Jersey There is no requirement under Jersey law to register trust documents. As such, trusts in Jersey may be established by means of a written declaration signed by the trustee alone without the requirement that the settlor appear as a party to the instrument.

All income from outside Jersey that goes into a trust is tax exempted. In

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款，这意味着只要财产转移给受托人，信托 通常就能够被建立。然而，慈善信托需要在 马恩岛总注册处进行登记，获得应税收入的 信托应该在所得税部门进行登记，而涉及养 老金计划的信托应该在保险及养老金管理局 进行登记。 马恩岛的法律不要求受托人持牌或者在 马恩岛注册作为信托合法的先决条件。此外， 在马恩岛的法律体制下，也没有通用的规则 禁止非居民受托人的存在。 非马恩岛的居民受托人和马恩岛的居民 受托人都不需要就支付给非马恩岛受益人的 非马恩岛来源的收入承担税收责任，但是他 们可能会需要就马恩岛来源的收入进行缴 税。当信托的受益人包括马恩岛居民时，也 有可能需要支付税款。

泽西岛 根据泽西岛的法律，不要求注册信托文件。

addition, Jersey levies no gains, gift or inheritance tax or any other form of capital taxation on trusts. However, when a Jersey resident receives income from a trust, the individual will be assessed Jersey income tax.

I n J e r s e y, a s e t t l o r m a y b e a beneficiary, and in certain circumstances, also act as a co-trustee of the trust. A settlor may not be the sole trustee or the sole beneficiary of a trust.

Malta Trusts in Malta can be created through verbal or other agreements. There are no Maltese statutory restrictions, no formalities and no registration requirements related to the setting up of a trust, meaning that trust can be set up

with relative ease.

According to Malta's Trusts and Trustees Act, which was extensively amended in 2004, a trustee is allowed to be a beneficiary of the trust the trustee administers, as long as the trust has other beneficiaries. Trustees are not entitled to make a profit out of being a beneficiary, however, and should avoid situations giving rise to a conflict of interest.

Under Maltese law, there can only be two kinds of trustees: professional trustees that have the authorization of the Malta Financial Services Authority and private trustees, who are persons related to the settlor or who have known the settlor for over 10 years.

Although private trustees do not need authorization from the Malta Financial Services Authority, they are required to

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照片提供 Photo by Valentine Jackson

因此，在泽西岛建立信托只需要受托人签署 相应的书面声明，而不需要财产授予人出面 作为这个工具的参与方。 在信托中，所有来自泽西岛外部的收入

离岸信托可以帮助减少房地产税以及将税务负担转移给受益人，后者往往只需要承担较低的 税级。

Establishing offshore trusts may help in asset protection, as assets in a trust are legally registered to the trustee not the settlor.

都是免税的。此外，泽西岛不征税任何利得 税、赠与税和继承税，对信托也不征收任何 形式的资本税。然而，当泽西岛的居民收到 来自信托的收入时，个人将需要支付泽西岛 的所得税。 在泽西岛，财产授予人可以是受益人。 在某些情况下，他们也可作为信托的共同受 托人。财产授予人不能是信托的唯一受托人 或信托的唯一受益人。

马耳他 马耳他的信托可以通过口头或其他协议进行 创建。在马耳他建立信托，没有法定限制、 没有手续、也没有登记的相关要求。这意味 着信托的建立相对较为容易。

S38 038 Trusts & Foundations Autumn, 2012 2012

use the services of a depository notary to hold the records of the trusts that they administer. Persons who are licensed to act as trustees in another jurisdiction do not have to obtain additional licensing in Malta; all they have to do is to notify the Malta Financial Services Authority of their intention to act as trustee in Malta at least 45 days prior to commencing their trusteeship.

Malta's Trusts and Trustees Act also recognizes and gives effect to trusts established according the law of another country.

New Zealand No form is required when creating a trust in New Zealand except for trusts that have land or property assets, in which case the trust must be recorded in writing.

There are no licensing requirements for New Zealand trustees and there is no restriction on having non-resident trustees of a New Zealand trust. However, at least one trustee must be a New Zealand trustee.

New Zealand's Income Tax Act of 2007 stipulates that a foreign trust is

exclusive REPORT | 独家报道

根据马耳他的信托和受托人法（于 2004 年进行了广泛的修订），受托人可以是其管 理的信托的一名受益人，前提是该信托还有 其他受益人。但是，受托人无权从受益人的 身份中赚取利润，并且应避免引起利益冲突 的情况。 根据马耳他的法律，只能有两种类型的 受托人：经过马耳他金融服务管理局授权的 专业受托人和私人受托人，后者必须与财产 授予人有关联、或者与财产授予人相熟 10 年以上。 虽然私人受托人不需要从马耳他金融服 务管理局那里获得授权，但是需要使用存放 公证处的服务，来保留他们管理的信托的记 录。在其他司法管辖区的持牌受托人无需在 马耳他获得额外的授权。他们所要做的只 是在受托关系开始前至少 45 天的时间内通 知马耳他金融服务局他们将在马耳他成为 受托人。 马耳他信托及受托人法同样承认根据其 他国家法律建立的信托。

新西兰 在新西兰建立信托一般不需要注册，除非该 信托拥有土地或者物业资产，在这种情况下， 信托必须以书面形式进行记录。 对新西兰的受托人没有持牌要求，对新 西兰信托拥有非居民受托人没有限制。不过， 至少有一名受托人必须是新西兰的受托人。 2007 年新西兰所得税法规定，在信托建 立到最终分配之间，外资信托的财产授予人 必须不是新西兰的居民。外资信托的受托人 不需要就信托的海外收入缴税。但是，国内 信托的受托人需要就其全球收入缴纳税款。 但是值得我们注意的是，如果受益人是 或者可能成为新西兰的居民，这不会影响外 资信托税收中立的身份。在信托建立后，新 西兰的法律同样允许财产授予人成为信托的 受益人。 新西兰法律允许信托协议下拥有托管受 托人及管理受托人。这种安排对中国的财产 授予人是有利的，他们可以指定一个“仅仅 负责执行”的托管信托人，他们根据中国大 陆的执行受托人给出的指令进行管理。鉴于 财产授予人居住在新西兰以外的地区，该信

a trust whose settlor is not resident in New Zealand in the period between when the trust is set up and when the final distribution is made. A trustee of a foreign trust is not liable to pay tax on the overseas income of the trust. A trustee of a domestic trust is liable to pay tax on its worldwide income, however.

S i g n i f i c a n t ly, t h o u g h , h av i n g a beneficiary that is or might become a resident of New Zealand does not compromise the tax neutrality of a foreign trust. New Zealand law also allows for settlers to become beneficiaries of trusts once the trust has been established.

New Zealand law allows for trust arrangements in which there are custodian trustees and managing trustees. Such arrangements can be useful for Chinese settlors, who can appoint a custodian trustee on an "execution only" basis in which they implement instructions given to them by managing trustees based in mainland China. Provided that the settlor remains outside New Zealand, the trust could still be regarded as a New Zealand foreign trust and retain its tax neutrality in New Zealand.

US It is fairly easy to establish trusts in the US, as all that is needed is a settlor, a trustee and the terms of the trust. Trusts do not have to be funded by the settlor at the time that the trust is established, and trusts do not need to be registered or filed in any office at the time of their formation.

Trustees of US trusts must be US residents. Non-US residents can only serve as co-trustee with a US resident.

There are no other restrictions on having non-resident trustees.

Taxation of a trust and its beneficiaries in the US depends on whether or not the 2012Autumn Trusts & Foundations 2012, China Offshore

S39 039

独家报道 | exclusive REPORT

托仍然可以被视为新西兰的外资信托，并且 保留其在新西兰的税收中立地位。

美国 在美国建立信托相对较为容易，只需要一个 财产授予人、一个受托人和信托条款。在信 托建立时，信托未必需要由财产授予人提供 资金。在建立时，信托无需在任何办公室进 行登记或者注册。 美国信托的受托人必须是美国居民。非 美国居民只能与美国居民一起作为共同受托 人。对拥有非居民受托人没有限制。 美国的信托及其受益人的税项取决于信 托是否被认为是美国信托还是外资信托，以 及信托有关的重要决定是否由美国的居民做 出。美国信托需要就全球收入缴纳联邦所得 税和州所得税。而外资信托只需要就来源于 美国的收入缴纳联邦税。 就美国税收而言，仅仅当信托在美国建 立，并且包括分配安排在内的重要决定由美 国居民做出时（或者由已经申请美国永久居 住权的个人做出、或者这个人在过去的三年 中在美国居住至少 183 天，其中包括当年的 31 天），这个信托才会被认为是美国的信托。 除非一个人在所得税的意义上变成了美 国居民，他或她无需就信托的非美国收入进 行缴税。然而，只要他或她成为一个美国公 民或居民，这个人将就其对信托的贡献进行 缴税，不管他或她是否从信托中收到任何分 配，也无论信托收入的来源。 对那些选择美国公民权的中国公民来 说，他们可以通过确保对信托有关的决定拥 有很少或根本没有实际控制权，来达到减少 税收的目的。如果信任的结构允许财产授予 人改变分配形式，控制投资并且有权撤换受 托人，那么信托将被视为财产授予人的财产， 并且征收相应的财产税。 那些保留中国国籍的人将就他们位于美 国的信托支付最低的税款，但是当信托向美 国居民或者公民进行分配时，将支付相应的 税款。为了帮助信托的受益人避免收入或赠 与税，信托的设置应该规定具体的财产将在 未来的一个时间点分配给受益人，分配不超 过三个阶段，或者信托的条款规定分配的收 入可以来自信托以外的来源。

S40 040 Trusts & Foundations Autumn, 2012 2012

trust is considered a US trust or a foreign trust and whether or not important decisions related to the trust are made by a US citizen or resident. US trusts are subject to federal income tax and state income taxes on worldwide income. A foreign trust is subject to federal tax only on income from US sources.

For US tax purposes, a trust is treated as a US trust only if the trust is established in the US and if substantial decisions of the trust including distribution arrangements are made by a US citizen, a person who has applied for permanent residency in the US or if a person has been present in the US for at least 183 days over the past three years, including 31 days in the current year.

Until an individual becomes a US resident for income tax purposes, he or she is not taxed on the contributions he or she makes to the trust using non-US income. As soon as he or she becomes a US citizen or resident, however, the individual will be taxed on contributions to the trust, regardless of whether or not he or she receives any distributions from

the trust and regardless of the source income of the trust.

Chinese citizens who choose to take up US citizenship can reduce taxation by ensuring that they have little or no de facto control over decisions related to the trust. If a trust is set up in a way that the settlor up can decide to change the distribution of the trusts, to control investment and to remove and replace a trustee, then the trust would be considered part of the settlor’s estate and estate taxes will be levied on it.

Those who retain Chinese citizenship will pay the least taxes on their US-based trust, but some taxes will still be levied on distributions from the trust made to US citizens or residents. To avoid income or gift tax to a trust's beneficiaries, the trust should be set up in such a way that specific property will be distributed to beneficiaries at some point in the future, distributions are paid to beneficiaries in no more than three installments or the trusts' rules state that the distributions can be made from sources of income outside the trust.

2012 Company Guide 2012, Autumn Formation China Offshore

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Cayman Islands SPOTLIGHT | 聚焦

开曼群岛 您的财富增值基地

The Cayman Islands: Your Fortune Is Guaranteed

By Frances Emery

随

着中国高净值人士的数量逐年增 加，越来越多的人开始了解离岸金 融中心的优势。无论作为保护投资

的方式、还是减少税务负担、甚至为不确定 的未来做出计划，全球最为稳定的离岸金融 司法管辖区在未来将会拥有更多来自中国的 客户。开曼群岛就是其中之一。 虽然开曼群岛是当今世界领先的离岸中 心，但是它的起步之路并不那么简单。20 世 纪 60 年代初，首批来到这里的外国银行家 们需要忍受蚊虫肆虐的热带气候来开垦这片 处女地——就当时来说，开曼群岛成为该地 区最富裕的国家之一是一件几乎不能想象的

A

s the number of China’s high net worth individuals grows each year, more and more are becoming privy to the advantages found in offshore financial centers. Whether it is a way to safeguard their investments, to reduce their tax burden, or to plan for an uncertain future, the world’s most stable offshore financial jurisdictions can expect an increasingly large percentage of their clients to come from China in the future. The Cayman Islands is one of them.

