China offshore 2013 Autumn Edition by John Yang

季刊 QUARTERLY AUTUMN 2013 秋季

英属维尔京群岛信托和基金会·特刊

British Virgin Islands Trust & Foundations Special Feature

信托和基金会年度指南第四辑

4th Annual Trusts & Foundations Guide China's Most Comprehensive Asset Succession & Planning Resource

中国最完整的资产传承和规划指南

离岸金融属地简介 JURISDICTION PROFILES 特别报道

热点地区一流专家就资产

SPECIAL REPORT

保护和传承为您答疑解惑

信托和基金会：为中国富裕人士构建财富计划 Trust and Foundations: Structuring for Wealthy Chinese

Q&A's From the Leading Experts on Some of the Most Popular Jurisdictions for Asset Protection & Succession 2013, Autumn CHINA OFFSHORE

Autumn, 2013

LETTER FROM EDITOR | 编者的话

越来越多的高净值人士正考虑如何保持自己努力获得的财富，而传闻中的遗产税也正在酝酿中。政府出台政策的目的是为了更好地缩小贫富差距，作为财富的拥有者，则更应该从合法合规的角度来考虑如何安全简便地把财富向下一代传承。本期封面故事着重讨论了如何用离岸财富管理的工具来应对财富传承。这也是我们利用离岸工具来管理财富的目的之一。此外，作为最著名的离岸金融中心之一的英属维尔京群岛（BVI），正成为中国富人的首选离岸目的地之一。本期杂志有幸邀请到四位来自 BVI 的专家向我们详细解说这个地方的过人之处。另外，英属维尔京群岛的 LGS & Associate 的 Lorna Smith 也用问答的方式向我们解释了这个岛国在继伦敦之后，在香港设立第二个海外办公室的原因。本期的“英属维尔京群岛特刊”对信托和基金会作了详细介绍，让我们一起来看一下怎样更高效地运用这些工具来管理财富。希望您和我一样，在阅读本期后获得更多的离岸财富管理知识，让离岸财富管理真正为我们所用，成为更多中国高净值人士的财产管理和增值的武器。

《中国离岸》编辑 John Yang 主编 Editor in Chief: John Yang 撰稿人 Contributors: Leo Zhang, Hao Wang, Jeffrey Chen, Mark Lea, Michael Liu 美术总监 Art Director: Susan Shen 美术编辑 Designer: Lee Wang 研究员 Researcher: Naomi Wu

营运总监 Director of Operations: Spencer H. Hall 制作总监，亚洲 Production Director, Asia: Oliver Davis 销售总监 Sales Director: Matthew Sumner 客户经理，亚洲 Accounts Managers: Victoria Johnson, Pooja Ramchandani, Savannah Shi 销售助理 Sales Assistant: Nick Feng 发行经理 Circulation Manager: Iris Gao

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

More and more HNWIs are working hard to further their hard-earned

bucks, while the estate tax is being discussed by the state council of China. It is rumored that the threshold of the estate tax exemption will be set to a

low point; the wealthy class is now very concerned of what will happen to them, their children and how to legally protect the family legacies.

Our cover story this edition talks about how we use offshore tools to

pass the wealth on to our children. It’s one of the purposes of offshore wealth management, and the very reason why we want o use offshore resources to better maintain our wealth.

Furthermore, as one of the most reputable offshore financial centers,

the British Virgin Islands (BVI) is now under the spotlight of being China’s

favorite wealth management destination. We have the honor to introduce the detail by inviting four experts from the islands and even LGS &

Associate’s Lorna Smith, who gives us a quick Q&A to explain why the BVI set up their second overseas office in Hong Kong to extend deeper into the Asia market.

And, we have also included a discussion on Trust and Foundations

Feature; let’s see how we can utilize this ultimate weapon to manage our wealth in a more efficient way.

I hope you enjoy this exciting issue, which will share the best insights

in the offshore wealth management field.

Editor, China Offshore John Yang editorial@chinaoffshore.com.hk 2013, Autumn CHINA OFFSHORE

新闻 NEWS 04 全球离岸新闻 Global Offshore News 离岸世界新闻精选 All the latest news from across the offshore world 观点 OPINION

06 如何在婚姻破裂时避免人财两空 How to Avoid the Loss of Wealth due to Marriage Breakdown 10 良禽择木而栖——中国富裕家族选择海外家族信托传承财富的动因考证 A Fine Fowl Perches Only on a Fine Tree Research on Motivations behind Offshore Family Trusts for Wealth Succession 14 信托和基金会一切渐入佳境 Trusts and Foundations

资产继承需要规划和协调 Asset Succession Needs Planning and Coordination

封面故事

COVER STORY

Change for the Good 20 2013 中国高净值人士的全球财富管理新透视 New Perspective Into Global Wealth Management of Chinese HNWIs in 2013 封面故事 COVER STORY 26 资产继承需要规划和协调

Asset Succession Needs Planning and Coordination 特别报道 SPECIAL REPORT 35 信托和基金会：为中国富裕人士构建财富计划 Trusts and Foundations: Structuring for Wealthy Chinese 42 离岸金融属地简介 Jurisdiction Profile 64 离岸指南 Offshore Handbook

Autumn, 2013

AUTUMN 2013 秋季刊

CONTENTS

ADVERTISER DIRECTORY 广告商目录

China Offshore Summit 2013 - Inside Front Cover Bilanz Data Wirtschaftstreuhand GmbH - P8-9 Asia Offshore Association - P13 China Offshore House Ad - P19 Bahamas Financial Services Board - P25 Allgemeines Treuunternehmen (ATU) - P29-31 British Virgin Islands International Financial Centre - Supplement Inside Front Cover Offshore Incorporations Limited - S11

British Virgin Islands Trusts & Foundations Special Feature 英属维尔京群岛信托和基金会·特刊

VP Bank – S15 TMF Group –S17 British Virgin Islands International Financial Centre - Supplement Inside Back Cover British Virgin Islands International Financial Centre - Supplement Outside Back Cover Cook Islands FSDA - P40-41

S01 英属维尔京群岛的信托和资产继承详解

Affinity Management Services - P45

A Detailed Look at British Virgin Islands' Trust and Succession to Assets

Jordans Trust Company (BVI) Limited - P47 OCRA (China) Limited - P49

S06 英属维尔京群岛专业服务分析 Analysis of Expert Services Offered in the British Virgin Islands

S12 BVI 帮您留住财富

A.K. CosmoServe Limited - P53 Premier Financial Services Limited - P55

Preserve Your Wealth with BVI

S18 英属维尔京群岛

AXIS - P50-51

Harneys Westwood & Riegels - P57

S23 英属维尔京群岛香港办公室成立

LX Management Services Pte. Ltd. - P59

信托法律更新

向亚洲市场的深度出击

Richmond Fiduciary Group - P61

BVI Trust Legal Updates

BVI's New Office in Hong Kong A Step Further to the Asia Market

Asiaciti Trust - P62-63

The ILS Group Limited - Inside Back Cover OGIER - Outside Back Cover

2013, Autumn CHINA OFFSHORE

新闻 | NEWS 全球概览 GLOBAL UPDATE

欧洲 EUROPE

卢森堡 Luxembourg

塞浦路斯 Cyprus

卢森堡、瑞士争当人民币交易中心魁首

塞浦路斯银行以一级资本进行资本重组

瑞士与卢森堡之间对于人民币交易的竞争进入白热化阶段，迄今为止，两国均在该领

塞浦路斯财政部和中央银行周二（2013年7月30日）宣布，塞浦路斯银行（BoC）

域取得了显著成果。

已经以非安全储蓄中47.5%的比率向塞浦路斯央行持股。

卢森堡财政部部长Luc Frieden近日发布声明，指出卢森堡致力于成为欧洲地区领先的

更加值得一提的是，这是该银行应对危机的一系列动作中的最后一步，而且根据现

人民币中心，紧随瑞士银行家协会就瑞士欲求打造以人民币清算的财富和资产管理而发布

行法律将不会有更多的应对措施。塞浦路斯央行，也是塞浦路斯的破产清算主持机构，

的相关报告。Frieden认为卢森堡已经成功地确立了其市场领导者的地位。他指出，卢森堡

已经告知BoC其董事会由临时董事会接任，直到该银行在8月31日举办年度总大会为止。

有着高达400亿人民币（65亿美元）；卢森堡银行发放了620亿人民币的贷款；卢森堡证券

在资产重组完成后，剩下的12%的储蓄额直到今天还仍未解冻，将被转存至现有塞浦路

交易所有39个以人民币进行结算的债券，总价值达240亿人民币。

斯银行中现有的或视线账户，将受限于其他任何法律的规定。

瑞士也同样占有可观的市场份额。近期一份由该国银行家协会发布的报告揭示了瑞士

剩下的所有储蓄中的88%的资金将被转化为三个相同的，以6、9和12个月为期限的

在欢迎中国货币进驻方面的努力，并探讨了瑞士在财富和投资方面的有利环境。该报告强

在塞浦路斯银行的新定期储蓄。塞浦路斯银行届时将可以选择延长储蓄期限。需要着重

调了人民币对于离岸金融中心的重要性。根据国际货币基金组织的预测，到2016年，中国

注意的是，这些储蓄的利息将会比BoC提供的市场均价高出一些。

将贡献全世界三分之一的经济产量。

该消息一出即得到塞浦路斯当地和国际金融界的普遍欢迎。和之前预测的BoC的

该协会预测，瑞士金融中心在中瑞自由贸易协定生效之后获得可观的推动。“瑞士是

60%的转换率相比，这次的47.5%的比率不仅对BoC的存款人是一针强心剂，也提升了

欧洲第一个与中国签订该协议的国家。”瑞士政府2012年12月表示愿将瑞士作为人民币业

BoC投资者的信心。欧洲中央银行对一级普通股的要求是大于9%，也将大大超过，预测

务的中心。该报告指出，瑞士银行界正在积极展开两国央行之间的人民币互换协议谈判。

在12%左右。BoC接下去的措施将包括一个自愿离职方案和在塞浦路斯缩减分行数量。

这将很大程度上促进瑞士银行的人民币清算能力，降低交易成本，并加强瑞士在欧洲地区

上述手段给该银行一个更加健康和可持续性发展的基础，为投资者赢得更多的信任。

作为人民币业务中心的地位。

这也是政府实现他们稳定经济应对危机的承诺所作出的第一步。

Luxembourg, Switzerland Vie for RMB Crown

Bank of Cyprus Recapitalized with Tier 1 Capital

Competition for Renminbi business is heating up between Switzerland and Luxembourg with both territories reporting details of their success in the area to date. A recent statement from Luxembourg’s Minister for Finance Luc Frieden concerning Luxembourg’s ambition to position itself as the leading international Renminbi center in the Euro area comes on the heels of a report from the Swiss Bankers Association discussing Switzerland’s appeal for Renminbi-denominated wealth and asset management business. Frieden is confident that Luxembourg has firmly established itself as the market leader. He pointed out that Luxembourg is home to RMB40bn (USD6.5bn) in deposits; RMB62bn in loans provided by Luxembourg banks; and about 39 RMB-denominated bonds are listed on the Luxembourg Stock Exchange with a combined value of RMB24bn. Switzerland, too, is vying for a significant share of the market. A recent report released by the nation’s bankers association lays out Switzerland’s efforts to welcome Chinese currency flows, and discusses Switzerland’s conducive environment for wealth and investment. It underscores the importance of the Renminbi for offshore financial centers with China expected to account for more than one third of world’s economic output by 2016, according to IMF estimates. The Swiss Government outlined in December 2012 a blueprint for establishing Switzerland as a hub for Renminbi businesses. Looking ahead, the report notes that efforts are under-way which might eventually lead to the establishment of a RMB-CHF swap line between the People‘s Bank of China and the Swiss National Bank. This would greatly facilitate Renminbi clearing by a bank located in Switzerland, lowering transaction costs and highlighting Switzerland’s position as a European hub for China and Renminbi business, the Association believes.

The Ministry of Finance and the Central Bank of Cyprus have announced on Tuesday 30th July 2013, that the Bank of Cyprus (BoC) has been fully recapitalized by the overall conversion of 47,5% of unsecured deposits into shares in the BoC. More significantly, it has been confirmed that this is the final stage of the Bank’s resolution process and there will be no further measures under the Resolution Law. The Central Bank of Cyprus, in its capacity as the Resolution Authority, has notified BoC that the duties of the Board of Directors are henceforth exercised by the transitional Board of Directors until the Bank holds its Annual General Meeting on 31st August 2013. After recapitalization is completed, the remaining 12% of the deposits that were until today blocked, will be released and will be transferred to a current/sight account within Bank of Cyprus and will be subject to the provisions of any other Decrees issued. The remaining 88% of the total affected deposit will be converted into 3 equal new fixed term deposits with a term of 6,9 and 12 months respectively, within Bank of Cyprus. Bank of Cyprus will have the option to renew the time deposits once for the same time duration. The news was welcomed by the Cyprus local and International business world with great relief and satisfaction. Contrary to popular belief of a BoC haircut of over 60%, the lower percentage of 47.5% not only gives a boost to BOC depositors but also lifts the uncertainty surrounding the BoC. The European Central Bank’s requirement of a Common Equity Tier 1 ratio of 9% minimum is exceeded with the estimates setting it around 12%. Realizing that this is just a small step to the right direction the government and political parties have stressed their commitment and dedication to take all necessary decisions and measures in order for Cyprus to reach its commitments.

Autumn, 2013

NEWS | 新闻

亚洲 ASIA

中国 China

香港 Hong Kong

中国加入反避税多国公约

英属维尔京群岛计划在香港设立办公室

8月27日上午，中国国家税务总局局长王军代表中国政府在法国巴黎经济合作与发展

作为希望和崛起的亚洲金融服务业和旅游业市场加强关系，英属维尔京群岛（BVI）

组织（OECD）总部签署了《多边税收征管互助公约》，中国由此成为该公约第56个签约

计划在亚太地区的办公室将在近期设立于香港。BVI总理Orlando Smith博士和荣誉博士在

方。王军在签约仪式上说，该协议在中国经济转型升级之际签署，标志着中国税收领域的

2013年政府预算中，他宣布亚洲的办公室将设立在金融中心的香港。

改革开放进一步深化和扩大，具有重要积极意义。他还说，中国积极参与国际税收合作，

总理表示：“我们已经对这个在远东扩展市场和加强经贸关系的计划做了很长时间的

展现了一个负责任大国的形象。

准备。因此，政府决定在香港设立这么一个办公室来服务整个地区的需求。”此外他还表

近年来，在外资不断进入中国的同时，中国对外投资快速增长。签署该公约，将有

示该地区办公室的功能将包括亚太地区的外交代表、加强BVI政府部门在这个地区的声音

利于中国进一步扩大国际税收征收网络，拓展国际税收合作的广度和深度，有利于提高中

传达，并且向该地区居民推崇BVI的旅游业和投资机会等。

国对跨境纳税人的税收征管和服务水平。出席了签署仪式的OECD秘书长安赫尔古里亚表

BVI金融服务商业发展委员会主席Lorna Smith女士最近也造访香港，为在BVI开设办公

示，中国今天兑现承诺，签署了《多边税收征管互助公约》，二十国集团成员至此已全部

室做前期准备工作。她为该办公室的官方和物流安排做准备。政府也在近期寻找一名专业

加入这一公约。他高度中国在国际税收合作领域发挥了重要作用，他认为，中国未来还将

人士在该办公室开业后主持工作。

与经合组织保持密切合作，进一步推动这一领域的合作与发展。

这将会是BVI在海外地区开设的第二家办公室。十多年前，Smith女士也主持筹办了

《多边税收征管互助公约》是一项旨在通过国际税收征管协作，应对和防范跨境逃、

BVI在英国伦敦办公室以服务该岛在欧洲地区的工作。她还出任该办公室的首任主任。作

避税行为、维护公平税收秩序的多边条约，由OECD和欧洲委员会于1988年1月共同发

为主任，她领导了一系列的大型活动，其中包括利用“海外国家和辖地协会”来加强和欧

起，1995年4月1日生效。该公约原只向OECD和欧洲委员会的成员开放，2010年5月27

洲国家的关系，建立“BVI议会垮党派小组”和“BVI联谊会”。BVI亚洲办公室将和BVI伦

日，两组织响应二十国集团号召，按照税收情报交换国际标准，通过议定书形式对公约进

敦进行相似的工作内容，但会着重于金融服务工作，因为亚洲地区是该岛的最重要市场。

行了修订，并向全球所有国家开放。

英属维尔京群岛政府也将不断加强对该岛旅游业和金融服务业的支持。

China Joins Global Combat Tax Evasion Efforts by Signing Multilateral Tax Convention

BVI Forges Ahead With Opening of Asia Office

China on Aug. 27th signed the multilateral convention on mutual administrative assistance in tax matters to boost its participation in global efforts to combat tax avoidance and evasion by cooperating with other states in the assessment and collection of taxes. Wang Jun, Administrator of the State Administration of Taxation of China, signed the convention on behalf of the Chinese government, in the presence of Angel Gurria, Secretary-General of the OECD, at the headquarters of the OECD in Paris. By signing the Convention, China became the 56th signatory to the multilateral agreement designed to facilitate international cooperation among tax authorities to improve their ability to tackle tax evasion and avoidance and ensure full implementation of their national tax laws, while respecting the fundamental rights of taxpayers. “This is the first multilateral tax instrument that has ever been signed by China,” Chinese Administer Wang Jun told the audience at the signing ceremony. He said the signing of the convention is of significance as it comes at a time when China has begun economic transition, marking a new step in opening-up and reform in tax matters. Hailing China’s participation in the convention, OECD chief Gurria said: “Today’s signing is both timely and important. The G20 has endorsed automatic exchange of information as the new global standard. This also represents another significant step in the strengthening of collaboration between China and the OECD.” Developed by the OECD and the Council of Europe in 1988, the convention on mutual administrative assistance in tax matters is the most comprehensive multilateral instrument available for tax cooperation and exchange of information.

As part of its strategy to boost ties with emerging markets in financial services and tourism, the BVI Government is forging ahead with plans to open a representative office in the Asia/ Pacific region in the coming months. In his 2013 Budget Address, Premier of the Virgin Islands Dr. the Honorable D. Orlando Smith, OBE announced the Government’s plans to open an office in Hong Kong as the Territory’s Asian regional hub. The Premier said, “We have long viewed the establishment of a Far East BVI Representative Office as a major component of the strategy to expand and deepen the commercial footprint of the Territory’s financial services sector in this important market. In this regard, this government has decided to establish a modest office in Hong Kong to service that region.” Chair of the BVI’s Financial Services Business Development Committee, Mrs. Lorna Smith, OBE, recently travelled to Hong Kong to prepare for setting up the new BVI Office. She will be making the official and logistical arrangements to allow for the office’s official opening. Government is currently recruiting an experienced professional to serve as the Head of the Office once it is established. This will be the BVI’s second office established in a major international region. More than 10 years ago, Mrs. Smith was responsible for successfully establishing the BVI London House in the United Kingdom to serve London and the European region. She also served as the first director of that office. As director, she led a number of major initiatives, including strengthening ties with the European Community through the Overseas Countries and Territories Association, the establishment of the BVI All Party Parliamentary Group and the Friends of the BVI. The Government of the Virgin Islands remains committed to further enhancing the Territory’s tourism and financial services industries. 2013, Autumn CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

如何在婚姻破裂时避免人财两空 How to Avoid the Loss of Wealth due to Marriage Breakdown

在

司法实践中，婚姻关系的变化是分割财产的重要因素之一，因此西方国家企业家都会事前通过各种安排

来尽量保住自己的财产，签署婚前协议、各自设立信托、遗产分配等等无所不用其极，其中签署婚前协议和设立信托就是重要的措施之一。以著名影星汤姆·克鲁斯为例，通过签署婚前协议对各类财产归属进行了界定，在和著名影星妮可·基德曼离婚时，身价超过 3 亿美金的汤姆·克鲁斯仅按照婚前协议支付了妮可·基德曼 430 万美元和两栋约值 1050 万美元的豪宅。对于刚与之离婚的妻子凯蒂 - 霍尔姆斯，汤姆·克鲁斯同样签订了了婚前协议，同时还为凯蒂和女儿苏瑞成立了 1500 万美元的信托。在汤姆·克鲁斯的婚姻面对无法维持的状况，两个人并没有发生外界预期的财产纠纷，而是根据婚前协王昊 Hao Wang

议由男方支付了女方 2500 万美金的赔偿金。

北京瑞银律师事务所

这种通过签署婚前协议和设立信托而提前安

高级合伙人 Lawyer

排婚姻关系和财产的方式，既保护了自身的

www.rayyinlawyer.com

财产不被过度分割，又保证了其前妻凯蒂和

wh@rayyinlawyer.com

女儿苏瑞的权益。

北京瑞银律师事务所创始合伙人之一，全球受托人与财产管理从业者协会 (STEP) 唯一中国大陆地区的会员。她又是英国卫达士律师事务所的外国律师。该律所是全球最著名的信托律师所，管理着英国四分之一富翁的财产。 Ms. Wang is the founding partner and managing partner of RayYin & Partners P.R.C Lawyers. She specializes in foreign investment, trusts, merger & acquisition, financial market and corporate. Apart from advising trust companies on corporate or commercial trusts, Ms. Wang also has rich experience with estate planning for wealthy individuals.

Autumn, 2013

无独有偶，近期离婚新闻轰动世界的传媒大王默多克也采用了这种方式保护自己的资产。默多克将自己的家族股份设置了单独的家庭信托，并根据需要设置了受益人范围、份额和享有的权利，通过信托本身的风险隔离功能和婚前婚后的几份婚姻约定，保证了家族企业的股权和财产的保全。根据一系列措施，专业人士预测，两人离婚后邓文迪只能拥有为其女儿们的设立的信托项下的权利，而且仅享有受益权，却没有得到参与企业管理的授权，也就是说，她只能定期的领取对应股权的分红，但不能支配信托财产。这也是为什么在默多克和邓文迪离婚案件传出后，他的新闻集团的股价并没有如大家预期所预料的受到影响，反而在美上市的股票

n judicial practice, changes in marital relations are an important factor in the division of property. Therefore, entrepreneurs in Western countries often try to maintain their property via a variety of arrangement, including signing prenuptial agreements, setting up trusts and drafting estate distribution plans. Among them, prenuptial agreements and trusts are important measures. Take famous actor Tom Cruise as an example. By signing a prenuptial agreement to define all kinds of property ownership, when he got divorced with actress Nicole Kidman, Cruise, with a net worth of more than US$300 million, only paid Kidman US$4.3 million in addition to two apartments valued at US$10.5 million under the prenuptial agreement. He also signed a prenuptial agreement with his second wife Katie Holmes and they got divorced recently. Cruise set up trusts for Holmes and their daughter Suri for US$15 million. When Cruise was unable to keep his relationship with Holmes, they didn't get involved in asset disputes as expected by the public. According to the prenuptial agreement, Cruise paid US$25 million to Holmes as compensation. Signing prenuptial agreements and setting up trusts to arrange the marriage and property not only protect Cruise's personal assets from being given out in a large amount, but also protect the interests of his ex-wife Katie and their daughter Suri. Coincidentally, in a recent divorce case, media guru Rupert Murdoch also used a similar tool to protect his assets. Murdoch used a separate family trust to own his

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收涨 2.22%。以上所说的信托财产之所以能够避免离婚是被配偶分割，主要的原因在于信托财产的独立性：富翁们一旦设立了信托，被放入信托中的财产的法律所有权就完全转移给受托人即信托公司。用通俗的话来解释，这些财产已经不在富翁们名下了，那离婚时自然就不属于可被分割的财产。而对信托公司而言，它只不过是法律上的所有人，这部分信托财产的受益权归受益人所有。所以设立信托，是目前最好的保护财产、避免被债权人追索的方式之一。龙湖地产主席、中国女首富吴亚军与丈夫蔡奎离婚案中利用信托有效的防范了对上市公司的影响就是其中的案例。据了解，在 2008 年龙湖地产最终上市之前，两者通过设立离岸信托，分别建立了吴氏家族信托和蔡氏家族信托，并分别将双方拥有的龙湖地产股份分别注入这两个家族信托。两个信托是完全不同的独立信托，前者的受益人是吴亚军及其家族成员，后者的受益人是蔡奎及其家族成员。或许在当时设立离岸信托时，相比避税等其他好处，防止婚姻破裂并不是他们首要的考虑因素，但是信托的设立在客观上已经产生了一个无可争议的结果：即在上市前这对曾共患难的夫妻，已经用最理智的方式将其共同创造的财富做了清晰的分割。两者离婚初期对股价造成了不利影响，但资本市场了解这一信托之后，很快恢复对企业的信心，龙湖地产股价很快回升，并保持稳定，避免了股权之争和债务违约等问题，家族信托基金在这次离婚财产分割中起到了重要作用。所以说，为了应对婚姻关系的变化可能对财产的造成的影响，设立私人信托是一个重要的选择。上面提到的家庭信托，通常是用离岸信托的形式办理的。所谓的离岸信托（Offshore Trust），又称海外信托，是指在海外某些离岸岛国家设立的信托。由于这些离岸国家法律对信托的概念及法律制度有相对宽松或特别的政策，因此如果能够做好相关规划与安排，相较国内而言，离岸信托受益人的利益能够得到更多、更好的保护，交纳更少的税赋。越来越多的中国富人也开始为达到子女教育、财产传承和婚姻家庭目的，选择了不同的离岸国家，寻求最佳解决方案。

shares in the family business and defined the beneficiaries, their interests and rights. Through the risk-shielding trust and several marriage contracts, he is able to maintain control over the equity ownership of the family business and related assets. Based on Murdoch's measures, industry insiders expected that after the divorce, Wendi Deng is only entitled to the rights under the trusts set up for their daughters. She will be only entitled to the rights to share the benefits instead of being authorized to participate in the management of the trust. It means that she could only receive dividends for the stakes she owns but couldn't control the property assets. That's why the shares of News Corp didn't drop as expected after the news of the divorce popped out. On the contrary, they closed the day up 2.22%. The reason why the trust assets could escape from being distributed to the spouse after the divorce is mainly due to the independence of the assets: once the rich guys set up the trusts, the legal ownership of the assets under the trust will be totally transferred to the trustee: the trust company. In a word, these assets are no longer under the name of the rich people; therefore they don't belong to the assets that should be separated in the divorce. As for the trust company, it's only the owner of the assets in a legal sense but the benefits of the assets should go to the beneficiaries. So setting up a trust is the best solution to protect assets and avoid claims from the creditors. Longfor Properties president and China's richest woman Wu Yajun used the trust to effectively prevent her divorce with

Cai Kui from impacting the listed company. It is said that the couple set up Wu Family trust and Cai Family trust separately in 2008 before Longfor got listed. They put their ownership in Longfor into the two family trusts, respectively. The beneficiaries of the Wu Family trust are Wu Yajun and her family members while the beneficiaries of the Cai Family trust are Cai Kui and his family members. When setting up the offshore trusts, the main purpose might not be to protect against the breakdown of the marriage but for other considerations, such as saving tax. However, the establishment of the trusts has yielded undisputable results: the couple has already used the most reasonable way to divide their wealth before the company got listed. The divorce has negatively impacted the stock price shortly after the news emerged, but after market participants understood the trust structure, their confidence soon recovered and Longfor's stock price quickly rebounded and stabilized. Family trusts played an important role in avoiding disputes over stake ownership and debt defaults in the division of property. Therefore, setting up private trusts is a key option to deal with the impact of the change of marital relationship on property. The above-mentioned family trusts are usually in the form of offshore trusts. The so-called offshore trusts are also known as overseas trusts. They are set up in some offshore jurisdictions. As these offshore jurisdictions usually have a relatively loose or special policy toward the concept of trust and related legal infrastructure, the benefits of beneficiaries in offshore trusts can be more and better protected, compared with onshore trusts, via property planning and arrangement with less taxation burden. A growing number of wealthy Chinese have begun to choose a variety of offshore jurisdictions to seek the best solutions in terms of children's education, property succession and marriage purposes. 2013, Autumn CHINA OFFSHORE

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

在奥地利是免税的

奥地利控股公司

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

英属维尔京群岛有限公司

开曼群岛有限公司

租金收入本地税负 :0

Autumn, 2013

瓦努阿图有限公司

咨询收入本地税负 :0

经营酒店本地税负 :0

非洲工厂主动收入本地税负 :0

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

巴拿马有限公司

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

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

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

观点 | OPINION CHINA OFFSHORE

良禽择木而栖——中国富裕家族选择海外家族信托传承财富的动因考证 A Fine Fowl Perches Only on a Fine Tree Research on Motivations behind Offshore Family Trusts for Wealth Succession 陈崖峰 Jeffrey Chen 律师 / 合伙人 Lawyer/Partner 上海辰禾律师事务所 Practising Lawyer Shanghai Chen He Law Firm Member 陈律师的主要执业方向包括跨境投融资、涉外投资架构与税收筹划等。陈律师在各类专业领域贡献自己的专长，他是亚太法学会终身会员，亚洲境外协会常务理事，国际税收筹划协会会员，特许仲裁员协会会员，上海 WTO 事务培训中心人才库成员，上海市律师协会港澳台研究会会员。 Mr. Chen’s major practice focuses on crossborder investment laws, international investment structuring and tax planning. Mr. Chen actively contributes his expertise to various professional activities and has been admitted as Life Member of Law Asia Association, Executive Director of Asia Offshore Association, Member of International Tax Planning Association, Fellow of Chartered Institute of Arbitration, Member of Shanghai WTO Think Thank Database, Research Fellow of Research Institute Hong Kong, Macau and Taiwan of Shanghai Bar Association

作

为一种资产传承工具的家族信托，在海外已经体现出其成熟度和有效性。伴随着国内高净值人群的综合

理财需求日益增长，近年来，国内诸多机构也逐步开始转向使用和推荐信托作为资产传承和财富管理的工具。近期，平安银行首单家族信托和招商银行国内首家私人银行家族信托是这一金融格局和市场期待的反映。这种局面，为家族信托的在我国内地的落地、生根及发展壮大提供了无限的想象空间。然而，对于国内家族信托是否能够落实市场期待，不能盲目乐观。金融服务领域，中国长期以来已经形成并固化了银行、信托、证券、保险四大金融业务的概念，而国际经验和实践表明，信托制度其实是银行业、证券业、保险业等金融机构发展表外资产管理业务不可或缺的制度性工具，不应被隔离在银行、证券、保险三大金融业务之外。从历史背景看，基于中国的《商业银行法》、《保险法》和《证券法》的金融业单行法性质与《信托法》的《民法》特别法的性质，以及中国将所谓“信托业”从银行业、证券业和保险业分离出来的现实，中国信托业在分业体制下的定位，直接导致其在机构性质和业务范围方面属于信托公司业规范而非信托业规范的特征，与国际所认可的正统信托业务相比存在内生性缺陷。中国信托公司所从事的业务，其实质仅为兼营商业银行和投资银行业务的金融业务，不具备家族信托的基本属性。中国《信托法》在对“信托” 的定义中规避了财产所有权变动这一环节是

Autumn, 2013

he family trust has demonstrated its maturity and effectiveness in offshore jurisdictions as a succession vehicle. Thanks to growing demand for integrated wealth management from domestic high net worth individuals, quite a few domestic institutions have started using or recommending trusts as wealth management tools to pass on property. Recently, Ping An Bank offered the first family trust product while China Merchants Bank launched the country's first private-banking family trust, which well reflected market trend and expectations. The scenario has set a stage for family trust to declare roots and expand in China. However, we cannot be blindly optimistic about the development of family trusts in China at the current stage. In China, there are four business sectors in the financial industry: banking, trusts, securities and insurance. From international experience, trust is an inevitable tool for financial institutions to develop business asset management off-balance-sheet. It should not be separated from the other three major financial businesses. From a historical perspective, China's Commercial Bank Law, Insurance Law and Securities Law are part of a single industry law while Trust Law is a special act under the Civil Law. In addition, the so-called "trust industry" is separated from banking,

观点 | OPINION CHINA OFFSHORE

一个明显的佐证。中国《信托法》中未明确规定“家族信托” 的概念，尽管“家族信托（以个人作为委托人，以家族财富的管理、传承和保护为目的信托，受益人一般为本家族成员）”的交易结构并未违反《信托法》的相关规定，其在国内开展并无法律法规禁止，但是，这不代表家族信托在国内开展不存在障碍。事实上，家族信托在我国信托制度下不可避免地会遭遇“信托效力障碍”及“税理优势弱化”等本质上的负面影响。就家族信托的效力而言，由于我国《信托法》对“有关法律、行政法规规定应当办理登记手续”的具体情形尚缺乏明确的配套规定，造成信托财产登记中程序性规范的缺乏以及对信托效力理解上的混乱，很大程度上影响到家族信托在中国的开展。从家族信托在海外市场繁荣发展的重要因素源于有效地规避高额遗产税的角度看，

提前设定海外信托的家族充分利用受益人变动得以安排间接转让中国居民企业股

中国大陆开征遗产税虽有趋势，但其实际征

权，从而一定程度规避或减轻中国税务负担。

收尚不确切，信托活动本身固有的税收策划

Families that have set up offshore trusts ahead of time are taking full advantage of this by changing beneficiaries only so as to arrange the indirect transfer of equities owned by Chinese citizens. It helped them to minimize their tax exposure in China.

