China Offshore 5th Annual Trusts & Foundations Guide

2014 Trusts & Foundations Guide China Offshore

1

主编 Editor in Chief: John Yang 撰稿人 Contributors: Andrew J. Toles, Hao Wang, Leo Zhang, Mark Lea, Michael Liu, John Yang, Regula E. Huber, Xu Haibo 美术总监 Art Director: Tank Hu 美术编辑 Designer: Yuan Yuan Wu 研究员 Researcher: Stacy Wu 营运总监 Director of Operations: Spencer H. Hall 制作总监，亚洲 Production Director, Asia: Oliver Davis 销售总监 Sales Director: Matthew Sumner 客户经理，亚洲 Accounts Managers: Nicholas Parish, Pooja Ramchandani, Philippe Israels 销售助理 Sales Assistant: Stacy Wu 发行经理 Circulation Manager: Iris Gao

出版机构 Publisher MX Media Group Limited 地址 Address: Rooms 05-15, 13A/F, South Tower, World Finance Centre, Harbour City, 17 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong

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

2

Trusts & Foundations Guide 2014

Letter From Editor | 编者的话

欢迎阅读第五期《中国离岸：年度信托和基金会指南》， 本指南旨在为您提供在全球主要的离岸行政特区内信托和 基金会的最新信息，让您有机会一站式获取最新的数据、 分析报告和业界观点。 本期指南概括了几个行业专家的意见和比较详实的离 岸行政特区的数据，辅以表格和地图来给读者更为直观的 展示。离岸信托和基金会一直以来都是公司和高净值人士 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。 这本《中国离岸：信托和基金会指南》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 的财富指明一条向大受欢迎的离岸金融中心进军，进而向 海外扩张和向下一代传承，为您的事业添砖加瓦的明路。

Welcome to the 5th Annual China Offshore Trusts and Foundations Guide, a report that offers information about the worlds leading offshore trust and foundation jurisdictions. Here you will be able to review the most recent data, facts, and figures as they relate to China.

We have included industry experts' viewpoints, detailed data of various offshore jurisdictions, with maps, data and tables to maximize your knowledge base as well as your reading pleasure. Trusts and Foundations have always been the preferred vehicle and weapon for corporations and HNWIs' around the world. Whether your succeeding your business, transferring assets to the next generation, or building a fortress to protect your cash, China Offshore provides you direct access to leading information and contacts to guarantee a well informed decision.

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 to the next generation.

Editor, China Offshore John Yang editorial@chinaoffshore.com.hk

2014 Trusts & Foundations Guide China Offshore

3

观点 OPINION 06 离岸信托的中国倒逼 China's Reverse Thrust on Offshore Trusts 14 家族办公室在中国 The Family Office in China 20 如何发展中国家族信托 Emerging Trends in Chinese Trusts Structures 28 慈善离岸信托：中国新一代慈善家们 的工具 Charitable Offshore Trusts: Outfitting China’s New Philanthropists 36 中国客户想要什么？ What Does The Chinese Client Want?

44 被挑战的信托与家族财富 Trust and Family Wealth under Challenges 离岸聚焦 Offshore Reports 52 用信托来传承财富是全球趋势 The Advantage of a Trust Owning Your Property 58 信托和基金会： 为中国富裕人士构建财富计划 Trust and Foundation: Structuring for Wealthy Chinese 66 2014 热点

highlights 68 行政特区

Jurisdictions 283 离岸指南

Offshore Handbook

4

Trusts & Foundations Guide 2014

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

20

目录

Contents

advertiser directory 广告商目录 Deltec Bank & Trust - Inside Front Cover and Page 1 Liberian Corporate Registry - P69 Liberian Corporate Registry - P74 Premier Financial Services - P79 Hong Kong Trust Company Limited - P101 Hong Kong Trust Company Limited - P104 Jeeves Group - P107 Bahamas Financial Services Board - P115 Butterfield Bahamas - P122 Ansbacher Bahamas - P126

58

42 52

Deltec International Group - P130 The Bahamas Ministry of Financial Services P134 The Bahamas Ministry of Financial Services P138 Bahamas Financial Services Board - P139 Callenders Counsel and Attorneys - P140 Mid - Ocean Consulting - P142 British Virgin Islands International Finance Centre - P151 Yu - An Corporation - P179 Yu - An Corporation - P182 Bilanz Data Wirtschaftstreuhand GmbH - P189 Bilanz Data Wirtschaftstreuhand GmbH - P192 Kinanis LLC - P199 Guernsey Finance - P207 Guernsey Finance - P212 Allgemeines Treuunternehmen (ATU) - P217 Allgemeines Treuunternehmen (ATU) - P224 Elson Trust - P230 Paragon Europe - P246 Papilio Services - P250 Jordans Trust Company Limited - P257 Pacific International Trust Company - P273 Mid - Ocean Consulting - Inside Back Cover Trinity Group- Outside Back Cover

2014 Trusts & Foundations Guide China Offshore

5

观点 | Opinion CHINA OFFSHORE

离岸信托的中国倒逼 China's Reverse Thrust on Offshore Trusts

By Michael Liu

L

Michael Liu Managing Director CIL Group Ltd. 越来越清晰的压力让中国的高净值人 群从地下党转向离岸信托。 Evident pressure has driven high networth individuals in China to transfer from "underground" to offshore trusts.

6

Trusts & Foundations Guide 2014

ike many industries, after the economic crisis in 2008, the offshore finance industry faced new challenges, namely the pressure caused by the decline of traditional corporate business and the increasing regulations imposed by the economic giants against the offshore finance industry.

These pressures appear to have come from two different sources, but there is only one underlying cause; lack of money. The decline of corporate business arises from a lack of private money and the tough line set against offshore finance arises from a lack of government money. Offshore financial institutions accustomed to effortless expansion had to find new sources of growth.

After about a year of searching, they seemed to find a new growth source - rich Chinese who spend lavishly when purchasing luxuries and real estate. Although such people don't necessarily need offshore companies, they do need to rely on the expensive family trusts in the same manner as the rich in the West do. In response, various types of financial institutions have sprung up in China. This could also explain why many institutions received

unusual inquiries about trusts from "potential customers" from 2010 to 2012. In fact, these inquiries came from industry insiders.

By 2013, the surge began to decline because an arena cannot last long with only performers and no audience.

After two hours of informal discussions between a Wester n trust company and a group of potential customers, the customers suddenly raised the question; "what are the proceeds that you can guarantee, and are they rigid?"

Immediately, our peers felt helpless. This is just like the popular Chinese saying, "being deeply attached to each other because of misunderstanding and parting because of understanding". Many large trust institutions now have far less enthusiasm about China, or at least, their enthusiasm has retur ned to a sensible level.

The market forces the offshore trust providers to focus on Asia, but such one-sided enthusiasm will be doomed to fail. Surely, the market will force them to calm down. After all, the selling point of offshore trust is the results of careful consideration

观点 | Opinion CHINA OFFSHORE

因了解而分手

和

很多行业一样，在 2008 年的 经济危机到来的之后，离岸金 融业也不得不面临一个新的挑

战，那就是传统的公司业务直线下滑与 经济大国对离岸金融行业政策打击的双 重压力。二者看似是不同的出处，但发 端当然只有一个，就是缺钱，公司业务 的下滑是民间缺钱，打击离岸是大国政 府缺钱。极端的经济困难必然导致极端 的共产主义， 这个有历史为证， 不足为奇。 但习惯了轻松增长的离岸金融机构来说， 需要给自己的增长寻找新的出路，经过 了大约 1 年左右的徘徊寻觅之后，大家 似乎觉得出手阔绰到处购买奢侈品和房 产的中国人应该是下一个增长点，虽然 他们不一定需要那么多离岸公司，但他 们也应该和西方的富人一样，需要一个 价格不菲的家族信托啊，于是乎，各类 机构风起云涌，纷纷试图在中国登陆。 这也可以解释为什么在 2010 年到 2012 年各家机构都觉得有一些奇特的询问信 托的“潜在客户”，其实那都是自己人 在互相打探。 到了 2013 年，这个热潮开始回落，因

rather than speculative income.

为只有演员没有观众的舞台必然是落寞 的，不可能长久。当一个西方的信托公 司与一群所谓的潜在客户座谈两个小时 之后，客户突然发问说，你能保证我们 多少收益，是刚性对吗？我们的同行当 场晕倒。真所谓因为误会而火热，因为 了解而分手，就是这个意思吧。到今天 为止，很多大型的信托机构对中国的热 情开始降低，至少已经开始回归理性了 吧。离岸信托的供应商因为市场原因倒 逼他们将目光投向亚洲，但这样一厢情

Birth of Trusts - More Policy Pressure Since offshore trusts are unaccustomed to the Chinese climate, let's review how trusts developed overseas. Maybe we can learn something from the comparison. A thousand years ago, in Britain, Franciscans were not allowed to own land in the name of church, so the church entrusted professionals to hold land under the name of “cestui que use” (i.e. beneficiary). Due to this

separation of ownership and beneficial power, the king could not levy taxes on this land (since the beneficiary, which is a church in this case, doesn't die, there would be no transfer of property right happening on this land). Therefore, the practice of beneficiary became increasingly popular and gradually evolved into today's trusts after several twists and turns.

Thus it can be seen that trusts in Britain can be considered as a result of policy pressure, a way explored when there had been no ways at all.

2014 Trusts & Foundations Guide China Offshore

7

观点 | Opinion CHINA OFFSHORE

愿的事情，当然不会成功，市场必然要 回归他的冷静，毕竟离岸信托的卖点不 是投机性收入，而是深思熟虑的结果。 信托的诞生——也是倒逼 既然离岸信托在中国这样水土不服，我 们不妨说说信托在海外是如何兴起的吧， 此番对照也许我们能看出个门道出来。 1000 年前“方济各会”在英国时候由于 不被允许以教会名义拥有土地，于是教 会就委托专业人士将土地放在 USE（拉 丁文，“代表他”的意思）下面，由于 这种所有权与受益权的分离，造成了国 王也无法对这些土地征税（因为 USE 不 会去世，也就不会有土地的产权的转移）， USE 遂大大的流行，几经周折后逐渐发 展成今天的信托。 由此可见英国的信托也算是一种倒逼， 是在没有办法的时候想出的办法，但这 是一个好办法，而且以法律的形式保留 了下来，与英国的普通法并行的衡平法 就是以信托为核心的，衡平法下的信托 可以说是大英帝国对人类文明的一大贡 献，他对资本主义免受强权之祸提供了 完美的工具，让财富可以延续，让家族 文明可以传承。 信托跌跌撞撞和西方文明的其他元素一 样，今天也出现在了古老的东方国家的 大门前，但在这个法律多如牛毛，但执 行却乏善可陈的地方，一个普通的中国 客户是无法想像这个“USE——代表他” 将成为自己巨额财富的主人，而自己将 成为所谓的受益人，他会彻夜不眠的思 考，这靠谱吗？

8

Trusts & Foundations Guide 2014

However, it was a good idea and it has been maintained in a legal form.

Equity, which is parallel to British common law, takes trusts as its core.

The trust under equity is deemed as a great contribution of the British Empire to human civilization. As a perfect tool to protect capitalism from power, the trust can carry on the wealth and continue to uphold the family in a civilized fashion. Just like other elements of Western civilization, trusts have now found them standing at the gate of this ancient oriental country. In such a place with innumerable laws

but bad enforcement, it is impossible for an ordinary Chinese customer to consider somebody else as the owner of his huge wealth and make himself a so-called beneficiary. He would be sleepless all night wondering whether it were reliable!

Local Chinese Trusts Are A Monster Chinese customers have reason to doubt trusts, because customers in China have never discovered the separation between ownership and

观点 | Opinion CHINA OFFSHORE

中国本地信托是一个怪物 一个中国客户对信托的怀疑是有原因的， 因为在中国，一个客户从来没有看出他 的信托做到了财富的所有权和受益权的 分离。笔者在前不久与几个大型国企银 行的私行经理讨论的时候，他们说中国 的财富管理的顶层设计是缺乏可用的法 律工具的，目前已经做的所谓信托一方 面只局限于私行内部的产品，而不是家 族的整体财富；另外一方面受托人直接 被设立人操控，有信托之名，无信托之实， 因为客户更多的关注的是收益率，而不 是信托本身。 以上可能是中国私行财富管理的一个真 实写照。私行如此，信托公司本身是如 何从技术角度看待这个问题的呢？我问 一个大型信托公司的高管说，“你们的 信托的受益人是否可以指定第三方，是 否可以指定为一个目前还不能确定具体 成员的一个类？”，他说，“我们做的 信托多数都是自益信托（你自己买了信 托产品，受益人是你自己），很少可以 做他益信托，更不用说你的受益人是一 个不能确定成员的类了。而且你买的信 托就是你的资产，如果法院找你，你的 信托资产是可以被质押和执行的。虽然 你的收益权可以被转移，但在法律上也 缺乏强有利的信托关系的条款，更缺乏 可参考的案例。 所以可以这样总结中国信托的本质，当 你投资买了信托产品的时候，如果信托 是不可赎回的，那所有权和受益权是分 离的，受托人可以进行投资管理；但当 有债权发生的时候，资产的所有权又变 成了法定的绝对所有权（这是根据某些

beneficiary rights in a trust contract.

Not long before, when I talked with the private banking managers of several large state-owned banks, they said the top level design of Chinese wealth management lacked available legal instrument. At present, on the one hand, the so-called trusts are only restricted to products within the private banking rather than the overall wealth of a family.

On the other hand, the trustees are directly controlled by the founder and the trust remains in name only, because customers pay more attention to the rate of return instead of the trust itself.

This may be what Chinese private banking wealth management is really like. Keeping this in mind, how do trust companies deal with this problem in practice? I asked a senior manager of a large trust company, "Can your trust beneficiary appoint a third party? Can a category with non-specific members be appointed?" He answered that most

trusts are self-benefit trusts (you buy the trust product with the beneficiary being yourself) and very few are otherbenefit trusts; there is no suggestion of trusts with the beneficiary being some category with uncertain members.

Furthermore, the trust you buy is your property. If the court has a problem with you, your trust assets can be pledged and executed. Although your beneficiary rights can be transferred, there is a lack of legal provisions on strong beneficial trust relationships and a greater lack of reference cases.

Therefore, the nature of Chinese trusts can be summarized as that when you invest in the purchase of a trust product, if the trust is irredeemable, the ownership and the beneficiary rights are separated and the trustee can carry out investment management; however, when creditor rights come into existence, the ownership of the assets becomes legal absolute ownership (this is based

2014 Trusts & Foundations Guide China Offshore

9

观点 | Opinion CHINA OFFSHORE

信托公司人实际经验，未必得到所有律 师的支持），这种自相矛盾的情况可以 说典型的中国特色，但不等于说这种不 合理应该被保留和尊重，事实上，中国 正在有序的出台更多法律，来适应这些 需求和变化，只是也许还没有到时候。 一个隐形的国度 短期内，中国本土的信托在财富管理的顶 层结构上是很难有所作为已经成为定论， 目前没有看到很快改变的苗头。但那并不 是说中国客户的财富管理除了投机性的高 收益高风险理财意外就没有作为了，恰恰 相反，中国客户中是有一群没有穿鞋的人， 而离岸信托正是一双很有弹性的鞋，你需 要做的是说服他们穿上。为什么这么说呢， 这个要从一个隐形的国度说起。现在你在 世界任何地方旅游或商务，你都不用担心 你找不到中国人，从这点来说，中国人必 是亚伯拉罕的后裔，因为上帝许诺亚伯拉 罕说，“你的后裔必要像天上的星，海边 的沙一样多”，今天兑现这个诺言的看来 只有中国人了。 30 年改革开放，稍有创造财富能力的人 都已经或多或少的把自己的投资、子女、 亲属放在了海外，或者经常出入世界不同 的地方，很多发达国家不乏他们的身影， 即便如此，中国人相对来说比印度人、俄 罗斯人、甚至非洲人更加被排斥在主流文 化之外，他们小心谨慎，来去匆匆，默默 的赚钱，不多缴税，努力读书，他们可能 有多本护照，但却没有根据中国法律放弃 中国的身份，或者只是绿卡的持有者，并 不真正入籍。他们在中国的地方上是一个 明星企业家，但在海外却把自己装扮成一 个默默无闻的人，他们就是海外的华人，

10

Trusts & Foundations Guide 2014

on the actual experiences of some trust companies and may not be supported by all lawyers). Such self-contradiction is a typical Chinese characteristic, but it doesn't mean that such an unreasonable fact should be kept and respected. In fact, China is now enacting more laws in an orderly fashion to adapt to such demands and changes. Perhaps the time has not yet come.

An Invisible Country The verdict is that it is hard for local Chinese trusts to make a difference in the top-level structure of wealth management in a short time. There are no signs of change as yet. However, this doesn't mean that Chinese customers' wealth management doesn't do anything other than speculative money management

with high yields and high risks. On the contrary, Chinese customers are a group of people with bare feet, while offshore trusts are a pair of flexible shoes. The only thing you need to do is to persuade them to wear such shoes. Why put it this way? It all starts with an invisible country. Now, it is easy to find Chinese in any corner of the world. From this perspective, the Chinese must be the descendants of Abraham, since God made a promise to Abraham that "I will cause your descendants to become as numerous as the stars in the sky and as the sand on the seashore". Today, only the Chinese fulfill this promise.