Although it is one of the world’s leading offshore centers today, the Cayman Islands did not have an easy start. Its first foreign bankers endured a mosquito-ridden tropical climate during the early 1960s, an era when becoming one of the region’s wealthiest countries must have been near impossible to imagine. Like so many other Caribbean offshore centers, the Cayman Islands’ beginnings were rooted in a colonial British past, and the chain of events that led to its emergence as a major financial 2012, Autumn China Offshore

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聚焦 | SPOTLIGHT Cayman Islands

事情。像许多其他加勒比海地区的离岸金融 中心一样，开曼群岛最初拥有浓郁的英国殖 民色彩。一系列的变革则促使使其成为一个 重要的金融中心，这在许多方面反映了这个

开曼群岛的大部分企业来自于美国。

国家在过去的五十年一直致力于将自己打造

随着该司法管辖区的活力不断增长，它越来

成离岸司法管辖区的不懈努力。

越多地希望进入亚洲市场，而特别重要的是，

开 曼 群 岛 一 直 处 于 牙 买 加 的 管 理 之

对这个加勒比地区成功故事而言，中国正在

下——直到后者于 1962 年从英国独立出来。

成为一个越来越重要的业务来源。

许多其他加勒比国家选择了独立，而开曼群

The majority of business on the Cayman Islands comes from the US. As the jurisdiction grows in vigor, it is increasingly looking to diversify to Asian markets, and China in particular is becoming a more and more important source of business for the Caribbean success story.

岛决定仍然作为英国的殖民地。这个决定确 定了这个国家的历史过程。牙买加的分裂使 得稳定出现了大量的不确定性，一些位于牙 买加的企业和商务人士因此选择搬迁至开曼 群岛，在这个背后仍然有英国皇室支持的稳 定国家进行投资。资金和专业人士的涌入， 再加上英国普通法制度和该国税收中立的地 位，这些因素帮助开曼群岛建立起了离岸金 融中心，从国际金融行业的发展中受益，并 且受到战后金融自由化进一步推动。 开曼群岛的英国普通法体系以及税收中

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Autumn, 2012

center is, in many ways, an indication of how far the country has come as an offshore jurisdiction over the last five decades.

The Cayman Islands were under the administration of Jamaica until the latter became independent of the UK in 1962. Rather than join the many other Caribbean nations that chose independence, the Cayman Islands remained a British Crown colony; it was a decision that would determine the course of its history. Jamaica’s split led to plenty of uncertainty about its stability, and a number of Jamaica-based businesses and business people relocated to the Cayman Islands as a result, choosing to invest in a country that still had the stability of the crown behind it. The influx of both money and expertise, along with the English

Cayman Islands SPOTLIGHT | 聚焦

立的地位是该国两个主要的优势。这个司法

吸引中国企业的另一个重要因素是开曼群岛公司可在香港证券交易所上市。

Cayman Islands companies can be listed on the Hong Kong Stock Exchange.

管辖区目前被认为拥有全球第五大金融服务 行业。其离岸银行服务是特别先进的，事实 上开曼群岛和瑞士占全球离岸银行业务存款 总额的绝大部分。开曼群岛最初的银行有许 多于六十年代末从巴哈马迁册而来，当时作 为殖民地的巴哈马与牙买加一样展开了独立 运动，这使得大家对国家的未来表示出了担 忧。当时的巴哈马已经是一个发达的离岸金 融中心，拥有数家美资银行，其中大部分愿 意搬迁到一个政治更加稳定和良好的领土。 开曼群岛离迈阿密只需一小时的飞行距离， 并且拥有东部标准时间。这些银行的到来标 志着两大趋势：司法管辖区的加速发展以及 从英国到美国客户的转变。有针对性地向美 国人推广该司法管辖区以及美国和加拿大企 业的到来使得该国于七十年代开始掀起了建 设的热潮。因此，金融服务行业和旅游行业 都经历了显着的增长。 如今，这些经济繁荣时期孕育的果实是

common law system and the country’s tax neutral status, brought about the establishment of an offshore financial center that was able to capitalize on the development of the international finance sector then being propelled by post war financial liberalization.

The Cayman Islands’ English common law system and tax neutral status serve as two of the country’s major draws, and the jurisdiction is currently believed to have the fifth largest financial services sector in the world. Its offshore banking services are particularly advanced, illustrated by the fact that the Cayman Islands, along with Switzerland, dominate the global market for offshore banking in terms of

total deposits. Many of the first foreign banks in the Cayman Islands originally came from the Bahamas in the late sixties when – in a development that echoed Jamaica – an independence movement in the former colony raised concerns about the country’s future. An already well developed offshore financial center, the Bahamas was home to several USowned banks, many of which were glad to relocate to a more politically stable and better located territory; the Cayman Islands is just a one hour flight away from Miami and is on Eastern Standard Time.

The arrival of these banks signaled two trends: the accelerated development of the jurisdiction and a shift from British to 2012, Autumn China Offshore

31

聚焦 | SPOTLIGHT Cayman Islands

不言自明的：开曼群岛的大部分企业来自于 美国。随着该司法管辖区的活力不断增长， 它越来越多地希望进入亚洲市场，而特别重 要的是，对这个加勒比地区成功故事而言， 中国正在成为一个越来越重要的业务来源。 CIL 集团的董事总经理 Michael Liu 表示， 中国是一个相对年轻的市场。与来自世界其 他地区的投资者相比，离岸业的新手往往有 不同的观点和需要。该集团是一家为高净值 个人和企业客户提供财富管理和离岸公司建 立服务的中国公司。有钱的中国人往往更喜 欢将自己的钱投资于大型、知名的离岸司法 管辖区。开曼群岛是刘先生的客户设立离岸 公司首选的金融中心之一，另外一个是作为 中国特别行政区的香港。Liu 先生说：“熟 悉才是最重要的。当（司法管辖区）拥有一 个中国大使馆时，人们会有更多的信心。像 开曼群岛一样的司法管辖区在中国拥有良好 的信誉，从中获得了好处，这是因为有许多 中国企业在海外上市时使用了它们。” Liu 先生说，有效和针对性很强的营销 活动能够帮助那些初到该行业的中国新手更 好地了解开曼群岛离岸产品的好处。而大型 律师事务所的意见同样能够影响人们的感觉。 相比外国人，富裕中国人利用离岸金融的一 个关键的区别点在于他们非常看重专业人士 的意见。因此，满足这种不断增长需求的服 务公司的数量在最近几年不断增加。能够帮 助中国客户使用本国语言来处理离岸金融事 务（无论是参加会议还是签署法律文件）本 身就让离岸专家获得了竞争优势。离岸司法 管辖区的政府正越来越多地雇佣能说中文的

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Autumn, 2012

American clientele. Targeted promotion of the jurisdiction to Americans and the arrival of US and Canadian businesses both contributed to a construction boom that began in the seventies. The financial services industry and the tourism industry both experienced significant growth as a result.

Today, the fruit of these boom years is still self-evident: the majority of business on the Cayman Islands comes from the US. As the jurisdiction grows in vigor, it is increasingly looking to diversify to Asian markets, and China in particular is becoming a more and more important source of business for the Caribbean success story.

China is a relatively young market and newcomers to the offshore industry often have different perspectives and needs when compared to investors from other parts of the world, says Michael Liu, managing director of the CIL Group, a China-based company that advises high net worth individuals and corporate clients on wealth management and offshore company formation. Wealthy Chinese tend to be more comfortable with the idea of investing their money in large, well-known offshore jurisdictions.

The Cayman Islands is one of Mr Liu’s clients’ first two choices of financial center for the setting up of offshore companies – the only exception being Hong Kong, which is governed as a special administrative region within China. “Familiarity matters the most”, says Mr. Liu. “When there is a Chinese embassy [in the jurisdiction], people have more confidence in it. Jurisdictions like… the Cayman Islands have the benefit of a good reputation in China because there are many Chinese enterprises using them when listing abroad.”

Effective and highly targeted m a r ke t i n g h e l p s to m a ke C h i n e s e

newcomers to the industry aware of the benefits of the Cayman Islands’ offshore products, says Mr Liu, while the opinions of big law firms also influence perceptions. One key difference in the way in which wealthy Chinese approach offshore finance, compared to their nonChinese counterparts, is in the weight they place on professional advice. As a result , the number of companies fulfilling the growing need for services of this nature has proliferated in recent years. Being able to give Chinese clients the option of handling their offshore financial affairs in their native language – both when participating in meetings and when signing legal documents – naturally gives offshore specialists a competitive edge. Offshore jurisdictions’ governments themselves are increasingly hiring dedicated Chinese-speaking staff, but where this service is not available advisors such as the CIL Group’s Mr. Liu perform a vital intermediary function. “As a local Chinese consultant, we work with qualified agents and lawyers all over the world who provide offshore structuring services. We are the bridge between the two sides.”

The Cayman Islands owes much of its reputation as a leading offshore financial center – both in China and elsewhere – to its legal system, and the efficacy with which its laws are upheld. The legal system is based on English common law, and several central issues – including corporate power, directors’ fiduciary duties, limited liability and corporate benefit – are largely the same as with English common law. The Cayman Islands’ commercial legislation, however, is said to be far less cumbersome in areas that typically create difficulties and uncertainty under the corresponding statutes in England. The jurisdiction’s Companies Law, for instance, stipulates

Barbados EYE ON | 看点

2012, Autumn China Offshore

33

聚焦 | SPOTLIGHT Cayman Islands

员工，但是当政府不提供此类服务时，包括 CIL 集团的 Liu 先生在内的顾问们就会扮演 一个重要的中介作用。 “作为中国本土的顾问， 我们与世界各地提供离岸架构服务的合格代 理商和律师一起合作。我们是双方之间的桥 梁。” 作为一个主要的离岸金融中心，开曼群 岛的声誉（无论是在中国还是在其他地方） 都在很大程度上得益于其法律制度以及有效 的执行。该国的法律制度基于英国普通法， 几个核心问题（包括企业实力、董事的受信 责任、有限责任公司和公司的利益）都与英 国普通法几乎一样。但是，相比英国相应法 规所带来的困难和不确定性，开曼群岛的商 业法要简单得多。比如，该司法管辖区的公 司法规定，公司股份不仅可以获利赎回，而 且可以从股份溢价账的贷方余额（基于有限 的偿付能力检查）中赎回。同样，虽然英国 法律规定公司不能直接或间接地为第三方收

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Autumn, 2012

t h a t c o m p a ny s h a re s a re n o t o n ly redeemable out of profit but, subject to limited solvency checks, also from the credit balance on share premium accounts. Similarly, while it is unlawful for a company to directly or indirectly provide finance for the acquisition of its own shares by a third party under English law, it is legally permissible in the Cayman Islands – as long as the transaction is demonstrably for the material benefit of the company. As such, the Cayman Islands is often described as an ideal combination of English common law heritage and an extent of adaptability that is far better suited to commercial entities’ modern day needs.

The jurisdiction’s tax regime is another major attraction for investors

and business people looking to minimize their tax burden. There are no corporation taxes on any Cayman Islands company carrying out either domestic business or offshore business.

