China Offshore 6th Annual Trusts & Foundations Guide 2015 by John Yang

6TH Annual Trusts & Foundations Guide

6TH Annual Trusts & Foundations Guide 2015

信托和基金会年度指南第六辑 6th Annual Trusts & Foundations Guide

中国最完整的资产传承和规划指南 China's Most Comprehensive Asset Succession & Planning Resource

主编 Editor in Chief: John Yang 撰稿人 Contributors: Michael Liu, Haibo Xu, Dongming Liu, Dan Mitchell, Brian Garst, Robert Wood, Hao Wang, Jacky Jiang, John Swann, Jeffrey Chen, Rocky Chan, Han Chen, Han Liang, Derick Liu, Louis, C. Lee, Biao Su, Wilson Yeung, Catherine Le Bourgeois, Frances Emery, Baron Laudermilk, John Yang 美术总监 Art Director: Tank Hu 美术编辑 Designer: Lucas Liu 研究员 Researcher: Yuanyuan Wu 营运总监 Director of Operations: Matthew Sumner 制作总监，亚洲 Production Director, Asia: Oliver Davis 销售总监 Sales Director: Nicholas Parrish 销售副总监 Deputy Sales Director: Pooja Ramchandani 客户经理，亚洲 Accounts Managers, Asia: Pooja Ramchandani, William Demers, David Lee 销售助理 Sales Assistant: Stacy Wu 发行经理 Circulation Manager: Iris Gao

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China Offshore Trusts & Foundations Guide 2015

Letter From Editor | 编者的话

欢迎阅读《中国离岸：信托和基金会年度指南》第六辑，本指南旨在一如既往地为您提供全球主要离岸行政特区的离岸信托和基金会的最新信息，让您一站式获取最新的数据、分析报告和业界观点。本期指南概括了十余名为本刊特约撰稿的行业专家，以“观点”的形式结合他们各自的执业领域和职业经验，阐述了专业观点，也分享了案例和解决方案。和往期一样，本刊更囊括了比较详实的离岸行政特区的数据，把读者关心的问题以问答的形式向您推荐，更辅以图表和数据给读者更为直观的展示。离岸信托和基金会一直以来都是（家族）企业和高净值人士进行资产传承和财富管理的最强大工具之一，在节税和规避风险的基础上让自己的财富增值和高效安全地向下一代传承。和往年一样，这本《中国离岸：信托和基金会年度指南》的小册子将以年刊的形式向大家展示最新的行业动态和业界分析报告，通过数篇由业界著名的专业公司提供的报告和论述，为您的财富指明一条向广受欢迎的离岸金融中心进军的道路，进而向海外扩张和向下一代传承，为您的事业添砖加瓦，为您的财富和家人保驾护航。

Welcome to the 6th Annual China Offshore Trusts and Foundations Guide, a report that offers information about trust and foundation information at major offshore jurisdictions around the world, here you will be able to look at the most recent data, figures and articles.

This guide have included a quite a few industry experts’ viewpoints and detailed data of various offshore jurisdictions, with maps, data and tables to maximum your knowledge base as well as your reading pleasure. Offshore trust and foundation have always been favored as popular vehicles and powerful weapons of corporates and HNWIs’ around the world, which will further succeed your business and most importantly, add value to your wealth and make sure your assets are well protected. As always, the China Offshore Trusts and Foundations Guide will be presented to you on a yearly basis, this guide covers latest reports and analysis from some of the most reputable professional institutions in the world in the format of reports, interviews, Q&As and discussions, we hope to help with your choice of the right jurisdiction for offshore assets protection and succession, to succeed your businesses at these jurisdictions, and expand to the rest of world and safely take to the next generation. Editor, China Offshore John Yang editorial@chinaoffshore.com.hk 2015 China Offshore Trusts & Foundations Guide China Offshore

06 2015 热点 highlights 观点 OPINION 08 担任家族信托的保护人，你准备好了吗？ Are You Ready to Be A Family Trust Protector? 14 和丰家族办公室：构建健康家族生态系统 Hefeng Family Office: Construction of a Sound Eco-System for Family Enterprises

62 “互联网金融基本法”在中国海外基金营销中的作用 Effect of Internet Finance on Marketing of China’s Overseas Fund 68 人民币基金在跨境投融资中的操作与运用 Operation and Use of RMB Funds in Cross-border Investment & Financing 74 利用信托向美籍子女传承资产 Don’t Lose Trust in Trusts

24 中国高净值客户的财富规划 ——家族信托 Wealth Planning for China's HighNet-Worth Clients – Family Trusts

82 多维度透视：为何香港是设立信托的理想地？ Multiple Perspectives: Why is Hong Kong the Ideal Place for Trusts?

30 从受托人角度谈家族信托的发展 On the Development of Family Trust from the Perspective of the Trustee

90 除了信托和法律实体，别忘了还有联合银行存款账户 Despite Trusts and Legal Entities, Don’t Forget Joint Bank Accounts

36 浅析：全球化背景下华人的资产配置和家庭计划 Analysis: Asset Allocation and Family Planning for Chinese against the Backdrop of Globalization 42 2015：离岸信托在中国的蹒跚之旅 2015: The Tortuous Development of Offshore Trusts in China 48 私人基金会制度的特点及治理 Characteristics and Governance of Private Foundation System 56 信托与基金会，如何选择？ Trusts Versus Foundations, What Should You Choose?

China Offshore Trusts & Foundations Guide 2015

Opportunities for Chinese Families and HNWIs 128 人民币贬值引发货币战争？ Yuan Devaluation: Is a Currency War on the Horizon? 134 巴哈马信托与基金会简介 Bahamas Trusts and Foundations 168 行政特区 Jurisdictions 353 离岸指南 Offshore Handbook

100 海外账户纳税法案前景堪忧 FATCA's Uncertain Legal Future 108 离岸公司的定义与用途分解 Definition and Designated Use of Offshore Companies 112 “以信托缔造幸福家庭” “A Recipe for Achieving Happy Families using Trusts as the Ingredient” 离岸聚焦 Offshore Reports 118 信托与基金会 : 中国家族和高净值人士的财富管理新手段 Trust and Foundations

116

离岸聚焦

OFFSHORE REPORTS

Contents

advertiser directory 广告商目录

340

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信托与基金会中国家族和高净值人士的财富管理新手段 Trust and Foundations Opportunities for Chinese Families and HNWIs

Offshore Solutions Group - Inside Front Cover Nevis Financial Services - P1 The World’s Investment Summit - P81 Steevensz | Beckers Tax & Finance - P142 Chetcuti Cauchi Advocates - P146 CS Global Partners - P150 IN Fiduciary Services - P154 Clearview Group - P158 The Nevis Investment Promotion Agency P160 United Advocates - P164 The Hong Kong Trust Company - P184 Bahamas Financial Services Board - P197 The Bahamas Ministry of Financial Services - P202 Bahamas Financial Services Board - P206 Bahamas Financial Services Board - P210 Bahamas Financial Services Board - P216 Invest Barbados - P228 Harney Westwood & Riegels - P235 Josh N. Bennett Esq. - P253 Josh N. Bennett Esq. - P258 Brazhnikov & Partners Ltd - P265 Polymage Consulting Limited - P270 S.Zackheos & Associates Ltd - P272 Bybloserve Management - P276 Allgemeines Treuunternehmen - P285 Allgemeines Treuunternehmen - P290 FinanceMalta - P299 RAK ICC - P306 Aegis Corporate Services Ltd. - P307 Studio Legale e Notarile Vicari - P314 Jordans Trust Company - P321 Cook Islands Financial Services Development Authority - P329 Cook Islands Financial Services Development Authority - P334 Lemanik Asset Management - P348 AIM Congress - Inside Back Cover The Bahamas Ministry of Financial Services - Outside Back Cover

2015 China Offshore Trusts & Foundations Guide China Offshore

2015 热点 HIGHLIGHTS

美洲 AMERICAS 巴哈马 Bahamas

亚洲 Asia 中国 China

巴哈马和中国签订人民币交易协议

中国新法拟打击离岸避税行为

巴哈马总理Perry Christie和中国国家主席习近平签订一份旨在原则上允许

中国开始实施一项法规，打击在国外间接销售财产以达到避税的做法。这

巴哈马以人民币进行贸易结算货币的协议。

表明中国与二十国集团一起加大力度，打击国际逃税行为。

巴哈马金融服务部部长Hope Strachan表示，建立一个巴哈马的人民币结

2月1日起，《一般反避税管理办法（试行）》正式施行。中国国税总局

算中心将极大地刺激该地区的经济发展，并将“进一步加固巴哈马作为该

称，这是落实高层指示，开展“打击国际逃避税”采取的一项有力措施。

地区金融服务业领导者的地位。”

这将使中国税务机关在打击跨国企业避税行动上可以坚决主动，也让希望进入开曼群岛、维尔京群岛等“避税天堂”的企业知道，“天堂”已然不

他还说：“这也将进一步帮助中国和巴哈马之间日益增长的贸易，以促进

再。而中国自身之所以如此重视反避税，原因在于中国作为世界上最大的

中巴之间的贸易以人民币和巴哈马元进行结算，而非单纯依靠现在的美元

外国直接投资引进国之一，多年来深受避税行为所害。

作为结算中间货币的情况。” “随着巴哈马在美国之外寻求更多的贸易伙伴，在诸如巴西、墨西哥和中国等新兴市场上扩展实力和金融行业的渗透显得至关重要。”

Bahamas Signs Renminbi Agreement with China Bahamas Prime Minister Perry Christie has signed an agreement in principle with the President of China to allow the Bahamas to trade in the Chinese Renminbi (RMB). Bahamas Minister of Financial Services Hope Strachan said establishing a Bahamian RMB center would significantly boost the territory and would “further cement its position as the leader in the region for financial services.”

“It would also assist in increasing trade between China and The Bahamas and indeed the region by enabling China-Bahamas trade to be denominated in Chinese RMB and Bahamian dollars, rather than the current practice of using US dollars as the intermediate currency,” he said. “As the Bahamas seeks to broaden its base of trading partners beyond the United States, building the reach and expertise of its financial sector in emerging economies like Brazil, Mexico, and China is critical.”

China Offshore Trusts & Foundations Guide 2015

中国此番打击国际逃、避税的行动，得到最高层的直接关注。其中的一个信号就是中国国家主席习近平2014年11月16日在澳大利亚布里斯班举行的二十国集团峰会上演讲时称，中国要加强全球税收合作，打击国际逃避税，帮助发展中国家和低收入国家提高税收征管能力。

New China Law Targets Tax Avoidance Offshore The mainland has stepped up its participation in the G20’s fight against international tax avoidance by passing a law cracking down on the indirect sale of assets outside the country to avoid paying taxes.

The law would affect investment companies, analysts said, adding it would also have a significant impact on Hong Kong, a major hub for crossborder deals involving the mainland. To strengthen global cooperation against tax avoidance, a law on tax on gains from the indirect sale of assets by offshore companies took effect last Tuesday (Feb. 3rd.), the State Administration of Taxation said on Friday (Feb. 6th.). The new law addresses cases where an offshore company indirectly sells an asset on the mainland by selling its stake in a vehicle located outside the mainland which owns the asset. Investors can abuse this indirect method by using a shell company to sell the asset, and avoid paying mainland taxes by claiming the transaction took place outside the mainland.

2015 热点 HIGHLIGHTS

亚洲 Asia 韩国 South Korea

美洲 Americas 开曼群岛 Cayman Islands

中韩自由贸易协定正式签署

开曼群岛宣布加入FATCA

中国商务部部长高虎城和韩国产业通商资源部长官尹相直昨日（2015年6

开曼群岛终于宣布与美国政府签署第一类（Model 1）跨政府协议与税务

月1日）在韩国首尔分别代表两国政府正式签署《中华人民共和国政府和

信息交换协议，以配合FATCA法案（Foreign Account Tax Compliance

大韩民国政府自由贸易协定》。

Act）的实施。

目前，中国是韩国的最大贸易伙伴，韩国是中国第三大贸易伙伴。据统

在开曼群岛注册的金融机构与公司行号相当多，所以，开曼若选择让境

计，2014年，中国和韩国双边贸易总额为2895亿美元，同比增长5.9%。

内金融机构各自执行FATCA遵循程序，对金融机构成本将是极大负担，

其中，中国对韩国出口1003.4亿美元，同比增长10.1%。

可能引发出走潮。而“第一类跨政府协议”将签署国金融机构的合规起始日推延到2015年1月1日，有更多时间进行合规准备，所以开曼群岛政府

从微观上看，韩国进口商品的高关税将逐步调降，进口商从韩国进口商品

选择以第一类跨政府协议，由政府承担部分合规成本、配合FATCA增修

会更加便宜，有利于更多的韩国商品进入中国，但对消费者来说，商品价

法规，金融机构依此跨政府协议与配合法规将须申报的信息呈交给当地政

格短期内不会明显下降。中韩自贸协定不仅将促进东亚地区经济发展，也

府，并由当地政府转交给美国国税局。

将很好地体现中国提升自身开放水平的信心。同时，这将极大地促进中韩间贸易、海运、旅游等领域的合作。

而利用开曼群岛设立私人投资公司也将被要求揭露最终美国人股东（即具实质所有权之股东）。

China and South Korea Sign FTA China and South Korea yesterday (June 1st) have formally signed a bilateral free trade agreement (FTA) as the Asian economies seek to benefit from each other.

Chinese Commerce Minister Gao Hucheng and his South Korean counterpart Yoon Sang-jick formally signed the bilateral FTA on June 1st in central Seoul. The agreement allows preferential tariffs for a total of 310 products manufactured in the Kaesong Industrial Complex – an industrial park located in North Korea’s border town of Kaesong. About 120 South Korean companies are running factories there, hiring some 53,000 employees from North Korea. In 2014, bilateral trade between China and South Korea amounted to $235.4bn (£154bn, €214.2bn), compared to just $6.4bn in 1992, when the countries established diplomatic ties, according to data from the Korea International Trade Association (KITA).

Cayman Islands Government Launches FATCA Portal The Cayman Islands Department for International Tax Cooperation has launched an Automatic Exchange of Information portal that allows Cayman’s financial institutions to register and report customer data under the U.S. Foreign Account Tax Compliance Act.

Cayman’s significant role in the international financial system “is evidenced by the fact that we have the highest number of financial institutions that are registered with the IRS under U.S. FATCA,” Minister Panton added.

A total of 28,559 financial institutions registered under FATCA come from Cayman, according to an IRS online database. This means Cayman’s finance industry represents 18.27 percent, or nearly one fifth, of all registered reporting institutions under the U.S. law. 2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

担任家族信托的保护人，你准备好了吗？ Are You Ready to Be A Family Trust Protector? By Hao Wang

Introduction

Hao Wang / 王昊高级合伙人 Senior Partner 瑞银律师事务所 Ray Yin & Partners P.R.C Lawyers 王昊律师是瑞银律师事务所的创始合伙人之一，现任执行合伙人。她擅长于涉外投资、信托、收购与兼并、金融市场和公司业务。王律师是全球受托人和财产管理人协会的会员，也是国际信托和财产法律学会中国大陆地区的唯一会员。 Ms. Wang is the founding partner of Ray Yin & Partners P.R.C Lawyers in Beijing, China. She is a member of Society of Trustee and Estate Practitioners and the only member in mainland China for International Academy of Trust and Estate Law. She has been highly recommended as a leading lawyer in Private Clients/Wealth Management in Mainland China by Chambers Asia Pacific in 2013 and 2014.

China Offshore Trusts & Foundations Guide 2015

Along with rapid economic development, high-net-worth individuals in China are becoming increasingly knowledgeable about family trusts, a tool for wealth management and inheritance. The establishment of family trusts is firstly based on the confidence of a settlor in a trustee; however, in order to enhance the settlor’s sense of security when entrusting his or her assets to others, to better achieve the trust’s purposes, and to strengthen the settlor’s supervision over the trustee, many

settlors choose to select a protector in their family trust structure, aiming to facilitate maintenance and extend the settlor’s control over the family trust. This will become a common design for family trust structures in the long run. Around the world, many countries have set up this system of trust protectors. Such a person is called a trust manager in Japan and South Korea, or trust protector in several offshore countries. Compared to the legislation and legal precedent of offshore trusts, those in China have only specified the role of trust

观点 | Opinion CHINA OFFSHORE

·引言伴随着中国经济的快速发展，家族信托这一财富规划、传承的工具，越来越为中国的高净值人士所熟知。家族信托的设立，首先需要以委托人对受托人的信任为基础；但为了增强委托人对其将私人财产托付给他人管理的安全感，也为了更好地实现委托人的信托目的，以及加强委托人对受托人的监督，很多委托人都会选择在家族信托结构中设立保护人的角色。保护人角色的设计，有利于保持和延伸委托人对于家族信托的控制权。从长远来看，这会成为家族信托结构设计中一个通行的做法。世界上的许多国家都创设了信托保护人的制度，信托保护人在日本、韩国等国家被称之为信托管理人，在离岸国家等被称为 Protector，翻译为“保护人”。但相对离岸信托的立法和判例，我国信托法中仅就公益信托创设了信托监察人的角色，赋予监察人法定的监察权力，而对于家族信托，并没有保护人 / 监察人的详细规定——包括保护人的权利和义务，以及保护人的指定、卸任等的规定。而且，由于家族信托在国内刚刚起步，在司法实践上，也没有有关家族信托保护人的相关判例予以借鉴或参考。境内家族信托的保护人角色的设计，在很大程度上是借鉴了离岸信托中保护人的概念。信托保护人设立的主要目的就是监督受托人，很多离岸信托都赋予了信托保护人广泛的权力，包括解雇受托人、指定新的受托人等。但为了防止保护人滥用权力，离岸信托往往多对保护人设置一层障碍，即禁止保护人自己担

supervisor for charitable trusts, which are authorized with supervisory rights. But for family trusts, there is no specific regulation for protectors or supervisors, including the right and duty of the protector, and the one associated with appointing and revoking the protector. Moreover, because family trusts have just emerged in China, there is no precedent relevant to the family trust protector either that may be referred to.

In China, family trust protectors were designed largely based on the concept of protectors from offshore trusts. Their main purpose is to monitor trustees. For instance, many offshore trusts authorize protectors with a broad range of powers, such as dismissing and appointing trustees; however, they are prohibited from serving as trustees, or from appointing any individual who has a conflict of interest. This is an obstacle

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

任受托人，或指定与保护人有利益关系的其他人担任受托人等。这些都从一定程度上限制了保护人的权利。但相比较于商事信托，在设计家族信托结构时，需要考虑的有关保护人权利的因素会更多样化、复杂化，比如：受益人不特定；受益人年龄太小，或尚未出世；受益方式不特定等等。 ·提出问题

typically set by offshore trusts in order to prevent the protectors from abusing their power. These have restricted the rights of the protectors to some extent. But compared with commercial trusts, family trust structures need to take into account more diversified and complicated factors related to the protector’s rights, such as unspecific beneficiaries, minor or unborn beneficiaries, and unspecific ways of benefitting. Questions Raised

现在很多境内的家族信托顾问，与一些所谓的“家族办公室”，出于维护其与客户之间长期合作关系的目的，常常会在客户设立离岸信托时，尽力说服客户指定自己作为信托的保护人。而部分客户考虑到这些顾问与其家族成员的独立性，想当然的认定这些顾问担任家族信托保护人的情况下，保护人会在家族信托运行过程中，持有公平、公正的立场，从而避免可能的利益冲突，所以，客户会选择这些顾问或家族办公室担任其家族信托的保护人，并将一些重要的权力赋予保护人。但是，若没有完善的信托结构设计，这种选择和决定其实是很危险的。据我们了解，很多中国的客户和顾问，目前关注点更多的只是集中在家族信托设立的阶段可能出现的问题，对于信托设立后的各方各面，考虑得并不周全。比如，随着第一代人（信托委托人）的离去，保护人一旦与受益人发生冲突，该如何处理？如果对家族信托的正常运行产生影响，应该如何解决？这些问题都是需要在家族信托设立的阶段考虑清楚的。为此，我们特意在此介绍一个家族信托保护人被撤销的案例，以提醒委

China Offshore Trusts & Foundations Guide 2015

Currently, a lot of domestic family trust consultants, coupled with

some so-called "family offices", try to persuade their clients to designate them as the trust protectors when the client establishes offshore trusts, for the purpose of maintaining a longterm partnership. Because of the independence of the consultants and the family, some clients take it for granted that protectors will behave fairly in the process of managing the family trust to avoid potential conflicts of interest, in the case of those consultants being made their family trust protectors. Therefore, clients may choose consultants or family offices to be the protectors of their family trusts, and authorize them to have

观点 | Opinion CHINA OFFSHORE

托人在设计保护人角色并赋予其权利时应当慎重考虑。 ·案例分析 2015 年 7 月 14 日，耿西岛皇家法院宣布了一个关于 K 自由信托案的判决。案件主要争议为，信托中的多位受益人共同申请要求保护人 W 卸任。受益人的观点是，作为主要受益人的委托人的妻子与保护人 W 的关系严重恶化，最终导致委托人的妻子及信托其他受益人均多次向保护人及受托人主张要求保护人 W 卸任。保护人 W 的观点是拒绝卸任。因为当初她正是因为不是家族成员而被选为保护人的，不过鉴于现在的情形，W 也表示同意，在找到合适人选后，可以进行卸任。受托人（不是最初信托设立时的受托人）在此案中是一个中立的立场。受托人虽然肯定地表示对于委托人的妻子与保护人 W 的关系恶化是知晓的，但也认为在新保护人被任命之前，该信托应停止执行。单单从撤销保护人的角度分析，由于耿西岛之前从未出现过撤销保护人的案例，因此本案借鉴了泽西岛法院的既有判例。泽西岛的法律规定，需要根据信托受益人的受益权和信托的管理受到的影响，来决定是否撤换保护人，并非只有在避免信托解除时才可以撤销信托保护人，而 K 信托案的情况完全符合此规定，因此，最后的判决根据信托受益人的受益权和信托的管理受到了严重的影响，准

certain important powers. Yet such a decision will actually include particularly dangerous risks if the trust structure hasn’t been perfectly designed. To our understanding, a large number of Chinese clients and consultants at present focus more on the problems likely to occur at the stage of establishing family trusts, while less consideration is given to the various aspects after its establishment. For example, once the first generation (trustor) has passed away, how can conflicts between the protector and the beneficiary be dealt with, and how can issues be solved it if it affects the normal operation of the family trust? Such issues need to be clearly considered at the stage of the family trust’s establishment. Therefore, we have specifically included a case study from a family trust protector’s revocation in order to remind trustors to use discretion when assigning the protector’s role and granting rights.

A Case Study On July 14, 2015, the Guernsey Royal Court announced its judgment on the case regarding K freedom trust, in which the main dispute was the application of several beneficiaries to ask W, the protector, to leave office. The beneficiaries believed the seriously deteriorating relationship between the protector and the trustor’s wife, the main beneficiary, had led to several applications by the wife and other trust beneficiaries to the protector and trustee to ask W to leave office. The protector W declined to leave as she was not a member of that family, which was the precise reason she was selected as the protector. However, given the situation, he agreed to leave once a qualified candidate was found. The trustee (who was not the original one chosen upon the trust’s

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许了几位受益人撤销保护人的申请。此案中引人深思的地方是，最终是受益人与保护人之间的敌对态度，导致了撤销保护人的结果的发生。此类撤销信托保护人的案例虽然比较少见，但在现实中如果遇到，保护人最好首先要考虑清楚是否还要继续维持自己保护人的身份，如果决定退出，就要及时商定一个退出的方案，避免影响信托的继续执行。随着时间的推移，在作为委托人的中国高净值人士离世后，其家族信托的受益人难免会和上一代人指定的保护人发生冲突，相关的各方当事人应该明确自己所拥有的权利，并正确行使该等权利。

China Offshore Trusts & Foundations Guide 2015

establishment), however, held a neutral position in this case. Although he affirmed that he knew about the deteriorating relationship between the trustor’s wife and the protector, he also believed that the trust should not operate until the new protector was appointed.

trust. The case for K trust completely satisfied such regulations, so the final judgment approved the application of the beneficiaries to revoke the protector’s rights, based on the fact that the beneficiaries’ rights and the trust management had been severely affected.

From the perspective of revoking the protector’s rights, because such a case had never taken place at Guernsey, the Court used the previous legal precedents from Jersey Island for reference. According to the Jersey law, the protector’s rights can be revoked as long as the right of the beneficiaries or the management of the trust is affected, not necessarily in the situation to avoid dismissal of the

The thought-provoking part about the case is that the hostile attitude between the beneficiaries and the protector ultimately resulted in the revocation. Although such a case is not common, it would be better for protectors to first carefully consider whether or not he/she will continue maintaining the role of protector if they were faced with a similar case. Once the protector decides to leave

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·总结家族信托相对于其它信托，更明显地具

office, the protectors should agree on an exit program with the beneficiaries in a timely manner, to avoid affecting the continuous operation of the trust.

有信托财产的所有权和受益权分离、信托期限长、受托人裁量权过大、信托委托人与受益人不具备行使监督权的客观条件等特点。作为起源于离岸信托的信托保护人制度，主要目的就是为了加强对受托人的监督，

As time goes on, after the demise of the older generation, family trust beneficiaries will almost inevitably experience conflict with the protector appointed by the older generation. All parties should be fully aware of their own rights and exercise them properly.

所以，在家族信托中，委托人有权利指定一位既可以遵从自己的意志，又可以

Summary

充分保护受益人利益的人作为保护人，

Compared with other trusts, family trusts more obviously separate the trust assets’ ownership from people’s rights. In addition, they have the following characteristics: longer trust terms, excessive rights for trustees, and the prevention

就显得尤为重要。但是如果在设立家族信托时，没有充分地考虑到日后可能发生的相关情况，不仅不能实现保护人的监督和保护的作用，反而有可能会影响家族信托的执行。

of trustors and beneficiaries from providing supervision. Originating from offshore trusts, the trust protector system mainly aims to strengthen the supervision of trustees. Therefore, in family trusts, the trustors have the right to designate someone who will not only follow their will but also fully protect the interests of the beneficiaries as the protector, which seems particularly important. But if the relevant circumstantial changes in the future are not adequately taken into account when family trusts are established, the supervisory and protective role of the protector may not be realized; in contrast, the implementation of the family trust could be affected.

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Member Contribution

和丰家族办公室：构建健康家族生态系统

Hefeng Family Office: Construction of a Sound Eco-System for Family Enterprises Jacky Jiang / 蒋松丞和丰家族办公室创始合伙人广州和丰传承投资管理有限责任公司董事总经理

Jacky Jiang 前言 2015 年是中国家族办公室行业迅速扩容的一年，以本土家族办公室为代表的服务中国家族（企业）的专业机构蓬勃兴起，不同家族办公室对于家族、行业以及服务模式

美国印第安纳大学凯利商学院硕士 Founding Partner of Hefeng Family Office Managing Director of Guangzhou Hefeng Sucession and Investment Management LLC MPA, Kelley School of Business, Indiana University , USA

China Offshore Trusts & Foundations Guide 2015

的理解可谓相似而又不尽相同。我所带领的团队一直持续地在研究家族（企业）所面临的众多挑战，探索海外家族办公室模式与中国实践融合的最佳路径。在本文中将一些心得体会与各位读者分享。 The year 2015 has witnessed the rapid expansion of the Chinese family office industry, as indicated by the booming growth of professional institutions that provide services for Chinese families (enterprises) represented by local family offices. Various family offices’ understanding of the family, industry and approach to service have similarities but differs in many ways, too. Our team has been studying the myriad challenges facing the family (enterprise), and exploring the best approach that integrates overseas family offices’ approach with the Chinese practice. We will share our insights with readers in this article.

观点 | Opinion CHINA OFFSHORE

当代中国家族面临的挑战作为私营经济体的中坚力量，当代中国家族与家族企业面临着千头万绪的挑战。这些挑战是处于新兴经济体环境中，在现阶段发展模式下面临的历史必然。在研究的过程中，我们认为，当代中国企业家族大致面临以下四类挑战，这也与世界范围的企业家族面临的挑战高度一致，他山之石可以攻玉，借鉴海外家族与家族企业的成功经验与最佳实践，相信能为中国的企业家族把握未来提供参考。企业所有权与控制权的挑战中国当代企业，绝大部分由第一代企业家控制管理。一代企业家想要将企业交给二代接班，但面临接班人能力、意愿不足，家族代际间误解，缺乏对家族个体差异的理解和尊重等问题。而有的企业仍旧面临转型难题，可能面临商业模式老化，需要进行商业模式更新与重构；也需要考虑所有权与控制权的妥善配置，涉及员工与经理人股权 / 期权激励，事业合伙人的机制安排等，而权责安排把握不当，或未充分考虑家族成员在企业中的角色等问题，可能导致家族对家族企业的失控，也会造成优秀职业经理人流失。有的企业家会选择将家族企业全面出售、退出，但是选择在什么时机、以什么方式和渠道退出，将影响到企业最终价值，同时退出过程中多方利益相关者的平衡，退出后如何开展新事业的挑战，以及退出所得大量资金的管理，都将面临诸多挑战。

Challenges Faced by Contemporary Chinese Families

The Challenges in Enterprise Ownership and Control

As the driving force behind the private economy, contemporary Chinese families and family enterprises face innumerable challenges. These challenges are inevitable for enterprises in emerging markets, in their current stage of development. From our research, we have concluded that contemporary Chinese family enterprises face the following four challenges, which are also highly consistent with the challenges faced by other family enterprises globally. We believe that we can use the success and optimal practices of foreign families and family enterprises as a reference to help sustain Chinese family enterprises in the future.

Most contemporary enterprises in China are controlled and managed by first generation entrepreneurs. These first generation entrepreneurs want to pass on their enterprises to the second generation, but they have to deal with problems such as successors’ lack of ability and aspiration, intergenerational misunderstandings, and the lack of understanding or respect for the individual differences within a family. Besides this, some enterprises face difficulties in the transformation and potential aging of business models, necessitating their upgrade and reconstruction. The appropriate configuration of ownership and controlling power, stock ownership incentives related to employees and

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金融资产保值增值的挑战家族面对金融资产投资这一领域，也会困难重重。首先，家族缺乏明确的投资计划，包括没有清晰的投资目标，没有对家族成员的流动性、投资期限、风险偏好等进行充分考量，没有足够的投资者教育，没有设计完善的投资政策等；其次，家族未能实现充分的多元化投资策略，包括不合理的资产配置，未能考虑不同资产的相关性，将投资集中在一个国家或一种货币，没有实施有效的再平衡与风险管理等；此外，家族未能合理衡量投资业绩，多数家族投资者仍停留在使用投资回报率来评价投资情况，但仅用这一指标并不能充分反映投资资产背后带来的风险，当家族没有清晰、正确地评定自己的投资业绩，也很难做出正确的投资决策。安全与合规的挑战对家族而言，法律、税务也无法回避。在法务方面，家族可能面临不利的诉讼判决，可能采用不合适的跨代际财富转移法律安排，在家族信托架构设计上则可能采用不恰当的离岸地选择或不合适的信托条款，以及缺乏监管文件、法律合规文件等；在税务方面，可能面临由于国籍身份变动带来的跨国税务风险，可能未对即将到来的遗产税问题准备应对方案，以及面临家族企业税务的规范性与优化等问题。家族治理与延续的挑战家和万事兴，家族治理是任何家族最

China Offshore Trusts & Foundations Guide 2015

managers, and the arrangement of business partnerships should also be taken into consideration. If the distribution of rights and liabilities is inappropriate or the roles of family members in enterprises are not fully considered, it may result in the loss of control over a family enterprise, and the outflow of outstanding professional managers. Some entrepreneurs may choose to sell out or discontinue their involvement in family enterprises, but the timing, method, and channel for doing so may impact the ultimate value of the enterprises. Meanwhile, many aspects of the move will be challenged, including the balance of stakeholders, the conduct of new business and the management of substantial funds that stem from them leaving.

The Challenges in Maintaining and Increasingthe Value of Financial Assets Families are also beset with difficulties in the field of financial asset investment. Firstly, families often have no specific investment plans with clear investment objectives, and have not thoroughly considered the mobility, investment period and risk preference of family members. There is also a lack of investor education and well-designed investment policies. Secondly, families have often not fully implemented diversified investment strategies. Without reasonable asset allocation and consideration of the correlations between different assets, they tend to concentrate their investment in one country or one currency and have not implemented effective re-balancing and

观点 | Opinion CHINA OFFSHORE

为核心也最为关心的问题，而中国家族办公室的本土化首要的也是在中国特定文化、社会和历史的中间，解决中国家族治理和中国家族企业治理的双重治理问题，这显然是海外家族办公室无法解决的。首先，家族可能缺乏共同愿景与信仰，包括缺乏对家族领导者的认同和支持，个人自由与家族忠诚的不平衡，缺乏清晰的决策流程，缺乏合理的治理结构等问题；其次，家族成员之间可能缺乏融合，包括缺乏对年青一代的包容，家族成员之间缺乏沟通与信任，不尊重个体差异，缺乏对家族决策过程的理解等；此外，家族接班人问题也是当前的企业家族面临的重大挑战，家族可能缺少家族接班人培养计划，对合格接班人的期望不清晰，缺乏对后代责任感的培养，缺乏必要的技能能力训练等问题。家族的四大资本：家族财富的具象内涵什么是财富，每个人都会有不同理解。物质的财富固然重要，但是精神的传承更为关键，从海外的经验来看，家族办公室是实现这一夙愿的最佳选择。从一个完整的视角来剖析家族财富内涵，则是家族的四大资本——人力资本、文化资本、社会资本与金融资本。人力资本不仅包括家族所有成员，也包括家族外部顾问、家族导师、家族办公室、家族信托受托人等。真正给家族带来财富的，是这些人背后的经验、知识

risk-control measures. Besides this, families fail to reasonably measure their investment’s performance. Most family investors still assess investments only by looking attheir return on investment, which cannot fully reflect the underlying risks of investment assets. If families don't clearly and correctly assess their investment performance, they cannot make good investment decisions. The Challenges of Safety and Compliance Laws and taxes are inevitable issues for families. With regards to laws, families may face disadvantageous litigant results and may adopt inappropriate legal arrangements for the intergenerational transfer of wealth. In terms of designing the structure of a family trust, they may select an

inappropriate offshore location or trust terms, and lack supervisory or legal compliance documents. In terms of taxes, they may be exposed to transnational tax risks arising from the change of nationality and identity. Besides this, they may be faced with problems like a lack of response mechanism for dealing with upcoming issues related to inheritance tax and how to standardize and optimize family enterprises’ tax. Challenges in Family Governance and Continuation A harmonious family guarantees prosperity. Family governance is the most critical issue that concerns family enterprises most, while the primary issue for localization of the Chinese family office is to tackle the

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和能力，其远见、决策等将影响家族未来命运，人力资本是家族关键的财富。文化资本包括家族的历史与传奇、家族使命与价值观、家族仪式与典礼等等，文化资本帮助家族成员更好地认识自己及家族，有助于解答从哪里来到哪里去的问题，使家族成员从内心深处真正认同家族的价值观和共同愿景，缓解家族成员之间的冲突与摩擦，帮助家族成员长久作为一个集体团结在一起。社会资本指的是家族外部社会关系、资源能力。如今无论国内外家族，都很重视慈善。

China Offshore Trusts & Foundations Guide 2015

dual governance of Chinese families and Chinese family businesses in the context of Chinese society. This is a problem apparently beyond the reach of the overseas family office. First of all, the family may lack a common vision and belief system, which may include a lack of recognition and support in the family leaders, an imbalance between individual freedom and family loyalty, an absence of clear decision-making processes, and the rareness of reasonable management structures. Secondly, there may be an intolerance for the younger generation among family members, a lack of communication and trust, ignorance about individual differences, and a lack of understanding about the family decision-making process. What’s more, the issue of family successors is also a major challenge faced by the family business. It’s possible that the family does not have a specific training plan for the family successor (including the training of necessary skills and a sense

of responsibility) or clear expectations for the qualified successor. Four Categories of Family Capital: A Concrete Embodiment of Family Wealth What is wealth? Everyone has a different understanding. Material wealth is important, but spiritual inheritance is critical. Judging from overseas experience, family offices are the best choice for realizing such a long-cherished wish. To summarize in a holistic way, family wealth can be divided into four kinds of capital: human capital, cultural capital, social capital, and financial capital. Human Capital This consists of not only all family members, but also a family’s external consultants, tutors, offices and trustees. What really brings good fortune to a family is the experience,

观点 | Opinion CHINA OFFSHORE

通过慈善行为不仅为家族带来社会资本，包括家族信用、家族声誉、家族影响力等，更重要的是家族慈善是凝

knowledge and abilities of such people. Their foresight and decisions will influence the future and destiny of the family, so human capital is critical.

influence. But more importantly, family philanthropy is an important force for strengthening family cohesion, family spirit, and social responsibilities.

Cultural Capital

Financial Capital

This encompasses family history, missions, values, family rites and ceremonies, etc. Cultural capital helps family members to better understand themselves and the family. It is helpful to answer the question of where the family comes from and where it is going. It will facilitate the family members’ recognition of family values and common visions from the bottom of their heart, ease tension and friction among them, and unite them as a group with perpetual vitality.

This is the most easy to understand form of wealth, and consists of cash, stocks, bonds and other securities, family enterprise equity holdings, private equity investments, real estate, etc. For an enterprise, a sound business frame, tax structure, IT support system, human resource planning, brand management, and marketing all have positive effects and make contributions to the entire family.

聚家族情感、传承家族精神与承担社会责任的重要力量。金融资本这是最好理解的财富形态，包括现金、股票、债券等有价证券，也包括家族企业股权持有、私募股权投资、房地产等。即便对于企业所有权而言，良好的商业架构、税务结构、IT 支持系统、人力资源统筹、品牌管理与营销，都能为企业带来正面影响，从而为整个家族带来贡献。

Social Capital 四大资本缺一不可，互相促进。如果家族偏重某一资本发展而忽略其他，就可能造成资本互相内耗，最终消亡。家族生态系统：家族全视角审视模型传承的不只是财富，还有创富传奇。而健康有序的家族生态系统，则是保持和传承家族荣耀传奇的根本。和丰家族办公室提出的家族生态系统模型，不仅是家族办公室服务的模型，更是家族自我检视和完善的结构模型。家族生态系统是指，以法律筹划、税务筹划、财富管理、生活定制为路径，通过对所有权、控制权、经营权与收益权的衡平，运用沟通、教育、雇佣和规划的实现手段，凝聚家族共同愿景与价值观，获得把握机遇、战胜挑战的持续发展能力，构建起代际融合、

This refers to the external social connections, resources and capabilities of a family. At present, both Chinese and foreign families attach great importance to charity. Philanthropy can bring a family social capital, including family credit, reputation, and

Not a single one of these four types of capital can be omitted; they stimulate each other. If a family places particular emphasis on a certain type of capital but ignores others, it may cause internal friction and, ultimately, the disappearance of capital. The Family Eco-System: A Panoramic View of the Family What stands to be inherited is both a family’s history of wealth creation as well as the wealth itself. A sound and well-organized family eco-system is essential for maintaining and carrying forward a family’s glories. The family eco-system model advocated by Hefeng Family Office is not only a service model for family offices, but also a structural model for selfreflection and perfection of the family. The family eco-system refers to a family enterprise’s sustainable development, including the ability to grasp opportunities and conquer challenges and build up the core of a modern family eco-system, featuring integration between different

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观点 | Opinion CHINA OFFSHORE

文化融合、情感融合、资本融合的现代家族生态内核；围绕家族生态内核部署治理系统、投资系统、法务系统、税务系统、风控系统、教育系统、慈善系统和生活系统，对家族人力资本、文化资本、金融资本和社会资本进行保护、管理与传承，构建起现代家族生态外核。在社会环境、技术环境、经济环境、政治环境和物理环境的大背景下，家族生态系统内核和外核与环境之间相互影响、相互制约、不断演变，并在一定时期内处于相对稳定的动态平衡状态。只有健康的家族生态系统，才能保障家族财富的可持续发展，高效管理和有效传承。家族办公室：构筑健康家族生态对于中国家族与家族企业来说，选择合适的家族办公室是一项意义重大与影响深远的决策。当前的家族办公室行业方兴未艾，仍处于大浪淘沙的发展阶段。唯有坚守行业本质，还原行业本真的家族办公室，才能真正站在家族立场并以其专业独立视角，承担家族治理中枢与财富筹划的重要责任，实现世代传承的家族荣耀。治理中枢、家族立场家族的未来依赖于特定的结构和流程，家族生态系统的发展也由他们的共同愿景所指导。家族办公室为决策模型、使命陈述与治理结构等提供支持，作为家族治理中枢，团结并引领一代又一代的家族成员，使其作为一个整体持续发展。

China Offshore Trusts & Foundations Guide 2015

generations, cultures, emotions, and funds by strengthening the family’s common vision and values. This can be achieved through the channels of legal planning, tax planning, wealth management, and adapting one’s life to realize the balance of ownership, right of control, power of management and right of earnings. Making use of the tools of communication, education, employment, and planning are also essential. The system of governance, investment, legal affairs, tax, risk control, education, charity and the way of life itself will all be arranged around the inner core, so as to protect, manage and carry forward the human capital, cultural capital, financial capital, and social capital of the family, thus building up the outer core of the modern family eco-system. In the broader context of social, technical, economic, political, and physical environments, the inner and outer cores of the family eco-system and environment will influence and interact with each other in a process of constant evolution, and maintain a state of dynamic balance and relative stability within a certain period of time. Only a sound family eco-system can guarantee the sustainable development, efficient management, and valid inheritance of family wealth.

Family Offices: Construction of a Sound Family Eco-system For Chinese families and family businesses, it’s a significant and far-reaching decision to select an appropriate family office.The family office industryis on the rise, but is still in a developmental stage, amidst fierce competition. Only the family office that understands the essence of the industry and revitalizes the intrinsic value of the industry can really stand for the family and shoulder the responsibility of family governance and wealth planning with a unique professional perspective, thus enabling a family’s glory to be maintained over generations. A Branch of Family Governance A family’s future hinges on its specific structure and process, and development of the family eco-system is also dictated by its common vision. The family office will render support to the decision-making model, mission statement and governance structure. As a branch of family governance, it will unite and lead generations of family members inpursuing constant development. A family’s demands are diverse and stretch over several professional fields. However, most families don't have the

观点 | Opinion CHINA OFFSHORE

capability to identify and implement corresponding services and products. Besides this, families also hope to throw themselves into more interesting undertakings. Therefore, these families need organizations or institutions that fully represent them to obtain a variety of services and to satisfy demands inseveral other respects. International experience shows that family offices are the best choice for realizing a family’s objectives.

relationship, so the family office can always stand in for the family and act as a spokesperson in the family’s best interests. It is only through a long period of communication and understanding that the family offices can gain a full understanding of the family and offer a service plan that caters to the longterm interests of the family.

From my observation in the industry, the service period of a family office for a family is usually measured indecades, and lasts for generations in some cases. It is in the long-term that the family office and family develop a tight

The family office will provide a family with professional, strategic and tactical planning in diverse fields, and coordinate specific areas of expertise in different fields using external service suppliers, so as to conduct worldwide

Wealth Planning and an Independent Perspective

家族需求广泛多样，横跨多项专业领域。但家族往往没有足够的精力和能力去识别、落实对应的服务和产品；此外，家族也希望投入到其认为更有意义的事情中。因此家族需要充分代表自己利益的组织或机构，对接到广泛的服务，实现各方面需求。从国际经验来看，家族办公室是实现这一目标的最佳选择。从笔者行业的观察来看，家族办公室对家族的服务周期，往往是以一个 10 年作为计算单位，有些服务的客户甚至超过三代。就是在长服务周期中，家族办公室和家族形成紧密关系，所以家族办公室才能始终站在家族立场，成为家族利益代言人，也因为长时间沟通了解，才能对家族有全面理解，提供符合家族长期利益的服务方案。

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

财富筹划、独立视角家族办公室为家族其提供多领域专业化战略战术规划，并统一协调内部不同领域专才与外部众多领域服务商，进行全球化多领域协作，最终将家族长远目标转化为现实。不仅包含其狭义财富 ( 即金融资本 )，更包含其广义财富 ( 即人力资本、文化资本和社会资本 )。将诸多财富形态统一协调与系统筹划，是家族办公室这一高度集成的平台无出其右的优势之一。

China Offshore Trusts & Foundations Guide 2015

cooperation across fields and industries, and eventually transform the long-term objectives of the family into reality. This not only includes wealth in a narrow sense (namely financial capital), but also includes wealth in a broader sense (namely human capital, cultural capital and social capital). One of the unparalleled strengths of the family office – this highly integrated platform – is to systemically coordinate and strategically plan wealth in various forms. The wealth planning position of the family office transcends preservation

and appreciation of its financial capital, and it seeks to highlight the value of the family as a societal benchmark, with connotations encompassing creation of wealth, feedback to the general public, social management, advocacy of virtues, and success of the family members. In particular, financial capital is a vital component of wealth planning for preserving and increasing the family’s financial assets in the present complex economic environment and financial market. The family office will provide customized investment solutions to legal entities and individual

观点 | Opinion CHINA OFFSHORE

家族办公室的财富筹划立场，超越了金融资产的保值增值，更追求彰显家族的社会标杆价值，其内涵包括了创造财富、回馈大众、社会管理、引领美德、成就成员。特别的，针对金融资本部分，在现今错综复杂的经济环境与金融市场中，如何保障家族金融资本中金融资产的保值增值，是财富筹划中尤其重要的组成部分。家族办公室站在独立于家族和各类金融机构的视角，以专业为依托，向家族各法律实体与个体投资者提供客观独立的定制化投资解决方案，通过众多技术性设计，在投资的各个环节最大程度的降低利益冲突。和丰家族办公室：永续传奇家族荣耀为了更好的服务中国家族与家族企业的全球化扩张，和丰已经通过合资、收购与自建等方式在全球重要离岸地与金融中心布局 11 家办公室，执行落地任务，是目前境内屈指可数的真正具有全球一体化解决方案能力的家族办公室，同时以其根植华人世界，深刻理解中国文化与传统的优势，以

investors of the family in an objective and independent manner based on professional knowledge, from an perspective that is separate from family and financial institutions. Hefeng Family Office: Perpetuating the Glory of The Legendary Family

本土智慧有效面对中国家族的挑战与机遇。秉承“本立道生，家和世丰”的核心价值观，和丰家族办公室将以行业领先的家族生态系统理论、系统专业的支持工具、全球整合的资源以及业界卓越团队，致力于为中国家族（企业）构筑健康家族生态系统，同心同行，风雨兼程，成为家族世代信任的同行者，传承家族责任与荣耀。

To better serve the Chinese family and the global expansion of family businesses, Hefeng has established 11 offices in key global offshore locations and financial centers, boasting global integration solutions – including localizing services by way of joint ventures, acquisitions, and selfoperation – that few family offices in China are truly capable of offering. The office is rooted in the world of the Chinese, and deeply understands the strengths of Chinese culture and

tradition, and will effectively wrestle with the challenges and opportunities faced by the Chinese family with local wisdom. Hefeng Family Office is dedicated to building up a sound family eco-system for Chinese families (businesses) with the leading family eco-system theory, systematic and specialized tools, globally integrated resources, and an outstanding team. We subscribe to the following core value: “state-governing principles come from basic rules, and harmonious families contribute to society’s prosperity”. Hefeng Family Office will press forward with the family through generations in trials and hardships, passing on family responsibility and glory.

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

中国高净值客户的财富规划 ——家族信托

Wealth Planning for China's High-Net-Worth Clients – Family Trusts Han Chen

Han Chen / 陈汉陈汉，汉坤律师事务所高级顾问。专注于跨国婚姻、跨国继承、财富管理、家族企业二代传承、家族宪法等领域。 Mr. Han Chen is a senior consultant at Hankun Law Offices. His practices include transnational marriage, transnational succession, family business, second-generation inheritance and family constitution, etc.

China Offshore Trusts & Foundations Guide 2015

Wealth Management & Inheritance from Generation to Generation Thirty years after China’s “Reform and Opening Up Policy” began, hundreds of thousands of high-net-worth families have been created in the Mainland. Meanwhile, a huge market for asset management and inheritance has been created too. Currently, China's high-net-worth individuals are relatively concentrated within a certain age range, with about 70% of those interviewed aged between 40 and 60.

While high-net-worth individuals’ businesses are entering a peak period and a stable period, their children are growing up. In addition to inheriting family businesses, the inheritance of other assets (especially financial assets) is also a key concern. If the said children are not skilled at the overseeing of family assets (or are unwilling to oversee them), one of multiple options is for professional trust investment agencies (e.g. trust companies) to manage the assets and let the children enjoy a relatively fixed income.

观点 | Opinion CHINA OFFSHORE

财富管理与代际传承中国大陆经过改革开放 30 年的积累，成就了数以十万计的高净值家庭，同时也累积出了一个巨大的资产管理与财富传承市场。目前中国高净值人群的年龄层较集中，约 70% 的受访者年龄都在 40-60 岁之间。随着事业逐步进入巅峰期和稳定期，部分高净值人士的子女即将成年，除了家族企业的传承之外，其他资产特别是金融资产的传承也是极受关注的问题。如果子女不乐意或者不善于经营家族资产，那么将部分资产交给专业的投资机构（例如信托公司）去管理而让子女享受较为固定的收益，成为诸多选择之一。此外，新常态下经济下行带来了财富保全的危机感。过去的 20 年是中国经济飞速发展的 20 年，也是民营企业家与其他高净值人士家庭快速积累财富的 20 年。但是近两年经济增速放缓，各种过去被忽略的风险逐渐暴露，各种神话开始破灭。在企业经营风险增加之后，往往会因为承担连带担保责任而“牵扯”到家庭的既有财产，原来“低风险、高收益”的高成长投资和业务现在逐步转变为“高风险、低收益”的过剩行业，相应的家庭财富和资产面临再配置的需求。

The global economic downturn has resulted in a sense of crisis towards wealth protection. The last two decades have seen 20 years of rapid economic development in China, as well as 20 years of rapid wealth accumulation for private entrepreneurs and other high-net-worth families. In the last two years, however, the economic growth rate has slowed; all kinds of risks that were ignored in the past have been exposed gradually, and miracles are beginning to be dispelled. As businesses’ operational risks have increased, existing family properties usually find themselves "involved in" such risks, due to certain liability. The original high growth investments and "low risk & high yield" businesses have now gradually become part of a superfluous "high risk & low yield"

industry, thus the corresponding family wealth and assets are in need of reallocation. Because of this, in the last two years institutions in China have launched the "family trust", so as to satisfy high-networth clients' demand for family wealth and inheritance management from generation to generation. Trust Companies in Transition In the last decade, the main business of trust companies in China was to provide enterprises with financing other than that from the mainstream banking system, but the private wealth management business for high-networth clients was still in its initial stage of development. Since the second

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

基于上述原因，近两年境内机构推出“家族信托”，以满足高净值客户家庭财富管理与代际传承的需求。转型中的信托公司过去十年，中国大陆的信托公司的主要业务是在为企业提供银行体系外的融资，而针对高净值客户的私人财富管理业务还处于初级发展阶段。2012 年下半年后，相关监管机构陆续放开资产管理市场，券商资管、保险资管、基金子公司相继进军资产管理领域，与信托公司展开直接竞争。“大资产管理”时代的到来，使得信托公司在融资类、投资类业务中面临前所未有的竞争。相比之下，信托公司在事务管理类业务中具有制度性优势：因为依据《信托法》，能够实现真正的他益信托的设立的只有信托公司。此外信托公司凭借过去几年形成的产品优势和客户资源，具备抓住私人财富管理业务发展机遇的良好基础。 2014 年 4 月份中国银监会发布了《关于信托公司风险监管的指导意见》，明确提出了信托业转型发展的总体要求，并指明了转型发展的具体方向。在市场压力和政策引导的双重推动下，信托业的业务结构开始朝着更加符合信托本源和符合市场需求变化的方向进行优化。而积极开展家族信托业务，正是各家信托公司在转型优化过程中的内生需求，即由信贷替代类业务向传统信托类业务转型，而受人之托进行财富管理的家族信托业务成为诸多信托公司列为转型新业务之一。

China Offshore Trusts & Foundations Guide 2015

half of 2012, related supervisory and regulatory authorities have deregulated the asset management market, so that asset management, insurance asset management, and fund subsidiaries have all moved into the asset management field one after the other, directly competing with trust companies. The coming of age of asset management of a high standard has made trust companies face unprecedented competition in financing and investing in businesses. In comparison, trust companies have system-related advantages in the affairs management business: in line with the Trust Law, only a trust company can establish a trust with a person other than the trustor as the beneficiary. In addition, trust companies

– relying on the product advantages and client resources they formed in the past – are in a good position to seizethe opportunities presented by private wealth management business’ development. In April 2014, the China Banking Regulatory Commission implemented the “Directive Opinion on Supervision and Regulation of the Risks of the Trust Companies”, expressly formulating the general requirements for the transitional development of the trust industry and pointing out the specific direction of its development. Driven by market pressure and policy guidance at the same time, the business structure of the trust industry has begun to be optimized in a direction that is more

观点 | Opinion CHINA OFFSHORE

consistent with the origin of trusts, and market demand. In the process of transition and optimization, trust companies actively help family trust businesses to transition from credit alternative businesses to traditional trust businesses.Thus, the business of family trusts (which are, essentially, wealth management by means of trusts) has become one of the new businesses listed by trust companies.

Family wealth management means that a trust or entrusts a trust company to manage part of his family’s assets. Such a trust company handles professional portfolio management by making investments that finally result in a steady stream of wealth. A professional team then distributes such gains on investments to family members in the form of "trust interest distribution", as per the trust contract or according to the client's instructions.

的指示分配给家族成员。

From Family Trust to Affairs Management

所谓家族事务管理，广泛而言包括遗产

Currently, the family trust in China mainly has two functions: family wealth management and family affairs management.

Family affairs management, in a broad sense, includes inheritance planning, asset diversification, reasonable allocation among family members, wealth inheritance from generation to generation, pre-nuptial property arrangements, children support

走向事务管理的家族信托现阶段国内家族信托主要具备两大功能，即家族财富管理与家族事务管理。所谓家族财富管理，是指委托人将部分家族资产委托给信托公司管理，信托公司通过专业团队解决投资过程中专业投资组合管理，最终实现财富稳健增值，并以“信托利益分配”的方式将这些投资所得按照信托合同的约定或者当事人

税筹划、资产隔离、财富在家族成员间合理分配、多代传承、婚前财产安排、抚养费支付、创业资金支持、慈善性支付等事项。家族信托中的家族事务管理，是家族信托区别于此前常见的纯粹理财性质的信托的标准。探索中走向未来虽然诸多的国内信托公司、私人银行与

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

第三方机构如律师事务所在投入巨大的精力研究并推广家族信托，但家族信托在中国大陆毕竟属于一个舶来品，刚处于孵化与探索阶段，离成熟还有很长的路需要走。首先从《信托法》立法与理论研究层面，还有诸多的法律问题需要进一步明确。例如在信托登记层面缺乏明确的规定，这使得登记在受托人名下的财产，如何从外观上区别于受托人自有的财产存在着一定的疑问。例如在税法层面是否对信托法律行为做特别的处理，不视为交易（后者需要缴纳流转税）。其次，从业经验来看，无论是信托公司、私人银行，还是提供专业服务的律师事

China Offshore Trusts & Foundations Guide 2015

payments, venture startup capital support, charitable payments, and so on. It is normal to differentiate between the purely financial aspects of family trusts and family affairs management. Exploring and Moving Forward to the Future Though a number of trust companies, private banks, and third-party agencies, such as Chinese law firms, have spent a tremendous amount of energy researching and popularizing family trusts, this structure is still in the incubation and exploratory stage. There is still a very long way to go before it matures as a foreign concept brought into mainland China.

Firstly, as with the legislation and theoretical research of the Trust Law, there are still a lot of legal issues to be further clarified. For example, the unavailability of clear provisions on trust registration causes certain doubts as to how to differentiate the properties registered under the name of the trustee from the trustee's own properties, for example, and whether a trust’s legal conduct shall be specially treated under Tax Law, and not be deemed as a transaction whichis subject to turnover tax. Secondly, from the point of view of industry-based experience, trust companies, private banks or law and accountancy firms providing professional services are still at the stage of accumulating experience. Overseas experience is, to a certain

观点 | Opinion CHINA OFFSHORE

务所与会计师事务所，都还处于积累经验的阶段。海外成功的经验，在一定程度上对境内从业人员具有一定的参考借鉴意义；同时也必须明确海外建立在英美法基础之上的家族信托，与大陆法系成文法体系下的家族信托还是存在着很大的区别。第三，高净值客户还普遍处于 “客户教育” 的阶段。高净值客户对信托制度中将财产所有权与财产受益权分离的接受、对将财产长期交付给专业认识管理、对子女期望的降低等，都还处于相当不成熟的阶段。对于家族信托这一新事物，部分高净值客户还处于观望状态，抱着“等较为成熟了我再考虑”的想法。尽管如此，业界对家族信托在中国的发展充满了信心。事实上，我们已经服务过的部分客户，证明这是一个在现阶段的法律框架下比高额的人寿保险能实现更多功能的财富传承安排。部分设立家族基金、家族宪法的企业家们，都普遍选择将家族信托作为其全部资产传承的部分承载体。也许未来发展的路上注定会出现疑虑与波折，但我们深信，家族信托从市场角度判断，必然会成为那些资产规模无法达到家族办公室准入门槛的高净值客户群体财富管理与财富传承中的重要选择之一。

extent, of significance for practitioners in China; meanwhile, it should be clarified that there are big differences between the overseas established family trusts based on English and American laws, and those based on the Continental legal system. Thirdly, high-net-worth clients are generally still at the stage of "client education" and are at a rather immature stage with regards to accepting the separation of property ownership and beneficiary rights, and trusting professionals to manage properties in the long term, and lowering children’s expectations, for example. Family trusts are a novelty, and some highnet-worth clients still have a "wait and see" attitude, believing that family trusts won't be considered seriously until they mature.

Still, the industry is confident in the development of family trusts in China. As a matter of fact, some of our clients have witnessed that in the current legal framework, family trusts area tool for making inheritance arrangements which have more purposes than costlylife insurance. Some entrepreneurs who establish family funds generally choose family trusts as one of their inheritance vehicles. There will inevitably be doubts and setbacks on the way, but we strongly believe that, judging from the perspective of the market, family trusts will definitely become one of the key choices for wealth management and inheritance for those high-net-worth clients whose asset size cannot reach the access threshold of a family office.

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

Member Contribution

从受托人角度谈家族信托的发展

On the Development of Family Trust from the Perspective of the Trustee Louis C. Lee

Louis C. Lee / 李智仁富鼎法律集团首席顾问李博士具有法律与金融的双背景，同时也具备产、官、学、研的工作经历，目前是活跃于两岸三地的复合型人才。近年来特别关注中国信托制度之发展，以及财富传承与管理的议题，并持续从政策与法制的角度提出卓见，是各界倚重的专家与顾问。 Dr. Lee, Chih-Jen Chief Consultant, Fidelity Law Group With a dual background in law and finance, Dr. Lee has extensive experiences in production, academic research, and as a government officer. Dr. Lee is currently a versatile talent with paying special attention to the trust development in Chin, and is playing an active role in Mainland China, Hong Kong & Macao, and Taiwan in the offshore industry.

China Offshore Trusts & Foundations Guide 2015

n recent years, the wealth management issue that has received the closest attention in China is no doubt the reform of the trust system. As trust is no longer a pure financial product or instrument, it has also become a mechanism of truly assisting people in managing and passing on their wealth. However, taking a broad view of the international community, every country that has successfully implemented the trust system has without exception steered

a cautious course in designing the relations among the Trustor (or Grantor), the Trustee, and the Beneficiary. Due to the immature environment in the past and the profit-making intention of some practitioners in the industry, China’s trust market has gone through constant disturbances and several rounds of rectifications. In recent years, no matter regarding the revisions to the Trust Law or the introduction of related opinions or guidelines, the focus has always been the regulation of the Trustee, with the purpose of safeguarding the rights and interests of the Beneficiary. Such a direction of development is also consistent with the international trend. The Guidelines on the Supervision Rating and Classified Supervision of Trust Companies, issued in 2010 and revised in August, 2014, is introduced with the hope of achieving the classified supervision of the Trustee in commercial trusts (that is, trust companies) on an ongoing basis. Meanwhile, on the basis of comprehensively evaluating the development of the market, China Banking Regulatory Commission

观点 | Opinion CHINA OFFSHORE

近

年来，在中国最受到关注的财富管理议题，首推信托制度的相关变革，因为信托不再只是

单纯的理财商品或工具，而将成为真正协助人们管理财富并使其获得良好传承的机制。然而，放眼国际间实施信托制度有成者，莫不审慎设计委托人 (Grantor/ Trustor)、受托人 (Trustee) 与受益人 (Beneficiary) 三者间之关系。由于以往环境尚未成熟，加上少数业者意图牟利，致使中国的信托市场风波不断，并历经多次整顿。近几年来，无论是《信托法》的修订，或是相关意见或指引的出台，都将重点着眼于受托人的规范，目的便是在保障受益人的权益，这样的发展方向亦与国际潮流相符。 2010 年发布，并于 2014 年 8 月修订的《信托公司监管评级与分类监管指引》，便是希望实现对于商事信托中的受托人即信托公司进行持续且分类的监管。同时，中国银行业监督管理委员会也将根据审慎监管原则，在综合市场发展情况的基础上，将适时调整信托公司监管评级的评价要素与标准。评级要素包括风险管理、资产管理和合规管理三个方面，风险管理要素主要评价信托公司治理结构的合理性、内控机制和风险管理体系的有效性、资本管理情况以及信托业务的风险管理情况等方面，旨在引导信托公司建立完善的风险管理体系﹔资产管理要素主要评价信托公司的综合经营能力、信托业务经营和盈利能力、研发与创新能力、营销能力及公司声誉管理能力等方面，旨在引导信托公司提高主动管理能力和盈利水平﹔合规管理要素主要评价信托公司合规管理体系的建设，

(CBRC) will also timely adjust the evaluation elements and criteria of the supervision rating of trust companies according to the principle of “prudent supervision”. The evaluation elements here mainly include three aspects, i.e., risk management, asset management, and compliance management. The risk management element mainly evaluates the rationality of trust companies’ governance structure, the effectiveness of their internal control system and risk management system, the status of their capital management, the risk management of their trust business, and so forth. It aims at guiding trust companies to establish a sound risk management system; the asset management element mainly evaluates trust companies’ comprehensive operating capacity, trust business operating capacity, profitability, R&D and innovation capacity, marketing capacity, reputation management capacity, aiming at guiding them to improve their active management capacity and profitability level; the compliance management element mainly evaluates the construction of trust companies’ compliance management system and their

compliance with relevant laws and regulations, as well as companies’ system and trust documents, inspects whether supervisory measures, administrative punishment, criminal punishment and so forth have been taken for the violation of laws and regulations, and aims at guiding them to fulfill the obligations of honesty, credibility and prudent management and safeguarding the interests of the Beneficiary. In addition, there has been a change in the way of thinking on the part of regulators in 2015 regarding the rating of trust companies, that is, from the previous supervision rating to the present dual-rating mode of supervision rating & industry rating. China Trustee Association (CTA) issued the Guidelines on the Industry Rating of Trust Companies (Trial Implementation) (Consultative Draft) to some trust companies, and summed up their feedbacks and comments in May. The Guidelines covers four indices, i.e., capital strength index, risk management capacity index, valueadding capacity index and social responsibility index, and classifies trust

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对相关法律法规、公司制度和信托文件遵守的基本情况，以及是否存在因违法违规行为被采取监管措施、行政处罚或刑事处罚等情况，旨在引导信托公司履行诚实、信用、谨慎管理的义务，维护受益人利益。除此之外，2015 年监管层对信托公司的评级思路再度发生变化，即由原来的监管评级，转变为监管评级加行业评级的双评级模式。中国信托业协会向部分信托公司下发《信托公司行业评级指引 ( 试行 )( 征求意见稿 )》并于 5 月汇总，《指引》涵盖资本实力指标、风险管理能力指标、增值能力指标、社会责任指标，并将信托公司划分为A（85[含]-100分）、 B（70[ 含 ]-85 分）、C（70 分以下）三级。其中，资本实力指标（30 分），包括净资本（10 分）、净资本 / 风险资本（15 分）和净资本 / 信托风险项目规模（5 分）；风险管理能力指标（30 分），包括固有信用风险资产不良率（10 分）、信托项目正常清算率（10 分）和信托财产损失回收率（10 分）；增值能力指标（36 分），包括净资产收益率（6 分）、信托业务收入占比（6 分）、营业费用收入比（6 分）、人均信托净收益（6 分）和信托产品自销规模占比（6 分）；社会责任指标（10 分）。然而应该注意的是，《指引》是独立于监管评级以外的一项评级，其用途是全面评价信托公司经营管理情况，由于目前中国信托市场上并没有权威的信托公司评价体系存在，确实有必要存在一定独立于监管评级之外的、权威的信托公司竞争力评价体系，如此将有利于委托人对于受托人之选择，

China Offshore Trusts & Foundations Guide 2015

companies into three levels, i.e., level A (85 [included]-100 points), level B (70 [included]-85 points), and level C (below 70 points). To be specific, the capital strength index (30 points) consists of net capital (10 points), net capital/risk capital ratio(15 points) and net capital/trust risk project scale ratio(5 points); the risk management capacity index (30 points) consists of nonperformance rate of inherent credit risk assets (10 points), normal liquidation rate of trust projects (10 points), and recovery rate of trust property loss (10 points); the value-adding capacity index (36 points) consists of return on net assets (6 points), trust business income/total revenue ratio (6 points),

operating expense/revenue ratio (6 points), per capita net trust income (6 points) and share of self-marketing trust products (6 points); the social responsibility index accounts for 10 points. However, what needs to be pointed out here is that, the Guidelines is a rating initiative that is independent of supervision rating and that intends to comprehensively evaluate the operating management of trust companies. Given that currently there is no authoritative system for the evaluation of trust companies in China’s trust market, it’s indeed necessary to establish an authoritative system

观点 | Opinion CHINA OFFSHORE

对于近年来各界关注的家族信托发展也会有实质性的帮助。 “受托人”的选择，是信托制度中的重要关键，也是发展上必须突破的重点，举凡各类信托的成立，所着重者应该在于受托人的能力与委托人对于受托人的信任关系，尤其当中国的信托逐步从投资渠道转向为事务管理本质发展之际，受托人也将摒弃标榜高收益率的指标。如此一来，家族信托的发展才能水到渠成。然而，除了在岸的家族信托发展外，离岸信托的架构与成立方式，也与受托人有着密不可分的关系，例如司法管辖权是否统一 ( 信托成立地选择同一司法管辖权区域下的受托人可防杜冲突规范的司法困扰 )? 又如受托人形式的选择 ( 是以个人、机构、私人信托公司或第三方机构如律所的方式作为受托人，也有功能上的差异 )? 此外，当离岸地逐渐成为主流的信托设立地时，为了消除受托人的疑虑，信托保护人 (protector) 的角色便日显重要。

for the competitiveness evaluation of trust companies that is independent of supervision rating to a certain extent so as to facilitate the selection of the Trustee by the Trustor and provide substantial support to the development of family trust which is receiving wide attention in recent years.

由于英属维京群岛、开曼群岛、库克群岛或新加坡等地均系家族信托离岸规划的重要地区，因此这些地区的法规也都有了相应的调整。例如新加坡允许在信托合同中限制受托人的义务，将投资义务移转予外部的投资顾问 ( 可由委托人指定 )，且尽职调查的标准较为严格，并有相关的申报规范。英属维京群岛针对希望受托人长期持有家族企业与资产以遂行财富传承目的，但又不希望受托人介入家族企业经营过深的需求，以 VISTA 即“维京群岛特别信托法”作为

The selection of the “Trustee” is of great importance for the trust system, and also constitutes a major breakthrough point in the course of development. As far as the establishment of a trust is concerned, the emphasis should be placed on the ability of the Trustee and the trust of the Trustor in the Trustee; especially, in the course of essential development of trust from investment channels to transaction management, the Trustee will also abandon the index indicating the high return. Thus,

as far as the development of family trust is concerned, success will come when conditions are ripe. However, in addition to the development of onshore family trust, the structure and establishment mode of offshore trust are also closely related to the Trustee. For instance, is there a unified judicial jurisdiction (when selecting a Trustee within the same judicial jurisdiction as the place of establishment of the trust, is it possible to prevent the judicial perplexity of conflict rules)? What is the form of Trustee (will there be functional differences when an individual, an institution, a private trust company or a third-party agency (like a law firm, etc.) is selected as the Trustee)? Besides, when the offshore place has gradually become the mainstream place of establishment of

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呼应。换言之，一旦信托适用此法，受托人将会被禁止干涉所持有企业运作，而由企业董事或专业经理人执行之。另应注意的是，2013 年 12 月 1 日香港修订后的新《信托法》正式生效，新法针对 1934 年和 1970 年的旧法作出了改革：包括赋予受托人更大的预设权力，涵盖投保、委任代理人、特许投资和收取酬金，废除两项普通法原则，引入反强制继承权规则等，也使香港家族信托业取得了利基。此外，新《信托法》厘清了受托人、财产授予人和受益人各自的权力和义务，并辅以适当的制衡，为私人财富管理机构提供了诱因，使更多委托人愿意重新接受以香港作为现代信托司法管辖区。再者，依据普通法之规定，除非信托文书授权或在特定情况下获得授权，否则受托人不得收取酬金，新《信托法》对此做出了较大幅度修改，只要信托文书订明收费事宜，专业受托人可从信托基金中收取酬金。同时，新法也赋予受托人委任代理人、代名人和保管人的权力，受托人还可以根据财产市值

China Offshore Trusts & Foundations Guide 2015

the trust, to clear up the doubt of the Trustee, the role of the trust protector is becoming increasingly important. Given that British Virgin Islands, Cayman Islands, Cook Islands, Singapore and so on are all important regions in the offshore planning of family trust, so the laws and regulations of these regions have been correspondingly adjusted. For instance, Singapore allows the imposition of limitations to the obligations of the Trustee in the trust contract, and the transfer of the investment obligation to an external investment consultant (who may be designated by the Trustor); the criteria of due diligence investigation are relatively rigorous, and there are also relevant specifications of declaration. With regard to the hope that the Trustee will hold family enterprise and assets on a long-term basis for the purpose of passing on the wealth without the Trustee getting too deeply involved in the operations of the family business, British Virgin Islands has introduced the Virgin Islands Special Trust Act (VISTA) as a response. In other words, as long as this law applies to a certain trust, the Trustee will

be banned from interfering with any operation of the enterprise held, and the directors or professional manager of the enterprise will be responsible for implementation. What’s also noteworthy is that, the revised new Trust Law of Hong Kong officially took effect on December 1, 2013. The new law reformed the old laws of 1934 and 1970, including the conference of a greater presupposed power to the Trustee, the coverage of insurance, commission agent, franchise investment and remuneration collection, the abolition of two principles of common law, the introduction of anti-forced heirship regime, etc., which established a niche for Hong Kong’s family trust industry. In addition, the new Trust Law has clarified the powers and obligations of the Trustee, the Settlor, and the Beneficiary, included proper check and balance as supplement, and offered incentives for private wealth management institutions, so that more trustors are once again willing to accept Hong Kong as a jurisdiction of modern trust. Furthermore, according to the provisions of common law, unless authorized via a trust instrument

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购买等额保险，取消对受托人投保金额的限制。至于特许投资项目，港府也大幅降低了投资门槛，股本投资的市场资本额规定由 100 亿港元降至 50 亿港元，取消投资的公司必须 5 年派息的规定，改为在过去 5 年内有 3 年派息记录，包含以股代息。而更重要的是，法律为委托人保留了对信托资产投资和资产管理的权力，这相当于为家族信托增加了双保险，除受托人应按照法定谨慎责任，利用保险、股票和基金投资来维持信托资产的稳定，委托人也可以根据不同时期的风险偏好更改投资组合，为在香港设立的信托提供了最大灵活性，这点对重视财产控制权的内地高净值人群尤其重要。综上所述，信托制度的健康发展，需要依靠信托三方角色的良好扮演。当信托不再被视为投资渠道而回归正轨发展时，受托人的权利义务与信息透明，便是奠定其与委托人信赖关系的基础。过往多年来，家族信托的发展未如预期中顺利，也与受托人的定位未明有相当程度的关联。随着各类法制的日益成熟，在岸与离岸法令的日益贯通，相信家族信托在中国土地上的生根发芽，必是指日可待。

or under specific circumstances, the Trustee shall not collect any remuneration; the new Trust Law has made major revisions to this section, and stated that, as long as the trust instrument has expressly stated the issue of remuneration collection, a professional Trustee may collect remuneration from the trust fund. Meanwhile, the new law has conferred the Trustee with the power of delegating the agent, nominee and custodian, and the Trustee may also buy an equal insurance according to the market value of the property. The law has also eliminated the limitations to the amount of insurance by the Trustee. As for franchise investment projects, the Government of Hong Kong has also lowered the investment threshold, changed the amount of market capitalization of equity investment from 10 billion HKD to 5 billion HKD, removed the provision of five-year dividend payout regarding investment companies, and changed it into the provision of three-year dividend payout in the past five years (scrip dividend). More importantly, the law has preserved the power of trust asset investment and asset management for the Trustor, which is equivalent to providing double insurance for family trust. In addition to the fact the Trustee should employ insurance, stock and fund investment

to maintain the stability of trust assets according to the statutory duty of care, the Trustor may also change the investment portfolio according to the risk preferences in different periods, thus providing maximum flexibility for trusts established in Hong Kong. This is especially important for the high net-worth individuals from Mainland China who attach great importance to the right of ownership of property. In conclusion, the healthy development of the trust system depends on the three parties of the trust properly playing their respective roles. When the trust is no longer deemed as an investment channel but is brought back to the right path of development and when the rights and obligations, as well as information of the Trustee have become transparent, the foundation of the trust relation between the Trustee and the Trustor would be established. In the past years, the development of family trust has not been successful as expected, which is considerably related to the unclear orientation of the Trustee. With the increasing maturation of various rules and regulations and the gradual connection of onshore and offshore decrees, it can be expected that family trust will take root and sprout on China’s land.

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浅析：全球化背景下华人的资产配置和家庭计划 Analysis: Asset Allocation and Family Planning for Chinese against the Backdrop of Globalization Derick Liu

Derick Liu / 刘栋金融硕士，经济应用数学学士。曾任著名财富管理机构、投资移民机构、 IT 企业的分公司总经理和总经理。 Derick holds the degrees of Master of Finance and Bachelor of Applied Mathematics. Derick took the position as General Manager and Branch General Manager of several renowned wealth management and investment immigration agencies as well as some IT enterprises. Email: derickliu@qq.com 邮箱：derickliu@qq.com

China Offshore Trusts & Foundations Guide 2015

What is the age we are in now? We might say that it is the age of the Internet, an age short of resources, or we can argue that it is an age of excessive consumption; it is an age in which people are in conflict with one other. We want to understand each other, but sometimes have to challenge each other. But the trend is towards integration. We might recognize, understand, master, and promote this age from the perspective of "Chinese Globalization". One hot topic in the development of Chinese globalization is migration. Why is there such upsurge of migration? There is one reasonat its core: family. Family requires peace of mind and safety, and peace of mind and safety require the proper planning and implementation of business, studies, health and mentality. Traditionally, during the Chinese New Year, the words "Achieve the Five Elements of Happiness" can frequently be seen. They refer to abundance, good health, longevity, a natural, painless death, and good morals. Abundance, good health, longevity, and a natural, painless death

are consequences where good morals are the key for transformation. As for mentality, being of good or bad morals and being kind or evil imperceptibly (or sometimes directly) affect the other four elements. Mentality, business, studies, and health accumulatively affect wealth. Thus, mentality has a close, inseparable connection with abundance, good health, longevity and a natural, painless death. Migration – namely, choosing a permanent residence elsewhere – will affect one’s business, studies, good health, and mentality, whether directly or indirectly. So, there are important decisions to make regarding the Five Elements of Happiness. Migration is, by its nature, exercising free will, but it is not yet conclusive whether it is a good or a bad thing. In terms of wealth being the basis for a family’s happiness, in the process of creating, managing and inheriting wealth, do you want to let wealth nourish life or, instead, spend life maintaining wealth? The obvious answer is the former; we cannot spend our lives supporting our wealth. But why does the conduct of so

观点 | Opinion CHINA OFFSHORE

这

是一个什么样的时代呢？可以说这是个互联网时代，可以说一定程度上资源有所匮乏的时

代，也可以说物质多到泛滥以至于人们过度消费的时代；这是一个中外交往在相互接近、摩擦、想要了解彼此，同时有时又不由得不对抗，但终究是要更趋于融合的时代。我们不妨站在“华人全球化”这个角度，来认识、理解、把握和推动这个时代。华人全球化发展的一个突出热点是移民。为什么会这么热？追根究底就是一个原因：家。有家，就要安，安安心心、安安全全。要安，就得把这几样计划好、落实好——事业，学习，健康和心性。我们传统上，春节贴春联的时候，常常会见到这四个字：五福临门，包括富贵、康宁、长寿、善终、好德。前四个都是结果、现象，最后一个，好德，是转变的枢机。心性上，你是好德还是缺德，是善还是恶，潜移默化或直截了当地影响着前四个结果。心性和事业、学习、健康共同影响着财富，也就与富贵、康宁、长寿、善终有着密不可分的联系。而移民，也就是常居地的选择，会对事业、学习、健康和心性产生直接或间接的影响，影响到家庭是否五福临门。移民是为了能够自由选择，是好，是坏，还不能一概而论。财富则是家庭福祉的基础。在创造财富、管理财富和传承财富的过程中，是要让财富滋养生命，还是用生命去养护财富？答案是选择前者，而不是反过来，耗尽我们的生命去养护金钱、用生命去支撑财富。但为什么很多人的行为违背这样的常识呢？这个留待思考！我们希望财富健康地成长，而不是让自己的财富和

many people violate such common knowledge? This shall be left for another discussion. We can only hope that wealth grows in healthy ways, instead of bumping up and down with our own lives and finances. We all create wealth along with interesting things, but we can only hope that our free hearts and life experiences are not tied down by financial worries. In mid-August 2015, the median price of the Chinese renminbi suffered a sudden devaluation after losing regulation on its floating range. The force of the market directed the renminbi towards devaluation. The amplitude of this drop shocked investors, along with the world. We need to be aware that, in future,currency exchange rates will become more volatileand more unpredictable because the economic and political powers of the world – along with internal and external factors varying these – have entered a more unstable period. The ruble, the euro, the Canadian dollar and the Australian dollar, for example, have all been in a restless state since last year. So what do we do to convert such a disadvantageous situation into an

advantageous one? Even if we cannot fully complete such a conversion, we at least have some means to try. Hedging portfolios is one of the key strategies. These utilize cross-variety, cross-region, and multicurrency asset allocation strategies, thereby constituting a globalized asset portfolio allocation strategy. We can arrange and conduct specific tactics on the basis of such a strategy. For example: A Chinese citizen with permanent residence in Canada can live in both China and Canada permanently and are entitled to enjoy certain Canadian benefits, including education, job opportunities, social welfare, and its cultural environment. Once the investable assets of such an individual reach a certain amount, he or she will need global asset allocation. Asset allocation may include cash assets (comprising of renminbi, US dollars and Canadian dollars) for expenditure related to living expenses and education, real estate in Beijing and Toronto respectively, and perhaps a house in a small Canadian town. In addition, such an individual might create a portfolio that includes

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

生命在一个坑洼高低中不断颠簸。我们要去创造有趣的事物和财富，但不希望让对金钱的担忧拴住我们自由的心和生命的体验。 8 月中旬人民币中间价在放宽浮动空间管制后猛地贬了一下，市场的力量把它引向贬值的方向。幅度之大，惊动了不少投资者，也惊动了世界。需要意识到，未来各币种汇率的波动会加大和更不可测，原因是世界的经济与政治力量对比，及其内外因变化因素正在进入一个更加不稳和难测的时期。像去年以来的卢布、欧元，以及加元、澳元等，都在进入一个不安分的状态。那怎么办呢？魔高一尺，道高一丈。虽不能完胜，亦不至于束手无策。对冲组合是重要策略之一，跨品类、跨地域、多币种的资产配置策略，实施全球化资产组合配置策略。在这个基本策略基础上，进行具体战术安排。我们看一个例子。某中国公民，拥有加拿大居民的身份，于是他既可以在中国永久居住，也可以在加拿大长期居住，享受加拿大的子女教育，工作机会，社会福利，人文环境各方面。这个人可投资资产要达到一定程度，他需要做全球

insurance, financial management products, trust plans, and so on. The business might be extended to Canada, while remaining capable of retrieving resources from China. He or she may also have a cross-regional PE/VC layout, and even philanthropy or charity arrangements. Regardless, when the assets reach certain amount, plans for cross-border wealth management will become necessary.

资产配置。他的资产配置可能是：现金资产，人民币、美元和加元各有一部分，用于生活和教育等开支；房产在北京、多伦多各有一套，也许在加拿大某个小镇有套房；他可能做一些保险、理财产品、信托计划等安排；他的生意产业可能从中国延伸到加拿大，或者把加拿大的一些资源反馈到中国；也可能在跨境 PE/ VC 方面布局；或许还有公益慈善方面的做安排。总之，他的资产到一定量，他在中国财富和跨境财富思考的角度就有

China Offshore Trusts & Foundations Guide 2015

Now let's have a look at the following interesting investment estimate. Assuming that a family has USD 50 million in investable assets, how would they plan for it? Let’s assume that the gains and losses of investment in the stock market varies significantly (as with the specific parameter below), annual return on investment in CNY fixed income products is 8%, and annual return on investment in USD and CAD fixed income products is 6%. Let’s assume that USD 50 million

is fully invested in the Chinese stock market, and that the gains and losses from the first year to the fifth year are +50%, -30%, +10%, -10%, and +5% respectively. By the end of these five years, the balance would be USD 54.57 million. Indeed, this is decent performance in the stock market. But after five years, the assets increased from USD 50 million to USD 54.57 million, and the total gains and losses for these five years is nearly 10% this is a very low annual gain, which is below CPI. It's an even bigger loss when taking interest into consideration. Assuming that this USD 50 million is invested in fixed income investment products instead of the stock market, the annual income would be 8%. It would be USD 54 million after the first year and USD 58 million after the second. By the end of the fifth year, the balance would be USD 73.46 million, totaling a 40-50% gain. Of course,

观点 | Opinion CHINA OFFSHORE

必要做这些计划。

such a figure is not absolute for each person, but its possibility is reasonable.

请看这个投资测算表，非常有启发！假

Let's calculate even further. It's inconsistent with the asset allocation theory to invest USD 50 million into the stock market, due to unit variety. Diversified asset allocation strategies should be used, including different regions and currency types. I believe that we cannot be fortune-tellers on the Forex market, so what is the effect that we expect when setting out to manage the allocation of our assets? We should not expect excess income by betting on the correct products, but instead, we should hope that the wealth does not shrink due to dramatic change in the currency market.So the expectation is that multi-currency asset allocation enables stable wealth with only minor fluctuation of the total value.

设一个家庭有 5000 万美元可投资资产，怎么做规划呢？假设他在股市投资上的每年盈亏是起伏较大，具体参数见后；他在人民币固定收益产品上的回报是年化 8%，在美元加元固定收益产品上的回报是年化 6%。假如这 5000 万美元全部投入到股市 A 股，从第一到第五年盈亏分别是赚 50%、亏 30%、赚 10%、亏 10%、赚 5%，五年末是 5457 万。你看在股市里这个人还算炒股炒得还算可以的，但最后五年下来，他从 5000 万变成 5457 万，五年总盈利接近 10%，年化非常低，都比不过 CPI，算上利息，很亏。假如这个人 5000 万不是投资股市，而是投资类固定收益产品，年化收益 8%。

If such an investor has the same arrangement with multi-currency asset allocation, comprising several sets of houses in China (worth USD 5 million), real estate in the U.S. and Canada (worth USD 1 million each), USD and CAD deposits totaling USD 1 million, Chinese stock market assets (USD 1 million) and PE assets (USD 1 million), CNY trust and fund products which are similar to fixed income products (USD 30 million), and USD funds and CAD funds (USD 5 millioneach). By the end of the fifth year, his assets will total USD 73.06 million according to an above yield calculation. The above two figures, after comparison, are very close. So, which strategy is better? CNY-only asset allocation achieves a little bit more income over five years, but the multi-currency strategy of the latter is more reasonable. The multi-currency

第一年是 5400 万，第二年 5800 年，到第五年末下来是 7346 万，总计赚了将近 50%，40% 多。当然，这不是每个人的绝对数字，但它是存在合理性的。进一步测算。把这 5000 万美元全投入股市，不符合资产配置理论，品类上太单一了，应该有多元化资产配置策略，包括形态、地域、币种。我在外汇上有一个观点，汇率这件事儿上我们不做算命先生，所以我们在资产配置上希望是什么效果呢？不奢望因押对外汇品种而给创造超额收益，但希望不要因为汇率剧烈变化导致我的财富缩水，而希望多币种配置使财富比较安稳、总价值波动小。这位投资者也这么安排，做多币种组合资产配置。在中国有几套房折合 500 万美元，在美国和加拿大各 100 万美元房

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

产，人民币、美元和加元存款各有一些，合 100 万美元，A 股和 PE 各有有相当于 100 万美元的资产，类固定收益的人民币信托和基金产品折合 3000 万美元，美元和加元基金各 500 万美元。第五年末，按照刚才的收益率算下来他的资产变成了 7306 万美元。对比二者，这两个数字很接近。那么，哪种策略更好呢？全配人民币资产的五年收益多一点点，但后者的多币种策略更合理！后者做了多币种组合配置，有利于平抑汇率可能带来的资产价值剧烈波动。我们坐在这儿能够安心喝茶听课，旅游安安心心的，不用说突然停下来，对不起我要看看股市，对不起我要查查外汇，对不起我要给我的经纪人打电话，最近我哪个房子赶紧要卖掉……不需要过这种心急慌忙的人生。我在社会财富结构上有个观点——未来财富有三个很重要的现象，特别是家里可投资资产多的情况下要注意的：第一是财富的非线性大幅度波动常态化，第二是财富管理的立体化，第三是财富传承的专业化。第一，财富的非线性大幅波动常态化。一个草根可能在三年以后变成富翁了，中产回到草根的情况也会比比皆是，富翁变成草根的情况也会有。财富非线性大幅度波动常态化 , 所以财富管理要规划得好，健康地成长，比今年赚个翻倍、明年又赔百分之四五十、后年又赚一点要好，要安心。第二，财富管理的立体化是未来很重要的趋势。过去财富管理，包括现在大部

China Offshore Trusts & Foundations Guide 2015

portfolio is conducive for restraining the potential volatility of asset value caused by Forex rates. We can relax and voyage without worries, instead of interrupting normal activities every now and then to monitor the stock market, Forex rates, to call brokers or tomake a deal as soon as possible.No–such an anxious and busy life is not desirable. I have an opinion on social wealth structures.There will be 3 key phenomena for future wealth, which shall especially be noted when there are lots of assets available for investment: 1) frequent, non-linear and volatile wealth value; 2) multi-level wealth management; 3) professional wealth inheritance.

1) Frequent, non-linear and volatile wealth value: An individual with few resources can become rich in three years, while it's common as well for a middle class individual, or even a highnet-worth individual to become poor. So, considering the normalization of non-linear and volatile wealth value, wealth management must be wellplanned and grow healthily. This will be more satisfying than experiencing big ups and downs. 2) Multi-level wealth management: This is an important trend in the future. Wealth management for most people in the past, and even now, focuses only on the annual yield or the operational profits. As an overall system for a

观点 | Opinion CHINA OFFSHORE

分人还是这样的，哪个产品年化收益是多少，企业运转利润赚多少。作为家族未来整体的布局。你要考虑你的家族企业，理财投资，全球布局，身体健康，身心健康，有的家庭是身体、心理上出问题的都有，二代各方面，立体思考。智慧型的财富管理不再局限于财富管理的金额变化，也不在局限于家族企业今年赚了多少钱，而是引入专业和系统的方法，综合全面的管理。第三，财富传承管理的专业化。财富传承从时间轴上，代际传与承方面规划。你的家族企业、资产配置、保险、信托、遗嘱安排是否有专业的规划？比如全球化定居生活和国际身份的安排，选择常居在哪个国度和地区，他的家族传承会影响到二代、三代、甚至更久。比如在考虑一项投资计划的时候，有没有综合考虑税务、地缘环境、家庭成员变故等因素对传承保护的影响？其他又如婚姻关系、家族企业等，这些涉及到动态变化、政策法律和家庭关系等纷繁复杂的因素，需要有专业的思考、工具和服务，才有可能处变不惊和健康传承。我们身处在华人全球化进程的时代，这既是华人海外发展的过程，也是华人自我提升过程，交流交融必然会产生这种作用，而且也是华人重新发掘自身优秀文化和重新认识自己的过程。在这个过程中，全球资产配置和国际化生活方式正在成为高净值人士重要策略之一。通过认清华人全球化时代，把握其特点和关键要素，立体化和专业化地进行规划和布局，让华人和世界变得更加美好，这是一件很值得持续思考和行动的事情。

family, your family enterprise, financial management and investment, global layout, physical health, mental health, all of the above should be taken into consideration on a multi-level basis. Wise wealth management is no longer confined to changes inbalance, nor to the profit of an enterprise for this year. Instead, professional and systematic methods, as well as comprehensive multi-directional management are introduced. 3) Professional wealth inheritance: Inheritance from generation to generation should be planned on a time axis. Is there any professional planning available for your family enterprise, asset allocation, insurance, trust or will arrangement? For example, migration and nationality strategies: which country or region shall be chosen to live in? The family inheritance will affect the second and the third – or even further – generations. For example, when considering an investment plan, havethe effects of taxes, geopolitics, family members’ changes and others been considered comprehensively to properly protect the inheritance?

Other factors like marriage and family businesses, which involve numerous and complicated factors such as dynamic changes, policies, laws, family relationships, etc., require professional advice, tools, and services to enable smooth and healthy inheritance process. We are currently in the middle ofthe process of Chinese globalization. This is a process in which Chinese achieve both overseas development and selfimprovement. Communications and integration will inevitably result in such a process. Also, this is a process of rejuvenating one’s own culture and recognition of being Chinese. In this process, global asset allocation and internationalized lifestyles are becoming some of the key strategies for high-networth individuals. It is worth continuing this line of thinking in order to master its features and key elements, to carry out planning and structuring at multiple levels and on a professional basis by establishing a clear understanding of the age of Chinese globalization, making both Chinese and the world better.

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

Member Contribution

2015：离岸信托在中国的蹒跚之旅 2015: The Tortuous Development of Offshore Trusts in China Michael Liu

Michael Liu / 刘有辉上海瑞岸投资管理有限公司执行董事信托与财产执业者协会会员 Michael Liu Managing Director CIL Group Ltd. Member of STEP

时

至今日，大多数国际受托人不得不承认，离岸信托在中国市场的推进远没有五年前大家刚

刚进入的时候乐观，但也不是像那些已经撤退人士所说的那么悲观。和其他进入中国角逐本地市场的商业一样，中国这块饼大，但门槛非常的高，尤其是离岸信托，由于本土信托与离岸信托的显著差距，在中国推广离岸信托，就如来到一个不穿鞋的国家卖鞋子，兴奋的同时，有点让人绝望，几乎要绝望的时候，一个火花又让你遐思万千。

China Offshore Trusts & Foundations Guide 2015

o far, most international trustees have to admit that the promotion of offshore trusts in the Chinese market is far from the optimistic expectations they held five years ago, but it is also not as pessimistic as what those who have retreated describe. Like other businesses which entered China for a share of the local market, a very high threshold stands in the way of such a large market, especially for offshore trusts. Due to the significant gap between local trusts and offshore trusts, promoting offshore trusts in

China is like selling shoes in a country where people don't wear shoes. It is exciting but desperate, but when you feel hopeless, a sparkle makes you fall into reverie. No Stars The number of speeches I've made in 2015 regarding offshore trusts is almost larger than the total number of speeches I have ever made before. I have exchanged ideas with so many peers on and off stage. No one in the commercial circle will give you precise

观点 | Opinion CHINA OFFSHORE

没有明星笔者在 2015 年做关于离岸信托的演讲几乎超过了历年的总和，台上台下与很多同行交流，虽然商业里面谁也不会说出太多自己生意的精确数据，但凭借多年的实操经验，我可以肯定的说，各大信

data on their transactions, but relying on years of experience in practical situations, I'm sure that no major trust companies have achieved a lot in China. I can't speak of the precise data, but I can make an analogy with shoe selling again. You sell shoes in a country where people don't wear shoes. You notice that people walk

contentedly with no shoes, and may hurt their feet sometimes, but they just don't buy your shoes. However, some people who hurt their feet come to you and ask "if I wear your shoes, will my injured feet be immediately recovered?" Of course, the answer is negative, so they continue to walk with bare feet.