For 30 years since the reform and opening-up of China, people with the ability to create wealth have already sent more or less of their investment,

观点 | Opinion CHINA OFFSHORE

或者说是常住中国的海外华人，他们的财 富和他们心灵所追求的东西在一个夹缝当 中，他们认可与渴望希望的秩序与规则， 但又不能全情投入，他们不得不在中国继 续发展自己的事业，但又没有一分宁静的 心情相信自己的财富可以安然传承。这个 若隐若现的人群是可能很有能力改变中国 的人，也是很有能力改变世界的人，但他 们生活在一个骑墙的世界中，他们需要的 有一个办法，让自己两边的财富和身份都 可以置于阳光之下，然后他们才可以安枕 而眠。这个特殊的人群比更纯粹的本地土 豪更急切穿上鞋子，因为他们的特殊身份 正在倒逼他们投入海外信托的怀抱。 压力越来越清晰 FATCA 的事情已经吵了很多年了，但只 有最近当中国这个名字出现在美国财政 部的网站上的时候，很多人才意识到了 问题的严重性，我们上文提到的隐形国 度中的人士突然意识到不久的将来，他 在 ICBC 存款的时候，如果他同时是一 个有美国绿卡的人，而没有填写一张特 殊的表格将意味着对美国的一种犯罪， 原来曾有的那种侥幸心理已经不太能说 服自己了。 FATCA 只是诸多压力的一部分，还有其 他形形色色的问题渐渐浮出水面：大家 所热衷的 BVI 公司不能在汇丰开户了； BVI 的公司名字可以在网上查到了，甚 至新的注册证书还有二维码了；加拿大 与中国签署共同追讨罚没资产的协定了； 香港貌似开始整顿内保外贷了；有些银 行突然做不了美金的跨国交易了；中国 的遗产税和房产税仍然是悬在头顶的利 剑。如此云云总总，都在告诉跨界隐形

children and relatives overseas or frequently travel to many different places around the world. They show up in many developed countries. Even so, Chinese people are more excluded from the mainstream culture than Indians, Russians and even Africans. They act prudently, come and go in haste, quietly make money without overpaying their taxes, and study hard. They may hold several passports, but they don't give up their Chinese identity under Chinese law or they are just unnaturalized green card holders. In China, they are local star entrepreneurs, but overseas, they disguise themselves as nobodies without attracting any public attention. They are overseas Chinese, or overseas Chinese with permanent residency in China. Their wealth and their spiritual pursuits fall between the cracks. They recognize and long for desired order and rules, but they cannot give this their full attention. They have to carry on their business in China, but they cannot believe their wealth will be peacefully and safely inherited.

This partly-hidden, partly-visible group is probably the people who are able to change China and even the world.

However, since they live in a world of fence-sitters, they need to find a way to bring both their wealth and their identities out into the open before they can sleep easily.

This special group is more eager

to wear shoes than the purely local nouveau riche, because their special identities is forcing them to resorting to offshore trusts.

Increasingly Clear Pressure People have been arguing about FATCA for many years, but they didn’t realize the severity of the problem until the name of China appeared on the website of U.S. Department of Treasury. People in the invisible countries as mentioned above have suddenly realized that in the near future, if they hold American Green Card and depositing money into ICBC without filling in a special form would cause a crime in U.S.. People are less likely to convince themselves of their wishful thoughts of the past.

FATCA is only part of the pressure.

Many other problems have appeared in all forms: the popular BVI companies cannot open accounts in HSBC; the names of BVI companies can be looked up over the Internet; even new registration certificates now have QR codes; Canada has signed an agreement on jointly recovering confiscated assets with China; Hong Kong appears to be starting the rectification of overseas loans under domestic guarantees; some banks have suddenly ceased to carry out

2014 Trusts & Foundations Guide China Offshore

11

观点 | Opinion CHINA OFFSHORE

的人需要验明正身，甚至是缴枪不杀。 而传统的方式已经越来越不靠谱。比如 让一个中国的亲戚代持澳大利亚的房产 或中国的工厂的股权，比如积累在某个 离岸户头的现金已经超过 100 万美金， 但没有思路去处置；再如用于定价转移 的香港公司 10 年未曾报税。这些传统 的方式可能直接转化成严重的问题造成 财富的直接流失与分裂，如非正式的受 托人的突然去世，遗嘱公开可能造成高 额的税赋和财富的尽失，没有专业管理 的高净值户头可能遭到银行的驱逐或被 公开。

12

Trusts & Foundations Guide 2014

multinational transactions in US dollars; Chinese inheritance tax and property tax are still sharp swords hanging over people’s heads. All these things are telling us that the invisible transboundary residents need to verify their identity and even surrender themselves.

However, traditional ways have become increasingly unreliable. For example, someone may let one of his Chinese relatives to hold his Australian real estate or the equity of a Chinese plant on his behalf, such as accumulating over $1 million US dollars cash in some offshore account, but he has no idea of how to deal with it; another example is a Hong Kong based company used for pricing transfers that has not declared

dutiable goods for 10 years. These traditional ways may directly transform into serious problems, causing direct losses and separation of wealth. For example, if an informal trustee suddenly passes away, making his will public may incur heavy tax and even lead to the complete loss of wealth. High networth accounts without professional management may be expelled or publicized by the bank.

The FATCA-led pressure has rung alarm bells for invisible Chinese millionaires and also invisible global millionaires to settle and rectify toplevel wealth structure. The prime time for effective planning has already been

观点 | Opinion CHINA OFFSHORE

以 FATCA 为首的压力已经为中国的隐形 富豪，也是世界隐形富豪敲响了整理整 顿顶层财富结构的警钟，可以进行有效 规划的黄金时间已经大大减少。一个中 国高净值家庭面临的挑战不仅仅是中国 本地财税的合规压力，更多的是来自美 国、澳大利亚、欧盟国家的压力，一个 中国高净值客户的财富问题，是一个真 正的全球问题，需要有全球视野、本地 智慧以及世界范围内的执行力的团队去

significantly decreased. The challenges faced by a Chinese high net-worth family include not only the pressure of compliance with local finance and taxation policies in China, but also the pressure coming from United States, Australia and EU countries. The wealth problem of a high net-worth Chinese customer is truly a global problem requiring a team with a global view, local wisdom and executive force on a world scale to integrate resources and take action immediately.

整合资源，立即行动。在这种情况之下， 虽然华人世界从来都不习惯信托（因为 那需要放弃法定所有权），而只相信控 制；从来都迷信强权，而忽视法律，但 在这个山雨欲来的前夜，很多国际化的 人群开始动了起来，因为信托虽然不是 他们最理想的工具，但的确也是地球上 现存的唯一管用的工具，如果你想实现 财富的隐私、传承和保全的话，还是早 点做一个海外信托吧， 虽然那么的勉强， 简直是倒逼出来的。但逼得出来的，总

Under such circumstances with a storm around the corner, although Chinese people believe in control instead of trust (because it requires giving up legal ownership), and believe in power instead of laws, many internationalized groups have begun to act. The trust is not their optimal instrument, but it is indeed the only existing instrument that works. If you want to ensure the privacy, inheritance and safety of your wealth, find an overseas trust as soon as possible, even though it

is a reluctant and barely satisfactory choice coming from external pressure.

However, an instrument out of pressure is better than nothing.

Conclusion "No man ever steps in the same river twice". The world is ever changing and the pressure tomorrow may be vastly different from the one today.

The only thing that never changes is change itself. The world cannot offset the overdrafts drawn since 2008 within the next three to five years, there is no rapid comeback through normal technological advancement and microstructural reform. It must be a timeconsuming process, during which the risk of unrest and excessively harsh levies will surely become the main external risk to high net-worth groups. Therefore, people who are well prepared always have the last laugh.

After all, what you worry about will always come to pass.

比逼也没有动静的好吧。 结语 “濯足长流，抽足再入，已非前水” ， 世界从来都在改变，也许明天的压力和 今天的问题有很大的不同，唯一不变的 就是变化本身。在未来的 3 到 5 年里面， 世界要想抵消 2008 年以来的透支东西， 不是一般的科技进步和微观的结构改革 可以快速弥补的，必须要假以时日，而 在这个过程之中， 对于高净值人群来说， 动荡和过于严苛的征收的风险必然是主 要的外部风险， 所以那些提前预备的人， 总是能笑到最后，而那些你一直担心的 而心存侥幸的事情，总是最后还是发生 了，难道不是吗？

2014 Trusts & Foundations Guide China Offshore

13

观点 | Opinion CHINA OFFSHORE

家族办公室在中国 The Family Office in China

By Regula E. Huber

I

n the pursuit of an MSc in international management for China at School of Oriental and African studies (SOAS), University of London I wrote my dissertation about "The family office in China - the Chinese family office client and this designated offering". In this article the major findings of the research and some future implications will be presented.

Regula E. Huber 在伦敦大学亚非学院以优等成绩获得 国际管理（中国）硕士学位，Regula E. Huber，28 岁，撰写了她的毕业论文 关于“家族办公室在中国 - 中国家族 办公室客户和他的定制服务方案”。 Regula 目前在上海从事市场研究，并 密切观察中国财富管理的发展。 A graduate from MSc International Management for China at SOAS, Regula E. Huber, 28, wrote her dissertation about “The family office in China – The Chinese family office client and his designated offering”. Regula currently works in market research in Shanghai and is closely observing the development of Chinese wealth management. regula.huber@gmx.net

14

Trusts & Foundations Guide 2014

The development of wealth management services in mainland China (PRC) is at a very early stage and providers in offshore financial centres like Singapore and Hong Kong try to get into this promising market.

The object of my dissertation was the identification of the mainland Chinese family office (FO) client and the offering he needs. The limited literature about FO in Asia and China was combined with the existing academic research on Chinese families and family owned businesses (FOB) in Southeast Asia (SEA) to get an understanding of the issues concerned. Semi-structured indepth interviews with FO practitioners in Singapore and Hong Kong with Chinese clients from SEA and China were chosen as the most suitable research method.

Consequences of The One-child Policy The one-child policy is formative for today’s China and it must be assumed that FO as a measure to organise a big, dispersing family would be of no use to a mainland Chinese family. In

a small nuclear family the succession planning would be omitted and the only heir would take over the FOB. However the option of the single child not willing to take over the parents operating business but rather wanting to invest the family wealth and “run the money” came up during the research. The establishment of a FO on top of the family wealth and FOB found a remedy for this issue and makes the concept of FO highly valuable in the PRC context.

Besides the unwillingness to take over a incapable second generation plays into the hands of the FO concept as well, since the handling of the family wealth and the running of the FOB can easily be professionalized and outsourced through a FO concept.

Different Generations of Entrepreneurs The generation question for the PRC is more complex than could be assumed studying the literature and listening to the interviewees remarks.

The interviewees agreed widely that the PRC FO client they typically come into contact with is very young, what they defined as 30 to 40 years old.

If the privatization which started in 1979 is considered, there would have to be older Chinese clients around. However most of the first entrepreneurs which had the chance to build privately owned businesses took over former state-owned assets in one way or another. They were and some still are closely entangled with government agencies and would never

观点 | Opinion CHINA OFFSHORE

我

撰写了关于“家族办公室在 中 国 —— 中 国 家 族 办 公 室 客户和他的定制服务方案”

的毕业论文以获得伦敦大学亚非学院 的国际管理（中国）硕士学位，本文 将呈现该研 究 的 重 大 发 现 和 对 未 来 的影响。 财富管理业务的发展在中国大陆（中华 人民共和国）正处在一个非常早期的阶 段，而新加坡和香港等离岸金融中心的 服务供应商们正尝试进入这一前景广阔 的市场。我的文章的主题是正确鉴别中 国大陆的家族办公室（FO）客户和他 所需要的方案。结合有关家族办公室在 亚洲和中国的有限研究文献和对中国家 庭与东南亚的家族企业 (FOB) 现有的学 术研究，以更好地理解相关问题。对来 自新加坡和香港的家族办公室执业者和 来自东南亚和中国的客户进行半结构深 度访谈被选为最适合的研究方法。 独生子女政策的影响 在独生子女政策下形成今日的中国，家 族办公室作为组织一个庞大分散的家庭 的一种方法，被认为对中国大陆家庭是 不起作用的。继任计划在一个小的核心 家庭的往往会被忽略，唯一的继承人将 顺理成章接管家族企业。然而，在研究 过程中却出现了独生子女不愿意接手父 母经营的业务却宁愿去投资家族财产和 “自主支配财富”这个选择。家族财产 家族办公室的建立和家族企业针对此问 题的补救措施，使得家族办公室这个概 念在这个中国背景下非常有价值。家族 办公室这个概念不止包办了不愿意接管 家族企业的能力不足的家族第二代，处

pass the compliance requirements of the offshore financial centres.

Furthermore they were influenced by the history of a closed China and had little or no foreign exposure let alone English language skills. It therefore can be assumed that this first wave of Chinese private company owners never attempted to expand globally or bring wealth out of the country. This would imply that the current wave of mainland Chinese entrepreneurs are the first with the means, measures and needs to contemplate an international expansion of their FOBs and wealth preservation in an offshore location.

Client Profile At the moment we come across the 30 to 40 years old patriarch, still influenced

by China’s opening up, thinking about the protection of his family and the education of his children. In this first generation most entrepreneurs already have a Western education and a global mind-set. The entrepreneurs are

very active in their operating business and concentrate on increasing their wealth. In offshore locations they are looking for wealth protection, global investment opportunities and the internationalization of their FOB. They are currently discovering FO services and need further education about the possibilities FO can provide.

Offering Needed In general it can be stated that the characteristics and needs of the Chinese FO client are nothing new and parallels can be drawn with the development of SEA FO clients. What makes the situation in China special is the current power and economic shift in the world away from the US and Europe towards Asia, particularly China.

Furthermore the Chinese language and culture is so alien to Western observers that they neither know how to cope with nor how to approach it. What additionally creates the craze about China are the sheer dimensions of this country, its populations, its growth rates and the speed of wealth creation.

2014 Trusts & Foundations Guide China Offshore

15

观点 | Opinion CHINA OFFSHORE

理家庭财富和运行家族企业都可以通过 家族办公室这个概念很容易被专业化和

中国大陆家族办公室客户的服务需求： Offering needed by the mainland Chinese FO client:

外包化。 入门 / 基础服务

处于几代人阶段的企业家们

未来需要的服务 (10-20 年 )

当前所需服务

魅力定制

•

投资银行

•

投资建议和执行

•

继任规划

•

隔代问题在中国比仅仅研究文献和聆听

管理员服务

•

企业银行

•

财富保障

•

家庭治理

•

私人飞机管理

受访者的言论复杂的多。受访者普遍同意

•

教育和联谊活动

• 首次公开募股

•

税收规划

•

属地管理

•

公益服务及活动

业国际化

•

会计和报告

• 基本信托

•

产业规划

• 人寿保险

•

投资组合整合

• 家庭移民

•

复杂信托架构

• 子女教育

•

未来接班人教育

他们通常接触到中国的家族办公室客户 是非常年轻的，普遍在 30 至 40 岁。如 果把 1979 年开始的私有化考虑进去，那 么将会有更年长的一些中国客户。然而其

• 房产投资

中有机会建立了私有企业的大部分第一

家族办公室事务 → 家族办公室综合

代企业家们主要是因为以各种方式接手 了原国有资产。他们曾经或者某些仍然与 政府机构紧密纠缠，因此绝不会通过离岸 金融中心的合规性要求。此外，由于他 们经历过闭关锁国的历史影响，几乎或根 本没有对外曝光过更别说英语语言技能。 因此可以假设中国名营企业浪潮下的第

Stepping stone/ entry services

Services needed now

• Investment banking • Corporate banking • Education and networking events • Philanthropy services & events

• Investment advice and execution • Wealth protection • IPO, internationalization of FOB • Plain vanilla trusts • Life insurance • Emigration of family • Education for children • Real estate investment

一批企业家们从来没有试图进行全球扩 张化或引领财富走出国门。这意味着中 国大陆现今的企业家们是第一批有意愿，

客户档案 在这一阶段 我们遇到的 30 岁到 40 岁之 间的家族族长，仍是深受中国对外开放， 保护家人和后代子女教育的影响。在这一 代企业家们里大多数已经具备了西方的 教育和全球思维方式。创业者们经营业务 非常活跃和专心于增加自己的财富。他们 在离岸中心寻找财富保障，全球投资机会 和他们的家族企业国际化。 目前他们已经发现了家族办公室这项服

16

Trusts & Foundations Guide 2014

Services needed in the future (10-20 years)

Glamour shots

• Succession planning • Concierge services • Family governance • Private jet management • Tax planning • Residence management • Accounting and reporting • Estate planning • Portfolio consolidation • Complex trust structures • Education of future owner generation

Transactional FO → Comprehensive FO

有措施，有需要去考虑家族企业国际扩张 化和通过在离岸中心保值财富。

, 家族企

Offering Needed In general it can be stated that the characteristics and needs of the Chinese FO client are nothing new and parallels can be drawn with the development of SEA FO clients.

What makes the situation in China special is the current power and economic shift in the world away from the US and Europe towards Asia, particularly China. Furthermore the Chinese language and culture is so alien to Western observers that they neither know how to cope with nor how to approach it. What additionally creates the craze about China are the sheer dimensions of this country, its

populations, its growth rates and the speed of wealth creation.

The Possible Providers and Locations Banks If we look at the different options available to a prospective mainland Chinese FO client, the offering of an international private bank is probably the first option he comes across.