和节税功能未能得到有效体现，直接导致委托人在中国设立家族信托的意愿不强烈。那么，中国大陆富裕家族真的不需要信托吗？从资产分布、宏观税负、产业趋势、信托资源等角度，恰恰可以得出海外信托当今在中国“受宠”的结论。首先，经过三十多年的改革开放，中国富裕人群的资产（资金、股权、不动产、动产等）早已经不限于中国大陆单一司法辖区，这直接造成信托事务的处理可能在中国大陆，也可能在海外地区或国家。其次，中国财政部经济建设司发布的《2013 年上半年产业经济运行分析与建议报告》称，当前中国企业税费负担（包括税收、政府性基金、各项收费和社保金等项目）高达 40% 左右，超过 OECD 国家的平均水平；而在中国偏高的宏观税负环境下，中国居民的实际经济福利也存在减少趋势。数据表明，1997 年至 2012 年期间，中国城镇家庭的名义人均收入的平均增速为 11%，农村家庭则为 9%，可见居民层面的名义收入也远低于最窄口径计算的税负增速（即：1994 年的 11%，2003 年的 15% 和 2012 年的 20%），所谓“被逼移民（包括身份和资产）” 的叹息并非庸人自扰。

securities and insurance industries in China. Under such a scenario, the institutional features and business scope only apply to trust companies instead of forming standardized rules for the whole trust industry. It makes Chinese trust feature endogenous defects when compared with internationally recognized trust business. The businesses conducted by Chinese trust companies are actually running commercial and investment banking services. They do not have the basic features of a family trust. The definition of trust in China's Trust Law avoids a change of a property ownership, which is clear evidence of its deviation from traditional trusts in offshore jurisdictions. Trust Law in China has not yet clearly defined the term "family trust", though the structure of it (with settlement aiming to manage, pass on, and protect family wealth, and family members as beneficiaries) doesn't violate the related provisions of

Trust Law. There are no rules or regulations in China that prohibit establishing a family trust. However, it doesn't mean family trusts do not face challenges in the domestic market. In fact, a family trust will inevitably face a negative impact of "inefficiency" and "weakened taxation advantages" under the trust regime. Speaking of its effectiveness, as Trust Law has yet to clarify on detailed situations for necessity of registration under relevant laws and administrative regulations, registration of trust assets lacks standardized procedure, which significantly effects the use of family trusts in China. The boom of family trusts in overseas markets results from their effectiveness to avoid high inheritance tax. Although China is expected to impose inheritance tax, there are no details on how and when the tax will be applied. The taxation planning and tax saving features of trusts have yet to be fully 2013, Autumn CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

再次，纵观“ 中国家族企业对中国 GDP 贡献超过一半、家族企业吸纳的就业人口占社会就业总人口的 75%”以及“中国大陆 84.5% 的民营企业是家族企业、未来 5 到 10 年大约 3/4 的家族企业面临交接班” 这两个现象，再考虑到“仅 18% 的企业家后代愿意主动接班”、“多数后代更亲睐网络、电子商务、VC、PE”的趋势，不难看出，中国家族企业拟采取有效途径抵御“富不过三代”的宿命可以说是一个“刚性需求”。最后，中国的国税总局 698 号文实施以来，某些提前设定海外信托的家族充分利用受益人变动得以安排间接转让中国居民企业股权从而一定程度规避或减轻中国税务负担的故事，逐步广泛流传，凸现海外信托在便利性、隐蔽性的积极作用，尤其在进一步扩大中国富裕家庭利用海外信托引导家族资产传承的需求方面存在推动作用。而中国自 2011 年 4 月 1 日起施行的《涉外民事关系法律适用法》第十七条“当事人可以协议选择信托适用的法律。当事人没有选择的，适用信托财产所在地法律或者信托关系发生地法律”的规定，更从民事法律关系意思自治的角度给予中国富裕家族设立海外家族信托提供了坚实的法律基础。从以上制度和现象分析，可以认为，海外家族信托在今后一段较长时期内，仍将在国人选择资产传承工具中占据优势地位。毕竟，如果中国的信托制度改革在承认和借鉴国际通用理念方面不能运用充分的智慧和豁达，处理好制度设计、配套政策、金融创新等方面的问题，海外信托通过长期实践所形成的在契约优先、意思自治、人才储备、税收刺激、服务广泛等方面的优势地位，依然难以被动摇。

Autumn, 2013

reflected in China, making Chinese residents not so keen on setting up family trusts. With mainland Chinese wealthy families in need of trusts, we come to the conclusion that offshore trusts are "favored" in China when considering asset allocation, gross tax burden, industry trends and trust resources, First of all, assets of affluent Chinese (funds, equities, real estate, personal property, etc.) are no longer limited to mainland China after thirty years of reform and opening up. Therefore, trust activities could occur either in mainland China or overseas countries and regions. Secondly, the economic department under Ministry of Finance issued the "Analysis and Recommendation Report for Economic Industrial Operation for the First Half of 2013", showing that the taxation and fee burden of Chinese enterprises (including taxes, governmental funds, various fees and charges, social security payments, etc) accounted for 40 percent of profit, exceeding the average level of OECE countries. As China's macro tax burden is higher, real economic benefits that could be enjoyed by Chinese residents stage a decreasing trend. Data show that China's nominal per capita income of urban households posted the average growth rate of 11% while those for rural households registered a 9% growth during the period from 1997 to 2012. Income growth was apparently lower than the increase of taxation using narrowest parameter (11% for 1994, 15% for 2003 and 20% for 2012). The so-called "forced emigration" (including nationality and assets) is not just a joke. Thirdly, Chinese family businesses have contributed more than half of China's GDP while their employees accounted for 75% of the total employment. In mainland China, 84.5% of private enterprises are family businesses and three-fourths of them will face a succession issue in the next 5 to 10 years. But only 18% of the secondgeneration of successful entrepreneurs

are willing to take the reins of family businesses, since most of them prefer Internet, e-commerce, VC and PE. Therefore, we come to a conclusion that there is a "rigid demand" from Chinese family businesses to combat the fate of "wealth being unable to be extended beyond three generations." Finally, ever since the No. 698 Circular of China's State Administration of Taxation was issued, families that have set up offshore trusts ahead are taking full advantage by changing the beneficiaries only so as to arrange indirect transfers of equities owned by Chinese citizens. It helped them through tax avoidance or optimization in China. Such successful stories have been widely spread and highlighted the convenience and confidentiality of offshore trusts, by playing a positive role in promoting offshore trusts among wealthy Chinese families for asset succession. China unveiled the Law of Application for Foreign Civil Relations on April 1, 2011, which stipulates that "parties concerned may choose the laws applicable to trust by agreement. If the parties decide not to choose, local trust laws or laws of conclusion of fiduciary relation shall apply." It provides solid legal infrastructure for Chinese wealthy families to set up offshore family trusts due to autonomy of will. From the above analysis of systems and phenomena, it is believable that offshore family trusts will be the preferred option among Chinese in terms of asset succession. After all, if China is not wise or open-minded enough in acknowledging and borrowing internationally recognized concepts during the reform of the domestic trust system, or fails to address the core of infrastructure planning, policy support and financial innovation, offshore trusts’ advantageous position, which have been accumulated from its long time practice, through prioritizing the contract in promoting autonomy of will, setting up a talent pool, offering tax incentives and providing a variety of services, is still difficult to overthrow.

Asia Offshore Summit Bangkok, March 26th-27th, 2014

AOA Delegate Registration Fees: · Prebooking - USD 1,800 · After August 30th - USD 2,000

Program Overview

Who Should Sponsor & Attend

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

Senior Level Managers of the Following:

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

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

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

www.asiaoffshore.org

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2013 TRUSTS FOUNDATIONS 2013, Autumn&CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

信托和基金会一切渐入佳境 Trusts and Foundations Change for the Good

亚

洲 / 太平洋地区——变化的十年： 2002 年，新加坡决定修订《受托人法》，作为其发展财富管理行业

的一项举措。该修订案于 2004 年底开始生效。这些变化是保守的。新加坡并不希望与现有的“离岸”金融中心进行比较，以免让大家对离岸中心的不良感觉影响新加坡的地位。因此，这些改变包括： ·指定最长的存续期为 100 年 ; ·允许信托在存续期内实现收入的积累 ; ·给予受托人法定的谨慎责任，其中涉及投资、委托、代理及保管、薪酬及保险的权力。这种责任和权力是以 2000 年英国信托法 2000 为蓝本的 ; ·允许只让财产授予人保留投资及投资管理的权力 ;

Mark Lea 合伙人 / 执行董事 Managing Director Lea & White 国际顾问有限公司 Lea & White International Advisers Limited

自从 1971 年以来，Mark Lea 一直关注国际财产规划和结构以及国际比较税务。作为英国最成功的省级律所的合伙人和主席，他选择常驻亚洲，并且于 1995 年获得香港执业律师资格。 Since 1971, Mark Lea has been concerned with international estate planning and structure and international comparative taxation. Having been a partner and then Chairman in one of the UK's most successful provincial law firms, he moved permanently to Asia and was admitted to practice as a solicitor in Hong Kong in 1995.

·引入了反强制继承权。在新加坡做出改变后，香港开始有所反应。其对《受托人条例》的修订与新加坡所采取的方法相类似。在大约 9 年后，香港修订后的受托人条例将从 2013 年 12 月 1 日开始生效。其中的条例与新加坡类似，但有以下区别： ·信托可以是永久的 ; ·成年、有行为能力的受益人可以共同要求终止信托。作为离岸中心，这些司法管辖区依靠它们所能够提供的能力、专业知识和基础设施来吸引企业，而不是它们相应的法律所能够提供的功能范围。马来西亚（纳闽）于 2007 年决定提供大幅修订和引入新的法律，其中包括那些涉及到信托、基金和有限责任合伙制的法律。在考虑这些变革时，马来西亚选择考虑借鉴任何司法管辖区的所有现行法律，同时也考虑进行创新。它希望为那些将使用该司法管

Autumn, 2013

Decade of Change in Asia/Pacific: In 2002 Singapore decided, as part of its drive to attract wealth management, to amend its Trustees Act. The amendments came into effect late in 2004. These changes were conservative. Singapore did not wish to be compared with existing “offshore” financial centres lest the perceived stigma of that should affect the standing of Singapore. Therefore the changes were: • To have a maximum specified perpetuity period of 100 years; • To permit the accumulation of income throughout the continuation of the Trust; • To provide for a statutory duty of care for Trustees, which can be contacted out of and which relates to the powers of investment, delegation, nominees and custodians, remuneration and insurance. This duty and these powers were modeled on the UK Trustees Act 2000; • To permit reserved powers of investment and of investment management only to a Settlor; and • To provide for anti-forced heirship. Hong Kong reacted to the changes in Singapore and its approach to the amendments to the Trustee Ordinance has been similar to that taken by Singapore. After some 9 years, Hong Kong will affect the changes from 1st December 2013. These will be similar to those for Singapore, with the following differences: • Trusts can be perpetual; • Beneficiaries of full age and capacity can together require the Trustees to terminate

观点 | OPINION CHINA OFFSHORE

照片提供 Photo by Zap Photos

辖区的人们尽可能多地提供合法和合适的机会。因此，纳闽岛能够提供的一些额外功能如下： ·信托默认为拥有永久的存续期，但是能够选择任何固定期限，期限可以缩短或延长；从固定期限改为永久信托，反之亦然 ; ·允许信托在存续期内实现收入的积累 ; ·与泽西岛和开曼群岛相比，尽可能多地保留了财产授予人的权力 ; ·给予保护人任何主动或被动的权力；并且根据信托的条款，提供重要但有限的默认权力 ; ·“纳闽特别信托”（LST）与“VISTA”（维尔京群岛特别信托法）相类似。这使得纳闽信托能够保留并且不稀释纳闽公司的股份，允许该公司的董事控制并且管理该公司的业务和投资，受托人不需要对董事的行为或者疏忽负责任； ·为受托人的审慎责任提供一项审慎人测试，与此前提到的受托人权力方面的条款相类似； ·提供目的信托，这可能有利于受益人，可以用于慈善及非慈善用途。一旦目的结束时，信托可以有利于受益人以及其他用途 ; ·提供慈善信托，慈善目的的定义非常广泛，财产授予人可以行使慈善的目的。南太平洋深处的萨摩亚一直以来能够提供许多的财富管理解决方案，但是该国已决定修改其法律和引入新的法律，旨在让相应的解决方案符合时代潮流并且有所创新。它追寻改变的方式与纳闽相类似。除了对国际和有限合伙法和信托公司法进行的修订以外，该国还希望引入一项新的信托法和基金会法，目前都正在最后敲定。拟引入的信托法将提供所有纳闽能够提供的优势，并且额外（或者进一步）提供以下内容： ·萨摩亚国际特殊信托安排（“SISTA”），这与 VISTA 和 LST 相类似 ; ·信托和有限责任合伙一起带来的法律确定性。这使得萨摩亚信托的受托人能够将有限合伙企业中有限合伙人的利益作为信托的资产进行持有并且不摊薄，还使得一般合伙人能够控制和管理有限合伙企业的业务和投资，而受托人无需为一般合伙人的行为或者疏忽承担责任 ; ·萨摩亚的信托可以使用任何语言，前提是

作为离岸中心，司法管辖区依靠它们所能够提供的能力、专业知识和基础设施来吸引企业，而不是它们相应的法律所能够提供的功能范围。

Jurisdictions rely upon the ability, expertise and infrastructure which they offer to attract businesses into them as a hub, rather than the scope of the features offered by their respective legislations. the Trust These jurisdictions rely upon the ability, expertise and infrastructure which they offer to attract business into them as a hub, rather than the scope of the features offered by their respective legislations. Malaysia (for Labuan) decided in 2007 to provide substantially amended or new laws, which included those relating to Trusts, Foundations and Limited Partnerships. In considering change, Malaysia was prepared to consider all existing laws in any jurisdiction as well as innovation. It wished to provide those who would use the jurisdiction with as much opportunity as may be both legal and appropriate. Thus, examples of some additional features which are offered by Labuan are as follows: • A perpetual trust period as a default provision but with the ability to choose any fixed period instead, which can be shortened or lengthened, and to change from a fixed period to a perpetual trust or vice versa;

• To permit accumulation of income throughout the continuation of the Trust; • To provide the widest possible reserved powers to a Settlor, similar to those offered by Jersey and the Cayman Islands; • To enable a Protector to be given any proactive or reactive powers and, subject to the terms of the Trust, to provide important but limited default powers; • The introduction of “the Labuan Special Trust” (“LST”), which is similar to “VISTA’ (the Virgin Islands Special Trusts Act. This permits a Labuan Trust to retain and not to diversifying the shares of a Labuan company and permit the directors of that company to control and manage that company’s business and investments without the Trustees being liable for the acts or omissions of the directors; • To provide a prudent man test for a Trustee’s duty of care with similar provisions relating to Trustee’s powers mentioned before; • To provide for Purpose Trusts, this may 2013, Autumn CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

受托人拥有并且保留经认证的英文译本 ; ·就形式而言，受保护的资金信托与受保护的单元公司相类似 ; ·商务信托与新加坡的概念相似。泽西岛拥有基金会法，而耿西岛最近也通过了类似的法律。纳闽岛的基金会法于 2010 年开始生效，而库克群岛于 2012 年通过了基金会法。萨摩亚也即将引入基金会法，该岛已经从此前的法律中获益，并且能够自己进行一些创新。萨摩亚基金会的一些特点可能包括： ·创立者能够保留最广泛的权利和权力，并且将这些分配给一个或者多个人，让他们也能够平等地享受这样的权利和权利 ; ·像耿西岛一样区分不需通知的受益人和需通知的受益人，前者没有知情权，而后者拥有知情权 ; ·设有监护人来维护不需通知的受益人的权益和目的的执行 ; ·如果需要的话，设有监事人来监督理事会的行动，但是不能代替理事会（纳闽岛允许这么做）;

南太平洋深处的萨摩亚一直以来能够提供许多的财富管理解决方案，但是该国已决定修改其法律和引入新的法律，旨在让相应的解决方案符合时代潮流并且有所创新。

Deep in the South Pacific, Samoa has long offered many wealth management solutions but has decided to amend its laws or to have new laws to modernize solutions and to be innovative.

·基金会法能带来类似信托法的好处，但是在这里基金会需要与有限责任信托相结合; ·与库克群岛和纳闽岛一样，在基金会法中引入与欺诈处置相关的资产保护条款，以及其他司法管辖区信托法中所拥有的与境外强制继承权和境外索赔或判决的执行相关的条款。 ·提供驻地代理，它必须是持牌的萨摩亚信托投资公司。它拥有特定的职责，但并不一定是理事会的会员，与泽西基金会法下的“合格人士”相类似 ; ·能够使用任何语言制定章程和规则，前提是驻地代理拥有经过公证的英文翻译 ; ·提供与萨摩亚信托法规定相类似的受保护基金会（如受保护信托）以及在相同的程度和范围内的“慈善目的”基金会。萨摩亚已经颁布了《特殊目的国际公司法》。特殊目的国际公司（SPIC“）是公司和基金会的混合产物。与基金会一样，它没有“股东”，但它是一个注册的法人实体，由董事进行管理，拥有组织章程大纲及细则。它最终必须以慈善为目的，但在存续期间，它可以开展任何

Autumn, 2013

benefit persons, as well as purposes both charitable and non-charitable. When the purpose ends, the Trust may benefit persons as well as other purposes; and • To provide for Charitable Trusts, with a very wide definition of charitable purpose and the ability for the Settlor to enforce the charitable purpose. Deep in the South Pacific, Samoa has long offered many wealth management solutions but has decided to amend its laws or to have new laws to modernize solutions and to be innovative. Its approach to change has been similar to that of Labuan. Apart from proposed amendments to its International and Limited Partnership Act, and to its Trust Companies Act, it intends to have a new Trusts Law and Foundations Law and these are drafted and being finalized at present. The proposed Trusts Law will offer all that Labuan does and additionally (or by way of further example) will offer: • The Samoa International Special Trust

•

• • •

Arrangement (“SISTA”), which is similar to VISTA and to LST; The statutory certainty of the benefits of a Trust combined with a Limited Partnership. This enables the Trustees of a Samoan Trust to hold as the asset of the Trust the interest of the Limited Partner in a Limited Partnership (whether or not governed by Samoan law) and not to diversify that and to permit the General Partner to control and manage the business and investments of the Limited Partnership without the Trustees being concerned day to day or liable for the acts or omissions of the General Partner; Samoan Trusts may be in any language, provided that the Trustees have and retain a materially certified English translation; Protected Funds Trusts, which, in trust form, will be similar to protected cell companies; and Business Trusts, similar to the concept in Singapore.

观点 | OPINION CHINA OFFSHORE

业务，在必要时需要获得授权。与基金会一样，创始人可以拥有相应的权利，必须包含在创始人权利证书中。该创始人权利证书的持有人必须是一家持牌的萨摩亚信托投资公司。亚洲国际金融中心的吸引力：在考量亚洲的信托和基金会法在过去十年中的主要变化时，重要的一点是要看它们产生了什么样的利益以及为什么。由于大西洋地区成熟国际金融中心所面临的问题以及它们所面临的压力，信托公司和专业顾问正在不断向东寻找。例如，对信托公司进行监管是必要且值得欢迎的，但如果监管提升到一定的地步，使得其成为监督而并不监管时，复杂的管理要求将会使得成本上升。这样的经济影响也让企业转向了东方世界。在亚太地区建立信托公司和专业服务供应商不仅能够利用相关法律变化带来的好处，而且能够为亚洲繁荣的市场提供服务。因此，亚洲的国际金融中心不仅得益于欧洲市场的没落，而且成为了能够为亚洲家庭提供服务的金融中心，这些家庭越来越需要信托和基金会结构来用于家族继承、资产保护以及避免遗嘱认证。通常，亚洲的司法管辖区拥有较低的税率，此类结构经常被用来从事上述用途，特别是持续的家族控制和治理。当然，在高税率司法管辖区的企业、投资和家族成员也可能获得完全合法的税收减免，但是经验表明，税收减免并不是推动因素。在这方面，认为国际金融中心的繁荣是因为涉嫌逃税或避税的看法是不正确的。对持有这这种观点的人来说，他们最好能够更仔细地看看他们自己的司法管辖区是否拥有类似的问题。因此，我们需要考虑下能够利用亚太地区财富管理解决方案相关优势的结构形式。通常，客户是企业主，控制着一家或者多家公司，这些公司的净值可能非常巨大。为了实现家族继承、资产保护和避免遗嘱公证，客户很可能会要求保留日常的控制权。就保留控制权的目的而言，考虑建立一个信托与有限责任合伙相结合的结构，能够帮助客户实现这一目标。在这方面，萨摩亚信托将拥有立法保护。根据有限责任合伙法（而不是信托法），一般合伙人将保留控制权。与 VISTA 不同，这种结构并不属于特定的

Jersey has Foundations Law and Guernsey has recently passed such law. Labuan has foundations Law which came into force in 2010 and the Cook Islands have passed Foundations Law in 2012. These are soon to be followed by Foundations Law in Samoa, which has benefitted from those previous laws and yet offers some innovations of its own. Some of the features of the proposed Samoan Foundations are likely to be as follows: • The ability of the Founder to reserve the widest rights and powers and to assign those to another or others who can equally assign them; • Like Guernsey to differentiate between Non-Notifiable and Notifiable Beneficiaries, the former not being entitled to information and the later being so entitled; • To have a Guardian to enforce the interests of Non-Notifiable Beneficiaries and a purpose; • If so desired, to have a Supervisory Person to supervise the actions of the Council, but not in lieu of the Council, as permitted in Labuan; • To bring to Foundations Law benefits similar to those in Trust Law but here combining a Foundation with a Limited Partnership; • To bring to Foundations Law, as in the Cook Islands and Labuan, the provisions for asset protection concerning fraudulent dispositions and also from foreign forced heirship rights and the enforcement of foreign claims or judgments, as would be found in the Trust Law of the relevant jurisdictions; • To provide for a Resident Agent, which must be a licensed Samoan Trust Company, with particular duties but not to be a compulsory member of the Council as with a “qualified person” under Jersey Foundations Law; • To have the Charter and Rules in any language, provided that the Resident

Agent holds a Notarially certified English translation; • To provide, similarly to Samoan Trusts Law, for a Protective Foundation (like a Protective Trust) and for “charitable purposes” to the same extent and scope Samoa has already enacted the Special Purpose International Companies Act. A Special Purpose Int'l Company (“SPIC”) is a hybrid between a company and a Foundation. Like a Foundation, it has no “shareholders” but it is a registered legal entity run by directors and governed by its Memorandum and Articles. It must ultimately be for the benefit of charity but during its existence it may carry on any business, licensed if necessary. Like a Foundation there can be Founder’s rights, which are contained in a Founder’s Rights Certificate and the Holder of the Certificate with many powers and duties has to be a Samoan licensed Trust Company.

The Attraction of Asia International Financial Centres: Having considered the main changes in Trusts and Foundations laws in Asia over the last decade, it is important to see what sort of interest they generate and why. With problems facing the established Atlantic International Financial Centres and pressures placed upon them, Trust Companies and professional advisers have been looking East. Regulation, for example of Trust Companies, is necessary and welcome but, if regulation increases to the point where its nature becomes supervisory rather than regulatory, complex administrative requirements drive up costs. This economic affect has also seen business shift East. Seeking to establish Trust Companies and firms providing professional advice in Asia Pacific not only positions administrative ability and such advice to take advantage of the changes in legislation referred to but assists in servicing the burgeoning markets in Asia. The Asian 2013, Autumn CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

司法管辖区 ; 信托的建立可以遵循某一个司法管辖区的法律，而有限合伙企业可以遵循另一个司法管辖区的法律。如果需要的话，企业合伙人通常可以遵循不同的法律。一般合伙人将会拥有全部的日常控制权，即便它只在有限责任合伙企业中占有很小比例的股份。如果一般合伙人是企业，这将带来延续性，可以通过使用有限责任遗嘱处理股份、股东协议以及备任董事的委任来实现持续的控制。用于有限责任合伙的法律可以是纳闽岛、耿西岛、萨摩亚或新西兰的法律。作为一般合伙人的企业通常会在英属维尔京群岛进行注册，但是也有许多公司在萨摩亚进行注册。有限责任合伙人一般会进行注册，可以一个由受托人所拥有的代理人，为受托人持有股份。此类信托通常为全权信托，一般都有一名保护人（可以是财产授予人）和继承保护人，他们用权力罢免或者任命受托人，并且拥有其他有限但非常重要的权力。如果需要遵从保守的信托法，那么一些人会选择在具有实质业务的司法管辖区建立信托，比如香港。通常，一般合伙人将会为有限责任合伙公司的合伙人持有相关控股公司的股份，股份比例按照他们在有限合伙公司中的比例来决定。控股公司将持有相关的资产。这仅仅是众多例子中的一个。正如太阳马戏团建议的，“在家请不要这么做”。您需要寻求谨慎而正确的意见。使用这种结构的一个例子是：那些拥有适当权限将资产或者资金移至中国境外的中国居民，这些人希望在中国以外的地区建立运营公司的架构，并且保留控制权。如果这种结构被引入中国，那么它将减少资本方面的税收。这同样会减少该结构利润遣返在中国需要缴纳的所得税。客户真的可以来自任何地方，他可以合法地建立相应的结构，不需要担心不利的税收或者费用影响。

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International Financial Centres therefore not only benefit from legitimate European fall out but also as hubs to service Asian families who increasingly need Trust and Foundation structures for family succession, asset protection and avoidance of probate. Often Asian jurisdictions have low taxation and such structures are frequently set up for the reasons stated and particularly for ongoing control and family governance. Certainly there may be entirely legitimate tax mitigation for business, investments and family members situated in high tax jurisdictions but experience shows that tax mitigation is not the driver. In this respect the view that International Financial Centres thrive on tax evasion or avoidance is incorrect and it might be more correct for those, who may put forward this view, to look more closely at their own jurisdictions for the symptoms of the perceived abuse they refer to. Therefore, it is perhaps suitable to consider what is merely one example of a form of structure using the benefits of the wealth management solutions which are, or will shortly be available in Asia Pacific. The client is frequently the owner and controller of one or more operating companies, which may be of substantial net value. To achieve family succession and protection, asset protection and avoidance of Probate, the client is likely to insist upon retention of day to day control. For the purpose of retention of control the consideration of a Trust with a Limited Partnership offers an example of the structure available to achieve this. The use of a Samoan Trust will have the certainty of legislative protection for the structure. Control is retained by the General Partner under Limited Partnership law and not under Trust law. Unlike, say, VISTA, this structure is not jurisdictional specific; the Trust can be governed by the law of one jurisdiction, the Limited Partnership by another and corporate partners but others, if that is what is required. The General Partner

will have total day to day control, even if it holds a small percentage interest in the Limited Partnership; if the General Partner is corporate, this will provide continuity and ongoing control may be provided through Limited Wills disposing of the shares, a shareholders’ agreement and the appointment of reserve directors. Perhaps the law governing the Limited Partnership could be, say, that of Labuan, Samoa, Guernsey or New Zealand. The corporate General Partner has often been incorporated in BVI but may now frequently be Samoan. The Limited Partner is usually corporate and may be a nominee owned by the Trustee and holding its interest for the Trustee. The Trust will usually be discretionary and will often have a Protector, who may be the Settlor, and successor Protectors, with power to remove and appoint Trustees and other suitable limited but important powers as necessary. Some may prefer a Trust in a jurisdiction of perceived substance, such as Hong Kong, if conservative Trust law is believed to be sufficient. Often the General Partner will own the shares of a holding company for the partners of the Limited Partnership in the ratio in which they share the capital of the Limited Partnership. The holding company will hold the desired assets. This is merely an outline of one example with endless permutations. As Cirque du Soleil advises, “do not try this at home” but rather seek careful and proper advice. An example of the use of such a structure would be Chinese residents who have proper permission to externalise assets or funds outside China and wish to have a structure for operating companies outside China with retained control. This may save capital taxation later if this is introduced into China. It may also reduce Income Tax in China on distributions remitted from the structure. The client could really be from anywhere where without adverse tax or cost consequences, he is legitimately able to establish the structure.

观点 | OPINION CHINA OFFSHORE

2013 中国高净值人士的全球财富管理的新透视 New Perspective Into Global Wealth Management of Chinese HNWIs in 2013

引

子：2013 年的夏天出奇的炎热，正如全球经济的引擎因为太热而正失去他本来的动力。梁启超说：“穷

则变，变则通，通则久”，这位中国改革派的一代宗师的话语今日读来，仍然是振聋发聩。世界经济真的失速了吗，其实不然，她只是进行一次更大一点的重整，我们需要的是面对变化的勇气、等待机会的耐心和重开天地的气概。与其说中国是古老的，不如说中国是一个最年轻的国度：一方面唱空中国的论调四处蔓延，而且已经不是什么新闻；另外一方面从政府到民间改革的呼声和行动一直象热气腾腾的一桌川菜，不太完美，有点辣，但众人都禁不住拿起了筷子。变革是大有可为的前提，2013 年财富管理圈子的动

刘有辉

静尤其的大，一位圈内的律师在微信上调侃

CIL GROUP LTD

说：“今日财富管理界八仙过海，各显神通，

执行董事资深咨询顾问 Senior Consultant and Executive Director michael@cil.bz

再过两三年，谁是龙王，谁是龙套就见分晓了。” 中国的高净值这块蛋糕的确很大，而且还在长大，中国的客户比从前更加饥渴需要在隐私、传承和保全方面的专业服务，这

2001 年起从事离岸投资咨询至今，曾运作国际贸易和电子商务公司，精于提供公司结构设计、返程投资、海外投资、合理避税、资产保护、海外信托和海外基金设立等方面的离岸应用方案。

种需求成熟速度远超过了客户自己的预期、

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.

但已经悄悄的担当了中国高净值家庭财富国

Autumn, 2013

专业人士的预期和政府的预期。一本大账不显山不露水的中国私人银行虽然只有几岁，际化的桥梁的主力之一。虽然大多数拿着银行的 VIP 卡的客户还不知道这个业务，但大约在2年前，几大银行的私行部门都推出了“内存外贷”的业务，而且外贷的部分可以与国内的存款是等值的，这意味着，外汇管理局的铜墙铁壁，已经开了几道特殊的闸门。这几个闸门分别是：企业贸易项下的外汇支付，海外房产的内存外贷，海外移民的内存外贷，

ntroduction: The summer of 2013 was unusually hot. Likewise, the engine of the global economy is losing momentum because it’s too hot. Liang Qichao said "Poverty demands change, change carries development and permanence follows development.” The words of the Chinese reformist are still enlightening today. Has the world economy really stalled? Not really. It is just experiencing a major restructuring. We need the courage to face the change, the patience for new opportunities and the spirit to rebuild the world. China is a younger nation rather than an old one. On one hand, the pessimistic sentiment toward China is all over and that’s not news. On the other hand, the call for reform from both the government and private sectors is like a table of spicy Sichuan foods. They are a bit hot and not perfect, but everyone wants to have a taste. Change is the premise for a promising future. In 2013, there have been significant changes in the wealth management industry. One lawyer in the industry said on his WeChat: “Today’s wealth management industry is like the Eight Immortals crossing the sea, each one showing his or her special prowess. But after two to three years, it will be easy to distinguish between the Dragon King and the bit-part player.” The market of China's high net worth individuals is indeed very big and is still growing, but the

观点 | OPINION CHINA OFFSHORE

必须在此提醒的是，这些都是不需要外管局去审批的。习李政府虽然没有释放更多的政改信号，但他们在金融领域的实践确实务实和开明的。从中国银行门口蹲着的黄牛，到冠冕堂皇的一些金融机构，中国外汇的黑市尽人皆知，就算不用黑市，一个中国大妈仍然可以找 20 个亲戚的身份证，把自己在加拿大买房的钱凑齐。如今大家都想通了，与其让黑市做，我们的银行为何不做呢，比黑市贵 1 个点，那有什么关系呢？更何况钱存在了国内，这是最好的资产，如果投放在短期贷款市场，那收入可是很多倍啊。舜治水多年，不曾成功，大禹治水，非常成功，诀窍在哪里呢？大禹用的是疏导的方法，而不是堵， “内存外贷”是一个良性的开始，是中国智慧的体现。从更广大的宏观背景下，走出去，包括个人资产的国际化也是中国“软实力”的一本大账，所以“内存外贷”和“孔子学院” 有异曲同工之妙，试想一下，如果大家都用

也许能够分清居民和税务居民两个词的含义的人并不多，但他们多数都保留了中国人纳税习惯，能不报就不报了，这给很多人积累了很多税务的毒瘤。

There are few people who can distinguish between the concepts of residents and taxable residents. But most of them retain their old habits in terms of taxation.

人民币结算，我们不是也可以跟美国一样印钱了吗？试想一下，如果有一个小镇都是中行的贷款，我们不是把次贷放在了外面，把钱挣回家里了吗？未雨绸缪说地球是一个村子，可能太夸张了一点，但说几个村子可能更贴切，和纽约、伦敦与卢森堡的国际金融人士一样，越来越多的中国商人和投资者每年都在地球的几个村子之间狂跑，模糊的不仅仅是时差和季节，还有另外一个问题，那就是他和他的家人应该给哪个村长上税。也许能够分清居民和税务居民两个词的含义的人并不多，但他们多数都保留了中国人纳税习惯，能不报就不报了，这给很多人积累了很多税务的毒瘤，或爆发，或不爆发，什么时候爆发，全然不知道。从台湾富裕人士的经验来看，在问题爆发的时候，如果那时候想放弃在美国的国籍原来是那么的不容易；中国也一样，在北京的美国税务局（IRS）的人是要发工资的。另外一个中国富裕家庭要面对的问题就是在海外的房产以及其他资产可能因为子女的婚恋改变主人。比如一个中国夫妇还在国内打拼，儿子在德国读书生活，最近谈了恋爱，你懂的，基本上就开始同居了，那结果

Chinese clients are increasingly in need of professional services in privacy protection, asset succession and preservation. This demand has been growing at a pace that exceeds the expectations of professionals and the government and the clients themselves. A Large Account China’s low-profile private banking sector has only existed for a few years, but it has already served as one of the major bridges in the globalization of the wealth of Chinese high net worth households. Although most VIP clients at Chinese banks don’t know such a business, the private banking units of several major banks started the businesses to allow clients to make deposits domestically and extend loans overseas about two years ago. The amount of loans extended overseas is equal to that of the deposits made domestically. It means that several special channels have been set up to bypass the barrier established by the

State Administration of Foreign Exchange. These special channels include foreign exchange payment under corporate trade accounts, “domestic deposits and foreign loans” for overseas property projects, and “domestic deposits and foreign loans” for emigration projects. We should be aware that these channels don’t need to gain the SAFE approval. The Xi Jinping-Li Keqiang government has yet to release more signals for reform, but they indeed take a practical and openminded approach in the financial industry. From ForEx scalpers outside of the Bank of China, to some well-decorated financial institutions, China’s ForEx black market is notorious. Even without the black market, a Chinese aunt can still collect the ID cards of 20 relatives in order to obtain a foreign exchange that is enough to buy an apartment in Canada. Today, everyone has figured out that we should let our banks do this instead of banking on the black market, even if the fee charged by the banks is one percentage point higher 2013, Autumn CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

如何呢？两年后如果两个年轻人要闹分手，可能根据德国的法律，房子可能就要分给另外一个人一半。这样的结果没有人愿意接受，于是转了一个圈，发现除了用老外用的家庭信托，也没有别的妙招。当然我们心目中的超富人士有时候做事分外的粗糙，比如谷开来的姐姐就是用自己的名字去登记伦敦的房产的，虽然套了一个 BVI 的壳，但本人的身份还是昭然若揭。这里当然要给那些准备移民，但还没有动手的人提一个醒，要想用家庭信托来重整山河，那要早，至少在移民前开始做，等你移过去了，想帮你的人也恐怕爱莫能助了；还要给那些成长型的企业提一个醒，不要认为私人信托是李嘉诚一样的人才可以做的，相反企业在成长期的时候，是开始规划的黄金时间，复杂的这里就不介绍了，但道理还是那句老话：未风雨而先绸缪总没有错。把握规则俗话说“人无远虑，必有近忧。”，BVI 这些年来着实羡煞离岸金融圈的众人，很多人直接用 BVI 来代替离岸公司，中国的富裕人士和投资者也对其趋之若鹜，但物极必反，今天 BVI 在全球银行界遭遇的抵制就是因为 BVI 是出头鸟，OECD 和其他大国如果要打击离岸世界，必然要杀鸡骇猴，所以错不在 BVI，现在谁对谁错，已经不是那么重要，重要是今天的世界应该在哪里做离岸结构。除了 BVI，塞浦路斯也是一个很令人头痛的地方，德国人逼着塞浦路斯给 10 万欧元的客户都剔了剔头，欧盟满意了，但这几乎葬送了塞浦路斯在中国的前途，被剃头的客户至今仍然觉得不可思议，一个国际金融中心的最大的银行会把客户的钱没收。在欧洲还有一个地方正在被政客们诟病，那就是卢森堡，但卢森堡的好处在于他更加成熟稳健，他没有象塞浦路斯那样把鸡蛋放在一个篮子里面，所以他本身的经济状况还好。兴衰有时，财富总是寻找稳定，攀附增长，这是本能。中国的鄂尔多斯的起伏给人的教训是深刻的，那里是冒险家曾经的淘金场，但绝不是”老钱“的生根地。有一句格言说得好：“我们能掌握的只是下棋的规则，不是输赢。”，在这里我不放跟大家分享几个规则：

Autumn, 2013

than that of the black market. Under such a scenario, the money is deposited domestically, which is the best solution. If it is placed in short-term credit market, it can bring about multiple returns. Shun spent years dealing with the floods but failed. However, Dayu succeeded in doing this. What’s Dayu’s trick? Dayu used the method of channeling the flood away instead of blocking the water. The idea of using domestic deposits to extend loans overseas is a good beginning and shows the wisdom of Chinese. Under a broad macroeconomic background, “Going out”, which includes the internationalization of personal assets, is part of China’s soft power. Therefore, using domestic deposits to extend loans overseas shares the essence of the "Confucius Institute." Let’s imagine if we use the RMB for settlement, aren’t we able to print money like the U.S.? Let’s imagine if there is a small town full of loans from Chinese banks, aren’t we placing the risk of sub-prime debt overseas and bringing the money back home? Taking Precautionary Measures It may be exaggerating to say the Earth is a village, but it’s appropriate to say there are several villages in it. Like international financial professionals in New York, London and Luxembourg, a growing number of Chinese businessmen and investors fly frequently between the villages on Earth each year. It’s not all about jet lag and seasons. Another prominent issue is which village should he and his family be taxed in. There are few people who can distinguish between the concepts of residents and taxable residents. But most of them retain their old habit in terms of taxation: they choose not to file tax reports if possible. The habit has helped accumulate a lot of taxation risks. Nobody knows when the risks

could lead to a disaster. Judging from the experience of HNWIs in Taiwan, when problems suddenly arise, it will be difficult to give up citizenship in the United States. It’s the same in China. The Beijing bureau of U.S. Internal Revenue Services needs money to pay their employees. Another issue wealthy Chinese families have to face is that the ownership of overseas property and other assets may be changed due to their children's marriage. For example, a Chinese couple is still working hard in China while their son is studying in Germany. He recently started to date a girl and they live together. What may happen? If, after two years, two young people want to break up half of the ownership of the house may possibly be given to the girl under the Germany law. Nobody is willing to accept to such a result. Therefore, they find no solution other than the family trust, which is used by foreigners. But those very rich people sometimes don’t plan carefully. For example, the elder sister of Gu Kailai used her own name to register a house in London. Although it’s done through a BVI shell company, the real identity of the buyer is open to the public. Of course, for those who are ready to emigrate but have yet to start the process, they should be aware that using the family trust to consolidate family assets must be done well before they emigrate to overseas jurisdictions. If you want to do it after you emigrate, nobody can help you at that time. And for the founders of those growth enterprises, they should be aware that private trusts don’t only apply to talents like Li Ka-shing. The growth period of an enterprise is the golden period for wealth planning. I don’t want to elaborate on some complex issues. But as the old saying goes, it would be wise to repair the house before it starts to rain.