托公司在中国都没有特别多的斩获。具体的数据不方便说，但可以继续拿卖鞋子的来打比方，好比卖鞋子的人，在这个不穿鞋子的国家，看着这些光脚朋友们悠然自得的走来走去，虽然偶尔也有扎脚的，但他们就是不买你的鞋子，而且竟然有几个扎了脚跑过来问你：“请问，穿上这个鞋子，我被扎的脚马上就能好吗？”，回答当然是否定的，于是他们继续赤脚。由于家族信托本身的特点，高度的私密和定制化，委托人与受托人的关系需要非常的紧密，所以和其他产品不同，很难一家独大，因为建立关系需要很久的时间。所以如果你作为一个受托人没有太多的斩获，大可不必着急，继续游说光脚的人是你的工作，不要放弃，耐心是可贵的品质。没有敌人的备战几家大的信托公司没有成为明星，中等的也没有，做离岸信托貌似好像没有做风水大师受欢迎，虽然那些风水大师骗人的故事被离岸信托的大师反复引用，说那个人不应该被风水大师骗，而是要接受离岸信托，但中国人好像还是更喜欢浪漫的风水，而不信任非常不中国式逻辑的信托（香港影星小甜甜的案例）。在离岸信托受挫的同时，一些中国本地

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

的财富管理机构貌似红红火火，虽然最近可能尚无大的收获，但不能否认他们作为拓荒者为市场带来了新的可能。北京的中华遗嘱库，免费给老人存放遗嘱，在老人们去世之后，他们的生意可以想象有多火爆。当然这是一个公益的平台，商业价值还有待发掘；在深圳发起的财富管理联盟，在全国纷纷建立分舵，笔者也参与过，貌似形式大于实质，誓师大会非常夸张，但不知道敌人在哪里；在社群经济的力量被放大很多倍的今天，各种银行家俱乐部满天飞，问题也是一样的，客户在哪里？机会主义的创新选择既然很多中国的客户喜欢问投多少，收益是否有保障一类的让人啼笑皆非的问题，有些人真的就顺应市场形势，定制推出了国人喜欢的产品包，100万美金起，年收益 10% 以上的海外信托。其结果自然可想而知。因误会而结合，必然导致因了解而分手。离岸信托本身要追求的是隐私、传承和保全，而不是有风险的增值，这样的创新当然客户不会领情，市场当然不会认可。我未曾见到这样的信托公司产品有任何流行的趋势。

Due to the characteristics of family trusts, that is, high confidentiality and customization, the relationship between trustor and trustee must be very close. Unlike with other products, therefore, it is hard to create a dominant position in such an industry because it requires a long time to build a relationship. Therefore, if you have not achieved much as a trustee, don't worry and don't give up. Your job is continuing to persuade the people wearing no shoes. Patience is a valued quality. Prepare for a War with No Enemy Several large trust companies haven’t managed to get started, let alone the medium-sized ones. Offshore trusts

China Offshore Trusts & Foundations Guide 2015

seem to be less popular than Fengshui masters. The stories of being deceived by Fengshui masters are repeatedly quoted by offshore trust masters. They suggest that people keep away from Fengshui masters, but to accept offshore trusts. However, it seems that Chinese people still prefer the romantic sense of Fengshui to trusts which don't conform to Chinese-style logic (for example, the case of Gong Ruxin in Hong Kong). While offshore trusts suffer a setback, some local wealth management institutions in China seem to thrive. Although no significant results have been achieved, it cannot be denied that they have brought new possibilities to the market as pathbreakers.

观点 | Opinion CHINA OFFSHORE

压力是关键不可否认，除了亚洲人对“信托把资产授予受托人”这种转移本身的天生怀疑之外，外部压力不足也是海外信托不能在中国市场起飞的原因之一。其中一个重要的佐证就是目前很多做家族信托的高净值人士做结构的目的就是规避美国的高税收（当然不当的规划可能不是雪中送炭，而是雪上加霜），而不是为了规避国内的问题。中国自身的压力主要是遗产税和赠与税的实施，如果这两个税种实施了，原来模糊的压力将变得真切，而原有的熟悉的规划工具都将失灵，当然，就算采取离岸信托防患于未然，科学的做法是提前五年进行规划，但有这样远见的人恐怕仍然少之又少。中国信托的作为在信托理财产品不是那么景气的今天，中国本地的私行和信托公司同时看到了

The China Will Registration Center in Beijing stores the wills of the old for free. This institution can expect booming business when these old people die. Of course, it is a platform for public benefits. Its commercial value is yet to be explored. The wealth management association that originated from Shenzhen has established branches all over China. As a member of the association, I think it seems to be pro forma. The oathtaking rally is grandiloquent, but we didn't know where the enemies were. Today, as the power of the crowd economy is magnified by several times and all kinds of banker clubs exist everywhere, the question is still the same: where are the clients? An Innovative Choice of Opportunism Since many Chinese clients like to ask embarrassing questions about matters like how much they need to invest and whether the profits are guaranteed, some customized offshore product

packages with a starting amount of 1 million US dollars and an annual return of above 10% preferred by Chinese people have been launched to satisfy market demand. The results can well be imagined. The coupling arising from misunderstanding will surely lead to the break up when it is better understood. The offshore trust pursues privacy, inheritance and preservation rather than risky increase in value. Such innovation is surely not welcomed by clients or recognized by the market. I have not discovered any popular trend of such trust company products. Pressure is the Key It cannot be denied that, besides the natural skepticism of Asian people against the transfer of "entrusting the assets to the trustee", insufficient external pressure is also one of the reasons that offshore trusts are developing prosperously in the Chinese market. One important piece of evidence is that, currently, many high net-worth individuals use family trusts to

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

高净值客户这块巨大的蛋糕。既然没有可能让海外信托成为任何国内现金资产的受托人，那么在中国信托法上做足文章就成了国内信托公司的研发重点。到 2015 年，已经有几家信托公司顺应时代的潮流推出了留学信托、赡养信托以及婚姻家庭保障信托等不是以收益为主要目标的创新信托服务项目，而有些激进的中国律师甚至宣称中国的家族信托也可以有保护人制度，中国客户不需要海外信托。可见海外信托既给中国本土信托提供了改革的思路，同时二者在家族财富管理市场默默的进入了竞争的局面。重塑关系的基础海外信托在中国的业务发展的几年，是蹒跚的几年，目前仍然没有站稳脚跟，而且曾经使用的方法多数是无效的方法，

China Offshore Trusts & Foundations Guide 2015

avoid the high tax in the US (of course, inappropriate planning may make the bad worse rather than providing timely help) rather than avoiding domestic problems. The pressure in China mainly comes from the implementation of inheritance tax and gift tax. If both taxes are implemented, the originally blurry pressure will become distinct and the familiar planning tools won’t work anymore. Even if you want to prevent crises before they emerge, the rational conduct is to carry on planning five years in advance. However, few people have such foresight. The Actions of Chinese Trusts Today, although financial trust products are not popular, both local private banks and trust companies in China manage to find high net-worth individuals’ metaphorical “large cakes”. It is impossible to make offshore trusts a trustee of any domestic cash assets,

so carefully dealing with Chinese trust law becomes the key point of the research and development of domestic trust companies. Up until 2015, several trust companies conformed with the times and launched innovative trust service products which didn't have profit as the main objective (such as overseas study trusts, alimony trusts, and marriage and family security trusts) while some radical Chinese lawyers even claim that Chinese family trusts have a protector system and Chinese clients therefore don't need offshore trusts. It is obvious that, while offshore trusts provide local trusts in China with an idea for reform, they also quietly compete with local trusts in the family wealth management market. A Foundation for Reshaping Relationships The last few years witnessed the tortuous development of offshore trusts

观点 | Opinion CHINA OFFSHORE

因为这些方法或短视或负面，无法与高净值家族建立真正的长远的合作关系。曾几何时，很多人会认为贪腐的官员和暴发户会成为客户的主力，这个思路有常识性的错误，因为凡是从丛林中成长起来的人只相信丛林法则，而不会接受文明法则，只有那些含辛茹苦的企业家才会采用文明的法则。但众多的受托人和他们的代表人营销的手段多数是过于负面和投机的。比如宣称有保障的投资收益就是典型的投机心理，因为挣钱是企业家的长项，而信托则是为了守业。避税固然重要，但是以藏匿为主要手段则不会长久，客户不会在一个阴暗面与服务者达成长期共识，就像电影中的两个坏人最后很难真诚合作。实际上在财富管理层面上，受托人与客户之间是有很多正面的话题可以展开的，比如慈善、比如领导力、比如精神传承、比如对外投资的优化等等；而且只有建立了可以阳光化的关系，才能持久发展事业，做到了这一点，也许是离岸信托在中国市场不再蹒跚学步的开始。

in China. Still, they have not gained a firm foothold. Most of the methods in the past don't work, because they are either short-sighted or negative and cannot be used to establish a long-term partnership with high networth families. Once upon a time, many people thought corrupt officers and upstarts would become the main clients. The fundamental mistake in such thinking is that those who grow up in the jungle only believe in the law of the jungle and reject the rule of civilization, and only entrepreneurs who have undergone all sorts of hardships and deprivation adopt the law of civilization. However, most marketing strategies adopted by trustees and their representatives are too negative and speculative. For example, some claim that all guaranteed income from investments is typical speculation because entrepreneurs are good

at profit making, while trusts are for safeguarding one's heritage. Indeed, tax avoidance is important, but avoiding tax by concealing things will not last for long. Clients will never reach a long-lasting consensus with a service provider if they stay on the dark side, just like two bad guys in a movie can never sincerely cooperate with each other. In fact, on the level of wealth management, the trustees and clients may make concerted efforts in many positive fields, like charity, leadership, spiritual inheritance, and optimization of foreign investment. Besides, only by establishing legal and honest partnerships can the sustained development be achieved. Maybe, this is exactly the starting point to remedy the tortuous development of offshore trusts in China.

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观点 | Opinion CHINA OFFSHORE

Member Contribution

私人基金会制度的特点及治理

Characteristics and Governance of Private Foundation System Liang Han

前言

Liang Han / 韩良

私人基金会产生的历史与英国的信托制度一样非常久远，私人基金会是在大陆法律体系中发展起来的，中间吸收了普通法系信托法和现代公司法的一些概念和制度，具有信托的一些职能，但又采取类似公司的方式进行运营，是一种具有独立的法人资格的

南开大学法学院教授，博士生导师，京都律师事务所家族信托法律事务中心主任。 Professor at Nankai University Law School, Doctorial Tutor, Director at King & Capital Law Firm Family Trust Law Center

一、私人基金会的优势与信托相比，私人基金会在进行家族财富管理时具有以下优势：（一）可以永久存续英国的信托法传统是禁止信托永续存在的。到了一定的存续时间，信托资产要么被分配、要么被放置到另外一个信托中。为了满足家族财产传承和家族企业治理所必备的时间较长的条件，一些离岸地通过立法将信托存续期进行延长，如英属维尔京群岛将信托存续期限延长到 360 年，开曼群岛及巴哈马群岛将信

China Offshore Trusts & Foundations Guide 2015

法律主体形式。因此，私人基金会制度被认为是民法体系中的信托制度。 The history of private foundations is as long as that of the trust system in Britain. Rooted in a continental legal system, private foundations have also absorbed some concepts from trust laws and modern corporate laws under the common law system, and have acquired some aspects of trusts too. However, running in a similar corporate pattern, private foundations are a legal subject with independent corporate capacity. Therefore, the private foundation system is regarded as the trust system under civil law.

观点 | Opinion CHINA OFFSHORE

托存续期限延长到 150 年。为了达到信托永续存在的目的，通常的做法是在离岸地设立一个私人信托公司，然后通过将该私人信托公司的股权以目的信托的方式委托给持牌信托公司持有，以达到信托永续存在的目的，但该目的结构过于复杂，不宜被大陆法系的委托人接受和理解。而私人基金会是一个独立的法律实体，只要保持注册状态就可以一直存在下去。（二）拥有家族财富的最终所有权私人基金会秉承大陆法系所有权的“一物一权”原则，一旦设立者将财产捐赠给私人基金会，该财产就不再属于设立者，私人基金会就享有了该财产的全部所有权。由于私人基金会不同于公司，没有股东，没有基金会之外的最终所有者。也就消除了大陆法系私人基金会设立者认为家族财富会旁落他人的担心，因此采用私人基金会的方式来进行家族财富管理易于被大陆法系的设立人所理解和接受。而设立信托需要将财产的所有权转移给受托人，大陆法系的设立人会有一种将财产转移给他人的不安全的感觉，离岸私人信托公司（PTC）虽然可以消除一些这种担心，但私人信托公司的股东由于生老病死等原因，其存续仍然处于不稳定之中。私人基金会成为私人信托公司的股东，将是一个较好的家族财富管理法律架构选择。（三）拥有家族财富的最终控制权与管理权私人基金会是独立的法人，一旦设立人将家族财产转移或者捐赠给私人基金会，

I. Advantages of Private Foundations Compared with trusts, private foundations have the following advantages in terms of family wealth management: (1) Perpetual Existence Traditionally, the perpetual existence of trusts is forbidden in British trust law. Upon maturity, trust assets should either be distributed or transferred to another trust. However, the inheritance of family wealth and

the governance of family businesses require long-term running. To meet such requirements, some offshore territories prolong the duration of trusts by legislation. The British Virgin Islands, among others, has extended the duration of trusts to 360 years, and the Cayman Islands and the Bahamas have extended the duration to 150 years. The usual way to achieve the perpetual existence of a trust is by establishing an offshore private trust company and then entrusting the stock rights of the

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

该财产的所有权就归私人基金会所有。私人基金会没有股东，没有基金会之外的最终所有者，私人基金会可以像自然人一样，通过拥有私人公司的股份及财产，作为家族财富的最终拥有者，掌控家族财富。每一个私人基金会都有特定的职责和功能，私人基金会的全部法律职责要由基金理事会或者基金委员会承担，除非基金会的章程进行特殊的规定，一般不承担基金会章程规定以外的职责。有实力的家族可以通过设立私人基金会作为单一的家族办公室来管理家族事务，从而避免了将家族事务管理权委托给他人而产生的信息不对称的法律风险。二、私人基金会的局限性与信托相比，私人基金会在进行家族财富管理时也具有一定的局限性。（一）私人基金会的灵活性与自由度较小一般情况下，私人基金会是根据一国或者特殊法域的立法而设立的，不能设立不符合该国或者该法域法律的基金会。私人基金会是具有独立法律主体资格的法人，各国立法都规定了设立私人基金会的条件，如巴拿马共和国《私人基金会法》规定，基金会章程需要在公共注册处登记，私人基金会的原始资本价值不得少于 10,000 美元。列支敦士登 2008 年修改的《人和公司法》规定，以公益作为主要目的的混合基金会需要接受政府的监管。而信托只是一种管理家族财产和家族事务的制度设计，不具有独立的法人资格，委托人可以根据自己和家族的需要设立若干个信托计划，除

China Offshore Trusts & Foundations Guide 2015

private trust company to a licensed trust company through a special purpose trust. However, under continental law, such a structure is too complicated to be accepted and understood by the trustor. In contrast, private foundations (as independent legal entities) can last as long as the registration status is maintained. (2) Ultimate Ownership of Family Wealth Private foundations inherit the principle of “One Property, One Right of Ownership” under continental law. Once the founder donates his/ her propertiesto a private foundation, such properties will no longer belong to the founder, and the private foundation will enjoy the full ownership of such properties. Unlike a company, a private foundation

has no shareholders or any ultimate owner other than the foundation itself. This eliminates the private foundation founder’s anxiety over loss of family wealth in the continental legal system. Therefore, the management of family wealth through private foundations can be easily understood and accepted by founders in the continental law system. However, to set up a trust, the transfer of ownership of properties to the trustee is required, which makes founders in the continental law system worry about their safety. Offshore private trust companies (PTC) may eliminate such a worry to a certain degree, but stability of their existence is still threatened by the birth, senility, death, and illness of the shareholders of the private trust company, among others. Making a private foundation a shareholder of a private trust

观点 | Opinion CHINA OFFSHORE

非依据大陆法系某些国家、如中国的特殊规定，一般不需要登记也不接受政府的监管。当一个私人基金会特别是混合基金会不能有效设立，或者其设立目的不再存在时，一般情况下，私人基金是不可撤销的。法院将不会用推定信托的方式处置这些资产，资产很难再返回到设立者或者设立者的亲属，通常会运用于社会公益的目的。（二）私人基金会不如信托接受范围广虽然私人基金会制度产生于大陆法系，列支敦士登、巴拿马、奥地利、意大利、荷兰、瑞士、荷兰安蒂斯等大陆法系国家与地区已经颁布了相应的立法，但还没有被大陆法系所普遍接受，如中国仅对公益基金会制定了《基金会管理条例》。尽管隶属英联邦的圣基兹和尼维斯、巴哈马以及英国的泽西岛、耿西岛等国家和地区也都对私人基金会进行了立法，

company is a legitimate legal aspect of family wealth management. (3) Ultimate Control and Management of Family Wealth A private foundation is an independent legal entity. Once a founder transfers or donates family wealth to a private foundation, the ownership of such assets belongs to the private foundation. Private foundations have no shareholders or owner other than the foundation. In the same way that a person can, a private foundation can control family wealth by possessing shares and assets of a private company as the ultimate owner of family wealth. Each private foundation has specific responsibilities and functions. All of a private foundation’s legal duties (limited to those specified in the Articles of Foundation) shall be borne by the council or committee of the foundation. Families with greater financial capacity can set up a private foundation as the unique family office to manage family affairs, thus

avoiding the legal risks caused by information asymmetry arising from the entrusting of the management rights of family affairs to others. II.Limitations of Private Foundations Compared with trusts, private foundations have certain limitations in terms of the management of family wealth. (1) Private foundations have less flexibility and freedom Normally, private foundations can only be established in conformity with a country or special jurisdiction’s legislations. A private foundation is a person, legally speaking, viewed as independent in the eyes of the law. Countries specify the conditions for setting up private foundations with accompanying legislation. For example, according to the Private Foundation Law of the Republic of Panama, the Articles of Foundation are required to be registered with the public registry and the original capital value of a private foundation cannot be less than 10,000 US dollars.

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

但私人基金会制度还没有取得英美等国家的立法认可。而信托制度已经取得包括大陆法系国家在内的世界绝大多数国家的认可，在进行家族财富管理时，信托比私人基金会接受的范围更加广泛。（三）信托更有利于税收筹划与隐私权的保护由于私人基金会是独立法人，是独立的纳税主体，而信托不是独立的纳税主体，在税收筹划设计上，信托比私人基金会具有优势。如列支敦士登 2010 年修改的税法使信托在纳税方面相较私人基金会更具竞争力，信托无须报税，无论托管财产的形式与数目如何，只需缴纳 1200 瑞士法郎的小额税金。而私人基金会由于是独立法人机构，如想免除报税义务或者只缴纳最低利润税，必须向政府提交私人财产结构（PVS）的声明，而信托则不需要。与信托相比，由于私人基金会需要登记，在家族财产私密性管理上，离岸信托不需要登记的特点也会略胜一筹。三、私人基金会的治理理论上私人基金会可以永续存在，但由于私人基金会不像公司那样，拥有健全的所有者、执行者、监管者三元治理结构，如果设立人没有设定可撤消基金章程的保留权，设立人设立基金后就没有任何权力了。基金会受益人也不像信托受益人那样享有信托财产的衡平法上的所有权，受益人也不是基金会的债权人，除非基金会章程有规定准许，受益人不能直接向基金会主张权利。这样，实际

China Offshore Trusts & Foundations Guide 2015

In Liechtenstein, the Human and Company Law (amended in 2008) requires that mixed foundations founded mainly for public benefits are supervised by the government. However, trusts are only designed as a management system for family wealth and family affairs and do not have an independent corporate capacity.The trust or may set up several trust plans according to his/ her personal and family demands. Such plans are not normally required to be registered with or supervised by the government, except when specified by countries that are governed under continental law. China, for example, has some special requirements regarding trusts. When a private foundation (especially a mixed foundation) cannot be validly set up, or the initial reason for its establishment is no longer valid, private funds cannot be withdrawn. The court will not dispose of such assets. Normally, the assets will be used for social welfare and public benefits, rather than being returned

to the founders or their relatives. (2) Private Foundations are not as Widely-accepted as Trusts Although the private foundation system originates from the continental legal system – and countries and regions that are governed by continental law, such as Liechtenstein, Panama, Austria, Italy, the Netherlands, Switzerland, and Antilles have already implemented corresponding legislation –they are not generally accepted under continental law. For example, China has only formulated the Regulations on Funds specifically for public welfare foundations. The Federation of Saint Kitts and Nevis and the Bahamas – both of which belong to the British Commonwealth – along with Jersey and Guernsey, among others, have all formulated laws on private foundations. However, the private foundation system has not been recognized by countries led by Britain and the US. In contrast, the trust system has already been

观点 | Opinion CHINA OFFSHORE

上私人基金会面临基金会理事会和基金会保护人的二元治理结构，基金会天然治理结构存在的缺陷很容易产生道德风险，需要设立人在设立基金会时进行周密的考虑，通过基金会的章程和相应的规章对基金会的治理结构进行预先的规定与设计。（一）基金会治理文件基金会的治理文件一般包括基金会章程及各种规章制度。基金会章程是指需要在登记部门进行公示，提供法律要求的设立基金会基本信息的书面文件。就基金会治理而言，基金会章程一般会规定基金理事会成员的名单及其住址，设立人是否保留在认为适当的时候修改基金章程的权利等。基金会的各种规章制度是指未经登记的、

recognized by most countries in the world, including those within the continental legal family. As for the management of family wealth, more countries accept trusts than private foundations.

submit a statement of Private Property Structure (PVS) to the government if they want to be exempted from the obligation of filing tax statements or paying the minimum profit tax. Such requirements don’t apply to trusts.

(3) Trusts are more Beneficial for Tax Planning and the Protection of Privacy

Compared with trusts, private foundations needs to be registered. As to the privacy management of family properties, offshore trusts are also slightly better because they doesn’t need to be registered.

Since private foundations are an independent legal entity and an independent tax payer (while trusts are not), trusts have advantages over private foundations in terms of tax planning. For example, the Tax Law amended by Liechtenstein in 2010 made the trust more competitive than the private foundation in terms of tax payments. Trusts are not required to file tax statements. In spite of the form and value of trusted properties, they are only required to pay a small amount of tax (1,200 Swiss francs). In contrast, as an independent legal entity, private foundations have to

III. Governance of Private Foundations Theoretically, private foundations may exist forever. However, because private foundations don’t have a complete ternary governance structure consisting of owner, performer and supervisor, the founder has no power after the establishment of a foundation if he/she doesn’t stipulate the reserved right to revoke the articles of foundation. Unlike the beneficiary of a trust, the beneficiary

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观点 | Opinion CHINA OFFSHORE

of a foundation doesn’t have equitable ownership. The beneficiary is not the creditor of the foundation either. Unless permitted by the Articles of Foundation, the beneficiary cannot claim rights against the foundation. As a matter of fact, the private foundation has a binary governance structure consisting of the council and the protector of a foundation. The natural defects within the foundation tend to result in moral hazards, so the founder needs to thoroughly think over the regulations and planning of the governance structure of a foundation through articles and corresponding rules of the foundation before setting one up. 需要保密的、私人约定的文件。一切法律没有要求在基金会章程中披露而且设立者认为需要保密的信息都可以记录在各种规章制度中。就基金会治理而言，基金会的规章制度一般会对基金理事会成员及保护人的职责、任期、待遇、新的人选产生程序进行详细的规定。（二）基金理事会基金理事会有时也翻译成基金委员会，基金会理事会是指对基金会享有控制和管理权的常设机构。列支敦士登《人和公司法》规定：基金会理事会由不少于两个自然人或法人实体组成。一般而言，基金会理事会享有以下权力：第一，执行基金会章程并根据授权对章程进行修正；第二，根据章程规定指定和更换受益人；第三，分配、运作、处置基金会财产；第四，代表基金会对外签署相关契约。基金会规章也可以对基金理事会的权利进行限制或扩大，可以规定基金理事会的表决程序，

China Offshore Trusts & Foundations Guide 2015

(1) Governance Documents for Foundations Normally, the foundation’s governance documents include the articles of foundation and various rules and regulations.

The Articles of Foundation refers to the written document which needs to be publicized with the registration authorities and to provide basic information about the establishment of the foundation, as required by law. As to the governance of foundations, the Articles of Foundation normally includes the name list and addresses of the members of the council, and specifies whether the founder has the right to amend the Articles of Foundation in due course. Rules and regulations of the foundation refer to the unregistered documents which are confidential and privately agreed upon. Any information which is not required by law to be disclosed in the Articles of Foundation and considered by the founder as confidential can be recorded in the rules and regulations. As to the governance of the foundation, the rules and regulations of the foundation normally specify in detail the duties, tenure, remuneration

观点 | Opinion CHINA OFFSHORE

基金会设立者可以保留其自己或他人撤换基金理事会成员的权力。（三）基金保护人基金会的保护人是指接受基金会设立人的委托或者指定，对基金理事会进行监管，对受益人利益进行保护的自然人或者法人。其权力如下：第一，对超出章程规定的基金会理事会的行为进行授权；第二，添加和更换受益人；第三，监管基金理事会并要求获得基金账户和财务信息。基金会保护人可以和审计师或者其他监督实体一起监督基金理事会的行为。与离岸信托制度一样，很多私人基金会的制度都处在发展中，为了提高竞争力，离岸信托制度与私人基金会制度也在相互借鉴，相互结合，以满足高净值客户财富管理的需求。

and process of selecting new candidates as members of the council and protectors of the foundation. (2) Council of Foundations Sometimes called the committee of foundations, the council of foundations is a permanent body with the right to control and govern the foundation. According to the regulations of the Human and Company Law of Liechtenstein, the council of foundations consists of at least two natural persons or legal entities. Generally, the council of foundation has the following powers: 1.)to execute the Articles of Foundations and amend the articles according to the authorization; 2). to appoint and replace the beneficiaries according to the articles and regulations; 3.)to distribute, operate and dispose of the foundation’s properties; 4.)to sign relevant external contracts on behalf of the foundation. The Articles of Foundationmay restrict or expand the rights and stipulate the voting procedure of the council of the foundation. The founder may reserve his/her or others’ rights to dismiss and replace members of the council of the foundation.

(3) Foundation Protector The foundation protector refers to the natural person or legal person who accepts the commission or appointment of the founder to supervise the council of the foundation and protect the interests of the beneficiaries. The protector has the following powers: 1) To authorize the behavior of the council of the foundation beyond the Articles; 2) To add and replace beneficiaries; 3) To supervise the council of the foundation and request information about the foundation’s accounts and finances. The foundation protector can supervise the behavior of the council of the foundation together with auditors or other supervising entities. Like the offshore trust system, the system of many private foundations is still developing. In order to enhance competitiveness, offshore trusts and private foundations learn from and combine with one other to satisfy high net-worth clients’ demand for wealth management.

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

Member Contribution

信托与基金会，如何选择？

Trusts Versus Foundations, What Should You Choose? John Swann

John Swann John 在公司服务行业的服务经验超过了 30 年，且从 1986 年起就在 Jordans 信托公司任职。在此期间他主要负责 Jordans 在直布罗陀和英属维尔京群岛的业务。现在他在伦敦工作，主要负责总体业务开发的工作，业务重点在亚洲，特别是中国。 John has worked in the corporate services industry for over 30 years, and has been at Jordans since 1986, in which time he has run Jordans operations in Gibraltar and the BVI. Now based in the UK, John has responsibility for overall business development, with a focus on Asia, and specifically China.

China Offshore Trusts & Foundations Guide 2015

t is well known that offshore companies are widely used in China with Hong Kong, BVI and Cayman companies being the most common. Such structuring is of great benefit particularly in relation to outbound investment. As time moves on, entrepreneurs and investors are giving increasing attention to matters of estate planning to ensure that the fruit of their labours can be passed to the next generation as efficiently as possible, and ideally in such a way that assets do not need to be broken up or sold in order to settle inheritance tax bills. It is with such planning in mind that

important decisions need to be made. In the UK, trusts have been used for some 800 years and are an integral part of many transactions ranging from estate planning, to investments and insurance. However, trusts are a product of common law and explaining the benefits of transferring wealth to trustees, and the control of that wealth presents challenges for clients from civil code countries, and particularly so in China. Historically in the UK, if a trust was to be established, a family would appoint their solicitor or a family member

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众

所周知，离岸企业在中国广泛存在，其中香港、英属维尔京群岛和开曼群岛的公司尤为普

遍。这种结构尤其在对外投资方面能产生巨大效益。随着时间的推移，企业家和投资商为确保其劳动成果尽可能有效地为下一代继承，开始更多地关注遗产规划项目，其理想形式是资产不必被分割或销售，以解决遗产税的问题。在规划方面，一些重要决定是不得不做出的。在英国，信托已被使用了近800年，并且被视作许多业务不可分割的组成部分，从产业规划到投资和保险。然而，信托作为普通法的产物，它阐明了将财产转让给受托人的好处，同时，对该财产的掌控也给民法国家的客户带来了挑战，尤其是在中国。在英国历史上，如果有必要建立信托，家族将指派其律师或某个家庭成员作为受托人；该受托人对本家族和家族产业有着长久而详细的认识。在当今的全球化环境中，这种情况的可行性较小；通常，专业信托机构的资源能更好地满足一个家族复杂的，常常也是国际化的需求。关键挑战在于，信托机构必须将指派家庭律师的传统个人化方式与逐渐复杂化的现代家族目标结合起来。这一点在中国尤其重要，因为在这里人际关系网是作为处理商务事宜的关键的。财产掌控问题在获得了客户的信任后，各种金融服务中心以及其中大量的规划选择，将为实现家族目标提供更大余地。通常，这将涉及到棘手的掌控问题。不可避免的，有些客户

as trustee; somebody with a long established and detailed knowledge of the family and its businesses. In today’s globalised world, this is less practical and often the resources of a professional trust company are better served to meet the complex and often international needs of the family. The key challenge is for the trust company to combine the personal approach of the traditional family solicitor with the increasing complexity of modern family aims and objectives. This is particularly important in China where personal relationships are key in conducting business. A Question of Control Having gained the confidence of the client, the variety of financial services centres and within them the broad number of structuring options provide plenty of scope to achieve those family objectives. More often than not this involves the thorny question of

control. There will inevitably be those clients who are reluctant to relinquish complete control of their assets and a number of provisions are available to remedy this situation. Protectors may be appointed, or certain powers reserved to the settlor can create peace of mind. There are trusts specifically designed to avoid the need for the trustees to interfere with the operation of a business, such as VISTA in the BVI. A Private Trust Company (PTC) is another solution. A PTC is a company which is the sole corporate trustee of the family trust. The board of directors of the PTC will include family members sitting alongside professional trust company officers. In some PTC arrangements the head of the family will own all the shares of the PTC. We have also noticed considerable recent interest in foundations, a civil law version of a trust, but with some key differences. Foundations have a similar legacy within continental

2015 China Offshore Trusts & Foundations Guide China Offshore

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不愿放弃对资产的绝对控制权，这种情况可以通过一系列条款予以补偿。可以指定保护人或为财产授予人保留某些权力，以稳定他们的情绪。有些信托专为避免受托人介入业务操作而设计，例如英属维尔京群岛的 VISTA。或者你也可以选择私人信托公司（PTC）。PTC 作为企业法人是家族信托的唯一企业受托人。在 PTC 的董事会上，家族成员们将与专业信托公司的官员同席。某些 PTC 还会让家族族长拥有 PTC 所有的股份。最近，我们还注意到基金会可带来的许多利益。基金会可被视为信托的民法版本，但基金会与信托之间仍存在一些关键的差别。基金会在欧洲大陆有着与英国信托相似的传承，它也在很大程度上起源于中世纪和教会。自 20 世纪 20 年代《列支敦士登基金会法》颁布后，基金会在金融和遗产规划方面就获得了更为广泛的应用。在过去的 20 年中，基金会法被引入了许多国际金融中心，如泽西岛、根西岛和塞舌尔群岛，以便扩大遗产和财富规划选择，从而适应来自民法和普通法国家的客户的不同需求。正是信托和基金会的这种对比使我们从中国客户和联系中获取了长久的利益。信托和基金会之间的主要相似点： · 两者都是为资产保护、继承计划和财富保值而创建的。 · 财产授予人 / 创建人都可以将资产转让给信托或基金会。 · 创建人 / 财产授予人终身享有对信托和基金会的创建权。

China Offshore Trusts & Foundations Guide 2015

Europe to UK trusts, with medieval and largely ecclesiastical origins. The use of foundations for financial and estate planning became more widespread in the 1920’s with the enactment of Liechtenstein’s Foundations Law. Over the past 20 years, foundations laws have been introduced in a number of International Finance Centres such as Jersey, Guernsey and Seychelles, with a view to broadening the estate and wealth planning options to suit clients in both civil and common law based countries. It is the comparison between trusts and foundations that has generated consistent interest from our Chinese clients and contacts. The Main Similarities Between Trusts and Foundations are: · Both may be created for asset protection, succession planning and wealth preservation. · The settlor/founder can transfer assets to both. · Both can be set up during the

founder/settlor’s lifetime · Both entities have the ability to be revoked(with appropriate drafting) · A Protector or Enforcer can normally be appointed for both. With certain types of trust, such as a BVI VISTA the settlor is able to exercise the power to direct the investment functions (including the power to sell or retain trust assets and to direct the investment). Where he is director of the underlying company he can control the management of the company owned by the VISTA trust. Similar conditions can be replicated in a foundation where the Founder, as a member of the Council, can exercise control over the foundation assets. Notable Differences Are: A trust does not have separate legal identity from its trustees. In contrast a foundation has an independent legal identity and holds assets in its own name. The foundation therefore goes through a registration procedure, whereas the trust doesn’t, it is

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· 信托和基金会都可被撤销（当存在恰当的计划时）。 · 一名保护人或实施人在正常情况下可以被同时指派给信托和基金会。对于某些信托类型，例如英属维尔京群岛的 VISTA，财产授予人可以行使引导投资功能的权力（包括售卖或保留信托资产和引导投资的权力）。如果财产授予人是附属企业的董事，他就有权掌控 VISTA 信托所拥有的公司的管理。当基金会创建人作为委员会的成员时，相似

established upon the execution of the trust instrument and transfer of assets from the Settlor to the trust. As a trust does not have separate legal personality the trusteesmust contract personally in their own names, however,a foundation can contract in the name of the foundation. It does not require the mediation of a trustee or council member to hold title to assets.

jurisdictions legislation prevents any commercial activity being conducted by foundations.

Foundation Regulations (which govern the foundation) are private but the Foundation Charter (containing basic information) is a public document. In contrast, the trust instrument remains private.

What Would You Choose?

The beneficiaries of a foundation do not have equitable rights over the assets of a foundation, whereas beneficiaries of a trust do have equitable rights. The rights of the beneficiaries of a foundation are essentially contractual.

While the foundation is a rival concept to the trust and has many advantages, it is a fact that the trust will continue to be widely used in international tax and wealth planning for two key reasons. Many countries do not recognise the concept of trusts but this can be an advantage because countries that do not recognise the trust concept cannot enact specific anti-avoidance legislation against trusts;

The foundation is usually established with the sole purpose of holding wealth or assets and in some

Even where countries recognise and enact anti-avoidance legislation against trusts it is possible to advise with

的情况可重复发生，该基金会创建人也可对基金会资产行使掌控权。显著区别在于：一项信托并不脱离受托人的合法身份。相反，一项基金会拥有一个独立的合法身份并且以自己的名义拥有资产。因此，基金会需要经过一套注册程序，然而信

A foundation council must comply with the precise terms of the regulations of the foundation as set by the founder, whereas the trustee must act at all times in the best interests of the beneficiaries.

托却不用。这套程序建立在信托文件的实施和资产从财产授予人到受托人的转让之上。由于信托没有独立的法人身份，受托人只好以个人名义订立合约，但是，基金会却可以以基金会的名义订立合约。基金会并不需要受托人或委员会成员的调解，以确定资产的所有者。《基金会法规》（有关基金会的规定）都是私人文件，但是《基金会章程》（包含基金会的基本信息）则属公共文件。相反地，信托证书仍然保持着其私有性。基金会受益人对基金会资产并不享有衡平法上的权利，然而信托受益人则享有。基金会受益人的权利实质上是合同化的。

2015 China Offshore Trusts & Foundations Guide China Offshore

基金会通常是仅为持有财富或资产的目的而设立的，并且在某些司法辖区，还有立法禁止任何由基金会支持的商业活动。基金会委员会必须遵守创建者所设立的基金会规定上的所有条款，而受托人在

greater certainty in relation to such legislation and its impact on settlors and beneficiaries; trusts have been widely used as family succession planning vehicles for many years in prestigious jurisdictions, so a large body of case law has built up which makes advice in the context of trusts arguably more certain.

任何时候都应当以受益人的利益为重。 Topical Debate 该如何选择？尽管基金会与信托是一对匹敌的概念，并且基金会拥有更多优势，但事实上，信托仍将被广泛应用于国际税务和财富规划。其原因有二。许多国家并不承认信托概念，但这也可以构成一大优势，因为不承认信托概念的国家不可能颁布特定的针对信托的反避税法。即使是在承认信托，并颁布了针对信托的反避税法的国家里，也有可能在涉及此类法律及其对财产授予人和受益者的影响方面带来更大的确定性。在一些久负盛名的司法辖区，多年来信托被广泛用于家族继承计划，由此大量判例法已被建立，因此在这种情况下信托的情况可以说是更加确定了。主题辩论最近，这场有关信托与基金会的辩论，及其对中国对外投资和英国对内投资的必然影响，在英国的公司立法环境中已成为热门话题。 2015 年 3 月 26 日，《小型企业和就

China Offshore Trusts & Foundations Guide 2015

This debate of trusts versus foundations has also recently become very topical in the context of company legislation in the UK and the subsequent impact this has on China outbound/UK inbound investment. The Small Business Enterprise and Employment Act was passed on

March 26th 2015. A consequence of this legislation is the creation of a new register that all UK companies must create: a register of “persons with significant control” (PSC) or human individuals with a beneficial interest in over 25% of the shares in a company. This is a public register and is anticipated to become effective in April 2016. This is part of an EU wide initiative and similar provisions will be introduced throughout the European Union in due course. From our experience, many foreign investors in UK businesses prefer to keep their interests away from the prying eyes of competitors, the media and general public. For such clients the creation of a trust to hold shares in UK companies presents a viable

option as trustees are considered to be PSC’s. Foundations may achieve similar results.

investment, trusts and foundations will play an increasingly crucial role in the management of intergenerational global wealth.

So, Trust or Foundation?

业法案》通过。该立法的一个结果即是所有的英国公司都必须创建一个新

The current interest from China in trusts and foundations illustrates a growing appreciation of the importance of wealth and estate planning. Whilst pure company registration business remains a key element of outbound

Either choice can be very effective for succession, asset holding and privacy issues and as with any matter relating to professional services, the pros and cons of each will be determined by each individual situation.

的登记簿，用以记录“拥有重要掌控权的个人”（PSC），或者拥有公司股份超过 25% 的受益的个人。这将是一份公开的记录，并计划于 2016 年 4 月生效。这还只是欧盟范围内首次尝试的一部分，并且相似的条款将在不久以后被引进整个欧盟。在我们的经验中，许多英国企业的国外投资者倾向于使自己的利益远离竞争者、媒体和大众窥探的眼睛。对于此类客户，由于受托人被看作 PSC，建立在英国公司中持有股份的信托成为了一个可行选项。利用基金会也可能获得相似的效益。那么，是选择信托呢，还是基金会？中国当前对信托和基金会表现出的兴趣，表明财富规划和遗产规划的重要性正获得越来越深的认同。同时，纯粹的公司注册业务在对外投资方面仍然是一个关键因素。信托和基金会在全球代际财富管理方面将发挥越来越关键的作用。无论哪种选择都能确保高效继承、资产持有和隐私保护，并且对于专业服务领域的任何事项，两者的利弊均是由特定情况而决定的。 2015 China Offshore Trusts & Foundations Guide China Offshore

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“互联网金融基本法” 在中国海外基金营销中的作用

Effect of Internet Finance on Marketing of China’s Overseas Fund Jeffrey Chen

Jeffrey Chen 上海辰禾律师事务所律师上海市律师协会港澳台法律研究会委员 Partner Lawyer Shanghai Chen He Law Firm Member of Shanghai Lawyers Association, Hong Kong, Marcau and Taiwan Legal Research Committee

China Offshore Trusts & Foundations Guide 2015

ecent years have seen calls for the continued openingup of Chinese individuals’ investments overseas grow louder and louder. Together, with both the arrival of global asset diversification, and the development of private funds in China, domestic funds are already following a trend towards investing in the global market by issuing overseas funds, using global strategies. Generally speaking, the function of overseas funds is to avoid risks in the domestic market and to grasp opportunities in the global market so as to assist clients in their global asset allocation. As for the so-called Chinese Overseas Fund, in reality, it refers to hedge funds and products registered in foreign countries (including Hong Kong, Macao and Taiwan) by Mainland Chinese institutions. These hedge funds are commonly used for investing in stocks, derivatives, foreign exchange in Hong Kong or overseas markets, and the scope of such products covers more than those offered by China’s “Sunshine Equity Funds”. Therefore, overseas funds have considerable appeal for investors who are looking for overseas asset allocation.

Any institutions who issue overseas funds are unable to avoid certain fundamental questions, such as how can fund managers attract more and more investors? How can they set up a proper investment structure for the operation of overseas funds? And how can they offer the necessary and suitable tax planning opportunities for both Chinese investors and overseas funds? But firstly, those who offer solutions to attract Chinese investors under the current legal framework and administrative structure would have to achieve an effective marketing reaction from China’s domestic investors. In accordance with the Regulation of Foreign Exchange Administration of China, any domestic institutions or individuals who invest directly overseas or issue or deal in overseas securities, portfolios or negotiable securities and derivatives shall process the registration at the Foreign Exchange Administrative Authority under the State Council. In the event that prior registration or filing is needed by law, such registration or filing is required to be done before the application of approval or filing at the Foreign Administrative Authority. In other words, domestic individuals

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近

年来，在全球资产配置的理念下，开放中国境内居民海外实体投资和金融投资的呼声日益

(like domestic institutions) are required to undergo proper approval and filing processes before launching an overseas investment.

增强，而伴随着私募行业的不断发展，本土私募基金展开全球布局、发行境外基金以投资全球市场的态势也已形成。一般而言，海外基金的主要作用就是规避国内单一市场的风险，把握全球市场的机会，帮助客户进行全球化的资产配置。而所谓“中国海外基金”，则泛指由中国大陆投资机构在境外及港澳台（主要是香港地区）注册、运作的对冲基金产品。这些产品一般投资于中国香港或是境外的市场金融市场的股票、多种衍生品、外汇等，这是在国内 A 股市场内进行投资的阳光私募基金所难以覆盖的，

Under the current Foreign Exchange Administration, domestic individuals’ overseas investments may be divided into three categories: Overseas Direct Investment (ODI), Overseas Portfolio Investment (OPI) and Other Overseas Investment (OOI). Other than in a situation where individuals’ ODI has been supported by a clear ruling system (i.e., The Circular on Relevant Issues of Foreign Exchange Administration Towards Domestic Individuals Using Special Purpose Companies (SPVs) for Investment and Fund-raising Overseas and for Round-trip Investments, Circular Hui Fa

[2015] No. 37 or Circular 37), policymaking and operations for domestic individuals’ OPIs are all still part of a pilot scheme, with only the Qualified Domestic Individual Investors Scheme (QDII) launched so far, which allows QDIIs to participate in the examination and potentially qualify. The QDII Scheme is an arrangement that is suitable for a market which is not fully opened-up for free currency exchange and free foreign capital exchange, and such an arrangement provides a bridge which allows domestic investors to invest in the overseas portfolio market. In China, the QDII scheme was launched by the People’s Bank of China in April 2006, and allows financial institutions including banks, funds, securities

所以海外基金对投资者的资产配置具备相当程度的吸引力。投资机构如要发行海外基金，都会面临这几个首选问题，比如：基金经理们该如何吸引更多的投资者？该如何搭建合适架构以运作境外资金？如何对海外基金及其中国投资人提供必要和适当的税务筹划？而首当其冲的，则是如何在现有法律框架和行政管理模式下，对有条件进行海外投资的中国大陆个人投资者形成有效营销。根据《中华人民共和国外汇管理条例》，境内机构、个人向境外直接投资或者从事境外有价证券、衍生产品发行、交易，应当按照国务院外汇管理部门的规定办理登记。国家规定需要事先经有关主管部门批准或者备案的，应当在外汇登记前办理批准或者备案手续。也就是说，境内个人和境内机构一样，在经过相关

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部门的审批或备案后，就可以开展境外投资。中国现行个人境外投资外汇行政管理将个人境外投资的主要形式可以分为境外直接投资、境外证券投资以及其他境外投资三种。与个人境外直接投资有了明确的规范性文件（国家外汇管理局《关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知》，汇发 [2015] 第 37 号）作后盾不同，个人境外证券投资均在试点进程中，且仅开放了通过合格境内机构投资者办理个人投资境外有价证券的合格境内机构投资者（即 QDII 制度）。作为一项在货币没有实现完全可自由兑换、资本项目尚未开放的情况下，有限度地允许境内投资者投资境外证券市场的是一项过渡性的制度安排，该制度于 2006 年 4 月由中国人民银行宣布开始施行。符合条件的银行、基金、券商、保险等金融机构均可申请成为 QDII。截至 2015 年 2 月 27 日，QDII 累计获批机构为 131 家，累计获批额度为 875.93 亿美元；QFII 累计获批机构为 265 家，累计获批额度为 697.23 亿美元，同时， RQFII 累计获批机构为 103 家，累计获批额度为 3115 亿元人民币，且 QFII 和 QDII 额度限制有望 2015 年内取消。针对个人投资，中国人民银行于 2013 年提出积极做好合格境内个人投资者 (QDII2) 试点相关准备工作，此后，2015 年 5 月首批试点 QDII2 的 6 个城市（上海、天津、重庆、武汉、深圳和温州）开始启动。相关政策规定，凡居住在试点城市年满 18 岁的境内个人，个人金

China Offshore Trusts & Foundations Guide 2015

traders, and insurance companies to apply for QDII status. The QDII Scheme developed very quickly after its launch. By 27 February 2015, the institutions which have passed the examination and qualified as QDIIs had reached 131 institutions with an accumulated quota of USD87.593 billion, while QFIIs reached 265 institutions with an accumulated quota of USD69.723 billion, and RQFIIs reached 103 institutions with an accumulated quota of RMB311.5 billion, with the good news being that quotas for QFIIs and QDIIs are expected to be eased within 2015. In 2013, the People’s Bank of China suggested commencing preparations for an experimental QDII2 scheme, aimed at individual OPIs. Since then, the first series of six pilot QDII2 cities (Shanghai, Tianjin, Chongqing, Wuhan, Shenzhen and Wenzhou) was launched. Its policy rules that for domestic individuals who have reached the age of 18 – whose daily net assets

balanced within the three months before application, who have passed the test for overseas investment and anti-risk capability, and who have negative financial credit records and have no previous judicial orders – could apply for qualification as an QDII2. In early June, the State Council further approved and circulated its Opinion on Top Tasks in Deeply Reforming the Economic System in 2015 to support the previous PBOC commitment. This means that the limitation of a quota of USD50, 000 per person per year that was enforced from 2007 could be lifted soon. Such a liberalization might release billions of RMB into the overseas portfolio and securities markets. On 18 July 2015, the Guideline on Promoting Healthy Development of Internet-based Finance (hereinafter referred to as the Guideline), an administrative document which has been addressed as the “Basic Law” of China’s Internet-based Finance, was implemented jointly by ten ministries

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融净资产最近 3 个月日均余额不低于人民币 100 万元，通过境外投资和风险能力测试、无重大不良记录且没有经司法裁决未偿还债务者，可以申请 QDII2。 2015 年 6 月初，国务院批转国家发展改革委《关于 2015 年深化经济体制改革重点工作的意见》更为 QDII2 做了背书。在市场人士看来，这意味着资本项下个人外汇管理将突破自 2007 年开始实施的每人每年 5 万美元的汇兑限额，此举将释放数万亿资金进入国际股票和证券市场。 2015 年 7 月 18 日，被视为中国互联网金融“基本法”的《关于促进互联网金融健康发展的指导意见》（下称《指导意见》）由中国国务院十部委（即：中国人民银行、工业和信息化部、公安部、财政部、国家工商总局、国务院法制办、中国银行业监督管理委员会、中国证券监督管理委员会、中国保险监督管理委员会、国家互联网信息办公室）联手公布。尽管此次公布的仍为框架性文件，业界所期待的各项具体监管细则并未同时出台且目前尚无具体细则的发布时间表，

and committees of the State Council. The ten ministries and committees include the People’s Bank of China (PBOC), the Ministry of Industry and Information Technology (MIIT), the Ministry of Public Security (MPB), the Ministry of Finance (MoF), the State Administration of Industry and Commerce (SAIC), the Legal Affairs Office of the State Council (LAOSC), the China Banking Regulatory Commission (CBRC), the China Securities Regulatory Commission (CSRC), the China Insurance Regulatory Commission (CIRC), and the State Internet Information Office (SIIO). Even though this Guideline is only a kind of outline – leaving all sorts of details to be announced at the same time by each authority in charge of specific administration – and even though the schedule of progress of such detailed rules are all pending further confirmation by specific authorities mainly including the CBRC and CSRC, one element that has been applauded by industry players is the four basic orientations in sixteen Chinese characters for administration with the Guideline, namely: encouraging innovation, preventing risks, drawing on advantages and avoiding

disadvantages, and developing in a healthy manner. Inside the Guideline, the ten administrative authorities confirmed five supervising principles, namely, to supervise (the market) by law, to supervise (the market) moderately, to supervise using categories, to supervise synergistically, and to supervise using innovative methods. Meanwhile, the authorities also clarified the distribution of administrative powers, that is, the PBOC shall be in charge of the supervision and administration of internet payment businesses, the CBRC in charge of online lending and trust as well as internet consumption finance including individuals’ online lending and borrowing, and minor online lending activities; the CSRC in charge of equity financing, and internetbased sales of funds; and the CIRC for internet insurance, etc. Obviously, this Guideline has demonstrated that the supervision of China’s internet-based finance shall not only define the market’s borders, but also preserve space and room for its future development. Such a demonstration is regarded

更有待中国银监会、中国证监会等部委按照各自分工、认真研究后出台，但是，至少这部“基本法”所明确的十六字指导方针，即：鼓励创新、防范风险、趋利避害、健康发展，仍然是一个不错的好消息。《指导意见》中，十部委对监管提出的五大原则，即“依法监管、适度监管、分类监管、协同监管、创新监管”，同时又首度明确的监管职责划分：中国人民银行负责互联网支付业务的监督管理；中国银监会负责包括个体网络借贷和网

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观点 | Opinion CHINA OFFSHORE

络小额贷款在内的网络借贷以及互联网信托和互联网消费金融的监督管理；中国证监会负责股权众筹融资和互联网基金销售的监督管理；中国保监会负责互联网保险的监督管理。可见，《指导意见》要求互联网金融的相关发展政策既为市场划清一个界限，也要为市场预留发展空间，对于出于全球资产配置、对外投资浪潮下的中国机构和个人仍是一个利好。就从事个人境外证券投资的金融机构而言，充分运用互联网进行产品营销，或许就是这一中国互联网金融行业“基本法”的最大看点。近几年，中国互联网金融发展迅速，有统计数据显示，2015 年第一季度中国互联网金融市场整体规模已经超过 10 万亿元人民币，预计到 2015 年底，国内的互联网金融用户将达到 4.89 亿人，渗透率达到七成。就 QDII2 而言，试点政策中所针对的试点城市，如允许资产 100 万元以上个人 50% 的境外投资，新政策相当于给了一个 41 万亿元的个人投资总配额。但是，中国互联网金融也暴露出了一些问题和风险隐患，如行业发展“缺门槛、缺规则、缺监管”；客户资金安全存在隐患，出现了多起经营者“卷款跑路” 事件；从业机构内控制度不健全，存在经营风险；信用体系和金融消费者保护机制不健全；从业机构的信息安全水平有待提高等。从《指导意见》对规范互联网金融市场秩序提出的八大要求，可以看到，鉴于中国人民银行已经提出将组建中国互联网金融协会，强化行业自律管理，更给

China Offshore Trusts & Foundations Guide 2015

as good news for those institutions and individuals who are keen to engage themselves in global asset diversification and allocation or outbound investment. In other words, for those financial institutions offering domestic individuals portfolio investment services, using internetbased product marketing fully and adequately would be the most exciting point of this basic law for China’s Internet-based finance. According to recent statistics, internetbased finance in China has been developing dramatically, with the overall size of the industry reaching RMB 1 billion by the end of the first quarter of 2015, and it is expected to cover 48.9 million domestic users by the end of 2015 with the permeating rate reaching

70 percent. For QDII2s, among the six pilot cities, if 50% of the individuals with personal assets over RMB 1 million make outbound investments, such a policy would create an overall investment quota of approximately RMB 4.1 billion. Nevertheless, there are also some problems and hidden dangers in China’s previous and existing market for internet-based finance. These include the absence of tariffs, rules and supervision. Some hidden risks for customers’ funds have already led to run-away cases by some operators; incomplete internal control schemes for institutions have led to operational risks; neither credit-rating systems nor financial consumers’ protection schemes are complete; and the level

观点 | Opinion CHINA OFFSHORE

予QDII2金融机构在监管规范尚未健全、及时、到位的情况下，以自律管理、自主规范为契机，先行先试，主要做好以下几个工作，就有可能利用互联网优势，在信息发布、投资人权益保护及网络与信息安全三方面为进一步取得营销上的优势，从而树立优良的从业标杆，成功获得第一批客户。首先，根据《指导意见》对金融机构在健全信息披露、风险提示和合格投资者制度提出的要求，从业机构如能对客户进行充分的信息披露，及时向投资者公布其经营活动和财务状况的相关信息，进行充分的风险提示，则吸引和维持投资人不会是一个难题。其次，根据《指导意见》在加强网络与信息安全化消费者权益保护方面的要求，金融机构如能充分贯彻消费者教育、合同条款、纠纷解决机制等方面的要点，将足以稳定投资人的信心。再次，根据《指导意见》关于加强网络与信息安全，要求从业机构切实提升技术安全水平，妥善保管客户资料和交易信息的要求，QDII2 的金融机构，普遍掌握第一手资料且直接面对客户，其在客户需求采集、风险提示要点等方面的实践经验无疑更领先于行政监管。 QDII2 的推出可以满足境内居民全球化资产配置的需求，缓解外汇储备增长对管理效率带来的压力，加快人民币国际化步伐。而以商业银行为主的金融机构，在整个业务流程中将起关键作用但也能最先占领制高点。

of information security for participating institutions is awaiting upgrades, to name a few issues. One may read from the eight requirements inside the Guideline that PBOC has already announced the organization of a State Internet-based Finance Association to strengthen selfruling and self-management, and shall offer additional piloting opportunities to institutions participating in QDII2 services in the current situation of supervision measures not being realized. Also, it is imagined that by adopting and implementing three measures including information announcement, protection of investors’ rights, and internet and information security, institutions in QDII2 service could gain solid advantages in marketing and set up a survey in order to win the first series of customers or investors. Firstly, for those participating institutions who could manage information disclosure for customers and announce their business and operational activities together with their fiscal status to investors in a timely manner, attracting and maintaining investors would not be a problem.

Secondly, in order to stabilize investors’ confidence, participating institutions should educate consumers by providing them with the terms and conditions of contracts, and dispute resolution schemes that match the requirements of strengthening internet and information security for the protection of consumers’ rights. Thirdly, participating QDII2 institutions who could upgrade their internet and technology and thereby better maintain their customers’ information could easily occupy a leading position for bargaining with administrative supervisors by sharing their advantages in collecting first-hand information and alerting customers of risks. Finally, the launch of QDII2s may satisfy domestic individuals’ demand for global asset diversification, ease the pressure of increasing foreign exchange reserves, and speed up the RMB’s internationalization, and the institutions represented by sound commercial banks will certainly play a key role and gain a competitive advantage in the industry’s future.

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观点 | Opinion CHINA OFFSHORE

人民币基金在跨境投融资中的操作与运用

Operation and Use of RMB Funds in Cross-border Investment & Financing Haibo Xu & Dongming Liu

Haibo Xu / 许海波金诚同达（上海）律师事务所高级合伙人，资深信托金融与并购律师。上海市复旦大学金融学硕士。先后担任上海市律师协会房地产研究会委员、基金研究会委员和信托研究会委员。许律师主要致力于公司金融、房地产金融和离岸金融业务，并长期为多家大中型企业提供常年法律顾问服务。 Senior partner of Jincheng Tongda & Neal (Shanghai) Law Firm, Senior Trust Finance and M & A lawyer. Master of Finance, Fudan University, Shanghai. Lawyer Xu has served as a member of the Real Estate Research Committee, Fund Research Committee and Trust Research Committee of the Shanghai Bar Association successively. Lawyer Xu is mainly engaged in corporate financial business, real estate financial business and offshore financial business and has been providing legal counsel services for a number of large-scale and mediumsized enterprises for many years.

China Offshore Trusts & Foundations Guide 2015

n spite of the global economic slowdown, the export-oriented feature of the Chinese economy has constantly been reinforced. With the volatility of currency exchange rates, there is a stronger desire for idle domestic capital to be converted into foreign capital. By setting up private funds, domestic, industrial and financial capital takes an active role in crossborder mergers and acquisition, and stimulates industrial integration on both a global and a regional basis.

Compared with foreign-raised private USD funds, the so-called RMB funds have international vision, and operating capability. They integrate profound government and industrial resources, and thus play an important role in transnational investments, and mergers and acquisitions. This article briefly discusses the application of RMB funds in cross-border investment and financing by analyzing some case studies.

观点 | Opinion CHINA OFFSHORE

在

全球经济放缓的同时，中国经济的外向型特征仍在不断增强。随着国际汇率的变化，

国内闲置资本配置国外资产的欲望更加强烈。中国境内产业资本和金融资本通过设立私募基金的形式，积极参与跨境并购重组，推动全球化、区域化的产业整合。所谓人民币基金，即相对于境外募集的美元私募基金而言。这些基金的团队具有国际化的视野和运营能力，又聚合了深厚的政府资源与行业资源，在跨国投资、并购重组等方面都扮演着重要的角色。本文结合个别实例操作，针对人民币基金在跨境投融资中的运用，作简要分析。人民币基金跨境投资的优势人民币基金作为战略投资者参与国内企业的跨国投资，可以帮助实业投资者克服地域、财务或运营管理上的局限性，降低跨境投资的金融、法律与运营风险。第一，国内企业进行大规模并购，在财务上往往存在压力，若此时能联合一家或几家跨国股权投资基金签署财团协议，联合进行投资操作，将大大降低投资过程中的财务风险。第二，国内企业在对被投资企业的跨国运营管理方面缺乏实践经验，其对被投资企业地域和跨国操作的不熟悉，缺乏国际视野，将在很大程度上造成投资之后的运营困难。而对于大型人民币基金来讲，其往往聚焦于特定地域或行业的融资并购，熟悉投资及投资后的操作流

Advantages of RMB Funds in Cross-border Investment For the domestic enterprises participating in cross-border investments for strategic reasons, RMB funds can help them overcome regional, financial, or operational limitations, and reduce the financial, legal and operational risks of crossborder investment. Firstly, to complete large-scale mergers and acquisitions, domestic enterprises are often under financial pressure. If such enterprises can sign consortium agreements with one or more crossborder equity investment funds to make investments together, the financial risks of the investment can be greatly reduced. Secondly, domestic enterprises lack practical experience in performing multinational operations and managing invested enterprises. Their lack of familiarity with this territory, as well as their lack of international vision is largely what causes difficulties in the operations after investment. Large RMB funds often focus on the financing, and mergers and acquisitions of specific regions or industries, and know well the operational procedures for making and maintaining investments. They always appoint directors or other senior supervisors to the board of directors, so as to assist the operation and grasp the company’s direction for development. Besides this, based on the principles of maximizing investors’ benefits, equity investment funds often emphasize strategic and financial matters before withdrawal, thus effectively improving corporate performance.

Dong ming Liu / 刘冬明刘冬明毕业于华东政法大学，获学士学位。后于美国明尼苏达大学获得法律硕士学位。刘冬明于 2014 年 10 月加入金诚同达（JT&N）律师事务所，参与公司证券、兼并收购及信托领域的法律工作，并向国内公司提供常年法律顾问服务。 Liu Dongming graduated from East China University of Political Science and Law with a Bachelor degree, and later received LLM from University of Minnesota in the USA. After joining JT&N in October 2014, Liu Dongming has undertaken various legal affairs on company securities, merger and acquisition, and trust. She also provides long-term legal consulting service for domestic companies.

Thirdly, by utilizing standardized operational procedures, professional

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观点 | Opinion CHINA OFFSHORE

程，其往往指派董事或其他董监高进入公司董事会层面，协助公司运营并把握公司发展方向，且基于其投资利益最大化原则，股权投资基金在退出前往往偏重于战略及金融层面，能够有效提高公司业绩。第三，利用规范的操作程序、专业的法律条款、详尽的尽职调查以及全球化的顶级投行与法律资源，国内企业在对外投资时引入人民币基金作为战略投资者可以有效控制金融、法律与操作风险。第四，与人民币基金海外投资配套的政策与监管条件，已经得到大大改善。尤其在中国政府大力推进建设自贸区，为人民币基金的海外投资打开了更为高效的通道。 2014 年 8 月 19 日，商务部令 3 号令《境外投资管理办法》确立了“备案为主、核准为辅”的新型管理模式，进一步推进了境外投资的便利化进程。上海相关部门也相继出台自贸区《境外投资开办企业备案管理办法》与《境外投资项目备案管理办法》，根据规定，对于不涉及敏感国家和地区投资、敏感行业及额度不超过 3 亿美元的境外投资项目，相关企业只需在自贸区管委会等部门完成项目备案，就可以直接向外管局申请换汇投向境外。自贸区对于境外投资项目备案主要监管在技术层面上，即项目备案资料是否齐全，对外投资的法律架构是否合规，相关部门如何做到事中、事后监管，如何保证换汇资金直接流向备案项目而非备案之外的投资品种等，而对具

China Offshore Trusts & Foundations Guide 2015

legal terms, detailed due diligence reports, globalized top-level investment banks, and legal resources, domestic enterprises can introduce RMB funds as strategic investors to effectively control the financial, legal and operating risks during foreign investments. Fourthly, the supporting policies and supervising conditions for the overseas investment of RMB funds have been greatly improved. In particular, the Chinese government has been vigorously promoting the construction of free trade zones (FTZ) and opening a more effective channel for the overseas investment of RMB funds. On August 19, 2014, Order No.3 of the Ministry of Commerce, Measures for Overseas Investment Management, established the new management model of "Primarily focusing on filing and secondarily on ratification" to further facilitate overseas investment. Relevant authorities in Shanghai have also formulated Managing Measures for Filing and Documenting the Establishment of Overseas Enterprises and the Managing Measures for Filing and Documenting Overseas Investment

Projects for Shanghai’s FTZ. According to the regulations, so long as the overseas investment projects do not involve investments in sensitive countries and regions, and the amount of investment is less than 300 million US dollars, relevant enterprises can directly file an application for currency exchange with the State Administration of Foreign Exchange for overseas development after completing the project filing with relevant departments, such as the management committee of the FTZ. The supervision of FTZs in the filing of overseas investment projects mainly focuses on technicalities, that is, whether the filing data is complete, whether the legal framework of the overseas investment complies with regulations, how relevant departments ensure supervisions during and after investment, and how to ensure that the exchanged currency flows into the filed projects rather than into other investments beyond the filing. However, the filing departments don't examine the framework and relevant clauses of specific project investments.

观点 | Opinion CHINA OFFSHORE

体项目投资的框架与相关条款，备案部门不予审查。同时，自贸区现行的跨境投资项目备案换汇制度，相较于以往的跨境投资项目换汇审批，大大简化审批了流程，缩短了时间，这为国内企业对外投资提供了便利，将大大促进对外投资的加速发展。基于此，以股权投资基金为金融媒介的对外投资将排除监管问题，能够更加准确的预测设立时间，为国际投资提高效率及确定性。人民币基金在跨境投资的操作与运用人民币基金跨境投资的金融与产业逻辑，与境内投资并无本质的不同，如下图：简单来说，就是资金池构建在境内，资产池构建在境外，既要考虑境外目标资产的本地属性与法律环境，也要考虑国际资本流动的监管要求。在此基础上考虑法律安排与风控措施。以跨境股权投资为例，操作上，即在中国境内设立一只私募基金，根据国内的监管政策完成对外投资备案，然后在境外离岸岛设立特殊目的公司，并以此作

At the same time, compared to the previous examination and approval process of cross-border investment projects, the FTZ’s prevailing crossborder investment project filing and currency exchange system greatly simplifies examining procedures and shortens the time, thus facilitating the overseas investments of domestic enterprises and greatly speeding up the development of overseas investments. Based on this, the overseas investments using equity investment funds as a financial intermediary will eliminate supervision problems; more precisely predict the time of establishment and improve the efficiency and certainty of international investments. Operation and Use of RMB Funds in Cross-border Investment The financial and industrial logic of the cross-border investment of RMB funds is not different from that of the domestic investments in nature, as the following graph shows: Simply speaking, one constructs the funding pool domestically and the asset pool beyond domestic borders. Not only should the local properties and legal environment of overseas target assets be taken into consideration,

but also the supervising requirements of the flow of international capital. Based on this, the legal arrangements and risk control measures should be considered. Taking cross-border equity investment as an example, the practical operations are to establish a private fund in China, and complete the filing of overseas investment according to domestic supervision policies, then incorporate a special purpose company in an offshore jurisdiction, and take such a company as the investment subject for purchasing the equity of target enterprises offshore. Recently, we have directly participated in a case where the controlling shareholder of an overseas listed company was offered RMB funds for financing to complete the privatization, delisting, and spin-off listing of a target listed company. The private financing transactions had the following key points: Firstly, the actual controller of an overseas listed company established the privatization plan, financing plan and transaction path. (Generally, when the share price is substantially undervalued, the investment banks help the controlling shareholder

为投资主体购买并持有境外目标企业的股权。我们最近所直接参与的一个案例，即以人民币基金为境外上市公司的控股股东

资产池

提供融资，帮助控股股东完成对目标上

Asset Pool

市公司的私有化，摘牌后重新分拆上市。

金融工具金融方案 Financial Tool Financial Program

资金池 Asset Pool

该私有化融资的交易要点如下：第一，境外上市公司实际控制人制定私有化退市方案、融资方案和交易架设路

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

径；（通常是在股价被严重低估的情况下，投行帮助控股股东指定私有化方案）第二，上市公司控股股东就融资方案的条款与条件（terms sheet）与基金方达成一致；第三 , 基金管理人在中国境内按照融资方案所确定的融资规模募集设立人民币私募基金，并根据国内法律规定办理境外投资备案手续；第四，控股股东通过过桥贷款增持目标上市公司股份至约定的比例并触发基金认购条件后，包括该中方人民币基金在内的多家境内外机构通过认购控股股东持股平台的股权，为控股股东提供融资，完成私有化退市；第五，退市完成后，目标公司根据公司发展的战略目标进行资产分拆、重组，并重新在港股或美股上市；第六，私募基金作为战略投资者，计划在公司上市后将在一定期限内继续持有新上市公司股份，或逐步退出。根据各方达成的融资安排，如果目标公司未能成功私有化或私有化后出现违约或未在规定的期限内重新上市，人民币基金按照协议约定并购退出。人民币基金在跨境股权投资中的核心条款人民币基金与被投资企业的投资交易所达成的关键性条款，严格限定了基金与企业之间的利益关系、股权分配、注资条件、投资监管、业绩指标等等，可初步分为如下几类条款：

China Offshore Trusts & Foundations Guide 2015

establish a privatization plan.) Secondly, the controlling shareholders of the listed company reached agreements with the funds on the terms sheet of the financing plans. Thirdly, fund managers set up private RMB funds through a public offer according to the financing scale determined in the financing plan in China, and dealt with the filing procedures of overseas investments according to domestic laws and regulations. Fourthly, when the controlling shareholder increased its shareholding of the target listed company through bridge loans and triggered the fund subscription conditions, several domestic and overseas institutions (including this RMB fund in China) provided controlling shareholders with financing to complete the privatization

and delisting by subscribing to the equity of the controlling shareholder's shareholding platform. Fifthly, after the completion of delisting, the target company will carry out the spin-off and reorganization according to the strategic development objectives of the company, and then list it again on the Hong Kong or US stock market. Lastly, as a strategic investor, private funds plan to continue to hold the shares of the newly listed company within a certain period after its listing, or to gradually exit. According to the financing arrangement reached by concerned parties, if the target company fails to complete the privatization, breaks the contract, or fails to complete the re-listing within a specified period after the privatization, the RMB fund will exit according to the agreed merger and acquisition contract.

观点 | Opinion CHINA OFFSHORE

第一，股权比例条款：此类条款详细规定了基金投入企业的投资额度、股权收购价格、及其对应的股权比例。同时，为保证基金所持公司的股权比例不被稀释，通常我们会采纳优先认购权及优先购买权、反稀释条款或股权锁定条款以保证基金在企业中所享有的股权比例不发生变化。第二，公司治理结构条款：此类条款详细反应了基金在投入企业后，介入被投资企业的经营管理。如基金可以在投资协议中规定其享有一定的董事会席位、投票权、决策事项、或在特定事项的决策时，享有一票否决权。

Core Terms of RMB Fund in Crossborder Equity Investment

第三，退出条款：基金应充分考虑其投

The key terms of the investment transaction followed by RMB funds and invested enterprises strictly limit interested relationships, distribution of equity, capital injection conditions, investment supervision, and performance indices between the fund and enterprises. Such terms can be preliminarily classified into the following terms:

资的退出机制。退出方式包括上市、协议转让、回购及清算。在投资协议里，可通过安排回购条款、回购保证及对价、共同出售权、领售权、清算优先条款、被投资企业承诺等条款以保证基金的有效退出。此外，基金投资条款清单还应根据项目的具体需要，制定符合项目要求的特别条款，包括但不限于投资前提条件、优先股与普通股的安排、期权计划、排他性条款等。

Firstly, equity ratio terms: such terms specify the investment amounts invested by the fund on the enterprise, equity procurement price, and corresponding equity ratio in detail. At the same time, to ensure that the equity ratio held by the fund is not diluted, generally we adopt preemptive rights, preemption rights, anti-dilution terms, or equity lockup terms to make sure the equity ratio enjoyed by the fund in the enterprise remains unchanged. Secondly, corporate governance structure terms: such terms reflect in details the intervention of the fund in the operation and management of the

invested enterprise after investment. For example, the funds may enjoy certain board seats, voting rights and decision-making participation rights, or veto power as to the decisions on particular matters specified in the investment agreement. Thirdly, exit terms: the funds should take a full consideration of the exit mechanism of their investments. The exit methods include listing, transfer of agreement, repurchasing and liquidation. In the investment agreement, terms on repurchasing, repurchasing guarantee and consideration, co-sale rights, dragalong rights, liquidation preferences, and promises of invested enterprise may be arranged to ensure the effective exit of funds. Besides, the terms sheet of fund investments should also establish particular terms in accordance with the project requirements, including but not limited to: preconditions on investments, arrangement of preferred shares and ordinary shares, share option schemes, and exclusive terms.

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

利用信托向美籍子女传承资产

Don’t Lose Trust in Trusts Rocky Chan

W Rocky Chan Rocky Chan 合伙人和首席财务官 Mind Fund Group （风险资本公司） rocky@mindfund.com Linked-in: Rocky Chan @ Hong Kong Rocky 在中国和美国有超过 15 年的投资经验，现在是香港 Mind Fund 集团公司的首席财务官，此前他曾在北京担任百度公司的家族办公室总监。 Partner and CFO Mind Fund Group (a VC firm) rocky@mindfund.com Linked-in: Rocky Chan @ Hong Kong Over 15 years of investment experience in US and China, Rocky is the partner and CFO of Mind Fund Group based in Hong Kong. Rocky was also the head of family office for the Baidu in Beijing.

China Offshore Trusts & Foundations Guide 2015

hen it comes to setting up a trust, it’s very easy for people to get confused, frustrated and lost. Indeed, trusts can be a very complicated topic because they have to simultaneously deal with so many complicated issues such as tax, jurisdictions, estate planning, asset managements and family citizenship. There is no one-size-fits allsolution. But if you area Chinese passportholding parents who are thinking of setting up a trust for the benefits of your US-citizen children (or children who will potentially become US citizens), this article is right for you. If not, please consult with a legal expert or professional in the trust industry.

There is so much jargon associated with trusts nowadays. The most common terms among it all are“living trust”, “grantor trust”, “irrevocable trust”, “Delaware trust”, “foreign trust”, and so on. I am sorry, but you may have to force yourself to learn them all to appreciate the real options. For a simple structure, the person who sets up the trust is called grantor or settlor. The persons who receive the trust’s benefits are named beneficiaries. The person or organization who manages the trust is called the trustee. A person can become both grantor and trustee, or both grantor and beneficiary. However, they cannot be all three because it would make for a selffulfilling deal, and go against the spirit of setting up a trust.

观点 | Opinion CHINA OFFSHORE

在

考虑设立信托时，有时候很容易让人赶到迷惑、泄气和失落。事实也确实如此，信托有时候

非常复杂，因为需要同时理解那么多复杂的问题，比如说税务、离岸金融辖区的选择、遗产规划、资产管理和家庭成员的公民权等等。要解决上述问题，并没有一个放之四海而皆准的万金油方案。

The purpose of setting up a qualified trust is part of estate planning for many high net worth individuals who have a strong desire to pass on their assets to selected beneficiaries such as children, spouses and charitable organizations, with the least tax consequences and burden possible. If you know that the highest estate taxes reach up to 55% on US federal tax level alone, you

would be wise to spend some time learning to understand these issues and to seek out the best options to avoid or even eliminate this US tax madness. Oftentimes, setting up a trust of some kind is the most valid option. Instead of randomly discussing all kinds of trust issues and making everyone feel lost and bored, I would like to present a real life situation that

但如果您是中国籍的父母且考虑利用信托来为您的美国籍（或即将获得美国籍）的子女谋福利的话，这篇文章就是为您而写的。如果不是，您则可以咨询信托方面的法律专家或专业人士。当今社会，关于信托方面的专业术语和名词数不胜数。最常见的比如生前信托（living trust）、委托人信托（grantor trust）、不可撤销信托（irrevocable trust）、特拉华信托（Delaware trust）和外国人信托（foreign trust）等。很遗憾，您可能需要强迫自己去学习所有这方面的知识来帮助自己做出正确的选择。对于一个简单的信托架构来说，设立信托的人被称为委托人（grantor）或授予人（settlor）。而接受这些信托利益的人则被称作受益人（beneficiaries）。而负责管理这个信托架构的个人或组织则被称为受托人（trustee）。个人可以同时成为委托人和受托人，或者同时成为委托人和受益人。不过他不能同时身兼以上三种身份，因为这可能有假公济私的机会，而失去设立信托这一架构的宗旨。设立合格的信托架构，对很多寄希望于向其精心挑选的受益人，比如子女、配偶和慈善组织分配资产的高净值人士来说，是遗产规划的一部分，也能同时最大限度地避免由此造成的税务负担。如

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

果听说过美国联邦税务的征收水平，对遗产税的征收的最高额度是 55%，你就会非常愿意花时间来学习一下离岸信托，并寻找规避甚至完全消除美国税务负担的方法。很多时候，设立某种信托架构是最有效的避税方法。我不想在这里和您漫无目的地讨论所有类型的信托问题，这肯定会让大家更加摸不着头脑。我只想向您介绍一个活生生的例子，一个中国公民在面对设立“正确的信托”来使自己的美国籍子女，或即将成为美国公民的，仍在校读书的子女获得最大利益。要让孩子入籍美国的方法很多，比如工作签证、家庭投资移民或通过和美国公民结婚等方式，都能达到目的。一般情况下，非美国公民都应该设立外国信托。这能规避所有美国法律所规定的税务风险。但如果您是美国公民，您就别无选择，只能设立一个美国或国内信托来遵守美国的税务法规。设立信托的人被称为委托人。如果委托人希望维持随时改变或取消信托的权利，他必须设立一个可撤销信托。顾名思义，它表示该信托的条例或甚至整个法律文件都能被随时重写。在可撤销信托的情况下，如果这个身为美国公民的子女是该信托的受益人，这个信托即成为“可撤销的委托人信托”。具有委托人的状

applies to Chinese citizens who are facing the decision of establishing the “right trust” for the benefits of their UScitizen children, or potentially US-citizen children who are still in US colleges. There are many ways for a child to obtain US citizenship through working visas, family investments, immigration, or marriage with a US citizen. As a general rule of thumb, a non-US citizen should set up a foreign trust. This will prevent all tax filing problems with regards to US law. If you are a US citizen, you have no choice but to set up a US or domestic trust to comply with all the US tax laws.

态是至关重要的，因为它让身为非美国公民的父母（授予人）来向他们的美国公民子女传承资产，而不需承担美国法律规定的赠与税和遗产税的负担。这些税务优势事实上是授予人在其有生之年以免税的方式分配其财产，并在其身故

China Offshore Trusts & Foundations Guide 2015

The person who sets up the trust is called settlor. If a settlor wishes to maintain the power to alter or cancel the trust, he has to set up a revocable trust. This simply means that the terms, or the entire legal document,

can be overwritten at anytime. Under this revocable trust, if the US-citizen children are the trust beneficiaries, this trust becomes a “revocable grantor trust”. Having grantor status is extremely important because it enables the non-US citizen parents (settlors) to transfer assets to their US citizen children without the consequences of US gift tax and estate tax. These tax benefits are actually tax-free distributions during a settlor’s lifetime and, after a settlor’s death assets received on the basis of a settlor effectively “stepping down”. A nongrantor trust will lose all of these tax benefits. Therefore, by all means, make the trust a “grantor trust”. If you are willing to give up altering power, you can set up an irrevocable trust. However, to obtain the “grantor status” under irrevocable trust is not easy. The only way to set up an

观点 | Opinion CHINA OFFSHORE

后递升资产基础的方式。非委托人信托则会失去所有这些美国税务优惠。因此，不论怎样，您都应该想方设法把信托设立成“委托人信托”。如果您打算放弃这个改变信托的权利，就可以设立一个可撤销信托。虽然如此，要获得可撤销信托的“授予者身份”却绝非易事。唯一的方法就是设立一个具有授予人身份的可撤销信托，让授予人或配偶成为信托的受益人。换言之，美国籍的子女必须排除在该信托的受益人名单之外，但这对中国籍的父母来说则意义不大。把美国籍子女包含在可撤销信托之内会导致该信托成为“非委托人信托”，这样做会造成违反美国税法的严重后果。因此，问题的关键不在于是

irrevocable trust with grantor status is to make the settlor or the spouse become the trust beneficiary. In other words, the US-citizen children have to be excluded from being beneficiaries of the trust, which may not make much sense for Chinese parents. Including a US-citizen child into the irrevocable trust will cause the trust to become a “non-grantor trust”, which will face very ugly US tax consequences. As a result, the key is not irrevocable or revocable; it is the grantor status that a Chinese parent will want to make happen. So far, I hope you are still with me, and not lost. If you are lost already, please go back and re-read everything, or email me with questions. I may not have succeeded in presenting the information about these complicated

issues at a level that everyone can understand. In a nutshell, for non-US citizen parents, the best idea is to set up a “foreign revocable grantor trust” and to enjoy the following benefits: · No estate tax for each generation if the trust is properly structured · Only income tax needs to be paid on the income generated by the trust · Avoid the troublesome (costly andtime-consuming) probate · Asset protection from creditors Let’s take it a step further. As trusts are maintained throughout generations,

否可以撤销；而在于中国籍父母都希望获得的委托人状态。行文至此，我希望您已经对信托略知一二。如果您还觉得不太明白，可以再次温习以上文字，或者直接给我发邮件询问。我希望我的表述够清楚，但不见得每个人都能很清晰地理解这些复杂的问题。概括讲，对于非美国籍的父母来说，最佳方案是设立一个“外国可撤销委托人信托”（foreign revocable grantor trust），以享受以下这些好处： ·如果信托架构得以正确设立，任何一代人都无需缴纳遗产税 ·只有这个信托产生的收益才需要缴纳所得税 ·避免冗长复杂的遗产检验（需要花费大量的时间和金钱） ·针对债权人而言的资产保护

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

进一步讲，信托是几代人都在不断维护的架构，但情况会有所变化，下一代人的想法应该在整个过程中也被考虑和尊重。比如说，如果美国籍的子女希望永久保留他们的国籍，设立“外国可撤销委托人信托”的最佳选择是利用美国特拉华州的法律和受托人法。这是因为特拉华州自动转换利益能避免税务罚款，比如幻影所得税（phantom income tax），回转税（throwback tax）和在授予人身故后信托留在离岸时所产生的利息费用。总体来说，当财产授予人身故后，他的 “外国可撤销委托人信托”需要被转换成“美国不可撤销非委托人信托”，因为他的美国籍子女有义务提交归档申请和缴纳沉重的美国遗产税和所得税。尽管如此，有时候还会发生归档延迟，甚至完全不归挡都有可能，因为外国受托人不主动或者对子女在这个复杂的信托关系中产生的问题不了解。在把外国受托人替换为美国的受托人过程中可能发生的延迟和利息冲突，有可能会导致违反美国税法的严重后果。如果作为美国公民的子女无法百分百地确定是否会永久保留他们的美国籍，在特拉华州的法律框架下设立信托仍然是一个理想的选择，因为授予人可以很容易地在特拉华信托中加入一个条件，来把特拉华的受托人适用架构移至离岸辖区。如果美国的税法要吞掉他们所继承遗产中一半，美国籍的子女就能够保留今后放弃美国国籍的选择。如果美国籍的子女能够 100% 地确定会在授予人的有生之年内放弃他们的国籍，

China Offshore Trusts & Foundations Guide 2015

the situation may change, and the next generation’s thinking has to be considered and honored along the way. For example, if US-citizen children plan to keep their US citizenship forever, the best jurisdiction to set up a foreign revocable grantor trust is under the US Delaware’s trustee laws. This is because Delaware’s automatic conversion benefits can avoid tax penalties such as phantom income tax, throwback tax and interest charges caused by the trust staying offshore after a settlor’s death. In general, when the settlor passes away, its foreign revocable grantor trust needs to be converted into a

US irrevocable non-grantor trust because his US citizen children are obligated to file and pay heavy US estate and income taxes. However, a potential filing delay or even nonfiling are often committed due to lack of incentives for the foreign trustee and lack of knowledge of the children on complicated trust issues. The potential delay and conflict of interests by replacing a foreign trustee with a US trustee may cause serious US tax penalties. If the US-citizen children are not 100% sure that they will keep their US citizenship for the rest of their life, setting the trust up under Delaware

观点 | Opinion CHINA OFFSHORE

在离岸辖区设立信托和受托人就成为一个正确的选择。比较受欢迎的离岸辖区包括开曼群岛、英属维尔京群岛和泽西城等。需要注意的是，美国籍的子女绝对不能在授予人死后才放弃国际，这会面临严厉的税务罚款。在美国国税局的眼里，他们放弃国籍的时间过晚，因此很显然无论在哪里设立信托，这都是一种故意逃税的行为。虽然这些子女保留或放弃美国籍的决定看上去意义重大，但是也没必要太过惊

law is still ideal because the settlor can easily add a stipulation in the Delaware trust to move the governing law and trustees from Delaware to an offshore jurisdiction. Children can keep the option of giving up their US citizenship later in their life if they see that the US tax bills would eat up half of their inherited assets.

is that the US-citizen children should never give up their US citizenship after a settlor’s death because they would face a serious tax penalty. It is simply too late to give up US citizenship because, in the eyes of the IRS, this is behavior that constitutes tax evasion, regardless of the jurisdiction the trust is set up.

If the US citizen children are 100% sure that they will give up their US citizenship during settlors’ lifetimes, setting up a trust offshore is appropriate. Popular offshore jurisdictions include the Cayman Islands, the British Virgin Islands, and Jersey.

The decision of keeping or giving up US citizenship for the children might seem to be a big deal. However, don’t lose sleep over this issue right away because you may still have time to evaluate the options. For instance, if the US-citizen children are 18 years old or below, they have no capacity or legal right to give up their US citizenship yet.

One important point to bear in mind

2015 China Offshore Trusts & Foundations Guide China Offshore

观点 | Opinion CHINA OFFSHORE

慌，因为您仍然有足够的时间来深思熟虑。举例来说，如果美国籍的子女在 18 岁以下，他们尚没有能力或法定权利来放弃自己的美国籍。所以，在他们到 18 岁以前，您还有大把的时间来权衡利弊。尽管如此，在您子女长到 18 和 18 岁半之间时，您就应该在日历上把这至关重要的六个月时间做一个记号。这六个月是您子女放弃美国籍，享受您留给他们的资产和规避美国让人不堪重负赋税的最佳窗口期，因为这些资产都是可以享受免税待遇的。当然，如果您的子女已经到 18 岁半，放弃他们的美国籍就不是时候了，因为这样做会在授予人身故后，需要向信托收益人分配财产时，点燃所谓的“外国人税务炸弹”。总的来说，对于希望向他们的美国籍子女传承财产的非美国籍中国父母来说，以下是根据子女年龄划分的简单应对措施： ·1 岁到 18 岁：在特拉华法的规定下设立一个外国可撤销委托人信托，子女保留美国籍。 ·18 岁到 18 岁半：把特拉华信托转换成离岸信托，子女在这六个月的时间内放弃美国籍。 ·18岁半后：子女应该保留他们的美国籍。对于其它情况，比如没有子女的中国公民或希望向慈善机构捐款的中国公民来说，情况就比较直截了当了。任何一个能协助您撰写信托法律文件的律师都能提供免费的顾问服务。

China Offshore Trusts & Foundations Guide 2015

Therefore, please relax for 18 years. However, do mark on your calendar the critical six month period when your children are between 18 and 18.5. These six months present the best exit window for your children to give up their US citizenship and enjoy their free assets from you without the ugly US tax burdens because no expatriation tax would be levied on the assets. From that point on, your children will become rich and happy foreigners. However, if your children have already reached 18.5, it is a bad time to give up their US citizenship because it will trigger the expatriation tax bomb when the settlor passes away, and the assets would be required to be distribute to the children as the trust beneficiaries. In a nutshell, for non-US citizen Chinese parents trying to pass assets to their US-citizenship children, here

are the take-away solutions based on the children’s ages: · 1-18: set up a foreign revocable grantor trust under Delaware’s law and the children keep the US citizenship · 18-18.5: convert the trust from Delaware’s law to offshore law and the children give up US citizenship within this 6-month time frame · 18.5 - later: children should keep their US citizenship For other situations, such as a Chinese citizens without children or Chinese citizens wishing to donate assets to charitable organizations, it is a relatively straightforward case. Even the attorney who helps to set up the legal trust documents can offer free advice and consultation on this.

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Member Contribution

多维度透视：为何香港是设立信托的理想地？

Multiple Perspectives: Why is Hong Kong the Ideal Place for Trusts? Catherine Le Bourgeois, Wilson Yeung

Wilson Yeung 杨维信是 Masson de Morfontaine Ltd 的国际税务总监。他是一名注册会计师和注册税务师，擅长于个人及企业国际税收筹划及转让定价。 Wilson Yeung is the International Tax Director of Masson de Morfontaine Ltd. He is a qualified accountant and certified tax adviser specializes on international tax planning and transfer pricing for individual and corporate clients.

The Current Legal Framework of Hong Kong Trust The Trust Law (Amendment) Ordinance 2013 ("the Ordinance"), which aims to modernize Hong Kong's trust laws, became effective on 1 December 2013. The Ordinance states that its main objective is to amend the Trustee Ordinance and Perpetuities and Accumulations Ordinance to extend trustees' powers in certain aspects, impose a statutory duty of care on trustees, provide for the validity of certain trusts, abolish the rule against perpetuities, and change the rule against excessive accumulations of income.

China Offshore Trusts & Foundations Guide 2015

The major changes include (i) extension of trustees' powers to take certain actions, where the trust deed does not provide for it; (ii) introduction of a default provision on statutory duty of care on trustees; (iii) imposition of statutory controls on trustees’ exemption clauses; (iv) provision of a court-free process for the appointment and retirement of trustees on beneficiaries’ directions; (v) provisions against forced heirship rules; (vi) abolition of the rule against perpetuities and excessive accumulations of income; (vii) inclusion in the trust of provisions reserving powers relating to investment and asset management functions which will not invalidate the trust.

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现行的香港信托法律构架为了促进香港信托法律现代化的 2013 年香港信托法（修订）条例（简称“条例”）已于 2013 年 12 月 1 日生效。条例明确其主要目的是修订受托人条例及永续和累积条例，以延伸受托人在一些领域的权力，实行对受托人的法定尽职义务，提供一些信托的合法性，废除排斥永续的法规，以及改变针对过量累积收入的法规。条例主要的改变包括（i）当信托契约没有给予的情况下，延伸受托人执行一些行为的权力；（ii）引进受托人法定尽职义务的默认条款；（iii）实行对受托人豁免条款的法定控制；（iv）提供基于受益人意旨进行不经法庭的受托人任免程序；（v）针对强迫继承权的条款；（vi）废除排斥永续及过量累积收入的条款；（viii）包括保留关于投资及资产管理功能的权力却不会使信托无效的条款。上述条款带来香港信托法律的进步和振兴香港作为国际资产管理及信托规划中心的地位，并让香港成为更吸引委托人的信托设立地。

The above provisions bring improvements to Hong Kong's trust law and strengthens Hong Kong's position as an international asset management and trust planning center and makes it a more attractive trust domicile for settlors. Why Hong Kong is the Ideal Place Over the last couple of decades, the fact that Hong Kong has sustained and grown a diverse trust industry has depended on a number of favorable factors. International financial center – Experienced and market-leading providers in Hong Kong offer a wide range of financial, legal and supportive professional and corporate services, which drive demand for trust services. The Hong Kong government frequently organizes overseas road shows to promote its financial market. Hong Kong trusts can also benefit from a simple tax system with low tax rates and preferential double tax treaties. Well-established legal system – Unlike other Chinese cities, Hong Kong is governed under Common Law, a legal framework that overseas investors are familiar with. Hong Kong, being the renminbi (RMB) offshore hub and trust administration center, provides a stable

Catherine Le Bourgeois 凯瑟琳·拉波尔乔是 Masson de Morfontaine Ltd 的主管合伙人。她是一名律师，擅长于国际并购、法律及税务。 Catherine Le Bourgeois is the Main Partner of Masson de Morfontaine Ltd. She is a qualified lawyer specializes on international M&A, legal and taxation.