These providers of FO services have the financial means to do marketing in mainland China and offer a wide range of stepping stone and entry services such as investment or corporate banking through which the

观点 | Opinion CHINA OFFSHORE

务并希望进一步了解家族办公室能提供 的各种可能性。 服务需求 一般来说，中国家族办公室客户的特征和 需求与东南亚家族办公室客户发展情形 相比并没有多大差别。是什么使得中国 的情势特殊是因为当前世界的权力和经 济转变逐渐远离美国和欧洲而转向亚洲， 尤其是中国。 此外，中国的语言和文化对西方观察家而 言是如此的陌生， 他们既不知道如何应付， 也不知道如何接近它。另外中国的庞大 领土，它的人口数量，增长速度和创造 财富的速度， 都导致了他们对中国的狂热。 潜在供应商和地点 : 银行 如果我们看看摆在一个潜在的中国大陆家 族办公室客户面前的一些选项，会发现国 际私人银行的产品很可能会是他的首个选 项。这些提供家族办公室服务的供应商采 取不同金融手段在中国大陆进行市场推广， 通过向接触到家族办公室的客户提供广泛 的入门和基础服务，如投资或企业银行业 务。全球私人银行愿意付出必要的耐心在 当前中国背景下发展长期客户关系。 此外，他们拥有的国际声誉和品牌形象都 有助于推广他们的服务。鉴于中国大陆客 户正在探索财富管理的各种可能性但却对 离岸市场并不精通，这将会是一个极具价 值的资产并极大简化了客户的获取和保留。 从目前银行的设置，可预期到未来十到 二十年的时间将会朝着精品家族办公室方 向发展。

client could come into contact with FO. Global private banks can afford the patience it takes to develop a longterm client relationship necessary in the PRC context. Furthermore they have an international reputation and sport a brand and image which helps to promote their services. Since mainland Chinese clients are just about to discover the possibilities of wealth management and are not well-versed in the offshore landscape these present a valuable asset and simplify client acquisition and retention massively. From the current bank setup a development towards a boutique FO can be anticipated for the ten to twenty years timeframe coming up.

MFOs Interviewees highlighted the desirability of independent MFOs from their own perspective. However for a mainland Chinese client an MFO setting will become interesting with the development towards a comprehensive FO model. The PRC clients come into contact with wealth management and FO concepts for the first time now.

They will have to be educated first,

gain their own experiences over time and eventually realise the advantages of an independent MFO. For a highly knowledgeable SEA client independent MFOs may be the most desirable option, but for a Chinese FO client it is still too early.

The trend towards a hybrid and platform models visible in Europe and in the USA matches well with the direction of the Asian development.

Since Asia is moving from a transactional towards a comprehensive FO model the individual clients circumstances and needs require a custom-made setting of a hybrid and platform FO. In the modern FO world various external service providers have to work together to serve the client best.

SFOs SFOs will be rare in the Chinese context since they only make sense for some ultra HNWI. For most mainland Chinese FO clients SFO will neither become relevant, nor affordable. In accordance to the international trend it can be assumed that the future Chinese SFOs will outsource parts

2014 Trusts & Foundations Guide China Offshore

17

观点 | Opinion CHINA OFFSHORE

多家族办公室 受访者从自己的角度强调了独立多家族 办公室的愿望。但是为一个中国大陆客 户设置的多家族办公室将会由于家族办 公室模型的发展趋向全面而变得有趣。 中国客户生平第一次接触到财富管理和 家族办公室概念。他们必须经受教育， 随着时间的推移逐渐获得自己的经验， 最终认识到独立多家族办公室的优势。 对于一个知识渊博的东南亚客户，独立 多家族办公室可能是最可取的选择，但 是对于一个中国家族办公室客户来说依 旧太早了。 在欧洲和美国的混合机制 和平台模型的发展趋势明显可见与亚洲 的发展方向相当吻合。鉴于亚洲是正从 事务型向综合家族办公室模型转型中， 根据个人客户的情况和需求为其打造混 合机制和平台模型家族办公室。在现代 家族办公室世界里各种外部服务供应商 携手合作为客户提供最佳体验。 单一家族办公室 单一家族办公室在中国范围内极为罕 见，因为它们只对一些超高净值人士有 意义。对于大多数中国大陆的家族办公 室客户，单一家族办公室既不相关，也 负担不起。按照国际趋势，可以假定将 来的中国单一家族办公室将外包其业务 给外部服务提供商。 地点 由国际银行和服务提供商提供的在岸私 人银行和家族办公室服务在不久将来不 再是一个选择，因为它要求该国具有长 期稳定性。因此，离岸金融中心像香港

18

Trusts & Foundations Guide 2014

of their activities to external service providers.

Location Onshore private banking and FO provided by international banks and service providers is not an option in the near future because they require longterm stability of the country. Therefore the offshore financial centres in Hong Kong and Singapore will remain the target of Chinese offshore wealth.

Underrepresented in the literature is the fact that most mainland Chinese clients will not bring their money to Hong Kong because it is considered too close to the PRC. Therefore the Chinese FO clients looking for a destination still in their comfort zone will most probably choose Singapore.

All the interviewees agree the mainland Chinese clients now visible in Hong

Kong and Singapore are only the tip of the iceberg. The influx of more ultra HNWI from the PRC however is highly likely and spurs the optimism of private banks, MFOs and related service providers equally.

Future Perspectives Regarding practical implications a market and client segmentation will be necessary in the future to adopt the FO service providers offerings precisely to the specific mainland Chinese clients needs with a openness to create a Chinese FO model. A localization of the offering to this highly fragmented market will become crucial.

Besides an IPO the legal ways to export money from China will become the bottleneck for future offshore FO services, since the money of the affluent middle class and the HNWI is

观点 | Opinion CHINA OFFSHORE

和新加坡仍是中国离岸财富的目的地。 尽管在文献中未被提及，但事实上由于 香港地理位置过于接近中国大陆，因为 大多数中国大陆的客户不倾向于把他们 的财富带入香港。因此，中国的家族办 公室客户在适宜范围内选择一个目的地 的话，那么很可能会选择新加坡。所有

still tied up in non-bankable assets.

This will at the same time raise further issues of due diligence.

Due to their trust issues entry strategies with a long incubation period of 6 to 8 years must be expected for the acquisition of PRC clients. This requires a long breath and discipline from the

FO service providers and favours international private banks as they have the means to bridge this period. The investment into a long-term relationship is the only measure to fight the much highlighted “disloyalty” and build a prosperous client relation.

的受访者都同意现在香港和新加坡可见 的中国大陆客户仅仅是冰山一角。来自 中国更多的超高净值人士的涌入，极有 可能拉动私人银行，多家族办公室及相 关服务供应商的繁荣发展。 未来前景 关于实际应用市场和客户细分在未来会 变得十分必要，根据中国大陆客户具体 需求去精确采用家族办公室服务提供商 以开放性思维创造一个中国式家族办公 室模型。对这个高度分散的市场中的服 务本土化将变得至关重要。 除了首次公开募股之外的使用其他合法 途径从中国出口资金将成为未来离岸家 族办公室服务的瓶颈，因为富裕的中产 阶级和高净值人士的资金仍捆绑在银行 不可承兑的资产。这将同时提高进一步 尽职调查的问题。 由于他们的信任问题，必须做好长达 6 至 8 年的漫长潜伏期的战略部署准备去 获取中国客户。这需要深吸一口气和家 族办公室服务供应商的约束，加上国际 私人银行有过渡这一时期的手段因而受 到特殊偏好。长期合作的投资关系是打 击非常突出的“不忠”问题，建立一个 繁荣的客户关系唯一的衡量标准。

2014 Trusts & Foundations Guide China Offshore

19

观点 | Opinion CHINA OFFSHORE

如何发展中国家族信托 Emerging Trends in Chinese Trusts Structures

By Haibo Xu

A

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 largescale and medium-sized enterprises for many years.

20

Trusts & Foundations Guide 2014

s one of the major types of civil trusts, The trust structure is currently at its infancy in China.

The development of the family trust will represent the general trend in the foreseeable future. This is primarily due to the robust growth of the economy and the internationalized financial management of wealth Chinese families.

Family trusts will surely be developed well in future due to the nature of market economy development and the internationalized financial management of wealthy families.

Based on its unparalleled system advantages, family trust has played a key role in planning and managing wealth of a whole family. It has gradually become an international practice to plan family relations, corporate governance and intergenerational transfer of various interests through contract documents of a trust.

As for the kind of family wealth that should be managed and how to use family trusts to manage family’s wealth, depends on the type of trust property, the purpose of establishing the trust, the legal provisions of the jurisdiction where the trust is established, etc.

观点 | Opinion CHINA OFFSHORE

家

族信托作为民事信托的主要 业务类型之一，尽管在国外 已经非常成熟，但在中国国

内仍然属于创新和拓荒阶段。法律服务 行业对家族信托业务的参与，目前也非 常有限。但尽管如此，家族信托的发展 应是大势所趋。市场经济的开发性和富 裕家庭的财富管理国际化，决定了家族 信托会在将来得到良好的发展。 基于信托自身无可比拟的制度优势，家 族信托在整个家族财富管理规划与执行 中，已起到脊梁和架设的作用。通过信 托合同文件来规划家庭关系、公司治理 和代际传承的各种利益，已经逐渐成为 一种国际惯例。 至于要对什么样的家族财富进行管理以 及如何利用家族信托进行家族财富管 理，取决于信托财产的种类、设立信托 的目的、信托设立地司法管辖区的法律 规定等。 家族信托所要解决的问题 一是代际传承。人有生老病死。上一代 的财富如何向后代子孙传递，如何更好 地保护未成年子女利益，如何平衡家庭 法律关系中的各种利害关系，是家族信 托的核心议题之一。从代际传承的角度， 信托之外，传统的财富传承方式一般有 两种：一是生前赠与，二是遗产继承。 但赠与与继承不具有信托制度的优势， 也难以解决家族财产传承中所涉及的一 些复杂问题。 二是全球范围内的资产配置。在今天这 个全球化时代，世界政治与经济都存在

The Problems to be Settled by a Family Trust I. Intergenerational transfer. Everyone will experience birth, aging, illness and death. How to transfer wealth to future generations, how to better protect the interests of minor children and how to balance the legal relationship between various stakeholders in a family are core issues family trusts are meant to deal with. From the perspective of intergenerational transfer, in addition to trust, there are two traditional ways to transfer wealth: donation inter vivos and inheritance. However, neither of them has the advantages of trust systems.

Furthermore, neither of them can easily solve some complex problems arising from the transfer of family property.

II. Asset allocation worldwide. In today’s era of globalization, there are strong political and economic uncertainties around the world. As for families with large-scale wealth, how to allocate assets to maximize global returns, how to maintain reasonable control and how to achieve effective transfer are issues that must be considered by the actual controller of a family trust.

III. Financial aggregation and sustainable development of family

2014 Trusts & Foundations Guide China Offshore

21

观点 | Opinion CHINA OFFSHORE

很强的不确定性。对于财富规模庞大的 家族来说，如何才能在全球范围内进行 收益最大化的资产配置，保持合理控制， 并达到有效传承，是家族信托实际控制 人必然考虑的问题。 三是家族企业的财力聚合和永续发展。 尤其对于拥有庞大商业帝国的家族而 言，誓将家族财富永续发展下去，是家 族财富所有人永远的重要议题。 四是遗产税问题。近年一直有传闻称国 家正在酝酿出台遗产税，每每在市场上 引起强烈反响。因如何才能合理、合法 地节税向来是家族财富实际控制人考虑 设立家族信托的重要原因之一。值得一 提的是，跨境财富管理公司推广海外信

enterprises. Especially for families with huge business empires, it is always an important issue for the owner to ensure sustainable development of family wealth.

IV. The issue of inheritance tax.

In recent years, there have been rumors that the country is preparing to introduce inheritance tax, which often arouses strong repercussions in the market because lowering tax reasonably and legally has always been one of the important reasons the actual controller of family wealth will consider in establishing a family trust. It is worth mentioning that inheritance tax has always been the trump card when a cross-border wealth management company promotes the overseas trusts business.

托业务也一直惯于打遗产税这张王牌。

Paths to Develop Chinese Family Trusts

发展中国家族信托的路径

In this paper, the so-called Chinese family trusts include: (1) family trusts established by the major property controllers of Chinese families in the

本文所谓中国家族信托，包括：（1）

22

Trusts & Foundations Guide 2014

territory of China, domestic family trusts for short; (2) family trusts established by the major property controllers of Chinese families in jurisdictions beyond the territory of China, overseas family trusts for short. How to establish these two types of family trusts is of great importance to the development of family trusts, offshore finance, internationalized wealth management, etc.

More generally, a family trust is trust for personal and family interests as well as planning, management, protection and transference of private wealth. From this point of view, family trust should be a civil trust.

How can a trust be established effectively? Generally speaking, the following conditions shall be satisfied: firstly, trust does have a legitimate purpose; secondly, there is definable legitimate trust property; thirdly, there is an eligible trustee subject; fourthly, the beneficiary or the scope of beneficiaries is determined; fifthly, there is no violation of any prohibiting law in

观点 | Opinion CHINA OFFSHORE

中国家庭的主要财产控制人在境内所 设立的家族信托，简称境内家族信托； （2）以及中国家庭的主要财产控制人 在中国境外司法管辖区所设立的家族 信托，简称境外家族信托。如何设立 这两类家族信托，对于发展家族信托、 离案金融和财富国际化管理等具有十 分重要的意义。 通俗地讲，家族信托就是为了个人和 家庭利益，以私人财富的规划、管理、 保护、传承为目的设立的信托。以此 来看，家族信托应是一种民事信托。 如何才能成为有效设立的信托？一般 需要满足以下几个条件：一是有合法 的信托目的；二是有可确定的合法信

the country; sixthly, ownership of trust property is really transferred.

Currently, most of domestic family trust products are established mainly based on cash assets, with specific purposes and functions. The divisions of private banking of some banks and the family business divisions of some trust companies have tried developing this type of business. In general, such trusts will center on children’s education and establishment of business, pension security of family members, protection of children’s rights after a divorce, etc. Taking a fund trust established for a child’s education as an example, cash assets of no less than 30 million yuan or 50 million yuan will be used to establish a single fund trust, with the trustee, beneficiary and trust

protector being previously determined.

In accordance with the arrangements in the trust contract, the trustee will disburse the funds corresponding to the trust interests to the beneficiary.

Such funds will be separated from the family enterprise, in order to achieve bankruptcy remote and fully protect the interests of minor children in education, marriage, establishment of business, etc.

In addition, insurance trust products integrating good insurance products also begin to appear in China. In some divorce disputes, some lawyers have begun to introduce trust systems to address education, security, property inheritance and other issues of children after a divorce, through a designated trustee.

托财产；三是有适格的受托人主体； 四是有确定的受益人或受益人范围； 五是不违反国家禁止性法律规定；六 是信托财产所有权发生真实转移。 目前境内落地的家族信托产品主要是以 现金资产设立的、为特定目的和功能设 计的家庭信托产品。一些银行的私人银 行部门和信托公司的家族事业部均已尝 试开始拓展这类业务。一般这类信托都 是围绕着子女教育创业、家庭成员的养 老保障、离婚后子女权益保护等展开。 以子女教育类的资金信托为例，以不低 于 3000 万元或 5000 万元的现金资产 设立单一资金信托，确定受托人、受益 人和信托保护人，受托人依据信托合同 的安排来向受益人支付信托利益对应的 款项。这部分资金从家庭企业中隔离出 来，实现了破产隔离，以充分保障未成 年子女的教育、婚嫁、创业利益等。

2014 Trusts & Foundations Guide China Offshore

23

观点 | Opinion CHINA OFFSHORE

另外，好保险产品嫁接在一起的保险金 信托产品，也开始在国内落地。在一些 离婚纠纷中，部分律师同行也开始引入 信托制度，通过指定受托人来解决离婚 后子女的教育、保障和财产传承问题。 以现金财产设立信托，其财产交付和转 移都非常容易，设立过程也相应简单。 其核心仅在于两个文件的拟定：一个是 信托设立的信托合同文件，一个是信托 资金存管的资金监管文件。 根据国内的资产管理现状，从单一功能 的家庭信托产品入手，是非常务实的做 法。当这样的产品多样化发展之后，家 族信托将会被更广泛地接受，受托人规 则、素养等也会逐渐得到发展，国家的 法治环境也会逐渐改善，综合类的家族 信托产品甚至家族办公室这一顶级家族 信托业务也会得到发展。 境内财产权信托的“落地难” 在财产权信托方面，目前国内还存在一 些制度盲区，需要中国的金融立法和司 法部门逐渐填补。在缺失信托财产登记 制度的情况下，且缺失“信托业法”或 “受托人法”，受托人的道德风险难以 有效防范。国内的非现金资产的财产权 信托发展缓慢，以此为基础的家族信托 产品存在“落地难”。 如何解决境内财产权信托的“落地难”？ 笔者建议，信托从业人员可充分利用合 同法的契约自由原则，并借鉴商业信托 的 SPV 模式进行创新设立家族资产财 产权信托，实现家族信托的功能。

24

Trusts & Foundations Guide 2014

It is quite easy to establish a trust with cash property and very easy to deliver and transfer the property thereof. The core of such trust relies only on the preparation of two documents: one is the trust contract based on which the trust is established, the other is the fund supervision document prepared for depositing and managing the trust fund.

According to the status quo of domestic asset management, it is a very pragmatic approach to begin from family trust products with a single function. When such products become diversified, family trusts will be more widely accepted and rules for trustees, quality of trustees, etc. will gradually develop. What is more, China’s legal environment will gradually improve and such top business of family trusts as comprehensive family trust products and even family offices will be developed as well.

It is Difficult to Implement Property Trusts in China In terms of property trust, currently, there are still some institutional blind zones in China, which shall be remedied gradually by China’s financial legislative branches and judicial branches. In the absence of a system for registration of trust property, the law of the trust industry and the law of trustees, it is very difficult to effectively prevent the moral hazards of trustees.

In China, property trusts established based on non-cash assets develop very slowly and it is very difficult to implement family trust products on this basis.