观点 | OPINION CHINA OFFSHORE

·经济稳定：如果一个地方靠煤或石油，我们要考虑还能挖多久，就算可以挖，能卖出去吗？一个国家的经济稳定有很多因素，但足够的多元化与可持续性是至关重要的。春秋齐国的管仲激励邻国发展丝织业，然后突然停止进口，于是诸侯困顿，不得不去齐国买粮，齐国大赚。今天那些经济本身忽上忽下的地方，声称帮你做财富管理，你要小心。 ·专业经验：有很多地方都会声称他们能做各样的结构与投资，但需要小心的是这个地方可能刚刚发布相关的法律没有几天，那里的专业人士自己都还没有什么经验，你愿意把自己的财富给那位仁兄去做试验吗？ ·司法体系：很多听上去差不多的地方，其实差别很大，你无法期望一个大陆法系下

Grasping the Rules As the Chinese saying goes, “if one has no long-term considerations, he can hardly avoid trouble every now and then.” BVI has been envied by people in offshore financial circles in these years. Many people used BVI to represent offshore companies, and China’s rich people and investors also rushed to use the jurisdiction. However, too much water drowned the miller. Nowadays, the obstacles BVI meets in the global banking industry are because it’s the one that stands out. If OECD and other big countries want to clamp down on the offshore world, it must single out one jurisdiction to warn the others. Therefore, the mistake is not with BVI. It’s

随着资本全球化配置时代的到来，任何局限一地的法律结构都不足以达成全球化的资产优化结果，全球化视野的法律结构优化正成为家族理财的未来流行趋势。

With capital allocation going global, any single-jurisdiction legal structure is not enough to optimize the asset distribution in a global perspective. The optimization of legal structures under a global perspective will become a trend for family wealth management.

not important to define who is right or who is wrong. What’s more important is which jurisdiction people should choose to make an offshore structure. Apart from BVI, Cyprus is also a troubling place. The Germans forced Cyprus to have a "haircut" for 100,000 euro clients. The EU is satisfied, but it almost ruined the future of Cyprus in China. The clients who experienced the "haircut" still feel weird that the largest bank in an international financial center had forfeited its clients’ money. There is also a place in Europe that is being criticized by politicians: Luxembourg. Luxembourg has the advantage of being more mature and stable. Unlike Cyprus, it didn’t place all its eggs in one basket. Therefore, its own economic situation is fine. There are both rises and falls. It’s natural for people to seek stability and growth for their wealth. The ups and downs of China's Ordos offer us a profound lesson. It’s gold filed for adventurers rather than a solid base for "old money". There is a saying that “we are only able to grasp the rules of chess, not winning or losing." Here are some principles I want to share with you: · Economic stability: If a jurisdiction relies on coal or oil, we have to consider how long it can last. Even if it can be dug out, will it be able to sell well? Economic stability of a country involves many factors, but adequate diversification and sustainability are crucial. Guan Zhong of the State of Qi motivated the neighboring countries to develop the silk industry and then suddenly stopped importing. Therefore, the neighboring countries faced difficulties and had to buy foods from the State of Qi, which made a lot of money. Today, you should be careful if some jurisdictions with economic instability wish to help you manage your wealth. 2013, Autumn CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

的属地给你在普通法系下的东西。 ·人是关键：你必须深入了解为你做事的人，他们的文化，他们的背景，他们的心态。因为一切的一切最终是要有人为你完成。利器将现在向“有钱”企业要求补税以外，在中国，中国政府还藏了一张底牌，面向全国人民的均富卡”--“遗产税”，这是中国富一代们为我国政府蕴藏的巨大的潜在税收，它看上去是如此正义，甚至是国际通行做法。但又如同那个“狼来了”的故事那样，由于被提及了太多次，人们都不知道“遗产税”是否真的会施行。每次提及遗产税的时候，大额保单总归会被连带提及，做为保险补偿无需纳税的特性也被反复提及，但在中国购买的大额保单到底是否会被排除在遗产税之外，法律上，实践上究竟会有什么样的问题，无人知晓。此外，随着国内家族信托的破冰，国内的私人银行业在积极筹划以中国信托法来进行家族财产的管理与

· Professional experience: There are a lot of places claiming that they can do all sorts of structures and investment. But you need to be careful that these jurisdictions might release related laws. The professionals themselves may not have any experience. Are you willing to let the person do a test on your wealth? · Judicial system: You may find laws in various jurisdictions similar but they can actually be quite different. You cannot expect a civil law jurisdiction to offer products under the common law. · People are the key: You have to get a full understanding of the people who work for you, including their culture, their background, and their mindset. That’s because everything should ultimately be done by people.

Strong Weapons Will be Available In addition to requiring “rich” companies 在遗产税，以及信息保密性上，似乎难有更大 to pay full tax, the Chinese government has 的作为。 another card under its sleeve. It's designed 诚然，在家族财富传承这个问题上，用保 to narrow the gap between the rich and 单跟信托省遗产税似乎常常是人们的焦点，但 the poor: the inheritance tax. China's first 用更为广角的眼光看，家族企业交接乃至家族 generation of rich people may potentially 内成员利益分配的重要性更省税之上，有针 contribute a massive amount of tax to the 对上市公司价值在代际传承时平均损失超过 government. It looks so righteous, and is 50%，更无需提及大家庭的内部纷争与一代创 even in line with international practice. 业者离世后令人难堪的家产争夺。而这些问题， However, it’s just like the "Crying Wolf" 正是信托结构以及结合多属地，多种法律工具， story, and was mentioned too many 包括基金会，私人信托公司，有限合伙企业发 times. People do not know whether the 挥的地方。 inheritance tax will be enforced. When 随着资本全球化配置时代的到来，任何局 inheritance tax is mentioned, people will 限一地的法律结构都不足以达成全球化的资产 also raise the issue of large-sum policy 优化结果，全球化视野的法律结构优化正成为 and suggest, as insurance, it should not 家族理财的未来流行趋势。例如，龙湖地产董 be subject to taxation. However, nobody 事长吴亚军，ＳＯＨＯ中国董事长潘石屹及妻 knows whether the large-sum policy 子张欣、玖龙纸业董事长张茵等均是家族财富 bought in China will be exempted from 结构全球化的先驱。 the inheritance tax in both the legal and 结语：2013 年对于中国财富管理市场来 practical level. In addition, as the family 说，必然是最有趣的一年，那些从欧美移来的 trust started to develop in China, the 盆栽，有几盆已经死去，另外几盆含苞贷放， domestic private banking industry is 而在院子里面正在破土的是妖怪还是救星，我 actively planning to use the Chinese trust 们要拭目以待！ law to help manage family assets and 传承，但由于国内信托法明文规定的“信息公示”做为信托成立要件的规定，使得国内信托

Autumn, 2013

deal with succession issues. However, as the domestic trust law stipulates that “public information disclosure” is the prerequisite for the set-up of the trust, this makes it hard for the domestic trust to play a big role in avoiding inheritance tax and keeping confidentiality. Indeed, as for the succession of family wealth, using insurance policy or trusts to have the tax seems to be the focus. But from a broader perspective, the importance of the handover of family businesses and the distribution of interests among family members is higher than that of avoiding the tax. Data showed that the value of listed companies has lost more than 50% on average when the cross-generation succession was completed, to say nothing of the internal conflicts and battles for family wealth after the death of the first generation founders of the business. To tackle these issues, it’s better to combine trusts with multi-jurisdiction legal tools, such as foundations, private trust companies, and limited partnerships. With the capital allocation goes global, any single-jurisdiction legal structure is not enough to optimize the asset distribution in a global perspective. The optimization of legal structures under a global perspective will become a trend for family wealth management. For example, Longfor Properties Chairwoman Wu Yajun, SOHO China Chairman Pan Shiyi and his wife Zhang Xin, and Nine Dragons Paper Chairwoman Zhang Yin are all the forerunners in the globalization of family wealth structuring. Conclusion: The year 2013 is interesting for the Chinese wealth management market. Some of the flowers shipped from the Europe and the US have died while others are set to blossom. For those ready to break the ground in the yard, we will see whether they are monsters or saviors!

2013, Autumn CHINA OFFSHORE

封面故事 | COVER STORY

资产继承需要规划和协调 Asset Succession Needs Planning and Coordination

By Leo Zhang

Autumn, 2013

COVER STORY | 封面故事

照片提供 Photo by IFP

薛

闻今年 33 岁，是土生土长的中国温州人。最近有一件事情一直让他感到头疼：他要从富有的父亲那里

接管一个家族企业。他没有想到继承会变成是一个头痛的问题，甚至是一场噩梦。薛闻的家族在浙江省温州市经营着一家机械制造工厂，这里与企业家精神闻名于世。薛闻的父亲希望儿子帮助他经营企业。然而，两人经常为此争执，甚至在经营决策方面发生争吵。薛闻刚从澳大利亚的一所大学毕业归国，在那里获得了工商管理硕士学位。薛闻说：“我父亲并不认为我能做出正确的选择。他对扩张持有谨慎的态度。但我认为，我们应该收购一些规模较小的工厂，它们已经受到了经济衰退的重创。” 薛闻继续说：“不管怎么说，我的父亲还是老板。我的感受是，他还是想要控制一切。也许他是对的，也许不对。这看起来都不关我的事。” 随着第一代中国企业家不断地积累自己的财富，他们也面临着挑战：如何在不花费大成本的基础上将家族财富或业务顺利地传给他们的后代。在中国的民营企业中，薛闻并不是唯一遇到这个问题的人。在过去的三十年中，得益于改革开放政策，这个行业一直在蓬勃发展。在最近一期《福布斯》亿万富翁名单中，中国内地上榜的人数增加到了 122 名，而一年前的数字是 95 名。然而，对这些富裕的中国人来说，年龄老化是最大的问题。根据《福布斯》的统计，大陆富豪的平均年龄已经超过了 50 岁。在这种情况下，继承事宜开始被提上议事日程。根据中国社会科学研究院所进行的一项调查显示，第一代中国企业家的年龄在 55 至 75 岁之间。该调查表明，中国有超过 300 万的民营企业家在未来五到十年中将面临企业继承的问题。《福布斯》杂志高级编辑、上海分社社长范鲁贤指出，当涉及到继承事宜时，大陆人通常与香港人和台湾人有所不同。在香港和台湾，许多企业的创始人已经将火炬传递给了第二或第三代。举例来说，香港酱料制造商李锦记已经将家族企业传递到了第四代人的手里，他们的生意正在变得越来越好。然而，糟糕的家族继承也会让企业家的公众

随着第一代中国企业家不断地积累自己的财富，他们也面临着挑战：如何在不花费大成本的基础上将家族财富或业务顺利地传给他们的后代。

As the first generation of Chinese entrepreneurs are accumulating wealth, they are also facing the challenge of how to pass on the family fortune or business to their offspring smoothly without it costing an arm and a leg.

ky Xue, a 33-year-old native Chinese from Wenzhou, has recently been stressed out by taking over a family business from his rich father. He did not know such an inheritance would turn out to be a headache, if not a nightmare. Xue’s family runs a machinerymanufacturing factory in the city, which is renowned for entrepreneurship in Zhejiang Province. Xue hoped his son would help him run the business, but they often argue or even quarrel on operation decisions. “My father doesn’t think I can make the right choice,” said little Xue, who had just obtained a Master degree in business management from an Australian university. “He is cautious about expansion but I believe it’s time for us to acquire some smaller factories as they are battered by the economic downturn.” “Anyway, my father is still the boss

and my feelings are that he still wants to keep everything under control. Maybe he’s right or maybe not. I just can’t do anything about it.” As the first generation of Chinese entrepreneurs are accumulating wealth, they are also facing the challenge of how to pass on family fortune or business to their offspring smoothly without costing an arm and a leg. Little Xue’s father is not the only one who has this kind of trouble in the country’s private sector, which has been thriving in the past three decades, thanks to the reform and opening-up policy. In the most recent Forbes Billionaires List, the number of Chinese mainlanders increased to 122, up from 95 a year before. However, aging creates the biggest problem for these wealthy Chinese. According to Forbes, the average age of mainland billionaires is now increased to over 50. In this case, succession starts to rise up their agenda. 2013, Autumn CHINA OFFSHORE

封面故事 | COVER STORY

形象大打折扣。比如，家族争执使得香港地产公司新鸿基颇受磨难。范鲁贤参与了福布斯中国、香港和台湾富豪榜的编制。他在福布斯网的署名博客中写道：“在大中华地区，中国大陆是非常特殊的。在这里，大型民营企业的领导者几乎都是公司的创始人。此外，大多数人没有多少子女可以作为继承人的候选人。那些有许多子女的人可能有多个配偶，这让问题变得复杂。” 薛闻的家乡温州是中国努力发展民营企业的成功范例。然而，越来越多的小型企业，尤其中国东部沿海地区的小型汽车，在选择第二代企业领导人时都遇到了一些困难。据浙江商会的研究显示，大约 80％的民营企业面临接班问题。 V-Sun 咨询有限公司的总经理冯力表示：“我认为，那些民营企业面临的最大挑战是第一代企业家的子女对接手家族生意没有太大的兴趣。即使他们同意这样做，他们往往对企业的运营有着不同的想法。此外，他们还可能面临其他挑战，比如亲属带来的干扰。在经济低迷的情况下，他们也可能缺乏克服困难的决心。” 罗维明是薛闻最好的朋友之一，他同样面临着从父亲那里接受一家纺织公司的头痛问题。但是，35 岁的罗维明希望能够获得家人的财政支持，自己开一家汽车修理厂。罗维明说：“那是我的兴趣所在。父亲希望我能够拓展纺织工厂，但我不觉得这个企业拥有一个光明的未来。我不准备接手。我只想做我自己的生意，就像我父亲年轻的时候那样。” 罗维明说，他最大的担忧之一是他的父亲在企业移交后仍然希望在业务决策上拥有发言权。另一项需要担心的事情是，他的叔叔和婶婶也希望参与企业的管理，他们在企业中拥有股份。然而，第一代商人是不会同意这一点的，虽然他们认为让孩子接管企业是非常重要的事情，但是他们同样担心在富裕中长大的年轻一代已经习惯了奢侈的生活方式，而无法吃苦，也无法为家族企业承担全部责任。浙江人雷长发拥有一家家具厂，他在 60 岁的时候让儿子和女儿参与到企业的管理中。他说：“作为父母，我们并不希望去阻止或控制他们。我相信他们。但是，他们在启动

Autumn, 2013

According to a survey conducted by the Chinese Academy of Social Sciences, the first generation of Chinese entrepreneurs is aged between 55 and 75. The survey showed that more than 3 million private entrepreneurs in China have to face the issue of business succession in the next five to ten years. Russell Flannery, a senior editor and Shanghai bureau chief of Forbes magazine, noted that when it comes to succession, mainlanders are usually different from Cantonese and Taiwanese, among whom many business founders have already passed the torch to a second or third generation. For instance, a condiment company from Hong Kong named Lee Kum Kee has now passed onto the fourth generation of family operation, and their business is better than ever. In other instances, however, poor transitions could lead to public embarrassments. An example of that is how a Hong Kong based real estate company, SHK Properties, was once devastated by the squabbling among the founder’s family. Flannery, the person who compiles the Forbes China, Hong Kong and Taiwan Rich List, said on his blog on Forbes.com that “the mainland is unique among the three regions of Greater China because virtually all of the leaders of its most important private-sector companies are founders. In addition, many don’t have a large selection of offspring to choose from as a successor. Those that do may have more than one spouse, complicating matters.” Xue’s hometown, Wenzhou, represents the success of China’s campaign to boost its private sector. However, a growing number of smaller businesses, especially those in China’s eastern costal regions, have difficulties in choosing second-generation business leaders. According to the Zhejiang

Chamber of Commerce’s research, about 80 percent of private enterprises face succession problems. “I think the biggest challenge for those private firms is that the children of the first-generation entrepreneurs don’t have a big interest in taking over the family business,” said Chris Feng, general manager of consulting firm V-Sun Co. “Even if they agree to do so, they often have different ideas of running a business. Besides, they are likely to face other challenges such as intervention by other relatives or their determination to overcome difficulties amid economic downturn.” Stephen Luo, one of Xue’s best friends, also faces the headache of taking over a textile company from his father. But 35-year-old Luo is hoping that he can open a car-repairing factory with financial support from his family. “That’s where my interest lies in,” said Luo. “My father wanted me to expand the textile facility, but I don’t think the business has a bright future. I am not ready to take over that. I just want to do my own business just like what my father did when he was young.” Luo mentioned that one of his biggest concerns is that his father still wanted to have a say in business decisions even after handing over the reins. Another concern is that his uncles and aunts also expected to intervene in the business as they have shareholdings in the business. The first-generation businessmen will not agree to this, however. Although they do think it is important for their children to take over the business, they also fear that the younger generations, who usually grew up amid affluence and are used to lavish lifestyles, are unable to endure hardship and take full responsibility for the family business. “As parents, we don’t mean to discourage or control them,” said Lei

COVER STORY | 封面故事

时需要指导和帮助。” 如今，少数富裕家庭开始引入一些外人来帮助他们安排企业规划和将资产转移给下一代。所谓的家庭治疗师或规划师负责为家族企业平稳过渡制定计划，确保以最为合适的结构将财富传递给下一代。独立投资顾问、交通银行的前顾问朱克文最近帮助了一位浙江民营企业家制定了家族企业移交的计划。朱克文说“在西方或类似香港的发达市场，让家庭治疗师参与企业继承规划是非常受欢迎的。但在中国大陆，只有少数人开始接受这一点，大陆人过去一直不希望外界参与解决他们的家庭问题。” 朱克文指出，家族继任计划所面临最大的问题是澄清有关各方的利益和责任，并且就家族企业未来的发展方向达成共识。朱克文的工作就是与家庭的所有成员进行沟通，了解他们对企业的关切和期望所在，然后找出在某种程度上能够有利于各方的结构。朱克文说：“我要做的就是告诉他们在

Changfa, a Zhejiang native who owns a furniture factory and had his son and daughter involved in the business at the age of 60. “I trust them. But they need guidance and help when starting off.” Nowadays, a small number of rich families started to introduce some outsiders to help them arrange business planning and assets for succession to the next generation. The so-called family therapists or planners are tasked with drafting the most the suitable structures for family businesses to result in a smooth transition when passing to the next generation. Kevin Zhu, an independent investment adviser and former consultant with Bank of Communications, has recently helped one private entrepreneur in Zhejiang to work out a plan to let the younger generation take over the reins of family business.

“In the West or advanced markets in Hong Kong, the concept of involving family therapists in business succession is very popular,” said Zhu. “But in mainland, only a few people started to accept this as they used to keep their family issues away from outsiders.” Zhu noted that the biggest issue under a family succession plan is to clarify the interests and responsibilities of the parties involved, and thus reach a consensus in how to develop their family business in the future. Zhu’s job is to communicate with all members of a family to see their concerns and expectations over the business before working out a structure that could benefit all parties to some degree. “What I do is tell them stories I’ve heard and encountered myself about succession planning and lessons,”

2013, Autumn CHINA OFFSHORE

世界经合组织驱动合作中的列支敦士登信托和基金 Foundations and Trusts in Liechtenstein within the world of OECD driven cooperation

列

支敦士登争取在信托和基金原则基础上得到国际认同，以获得国际声誉和合作目标，有趣的是来自某些国家的客户更容易在这个新的税务环境中合作。难怪金融中介机构越来越多穿梭在还没有继承税、赠与税，所得税也很适中的中国和俄罗斯。在欧盟之外的国家，财产从一方转到另外一方是不一样的，会自动转到一个更合理的税务环境状况，企业家有更多的空间规划和经营他们的事业。在欧盟，企业家付越来越高的税，其造成的结果是相当负面的。在信托或基金里声明受益权可能会是义务。如果信托 / 基金做的是任意构架，则不具备任何受益权。如果能够避免财产授予人的控制，它可能也是一个“反垄断”的规划工具？基金可用于纯粹的私人利益目的（例如支付教育费用、学习、设备和支持等）或纯粹公共利益的目的（例如支持和促进慈善、艺术、科学和社会工作）或控制公司管理和继任董事，它们也可以用于部分私人利益和部分共同利益。信托也可用于类似的方式并从更灵活性中获益，其受托人甚至不需要居住在列支敦士登，而注册列支敦士登信托则需要法定代理人。

资产保护：创始人 / 财产授予人的债权人集体所有人或特殊捐赠必须在当创始人 / 财产授予人可以给基金 / 捐赠提供经济后盾时就设立好，这样债权人最多 5 年之内可以提出索赔。

财产授予人的继承人

iechtenstein will combat for the international acceptance of trusts and foundations what is a principal basis in order to reach the target of international cooperation and reputation. It is interesting to see that clients from certain countries have it much easier within this new environment of tax cooperation. No wonder that financial intermediaries travel more and more to jurisdictions like Russia and China where there is no inheritance and gift tax, and the income tax rate is very moderate. The burden to shift fortune from one person to the other is not the same outside of the European Union, what automatically translates into a more sympathetic tax environment. The entrepreneurs have much more room to plan the proper situation to run their business. In the European Union, it is more and more the tax man who drives the business of the entrepreneurs, and the results of this are clearly seen with a rather negative result. There might be an obligation to declare a beneficial interest in trusts or foundations. If a trust/foundation is properly structured as a discretionary structure, there is no beneficial interest. If control by settlor can also be avoided, it may also be a "anti-monopoly" planning instrument? Foundations can be used for purely private-benefit purposes (e.g. to cover the costs of education, learning, equipment and support, etc.) or for purely common-benefit purposes (e.g. to support and promote charitable, artistic, scientific and social work) or to control the management and the successor directors of a company. They can also be used for partly private-benefit and partly common-benefit purposes. Trusts can be used in a similar way and benefit from more flexibility. It is even possible that the trustees are no longer resident in Liechtenstein. In order such a Liechtenstein trust is registered, a legal agent is needed.

Asset protection: Creditors of the founder/settlor The collective person or special endowment must be set up at a time when the founder/settlor can provide economic backing for the foundation/endowment. Creditors may assert their claims for a maximum of five years.

Founder’s/settlor’s heirs 资产保护的设立是根据列支敦士登国际私法创建的，声明称财产所有权享有用财产中的强制部分补充，来抗衡列支敦士登集体所有人或特殊捐赠的那部分财产，必须有适用的继承法律为依据，他们还必须有适用于受理资产获得的法律条件。列支敦士登法律通常可以由集体所有人或特殊捐赠来支配管理获得的财产，根据列支敦士登法律申明财产强制的补充那部分只能在立遗嘱人过世两年前捐赠才能生效。

Autumn, 2013

The set-up for asset protection is promoted by private international law (Liechtenstein Act on Private International Law, IPRG). Claims by a person entitled to a compulsory portion in the estate to supplement that portion, brought against a Liechtenstein collective person or special endowment, must be eligible under the applicable law of succession; they must also be admissible under the law applicable to acquisition of the assets. The law of Liechtenstein can often be chosen to govern the acquisition of assets by the collective person or special endowment. Under the law of

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受益人的债权人家族基金会的创始人可通过安全程序、执法债务或破产给受益人的债权人，提供不能排除他们可能获得的自由福利权利、合理的期望、或来自这些个人的索赔，这种规定只用于有相关服务于基金对象权利的混合家庭基金会。

信托建立将资产转让给家人或商业伙伴有几种方式，可以作为生前礼物，或者去世之后作为遗产，无论有没有留下手写的遗嘱或类似于在列支敦士登设立这种国外基金。在各个国家办理手续需要的文件（基本法规或信托契约）的差别不是很大。因此在货比三家的时候，文件并不是关键问题，关键在于采用合适的信托构架。

可能遇到的问题是： 1）要纳入信托 / 基金的资产在哪里？ 2）需要多少人来决定 / 解决资产转移到信托里？ 3）我和我的家人现在和未来将会住在哪里？ 4）居住地对于信托契约的组成是否重要？ 5）如果重要的话，有一个具有很长的可追溯历史且值得信赖的独立受托人有多重要？ 6）受托人需要具备的国际化程度有多少？ 7）设立一个信托需要成为婚前协议的其中一部分吗？如果需要的话，相关国家在这方面需要具备多大的灵活性？ 8）当我不能做决策的时候，生意应该继续下去吗？如果是，我决定好谁来接手了吗？我是否想要确保未来董事有合适的人选？ 9）受托人具备一定的国际知识，响应度高，距我居住地有一定的距离所以独立性强，并且能够站在全球的角度考虑我的想法的是不是都很重要？ 10）受托人掌握对于超过仅仅一代人的资产转让知识的是不是很重要？对于设立信托时，客户需要的咨询和全球化途径越多，说明受托人受管地方越多，比如列支敦士登的受托人必须通过金融市场管理局授权和监管。

为什么选择使用基金 / 信托？在构架的基本条款中会涉及个人控股 / 创始人的投资和管理，公司中直接或间接的大部分股份。持股的个人是不是由于未来将会发生的事，不再适合于拥有资产。如果个人持有公司的大部分股份，其后果可能会很严重，从混乱和不确定性，到公司管理全面瘫痪都有可能。而这种可能性往往被忽视，因此使用基金或信托将会是十分有利的保障。 Allgemeines Treuunternehmen(ATU) 自 1929 年以来一直活跃在资产保护的领域，至今已存在超过 83 年。

Liechtenstein, claims to supplement a compulsory portion of an estate can only apply against gifts made in the two years prior to the death of the testator.

Beneficiaries’ creditors Founders of family foundations may provide that the creditors of beneficiaries may not remove their freely acquired benefit entitlement or justified expectation, or individual claims deriving from these, by means of security proceedings, debt enforcement or bankruptcy. Such provision can only be made for mixed family foundations where the respective entitlement serves the objects of the foundation.

Set up There are several possibilities to transfer assets to family members or business partners. You can do it during your life as a lifetime gift, upon death as an estate with or without a will (handwritten or not) or through the establishment of a foreign trust from countries like Liechtenstein. The documents (foundation statutes or trust deeds) are not really very much of difference from country to country. So the document is not the key issue to which country to shop around for the right document. There must be other questions and answers to take out the proper structure.

Possible questions are: 1) Where will my assets be which should be brought into the foundation/ trust? 2) How many people have to decide/resolve the transfer of assets into the trust? 3) Where will I and my family members live now and in future? 4) Will the place of living be important as to the structuring of the trust deed? 5) If yes, how important is it to have an independent trustworthy trustee having a long track history? 6) How internationally focused should my trustee be? 7) Will the set up of a trust be a part of (pre-)nuptial agreements, and if yes, how flexible should the respective country be on this? 8) Should my business be continued if I can no longer decide, and if yes, do I want to plan who continues the business? Do I want to make sure that the right directors of the business are appointed? 9) How important is it to me to have trustees with international knowledge, who are responsive, who have a certain distance from my home country for independence, who take a global approach considering my ideas? 10) How important is it to have trustees who have knowledge on estate transfers for more than just one generation? The more the client needs consultancy and a globalized approach for the set up, the more this speaks for trustees from regulated places like Liechtenstein where trustees must be licensed and are supervised by the Financial Market Authority.

Why use of a foundation/trust? An investment or management of a structure, will, in basic terms, involve an individual (founder) holding, directly or indirectly, the majority of the shares in a company. The first observation to make is that individuals, being human beings, are not well-suited to owning assets because of what may happen to them. Where an individual holds most of the shares of a company, the consequences may be severe, ranging from chaos and uncertainty to complete paralysis of the management of a company. Such possibilities are often overlooked, and, therefore the use of a foundation or trust for continuance may be advantageousl Allgemeines Treuunternehmen (ATU) is active in the asset protection since 1929, so for more than 83 years.

Roger Frick 信托董事会和执行委员会成员 Member of the Board of Directors ATU www.atu.li 2013, Autumn CHINA OFFSHORE

封面故事 | COVER STORY

继任规划方面我听说过和遇到过的经历以及教训。然后，我参与到他们的讨论中，帮助

“创富一代”对家族企业未来规划的选择倾向

他们共同制定一个解决方案。”

The Tendency of Family Enterprises’ Future Planning of First Generation Wealth

资产继承过程的主要冲突是要决定是否

占受访人数百分比 % of the number of Respondents

引进外部股东，或者聘请职业经理人来帮忙，以及家族应该使用什么样的工具来传递财富。

一致。所有制结构可能会对商业决策的制定

全部高净值人士 26

人通常是一个家庭的父亲，他拥有绝对权力，

14 13

可以对企业做出最终的决定。在大多数情况下，他会将自己的权力转交给长子。这种继

Total HNWIs

24 25

和利润的分配产生很深的影响。朱克文说：“在很多民营企业中，创始

Ultra HNWIs

朱克文说，在所有需要讨论的问题中，最重要的是家庭成员必须就所有制结构达成

超高净值人士

40%

承结构有时可能会造成问题，因为其他家庭成员，尤其是男性成员，会觉得他们会忽视了，无法获得自己称心如意的利益。” 因此，企业的第二代领导人需要与股东或其他家庭成员进行沟通，确保第一代去世后企业能够继续行驶在正确的轨道上。 34 岁的王沫是浙江本地人，家里在上海

2 0 女管理交由子 next ver to Hand o tion for genera ment Manage

人业经理 r Look fo nal io Profess ers Manag

引入职

子女不参与管理，作为股东分红 Next Generation not in management, but act as shareholders and get bonus

来源：招商银行——贝恩公司高净值人群调研分析 Source: Report of HNWI’s by Bain &Company and China Merchants Bank

转卖并退出企业 Sell the e and exit nterprises the manage ment

0 其他 Other

经营着一家大型糕饼企业。王沫即将从父亲那里接手这家企业。但是，他的姐姐同样将获得很大一笔股份，虽然她对公司没有任何管理权。王沫说：“我从父亲那里学到的第一件事情就是，你应该为对你最重要的人负责。如果你希望保存家族的财富，最好的办法就是大家一起做决定。虽然我是老板，我的姐姐也有发言。如果她的意见正确，我会听她的。”王沫说，公开的交流能够避免家庭成员之间信任的破裂。他说：“我必须时刻提醒自己，我们的共同目标是让我们的家族兴旺。我的父母都是财富的创造者，我们是接班人。我们必须确保采取良好的家族治理，而不是产生冲突。如果家庭破裂成碎片，将不会有任何个人利益。我们珍视这种关系。” 对于像王沫一样的第二代企业家来说，首先需要处理的事情是决定在接手以后是否引进来自家庭以外的股东或管理团队，而他们的父母可能不太愿意接受这样的情况。接下来，他们需要决定公司是否需要上市来筹集更多的资本以供扩张。虽然外部股东通常不会担任任何管理角色，但是企业创始人，尤其是那些在中国大陆的企业创始人，担心新的投资者可能会威胁到家族企业的长远发展。

Autumn, 2013

said Zhu. “Then I participate in their discussions and help them draft a solution together.” The main conflicts during the asset succession procedures is whether or not to introduce outside shareholders, or to invite professional managers to help out and what tools the family should use to pass on wealth. But among all the issues need to be discussed, the first thing family members have to agree on is ownership structure, Zhu said. The ownership structure could have a deep impact on how the business decisions are made and how profits are distributed. “In many private enterprises, the founder, usually the father of a family, makes the final decision with absolute power over the business,” said Zhu. “He passes his power to the eldest son most of the time. Such kind of inheritance structure could sometimes cause problems as other family members, especially male members, feel that they

are sidelined and may not be entitled to their desirable benefits.” Therefore, the second-generation leaders have to communicate with shareholders or other family members in order to ensure the business is on the right track after the first generation passes away. Michael Wang is a 34-year-old Zhejiang native who owns a large bakery business in Shanghai and is about to take over the business from his father. But his sister is also expected to take a large stake in the business although she does not have any management power over the company. “The first thing I learned from my father is that you should be accountable to the people that matter the most to you,” said Wang. “If you hope to preserve the wealth of the family, the best solution is to make decisions together. Although I am the boss, my sister also has her say in this. I will choose to follow her when she is right.”

COVER STORY | 封面故事

朱克文说：“几代人运营一个家族企业，正确的方式是整理家族内部的所有权，在适当的时机引入外部专业人士。这就是日本在过去的几十年中民营企业得到蓬勃发展的原因。中国企业家可以借用这种理念，开发自己的解决方案。” 朱克文指出，对富裕的中国家庭来说，他们更容易接受来自外部的管理者，而不是股东。当拥有海外留学北京的年轻一代开始掌权后，他们往往更倾向于招聘那些拥有真才实学的职业经理人，来更好地运作家族企业。王沫最近刚刚聘请了两名在法国拥有多年学习经验的面包师。他说：“我父亲起初反对招募他们，但后来他同意了。我们需要一些有技能和雄心的员工。他们可以带来新的思路和创新的产品。我告诉我父亲，我们同样应该迎合新一代的客户，他们更能够接受西式的蛋糕和面包。这将使我们的业务以可持续的方式实现增长。” 除了邀请外部专业人士来填补技能缺口以外，其他的后续问题包括如何拓展业务，从哪里吸引资金以及公司是否应该上市。对于那些希望摆脱中小企业身份的人来说，上市可以帮助他们建立良好的治理机制，确保获得未来增长的集资渠道。然而，仍然有许多问题需要解决，比如上市是否会危及家族对企业的控制，是否会向公众曝露家庭成员的秘密。朱克文说：“上市似乎是很多民营企业的终极目标。然而也有不少五、六十岁的商人担心，上市可能会毁了企业。有些人倾向于向朋友借钱，或者通过民间渠道融资，而不是上市。”虽然在类似纳斯达克的中国创业板上市可以提升公司的形象和影响力，它也同时要求股东、董事及其他相关人员详细地披露自己的信息。薛闻说，他从来没有想过上市。他说：“即使我们做强做大，我们也不会选择公开出售股份。这是我们家庭成员之间难得达成的共识。我会引入外部经理，但不会引入投资者。我们宁愿借钱，而给予别人股份。我们希望保持公司的私有性，从而确保一切都在控制中。” 相反，很多中国私营企业主正在考虑建立家庭信托或基金会，来管理他们的遗产。最近几年，基金会和信托的概念在中国日益普及。其中一个里程碑是作为沃伦·巴菲特和盖茨基金会的创始人，比尔·盖茨邀请中

Wang said that open communications can avoid the breakdown of trust among family members. “I have to always remind myself that we work for the same goal toward making our family prosperous. My parents are the creators of wealth and we are the successors. We must ensure we have good family governance rather than conflicts. There will be no personal interests if the family is broken into pieces. We cherish this relationship.” For second-generation entrepreneurs like Wang, the first thing to deal with is whether or not to introduce shareholders or the management team from outside the family into the business they are taking over – a scenario their parents would probably be reluctant to accept. The question that follows is that whether the private company should go public or not in order to raise more capital for expansion. Although outside shareholders usually don’t play any management roles, business founders, especially those in mainland China, were concerned that the new investors might threaten the family business in a long haul. “The right way to run a family business for generations is to consolidate ownership within the family and introduce outside professionals at a proper time,” said strategist Kevin Zhu. “That’s the way Japanese private businesses thrived in the past several decades. Chinese entrepreneurs can borrow the idea and develop their own solutions.” Zhu noted that it might be easier for rich Chinese families to accept managers from outside rather than shareholders in the initial stage. When younger generations with academic background from overseas universities start to take the rein, they tend to be a lot more open to recruiting professional managers who have the real expertise to run the family business better.