为何香港是设立信托的理想地过去几十年，香港信托业可持续及多元化发展有赖于几个有利因素。国际金融中心——具备丰富经验、领先业界的专业机构提供全方位的金融、法律和支撑专业和公司服务。香港政府经常在世界各地举办路演活动，以推广其金融市场。在香港设立的信托也受惠于

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香港的简单税制、低税率及双边税收协定优惠等益处。完善的法律制度——有别于其他中国城市，香港采用普通法，而普通法是海外投资者熟悉的法律构架。作为人民币离岸中心和信托管理中心，香港提供稳定的法律制度和政治环境，以保障资产和持续捕捉中国市场的新增长。富裕的人口——根据国际标准，香港是一个富裕城市，香港居民教育程度高并喜欢进行投资。这些因素推动香港本地对零售投资、退休规划及财富规划的需求，而这些服务都会进一步带来信托服务的需求。与中国毗邻——由于中国高资产净值人士的增长及为外国投资者而设的离岸人民币基金和产品的投资机遇，实际上中国已对香港的信托业发挥着重要的影响。教育程度高的劳动人口——香港在过去数十年建立了一个强大的专业人才库，以服务日趋复杂的信托相关服务。强大的基建设施——香港的基建设施完备，包括高效的交通网络、国际机场及通信网络，以支撑各类营商活动。四类主要的信托结构香港信托业由以下四类主要的信托结构组成。 1. 公司信托公司信托供应商提供核心的受托人服务及关键的配套服务，包括设立及管理信

China Offshore Trusts & Foundations Guide 2015

legal and political certainty to protect assets, and continues to capture the new growth of China’s market. Affluent population – Hong Kong is a wealthy city with an educated population and a culture that likes to invest according to world standards. An affluent and sophisticated population drives demand for retail investment, retirement planning and wealth planning, which all need trust services. Proximity to China – Owing to the growth of its number of High Net Worth Individuals (HNWI) and providing investment opportunities for offshore RMB funds and products for foreign investors, China has already had an important influence on the Hong Kong trust industry. Well-educated workforce – Hong Kong has established a strong pool of professional talent to serve a variety of increasingly sophisticated trust-related

services over the last few decades. Strong infrastructure – Hong Kong has a robust infrastructure to support business activities, including an efficient transportation network, airport and telecommunications network. Four Main types of Trust Structure The Hong Kong Trust Industry is Comprised of the Following Four Types of Trust: 1. Corporate Trusts Corporate trust providers offer core trustee services and essential corresponding activities, such as formation and administration of trusts as well as acting as custodians. These service providers are critical to the fund management industry of Hong Kong. Corporate trustees offer professional services for wholesale and retail investment products that are

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托和担当托管人。该些服务供应商对香港的基金管理业产生着重要作用。公司受托人向批发及零售投资产品提供专业服务，而这些产品一般利用单位信托结构设立，向投资者提供了他们平时无法在公开市场买卖的资产或股票，以同时带来风险分散的作用。 2. 养老金计划基于香港政府期望有更多人参与并强化强积金计划，养老金计划将随着资产更具规模的情况下得以日趋成熟。也由于

normally set up by utilizing a unit trust structure, and provide investors with the opportunity to invest in assets or stocks that they might not usually have access to in the open market. This is associated with risk diversification. 2. Pension Schemes The pension system will continue to mature when assets reach a scalable size, since the government is looking to increase participation and make enhancements to the MPF schemes. The role of the trustee within the design of the scheme will remain pivotal as

these schemes are likely to continue to grow. The fund size of Hong Kong is relatively small when compared with mature schemes in other jurisdictions, since the Hong Kong MPF system is still at an early stage of development. The proportion of pension assets as a share of GDP will continue to grow, mirroring the global trend. 3. Private Trusts With the support from advisors who specialize in private trusts, the growth

该计划的持续增长，受托人在其中的角色仍然举足轻重。相比其他国家或地区较成熟的计划，由于香港的强积金计划尚处于初级发展阶段，故目前其规模相对较小。顺应全球趋势，香港养老金资产占本地生产总值的比例将持续增长。 3. 私人信托借着专门提供私人信托服务的顾问的支持，跨越中国及亚太地区的高资产净值人士的增长，刺激了市场上对财富及遗产规划服务的急增需求。由于香港处于全球最大和增长最快市场的中心位置，高资产净值人士对该些服务的需求殷切，以管理世代相传的财富，并实施家族企业的传承计划。 4. 慈善信托虽然慈善信托只代表香港总体信托业的一小部分，对为高资产净值人士提供专

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业服务的顾问而言，慈善信托变得日益重要。与香港其他种类的信托以离岸形式为主有别，香港在岸慈善信托一般是按照香港受托人条例而设立，其中慈善信托是四个可被用作在香港设立慈善机构的架构之一。与新加坡比较香港和新加坡同是著名的国际金融中心。她们均是亚洲地区信托相关专业服务的主要供应商和作为信托的司法管辖基地。香港的竞争优势包括地理位置及法律制度，一方面捕捉中国的增长，另一方面按照普通法执行，与泽西、开曼群岛、英属维尔京群岛及新加坡相同。香港历

China Offshore Trusts & Foundations Guide 2015

of HNWIs across China and the Asia Pacific region has stimulated a surge in the demand for wealth and estate planning services. There is a growing demand for these services from HNWIs seeking to manage the inter-generational transmission of wealth and implement succession plans for family owned businesses, because Hong Kong is at the center of the world’s largest and fastest growing markets for wealthy people in Asia.

where offshore trusts dominate, are normally set up in Hong Kong under the Hong Kong Trustee Ordinance, in which a charitable trust is one of the four structures that can be utilized to form a charity in Hong Kong. A Comparison with Singapore Hong Kong and Singapore are both reputable international financial centers. Both are dominant players within Asia for the provision of trust-related services, and as a jurisdictional base for trusts.

4. Charitable Trusts Although charitable trusts represent a small proportion of the wider Hong Kong trust industry, they are becoming vital to advisors working with HNWIs as they look to create long-term legacies through philanthropy. Onshore charitable trusts, unlike other areas of the Hong Kong trust industry

Hong Kong’s competitive advantage includes its geographical location and legal system which can capture the growth of China on one hand, and operate under a Common Law system on the other, which is identical to those in Jersey, the Cayman Islands, the British Virgin Islands and Singapore. The long history of Hong Kong’s core legislative system is critical for clients.

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Singapore has adopted the following strategies to boost its trust industry in recent years:

whereas Hong Kong has a welleducated workforce and an established pool of professional talent ready to support the industry.

Government backing of the trust industry – Clear policies and strong government investment backing are the cornerstones of the development of Singapore’s trust services. The infant industry was then largely promoted to incentivize international players and clients.

史悠久的法律核心体系对客户来说尤为重要。近年来，新加坡采用了下列策略以推动其信托业：政府对信托业的支持——明确的政策和强大的政府投资支持，是新加坡信托业

Trust practitioner regulation – The requirement that trust practitioners be licensed to practice in Singapore and the condition that specific services must be performed by Singaporean licensed practitioners or providers are the two key factors that helped drive demand for local trust services. Professional training and accreditation – Singapore has adopted a proactive approach and built up an institution to provide accredited training, which is partly subsidized by the government,

In practice, while not all of the measures taken in Singapore would function and be beneficial to Hong Kong, some industry leaders consider that the Hong Kong government should formulate policies addressing some of these areas. Hong Kong can develop some tactics for sustaining its long-term goals for the trust and related industries through analyzing competitors’ characteristics and latest developments. Tax Implications of a Hong Kong Trust Generally speaking, there are no express statutory tax exemptions for Hong Kong trust structures. Trustees should plan their investments to make sure their profits fall within specific exemptions. A person can be taxed in

服务发展的基石。新加坡尔后大力宣传此新兴行业，以鼓舞国际参与者和客户。信托业执业人士法规——新加坡从事信托业的人员必须持有专业执照，以及特种服务必须由新加坡持牌从业人员或事务所提供予客户。信托专业培训及认证——新加坡采用积极进取的方针，以建立一所由新加坡政府部分资助的学院机构提供认证培训，而香港则拥有现成的高教育程度劳动力及专业人才库以支撑本地信托业。实际操作来说，不是所有新加坡采用的措施都能良好运作并受惠于香港，故一些香港的行业领导认为香港政府必须制定有关政策来应对其中一些领域。香港

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可以通过分析竞争对手的特征和最新发展来制定其相关策略，以持续其信托业及相关行业的长远目标。香港信托的税收影响一般来说，香港信托架构没有明确的法定税收豁免。受托人需对其投资进行规划，以保证其利润适用于特定的豁免范围。在香港，当一个人在香港境内进行经营，不论经其自身或是代理，所获利润均视为在岸性质，需要缴纳香港税收。受托人就其费用收入缴纳税金。信托基金利润是否需要纳税则基于每一个信托作为个别独立纳税人看待。如果信托通过深层公司来操作其业务，该些公司则适用于一般的公司利得税法规。这里有四种策略来规避香港信托税收。第一，确保每个个别投资都被规划成免税。第二，使用离岸经理和在岸顾问。第三，

China Offshore Trusts & Foundations Guide 2015

Hong Kong if they carry out business in Hong Kong, either itself or through an agent, and earn profits with a Hong Kong source. A trustee can be taxed on fees for acting as a trustee. The taxability of the trust fund’s profits are determined as if each trust is a separate taxpayer. If the trust conducts its activities through underlying companies, then the companies are subject to the normal corporate tax rules in Hong Kong.

There are four strategies to avoid trusts being taxed in Hong Kong. Firstly, avoid being taxable in the first place, ensuring that each individual investment is structured so as to be tax-free. Secondly, use offshore managers and onshore advisers. Thirdly, rely on the offshore funds exemption (but this is limited). Fourthly, use regulated collective investment vehicles such as mutual funds, unit trusts and limited partnerships which must be registered with the Securities and Futures Commission of Hong Kong.

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依靠离岸基金税收豁免（但这是有限的）。第四，使用一些必须在香港证监会注册的被监管集团投资载体如共同基金、单位基金及有限合伙公司。结论：展望未来业界人士、政府和监管机构需要加强合作，就香港信托业的中长期愿景达成共识，并积极协作以巩固香港作为国际金融中心的地位。对于立法机构而言，也必须以通盘思维来制定有关政策，以支撑金融服务业的各个分部门合力打造一个强有力和独立的香港金融和管理服务市场。总体来说，由于越来越多的海外司法管辖区与香港竞争信托中心的地位，香港政府必须制定追求长远愿景的政策，以宣传其信托业并创造有利于业务增长的环境，从而进一步巩固香港作为真正世界一流国际金融中心的地位。 Conclusion – Looking to the Future The industry, government and regulators need to increase their level of collaboration, to come to a consensus on a medium to longterm vision for the Hong Kong trust industry, and work together rigorously to build on Hong Kong’s strong foundations as an international financial center. It is also vital for law makers to take a holistic approach to policy creation, which supports the comprehensive financial services subsectors to foster a robust and independent financial

and administrative services market in Hong Kong. It is important for the Hong Kong government to pursue a long-term vision and policy on developing and promoting the trust industry and creating a favorable environment to foster business growth, thereby further cementing Hong Kong’s position as a truly world-class financial services center in all areas, given that an increased number of overseas jurisdictions are now competing with Hong Kong in its role as a trust center.

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除了信托和法律实体，别忘了还有联合银行存款账户

Despite Trusts and Legal Entities, Don’t Forget Joint Bank Accounts Robert W. Wood

Robert W. Wood Robert W. Wood 是旧金山 Wood 有限责任公司（www.WoodLLP.com）的执业律师，且是《税收损害赔偿金和结算支付（2009 年第四版，并在 2012 年增刊）》、《合格结算资金和第 468B 章节（2009 版）》、和《独立承包商身份之法律指南（2010 年第五版）》和作者，可在 www.taxinstitute. com 上查阅上述书籍的详细信息。 Robert W. Wood practices law with Wood LLP, in San Francisco (www. WoodLLP.com), and is the author of Taxation of Damage Awards and Settlement Payments (4th Ed. 2009 with 2012 Supplement), Qualified Settlement Funds and Section 468B (2009), and Legal Guide to Independent Contractor Status (5th Ed. 2010), all available at www.taxinstitute.com.

China Offshore Trusts & Foundations Guide 2015

rusts, holding companies, limited liability companies and various other forms of ownership are the norm for offshore clients and assets. In many jurisdictions, even personal residences are rarely held directly by those who live in them. Yet in the midst of considering offshore income and assets, the ageold joint bank account is often still present. Around the world, joint bank accounts are common between spouses, siblings, parent and child, and in many other situations.

Indeed, even unrelated people may share investment or property accounts. Across myriad situations, joint accounts allow equal access to funds but often have unclear ownership. Since joint account status may be allowed not only for bank accounts but brokerage and other financial accounts, the stakes can be larger than one might assume. Whose funds are they? And who must pay tax on the interest income? The money may all be beneficially owned

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信

托、控股公司、有限责任公司和其它各种各样的所有制公司形式都是离岸客户管理

资产的方式。在许多金融辖区，即使是个人住宅的所有权被在里面居住的人持有的现象都很鲜见。因此在考虑管理离岸收入和资产时，历史悠久的联合银行账户还是存有一席之地。世界范围内，联合银行账户在配偶之间、兄弟姐妹之间、父母和子女之间和其它许多状况下都很常见。的确，不相干的人之间甚至也有可能分享投资或物业账户。在很多情况下，联合账户允许账户所有权的平等性，但所有权却经常不明确。由于联合账户的状态不仅有可能针对银行账户，还有可能针对经纪人和其它金融账户，因此风险可能会比想象的更高。那么账户里到底是谁的钱？谁又要对账户的利息收入缴税？账户里所有的钱可以由一名账户持有人实益拥有，可以一半一半，也可以是其它比率。现在的忧虑大部分来自于非美国账户。如果一名美国人的子女和他的非美籍父母有一个联合账户，那么谁来申报？美国人必须在全球范围内申报其资产的纳税收入和 FBAR。如果不这么做，惩罚的力度是很大的。 FBARs 在谈到所得税之前，要考虑一下 FBARs。非美国账户的存款门槛起点是 10000 美元的需要进行 FBAR 存档。但是存档的归类是什么？如果你的利息收

by one holder, 50/50, or in some other ratio. Much of the worry today is about non-U.S. accounts. If a U.S. person child and a non-U.S. parent have a joint account, who must declare it? U.S. persons must report their worldwide income and worldwide assets on tax returns and FBARs. The potential penalties can be enormous. FBARs Before turning to income tax, consider FBARs. Non-U.S. accounts over the $10,000 threshold carry an FBAR filing requirement. But in what category? If you have a mere signature interest, it goes in one category on the FBAR. If you are an owner, it goes on another. Yet for income tax purposes, joint accounts are inherently unclear. Equal

access to the funds is not the same as beneficial ownership. Thus, before one can fully answer the FBAR question, one should consider ownership for tax purposes. Local Law and Exceptions Federal income tax liability is generally allocated based on entitlements under local law. However, the IRS may seek to impose income tax liability on the beneficial owner of an account regardless of that person’s rights under local law. For example, if you hold legal title as an agent, then income is taxed to the principal, even though the agent may appear as a joint signatory. In Bollinger, the Supreme Court enunciated a three-part test for agency: A. A written agency agreement must be entered into with the agent

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入微不足道，那么它的归类范围是属于 FBAR 下的一类。如果您是一位资产所有人，则归为另一类。然而对所得税来说，联合账户本身就不是很清晰。对账户资金的同等控制和实益拥有权也不尽相同。因此，在完全回答关于 FBAR 的问题之前，我们需要考虑税务目的的所有权归属问题。

contemporaneously with the acquisition of the asset; B. The agent must function exclusively as an agent with respect to the asset at all times; and C. The agent must be held out as merely an agent in all dealings with third-parties relating to the asset. Assuming a true agency, the agent should not face taxes on the income. Beneficial Owners Taxed

地方法律和免责条款联邦所得税责任总的来说是基于当地法律的应享权利。不管怎样，美国国税局（IRS）会不考虑此人在当地法律的权利问题的前提下对账户的实益所有人强行征税。比如说，如果您的法定抬头是经纪人，则您的收入是主要征税对象，即使这个经纪人也许是账户的共同签署人之一。在勃林格，最高法院针对代理人公司颁布了三个部分的测试： A. 在获得资产的同时，必须提交一份书面的经纪人协议书； B. 经纪人必须始终且仅仅作为该资产的经纪人而存在； C. 经纪人只能作为经纪人的身份和该资产相关的第三方进行交易时存在。假设作为一名真正的经纪人，该经纪人应该承担收入所得税。实益所有人被税法庭通常只针对产生收入的资产实益所有人强行征税。法庭对实益所有权的定

China Offshore Trusts & Foundations Guide 2015

The courts generally look beyond local law ownership to impose income tax liability on the party with beneficial ownership of the income-producing asset. Courts define beneficial

ownership as the “freedom to dispose of the accounts’ funds at will.” Courts may consider such factors as: (1) who enjoys the economic benefit of the property; (2) who has possession and control; and (3) the intent of the parties. For example, in CHEM, Inc., a father opened four bank accounts in the names of his four children. He deposited money into the accounts but later withdrew it to facilitate his own business ventures. He claimed that his children owned the four accounts so he did not report any of the income. He claimed his withdrawals were mere loans and would be repaid. Nonetheless, the Tax Court determined

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义是“有按意愿处理账户的自由”。法庭也会考虑如下因素：1）谁获得该资产的经济利益；2）谁拥有所有权和控制权；和 3）当事人的意图。举例说明，一家名为 CHEM Inc. 的公司里，父亲以他四个孩子名义开设了四个银行账户。他在这些账户里存款，但之后又取出来做自己的生意之用。他表示他的子女拥有这四个账户，所以他并没有申报任何收入。他声称取款只是暂时的借贷且会归还。尽管如此，税务法庭仍判定父亲是实益所有人所以必须纳税。夫妻共同财产在州法律或外国法律的规定下，针对夫妻赚取的“共同收入”有特别的法律规则，在一名配偶或配偶双方都不是当地居民的外国人的情况下： A. 赚取的收入分配给付出劳动的夫妻中的一方。 B. 贸易或业务收入，一名合伙人在合伙制收入中的应分配份额，分配给参与该业务的人员手中。 C. 来源于一名配偶私有财产的夫妻共同收入只分配给该名配偶。 D. 其它夫妻共同收入应该以当地的夫妻共有财产法律进行分配。举例举例 1：Tom 是一名美国的纳税人，有一个和他兄弟 Bill 联名的外国联合银行账户，Bill 是外国人。Tom 向该账户存

that the father was the beneficial owner and was taxable. Community Property Income There is a special statutory rule for married couples earning “community income,” under the laws of a state or foreign country, where one or both spouses are non-resident aliens. In that case: A. Earned income is allocated to the spouse who rendered the personal services. B. Trade or business income, and a partner’s distributive share of partnership income, is allocated to the person participating in the business.

C. Community income derived from the separate property of one spouse is allocated to that spouse only. D. All other community income shall be treated as provided under the local community property laws. Examples Example 1: Tom is a U.S. taxpayer with a foreign joint bank account with his brother Bill, who is foreign. Tom deposited all of the funds and intended them as gifts to Bill. Bill controls them and withdraws funds for his own benefit. Tom does not exercise control over the funds, nor does he withdraw or benefit from the account.

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入所有的资金，希望作为赠送给 Bill 的礼物。Bill 控制这些资金并因为自身利益的原因而取出了这些钱款。Tom 并不控制这些资金，也不会提取资金或从这个账户中获益。问题 1：联邦收入税是否适用于 Tom 所获得的利息收入？回答 1：是的。作为联合账户的所有人，可以根据当地法律对 Tom 的所有权利息进行征税。虽然如此，Tom 也可以在 IRS 或法庭认为他并没有从该笔资金获得实际利益的情况下免于缴纳所得税。Tom 向该账户存入钱款来使自己的兄弟 Bill 获益，且从未操作该账户或从中取款。举例 2：除了 Tom 和 Bill 同意分享该外国账户的控制权和同等利益之外，和范例 1 相同。根据国际上金融辖区的通行做法，Tom 对该账户中的所有资产拥有所有权。问题 2：Tom 是否需要缴纳联邦所得税？回答 2：是的。Tom 在当地法律的规定下对该账户下的所有资产有所有权，他也被假设成对所有的收入负责。尽管如此，他如果只对账户资产的一半具有所有权那么他是否需要缴纳一半的税款是有争议的。举例 3：Tom 是美国公民而他的妻子 Wilma 不是。Wilma 没有向美国报税的义务，Tom 则单独向美国报税。他们生活在外国具有夫妻共同财产，

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Q1: Can federal income tax be imposed on Tom on the interest?

Q2: Can federal income tax be imposed on Tom?

A1: Yes. As a joint owner, Tom may be taxed according to his ownership interest under local law. However, Tom may be able to avoid income tax liability if the IRS or courts are satisfied that he lacks beneficial ownership of the funds. Tom deposited the funds to benefit his brother Bill and never operated the account or withdrew money.

A2: Yes. As Tom owns all of the account assets under local law, he is presumptively liable for all income. However, he arguably has beneficial ownership of only one-half of the account assets and one-half of the tax liability.

Example 2: Same as Example1, except that Tom and Bill have agreed to share control over the foreign account and benefit equally. Under the law of the prevailing foreign jurisdiction, Tom owns all of the account assets.

Example 3: Tom is a U.S. citizen and his wife Wilma is a non-resident alien. Wilma has no obligation to file U.S. tax returns, and Tom files his U.S. tax returns separately. They live in a foreign country with community property laws and hold a joint bank account in that country. Tom and Wilma agreed to

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且在这个国家有一个夫妻联合账户。 Tom 和 Wilma 同意分享账户的控制权和同等利益。问题 3：Tom 是否需要因为他这个外国账户所获得的收入而缴纳联邦收入税？回答 3：是的。虽然 Wilma 并非美国纳税人，Tom 仍然需要在全球范围内向

share control over the account and benefit equally. Q3: Can federal income tax be imposed on Tom in connection with the interest earned in this foreign account? A3: Yes. Although Wilma is not a U.S. taxpayer, Tom is still required to report his worldwide income. There is a statutory rule for married couples that earn “community income,” where one or both spouses are non-resident

aliens. Tom’s federal income tax liability may depend on many factors, including whether the account assets are considered separate or community property under the community property laws of the foreign jurisdiction. Example 4: Same as Example 3, except that Tom and Wilma have divorced. They have decided to continue the foreign account as joint holders.

美国政府申报。对夫妻间一方是外国人的“共同收入”有专门的法律规定。 Tom 的联邦所得税纳税义务取决于许多因素，包括在该国的夫妻共同财产法律规定下，该账户资产是否被认为是单独或共同财产等。举例 4：和范例 3 相同，只是现在 Tom 和 Wilma 已经离婚。他们决定继续联合持有这个外国账户。问题 4：Tom 在这个外国账户中所获得的利息是否需要缴纳联邦所得税？回答 4：是的。Tom 和 Wilma 虽然已经离婚，但仍保留了联合账户。Tom 的联邦所得税义务在该外国辖区内的法律规定下仍被认为是从账户资产中的一部分获益。虽然如此，Wilma 是否是该账户一半的实益所有人仍具有争议，因此 Tom 也许只需缴纳一半的所得税。 Tom 可以以银行对账单以及和 Wilma 之间的协议书、申明书、所得税存档、赠与税申报单和 FBAR 表格或其它表明其控制权和利益分享的文件来支持自己的立场。举例 5：Tom 是美国纳税人也是一个外

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国银行账户的唯一所有人。Tom 的父母不是美国纳税人，向该账户存入所有资金来抚养 Tom 的女儿 Daisy。Tom 只根据他父母的指令来取款和使用资金。问题 5：Tom 在这个外国账户中所获得的利息是否需要缴纳联邦所得税？回答 5：是的。由于 Tom 是该账户的唯一所有人，国税局针对 Tom 的所有权征税。虽然如此，Tom 也有可能在分析其实益所有权的情况下来规避他的纳税义务。资金是由他的父母存入的， Tom 在未得到直接指令之前是不会操作该账户的，而且明确知道所有资金都是为他的女儿 Daisy 所用。这些事实更证明 Tom 的父母，而不是他自己，是账户的实益所有人。如果 Tom 能证明他对父母的存款没有任何使用权而只在收到指令时才能取款，则更

China Offshore Trusts & Foundations Guide 2015

Q4: Can federal income tax be imposed on Tom in connection with the interest earned in this foreign account? A4: Yes. Tom and Wilma divorced but retained the joint account. Tom’s federal income tax liability would presumptively be allocated in proportion to his ownership of the account assets under local law in the foreign jurisdiction. However, Wilma is arguably the beneficial owner of one-half of the account, so Tom might only be taxed on only one-half. Tom could support his position with bank statements, agreements with Wilma, declarations, income tax filings, gift tax returns and FBAR forms, or other documents demonstrating shared control and benefits. Example 5: Tom is a U.S. taxpayer and is sole signatory on a foreign bank account. Tom’s parents, who are not U.S. taxpayers, deposited all of the funds for the support of Tom’s daughter Daisy. Tom only withdraws and uses

the funds pursuant to his parents’ instructions. Q5: Can federal income tax be imposed on Tom in connection with the interest earned in this foreign account? A5: Yes. As Tom is the only account holder, the IRS may seek to tax Tom on all income. However, Tom may be able to avoid income tax liability under the beneficial ownership analysis. The funds were deposited by Tom’s parents, Tom never operated the account without explicit instructions, and it was understood that the funds were solely for Daisy’s benefit. These facts may even suggest that Tom’s parents, rather than Tom, remained the beneficial owners. It would help if there were proof of an agreement that Tom lacked any authority over his parents’ deposits and complied with their instructions. Written agreements, declarations, estate planning documents, and

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为有效。能够提供有效证明的文件包括书面协议、申报单、遗嘱规划文件、购买凭证和所得税证明和 / 或由 Tom 父母归档的 FBARs 等。举例 6：除了 Tom 未使用这些资金来抚养他的女儿 Daisy 之外，其它和范例 5 相同。相反，Tom 把账户资产投资到一家商业公司。虽然这违背了他父母的意愿，但是 Tom 打算日后归还这些钱。问题 6：Tom 从这个外国账户中所获得的利息是否需要缴纳联邦所得税？回答 6：是的。Tom 显然具有当地法律规定的所有权。Tom 很难通过实益所有权分析的方式来规避这一所得税义务。 Tom 用这个账户资产来为自己牟利，并未得到他父母的授权。这个事实表明 Tom 没有按照他父母的指令来操作账户，因此要达到避税的目的非常困难。此外，实益所有权通常来源于资产的控制权和获利。Tom 自作主张取款用作他自己的生意之用。这一自由使用该资金的行为让他成为实益所有人，因此需要承担纳税义务。举例 7：除了 Tom 的父母去年过世的情况之外，其它和范例 5 相同。在过世之前，他们表达了希望 Tom 继续利用该账户来抚养女儿的愿望。虽然并非法律义务，Tom 只在她女儿 Daisy 需要的情况下才取款。问题 7：Tom 在这个外国账户中所获得的利息是否需要缴纳联邦所得税？

purchase receipts may help, as may income tax returns and/or FBARs filed by Tom’s parents. Example 6: Same as Example 5, except that Tom did not use the funds to benefit his daughter Daisy. Instead, Tom invested the account assets in a business venture. Although this was against his parents’ wishes, Tom plans on repaying the money. Q6: Can federal income tax be imposed on Tom in connection with the interest earned in this foreign account? A6: Yes. Tom appears to have local law ownership. It will be difficult for Tom to

avoid this income tax liability through a beneficial ownership analysis. Tom used account assets for his own benefit, something not authorized by his parents. The fact that Tom acted outside the scope of his parents’ explicit instructions weakens the likelihood of meeting the agency safe harbor. Moreover, beneficial ownership often turns on control and benefits derived from an asset. Tom withdrew funds at his own discretion and used them for his business venture. This freedom over the funds may suggest beneficial ownership and thus tax liability.

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回答 7：是的。Tom 的父母并没有正式把资金遗赠给 Daisy，因此根据当地法律的通行规定，Tom 现在业已成为资金的所有人。他在当地法律规定下对该资金的法定实益所有权造成他要以账户收入所获得的利益承担纳税责任。当然 Tom 可以争辩，认为他在父母在世时作为非可征税的经纪人身份而存在。但是尽管如此，经纪人关系在主要委托

Example 7: Same as Example 5, except that Tom’s parents passed away last year. Before passing, they expressed their hope that Tom continue to use the account for his daughter Daisy’s benefit. Although not legally obligated, Tom withdraws the funds solely for the benefit of Daisy. Q7: Can federal income tax be imposed on Tom in connection with the interest earned in this foreign account?

人过世时就终止了，这个案例中，委托人是 Tom 的父母。因此美国国税局和法庭会认为 Tom 对该账户的单独所有权让他成为事实上的实益所有人。因此 Tom 要避免缴纳该账户产生的所有收入所得税会比较困难。举例 8：Tom 是美国纳税人，他也是一个外国账户的唯一所有人。Tom 控制该账户并是账户的唯一受益人。但是最近 Tom 的非美国纳税人兄弟 Bill 向 Tom 的这个外国账户内存款。Bill 清楚地表明 Tom 需要规划存入的款项或只在 Bill 的要求和指令下才能使用。Tom 表示同意，但之后在 Bill 的要求下把资金从这个外国账户转出到一个第三方账户中。问题 8：Tom 在这个外国账户中所获得的利息是否需要缴纳联邦所得税？回答 8：是的。Tom 曾是该账户的唯一持有人，因此他也许需要对该账户产生的所有收入负责，包括 Bill 存入的钱款。虽然如此，Tom 是否应该为他兄弟存入的资金缴税存有争议，因为他也许不是该笔资金的实益所有人。Tom 并没有从这笔资金获益，且在 Bill 的要求下转存了这笔资金。

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A7: Yes. Tom’s parents did not legally bequeath the funds to Daisy, so Tom is probably the owner of the funds under prevailing local law. His local law ownership may result in federal income tax liability on all income earned in the account. Tom could argue that he was acting as a non-taxable agent at the time his parents were living. However, agency generally terminates on the death of the principal, in this case Tom’s parents. Therefore, it is possible that the IRS and courts could view Tom’s unilateral authority over

the account as indicative of beneficial ownership. It may be difficult for Tom to overcome the presumptive income tax liability on all income earned in the account. Example 8: Tom is a U.S. taxpayer and is sole signatory on a foreign account. Tom controls the account and he alone benefits. Recently, however, Tom’s brother Bill, who is not a U.S. taxpayer, deposited money into Tom’s foreign account. Bill made it clear that Tom must return the deposited funds or use them only at Bill’s request and pursuant to Bill’s instructions. Tom agreed, and later transferred the funds out of his foreign account to a third-party at Bill’s request. Q8: Can federal income tax be imposed on Tom in connection with the interest earned on the funds deposited by Bill? A8: Yes. Tom was the only account holder, so he will probably be liable for all income generated by the account, including the money deposited by

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Bill. However, Tom arguably should not be taxed on the temporary funds deposited by his brother because he may have lacked beneficial ownership of those funds. Tom did not benefit from the funds and transferred the money at the time and in the manner requested by Bill.

行对账单来证明。如果 Tom 继续对这

On these transitory deposits Tom had no beneficial right and no control. Nevertheless, the funds were comingled and solely in Tom’s name. Tom could assemble a written agreement with Bill, declarations, and bank statements. It would be helpful if Bill continued to pay income tax on the deposited funds and filed FBARs reflecting his financial interest.

笔存入的资金缴纳所得税，且进行反应

Conclusion

在这些转账行为中 Tom 并没有实际获益且没有控制权。不过该笔资金牵扯到 Tom 且是处于他的名下。Tom 可以和 Bill 写一份书面的协议书、申明书或银

他财政权益的 FBAR 存档，也许会有所帮助。

Joint accounts are often established

by people who know each other well, are related, or have a high degree of mutual trust. It is only natural that who really owns what may not be clear. When it comes to taxes and reporting, joint and other combined ownership is confusing. Local law and beneficial ownership are both relevant. With foreign accounts, multiple legal regimes may be relevant, and the situation is complicated if joint account holders have differing citizenships or residencies. When significant penalties and even criminal liability may be at stake, the issues can take on enormous significance. Be mindful of your facts and be wary of taking inconsistent positions. And since proving something after the fact can be difficult, consider good and timely documentation.

结论联合账户通常由相互熟识的、亲属间，或有高度信任关系的人们之间设立。对自己所拥有的东西不清楚是很常见的事情，但当牵涉到税务申报的问题时，联合或共同所有权才会变得令人费解。地方法律和实益所有权有重大关联。对外国账户来说，多个法律制度相互关联，如果联合账户的持有人有不同的公民权或居住权时，情况就变得复杂起来。特别是牵涉到重大惩罚力度甚至犯罪时，这一问题就显得愈发重要。要时刻留心自己状态和小心自己的选择。由于在事实发生后要去证明的话会很困难，因此就要及时准备充分的文件材料以备日后之需。

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海外账户纳税法案前景堪忧 FATCA's Uncertain Legal Future Dan Mitchell & Brain Garst

Dan Mitchell 是位于华盛顿加图研究院的高级主管和自由和繁荣中心的董事会主席。 Dan Mitchell is a Senior Fellow at the Washington-based Cato Institute and Chairman of the Board of the Center for Freedom and Prosperity.

毫

无疑问，美国激进的财务公开法《海外账户纳税法案》，从一开始就不顺利。虽然财

政部监管机构一直致力于实施这一法案，但由于该法案从构想之时起就被证明是一个从根本上有缺陷的法律，其执行一直被推迟。现在，该法案终于进入实施阶段，但是又面临一系列新的挑战，许多意想不到的后果开始以政治骚动和严峻的法律挑战的形式反过来影响美国政府。

100

he United States' aggressive financial disclosure law, the Foreign Account Tax Compliance Act (FATCA), unquestionably got off to a rocky start. Its implementation has been much delayed as Treasury Department regulators struggled to enforce what has proven to be a fundamentally flawed law from its conception. Now finally entering into force, FATCA faces a new set of challenges as its many unintended consequences begin to blow back on the U.S. government in the form

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of political uproar and serious legal challenges. A Troubled Start FATCA was passed into law as an afterthought to “pay for” unrelated legislation. Members of the U.S. Congress at the time were desperate to find a way to demonstrate competence in the face of a global recession, and to do so without explicitly raising taxes to pay for the effort. Putting the squeeze on tax cheats seemed like an obvious choice. No one likes evasion, so it was

观点 | Opinion CHINA OFFSHORE

糟糕的开局《海外账户纳税法案》是以一种事后“支付”的不相关立法被通过的。当时美国国会的成员们都在努力寻找一种在全球经济衰退面前展示能力的方法，以一种不需明确提高税收的方式来兑现这一努力。抑制税收欺诈似乎是一个明显的选择。没有人喜欢逃税，所以有人认为立法不会有争议。在民主党控制了政府的所有分支前，《海外账户纳税法案》从未进行如此大规模的立法所应进行的深思熟虑。政府政策经常出现的情况是，海外账户纳税法案的目标与其实现手段的现实不符。它不仅仅是打击税务欺诈，它在谋求单一国家的狭隘利益的同时会造成全球金融部门的彻底动荡。随后的几年实践证明了《海外账户纳税法案》的巨大成本远远超过了它微小的预期效益，在向全世界公开之前，清醒与慎重的立法机构理应预测到这一情况。受此法律困扰的国外金融机构和政府在美国没有投票权。然而，如果不是在海外的美国人安分守己的生活、工作或投资受到了影响，那么这一特殊监管的政治后果将是微不足道的。《海外账户纳税法案》受害者反击《海外账户纳税法案》有许多实际的缺陷，但其最惊人的错误是概念性的。它错误地假定任何拥有海外银行账户的美国人若从事可疑的税收行为，不管其的意图和目的，他们和他们的机构都会被认定为是有罪的。但《海外账户纳税法

thought that the legislation wouldn’t be controversial. And since the Democrats controlled all branches of government at the time, FATCA was simply never granted the careful deliberation such a massive undertaking deserves. As so often happens with government policy, the FATCA's goals were not matched by the reality of its methods. It did much more than crack down on tax cheats. It called for complete upheaval of the entire global financial sector in pursuit of the narrow interests of a single country. Subsequent years have proven FATCA's tiny projected benefits to be vastly outweighed by its significant costs, a fact which a sober and deliberative legislature would have been able to predict before unleashing it upon the world. The foreign financial institutions and governments inconvenienced by the law don't have a vote in the United States, however, so the political consequences of this particular oversight would be negligible if not for the presence of other aggrieved parties in the form of lawabiding Americans living, working, or investing overseas. FATCA Victims Fight Back

Brain Garst Brain Garst 是美国自由与成功政府事务部主任，该部门致力于促进税务竞争、金融隐私权和财政主权。 Brian Garst is the Director of Government Affairs for the Center for Freedom and Prosperity, which works to promote tax competition, financial privacy and fiscal sovereignty.

mortgage loans.

It has many practical flaws, but FATCA's most egregious error is conceptual. It falsely assumes that any American with an overseas bank account is engaging in questionable tax practices and for all intents and purposes treats both them and their institution as if they are presumed guilty. As a consequence of FATCA's overbearing approach, millions such Americans are being denied – or having to pay much higher costs for – basic banking services, such as the ability to establish savings accounts or secure

FATCA and similar aggressive efforts to curb tax evasion are sold to the public on the myth that large numbers of wealthy Americans have stashed funds offshore to avoid paying taxes. The reality is far different. Not only is tax evasion extremely rare in the U.S., which rivals Hong Kong, Switzerland, and Singapore for having the highest compliance rate in the industrialized world, but most Americans using offshore financial services do so because that is where they live and

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案》霸道做法的后果是数百万美国人被拒绝提供基本银行服务，或必须为其支付更高的成本，如建立储蓄账户或获取抵押贷款。《海外账户纳税法案》和类似抑制逃税行为的积极努力，是向公众推销不切实际的胡扯——大量富有的美国人在境外藏匿资金逃税。现实是截然不同的。美国不仅有最低的逃税率（美国媲美香港、瑞士和新加坡，在工业化国家中拥有最高的纳税率），而且大多数美国人使用离岸金融服务，因为他们在国外生活、工作。他们是教师、会计师和作家。而在那些使用离岸金融服务的美国富人中，他们这样做主要是出于遵从税收的投资理由。这些个体都被卷入了《海外账户纳税法案》的网络，但是有一些正在回击。与外国银行相比，海外美国人的政治影响力只是稍强，他们的忧虑完全无法动摇美国的政治阶层，但他们却拥有那些外国银行没有的东西：美国的法定权利和投票权。《海外账户纳税法案》的法律困境两大正在庭审的诉讼威胁着《海外账户纳税法案》的根基。其中一个诉讼

work. They are teachers, accountants, and writers. And among the wealthy Americans who do use offshore financial services, they do so primarily for tax-compliant investment reasons.

是近期由参议员兰德·保罗提出的，他是共和党初选的总统候选人，他认为财政部在《海外账户纳税法案》的实施过程中已经超出了其权限。另一诉讼是去年提出的，它质疑《海外账户纳税法案》的侵害性的报告要求和严厉处罚的合宪性。

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All of these individuals have been swept up in the FATCA net, but some are fighting back. Americans living abroad have only marginally more political clout than the foreign banks, whose concerns utterly fail to sway the American political class, but they have something those institutions do not: U.S. legal and voting rights.

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FATCA's Legal Woes Two major lawsuits making their way through the courts are threatening the very foundations of FATCA. One has been brought recently by Senator Rand Paul, a candidate for president in the Republican primary, who argues that the Treasury Department has exceeded its authority during FATCA's implementation. The other was initiated last year and challenges the Constitutionality of FATCA's invasive reporting requirements and draconian penalties.

观点 | Opinion CHINA OFFSHORE

参议员保罗的诉讼可能会给《海外账户纳税法案》沉重的一击。从书面文字来看，该法律要求美国国税局直接和成千上万个机构合作，期望他们代表税务员侦查美国的客户。在严厉的金融制裁威胁下所要求的信息往往超过当地的隐私保护法律所允许机构透露的，这使得这一法律无处立足，并威胁着立法的可行性。为了避免这个问题，负责实施《海外账户纳税法案》的监管人员开始改写这一法律。他们提出了签署政府间协议的想法（IGA），这将使机构得以将收集到的信息第一时间传送给他们的地方当局，然后地方当局将这些信息与国税局分享。这些协议以及随后他们有时需要对当地法律做出的改变，使机构不必再

Sen. Paul's suit could strike a serious blow to FATCA. As written the law requires the IRS to work directly with tens of thousands of institutions that are expected to spy on the U.S. customers on behalf of tax collectors. The information demanded under threat of serious financial sanctions was often more than local privacy laws permitted institutions to divulge, which put them in an impossible position and threatened viability of the legislation. To circumvent the problem, regulators tasked with implementing FATCA took it upon themselves to rewrite the law. They came up with the idea of signing intergovernmental agreements (IGAs), which would allow institutions to first transmit collected information to their local authorities, who would then share it with the IRS. The agreements,

and the subsequent changes to local laws they sometimes required, saved institutions from having to choose between violating privacy protections or suffering serious financial penalties from the U.S. But to get other governments on board, the United States had to promise reciprocal efforts not authorized by legislative text, and which American lawmakers would be very unlikely to support. Politicians in Washington want other nations to collect information on Americans, but they have no interest in similarly burdening U.S. institutions just to help foreign governments collect more revenue. The IGAs themselves are the subject of Sen. Paul's challenge, which asserts that the Executive branch has violated

面对违反隐私保护或遭受美国方面的严厉金融处罚的两难选择。但要让其他政府也参与其中，美国不得不承诺并没有通过立法授权的互惠努力，而这是美国立法者极不可能支持的。华盛顿的政客们希望其他国家收集美国人的信息，但他们对给美国机构找麻烦，却帮助外国政府获得更多的税收并不感兴趣。 IGA 本身即是参议员保罗挑战的主题，他认为行政部门未能将这些协议提交到参议院，违反了宪法。美国宪法规定，只有获得参议院三分之二的支持，条约才可以成为法律。奥巴马政府坚称，政府间协议并不构成条约，只是单纯的行政协定，但它们所包含的实质性的政策变化更具有传统的条约的特点，这也表明了为什么在这一过程中进行立法是必须的。

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美国法院通常不愿意涉足政府其他两家分支机构之间的纠纷，因此尽管这一案件很有意义，也只能猜测他们将如何解决这一问题。然而，最终的结果可能有利于那些受《海外账户纳税法案》影响的各方，或者参议院保罗的诉讼对于他们的意义是重大的，它会破坏掉多年实施和遵守这一法律的所付出的昂贵的努力。目前国会更加敌视《海外账户纳税法案》，就算 IGA 协议被迫通过参议院，国会也不可能通过该等协议。而没有政府间协议，《海外账户纳税法案》将再次面临严重的现实障碍，甚至迫使国会重新审视这方面的立法。尽管法院犹豫是否干涉政治机构，但他们愿意根据具体问题，更积极的保护公民的权利，这对《海外账户纳税法案》来说可能是决定性的。此时，代表那些受到该法律负面影响的海外美国人的利益的第二个法律挑战也随之到来。和保罗的诉讼一样，这一挑战也质疑该法律侵犯了参议院的条约权利，另外，他们还指控该法律侵犯了隐私权，其过度处罚违反了美国宪法禁止残酷和非正常惩罚的规定。潜在的影响这些严峻的挑战打击着该法律的核心。一位有着惊人记录的成功律师也参与了这场争论。吉姆·波普代表海外美国人处理这一案件，在最高法院他13战9胜，包括在言论自由和竞选捐款限制等案件上高调的战斗，他的努力使一项主要的立法被推翻。

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甚至这些案例中的一部分裁决对《海外账户纳税法案》都是致命的。这项法律构思太差，并且仓促批准，现在承受了这样一个打击而并没有完全崩溃。然后立法者将不得不决定他们是想要不惜一切代价地盲目追求双倍的税收，还是在造成更多损失前承认错误，扭转局势。美国法院并不是唯一对《海外账户纳税法案》持质疑态度的机构。加拿大公民对其政府的《海外账户纳税法案》政府间协议也提出了挑战。他们中的一些人并不知道，当他们还是小孩时移居到加拿大后，他们仍然是美国公民，也就是说他们仍然是全球范围内美国税制下的美国纳税公民。他们称该协议侵犯了加拿大的主权，侵犯了他们的隐私权。该案将很快看到它的第一项裁决，并可能导致其他国家发起类似的挑战。

the Constitution by failing to submit the agreements to the Senate, where two-thirds support is required before treaties can become law. The Obama administration insists that the IGAs do not constitute treaties and are instead mere executive agreements, but the substantive policy changes they contain are more characteristic of traditional treaties and demonstrate why legislative input is mandated in the process. U.S. courts are often reluctant to step into the middle of a dispute between the other two branches of government, so despite the merits of the case it is anyone's guess how they will come down on the issue. Still, the implication of finding in favor or Senator Paul would be significant for those impacted by FATCA, as it would unravel years of costly work for both those implementing and complying with the law. The current

Congress is much more hostile to FATCA and is unlikely to approve the IGA agreements if they are forced through the Senate. Without the agreements FATCA will once again face serious practical impediments, perhaps even forcing Congress to revisit the legislation. While the courts hesitate to get in between the political branches, they are willing, depending on the issue, to be more proactive in the defense of citizens’ rights. That could prove decisive for FATCA, as the second legal challenge is being pursued on behalf of Americans living overseas who have been negatively impacted by the law. In addition to also questioning the violation of the Senate’s treaty power as Paul’s suit does, they allege that the law infringes on privacy rights and that its excessive penalties violate the U.S. Constitution’s prohibition against cruel and unusual punishment.

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毫无疑问，《海外账户纳税法案》的构思是拙劣的，没有平衡其成本和效益，但财政部监管人员不负责任地制定新的法律条款的策略更是愚蠢。离岸机构已经花费了数百万遵守《海外账户纳税法案》，政府也已经努力适应其侵害性的要求，但政府可能发现这一切都是徒劳。 2016 年的选举当这些案件正在法院进行审理时，美国也正在迈向一个关键的选举年。共和党对于在众议院掌权拥有优势，在参议院也有很好的维持权力的机会，甚至可以入主白宫。这一点很重要，因为共和党普遍反对《海外账户纳税法案》。共和党全国委员会已经采用了不赞同决议这一不同寻常的一步，而参议员保罗也提出立法废除《海外账户纳税法案》。因此《海外账户纳税法案》不仅面临着法律威胁，也面临着政治风险。在 2016 年选举后，得到控制权的共和党肯定会创造出非常有利于全部或部分撤销这一法律的立法环境。事实上，参议员兰德·保罗已经提出了一项法案，以废除这一法律。 Potential Fallout

结论具有讽刺意味的是，尽管《海外账户纳税法案》越来越不受美国人欢迎，其他国家的政客们，以及他们在国际机构中的盟友（如经济合作与发展组织），却想要以这一法律为模板建立一个强制性的全球信息共享系统。如果成功的话，全球版《海外账户纳税法案》将会严重损害隐私权，并为数据

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These are serious challenges that strike at the core of the law. They are also being argued by an accomplished litigator with an impressive record. Jim Bopp, who is leading the case on behalf of overseas Americans, has won 9 out of the 13 cases he has argued before the Supreme Court, including the high-profile fight over free speech and campaign contribution limitations which resulted in a major piece of legislation being overturned.

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Even a partial ruling against the law from either of these cases could prove fatal for FATCA. The law was too poorly conceived and hastily passed to withstand such a blow without crumbling entirely. Lawmakers will then have to decide whether they want to double-down on the mindless pursuit of revenue at any cost, or whether to admit their error and reverse course before more damage is done.

观点 | Opinion CHINA OFFSHORE

The U.S. courts aren't the only ones taking a critical look at FATCA either. A challenge to their government's FATCA IGA from Canadian citizens – some of whom didn't know they still held U.S. citizenship after emigrating as young children, or were still considered U.S. tax persons under the worldwide American tax system – alleges the agreement infringes on Canada's sovereignty and violates their personal privacy rights. The case should see its first ruling soon, and could lead the way to similar challenges in other nations. There's no doubt that FATCA was illconceived and doesn't come close to positively balancing its costs and benefits, but an equally irresponsible strategy on the part of Treasury Department regulators to invent new provisions of the law extended that folly. Offshore institutions that have spent millions complying with FATCA, and the governments that have worked to accommodate its invasive demands, may yet find it was all for naught. 2016 Elections

黑客和身份盗窃制造大量的犯罪机会，更不用说削弱税收竞争以及为贪污腐败的政府提供敏感信息。然而，根据美国的法律或政治发展，这些计划可能会遇到巨大障碍。就像没有沙特阿拉伯，石油输出国组织难以存在一样，没有美国，一个全球性税收集团也是难以存在的。

As these court cases are working their way through the process, the United States also is getting closer to a pivotal election year. The Republican Party is well positioned to hold power in the House of Representatives, has a good chance of retaining power in the Senate, and is an even bet to capture the White House. This is important because Republicans are generally hostile to FATCA. The Republican National Committee has even taken the unusual step of adopting a resolution of disapproval, and Senator Paul has also introduced legislation to repeal FATCA.

GOP control after the 2016 elections almost certainly would create an environment very favorable to some sort of legislation, either calling for full or partial repeal. Indeed, Senator Rand Paul already has introduced a bill to gut the law. Conclusion Ironically, while FATCA is increasingly unpopular with Americans, politicians from other nations, along with their allies at international bureaucracies such as the Organization for Economic Cooperation and Development, want to use the law as a template for a system of mandatory global information sharing. If successful, a global version of FATCA would severely undermine privacy and create massive opportunities for data hacking and identity theft, not to mention cripple tax competition and provide sensitive information to governments that are either corrupt or venal. Depending on legal or political developments in the United States, however, these plans may run into a huge obstacle. It’s very difficult to have OPEC without Saudi Arabia and it’s very difficult to impose a worldwide tax cartel without the United States.

So while FATCA faces legal threats, it also faces political threats. Total

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Member Contribution

离岸公司的定义与用途分解 Definition and Designated Use of Offshore Companies Biao Su

Biao Su / 苏彪苏彪，卓瑞企业管理咨询有限公司总经理，卓瑞会计事务所总经理，卓瑞商标事务所总经理，弘瑞创富投资管理有限公司总经理。于 2004 年加入离岸注册行业，先后在浙江，辽宁，福建，山东等省份为上千家企业提供离岸注册业务和离岸架构设立，行业涵盖国际贸易，工厂，房地产等领域，有着丰富的离岸实操经验。 Biao Su, General Manager of Zhuorui Enterprise Management Consulting Ltd., Zhuorui Accounting Ltd. and Hongrui Capital Investment Management Ltd. He joined offshore registration industry in 2004 and since then provided offshore registration and offshore structure establishment services for clients from more than 1000 enterprises in Zhejiang, Liaoning, Fujian and Shandong provinces, covering sectors from international trading, manufacturing to real estate, etc. He has rich experiences in offshore practices.

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n the coastal cities of China, enterprises have been gaining an increasingly deep understanding of offshore companies. Meanwhile, in recent years, more and more offshore institutions have been established and registered. An offshore company refers to a limited liability company established in an offshore jurisdiction according to its laws and regulations on offshore companies. Local government collects no tax but only a small amount of corporation

China Offshore Trusts & Foundations Guide 2015

administration charges from offshore companies. Besides, most major banks in the world recognize and accept offshore companies, agreeing to open bank accounts for them and provide them with financial operation services. Offshore companies feature strong data confidentiality, zero corporate income tax and free capital flow. Therefore, many Chinese enterprises, including state-owned enterprises, adopt offshore company structures within corporate operations

观点 | Opinion CHINA OFFSHORE

近

and development for cost-saving and tax planning reasons, and to provide a financing platform.

量也不断上升。离岸公司是指在离岸

The common purpose of offshore companies is for international trade. A company can register an offshore company as a trader, purchase products from Country A and sell to Country B to make a profit, and then apply for tax-free overseas gains. In such a way, the operational cost of enterprises may be reduced. In addition, offshore accounts can improve the fund utilization rate of enterprises because they are not restrained by foreign exchange controls.

几年在中国沿海城市，企业对离岸公司的认知越来越多，注册机构遍地开花，注册数

法区内依据其离岸公司法律规范而成立的有限公司。离岸公司的当地政府没有任何税收，每年只收取少量的公司管理费用作财政收入，且世界上所有的大银行都承认并认可离岸公司，为其开立银行账号以及提供财务运作服务。离岸公司具较强的资料保密性、企业所得零税收、资金进出自由三大特点。因此在中国有很多的企业，包括国有企业，在企业运作和发展过程中都会采用离岸公司，为企业节省成本，进行税务规划，提供融资平台。

With the development of Chinese policies, offshore companies can also

be used for round-trip investments. For example, by filing an application with the State Administration of Foreign Exchange and the Ministry of Commerce, Company A in mainland China may establish a wholly-owned subsidiary Company B in Hong Kong (i.e. Company A is the shareholder of Company B) and then transfers its fund to Company B in the name of an investment fund. Afterwards, Company B can make investments in mainland China using a roundtrip investment and apply for the corresponding preferential policies with the government, thus maximizing corporate interests. China encourages enterprises to make investments abroad, but the foreign investments of many

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观点 | Opinion CHINA OFFSHORE

较为常见的离岸公司用途是：利用离岸公司做国际贸易，注册离岸公司，作为贸易商，将 A 国家的产品采购，再销售到 B 国家，中间所产生的企业利润，可以申请海外利得，无需缴税。这样做可以降低企业的运作成本 , 且离岸帐户资金没有外汇管制，可以提高企业的资金利用率。随着整个中国政策的发展，也可以采用离岸公司进行返程投资。例如：国内 A 公司，可以向外管局、商务部申请，到香港成立全资子公司 B（即国内公司作为香港公司股东）再将资金以投资款名义转移到境外 B 公司，B 公司又再以返程投资的方式将资本投放到国内，申请获得政府的相应优惠政策，使企业的利益最大化。中国虽鼓励企业走出去进行对外投资，但是走出去的同时，我国有很多国有企业在对外投资时，受到我国的政策限制，且对于投资国法律税务的不了解，都会带来一定程度的风险问题，离岸公司可以作为大型企业避开本国对外投资的管限，作为国际控股公司，成为企业海外投资，控股公司的跳板，且离岸公司股东资料保密，可以隐蔽投资者的身份，可以分散企业投资风险，并进行合理的税务筹划。随着市场经济的泡沫不断显现，银行政策收紧，中国大陆绝大部份企业都会面临一个问题——融资难而且成本高。和中国相比，如果企业在境外有正规经营，并建立完善的审计账目，可以通过境内银行向外银行出具保函的方式，在海外银行取得更低成本的

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Chinese state-owned enterprises are restrained by Chinese policies. Furthermore, due to the lack of familiarity with the laws and tax systems of other countries, such investments are exposed to certain risks. Offshore companies can be used by large enterprises as a springboard to avoid China's governance of foreign investments and to make investments abroad while holding companies as an international holding company. Due

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to the confidentiality of shareholders’ data, offshore companies can also conceal the identity of the investors, spread the investment risks of the enterprises, and use them to assist with tax planning. As the bubbles of the market economy become increasingly visible and bank policies are tightened up, most enterprises in mainland China will be confronted with a problem: the difficulties in and high

观点 | Opinion CHINA OFFSHORE

融资，拓宽企业的融资渠道。最为常见的融资方式是内保外贷，企业不仅融资成本低，且有一定的套利空间。但是面临着汇率风险的问题，特别今年 8 月份的美元汇率大涨，对跨境错币种融资的企业带来很大的影响。离岸公司的应用非常广泛，卓瑞企业这样离岸服务机构也将会征对不同企业目的，设立不同的离岸架构，最大限度地发挥离岸公司的优势。

costs of financing. In contrast to China, if enterprises have legitimate operations overseas and establish complete auditing accounts, they can obtain financing at a lower cost from foreign banks to expand the financing channel with a letter of guarantee issued by domestic banks to foreign banks. The most common financing mode is overseas loans under domestic guarantee, which features both low financing costs and an arbitrage space. However,

problems arising from exchange rate risks – especially the sharp rise against the US dollar this August – have significant impact on the crossborder, cross-currency financing of enterprises. Offshore companies are widely used. Offshore service institutions like Zhuorui will establish different offshore structures for different enterprise objectives to exploit the advantages of offshore companies to the maximum.

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Member Contribution

“以信托缔造幸福家庭” “A Recipe for Achieving Happy Families using Trusts as the Ingredient”

Mr. Leon Mao Executive Director and Head of Trusts First Advisory Group, Hong Kong Office 巫利安执行总监、信托部主管及律师丰瑞信托 ( 香港 ) 有限公司 leon.mao@firstfep.com

Educated in Australia, Leon earned undergraduate degrees in international relations and law, and a master degree in the area of foreign investment law. His professional career has been based in Hong Kong and China where he has almost 20 years’ experience in providing advice and solutions in offshore law, specializing in corporate and commercial law and trusts. he is admitted as a lawyer in England and Wales and Australia. 巫律师在澳大利亚成长及接受教育，先后取得法律学士及投资法律硕士。巫律师在港执业后，从事法律工作超过 20 年之久，其间为港澳及国内客户，担任法律顾问，提供専业意见及服务，主要范围包括成立离岸公司及信托基金。巫律师亦为英格兰，韦尔斯及澳大利亚的注册律师。

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作为中国富户，如果有人向您介绍一个可提供众多利益的法律方案，包括将财富世世代代传承予受益人，您会欣然接受吗？这个方案，可以保存您的财富，免受债权人或离婚配偶的申索。这个方案也可以把您的私人资产 “隐形”，不为外人知道，也就是说，财产会由一个离岸实体持有，而财富衍生的利益可供您指定的受益人所享用。此外，这个方案更可减免将会在中国推行的继承税。欢迎进入离岸新天地，这里保证中国富户能找到适切的财富规划方案。

1. 既然中国法律容许国内信托结构，为何客户仍然需要一个离岸私人信托结构 ? 虽然中国的信托法始于 2001 年，但暂时还未达到国际水平，它只可被视为一种商品及一种”投资基金“的形式，却不适合于作为私人资产规划。近年来，于离岸法权区所成立完善又稳固的私人信托基金，渐受中国公民爱戴。中国政府并无限制国民成立信托，促使中国人民的财富更趋国际化。因此，许多中国国民利用离岸信托，借以持有资产、继承规划，或作其他私人用途。

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What if, as a wealthy person in today’s China, you were introduced to a legal solution which offered benefits, including the provision of a mechanism for controlling your wealth, and more specifically, how it would be dispensed to beneficiaries, years and generations into the future. What if this solution could be designed to preserve your wealth from external attacks from creditors, or from division, if there were divorces within your family. What if, under this solution, the holding of your private assets would become “opaque” to outsiders, whereby the assets would be held in the name of a foreign entity, but the benefits of your wealth would be readily available to beneficiaries which you nominate. Moreover, what if this solution could potentially protect against inheritance taxes, currently under consideration in China. Welcome to the new world of Offshore Private Trusts which offers promising wealth planning solutions for high net worth families in China.

1. Why would a client consider an Offshore Private Trust Structure, if China law provides for domestic trust structures? China’s environment for trust laws is an imperfect one. China has had a trust law since 2001, however, it is currently conceived as a commercial

观点 | Opinion CHINA OFFSHORE

“幸福的家庭都是相似的；不幸的家庭各有各的不幸。” - 托尔斯泰 “Happy Families are all alike; every unhappy family is unhappy in its own way.” - Tolstoy

2. 成立离岸私人信托，对中国的富户有什么好处？

product and a form of “investment fund”, and is not viable for personal planning.

离岸私人信托能提供一糸列的好处，其中包括 :

As such, in recent times Chinese citizens have been attracted to the benefits of offshore private trusts based on the laws of jurisdictions other than China, which are robust and well-established. There is no prohibition in China regarding its citizens establishing an offshore trust, which trend is driven by the internationalization of Chinese wealth. Consequentially, Chinese citizens who use offshore trusts would commonly do so for asset holding, estate planning and privacy reasons, amongst others.

资产保护 - 此为其中一大好处。一个结构恰当的信托，可作资产保护，免遭受下列情况的索偿：(a) 免受债权人的申索 ( 例如 : 破产，董事或专业责任 ); (b) 离婚配偶资产索偿 ; 及 (c) 个人遗嘱申索。继承规划 - 在中国，累积财富对于继承规划而言面对重重新的挑战。举例来说，有些特殊的家庭会出现供养“多妻”及“多户”的情况。财富的主人，会想在他离世后，继续保障子女及后代的教育、生活及医疗需要。现在许多人不想因死板的＂强制继承权＂而不能照自己的心意分配资产给后人。一个结构完善的信托能提供多样化及灵活的继承规划。税务策划 - 离岸信托，可作为对税务安排的一个不错选择。一个结构恰当

2. What benefits do Offshore Private Trust structures offer China’s wealthy families? Offshore private trusts offer a broad range of benefits for China’s wealthy, including the following: Asset Protection. One of the key benefits is asset protection. A properly

structured trust may provide protection against any or all of the following types of claims: (a) protection against creditor’s claims (e.g. bankruptcy, director’s liability or professional liability); (b) protection against divorce claims which involve matrimonial property; and (c) protection against claims regarding an individual’s will. In view of rising divorce rates in China, unstable economic indicators in the Chinese economy, and rising levels of personal wealth, the asset-protection benefits which trusts offer against risk, can no longer be ignored. Inheritance Planning. China’s wealth accumulation creates new challenges for inheritance planning. For instance, there may be unique family situations including the need to provide for “multiple wives” and “multiple families”. There is also the desire for the wealthy to ensure that their fortunes will serve as a legacy for their children's, or future generations’ education, maintenance and medical needs, in the event that they are not here to provide guidance. Many people these days do not want their

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的信托能大副度减免入息、资产增值、继承、馈赠及印花等税项。灵活运用 - 离岸信托提供有效机制，保障年幼子女，年老长者及残疾人士的福利。个别人士，亦希望保存家族财富，于在世时适当地操控及分配资金，传承后代。 3. 成立离岸私人信托后，客户的资产是否会向公众外泄？所有离岸信托的资料无须公开登记。信托为私人的法律行动，其中“委托人” 将资产转移至“受托人”，而受托人须为“受益人”妥善管理及运用该笔资金，无须将契约及相关文件存档，因信托赋予受托人资产管理及监控的权利。受托人有绝对保密的法律责任。只有委托人及受托人知道受益人的资料。离岸信托提供立遗嘱以外的一个选择，最大的好处是无须向公众披露任何详情。许多法权区在遗嘱认证的程序中，税务官员通常要求将去逝者资产逐一列出，以便作缴税评估。此程序无疑会泄露家族资产的详情。 4. 如果家庭的需要因时间而改变，离岸私人信托的储备可否调整？受托人会拟定一份意向书，列明委托人对受益人的储备安排。意向书内容可随时修改。事实上，我们建议委托人每年与受托人回顾该份意向书，并按当时的需要修改内容。契约所列出的储备也可以作出调整。 5. 离岸私人信托会给予客户即将结婚的子女什么利益？如不幸要离婚，信托能否保护客户的财富？一个恰当的离岸信托有资产保护的作用，能保障客户的资产。若规划得宜，信托可保护资产，免受子女的离婚配偶申索。然而，客户应在结婚前寻求

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assets to pass to heirs according to rigid legal guidelines, which are known as “forced heirship”. A well structured offshore trust offers multiple, flexible options for inheritance planning. Tax Planning. Offshore trusts offer exceptional options for tax planning. A properly structured trust may provide substantial savings in income tax, capital gains tax, inheritance tax, gift tax and stamp duty. Flexibility. Offshore trusts offer a mechanism to protect the welfare of infant children, the aged, and disabled persons. Alternatively, an individual may wish to preserve family wealth as a legacy for future generations of their family, with the possibility to control and allocate funds according to a plan which is agreed during the individual’s lifetime. 3. Will information about the Client’s assets be publicly available if an Offshore Private Trust is established? An offshore trust’s details are not publicly registered.

China Offshore Trusts & Foundations Guide 2015

A trust is a private legal act by which a person called the “Settlor” transfers assets to a person called the “Trustee”, who will manage or dispose of them on behalf of a “Beneficiary”. As such, no deeds or documents need to be filed for a trust. The control and administration of the assets in the trust is within the power of the Trustee. The Trustee is subject to strict legal duties of confidentiality. The details of the Beneficiaries of a trust would only be known by the Trustee and the Settlor. Furthermore, an offshore trust provides an alternative legal solution to a will for the transfer of assets on death of an individual, without the need for internal details to be publicly disclosed, as for a will. Based on the experience of other jurisdictions, during standard probate procedures, the tax authorities or the courts will need to review the list of assets owned by a deceased person in order to make a tax assessment. This process makes public the details of family’s assets, which would otherwise be private.

观点 | Opinion CHINA OFFSHORE

法律意见，以免信托内的资产被界定为婚姻资产。客户亦可向资深的受托人求助，拟定在西方民事法庭极普遍的婚前协议书。 6. 离岸私人信托能否帮助客户的家庭处理喜欢花钱多于赚钱的子女？中国内地家庭可向在香港、台湾及西方等较为熟悉信托的家庭借镜，因他们都知道如果有“挥霍无度”的子女，信托会是一个好的方案，让委托人随自己心愿去分配财产。信托为子女、孙子女、亲属及朋友在各方面的需要作准备，如大学学费、医疗保健及生活开支等。信托可年年发放资金予受益人，直至委托人认为受益人心智变得成熟，懂理财之道之后，方给予所占的余额，并终止该信托。委托人也可以成立永久基金，为世世代代的后人谋福祉。 7. 如中国实施继承税，离岸私人信托可以怎样帮助中国富户家庭？过去十年，中国政府不断探讨推行继承税的可能性。继承税通常分财产税及馈赠税两部分，两者皆由受益人缴纳。现时有 100 多个国家实施继承税，

4. What if the family’s needs change over time? Can the Offshore Private Trust’s provisions be adjusted? A “Letter of Wishes” will be prepared by the Trustee to document the Settlor’s wishes regarding the Beneficiaries’ provisions. This can be amended at anytime. We would recommend that it be reviewed, and amended as required during every “Annual Review” which the Trustee has with the Settlor. If necessary, the provisions of the trust deeds could also be modified. 5. What benefits can an Offshore Private Trust give to a Client whose children are about to be married? Will a Trust protect the Client’s wealth if there is a divorce? With proper planning, an offshore trust can offer asset-protection benefits and protect a client’s assets. A trust could be developed to shield assets from claims raised by a child’s former spouse in a divorce situation. However, clients are encouraged to seek proper legal advice at the earliest time prior to the marriage so as to avoid the trust assets being

characterized as matrimonial assets. Clients may also wish to draw on the experience of the Trustee, particularly if such trustee has expertise in family law, to assist in the preparation of pre-nuptial agreements which are common in many Western and civil law jurisdictions. This would offer preagreement as to how matrimonial assets would be split during a divorce. 6. Will an Offshore Private Trust help families to manage children who prefer to spend money, rather than make money? Families in China can benefit from the experience of wealthy Chinese families in Hong Kong, Taiwan and the West, who have had a longer exposure to trusts. If there is a concern about “spendthrift” beneficiaries, the trust can be devised as a solution to dispense money as the Settlor determines. Trusts can make money available to children, grandchildren, other relatives, or even non-relatives for educational purposes, such as university tuition, medical care and living expenses. A trust can be used to dispense funds year-by-year to a Beneficiary, and then a final sum could be distributed at certain age when the Settlor is comfortable that a Beneficiary will be mature enough to protect and value the money. Alternatively, a Settlor may reach the decision that the family fortune should not be divided and distributed, but will only be used as a perpetual “fund” to meet the needs of future generations. 7. How can an Offshore Private Trust assist wealthy Chinese families if inheritance taxes are introduced into China? China’s tax system is evolving, with inheritance taxes under consideration for the past decade. Inheritance taxes normally comprise estate tax and gift tax components, and are paid

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虽然香港在 2006 年废除有关税项，但其余的亚洲国家，包括台湾（10% 财产税）、日本（滑移税率至 55%）及南韩 ( 固定税额，滑移至 50%) 仍奉行继承税。如果中国推行继承税，许多后人或继承者就要缴纳庞大的税款 ( 以人民币计算 )，才可以领受遗产。虽然法例仍然在草拟阶段，但某些细则已经公开，包括建议的豁免门槛（800,000 人民币），滑移比例使越富有便越高税率，而且规定税款须在三个月内以现金缴付。一旦新例实行，中国富户便应考虑采用适切的信托方案，为资产保护及继承规划作出最佳的保障。无论采用什么对策之前都应征询合适的法律意见。 8. 除信托外，还有没有其他方案？什么是基金会？信托为英国普通法的一个法律概念，而基金会为民事法的一个概念。私人基金会的宪章须公开注册。虽然过程不免要向公众披露基金会某些资料，但其好处在于使私人基金会获得 ' 独位法律实体 ' 的地位。一个私人基金会，有自己的基金局管理及监控，这与一家公司的董事局甚为相似。中国法建基于十九世纪德国的民事法则，包括基金会概念，与私人信托比较，中国客户可能对基金会更为熟悉。

by the beneficiaries. At present over 100 countries around the world have imposed inheritance taxes. The tax was stopped in Hong Kong in 2006, but continues to be imposed in other places in East Asia including Taiwan (estate tax applied at a flat rate of 10%), Japan (estate tax applied on a sliding rate up to 55%) and South Korea (estate tax applied on a sliding rate, comprising a set sum and up to 50%). If inheritance taxes are introduced, many potential heirs or inheritors stand to pay millions in renminbi, before they can enjoy their inheritance. Although the law is in a draft format, certain details are in public circulation, including a proposed exemption threshold (RMB800,000), a sliding tax scale such that the wealthy will be expected to pay a higher percentage of tax, and the stipulation to settle the taxes in cash form within a set timeframe e.g. 3 months. In the event that such a tax is introduced, wealthy Chinese families are strongly advised to consider solutions such as trusts, which if properly structured, offer significant

总结中国近代私人财富增长惊人，如何守富成中国富户的一大挑战。国内发展迅速，无论在法例、经济及金融体系，皆经历重大改革。在法律及其他情况许可下，成立离岸信托不失为精简财富的良方。以下因素凸显了离岸私人信托作为灵活及全面的方案：

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asset protection and estate-planning benefits. Proper legal advice should be obtained to confirm that the solution is feasible. 8. What other solutions are there besides Trusts? What are Foundations? Trusts are a legal concept developed under English common law; while Foundations were originally a civil law concept. Private Foundations require the registration of a foundation charter at a Public Registry. While this process may have the effect of making public certain limited information regarding the Foundation, there is a positive factor in terms of granting the status of an “independent legal person” to a Private Foundation. In the Private Foundation, the power of control and administration rests with a Foundation Board, which resembles a board of directors of a company. Noting that Chinese law is based on 19th Century German civil law codes, which included foundation concepts,

观点 | Opinion CHINA OFFSHORE

• Offshore Private Trusts offer the many benefits outlined above, and are readily accessible in the current era of openness and maturity in Chinese thinking about family asset holding; • Offshore Private Trusts are in line with trends of internationalization of Chinese families, who are developing diverse cross-border business empires and personal asset portfolios. Moreover, the members of these families are relocating internationally, as a result of immigration and education, which in itself raises questions as to optimal modes for holding family wealth; and • Chinese clients are now, more than ever before, able to interact with the many cross-border Trustees and advisors who are geared to provide tailored solutions which are adapted to each family’s special situation.

• 离岸私人信托历史悠久，为中国，甚至大中华、亚洲及其他各地的家庭，提供证实有效及使家庭和谐共处的方案;

Chinese clients may well feel more at ease with a Private Foundation, rather than a Private Trust solution.

• 离岸私人信托提供上述各种好处，在现代思想开明的中国，实为守富的最佳方法之一 ;

Within a generation, China has witnessed dramatic personal wealth accumulation which presents broad challenges for China’s wealthy families. This transpires within a fast-moving domestic context of changing Chinese regulation, an evolution of the economy, as well as fresh financial challenges on the horizon.

• 离岸私人信托迎合渐趋国际化的中国家庭需要，他们在海峡两岸建立起多元化的生意王国，更有子女移民及迁徙到别国。因移民及子女教育的需要，这些家庭不得不寻求守富的最佳模式；以及

Conclusion

• 中国客户比以前更积极与两岸受托人及顾问沟通，而两岸受托人及顾问会按照个别客户的家庭情况，提供适切的解决方案。

Laws and circumstances permitting, the use of Offshore Private Trust structures may be one method to streamline the holding of family wealth. The following factors single out Offshore Private Trusts when it comes to identifying a diverse and encompassing solution for families:

从中国客户的角度来看，实在大有理由去考虑精密的计划来保障家庭未来的和谐及繁荣。这正正驱使您需要积极考虑选用离岸私人信托结构所带来的各种好处。

• Offshore Private Trusts have a long history, and have offered an effective, proven and harmonious answer for wealthy Chinese families, and families in general, in Greater China, Asia and elsewhere;

If from a Chinese client angle, there exist reasons to consider sophisticated planning which will ensure the future harmony and prosperity of their families, then there are indeed positive reasons to consider a move at this time towards Offshore Private Trust structuring.

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封面故事 Cover story

信托与基金会中国家族和高净值人士的财富管理新手段 Trust and Foundations Opportunities for Chinese Families and HNWIs By Baron Laudermilk

在

这份报告出台的时候，中国经济的增速随着全球经济不确定因素的增加而趋于放缓。中国经济在明显放缓的同时，国家也把今年的GDP目标调整为7%，

但一些分析家和经济学家则认为中国的经济增长速度其实应该是在 3% 到 5% 之间。股票市场的震荡始于六月份，且还在经历着前所未有的调整和危机。这些都证明中国的资本市场，经济环境和总体金融系统有诸多问题需要及时应对。但即使中国经济确实在强行硬着陆，中国的富人数量仍在继续

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hen this last report was published, China’s economy was experiencing a slowdown during global economic uncertainties. But now it has become a fact that China’s economy is decelerating. Authorities have set the GDP target for 2015 at 7.0%, but some influential analysts and economist have stated that China’s economy growth is actually anywhere from 3-5%. The stock market correction that occurred in June 2015, and is still lingering on today, is proof that China’s capital markets, economy, and overall financial system have major errors and fundamental problems that need to be addressed.

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增加，高净值人士（资产超过 100 万美元）和超高净值人士（资产超过 3000 万美元）的人数不减反增。中国的亿万富翁数量，根据福布斯 2015 年的报告，是世界排名第一的，报告声称中国在今年新诞生了 71 位亿万富翁，中国的亿万富翁总数高达 242 人。根据《2014-2015 年中国超高净值人士报告》，中国大陆最低资产达到 5 亿元人民币的人数已经超过了17000名。中国超高净值人士在今年的数量，根据《胡润百富》的数据，已经达到了 15 年来最高。报告显示大部分上榜的富翁为企业家、房地产开发商或专业投资者。他们中大约 300 人的净资产至少有 100 亿元人民币，大约 5100 人的资产介于 10 亿元和 20 亿元人民币之间。其余富豪的资产也达到了 5 亿元和 10 亿元这个区间。事实上，这些富豪中有超过80%的人有意向在未来向海外投资，其中有一半已经在动手实施。随着财富的稳定增加和国内市场不确定性的加剧，富有的中国人发现，海外投资的回报更丰厚且能更好地扩大他们的投资组合。在不断挣钱的同时，中国富人还在西方很多国家的房地产市场上大笔投资。投资去向的最大目标国是美国，这一现象将会持续下去甚至在不久的将来愈演愈烈。中国股票市场上的大笔资金将会奔逃而出，投向更为安全稳妥的地方，而美国的房地产市场是为数不多的风险中等而回报丰厚的市场之一。

But despite the fact that China’s economy is witnessing a hard landing, the number of rich people in China continues to grow steadily, both in terms of high-net-worth individuals (People with assets that are worth US$1,000,000), and in ultra high-net-worth individuals (people with $30,000,000 in investable assets). The number of billionaires in China, according to Forbes 2015, ranking of the world’s richest, claims that China minted 71 new billionaires, totaling 242 billionaires. According to the China Ultra High Net Wealth Report 2014-2015, the number of people from the Chinese mainland who hold assets worth at least 500 million yuan has exceeded 17,000. The number of China Ultra High Net Wealth people this year reached a record high for the 15 years the Hurun Research Institute has released the China Rich List. The report found that most on the list are entrepreneurs, property developers or professional investors. Some 300 of them have assets worth at least 10 billion yuan, and about 5,100 have assets worth 1 billion to 2 billion yuan. The rest have 500 million to 1 billion yuan. Indeed, more than 80 per cent would like to invest in overseas projects in the future, and half of them have already done so. With their wealth steadily growing, and

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加州是中国人最为趋之若鹜的，但高昂的价格则削弱了需求。德州对国际房地产投资者需求来说排名第三，仅次于佛州和加州。这些州都很受中国人的欢迎，这也得益于这些州的高

with major uncertainties in their domestic market, wealthy and rich Chinese have found that overseas investments bring major returns and help diversify their investment portfolio.

就业率和教育资源。中国的购房者从去年开始已经在美国注入了 286 亿美元，比加拿大人的花销翻倍还不止，根据美国国家房地产协会的数据，加拿大人是美国物业的第二强劲买家。另一个吸引中国富人投资的主要国家是澳大利亚。一个几乎四万亿美元的市场正激发中国人的狂热需求，澳洲也是中国人最为青睐的房地产市场之一，而澳元的贬值也对海外购房者的吸引力剧增。中国的开发商上个月（8 月）席卷了墨尔本 15 个由 CBRE 集团出售的地产项目——是这个地产经纪公司每月销售额的五倍之多。其中大部分的交易在上海上证指数狂泻之后达成。很明显，中国人正在海外寻找一切能够让他们规避税收，同时兼顾信息保密的更多样的金融投资项目。他们却唯独对信托和基金会心存疑虑，因为这两个金融架构在中国鲜为人知。但是信托和基金会对中国富人来说，是保护他们的财富不受离婚、破产、争议影响，且能在合法的前提上向下一代传承财富的最佳工具。

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With their new found wealth, rich Chinese have been investing major parts of their wealth in international Western real estate markets. One of their main destinations is the United States, and this is expected to continue and even accelerate in the near future. Investors in Chinese equity markets will flee to safe assets, and few assets offer the combination of relatively modest risk and high returns as U.S. real estate. California is a Chinese favorite, but high prices there are cutting into demand. While Texas ranks third for all international homebuyer demand, behind Florida and California, it is favored by Chinese buyers, thanks in part to its strong employment and education opportunities. Chinese buyers have poured $28.6 billion into U.S. real estate in the past year, more than double the amount spent by Canadians, the second most active buyers, according to the National Association of Realtors Another major investment destination of rich Chinese is Australia. The almost $US4 trillion rout is fuelling demand for less volatile assets in one of China’s favorite real-estate markets, where a plunging Australian dollar is making property cheaper for offshore investors. Chinese developers last month snapped up most of the 15 sites in and around Melbourne sold by CBRE Group – five times the property broker’s usual

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信托是什么？为什么如此重要？信托的最权威解释是：“一个信托关系，规定一个人（受托人）为另一人的利益（受益人）而拥有财产的所有权（信托遗产或信托资产）。” 信托是一个控制权和法定所有权从受益人所有权分离的架构；因此至少一个人和 / 或一家公司承诺以让另一人（受益人）获益的方式来持有和管理资产或物业。信托架构中的其它当事人包括贡献初始信托资产（可以是任何东西，包括一张 10 美元的现金钞票或一栋房子）的“委托人” 设立信托，和一名通常来说有权力指派、替换和撤销受益人的 “指定人”。信托好比您和您的汽车。汽车受驾驶员（受托人）控制来行驶和搭载乘客（受益人），驶向目的地（当信托结束时，或“被授予时”），而车上的行李或货物（资产和物业）则被卸下并再次交付给乘客。在行驶期间，货物被小心看管，乘客有时候也会得到分发的食物和饮料，如果车票里包含上述服务的话。设立信托的最大动机之一是信托是用来保护资产的。物业和资产可以被转入信托来获得针对债权人的保护，以求保护这一遗产直到受益人足够成年后重新合法拥有，或者被用来把值钱的资产从有可能官司缠身的贸易公司中分离出来。如果正确设立，信托能帮你合法地降低纳税负担。但这是一个灰色地带，各国政府一直都在寻找填补漏洞的机会。因此问题

monthly tally. The bulk of the deals were sealed after the Shanghai Composite Index started tumbling. Clearly rich Chinese are seeking virtually any international asset to help them take advantage of taxation, keep their information and assets private, and are seeking for a wider range of financial investments offshore. But it is difficult to wrap their minds around trusts and foundations, as these two financial structures are still largely absent in China. But trusts and foundations are a great way for rich Chinese to protect themselves against divorce, bankruptcy, disputes, and to safely and legally pass their wealth down to the next generation. How Do Trust Work and Why They Are Important? The most authoritative definition of a trust is: 'A fiduciary relationship in which one person (the trustee) holds the title to property (the trust estate or trust property) for the benefit of another (the beneficiary).' A trust is a structure that separates control and legal ownership from beneficial ownership; so that at least one person and/or company agrees to hold and manage assets or property in a way that will benefit someone else (beneficiary). Other parties in a trust structure include a 'settlor' who contributes the initial trust asset (which may be anything, including a nominal $10 cash or a house) to bring the trust into existence, and an 'appointor' who generally has rights to appoint, replace and remove trustees. You could almost like a trust to a car. The car is put under the control of a driver (the trustee) to drive the car while carrying the passengers (beneficiaries) to a destination (when the trust ends, or is 'vested') where the cargo or luggage (assets and property) is unloaded and given

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to the passengers again. During the drive, the luggage is maintained in the best condition possible and the passengers may occasionally be offered food and drinks if the ticket contract allows it. One of the big motivations for establishing a trust will be to protect one’s assets. Property and assets can be moved into a trust for protection from creditors, to maintain an estate until a beneficiary becomes old enough to have legal possession, or to isolate valuable assets from a trading company that may be more exposed to litigation.

的关键是和理解各个金融辖区政策的专业人士合作来寻找这

Trusts, if set up in the correctly, can help you legally minimize some of your taxes. But it is a gray area, and the government is always seeking to close perceived loopholes in tax law across the globe. The key here is to work with specialists that understand the various loopholes within a specific jurisdiction.

些漏洞。

Offshore Trust Options for Wealthy Chinese

中国富人的离岸信托

泽西岛或开曼群岛等地方设立长期信托。

In China, the laws make it difficult to establish a private trust that truly protects and isolates property. Due to the fractured legal and tax system, and especially because of the absence of a trust registration system, make it much harder to establish a trust domestically for Chinese peoples. If assets can’t be isolated domestically, then most ultra-rich will set up family foundations overseas. Many like to set up long-term trusts in international financial hugs, including Hong Kong, Singapore, The Virgin Islands, Jersey or the Cayman Islands.

一些中国富人通过红筹架构设立了离岸计划。他们在一个有着

Some Chinese rich peoples have adopted an offshore plan via the red chip structure. They create an overseas

中国的法律不允许设立真正保护和分离资产的私人信托。由于政策和税务立法的断层，特别是没有信托注册系统的存在，中国人要在本国设立信托非常困难。如果资产不能在本国被分离，最富有的中国人将会在海外设立家族基金会。许多人喜欢在国际金融中心，包括香港、新加坡、新加坡、英属维尔京群岛、

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完善系统的地点创建离岸信托，同时创建一个海外的控股公司来反过来持有中国的物业。此后他们能把该公司的利息转换入信托资产并交付一名信托经纪人。这一富人通常是海外控股公司的首席执行官，因此他们能安全地持有该物业同时又保留决策权。但以这种方式创建信托有其风险和局限性。对中国富人来说，能够向海外转移的财产仅限于通过诸如海外投资或海外上市等合法途径获得的收入。在一些对外国资本有限制的行业，物业不能通过这一架构，在不顾忌法律问题的情况下进行转移。除了这点外，海外信托仍然吸引大量的超高净值人士。它能帮助企业进行跨国的投资重组。

trust in a place with a well-established system while also establishing an overseas holding corporation to reverseacquire the property in China. After this they can transfer the interests of that corporation into trust property and give it to a trust agent. The rich person is usually the “CEO” of the overseas holding corporation so they can secure property and make important decisions themselves. But this way to establish trust has limitations and risks. For the Chinese rich, property that can be transferred abroad is restricted to income acquired legally through avenues like overseas investment or overseas IPO. In some industries that have restrictions on foreign capital, the property cannot be transferred through this structure without fear of legal trouble. In spite of this, overseas trusts still attract many ultra-rich. They can also help corporations reorganize investment across countries.

世界上很多富人对开曼群岛的 STAR 信托颇为关注。STAR 信托被认为是独特和具有灵活性的遗产规划工具。STAR 信托经常被使用在结构融资和商业交易中，这些情况下往往其它特殊目的工具要么太死板，要么不适合。泽西岛作为海峡群岛上的最大岛屿，也是一个设立信托和管理信托的领先金融辖区。该岛有大量合格的专业信托从业人士，现代化的信托法律和高效的司法系统。泽西岛也被认为是金融服务行业的法律和监管最佳的国际金融中心之一。该岛为非泽西岛居民受益人创建的信托提供财税中立的环境。新加坡正迅速成为一个重要的信托创建和运作不同种类信托的主要金融辖区。许多因素证明了这一点。新加坡是很多国际领

Many wealthy people across the globe are looking at STAR trust in the Cayman Islands. STAR trust has been recognized as unique and flexible estate planning tools. STAR trusts are frequently used in structured finance and commercial transactions where other special purpose vehicles are too inflexible or otherwise inappropriate. Jersey, the largest of the Channel Islands, is also a recognized leading jurisdiction for the establishment and management of trusts. The island has a large and wellqualified professional trust sector, modern trusts legislation and an effective judicial system. It is also recognized as being in the top division of international finance centers in the regulation and supervision of its financial services industry. The Island offers fiscal neutrality for trusts established for non-Jersey resident beneficiaries. Singapore is also rapidly becoming an important and key jurisdiction for establishing and operating various types of trusts. Many factors are aiding this trend. Singapore is home to many of the leading global financial institutions, as well as accountancy, legal and tax advisory firms; the country’s polity provides for a comprehensive legislation that ensures an attractive tax regime and strong regulatory framework for trust arrangements; the country’s marketfriendly and stable economic policies encourage international investors to consider it as a favored destination for a variety of investment vehicles; and the booming regional wealth has generated a strong demand for its efficient management through trust structures. The Structure of Foundations Vehicles like a foundation allows the founder plenty of flexibilities, such as building a legacy for future family

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先的金融机构、会计事务所、律所和税务咨询公司的所在地；这个国家的政府提供综合广泛的法律制度，确保提供一个具有吸引力的税务制度和强劲规范的法律框架来服务信托业。新加坡的市场化经济和稳健的政治经济环境鼓励国际投资者把它作为各种投资工具的选址地。该地区快速增长的财富对高效的信托和财富管理架构需求也非常强劲。基金会架构诸如基金会这样的财富管理架构让创始人有更大的灵活性，比如创建一个为家庭未来成员所准备的遗产赠与，确保创始人的意愿能够向下一代代代相传，保护整个家族的财富和实现家族成员的人生梦想。基金会的管理依靠基金会的理事会，该理事会雷同公司的董事会，目的是化解在典型的信托架构中经常发生的利益冲突，特别是在受托人由受益人中指派产生的情况下。基金会的主要优势之一是信托和基金会不同，不被视为一个法律实体。基金会的设立更像一家公司实体；特别是一家根据创始人意愿而设立的用来管理创始人资产的公司。因此基金会要求在执行时和资产为受益人保留时的灰色地带更少。此外，和公司相似，基金会需要进行注册，因此其运作和管理更规范化和更具可预见性。上述的规范化特点让基金会在民事法国家更容易被理解，因为它和大多数的民事法法典相切合，从而成为其在民事法国家立足的根本。在民事法国家它有一个容易理解的架构，这和信托在普通法国家的运作具有异曲同工之妙。信托中，受益人的利益是最重要的。但信托中即使委托人能够提供一封“意愿书”来确保他的意愿能够被受托人执行，受托人并没有完全执行的义务，因为他并没有信托责任来做此事。上述情况可能让委托人成为被指派来管理信托的受托人的傀儡。这个问题在基金会上就能得以解决，因为创始人的意愿在基金会宪章内具有详细解读且创始人自己也位居基金会理事会成员之列，这就保证了他的意愿能得以清楚地理解，和信托相比，让他有更大程度的控制权。基金会的另一个主要优势是它也能作为公司传承的工具，理事

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members, ensuring the aspiration of the founder are carried through to future generations, protecting a family's wealth, and fulfilling family members dreams. As the management of the foundation is in independent hands of the Council of the foundation, which operate like the board of directors of a company, there is bound to be less conflict of interest as is sometimes seen in typical trusts, especially where trustees are appointed from among the ranks of beneficiaries. One of the key advantages is that a Trust is not deemed a legal entity unlike a foundation. Foundations are set up to be more like a corporate body; specifically a company established to manage the assets of the founder according to the wishes of the founder. Therefore a foundation allows for less grayness in its application and provision of the assets to the end beneficiary. In addition, similar to a company, a foundation is required to be registered which gives more certainty to its operation and administration. The provisions described above allows for foundations to be better understood in civil law countries, as it fits in well into most if not all of its civil codes, which in turn provide

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会成员能从创始人的家庭成员中指派，因此理事会成为一个理事会成员们对共同目标进行讨论和协作的平台。比如说，这让整个理事会都能很方便客观地讨论和决定遗产的继承人是谁。在中国创建一个基金会并不简单，且在法律中自相矛盾的地方很多。因此找一个有在中国创办基金会的丰富经验的专业人士就显得十分重要。在中国设立基金会之前，申请人必须首先获得当地政府机构，或所谓的管理慈善基金会事宜的“专业领先的经纪机构”的认可。此后，申请人需要寻求当地民政部门的许可来注册和运作。基金会在整个生命周期内都需要接受政府部门的双重监管。在国际金融辖区内，比如开曼群岛等使用私人基金会并不一定是节税的好选择，但却为资产和家族财富提供了很好的保护。基金会有利于避免遗嘱手续方面、配偶要求或其他家族成员在应对继承问题时产生的诸多问题。最主要的优势之一是，创始人的死亡并不对基金会在税务和其它问题上造成任何影响。基金会创建的选址地世界上的许多国际金融中心都有合适的人才和法律来创建基金会，确保资产得到完全的保护。和世界其它金融辖区相比，在开曼群岛设立基金会有着显著的

the backbone to all civil law systems. There it provides an easily understood structure, which will work in the same manner as trust would under common law jurisdictions. With a trust, the interests of the beneficiaries are the most important. But in a trust even though the Settlor may provide a Letter of Wishes, in an attempt to ensure his exact wishes are executed by the trustee, the trustee is not duty bound to comply with his wishes as the trustee does not have a fiduciary duty to do so. Such a situation then leaves the Settlor at the mercy of the trustee who has been appointed to manage the trust. This problem does not arise with foundations as the will and interest of the Founder can be explicitly detailed in the Charter and the Founder himself may serve on the Council of the Foundation, ensuring that his wishes are known and allowing him a much greater degree of control as compared to a trust. Another key advantage of a Foundation is that is can also be a tool for company succession as the council members can be appointed from members of the founder's family which provides a strong platform for council members to discuss and work on common objectives. For example, this allows for the entire council to discuss and determine the successor of the estate with ease and objectively. In China establishing a foundation is not easy, and there are a lot of contradictions within the law. Acquiring a specialist who has extensive experience establishing a foundation in

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China is critical. Before establishing a foundation in China, the applicant must first get the 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 “okay” 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. Using a private foundation in an international jurisdiction, such as the Cayman Islands, is not only tax-wise but also helps in protecting assets and wealth of a family. What is more is that a foundation opens up ways to avoid problems concerning formalities of a will, 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. Top International Options for Establishing a Foundation Many of the world’s top international financial centers have the proper talent and legal soundness to establish a foundation that will ensure your assets are safe and protected.

优势。创建后，开曼基金会成为它本身的法律实体。要设立开曼基金会，需要“创始人”，此人是组建这个基金会的个人或组织，还需要一个“保护人”，此人需要确保基金会和信托一样运作的管理规范，还有一个和信托中一样的“受益人”，可以是一个人也可以是一群人来从基金会获益，最后还需要满足有“理事会成员”的要求。但是基金会的设立不需要股东。开曼群岛基金会具有自己的法人资格，因此基金会本身成为基金会财产的所有人，并能在该基金会名下拥有多家公司和多个财产物业。基金会的指令执行和信托相同，这些指令将会包含在《基金会契约和章程》之中。泽西岛基金会融合了私人公司和信托的些许概念，且能为诸如遗产规划、慈善工具、持有“家族”或递耗资产等其他目的来创办。基金会可在公司架构内部，牵扯到英国公司来保护不希望在 IFRS 下作为相关方公开英国账户的情况下利用。它对传统的代理股东制度提供强劲的替代方案。可以作为“资产负债表

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Establishing a Foundation in the Cayman Islands has clear advantages compared with other jurisdictions across the globe. Once established, a Cayman foundation becomes its own legal entity. For a Cayman foundation in come into existence it requires the occupation of a” founder”, who is the person/organization forming the foundation, a “protector” who is required to ensure management compliance in a similar way to how a trust operates, a “beneficiary” like in the concept of a trust, is the person or group of people benefiting from the foundation and finally there is a requirement for “council members”. There are however no requirements for shareholders. A Cayman foundation takes on its own legal personality, as a result of this; the foundation itself becomes the owner of the foundations property, and can own multiple corporations and a wealth of different properties under the foundations name. Foundations are able to leave instructions to be carried out in the same way as a Trust can. Such commandments will be included in the Foundations Deed of Incorporation and its Articles of Association. A Jersey foundation has some of the concepts of both private companies and trusts and may be established

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for such purposes as succession planning, as a vehicle for philanthropic purposes, to hold 'family' or wasting assets and for other purposes. Foundations may be used within corporate structures involving UK companies to protect individuals who do not wish to be disclosed in UK company accounts as a related party under IFRS. They provide a robust alternative to the traditional nominee shareholder. To hold assets "off balance sheet", to function as a succession planning vehicle. By placing assets in a foundation, founders can avoid the succession rules of their home state and can plan for the seamless devolution of family wealth in a tax-free environment. Jersey foundations can be used to hold a variety of assets for reasons of confidentiality. 之外”的方式来持有资产，成为遗产规划的工具。在向基金会注入资产时，创始人可以避免所在国的遗产管制并能为家族财富向一个免税的环境中无缝转移。泽西岛基金会能在保证私密性的情况下持有多种资产。耿西岛也是一个具有悠久历史的信托中心，信托服务业值得信赖。它也许是信托法和信托管理业最为著名的金融岛之一，

Guernsey is also a premier international fiduciary center with a long history in the provision of fiduciary services. It is perhaps best known for its trusts law and administration of trusts, having a wealth of experience in this area, which continues to develop to meet the needs of its ever mobile international clients and also the developing international regulatory environment. Guernsey has some 190 licensed fiduciaries, ranging from large internationals to independent boutique operations.