How to solve the difficulty in implementing domestic property trusts? The author suggests that the personnel engaged in the trust industry may establish family assetsbased innovative property trusts, by taking full advantage of the principle

观点 | Opinion CHINA OFFSHORE

trusts can be established effectively based on the existing Chinese legal system. According to certain reports published by some authoritative wealth management organizations, property trusts cannot be fully established based on China’s property law system based on the principle of “one property one right”. I do not agree with this point of view. According to China’s current legal framework, property trusts can be established effectively with the family wealth management. The specific reasons will not be further explained in this paper.

在中国 2001 年通过的《信托法》中， 对委托人、受托人和受益人的权利义务 关系设定，充分尊重和体现了“意思自 治”原则。尽管《信托法》的 74 个条 款偏于原则化，但信托设立人及其顾问 团队完全可以通过信托合同的具体条款 安排来完善信托结构，更加有针对性地 设定信托各主体之间的权利、义务关系， 以确保信托目的实现。 但由于信托财产登记制度的缺失，业界 也存在争议，依据中国现存的法律体系， 能否有效设立财产权信托？有些权威的 财富管理机构在公开报告认为，在中国 “一物一权”的物权法体系下，不能有 效设立财产权信托，对此笔者并不认同。 按照中国目前的法律框架，在家庭财富

of contractual freedom in the Contract Law and with reference to the SPV model of business trusts, and thus achieve the functions of family trusts.

In the Trust Law passed in China in 2001, the provisions on the relationship between the rights and obligations of trustor, trustee and beneficiary show full respect for and embody the principle of “autonomy of will”. Although 74 terms and conditions in the “Trust Law” are somewhat principled, the person establishing the trust and his or her team of consultants can improve the trust structure through the arrangements in specific terms of the trust contract and lay down more specific provisions for the relationship between rights and obligations of various subjects of the trust, so as to ensure the purpose of the trust.

管理过程中可以有效设立财产权信托。 原因不赘。

However, due to absence of a system for trust property registration, there is also a dispute in the industry on whether property

How to establish family assetsbased innovative property trusts with reference to the SPV model?

There are two points: one consists in establishing a mechanism for trust protector through terms of a trust contract, the other is to realize the independence and the isolation of risks of trust property through a special purpose company as well as its governance and arrangements.

The biggest problem in establishing equity or real estate-based family trusts (property trusts) lies in registration of trust property and isolation of trust property from the property of the trustee. Before the birth of the trust registration system, during the establishment of an innovative trust, it is crucial to establish a domestic SPV and innovate the model of property isolation and trust property management through determination of a trustee, as well as governance and arrangements of the trustee, with reference to the model of private trust company of overseas trusts, so as to realize normal trust property management. On this basis, a trust protector shall be determined and the rights and obligations of trustor, trustee and beneficiary shall be set forth in accordance with the provisions in

2014 Trusts & Foundations Guide China Offshore

25

观点 | Opinion CHINA OFFSHORE

如何利用 SPV 模式创新设立家族资产 财产权信托呢？两点：其一是通过信 托合同条款设立信托保护人机制，其 二是利用特殊目的公司及其治理安排 实现信托财产的独立性和风险隔离。 以公司股权、房地产设立家族信托（财 产权信托），最大的问题在于信托财 产登记和信托财产与受托人财产的 隔离。在信托登记制度还没有诞生之 前，创新设立的关键在于，参照境外 信托之私人信托公司模式，设立境内 SPV，通过受托人的设立、治理安排来 创新财产隔离和信托财产管理模式， 实现信托财产的正当管理和。在此基 础上，再根据信托合同文件的约定， 契约设定信托保护人，合理设定委托 人、受托人、受益人的权利和义务， 家族信托设立的目的才会容易实现。 境外家族信托的设立 境外家族信托的设立，目前在国内逐 渐增多，主要有三方面的原因，其一， 少数富裕家庭的财富结构国际化，其 二，国内的信托法环境不完善，其三， 离岸财富管理机构和投行这几年的大 力推动。包括 SOHO 家族、龙湖地产 实际控制人等，设立境外家族信托已 经是市场公开的信息。选择设立境外 家族信托信托，成为越来越多上市公 司实际控制人、境内富豪的选择，这 与时代的开放与国际化趋势是吻合的。 境外司法管辖区的信托立法相完善， 随着市场的成熟与开放，国内企业的 国际化越来越普遍，境内家庭的境外 权益规模也越来越大。通过家族信托，

26

Trusts & Foundations Guide 2014

the trust contract. Only in this way, it will be easy to achieve the purpose of establishing a family trust.

Establishment of Overseas Family Trusts At present, more and more Chinese families begin to establish overseas family trusts mainly due to the following three reasons: firstly, the

wealth structures of few wealthy families become internationalized; secondly, China’s environment of trust law is imperfect; thirdly, offshore wealth management institutions and investment banks have promoted family trusts vigorously in recent years. It is already known to the public that many families, including SOHO

观点 | Opinion CHINA OFFSHORE

这些企业实际控制人可以更好地实现 跨境资产管理，解决代际传承问题、 公司治理问题、资产配置问题、遗产 税问题等，且是必然的选择。目前一 些中概股的实际控制人家庭常常会这 样的信托安排。常年的境内家族信托 架设模式略。 跨境财富管理的机构合作 如何发展中国家族信托业务，在市场需 求不断增长的情况下，需要跨境从业机 构的融合与互动。中国的家族信托市场 需要一个培育的过程。在这个过程中， 我们不应是简单地游说境内富裕家庭设 立境外家族信托，在推动设立境外家族 信托的同时，也应该推动境内家族信托 业务的局部创新，将国外好的立法经验 和创新经验与中国的本土法律环境结合 起来。 我也相信，中国政府也会逐渐改善国内的 信托环境，正如香港对信托法例进行大幅 修改一样。毕竟，财富国际化管理的蛋糕 是可以在国际范围内流动的。

family, the actual controller of Longfor Properties Co., Ltd., have established overseas family trusts. Many actual controllers of listed companies and rich and powerful people in China choose to establish overseas family trusts. This is consistent with the openness of the era and the trend of internationalization.

The trust laws in overseas jurisdictions are rather sound.

As markets are becoming more mature and more open, internationalization of domestic enterprises will become increasingly common and Chinese families will have larger and larger rights and interests in foreign countries.

Through family trusts, the actual controllers of these enterprises can better achieve cross-border asset management and solve problems in intergenerational inheritance, corporate governance, asset allocation, inheritance tax, etc. They are certain to choose family trusts.

So far, some actual controllers of Chinese concept stocks have established such family trusts.

Establishment of perennial domestic family trusts will not be further explained in this paper.

Cooperation with Other Institutions during Cross-border Wealth Management With growing market demands, to develop the business of Chinese family trusts requires integration and interaction with cross-border institutions engaged in the industry.

Chinese market of family trust still needs to be nurtured. During the nurturing process, we should not just try to persuade domestic wealthy families into establishing overseas family trusts. While promoting the establishment of overseas family trusts, we should also promote local innovation in the business of family trusts and combine good legislative experience and innovative experience of foreign countries with China’s local legal environment.

I also believe that the Chinese Government will gradually improve the domestic environment of trusts, just as Hong Kong made a substantial revision of the trust law. After all, the profits arising from international management of wealth can flow around the world.

2014 Trusts & Foundations Guide China Offshore

27

观点 | Opinion CHINA OFFSHORE

慈善离岸信托：中国新一代慈善家们的工具 Charitable Offshore Trusts: Outfitting China’s New Philanthropists

By Andrew J. Toles

Andrew J. Toles Andy Toles 先生是西雅图律所 Ellis, Li & Mckinstry 的合伙人，他是信托、遗 产和商务企划方面的专家，且在富人 的策略性捐赠方面有丰富的企划经验。 他还是国际慈善顾问协会的中国代表， 在全球范围内积极参与慈善方面的促 进工作。 Mr. Toles, partner in the Seattle law firm of Ellis, Li & McKinstry, specializes in trusts, estate and business planning, and complex charitable giving strategies for wealthy individuals. He is China Representative for the International Association of Advisors in Philanthropy, promoting generosity globally.

28

Trusts & Foundations Guide 2014

S

everal years ago, though I had no experience in the mountains, I decided to climb one of America’s tallest peaks. I quickly learned the value of having an experienced guide. A mountain guide helps the climber make hundreds of difficult decisions about training, technique, preparation, gear, weather, route and various judgment calls along the way to the summit. For the newly-

rich in mainland China the challenges of becoming a philanthropist are no less daunting than peering up at a mountain for the first time after resolving to conquer it. Emerging philanthropists in China – a population that is growing daily – would do well to partner with a professional guide. This article will serve as a useful trailhead for that journey, with particular focus on the expanding role of offshore trusts.

观点 | Opinion CHINA OFFSHORE

几

年前，尽管我没有登山经验， 我还是决定要攀登美国最高 峰之一。我迅速领悟到拥有

一位有经验导游的价值所在。登山导游 能够帮助登山者制定与培训、技术、准 备、装备、天气、路线及登顶沿途的各 种需作决断的情况相关的成百上千个决 定。对中国大陆新贵而言，成为慈善家 这一挑战的可怕程度并不比首次决定登 峰来得少。中国新兴的慈善家数量日益 攀升，与专业的导游合作，可获得更大 成功。本文特针对离岸信托的扩张作用 而作，希冀能够起到抛砖引玉之用。 什么是慈善？

What is Philanthropy?

慈善一词源自希腊，字义为人类的爱。

In the original Greek the word "philanthropy" literally means the love of mankind. However, the term has generally evolved to mean the voluntary allocation of private wealth for public good. While defining "public good" is subject to debate, it is widely understood to include education, disaster relief, environmental protection, public health and poverty alleviation.

然而，这个词已经普遍演变为为了公共 利益自愿对私人财产进行分配。对“公 共利益”的界定备受争议，它被广泛地 理解为包括教育、救灾、环境保护、公 共健康及扶贫在内的各个方面。 一则古老的中国谚语指出，“伟大的思 想源自于内心。”这即是慈善的开始， 它是受到了心灵的指引。还有一则中国 谚语则告诉我们，“如果你想快乐一小 时，打个盹。如果你想快乐一天，去钓 鱼。如果你想快乐一年，继承一笔财产。 若你想毕生快乐，帮助别人。” 上百万高净值（HNWI）中国人，因中 国爆炸式的现代化发展而致富，已经经 历了“一年的快乐”。换句话说，无论 是通过自己在商业上的聪明才智，或是 因为时势造英雄，他们已经继承了一笔 财富。这一群体现在正领悟着中国谚语 的真谛，财富仅能带来一年的快乐。他 们渐渐希望能够追求持续一生的快乐。

An ancient Chinese proverb states,“Great thoughts come from the heart.” That is where philanthropy begins. It is a matter of the heart.

Another Chinese proverb counsels us, “If you want happiness for an hour, take a nap. If you want happiness for a day, go fishing. If you want happiness for a year, inherit a fortune. If you want happiness for a lifetime, help somebody.”

A million high net worth individual (HNWI) Chinese, enriched by the explosive modernization of China, have now experienced happiness for a year.

Figuratively, they inherited a fortune, whether by their own ingenuity in business or simply by being in the right place at the right time. This group of one million is now discovering the truth of this Chinese proverb that a fortune only brings happiness for a year.

Increasingly, they longfor happiness that lasts a lifetime. They want to help someone. Now they are exploring philanthropy as a means to do so.

What are Trusts?

Trusts have not yet gained popularity in China. They are a product of the English legal system developed over several centuries. The key feature of a trust is that it separates the legal ownership of property from the right to enjoy the benefits of the property.

The one who makes a trust (the settlor) transfers legal title of the trust assets to the new owner (the trustee). The trustee is then bound by fiduciary duties-that is, legal obligations--to manage the trust assets and to distribute them from time to time, solely for the benefit of others (the beneficiaries). In some cases the beneficiaries are limited to

2014 Trusts & Foundations Guide China Offshore

29

观点 | Opinion CHINA OFFSHORE

他们想要帮助其他人。现在，他们正探 索慈善手段去达到这一目的。 信托是什么？ 信托尚未风靡中国。它们是英系法制体 系的产物，已有数百年的发展历史。信 托关键的特征是它将资产的所有权与享 有资产收益的权利分离开来。设立信托 的人（委托人）将信托资产的法定所有 权转移给新的所有者（受托人）。受托 人于是具备了受托责任即仅为他人利益 （受益人）管理信托资产，对其不断进 行分配的法律责任。在某些情况下，受 益人仅限于慈善机构。信托其他的流行 用途包括家族遗产安排、商务交易和业 务关系等。通常来说，信托条款要在信 托书里以书面形式进行详细规定，明确 各方的权利和义务。有些时候慈善信托 会与慈善基金会混为一谈。然而两种均 有相似的目标，它们关键的不同在于形 成和功能。基金会，如同公司，有董事 会或理事会负责基金会的运营。这些董 事，与受托人不同，通常对基金会预期 受托人无法定的受托责任，基金会也不 会将他们的信息或账户披露给受益人， 而这些则是作为受托人常被要求的事 项。与信托不同，基金会通常需要注册， 并将其章程文件公开以便公众查阅。基 金会在民法辖区较为流行，比如几乎所 有的欧洲辖区，包括瑞士在内。 “离岸”是什么意思？ 严格来说，“离岸”是指除自己居住地 之外的辖区。因此，对中国大陆来说， 只要在中华人民共和国之外的辖区均可 视为离岸。一些国家因为能够吸引外资

30

Trusts & Foundations Guide 2014

charities. Other popular uses for trusts include family estate arrangements, commercial transactions and business relationships. Generally, the terms of a trust are described in detail in a written trust agreement that clarifies the rights and the duties of the parties.

Charitable trusts are sometimes confused with charitable foundations.

While both share similar objectives, there are meaningful differences in form and function. Foundations, like corporations, have a board of directors

or council which is responsible for operations. These directors, unlike trustees, typically are not bound by fiduciary duties to the foundation's intended beneficiaries. Nor do foundations disclose their books or account to beneficiaries in the manner often required of trustees. Unlike trusts, a foundation generally must be registered and expose its charter document to public view. Foundations are popular in civil law jurisdictions like those governing nearly all of Europe, including Switzerland.

观点 | Opinion CHINA OFFSHORE

而名声在外。首先是瑞士。其他国家和 地区依次是英属维尔京群岛（BVI）、 开曼群岛、海峡群岛、巴哈马群岛、百 慕大群岛、新加坡及香港。这些国家通 常称自己为国际金融中心（IFC）。税 务正义联盟是 IFC 的关键组织，据其估 计，IFC 持有金融资产高达 32 万亿美元， 是中国家庭财富总量的两倍。IFC 以英 系普通法为基础，通常更适用于设立慈 善信托，如香港、开曼群岛、英属维尔 京群岛、海峡群岛和百慕大群岛。 慈善离岸信托有什么益处？ 中国首个法律注册的私人基金会（PF） 诞生于 2005 年。但他们日渐受到中国 精英人士的欢迎，到 2013 年，根据中 国基金会中心统计，PF 的数量尚未达 到 2,000。对中国国内 PF 而言，2013 年春天的主要事件即为中国离岸突显得 若干问题（或进入壁垒）。这些问题包括： （1）复杂的监管环境涉及到“双重管理” 或政府部门的积极监管；（2）严格的 年度分配要求；及（3）商务活动限制 及大量纳税义务风险。因为国内 PF 是 中国新一代慈善家们最有可能的替代选 择，与慈善离岸信托相关的收益应主要 针对这一背景进行衡量。 相关信息列举如下： 财富安全： 中国高净值人士移民数量 前所未有之高。根据中国招商银行和贝 恩公司的近期报告，高达 60% 的中国 高净值人士已经考虑或已经实现了投资 移民。这一报告指出财富安全是仅次于 他们孩子教育的激励因素。2014 年中 国国际移民年度报告指出（金融中心为

What Does “Offshore” Mean?

Strictly speaking, "offshore" refers to a jurisdiction other than one's own residence. Thus, for mainland Chinese every nation outside of the People's Republic of China is considered offshore. Several countries have developed a reputation for attracting capital from foreigners. The first was Switzerland. Many others have followed including the British Virgin Islands (BVI), Cayman Islands, Channel Islands, Bahamas, Bermuda, Singapore and Hong Kong. These countries often refer to themselves as international financial centers (IFCs). The Tax Justice Network, an organization critical of IFCs, estimates that IFCs hold as much as US$32 trillion in financial assets, double the amount of China’s total household wealth. IFCs that are grounded in English common law generally offer more fertile soil for planting charitable trusts. Some examples are Hong Kong, the Cayman Islands, BVI, the Channel Islands and Bermuda.

What are the Benefits of Charitable Offshore Trusts?

China’s first legally registered private foundations (PFs) were birthed in 2005. While they are gaining popularity among China’s elite givers, by 2013 the number of PFs had not yet reached 2,000 according to the China Foundation Center. The cover story of the Spring 2013 issue of China Offshore highlights several problems (or barriers to entry) for China’s domestic PFs. These include: (1) an onerous regulatory environment that, until just recently, involved “dual management” or active supervision by a government department; (2) steep annual distribution requirements; and (3) restrictions on business activities

and the risk of substantial tax liability.

Because domestic PFs are the most likely alternative for China’s new philanthropists, the benefits associated with charitable offshore trusts should be measured against this backdrop.

Here are Several: ● Wealth Safety:

An unprecedented

number of HNWI Chinese are immigrating. According to a recent report by China Merchants Bank and Bain & Co., as many as 60% of China’s HNWI have considered or completed investment immigration. This report points out that wealth safety is second only to their children’s education as the motivating factor. In 2013 there were more than 6,000 Chinese investment immigrants to the United States alone, according to the annual Report on Chinese International Migration 2014, published by the Centre for China and Globalisation. China’s wealth is also finding its way to other safe havens.

The Wall Street Journal estimates that total outflow of investments from China in 2012 was US$225 billion. This tidal wave of cash, especially funds controlled by Chinese immigrants, would be well served by the stability and security afforded by offshore trusts.

