China offshore 2012 Winter Edition by John Yang

Letter From Editor | 编者的话

随着中国高净值人士数量的持续上升（如果保持目前的增长速度，2012 年中国将拥有 100 万名百万富翁），越来越多的中国人正在寻找方法来有效地管理他们的资产。《中国离岸》将会在这里为您展示如何做到这一点。我们的独家特刊将为中国的高净值人士深入地介绍离岸和私人银行的历史、未来、优势和问题。我们的特刊还将提供银行业顾问的观点文章以及有关离岸账户的信息，这将给予您所需要的全部信息，帮助您在挑选银行时作出明智的决定。我们的封面故事将讨论一个长期以来受到关注的问题：透明度。我们将回顾经合组织在增加国际信息共享方面所作出的努力，以及其如何着手瓦解一些离岸中心对隐私的保护机制。该文探讨了离岸中心对这些压力作出了什么样的反应，并且研究了它们在这些变化中是如何重塑自己形象的。本期介绍的国家是开曼群岛和摩洛哥，前者正在越来越多地依靠中国提供新的资本，而后者长期以来与奢华的生活联系在了一起。水星资本的董事总经理邓新华先生在一篇评论文章中描述了投资者如何才能为拟进行首次公开发行的企业提供有用的架构，而我们同时奉上了与这篇评论相关的特别报道，着眼于投资特殊资产类别的投资基金。

《中国离岸》编辑 Juliet Leclerec

主编 Editor in Chief: Juliet Leclerec 撰稿人 Contributors: Anas Almasri, Jimmy Chan, Sean Deng, John Paul Egan, Claire van den Heever, Michael Liu, Iain Manley, Rose Scorbie, Adam Skuse, Ningmin Yu, Leo Zhang 美术总监 Art Director: Susan Shen 美术编辑 Art Editor: Tank Hu 研究员 Researcher: Wang Bin 制作总监，亚洲 Production Director, Asia: Gillian Bolsover 销售总监，亚洲 Sales Director, Asia: Matthew Sumner 销售总监，美洲 Sales Director, Americas: Spencer Hall 客户经理，亚洲 Accounts Managers: Robert Kempton Matthew Edward Spriegel, Nonnie Warren 发行经理 Circulation Manager: Iris Gao

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With the number of high net worth individuals continuing to rise, China will reach one million reported millionaires in 2012, if current growth rates continue, more and more Chinese are looking for ways to effectively manage their assets and China Offshore is here to show you how. Our exclusive supplement provides an in-depth look at the history, future, benefits and problems of offshore and private banking for Chinese high net worth individuals. With opinions penned by select banking consultants and information collected about offshore account offerings, our exclusive supplement gives you all the information you need to make an informed decision when considering your banking options. An story long in the making, our cover piece concerns issues of transparency, charting the efforts made by the OEDC to increase international information sharing and unpick the privacy protections of some offshore centers. The article examines how offshore centers have reacted to these pressures and remade their images in light of these changes. Profiled in this issue are offshore giant The Cayman Islands, who are increasingly looking to China to supply the island national with new capital, and Monaco, the city state long associated with high living luxury. An opinion by Mercury Capital Investment Managing Director Sean Deng describes how investors can provide a useful structure for companies planning an initial public offering and we round out this edition with a special report on investment funds that focus on niche asset classes. Editor, China Offshore Juliet Leclerec

Winter, 2012 China Offshore

金融危机后的离岸中心 Offshore Centers After The Financial Crisis

封面故事 cover story

新闻 NEWS 04 全球离岸新闻 Offshore World News 离岸世界重要资讯 All the latest news from across the offshore world 观点 OPINION

封面故事 COVER STORY 16 金融危机后的离岸中心 Offshore Centers After The Financial Crisis

看点 EYE ON 31 开曼群岛：中国资本流动的交汇点 The Cayman Islands: A Nexus For Chinese Capital Flow

24 离岸司法管辖区被赞遵守全球标准 Offshore Jurisdictions Praised For Adherence to Global Standards

36 摩纳哥的真正魅力 Monaco’s True Allure

08 香港 ETF 发展情况 The Development of ETFs in Hong Kong

28 尽职调查 / 了解主要离岸司法管辖区的客户政策 Due Diligence/Know Your

11 浅论信托在上市中的应用 The Use of Trusts in Listings: An Analysis

Winter, 2012

Customer Policies of Major Offshore Jurisdictions

特别报道 SPECIAL REPORT 48 热情的基金 Funds of Passion

Winter 2012 冬季

Contents advertiser directory

Anguilla – Inside Back Cover Bahamas Maritime Authority – Back Cover Bateman Financial – 35 Bilanz Data – 14 – 15 Chancery Partners – 19 China Offshore iPad/iPod App – Exclusive Supplement 15

CIM Banque - Exclusive Supplement Inside Back Cover Constance Hotels Experience – 6 – 7 Cook Islands FSDA – 42 – 47, Inside Front Cover Cook Islands Trust – 45 EBC – 39 Finab – 33 International Registries (Far East) – 23 Marfin Laki Bank – Exclusive Supplement Inside Front Cover Rosemont – 41

Offshore & Private Banking

An exclusive supplement of China Offshore magazine

S01 离岸银行业务：中国的财富增长将改变该行业滞后的发展 Offshore Banking: A Lagging Sector to be Powered by China's Growing Wealth

S09 中国财富促进亚洲离岸中心的发展 China’s Wealth Fueling Growth of Asian Offshore Centers

S14 观点 Opinions

Winter, 2012 China Offshore

新闻 | NEWS 全球概览 Global update

欧洲 EUROPE 马恩岛 Isle of Man

欧洲 EUROPE 耿西岛 Guernsey

马恩岛启动基金

耿西寻求该岛公司在深圳证券交易所上市

根据岛内媒体manx.net报道，马恩岛通过并发布了一项经君主批准的新法律，将允

作为扩展其中国业务的最新努力，耿西岛已经与深圳证券交易所（SZSE）的决策者

许在岛内建立基金，该法律将进一步提升马恩岛作为国际财富管理中心的地位。财政部

进行磋商，试图让耿西岛的公司能够在这个中国的证券交易所实现上市。

部长Eddie Teare对此消息表示欢迎：“国际财富管理市场竞争激烈，因此马恩政府与私

2011年9月，耿西岛代表团在其亚洲之行中访问了中国，并在香港推广不久前获得

营部门的紧密合作至关重要，这样才能为国际客户提供更好的服务。”

的在香港联合交易所（HKEX)上市的资格。

Appleby律师事务所的合伙人John Rimmer先生，也对这一消息表示欢迎，认为基金

耿西岛的公司在2011年5月获得了在港交所上市的许可。

将很快被列入马恩岛金融企业提供的服务项目，“马恩岛需要为金融企业提供优秀的服

在访问深圳之前，耿西岛代表团还与来自新加坡证券交易所（SGX）的官员进行了

务方案，以帮助他们吸引到更多客户。信托是我们服务中重要的一部分，但不一定适合

会谈，讨论了耿西岛公司获得该交易所上市权利的可能性。

所有人。基金则为来自大陆法系国家的个人和家庭提供了更熟悉和舒适的方案，同样在

在一份电子邮件声明中，该岛金融服务推广机构——耿西岛金融发展局——的首席

商法架构下为他们提供了非常有意义的机会。”

执行官Peter Niven强调了耿西致力于发展亚洲市场，特别是中国。他表示在深交所上市

基金法案为建立基金提供了方案，这也是信托以外的持有资产的一种工具。尽管和

将提升该岛的地位，并且增加中国客户使用耿西公司的好处。

信托有一定的相似性，但基金还能提供信托所没有的优势，包括独立的法人身份、与企

他说：“ 耿西岛公司已经能够在海峡群岛证券交易所、伦敦证券交易所、阿姆斯特丹

业类似的运作等。每个基金将要登记备案，并有一名当地的注册代表向当局负责。

泛欧证券交易所、港交所以及其他交易所实现上市。因此，能够在深交所上市将增强我们

来自Dougherty Quinn信托团队的高级副理Annemarie Hughes说：“我刚刚从新加

的实力。这意味着：无论是将其作为一项个人投资工具，还是作为从投资者那里募集资金

坡的亚洲STEP大会回来，基金和资产规划也是这次大会的主要议题。我相信马恩岛新推

的基金工具，远东的客户都能够通过使用耿西公司获得额外的好处，这些客户将能在深圳

出的成熟且灵活的基金工具，能抓住国际市场上大量的机会，并满足日益增长的需求。”

和伦敦的一个市场实现两地上市。此外，这项进展意味着耿西公司能够为西方企业提供对接中国投资者的一种方式，从而投资中国本地或者更为国际化的项目。”

Isle of Man to launch foundations The Isle of Man received a boost to its position as a centre for international wealth management with the announcement of monarchical approval to a new law that would permit the establishment of foundations in the island on November 16, 2011. Treasury Minister Eddie Teare has welcomed the news saying, “The world of wealth management is highly competitive so it is vitally important that the government keeps working in partnership with the private sector to enhance the island’s offering to international clients.” A partner at the law firm Appleby, John Rimmer, welcomed the news that foundations would soon be added list of services Isle of Man financial companies can provide saying, “The Island needs to offer decent solutions for all those whose custom we want to attract. Trusts form a key part of our offering, but they are not the answer for everyone. Foundations offer greater familiarity and comfort for individuals and families from civil law countries, as well as interesting opportunities in commercial legal structures.” The Foundations Act offers a solution for the setting up of foundations, which are an alternative to trusts as vehicles for holding assets. Despite being similar to trusts, foundations offer additional benefits to trusts, including a separate legal identity, similar to that of a business. Every foundation will be recorded on a public register and each must have a local registered representative held responsible to the authorities. Senior associate within Dougherty Quinn’s specialist trust team, Annemarie Hughes, said “Having recently returned from the STEP Asia Conference in Singapore, where foundations and estate planning formed a key part of that conference, I am confident that the Isle of Man’s new sophisticated yet flexible foundation vehicle is ideally placed to service the numerous opportunities and growing demand in the international market.”

Winter, 2012

Guernsey Seeks Shenzhen Stock Exchange Listing In its latest effort to increase its China exposure, Guernsey has entered into new discussions with policymakers at the Shenzhen Stock Exchange (SZSE) over the prospect of Guernsey based companies listing on the Chinese exchange. Companies based on the Channel Island were granted approval for listing on the HK exchange in May 2011. The Guernsey delegation visited China in November as part of its Asia bound mission, and on its itinerary was a stop in Hong Kong to promote its newly obtained approval for listing on the Hong Kong Stock Exchange (HKEX). The Shenzhen visit also followed a meeting with officials from the Singapore Stock Exchange (SGX), to evaluate the possibility of Guernsey’s establishments gaining listing rights on that exchange as well. Commenting on the news in an emailed statement, Chief Executive of Guernsey Finance, the island’s financial promotional arm, Peter Niven, emphasized Guernsey’s dedication towards the region and especially China, stating that the ability to list on the SZSE would strengthen the Island’s position and broaden the benefits of using Guernsey-based companies for Chinese clients. “Guernsey companies can already be listed on the local CISX, the London Stock Exchange, Euronext Amsterdam and the HKEX, among others and so being able to list on the SZSE will add yet another string to our bow. This means that clients from the Far East can have yet another benefit of using Guernsey companies either as a personal investment vehicle or as a fund vehicle for raising capital from investors, especially given the potential for dual listings in Shenzhen and one of the London markets. In addition, the development would mean that Guernsey companies could provide western firms with a route to gain exposure to Chinese investors, investing in projects locally in China or more internationally.”

NEWS | 新闻

国际条约观察 Treaty Watch 2012年1月1日 January 1, 2012 澳门-牙买加 Macau-Jamaica 中国的特别行政区澳门与加勒比岛国牙买加之间的避免双重征税协议及税务信息交换协议将在2012年1月1日生效。这项协议是牙买加把自己打造成为国际金融服务中心战略的一部分。 2011年10月初，两地确认了一项免双重征税协定，并且于11月底又签署了信息交换条约。在最近的一次媒体发布会上，牙买加主管信息的部长阿瑟·威廉姆斯参议员对条约表示出了欢迎，他说这将“促进牙买加税务当局和中国澳门税务当局之间税务信息的有效交换。”

亚洲 ASIA 北京 Beijing 人民币启动对澳元及加元的交易 2011年11月29日，中国外汇交易中心在银行间外汇市场启动了人民币对澳元和人民币对加拿大元的交易，这是中国政府促进人民币使用的又一举措。 2010年年底，汇丰银行发布了题为《人民币的崛起》的报告，总结出人民币国际化进程的三个阶段。第一阶段，使人民币成为全球贸易的结算货币；第二阶段，成为国际投资/债务货币；第三阶段，成为国际储备货币。该报告称，人民币国际化目前大概在第一和第二阶段之间。而第三阶段的前景还不明朗，人民币要获得作为储备货币的可信度还需要很长的过程。

A Double Taxation Agreement and Tax Information Sharing Agreement signed between Chinese Special Administrative region Macau and Caribbean island Jamaica came into effect January 1, 2012. The treaty forms part of the island’s strategy to establish itself as an international financial services center (IFSC). A DTA was confirmed between the two regions in early October 2011 and information sharing provisions were added to the treaty in late November. In a recent press briefing, the Jamaican Minister with responsibility for Information, Senator Arthur Williams, welcomed the treaty saying it would “facilitate the effective exchange of tax information between Jamaican tax authorities and their counterparts in Macao, China”

2011年12月19日 December 19, 2011 台湾-德国 Taiwan - Germany 德国与中国台湾达成了避免双重征税协议的双边谈判，并于2011年12月19

日在台北签署。据报道，该协议包含避免对股息和资本利得进行双重征税的条款，以及税务信息交换的条款。

据路透社报道，交易商认为人民币对澳元和加元的定价，大致反映了人民币兑美元

在一份官方的新闻稿中，台湾方面表示：“ 该协议将使得税务更为公平，为

的价值，以及美元兑澳元和加元的价值。报道称，外汇交易商还认为，人民币和美元联

企业创造出一个更加友好的投资环境。这也将进一步巩固台湾和德国之间的实质

系一直很紧密，因此对澳元和加元实现更自主的交易还需要时间。

性关系。”

至此，可在中国银行间市场直接与人民币交易的货币已经有美元、欧元、日元、港

这份最新签署的免双重征税协议有待通过正式批准程序后方能生效，双方

元、英镑、马来西亚林吉特、俄罗斯卢布、澳大利亚元、加拿大元9个品种。人民币与澳

对协议的积极影响表示出了乐观的态度。

元及加元的交易，也是自2010年11月中国外汇交易系统启动人民币对卢布交易后的最新进展。

Yuan now traded against Australian and Canadian dollars The renminbi began trading against the Australian dollar and Canadian dollar in the China’s forex market on November 29, 2011, the latest currency pairs to be introduced as part of the Chinese government’s attempts to promote the use of the RMB. In November 2010, HSBC released a report titled, “The rise of the redback,” which summarised the process of RMB internationalisation into three general steps. The first is to make the RMB a global trade settlement currency; the second an international investment/debt currency; and the third an international reserve currency. According to the report the process is roughly between stage one and two. Stage three, however remains allusive, as it will be a long process for the renminbi achieves the reserve currency credentials. Traders commented that the pricing of the RMB for the most part reflected the value of the currency against the U.S. dollar and the dollar’s value versus the Australian and Canadian dollars, Reuters reported. In the same news piece, forex dealers also mentioned that it would take time for the yuan, which has been connected so closely to the U.S. dollar, to trade more autonomously against the two latest currency pairs. The two foreign currencies are among seven other currencies that are permitted to be traded on China’s interbank foreign exchange market; the U.S. dollar, Hong Kong dollar, Japanese yen, euro, British pound, Malaysian ringgit and Russian ruble. These two new currency pairs are the first since the China Foreign Exchange Trade System began yuan trading versus the rouble in November 2010.

Germany and Taiwan have concluded a bilateral double taxation agreement, signed in Berlin on December 19, 2011 and in Taipei, on December 28. The treaty is reported to include provisions pertaining to the avoidance of the double taxation of dividends and capital gains and a provision for tax information exchange. “The pact will result in fairer taxation and create a more friendly investment environment for business,” an official from the Ministry of Foreign Affairs said in an official press release. “It will also further consolidate substantial relations between Taiwan and Germany.” The recently signed DTA agreement is subject to both side’s formal ratification procedures before it will take effect but both sides have expressed optimism about the positive effects of the agreement.

2011年12月8日 November 8, 2011 香港-马耳他 Hong Kong-Malta 香港特别行政区与马耳他政府在2011年12月8日宣布了一项内容广泛的避免双重征税协议。该协定取消了双方管辖区内所得税的双重征收，并制定了防止偷税漏税条款，主要针对在香港产生的所得税。两地自2011年3月起就该协定开始谈判，协定自双方政府分别完成审批程序后生效。 A comprehensive Double Taxation Agreement (DTA) between the Hong Kong special administrative region government and the Maltese government was announced on November 8, 2011. The treaty removes the dual taxing of income in both jurisdictions and also addresses fiscal evasion matters, primarily on income tax arising in HK. The two parties have been involved in discussions and negotiations over the agreement since March 2011, and it will come into force after both governments finalize their respective ratification procedures. Winter, 2012 China Offshore

Winter, 2012

Winter, 2012 China Offshore

观点 | Opinion CHINA OFFSHORE

香港 ETF 发展情况 The Development of ETFs in Hong Kong

香

港 ETF 发展比较稳定，从第一只 ETF 开始到现在差不多有 12 年了。现在挂牌交易的 ETF 有 79 只，其中 2 只

没有在香港上市发行。现时买卖最活跃的就是 A50(2823)，因为有些投资者不一定长线持有，而盈富基金 (2800) 里面基本是香港恒生指数成分股，等于买了香港股市，分散投资风险，很多投资者会长线持有。

陈家强 Jimmy Chen 陈家强先生现为海通国际创富理财有限公司中国业务董事，拥有美国工商管理硕士学位，并为香港证监会注册持牌人、香港财资市场公会 (TMA) 会员，并持有环球风险管理专业人员协会 (GARP) 颁发的金融风险管理师 (FRM) 专业资格。 M r. C h e n i s c u r re n t ly a director for China operations at Haitong I n t e r n a t i o n a l We a l t h Management Limited. He has obtained an MBA degree in the U.S., and i s S FC l i c e n s e d a n d a m e m b e r o f Tr e a s u r y Markets Association ( T M A ) i n H o n g Ko n g . He also owns Financial Risk Manager (FRM) professional qualification i s s u e d by T h e G l o b a l Association of Risk Professionals (GARP).

Winter, 2012

A50 及沪深 300 ETF 是香港或者海外投资者除了 QFII 之外的最快最简单交易途径，金额要求也不高，像股票一样交易，中短线操作比较容易，因为他们长线投资盈富基金，而且他们可以直接买中资 H 股和红筹股。比如，2011 年 11 月 4 日香港股市成交量是 790 亿元，但里面包括很多衍生产品的成交量，比如牛熊证、窝轮等，A50(2823) 大概有 22 亿元，把它看成一只股票就是非常大的交易量。其他活跃的包括 H 股的 ETF(2828)，成交量 3 亿，沪深 300 指数 ETF(2827) 也有 4 至 5 千万元。但你也看到 70 多只 ETF 有不少是让投资者参与海外市场，比如有印度、俄罗斯、韩国和台湾等，把国内 A 股市场分开的板块也有，例如 A 股销售板块、 A 股金融板块等，但是交投量不高，有待投资者逐步投入。因为某些 ETF 海外市场交易量不是很活跃，不是 24 小时交易，有时候在香港买卖这些相关市场的 ETF 产品不容易吸引到投资者。举个例子，在香港交易的俄罗斯 ETF 一天的交易量可能只有几十万港元，印度也是一天可能是三四十万元，其实如果买印度市场，很多香港本土投资者都比较喜欢经过一些开放式基金，像国内公募基金，比如香港外资基金公司、富达、 JF、施罗德等等公募互惠基金，来投资印度市场。ETF 分类当中，一种是实物，另一种是合成 ETF，使用衍生工具追踪指数。很多投资者可能都利用 ETF 做中短线交易，不像开放式公募互惠基金，一天只有一次买卖，如果香港比较专业的投资者，通过香港 ETF 来买卖国外市场的话，不

he continued development of ETFs in Hong Kong is relatively stable and has been for almost 12 years since the first ETF was launched. Currently, there are 79 listed ETFs, two of which are not traded in Hong Kong. The one with the most active trading is A50(2823) as some investors don’t take a long-term position in the fund. However, the Tracker Fund (2800) covers most of the Hang Seng Index components, allowing investors to buy into the entire Hong Kong market to diversify investment risks. Many investors choose to hold their positions in the long term. Apart from the QFII program, A50 and CSI 300 ETFs are the fastest and most convenient c h a n n e l s fo r H o n g Ko n g a n d ove r s e a s investors. The requirement for capital is not high, and medium- and short-term operations are relatively easy, just like trading stocks. They are long-term investors in the Tracker Fund and they can directly buy H shares and red chips. Taking a single day (Nov. 4, 2011) as an example, the turnover in the Hong Kong Stock Exchange was HK$79 billion, but it included turnover of many derivative products, such as Callable Bull/Bear Contracts and Warrants. The turnover of A50 (2823) was nearly HK$2.2 billion, which is big when viewed as a single stock. Other actively traded products included H shares’ ETF (2828) with turnover of HK$300 million while the turnover of CSI 300 ETF (2827) also hit HK$45 million. However, you could see among the 70-plus ETFs, many allowed investors to gain access to overseas markets, including India, Russia,

CHINA OFFSHORE Opinion | 观点

能 24 小时交易，他们宁愿在香港开个美股证券户口，买卖美国挂牌的外国股指 ETF，可以 24 小时交易的，也可以买到巴西、俄罗斯等市场。如果在香港开盘时买他们收盘时的东西，市场流动较低引致买卖差价不一定最好。利用香港的交易平台，效率高，易参与，随时可以买卖，又没有时差，又是大家都关注的市场，也就是中国市场了。衡量 ETF 的标准其中一个比较重要的是追踪误差 (Trading Error)，因为有一些基金是合成 ETF，涉及衍生工具，此外，实物 ETF 也不一定完全复制指数一样的持股量及持股比例。如果追踪指标偏差太远就失去被动式投资的意义了。

South Korea and Taiwan. There are also sectors targeting specific mainland A shares, such as the A-share retail sector and A-share financial sector. However, turnover was not high in these sectors and it needs more participation from investors. Some markets that the ETFs track are not active and don’t feature 24hour trading, making it difficult for the underlying ETFs to lure investors. For example, turnover of the Russian ETF in Hong Kong may be only several hundreds of thousands Hong Kong dollars while that of Indian ETF was only 300,000 to 400,000 Hong Kong

香港证券交易所挂牌交易的 ETF 有 79 只，它们是追踪基准的被动式和开放式基金，其中有 26 只追踪大陆的上市公司的股票，9 只追踪香港上市公司的股票。

The Hong Kong stock exchange lists 79 ETFs, passively managed and openended funds designed to track the performance of their underlying benchmarks, of which 26 track the equity of mainland listed companies and nine track the equity of Hong Kong listed companies.

dollars. When buying into the Indian market, many local investors in Hong Kong prefer to go through some openend funds such as domestic public funds and foreign fund companies in Hong Kong, such as Fidelity, JF, Schroder and other public mutual funds. As for the categories of ETFs, one is ETF tracking the indexes directly while the other is synthetic ETF, which uses derivatives to track the indexes. Many investors may use ETFs to conduct medium- and shortterm trading. They are not like open-end mutual funds, which can only be traded once a day. As for professional investors in Hong Kong, if they use Hong Kongbased ETFs to trade in overseas markets, they can’t realize 24-hour trading. They would prefer to open a US stock account and trade US-listed ETFs tracking foreign indexes, allowing them to realize 24-hour trading and also buy into the Brazilian and Russian markets. If they buy the closing index at the opening of the Hong Kong market and the bid-ask spreads under low liquidity this is not an ideal situation. Only one market can use the Hong Kong platform with high efficiency, easy access and timely trading without time difference. It’s the Chinese market. The standards for evaluating ETFs One of the most important standards is Trading Error because some funds are synthetic ETFs, which involve derivatives. Besides, some real ETFs don’t necessarily copy the same equity holding volumes and proportions as the underlying index. If the trading error is too big, the passive investment mode will lose its significance. If there are few choices in the market, such as a limited number of channels to trade A shares, and when the A-share market has a strong upswing trend, people have to buy into the ETFs, which Winter, 2012 China Offshore

观点 | Opinion CHINA OFFSHORE

如果市场选择比较少，比如买卖 A 股的渠道不多，大家没有选择情况下，A 股又出现大行情，大家没有选择总是要买的，所以经常看到 ETF 基金出现溢价，但是大家觉得无所谓，反正中短线操作就可以。ETF 追踪的是标的指数，要看指数背后的市场前景好不好，如果看多这个市场，ETF 表现就会追踪指数看升了。对于更进取的投资者而言，香港交易所有一百多支 A50 相关的认购及认沽衍生权证供买卖。另外可以补充的因素则是基金经理的品牌，比如规模比较大，知名度高，还有费用比率 (Expense Ration)。比如 A50 0.99%，对于 ETF 来说并不便宜，但 A 股是较封闭的市场，利用相关的场外衍生工具去追踪 A 股指数难免成本较高。盈富基金费率 0.15%，非常低，每一年费用这么低，对于长线持有的投资者来说，这么小的费用就非常具有吸引力了。内地推港股 ETF 的影响？内地推出港股 ETF 对于国内投资者交易非常有建设性，但额度有多大，是不是大部分基金公司都可以参与，或者开始只有一两只的 ETF 出来，有多少竞争力很难说。不过内地投资者可以利用 ETF 投资海外市场分散风险，还是有一定的吸引力的。虽然刚开始规模不大，但至少开了个头。如果额度规模不大，对于香港股市影响也会比较小。监管机构抵押品水平的影响？要求越严格，对于营运商成本越高。提高抵押品水平，机会成本越大，香港若要维持国际金融中心，产品要多元化，同时需要有一定水平的监管以保障投资者，防范系统性风险。印度 ETF，巴西 ETF 等，虽然现时买卖的人不多，不过投资者至少有选择，万一行情来了，大家还可以实时买得到。有可能退出 ETF 业务的原因 1、每家公司营运策略和资源分配的决定，如果做投行或自营业务更赚钱，为什么要做其他不赚钱的呢？ 2、成本问题，推的 ETF，没有达到之前的目标规模效益，管理费收入也不多，但是有人进场有人离场，有的公司觉得利用 ETF 打品牌也可以，为将来市场成熟时抢占商机。

Winter, 2012

make them often trade at premiums. However, people now often prefer to be engaged in medium and short-term trading. The ETF tracks the underlying index, whose performance depends on the market prospect. If investors are upbeat about the market, the ETF will perform strongly along with the underlying index. As for more aggressive investors, there are more than 100 A50related put and call warrants available on the Hong Kong stock exchange. Other considerations include the brands of fund managers (such as large and well-known ones) and the expense ratio, such as the 0.99 percent for A50, which is not cheap for ETFs. But the A-share market is relatively closed to the outside, so the costs of using off-market derivatives to track the A share index are inevitably high. The expense ratio for the Tracker Fund is very low (0.15 percent) and for long-term investors, such a low annual fee is very attractive. The influence of mainland launch of ETFs tracking Hong Kong stocks As for domestic investors, the launching of the ETF tracking Hong Kong stocks on the mainland is very constructive. However, it remains to be seen how big the quotas will be and whether a majority of fund firms can join, or if there are only one or two ETFs available at the initial stage. However considering that mainland investors can use the ETF to invest in overseas markets for risk diversification, the program is somewhat attractive. Although the initial size is not big, it is at least a start. If the quota is not large, it won’t have a big impact on the Hong Kong stock market. The influence of oversight on collateral: The stricter the regulations, the higher the costs for operators When you increase the collateral levels,

you will see more opportunity costs. If Hong Kong hopes to maintain its status as a global financial hub, it needs to diversify its products and, at the same time, maintain a certain level of supervision to protect investors and prevent systemic risks. Although trading for the Indian and Brazilian ETFs are not strong currently, they are options for investors, who can gain timely access to them as soon as bull runs occur. Possible reasons to quit the ETF business 1. Every company has its own needs, and operation and resource allocation strategies. If a company makes more m o n e y on i nve s t m e n t b a n k i n g o r proprietary trading, why should it conduct other business that doesn’t make money? 2. There is also a cost issue. The performance and launching of ETFs didn’t reach the previously-targeted goals. The management fees were not high, but some companies quit the market. However, other companies believe they can use ETFs to build up their brands and pave the way for its growth when the market matures in the future.

CHINA OFFSHORE Opinion | 观点

浅论信托在上市中的应用 The Use of Trusts in Listings: An Analysis

信

托的一般功能，譬如财富传承、资产管理、财产保护等已经为高净值人士、家族、私人银行和家族理财室（Family office）

所熟识并频繁运用。而信托对于拟上市（IPO）的公司亦可以发挥十分重要的作用。 IPO 过程中的信托安排最常见的目的主要有：股东方的家族财产安排以及公司员工的股权激励。就股东方的家族财产安排计划而言，一般信托的委托人（即股东方）最关注的问题是资产的安全性与可控性，即股东方原来拥有的股权及资产通过信托安排由受托人拥有后，原股东方对该资产如何进行控制和处分。由于普通法中的信托制度将财产所有权与收益权进行分离，大陆法系的委托人对财产的控制与安全的问题最为关注和费解。他们认为一旦信托设立后，原来由委托人所所有的资产将变成由受托人所有，并且受托人将成为信托资产合法的所有人。解决委托人顾虑的关键是对信托形式的选择，而对信托形式的选择又会牵涉信托法域的选择。有很多法域都有信托法的支持，如开曼群岛、新加坡、泽西岛、香港等，每个法域中的信托的种类都非常的复杂，如何选择成为一个重要但又困难的问题。根据我们的研究和实践，针对前述信托的需求和特点，家族财产安排中的信托类型可以选择英属维尔京群岛的 Vista 信托（BVI Vista Trust）以及开曼群岛的不可撤销全权处理信托（“IDT1”）。这两种类型的信托都有一个特点，既可以实现委托人将资产转移至受托人的目的，更重要的是委托人在信托协议框架下对信托资产不失去相应的控制权和处分权。以开曼群岛的不可撤销全权处理信托为例，可以成立一个投资委员会，投资委员会的职责、权力、义务和委员会的人选都由委托人在信托成立时决定。投资委员会的功能在于保护信托资产的价值，投资委员会可以作出投资建议 , 包括如何行使所持有股票的投票权，以及在信托协议约定的权力下 , 就信托资产的管理、处分事宜向受托人提出书面指示。这种形式的信托，委托人有权自主地决定如何分配资产，何时、何人、

he general functions of trusts, covering wealth inheritance, asset management and property protection, has been widely acknowledged and frequently used by high net worth individuals, families, private banks and family offices. However, trusts can also play a very important role for a company planning an initial public offering (IPO). The most common trust arrangements during the IPO process include family asset arrangement for shareholders and equity incentive plans for employees. As for the shareholders’ family property arrangement, the grantors, or the shareholders, usually care most about the security and controllability of their assets. That means the original shareholders should know how to control and dispose of the assets after they transfer equities or assets to the trustees via the trust arrangement. As the trust system under the common law system separates the ownership right and profit right, grantors’ control over the assets and related security issues have aroused most attention and doubts under the civil law system. People believe that once the trusts are established, the assets previously belonging to the grantors would be owned by the trustees, who will become the legal owners of the trust assets. The key to ease the grantors’ concerns is the selection of the forms for the trusts, which consequently involves the selection of jurisdictions with relevant trust laws. Many jurisdictions, such as the Cayman Islands, Singapore, Jersey and Hong Kong, have trust laws with the types of trusts in each jurisdiction being very complex. The issue of how to select a suitable form is very important but often difficult.