在行业内具有丰富的经验，并继续为适应国际客户不断变化的需求和不断更新的国际法律法规而持续发展。耿西岛有约 190 家认证的信托公司，他们中包括大型的国际独立信托机构等，应有尽有。耿西岛基金会是具有法人资格的公司实体，但和公司不尽相同的是，并没有股东。相反，它以自己为名下的受益人，或特定目的，或两者兼有而持有财产，且依据章程和规章运作。和公司不同，除非其目的需要或者必要，它不进行商业活动。因此它是耿西岛一个全新的法律实体；看起来和公司相似，但运作

A Guernsey foundation is an incorporated entity with separate legal personality but which, unlike a company, does not have shareholders. Instead, it holds assets in its own name on behalf of beneficiaries, or particular purposes, or both, and it operates in accordance with a constitution comprising of a charter and a set of rules. Unlike a company, it cannot carry out commercial activities except those necessary for, or ancillary or incidental to, its purpose. As such it is an entirely new legal entity for Guernsey; looking similar to a company but with an operation more akin to that of a trust.

却和信托有些类似。

These are just a short list of some of the best places to establish foundations that will ensure that your property is protected and passed down to future generations.

要确保财产得到保护且世代相传，能够提供基金会这一离岸金

The Bottom Line

融架构的地方并不多。最后总结在中国经济问题内外交困的情况下，中国的富豪们放眼世界寻求信托和基金会来保护他们的资产。这些工具对希望向下一代传承财富和长期管理财富的富人来说非常理想。离岸金融辖区提供专业服务机构和知识，更有一流的基础设施和良好的法律系统来确保这些实体架构能够被正确设立且完全合法。

With the economic and financial problems of China clearer than ever, rich Chinese people have the opportunity to protect their assets with trust and foundations. These tools are ideal for wealthy individuals who are seeking to pass their wealth down a generation, and who want to ensure that their wealth is protected for years to come. Professional service providers with specialized knowledge of laws in an offshore jurisdiction, which has solid infrastructure and a sound legal system, are the key to establishing these entities properly and legally.

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人民币贬值引发货币战争？ Yuan Devaluation: Is a Currency War on the Horizon? John Yang

人

民币在持续对外坚挺和所谓的“对内贬值”策略几十年后，突然在 2015 年 8 月开始汇率下滑，达到业界所称的“贬值”标准。而事实上是，自央行 8 月 11 日宣

布调整人民币兑美元汇率中间价形成机制后，人民币中间价连续两日均大幅贬值逾千点，人民币对美元的中间价已经连续贬值近 4%。人民币的意外贬值撼动全球市场，亚太股市、汇市以及大宗商品市场波动加剧。对此，有部分观点认为，人民币随着连续两天“主动”贬值，或将掀起新一轮的货币战争。那么，事实果真如此么？值得一提的是，在人民币连续两天千点幅度贬值后，周边国家越南第一个采取政策行动。越南央行在 8 月 12 日即宣布，扩大越

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fter decades of the renminbi’s so-called domestic devaluation strategy and appreciation overseas, suddenly in August 2015 the currency began to slump, and reached a level that is regarded as “depreciation” for the first time in several years. As a matter of fact, when the Central Bank of China (PBoC) announced an adjustment of the renminbi’s median price formation mechanism against the US dollar, the exchange rate was significantly devaluated by over a thousand points in the next two days, and the median rate of the renminbi against the US dollar was devaluated by almost 4%. The unexpected renminbi devaluation has shaken global markets, Asia Pacific stock markets, foreign exchange markets, and resulted in volatility in international commodity markets.

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南盾每日的交易区间。越南盾可以在央行设定的中间价上下 2% 的幅度内浮动，先前浮动区间为 1%。

It is for this reason that some observers believe the renminbi’s “proactive” devaluation over these two days could trigger a new “currency war”. But is that really the case?

此外，韩国的官员也接着表示要加强对金融市场的监控，印尼央行官员则称将随时在市场保卫卢比。与此同时，业界普遍认为人民币贬值能提升中国经济，会在一定程度上抵消美元升值的影响。新兴经济体的货币贬值潮将会更猛烈，亚洲货币将走低，韩国、泰国、马来西亚等已初尝苦头。摩根士丹利认为：“中国货币政策变化最大的影响者是那些向中国出口商品以及那些和中国在出口上竞争的、并同时面临通缩和产能过剩的国家。韩国、新加坡和泰国都属于这一类别。” 那么，人民币贬值的势头如果持续下去，真的会引发 “货币战争” 吗？先让我们来看一下“货币战争”这个提法的出处： “货币战争”，最早来自巴西财政部长的讲话。2010年9月27日，巴西财长曼特加在一次讲话中说：“我们正处于一场国际性的货币战争中，各国货币普遍贬值，这对我们形成了威胁，因为它降低了我们的竞争力。”他表示，巴西政府“将会采取果断行动” 防止巴西货币雷亚尔过度升值。其实曼特加只是把各国的担心坦率地讲了出来。如今，美、日等发达国家为继续刺激经济，采取更为宽松的货币政策，导致其货币贬值。而由于在这些发达国家投资回报率低，大量热钱涌向发展中国家，加大了这些国家的货币升值压力，这些国家也面临着采取措施干预汇市的选择。一时间，世界突然面临着“货币战争” 的威胁。负责监控世界经济和金融秩序的国际货币基金组织（IMF）主席卡恩警告说，如果各国政府想要利用汇率解决国内问题，那么就有引发汇率战的风险。而英国媒体对此次“货币战争”的提法则持谨慎态度，英国《卫报》此前报道称：在最近数据显示出口下跌和制造业停滞不前后，中国人民银行表示，允许人民币中间价贬值近 2%，希望使中国出

It is worth noting that Vietnam was the first nation to take immediate action on the renminbi’s sudden devaluation. Vietnam’s Central Bank announced on 12 August that the Vietnamese dong’s everyday trading range would be expanded. The dong can now float within a range of 2% of the median rate designated by the Central Bank, whereas the previous range was just 1%. Korean officials also announced plans to reinforce control of the financial market; Indonesian officials said they would do anything to protect the rupia. At the same time, it is generally understood that the depreciation of the renminbi will likely promote China’s economy, and at some point also offset the impact of the dollar’s appreciation. Currency devaluation in emerging economies will soon become more common as Asian currencies remain low, and Korea, Thailand and Malaysia will all take a hit. According to Morgan Stanley, the largest victim of China’s currency policy changes will be countries who export goods to China or compete with China on exports, along with those who face deflation and at the same time have excess production. Korea, Singapore and Thailand all fall into this category. The question is, if the renminbi’s devaluation maintains momentum, is a “currency war” really imminent? Let’s first look at the origin of the term “currency war”. “Currency war” was a term first used by Brazil’s Finance Minister Gido Mantega, who, in a 27 September 2010 speech said: “We are in a worldwide currency war, currencies are depreciating all over the world and this poses a threat to us because it devalues our competitiveness.” He also urged the Brazilian government to take immediate action to prevent Brazil’s real from appreciating excessively.

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口价格降低，同时较少借贷开支。中国人民银行的这次贬值只是“一次性的”，是人民币近三年来兑美元中间价的最低。报道认为，这一决定在整个亚太地区市场造成影响，“投资者担心全球第二大经济体的需求将出现长时间的下跌。”亚洲地区的股票市场普遍下跌，但是香港恒生指数却上涨了 0.72%。《卫报》认为，中国央行这一决定显示领导人越来越担心经济，担心人民币相对日元和欧元的表现越来越强从而使中国经济失去竞争力。“但是这有可能引发其他中央银行也竞相贬值货币，因为他们也要争取保持自身与中国竞争的能力。” 报道认为，另一个可能出现的情况是美国又会批评中国操纵货币。在扩大“量化宽松货币政策”的前夕，美国国内针对人民币升值的压力在最近几年内继续增强。继美国众议院通过《汇率改革促进公平贸易法案》后，美国财政部长盖特纳继续放言汇率问题已经成为世界经济的“核心挑战”，他指责人民币值的低估“引发危险的世界动态”，并表示将在 IMF 年会中讨论人民币被低估的问题。

In actual fact, Mr. Mantega was only openly raising an issue that had been worrying every other nation. And nowadays, developed countries such as the United States and Japan are implementing loosened currency policies to stimulate their slowing economies, which has resulted in the devaluation of their currencies. Due to low returns on investment in these developed countries, a lot of speculative investment has been rushing to developing nations, which has only put more pressure on their currencies to appreciate. On the other hand, these nations have also faced difficult choices regarding intervening in the exchange market. And, all of a sudden, the whole world was at the edge of a “currency war”. Chairman of the international monetary fund (IMF), Mr. Dominique Strauss-Kahn, who is responsible for regulating world economic and financial order, warned that if exchange rates are used to solve domestic problems, there will be risk of an exchange rate war. British media has taken a cautious stance on this so-called “currency war”. The Guardian previously reported that, according to the latest data indicating falling exports and the slowing manufacturing sector, the PoBC allegedly allowed the renminbi’s median rate to devaluate by almost 2%, hoping to lower China’s export prices and decrease the cost of loans. PoBC claimed that this currency depreciation was only a “one-off”, and is the lowest within the renminbi and the US dollar’s median rate in the past three years. Reports said that this decision will have a significant impact on markets in the Asia Pacific region: “Investors worry that the demand of the world’s second largest economy will slide for a long time.” Stock markets in the Asia Pacific area have consequently fallen overall but Hong Kong’s Hang Seng Index instead rose by 0.72%. The Guardian claimed that PoBC’s decision illustrates Chinese leaders’ concerns about the economy, and concerns over the renminbi’s strengthening position against the yen and euro reducing China’s competitiveness, reporting, “But this will possibly cause other countries’ Central Banks to devalue their currencies, because others

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will also have to retain their competitiveness again China.” The report claimed that another possibility is that the United States will criticize China for manipulating its currency. On the eve of China broadening the scope of its Quantitative Easing Monetary Policy, the United States continues to place increasing pressure on renminbi appreciation. After the US Congress approved the “Exchange Rate Reform to Promote Fair Trade” Act, Treasury Secretary Timothy Geithner said that exchange rates have become a “core challenge” in the world economy, and he criticized China’s undervaluing of the renminbi of bringing about dangerous global trends. He is likely to discuss the issue of currency undervaluation during the IMF’s annual conference.

在全球经济再平衡问题上，美国指责中国保持人民币低汇率，依赖向美国的出口，在“不公平”贸易中积聚大量资本，不利于全于经济的再平衡。在国际金融机构改革，扩大新兴国家在 IMF 中份额问题上，盖特纳表示，新兴国家应该允许汇率弹性以换取在国际货币基金组织的话语权。他暗示，美国是否支持中国在 IMF 当中扮演更重要角色，就看中国在以市场为导向的汇率政策方面是否表现出“更多进展”。综上所述，“货币战争”这一提法虽然在客观上有可能存在，但是在当今世界纷繁复杂的经济关系中，要想挑起如军备竞赛般的“竞相贬值”的战争也实属不易，而就这一问题，英国《金融时报》也在贬值的第二天发布了一则问答，向读者详细介绍了人民币贬值下的时政分析，现在摘录部分如下：问：为什么选择这个时机贬值？答：最显而易见的导火线就是中国放缓的经济增速：中国的经济增速在今年第一和第二季度都是 7%，是六年来的最低值。最新数据表明出口在 7 月份比去年同期下降了 8.3，比预期的 1.5% 要糟糕得多。弱化的货币应该能够帮助中国的出口产品获得更大的竞争力。

On the issue of rebalancing the world’s economy, the United States criticizes China’s currency’s low exchange rate and reliance on exports to the United States, accumulating a large amount of capital in “unfair” trade, which is not good for the world’s economic rebalance. On the issue of international institutional reforms and expanding emerging nations’ share in the IMF, Geithner said that emerging nations should allow for flexible exchange rates in return for their voice in the IMF. He then implied that whether the United States will support China in playing a more important role in the IMF depends on if China’s market-oriented exchange rate policies can show “more progress”. To summarize, a “currency war” may already be a very real possibility, but in today’s world of complex economic relationships, it wouldn’t be easy to provoke a “currency-devaluation war” similar to the Arms Race. The British Financial Times issued a Q&A including its readers’ commonly-asked questions, a summary of which is below: Why choose now to depreciate the currency? One obvious catalyst is the slowing economy. In the first and second quarters of 2015, China’s economy grew at an annual rate of 7 percent, the slowest pace in six years. Data at the weekend showed that exports have tumbled by 8.3 percent year-onyear in July, far worse than expectations for a 1.5

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percent decline. A weaker currency should help make Chinese exports competitive. So China is trying to spur on exports? Isn’t that a currency war? Not necessarily. The stated purpose for the move was market reform. The central bank said this was a one-time move to enhance the “marketorientation” of the renminbi. Previously, the PBoC would set the currency wherever it liked. Now it will give markets a voice: the daily exchange rate will refer to the closing rate of the interbank foreign exchange market on the previous day. Is there pressure for market reform? Before the end of the year the International Monetary Fund will decide whether to include the renminbi in its special drawing rights, a global reserve asset comprising the dollar, euro, pound and yen. Inclusion would mean endorsing the renminbi as a formal reserve currency. 问：那么中国希望增加出口？这是不是一个货币战争？答：不见得一定是。这一政策动向的对外说法是市场改革。中国的央行表示这是一个一次性策略，目的是增强人民币在以“市场为导向”的情况下的一种检验。之前，中国人民银行可以任意设定人民币的比值，现在他们要给市场一个做决定的机会：每日一更的汇率将要求参考前一日外国汇率市场上的收盘汇率。问：那么是否对市场变革加大压力？答：在今年年底前，国际货币基金组织将决定是否把人民币加入“特别提款权”内，这是全球储备资产的一部分，包含美元、欧元、英镑和日元。加入人民币也将意味着人民币将正式成为国际储备货币。当然，对人民币贬值高度警惕的也不乏其人。印度财政部秘书

Last week the IMF recognized China’s progress on financial reform but called on authorities to take further steps to increase foreign access to its onshore stock and bond markets. The IMF only conducts a review of the SDR once every five years, so the PBoC could be stepping up its efforts to liberalize the currency as part of its quest to internationalize use of the renminbi. What are the risks? Investors have been pushing for the renminbi to weaken and if they are allowed to determine where the fix is, it is possible the currency could depreciate quickly. Stuart Allsopp, head of country risk at BMI Research, a unit of Fitch, warns that investors could now see the renminbi as a oneway bet “and start to position against the currency, raising the prospect of more substantial [renminbi] weakness and more economic uncertainty”.

Rajiv Mehrishi 表示，人民币贬值将对印度的外国直接投资 FDI 和出口产生影响。而另一位印度财政部官员则表示，印度不降息是错误的，高利率伤害了本国，印度卢比对其他主要货币升值并非好事。

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And yes, of course, people who are very cautious about the renminbi’s devaluation are everywhere, including India’s treasury secretary Rajiv Mehrishi who thinks that the renminbi’s devaluation will

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印度卢比是今年仅有的跌幅偏小的地区货币，主要因印度强劲的经济表现吸引到大量的海外投资资金。相比之下，马来西亚林吉特兑美元下挫 13%，韩元跌幅接近 8%，日圆跌幅超过 4%。 “这就像是在慢跑，大家都必须保持一致，这样到终点的时候大家才会都差不多，”印度一位内部决策人士表示，“我们必须仔细平衡卢比，方能不受外部不利影响，同时也不引发严重通货膨胀。” 笔者也认为，对中国的举措这么快就忧心忡忡实属不必。“中国现在是在追赶大家的步伐，而不是带头让本币贬值，”巴克莱驻新加坡的外汇和利率策略主管 Mitul Kotecha 称，“目前为止，亚洲货币对于人民币贬值既没有出现大幅度调整，也没有表现得很敏感，但这一切还是会改变。”至于会怎样改变，让我们拭目以待。

directly impact India’s FDI and its exports. Another Indian finance official also said it’s a mistake for India not to reduce its interest because high interest harms India, and the rupee’s high exchange rate against other currencies is not necessarily a good thing. The Indian rupee is the only regional currency with small decreases, mainly due to India’s strong economic performance which attracts a great deal of overseas investment. In comparison, Malaysia’s ringgit has tumbled 13% against the US dollar, with the Korean won dropping 7%, and the yen 4%. “It’s like a group of people are jogging: everyone must keep at the same pace, and thus when they reach the finish line everyone can be at the same time,” an insider from India said. “We must carefully balance the rupee in order to prevent a negative impact from outside, and at the same time avoid triggering serious inflation domestically.” From my point of view, it isn’t necessary to be wary of China’s currency policies. “China is trying keep to pace with everyone else instead of leading the group to devalue its currency,” Barclays Singapore’s Forex and interest rate director Mitul Kotecha said. “And up until now, Asian currencies have not shown significant adjustment upon China’s devaluation, nor have they shown any sensitivity, but this will change.” And what change we are expecting? Let’s wait and see.

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巴哈马信托与基金会简介 Bahamas Trusts and Foundations Frances Emery

一

个鲜为人知的事实是，世界上第一个通过私人基金会立法的普通法国家是巴哈马。年代可追溯到 2004 年，当时这个加勒比岛国已经在世界上建立起了创建具有创新

力的金融架构和解决方案的优良声誉，而私人基金会制度则作为加强财富管理和保护的又一有力工具被采用。不久以后，这一制度就被全世界的投资者所广泛采用。这是这个国家法律制度的又一个有利组成部分，是巴哈马有利营商环境的有力证明。传统上看，一般普通人在考虑财富管理的时候并不把基金会作为典型的金融架构。但事实上，当今世界的经济已无法用常理来判断，更无法准确预测，因此更应采取应对措施。在世界对资产保护和市场稳定性担忧加剧的环境下，了解各种不同金融架构来保护财富不仅显得愈发必要，更是非常起码的。特别是在中国，过去几十年的经济起飞和最近业界普遍存在的担忧——虽然没有人敢称之为泡

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t’s a little-known fact that the world’s first Common Law country to pass legislation for private foundations was the Bahamas. It was 2004, and the Caribbean island nation had already established a reputation for creating innovative financial structuring solutions, and it was decided that the private foundation would be introduced as an additional tool for wealth planning and protection. Soon enough, it was being utilized by investors from all over the world. It was one component in a broader legislative agenda that was designed to strengthen the country’s regulatory environment, while helping to create a climate in which international business would truly thrive. Foundations have not traditionally been seen as a structure that the average person considers when managing his or her finances. But, frankly, there is nothing ordinary or predictable about the state of the global economy today, and circumstances such as these call for extenuating

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沫——还是会在不知不觉中破灭，从不同的角度深入来看，财富规划不仅实用而且是有先见之明的。上海股市最近的大崩溃就是另一个印证。在中国高净值人士数量的高速增长和个人可支配收入的持续攀升大环境下，研究一下离岸架构和资产管理策略——同时寻求专家的意见来解答复杂的财富管理问题——正越来越多地成为精明中国人所趋之若鹜的选择。从所谓的“富二代”到自称“老百姓”的个体户经营者的父母——大家都不约而同地希望以隐蔽的方式来确保资产和遗产都得到很好的保护。除了这些因素之外，中国离婚率的不断上升和离岸金融架构，如信托和基金会在资产保护和风险管控方面所扮演的角色就显得愈发重要。个人财富管理的最佳方案是离岸基金会还是信托没有正确答案，取决于他们希望达成的目标，也就如巴哈马金融服务局的首席执行官 Aliya Allen 所说：“他们和这个架构的适应水平。”信托和基金会的最主要区别之一是，就基金会来说，它可以是一个持有个人资产的法律实体。因此，Aliya 表示：“对那些更熟悉法律实体概念（从中可保留部分控制权）来持有资产的概念来说，基金会可能是更合适选择。” 当然，这两种架构之间还有许多其它区别值得注意。基金会原本就是一个民事法概念，而信托则是一个法律概念，首先由英国普通法提出。私人基金会需要基金会在公众注册处注册，而信托则不用。虽然这一过程会有有限的信息遭到公开，私人基金会能允许“独立法人”的状态存在，这也是它美中不足之处。私人基金会的控制和管理权由基金会董事会行使，这也很像一家公司的董事会。另一个有利的（同时也是出乎意料的）考虑因素是中国的法律，19 世纪德国民事法法典已经包含了基金会这种架构。但这种架构本身就意味着中国的客户对私人基金会而不是其它财富管理解决方案，比如信托等更放心。巴哈马有一个充满活力的环境来提供量身打造的金融架构，包括基金会在内，起初是在那些有更为复杂先进金融市场的国家而设立。在《巴哈马基金会法案》下设立的基金会一旦设立，就被作为位于这个国家的架构。基金会当然也可以被重新选址于其它地区，这就和其它地区的基金会能重新选址于巴哈马一样（取决于来源地的法律法规）。和普通人的认知相反，基金会的目的可以超越慈善目的，

actions. In the global context of increasing concern about both asset protection and market stability, informing oneself about the multitude of financial structures available for protecting one’s wealth is not only becoming common practice, but essential, too. In China specifically, where the last few decades of growth and development have given rise to both the creation of an economic powerhouse, along with a more recent and looming sense that something – which no one dares call a bubble – may just burst, looking in different directions or further afield for financial planning solutions is simply prudent and pragmatic. Nothing has driven this fact home more than the recent market dive in Shanghai. Add to this the rapid growth of high net worth individuals and rising levels of both personal wealth and expendable income, and you have another reason that research into offshore structures and asset management strategies – along with the seeking of expert advice on their often opaque-seeming intricacies – is being done by any sensible Chinese citizen. From the so-called “second generation of the rich” (or fuerdai) to the self-made business person whose parents identified themselves as laobaixing, – metaphorically, the People – the populous is eager to ensure that both their assets and legacy are protected. Add to these factors the rising divorce rates in China, and the role that offshore financial structures such as foundations and trusts play in asset-protection andrisk mitigation can no longer be ignored.

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巴哈马法律规定下，基金会的设立能够是私人、商业或慈善目的。当然条件是这是它主要目的下的一个从属目的，也是以资产管理为目标而存在。和私人信托相比，位于巴哈马的私人基金会有自己的独特之处，但这些架构也有一些共同之处。巴哈马基金会确实被称为离岸金融世界里的“混合型工具”，因为它和信托和公司的相似之处很多，也有很多共同的特点。基金会有个人或实体被提名为受益人，这点和信托相同，两种架构主要都是被用来避免其它辖区内的强制继承权问题——这些辖区就是典型的公民权辖区。基金会和公司一样，是很典型的有限责任法律实体，需要向当局注册。基金会也有几个重要的岗位需要人员担任，其中包括一名创始人和一名秘书，这在信托和公司里也是常见的。最主要的区别在于虽然基金会是巴哈马注册的实体，其保密性仍然得到保留，因为创始人的姓名是秘而不宣的。这些和信托相似的特点让巴哈马基金会能为高净值人士和富有家庭所用，成为他们遗产规划架构的工具。

Whether an offshore foundation or an offshore trust is the most suitable structure for helping to manage an individual’s personal finances depends, of course, on their objectives and, as CEO and Executive Director of the Bahamas Financial Services Board, Aliya Allen, puts it, “their level of comfort with the structure.” One of the key differences between a foundation and a trust is that, in the case of a foundation, it would be a legal entity that holds a person’s assets. Therefore, “for those more familiar or comfortable with the concept of a legal entity (within which some control can be maintained) as the holder of their assets,” she explains, “the foundation might be a better fit.” There are plenty of other differences between these two structures that are worth noting, of course. Foundations were originally a civil law concept, whereas trusts are a legal concept, and were first developed under English Common Law. Private foundations require that a foundation charter is registered at a Public Registry, which is not the case with trusts. Although this process may effectively make some limited information regarding a foundation public, a private foundation can grant the status “independent legal person”, which is a factor that swings in its favor. The power of control and administration of a private foundation rests with a foundation board, which is much like a company’s board of directors. Another welcome (yet unexpected) point of consideration is the fact that Chinese law is, in fact, based on 19th Century German civil law codes, which included concepts of structures like foundations. This, in itself, often means that Chinese clients are more at ease with private foundations, compared to other solutions like private trusts. The Bahamas, specifically, offers a robust environment for tailored structures, including foundations, which were initially established in the country to meet the requirements of a progressively more sophisticated financial services marketplace. Once a foundation is established under the Bahamas’ Foundations Act, it is regarded as domiciled within the jurisdiction. Foundations can, however, be redomiciled in other jurisdictions, just as foundations from foreign jurisdictions can be re-domiciled in the Bahamas (subject to the laws of that jurisdiction.) Contrary to popular belief, a foundation’s purposes can and do go beyond charitable endeavors, and under Bahamian law, the establishment of foundations can be for private, commercial or charitable purposes. This is provided that the purpose stipulated is ancillary to its primary purpose, which is (necessarily) managing its assets.

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私人基金会的创始人通常情况下是由家族的长老担任，越来越多的中国家庭随着离岸金融的大门向他们敞开而选择这种架构。虽然创始人赋予基金会代替受益人管理资产的权利（和信托相似），他们可以选择对这份资产的分配更亲历亲为的方式来管理，让他们对自己的财产更加胸有成竹。值得注意的还有巴哈马基金会的创始人权利不仅限于基金会的创建。这本身就是中国客户非常看重的价值，中国客户参与离岸资产配置的最主要动机就是为下一代保护资产。随着中国过去十年里遗产税的呼声越来越高——以及相关法律正在酝酿出台的情况下——这个世界第一大经济体对失去资产控制权的担忧也日益高涨。在设立信托或基金会时中国人可选的行政辖区可谓不少。巴哈马作为一个离岸金融辖区，有众多和其它辖区相同的特点，但也有很多人眼里的独特之处。作为今天有着“西半球瑞士”称号的巴哈马，巴哈马事实上是世界上第一个离岸金融中心，可以追溯到加拿大皇家银行 1908 年在拿骚开设第一家分行开始。从那以后，巴哈马不断地改进制度和加强合作，使它成为世界上最可靠和最纯粹的国际

Private foundations domiciled in the Bahamas have their own unique features, as compared to private trusts, but these two structures have several things in common, too. Indeed, the Bahamas Foundation has, in fact, been called the “hybrid vehicle” of the offshore finance world because of its likeness to both a trust and a company, and the combination of their shared features. Foundations have people or entities that are nominated as beneficiaries, just as trusts do, and both structures are predominantly used to avoid enforced heirship in other jurisdictions – typically, those in which citizenship is held. Foundations, like companies, are distinct legal entities with limited liability and must be registered, along with an office. Foundations also have several key positions that need to be filled, including a Founder and a Secretary, as is the case with both trusts and companies. One key difference is that even though foundations are registered entities in the Bahamas, confidentiality is still maintained because of the fact that the Founder’s name remains private. It is these “trust-like” aspects of the Bahamas foundation that serve the needs of high net worth individuals and wealthy families who are utilizing the structure as part of their estate planning.

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The Founder of a private foundation is very often the patriarch within a family unit, and more and more Chinese families are fitting into this category as offshore finance’s doors are increasingly wide open to them. Although a Founder grants a foundation the right to manage assets on behalf of its beneficiaries (much like a trust) they may choose to stay closely involved with the investment and distribution of the assets, which tends to provide added peace of mind. It is also worth noting that the number of powers that can be reserved by a Bahamas foundation’s Founder is greater than when setting up a trust. This, in itself, is a feature which is highly valued by Chinese whose primary motivation for distributing assets offshore is to safeguard their wealth for future generations. And, with inheritance taxes under serious consideration in China for the last decade – and a law currently in the drafting stages – concerns about losing control of one’s assets are only growing in the world’s largest economy. 金融中心之一。那些把自己辛苦挣来的财富交付巴哈马的人不仅仅把它当作一个地区领导者，更是它向高净值人士提供的可靠性和完全金融服务和产品的忠实追随者。巴哈马法律法规的专业度和先进性也得益于它所获得的良好声誉。事实上，它的法规和总体法制系统，是它在金融服务行业里扮演重要角色和巴哈马作为主权国家的奠基石。巴哈马在 1973 年从英国独立（不过仍然保留它作为英联邦国家的身份），并至此之后继续扮演国际社会上负责任的角色，保证私有财产不可侵犯，创造一个对当地公民和国际投资者有利的税收中立的法制环境。巴哈马以它众多优势在离岸金融领域享誉全球。首先是它的地理位置，从地理和战略角度来看，它处于北美和南美的中间，因此古往今来一直是兵家必争之地。单纯从它的地理位置来看，巴哈马群岛的 700 多座岛屿就已经具有豪华旅游胜地的美誉，也是全世界游客趋之若鹜的度假天堂。虽然加勒比地区众多岛国的投资公民权和永久居留权政策各不相同，这个离岸金融中心最具吸引力的特点就是它对投资者来说的私人信托——一个不需要委托人常驻巴哈马当地的离岸架构。这个架构对中国富有家族来说可以分为三点：税务筹划、资产保护和遗产规划。作为税务筹划的工具，信托能带来明显的所得税、资本利得税、馈

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Certainly, there is a plethora of jurisdictions to choose from before the process of setting up a foundation or a trust begins. The Bahamas shares several of its Caribbean neighbors’ attributes as an offshore financial center, but there are a few distinct characteristics that, in certain people’s view, set it apart. Known today as the “Switzerland of the Western Hemisphere”, the Bahamas was, in fact, the world’s first offshore financial center, by virtue of the fact that the Royal Bank of Canada established a branch in Nassau in 1908. Since that day, years of continuous adaptation, cooperation and sheer effort have given rise to one of the most reliable and mature international financial centers on the globe. Those who entrust the jurisdiction with their hard-earned wealth don’t hesitate to call it the regional leader, both in terms of its reliability and its competitive offering of comprehensive financial services and products for high net worth individuals’ needs. The jurisdiction’s expertise and advancements in terms of regulation and legislation also contribute to the reputation it has earned. As a matter of fact, legislation – and the country’s legal standing in general – has been pivotal in allowing the jurisdiction to act in the best interests of the members of the financial services industry, and the Bahamas’ sovereignty is central to this. The country achieved independence from Britain (while remaining part of the Commonwealth) in 1973, and has since remained a responsible member of the international community while exercising its power to make personal privacy a sanctified right, and to create a tax neutral environment that serves both its citizens and foreign investors.

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The country also owes its success in the financial arena to several other elements, foremost among them, its location. Considered both geographically and politically strategic because of its position midway between North and South America, the Bahamas’ location has historically always been on its side. In terms of the location’s physical attributes, it is often argued that the Bahamas’ archipelago of 700 islands is unrivalled as a luxury lifestyle destination, and in this way it has attracted a range of exclusive clientele.Although financial citizenship and permanent residency in the Caribbean island nation are both viable options, the offshore financial structure that attracts, perhaps, the most significant proportion of the country’s investors is the private trust – a structure which does not require that a Trustor is based within the jurisdiction. The benefits of this particular structure for Chinese families can be grouped into three key areas: tax planning, asset protectionand inheritance planning.

赠税和印花税的节税优势。对资产保护来说，巴哈马的法律制度被认为是无可比肩的。这要归功于巴哈马信托架构为期两年的时间限制，在此期间，这个信托架构可以被用来规避债权人的索赔要求。在超过两年期之后，债权人就无法对此有任何要求。而巴哈马的架构在任何时间内都不会受其它行政辖区所辖法律的约束，这也是巴哈马的严格法律系统的一大特点。一个正确设立的巴哈马信托架构能被用来保护资产不受债权人的侵犯（包括，但不限于如破产和专业责任等），针对牵涉到遗嘱的索赔要求——这在今天的中国越来越显得重要——离婚、特别是和婚姻财产分割有关的纠纷都可以利用巴哈马信托来进行规避。锦天城律师事务所专攻中国客户离岸财富管理的律师王凡（音译）的说法：“高净值人士最关心的问题是资产的安全和保护，对他们的资产进行分割和保护而不受离婚或其它问题的影响。”虽然所有离岸金融产品都号称能够保护资产，当一名中国富豪需要针对离婚而进行资产保护的时候，离岸信托被认为是最有效的方式。从其天然属性来看，信托从法律意义上说不属于婚姻关系中的任何一方，因此离婚对资产来说是绝对没有风险的。

As a device for tax planning, trusts may lead to considerable savings in income tax, capital gains tax, gift tax, as well as stamp duty. When it comes to asset protection, the jurisdiction’s legal provisions are largely considered unparalleled. This is rooted in the fact that there is a two year time limit within which a trust structure can be challenged for having been set up in order to evade creditors. Beyond that point in time, challenges are no longer permitted. Neither can structures be challenged at any time by referring to a law that exists outside the jurisdiction, thanks to the Bahamas’ rigorous legal system. A well-structured trust can serve to protect against creditor’s claims (including, but not limited to bankruptcy and professional liability), claims involving a will and – of increasing importance in today’s China – protection against divorce, particularly in cases where matrimonial property is involved. According to one of Allbright Law Offices’ lawyers, Wang Fan, whose expertise includes advising Chinese clients on offshore wealth management, “What high net worth individuals are concerned with is the safety of protecting such assets, namely arranging for their assets to be separated and protected, whether for divorce or other purposes.” Although all manner of offshore financial products aim to protect assets to some extent, when a wealthy Chinese spouse specifically seeks to protect their assets against divorce, offshore trusts are considered most conducive. By their nature, trusts legally belong to neither of the spouses in question, so there is absolutely no risk

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在王律师特别提到的一个案例中，一名女性客户拥有大约价值一亿人民币的资产，在她婚后一年起诉要求和丈夫离婚。她在婚前就已经怀孕，且婚前在新西兰设立了离岸信托。在离婚程序走完后，她的资产仍安全而隐蔽地在受益人——她的子女手里。但是，不管离岸信托是否作为离婚案中的资产保护方式，或为其它目的而设立，中国公民通常会考虑当地的信托架构（中国的法律有相关规定）不是一个好的选择——或是一个安全的选择。我们很能理解其中的担忧，如果要在全球范围内确保资产安全的话，关注离岸金融中心才是更为明智的选择：比如开曼群岛、英属维尔京群岛或越来越受欢迎的巴哈马。中国公民设立离岸信托是法律允许的，中国的信托法环境很明显并不完美。虽然中国在十几年前的 2001 年就已经颁布了信托法，但它仍被认为是属于“投资基金”一类的金融产品，而不是私人财富规划的一个可行性架构。这就让我们看到第三个问题——且是非常具有话题性的问题——私人信托：遗产规划的好处。如果中国也和现在世界上 100 多个国家一样实行公民的遗产税，这对个人财富来说是具有灾难性后果的。比如说在日本，遗产税就高达 55%。中国的遗产继承人或后代也会在继承本应属于他们名下的遗产资金时，也会需要支付数目可观的税金。而一个正确设立的信托架构——位于中国以外地区的架构——就能避免自己的财产遭到灭顶之灾。选择基金会或信托——或其它任何形式的财富管理架构时，应该基于几个重要因素。向王律师咨询的这位客户应该正在考虑在不久的将来移民新西兰，这和其他客户选择欧洲金融辖区来更接近所渴望移民的地方如英国等一样。巴哈马有大量的中国高净值人士，选择巴哈马的原因也是因为它更接近——或就位于——北美或南美。但是左右中国家族选择金融属地的其它因素也非常多。一个越来越普遍的趋势是（非美国公民）的中国父母为持有美国护照——或即将在毕业后获得美国护照的子女设立信托。在这个情况下，外国信托对非美国公民来说更合适，这意味着可以规避潜在的美国税务监管。但情况有所改变，在中国公民的后代希望终身抚养美国公民时，美国的离岸行政特区特拉华州对规避特定的避税惩罚有影子所得税和利息收入等，信托在委托人过世后仍能在离岸保持。在做决定前用相关知识武装自己，弄清楚哪个行政特区最具资格、

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of them being surrendered during a divorce settlement. In one particular case that Ms. Wang handled, a female client owned assets worth approximately RMB 100 million when she initiated a divorce lawsuit against her husband a year after getting married. She had fallen pregnant before the wedding, and had established an offshore trust in New Zealand prior to marrying him. Once the divorce procedures were over, her assets were safely in the metaphorical hands of a trust beneficiary: her child. But, whether an offshore trust is being considered as a way of safeguarding against losing one’s assets in a divorce, or as a precaution of another kind, Chinese citizens often find themselves wondering whether a domestic trust structure (for which China has legal provisions) wouldn’t be a better – or a safer – avenue. The sentiment is easy to understand, but when it comes to ensuring the security of all your worldly possessions, it is far wiser to look to one of the leaders in offshore finance: The Cayman Islands, The British Virgin Islands or, increasingly, the Bahamas. Chinese citizens have the legal right to establish offshore trusts, and China’s environment for trust laws is, quite simply, imperfect. Although Beijing introduced a trust law over a decade ago, in 2001, it is considered more of a commercial product or form of “investment fund”, rather than a viable structure for private wealth planning. This brings us to the third – and currently very topical – benefit of a private trust: inheritance planning. If China does, in fact, join the 100 or so countries in the world that currently impose inheritance taxes on their citizens, this could have unexpectedly devastating effects on personal wealth. In Japan, for example, estate tax is applied on a sliding scale of as much as 55%. Chinese inheritors or offspring would also stand to pay millions of renminbi before being granted the inheritance funds to which they are entitled. A properly structured trust – domiciled outside of China – would mean avoiding such a fate. The choice of jurisdiction in which a foundation or a trust – or any number of other wealth management structures – is domiciled should be based on several factors. The client seeking legal advice from Ms. Wang was presumably considering emigration to New Zealand at some point in the future, just as other clients choose European jurisdictions because of a desire or a need to be close to Europe or the UK. The Bahamas suits plenty of high net worth individuals

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(Chinese or otherwise) whose requirements include relatively close proximity – or, indeed, equidistance – to North and South America. But there are countless other circumstances that could influence a family’s choice. One example is the increasingly common case of (non-US citizen)Chinese parents setting up a trust for children who hold US citizenship – or, indeed, may potentially hold it in future, after graduating from a US university, for instance. In this case, foreign trusts are usually best suited to nonUS citizens, and will mean avoiding potential issues with US tax filings. But circumstances change, and in the event that Chinese parents’ offspring intend on adopting US citizenship for life, the US-based offshore jurisdiction of Delaware has certain provisions for avoiding such unwanted penalties as phantom income tax and interest charges in the case that a trust remains offshore after a Trustor’s death.

最有经验、最适合自己的特定需求是选择正确离岸辖区来保护资产的关键所在。就经验来说，巴哈马轻松拔得头筹，2015 年 8 月，巴哈马证券委员会在首都拿骚庆祝成立 20 周年。巴哈马金融部金融秘书长 Rolle 先生表示：“举办庆典是有原因的。不仅仅是证券委员会，整个巴哈马金融服务发展局都因为我们能成功应对来自国际上的挑战而庆贺。虽然我知道国际市场很重要，但我个人认为巴哈马本土在过去几十年里的发展，包括巴哈马国际证券交易中心（BISX）和创新力的产品等都更值得庆祝。” 其中最新的产品是“投资财产共有权”（ICON），这是一个投资基金的创建和认证的标准工具的替代品。这个产品在不到一年前的 2014 年 10 月份被宣布合法，委员会执行总裁 Rolle 先生宣称，他们已“开始看到这个创新金融服务行业的果实。”作为行业的先锋我们要下决心做这件事并不容易，而巴哈马一直以来都有下定决心

Arming oneself with information about which jurisdiction is most qualified and experienced to meet one’s particular financial requirements before making a decision is, of course, key. Where experience is concerned, the Bahamas stands out easily. Indeed, in August 2015, the country’s Securities Commission celebrated twenty years of servicein Nassau, the capital. There was cause for celebration, saidMr. Rolle, Financial Secretary in the Ministry of Finance. “It’s not just the Securities Commission we applaud, but the accomplishments in financial services as a whole and the way we’ve responded to the international challenges. Even though I note the importance of the international markets, I personally always take note of the amount of development over the years in our domestic sector, the establishment of the Bahamas International Securities Exchange (BISX) and the development of new and innovative products.” The newest among these products is the Investment Condominium (ICON), an alternative to standard vehicles for the formation and licensing of investment funds.Passed into law less than a year ago, in October 2014, Ms. Rolle, the Commission’s Executive Director, announced that they are already “beginning to see the fruit of [this] innovation of the financial services industry.” Being one of the pioneers inan industry doesn’t happen without strong determination. And, historically, the Bahamas has demonstrated that determination such as this will bear fruit.

和收获果实的传统。

2015 China Offshore Trusts & Foundations Guide China Offshore

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库拉索概况

Introduction of Curaçao 库拉索岛

Curaçao

自从在 2001 年废除了离岸制度，库拉索岛的税收制度一直发展缓慢。然而，随着 2010 年荷属安的列斯群岛解体，库拉索岛和圣马丁岛分别作为一个荷兰王国框架内的独立国家成立，而博奈尔岛、萨巴岛和圣尤斯塔亚岛成了荷兰的特别自治区，自此，事情就开始向前发展。

Since the abolishment of the offshore regime in 2001, tax development in Curaçao has been slow. However, with the separation of the Netherlands Antilles in 2010 after which Curaçao and St. Maarten each became separate countries within the Kingdom of the Netherlands and the Islands of Bonaire, Saba and St. Eustatia became special municipalities of the Netherlands, things slowly started to move.

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豁免要求的公司可以选择作为一个特别目的投资工具（doelvermogen），并对其实行 10% 的有效税率。另外还增加了一般目的基金（Fonds voor gemenerekening）（FGR），这是基金产业经常应用的一种特别目的工具。 2012 年针对库拉索岛居民引入了一种个人所得税，即就个人从私人基金和信托处获得的一次性收益征税，该税率已降至 19.5%。出台了关于私人基金和信托的准则，其中不仅包含一些解释，还有一些反滥用措施。针对房地产贬值出台的一些新规则将于 2016 年 1 月 1 日生效。出台了一项特别法令，其中引入对本地利息的 8% 的扣缴税率。银行有义务就支付给当地账户持有人的本地（存款）利息扣缴 8% 的税。最后但是重要的一点是，对于具有实质股权的董事，实行最低每年 50000 弗罗林的工资。库拉索岛与所有重要的经济辖区签署了 25 项 TEIA，这些重要的经济辖区包括美国、英国、瑞典、丹麦、芬兰、法国、澳大利亚、新西兰、英属维京群岛、哥伦比亚和阿根廷。已经与挪威达成了一项旨在避免双重征税的协议，目前该协议已生效。与荷兰订立的《荷兰王国税收协议》很快将被《荷兰库拉索岛税收协议》取代。与马耳他和塞舌尔达成了避免双重征税的税收协议。库拉索岛在 2014 年 4 月 30 号与美国一致同意签署《海外账户纳税法案第一类政府间协议》，该协议已经在 2015 年生效。参股豁免参股豁免于 2009 年更新，现在，它包含对红利收入和资本所得的 100% 豁免，但前提是满足下述条件： a 库拉索岛母公司持有子公司 5% 或

- 5 years, if a minimum business investment is made of approx. 422,000; or - Indefinite period of time, if a minimum business investment is made of USD 843,000. The permit is granted within 2 weeks. The investor is allowed to work and residence permits for spouse and children can be applied for. The tax budget for 2015 introduced also the option for NV’s to opt for the tax exempt status and all companies that meet the acquirements for the tax exemption may alternatively choose to be considered a special purpose investment vehicle (doelvermogen) and become subject to an effective tax rate of 10%. Also introduced was the Fund for General Purpose (Fonds voor gemenerekening) (‘FGR’), a special purpose vehicle frequently used in the fund industry. The personal income tax rate for one-time distributions from private foundations and trusts, introduced in 2012 for residents of Curaçao, was reduced to 19.5%. Guidelines with respect to the private foundation and trusts were published

containing not only clarifications, but also anti-abuse measures. New rules with respect to the depreciation of real estate were introduced which come into effect as per January 1, 2016. A special ordinance introducing an 8% withholding tax on local interest was introduced. Bank are obligated to withhold 8% interest on local (savings) interest paid to local account holders. Last but not least, a minimum salary of Nafl. 50.000 anually was introduced for directors with a substantial interest. Curaçao has entered into 25 TEIA’s with, amongst others, all key jurisdictions as the USA, the UK, Sweden, Denmark, Finland, France, Spain, Australia, New Zealand, the BVI, Colombia and Argentine. A tax agreement to avoid double taxation is in force with Norway and the of course the TAK with the Netherlands, shortly to be replaced by the TANC. Tax agreements to avoid double taxation where agreed upon with Malta and the Seychelles.

更多名义缴存资本的权益；或 b 库拉索岛母公司是合作协会的会员。同时还引入了对红利的定义。因此，将可能通过偿付资本、（部分）清算和重购股份的方式，为不具备库拉索岛参股完全豁免资格的参股争取到免税收入。 2015 年，利润税率从 34.5% 减至 25%，而且在 2016 年将降低为 22%。在下述方面，以后会有更多政策出台： • 税收特赦规定； • 税收透明法律实体； • 信托； • 可选择信托、私人基金、符合税收豁免的私人有限责任公司和公共有限责任公司以及有资格作为特别目的投资工具的联合账户基金（doelvermogens）, 并且实行 10% 的有效税率。

Curaçao has reached an agreement with the USA on April 30, 2014 to sign a model 1 IGA FATCA agreement which has come into force in 2015.

专属自保保险制度

Participation exemption

专属自保保险制度修订于 2014 年，修订部分追溯至 2013 年 1 月 1 日生效，旨在使专属自保制度更具吸引力。为非国内风险提供保险的公司可以在 5% 的年保费和资本基础上计算利润。在 25%（2015 年）的普通税基础上对利润征税，结果有效税率仅为 1.25% （2016 年：1.1%）。

The participation exemption was modernized in 2009 and now contains a 100% exemption for dividend income and capital gains provided that: a. The Curaçao parent company holds at least an interest of 5% or more in the nominal paid in capital in the subsidiary; or b. The Curaçao parent company is a member of a Cooperative Association; Also introduced was a dividend definition. As a result it will be possible to obtain income free from taxes from a participation that does not qualify for the full Curaçao participation exemption by way of repayment of capital, (partial) liquidation and repurchase of shares.

国际贸易和服务设施国际贸易和服务设施或通常所说的“出口”设施，在满足一些实质条款的情况下，不仅方便了贸易活动，而且也给国际银行、金融、许可及其他金融服务活动提供了便利。参股豁免规则适用于在子公司中获取的利息收入，其中，这些子公司由使用这些出口设施的公司持有。荷兰库拉索岛税收协议《荷兰库拉索岛税收协议》（TANC）发布于 2014 年 7 月 10 日，于 2015 年 4 月修订，预期在 2016 年 1 月 1 日生效，将作为荷兰（包括荷兰在加勒比地区的部分）与库拉索岛之间用以避免双重税收的一项“协定”。该协议以经合组织（OECD）模式为协

the requirement for the tax exemption, and FGR’s to be qualified as special purpose investment vehicles (doelvermogens) and become subject to an effective tax rate of 10%. Captive Insurance regime

The profit tax rate was reduced from 34.5% to 25% in 2015 and will decrease to 22% in 2016. Furthermore introduced where: • Tax amnesty rules; • The tax transparent legal entity; • he trust; • The option for trusts, private foundations, NV’s and BV’s that meet

The captive insurance regime was amended in 2014 and the amendments came into force retroactively as per January 1, 2013 and are intended to make the Captive Insurance regime more attractive. Companies that insure non-domestic risks may calculate their profit on the basis of 5% of the annual premiums and capital. This profit is taxed against the normal tax rate of 25% (2015) resulting in an effective tax rate of 1.25% (2016: 1.1%). The international trade & service facility The international trade & service facility, or popular called the ‘export’ facility, facilitates not only trading activities, but also international banking, finance, license and other financial service activities provided certain substance conditions are met. The participation exemption rules are applicable on income derived from interest in subsidiaries held by a company that applies the export facility.

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议基础，同时出于荷兰和库拉索岛同处一个王国的特殊关系，以及两国对源国家一些特定收入来源征税的共同愿望，该协议也有自己的特点。红利我首先要说，库拉索岛不征收红利预扣税（也不对利息或特许权使用费征收预扣税），因此，TANC 红利条款下的红利预扣税的降低，目前只对从荷兰支付到库拉索岛的红利有重要意义。主要规定主要规定是，红利接受者可以在自己的居住国上缴红利税，但是源国家可以征收 15% 的红利预扣税。降低至 0% 针对支付给下述机构的红利，TANC 引入了一项 0% 的红利预扣税率： a. 养老基金； b. 公共实体； c. 至少持有子公司 10% 股份的公司，如果反过来，则该公司应至少有 50% 的股份由居住在库拉索岛或荷兰的个人所持有； d. 持有子公司 10% 的股份的公司，并且在收益条款限制下，该公司应被认定为是合格的公司。

Tax Arrangement Netherlands Curaçao The Tax Arrangement Netherlands Curaçao (“TANC”) was published on June 10, 2014, amended in April 2015 and is expected to come into force on January 1, 2016 and serves as a “treaty” to avoid double taxation between the Netherlands (including the Caribbean Netherlands) and Curaçao. The TANC is based on the OECD model treaty, but there are some differences due to the special relationship between countries within the same Kingdom and because of wishes of both countries for taxation of certain sources of income in the source country. Dividends First I remark that Curaçao does not levy dividend withholding tax (nor does Curaçao levy withholding tax on interest or royalty’s), therefore the reduction of dividend withholding tax under the dividend article of the TANC is at this moment only important for dividend payments from the Netherlands to Curaçao.

实质股权

Main rule

对于一个公司为移民到另一个国家（库拉索岛或荷兰）的实质股权持有人分发红利的情况，红利条款包含征税保留。两个国家都可以使用本国的实质股权收益率（荷兰王国 25%，库拉索岛 19.5%）来代替红利预扣税率。这些规定看起来也适用于公司的红利支付，其中这些公司已经把他们的有效管理和控制转移到荷兰或库拉索岛。

The main rule is that dividends may be taxed in the country of residence of the receiver of the dividends but that the source country may levy 15% dividend withholding tax.

信息交换信息交换条款规定了库拉索岛和荷兰的税收部门将交换信息，只要他们认为这些信息与 TANC 的实施应用或与适用的国内税有关。隐私条款存在于信息交换规定中，该规定明确了交换所得的信息应以国内规定对待信息相同的方式对待。

Reduction to 0% The TANC introduces a 0% dividend withholding tax rate on dividend payments to: a. pension funds; b. Public entities; c. Companies that hold at least 10% of the shares in the subsidiary and in turn are held for at least 50% by individuals resident in Curaçao or the Netherlands d. Companies that hold at least 10%

of the shares in the subsidiary and are considered qualifying companies under the limitation of benefits clauses. Substantial interest The dividend article contains a reservation for levying taxes in situation in which a company pays a dividend to a holder of a substantial interest who has emigrated to one of the countries. Both countries may apply their substantial interest rates (the Netherlands 25%, Curaçao 19.5%) instead of the dividend withholding tax rates. The provisions seems to be applicable too on dividend payments made by companies who have moved their effective management and control to either the Netherlands or Curaçao. Exchange of information The exchange of information provisions states that the tax authorities of Curaçao and the Netherlands will exchange information that may be considered relevant for the application of the TANC or relevant to the applied domestic tax. A privacy clause is imbedded in the exchange of information provision stating that the obtained information should be treated in the same manner as information through domestic provisions.

马耳他投资移民计划 Malta Citizenship Programme

地

中海岛国马耳他已接受 700 多个投资移民申请。这当然不是数字游戏，但数字本身却深具说服力。通过投资项目获得马耳他公民身份须为超高净值人士，即要求综合捐赠投资达 88-110 万欧元。马耳他投资移民经验在与欧洲的马耳他岛保持联系一年后，通过马耳他投资移民计划或“个人投资计划”可以提供马耳他公民身份，同时最长处理期限 4 个月。

he Mediterranean island of Malta has received over 700 applications under the citizenship by investment programme. It’s clearly not a numbers game but the numbers are nonetheless telling in their own right. The Malta Citizenship by investment programme pitches to the ultra-high net worth individual, whereby requiring a mixed contribution-investment ranging from €880k to €1.1m. The Malta Citizenship experience

居留 “居留”测试并非如人们想象那么不确定。“真实联系”测试起源于欧洲法院的判例法，并期望申请人证明与其司法管辖地至少有一年的真实联系，并没有规定所需的最少天数。

The Malta Citizenship by Investment programme or Individual Investor Programme offers citizenship within the European island of Malta after one year of sustained connections with Malta, concurrently with the maximum of 4 months’ processing time.

欧盟许可

Residency 长期以来，马耳他追求尊重法治，并符合欧洲和国际条约义务的金融中心政策。在这种情况下，该国引以为豪的是，经马耳他国内以及欧洲议会全面核查之后，任何移民项目都只需得到欧盟委员会的公开支持。

This ‘residency’ test is less uncertain than one might think. The ‘genuine link’ test finds its origins in case law of the European Court of Justice and expects an applicant to demonstrate

a real connection with the jurisdiction over a period of at least one year falling short of specifying a minimum requisite day count. EU-approved Malta has long pursued a policy of running a financial centre that is respected for its rule of law and recognised for its marked compliance with its European and international treaty obligations. It is in this light that Malta can boast of the only public approval of any citizenship programme by the European Commission after thorough scrutiny at domestic and European parliamentary levels. Risk-free In my experience handling applications from beginning to approval, the Identity Malta Agency grants prior approval of proposals submitted by approved citizenship agents laying down the various connections that the applicant proposes to put in place to demonstrate his/her genuine connection with Malta. This entirely

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无风险以我之见，从开始到申请批准，马耳他移民机构优先考虑申请人提交的其与马尔他的各种联系，申请人应证明他与马耳他的真实联系。这完全消除了申请人一年之后却发现不符合要求的风险，以免浪费时间。这符合马耳他法律的确定性与可靠性这一传统。原则核准书 2014 年 11 月，第一批申请人 (Chetcuti Cauchi 的客户 ) 从选拔中脱颖而出，成为被批准的申请者。只有此阶段才需要进行重大投资，而非在此之前，从而进一步消除了申请者的顾虑，令其手握“原则”上的最终批准而安心投资。如果申请人为马耳他社会和经济发展基金捐赠 650000 欧元，向政府债券投资

150000 欧元以及在马耳他租赁 / 购买房产 350000 欧元（或者每年 16000 欧元），那么申请人在享受权益期间可以获得马耳他护照。这段期间为期六个月，是从已经成为马耳他公民一年的申请之日算起。其他人则需要遵循预先核准的居住标准。马耳他公民身份的优势最后，申请成为经济可持续发展，政治稳定的马耳他公民，享受欧盟公民身份的好处以及多元化文化和国家的公民身份。马耳他的护照被称为“世界上最具影响力的护照之一”，可以为马耳他公民提供 160 多个免签证国家，包括英国、美国和加拿大。

eliminates the risk of an applicant discovering he has failed to comply after the year has passed, losing more time. And this in line with Malta’s tradition of legal certainty and reliability. In Principle Approval November 2014 saw the first applicants (clients of Chetcuti Cauchi) emerge from the first cycle of applications as approved applicants. It is only at this stage that the significant investment needs to be made and not before. This further eliminates the

compliance with their pre-approved residence criteria. The benefits of Maltese Citizenship At the end, applicants emerge as citizens of an economically sustainable, politically stable Island of Malta, enjoying the full effects of European Union citizenship and the identity of a culturally rich and diverse nation. The Maltese passport is dubbed ‘one of the most powerful passports in the world’, enjoying over 160 visa-free destinations for Maltese nationals, including the UK, US and Canada.

perceived risk and allows the applicant to invest with the comfort of a final ‘in principle’ approval in hand. On making the contribution to the Malta Social & Economic Development Fund (€650k) and investments in Government bonds (€150k) and renting / buying property in Malta (€16k p.a. / €350k), applicants are entitled to receive their Maltese passport within their entitlement period. This period is of 6 months from citizenship application date for applicants who have been resident in Malta already a year to date. Others need to wait for the passing of this one year in

Kenneth Camilleri Tax & Immigration 肯尼斯 • 卡米尔税收与移民部门 kacamilleri@cclex.com www.cclex.com/citizenship

塞浦路斯入籍计划 The Cypriot Citizenship Programme and employing at least 4 Cypriots. The minimum direct investment is reduced to €2.5m if 5 investors make a combined investment in the above direct investment methods.

在塞浦路斯入籍经验塞浦路斯投资移民计划或塞浦路斯投资入籍特殊计划目前是马耳他计划的一个替代方案。的确，塞浦路斯不是申根区的一部分，塞浦路斯护照对 157 个国家和地区免签，但引人注意的是其中并不包括美国。除了土耳其的占领，塞浦路斯经济近期的发展可谓举步维艰，但是塞浦路斯人民是一群头脑活跃的人，他们采取了众多此类方案，再加上新发现的石油和天然气储量，因而该国经济应该不久便可回暖。

The Cyprus Citizenship experience Cyprus’ Citizenship by Investment programme, or Scheme for Naturalisation of Investors in Cyprus by Exception, has proved a valid alternative to the Maltese programme. True, Cyprus is not part of the Schengen Area and the Cypriot passport offers 157 visa-free destinations with the notable absence of the US from the list. In addition to the Turkish occupation, Cyprus’ economy has been going through rough times lately, but Cypriots are resilient people and through initiatives like this and thanks to new-found oil and gas reserves, won’t take long to restore their economy. Investment only

Charles Savva Tax & Immigration 查理 • 萨瓦税收与移民部门 cpsavva@cclex.com

This notwithstanding, the Cypriot programme does not require the outright and non-refundable contribution of funds to the state. Instead it allows an investment of €5m held in either one or a combination of: bank deposits held by local banks and banking subsidiaries, Cypriot Government Bonds (min. maturity of 3 years), bonds or debentures issued by Cypriot businesses (min. maturity of 3 years), real estate developments in Cyprus or capital in Cypriot businesses (including banks) having a physical presence

Inspired by Malta’s mixed contribution and investment method, Cyprus has recently introduced a citizenship route consisting in €2m investment in the National Investment Company of Cyprus. Minimal Presence & Fast Track Cyprus does not impose any presence requirement except for a single visit to make a declaration on oath and pick up the passport. One may be concerned about Cyprus’ non-conformity with the European Commission’s stated minimum of one year residence. The EC conversely endorsed the Malta Citizenship programme for upholding a one year minimum connection. However, under European law, nationality ultimately

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仅是投资尽管如此，塞浦路斯投资移民计划并未要求投资者为该国提供彻底而不可退还的投资，而是允许投资者选择以下述一种或多种方式投资五百万欧元：当地银行或银行分支机构存款、塞浦路斯政府债券（最低期限为 3 年）、由塞浦路斯企业发放的债券或信用债券（最低期限为 3 年）、在塞浦路斯的房地产开发项目或资本已投放在塞浦路斯有经营实体且至少聘用了 4 位塞浦路斯公民的塞浦路斯企业（包括银行）。最少直接投资已减少到两百五十万欧元，如果五位投资者采用以上的直接投资方式做混合投资。受马耳他的混合供款和投资方案的启发，塞浦路斯近期也采取了这样一项移民计划，即投资者只要向塞浦路斯国家投资公司投资两百万欧元即可获得塞浦路斯国籍。最少到场和快速通道塞浦路斯并不要求申请者亲临该国申请，只需要去一次做完宣誓并拿到护照即可。可能有人担心塞浦路斯与欧盟委员会所规定的最低一年居住期不一致。但恰恰相反，欧洲委员会支持马耳他投资移民计划规定的最低一年居住期。但是，根据欧洲法律，最终的入籍与否还是以欧盟委员会成员国的权限为准，塞浦路斯可能只会因其宽松的入籍门槛而受到政治上的谴责。但好的方面是，塞浦路斯可以在 3 到 6 个月内提供国籍。投资竞争公民身份目睹了这两个计划从申请到批准的整个程序，我对双方政府实施入籍计划的严厉态度也深有体会。马耳他签证办理中心一站式的服务可圈可点，在重要投资者关怀方面树立了榜样。与此相同，塞浦路斯也兑现了实现程序便捷的承诺。最后，我们服务的拥有高资产净值的个人和家庭可以继续享受选择的好处以及欧洲地中海人这一新身份给他们带来的种种福利。

falls exclusively within the competence of the member-state and Cyprus may only suffer politically from criticism of its lax citizenship criteria. The upside of this is that Cyprus offers economic citizenship in between three to six months.

their citizenship programmes. Malta’s Identity Malta Agency, its one stop expatriates shop, can be commended for setting a precedent in VIP investor care. Similarly, Cyprus has managed to deliver on its promise of a speedy process.

Citizenship by Investment Race

At the end, the HNW individuals and families that we serve continue to enjoy the benefit of choice and the fruits of their new found identity as Euro-Mediterraneans.

Having witnessed both programmes perform from application to approval, I remain impressed by the seriousness of both governments in administering

双重国籍开启成为世界公民的大门 Dual Citizenship opens doors to becoming a Global Player

By Micha Emmett CS Global Partners 集团总经理 Group Managing Director CS Global Partners

作为一名有着英国、南非双重执业资格的律师，米莎·艾米特在公民、居留、移民和外国投资法领域有多年从业经验。她曾广游多地，向政府和私人企业提供咨询服务。在为政府提供咨询服务的过程中，米莎带动了投资移民领域里的诸多进展。米莎坚信，投资移民对于政府和个人都价值重大，其中政府可以借此吸引投资者，而个人则可以换个新家。正是这种双赢哲学激励着她追寻自己的事业。 A dual-qualified attorney in the United Kingdom and South Africa, and has years of practice in the fields of citizenship, residence, immigration, and foreign investment law. Micha has also travelled extensively to p rov i d e co n s u l ta n c y s e r v i ces to governments and private firms. In her role as government advisor, Micha has spearheaded many of the recent developments in the field of citizenship by investment. Micha holds the strong belief that citizenship by investment programmes can be of great value both to governments seeking to attract investors, and to individuals seeking to find a new home. It is this win-win philosophy that drives her career.

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1 世纪是历史上最能见证（也将继续见证）文化与经济交融的时期，其标志便是更自由的贸易及人和服务的自由流动。每年，我们都更接近全球村的目标，因此，个人抓住机会尽早成为这一趋势的一部分至关重要。双重国籍成为了世界公民利用国际资源最有效的手段之一。双重国籍身份如何让您变得全球化并保护好您的资产 ? 当安全可靠的飞机与火车让旅游变得更便捷之时，个人却仍受制于签证需求。例如，缅甸只能让其公民免签证进入 28 个国家。相比之下，圣基茨和尼维斯联邦、多米尼克以及格林纳达可以让其公民免签证进入 100 多个国家，包括英国、爱尔兰和申根区域。这三个国家都可以让公民免签证进入许多亚洲和南美商务中心，如新加坡、巴西以及委内瑞拉。 1989 年 3 月，格林纳达与美国签署了一项双边投资条约，所以它可以为其公民提供申请美国 E2 签证的机会。加勒比地区的公民身份也是通向诱人商机的终极大门。圣基茨和尼维斯联邦、多米尼克和格林纳达不仅是英联邦的成员国，而且还是加勒比共同体的成员，这意味着其公民可以在加勒比共同体的任一国家生活和工作。这三个国家同时在世界银行的营商排名中占据傲人名次。

China Offshore Trusts & Foundations Guide 2015

ore than any other period in our history, the 21st century has seen – and will continue to see – the meeting of cultures and the interaction of economies, marked by ever more free trade and the free movement of people and services. Each year we shift closer towards becoming a global village therefore, it is essential that individuals seize the opportunity early to become an active part of this trend. Dual citizenship is one of the most effective means to become a global citizen and take advantage of opportunities in the international space. How Can Dual Citizenship Make You Global and protect your assets? Whilst travel is increasingly facilitated by faster and more reliable air and train carriers, individuals continue to be hampered by restrictions on their passports. Citizenship of the Myanmar (Burma), for example, affords

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对于小心翼翼寻求资产保护的商人，圣基茨和尼维斯联邦、多米尼克以及格林纳达也可以为其提供一个保存资产的简便方法。这些国家不对境外收入、个人财富、遗产或资本收益征税。此外，它们还尊重个人隐私，并严格遵守法律法规。加勒比国家的公民身份还可以保证公民家庭的幸福和安宁。圣基茨和尼维斯联邦、多米尼克和格林纳达可以为抚养孩子提供安全和宽容的环境。此外，这些国家都可以为进修深造提供优良的环境。例如，格林纳达的圣乔治医学院是以其医学院和兽医科学而闻名，多米尼克的罗斯大学也是一座著名的医学院。双重国籍的获得往往是因为偶然出生在所在国或长居于东道国。即使结婚也不会导致双重国籍，除非长时间停留于配偶的国家。然而公民通过投资的方式获得第二国籍并不必受居住时间的限制。加勒比地区公民身份选项如今炙手可热的投资移民项目起源于安宁的加勒比国家。圣基茨和尼维斯联邦

travellers visa-free access to a mere 28 countries. By contrast, citizenship of St Kitts and Nevis, Dominica, and Grenada, each comes with over 100 visa-free destinations, including the United Kingdom, Ireland, and the Schengen Area. All three nations also hold visa-free access to many Asian and South American hubs of commerce, such as Singapore, Brazil, and Venezuela. Grenada is also one of a select number of countries that, having signed a bilateral investment treaty with the United States in March 1989, affords its citizens the chance to apply for an E2 Visa to the United States. Caribbean citizenship is also the ultimate gateway to lucrative business opportunities. Not only are St Kitts and Nevis, Dominica, and Grenada all members of the Commonwealth of

Nations, they are also members of the Caribbean Community (CARICOM), meaning that their citizens can live and work in any other CARICOM member state. These three nations are also highly ranked in the World Bank Group’s Doing Business Rankings. For the mindful businessperson seeking to protect his or her assets, citizenship of St Kitts and Nevis, Dominica, and Grenada can also provide an effortless means of preserving wealth. None of these nations tax foreign income, personal wealth, inheritance, or capital gains. Moreover, each of these countries respects individual privacy, and are strongly adherent to the rule of law. Citizenship of a Caribbean nation can also ensure happiness and serenity

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是第一个建立此种项目的国家，并于 1984 年将其纳入国家法律的保护下。多米尼克于 1993 年推出它的投资移民项目，格林纳达在 2013 年推出相应的新法律条款。每个项目中，只要投资人合格，他 / 她及其家人不需要进入这些国家便可在最少 90 天内获得公民身份。圣基茨和尼维斯联邦项目圣基茨和尼维斯联邦是投资移民市场中的先锋，通过投资移民项目，已经建立了讲诚信、高质量的良好声誉。项目允许通过严格尽职调查的个人，凭借向政府慈善糖业多元化基金会 (SIDF）捐款，或投资一个预先批准的房地产投资项目来获得公民身份。在第一种情况下，个人申请应至少捐赠 200000 美元，四口之家需要至少捐赠 300000 美元；而在第二种情况下，应至少投资 400000 美元。所需费用根据和主申请人一起申请的家庭成员数而定。投资房地产还需缴纳额外的政府费用。16 岁及以上的人应缴付尽职调查费用。

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for one’s entire family. St Kitts and Nevis, Dominica, and Grenada are safe and tolerant settings in which to raise children. Moreover, they are excellent environments in which to further one’s education. Grenada, for example, is home to St. George's University, famed for its school of medicine and veterinary science, and Dominica’s Ross University is also a noted medical school. Dual citizenship is often either an accident of birth or the result of long periods of continued residence in a host country. Even marriage does not result in dual nationality unless it is accompanied by extended stays in the spouse’s country. Citizenship by investment, on the other hand,

China Offshore Trusts & Foundations Guide 2015

affords individuals the option to obtain a second citizenship without having to subject themselves to lengthy residence requirements. The Caribbean Citizenship Options Today’s most popular citizenship by investment programmes find their roots in the tranquil nations of the Caribbean. St Kitts and Nevis was the first to establish its programme, which was entrenched into the nation’s laws in 1984. Dominica launched its programme in 1993, and Grenada introduced new law in 2013. Under each of these programmes, a qualified individual, as well as his or her family, may obtain citizenship in as little as 90 days without the need to travel to the country.

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多米尼克项目多米尼克联邦可为个人申请者提供世界上最经济的公民身份。此外，该项目最近完成了大幅改善，可以提供更加便捷透明的申请服务，比如消取消了长期存在的面试这一先决条件。申请者申请该项目可以向该国政府基金捐款 100000 美元，或给当地房地产投资 200000 美元。费用随着和主投资人一起申请公民身份的家庭成员数的增加而增加，同时需缴纳尽职调查费和政府费用。格林纳达项目格林纳达政府设计的公民投资项目更关注于家庭，是世界上最优惠的大家庭移民项目。申请人可以选择向格林纳达的国家转型基金捐款，或者投资政府批准的房地产。四口之家只需捐赠 200000 美元，而房地产投资至少为 350000 美元。申请中的每个人都应缴纳尽职调查费、手续费、申请费以及政府各项费用。结论加勒比地区域拥有美丽、淳朴的自然环境和奢华的生活方式，它还能提供更多意想不到的优势。它拥有更高的流动性，更好的商务平台，更强有力的资产保护和安全保障——也就是说，它是成为一个世界公民的关键所在。

The Federation of St Kitts and Nevis Programme

The Commonwealth of Dominica Programme

As the leader in the citizenship-byinvestment market, the St Kitts and Nevis Citizenship by Investment Programme has built a reputation for integrity and quality. The Programme allows individuals who pass strict due diligence processes to obtain citizenship in exchange for either a donation to the charitable Sugar Industry Diversification Foundation (SIDF), or an investment in preapproved real estate project. In the first case, the minimum contribution is USD 200,000 for a single applicant and USD300,000 for a family of four members; while in the second case, the minimum investment is USD 400,000. Costs vary according to the number of family members applying with the main applicant. Under the real estate option additional Government Fees apply. Due Diligence Fees apply for all applicants 16 years and older.

The Commonwealth of Dominica offers the world’s most affordable citizenship by investment programme for single applicants. Additionally, the Programme has been recently streamlined to enable quick and transparent processing, such as by eliminating its longstanding interview prerequisite. Applicants under the Programme may either donate USD 100,000 to the country’s Government Fund, or make a USD 200,000 investment in local real estate. Fees increase with the number of family members applying with the main investor, and Due Diligence and Government Fees apply. The Grenada Programme The Government of Grenada has devised a Citizenship by Investment Programme that strongly reflects its dedication to families, being the world’s most affordable citizenship programme for large families. Applicants have the option to either make a donation to Grenada’s National Transformation Fund, or to invest in Government-approved real estate. The Donation to the fund for a family of four is only USD 200,000, while real estate investments must amount to a minimum of USD 350,000. Due Diligence Fees, Processing Fees, Application Fees, and Government Fees apply to each individual included in the application. Conclusion The Caribbean evokes beauty, unspoiled nature, and a luxurious lifestyle – but there is much more to it than can meet the eye. It is the key to greater mobility, better business platforms, wealth protection, and security – that is to say – it is the key to becoming a global individual.

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印度尼西亚基金会 Yayasan 和纳闽岛基金会 TEP 的特点总结 Summarises the Characteristics of the Indonesian Foundation, the Yayasan, and the Labuan Foundation Dr Nico J C Francken, TEP

Dr. Nico J.C. Francken has experience in working with major multinational companies in New Zealand, Spain and The Netherlands. He is also the founder of the Company and the director of the IN Group, with offices in New Zealand, The Netherlands and Singapore. Dr. Francken holds a law degree from Leiden University in The Netherlands and the Diploma of Advanced European Studies from the College of Europe, Bruges, Belgium. He is a full member of the Society for Trust and Estate Practitioners (STEP), The New Zealand Trustee Association, the International Tax Planners Association and the Asia Offshore Association. Nico J.C. Francken 博士拥有与新西兰、西班牙和荷兰大型跨国公司合作的经验。他还是 IN 集团的公司创始人兼董事，该公司在新西兰、荷兰和新加坡都设有办事处。Francken 博士拥有荷兰莱顿大学的法律学位和比利时布鲁日欧洲学院欧洲高级研究专业的文凭。他是信托与财产从业者协会（STEP）、新西兰受托人协会、国际纳税筹划师协会以及亚洲离岸协会的正式成员。

基

金会是一个非常吸引人的国际财富结构化工具。大陆法系国家的家族中尤为熟悉这一形式。过去几年里，有大量关于基金会及使用基金会进行国际遗产规划和资产管理的文章发表出来。不幸的是，人们关于荷兰和印度尼西亚等“老” 辖区的基金会（分别称为“Stichting” 和“Yayasan”）却没有多少了解。其它亚洲基金会的情况也相差无几。 Yayasan 印度尼西亚基金会（Yayasan）源自于荷兰语的基金会或 Stichting（可以追溯到欧洲早期的罗马法）。Yayasan

he foundation is a very attractive vehicle for dynastic structuring of international wealth. It is known especially to families from civil-law jurisdictions. During the last few years a number of articles have been written about foundations and the use thereof in international estate planning and asset management. Unfortunately there is very little information about foundations in ‘old’ jurisdictions such as Dutch and Indonesian foundations (respectively called ‘Stichting and “Yayasan”’). The same can be said of other Asian foundations.

The yayasan The Indonesian foundation (yayasan) finds its origins in the Dutch foundation or Stichting‘’ (dating back to early Roman law in Europe). The yayasan was widely used in Indonesia but also abused by some people. Consequently, Indonesia introduced a new foundation law in to avoid the problems with the old system. In the new law the foundation is described as ‘a legal entity consisting of segregated capital intended to achieve certain goals in the social,

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在印度尼西亚的应用范围广泛，但同时也确实被一些人滥用。因此，为了避免原有体制中出现的问题，印度尼西亚引进了新的基金会法。在新颁布的法律中，基金会被描述为 “由旨在实现社会、宗教及人文领域特定目标的特例资本构成的、没有成员的法人实体”。基金会不可被用来向参与基金会管理或控制的任何人员或者从事此类工作的任何其他人支付报酬。它没有任何成员。资本或多或少地处于一种自生自灭的状态。印度尼西亚基金会有三个机构：受托人、委员会和监督人（理事）。基金会可以在一定限制条件下进行商业活动投资。法律要求严格隔离基金会的主体与潜在的商业活动。

religious and human areas that has no member’. The purpose of the foundation cannot be to pay any of the people involved in its management or control or anybody else for that matter. It has no members. The capital more or less leads a life of its own. The Indonesian foundation has three organs: trustees, a board and a supervisor (commissioners). The foundation can invest in business activities within certain limits. The law requires strict separation between the bodies of the foundation and the underlying business activities.

必须有公证书才能创立印度尼西亚基金会，之后还必须获得司法和人权部的批准。Yayasan 必须在印度尼西亚设立一个办事处。

The Indonesian foundation must be created by notarial deed and it must be approved by the Ministry of Justice and Human Right there after. The yayasan must have an office in Indonesia.

对于它的三个机构，受托人的主要角色是确保基金会符合其章程；章程的

As to its three organs, the trustees’ main role is to ensure the foundation

adheres to its constitution; all changes to the constitution must be approved by them. The board is responsible for the day-to-day management of the foundation and the commissioners’ role is to supervise the board. The main criteria for the yayasan is that its own capital is used to achieve its object. Bank accounts can be opened both within and outside Indonesia. In Indonesia, the yayasan can be used for charitable activities but also for other social objectives. For example, The Labuan foundation Labuan has been developed by Malaysia as a separate jurisdiction within Malaysia, but with its own legislation and tax system. One of its legal entities is a relatively recent creation, the Labuan foundation. This is a structure with

任何变更都必须得到三个机构的批准。基金委员会负责基金会的日常管理，理事负责对委员会进行监督。 Yayasan 的主要标准是使用自有资金实现自己的目标。可以在印度尼西亚境内外开设银行账户。在印度尼西亚，可将 Yayasan 用于慈善活动及出于其它社会目的的活动。比如，纳闽岛基金会纳闽岛是马来西亚在其境内设置的一个独立辖区，拥有其自身的立法和税务系统。纳闽岛新近创立的法人实体之一就是纳闽岛基金会。这是一种以契据的形式创立的有限责任机构，在纳闽岛金融服务管理局（FAS）进行登记。笔者认为纳闽岛基金会是在效仿巴拿马和海峡群岛的基金会。纳闽岛基金会不允许以自己的名义进行任何商业活动，但它可以拥有从事商业活动的公司。纳闽岛基金会受基金会法的管理。基金会的资产得到良好的保护。在基金会创立两年后，债权人就不能向基金会提出索赔。基金会由委员会以及一位或多位高级职员负责管理。它必须受到纳闽岛挂牌信托公司的管理。委员会和高级职员都可以是法人。创立人可以保留其对基金会的强大影响力，基本上也能够牢固掌控基金会的所有资产。基金会必须雇佣一家与纳闽岛金融服务管理局及其它主管当局签订合同的本地挂牌信托公司。基金会必须在纳闽岛有一个注册地址。还必须有最终可以获得基金会资产的受益人。 Yayasan 和纳闽岛基金会：比较在对印度尼西亚 Yayasan 和纳闽岛基金会进行比较时，最显著的区别是 Yayasan 有一个其资产必须使用的目标或目的。纳闽岛基金会最终是为受

limited liability created by deed and registered with the Labuan Financial Services Authority (FSA). In the writer’s opinion, the Labuan foundation is modelled on its namesakes in Panama and the Channel Islands. The Labuan foundation is not allowed to carry out any business in its own name, but it can own companies that do. The Labuan foundation is regulated by the foundations law. Its assets are well protected. Creditors cannot claim against the foundation after two years of its establishment. The foundation is managed by a council and one or more officers. It must be administered by a Labuan-licensed trust company. Both council and officers can be corporate persons. The founder can retain a strong influence in the foundation and, basically, can keep all its assets firmly under his control. The foundation must involve a local-licensed trust company that will maintain the contacts with the Labuan FSA and other authorities. The foundation must have a registered

address in Labuan. It must also have beneficiaries who are ultimately entitled to its assets. The yayasan and the Labuan foundation: a comparison When comparing the Indonesian yayasan and the Labuan foundation, the most striking difference is that the yayasan has an object or purpose for which its assets must be used. The Labuan foundation ultimately works for beneficiaries. In other words, the yayasan is a more ‘abstract’ entity while the Labuan foundation has been created as an asset management structure for investors. Both structures have limited liability and own their assets. However, only the Labuan foundation can be controlled directly or indirectly by the contributor of the funds. In my opinion, the Labuan foundation seems to be much more flexible and easier to create and manage. Obviously the designers of the structure have looked at certain

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益人服务。换句话说，Yayasan 是更加“抽象的”实体，而纳闽岛基金会的创立目的是作为投资人的资产管理机构。两种机构都是拥有自身资产的有限责任机构。但是，只有基金的出资人可以直接或间接控制纳闽岛基金会。本人认为，纳闽岛基金会似乎更加灵活，创立和管理也更加容易。显然，此种机构的设计者是借鉴了盎格鲁撒克逊信托公司及其它现代基金会的某些方面。使用这种机构的很多客户都是喜欢这些机构所提供的灵活性，但实际情况却并非如此。印度尼西亚 Yayasan 的灵活性较差。在出资之后，资产就必须被用于实现 Yayasan 的创立目标。从法律和税务的角度来看，纳闽岛基金会可以将“管理和控制”的任务交给创始人，这也是很多辖区对此种机构进行详细审查的原因。如果创始人保留管理和控制权，就会变得更加困难。自然，这是一种表面上的保护，债权人（税务稽查员）必须证明该机构只是一个幌子。但是，存在调查的可能性，就会削弱 Yayasan 所提供保护的强度。印度尼西亚 Yayasan 不允许创始人进行逆向投资，他失去了管理和控制权。从资产保护的角度来看，印度尼西亚 Yayasan 更有优势。纳闽岛基金会要灵活得多，所以对很多有意投入资产而又不愿失去控制权的投资人而言，这种基金会更具吸引力。印度尼西亚 Yayasan 无法提供这种可能性。实际上，客户只有在获得退休金或救济金时才可以收回资金。在此期间，即在出资与获得利益之间的这段时间，他们不再拥有管理和控制权。很多客户可能不喜欢这样，但最终他们还是必须在全面资产保护和（临时）失去控制权之间做出选择。

aspects of the Anglo Saxon trust and other modern foundations. Many clients using these structures like the flexibility they offer and the fact that they are not final. The Indonesian yayasan is less flexible. Once assets have been contributed they must be used to achieve the objects of the yayasan. From a legal and tax point of view, the Labuan foundation can leave ‘management and control’ with the founder which in many jurisdictions is a reason to look through the structure. Hiding behind it is much more difficult if the founder retains management and control. Naturally the protection prima facie is there and the creditor (tax inspector) must prove that the structure is a mere charade. However, the possibility of investigation exists and it weakens the strength of protection offered by the yayasan.

The Indonesian yayasan does not allow the founder to reverse his investment and he loses management and control. The Indonesian yayasan is stronger from an asset protection point of view. The Labuan foundation is much more flexible and therefore more attractive for many investors who would like to place their assets in a structure but do not want to lose control. The Indonesian yayasan does not offer that possibility. In practice, clients can get their money back but only when they are paid a pension or benefit. In the meantime i.e. between making the contribution and receiving the benefit, they no longer have management and control. Many clients may not like that but in the end they have to choose between full asset protection and a (temporary) loss of control.

Clearview Group 从

2007 年起，CLEARVIEW 集团位于迪拜和新加坡，为世界各地的客户提供一系列的商业顾问服务。至企业以来，集团已建立起庞大规模，除了迪拜的总部以及新加坡、毛里求斯、肯尼亚和亚美尼亚的代表处以外，我们也在在非洲大陆、欧洲、美洲和亚洲大部分地区有相应的办事处。拥有高素质的精英与专家，我们拉拢了各地理和文化的差距。为客户建立与世界贸易的桥梁，协助客户在贸易、金融和转让定价组织、运营及物流设施相关的企业发展。在这日新月异的金融时代，面对着政治和金融上的各种风险，我们以突破正常和标准的方式，坚守管理客户的财富，视客户的财富为优先。以下是对我们全面服务以及在世界各地运营的简要描述。在迪拜 , 我们是个全证经营代理 , 接受阿联酋证券及商品管理局（www.sca.gov. ae）的全面监管，为客户提供公司注册

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rom 2007 Clearview Group has operated in Dubai and Singapore as a boutique service provider, assisting clients from all over the world. Besides a headquarter in Dubai, representative offices in Singapore, Mauritius, Kenya and Armenia, Clearview Group has also a very strong and wide network of corresponding offices in most of the African Continent, Europe, Americas and Asia. With a focused and qualified staff, we are helping clients to bridge distances and cultural differences, giving a valuable added service to our clients’ businesses with the facilities of trade finance and transfer pricing structures, and operational and logistical set

China Offshore Trusts & Foundations Guide 2015

ups in the many different regions of the world. Residency, family office management and relocations are some of our strengths. Looking at our clients' wealth as our own, managing the risks in today’s constantly changing regulatory, political and financial world, we are dedicated to giving secure, discrete and high end services which go beyond the normal and standard approach. Here is a brief description of our overall services and our operations around the world. In Dubai we are registered agents with most government departments and fully regulated by the Emirates Security and Commodities Authority (ww.sca.gov.ae) company formation and administration, accounting and

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business diversification and the seeking of new opportunities.

和管理、会计和审计、银行业务和贸易金融、居留权和迁移顾问等服务。在新加坡，我们与迪拜总部充分合作，主要管理私人银行关系以及亚洲相关地区的企业，主要开拓东南亚和中国市场。在内罗比和毛里求斯，我们的业务涵盖了肯尼亚、坦桑尼亚、莫桑比克、乌干达、卢旺达和埃塞俄比亚等东非国家。我们提供一站式法律和管理协助服务，包括银行业务和尽职调查市场程序，因为我们非常清楚这是跨入非洲市场时必要考虑的问题之一。在亚美尼亚，凭借综合性银行业务服务 , 拥有专业及精通大多数前苏联国家通用的语言的人力资源 , 我们的业务主要覆盖了格鲁吉亚、土库曼斯坦、哈萨克斯坦、俄罗斯等独联体国家。为什么参加中国离岸峰会？我们有明确的战略定位，在迪拜和新加坡设立了主要营业基地，以能够协助中国公司及其他亚洲国家的公司将业务拓展到中东和 / 或非洲地区。随着对国际市场的需求不断增长，我们发现众多企业家都有意开拓东非及南非国家的市场，其目的就是为实现业务多元化，探求新的机遇。同时，越来越多亚洲高净值人士有意设立或重新组建家族生意，跨境全球商业运营 . 凭借我们强大的合作伙伴和关联机构的联系，我们可以为他们量身定制一个专用的渠道，满足他们不同的业务需求。从获得第二居住权和新国籍的基本服务，到私人银行业务以及家族理财室服务，我们拥有各个领域最新的专业知识和技能，以助于客户拓宽市场 , 满足他们的企业需求。

auditing, banking and trade finance, residence reallocations and advisory services. In Singapore we are fully integrated with our Dubai based headquarters, managing mainly private banking relationships and Asian related businesses in South East Asia and China. In Nairobi and Mauritius we cover the East African countries of Kenya, Tanzania, Mozambique, Uganda, Ruanda and Ethiopia. We provide full legal and administrative assistance including banking and due diligence procedures as we do understand this as one of the main issues when approaching the African markets.

At the same time the increasing demand from the constantly growing number of high net worth Asian individuals to set up or reorganize their family offices and commercial operations in the global arena comes along, with our network of partners and associates, we are able to offer them a dedicated and tailor-made approach to suit their different business needs. From the basics of second residencies and new nationality acquisition to private banking or just simply choosing a private school for the young generations, we have the knowledge and expertise that is needed today, in order to make this a hassle free process for our most demanding clients.

In Armenia, we are mainly covering CIS countries, such as Georgia, Turkmenistan, Kazakhstan, and Russia with integrated banking services, a highly educated staff and same language service which is essential for most of the former USSR countries. Why China Offshore Summit? With our main offices in Dubai and Singapore, we have strategically positioned ourselves and are capable of assisting Chinese and other Asian companies to set up and explore their Businesses in the Middle East and/or Africa. As the demand for this new frontier and emerging market grows, we are seeing a very large number of entrepreneurs looking to expand in East and South African nations for the reason of

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尼维斯信托法修正案 AMENDMENTS TO NEVIS’ TRUST LAWS By Jonathan E. Gopman, Esq., Jan Dash, Esq. and Michael Sneeringer, Esq.

015 年 5 月 27 日，尼维斯岛议会颁布了《2015 年尼维斯岛国际信托免税（修订）条例》（以下简称“ 信托修正案”），2015 年 7 月 1 日生效，信托修正案更新了 1994 年的尼维斯岛国际信托免税条例（“条例”）。修正案包括各种定义的修改和增加，譬如增强信托在资产保护方面的条款，并确保该信托的管理将不会被强制令或诉讼、澄清欺诈性转让法规的应用而被中断；有利于信托管理的规定；允许委托人建立定向信托的规定；限制受益人对于信托信息知情权的规定；废除反恒继规则和反累积规则；允许夫妻共同所有信托的法定租赁的规定（“STET”）；以及增加质疑国际信托的债权人的保证金要求。全权信托增加第 8A 条以更好地确定了全权信托中受益债权人的权利（包括委托人）。在这种信托中，该条款极大地限制了债权人的权利，以达到受益人的利益。本条款还特别允许受托人代表受益人

n May 27, 2015, the Nevis Island Assembly enacted the Nevis International Exempt Trust (Amendments) Ordinance, 2015 (the “Trust Amendments”), effective July 1, 2015. The Trust Amendments modernize the Nevis International Exempt Trust Ordinance, 1994 (the “Ordinance”). Amendments include additions and revisions of various definitions, provisions that increase the asset protection aspects of a trust and ensure that trust administration will not be interrupted by an injunction or litigation, clarification of the application of the fraudulent transfer rule, provisions that facilitate the administration of a trust, provisions permitting a settlor to establish a directed trust, provisions restricting the rights of beneficiaries to trust information, the elimination of the Rule Against Perpetuities and the Rule Against Accumulations, a provision permitting a statutory tenancy by the entireties trust (“STET”) and ww w.nev i s i pa.or g

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an increased bond requirement for creditors who challenge an international trust. Discretionary Trusts Section 8A was added to better define the rights of a creditor of a beneficiary (including the settlor) of a discretionary trust. It greatly limits the rights of a creditor to reach a beneficiary’s interest in such a trust. This section also specifically permits a trustee to make payments on behalf of the beneficiary without incurring any liability to a creditor and prevents even the remote possibility of any such attachment, garnishment or interference. Creditors’ Rights Section 9A was added to clarify that creditors will only have a right to a beneficiary’s interest in a trust if that beneficiary has either a lifetime

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向债权人付款，而无需承担任何责任，甚至可以防止任何如扣押、抵偿或干涉的可能。债权人的权利增加第 9A 条以明确如果受益人拥有终身或根据遗嘱的一般指定权，则债权人在信托中只拥有针对受益人利益的权力。这种权力可以指定给受益人信托财产、受益人的财产、受益人的债权人，或受益人财产的债权人，但是很重要的一点是，只有在受益人行使这种权力时，该权力才有效。此外，根据增加的第 9B 条，明确了如果委托人保留撤销信托的权力，并且指定了给委托人的信托财产、委托人的财产、委托人的债权人，或者委托人财产的债权人，则债权人在信托中只拥有针对委托人利益的权力，然而，只有委托人行使这种权力时才有效。第 13 条进行了修订，提出了适用于所有国际信托的法定强制性规定。借此，任何在信托条款下被授予要求或请求委托人、受益人、受托人、保护人或其他任何有权批准、否决、强迫或行使任何可能影响国际信托的行为或权

or testamentary general power of appointment, that is, a power to appoint the trust property to the beneficiary, the beneficiary’s estate, the beneficiary’s creditors, or the creditors of the beneficiary’s estate, however, and most importantly, only to the extent that the beneficiary exercises such power.

or other person, or who has the authority to approve, veto or compel any action or exercise any power that could affect an international trust, may ignore demands or requests given by or the result of persons acting under duress, including pursuant to any legal process, court, administrative body, etc.

Additionally, Section 9B was added to clarify that creditors only have a right to a settlor’s interest in a trust if the settlor retains a power to revoke the trust and to appoint the trust property to the settlor, the settlor’s estate, the settlor’s creditors, or the creditors of the settlor’s estate, however, only to the extent the settlor exercises such power.

Section 22 was amended to clarify that the Court may not issue a Mareva injunction, Anton Piller order, or any similar remedy.

Section 13 was amended to provide a statutory duress provision applicable to all international trusts whereby any person granted the power under the terms of a trust to demand or request any act on the part of a settlor, beneficiary, trustee, protector,

Fraudulent Transfers

Section 35A automatically removes a trustee or protector of an international trust that is subject to any other court’s jurisdiction, outside the High Court of St. Christopher and Nevis.

Subsections (3) and (4) of Section 24 were amended to clarify the application of the fraudulent transfer rule. The revision to subsection (3) of Section 24 implements a fixed one

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力的一方行使任何行为人可以忽视由受胁迫者提出的要求或请求或其造成的结果，包括依从任何法律程序、法院、行政主体等。第 22 条进行了修订，明确了法院不得发起“玛瑞瓦”禁令， “安东皮勒”禁令，或任何类似的补救措施。

year window beginning with the date the creditor’s cause of action accrues. Subsection (5)(b) of Section 24 was revised to expand the list of powers that a settlor can retain without having an intent to defraud a creditor imputed to the settlor.

consent to a trustee’s request for a court to vary the purpose or terms of a charitable trust (Section 11 (2) and (3)), direct a trustee to make distributions, approve distributions made by a trustee, and/or direct the trustee to make particular investments (Section 9 (3)).

Facilitating Administration 第 35A 条自动排除了受制于除圣克里斯托弗和尼维斯岛高等法院外的其它法院管辖的国际信托的受托人或保护人。欺诈性转让第 24 条的第（3）项和（4）项进行了修订，阐明了对欺诈性转让规则的应用。修订后的第 24 条的第（3）项实行自债权人提起诉讼之日开始固定的一年期窗口。修订后的第 24 条第（5）（b）项扩大了委托人没有故意欺骗债权人的情况下，委托人可以保留的权力范围。促进管理第 35B 条允许国际信托的受托人在不损害任何受益人的权利或影响信托目的情况下，将两个或多个单独的信托合并为单一的一个信托或者将单一的一个信托分成两个或多个独立的信托。第 36 条进行了修订，允许受托人按照决议的规定行事，或指定一名代理人代为行事。第 42（1）条进行了修订，增加了有限责任公司和多种形式的基金会作为一系列的实体，可以行使国际信托的受托人权力。

Waiver of Notice/Accountings Section 35B allows the trustee of an international trust to combine two or more separate trusts into a single trust or divide a single trust into two or more separate trusts provided that such action does not impair the rights of any beneficiary or adversely affect the purpose of the trust or trusts. Section 36 was amended to allow a trustee to act pursuant to a resolution and to appoint an agent to act on its behalf. Section 42(1) was amended to add limited liability companies and multiform foundations to a list of entities that may act as a trustee of an international trust.

Elimination of Rule Against Perpetuities

Directed Trusts Trust Protectors were given expanded powers, including the authority to

定向信托信托保护人被赋予更多的权力，包括同意受托人向法院提出请求改变慈善信托的目的或条款（第 11 条的第（2）项和第（3）项）；指导受托人做出分配；批准受托人做出的分配和 / 或指导受托人进行特定投资（第 9 条第（3）项）的权力。

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Section 35C(1) provides that the terms of a trust deed may expand, restrict, eliminate, or otherwise vary the rights and interests of beneficiaries, including the right of beneficiaries to be informed of their interests in the trust for any period, the grounds for removal of a trustee, the circumstances, if any, in which the trustee must diversify investments, and a trustee’s powers, duties, standard of care, rights of indemnification and liability to persons whose interests arise from that instrument.