This stability and security stem from the availability of sophisticated financial professionals (for example, attorneys, accountants and wealth managers), proven business structures, stable government, laws and regulations, and access to international markets. ● Privacy: Most

Chinese philanthropists

wish to avoid the public spotlight.

Undoubtedlythis dynamic has made it more difficult for Bill Gates to persuade his Chinese counterparts to sign the billionaire’s Giving Pledge. Onshore giving through domestic PFs invites the

2014 Trusts & Foundations Guide China Offshore

31

观点 | Opinion CHINA OFFSHORE

中国和全球其他国家所发表的报告）， 2013 年仅向美国投资移民就超过 6,000 例。中国财富也通过自己的方式找到 了其他的安全天堂。华尔街日报估计 2012 年源自中国的总投资流是 2250 亿 美元。这一现金潮，尤其是由中国移民 所控制的基金，将通过离岸信托获得更 好的稳定性和安全性服务。这一稳定性 与安全性源自于专业金融专家（例如律 师，会计和财富经理人），成熟的商业 结构、稳定的政府、法律和监管条例以 及国际市场的准入性。 隐私： 大多数中国慈善家希望能够避免 成为公众焦点。毫无疑问的，动态的环 境使比尔盖茨说服其中国同行签署捐赠 承诺的难度增加。通过国内 PF 的境内 捐赠受到政府监管员和公众的监督，但 境外辖区则可使中国家族低调捐赠而无 需成为公众焦点。 不受限增长：慈善离岸信托可自由逐年 累积收入，发展其资产基础。这一特征 可允许在前期对慈善事业适当进行投 资，从而使其将来成为投资公益事业的 宝库。

scrutiny of government regulators and the public, while offshore jurisdictions enable a Chinese family to do their charitable giving quietly without unwelcome publicity.

投资灵活及资助型权力：全球慈善事业

● Unlimited Growth: Charitable offshore

最近的流行趋势是社会企业的出现。它

trusts are free to accumulate earnings from year to year and grow their asset base. This feature allows a relatively modest investment in philanthropy on the front end to become a treasure trove for public good in the future.

们通常设计为营利型企业结构，以便达 到特定的社会或公共利益。大部分慈善 部门受到严格监管体系的管控，因此私 人基金会通过投资或补助的方式对这些 企业进行财务支持通常会存在问题。投 资会存在这样的风险，即这些活动会被 认为是与 PF 无关的商业活动，因此会 导致严重的税收或其他负面的后果。对 资助型目的而言，这些企业不是法定的 慈善机构。慈善离岸信托是理想的解决 方案。它们能够使中国慈善家们如愿进

32

Trusts & Foundations Guide 2014

● Flexible Investment and Grant-

Making Powers: A recent trend in global philanthropy is the advent of social ventures. These are generally structured as for-profit businesses designed to accomplish a particular social or public benefit. Because of

the strict regulatory regime governing much of the charitable sector, private foundations frequently have trouble in financially supporting these social enterpriseseither by way of investments or grants. As an investment, there is a risk that such activities will be considered to be an unrelated business of the PF, resulting in serious tax or other negative consequences. For grant-making purposes, these ventures do not qualify as legitimate charities.

Charitable offshore trustsare the ideal solution. They enable Chinese philanthropists to invest the trust endowment as they wish and support whom they wish without oversight by government regulators. Many charitable offshore trusts would be more appropriately labeled “philanthropy offshore trusts”because their grant recipients are not required to (and often

观点 | Opinion CHINA OFFSHORE

行信托投资，进行捐赠且提供支持而无 需受到政府监管员的监管。许多慈善离 岸信托标记为“博爱离岸信托”会更为 恰切，因为他们捐助的接受者无需（通 常不用）符合法定慈善条款的定义。 避税：通过适当的规划，慈善离岸信托 可享有税收中立环境而无需缴纳任何收 入税或特许权税。税收优惠政策可能是 IFC 所能提供的最具有诱惑力的砝码， 但避免不必要的税务负担是离岸慈善所

do not)fit within any legislative definition of the term charitable. ● Tax Avoidance: With

proper planning, charitable offshore trusts enjoy a taxneutral environmentand are not subject to any income tax or excise tax. Tax incentives may be the most enticing draw to IFCs, but the avoidance of unwanted tax liability is just one of many compelling advantages of offshore philanthropy.

能提供的多个引人注目的优势之一。

What are the Drawbacks of Charitable Offshore Trusts?

慈善离岸信托的弊端是什么？

Despite all the benefits, charitable offshore trusts are largely unknown and unused by HNWI Chinese and may not appeal to most. The accompanying Philanthropy Flow Chart illustrates four scenarios based on the geographical location of the earnings (or assets) and the location of the charitable recipient.

Offshore jurisdictions play a primary role in three of the four scenarios.

Therefore, offshore trusts could be quite helpful in each of these scenarios for reasons described above. But the

尽管慈善离岸信托存在诸多益处，但中 国的高净值人士大多不了解也不曾使用 慈善离岸信托，可能对他们来说慈善离 岸信托也没有太多吸引力。随附的慈善 流程图所说明的 4 种情况均基于收益（或 资产）的地理位置以及慈善接受者的位 置。在这四种情况中，离岸辖区在其中 的三种情况中均起到举足轻重的作用。 因此，根据上述原因，离岸信托有助于

first of the four scenarios, by far the most common, is seemingly confined within the borders of China, with no apparent role for offshore trusts.

According to the recent UBS-INSEAD Study on Family Philanthropy in Asia, 76% of China's philanthropy was directed to recipients within China.

Presently, there are two important drawbacks for Chinese givers to consider before creating a charitable offshore trust. First, if the earnings (or assets) used to fund the charitable work are located in China, there could be some difficulty in moving those funds offshore. For determined Chinese, however, this likely won't be a major obstacle. As the Chinese saying goes, "The man who removes a mountain begins by carrying away small stones." To prove the point, on 10 July 2014 the South China Morning Post published an article listing seven methods that Chinese are using to transfer money offshore.

The second and more significant drawback is that once offshore, it may be very tricky to deploy those funds for the public good back onshore.

每一种情况。但四种情况里的第一种是 迄今为止最为普通的一种，似乎限定在 中国境内，以至于离岸信托没有起到明 显作用。根据最近瑞银 - 欧洲工商管理 学院近期对亚洲家族慈善的研究，76% 的中国慈善是在中国国内指定接受者。 目前，在设立慈善离岸信托之前，对中 国慈善家们而言，存在两个重要的弊端。 首先，若用来资助慈善工作的收益（或 资产）位于中国国内，那将这些资金移 向境外存在难度。对执着的中国人而言， 这可能不是最主要的困难。正如中国谚 语所说，“千里之行，始于足下。”为 证明这一点，2014 年 7 月 10 日，南华 早报发表了一篇文章，文章中列举了 7

2014 Trusts & Foundations Guide China Offshore

33

观点 | Opinion CHINA OFFSHORE

种中国人目前用来将资金转移至境外的

Charitable Offshore Trust Structure

方法。 Purpose Trust

第二种也是最显著的弊端是一旦设为离 岸，在境内利用这些资金用于公益事业 就变得很棘手。换一种中国朋友更为熟 悉的说法是，“覆水难收”。这种情况

Private Trust Company (PTC)

产生的原因是，中国，同其他国家一样， 对民间社会组织接受国外资金有限定条 款以避免国外对中国国内事宜产生不良 影响。若中国大陆人不能收回覆水，他 们就会面临另外一个问题即“远水解不 了近渴。”无论怎样，在许多情况下， 即使是这种情况，在专家的指导帮助下，

Discretionary Charitable Beneficiaries

$

Charitable Trust

$

Discretionary Charitable Beneficiaries

这也不是解决不了的障碍。 慈善离岸信托的结构是怎样的？

Operating Company

慈善离岸信托在形式上具有很大的灵活

Private Equity Fund

Direct Investment Company

性。为了详细说明这一点，我们将列举 百慕大群岛所使用的一种常用结构，它 是 IFC 中较为领先的一种处理形式。正 如在图中所示，在结构的顶端，是目的 信托。几乎可出于任何法律目的持有目 的信托，而无需命名任何受益人。通常 来说，这种目的信托的目标非常简单单 一即拥有私人信托公司（PTC）的股权。 中国委托人选择企业受托人来作为目的 信托的受托人为其提供服务，他们通常 会提供意愿书作为这些企业受托人的行 事指南，指导他们作为目的信托的受托 人进行决议。 PTC 是中国委托人独有的信托公司， 它的唯一功能就是作为慈善信托的受托 人。PTC 由其董事会成员及管理者进行 管理，他们可以由家庭成员、专业顾问 及中国委托人的朋友组成，因此会赋予

34

Trusts & Foundations Guide 2014

Stated another way more familiar to my Chinese friends, "Once you pour the water out of the bucket it's hard to pour it back." The reason for this is that China, like many other countries, limits the ability of its civil society organizations to receive foreign money in order to stave off unwelcome foreign influence in China's domestic affairs.

If mainland Chinese can't pour the water back, they face another problem in that "distant water won't quench your immediate thirst." Nevertheless, in many cases even this hurdle is not insurmountable with the help of an expert guide.

How Are Charitable Offshore Trusts Structured?

There is great flexibility in the form of charitable offshore trusts. To illustrate, we'll describe a common structure

used in Bermuda, one of the leading IFCs for this kind of arrangement.

As shown in the diagram, at the top of the structure is a purpose trust. A purpose trust allows assets to be held for almost any lawful purpose, with no requirement to name any beneficiaries.

Typically, the stated objective of a purpose trust is simply--and only-to own the shares of a private trust company (PTC). The Chinese settlor selects a corporate trustee to serve as trustee of the purpose trust and often provides a letter of wishes to give guidance to the corporate trustee on how to vote as trustee of the purpose trust.

The PTC is the Chinese settlor's very own trust company whose sole function is to act as trustee of a charitable trust.

The PTC is managed by its directors and officers who may include family

观点 | Opinion CHINA OFFSHORE

委托人家族成员积极参与慈善信托相关 事宜的自由。百慕大群岛 PTC 无需经 过复杂的获取许可的过程即可取得受托 人资格。但百慕大群岛目的信托的企业 受托人虽然不需要位于百慕大群岛，但 它通常实际上会位于百慕大群岛，PTC 董事会成员也无需是百慕大群岛的常驻 居民。在这一示例中，与百慕大群岛的 仅有联系是雇佣一名公司秘书，象征性 缴纳年费。慈善信托可授权持有运营公

members, professional advisors and friends of the Chinese settlor, thereby giving the settlor's family the freedom to take an active role in the affairs of the charitable trust. A Bermuda PTC is not required to go through any complicated licensing process to qualify as a trustee. While the corporate trustee of a Bermuda purpose trust is usually located in Bermuda, it need not

be. Nor must thedirectors of the PTC be residents of Bermuda. The only required connection to Bermuda in this example is a company secretary who can be retained for a nominal annual fee.

The charitable trust is then empowered to own shares in operating companies and hold investment assets, whether they be direct investments, interests in private equity funds or other investment vehicles.

司的股份，同时持有投资资产，无论他 们是否是直接投资，对私募股权基金的

The View from the Top

投资或其他投资工具。

Doing philanthropy, truly helping others, carries a unique power to cause our own problems to seem less significant.

Consider the valuable insight in the old Chinese adage, "I was angered, for I had no shoes. Then I stumbled across a man who had no legs." The joy that fills our hearts when we care for others is a prize worth pursuing. But some look at the mountain and fear its lofty heights. They scorn the counsel of trustworthy climbing guides. At times they may even declare it cannot be done. Yet, as the resilient Chinese put it, "Those who say it cannot be done should not interrupt those doing it."

The spirit of generosity is sweeping across the Chinese landscape. This becomes increasingly evident with each response to tragic natural disasters like the one that shook Sichuan province in 2008. Pioneers in philanthropy see the needs and opportunities and are rising to the challenge. More and more of them will do so and thrive in partnership with professional advisors in this new community of philanthropy developing throughout China. And in the coming months and years many, I venture to say, will find that charitable offshore trusts provide the best possible route to the summit.

展望 做慈善，可真正帮助他人，它具有独特 的魔力能够使得我们自身的问题显得不 那么重要。中国这句古话“我因为没鞋 穿而震怒，直到我遇到了一个没有脚的 人”，仔细想来这一见解颇有价值。当 我们关心其他人时，这种满溢我心的喜 悦正是值得我们追求的奖赏。但有些人 还是见山高畏而却步。他们鄙视那些诚 实的导游所给出的建议。有时候他们甚 至断言，这是不可能完成的任务。然而， 正如中国俗语所说的那样，“那些嘴上 说不可能做到的人没权利去干扰那些正 在做的人。”慷慨的精神席卷中华大地， 体现在对自然灾害的每个回应，如应对 2008 年的四川大地震。慈善事业的先 驱者看到了慈善需求和机会以及其日益 上升的挑战。越来越多的人将参与到慈 善事业当中来，并通过与专业顾问的合 作使得慈善事业这一新领域在整个中国 得以蓬勃发展。在未来的岁月中，我敢 说，人们会发现慈善离岸信托会是“登 顶”的最佳可能路线。

2014 Trusts & Foundations Guide China Offshore

35

观点 | Opinion CHINA OFFSHORE

中国客户想要什么？ What Does The Chinese Client Want?

By Mark Lea

Mark Lea Lea & White 合伙人；执行董事 Lea & White 国际顾问有限公司 Mark Lea 出生于 1944 年，曾就读于英 国伊顿公学，并且担任过伊顿公学学 生会主席。他于 1970 年在伦敦取得律 师资格，随后加入罗斯柴尔德银行， 并且与公司的董事长维克多 - 罗斯柴 尔德勋爵保持密切的工作联系，当时 后者是英国政府智囊团的主席。Mark Lea 担任过罗斯柴尔德信托投资公司和 其根西岛分行的董事。 Partner, Lea & White; Managing Director Lea & White International Advisers Limited.

Born in 1944, Mark Lea was educated in England at Eton College, where he was President of the Eton Society. He qualified as a solicitor in 1970 in London, before joining the Merchant Bank N.M. Rothschild & Sons Limited, where he worked closely with the Chairman Lord Victor Rothschild KCMG GC at a time when he was Head of the UK Government Think Tank. Mark Lea became a Director of Rothschild’s Trust Companies and of its Guernsey Bank.

36

Trusts & Foundations Guide 2014

M

any articles provide information on a particular new law or on what a particular country offers. Such an article really deals with what the writer, or those he represents, wish the reader to know and use.

Hopefully this article looks through the spectacles of the reader, who is the Chinese resident business man.

The pertinent questions are what this reader wants and needs and what solutions there may be to assist him.

The Wishes And Needs of The Client: Many clients have different requirements from others. Even if they have the same requirements, their circumstances may be different.

However, there seems generally to be a common theme of wishes by many clients and these are now referred to.

Such clients have often externalized assets outside China as part of

their business or investment plan.

Technology has resulted in globalization and the investments and businesses can be spread over many countries.

This article is concerned with the assets of the Chinese reader which are situated outside China.

Many Chinese clients have acquired their wealth by hard work and innovation of business ideas. They are aware of the risks they have taken and want to protect their new wealth.

Therefore asset protection is important.

As these businessmen continue to build successful business empires, they understand the benefit of taking their companies public and therefor they often wish to plan for an IPO. It may be said that, where there has been a one child policy, planning for family succession is not top of the agenda. Even so, family members may choose to live in high tax jurisdictions outside China or purchase assets in such jurisdictions. That means

观点 | Opinion CHINA OFFSHORE

许

多文章阐述了有关最新法律的 特定信息，或者解答了某特定 国家能够提供什么。实际上，

这样的文章只是提供了作者或者是作者 所代表的那些人希望读者知道和使用的 信息。希望本文能够洞察读者即中国商 人的视角。关键的问题是，这个读者究 竟想要什么，需要什么，如何帮助他解 决这些问题。 客户的希望和需求 许多客户都有与众不同的要求。即使他 们的要求相同，他们的环境也可能各不 相同。然而，从表面上看，好多客户好 像一般都有一个共同的希望主题， 现在， 我们就来讨论这些共同的希望主题。这 些客户在中国以外的资产是他们的业务 或者投资计划的一部分，他们通常将自 己的资产国际化。技术进步带来了全球 化， 并且， 投资和业务可以遍布许多国家。 本文关注中国读者的资产，而这些中国 读者都不在中国。许多中国客户通过努 力工作和经营理念创新获得他们的财富。 他们知道自己面临的风险，并且很想保 护他们的新财富。因此，资产保护就非 常重要了。 随着这些生意人持续建立成功的企业帝 国，他们明白了公司上市的好处，因此， 他们通常希望为 IPO 做出规划。 可以说，在实行独生子女政策的地方， 规划家族的继承问题并不是首要的议程。 即使如此，这些家族成员还可能会选择 生活在中国以外的国家，而这些国家都 是高税负的，或者他们在这些国家购买 资产。这意味着，在为持有并经营好那

planning for holding and looking after those assets bearing in mind the taxation and other requirements of the foreign countries concerned.

Also the spread of assets through many jurisdictions means that a single Will may not be enough. Certainly where real estate is concerned, which is governed by the law of the jurisdiction

where it is situated, Wills limited to the disposal of assets in those jurisdictions would be sensible. Otherwise, Probate of a single Will in the country of the domicile of the individual concerned will be needed first. Then there will be a need for Probate in all the other countries where assets are situated.

This will be time consuming and costly.