邓新华 Sean Deng 水星资本董事总经理 Managing Director, Mercury Capital Investment Limited

邓新华先生在财富管理与离岸金融领域已经有十年以上的经验。他曾是利岸投资（Company Incorporaton Asia Limited）的创始合伙人。利岸投资曾是在中国的离岸专业服务领域中的领导者之一。在此之前他作为一位在投资银行与金融领域的专业律师从事了多年的专业法律服务。 Sean has over ten years of experience in offshore financial industry and offshore asset management. Prior to joining MCI, he was the founding partner of Company Incorporaton Asia Limited (CIA). CIA was one of the leading offshore solution providers in China.

Winter, 2012 China Offshore

观点 | Opinion CHINA OFFSHORE

数量及收益授予受益人等都可以自主地为委托人所决定。受托人将根据委托人的意愿及

图一 Figure One

受益人情况的变化灵活地行使处分权。此种信托是相当有效的资产保护工具。

信托受托人 Trustee

在具体的家族财产信托结构中一般会安排双重离岸公司架构，这种架构可提供更有效的资产管理和更高的保密性。信托委托人将会成立两家离岸特殊目的公司（Special

信托委托人 Trust settlor

Purpose Vehicle-SPV，分述为 SPV1、 SPV2），SPV 的法域可以选择英属维京群岛或者开曼群岛。委托人将会是这两家公司的首任股东。随后委托人会将 SPV1 的股

投资委员会 Committee on investment

开曼群岛不可撤销全权处理信托（ITD1）

信托受益人 Trust beneficiaries

ITD1 of Cayman Islands

由信托委托人指定 Appointed by trust settlor

SPV2

董事由信托受托人提供 Director appointed by trustee

权全部转给 SPV2。SPV2 将成为 SPV1 的唯一股东。委托人将目标公司的股票转入 SPV1 在投资银行开立的证券帐户，并最终将根据信托协议将 SPV2 的股权全部度让给受托人 (IDT1 的受托人 )。SPV1 与 SPV2 将分别由委托人与受托人委任一名董事，即 SPV1 的董事由委托人委派，SPV2 的董事由受托人委派。委托人将会以书面形式的意愿书将其对信托资产在将来如何投资和分配的意愿告知受托人。完成双重离岸公司架构

董事由信托委托人提供 Director appointed by trust settlor

SPV1

目标公司股权 Equity of target company

后，家族财产信托将对委托人的信托资产提供了一个完整、有效的保护和安排。家族财产信托的安排详见图一。 IPO 信托安排另一个重要的部分为员工福利信托。如果员工福利信托方案设计不当，不但会影响对员工的激励，而且可能会影响上市的进程。员工福利信托同样面临信托类型的选择。对此，我们也建议选用英属维尔京群岛的 Vista 信托或者开曼群岛的不可撤销全权处理信托。以 BVI Vista Trust 为例，该类型的信托对于委托人的主要优势在于：委托人在信托存续期间，一直保持对 SPV 的控制；对受托人就任、罢免公司董事以及出售公司股份给予了限制；委托人一直拥有对公司经济利益的权利以及对公司的实际控制权。员工福利信托中，委托人将设立一家或几家平行的 SPV，然后委托人将会把授予员工的相应股份转让给 SPV，即由 SPV 来持有这些目标公司的股份。另外，委托人将根据信托协议将 SPV 转让给 Vista 信托。享有福利的员工将成为 SPV 的受益人。员工福利信托既可以有效地激励员工，还可以

Winter, 2012

Based on our research and practice, trust products available for family property arrangement are British Virgin Islands Vista Trust (BVI Vista Trust) and the Cayman Islands’ Intentionally Grantor Defective Trust (IDT1). Both types have the same features; they can help grantors transfer their assets to the trustees while more importantly ensure grantors don’t lose control and disposal rights over the assets under the trust agreement. Taking the IDT1 in the Cayman Islands as an example, an investment committee c a n b e e st ablished and its duties, power, obligations and members can be decided by the grantors during the trust’s establishment. The setup of the investment committee is designed to protect the value of trust assets and it can provide advice on investment, including

how to exert shareholders’ voting rights, and offer written recommendation to the trustees on the management and disposal of trust assets. Under this form of trust, grantors have the right to decide on how to allocate assets on their own terms. They can also decide to transfer the gains to the beneficiaries. Trustees can flexibly exert the right of disposal based on the wishes of the grantors and the beneficiaries’ conditions. During the practical arrangement of the trust product for family assets, there are usually double offshore corporate structures, which enable more efficient asset management and better privacy. The grantors of the trusts will set up two Special Purpose Vehicles, or SPV1 and SPV2, which can be located in BVI or the Cayman Islands. The grantors will be the

CHINA OFFSHORE Opinion | 观点

保证目标公司上市后的公司控股股东的股权不被稀释以及降低控股股东对目标公司的控制权。员工福利信托的安排详见图二。信托安排的核心在于明确信托设立人设立信托的目的，所谓差之毫厘谬之千里。本文所述亦只罗列了部分信托架构在企业上市中的应用，希望能对上市的实践者有所帮助。

first shareholders of the two companies. Subsequently, the grantors will transfer all the equities of SPV1 to SPV2, which will become the sole shareholder of SPV1. The grantors will transfer the equities of the target company to the securities account opened by SPV1 at an investment bank and eventually transfer all the equities of SPV2 to the trustee (trustee of IDT1) under the trust agreement. The grantors and trustee will appoint a director to SPV1 and SPV2, respectively. It means that the director of SPV1 is appointed by the grantors while the director of SPV2 is appointed by the trustee. The grantors will inform the trustee on how to invest and allocate the trust assets in a written format. After the double offshore corporate structure is completed, the family property trust can provide complete and effective protection and arrangement for the assets under the trust. Figure one shows the arrangement of the family property trust. The other important part of trust arrangement during an IPO is the trust

图二 Figure Two

信托受托人 Trustee

信托委托人 Trust settlor

英属维尔京 Vista 信托 BVI Vista trust

SPV

目标公司股权 Equity of target company

信托受益人 Trust beneficiaries

for employees’ benefits. If the employee benefit trust plan is improperly designed, it will not only impact employees’ motivation, but also affect the company’s listing process. Employee benefit trusts also face the choice of trust types. In this regard, we also suggest the use of BVI Vista Trust and the Cayman Islands’ IDT. Taking the BVI trust as an example, the advantages of this type of trust for grantors is that the grantors always have the control of the SPV; there are limitations on the appointment or removal of corporate directors by the trustee as well as on the sale of corporate shares; the grantors always have the right to obtain the company’s economic benefits and have real control over the company. As for the employee benefit trust, the grantors can set up one or several parallel SPVs and transfer the shares as incentives to employees to the SPV. It means that the SPV will hold the shares of the target company. In addition, the grantors can transfer the SPV to the Vista Trust via the trust agreement. The employees entitled to the benefits will be the beneficiaries of the SPV. The employee benefit trust can not only effectively motivate employees but also ensure the equity ownership of controlling shareholders in the company will be diluted after its listing while their control over the company is loosened. Figure two shows the arrangement of the employee benefit trust. The core element of trust arrangement is to specify the purpose by the grantors in setting up the trust. There is a saying that “one false step will make a great difference” and, while this article only describes the applications of some trust structures in a company’s listing, I hope it can offer help to practitioners during the IPO process. Winter, 2012 China Offshore

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。

如果创始人过世了，会发生什么？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。

审计师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。

基金会的征税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。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

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。

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。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。

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。

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。

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！

创始人的权利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 ·他可以随时撤销基金会 ·他可以随时增加额外或者新的受益人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： ·管理委员会和 ·审计师

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。

Winter, 2012

Legal status of an Austrian private foundation The Austrian Private Foundation is a corporate entity per se, it has no shares and no shareholders. It comes into existence with the help of a notarial deed whereby the founder can establish the foundation on an irrevocable or revocable basis. It is important to note, that only individuals acting as founders can revoke a foundation. Nevertheless both juridical persons or 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 · the total amount of assets endowed to the foundation

are included in the non-public by-laws. The founder can denominate any beneficiary he thinks of and can, denominate additional or new beneficiaries whenever he likes to do so.

What happens after the founder has deceased ? One of the major benefits is, that the death of the founder does not have any impact on the situation of the foundation, neither taxwise nor otherwise. When the founder has endowed his assets to the foundation they become legal property of the foundation and therefore will not form part of the accrual left for the heirs. Logically there is nothing left to be inherited and as a consequence there is also 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.

The rights of the founder

The rights of the founder of an Austrian foundation are 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 · he can determine what happens after he has died · he can give guidelines to the management board of how to invest and into what · he can revoke the foundation at any time · he can determine additional or new beneficiaries at 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

The management board The first management board is selected by the founder, otherwise the court nominates the board, but only, if the founder has not foreseen a different regulation in the charter.

Auditor

Law determines that the annual accounts have to be audited by a Certified Public Accountant every year. Furthermore every member of the foundation's board has the right to request such an extraordinary audit by lodging such a request with the competent court.

Taxation of a foundation

Domestic Austrian tax law foresees a tax exemption on domestic and foreign dividends as well as on domestic and foreign capital gains resulting from the sale of shares in other companies. To some extent also interest income can be achieved tax-free with the help of a foundation. The minimum capital which has to be endowed to the foundation is € 70.000,--, which of course can be used for investment purposes later on and is not locked up. The net asset value received by the foundation when it is established is exposed to

only a one-time 2.5 % tax. There is · no net worth tax · no gift tax · no inheritance tax

levied on the foundation or the settlor or the beneficiaries.

Taxation of the beneficiaries

In case of non-resident beneficiaries living in non-treaty countries payments made to such beneficiaries are due to a 25 % withholding tax at source. 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 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 almost all cases of such treaties the withholding tax is significantly reduced, ranging between 5 % and 15 %, whereby the recipient of such a payment will be granted a foreign tax credit in his home country.

Conclusion

Using an Austrian private foundation can lead to enormous advantages not only taxwise but also be 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 !

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 Winter, 2012 China Offshore

金融危机后的离岸中心 Offshore Centers After The Financial Crisis By Iain Manley

010 年 11 月，Angel Gurría 参加了在

戛纳举行的 20 国集团峰会，并就此宣布了银行保密时代的结束。他的

演讲报告被世界各地的报纸广泛报道，这不仅因为 Gurría 是经济合作与发展组织的

秘书长，同样是由于世界离岸金融中心的信息交换问题已经非常突出。当 2008 年次贷危机让雷曼兄弟破产时，全球的经济受到了拖累。由于背后的故事很多，这条新闻显得非常糟糕，媒体

Winter, 2012

year ago, Angel Gurría stood up at a meeting of the G20 in Cannes and announced the end of the era of bank secrecy. His speech was reported by newspapers around the world, not only because Gurría is secretary general of the OECD, but also because the problem of how information is shared by the world’s offshore centers has entered the mainstream. When the subprime mortgage crisis sunk

Lehman Brothers in 2008, entire economies were dragged down with it. The news was as bad as the story was big, and as the press started to unpick the complex causes of what became known as the financial crisis, arcane jargon that was normally the preserve of academics and bankers needed to be explained to the general public. One phrase stood out from all others, because it best captured the malign and impenetrable

Cover STORY | 封面故事

开始揭露所谓“金融危机”的复杂原因，这个晦涩难懂的术语一贯为学者和银行家所用，因此需要向公众解释清楚。其中有一个词组脱颖而出，因为它最能抓住危机的恶性和坚不可摧的本质：影子银行。当各国的总统和总理需要向愤怒的公民解释危机的原因以及可能的补救方法时，影子银行是他们所使用的短语。这比使用类似对冲基金、货币市场基金和结构性投资工具的短语要更容易理解些。在某些方面，它同样也更为准确，因为“影子银行系统” 这个短语本身并没有描述这些金融工具。相反，它等同于出现在银行（或者类似银行的机构）资产负债表外的任何交易，而政府通常很难对此类交易进行监督和规范。 Gurría 的演讲让经合组织长达十年的工作达到了一个高潮，但是那些作为其听众的总统和总理们才是当之无愧的主角。这些总统和总理们在不断演变的金融危机中上演着道德戏剧，不断缩小影子银行的规模，并将其竖为头号公敌。在这个过程中，他们赋予了经合组织足够的政治意愿，使其完成了 2000 年开始的一项工作：规范离岸金融中心。这些离岸中心、以及它们优惠的税收政

the credit. They were, by and large, the same presidents and prime ministers who had narrowed in on shadow banking in the moral drama of the unfolding crisis and made it antagonist number one. In the process, they put enough political will behind the OECD for it to finish a job that it started in 2000: regulating offshore centers which, with their favorable tax policies, low regulatory requirements and strict privacy rules, were identified as the nexus of shadow banking. An example from the lead up to the crisis proper illustrates the point. The American brokerage and investment bank Bear Stearns, which was saved from bankruptcy in 2008 by a JP Morgan buyout – at a fraction of its pre-crisis value – bet heavily on mortgagebacked securities in the years leading up to its collapse. It bundled some of these into two hedge funds registered on the Cayman Islands, where an estimated 37 percent of all hedge funds are domiciled. When the US housing market nosedived in 2007,

图片提供 Photo by Marco Kalmann

策、较低的监管要求和严格的隐私法规被认

nature of the crisis: shadow banking, and when presidents and prime ministers needed to explain the causes of the crisis to angry citizens, along with possible cures, shadow banking was the phrase they used. It was easier than referring to hedge funds, money market funds, structured investment vehicles and the like. In some ways it was more accurate too, because the phrase “shadow banking system”, which was coined by Friedrich Hayek in 1935, does not describe these financial instruments in and of themselves. It is instead a placeholder for any transaction that occurs off the balance sheet of a bank – or an institution that functions like a bank – and, as a result, falls beyond the reach of government monitoring and regulation. Gurría’s speech marked the high point of over a decade of work by his organization, but it was the presidents and prime ministers in his audience – and especially Nicholas Sarkozy, his host – that deserved much of

为是影子银行发展的枢纽所在。危机发生前的一个例子就能够很好地展示这一点。2008 年，美国经纪商和投资银行贝尔斯登在破产的边缘被摩根大通收购，价格仅为危机前的很小一部分。该公司在走向崩溃前几年的时间里一直将巨额资金赌在抵押贷款证券上。公司将这些证券中的一部分打包成两个对冲基金，在开曼群岛进行了注册，全球有 37％的对冲基金注册在这里。2007 年当美国房产市场开始暴跌，投资者的损失越积越多时，贝尔斯登开始挣扎着进行损失评估。这并不容易，根据 William Cohen 撰写的《House of Cards》中的描述，公司通过三周夜以继日的工作才弄清楚真实的情况：公司高估了其 15 亿美元的流动性，高估值达到了惊人的 10 亿美元。如果基金经理自己都完全被蒙在鼓里，的确需要更多的制衡，但是实际上已经有了这方面的努力。 2000 年，经合组织成立了“税务透明和信息交换全球论坛”。它通常被简称为“全球论坛”，旨在建立一个国际性的框架来打击洗钱和逃税行为，并且规范离岸金融

作为世界上最古老的离岸金融中心，瑞士是近期改革的最大输家之一。自 2007 年以来，该国的离岸资产减少了约 25％。

The world’s oldest offshore financial center, Switzerland, has been one of the biggest losers of recent reforms, with offshore assets declining by about 25 percent since 2007.

Winter, 2012 China Offshore

封面故事 | Cover Story

图片提供 - 经合组织 Photo by OEDC

经合组织秘书长 Angel Gurría 在 2010 年 11 月宣布了“银行保密时代的结束”，他在今年 10 月的全球论坛第四次会议上赞扬了过去一年中所取得的进展。Gurría 说，走向透明和信息共享的举措“已经永远地改变了国际金融服务活动和税务管理运作的环境。”

OECD Secretary-General, Angel Gurría, who announced the “end of the era of banking secrecy” in November 2010, lauded the progress made over the past year at the Fourth meeting of the Global Forum in October of last year. The drive toward transparency and information sharing has “forever changed the environment in which international financial services activities and tax administrations operate,” Gurría said. 中心如何运作以及确定税务信息交换和免双重征税协定的形式。虽然取得了一些进展（特别是在打击黑钱领域），但是直到 2009 年全球论坛才真正开始致力于提高透明度，这才是其主要的任务。纳闽国际商业金融中心的税务专家 Mike Grover 说，在 2008 年前，在实施税务信息交换标准方面所取得的进展显得特别缓慢。他说：“随着全球政治议程将高标准的透明度和消除税收危害提升到了相当的高度，20 国集团在 2009 年 4 月召开会议讨论了银行业的金融危机。会上的另一项担忧是政府的收入正在遭受来自激进税收筹划和偷税漏税的威胁。” 在 4 月举行的 20 国集团峰会召开前，全球论坛准备了一张清单，将司法管辖区

Winter, 2012

and investor losses piled up, Bear Stearns scrambled to assess the damage. It wasn’t easy. According to an account in House of Cards, a description of the company’s last days written by William Cohen, it took three weeks of working around the clock before a clear picture emerged: the firm had overestimated the liquidity of the $1.5 billion of funds by an astonishing $1 billion. If fund managers were themselves so thoroughly in the dark, the case for more checks and balances was clear, but it had in fact already been made. In 2000, the OECD set up the Global Forum on Transparency and Exchange of Information for Tax Purposes. Normally

referred to as the much simpler Global Forum, it was tasked with building an international framework to tackle money laundering and tax evasion, as well as regulating how offshore financial centers operated and what tax information exchange and double taxation agreements should look like. Although it made some progress, especially against money laundering, it was not until 2009 that the Global Forum really started to make headway with transparency, its key mandate. Mike Grover, a tax specialist at Labuan IBFC, says that progress in implementing a standards for the exchange of tax information was especially slow until 2008. “Then with high standards of transparency and the eradication of tax mischief high on the global political agenda, the G20 met in April 2009 to discuss the financial crisis in the banking sector. They put their considerable political will behind the Global Forum since, as a separate concern, government revenues were coming under threat from aggressive tax planning and tax evasion.” Ahead of the G20’s April meeting, the Global Forum prepared a list, dividing jurisdictions into three groups: those that had substantially implemented its internationally agreed tax standard, those that had committed to implementing it and those that had, as yet, made no commitment. It was the latest version of a list that was first drawn up in 2000, in which jurisdictions that had not committed to the OECD’s reforms were identified as uncooperative tax havens. By May 2009 – just a month after the G20 meeting – the last of these had agreed to toe the line and were removed from what is loosely called the OECD’s “blacklist”. The Global Forum was also fundamentally restructured later that year. Membership was opened up to all jurisdictions included on its list, in an effort to ensure stakeholders participated on an equal footing. The measure proved effective: in the period since then, the Global Forum has grown to include

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基金会实际上是信托吗？

Are Foundations Really Trusts ?

我们可以说，在民法体系下的基金会就相当于普通法体系下的信托。建立信托的三个确定性也存在于民法体系下的基金会中。但是信托并不是实体。信托是财产授予人（或“创始人”）及受托人（“基金会理事会”或“董事会”）之间的一种关系。财产授予人在不可撤销的情况下将资产授予受托人，并且遵守信托契约内规定的条款。信托为受益人的利益持有资产，由受托人命名或者决定投资方向。信托并不是通过立法而发展起来的，而是跟随“股权”方面的法律一起成长。然而，各国目前正在推出越来越多的法律来增强他们能够如何运作（以及他们不能如何运作）方面的确定性。如今，许多拥有低税率的司法管辖区都已经引入了信托法，旨在吸引客户使用其特殊的“信托安排”。这些司法管辖区互相竞争，希望自己拥有最“用户友好”的信托法。基金会存在于特别立法的基础上。这些立法绝大多数来自于民法典的判例，旨在将创始人的所有权与董事会或理事会完全隔离。类似信托，资产将被存放在基金会，旨在让第三方或“受益人”得益。然而，与信托不同的是，基金会的受益人并不拥有信托受益人所享有的一些权利。因此，这是有区别的，在信托法中对受益人权利的判例是非常庞大的。信托在普通法体系中拥有不断增长的判例，而基金会的建立是完全通过立法的，并且遵从对个人资产权利的法律定义。由于存在完全不同的法律框架，如何将信托和基金会进行比较呢？最近，加拿大高等法院认定，基金会实际上就是“信托”。它认为受托人和财产授予人之间存在关联。此案的编号为 Sommerer -v- R 13 ITLR 2011 p.869 Sommerer 先生的父亲于 1996 年成立一个奥地利基金会（SPF），并且注入股份。随后，Sommerer 先生移居到加拿大，成为加拿大公民。基金会出售部分股份获利，加拿大的税务机关要求对 Sommerer 的股票出售进行征税。理由是基金会就是一种“信托信任”，根据国内的法律收入是归他所有。

Arguably, a Foundation is the civil code alternative to the common law trust.

The three certainties which enable the formation of a trust, are also present in a civil law foundation.

But trusts are not entities. A trust is a relationship between a settlor (or ‘founder’) and the trustees (the ‘Foundation Council’ or ‘Board’). The settlor gives to the trustees assets irrevocably to be held on terms within the Deed of Trust, to be held for the benefit of beneficiaries, either named, or to be considered by the trustees in their discretion.

Trusts did not develop through legislation, because the law of ‘equity’ developed to govern them. In due course, however, more and more legislation was introduced to increase the certainty of how they operated (and how they could not operate). Today, many low tax jurisdictions have introduced trust legislation to attract clients to use their special ‘trust arrangements’ and these jurisdictions compete with each other for the most ‘user friendly’ trust laws.

Foundations exist exclusively on the basis of special legislation. The legislation, which is overwhelmingly derived from civil code jurisprudence, seeks to disconnect and sever the ownership of a founder from that of the Board or Council. Like trusts, the property is to be held and dealt with for the benefit of third parties or ‘beneficiaries’. However, unlike trusts where the beneficiaries have certain rights, there are no equivalent ‘beneficiary’ rights under a Foundation. So, here, there is a difference, and there is a very large body of jurisprudence on the rights of beneficiaries in the law of trusts. Whereas trusts developed as a growing body of precedent within the Common Law, Foundations were established solely by legislation, and through the statutory definition of individual property rights. Because of their wholly different legal progeny, how are trusts and Foundations to be compared ? Recently, the High Court of Canada found that a Foundation was effectively a ‘trust’ and found that a relationship of trustee and settlor existed.

Miller J 在税务法庭上表示：

The case is Sommerer –v- R 13 ITLR 2011 p.869.

“但是，目前需要分析的并不是 SPF 是什么东西，而是 SPF( 独立法人 )、 Herbert Sommerer 先生、Peter Sommerer 和 Sommerer 家族之间的关系。看看其中是否存在信托关系。Herbert Sommerer 先生是否可以被认为是财产授予人？ SPF 是否可以被认为是受托人或者受托公司？ Sommerer 先生是否可以被看作是受益人？三个确定性 ... 存在吗？在 Sommerer 家族的安排中，有加拿大信托所没有的其他特点吗？”

Miller J in the Tax Court said:

法官认为，“受益人”的权利并没有信托所包括的那么广泛，但是他们的权利与信托中所规定拥有足够的相似度。他的结论是：根据加拿大法律，这个基金会就是信托。现在的问题在于：“如果基金会被归类为信托，那么基金会的优势在哪里？”

International Tax Planning & Wealth Structuring Jonathan L.M. Shaw Tel: +852 91012 438 Fax: +852 2530 2112 Email: jonathan.shaw@chancery-partners.com

Mr. Sommerer’s father established an Austrian Foundation (‘SPF’) in 1996 and placed shares into it. Subsequently, Mr. Sommerer junior migrated to Canada and became a Canadian citizen. The Foundation sold some of the shares at a profit and the Canadian tax authorities sought to tax Mr. Sommerer on the disposal, as the Foundation was a ‘trust’, and under domestic law, the income was attributed to him. ‘What needs to be analyzed, however, is not what SPF is, but what relationship exists amongst the SPF (a separate legal person) Mr. Herbert Sommerer and Mr. Peter Sommerer, and the Sommerer family. Is there a trust relationship. Can Mr. Herbert Sommerer be seen as a settlor ? Can the SPF be seen as a trustee, perhaps a corporate trustee ? Can Mr. Sommerer be seen as a beneficiary ? Do the three certainties…….exist ? Are there any other characteristics of the Canadian trust that are missing in the Sommerer arrangement ?’ The judge found the rights of the ‘beneficiaries’ were not as extensive as a trust, but that their rights sufficently resembled those under a trust. His conclusion was that the Foundation was, under Canadian law, a trust.

The question must be – ‘What is the advantage of Foundations if they are going to Winter, 2012 China Offshore be characterized as trusts?’

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划分为三组：第一组切实地履行了国际认可的税收标准，第二组承诺履行这些标准，而第三组尚未给出任何承诺。这份名单最初于 2000 年开始制定，那些没有对经合组织改革作出承诺的司法管辖区被认为是不合作的税收天堂。截至 2009 年 5 月，名单上的最后一个国家同意遵守相关约定，从而被从这个所谓的经合组织“黑名单”上去除。同年晚些时候，全球论坛进行了根本性的重组。名单上所包括的所有司法管辖区都可以申请加入，这一举措旨在确保利益相关者能够在平等基础上参与到这个组织中来。这项措施被证明是有效的：在此后的一段时间里，全球论坛不断地发展，成员包括 105 个国家和 9 个观察员组织，其中有联合国、世界银行和国际货币基金组织。并不是每个人都感到高兴。在 20 国峰会上发布的一份声明中，瑞士总统 Rudolf Merz 认为经合组织的这份名单是令人遗憾的。他的愤怒可以理解：银行保密制度起源于瑞士，该国长期以来一直被用非常异

105 countries as well as nine observer organizations, including the United Nations, the World Bank and the International Monetary Fund. “With the continued support of the G20 countries,” says Mike Grover, “the Global Forum has made remarkable progress in helping governments fight tax fraud, particularly in areas where it relies on banking secrecy.” Not everybody is as pleased. In a statement made at the G20 conference, Swiss president Hans-Rudolf Merz called the OECD list regrettable. His ire was understandable: bank secrecy originated in Switzerland, where it is long been viewed through a substantially different lens. 中国签署的税务信息交换协议

In 1934, a French member of parliament publicly named and shamed compatriots who held Swiss bank accounts, calling them “men of a particularly ticklish patriotism” because the funds they deposited flowed out into Nazi Germany. The Swiss were quick to react: they passed the Banking Act, which gave solid legal protection to account holders, guaranteeing that their identities would only be revealed if there was proof of a serious crime like tax fraud or terrorism, but not – importantly – tax evasion, which is viewed benignly, as a legitimate game of cat and mouse between the individual and the state, and is only considered a misdemeanor under Swiss law. When offshore centers proliferated

China's Tax Information Exchange Agreements

样的眼光进行审视。 1934 年，一位法国议员公开地点名羞辱那些拥有瑞士银行帐户的同胞，把他们叫做“拥有易变爱国主义的人”，因为他们在瑞士存放的资金流向了纳粹德国。瑞士很快做出了回应：他们通过了银行法，给予帐户持有人坚实的法律保障，保证他们的身份只有在证实有严重犯罪（比如骗税或恐怖主义）的情况下才会被透露，而不涉及避税的情况（这一点更为重要），后者通常被认为是良性的，只是个人与国家之间猫和老鼠的合法游戏而已，在瑞士法律体系下也只会被认作是轻罪。当离岸金融中心在 20 世纪下半叶快速地发展时，这个模式被相隔千里的各个地方竞相模仿，其中包括新加坡和英属维尔京群岛。而现在，这种联系已经被全球论坛所拆散。直白地说，经合组织希望各国相互应对方的要求交换税务信息。其网站上发表的一份声明中说得更为详细，它解释道： “根据请求进行信息交换描述的是一个国家的主管机关要求另一国主管机关提供特定的信息，通常是根据两国之间签署的双边信息交换协定来实现的。”双边信息交换协议可以包括免双重征税协定或者税务信息交换协议，为了遵守经合组织的国际认可

Winter, 2012

来源：经济合作与发展组织 Source: Organization for Economic Co-operation and Development

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税务标准（它使用同样的标准来制定 20 国集团的名单），各个司法管辖区必须至少拥有 12 项类似的协定。需要注意的是：现有的双边信息交换协议要接受同业审查，通常需要重新制定和重新谈判，以符合国际规范。经合组织本身没有能力去执行这些标准，但是 Mike Grover 认为，由于有 20 国集团在背后撑腰，全球论坛确实有很强的说服力。“基于经合组织和全球论坛对各国执行统一标准情况的分析，20 国集团可能会对那些无法达标的国家实施制裁。”目前，由于没有国家位列于黑名单上，因此制裁和其他惩罚性的措施似乎不太可能被实施。 Grover 说：“置身事外没有任何好处，因为无论一个国家是否选择遵守标准，这都会发生。”所有人都选择了加入，尽管有些不太情愿，有些则非常热衷。全球论坛的成员们正在重塑离岸行业，赋予其新的标准，经合组织认为这样会在全球范围内创造出一个公平的竞争环境。根据经合组织提供的统计数据，在过去的两年中，改革已经帮助这 20 个国家的政府实现了 190 亿美元的额外净收入。其中最大的受益者是美国和英国，它们利用改进后的信息交换协定来向公民在海外获得的收益进行征税，而从绝对数字上来说，瑞士遭受的打击最大。该国已经同意消除外国帐户持有人骗税和逃税之间的区别，并且正在成为全球论坛新标准的试验地。自 2007 年以来，瑞士的离岸资产已经下降了约四分之一，但更糟糕的是：2013 年，瑞士与英国和德国新签署的免双重征税协定将开始生效，咨询公司 Booz & Co 预计届时这两个国家居民在瑞士未申报的存款（估计为 510 亿美元）将会完成出逃。批评家认为，即使拥有这些协议也是远远不够的，他们觉得额外的收入是瑞士为了达成与德国和英国的协议而放下的胡萝卜，许多老的漏洞依然存在。由那些对离岸金融提出最尖锐批评的人所组成的财政诚信专责小组（The Task Force on Financial Integrity）认为，不单单是瑞士，所有的离岸中心都需要进一步改革。它突出了以下五个方面： 1. 跨国企业向拥有较低税率的司法管辖区转移的利润占到发展中国家流出资金

in the second half of the twentieth century, the model was copied to varying extents in places as far apart as Singapore and the British Virgin Islands. It is only being unpicked by the Global Forum now. Plainly put, the OECD wants countries to exchange tax information on upon request. A statement posted to its website goes into more detail, explaining that “exchange of information upon request describes a situation where a competent authority of one country asks the competent authority of another country for specific information, generally under the authority of a bilateral exchange arrangement between the two countries.” The bilateral exchange agreements referred to in the statement are either double tax conventions or tax information exchange agreements, and to comply with the OECD’s internationally agreed tax standard – the same standard it used to draw up its G20 list – jurisdictions must have at least twelve of these in place. There is one caveat: existing bilateral exchange agreements undergo a peer review and often have to be redrawn and renegotiated, to comply with international norms. In and of itself, the OECD does not have the ability to enforce these standards, but Mike Grover says that with the G20 behind it, the Global Forum does have strong persuasive powers. “Based upon an analysis of a country’s progress in implementing the agreed standard, prepared by the OECD and the Global Forum, the G20 may impose sanctions against countries that fall short.” For the moment, with the black list empty, sanctions and other punitive actions seem unlikely. “There is no advantage to staying outside the process,” says Grover, “since it will happen whether or not a country subscribes to the agreed standard.” Everybody has climbed on board – some reluctantly, others eagerly – and together, the members of the Global Forum are reshaping the offshore industry, giving it a new rule book that will, says the OECD, level the global playing field.

税务透明和信息交换全球论坛最新的报告显示被审查的司法管辖区出现了“切实的变化”。报告指出，自从税务透明及国际税务合作问题在 2009 年 G20 峰会上成为焦点以来，各司法管辖区间已经签署了超过 700 个信息交换协定和避免双重征税协议。该报告称目前的大部分审查属于第一阶段的审查，评估了司法管辖区违反论坛标准的法规。2012 年，论坛准备开展一系列第二阶段的审查，将评估对这些法规的实质执行程度。

T h e f o r u m ’s l a t e s t r e p o r t notes “real change” by reviewed jurisdictions, stating that since the issue of transparency and international tax cooperation came into the spotlight at the 2009 G20 summit more than 700 TIEAs and DTAs have been signed between jurisdictions. The report notes that the majority of reviews conducted to date were Phase 1 reviews, assessing the legal and regulatory framework of a jurisdiction against the forum’s standard. In 2012, the organization intends to launch a series of Phase 2 reviews, which will assess the practical implementation of the framework.