Michael Wang has just hired two bakers with years of learning experience in France. “My father opposed the recruitment at first, but later he agreed. We need some employees with skill and ambitions. They can bring in new ideas and innovative products. I told my father we should also cater to the new generation of customers who are more used to cakes and bread in Western style. That would make our business grow in a sustainable way.” After inviting outside professionals to fill expertise gaps, there are other subsequent issues, including how to expand the business, where to attract capital, and whether the company should go public. For those who want to expand from small and medium-sized business, going public could help them establish a good governance mechanism and secure a fund-raising channel for future growth. However, there are still many concerns, like whether listing would compromise the family’s control over the business or expose the secrecy of family members to the public. “Going public seems to be the ultimate goal for many private firms. But quite a few businessmen in the age of 50s or 60s fear that public listing may ruin the business,” said strategist Kevin Zhu. “Some of them prefer to borrow from friends or through private channels instead of going public.” Although getting shares listed on China’s Nasdaq-like ChiNext board could boost a company’s image and influence, it also requires shareholders, directors and other related personnel to disclose their information in a detailed manner. Xue, the successor of a machinerymanufacturing factory, said he never thought about public listing. “Even if we grow bigger, we will not choose to sell shares publicly. That’s a rare consensus 2013, Autumn CHINA OFFSHORE

封面故事 | COVER STORY

国富豪吃饭，交流有关慈善事业的想法。信托和基金会都是重要的资产保护工具，能够提供继任计划，并确保企业创始人去世后企业管理的连续性。信托始于英国的普通法，而列支敦士登于 1926 年首次引入了私人基金会的概念。信托和基金会可以将家庭财富转移到一个合法结构中，同时保护它免受各种索赔，包括破产、继承纠纷和离婚。它们都在全球各地的离岸中心被广泛使用，那里的税率要比在岸司法管辖区低得多。信托资产的所有权属于受委托的受托人。而与信托不同，基金会是一个独立的法人实体，对资产有控制权，而基金会理事会负责管理资产。因此，基金会对大陆法系国家的客户来说比较熟悉的，其中包括中国。作为独立的法人实体，基金会更容易被理解。朱克文说：“我的建议是，富裕的中国人应该考虑设立在拥有健全的法制环境和稳定的经济增长的司法管辖区建立家族基金会。如今，企业家对风险非常敏感。基金会能够让家庭成员携起手来，为家族财务一起努力，通过基金会理事会能够对企业运作实施实际控制权，并且确保权力的顺利交接。” 朱克文说，家族基金会可以被用来作为控股母公司。在这种情况下，家族企业的所有权和经营权是分离的。由于家族的力量进行了整合，任何家庭成员的死亡都不会对企业造成什么大影响。在基金会的结构下，家族成员同样能够更快更好地做出决定，它在不影响企业运营的情况下简化了继承的流程。在家族基金会的结构下，随着时间的推移，财富得以积累。即便企业经历破产，财富也不会消失。这是因为受益人并不一定是基金会财产的所有人。那些用来保护家族成员生活利益的资产将不会因为受益人债权追索而受到影响。王沫对信托和基金会的概念非常赞同。他说将考虑建立一个离岸的基金会，来避免家庭成员之间的利益冲突。王沫说：“我们需要制定一个长远规划。显然，基金会是我们想要的东西。我们唯一需要做的是寻找一个建立基金会的司法管辖区，它需要拥有坚实的经济基础、相对较低的税收、稳定的政治环境、健全的立法和自由的货币机制。我们在全球范围内拥有相当多的选择。但由于全球经济的不确定性，我们需要一些时间来做出最后决定。”

Autumn, 2013

among family members,” Xue said. “I will introduce outside managers but not investors. We’d rather borrow money instead of giving out stakes. We hope to keep the business private to make sure everything is under control.” Instead, a lot of private merchants in China are now considering the possibility of setting up a family trust or foundation to manage their legacy. The concept of foundations and trusts has been gaining popularity in China in recent years. One of the milestones took place when Bill Gates invited China’s wealthiest people to dinner, exchanging ideas about charity as the founder of the Warren Buffett and Gates Foundation. Trusts and foundations are important asset protection vehicles which are able to offer succession planning and ensure the continuity of the administration in the event of founder’s death. Trusts hatched out from British common law while private foundations were first introduced in Lichtenstein in 1926. Trusts and foundations can help the transfer of family wealth into a legal structure while protect it against a wide range of claims, from bankruptcy to inheritance disputes and divorce. They are both widely available in offshore jurisdictions all over the world, where taxes are also significantly lower than online jurisdictions. The assets of a trust are under the ownership of the entrusted trustee. Unlike trust, foundations are separate legal entities that own the assets managed by the Foundation Council. Therefore, foundations are more familiar to clients of civil law jurisdictions, like China, foundations acting as a separate legal entity is more easily understood. “My suggestion is that wealthy Chinese should consider setting up family foundations in jurisdictions with a sound legal environment and stable economic

growth,” said Kevin Zhu. “Businessmen are very sensitive to risks nowadays. Foundations allow family members to join hands to work for the family wealth, exert effective control over business operation via the Foundation Council, and ensure a smooth succession of power.” Zhu said that a family foundation can be used as a shareholding parent group. Under such scenario, the ownership and operation of a family business is separated. As the power of a family is consolidated, the death of any family member is unlikely to have any big impact on the business. Family members can also make better and faster decisions under a foundation structure, which eases up succession process without effecting business operation. Wealth accumulated over time under the structure of family foundation will not disappear even if the business undergoes bankruptcy, since beneficiaries may not be the owners of the property in the foundation, and assets reserved for the protection of the living by family members are immune to the debt claims targeting the beneficiaries. Bakery business owner Michael Wang agrees to the concept of trusts and foundations. He claims he will consider establishing an offshore foundation in order to avoid conflicts of interest among family members. “We need to plan for a longer term and apparently foundation is something we want,” said Wang. “The only thing we need to do is to find a jurisdiction with solid economic background, relatively low tax, a stable political environment, established legislation and a free currency mechanism. We have quite a few options looking out to the world. But under current global uncertainty, it would take some time to make our final decision.”

British Virgin Islands

Trusts & Foundations

Special Feature 英属维尔京群岛信托和基金会·特刊

S01 英属维尔京群岛的信托和资产继承详解 A Detailed Look at British Virgin Islands' Trust and Succession to Assets

S06 英属维尔京群岛专业服务分析 Analysis of Expert Services Offered in the British Virgin Islands

S12 BVI 帮您留住财富 Preserve Your Wealth with BVI

S18 英属维尔京群岛

S23 英属维尔京群岛香港办公室成立

信托法律更新

向亚洲市场的深度出击

BVI Trust Legal Updates

BVI's New Office in Hong Kong A Step Further to the Asia Market

2013

AUTUMN 秋季刊 2013, Autumn CHINA OFFSHORE

Autumn, 2013

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英属维尔京群岛的信托和资产继承详解 A Detailed Look at British Virgin Islands’ Trust and Succession to Assets By Raymond Davern

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个蓬勃发展的信托司法管辖区在过去的 50 多年里，英属维尔京群岛（“BVI”）一直拥有一个蓬

勃发展的信托业。这个行业始于 1961 年颁布的《受托人条例》，该条例是基于当时的英国信托法而建立的。从那时起，英属维尔京群岛的信托法经历了两次大幅立法修订，旨在提高信托产品作为财富管理工具的灵活性和实用性。除了这些因素，英属维尔京群岛相对较低的建立和维护费用使其成为一个热门目的地，能够帮助财产授予人通过离岸信托结构来管理他们的财富。本文将从财富管理的角度概述英属维尔京群岛信托结构的部分主要特点以及其可以采取的各种形式。本文还将关注资产继承的某些重要问题，以及如何使用信托结构来规避这些问题。

Flourishing Trusts Jurisdiction The British Virgin Islands (“BVI”) has had a flourishing trusts sector for over 50 years beginning with the enactment of the Trustee Ordinance in 1961 which was based on English trust law at that time. Since then, BVI trust law has twice been substantially modified by legislation designed to enhance the flexibility and utility of the trust product as a wealth management vehicle. These factors, coupled with the comparatively low cost of establishing and maintaining BVI trust structures have made the BVI a popular choice for settlors seeking to manage their wealth through an offshore trust structure. This article will

outline some of the principal features, from the wealth management point of view, of a BVI trust structure and the various forms it can take. It will also look at some of the principal issues as regards succession to assets and how use of a trust structure may help to circumvent them. What is a BVI Trust? A BVI trust is not an entity but involves a transfer of ownership in an asset by a settlor to an individual or entity called a trustee to be held by the trustee for the benefit of the beneficiaries of which the settlor (and, even, the trustee) may be one. The trust property, however, is owned by the trustee only nominally since although 2013, 2013,Autumn Autumn CHINA CHINA OFFSHORE OFFSHORE

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Raymond Davern

为什么选用英属维尔京群岛信托？英属维尔京群岛信托并不是一个实体，但是它涉及到财产授予人将资产的所有权转移给个人或者实体（被称为受托人），而受托人负责持有资产来为受益人的利益服务（财产授予人、甚至是受托人都可能是受益人）。然而，受托人只是名义上对信托财产享受所有权。这是因为虽然资产的名义所有权归于

The trustee is thus accountable to the beneficiaries for his stewardship of the trust property or fund and, ordinarily, he will have the duty to invest it prudently for their benefit. A BVI trust for beneficiaries may now last for up to 360 years and may confer either fixed interests on named beneficiaries or allow the trustee to confer discretionary benefit amongst a defined class of beneficiaries (typically the settlor’s descendants) throughout the trust period as may seem appropriate from time to time. A settlor may, in the case of a discretionary trust, issue one or more letters of wishes which can guide (but not bind) the trustee in the exercise of any discretions or powers conferred on the trustee. Importantly, however, a settlor needs not part with all control over the trust property when establishing a BVI trust since he or she may reserve certain powers (including the power to revoke the structure or to direct investment of the fund) or, through use of the VISTA trust regime, unique to the BVI, retain management and control of any BVI business company whose shares are placed

Raymond Davern 是英属维尔京群岛 Conyers Dill and Pearman 信托和私人客户总监，他也是 STEP 英属维尔京群岛法律改革委员会的成员。 Raymond Davern is Head of Trust and Private Client at Conyers Dill and Pearman, BVI and is a member of the STEP BVI law reform committee.

受托人，但是资产的实益所有权归于受益人。因此，就破产而言，信托资产并不被认为是受托人的财产，也不会被受托人的债权人进行追索。所以，受托人应就其对信托财产或者资金的管理向受益人负责。因此，他将有义务根据受益人的利益进行审慎投资。为受益人建立的英属维尔京群岛信托最多可以存续 360 年，它可以给予指定的受益

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title to the assets vests in the trustee, beneficial enjoyment of them vests in the beneficiaries. For insolvency purposes therefore, the trust assets are not treated as part of the trustee’s estate and are not available to the trustee’s creditors.

into trust. A settlor may alternatively incorporate a private trust company (“PTC”) to be trustee of the trust. By applying the VISTA trust regime to the shares in the PTC, the settlor can ensure that appointments to the board of the PTC and, therefore, control of all decisionmaking in relation to the trust are made on the settlor’s direction in accordance with “Office of Director Rules” (“ODRs”) allowed for by the VISTA legislation.

Succession Issues in Relation to BVI Situated Assets Faced by Foreign Domiciliaries Where title to BVI situated assets (such as shares in a BVI business company) is vested in an individual at death, it will pass according to applicable succession law, which is normally either the law of the domicile at death or that of the nationality of the deceased. In order to circumvent any mandatory provisions of such succession law, and sometimes in order to minimize the incidence of tax on death, an offshore entity will be incorporated to hold title to the property. Many BVI business companies have been incorporated for these or similar reasons. The succession issue will persist, however, if the shares in that entity are placed in the name of an individual which, no matter how many corporate layers are interposed, will ultimately have to be the case. On the death of that individual, the questions will arise: who is entitled to the shares and how can it be transferred to them? A number of difficulties can arise in answering these simple questions depending on the fact pattern involved. All of them, however, can be avoided or resolved through use of a BVI trust structure established during the life of the settlor. It may be helpful to analyse the ways in which a trust structure may do so by looking at a series of similar but different fact patterns as hypothetical case studies:

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人固定的利息，或者在信托存续期内允许受托人以合理的方式酌情将收益给予指定的一类受益人。就全权信托而言，财产授予人可以签发一份或者多份意愿书，来指导（但不能强制）受托人行使酌情权或其他赋予受托人的权力。然而，更重要的是，财产授予人在建立英属维尔京群岛信托时不需要将对信托财产的所有控制权交予他人，这时他或她可以保留一定的权力（包括有权撤销信托结构或指导资金的投资计划）或通过使用英属维尔京群岛独有的 VISTA 信托制度来保留对信托控股的任何英属维尔京群岛商业公司的管理和控制。此外，财产授予人也可以建立一家私人信托公司（“PTC”），来担任该信托的受托人。通过使用 VISTA 信托制度来管理 PTC 的股份，财产授予人可以根据 VISTA 立法所规定的“董事会办公室原则”来确保 PTC 董事会的任命，从而使得信托所有的决定都符合财产授予人的意愿。境外人士位于英属维尔京群岛的资产所面临的继承问题当位于英属维尔京群岛的财产的所有权由于财产所有人的死亡而发生变更时，继承事宜必须遵守相应的继承法。这既可以是所有人死亡地的法律，也可以是所有人原籍国的法律。为了规避继承法的强制性条款，有时也为了尽量减少死亡所触发的税赋，人们会建

Case Study 1: A, the sole shareholder in a BVI business company, X Co, is a national of the People’s Republic of China (“PRC”) and dies domiciled there. X Co is the top holding company of a group of PRC subsidiaries which operate manufacturing businesses in the PRC. Under BVI private international law rules, PRC succession law will govern entitlement to the shares in X Co on A’s death. In order for the shares to be transferred to the persons entitled to them under PRC law, an appropriate alteration will have to be made to the membership register. The BVI registered agent of X Co will, however, require to see either a transfer of the shares executed by A before death or a grant of representation from the BVI court to one or more of the persons entitled to the shares under PRC law before any such alteration can be made. Assuming that A had not executed a transfer before death, the only option would be, therefore, an application to the BVI court for a grant of representation. This, however, can involve a delay of some months (with the possibility of interruption to the chain of command in the X Co group meanwhile), legal costs and attendant publicity since the application

must be advertised and the court order will be a publicly searchable document.

Case Study 2: As in case study 1 but A transfers his shares in X Co to Trust Co, a BVI licensed trustee, to be held on a discretionary trust for A’s descendants over a specified trust period not exceeding 360 years. A writes a letter of wishes explaining to Trust Co how he would like the trust administered but, as advised by his lawyers, expressly states in his letter of wishes that it is not binding. In this scenario, no question of needing to transfer title to the shares on A’s death arises since title to them is vested in a BVI entity and no provision of PRC law or judgment of a PRC court in favour of an heir under PRC law may be given effect by the BVI court if the consequence of doing so would be to undo the transfer into trust. Furthermore, the arrangement is a purely

英属维尔京群岛的信托产品是精心设计，能够为境外人士的离岸财富架构和管理提供一种可靠的方式。 The BVI trust product has been well designed to afford foreign domiciliaries a reliable way of structuring and managing their wealth offshore.

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立离岸实体，作为财产的所有人。除了这些或者类似的原因，人们已经建立了许多英属维尔京群岛商业公司。但是，如果这些实体的股份归于个人的名下，那么继承问题仍将存在，无论其中涉及多少个企业层级，人们最终仍需要面临这个问题。当那个人死亡时，问题就会出现：谁有权继承股份？股份如何进行转移？回答这些简单的问题可能会遇到一些困难，这取决于所涉及的事实情况。然而，在授予人健在的时候，通过使用英属维尔京群岛的信托结构就可以避免或者解决所有这些问题。我们需要通过审视下列案例分析中假设的非常类似但又不同的情况，来分析信托结构实现这一目的的不同方式：案例 1： A 是英属维尔京群岛商业公司 X 的唯一股东，他是中华人民共和国的公民，并且在那里去世。X 是一群中国子公司的顶层控股公司，这些公司在中国从事制造业。根据英属维尔京群岛私人国际法的规则，A 死亡后其在 X 公司的股份将遵从中国的继承法。为了依据中国的法律将股份转移给权益人，必须对注册信息进行相应的改动。然而，X 公司在英属维尔京群岛的注册代理人要求必须看到 A 在死亡前就将股份进行了转移，或者由英属维尔京群岛法院向一个或者多个法定股份继承人发出的遗产承办书，才能进行相应的变更。因此，假设 A 在死亡前没有执行转移，那么唯一的选择就是向英属维尔京群岛法院申请开具遗产承办书。然而，这可能会延迟几个月（期间可能会失去对 X 公司所属子公

英属维尔京群岛的信托法经历了两次大幅立法修订，旨在提高信托产品作为财富管理工具的灵活性和实用性。英属维尔京群岛相对较低的建立和维护费用使其成为一个热门目的地。 BVI trust law has twice been substantially modified by legislation designed to enhance the flexibility and utility of the trust product as a wealth management vehicle. Coupled with the comparatively low cost of establishing and maintaining BVI trust structures have made the BVI a popular choice.

司的控制），并且会带来相应的法律费用及随之而来的信息曝光。这是因为申请书必须广而告之，而法庭判决也将会是一个可以公开搜索的文件。案例 2：在案例 1 的基础上，假设 A 已经将其所持有的 X 公司股份转移给了 Trust Co（英属维尔京群岛持牌受托人），后者建立了一个全权信托，为 A 的后代在不超过 360 年的期间内管理该信托。A 撰写了一份意愿书，向 Trust Co 解释他希望如何管理这个信托，但是根据他的律师建议，明确在他的意愿书中指出，这种要求是不具有约束力的。在这种情况下，A 的死亡不会引起相应的财产所有

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private arrangement needing neither BVI governmental approval nor any sort of registration or publicity. It satisfies A’s legitimate desire for privacy and, through the equitable obligations of confidence imposed on Trust Co, confidentiality. However, A has had to part with control over the asset which constitutes his life’s work and is reliant on the trustee given overriding weight to his letter of wishes in the face of persistent demands and threats of legal action by the beneficiaries to whom Trust Co is accountable. That is something he cannot bank on.

Case Study 3: As in case study 2 but, instead of transferring his shares in X Co to Trust Co, A incorporates his own PTC in order to undertake trusteeship of the discretionary trust. In order to be sure that he controls the board of the PTC and the decisionmaking in relation to the trust so long as he lives, he takes the shares in the PTC in his own name and appoints himself to the board of the PTC. This solves a number of the issues which worried A in case study 2 but raises the succession issue again: what happens to the shares on A’s death and who

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权转移，这是因为财产的所有权已经授予了英属维尔京群岛的实体。而英属维尔京群岛的法庭也不需要遵从中国的法律以及中国法院就继承人的判决，如果这么做可能会使得所有权无法转移给信托。此外，该安排是一个纯粹的私人安排，既不需要获得英属维尔京群岛政府的批准，也不需要进行形式的登记或公开。它满足了 A 对隐私和机密性（通过 Trust Co 的守信义务）的合法期望。然而， A 不得不放弃其对一生资产的控制，并且十分依赖于受托人来应对针对受益人的持续索求和威胁。这是他不能左右的事情。案例 3：在案例 2 的基础上，A 没有将 X 公司的股份转移给 Trust Co，而是自己建立了一家 PTC，来持有全权信托的托管权。为了确保他在有生之年能够控制 PTC 董事会的任命和有关信托的决策，他使用自己的名字来持有 PTC 的股份，并且任命自己为 PTC 的董事。这解决了一些 A 在案例 2 中担心的问题。然而，继承问题再次出现：如果 A 死亡，那么这些股份该怎么办？在此期间，谁将控制董事会以及董事会层面关于信托的决定权？案例 4：在案例 3 的基础上，A 被建议将 PTC 的股份置于一个目的信托中，而 Trust Co 被任命为该信托的受托人，并且采取 VISTA 的模式。这让 A 能够规定在他有生之年，他或者任何他书面提名的人将担任或者卸任董事，在他死后，B 和 C（或者其他一般或者特别指定的人）将担任董事。这样的安排完全消除了针对 PTC 股份继承的任何问题。将这些股份置入一个信托，而受托人除了持有股份以外没有其他权力和义务，并且随时根据 A 的意愿改变 PTC 董事会的任命，这些安排确保了 A 仍然可以对 PTC 担任受托人的家族信托的管理拥有完整的控制权。结论从这些案例研究可以看出，英属维尔京群岛的信托产品是精心设计，能够为境外人士的离岸财富架构和管理提供一种可靠的方式，并且通过将所有权转移到离岸信托中为所有人带来利益，让财产授予人对置入信托的资产保持高度的控制力，对死后资产的走向保持最大的灵活度。

will then acquire control of the board and the right to make decisions at board level in respect, and for the duration, of the trust? Case Study 4: As in case study 3 but A is advised to place the shares of the PTC in a purpose trust of which Trust Co is appointed trustee and to which VISTA is applied, allowing A to specify ODRs saying that during his lifetime he or anyone he nominates in writing shall be appointed to the board or removed from it and that, after his death, B and C (or others identified specifically or generally) shall be appointed and so on. This arrangement removes entirely any question of succession to the shares in the PTC and, by placing them into a trust in which the trustee has no powers or duties other than to hold the shares, in effect,

and to make appointments to the board of the PTC in accordance with A’s directions from time to time, ensures that A will nonetheless remain in full control of the administration of the family trust of which the PTC is trustee.

Conclusion As can be seen from these case studies, the BVI trust product has been well designed to afford foreign domiciliaries a reliable way of structuring and managing their wealth offshore. And to do so in a way which offers the benefits of alienating title to an offshore entity on trust while allowing settlors to retain a high degree of control over the assets placed into that trust and maximum flexibility to determine what shall happen to those assets after their demise.

银行和信托服务—发牌后事务汇总（2013 年第二季度） Qtr 2 Banking and Fiduciary Services –Post Licensing Transactions

董事任命 Appointment of Directors

2013

高级管理人员任命 Appointment of Senior Officers

授权代理人变更 Change in Authorized Agent

持牌人细节变更 Change in Particulars( of the Licensee)

股权 / 所有权变更 Change in Shareholding/Ownership

分支机构获批 Approval for the Establishment of a Subsidiary

审计人员变更 Change in Auditor

名称变更 Change of Name

来源：www.bvifsc.vg Source: www.bvifsc.vg

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英属维尔京群岛专业服务分析 Analysis of Expert Services Offered in the British Virgin Islands

英

属维尔京群岛（BVI）由加勒比海的 60 个岛屿组成。在该地区注册的企业、有限合伙制、信托以及其

他形式的注册公司超过 950,000 家，成为近几十年来全球最主要的金融中心之一。2000 年，英国外交及联邦事务部委托毕马威会计师事务所对英国海外领土进行调查，报告结果显示，41％的全球离岸组织都在 BVI 注册。《金融时报》在 2007 的特别报道中也表明， BVI 现已占境外直接投资市场第二大份额（仅次于香港）。 BVI 在近几十年能够成为热门的国际金融中心有很多原因。国际金融中心都在争相成为全球各地高资产净值个人和家庭的首选

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he British Virgin Islands (“BVI”) forms an archipelago of approximately 60 islands in the middle of the Caribbean chain. For a number of decades it has been one of the world’s leading international finance centres, having formed or registered in the region of 950,000 corporate vehicles, limited partnerships, trusts and other structures. In 2000 the British Foreign & Commonwealth Office commissioned the accounting firm KPMG to conduct a survey of the British offshore territories and the subsequent report indicated that amazingly

41 percent of the world’s offshore structures were registered in the BVI. This was followed by a special report in 2007 by the Financial Times which indicated that by country the BVI had the second largest share of outgoing direct investment in the world (only behind Hong Kong). The popularity of the BVI as an international finance centre has evolved over the years for a number of reasons. International finance centres all seek to be the jurisdiction of choice for high-networth individuals and families throughout the globe and in this way they are in direct

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管辖区，以保持走在国际金融策划的尖端。

competition with one another to remain at the cutting edge of international financial planning.There is therefore a constant need for such jurisdictions to review and enhance their offerings, which is only to the benefit of clients. In the case of BVI, its attractiveness to international clients as a preferred jurisdiction for corporate and trust structures has been achieved through its innovative range of structuring solutions (achieved through regular refinement of the legislation), the quality of the service providers and professionals and the effective regulatory systems in place to oversee the activities of the financial services industry. Clients are attracted to the BVI as a jurisdiction for corporate and trust structures because of its political stability and the importance of the preservation of the rule of law. The laws of the BVI are primarily based on English common law and equity, but in addition statutory laws and a substantive body of local case law provide a modern legal framework. Classic English law principles relating to companies and trusts have been updated and refined to offer user-friendly and flexible vehicles for clients seeking to establish effective structures for succession planning, asset protection and legitimate confidentiality preservation. For example,

in the case of the trusts regime, the development of the VISTA regime and Private Trust Companies (commonly called PTCs) in recent years now allows clients to establish BVI trust structures so as to take advantage of all the classic benefits of a trust (effective succession planning, asset protection) while at the same time being able to retain effective control of the assets held in the trust structure. All the major offshore law firms have offices in the BVI and so clients in need of BVI legal advice have a wide selection of experienced legal professionals to choose from. The lawyers in BVI are used to acting for clients from all parts of the world and are therefore able to adapt specific structuring solutions so as to be as efficient as possible for clients from different countries. Additionally, the majority of these law firms have offices in Hong Kong, where BVI qualified lawyers, speaking the local languages, are able to work with clients and their advisors “in real time”, while at the same time communicating with their colleagues and other professionals and service providers in the BVI. The Court system in the BVI can now be favourably compared with that of any other international finance centre and this is often an important factor for ultra-highnet-worth clients when considering where

因此这些司法管辖区需要为客户的利益不断检讨和增强他们的服务。以 BVI 为例，通过一系列创新的架构解决方案（通过定期完善立法实现），高质量服务提供商和专业人士以及有效监督金融服务行业活动的监管制度，吸引了许多国际客户作为企业及结构化信托的首选管辖区。 BVI 稳定的政治环境和重视法治维护的特性也是吸引国际客户在此成立公司和结构化信托的主要原因。BVI 的法律主要基于英国“普通法”和“衡平法”，加上法律法规和大量的当地判例法，构成了 BVI 现代化的法律框架。有关公司和信托的传统英国法

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律原则现已更新并改良，为客户有效地建立继任计划、资产保护和合法保密维护提供友好、灵活的工具。以信托制度为例子，成立的 VISTA 以及近年来的私人信托公司（俗称 PTC）允许客户在 BVI 成立结构化信托，充分利用当地的制度优势（有效的继任规划，资产保护）的同时保留对结构化信托中持有资产的控制。所有主要的离岸律师事务所都在 BVI 设有办事处，在客户需要 BVI 法律咨询时提供多重选择。BVI 的律师曾服务来自世界各地的客户，因此能够适应各种特定结构解决方案，从而尽可能地高效服务来自不同国家的客户。此外，大部分律师事务所在香港都设有办事处，这样持有 BVI 法律资格证的律师能用当地语言与客户和他们的顾问“实时” 工作，同时与 BVI 的同事以及其他专业人士和服务提供商进行及时沟通。 BVI 的法院体系现在可以媲美任何其他国际金融中心，这对于考虑成立私人财富控股公司的超高净值客户来说是一个重要的考

to set up their private wealth holding vehicles. In 2009, a Commercial Division of the BVI High Court, with a specialist judge, was established as a specialist division for the hearing corporate and commercial matters and trusts disputes. The highest court for BVI legal proceedings is the Judicial Committee of the Privy Council, which is based in London and is the highest court of the United Kingdom. Whilst there is a danger not to consider such factors when looking to set up an offshore vehicle, wealthy international families and their advisors do take great comfort from the robust legal systems in place in the BVI. In addition to the quality of available lawyers and the developed legal system, the BVI enjoys an abundance of professionals working in the various strands of financial services offered from the jurisdiction. In addition to service providers focussing on

英属维尔京群岛银行和金融服务业新发放 / 更新牌照数目 Licenses Issued/Renewed in Banking and Fiduciary Services in BVI

第二季度

第一季度

第二季度

Qtr 2

Qtr 1

Qtr 2 2012

Cumulative as at 30 Jun 2013

一般银行牌照 General Banking

二级信托 Class II Trust

1 1

1 0

0 0

86 13

三级信托 Class III Trust

二级限制信托

货币业务 / 金融业务 Money Services/Financial Business

一级限制牌照 Restricted Class I Banking

一级信托 Class I Trust

Restricted Class II Trust

三级限制信托 Restricted Class III Trust

公司管理 Company Management

授权托管人 Authorized Custodian

每季度总共发放牌照数 Total Licensed Entities by Quarter

总牌照发放数，截至 2013 年 6 月 30 日 Total Currently Licensed Entities as at 30 Jun 2013 来源：www.bvifsc.vg Source: www.bvifsc.vg

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2013

截至 2013 年 6 月 30 日总数

234

the provision of registered agents to BVI companies and the growing Investment Funds business in the territory, there are over 300 licenced trust companies in the BVI. These trust companies are regulated by the Financial Services Commission (as to which see further below) and must thereby confirm to government regulations in relation to the business they carry on. There is a wide variety of options for international clients looking to set up a BVI trust structure. This means that the role of the trustee will vary from one trust to the next. For example, if the BVI trust is established as a Vista trust, the role of the trustee in the everyday management of the BVI company held in the trust will be limited, and control is retained by the directors of that BVI company. However, where a BVI trust is not a Vista trust, the trustees can have a more active role in the administration of the assets held in trust. BVI trusts are allowed to hold any type of asset anywhere in the world and so the professionals in the BVI trust companies have a very wide range of experience and expertise allowing them to deal efficiently with BVI trusts holding all types of assets located in a wide range of geographical locations. Many BVI trusts are established as discretionary trusts, which mean that there is a class of beneficiaries. None of the beneficiaries of a discretionary trust has any fixed or automatic right to distributions of income and capital from the trust; they only have the right to be considered for benefit by the trustees. Discretionary trusts are effective for asset protection because none of the beneficiaries have any automatic access to the trust assets, but as a result it can be the case that the trustee has a high level of responsibility in respect of distributions from the trust. Individuals establishing BVI trusts, known as settlors, typically leave Letters of Wishes to the trustees to provide guidance as to how the trustees might consider exercising their

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量因素。2009 年，BVI 高等法院特别成立了由专家法官审讯公司、商业及信托纠纷的商业部门。BVI 的最高法院为枢密院司法委员会，是位于伦敦的英国最高法院。虽然在决定成立境外公司时，不考虑这些因素会有一定的风险，但来自世界各地的富裕家庭还是能在 BVI 受到健全法律制度的保护。除了高质量的律师和发达的法律体系以外，BVI 还拥有一群经验丰富的专业人士，为客户提供不同类型的金融服务。除了为 BVI 的公司和不断增长的投资基金业务提供注册代理服务的提供商以外，BVI 还有超过 300 家特许信托公司。这些信托公司受金融服务委员会（为见下文）管制，从而必须与政府确认他们业务有关的规章制度。客户在 BVI 设立结构化信托有多种选择。这意味着受托人在每个信托中的角色都会有所不同。例如，Vista 信托的受托人在公司日常管理中的责任有限，而其 BVI 公司董事保留控制权。然而，如果不是 Vista 信托，受托人在以信托方式持有的资产管理方面会更加活跃。BVI 的信托对资产的位置和类型没有限制，所以 BVI 信托公司的专业人士需要具备非常广泛的经验和专业知识，才能有效地管理信托中持有的各种遍布全球的资产。 BVI 的大部分信托都是有受益者的全权信托。全权信托的受益人没有固定或自动分配信托收入和资产的权利，他们仅有权被视为受托人的受益方。全权信托能有效对资产进行保护，因为受益者不会自动获得信托资产，但这也代表将委以受托人分配的重任。在 BVI 建立信托的财产授予人通常会留下意愿书，为受托人的分配判定提供指导。受托人有权重视财产授予人的意愿，但授予人的意愿书对受托人不具有任何约束力。在任何情况下，受托人都会以其专业技能和知识有效地履行职责，当涉及到信托分配和管理时，以受益人的最佳利益为决策原则。为监管和监督信托公司和其他金融服务供应商，作为 BVI 自治金融服务监管机构的金融服务委员会（FSC）于 2001 年成立。金管会的作用十分广泛，并且在金融服务行业不断增长中逐渐扩大。其主要功能如下： ·监督和管理许可证持有人（包括信托公司）; ·监控和调节 BVI 各类金融服务业务 ; ·对非法金融服务人员采取执法行动 ; ·根据反洗黑钱法规监测所有受监管实体。在一般情况下，金管会预期所有牌照持

Henry Mander 在信托实践方面经验颇丰，是衡力斯在开曼群岛和英属维尔京群岛的信托主管。他不仅为私人提供服务，也为公司（如银行和信托公司等）提供有关开曼群岛和英属维尔京群岛的信托咨询服务。在复杂国际信托的设立，管理和终止方面有着丰富的操作经验，并能够为高净值人士提供有效的财产继承规划。 Henry Mander is an experienced trust practitioner and head of Harneys' Cayman and BVI trusts practice. He advises both private and institutional clients (including banks and trust companies) on all aspects of Cayman and BVI trust law. Henry has a broad range of trust and estate planning experience, including the creation, administration and termination of complex international trusts and advising on the mechanics for effective succession planning for high net worth individuals and families.

discretion in relation to the distributions. Trustees are entitled to attach weight to the wishes of a settlor, although the Letters of Wishes are not binding on the Trustees. In any event, the skill and expertise of the trust professionals in the BVI will enable the trustee to discharge their duties effectively, acting in the best interests of the beneficiaries, when it comes to decisions about distributions from trusts and their administration generally. In relation to the regulation and supervision of trust companies and other financial services providers in the BVI, the Financial Services Commission (“FSC”) was established in 2001 to act as the autonomous financial services regulatory authority for the jurisdiction. The role of the FSC is wide and continues to expand, reflecting the growth of the financial services industry in the BVI. Its main functions are as follows: 2013, 2013,Autumn Autumn CHINA CHINA OFFSHORE OFFSHORE

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BVI 拥有一群经验丰富的专业人士，为客户提供不同类型的金融服务。 The BVI enjoys an abundance of professionals working in the various strands of financial services offered from the jurisdiction. 有人对法律和法规有深入的认识和了解，因为这将直接影响他们为客户提供金融服务业务。这将确保所有监管实体，如信托公司，将在 BVI 法律和法规下，配备适当工作人员和所有必要的系统和操控措施，高效地为客户提供服务。任何一步非法操作都会受到 FSC 的处罚和其他执法手段的惩戒。 BVI 完善的金融服务提供商监管体系，意味着客户将与训练有素、经验丰富的专业人士在有效监督的行业里展开工作。作为国际金融中心，这也是高净值家庭能安心选择在此设立商业载体的原因。总体而言，维尔京群岛已经在一个竞争非常激烈的全球市场中成功地发展成为领先的国际金融中心，BVI 的成功可以归结为其可用的商业结构（如非常灵活的信托产品），发达的法律和法院系统，拥有众多各个领域的金融服务专家，以及强有力的监管系统对更为广泛的金融服务行业进行有效的监督。

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· Supervising and regulating licence holders (which includes trust companies); · Monitoring and regulating all types of financial services business carried on in the BVI; · Taking enforcement action against persons carrying on unauthorised financial services business; and · Monitoring compliance by all regulated entities with the jurisdiction’s antimoney laundering regulations. In general, the FSC will expect all licence holders to have a thorough knowledge and understanding of the applicable law and regulations which will impact the financial services business which they carry on. This ensures that all regulated entities, such as trust companies, will be appropriately staffed and have all necessary systems and controls in place to carry on their business effectively and efficiently for their clients and within the laws and regulations of the BVI. Failure

on the part of any such entity to do so will result in penalties and other enforcement action from the FSC. Accordingly, the sophisticated regulatory system of financial services providers in the BVI means that clients will deal with well trained and experienced professionals working in an effectively supervised industry. This aspect of the BVI as an international finance centre is also of comfort to the international high-networth families which have chosen to set up vehicles in the jurisdiction. Overall, the BVI has successfully developed into a leading international finance centre and in a very competitive global market, much of this success can be attributed to the available structures in BVI (such as very flexible trusts), a developed legal and court system, access to a pool of expert professionals in all areas of financial services and a robust regulatory system supervising the wider financial services industry.

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BVI 帮您留住财富 Preserve Your Wealth with BVI

By Simon Filmer

对于中国的高净值人士来说，信托仍是一个外来概念，但实际上，信托结构是企业家寻求离岸资产继承规划方面十分有吸引力的选择。 Trusts are an alien concept to many Chinese high net worth individuals, but these structures represent an attractive option for a generation of entrepreneurs looking for succession planning solutions offshore.