China Offshore Trusts & Foundations Guide 2015

Section 5(1) eliminates the Rule Against Perpetuities and permits a trust to continue forever if the terms

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通知和结算的放弃第 35C 条第（1）项规定，在信托契约的条款中可以扩大、限制、取消或以其它方式更改受益人的权益，包括任何时期受益人被告知其在信托中利益的权利，免除受托人的理由，受托人必须进行多元化投资的条件（若有），以及受托人的权力、职责、尽责标准、赔偿权和对从中受益的各方的责任。反恒继规则的废除第 5 条第（1）项废除了反恒继规则，如果信托的条款规定受托人拥有出售所有信托资产的无限权力或者如果一人或多人（其中一人可能为受托人）一个拥有终止信托的无限权力，则允许信托永远持续。第 5 条的第（3）项和第（4）项废除了反累积规则。夫妻共同所有信托的法定租赁第 56 条第（2）项允许一个国际信托的委托人通过租赁夫妻共同所有物业的方式进行投资。在随后进行的投资中，在这种信托中持有的相关物业仍将是夫妻共同所有租赁的物业。在美国许多金融辖区，夫妻共同所有财产的租赁仍然是一种被允许的已婚个人之间的所有权形式。在若干这些金融辖区内，个人财产可以被夫妻共同所有。而且在大多数这些金融辖区内，对于夫妻共同所有租赁的物业，仅一方配偶的判决债权人不能执行对债务人配偶的利益不利的判决。允许这样的财产保持其夫妻共同所有物业租赁的性质，从而增加了对于委托人重要资产的保护。保证金第 55 条进行了修订，，在依据条例提起诉讼前，将债权人所要求的保证金数额增加到 270,000 东加勒比元。这一增长有助于消除对国际信托的受托人进行琐屑无聊的申索。

of the trust provide that the trustee has the unlimited power to sell all trust assets or if one or more persons, one of whom may be the trustee has the unlimited power to terminate the trust. Sections 5(3) and (4) eliminates the Rule Against Accumulations. Statutory Tenancy by the Entireties Trust Section 56(2) permits the settlors of an international trust to fund it with tenancy by the entireties property. Following funding, the underlying property held in such trust will remain tenancy by the entireties property. Tenancy by the entireties is a form of ownership between married individuals still permitted in many jurisdictions in the United States. In some of those jurisdictions personal property can be owned in tenancy by the entireties. Still, in most of these jurisdictions a judgment creditor of only one spouse cannot satisfy its judgment against a debtor-spouse’s interest in property held in tenancy by the entireties. Permitting such property to retain

its characteristic as tenancy by the entireties property adds significant asset protection for a settlor. Bond Section 55 was amended by increasing the amount of the bond required by a creditor before bringing an action governed by the Ordinance to Two Hundred Seventy Thousand Eastern Caribbean Dollars. This increase was made to help eliminate frivolous claims against the trustees of international trusts.

本篇文章由尼维斯投资促进署赞助 This Article is Sponsored by NIPA

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迪拜信托：迪拜国际金融中心的替代方案 Trusts in Dubai: the DIFC Alternative

Abdalla Alzari Founding Partner / Chairman Dubai Office of United Advocates 阿布达拉 • 阿尔泽里合伙创始人，董事长 United Advocates 迪拜办事处 Abdallah holds 26 years proven management, directorship and legal skills within the legal transport industry. His key expertise lies in the drafting and negotiations of international contracts and tenders. Complementarily, he has extensive experience in the field of corporate advice within the UAE boundaries and beyond, along with finance and auditing. 阿布达拉，拥有 26 年卓越的管理和领导经验、精通运输业法律技能、善长国际合同和投标的起草及谈判。同时，他在阿拉伯联合酋长国境内外的企业咨询、财务与审计等领域也享有丰富的专业经验。 By Abdalla Alzari and Maria Rubert

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Member Contribution

每

隔十年，迪拜人口都近乎稳定地翻一番。迪拜位于东西方之间，地理位置得天独厚，领先的基础设施、免税的经济环境（由引人注目的双重税收协议系统支持），这些都预示了人口必然会持续增长——尤其是 2020 年世博会的准备过程中涌现出的商业机会。 2014 年，迪拜人口达到 225 万，其中 85%-90% 是外籍人员。这些数字对资产保护至关重要。阿联酋法律与伊斯兰教教法并重，与国际社会上的其他其它继承法相比，它并不是那么灵活。阿联酋基于伊斯兰教教法的《个人身份法》（2005 年第 5 号法案）涵盖了婚姻、离婚和继承等内容。其中，第一条表明该法对非阿联酋公民相同的适用性——除非他们选择自己国家原籍国的法律。因此，如果外籍人员侨居阿联酋，阿联酋的法律也将同样适用于他们，除非他们明确选择原籍国自己国家的法律。这种选择通常通过遗嘱规定达成，但有很多遗产都不适用其它法律。例如，若要持有房地产资产，可以创立一个离岸实体（但从 2011 开始，只允许在杰贝阿里自由区创立）。另一种方法是按照《2005 年迪拜国际金融中心法案第 11 号》设立迪拜国际金融中心信托，该法于 2005 年 11 月 9 号生效，随后修订为《2007 年迪拜国际金融中心信托法第 2 号》和《2010 迪拜国际金融中心信托法第 1 号》。《迪拜国际金融中心信托法》列出了可设立信托的程序和类型，即明示信托、保护信托、慈善和非慈善信托。监管机构为迪拜金融服务管理局，是迪拜国际金融中心唯一且独立的金融服务监管机关。《信托法》专用于迪拜国际金融中心，由迪拜国际金融中心法院管制。迪拜国际金融中心法院对下述情况中的信托（无论该信托是在迪拜法律下还是其它司法辖区法律下设立的）具有裁判权：（1）受制于《迪拜信托法》；（2）受托人居住在迪拜国际金融中心；（3）信托财产在迪拜国际金融中心；（4）信托属迪拜国际金融中心管理。其中没有对创立人或受益人居住地或住址及资产位置的限制。一项外国信托，

ubai’s population has been steadily doubling every 10 years approximately. Dubai’s suitable location between East and West, its top infrastructures and its tax-free environment (supported by an appealing network of double tax treaties) augur the continuity of this demographic growth – especially with the business opportunities rising in preparation for the EXPO 2020. As of 2014, Dubai had a population of 2,250,000 – out of which 85-90% were expatriates. These numbers are important in terms of asset protection. UAE laws are Sharia compliant and do not allow the same degree of flexibility when compared to other inheritance laws internationally. The UAE's Sharia-based Personal Status Law (Law N° 5 of 2005) covers marriage, divorce and succession. Article 1 retains the applicability of the law to non-Emiratis - unless they choose their home-country's law. Consequently, when expatriates move to the UAE, the UAE laws will apply unless an express selection of their home country’s law is made. Such selection is generally made via testamentary provisions but there

are a number of assets which would not entertain the application of a different law. An option to hold real estate assets, for example, would be to set up an offshore entity (since 2011 only JAFZA offshores are permitted). A second alternative would be the setup of a Trust through the Dubai International Financial Centre – in furtherance of DIFC Law No.11 of 2005 which came into existence on 9th November 2005 and was subsequently amended by Law No.2 of 2007 and Law No.1 of 2010 (“DIFC Trust Law”). The DIFC Trust Law outlines the procedures and types of trusts that can be set up – i.e. express, protective trust, charitable or non-charitable trust. The regulatory body is the Dubai Financial Services Authority which is the sole and independent financial service regulatory authority for DIFC. The Trust Law is exclusive to the DIFC and governed by the DIFC courts. The DIFC Courts will have jurisdiction over a trust (whether a Dubai Law Trust or one established under another jurisdiction's law) if (a) it is governed by Dubai Trust Law; or (b) the trustee is resident in DIFC; or (c) the Trust

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如果同时也是迪拜国际金融中心的信托，或受托人居住在迪拜国际金融中心，抑或信托财产位于迪拜国际金融中心，或者由迪拜国际金融中心管理，便可以不属迪拜国际金融中心管理。该《信托法》由普通法的衡平原则补充。在迪拜设立迪拜国际金融中心信托的因素有： • 设立信托没有最小资本要求； • 允许 100% 的外国所有权，激励并诚邀外籍人员加入； • 在阿联酋为信托高度匿名； • 100% 免税，但也不是传统意义上的避税天堂； • 高水平的资产保护和财富管理； • 比遗嘱更易管理。虽然上述优点表明，信托是一个很好的资产保护工具，但我们却不得不指出，《迪拜国际金融中心信托法》并没有像预期的那样受欢迎。比较阿联酋和海湾合作委员会居民与外籍人员的人口学鸿沟时，可以得出如下两方面的原因。一方面，前者认为迪拜国际金融中心信托，潜在违反了不可撼动的伊斯兰法律继承原则——故而没有被很好地接受。同时需记住的是，阿联酋的法律系统是拥有埃及和法国根基的民法系统，而迪拜国际金融中心则是在普通法基础上建立的权威机构。为了改变这种看法，2007 年成立了圣地信托服务，在迪拜国际金融中心范围内提供符合伊斯兰教的信托服务，既充分

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property is based in DIFC; or (d) the trust is administered in DIFC. There is no restriction in terms of residence or domicile of the settlor or the beneficiary or location of assets. A foreign trust can be managed out of DIFC if it is a DIFC trust, or trustee of foreign trust is resident in the DIFC or its property is situated in the DIFC or its administration is carried out of DIFC. The Trust Law is to be complemented by common law principles of equity. The factors contributing to the attractiveness towards having a DIFC trust in Dubai are: • There is no minimal requirement of capital in order to set up a trust; • 100% Foreign ownership is permitted clearly encouraging and inviting expatriates; • There is a soaring high level of anonymity that is followed in UAE for Trusts; • 100% tax exemption– yet it is not considered a tax heaven in the strict conventional sense; • High level of Asset protection and wealth management; • Easier to administer than wills. Despite the apparent suitability – as per the mentioned benefits – of the trust vehicle as an asset protection, we do note that the DIFC Trust Law has not been welcomed with the positive

China Offshore Trusts & Foundations Guide 2015

attitude expected. The reasons are twofold when one compares the main demographic split between nationals of UAE and the GCC vs Expats. On the one hand, the former perceive the DIFC Trust as potentially contravening the immovable sharia law succession rules – which is not well received. Also, one needs to bear in mind that the DIFC is an authority based on common law foundations as opposed to the UAE legal system – which is a civil system with Egyptian and French roots. To counter this perception, the Waqf Trust Services was established in 2007, to provide sharia trust services within the DIFC yet respecting in full the Sharia principles of wealth management and succession rules along with usual trust functions of maintaining confidentiality, asset protection and control management. Waqf Trust was established as a joint venture between DIFC and Dubai Islamic Bank, but was dissolved in September 2014 with the DIFC financial restructuring following the Dubai real estate crisis. Along with the disclosed differences with Sharia Law, a second factor supporting the unwelcoming receipt of the Trust Law is a culturally rooted response to the novelty of the trust as asset-

Member Contribution

尊重财富管理和继承规则的伊斯兰原则，又全面考虑普通信托的作用，如保密、资产保护和控制管理。圣地信托由迪拜国际金融中心和迪拜伊斯兰银行联合投资成立，但于 2014 年 9 月随着迪拜房地产危机后迪拜国际金融中心的金融重构而解体。除了因为与伊斯兰法律存在隐秘的冲突，造成《信托法》遭冷遇的另一原因是，人们从文化层面上难以接受把信托作为资产保护工具。实际上，因为担心滥用风险，人们在文化观念上不情愿（对新工具的反应）把家族资产的一部分放到托管人手中。另一方面是占迪拜人口 85%-90% 的外籍人员，他们不清楚迪拜法庭会怎么解决信托争端，诸如信托有效性、可执行性或违约等问题，而这可能是阻碍外籍人员和外国注册信托在迪拜设立信托的原因。然而，我们预计，这些担忧会随着时间而消失，而迪拜国际金融中心信托也终将会成为适合迪拜富豪们保护资产的工具，无论这些富豪是本地人还是外籍人士。这些外籍人士的担忧可以通过下述方式减轻：（1）学习了解迪拜国际金融中心法院和迪拜法庭的《2009 司法协定》，根据这项协定，迪拜法庭会充分尊重迪拜国际金融中心法院作出的决定，不对所涉案件进行再听审；（2）参见通过迪拜国际金融中心 - 迪拜法庭协定成功解决的信托案件，这是现存的实证法学。此外，尽管阿联酋和海湾合作委员会的当地社区起初会不情愿接受，但我们仍可以预期，这种态度会随着对法律文化差异的接受以及从税收和财富管理技巧中获益的目标而逆转。

protection vehicle. Indeed, there may be a cultural reluctance (in response to being a new vehicle) to place in the hand of a custodian part of the family assets – with the consequent perceived risk of misuse. On the other hand and with respect to the 85-90% of the Dubai population, the uncertainty with respect to the manner in which the Dubai courts will resolve any dispute concerning a trust – in terms of validity, enforceability and/ or breach of trust issues, may be the cause preventing expats and foreign registered trust setting up in Dubai. However, we anticipate the fears to dissipate over time making the DIFC Trusts a suitable asset protection vehicle for Dubai’s high net worth individuals – both local and expat. The expats’ fear should be mitigated by (a) learning about the 2009 Protocol of Jurisdiction between the DIFC Courts and the Dubai Courts – pursuant to which decisions rendered by the DIFC Courts will be respected in full by the Dubai Courts without entertaining the re-hearing of the matter; and (b) as the number of trust matters are settled satisfactorily – existing positive jurisprudence – through the DIFC Dubai Courts protocol assistance. In addition, despite the initial reluctance of the local emirate and GCC community, one could expect the same to be softening with the acceptance of the legal cultural differences and with the aim to benefit from the tax and wealth management sophistication.

Maria Rubert Partner Dubai Office of United Advocates 玛丽亚 • 鲁伯特合伙人 United Advocates 迪拜办事处 Maria is a Spanish and US lawyer registered with the Dubai Ruler's Court and the DIFC Courts.Maria is specialized in international arbitration, mainly dealing with commercial and real estate matters. In parallel to her counsel role, Maria is listed as an arbitrator with most institutions in the UAE and abroad. 作为一名美籍西班牙裔律师，玛丽亚在迪拜统治者法庭和迪拜国际金融中心法院均有注册。她擅长国际仲裁，主要处理商业和房地产事务。除了法律顾问的身份之外，她也是阿联酋国内外许多机构的仲裁员之一。

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行政特区

非洲 Africa

jurisdictions

168

China Offshore Trusts & Foundations Guide 2015

塞舌尔

Seychelles

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Seychelles

行政特区 jurisdictions

Member Contribution

概况

塞舌尔

General

Seychelles

实体类型

信托

法律类型

混合法系

Type of Company

Trust

建立信托所需时间

24 小时

最低政府费用（不包括税收）

100 美元

是否签订双重征税协定

否

国外收入课税

未说明

信托资产标准货币

无

允许币种

任何币种

最低资产要求

无

独立法人最低人数

不少于 2 人且必须委任 1 个持牌居民受托人

公司法人最低人数

2人

是否要求有当地受托人

是

公众可否查阅记录

否

会议地点

未指定

保全是否需要

可选

持有专业资格

可选

信托契书否

准备要求

基金会应当保持或备存适当的会计记录使信托的财务状况可以在任何时间都合理准确的做出决策及可以准备好信托账户

审计要求

否

公众可否访问账户

否

不适用取决于信托契书的内容

Hybrid

24 Hours

US $100

Taxation on Foreign Income Trust Assets

N/A

Standard Currency

N/A

Permitted Currencies

Any

Minimum Assets Required

N/A

Minimum Number if Individuals

Not less than 2 however a licensed resident trustee must be appointed

Minimum Number if a Body Corporate

If Local Trustee Required

Publicly Accessible Records

Yes

Location of Meetings Protector

Not specified

Required

Optional

Professional Qualifications Held Trust Deed

Optional

Publicly Accessible

Requirements to Prepare

A trustee shall keep or cause to be kept proper accounting records that enable the financial position of the International Trust to be determined with reasonable accuracy at any time and enable accounts of the International Trust to be prepared

Audit Requirements

Publicly Accessible Accounts Other

其他

是否允许迁册

Double Taxation Treaty Access

Accounts

账户

法定继承权

Our Time to Establish a Trust

Minimum Government Fees (excluding taxation)

Trustees

受托人

公众可否访问

Type of Law

Forced Heirship Rules

Change in Domicile Permitted

Not applicable

Depends on how the Trust Deed is drafted

By Seychelles Investment Board

行政特区 jurisdictions

简介 Introduction 行政特区：塞舌尔地区：印度洋，非洲货币：塞舌尔卢比语言：英语、法语时区：UTC+4

Country: Seychelles Region: Indian Ocean, Africa Currency: Seychellois rupee (SCR) (SR) Languages: English, French Time Zone: UTC +4

区号：+248 通讯设施：优秀

Phone Code: +248 Communications: Good

塞舌尔是热带天堂的代名词。115 个靠近赤道的岛屿和旋风带以外的地理位置，让它成为令人艳羡的度假天堂。塞舌尔的主岛，马希，有一个且非常优良的港口，维多利亚港。塞舌尔 89000 名居民中的大部分居住在马希，混居着法国和非洲人种，说克里奥尔语，但也说英语和法语，特别是在商务环境中更是如此。英国允许塞舌尔在 1976 年独立；塞舌尔是一个独立的共和制民主国家，有总统制的政府。塞舌尔总统 Albert Renee 从 1977 年掌权至 2004 年，经历了这个国家从一个“渔业和香蕉”型的经济转型为现代化的旅游胜地，并成为一个发展完备的离岸金融中心，具有较强的竞争力。塞舌尔的服务业为该国经济贡献了 70% 的产值，其中包括

The Seychelles are a byword for tropical beauty. The 115 islands, near the equator and outside the cyclone belt, are indeed unspoiled. The main island, Mahe, has an airport and a very good port, Victoria. Most of the 89,000 inhabitants live on Mahe, and are a blended mixture of French and African, speaking Creole, but also English and French, especially in business. The British granted independence only in 1976; the Seychelles are an independent democratic republic with a presidential style of government. The President from 1977 until 2004, Albert Renee oversaw the conversion of a 'fishing and bananas' type of economy into a modern tourist mecca, alongside a carefully created offshore financial centre which has taken good notice of its competition. The service sector contributes 70% of the Seychelles's

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概况

塞舌尔

General

Seychelles

实体类型

基金会

法律类型

混合法系

Type of Company

Foundation

有限责任

无，无理事会成员的基金会是独立的法人实体

建立基金会所需时间

24 小时

Limited Liability

N/A. Foundations are separate legal entities without members.

基金会最低资本金（等值货币）

初始资产不低于 1 美元价值

基金会资本货币

任何货币

公众可访问记录

Type of Law

Our Time to Establish a Foundation

Foundation Capital Minimum (equivalent in currency)

Publicly Accessible Records

Yes

基金会管理规则

可选

受益人

一个基金会有“受益人”。然而，与公司股东或信托的受益人相反，基金会受益人在基金会资产没有法定或受益利益。也就是说， Beneficiaries 基金会资产不会成为受益人的资产除非根据该基金会的章程或条例分配。

创建人

否

可选

是否允许企业保全

是

理事会成员最少人数

至少 1 个

是否允许有企业理事会成员

是

会议地点

任何地方

基金会本地规定基金会代理

是

是否需要秘书

无

章程语言

任何语言（必须提供英语或法语翻译）

管理条例语言

任何语言（必须提供英语或法语翻译）

准备要求

Foundation Regulations

基金会应当保持或备存适当的会计记录使基金会的财务状况可以在任何时间都合理准确的做出决策及可以准备好基金会账户

年度政府费用

200 美金

是否允许迁册

是

A foundation has “beneficiaries”. However, in contrast to shareholders of a company or beneficiaries of a trust, foundation beneficiaries have no legal or beneficial interest in foundation assets.

Officers of Foundation

Protector Required

Optional

Corporate Protector Permitted Minimum Number of Council Members Corporate Council Members permitted

Yes

Minimum 1 Yes

Local Requirements of Foundation

Anywhere

Foundation Agent

Yes

Meeting Location

Secretary Required

Language of Charter

Language of Regulations

Requirements to Prepare

Other

其他

Optional

Name of Founder

Accounts

账户

The initial assets should be of a value not less than US$ 1

Foundation Charter

是

保全要求

24 hours Any

Foundation Capital Currency

基金会会章

基金会管理成员

Hybrid

Annual Government Fee

Change in Domicile Permitted

N/A

Any (English or French translation required) Any (English or French translation required) A foundation shall keep or cause to be kept proper accounting records that enable the financial position of the foundation to be determined with reasonable accuracy at any time and enable accounts of the foundation to be prepared US$ 200 Yes

By Seychelles Investment Board

行政特区 jurisdictions

旅游业、海产品加工和商业。塞舌尔的国际自由贸易区非常成功，且正快步成为印度洋上的贸易集散中心，这也是塞舌尔政府公开宣布的目标。塞舌尔政府由家长式管理作风（非常法国化）和经济自由主义（非常英国化）的风格一分为二，但两者哪个占据上风却不好说。直到 2004 年底，在海啸造成了相当大的损失后，经济开始有所复苏，但失业率和财政赤字仍旧居高不下。当地的居民对经济奇迹并不十分感冒，和政府希望把塞舌尔打造成印度洋上的新加坡的意愿相驳。2004 年塞舌尔发布了一个新的宏观经济调控缩写为 MERP 的计划，旨在纠正财政和经济发展的不平衡现象，进行加税和政府的缩编。塞舌尔的物价飙升，货币储备短缺和高通胀率都让这个国家在 2008 年年中入不敷出，因此进行了进一步的财政紧缩，政府转而求助于国际货币基金组织要求获得金融支援。 2009 年底，国际货币基金组织同意向该国注资 3100 万美元。在该组织 2011 年 6 月组团访问塞舌尔进行调查时，塞舌尔政府因为其“结构革新和财政制度取得的进步”而受到该组织的赞扬。适合于 : 财富管理、银行业、基金管理、航运、游艇、货物贸易、金融贸易、控股公司

economy, which is based on tourism, fish processing and commerce. The International Trade Zone is successful, and the Seychelles are on the way towards becoming an Indian Ocean trading entrepot, which is their avowed goal. The Government is torn between Colbertian paternalism (very French) and economic liberalism (very English) and it is hard to say which is winning. Until late 2004, when the tsunami did substantial damage, there was growth but also unemployment and a deficit. The local population is not always willing to be cast in the role of economic superstars, to the despair of the Government, which privately would like the Seychelles to be a new Singapore. A macro-economic programme under the acronym MERP, launched in 2004, aimed to correct fiscal and economic imbalances with increased taxation and government retrenchment. The commodity price spike, a shortage of currency reserves and high inflation has prompted a further round of fiscal tightening after the country defaulted on much of its debt in mid-2008, when the government turned to the IMF for financial assistance. By the end of 2009, an Extended Fund Facility (EFF) of USD31m was approved by the IMF. Following a visit by an IMF mission in June, 2011 the Government of the Seychelles was praised for its' fiscal policies and the progress achieved in structural reforms. Suitable for: Wealth Management, Banking, Fund Management, Shipping, Yachting, Trading Goods, Trading Financial, Holding Companies

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行政特区 jurisdictions

塞舌尔 Seychelles

Q &A

1. 贵辖区在隐私和资产保护方面，对希望向下一代传承财富的中国高净值人士和家族（等）来说主要有哪些优势？不论是塞舌尔的信托或基金会，相关法律都提供极强的隐私和资产保护措施。信托方面，财产授予人、受托人和受益人信息不对公众开放。信托契约和其它任何文件也不对公众开放。在注册信托时，受托人只要宣布国际信托法案的所有要求都已达到即可。基金会方面，唯一对公众开放的文件是该基金会的“章程”，包括创始人身份的信息。当然，提名创始人是被允许的，也是通用的做法。塞舌尔信托或基金会的文件获取只在当地监管部门或最高法院的要求才可能。受托人和顾问和其它和塞舌尔基金会相关人物可依法在其它任何情况下都保持身份保密。信托和基金会法律的各种条文都对资产提供保护。保护性信托有清楚规定可以创办。在基金会方面，受益人也有明确条文规定对基金会的资产没有任何的受益权，也对基金会没有管理权。但是信托和基金会都遵守反强制继承权法，为外国法官或政府对塞舌尔基金会或信托创始人要求的强制性法令提供保护。 2. 价格方面，在贵辖区设立信托 / 基金会和其它地方相比有什么不同？是否更加昂贵？如果是这样，客户能获得的额外价值在哪里？塞舌尔一直以来都是国际商务公司形式的最具性价比地区，也是最受中国客户欢迎和具竞争力的形式。信托和基金会方面的服务在价格方面和其它市场相比也很有竞争力。不应该把低价等同于低质量的服务，很多塞舌尔公司都是国际信托服务提供商和律所等，比如说，隶属于“信托和遗产执业者协会” 的专业团队都具有很强的竞争力和专业背景。塞舌尔基金会对当地法律来说具有很高的价值，它需要缴纳的政府费用更低，且服务提供商收取的服务费也非常具有竞争力。 3. 信托或基金会是否贵辖区的首选架构？为什么这么认为？这一趋势在未来是否会有所改变？塞舌尔是一个混合型的民事法 / 普通法辖区，很大程度上颁布信托法规来对信托提供法律依据。颁布于 1994 年的《国际信托法案》和今天的 606 号信托都合法合规。塞舌尔在 2009 年颁布了《国际基金会法案》并有 421 家注册基金会。并有向基金会倾斜的趋势。这部分因为我们的信托法需要更新以让更受欢迎的架构比如说“私

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1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? Whether it is a Seychelles trust or Seychelles foundation, the relevant laws provide for a great deal of privacy and asset protection. In the case of a trust, there is no public record of the settlor, trustees or beneficiaries. The trust deed and any other documents relating to the trust are also not publicly filed. Upon registering a trust, the trustee must simply file a declaration confirming that all of the requirements of the International Trusts Act have been met. In the case of a foundation, the only publicly filed document is the “Charter” which contains the identity of the Founder(s). However a nominee Founder is allowed and is common practice. Access to information or documents relating to a Seychelles trust or foundation is then only possible for local regulatory bodies or upon an order by the Supreme Court. Trustees are bound by law to maintain confidentiality in all other cases as are councilors and other persons associated with a Seychelles foundation.

行政特区 jurisdictions

Various clauses in each of the foundation and trust laws provide for asset protection. Protective trusts are expressly allowed. In the case of foundations, a beneficiary is expressly deemed not to have any beneficial interest or otherwise in the assets of a foundation nor any say over the administration of the foundation. Both foundations and trusts also enjoy express anti-forced heirship provisions providing protection against foreign judgments or administrative orders if intended to enforce any such provisions of a foreign law as regards an individual who is a founder of a Seychelles foundation or settlor of a Seychelles trust. 2. In terms of cost, how is the cost of a setting up a trust/ foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? Seychelles has traditionally been a cost effective jurisdiction in terms of International Business Companies which are amongst the most competitively priced in the world and very popular in China as well. Services around trusts and foundations are also typically competitively priced with other comparable markets. This should not be confused with a low level of service however as many Seychelles firms are associated with international trust services providers, law firms and otherwise have highly competent and trained professional staff who are members of the Society of Trust and Estate Practitioners for example. Seychelles Foundations in particular are a good value when factoring the quality of the law, low government fees and typically competitive fees from the services providers. 3. Are trusts or foundations in your jurisdiction the preferred structure for clients? Why do you believe that is? Do you expect any changes in that preference in the future? 人信托公司”等合法，总的来说，也因为极佳的基金会法而更受欢迎。塞舌尔计划在不久的将来引入一部更新后的信托法（草案已经拟定），以包含符合时代潮流的条款和引入最近在其它竞争对手辖区内更为流行的信托方面的法规趋势，以求与时俱进。 4. 为中国和亚洲客户进行财富规划时您遇到的最大问题和挑战是什么？您和您的辖区为此提出的解决方案是什么？和其它大部分辖区一样，有时候语言会成为一家没有和客户说一样语言公司的障碍。塞舌尔的许多公司和中国有极强的关系，因

Seychelles has a hybrid civil/common law legal system which in part made it necessary to enact trust legislation in order to bring certainty within the law as regards trust. The International Trusts Act was enacted in 1994 and to date 606 trusts have been registered under the law. Seychelles passed an International Foundations Act in 2009 and has 421 foundation registered. The trends seem to show a preference toward foundations. This may in part be due to the fact that our trust law needs to be updated to allow for popular structures such as “private trust companies”, but also that foundations are growing in popularity in general and because Seychelles has an excellent foundation law. Seychelles is planning to introduce an updated trust law in the near future (a draft has been completed) which includes modern provisions and implements important changes brought about due to recent trust cases along with popular new trends in trust laws found in competing jurisdictions.

常都能跨越语言障碍。

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

另一个和信托有关的主要问题很可能和中国客户对控制力的渴望

As with most jurisdictions, language is sometimes a hurdle if the

此语言不总是问题。此外，塞舌尔遍布中国和亚洲的中介公司通

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行政特区 jurisdictions

和他们对信托的参与程度有关，这让受托人的工作比较难做，且会对信托的有效性和税务居住权造成更多的风险。这个问题并不仅限于中国客户，它也经常发生在其它离岸辖区内。基金会提供一个让客户有更高参与度的架构而不必承担“虚假信托”的风险，前提是基金会是一个法人实体且本身并非虚假。私人信托公司也是一个替代品，客户可以利用它获得更高水平的控制权。最后，很多时候信托或基金会是一个有一个或多个子公司的架构，客户可以担任包括董事在内的多个角色。 5. 贵辖区在信托 / 基金会方面是否有一些法律方面的特点对投资者具有特别的吸引力？塞舌尔基金会由现代法律框架管理，具有众多有利优势： ·创始人——法律规定创始人是章程的签署者，允许“提名”创始人来保护信托创始人的隐私，前提是章程是唯一向公众公布的文件。创始人可以保留监管和发布直接指令，如受益人的指定 / 撤销、投资和类似事宜的各种权利。创始人也可以向另一方指派上

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firm does not have native language speakers or the client does not. Many firms in Seychelles have ties with China and as such the language barrier is not always an issue. Furthermore, China and Asian based intermediaries are often able to bridge the language gap and Seychelles has a relatively strong network of such intermediaries. The other main issue would likely be mostly related to trusts in that Chinese clients often desire to maintain a level of control and involvement with the trust that makes the job of the trustee difficult and can further add risk to the trust in terms of validity and tax residency. These issues are not necessarily isolated to Chinese nationals as this is often a struggle with trustees in offshore locales. Foundations provide a structure that can allow for a higher level of involvement from the client without the “sham trust” risk given that a foundation is an incorporated body and as such cannot be a sham. Private trust companies are also an alternative where the client can have a higher level of involvement. Lastly, often times a foundation or trust is often structures with one or more subsidiary companies where the client can fill certain roles including being a director. 5. What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors?

行政特区 jurisdictions Seychelles Foundations are governed under a modern legal framework that offers several beneficial provisions. • Founders – the law provides that the founder is the subscriber to the Charter and allows for “nominee” founders to protect the privacy of the trust founder given that the Charter is the only publicly filed document. The Founder may reserve various rights of oversight and to direct certain matters such as appointment/ removal of beneficiaries, investments and similar. The Founder can also assign any of these reserved rights to another party (i.e. an “Assignee Founder”). The Founder may be a beneficiary, but not the sole beneficiary. The Founder may be a natural or legal person and there may one or even multiple co-Founders. • Assets – minimum assets are US$1.00 and may be contributed by the Founder or any other third party at the time of registration or at a later date. Additional assets may be contributed later. If the assets are contributed by a third party, that party does not automatically acquire the role, rights or obligations of a Founder. Assets can include any international asset including a beneficiary interest of another foundation or trust. A Seychelles Foundation may also own shares in a Seychelles IBC, CSL or be a partner in a Seychelles Limited Partnership. • Tax – a Seychelles Foundation is 100% exempt from any form of taxation in Seychelles on any of its income or gains of any kind. • Types – private foundations, charitable foundations, foundations with a specific purpose (“purpose foundations”) or any combination of these are allowed. Contributed by: Bobby Brantley TEP, Sterling Offshore Limited

述权利（比如，“代理创始人”）。创始人可以是受益人，但不是唯一受益人。创始人可以是自然人或法人，甚至也可以有多个联合创始人。 · 资产——资产最少为 1 美元，可以由创始人或其它任何第三方在注册时或之后支付。额外资产可以在之后支付。如果资产由第三方支付，这一方不会自动获得创始人的角色、权利或义务。资产可以包括任何国际资产包括另一个基金会或信托的收益。塞舌尔基金会也可以持有塞舌尔 IBC 或 CSL 的股份，或成为塞舌尔有限合伙制公司的合伙人。 · 税收——塞舌尔基金会的收入或任何形式的利得是 100% 免于任何塞舌尔税收的。 · 种类——私人基金会，慈善基金会，特殊目的基金会（“目的基金会”）或其它任何上述类型的组合都是得到允许的。来源：Bobby Brantley TEP, Sterling Offshore Limited

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行政特区

亚洲 ASIA

jurisdictions

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行政特区 jurisdictions Hong Kong

香港

Hong Kong

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Member Contribution

概况

香港

General

Hong Kong

实体类型

信托

法律类型

普通法

Type of Company

Trust

建立信托所需时间

2到3天

Our Time to Establish a Trust

2-3 days

Double Taxation Treaty Access

Yes

最低政府费用（不包括税收）

无

是否签订双重征税协定

是

国外收入课税

否

信托资产标准货币

美元

允许币种

任何币种

最低资产要求

10 美元

独立法人最低人数

1人

公司法人最低人数

1人

是否要求有当地受托人

否

公众可否查阅记录

否

会议地点

任何地方

保全是否需要

可选

持有专业资格

可选

否

账户准备要求

是

审计要求

否

公众可否访问账户

否

法定继承权是否允许迁册

Common Nil

Taxation on Foreign Income Trust Assets

Standard Currency

US$

Minimum Assets Required

US$10

Permitted Currencies

Minimum Number if Individuals Minimum Number if a Body Corporate

Any

One One

If Local Trustee Required

Location of Meetings

Protector

Anywhere

Required

Optional

Publicly Accessible Records

Professional Qualifications Held Optional

Trust Deed

信托契书

其他

Minimum Government Fees (excluding taxation)

Trustees

受托人

公众可否访问

Type of Law

Publicly Accessible

Accounts

Requirements to Prepare

Yes

Publicly Accessible Accounts

Audit Requirements Other

外国司法管辖区的继承 Forced Heirship Rules 权是不适用的

是，如果信托契约有规 Change in Domicile Permitted 定

Forced Heirship of a foreign jurisdiction is not applicable

Yes if drafted in Deed

By Masson de Morfontaine Ltd

行政特区 jurisdictions

简介 Introduction 行政特区：香港地区：亚洲货币：港元语言：粤语、英语时区：UTC+8

Country: Hong Kong Region: Asia Currency: Hong Kong Dollar (HKD) (HK$) Languages: Cantonese, English Time Zone: UTC +8

时区：+852 通讯设施：极佳

Phone Code: +852 Communications: Very Good

香港作为亚太地区诸多国家贸易中转站和集散地的角色，以及作为低成本制造业中心，一直以来都让它成为一个繁荣的行政特区，现在它业已成为服务业，特别是金融服务业的首选地。香港的经济成功很大程度上是基于纯粹的免税和自由贸易区，其价值体现在基于英国普通法的法律体系和自由制度，政府对经济的干涉降低到最小程度。外国投资的障碍也非常少。香港政府一直以来都遵循对外国商业行为友善的政策，并继续保持。它并不是一个“离岸” 的行政特区，但税率也非常低廉，且只针对在香港获得的收入征收。这里没有资本利得税，没有预提税，没有销售税，没有增值税，没有年度资产净值税和公司保持收入而非分配收入时获得的资本累积税。

Hong Kong has thrived historically as a trading entrepot serving many Asia Pacific countries and also as a lowcost manufacturing centre, and has turned towards the provision of services, particularly financial services. Its economic success is largely based on a wholehearted adherence to free and open trade, the values encompassed in a British common law legal system and a laissez-faire, non-interventionist attitude on the part of government. There are few if any significant barriers to investment by foreigners. The government has consistently followed business friendly policies and continues to do so. It is not an 'offshore' jurisdiction as such, but has low tax rates which are levied only on Hong Kong-source income. There is no capital gains tax, no withholding tax, no sales taxes, no VAT, no annual net worth taxes and no accumulated earnings

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适合于：银行业、保险、基金管理、航运、货物贸易、金融贸易、知识产权 / 许可证、控股公司、电子商务、不动产所有权

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taxes on companies which retain earnings rather than distribute them. Suitable for: Banking, Insurance, Fund Management, Shipping, Trading Goods, Trading Financial, Intellectual Property/ Licensing, Holding Companies, E-commerce, Property Ownership

帮助中国家庭管理财产 Helping Chinese Families Manage Their Wealth 白嘉莲是香港信托有限公司的首席执行官。香港信托有限公司专门从事个人客户、中介机构以及企业的信托结构和服务。香港信托有限公司并提供保管人、第三方托管、私募基金设立及管理和家庭办公室等服务。白嘉莲在澳大利亚、新西兰等地有 20 多年的金融服务业工作经验。她曾任香港信托人公会主席，也是香港证券及投资学会的正式会员之一。她曾在香港大学专业进修学院出任讲师，授有关受托人以及董事职责。白嘉莲以优异成绩取得工商管理学硕士和商业法硕士学位。

By Carolyn Butler 香港信托有限公司首席执行官 Director & CEO The Hong Kong Trust Company Limited

在

全球经济前景不明朗下，中国经济放缓，但中国的超级富户人数却不段增加。在中国，高净值人士数量过百万，而且有迹象显示，在这群中国超级富裕人士当中存在一种趋势—— 财富的平稳增长；许多人送孩子出国接受教育；他们把资产转移海外，并且越来越多的人想要移居国外。随着中国家庭向境外投资的趋势越来越猛烈，他们开始转向海外寻求理财方案，很多人出于税收和继承考虑而采用了西方的财富保护 / 管理工具，如信托。信托是一种被广泛使用的工具，用于保护资产和家族生意免于纠纷、破产、离婚或其它问题。在规划资产、财富规划和家族传承，财富传承的关键是创立正确的（信托）架（结）构在正确的司法管辖区、并获取好的建议。

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Carolyn is the CEO of The Hong Kong Trust Company Limited which specializes in trust arrangements and structures for private clients, intermediaries and corporations. The Hong Kong Trust Company also provides custodial, escrow, private fund establishment and administration and family office services. Carolyn has been a practitioner in the financial services industry in Australasia for over 20 years. She is past Chairman of the Hong Kong Trustees’ Association, a full member of the Hong Kong Securities Institute. She lectures at HKU Space on trustee/director duties. Carolyn holds an MBA with distinction and a Master of Business Law.

lthough China's economy is experiencing a slowdown amid global economic uncertainties, the number of Chinese super-wealthy is still increasing. There are over one million high net worth individuals in China and indications are that there is a clear trend among wealthy Chinese: their wealth is growing steadily; many send their children overseas for education; they are looking to move assets offshore and a growing number of them are willing to move overseas. As the trend for Chinese families to investment offshore gathers momentum they are looking overseas for financial solutions and many have

China Offshore Trusts & Foundations Guide 2015

adopted western-style tools such as trusts because of protection and succession considerations. Trusts are a widely used structure that protects assets and family business against dispute, bankruptcy, divorce or other issues. Establishing the right structure in a right jurisdiction and obtaining good advice is the key to successes in terms of asset planning, wealth planning and family succession. Trusts as a Protection and Planning Tool In China, trust arrangements are generally different to what is traditionally known as a trust under common law

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作为保护和规划工具的信托信托在中国，普遍不同于普通法司法管辖区的传统信托如香港信托。中国的信托一般只是持有客户的资产，而不是为他们的家族财富和继承做出真正的安排。此外，中国信托下的财产在信托创立中财产转至信托名下前必须公开（向相关部门公布），从而引发隐私性问题。相反，在海外普通法司法管辖区设立一项信托通常能提供更多的自由和保护。然而，离岸信托一般只适用于离岸资产。普通法中信托指一种关系，其中一方持有资产以使其他方受益。信托创立人为委托人，将其资产转移给第三方，即受托人。受托人有义务为信托受益人而持有和管理该财产，其中受益人由委托人指定。如此安排下，资产的法定所有权、日常管理、公平所有权和收益分配等控制权都分离于委托人。中国人可能会发现这不同于他们对财富管理的传统理解，因为信托下的受托人才是这项资产的法定所有者。然而，受托人承担为受益人的利益而行动的义务。将资产的所有权转移给信托有几项很关键的好处，包括税收相关的优惠、安全继承家族生意的利益、避免遗产继承税、在委托人生前甚至去世后保护受益人以及使资产免于债权人的要求。例如，如此设立的信托可以使委托人免于债权人的债权要求，委托人可在不拥有信托资产的情况下从中受益。信托作为一项财务规划工具，已经得到了更多人的理解和使用，与此同时，为了满足信托日益增长的趋势，许多地区也修订了它们的信托法律使之更现代化。以香港为例，2013 年 12 月的信托法的改动预示了一些关键性进步。这些变动包括委托人对信托做出投资决策的权利、捍卫香港信托使其免于强制继承权等规定以及引入了永久信托。结语拥有离岸资产的中国家庭应该考虑信托的这些优点，从而保持、增加并在家族内部有序传承他们的财富。拥有完整、稳固基础设施、司法制度和信托法的离岸管辖区，如香港，可以给他们提供正确的工具和专业的意见。

jurisdictions such as Hong Kong. Trusts in China generally just hold clients' assets instead of making real arrangements for their family wealth and succession. In addition, the property to be settled under a China trust must be made public before it can be set up and this brings concerns of privacy. In contrast, setting up a trust in an overseas common law jurisdiction often gives more freedom and protection. Offshore trusts however, will generally only be applicable for offshore assets. A common law trust refers to a relationship under which assets are held by one party for the benefit of others. The creator of a trust is called a settlor, who transfers his/her assets to a thirdparty, who is the trustee. The trustee has a legal obligation to hold and manage the property for the trust's beneficiaries, whom are named by the settlor. Under such a scenario, the property's legal ownership, daily management, control of its equitable ownership and distribution of benefits are separated from the settlor. The Chinese may find it contrary to their traditional concept of wealth management because the trustee is given the legal title to the assets under a trust. However, the trustee is obligated to act for the good of the beneficiaries. By transferring title of the assets to a trust there are some key benefits which include, tax-related

benefits, security of succession of the family business interests, avoidance of inheritance tax, protection of beneficiaries even after the settlor has passed on and security of the assets against creditors. For example, the settlor may be protected from creditors and benefit from the trust assets without owning them. As trusts become a more understood and utilised wealth planning vehicle, many jurisdictions have modernised their trust laws to keep pace with the growing trend. In Hong Kong for example, changes to the trust laws in December 2013 have provided some key improvements. These include the settlor’s right to make investment decisions on the trust, statutory duty of care requirements being imposed on professional trustees, the upholding of Hong Kong trusts against forced heirship provisions and the introduction of perpetual trusts. Conclusion Chinese families who have assets offshore to China should consider the advantages of a trust structure in order to maintain and grow their wealth and to provide orderly succession of such wealth to their families. Offshore jurisdictions with solid infrastructure, legal systems and trust law, such as Hong Kong, can provide them with the right tools and professional advice to assist them.

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行政特区 jurisdictions

香港 Hong Kong

1. 贵辖区在隐私和资产保护方面对希望向下一代传承财富的中国高净值人士或家族来说有什么优势？香港的信托注册没有要求。我们认为这是香港作为金融辖区来保护隐私的最大优势。依据经验，虽然很多中国的高净值人士在香港 2047 年基本法修改后的大趋势有所担忧，但我们仍坚信这不会是一个问题，因为信托总能在其它金融辖区重新找到所在地。 2. 价格方面，在香港设立信托 / 基金会和其它辖区有何不同？如果价格更贵，你们对客户创造的额外价值是什么？信托的价格通常取决于信托的复杂性而不是它所在辖区。总的来说，在香港设立一个信托和泽西岛和塞舌尔等辖区相比较要便宜一些。

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Member Contribution

Q &A

1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? In Hong Kong, there is no registration requirement for trusts. We think this is the key advantage of our jurisdiction which helps privacy. During our practice, although there are some Chinese HNWIs have expressed their concern over the uncertainty arising from the enforcement of Hong Kong basic law after 2047, we believe this is not an issue since the trust can be redomiciled to other jurisdiction always. 2. In terms of cost, how is the cost of a setting up a trust/ foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? The cost of setting up a trust is normally based on the complexities of the trust rather than jurisdictional concerns.

行政特区 jurisdictions

In general, the cost of setting up a trust in Hong Kong is less costly when compared to Jersey and Seychelles, etc. 3. Are trusts or foundations in your jurisdiction the preferred structure for clients? Why do you believe that is? Do you expect any changes in that preference in the future? Owing to the common law framework adopted by Hong Kong, we consider trusts are the preferred structure for our clients. We do not expect any changes in the future. 4. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues?

3. 贵辖区的信托或基金会是否是客户的首选架构？为什么这样说？您认为这一趋势会在未来继续保持吗？香港属普通法辖区，我们认为信托是香港的首选架构。未来我们也不认为这一现象会有所变化。

Succession to the next generation is the biggest issue and challenge that we come across when planning for Chinese and Asian clients in usual practice. For instance, an increased number of kids of settlors being sent abroad for education in overseas countries such as the States and United Kingdom and subsequently working over there. Detailed tax planning and structuring are needed to be done carefully for this kind of client. Thanks to Hong Kong’s well-established legal system and stable political environment as well as its proximity to China, wealth and trust planning are more easily implemented with practical steps. 5. We understand that some jurisdictions focus on asset protection, while others focus on asset succession products. Does your jurisdiction have a better solution for asset protection or asset succession?

问题和挑战是什么？您为这些问题提出的解决方案是什么？

Given the newly introduced anti-forced heirship provisions of Hong Kong trust law, it is advantageous to the settlors as they shall have more flexibility and freedom in allocating their assets by virtue of their wishes, which is very different to the other jurisdictions that have compulsory heir provisions.

在通常情况下，为中国和亚洲客户进行财富的向下一代传承是我

Contributed by: Masson de Morfontaine Ltd.

4. 总体上说，在为中国和亚洲客户进行财富规划时您遇到的最大

们遇到的最大问题和挑战。比如说，越来越多作为委托人身份的子女被送往国外，比如去美国和英国念书，且之后留在那里工作。因此详细的税务筹划和架构是这类客户所最需要的。得益于香港成熟的法律系统和稳定的政治环境，以及它和中国大陆的紧密联系，财富和信托的规划得以很容易地实现。 5. 我们知道一些辖区专注于资产保护，另一些则专注于资产传承产品。贵辖区是否对上述两种需求提供更佳的解决方案呢？在香港颁布香港信托反法定继承权的法律前提下，委托人的最大优势是他们能得到更多的灵活性和自由行来按期望配置他们的资产，这和其它金融辖区非常不同，这些辖区通常施行的是强制继承人法。来源：Masson de Morfontaine Ltd.

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Singapore

新加坡

Singapore

Member Contribution

概况

新加坡

General

Singapore

实体类型

信托

法律类型

普通法

Type of Structure

Trust

建立信托所需时间

简单案子的话平均为 2-5 天

最低政府费用（不包括税收）

创建 PCT 公司是新币 330 加新币 20 年费

是否签订双重征税协定

是

国外收入课税

无

信托资产标准货币

新币

允许币种

任何币种

最低资产要求

新币 1 元

独立法人最低人数

1人

公司法人最低人数

1人

公众可否查阅记录会议地点

否

新加坡

是否需要

可选

持有专业资格

可选

否

账户准备要求

是

审计要求

取决于结构和营业额

公众可否访问账户

否

法定继承权是否允许迁册

Double Taxation Treaty Access Taxation on Foreign Income

Common

2-5 days on average for straight forward cases Creating PCT Company is SGD330 plus SGD 20 annual fees

YES

Trust Assets

Nill

Standard Currency

SGD

Minimum Assets Required

SGD1

Permitted Currencies

Minimum Number if Individuals Minimum Number if a Body Corporate Publicly Accessible Records Location of Meetings

Any

One One

The Trustee must be a Singapore-licensed company or individual

Protector

Singapore

Required

Optional

Professional Qualifications Held Optional

Trust Deed

信托契书

其他

Minimum Government Fees (excluding taxation)

受托人必须是新加坡执 If Local Trustee Required 业的公司或者个人

保全

公众可否访问

Our Time to Establish a Trust

Trustees

受托人

是否要求有当地受托人

Type of Law

Publicly Accessible

Accounts

Requirements to Prepare

Yes

Publicly Accessible Accounts

Audit Requirements Other

不强行反对新加坡信托 Forced Heirship Rules

取决于信托契书的规定 Change in Domicile Permitted

Depends on the structure and turnover Not enforceble against Singapore trust Depends on how the Trust Deed is drafted

By IN Fiduciary Services

行政特区 jurisdictions

简介 Introduction 金融辖区：新加坡地区：亚太货币：新加坡元 (SGD) (S$) 语言：英语、马来语、汉语、塔米尔语时区：UTC+8

Country: Singapore Region: Asia-Pacific Currency: Singapore dollar (SGD) (S$) Languages: English, Malay, Chinese, Tamil Time Zone: UTC +8

区号：+65 通讯设施：优秀

Phone Code: +65 Communications: Very Good

新加坡提供非常优厚的公司组建政策来鼓励亚太或国际公司在这里设立总部。这里有非常优秀的电信通讯设施和良好的交通设施。新加坡港是世界最大的港口（就吨位吞吐量、转运和集装箱量来说）。新加坡提供税务和金融刺激政策来鼓励在新加坡多元化的方案和基金下注册船舶。银行业的保密性是新加坡法律所保护的，对不合法的账户或金融信息泄露所采取的法律制裁非常严厉。新加坡还是世界银行中心发展最快的国家之一。公司在这里享受丰厚的税收刺激计划，对小型创始型公司和科技公司提供优惠。专业服务在这里非常高效和具有性价比。英语和中文是通用的官方语言。

Singapore offers generous tax incentives to companies that locate their global or Asia-Pacific regional headquarters there. It has excellent telecommunications and good transport links. The Port of Singapore is the world’s largest in terms of total shipping tonnage, transshipment and containers. It offers tax advantages and financial incentives to Singapore-registered vessels under various schemes and funds. Banking secrecy remains enshrined in Singapore law, with heavy penalties for wrongful disclosure of financial details or accounts. It is one of the world’s fastest growing banking centers. Companies benefit from a plethora of tax incentives, aimed particularly at start-ups and the technology sector. Professional services are efficient and not unduly costly. English is the business language alongside Chinese.

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行政特区 jurisdictions

离岸工具：财富管理、财资管理、银行业、保险、基金管理、航运、航空、游艇、贸易货运、金融贸易、知识产权和认证、控股公司、电子商务

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Suitable for: Wealth Management, Treasury Management, Banking, Insurance, Fund Management, Shipping, Aviation, Yachting, Trading Goods, Trading Financial, Intellectual Property/Licensing, Holding Companies, E-commerce

行政特区 jurisdictions

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行政特区 jurisdictions

新加坡

Member Contribution

Singapore

1. 贵辖区在中国高净值人士和家族对下一代进行的资产传承方面的私密性和资产保护的最大优势是什么？我们和世界一流国家有密切业务往来关系且在世界腐败指数上排名靠前（没有腐败）：新西兰、新加坡和荷兰排名前三位。所有这些传统的金融辖区都能提供资产保护和向下一代的遗产规划等服务优势。荷兰基金会（Stichtings）能提供保护和保存财富同时又保守秘密的极佳方案。创建荷兰基金会很方便，中国的高净值人士或家族又非常在意保密性。我们的意见是，如果基金会能得到正确的架构，它能提供从投资自由到个人隐私保护等的各种显而易见的优势。 2. 价格方面，在贵辖区设立公司的价格和其它辖区相比是怎样的？如果价格更高，客户能得到的额外价值是什么？在做选择一个金融辖区时，离岸工具的价格并不应该作为做决定的首要考虑因素。除了选择一个正确辖区时要注意的传统事项外，还有他们提供解决方案的价值所在以及金融顾问的个人态度问题等等。设立荷兰基金会并不是一个最便宜的选择，但它的运作费用和上报要求却让它成为一个非常具有吸引力的财富管理架构。

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Q &A

1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? We work with the top countries for ease of doing business and high on the corruption perception index (no corruption): New Zealand, Singapore and the Netherlands. All these traditional jurisdictions can offer advantages of asset protections and estate planning to the next generation. Dutch Foundations (Stichtings) can offer them an excellent solution to protect and preserve their wealth in a confidential manner. It is easy to create and Chinese HNWI or Families are very conscious about confidentiality. In our opinion if to structure the Foundation properly it can give the full range of advantages from freedom to invest to confidentiality of individuals involved. 2. In terms of cost, how is the cost of a setting up a trust/ foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? The costs of setting up a vehicle cannot be the main question in making decision of choosing a jurisdiction. Apart from traditional list of points in choosing a right jurisdiction there are solutions values and personal attitude of the advisors.

行政特区 jurisdictions 3. 信托和基金会是否贵辖区的首选架构？为什么这么说？这个现象会在不久的将来有所改变吗？通常客户希望达到的目的是： · 保护他们的资产不受债权人，比如供应商、政府部门、特定的家族成员和生意上的债权人等的影响； · 让他们的收入和增长最大化； · 让他们能随时随地在需要的时候支配资产和收入； · 简化向下一代传承资产的流程。 4. 在为中国和亚洲客户进行财富规划时遇到的最大问题和挑战是什么？贵辖区对此采取的应对方案是什么？从我们的经验来看，我们已找到方法把资产放置在客户法定所有权之外的法律框架中。主要就是如何管理所有权和控制权之间的差别。很多人发现在控制资产的同时其实没必要同时拥有它。就如伦敦著名律师说的： “既然能控制它，又何必拥有它呢？” 5. 我们知道一些金融辖区专注于资产保护，另一些则专注于资产传承产品。贵辖区在这两方面是否有更佳的解决方案？

The Dutch Foundation is not the cheapest vehicle to setup but the running costs and the reporting requirements makes this structure very attractive. 3. Are trusts or foundations in your jurisdiction the preferred structure for clients? Why do you believe that is? Do you expect any changes in that preference in the future? What do clients normally want to achieve: - To protect their assets against claims from creditors such as suppliers, governments, certain family members and general and business creditors - To maximise their earnings and growth - To allow them to use their assets and income whenever and wherever they decide to do so. - To streamline the transfer of assets from one generation to the next. 4. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? In our practice we have found ways to place the assets in a legal structure that is outside the legal ownership of our clients. Basically we manage the difference between ownership and control. Many people have found that when they control an asset they do not need to own it. As a famous QC from London once said: “If you control it, why bother owning it?”

我们主攻方向是资产保护。根据以往的经验，我们把 Stichtings 作为养老基金的管理工具，比方说，它的目的是管理资本且和养老金的领取者有合同关系。目的就是在不支付养老金的前提下管理养老基金。《荷兰民事法》条文规定这个“养老基金”的受益人能够被称为会员。这是通用规则（参见《荷兰民事法》第二章第 304 条）所规定下的一个例外。由 Stichting 持有的基金直到它同意支付养老金之前一直归它所有。Stichting 的成员们有权获得养老金但也仅限于此。这个由 Stichting 持有的基金不能被其他任何人认领。来源：IN 信托服务集团 Irina Francken 博士

5. We understand that some jurisdictions focus on asset protection, while others focus on asset succession products. Does your jurisdiction have a better solution for asset protection or asset succession? We concentrate more on the asset protection issues. In our practice, we use Stichtings as managers of pension funds i.e. its objects would be to manage capital and it has a contractual arrangement with people who are entitled to a pension. The object is not to pay pensions but to manage a pension fund. Under the Dutch Civil law code the beneficiaries of such “pension funds” can be called members. This is an exception to the general rule (refer book 2 clause 304 of the Dutch Civil Law code). The funds that are held by the Stichting belong to it until it agrees to pay a pension. Members of the Stichting have the right to be considered for a pension but nothing more. The funds held by the Stichting cannot be claimed by anybody else. Contributed by: Dr Irina Francken, IN Fiduciary Services Group

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行政特区

美洲 AMERICAS

jurisdictions

巴哈马 The Bahamas

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行政特区 jurisdictions

Bahamas

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概况

巴哈马

General

Bahamas

实体类型

不适用

法律类型

普通法

Type of Company

N/A

建立信托所需时间

没有时间限制

最低政府费用（不包括税收）

创建信托的信托税 50 美金

是否签订双重征税协定

否

国外收入课税

否

允许币种最低资产要求

Minimum Government Fees (excluding taxation)

Double Taxation Treaty Access Taxation on Foreign Income

可接受任何常规货币， Standard Currency 不要求最低资本金

可接受任何常规货币， Permitted Currencies 不要求最低资本金无

Minimum Assets Required Trustees

受托人独立法人最低人数

1人

公司法人最低人数

1人

是否要求有当地受托人

否

公众可否查阅记录

否

会议地点

任何地方

保全是否需要

可选

持有专业资格

可选

Minimum Number if Individuals Minimum Number if a Body Corporate

Common

There are no time restrictions to esatblish a trust Trust duty of $50 on creation of trust

No No

Any common currencies acceptable, no minimum capital required. Any common currencies acceptable, no minimum capital required.

One One

If Local Trustee Required

Location of Meetings

Protector

Anywhere

Required

Optional

Publicly Accessible Records

Professional Qualifications Held Optional

Trust Deed

信托契书公众可否访问

Our Time to Establish a Trust

Trust Assets

信托资产标准货币

Type of Law

否

账户准备要求

是

审计要求

否

公众可否访问账户

否

其他

Publicly Accessible

Accounts

Requirements to Prepare

Yes

Publicly Accessible Accounts Other

Forced Heirship Rules

Audit Requirements

法定继承权

无

是否允许迁册

取决于信托契书的规定 Change in Domicile Permitted

Depends on how the Trust Deed is drafted

By BFSB Member Law Firm Higgs & Johnson

行政特区 jurisdictions

简介 Introduction 行政特区：巴哈马地区：加勒比货币：巴哈马元语言：英语时区：UTC-5

Country: Bahamas Region: Caribbean Currency: Bahamian Dollar (BSD) (B$) Languages: English Time Zone: UTC -5

区号：+1242 通讯设施：良好

Phone Code: +1242 Communications: Good

巴哈马在 1973 年正式从英国独立出来，当然英国女王仍然是该国的首脑。坐落于距离美国佛罗里达州 50 英里外的加勒比海上，巴哈马有 700 个岛屿，人口仅为 35 万人左右。巴哈马的官方语言是英语，首都是拿骚。巴哈马有数个国际机场连接世界各地，并有非常精良的港口设施。巴哈马属于亚热带气候。威斯敏斯特型的政府架构对营商非常有利。2012 年 5 月，选民弹劾了 Hubert Ingraham 首相的自由国家运动党政府，38 个议会席位中有 29 个把票投给了由 Perry Christie 领导的进步自由党。Christie 先生从 2012 年 5 月 8 日起宣誓就职巴哈马首相。经济依赖于金融服务业和旅游业巴哈马早在 20 世纪早期曾是一个信托和旅游业的离岸金融辖区，但发展成为金融中心则比较晚。该国经济主

The Bahamas became independent from the UK in 1973, although the Queen remains Head of State. Beginning 50 miles off Florida, in the Caribbean, the Bahamas has 700 islands and a population of just over 350,000. The official language is English. The capital is Nassau, there are a number of international airports with good connections, and there are excellent port facilities. The climate is sub-tropical. The Westminster-style government is business-friendly. In May 2012, voters ousted Prime Minister Hubert Ingraham's Free National Movement Party, with 29 of the 38 House of Assembly seats going to the Progressive Liberal Party led by Perry Christie. Mr. Christie was sworn in as Prime Minister on May 8, 2012. Economy Based on Financial Services and Tourism The Bahamas was a trust and tourist jurisdiction very early in the 20th century, but was relatively late in developing as a financial centre. The economy is 2015 China Offshore Trusts & Foundations Guide China Offshore

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概况

巴哈马

General

Bahamas

实体类型

基金会

法律类型

普通法

Type of Company

Foundation

有限责任

是

建立基金会所需时间

一周

Limited Liability

Yes

基金会最低资本金（等值货币）

一万美元或其他任何等值货币

基金会资本货币

任何

公众可访问记录基金会会章

可选

基金会管理条例

否

受益人

否

创建人

否

基金会管理成员保全要求

可选

是否允许企业保全

是

理事会成员最少人数

是否允许有企业理事会成员会议地点

Type of Law

Common Law

Our Time to Establish a Foundation Foundation Capital Minimum (equivalent in currency) Foundation Capital Currency

USD 10,000 or the equivalent in any other currency

Publicly Accessible Records

Any

Foundation Charter

Optional

Beneficiaries

Foundation Regulations

Name of Founder

Officers of Foundation

Protector Required

Optional

Corporate Protector Permitted

（1）2 个自然人（2）1 个法人和 1 个或多个 Minimum Number of Council Members 自然人（3）一个或多个法人 Corporate Council Members 是 permitted 任何地方

One Week

Meeting Location

Yes

(i)Two natural persons or (ii)a legal person and one or more natural person, or (iii)one or more legal person Yes

Anywhere

Local Requirements of Foundation

基金会本地规定基金会代理

如果没有秘书则需要代理

是否需要秘书

如果没有基金会代理前提下需要

会章语言

任何语言，但是要求翻译

管理条例语言

任何语言，但是要求翻译

Foundation Agent

Yes if no Secretary

Secretary Required

Yes if no Foundation Agent Any, but a translation is required Any, but a translation is required

Language of Charter

Language of Regulations Accounts

账户准备要求

一个基金会必须保留充分的记录去证明和解释所有交易

审计要求

可选

其他年度政府费用

500 巴哈马元

是否允许迁册

是

A foundation must keep records sufficient to show and explain its transactions

Requirements to Prepare Audit Requirements Other

Optional

Annual Government Fee

B$500

Change in Domicile Permitted

Yes

By BFSB Member Law Firm Higgs & Johnson

行政特区 jurisdictions

要依赖旅游业（每年 400 万游客），但是金融服务业也正成为重要产业之一。GDP 在 2012 年是 112.4 亿美元（估计）。2012 年人均 GDP 约为 31900 美元，这在当地是高于平均值的，但是也是远远落后于那些最成功（和更小型）的行政特区，比如开曼群岛和英属维尔京群岛。全球金融危机对该国影响颇大，GDP 缩水不少，财政赤字也在增加。当然随着旅游业的增长，特别是来自美国的投资已经扭转了颓势。旅游业的投资提升的游客数量对未来的增长至关重要。巴哈马经济很大程度上以来旅游业，但是金融服务业也越来越变得重要。这里有一家证交所（BISX）但它在私有化承诺缺席的情况下很难发展成为一个安全的金融基地。领先的行业包括银行业（2011 年底为止有 278 家银行）和互惠基金（2011 年底又 713 只）。信托管理也前景广阔。离岸运作通过国际商务公司或其它税务豁免的形式进行。保险业有 13 亿美元的资产。专业服务非常优良。船舶注册方面对大型船只来说是很成功的。这里没有所得税、资本利得税、增值税、销售或使用税或财富税。年度政府预算主要来自于商业、国家保险、印花税和物业税。巴哈马和别国签订了 28 个税务信息交换协议。适合于：财富管理、银行业、航运业、航空、游艇、知识产权 / 许可证、控股公司

heavily dependent on tourism (4m visitors a year), but financial services are growing in importance. GDP was USD11.24bn in 2012 (est) at purchasing power parity, and GDP per head was about USD31,900 in 2012 (est) at PPP. This is above average for the region, but well behind the most successful (and smaller) jurisdictions such as the Cayman Islands and the British Virgin Islands. The global financial crisis left its mark on the country's economy with GDP contracting and the budget deficit increasing. However increased tourism, particularly from the US and new investments, have reversed the decline. Investment in the tourism sector and increased visitor numbers are vital for further growth. The economy is heavily dependent on tourism, but financial services are growing in importance. There is a stock exchange (BISX) but it has struggled to develop a secure financial base in the absence of promised privatizations. Leading sectors are banking (278 banks at the end of 2011) and mutual funds (713 at the end of 2011). Trust management is also prominent. Offshore operations take place through International Business Companies or other tax-exempt forms. The insurance sector has assets of USD1.3bn. Professional services are excellent. The shipping registry has been very successful for larger vessels. There is no income tax, capital gains tax, VAT, sales or use tax or wealth tax. Annual government fees are imposed on businesses and there are national insurance, stamp duties and property taxes. The Bahamas has signed 28 Tax Information Exchange Agreements. Suitable for: Wealth Management, Banking, Shipping, Aviation, Yachting, Intellectual Property/Licensing, Holding Companies

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巴哈马投资共管（ICON）和对模仿的创新 The Bahamas Investment Condominium (ICON) and the Innovation of Imitation Aliya Allen 自 2012 年 1 月开始担任巴哈马金融服务局（BFSB）的首席执行官和董事总经理一职。在此之前，她是巴哈马一家顶尖律所 Graham Thompson 的合伙人，主要从事金融服务和通用公司法的工作。她被《钱伯斯 2012 全球指南》列为最具潜力的优秀律师。此前，她是巴哈马司法部长办公室的国际合作和民事案件顾问。 Aliya 持有白金汉大学的 LLB（荣誉）学位，并在曼彻斯特大学完成了律师执业课程。她被获准加入英国和巴哈马律师协会且是格雷学院荣誉协会的会员。

Aliya Allen 巴哈马金融服务局首席执行官 / 执行董事 The Bahamas Financial Services Board CEO and Executive Director

句话说， “模仿是最真诚的恭维”1。实际上，全世界范围内的私有客户中心很久以来都在互相抄袭对方的产品，以期为客户提供全套工具来实现他们的目标，当然，这么做也是出于一片好心。有人可能会称之为创新，但创新甚至存在于最微小的变化中，例如对可以提升金融中心竞争力的立法或政策的小幅改动。创新也可以是用新方式来运作旧思想，以金融中心的客户利益为出发点而重新调整旧念。

Aliya Allen is the CEO and Executive Director of BFSB, having taken up the post in January 2012. Prior to this she was a partner in top tier Bahamas law firm, Graham Thompson, specializing in financial services and general corporate law. She was listed in Chambers Global 2012 as an up and coming leading lawyer. Prior to this, she was counsel to the Office of the Attorney General in international cooperation and civil matters. She holds a LLB (Hons) from the University of Buckingham and completed the Bar Vocational Course at Manchester University. She is admitted to the English and Bahamas Bars and is a member of the Honourable Society of Gray's Inn.

巴哈马推出的最新产品投资共管（ICON），模仿了巴西的共管投资，而

here is a saying, “Imitation is the sincerest form of flattery”1. Indeed, private client hubs around the world have been copying each other’s products for years, though with the best intent, to provide clients with a holistic set of tools to achieve their objectives. One might not call this innovative, but innovation can be found in even the minutest of changes - e.g., minor amendments to legislation or policy which can give a financial centre a competitive edge. Innovation also can be found in

[1]. 语出查尔斯 • 迦勒 • 科尔顿

1.Attributed to Charles Caleb Colton.

有

www.bfsb-bahamas.com

adapting an old idea in an innovative way, repurposing it for the benefit of the financial centre’s clientele. The ICON, the newest product to be introduced by The Bahamas, “imitates” the Brazilian condominium, which is the only structure of Brazil’s over 30,000 domestic hedge funds. The

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共管投资是巴西 3 万多个国内套头交易基金的唯一结构。巴哈马在 2014 年 10 月通过了《投资共管法》，本法在巴哈马法律下创建了一个新的注册结构，即投资共管（“ICON”）。第一个 ICON 注册于 2014 年 12 月，自此，该新结构便因其独特的属性而吸引到了投资者和投资顾问的热情关注。 ICON 是标准团体工具的替代，从投资基金形成和许可方面来看，后者一直以来都是最吸引人的合法性结构。一般，基金发起人会招入一个公司，并使其以下述规定种类之一的投资基金形式获得营业许可：专业基金 2、SMART 基金 3 或标准基金 4。在巴哈马，也可以把一项基 [2]. 专业基金可以在净价值基础上提供给“合格”的投资者或可以提供给满足此类标准的个人和机构。 [3]. SMART 基金代表的是“特定指示替代性监管测试基金”，其中的七个样板有着共同的特点，如投资者为了半年营业报告的制作而一致同意放弃稽核的能力和出示精简的投资条款清单的能力。模板是开放的，巴哈马证券委员在接收到能证明一项商业案需要使用一个替代性监管框架的证据时可以批准新模板的使用。 [4]. 标准基金是种零售基金，必需具备巴哈马证券委员会颁发的营业执照。围绕该种基金的监管体系非常注重投资者保护。

Investment Condominium Act was passed into law by The Bahamas in October 2014. The Act establishes a new registered structure under Bahamian law called the Investment Condominium (“ICON”). The first ICON was registered in December of 2014 and since then there has been keen interest in this new structure from both clients and advisors because of its unique attributes. The ICON is an alternative to the standard corporate vehicle which always has been an attractive legal structure for the formation and licensing of investment funds. Typically the promoter or sponsor of the fund will cause a company to be incorporated and license it as an investment fund in one of the regulatory categories: professional fund2, SMART Fund3 or Standard Fund4. In The Bahamas it is also possible to structure a fund as a segregated accounts company, unit trust or limited partnership. Companies and segregated accounts www.bfsb-bahamas.com

companies possess legal personality separate and apart from shareholders and directors. A sponsor or promoter may cause a company to be incorporated to do anything that is not against the law or contrary to public policy. The ICON, on the other hand, is a single purpose structure: a contractual relationship

2.A professional fund may be offered to “qualified” investors on a net-worth basis and may be offered to individuals and institutions that meet such criteria. 3.A SMART Fund stands for Specific Mandate Alternative Regulatory Test Fund. There presently are seven templates which have common features like the ability for the investors to unanimously waive the audit in favour of the production of semi-annual performance reports, and the ability to produce a streamlined term sheet. Templates are not closed and new templates are approved by the Securities Commission of The Bahamas on presentation of a business case which justifies an alternative regulatory framework. 4.A Standard Fund is a retail fund which must be licensed by the Securities Commission of The Bahamas. The regulatory framework around this fund is thus very much concerned with investor protection.

金建构为一个独立账户公司、单位信托或有限合伙企业。公司和独立账户公司拥有独立于股东和董事的法律人格。发起人可以招入一个公司，做不违背法律或公共政策的任何事情。另一方面，ICON 是一个单独的目的结构：存在于投资者之间的合约关系，投资者在此称为“参与人”，他们同意为了共同投资的目的而形成这种关系。ICON 不具有法人资格，须通过巴哈马批准和受其监管的管理人进行活动。但从法律角度看，ICON 结构可拥有自己的资产，可以起诉以及被起诉。 ICON 需要作为投资基金获得营业执照，执照应来自巴哈马证券委员会授权的无限基金管理商或巴哈马证券委员会本身（也是国际证监会的“A”级监管方）。 ICON 必须拥有一个“统治管理人”和“一般管理人”，这两个角色可由一个或两个实体担任。就职能和责任来说，统治管理人和基金委员会很像，而一般管理人则履行管理基金的职能，如计算净资产价值，担任注册人和转账代理人，确保投资基金法律的遵守，任命服务商，并负责与证券委员会的联络。有些投资顾问一直都怀疑 ICON 是否实质上是一种信托。ICON 与信托非常不同——管理人不像受托人那样是资产的所有人，ICON 通过其管理人持有合约性事项中代表的所有权。当然，这必须

that subsists between investors, referred to as “participants”, who agree to form the relationship for the purpose of collectively investing. The ICON possesses no legal personality and acts through an Administrator that is licensed and regulated in The Bahamas. By the terms of the law, however, the ICON structure is deemed to own assets in its own name and may sue and be sued. The ICON is also required to be licensed as an investment fund which is done either by an Unrestricted Fund Administrator under delegated authority by the Securities Commission of The Bahamas, or the Securities Commission of The Bahamas itself, an IOSCO “A” rated regulator. The ICON must have both a “governing administrator” and a “general

administrator” which roles can be served by one entity or two entities. A governing administrator is very similar to a board of directors of a fund in terms of function and liability, while a general administrator would conduct the administrative functions of the fund such as calculating the Net Asset Value, acting as Registrar and Transfer Agent, ensuring compliance with the investment fund laws, appointing service providers and acting as liaison with the Securities Commission. Some advisors have queried whether the ICON is in reality a trust. An ICON is very different from the trust – the Administrator, unlike a Trustee does not hold title to the assets; it is the ICON which holds title represented in all contractual matters by its Administrator. This is made possible by the extremely clear words of the statute and, of course, the sovereignty of The Bahamas and its Parliament to make laws that are binding. This is the reason, for instance, that in 2003 The Bahamas was able to adapt by statute a creature previously unknown under common law – i.e. the “civil law” foundation. A unique feature of the ICON Act is the provision for other types of entities (e.g. companies, unit trusts and exempted limited partnerships) established under the laws of The

www.bfsb-bahamas.com

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建立在极端清晰的法规条款、巴哈马主权和国会实施有效法律的基础上。这另外也是为什么巴哈马在 2003 年能够在普通法（也就是“民法”基础）下通过法规修改一个前所未知的实体。《投资共管法》的一个独特之处是，规定了在巴哈马法律下建立或转注册在巴哈马的其他类型的实体（如公司、单位信托和豁免有限合伙企业）通过一个特定的程序而转换为 ICON。该规定的目的和作用是通过法律操作来完成实体“转化”，而无需终止、解除、转移、赎回或重发股份、信托单位或合伙人利息。这是怎么成为可能的呢？因为我们的法律对此有明确规定，并且进一步要求管理人确认股份、合伙人利息和单位转换成参与利息的基础。整个转换过程都应按照合同、协议和法律，实现转换程序无缝对接。

Bahamas, or re-domiciled to The Bahamas, to convert to an ICON by following a defined procedure. The intent and the effect of the provision is to provide for “conversion” of the entity by operation of law without the need for winding up or dissolution or any transfer, redemption or reissue of shares, trust units or partnership interests. How is this possible? Because our statute quite clearly provides for it and further requires that the Administrator confirms the basis upon which shares, partnership interests, and units have been converted into participation interests. The entire function is according to

像许多艺术品一样，ICON 的灵感来源于周围的生活和世界。古希腊哲学家普罗提诺写到“如果有人因为艺术模仿自然而不尊重艺术，那么首先应说的是，自然自己也在模仿。需要记住，艺术不是简单复制有形的事物，而是取用组成自然基础的原则。”正如普罗提诺的睿智之言，模仿中也有创新——也有美。有符合 OECD 标准的数据保护。 www.bfsb-bahamas.com

contract, agreement and law and executed in a seamless transaction. The ICON was inspired, as many a great art piece, by the life and world around it. The ancient Greek Philosopher, Plotinus wrote, “If somebody does not esteem the arts because they imitate nature, it should be said first that nature herself imitates. Then it should be borne in mind that the arts do not simply copy the visible things but draw from the principles that constitute the source of nature." As Plotinus sagely observed, there is innovation in imitation…. and beauty too.

促进中国与巴哈马的友好关系 IMPROVING CHINESE AND BAHAMIAN RELATIONS 尤里 • 坎普是巴哈马联邦金融服务部的金融及贸易主任。坎普先生在经济分析、贸易、管理咨询方面有七年多的经验。在任职金融服务部之前，坎普先生作为多边投资基金的投资顾问受聘于美洲开发银行，管理该行在巴哈马的投资组合。坎普先生毕业于伦敦经济学院（硕士），圣托马斯大学（学士）和康奈尔大学（财务管理认证）。

Youri Kemp is a Financial and Trade Officer in the Ministry of Financial Services,

Youri Aramin Kemp

Commonwealth of The Bahamas. Mr. Kemp has over seven years experience in economic analysis, trade and management consulting. Prior to his employment with the Ministry of

巴哈马联邦金融服务部金融及贸易主任

Financial Services, Mr. Kemp was employed with the Inter-American Development Bank as

Ministry of Financial Services Commonwealth of The Bahamas Financial and Trade Officer

based portfolio. Mr. Kemp is a graduate of the London School of Economics (MSc.), St.

如

今，中华人民共和国和巴哈马联邦的关系比以往更加密切。许多人认为，巴哈马是中国在西半球最好的朋友。事实上，巴哈马人民确实认为自己是中国最好的朋友，并且，很多人也希望这种友好关系能继续保持下去。抛开地缘政治，这种伙伴关系对双方来说不仅是互利互惠的，也能以不同的方式从中获利。在当前环境下，中国进出口银行、中国在美的建筑工程总公司和中国中央政府在巴哈马群岛的几个关键基础设施项目和私营部门项目投入了大量资金，这为中国驻巴哈马大使馆的繁荣打下坚实基础，充满活力和繁荣的巴哈马驻华大使馆同样如此。巴哈马给人的典型印象是一味地接受中国政府的大笔投资资金，人们尤其会自然联想到给 Baha-Mar 度假胜地的 35 亿美元私人投资，这是中国在加勒比地区最大的单笔投资项目，还有托马

an Investment Consultant for their Multi-lateral Investment Fund, managing their Bahamas Thomas University (BA) and Cornell University (Financial Management Certification).

he relationship between the People’s Republic of China and the Commonwealth of The Bahamas is stronger today than it ever was. Many feel that The Bahamas is China’s best friend in the Western Hemisphere. Indeed, Bahamians feel as if we are China’s best friend, and many people wish for it to remain that way. Geopolitics aside, the partnership is a mutually beneficial one as much as it is a lucrative one for both sides, but in very distinct ways. To put this relationship into the context of the present, the amount of money spent here in The Bahamas on several key infrastructural projects and private sector projects through the ImportExport Bank of China, China State Construction of America and the central government of China supports the basis for a flourishing Chinese www.bahamas.gov.bs

Embassy here in The Bahamas, and just as much of a vibrant and flourishing Bahamian Embassy in China. People are of the impression that The Bahamas is a proto-typical recipient of large swathes of money from the Chinese government, particularly taking into consideration a $3.5 billion private investment in the Baha-Mar Resort – the largest single investment made in the Caribbean by China – the Thomas A. Robinson, National Sports Stadium, the purchase of the landmark British Colonial Hilton, and a substantial investment in the Freeport

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斯 •A• 罗宾逊国家运动体育场，购买具有里程碑意义的希尔顿不列颠殖民地酒店，以及在自由港自由贸易区和毗邻的集装箱港口的大量投资。尽管巴哈马确实从来自中国的健康投资中获益颇多，但其实巴哈马追求一个更为重要的目标。事实上，考虑到两国大小和规模差异及经济差异，中国和巴哈马群岛的贸易是双向自由往来的。有一大群中国企业家在巴哈马直接与中国出口商进行贸易，也有一大群巴哈马人和来自美国和加拿大的入籍巴哈马商人与中国进行大量的进出口业务。有这样一个常识，尽管你在商店货架上没有看到很多来自中国的名牌产品，但从服装到电子产品和小型制造零部件，很多制造和组装这些最普遍产品和主要原料的工厂都直接是在中国。因此，相比以高价从美国或加拿大批发商那里购买货物，直接和中国制造商合作是明智和审慎的做法。同样，直接与中国进出口商建立自己的贸易和转运关系也是明智的做法，这样除了能削减价格外还能去掉中间商环节。当业务往来与参与空前高涨时，促进中国与巴哈马的关系尤为关键。促进双方

Free-Trade Zone and adjoining Container Port. While it is true that The Bahamas does in fact benefit from a healthy dollop of investment inflows from China, The Bahamas serves a much greater purpose. In fact, business with China and The Bahamas flows freely in both directions, taking into consideration the differences in size and scale of both countries and economies. There is a large contingent of Chinese entrepreneurs in The Bahamas that shop and trade directly with Chinese exporters, and there is a large contingent of Bahamian and naturalized Bahamian business people from America and Canada that conduct a lot of import-export business with China. The common sense theme is that while China does not own many of the brand name products that you see on your store shelves, from apparel, to electronics and small manufactured parts, many of the factories that build and assemble some of the www.bahamas.gov.bs

most universally known products and staples are located directly in China. Therefore, for some, it is wise and prudent to simply go directly to Chinese manufacturers, instead of buying goods at a higher cost from American or Canadian wholesalers; to establish your own trade and transhipment links with Chinese import-export businesses, and cut the middle man out of the equation in addition to cutting the price. Improving Chinese-Bahamian relations is critical at a time like this when business and involvement is at an alltime high. There are three key factors in improving relations between The Bahamas and China: 1. Having an appreciation of each other’s foreign policy 2. Respecting each other’s government structure 3. Appreciating each other’s economic and commercial system. Firstly, from the Bahamian perspective, foreign policy is something that is very direct to a large degree: keep up good appearances with all countries

关系中，有三个关键因素： 1. 要了解彼此的外交政策； 2. 要尊重彼此的政府构架； 3. 了解彼此的经济与贸易体系首先，从巴哈马方面来说，其外交政策很大程度上是非常直接的：与所有国家保持良好的关系，尊重所有国际机构及协议。这样简单有效的外交策略使巴哈马成为极其有益的合作伙伴，因为在国际外交舞台上，巴哈马更依赖于建立有意义的伙伴关系。从中国方面来说，中国的外交政策，尤其针对加勒比地区，集中于一个主要主题：“党对党的建立合作关系”。这一主题将中国在加勒比地区，确切来说是在巴哈马的参与，概括为中国政府不仅是寻求加强与一个政府机构的关系，而是正如所知的，寻求加强与政治分化的各方的关系，邀请各方就中国既得利益所在的社会、经济和政府事务等方面进行联合商讨和对话。尽管表面看来中国是共产主义国家，巴哈马是民主国家，但是人们必须明白中国的民主制度已经融入了其政治和政府

and respect all international agencies and agreements. This simple yet effective foreign policy strategy makes The Bahamas an extremely beneficial partner, because Bahamians in the international diplomatic arena lean more on the side of establishing meaningful partnerships. In the case of China’s foreign policy, particularly for the Caribbean, it is centred on one main theme: “Party to Party Relationship Building”. This sums up Chinese involvement in the Caribbean, and most certainly in The Bahamas as its government seeks to strengthen ties not just with one political administration, but with all sides of the political divide as it has been known to do; to invite all sides to joint discussions and dialogue on social, economic and governmental matters that China has vested interests in. While it may seem apparent that China is a communist state and

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The Bahamas is a democratic one, people must understand that China has democratic institutions enmeshed in their political and governmental system. While it may have the appearance of communist totalitarianism, its system of appointments to key boards, political offices and central planning offices is a democratic process open for delegates to take part in. China’s Central Planning Committee (CPC) and the government establishment itself promotes the idea of “One country, two systems”, particularly with its approach to its governance of Taiwan. This approach has been expanded to other autonomous areas that have stronger democratic and private sector institutions, for example, the principalities of Macao and Hong Kong. This approach is what some would classify as a hand’s off approach to local governmental institutions

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系统。虽然中国可能有着共产主义极权主义的外观，但其关键的委员会任命制度、政治办公室和中央计划办公室是一个代表们民主参与的过程。中国的中央计划委员会（CPC）和政府机构正在推广的“一个国家，两种制度” 的方针理念，这一方针是针对台湾的治理问题而提出来的。这一方针已经被应用于其它具有较强的民主和私营部门体系的自治区，如澳门和香港特别行政区。这一方针可以被看作为是对地方政府制度和上述提到的自治区的经济管制的放手政策。中国政府对外代表他们与其他国家开展外交关系，并且对这些区域保持军事管制。当我们将这些政策与巴哈马比较时，我们会自动将中国的中央计划委员会与巴哈马的国家经济委员会相比较。国家经济委员会由选出的内阁部长们组成，在各方面领导巴哈马的国家政策。然而，不同的只是他们的任期在举行全国大选之前由宪法授权。第二，当我们谈到“一个国家，两个制度”，特别针对中国大陆与台湾的关系时，我们就会想到巴哈马中央政府与大巴哈马港务局（GBPA）之间签订的协议及其自由港市的管理。尽管大巴哈马的 GBPA 远不是一个完全分离和自治的州，至少正如我们在香港所见的，自由港的管制、管理、征税及经济和贸易馅饼的划分方式都大大不同于首都拿骚。这两个城市的管理结构具有极大差异。巴哈马和中国的贸易和经济体系差异很大，然而，有趣的是我们可以从中彼此学习。那就是，联合贸易展览、共同投资倡议、与进出口公司深化的伙伴关系、增加我们两国大使馆的经济附加值，以及促进国外事务，由此让中国和巴哈马投资商和感兴趣的人能对彼此有更深的了解，并且全方位见识到如何实现最好的伙伴关系。更多的因素、信息、意愿和联系将推动中华人民共和国和巴哈马联邦的合作关系持续发展，我们定会持续培养这一合作关系。

and economic regulation of those autonomous regions mentioned. The Chinese government maintains military control over these areas as well as external diplomatic relations with other countries on their behalf. When we compare this to The Bahamas, we can automatically relate China’s CPC with our National Economic Council (NEC), made up of a select grouping of Cabinet ministers that guide national policy in all spheres – however, only for the duration of their term in office before national elections are held, by constitutional mandate. Secondly, when we speak of “One country, two systems”, with particular regard to China’s relationship with Taiwan, the arrangement the Central Government of The Bahamas has with the Grand Bahama Port Authority (GBPA) and its administration of the city of Freeport comes to mind. While the GBPA in Grand Bahama is far from being a totally separate and autonomous state, as we have seen in Hong-Kong at the very least, the way Freeport is regulated, managed, www.bahamas.gov.bs

its taxes are collected and the way the economic and commercial pie is cut, is vastly different from that in the capital city of Nassau. The way the administration of the two cities is structured is also vastly different. The commercial and economic systems of The Bahamas and China are very different, and yet interestingly, we can learn from one another from what we are currently doing. That is, joint trade shows, shared investment initiatives, deeper partnerships with import and export companies, increasing our economic attachés in our respective embassies and, of course, facilitating foreign missions so that Chinese and Bahamian investors and interested people can have a deeper understanding of each other, along with giving them a bird’s eye view of how partnerships can best be made. The ingredients, information, will and links are there for a continued partnership between the People’s Republic of China and the Commonwealth of The Bahamas, and we must continue to nurture it.

信托或基金：巴哈马的双重优势 Trust or Foundation: The Bahamas is Better at Both Aliya Allen 自 2012 年 1 月开始担任巴哈马金融服务局（BFSB）的首席执行官和董事总经理一职。在此之前，她是巴哈马一家顶尖律所 Graham Thompson 的合伙人，主要从事金融服务和通用公司法的工作。她被《钱伯斯 2012 全球指南》列为最具潜力的优秀律师。此前，她是巴哈马司法部长办公室的国际合作和民事案件顾问。 Aliya 持有白金汉大学的 LLB（荣誉）学位，并在曼彻斯特大学完成了律师执业课程。她被获准加入英国和巴哈马律师协会且是格雷学院荣誉协会的会员。

Aliya Allen 巴哈马金融服务局首席执行官 / 执行董事 The Bahamas Financial Services Board CEO and Executive Director

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重要信托立法的创新方面，巴哈马是世界上最进步的辖区，为那些用于满足高净值个人和家族最为迫切需求的专门结构提供生机勃勃且富饶的环境。巴哈马拥有永久信托、保护性信托、慈善和非慈善目的信托、为创立人管理信托的私人信托公司、信托替代物（如基金）以及纯粹的管理结构（如巴哈马行政实体）。如今，巴哈马信托是活力和灵活性的典范。然而，信托并不是一把“万能钥匙”，尤其在民事经济辖区。十多年前，巴哈马是第一个通过基金立法的普通法国家，为财富规划和保护创造了另一个可行的规划工具，并提升了该经济辖区在提供创新型结构解决方案方面的名气。

s one of the most progressive jurisdictions in the world for innovative and premier trust legislation, The Bahamas provides a robust and fertile environment for tailored structures that meet the most discerning needs of high net worth individuals and families. In The Bahamas, there is the ability to have perpetual trusts, protective trusts, trusts for purposes both charitable and non-charitable, private trust companies to administer the trusts of related settlers, trust substitutes such as foundations and pure governance structures, like the Bahamas Executive Entity. The Bahamian trust is at once a model of robustness and flexibility. www.bfsb-bahamas.com

However, the trust is not a “one size fits all” solution, particularly in civil jurisdictions. More than 10 years ago The Bahamas became the first common law country to pass foundation legislation, thus creating a viable alternative planning tool for wealth planning and protection, and reinforcing the jurisdiction’s wellearned reputation for innovative structuring solutions.

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选择信托还是基金取决于客户的目标，以及对该结构的放心程度。当然，两个结构都有着强健的资产保护规定，都允许财富世代传续。让一个法律实体（可以保留一些控制）来持有自己的资产，对这个概念熟悉或认可的人也许更适合选择基金。巴哈马的优势在于这样的事实：信托和基金都是作为财富管理工具的金融服务产品的复杂组件。巴哈马信托把资产投入一项巴哈马信托这种方式，适合世界上大部分地区的个人，这些人为了为后代保护自己的财富而正在寻找一个稳定的环境。在创立巴哈马信托时，规划人无需考虑地方税，因为这个地区不存在所得税、资本税或遗产税，而且巴哈马对非居民客户保持一种税收中立姿态。关于资产保护，巴哈马的法律系统是不搞特权。有个两年期限，在这期间，转让行为可能会遭到起诉，理由是它们旨在逃避债权人的偿债要求。过了这个时效，就不能以这种理由来质疑这种转让行为。此外，根据巴哈马信托法（基金法也一样），该结构不能通过援引外国法律而失效。这些条款非常重要，可以确保达成信托的实质目的。另一个重要的特征是确保资产保护和继承，这是《受托人法》最近添加的一项新规定，该规定承认了信托条款中终止

Choosing a trust or a foundation depends on clients’ objectives and also their level of comfort with the structure. Certainly, both structures have robust asset protection provisions and allow for the continuity of wealth for generations. For those more familiar or comfortable with the concept of a legal entity (within which some control can be maintained) as the holder of their assets, the foundation might be a better fit. The Bahamas’ advantage lies in the fact that both trusts and foundations are intricate components of the financial service offerings that can be utilized as wealth management tools. The Case for Bahamian Trusts The advantages of placing assets into a Bahamian trust are available to individuals from many parts of the world who are looking for a stable environment to protect their wealth for future generations. In establishing a Bahamian trust, planners do not need to take local taxes into consideration since there are no income, capital or estate taxes in the jurisdiction, and The Bahamas maintains a tax neutral position with respect to non-resident clients. With respect to asset protection, The Bahamas’ legal system is without www.bfsb-bahamas.com

peer. There is a two year time limit during which dispositions can be challenged on the basis that they were designed to defeat creditors. After that period of time, the disposition cannot be challenged on that basis. Further, under Bahamian trust law (and foundations law as well), the structure cannot be defeated by referring to a foreign law. These are key provisions which ensure that the material purpose of the trust (or foundation) is not defeated. Another key feature that assures asset protection and succession is a recent provision in the Trustee Act which confirms the validity of provisions in a trust which exterminate the interest of “hostile” beneficiaries, i.e. beneficiaries that challenge the trust, with or without reasonable basis. The Bahamas is also the only jurisdiction to have legislatively provided for the arbitration of trust disputes. This assures clients that if they so choose there is no reason that a private family dispute should be laid bare to the public. Disputes can be handled in a confidential manner in a binding arbitration that has the same force as a court decision. In The Bahamas it is possible for a settlor to reserve several rights without invalidating a trust structure.

“敌对”受益人（即质疑该信托的受益人，无论其是否有合理依据）权益的规定。巴哈马也是唯一立法规定信托争议仲裁的地区。如果客户愿意选择仲裁，那么就没有理由公开私下里的家族争端。可用一种保密的方式通过有法律约束力的仲裁裁决来处理争议，其中仲裁结果与法庭裁决一样有效。在巴哈马，信托人可以保留几项权利，而同时又不影响一项信托结构的有效性。另外，创立人可以设立一个家族所有的私人信托公司（PTC），并选择专业人员或家族成员对其进行管理。无论采用哪种方式，巴哈马法律如《治理选择法律法案》和《欺诈转让法》都保证创立人可以把资产按照自己的意愿以任何方式留给任何人，而且为这些资产提供完全的法律保护使其免受债权人的恶意起诉。《巴哈马行政实体》（BEE）（在一个专门用于管理财富的有限责任实体中，使其中的财富结构和其他实体的管理制度化）的新增内容也巩固了该经济辖区作为前沿信托服务商的声誉，并且扩充了信托相关产品和服务组合。巴哈马的《受托人法》造就了该经济辖区在信托服务领域中的领头地位。《受托人法》是一项现代的、按标准创立的法律，主要包括以下几个方面：自由裁量权：本法使创立人保留一定的自由裁量权，且同时不损害该信托的有效性。

Alternatively, a settlor can establish a family-owned Private Trust Company (PTC) to be managed by select professionals, as well as family members going forward. Either way, Bahamian statutes such as the Choice of Governing Law Act and The Fraudulent Dispositions Act ensure that the settlor can leave assets however and to whomever they wish, and that those assets are afforded full legal protection from unwanted attacks by creditors.

discretionary powers for investment and dealing with the trust property.