Specifically, the corporation tax leakage that may arise from structured finance transactions can be prevented with a Cayman Islands’ special purpose vehicle. Another important reason that Chinese business people are making use of Cayman Islands offshore financial structures is the versatility and appeal of these special purpose vehicles, which are extremely useful for bringing foreign capital into China. Both international investors in China and local businesses have found these structures to be an effective way to facilitate the movement

Cayman Islands SPOTLIGHT | 聚焦

购其本身的股票提供资金，但是开曼群岛的 法律允许这样做——前提是只要交易能够为 公司带来明显的实际利益。因此，开曼群岛 常常被形容为英国普通法与更适合商业实体 现代需求的灵活应用之间的一个理想的组合。 对那些希望尽量减少他们的税务负担的 投资者和商务人士来说，该司法管辖区的税 制是另一大亮点。无论是从事国内业务还是 离岸业务， 开曼群岛的公司无需支付企业税。 具体而言，利用开曼群岛的特殊目的工具可 以消除结构性融资交易所可能带来的企业所 得税流失。中国商务人士使用开曼群岛离岸 金融结构的另一个重要原因是这些特殊目的 工具的通用性和吸引力，非常有利于将外国 资本带入中国的。无论是在中国的国际投资 者还是当地的企业，他们都认为这些结构是 一种有效的方式，能够促进全球资本进入包 括中国在内的新兴经济体。 开曼群岛的特殊目的工具通常根据公司 法注册成为获豁免公司，拥有几个显著的特

of global capital to emerging economies, including China’s.

Cayman Islands’ special purpose vehicles are typically incorporated under the Companies Law as an exempted company and have several distinguishing features. Special purpose vehicles do not require government authorisation before they can be incorporated and are not liable for any form of income tax, capital gains tax or corporation tax. Furthermore, Cayman Islands’ withholding tax is not imposed on cash flow. Special purpose vehicles with exempted company status may also obtain a guarantee from the Cayman Islands government that they will continue to be free of tax for a period of 20 years – and, under certain circumstances, up to 30 years.

The legal and administrative

framework within which special purpose vehicles operate is also extremely straightforward. Neither company shareholders nor company directors are required to be resident in the Cayman Islands. Although all special purpose vehicles must have a registered office in the Cayman Islands, there is no requirement that the directors hold meetings in the jurisdiction itself.

Shareholders’ meetings can also take place anywhere in the world. All of this adds to the jurisdiction’s appeal for Chinese and other non-American investors, for whom flying halfway across the world to attend mandatory meetings seems like an unreasonable requirement and often dissuades them from choosing to invest in other offshore jurisdictions overseas.

2012, Autumn China Offshore

35

聚焦 | SPOTLIGHT Cayman Islands

点。特殊目的工具在成立前不需要获得政府 的批准，并且不承担任何形式的所得税、资 本利得税或者公司税。此外，开曼群岛对现 金流不征收预提税。拥有获豁免公司地位的 特殊目的工具同样将获得来自开曼群岛政府

开曼群岛 2012 年每月新公司注册情况 New Companies registered monthly - 2012 类型 Type

描述 Description

的保证，他们将在未来 20 年的期限里获得 免税待遇，并且在某些情况下免税期最长可

FO

外国人 Foreign

以达到 30 年。

NR

非本地居民 Nonresident

特殊目的工具使用的法律和行政框架同 样非常简单。公司的股东和公司董事都无需 是开曼群岛的居民。虽然所有特殊目的工具 必须有一个注册在开曼群岛的办公室，但是 并不要求董事在该司法管辖区内举行会议。 股东大会上也可以在世界任何地方召开。所 有这一切都增加了该司法管辖区对中国和其 他非美国投资者的吸引力。对这些人来说， 绕着地球飞大半圈来参加强制性会议是不合 理的要求，这往往会使得他们选择投资于其 他的海外离岸司法管辖区。

36

38 5

47 8

62 10

22 8

38 8

30 0

36 6

3

开曼群岛政府财政部的金融服务首席官

1月

2 月 3 月 4 月 5 月 6 月 7 月 8 月

员 Dax Basdeo 博士解释说，在开曼群岛设

Jan

Feb

立中国企业的优势包括合理的报告要求、能 够在只有一个股东的情况下建立一家公司、

Mar Apr May Jun Jul Aug

数据来源：开曼群岛 2012 年财政报告 source: Cayman island 2012 financial report

没有最低资本要求以及税务中立。此外，该 司法管辖区的总注册处自 1998 年以来就能 够使用粤语和普通话进行公司注册，这对中 国客户来说有着决定性的影响。其他业内专 家认为，包括金融稳定委员会在内的独立超 国家机构对开曼群岛的认可使得它在中国企 业注册方面成为了一个更具吸引力的司法管 辖区。越来越多的公开上市的中国公司将总 部设在了开曼群岛，其中最出名的包括中国 联通和中国移动。这是该国金融服务业卓越 表现的证明。两个中国最大的银行——中国 银行和中国工商银行——也分别从 1982 年 和 1995 年在开曼群岛经营业务。 Dax Basdeo 博士指出，吸引中国企业 的另一个重要因素是开曼群岛公司可在香港 证券交易所上市。Dax Basdeo 博士表示， 截至 2010 年年底，开曼群岛注册的公司占 所有香港证券交易所上市企业的 37％。而离 岸注册有限公司（OIL）委托编制的一份报 告指出，在研究结果发布时，该司法管辖区 独占基金管理业的榜首。开曼群岛同样被公 认拥有特别发达的基金市场以及一个稳定而 灵活的监管制度。开曼群岛控股公司已成功

36

Autumn, 2012

Chief Officer of Financial Services for the Cayman Islands Government’s Ministry of Finance, Dr. Dax Basdeo, explains that the advantages of establishing a Chinese entity in the Cayman Islands include reasonable reporting requirements, the ability to fo r m a c o m p a ny w i t h o n ly o n e s h a re h o l d e r, n o m i n i m u m c a p i t a l re q u i re m e n t s , a n d t a x n e u t ra l i t y.

The jurisdiction’s General Registry additionally has the ability to register companies in Cantonese and Mandarin since 1998, which often makes all the difference to Chinese clients. Other experts within the industry feel that it is the Cayman Islands’ recognition by independent supranational bodies such as the Financial Stability Board, which makes it a more attractive jurisdiction for the registration of Chinese companies.

The growing number of publically traded

Chinese companies which are based in the Cayman Islands – China Unicom and China Mobile among the best known of them – is proof that the country’s financial service sector is excelling. Two of China’s largest banks, the Bank of China and the Industrial and Commercial Bank of China, have also maintained a presence in the Cayman Islands since 1982 and 1995 respectively.

Another important factor in attracting Chinese business, Dr. Dax Basdeo points out, is that Cayman Islands companies can be listed on the Hong Kong Stock Exchange. According to Dr. Basdeo, Cayman Islands’ companies accounted for 37 percent of all listings on the Hong Kong Stock Exchange at the end of 2010, and a report commissioned

by Offshore Incorporations Ltd (OIL) stated that, at the time of research, the jurisdiction occupied the top spot for fund management. The Cayman Islands is also recognized as having a particularly well-developed funds market, as well as a stable and flexible regulatory system.

Cayman Island holding companies have successfully funded several leading Chinese businesses, among them China’s most popular search engine, Baidu, frequently cited as Google’s Chinese equivalent. The Cayman Islands’ investment holding companies that are listed on the Hong Kong Stock Exchange include Tingyi (Cayman Islands) Holding Corp., which specializes in the production and distribution of instant noodles, beverages and baked goods within China, and Yorkey Optical International (Cayman) Ltd., which is primarily engaged in the manufacture and sale of optical and opto-electronic products’ components.

The private trust business is another area that is growing encouragingly in mainland China in line with the country’s

居住在开曼群岛

Sponsored Article

RESIDENCY IN THE CAYMAN ISLANDS

正确的选择 the right choice

由

于全球经济衰退和世界

岛和小开曼岛。为了获得居住权

各地股市的波动性，对

的资格，申请人必须在本地的房

许多旅客来说，加勒比

地产项目中进行大量的投资，或

海地区看起来是眼下正确的选择。

者达到要求的数量，这个数量将

开曼群岛似乎也成为了投资者之

由开曼群岛政府在新规定出台后

间谈话的主题，这得益于其地理

的移民法规中进行细化。申请人

位置、基础设施建设、安全性以

还必须出示其在无需从事任何类

及健康和稳定的司法体系。就退

型的工作的情况下，在开曼群岛

休养老而言，美丽的开曼群岛是

能够在财力上支持自己和家庭所

完美的地点。

有成员生活开销的证明。此外， 为了有资格申请永久居留权，申

开曼群岛没有物业税，也没有直

请者必须年满十八岁，没有任何

接的税收。但是政府的收入来自

严重的刑事定罪记录、身体健康、

物业销售的印花税、进口关税、

具备足够的医疗保险。

政府授权和相关费用。这里的基 础设施是世界级的，电信网络是

开曼群岛能够提供良好的投资和

最先进的，航空公司能够提供可

房地产机会。对七里海滩区和高端

靠的直飞美国、英国和欧盟的航

公寓住宅的需求量很大。对海滨物

班。开曼群岛是真正的“加勒比

业的需求显示出了巨大的发展潜

海上的宝石。”

力。South Sound 和乔治城地区的 中档物业也相当有市场。七里海滩

根据最新的移民法例，那些希望

的公寓价格合理，长期租金收入能

在开曼群岛永久居住、但不从事

够达到每年 5％至 8％的回报率，

就业活动的人士必须向首席移民

而 South Sound 和乔治城地区的小

官递交他们的移民申请，寻求获

型物业能够实现 6％ -10％的回报

得开曼群岛的永久居住权。开曼

率。开曼群岛物业的升值能力一直

群岛包括大开曼岛、开曼布拉克

都是非常优秀的。

A

s a result of the global recession and the volatility of the stock markets throughout the world, the Caribbean may now be the region of choice to many travelers and the Cayman Islands seems to be the topic of conversation among investors because of the geographical location, infrastructure, safety and their sound and stable judicial system. The beautiful Cayman Islands are the perfect jurisdiction for retirement.

The Cayman Islands have no property taxes and there is no direct taxation; however, government revenues are derived from stamp duty on property sales, import duties, government licenses and fees. The infrastructure is of first world-class stature, telecommunications approach state of the art, and air carriers provide dependable and readily available access to the United States, the United Kingdom and the European Union.

The Cayman Islands are truly the “Gem of the Caribbean”

Under provisions in the most recent Immigration legislation persons wishing to reside permanently in the Cayman Islands without engaging in employment must submit their admission requirements to the Chief Immigration Officer for permission to take up PERMANENT RESIDENCE in Cayman Islands, which includes, Grand Cayman, Cayman Brac and Little Cayman. In order to qualify for residency facilities,

如需获得更多信息，敬请联系： For further information please contact: Lynn M. Bodden, LL.B (Hons) TEP Partner, Bodden & Bodden Attorneys-at-Law Email: lbodden@bcsl.ky

Main Office: Grand Pavilion Commercial Centre 802 West Bay Road, P O Box 10335 Grand Cayman, Cayman Islands KY1-1003 T: +1 345 943 0303 F:+1 345 949 2335 W: www.boddenandbodden.com

the applicants must be in a position to make a substantial investment in locally developed real estate property or in the required sum, such sum to be specified by the Cayman Islands Government by Immigration Regulations following the introduction of the new provisions. The applicant must also be in a position to support financially, both themselves and any members of their families, without the necessity of having to engage in employment by any means whatsoever in the Cayman Islands.

In addition, to be eligible to apply for Permanent Residency the Applicant must be a least eighteen years of age, not have any serious criminal conviction, be in good health and possess adequate health insurance coverage.