Winter, 2012 China Offshore

封面故事 | Cover Story

的一半。如果实施更为严格的会计规则，可以缓解甚至消除这个问题。 2. 根据现有的会计准则，企业可以选择通过只报告整合后财务数据来隐藏离岸的税后利润。该小组认为，它们应该被强制要求根据司法管辖区来细分收入、利润和税收支出。 3. 法律不能够保证税务当局和执法官员能够找到谁真正地控制信托和基金会。 4. 各国之间应该加强在税收信息交换方面的合作，包括自动（而不是根据要求）的报告。 5. 各国在洗钱方面的政策应该结合得更加紧密，包括将逃税列入上游犯罪名单，使其受到洗钱指控。也有反对观点认为离岸金融中心能够给予在岸的对手良性且亟需的竞争环境，从而防止各国对其经济过度征税和过度监管。这种论点的支持者认为，对离岸中心的关注是不公平的，具有误导性。各国应该首先在国内进行改革，修改那些鼓励个人和企业将资产移至离岸的法律法规。虽然这种看法有其可取之处，但是没有多少人对它保有耐心。金融业的形象正处于低潮中，它在欧洲和北美是抗议的目标 , 人们希望看到更多的监管，而不是更少。也许避税天堂的支持者和反对者都会同意一个中间的立场。最近一份由加州大学哈斯商学院的学者撰写的报告（《离岸金融中心：寄生虫或共生体》）得出一个结论：与离岸中心保持紧密联系对那些拥有许多监管忧虑的大国总体来说是有利的。这份报道认为： “从各方面来看，那些与离岸中心保持紧密关系的国家更容易受益。” 另一份由佩珀代因大学的 Luisa Blanco 和 Cynthia Rogers 所撰写的报告也得出了类似的结论。它认为，靠近离岸金融中心以及它们所能提供的投资工具和安全性增加了对欠发达国家的投资。持续的激烈争论说明了距离尘埃落定还有很远的路要走，但是我们已经可以隐约看见离岸金融中心将在后金融危机时代扮演一个什么样的角色。Mike Grover 表示，现在大家越来越清楚，金融中心并不是出于同一个目而建立的。他解释说，投资者正在重新评估传统离岸金融中心的新情况，并且正在选择那些能够帮助他们应对税收

Winter, 2012

Over the past two years, reforms have helped governments in twenty countries net an additional $19 billion in revenues, according to figures provided by the OECD. Among the largest beneficiaries are the US and UK, which have used improved information sharing arrangements to tax the earnings that citizens hold offshore, while by an absolute count, Switzerland has been hardest hit. It has agreed to collapse the distinction between tax fraud and tax evasion for foreign account holders and is emerging as the crucible of the Global Forum’s new standards. Swiss-held offshore assets have declined by about a quarter since 2007 and there is worse to come: in 2013, new double taxation agreements with the UK and Germany will come into place, by which time the consulting firm Booz & Co expects the exodus of undeclared deposited by citizens of both countries – an estimated $51 billion – to be complete. Critics say that even these agreements don’t go far enough, suggesting that the additional revenue is a carrot Switzerland has dangled in front of Germany and the UK to push through treaties that have left too many of the old loopholes still open. The Task Force on Financial Integrity, an umbrella group for the most strident of offshore finance’s critics, says that further reform is needed in not just Switzerland, but every offshore center. It highlights the following five areas: 1. Profits that multinationals shift to jurisdictions with lower tax rates account for up to half the monetary flows out of developing countries. The problem could be reduced, and maybe eliminated, if tougher accounting rules were put in place. 2. Under existing accounting rules, companies can choose to hide profits taxed offshore by only reporting consolidated results. The group thinks they should be forced to break down sales, profits and tax payments by jurisdiction. 3. Laws do not guarantee that tax authorities and law enforcement officials

can find out who actually controls trusts and foundations. 4. Greater co-operation between countries is needed on the exchange of tax information, including automatic, rather than on-request, reporting. 5. Country ’s policies on money laundering should be more closely aligned, with the inclusion of tax evasion in the list of predicate offences that can lead to laundering charges. A valid counter argument exists. Its premise is that offshore centers give their onshore counterparts healthy, much needed competition, preventing countries from overtaxing and over-regulating their economies. The argument’s adherents say that the focus on offshore centers is unfair as well as misguided, and that reforms should start at home, with adjustments to the regulations that encourage individuals and companies to move their money offshore. Whatever its merits, there is very little patience for the argument at the moment. The image of the financial industry is at a low ebb, and it is the target of protests across Europe and North America – like Occupy Wall Street – that want to see more regulation, not less. There is a middle ground that both the proponents and opponents of tax haves can, perhaps, agree on. A recent report by academics at the University of California’s Haas School of Business, with the provocative title Offshore Financial Centers: Parasites or Symbionts, concluded that close relationships with offshore centers were a net positive for larger jurisdictions with wider regulatory concerns. “By every measure,” said the report, “credit is more freely available in countries which have close relationships with offshore centers.” Another report, by Luisa Blanco and Cynthia Rogers at Pepperdine University, drew similar conclusions. It established that proximity to an offshore financial center, and the investment tools and security they provide, increased investment in less developed countries.

Cover STORY | 封面故事

新格局的司法管辖区。新秩序已经出现了一些前兆。以全球论坛为主导的改革和亚洲财富的激增一同使得新加坡毫无争议地转型成为全球增长最快的财富管理中心。普华永道会计师事务所估计新加坡到 2013 年将在这个方面超过瑞士，这也正是后者与英国和德国之间的条约开始生效的日子。毛里求斯是另一个引人注目的地方。它位于印度洋快速增长的贸易路线上，并且与非洲各国保持着紧密的关系（包括成为东南非共同市场和南部非洲发展共同体等地区性贸易集团的成员），这使其成为投资者在进入紧邻该国以西的非洲大陆时所选择停留的明智中转站。这些司法管辖区的崛起主要是因为区域性的力量、坚实的基础设施以及熟练且廉价的劳动力。Grover 表示：“如今，只有确保使用一定的实体业务进行企业注册，才能在国际税务规划上获得成功。这意味着，除了空壳公司和优惠税率，那些能够提供更多服务的离岸中心才最有可能茁壮成长。

The ongoing, heated debate is a sign of just how far there is to go before the dust settles and a clear picture of what role offshore financial centers will play in the postfinancial crisis era emerges. Mike Grover says is it becoming increasingly clear that not all financial centers are created equal. Investors are re-assessing traditional offshore centers in light of the new conditions, he explains, and are choosing jurisdictions that can help them navigate in the new tax landscape. A few precursors of the new order have already emerged. The combined effects of the Global Forum-led reforms and a surge in Asian-owned wealth have transformed Singapore into arguably the fastest growing center for wealth management in the world. Price Waterhouse Coopers has estimated that it will eclipse Switzerland by 2013, at exactly the same time as the latter’s treaties with the UK and Germany come into effect. Mauritius

is another. Its position on the Indian Ocean’s fast-growing trade routes as well as its close relationships with African countries, including membership in the regional trade blocs COMESA and the SADC, have made it a sensible stopover for investors on their way into the continent just to its west. Central to the pull of these jurisdictions are regional strengths, supported by a network of double taxation agreements, as well as solid infrastructure and a skilled, affordable workforce. “Nowadays international tax planning only succeeds by ensuring that an appropriate level of substance is incorporated,” says Grover, which means that offshore centers with more than just paper companies and favorable tax rates to offer are most likely to thrive.

Winter, 2012 China Offshore

封面故事 | Cover Story

离岸司法管辖区被赞遵守全球标准 Offshore Jurisdictions Praised For Adherence to Global Standards 离岸金融中心正在继续追求全球范围内的认可和接受，希望大家将其看作国际投资体系中重要和合作的一种机制。然而，实现这个目标对一些国家来说代价不菲。 Offshore centers continue their pursuit of attaining worldwide recognition and acceptance as an important and cooperative mechanism in the international investment system, a goal not reached cheaply for some. By Anas Almasri

金

融稳定委员会（FSB）最近提出了一项倡议，鼓励各国统一遵守国际合作和信息交换方面的特殊

监管标准。该委员会得出结论：其实许多“离岸”司法管辖区在这些事宜上都保持着高度合作的态度。这项评估主要关注司法管辖区是否在以下三个领域符合全球标准：银行监管、保险监管和证券监管。其实这个委员会的前身就是金融稳定论坛，该论坛由 7 国集团财长和央行行长于 1999 年创立。最近的金融危机反映出了该论坛（以及其寥寥无几的成员）在处理 21 世纪国际经济问题上缺乏效率。因此， 20 国集团的领导人在 2008 年坚持要扩大该金融论坛的成员规模，并且希望新兴经

Winter, 2012

recent initiative undertaken by the

Forum, which was founded in 1999 by

of countries to specific regulatory

crisis exposed the ineffectiveness of that

Financial Stability Board (FSB) to encourage the uniform adherence

standards on international cooperation and information exchange concluded that

many “offshore” jurisdictions were in fact highly cooperative on such matters. The assessment was primarily focused on

whether evaluated jurisdictions met the

global standards in three areas: banking

supervision, insurance supervision and securities regulation.

The Board was essentially envisioned

as the successor of the Financial Stability

the G7 Finance Ministers and Central Bank Governors. The recent financial

Forum, with its short list of members, in tackling global economic issues in the

21st century. In 2008, the Leaders of the G20 countries consequently insisted on a

wider membership of the financial forum

and a larger role for emerging economies within its mission. The Forum was later

re-launched as the Financial Stability Board at the G20 Leaders Summit in April

2009, with the goal of coordinating on an

international stage between nation-based

Cover STORY | 封面故事

济体能够在其中扮演更为重要的角色。该论坛于 2009 年 4 月的 20 国集团领导人峰会上被重组为金融稳定委员会，其目标是在国际舞台上协调各国金融当局和国际标准制定机构之间的关系，从而实现全球范围内的经济和金融稳定。它的任务还包括发展和促进跨境监管和监管政策，以及评估各国政府落实的真实情况。 FSB 的成员目前包括全球 24 个规模最大、高度充满活力的经济体和地区，以及重要的国际组织，如欧洲央行（ECB）、国际货币基金组织（IMF）、经济合作与发展组织（OECD）和世界银行。其他委员会的成员还包括标准制定机构，如巴塞尔银行监管委员会、国际会计准则委员会和证券委员会国际组织。这份题为《国际合作和信息交换的监管和监督标准全球合规情况》的报告于 2011 年 11 月初对外公布。它被认为是 FSB 在推动审慎金融标准和各国之间更紧密合作问题上拥有的最为有效的工具之一。这份评估报告涉及 61 个司法管辖区，其中包括 FSB 的 24 个成员。根据其实施有关合作和信息交换标准的程度，这些司法管辖区被分为三组： “表现出足够强的合规度”、 “在表现足够强的合规度上取得重大进展的”，以及被认为是“不合作”的那些司法管辖区。满足标准的离岸司法管辖区离岸金融中心最近一直受到严格的审查并且面临来自国际社会的压力，尤其是在金融危机以后。这是因为在危机过去后几个月的时间里，它们在促进跨境投资中所扮演的重要角色变得让大家厌恶，其中的一些地区甚至被指责帮助了偷漏税。实际上，许多离岸中心对全球经济的增长起着正面的作用，越来越多离岸中心所制定的规则能够符合监管的最高标准，它们正在促进与其他国家的国际合作，并且彻底打击偷漏税。根据 FSB 最新的评估报告，许多离岸司法管辖区与美国和德国等主要经济体一样都位列于评估报告的第一类集团中。百慕大、英属维尔京群岛、开曼群岛、直布罗陀、耿西岛、香港、马恩岛、泽西岛、列支敦士登、马耳他和瑞士都属于被认为高度合作的离岸中心。近年来，这些金融中心还在打击洗钱和恐怖主义有关资金的

financial authorities and international

intense scrutiny and pressure from the

also entrusted with the task of developing

in facilitating cross border investments

standard setting bodies to reach worldwide economic and financial stability. It was

and promoting cross-border regulatory

a n d s u p e r v i s o r y p o l i c i e s , a s we l l a s

assessing their genuine implementation by governments.

Members of the FSB currently include

central banks and monetary authorities

from 24 of the largest and highly vibrant economies and regions, in addition to

important international organizations such as the European Central Bank (ECB), the International Monetary Fund

(IMF), the Organization for Economic Cooperation and Development (OECD) and the World Bank. Other boardmembers arestandard setting bodies including the

Basel Committee on Banking Supervision, the International Accounting Standards Board, and the International Organization of Securities Commission.

The assessment, entitled “Global

adherence to regulatory and supervisory

standards on international cooperation and information exchange”, was published in

early November 2011. It is regarded as one of the most effective tools available to the FSB in its quest to promoting international

adherence to prudential financial

standards and higher cooperation levels between countries. The evaluation covered 61 jurisdictions, including the FSB’s 24

members. Depending on the degree of their implementation of the relevant cooperation and information exchange

standards, jurisdictions were categorized into three groups: those "demonstrating

sufficiently strong adherence" to these standards, those “making material progress towards demonstrating sufficiently strong

adherence", and lastly those jurisdictions judged as "non-co-operative".

Offshore jurisdictions meet standards Offshore centers have been the subject of

international community lately, especially

after the financial crisis, as their vital role we n t g e n e ra l ly u n a p p re c i a te d i n t h e

following months and some of them were even accused of facilitating fiscal evasion.

In reality, many of these centers have had a positive impact on growth in the global

economy and an increasing number of them are meeting the highest standards

of supervision within their regulations, improving international cooperation with other countries and outright combating

fiscal evasion. As a result of the FSB’s latest assessment, many offshore jurisdictions

were ranked amongst the assessment’s tier one category alongside major economies including the US and Germany.

Bermuda, British Virgin Islands,

Cayman Islands, Gibraltar, Guernsey, Hong

Kong, Isle of Man, Jersey, Liechtenstein, Malta and Switzerland were among those offshore centers deemed as highly

cooperative. In recent years, these financial hubs have also taken strides in demonstrating commitment in the fight against money laundering and terrorism related funding. They have now been

recognized by the Board for their efforts

in implementing effective information exchange systems and for their general cooperative conducts.Investment

channeled through their establishments can provide much-needed liquidity in tight economic spells, broaden investment

possibilities and enhance competitiveness within the financial services sector. They

can also offer direct access to worldwide

capital markets, and are more often than not a little more successful at that than some major economies.

The FSB’s evaluation of each

jurisdiction’s level of adherence was primarily based on the latest available information from the joint IMF/World Bank

Report on the Observance of Standards Winter, 2012 China Offshore

封面故事 | Cover Story

斗争中坚实地履行了自己的承诺。它们在有效执行信息交换体系上所做出的努力以及普遍合作的行为已经获得了金融稳定委员会的认可。这些地区的公司所提供的投

经济合作与发展组织黑名单国家接受国际税务标准的进度 Progress of OEDC blacklisted countries towards international tax standards. 已经就国际税务标准作出承诺的司法管辖区数目 Number of jurisdictions that have committed to the internationally agreed tax standard.

资能够在紧缩的经济环境中给予急需的流动性，扩展投资的可能性并且增强金融服务领域的竞争力。它们还可以直接对接全

就国际税务标准作出承诺的进度（百分比） Percentage of OEDC black listed countries that have committed to the internationally agreed tax standard. (%)

球资本市场，在这一方面通常要比一些主要经济体更为成功一些。

100

FSB 对每个司法管辖区在合规度上的

尚未就国际税务标准作出承诺的司法管辖区数目 Number of jurisdictions that have not committed to the internationally agreed tax standard

100%

评估主要是基于国际货币基金组织 / 世界银行《关于遵守标准和守则的联合报告》

80%

60%

40%

20%

（ROSC），以及被评估国家是否签署了 IOSCO《关于磋商、合作和信息交流多边谅解备忘录》（MMoU）。反馈在金融稳定委员会完成此项报告并发布后不久，受到褒扬的离岸中心就开始迅速地借此对全球金融监管问题进行最新一轮的反驳。几乎所有的离岸中心都在政府文件

国家（个）

Number of Countries

上提及了报告的结果，或者就此事件发布了特别的新闻稿。 2011 年 12 月 9 日，百慕大总理 Paula A. Cox 在向众议院提交的一份部长级声明中提到了 FSB 这一评估报告。“最

新增的就国际税务标准作出承诺的司法管辖区 Jurisdictions newly committing to the internationally agreed tax standard.

近，金融稳定委员会（FSB）主席、法国国库署署长 Ramon Fernandez 以及法国经济、工业和就业部向我发函，告诉我他们进行了一项调查。我在这里引述他这封

2001

2002

2003

2007

2009

Bahrain

Anguilla, Antigua and Barbuda, Aruba, Bahamas, Belize, British Virgin Islands, Cook Islands, Dominica, Gibraltar, Grenada, Montserrat, Niue, St Kitts and Nevis, St Lucia, St Vincent & Grenadines, Samoa, Turks and Caicos Islands

Nauru, Vanuatu

Liberia, Marshall Islands

Andorra, Liechtenstein, Monaco, Austria, Belgium, Brunei, Chile, Guatemala, Luxembourg, Singapore, Switzerland, Cost Rica, Malaysia(Labuan), Philippines, Uruguay

百分比

Percentage

来源：经济合作与发展组织 Source: Organization for Economic Co-operation and Development

信中的内容：“我书面通知您，百慕大是最先接受评估的司法管辖区之一，因为它在金融方面的重要性很高。我高兴地注意到，根据公开资料，百慕大在国际合作和信息交换标准方面已经展示出了足够强的合规性，因此在 FSB 目前的项目下没有进行下一步评估的需要。”她进一步鼓吹道： “小小的国家已经获得了与大国一样的高

t h e re s u l t s i n o f f i c i a l g ove r n m e n t a l

Understanding Concerning Consultation

On December 9, 2011, Paula A. Cox,

not the assessed countries signed the IOSCO Multilateral Memorandum of and Cooperation and the Exchange of Information (MMoU). Reactions

度评价。” 在一份就此事件发表的电子邮件声明中，耿西金融（耿西岛金融业的推广机构）的首席执行官 Peter Niven 强调了耿西岛过去 20 年中在国际评估中的良好记录。他说： “我们已经经历了一些来自外部机构的审查，其中包括英国政府、欧盟、国际货币

and Codes (ROSC), and on whether or

Winter, 2012

Immediately after the assessment of the

Financial Stability Board was completed

and announced, praised offshore centers were quick to boast about their latest

vindication on global financial supervisory

issues. Almost all of them either mentioned

proceedings or sent out special press releases.

Premier of Bermuda, mentioned the FSB’s

initiative during a Ministerial Statement to t h e H o u s e o f A s s e m b ly. “ Re c e n t ly Ramon Fernandez, Chair of the Financial Stability Board [FSB] and Secretary of the

Treasury, Ministry of Economy, Industry and Employment, France sent a letter

informing me of their evaluation exercise…

In the letter he states and I quote: "I am writing to inform you that Bermuda is

Cover STORY | 封面故事

基金组织、经济合作与发展组织和金融稳定委员会。每次，耿西岛都能与全球范围内第一集团的国际金融中心并驾齐驱。” 就此项评估本身而言，他补充说：“FSB 为 20 国集团加纳会议准备的这份报告认可耿西岛在采用国际标准和展示维持金融稳定的承诺方面位于顶级的司法管辖区之列。” 离岸的未来与这份报告一样，许多其他类似的出版物和离岸中心在提升国际标准合规性方面所做出的单独努力使得整个行业的未来以及行业的吸引力成为了金融界激烈辩论的主题。一些观察人士称之为“双刃剑”。一方面，在离岸司法管辖区接受服务的个人和企业客户能够在服务提供商的合法性问题上获得更多的保证，并且与本国政府在逃税问题上划清界限。但是另一方面，这些金融中心在一些特定问题上受到了来自政府和监管机构的指责，而这些又是在这个竞争激烈的行业中保持自己实力的重要元素。银行保密性是最重要的元素之一，另外还包括对企业有利的一些本地税务结构。谈及优势和潜在劣势之间微妙的平衡是如何影响耿西岛的吸引力的，耿西金融的 Peter Niven 认为，更好的声誉被证明对岛上的业务更有利。他解释说：“特别是考虑到金融危机的影响，那些知识丰富的专业投资者希望确保他们正在使用一个信誉良好、可靠的国际金融（中心）。”展望该岛离岸服务业的前景，他自信地说： “时间会证明耿西岛在签署税务信息交换协议和满足国际监管标准的问题上所采取的积极和合作的方式将最能符合整个岛屿的利益。” 一个至关重要且不可否认的结果已经很明显了。全球范围内继续打击避税天堂以及全球最大经济体之间持续的协调努力已经创造出了一个高度管制、信息共享、透明和协作的新全球金融业，它们已经开始重塑离岸金融中心的业务模式以及它们推广自己的方式。

one of the jurisdictions that was included

this provides personal and corporate

I am pleased to note that, according to

of their service providers and a cleartab

in the initial pool for evaluation, since it ranks highly in financial importance.

publicly available information, Bermuda already demonstrates sufficiently strong

adherence to international cooperation a n d i n fo r m a t i o n exc h a n g e s t a n d a rd s a n d t h e re fo re , n o f u r t h e r eva l u a t i o n is necessary under the FSB's current initiative." She then boasted, “High praise

indeed for a small jurisdiction that manages to stand toe to toe with giants!”

In an emailed statement commenting

on the matter, Peter Niven, Chief Executive at Guernsey Finance (the promotional

agency for the Island’s finance industry),

highlighted Guernsey’s track record of international assessments over the past

two decades. “We have faced scrutiny from a number of external agencies, including

the UK Government, the EU, the IMF, the OECD and the Financial Stability Board. On

each occasion, Guernsey has been placed within the very top tier of international

f i n a n c e c e n t e r s g l o b a l l y ”. O n t h e evaluation itself, he added “the FSB report prepared for the G20 meeting in Cannes

recognized Guernsey as within the top tier of jurisdictions adopting international

standards and thereby demonstrating strong commitment to financial stability.” The future of offshore

What this assessment, along with

other similar publications and a host of individual efforts taken by offshore

centers to better position themselves with respect to international standards,

mean for the future of this whole sector and its attractiveness is an intensely d e b a te d s u b j e c t a c ro s s t h e f i n a n c i a l community. Some observes have termed

it a “double edged sword”. On one hand,

clients dealing with offshore jurisdictions

with added reassurance on the legitimacy

on tax evasion issues with their local governments. On the other hand, some of

these financial centers have come under fire from governments and regulatory

bodies for specific elements that all but

define their strengths as a financial service

provider in a highly competitive industry. Banking secrecy is one of the most

important such elements, as is several

types of business-friendly domestic tax structures.

Responding to how Guernsey’s

appeal was being affected by this delicate b a l a n c e o f a dva n t a g e s a n d p o te n t i a l

disadvantages, Guernsey Finance’s Peter Niven maintained that better reputation

was proving to be better for business on the Island. “Particularly”, he explained, “in

view of the financial crisis. Knowledgeable and professional investors want to make

sure that they are using a reputable and reliable international finance (center)”. On the future outlook of the Channel Island’s offshore services he confidently stated,

“Time will show that Guernsey’s proactive

and cooperative approach to si g n i n g tax information exchange agreements and meeting international standards of

regulation has been in the best interests of the Island as a whole”.

One crucial and undeniable outcome

is already evident. The continued

worldwide crackdown on tax havens and

the persistent coordinated efforts of the

world’s largest economies tousher in a new highly regulated, information sharing,

transparent and collaborative gl ob a l financial industry are already reshaping the way offshore centers do business and how they market themselves.

Winter, 2012 China Offshore

封面故事 | Cover Story

尽职调查 / 了解主要离岸司法管辖区的客户政策 Due Diligence/Know Your Customer Policies of Major Offshore Jurisdictions 在 2008 年“全球金融危机”后，离岸金融中心就因为让各国政府税收收入降低以及通过不透明的报告制度为恐怖主义和犯罪提供资金而饱受指责。为了应对这样的指控，许多离岸金融中心制定了严格的规则，对客户和他们的资金来源进行评估。这些努力成功地为离岸中心正名。世界银行最近的一份报告得出结论：离岸中心的法规和客户审批程序要比在岸国家更加透明。

泽西中国于 2010 年 10 月与泽西签署了一份经合组织认可的税收信息交换协议，并于 2011 年 11 月开始生效。泽西法律和监管要求所涉及的客户尽职调查程序至少需要包括： ·确定企业的申请人，通过可靠、独立的文件、数据或者信息资源来核实申请人的身份 ·确定申请人的受益所有权和控制权，采取合理的措施来核实受益所有人和控制人的身份，使得相关人士了解谁是受益所有人和控制人的需求得到满足。 ·确定申请人代理的任何第三方（以及所有人和控制人） ·获得与商业关系的目的和本质相关的信息

Following the 2008 “global financial crisis” offshore centers were accused of undermining governments through lost tax revenue and helping fund terrorism and crime through opaque reporting. In response to these accusations, many offshore centers developed strict rules governing the assessment of customers and the origin of their money. These efforts have achieved notable success in clearing the names of offshore centers; a recent World Bank report on concluded that offshore center’s regulation and customer vetting procedures were more transparent than their onshore counterparts.

it knows who the beneficial owners and

以及其业务和风险水平的认识，其中可能包

a n d c on t rol l ers) on whose b eha l f t he

·包括个人的姓名（包括曾用名和其他名字）；

a n d i n t e n d e d n a t u re o f t h e b u s i n e s s

·出生日期和国籍

controllers are.

括确认资金的来源

applicant is acting.

·居住地址（如果不同于永久地址，请同时

relationship.

·促进持续的尽职调查和审查，同时需要获

undertaken throughout the course of a

如果没有充分的理由，客户不愿意提供所要

is consistent with the relevant person’s

可能是一个引发猜疑的因素。

·Identifying any third parties (and owners

个人的身份

·Obtaining information on the purpose

写上后者）；

·Keeping the above information up to date,

得关于个人职业或者业务方面的信息

and monitoring activity and transactions

relationship to determine whether the activity or transaction being conducted knowledge of the customer.

资料来源：泽西岛金融服务委员会，《防止和发现洗钱及向

·确保上述信息及时更新，监控整个关系中

恐怖主义提供资助的手册》

的活动和交易，判断进行的活动和交易是否

SOURCE: Jersey Financial Services Commission,

与相关人士对客户的了解保持一致

Jersey

Handbook for the prevention and detection of money laundering and the financing of terrorism

香港

China signed an OEDC approved TIEA with Jersey in October 2010, which came into force in November 2011.

香港与大陆签署的免双重征税协定已经有五年的历史。客户尽职调查应该包含以下内容：

T h e m i n i m u m c u s to m e r d u e d i l i g e n c e

(a) 确认直接客户，比如了解个人或者法人

·Identifying an applicant for business and

资源来核实客户的身份；

procedures required by Jersey’s Statutory and Regulatory Requirements involve:

是谁； (b) 使用可靠、独立的文件、数据或者信息

verifying the applicant’s identity using

·Identifying the beneficial ownership

(d) 核实客户受益所有人和 / 或交易利益归属

of the beneficial owners and controllers

商业关系的过程中对交易和账户进行审查，

reliable, independent source documents,

人（人们）最终拥有或者控制直接客户，和

and control of the applicant and taking

者的身份，证实有关 (c) 的信息，并且

such that a relevant person is satisfied that

确保进行的交易符合认证监管机构对客户、

data or information.

/ 或交易是代表谁执行的；

reasonable measures to verify the identity

(e) 持续进行尽职调查和审查，比如在所有

Winter, 2012

求的资料，或者不配合认可机构（香港注册认可机构）的客户尽职调查流程，其本身就

Hong Kong Hong Kong has had a Double Taxation Agreement in place with the mainland for five years. The customer due diligence process should comprise the following:

(a) identify the direct customer, i.e. know who the individual or legal entity is;

(b) verify the customer’s identity using

reliable, independent source documents, data or information

ultimately own(s) or control(s) the direct

customer, and/or the person on whose behalf a transaction is being conducted;

(d) verify the identity of the beneficial owner of the customer and/or the person

on whose behalf a transaction is being conducted, corroborating the information provided in relation to (c); and

Cover STORY | 封面故事 (e) conduct on-going due diligence and

客户的背景和业务，包括获得关于财富和资

the course of the business relationship

(e) 当存在商业关系时，对这种关系和相关交

scrutiny i.e. perform on-going scrutiny of

金来源、业务规模和业务量以及预期交易的

to ensure that the transactions being

易进行持续监控，以对客户交易与客户背景

and risk profile, including, where necessary,

出现下列情况之一，任何实体都需要进行客

the transactions and account throughout

本质和水平相关的信息，并且

conducted are consistent with the AI’s

和业务之间的一致性进行评估。

identifying the source of funds.

户尽职调查：

knowledge of the customer, its business

(a) 当建立商业关系时；

The identity of an individual

(b) 当一次性交易（包括电汇）金额达到或

·residential address (and permanent address

·To facilitate on-going due diligence and

(d) 当实体怀疑先前获得的客户身份资料的

·includes the individual’s name (including former or other name(s)),

超过 15000 美元，或者达到实体自己设定的较低限额；

if different),

资的情况，不论是否达到本守则中所规定的

scrutiny, information on the individual’s

真实性或充足性。

·date of birth and nationality.

occupation or business should also be obtained.

Unwillingness of the customer, for no good

reason, to provide the information requested

免除额或者阈值；并且

BVI China’s TIEA with the British Virgin Islands has been in force for a year.

a n d t o c o o p e ra te w i t h t h e A I ’ s ( H o n g

Every entity or professional shall engage in

a factor that should trigger suspicion.

irrespective of the nature or form of the

Kong incorporated authorized institution) customer due diligence process may itself be

资料来源：香港金融管理局，《防止清洗黑钱活动指引》补充文件 http://www.hkma.gov.hk

SOURCE: Hong Kong Monetary Authority，Supplement to the guideline on prevention of money laundering http:// www.hkma.gov.hk

英属维尔京群岛中国与英属维尔京群岛签署的税收信息交换协议已经生效了一年。在与企业申请人或者客户打交道的过程中，无论企业的本质或者形式如何，每一个代理实体或者专业人士都应该参与到客户尽职调查中去。客户尽职调查流程需要实体或者专业人士： (a) 询问和确认企业申请人或者意向客户，并且核实身份； (b) 获得与商业关系的目的和意向本质相关的信息； (c) 使用可靠的证据，必要的时候通过询问来核实企业申请人或者意向客户的身份； (d) 使用必要的方法来了解企业申请人和意向

customer due diligence in its or his dealings with an applicant for business or a customer, business.

A customer due diligence process requires an entity or a professional:

(a) to inquire into and identify the applicant for business, or the intended customer, and verify the identity;

of that relationship and the transactions

undertaken for purposes of making an assessment regarding consistency between

the transactions undertaken by the customer and the circumstances and business of the customer.

An entity shall undertake customer

d u e d i l i g e n c e i n a ny o f t h e f o l l o w i n g circumstances:

(a) when establishing a business relationship;

(b) when effecting a one-off transaction (including a wire transfer) which involves

funds of or above fifteen thousand dollars or such lower threshold as the entity may establish;

laundering or terrorist financing, irrespective of any exemption or threshold that may be referred to in this Code; and

(d) when the entity has doubts about the

veracity or adequacy of previously obtained customer identification data.