The recent addition of the Bahamas Executive Entity (BEE) – which institutionalizes the governance of wealth structures and other entities in an entity with limited liability, specifically designed for that purpose – has also solidified the jurisdiction’s reputation as a cutting edge trust provider, and has expanded its portfolio of trust-related products and services.

Court Advice: The Act allows a process whereby a trustee may seek advice and directions from a Judge of the Court in chambers without the necessity of filing an action.

Anchoring the jurisdiction’s leadership in trust services is the country’s Trustee Act, a modern and standardsetting statute, the key aspects of which include: Discretionary Powers: The Act enables a Settlor to retain certain discretionary power without compromising the validity of the trust. Investment of Trust Assets: Trustees have been vested with broad

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Managing Trustee/Protector: The trust may provide for a managing trustee, and a Protector may be appointed with broad discretionary powers, thereby ensuring that the wishes and intention of the Settlor are properly carried out in accordance with the trust instrument. The Act formally recognizes the role of the Protector.

Maintenance and Advancement: The powers of maintenance and advancement can be applied in respect to any minor who has an interest in the income of a trust property. Access: The Act creates certainty as to who may be able to have access to the trust documents. Risk: The Act provides for appropriate flight clauses so that if there is any political upheaval, or any serious activity that would place the trust at risk, the trust and its administration would be transferred immediately and automatically to another country.

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信托投资资产：在投资和信托财产处理方面，受托人被赋予了范围较宽的自由裁量权。管理受托人 / 保护人：该信托可以提供一个管理受托人，同时也可任命一个具有较宽自由裁量权的保护人，借此来确保创立人的愿望和目的能够按照信托文契付诸实施。该法正式认同了保护人这一角色。法庭建议：本法允许信托人通过一个程序在法官会议室向法官寻求建议和指导，而无需提出诉讼。抚养费和预早遗赠：抚养费和预早遗赠的权利适用于任何对信托资产收入享有权益的未成年人。权限：本法就谁有资格接触信托文件有明确规定。风险：本法规定了适当的逃匿条款，这样一来，当出现政治巨变或任何危及到信托的情况时，信托及其管理可以立即且自动转移到另一个国家。注册：根据《记录注册法》，信托文契及其后续文件不必注册（转移巴哈马房地产或私有财产时除外）。巴哈马基金事宜为了满足日益精细的金融服务市场的需求，巴哈马在 2004 年建立了《基金法》，借此成为了第一个引入基金的重要民事法经济辖区。为了提升该国的商业和监管环境，巴哈马开展了激进的立法工作，而基金便是其中的一部分。一旦按照《基金法》设立了一个基金，就认为该基金位于巴哈马境内。尽管如此，这并未阻止一个巴哈马基金重新在外国注册或一个外国基金注册在巴哈马，当然，前提是那个经济辖区允许这样的再注册。可以为私人、商业或慈善目的设立基金，只要这些目的是附属于其主要目的（管理资产），而且所有这些目

Registration: Trust instruments and subsequent documents do not have to be registered (except for conveyances of Bahamian real estate or personal property) under the Registration of Records Act. The Case For The Bahamas Foundation In an effort to meet the requirements of an increasingly sophisticated financial services marketplace, The Bahamas established Foundations legislation in 2004, thus becoming the first premier Common Law jurisdiction to introduce Foundations as part of an aggressive legislative agenda designed to strengthen the country’s international business and regulatory environment. Once a foundation is duly established under the Foundations Act, it is considered to be resident and domiciled in The Bahamas. Nevertheless, this does not prevent a Bahamian foundation from being redomiciled in another jurisdiction or prevent a foundation from a foreign jurisdiction being re-domiciled in The Bahamas, provided the laws of that www.bfsb-bahamas.com

jurisdiction allow it to re-domicile. It may be established for private, commercial or charitable purposes, provided these purposes are incidental or ancillary to its main purpose (the management of its assets) and all such purposes are not unlawful, immoral, or contrary to any public policy in The Bahamas. The Bahamas Foundation certainly can be called the “hybrid vehicle” of the estate planning world in that it is a unique mix between a Trust and a Company since they have several aspects in common. For example: • Like a company, a foundation is a distinct legal entity that enjoys limited liability • Like a trust, a foundation has beneficiaries • Like a company, a foundation must be registered and have a registered office • Like a trust, a foundation may be used to avoid enforced heirship in other jurisdictions • Like a company, a foundation may have a council appointed by the founders to act in their interests.

• Foundation Council (similar to a Board of Directors or Trustee) • Protector or Protector Committee • Beneficiaries There is great flexibility as to who can act in these capacities. As an example, the Foundation Council does not have to be comprised of Bahamas resident members, nor does the office of Protector have to be filled by a Bahamian. Rather, the only caveat is that a Bahamas-based service provider must act in the capacity of Secretary or Foundation Agent. This service provider, by virtue of acting in this position, also provides the Registered Office of the Foundation.

的必须是合法、合乎道德且不违背巴哈马的任何政治政策。巴哈马基金当然可以称为遗产规划世界中的“混合工具”，因为它特别混合了信托和公司这两种有几项共同点的结构。例如， • 与公司类似，基金是一个明确的、享有有限责任的法律实体。 • 与信托类似，基金具有受益人 • 与公司类似，基金必须注册，且须有一个注册办公地 • 与信托类似，基金可用于避免其他经济辖区内的强制性继承权 • 与公司类似，创立人可以为基金任命一个委员会来代表自己的利益。

As with a Trust and a Company, the Foundation has a number of key positions that must be filled, including: • Founder (similar to the Settlor of a Trust) • Secretary • Foundation Agent

与信托和公司一样，基金有许多重要职位需要任命人，包括： • 创立人（类似于信托创立人） • 秘书 • 基金代理人 • 基金委员会（类似于董事或受托人委员会） • 保护人或保护人委员会 • 受益人 www.bfsb-bahamas.com

Even though the Foundation is a registered entity, confidentiality is maintained by virtue of the Founder’s name not being public information. An effective estate plan can be put in place by virtue of the trust-like nature of the Foundation. As with a Trust, the Founder passes the legal title of his / her assets to the Foundation. This then allows the assets to be managed and maintained on behalf

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a number of powers and some control over the assets; • for charitable purposes.

至于谁可以担任这些角色，存在很大的灵活性。例如，基金委员会不必由巴哈马居民组成，且保护人一方的官员也不必由巴哈马人来充当。唯一需要注意的是，必须有一个巴哈马服务提供商担任书记或基金代理人。该服务提供商因为该职位也需要提供基金注册办公处。

The Case for The Bahamas

尽管基金是一个注册实体，创立人的名字却不属于公开信息，为此基金具有保密性。通过这种类似信托性质的基金，可以落实一个有效的遗产规划方案。与信托一样，创立人要把他 / 她对资产的法定所有权交给基金。这样便允许了资产以受益人的名义管理和维持，同时根据创立人的意愿来分配资产。作为家族遗产规划的一部分，创立人可能也会希望仍旧紧密参与资产的投资和分配。创立人可以保留许多权力，同时又不危及基金的整体完整性，当然创立人还拥有更多在创立信托时不存在的权力。具体来说这些要求时，基金可应用在下述情况中： • 作为持有工具，即持有一个私人信托公司的股份或一个家族企业的股份（促进家族所有权的寿命和债权人保护）： • 在信托的吸引力不大时，作为有效遗产规划的一部分； • 客户想要保有许多权力和对资产的一些控制权时； • 为慈善目的。巴哈马经验、专业技术和先进的立法和法规把巴哈马打造成世界上最为成熟和可靠的金融中心之一。当然，巴哈马在综合金融服务和产品方面在其所处地区处于领先地位。但是，它最大优势也许是它的主权。巴哈马已经独立了 40 多年，个人隐私是巴哈马社会的一块基石。与此同时，巴哈马还严格遵守国际标准，是一名负责的国际社区成员。这种独立给了巴哈马捍卫其国家最大利益的能力，在金融服务领域，巴哈马始终为它的机构及其客户的最大利益而行动。

of the beneficiaries, with distributions being made in accordance with the Founder’s wishes. As part of the family’s estate plan, the Founder may also wish to stay intimately involved in how the assets are invested and distributed. The Founder can reserve a number of powers without jeopardizing the overall integrity of the structure, and certainly more powers than are available when establishing a Trust. Putting these requirements into a practical context, the Foundation has applications: • as a holding vehicle for shareholding of a Private Trust Company and shareholding of a Family Business (promoting longevity of family ownership and creditor protection); • as a part of an effective estate plan where a Trust is not the preferred vehicle; • where the client wishes to maintain

www.bfsb-bahamas.com

Experience, expertise and regulatory and legislative advancements make The Bahamas one of the world’s most mature and reliable international financial centres. Certainly, The Bahamas is the regional leader in offering the most comprehensive financial services and products. But perhaps the most important advantage is the country’s sovereignty. The Bahamas has been independent for 42 years with respect for personal privacy, a basic tenet of Bahamian society. At the same time, The Bahamas abides by international standards as a responsible member of the international community. This Independence gives The Bahamas the ability to do what is in the best interests of the country and, in the area of financial services, to act in the best interests of its institutions and the clients they represent.

您在巴哈马的生意和生活 Your Business, Your Life in The Bahamas Aliya Allen 自 2012 年 1 月开始担任巴哈马金融服务局（BFSB）的首席执行官和董事总经理一职。在此之前，她是巴哈马一家顶尖律所 Graham Thompson 的合伙人，主要从事金融服务和通用公司法的工作。她被《钱伯斯 2012 全球指南》列为最具潜力的优秀律师。此前，她是巴哈马司法部长办公室的国际合作和民事案件顾问。 Aliya 持有白金汉大学的 LLB（荣誉）学位，并在曼彻斯特大学完成了律师执业课程。她被获准加入英国和巴哈马律师协会且是格雷学院荣誉协会的会员。

Aliya Allen 巴哈马金融服务局首席执行官 / 执行董事 The Bahamas Financial Services Board CEO and Executive Director

巴

哈马成为当地最成功的国际金融中心之一并非偶然。80 年的思考、努力与合作为高净值人士、家庭和企业以及与基金有关的公司提供了理想条件，可以使其以安心时尚的方式高效管理自己的财富。在这个国家，成熟的服务业、完善的基础设施、进步的政府、中立的税收环境以及奢华的生活方式都经过了仔细的发展培育，以满足最特别客户的特定需求。在巴哈马开展业务的优势非常透明，就像环绕该群岛 700 小岛的清澈水域。优势——战略位置巴哈马位于美洲国家的交汇处，距佛罗里达东海岸只有 65 英里，且与纽约和多伦多共处一个时区，是美国东部、加拿大以及中美和南美大部分地区的投资和商业中心，为无形资产所有权和国际贸易中公司机构和企业的运营提供了一个有利位置。

t is not by chance that The Bahamas is amongst the most successful international financial centres in the region today. More than 80 years of thought, effort and co-operation have produced ideal conditions for High Net Worth individuals, families and businesses as well as funds related companies to manage wealth efficiently in comfort and style. The country’s mature financial services industry, established infrastructure, progressive government, tax neutral environment and luxury lifestyle all have been carefully cultivated to satisfy the specific needs of the most exclusive clientele. The advantages of doing business in The Bahamas are as clear as the crystal waters surrounding the 700 islands of the archipelago: www.bfsb-bahamas.com

Advantage – strategic location The Bahamas is situated at the crossroads of the Americas, just 65 miles off the east coast of Florida, and on the same time zone as New York and Toronto. It is an ideal hub for regional investment and business in the Eastern United States and Canada, and much of Central and South America, offering a favourable location for ownership of intangible assets, and the operation of corporate offices and businesses involved in international trade. Advantage – political and economic stability The Bahamas has an outstanding record of political and economic

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优势——政治和经济稳定巴哈马拥有超过 285 年无间断的议会民主制，显示了出色的政治和经济稳定性、进步状态和财产照管能力。巴哈马于 1973 年成为了一个独立国家，保留了基于威斯敏斯特的政府系统和基于英国的法律系统，且凭借其高度的公民自由和政治权利而在世界银行的排名中靠前。优势——监管巴哈马鼓励金融部门通过遵守国际性监管原则和凭借高效管理实现增长。通过分开政策制定者和政策监管者的角色来实现独立监管。监管和监管者都需要考虑加勒比金融活动特别组织和国际货币基金会的评估意见。优势——财富和资产管理选项巴哈马向资本所有者提供选择海外金融机构的机会，这些金融机构的服务类型多种多样，包括银行、私有银行和信托服务、投资基金管理、资本市场、投资建议服务、会计和法律服务、电子商务、保险、公司注册和海运注册。这里是 250 多家拥有营业执照的银行和信托公司的所在地，其中包括 16 家世界 100 强银行。巴哈马是建立家庭办公室的理想金融辖区，家庭办公室可以帮助富有的家族实现他们的目标，同时应付日趋严厉的监管、复杂的税收事务、分配方案和慈善活动。可在巴哈马享受的专业投资服务在不断扩大范围。在巴哈马，超过 145 家经纪交易商和投资咨询公司提供投资管理服务、托管服务、企业服务、注册和过户代理服务，60 多家基金管理公司提供基金管理、企业服务、注册和过户代理服务。在巴哈马得到营业许可的基金有 800 多个，管理的资产超过 1350 亿美元。

stability, progress and stewardship, with more than 285 years of uninterrupted parliamentary democracy. It has been an independent nation since 1973, and retains a Westminster-based system of Government and an Englishbased legal system. It maintains a high ranking for civil liberties & political rights from the World Bank. Advantage – regulation The Bahamas encourages the growth of its financial sector through adherence to internationally accepted regulatory principles, and efficiency in their administration. Regulatory independence is maintained through the separation of roles of policy makers and regulators. Regulation and regulators are subject to independent assessments by the Caribbean Financial Action Task and the International Monetary Fund. Advantage – wealth and asset management options The Bahamas offers owners of capital a broad choice of financial institutions that deliver myriad services

巴哈马不断加大对专属自保的重视，因为在当今变幻无常的保险市场，这种重视表达了一种诱人的风险融资选择。优势——税收巴哈马依旧致力于税收平台中立，在这个平台上，任何国家的人都与巴哈马公民享有一样的税收优惠。巴哈马坚持这 www.bfsb-bahamas.com

including banking, private banking and trust services, investment fund administration, capital markets, investment advisory services, accounting and legal services, e-commerce, insurance and corporate and maritime services. It is home to over 250 licensed banks and trust companies including 16 of the top 100 global banks. The Bahamas is a favourable jurisdiction for the establishment of family offices, which help wealthy families achieve their goals while dealing with increased regulations, and complex issues of taxation, distribution planning and charitable giving. The range of professional investment management services available in The Bahamas continues to grow. There are more than 145 broker dealers and investment advisory firms that offer investment management services, custodial services, corporate services and registrar and transfer agent services. More than 60 fund administrators provide fund administration, corporate services and registrar and transfer agent services. In excess of 800 Funds are licensed in The Bahamas, with assets under management totalling in excess of USD135bn. Refocused efforts by The Bahamas on captives is also seeing growth in this area as they represent an attractive

样一个原则，即所有人都有权就自己的事情保密。如此，只有在双方当事人的一致同意和透明协议下，才可分享信息。优势——投资政策和激励巴哈马政府致力于建设一个能够让自由事业蓬勃发展的经济环境。国家投资政策旨在促进投资环境友好和补充巴哈马和海外投资。投资者可以在特惠条款下为通过审批的开发项目获取公有土地，或者低价租用工业用地。优势——人力资本巴哈马拥有一批受过高等教育的劳动力，且长期在金融服务领域不同凡响，而这种不同凡响的金融服务历史也创造了许多受到全世界认可和信赖的技术经验。 6000 多名资深金融专业人员为当地社区效力，相比那些依赖技术进口的地区，客户可以预期在巴哈马建立更为深远持久的关系，拥有更为始终如一的服务。优势——公私部门合作和创新巴哈马的政府和企业在响应市场需求和遵循国际标准时紧密合作。以巴哈马金融服务委员会（BFSB）为先导，这种合作关系已经创造了很多种创新性产品，如 Smart@ 基金、巴哈马行政实体和最新的巴哈马投资共管（ICON），以期把巴哈马打造为财富和资产管理的一个创新之地。

risk financing option in today’s unpredictable insurance market. Advantage – taxation The Bahamas remains committed to a tax neutral platform upon which international persons receive the same tax benefits as Bahamians. The Bahamas adheres to the principle that persons have a right to privacy with respect to the conduct of their affairs. As such, it will only share information on agreed and transparent protocols under bilateral agreements to which it is a party. Advantage – investment policy and incentives

优势——生活方式巴哈马位于世界上最美丽悠闲的热带地区之一，对于那些想要迁居他乡的人来说，这个地方是个具备许多诱人特点的福地。封闭式滨水社区配备舒服的生活设施包括高尔夫、网球、水疗和海滨游乐地，正在吸引着越来越多来自北美、南美、欧洲和远东地区想要第二个或第三个家的人来此。巴哈马是个服务经济体，善于为那些不在巴哈马居住的房主提供看房和居住管理服务。美国、加拿大、英国、欧洲和巴拿马各大城市，都有到巴哈马的直达航班。这个国家拥有许多进出港口和码头，商务旅客可以从拿骚进行到美国的预清关，而商务旅客、私人飞机和自由

The Bahamas’ government is committed to building an economic environment in which free enterprise can flourish. The National Investment Policy is designed to support an investment friendly climate and complements Bahamian and overseas investments. Investors may acquire publicly-owned lands for approved developments on concessionary terms, and lease low-cost industrial space. Advantage – human capital The Bahamas has a highly educated local workforce and a long tenure in www.bfsb-bahamas.com

financial services excellence which has created a deep pool of skill and experience that is recognised and trusted worldwide. With more than 6000 experienced financial professionals committed to the local community, clients can expect to build deeper and more lasting relationships and receive more consistent service in The Bahamas than in locations largely dependent upon imported skills. Advantage – public-private sector partnership and innovation Government and business interests in The Bahamas act in close partnership to respond to market needs and at the same time adhere to international standards. Spearheaded by The Bahamas Financial Services Board (BFSB) this partnership has created a wide range of innovative products such as Smart@Funds, the Bahamas Executive Entity and most recently The Bahamas Investment Condominium (ICON) to establish The Bahamas as an innovative choice for wealth and asset management. Advantage – lifestyle The Bahamas is located in one of the most idyllic tropical settings in the world and has many attractive features for those who may wish to relocate

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港发运的货物也享有到美国的预清关。巴哈马有六个主要的机场，整个群岛还有 50 多个其他机场，以及数不清的港口和码头，可容纳最大的游艇，因此人们很容易就能到达巴哈马。优势——永久居住机会巴哈马有一套授予经济永久居住权（EPA）的开放程序，就居住和工作地来说，可以使个人更方便地“跟着自己的钱走”。拥有永久居住权的人在方方面面的待遇，都应与巴哈马公民一样，除了选举权。一套最低花费 50 万美元的住宅，即可使一个人具有申请经济永久居住权的资格。如果投资 150 万美元或更多，申请更会被优先考虑。优势——允许工作和移民巴哈马的移民政策非常灵活，鼓励公司开发巴哈马的人才，同时也认可国际企业、个人和家族从国外招募人才。巴哈马欢迎拥有特别技能和经验的非巴哈马人，这在其他地区是不可能的。优势——物质资源巴哈马只为方便国际商业的目的而开发它的土地、房屋和合乎目标的基础设施。现代办公设施拥有足够多的独立可自行修复的光纤电缆网络与全球连接，并具有符合 OECD 标准的数据保护。这些优势一言以蔽之：巴哈马致力于增长，致力于开发自然资源和人为资产，以创建一个同等支持商业发展和生活享受的环境。个人、公司和家庭办公室来到巴哈马，都会受到热烈欢迎。

permanently or establish a second home. Gated waterfront communities packed with lifestyle amenities from golf and tennis to spas and marinas are attracting more second and third-home buyers from North and South America, Europe and the Far East. The Bahamas is a service economy accustomed to providing concierge residential management services for homeowners who are not in residence. Direct flights are available to The Bahamas from all major US cities, Canada, the UK, Europe and Panama, and the country has numerous ports of entry and marinas. US pre-clearance for commercial passengers exists from Nassau, while commercial passengers, private jets and goods shipped from Freeport also enjoy pre-clearance to the United States. The Bahamas is easy to get to, with six major airports, more than 50 other airports situated throughout the archipelago, as well as countless ports of entry and marinas that can accommodate the largest yachts. Advantage – permanent residency opportunities The Bahamas has a liberal process for granting Economic Permanent Residency (EPR) that makes it easier for individuals to “follow their money” with respect to where they live and work.

Persons with permanent residence are for all intents and purposes treated like Bahamians, except for the right to vote. Economic permanent residence application is available for persons who spend a minimum of USD500,000 on a residence. For more substantive investments of USD1.5m or greater, there is accelerated consideration of applications. Advantage – work permits and immigration The Bahamas has a flexible immigration policy which encourages companies to develop Bahamian talent but recognises the needs of international firms, individuals and families to recruit additional human resources abroad. The country welcomes non-Bahamians with specialised skills and expertise which are not otherwise locally available. Advantage – physical resources The Bahamas has developed its land, premises and fit-for-purpose infrastructure with the singular focus of facilitating international business. Modern office facilities are connected globally through three separate, fully redundant, self-healing, fibre optic cable networks, with data protection at the OECD Standard. All of these advantages may be summed up very simply: The Bahamas is committed to growth and developing its natural resources and cultivated assets to create an environment that supports business and the enjoyment of life in equal measure. Individuals, companies and family offices will all find a warm welcome when they come to the Bahamas.

www.bfsb-bahamas.com

行政特区 jurisdictions

巴哈马

The Bahamas

1. 巴哈马作为金融辖区在为中国高净值家族隐私、资产保护和向下一代传承方面的优势是什么？巴哈马逾 80 年来一直专注财产管理，而这种专注又深得当地律法的坚实支持。有关巴哈马资产保护方面的法律，其他国家和地区难以望其项背。在巴哈马，若基于防范债权人的目的对财产进行处理安排，则该处理安排可存在两年的质疑期。2 年的质疑期过后，不得再对此类资产安排进行质疑。另外，根据巴哈马的信托和基金法，国外的律法也不会破坏该资金结构。正是这些关键条款确保了设立信托或基金的关键目标不被破坏。此外，我们的经验、专业知识、监管及律法方面的发展使得巴哈马成为世界上最为成熟和可靠的国际金融中心之一。当然，我们能够提供最为全面的金融服务和产品，是该领域的佼佼者。但我们的主权可能同样是最重要的优势。我们已经独立逾 40 年，而尊重个人隐私是巴哈马社会的基本元素。与此同时，作为国际社会的一员，我们非常负责地遵守国际标准。我们的独立性使我们有能力从巴哈马群岛的最佳利益及金融服务领域出发处理事情，从我们机构和他们所代表客户的最佳利益出发行事。 2. 在成本方面，与其他辖区相比，巴哈马信托或基金会的费用如何？若更高，那客户能够接受这一昂贵成本的附加价值又是什么？我们信托和基金会的成本结构一直都是非常有竞争性的而且以后也会持续如此。辖区内的专业性是实现附加价值的手段。巴哈马有隶属该地区信托和财产从业者协会的最大分支。 3. 巴哈马也有基金会么？您是否在亚洲 / 中国客户中发现这一趋势，即他们更倾向于采用某一种结构而非另外一种？这种趋势是否在变化？基金会在巴哈马引入的历史已超过 10 年。我们是首个认识到这种产品需求的普通法国家。这是立法的一个重要例子，其设立目的是为了促进本国金融服务业的持续发展。基金会法体现了巴哈马致力于与定居在民法国家现有和新客户的需求保持相关。当你可以鉴别客户不同的需求时，采用信托或基金会就很大程度上取决于客户的目标。通常情况下，当客户想要保留对资产的部分控制权时，会选用基金会，同时他们本土辖区的法律环境对基金会更为熟悉。可通过设立基金会委员会实现客户对资本保有部分控制权。然而，某些类型的控制也可以通过采用信托实现，尤其是随着近期对巴哈马受托人法的修订，委托人或一些其他人士可以就信托资产的投资向受托人发出某些指令，以便受托人遵循从而避免存在诈欺行为。无论是来自中国、亚洲或世界其它地方

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China Offshore Trusts & Foundations Guide 2015

Q &A 1. What are the advantages of The Bahamas as a jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed/protect their assets to the next generation? For more than 80 years The Bahamas has focused on wealth management. This focus has been bolstered by our robust laws. With respect to asset protection, Bahamas law is without peer. There is a 2 year limitation of time in which dispositions can be challenged on the basis that it was designed to defeat creditors. After that time, the disposition cannot be challenged on that basis. Further, under both our trusts and foundations law, the structure cannot be defeated by reference to a foreign law. These are key provisions which ensure that the material purpose of the trust or foundation is not defeated. In addition, our experience, expertise and regulatory and legislative advancements make The Bahamas one of the world’s most mature and reliable international financial centres. Certainly, we are the regional leader in offering the most comprehensive financial services and products. But, equally and perhaps the most important advantage is our sovereignty. We have been independent for more than 40 years, with respect for personal privacy as a basic tenet of Bahamian society. At the same time we abide by international standards as a responsible member of the international community. Our independence gives us the ability to do what is in the best interests of The Bahamas and, in the area of financial services, to act in the best interests of our institutions and the clients they represent. 2. In terms of cost, how does the cost of a Bahamas trust or foundation compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? Our cost structures for trusts and foundations always have been very competitive and will remain so. Additional value is always realized through the expertise in the jurisdiction. The Bahamas has the largest branch of the Society of Trust and Estate Practitioners (STEP) in the region. 3. Does the Bahamas also offer Foundations? Do you see a preference from your Asian/Chinese clients using one structure more than the other? Is this preference changing? Foundations were introduced in The Bahamas more than 10 years ago. We were the first common law country to recognize the need for this type of product. It is a prime exampleof legislation designed to encourage the continued growth of the country’s financial services sector. The Foundations Act, 2004 reflects The Bahamas’ commitment to remain relevant to the needs of existing and new clients domiciled in civil law countries. As you can appreciate client needs vary so the use of a trust or foundation is very much dependent on client objectives. Typically, clients will utilize a foundation where they wish to retain a bit more control and where the foundation is more familiar to their home jurisdiction’s legal environment. Where the client wishes to maintain a bit more control this can be accomplished through the composition of the foundation

行政特区 jurisdictions council. However, some type of control can also be assured through utilizing the trust, particularly with recent changes to The Bahamas’ Trustee Act that allows the settlor or some other person to give directions to the trustee as to the investment of trust assets which the trustee is bound to follow absent fraud. Clients - whether they are from China, Asia or other parts of the world -can trust that these structures are comprehensive and managed by professionals who are steeped in their tradition. 4. We understand that some jurisdictions have recently introduced foundation law to attract more Asian/Chinese Clients (Samoa, Cook Islands, and Labuan) Is this the same for your jurisdiction? If no, do you plan on introducing new asset protection and succession products in the future?

的客户，他们可以信赖这些全面的体系，因为它们由各行业经验丰富的专业人士进行管理。 4. 我们了解到近期一些辖区引入了基金会法来吸引更多的亚洲 / 中国客户（萨摩亚、库克群岛、纳闽岛）。在贵辖区内也是一样么？若不是的话，您是否计划在将来引入新的资产保护和传承的产品？我们是引入基金会的首个普通法辖区，为保持竞争力，我们必须持续不断的进行创新，确保我们的资产保护和继承产品能够反映客户日新月异的需求。在这方面，我们会持续不断地评估我们的立法和监管框架，从而确保我们所提供的产品能够适应市场需求，而与此同时，正如引入巴哈马行政实体和智能基金（Smart Funds）和新颁布的“投资财产共有权”（ICON）等所示例的，我们会寻求适当机会伺机而动。巴哈马行政实体允许对继承体系进行适当的监管，从而集中化单一目的的实体，更进一步确保该结构得到适当的监督保护。 5. 世界范围内的税务信息交换的趋势是否会对中国人在贵辖区持有基金会或信托产生影响？尽管巴哈马是为了实施《美国海外账户纳税法案》(FATCA) 而设立 , 但它在处理多边理财计划时立场审慎。2014 年 10 月 27 日，巴哈马向“信息自动交换标准全球论坛（AEOI）提交了一封信，该组织旨在通过双边机制和必须遵守信息保密、数据安全和信息的正确使用的伙伴国家来执行信息的自动交换。巴哈马承认且完全赞成信息的接受国必须达到保密性和信息只在得到同意时才能使用的客观标准。目前根据这一协议设定了不同情况和保护措施，巴哈马也同意第三方辖区因为税收管理和税务法律的原因而向它提出的信息交换的要求。巴哈马将实行全球标准，当客户隐私泄露时，确保其免遭绑架及

We were the first common law jurisdiction to introduce foundations. To remain competitive we must constantly innovate to ensure our asset protection and succession products reflect evolving client needs. In this regard we continue to assess our legislation and regulatory frameworks to ensure our product offerings evolve with what the marketplace demands while at the same time examining and acting on appropriate niche opportunities as exemplified by our introduction of innovative products such as the Bahamas Executive Entity, Smart Funds, and the new Investment Condominium (ICON). The Bahamas Executive Entity allows for proper governance of a succession structure to be centralized in an entity with a singular purpose, further ensuring that the structure is protected by appropriate oversight. 5. What affect will the worldwide automatic tax information exchange have on Chinese clients holding trusts and or foundations in your jurisdiction? While The Bahamas has implemented FATCA, it has taken a measured stance on multilateral arrangements. On 27th October, 2014, The Bahamas submitted a letter to the Chair of the Global Forum committing to adopt the Standard on the Automatic Exchange of Information (AEOI Standard) through bilateral mechanisms with interested and appropriate partners that must meet standards on confidentiality, data safeguards and proper use of information. The Bahamas recognized and fully agreed that a receiving jurisdiction must meet comprehensive and objective standards of confidentiality and use of information before automatic exchange of information can be agreed. Currently, subject to numerous conditions and protections set out in its bilateral agreements, The Bahamas agrees to provide on request information that is relevant for the administration or enforcement of the domestic tax laws of a requesting party. The Bahamas will implement global standards in a manner which assures that its clients are protected from kidnapping and other risks associated with breaches of privacy. As such, clients can be assured that The Bahamas will only exchange information on agreed and transparent protocols. Contributed by: Aliya Allen, CEO, Bahamas Financial Services Board

其他与隐私泄露相关的风险。因此，客户可以放心，巴哈马仅会交换经过许可的协议和透明协议信息。来源： Aliya Allen, CEO, Bahamas Financial Services Board

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行政特区 jurisdictions

Barbados

巴巴多斯 Barbados

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概况

巴巴多斯

General

Barbados

实体类型

信托

法律类型

普通法

Type of Company

Trust

建立信托所需时间

3 到 5 工作日

最低政府费用（不包括税收）

无

Our Time to Establish a Trust

3-5 working days

是否签订双重征税协定

是

国外收入课税

是（1-3%）

Double Taxation Treaty Access

Yes

信托资产标准货币

多币种

允许币种

多币种

最低资产要求

无

独立法人最低人数

1人

公司法人最低人数

1人

是否要求有当地受托人

可选

公众可否查阅记录

无

会议地点

可选

保全是否需要

否

持有专业资格

否

账户

审计要求公众可否访问账户

Common Nil

Taxation on Foreign Income Trust Assets

Yes(1-3%)

Standard Currency

Multi currency

Minimum Assets Required

None

Minimum Number if Individuals

If Local Trustee Required

Optional

Location of Meetings

Protector

Optional

Required

Permitted Currencies

Minimum Number if a Body Corporate Publicly Accessible Records

Multi currency

Professional Qualifications Held No

Trust Deed

信托契书

准备要求

Minimum Government Fees (excluding taxation)

Trustees

受托人

公众可否访问

Type of Law

是

Publicly Accessible

Accounts

Requirements to Prepare

Yes

Publicly Accessible Accounts

Other

Yes

Forced Heirship Rules

如果资产或者收入超过 Audit Requirements 2 百万美元是

其他法定继承权

否

是否允许迁册

是

Change in Domicile Permitted

If assets or income >US$2M

Yes

By Invest Barbados

行政特区 jurisdictions

简介 Introduction 行政辖区：巴巴多斯所属地区：加勒比货币：巴巴多斯元（BBD）（Bds$）语言：英语时区：UTC-4 电话区号：+1246 通讯设施：良好

Country: Barbados Region: Caribbean Currency: Barbadian Dollar (BBD) (Bds$) Languages: English Time Zone: UTC -4 Phone Code: +1246 Communications: Good

巴巴多斯的经济从单一的制糖业向旅游业和金融服务业实现了成功转变。政府越来越重视商业并在最近实现了经济的持续增长。巴巴多斯提供广泛的离岸架构选择，和美国和加拿大的贸易伙伴关系获益良多。巴巴多斯的离岸保险业发展迅速，离岸银行的数量增长很快。这里也有股票交易中心，并已完全实现了电算化，且设立了中央存储中心。巴巴多斯的共同基金业发展尚未成熟，这里的公司架构可选形式很多，但是税务架构比较复杂，虽然税率并不见得很高。巴巴多斯有制造业和其它经济刺激措施，但其国内市场毫无疑问是比较小的。适合于：银行业、保险业、基金管理、航运业、游艇、知识产权 /

The economy has diversified from sugar production into tourism and financial services. The government has become more business-friendly and lately has been economically sound. Barbados offers a wide range of offshore formats, and benefits from profitable trade partnerships with the US and Canada. The offshore insurance sector is booming, and there are a growing number of offshore banks. The stock exchange is fully computerized with a central depositary, although mutual funds have not yet developed strongly. There is a wide range of corporate formats, but the taxation structure is complex, although not unduly high. There are manufacturing and other domestic incentives but the home market is inevitably small. Suitable for:

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许可证、控股公司工具种类：有限公司、公众有限公司、信托、外国销售公司、通用合伙制、有限合伙制、有限豁免合伙制和有限责任社团主要营商地区：布里奇敦

Banking, Insurance, Fund Management, Shipping, Yachting, Intellectual Property/Licensing, Holding Companies Vehicle Types: Limited companies, public limited companies, trusts, foreign sales corporations, general partnerships, limited partnerships, exempted limited partnerships and societies with restricted liability Capital primary business districts: Bridgetown

关系良好：巴哈马、伯利兹、百慕大、英属维尔京群岛、加拿大、开曼群岛、中国、古巴、多米尼加、牙买加、墨西哥、蒙特色拉特岛、圣基兹和尼维斯、圣卢西亚、圣文森特和格林纳达岛、苏里南、特立尼达和多巴哥、特克斯和凯科斯群岛、英国、美国关系不佳：缅甸、伊朗、朝鲜（朝鲜民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚税赋负担——商业：低

Good Relationships: Bahamas, Belize, Bermuda, British Virgin Islands, Canada, Cayman Islands, China, Cuba, Dominica, Jamaica, Mexico, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, Trinidad and Tobago, Turks and Caicos Islands, United Kingdom, United States Bad Relationships: Burma, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Light Tax Burden - Individual: Moderate

税赋负担——个人：中度

Headline tax rates: CIT 15%, PIT 20-35%, VAT 0%

总体税率：

Treaty Jurisdictions: Antigua and Barbuda, Austria, Bahrain, Belize, Botswana, Canada, China, Cuba, Czech Republic, Dominica, Finland, Grenada, Guyana, Iceland, Jamaica, Luxembourg, Malta, Mauritius, Mexico, Montserrat, Netherlands, Norway, Panama, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, San Marino, Seychelles, Spain, Sweden, Trinidad and Tobago, United Kingdom, United States, Venezuela

CIT 15%, PIT 20-35%, VAT 0% 协议签订国：安提瓜和巴布达、奥地利、巴林、伯利兹、博兹瓦纳、加拿大、中国、古巴、捷克共和国、多米尼加、芬兰、格林纳达、圭亚那、冰岛、牙买加、卢森堡、马耳他、毛里求斯、墨西哥、蒙特色拉特岛、荷兰、挪威、巴拿马、圣基兹和尼维斯、圣卢西亚、圣文森特和格林纳达岛、圣马力诺、赛舌尔、西班牙、瑞典、特立尼达和多巴哥、英国、美国、委内瑞拉税务信息交换协议签订国：丹麦、法罗群岛、格林兰、南非、美国

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TIEA Jurisdictions: Denmark, Faroe Islands, Greenland, South Africa, United States

行政特区 jurisdictions

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在巴巴多斯的信托和遗产规划 TRUSTS AND ESTATE PLANNING IN BARBADOS 丽莎的法律业务开展得非常成功，她的团队在公司与商务、银行和保险公司组建、环境法、税务规划、财产转让、商标和专利、劳动法和信托法律等方面提供专业的服务。 1994 年，丽莎以优异的成绩从曼彻斯特大学法律系毕业，之后在伦敦工作。此后，她在牙买加完成了专业训练课程，从而成为加勒比共同体的一名律师。1996 年，她又应邀加入了巴巴多斯律师协会。2001 年，丽莎在伍尔弗汉普顿大学和伦敦大学分别获得了国际贸易和金融专业的硕士学位。进入巴巴多斯律师协会不久（1996），丽莎就以内部顾问兼信贷管理员的身份，服务于一家总部位于巴巴多斯的私营国际财产管理银行。此后，丽莎就业于巴巴多斯顶尖的一家法律事务所。丽莎 • 哈利迪亚 - 索德哈协会（丽莎法律事务所）成立于 2002 年，该协会目前已成为著名的国际法律机构。丽莎还是信托与房地产从业者协会（巴巴多斯分会）的执行长，巴巴多斯国际商贸协会的董事以及联合工作政策小组的副主席，该组织为巴巴多斯国际商务部提供顾问服务。

LIZA HARRIDYAL SODHA 法学士（荣誉），法学硕士，TEP LL.B (HONS), LL.M, TEP 哈利迪亚 - 索德哈协会主席 the Principal of Harridyal-Sodha & Associates The Grove, 21 Pine Road Belleville St. Michael Barbados BB11113 Tel: 246-228-9888 Email: liza@lizalaw.com

富

裕的个人和家族在思索他们的遗产规划需求、资产管理和保护、财富保有、纳税和继承规划、业务咨询和其它这类专属于富人的事项时，财富管理专业人士给他们的建议往往是而且依旧是信托。信托由受托人管理，受托人持有委托资产的所有权且通常是私人附属公司的股东。该公司可拥有从银行账户到不动产的各种资产，或者有权从第三方获得收入，如专利权或特许权使用费。

Liza manages a successful law practice and team of professionals offering services in Company and Commercial matters, formation of Banks & Insurance Companies, Environmental Law, Tax Planning, Conveyance, Trademarks & Patents, Employment Law and the law of Trusts. In 1994, Liza graduated with honours, from the law faculty at the University of Manchester, England and then articled in London, England. Thereafter, she completed professional training course in Jamaica to qualify as Caricom lawyer prior to being called to the Bar in Barbados in 1996. In 2001 Liza earned a Masters Degree in the Law of International Trade & Finance from the University of Wolverhampton and London. Shortly following acceptance to the Barbados Bar (1996), Liza worked for a private, Barbados based wealth management international bank as in-house Counsel and Trust Officer, and then moved on to a leading law firm in Barbados. Liza Harridyal-Sodha & Associates (LizaLaw) was formed in 2002 and has become a well known practice in international circles. Liza is an Executive of the Society of Trust and Estate Practitioners (Barbados Branch), a Director of the Barbados International Business Association, and the Deputy Chair of the Joint Working Policy Group which advises the Ministry of International Business in Barbados.

hen affluent individuals and families ponder on their estate planning needs; asset management and protection; the preservation of wealth; tax and succession planning; business continuation and all other such ideas that is the privilege of the wealthy, the usual structure recommended by www.investbarbados.org

wealth management professionals is, and continues to be, the Trust. A Trust is administered by a trustee who has title to all of the assets and usually owns the shares of a privately held underlying company. The company can own a variety of assets ranging from bank accounts to immoveable property, or may have the right to

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three (3) generally used types of trusts in Barbados, namely the Trustee Act responsible for domestic trusts, the International Trust Act which oversees international trusts, and the International Financial Services Act which facilitates offshore trusts.

三十多年来，巴巴多斯从事了大量信托服务和管理活动。《国际信托法》规定该岛屿可以用强健、现代和综合信托形成地的名号来在市场上推销自己，从资产保护的目的来看，这种地方高度诱人，受人青睐。这个富有吸引力的现代信托系统具有提供财政激励的优势包括免收资本增值税或遗产税，在它的推动下，巴巴多斯成为了领先的信托设立和管理地之一。在巴巴多斯，三种不同的立法类型分别管制着三种最常使用的信托类型，即《受托人法》负责国内信托，《国际信托法》监管国际信托，《国际金融服务法》方便境外信托。在巴巴多斯，国内信托是一项未在其文契中明确声明是国际或境外信托的信托，其中大多数受托人必须是巴巴多斯居民或按照《金融机构法》或《公司信托和服务提供商法》获得执照的信托公司。虽然不需要注册，但存在一个八十年的永续期，且信托需要就其在全世界范围内的收入上税，其开支也要上缴增值税。国内信托对使用人很有利，因为巴巴多斯和中国、加拿大、美国和英国等都签署了各种双边双重征税协议。这基本上意味着在这些其它地区的一个地方，需支付的税率为 0% 或者非常低。另外，如果信托有外国资产和非居民受益人并主要以外汇经营业务，那么这些国家还可豁免外汇管制。

receive income from a third party, such as royalties or licensing fees. For over thirty years, Barbados has been involved in considerable activity in trust services and management. The International Trusts Act provided the island with an opportunity to be marketed as a strong, modern and comprehensive trust formation destination, which is highly favoured and attractive for the purposes of asset protection. This attractive modern trusts system, boasting provisions of financial incentives, including the absence of capital gains tax or estate duty, has propelled the island into one of the leading destinations for the creation and administration of trusts. There are three different types of legislation which govern each of the

对于一项国际信托，至少必须有一个受托人居住在巴巴多斯，但是信托受益人（一般情况下）和委托人必须非该岛居民。信托文契中必须明确表明这是一项国际信托，信托资金不能包括巴巴多斯境内的任何固定资产。一项国际信托在巴巴 www.investbarbados.org

A domestic trust in Barbados is one which does not expressly state in its instrument to be an international or offshore trust, and where a majority of the trustees must be Barbadian residents or trust companies licensed under the Financial Institutions Act or the Corporate Trust and Service Providers Act. While there is no required registration, there is an eighty year perpetuity period and the trust is also subject to taxes on its worldwide income and its expenses are subject to Value Added Tax. Domestic trusts can be used very advantageously mainly owing to the benefits emanating from the various bilateral double taxation treaties Barbados has with countries such as China, Canada, the United States of America and the United Kingdom. Essentially this means that the tax payable in one of these other jurisdictions can either be 0% or substantially low. They also allow for exemption from exchange controls if the trust has foreign assets, non-resident beneficiaries and primarily conducts

多斯境内获取的或汇到巴巴多斯的任何收入都需要上税，但是它们可免于外汇管制和巴巴多斯代扣所得税。国际信托需要注册，但是注册细节不对外公布。国际信托有长达 100 年的永续期，最重要的是，它可以创立非慈善目的的信托。传统上，信托法把目的信托作为出于慈善目的，但《国际信托法》允许委托人建立一个不以慈善为目的的目的信托，且不必有明确的受益人。目的信托的创立仍然必须有一个特定且合理的理由，能够执行，且不能出于非法或不道德的目的。创立以来，这些目的信托广泛用于公司股份持有、债务融资以及许多社会性、博爱性和政治性等这些以前不被

business in foreign currency. For an international trust, at least one of the trustees must be resident in Barbados, but the settlor and generally the beneficiary must be resident outside of the island. The trust instrument must expressly state that it is an international trust, and the trust fund must not include any immoveable property located in Barbados. Any income from an international trust that is derived within Barbados or remitted to Barbados is taxed, but they are exempt from

ascertainable beneficiaries. The purpose trust still must be established for a specific and reasonable reason, capable of fulfillment, with the restriction that it must not be for an illegal or immoral purpose. Since their creation, these purpose trusts have been extensively used for the holding of shares in companies, debt financing as well as numerous social, and philanthropic and political purposes, which would not have been previously classified as charitable. Provision under the International Trust Act has

称为慈善性的目的。《国际信托法》的规定也适用于设立资产保护或债权人保护信托。

exchange controls and Barbados withholding tax. The international trust is registered but the details of the registration is not publicly available. It has a perpetuity period of up to one hundred years, and most importantly, the capability to create non-charitable purpose trusts. Traditionally, purpose trusts were dictated by trust law to be for charitable purposes, however, the International Trust Act allows the settlor to establish a purpose trust that need not be for charitable purposes and may not have any named or

also been made for the establishment of asset protection or creditor protection trusts.

最后，《国际金融服务法》监管的境外信托的全部资产只能由外国货币或证券组成。委托人和受益人必须为非巴巴多斯居民，信托免于这个岛屿内的一切税、关税和外汇管制。没有注册要求，但受托人必须受巴巴多斯中心银行的监管。具有长达八十年的永续期，《国际金融服务法》允许收入在这个时间段内累积。信托文契通常要指明受托人的义务和酌情权，巴巴多斯信托的受托人可以是居民和非居民个人和企业。文契更多时候

www.investbarbados.org

Finally, offshore trusts which are regulated by the International Financial Services Act, must have all of its assets consisting solely of foreign currencies or securities. Both the settlor and beneficiaries must be resident outside of Barbados, and the trust is exempt from all taxes, duties and exchange controls within the island. There is no registration

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会列出受托人在管理和分配信托财产方面的权力和义务。受托人还负有民事义务，要向受益人提供关于信托资产所有权和位置的账户和其他文件。如果是委托人的意思，巴巴多斯信托的信托文契还可以提供一个信托保护人，并确定这个保护人角色有多大的权力。这个举措越来越受欢迎，因为委托人从本质上不放心把重大资产的控制权转交给一个第三方。因此，保护人主要是为委托人以及大多数时候并不存在的受益人提供一种缓冲保护。巴巴多斯修订了《受托人法》认可了上述做法，允许信托委托人保留一定的权力，而传统上这些权力本会给予受托人。此外，巴巴多斯还规定了“私人信托公司（PTC）”的形成。私人信托公司的诞生是因为家族要加大对他们的信托的控制，为此，私人信托公司成了一个诱人的选择。委托人和家族可以对信托资产的管理拥有更大的控制权。相比传统信托，这种灵活性更受青睐。在传统信托中，受托人是资产的法定所有人和托管者，而受益人则要受受托人充分酌情权的制约，所有的行动都必须得到受托人的批准。私人信托公司允许客户按需要做出管理变动，且不会在实质上影响受托人的地位。

requirement but the trustee is regulated by the Central Bank of Barbados. There is a perpetuity period of up to eighty years, and the International Financial Services Act allows for income to be accumulated throughout this period. The trust instrument usually specifies the duties and discretion of the trustees, and both residents and nonresident individuals and corporations can act in the capacity of trustee of a Barbados trust. More often than not the trust instrument will outline the powers and duties of a trustee as to how they are to manage and distribute the trust property. There is also a common law duty placed upon trustees to provide the beneficiaries with accounts and other documents with regards to the title and whereabouts of the trust assets. If it is the settlor’s intention, the trust instrument for a Barbados trust can provide for a protector of the trust, and determine just how much power the position is to control. This has become increasingly popular with trusts as a result of the degree of natural uncertainties the settlor may have over relinquishing control over substantial www.investbarbados.org

assets to a third party. Therefore, what the protector essentially does is to offer a buffer of protection for the settlor and also the beneficiaries which for the most part is non-existent. In recognition of the foregoing, Barbados has amended the Trustee Act to allow for the settlors of trust to reserve certain powers which were traditionally only given to trustees. Additionally Barbados provides for the formation of Private Trust Companies (PTCs). The PTC was borne out of the necessity for greater control by families over their trust and has become a very attractive option. The settlor and family can legally exercise greater control over the administration of the assets of the trust. Such flexibility is favored over the traditional trust structures, where the trustee is the legal owner and custodian of assets, and the beneficiaries are subject to the total and complete discretion of the trustee, who must approve all actions. PTCs allow the client to make administrative changes as needed, without actually affecting the trustee position.

行政特区 jurisdictions

巴巴多斯

Barbados

1. 贵辖区在隐私和资产保护方面，对希望向下一代传承财富的中国高净值人士和家族（等）来说主要有哪些优势？在离岸财富管理日趋透明化的当今世界，巴巴多斯有让中国高净值人士和家庭在税收方面合法合规地管理资产的离岸架构。这些架构灵活多样且禁得起监管机构的检查，因此不会由于税务方面的不合规而遭受被中国政府和当局关闭的命运。 2. 价格方面，在贵辖区设立信托 / 基金会和其它地方相比有什么不同？是否更加昂贵？如果是这样，客户能获得的额外价值在哪里？和其它金融辖区相比，巴巴多斯是一个在节税方面极佳选址地。信托也为巴巴多斯加分不少，因为巴巴多斯信托能充分利用巴巴多斯成熟的税务协议网络。 3. 为中国和亚洲客户进行财富规划时您遇到的最大问题和挑战是什么？您和您的辖区为此提出的解决方案是什么？美国税务筹划。这是能让中国人在节税的前提下投资美国，在美国营商的有效途径和架构。通过设立英属维尔京群岛公司和私募

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1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? In an increasingly transparent world Barbados offers a range of mechanisms that enable Chinese HNWI & families to operate regulated and legally tax compliant structures from within Barbados. Such structures will be robust and withstand review and will not therefore be deconstructed and ultimately fail due to lack of legal tax compliance when reviewed by Chinese or other tax authorities. 2. In terms of cost, how is the cost of setting up a trust/ foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? Barbados is very cost effective compared to other jurisdictions. Also trusts in Barbados add much more value as Barbados trusts have access to Barbados’ tax treaty network. 3. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? US tax planning. Structures that enable Chinese persons to do business and invest in the USA tax efficiently. Making

行政特区 jurisdictions BVI companies and private equity funds, investing and doing business in the USA, tax resident in Barbados are some of the most typical solutions for Chinese clients. 4. We understand that some jurisdictions focus on asset protection, while others focus on asset succession products. Does your jurisdiction have a better solution for asset protection or asset succession? The Barbados domestic trust is a superior asset protection and succession vehicle. It has features that combine the desire for retaining some ultimate control while not undermining the fundamental nature of the trust. The features of the Barbados domestic trust enable control and tax efficiency, tax compliance and all the features of asset protection, in one simple structure. 5. What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? The Barbados domestic trust is a particularly unique vehicle. Simple, cost effective and very powerful. It can achieve low taxation, has access to all of Barbados’ double tax treaties and distributions are tax deductible.

基金，“巴巴多斯纳税居民”是在美国投资和做生意的中国人采用的最典型解决方案。 4. 我们知道一些辖区只专注于资产保护，另一些则主要负责资产

In the new world of transparency the key feature of structures is that they do not trigger anti avoidance legislation in the home residence country of the client. This is the main feature of Barbados based entities. They can be structured to operate tax efficiently internationally and when structured correctly they do not trigger anti avoidance legislation in the home country of the client. Contributed by: Jonathan Brathwaite, Int'l tax advisor, Attorney at Law at Mithril Advisors

传承产品。贵辖区在上述两方面是否有更佳的解决方案？巴巴多斯国内信托是资产传承和保护方面的极佳工具。它的特点包括保留资产的最终控制权和对信托潜力的最彻底挖掘。“巴巴多斯国内信托”能够充分利用对资产的控制权达到税收效益的最大化，通过一个单一的简单架构，在税务合规的前提下兼顾资产保护。 5. 贵辖区在信托 / 基金会方面是否有一些法律方面的特点对投资者具有特别的吸引力？巴巴多斯国内信托是一个独具特色的资产保护工具。简便易行、性价比高且功能强大。它能达致低税率且充分利用巴巴多斯成熟的税务协议、税收分配和税收减免网络。在日趋透明化的今天，离岸架构的主要特点就是他们不会违反客户本国的避税法律。这也是巴巴多斯实体公司的最主要特点。这种架构能在节税的同时在国际上操作，在正确架构的情况下不会让客户违反本国的避税法律。来源：Jonathan Brathwaite，Mithril Advisors 公司的国际税务顾问和律师

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行政特区 jurisdictions

英属维尔京群岛

British Virgin Islands

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行政特区 jurisdictions

BVI

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Member Contribution

概况

英属维尔京群岛

General

British Virgin Islands

实体类型

信托

法律类型

普通法

Type of Company

Trust

建立信托所需时间

2到3天

最低政府费用（不包括税收）

印花税 200 美元

Our Time to Establish a Trust

2 - 3 days

是否签订双重征税协定

否

国外收入课税

Double Taxation Treaty Access

信托资产

Trust Assets

Minimum Government Fees (excluding taxation)

Taxation on Foreign Income

标准货币

美元

允许币种

任何币种

最低资产要求

100 美元

独立法人最低人数

1人

公司法人最低人数

1人

是否要求有当地受托人

是

公众可否查阅记录

否

会议地点

任何地方

保全是否需要

可选

持有专业资格

可选

Common

Stamp Duty USD200

Standard Currency

US $

Minimum Assets Required

USD 100

Minimum Number if Individuals

One

If Local Trustee Required

Yes

Permitted Currencies Trustees

受托人

Minimum Number if a Body Corporate

Publicly Accessible Records Location of Meetings

Any

One

Protector

Anywhere

Required

Optional

Professional Qualifications Held Optional

Trust Deed

信托契书公众可否访问

Type of Law

否

账户准备要求

是

审计要求

否

公众可否访问账户

否

其他法定继承权

无

是否允许迁册

否

Publicly Accessible

Accounts

Requirements to Prepare

Yes

Publicly Accessible Accounts Other

Forced Heirship Rules

Audit Requirements

Change in Domicile Permitted

By Harney Westwood & Riegels

行政特区 jurisdictions

简介 Introduction 行政特区：英属维尔京群岛地区：加勒比货币：美元语言：英语时区：UTC-4

Country: British Virgin Islands Region: Caribbean Currency: US dollar (USD) (US$) Languages: English Time Zone: UTC -4

区号：+1284 通讯设施：优良

Phone Code: +1284 Communications: Good

英属维尔京群岛（BVI）高度依赖于旅游业和金融服务业。 BVI 有强大的互惠基金和专属保险行业。 “金融服务委员会” 确保对金融机构进行独立和高效的监管。相对其它加勒比国家，BVI 的价格相对低廉，并能提供相对强大的专业服务。政府对该国的商务需求响应迅速，它的法律体系大多灵活机动和比较直截了当。免税离岸工具（IBC）可以得到利用，本国的税率在任何情况下都不太高。BVI 是新兴市场公司金融方面的新领导者。适合于：

The economy is highly dependent on tourism and financial services. The BVI has significant mutual fund and captive insurance sectors. The Financial Services Commission ensures independent and effective supervision of financial institutions. The BVI is a reasonably cheap jurisdiction compared to competing Caribbean countries, and has relatively strong professional services. The government is responsive to the country’s business needs, and its legislation is mostly flexible and straightforward. No-tax offshore vehicles (IBCs) are available, and domestic taxes are not high in any event. The BVI has emerged as a leader in emerging market corporate finance.

财富管理、银行业、保险业、基金管理、航运业、航空、游艇、贸易金融、知识产权 / 执照、控股公司、电子商务、不动产所有权。

Suitable for: Wealth Management, Banking, Insurance, Fund Management, Shipping, Aviation, Yachting, Trading Financial, Intellectual Property/Licensing, Holding Companies, E-commerce, Property Ownership

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行政特区 jurisdictions

英属维尔京群岛

Member Contribution

British Virgin Islands

1. 信托法是何时在贵辖区内实施的？英属维尔京群岛（BVI）是一个颇受尊敬和成熟的建立信托的辖区。 BVI 信托法的基本理念来自于英国信托法，由英国法院通过。因此，英国普通法和“衡平法”能直接以普通法（应用申请）1705 年法案和东加勒比最高法院（维京群岛）法案而适用于 BVI，同时由特定的法律规定所定义的补充条文或修改条文能提供各式各样具有灵活性和易于利用的信托架构选择。 BVI 法律管理信托的创立和管理的主要法律由英属维尔京群岛 1961 年信托法案所规定，这一法案也是基于英国 1925 年信托法案而创立。BVI 信托 1961 年法案在 1993，2003 和最近的 2013 年都得到了修正。其它的主要 BVI 信托法规包括英属维尔京群岛特别信托 2003 年法案（由受托人（修正案）2013 年法案修正），这一法案创建了“特殊类型信托”（被称为“VISTA 信托”）。 VISTA 信托在过去几年里广受欢迎，对希望在资产传承规划和财富管理中寻求平衡点的中国客户来说尤其如此。 2. 贵辖区在隐私和资产保护方面，对希望向下一代传承财富的中国高净值人士和家族（等）来说主要有哪些优势？

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Q &A

1. When was trust law introduced in your jurisdiction? The British Virgin Islands (BVI) is a well-respected and sophisticated jurisdiction for the establishment of trusts. The general principles of BVI trust law are derived from those of English trust law as developed by the English courts of equity. Indeed, the principles of English common law and equity can be applied directly in the BVI by virtue of the Common Law (Declaration of Application) Act 1705 and the Eastern Caribbean Supreme Court (Virgin Islands) Act, as supplemented or modified by specific statutory provisions to offer a variety of flexible and user-friendly trust structuring options. The main legislation in the BVI governing the creation and administration of trusts generally can be found in the British Virgin Islands Trustee Act of 1961, which was based on the English Trustee Act 1925. The BVI Trustee Act 1961 was amended in 1993, 2003 and most recently in 2013. Other significant trust legislation in the BVI includes the Virgin Islands Special Trusts Act 2003 (as amended by the Trustee (Amendment) Act of 2013) which creates a special type of trusts (known as the “VISTA” trusts). VISTA trusts have gained increasing popularity over the years, particularly to Chinese clients who wish to balance succession planning with wealth management. 2. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.)

行政特区 jurisdictions BVI 的信托法提供高级别的私密性保护。在 BVI 设立的信托和其它所有以 BVI 信托条款实施的信托契约都不必遵循《注册和记录法案》。受托人也可不必背负任何的报告和归档责任。这些豁免权可以追溯到 1993 年 11 月 1 日之前的信托契约。中国的高净值人士能很放心地认为 BVI 信托其条款或其本身都是非常具有保密性的。 BVI 信托以多种方式提供资产保护。一些中国的高净值人士喜欢利用 BVI 信托在一个经济和政治都稳定的环境里持有资产。其它的风险，比如政府当局的资产充公或征用都能得到避免。另一方面是和其资产的法律抬头在信托创建时向受托人的转让过程相关，因为一些中国的高净值人士对让受托人来管理财富有所顾虑。在 BVI 的法律规定下，受托人需要严格按照信托证书的条款来管理信托资产，总体上来说是按照信托责任来实行其权力，为受益人的福利和谨慎操作得以保留信托资产的价值而谋利。 3. 价格方面，在贵辖区设立信托 / 基金会和其它地方相比有什么

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

不同？是否更加昂贵？如果是这样，客户能获得的额外价值在哪里？ BVI 税率中等，且对个人或在 BVI 的公司而言无遗产、赠与或所得税之忧。因此这里没有在多个行政辖区内进行财富管理的双重征税问题。

3. In terms of cost, how does the cost of a setting up a trust in your jurisdiction compare to other jurisdictions? The BVI offers a tax neutral position with no estate, gift or income taxes for individuals or companies in the BVI. So there is no issue of double taxation in multi-jurisdictional wealth management structures.

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行政特区 jurisdictions Trusts are private arrangements which require no registration or filing and the cost of setting up a trust in the BVI is minimal. No taxes are payable in respect of trusts created in the BVI which are governed by BVI law on the basis that none of the beneficiaries is resident in the BVI, the trust assets do not include land in the BVI and that the trustees do not, in their capacity as trustees, carry on any business or trade within the BVI. Although no stamp duty is payable in relation to trust instruments created for the benefit of beneficiaries resident outside of the BVI, a sum of US$200 duty is payable on instruments which change the proper law of a trust from another jurisdiction to the BVI or which create lifetime BVI trusts (bare trusts and exclusively charitable trusts are exempt). No duty is payable in respect of supplementary documents, instruments adding property to existing trusts or counterparts/duplicates.

信托是无需注册或归档的私人契约，在 BVI 设立信托的费用是最低的。BVI 的信托由 BVI 法律管辖且无需纳税，前提是受益人都不是 BVI 的居民，信托资产不包括 BVI 的土地且受托人在此身份下不在 BVI 进行任何商业或贸易活动。虽然为 BVI 以外居民创立的信托证书无需缴纳印花税，信托证书本身需要在从其它金融辖区向 BVI 转换或创建终身的 BVI 信托（单纯信托和专属慈善信托除外）时缴纳总共为 200 美元的税款。补充文件、向现有信托增加地产证书或契约证书副本等无需缴税。 4. 为中国和亚洲客户进行财富规划时您遇到的最大问题和挑战是什么？您和您的辖区为此提出的解决方案是什么？衡力斯在帮助亚洲高净值人士和家族办公室设立 BVI 信托方面的经验非常丰富，遇到的问题主要来自于财富保护和传承规划。中国客户对离岸信托尤其感兴趣，因为中国现在的法律法规在基于 “一个物业，一个权力”的原则上运作，对向受托人转让的法定所有权方面有诸多不便。虽然如此，要劝说亚洲客户把他们的资产向第三方受托人转让确实是一个挑战，因为受托人不会对特定的信托财产采取相同的管理或投资方法，尤其重要的是，因为受托人通常来说需要担任确保信托资产不贬值的卫士角色。 BVI 信托以最佳 VISTA 信托来提供最佳解决方案，这一方案增加了一个由受托人拥有的来持有资产的控股公司的层面。信托资产的管理和控制由公司的董事会决定，董事会成员通常为授予人，委托人的家庭成员或受信任的顾问等。受托人不能对受保护的信托资产的管理进行干预（除非在极端情况下）。VISTA 信托因此在家族生意或公司在牵涉到传承管理时而变得非常有用。 5. 贵辖区的信托法方面有否新，需要投资者注意的更新？ BVI 信托受托人法案最近的一次修改是在 2013 年，修正案引入了

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4. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? Harneys have vast experience assisting Asian HNWIs and family offices in structuring BVI trusts to address concerns such as preservation of wealth and succession planning. Offshore trusts are particularly attractive to Chinese clients since the current legal and regulatory systems in China operate on the principle of “one property, one right”, which creates difficulties in preserving assets by way of transfer of legal ownership to trustees. However, it is often a challenge to persuade Asian clients to transfer their assets to third party trustees, as trustees may not share the same management or investment approach to specific trust assets, not least because trustees are generally required to act prudently in safeguarding the value of trust assets. The BVI offers the best solution by introducing VISTA trusts, which adds a layer of holding company owned by the trustees to hold the assets. Management and control of trust assets lie with the board of directors of the company who are often the settlors, their family members or trusted advisers. The trustees cannot interfere in the management or investment of the underlying trust assets (except in extreme circumstances). VISTA trusts are therefore particularly useful when family business or corporations are involved in succession planning. 5. Are there any recent developments in trust law in your jurisdiction that investors should be aware of? The BVI Trustee Act was last amended in 2013 to introduce more flexibility in BVI trusts. Generally, the maximum trust period has been increased from 100 to 360 years for trusts established after 16 May 2013 (except charitable or purpose trusts which may exist indefinitely). Key changes have also been made to the use of VISTA trusts and private trust companies (PTCs). BVI trusts which are not VISTA trusts may now be converted into VISTA trusts (subject to certain conditions) as long as one of the trustees is a PTC or a trust license holder, which means that individuals or non-BVI companies can be co-trustees. Declarations in VISTA trust instruments may state that certain aspects of the statutory regime be revoked, suspended or triggered by specific events or by a directions from an individual

行政特区 jurisdictions

更多的灵活性。总体来说，在 2013 年 5 月 16 日后设立的信托，时限最高从 100 年增加到了 360 年（除无限期的慈善信托或目的信托之外）。VISTA 信托和私人信托公司（PTC）也做了重要改动。 BVI 信托和 VISTA 信托不同，但现在可以在其中一个受托人是 PTC 或是一个信托许可证持有者的情况下转换成 VISTA 信托（在特定的条件下），这意味着个人或非 BVI 公司能成为协作受托人。 VISTA 信托证书的声明书可以要求特定的法律规定得以取消、暂停或由个人或委员会成员之一指示的特定事件而触发。这让 VISTA 信托能够被量身定做。除了作为 VISTA 信托的受托人角色

or committee. This allows VISTA trusts to be tailored. Apart from acting as trustees of VISTA trusts, PTCs may now act as trustees of BVI purpose trusts too and changes have been made to the definition of “designated person” as trustees of purpose trusts. These are just some of the changes recently made to the BVI trust regime which continues to offer a variety of flexible and user-friendly options for investors. Contributed by: Harney Westwood & Riegels Fiona Chan, Hong Kong

外，PTC 现在也可以成为 BVI 目的信托的受托人，且“被指定人员” 作为目的信托受托人的定义也有所改变。上述只是 BVI 信托制度的最新更新，BVI 信托制度一如既往地为投资者提供友好和灵活的财富管理选择。来源： Harney Westwood & Riegels Fiona Chan, Hong Kong

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英属维尔京群岛法律体制和公司创建规则 British Virgin Islands Legal Framework and Formation Rules

英

属维尔京群岛信托在信托条例 1961 号备案（基于英国受托人法案 1925 年）创建，在 1993 年由受托人修改案和随后受托人修改案 2003 年进行了更新。在 BVI 注册

信托没有特定要求，对信托也没有信息的公开化要求。信托责任可以向每一个信托证书进行支付，是在购买和实施印尼的条件下施行，因此没有任何官方记录。 BVI 信托在没有当地居民受益人和没有在 BVI 资产的前提下免税。根据修改案，BVI 的信托法适用范围非常具有灵活性。以下是 BVI 信托法的主要特点。 ·信托的适用法律可以由信托证书进行指定，在没有指定金融辖区的时候，如果受托人或信托管理人位于 BVI，信托将由 BVI 法律管辖。

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VI Trusts are formed under the Trust Ordinance 1961 (based on the English Trustee Act 1925), as updated and amended by the Trustee Amendment Act 1993, and the subsequent Trustee Amendment Act, 2003. Since the 1993 Act, there is no requirement for registration of trusts in the BVI, and there is no public disclosure of information regarding trusts. Trust duty is payable on each trust instrument, which is achieved by buying and affixing stamps, creating no record. BVI trusts are exempt from all taxation provided that there is no resident beneficiary and no BVI assets. Due to the Amendment Act, the regime for trusts in the BVI is very flexible. The following are some of the main features of BVI trust law: ·the proper law of a trust can be specified by the trust instrument; in the absence of a specified jurisdiction, a trust will be under BVI legislation if the trustee or the trust administration is situated in the BVI;

行政特区 jurisdictions

·信托能迁入或迁出 BVI；但是向外迁出只在“接收方”金融辖

·trusts can migrate into and out of the BVI; but outwards

区承认该信托的前提下才可以；

migration is only possible if the 'receiving' jurisdiction recognizes the validity of the trust;

·目的信托可以得到永久许可，必须有至少一个 BVI 的受托人（当

·purpose trusts are permitted in perpetuity and must have at

地居民的专业人员或同等人员）；

least one BVI trustee (resident professional or equivalent);

·永久时期可以定位 100 年，但“生存期”依旧可能

·the perpetuity period can be set at 100 years, but 'lives in being' is still possible;

·“等着看”的规定也作为标准而被包含在内；

·'wait and see' provisions are included as standard;

·“保护人”明确被允许，但是他们的权力也明确地被定义；

·'protectors' are explicitly permitted, and their powers are clearly defined;

·特留份继承权被排除在外；

·forced heirship provisions are excluded;

·受托人可以获得广泛的自由投资权力

·trustees may be given wide discretionary investment powers.

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行政特区 jurisdictions

Cayman

开曼群岛

Cayman Islands

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概况

开曼群岛

Jurisdiction

Cayman Islands

实体类型

信托

法律类型

普通法

Type

Trust

建立信托所需时间

2到3天

Our time to establish a Trust

2 - 3 days

最低政府费用（不包括税收）

印花税 40 开曼元或者 50 美元

是否签订双重征税协定

无

国外收入课税

无

信托资产标准货币

美元

允许币种

任何币种

最低资产要求

名义金额从 1 美元到 100 美元

Type of Law

Minimum government fees (excluding taxation)

Double Taxation Treaty Access Taxation on Foreign Income Standard Currency

US$

Minimum Assets Required

Nominal amount generally US$1 to US$100

Permitted Currencies

独立法人最低人数

公司法人最低人数

未说明

是否要求有当地受托人

无

公众可否查阅记录

无

会议地点

任何地方

是否需要持有专业资格

否否

Minimum Number if a Body Corporate If Local Trustee Required

Publicly Accessible Records Location of Meetings

Any

Minimum of one trustee (corporate or individual). Subject to special requirements for STAR trusts and certain types of unit trusts which are licensed mutual funds, trustees can be licensed Cayman Islands professional trustees, Cayman Islands private trust companies, foreign corporate trustees or individuals (wherever resident) Nil No No

Protector

Anywhere

Required

Professional Qualifications Held No Trust Deed

信托契书公众可否访问

Trust Assets

1 个受托人（独立或公司），取决于 STAR 信托的特殊要求和一些诸如特许互惠基金的特殊 Minimum Number if 单位信托，受托人可以 Individuals 是开曼群岛专业受托人，私人信托公司，外国公司信托或个人（无论哪里居民均可）

保全

Stamp Duty CI$40.00/US$50.00

Trustees

受托人

Common Law

否

账户准备要求

是

审计要求

否

公众可否访问账户

否

其他法定继承权

否

是否允许迁册

是

Publicly Accessible Accounts

Requirements to Prepare

Yes

Publicly Accessible Accounts Other

Forced Heirship Rules

Audit Requirements

Change in Domicile Permitted

Yes

By Campbells Legal

行政特区 jurisdictions

简介 Introduction 行政特区：开曼群岛地区：加勒比货币：开曼群岛元区号：+1345 通讯设施：良好

Country: Cayman Islands Region: Caribbean Currency: Cayman Islands dollar (KYD) (CI$) Languages: English Time Zone: UTC -5 Phone Code: +1345 Communications: Good

开曼群岛是世界上最大的离岸银行业中心，也是排名在百慕大之后，世界第二大离岸专属保险基地。这里没有直接或间接税；政府收入来自于关税、印花税和向公司征收的年费。最近试图征收的一项工资税因为工作签证费的不断增加而搁浅。因此在这里雇佣外国人很困难，也很昂贵。开曼群岛的经济高度依赖旅游业和金融服务业。从 1997 年开曼群岛股票交易市场开市以来，互惠基金已成为一个主要的增长行业，整个群岛已成为世界上最主要的对冲基金、债务抵押债券（CDO）和其它证券形式的注册基地。虽然开曼群岛有成熟的营商基础设施和灵活多变的法规制度，它仍是一个比较昂贵的行政特区。开曼群岛是一个以英语为官方语言的英国附属地，位于加

Cayman is the largest offshore banking centre in the world, and the second largest offshore captive insurance base after Bermuda. There are no direct or indirect taxes; government revenue comes from customs duties, stamp duty and annual fees levied on corporations. A recent attempt by the administration to impose a payroll tax was withdrawn in favour of a substantial increase in work permit fees. It is thus difficult and expensive to employ expats. The economy is highly dependent on tourism and financial services. Since the opening of the Cayman Islands Stock Exchange in 1997, mutual funds have become a growing sector, and the islands have emerged as a predominant registration base for hedge funds, CDOs and other securitization instruments. Although Cayman has an established commercial infrastructure and a flexible approach to regulation, it is

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勒比海地区的古巴和中美洲之间。这里有两个国际机场，一个在乔治城，大开曼群岛，另一个位于开曼湾。几条主要的航线都经停开曼群岛，每天都有航班飞往迈阿密，每周都有航班飞往北美和欧洲的主要城市。开曼元对美元的比值是固定的，比率定为 1 开曼元比 1.2 美元。这里并没有外汇管制。开曼是一个比较昂贵的行政特区，商业基础设施比较完善，法律灵活多变，对个人隐私保持足够的尊重。开曼群岛在西半球有良好的声誉，但是在欧洲被视为“避税天堂”，很大程度上是因为媒体宣传而并没有事实依据。事实上开曼群岛努力立法来和国际标准保持一致，使自己成为“干净”的离岸中心，甚至在 2001 年接受了针对财政不道德行为的调查，至少当犯罪在国际上和开曼群岛上已成为公认事实的时候更是如此。通常的看法是开曼群岛仍然在没有犯罪事实的前提下最大限度地保护个人隐私。虽然开曼群岛被 FATF（金融行动特别组）列为没有力量对抗洗钱活动的名单之一，2001 年开曼群岛收到 FATF 的表扬，认为它在针对洗钱的斗争中表现出色，包括出台反洗钱法规，修改货币财政法律和刑事犯罪法。银行和信托公司法和公司管理法等也得到了修订，2002 年底还出台了金融公司强制许可证制度。适合于：财富管理、资产管理、银行业、基金管理、航运、航空、游艇、贸易金融、知识产权 / 许可证、控股公司

an expensive jurisdiction. Suitable for: Wealth Management, Treasury Management, Banking, Fund Management, Shipping, Aviation, Yachting, Trading Financial, Intellectual Property/Licensing, Holding Companies

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行政特区 jurisdictions

开曼群岛 Cayman Islands

Q &A 1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? Whilst Cayman has adopted the English common law relating to trusts and fiduciaries, it has bespoke legislative adjustments which have been specifically designed with international trusts and clients in mind. For example, there are no taxes or registration fees for private trusts. If you do register your trust to receive a no tax guarantee, the register is not available to the public, thus maintaining privacy. Cayman also has specific legislation protecting clients' privacy with respect to requests for information from foreign regulatory bodies and courts. In terms of asset protection it is well established that Cayman trustees will not be bound by foreign judgments provided that the trustee does not join the foreign litigation and the Cayman Courts will not order a Cayman trustee to make distributions to satisfy foreign judgments against beneficiaries unless the trust deed requires it.

1. 贵辖区在隐私和资产保护方面对希望向下一代传承财富的中国高净值人士或家族来说有什么优势？开曼群岛施行的是英国普通法所规定的信托法，它也有适应自身要求的，为国际信托和客户考虑的定制化特点。比如说，对私人信托来说没有税负或注册费用。如果您在无需缴税的情况下注册信托，注册处不会向公众透露任何信息，从而保护您的隐私。开曼群岛对外国监管机构和法庭要求的信息披露方面有特别的隐私保护法规。对资产保护来说，开曼受托人在未牵涉到外国诉讼的前提下不会向外国法庭透露任何信息，开曼群岛的法庭也不会命令开曼信托的受托人披露受益人的信息来满足外国法庭的要求，除非信托契约中有此类要求的情况下则除外。开曼群岛也有 STAR 信托，允许目的信托的存在，比如要经营生意或照顾宠物或为子女的教育提供资助等，而且也没有时间限制。此外，客户也可以设立自己的私人信托公司作为受托人使用（需要缴纳注册费）。这让那些不想利用开曼群岛为数众多的专业受托人队伍的客户得以控制董事会成员，且对信托有总体控制权。 2. 信托和基金会是否贵辖区首选的架构？为什么这么说？您认为这一趋势在不久的将来是否会有所改变？信托广受国际客户欢迎的主要原因是它的灵活性。定制化的信托契约能为每个客户量身打造。比如说，他们能持有固定资产比如房地产（外国和当地的）和不动产，比如生意和股份等。在持有不动产时，如果有需要，信托契约能允许其附属公司被他们的董事会成员所控制，而不受受托人的监管或干涉。

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We also have STAR Trusts available which permit trusts for a purpose, e.g. to run a business or take care of a pet or provide funding for education etc., and which have no perpetuity period. Further, clients can also establish their own private trust company to act as trustee (registration fees apply here). This allows clients to control who sits on the board and have more control generally if they prefer not to use the many qualified professional trustees that Cayman has to offer. 2. Are trusts or foundations in your jurisdiction the preferred structure for clients? Why do you believe that is? Do you expect any changes in that preference in the future? Trusts are very popular with our international clients with the major reason being their flexibility. Bespoke trust deeds can be drafted to fit clients' exact specifications. For example they can hold static assets such as real estate (both foreign and local) as well as dynamic assets such as businesses and share portfolios. Where dynamic assets are held, trust deeds can be drafted to allow underlying companies to be fully controlled by their board of directors with no oversight or intervention by the trustees, if that is preferred. In addition, the Cayman legislation allows Settlors to retain significant power over the trust eg. approving certain actions by trustees or calling for distributions etc, without affecting the validity of the trust. Such powers must be carefully considered if asset protection is important. With the privacy and asset protection considerations mentioned above as well as the ability to create STAR Trusts and private trust companies we expect trusts to remain very popular. 3. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? We find that many of our Asian clients are looking for dynamic trust structures to hold family businesses located in China, which they wish to maintain control over whilst creating a succession plan and asset protection. As set out above, a

行政特区 jurisdictions 3. 我们知道一些辖区专注于资产保护，另一些则专注于资产传承产品。贵辖区是否对上述两种需求提供更佳的解决方案呢？开曼群岛是由来已久的国际商务辖区，因此它在商业法规设计方面非常先进。开曼信托在资产保护和传承方面自然也胜人一筹。开曼信托是一个非常具有活力的离岸架构，根据我们的经验，只要设立得当，就不会有任何问题。 4. 贵辖区在信托和基金会的法律法规方面有哪些是对投资者具有特殊吸引力的特点？如上所述，开曼信托有众多其它金融辖区未必具有的优势。这些优势包括： ·无地方税； ·在不影响信托有效性的前提下委托人能够保留对信托的大部分权力，这也是法律明文规定的； ·私人信托无注册要求； ·能够便捷地设立私人信托公司从而保留客户对信托的控制权； ·承认信托保护人的角色； ·信托可以以不动产持有的目的来设立，比如生意等，而不受受托人的干涉； ·STAR 信托能够无限期地设立，让信托在无受益人的情况下为一个目的而设立； ·正确设立的开曼信托是十分强劲的离岸财富管理工具； ·不受外国法规约束的开曼信托受托人如果未向外国金融辖区提交的话，是十分强劲的离岸资产管理工具；以及 ·开曼有针对隐私的特殊法规，公众没有权力对信托进行质询。来源：Melanie Crinis of Campbells Attorneys

Cayman trust can provide all of this. We have a vast array of options that can be tailored exactly to the clients' needs. It is just a matter of sitting with the client, gaining an understanding of their goals and working through the solutions. 4. What are some of the major features of the law that make the trust/foundation in your jurisdiction particularly attractive to investors? As mentioned above, Cayman trusts have a number of advantages that other jurisdictions do not necessarily have. These include the following: • No local taxes; • Ability for Settlor to retain significant powers over the trust without affecting validity, which is enshrined in legislation; • No registration requirements for private trusts; • The ability to easily set up private trust companies so that clients can retain control over the trustee; • Trust Protectors are recognised; • Trust can be set up to hold dynamic assets such as businesses without interference by the trustee; • STAR Trusts can be set up in perpetuity enabling the trust to be for a purpose with no beneficiaries; • Cayman trusts are very robust when set up properly; • Asset protection is robust with Cayman trustees not bound by foreign judgments if they have not submitted to the foreign jurisdiction; and • Cayman has specific legislation governing privacy and there is no ability for the public to search for trusts. Contributed by: Melanie Crinis of Campbells Attorneys

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美国

United States of America

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行政特区 jurisdictions

USA

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概况

美国

General

USA

实体类型

无

法律类型

Type of Company

建立信托所需时间

不同州的法律类型不同 Type of Law

N/A

最低政府费用（不包括税收）

1500 美元每年

Our Time to Establish a Trust

2 weeks

是否签订双重征税协定

是

国外收入课税

是

Double Taxation Treaty Access

Yes

2周

信托资产

Minimum Government Fees (excluding taxation)

Taxation on Foreign Income

Trust Assets

Standard Currency

USD

Minimum Assets Required

No minimum

Minimum Number if Individuals

If Local Trustee Required

Yes depends on state law

Location of Meetings

Protector

Not required

Required

None

美金

允许币种

取决于在何地设立账户 Permitted Currencies 无最低限制

Trustees

受托人独立法人最低人数

1人

公司法人最低人数

1人

是否要求有当地受托人

取决于州法律

公众可否查阅记录

否

会议地点

不需要

保全是否需要

否

持有专业资格

否

Minimum Number if a Body Corporate Publicly Accessible Records

Depends where account is established

No not SD

Professional Qualifications Held None

Trust Deed

信托契书公众可否访问

$1500 per annum

Yes

标准货币

最低资产要求

Each state different

否

账户准备要求

标准

审计要求

不是所有州都要求

公众可否访问账户

否

其他法定继承权

否

是否允许迁册

是

Publicly Accessible

Accounts

Requirements to Prepare

Standard

Publicly Accessible Accounts Other

Forced Heirship Rules

Audit Requirements

Change in Domicile Permitted

Not all states

Yes

By Josh N. Bennett, Esq., P.A.

行政特区 jurisdictions

简介 Introduction 行政辖区：美国所属地区：美洲货币：美元（USD）（US$）语言：英语

Country: United States Region: Americas Currency: US dollar (USD) (US$) Languages: English

电话区号：+1 通讯设施：极佳

Phone Code: +1 Communications: Very Good

适合于：保险业、航运、航空、游艇、货物贸易、金融贸易、知识产权 / 许可证、电子商务离岸工具：有限公司、公众有限公司、单一所有制、分公司、通用合伙制、有限合伙制和有限责任合伙制主要资本地区：达科塔、特拉华、内华达关系良好：中国、英国

Suitable for: Insurance, Shipping, Aviation, Yachting, Trading Goods, Trading Financial, Intellectual Property/Licensing, E-commerce Vehicle Types: Limited companies, public limited companies, sole proprietorships, branches, general partnerships, limited partnerships and limited liability partnerships Capital primary business districts: Dakota, Delaware, Nevada Good Relationships: China, United Kingdom Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's

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关系不佳：缅甸、古巴、伊朗、北韩（朝鲜民主主义共和国）、利比亚、索马里、苏丹、叙利亚税务负担——商业：中等税务负担——个人：中等总体税率： CIT 15%-39% ( 合格个人服务公司 35%), PIT 10%35%, VAT 0% Republic of), Libya, Somalia, Sudan, Syria 协议签订国家：亚美尼亚、澳大利亚、奥地利、阿塞拜疆、孟加拉国、巴巴多斯、白俄罗斯、比利时、保加利亚、加拿大、中国、塞浦路斯、捷克共和国、丹麦、埃及、爱沙尼亚、芬兰、法国、格鲁吉亚、德国、希腊、匈牙利、冰岛、印度、印度尼西亚、爱尔兰、以色列、意大利、牙买加、日本、哈萨克斯坦、韩国、吉尔吉斯斯坦、拉托维亚、立陶宛、卢森堡、马耳他、墨西哥、摩尔多瓦、摩洛哥、荷兰、新西兰、挪威、巴基斯坦、菲律宾、波兰、葡萄牙、罗马尼亚、俄罗斯、斯洛伐克共和国、斯洛文尼亚、南非、西班牙、斯里兰卡、瑞典、瑞士、塔吉克斯坦、泰国、特立尼达和多巴哥、突尼斯、土耳其、土库曼斯坦、乌克兰、英国、乌兹别克斯坦、委内瑞拉 TIEA 协议签订国：安提瓜和巴布达、阿鲁巴、巴哈马、巴巴多斯、百慕大、巴西、英属维尔京群岛、开曼群岛、哥伦比亚、哥斯达黎加、库拉索、多米尼加、多明尼加共和国、直布罗陀、格林纳达、耿西岛、圭亚那、洪都拉斯、马恩岛、牙买加、泽西岛、列支敦士登、马绍尔群岛、毛里求斯、墨西哥、摩纳哥、巴拿马、秘鲁、圣卢西亚、圣马丁岛、特立尼达和多巴哥

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Tax Burden - Business: Moderate Tax Burden - Individual: Moderate Headline tax rates: CIT 15%-39% (qualified personal service corporation 35%), PIT 10%-35%, VAT 0% Treaty Jurisdictions: Armenia, Australia, Austria, Azerbaijan, Bangladesh, Barbados, Belarus, Belgium, Bulgaria, Canada, China, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Jamaica, Japan, Kazakhstan, Korea, Republic of, Kyrgyzstan, Latvia, Lithuania, Luxembourg, Malta, Mexico, Moldova, Morocco, Netherlands, New Zealand, Norway, Pakistan, Philippines, Poland, Portugal, Romania, Russia, Slovak Republic, Slovenia, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Tajikistan, Thailand, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Ukraine, United Kingdom, Uzbekistan, Venezuela TIEA Jurisdictions: Antigua and Barbuda, Aruba, Bahamas, Barbados, Bermuda, Brazil, British Virgin Islands, Cayman Islands, Colombia, Costa Rica, Curacao, Dominica, Dominican Republic, Gibraltar, Grenada, Guernsey, Guyana, Honduras, Isle of Man, Jamaica, Jersey, Liechtenstein, Marshall Islands, Mauritius, Mexico, Monaco, Panama, Peru, Saint Lucia, Saint Maarten, Trinidad and Tobago

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怎样通过离岸信托来保护您的资产 How to Create a Shield for Your Assets with an Offshore Trust 乔希 • 班尼特在税法实践方面有 27 年的工作经验，其工作广泛深入涉及美国公民、外籍居留者和非居民外籍人士在国际税收、遗产及赠与税规划等诸多方面。他在海外投资、国际商务活动方面的经验也非常丰富，甚至包括遗产和信托规划、国际信托规划、房产税问题、资产保护规划、使用海外寿险产品的遗产及赠与税规划、离岸金融、设立海外共同基金、针对非居民外籍人士的国际信托规划，以及出入境税收规划也是他的专长所在。乔希目前加入了以下的律师协会和组织：他是亚洲海外国际税务协会的专家兼主任，佛罗里达州、新泽西州和哥伦比亚特区律师协会的成员。他同时也是佛罗里达州律师协会、美国注册会计师协会佛罗里达州分部的讲师，信托与遗产执业者协会（S.T.E.P.）的成员。在其职业生涯中，乔希在纽约市、迈阿密和罗德岱堡都工作过，他毕业于迈阿密大学法学院和乔治敦大学法律中心。

Josh N. Bennett, Esq., LL.M. Josh N. Bennett, Esq., P.A. 440 North Andrews Avenue Fort Lauderdale, FL 33301 USA O: (954) 779-1661 Skype: josh.bennett0708 F: (954) 767-9989 Cell: (786) 202-5674 Email: josh@joshbennett.com

美国，苏茜 • 欧曼是一位人气很高的金融教主，活跃在大众电视节目中。她时常倡导：“财政自由的很大部分在于不必担心生活中的意外。”

在

最大限度地降低意外及其所致忧虑的最好办法是信托。拿着资产清单，在一位好律师的帮助下规划几个小时，任何拥有财富和资产的人都可以创建一份信托，然后这些资产财富就会成为世上最坚不可摧的法律实体。

Josh Bennett has over 27 years experience in practicing tax law with extensive, in-depth involvement in all aspects of international tax, estate, and gift tax planning for U.S. citizens, resident aliens as well as non-resident aliens (NRAs). He’s also well versed in foreign investment and international business activities. His expertise goes even further covering such topics as estates and trust planning, foreign trust planning, taxation of real estate matters, asset protection planning, estate and gift tax planning using offshore life insurance products, offshore banking, offshore mutual fund establishment, foreign trust planning for NRAs, plus outbound/inbound tax planning. Josh is currently a member of the following bar admissions and organizations: Panelist and Director — Asia Offshore International Tax Association, Florida, New Jersey and District of Columbia Bars. He’s also a lecturer of The Florida Bar, The Florida Chapter of American Institute of Certified Public Accountants and a member of S.T.E.P. He’s worked in New York City, Miami and Ft. Lauderdale over the course of his expansive career. Josh graduated from University of Miami School of Law and Georgetown University Law Center.

n the United States, Suze Orman is a popular financial guru on public television. Typical of her advice: “A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.” One of the best ways to minimize the “what-ifs” and the worry that goes with them is with a trust. With an inventory of your possessions, a www.joshbennett.com

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few hours’ planning, and the help of a good attorney, anyone with wealth and assets can create one and they are among the most fool-proof, ironclad legal entities known to man. One popular trust form, the offshore asset protection trust (APT), can place your wealth beyond the reach of claimants, creditors, irate exspouses, and even the government

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一种常见的信托形式是境外资产保护信托（APT），它可以使您的财富免受任何索赔人、债权人、前配偶甚至是您原籍国政府的干涉。该“境外”距离打造了一个减少攻击及促进和解的额外保护层。什么是信托？您可能听说过“信托”，但到底什么是信托呢？是富人为他们挥金如土的子女设立的？在 1958 年百老汇风靡一时的音乐剧《玛咪姑妈》中，一个悭吝的银行家控制着玛咪姑妈为她心爱的孤儿侄子帕特里克创立的信托。但实际上，信托已有千年的历史，形式多样，可以追溯到古埃及、罗马帝国和中世纪的英格兰。最基础的信托只是一种受各国法律和法庭承认的法律协议。它包含三方当事人：创立信托并赠与资产支持信托的人（也称作“让与人”或“委托人”）；管理信托的受托人；享受信托利益的受益人。这一切都是通过让与人签署一项正式的信托声明并为该信托提供资金支持而完成的。声明中说明了信托目的。信托提供的关键保护是：一切恰当赠与给信托的现金和财产都为该信托而非赠与者所有。为了使得协议更有用，信托创立人（也可以称作让与人）通常可以是信托的受益人，从他 / 她的原有财产中获取收益。信托创立人不可以控制信托，控制信托的人应是独立的受托人。如果信托创立人将信托视为己物，则法庭可以将该信托裁定为是“虚假”信托，从而予以解除。信托的创立可以是为了实现任何合法的目的。一项信托可以拥有和投资于房地产、现金、股票、债券和私人财产。信托可以用来抚养未成年人或赡养老人，可以支付医疗、教育或其它费用。信托可以在一项紧急事故中提供财务支持，为老人的退休生活提供帮助，支付年轻人的教育费用，管理婚姻或离婚期间的财务规划，甚至还可以执行婚前协议。但是信托的最主要作用是投资资产，以获取收益从而支持信托目标。离岸信托是开展国际投资的平台。

440 NORTH ANDREWS AVENUE | FT. LAUDERDALE, FLORIDA 33301 954 779.1661 | fax 954 767.9989

of your home country. That “offshore” distance creates an added layer of protection that thwarts attacks and promotes compromise. What is a Trust? You may have heard about “trusts,” but what are they, really? Something rich people set up for their spendthrift kids? In the 1958 Broadway hit musical Auntie Mame, a mean banker controls a trust for Mame’s beloved orphan nephew, Patrick. But trusts have actually been around in various forms for thousands of years, dating back to ancient Egypt, the Roman Empire, and medieval England. The basic trust is simply a legal arrangement recognized by the laws and courts of every country. It has three parties: a person (variously called the “grantor” or “settlor”) who creates the trust and donates assets to fund it; a trustee who administers the trust; and the beneficiaries who receive benefits from the trust. All this is accomplished by the grantor’s signing a formal trust declaration that sets forth the purpose of the trust, and then funding the trust. The key protection a trust provides is this: All cash and property correctly donated to the trust are then owned by the trust rather than by the donor. To make the arrangement even more useful, a trust’s creator (or grantor,

if you will) can usually also be a beneficiary of the trust, reaping the rewards of his or her former property. But what a trust creator cannot do is control the trust; that is the role of an independent trustee. If a trust creator treats the trust as his own thing, courts will rule it a “sham” trust and dissolve it. A trust can be created to carry out just about any purpose that is not illegal. A trust can hold title to, and invest in, real estate, cash, stocks, bonds, and personal property. Trusts can provide for care for minor children or for the elderly, or pay medical, educational, or other expenses. A trust can provide financial support in an emergency, give help for an older person’s retirement, pay for a young person’s education, administer financial plans during marriage or divorce, or even carry out premarital agreements. But a major role of a trust is to invest its assets to produce income that will fund the trust’s goals. Meaning an offshore trust can be an excellent platform for international investment. How a Trust Protects Wealth In modern times, asset protection has become a major goal of trust creation. Through taxation and regulation, government excels in attacks on wealth. In the U.S. and Europe, there is now official talk of wealth and

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信托如何保护财富？在现代，资产保护已经成为了创立信托的主要目标。通过征税和管制，政府可以无往不胜地攻击财富。在美国和欧洲，官方正讨论没收财富和退休金计划中的退休金。去年，塞浦路斯所有银行的相当大一部分账户一夜之间陷入“自救” 税牢笼中。司法系统对于人们的财富亦构成威胁。尤其是在美国和英国，法庭中要求巨额赔偿的民事案件数以千计，有时候甚至是补偿骚扰、残疾或歧视案件中所谓受害者的子虚乌有的伤害。律师们采取先胜诉后收费的方式，并通过电视商业广告广求原告，从而煽起了上亿美元的共同诉讼，来控告那些他们认为是成熟靶子的个人或企业，从而谋取巨额的司法奖金和丰厚的律师费。该等威胁促进了境外资产保护信托的推行。境外资产保护信托（APT）尤其有用的原因在于它实际上是设立在外国。这样一来，它能比任何国内信托更好地保护您的资产，原因很简单，它位于您原籍国司法权力触及不到的地方。距离可以使信托更强壮地成长。境外资产保护信托可以保护业务和个人资产，使其免受债权人、诉讼和有争议的财务债务的影响。在资深信托律师的帮助下，境外资产保护信托的办理不过就是签署几份正式文件，转移财产，在您所选国家的一家银行中开立一个信托账户并交给当地受托人管理。境外跨国银行和本地银行可以提供资深的信托官员和员工。例如，对于注册在库克岛（我推荐的）的简单信托，费用还不到 25000 美元。

retirement-plan confiscation. Last year a large chunk of every bank account in Cyprus was subject to “bail-in” tax overnight. The judicial system also has become a threat to prosperity. Especially in the U.S. and the U.K., courts are clogged with thousands of civil suits demanding enormous sums for sometimes-imagined injuries for alleged victims of harassment, disability, or discrimination. With TV commercials seeking plaintiffs, contingent-fee lawyers whip up billiondollar class-action suits against persons or corporations they see as ripe targets, seeking outrageous jury awards and fat fees for attorneys. These real threats have increased the popularity of the offshore asset protection trust. The offshore asset protection trust (APT) is especially useful because it is, in fact, based in a foreign nation. That shields your assets better than any domestic trust ever can, simply because it is located outside the jurisdiction of your home country. Distance makes the trust grow stronger. The offshore APT shields business and personal assets against creditors, litigation, and disputed financial liabilities.