The Cayman Islands offers excellent investment and real estate opportunities. There is a demand for properties in the Seven Mile Beach Area and the high-end condominium properties. The demand for ocean front properties shows great potential for the future. There is also a market for midrange properties developed in South Sound and the George Town areas. Seven Mile Beach condominiums purchased at fair market value and generating a long-term rental income can provide a return of 5% to 8% per annum whereas smaller units in the South Sound and George Town areas may generate a return of 6%-10% per annum. Property appreciation has historically been excellent in the Cayman Islands.

聚焦 | SPOTLIGHT Cayman Islands

地为一些领先的中国企业提供融资，这些企 业包括中国最流行的搜索引擎百度，它通常 被认为是中国的谷歌。在香港证券交易所上 市的开曼群岛投资控股公司包括顶益（开曼 群岛）控股有限责任公司（专门从事方便面、 饮料和糕饼在中国的生产和销售）以及精熙 国际（开曼）有限公司（主要从事光学及光 电产品组件的制造及销售）。 随着中国大陆财富创造的不断增加，私 人信托业务是另一项蓬勃发展的业务。中国 新一代富裕人士喜欢使用私人信托基金来保 护资产并且将家庭财富整合为单一的结构。 富裕的中国投资者认为信托是越来越重要， 因为他们对家庭继承问题存有疑虑。中国个 人的财富几乎总是与他们的家庭联系在一 起—— 要么是因为后代将有望为父母的晚年 生活提供支持，要么是由于年轻夫妇在经济 独立前需要依赖他们的父母 —— 正因为如 此，家庭成员将会一起决定子女在婚姻中的 财产分配。近年来，随着计划生育政策变得 更加严格，这种情况有所加剧。大成律师事 务所 Zheng Zhi 律师为高净值人士提供离岸 财富管理的咨询服务，他解释说：“让中国 从其他国家不同的是中国还实行计划生育政 策，这意味着如今不少高净值人士是在家庭 中的唯一继承人。因此，保护家庭的共同财 产不受离婚的损害是至关重要的。为了迎合 许多谨慎的中国人的需求，开曼群岛推出了 特别信托替代制度（STAR）下的信托产品， 这提供了非慈善性质目的信托的立法，可以 用于任何标准的个人情况，同时增加规划的 灵活性。 随着中国富裕人士财务需求的继续发 展 ——以及开曼群岛将自己建设成为能够 很好地满足这种不断变化的需求的离岸金融 中心—— 两国之间的双边合作也将随之加 强。 2011 年 9 月，开曼群岛与中国签署了 其第 26 个税收信息交换协议，此举再次证 明了双方在未来的发展潜力。开曼群岛总理 McKeeva Bush 告诉记者：“签署 TIEA （税 务信息交换协议）是加强开曼群岛与中国之 间关系是一个重要的步骤。随着中国成为世 界上增长最快的经济体之一，我们有信心这 项 TIEA 将积极推动两国之间的经济活动。” 因此，两个新兴国家之间的关系看起来只会 朝一个方向发展：积极向上。

38

Autumn, 2012

increasing wealth creation. China’s new generation is gravitating towards private trusts for the purpose of protecting their assets and consolidating family wealth into a single structure. Wealthy Chinese investors consider trusts to be increasingly important because of concerns over family succession. Chinese individuals’ wealth is nearly always tied to that of their family – either because offspring will be expected to support their parents in their old age, or because young couples depend on their parents before becoming financially independent – and because of this, family members will involve themselves in determining how assets are allocated within their children’s marriages. In recent years, as family planning policies become more stringent, the situation has intensified.

Lawyer Zheng Zhi of Dacheng Law Offices, who advises high net worth individuals on offshore wealth management, explains: “What makes China different from other countries is that China also implemented family planning policies, meaning that today, quite a few high net worth individuals are the only successors w i t h i n t h e fa m i ly.” I t i s t h e re fo re considered vital that a family’s joint assets are protected against the event of a

divorce. The Cayman Islands caters to the needs of many cautious Chinese with its Special Trusts Alternative Regime (STAR) trust, which provides non-charitablepurpose trust legislation that can be used in any standard personal scenario while offering increased planning flexibility.

As the financial requirements of wealthy Chinese continue to develop – and the Cayman Islands establishes itself as an offshore financial center that is well suited to their evolving needs – it is expected that bilateral cooperation between the two countries will increase as well. September 2011 saw the s i g n i n g o f t h e 2 6 t h agreement for exchange of information for tax purposes between the Cayman Islands and China in a move that reaffirmed the potential for the two sides in the future.

“Signing this TIEA [Tax Information Exchange Agreement] is a significant step in enhancing the relationship between the Cayman Islands and China,” the Cayman Islands Premier, McKeeva Bush, told the press. “With China being one of the fastest growing economies in the world, we are confident that this TIEA will contribute positively to economic activity between the two countries.” As such, it seems the two emerging countries can only go one way: up.

Sponsored Sponsored Article Article

T

he Cayman Islands Aircraft Registry remains the registry of choice for many owners and management companies for various reasons. CAACI continues to maintain a reputation of providing a safe, stable and credible flag for registration of business/corporate and personal aircraft. CAACI prides itself on the high standards of client service that is offered to its clientele globally. Affording flexibility in the scheduling of aircraft surveys, locations of aircraft surveys, working to timeframes best suitable for their clients and being available to answer questions or advise on technical issues are among the benefits and advantages of being associated with the CI Aircraft Registry.

In addition, the CAACI has partnered with leading legal and financial firms that conduct business in the Cayman Islands to be able to offer its clientele a ‘onestop’ shop approach. Clients find that they are able to facilitate the registration of their aircraft or other assets, financial structures, legal arrangements, mortgage registration and securitization of assets by taking advantage of the relationships that exist between the CAACI and their legal business partners Standards are rigid and specifications must meet the exact requirements in order to be qualified for the registry; just one of the benefits that keeps the register highly respected and recognized throughout the business aviation industry internationally.

Ac c e p t a n c e o f o w n e r s to t h e re g i s t r y i s predicated upon global and local Anti-Money Laundering Regulations and standards ensuring that only eligible person(s) and companies are accepted via a stringent due diligence screening process resulting in the retention of a reputable client base. There is also excellent protection for a financier's interest through a dual registration system such as the Mortgages Register and the ability to register on the International Register, with local Cape Town Legislation enacted in the Cayman Islands .

曼群岛飞机注册处仍然是众多业主和管理公司所选择 的注册地，其中有着各种各样的原因。对商用 / 企业 和个人所有的飞机来说，开曼群岛民用航空管理局 （CAACI）始终以能够提供一个安全、稳定和可靠的注册地而 闻名于世。CAACI 很自豪能够为全球的客户提供高品质的服务。 开曼群岛飞机注册处所能够带来的好处的优势包括：灵活地安 排飞机调查、灵活地选择进行调查的地点、选择最有利于客户 的时间、能够回答客户在技术方面的问题并且提供建议等等。

开

此外，CAACI 已经与在开曼群岛开展业务的领先法律和金融公 司进行合作，能够为客户提供“一站式”的服务。我们的客户 发现，他们能够利用 CAACI 和他们的法律业务伙伴之间的关系， 来帮助他们对飞机或其他资产进行注册、以及建立金融结构、 进行法律安排、开展抵押登记和资产证券化等业务。

开曼群岛飞机 注册处 Aircraft Registry in the Cayman Islands

Corporate ownership: A majority of the CAACI registry client base are owners of corporations who prefer the ease of travel between international destinations, with relative anonymity, which is afforded to Cayman Islands registered aircraft. The clientele also enjoy personalized service from each division of the CAACI and is assured of fast and efficient service for provision of required documents or responses to queries regarding the aircraft’s operation.

Reduced tax liability: The Cayman Islands are renowned as a leading offshore jurisdiction, achieved through its tax neutral environment within which a highly developed legal system based on English legal principles flourishes. Applicants to the registry are encouraged to work with one of the local legal and financial partner firms who are versed in aircraft registration and who can provide legal advice pertinent to clients’ individual circumstance.

Access 24-7-365: - CAACI has launched a new electronic data management system ‘VP-C Online’ to manage all registry applications, certificates and authorizations electronically. The new system will make it easier for clients to apply for the various approvals that are required for both initial aircraft registration and for continuing airworthiness including the renewal of documents. It is designed to streamline processes within the CAACI and allow more efficient service provisioning to clients. Authorized users will be able to utilize online smart forms for submission of applications including electronic submission of all supporting documentation required by the specific application. The custom designed, intuitive user screens will also provide clients online access to their certificates at their convenience

注册的标准相当严格，必须满足具体 的要求才有资格进行注册，这是让开 曼群岛注册处在全球商业航空业受到 高度尊重和认可的重要因素之一。是 否接受业主的注册取决于其是否符合 全球和本地的反洗钱法规和标准，这 能够确保只有合格的人（们）和企业 才能进行注册，并且必须经历严格的 尽职调查筛选过程。这使得了开曼群 岛拥有信誉良好的客户群。通过双重 的注册体系（抵押登记、并且能够在 国际注册处进行登记），融资人的利 益也能够被很好的保护。开曼群岛执 行的是开普敦本地的法律法规。

企业所有权： CAACI 注册处大多数的客户是那些希望在各个 国际目的地之间获得旅行便利、并且保持相对隐私的企业主， 而在开曼群岛注册的飞机能够给予他们想要的东西。这些客户 同样能够享受 CAACI 每个部门提供的个性化服务，CAACI 能够确保快速、高效地为客户提供与飞机运行相关的文件，并 且解答他们的疑问。 降低税务负担： 开曼群岛一直是领先的离岸司法管辖区，得益 于其税收中立的环境以及基于英国法律原则的高度发达的法律 体系。飞机注册的申请人最好与某个本地的法律和金融伙伴公 司进行合作，这些公司对飞机注册的流程相当精通，能够根据 客户的自身情况为其提供法律建议。

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英属维尔京群岛 您的离岸金融目的地 British Virgin Islands: Your Offshore Finance Destination 40

Autumn, 2012

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虽

然已成为强大的竞争对手，但英属维 尔京群岛和开曼群岛——这世界上最 为知名两个离岸金融中心有着非常相

似的、看起来摇摇欲坠的最初发展阶段。英属 维尔京群岛和开曼群岛都经历了一些不确定的 发展阶段，然后才在金融服务业树立了自己的 地位。人们现在越发觉得，这些加勒比地区成 功故事中的韧性和应变能力正在产生回报。随 着全球金融重心向东转移，更多的亚洲商业人 士开始管理他们的资产和投资，这两个司法管 辖区逐步在中国成为家喻户晓的名字，而这个 国家百万富翁人数的增长速度比以往任何时候 都要快。 英属维尔京群岛曾经是一个以农业为经济 主体的贫穷国家，它于 70 年代中期注册了第 一家外资公司。截至 2000 年，根据毕马威会 计师事务所的报告，全球离岸公司中有超过 41％注册于英属维尔京群岛，占了其政府财政 收入的一半以上。然而，致富之路并不那么容 易。1981 年，该国遭受到了一个重大的挫折， 当时美国政府取消了与英属维尔京群岛政府之 间的免双重征税条约，这使得它失去了很大比 例的离岸业务。随后，政府立法为离岸公司提 供税务豁免，但是这只取得了部分的成功。十 年后，是领国巴拿马的厄运才使得英属维尔京 群岛获得了成功：美国对巴拿马的入侵使其蓬 勃发展的金融服务行业中有许多企业逃往附近 的司法管辖区，特别是英属维尔京群岛。 如今，英属维尔京群岛是来自世界各地的 商务人士的首选离岸金融中心。而中国（非常 看重离岸中心的规模和地位）正在为该司法管 辖区输送越来越多的投资者。虽然每个客户的 需求往往是高度个性化的，但是许多富裕的中 国投资者发现，英属维尔京群岛商业公司最适 合他们的金融需求。领先的离岸公司建立专业 公司OIL的首席执行官Martin Crawford解释说： “这些离岸公司（英属维尔京群岛商业公司和

如今，英属维尔京群岛是来自世界各地

开曼群岛豁免公司）非常流行并且被广泛使用，

的商务人士的首选离岸金融中心。而中国正

这归因于其管理方便、灵活以及免税地位。它

在为该司法管辖区输送越来越多的投资者。

们同样受到国际金融社区以及许多世界主流的

Today the British Virgin Islands is the offshore financial center of choice for business people from all over the world, and China is supplying the jurisdiction with a growing number of investors.