资料来源：英属维尔京群岛金融服务委员会，2008 年《反洗钱及恐怖主义融资行为准则》http://www.bvifsc.vg

SOURCE: British Virgin Islands Financial Services Commission, Anti-Money Laundering and terrorist

Financing Code of Practice 2008 http://www.bvifsc.vg

巴巴多斯中国和巴巴多斯之间的免双重征税协定于去年开始生效。

(b) to obtain information on the purpose and

作为尽职调查的一部分，被授权人应该：

inquiry as is necessary to verify the identity

ii. 在商业关系建立伊始，使用合理的方式来

(d) to utilize such measures as are necessary

a. 采取合理的措施来了解客户的所有权和控

the intended customer, including obtaining

向本质、资金来源以及财富来源，获得可靠、

expected nature and level of the transaction

位，随即停止交易。

relationship exists, an ongoing monitoring

iv. 在风险集中的基础上更新身份记录，确保

intended nature of the business relationship;

i. 建立流程获得新客户的身份信息，确保潜

of the applicant for business or intended

核实和充分地记录客户或者账户持有人的身

t o u n d e r s t a n d t h e c i rc u m s t a n c e s a n d

制结构；

information on the source of wealth and

有独立来源的数据或者信息；并且

sought; and

iii. 对高风险的客户或者交易采取力度更大的

在客户与其自身描述保持一致；

customer;

份信息。这个流程在必要的时候需要包括：

business of the applicant for business or

b. 在可能的情况下，就商业关系的目的和意

funds, size and volume of the business, and

c. 如果客户文件信息在关系建立初期没有到

(e) to conduct, where a business

尽职调查流程

Winter, 2012 China Offshore

封面故事 | Cover Story

所有现有的客户记录是及时而有效的，并且符合所有新的要求； v. 根据 MLFTA 第 16 节的规定，在业务关系的整个流程中监控账户活动；并且 vi. 如果账户运作出现重大变化或者对先前获得的客户认证数据有疑问，需要重新审查现有的记录。

is operated or if there are doubts about

respect of which no, or limited, customer

资料来源：巴巴多斯中央银行 http://www.centralbank.org.

and those customers and circumstances

previously obtained customer identification data.

bb 《反洗钱 / 打击恐怖主义融资指南》 SOURCE: Central Bank of Barbados

http://www.

centralbank.org.bb

ANTI-MONEY LAUNDERING/COMBATING

Barbados

TERRORISTFINANCING GUIDELINE

China and Barbados have had a DTC in

百慕大

place since last year.

百慕大与中国之间的税收信息交换协定于一年前签署，但是尚未生效。

As part of their due diligence process, licensees should:

“条例”明确了客户尽职调查的方法、时机以及

i . E s t a b l i s h p ro c e d u re s f o r o b t a i n i n g

如果客户尽职调查未能进行时所需要采取的行动。

satisfied that a prospective customer is who

以及哪些客户或者情况需要强化的尽职调查。条例

identification information on new customers

“条例”规定了那些不需要或者仅需要少量尽职调

he claims to be;

同样还规定了需要依靠第三方进行客户尽职调查的

customer or account holder at the outset of

必须进行的客户尽职调查项目包括：

a. Taking reasonable measures to understand

· 获得业务关系的目的和意向本质的相关信息

b. Obtaining reliable, data or information

（比如信托）时，机构有义务核实客户受益所有人

so as to be

查（以下简称为“简化尽职调查”）的客户和产品，

ii. Use reasonable measures to verify and

情况。

a business relationship. This process should

· 确认客户，核实其身份；

adequately document the identity of the include, where appropriate:

·确认相关的受益所有人，并且核实其身份；并且

customer;

当客户是一个法人（比如公司）或者相关法律结构

and intended nature of the business

结构。

c. Discontinuing the transaction, if

简化尽职调查（"SDD")。在较高风险的情况下，特

iii. Employ enhanced due diligence

相应的强化尽职调（"EDD")。

iv. Update identification records, on a risk-

Bermuda’s TIEA with China was signed

the ownership and control structure of the

from an independent source on the purpose

的信息，需要采取措施来了解客户的所有权和控制

of wealth, where applicable; and

对一些特定的客户、产品或者交易来说，可以采用

forthcoming at the outset of the relationship.

的银行和个人股权计划，必须基于风险敏感度采取

relationship, the source of funds, and source customer documentation information is not

procedures for high risk customers or transactions

别是那些核实身份时无法亲自到场的客户以及相关

one year ago but has not yet come into

v. Monitor account activity throughout

The Regulations specify customer due

and

required if customer due diligence measures

customer records are current and valid and

force.

the life of the business relationship in

diligence measures that are required to be

accordance with Section 16 of the MLFTA; vi. Review the existing records if there

is a material change in how the account

Winter, 2012

(referred to as ‘Simplified Due Diligence’), where enhanced due diligence is required.

Provision for reliance on third parties in the carrying out of customer due diligence measures are also set out.

The customer due diligence measures that must be carried out involve:

▪ Identifying the customer, and verifying his identity

▪ Identifying the beneficial owner, where relevant, and verifying his identity; and

▪ Obtaining information on the purpose and intended nature of the business relationship

Where the customer is a legal person (such as a company) or a legal arrangement

(such as a trust), part of the obligation on an institution to identify any beneficial

owner of the customer is taking measures to understand the ownership and control structure of the customer.

For some particular customers, products or transactions, simplified due diligence

(“SDD”) may be applied. In the case of higher-risk situations, and specifically in

relation to customers who are not physically present when their identities are verified, correspondent banking and PEPs, enhanced

due diligence (“EDD”) measures must be applied on a risk sensitive basis.

资料来源：百慕大金融管理局，《反洗钱 / 反恐怖主义融资金融机构关于反洗钱和反恐怖主义融资指南（2010 年）》

Bermuda

focussed basis, to ensure that all existing conform to any new requirements

due diligence measures are required

carried out, and the timing, as well as actions

are not carried out . The Regulations then describe customers and products in

SOURCE: Bermuda Monetary Authority, Guidance notes for AML/ATF regulated financial institutions on Antimoney laundering & Anti-Terrorist financing (AML/ATF) 2010

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独家特刊

Offshore & Private Banking

离岸和私人银行：高净值人士的个性化服务 Offshore and Private Banking: Personalized Services for the Needs of High-Net Worth Individuals 尽管有这些服务，中国的私人银行业务发展仍然滞后 Despite Recent Offerings, China’s Private Banking Services Lag Behind Offshore Alternatives 香港和新加坡的增长与加勒比地区离岸中心的发展之间的对比 The Growth of Hong Kong and Singapore Parallels Development of Caribbean Offshore Centers

Winter, 2012 China Offshore

Winter, 2012

exclusive REPORT | 独家报道

在

过去二十年的时间里，中国的私人财富一直保持着强劲和稳定的增长，富有开拓性的改革开放政

策帮助了一大批私营业主在从事对外贸易的过程中发家致富。然而，从紧的货币兑换政策和对资本账户的监管长期以来让资金无法实现跨国境的自由流动，这种机制妨碍了中国实现真正的市场化改革，但是也从某种意义上帮助该国平稳地度过了全球金融危机。早在 20 世纪 80 年代末中国就开始放松对离岸银行业务的管制，但是这项业务的发展始终不及在岸业务。这主要是因为在相当长的一段时间里，中国并不鼓励企业和个人将资金投资于海外，特别是在 20 世纪 90 年代后期发生的亚洲金融危机后，政府希望资金被用来支持国内的经济增长。随着中国近年来进入了通货膨胀周期，并且每年都有大批的投机性资本（所谓的 “热钱”）流入大陆，中国政府已经启动了一项“走出去”的战略，旨在让该国大

离岸银行业务：中国的财富增长将改变该行业滞后的发展

Offshore Banking: A Lagging Sector to be Powered by China's Growing Wealth

规模的外汇储备实现多样化。虽然中国的“走出去”战略在很大程

By Leo Zhang

度上依赖于国有企业到境外投资，但是民营企业和企业家们也从中看到了商业机会，这将促进对海外市场对银行服务的需求。离岸的优势从定义上来说，离岸银行账户指的是在账户持有人居住国以外开设的银行账户。通常，这些账户开设在离岸司法管辖区或者避税天堂。然而，大多数中国银行目前也能够提供类似的非居民账户，允许中国公民建立的离岸公司进行在岸的海外交易操作。与在岸金融机构一样，离岸银行提供传统的银行服务，包括存款、信贷、国际电汇、资产管理、贸易融资以及外汇等等。离岸银行业务的主要优势在于其管理多币种账户的灵活性以及接收国际支付拥有相对较低的费率。离岸账户通常能够更好地提供隐私和保密性，这是商人和高净值人士会优先考虑的事情。在许多离岸司法管辖区中，个人和离岸公司不需要支付利息收入税。此外，在世界各地的任何地方都可以访问离岸账户，而转帐也不会受到时区和货币等限制，通过网上银行或国际 ATM 机就能够完成。

hina’s private wealth has been growing robustly and steadily in the past two decades with the country’s pioneering reform and opening-up policy, which helped a raft of self-employed individuals get richer through dealings with the outside world. However, a tight regulatory grip on currency convertibility and capital accounts have long prevented free money flows across the border, a mechanism that hindered China’s real market overhauls, but also added into the nation’s stability amid global financial woes. The operation of offshore banking, which was deregulated as early as late 1980s in China, has been constantly trailing onshore businesses. It was largely because both Chinese companies and individuals were discouraged from siphoning assets abroad, especially after the Asian financial crisis in late 1990s, so

that domestic growth could be sustained. As China has stepped into an inflationary cycle in recent years while a hefty amount of speculative capital inflows, or so-called “hot money”, hit the mainland every year, Beijing has launched a “go-out” campaign with an aim to diversify the nation’s massive foreign-exchange reserves. Although the Chinese central government largely relies on stateowned enterprises to invest abroad, private firms and entrepreneurs also see business opportunities during the process, spurring demand for banking services in an overseas markets. Offshore advantages By definition, an offshore bank account refers to one opened with a bank located out of the country of residence of the account holder. Usually, these accounts

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2012 Offshore & 2012 Private Banking Winter, China Offshore

独家报道 | exclusive REPORT

杨琨是中国农业银行执行董事、副行长。该行最近获得了《财富》中国杂志评选的 2011 年“最具创新力的中国公司”称号，它是 25 家获此殊荣的公司之一。该行于同年宣布与蒙特利尔银行展开合作，为客户提供跨境私人银行服务，并且为中国的高净值客户提供与海外留学、移民相关的信息，以及其他跨境金融服务和解决方案。

Yang Kun is the Executive Director and Vice-President of the Agricultural Bank of China, which recently won the title of “Most Innovative Chinese Company,” one of 25 selected in 2011, from Fortune China. The bank announced a partnership with the Bank of Montreal last year that will offer clients access to cross border private banking services and will provide high net worth clients in China with information about overseas studies, immigration and other cross border financial services and solutions.

图片提供 Nick Otto, 世界经济论坛 Photo by Nick Otto, World Economic Forum

离岸银行服务通过互联网银行、信用卡和借记卡工具维护银行账户。现在越来越多的企业主和高净值人士正在使用这些服务。这种离岸银行服务可以促进一般税务规划、遗产税规划、遗产规划、移民前或遣返计划以及隐私和资产的保护。它们还可以被用来迅速地接收支付、薪金及佣金。中国内地居民可以直接在一些海外司法管辖地的外资银行开设账户。然而，国家外汇管理局设定的外汇购买限额为每年 5 万美元，这意味着很难通过这种个人账户来管理规模庞大的海外资产。现在，越来越多的中介机构把离岸银行服务作为离岸公司注册整套服务的一部分，帮助没有在离岸注册企业的富裕客户

& Private Banking 2012 002S02 Offshore Winter, 2012

are held within offshore jurisdictions. However, most of banks in China now also provide similar Non-Resident Account, which allows offshore firms set up by Chinese citizens to conduct overseas transactions onshore. Like onshore financial agencies, offshore lenders provide traditional banking services covering deposit taking, credit facilities, international wire transfers, asset management, trade financing, and foreign exchange. Key advantages of offshore banking lie in its flexibility in managing multicurrency accounts and lower fees to receive international payments. Privacy

and confidentiality in offshore accounts are usually better ensured, a priority for business people and high net worth individuals. In many offshore jurisdictions, individuals and offshore companies don’t need to pay tax on their interest incomes. In addition, offshore accounts can be accessed from all over the world, without being subject to restrictions on time zones or currencies, via internet banking or international ATM machines. Offshore banking services include maintaining bank accounts with internet banking as well as credit or debit card facilities. They are now increasingly being tapped by business owners and high net worth individuals. Such offshore banking services can facilitate general taxation planning, inheritance tax planning, estate planning, pre-immigration or repatriation planning as well as privacy and asset protection. T h e y a l s o c a n b e u s e d t o re c e ive payments, salaries and commissions swiftly. For a Chinese mainland resident, it’s possible to directly open an account with a foreign bank in some overseas jurisdictions. However, a US$50,000 ye a rly q u o t a o n fo re i g n - exc h a n g e purchase set by the State Administration of Foreign Exchange means it’s difficult to manage massive assets overseas through this kind of individual account. Due to these restrictions, a growing number of intermediary agencies provide offshore banking services in China as part of an offshore incorporation package for their wealthy clients, if they don’t have an offshore company registered. “I usually recommend my clients to open offshore bank accounts under a corporate name to avoid being subject to foreign-exchange quotas as individuals,” said Stephen Xue, an agent for overseas corporate registration.

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建立相应的公司。海外企业注册代理人 Stephen Xue 表示：“我通常会建议我的客户用企业的名称来开设离岸银行账户，这能够帮助他们免受个人开户所遇到的外汇限额。” Xue 说：“我的客户只需要提供某些申请文件，而不需要亲自前往离岸司法管辖区的银行，我们将会搞定其余的事情，设立一个银行账户的整个过程不会超过一个月。” 中介机构不仅推荐客户去成熟的全球金融中心（比如香港和新加坡）开设银行账户，而且还包括新兴的离岸司法管辖区，比如塞舌尔和文莱。虽然离岸银行声称他们在高度管制的环境下进行运作，受到当地政府机构（比如银行和金融监管者）的监管，并且宣称维持资本充足率的要求，但是它们普遍被认为接受账户所有人居住地的监管较少。在中国的早期发展中国的离岸银行服务仅有短短二十年的历史，而且参与的企业数量有限，直到最近几年中国才开始真正将此项业务开放给在大陆经营的所有银行。 1989 年，中国人民银行和国家外汇管理局发行相应规则，允许位于南方城市深圳的五家中资银行成为首批在内地开展离岸银行业务的银行。

“My clients only need to offer certain a p p l i c a t i o n d o c u m e n t s i n s te a d o f travelling to an offshore jurisdiction to show up at a bank. We will do the rest of things and the whole process of setting up a bank account won’t take longer than a month,” Xue said. Clients are not only introduced to banking services in well-established global financial centers like Hong Kong and Singapore, but also in emerging offshore jurisdictions such as Seychelles and Brunei. Although offshore banks c l a i m t h e y o p e ra t e w i t h i n h i g h ly regulated environments under local government bodies such as a central bank and financial regulators and maintain capital adequacy requirement, they are believed to be subject to less supervision than their onshore counterparts.

Early development in China Offshore banking services in China have

a short history of just two decades. There were a limited number of players until the country virtually opened the business to all lenders based on the mainland in late 2000s. The People’s Bank of China and The State Administration of Foreign Exchange issued rules in 1989 to allow five Chinese banks based in the southern city of Shenzhen to become the first batch on the mainland to conduct offshore banking business. They were Shenzhen-based China Merchants Bank, the Shenzhen branch of Industrial and Commercial Bank of China, the Shenzhen branch of Agricultural Bank of China, Shenzhen Development Bank and the Shenzhen branch of Guangdong Development Bank. Apparently, banks in Shenzhen took advantage of the preferential policies in the Shenzhen Special Economic Zone, China’s first such economic zone under

深圳曾经是中国许多新经济政策的试验场。自 20 世纪 80 年代以来，它一直拥有经济特区的地位，并且是中国第一个开设离岸银行账户的城市。

Shenzhen has served as the testing ground for many of China’s new economic policies. It has held the status of Special Economic Zone since the 1980s and was the first city in China to be allowed to offer offshore bank accounts.

这五家银行分别是总部位于深圳的中国招商银行、中国工商银行深圳分行、中国农业银行深圳分行、深圳发展银行以及广东发展银行深圳分行。显然，深圳的银行从深圳经济特区的优惠政策中受益匪浅，这是中国在改革开放后的第一个经济特区，并且拥有邻近香港特别行政区的地理优势。然而，离岸银行业务在下一个十年中增长缓慢，其中的部分原因是因为该行业缺乏相关规范，而本地银行主要的服务对象为亚洲和非洲的企业，而不是欧洲和美国的公司。中国离岸银行业务的第一套规范于 1998 年对外颁布，这几乎是在该业务在中国推出 10 年以后。它显示了建立一个统一的监管框架所面临的难度。上海同济大学的张聪和易振兴在一份

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2012 Offshore & 2012 Private Banking Winter, China Offshore

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研究报告中指出：“这些中资银行离岸银行业务的盈利能力远远落后于其他业务，主要是由于缺乏使用资本的渠道和吸引存款所面临的困难。银行同样面临巨大的潜

作为中国最大的银行之一，交通银行为高净值个人提供特殊的离岸财富管理服务。

The Bank of Communications, one of the largest banks in China, offers special offshore wealth management services for high net worth individuals.

在风险，因为他们无法就客户的信用状况获得足够的信息。” 随着这些问题浮出水面，首批中资银行的离岸银行业务于 1999 年 1 月被叫停，此前发生的亚洲金融危机和国有银行大量的坏账让中国政府决心采取措施来减少金融风险，从而确保经济的稳定。当中国加入世界贸易组织后，政策发生了转向。2002 年 6 月，也就是在中国加入世贸组织短短半年之后，中国金融监管当局重新恢复了中资银行的离岸银行业务，图片提供 Photo by Eastern Law

允许中国招商银行和深圳发展银行重新启动这项业务。与此同时，总部位于上海的交通银行和上海浦东发展银行也加入了这个项目。此举主要是为了履行中国加入 WTO 的承诺，进而逐步开放银行业，让外资参与竞争。两家上海的银行也被允许参与到试点中，中央政府希望将上海打造成拥有强大离岸银行业务的全球性金融中心。在接下来几年的时间里，外资银行离岸银行服务的发展速度要快于中资银行。离岸银行业务的主要客户是国有企业以及参与跨境交易的企业家。一位熟悉这项业务发展的中国银行家表示：“在当时，离岸银行业务似乎处于一个灰色地带，虽然监管机构颁布了业务的规则，本地的银行最初并不知道如何进行实施，在审核开户申请时也面临一些问题。此外，考虑到与资本流动相关的风险，监管当局其实并不鼓励这样的业务。” 新的一章然而，随着中国不断地参与全球化的进程，越来越多的海外机构要求开设外汇账户，这使得大家需要一个行业标准来规范这个问题。 2009 年，中国推出了所谓的非居民账户，实际上允许所有的银行开展海外银行业务，并且制定了一套新的法规来规范非居民实体在大陆银行开设的外汇账户。外资银行的本地注册机构同样需要遵守相关的法律。外管局当时承认，“该领域的法规缺

& Private Banking 2012 004S04 Offshore Winter, 2012

its reform and opening-up program, and the geographic edge of neighboring Hong Kong SAR. H oweve r, t h e o f fs h o re b a n k i n g business grew slowly in the following decade partly because there were no rules governing the sector and local lenders mainly targeted Asian and African enterprises instead of European and US firms. The first set of rules governing offshore banking in China was introduced in 1998, almost a decade after the business trial started in the country, indicating the difficulty authorities have in setting up a unified supervisory framework. “The profitability of offshore banking lagged far behind other businesses at these Chinese banks due to a lack of channels to use capital and the difficulty to attract deposits,” Zhang Cong and Yizhenxing with Shanghai-based Tong Ji University said in a research report. “Banks also faced big potential risks

as they were unable to gain sufficient information on credit profiles of their clients.” As these problems surfaced, the offshore banking business at the first batch of Chinese lenders was halted in January 1999 on the heels of the Asian financial crisis and hefty amounts of sour debt at mainland banks as Beijing hopes to reduce financial risks to ensure economic stability. A policy shift occurred after China joined the World Trade Organization. In June 2002, just six months after China became a WTO member, financial a u t h o r i t i e s re s u m e d t h e o f f s h o re banking services by Chinese lenders by allowing China Merchants Bank and Shenzhen Development Bank to restart the business. Meanwhile, Shanghai-based Bank of Communications and Shanghai Pudong Development Bank were also enrolled in the program. The move was largely due to China’s commitment to the WTO as the country

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乏让非法活动变得非常容易开展，在金融危机中可能成为非法资本流动的渠道。” 根据这些规则，与离岸账户一样，非居民账户之间以及非居民账户与国内机构和个人之间的转账应该被视为跨境交易。但是，非居民账户受到更为严格的监管，银行在这项业务上面临外汇总配额的管制。一位常驻上海的英资银行家表示：“我们有许多非居民账户的客户是中国公民在香港建立的企业，其中大多数从事跨境贸易。这种安排可以帮助他们有效地绕过复杂的结算流程，迅速地与拥有海外账户的客户进行交易。” 这位银行家透露，在中国大陆经营的银行中，非居民账户总数中有超过三分之二是由总部位于香港的公司所拥有的，这些企业是由中国大陆居民所建立的。除了帮助中国商人更好地经营他们的生意，离岸银行业务同样可以受益于富裕人士对财富管理需求的不断攀升。对中国最富裕的人群来说，愈演愈烈的移民浪潮可能会把离岸银行业务变为“在岸”业务。朱伟民拥有一家专门从事纺织品贸易的企业，他说：“如果美国或澳洲的房子与上海和北京的价格差不多，为什么不在那里置业呢？那里价格并不高，你还能享受到额外的好处，比如教育和医疗保健。无论如何，在国内房地产市场低迷的情况下，这看起来不失为将部分资产转移国外进行分散风险的一种方式。” 根据胡润百富（该机构发布著名的中国富人榜）和中国银行最近联合进行的一项调查显示，在资产超过 1000 万人民币的中国富人中，有大约一半正在考虑移民，其主要目的是为了帮助子女寻求更好的教育机会。这项调查显示，在接受访问的 980 个百万富翁中，有 46％的人正在考虑离开中国，其中美国和加拿大是最热门的目的地。调查还发现，另外有 14％的人要么已经移民要么已经提出移民申请。其中有近 60％的受访者表示，他们希望为女子在海外寻求更好的教育环境，许多人对资产在中国的安全性表示出了忧虑。这项调查是从今年 5 月至 9 月在中国 18 个城市进行的。在中国最富有的公民中，许多人是从

delivered on its promise to gradually deregulate the banking sector to foreign participation. Two Shanghai-based banks were allowed in the trial as the central government hoped to develop the city into a global financial hub with a solid offshore banking sector. D u r i n g t h e n ex t s eve ra l ye a r s , offshore banking services developed faster for foreign banks than Chinese peers. The main offshore-banking clients were state-owned enterprises and entrepreneurs involved in cross-border trading. “Offshore banking seemed to be a gray area at that time; although regulators issued rules governing the business, local banks initially didn’t have the ideas of how to implement them and faced problems such as verifying applications of opening accounts,” said a Chinese banker familiar with the development of the business. “In addition, it’s a business that was not that encouraged by authorities with regard to the risks associated with capital flows.” A new episode However, China's increasing involvement in globalization has seen an increase in the opening of foreign-exchange accounts by overseas institutions necessitating an industry-wide rule to regulate the issue. In 2009, China virtually allowed all lenders to conduct overseas banking business by launching the so-called NonResident Account and unveiled a new set of rules on regulating foreign-exchange accounts opened by non-resident entities at banks based on the mainland. The locally-incorporated units of foreign lenders are also subject to the rules. The foreign-exchange regulator acknowledged at that time that “the lack of regulations in the area can make it easy for illegal activities and could become the channel for illegal capital flow especially

amid the financial turmoil.” Under the rules, like offshore accounts, transfers between these NRA accounts and those of domestic agencies or individuals should be managed as cross-border transactions. However, NRA accounts are subject to tighter regulatory oversight as banks face total foreignexchange quotas on the business. “Quite a lot of our NRA clients are companies set up by Chinese citizens in Hong Kong and many of them deal with cross-border trading,” said a banker at a British lender in Shanghai. “The arrangement can help them effectively bypass complicated settlement process and conduct swift transactions with customers in overseas accounts.” According to the banker, more than two-thirds of total NRAs at lenders in China are held by Hong Kong-based companies that are established by Chinese mainland individuals. I n a d d i t i o n to h e l p i n g C h i n e s e businessmen facilitate their dealings, offshore banking may have the chance to catch up as demand from the rich people for wealth management jumps. The growing wave of emigration tends to make offshore banking "onshore" for China’s wealthiest. “Why not buy a house in US or Australia if its price is similar to those in Shanghai and Beijing," said Zhu Weimin, who owns a trade firm specializing in textile shipments. "The price is no higher there and you can enjoy extra benefits such as education and healthcare. Anyway, it seems to be a way to move some of my assets broad to diversify risks amid a lackluster domestic property market." According to a recent survey jointly conducted by Hurun Report, which publishes a well-known annual China rich list, and Bank of China, about half of Chinese worth more than 10 million

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2012 Offshore & 2012 Private Banking Winter, China Offshore

独家报道 | exclusive REPORT

建筑业、房地产业以及不断扩张的零售行业中发家致富的。但是，僵化的教育体制、上涨的生活成本、对食品安全的忧虑以及普遍的腐败现象让这些人决定举家迁移。调查中列举的其他原因还包括高通胀和海外投资的难度。其中三分之一的受访者已经开始进行 “投资移民”，这项计划允许个人事先在东道国进行一定数额的投资后移民该国。调查称，受访人的平均年龄为 42 岁和平均资产价值超过 6000 万元。

非居民帐户账户总数中有超过三分之二是由总部位于香港的公司所拥有的，这些企业是由中国大陆居民所建立的。 More than two-thirds of total NRAs at lenders in China are held by Hong Kong-based companies that are established by Chinese mainland individuals.

常驻上海的独立投资顾问 Chris Wu 说：“随着移民人群的增长，对海外银行服务的需求必将激增。如果拥有外国居住权，这些富裕人士将不再受到中国公民所面临的限制。在未来，他们是中资和外资银行都希望招揽的客户。这种趋势必将改变对离岸银行业务原始的定义。” 富裕的中国人中国超过 30 年蓬勃的经济增长已经让一些中国人积累了过去在共产主义国家不可想象的财富。根据 2011 年胡润富豪榜显示，尽管面临全球经济危机，中国目前拥有 271 个资产超过 10 亿美元的富翁，相比去年的 189 个有所上升。这份最新发布的报告指出，中国有 96 万人的资产超过 1000 万人民币，相比 2010 年上升了 9.7％。中国人的财富也有望在 2011 年实现显著的增长，从而进一步拉大贫富之间的差距。截至 2011 年底，中国的个人可投资资产总额将会达到 62 万亿元，相比 2010 年的 54 万亿元上升 14.8％。根据波士顿咨询集团和中国建设银行在去年 12 月份联合发布的一份报告，可投资资产价值超过 600 万元的中国家庭数量将从去年的 101 万户上升到 121 万户。该调查显示，富裕家庭所拥有的可投资资产将在 2011 年达到 27 万亿元，相比 2010 年的 23 万亿元有所上升。在这样的家庭中，大约有 70％都集中在中国的 10 个省份，其中多达 35％的家庭居住在上海、北京和广东省。这项研究基于一份对超过 2100 名高净值人士的调查。这项研究显示，虽然储蓄仍然是最大的投资类别，但是其在资产组合中的比重已经从 2008 年的 61 ％下降到了 2010 年

& Private Banking 2012 006S06 Offshore Winter, 2012

yuan have considered emigrating, mainly to seek better opportunities for their children's education. The survey showed that 46 percent of the 980 millionaires surveyed are considering leaving China, with the United States and Canada the most popular destinations. Another 14 percent had already begun the process by either having emigrated or applied, according to the survey. Almost 60 percent of them said that they want to leave to seek a better education for their children overseas while many also cited concerns about the security of their assets in China. The survey was done in 18 Chinese cities from May to September last year. Many of China’s wealthiest citizens have made their money in the country’s construction and property sectors, as well as a growing domestic retail market. But the rigid education system, rising living costs, food safety concerns and widespread corruption have led many to look for homes abroad. High inflation and the difficulty of investing overseas were also cited in the survey. One third of the people surveyed have engaged in “investment immigration,” which allows a person to emigrate after he or she agrees at first to invest a certain

amount of money in the host country. The average respondent was 42 years old and worth more than 60 million yuan, the survey said. “As the emigration crowd grows bigger, demand for banking services overseas will definitely surge,” said Chris Wu, an independent investment consultant in Shanghai. “With a foreign residency, these wealthy people will no longer face restrictions as Chinese nationals; they are the group of clients both Chinese and foreign banks will target in the future. The trend will certainly change the original definition of offshore banking.” Wealthy Chinese More than 30 years of booming economic growth have allowed some Chinese to build up vast fortunes once unthinkable in the nominally communist nation. China now has 271 dollar billionaires, according to Hurun's 2011 rich list, up from 189 last year, despite the global economic crisis. The latest report said that 960,000 people in China are now worth more than 10 million yuan, up by 9.7 percent from 2010. The Chinese wealthy community is also expected to show a marked increase this year, widening the gap between the rich and the poor. The total amount of personal investable assets in the country will rise 14.8 percent to 62 trillion yuan by the end of the year from 2010's 54 trillion yuan. And the number of families with investable assets of more than 6 million yuan will grow from last year's 1.01 million to 1.21 million, the Boston Consulting Group and China Construction Bank predicted in a joint study in December, 2011. The investable assets owned by wealthy families should reach 27 trillion yuan in 2011, compared with 23 trillion yuan in 2010, the study said. Around 70

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国内银行的离岸账户

Offshore Accounts at Domestic Banks

浦发银行：浦发银行的离岸账户为注册在中国大陆以外的

SPD BANK: An SPDB Offshore Account is offered in eight currencies (USD, HKD, EUR, GBP, JPY, CAD, AUD, SGD) to legal entities registered outside Mainland China (including Hong Kong, Macao and Taiwan areas) and non-resident individuals (including Hong Kong, Macao and Taiwan areas). The Offshore account is SWIFT transfer enabled and offers real time transfers between SPD offshore and domestic accounts.

法人实体（包括香港，澳门和台湾地区）和非居民个人（包括香港，澳门和台湾地区）提供八种货币（美元、港币、欧元，英镑、日元、加元、澳元和新元）的账户。离岸账户提供 SWIFT 转账功能，并且提供浦发银行离岸和国内账户之间的实时转账。深圳发展银行：所有离岸银行业务对象涵盖的非居民，包括注册在案的离岸公司、企业、工厂、机构、银行、存款公司和基金组织，以及政府组织、非政府组织和个人都可以在深圳发展银行（SDB）开设离岸账户。该银行要求在香港、英属维尔京群岛、萨摩亚和塞舌尔注册成立的有限责任公司在开户前提供特殊的文件，并且希望客户就其他地区注册的有限责任公司开户需要的文件向该行询问。厦门国际银行：除了为非居民（包括华侨，香港、澳门和台湾居民）建立离岸账户以外，该行还为海外公司和机构提供企业账户，包括注册在香港、澳门和台湾地区的公司。这些账户不受外汇管制，并且能够享受快速的汇款流程。宁波国际银行：该行为所有的非中国居民开设离岸账户，包括注册在案的离岸公司、企业、工厂、机构、银行、存款公司、基金组织和个人。交通银行：交通银行推广其离岸财富管理解决方案，承诺将为存款超过 1000 万美元的客户账户专门指派职业经理人。他们提供“LIBOR 和 HIBOR 同步浮动利息率”，对金额超过 1000 万美元的美元存款提供最短一天的定期存款业务，该行宣称将提供远高于中国人民银行所规定的基准利率。

SHENZHEN DEVELOPMENT BANK: All non-residents within offshore banking objects, including registered offshore companies, firms, enterprises, factories, organizations, banks, deposit companies and fund organizations, as well as governmental organizations, nongovernmental organizations and individuals, can open an offshore account at Shenzhen Development Bank (SDB). The bank maintains a specific provision for the documents required to open an account for LLC’s incorporated in Hong Kong, BVI, Samoa or the Seychelles and encourages customers to contact the bank to discuss the documents required to open an account for an LLC incorporated in other jurisdictions. XIAMEN INTERNATIONAL BANK: In addition to opening offshore accounts for non-residents (including overseas Chinese, and Hong Kong, Macau and Taiwan residents), the bank offers corporate accounts for overseas companies and organizations, including those registered in Hong Kong, Macau and Taiwan. These accounts are not subject to foreign exchange controls and enjoy a fast money transfer times. INTERNATIONAL BANK OF NINGBO: The bank will open an offshore account for all non-residents of China , including registered offshore companies, businesses, factories, organizations, banks, deposit companies, fund organizations, and individuals.