2014 Trusts & Foundations Guide China Offshore

37

观点 | Opinion CHINA OFFSHORE

些资产做规划的时候，就必须要考虑到 税负问题以及相关海外国家的其它要求。 资产遍布许多国家也意味着一份单一的 遗嘱可能不够。当然，就房地产而言， 它要受到所在国法律的管辖。在那些国 家，遗嘱仅仅局限于对资产的处置是明 智的。否则，在相关个人的住所所在国， 一份单一遗嘱的认证就将是首先需要考 虑的问题。然后，还需要在所有资产所 在国进行遗嘱认证。这将会消耗大量的 时间和金钱。因此，规划如何避免遗嘱 认证的问题和开销也是一个共同追求的 目标。如果一家集团公司的所有者对这 家公司付出了毕生努力的话，他就会希 望确保，在他去世以后继承者能够继续 控制局面。如果他在他的一生中没有能 够建立起一套财富管理解决方案架构的 话，他当然希望在他的有生之年能够保 持控制权，无论他所采纳的解决方案的 性质如何。目前，中国还没有以遗产税、 赠与税和财富税形式存在的资产类税收。 中国的企业家和投资者可能会力图在中 国将其资产国际化，以尝试并避免有关 资产的任何未来税收。 这种引人深思的事情需要将希望转化为 解决方案。现在，本文将逐个话题地探 索那些解决方案。 资产保护 为了避免资产遭受债权人的攻击，甚至 遭到掠夺性配偶的攻击，这就需要考虑 建立一个信托或者基金，然后将资产转 移至该信托或基金。如果努力采取这样 的措施主要或首要的目的只是为了避免 债权人攻击，这是不会成功的。采取措

38

Trusts & Foundations Guide 2014

Planning to avoid the problems and costs of Probate is a common goal.

If the owner of a group of companies has made their creation his life’s work, he will want to ensure their ongoing control after him. If he does create a structure of wealth management solutions during his life, he will certainly wish to retain control during his lifetime, despite the nature of the solutions he has adopted.

China presently does not have capital taxation in the form of inheritance, gifts and wealth taxes. The Chinese entrepreneur and investor may seek to

externalize his assets from China to try and avoid any future taxation of that nature in respect of them.

Such food for thought needs the conversion of wishes into solutions.

This article now looks at some of those solutions topic by topic.

Asset Protection: To avoid attack against one’s assets by creditors, or even predatory spouses, there is a need to consider creating a Trust or Foundation and transferring assets to that Trust or Foundation.

To seek to take such action with the

观点 | Opinion CHINA OFFSHORE

施执行这个解决方案，这需要在任何已 知的或者可能的问题出现之前进行。它 应该是一套整体遗产规划的一部分，这 个整体遗产规划是为了达到若干个目的， 而资产保护只是其中一个目的。规则因 国家而不同。一般说来，在资产转让前 后， 资产转让方需要具备清还债务能力， 并且从转让日期起到债权人诉因出现， 这中间需要经过一个法定的时间期限。 这个法定的时间期限应该是一个合理的 期限（也许是两年，或者三年），这是 合乎情理的。如果只是简单地寻求使用 一个合适国家的信托法或者基金法，而 这个国家却与他没有任何其它关系，这 也是不合乎情理的。当然，受托人或者 理事会也应该就在那个国家，并接受那 个国家的信托和基金当局的行政管理。 如果信托并不是一个法律实体的话，该 信托应在那个国家持有公司的股份，而 这个国家反过来也就持有这些资产了， 这将是明智的。 合适管辖区的范例有纳闽岛和萨摩亚群 岛，在这个方面，这些地区拥有较好的 信托法律，并且分别有三年和两年的法 定时间期限。纳闽岛将信托法里的资产 保护规则延伸至基金法，而萨摩亚群岛 正在考虑起草基金法，而这些法律将会 发挥相同的作用。 遗嘱认证避免 相关个人的税务状态是非常重要的，个 人拥有的资产性质和地点亦是如此。这 些因素将会决定了资产转让中的税收影 响和实际成本。如果这些因素还不足以 构成阻碍的话，那就可能找到一个解决 方案。为了避免在许多国家持有资产，

main or primary purpose of avoiding one’s creditors will not succeed. The action to achieve this solution needs to be taken in advance of any known or possible problem. It should be part of an overall estate plan to achieve several objectives of which asset protection is but one. Rules differ from country to country. Generally, the transferor of the assets needs to be solvent before and after the transfer and statutory period of time needs to elapse between the date of the transfer and the moment when the creditor’s cause of action arose. It is sensible for this to be a reasonable period (perhaps 2 or 3 years). It is also not sensible to seek to simply use the Trust Law or Foundations Law of a suitable jurisdiction without have any other connection with it. Certainly the Trustee or Council should be in that jurisdiction and administration of the Trust and Foundation too. It would be wise also for a Trust, which is not a legal entity, to hold the shares of a company in the jurisdiction concerned which in turn will hold the assets.

Examples of suitable jurisdictions are Labuan and Samoa with good Trust Law in this respect and a 3 year and 2 year period respectively. Labuan has extended the rules of asset protection in its Trust Law to its Foundations

Law and Samoa is considering draft Foundations Law which will do the same.

Avoidance of Probate: The tax status of the individual concerned is all important and so is the nature and situs of the assets which that individual owns. These factors will determine the taxation implications and practical costs involved in the transfer of the assets. If these are not a deterrent then a solution may be found.

To avoid holding assets in many jurisdictions, it may be possible to transfer them to, say, a company in a suitable jurisdiction, which will be an “umbrella” for the holding of the assets.

The shares of that company will then be the asset for which Probate will need to be obtained. Examples of jurisdictions of companies often suitably used for this for their simplicity of shareholder and director and practical use are the British Virgin Islands and Samoa.

This still leaves the shares of the holding company with their owner to be the subject of a Will and Probate.

Probate can only fully be avoided by transferring the assets concerned to a Trust or Foundation during life and

2014 Trusts & Foundations Guide China Offshore

39

观点 | Opinion CHINA OFFSHORE

在一个合适的国家中将这些资产向一家 公司进行转让，这是可能的，而这个合 适的管辖区将会是持有资产的一顶“保 护伞”。那么，该公司的股份将会是需 要获得遗嘱认证的资产。为了股东和董 事的简单化，以及实际使用，经常被适 当地用作保护伞的、公司所在地的地区 有英属维尔京群岛和萨摩亚群岛。这仍 然让控股公司的所有者需要将股份变成 遗嘱和遗嘱认证的主体。只能通过将相 关资产转让给信托或基金的方式，在所 有者有生之年才能够完全避免遗嘱认证， 在这样的转让中，需要考虑税收和成本 影响，以及运营信托和基金的初始成本 和持续运行成本。信托或基金将会为家 族受益人提供继承。 情况很可能是这样， 尽管资产已经转让给了信托或基金，但 是资产的转让人保留了信托或基金的受 益人身份，并且对信托或基金保持日常 控制，这是下一个要考虑的问题。如果 没有不良税收后果的话，信托甚至是可 撤销的，这使得转让人可以随时终止信 托并收回资产。 控制保持 当试图向一家财富管理机构转让资产的 时候，这通常是首要的要求。有许多方 法可以达到这个目标，那些解决方案中 的一部分罗列如下： 有时候，有的信托会保留自己的权利， 前提是这些权利不会使信托无效。这些 权利可以非常宽广，并且能够向财产托 管者保留权利，例如，在开曼群岛或泽 西岛。相比之下，在新加坡和香港，可 以单独向财产托管者保留的权利包括投 资和投资管理。对资产托管者而言，如 果保留太多的权利，这可能就会意味着

40

Trusts & Foundations Guide 2014

the taxation and cost implications of any such transfer will need to be considered as well as the initial and ongoing cost of running the Trust and Foundation. The Trust or Foundation will provide for the succession for the family Beneficiaries. It may well be that the transferor of the assets may remain a Beneficiary of the Trust or Foundation and ways of retaining day to day control, even though the assets have been transferred to a Trust or Foundation, are considered next. A Trust could even be revocable, if there are no adverse taxation consequences, enabling the transferor to terminate the Trust and take the assets back at any time.

Retention of Control: This is often the prime requirement when seeking to transfer assets to a

wealth management structure. There are several methods of achieving this and some of those solutions are as follows: There are Trusts with reserved powers sometimes on the basis that these will not invalidate the Trust. They can be very wide and capable of reservation to the Settlor, such as in the Cayman Islands or Jersey. By contrast in Singapore and Hong Kong the powers which can be reserved to the Settlor alone are of investment and investment management. Too great a reservation to the Settlor may mean that there is no Trust and merely a nominee arrangement for the Settlor.

If statutory certainty is required rather than relying on future common law, then examples of reservation wider than to merely the Settlor can be found, for example, in Guernsey, Labuan and Samoa. Labuan and Samoa in

观点 | Opinion CHINA OFFSHORE

就没有信托了，仅仅只是一个名义上的 安排而已。 如果要求法定的确定性，而不是依靠未 来的普通法，那么，是能够找到仅仅针 对财产托管者的更宽的权利保留的范例 的，例如，在格恩西岛、萨摩亚和纳闽 岛。特别是萨摩亚和纳闽岛，向保护人 提供了保留广泛权利的能力，而保护 人就是受益人的看守人。萨摩亚提供了 “法定的指示”，这个“法定的指示” 可以由任何人或团体或者继承人给出。 也许，保留权利的信托是针对上市证券 和现金的，如果他们拥有附属公司的话， 那么，需要考虑受托人安排其他人来运 营这家公司的能力。通过诸如 Johnston v Gore-Wood 之类的案例，这为 Bartlett v Barclays Bank Trust Co. Ltd. 引发了一个决 策凶兆。因此，信托通常包含有“反巴 特莱特（Bartlett）”的条款，以寻求允许 受托人安排其他人来运营公司，而不是 让他们自己，而公司的股份由受托人所 有，受托人不用负责公司管理。至于这 些条款还能够支撑多久，还有待观察。

particular provide the ability to reserve wide powers to a Protector, who is a watchdog for the Beneficiaries. Samoa provides for “prescribed directions” which may be given by any person or combination of persons or by persons in succession.

Perhaps reserved power Trusts are for quoted securities and cash and, if they have underlying companies, then the ability for the Trustees to let others run such companies needs to be considered. This raises the specter of the decision in Bartlett v Barclays Bank Trust Co. Ltd.through to the cases such as Johnston v Gore-Wood. Trusts therefore often contain “anti-Bartlett” clauses to seek to permit Trustees to let others than them run companies, the shares of which are owned by the Trustees, without the Trustees being liable. How far these clauses will be upheld where has yet to be seen.

Foundations, which unlike Trusts are legal entities, own their own property and are run by a Council, can provide reserved powers to the Founder and the Founder can assign such powers.

The presently proposed Samoan Foundation will enable maximum ability for ongoing assignment of such

reserved powers. If the person with the powers fails to assign them, then they will vest automatically in a Guardian.

There are possible solutions such as two separate Trustees with separate duties provided by New Zealand, split share capital companies with controlling shares and shares with value and Private Trust Companies, of which Singapore provides a good example.

Each of these solutions arguably has its detractions.

There are special Trust regimes, the purpose of which are to permit the Trustees of a Trust to hold and retain the shares of a company and permit the directors of such company to run it without the Trustees being liable.

These Trust regimes are the British Virgin Islands Special Trusts Act (“VISTA”), the Labuan Special Trust (“LST”) and the Samoa International Special Trust Arrangement (“SISTA”).

The Trustee has to be as designated from the jurisdiction concerned; this is usually a licensed Trust Company but in Samoa will include a Samoan Foundation which can be an exempt Private Trust company. The Trust has to hold “designated shares”, which must be from a company of the same

基金并不像信托，基金是法律实体，拥 有自己的财产，由理事会运营，基金能 够向创始人提供保留权力，并且创始人 还可以分配这样的权力。目前，被提议 的萨摩亚基金将会使这样保留权力的现 行分配能力最大化。如果拥有这种权力 的人不能够分配他们，那么，这种权力 将会自动授予给一名监护人。 可能的解决方案也是存在的，例如，新 西兰为两名独立的受托人提供独立的职 责、在拥有控制股和有价股的股权投资 公司和私人信托公司方面，新加坡提供

2014 Trusts & Foundations Guide China Offshore

41

观点 | Opinion CHINA OFFSHORE

很好的范例。可以说，每一个解决方案 都遇到批评的声音。 也有特殊的信托制度，其目的是为了允 许信托受托人持有并保留公司的股份， 并且允许公司的董事来运营这家公司， 而受托人不用负责公司的经营。这些信 托制度包括英属维尔京群岛特别信托法 案 （ “VISTA” ） 、 纳闽特别信托法案 （ “LST” ） 和萨摩亚国际特别信托安排（“SISTA”）。 受托人必须由有关管辖区来指定，这通 常是一家持牌的信托公司，但是在萨摩 亚，这将包括一家萨摩亚基金，它可以 是一家免税私营信托公司。信托必须持 有“指定股份”，该“指定股份”必须 来自于同一管辖区的一家公司。它可以 有“董事会规则”，并且受托人不能利 用其作为持股人的职权来罢免董事、采 取行动反对董事、或者要求分配股息。 在具体的申诉原因上，“利害关系人” 或“任命的调查员”可以做出一个“干 预指令”，要求受托人干预董事的涉嫌 违规行为。尽管信托的目的是保留指定 的股份， 但是受托人有权同意出售股份， 或者法院有权命令销售指定的股份。 尽管存在信托，但有些信托机构让财产 托管者或其家庭成员、或者其他人为信 托机构保留对资产公司的控制权。 也许， 这个结构是为公司或者公司集团服务的， 这些公司或者公司集团可以由指定的公 司来作为他们的控股公司。 也有另一种机构，提供控制权的保留。 其结合使用了有限责任合伙企业，该有 限责任合伙企业是和信托相结合的。在 所有法定有限责任合伙企业法律下，普 通合伙人必须要为合伙人持有有限责任 合伙企业的资产，并且必须要控制有限 责任合伙企业日常的业务和投资。只要

42

Trusts & Foundations Guide 2014

jurisdiction. There can be “office of director rules” and the Trustees cannot use their role as shareholder to remove directors, take action against them or require a dividend. Upon a specified ground of complaint “an interested person” or an”Appointed Enquirer” can make an “intervention call” requiring the Trustee to intervene in the alleged misdeeds of the directors. Even though the purpose of the Trust is to retain the designated shares, there are powers for the Trustees with consents to sell

the shares or for the Court to order the sale of the designated shares.

These are Trust structures which enable the Settlor or his family, or others for them, to retain control of the company with the assets despite the existence of the Trust. Perhaps this structure is for companies or groups of companies which can be held by the designated company as their holding company.

There is yet one further structure which provides for retention of control.

This combines the use of a Limited

观点 | Opinion CHINA OFFSHORE

普通合伙人在有限责任合伙企业中拥有 较小比例的权益，他或它就拥有了完全 的控制权。有限责任合伙人的主要权益 将直接或间接地成为信托的资产。通过 这种方式， 在有限责任合伙企业法律中， 价值从控制权中分离出来，而不是在信 托法律中。可以说，它使得该机构更加 的强大，它应被用于复杂的且有价值的 资产上，包括公司集团。在一个适合上 市的国家中，对于由一家控股公司来规 划预先 IPO 来说，这可能是一家合适的 机构。只有萨摩亚已经为这个机构提供 了立法，条件是，如果信托受萨摩亚法 律管辖，并且信托的资产在有限责任合 伙企业中直接或间接地是有限责任合伙 人的权益的话，那么，受托人应允许普 通合伙人控制公司的日常运营，并且不 用为普通合伙人的作为或不作为承担任 何责任。萨摩亚在其基金法中还提出为 有限责任合伙企业提供类似的立法，该 有限责任合伙人是与萨摩亚基金相结合 的。有一些合适的解决方案供有限责任 合伙企业选择管辖区，可根据具体情况 选择恩格西岛、纳闽岛、新西兰、萨摩亚、 新加坡等。这个结构需要小心翼翼地组 合在一起， 正如太阳马戏团建议的那样， 一个人不能在家里尝试着练习。

Partnership combined with a Trust.

Under all statutory Limited Partnership laws the General Partner must hold the assets of the Limited Partnership for the partners and must control the business and investments of theLlimited Partnership day to day. If the General Partner has but a small percentage interest in the Limited Partnership, he or it has full control.

The majority interest of the Limited Partner will directly or indirectly be the asset of the Trust. In this way, value is dissected from control in Limited Partnership Law and not Trust Law. This arguably makes the structure that much more robust and it should be used for complicated and valuable assets including groups of companies.

It may well be a suitable structure for planning pre IPO with a holding company in a jurisdiction suitable for listing.

Only Samoa has legislated for this structure to provide that, if the Trust is governed by Samoan Law and the asset of the Trust is directly or indirectly the interest of the Limited Partner in a Limited Partnership, then the Trustee

shall permit the General Partner to control day to day and shall not be liable for the acts or omissions of the General Partner.

Samoa also proposes in its Foundations Law to provide the similar legislation for a Limited Partnership in combination with a Samoan Foundation. There are a number of suitable solutions for the choice of jurisdiction for a Limited Partnership, depending on the circumstances, such as Guernsey, Labuan, New Zealand, Samoa and Singapore.

This structure needs to be carefully put together and, as advised by Cirque du Soleil, one should not try the exercise at home.

Some Conclusions: Chinese clients wisely wish to have precise answers for solutions to their problems. It is very important not to lose sight of the objectives when carrying out the estate planning and putting in place the wealth management solutions. Clear instructions are necessary to achieve success. Hopefully this article will provide a focus on the probable objectives of such clients and some ideas on the solutions which can be offered to them.