证券交易所的广泛接受和理解。” 除了经济和政治稳定的吸引力之外，英属 维尔京群岛的优惠税率以及服务的易用性和成 本效益使得其成为 Zheng Zhi 律师大部分客户

By Frances Emery

T

oday they are robust competitors, but the world’s two best-known offshore financial centers had very similar, somewhat shaky, beginnings. The British Virgin Islands and the Cayman Islands both went through several uncertain stages of development before making their mark in the financial services sector and, perhaps now more than ever, the tenacity and resilience of these Caribbean success stories is paying dividends. As the global financial focus shifts eastward, w i t h A s i a n b u s i n e s s p e o p l e m o re progressively managing their assets and investments, both jurisdictions are on their way to becoming household names in China, a country where the number of millionaires is growing faster than ever.

Previously an impoverished country with a primarily agricultural economy, the British Virgin Islands incorporated its first foreign company in the mid seventies. By the year 2000, KPMG had reported that more than 41 percent of the world’s offshore companies were formed in the British Virgin Islands, which accounted for over half of its government’s revenue. However, the road to riches was far from easy. The country faced a major setback in 1981 when the United States government revoked the double taxation treaty that existed between the US and the island nation,

的首选。Zheng 先生在国际企业大成律师事务 所工作，为高净值人士提供离岸财富管理咨询

2012, Autumn China Offshore

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服务。业内广泛认为，在中国客户选择成立公 司或其他离岸结构的金融中心时，成本仍然扮 演着一个角色。主要的例外情况发生在中国客 户计划移民时，离岸信托及其他金融产品（同 样包括对物业的投资） 往往是移民流程的关键 步骤。 作为全球领先的提供国际法律服务和信 托、公司和基金管理服务的公司，Ogier 的合 伙人 Nathan Powell 发现，持有房地产是 Ogier 中国客户最广泛使用的离岸结构。他解释说： “越来越多的中国客户使用离岸工具来持有世 界各地的房地产投资。就投资退出而言，购买 者很乐意收购他们所熟悉的离岸工具。”使用 离岸投资工具对房地产进行投资能够为投资者 提供了显着的好处，包括节省印花税、获得税 收透明度、增加流动性以及获得财务效率等等。 离岸结构可以使得商务人士有能力来管理和控 制房地产投资工具，同时无需负担地方所得税 或预扣税。公司、有限合伙企业、单位信托都 是有效的房地产控股结构。私人信托和有限责 任合伙企业也被使用，尽管规模相对较小。另 一位来自 Ogier 的专家说：“随着越来越多的 中国人成为国际流动人口，他们正在寻找海外 购买房地产的机会，境外公司或信托基金能够 为持有资产提供了一个实用又实惠的工具。” OIL 公司的首席执行官 Martin Crawford 注 意到了类似的趋势。他说：“对投资控股来说， 英属维尔京群岛投资控股一直是最热门的司法 管辖区。” 专业为高净值个人和企业客户提 供财富管理和离岸公司建立服务的 CIL 集团的 执行董事 Michael Liu 解释说：“就控股公司而 言，人们所关心的是他们的税收负担将会变得 多低，在控股工具的控制下资产转移将会变得 多便捷。保密性也是相当重要的。” 作为一名经验丰富的律师，Kristy Calvert 负责运营 Ogier 在上海的办公室。她非常了解 中国客户的需求，并且经常以普通话或粤语为 他们提供服务。她说：“中国客户利用离岸结 构的原因与其他亚洲客户几乎一样……就英属 维尔京群岛而言，该司法管辖区拥有长期的经 济和政治稳定。”与其他离岸金融专家一样， Calvert 女士认为英属维尔京群岛的主要优点之 一是其提供的结构和司法管辖区本身是众所周 知的。她说：“世界各地的金融机构都熟悉英 属维尔京群岛的结构 ... （并且）很乐意投资于 离岸结构、为它们提供贷款、并根据有关离岸 法律获得投资保护。”她解释了税收中立的另

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causing it to lose a large percentage of its offshore business. The legislation that ensued, which offered offshore companies tax exemptions, was only partly successful. A decade later it was nearby Panama’s ill fortune that led to success for the British Virgin Islands: the United States’ invasion of Panama caused many of the businesses in its booming financial services industry to flee to nearby jurisdictions, notably the British Virgin Islands.

Today the British Virgin Islands is the offshore financial center of choice for business people from all over the world, and China – which places importance on offshore centers’ size and status – is supplying the jurisdiction with a growing number of investors. While every client’s needs are often highly specialized, many wealthy Chinese investors find the British Virgin Islands Business Company to be best suited their financial needs.

“These offshore companies [British Virgin Islands Business Companies and Cayman Exempted Companies] are very popular and widely used because of their administrative ease, flexibility, tax exempt status, and the fact that they are widely accepted and understood by the international financial community, as well as many of the world’s popular stock exchanges,” explains Martin Crawford, CEO of OIL, a leading offshore company

formation specialist.

Apart from the appeal of its economic and political stability, the British Virgin Islands’ preferential tax rates and the ease and cost-effectiveness of its services contribute to making it the jurisdiction of choice for most of lawyer Zheng Zhi’s clients. Mr. Zheng provides advice to high net worth individuals on offshore wealth management for the international firm, Dacheng Law Offices. It is widely understood that cost still plays a part in influencing Chinese clients’ decision when selecting a financial center in which to set up companies or other offshore structures. The major exception is when Chinese clients are planning to emigrate, and offshore trusts and other financial products – along with investments in property – are often key steps toward getting through emigration procedures.

Nathan Powell, a partner at Ogier – a l e a d i n g g l o b a l f i r m p rov i d i n g international legal services and trust, company and fund administration services – has found real estate holding vehicles to be among the most widely used offshore structures by Ogier’s Chinese clients. “A growing number of Chinese clients use offshore vehicles to hold real estate investments around the world,” he explains. “On an exit prospective purchasers are comfortable acquiring an offshore vehicle with which they are familiar.”

Using offshore investment vehicles to make investments in real estate offers investors significant benefits, including savings on stamp duty, tax transparency, increased liquidity and fiscal efficiencies, to name a few. Offshore structures can provide business people with an ability to manage and control real estate investment vehicles without the burden of local income tax or deductions for withholding. Companies, limited partnerships, and unit trusts all

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一个优势：“Ogier 运营的每个司法管辖区（英 属维尔京群岛、开曼群岛、泽西岛和耿西岛） 都能够提供一系列财政中立的工具 - 也就是 说，就收入或者资本利得而言，这些工具都无 需在那些司法管辖区缴税，对金融交易没有增 值税，对股票转让也没有印花税。” 这为投资者和商界人士营造的整体环境肯 定是有利的。它结合了上述因素以及英属维尔 京群岛商业公司的实际特点（其最知名的离岸 结构），这能够为该强大的司法管辖区在竞争 日益激烈的金融环境中带来持久的后续动力。 专门从事企业及信托服务的国际律师事 务所 Walkers 集团的合伙人 Ashley Davis 在最 近的一份报告中写道：“相比英属维尔京群 岛的英属维尔京群岛商业公司（ “BC”）， 没有其他离岸公司工具在亚洲能够有类似的影 响力。因为能够简单而快捷地根据英属维尔 京群岛的英属维尔京群岛商业公司法（“BVI Act”）进行建立，如今有几十万此类的公司 被用来在整个大陆范围内进行广泛的交易，特 别是在中国和香港。”英属维尔京群岛的英属

function effectively as real estate holding structures. Private trusts and limited liability partnerships are also used, although to a lesser extent. “As more and more Chinese become internationally mobile, they are looking to make real estate purchases abroad and an offshore company or trust offers a practical and affordable vehicle to hold assets,” said another of Ogier’s experts.

CEO of OIL, Martin Crawford, has noticed a similar trend. “The British Virgin Islands has been the most popular jurisdiction for investment holdings,” he said. Michael Liu, managing director of the CIL Group, a China-based company that advises high net worth individuals and corporate clients on wealth management and offshore company formation, explains: “When it comes to a holding vehicle, people are concerned

with how low their tax burden will be and how easy it is when they want to transfer the assets under the holding vehicle’s control. Confidentiality may also be important to them.”

K r i s t y C a lve r t , a n ex p e r i e n c e d international lawyer who runs Ogier’s client office in Shanghai, understands well the need of Chinese clients, whom she regularly advises – in either Mandarin or Cantonese. “The reasons that Chinese clients make use of offshore structures are principally the same as why they are favored by other clients in Asia. In the case of the British Virgin Islands, the jurisdiction enjoys long standing economic and political stability.”

Like other experts on offshore finance, Ms. Calvert considers one of the British Virgin Islands’ major advantages to be the fact that both its structures and 2012, Autumn China Offshore

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维尔京群岛商业公司已经融入了房地产。他写 道： “一个典型的例子是进入中国的房地产投 资，它使用银团贷款人向作为借款人的 BC 垫 付资金，并且从其他 BC 那里获得保险和保障。 英属维尔京群岛的借款人拥有香港子公司，后

与其他国际金融中心相比，英属维尔京群岛是全球领先 PTC 注册司法管辖区。英属维尔 京群岛公司的主要使用者是注册或者运营在新兴市场的客户，特别是中国。

In comparison to other international financial centers, the BVI is the leading jurisdiction for PTC registrations. The primary users of BVI companies are largely clients domiciled in or residents of emerging market countries, in particular China.

者通过中国大陆实体成为物业资产的最终持有 人。”这种机制可能不是特别简单，但是商业 公司可以快速而轻松地建立。此外，行业的新 手会发现这里不缺顾问，能够协助他们处理更 复杂的结构细节，并且使其满足客户的利益。 Ogier 的 Calvert 女士证实：“英属维尔京 群岛和开曼群岛本身拥有大量具有丰富专业知 识的专业人士，而那些便于中国客户的时区里 也拥有类似的人才（例如香港和上海）。这些 人才包括专业受托人和管理人员以及律师和会 计师。” 就中国市场而言，离岸信托是英属维尔 京群岛另一种比较流行的金融产品。Ogier 常 驻香港的合伙人、信托和基金会专家 Marcus Leese 解释说：“通过使用拥有丰富经验的离 岸企业受托人，离岸信托基金能够以重要和 保密的方式来保护财富和进行事业的继承规 划。对那些希望参与结构运行的个人和家庭 来说，Ogier 在私人信托公司的运营上拥有丰 富的经验。”

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the jurisdiction itself are well known.

“Financial institutions around the world are all familiar with British Virgin Island structures… [and] are very comfortable investing in offshore structures, lending to them and taking security under the relevant offshore laws.” She explains that tax neutrality is another draw: “Each of the jurisdictions in which Ogier operates [the British Virgin Islands, the Cayman Islands, Jersey and Guernsey] offers a range of vehicles with fiscal neutrality – that is, no taxes are payable in those jurisdictions by these vehicles in respect of income or capital gains and there are no value added taxes on finance transactions or stamp duties on share transfers.”

The overall environment that this creates for investors and business people is certainly favorable. It is the combination of the aforementioned factors and the actual features of the British Virgin Islands Business Company – its best-known offshore structure – that will give the robust jurisdiction staying power in an increasingly competitive financial climate.