“了

解你的客户”是金融服务业内的惯常说法：这常在承诺条款中出现，

包括获取足够多的知识以及支持文件来保证个人和公司均能符合他们所声称的那样，并且合法处理事件。这同时也是市场营销的关键。在试图向某个地方销售产品之前，收集当地流行的风俗，法规以及特定的偏好至关重要。引申开来，如果英属维尔京群岛（BVI）以及其服务供应商，想要在中国成功地推广他们的信托服务和产品，他们必须对当地市

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“K

now your client” is common parlance in financial services: It is generally used in the context of compliance, and involves obtaining sufficient knowledge and supporting documentation to ensure that individuals and companies are who they say they are, and transacting for legitimate purposes. It is also a key concept in marketing. It is vital to collect information about the prevailing customs, regulations and preferences in a specific location before

trying to sell products there. By extension, if the British Virgin Islands (BVI), and its service providers, are to be successful in promoting trust services and products in China, they must be familiar with the local market. And given the client scale and scope in that country, this means understanding the needs of high net worth individuals (HNWIs). The prototype Chinese HNWI is firstgeneration wealthy – an entrepreneur who has built his fortune in recent years. He is

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场足够熟悉。并且，考虑到中国的客户数量以及范围，这意味着需要更好的了解高净值人士（HNWIs）。典型的中国高净值人士可以被归类为 “富一代”——比如某企业家在近些年积累了相当的财富。他有充分的理由来关心他财产的风险问题。由文化大革命造成的剧变在将近 40 年间，甚至在最高级别的人群中还留有记忆。自从改革开放之后，中国毫无疑问发生了巨大的改变，但是这些祖辈父辈不会忘记那段艰难的时间，他们如何渴望能够为未来做规划，甚至已经考虑到了最坏的情况。因此，安全有保障并且相关的继承计划就显得十分重要。另一个关键问题是管理。中国的信托法于 2001 年生效，但是相关的法律和规章制度并没有得到充分的发展，尤其是在私人客户方面，对于将财产拥有权转交给专业的受托人这一概念并没有得到很好的认可。事实上，中国的信托法以及有限的相关法庭诉讼，似乎表明对信托的理解在本质上是一种特殊类型的合约安排。该法的第二条条款对信托的定义是指委托人基于对受托人的信任，将其财产权委托给受托人，由受托

also likely to be concerned about threats to his wealth, and for good reason. The upheaval created by the Cultural Revolution, though more than 40 years ago, lives long in the memory of even the most privileged. China has, of course, changed significantly since China opened up its doors, but parents and grandparents have not forgotten the hard times and are keen to plan for the future, and for worst case scenarios. Safe, secure and certain succession planning are, therefore, likely to be important. Control is another key issue. China’s trust legislation came out in 2001, but the legal and regulatory apparatus is not well developed, and there is little concept, in the private client arena especially, of handing over the beneficial ownership of assets to a professional trustee. Indeed, Chinese trust law and the limited litigation in the courts, appear to indicate an understanding of trusts as

essentially a special type of contractual arrangement. Article Two of the statute defines a trust as an arrangement whereby the settlor “entrusts” his property rights to the trustee who manages them in his own name. Significantly, this does not mandate or prohibit the transfer of ownership of the trust property to the trustee. It is therefore possible for the settlor to retain ownership of the trust property, and create a trust by simply entering into a contract with the trustee. As a result of local laws and custom, the “traditional” Anglo-Saxon discretionary trust may not always be understood fully in China. But the potential uses of these structures to entrepreneurs stretch well beyond asset protection. Pre-IPO and employee benefit trusts, for example, are well-suited to the fast-growing companies from which their wealth ultimately derives. A pre-IPO trust involves settling the shares of a company to be listed into a trust.

人按委托人的意愿以自己的名义，为受益人的利益或者特定目的，进行管理或者处分的行为。值得注意的是，这并没有对托付给受托人的财产所有权的转移进行约束或者禁止。因此，财产授予者可以保留信托财产的所有权，并与受托人签订建立信托的合约。由于当地的法律和习俗，“传统的”盎格鲁 - 撒克逊全权信托并不能完全被中国客户所理解。但是对于企业家来说，这种信托的可能用处不仅仅是提供财产保护。比如，使用信托作为首次公开招股 (IPO) 的前奏规划和员工福利信托，对于快速成长的公司来说就十分适合。使用信托作首次公开招股 (IPO) 的前奏规划涉及到安排信托中的公司股份。使用独立、专业的受托人，能够提供股权的连贯性，这对 IPO 来说是非常重要的，以防在最后一刻出现不可预期的变化。受托人的股份是固定的，使得他们不会由于信托创始人的死亡或失去民事能力而被冻结。这能保证这些股份的投票表决权不会因为由创始人的遗嘱分配的多个受益人而分散。相同受益人可以享受这些经济收益而不

使用信托作首次公开招股 (IPO) 的前奏规划的进一步优势在于尽可能少的减少上市之后的管理报告和其他关注。 A further advantage of pre-IPO trusts is minimal post-listing regulatory reporting and attention.

2013, 2013,Autumn Autumn CHINA CHINA OFFSHORE OFFSHORE

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Simon Filmer

用担心主要控股权益的稀释。

或控制权被分散来提供保护。

Simon Filmer 在 2013 年 2 月以非亚洲地区执行总裁的身份加入 OIL，主要职责是负责营运和亚洲以外地区的执业实体，以及促进 OIL 在欧洲和美洲地区的发展。他在信托行业有超过 13 年的管理经验，并在公司商务、信托和投资业务等方面

使用信托作首次公开招股 (IPO) 的前奏

经验丰富。

规划的进一步优势在于尽可能少的减少上市

Simon Filmer joined OIL in February 2013 as Managing Director, ex-Asia, with responsibility for operations and licensed entities outside of Asia, and to promote the development and growth of the OIL business in Europe and the Americas. He has more than 13 years’ experience as a manager and director in the fiduciary services industry and has considerable experience in the areas of corporate business, trusts and investment business.

合理的继承计划，比如使用信托作首次公开招股 (IPO) 的前奏规划，可以在创始人过世之后，避免遗嘱认证和遗产继承税（视情况而定）。在发生婚姻纠纷的时候，也可以通过防止受益人在离婚案件时股权被冻结

之后的管理报告和其他关注。在 IPO 之后向信托进行股份转移需要向有关股票交易部门或其他部门提供报告，将会导致媒体的报道从而对股价造成负面影响。企业家也可以考虑建立员工持股计划——这是因为上市之后几个月的表现十分重要，高级管理阶层的去留对此至关重要，因此持股计划能够相对地留住人才，并且建立员工忠诚度。通过独立的第三方受托人，采取雇员受益信托来进行此类规划，能够为相关管理人员提供保障。不在创始人或公司名下的股票，

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Using an independent, professional trustee, provides a continuity of shareholding, which can be important ahead of an IPO as sudden changes at the last moment would be undesirable. The shares are consolidated in one trustee, preventing them from being frozen due to the incapacitation or death of the founder. This ensures that controlling voting rights of shares are not split amongst several beneficiaries on the founder’s demise. The same beneficiaries may also enjoy the economic benefits without dilution of the majority controlling interest. Appropriate succession planning, such as establishing a pre-IPO trust, may avoid probate or inheritance tax (depending on circumstances) on the death of the founder. It can also provide protection in the case of matrimonial disputes, by preventing shares from being frozen or controlling powers being split up in the event of a beneficiary getting divorced. A further advantage of pre-IPO trusts is minimal post-listing regulatory reporting and attention. Transferring shares into a trust after the IPO may trigger reporting to the relevant stock exchange and other authorities, which could lead to media coverage that negatively affects the share price. The same successful entrepreneur could also consider establishing an employee stock option plan – this is because the company’s performance in the months leading up to the listing is critical. Retention of the senior management team will be vital to such efforts, and will build loyalty. Placing such options, in an employee benefit trust, held by an independent third party trustee, provides assurance to the relevant managers. Shares that are not held in the name of the founder or the company provide much greater protection against bankruptcy or insolvency. In addition, employees may benefit from the listed

2013, Autumn CHINA OFFSHORE

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在破产或无法偿还债务的时候受到保护。此外，员工可以不去开办个人的股票账户而获得上市股票的分红。中国的个人财富急速增长，企业家们更多的关注在岸财产的持有以及哪些可以转移到海外，这其中，信托就是这个大趋势中的一部分。这其中不乏历史和政治因素的驱动，但也基于多元化的需求。这样的需求可以简单的表现为在离家最近的银行开设账户，在香港购入房产，将小孩送

shares without having to separately open brokerage accounts individually. As individual wealth grows in China, entrepreneurs will increasingly look at their assets in terms of what is held onshore and what could be moved overseas, and trusts are part of this broad trend. It is driven by

去英国或美国接受教育等，或者是更实质性的获得其他国家的护照。供应商的责任则是精通各个司法管辖区的法律监管体系，来巩固他们的产品。英属维尔京群岛有着现代、高效的一整套信托法律，包括，全权信托，维尔京群岛特殊信托法案 (VISTA)，以及私人信托公司 (PTCs)。 VISTA 在首次公开招股 (IPO) 的前奏规划方面特别有用。原因有三：其一，受托人

them; the trust deed can make provision for successive directors of an underlying company, ensuring smooth transition; and the founder, or his designated person, can be appointed as the director of the underlying company to manage its assets, including the listed company shares. There is considerable scope for the use of PTCs in China. Under a PTC structure, the founder – or family members or professional advisors – may serve as a director on their own trust company established to act as trustee for the family trust. This arrangement provides a different set of advantages to those in the VISTA trust: less involvement from professionals, and therefore lower costs; and an ability

典型的中国高净值人士可以被归类为“富一代”——比如某企业家在近些年积累了相当的财富。他们有充分的理由来关心财产的风险问题。 The prototype Chinese HNWI is first-generation wealthy – an entrepreneur who has built his fortune in recent years. He is also likely to be concerned about threats to his wealth, and for good reason.

必须保留 BVI 公司的股份，并无法出售该股份；其二，能够保住平稳过渡；其三，创始人，或者指定代理人，可以被任命为该公司的管理者来管理其财产，包括公司上市股份。私人信托公司在中国的适用范围也很广泛。通过私人信托公司，创始人，或其家庭成员，或专业咨询师，能够在他们的信托公司里担任管理者职责，这个信托公司能够作为该家族信托的受托人。这样的安排可以提供与 VISTA 不同的优势：专业人士的参与度降低，因此可以减少成本；可以在涉及到管理事项的时候更快决策，而不是有第三方专业人士参与。这些信托架构都需要适当的思考和计划。但是目前，中国的高净值人士却不愿讨论，甚至不去考虑这方面的问题。八九十岁的企业家仍然大权在握，很普遍的现象是，他们并没有准备合适的继承计划，也没有指定有限的潜在继承者。因此有着专业知识和资源的服务供应商，就能够在财产继承方面给出很好的建议，英属维尔京群岛正是有着这类专业服务和产品的地方。

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historical and political issues but also by a basic desire for diversification. This can be as straightforward and close to home as establishing a bank account or purchasing property in Hong Kong, to educating a child in the UK or the US, or as substantive as obtaining a passport in another country. The onus is therefore on service providers to be proficient in a variety of areas and on jurisdictions to ensure the legal and regulatory systems that underpin their products are sound. The BVI has a modern, effective suite of trust legislation, encapsulating, among others, discretionary trusts, the Virgin Islands Special Trusts Act (VISTA) and private trust companies (PTCs). VISTA is particularly useful in a preIPO context. There are three reasons for this: trustees must retain the shares of the BVI company, and cannot look to sell

to act more quickly by virtue of keeping matters within a trust family circle rather than involving third-party professionals. All structures require appropriate thought and planning. The problem in China is that many HNWIs don’t want to discuss – or even consider – their own demise and families tend to be small, as a result of the one-child policy. Octogenarian entrepreneurs still in firm control of the family business, with no succession plan, and a limited number of possible successors, are not uncommon. It is up to the well-informed and resourced service provider to advise such prospective clients of the advantages of succession planning, and the services and products that the BVI can contribute in that regard.

世界瞬息万变，公司的建立不再仅仅关乎价格和速度。您希望您的合作伙伴公司规模庞大、拥有全球化的业务范围、流程体系和合规基础设施，从而确保能够提供优越的服务，并且保护客户数据的安全。我们代表有专业资质的中介结构建立企业实体，我们提供的解决方案能够覆盖在岸、中岸和离岸公司的方方面面，包括对外和对外国际业务以及注册办公室、注册代理服务以及与企业注册后相关的一切业务。我们是精通本地业务的专家，无论您或者您的客户身处何处，我们都能够提供单点联系的服务。 TMF 集团是一家全球性的公司，拥有超过二十年的丰富经验，业务遍及 75 个国家和地区。我们在这里帮助您降低风险，控制成本，简化操作，并且获得更多的控制权。在亚太地区，我们的专业团队对建立和维护完全合规的企业所需要的一切都有深入的了解，我们可以帮助您在全球的任何地方建立控股和融资实体，您从此不再需要使用多个服务供应商。 TMF 集团（香港）是亚太地区最大的服务提供商之一。我们广泛的全球资源、在了解本地法规、文化和语言方面拥有无与伦比的优势，我们能帮助您实现您的商业目标。

The world is changing; company formations are no longer just about price and speed. You want to work with a company that has the size, global reach, processes, systems and compliance infrastructure to ensure excellent service combined with the security of your client data. We set up corporate entities on behalf of professionally qualified intermediaries, with solutions including all aspects of onshore, mid-shore and offshore companies for inbound and outbound international business, as well as registered office and registered agent services and any related post-incorporation undertakings. We are local, dedicated specialists that act as your single point of contact no matter where you or your clients operate. TMF Group is a global company with more than two decades of experience and operations in more than 75 countries.We are here to help you to reduce risk, control costs and simplify operations with more control. Our dedicated specialists and qualified teams in the Asia Pacific region have an in-depth knowledge of the requirements necessary to establish and maintain fully-compliant operation, holding and finance entities anywhere in the world without using multiple providers. TMF Group Hong Kong is one of the largest service providers in the Asia Pacific region.Our extensive global resources combined with our unrivalled knowledge of local regulations, cultures and languages help you to achieve your business goals.

全球覆盖，本地知识：帮助您开展跨国业务和投资。

Global reach, local knowledge: helping you do business and invest across borders.

今天就联系我们，了解更多信息。

www.tmf-group.com 电子邮件 : brandon.tang@tmf-group.com 或 ii.asia@tmf-group.com 电话 : +852 2106 9338

www.tmf-group.com E: brandon.tang@tmf-group.com OR ii.asia@tmf-group.com P: +852 2106 9338

英属维尔京群岛信托除了作为世界领先的企业注册地，英属维尔京群岛一直被认为是建立信托领域全球最顶级的国际金融中心之一。作为信托注册目的地，英属维尔京群岛的吸引力随着新信托法的制定而大大加强，该信托法于 2013 年 5 月开始生效。几个世纪以前，信托出现在英格兰，其目的是为了持有土地和个人财产的所有权。现在，当个人（被称为财产授予人）将财产（如

英属维尔京群岛信托法律更新

BVI Trust Legal Updates

一家控股公司的股份）转移给一家专业的服务供应商（受托人），并且基于指定的（通常非常灵活）条款持有该财产，旨在满足指定人员（受益人）的利益。这些条款列于一份文件中，通常被称为信托文书。信托基金可用于多种用途：其中包括以保密方式持有资产、避免所有人的死亡对企业造成的伤害、协助家族企业开展继承规划、降低税赋、配偶继承事宜、保护子女的利益、保护弱小的亲属（比如未成年人或者残疾人）。信托基金同样普遍地被用于保护家庭财富以及服务于各种慈善及商业目标。通常来说，英属维尔京群岛信托采取全权信托的形式。因此，受托人可以决定哪些受益人在什么时候获得哪些利益，而受托人一般都会遵从受托人的意愿函。英属维尔京群岛信托法来源于英国的信托法，但是进行了更新和增强，增加了灵活性，并且反映了许多使用该司法管辖区金融服务的客户的合理需求。对那些对隐私心存

By Christopher Mckenzie

忧虑的客户来说，让他们感到放心的是英属维尔京群岛认可英国普通法的保密义务，并且由英属维尔京群岛的法院负责执行。随着 2013 年受托人法修正案所带来的改革，适用于英属维尔京群岛信托的存续期（实际上规定了英属维尔京群岛信托可存续的最长期限）目前为 360 年。这使财产授予人能够设立“朝代信托”，从而数代相传。 VISTA 信托英属维尔京群岛的旗舰信托法是《维尔京群岛特别信托法》，它允许建立英属维尔京群岛特别信托基金（被称为 VISTA 信托）来持有公司的股份。在 2003 年以前，由于英属维尔京群岛及其竞争对手的法律都采取了英国法律的一项特征（被称为审慎人商业法规），尽管信托在继承规划方面拥有公认的

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BVI Trust In addition to being the world’s leading corporate domicile, the BVI has for some time now been regarded as one of the premier international financial centres in which to set up trusts and the attraction of the BVI as a trust jurisdiction has been significantly enhanced by new trust legislation which came into effect as recently as May 2013. The trust is a creature which evolved centuries ago in England in order to hold title to land and personal possessions. Typically, nowadays, a trust will be set up when a person (known as the settlor) transfers property, such as shares in

a holding company, to a professional service provider (the trustee) to hold on specified (and usually very flexible) terms for the benefit of identified persons (the beneficiaries). These terms are set out in a document which is known as the trust instrument. Trusts are used for a variety of purposes: these include a confidential way of holding assets, the avoidance of disruption on death, assisting with succession planning in family businesses, tax mitigation, the provision for spouses after death whilst protecting the interests of children, and the protection of vulnerable relatives such as those who

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优势，但是它们在持有公司股份方面始终被视为不受欢迎的工具（授予人希望受托人保留对公司股份的控制）。在审慎人原则下，无论授予人的意愿如何，受托人都会被要求出售股份，并且参与到公司日常运营的细节事务中去（否则公司的董事将承担相应的责任）。VISTA 提供了一个深思熟虑的解决方案，能够帮助规避这些困难。自从立法生效于 2004 年开始生效以来，相当数量（数以千计）的 VISTA 信托已被建立，持有资产价值达到了数十亿美元。它特别受亚太地区高净值人士的欢迎。如果授予人希望保持对财产的控制权，那么 VISTA 是一种理想的选择。信托和公司的构架可以使得授予人或多或少获得完整的控制权：在董事（或公司）的层面上。而授予人可以在信托文书中保留其他的权力（如撤销信托、收回资产、变更受托人以及对受托人最重要的决定拥有否决权）。这种的立法使 VISTA 信托对亚太、拉美和中东地区的授予人特别有吸引力，这些人群非常不愿意放弃财产的控制权。同样，VISTA 信托经常被用来持有投机性投资（通过 BVI 公司，由 VISTA 的受托人持有股份）。在通常情况下，这些投资是非英属维尔京群岛公司的股份（包括控股及贸易公司）、商业资产、船舶、飞机或具有一定风险的资产（否则职业受托人将不认可接受此类资产）。 VISTA 慈善或非慈善目的信托同样非常普遍，它们可以持有私人信托公司（PTC）的股份。我们在下面详细地介绍了英属维尔京群岛最新修订的 PTC 条例。 VISTA 的最新修订原先 VISTA 立法的限制使得资产无法从现有的信托转移到 VISTA 信托中。而从 2013 年 5 月起，修订后的法律规定只要满足一定的条件，其他信托的资产可以被转移到 VISTA 信托中。最初，法律要求 VISTA 的唯一受托人必须是英属维尔京群岛持牌的服务提供商，联合托管是不允许的。然而，VISTA（修订）法案生效于 2013 年 5 月 15 日开始生效，允许对 VISTA 信托进行联合托管（联合受托人可以是个人或境外服务供应商）。而 VISTA 的唯一受托人不必是持牌受托人，它也可以

are minors or disabled. Trusts are also commonly established for the preservation of family wealth against dissipation and to serve various charitable and commercial objectives. Typically BVI trusts take the form of discretionary trusts, so that which of the beneficiaries receives what – and when – will be a matter for the trustee and the trustee would invariably be guided by a letter of wishes from the settlor. BVI trust law has its basis in English trust law but its laws have been updated and enhanced to add flexibility and to reflect the legitimate needs of the many clients who use the jurisdiction’s financial services; those who have concerns about privacy are reassured as a result of the fact that English common law duties of confidentiality apply in the BVI and are enforced by the BVI’s courts. As a consequence of the reforms which were implemented by the Trustee (Amendment) Act, 2013, the perpetuity period applicable to BVI trusts (which essentially stipulates the maximum period which a BVI trust can last) is now 360 years. This enables settlors to set up ‘dynastic trusts’ which last quite a number of generations.

VISTA Trusts The BVI’s flagship trusts statute is the Virgin Islands Special Trusts Act, which allows special BVI trusts (which are known as VISTA trusts) to be set up to own shares in companies. Up until 2003, because of a feature of English law (known as the prudent man of business rule) which had also been imported into both BVI law and the laws of its competitor jurisdictions, trusts had, despite their well-recognised advantages in terms of succession planning, always been regarded as unattractive vehicles to hold shares in companies which settlors intended the trustees to retain. This prudent man of business rule could

have required trustees to sell the shares, regardless of the wishes of the settlor, and to have involved themselves in the detailed running of the company’s day-to-day affairs (which would otherwise have been the responsibility of the company’s directors). VISTA provides a well thought out solution which circumvents these difficulties. A substantial number (many thousands) of VISTA trusts have been set up since the legislation came into force in 2004, to hold assets worth in the many billions of dollars. It is particularly popular amongst high net worth individuals in the Asia Pacific region. VISTA is ideal for situation in which the settlor wants to remain in the driving seat. The trust and the company will often be structured so that the settlor can have more or less complete control – at the director (or company) level. And other powers (such as a power to revoke the trust, and thus take back the assets, to change the trustee and power of veto over the trustee’s most important dispositive powers) can be reserved to the settlor in the trust instrument. This ingredient of the legislation has made VISTA trusts especially attractive to settlors from the Asia Pacific, Latin America and the Middle East who tend to be very uneasy about giving up control. Similarly VISTA trusts are frequently used to hold speculative investments (through a BVI company, the shares of which are held by the VISTA trustee). Typically these investments would be shares in non-BVI companies, (both holding and trading companies), commercial assets, ships, aeroplanes or assets which involve a degree of risk which would otherwise be regarded as unacceptable to a professional trustee. VISTA charitable or non- charitable purpose trusts are also commonly set up to hold shares in private trust companies (PTCs) and the BVI’s recently amended 2013, 2013,Autumn Autumn CHINA CHINA OFFSHORE OFFSHORE

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是英属维尔京群岛的私人信托公司。这些修订使得建立新的家族控制 VISTA 信托拥有了更为显著的优势。这同样使得人们开始重新审视现有的信托条款来决定采取何种举措，或者将这些信托“转换”成为 VISTA 信托从而获得利益。英属维尔京群岛信托的受托人就英属维尔京群岛 VISTA 信托的受托人而言，财产授予人有很多的选择。他们可以使用专业受托人的服务，或者建立一家定制的私人信托公司来担任受托人。而少数情况下，一个或多个个人可以作为受托人。专业受托人目前，英属维尔京群岛拥有超过 300 家持牌

PTC Regulations are considered in greater detail below.

Recent Amendments to VISTA The restrictions in the original VISTA statute which effectively prevented assets from being transferred from existing trusts to VISTA trusts were modified in May 2013 so that assets of other trusts can now be transferred to VISTA trusts provided certain conditions are satisfied. It was originally a requirement of VISTA that the sole trustee of a VISTA trust must be a licensed BVI service provider and that co-trusteeship was not permitted. However after the VISTA (Amendment)

Act came into force on 15 May, 2013, co-trusteeship of VISTA trusts is now permitted (so that the co-trustee might be an individual or a foreign service provider) and, instead of having a licensed trustee of a VISTA trust, its sole trustee might now be a BVI PTC These amendments to VISTA add significantly to the advantages of settling new family controlled VISTA trusts. They also create an incentive for the terms of existing trusts to be examined to establish whether (and if so what) steps might be taken to take advantage of ‘converting’ those trusts into VISTA trusts.

Trusteeship of BVI Trusts Settlors have a great deal of choice when selecting the trustee of their VISTA (or nonVISTA) BVI trust. They can either use the services of a professional trustee or set up a bespoke PTC to be its trustee; less commonly one or more individuals are able to serve as trustees. Professional Trustees There are presently over 300 licensed trust companies in the BVI, nearly 100 of which

Christopher Mckenzie 是 O'Neal Webster 伦敦办公室的合伙人。Christopher 是 STEP BVI 的创始人，目前是 STEP 加勒比和拉丁美洲地区主席。他同时也是 BVI VISTA 信托制定委员会的主席团成员。

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Christopher McKenzie is a partner in O’Neal Webster’s new London office. He was the founding chair of STEP BVI and is the current chair of STEP’s Caribbean and Latin America region. He also chaired the committee the proposals of which led to the enactment of the BVI’s VISTA trust, its regulations enabling exempt private trust companies to be established and its other 2003 and 2013 trust and estate legislation.

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信托公司，其中有近 100 家拥有不受限制的信托牌照，这允许他们提供全面的受托人服务。岛内的信托公司必须遵守严格的政府法

英属维尔京群岛受托人 ( 作为 VISTA 目的信托的受托人 )

BVI trustee (As trustee of VISTA purpose trust)

股份

英属维尔京群岛的私人信托公司

BVI PTC

财产授予人 ( 或者由授予人提名的个人 ) = 董事

Settlor (or person nominated by settlor) = director

受托人

Trustee

英属维尔京群岛全权信托

BVI discretionary trust

授予人和 / 或授予人的家庭成员 = 受益人

Settlor and/or Settlor’s family members = beneficiaries

目标资产

Underlying assets

currently hold unrestricted trust licences allowing them to provide comprehensive trustee services. Trust companies operating form within the Islands must conform to strict government regulations and maintain a minimum required capital; they are supervised by the Financial Services Commission in accordance with internationally accepted supervision standards.

is that, like the BVI’s VISTA legislation, the establishment of a PTC generally enables settlors or settlor’s family members (or those selected by settlors) to exercise a substantial degree of control over trustees’ decisions – by being directors of PTCs. This enables them to respond quickly to issues which arise and to make decision on the basis of their own personal knowledge and changing circumstances. Importantly, moreover, confidentiality is also preserved. The BVI’s Regulations relating to PTCs enable BVI companies to act as trustees of trusts, without needing to be licensed if they fulfil a number of conditions. These include the need for the name of the company to include the designation ‘(PTC)’ and requirements to the effect that the PTC must not solicit trust business from the general public; furthermore it must carry on no business other than what it defined in the Regulations ‘unremunerated trust business’ or ‘related trust business’. With effect from 15 May, 2013, the ‘related trust business’ head of the exemption can now

规，并且维持最低的所需资本。它们由金融服务委员会按照国际公认的监管标准进行监管。私人信托公司（PTC）作为受托人另一方面，PTC 从本质上讲是一家公司，其建立的目的是专门为了担任单一信托或相关信托的受托人（无论是 VISTA 或非 VISTA 信托）。 PTC 能够享受有限责任和永久存续的好处。这些是企业工具的基本特点。而企业结构易于被非专业人士所理解，特别是那些来自非信托司法管辖区的人们。 PTC 的另一个显著优势是与英属维尔京群岛 VISTA 立法相同，建立一家 PTC 通常能够使得财产授予人或财产授予人的家庭成员（或由财产授予人指定的人士）对受托人的决定拥有实质性的控制权：通过成为 PTC 的董事。这使得他们能够快速回应出现的问题，并且根据自己的个人知识和变化的情况做出决定。此外，更重要的是，这样做能够确保信息的保密性。英属维尔京群岛与 PTC 有关的法规使得英属维尔京群岛公司能够作为信托的受托人，它们只要满足一定的条件，就无需是持牌的受托人。这些条件包括公司的名称必须包括 PTC 字样，而 PTC 不能从事与公众有关的信托业务。此外，除了条例中规定的“无报酬信托业务”或“相关信托业务”以外，不从事任何其他业务。从 2013 年 5 月 15 日起，与“相关信托业务”相关的豁免取决于信托的财产授予人是否是受益人之一（前提是负责规则中的其他条件）。就决定使用哪个司法管辖区建立 PTC 而言，有远见的财产授予人（和他们的顾问）倾向于考虑一些关键因素。首先，他们会考虑是否需要信托牌照以及获得该牌照（以及建立 PTC）需要多长的时间。根据英属维尔京群岛 PTC 法规的规定，只要满足所有的尽职调查的要求，就不需要牌照。整个注册过程通常非常迅速，特别是注册引入了“VIRRGIN”电子备案制度以后。财产授予人同样会考虑是否需要本地董事（或授权代表），是否需要合格董事， PTC 是否需要在其注册的司法管辖区设立办

PTCs as Trustees A PTC is, on the other hand, essentially, a company which is set up specifically to be the trustee of a single trust or a number of related trusts (whether VISTA or nonVISTA trusts). PTCs enjoy the benefit of limited liability and perpetual existence which are the usual features of corporate vehicles and the corporate structure is readily understood by non- professionals, especially those from non-trust jurisdictions. A further significant advantage of a PTC

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公室，以及是否有任何资本要求：PTC 条例下拥有豁免资格的公司不需要满足上述条件。此外，在选择使用的司法管辖区时，财产授予人通常也会考虑建立和运营 PTC 的成本：英属维尔京群岛是一个成本效益很高的司法管辖区，也许是最有竞争力的司法管辖区。注册的政府费用（在大多数情况下）仅为 1250 美元，以后每年续费一次。授予人还认真地了解需要提供什么样的信息（以及向谁提供此类信息）。在英属维尔京群岛，相关信息只需要向注册代理人提供，而无需向有关部门提供的，它是不向公众公开的。只有公司的组织章程大纲及章程细则（这是很可能是样板文件，不会透露任何机密信息）是公开的纪录。因此，这很好地缓解了受托人对隐私方面的担忧。英属维尔京群岛的信托法由立法机构和金融服务委员会与私人部门一起制定，并且定期进行修订。该立法被认为是先进的，具有很高的灵活度。对那些希望利用该法律所提供的大量好处的人来说，我们推荐他们使用。

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be relied on where the settlor of the trust is one of its beneficiaries (provided the other conditions set out in the Regulations are met). When deciding on which jurisdiction to use to set up a PTC, prospective settlors (and their advisers) tends to look at a number of critical factors. First they consider whether a trust licence is needed and how long it will take to obtain the licence (and to set up the PTC). Under the BVI’s PTC Regulations a licence is not needed so that, assuming that all the due diligence requirements have been met, the incorporation procedure is usually very speedy, especially following the introduction of the ‘VIRRGIN’ electronic filing system for incorporations.

Settlors also look at whether a local director (or authorised representative) is needed, whether a qualified director is needed, whether the PTC has to establish a physical presence in the jurisdiction in which it is incorporated and any capitalisation requirements: none of these requirements exist for companies which qualify for the exemption under the PTC Regulations. Additionally, when selecting a jurisdiction to use, settlors understandably look at cost of setting up and running the PTC: the BVI is a very cost effective jurisdiction to use, perhaps the most competitive jurisdiction, since the Government’s fee will (in most cases) only be $1,250 on incorporation and annually thereafter. Critically settlors also look at what information must be provided (and to whom). In the BVI the relevant information merely needs to be provided to the registered agent and not to the authorities; it is not publicly available. Only the company’s memorandum and articles (which are likely to be boilerplate documents which reveal no confidential information) are a matter of public record, so that a settlor’s legitimate concerns about privacy are addressed in a satisfactory manner. The BVI’s trust legislation has been developed – and periodically refined – by the legislature and the Financial Services Commission in close partnership with the private sector. Its legislation is regarded as being state of the art and highly flexible and should certainly be recommended to those who wish to take advantage of the considerable benefits which it offers.

Christopher McKenzie, Partner, O' Neal Webster 31 Southampton Row London WC1B 5HJ United Kingdom

Tel: +44(0) 203 0787 297 Fax: +44(0) 203 008 6015 www.onealwebsters.com

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英属维尔京群岛香港办公室成立向亚洲市场的深度出击 BVI’s New Office in Hong Kong A Step Further to the Asia Market

《中国离岸》有幸和英属维尔京群岛（BVI）的 Lorna Smith 女士进行了对话，让我们来了解一下这个广受欢迎的离岸金融属地在香港设立办公室背后的深层次原因。

China Offshore had a quick Question and Answer session with BVI’s Lorna Smith, OBE, MA, and TEP of LGS & Associates, who gave us an insight of the reason behind the new office. 问：为什么 BVI 会考虑在香港设立又一个海外办公室？答：BVI 是亚洲商界的一部分——特别是香港——自上世纪 80 年代起香港就设立了商务公司法。今天 BVI 金融服务业务中超 40% 来自于亚太地区。因此亚洲是 BVI 金融服务方面的最重要市场。这样我们也能理解 BVI 在香港设立办公室的初衷了。亚洲对 BVI 金融产品的需求一直在持续增长。适合高净值人士的产品，比如 VISTA （维尔京群岛特别信托法案）特别受到中国的私人信托公司（PTC）的青睐。另外对客户来说另一个非常重要的因素是时差问题，他们不必要等候 12 个小时或更多来得到问题的解答。

Q: Why would BVI consider establishing an overseas office in Hong Kong? A: The BVI has been a part of the Asian landscape – and Hong Kong in particular – since the mid 80’s when it established its Business Companies Act. Today more than 40 % of BVI Financial Services Business comes from the Asia Pacific Region. So that Asia is the BVI most important market in financial services. You would therefore understand that deepening the commercial footprint of financial services in Asia has been a priority for the BVI for many years. There continues to be a high demand for BVI products and services from

Asia. Products suited to High Net Worth Individuals such as VISTA (Virgin Islands Special Trust Act) which is ideal for the needs of Chinese and Private Trust Companies (PTC’s) continue to be highly sought after. Additionally and perhaps most importantly clients want their work done in real time rather than having to wait for 12 hours or more. BVI House Asia which is what the office will be called will also be used as a means of investment promotion. One of the BVI’s flagship hotel properties is owned by a Hong Kong family and another owns hundreds of acres to be used for another hotel development. 2013, 2013,Autumn Autumn CHINA CHINA OFFSHORE OFFSHORE

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“BVI 亚洲之家”（BVI House Asia）这也是这个办公室的名称，是我们促进投资

Lorna Smith

之用。BVI 的旗舰地产之一由一个香港家族企业所拥有，另一个则有数百亩地作酒店开发之用。“BVI 亚洲之家”也会被用作促进教育和文化交流和推进旅游业之用。问：对服务亚洲客户来说，BVI 新的香港办

will be represented at BVI House Asia and will issue regular advisories as well as time sensitive information to Asian clients. These will be issued in Mandarin or Cantonese when necessary. Other collateral material will be issued by the International Financial Centre. Q: What do you expect to achieve when Hong Kong office is established and what significance do you think the Hong Kong office is?

公室将扮演什么样的角色？ BVI 是否把中国客户放在非常重要的地位？答：除了上述提到的实时及时地对客户的要求作出反馈以外，香港办公室希望能服务整个亚太地区。因此它将对行业从业者和服务供应商提供让他们保持竞争力和提升市场份额的定制服务。 BVI 的金融服务委员会将在 BVI 亚洲之家驻守，并将向客户提供普通的咨询服务和各类实时信息。这些都会在必要的情况下以普通话和广东话服务。其它相关资料将由 BVI 国际金融中心发布。问：在香港办公室建立以后，你们希望达成什么样的目标？你认为香港办公室的必要性在哪里？

Lorna Smith 在英属维尔京群岛（BVI）的公共服务部门有超过 35 年最高级别的管理经验。现在是 BVI 的 LGS and Associates 执行总裁。 Lorna Smith has more than 35 years of experience at the highest level of public service in the BVI. She is now Managing Director of LGS and Associates.

答：我们希望能继续向行业提供服务，帮助行业客户发展事业，为他们的服务增值。你也许已经知道这里大多数的服务架构都已经有数家 BVI 公司的介入。此外，BVI 能在香港和其它大多数交易所上市。在香港创建办公室为整个地区服务将再次大大提升 BVI 作为金融属地的地位。在办公室建立以后，我们希望和中国大陆在除了金融服务以外的几个方面加深合作。当然很重要的是知道 BVI 是第一个和中国在 2009 年签订“税务信息交换法”案的非独立金融属地。

BVI House Asia will also be used to promote educational and cultural exchanges as well as tourism.

Q: What role will BVI’s Hong Kong office play to serve the needs of the Asian clients? Is BVI taking Chinese mainland clients one of your most important clients?

在 BVI 时区的前 12 个小时的地区设立办公室，不仅让我们随时随地向客户做出更迅速的反应，还能让 BVI 在任何时间段内都更可信赖。信息分享、告诉使用者 BVI 产品如何充分利用他们的资源和人脉的建立，都是可持续性增长的重要因素。这也是我们的主要目标之一。值得一提的是，BVI 在十年前在伦敦也建立了一个相似的机构，名叫“BVI 伦敦之家” （BVI House London）。这家机构的作用至今延续。

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A: Aside from the points previously made including responding in real time to the needs of clients, the Office which is located in Hong Kong is intended to serve the entire Asia Pacific region. It will therefore support industry practitioners and service providers with a nexus to the BVI in continuing to stay on the competitive edge and to increase market share. The Financial Services Commission

A: We expect to continue to provide support to the industry on matters that will help them to grow their business and add value to the services they provide. As you are aware at the heart of most structures created in this part of the world there are several BVI companies involved. Furthermore, the BVI is able to list on the Hong Kong Stock Exchange and most other stock exchanges. Establishing an office in Hong Kong that serves the region raises the profile of the BVI as a jurisdiction even higher. As a result of establishing the office we also hope to deepen the relationship with mainland China in a number of areas outside of financial services. However it’s important to note that the BVI was the first non - independent jurisdiction to sign a Tax Information Exchange Agreement with China and that it did so in 2009. The fact that we have established an Office in the region which is twelve hours ahead of the BVI not only makes the BVI more responsive but more accountable at all times to its clients. Sharing information, educating users of BVI products on how to maximize their use and networking are important facets of continued growth, which is one of the jurisdiction’s primary goals. It’s also important to note that ten years ago the BVI set up a similar facility in London known as BVI House London. It continues to be very effective.