BANK OF COMMUNICATIONS: The Bank of Communications advertises offshore-wealth management solutions, promising to specially assigned professional managers for customer accounts with deposits exceeding USD10 million. They offer “synchronous floating interest rates of LIBOR and HIBOR,” time deposits with a maturity term as short as 1 day for US currency exceeding USD 10 million, which the bank claims offer interest rates that far exceed those mandated by the People’s Bank of China.

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2012 Offshore & 2012 Private Banking Winter, China Offshore

独家报道 | exclusive REPORT

的 55％，而商业银行发行的金融产品由于拥有相对较高的收益和能够容忍的风险程度成为第二大投资选项，中国的富人仍然更看重财富安全胜于生活品质。分别有高达 57％和 53％的调查参与者表示有兴趣投资固定收益产品和信托资产。该报告称，中国信托资产的规模在过去三年中每年的增长率高达 65％。投资顾问 Wu 说：“对生活在像上海和北京这样的大城市或者在浙江和广东等沿海地区的人们来说，他们将在未来几年的时间里积累大量的投资资产，同时考虑到大陆房地产和股市的疲软，他们必将寻求资产投资的多元化。即便他们不选择移民，他们将寻求通过建立离岸公司或者投资离岸产品等渠道将资产转移到海外，这将有利于那些对此做好准备的银行。” 认识到投资者的需求变化，中国的一些银行已经开始着手扩展它们的离岸业务。中国建设银行副行长朱小黄最近表示，该行正在研究计划为其私人银行客户推出离岸信托产品。消息人士透露，这家总部位于北京的银行计划提供一系列离岸银行服务，并且存在与国外同行进行合作的可能性。该行已经在香港设立了私人银行中心。与此同时，中国农业银行也已经联手蒙特利尔银行推出跨境私人银行业务，将向中国的高净值人士提供跨境金融服务和解决方案，涵盖的领域包括教育、移民和投资。这两家银行已经成立一个联合小组，以服务于中国的这些高端客户。然而，中国监管部门对离岸银行业务的态度仍然是复杂的。有人担心，随着越来越多的中国人寻求移民并且将资产移至海外，对资本流动的监管将变得更加严格。上述英资银行的银行家表示：“外汇监管机构已经很清楚地表明，它将加强对所有类型的洗钱和非法跨境资本流动的打击力度。监管者机构对我们非居民账户的关注变得越来越紧密，并且敦促我们遵守有关存款金额外汇配额的要求。对离岸账户来说，监管部门正在频繁地检查离岸账户和在岸账户之间的交易情况，对交易进行核实，确保它们没有被滥用。”

& Private Banking 2012 008S08 Offshore Winter, 2012

percent of such families are concentrated in 10 provinces in China. Up to 35 percent of them live in Shanghai, Beijing and Guangdong Province. The study was based on surveys among more than 2,100 high-net-worth individuals. Savings, though still the biggest category, dropped from 61 percent of their asset portfolios in 2008 to 55 percent in 2010 while financial products issued by commercial banks advanced to second spot with relatively high yields and tolerable risks as wealth safety still comes before life quality for China's rich, the study said. Up to 57 percent and 53 percent of survey participants expressed interest in fixed-income and trust assets respectively. The scale of latter has grown 65 percent annually in China over the past three years, it said. “People in big cities like Shanghai and Beijing and those in costal areas of Zhejiang and Guangdong provinces are set to accumulate a growing number of investable assets in the next few years and will definitely seek to go diversified due to weakness in mainland property and stock markets," said investment consultant Wu. "Even if they don't emigrate, they will seek to channel assets abroad via setting up an offshore c o m p a ny o r i nve s t i n g i n o f f s h o re products, which will benefit banks getting well prepared for that." Recognizing the change of investors' needs, some Chinese banks have already started to boost their offshore businesses. China Construction Bank was studying plans to launch offshore trust products to its private banking clients, its vice president Zhu Xiaohuang said recently. Sources noted that the Beijingbased lender is planning to provide a variety of offshore banking services and is open to cooperation with foreign

counterparts. It already has a privatebanking center in Hong Kong. Meanwhile, Agricultural Bank of China has also teamed up with Bank of Montreal to trial cross-border privatebanking business. Cross-border financial services and solutions will be provided to Chinese high net worth individuals in such aspects of education, emigration and investment. The two banks has set up a joint team to serve these high-end clients in China. However, the attitude of Chinese regulators towards offshore banking is still mixed. Some worried that with more Chinese seeking to emigrate and move assets abroad, supervision over capital flows will go even tighter. "The foreign-exchange watchdog has made it very clear that it would step up efforts to clamp down on any type of money laundering and illegal crossborder capital flows," said the banker at the British lender. "Regulators are tracking more closely on our NRAs and urging us to keep the amount of deposits under relevant foreign-exchange quotas. For offshore accounts, they are checking frequently transactions between offshore accounts and onshore accounts and verifying underlying deals to ensure they are not misused."

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中国财富促进亚洲离岸中心的发展

China’s Wealth Fueling Growth of Asian Offshore Centers By Claire van den Heever

与

想象中的一样，世界上最重要的离岸金融中心的历史通常在加勒比地区拥有一些早期英国附属领

地的背景。20 世纪 60 年代初，首批外国

新加坡可以说是世界上增长最快的金融中心，估计拥有 5000 亿美元的私人银行资产。

Singapore, arguably the world’s fastest growing financial center, has estimated private banking assets of US$500 billion.

银行家在那里遭受到了蚊子肆虐的热带气候。虽然这也许可以用来描述开曼群岛和英属维尔京群岛的情况，但是肯定不能用来描述他们所提到的另外两个地区作为离岸中心的历史。这另外两个地方既不是邻近美国投资者居住地的加勒比岛国，也不在英国海峡群岛、瑞士小镇或者列支敦士登。它们位于经济增长远快于上述所有地区的亚洲，它们是香港和新加坡。六十年代初，开曼群岛与那些挣扎中的小国并没有什么不同。这个国家蚊虫肆虐，没有自来水，缺乏可靠的电力供应。但是在几十年的时间里，该国发生了一连串的事件，使其成为了拥有相当地位的离岸私人银行中心。照片提供 Photo by Erwin Karim

1962 年，牙买加决定从英国独立，这在开曼群岛的成功故事中起到了重要的作用。当牙买加和其他一些加勒比国家纷纷选择独立时，以前一直通过牙买加管理的开曼群岛决定仍然维持英国附属领地的身份。牙买加脱离英国所带来的不确定性使得许多商人纷纷搬迁到了开曼群岛，在那里进行投资和开展业务。这些商人的到来加上牙买加税收中立的地位以及它所采用的英国普通法制度帮助该国将自身打造成为了一个私人银行中心，从而能够从战后金融自由化时代的国际金融发展中受益。 1963 年，加拿大皇家银行在开曼群岛成立了一家分行，使其成为巴克莱银行后第二家在开曼群岛经营的商业银行。到

he history of the world’s most i m p o r t a n t o f f s h o re c e n t e r s usually has, as its imagined b a c kdro p, a few backward British dependencies in the Caribbean, where the first foreign bankers suffered in mosquito-ridden tropical climes during the early 1960s. And while this may

describe the circumstances that shaped the Cayman Islands and the British Virgin Islands – two of the four jurisdictions that investors perceive to be the world’s most important offshore centers – it certainly does not describe the conditions that characterized the other two locations they mention, as their histories as

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2012 Offshore & 2012 Private Banking Winter, China Offshore

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offshore centers were beginning. The other two are not Caribbean islands, located within a convenient distance of their American investors’ cities of residence; they are not British Channel Islands either, or Swiss counties, or towns in Liechtenstein. They, like the wave of economic growth that far outstrips growth in any of the aforementioned regions, are in Asia. They are Hong Kong and Singapore. In the early sixties, the Cayman Islands was not very different from the desperate scene described, and showed little promise of becoming one of the Caribbean’s wealthiest territories. It was a country plagued by mosquitoes, devoid of piped water and lacking a reliable power supply but, within a few decades, a chain of events had occurred that lead to its emergence as an offshore private banking center of considerable standing. J a m a i c a’ s d e c i s i o n t o b e c o m e independent of the UK in 1962 played an important part in the Cayman Islands’ success story. When Jamaica, along with various other Caribbean territories,

了 1965 年，加拿大帝国商业银行也开设了一家分行，同年加拿大丰业银行信托有限公司（开曼）成为了该国第一家信托公司。 1966 年，开曼群岛进行了重大的基础设施改建，包括国际机场的跑道升级和电信设施的引入。随着银行和信托公司监管法规的颁布，这些因素为开曼群岛成为金融服务行业的全球领导者铺平了道路。正如牙买加独立所带来的不确定性使开曼群岛受益一样，巴哈马的政治变革为稳定的开曼群岛带来了更加良好的机遇。 1967 年，巴哈马的激进自由党开始执政，为独立运动播下了种子。那时巴哈马已经是一个成熟的离岸金融中心，而在那里经营的外资银行并没有选择等待和观望事情如何发展，其中许多银行从 60 年代后期开始纷纷转向邻近的司法管辖地，这比巴哈马实际上从英国独立出来要早上好几年。开曼群岛发现自己成为了许多离开巴哈马的美资银行的新住所，这一部分是由于该国的政治稳定性，另一部分是由于其极具吸引力的地理位置——飞往迈阿密只需要一个小时，并且与纽约处于相同的时区。直到目前为止，开曼群岛的客源还是以英国人为主，这主要与帮助该国建立私人银行中心的两个人有关，他们是剑桥大学毕业的律师 William Walker 和牛津大学

跨境私人银行业务，市场份额

Cross-border private banking(2009), market share

30% 25% 20% 15%

来源：波士顿咨询公司，SBVg 研究 Source: Boston Consulting Group, SBVg Research

& Private Banking 2012 010S10 Offshore Winter, 2012

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chose independence, the Cayman Islands, which had previously been administered through Jamaica, made the decision to remain a British Crown colony. The uncertainty caused by Jamaica’s split provoked a number of business people to relocate to the Cayman Islands, to invest their money and expertise there instead. Their arrival, the territory’s tax neutral status and its English common law system all set in motion the creation of a private banking center which could capitalize on the development of international finance in an era of post war financial liberalization. In 1963, the Royal Bank of Canada set up a branch in the Cayman Islands, making it the country’s second commercial bank, after Barclays. By 1965, the Canadian Imperial bank of Commerce had opened a branch too, and that same year the Bank of Nova Scotia Trust Company (Cayman) became the country’s first trust company. 1966 brought important infrastructural changes, including the upgrading of the international airport’s runway and the introduction of telecommunications. This, along with the enactment of The Banks and Trust Companies Regulations Law, paved the way for the Cayman Islands to become a global leader in the financial services sector. Just as uncertainty over Jamaican independence had benefited the Cayman Islands, political change in another Caribbean nation presented the stable Caymans in a more favorable light. In 1967, the Progressive Liberal Party came to power in the Bahamas, sowing the seeds of an independence movement. The Bahamas was already a well-established offshore financial centre, and the foreign banks doing business there did not wait around to see how things panned out; many of them looked to nearby jurisdictions from the late sixties, a few

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毕业的商人 John Maples，这两个人与伦敦许多有影响力的商业人物保持着密切的联系。但是，上述趋势标志着开曼群岛的主要客源开始发生了转变。开曼群岛向美国人积极的推广活动大大推动了金融服务行业和旅游业的发展。在开曼群岛引入重要立法来努力扩大其私人银行的地位并且提供更多样化的金领土也在这个行业中不断崛起。英属维尔京群岛找到了一个从与美国签署的免双重征税协定中获益的方法。英属维尔京群岛曾经是一个贫穷的国家，但该国于 70 年代中期成立了第一个美资公司，在随后的几年时间里，数以百计的其他公司纷纷效仿。由于美国政府在 1981 年撤销了该免双重征税协定，英属维尔京群岛失去了大量的业务，这迫使该国对这一领域的发展做出了微调。1984 年，该国制定法律给予离岸企业一定的税收豁免，以恢复其失去的部分业务，但是这仅仅取得了部分成功。正如巴哈马的厄运导致开曼群岛在金融服务业的崛起一样，1991 年美国对巴拿马的入侵给英属维尔京群岛带来了好运。巴拿马金融服务行业中的许多企业都选择逃离至邻近的司法管辖区，其中之一就是英属维尔京群岛。这两个加勒比国家的成功是相当引人注目的。根据毕马威 2000 年的一项调查显示，全球离岸公司中有超过 41％成立于英属维尔京群岛，占其政府财政收入的一半以上。自从成为私人银行和离岸企业注册的中心以来，开曼群岛和英属维尔京群岛分别发生了显著的转变。在它们的金融服务行业实现盈利以前，这两个英国海外领土都拥有规模较小的海洋和农业经济，而工业和基础设施的发展比较滞后。随着离岸中心发展取得成功，旅游业随之而来，成为了一项副产品。这也许就是它们于香港和新加坡在离岸中心发展过程中最为显著的差别。与开曼群岛和英属维尔京群岛一样，新加坡和香港都有英国殖民的历史。他们的英国殖民史以及随后的独立在创建以英语为母语的国际大都会中发挥了作用，造就了现在的新加坡和香港。在新加坡独立后几年的时间里，该国采取了一系列初步的措施旨在成为一个金

李光耀在 1959 年至 1990 年期间担任新加坡总理，他让这个国家走上了成为国际金融中心的道路，并且监督着这个行业的发展。

It was Lee Kuan Yew, Singapore’s Prime Minister from 1959 to 1990, who started the country on its path to international financial center status and oversaw much of its development. 图片提供 Photo by Robert Ward

融服务时，另一个加勒比地区的英国海外

years before the Bahamas actually broke away from Britain. The Cayman Islands found itself the new domicile for many of the US-owned banks which had left the Bahamas, p a r t ly by v i r t u e o f t h e te r r i to ry ’ s political stability, and partly because of its appealing location – just an hour’s flight from Miami, and within the same time zone as New York. This signaled a shift in the jurisdiction’s predominant clientele which, until now, had been British, largely due to the fact that two of the men credited with the territory’s establishment as a private banking center – the Cambridge-educated attorney, William Walker, and the Oxford-educated businessman, John Maples – were, between the two of them, connected to most of the influential business people in London. The active promotion of the jurisdiction to Americans and the influx of US and Canadian business helped to initiate a construction boom in the 1970s, which gave both the financial services industry and tourism a major boost. While the Caymans introduced major legislation – including the Insurance Law in 1979 and the Mutual Fund Law in 1993 – in an effort to expand its private banking role to offer a more diverse range of financial services, another British Overseas Territory in the Caribbean was emerging in the industry. The British Virgin Islands had found a way to benefit from a double taxation relief treaty that existed with the United States. The British Virgin Islands, previously an impoverished country with an economy that centered on agriculture, incorporated its first American company in the mid seventies, and within the space of a few years, hundreds of other companies had followed suit. Despite an initially successful entry into the offshore sector, the British Virgin Islands was forced to change

course slightly when the United States government revoked the double taxation treaty in 1981, causing the British Virgin Islands to lose much of its offshore business. In 1984, legislation that offered offshore companies certain tax exemptions, in an effort to recover some of the lost business, was only partly successful. In 1991 – in circumstances that were reminiscent of the way in which the ill fate of the Bahamas had led to the Caymans’ rise to prominence in the financial services sector – the United States’ invasion of Panama spelled good fortune for the British Virgin Islands. Many of the businesses in Panama’s booming financial services industry fled to nearby jurisdictions, one of which was the British Virgin Islands. Both Caribbean jurisdictions’ success has been phenomenal. In a 2000 survey, KPMG reported that over 41 percent of the world’s offshore companies were formed

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2012 Offshore & 2012 Private Banking Winter, China Offshore

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融中心。新加坡前总理李光耀于 1968 年在伦敦向美国银行求教如何创建一个欧洲美元市场。此后不久，新加坡把自己打造成了离岸欧洲美元市场的亚洲中心，主要集中开展南亚的业务。新的欧洲美元市场也受惠于越南战争期间美国在该地区的巨额开支，这场战争一直持续到 1975 年才结束。除了没有流动性和储备方面的要求外，新加坡所提供的其他战略优势包括取消对非居民所赚取的利息征收预扣税，以及不施加外汇管制。新加坡为了成为一个全球性的金融中心所采取的积极方法与开曼群岛和英属维尔京群岛几乎没有什么不同。然而，它不同于香港，后者的财富管理行业发展被认为在很大程度上是以市场为导向的，由市场参与者和市场的力量推动它不断发展。到 1911 年，英国在香港的政策已经是以金融为主导，而不是贸易和制造业。书写香港财富管理行业历史的包括瑞士的瑞士银行、瑞士信贷和汇丰银行等国际性银行。尽管英国努力发展香港的金融业，真正让香港崛起为金融中心的是 1978 年中国在邓小平领导下推动的改革开放政策，当时香港仍然是英国的控制之下。从那时以来，中国的经济实现了历史上最显着的转型之一，而香港由于其具有竞争力的税率和广泛的离岸服务成为了大量内地资金的目的地。香港成为中国的一个特别行政区也被认为是促进其金融中心发展的重要因素，这被人们认为类似于英国与其海外领土之间的关系，这种关系在过去已经帮助建立了大量的离岸金融中心。除了有竞争力的税收制度和健全的监管环境等优势外，香港与新加坡一样拥有自身强大的在岸金融业，同时也是贸易枢纽。这两个城市被比喻为连接在岸和离岸的桥梁，在金融业拥有独特的地位。这或许是它们与加勒比国家最大的区别所在：如果没有金融服务业的出现，后者就无法在全球商业舞台上获得一席之地。新加坡和香港拥有得天独厚的区位。近年来，香港私人财富行业的增长直接得益于中国大陆经济的蓬勃发展，在那里高净值人士的数量正在迅速地增加。内地缺乏私人财富管理渠道，这使得拥有大量私人银行的近邻城市香港成为大陆资金的首

& Private Banking 2012 012S12 Offshore Winter, 2012

in the British Virgin Islands, accounting for more than half of its government’s revenue. Today, the Cayman Islands, along with Switzerland, dominates the global market for offshore banking, in terms of total deposits, and is considered to have the world’s fifth largest financial services sector. The Cayman Islands and the British Virgin Islands have both been dramatically transformed since their beginnings as centers for private banking and offshore company formation, respectively. Before their financial services industries became lucrative, both British Overseas Territories had modest maritime and agriculture economies, with very little in the way of industry or infrastructure; tourism arrived later, and was a byproduct of their success as offshore centers. This is, perhaps, the most notable difference between theirs and Hong Kong and Singapore’s development as offshore centers. Caribbean islands have become – to some degree – synonymous in people’s minds with offshore finance, and in the context of American wealth being central to these countries’ success, this is understandable. In an era of unprecedented economic growth in Asia, however, it is unsurprising that the two jurisdictions which are expected to overtake their Caribbean predecessors are Singapore and Hong Kong. Like the Caymans and the British Virgin Islands, both have British colonial pasts, and their colonial history and subsequent independence from Britain have played a part in creating the cosmopolitan, Englishspeaking metropolises that are presentday Singapore and Hong Kong. Singapore took its first steps towards becoming a financial center a few years after independence, when former Prime Minister, Lee Kuan Yew, sought advice on creating a Eurodollar market from the

Bank of America in London in 1968. Soon afterwards, Singapore established itself as an Asian hub for offshore Eurodollar markets, focusing mainly on South Asian business. The new Eurodollar markets also benefitted from the considerable US dollar spending in the region during the Vietnam War, which lasted until 1975. Apart from the absence of liquidity and reserve requirements, Singapore’s strategy was also complemented by benefits such as the abolition of withholding taxes on interest earned by non-residents, and an absence of exchange controls. The proactive approach that Singapore adopted in order to emerge as a global financial center was – insofar as being deliberate and methodical – not unlike that of the Cayman Islands and the British Virgin Islands. It differs, however, from that of Hong Kong, where the development of the wealth management industry has been described as largely market driven, with its growth being left to the efforts of market participants – and the providence of market forces. By 1911, British policy in Hong Kong was already dominated by finance, rather than trade and manufacturing, and Hong Kong’s history of wealth management includes a presence by Swiss firms UBS and Credit Suisse, as well as international banks such as Standard Chartered bank and HSBC. Regardless of the UK’s effort to develop Hong Kong’s financial industry, it was China’s Open Door Policy, initiated by Deng Xiaoping in 1978 – during which time Hong Kong was still under British control – that marked its real emergence as a financial center. Since then, China’s economy has seen one of the most remarkable turnarounds in history, and Hong Kong, with its competitive tax rates and wide range of offshore services, has been the destination for plenty of

exclusive REPORT | 独家报道

香港与新加坡的金融业概况 Finance sector of Hong Kong & Singpaore

20%

金融行业对香港GDP的贡献率 Percentage contribution of the financial sector to Hong Kong's GDP at basic prices

金融行业对新加坡GDP的贡献率 Percentage contribution of the financial sector to Singapore's GDP at basic prices

15% 10% 0

2000 GDP总量 Totoal GDP

金融行业的GDP GDP of Financing

1,270,506

2005 1,359,245

2006 1,452,803

2007 1,580,148

2008 1,592,897

2009 1,550,851

2010 1,699,485

162,584.1

208,763.7

230,922.8

267,253.5

267,951.9

266,659.2

303,652.2

15,748.4

21,378.9

24,578.8

30,396.9

30,568.7

31,078.8

34,155.0

150,825

172,108

香港金融业( 百万港元） Hong Kong Finance sector(million dollars)

228,178

304,764

255,586

235,581

262,476

新加坡金融业（百万新加坡元） Finance sector in Singapore(million dollars)

来源：香港特别行政区政府统计处和新加坡统计局 Source: Census and Statistics Department Hong Kong SAR & Singapore Department of Statistics

选地。大陆最近对人民币结算法规的放宽使得投资者在香港更容易获得以人民币计价的产品。而离岸工具能够让为中国公民使用自己的货币来从事投资。新加坡不但得益于其在地理上接近南亚国家，而且在私人银行业的发展中也大大超过香港（中国大陆的财富更接近后者）。根据波士顿咨询集团估计，新加坡私人银行资产总额为 5000 亿美元，而相比之下香港为 2000 亿美元。新加坡可以说是世界上增长最快的私人财富管理中心，并预计将在 2013 年成为全球最大的财富管理中心，接下来才是瑞士。看来，全球财富的转移非常可能让离岸金融中心也随之向东转移。

mainland capital. Hong Kong’s status as a Special Administrative Region of China has also been seen as a crucial ingredient in its growth as a financial center, and has been likened to Britain’s links with its Overseas Territories – a relationship which has helped to facilitate the creation of plenty of offshore financial centers in the past. Apart from advantages such as a competitive tax regime and a sound regulatory environment, Hong Kong, like Singapore, has its own robust onshore financial industry too, and is a trade

hub in its own right. The two city states have been likened to a bridge between onshore and offshore, occupying niches in the financial industry. This is, perhaps, the capacity in which where they differ most from their Caribbean counterparts: territories which, without the advent of financial services, were very unlikely to have established a place for themselves in the global business arena. Geography is on Singapore and Hong Kong’s side. The growth that Hong Kong’s private wealth industry has seen in recent years is a direct consequence of an economically booming mainland China, where the number of high net worth individuals is increasing at a rapid pace. The lack of private wealth management facilities in the mainland makes nearby Hong Kong’s abundance of private banks an obvious destination for their funds. The recent relaxation of renminbi settlement regulations in the mainland has led to greater ease of access to renminbi-denominated products in Hong Kong, while offshore vehicles now make it possible for Chinese nationals to use their own currency for investment purposes. Although Singapore does benefit from its geographical proximity to South Asian countries, it also significantly eclipses Hong Kong – for whom mainland China’s wealth is closer – in the private banking sector. The Boston Consulting Group estimates that Singapore has US$500 billion in private banking assets, compared to Hong Kong’s US$200 billion. Singapore is arguably the world’s fastest-growing centre for private wealth management, and is predicted to be the world’s top wealth management centre by 2013, followed by Switzerland. It seems that the shift in the world’s wealth is very likely to be followed by a shift eastward of its offshore financial centers too.

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2012 Offshore & 2012 Private Banking Winter, China Offshore

观点 | OPINION

刘有辉 Michael Liu

2001 年起从事离岸投资咨询至今，

CIL GROUP LTD

精于提供公司结构设计、返程投资、

曾运作国际贸易和电子商务公司，

执行董事资深咨询顾问 Senior Consultant and Executive Director

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 investment, legal tax avoidance, asset protection, foreign trust, overseas fund establishment and other aspects of the offshore system.

墙里墙外：国内外离岸银行面面观 Inside and Outside of The Wall: Aspects of Domestic and Foreign Offshore Banking

长

城不倒中国是发明长城的国家，在这一点上就算联合国把端午节和李白的

算成韩国的，长城却必须是中国的，因为现代中国管理方法中体现的长城哲学可以看到中国长城精神的精髓。互联网有 GFW，人称 China Wall，而在金融领域与之相媲美的 SAFE（中国国家外汇管理局）则是一道坚强的金融防火墙。在这样的背景之下，中国的离岸银行和中国人使用的海外离岸银行的所有商业行为都蒙上了一层不确定性的朦胧面纱，似在飘渺的山峰赏景，但又不知什么时候会一脚踏空。所以中国的离岸银行是一个被严格圈养的山羊，不能跟其他羊混吃混睡，有时候从中国同一家银行的离岸部把钱划到在岸的部门比从国外要困难得多。另外一个有趣的现象是，不要以为在中国的外资银行天生又更多自由，他们与他们跨国机构有统一的 logo 和招牌的微笑，但他们已经被 SAFE 的长城切断，他们有时候能做的事情比国内的银行离岸业务部门更少，头寸更低。虽然长城带来的不便可能让一个商人或投资者不悦，但在中国的大环境下，内外严

& Private Banking 2012 014S14 Offshore Winter, 2012

he Great Wall did not fall The Great Wall of China is a Chinese invention. Even if the United Nations attributed the Dragon Boat Festival and Li Ba to South Korea, the Great Wall must belong to China. The essence of the Great Wall is reflected in the modern Chinese management philosophy of the Great Wall. There is a Great Fire Wall on the Internet, known as China Wall, and the SAFE (China's State Administration of Foreign Exchange) is a comparable firewall for China’s financial sector. In this context, the business operations of China's offshore banks and the foreign offshore banks used by the Chinese people are all covered with a hazy layer of uncertainty. It is as if you are appreciating the views in a misty mountain, but you do not know when will fall from the cliff. China's offshore banks are like goats in captivity. They are not allowed to eat and sleep along with other

goats, and it’s sometimes more difficult to transfer money from an offshore branch to the onshore one than from a foreign bank. Another interesting phenomenon is that one should not take it for granted that foreign banks in China automatically enjoy more freedom. Though they have the same unified logo and signature smile as their international branches, but they have been isolated by the Great Wall of SAFE. What they are allowed to do is sometimes even more limited than the offshore branches of domestic banks. Though the inconvenience of the Great Wall may annoy a trader or investor, it is inevitable that strict separation between Chinese and foreign banks will be implemented, considering the situation in China. For an authority that cannot accurately manage financial affairs, this is a good way to separate what they know and what they are unclear about. There should not be any blame.

Winter, 2012 China Offshore

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观点 | OPINION

格分离的体制恐怕是不可避免的，对于一个不能精确管理金融事务的当局，把不懂和不明确的东西分开，隔离这恐怕也是一个好方法，无可厚非。

交通银行在香港（如图）、纽约、东京、新加坡和伦敦等地开设了分行，为中国的高净值客户提供了一系列离岸财富管理方案 .

The Bank of Communications, with branches in Hong Kong (pictured), New York, Tokyo and Singapore and London, offers a range of offshore wealth management solutions for China’s high net worth clients.

假装清纯中国离岸银行业务的政策是谨小慎微的，但仍然不愿放弃，原因很简单，资本本身并没有爱国主义情操，她们天生追逐自由和低成本的流动，国内如果没有离岸业务，他们自然会去国际寻找出路。务实的中国政府当然不会放弃到嘴的肥肉。中国如此，其他大陆国家无不如此。无论在欧洲大陆还是美国以及澳洲日本这些主流的发达世界都有自己的离岸银行业务。虽然在 G20 的峰会上他们会声嘶力竭要求制裁一些加勒比的离岸金融中心或瑞士，但他们本土的离岸银行的业务却从未停下脚步，而且大家对离岸资本的利得税多数网开一面。有一个专业人士曾做了一个试验，那就是把自己的护照和驾照发给一些主流的大陆国家的银行，很快就开户成功了，但如果想在一些离岸辖区开户反而没有那么容易。这个令人发笑事实告诉我们，只有永恒的利益，而且政治永远是假装清纯的，主流的大陆国家从来都可能成为某些资本的保护伞，这真是越危险的地方越安全啊，正如我们一直听到瑞银和其他瑞士银行的丑闻，但好像没有听到什么一家美国银行有这样的事情，这确实是一个让人蛋疼的事实。龙门飞甲用“龙门飞甲”来描述中国离岸银行风云再恰当不过了。《龙门飞甲》中每 60 年就会有大风吹开埋在地下的黄金古城，但吹开一个小时候龙卷风就会让黄沙重新覆盖一切。不用担心谁认识你，因为龙门客栈荒无人烟，但来往的都是没有人性的刀客。在这里机会和危险同时存在。中国当局几次中断和调整离岸政策可以说与龙卷风无异。对于离岸融资来说，一个中国客户想在海外的离岸银行办到几乎不大可能，但在中国，如果政策允许，你却有机会完成很多意想不到的目标。另外国内的成本和效率有时候可能比海外优惠得多。至于危险可能就是你不确定什么时候龙卷风就会到来，把皇宫重新埋没，比如在一家国内的离岸帐户会忽然被通知说，他

& Private Banking 2012 016S16 Offshore Winter, 2012

Pretentious innocence The policies of Chinese offshore banks are very cautious, but the banks are reluctant to give up. The reason is simple: capital itself is not patriotic, chasing freedom and low-cost liquidity is its nature. If there is no domestic offshore business, capital will naturally go international to search for a way out. However, the pragmatic Chinese government does not want to give up a potential benefit. China wants to make use of every opportunity, and so do other continental countries. Major countries in the developed world all have their offshore banks, be it in Europe, the United States, Australia, or Japan. While during the G20 summit, they were rigorous calls for sanctions against some of the offshore financial centers in Caribbean and Switzerland, local offshore banking businesses have never stopped, and everyone gives preferential tax plans to offshore capital.