Ashley Davis, a partner at the Walkers Group – an international law firm specializing in corporate and fiduciary services – wrote in a recent report that “no other offshore corporate vehicle has had quite the impact in Asia as the British Virgin Islands’ BVI Business Company (“BC”). Simple and speedy to

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Ogier 常驻英属维尔京群岛的合伙人、私 人信托专家 Zac Lucas 进一步解释了离岸信托 的优势，特别是英属维尔京群岛的私人信托公 司（“PTC”）。 他说：“从历史上看，客户 使用 BVI 公司主要作为控股公司。然而，近年 来私人客户的需求出现了变化，他们要求更先 进的产品来构建自己的财富。鉴于对英属维尔 京群岛的熟悉程度、负担得起的公司注册成本 和快速的周转时间，英属维尔京群岛已经准备 好来满足这种需求。2007 年，英属维尔京群 岛推出了私人信托公司。” 根据 2011 年 8 月经合组织发布的司法管 辖区同行评审报告，截至 2011 年 5 月，英属 维尔京群岛共有 718 个私人信托公司登记注 册。Lucas 说：“这表明，与其他国际金融中 心相比，英属维尔京群岛是全球领先 PTC 注 册司法管辖区。他指出：“英属维尔京群岛公 司的主要使用者是注册或者运营在新兴市场的 客户，特别是中国。” 英属维尔京群岛私人信 托公司让新兴市场的客户能够以负担得起的成

set up under the British Virgin Islands' BVI Business Companies Act (“BVI Act”), today there are hundreds of thousands of these companies utilized in a broad range of transactions across the continent and particularly so in China and Hong Kong.”

The British Virgin Islands’ BVI Business Company has been integral in real estate, he writes. “One typical example is where real estate investment into China uses a syndicate of lenders which advance funds to a BC as a borrower, with security and guarantees obtained from other BCs. The British Virgin Islands borrower owns a Hong Kong subsidiary, which then owns the ultimate holder of the property assets through a mainland China entity.”

The mechanism may not be particularly straightforward, but Business Companies can be incorporated quickly and easily.

Furthermore, newcomers to the industry will find no shortage of advisors to assist them with the more intricate details of the structures and how they can be used to clients’ benefit.

Ogier’s Ms Calvert confirms, “There are a large number of professionals with a significant amount of expertise based in BVI and Cayman themselves and also in other time zones convenient for Chinese clients (for example, Hong Kong and Shanghai). This includes professional trustees and administrators as well as lawyers and accountants.”

Offshore trusts are another of the British Virgin Islands’ more popular financial products when it comes to the Chinese market. Marcus Leese, a trust and foundation expert and Ogier partner based in Hong Kong, explains, “Offshore

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本来管理他们的资产，并且确保对资产的控制。 Lucas 先生认为，它的功能和结构是有吸引力 的。他说：“出于这些原因以及中国客户对英 属维尔京群岛的熟悉程度，再加上私人信托公 司的设立和维护成本是能够负担得起的以及英 属维尔京群岛在公司注册方面的优势，我们将 看到持续的市场增长。” 当然，中国市场同样预计会实现持续的增 长。因此，中国人可能会在投资和保护他们财 富的过程中变得越来越精明，而如果那些受到 尊敬的离岸金融中心能够拥有足够的前瞻性来 进行创新，它们将赢得中国的业务。英属维尔 京群岛肯定会是其中之一。

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trusts provide an important and confidential way of protecting wealth and undertaking inheritance planning using offshore corporate trustees who have comprehensive expertise of such matters.

Ogier has experience of operating private trust companies for individuals and families who want to retain involvement in the structure.”

Zac Lucas, a private trusts expert and Ogier partner based in the British Virgin Islands, further explains the advantages of offshore trusts, specifically

the British Virgin Islands’ Private Trust Company (“PTC”). “Historically, clients have used BVI companies primarily as holding companies. In recent years however, there has been an evolution in the private client requiring more sophisticated product offerings to s t r u c t u re t h e i r we a l t h . G ive n t h e familiarity with the BVI, the affordable costs for incorporating companies and the speedy turnaround time, the BVI was well positioned to answer that call and in 2007, the BVI introduced the private trust company.”

According to an August 2011 OECD Peer Review Report for the jurisdiction, the British Virgin Islands had 718 Private Trust Company registrations, as of May 2011. “This indicates that in comparison to other international finance centers, the BVI is the leading jurisdiction for PTC registrations,” says Mr. Lucas, noting that “the primary users of BVI companies are largely clients domiciled or resident in emerging market countries and in particular China.” The BVI Private Trust Company allows clients in emerging markets to manage their wealth in an affordable manner while maintaining control.

Both its features and structuring are appealing, says Mr. Lucas, and “for these reasons combined with Chinese clients’ familiarity with BVI, the affordable Private Trust Company set up and maintenance costs and the BVI company registration advantages, we expect to see continued market growth.”

Certainly continued growth is on the horizon in China as well. As such, it is increasingly likely that, as the Chinese become savvier about investing and protecting their wealth, well-regarded offshore financial centers, which are forward thinking enough to innovate, will win the Chinese business. The British Virgin Islands is sure to be one of them.

BVI SPOTLIGHT | 聚焦

2012, Autumn China Offshore

47

聚焦 | SPOTLIGHT Seychelles

塞舌尔 非洲的下一个门户 Seychelles

By Baron Laudermilk

Africa’s Next Door

48

Autumn, 2012

Seychelles SPOTLIGHT | 聚焦

塞

舌尔成为非洲离岸金融中心的漫漫 长路 虽然塞舌尔是非洲最小的国家，人口

也只有大约 86000，但是它正成为非洲主要的 离岸金融中心之一。这个岛屿国家拥有蓬勃发 展的旅游市场和房地产市场，政府目前正在致 力于将该国从一个以农业为导向的经济体转变 为非洲的金融中心。 在过去许多年里，政府已经为实现这一目 标采取了明确的措施。塞舌尔的离岸业务起步 于 1994 年，当时政府推出了一系列的倡议， 旨在将该国打造成一个现代化、世界级的国际 金融中心。该国的大部分法律是建立在包括巴 哈马群岛和英属维尔京群岛在内的其他成功司 法管辖区的法律基础上的。 1994 年，该国颁布实施了重要法律，涉 及离岸公司的注册、离岸信托和国际自由贸易 区公司的授权。这些法律取得了巨大的成功， 帮助该国吸引了大量的国际企业。此后，该国 引入了更多的法律，覆盖国际银行授权、离岸 保险公司和证券业的建立。 同一年，该国政府成立了塞舌尔国际商业 管理局（SIBA），负责管理离岸行业和企业注册。 2003 年，该岛的政府创建了不同类型的 公司：有限合伙企业、受保护的单元公司以及 特别许可公司。2003 年 5 月，政府宣布希望 该国的离岸中心成为经济的“第三支柱”。当 时政府的努力使得离岸企业的数量相比 2002 年增加了 40%。 修订后的 2007 年“共同基金法”、2007 年“证券法”和 2007 年“保险法”的实施促 进了该岛从一个典型的离岸司法管辖区转型为 一个完全成熟的离岸金融中心（OFC）。 在 2010 年年底，SIBA 开始建立一个专门 负责证券市场的监管机构，其名称为证券及金 融市场部（SAFMS）。该部门负责对金融市场、 企业和产品进行监管、制定法规并且提供指导。 正如人们可以很容易看到的那样，塞舌尔政府 已经投入了很多努力来执行相关政策、法律和 建立相关机构，希望促进离岸金融中心的发展。 最近的立法支持离岸中心的建设 近年来，这个非洲岛国并没有放弃对成为非洲 主要离岸金融中心的追求。2011 年，政府提 出了“2011 年公司条例草案 2011”。如果该 法案获得通过，将巩固和更新当前的“1972

S

eychelles’ Long Road to Becoming Africa’s Offshore Financial Hub While Seychelles is the smallest in population of any African nation with a population of around 86,000, it is becoming one of Africa’s main financial offshore hubs. The island country maintains both booming tourism and real estate markets, and the government is now fully committed to transforming its economy from an agricultural to a financial oriented hub of Africa.

The government has made clear measures in this development for many years. Seychelles’ offshore business started in 1994 when the government launched a series of initiatives created to establish the country as a modern and world-class international financial center.

The majority of the legislation was based on that of other successful jurisdictions such as the Bahamas and the British Virgin Islands.

In 1994 important legislation was enacted that covered the registration of offshore companies, offshore trusts and the licensing of international trade zone companies. This was a major success and helped the country attract a multitude o f i n te r n a t i o n a l b u s i n e s s e s . M o re legislation was introduced that focused on the licensing of international banks, offshore insurance companies and the establishment of a securities industry.

During the same year, the government established the Seychelles International Business Authority (SIBA) that was set up to administer the offshore sector and deals with registration.

In 2003 the island’s government created different types of companies: Limited Partnerships, Protected Cell Companies, and Special License Companies. In May 2003, the government announced that it wanted the country’s 2012, Autumn China Offshore

49

聚焦 | SPOTLIGHT Seychelles

年公司条例”、“1994 年国际商业公司法”、 “2003 年受保护单元公司法”以及 2003 年公 司法（特别执照）。此外，政府还提出了“2011 年国际信托条例草案”。这将让信托法变得更 加现代化（比如加入私人信托公司的条款）， 解决有关的历史问题。 利用塞舌尔离岸中心的好处 在塞舌尔开展业务有很多好处。首先，如果你 把钱和生意放在塞舌尔，你会有安全感。塞舌 尔在国际监管机构中拥有良好的信誉，这些机 构包括经济合作与发展组织（OECD）的全球 税收论坛。该岛没有位列在任何国际监管机构 公布的黑名单上。经过 15 年多的锤炼，塞舌 尔的金融服务业建立了完善的监管制度。从经 合组织第一次公布白名单起，塞舌尔就一直位 于这份名单上。此外，塞舌尔与国际组织和各 个国家保持着稳固的合作关系。该国能够为投 资者、居民和企业主提供高度的私密性。所有 金融服务行业的参与者必须遵守金融行动特别 工作组（FATF）关于防止清洗黑钱及恐怖分 子筹资活动的所有指引。 国际商业公司（IBC）的主要好处是它们 不需要缴纳任何税项。根据该国法律的定义， 塞舌尔 IBC 不需要就收入或者利润支付税款。 股东同样不需要就其来自 IBC 的收入支付税 款。这些法律都明确地写入了第 109（1）条。 如果一家公司希望有资格成为 IBC，它必 须满足三个条件。它不能在塞舌尔群岛经营业 务。它不能在该国拥有房地产。在没有特别许

50

Autumn, 2012

offshore center to become a “third pillar” of the economy. The government’s efforts at that time led to a 40% increase in offshore incorporations compared to 2002.

A revised Mutual Fund Act 2007, Securities Act 2007 and Insurance Act 2007 were implemented as catalysts to transition the island from a typical offshore jurisdiction to a full fledged Offshore Financial Center (OFC).

Towards the end of 2010, SIBA began its move to create a dedicated securities authority called Securities and Financial Markets Section (SAFMS) of SIBA. That sector was established to implement regulations, rules and guidelines in respect of the legislation covering t h e f i n a n c i a l m a r ke t s , b u s i n e s s e s and products. As one can easily see, Seychelles’ government has put in a lot of effort to implement policies, laws and organizations to foster its financial offshore hub.

Recent Legislation That Supports Its Offshore Center The African Island has continued to pursue its goal of being a major offshore financial hub in Africa. In

2011, the government proposed the “Companies Bill 2011.” If the bill passes, it will consolidate and update the current Companies Ordinance 1972, International Business Companies Act 1994, Protected Cell Companies Act 2003 and Companies (Special License) Act 2003. The government also proposed the “International Trust Bill 2011.” This will modernize the trust law, which includes provisions such as private trust companies, doing away with perpetuity periods and much more.