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With the help of an experienced trust attorney, an offshore APT can be accomplished by little more than the signing of formal documents, transferring property, and opening a trust account managed by a local trustee in a bank in a foreign country you choose. Offshore multinational and local banks provide experienced trust officers and staff. For example, a simple trust registered in the Cook Islands (which I recommend) can cost less than $25,000.00 USD. Other jurisdictions that specialize in trust creation and administration include Belize, Singapore, the Channel Islands of Guernsey and Jersey, Bermuda, Cayman Islands, Liechtenstein, Gibraltar, Nevis, Bahamas and Hong Kong. Offshore APTs have proven so effective because: 1) courts of some foreign “asset-haven” countries will not recognize U.S. or other domestic court orders, so a plaintiff must re-try his case in a foreign court at great expense; 2) claims against a trust in such countries must be brought within a limited time. In the Cook Islands, the statute of limitations can be one or two years from the time the APT was created; 3) foreign trust laws

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精于创立和管理信托的其它辖区包括伯利兹、新加坡、海峡群岛根西岛和泽西岛、百慕大群岛、开曼群岛、列支敦士登、直布罗陀、尼维斯、巴哈马群岛和香港。境外资产保护信托经实践证明是非常有效的，因为：1）一些“资产避风港”国家的法庭不承认美国或其他国家的法庭命令，所以原告必须花费重金在外国法庭重新起诉；2）这些国家的信托索赔存在一个期限。在库克群岛，法律规定的期限为自资产保护信托创立起的 1 或 2 年；3）外国信托法律允许“胁迫条款”，该条款可允许外国受托人在信托面临任何法律威胁时关闭信托。创立资产保护信托的核心很简单：预则立。信托必须在需要之前提前很久创立，创立在个人财务的风平浪静期。因为对于迫在眉睫的财务危机，用创立信托的方式来应对为时已晚，且会招致更多麻烦。在紧急关头创立离岸信托，司法机关会追究您隐藏资产的民事责任。所以，如果您觉得需要信托，那就即刻行动。关于税收美国公民在全世界范围内的收入和拥有美国永久居住权的人的所有收入，都需要向美国上税。（加拿大或英国公民如果居住在国外，可以规避掉绝大多数国内税。）

allow a “duress clause” that allows the foreign trustee to shut down the trust if it is threatened legally in any way. The key to creating an APT is simple: planning. The trust must be created long before it is needed, at a time of personal financial calm. As a belated response to a pending financial crisis, trust creation creates more problems. Last-minute attempts to create an offshore trust can lead to civil liability for concealing assets. So if you think you may need a trust, act now. A Word about Taxes The United States imposes taxes on all worldwide income earned by its citizens and all income of persons with permanent U.S.-resident status. (Citizens of Canada or the United Kingdom can escape most domestic taxation if they live in other nations.)

Under U.S. tax law, for the trust grantor, ATPs are “income-tax neutral,” as are domestic trusts. That means all offshore trust income is treated as the grantor’s personal income, reportable annually as gross income on IRS Form 1040 and Form 3520 and Form 3520A and FinCen 114, etc.; and taxed at applicable personal income-tax rates. There are also other IRS reporting requirements for trusts, trustees, and beneficiaries. US tax residents are required to report their world wide income. In a world of expanding global trade and investment, the offshore asset protection trust offers advantages unavailable in any domestic assetprotection device. It has been tested by time and found to be a solid choice of intelligent investors. For those who want to protect their hard-earned wealth, the offshore asset protection trust is well worth adopting.

在美国的税收法下，对于信托创立人，境外资产保护信托相比国内信托是“中立所得税”。也就是说，美国把所有离岸信托资产当作创立人的个人所得，要求其每年在美国国税局第 1040、 3520、3520A 号表格以及金融犯罪执法网（FinCen）114 等上面作为总收入上报，并以适用的个人所得税税率征税。另外美国国税局还有其它对信托、受托人和受益人的报告要求。美国纳税居民需要报告其在世界范围内的收入。在全球贸易和投资不断扩大的世界，境外资产保护信托提供了任何国内资产保护工具无法提供的优势。境外资产保护信托经受了时间的检验，被证明是睿智投资者的明智选择。对于想要保护他们辛辛苦苦挣来的家业的人，境外资产保护信托值得拥有。

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美国 United States of America

Q &A

的中国高净值人士和家族（等）来说主要有哪些优势？

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

这个各个州不尽相同，但南达科达州的州所得税为零，并提供保

Depends on states but South Dakota offers zero state income tax, confidentiality and no FATCA reporting.

1. 贵金融辖区在隐私和资产保护方面，对希望向下一代传承财富

密政策和无 FATCA 报告政策。 2. 价格方面，在贵辖区设立信托 / 基金会和其它地方相比有什么不同？是否更加昂贵？如果是这样，客户能获得的额外价值在哪里？南达科达州的价格非常合理。在这里设立信托的费用和续费都很

2. In terms of cost, how is the cost of a setting up a trust/ foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? South Dakota is very reasonable. Trust establishment and renewal fees are flat $3,500 USD per year and legal fees are $25,000.00 USD to establish and fund

合理，为每年 3500 美元，创建和维护的法律费用为 25000 美元。

的理由是什么？未来您是否这一首选会有所改变？

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

美国是一个信托行政辖区。我们是一个普通法辖区并不承认私人

USA is a trust jurisdiction. We are a common law jurisdiction and we don’t recognize private foundations. Foreign private

3. 贵金融辖区的首选财富管理架构是否信托或基金会？您这么说

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行政特区 jurisdictions foundations are either classified as foreign trusts or foreign corporations depending on terms in operative agreement. 4. We understand that some jurisdictions focus on asset protection, while others focus on asset succession products. Does your jurisdiction have a better solution for asset protection or asset succession? Top states in US are as follows: SD, DE, NV and Alaska. We recommend SD (South Dakota) for following reasons:

基金会。外国的私人基金会或者被归为外国信托或外国公司，这也取决于运作协议中的具体条款。 4. 我们知道一些金融辖区专注于资产保护，而另一些则在资产传承产品方面有所长。贵辖区在资产保护和资产传承方面是否有胜人一筹的解决方案？

a) Decanting—the ability to create a new trust which may have different terms and structure from existing trust but changes are needed. b) No state income taxes c) Access to courts very easy d) Privacy e) Asset protection delineated in SD codified laws f) SD law allows for Directed Trusts, Delegated Trusts, Private Family Trust Administration g) Settlor can still retain powers after trust is established and funded h) State trust task force which works with industry professionals to continuously update and improve trust laws i) Limited notice requirements 5. Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of?

a) 倾注——能够从现成的信托中创建一个新的信托的变更，但能

2015 SD Trust Legislative Update: a. Improved drafting flexibility, b. Arbitration Options, c. Transparency, d. Ability to terminate uneconomical trusts, e. New law that LLCs can be settlors.

有不同的条款和架构。

Contributed by: Josh N. Bennett ESQ, P.A.

首选的州包括南达科达、特拉华、内华达和阿拉斯加。我们推荐南达科达州的理由如下：

b) 无需缴纳州所得税 c) 得以方便地利用法庭 d) 私密性 e) 南达科达州成文法律中对资产的保护条文 f) 南达科达州允许直接信托、授权信托和私人家族信托管理 g) 委托人在信托创建和注资后仍能保留其对信托的权利 h) 州信托行动小组和行业专家共同合作，保持对信托法的不断更新和优化 i) 有限的通知要求 5. 贵金融辖区最近是否有投资者需要知晓的，在信托 / 基金会方面的更新信息？ a. 2015 年南达科达州信托法更新： b. 改进的起草灵活性 c. 仲裁可选项 d. 透明度 e. 可终止无经济效益的信托 f. 新的法律准许有限责任公司也能成为委托人来源：Josh N. Bennett ESQ, P.A.

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行政特区

欧洲

jurisdictions

EUROPE

塞浦路斯 Cyprus

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行政特区 jurisdictions

Cyprus

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概况

塞浦路斯

General

Cyprus

实体类型

塞浦路斯国际信托

法律类型

普通法

Type of Company

Cyprus International Trust

建立信托所需时间

1到2天

Our Time to Establish a Trust

1-2 days

Double Taxation Treaty Access

Yes

最低政府费用（不包括税收）是否签订双重征税协定

印花税 430 欧元是

Type of Law

Minimum Government Fees (excluding taxation)

Trust Assets

Standard Currency

Any

Minimum Assets Required

No minimum

信托资产标准货币

任何币种

允许币种

任何币种

最低资产要求

无最低要求

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

至少 1 个合格的居民受 Minimum Number if Individuals 托人 Minimum Number if a Body 1 个合格的受托人 Corporate

是

任何地方

是否需要

可选

持有专业资格

可选

准备要求审计要求公众可否访问账户

At least one eligible resident Trustee

One eligible Trustee

Yes

Location of Meetings

Protector

Anywhere

Required

Optional

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

Professional Qualifications Held Optional

Trust Deed

信托契书

账户

Any

If Local Trustee Required

否，但信托的信息要在 Publicly Accessible Records 信托注册处登记

保全

公众可否访问

Permitted Currencies Trustees

受托人

Stamp Duty of Euro 430

Zero if beneficiaries are non- Cyprus residents

如果受益人是非塞浦路 Taxation on Foreign Income 斯居民的话此税为零

国外收入课税

Common

否，但信托的信息将被 Publicly Accessible 记录在信托登记册

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

受托人须保存形成信托 Requirements to Prepare 财产的资产记录

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

Accounts

否否

其他法定继承权

否

是否允许迁册

是

Audit Requirements

Publicly Accessible Accounts Other

Forced Heirship Rules

Change in Domicile Permitted

Yes

By Polymage Consulting Limited

行政特区 jurisdictions

简介 Introduction 行政特区：塞浦路斯地区：欧洲货币：欧元语言：希腊语、英语时区：UTC+2

Country: Cyprus Region: Europe Currency: Euro (EUR) (€) Languages: Greek, English Time Zone: UTC +2

区号：+357 通讯设施：良好

Phone Code: +357 Communications: Good

塞浦路斯是一个独立的民主共和国，也是英联邦成员国。它的国民生产总值相当不错，人均约为 21000 美元（2010 年）。该国经济主要以来服务业，旅游业非常重要。而失业率也不高。塞浦路斯政府努力创造有利的离岸税务政策环境，同时也维持本国经济的持续增长，就国际标准衡量该国的税率属于偏低。这一成功主要归因于从 1975 年起就在塞浦路斯注册的成千上万的离岸公司。虽然如此，塞浦路斯在 2004 年加入欧盟则意味着对税制的重组，重组在 2003 年 1 月 1 日施行。本国和离岸公司现在需要缴纳的税率是 10%。

Cyprus is an independent democratic republic, and a member of the Commonwealth. It is prosperous: GDP US$21,00 (2010) per head. The economy is dominated by services, with tourism particularly important. Unemployment is low. The Cyprus Government worked hard to create a favorable offshore tax regime while at the same time maintaining a normal-looking domestic economy, albeit with rates of taxation that are low by international standards. The success of this programme is attested by the tens of thousands of offshore companies registered in Cyprus since 1975. However, the island's entry to the EU in 2004 meant a restructuring of the tax regime, which took place on 1st January 2003. Domestic and offshore companies alike now pay 10% tax.

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行政特区 jurisdictions

塞浦路斯和超过 40 个国家签订了免双重征税协议，其中包括几个主要的西方“高税率“国家，以及大多数的中欧和东欧国家。这对一个国际离岸金融中心来说并不常见，但塞浦路斯是一个面向新兴市场的控股公司和投资公司非常有效的选址地。适合于：财富管理、资产管理、航运、游艇、知识产权 / 许可证、控股公司、不动产所有权

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Cyprus has double-tax treaties with more than 40 other countries, including most major Western 'hightax' countries, and most Central and Eastern European states. This is unusual for an international offshore financial centre and the effect is that Cyprus is a very effective location for holding and investment companies aimed at emerging markets. Suitable for: Wealth Management, Treasury Management, Shipping, Yachting, Intellectual Property/Licensing, Holding Companies, Property Ownership

PO L YM A G E 咨询管理有限公司 POLYMAGE CONSULTING LIMITED

OLYMAGE 咨询有限公司成立于塞浦路斯，由拥有多年企业咨询专业经验的国际专家团队组建。作为一家专业的咨询机构， POLYMAGE 咨询有限公司为塞浦路斯、欧盟国家、瑞士、卢森堡、列支敦士登、英国、俄罗斯、乌克兰、阿塞拜疆，还有一些离岸免税地区的客户提供多行业，广泛的法律、金融和公司管理服务。 POLYMAGE 咨询有限公司总部位于莱梅索斯的中心商业区。公司为客户提供专业服务，由塞浦路斯证券交易委员会（CySEC）颁发营业牌照并进行监管（牌照编号：60/196）。公司还是塞浦路斯信托协会的成员，公司的非合伙律师是塞浦路斯律师协会的持证会员。公司运营的基本原则在于确保每一位客户都能与公司的最高管理层取得直接联系，排除没有必要的中间技术阶段。公司倾向于限制客户数量，从而为所有客户提供最高级别的个性化服务。 POLYMAGE 咨询有限公司的员工包括有着良好教育背景和资深经验的律师、会计师、金融顾问和审计员。我们的团队时刻将客户的利益摆在首位，深入细致地追求最好的效果，坚持最严格的保密。简而言之，公司提供以下服务： (1) 全方位的企业服务在塞浦路斯和离岸地区（英属维京群岛、塞舌尔、开曼群岛、马恩岛、泽西岛、伯利兹等等），以及瑞士、英国、俄罗斯、阿塞拜疆成立公司；组建和维持联营和非联营的企业集团；

OLYMAGE CONSULTING LIMITED has been established in Cyprus by the international group of experts specialized in corporate consulting business for years. Being a professional consultant, POLYMAGE CONSULTING LIMITED provides their clients with multidisciplinary wide range of legal, financial and corporate administrative services in Cyprus, in the EU, in a number of offshore tax exempted territories, and also in Switzerland, Luxembourg, Lichtenstein, United Kingdom, Russia, Ukraine and Azerbaijan. POLYMAGE CONSULTING LIMITED headquarter is located in the downtown of Limassol. The company has been duly licensed and supervised by CySEC (Cyprus Securities and Exchange Commission) to provide the client with professional services (License No 60/196). The company is a member of Cyprus Fiduciary Association. Company associate lawyer is a licensed member of Cyprus Bar. The fundamental principle of a company business is to provide each client with direct contact to the company top managers excluding unwarranted intermediary technical stages. The company prefers to limit number of clients in order to provide them with personal services of highest level. POLYMAGE CONSULTING LIMITED staff includes high educated and experienced lawyers, accountants, www.polymage.com.cy

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谢尔盖 •N• 科列斯尼科夫，法学硕士 POLYMAGE 咨询有限公司执行合伙人 Sergey N. KOLESNIKOV, LLM POLYMAGE CONSULTING LIMITED, Managing Partner.

拥有超过 35 年的国际法律事务经验。他被俄罗斯、瑞士、塞浦路斯等国的多家公司聘为法律总监 / 法务部门负责人。自 2008 年起，他在塞浦路斯生活和工作。 Over 35 years in international legal matters. Have been hired as Legal Director / Head of Legal Department in number of companies in Russia, Switzerland, Cyprus and other countries. From 2008 resides and works in Cyprus.

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协助在伦敦证券交易所及塞浦路斯证券交易所首次公开募股（IPO）；参与谈判和多边国际合同的签订；信托服务；持续经营的公司管理；行政管理服务；政府当局服务；公司解散及清算；公司兼并和收购（包括跨境交易）；公司与交易，公司搜寻与调查的尽职调查程序；其他相关服务。 (2) 全方位的法律服务针对各种诉讼（包括企业诉讼和个人事务）提供法律建议；持续提供法律咨询服务；法律风险警告；塞浦路斯、欧盟和其他国家的劳动法律问题；作为代理人、调解人或托管代理人参与；塞浦路斯、欧盟和其他国家的移民问题；国际私法问题；诉讼支持和协助。 (3) 金融服务和银行业务为客户介绍从事国际企业和私人银行业务的银行；跨国跨境交易；投资和商贸服务；私人投资顾问；协助管理财富；企业与私人会计 / 簿记 / 审计；贷款融通 / 贷款重组；相关银行业务和金融服务。 (4) 国际税务规划低税和免税公司；国内和国际税务规划；与塞浦路斯税务局和其他经济辖区的税务结算；企业实体和个人的税务居留情况；税务清缴；多个双重征税协议下的公司和交易；全方位的税务相关服务。

financial advisors and auditors. The team always puts the clients’ interests on the priority, intensively works to achieve the best result and guarantees strict confidentiality. Briefly, the company provides the following services: (1)Full range of corporate services Formation of companies in Cyprus and in offshore territories (British Virgin Islands, Seychelles, Cayman Islands, Isle of Man, Jersey, Guernsey, Belize and other) as well as in Switzerland, UK, Russia, Azerbaijan; Affiliated and not affiliated business group formation and maintenance; Assistance at the IPO (Initial Public Offer) on London SE, Cyprus SE; Assistance at the negotiations and multilateral international contracts; Fiduciary services; Company managing on ongoing basis; Administration services; Public Authority services; Dissolution and Liquidation of companies; Mergers and Acquisition of entities (including cross-border deals); Due diligence procedures for companies and transactions, company search and investigations; Related services. (2)Wide range of legal services Legal opinion on various cases, both corporate and private matters;

Legal consulting on ongoing basis; Legal risks notification; Labor law issues in Cyprus, EU and some other countries; Involvement as an agent, mediator or escrow agent; Immigration issues in Cyprus, EU and some other countries; International private law issues; Support and assistance at the litigation. (3)Financial services and Banking Clients’ introducing with the banks for international corporate and private banking; Cross-border transactions; Investment and commercial services; Private investments offers; Assistance at the wealth management; Accounting/Bookkeeping/Auditing for corporate and private use; Loan facilities/Restructuring of loans; Related banking and financial services. (4)International Tax Planning Low tax and tax exempted companies; National and international tax planning; Tax matters settlement with Tax Authorities in Cyprus and some other jurisdictions; Tax residence status for corporate entities and private persons; Tax clearance matters; Companies and transactions under number of Double Taxation Treaties; Wide range of tax related services.

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塞浦路斯共和国派驻中国的第一位常驻大使 Sotos Zackheos 大使阁下拥有非凡的外交生涯，曾在莫斯科工作，担任过派驻中国的第一位常驻大使也担任过派驻日内瓦和纽约的联合国常驻代表。在 2007 年自愿提前退休之前，他担任的塞浦路斯外交部常任书记（即外交部副部长）。

Ambassador Sotos Zackheos S.Zackheos Consultancy Founding Partner S.Zackheos & Associates Managing Director

在中国工作期间（1989 年 -1993 年）， Zackheos 先生不仅努力加强两国的政治联系，还致力于促进两国的经贸关系，在推动中塞关系方面扮演着非常重要的角色。在加强两国海事关系方面，他也发挥了特别的作用，在他的推动下，上海船厂承建了大量挂塞浦路斯国旗的船只，还帮助登记悬挂塞浦路斯国旗的中国利益船。此外，在他的协助和鼓励下，中远集团和中国外运集团都在塞浦路斯设立了常驻办事处。目前，他是塞浦路斯总统派驻俄罗斯的特使（无偿）。他还是 RCB 银行的常务董事，在资产方面，RCB 是塞浦

Sotos Zackheos 大使 S.Zackheos Consultancy 创立合伙人 S.Zackheos & Associates 董事总经理 For cooperation or inquiries please contact Constantinos Zackheos at: 合作或咨询请联系 Constantinos Zackheos： constantinos@szcmail.com +357 25 586 601

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First Resident Ambassador of the Republic of Cyprus in China His Excellency Ambassador Sotos Zackheos has had a distinguished diplomatic career serving, amongst other, in Moscow, as First Resident Ambassador to China, as well as Permanent Representative to the U.N. in Geneva and New York. Until his early voluntary retirement in 2007, he served as Permanent Secretary of the Cyprus Foreign Ministry (i.e. Deputy Foreign Minister). During his service in China (1989 – 1993), Mr. Zackheos played an important role in upgrading Cyprus – China relations, both in the political sphere as well as in the promotion of economic and trade relations. He had a special role in enhancing

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路斯最大的系统性银行之一。他还是塞浦路斯 -GCC 国家商业协会的副主席以及塞浦路斯 - 卡塔尔商业协会的联合副主席。希腊共和国授予其凤凰大十字勋章，斯洛文尼亚政府授予其外交及国际领域服役黄金勋章。2007 年，他还被塞浦路斯酒店协会评为年度风云人物。 2014 年，Zackheos 获得第三届塞浦路斯投资促进局（CIPA）国际投资奖组委会颁发的终身成就奖。

relations in the maritime field, through the constructionof a large number of Cypriot flagged vessels in the Shanghai Shipyards as well as the registration of Chinese-interest vessels under the Cypriot flag. Furthermore, through his assistance and encouragement, he helped Cosco and Sinotrans to establish and operate resident offices in Cyprus.

国际业务的本地合作伙伴通过我们的办事处，即 S.Zackheos Consultancy 有限公司，我们的目标是通过塞浦路斯为客户提供企业保护，将创立及运营企业所需耗费的成本、时间和精力降至最低——藉此，客户可以专注于自己的核心业务，充分利用塞浦路斯与中国签订的双重征税协定。我司致力于为跨境运营的大中型企业和高净值人士提供公司注册和管理服务以及银行事务管理服务。

He is currently the Special Envoy (pro bono) of the President of Cyprus on Russia. He is also an Executive Director of RCB Bank, one of the largest systemic banks of Cyprus in terms of assets. He is also the Vice President of the CyprusGCC Countries Business Association and Co Vice President of the Cyprus-Qatar Business Association.

He was honored by the Greek Republic with the Grand Cross of the Phoenix and by the Government of Slovenia with the Golden Order for Services in the Diplomatic and International Field. He also received the Man of the Year Award by the Cyprus Hotel Association in 2007. In 2014, Mr. Zackheos was awarded the Honorary Lifetime Achievement Award of the 3rd CIPA (Cyprus Investment Promotion Agency) International Investment Awards. Local Partner in International Business Through our office S.Zackheos Consultancy Ltd, our goal is to help our clients protect their businesses and minimise the costs, time and effort associated with setting up and operating through Cyprus -

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通过塞浦路斯创立公司，利用塞浦路斯优惠的税收制度，可以获得显著的优势，包括 12.5% 的企业税率，无需缴纳有价证券处置税，完全免除外国常设机构的收益税（视情况而定），免税股息收入（视情况而定），金融公司的低利润率，向非居民支付的版税免收预扣税，以及对塞浦路斯境外应付股息、权益和版税免收预扣税。 S.Zackheos Consultancy 有限公司获得塞浦路斯证券交易委员会（“CySEC”）提供公司管理和信托服务的许可，登记号为 48/196，并接受该委员会的监管。塞浦路斯公民身份和永久居留权 S.Zackheos&Associates 有限公司致力于为非欧盟公民提供移民服务。我们协助符合资格的人士参与其感兴趣且可行的各种计划，通过投资获得塞

thus allowing them to focus on their core business and take advantage of the Double Taxation Agreement between Cyprus and China. Our Firm focuses on providing company formation and administration services, as well as banking administration services to medium and large companies as well as high net worth individuals operating cross-border. Structuring through Cyprus, to take advantage of the Cyprus favourable tax regime, provides significant advantages including a corporate tax rate of 12.5%, no tax on disposal of

securities, fully exempt profits from permanent establishment abroad (subject to conditions), tax exempt dividend income (subject to conditions), low profit margin for financing companies, no withholding taxes on royalties payable to non-residents, as well as no withholding taxes on payments of dividends, interest and royalties outside Cyprus. S.Zackheos Consultancy Ltd is licensed and regulated by the Cyprus Securities and Exchange Commission ("CySEC") under registration no. 48/196 to offer company administration and trust services.

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purchased until 31 December 2016. They also include 50% reduced Land Registry transfer fees for properties transferred until 31 December 2016. Building strategic relationships Individuals and organisations doing business in Cyprus, as well as abroad, increasingly need to interact with administrative authorities at the local and international level.

浦路斯公民身份或永久居留权。我们与政府主管部门和房地产公司保持着良好的合作关系，它们在公民身份和居留权计划中发挥着至关重要的作用。塞浦路斯政府为了吸引房地产投资，新近施行了各种激励计划，我们可以帮助感兴趣的投资人充分利用这些计划。这些激励计划包括：对于 2016 年 12 月 31 日之前购买的不动产资产（包括建筑），由其进一步处置所产生的任何资本收益，免征资本利得税。还有，在 2016 年 12 月 31 日之前过户的资产，减免 50% 的土地注册处过户费。打造战略伙伴关系在塞浦路斯及海外经商的个人和组织需要与本地及国际行政主管当局打交道的情况越来越多。 Zackheos 先生曾供职于塞浦路斯外交部，之后又涉足商业领域，在塞浦路斯和海外积累了四十余年的丰富经验，维持着一个巨大的关系网。Zackheos 大使可协助个人和组织与政府主管当局、监管机构、商业领袖建立并维持必要的战略伙伴关系，从而有效地实施自己的商业计划。

Cyprus Citizenship and Permanent Residency S.Zackheos&Associates Ltd, specializes, inter alia, in immigration services for nonEU citizens. We assist eligible persons who are interested in the various available schemes of receiving Cypriot Citizenship or Permanent Residency by investment. We maintain excellent working relations with government authorities as well as real estate companies, which are key components to the citizenship and residency programs. We can help interested investors to take advantage of the various new incentives introduced by the Cyprus Government in order to attract investments in real estate. These incentives include exemption from capital gains tax on any capital gain arising upon the future disposal of real estate assets which include buildings,

Mr Zackheos has a vast experience and maintains a wide network of relationships both in Cyprus and abroad, due to his career of over 40 years in the Cyprus Foreign Ministry and his involvement with the financial sector. Ambassador Zackheos assists individuals and organisations build and maintain the necessary strategic relationships with government authorities, regulatory bodies and business leaders, for the effective implementation of their business plans.

从公民权的角度解读塞浦路斯移民法 A Glimpse Into Cyprus Immigration Law with An Emphasis on Citizenship Iosif Frangos is the managing attorney of I.Frangos & Associates LLC, a Cyprus Bar Association licensed law firm, mainly engaged in corporate, tax, commercial, insurance, tort and banking law. Mr. Frangos, is the founder of I.Frangos & Associates LLC, a purely litigation law firm and its subsidiary Bybloserve Management Ltd which is specifically designed to provide a specialized fiduciary and corporate management service to international corporate clients. He is a graduate of UCL London (LLB) and LSE London (LLM), a member of the Cyprus Bar Association and the International Tax Planning Association.

Iosif Frangos Advocate (LLB, LLM) Executive Partner BYBLOSERVE MANAGEMENT LIMITED 律师 ( 法学学士、法学硕士 ) 执行合伙人 BYBLOSERVE MANAGEMENT LIMITED

塞

浦路斯是寻求移居海外宜居地人士的理想之选。这个岛国具有很高的生活水平、精彩绝伦的旅游胜地和叹为观止的自然景观，还有地中海的温和气候和稳定、高效、现代化的营商环境和先进的基础设施。因此塞浦路斯是寻求定居世外桃源，寻找营商和就业机会人士的极佳选择。此外，塞浦路斯有利的地理位置也让它成为通往欧洲的理想门户。塞浦路斯是地中海居于西西里岛和撒丁岛之后的第三大岛，位居地中海流

Iosif Frangos 是 I. FRANGOS & ASSOCIATES LLC 的管理律师 , 该公司为一家获得塞浦路斯律师协会许可的律师事务所 , 主要从事与企业、税务、商业、保险、侵权和银行法律相关的业务。 Frangos 先生是 I. FRANGOS & ASSOCIATES LLC（一家纯粹的诉讼律师事务所）及其子公司 Bybloserve Management Ltd（专门为国际企业客户提供专业的受托人和企业管理服务）的创始人。 Frangos 先生毕业于伦敦大学学院（法学学士）和伦敦政治经济学院 ( 法学硕士 )，是塞浦路斯律师协会和国际税务筹划协会的会员。

yprus constitutes the ideal destination for those seeking to embark upon a new and desirable habitat. The island offers high living standards, extraordinary outdoor attractions and sceneries, a Mediterranean climate in conjunction with a stable, sound and contemporary business environment with quality infrastructure. In this way, the island signifies a suitable destination for a wide range of individuals either

seeking a permanent oasis or potential business and employment opportunities. In combination with its ideal location, Cyprus offers a considerably advantageous gateway to Europe. The third largest Mediterranean island after Sicily and Sardinia, Cyprus is located in the North – Eastern Basin of the Mediterranean Sea, at the crossroads of 3 major continents,

Member Contribution

域的东北面，和欧洲、亚洲和非洲这三个大洲接壤。它以有利的地理位置和充满活力和有多种选择的营商环境，高教育水平的劳动力队伍成为金融行业发展的领头羊。这里必须着重强调一个事实，根据 2014 年 3 月 19 日部长会议的决议，非塞浦路斯公民可通过特许入籍程序获得塞浦路斯公民身份。申请入籍的主要资金要求是至少五百万欧元的投资，投资于塞浦路斯政府债券（A.1 标准）、塞浦路斯的公司或组织的金融资产（A.2 标准）、房地产、土地开发和基础设施建设项目（A.3 标准）、购买或创建或参与塞浦路斯的企业或公司（A.4 标准）或者在塞浦路斯银行存款（A.5 标准）。此外，如果总投资金额等于 500 万欧元，也允许按照上述几种标准的组合继续申请入籍。上述决议还提供了通过重大集体投资申请入籍的选项。具体来说，要求投资者按照上述 A.1 到 A.4 中的任一标准至少投资 250 万欧元，且明确地参加了一个特殊的集体投资计划，但前提是投资的总价值至少为 1250 万欧元。在上述的每一种情形下，申请人都必须在塞浦路斯共和国拥有私有住房，该住房的市场价值须至少为 50 万欧元（加增值税）。但是，如果投资人独立在永久私有住房中投资达到 500 万或 250 万欧元（视情况而定），则其无需再购买额外的住房。

namely Europe, Asia and Africa. It is widely accepted that the crucial position of the Country along with the existence of a dynamic and flexible entrepreneurship and a highly educated labour force has to a great extent fostered its prospects for financial development. The Council of Ministers decision dated 19/03/2014, by virtue of which amendments were made to the Scheme for Naturalization of Investors in Cyprus by Exception, as intended by the Cyprus Government, has proved to be attractive to foreign investors. Consequently, the interest expressed by foreign Investors regarding the aforesaid has increased substantially over the past year. This is firstly, due to the benefits attached to Cyprus citizenship including but not limited to free movement within the European Union and secondly, the attractiveness and flexibility offered by the said scheme. The primary financial requirement entails an investment of at least €5.000.000 in Cyprus Government bonds (Criteria A.1 ) or Financial

assets of Cypriot companies or Cypriot organizations (Criteria A.2) or Real Estate, Land Development and Infrastructure Projects (Criteria A.3) or Purchase or Creation or Participation in Cypriot businesses or companies (Criteria A.4) or Deposits in Cypriot banks (Criteria A.5). It is further permitted to proceed with a combination of the above described Criteria, provided that the total amount of the investment equals €5.000.000. The said decision also provides for the option of proceeding with a Major Collective Investment. Specifically, an investment of at least €2.500.000 in either of the Criterions A.1 – A.4 is required for investors, who demonstrably participate in a special collective investment scheme, provided that the total value of the investment is at least €12.500.000. In brief, the benefits of acquiring Cyprus Citizenship include inter alia, the following: • Citizenship is granted to the applicant & his/her dependent family members. • The timeframe for the completion of the examination procedure is approximately 3 (three) months from the date of submission of the applications. • There are no Greek language proficiency requirements and no obligation to reside in Cyprus. • Freedom of movement and establishment within the EU. • Free movement of capital, services and goods. • The acquisition of Cyprus citizenship does not require the renouncement of existing citizenship, which may thereby be retained. • A combination of investments is

获得塞浦路斯公民身份的好处包括但不限于： • 申请人及其抚养或赡养的家庭成员也可获得公民身份。 • 自提交申请之日算起，完成审查程序大约需要 3（三）个月的时间。 • 对希腊语熟练程度没有要求，也无需在塞浦路斯定居。 • 在欧盟范围内移动及创立机构的自由。 • 资本、服务和商品的自由移动。 • 获得塞浦路斯公民身份不需要宣布放弃现有公民身份，该公民身份也可以保留。 • 通过使用投资组合，可以分散投资人的投资风险。 • 自申请获得部长会议批准之日算起，应在 3（三）年内结束投资。 • 塞浦路斯岛提供高水准的生活质量和教育水平，和地中海的温和气候 • 塞浦路斯法律框架基于英国普通法制度 • 塞浦路斯共和国不仅和欧洲建立了坚固的外交和经济关系，还和其它主要国家，如俄罗斯、中国、印度、北美和中东等国建立了稳固的关系。 • 庞大的免双重征税国家网络还要注意的是，根据《外籍人士及移民法》第 6 条第（2）款的规定，内政部决定向满足特定金融标准的第三国申请人发放永久居留许可。此类标

available hence, allowing the investor to spread investment risks. • The investments are required to be maintained for no longer than 3 (three) years from the date of approval of the application by the Council of Ministers. • The island offers high standard of living and Education as well as a Mediterranean Climate • Cyprus is characterized by a modern legal framework rooted in UK Common Law. • The Republic of Cyprus has managed to facilitate exceptional diplomatic and economic associations with not only Europe, but also with jurisdictions such as Russia, China, India, North America and the Middle East. • Large network of Double tax treaties. It is further noted that in pursuance of the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of Interior has decided to issue Permanent Residency Permits to applicants from third countries that satisfy certain financial criteria. Cyprus Permanent Residency is granted to the applicant & his/her dependent

family members, the estimated timeframe for issuance of the permit is 2 (two) months from the date of submission of the applications. Lastly, it is noted that the Permit is granted on a permanent basis and thereby, renewal is not required. In addition, it is noted that recently, representatives voted on significant amendments to the Cyprus tax laws thereby, further improving the long established comprehensive and transparent character of the Cypriot tax system. The amendments of primary significance are as follows: • For property acquisitions taking place prior to the31/12/2016 the transfer fees payable at the Land Registry are reduced by 50% and totally abolished for those properties carrying VAT. • For property acquisitions taking place prior to 31/12/2016, no Capital Gains Tax is payable whenever this property is subsequently sold. • After obtaining citizenship or residency the holder may opt to

Member Contribution

准包括购买至少价值 30 万欧元的住房以及塞浦路斯银行 3 万欧元的存款，至少冻结 3（三）年。最后，申请人及其配偶应证明他们每年从国外获得的固定可支配年收入最少为 3 万欧元，且每增加一个要赡养或抚养的成员，就要多增加 5000 欧元。申请人及受其赡养或抚养的家庭成员都可以获得塞浦路斯永久居留权，自提交申请之日算起，发放许可预计需要 2（两）个月的时间。此外，值得注意的是，最近塞浦路斯税务法被投票做了相当显著的修正，修正案更进一步加强了塞浦路斯税务系统的全面性和透明度特征。具有重要意义的修正案如下： • 对于发生在 2016 年 12 月 31 日之前发生的资产收购，应向土地注册处支付的过户费可以减半，而含增值税的资产可以完全免除。 • 对于发生在 2016 年 12 月 31 日之前发生的资产收购，该资产此后任何时候被销售都不收取资本利得税。 • 在获得公民身份或居留权之后，持有人每年在塞浦路斯居住超过 183 天，就可以选择成为塞浦路斯税务居民。即便做出了此项选择，持有人从任何公司实体获得的任何股息依然无需缴纳特别国防贡献税。作为一家塞浦路斯的公司，我们多年来一直在向客户提供移民服务，我们的主要目标一直都是针对每一客户的具体需求，量身打造极其专业的高标准服务。在获得塞浦路斯公民身份或居留权方面，我们公司拥有独立的房地产部、法务部、企业部和银行业务部，是配备完善的“一站式服务提供商”。很明显，我们公司可以替投资人及其家属完成所有手续，从着手处理所有初始投资程序一直到最终完成入籍流程。兢兢业业地提供以客户为本的服务，拥有稳固的客户关系，高速的回应，灵活且具有竞争力的定价，以及最重要的真诚与信任，我们可以完全满足客户的所有期望。我们的本地知识和专业技能可任由您支配。

become a Cyprus tax resident by residing in Cyprus for more than 183 days per annum. Albeit he may so elect, he will still remain exempted from the Special Defence Contribution tax on any dividends received from any corporate entity. As a Firm, we have for many years been involved in the provision of immigration services and our primary objective has always been the provision of high standard services characterized by immense professionalism and tailored to the specific necessities of each Client. With regards to the acquisition of Cyprus citizenship or residency, our

Firm is a fully equipped “one stop shop”, with separate Real Estate, Legal, Corporate and Banking Departments. Evidently, our Firm may undertake the entire procedure as at the commencement of all initial investment proceedings until the final conclusion of the naturalization process for both the investor and his family. Hard work, a Client based service, a constant personal relationship, high speed response, flexible and competitive pricing but most of all honesty and trust, allow us to fully satisfy the expectations of our Clients. Our local knowledge and professional expertise are at your disposal.

行政特区 jurisdictions

塞浦路斯 Cyprus

1. 贵辖区在中国高净值人士和家族对下一代进行的资产传承方面的私密性和资产保护的最大优势是什么？塞浦路斯共和国是一个以向国际客户和国际公司提供公司服务而著称的金融辖区。塞浦路斯是节税天堂，提供欧洲甚至世界范围内最低的公司税税率；当然它也是一个为高净值人士提供极强保密性的资产保护辖区。资产保护能通过未雨绸缪的规划策略来避免未来可能产生的潜在风险和诉讼威胁，以及应对债权人、婚姻法和索赔人等而采取的保护措施。在塞浦路斯要达成这个目的，不需要隐藏高净值人士的任何资产或签订任何秘密协议，在这里，可以通过创建成熟高效的法律实体、合伙制和信托等架构来实现。对于那些希望向下一代传承资产的高净值人士和家族来说，设立信托是确保资产保护和私密性的最有效方法之一。塞浦路斯的国际信托很受欢迎。它由国际信托法 69 号（I）92 号案和 2012 和 2013 修正案来执行和保护。

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Q &A

1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? The Republic of Cyprus is a jurisdiction known for its popularity in the provision of corporative services to international clients and international business companies. Cyprus is a tax haven, offering one of the lowest corporate tax rates in Europe and amongst the lowest worldwide; however it is also a jurisdiction that provides privacy to HNWI and asset protection. Asset protection can be granted by the use of advance planning strategies that can be secured from any potential risk or threat from future litigation, creditors or matrimonial rules, as well as claimants. In Cyprus this can be achieved without having to hide any of the HNWI assets or producing secret agreements. It can be achieved by creating sophisticated structuring in the form of legal entities, partnerships and trusts. As regards to a HNWI or family looking to succeed their assets to the next generation, setting up a trust is one of the most effective establishments to ensure asset protection, as well as privacy. International Trusts are very popular in Cyprus. They are applied and safeguarded by the International Trust Law 69(I)/92, and its amendment of 2012 and 2013.

行政特区 jurisdictions 2. 价格方面，在贵辖区设立公司的价格和其它辖区相比是怎样的？如果价格更高，客户能得到的额外价值是什么？取决于信托的形式和具体案例的复杂程度，设立信托是最佳选择。国际信托的印花税是 430 欧元且能在信托设立的 30 天内支付，如果超期的话，就会根据超期时间的长短产生罚金。要这个信托进行注册的话，需要额外支付 30 欧元。信托基金的管理年费取决于时长和涉及到的工作量，但却和信托的资产价值无关。 3. 塞浦路斯在为中国和亚洲客户进行财富规划时遇到的最大问题和挑战是什么？贵辖区对此采取的应对方案是什么？我们面临的挑战不仅限于中国或亚洲客户，所有不熟悉国际营商环境的客户都需要时间来认识塞浦路斯作为一个国际金融中心所能提供的机会，塞浦路斯法律的基本框架，特别是针对国际营商服务和高效税务筹划的复杂公司架构等。塞浦路斯金融辖区提供友好和平易近人的环境来向国际客户推介这个辖区。所有专业人员都能说流利的英语，甚至当地人也能操一口纯正的英语。由于中国市场对塞浦路斯来说越来越重要，因此说明文件、广告和标识都已经有中文显示。塞浦路斯价格实惠和高效的签证方案，欧盟护照计划等都已向外国投资者和高净值人士开放，让塞浦路斯成为外国投资者最为青睐的投资、税务筹划和资产保护的目的地辖区。 4. 我们知道一些金融辖区专注于资产保护，另一些则专注于资产传承产品。贵辖区在这两方面是否有更佳的解决方案？

2. In terms of cost, how is the cost of a setting up a trust/ foundation in your jurisdiction compared to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? The cost for setting up a Trust as an optimal option depends on the formation of the Trust and the complexity involved in any case. The stamp duty of an International Trust is € 430.00 and is payable upon 30 days of the creation of the Trust, otherwise there will be further penalties depending on the period of delay. To register the Trust is a further € 30.00. The annual cost of managing a Trust fund would depend upon the time spent and the work involved, regardless of the value of the assets of the trust concerned. The additionally value that the Client receives when forming an International Trust in Cyprus is foremost the secure asset protection that is provided and the many tax benefits accompanied with setting up an International Trust in the jurisdiction of Cyprus, making Cyprus one of the most favourable jurisdictions worldwide for international Trusts. 3. What are some of the biggest issues &challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? The challenges faced are not in particular to Chinese or Asian Clients but apply to any client that is not familiar with the international business system and needs time to recognize and familiarise himself with the opportunities that are provided in Cyprus as an international financial centre, the legal framework of the Cypriot Laws, in particular for international business services and complex corporate structures for efficient tax planning. The solutions that the jurisdiction provides are adopting a friendly and approachable method of promoting the jurisdiction to foreign clients. English language is spoken by all professionals and even the locals of Cyprus speak the language very well. Due to the increase of the Chinese market in the

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塞浦路斯很幸运，是以推行强制继承权来实行资产保护的几个为数不多的金融辖区之一。资产保护由对实益所有权实行法定所有权分离的方式来实行的。如有明显的法定理由，信托的受托人被认为是资产的法定所有人，且受益人由塞浦路斯作为金融辖区而实施的多种法律规定进行保护的。塞浦路斯法律规定下创建的国际信托能保护资产不被转移给预先设定的法定继承人。它也是一个为某人一生提供收入保证来源或为儿童的未来预先备款而使用的工具。国际信托对上述目的而言是一个理想的税务筹划工具。此外，在委托人过世后，遗嘱检验流程非常冗长昂贵和公开，塞浦路斯国际信托的设立能避免上述的所有流程和公开曝光的危险。不仅如此，国际信托或资产的转移都不会受塞浦路斯或其它任何金融辖区的继承法影响，因此国际信托对强制继承权来说是免疫的。

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jurisdiction of Cyprus, directions, advertisement and signs have been established in the Chinese language. Affordable and efficient visa schemes and receipt of EU passports packages have been offered and provided to foreign investors and HNWI making Cyprus a very popular jurisdiction for foreign investment in Cyprus, tax planning and asset protection. 4. We understand that some jurisdiction focus on asset protection, while others focus on asset succession products. Does your jurisdiction have a better solution for asset protection or asset succession? Cyprus is one of the fortunate jurisdictions to provide asset protection from forced heirship. Asset protection is established by the separation of the legal ownership from the beneficial ownership. For evident legal purposes the trustees of the Trust are recognised as the legal owners of the assets and the beneficiaries are protected by a vast body of legal rules that are effectively applied in the jurisdiction of Cyprus. An International Trust established under Cyprus Law can prevent the assets from

行政特区 jurisdictions passing to the heirs prescribed by law. It is also a good vehicle to provide a source of income to somebody for life, or saving money for future use for the children. An international Trust is an ideal tax planning tool for such purposes. Additionally after death, the probate procedures are costly, lengthy and public. Establishment of an International Trust in the jurisdiction of Cyprus avoids all these procedures and exposures. Furthermore the validity of the International Trust or the transfer of disposition shall not be affected by the laws of succession or inheritance in force in Cyprus or any other jurisdiction, thus rendering the International Trust, immune from forced heirship rules. The inheritance and succession Law of Cyprus as well as any other country do not affect the transfer or disposition of assets by the Settlor or the validity of the International Trust. 5. When were trust and foundation law introduced in your jurisdiction? Trusts & Foundations in Cyprus are initially enforceable by the Trustees Law of 1955, Cap.193. In 1992 Cyprus implemented the International Trust Law 69(I)/92 which was amended by Law 20(I) 2012 and Law 98(I) 2013 which introduced significant changes to the legal framework of the Trust. In regards to nonprofitable foundations the appropriate law is The Societies and Institutions Law 1972 and 1997, and the Charities Law of Cap. 41of 1925. Contributed by: Sergey Kolesnikov, Managing Director, Polymage Consulting

塞浦路斯和其它国家的继承法和遗产法不会对由委托人进行资产的转移或处置产生任何影响，也不会影响国际信托的有效性。 5. 信托和基金会法在贵辖区是什么时候颁布的？塞浦路斯的信托和基金会最初由 1955 年的信托法 Cap. 193 号文件来实施。1992 年，塞浦路斯开始施行《国际信托法 69(I)/92》且在 2012 和 2013 年分别由 20(I) 和 98(I) 号法令进行了修改，修正案对塞浦路斯的信托框架进行了大刀阔斧的改进。对于非盈利性的基金会来说，适用的法律是 1972 和 1997 年的《社会法律与制度法案》，以及 1925 年实施的慈善法 Cap.41 号。来源：Polymage 咨询公司董事总经理，Sergey Kolesnikov

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列支登士敦

Liechtenstein

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“多变时代值得信赖的伙伴”

«A reliable connection – even in times of continuous change» 作为列支敦士登领先的信托公司之一，我们自1929年至今就一直是一家值得信赖的国际信托和企业服务提供商。

As one of Liechtenstein’s leading trust companies, we have been a reliable provider of international trust and corporate services since 1929.

· 资产组合、财务规划和资产保护 Asset structuring, financial planning and asset protection · 家庭办公室服务 Family office services · 遗产和继承事宜规划 Inheritance and succession planning Liechtenstein

· 国际税收咨询和税务规划 International tax advice and tax planning · 法律咨询服务 Legal advice · 信托、基金会和企业 Trusts, foundations and companies · 控股和专利权管理公司 Holding and patent management companies · 商业交易的处理和结算 Handling and settlement of commercial transactions · 选择合适的银行机构 Selection of a suitable banking institution · 会计和审计 Accounting and auditing · 居住地改变 Change of residency

Allgemeines Treuunternehmen since 1929

Allgemeines Treuunternehmen · General Trust Company · Compagnie Fiduciaire Générale Aeulestrasse 5 · P.O. Box 83 · 9490 Vaduz · Principality of Liechtenstein T +423 237 34 34 · F +423 237 34 60 · info@atu.li · www.atu.li

概况

列支敦士登

实体类型

信托授产安排（没有法律实体）

法律类型

民法（推行来自英美法的信托概念）

General Type of Company Type of Law

Our Time to Establish a Trust

建立信托所需时间

大约 1 周

最低政府费用（不包括税收）

200 瑞士法郎（包含关税大约 700 瑞士法郎）

是否签订双重征税协定

是

国外收入课税

信托（授产安排）是没有特点的捐赠，他们只需支付最 Taxation on Foreign Income 低企业所得税（1200 瑞士法郎）

标准货币允许币种最低资产要求受托人独立法人最低人数

1人

公司法人最低人数

无

是否要求有当地受托人

无

公众可否查阅记录

无

会议地点

推荐在列支敦士登举行会议

保全是否需要

可选

持有专业资格

可选

信托契书公众可否访问

Double Taxation Treaty Access

无最低限制，瑞士法郎，美元，欧元和其他可接受的通用货 Standard Currency 币瑞士法郎，美元，欧元和其 Permitted Currencies 他可接受的通用货币无限制

否

Minimum Assets Required

准备要求

受托人必须保持形成信托财产的资产记录，并每年进行调整

审计要求

不适用信托协议，但是信托契约可以指定审计员

公众可否访问账户

否

其他法定继承权

不适用

是否允许迁册

是，取决于信托契书

around 1 week

Yes

Trusts (settlements) are endowments without personality, They only pay the minimum corporate income tax (CHF 1,200) HF,USD,EUR and any common currencies acceptable, no minimum capital required CHF,USD,EUR and any common currencies acceptable

Trustees

No Limitation

Minimum Number if Individuals

If Local Trustee Required

Location of Meetings Protector

No, but meetings in Liechtenstein recommended

Required

Optional

Minimum Number if a Body Corporate No Publicly Accessible Records

Professional Qualifications Held

Trust Deed

Optional

Publicly Accessible

Accounts

账户

Trust settlement(no legal entity) Civil law (instituting the trust concept deriving from common law)

Minimum Government Fees (excluding 200CHF (in total normally taxation) 700CHF including duties)

Trust Assets

信托资产

Liechtenstein

Requirements to Prepare Audit Requirements

Publicly Accessible Accounts

The trustee is required to keep records of the assets forming the trust property and to adjust them annually Not for trust settlements, but an auditor can be appointed in the deed of trust

Other

Forced Heirship Rules

Not applicable

Change in Domicile Permitted

es, depends on the trust deed

By Allgemeines Treuunternehmen

行政特区 jurisdictions

简介 Introduction 行政特区：列支敦士登地区：欧洲货币：瑞士法郎语言：德语时区：UTC+1

Country: Liechtenstein Region: Europe Currency: Swiss franc (CHF) (CHF) Languages: German Time Zone: UTC +1

区号：+423 通讯设施：优秀

Phone Code: +423 Communications: Good

列支敦士登是君主立宪制国家，有土地 160 平凡公里，人口为 37009 人（2013 年 7 月的预估数），位于瑞士和奥地利之间。它和瑞士有关税联盟和货币联盟。列支敦士登属于欧洲自由贸易联盟国家，从 1995 年加入欧洲经济区，它并非联合国的成员国。列支敦士登的官方语言是德语；英语和法语也得到广泛的应用，并在日常生活中使用一种方言。在 2003 年进行的全民公决中，当权王子 Hans-Adam 二世获得了新的彻底统治权，其中包括他有权否决议会提案，解散整个政府和全国进入紧急状态等。列支敦士登在和瑞士进行经济联合之前（1922 年开始，并于 1980 年加强）还是一个农业国，在经济联合后让它工业和金融业得以起飞。王子家族致力于领导全国取得经

Liechtenstein is a constitutional monarchy, has a land area of about 160 sq km (60 sq m), a population of 37,009 (July 2013 est), and is sandwiched between Switzerland and Austria. It has a customs union and a monetary union with Switzerland. Liechtenstein belongs to EFTA, and since 1995 to the EEA; it is not a member of the UN. The official language is German; English and French are also spoken, with a local dialect used in everyday life. A referendum held in March 2003, gave the ruling Prince Hans-Adam II sweeping new powers, including the right to veto parliamentary bills, sack the entire government and introduce emergency rule. Liechtenstein was primarily an agrarian country until its economic union with Switzerland (1922 and reinforced in 1980) propelled it into rapid industrial and financial development. The princely family is highly active in

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概况

列支敦士登

General

Liechtenstein

实体类型

基金会

法律类型

Type of Company

民法（列支敦士登 2009 年基金法） Type of Law

Foundation

有限责任

只有第三方对基金会资本负有责任，与创始人与受益人无关

建立基金会所需时间

5 个工作日

基金会最低资本金（等值货币）

3 万瑞士法郎或美元或欧元

基金会资本货币

瑞士法郎，美元，欧元和任何通用货币

公众可查阅记录基金会会章

否

基金会管理条例

否

受益人

否

创建人

否

基金会管理成员保全要求

可选

是否允许企业保全

是

理事会成员最少人数

2 个（其中一个在列支敦士登有执照）

是否允许有企业理事会成员

是

会议地点

推荐在列支敦士登进行会议

Limited Liability

Our Time to Establish a Foundation Foundation Capital Minimum (equivalent in currency)

Publicly Accessible Records Foundation Charter

Beneficiaries

Foundation Capital Currency

Foundation Regulations Name of Founder

Officers of Foundation Protector Required

Optional

Minimum Number of Council Members Corporate Council Members permitted

2 (one with a license in Liechtenstein)

Corporate Protector Permitted

Meeting Location

是

是否需要秘书

否

Foundation Agent

章程语言

允许的语言是德语（法院等）。通常情况下，在合法形式下翻译成英文，法文，西班牙文，意大利

Language of Charter

管理条例语言

任何语言，如果法院将决定一个法律案件可能需要翻译

Secretary Required

Language of Regulations Accounts

准备要求

除了帐户外通常只有需纳税的基金会必须提交年度纳税申报

审计要求

否

其他年度政府费用

是

是否允许迁册

是

No No

基金会代理

账户

5 working days

CHF 30'000 or USD 30'000 or EURO 30’000 CHF, USD, EUR and any common currencies acceptable

Local Requirements of Foundation

基金会本地规定

Civil Law (Liechtenstein Foundation Law 2009) Only the foundation capital is liable to third parties, not the founder or the beneficiaries

Requirements to Prepare Audit Requirements

是

Yes

No, but meetings in Liechtenstein are recommended 是 No

Permitted Language is German (court etc.). Normally, translation into English, French, Spanish, Italian is provided in legalized form Any, but court might ask for translation, if the court will have to decide on a legal case Only ordinarily taxable foundations must submit an annual tax declaration, in addition to the accounts

Other

Annual Government Fee

Yes

Change in Domicile Permitted

Yes

By Allgemeines Treuunternehmen

行政特区 jurisdictions

济上的成功。人均国民总产值高达 181780 美元（2010 年）。列支敦士登的人均 GDP 并不反应该国的财富总量，因为在该国工作的许多人都在列支敦士登和邻国之间通勤。通货膨胀很低且失业率低于 2.4% 左右。货币是瑞士法郎，没有外汇管制。欧洲经济区的会员身份让列支敦士登有机会大多数情况下进入欧盟的单一市场。 2003 年 10 月，在遭遇戏剧性的变化后，列支敦士登拒绝签订让欧洲经济区吸收十个国家在 2004 年加入欧盟。显然是为了报复捷克共和国和斯洛伐克 1940 年的所谓“贝纳斯”法令，该法令旨在驱逐列支敦士登国民以及征用他们的房屋。但在当年 11 月，列支敦士登最终屈服并签署了条约。适合于：银行业、基金管理、游艇、金融贸易、知识产权 / 许可证、控股公司

leading the country economically. GDP per capita is just over USD181,780 (2010). GDP per capita for Liechtenstein does not reflect the general wealth of the nation, as many individuals working in the country commute from neighboring nations. Inflation is low and unemployment is low at around 2.4%. The currency is the Swiss Franc, and there are no exchange controls. Membership of the EEA gives Liechtenstein access to the single market of the EU in most respects. In October, 2003, in a dramatic development, Liechtenstein refused to sign an agreement to expand the EEA to incorporate the ten nations due to accede to the EU in 2004, apparently in order to get back at the Czech Republic and Slovakia for the 'Benes' decree in the 1940s which resulted in the expulsion of Liechtenstein nationals and the expropriation of their property. But at the end of November Liechtenstein gave in and signed up. Suitable for: Banking, Fund Management, Yachting, Trading Financial, Intellectual Property/Licensing, Holding Companies

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通过列支敦士登的公司来控制子公司的备选策略 Alternative strategies to hold subsidiaries through Liechtenstein companies By Roger Frick 职业背景：ATU 信托公司受托人管理委员会成员，列支敦士登瓦杜兹。教育背景：1984 年 ~1987 年，瑞士圣盖伦大学高级经济管理学院工商管理学士；1987 年获得列支敦士登信托受托人执照；1991 年 ~1994 年，获得瑞士注册会计师证书（CPA）；1996 年，获得列支敦士登欧盟指令辖区注册会计师执照（CPA）；TEP（信托财产执业者）。其它领域：2015 年 5 月之前，担任列支敦士登专业信托受托人学院院长，该学院为一家公共法律公司；2003 年前担任列支敦士登大学会计学讲师；尽职调查法、基金会法、税务交换协议执行工作组的成员之一；注册会计师（CPA）考试的政府协作单位成员之一。 Professional Background: Member of the Board of Trustees, Allgemeines Treuunternehmen (ATU), Vaduz/LI. Education: Bachelor of Business Administration, Higher Economic and Administration School (HWV), St. Gallen/CH, 1984-87; Trustee licence in LI, 1987; Swiss diploma as chartered accountant or CPA, 1991-94; Diploma as chartered accountant or CPA in LI – within EU Directive, 1996; TEP (Trust Estate Practitioner). Other activities: Former President, Liechtenstein Institute of Professional Trustees and Fiduciaries, a public law corporation, until 5/2015; Lecturer for accounting, University of Liechtenstein, until 2003; Member of different working groups for implementation of due diligence law, foundation law, Tax Exchange Agreement; Co-organization of exams by the government for CPA /chartered accountants.

015 年年初，列支敦士登的公司法纳入了“受保护细胞公司（PCC）” 的概念，也被称为独立投资组合公司（SPC）。这意味着，在构建自己的资产时，经济主体在未来可诉诸的法律实体，在有关责任分配的问题上被赋予了更高的灵活性和法律确定性。PCC 与其说是一种新的法律实体，不如说是一种新的法律安排，它为现行法律实体体系增添了新的组织结构。通常，在基金行业会发现这种类型的组织。按照惯例，公司由追求同样的经济目标的母公司或子公司实体组成，尽管目前这涉及到大量的行政、官僚，以及与此有关的财政资源。而且在实践中，伞基金和多个子基金的组合经常具有法定责任的风险。实现这种结构最优化、最具成本效益的方式是通过一个 PCC 来进行。因此，在许多情况下，PCC 可以更优异地实现同样的目的 , 而且比标准的母公司或子公司结构成本更低。很多其他经济辖区允许以这样或那样的形式进行区分。在本质上其目的是通过适当地分散风险，符合成本效益，并以最高的效率更具体地来改善风险管理。 PCC 一个最重要的特点是，由于它是由细胞公司组合而形成的企业结构，它可以以适度的支出（与在小国建立永久居所的要求相适应），获得企业实质和

China Offshore Trusts & Foundations Guide 2015

It is already customary for companies to be structured as parent or subsidiary entities which pursue the same economic objectives, although this currently involves a great deal of administrative, bureaucratic and, therefore, financial expenditure. In practice, moreover, combinations consisting of an umbrella foundation and multiple sub-foundations often carry statutory liability risks. The optimal, most cost-effective way to achieve this structure is by means of a PCC. Thus, in many cases, the PCC can fulfill the same purpose more elegantly and with less cost than the standard

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t the beginning of 2015 the scope of Liechtenstein company law was expanded with the introduction of the protected cell company (PCC), also known as the segregated portfolio company (SPC). This means that, when structuring their assets, economic players will in future have recourse to a legal entity which gives enhanced flexibility and legal certainty with regard to the allocation of liability. The PCC is not so much a new legal entity as a legal arrangement that allows additional organizational structures within existing legal entities. Normally you find this type of organization in the fund industry.

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所要求的物质资产（基础设施，人力资源，专业技术）。在某一经济辖区内，能使它至少能满足附属公司最小的资产量要求。值得注意的是，在列支敦士登，为了生产企业的物质资产，他们安排专业人员居住在这个国家——这一举措相对常见，对其他国家也不会造成特殊问题——这一办法要受到极其严格的限制。因此，将 PCC 办法引进列支敦士登公司法是明智又适当的调整，这一调整将有望抵消由公国对住宅的限制性政策造成的竞争劣势。因此，最好的情况下，这一方案将可能成功的将明显的地区劣势转化为适中的地区优势。我们的设想是这一公司法修正案将实现这一目标。一个受保护细胞公司包括： 1）一个核心或非细胞部分， 2）一个或多个单独的细胞公司。 PCC 的一个显著特征是单个细胞的资产和核心资产总是彼此分开。虽然如此，这仍然是个有着一个金融报告，一个纳税申报单和一个为公司核心及细胞负责的董事的公司。一个 PCC 公司可能由一个贡献核心资本的列支敦士登居民建立。这个人可能是

parent or subsidiary structure. Many other jurisdictions permit segregation in one form or other. In essence its purpose is to improve risk management, more specifically by spreading risks appropriately, cost-effectively and with maximum efficiency. An important feature of the PCC is that, because it is a corporate structure formed by the combining of cells, it can acquire corporate substance and be endowed with the required volume of material assets (infrastructure, personnel, technical expertise) at a modest level of expenditure that is compatible with having the domicile in a small country. In certain jurisdictions at least this makes it possible to meet specific minimum asset volume requirements for affiliated companies. It is worth noting here that, in the

case of Liechtenstein, generating corporate substance by arranging for specialist personnel to take up residence in the country – a practice that is relatively common and poses no particular problems in other countries – is subject to very tight restrictions. Accordingly, the introduction of the PCC solution into Liechtenstein company law is a sensible and proportionate adjustment which potentially counteracts the competitive disadvantage imposed by the Principality’s restrictive policy on residence. At best, therefore, it may succeed in turning a distinctive local disadvantage into a modest local advantage. Our assumption is that the proposed amendment to company law will achieve this objective. A PCC consists of: 1) a core or non-cellular part, and 2) one or more separate cells.

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企业主，拥有投票权和资本权。在国内面临受控的外国公司的限制，或者反滥用权利条款等的投资商可能会对 PCC 公司感兴趣，为细胞公司提供储备和资金。一个细胞公司可能有通常意义上的受益权，也可能没有。有时可能会按照一份目的信托组建一个细胞公司。这就使得资产得到保护，最大限度地保证了投资者和贡献者的机密性。列支敦士登的法律实体可以利用资金的自由流动和在欧洲经济区设立公司的自由，只要公司是真的在进行某种形式的经济活动，如通过 PCC 实现控股的功能。对于这种公司实体必须在欧洲经济区通过某种实体形式存在（例如一个办公室）以供个人通过提供某项服务进行业务经营（如管理集团子公司或控股公司），并且在上述固定地点，在无限期时间内获得酬劳。按其公司章程规定，这样的业务是在实体公司的总部，或者行政总部进行。根据经营业务的大小，公司必须雇用合适数量的雇员。如果企业实体在欧洲经济区内，在经营场址 , 人员和设备等方面缺乏适当水平的资源，它可能不会被视为提供了一项经济服务。如果这个法人实体在管理一系列公司或者在从事其他经营活动（例如，资源管理），并且，如果该法人实体目前的公司组成方式反映了以上活动，将被视为已发生实际经济活动，因为其在欧洲经济区内已建立了物质实体。如此一来，列支敦士登的法律实体就可以通过资本的自由流动和

One distinctive feature of the PCC is that the assets of the individual cells and the assets of the core are always kept separate from each other. Nevertheless, it is one company with one financial report, one tax declaration, and one director which has the responsibility for the core and cells. A PCC may be set up by a Liechtenstein resident who contributes the core capital. This person may be the owner and have the voting and capital rights. An investor facing Controlled Foreign Company restrictions in his home country, or anti-abuse provisions etc. might have an interest in a PCC through contribution of reserves or funds into a cell. A cell may have beneficial rights in the usual sense or not. A cell may even be organized in such a way that the beneficial interest lies in a purpose trust. This enables asset protection and maximum confidentiality for an investor or contributor. A Liechtenstein legal entity can take advantage of the free movement of capital and the freedom of w w w . a t u . l i

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establishment within the EEA providing it does actually engage in some form of economic activity, such as a holding function through a PCC. For this to apply the entity must have some form of physical presence (such as an office) in the EEA at which a person conducts business by providing a service (such as management of group affiliates or holdings) against remuneration for an indefinite duration of time specifically through that fixed physical location. Such business is to be conducted at the entity’s headquarters as defined in its articles of association or, alternatively, at its administrative head office. Depending on the size of the business concerned, an appropriate number of employees must be recruited. If the entity lacks an appropriate level of resources in terms of premises, personnel and equipment within the EEA, it probably will not count as providing an economic service. If the legal entity is involved in managing a group of companies or in other group activities (e.g. resource management) and

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设立公司的自由获利。由此可见，PCC 能够更迅速、更节省成本地实现公司的物质要求。列支敦士登的 PCC 在列支敦士登将正常征收 12.5% 的所得税。股息和股份资本收益在列支敦士登均为不可征税收入。金融产品的利差幅度按 12.5% 收税。 PCC 可与卢森堡、奥地利、英国、新加坡、香港和马其他等国签订避免双重征税协定。由于其有形存在和产品信息难以确定，通常情况下，无法与德国达成税务协定。在美国海外账户纳税法案（US FATCA）和经合组织（OECD）税收信息交换标准（AEoI）的范围内，这样的实体将被视为典型的消极非金融机构（NFFE）。 PCC 通常按列支敦士登的具体情况，组织成一个多功能法律实体。它通常被组织成公司的形式（带有商业目的），或者具有和基金相类似的特点（具有私人性，并且 / 或者带有非盈利的慈善因素）。其所有权信息被保存在证明文件中（转让契约），而不是以股权形式体现。因此，由于契约并非企业的交易许可证，持票人和注册股份所存在的问题将得到有效解决。

if the way in which it is currently incorporated reflects those activities, it will be presumed that there is actual economic activity because a physical presence is thereby established within the EEA. In this way, a Liechtenstein legal entity can benefit from the free movement of capital and the freedom of establishment. Hence the corporate substance requirement can be fulfilled faster and more cost-effectively by means of a PCC. The Liechtenstein PCC will be ordinarily taxable in Liechtenstein with a profit tax of 12.5 %. Dividends and capital gains on shares are not taxable income in Liechtenstein. The interest margin on financing positions is taxable at 12.5 %. A PCC may apply for double tax treaties with countries like Luxembourg, Austria, United Kingdom, Singapore, Hong Kong, and Malta, etc. The tax treaty with Germany may normally not be available as the

requests on the availability of physical presence and product knowledge are difficult to fulfill. Insofar as US FATCA and OECD Automatic Exchange of Information (AEoI) is concerned, such an entity will typically qualify as passive NFFE. A PCC is typically organized as an Establishment which is a highly versatile form of legal entity, specific only to Liechtenstein. It is normally structured like a corporation (for commercial purposes) or may have features similar to those of a foundation (private and/or charitable elements for non-commercial purposes). The ownership is documented in a document of proof (deed of assignment) and not in the form of shares. Therefore, the present problems on the bearer and registered shares do not arise as the deed is not a tradable certificate for corporations.

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行政特区 jurisdictions

列支登士敦

Liechtenstein

1. 在隐私和财产保护方面，贵辖区有哪些主要优势，从而使中国的高净值人士或家族将财产传递给下一代？一个富裕的国际化家族会比较各国的服务，除了考虑该国政治经济的稳定性，他们也要感受到更专业化的服务，包括资产保护及遗产规划。列支敦士登金融产品看起来意味着基金会、信托和贸易公司与其他金融辖区机构可以相互替代。但不可替代的是列支敦士登金融中心在国际信托与基金法领域 88 年的经验，早在 1926 年，列支敦士登金融中心就已涉足该领域。列支敦士登金融中心一个极为重要的因素是其在 1924 年与瑞士签署的关税条约，将瑞士法郎作为法定货币。 2. 在贵辖区内，客户的首选是信托和基金会吗？您如何得以确信？您期待未来在此方面有任何变化吗？对于经常在世界各地变换居住地，并且准备将财产转移到下一代的富裕家庭而言，信托和基金会是他们首选的方式。为了继续保持财富，须保证财产处于一个稳定且客观的环境，毋须图

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Q &A

1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family looking to succeed their assets to the next generation? A wealthy international family is looking for services in countries, where, apart from the political and economic stability of that country, the family is experiencing superior professionalism, where the family can protect their assets and do estate planning. Liechtenstein financial products that mean foundations, trusts and trading companies are interchangeable, at the first sight, with structures of other jurisdictions. What is not interchangeable is the 88-year-old experience of the financial center of Liechtenstein in the international trust and foundation law fields, which started to develop already in 1926. Substantial key elements of the financial center of Liechtenstein are the customs agreement with Switzerland of 1924, the takeover of the Swiss franc as a legal currency. 2. Are trusts and foundations in your jurisdiction the preferred structure for clients? Why do you believe that is? Do you expect any changes in that preference in the future? Trusts and foundations are the preferred structure for wealthy families moving around in the world and preparing for the transfer of wealth from one generation to the next generation.

行政特区 jurisdictions 个人的短期利益以及不顾全局的长期利益。如果一个家族改变他们的居住地或者国籍，并且对该国的新法律不熟悉，或者仅仅想确保实现财产的规划目的，那么信托和基金会将是他们的最好工具。但如果他们直接持有财富或者通过离岸实体而不是合适的信托或基金会会时，一旦家族成员或债权人对财产造成损害，结果会令其震惊。家族需求不会有太大变化，家族对信托和基金会的偏好也不会改变，尽管在未来的 2 到 4 年内，由于税务和法律事务方面的合作，其复杂性将会大幅度提高。资产保护通常从由一个国家到另一个国家的合法套利中获益，国家之间的合作越多，反而越难从中获益。一个专业的受托人是资产规划结构最重要的第一步，当被问到法院会如何确定信托或基金会结构的有效性时，每个受托人的回答可能会有很大的区别。 3. 通常，当你们为中国或亚洲客户制定规划时，遇到的最大问

In order to preserve wealth, assets need a stable and objective environment, free from personal short sighted interests or influence which is not in the long term interest of the overall family. Trusts and foundations are excellent tools as preparation for families who change their residences or nationalities if they are not familiar with the new laws in the host country, or simply want to make sure that the wealth has the destiny the family initially planned. If wealth is held directly or via offshore entities without appropriate trust or foundation structure, the families might be surprised with the outcome if assets are attacked by family members or creditors. The family needs do not really change, so the preferences stay, although the complexities increase substantially in the next 2-4 years due to cooperation on tax and legal matters. Asset protection quite often benefits from legal arbitrages from one country to the other, and the more there is cooperation between countries, the more difficult it may be to obtain the result. Here a professional trustee is the most important first step for the structuring, and it may be a big difference from trust/foundation structure to the other by giving an answer on how a court may consider the effectiveness of a structure.

题或挑战是什么？针对这些，贵辖区有哪些解决方案？一般情况下，中国和部分亚洲国家的家族并没有充足的时间去了解信托或基金会在某个方面或其他方面的影响。他们会听你讲述，但最终他们还是依据关税的价格、银行或信托公司的规模或者朋友的推荐来决定。并且，他们不会坐下来去考虑其实际的问题，也不去考虑或许在 A 国一个适用的解决办法在 B 国并不适用。一个专业的受托人需要受过良好教育的家族，可以清晰地表达他们的需求，并且不会天马行空。富有的家族在与银行信托部门洽谈向其销售某项信托或基金会的同时应避免追求投资回报，更不必说该信托或基金会往往不值得客户花费金钱在上面，因为该架构根本不会考虑富有家族所遇到的问题。该问题并没有简单的解决办法，只能是耐心应对，准备好资料材料，解决具体需求以及逐渐深入地挖掘市场，这就是列支敦士登 ATU 信托公司 88 年所积累的专业经验。

3. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? Chinese families and partially Asian families in general do not reserve sufficient time to understand the effects of a trust or foundation done in one way or the other. They listen, but finally decide on the basis of the price tariffs, the size of a bank or trust company or recommendation of a friend. However they do not sit down and think about their specific problems. And do not think about the problem that a solution for a family in country A is not a solution for a family in country B. A professional trustee needs an educated family who expresses their needs and is not jumping from one idea to the other within seconds. And wealthy families should avoid looking for return on investments and speak to bankers who in the same time sell them a trust or foundation in their trust department. Needless to say that such

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4. 在贵辖区，信托和基金会法是什么时候开始实施的？ 1926 年，我们开始实施信托和基金会的相关法律，所以说我们国家拥有不可替代的列支敦士登金融中心在国际信托与基金会法律领域 88 年的经验。如果你回顾过去 20 年中不同国家所颁

a trust or foundation is normally not worth the money the clients pay because the structure does not consider the problems of the wealthy family. There is not an easy solution to this, simply be patient, prepare booklets and material to address the specific needs and slowly dig into the market. That is what ATU with its 88 years of professional knowledge does.

布的不同基金会法，你会发现他们均研究过列支敦士登的法律基础并且在很大程度上沿袭了列支敦士登的基金会法。相对于信托而言，列支敦士登基金会将为中国家族提供一个巨大的优势——资产所有者不再是受托者或董事，而是基金会本身。所以，即使你解雇董事长或解散基金会委员会，资产所有人也不会改变，这是完全不同于信托概念的。 5. 在贵辖区，最近有信托或基金会法律方面的更新需要投资者关注的吗？在信托或基金会法律方面，列支敦士登最近并没有重大的变化。

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4. When was trust and foundation law introduced in your jurisdiction? The respective laws were enacted in 1926, so what is not interchangeable from one country to the other is the 88-yearold experience of the financial center of Liechtenstein in the international trust and foundation law fields. When you look at the various foundation laws in different countries which introduced the foundation law in the last 20 years, you see that all of them studied the legal basis in Liechtenstein and copied to a large extent the Liechtenstein foundation law. Liechtenstein foundations have for Chinese families a big advantage compared to trusts as the owner of the assets is not the trustee/director but the foundation itself. So if you kick out

行政特区 jurisdictions 但是有一些对富有家族产生深刻影响的重要变化，即各国之间加强了税务合作。 2015 年 7 月 1 日，中国的全国人民代表大会批准并签署了《多边税收征管互助公约》。该《多边公约》中的许多条款要求各方采取不同方式互相帮助，包括：应要求交换信息、自发的信息交换、其他国家的税务检查以及税务的同步检查和税收帮助。该协议还包含有保护纳税人权利的条款。同时该协议在各方的同意下允许信息的自动交换。假如账户的持有者是基金会或信托，那么信息将转移到财产授予人、保护人、受托人、受益人和其他控权人名下。在此，一个专业的受托人能够为富有家族指出某个基金会或信托架构与其它架构的不同之处，从而使得哪些人能够得到答复，哪些数据能够被传送或不被传送（通常由银行传送）。根据基金会或信托设立的方式，例如一个参与者或者从销售中获得的资金可能报告也可能不报告。家族基金会和信托是财富规划的一种方式，并且在信息交换不断增长的时代背景下，依然如此，因为

the director/board of the foundation, the owner of assets is not changed, what is completely different from the trust concept.

家族基金会和信托的主要目的在于财富保值、继承计划、继承问题、债权人保护和税务最优化。在这个方面，专业的受托人就能够提出和推荐各种有利机会并考虑合适的国家及银行网络，展现出签约合适的基金会或信托机构的效果。来源：ATU 信托公司受托人委员会成员 Roger Frick

5. Are there any recent development in trust/foundation law in your jurisdiction that investors should be aware of? There are no recent major changes in the trust/foundation law in Liechtenstein. However there are important changes which will have a deep impact on any wealthy family: The increased tax cooperation between countries. On 1 July 2015 China’s National People’s Congress approved the signature of the Multilateral Convention for Mutual Assistance in Tax Matters. The Multilateral Convention contains provisions for mutual assistance in various ways. These include exchange of information on request, spontaneous information exchange, tax examinations in other countries, simultaneous tax examinations and assistance in tax collection. The agreement contains provisions to protect taxpayers’ rights. The agreement allows the option to engage in automatic exchange of information where parties agree to this. In case the account holder is a foundation/trust, then the information transferred will be on settlors, protectors, trustees, beneficiaries and other controlling persons. Here a professional trustee may outline to wealthy families the differences from one foundation/trust structure to the other and what this may have as consequence to answer which names and which data will be sent out or not (normally by the bank). Depending on the way a foundation or trust is set up, for example a participation and the capital gains out of a sale may be reportable or not. Family Foundations and trusts are a wealth planning tool, also in times of increased exchange as the main object of the Family Foundation/Trust is wealth preservation, succession planning, inheritance matters, creditor protection and tax optimization. Here a professional trustee can offer and recommend certain opportunities and demonstrate the effects by drafting the appropriate foundation/trust deed, considering the right country and bank network. Contributed by: Roger Frick, Member of the Board of Trustees, ATU

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马耳他 Malta

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the key to Efficient Wealth Management Malta has become a natural hub for wealth management and family offices in the Mediterranean region. Attracting high net worth individuals with favourable residency and tax planning solutions in full compliance with EU legislation, Malta offers the ideal environment for successful wealth management. The jurisdiction offers an excellent physical and legal infrastructure bolstered by topclass professionals experienced in structuring customised solutions with innovative approaches. All this governed by a world-class regulatory regime, served by skilled multilingual professionals and located in a politically stable, low-risk EU member environment that offers an attractive lifestyle within easy access of European and Mediterranean capitals. Malta

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概况

马耳他

General

实体类型

信托

Type of Company

法律类型

成文法，信托及信托法，马耳他法律第 331 章

建立信托所需时间

1到2天

最低政府费用（不包括税收）

无

Type of Law

Our Time to Establish a Trust

Minimum Government Fees (excluding taxation)

Malta Trust

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

1-2 days

N/A

Can be tax neutral for foreign source income if all beneficiaries are non-Malta residents or not domiciled in Malta

国外收入课税

如果受益人为非马耳他居民则国外来源收入可被中性税收

是否签订双重征税协定

是

Double Taxation Treaty Access Trust Assets

Yes

标准货币

欧元

允许币种

任何币种

Standard Currency

Euro

最低资产要求

无限制

信托资产

至少一个受托人

是否要求有当地受托人

马耳他受托人（马耳他金融服务管理局授权要求）

公众可否查阅记录

信托契书不需要向任何公共权威注册

会议地点

无

公众可否查阅记录

委托人和受托人可否成为受益人账户

Minimum Assets Required Minimum Number if Individuals

If Local Trustee Required

Publicly Accessible Records

Location of Meetings

Beneficiaries

受益人最低人数

Permitted Currencies

Trustees

受托人独立法人最低人数

Taxation on Foreign Income

至少一个受益人信托契书不需要向任何公共权威注册

Minimum Number

Publicly Accessible Records

信托的财产授予人也可以是 Can Settlor and Trustee be a 信托受益人。受托人不能同 Beneficiary 时是一个信托的受益人 Accounts

Any

No limitation At least one trustee

Malta trustee (requirement of authorisation from the Malta Financial Services Authority) The trust deed does not require registration with any public authority

N/A

At least one beneficiary

The trust deed does not require registration with any public authority A settlor of a trust may also be a beneficiary under the trust. A trustee cannot also be a beneficiary of a trust. Trustees shall keep accurate accounts and records of their trusteeship

准备要求

受托人须保存准确帐目及其托管的记录

审计要求

否

提交账户要求

否

公众可否访问账户

否

Publicly Accessible Accounts Annual Requirements

否

Annual Audit Other

Requirement to File Annual Return

年度要求年度审计其他提交年度报表要求

否

是否允许迁册

是

Requirements to Prepare

Audit Requirements

Requirements to File Accounts

Change in Domicile Permitted

Yes

By FinanceMalta

行政特区 jurisdictions

简介 Introduction 金融辖区：马耳他地区：欧洲货币：欧元 (EUR) (€) 语言：马耳他语、英语时区：UTC+1

Country: Malta Region: Europe Currency: Euro (EUR) (€) Languages: Maltese, English Time Zone: UTC +1

区号：+356 通讯设施：优良

Phone Code: +356 Communications: Good

马耳他政府企图创造一个高科技的制造业和创建一个加工和配销设施，为它高速发展的自由港服务。这里有充足的投资刺激政策。几乎毋庸置疑，马耳他已成为欧盟的博彩服务业中心，且利润丰厚。马耳他的制造业、旅游业和航运业也让人垂涎。马耳他的银行业、互惠基金、保险业和信托服务业等都蓬勃发展。马耳他为公司提供低税政策，虽然理解起来有些复杂。这里的商务和专业基础设施比较先进。商业和离岸金融业包括银行业、投资基金管理（这里有股票交易市场和不少的互惠基金上市公司）、信托管理、航运和投资控股。适合于：财富管理、银行业、保险业、基金管理、航运业、游艇业、电子商务、电子博彩、房地产所有权

The government has attempted to create a hightechnology manufacturing sector and to establish processing and distribution facilities around its rapidly growing Freeport. There are extensive investment incentives. Almost without wanting to, Malta has become the leading EU provider of gaming services, to its immense profit. Manufacturing, tourism and shipping are also rewarding. Its banking, mutual funds, insurance and trust service sectors are growing. Malta offers lowtax regimes to companies, although they are hard to understand. There is a reasonably sophisticated business and professional infrastructure. Business sectors with offshore activity include banking, investment fund management (there is a stock exchange with a growing array of mutual fund listings), trust management, shipping and investment holding. Suitable for: Wealth Management, Banking, Insurance, Fund Management, Shipping, Yachting, E-commerce, E-gaming, Property Ownership

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马耳他

General

Malta

实体类型

基金会

法律类型

民法附表 2

Type of Company

Foundation

有限责任

法人是区别于它们的发起人，创始人，管理人员和理事会成员的，如果有的话。除非法律规定另外，法 Limited Liability 人的行为仅仅约束自己不约束其他人。

建立基金会所需时间

最少一周

概况

jurisdictions

基金会最低资本金（等值货币）最低 1,164.69 欧元基金会资本货币

欧元

Type of Law

Our Time to Establish a Foundation Foundation Capital Minimum (equivalent in currency) Foundation Capital Currency

Publicly Accessible Records

公众可查阅记录

只有由公证或者遗嘱构成的基金会 Foundation Charter

基金会章程基金会管理规则

无

Foundation Regulations

受益人

一个基金会可为一人或多人，或可享受该利益的一类人，及在基金会 Beneficiaries 契书上说明的拥有法律上强制执行的权利对抗基金会而建立。

创建人

是

Name of Founder

Officers of Foundation

基金会管理成员

保全要求

基金会条款规定设立监事会由至少一名理事会成员或一个办公室保全 Protector Required 或类似功能的保全。

是否允许企业保全

是

理事会成员最少人数是否允许有企业理事会成员会议地点

未指定

是否需要秘书

如果没有马耳他管理员就认命当地 Foundation Agent 的代表未指定

章程语言

马耳他语或英语

管理条例语言

马耳他语或英语

准备要求

管理员应保存的记录（a）所有资产及负债纪录 ; 及（b）所有年度财务周期的收入和企业支出。

审计要求

无

其他

是否允许迁册

302

Secretary Required

Language of Charter

Language of Regulations Accounts

账户

年度政府费用

Meeting Location

Local Requirements of Foundation

基金会本地规定基金会代理

Corporate Protector Permitted

私人基金会最少 1 人，目的基金会 Minimum Number of Council Members 最少 3 人 Corporate Council Members 是 permitted

无是

China Offshore Trusts & Foundations Guide 2015

Requirements to Prepare Audit Requirements

Statute, Second Schedule of the Civil Code 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. Minimum of one week At least €1,164.69 Euro

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

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 be stated in the terms of the deed of the foundation. Yes

The terms of the foundation may provide for the establishment of a supervisory council consisting of at least one member or for the office of a protector or protectors with similar functions. Yes

One for private foundations, three for purpose foundations Yes

Not specified Local representative is to be appointed if there is no Maltese administrator Not specified

Maltese or English Maltese or English 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.

Other

Nil

Annual Government Fee

N/A

Change in Domicile Permitted

Yes

By FinanceMalta

行政特区 jurisdictions

马耳他 Malta

1. 亚洲和中国的高净值客户为什么要选择马耳他作为潜在的信托和基金会的设立选址地？自马耳他 2004 年加入欧盟后，它已成为一个投资者和高净值人士以信托和基金会的方式来持有资产的独具魅力的金融辖区。马耳他的金融系统基于稳健、安全和机密的基本概念。在马耳他设立信托让投资者信心满满，因为这里是高度规范化的欧盟成员国，且立法和监管都和欧盟保持高度统一。这里所有的立法都由英语书写且马耳他的专业标准十分严苛，这里的会计、银行家、律师和投资顾问们具有很高的专业水准，都持有海外的从业资格和具有丰富的国际从业经验。马耳他有利的税务法规让它成为一个设立信托的理想辖区。信托的税务责任取决于很多因素，包括资产类型、资产状况和受益人的居住地等，如果受益人不在马耳他居住，其收入也非源自马耳他，则无需在马耳他缴税。此外，马耳他法律承认其它辖区所承认的所有类型的信托，包括全权信托、信托持有利息、累积和维护信托、固定利息信托

Q &A

1. Why should HNWI Chinese and Asian investors consider Malta as a potential jurisdiction when setting up a trust or foundation? Since Malta’s accession to the EU in 2004, Malta has emerged as an attractive jurisdiction for the establishment of trusts and foundations for the holding of assets for investors and high-networth individuals (HNWI). Financial services in Malta are based upon the key concepts of certainty, security and confidentiality. Establishing a trust in Malta gives investors the peace of mind that comes with a highly regulated EU Member State that remains up to date with all legislative and regulatory changes enacted by the EU. All legislation is published in English and the professional standards in Malta are very high with many accountants, bankers, lawyers and investment advisors holding overseas qualifications and having international experience. Malta’s favorable tax regime makes it an attractive jurisdiction in which to establish a trust. Whilst the tax liability of the trust will depend on a number of factors including the type of asset, status and residence of the beneficiaries, where the beneficiaries of a trust are not resident in Malta and the income of the trust does not arise in Malta, there is no taxation in Malta. Furthermore, Malta’s legislation recognizes all types of trusts you would find in other jurisdictions including discretionary trusts,

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行政特区 jurisdictions 和慈善信托。马耳他法律也允许更多类型的商业信托，比如单元信托或集资入股方案等在此地设立。另外，马耳他信托能转换成马耳他基金会等其它架构，为客户提供更多的灵活性。 2. 贵辖区在隐私和资产保护方面，对希望向下一代传承财富的中国高净值人士和家族（等）来说主要有哪些优势？马耳他为计划设立信托或基金会的投资者提供的主要优势包括： ·少数几个颁布了自身国内信托法的民法金融辖区 ·承认在外国法律管辖范围内设立信托 ·允许设立国内信托和基金会 ·更低的设立费用 ·有利的税务制度 ·用英语书写的法律法规 ·欧盟和欧元区国家 ·可靠的服务提供商和高标准的专业素养；大量持有海外执业资质和具有外国从业经验的会计师、银行家、律师、司法人员和投资顾问 ·对在其它（被认可的）金融辖区设立的信托提供快速的认证许可 ·英语国家，政府对营商持支持态度

interest in possession trusts, accumulation and maintenance trusts, fixed interest trusts and charitable trusts. Maltese legislation also allows more commercial types of trust such as unit trusts or collective investment schemes to be established. Furthermore existing Malta trusts can be converted into Malta foundations and vice versa giving added flexibility to the client. 2. What are the key advantages of your jurisdiction for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? The key benefits that Malta offers to investors planning to establish a trust or foundation are: · One of the few civil law jurisdictions that has developed its own domestic trust law · Recognition of trusts set up under foreign laws · Offering the set-up of domestic trusts and foundations · Lower set up costs · Favourable tax regime · Legislation published in English · EU and Euro zone location · Reliable service providers with high professional standards; many accountants, bankers, lawyers, notaries and investment advisors hold overseas qualifications and having overseas experience · Fast-track authorization for trustees licensed in other (approved) jurisdictions · English-speaking country with a pro-business government 3. What differentiates trusts and foundations in your jurisdiction?

3. 贵辖区的信托和基金会有何区别？马耳他的基金会有超过 200 年历史；当然，马耳他在 2008 年颁布了特定的法规来更清晰地定义它的法律框架。这允许马耳他有两种基金会形式：私人和目的基金会，用法不同，优势不同，适合不同的客户。私人基金会为被命名的人员或人群的利益而设立，称为受益人。目的基金会没有确定的受益人，但为一些诸如慈善或其它社会目的，作为非盈利组织，或其它法律目的（不一定是社会目的，也可以是私人目的）而设立。

Foundations have been recognized in Malta for over 200 years; however specific legislation was enacted in 2008 to clearly define their legal framework. This allows for two types of foundations: Private and Purpose Foundations, which have particular uses and benefits for certain clients. Private Foundations are set up for the benefit of a named person or class of persons, the beneficiaries. Purpose Foundations have no ascertainable beneficiaries but are established for any charitable, philanthropic or other social purpose, as a nonprofit making organization, or for any other lawful purpose (not necessarily social, and can be a private purpose). The salient difference between Malta Trusts and Foundations are the following: Trusts: · Do not have a separate legal personality · Defined in terms of relationship · Trustee is the legal owner of the assets Foundations: · Have a separate legal personality · Defined in terms of the assets making up the foundation · Foundation is the legal owner of its own assets 4. In terms of cost, how does the cost of a setting up a trust/ foundation in your jurisdiction compare to other jurisdictions? One of the key attractions that Malta can offer to those considering where to set up a trust is its significantly lower set up and administrative costs. On average, setting up a trust in Switzerland will cost a minimum of €5,000 whilst in Malta

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行政特区 jurisdictions the cost of setting up a fully-fledged trust is around €1,500. Professional fees in Malta, including trust management fees, are also significantly lower than in other jurisdictions, whilst the country’s professional classes enjoy an excellent international reputation. 5. When were trust and foundation law introduced in your jurisdiction?