A professional once conducted an experiment. He gave his passport and driver's license to some banks in major continental countries, and opened accounts quickly and easily. However, it was much difficult to open accounts in some offshore jurisdictions. This amusing fact tells us that politics are ruled by interests but always pretend to be innocent. Mainstream countries are always likely to be umbrella for some capital. So it is so true that the more dangerous a place is, the more secure it will be. We have heard of scandals from UBS and other Swiss banks, but it seems that there are no scandals coming from any US banks. Isn’t it ridiculous? Swords of Dragon Gates There is nothing more suitable to describe the situation of China’s offshore banks than with the name of the film, Swords of Dragon Gate. In the film, an

OPINION | 观点

们的头寸不够了，你的钱不能入帐；或者接到上级通知，您的货款要经过以下审批才能发送出去不一而足。很多国际上游资有的时候可能会选择中国的离岸银行，而不会选择传统的英国、香港或新加坡，因为龙门虽然有不确定性，但却与外界相对隔绝，这是刀客的选择。回归专业我更喜欢意大利的皮具而不是德国的，相反我更喜欢的德国的汽车而不是意大利的，专业事情要专业人来办。笔者认为一个企业家或投资者需要离岸金融的服务，恐怕最终你还是要回归到离岸金融中心。虽然假装清纯的人一直努力丑化这些地方，虽然很多很多好莱坞电影里面的大盗都把钱存在那边的帐户，但事实并非如此。首先离岸金融中心如果是以公司服务为主的地方，他们不再是一个银行中心，所以如果要在这些地区开设一个离岸银行帐户那是非常困难的，比如大家都知道的英属维尔京，如果你在那里开一个离岸帐户是一件非常困难的事情，甚至在英国本土，如果你想开一个离岸银行帐户也并非容易的事情，一般要有专业人士或信托人介入方可，而你所有的交易纪录都必须在官方随时可以获取的地方存档。另外一些税务中立区的金融服务的尽职调查是非常严格，比如卢森堡公司注册的时候，要先开设银行帐户，而此前的所有审查都是非常严格与苛刻的，跟在一个大陆国家开设一个银行帐户相比不可同日而语。另外在离岸金融中心，由于不受本土的经济政策的影响，金融工具繁多立法稳定，以客户的利益为最终导向。总之，立岸金融中心才是离岸银行业务的中级大本营。结语没有最好完美的制度，没有完美的辖区，只有一直变化的世界，无论是政府还是银行还是投资者都要在变化中选择适合自己的解决方案，趋利避害，依法行事，方为上策。

ancient underground golden city would be blown open with blasts of wind every 60 years and an hour later, everything wo u l d b e c ove re d by s a n d s u n d e r tornado. It’s no need to worry who will recognize you, because the Dragon Gate inn is in the middle of nowhere, but all passers-by are inhumane swordsmen. At this place, opportunities and danger coexist. The repeated halting and adjusting of offshore policies by the Chinese authorities are similar to tornados. It is hardly possible for a Chinese client to raise funds from offshore banks overseas, but in China, if the policies permit, you will have the opportunity to realize unexpected goals. Besides, the cost and efficiency of local offshore banks are sometimes more beneficial than that of overseas banks. In regards to the danger, the point is that you are never certain when the tornado will arrive to cover up the imperial palace. For example, an offshore account of a domestic bank will suddenly receive notification that their position is insufficient, so that your money cannot reach your account or they tell you that the authorities ordered the money to go through certain inspections before it can be sent out. Much upstream capital will sometimes choose China’s offshore banks instead of traditional ones in the UK, Hong Kong or Singapore. Because even though the dragon gate has its uncertainties, it is separated from the outside, and it is the choices for swordsmen. Back to the professional I prefer the Italian leather goods to Germany ones, but on the contrary I prefer the German cars to the Italian ones. Professional things are better left for the professionals. I believe that if an entrepreneur or investor needs offshore

financial services, they will eventually have to return to an offshore financial center. While those pretending to be innocent have been smearing these places and while Hollywood robbers are depicted as putting their money there, this is not the truth. O f f s h o re f i n a n c i a l c e n t e r s a re company-oriented, and they are no longer banking centers so it can be very difficult if you want to open offshore bank account in these areas. For example, it is very difficult to open an account in the British Virgin Islands. Even in the United Kingdom, opening an offshore bank account is not an easy task. It is generally only possible with the involvement of a professional or trustee, and all your transaction records have to be kept in archives accessible to the authorities at any time. In other tax neutral zones, the due diligence policies of financial service providers are very strict. When a company registers in Luxembourg, it will need to open a bank account first, where all advance reviews are very strict and demanding. It is quite different from opening an account in continental countries. An offshore financial center is not influenced by any local economic policies, and has wide range of financial tools and stable legislation. The interests of clients are the financial center’s ultimate pursuit. In short, offshore financial centers are the headquarters of the offshore banking system. Conclusion There is no perfect system, and there is no perfect jurisdiction. What we only have is the changing world. Governments, banks and investors, all need to search for a suitable solution. The best strategy is to pursuit the one’s interests and avoid disadvantages in a legal way.

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2012 Offshore & 2012 Private Banking Winter, China Offshore

观点 | OPINION

郁宁敏 Yu Ningmin

CIA 是一家为各类中介机构提供全

CIA

为众多的国际著名金融机构与境内

球公司注册服务的专业公司，曾经

上海业务部门经理 Shanghai unit in charge of overseas business

外上市公司提供过专业的服务，为公司客户提供境外架构设计、返程投资、海外投资、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。

CIA specializes in proving global corporate registration services to all types of intermediate companies and has offered professional services to many world-renowned financial institutions, and domestic and overseas listed companies. It provides offshore solutions to corporate clients in offshore structure design, return investment, overseas investment, asset protection, overseas trust and the establishment of overseas funds.

离岸账号与私人银行——珠联璧合、相得益彰 Offshore Accounts and Private Banking - A Perfect Match

离

岸账号与私人银行一直是海外金融界的一对好搭档，几乎所有的海外私人银行户口都是用离岸公司的名

义开设的离岸账号。一般客户在私人银行开户，银行的客户经理都会向其推荐离岸账号。离岸账户为什么这么受欢迎呢？它可以为客户带来什么益处呢？它和私人银行业务为什么会有如此紧密的联系呢？这需要从私人银行业务的诞生和离岸金融的历史说起。大约在两个世纪前，梅耶·罗斯柴尔德（Mayer Amschel Rothschild）在英国伦敦创立了现代国际银行体系，同时也创立了最早的私人银行业务。当时的私人银行服务只在极少数的权贵社交圈流行。通过聚集大体量的资金，当时的私人银行为其客户提供了远超过一般商业银行的丰厚回报。这些非富既贵的客户群体形成一股庞大的政治力量，其金融活动对一国的经济、政治、外交等方面都有着举足轻重的影响，因此保护这些客户的身份和隐私权成为私人银行和其服务人员的一项最基本要求。在服务的过程中，私人银行往往会接触到客户的一些最私密的信

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ffshore accounts and private banking are always good partners in overseas financial markets. Almost all overseas private bank accounts are opened under the name of offshore companies; when a customer opens an account at a private bank, relationship managers usually recommend they open an offshore account. Why are offshore accounts so popular? What benefits can they bring to customers? Why do they have such a close relationship with private banking? In order to understand these questions, it is important to first review the birth of private banking and the history of offshore finance. About two centuries ago, Mayer Amschel Rothschild established the modern international banking system in London, England and also set up the first private banking business. Private banking

services at that time only targeted a very small number of elite in the society. By aggregating a large amount of funds, private banks were able to offer their customers returns that were much bigger than those of normal commercial banks. These rich or even royal customers formed a huge political force with their financial activities having a significant impact on a country's economy, politics and diplomacy. Therefore, protecting the identities and privacy of these customers was a basic requirement of private banks and their staff. During the process of offering services, private banks often had access to some of their customers’ most private information. The account managers often had a deep understanding of their clients’ family structure, corporate development and relations between family members, and thus became “long-time friends” of

OPINION | 观点

息和需求，因此私人银行的“客户经理”对客户的家庭结构，企业的历史发展及家族成员间的关系有着深切的了解，也往往因此成为该家族的“世交”。私人银行为客户提供的服务也会超出一般的“投资—收益”关系，会涉足其他方面，如企业和个人的税务筹划、家族事业传承、遗产处置等等领域。财富存放在银行中，如何能够躲开高额课税、债主追债及不稳定的政局？历史常常带给我们惨痛教训，新权当政后的财产“收归国有”、“高额课税”或是种种针对富人的剥削政策在上世纪和本世纪都不断上演。为了给自己的财富寻找一个“安全”的存放地点，离岸账户悄然而生。离岸账户或者离岸银行通常为客户提供高度的安全性保障。账户信息非客户本人不能查询，同时也不会配合其他主权国家要求调查该账户情况的要求。这些国家通常是政局稳定的中立国。最早最有名的就是瑞士。瑞士不仅有最老的私人银行机构，同时也管理着全球近 30% 的私人财富。瑞士的银行保护法为众多其他国家所借鉴，在六十年代时著名的英属维尔京群岛更将保密客户信息引入到公司结构中来，从而诞生了“离岸公司”，即公司的情况，股东董事等信息完全保密。一个用“离

the family. The services they provided to the clients usually went beyond the general investment-gain relationship, getting involved in other aspects such as corporate and personal tax planning, family business succession plans, and heritage disposal. When you put your wealth at a bank, how can you escape high taxes, creditors’ debt collection and political instability? History often gives us painful lessons. When new authorities came to power in the last century and the current one, exploitation policies such as nationalization and high taxes repeatedly hit the wealthy. In order to offer a “safe” place to store one’s wealth, the offshore account was created. Offshore accounts or offshore banking usually provide a high level of security protection to clients. Account information can only be accessed by the account holders themselves and authorities won’t cooperate with other jurisdictions in their efforts to check offshore accounts. Offshore centers are

usually neutral and politically stable. The oldest and most famous offshore center is Switzerland. The country not only boasts the oldest private banking institutions, but also manages nearly 30 percent of the world’s private wealth. The bank protection act in Switzerland p rov i d e d a m o d e l fo r m a ny o t h e r countries, while, the British Virgin Islands is known for its introduction of protecting customer information in the corporate structure in 1960s, leading to the birth of the offshore company. This means information of the company and its shareholders are totally confidential. An offshore account opened by an offshore company at a private bank provides double protection. With the development of economy and finance, more and more people are becoming familiar with private banking services and demand is increasing. The function of private banking has developed from offering extra investment returns for the wealthiest to providing

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2012 Offshore & 2012 Private Banking Winter, China Offshore

观点 | OPINION

岸公司”开设在私人银行的“离岸账户”为财产保护提供了双重保险。随着经济金融的发展，私人银行服务开始为更多的人所熟悉，并且逐渐的被更多的人们所需求。私人银行的功能从最早的“为极度富有的阶层提供超额的投资回报”，逐步演变成为高端客户提供个性化的银行金融服务和一个安全、私密的财产管理平台。在近几年中国的各大银行也纷纷推出了差异化的服务，为不同资金量的客户提供不同层级的服务。四大银行更是一步到位的推出了“私人银行”服务。这些服务部的设立是旨在为高端的客户提供更高额回报的投资产品和更个性化的服务。可是许多人对于国内“私人银行”到底应该为其提供什么、能够为其提供什么还是十分没有概念。很多人甚至认为，所谓的私人银行服务就是到达银行服务大厅后可以不用排队，或者是可以边喝咖啡边等待。目前，国内的私人银行服务还停留在为大额资金的客户提供高存款利息或是比一般商业银行略高回报的理财产品。此类业务无论在产品设计方面还是在服务范围方面都有很大的升级空间。如要帮助客户一起打破“富不过三代”的诅咒，中国私人银行服务有许多的工作要做。在为客户设立离岸公司时，客户常常会问 CIA 的咨询顾问推荐什么银行开户。通常会根据客户的需求推荐不同类别的银行。其中为高额净资产个人推荐的最多的是瑞士的一些私人银行。这些银行除了可以为客户提供比一般商业银行高的存款利率等外，还会向客户提供许多财产安全和理财规划等方面的建议。同时在投资渠道方面也更多元化。通过一段时间的联系，许多客户会和银行建立起信任和友谊。当然其中也不乏为了追求个人业绩，而向客户推荐高风险产品的事例。对于这种行为就要提醒客户小心 ! 因世界上没有白吃的午餐，任何带来超额利润的产品一般都有相应的风险。新钱（New Money）和老钱（Old Money）对于财富的观念也不相同。创业的第一代往往希望私人银行可以为其提供超额利润的投资机会；而保守的 Old Money 却希望有一个安全的地方存放其财富。保障财产的安全并且为一个家族世代管理财富可能才更符合“私人银行”存在的目的。

& Private Banking 2012 020S20 Offshore Winter, 2012

personalized banking and financial services to high-end customers and creating a safe and private wealth management platform. In the recent years, China's major banks have launched differentiated services, providing different levels of services to customers with different amount of funds. The Big Four banks also took a leap forward by introducing “private banking” services. The services were established to provide highe n d c u s t o m e r s w i t h h i g h re t u r n s i n i nve s t m e n t p ro d u c t s a n d m o re personalized services. But many people h ave n o i d e a a b o u t wh a t s e r v i c e s domestic “private banks” are able to provide. Many people even believe that the so-called private banking services only offer the privilege of not having to line up at the bank’s outlet or being able to have a cup of coffee when waiting for services. Currently, domestic private banking services mainly deal with offering higher interest rates for clients with large deposits or providing wealth management products with higher returns than normal commercial banks. There is a big room for improvement in both product design and the scope of services in the business. Chinese private banks have a lot of work to do if they want to help clients to break the curse of “from clogs to clogs is only three

generations”. When setting up offshore companies for clients, CIA consultants are often asked which banks they should open accounts with. We will recommend different types of based on the clients’ needs. Among them, we usually recommend high net worth individuals to open accounts at some of the private banks in Switzerland. In addition to providing higher deposit rates than normal commercial banks, they can also provide a lot of advice to clients on asset security and wealth management planning. They also have diversified c h a n n e l s f o r i nve s t m e n t s . A s t h e relationship goes deeper, many clients will build trust and friendship with the banks. Certainly, there are some account managers who recommend products with higher risks to clients in order to boost individual performance. Clients should be aware of such an act because there is no free lunch in the world, any product with excess profit generally has corresponding risks. The “New Money” and “Old Money” groups have different concepts about wealth. The first generation of entrepreneurs, who builds their own businesses, usually hope private b a n ks c a n b r i n g t h e m i nve s t m e n t opportunities to gain extra profit. While the conservative Old Money wants a safe place to store their wealth. Whatever the customer’s needs are, the purpose of private banking is to protect the security of property and to manage wealth for a family generation by generation.

Winter, 2012 China Offshore

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An exclusive supplement of

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Winter, 2012

Cayman EYE ON | 看点

开曼群岛：中国资本流动的交汇点 The Cayman Islands: A Nexus For Chinese Capital Flow

By Adam Skuse

不

照片提供 Photo by Wendy

断加剧的政府债务、借贷困难、持续上升的失业率，以及对提高税收的呼吁。尽管这些对希腊、意大利

和其他旧世界的疲弱经济体来说并不是什么令人惊讶的事情，但是很少人会预料到开曼群岛这个沙滩岛国——曾经是财富的代名词 ——也会受到类似问题的困扰。然而，开曼群岛政府的债务预计将在明年六月达到 6 亿美元左右，相比十年之前增长了近 500％。而今年也将是开曼群岛政府连续四年中第三年出现财政赤字，预计大约为 450 万美元。与此同时，该国的失业率正在上升。尽管这些数字相比欧洲其他国家所面临的问题来说是相当微小的，但是这使得一些人建议开曼群岛开始征收某种形式的税收。零税率政策是开曼群岛成功保持其主要离岸司法管辖区地位的基础所在，而那些希望这个加勒比三岛组成的国家通过税收来解决政府财政危机的人们选择不再沉默。事实上，政府当局已经驳斥了这种观点，相反加倍努力地吸引更多的客户，并且特别注重中国市场。 2011 年 10 月，开曼群岛总理 McKeeva Bush 率领代表团参加了在上海举行的中国离岸峰会，希望向投资者和官员推广该司法管辖区，并宣布计划在中国开设了一个代表处。此行还包括与国有的中国港湾工程有限责任公司进行了会面，会议内容涉及为开曼首府乔治城的邮轮停泊设施提供融资并参与建设。开曼群岛同样希望寻找方法来实现经济基础的多样化，政府已经宣布投资 3.27 亿美元建立特别经济区，来吸引全球性的科学、

作为全球第五大银行中心，开曼群岛拥有大约 300 家注册的银行，其中绝大部分只为国际客户提供服务。

As the world’s fifth largest banking center, the Cayman Islands boasts almost 300 registered banks, with the vast majority of them serving only international clients.

piraling government debt, borrowing difficulties, growing unemployment and calls to increase tax. While such stories come as no surprise when talking about Greece, Italy and the other ailing economies of the old world, few would expect to find the sandy shores of the Cayman Islands – a name synonymous with wealth – troubled by similar problems.

However, the debt of the Cayman Islands government is expected to reach around $600 million by June, up nearly 500 percent from a decade ago; while this year will be the third time in four years that it will face a budget shortfall – expected to be around $4.5 million. At the same time, unemployment is on the rise. While these figures are tiny compared to the scale of the problems faced in Winter, 2012 China Offshore

看点 | EYE ON Cayman

开曼群岛总理 McKeeva Bush 在上海举行的中国离岸峰会上发言。根据一份官方的新闻稿，这位总理访问中国是为了推动开曼群岛金融服务业的发展，因为中国“拥有令人注目的商业潜力，开曼群岛无法忽视这一点。”

Cayman Islands Premier McKeeva Bush speaks during the China Offshore Summit in Shanghai. According to an official press release, the Premier visited China to promote Cayman’s financial service industry because China “represents such a compelling case of increased business potential it simply cannot be ignored.”

技术、商品和衍生品、媒体以及教育机构进入该国。与此同时，该司法管辖区历来强大的金融和银行业正在经历健康的发展，这是建立在其卓越金融服务的良好声誉之上的。来自国际清算银行的统计数据显示，截至 2008 年底，开曼群岛银行资产总额为 1.7 万亿美元以上，这已经超过了意大利、葡萄牙和西班牙的总和。开曼群岛继续在各项指标中屡创新高，其中包括了在《银行家》杂志 2011 年国际金融中心调查专业金融中心分类中排名第一，并且在 20 国集团委托编制的一份报告中就符合国际合作和信息交换的全球监管标准上排名首位。该司法管辖区同样也正在竭力提高透明度，目前已经签署了 26 项税务信息交换协议（TIEAs），其中 5 项在过去一年中签署，包括 2011 年 9 月与中国签署的协议。开曼群岛长久以来一直与中国保持着紧密的业务关系，无论是对内业务，还是不断

Winter, 2012

Europe, they have led to suggestions that the Cayman Islands start levying some form of tax. But with its zero tax policy the foundation of its continuing success as a preeminent offshore jurisdiction, those calling for the group of three islands in the Caribbean to sort out its government's fiscal woes through taxation shouldn't hold their breath. Indeed, authorities have dismissed the idea, instead redoubling efforts to woo more clients, with particular attention being paid to China. In October, 2011, Premier of the Cayman Islands McKeeva Bush led a delegation to the China Offshore Summit in Shanghai to promote the jurisdiction to investors and officials, and announced plans to open a representative office in

China. The trip also included a meeting with the state-owned China Harbour Engineering Company Ltd, which is to finance and build a cruise berthing facility in the Cayman capital, George Town. The Cayman Islands is also looking at ways to diversify its economic base, announcing the construction of a $327 million special economic zone to attract global science, technology, commodities and derivatives, media, and educational entities to the country. At the same time, the jurisdiction's traditional power base of finance and banking is enjoying rude health, built upon its well-established reputation for financial excellence. Statistics from the Bank for I n te r n a t i o n a l S e t t l e m e n t s p u t t h e assets of banks resident in the Cayman Islands at over $1.7 trillion at the end of 2008, more than Italy, Portugal and Spain combined. The Cayman Islands also continue to ride high in various indices. These include the top spot in the Banker magazine's 2011 International Financial Centre survey in the Specialized Financial Centre category, and being rated in the top band for adherence to global regulatory and supervisory standards on international cooperation and information exchange in a report commissioned by the G20. The jurisdiction is also doing much to improve transparency, having put in place 26 Tax Information Exchange Agreements (TIEAs), five of which were signed in the past year, including one with China in September, 2011. The Cayman Islands has long enjoyed strong business ties with China, both in inbound and increasingly outbound operations, and is arguably the most well-regarded and recognized offshore jurisdiction among Chinese clientèle, much to the chagrin of its competitors.

Cayman EYE ON | 看点

增长的对外业务。它在中国客户心目中无疑是最受尊敬和认可的离岸司法管辖区，这让许多竞争对手艳羡。据香港政府的统计，开曼群岛是香港第七大外国直接投资的来源地，也是其第六大对外投资的目的地。自 20 世纪 90 年代中期以来，开曼群岛的注册公司就被允许在香港香港联合交易所上市，因此开曼群岛的法律专家非常精通如何帮助客户满足港交所的上市要求，已经有几百家开曼群岛注册的公司在港交所主板和创业板实现了上市。在开曼群岛注册企业仅仅需要一天的时间，最新的法规允许企业使用汉字进行名称注册。开曼群岛不要求董事是该国的居民，也不要求企业将资产放置在那里。此外，这里还没有外汇管制，这意味着资金可以在不受限制的情况下自由转入或者转出该国。该国同样是一个普通法的司法管辖地，适用英国法律。它拥有高度发达的基础设施和稳定的政府，开曼群岛的法律服务能够迎合亚洲的工作时间。总部位于香港的国际律师事务所 Maples and Calder 亚洲企业部总管 Greg Knowles 表示，开曼群岛的公司在许多情况下对中国的对外资本十分有用。这些情况包括控股由中国企业全资拥有的海外资产；多个中国企业的联合投资工具；为中外合作方就海外资产建立合资企业提供工具；以及为供给中国市场收购自然资源提供融资工具。 Knowles 先生说：“ 我们发现前几年的趋势得以延续，开曼群岛的工具促进了大量外来资本在符合当地法规的前提下流入中国，中国企业也在不断使用开曼群岛的工具实现海外上市，包括在大马交易所和韩国证券交易所，这些交易所过去并没有太多的中国上市公司。” 他补充说，中国法规允许的私募股权和对冲基金对开曼投资工具的使用，以及中国的富裕人士对开曼群岛信托结构的兴趣预计将获得增长。那些希望采取开曼群岛路线的人需要留意最近中国法律法规的一些变化。其中的一套中国法规被统称为“10 号通知”，它要求中国公民和居民在向离岸工具转移资产前获得国家和当地政府的批准。

According to Hong Kong government statistics, the Cayman Islands are the seventh-largest source of foreign direct investment and the sixthhighest destination of outward foreign investment from Hong Kong. Cayman-registered companies have been permitted to register on the Hong Kong Stock Exchange since the mid1990s, and as such Cayman-based legal experts are well versed in helping clients meet the exchange's requirements, with several hundred Cayman-based companies listed on the Main Board and Growth Enterprise Market. Registering entities in the Cayman Islands takes just one day, with provision recently made allowing companies to register names in Chinese characters. There are no requirements for directors to be resident in the country, or for assets to be maintained there. In addition, there are no exchange controls, meaning funds can be freely transferred to a from the country with no limit. The country is also a common-law jurisdiction based on English law, with a highly-developed infrastructure and stable government, and Caymans-based legal advice is available during the Asian working day. Greg Knowles, head of corporate in Asia for Hong Kong-based international l aw f i r m M a p l e s a n d C a l d e r, s ay s Cayman companies are useful to Chinese outbound capital in many circumstances. These include the holding of an overseas asset which is wholly-owned by a China entity; as vehicles for co-investment by multiple Chinese entities; as vehicles for the formation of a joint venture between Chinese and overseas parties in relation to assets overseas; and financing vehicles for the purchase of natural resources bound for the Chinese market. “We see a continuation of the trends of previous years for Cayman vehicles to Winter, 2012 China Offshore

看点 | EYE ON Cayman

Knowles 先生说，最近中国发布的第 698 号文在税收方面的影响更为显著，它要求在任何地方的任何人在出售中国资产时必须向中国税务当局进行备案，其中包括通过非中国控股企业进行的交易。除非在其他司法管辖区已经被征收至少 12.5％的所得税，或者能够就通过境外工具构建交易给予正当的理由，否则资产出售所获得的利益必须支付 10％的资本利得税。 Knowles 先生说：“一些专家甚至认为，

在开曼群岛注册企业仅仅需要一天的时间，最新的法规允许企业使用汉字进行名称注册。 Registering entities in the Cayman Islands takes just one day, with provision recently made allowing companies to register names in Chinese characters.

第 698 号文可能会导致中国投资在未来大大减少对开曼群岛工具的使用。但是这种观点显然误解或者忽略了一个事实：在大多数情况下，使用开曼群岛工具不完全或主要以税收筹划为目的。在任何情况下，相比使用在岸司法管辖区或者直接进行投资，使用开曼群岛的工具不会让投资者处于更为糟糕的境地中。” Knowles 先生同时指出，并不只有开曼群岛的架构才会受到第 698 号文的影响。江苏省当地的税务局要求凯雷集团就出售香港控股公司的股份为形式的投资支付税收，该项交易并不包含离岸元素。他说：“没有人会真的认为香港公司作为中国投资工具的未来是有限的。” 对那些希望使用可变权益实体（VIE）在美国上市的中国企业来说，开曼群岛同样是一个非常受欢迎的地方。在外资控股权被禁止或者限制的行业里，中国企业通常会选择这种方式来规避相关的限制。外国投资者控股一家在离岸目的地注册的公司，而后者则通过合同协议控制中国的公司。根据美国的法规，这种结构被认为相当于拥有控股权，这将允许公司能够继续其上市的进程。然而，宝生钢铁在被河北省当局告知 VIE 协议无效后，在 3 月 28 日取消了其在纳斯达克价值为 3800 万美元的上市计划。接下来在 8 月份，有媒体报道中国证券监督管理委员会要求国务院打击 VIE 结构，虽然没有透露如何打击以及打击的程度，这使得大家纷纷猜测这项措施会对那些已经使用以及打算使用这个架构的企业产生什么样的影响。9 月，中国媒体引用匿名消息来源报道说，中国的互联网公司可能会免于遭受这场针对 VIE 的打击，但是那些还没有进行首次公开招股的公司将不能幸免。 VIE 所面临的压力不只是来自中国

Winter, 2012

facilitate the flow of significant amounts of foreign capital into China in a manner consistent with local regulations, and the use of Cayman vehicles for overseas listings of Chinese businesses, possibly on exchanges such as the Bursa Malaysia and the Korean Stock Exchange, which have not traditionally seen significant Chinese listings,” said Mr Knowles. There have been recent developments in Chinese law and regulations that those intending to go the Cayman route should bear in mind. One set of Chinese regulations, collectively referred to as “Circular 10,” requires Chinese nationals and residents to obtain both national and local government approval before transferring assets into offshore vehicles. Mr Knowles says a more recent, and from a tax perspective more significant, regulation is Circular 698, which require any person, wherever located, to make a filing with the Chinese tax authorities when selling Chinese assets, including via a non-Chinese holding company. Capital gains tax of 10 percent on any profit made on the disposal, unless profits have been taxed at a rate of at least 12.5 percent in another jurisdiction, or a valid reason for structuring the sale via a foreign vehicle can be given. “Some pundits have even raised the suggestion that Circular 698 in particular may lead to a significant reduction in the use of Cayman vehicles in Chinese

investment in the future,” said Mr Knowles. “But such views apparently misunderstand or overlook the fact that in many, if not most cases, the use of a Cayman vehicle is not wholly or mainly for tax planning purposes; and in any event the use of such a vehicle could not put the investor in any worse position than if the investment had been structured through an onshore jurisdiction or held directly.” Mr Knowles also points out that it is not just Cayman structures that are subject to Circular 698. A local tax bureau in Jiangsu province required the Carlyle Group to pay tax on the disposal of an investment structured as the sale of shares in a Hong Kong holding company, with no offshore element present in the transaction. “Nobody could seriously suggest that Hong Kong companies have only a limited future as a vehicle for China investment,” he said. T h e C ay m a n I s l a n d s h ave a l s o been hugely popular among Chinese companies seeking to list in the US using the Variable Interest Entity (VIE) structure. The method is often used by Chinese companies in sectors where foreign ownership is barred or curtailed to get around the restrictions. The foreign investors take ownership in a company registered in an offshore jurisdiction, which in turn controls the Chinese entity through contractual agreements. These are structured in such a way that, under US regulations, it is considered equivalent to ownership, allowing a listing to go ahead. However, on March 28, 2011, Buddha Steel called off its $38 million offering on the Nasdaq after its was told by local authorities in Hebei province that its VIE agreements were invalid. Then in August, the China Securities Regulatory Commission reportedly asked the State Council to crack down on the

Cayman EYE ON | 看点

当局。12 月，美国宾夕法尼亚州参议员 Robert Casey Jr. 要求美国证券交易委员会（SEC）调查中国太阳能电池板制造商使用这个结构的情况。几乎与此同时，SEC 对注册在开曼群岛的中国软件公司东南融通采取了暂停上市和撤销股票的措施。然而，Knowles 先生表示，即便人们减少了对 VIE 结构的利用，使用开曼群岛的工具仍然可以加速外来股权以其他形式来进入中国市场。开曼群岛稳定的法律体系和灵活、现代的企业法框架仍然是吸引国际投资者的最大亮点。大家都很关注 VIE 领域会如何发展，但是开曼群岛将成为与中国相关的资本流动的重要枢纽，这种趋势将会变得更强。开曼群岛将会是中国企业最值得信赖、最便捷和最知名的离岸目的地之一。

VIE structure, although exactly how and to what extent have yet to emerge, prompting speculation on the impact it could have on companies that already use the structure, and those that intend to. In September, 2011, Chinese media reported an anonymous source as saying Chinese Internet companies are likely to be exempt from any clampdown on VIEs, although companies that have yet to launch their IPOs will be subject to it. Pressure on VIEs is not just coming from Chinese authorities. In December, Pennsylvania Senator Robert Casey Jr. asked the Securities and Exchange Commission (SEC) to investigate the use of the structure by Chinese solar panel makers. At around the same time, the SEC suspended trading and revoked the securities of Chinese software company

Longtop, which is registered in the Caymans. However, Mr Knowles said even if utilization of the VIE structure becomes less common, it is likely that any alternative structures for the introduction of foreign equity into the Chinese market would be facilitated by the use of Cayman vehicles, as the jurisdiction's stable legal system and flexible, modern framework of corporate legislation remain a major draw for international investors. While there will be many eyes trained on how the VIE saga develops, the overall trend that sees the Cayman Islands as a key nexus for China-related capital flows is likely to grow stronger, as one of the most trusted, convenient and well-known offshore jurisdictions among Chinese operators.

Winter, 2012 China Offshore

看点 | EYE ON Monaco

摩纳哥的真正魅力

Monaco’s True Allure 摩纳哥公国一再被指责为逃税大开方便之门，并且被错误地当成是一个离岸避税天堂。然而，该国的法律并不鼓励非法逃税的行为，当局决心改变这种不准确的形象。 The Principality of Monaco has time and again been accused of facilitating tax avoidance and wrongfully branded as an offshore tax haven. The country’s laws, however, do not encourage unlawful evasive activities, and authorities are determent to change that inaccurate image.

By Anas Almasri

照片提供 Photo by David Sifry

人

们通常认为摩纳哥的主要经济实力来自于其作为避税天堂的身份。但是恰恰相反，这个人口仅为

36000 左右的城邦国家却不是一个逃税行为的避风港。国际金融服务业、全球贸易和旅游业是该国经济支柱。该国的旅游度假村、大赌场和宜人的气候是长期吸引游客的原因。摩纳哥同样受益于发达和细分的产业部门，这些产业部门建立在一批小规模、高附加值和无污染的产业上。该国与规模大得多的邻国法国三面接壤，坐落于著名的“法国里维埃拉”（French Riviera）地区，邻近法国与意大利在地中海的边境线。由于紧邻法国，这两个国家实现了完全的海关一体化。尽管摩纳哥不是欧盟成员国，但是这种关系已经使其间接成为欧盟市场体系的一部分。与非欧盟成员圣马力诺

当阿尔伯特亲王于 2005 年接过摩纳哥的统治权时，他承诺“伦理、诚信和道德” 将是他的执政之本。公国于 2005 年加入欧盟储蓄指令，并且于 2009 年被经合组织从灰名单中删除。

When Prince Albert took over Monaco’s reins in 2005, he promised that ''morality, honesty and ethics'' would guide his rule. The Principality joined the EU savings directive in 2005 and was removed from the OECD’s grey list in 2009.