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Autumn, 2013

SPECIAL REPORT | 特别报道

信托和基金会：为中国富裕人士构建财富计划 Trusts and Foundations: Structuring for Wealthy Chinese By Leo Zhang

虽

然全球经济的不稳定性使得中国经济增速放缓，但是中国超级富豪的数量仍然在逐渐增加，这使得财务

和资产规划成为他们在未来几年不得不面对的问题。如今，越来越多的中国富裕家庭正在寻找海外金融解决方案，其中许多人已经开始采用西方世界的工具，比如信托和基金会，来进行税收和继承规划。随着年轻一代开始接手他们的家族企业，这成为了一种越来越流行的趋势。

lthough China’s economy is experiencing a slowdown amid global economic uncertainties, the number of wealthy Chinese is still gradually increasing, making financial and asset planning an inevitable issue they will have to face in the coming years. Nowadays more and more rich Chinese families are looking overseas for financial solutions and many of them have started to adopt western-style tools

such as trusts and foundations in taxation and succession considerations. The trend is gaining popularity as the younger generation began to take reins of their family business. By the end of last year, there were 2.8 million millionaires in terms of US dollars in mainland China with an increase of 4% from 2011, according to a joint report compiled by the Industrial Bank and the Hurun Research Institute in April. 70% of 2013, Autumn CHINA OFFSHORE

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根据兴业银行和胡润研究院于 4 月联合发布的一份报告，到去年年底，中国大陆共有 280 万以美元计算的百万富翁，相比 2011 年增长了 4％。这些百万富翁的平均年龄为 38 岁，其中 70％为男性。报告称，房地产和股票仍然是他们的首选投资。该报告称，在中国大陆，去年年底大约有 10 万人被认定为高净值人士，其个人资产价值超过 600 万美元。个人资产价值超过 1 亿元人民币的有大约 64500 人，比去年同期增加了 2％。根据福布斯三月发出的另一份报告，拥有 10 万至 100 万可投资资产的中国消费者的数量今年将增加 17.2％，达到 1200 万。2012 年中国公民的私人投资资本总额 13.7％，达到了 83.1 万亿元人民币（约合 13.2 万亿美元），并有可能于今年年底达到93.7万亿元人民币。出生于 1960 年至 1989 年之间的人占富裕阶层总数的 81％，其中 55％的人是男性。根据福布斯的报告，有超过三分之二的人拥有大学或硕士学位，其中 88％为了寻求资产增长而进行了投资。该报告显示，近 90％的受访者在投资中青睐低风险和稳定的回报。固定收益类金融产品和房地产投资是首选。福布斯的报告显示，有五分之一的人打算移民，其中有 2.6％已经成为海外居民。四分之三的人表示，他们会送子女出国接受海外教育。基于这两份报告，我们可以看一个明显的趋势：富裕的中国人正变得更年轻，他们的财富仍然不断地增长，他们正在寻求获得稳定的回报，他们中越来越多的人愿意去海外移民。显然，中国的富人们希望在财富管理司法管辖区寻找更广泛的金融产品和服务，旨在获得税收和保密性方面的好处。但是，他们也许很难真正地了解这些金融结构会如何保护他们的财富。其中，信托和基金会是使用最为广泛的工具，它们可以让个人免受纠纷、破产、离婚或其他负面问题的干扰。对规模不断增长的中国富裕人士来说，在合适的司法管辖区建立正确的架构是资产规划和家族继承成功的关键。信托信任的概念可以追溯到罗马时代。如今，人们普遍认为它是对普通法法律制度最具创新性的贡献。在中国，信托行业近几年实现了快速的扩张，但是监管部门已经采取措施来

Autumn, 2013

the millionaires are male with an average age of 38, and their most preferred investments are real estate and stocks, the report revealed. In mainland China, there were about 100,000 people who had been qualified as high-net worth individuals with assets worth more than 6 million yuan by the end of last year. The number of individuals with assets over 100 million yuan increased by 2 % from last year with a total amount of 64,500. According to another report studied by Forbes in March, the number of Chinese consumers with investable assets of between $100,000 and $1 million will possibly increase 17.2 % to 12 million by the end of this year. The total private investable capital of Chinese citizens grew 13.7% annually in 2012 to 83.1 trillion yuan ($13.2 trillion) and reach 93.7 trillion yuan by the end of this year, according to Forbes. Those born between 1960 and 1989 make up 81% of the mass affluent group, and 55% of them are male. More than two-thirds of them have college or master degree and 88 percent invest when seeking to grow their assets, Forbes said. The report showed that almost 90% of the respondents prefer low risk and stable

returns on capital investment, which make fixed income financial products and real estate the two hottest investments. One fifth of the group plans to emigrate, 2.6 percent already own foreign residency, over half of these people reveal they would send their children overseas for education, according to Forbes. Both of the reports indicated that there is a clear trend among wealthy Chinese: they are becoming younger; their wealth is growing steadily; they are seeking to obtain stable returns; and a growing number of them are willing to move overseas. Apparently, rich Chinese are training their sight on offshore wealth management jurisdictions for a wider range of financial products and services aiming to take advantage of taxation and confidentiality. However, it could still be hard for them to get a clear picture of how financial structure works in a way of protecting their wealth. Trusts and foundations are the most widely used tools that protect investors against dispute, bankruptcy, divorce or other issues. Establishing the right structure in the right jurisdiction is the key to success in terms of asset planning and family succession for the

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遏制高风险贷款，这使得该行业不得不面临严格的审查。一般来说，信托指的是一种关系，其中资产或者财产由一方持有，目的是为了帮助另一方获得利益。信托的创始人被成为财产授予人，能够将自己的一些或者全部资产或财产转移给第三方代理人（所谓的受托人）。受托人代表信托的受益人持有或管理财产，受益人由受托人指定。在这种情况下，财产的法定所有权与日常管理、股权控制和收益分配是相分离的，这能够带来税务方面的好处，并且确保即便财产授予人无行为能力或死亡，受益人也可以得到回报。受托人可以是个人、公司或公共机构。在大多数司法管辖区，设立一个信托需要有合同信托协议或契据。财产授予人通常会创建生前遗嘱来指定财产的处理方式，为配后和子女谋取利益。然而，基于中国人对财富管理的传统理念，他们可能很难接受这一点：在信托中，受托人拥有信托财产的法定所有权。尽管它有义务采取行动来维护受益人的利益，并且仅仅就信托关系获得报酬。中国于 2001 年推出了首部信托法，然而，中国私人信托业的发展长期以来落后于公众信托业。 5 月，中国招商银行与一名 8 岁女孩签约，在 50 年的时间内使用家族信托为她管理资产。然而，目前大多数中国银行利用私人银行部门管理家族信托业务，缺乏在国内国外市场上处理家族资产的经验。中国银行推出的家族信托产品的资产门槛一般为 3000 万元。信托在 30 至 50 年的存续期内不能撤销。年费通常为管理资产额的2％。与成熟的西方市场相比，中国的信托仍然被用来持有客户的资产，而不是真正地用于家族财富和继承事宜的管理。此外，中国的信托法在家族信托方面并没有详细的规定。中国尚未建立起信托资产登记制度，这使得信托会承担来自外部的风险。更重要的是，根据中国的法律，在信托成立之前，信托财产必须公开。这可能引发富裕人士关于曝露隐私方面的担忧。与此相反，在海外司法管辖区设立信托拥有更大的自由度。虽然信托被广泛地应用于英国法国家，大多数大陆法国家（其法律中一般不包括信托的概念）通过《海牙公约》承认信托的合法性。以列支敦士登为例。这个大陆法司法管

continually expanding group of wealthy Chinese.

Trust The concept of trust can be traced back to ancient Rome. It is now widely considered as the most innovative contribution to the common law legal systems. In China, the trust industry has been expanding fast in recent years, but regulators have already stepped into curbing risky lending, making sure the sector is well under scrutiny. Generally speaking, a trust refers to a relationship under which an asset or property is held by one party for the benefit of others. The creator of a trust is called a settler, and is able to transfer some or all of his/her assets or property to a third-party agent, which is called a trustee. The trustee holds or manages the property for the sake of the trust’s beneficiaries, whom are named by the settler. Under such a scenario, the property’s legal ownership, daily management, control of its equitable ownership and benefit distribution are separated, bringing tax-related benefits and ensuring the beneficiaries’ ability to obtain returns even if the settler is incapacitated or dead. The trustee could be an individual, a company, or a public body. In most jurisdictions, the establishment of a trust requires a contractual trust agreement or deed. The settler usually creates a living will to define how the property will be handled for the benefits of their spouse or children. However, Chinese may find it contrary to their traditional concept of wealth management: The trustee is given the legal title to the property under a trust, though it is obligated to act for the good of the beneficiaries and only get compensation for the trusteeship. China established the first trust law in 2001, but the development of private

trust has long lagged behind the public trust industry. China Merchant's Bank highlighted a deal with an 8-year-old girl for management of her assets for 50 years under a family trust in May. However, most Chinese lenders currently let privatebanking sectors run their family trust business as they lack experience in dealing with family assets in both domestic and overseas markets. The asset threshold of a family trust offered by a Chinese lender is usually set at 30 million yuan while the trust can’t be revoked within a period of 30 to 50 years. The annual fee is usually 2 percent of the asset under management. Compared with established western markets, trusts in China still hold clients’ assets instead of making real arrangements for their family wealth and succession. In addition, the Chinese trust law is not completed enough to cover family trust, the country has yet to set up a registration system for assets under trust, making it subject to external risks. In addition, under Chinese law, the property under a trust must be made public before it can be set up. Therefore, concerns of privacy breaching rise among wealthy individuals considering to do so. In contrast, setting up a trust in an overseas jurisdiction often gives more freedom. Although trusts are widely used in nations with British law, most civil law jurisdictions, which don’t generally contain the concept of trust in their legislation, do recognize it under the Hague Convention on the Law Applicable to Trusts. Take Liechtenstein as an example. It’s a civil law jurisdiction which has adopted the common law of trusts. A Liechtenstein trust has no separate legal entity and minimum capital required. Liberal Liechtenstein company law allows the formation of trusts according to foreign law, such as British or US law, making 2013, Autumn CHINA OFFSHORE

特别报道 | SPECIAL REPORT

辖区在信托方面遵从普通法。列支敦士登信托不是独立的法人实体，也没有最低资本要求。自由的列支敦士登公司法允许根据境外法律建立信托，比如英国或美国法律。这使得海外授予人能够非常方便地使用已经准备好的法定条文来建立信托。越来越多的中国富裕人士在离岸司法管辖区寻求永久居留权，他们希望能够将全球的税基转换成只按照中国来源的收入征税。因此，他们越来越多地使用信托作为管理海外财产的工具，他们被允许向境外转移更多的资金，将资金汇往境外来建立新的企业并且不受非居民限制获得继承资产。除了税收利益，信托同样能够保护受益人的资产不受债权人的追索（离岸信托可能会破产）。例如，在全权信托中，财产授予人可以作为保护人，也可以是受益者之一。因此，财产授予人能够在不拥有信托资产的情况下获得利益，并且保护自己不受债权人的追索。基金会基金会是一个具有法律地位的独立特殊用途基金。在一般情况下，它被认为是独特的法人实体。不同于信托，基金会是一个独立的法律实体，持有的资产由基金会理事会进行管理，而相比之下信托资产的所有权属于受托人。基金会的这项特征使得其更加能够吸引来自大陆法系国家的客户，如中国。在这样的安排下，人们觉得可以对自己的财产实现更多的控制。通常设立基金会的用途包括慈善、家庭财产和集体目的。与公司不同，基金会没有股东，尽管它们可以有董事会、成员大会以及拥有投票权的成员。基金会所得到的资产组成了独立的法人实体，与创始人的私人资产得以分开。在一些国家，基金会在进行公众登记时必须拥有法人资格。但在其他司法管辖区，可以在创建基金会时通过提供所需的文件获得法人资格。基金会的运行需要负责相应的章程规定，而不是信托所遵循的信托原则。基金会可以有多种形式，并且根据不同的注册司法管辖区遵从不同的监管规则。然而，在中国设立在岸基金会（以慈善基金会居多）是有点麻烦的，申请人必须准备许多文件，寻求来自不同政府机构的批准，

Autumn, 2013

it convenient for overseas settlers who already prepared statutory provisions to be adopted. There’s a growing trend that wealthy Chinese seek permanent residency in offshore jurisdictions with an aim to shift from a worldwide basis of taxation to being taxed on Chinese source income only. Thus, they are increasingly using trusts as a tool to manage their property overseas since they are allowed to transfer more funds offshore for start-up purposes in the new location and to receive inherited assets without restriction to non-residents. In addition to tax benefits, trusts also allow beneficiaries to protect assets from creditors as the trust may be bankruptcy remote. For example, under a discretionary trust, settler could be both the protector and one of the beneficiaries. Therefore, the settler may be able to be protected from creditors and benefit from the trust assets without owning them. Foundation Foundation is an independent special purpose fund with legal attributes, which is generally refer to a distinct legal entity. Unlike a trust, a foundation is a separate legal entity that owns the assets managed by a foundation council. The assets of a trust are under the ownership of entrusted trustee. This feature has made it more appealing to clients from civil law jurisdictions, like China, as people feel they can have more control over their property under such an arrangement. Foundations are usually set up for charitable purposes, family patrimony and collective purposes. Unlike a company, foundations have no shareholders, though they may have a board, an assembly and voting members. The assets endowed to the foundation become a separate legal entity and are

separate from the private assets of the founder. In some countries, a foundation must have its legal personality when entering public registry. But in other jurisdictions, the legal personality can be obtained through the provision of required documents upon the creation of the foundation. The operation of a foundation is carried out in line with its statutes or articles of association instead of fiduciary principles followed by a trust. It may have a variety of forms and may follow different regulations depending on the jurisdiction where they are created. However, setting up onshore foundations in China, mostly charitable foundations, is somewhat troublesome as applicants have to go through a mountain of paperwork, seek approvals from different government agencies and are under strict regulatory scrutiny. In China, before establishing a foundation, the applicant must first get sponsorship from a local government agency, or a so-called “professional leading agency” governing charitable foundation issues. After that, the applicant has to seek the green light from a local civil affairs bureau for registration and operation. A foundation is subject to the supervision of both agencies under the “dual management” regime throughout their organizational life. In terms of taxation, if a charitable foundation engages in business which is not directly related to the charity purpose, it has to pay the corporate income tax for the business involved. Besides that, a charitable foundation has to donate 70% of their annual surplus, and pay a one to two percent tax on their maintained and incremental income. In contrast, there is no payout requirement or taxation on capital placed in offshore foundations. In this sense, it may be wise for rich

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并且会受到严格的监管审查。在中国，在建立基金会之前，申请人必须首先从主管慈善基金会的当地政府机构或所谓的“专业领导机构”那里获得支持。之后，

除现金储蓄、债券等传统的稳健类投资外，中国高净值人群最感兴趣的财富保障和风险分散方式 Chinese HNWI Most Popular Asset Protection and Risk Diversification Methods (Excluding Cash Savings and Bonds)

申请人必须从当地民政局获得批准，进行注册和运营。基金会将一直受到两个机构在“双重管理”制度下的监管。在税收方面，如果慈善基金会从事的业务与慈善没有直接的联系，那么它需要就所涉及的业务缴纳企业所得税。此外，慈善基金会需要捐出其年度盈余的 70％，并就他们积累和增加的收入支付 1% 至 2% 的税款。相比之下，离岸基金会的资本就没有捐赠或者税收方面的要求。在这个意义上来说，对中国的富裕人士来说，明智的做法是考虑建立离岸信托来进行投资或者财富规划。对他们的捐赠对象几乎没有任何限制或者监管要求。虽然离岸基金会的创建者也许在将在岸资金转移到海外司法管辖区时需要支付一定的税款，但是他

家族信托

38%

Family Trust

跨境资产配置

37%

Overseas Assets Allocation

税务规划

34%

Tax Planning

保险类产品

33%

Insurance Product

法律顾问

20%

Legal Counsel

其他

Other

全部高净值人士 Total HNWIs

超高净值人士 Ultra HNWIs

50%

持有该观点的高净值人士占受访人数百分比 % of HNWI in the Number of Respondents

来源：招商银行—贝恩公司高净值人群调研分析 Source: Report of HNWI’s by Bain &Company and China Merchants Bank

们在未来无需满足年度捐赠的要求，使得他们能够以一个稳定的方式进行财富积累。由于离岸基金通常设立在低税率的司法管辖区，其中的一些选择以企业的形式运营，而不是作为一个慈善机构。这样一来，它们可以通过每年的收入来维系运营，而不需要获得额外的捐赠。对中国商人来说，最佳的离岸解决方案之一就是使用一家香港公司来开展业务，同时使用一家离岸基金会来持有香港实体的所有权，从而最大限度地减少税收和监管干预。使用私人基金会能够带来巨大的优势，这不仅体现在税收上，而且能够帮助保存和保护家族资产和财富。此外，基金会可以帮助避免继承过程中遗嘱正式性的问题以及配偶或者其他家庭成员追索的问题。基金会的主要好处之一就是基金会创始人的死亡不会在税务或者其他问题上对基金会的运行造成任何影响。结论越来越多富裕的中国企业家和商人可能会使用信托和基金会来进行企业规划或资产继承，从而实现家族财富的保值和增值。拥有良好基础设施和法律制度的离岸司法管辖区能够为他们提供合适的工具。专业服务提供商可以帮助中国客户制定出最佳的解决方案。

Chinese to consider establishing an offshore foundation in terms of investment or wealth planning. There are almost no restrictions or regulatory requirements with regard to whom they can donate to. Although creators of offshore foundations are likely to pay a certain amount of tax when moving their onshore money into overseas jurisdictions, they don’t have to meet annual disbursement quotas in the future, making wealth accumulation carried out in a stable manner. As offshore foundations are usually set up in low-tax jurisdictions, some of them choose to operate as a business instead of charity so that they can be sustained by the revenue collected instead of requiring additional donations every year. One of the best offshore solutions for Chinese when doing business is to use a Hong Kong-based company to run the business while using an offshore foundation to hold the ownership of the Hong Kong entity in order to minimize taxation and regulatory intervention.

Using a private foundation is not only tax-wise but also helps in preserving and protecting the assets and the net wealth of a family. What's more is that a foundation opens up ways to avoid problems concerning the formalities of a will and the claims of spouses or other family members when dealing with an inheritance. One of the major benefits is that the death of a foundation founder does not have any impact on the situation of the foundation on both tax and other issues. Conclusion An increasing number of rich Chinese entrepreneurs and businessmen are considering using trusts and foundations when conducting business plans or asset succession in order to maintain and grow the wealth of their families. Not only are Offshore jurisdictions with solid infrastructure and legal systems able to provide them with the right tools, professional service providers can also help them with their best interests. 2013, Autumn CHINA OFFSHORE

Autumn, 2013

2013, Autumn CHINA OFFSHORE

离岸金融属地简介 | JURISDICTION PROFILE

库克群岛 Cook Islands 与其他监管区相比，库克群岛在财产保护方面有什么特别之处？库克群岛信托法的第一资产保护功能被视为最强立法。我们广受赞誉的法院系统和信托公司的专业知识和服务，使库克群岛成为资产保护信托的首要监管区。政治稳定，新西兰货币和知名专家都在服务中为客户提供安心和信心。

库克群岛时下最流行的金融产品有哪些？这些产品如何保护投资者的利益？信托仍然是库克群岛是最流行的结构。然而我们在 2012 年引进了基金，以解决来自中国和其他民法国家客户的需求。库克群岛信托的资

以及资金保险公司。其中，私人受托公司比较受中国客户的欢迎。客

产保护功能在库克群岛的基金中也适用。这为客户来自世界各地的资

户可以在库克群岛成立作为库克群岛信托受托人的控股公司，信托再

产提供保障，确保为自己和家人制定长期稳定的资产规划。

成立一个持有客户资产的控股公司。这种结构将为客户提供保护，控制和灵活性。这是逐渐扩大全球资产的中国富人越来越认可的结构。

对于中国投资者，库克群岛的最大卖点是什么？库克群岛地理位置优越，在亚洲和北美之间建立了一个管理业务和客

作为一个离岸金融中心，库克群岛打算怎么平衡必要的透明度和

户交易的中心点。强有力的立法为客户的结构提供了保障，信托公司

客户隐私保护？

的国际专家为客户营造安心的环境，无论他们遇到什么问题，库克群

在库克群岛受立法支持的结构中，客户隐私是关键因素。库克群岛的

岛顾问随时准备协助。

责任将随着全球环境而改变。库克群岛以监管框架著称，这为客户的资产提供了充分的保障。虽然库克群岛税收信息交换协议越来越多，

库克群岛可以提供什么样的专业信托基金服务？

但目前还没与中国达成 TIEA 协议。

库克群岛提供全方位的信托基金服务、企业服务（包括有限责任公司）资料来源：Answers provided by Jennifer A. Davis, Esq., CEO of the Cook Islands FSDA

Compared with other jurisdictions, what is unique in Cook Islands in terms of asset protection? The Cook Islands had the first asset protection features in its trust legislation and is regarded as having the strongest legislation. Precedents with our highly regarded court system and the expertise and service of our trustee companies has resulted in the Cook Islands as the premier asset protection trust jurisdiction. Political stability, New Zealand currency, and renowned experts give clients comfort and confidence in our services.

What are the most popular asset-protection products on the islands? How can they protect the interests of investors?

Trusts continue to be the most popular structure in the Cook Islands. However, in 2012, Foundations were introduced to address demand from clients in China and other civil law countries. The asset protection features found in Cook Islands trusts are also available to Cook Islands foundations. This allows clients a level of certainty in the protection of their assets from worldwide creditors and results in stable long-term planning for themselves and their families.

For Chinese investors, what are the biggest selling points of the Cook Islands? The Cook Islands is ideally located halfway between Asia and North America making it a central point for administration of business and client transactions. Strong legislation provides certainty to clients about their

Autumn, 2013

structures and international experts within the trustee companies give comfort to clients that no matter what issues they encounter, their Cook Islands advisors are ready to assist.

What kinds of professional trust and foundation services can Cook Islands provide? The Cook Islands provides a full range of trust and foundation services as well as corporate services (including LLCs) and captive insurance companies. A popular structure for Chinese clients is the Private Trustee Company. This allows a client to own a company in the Cook Islands which acts as the trustee of a Cook Islands trust. The trust then owns a holding company which holds the client’s assets. This structure provides protection, control, and flexibility. This is an increasingly popular structure as wealthy Chinese grow their global assets.

As an offshore financial center, what are you going to do in terms of balancing the need for more transparency with the need to protect the privacy of clients?

Client privacy is a key factor in Cook Islands structures backed by its legislation.

As the global compliance environment evolves, so too does the Cook Islands’

obligations. The Cook Islands is highly regarded for its regulatory framework and this should give clients comfort. While the Cook Islands has a growing network of Tax Information Exchange Agreements, it does not currently have a TIEA with China.

Source: Answers provided by Jennifer A. Davis, Esq., CEO of the Cook Islands FSDA

JURISDICTION PROFILE | 离岸金融属地简介

马耳他

Malta

与其他司法管辖区相比，贵司法管辖区的独特之处有哪些？在当

贵司法管辖区提供什么样的专业金融服务（信托和基金会 / 企业

前的经济环境下，人们为什么应该把钱放在这里？

构架）？目前来自中国的客户有哪些？你们希望吸引哪些来自中

尽管欧洲正在经历经济危机，马耳他的金融服务产业近年来仍旧得到

国的潜在客户？如何吸引他们？

发展，这是由于马耳他稳健的银行体系。马耳他的政治稳定，立法机

马耳他为寻求欧洲商业机会的中国企业家和投资者提供了平台。我们

构对于金融服务行业的管理温和，并能够寻求创新商业举措。此外，

的专业律师，会计师，金融咨询师和资产再分配专员，能够帮助中国

马耳他有着诱人的金融体系，并且有六十项双重税收协定。

客户在马耳他获取居民权，或者在马耳他建立公司，以便在贸易中享受只有 5% 的税率。我们提供公司行政管理服务，马耳他公司成立，

贵司法管辖区最热门的产品有哪些？它们如何保护投资者的利益？

会计工作，后台支持服务，纳税活动，以及增值税服务。

在马耳他，基于风险蔓延的原则而为散户投资者设立的集体投资计划是十分受欢迎的金融产品。专业投资者基金和可选择投资基金专为高

作为离岸金融中心，你们如何在提高透明度和保护客户隐私方面

净值人士准备，能够提供更灵活，但略带风险的投资选择。此外，马

做到平衡？

耳他也有基金会和信托服务，能够保证受益人的隐私。

信托和基金会的几个关键特性是：保密性，资产保护和受益人安全保障。 1996 年，马耳他从离岸体制转变为在岸体制，可以合理利用税务规划来确保透明度。基金会可以视为某种形式的信托，意味着该基金会必须完全透明化，所有的收入和所得都必须直接转达到受益人手中。

资料来源： Answers provided by Finance Malta

net worth individuals and entities, providing a more flexible, yet riskier, investment option. In addition, Malta caters for both trusts and foundations, where confidentiality of the beneficiaries is ensured.

Compared with other jurisdictions, what is unique in your jurisdiction? Under the current economic scenario, why should people put money there? Malta's financial services industry has grown in recent years despite the European financial crisis, mainly due to the sound banking system in Malta. The political climate in Malta is stable, and the local regulatory authorities governing the financial services sector are approachable and keen on innovative business initiatives. Moreover, Malta has an attractive fiscal regime and is party to over sixty double tax treaties. Future prospects look bright for Malta’s resilient financial system and economy.

What are the most popular financial products in your jurisdiction? How can they protect the interests of investors?

Collective investment schemes for retail investors based on the principle of risk spreading are a popular financial product in Malta. Professional Investor Funds and Alternative Investment Funds are geared towards high

Malta offers considerable opportunities to Chinese entrepreneurs and investors seeking a secure and flourishing European business environment to serve as a platform for international business activities. Our multidisciplinary team of lawyers, accountants, financial advisors and relocation specialists has assisted Chinese clients to assume alternative residence in Malta or set up a company in Malta in order to benefit from the ultimate tax exposure on active trading of just 5%. We provide corporate administrative services, assistance with Malta company incorporation, accountancy, back office services, tax compliance and VAT services.

As an offshore financial center, what are you going to do in terms of balancing the need for more transparency with the need to protect the privacy of clients?

Confidentiality, asset protection and safeguards for beneficiaries are some of the key features of both trusts and foundations. In 1996, Malta shifted from an offshore to an onshore regime, enabling the use of appropriate tax planning to enhance transparency. A foundation can be treated as a trust for Malta tax purposes, meaning that the foundation would be regarded as wholly transparent and all income and gains would be deemed to have arisen directly in the hands of its beneficiaries. Source: Answers provided by Finance Malta 2013, Autumn CHINA OFFSHORE

离岸金融属地简介 | JURISDICTION PROFILE

马恩岛

Isle of Man

与其他司法管辖区相比，贵司法管辖区的独特之处有哪些？在当前的经济环境下，人们为什么应该把钱放在这里？马恩岛有广泛和活跃的经济，法律对消费者的保护也早已深入人心。

贵司法管辖区提供什么样的专业金融服务（信托和基金会 / 企业构架）？目前来自中国的客户有哪些？你们希望吸引哪些来自中国的潜在客户？如何吸引他们？

马恩岛被列为经合组织的经济行为透明度“白名单”颇感自豪，也被

马恩岛被广泛认为领先的离岸金融服务中心，提供最高级别的国际标

“国际货币基金组织”、“金融行动特别工作组”、欧盟行为准则和

准化法律和廉洁度。作为一个成熟的金融中心，我们能够提供全套的

其它国际性组织认可为符合国际化要求的金融中心。

金融产品；公司、有限合作公司、信托或基金会等。

贵司法管辖区最热门的产品有哪些？它们如何保护投资者的利益？

马恩岛公司税率、资本利得税或预提税都为 0。

马恩岛已经是英国上市公司（例如，伦敦股票交易中心）在可替代投

马恩岛用多种多样的架构和中国客户保持建立商务关系。我们提供电

资市场（AIM）列为最受欢迎的地点前 100 位有 15% 都选址马恩岛，

子博彩的平台、进出口货物、航运管理、飞机和游艇管理以及地产和

并有 50 多家公司进驻。

财富所有权架构等服务。马恩岛为许多国际卫星公司、新创业太空公

·现有四家中国公司在马恩岛列席 AIM

司和国际空间协会提供服务，此外，还能提供轨道空间和发射执照。

·马恩岛公司上市，或准备在其它主要股票交易市场，比如香港、东

我们相信马恩岛能提供客户独一无二的机会。

京、卢森堡、新加坡、都柏林和纽约上市。

作为离岸金融中心，你们如何在提高透明度和保护客户隐私方面做到平衡？马恩岛提供客户各种以提名持股和有限法定报告义务的架构来保护他们隐私。在 2010 年和中国政府签订了税务信息交换协议（TIEA），让两国政府在按要求交换信息的基础上加强税务管理。

资料来源：Answers provided by Affinity Management Services Limited

Compared with other jurisdictions, what is unique in your jurisdiction? Under the current economic scenario, why should people put money there? The Isle of Man has a wide and diverse economy with regulation and consumer protection at the very heart of its ethos. The Island is proud of its credentials as an OECD ‘white-listed’ jurisdiction for transparency and is internationally recognised by the IMF, FATF, EU Code of Conduct and other international bodies as meeting our international obligations.

What are the most popular financial products in your jurisdiction? How can they protect the interests of investors?

The Isle of Man is already the favoured location for UK listings (i.e. London Stock Exchange) with 15% of the Alternative Investment Market (AIM) top 100 incorporated in the Isle of Man and more than 50 companies overall.

• There are currently 4 Chinese companies listed on AIM using IOM • Isle of Man companies are listed, or recognised for listing, on other major stock exchanges such as Hong Kong, Toronto, Luxembourg, Singapore, Dublin, New York

The Isle of Man is widely recognised as a leading Offshore Financial Service Centre offering client the highest international standards of regulation and probity. As a well established service centre, we are able to offer clients a full suite of financial products; Companies, Limited Partnerships, Trusts or Foundations. The Island has 0% corporate tax, capital gains tax or withholding tax. The Isle of Man has established links to Chinese business through various structures. We offer a platform for e-Gaming, import and export of goods, ship management, aircraft and yacht administration together with property and wealth ownership structures. The Island also benefits from support of a prospace Government, the Isle of Man plays host to a number of global satellite companies, new space start-ups and international space associations as well as being able to offer orbital slots and launch licences. We believe the Isle of Man offer clients a unique opportunity.

As an offshore financial center, what are you going to do in terms of balancing the need for more transparency with the need to protect the privacy of clients? The Isle of Man Government continues to develop strong business relationships throughout the world. In October 2010 a Tax Exchange Information Agreement (TIEA) was signed with The Government of The People’s Republic of China. The agreement (effective 1st January 2012 China, 6th April 2012 Isle of Man) enables governments to enforce their domestic tax laws by exchanging, on request, information relevant to a tax matter covered by the agreements. Source: Answers provided by Affinity Management Services Limited

Autumn, 2013

离岸金融属地简介 | JURISDICTION PROFILE

列支敦士登

Liechtenstein

与其他司法管辖区相比，贵司法管辖区的独特之处有哪些？在当前的经济环境下，人们为什么应该把钱放在这里？

国的潜在客户？如何吸引他们？

列支敦士登是久负盛名的能够提供国际水准的金融服务司法管辖区，

司、信托和基金会注册服务。此外，除了列支敦士登优越的地理位置，

并且有着长期的政治、经济、社会和法律稳定性和连续性。瑞士法郎

还有更多的专业增值服务，例如国际私人银行、保险、基金管理、国

是列支敦士登的法定货币，其稳定性保证了列支敦士登成为成功的金

际法律、税务和资产结构咨询、单一或多个家庭办公室以及具体的再

融中心。列支敦士登不仅是欧洲仅存的以民法为基础的司法管辖区，

分配服务。我们现有的以及潜在的中国客户是高净值人士，我们能够

同时也提供最典型的基金会，并且引进和监管盎格鲁撒克逊私人信托。

为客户提供定制服务，如保护客户隐私 / 债权人、资产保护、信托、

列支敦士登也提供投资基金和保险服务。

遗产和继承规划、税务和资产优化及确保 IPO 公司上市过程中不受

列支敦士登的优势在于根据其经验能够为国际客户提供高价值的公

负面影响等服务。

贵司法管辖区最热门的产品有哪些？它们如何保护投资者的利益？可以保护家庭财富，同时也能在世代交替时完成遗产和继承计划，特

作为离岸金融中心，你们如何在提高透明度和保护客户隐私方面做到平衡？

定的资产经常被隔离成合法独立的相关公司，这样随着时间的推移有

2009 年 3 月 12 日，列支敦士登向 OECD 承诺愿意为税收透明做出

助于优化税务和法律构架。

贡献。自此之后，接受了国际上有关税收透明以及信息交换的条例，

在列支敦士登最传统也最受欢迎的产品是的基金会和信托，这些架构

也不再被列为离岸金融中心。截至 2013 年 8 月，列支敦士登已经签

贵司法管辖区提供什么样的专业金融服务（信托和基金会 / 企业构架）？目前来自中国的客户有哪些？你们希望吸引哪些来自中

署了 25 项税务信息交换协议。

资料来源：Answers provided by Allgemeines Treuunternehmen (ATU)

Compared with other jurisdictions, what is unique in your jurisdiction? Under the current economic scenario, why should people put money there? Liechtenstein is a reputed jurisdiction providing financial services on an international level which is coupled with long-term national and international political, economic, social and legal stability and continuity. The stable Swiss franc, which is the legal tender in Liechtenstein, also strongly supports the country's success as a financial centre. Liechtenstein has not only created the prototype of the foundation but also until today remains the only jurisdiction in civil law Europe which has introduced and regulated the Anglo-Saxon private trust. Investment funds and insurance solutions round off the product offerings.

What are the most popular financial products in your jurisdiction? How can they protect the interests of investors?

The most traditional and also the most popular products among international clients are Liechtenstein foundations and trusts. These structures are used for the protection of family wealth and also for estate and succession planning over the course generations. Very often, specific assets will be segregated into legally stand-alone underlying companies which help to optimize the legal and tax position of the structure over time.

What kinds of professional financial services (trust & foundation/corporate structure) can your jurisdiction provide?

What are your existing clients from China? What potential clients do you want to attract from China and how? Liechtenstein’s strength clearly lies in its experience to provide its international clients with high-value corporate, trust and foundation services. In addition to these Liechtenstein is in the fortunate position to offer a variety of add-on high-level professional services, namely international private banking, insurance and fund management services, international legal, tax and asset structuring advice, single and multifamily offices, as well as specific relocation services. Our existing as well as prospective Chinese clients are high-net-worth individuals (e.g. immigrant populations, parents from overseas students) as well as corporate clients (e.g. family business or major shareholders of large companies). Together with our clients we develop tailor-made solutions in the spheres of privacy/ creditor and asset protection, trust, estate and succession planning, tax and asset optimization and IPOs.

As an offshore financial center, what are you going to do in terms of balancing the need for more transparency with the need to protect the privacy of clients? On 12 March 2009, Liechtenstein committed itself to the OECD Standards on Transparency. It has henceforth accepted the internationally valid rules of transparency and information exchange in tax matters and thus can no longer be labelled as an offshore financial centre. As of August 2013 Liechtenstein has concluded 25 Tax Information Exchange Agreements. Source: Answers provided by Allgemeines Treuunternehmen (ATU)

Autumn, 2013

JURISDICTION PROFILE | 离岸金融属地简介

英属维尔京群岛

The British Virgin Islands

为什么说 BVI 是中国投资者架构海外投资的极佳场所？作为最重要的加勒比公司建立中心，英属维尔京群岛（BVI）有得天独厚的专业服务基础设施和国际法律、会计、和信托公司进驻。这些公司中有很多都在香港和中国大陆设立办公室服务本地市场。BVI 国际商务公司立法从 1984 年开始，至今得到世界范围内金融机构的广泛认可。公司法规的可靠性和财税中立性是把这里作为跨境贸易和投资的理想平台。

在 BVI 有哪些最受欢迎的实体类型？ BVI 商务公司（BVIBC）和亚洲的离岸公司一样。有超过 150 万公司在岛上建立，其中有很大一部分客户来自亚洲。BVI 还有极具创新性的信托法规，包括专为需要把资产让受托人管理并仍希望管理公司业务的人所准备的维尔京群岛特别信托法（VISTA)。

BVI 对信息公开和交换法规的看法是怎样的？信托和公司服务行业由金融服务管理委员会从 2001 年起监管。BVI 支持 G8 峰会上针对税务、贸易和透明度的决议，并且在商业机密和国际防止避税和洗钱法规两方面的高度平衡性。资料来源：Answers provided by Jordans Trust Company (BVI) Limited

Why is the BVI the pre-eminent finance centre through which Chinese investors structure foreign investment? As the prime Caribbean incorporation center, the BVI has significant professional services infrastructure with leading international legal, accounting and trust companies present on the island. Many such firms have offices in HK and mainland China to facilitate business locally.