结论 中国客户明智地希望精确回答针对他们 问题的解决方案。当进行遗产规划并将 财富管理方案落实到位的时候，不要失 去对目标的追求，这是非常重要的。明 确的导向对于获得成功来说是必要的。 希望本文能够引起对客户可能目标的关 注，并提供有关解决方案的一些想法， 这些解决方案是可以提供给客户的。

2014 Trusts & Foundations Guide China Offshore

43

观点 | Opinion CHINA OFFSHORE

被挑战的信托与家族财富 Trust and Family Wealth Challenged

By Hao Wang

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.

44

Trusts & Foundations Guide 2014

W

ith the advent of the new century, China has further accelerated its pace of economic growth. In this tide, there have emerged a growing number of eminent persons and countless family enterprises. In the second decade of the new century, a staggering amount of family wealth has been accumulated in China, bringing about some new questions, such as how to pass on wealth effectively and how to ensure smooth transition of a family enterprise from one generation to the next generation.

During the process of exploring answers to these questions, the trust – an ancient system in Western countries – has begun to take root, sprout and grow in China. As time goes on, it has attracted more and more attention.

However, as a new thing in China, trusts also face a variety of problems in practice. Due to their unreasonable

designs, some trusts have been challenged by their beneficiaries through legal means. How then should trusts be used to escort family wealth and be used as a powerful tool for wealth inheritance and wealth management? This paper will briefly describe the impact of trusts on family wealth.

I. Main Challenges Facing Trusts in Judicial Practice: (I) The Trustor’s Lack of Capacity When many trusts are established, their trustors are already in their declining years, accompanied by physiological and psychological cognitive disorders.

In accordance with the provisions of trust laws in most jurisdictions, if a trustor is unsound in mind at the time of signing a trust instrument, the beneficiary may bring an action based on this fact and request that the trust be declared invalid. In judicial practice,

观点 | Opinion CHINA OFFSHORE

随

the capacities of a trustor are measured based on the standards of “contractual capacities”, which mainly include:

出人士，也成就了数不胜数的家族企业。

1) Whether the trustor can understand the rights and obligations involved in his or her decisions; 2) Whether the trustor can understand the consequences of his or her decisions to himself or herself and others; 3) Whether the trustor can understand the risks and profits inherent in his or her decisions, together with alternative solutions.

着新世纪的到来，中国经济腾 飞的脚步进一步加快。在这场 大潮中，涌现出越来越多的杰

而进入新世纪第二个十年，中国家族财富 的积累也达到了一个惊人的新高度。然而， 伴随着新高度而来的是一些从未面对过的 新鲜问题：如何有效传承财富？如何保证 家族企业向下一代人的顺利过渡？ 在探索这些问题答案的过程中，信托这 一古老的西方制度在中国大地上生根发 芽、茁壮成长，随着时间的推移，获得 了越来越多的关注。然而，作为在中国 的一项新生事物，信托实践中也面临着 各种各样的问题，一些信托因设计不慎 合理而受到了受益人的法律挑战。如何 让信托为家族财富保驾护航，成为财富 传承和财富管理的有利工具？本文简要 介绍信托对家族财富的影响。

The standards of “contractual capacities” are in stark contrast to the standards of “testamentary capacities” employed to measure the capacities of a person making a testament. The standards of “testamentary capacities” are employed mainly to measure whether a person making a testament can understand the concept of

testament, whether he or she is aware of the scope of the property he or she owns, and whether he or she can understand the relationship between himself or herself and his or her heir(s).

Because the establishment of a trust is more complex than that of a testament, the standards employed to measure the capacities of the actor are different.

(II) Exertion of Undue Influence by Utilizing the Mental or Physical Defects of the Trustor Undue influence refers to a circumstance in which a trustor is forced by a third party, including his or her family members or friends, to sign a trust instrument and dispose of his or her trust property against his or her own will. Common means of duress include threats, refusal to provide medication, as well as separation of a trustor from his or her family by force.

In judicial practice, when determining

2014 Trusts & Foundations Guide China Offshore

45

观点 | Opinion CHINA OFFSHORE

一、 司法实践中信托面临的主要挑战： （ 一） 委 托 人 无 委 托 能 力（Lack of Capacity） 许多信托在设立之时，委托人都已处于 人生的暮年。与老龄化随之而来的是生 理、心理上的认知障碍。根据大多数法 域的信托法律规定，如果委托人在签署 信托文书时精神不健全，则受益人可以 此为基础提起诉讼， 请求宣告信托无效。 在司法实践中，对委托人能力的衡量采 取“合同能力”的标准，内容主要包括： 1) 委托人是否理解其决定所涉及的权利 和义务内容； 2) 委托人是否理解其决定对自身及他人 所带来的后果； 3) 委托人是否理解其决定所蕴含的风险、 收益及替代解决方案。 与“合同能力”形成鲜明对比的是对遗 嘱设立人能力衡量采取的“遗嘱能力” 标准。“遗嘱能力”标准主要衡量遗嘱

46

Trusts & Foundations Guide 2014

whether a party has exerted any undue influence on a trustor, the court will mainly consider the following factors: 1) the opportunity to exert influence; 2) whether the party exerting influence has an intimate relationship with the trustor; 3) whether the party exerting influence has participated actively in the establishment of the trust and transfer of property; 4) whether the property has been disposed of abnormally.

(III) Fraud Fraud or misrepresentation can also be one reason based on which a beneficiary challenges a trust.

Generally speaking, fraud means that a trustor is misled by the intentional misrepresentation of a third party to make changes to a trust.

In judicial practice, fraud falls mainly into inducement fraud and implementation fraud: 1) Inducement fraud means that a third party makes an intentional

misrepresentation of specific terms, which do not involve a trust document, to a trustor, but the presentation exerts a material influence on the trustor when he or she selects to establish or change a trust.

2) Implementation fraud means that a third party tricks a trustor into signing other documents in the name of signing a trust document, so as to make the third party a beneficiary, etc.

(IV) Failure to Witness or Sign in Accordance with the Relevant Procedures If a trustor is not witnessed by witnesses reaching a quorum at the time of signing a trust instrument, or if any witness signature is identified as a counterfeit, the beneficiary of the trust is entitled to bring an action against the trust based on this fact.

(V) Vague Language Dispute between beneficiaries over the contents of a trust document may also lead to an action challenging a trust.

Typically, the beneficiary will submit an application to the court for a judicial

观点 | Opinion CHINA OFFSHORE

设立人是否理解遗嘱的概念，是否知晓 其所拥有的财产范围，以及是否理解其 与继承人之间的关系。因为信托的设立 相较遗嘱的设立而言更为复杂，因此对 行为人能力采取的衡量标准也有所不同。 （二）利用委托人精神、身体缺陷施加 不正当影响（Undue Influence） 不正当影响指委托人签署信托文书受到 对其施加影响力的包括家人、朋友在内 的第三方胁迫，而被迫对其信托财产作 出某种违背意愿的处分的情形。常见的 胁迫手段包括威胁、拒绝提供药物、以 及强迫委托人与其家人分离。 在司法实践中，对于一方是否向委托人 施加了不正当影响，法院主要考虑如下 因素： 1) 施加影响力的机会； 2) 施加影响力的一方与委托人是否存在 私密关系； 3) 施加影响力的一方是否积极参与信托 设立和财产转移； 4) 是否存在不合常理的财产处置。 （三）欺诈（Fraud） 欺诈或虚假陈述也能成为受益人挑战信 托的理由之一。一般而言，欺诈指委托 人因受第三方的故意虚假陈述的误导而 对信托进行变更。 在司法实践中，欺诈主要分为引诱欺诈 和执行欺诈： 1) 引诱欺诈。引诱欺诈是指第三方故意 向委托人进行不涉及信托文件具体条款 的虚假陈述，但这种陈述对委托人设立 或变更信托的选择产生了实质影响。 2) 执行欺诈。执行欺诈是指第三方以签

interpretation of the ambiguous contents of the trust document. If the court rules that the content of the trust document does not have any ambiguity, the trust document may be implemented as it is. By contrast, if the court rules that the content of the trust document indeed has some ambiguity, the original intention of the ambiguous content in the trust document shall be determined in combination with external evidence, such as related statements of the trustor before his or her death. Once the court presents a judicial interpretation, the trust assets will be distributed and executed thereby.

world. In essence, inheritance tax is established with regard to the right to transfer the property of a person after his or her death. For a huge amount of family wealth, once the owner of the wealth dies, the amount of inheritance tax arising thereafter cannot be underestimated. Trusts are one of the few legitimate tools to avoid inheritance tax. If a trust is challenged, the inheritance tax on the property

II. Impact of Challenges on Family Wealth: (I) Affecting the Flexibility of Distribution and Transfer of Family Wealth A reasonably designed trust can plan distribution and transfer of family wealth effectively. In the trust document, the trustor may plan in detail the way to distribute family wealth among one or more beneficiaries. Thus, through the trust document, the trustor may distribute family wealth to a beneficiary, who cannot manage his or her wealth effectively or make a reasonable plan for or decision on wealth, multiple times and in small amounts, rather than distributing the family wealth to the beneficiary in a lump sum, so as to effectively avoid the risk of overspending, to ensure the basic financial needs of the beneficiary and to achieve the purpose of the trust. If a trust is challenged, these arrangements will not be able to play their due role and the flexibility of distribution and transfer of family wealth will be affected.

(II) Paying Inheritance Tax and Reducing the Total Amount of Family Wealth There are provisions on inheritance tax in many jurisdictions around the

2014 Trusts & Foundations Guide China Offshore

47

观点 | Opinion CHINA OFFSHORE

transferred by the trustor to the trust structure cannot be relieved, resulting in unnecessary loss of family property and decrease in the total amount of family wealth.

署信托文件的名义诱骗委托人签署其它 文件，比如变更该第三人为受益人等。 （四）未能依程序见证或签署 若委托人签署信托文书时未经达到法定 人数的见证人见证，或见证人的签名被 查明为伪造，则受益人有权以此为依据 对该信托提起诉讼。 （五）语言模糊 多个受益人之间对信托文件内容理解的 歧义也可能导致挑战信托的诉讼。 通常， 受益人会向法院提出申请，对信托文件 有歧义的内容进行司法解读。若法院裁 定信托文件内容不具有歧义，则可以不 加改变地对该文件恢复执行。相反，若 法院裁定信托文件确有歧义，则会结合 案外证据，如委托人生前的有关表述， 以确定信托文件有歧义内容的本意。一 旦法院作出司法解读，则信托财产将会 按此进行分配和执行。 二、 挑战对家庭财富的影响： （一）影响家族财富分配与传承的灵活 性 一个设立合理的信托能有效规划家族财 富的分配与传承。委托人可在信托文件 中详细规划家族财富在一个或多个受益

48

Trusts & Foundations Guide 2014

(III) Losing Control over Some Property Which Is Difficult to Split and Increasing Property Distributing Costs Whether family wealth is to be inherited through a testament or through the establishment of a trust, money, stocks etc. are property which are relatively easy to split, while real estate and boats are property which are difficult to split. A reasonably designed trust can set forth the way to transfer real estate property, who is entitled to use and own real estate property, the conditions for selling real estate property and the way to distribute the earnings. Once a trust is challenged, the beneficial interests of the beneficiaries in the property that is difficult to split will be challenged, which may lead to a dispute between the beneficiaries and

increase the costs of wealth transfer.

(IV) Causing Conflicts within the Family A reasonably designed trust can prevent struggles among the beneficiaries for property rights to the greatest extent, which is attributable to the feature of high “customization” of trusts, a tool for the transfer of property.

Based on the detailed provisions in a trust document, the trustor may determine the type and amount of the property to be passed on to a beneficiary and define ownership of the property, which is helpful to the split and transfer of any property that may cause a dispute (for example, property with an emotional attribute). If a trust is challenged, its advantage over testament-based inheritance in terms of transfer of wealth cannot be brought into play. With regard to a large-scale family, the feature of “customization” cannot be taken advantage of, which gives rise to conflicts within the family.

观点 | Opinion CHINA OFFSHORE

人之间的分配方式。这样，对于无法有 效管理自我财富、作出合理财富规划和 决定的受益人，委托人可以在信托文件 中将家族财富多次、小额地向该受益人 发放，而不是一次性地全部给予，有效 的避免了挥霍的风险，同时保证了受益 人的基本财务需求， 实现了信托的目的。 若信托被挑战，则这些安排将无法发挥 应有的效力，从而影响家族财富分配与 传承的灵活性。 （二）支付遗产税，减少家族财富总量 世界许多法域中都规定了遗产税。遗产 税本质上是对死后转移财产的权利所设 立的税目。对于数额庞大的家族财富来 说，一旦财富所有人辞世，所产生的遗 产税数额不可小觑。信托是为数不多的 合法避免遗产税的工具之一。若信托受 到挑战， 委托人转入信托架构中的财产， 将无法减免所需支付的遗产税，从而导 致家族财产的无谓损失， 损失财产总额。 （三）失去的某些难以分割的财产的控 制，提高财产分配成本 不论遗嘱继承还是设立信托，货币、股 票等均属于相对便于分割的财产。 相反， 房地产、船只则属于难以分割的财产。 一个设立合理的信托可以规定房产转移 的方式、使用权和所有权的归属、以及 出售的条件及所得的划分。一旦信托被 挑战，受益人对此类难以分割的财产的 受益权将受到挑战，可能会引发受益人 之间的争端，提高财富转移的成本。 （四）引发家族内部矛盾 设计合理的信托能最大化地在财产转移 时避免受益人之间的财产权益争夺。而 这种优势是信托这一财产传承工具的高

(V) Increasing Wealth Transferring Costs and Exacerbating Loss of Wealth during the Transitional Period As a legal tool for wealth transfer, trusts have attracted more and more attention from family enterprises in recent years and have begun to be applied at an increasing rate. Currently, many family enterprises in China are at an important moment of intergenerational transfer.

For these young family enterprises, the transfer will be a big test. According to a study on several cases of transferring family enterprises in Asian countries and regions, including China, all the family enterprises concerned suffered

significant losses of wealth in the process of intergenerational transfer.

Within eight years before and after transfer, the Cumulative Average Abnormal Return of corporate stocks is -60%. In other words, during the intergenerational transfer of family enterprises in Asia, significant wealth will dissipate. Taking society as a whole, the dissipation of wealth is not only a loss to enterprises, but also a loss to society. With more and more intergenerational transfers in the current society in China, challenges (if any) to trusts will intensify the risks

2014 Trusts & Foundations Guide China Offshore

49

观点 | Opinion CHINA OFFSHORE

度“定制化”特点带来的。委托人可通 过信托文件中的详细规定确定留给不同 受益人的财产种类和数额，明确财产的 归属。这对分割传承可能造成争议（如 有情感属性）的财产很有帮助。如果信 托被挑战，就无法发挥其财富传承方面 相对于遗嘱继承的优势，对规模庞大的 家族而言无法体现其“定制化”的特点， 从而引发家族内部矛盾。 （五）增加财富传承成本，加剧过渡期 财富流失 信托作为一种财富传承的法律工具，近 年来受到家族企业的逐步重视，并开始 得到越来越多的应用。而许多中国家族 企业正处于代际交接的重要关头，对于 这些年轻的家族企业来说，此次交接也 将是一次大考。根据一项包括中国大陆 在内的亚洲国家和地区家族企业传承案 例的研究显示，家族企业在代际传承过 程中都遭受较大的财富损失。 在交接前后的 8 年中，企业累计股票超额 收益平均为 -60%。也就是说，亚洲家族 企业在代际交接过程中，会出现比较显著 的财富消散现象。从整个社会的角度来看， 这种现象不仅是企业的损失，也是社会的 损失。在代际交接越来越多的当今中国社 会，一旦信托被挑战，将加剧这些家族企 业交接的风险，并可能增加损失，使得对 社会有价值的企业无法经营，新一代人只 能像前辈一样从头来过。 三、 “不得争议”条款作为解决方案的尝试 为了保护信托设立后的稳定存续，也为 了保护委托人设立信托的意图不被违背， 许多法域选择采用“不得争议”条款作

50

Trusts & Foundations Guide 2014

of transfer of these family enterprises and may increase the losses. As a result, enterprises of value to society will not be able to operate and the new generation will have to start from the beginning, as the older generation did.

III. Trying to Solve the Problem Based on the Term “No Dispute” In order to ensure the stability of a trust after it is established and to protect the intention of the trustor from being

violated, the term “no dispute” is used as a tool in many jurisdictions. The original purpose of designing the term “no dispute” was to prevent a person who cannot enjoy trust interests from filing a lawsuit before the court simply due to dissatisfaction, from challenging the validity of the trust, from doing damage to the stability of the trust, from wasting judicial resources and from hindering the implementation of the trust.

观点 | Opinion CHINA OFFSHORE

为工具。“不得争议”条款的设计初衷 在于防止未能获得信托利益的相关人仅 因单纯不满而向法院提起诉讼，挑战信 托的有效性，破坏信托的稳定，同时浪 费司法资源并阻碍信托的执行。 若采用这个工具，委托人需要在信托设立 文件中明确引入“不得争议”条款。该条 款一般包括如下内容：“若本信托中任一 受益人在法院提起诉讼，请求认定本信托 协议的全部或部分无效，则该人因本信托 协议所享有的受益权即被剥夺。” 但是，如果死板的使用“不得争议”条款， 其弊端也是显而易见的。体积庞大的家 族或大型家族企业，由于涉及问题多而 复杂，相应的信托设计也必然会十分复 杂。如果完全剥夺受益人提出争议的权 利，则有可能使受益人利益真的受到损 害时申诉无门。也正是意识到了这个问

If a trustor intends to use this tool, he or she should introduce the term “no dispute” into the trust document clearly. Generally, the term “no dispute” includes the following content: “if any of the beneficiaries of the trust files a lawsuit in court and requests that the whole or any part of the Trust Agreement be declared invalid, the beneficial interest of such beneficiary under the Trust Agreement shall be forfeited.”

it is recognized precisely because the foregoing problem has been realized. Within the above-mentioned jurisdictions, a beneficiary may file a lawsuit to challenge a trust, but only when the lawsuit has a “reasonable basis”. With this kind of restriction, unnecessary “frivolous lawsuits” can be prevented and the right of a beneficiary to file a lawsuit to challenge a trust when his or her beneficial interests are indeed damaged can be protected.