Benefits Dealing with Seychelles’ Offshore Center There are many benefits doing business in Seychelles. First you can feel safe if your money and business is in Seychelles.

Seychelles is in good standing with international regulatory bodies; this includes the Organization for Economic Cooperation and Development's (OECD's) Global Tax Forum. The island is not on any blacklists published by international regulatory bodies. The financial services sector is well regulated with more than 15 years of refining, and Seychelles has been on the OECD white list since it was first published. In addition to this it has solid relationships with international organizations and nations. The country provides a high level of privacy for its investors, citizens and business owners.

All financial services sector participants are required to follow all of the Financial Action Task Force (FATF) guidelines for the prevention of money laundering and terrorist financing.

The main benefits for International Business Company (ICB) are that they do not pay any tax. A Seychelles IBC, by the definition of the law, is not subject to any tax or duty on income or profits.

Shareholders also do not pay any taxes on his income derived from the IBC. These laws are clearly stated in Article 109 (1).

Seychelles SPOTLIGHT | 聚焦

可证的情况下，它不能从事银行、保险和注册 代理业务。 然而，塞舌尔 IBC 可能仍然从事 8 种类型 的重要活动： 1．它可以保存塞舌尔群岛的银行账户和 存款。

经过 15 年多的锤炼，塞舌尔的金融服务业建立了完善的监管制度。从经合组织第一次公 布白名单起，塞舌尔就一直位于这份名单上。此外，塞舌尔与国际组织和各个国家保持着稳固 的合作关系。该国能够为投资者、居民和企业主提供高度的私密性。

The financial services sector is well regulated with more than 15 years of refining, and Seychelles has been on the OECD white list since it was first published. In addition to this it has solid relationships with international organizations and nations.

2．它可以在塞舌尔保存账本和记录。 3．塞舌尔 IBC 可以在塞舌尔与律师、会 计师、信托和管理公司、投资顾问或其他类似 的人员保持职业上的关系。 4．它可以在塞舌尔举行董事会议。 5．它可以在塞舌尔租借办公室，用来与 成员进行交流，并且保存帐簿和记录。 6．它可以持有另一家塞舌尔 IBC 或者塞 舌尔国内公司的股份、债务或其他证券。 7．塞舌尔 IBC 也可以拥有在塞舌尔注册 的船只或飞机。 8．塞舌尔 IBC 的股份可以由居住在塞舌 尔的人进行持有。 （资料来源：Fidelity 企业服务（塞舌尔）有限 公司，这是一家离岸公司建立的专业代理商） 保密、隐私和机密是塞舌尔 IBC 能够提供

If a company wants to qualify as an IBC, it must satisfy the three criteria. It may not carry on business in Seychelles.

It may not own real estate in the country.

It may not do banking, insurance and registered agent business without special permits.

However, a Seychelles IBC may still engage in eight important activities: 1. It may maintain Seychelles-based bank accounts and deposits.

2. It may maintain books and records within Seychelles.

3. A Seychelles IBC may maintain professional relationship in Seychelles

with attorneys, accountants, trust and management companies, investment advisers or other similar persons.

4 . I t m ay h o l d m e e t i n g s o f i t s directors in Seychelles.

5. It may lease a property in Seychelles to use as office from which to communicate with members and where books and records can be kept.

6. It may hold shares, debt obligations or other securities in another Seychelles IBC or in a Seychelles domestic company.

7. A Seychelles IBC may own a vessel or and aircraft registered in Seychelles.

8. Shares in a Seychelles IBC may be 2012, Autumn China Offshore

51

聚焦 | SPOTLIGHT Seychelles

赛舌尔的法律有许多保护企业免受财 产没收的规定。每当有外国军队或政府机关 企图对财产进行没收和国有化，或者对塞舌 尔 IBC 的股份进行国有化，塞舌尔的法院判 决将保护股东的权利，防止财产被没收。

W h e n e ve r a f o re i g n f o rc e o r government authority attempts to confiscate, nationalize, nationalize a share or interest of a Seychelles’ IBC, a court order in Seychelles will protect the rights of the shareholder and prevent the confiscation. 的主要好处。公司实益拥有人、董事和股东的 信息不公开。在注册一个新的 IBC 时，公司注 册处不要求获得关于谁是真正实益拥有人的信 息。IBC 的内部文件（如董事名册、股东名册、 会议记录和决议）都被保存在注册代理商那里， 这些信息都是保密的。 据岛上的法律，塞舌尔 IBC 唯一需要公开 的文件是组织章程大纲及组织章程细则。这些 文件不包含对公司实际股东或实益拥有人的任 何暗示。 塞舌尔多年来一直避免与其他国家或组织 签署任何信息共享协议。客户的隐私是高度保 密的，已经被写入了该国的商业及企业法律。 岛上的金融服务业是该国经济的重要部分。政 府希望维护和发展该国离岸金融中心的地位。 赛舌尔的法律有许多保护企业免受财产没 收的规定。每当有外国军队或政府机关企图对 财产进行没收和国有化，或者对塞舌尔 IBC 的 股份进行国有化，塞舌尔的法院判决将保护股 东的权利，防止财产被没收。 在塞舌尔开展业务的另一个主要优点是它 拥有全球最快的国际商业公司注册处。新 IBC 的通常可以在 24 小时内注册成立。 塞舌尔提供非常有竞争力的政府牌照费制 度。IBC 只需要支付 100 美元的注册费，并且 只需要每年支付同样的费用。这比大部分离岸 司法管辖区有竞争力。如果 IBC 的注册资本超 过一定的数字（通常是 5 万到 10 万美元）， 大多数其他离岸中心会要求更高的政府登记费 用。而塞舌尔就没有这些限制。这意味着， 你可以在塞舌尔注册法定股本为 10 亿美元的 IBC，但是只需要支付 100 美元。

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Autumn, 2012

held by a resident in Seychelles.

(Source: Fidelity Corporate Services (Seychelles) Ltd is a specialist offshore company formation agent) Secrecy, privacy and confidentiality are some of the main benefits to Seychelles’ ICBC. Company beneficial owners, directors and shareholders are not on public record. When registering for a new ICB, the Register of Companies does not require any data on who is the real beneficial owner of the company. Internal files of the IC, such as the Register of Directors, Register of Members, and Minutes and Resolutions are all kept at the offices of the Registered Agent and are also kept private.

According to the island’s laws, the only documents of a Seychelles IBC that are held on public record are the Memorandum of Association and the Articles of Association. These documents do not contain any indication as to the actual shareholders or the beneficial owners of the company.

Seychelles has spent years avoiding signing any information-sharing agreements with other countries or organizations. Client confidentiality is highly protected and can be found in the country’s business and corporate laws.

The island’s financial services sector is a significant part of the country’s economy.

The government has an interest to

maintain and develop the country’s status as an offshore financial hub.

There are many provisions in Seychelles’ laws that protect businesses against confiscation. Whenever a foreign force or government authority attempts to confiscate, nationalize, nationalize a share or interest of a Seychelles’ IBC, a court order in Seychelles will protect the rights of the shareholder and prevent the confiscation.

Another major benefit of doing business in Seychelles is that it has one of the fastest Registries of International Business Companies in the world. New IBC`s are usually incorporated within 24 hours.

Seychelles has very competitive government license fees. An ICBC only pays a yearly government fee of $100 for registration. This outcompetes the majority of offshore jurisdictions, because the majority of other offshore hubs require higher government registration fees if the authorized capital of the ICB exceeds certain amount, which is usually $50,000 or $100,000.

There are not any of these restrictions in Seychelles. This means that you can have your IBC registered in Seychelles’ with an authorized capital of a billion dollars and pay just $100.

The benefits to setting up an IBC in Seychelles are clear.

Seychelles SPOTLIGHT | 聚焦 照片提供 Photo by VNexter

在塞舌尔设立 IBC 的好处是显而易见的。 这种类型的公司无需支付利润税，其股东也无 需支付相关税款。企业在塞舌尔的一切都是保 密的，其中包括董事会。防止财产被没收的法

塞舌尔已经成为非洲最突出的离岸金融中心之一。这里有很多种投资工具，中国的投资者 可能会发现它们能够带来丰厚的利润。

Seychelles has become one of Africa's most prominent financial offshore hubs. There are a variety of investment instruments that Chinese investors may find lucrative.

律能够得到很好的执行。注册一个 IBC 是非常 快，而注册费用也许是在世界上最有竞争力的。 如果你希望省钱、让你的信息获得严格保密并 且获取企业竞争优势，在塞舌尔建立 IBC 可能 最好的方法之一。 中国人在塞舌尔的机会 中国投资者在塞舌尔有很多不同的机会。首先， 中国投资者可以在塞舌尔的市场中获得隐私和 机密的保障。塞舌尔政府和法律禁止披露关于 公司董事和公司所赚取利润的信息。所以，换 句话说，中国的投资者可以考虑在该国投入更 多的资金，因为它们是受到高度保护的。 塞舌尔已经成为非洲最突出的离岸金融中 心之一。这里有很多种投资工具，中国的投资 者可能会发现它们能够带来丰厚的利润。这些 包括共同基金、固定收益投资和对冲基金。许 多基金专注于非洲企业，但是一些基金同样关 注包括中国在内的其他国际市场。这些投资工 具也是受到政府高度保护的。 就建立新公司或者创建新的分支机构和办 公室而言，中国的投资者（特别是企业主）会 发现塞舌尔是一个简单而安全的地方。注册费 用是世界上最低之一，公司的资产完全不会受 到外国没收的威胁。

The company does not have to pay taxes on its profits and neither does its shareholders. Just about everything about the business in Seychelles is confidential, including the board of directors. The laws that protect against confiscation are enforced. Registering for an IBC is extremely quick, and the registration fees are perhaps the most competitive in the world.

Setting up an IBC in Seychelles could be one of the best ways to save money, keep your information private, and gain an edge in business.

Chinese Opportunities in Seychelles There are many different opportunities for Chinese investors in Seychelles.

First of all, Chinese investors can find privacy and confidentially in its markets.

Seychelles’ government and laws prohibit disclosing information on directors of companies and profits earned by a company. So in other words, Chinese

investors may want to consider investing extra funds in the country, as it is highly protected.

Seychelles has become one of Africa’s most prominent financial offshore hubs. There are a variety of investment instruments that Chinese investors may find lucrative.

These range from mutual funds, fixedincome investments, to hedge funds. Many of these funds are focused on African companies, but some funds are also focused on other international markets, including China. These investment instruments are also highly protected by the government.

Chinese investors and especially business owners will find Seychelles an easy and safe place to start a new company or build a new branch or office there. Registration fees are some of the lowest in the world, and businesses’ assets are thoroughly protected from foreign confiscation.

2012, Autumn China Offshore

53

为中国企业家度身定制 的塞舌尔投资解决方案

SEYCHELLES INVESTMENT SOLUTIONS FOR CHINESE ENTREPRENEURS

作

为 Dan Group 在 塞 舌 尔 群

在塞舌尔与中国签署了免双重征税协议

岛 的 一 部 分，ZEN 离 岸 服 务

(DTA) 后，塞舌尔推出高级金融产品 - “公

有限公司自 2009 年以来一直

司 特 别 执 照（CSL）”。ZEN 离 岸 服 务 有

提 供 企 业 服 务。 从历史上来

限公司强烈建议我们的中国客户选取这种

看，塞舌尔与中国有着密切的联系。在塞

ZEN OFFSHORE SERVICES LTD.