和梵蒂冈一样，摩纳哥的官方货币也是欧元。金融危机之前的近十年里，摩纳哥的经济实现了令人印象深刻的增长。即便在金融危机期间，根据世界银行的估计，摩纳哥 2009 年的国内生产总值也达到了 61 亿美元。与指责迥异的事实摩纳哥宽松的个人税收制度和先进的银行保密性往往是该国被认为是离岸避税天堂的根据。摩纳哥公民和侨居在公国的外国人不需要就当地的收入纳税（除非他们的收入来自法国），也被免除了丈夫、妻子或子女之间继承本地资产时的各种继承税。这些法规吸引了世界上许多高净值人士选择摩纳哥作为居住

Winter, 2012

ontrary to widespread belief that Monaco’s main economic strength resides in it being a tax haven, the small city-state, home to some 36,000 residents, is not a shelter for tax evasion. International financial services, global commerce and tourism make up the country’s major economic sectors. Its resorts and grand casinos as well as its pleasant climate are what constantly attract tourists. Monaco also benefits from a well developed and niche oriented industrial sector, which is founded on a number of small scale, high value added and nonpolluting industries. The country is bordered on three sides by its much larger neighbor and economic partner, France and is situated on what is known as the French Riviera, near France’s borders with Italy on the Mediterranean Sea. Due to its close proximity to France, the two countries have established full customs integration; through which Monaco is indirectly part of the EU market system, although not a EU member itself. As with non-EU members San Marino and Vatican City, the official Monegasque currency is the Euro. Fo r a l m o s t a d e c a d e , M o n a c o’ s economy has witnessed a string of

Monaco EYE ON | 看点

地，因此也让该国遭受了来自国际社会的批评。毕竟，在目前的经济情况下如果失去富裕人群的税收，有哪个政府不会被激怒呢？然而，这个城邦国家并不是一个免税区。政府对境内出售的所有商品和服务征收 19.6％的增值税，并且与法国共享一个增值

摩纳哥是世界上规模第二小的国家，仅次于梵蒂冈城，只有 36000 居民。然而，根据法国央行提供的数据，摩纳哥的银行却持有近 780 亿欧元的证券和存款，共同基金的价值超过了 50 亿欧元。

Monaco is the world’s second smallest country, after the Vatican City, with only 36,000 residents. However, it banks hold almost 78 billion Euros in securities and deposits, according to Bank of France data, and its mutual funds are worth more than 5 billion Euros.

税体系。事实上，增值税几乎占到了该国政府收入的一半，对这个所谓的避税天堂来说是一个大数目。政府同样对商业利润征收 33％的企业税，除非公司能证明其收入连续三个季度来自本地。这样的营业税结构与其他离岸司法管辖区的规定几乎是完全相反的，后者对当地商业活动征收高税率（如果允许本地业务的话），但对国际收入流采取最低的税率。与那些真正的离岸避税天堂不同，摩纳哥并不为企业提供“离岸金融服务”，也不鼓励其他国家或地区的企业出于逃避税务负担的目的在摩纳哥进行公司注册。为了与欧盟的储蓄指令规定保持一致，摩纳哥大公国引入了预提税率，该税率截至 2011 年 6 月为 35％。该税项的税基为向非摩纳哥居民支付的利息，针对欧盟成员国的居民。

i m p re s s ive g row t h ra te s u n t i l t h e financial crisis hit. Even then, it recorded a $6.1 billion GDP in 2009 according to World Bank estimates. Distinguishing fact from claim The country’s relaxed personal tax system and advanced banking secrecy is often cited as the basis for claims launched against Monaco for being an offshore tax haven. Monegasque nationals and foreigners residing in the Principality are exempt from local income tax, unless their revenue is earned in France, and fromany type of inheritance tax on statebased assets between husband and wife

or children. It is these regulations that have prompted many of the world’s high net worth individuals to opt for Monaco as their residence, and hence earned the country its share of criticism from the world community. After all, what government wouldn’t be irritated at losing tax revenue from its wealthy in these economic times? The city-state, however, is not a taxfree zone. The government collects a 19.6 percent VAT on all goods and services sold within its borders, through a common VAT system with France. In fact, the VAT represents almost half of the state’s governmental revenue, a Winter, 2012 China Offshore

看点 | EYE ON Monaco

to non-residents of Monaco, who are residents of an EU member state.

摩纳哥是一个游艇天堂，拥有著名的摩纳哥游艇展，每年吸引多达 30000 名游客，这几乎是公国人口的两倍。

Monaco is a yachting paradise; home to the famous Monaco Yacht Show, which draws up to 30,000 visitors yearly almost doubling the Principality’s population.

为富人服务摩纳哥公国的私人银行业务向来针对富裕的摩纳哥居民，极少关注潜在的海外客户。在过去十年左右的时间里，这种情况发生了翻天覆地的变化。过去几年里的一些因素巩固了摩纳哥作为国际银行业务中心的地位。该国稳定的立法框架（起源于法国银行法）已经成为针对国际客户的金融行业能够维持稳定和安全的保障因素之一。本地银行遵循与法国信贷机构相同的指导方针，并且受到相同规则的监管。此外，两国之间众多协定赋予了法国央行对摩纳哥的银行和银行业进行监管的职责。摩纳哥私人银行成功背后的另一个主要原因是不对利息支付征收预提税，这使得大量富裕个人能够逃避国内偏紧的税务结构。举个例子来说，在 2005 年以前，摩纳哥尚未加入欧盟储蓄指令，其银行拥有大量的意大利客户。考虑到摩纳哥自身的特点和优势，尤其在没有股票市场的情况下，许多摩纳哥金融机构只专注于资产管理和私人银行业务。随

Winter, 2012

large sum for an alleged tax haven. It also levies a 33 percent corporate tax on business profits, unless companies can prove that three quarters of their revenue is derived locally. Such a business tax structure is almost the opposite of what some offshore jurisdictions have in place, namely higher taxes on local activities – if at all allowed – and minimal rates on international revenue streams. Monaco, unlike other rightly dubbed offshore tax havens, does not offer businesses “offshore financial services”, nor does it encourage the registration of corporations with the purpose of avoiding their tax liabilities in other countries or regions. In accordance with the EU Savings Directive, the Principality introduced a withholding tax rate that has been set at 35 percent as of June 2011. That tax is imposed on interest payments going

Catering to the rich The Principality ’s private banking services traditionally targeted rich Monegasque residents and paid little attention to potential overseas clients. This has drastically changed over the past decade or so. Monaco’s role as an international banking center has been cemented over the years through several factors. The country’s secure legislative framework, which has its routs in French banking laws, proved to be a highly reassuring element of the stability and security of the financial sector for international clients. Local banks follow the same guidelines and are subject to the same rules as French credit institutions. Additionally, and as a result of numerous agreements between the two countries, the Bank of France undertakes the supervision of Monegasque banks and is the main responsible body for regulatory oversight in the sector. Another major reason behind Monaco’s private banking success story was the absence of withholding tax on interest payments, which led to a rush of wealthy individuals escaping tight domestic tax structures. The country’s banks recorded a large number of Italian clients, for example, until 2005 when Monaco joined the EU savings directive. B u i l d i n g o n M o n a c o’ s s p e c i f i c features and advantages, many Monegasque financial institutions solely focus on asset management and private banking, especially as the city does not have a stock market. As the needs and requirements of international clients reach a higher level of sophistication over time, Monaco has impressively maintained its strong reputation as a leading global banking center. Roughly 85 percent of the Principality’s banking

Monaco EYE ON | 看点

链接 Sidebar 位于摩纳哥的金融机构 (2009 年 ) 银行 ( 能够接收所有类型存款的机构 ) - 36 家

基于摩纳哥法律建立的企业 - 18 家

法资银行的分支机构 - 13 家

总部位于海外的银行分支机构 - 4 家

特殊地位机构 - 1 家

金融公司 - 3 家

基于摩纳哥法律建立的金融公司 - 1 家

法资金融公司的分支机构 - 2 家

摩纳哥共同投资基金 - 61 支

总净资产 - 5110 亿欧元

投资组合管理公司 - 43 家从业人员数量 - 3174 人

银行从业人员占总人数的百分比 - 74 %

Financial institutions based in Monaco (2009) Banks (institutions empowered to receive all types of deposits) – 36 Companies under Monegasque Law – 18 Branches of French banks – 13 Branches of banks with headquarters abroad – 4 Special Status Institutions – 1 Financial Corporations – 3 Financial corporations under Monegasque law -1 Branches of French financial corporations – 2 Monegasque mutual investment funds – 61 Total net assets (in Billion Euros) – 511 Portfolio Management Companies – 43

Workforce – 3174 Percentage of workforce in banks – 74 %

来源：《摩纳哥统计年鉴 2011》 SOURCE: Monaco Statistiques Pocket 2011

Winter, 2012 China Offshore

看点 | EYE ON Monaco

着国际客户对金融业务多样性的需求越来越高，摩纳哥依然保持着自己作为全球领先银行业务中心的良好声誉。公国大约 85％的银行客户是非居民。最新数据显示，该国银行交易额已经突破了 20 亿欧元，而管理资产总额也达到了 780 亿欧元。目前，各国政府都在全球范围内追讨居住海外的本国公民的税收。在这种背景下，银行私密性是全球许多富裕人士首先考虑的问题之一。在摩纳哥刑法和公司法的框架下，摩纳哥能够确保银行服务的机密性，并且不要求企业对本国以外的任何机构申报全球收入或者资产。公国的账户私密性和相关的保护工作是极为先进的，但是法国居民并不能

公国大约 85％的银行客户是非居民。最新数据显示，该国银行交易额已经突破了 20 亿欧元，而管理资产总额也达到了 780 亿欧元。 Roughly 85 percent of the Principality’s banking clients are n o n - re s i dents, while the latest figures value its banking turnover at more than €2 billion with assets under management topping €78 billion.

享受到与其他国家公民一样的私密性。重塑正面形象为了消除把摩纳哥当做离岸避税天堂的误解，摩纳哥当局采取了一系列措施。截至 2009 年底，经济合作与发展组织（OECD）将摩纳哥从避税天堂灰名单上去除，并将其列入全球范围内切实执行税务信息交换标准的司法管辖区白名单。摩纳哥在签署了第 12 份税务信息交换协议后实现了这个目标，尽管许多批评人士指出，这些协议中的大部分是与小国签署的，其中有些还是避税天堂。目前，摩纳哥与德国和美国在内的约 20 个国家签署了类似的协议。但是，摩纳哥尚未与意大利这个关系紧密的国家缔结类似相关协定，这也将继续成为其在欧洲舞台上所面临的问题之一。摩纳哥最近推出了更多的措施，来应对其在去年 9 月在经合组织全球论坛同侪审查中所遭遇的指责。那次峰会认为，摩纳哥的立法拥有可能不符合防止逃税全球最佳实践标准的因素。摩纳哥政府随后于今年颁布了一项新的法律草案，旨在取消该国注册流程中不记名股票，取而代之的是拥有具体股东身份信息的记名股票。这项法律同样将引入一项新的强制簿记要求，针对注册在该国的信托和民间企业（非商业公司）的账目和会计记录。摩纳哥公国正在稳步完成与投资法规和税务信息交换国际标准的完全融合。该国在保持银行私密性的前提下继续稳步推进这项工作将有助于其成功地保持作为国际银行业务中心的地位。

Winter, 2012

clients are non-residents, while the latest figures value its banking turnover at more than €2 billion with assets under management topping €78 billion. At a time when governments are s c o u r i n g t h e wo rl d to c o l l e c t l o s t t a xe s f ro m t h e i r c i t i z e n s re s i d i n g abroad, banking secrecy is one of the top priorities for many of the world’s wealthy. Monaco ensures confidentiality in banking services under the Monaco Criminal and Company Law, and there are no requirements on reporting of worldwide income or assets to any outof-state agency. Account secrecy and protection is extremely advanced in the Principality, although French residents a re n o t o f fe re d t h e s a m e l e ve l o f confidentiality as other nationals. Setting the record straight The Monegasque authorities have taken several initiatives aimed at changing the mistaken view that many around the world hold about their country as an offshore tax haven. By the end of 2009, Monaco was removed from the Organization for Economic Cooperation and Development’s (OECD’s) grey list of tax havens and added to its famed white

list of jurisdictions that have substantially implemented internationally agreed upon tax information exchange standards. It achieved that feat when it signed the 12th tax information exchange agreement, although many critics pointed out that a good number of those agreements were signed with small countries, some of which were tax havens. Monaco now holds similar agreements with around 20 countries including Germany and the US but the omission of Italy among its signatory partners, a country with known links to the Principality, continues to represent an issue for its slate on the European stage. Monaco recently launched even more efforts in reaction to criticism at the OECD Global Forum Peer Review in September of last year. The summit concluded that Monaco’s legislation included elements that might not be in complete conformity with global best practice on prevention of tax evasion. The government subsequently enacted a new draft law this year, which aims to remove bearer shares from the country’s registration practices and replace them with registered shares holding specific shareholder identity information. The law will also introduce a new compulsory bookkeeping requirement on trusts and civil companies (non-commercial companies) registered in the country to maintain accounts and accounting records. The Principality of Monaco is steadily approaching full integration with global standards on investment regulations and tax information exchange. Whether it can continue doing so while safekeeping its sacred banking confidentiality will be instrumental inensuring its continued success as an international banking center.

www.rosemont-mc.com

全球家庭和摩纳哥

Global Families and Monaco

摩纳哥是富裕家庭的首选目的地。Rosemont Monaco 能够为这些家庭提供优质的专家意见，它是一个多家族的办公室，由合格专业顾问专家组成，专门从事家族财富的保值和管理。摩纳哥居民能够享受一个位于欧洲中部的安全和多样化的多文化环境。该国的地理位置非常适合全球家庭。

Monaco is the location of choice for wealthy families. Providing quality expert advice to these families is Rosemont Monaco, a multi-family office with a team of qualified professional advisors expert in the preservation and administration of a family’s wealth. Monaco residents enjoy a secure and sophisticated multi-cultural environment in central Europe. It is a location ideally suited to global families.

摩纳哥的税收制度在以下方面对个人免于征税： • 全球收入 • 资本利得 • 财富 • 关系密切家庭成员之间的赠予或继承 • 摩纳哥的房地产

Monaco’s tax regime imposes no tax on an individual’s: • Worldwideincome • Capital gains • Wealth • Gifts or Inheritance to close family members • Real estate in Monaco.

该国的法律体系允许出于以下目的建立信托： • 继承规划和 • 资产保护

移民摩纳哥非欧洲经济区成员国的公民需要完成一定的手续。这些要求都是相当简单的：建立个人的身份，拥有良好的品德以及在摩纳哥居住。Rosemont Monaco 拥有一支专门帮助个人或者家庭完成相关程序的团队，能够协助他们在摩纳哥定居。Rosemont Hong Kong 通过在香港的本地团队，我们能够提供无缝的本地服务，为个人和家庭提供咨询和协助。我们的专家们能够流利地使用中文和英文以及其他欧洲语言。

继承规划：遗嘱、信托和基金会

The legal system permits the creation of trusts which can be used as part of: • Succession planning • Asset protection. Immigration into Monaco There are certain formalities to be completed by citizens of non-EEA member states. These are reasonably straightforward: to establish an individual’s identity, good character and accommodation in Monaco. Rosemont Monaco has a dedicated team to guide an individual or family through the procedures,to help take up residence in Monaco.Rosemont Hong Kong Through our local team of professionals based in Hong Kong we provide seamless local service advising and assisting individuals and families. Our experts are fluent speakers of Chinese and English, as well as other European languages. Succession Planning: Wills, Trusts and Foundations

摩纳哥认可普通法信托产品。根据摩纳哥的法律，信托可以作为个人继承规划的一部分在摩纳哥进行建立。我们为个人的遗嘱提供建议并且帮助起草，将考虑家庭的情况和当地的法律，包括被迫继承权。我们为信托和基金会的建立和管理提供建议，能够提供专业的受托人。

Common law trusts are recognised in Monaco. Under Monaco law trusts can be established in Monaco as part of an individual’s inheritance planning. We advise and draft an individual’s Will taking into account the family situation and local laws including forced heirship. We advise on the creation and administration of trusts and foundations and can provide professional trustees.

离岸实体

Offshore Entities

Rosemont Monaco 能够提供多管辖区的建议，帮助您找到合适的目的地以及最适合您要求的法律实体，并且提供全套管理支持和董事服务。

Rosemont Monaco provides multi-jurisdictional advice as to the appropriate jurisdiction and type of legal entity best suited to your requirements, with full administrative support and directorship services.

游艇和炫耀性资产

Yachts and Trophy Assets

Rosemont Monaco 拥有合格的专家，能够就炫耀性资产的收购和持有结构提供建议，这些资产包括游艇飞机房地产 , 以及管理这些资产，处理税务和雇佣事宜

Rosemont Monaco has qualified experts who advise on the purchase and holding structure of trophy assets, including yachts, aircraft and real estate, and administer the assets, dealing with taxation and employment issues Rosemont Monaco multi-family office

Rosemont Monaco 多家族办公室 • 相比专属家族办公室，拥有更为广泛和深入的专业知识，并且保持机密性和个性化的服务 • 经验丰富的专业人士提供公正客观的意见 • 了解和理解家庭需求和目标的顾问 • 各个管辖地的专家相互交流，制定创造性解决方案 • 一贯及时地提供多样化的服务 • 与金融服务提供商协商节省成本事宜

• Greater range and depth of expertise in-house than a dedicated family office, while maintaining confidentiality and personalised service. • Impartial objective advice from experienced specialised professionals. • Advisorswho know and understand the family’s needs and objectives. • Creative solutions with cross-fertilization between experts in multiple jurisdictions. • Delivery of complex service, consistently and timely. • Negotiated cost savings with financial providers.

我们管理家族投资和结构，并且提供财富保值的服务。我们了解各个家庭动力和不同的期望和目标。我们独立于任何金融机构。 Rosemont Monaco - Rosemont Hong Kong - 为我们的每一个客户定制服务

We administer family investments, structures and advise on the preservation. Weunderstand family dynamics and differing expectations and objectives. We are independent from financial institutions. Rosemont Monaco - Rosemont Hong Kong - A bespoke service to each of our clients.

Les Villas del Sole, 47-49 bd d’Italie,Monaco, MC98000 Telephone: +377 9770 2080 Email: contact@rosemont-mc.com Web: www.rosemont-mc.com

Suite 30, 2/F, Casey Building,38 Lok Ku Road, Sheung Wan,Hong Kong Office: +852 3755 4500 Email: office@rosemont.hk Web: www.rosemont.hk Winter, 2012 China Offshore

库克群岛：太平洋中强有力的资产保护 The Cook Islands:

Strong Asset Protection in the Pacific By Rose Scobie

Winter, 2012

Copublished Report

库

克群岛是一个面积为 240 平方公里的微型岛国，该国的岛屿分布在 180 万平方公里的海面上，距新西

兰东北部 3000 公里。像其它的太平洋岛国一样，库克群岛在经济发展的多样性上面临一定的困难，这主要是因为它过度依赖于旅游业。直到 20 世纪 80 年代，情况才有所改变，那时库克群岛转向打造离岸金融产业，这项举措推动了该岛经济的强劲增长。 1981 年，库克群岛通过了一项法律，给予离岸银行和保险业特殊的地位，使之独立于该岛经济的其它领域。1984 年，库克群岛公布了全球第一部资产保护信托法。这部法律建立在英国和新西兰通用的普通法体系上，旨在更好地保护信托资产，使库克群岛上的信托委托人能够更直接地管理他们的资金。发展现代离岸金融中心 20 世纪 80 年代以来，该岛的政府和企业保持着紧密的合作关系，这使库克群岛在离岸金融和资产保护方面的法律创新有利于这些行业的从业人员和他们的客户。像其它离岸中心一样，库克群岛的这种制度惹怒了那些试图保护大国税收收入和根除洗钱活动的国际机构。比如，由于库克群岛没有建立相应的反洗钱制度，金融行动特别工作组对其采取了法律行动。然而，库克群岛已经找到了创新的方法，它们既能够为投资者的资金提供额外的保护，又可以协助监管者并且满足它们对透明度的要求。库克群岛在资产保护方面最为知名优势在于其从 19 世纪就发展起来的特殊法律安排。这些法律能够很好地保护位于库克群岛的信托资产，使之免受外国法律裁决的损害。任何希望通过法律途径来赢得资金控制权的人都必须在库克群岛发起诉讼，而该国在债权人收回资金方面也有着相对较短的法律追溯期。在库克群岛发起法律诉讼相当不便。此外，库克群岛的法庭还要求起诉人提供“超越合理怀疑”的证明，必须证实把资金转移至库克群岛的唯一目的是逃避个体债权人。库克群岛选择依靠法律工具而不是试图去挑战国际权威机构的智慧，这使得它能够很好地应对过去 10 年里全球各国对离岸金融中心透明度所提出的更高要求。

he Cook Islands have developed a unique legal structure that can protect your assets no matter what the circumstance The Cook Islands, a micro-state with only 240 sq. km of land area, in the midst of 1.8 million sq. km of territorial waters 3000km North East of New Zealand has, like most pacific islands, had difficulties d e ve l o p i n g a d ive r s e e c o n o my. I t depended mostly on tourism until the 1980s when the ground was set for the creation of an offshore finance industry, which has since been an area of robust growth. From 1981, a legal framework was put in place giving offshore banking and insurance a special place, ringfenced f ro m t h e re s t o f t h e C o o k I s l a n d s economy. This was followed in 1984 by the International Trusts Act, which was amended in 1989 to introduce the first explicit asset protection trust law in the world. Building on the common law system the islands inherited from Britain and New Zealand, legislation has been developed to ensure greater protection for assets in trust and to give the settlor of Cook Islands’ trusts more ready control of their money. Developing Offshore Center Due to the close cooperation of business and government in the islands since the 1980s, the jurisdiction’s legal innovations in the area of offshore finance and asset protection have been largely favorable towards the professionals engaged in those industries and their clients. Like most offshore centers, the Cook Islands found itself on the Financial Action Task Force blacklist because it didn’t have the infrastructure in place required to handle anti-money laundering concerns. This spurred the Cook Islands to develop laws that provide extra safety to its investors while giving regulators the assistance

库克群岛从英国和新西兰承袭了普通法，并以此为基础建立了确保给予信托资产更大保护的独特法律体系。

The Cook Islands has built on the common law system the islands inherited from Britain and New Zealand to develop a legal system uniquely designed to ensure greater protection for assets in trust.

and transparency they need. The islands’ most famous area of expertise in asset protection is derived from the use of a particular blend of laws that has developed there since the 19th century. These laws place clear protections on assets placed in trust in the Cook Islands and protection against foreign jurisdictions, so anyone trying to use litigation to gain control of funds must do so in the Cook Islands where there are relatively short statutes of limitations for creditors reclaiming funds. Aside from the inconvenience of starting court proceedings there, Cook Islands’ courts require proof “beyond reasonable doubt” that funds have been transferred to the Cook Islands with the sole purpose of denying the individual creditor. This reliance on legal instruments, rather than attempts to outsmart authorities, means that the Cook Islands are well placed to comply with the greater levels of transparency being demanded of offshore financial centers over the last decade. In 2003 , when the country was removed from the FATF “blacklist”, the Cook Islands worked with the IMF to create the regulatory infrastructure necessary to reduce the risk of money laundering, making it a model jurisdiction in the fight Winter, 2012 China Offshore

照片提供 Photo by Dustin P. Smith

库克群岛田园牧歌般的表象下面是强大的银行业。由于国土面积小，它选择在经济中突出离岸银行业及服务业，并把自己发展成为一个离岸金融中心。

The Cook Islands’ idyllic appearance belies the formidable strength of its finance industry. It’s precisely because of its small size that the islands chose to ringfence its international trust and financial services industry from the rest of its economy, and develop itself as an international finance center.

2003 年，库克群岛被金融行动特别工作组从其“黑名单”中去除，该国还与国际货币基金组织合作创立了旨在减少洗钱风险的监管框架，使之成为全球反恐怖和有组织犯罪的模范国家。2009 年至 2010 年，库克群岛签署了一系列税收信息交换协议，至今为止与其缔约的国家达到了 16 个，这减轻了大家对因该岛被用来作为逃税目的地而产生的担忧。9 月 15 日，库克群岛与法国签署了相关信息交换协议，这个最新的进展显示了库克群岛决心成为新时代公开、可靠的离岸金融业的领头者，希望全力地与国际机构和双边伙伴展开合作来满足大家对金融服务业合规的最高要求。一个新时代 2008 年，时任财政部长特里派·马埃蒂认为库克群岛的离岸金融业仍然没有发挥自己最

Winter, 2012

against terrorism and organized crime. Followed in 2009 and 20010 by a slew of Tax Information Exchange Agreements, so far signed with sixteen countries.

A New Era In 2008, the then finance minister Sir Terepai Maoate still felt that the offshore sector in the Cook Islands was not living up to its potential. He at that time created the Financial Services Development Authority, with the mission to promote the islands’ financial services overseas and to work with the government and the industry to ensure that the Cook Islands can compete in the global market. The offshore financial sector is also a leading component of the national

sustainable development plan aiming to create an economy led by private industry. The government has given this area of the economy its full support, and is working to solve one of the islands’ major problems: the loss of talent due to emigration. All Cook Islanders hold New Zealand citizenship due to the two countries “free association,” giving them free access to the much larger New Zealand and Australia job markets. In recent years, the government has turned this around though, adopting immigration regulations that allow easy access to the island for financial workers, as well as incentives to draw talent to the island’s financial sector. China has also been a major part of this new era, with Wen Jiabao pledging USD 375 million in development assistance and low interest loans to the area during the 2006 meeting of the Pacific Islands Forum. Chinese money and companies have already helped the Cook Islands build a court house, police station and

Copublished Report

大的潜力。当时，他创立了金融服务发展局，旨在向海外推广该岛的金融服务业，并与政府和整个金融业紧密合作确保库克群岛能在全球市场上保持竞争力。离岸金融产业同样也是该国可持续发展计划的一个重要组成部分，这个计划旨在创造出一个由私人产业带动的经济体。对此，库克群岛政府给予充分的支持，并正在着力解决该岛的一个主要问题：海外移民造成的人才流失。由于库克群岛与新西兰签署的“自由结合区”协议，所有库克群岛的居民都拥有新西兰的居民权，他们可以自由地在规模大得多的新西兰和澳大利亚人才市场上找工作。在过去的几年里，库克群岛政府努力扭转这个局面，通过了相关的移民条例，并为金融工作者来岛提供了便利。与此同时，库克群岛还为吸引外来人才来岛从事金融产业制订了相关的激励政策。中国也是这个新时代的一个重要组成部分。在 2006 年的太平洋岛国论坛上，温家宝总理承诺为这个地区提供价值为 3.75 亿美元的开发援助和低息贷款。来自中国的资金和公司已经帮助该国知名的拉罗汤加岛建立了一所法院、一座警察局和一个体育中心。单单这三个项目的预算就超过了 2000 万新币（1450 万美元）。为了促进与库克群岛的外交关系，中国还为该国参加上海世博会的代表团支付了 65 万美元的开支。吸引客户虽然库克群岛的离岸金融产业在传统意义上更注重美国和欧洲的客户，许多业内人士认为，它也能为中国的个人和公司提供很多服务。该国拥有稳定的政局，并且长期致力于离岸产业的开拓，最近政府出台的政策也很好地刺激了离岸金融的发展。如前所述，该国的法律体系使之成为了一个规则明确、市场公平的避税天堂。这意味着即便客户在其它地方宣布破产或者在其它国家出现资不抵债欠人钱款的情况，他们也不必为自己的个人财富担心，因为他们在库克群岛的信托资产是安全的。对公司来说，能够快速地建立一家国际公司（在库克群岛称为 LLC）以及获得相关的免税政策使得库克群岛极具吸引力。对那些从事国际贸易的公司来说，库克群岛能够提供安全、可靠的监管体系，保证公司的运营自由，与此同时保护公司不受交易伙伴所在国家的法庭诉讼的危害。

sports center on Rarotonga, the most populous of the islands. Just those three projects are said to have had a budget of over NZ$20 million (USD 14.5 million). As part of bolstering diplomatic ties with the Cook Islands, China also covered the $650,000 costs of the country’s delegation to the Shanghai Expo.

Attracting clients Although the Cook Islands offshore finance sector has traditionally looked to America and European economies to provide clients, many in the industry say that the country has a lot to offer both individuals and companies in China. The country has a stable democracy and over time has shown a commitment to the offshore sector, which has only been bolstered by recent government initiatives. As described above the legal system offers a haven of clearly defined and evenly applied justice. This means that those looking to secure their personal wealth can rest assured that their money will be safe in trusts in the Cook Islands, even if they are declared bankrupt elsewhere, or if they become insolvent and owe creditors in other jurisdictions. As for companies, the speed at which it is possible to incorporate an international company or LLC in the Cook Islands, as well as the tax exemptions for these types of international companies registered in the Cook Islands make it an attractive jurisdiction to set up a company. For businesses involved in international trade the Cook Islands can offer a safe and reliable body of regulations to allow freedom of action, while at the same time allowing for the company to protect their assets from the courts of their trading partner’s jurisdiction. As Chinese businessmen look to markets across the seas the Cook Islands’ innovative products can provide a safe place for their money to rest.

Asset Protection Specialists 资产保护专家

SECURITY

ASSET PROTECTION TRUSTS

安全资产保护信托

SOLUTIONS

OFFSHORE CORPORATIONS

答案离岸公司

PROTECTION

LIMITED LIABILITY COMPANIES

保护有限责任公司

ETHICS

PROFESSIONAL INTEGRITY

道德专业操守

First Floor, BCI House, PO Box 141, Rarotonga, Cook Islands ph +682 24 538 fax +682 24 539 email info@citrust.org.ck web www.cookislandstrust.com

Winter, 2012 China Offshore

相比其他离岸金融中心，库克群岛有什么不同之处？立法、服务和地理位置，这些都是库克群岛的主要优势。我们拥有强大的法律体系，能够支持所有在库克群岛上建立的国际公司。库克群岛上的服务提供商同样能够提供名副其实的模范服务。它们在处理复杂客户事务中积累了丰富的经验，能够针对客户需求做出快速响应。在为客户选择最佳国际金融中心时，地理位置并不总是首要考虑的因素。但是，我们认为库克群岛的地理位置对中国客户来说非常理想。作为“昨天”世界里最晚结束工作的国际金融中心，相比加勒比地区的国家，库克群岛拥有额外的 6 小时来完成客户的工作。许多中国客户拥有跨境商业利益，家庭成员更是分布在世界各地。库克群岛受托人的工作时间起于美国企业的营业时间，止于亚洲企业的营业时间。这使得客户能够更为容易地管理他们的国际事务。为投资者提供的主要金融产品和服务有哪些？库克群岛最著名的是其国际信托产品，其中包括资产保护的功能。库克群岛的信托往往是复杂的家庭和商业规划的主体。库克群岛有限责任公司或者库克群岛国际公司是使用非常普遍的结构，它们能够很好地进行单独经营，也能够与信托联合使用，让客户灵活地管理他们的事务。库克群岛很快就会向客户推出基金产品，这将为客户提供更多的规划方案。除了通过立法推出产品以外，库克群岛还能够为客户提供广泛的服务。无论是企业的后台管理，还是房地产金融管理，或者是复杂的投资结构，库克群岛可以为中国的客户量身定制解决方案。库克群岛的法律框架是如何保护投资者利益的？当客户管理当前财富和探索成长的机会时，他们希望确保现有的资产是受到保护的。库克群岛是第一个将资产保护功能写入信托法的国际金融中心，其后的有限责任公司和基金法同样收入了这项条款。债权人对向信托进行欺诈性转让或者转移采取行动时，将面临时间方面的限制。假设债权人在规定的时间内采取行动，他们必须向法院证明他们已经用尽了其他地方的可能性来支持他们的诉求。库克群岛的法庭不认可外国判决，而破产在库克群岛也不是一个法律概念。证明欺

Winter, 2012

Jennifer A. Davis 阁下—— 库克群岛金融服务发展管理局，首席执行官 Jennifer A. Davis, Esq.—CEO, Cook Islands Financial Services Development Authority What differentiates the Cook Islands from other offshore financial centers? Legislation, Service, Location. Those are the Cook Islands’ main advantages. We have strong legislation that underpins all international entities formed in the Cook Islands. We also have a well-deserved reputation for exemplary service by the service providers in the Cook Islands. They are experienced with sophisticated client matters and are responsive to client needs. Location is not always a consideration when choosing the best international finance centre for client work, but we are finding the Cook Islands is ideally located for Chinese clients. As the last international finance centre in “yesterday”, the Cook Islands has six more hours than our Caribbean counterparts to complete client work. Many Chinese clients have cross-border business interests and family spread around the globe. Their Cook Islands trustee starts their day when the US is open for business and ends their day when Asia is open for business. It makes it much easier for clients to manage their international affairs.