马耳他信托和基金会的主要区别如下：信托： · 没有单独的法人资格 · 按照关系来定义 · 受托人是资产的法定所有人基金会： · 具有单独的法人资格 · 按照组成基金会的资产来定义 · 基金会是它自身资产的法定所有人 4. 价格方面，在贵辖区设立信托 / 基金会和其它地方相比有什么不同？

Trusts have been established in Malta since 1988; however, the law governing trusts has in recent years undergone major changes. The Maltese trust laws were originally adapted from the 1984 Jersey Trust laws but were updated in 2004 under the new Trusts and Trustees Act. This law makes Malta one of the only countries to successfully incorporate the Anglo Saxon Trust concept with its Roman law based legal system. This new system has accelerated the process of setting up a trust by allowing the creation of customized solutions for each individual trust set-up making Maltese trusts an attractive solution to personal and business needs The Trusts and Trustees Act went under review in 2014 and culminated in The Trusts and Trustees (Amendment) Act, Act XI of 2014. Proving that this is indeed a dynamic area, the amendments were aimed at improving Malta’s legislative framework regulating both trusts governed by Maltese law and trustees resident or operating in or from Malta. The changes have provided greater certainty and at the same time bringing Malta’s trust law provisions in line with international developments in the area. Contributed by: FinanceMalta

在设立信托的同时大大降低设立和管理费用，是马耳他最主要的吸引力之一。一般来说，在瑞士设立信托的费用最低要 5000 欧元，而在马耳他设立一个完全成熟的信托费用是 1500 欧元。马耳他的专业费用，包括信托管理费，也比其它的金融辖区要低，这个国家的专业人士在国际上享有盛誉。 5. 马耳他的信托和基金会制度是什么时候出台的？马耳他的信托始于 1988 年；当然，管理信托的法规在最近几年里经历了很大的变化。马耳他信托法改编自 1984 年泽西信托法但在 2004 年根据新的信托和受托人法案做了更新。这一法律让马耳他成为成功整合央格鲁撒克逊信托概念和它基于罗马法的法律系统。这一个新的系统以允许创建为客户量身定做的信托设立方案，加速了马耳他信托设立的流程。马耳他信托成为对个人和商业客户都具吸引力的解决方案。信托和信托法案在 2014 年得到评估并最终出台了信托和受托人（修正案）2014 年第六法案。这证明了这确实是一个具有活力的领域，修正案的目的是改进马耳他的信托法律框架和居住或在马耳他从事经营活动的受益人。这些变化提供了更为稳定的方案同时让马耳他的信托法律条款和国际信托法的发展保持一致。来源：FinanceMalta

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您在欧洲的一站式税务优化行政辖区 Aegis公司服务有限公司是马耳他备受尊崇和广受信赖的公司服务提供商，公司向有兴趣通过税务优化辖区在欧洲设立业务的客户提供一站式服务。 Aegis的业务范围如下： • • • • • • • • • •

信托、基金会和对冲基金的设立合伙制和有限责任公司的设立税务顾问商业法顾问合同起草代理股东服务公司董事服务注册办公室服务会计和审计服务欧盟居留和公民权的顾问和申请协助

Aegis Corporate Services Ltd., 123 Melita Street, Valletta VLT1123, Malta E.U. Tel.: +356 2723 7172 ı Email: info@aegis-malta.com www.aegismalta.com Malta ı Italy ı Belgium

行政特区 jurisdictions

圣马力诺

San Marino

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行政特区 jurisdictions

San Marino

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Member Contribution

概况

圣马力诺

General

San Marino

实体类型

未说明

法律类型

未说明

Type of Company

Trusts

建立信托所需时间

大约 30 天

最低政府费用（不包括税收）

每年 250 欧元

Our Time to Establish a Trust

Around 30 days

是否签订双重征税协定

是

国外收入课税

Yes

信托资产

1.70%

Double Taxation Treaty Access

标准货币

欧元

允许币种

任何币种

最低资产要求

无限制

独立法人最低人数

1人

公司法人最低人数

1人

是否要求有当地受托人

无

公众可否查阅记录

无

会议地点

任何地方

否

账户准备要求

每年

审计要求

否

公众可否访问账户

否

是否允许迁册

Standard Currency

Euros

Minimum Assets Required

No limit

Minimum Number if Individuals

If Local Trustee Required

Location of Meetings

Any place

Permitted Currencies

Minimum Number if a Body Corporate Publicly Accessible Records

Any

Only where no beneficiary is appointed

Professional Qualifications Held Nil Publicly Accessible

Accounts

Requirements to Prepare

Yearly

Publicly Accessible Accounts

Audit Requirements Other

其他法定继承权

Trust Assets

Trust Deed

信托契书公众可否访问

Euros 250 per year

1.70%

在没有指定受益人的前 Required 提下未说明

Civil law

Taxation on Foreign Income

Protector

保全

持有专业资格

Minimum Government Fees (excluding taxation)

Trustees

受托人

是否需要

Type of Law

是，如果继承财产法适 Forced Heirship Rules 用

是

Change in Domicile Permitted

Yes, if applicable under the law of succession of the settlor Yes

By Studio Legale e Notarile Vicari

行政特区 jurisdictions

简介 Introduction 行政辖区：圣马力诺所属地区：欧洲货币：欧元语言：意大利语时区：UTC+2

Country: San Marino Region: Europe Currency: Euro Languages:Italian Time Zone: UTC+2

电话区号：+378 通讯设施：极佳

Phone Code: +378 Communications: Excellent

圣马力诺官方全程为圣马力诺共和国，也被称为“最平静的圣马力诺共和国”，被意大利围绕，圣马力诺位于意大利半岛上的亚平宁山脉的东北面。国土面积只有 61 平方公里（24 平方英里），人口大约 32000 人。圣马力诺首都是圣马力诺城。圣马力诺是欧洲理事会中人口最少的国家了。圣马力诺由圣马力诺宪法统治，这部宪法是 16 世纪晚期用拉丁文撰写的六本书，这六本书诠释了这个国家的政治体系和其它相关法则。圣马力诺被认为是有最早成文宪法至今仍然生效的国家。

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Member Contribution

概况

圣马力诺

General

San Marino

实体类型

基金会

法律类型

未说明

Type of Company

Foundation

有限责任

是

建立基金会所需时间

15 日

基金会最低资本金（等值货币）无基金会资本货币

欧元

公众可查阅记录基金会章程

是

基金会管理规则

是

受益人

是

创建人

是，除非已被雇佣

Type of Law

Limited Liability

Our Time to Establish a Foundation Foundation Capital Minimum (equivalent in currency)

保全要求

否

是否允许企业保全

是

理事会成员最少人数

无要求

是否允许有企业理事会成员

无限制

会议地点

任何地方，有通讯信号即可

Yes

15 days

Foundation Capital Currency

Publicly Accessible Records

Euros

Foundation Charter

Yes

Foundation Regulations

Beneficiaries

Yes

Name of Founder

Yes, unless a nominee is employed

Protector Required

Officers of Foundation

基金会管理成员

Nil

Corporate Protector Permitted

Minimum Number of Council Members Corporate Council Members permitted

Yes

No minimum requirement

No limit imposed

Meeting Location

Any, since it can be held by telecommunication means

Foundation Agent

Local Requirements of Foundation

基金会本地规定基金会代理

否

是否需要秘书

否

章程语言

意大利语或者公证处采用的其他语言

管理条例语言

意大利语或者公证处采用的其他语言

账户准备要求

是

审计要求

否

其他年度政府费用

根据情况变化

是否允许迁册

否

Secretary Required

Accounts

Italian and any other language known by the notary anguage of RegulationsItalian and any other language known by the notary

Requirements to Prepare

Yes

Language of Charter Language of Regulations

Audit Requirements

Other

Annual Government Fee

Variable

Change in Domicile Permitted

By Studio Legale e Notarile Vicari

行政特区 jurisdictions

圣马力诺的经济主要依赖于金融业、工业、服务业和旅游业。除了作为城市国家来说拥有极小的经济规模之外，和其它欧盟地区的最发达国家相比，它是人均 GD 世界上最富有的国家，也是欧洲失业率最低的国家，没有国债更有预算盈余。它也是世界上唯一一个汽车数量超过人口的国家。

array of mutual fund listings), trust management, shipping and investment holding. Suitable for: Wealth Management, Banking, Insurance, Fund Management, Shipping, Yachting, E-commerce, E-gaming, Property Ownership

圣马力诺的公司利润税是 19%。资本利得税的税率为 5%，而预提税则是 13%。 1972 年，意大利开始施行增值税（VAT）系统，并根据 1939 年签订的友好协议同时也在圣马力诺生效。此外，进口货物税也由圣马力诺收取。当然，这些税收并没有，也不会向国内产品征收。直到 1996 年，在圣马力诺制造和销售的商品也不需要缴纳直接税。根据欧盟海关协议，圣马力诺继续针对进口商品征收和进口税相同的税率。另外，通用增值税也被引入用于取代意大利的增值税。

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圣马力诺新信托法：创建新型信托 The new trust law of San Marino: a new form of trust By Andrea Vicari

圣

马力诺是一个大陆法系国家，可能也是当今最纯粹的：迄今为止还没有颁布一部民法典，并且普通法仍然是其法律体系的基础。普通法在民法典出现之前在欧洲被普遍采用。在圣马力诺法律中，除了特别规定按法规处理的事项，其他事宜都适用普通法。在这样的历史背景下，圣马力诺颁布了《2010 年 3 月 1 日第 42 号信托法》（以下简称“信托法”）。

an Marino is a civil law country, probably one of the purest remaining: no civil code has ever been enacted and ius commune is still at the basis of its legal system. Ius commune is the common law that prevailed throughout Europe before the codes. In San Marino’s law, save when a specific matter is governed by statute, ius commune applies. It was on this historical foundation that San Marino built its statute of

1st March 2010, No 42 on trusts (hereinafter “the Trust Law”). The Trust law is a completely new law, totally revising the trust law previously in force (17th March 2005, n. 37)1, enacted after the ratification of the Hague Convention on the Law Applicable to Trusts and on their Recognition of 1st of July 1985 (the "Hague Trust Convention”). The San Marino Trust Law created

该信托法是一项全新的法律，它全面修订了之前通行的信托法（即《2005 年 3 月 17 日第 37 号信托法》1，该信托法是在按照《1985 年 7 月 1 日信托的准据法与承认信托的海牙公约》（简称《海牙信托公约》）获得批准后颁布的。圣马力诺信托法创建了一套全新的信托模式，它不只是新的信托法律，还为近年来颁布的各种国际信托法带来了灵感。这种信托模式赋予了委托人自由决定其信托资产拨付计划的权力，从而使他们免于被任何按照传统普通法思想（即认为信托是在一段时间后给受益人的礼物）而设立的法规所束缚。

1 参见 A. VICARI, San Marino, in D. BROWNBILL & AL,《国际信托法》; P. PANICO, San Marino,《信托与受托人》（2007 版）， 500-502 页 1 See A. VICARI, San Marino, in D. BROWNBILL & AL, INTERNATIONAL TRUST LAWS; P. PANICO, San Marino, TRUSTS & TRUSTEES (2007), 500-502.

Member Contribution

普通委托人认可对资产进行隔离的意义，以及为这些资产设计划拨方案的意义，但他们并不想让受益人立刻富裕起来。他们想要支配受益人的意愿，而不想被其意愿所支配。他们这种态度来自于几百年间罗马遗产信托的经验，罗马遗产信托体现了永久管业的理念。几百年来，人们建立了遗产信托，从而为长期家庭资产管理设立了划拨计划。这样，无论受益人是否愿意，他们的意愿都不得不受到束缚。英国的信托法律就没有体现这种理念，相反，他们采取了“长期赠予”的理念，并且在信托书中，受益人的意愿胜过委托人的意愿。在圣马力诺信托法律中，委托人意愿的至高地位体现在方方面面。其中最显著的包括下面几点： • 有关信托变化的规定信托书包含了委托人所设立的信托资产划拨计划。如果受益人有权做出更改，则意味着此项资产受受益人支配，为受益人所有。根据圣马力诺法律，委托人可授予受益人更改信托书的权利。他们可以选择将资产划给受益人，

a brand new model of trust. It is not simply a new trust law, with inspiration to the several international trust laws enacted in recent years. This model of trust leaves to the settlor the power to completely decide the programme of appropriation of the trusts assets he wishes, without being bound by any rule deriving from the traditional common law idea that the trust is a gift over time to beneficiaries. Civilian settlors appreciate the value of segregation for their assets and appreciate the value of drafting an appropriation programme for these assets, but they do not want to immediately enrich the beneficiaries. They want to “dominate” the beneficiaries’ will and not be “dominated” by it. Their attitude has been produced by centuries of experience with the Roman fideicommissum, which embodied the dead-hand idea. Over the centuries, civilians set up fideicommissa to set an appropriation programme for the management of family assets over

time, to bind the beneficiaries’ will regardless of their desire not to be bound by it. English trust law did not embody such an idea; on the contrary it adopted the ‘gift over time’ idea, and the will of beneficiaries has prevailed over the settlor’s will expressed in the trust deed. The supremacy of the settlor’s will under the San Marino Trust Law emerges from many elements. The most evident ones are the following: • The rules about variation of trusts The trust deed contains the programme for the appropriation of trusts assets set by the settlor. If beneficiaries can vary it, this means that assets are at the beneficiaries’ disposal, that they are enriched by them. Under San Marino law, the settlor can grant beneficiaries the power to vary the trust deed. He can decide to enrich them. But the settlor can also decide not to grant such power to beneficiaries and not to enrich them. In the latter case, they

也可以选择不授予受益人这项权利，即不将资产划给他们。在第二种情况下，受益人将无权对信托进行更改，法官也不得协助其更改。 • 有关信托提前终结和信托基金的划拨的规定普通法司法辖区实行的是 Saunders. v. Vautier 的规定，受益人被视为信托财产的实益拥有人，在全权信托下，如果所有人都没有异议，他们有权在受益人和委托人 2 设立的日期前终止信托；他们还有权在违背委托人意愿的情况下 3，选择信托资产的分配方式，并获得资产。受益人可指导受托人将所获资产转让给第三方 4。根据圣马力诺法律，委托人可以明确拒绝受益人的这些特权。 • 受益人知情权

cannot vary the trust, not even with the help of the judge.

• The beneficiaries’ right of information

• The rules about the early termination of trusts and allocation of the trust funds

Under traditional English law, beneficiaries were considered to be the beneficial owners of the trust documents as well as of the trust assets. Nowadays, the information duty is not, in rhetorical terms, based on the beneficiaries’ ownership of trust assets, but the scope of application of the rule is wider than before. All beneficiaries can get information about the management of the trust.

In common law jurisdiction, where the rule in Saunders. v. Vautier applies beneficiaries are the beneficial owners of the trust property and they can terminate the trust, if they all agree, before the time set by the settlor2 and beneficiaries, under a discretionary trust, can agree about the manner in which trust property shall be divided among them and to obtain it, even against the settlor’s will3; beneficiaries can instruct the trustee to transfer to a third party the trust property they are entitled to4 . Under San Marino law, the settlor can explicitly deny the beneficiaries all these prerogatives.

San Marino Trust Law parted with this idea very clearly. Since the trust is not a gift over time to the beneficiaries, but an appropriation programme of segregated assets to be managed and disposed according to the settlor’s programme, the beneficiaries

2 参见 Saunders. v. Vautier (1841) 4 Beavan 115, 49 Eng. Rep. 282 (M.R.), aff’d, Cr. & Ph. 240, 41 Eng. Rep. 482 (L.C.); Trust (Jersey) Law 1984, art. 43(3). 3 参见 In re Smith, [1928] Ch. 915. 4 参见 Grey v. I.R.C., [1959] 3 All E.R. 603 (H.L.). 2 See Saunders. v. Vautier (1841) 4 Beavan 115, 49 Eng. Rep. 282 (M.R.), aff’d, Cr. & Ph. 240, 41 Eng. Rep. 482 (L.C.); Trust (Jersey) Law 1984, art. 43(3). 3 See In re Smith, [1928] Ch. 915. 4 See Grey v. I.R.C., [1959] 3 All E.R. 603 (H.L.).

Member Contribution

根据传统英国法律，受益人往往被视作信托文件和信托资产的实益拥有人。如今，从修辞角度而言，告知义务已不再基于受益人对信托资产的所有权了，同时，此项规定的应用范围也比以前宽松了许多。所有的受益人都有权了解信托管理的相关信息。圣马力诺信托法明显与这一观念相脱离。由于信托不是长期赠与受益人的利益，而是根据委托人的计划实现对隔离资产划拨方案的处置与管理，这样，如果委托人决定不授予受益人知情权，受益人将无权了解相关信息。 • 违反信托的规定按照传统的英国或国际信托法，当遇到违约情况时，受益人将有权针对受托人采取法律行动。而根据圣马力诺法律，只有委托人才有权授予或撤回此项权利。 • 对目的信托重新界定的风险消除在传统的“信托即向受益人提供的长期利益”的观念下，法官不得不在每个案件中寻找一名受赠者 5。而根据圣马力诺法律，通过目的信托获得或有可能获得资产或从中受益的人并不被视为受益人。因此，委托人可以将信托界定为目的信托，从而剥夺所有可以从中获益的个人受益人的权利。这样重新界定的风险就被免除了。实质上，由于新的圣马力诺信托法没有体现“长期获利”的理念，委托人可以自由设定受益人的法律地位。因为根据本法规定，信托被视为对隔离资产的划拨，并按照信托书中所示的委托人的计划进行管理。

5 参见 Re Bowes, [1896] 1 Ch 507. 5 See Re Bowes, [1896] 1 Ch 507.

do not have any right of information if the settlor decides not to grant it to them. • The regulation of the breach of trust Under the traditional English or international trust law beneficiaries are always entitled to take legal action against the trustee in case of breach. Under San Marino law, it is the settlor that can attribute or remove such an entitlement. • The absence of the risk of recharacterization of purpose trusts Under the traditional idea of the trust as gift over time to beneficiaries, the judge is urged to find a donee in every case he can. 5

Under San Marino law, persons who receive or may receive assets or benefits from a purpose trust shall not be considered beneficiaries. Therefore, the settlor can characterize the trust as a purpose trust, depriving all individuals that can benefit from it of the beneficiaries‘ rights. No risk of re-characterization may arise. In substance, since no gift over time idea is embodied in the new San Marino Trust Law, the settlor can fully shape the legal position of beneficiaries, because the trust is seen, under such a law, as an appropriation of segregated assets, to be managed under the settlor’s programmeindicated in the trust deed.

行政特区 jurisdictions

圣马利诺

Member Contribution

San Marino

1. 圣马力诺作为金融辖区在为中国高净值家族隐私、资产保护和向下一代传承方面的优势是什么？圣马力诺信托法是世界上最现代化的信托法之一，其特点在民事法中十分典型，相对受益人，更专注于委托人意愿的保护和加强。 2. 在成本方面，与其它辖区相比，贵辖区信托或基金会的费用如何？若更高，那客户能够接受这一昂贵成本的附加价值又是什么？设立信托的费用很大程度上取决于委托人的愿望：愿望越详细越明确，信托或基金会契约的起草的费用就越高。我们公司提供量身定制的信托创建和起草，让委托人充分利用圣马力诺信托法的优势。 3. 信托或基金会是否贵辖区首选的架构？为什么这么认为？您是否认为有这一趋势在未来会有所改变？圣马力诺的首选是信托，圣马力诺的法律架构具有创新力，它尊崇的隐私和委托人愿望的完全承认是圣马力诺信托的优势所在。

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Q &A

1.What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? San Marino trust law is one of the most modern trust law, with feature very typical of civil law, and much focused on the protection and enforcement of settlor’s will, more than beneficiaries’. 2.In terms of cost, how is the cost of a setting up a trust/ foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? The cost of the setting up a trust really depends on the desires of the settlor: more precise and detailed the programme is, more is the cost of drafting the trust or foundation deed. Our firm provides a tailor made approach to drafting, in order to make available the great possibilities the San Marino trust law allows the settlor. 3.Are trusts or foundations in your jurisdiction the preferred structure for clients? Why do you believe that is? Do you expect any changes in that preference in the future? Trusts are preferred in San Marino, for the innovative structure of the law, the privacy it allows and the full recognition of the free will of the settlor.

行政特区 jurisdictions 4 . 为中国和亚洲客户进行财富规划时您遇到的最大问题和挑战是什么？您和您的辖区为此提出的解决方案是什么？中国和亚洲客户仅对自己的知识经验有信息，也更尊重传统、家庭和社会价值。我们兼顾每个客户的特殊需求，根据他们现有的知识为他们量身打造，让我们为中国和亚洲客户制定完全符合个性需求的财富计划。 5 . 我们知道一些辖区只专注于资产保护，另一些则主要负责资产传承产品。贵辖区在上述两方面是否有更佳的解决方案？圣马力诺上述两样都提供，当然资产保护是更为优选的。 6 . 贵辖区在信托 / 基金会方面是否有一些法律方面的特点对

4.What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? Chinese and Asian clients appreciate confidence created by personal knowledge and appreciated respect for their traditional, family and social values. Our focuses on the personal characters of each of our clients and tailor made drafting based on the knowledge of them allows us to implement planning structures well adapted to Chinese and Asian clients. 5.We understand that some jurisdictions focus on asset protection, while others focus on asset succession products. Does your jurisdiction have a better solution for asset protection or asset succession?

投资者具有特别的吸引力？

San Marino provides for both, even if asset protection is preferred.

委托人能为受益人创建一个有效的信托，为自己或其他人保

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

留在日后指定所有受益人的权力，他也可以根据自己的意愿限制受益人获取信息权力，也可以随时终止或修改信托，可以在法庭对受托人判决前采取行动，也可根据其它辖区实行的强制性规则拥有受益人的大部分权力。圣马力诺有信托法的特殊法庭，该法庭的法官是信托法领域里的主要学者，来自民事法和普通法国家：比如说 D a vi d Ha y t o n 、P aul Mat thew s 、M a u r i zi o L u p o i 、M i ch e l e G r a z ia d ei 和 A ntoni o G am b a r o 教授等。来源： Andrea Vicari, Studio Legale e Notarile Vicari

The settlor can create a valid trust for beneficiaries, reserving to him self or other persons the power to appoint all beneficiaries at a later time, he can restrict, as he pleases, the right of beneficiaries to obtain information, to terminate the trust or modify it, the entitlement to take action before the court against the trustee, and most of the rights and power in the beneficiary’s boundle according to mandatory rules, in other jurisdictions. San Marino has a special court for trust law, whose judges are some of the leading scholars in the trust law, both from civil law countries and common law: Prof. David Hayton, Prof. Paul Matthews, Prof. Maurizio Lupoi, Prof. Michele Graziadei, Prof. Antonio Gambaro. Contributed by: Andrea Vicari, Studio Legale e Notarile Vicari

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行政特区 jurisdictions

英国

United Kingdom

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专家慧眼 – 无论您在世界何处开展业务 Expert insight wherever in the world you do business

乔登氏信托公司在英国及离岸的办事处为英国与离岸公司提供多种英国与离岸公司以及信托服务。在每一个地区的专业基础上，我们的目标是传递最高标准的贴身、优质的服务。全球化办公地点意味着我们能够根据您的个人需求提供最好的解决方案。 From Jordans Trust Company offices in the UK and overseas, we provide a wide variety of UK and offshore company and trust services. With locally based expertise in each of our jurisdictions, we aim to deliver the highest standards of excellence through our tailored and core services. The widespread location of our offices means we can provide the best solution for your individual needs. 想了解更多有关乔登氏信托公司的服务，请联络我们： For more information, or to talk to us, please contact:

电话 Call: +44 (0)117 918 1407 邮箱 Email：info@jordanstrustcompany.com

www.jordanstrustcompany.com

英属维尔京群岛

塞浦路斯

中国香港

泽西岛

British Virgin Islands

Cyprus

Hong Kong

Jersey

塞舌尔

英国

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Member Contribution

General

概况

英国

实体类型

信托 - 信托是一种法律关系，并非拥有法律个性的公司或 Type of Entity 者实体

法律类型建立信托所需时间

普通法

实际需要一个月

最低政府费用（不包括税收）无

是否签订双重征税协定

是，英国已与多方签订该协议，离岸信托并不能由此协议获利，但是塞浦路斯信托例外。

国外收入课税

税收是依赖于受托人的居住地和财产授予人的住所

信托资产现金资产

任何币种

允许币种

任何币种

最低资产要求

必须有某种形式的信托财产，即使只有面值。

公司法人最低人数

是否要求有当地受托人

托管人，独立人或公司没有最低人数限制，只要有一个受托人可以创建信托。然而英国信托持有物业通常必须有 2 名受托人。受认可的信托公司可以作为唯一受托人。如果公司受托人并非认可的信托公司，最少需要两名受托人。对于英国居民受托人，受托人必须居住在英国。对于离岸信托受托人都应该驻留海外。

公众可否查阅记录

否

会议地点

取决于税务居民

保全是否需要

可选

持有专业资格

可选

信托契书公众可否访问

Trust - A trust is a legal relationship but not a company or entity with a legal personality

Type of Law

Our Time to Establish a Trust Minimum Government Fees (excluding taxation)

否

准备要求

基本受益人可以拨打账户和受托人必须保持会计记录

审计要求

否，除非政府规管文书规定

公众可否访问账户

否

法定继承权

信托可以否决改权利

是否允许迁册

取决于信托契书，可允许法律和法律论坛的改变

Nil

Cash Assets

Any

Minimum Assets Required

Must be some form of trust property, even if this has nominal value.

Taxation on Foreign Income

Permitted Currencies

Minimum Number If Individuals Minimum Number If a Body Corporate Residence of trustees

Publicly Accessible Records

Any

No minimum number of trustees, individual or corporate. As long as there is one trustee this could create a trust. UK trusts holding property must normally have two trustees. A recognised trust corporation can act as sole trustee. If the corporate trustee is not a recognised trust corporation, a minimum of two trustees is required. UK resident trustees, the trustees must reside in the UK. Offshore trusts the trustees should all reside offshore. No

Location of Meetings Protector

Dependent on tax residency

Required

Optional

Professional Qualifications Held Trust Deed

Optional

Publicly Accessible

Requirements to Prepare

Essential beneficiaries can call for accounts and trustees are required to maintain accounting records

Publicly Accessible Accounts

Audit Requirements Other

其他

Realistically one month

Trust Assets

Double Taxation Treaty Access

Accounts

账户

Common

UK has a wide range of double tax treaties and UK trusts may potentially benefit. Offshore trusts are unlikely to benefit from double tax treaties but exceptions include Cyprus trusts. Taxation depends on the residence of the trustees and the domicile of the settlor

Trustees

受托人

独立法人最低人数

Forced Heirship Rules

Change in Domicile Permitted

No unless stated in governing

Trusts can overule these

Depends on the Trust Deed. Change in law and legal forum may be permitted

By Martin Palmer, Director & Principal, Jordans Trust Company Limited.

行政特区 jurisdictions

简介 Introduction 行政特区：英国地区：欧洲货币：英镑语言：英语时区：UTC 0

Country: United Kingdom Region: Europe Currency: Pound Sterling (GBP) (£) Languages: English Time Zone: UTC 0

区号：+44 通讯设施：极佳

Phone Code: +44 Communications: Very Good

虽然英国是一个适合营商的国家，它高度专业的金融服务业、普通法的运用、直截了当的公司法都让它的吸引力经久不衰。但是它也是一个税收相对较高的国家，即使有一些机会可以适当节税。英国的“离岸”依靠泽西岛、耿西岛和马恩岛，都提供低税率的可能性，对那些非英国居民的公司也有有利的税收政策可用。英国的服务业由银行、金融和保险业组成，位于伦敦的中心部位。英国有极佳的通讯网络、铁路系统和公路系统，包括通过英吉利海峡隧道连接欧洲的高铁和许多机场，伦敦的希思罗机场就旅客数量上来看是世界上最繁忙的机场。英国的信托法非常成熟，税务优势很大，特别在遗产税方面更有极大的优势。

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英国的公司税税率自 2012 年开始为 24%（2011 年为 26%），其最低的 20% 的税率适用于的可征税收入达到 30 万英镑；这个低税率在 2011 年 4 月前为 21%。边缘税率减免在可征所得税 20 万英镑和 150 万英镑之间得到运用，这一政策能让公司的企业税负担降到极低。另一个得到减免的是 2010 年 4 月实行的，运用于在英国专利所得收入的 10% 的税率。 2010 年 4 月 6 日起，个人所得税在收入达到 12 万英镑时需要征税 50%。资本利得税为 18%，适用于 2011/2012 年年度免税额度为 10600 英镑（之前为 10100 英镑）。适用于：保险业、航运、游艇、金融贸易、电子商务

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management (there is a stock exchange with a growing array of mutual fund listings), trust management, shipping and investment holding. Suitable for: Wealth Management, Banking, Insurance, Fund Management, Shipping, Yachting, E-commerce, E-gaming, Property Ownership

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英国

United Kingdom

1. 贵辖区在隐私和资产保护方面，对希望向下一代传承财富的中国高净值人士和家族（等）来说主要有哪些优势？对信托来说，英国具有无与伦比的历史性优势，它的法律系统也以它的公平，平等和可靠性而著称世界。无论交易是否和英国有关，国际上的法律协议都无一例外地基于英国法律来撰写。在遇到争端或纠纷时，英国最高法院宣布的判决对其附属的国际金融中心辖区来说无疑都具有更高的可靠性和完整性。英国在保密性和透明度方面的平衡度掌握的很好，而后者正成为欧盟和经合组织（OECD）国家越来越重视的方面。而从 2016 年开始，英国公司的实益所有权很有可能将在公众登记处记录，这一信息的透露目前还不会应用于信托受益人。透明度是公司工具的实质性补充，且与此同时，信托的授予人和受益人的合法私密性能由向信托出售所有权股份的方式而得以保持。英国的国家声誉和政治经济的稳定性都是这个地方的显著特点。 2. 价格方面，在贵辖区设立信托 / 基金会和其它地方相比有什么不同？是否更加昂贵？如果是这样，客户能获得的额外价值在哪里？

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Member Contribution

Q &A

1.What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? The United Kingdom has an unparalleled depth of precedent for matters relating to trusts and the legal system is renowned globally for its fairness, equity and reliability. It is no coincidence that many international agreements are written under UK law regardless of whether the transaction has a UK based element. It is indeed a fact that the highest court of appeal for the UK dependent territories, the Supreme Court, gives dependent International Financial Centres added reliability and integrity should disputes arise. The United Kingdom strikes a fine balance between confidentiality and transparency, the latter being an ongoing initiative amongst the EU and OECD countries. Whereas from 2016, beneficial ownership of UK companies will be likely to be recorded on a public register, this exposure does not currently apply to beneficiaries of trusts. Transparency adds to the substance of corporate vehicles, whilst at the same time, legitimate privacy for settlors and beneficiaries may be maintained by placing ownership of shares into trust. The reputation and political and economic stability of the UK is a further key characteristic.

行政特区 jurisdictions 在英国设立信托的费用和在其它著名的国际金融中心比如泽西岛和开曼群岛，是具有可比性的。需要考虑的因素包括税务问题，特别是同样针对拥有英国资产的离岸信托的十年制遗产税。如果情况合适，也能得到减免税的优惠。在英国或离岸设立公司或信托之前需要寻求专业的意见。但是其优势一定比在零税率国家设立信托的多。 3. 贵辖区的首选财富管理架构是否信托或基金会？您这么说的理由是什么？未来您是否这一首选会有所改变？信托在许多金融和私人交易的领域中得到广泛运用。在英国法律中，创建基金会并没有特别规定（虽然泽西岛，一个英国的附属领地有非常好的基金会法），因此信托是首选的架构。我们并不认为会出台英国基金会创建方面的法律。但是，要达成同样的目的，可以设立公司，比如说创建不同级别的股份来分离经济和控股利益。 4. 为中国和亚洲客户进行财富规划时您遇到的最大问题和挑战是什么？您和您的辖区为此提出的解决方案是什么？普通法的概念部分还未被中国得到广泛使用，但随着中国对英国的投资日益增加，这个概念变得越来越有意义。向毫不相干毫无渊源的受托人交付资产的概念就是让人心生疑虑的行为，但是（小心翼翼地）保留权力或指派一名保护人则是可选的方案之一。无论如何，信托的原则仍在资产的完全法定权利向受托人转移的过程中得到保留。 5. 贵辖区最近是否有投资者需要知晓的，在信托 / 基金会方面的更新信息？ “2015 年小型企业和雇佣法案”将以创建新的，有重要控制权人员的注册公司的方式对英国公司造成影响。这里的“人员” 被定义为在英国公司（不论是通过直接或被提名股东或其它该人员有大多数股权的离岸公司）有超过 25% 股份或投票权的个人。我们预计会有利用全权信托来保留英国公司所有权的合法保密性的方式产生。来源：John Swann Director Business Development of Jordans Trust

2.In terms of cost, how is the cost of a setting up a trust/ foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? Costs in relation to the creation of trusts in the UK are comparable with those in leading reputable International Finance Centres such as Jersey and Cayman. There are tax issues that need to be considered, particularly decennial inheritance tax charges which also apply to offshore trusts that own UK assets. In the right circumstances, tax reliefs are available. Advice must be taken before establishing companies or trusts in the UK, or offshore, but the benefits can often outweigh the advantages of trusts set up in zero tax countries. 3.Are trusts or foundations in your jurisdiction the preferred structure for clients? Why do you believe that is? Do you expect any changes in that preference in the future? Trusts are widely used in many areas of financial and private transactions. There are no provisions within UK law to create foundations (although Jersey, a UK dependent territory, has an excellent foundation law) hence trusts tend to be the preferred structure. We do not anticipate the introduction of laws to enable the creation of UK foundations. However, companies may be created to serve a similar purpose, for example by creating differing classes of shares to split economic and controlling interests. 4.What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? The concept of the common law trust is one that has not been widely used in the past in China but is becoming increasing relevant with growing Chinese outbound investment into the UK. The concept of handing assets to trustees who do not have a long relationship with the settlor is an uncomfortable one, but options exist to grant reserve powers (with care) or to appoint a protector. However, the principle of the trust remains that full legal title of assets is transferred to trustees. 5.Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of? The Small Business Enterprise and Employment Act 2015 will have an impact on UK companies by way of creating a new corporate of register of “persons with significant control”. Such persons are defined as individuals with over 25% interest in the shares or voting rights of a UK company (whether direct or indirect via nominee shareholders or other UK or offshore companies in which the person has a majority stake). Trustees may be considered persons with significant control. We anticipate the use of discretionary trusts to preserve legitimate confidentiality for ownership of UK companies. Contributed by: John Swann, Director Business Development of Jordans Trust

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行政特区

大洋洲

jurisdictions

OCEANIA

库克群岛

Cook Islands

328

China Offshore Trusts & Foundations Guide 2015

行政特区 jurisdictions

��

Cook Islands

2015 China Offshore Trusts & Foundations Guide China Offshore

329

概况

库克群岛

General

Cook Islands

实体类型

信托

法律类型

普通法，1984 年国际信托法

Type of Company

Trust

建立信托所需时间

2-3 个工作日

最低政府费用（不包括税收）

310 美元

Our Time to Establish a Trust

2-3 working day

是否签订双重征税协定

无

国外收入课税

无

Double Taxation Treaty Access

信托资产标准货币

美元

允许币种

任何币种

是否对信托资产限制

无限制

独立法人最低人数

1人

公司法人最低人数

1人

是否要求有当地受托人

是

公众可否查阅记录

否

会议地点

任何地方

保全是否需要

可选

持有专业资格

可选

Taxation on Foreign Income

Common law; International Trust Act 1984

USD $310

Trust Assets

Standard Currency

US $

Minimum Assets Required

No minimum

Minimum Number if Individuals

One

If Local Trustee Required

Yes

Permitted Currencies

Minimum Number if a Body Corporate

Publicly Accessible Records Location of Meetings

Any

One

Protector

Anywhere

Required

Optional

Professional Qualifications Held Optional

Trust Deed

信托契书否

Publicly Accessible

Accounts

账户准备要求

Minimum Government Fees (excluding taxation)

Trustees

受托人

公众可否访问

Type of Law

托人必须保存收入，资 Requirements to Prepare 产，配额和转账记录

审计要求

否

公众可否访问账户

否

其他法定继承权

否

是否允许迁册

是

Audit Requirements

No Trustee must keep records of income, assets, distributions, and financial transactions No

Publicly Accessible Accounts Other

Forced Heirship Rules

Change in Domicile Permitted

Yes

By Cook Islands FSDA

行政特区 jurisdictions

简介 Introduction 行政特区：库克群岛地区：太平洋货币：新西兰元，库克群岛元语言：英语、库克群岛毛利语时区：UTC-10 区号：+682 通讯设施：不错

Country: Cook Islands Region: Pacific Currency: New Zealand Dollar (NZD) (NZ$), Cook Islands Dollar (CI$) Languages: English, Cook Islands Maori Time Zone: UTC -10 Phone Code: +682 Communications: OK

坐落于南太平洋，大约位于新西兰和夏威夷的中间位置，库克群岛的众多岛屿散布在大约 240 平凡公里的海面上。作为传统上的英国保护国之一，该岛的法律体系是基于英国普通法，官方语言也是英语。但是这个行政特区现在已成为一个自治政府。库克群岛的地理位置比较孤立，自然资源的缺乏导致经济发展停滞。离岸金融和信托服务现在已成为该国第二大的政府收入来源，这里还有特别的针对银行业、专属保险和信托管理政策，上述都是这里最大的离岸领域。本地公司对全球范围内的收入需要支付 20% 的税率。非居民公司需要对在岛上获得的收入缴纳 28% 的税率。不过，离岸实体在库克群岛上是免税的。适合于：基金管理

Located in the South Pacific Ocean approximately half-way between New Zealand and Hawaii, the Cook Islands are a widely scattered group of islands occupying a surface area of about 240 sq km. As a legacy of its status as a British protectorate, the legal system is based on English common law and the official language is English, but the jurisdiction is now a selfgoverning democracy. The Cook Islands’ geographic isolation and their lack of natural resources have hindered economic development. Offshore financial and fiduciary services are now the second largest contributor to Government finances, and there are special regimes for banks, captives and trust management, which is the biggest offshore sector. Domestic companies pay 20% tax on worldwide income. Non-resident companies pay 28% tax on profits derived from income sourced in the Islands. However, offshore entities are exempt from Cook Islands taxation. Suitable for: Fund Management

2015 China Offshore Trusts & Foundations Guide China Offshore

331

概况

库克群岛

General

Cook Islands

实体类型

基金会

法律类型

2012 年基金会法

Type of Company

Foundation

有限责任

是。资产保护功能包括，如不承认外国法院判决和状告基金会的两年的诉讼时效

Limited Liability

建立基金会所需时间

2 到 3 个工作日

Yes. Asset protection features are included, such as non-recognition of foreign judgments and a two year statute of limitation in which to bring a lawsuit against the foundation.

基金会最低资本金（等值货币）

无最低资本要求

基金会资本货币

任何币种

Type of Law

Our Time to Establish a Foundation

Foundation Capital Minimum (equivalent in currency) Foundation Capital Currency

Publicly Accessible Records

公众可访问记录

基金会章程

是的，公众谁支付一定的费用向注册处处长证实基金会的存在。 Foundation Charter 可以访问基金会会章（其中包含基金会名字，对象和注册代理人）

基金会管理规则

否，基金会规则由注册代理人执行

受益人

否，除非包含在基金会章程里

创建人

无

保全要求

可选

是否允许企业保全

是

理事会成员最少人数

1个

是否允许有企业理事会成员

是

会议地点

任何地方

Name of Founder

Protector Required

Corporate Protector Permitted Minimum Number of Council Members Corporate Council Members permitted Meeting Location

Local Requirements of Foundation

基金会本地规定基金会代理

是，必须指定一家在库克群岛的受托公司

是否需要秘书

无

管理条例语言

Beneficiaries

Officers of Foundation

基金会管理成员

章程语言

Foundation Regulations

任何语言，但是必须有认证的英语翻译任何语言，但是必须有认证的英语翻译

Foundation Agent

Secretary Required

Language of Charter

Language of Regulations Accounts

账户准备要求

否。但是，基金会必须保持可靠的财务记录。

审计要求

无

其他年度政府费用

是，300 美元

是否允许迁册

是

Requirements to Prepare Audit Requirements

Foundation Act 2012

2-3 working days

No minimum capital required Any

Yes, the foundation instrument (which contais the foundation name, objects, and registered agent) is accessible to those of the public who pay a fee to the Registrar to confirm the existence of a foundation name. No, the foundation rules would be held by the registered agent No, unless included in the foundation instrument/charter No

Optional. Otherwise known as "Enforcer." Yes

One Yes

Anywhere Yes, a trustee company residing in the Cook Islands must be appointed No

ny language. Must be accompanied by a certified English translation Any language. Must be accompanied by a certified English translation No. However, the foundation is required to keep reliable financial records.

Other

Annual Government Fee

Yes. USD $300

Change in Domicile Permitted

Yes

By Cook Islands FSDA

行政特区 jurisdictions

2015 China Offshore Trusts & Foundations Guide China Offshore

333

库克群岛 —— 国际信托和基金会 Cook Islands – International Trust and Foundation

库

克群岛作为国际上首屈一指的经济辖区，在提供可靠合法的资产保护方面一直享有盛誉。实际上，库克群岛是首个为现代资产保护信贷立法的国家，这在国际金融领域已成为众所周知的事实。1984 年，库克群岛颁布了《国际信贷法案》，从此，库克群岛在为高净值个人和企业提供高度保密的财产保护方面占据了全球金融行业的领先位置。尽管库克群岛一直以国际信托机构为特色，库克群岛还有一些为财富巨头量身定制的金融工具和丰富的专业化经验。资产保护

By Tamatoa Jonassen 塔玛托亚是库克群岛金融服务发展局的首席执行官。他还曾在金融业服务过，管理复杂的高净值客户国际企业和信托事务。他拥有法学博士学位，以及亚太法律研究机构的法律证书。 Tamatoa is the CEO of the Cook Islands Financial Services Development Authority. He has also worked in the financial industry, managing complex international corporate and trust transactions for high net worth clients. He holds a Juris Doctor degree in Law, and a law certificate in Pacific and Asian Legal Studies.

2012 年基金会——罗马法系中等于普通法辖区中的信托法成为了库克群岛资产保护工具的一部分。库克群岛的信托和基金会都享受法律针对潜在的无法预见的威胁和攻击。这些特点包括： a) 不承认、不执行任何外来裁决。为了对受信托保护的资产提起诉讼，诉讼程序必须在库克群岛的法庭中进行，而任何其他国家的司法裁决都将不被执行。在这个太平洋中部看上去很遥远的小群岛国家，诉讼费用对于起诉者而言本身就构成了不小的障碍。此外，有关国际信托的司法程序都为摄影机所记录，但不会被公之于众，从而保护库克群岛的国际信托机密性。 b) 信托和基金会处置中为期两年的诉讼时效限制表示可以针对欺诈性转让才去法律行动。法庭审理程序需在两年内开始进行。如此短的时限内，往往形成了

www.cookislandsfinance.com

he Cook Islands has a reputation as being at the forefront of international jurisdictions that provide trusted and legitimate asset protection. It is well known that the Cook Islands was the first country to create legislation allowing for modern asset protection trusts with the enactment of the International Trusts Act 1984. Although the international trust is the Cook Islands flagship financial structure, it has several financial vehicles and a wealth of experience to assist high net worth clients. Asset Protection In 2012 the Foundation – the Roman law equivalent of the trust in common law jurisdictions – was added to the basket of asset protection vehicles available in the Cook Islands. Both the Cook Islands trust and foundation enjoy layers of protection to safeguard assets from potentially vexatious, frivolous, or even unforeseeable attacks. These features include the following: a) Non-recognition and nonenforcement of foreign judgments. In order for someone to attack the assets protected in the trust

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起诉者难以逾越的障碍，成为了资产保护的标志，并且为当今许多试图仿效库克群岛的经济辖区所采纳。 c) “超越合理怀疑”的更高要求的举证责任。要证明库克群岛信托的资产转让操作不合法，起诉者必须提供比普通民事诉讼更高标准的证据。

库克群岛的资产保护功能和保密性规定的终极目标是对非法调查的预防，并保护其信托客户的隐私。库克群岛的国际信托并不是单纯为资产保护而创建的，它还按照资产信托转让相关的法律法规制定灵活的房地产和税收计划。它也包括隔离计划，在这项计划中，资产为具有专业经验的企业信托人所有，并按照在信托成立之初就制定的方针进行管理。其多样化的信托安排囊括了广阔的投资和管理机遇，而这也是继承计划的关键。继承计划在当代瞬息万变的经济领域中，财富规划显得尤为关键。库克群岛国际信托的资产保护功能有效地提升和保障了财富规划。随着新兴国家（如中国）的财富水平不断提升，急需通过新的立法和法律实践以应对公民的新增财产，这就提升了对库克群岛金融机构所提供的财产保护和保留的需求。

or foundation, they would need to commence legal action in the Cook Islands court while court judgments from other countries will not be enforced. The cost itself in mounting a legal attack on this seemingly small remote group of islands in the middle of the Pacific Ocean can itself be a barrier to would-be attackers. Furthermore, court proceedings (other than criminal proceedings) relating to international trusts are heard in camera and are not published in order to preserve the confidential nature of a Cook Islands international trust. b) A two year statute of limitations from a disposition to the trust or foundation in which someone may commence legal action alleging fraudulent transfer. Court proceedings must be commenced within a two year time period from the transfer; this very short time limit is often the greatest hurdle for would-be attackers to overcome, and has become a hallmark of asset protection now adopted by many jurisdictions seeking to emulate the Cook Islands. c) A higher “beyond a reasonable doubt” burden of proof. In order to prove that a transfer into a Cook Islands trust was not done legitimately, a would-be attacker would need to

www.cookislandsfinance.com

meet a higher standard of proof than that in a typical civil case. The culmination of asset protection features and provisions of confidentiality seek to prevent fishing expeditions and protect the privacy of those whom have placed their trust in the Cook Islands. The Cook Islands international trust was not invented solely with asset protection in mind. It allows for flexible estate and tax planning in accordance with laws and regulations of those transferring assets into the trust. It allows for insulation planning where assets are owned by highly professional and seasoned corporate trustees and managed according to guidelines established at the inception of the trust. It allows for a variety of trust arrangements that can include a broad range of investment and management opportunities, which is often a key part of succession planning. Wealth Planning The asset protection features of a Cook Islands international trust serve to enhance and safeguard the wealth planning essential in today’s changing economy. With the increase in wealth levels among rising countries, such as China, new legislation and

Captive insurance, available through the Captive Insurance Act 2013, is also a great wealth planning tool that allows the management of risk, reduced premiums, and lower taxes.

除了国际信托，库克群岛还提供一系列金融产品，以有效利用经济辖区内丰富的国际信托经验，包括：基金、跨国公司、专属保险、有限责任公司和国际合作企业。在 2008 年有限责任公司法案的规定下创建的“有限责任公司（LLC）”作为公司创建的工具来说，也正受到日益欢迎，这一工具提供有限的债务责任和合伙制上运营过程中的灵活性。LLC 免于库克群岛税收，允许单一或多个来自任何居住地的公司成员无需举行年度会议，并允许企业成为公司成员和经理人，并得以在世界任何一个地方进行合法的商业活动。LLC 对架构遗产计划来说很有效，对控股公司来说很理想，对国际公司的形式来说，也是一个很灵活的替代方式。 2013 年专属保险法案将专属保险合法化，也是一个很棒的财富管理工具，让风险管理成为可能，并同时降低资费和税负。库克群岛的顾问将与客户现有顾问紧密协作，从而使制定出的规划既不违背客户本土的监管要求，又能帮助客户扩大、保护和享有传承万代的资产和财富。库克群岛提供了全方位的企业、信托和理财规划服务。库克群岛通过与国际银行

practices to cope with newly acquired wealth of its citizens have increased the demand for wealth preservation offered through Cook Islands entities. In addition to the international trust and foundation, the Cook Islands offers an array of financial products that capitalize on the jurisdictions extensive experience with wealth protection, including: limited liability companies, captive insurance, international companies, and international partnerships. The limited liability company (“LLC”), established under the Limited Liability Companies Act 2008, is also gaining popularity as a corporate vehicle that provides limited liability and the operational flexibility of a partnership. Exempt from Cook Islands taxes, the LLC allows single or multiple members from any domicile, has no requirements for annual general meetings, allows corporations to be member and manager, and may conduct any lawful business in any part of the world. The LLC works well in structured estate plans, is ideal for holding companies, and is the flexible alternative to the international company. www.cookislandsfinance.com

Cook Islands advisors work closely with client’s existing advisors to create structures that meet regulations of the client’s home country while providing clients with the means to grow, protect, and enjoy the results of their successes over many generations. The Cook Islands maintains access to premium banking services through relationships with international banks, and also has a strong Maritime Registry for ships and yachts with representatives in countries all over the world, including China. Ideal Location The Cook Islands is located in the centre of Polynesia and is uniquely positioned with a six hour difference with Hong Kong and a six hour difference with New York. Transactions can be commenced, and wire transfers made, in a timely fashion between two continents and the World’s two largest economies. Its strategic location allows the

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的广泛联系，获得了优质的银行服务，并且与全球各国（包括中国在内）的代表维持了稳固的海商注册体系。理想的地理位置库克群岛位于波利尼西亚中部，它与纽约和香港各有六小时的时差。因此，我们得以在两个大洲和全球最大的两个经济体内准时开始交易和实现电汇。如此具有战略性的地理位置，使得库克岛提供的服务既能适应普通法的经济辖区，又适应民法的经济辖区，从而成为连接太平洋两岸金融安全的纽带。库克群岛理想的地理位置，使其成为在美国和亚洲均有业务的客户组建控股公司的首选经济辖区。根基稳固库克群岛对金融行业的监管和监督非常严格，在全球排名中都占有极为靠前的位置。它严格遵照国际金融行动专责小组（FATF），国际货币基金组织（IMF）和经济合作与发展组织（OECD）所设定的国际标准进行金融活动。同时，它与新西兰保持着密切的联系，有机会聘任多位卓越的新西兰法官来处理各种法庭诉讼。库克群岛维持着稳定的民主议会制政府，刚刚度过了其 50 周年自治纪念日。获得人民支持的政府和前瞻性行业使库克群岛得以保持其精细的法律体系和卓越水平的金融服务。

Cook Islands to tailor its services to both common law and civil law jurisdictions, acting as a Pacific bridge of financial security. Given its ideal location the Cook Islands is a prime jurisdiction for incorporating holding companies for clients whose businesses operate from both the USA and Asia. Well Established The Cook Islands is ranked very high for its regulation and oversight of the financial industry. It maintains good standing with international standards

www.cookislandsfinance.com

of the Financial Action Task Force (FATF), International Monetary Fund (IMF) and Organisation for Economic Co-operation and Development (OECD). Its close ties with New Zealand allow it to access high calibre NZ judges to preside in its court proceedings. It has a stable parliamentary system of democratic government which on August 4th celebrated its 50th year anniversary of self-government. The supportive government and proactive industry allow the Cook Islands to maintain its sophisticated legal and financial services with an outstanding level of service.

行政特区 jurisdictions

库克群岛

Cook Islands

Q &A

1. 贵辖区是什么时候实施信托和基金会法的？

1. When were trust and foundation law introduced in your jurisdiction

在库克群岛 1965 年实施政府自治时，英国普通法和平衡法原

English common law and equity were formerly adapted from New Zealand through the Cook Islands Act 1915, prior to the Cook Islands acquiring self-governance in 1965. The common law concept of a trust has been in the Cook Islands for about a century. However it was the Cook Islands who invented the modern asset protection trust through its innovative legislation, the International Trusts Act 1984, which has been substantially embraced by many offshore finance jurisdictions. The Hague Convention on Trusts does not apply in the Cook Islands.

先是从新西兰以库克群岛 1915 法案的形式引入的。英国普通法规定的信托概念在库克群岛的历史已经超过一个世纪。当然也是库克群岛自己通过它独具创新特色的法律来创造的现代资产保护信托，名为《1984 年国际信托法案》，这一法案也被为数众多的离岸金融辖区所采用。海牙信托公约不适用于库克群岛。旨在利用库克群岛资产保护方面的丰富经验，库克群岛的信托法中包含了其它行政辖区的基金会法中所包含的最佳特点，并在 2012 年实施了作为金融产品的基金会架构。虽然信托和基金会是两种不同的财富管理工具，但库克群岛的信托和基金会有许多相似的特点，其目的是保护财富和实施灵活多变的财富规划。 2. 我们知道一些金融辖区专注于资产保护，另一些则专注于资产传承产品。贵辖区对上述两种方式是否有更佳解决方案？库克群岛以其资产保护，特别是创造现代资产保护信托的传统而著称于世。与此同时，库克群岛实体，比如国际信托、

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China Offshore Trusts & Foundations Guide 2015

Seeking to capitalize on the experience and success of protection afforded by Cook Islands trusts, the Cook Islands encapsulated asset protection features it was known for with the best features in foundation law from other jurisdictions and introduced the foundation as a financial product in 2012. Although they are different wealth preservation vehicles, both the Cook Islands’ trust and foundation share many important aspects that seek to preserve wealth and facilitate flexible wealth planning. 2. We understand that some jurisdictions focus on asset protection, while others focus on asset succession products. Does your jurisdiction have a better solution for asset protection or asset succession? The Cook Islands has traditionally been known for asset protection particularly since it led the offshore finance industry

行政特区 jurisdictions 基金会、国际公司、有限责任公司、有限合伙制和专属保险，都能成为任何形式的财富管理架构，无论它的目的是资产保护还是资产传承。库克群岛的温和税收更让它在财富管理架构上具有独特的吸引力。时至今日，最佳财富管理既要包含资产保护，也要包括资产传承，这些都能通过库克群岛的公司实体来实现。 3 . 贵辖区的首选架构是基金会还是信托？您为什么这么选择？您是否认为这一趋势会保持下去？库克群岛的信托目前仍是首选的离岸金融架构，因为它比基金会的历史要长几十年。信托由普通法行政辖区发展而来，这些辖区对财产的分支概念驾轻就熟，比如美国就是如此。而基金会则由民法行政辖区发展而来，只在最近才被库克群岛用来针对亚洲市场而开始实行。虽然目前来说要知道库克群岛基金会的发展速度是否能跟上信托还为时过早，但预计随着新兴国家财富的不断增长，亚洲的经济体对西方普通法行政辖区更为熟悉，亚洲市场对信托的需求也会持续增长则是毋庸置疑的。 4 . 贵辖区在希望向下一代进行财富传承的中国高净值客户和家族等的私密性和资产保护方面的主要优势是什么？库克群岛有闻名遐迩的高效财富保护架构。把库克群岛纳入财富管理的客户都认为库克群岛是一个有如下优点的辖区：1 ）良好的立法， 2）金融行业非常高的行业排名，3 ）高素质新西兰司法制度，4）位于亚洲和美洲之间的理想地理位置，5 ）由经验丰富的专业人士组成的出色服务提供商团队，6 ）一个大力支持的政府。保密性和隐私权保护已经整合在库克群岛的立法中，这些对一个金融行业为高净值人士和世界精英人士提供量身定制服务的辖区来说是至关重要的。 5 . 价格方面，在贵辖区设立信托 / 基金会的价格和其它辖区相比有何优势？如果价格更高的话，您为客户创造的额外价值是什么？库克群岛架构的设立费用和其它金融辖区相比是有竞争力的。它独特的地理位置得益于它和新西兰的自由联合关系和新西兰货币的强劲势头，也得益于它在支持、推广和保护金融行业方面的独立性。很多人把库克群岛看作一个资产保护辖区的黄金标准，这里提供对资产保护的无比信心和放心，也是南太平洋上第一流的财富管理胜地。来源： T amatoa J onas s en , C E O , 库克群岛金融服务发展局

with the invention of the modern asset protection trust. However, Cook Islands entities, namely international trusts, foundations, international companies, limited liability companies, limited partnerships, and captive insurance, can be structured into any wealth planning whether it is asset protection or asset succession focused. The tax neutrality of the Cook Islands further enhances its attractiveness in wealth planning structures. In this day and age, the best wealth planning incorporates both asset protection and asset succession, which is available through Cook Islands entities. 3. Are trusts or foundations in your jurisdiction the preferred structure for clients? Why do you believe that is? Do you expect any changes in that preference in the future? Trusts are presently the preferred offshore financial structure in the Cook Islands because they have been around decades longer than foundations. Trusts were developed for common law jurisdictions that are familiar with the concept of bifurcating ownership of property, such as the United States. Foundations, which originated from civil law jurisdictions, only recently became available in the Cook Islands in response to demands in Asian markets. Although it is too early to tell if the demand for foundations in the Cook Islands will outpace the demand for trusts, it is reasonable to expect that the demand for trusts will increase in Asian markets as wealth levels increase in rising societies and economies that are becoming more familiar and integrated with western common law jurisdictions. 4. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? The Cook Islands has a widely recognized reputation for effective wealth protection. Those who include the Cook Islands in their wealth planning also recognize that the Cook Islands is a jurisdiction with 1) well-crafted legislation, 2) a very high ranking for regulation of its financial industry, 3) a strong judiciary centred around high-calibre New Zealand judges, 4) an ideal time zone between Asia and the Americas, 5) outstanding service by experienced professional service providers, and 6) a supportive government. Confidentiality and privacy provisions are integrated into key legislation, which is important to a jurisdiction whose finance industry tailors to high net worth persons and the world’s elite. 5. In terms of cost, how is the cost of setting up a trust/ foundation in your jurisdiction compared to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? The costs of Cook Islands structures are comparable and competitive to other offshore jurisdictions. Its unique position also benefits from its free association relationship with New Zealand and the strength of the New Zealand dollar while maintaining its independence to support, promote, and protect the finance industry. Seen by many as the gold standard of asset protection, the Cook Islands offers confidence and ease of mind as a South Pacific bridge facilitating first-class wealth planning. Contributed by: Tamatoa Jonassen, CEO, Cook Islands Financial Services Development Authority

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行政特区 jurisdictions

新西兰

New Zealand

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New Zealand

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Member Contribution

概况

新西兰

General

New Zealand

实体类型

信托

法律类型

普通法

Type of Company

Trust

建立信托所需时间

2-5 天

最低政府费用（不包括税收）

无

Our Time to Establish a Trust

2-5 days

是否签订双重征税协定

是

国外收入课税

Double Taxation Treaty Access

无（只要满足资格标准）Taxation on Foreign Income

Yes

信托资产标准货币

美元

允许币种

任何币种

最低资产要求

1 美元

公司法人的话至少有 1 个资格符合的董事

是否要求有当地受托人

是

公众可否查阅记录

否

会议地点

任何地方

保全是否需要

可选

持有专业资格

可选

Common NIL

Trust Assets

No (as long as qualifying criteria met)

Standard Currency

US $

Minimum Assets Required

$1.00

Permitted Currencies

受托人可以是独立或者 Minimum Number if Individuals 公司法人

公司法人最低人数

Minimum Number if a Body Corporate

If Local Trustee Required

Publicly Accessible Records Location of Meetings

Any

Trustee can be individual or corporate If corporate, at least one director must be an approved person

Yes

Protector

Anywhere

Required

Optional

Professional Qualifications Held Optional

Trust Deed

信托契书公众可否访问

Minimum Government Fees (excluding taxation)

Trustees

受托人独立法人最低人数

Type of Law

否

账户准备要求

是

审计要求

否

公众可否访问账户

否

其他法定继承权

不适用

是否允许迁册

是

Publicly Accessible

Accounts

Requirements to Prepare

Yes

Publicly Accessible Accounts Other

Forced Heirship Rules

Not applicable

Audit Requirements

Change in Domicile Permitted

Yes

By Helmores Compliance Limited

行政特区 jurisdictions

简介 Introduction 金融辖区：新西兰地区：亚太货币：新西兰元 (NZD) (NZ$) 语言：英语时区：UTC+12 区号：+64 通讯设施：优良

Country: New Zealand Region: Asia-Pacific Currency: New Zealand dollar (NZD) (NZ$) Languages: English Time Zone: UTC +12 Phone Code: +64 Communications: Good

新西兰是太平洋西南部的一个岛国，距离澳大利亚 2000 公里，中间隔着塔斯曼海。该国主要由两个岛组成——北岛和南岛。人口约为 425 万。新西兰是议会民主制国家，也是英联邦国家。国家元首是英国君主。John Key 自 2008 年被选举上台成为首相。之前，新西兰的经济依赖于肉类和奶类制品向英国的出口。但是自英国加入欧盟后，新西兰经济开始多元化。农业仅占国民总产值的 4.9%，其经济更大程度上依赖于服务业，占 GDP 的 71.6%，制造业占比为 23.5%。旅游业也成为该国的一大经济支柱，该国大部分的游客来自于澳大利亚、

New Zealand is a remote island country in the southwestern Pacific, situated about 2,000 km south-east of Australia across the Tasman Sea. The country mainly comprises two islands – the North and South islands. Its population is around 4.25m. New Zealand is a parliamentary democracy and a British Commonwealth realm. The chief of state is the British Monarch. John Key has been the Prime Minister since the November 2008 general election. Previously, New Zealand based its economy on the export of meat and dairy products to the United Kingdom. However, since Britain's membership of the European Union, New Zealand has diversified.

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日本、美国和英国。离岸工具：有限公司、公众有限公司、信托、分公司、通用合伙和有限合伙公司

Agriculture now represents only 4.9% of gross domestic product (GDP), with the economy being dominated by services at 71.6% of GDP, and manufacturing at some 23.5%. Tourism has become an important part of the country’s economy, with most of the country’s visitors originating from Australia, Japan, the United States, and the United Kingdom. Vehicle Types: Limited companies, public limited companies, trusts, branches, general partnerships and limited partnerships

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新西兰

Member Contribution

New Zealand

1. 对希望下一代继承资产的中国高净值人士或家庭（等）而言，贵辖区在隐私和资产保护方面的优势是什么？作为经济合作与发展组织（O E C D ）、世界贸易组织（W TO）及金融行动特别小组（其中一员）的成员国，与其他同等国家相比，新西兰独特的地位使它在监管之下仍具有一定程度的保护政策，而这种保护通常可能是其他辖区无法提供的，即可被定位为 “ 境外”的保护政策。新西兰税收制度优惠，

Q &A

1. What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? As a member of the OECD, the WTO and FATF (among others), New Zealand is in a unique position compared to many of its peers. This affords it a degree of protection from scrutiny which is perhaps not so often afforded to jurisdictions which might be termed 'offshore'. It has a favorable tax regime, a robust book of legislation and is generally considered a stable jurisdiction in both economic and political fields.

司法体系强劲，通常被视为经济政治稳定的辖区。 2. 在成本方面，与其他辖区相比，在贵辖区设立信托或基金的成本如何？若成本较高，那客户能够接受这一昂贵成本的附加价值又是什么？在新西兰设立信托或基金的成本与其他相近辖区相当。若费用稍高，专业经理人及管理人提供的服务亦会让您感觉物超所值。为维护声誉（与其他一些辖区相比），受托人所承受的管理负担微高。这一点，兼之以法定文件的负担，可能会

2. In terms of cost, how is the cost of a setting up a trust/ foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this. Costs are comparable to other similar jurisdictions. The availability of skilled managers and administrators would, if anything, justify any higher fee. In keeping with its reputation (and compared to some jurisdictions) the trustee has a slightly higher administrative burden. This, coupled with the burden of statutory filings, might increase the fee charged.

使收费提高。 3. 贵辖区的信托或基金会是客户首选的结构么？您为什么会这样笃信？在将来您会期待这种倾向性发生任何变化么？

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

行政特区 jurisdictions 基金在新西兰并不适用，但信托在当地比较流行；一些评论家认为新西兰人均信托要高于其他任何普通法辖区。新西兰信托（需满足一定标准）可享有特殊的税收待遇，其机密性也可得以维护。有限责任合伙公司在新西兰也日渐风靡，再次，仅有有限信息会出现在公共注册处。L T C （'L o o k-t h r o u g h ' Co m p a n i es ）能为国外股东提供税务优惠（满足一定标准），因此它在新西兰也比较流行。 4 . 新西兰从业者 / 贵公司在为亚洲或中国家庭设立信托结构时，所面临的最大挑战是什么？最大的挑战是语言差异。文化差异也是挑战，因为客户不了解普通法体系或者信托概念，需要教育：教育客户通过受托人管理和运营信托，这是一个长期的过程。 5 . 当为亚洲或中国客户制定计划时，通常您所遭遇到的最大

Foundations are not available in NZ, but Trusts are very popular: some commentators believe that New Zealand boasts more Trusts per capita than any other common law jurisdiction. Trusts in New Zealand (which meet certain criteria) are afforded special tax treatment; confidentiality is also maintained. Limited Liability Partnerships are rising in popularity in New Zealand, as again, only limited information appears on public registers. 'Look-through' Companies are also popular, due to the favorable tax treatment afforded to foreign shareholders (who meet certain criteria). 4. What are the biggest challenges New Zealand practitioners/ your company face when setting up a fiduciary structures for Asian or Chinese families? The biggest challenge remains language differences. Cultural differences are also a challenge, as is the education of clients who are not familiar with the common law system, or the concept of a trust: educating clients on the need to have the trust administered and operated by the trustee can be a long process.

问题 & 挑战是什么？为解决这些问题，贵辖区给出的解决方案是什么？在规划问题中所遇到的最大问题之一是继承规划。为确保实现这一点，客户在达到资产保护的目标之后，还要对未来做出规划（大多数情况下是通过遗嘱或信托 ( 或两种方式都采用 ) ），尤其是确保他们的继承规划能够在将来适用于后代。另外一个问题是客户希望能够参与到信托运营中；尽管存在上述问题，但通过正确规划和制定信托方案，新西兰信托通常即便不能满足所有，也可以满足大多数的目标和需求。来源 : D av i d F i nl ay s on/ A M S F i n a n ci a l G r o u p

5. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients in general? What are the solutions that your jurisdiction provides for these issues? One of the biggest planning issues is succession planning. Ensuring that, whilst clients achieve their goals of asset protection, they also plan for the future (in most cases by way of a will, or trust (or both)) and in particular ensure that their succession planning will work for future generation(s). Another issue is the clients desire to remain involved in the operation of the Trust, but with the correct planning and drafting a New Zealand trust can generally meet most, if not all, objectives and goals. Contributed by: David Finlayson/AMS Financial Group

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Company Profile

Lemanik Asset Management — 公司简介 Lemanik Asset Management – Company Profile Dimitri Brunwasser Business and Product Development 商业与产品发展 Mr Brunwasser joined the company in 2013 as Relationship Manager for Asian and UK customers and he has coordinated the fund launch of several customers. Prior to this, He worked from 1999 to 2013 at State Street Bank Luxembourg in Transfer Agency Services and Sales Department. He was a member of the Depository Steering Committee. Mr Brunwasser holds a Master of Arts in American and British Literature and Civilization of the University of Metz (France). Mr. Brunwasser is the representative of the Asia Offshore Association in Luxembourg. Brunwasser 先生 2013 年加入公司，担任亚洲和英国客户的客服经理，已帮助多位客户推出基金。在此之前，1999 年到 2013 年期间，他供职于道富银行卢森堡分行，隶属于过户代理服务和销售部。他曾是存款指导委员会的成员。 Brunwasser 先生拥有法国梅斯大学英美文学与文化硕士学位。 Brunwasser 先生是亚洲离岸协会在卢森堡的代表。

emanik Asset Management S.A.（Lemanik）是一家的独立的管理公司，总部位于卢森堡，在瑞士和爱尔兰也设立了地方机构。我们帮助机构投资人设立及管理可转让证券集体投资计划（UCTIS）和另类投资基金（AIF）。Lemanik 还覆盖了与财富管理相关的整条价值链，可向客户提供国际资产管理、投资咨询以及财富规划服务。我们的业务模型具有很高的灵活度，所以我们可以发挥创意，根据客户的配置做出具体的调整。近年来，在销售快速增长以及有针对性的收购的推动下，我们取得了可观的增长，客户数量达到 50 个，资产管理规模达到大约 300 亿美元。作为第三方管理公司，我们提供的核心服务包括基金设立、基金管理、选址、风险管理和投资合规性监督，除此之外，我们还开发了诸多增值服务，

emanik Asset Management S.A. (Lemanik) is an independent Management Company, headquartered in Luxembourg with local branches in Switzerland and Ireland. We support institutional investors in setting up and managing Undertaking for Collective Investments in Transferable Securities (UCITS) and Alternative Investment Funds (AIF). Lemanik covers the whole value chain related to Wealth Management and coordinates family office services enabling clients to have access to international asset management, investment advisory and wealth planning. Our business model incorporates a high degree of flexibility allowing us to be innovative and adaptable in terms of client’s configurations. In recent years, we have posted impressive

Member Contribution

比如分配及跨境税务报告支持、基金登记或者股息预扣税退税等。我们的客户群体非常多样，有美国、英国、瑞士、西班牙、意大利、德国或拉丁美洲的资产管理人、私人银行家、家族办公室、保险公司或金融中介机构。最近三年时间里，Lemanik 获得了香港、东京、孟买、新加坡和首尔等地资产管理人的八项授权委托，从而提高了其在亚洲地区的知名度。 Lemanik 的解决方案最适合： - 设立及管理投资基金 - 探索将中国投资人资产投资于卢森堡 UCITS 产品的机会 - 利用我们经验丰富的资产组合管理进行自主投资卢森堡投资基金解决方案卢森堡是一个进行中国境内外投资的完美永久居住地，因为它在分配和产品方面为中国投资人提供了投资多元化的机遇。拥有 14,000 个投资基金总计 35000 亿欧元的资产，卢森堡是欧洲认可度最高的跨境投资基金中心，为中国资产管理人提供了一个发起投资基金的平台，适用于从传统的上市公司到复杂的基础设施及房地产项目的各种战略，还可以藉此在全球范围内分配基金。

growth figures driven by strong sales and targeted acquisitions resulting in a current panel of 50 customers and circa $30 billion of AUM.

Luxembourg UCITS products - Leveraging on our highlyexperienced portfolio management on a discretionary basis

Besides our core services as third party management company, which include fund set up, fund governance, domiciliation, risk management and investment compliance monitoring we have also developed a number of value added services, such as support to distribution and cross-border tax reporting, fund registration, or dividend withholding tax recovery.

Investment Funds Solutions in Luxembourg

Our client base is very diverse, being US, UK, Swiss, Spanish, Italian, German or Latin American asset managers, private bankers, family offices, insurance companies or financial intermediaries. During the last three years, Lemanik has strengthened his presence in the Asian region by securing 8 mandates with asset managers based in Hong Kong, Tokyo, Mumbai, Singapore and Seoul. Our Lemanik’s solution is ideal for : - Setting Up and managing investment Funds - Exploring opportunities to invest Chinese Investors assets into

Luxembourg is a perfect domicile for investment flows in and out of China as it offers Chinese investors opportunities to diversify their investments in terms of allocation and products. With more than 3.5 trillion EUR of assets across 14,000 investment funds, Luxembourg is the most recognized center in Europe of cross-border investment funds offering Chinese asset managers a platform to launch an investment fund with strategy ranging from plain vanilla listed companies to complex infrastructure and real estate projects and to distribute this fund globally. Following a Memorandum of Understanding signed with the Chinese authorities, Luxembourg is also one of the few financial centers to enable Chinese Qualified Domestic Institutional Investors (QDII) to invest directly in Luxembourg regulated

Company Profile

known for its economic stability, its skillful and multilingual work force and its expertise in cross-border business. Because of a favorable geographic location and its Euro Area membership, Luxembourg is also the ideal place to expand the Chinese banks’ network throughout the entire European single market.

在与中国主管部门签订了谅解备忘录之后，卢森堡也成为为数不多的几个允许中国合格境内机构投资者（QDII）直接对卢森堡受规管金融产品进行投资的金融中心之一，在行业和地区方面为中国投资人提供了更多样化的资产类别。 UCITS 和 AIF 管理制度的目的都是确保投资人不会在受严格规管的环境中受到伤害，提供各种风险胃纳的机会以及投资管理人活动的完全透明度。 “ 五大中国银行，即中国工商银行（ICBC）、中国银行（BOC）、中国建设银行（CCB）、交通银行和中国农业银行，都在卢森堡设立自己的欧洲总部。中国招商银行在卢森堡也设立了一个分行。总之，六家最大的中国银行都在卢森堡有了一席之地。它们之所以选择卢森堡就是看重卢森堡作为国际金融中心的竞争优势，看重卢森堡的经济稳定性，多语言能力的技术人才以及在跨境业务方面的专业知识。因为其优越的地理位置以及欧元区成员国的身份，卢森堡也是通

financial products, giving access to Chinese investors to a wide variety of asset class in terms of sectors and region. Both the UCITS and AIF regimes are designed to ensure investor protection in a highly regulated environment offering opportunities for different risk appetite and in full transparency on the investment manager activity. “Five major Chinese banks, Industrial and Commercial Bank of China (ICBC), Bank of China (BoC), China Construction Bank (CCB), Bank of Communications and Agricultural Bank of China have their European headquarters in Luxembourg. China Merchants bank runs a branch out of Luxembourg. As a consequence, the six largest Chinese banks have a local presence in Luxembourg. They selected Luxembourg for its competitive advantage as an international financial center,

Luxembourg offers investors: • A strong tradition of investor protection • A stable democracy and strong economy • A knowledgeable and responsive regulator • A Proactive legislation: • A tradition of financial expertise • A unique concentration of investment fund industry experts in all aspects of product” Lemanik Wealth Management activity: Lemanik covers the whole value chain related to Wealth Management and coordinate family office services, wealth structuring, financial and estate planning. Our network of international experts help us find the best global solutions. As an example, the legal forms used for structuring our clients assets include Luxembourg Soparfi, Hong Kong Trusts, Ucits, AIF, Life insurance contracts, etc. Solutions can be cross-checked with the big four audit firms. We offer asset management, investment advisory and wealth planning and our clients invest in worldwide markets for cash, bonds, equities, mutual funds, derivatives, structured products, alternative investments and currencies. Lemanik has developed a specific know-

Member Contribution

过整个欧洲单一市场扩展中国银行网络的一个理想选择。卢森堡向投资者提供： • 强大的投资者保护传统 • 稳定的民主政治和强大的经济 • 见识卓越且积极回应的监管者 • 前瞻性的立法 • 金融专业知识的传统 • 唯一一个汇聚投资基金行业产品各个方面专家的地方 Lemanik 财富管理活动： Lemanik 覆盖了与财富管理相关的整条价值链，可以协调家族办公室服务、财富结构、财务以及遗产规划。我们的国际专家网络帮助我们找出最佳的全球性方案。比如，我司为客户打造的资产的法律形式包括卢森堡控股公司、香港信托公司、UCITS、AIF、人寿保险合同等。可能与四大审计事务所交叉检查解决方案。我们提供资产管理、投资咨询及财富规划服务，帮助客户在全球市场上进行现金、债券、股票、共有基金、金融衍生品、结构性产品、货币以及另类投资等。在为超高净值人士打造投资组合方面，Lemanik 已经形成了一套专门的技术诀窍，从理解客户的投资目标到向他们提供资产配置、投资组合风险以及绩效评估方面的咨询。资本保全是 Lemanik 理念的核心，因此公司非常注重风险管理和风险缓解。资产只会存放在最高评级的一类机构，此类机构可在客户选择的辖区以最低利润提供中短期抵押贷款，当然最好的辖区选择还是卢森堡，世界上少有的几个 AAA 级国家之一。与存款银行完全独立，我们对可能影响客户财务的各项参数施加严格的管控。鉴于客户的规模，我司采用机构性定价。

how of constructing Ultra High Net Worth Individuals portfolios, from understanding their investment objectives to advising them on asset allocation, portfolio risk and performance measurement. Preservation of capital is key in Lemanik philosophy, being part of a company focused on risk management and mitigation. Assets are deposited only in first-class institutions with the highest ratings which provide short/medium-term collateralised loan possibilities for the lowest margin and in the jurisdiction of choice of the client but preferably in Luxembourg, one of the rare AAA rated country in the world. Completely independent from depository banks, we exercise a strong control on the different parameters which can affect the wealth of our clients. Due to the size of our clients, pricing is institutional.

Philippe Maclot Head of Asset Management 资产管理总监 Philippe Maclot is holder of an M.B.A. (honours) and a Certified European Financial Analyst diplomas. Active for more than 17 years in wealth management, he worked successively for ING Group, Société Générale and Rothschild holding various direction positions servicing Ultra High Net Worth Individuals located in Europe, South America and Asia. He is now Director of Asset Management at Lemanik. Expert in international and Luxembourg wealth management solutions, Philippe regularly gives conferences on the topic around the world.

Philippe Maclot 拥有工商管理硕士学位（荣誉）和注册欧洲金融分析师文凭。沉浸于财富管理行业逾 17 年，他曾先后在 ING 集团、法国兴业银行和罗斯柴尔德控股公司担任各种管理职务，为欧洲、南美及亚洲的超高净值人士服务。目前，他在 Lemanik 担任资产管理主管一职。作为国际及卢森堡财务管理解决方案的专家，Philippe 经常在世界各地筹办相关主题的会议。

中国和主要行政特区签订的免双重征税协议表 DTA Access of China with Major Jurisdictions 序号 Serial No 1

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

行政特区 Jurisdiction

奥地利 Austria 塞浦路斯 Cyprus 香港 Hong Kong 马耳他 Malta 毛里求斯 Mauritius 新西兰 New Zealand 塞舌尔 Seychelles 新加坡 Singapore 阿联酋 United Arab Emirates 英国 UK 澳大利亚 Australia 巴巴多斯 Barbados 加拿大 Canada 瑞士 Switzerland 卢森堡 Luxembourg 冰岛 Iceland 拉脱维亚 Latvia 爱尔兰 Ireland 南非 South Africa

签署日期 Signed On

生效日期 Effective On

1991.04.10

1992.11.01

1990.10.25

1991.10.05

2003.12.10

2006.12.08

2010.10.23

2011.08.25

1994.08.01

1995.05.04

1986.09.16

1986.12.17

1999.08.26

2000.01.17

2007.07.11

2007.09.18

1993.07.01

1994.06.05

1984.07.26

1984.12.23

1988.11.17

1990.12.28

2000.05.15

2000.10.27

1986.05.12

1986.12.29

1990.07.06

1991.09.27

1994.03.12

1995.07.28

1996.06.03

1997.02.05

1996.06.07

19970.1.27

2000.04.19

2000.12.29

2000.04.25

2001.01.07

2015 China Offshore Trusts & Foundations Guide China Offshore

353

行政特区 - 税务信息交换网络 Jurisdictions - TIEA Networks

354

安道尔 Andorra

奥利地 Austria

巴哈马 The Bahamas

百慕大 Bermuda

英属维尔京群岛 British Virgin Islands

阿根廷 Argentina

安道尔 Andorra

阿根廷 Argentina

阿鲁巴 Aruba

澳大利亚 Australia

安圭拉 Anguilla

阿鲁巴 Aruba

澳大利亚 Australia

奥利地 Austria

阿鲁巴 Aruba

澳大利亚 Australia

加拿大 Canada

比利时 Belgium

巴哈马 The Bahamas

比利时 Belgium

中国 China

捷克 Czech Republic

巴林 Bahrain

加拿大 Canada

巴西 Brazil

捷克 Czech Republic

丹麦 Denmark

伯利兹 Belize

中国 China

加拿大 Canada

丹麦 Denmark

法罗群岛 Faroe Islands

百慕大 Bermuda

丹麦 Denmark

中国 China

法罗群岛 Faroe Islands

芬兰 Finland

开曼群岛 Cayman Islands

法罗群岛 Faroe Islands

捷克 Czech Republic

芬兰 Finland

法国 France

库克群岛 Cook Islands

芬兰 Finland

丹麦 Denmark

法国 France

德国 Germany

哥斯达黎加 Costa Rica

法国 France

法罗群岛 Faroe Islands

德国 Germany

格陵兰 Greenland

多米尼加国 Dominica

德国 Germany

芬兰 Finland

格陵兰 Greenland

冰岛 Iceland

直布罗陀 Gibraltar

格陵兰 Greenland

法国 France

耿西岛 Guernsey

列支敦士登 Liechtenstein

格林纳达 Grenada

耿西岛 Guernsey

德国 Germany

冰岛 Iceland

摩纳哥 Monaco

危地马拉 Guatemala

冰岛 Iceland

格陵兰 Greenland

印度 India

荷兰 Netherlands

耿西岛 Guernsey

印度 India

耿西岛 Guernsey

爱尔兰 Ireland

挪威 Norway

马恩岛 Isle of Man

日本 Japan

冰岛 Iceland

荷兰 Netherlands

波兰 Poland

泽西岛 Jersey

韩国 Republic of Korea

印度 India

新西兰 New Zealand

葡萄牙 Portugal

利比里亚 Liberia

马耳他 Malta

爱尔兰 Ireland

挪威 Norway

圣马力诺 San Marino

列支敦士登 Liechtenstein

墨西哥 Mexico

意大利 Italy

波兰 Poland

西班牙 Spain

中国澳门 Macao, China

摩纳哥 Monaco

日本 Japan

葡萄牙 Portugal

瑞典 Sweden

马绍尔群岛 Marshall Islands

荷兰 Netherlands

韩国 Republic of Korea

圣马丁岛 Sint Maarten

瑞士 Switzerland

毛里求斯 Mauritius

新西兰 New Zealand

马耳他 Malta

瑞典 Sweden

摩纳哥 Monaco

挪威 Norway

墨西哥 Mexico

英国 United Kingdom

蒙塞拉特岛 Montserrat

波兰 Poland

荷兰 Netherlands

美国 United States

萨摩亚 Samoa

圣马力诺 San Marino

新西兰 New Zealand

圣马力诺 San Marino

南非 South Africa

挪威 Norway

圣马丁岛 Sint Maarten

西班牙 Spain

波兰 Poland

特克斯和凯科斯群岛 Turks and Caicos Islands

瑞典 Sweden

葡萄牙 Portugal

乌拉圭 Uruguay

英国 United Kingdom

新加坡 Singapore

瓦努阿图 Vanuatu

美国 United States

英国 United Kingdom

英属维尔京群岛 British Virgin Islands

美国 United States

其他 others

China Offshore Trusts & Foundations Guide 2015

开曼群岛 Cayman Islands

库克群岛 Cook Islands

耿西岛 Guernsey

香港 Hong Kong

马恩岛 Isle of Man

泽西岛 Jersey

利比里亚 Liberia

阿根廷 Argentina

澳大利亚 Australia

奥利地 Austria

丹麦 Denmark

阿根廷 Argentina

澳大利亚 Australia

阿鲁巴 Aruba

丹麦 Denmark

巴哈马 The Bahamas

法罗群岛 Faroe Islands

澳大利亚 Australia

丹麦 Denmark

澳大利亚 Australia

法罗群岛 Faroe Islands

比利时 Belgium

格陵兰 Greenland

博茨瓦纳 Botswana

奥利地 Austria

法罗群岛 Faroe Islands

比利时 Belgium

芬兰 Finland

百慕大 Bermuda

冰岛 Iceland

加拿大 Canada

巴西 Brazil

芬兰 Finland

巴西 Brazil

法国 France

开曼群岛 Cayman Islands

挪威 Norway

中国 China

加拿大 Canada

法国 France

加拿大 Canada

德国 Germany

中国 China

瑞典 Sweden

捷克 Czech Republic

中国 China

加纳 Ghana

中国 China

希腊 Greece

丹麦 Denmark

美国 United States

丹麦 Denmark

捷克 Czech Republic

格陵兰 Greenland

捷克 Czech Republic

格陵兰 Greenland

法罗群岛 Faroe Islands

丹麦 Denmark

冰岛 Iceland

丹麦 Denmark

冰岛 Iceland

法国 France

芬兰 Finland

法罗群岛 Faroe Islands

印度 India

法罗群岛 Faroe Islands

爱尔兰 Ireland

德国 Germany

法国 France

芬兰 Finland

荷兰 Netherlands

芬兰 Finland

意大利 Italy

直布罗陀 Gibraltar

德国 Germany

法国 France

挪威 Norway

法国 France

韩国 Republic of Korea

格陵兰 Greenland

德国 Germany

波兰 Poland

德国 Germany

墨西哥 Mexico

匈牙利 Hungary

冰岛 Iceland

格陵兰 Greenland

葡萄牙 Portugal

格陵兰 Greenland

荷兰 Netherlands

冰岛 Iceland

印度 India

匈牙利 Hungary

南非 South Africa

耿西岛 Guernsey

新西兰 New Zealand

日本 Japan

印度尼西亚 Indonesia

冰岛 Iceland

瑞典 Sweden

冰岛 Iceland

挪威 Norway

列支敦士登 Liechtenstein

爱尔兰 Ireland

英国 United Kingdom

爱尔兰 Ireland

南非 South Africa

新西兰 New Zealand

意大利 Italy

瑞典 Sweden

挪威 Norway

日本 Japan

波兰 Poland

莱索托 Lesotho

墨西哥 Mexico

马耳他 Malta

葡萄牙 Portugal

墨西哥 Mexico

荷兰 Netherlands

墨西哥 Mexico

圣马力诺 San Marino

荷兰 Netherlands

新西兰 New Zealand

荷兰 Netherlands

塞舌尔 Seychelles

新西兰 New Zealand

挪威 Norway

新西兰 New Zealand

斯洛伐克 Slovakia

挪威 Norway

波兰 Poland

挪威 Norway

斯洛文尼亚 Slovenia

波兰 Poland

葡萄牙 Portugal

波兰 Poland

南非 South Africa

葡萄牙 Portugal

斯洛文尼亚 Slovenia

葡萄牙 Portugal

瑞典 Sweden

斯洛文尼亚 Slovenia

南非 South Africa

塞舌尔 Seychelles

瑞士 Switzerland

瑞典 Sweden

圣马丁岛 Sint Maarten

土耳其 Turkey

瑞士 Switzerland

南非 South Africa

英国 United Kingdom

土耳其 Turkey

瑞典 Sweden

美国 United States

英国 United Kingdom

美国 United States

英属维尔京群岛 British Virgin Islands

美国 United States

其他 others

其他 Others

日本 Japan

其他 Others

2015 China Offshore Trusts & Foundations Guide China Offshore

355

列支敦士登 Liechtenstein

马耳他 Malta

毛里求斯 Mauritius

新西兰 New Zealand

巴拿马 Panama

安道尔 Andorra

巴哈马 The Bahamas

澳大利亚 Australia

安圭拉 Anguilla

加拿大 Canada

安提瓜和巴布达 Antigua and Barbuda

百慕大 Bermuda

丹麦 Denmark

巴哈马 The Bahamas

丹麦 Denmark

澳大利亚 Australia

开曼群岛 Cayman Islands

法罗群岛 Faroe Islands

百慕大 Bermuda

法罗群岛 Faroe Islands

比利时 Belgium

直布罗陀 Gibraltar

芬兰 Finland

开曼群岛 Cayman Islands

芬兰 Finland

加拿大 Canada

中国澳门 Macao, China

格陵兰 Greenland

库克群岛 Cook Islands

格陵兰 Greenland

丹麦 Denmark

冰岛 Iceland

库拉索 Curacao

冰岛 Iceland

法罗群岛 Faroe Islands

挪威 Norway

多米尼加国 Dominica

挪威 Norway

芬兰 Finland

直布罗陀 Gibraltar

瑞典 Sweden

法国 France

耿西岛 Guernsey

美国 United States

德国 Germany

马恩岛 Isle of Man

格陵兰 Greenland

泽西岛 Jersey

耿西岛 Guernsey

马绍尔群岛 Marshall Islands

冰岛 Iceland

纽埃岛 Niue

印度 India

圣基茨和尼维斯 Saint Kitts and Nevis

爱尔兰 Ireland

圣文森特和格林纳丁斯 Saint Vincent and the Grenadines

日本 Japan

萨摩亚 Samoa

墨西哥 Mexico

圣马丁岛 Sint Maarten

摩纳哥 Monaco

特克斯和凯科斯群岛 Turks and Caicos Islands

荷兰 Netherlands

瓦努阿图 Vanuatu

挪威 Norway

British Virgin Islands 英属维尔京群岛

圣基茨和尼维斯 Saint Kitts and Nevis 圣文森特和格林纳丁斯 Saint Vincent and the Grenadines 南非 South Africa 瑞典 Sweden 英国 United Kingdom 美国 United States

356

China Offshore Trusts & Foundations Guide 2015

萨摩亚 Samoa

塞舌尔 Seychelles

新加坡 Singapore

英国 United Kingdom

瓦努阿图 Vanuatu

澳大利亚 Australia

开曼群岛 Cayman Islands

百慕大 Bermuda

安圭拉 Anguilla

澳大利亚 Australia

丹麦 Denmark

安提瓜和巴布达 Antigua and Barbuda

丹麦 Denmark

法罗群岛 Faroe Islands

巴哈马 The Bahamas

法罗群岛 Faroe Islands

芬兰 Finland

伯利兹 Belize

芬兰 Finland

格陵兰 Greenland

百慕大 Bermuda

法国 France

冰岛 Iceland

耿西岛 Guernsey

巴西 Brazil

格陵兰 Greenland

爱尔兰 Ireland

冰岛 Iceland

库拉索 Curacao

格林纳达 Grenada

日本 Japan

荷兰 Netherlands

多米尼加国 Dominica

冰岛 Iceland

墨西哥 Mexico

挪威 Norway

直布罗陀 Gibraltar

爱尔兰 Ireland

摩纳哥 Monaco

瑞典 Sweden

格林纳达 Grenada

韩国 Republic of Korea

荷兰 Netherlands

瑞士 Switzerland

耿西岛 Guernsey

新西兰 New Zealand

马恩岛 Isle of Man

挪威 Norway

泽西岛 Jersey

圣马力诺 San Marino

利比里亚 Liberia

瑞典 Sweden

南非 South Africa

列支敦士登 Liechtenstein

瑞典 Sweden

马绍尔群岛 Marshall Islands 圣文森特和格林纳丁斯 Saint Vincent and the Grenadines 圣马力诺 San Marino 圣马丁岛 Sint Maarten 特克斯和凯科斯群岛 Turks and Caicos Islands 乌拉圭 Uruguay 英属维尔京群岛 British Virgin Islands

2015 China Offshore Trusts & Foundations Guide China Offshore

357

企业服务提供商

离岸律所

Corporate Service Providers

Offshore Law Firms

Belize

British Virgin Islands

Harney Westwood & Riegels Offshore Solutions Group

www.harneys.com

www.offshoregroupbelize.com

Tel: +1 284 494 2233

Tel: +501 223 1756

bvi@harneys.com

glen@oslbelize.com

San Marino

United Kingdom

Studio Legale e Notarile Vicari

Jordans Trust Company

www.studiovicari.sm

www.jordanstrustcompany.com

Tel: +378 549 991675

Tel: +44 (0)117 923 0600

info@studiovicari.sm

info@jordanstrustcompany.com

United States 国际金融中心

Cayman Islands

International Financial Centers

Cyprus

Bahamas

Brazhnikov & Partners Ltd www.brazhnikovpartners.com Tel: +357 222 64 8 64 pb@brazhnikovpartners.com

Campbells

Josh N. Bennett, Esq., P.A.

www.campbellslegal.com

JoshBennett.com

Tel: +1 345 949 2648

Tel: +1 954 7791661

awalters@campbellslegal.com

Josh@JoshBennett.com

Curacao Trust & Fidciary Services

Steevensz|Beckers Polymage www.polymage.com.cy Tel: +357 25 02 88 66

www.bahamas.gov.bs 委托和信托服务

Cyprus

www.steevenszbeckers.com

Tel: +242 327 1530/7 Barbados

Hong Kong

Tel: +599 9 736 0506

Invest Barbados

steevensz@sb-curacao.com

www.investbarbados.org Tel: +246 6262000

reception@polymage.com.cy Malta

info@investbarbados.org

Cyprus ADVOCATES

Chetcuti Cauchi Advocates www.ccmalta.com S.Zackheos & Associates Ltd

Tel: +356 2205 6200

www.szconsultancy.com

info@ccmalta.com

Tel: +357 25 58 66 01 info@szcmail.com

The Ministry of Financial Service

Hong Kong Trust Co., Ltd.

Cook Islands

www.hongkongtrustco.com Tel: +852 37469080 info@hongkongtrustco.com

Liechtenstein Malta

Cook Islands Financial Services Development Authority

www.cookislandsfinance.com Tel: +682 21175 enquiry@fsda.gov.ck Malta

United Arab Emirates

Aegis Corporate Services Limited

Allgemeine Treuunternehmen

Finance Malta

Clear View Group

aegismalta.com

Tel: +423 237 34 34

www.financemalta.org

www.clearview-group.com

Tel: +356 2723 7172

www.atu.li

Tel: +356 21 224 525

Tel: +971 4 385 77 27

info@aegis-malta.com

info@atu.li

contact@financemalta.org

Nevis

csglobalpartners.com

hkzrqy.com

Tel: +1 869 762 1336

Tel: +86 (0)592 3283551

skn@csglobalpartners.com

zr888@hkzrqy.com

www.helmores.co.nz Tel: +64 3 366 5086 lawyers@helmores.co.nz

Cyprus New Zealand

亚洲离岸协会会员 The Nevis Investment Promotion Agency

Asia Offshore Association Members

www.nevisipa.org Tel: +1 869 469 0038

China

info@nevisipa.org Seychelles CIL Group Ltd. www.cil.bz Tel: +86 21 63010553 Seychelles Investment Board www.sib.gov.sc Tel: +248 4295500

Bybloserve Management Ltd

IN Fiduciary Services

bybloserve.com

www.infiduciaryservices.com

Tel: +357 2481257

Tel: +64 3 470 1550

hr@bybloserve.com

indunedin@ infiduciaryservices.com

Hong Kong

China

info@sib.gov.sc

First Advisory Group www.firstadvisorygroup.com

United Arab Emirates

He Feng Family Office

Tel: +852 2537 9478

United Advocates

leon.mao@firstfep.com

www.united-advocates.com

Hong Kong

RAK Investment Authority

www.multifo.com

www.rak-ia.com

Tel: +86 20 38368531

Tel: +971 (7) 206 86 66

info@multifo.com

Masson de Morfontaine

info@rakinvestmentauthority. com

Taiwan, China

www.masson-de-morfontaine. com Tel: +852 39534880

专业协会

Professional Associations

Hong Kong

United Arab Emirates

info@cil.bz

JEPUN International Finance Group jepun-group.com

info@masson-de-morfontaine. com

Tel: +971 4 380 4141 info@united-advocates.com

媒体合作伙伴 Media Partner

China

Luxemburg

Tel: +886 2 6636 1155 Twisummit

China

www.twisummit.org Tel: +86 10 58048030 Asia Offshore Association www.asiaoffshore.org Tel: +852 30732008 info@asiaoffshore.org

King & Capital Family Trust Legal Affairs Center www.king-capital.com Tel: +86 10 57096000 info@king-capital.com

移民顾问

Immigration Consultancy

China

Lemanik Asset Management

info@twisummit.org

www.lemanikgroup.com

United Arab Emirates

Tel: + 00352 26 396006 info@lemanik.lu New Zealand

Saint Kitts

AIM Congress www.aimcongress.com

CS Global Partners

Zhuorui Business Consulting

Tel: +971 4 39 23232 Helmore Ayers

registration@aimcongress.com