ZEN 离岸服务有限公司 54

产品。

舌尔的中国社区是我们最完整、拥有悠久 文化的社区之一。每年，塞舌尔不仅能够

与国际商业公司不同，CSL 属于国内公司，

吸引大量的中国游客，而且还包括那些将

全球收入需要承担 1.5％的塞舌尔企业所得

业务转移到离岸的企业。

税。然而，由于塞舌尔目前与中国签署了 DTA，这种类型的税是可以避免的。

塞舌尔能够为离岸公司提供灵活的法律体 系和低廉的政府收费（比英属维尔京群岛

CSL 无需在塞舌尔支付股息、利息和版税的

低三倍）。其免税的地位是塞舌尔国际商

预提税，以及房产转让、股份转让和其他商

业公司最吸引人的特点之一。注册处不要

业交易的印花税。免税期为 10 年（法律预

求获得董事、股东和受益人方面的信息。

期会将免税期延长至 20 年）。此外，塞舌 尔的 CSL 能够帮助客户减少中国的税项。

越来越多的人把塞舌尔作为一个可靠的离岸

Autumn, 2012

金融中心，这进一步吸引了大批的中国企业

塞舌尔－中国的 DTA 将中国股息预扣税

家，他们在国际业务结构中适用塞舌尔公司。

的 上 限 设 为 5 ％， 而 利 息 和 版 税 的 上 限

购买塞舌尔公司（国际商业公司）的中国客

10％。为了享受这个税率，CSL 必须进行

户的比例在过去两年里增加了两倍。

有效管理，控制权必须在塞舌尔境内。

CSL 的机构可以用来建立投资控股公司、 国际贸易公司、管理咨询公司，或者用于 持有知识产权和收取版税等等。 相比香港－中国的 DTA，塞舌尔－中国的 DTA 拥有一个显着的优点： ·只要香港公司拥有至少中国企业至少 25％的股份，塞舌尔－中国的 DTA 规定对 中国预提税的上限为 5％。 ·如果香港公司在中国公司中持有的股份拥 有少于 25％，那么预提税率为 10％。 塞舌尔－中国 DTA 的另一项优势在于使用 CSL 能够帮助客户规避其持有中国企业股票 在中国的资本利得税（前提是 CSL 拥有这 家中国企业至少 25％的股份，并且这家中 国企业的资产并不主要是房地产）。这个特 点对专注中国市场的共同基金以及其他外国 投资者特别具有吸引力。 我们预计，鉴于中国在未来打算征缴出售 中国股份的资本利得税，使用 CSL 产品能 够带来的资本利得税减免将对中国企业家 越来越有吸引力。 无论您需要什么，ZEN 离岸服务有限公司 很高兴为我们的中国客户提供最为合适的 企业和投资方案。

A

Sponsored Article

s part of Dan Group in Seychelles, ZEN OFFSHORE SERVICES has provided corporate services since 2009. Traditionally Seychelles has strong connections with China. The Chinese community in Seychelles is one of our most integrated and culturally significant communities. Annually, Seychelles attracts not only a large number of Chinese tourists but also businesses which divert their activities offshore.

Seychelles-China DTA, this tax can be avoided.

Seychelles offers flexible legislation and low government fees (3 times lower than in BVI) for offshore companies. Its tax-exempt status is one of the most attractive features of Seychelles IBCs. No records of Directors, Shareholders and Beneficiaries are held at the registrar.

The Seychelles-China DTA limits Chinese withholding tax on dividends to 5%, and to 10% on interest and royalties. To achieve this, the CSL must be effectively managed and controlled from within Seychelles.

The growing popularity of Seychelles as a reliable offshore financial center has further attracted a large number of Chinese entrepreneurs who use Seychelles companies in their international business structures. The percentage of Chinese clients who buy Seychelles companies (IBCs) has tripled over the last 2 years.

Following the signing of a DTA with China, Seychelles launched a sophisticated financial product - the ‘Company Special License (CSL)’ which ZEN OFFSHORE SERVICES highly recommends to our Chinese clients.

Unlike IBC’s, CSL is a domestic company liable to a 1.5% Seychelles’ corporate tax rate on worldwide income. However with the current

CSL is exempt from Seychelles’ withholding taxes on dividends, interest and royalties; and stamp duties on property transfers, share transfers and other business transactions; for a period of 10 years (expected to be extended by law to 20 years).

In addition, Seychelles CSL provides clients with an ability to reduce Chinese tax liabilities.

CSL can be structured as an investment holding company, international trade company, management or consultancy company; for purposes of holding intellectual property and collection of royalties, etc.

The Seychelles-China DTA has a notable advantage over the Hong Kong-China DTA: · Seychelles-China DTA limits Chinese withholding tax to 5% provided that the Hong Kong company owns 25% or more of the shares in the Chinese company. · If the Hong Kong company owns less than 25% of the shares in the Chinese company then withholding tax is levied at 10%.

A further advantage of the Seychelles-China DTA is the client’s ability to avoid Chinese capital gains tax on shares under a CSL when these shares are held by a Chinese company (provided that the CSL owns less than 25% of the Chinese company and that the assets of the Chinese company do not primarily consist of real estate).

This feature will be of particular interest to China focused mutual funds and other foreign investors.

We expect that CGT relief using the CSL product will continue to grow in substantial appeal to Chinese entrepreneurs considering that China intends to pursue collection of capital gains tax on the sale of Chinese shares in the future.

Whatever your needs may be, ZEN OFFSHORE SERVICES is happy to provide the best suitable corporate and investment solutions to our Chinese clients.

如需获得更多信息，请与我们联系： Please contact us for more information: Jivan Complex, Mont Fleuri, Mahe, Seychelles 电子邮件 Email: sales@zenoffshore.sc | 电话 Tel: +248 432 5700

Polina Vasilenko ZEN OFFSHORE SERVICES LTD. 2012, Autumn China Offshore

55

离岸指南 | Offshore Hand book 企业服务提供商

Corporate Service Providers

Cyprus

enquiries@emcs.com.mt

国际银行 International Bank

Switzerland

Seychelles

Anguilla

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

Tel: +357 2241 8888 info@aspentrust.com

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

Tel:+264 497 3142

Fiducenter Ltd

Frontier Biz

com/

Tel: +230 213 6600

fiducenter@ducenter.

Tel. (507) 265-7600

global@axys-group.com Nevis Seychelles

The Bank of Nevis Ltd http: //www.thebankofnevis.

Deloitte Limited Tel:+357 25 868 686 infonicosia@deloitte.com Madeira

offshore@sabcolaw.com

com/ Tel: (869) 469-5564/5796 Sterling Offshore www.sterlingoffshore.com Tel: +248 410 940 michelle@ sterlingoffshore.com

St. Lucia

info@thebankofnevis.com

Limited

Actuarius Consulting

A.C.T. - Offshore Limited

www.actuarius-

www.offshorecompanies.

Tel: +758 453-2000

consulting.com

net

ZacheusJ@fachambers.

Tel: +351 291 234 245

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com

info@actuarius-onsulting.

email@actseychelles.com

St. Vincent and the

com

com Tel:+784 456 2970 info@ wilfredinternationalservices. com

bernard.knights@ubs.com Canada

Royal Bank of Canada http: //www.rbcroyalbank. com

离岸飞机注册机构

Offshore Aircraft Registry

Cayman

Scotiabank

Civil Aviation Authority

http: //scotiabank.com

www.caacayman.com

Tel:+1 800 472 6842

Tel:+345 949 7811

USA

civil.aviation@caacayman. com

Bank of America www.bankofamerica.com

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France Barbados http://www.banque-

Wilfred Services Ltd. wilfredinternationalservices.

Tel:+345 914 6001

The Bank of France

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Canada

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UBS

http: //www.mmgbank.

Tel: +357 25 504 000

www.deloitte.com/cy

Tel:+501 223 5803

bmibank.com

www.axys-group.com

Tel: +501 223 2144

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www.fiducenter.com.cy

www.frontierbiz.bz

SABIDO & Co

Tel: +248 4325660

MMG Bank Corporation FWM International Ltd

com.cy

frontier@btl.net

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Panama

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BMI Offshore Bank Limited

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

ABC International Services www. abcmanagementservices. com Tel: +248 374 088

france.fr Tell: +01 42 92 39 08 infos@banque-france.fr Dominica

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Investment Bank

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Banco Trasatlantico Ltd http: //www.

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Chancery Chambers

chancery@ chancerychambers.com

bancotrasatlantico.dm Tel: +1-767-449-9254

British Virgin Islands

info@bancotrasatlantico.

Hong Kong Offshore Incorporations

Mauritius

Channel Islands

www.offshore-inc.com Tel: +86 21 6287 7779

EMCS International

info@offshore-inc.com

Services LTD

56

Autumn, 2012

dm

Roth Capital Partners

www.emcsinternational.

www.china.roth.com

com

Tel: +852 2251 8585

Tel: +356 2777 2540

hr@roth.com

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

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

Offshore Hand book | 离岸指南

Malta

Fenech & Fenech

French International

The Central Bank of

Guernsey Financial

Register

Barbados

Services Commission

www.rif.mer.equipement.

http: //www.centralbank.

http://www.gfsc.gg

gouv.fr

org.bb/

Tel: +44 1481 712706

Tel: +334 2684 5762

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rif@developpement-durable.

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Appleby Global

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hkma@hkma.gov.hk

Inc

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Monetary Authority

Treuhandervereinigung

Tel: (852) 2878 8196

International Registries,

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The Hong Kong http://www.hkma.gov.hk

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

RAK Offshore www.rakoffshore.ae

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Tel: +971 7 206 8666

Commission

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info@ggba-switzerland.ch

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

私人银行

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UAE Anguilla

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

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Offshore Yacht Registry

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

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

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

Bahamas

sstirling@ businessbermuda.org

bahamasmaritime.com

Cook Islands

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Shipping

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Tel: +44 1624 686400

Labuan Cook Islands FSDA

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Tel: +682 211 75

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Invest Barbados

Guernsey

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

info@investbarbados.org

FBME Bank www.fbme.com

www.investbarbados.org Tel: +246 626 2000

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com

maritimeadmin@dms.mcw.

Bank of Cyprus www.bankofcyprus.com

www.cookislandsfinance.

ww.shipping.gov.cy

Cyprus

isleofmanfinance.com

Services Board

Department of Merchant

www.gov.im enquiries@

Bahamas Financial

Tel: +357 258 481000

Annual Investment Meeting

Liechtenstein

Tel: +357 22 888400 nicosa@fmbe.com

2012, Autumn China Offshore

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离岸指南 | Offshore Hand book 游艇注册服务提供商

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

Hong Kong

Management@

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Trust & Fiduciary Services

St.George’s Trust

British Virgin Islands

Verwaltungsanstalt

www.midlandconsult.hk Tel: +852 2899 2009

Isle of Man

http: //www.fiduciana.com/

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

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

Capital International Tel: +44 1624 654200

Wealth Management

Bermuda

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

info@anchor.com.mt

www.lom.com

Gloconsult Management

Tel: +441 295 6999

Services Ltd.

lomam@lom.bm

www.info-gloconsult.com

info@sgt.b

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

St. George’s Trust Company

com

www. sgt.bm

Tel: +357 25 662285

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

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

Tel: +242 367 2558

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

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

WEALTH PRESERVATION EXPERTS

Malta

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

海运服务

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Autumn, 2012

Tel: +356 212 3239

Liechtenstein

Services LTD

www.theelcogroup.com

58

www.anchor.com.mt

Mauritius

Management Ltd.

Dubai

www.platinumoffshore.com

财富管理

info@capital-iom.com

Treuunternehmen (ATU)

Management Services, Inc.

singapore@asiacititrust.

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com

Platinum Offshore

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Tel: +65 6533 2611

www.capital-iom.com

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Anchor Corporate Services

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Costas Indianos & Co

Intertrust Group

T +41 (0)22 322 09 80

Tel: +65 6576 0990

The AMS Group www.amsbvi.com

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com

com

Tel: +423 388 0202 info@fiduciana.com

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First Advisory Group

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Company Ltd. www.sgt.bm

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