What are the main financial products and services available for investors? The Cook Islands is best known for its international trusts, which include asset protection features. A Cook Islands trust is often the main entity for complex family and business planning. A Cook Islands Limited Liability Company or a Cook Islands International Company are common entities that work well on their own or in conjunction with a trust allowing clients flexibility in managing their affairs. Soon Cook Islands foundations will be available for clients. This provides more planning options for clients. Beyond the products allowed for through legislation, the Cook Islands also offers a wide range of services to assist clients. Whether it’s back office administration for a business, real estate finance management, or sophisticated investments, the Cook Islands can tailor solutions that work for Chinese clients. How does the Cook Islands legal framework work to protect investor’s interests? When looking to manage one’s current wealth and opportunities for growth, clients

Copublished Report

诈性转让或者转移的证据必须要超过合理的怀疑标准。库克群岛和中国之间的关系如何？库克群岛和中国拥有非常积极的关系，以及强有力的外交关系。中国对太平洋地区的财政援助让库克群岛基础设施建设受益良多，而政府和民间蓬勃发展的关系让会使得中国人能够获得来自库克群岛的独特产品和服务。库克群岛是如何应对中国投资者的独特需求的？虽然所有客户市场都存在文化的差异，但是随着我们越来越多地与中国投资者接触，我们越来越感受到每个地方的客户需求都是相同的。人们希望保护他们的资产，让它们不断增长，并且最终与家人一起享用它们。库克群岛的吸引力在于服务提供商不会试图将客户进行分类或者给予预先设定的规划。他们在认识到每个客户的需求后，会度身定制财富和企业构架方案。法律给予他们相关的工具，而专业知识使得他们能够充满创造力地为客户打造理想的解决方案。库克群岛从来没有专注于某个特定的市场，但是某些服务对一些特定的市场来说更具吸引力。对中国客户而言，我们认为他们已经实现了全球化，无论是业务，还是家庭，或者两者兼而有之。他们已经跨越文化和地域的划分。他们使用库克群岛的服务，希望能够帮助自己更加天衣无缝地做到这一点。银行业最近发生了什么样的变化？特别是考虑到最近的国际金融问题以及各国呼吁更大程度的信息共享。在过去的几年里，国际监管要求对金融服务行业的影响最大。无论身处哪个司法管辖区，对银行业交易的尽职调查和金融监管影响着每一个人。库克群岛已经签署了 16 项税收信息交换协议，并且将达成更多类似的协定。库克群岛的服务不是以税收所推动的，因此这些协议迄今为止对我们的影响并不大。您对库克群岛金融行业的未来发展有着什么样的预判？未来是光明的。随着我们继续提升库克群岛在新兴客户市场中的地位，以及用户帮助宣传我们的模范服务，我们预期将获得强势增长，特别是来自中国的业务。2012 年，我们将为新产品和服务制定新的法律，这将让我们以创新的姿态来满足中国客户的需求。

want to ensure that what they have is protected. The Cook Islands was the first international finance centre to incorporate asset protection features into its trust legislation and subsequently its LLC and foundations legislation. There are limitations on how much time a creditor has to bring an action for a fraudulent transfer or conveyance to a trust. Assuming a creditor does bring an action within the proscribed timeframe, they must demonstrate to the courts that they have exhausted their possibilities elsewhere to satisfy their claim. The Cook Islands courts do not recognize foreign judgments nor does bankruptcy exist in the Cook Islands as a legal concept. The burden of proof for proving a fraudulent transfer or conveyance is the higher beyond a reasonable doubt standard. What is the relationship between the Cook Islands and China? The Cook Islands and China have a very positive relationship and enjoy strong diplomatic ties. China’s financial assistance to the Pacific has benefited the Cook Islands infrastructure and there are blossoming relationships between government and the private sector to bring the unique products and services of the Cook Islands to the Chinese people.

How does the Cook Islands appeal to the unique needs of Chinese investors? While there are cultural differences among all client markets, the more we work with Chinese investors, the more we realize that the needs are the same for clients everywhere. People want to protect their assets, grow them, and ultimately enjoy them with their family. The appeal of the Cook Islands is that the service providers do not try to fit clients into categories or preset planning. They recognize the need to customize wealth and corporate structuring to each client. The legislation gives them the tools to do this and their expertise allows them the creativity to create ideal solutions for clients. The Cook Islands has never focused on a particular market. Some services have appealed more to certain markets than others. What we are seeing with Chinese clients is that they are already global, either with their business, their family, or both. They are already straddling cultural and geographical divides. They use the services of the Cook Islands to help them do this more seamlessly. What recent changes has the banking industry undergone, especially in light of recent international financial problems and calls for greater information sharing? International regulatory requirements are the largest impact on the financial services industry over the last several years. Due diligence and financial monitoring of transactions in the banking industry affects everyone, no matter what jurisdiction you are in. The Cook Islands has 16 Tax Information Exchange Agreements in place and is continuing to enter into more. Cook Islands services are not tax-driven so we have seen little impact thus far from these agreements. What is your prognosis for the future development of the Cook Islands financial industry? The future is bright. As we continue to raise the profile of the Cook Islands in new client markets and users spread the word of our exemplary service, we expect strong growth, particularly from China. 2012 will see the advent of new legislation for new products and services, allowing us to build on our innovation in responding to the needs of Chinese clients. Winter, 2012 China Offshore

特别报道 | SpECIAL REPORT

热情的基金

Funds of Passion

Winter, 2012

SpECIAL REPORT | 特别报道

在

过去，奢侈品基金很少会激发出投资者的兴趣，许多人选择期限较短、回报较高的传统型基金，比如股票、

债券和对冲基金。然而，由于 2008 年金融危机后出现了不确定的经济环境，投资者正越来越渴望寻找不同的财富管理方法。因此，奢侈品基金业重获新生，另类基金不断崛起。这些基金投资的领域非常广泛，包括绘画艺术、钻石、稀有乐器和上等葡萄酒。对大多数此类资产来说，一项独特的优势就是：它们能够提供资产组合多样化的机会，这个领域历来拥有良好的回报和与金融市场之间较低的相关性。这些基金的一项重要优势在于它们由专业人士管理，这些人在各自的领域拥有丰富的经验，基金的资产配置能够在给定的风险水平上获得最优的回报。这样做的主要优点是它能够让投资者获得由专家选择的多元化投资组合，而不是自己简单地开展研究和根据他们个人偏好选择股票。 “奢侈品”一直是人们非常渴望获得的东西。几个世纪以来，这些商品都获得了稳定的、也往往是非理性的客户忠诚度。历史上最臭名昭著的市场泡沫发生在 17 世纪初的荷兰。荷兰的精英们把最稀有的郁金香球茎看作是地位的象征，大规模的投机炒作让郁金香球茎的价格达到了非理性的高度。在市场达到高峰时，一些罕见郁金香的售价据说已经是人均年薪的 6 倍。然而，如今奢侈品的吸引力依然非常强大，考虑到中国惊人的经济增长以及随之而来的消费者购买力，奢侈品市场正在经历显着的发展。热门的奢侈品基金为了应对奢侈品市场的增长，富国基金管理有限公司于今年 7 月 13 日推出了第一支中国奢侈品基金，让中国投资者能够参与现代奢侈品领域的投资。中国人对高档葡萄酒的消费也正在经历大幅增长，中国对法国葡萄酒的需求最近出现了飙升，使得 11 月初香港拍卖会上的价格创造了历史新高。由于这种不断增长的需求，首支仅针对中国投资者的年份酒投资基金也应运而生。9 月，中国政府批准了“鼎红基金”，它将投资于来自波尔多和勃艮第的年份葡萄酒。

By John P. Egan

美术绘画是另一个越来越受到中国投资者关注的选项。尽管中国市场的发展仍然处于一个非常初级的阶段，但是许多投资公司

n the past luxury funds did little to stimulate interest from investors, with many opting for shorter term traditionally higher return options such as equities, bonds and hedge funds. However in the uncertain economic climate that emerged after the 2008 financial crisis, investors are increasingly looking for alternative methods of managing their wealth. As a result, the luxury fund sector has experienced a new lease of life, with alternative funds emerging from the woodwork. These funds can involve investment in a wide variety of products including fine art, diamonds, rare musical instruments and vintage wines. A unique advantage of many of these assets is that they can provide an opportunity for portfolio diversification into an area that has historically had good returns and low correlation with financial markets. A key advantage of funds is that they are managed by professionals which have expertise in their respective fields and allocate assets within the fund to achieve optimum returns at a given level of risk. The main advantage of this is that it gives the investor access to a diversified portfolio selected by experts as opposed Winter, 2012 China Offshore

摄影 Photo by Viewer Blur

都在迅速地开拓这个市场的潜力，其中包括诺亚控股有限公司、北京的 Beautiful 资产管理有限公司和上海的泰瑞艺术基金管理公司。首批启动此类基金的公司还包括英国伦敦美术基金，它于 2007 年 9 月推出了中国美术

虽然一些类似这样的乐器外型要差得多，这把小提琴同样是由著名工匠 Antonio Stradivari 制造的，并且在 5 月份的 Tarisio 在线拍卖会上创下了全球最高的售价：一千五百八十九万四千美元。

Although some, like this specimen are in much poorer shape, it was a violin by the same famed craftsman, Antonio Stradivari, that set a world record when it sold for $15,894,000 in at the Tarisio online auction house in May.

基金，专门投资中国的艺术品和古董。今年四月， Novel 资产管理有限公司推出了一个价值为 1 亿美元的基金，投资于稀有的彩色钻石。它是一个封闭式基金，以交易为基础进行运作，所以它需要不断地交易钻石。总部位于纽约的 Artist Rare Instrument 基金有限责任公司成立于去年年底，专注投资于 17 和 18 世纪由 Antonio Stradivari，Joseph Guarnerius del Gesu 和其他著名工匠制作的稀有意大利小提琴、大提琴和中提琴。该基金是同类基金中最为成熟的，因此比较独特。总资本额被限定为 1 亿美元，投资组合包括 30 项左右的乐器。根据基金合伙人 Tony Finlay 透露，该基金的独特优势之一就是它的乐器选择非常灵活，因此与位置相对固定的房地产不同，这些资产能够选择在需求较低的时候购入，而在需求旺盛的时候卖出。这种增长势头所带来的机会已经被总部

Winter, 2012

to simply conducting their own research and selecting a stock based on their personal preferences.

What is luxury? There is no specific attribute that defines ‘luxury,’ yet this mysterious concept is something highly desired by people. These goods have for centuries gained a steady and often irrational customer l oya l t y. O ne of the most infamous market bubbles in history occurred in the Netherlands during the early 1600s. Holland's elite used the rarest tulips bulbs as status symbols and mass speculation drove the value of tulip bulbs to excessive prices. At the peak of the market, some rare tulips were

said to have been sold for as much as six times the average person's annual salary. However, the attraction of luxury remains as prevalent today; with China’s staggering economic expansion and ensuing consumer purchasing power, the luxury goods market is experiencing phenomenal growth.

Some popular luxury funds In response to the growth of the luxury goods market, the first Chinese luxury fund was set up July 13, 2011 by Fullgoal Ltd, for Chinese investors to participate in the modern luxury goods sector. Chinese consumption of fine wine is also experiencing major growth and the demand for French wines in China

SpECIAL REPORT | 特别报道

设在上海的富国基金所认可。该基金投资于奢侈品牌的股票，包括斯沃琪、路易威登、酩悦轩尼诗、保时捷以及一些贵金属信托。选择过程任何投资基金的成功无疑与基金经理的资产选择息息相关，因此选择的流程是至关重要的。葡萄酒专家张言志负责葡萄酒的选择，而葡萄酒鉴赏家和国际葡萄酒供应商 Vintex & Vignobles Gregoire 的所有者 Philippe Larche 担任顾问和供应商。这是一支封闭式基金，很快将不再接收新的投资者。Philippe 表示，葡萄酒的挑选过程将会从明年初开始。美术基金的首席执行官兼创始人 Philip Hoffman 表示，“基金将专注于投资 14、15 和 16 世纪的中国美术品、瓷器文物和家具。”艺术作品的选择将由一支 40 人组成的专家小组负责。中国艺术基金主要针对中国大陆的投资者，而西方艺术基金则更倾向于香港投资者。 Artist Rare Instrument 基金公司的乐器选择将由屡获殊荣的制造商和经销商 Christophe Landon 牵头，他是该基金的合伙人之一。该

has soared recently, fuelling record breaking prices in Hong Kong auctions in November, 2011. As a result of growing demand, the start of the first vintage wine investment fund solely for Chinese investors is now available. The “The Dinghong Fund” was approved by the Chinese government in September of last year and will invest in vintage wines from Bordeaux and Burgundy. Fine art is another alternative that is drawing increased attention from Chinese investors. Despite this still being at a very early stage in China, many investment companies are quickly snapping up the potential of this market; including Noah Holdings Ltd, Beautiful Asset Management Ltd in Beijing and Terry Art Fund Management in Shanghai. One of the first companies to begin this type of fund was the Fine Art Fund based in London, who began The Chinese Fine

路易斯威登专卖店在上海的夜色下灯火辉煌，这显示了奢侈品牌对中国富裕人士的吸引力。奢侈品基金已经涌现，它们从新的品味中赚取利润。

The Louis Vuitton store glitters at night in Shanghai, demonstrating the allure of luxury brands among China’s wealthy. Luxury funds have sprung up, capitalizing on newly developed tastes.

Art Fund in September 2007; a fund specifically investing in Chinese art and antiques. I n A p r i l l a s t ye a r, N ove l A s s e t M a n a g e m e n t L td l a u n c h e d a $ 1 0 0 million fund that invests in rare coloured diamonds; it is a close ended fund and operates on a trading basis, so it is constantly trading diamonds. The New York based Artist Rare Instrument Fund LLC, unveiled late last year, invests in specially selected, rare Italian violins, cellos and violas built by Antonio Stradivari, Joseph Guarnerius del Gesu and other famous craftsmen from the 17th and 18th centuries. The fund is the most developed of its kind and unique in this regard. It is capped at $100m USD in total capital and contains about 30 instruments. One of the unique advantages of this fund according to Partner at the fund Tony Finlay, is instruments are very portable, so they can be bought in an economy with low demand and sell in economy with high demand, unlike real estate whose location is fixed. The opportunity offered by this growth has been recognised by The Fullgoal Fund based in Shanghai. This fund invests in stocks of luxury brands including Swatch, Louis Vuitton Moët Hennessy, and Porsche as well as a number of precious metal trusts. Selection process The success of any investment fund is of course highly reliant on the fund manager’s choice of assets; therefore the selection procedure is crucial. Wine specialist Zhang Yanzhi is in charge of wine selection along with wine connoisseur and owner of international w i n e s u p p l i e r V i n tex & V i g n o b l e s Gregoire, Philippe Larche, acting as advisor and supplier. It is a close ended fund that will close up for new investors Winter, 2012 China Offshore

特别报道 | SpECIAL REPORT

panel of experts. The Chinese art fund is geared towards investors in mainland China, with western art funds more for Hong Kong investors. The instrument selection by the Artist Rare Instrument fund is spearheaded by prize winning violin dealer and maker Christophe Landon, one of the Partners of the fund. The third partner at the fund is Edward Papier, a wealth manager based in New York. Along with the fund buying instruments and maintaining possession, Finley’s fund at times may buy or take equity positions in instruments owned by renowned musicians. The players would retain the instrument and continue to use it; this will in fact add resale value to the instruments according to Finley. All the instruments are fully insured, by large insurance companies such as Lloyds.

Structure and expected returns According to Philippe Larche, advisor to the wine investment fund, “It intends to raise approximately €20 million (over 170 million RMB) per year for 5 years.” The minimum investment amount is 1 million RMB, for which an investor will be locked into for five years while the wines

基金的第三个合伙人是纽约的财富管理经理 Edward Papier。除了购买乐器并且持有以外， Finley 的基金也会适时地购买著名音乐家所拥有的乐器或者持有其股权。演奏者仍然将拥有该乐器，并且继续使用它。Finley 认为，这实际上会提高乐器再出售的价格。所有的乐器都拥有全额保险，承保者是包括劳埃德在内的大型保险公司。

Winter, 2012

shortly; Philippe says the wine selection process will then commence soon. CEO and founder of The Fine Art Fund, Philip Hoffman, said, “his fund focuses on Chinese fine art, porcelain artefacts and furniture from the 14th, 15th and 16th century.” The fine art selection is carried out by a 40-strong

由于中国人对葡萄酒鉴赏的需求增长很快，最近获批的“鼎红”基金将投资来自波尔多和勃艮第的年份葡萄酒。

With wine appreciation growing r a p i d l y i n C h i n a t h e re c e n t l y approved Dinghong Fund will invest in vintage wines from Bordeaux and Burgundy.

SpECIAL REPORT | 特别报道

该葡萄酒投资基金的顾问 Philippe Larche 表示，“基金希望在 5 年的时间里每年筹集大约 2000 万欧元的资金（超过 1.7 亿人民币）。” 该基金的最低投资额为 100 万人民币，投资者的锁定期为 5 年，供管理者选择葡萄酒进行投资。入选的葡萄酒将包括瓶装酒和 “期酒” （瓶装前）。该基金希望能够在该地区内实现 15％的潜在收益回报。然而，富国的奢侈品基金看起来受到了最近全球经济不确定性的影响，从 7 月份以来蒙受了 5％的损失。中国美术基金的结构是一个五年期的封闭式基金，已经实现了已出售资产“年均复合收益率 25％”以及“持有资产 13％的收益”。 Hoffman 先生认为，中国美术基金的独特之处在于“由于艺术品稀有以及供给固定，收藏家和博物馆都有相应的需求。” Artist Rare Instrument 基金公司合伙人 Antony Finlay 说：“我们非常有可能实现最低为 8％的回报。”该基金一直专注投资稀有乐器，“它们的价值从来没有下降过，只是在战争时期持平而已。”这对那些为资产组合寻求安全对冲的投资者来说是极具吸引力的一面。该基金的管理团队将收取 1.5% 的年管理费用，并且在乐器出售时分享收益的 25％。这是一个开放式基金，最低投资额为 100 万美元，最高投资额为 1000 万美元，锁定期为 5 年。由于目前欧洲市场遇到困难，Philippe 认为中国提供了极好的机会，并且相信中国的葡萄酒市场仍然“刚刚起步”，拥有进一步增长的潜力。中国美术基金得到了中国投资者的高度关注。随着中国财富的不断增长，该基金投资的文物是中国历史遗产的重要部分。未来需求增长的主要推动力是富有的私人投资者和博物馆。 Finlay 说对稀有乐器基金的需求来自于收藏家和音乐家，并且认为来自中国和俄罗斯的青年演奏家将是推动未来需求的动力。他指出，两年一度的帕格尼尼小提琴大赛是世界上最负盛名的小提琴比赛之一，最近三届的获胜者中有两位是年轻的中国演奏者，他们是黄蒙拉和宁峰。该基金通过离岸的英国联接基金向任何国家的投资者开放，该基金获得了“来自中国投资者的强烈兴趣。”

are being selected; the wines chosen will include both bottled and ‘primeur’ (pre-bottled). The fund hopes to offer potential yield returns in the region of 15 percent. The Fullgoal luxury fund, however, appears to have been affected by recent global economic uncertainty and has sustained losses about of -5% since July 2011. The Chinese Fine Art fund is structured as a close-ended fund for a five year period and has achieved gains on sold assets “averaged at 25% compounded annualised return” and “13% on assets held assets.” The unique attributes of the Chinese Fine Art fund according to Mr Hoffman are that “along with art being rare and fixed in supply, the demand comes from both collectors and museums alike.” Antony Finlay, Partner at the Artist Rare Instrument Fund said “a minimum return of 8% is very achievable.” He noted how the rare instruments their fund focuses on, “have never gone down in value, only levelled off in war times” Which is a very appealing dimension for investors seeking a safe hedge for their portfolio. The management team of the fund will be paid an annual management fee of 1.5 percent and 25 percent of profit when instruments are sold. It is an open ended fund with a minimum investment of $1 million USD, maximum of $10 million and a lock in period of 5 years. The future With the current European market experiencing difficulties, Philippe maintains China offers excellent opportunities and believes the Chinese wine market is still only at “the beginning.” The Chinese Art fund is receiving high interest from Chinese investors. With growing wealth in China, the artefacts this fund is involved in are essentially

图片提供 Photo by Robert Ennals

结构和预期回报

根据创始人 Philip Hoffman 透露，投资于中国艺术品和古董的中国美术基金平均年复合回报率为 25％。

The Chinese Fine Art Fund, which invests in Chinese art and antiques, has averaged at 25% compounded annualized return according to founder Philip Hoffman. part of China’s heritage. The main demand drivers for the future of these are both wealthy private investors and museums. Finlay said demand for the rare instruments fund is coming from both collectors and musicians and sees young performers in China and Russia as increasing demand factors for the future. He noted that two out of the three most recent winners of the biennial Paganini competition one of the most prestigious violin contests in the world, were Mengla Huang and Feng Ning, both young Chinese players. It is available to investors from any country through an offshore British feeder fund and the fund is drawing “strong interest from Chinese investors.”

Winter, 2012 China Offshore

离岸指南 | Offshore Hand book

Offshore jurisdictions by comparison

Type of entity Type of Law Shelf company availability Incorporation time Government fees (excluding taxes)

Cyprus

Hong Kong

Anguilla

BVI

Jersey

Labuan

Cook Islands

Bermuda

Dominica

Private or Public

Private limited

IBC

BVI Business Company

Private Limited and Public Limited

Labuan Non Trading company

Labuan Trading company

IBC

Exempt

IBC

Common

Legislation of Hong Kong

Common

Common/Statutory

Common

Yes

A few days (3-5 days)

Paper submission-4 working days, electronic submission-less than 24 hours

1 hour

2 days

1-2 days

1 day

3 days

2-3 weeks

2 days

Application fee€350, HK$1,720, levy-1€20,000 for a group year certificate is HK$2,450

US$200

US$350,where maximum number of authorised shares <=50,000

200

RM 1,500

US$300

US$1,870

US$405

Tax on foreign income

10%

Nil on foreign profit

Nil

3% of net audited profits or RM 20,000 (USD6,420.00) flat rate

Nil

Nil,excempt for 20 years

China DTA access

Yes

No - only UK/ China DTA

Yes

Minimum paid up share capital

€1

No requirement on the amount of min paid up share capital

US$1

No minimum

No specified minimum

None

US$1

Usual authorized share capital

€ 1,200

HK$10K

US$50k

US$50k,No longer share capitaljust number of authorised shares

No usual

US$1 - US$1,400

Not applicable

US$5,000

US$12K

US$100K

Min number of directors

Private Co - 1, Public Co - 2

2(There must be a quorum in Bermuda)

Local director requirement

Yes

Public access to record of directors

Yes

Anywhere

Public access to record of shareholders

Yes

Limited

Yes

Location of shareholder meetings

Anywhere

Local company secretary requirement

Yes

Requirement to prepare accounts

Yes

Requirement to audited accounts

Yes

Only for Public Company

Yes, if opt to pay 3% or if it’s a licensed entity

Annual

Requirement to file accounts

Yes

Only for Public Company

Yes

Public access to accounts

Yes

Only for Public Company

Requirement to file annual return

Yes

Change in domicile permitted

Yes

Under jurisdiction of EU

Yes

PRC embassy

Yes

Yes, in Kuala Lumpur

No(In New Zealand)

Yes

Location of director meetings Min number of shareholders

Winter, 2012

Offshore Hand book | 离岸指南

Luxembourg

Madeira

Mauritius

Panama

Samoa

S’Vincent

Seychelles

1990 SOPARFI Holding

Limitada

GBC I

GBC II

Non resident

IBC

CSL

Civil

Hybrid

Civil

Common

Hybrid

Yes

2 days

To be advised

4 weeks

3 days

2 days

5 days

1-5 days

2 days

2 weeks

Not applicable

€1K

US$1,00 to FSC US$250 to ROC

US$235 to FSC US$65 to ROC

US$300

N/A

US$100

US$1,100

Normal rates

Varies

Varies from 0% to 3%

Nil

1.5% on worldwide income

Yes

€31K

€5K

€50K

US$1

€31K

€5K

€50K

US$1M

US$100K

US$10K

US$1M

US$10K

US$100K

US$5K

One or three,must be odd number

No but advisable

Yes,but 2 required for tax treaty access

Yes

Anywhere

Anywhere,but in Mauritius for treaty access

Anywhere

Normally two(one is possible)

Normally 5(1is possible)

Yes

Optional

Anywhere

Madeira(by proxy)

Mauritius-by proxy

Anywhere

Local and qualified

Optional

Yes

No,but larger companies must

Yes

N/A

Yes

Yes but not public

Yes

N/A

Yes

Winter, 2012 China Offshore

离岸指南 | Offshore Hand book 企业服务提供商

Corporate Service Providers

Cyprus

enquiries@emcs.com.mt

国际银行 International Bank

Switzerland

Seychelles

Anguilla

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

Tel: +357 2241 8888 info@aspentrust.com

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

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

Tel: +248 224 899

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

离岸律所

Offshore Law Firm

France Barbados http://www.banque-

Wilfred Services Ltd. wilfredinternationalservices.

Tel:+345 914 6001

The Bank of France

Grenadines www.

http: //www.ubs.com

Canada

Bespoke Corporate and Fiduciary Services

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

www.sabcolaw.com

Seychelles.Enquiries@

www.fiducenter.com.cy

www.frontierbiz.bz

SABIDO & Co

Tel: +248 4325660

MMG Bank Corporation FWM International Ltd

com.cy

frontier@btl.net

http: //www.bmi.com.sc/

Panama

aoml@axaoffshore.com Belize

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

British Virgin Islands

Investment Bank

www.chancerychambers. org Tel: +246 431 0070

Banco Trasatlantico Ltd http: //www.

投资银行

Chancery Chambers

chancery@ chancerychambers.com

bancotrasatlantico.dm Tel: +1-767-449-9254

British Virgin Islands

info@bancotrasatlantico. Hong Kong Mauritius

Channel Islands

Crescent Corporate EMCS International

Services www.crescentbvi.com

Services LTD

Roth Capital Partners

Tel: +284 494 9165

www.emcsinternational.

www.china.roth.com

janccsl@myacc.net

com

Tel: +852 2251 8585

Tel: +356 2777 2540

hr@roth.com

Winter, 2012

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

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

Tel: (246) 436-6870

rif@developpement-durable.

hrinfo@centralbank.org.bb

gouv.fr British Virgin Islands

www.fenechlaw.com Tel: +356 2124 1232

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

Tel: +356 2122 8862

Financial Services http://www.bvifsc.vg/

Maritime Cook Islands www. maritimecookislands.com

Appleby Global

Jersey British Virgin Islands Commission

simon@simontortell.com Seychelles

Monetary Authority

Tel: +682 23 848

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

Jersey Financial Services Commission http://www.jerseyfsc.org/ Tel: +44 (0)1534 822000

info@applebyglobal.com

www.ibcbelize.com Tel: +501 223 5108

Offshore Yacht Registry

ibc@btl.net Bermuda Anguilla Financial

Tel: +852 2522 0095 hongkong@

UAE

info@ggba-switzerland.ch

私人银行

Private Banking

http://www.aimcongress. com

anguillafsd@anguillafsd. com

National Bank of Anguilla

Tel: +971 4 39 23232

www.nbaoffshore.ai

info@aimcongress.com

Tel: +264 497 7096

Tel: +264 497 3881

nbaoffshore.ai Barbados

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

Bahamas

sstirling@ businessbermuda.org

www.bfsb-bahamas.com info@bfsb-bahamas.com

www.gov.im Tel: +44 1624 686400 isleofmanfinance.com

Services Board Tel: +242 326 7001

Isle of Man Finance

enquiries@

Bahamas Financial

Barbados

Cyprus

Labuan Bank of Cyprus

com

maritimeadmin@dms.mcw.

Tel: +682 211 75

gov.cy

enquiry@fsda.gov.ck

Invest Barbados

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

Cook Islands FSDA www.cookislandsfinance.

ww.shipping.gov.cy Tel: +357 258 481000

gmassist@rakoffshore.ae

Organizing Committee

Isle of Man

Cook Islands

Shipping

Tel: +971 7 206 8666

Annual Investment Meeting

www.axafsc.com

bahamasmaritime.com

Department of Merchant

www.rakoffshore.ae

nbaprivatebank@

Services Division

com

RAK Offshore

Public & private institutions

离岸游艇注册机构

www.bahamasmaritime.

Ras Al Khaimah

公共和私有机构

IBCR Belize

Authority

info@thv.li

Anguilla

Bahamas Maritime

Tel: +423 231 1919

info@jerseyfsc.org

www.applebyglobal.com Tel: +248 429 5281

www.thv.lt

hkma@hkma.gov.hk

Inc

www.simontortell.com

The Hong Kong

Tel: (852) 2878 8196

International Registries,

Simon Torell & Associates

Treuhandervereinigung Hong Kong

http://www.hkma.gov.hk

info@fenechlaw.com

Liechtenstein

Guernsey

Tel: +357 2122 8000 Labuan IBFC Inc. Sdn Bhd www.labuanibfc.my

www.bankofcyprus.com info@cy.bankofcyprus.com

Tel: +60 3 2773 8977 info@labuanIBFC.my

www.investbarbados.org Tel: +246 626 2000 info@investbarbados.org

Liechtenstein

FBME Bank

Winter, 2012 China Offshore

离岸指南 | Offshore Hand book

www.fbme.com

Platinum Offshore

Tel: +357 22 888400

Management Services, Inc.

nicosa@fmbe.com

游艇注册服务提供商

Hong Kong

Singapore

Yacht Registration Providers

Bahamas

www.platinumoffshore.com Tel: +246 437 6092 Management@

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

platniumoffshore.com Bermuda

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

First Advisory Group www.firstadvisorygroup. com Tel: +65 6576 0990 p.schmid@blueaxis.net

委托和信托服务

Trust & Fiduciary Services

St.George’s Trust Company Ltd.

Austria

www.sgt.bm British Virgin Islands

Tel: +852 2899 2009 Office@midlandconsult.hk Isle of Man

Services Ltd. Tel: +242 677 1920

Midland Consult www.midlandconsult.hk

Windermere Yacht

office@winermerecm.com Asiaciti Trust www.asiacititrust.com

Malta

Tel: +65 6533 2611 singapore@asiacititrust. com

FIDUCIANA

Anchor Corporate Services

Verwaltungsanstalt http: //www.fiduciana.com/ Tel: +423 388 0202 info@fiduciana.com

The AMS Group www.amsbvi.com Tel: +284 494 3399 enquiries@amsbvi.com

Capital International

财富管理 Wealth Management

www.capital-iom.com Tel: +44 1624 654200

Bermuda

info@capital-iom.com

www.anchor.com.mt Tel: +356 212 3239 info@anchor.com.mt Mauritius

Cyprus Bilanz-Data www.austrian-taxes.com Tel: +431 516 120 baier@austrian-taxes.com

LOM Asset

Costas Indianos & Co

Management Ltd.

www.indianos.com.cy Tel: +357 22 675231 indianos@indianos.com.cy

The ILS Group Limited www.ils-world.com Tel: +44 1624 682500

Switzerland

iom@ils-world.com

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

Intertrust Group Liechtenstein

Holding S.A http: //www.

St. George’s

intertrustgroup.com/

Trust Company

T +41 (0)22 322 09 80 info@intertrustgroup.com

PAAP Management

Tel:+1 441 2951 820

www.paapmanagement. com

Bahamas

www. sgt.bm

Services LTD

Tel: +357 25 662285 info@paapmanagement. com Dubai

info@sgt.bm Allgemeines Treuunternehmen (ATU) www.atu.li Tel: +423 237 3434 info@atu.li

www.theelcogroup.com Tel: +242 367 2558 issac@elco-bank.com

http://www. Tel. (1 246) 429 4923 Malta

Azure Consultants (UK) Limited www.azuregroup.biz

Barbados

RBC Wealth Management rbcwminternational.com

Nevis

Elco Group

Barbados

Tel: +44 207 193 0910 info@azure-consultants. com

www.ntltrust.com

Altarius Asset

Tel: +869 469 5500

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

Winter, 2012

Maritime Services

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

NTL Trust Limited

Nick@ntltrust.com

海运服务

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