What are the most popular types of entity that are established in the BVI? The BVI Business Company is synonymous with the offshore company in Asia. Over 1.5 million Business Companies have been incorporated with a significant proportion on behalf of Asian clients. The BVI also has innovative trust legislation including the VISTA trust, designed to enable the settlor to retain control of a business whilst leaving custody of the assets with the trustees.

What is the BVI’s stance towards regulation and exchange of information?

The trust and corporate services industry has been regulated by the Financial Services Commission since 2001. The BVI support the G8 initiative on tax, trade and transparency . Source: Answers provided by Jordans Trust Company (BVI) Limited

2013, Autumn CHINA OFFSHORE

离岸金融属地简介 | JURISDICTION PROFILE

香港 Hong Kong

与其他司法管辖区相比，贵司法管辖区的独特之处有哪些？在当前的经济环境下，人们为什么应该把钱放在这里？

贵司法管辖区提供什么样的专业金融服务（信托和基金会 / 企业构架）？目前来自中国的客户有哪些？你们希望吸引哪些来自中

与其他离岸司法管辖区相比，香港更规范、更透明，拥有优越的税收

国的潜在客户？如何吸引他们？

制度和基础设施。当前的经济情况下，香港仍然享有快速的经济增长，

香港可以提供各种类型的专业金融服务，包括信托、基金会和企业结

因此吸引人们把钱存放在那里。

构等。我们现有的中国客户大多是中小企业和企业家。我们希望吸引更多通过香港“走向世界”的中国客户。

贵司法管辖区最热门的产品有哪些？它们如何保护投资者的利益？香港是世界领先的国际金融中心之一，因此它能够提供几乎所有金融

作为离岸金融中心，你们如何在提高透明度和保护客户隐私方面

产品，比如企业结构、信托及基金会等。香港是一家监管良好的司法

做到平衡？

管辖区，有能力保护投资者的利益。

香港拥有完善的立法，能够实现透明度和客户隐私之间的平衡。

资料来源：Answers provided by Orca Group HK

Compared with other jurisdictions, what is unique in your jurisdiction? Under the current economic scenario, why should people put money there? Compared with other offshore jurisdictions, Hong Kong is more regulated and transparent with superior tax system and infrastructure. Hong Kong still enjoys the rapid economic growth under the current economic scenario, thus have attracted people to put money there.

What are the most popular financial products in your jurisdiction? How can they protect the interests of investors?

Hong Kong is one of the world’s leading international financial centers, thus is able to provide almost all financial products, such as corporate structure, trust and foundation, etc. Hong Kong is well regulated jurisdiction, has the ability to protect the interests of investors.

Autumn, 2013

What kinds of professional financial services (trust & foundation/corporate structure) can your jurisdiction provide? What are your existing clients from China? What potential clients do you want to attract from China and how? Hong Kong could provide all kinds of professional financial services, including trust, foundation and corporate structure, etc. Most of our existing clients from China are SMEs and entrepreneurs. We want to attract more clients from China to “go global” via Hong Kong.

As an offshore financial center, what are you going to do in terms of balancing the need for more transparency with the need to protect the privacy of clients? Hong Kong has well-established legislation which can balance the transparency and the privacy of clients.

Source: Answers provided by Orca Group HK

离岸金融属地简介 | JURISDICTION PROFILE

毛里求斯 Mauritius 与其他司法管辖区相比，贵司法管辖区的独特之处有哪些？在当前的经济环境下，人们为什么应该把钱放在这里？毛里求斯坐落于印度洋地区，能够提供开放和财政稳健的经济体。它地处亚洲和非洲之间，经济方面的成功在很大程度上归因于其政治和社会经济的稳定性。

贵司法管辖区最热门的产品有哪些？它们如何保护投资者的利益？第一类全球企业执照（GBC1）；第 2 类全球企业执照（GBC2）；全球基金；有限责任合伙。

贵司法管辖区提供什么样的专业金融服务（信托和基金会 / 企业构架）？目前来自中国的客户有哪些？你们希望吸引哪些来自中国的潜在客户？如何吸引他们？信托 : 毛里求斯的法律允许建立各种类型的信托，包括固定、自由裁量、保护型、目的和慈善信托。基金会：基金会在许多方面类似于公司实体，但是它与信托一样可以为资产提供保护和续存。

资料来源：Answers provided by AXIS Fiduciary Ltd

Autumn, 2013

Compared with other jurisdictions, what is unique in your jurisdiction? Under the current economic scenario, why should people put money there? Situated in the Indian Ocean region, it offers an open and financially sound economy, located between Asia and Africa, and the success of its economy is largely a result of its political and socio-economic stability.

What are the most popular financial products in your jurisdiction? How can they protect the interests of investors? Category 1 Global Business License (GBC1); Category 2 Global Business License (GBC2); Global Funds; Limited Partnership.

What kinds of professional financial services (trust & foundation/ corporate structure) can your jurisdiction provide? What are your existing clients from China? What potential clients do you want to attract from China and how? Trusts: Mauritian legislation allows for the creation of various types of Trusts, including fixed, discretionary, protective, purpose and charitable trusts. Foundations: A Foundation is in many respects similar to corporate entities but afford the protection and continuity derived from the use of trusts. Source: Answers provided by AXIS Fiduciary Ltd

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TRUSTS | FOUNDATIONS IN MAURITIUS INTRODUCTION Strategically located in the Indian Ocean perched on the axis of on the axis of investments from Europe, Africa, the Middle East and Asia, Mauritius has throughout the last two decades forged a strong reputation as a premier international financial center. Although Mauritius is better known as a gateway for the structuring of investments into India and increasingly Africa, it is also increasingly being used by professional advisers and their high net worth clients as a jurisdiction of choice for private wealth management services. The enactment of the Foundations Act in 2012 has widened the choice of structures available to wealth management specialists in the context of private wealth management. KEY FEATURES OF THE MAURITIUS TRUST |FOUNDATION Trusts in Mauritius are governed by the Trusts Act 2001 which allows for the setting-up of various types of Trusts. The salient features of a Mauritius Trust are: • No registration or filing requirements • Anti-avoidance provisions in relation to forced heirship • At least one Trustee must be a regulated body • Extensive powers may be given to the Protector • Possibility to split Trusteeship into a Custodian and a Managing Trustee • Maximum duration of 99 years • Non-resident trusts are tax-exempt • Trusts may apply for a GBC I license • Confidentiality is enshrined in the law Foundations are governed by the Foundations Act 2012 which allows for foundations to be set up to benefit persons, a class of persons or to carry out a purpose (including non-charitable purposes). The salient features of a Mauritius Foundation are: • Has a separate legal personality • Foundation needs to be registered • Charter needs not be registered • The council may not be in Mauritius • Requirement to have a company secretary licensed by the Financial Services Commission (FSC) • Registered Office to be in Mauritius • Extensive powers may be given to the Protector • Non-resident foundations are tax-exempt • Foundations may apply for a GBC I license • Information filed in respect of offshore foundations not available for public inspections • Confidentiality is enshrined in the law CONCLUSION A number of HNWI & UHNWI already use a Mauritius Trust for estate, succession planning and family office services. Foundations have some of the attractions of a trust vehicle and can thus potentially be used for purposes that trusts are used as described above. However, compared to the trust which is a common-law concept, the Foundation will appeal to clients based in civil law territories where they are less familiar with the trust concept. A Mauritius trust/foundation can be put to a number of possible uses, including but not limited to: • Accumulation & Preservation of Wealth • Succession planning • Asset Protection • Tax Planning • Off balance sheet transactions • Corporate finance/asset financing • Securitization © Assad Abdullatiff TEP, LLB (Hons), LLM Managing Director AXIS Fiduciary Ltd Note: This article is intended to provide general information only. It is not intended to offer, nor should it be interpreted as offering, legal advice. You must not act upon the matters referred to in it without taking specific advice.

毛里求斯的信托 | 基金会简介毛里求斯地处印度洋，拥有连接欧洲、非洲、中东和亚洲投资的战略地理位置。在过去的 20 年里，毛里求斯一直被视为重要的国际金融中心，拥有良好的声誉。毛里求斯所提供的财政和非财政优惠政策以及多样化的产品是其取得成功的关键因素。虽然毛里求斯一直是帮助投资者进入印度和非洲市场的门户，但是越来越多的专业顾问和他们的高净值客户开始使用毛里求斯作为开展私人财富管理的首选司法管辖区。对财富管理专业人士来说，2012 年颁布的《基金会法》扩大了私人财富管理的结构选择范围。毛里求斯信托 | 基金会的主要特点毛里求斯的法律允许设立各类信托，包括固定信托、自由裁量信托、保护型信托、目的信托、禁止受益人自由处置的信托、符合伊斯兰教法的信托以及慈善信托。毛里求斯信托的主要特点如下： • • • • • • • • •

无登记或备案的要求在强制继承权方面拥有反避税条款受托人必须由金融服务委员会进行监管保护人可以拥有强大的权力可以将受托权拆分给托管人和执行受托人最长持续时间为 99 年非居民信托享受免税待遇信托可以申请 GBC I 执照法律保护私密性

基金会法允许设立基金会为受益人或者一组受益人带来利益，或者满足慈善或非慈善的（或两者兼得）目的。毛里求斯基金会的突出特点如下： • • • • • • • • • • •

具有独立的法人资格基金会需要注册章程不需要注册需要拥有一个理事会，可以不在毛里求斯需要拥有一个获得金融服务委员会（FSC）授权的公司秘书在毛里求斯拥有注册办公室保护人可以拥有强大的权力非居民基金会享受免税待遇基金会可以申请 GBC I 执照离岸基金会相关信息的备案公众无法查询法律保护私密性

结论许多高净值人士和超高净值人士已经开始使用毛里求斯信托，来进行房地产投资、继承规划和家庭办公服务。毛里求斯信托可以用于多种用途，包括但不限于： • 财富积累和保存 • 继承规划 • 资产保护 • 税务规划 • 表外交易 • 企业融资 / 资产融资 • 证券化 © Assad Abdullatiff 信托和资产规划师、法学学士（荣誉）学位、法学硕士董事总经理 AXIS 信托有限公司注：本文旨在提供一般信息，无意（也不应被解释为）提供法律意见。就本文提到的事宜，读者应该在寻求具体的建议后，再采取相应的行动。

离岸金融属地简介 | JURISDICTION PROFILE

卢森堡

Luxembourg

与其他司法管辖区相比，贵司法管辖区的独特之处有哪些？在当前的经济环境下，人们为什么应该把钱放在这里？

境、优惠的税收政策以及国内专业化且能讲多种语言的劳动力。因此，

众所周知，卢森堡是建立控股公司的离岸目的地。根据参与豁免的制

开展业务，这里拥有超过 150 家国际银行。

中国工商银行、中国银行、中国建设银行和汇丰银行都已经在卢森堡

度，股息收入和出售参与股份获得的资本利得在满足一定条件的情况下享受免税的待遇。除此之外，卢森堡与香港之间签署的优惠税收协定能够提供大量税收优化的机会。

贵司法管辖区提供什么样的专业金融服务（信托和基金会 / 企业构架）？股份合伙有限责任公司 (SOPARFI) 是卢森堡商业控股公司的一般形

值得一提的是，卢森堡拥有欧洲最稳定的政治环境之一。卢森堡已经

式，其主要业务控制卢森堡境内公司或者外资公司大量的财务股权。

迅速发展成为一个重要的欧洲金融中心。从全球来看，卢森堡基金业

除了能够作为集团母公司以外，SOPARFI 同样可以从事其他与控股

的规模仅次于美国。该行业的发展得益于灵活且稳定的法律和监管环

管理有关的活动。除了控股的功能之外，公司还可以轻松地提供集团融资或现金池的功能。

目前来自中国的客户有哪些？你们希望吸引哪些来自中国的潜在客户？我们现有的中国客户大部分是国有企业，它们选择在卢森堡建立控股公司，在世界各地进行投资。我们提供的服务范围十分广泛，我们很高兴为各种类型的客户提供服务。我们拥有全球化的视野，将努力了解客户的业务，从而为欧洲和中国市场之间建立更好的联系。

资料来源：Answers provided by Vistra (Luxembourg) SARI

financial centre. Next to the US, Luxembourg has the largest fund industry in the world. This finds its origin in its flexible and secure legal and regulatory environment, favourable tax regime and the internal specialised and multilingual workforce. Hence, ICBC, Bank of China, China Construction Bank and HSBC are all present in Luxembourg next to more than 150 international banks.

What kinds of professional financial services (trust & foundation/ corporate structure) can your jurisdiction provide?

A SOciété de PARticipations FInancières (SOPARFI), is the common name to describe a Luxembourg commercial holding company whose principal activity is the holding of significant financial interests in Luxembourg or foreign companies. Aside from its role as a group parent company, a SOPARFI can also be engaged in activities relating to the management of its holdings.

Compared with other jurisdictions, what is unique in your jurisdiction? Why should people put money there? Luxembourg is a well-known holding company location as under the participation exemption dividends received and capital gains realised on the sale of participations are exempt if certain conditions are fulfilled. This in combination with the favourable provisions of the Luxembourg – Hong Kong tax treaty provides substantial tax optimisation opportunities.

It is important to mention that Luxembourg has one of the most stable political climates in Europe. Luxembourg has rapidly developed into a major European

Autumn, 2013

The holding function can easily be combined with a group financing or cash pooling function.

What are your existing clients from China? What potential clients do you want to attract from China?

Most of our current existing clients from China are SOE’s, choosing Luxembourg to incorporate a holding company for investments elsewhere in the world. With the broad range of services we provide, we are more than pleased to service any type of clients as we have a global vision, and will endeavour to understand our clients’ businesses, in order to create better links between the European and the Chinese market. Source: Answers provided by Answers provided by Vistra (Luxembourg) SARI

JURISDICTION PROFILE | 离岸金融属地简介

塞浦路斯

Cyprus

与其他司法管辖区相比，贵司法管辖区的独特之处有哪些？在当前的经济环境下，人们为什么应该把钱放在这里？塞浦路斯有着高效的基础建设，有利的税收法律环境，安全高效的国际银行，以及经验丰富的律师、会计师以及其他相关专业人士。 · 民主自由的社会体系，健全的法律系统 · 位于中东，东欧，北非的交叉口，极佳的地理位置 · 时区优势，一天内能与中国、远东国家以及西方国家沟通 · 欧盟与欧元区国家 · 符合经合组织与金融行动工作组的标准 · 无外汇管制

贵司法管辖区最热门的产品有哪些？它们如何保护投资者的利益？ · 塞浦路斯是全是领先的税务筹划司法管辖区。塞浦路斯控股金融公司是进行国际税务规划的最佳工具。 · 塞浦路斯的国际信托立法十分有利。

贵司法管辖区提供什么样的专业金融服务（信托和基金会 / 企业构架）？ · 塞浦路斯提供有关企业架构和成立信托基金会的全部相关服务。

目前来自中国的客户有哪些？你们希望吸引哪些来自中国的潜在客户？如何吸引他们？ · 有意向到欧洲或者前苏联国家（俄罗斯，乌克兰等）进行投资的中国客户，可以利用塞浦路斯的有利环境。塞浦路斯与大部分发达国家签订了税收条约。与俄罗斯、乌克兰签订的条约，使得塞浦路斯成为投资这类国家的最佳选择。资料来源：Answers provided byA.K. CosmoServe Ltd

Compared with other jurisdictions, what is unique in your jurisdiction? Why should people put money there?

Cyprus is a well established international business centre with an efficient infrastructure, favourable tax and legal environment, safe and efficient international banks, experienced and well qualified lawyers, accountants and other professionals • A democratic and free society with a well established legal system. • A good geographic position at the crossroads to Middle East, Eastern Europe and North Africa. • A time zone enabling to work with China and the Far East , also with the West in the same day. • Full membership of the EU and EURO Zone. • No exchange controls. • Compliance with OECD and FATF standards.

What are the most popular financial services in your jurisdiction? How can they protect the interests of investors?

• Cyprus is an excellent jurisdiction for participating in structures which are efficient for international tax planning. The Cyprus Holding and Financing company is extremely successful as a tool in international tax planning. • Cyprus has favourable international trust legislation.

What kinds of professional financial services (trust & foundation/corporate structure) can your jurisdiction provide? • The complete range of company formation and international trust formation can be provided, together with all the required supporting services.

What are your existing clients from China? What potential clients do you want to attract from China?

• Chinese clients planning to invest in Europe or in the former CIS countries (Russia, Ukraine, etc) may take advantage of the very favourable tax environment in Cyprus, combining with the benefits of the tax treaties with most developed countries.

Source: Answers provided by A.K. CosmoServe Ltd

您值得信赖的塞浦路斯商业合作伙伴 Your Trusted Partner in Business in Cyprus Cosmoserve 是一家经验丰富、历史悠久的公司，对国际企业提供一站式服务。

Cosmoserve is an experienced and long established firm specialising in the provision of all the services required by international businesses, under one roof.

我们能够帮助客户在塞浦路斯落户，帮助他们建立企业或者收购物业。此后，我们还将继续提供服务，满足不同的要求。

We assist our clients to set up a base in Cyprus, by forming a company or by acquiring property, and we continue to provide all the services they may need, tailored to their requirements.

我们的服务包括（但不限于）：

Our services include (but are not limited to):

• 在塞浦路斯和世界各地建立公司

• Formation of companies and trusts in Cyprus and worldwide

• 公司的迁册

• 公司秘书和合规服务 • 公司的管理和行政

• 塞浦路斯和全球各地的银行帐户开立和运作 • 会计、税务和审计 • 薪资管理服务

• 物业的收购和管理

• 获得签证、居住权和工作许可 • 协助搬迁

如需获得更多信息，敬请联系 For more information please contact:

• Redomiciliations of companies

• Company secretarial and compliance services • Management and adminstration of companies • Opening and operation of bank accounts in Cyprus and worldwide

• Accounting, tax and auditing • Payroll services

• Acquisition and management of property

• Obtaining of visas, residence and work permits • Assistance with relocation

89 Kennedy Avenue, 2nd Floor, Office 201, 1077-Nicosia, Cyprus P.O. Box 26624, 1640-Nicosia, Cyprus 电话 Tel: +357 22379210 | 传真 Fax:+357 22379212 | 电子邮件 Email: consult@cosmoserve.com 网页 Web: www.cosmoserve.com 2013, Autumn CHINA OFFSHORE

离岸金融属地简介 | JURISDICTION PROFILE

泽西岛

Jersey

与其他监管区相比，泽西岛有什么特别之处？就目前的经济情况来看，为什么人们应该在此投资？

企业活动中包含大量在主要证交所的上市工作。泽西岛公司在 2009

泽西岛是世界领先的国际金融中心之一，（2013 年 3 月在全球金融

嘉能”可通过泽西岛在香港交易所成功上市；中国公司“中国西部水

中心指数前 20 中排名 13），拥有无与伦比的一流产品和服务。基于

泥”也通过泽西岛金融工具在证交所上市。此外，在伦敦 AIM 上市

超过 50 年税收中性的坚实基础，泽西岛吸引了包括来自中国在内的

的中国公司中，约有三分之一是在泽西岛注册成立。

年被批准列入香港交易所。随后，两个商品巨头，俄罗斯铝业公司“和

世界各地企业机构和私人客户的银行存款和投资，泽西岛金融业的发展也逐渐满足全球市场的需求。

作为一个离岸金融中心，泽西岛打算怎么平衡必要的透明度和客户隐私保护？

泽西岛时下最流行的金融产品有哪些？这些产品如何保护投资者的利益？

泽西岛的金融业受泽西岛金融服务委员会（JFSC）管制，为客户保密的同时打造全球最高监管标准：

泽西岛金融服务供应商高水准专业知识和经验与一流的基础设施相结

JFSC 有双边和多边谅解备忘录，其监管机构遍布全球 70 多个国家，

合，吸引以下几个方面的商业和投资者：

包括中国，印度，阿联酋和卡塔尔。

·私人客户 ·资本市场 ·基金 ·银行

·泽西岛和中国于 2010 年 10 月签署了税收信息交换协议（TIEA）。 ·泽西岛和香港于 2012 年 2 月签署了避免双重征税协定，2013 年 7 月获批。

泽西岛监管区可以提供什么样的专业金融服务（信托、基金或企业结构）？中国现有客户有哪些？监管区想从中国吸引什么样的潜在客户，如何才能吸引他们？

·JFSC 在基金运作监管体制下运作了 20 多年。

自 20 世纪 60 年代以来，泽西岛一直是管理信托领域的翘楚。如今

·泽西岛执行储户赔偿计划。

重点已经从简单的信托和家族企业结构转移到高价值和更复杂的结

·泽西岛执行欧盟第三反洗钱指令的最高标准。

·泽西岛是首个正式签署 IOSCO 多边条约的离岸金融中心。

构，如信托，公司，有限合伙。现在开始还为国际和中国家庭建立基础。拥有管理信托结构的最高标准，多种灵活的信托产品以及良好的法院系统，是吸引中国客户在泽西岛成立信托的主要原因。资料来源：Answers provided by Jersey Finance

Compared with other jurisdictions, what is unique in your jurisdiction? Under the current economic scenario, why should people put money there? Jersey is one of the world’s leading international finance centers, (Top 20 – GFCI 13 – March 2013) with a first class range of products and services that many other competing international finance centers find difficult to match. Based on the firm foundation of tax neutrality for over 50 years.

What are the most popular financial products in your jurisdiction? How can they protect the interests of investors?

Jersey’s high level of experience and expertise offered by our financial services providers combined with Jersey’s first-class infrastructure; attract business and investors alike within the following sectors: • Private Client • Capital Markets • Funds • Banking

Jersey has been a prominent player in the field of administering trusts since the 1960s. The emphasis today has shifted from the very simple trust and underlying company structure for families, to high value and more complex

Autumn, 2013

structures involving trusts, companies, limited partnerships and now foundations for international and Chinese families. Corporate activity has included a substantial amount of listing work on leading stock exchanges. Jersey companies were approved to list on the Hong Kong Stock Exchange in 2009.

As an offshore financial center, what are you going to do in terms of balancing the need for more transparency with the need to protect the privacy of clients?

Jersey's finance industry is regulated by the Jersey Financial Services Commision (JFSC), who are committed to the highest global standards of regulation, whilst respecting client confidentiality: • The JFSC has bilateral and multilateral MOUs with regulators in over 70 countries, including China, India, UAE and Qatar. • Jersey and China (PRC) signed a Tax Information Exchange Agreement (TIEA) in October 2010. • Jersey and Hong Kong signed a DTA in February 2012, which was ratified in July 2013. • The JFSC has 20 years operating under a Fund Functionaires Supervision regime. • The first offshore finance centre to become a full signatory to the IOSCO Multilateral Treaty. Source: Answers provided by Jersey Finance

Leading Corporate and Trust Services Provider 领先的基金服务供应商 Providing Mauritius companies, Trusts Foundations and Fund administration 提供毛里求斯公司的基金管理服务 Powered by a team of enthusiastic and dynamic serviceoriented specialist with excellent credentials in legal, financial and accounting.

由充满激情和活力的以服务为己任的专家团队组成，提供优

Backed with our experience, our deep network and our membership of INAA Group.

由丰富的经验、广泛的网络和 INAA 集团的会员资格做后盾。

We are committed to provide effective tailor-made solutions for all business needs or challenges. Licensed by the Financial Services Commission of Mauritius, Premier has the necessary experience and expertise in providing customized and cost effective solutions to clients with varying profiles to meet wide range of objectives. We do : · Foundation Services · Trusts including: 》 Discretionary Trusts 》 Employee Benefit Trusts/Pension Schemes 》 Charitable / Purpose Tusts

越的法律、金融和会计服务。

我们致力于为所有商务人士提供高效定制的解决方案。由毛里求斯金融服务委员会认证，拥有足够的专业经验为客户达成各类目标提供全方位的解决方案。业务范围： ·

基金会服务

信托包括：》全权信托》雇员受益信托 / 退休金方案》慈善 / 目标信托

税务规划和双重增税协议顾问

财富管理和资产保护

跨境投资控股和金融解决方案

国际贸易架构和服务

· Residence Permit Applications

居留许可申请

· Investment Funds Administration, NAV Calculations, Compliance and Accounting

投资基金管理、资产净值计算、合规和会计服务

有限合伙架构

有限责任合伙（LLP）架构

· Tax Planning and Double Taxation Treaty Advice · Wealth Management and Asset Protection · Cross border Investment Holding and Financing Solutions · International Trade Structures and Services

· Limited Partnership (LP) Structuring · Limited Liability Partnership (LLP) Structuring

To find out how we can help you, please do contact 欲获知详细信息，请联系： Vimal Damry TEP Managing Director 执行总裁 vimal@premier.mu +230 245 6703

Sanjeev Lutchumun TEP Director 总裁 sanjeev@premier.mu +230 245 6703

With Premier, no need for you to ask for it, clients get the best services! 在 Premier，不需提出任何要求，客户即可得到最棒的服务！ Mauritius | London | Singapore | Hong Kong | Seychelles

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PRACTICE AWARDS

Company Formations Accountancy Firm of the Year in Mauritius for 2013

Company Formation, Advisory Firm of the Year in Mauritius

离岸金融属地简介 | JURISDICTION PROFILE

新西兰

New Zealand 贵属地最受欢迎的金融产品是什么？它们如何保护投资者的利益？新西兰的信托行业，大多数是 PTC 和 LTC 架构的信托业是非常受欢迎的。由于新西兰信托能风格不同性质，因此能提供投资者更多的灵活性并保护投资者的财富。

贵属地能提供什么样的专业金融服务（信托 / 基金会 / 公司架构）？来自中国的客户有哪些？你们希望吸引哪些中国客户？简单来说，新西兰信托业非常发达，当然也能提供公司架构服务。大部分客户是企业家，大多数有国际业务，也在考虑移民。我们目前希望吸引的是这类中国客户。

和其它离岸属地相比，贵属地有什么特别的地方？为什么要选择贵属地管理财富？

作为国际金融中心，你们怎样在保持透明度和保护客户隐私方面取得平衡？新西兰不断地完善法律以适应需要。作为经合组织成员国，我们对保

新西兰是经合组织的成员国，也是金融特别行动组（FATF）成员国

持透明度非常重视，比如说你可以随时在我们的网站上查询所有公司

之一，代表新西兰在世界国际金融中心的顶级地位。

信息。作为一家做生意的公司，在网上向公众公布公司的业务情况是非常正常的。当然，在面对家庭资产管理的问题时，则能恪守机密。

新西兰经济成长稳健，农业是支柱产业之一，有全世界稳定的市场需

利用新西兰的信托是最恰当的做法。信托管理在新西兰也非常严格，

求支撑。同时作为发达国家，新西兰的银行系统也异常严格规范，破

除非牵扯到犯罪行为，否则客户的所有信息是严格保密的，如果要透

产风险极低。

露信息，要在新西兰最高法院许可的情况下用 18 个月的时间才能办到。

资料来源：Answers provided by CIL Group Ltd

Compared with other jurisdictions, what is unique in your jurisdiction? Under the current economic scenario, why should people put money there? New Zealand is the member of OECD and also a member of FATF which represent New Zealand enjoys the highest reputation among all the international financial centers. Since New Zealand enjoy steady Economic growth as its main source is agriculture which has steady market demands all over the world. While on the same time, as a developed country, New Zealand’s banking system is very strict and has low risk in bankruptcy.

What are the most popular financial products in your jurisdiction? How can they protect the interests of investors?

The New Zealand Trust, and mostly with PTC and LTC structure is very popular. Since New Zealand Trust can split different character of the trust which provide additional flexibility while protecting the beneficiaries’ interest on the same time.

In short, all, New Zealand is good in trust and certainly can provide corporate structure the same time. Most our clients are entrepreneur, most of them may have international business or considering immigration. We will keep on attract these kind of potentials in China at the moment. As an offshore financial center, what are you going to do in terms of balancing the need for more transparency with the need to protect the privacy of clients?

As an offshore financial center, what are you going to do in terms of balancing the need for more transparency with the need to protect the privacy of clients?

New Zealand is keeping on amending Laws to keep our structure up to date. As a OECE member and also a member of FATF, we are very careful on keeping transparency, for example you can check all the company’s info from website anytime. For a Company in Business, it is very fair and normal to disclosure the company information to anyone who might business deal with the company. However, once it comes to family assets protection, concerning family wealth confidential. It will be more appropriate to use New Zealand Trust. As the Trustee’s responsibility in New Zealand is also strict, Client can have full privacy unless it involving any criminal problem, then it will takes 18 months to disclose the information upon New Zealand High Court order. Source: Answers provided by CIL Group Ltd

Autumn, 2013

离岸金融属地简介 | JURISDICTION PROFILE

奥地利

Austria

与其他监管区相比，奥地利有什么特别之处？就目前的经济情况来看，为什么人们应该在此投资？奥地利位于欧洲的中心，是欧盟预算存入比支出多的成员国之一。奥地利经济非常稳定并在不断增长。奥地利没有在经济危机中受到冲击，并且有一个非常稳健的以保密著称的银行体系。

奥地利时下最流行的金融产品有哪些？这些产品如何保护投资者的利益？最受欢迎的金融产品当属奥地利私人基金会和奥地利控股公司，不仅能完美保护投资者隐私的，也是非常好的合法税务规划工具。奥地利私人基金会享有许多税收优惠，并能有效利用奥地利与 90 个国家签署的避免双重征税条约。

因此，奥地利是国际投资者绝对安全的港湾，尤其是想使用安全且节税的方式在欧洲或非洲投资的中国投资者。

奥地利可以提供什么样的专业金融服务（信托、基金或企业结构）？中国现有客户有哪些？奥地利想从中国吸引什么样的潜在奥地利不仅拥有世界上最好的基础系统（由加拿大税务法庭证实），

作为一个离岸金融中心，奥地利打算怎么平衡必要的透明度和客户隐私保护？奥地利在透明度和保护客户隐私上已经达到了平衡。

也提供外源股息和资本收益免税的持股体系，即使股息股本来自离岸

涉及奥地利私人基金会和奥地利有限责任公司的结构，是像奥地利这

监管区或没有与奥地利签署税务条约的国家。加上奥地利与其他地区

样绝对可靠的监管区为投资者提供合法保护隐私的完美工具。

客户，如何才能吸引他们？

签订了 60 个投资保护协定，这为税务筹划提供合法手段起到很好的保障作用。资料来源：Answers provided by Bilanz-Data Wirtschaftstreuhand GmbH

Compared with other jurisdictions, what is unique in your jurisdiction? Under the current economic scenario, why should people put money there? Austria, right in the center of Europe is one of the few Member States of the EU which pays more into the budget of the EU than getting out from it. Austria has a very stable and growing economy, Austria managed to survive the crisis without suffering from damages and has a very robust banking system which is well known for its famous bank secrecy.

What are the most popular financial products in your jurisdiction? How can they protect the interests of investors?

The most popular financial products are of course the Austrian Private Foundations and Austrian Holding companies which are second to none and which not only protect the privacy of the investor in a perfect way but also serve as a perfect tool for legal tax planning. Austrian private foundations enjoy a large range of tax benefits and do have access to the currently 90 Double Taxation Treaties Austria has with other countries.

What kinds of professional financial services (trust & foundation/corporate structure) can your jurisdiction provide? What are your existing clients from China? What potential

clients do you want to attract from China and how? Austria can not only provide the best foundation system in the world (confirmed by the Tax Court of Canada) but also offers a perfect holding system which foresees that foreign source dividends and foreign source capital gains are tax exempt even if they come from off-shore jurisdictions or from countries with which Austria does not have a tax treaty. This gives way to perfect tax planning in a legal way which is supported by the 60 Investment Protection Agreements Austria has with other jurisdictions.

Austria therefore is an absolute safe harbor for international investors, especially from China who would like to make investments either into Europe or into Africa in a safe and tax efficient way.

As an offshore financial center, what are you going to do in terms of balancing the need for more transparency with the need to protect the privacy of clients? The balancing of the need for transparency with the need to protect the privacy of the clients is already done in Austria.

An Austrian structure involving an Austrian private foundation and an Austrian GmbH (company with limited liability) is a perfect instrument to provide in a legal way an utmost of protection of privacy guaranteed by an absolute reliable jurisdiction as Austria is. Source: Answers provided by Bilanz-Data Wirtschaftstreuhand GmbH

Autumn, 2013

JURISDICTION PROFILE | 离岸金融属地简介

新加坡

Singapore

与其他司法管辖区相比，贵司法管辖区的独特之处有哪些？在当前的经济环境下，人们为什么应该把钱放在这里？

Compared with other jurisdictions, what is unique in your jurisdiction? Why should people put money there?

作为世界上营商最便捷和亚洲最具活力的经济体，新加坡有世界一流

Singapore has world-class business and banking infrastructure. Tax system is territorial and the rates are low with attractive tax incentives and exemptions for business to operate. . Strict corporate governance standards and transparent laws also safeguard the interests of the investors who wished to park their money there.

的营商环境和银行业基础设施。税务系统具本地化特色，税率极低也适合商业发展。严苛的商业监管标准和高度透明的法律都为投资者提供保护。

贵属地最受欢迎的金融服务是什么？它们如何保护投资者的利益？新加坡是唯一列为 AAA 等级的亚洲国家，世界知名银行和金融机构都在此地驻扎。新加坡也是国际金融中心，提供的服务包括银行业、保险、投资顾问、财富管理、投资银行和个人银行服务。

你们希望吸引哪些来自中国的潜在客户？我们希望吸引中国的高净值人士客户和成熟的专业服务机构，例如律所、会计事务所、信托、税务顾问机构和财富管理公司，或者基金管理公司等。

资料来源：LX Management Services Pte. Ltd.

What are the most popular financial services in your jurisdiction? How can they protect the interests of investors?

The only Asian country with “AAA: rating, with world’s top banks and financial institutions establishing their presence here, Singapore is an international financial centre which offers a broad range of financial services which includes banking, insurance, asset management, investment banking and treasury services, etc.

What potential clients do you want to attract from China?

We would like to attract High Net Worth Clients from China and to work with established professional service providers like the law firms, accounting firms, trusts, tax advisory firms and asset management firms or fund management firms. Source: LX Management Services Pte. Ltd.

Management Services Pte. Ltd. LX 管理服务私人有限公司

LX MANAGEMENT SERVICES PTE LTD

公司简介

CORPORATE PROFILE

LX 管理服务私人有限公司竭诚为客户提供以下服务： - 在新加坡和世界各地的离岸司法管辖区，如英属维尔京群岛、塞舌尔、毛里求斯和开曼群岛等地成立公司 - 公司管理和行政事务 - 公司秘书及注册办事处服务 - 以董事、股东、秘书、银行签署员身份行事的被指定人服务 - 开立银行账户（个人和法人） - 邮件保存服务 - 开具发票 / 重开发票 - 会计、税务和审计 - 托管代理服务 - 寻找办公用房及物业收购之协助 - 获得签证和获批永久居民身份 - 信用证单证

LX Management Services Pte Ltd provides the following services: - Formation of companies in Singapore and worldwide offshore jurisdictions like the BVI, Seychelles, Mauritius, Cayman Islands just to name a few - Management and administration of companies - Company secretarial and registered office services - Nominee services acting as director, shareholder, secretary, bank signatory - Opening of bank accounts (both personal and corporate) - Hold mail services - Invoicing/re-invoicing - Accounting, Tax and Audit - Escrow agent service - Assisting in finding office space and property acquisitions - Securing visas and PR permits - L/C Documentation LX Management Services Pte. Ltd. 6 Eu Tong Sen Street The Central #11-03 Singapore 059817 Tel: 6534 8484 Fax: 6534 8878 Email: lingxin@lxmgt.com

2013, Autumn CHINA OFFSHORE

离岸金融属地简介 | JURISDICTION PROFILE

耿西岛

Guernsey

与其他司法管辖区相比，贵司法管辖区的独特之处有哪些？

耿西岛具有政治和经济的稳定性，没有国家债务或对外借款。自从

耿西岛

50 多年前开始发展金融服务业以来，耿西岛已经建立了世界领先的

·是首个、也是迄今唯一引入“肖像权”立法的司法管辖权区，旨在

监管标准和国际公认的银行、保险、法律和会计基础设施。此外，第

帮助防止人物肖像的滥用——尤其是影视明星和体育运动员等。

三方研究机构指出，耿西岛属于非常顶级的“离岸”司法管辖区，在

·在国际货币基金组织 2010 年和 2011 年对该岛国监管体制进行审

全球专业金融中心的榜单上排名第二。

核后，获得了该组织对所有国际金融中心的最高认可评价。 ·就反洗钱金融行动特别工作组在反洗钱和打击恐怖主义融资方面的 49 条建议而言，最符合所有司法管辖区（包括美国和英国）的要求。

贵司法管辖区最热门的产品有哪些？与中国国内的信托公司不同，耿西岛的信托公司不推销所谓的“金融产品”。独立的受托人仍然保留第三方投资经理的角色，帮助客户构建投资组合，以匹配他们各自的风险状况。

贵司法管辖区提供什么样的专业金融服务（信托和基金会 / 企业构架）？ Richmond 能够提供全方位的服务，帮助管理包括信托、公司和基金会在内的任何结构。凭借丰富的经验，我们能够确保各种结构的管理能够保持其税务中立的状态。

作为离岸金融中心，你们如何在提高透明度和保护客户隐私方面做到平衡？虽然耿西岛政府将签署一些协议来满足国际社会对透明度的需求，但是我们将尽一切努力保留客户的隐私。耿西岛的法律制度尊重客户的私密性，但是耿西岛目前没有（过去也从来没有）保密法。

资料来源：Answers provided by Richmond Fiduciary Group

Compared with other jurisdictions, what is unique in your jurisdiction?

What are the most popular financial products in your jurisdiction?

Guernsey • Is the first, and so far the only, jurisdiction which has introduced “Image Rights” legislation to help protect against the misuse of peoples images – notably film stars, sports people etc.. • Has received the strongest endorsement of all international financial centres from the International Monetary Fund following their review of the islands regulatory regime in 2010 and 2011. • Is the most compliant of all jurisdictions (including US and UK) with regard to the FATF 49 Recommendations on AML and CFT.

Guernsey trust companies do not promote “financial products” in a similar way to those associated with Chinese domestic trust companies. Independent trustees retain third party investment managers to construct investment portfolios to match the individual client’s risk profile.

The island is politically and economically stable with no national debt or external borrowing, unlike some of our competitor jurisdictions. Since the inception of the financial services sector over 50 years ago, Guernsey has established world leading standards of regulation and an internationally recognised banking, insurance, legal and accounting infrastructure. Additionally third party research bodies state that Guernsey falls within the very top tier of “offshore” jurisdictions and is ranked second in the list of global specialist finance centres.

What kinds of professional financial services (trust & foundation/corporate structure) can your jurisdiction provide?

Richmond can provide the full range of services required to administer any structure which includes trusts, companies or foundations. With our extensive experience we ensure structures are managed in a way that maintains their tax neutrality.

As an offshore financial centre, what are you going to do in terms of balancing the need for more transparency with the need to protect the privacy of clients?

Although the Guernsey Government will sign agreements to satisfy the international demand for transparency, every effort will be made to retain clients’ privacy. The Guernsey legal system respects client confidentiality but Guernsey does not have, and never has had, secrecy laws. Source: Answers provided by Richmond Fiduciary Group

Autumn, 2013

2013 COMPANY FORMATION GUIDE

S17

Sponsored Article

私人客户财富规划保护您的家庭财富我们认为，对所有已经独立获得或者渴望获得经济方面的成功、或者对那些有幸继承家族财富的人来说，财富保障规划应该是财务战略发展的重要组成部分。如果我们现在不充分考虑财富保障事宜，那么财务规划将会是不完整的。二十世纪为创造财富提供了无限的机会，无论是发达国家，还是包括中国在内的新兴市场，都是如此。不幸的是，在过去的二十年中，对财富的创造和积累不利的风险因素一直呈现着一个逐步升级的趋势。“为意外做准备”是现代财务规划结构取得成功的关键。财富保值所面临的风险许多风险因素都可以导致财务灾难的出现。惩罚性的继承税制度、家庭成员的奢侈浪费、企业的管理不善，政治变动导致资产被征用、以及实施货币管制都是风险因素，它们一直影响着财富保值策略。在越来越多的国家中，我们已经看到了个人风险的升级，这归因于陪审团和过分热心的法院所采取的惩罚性措施、环境风险方面的责任认定、以及非执行董事日益升级的责任风险（企业法变得更加倾向于保护债权人和股东）。在这种的情况下，法律破除了企业的传统保护措施。现代世界的一些风险因素 : 专门针对渎职或者疏忽的诉讼离婚和家庭矛盾投资组合的管理不善，没有采取适当的多样化风险管理措施政治风险和税收体制其他类型的潜在债权人以及更多……. 除非采取适当的财富保护措施，大部分的财富将在未来的几年内得以流失，这是因为受益人和他们的顾问无法采取适当的举措来保护资产不受风险和突发事件的侵蚀。建立有效财富保护策略的一些关键因素 1. 选择适合您的资产所有制结构保护财富可以采取很多不同的策略。其中有些是直接的、基于常识的风险管理技术。简单的措施包括将资产转移到一家公司，更为复杂的结构包括有限合伙、公司及信托计划。我们采用了一种具有创意但又符合实际的做法，来满足我们客户在金融和财务规划方面的需求。我们所采取的方法的关键点在于，在提出建议和执行任何具体的方案之前，我们会投入大量的时间来了解每个客户的不同情况和需求。 2. 远期规划的重要性在大多数司法管辖区，有相关的法律认定财产的转移是否出于欺骗债权人的意图。在许多情况下，如果财产的转移发生在一定的时间内，那么它将被认为是出于欺骗的意图。因此，如果希望财富保障规划产生效果，那么资产转移必须远早于任何潜在的债权人行动，而且必须拥有合理的记录和合法的环境，这才能够在最大程度上保护资产不受潜在的攻击。信托服务

国际税务计划

3. 选择合适的司法管辖区由于大部分财富保障计划会涉及国际信托的使用，重要的是所选择的司法管辖区必须使用英国普通法作为其法律体系的基础。民法国家一般都不适合建立国际财富保护信托。在选择能够提供最佳财富保护工具的国际信托司法管辖区时，我们需要考虑许多法律问题。

我们是谁？我们如何能够帮助您？作为一家企业，Asiaciti Trust 成立于 1978 年，而公司在注册会计业务领域的历史可以追溯到 1886 年。Asiaciti Trust 是全球信托服务行业最知名、最受专业人士尊崇的企业之一。 Asiaciti Trust 的总部位于新加坡，在香港、库克群岛、迪拜、尼维斯、新西兰、巴拿马、萨摩亚和乌拉圭开展业务。我们目前是太平洋地区领先的国际信托集团之一。Asiaciti Trust 集团的每间办公室都由专业会计师或者律师领导，并且由注册秘书和其他合格的专业经理提供支持。 Asiaciti Trust 提供的国际产品不仅包括国际公司和境外信托。我们提供的其他结构包括许多在岸结构、合伙制结构、养老和退休基金以及离岸人身保险。 Asiaciti Trust 能够通过使用各大国际金融中心的各种规划结构，来提供个性化的财富保护规划服务。我们协助专业人士和他们的客户制定相应的资产保护策略来保存财富。如果需要对本地的法律问题进行考量，我们将于与外部法律顾问专家进行合作。黄春焰执行董事 Asiaciti Trust Hong Kong Limited 电子邮件 : Christine.Wong@asiacititrust.com 网址 : www.asiacititrust.com

财富管理财产和继承计划退休基金管理国际公司服务 Asiaciti Trust Hong Kong Limited 香港湾仔区告士打道 39 号夏愨大厦 17 楼 1707 室电话：（852）2591 9009 传真：（852）2891 2436 电邮：hongkong@asiacititrust.com 库克群岛迪拜香港尼维斯新西兰巴拿马萨摩亚新加坡乌拉圭 www.asiacititrust.com

Private Client Wealth Planning Safeguarding your family wealth We believe that wealth protection planning should be an essential component in the development of financial strategies of all who have achieved, or aspire to attain, independent financial success and for those who are fortunate to have inherited family wealth. Modern day financial planning is incomplete without due consideration of wealth protection issues. The twentieth century has provided unlimited opportunities for wealth creation, both in the developed world and the emerging markets like PRC. Unfortunately over the past two decades there has been a progressive escalation of risk factors adversely affecting the creation and retention of wealth. To expect the unexpected' is the key to a successful modern day financial planning structure.

Risks to preservation of wealth Financial disaster may arise from a wide variety of risk factors. Punitive inheritance tax regimes, extravagant family members, mismanagement of business enterprises, political changes resulting in expropriation of assets, or the imposition of currency controls are the risk factors that have traditionally influenced wealth protection strategies. In an ever increasing number of countries we have seen an escalation of personal risks as a result of punitive awards by juries or overzealous courts, recognition of liability for environmental risk factors, increased liability exposure of non-executive directors as corporate laws become more protective of creditors and shareholders, and in the latter case, legislation that strips away the traditional protection of the corporate shield. Some of the risk factors in modern world: Litigation particularly for professional malpractice or negligence. Marital breakdown or family estrangements. Mismanagement of investment portfolios without proper risk management diversification Political risks and tax regimes. - Various other categories of contingent creditors. and moreâ&#x20AC;Śâ&#x20AC;Ś.

Unless the proper techniques of wealth protection are applied, much of that wealth will be lost in coming years through the failure of benefactors and their advisors to take the appropriate steps to protect the asset base from a variety of risks and contingencies.

Some of key factors of having an effective wealth protection strategy 1. Choose an appropriate asset ownership structure that works for you There are many different strategies that may be adopted to protect wealth. Some of these are straight forward, common sense risk management techniques, ranging from the simple transfer of assets into a corporation, to more complex structures involving limited partnerships, corporations and trust planning.

Who we are and how can we help? Established as a corporate identity in 1978, Asiaciti Trust has its foundations in chartered accountancy practices which date back to 1886. Asiaciti Trust is one of the most recognised and professionally respected names in the international fiduciary services industry. Asiaciti Trust is headquartered in Singapore and, with operations also in Hong Kong, the Cook Islands, Dubai, Nevis, New Zealand, Panama, Samoa, and Uruguay, is now one of the leading Asian Pacific based international trust groups. Each office in the Asiaciti Trust Group is headed by professional accountants or lawyers supported by chartered secretaries and other qualified professional managers. The international product range offered by Asiaciti Trust is not limited to international companies and foreign trusts. Other structures provided include many onshore arrangements, partnerships, pension or superannuation funds, and offshore life assurance. Asiaciti Trust offers a specialised service in wealth protection planning using various type of planning structure based in international finance centres. We assist professionals and their clients to develop appropriate asset protection strategies to preserve wealth. When it is necessary to consider domestic legal issues we work with specialist outside legal counsel.

We adopt a creative but practical approach to our clients' financial and fiscal planning needs. The key to our approach is that we invest time to understand the individua's situations and needs before recommending and implementing any particular form of solutions. 2. The importance of forward planning In most jurisdictions there are laws which operate to set aside transfers of property which are made with the intent to defraud creditors, and in many instances intent to defraud is deemed to occur where transfers of property are made within a specified period of time. Therefore for wealth protection planning to be effective it is essential that asset transfers are made well ahead of any potential creditor action, properly documented and placed in a legal environment which offers the utmost protection from potential attack. 3. Selecting an appropriate jurisdiction As most wealth protection plans will involve the use of an international trust, it is important that the selected jurisdiction have English common law as the foundation of its legal system. Civil law jurisdictions are generally not suitable for international wealth protection trusts. There are many legislative issues that need to be considered in selecting the international trust jurisdiction that offers the best wealth protection facilities.

Christine Wong Managing Director Asiaciti Trust Hong Kong Limited Email: Christine.Wong@asiacititrust.com Website: www.asiacititrust.com

Trustee & Fiduciary Services International Tax Planning Wealth Protection Estate & Succession Planning Retirement Fund Administration International Company Services Asiaciti Trust Hong Kong Limited Room 1707, 17/F Harcourt House 39 Gloucester Road Wanchai, Hong Kong Tel: (852) 2591 9009 Fax: (852) 2891 2436 Email: hongkong@asiacititrust.com Cook Islands Dubai Hong Kong Nevis New Zealand Panama Samoa Singapore Uruguay www.asiacititrust.com

离岸指南 | OFFSHORE HANDBOOK

离岸金融属地信托对比离岸金融属地

概况

信托资产

受托人

马恩岛

新西兰

库克群岛

新加坡

英属维尔京群岛

开曼群岛

香港

公司类型

信托

法律类型

普通法

建立信托所需时间

1-5 天

2-3 天

2-5 天

2-3 天

最低政府费用（不含税）

无

300 美元

无

印花税 200 美元

双重征税协议网络

有

无

有

无

有

无

标准货币

英镑

美元

获准适用货币

任意

信托资产限额

10 英镑

1 美元

无

100 美元

如为个人受托人，人数要求

如为个人受托人，数量要求

有

是否需要当地人员

需要

否

需要

无

公开记录获取权限

有

无

会议地点

有

任意

是否必需

可选

专业资格持有

可选

公开记录获取权限

无

是否需要准备筹划

需要

是否需要审计

可选

否

无

不适用

自 2013 年 12 月 1 日起，不适用

不适用

是

取决于信托契约

否

取决于信托契约

保护人

信托契约

账户账户公开记录获取权限申报账户要求法定继承权其他是否允许更改注册地

Autumn, 2013

OFFSHORE HANDBOOK | 离岸指南资料来源：Michael Liu, CIL Group Ltd, Mark Lea, Lea & White Internatioanl Advisers Limited, Jersey Finance, Guernsey Finance, Finance Malta, ATU

离岸金融属地

耿西岛

马耳他

泽西岛

列支敦士登

公司类型

信托

信托建立（无法人实体）

法律类型

耿西信托法（2007 年）

马耳他法律 331 章，信托及受托人法

泽西信托法（1984 年）

普通法

建立信托所需时间

无时间限制

1-2 天

无需公共注册

大约一周时间

无

200 瑞士法郎

无（非耿西岛居民无需缴纳）

无（非马耳他居民无需缴纳）

无

缴纳最低公司所得税（1200 瑞士法郎）

有

通常而言，英镑

欧元

无要求

瑞士法郎，美元，欧元，以及其他通用货币

获准适用货币

任意，服从信托条款

任意

瑞士法郎，美元，欧元，以及其他通用货币

信托资产限额

无，但须服从法律条款

无

无上限

耿西信托必须有两名受托人

至少一名受托人

是否需要当地人员

否

需要，马耳他受托人（并获得马耳他金融服务管理许可）

否，但取决于相关法律要求

否

公开记录获取权限

无

会议地点

取决于受托人的位置

无

任意

无，但建议在列支敦士登举办会议

最少人数

至少有一个明确人选

至少一名

无

固定 1 人，其他任意

公开记录获取权限

无

资产授予者以及受托人能否成为受益人

有

无

有

无

受托人必须有准确的账户信息

需要

受托人必须有准确的账户信息

是否需要审计

无

申报账户要求

无

账户公开记录获取权限

无

年度审计

无

无，可指派审计师

申报账户要求

无

允许

允许，取决于信托契约

概况最低政府费用（不含税）海外收入税收双重征税协议网络标准货币信托资产

如为个人受托人，人数要求如为个人受托人，数量要求受托人

受益人

是否需要准备筹划

账户

年度要求

其他是否允许更改注册地

2013, Autumn CHINA OFFSHORE

离岸指南 | OFFSHORE HANDBOOK

Trust Comparison by Jurisdiction Jurisdiction

Trust

Type of Law

Common

Our time to establish a Trust

1 - 5 days

2 - 3 days

2 - 5 days

2 - 3 days

Nil

US $ 300

Nil

Stamp Duty US $ 200

Yes

US $

Permitted currencies

Any

Minimum Assets Required

£ 10

US $ 1

US $ 100

Minimum number if individuals

Two

One

Yes

One

if Local trustee required

One

Yes

Publicly accessible records

Yes

Location of meetings

Yes

Anywhere

Required

Optional

Professional qualifications held

Optional

Publicly accessible

Requirements to prepare

Yes

Optional

Publicly accessible accounts

Forced Heirship Rules

Not applicable

With effect from 1st December 2013, Forced Heirship of a foreign jurisdiction is not applicable

Not applicable

Yes

Depends on how the Trust Deed is drafted

Minimum number if a body corporate

Protector

Accounts

Audit requirements

Other Change in domicile permitted

Hong Kong

Trust

Standard currency

Trust Deed

Cayman Islands

Trust

Double Taxation Treaty Access

Trustees

British Virgin Islands

Trust

Minimum government fees (excluding taxation)

Trust Assets

Singapore

Trust

Type of Company

General

Isle of Man New Zealand Cook Islands

Autumn, 2013

Nil

OFFSHORE HANDBOOK | 离岸指南 Source：Michael Liu, CIL Group Ltd, Mark Lea, Lea & White Internatioanl Advisers Limited, Jersey Finance, Guernsey Finance, Finance Malta, ATU

Jurisdiction Type of Company

Type of Law

Minimum government fees (excluding taxation)

General

Minimum government fees (excluding taxation)

Trust

Trust settlement(no legal entity)

Trusts (Guernsey) Law, 2007 There are no time restrictions to esatblish a trust

None - only residents of Guernsey are liable to pay tax on their worldwide income

Statute, Trusts and Trustees Act, Chapter 331 of the Laws of Malta

Trusts (Jersey) Law 1984 (Law)

1- 2 days

No public registration necessary

around 1 week

200CHF (in total normally 700CHF including duties)

Civil law

Trusts (settlements) are endowments without personality. They only pay the minimum corporate income tax (CHF 1,200).

Zero

Double Taxation Treaty Access

Yes

Normally £

€

None

Any

CHF,USD,EUR and any common currencies acceptable

No limitation

No Limitation

At least one trustee.

Malta trustee (requirement of authorisation from the Malta Financial Services Authority)

One

No subject to any regulatory requirements

Depends on location of trustees

N/A

Anywhere

At least one identifiable person

At least one beneficiary

None (purpose trusts permitted)

Yes

A trustee must keep accurate accounts and records of their trusteeship

Trustees shall keep accurate accounts and records of their trusteeship.

Permitted currencies

Any, subject to the terms of the trust

None, subject to the terms of the trust A Guernsey trust must have two trustees.

Local required

Publicly accessible records

Trustees

Location of meetings

Minimum number Publicly accessible records

Can settlor and trustee be a beneficiary

Requirements to prepare

Audit requirements Requirements to file accounts Publicly accessible accounts

Annual Requirements

Liechtenstein

Can be tax neutral for foreign source income if beneficiaries are non-Malta residents

Minimum number if individuals

Accounts

Jersey

Minimum Assets Required

Beneficiaries

Malta

Taxation on Foreign income

Standard currency

Trust Assets

Guernsey

Annual Audit Requirement to file annual return

Other Change in domicile permitted

A settlor of a trust may also be a beneficiary under the trust. A trustee cannot also be a beneficiary of a trust.

CHF,USD,EUR and any common currencies acceptable, no minimum capital required.

No, but meetings in Liechtenstein recommended. fixed (1) or discretionary No No

Yes

The trustee is required to keep records of the assets forming the trust property and to adjust them annually.

Yes

It is possible to change the proper law of a trust

Yes, provided the terms of the trust permit a change in governing law.

Yes

Not for trust settlements, but an auditor can be appointed in the deed of trust. No

Yes, depends on the trust deed.

2013, Autumn CHINA OFFSHORE

离岸指南 | OFFSHORE HANDBOOK

离岸金融属地基金会对比离岸金融属地

概况

巴哈马群岛

耿西岛

马耳他

泽西岛

公司类型

基金会

拥有独立法人资格的基金会

基金会

法人实体

法律类型

民法

基金会法（耿西）2012

民法

基金会法（泽西）2009

有限责任

有

无

如有法人，则独立于创始人，管理者和成员

无

2周

2 小时（一般 24 小时内）

至少一周

1 天内完成

10000 美元

无最低要求

至少 1164.69 欧元

无要求

基金会资金所属货币

任意

无货币要求

欧元

任意

基金会章程

可选

有申请时公开

有

基金会规则

无

受益人

无

有

无

创始人姓名

有

无

有

无

可选

如没有受益人，则需要

需要

无，但基金会须有合格成员

是否允许团体保护者

是

是，团体可以成为保护者

是

无

理事会成员数量

私人基金会 1 人，目的型基金会 3 人

1（需要合格的成员）

是否允许团体理事会成员

是

是，团体可以成为理事会成员

是

有

任意

取决于理事会成员位置

无特定要求

任意

基金会代理人

有

若没有马耳他籍管理人员，则需要当地代表

需要合格成员

是否需要秘书

是

否

无特定要求

否

章程语言要求

任意，但须提供翻译

英语

马耳他语或英语

任意，但须提供翻译

法规语言要求

任意，但须提供翻译

英语

马耳他语或英语

任意

是

理事会须在注册办公室留下记录

管理人员须按年份记录所有财产和债务，所有收入和开支

须提供其交易的记录

可选

无，取决于宪法

政府费用（按年算）

500 美元

500 英镑，若是慈善基金会，费用和税率均为 0

无

目前是 150 英镑

是否允许更改注册地

是

无

是

设立基金会时间基金会最低资金要求（等值外币）

公开记录获取权限

是否需要保护者

基金会人员

会议地点

基金会所在地要求

是否需要准备筹划

无

账户是否需要审计

其他

Autumn, 2013

否

OFFSHORE HANDBOOK | 离岸指南资料来源：Michael Liu, CIL Group Ltd, Mark Lea, Lea & White Internatioanl Advisers Limited, Jersey Finance, Guernsey Finance, Finance Malta, ATU

巴拿马

离岸金融属地

马恩岛

列支敦士登

毛里求斯

纳闽岛

基金会

公司类型

基金会

民法

法律类型

普通法

混合法

普通法

有

有限责任

有

基金会资金应向第三方负责，创始人和受益人不需要。

有

3 - 5 工作日

5 工作日

3 - 5 工作日

30000 瑞士法郎（等值美元、欧元）

无

无最低要求

2周 10000 美元任意

设立基金会时间基金会最低资金要求（等值外币）最低政府费用（不含税）

360 英镑

0% 到 3% 之间浮动，最高 3%

无

公司税

0% - 10%

私人投资结构每年须付 1200 瑞士法郎。若参与房产或其他小额投资，则须付 12.5% 的公司税

无

净审计账户的 3%，或一次性付 20000 马币

有

基金会章程

有

无

基金会规则

无

收益人

无

有

创始人姓名

无

可选

2 ( 其中一人须获得列支敦士登执照 )

是

任意

纳闽岛或其他

是

可选

是否需要执行者

是

是否允许团体保护者

会议地点

无

是否允许团体理事会成员

是

任意

是否需要当地居民作为理事会成员

否

需要

基金会代理人

有（须持有马恩岛执照）

有

是否需要秘书

无

否

是

任意，但须提供翻译

章程语言要求

英语

德语为指定语言，可翻译为英语、法语、西班牙语、意大利语等

英语或法语

英语

任意，但须提供翻译

法规语言要求

任意，但须提供翻译

英语或法语

英语

是

须提交年度税务报告

无要求

是

是否需要准备筹划

可选

是否需要审计

否

纳闽岛慈善基金会和支付 3% 税率的基金会需要年度审计

300 美元

申报账户要求

是

2013, Autumn CHINA OFFSHORE

离岸指南 | OFFSHORE HANDBOOK

Foundation Comparison by Jurisdiction Jurisdiction Type of Company

General

Foundation

A foundation is an entity with separate legal personality in its own right

Foundation

Incorporated Body

Statute, Civil Code

Foundations (Jersey) Law 2009

The Foundations (Guernsey) Law, 2012

Yes

N/A

Legal persons are distinct from their promoters, founders, administrators and members, if any. The acts of legal persons bind no one but themselves except as provided by law.

Two weeks

Minimum of one week

Can be established on same day fast track basis

US $ 10,000

There is no minimum initial endowment in currency.

At least € 1,164.69

None

Any

No restrictions on currency

€

Any

Optional

A foundation may only be constituted by public deed inter vivosor by a will.

Yes

Beneficiaries

Name of Founder

Yes

A foundation may be established for the private benefit of one or more persons or a class of persons who shall enjoy such benefits, and shall have legally enforceable rights against the foundation as may stated in the terms of the deed of the foundation.

Our time to establish a Foundation

Foundation Regulations

Protector Required

Corporate Protector permitted Minimum number of Council Members Corporate Council Members permitted Meeting location Foundation Agent Secretary required Language of Charter

Language of Regulations

Requirements to prepare

Accounts

Optional Yes Two Yes Anywhere Yes Yes

Any, but a translation is required Any, but a translation is required Yes

Audit requirements

Optional

Annual Government Fee

US $500

Other Change in domicile permitted

Jersey

Limited Liability

Foundation Charter

Local quirements of Foundation

Malta

Civil

Foundation Capital currency

Officers of Foundation

Guernsey

Type of Law

Foundation Capital minimum (equivalent in currency)

Publicly accessible records

Bahamas

Autumn, 2013

Yes

N/A

Yes

A Guardian is required only where The terms of the foundation may provide for the establishment No but it is necessary for there are no beneficiaries (i.e. the of a supervisory council consisting of at least one member or for the Foundation to have a foundation is for a purpose only) the office of a protector or protectors with similar functions. Qualified Member

Yes - A corporate body may act as a Guardian. A Guernsey foundation must have two Council Memebers, unless the constitution provides otherwise.

One for private foundations, three for purpose foundations

Depeneds on location of Council Members

Not specified

Yes - A corporate body may act as a Council Member.

Yes

One (Must include amongst its number the Qualified Member) Yes

Anywhere

Yes

Local representative is to be appointed if there is no Maltese administrator

Qualified Member necessary

English

Maltese or English

English

Maltese or English

Any but English translation must be available

N/A

The council must keep records of the foundation at the regsitered office. None, subject to the terms of the constitution £ 500 except if a Guernseyregistered charity, which is £0. Corporate income tax – 0%. Yes

Not specified

It is the administrator who shall keep records of (a) all assets and liabilities; and (b) all income and expenditure of the organisation for the annual financial periods.

Any

A foundation must keep records sufficient to show and explain its transactions. None

N/A

Yes (currently £ 150)

N/A

Yes

OFFSHORE HANDBOOK | 离岸指南 Source：Michael Liu, CIL Group Ltd, Mark Lea, Lea & White Internatioanl Advisers Limited, Jersey Finance, Guernsey Finance, Finance Malta, ATU

Panama

Jurisdiction

Foundation

Type of Company

Civil Yes

Two weeks

US $ 10,000 Any

Type of Law Minimum government fees (excluding taxation)

Corporate Taxation

Isle of Man

Liechtenstein

Mauritius

Labuan

Foundation

Common

Hybrid

Common

US $ 300

Mal. $ 750

Nil

3% tax of the net audited account or a lump sum of Mal. $ 20,000 if it carries Labuan trading activities

S₣ 30,000 or US $ 30,000 or € 30,000

Nil

no minimum capital requirement.

Only the foundation capital is liable to third parties, not the founder or the beneficiaries.

Yes

5 working days

3 - 5 working days

£ 360

0% - 10%

Foundation Capital minimum (equivalent in currency) Limited Liability Our time to establish a Foundation

Yes 3 - 5 days

set up, S₣ 700.00 to be paid. During the existence, S₣ 200.00 every 3 years.

Private Investment Structure, and then only pays S₣ 1,200.00 every year; If the foundations manages participations or real estates or does in general more than hold a bank account with small asset management activity, then it is ordinary taxable with 12.5 % corporate tax.

Yes

Foundation Instrument

Foundation Rules

Beneficiaries

Yes

Name of Founder

Optional

Enforcer Required

Optional

2 (one with a license in Liechtenstein)

One

Yes

Anywhere

within or outside Labuan

Yes

Yes (Licensed in the Isle of Man)

Yes

English

Permitted Language is German (court etc.). Normally, translation into English, French, Spanish, Italian is provided in legalized form.

in English or French

English

in English or French

English

Yes Three Yes Anywhere Yes

Any, but a translation is required Any, but a translation is required Yes Optional US $ 300

Corporate Enforcer permitted

Meeting Location

Corporate Council Members permitted Resident Council Member required Registered Agent Secretary required Language of Charter Language of Regulations Requirements to prepare

Audit requirements

Requirement to file annual return

Yes

Nil

Any, but a translation Any, but court might ask for translation, if the court is required will have to decide on a legal case. Yes

Yes

Ordinarily taxable foundations must submit an No financial statements annual tax declaration, in addition to the accounts. not required to be filed

Yes

Yes A Labuan Charitable Foundation or A Labuan Foundation which opt to pay 3% tax is required to audit it’s accounts. No

Yes 2013, Autumn CHINA OFFSHORE

离岸指南 | OFFSHORE HANDBOOK 国际银行

企业服务提供商

Corporate Service Providers

International Bank

British Virgin Islands

Switzerland

Mauritius

Anguilla AXIS Fiduciary Group

AXA Offshore Management www.axaoffshore.com Tel:+264 497 3142 aoml@axaoffshore.com Liechtenstein

www.vpbank.com

Jordans Trust Company

Tel: +230 213 1111

Tel: +423 235 66 55

(BVI) Ltd

trust@axis.mu

info@vpbank.com

www.jordanstrustcompany. com

Seychelles

Tel:+1 284 494 6643

bernard.knights@ubs.com

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

reberle@supra.net

Tel: +248 410 940

www.aspentrust.com Tel: +357 2241 8888

michelle@ sterlingoffshore.com

Royal Bank of Canada Nevis

www.thebankofnevis.com

Canada

www.offshorecompanies.

Tel: +852 2522 0172 A.K. COSMOSERVE

net

Scotiabank

www.cosmoserve.com

Tel: +248 224 899

scotiabank.com

Tel: +357 22379210

email@actseychelles.com

Tel:+1 800 472 6842

consult@cosmoserve.com USA

www.tmf-group.com Tel: +852 2106 9338 Deloitte Limited www.deloitte.com/cy Tel:+357 25 868 686 infonicosia@deloitte.com Madeira

ABC International Services www. abcmanagementservices. com Tel: +248 374 088

Limited Guernsey

www.mbc-hk.com Tel:+852 3568-6651 info@mbc-hk.com

consulting.com Tel: +351 291 234 245 www.offshore-inc.com

info@actuarius-onsulting. com

Tel: +852 2521 2515 info@offshore-inc.com

www.caacayman.com

Bank of America

civil.aviation@caacayman. com

www.bankofamerica.com 离岸律所

Offshore Law Firm

France The Bank of France

Barbados

www.banque-france.fr Tell: +01 42 92 39 08 infos@banque-france.fr Chancery Chambers

Actuarius Consulting

Dominica

www.actuarius-

Offshore Incorporations

Civil Aviation Authority Tel:+345 949 7811

TMF Group

MB Consultants (HK)

Offshore Aircraft Registry

Cayman A.C.T. - Offshore Limited

www.ocra.com

com

离岸飞机注册机构

info@thebankofnevis.com

OCRA Group HK

brandon.tang@tmf-group.

www.rbcroyalbank.com

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

info@aspentrust.com

hongkong@ocra.com.hk

Tel:+345 914 6001

MMG Bank Corporation

Tel: +423 232 11 23 The Aspen Trust Group

www.ubs.com

Panama

Sterling Offshore

Reberle Treuunternehmen

UBS

Canada

info@jordans-bvi.com Cyprus

Hong Kong

VP Bank

www.axis.mu

OGIER

Banco Trasatlantico Ltd

www.ogier.com

www.bancotrasatlantico.

Tel: +44 148 172 1672

gsy@ogier.com

Tel: +1-767-449-9254 info@bancotrasatlantico.

Mauritius

www.chancerychambers. org Tel: +246 431 0070 chancery@ chancerychambers.com British Virgin Islands

Singapore Channel Islands Richmond Fiduciary Group Premier Financial Services

Richmondgroup.uk.com

Standard Bank Offshore

www.premier.mu

+44(0) 1481 713667

www.sboff.com

Tel:+6534 8484

Tel: +230 245 6703

alan.chick@richmondgroup.

Tel: 44 (0)1624 643643

lingxin@lxmgt.com

vimal@premier.mu

uk.com

sbiom@standardbank.com

LX Management Pte.Ltd

Autumn, 2013

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

OFFSHORE HANDBOOK | 离岸指南

Malta

Fenech & Fenech

French International

The Central Bank of

Guernsey Financial

Barbados

Services Commission

www.rif.mer.equipement.

www.centralbank.

www.gfsc.gg

gouv.fr

org.bb

Tel: +44 1481 712706

Tel: +334 2684 5762

Tel: (246) 436-6870

rif@developpement-durable.

hrinfo@centralbank.org.bb

gouv.fr British Virgin Islands

www.fenechlaw.com Tel: +356 2124 1232

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

Tel: +356 2122 8862

British Virgin Island International Financial www.bviifc.gov.vg

Maritime Cook Islands www. maritimecookislands.com

Appleby Global

Jersey

Centre

simon@simontortell.com

Tel: +682 23 848

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

hkma@hkma.gov.hk

Inc

Seychelles

Monetary Authority

Treuhandervereinigung

Tel: (852) 2878 8196

International Registries,

www.simontortell.com

The Hong Kong www.hkma.gov.hk

info@fenechlaw.com

Simon Torell & Associates

Hong Kong

Liechtenstein

Tel: +1(284) 468 4335 info@bviifc.gov.vg

RAK Offshore www.rakoffshore.ae

Jersey Financial Services

Tel: +971 7 206 8666

Commission

gmassist@rakoffshore.ae

www.jerseyfsc.org

info@ggba-switzerland.ch

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

私人银行

Private Banking

Belize

UAE Anguilla

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

公共和私有机构

Public & private institutions

IBCR Belize Anguilla 离岸游艇注册机构

www.ibcbelize.com Tel: +501 223 5108

Offshore Yacht Registry

ibc@btl.net Bermuda Anguilla Financial Services Division

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

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

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

Isle of Man

Barbados

Isle of Man Finance

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

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

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

Bahamas

sstirling@ businessbermuda.org

bahamasmaritime.com

Cook Islands

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

Shipping

info@bfsb-bahamas.com

Tel: +44 1624 686400

Labuan Cook Islands FSDA

Barbados

Tel: +682 211 75

gov.cy

enquiry@fsda.gov.ck

Invest Barbados

Guernsey

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

info@investbarbados.org

FBME Bank www.fbme.com

www.investbarbados.org Tel: +246 626 2000

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

com

maritimeadmin@dms.mcw.

Bank of Cyprus www.bankofcyprus.com

www.cookislandsfinance.

ww.shipping.gov.cy

Cyprus

isleofmanfinance.com

Services Board

Department of Merchant

www.gov.im enquiries@

Bahamas Financial

Tel: +357 258 481000

Annual Investment Meeting

Liechtenstein

Tel: +357 22 888400 nicosa@fmbe.com

2013, Autumn CHINA OFFSHORE

离岸指南 | OFFSHORE HANDBOOK 游艇注册服务提供商

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

Hong Kong

Management@

Bermuda

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

Trust & Fiduciary Services

St.George’s Trust

British Virgin Islands

Verwaltungsanstalt

www.midlandconsult.hk Tel: +852 2899 2009

Isle of Man

http: //www.fiduciana.com/

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

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

Capital International Tel: +44 1624 654200

Wealth Management

Bermuda

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

www.lom.com Tel: +441 295 6999 lomam@lom.bm info@sgt.b

St. George’s Trust Company

com

www. sgt.bm

Tel: +357 25 662285

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

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

Tel: +242 367 2558

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

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

WEALTH PRESERVATION EXPERTS

Malta

Industrie & Finanzkontor www.iuf.li

info@anchor.com.mt

Affinity Management Services Limited www.affinity.co.im Tel: +44(0) 1624 670583 info@affinity.co.im

Tel: +423 237 58 58 client.office@iuf.li

海运服务

Maritime Services

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

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

Autumn, 2013

Tel: +356 212 3239

Liechtenstein

Services LTD

www.theelcogroup.com

www.anchor.com.mt

Isle of Man

Management Ltd.

Dubai

www.platinumoffshore.com

财富管理

info@capital-iom.com

Treuunternehmen (ATU)

Management Services, Inc.

singapore@asiacititrust.

LOM Asset

com

Platinum Offshore

Malta

Tel: +65 6533 2611

www.capital-iom.com

info@paapmanagement.

Barbados

www.asiacititrust.com

Anchor Corporate Services

www.paapmanagement.

issac@elco-bank.com

office@winermerecm.com Asiaciti Trust

indianos@indianos.com.cy

intertrustgroup.com/

Elco Group

Tel: +242 677 1920

Tel: +357 22 675231

http: //www.

Bahamas

Services Ltd.

www.indianos.com.cy

Holding S.A

info@intertrustgroup.com

Windermere Yacht

Costas Indianos & Co

Intertrust Group

T +41 (0)22 322 09 80

Tel: +65 6576 0990

The AMS Group www.amsbvi.com

Bilanz-Data

com

Tel: +423 388 0202 info@fiduciana.com

www.firstadvisorygroup.

Midland Consult

Office@midlandconsult.hk

FIDUCIANA

First Advisory Group

p.schmid@blueaxis.net

Company Ltd. www.sgt.bm

Yacht Registration Providers

Bahamas

platniumoffshore.com

委托和信托服务

Austria

Singapore

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

2013, Autumn CHINA OFFSHORE

Autumn, 2013