However, if the term “no dispute” is applied inflexibly, there will be obvious disadvantages. Designing trusts for bulky or large-scale family enterprises will certainly be very complex because many complex issues will be involved.

If the right of a beneficiary to file a dispute is completely forfeited, the beneficiary may have no authority to appeal to when his or her interests are genuinely damaged. The term “no dispute” is restricted to a certain degree in several jurisdictions where

How to give full play to trusts, an emerging field in China’s practice of law and wealth management, will be the subject of thought and studies of practitioners and scholars in the long run. While protecting the transfer of family property, it is also important to ensure the beneficial interests of the beneficiary. Whether this principle can be implemented successfully is crucial to whether trusts, an imported system, can survive the transfer of family wealth in China.

题，许多认可“不得争议”条款的法域 对它也采取了一定程度的限制，在这些 法域，受益人可以提起诉讼挑战信托， 但仅限于该诉讼有“合理基础”的情形。 通过这种限制，在防止了无谓“滥诉” 的同时，也保护了受益权确实受到侵害 的受益人提起诉讼挑战信托的权利。 信托作为中国法律和财富管理实践的新 兴领域，如何才能发挥它的最大功效将 是实践者、学者们长期思考与研究的主 题。如何在保护家族财产传承的同时保 证所有受益人的受益权是一项重要的平 衡，其执行的成功与否是信托这一舶来 制度能否在中国家族的财富传承站稳脚 跟的关键。

2014 Trusts & Foundations Guide China Offshore

51

离岸聚焦 Offshore Reports

用信托来传承财富是全球趋势 The Advantage of a Trust Owning Your Property

By Sovereign

大

部分人宁可不愿去考虑死后的财产该怎么分配。虽然如 此，如果不未雨绸缪早作打算的话，就可能会对生者造 成严重后果和巨大的不必要的支出（其中包括税务责任

等开销），这些是在亲属朋友怀着巨大悲痛处理后事，处于最脆 弱阶段时所需要额外面对，也是不得不面对的棘手问题。 设立遗嘱对普通人来说是相对敏感的话题。但是，管理死者的遗 产确实一项相当昂贵的支出（通常是遗产总额的 4% 左右），还 包括冗长的等待（就算是非常简单的遗产，通常也需要至少一年 的时间），以及非常有可能收到数目惊人的税单（遗产税或继承 税的税率一般来说都高得惊人）。 除了设立遗嘱，在生前设立一份信托也是一个不错的选择。在仔 细规划的基础上，这能让死后的遗产受到免于债权人侵扰的保护， 也能提供更高的保密性。使用信托这一财产持有和家族财富传承 的工具，即使对普通的遗产来说，也是非常有效的，在近几年来 更在世界范围内得到广泛应用。 那么，信托到底是什么？ 信托的概念： 和一家公司不同，信托并不是一个法律实体。它的最佳诠释是一 种关系：一种财产由一个人（委托人 settlor）转移给另一个人（受 托人 trustee）来以为特定的人或物（受益人 beneficiaries）持有这 份财产的安排。信托契约（信托书）规定信托的条款和条件，在 此条款上，受托人必须采取管理权来管理这份信托资产。信托契 约也规定了受益人的权利和利益。

52

Trusts & Foundations Guide 2014

M

ost people prefer not to think about what will happen to their property on death. However, failure to make proper plans can create real problems and cause great expense (including tax liabilities) for next of kin, problems that they will be forced to sort out at a time when they are emotionally upset and most vulnerable.

Making a will is a sensible way for an individual to put his or her affairs in order. However, the administration of a deceased’s estate can be costly (often around 4% of the total value of the estate), result in long delays (normally at least one year, even for a simple estate) and very often involve a large tax bill (inheritance tax or estate duty rates are often extremely onerous).

One alternative to making a will is to set up a trust during one’s lifetime. With careful planning this can eradicate

离岸聚焦 Offshore Reports

信托也能由一份遗嘱来创建，但如果这份资产在委托人生前的时 候就资“转移”给了受托人，他们则不会受到委托人死亡所造成 后果的影响。“转移”的另一个说法是“委托”（settle），所以 资产的转移人也被称为“委托人”且信托通常也被认为是一项财 产的“交割”（settlement）。 如果对信托的概念不熟悉，很多人会认为把财产的所有权拱手让 人授予受托人（trustee）感到不安。尽管如此，受托人的义务在 几百年以来英国财产法和普通法的发展中进行演变，现在已成为 成文法典的一部分而成为正式法律条文。 这一法律把 “法定所有权” （信托资产以受托人的名义所持有）和“实益所有权”（只有受 益人才能从这笔资产中获益）。此外，专业的受托人，比如在那 些享有盛誉和法规健全的司法管辖区，如直布罗陀群岛等的受托 人，都需要获得官方许可并承担更多的责任和义务。 在哪里能设立信托？ 事实上，所有低税率或零税率普通法司法管辖区都或多或少地有 不同形式的信托法。直布罗陀是信托实际使用最佳和最前沿的地

delays, costs and taxes and provide other benefits such as protecting assets from future creditors or providing anonymity. For many reasons the use of trusts as a means of holding and passing on family wealth, even for modest estates, has increased dramatically in recent years.

So What is a TRUST? The Concept: Unlike a company, a trust is not a legal entity. It is best described as a relationship; an arrangement whereby property is transferred from one person (the settlor) to another person (the trustee) who holds the property for the benefit of specified people or objects (the beneficiaries). A trust deed sets out the terms and conditions upon which the trustees must hold and administer the trust assets. The trust deed also sets out the rights and interests of the beneficiaries.

A trust can also be created by a will but if assets are “transferred” to trustees during lifetime they should be unaffected by the subsequent death of the settlor. Another word for “transfer” is “settle”; hence the transferor of the assets is called the settlor and the trust is often referred to as a “settlement”.

2014 Trusts & Foundations Guide China Offshore

53

离岸聚焦 Offshore Reports

区之一，它也是首个立法通过信托公司形式的司法管辖区。专业 的受托人根据该地区“1989 年金融服务条例”的规定必须获得官 方颁发的许可证，并由“金融服务委员会”（FSC）进行监管。 直布罗陀信托法起源于英国普通法和平衡法规则，并通过特定的 法规进行补充说明。直布罗陀受托人条例是基于该地区“1893 年 信托法案”所施行的法律。“资产保护信托”也是由所有信托形 式所允许的，提供资产保护元素的信托。

Those unfamiliar with the trust concept may be concerned about transferring ownership of their property to a trustee.

However, the duties of trustees have been developed over centuries through English equity and common law and are now in many cases codified in statute law. This law distinguishes between legal ownership (trust assets are held in the name of trustees) and beneficial ownership (only the beneficiaries may benefit from the assets). Further, even greater duties are imposed on professional trustees who, in reputable and well-regulated jurisdictions such as Gibraltar, for example, are required to be licensed.

保密性

Where Can I Set Up a Trust?

法规要求受托人需要知道信托的委托人和最终受益人的身份。这

Virtually all low tax or zero tax common law jurisdictions have some form of trust law. Gibraltar is at the forefront of best practice development in the area of trusts and was one of the first jurisdictions to introduce the regulation and supervision of trust companies. Professional trustees must be licensed under the Financial Services Ordinance 1989 and are regulated by the Financial Services Commission (FSC).

一信息是完全保密的。向第三方透露上述信息仅限于在非常特定 的情况下，且必须得到法庭指令的前提下才能进行。 在资产保护系统的情况下，由“资产处置登记处”来记录资产向 资产保护信托的转移和资产转移的具体内容。 税 直布罗陀信托中的绝大部分是作为全权信托（discretionary trusts） 的形式进行设立的，因此受益人的利益带有不确定性。受益人可 以在获得资产分配之前避免所有的税务负担。如果信托是由非居 民创建，在直布罗陀没有受益人和在当地没有获得收入（除了银 行利息之外），信托公司在直布罗陀是免税的。信托的条款中必 须阐明直布罗陀的居民不是该信托的受益人。 资产保护信托 资产保护信托（APT）在直布罗陀是得到允许的。这些信托必须 在直布罗陀的“资产处置登记处）进行注册且需要满足如下要求： ·委托人是个人

Gibraltar trust law is derived from English common law and the rules of equity, supplemented by certain legislation.

Gibraltar’s Trustee Ordinance is based on the Trustee Act 1893. “Asset protection trusts” are also permitted although all trusts provide some element of asset protection.

Confidentiality Regulations require trustees to know the identity of the settlor and ultimate beneficiaries of a trust. This information is kept completely confidential. Disclosure to third parties is only required in very particular circumstances and must be accompanied by a court order.

In the case of asset protection trusts, the register maintained by the Registrar of Dispositions to record the transfer of assets to asset protection trusts is closed and its contents privileged.

Taxes

·委托人不会因为资产处置而造成破产的后果

The vast majority of Gibraltar trusts are set up as discretionary trusts so that beneficiaries only have a contingent interest.

The beneficiaries can therefore avoid any tax liability until assets are distributed to them.

·这笔资产处置需要登记

Trust income is exempt from tax in Gibraltar if the trust is

· 委托人在资产处置当时没有破产

54

Trusts & Foundations Guide 2014

离岸聚焦 Offshore Reports

如果满足了这些要求，任何委托人都无法撤消这笔资产转移的处 置，且“欺骗性法案“和”破产条例”都不适用。

established by a non-resident, has no Gibraltar beneficiaries and derives no income locally (other than bank interest). The terms of the trust must expressly exclude Gibraltar residents from being beneficiaries.

只有得到 FSC 授权的专业受托人才能作为 APT 的受托人承办， 在注册该笔信托时要支付 300 英镑和 100 英镑的注册年费。

Asset Protection Trusts

那么信托的主要优势在哪里？

Asset protection trusts (APTs) are permitted in Gibraltar.

These must be registered with the Register of Dispositions and require that:

信托是税务规划中非常有效的途径。它可以非常灵活，委托人甚 至能够继续从信托资产中收益，其它的优势还包括： 资产保护

· The settlor is an individual · The settlor is not insolvent at the time of the disposition · The settlor does not become insolvent in consequence thereof · The disposition is registered.

所有信托都提供一些资产保护的元素，但主要请详见上述的 APT。 If these requirements are satisfied the disposition will not be voidable by any creditor of the settlor and the application of the Fraudulent Conveyances Act and the Bankruptcy Ordinance are excluded.

Only professional trustees licensed by the FSC can act as trustees of APTs and an application fee of £300 is payable upon registering the trust and £100 is payable annually to maintain the registration.

So What Are the Main Advantages of a TRUST? Trusts can be very useful means of tax planning. They can be very flexible, even the settlor can continue to benefit from the trust assets, and have many other advantages including: Asset Protection All trusts provide some element of asset protection but specifically see APTs above.

Tax Planning A properly established trust may produce substantial savings in income tax, capital gains tax and inheritance tax/estate duty.

Avoiding the Expense and Delays of Probate In common law jurisdictions the need to obtain a grant of representation (probate or letters of administration) before

2014 Trusts & Foundations Guide China Offshore

55

离岸聚焦 Offshore Reports

a deceased’s estate can be wound up and distributed can cause delay, expense, unwanted publicity and upheaval.

税务规划 一个正确创建的信托能在节省所得税、资本利得税和遗产税 / 继 承税方面提供巨大的收益。

Confidentiality

避免额外支出和缩短遗嘱认证的时间

There is no public register of trusts or trustees.

The ownership of trust assets can remain entirely confidential in most circumstances.

在普通法管辖区，在死后财产处理和分配之前，需要获得遗产代

Avoiding Forced Heirship

理（遗嘱认证或管理认证）是非常耗时、昂贵、不确定和引人注 目的。 保密性 信托或受托人并不需要公诸于众。信托资产的所有权在绝大多数 的情况下都具有绝高的保密性。 避免强制继承权 强制继承权在欧洲大陆和其它民法管辖区和伊斯兰传统地区都是 一个大问题。信托能用来规避强制继承权的请求。 遗产规划 许多委托人喜欢为他们的资产安排复杂的分配计划。他们希望为 配偶提供收入来源或为子女的教育未雨绸缪。因此，信托就是一 个非常便捷和高度灵活的工具来帮助他们实现目标。

56

Trusts & Foundations Guide 2014

Forced heirship is a particular problem in continental Europe and other civil law jurisdictions, as well as in countries of Islamic tradition. A trust can be used to overcome forced heirship claims.

Estate Planning Many settlors prefer to make complex arrangements for the distribution of their assets. They may wish to provide a source of income for a spouse or make provision for the education of children. A trust is a very convenient and flexible method of making such arrangements.

Protecting the Weak A trust allows a person to provide for those who may be unable to manage their own affairs such as infant children, the aged or persons suffering from certain illnesses.

离岸聚焦 Offshore Reports

Preserving Family Assets

保护弱者

Preserving family assets against mismanagement or spendthrifts is a common motivation for establishing a trust.

An individual may wish to ensure that wealth accumulated over a lifetime is not dissipated or divided up but is preserved as one fund. The fund can then accumulate further with provision for payments to members of the family as necessary, preserving some assets for later generations.

Continuing a Family Business

信托允许为一些生活无法自理的人，比如婴儿和儿童、老人或罹 患某种疾病的个人提供资产管理的服务。 保护家族资产 由于管理不当或挥霍无度而造成家族资产的无端流失是创建信托 的目的和动机之一。也许有人会希望确保他花费一生时间累积的 财富不会被滥用或挥霍殆尽，而是作为一笔完整的资金被小心保 存起来。因此这笔完整的资金能越积越多而在必要时成为家族成 员的收入来源之一，或成为后代的传世财富。 家族生意的传承 委托人或许希望确保自己打拼的生意能够在死后继续传承下去。 如果公司股份在其死前转移为信托，那么家族生意就能避免比不 要的资产清算。 如果家族成员没有过多的从商经验，受托人能被要求持有股份， 保持公司的正常运转和向家族成员提供公司的红利收入。

A settlor may want to ensure that the business he has built up will continue after his death. If the company shares are transferred into a trust prior to death the unnecessary liquidation of the family business can be prevented.

If family members have little business experience, the trustees could be instructed to retain the shares, keep the company running and provide payment to members of the family from dividend income.

Flexibility A discretionary trust can provide a structure that is capable of rapid change as circumstances demand.

Property Holding A portfolio of international property can all be held under one single Trust. In some circumstances, depending on local laws, a “local company” may be required to sit under the trust (i.e. it’s common for a Jebel Ali Offshore company to hold Dubai property, and have a Trust acting as a shareholder of the company).

灵活性 全权信托是能提供一个在环境要求的情况下进行迅速改变的架构。 资产持有 海外房地产投资组合能够在一个单一的信托下简单持有。在一些 情况下，根据当地法律的不同，或许需要安排一家“当地的公司” 来处于该信托之下（例如，阿联酋的“阿里山”离岸公司来持有 迪拜的房产，且由一个信托来作为公司的股东是很常见的做法）。

2014 Trusts & Foundations Guide China Offshore

57

离岸聚焦 Offshore Reports

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

By Leo Zhang

虽

然全球经济的不稳定性使得中国经济增速放缓，但是中 国超级富豪的数量仍然在逐渐增加，这使得财务和资产 规划成为他们在未来几年不得不面对的问题。

如今，越来越多的中国富裕家庭正在寻找海外金融解决方案，其 中许多人已经开始采用西方世界的工具，比如信托和基金会，来 进行税收和继承规划。随着年轻一代开始接手他们的家族企业， 这成为了一种越来越流行的趋势。 根据兴业银行和胡润研究院于 4 月联合发布的一份报告，到去年

A

lthough China's economy is experiencing a slowdown amid global economic uncertainties, the number of Chinese super-wealthy is still gradually increasing, making financial and asset planning an inevitable issue they have to face in the coming years.

Nowadays more and more Chinese rich families are looking overseas for financial solutions and many of them have started to adopt western-style tools such as trusts and foundations in taxation and succession considerations. The trend is gaining popular as the younger generation began to take rein of their family businesses.

年底，中国大陆共有 280 万以美元计算的百万富翁，相比 2011 年增长了4％。 这些百万富翁的平均年龄为38岁， 其中70％为男性。 报告称，房地产和股票仍然是他们的首选投资。 该报告称，在中国大陆，去年年底大约有 10 万人被认定为高净 值人士，其个人资产价值超过 600 万美元。个人资产价值超过 1 亿元人民币的有大约 64500 人，比去年同期增加了 2％。 根据福布斯三月发出的另一份报告，拥有 10 万至 100 万可投 资资产的中国消费者的数量今年将增加 17.2％，达到 1200 万。 2012 年中国公民的私人投资资本总额 13.7％，达到了 83.1 万亿 元人民币约 ()( 合 13.2 万亿美元 )，并有可能于今年年底达到 93.7 万亿元人民币。 出生于 1960 年至 1989 年之间的人占富裕阶层总数的 81％，其中 55％的人是男性。根据福布斯的报告，有超过三分之二的人拥有

58

Trusts & Foundations Guide 2014

By the end of last year, there were 2.8 million millionaires in terms of US dollar in mainland China with an increase of 4% from 2011, according to a joint report compiled

by Industrial Bank and the Hurun Research Institute in April. 70 percent of the millionaires are male with an average age of 38, and their most preferred investments are Real estate and stocks, the report revealed.

In mainland China, there were about 100,000 people who had been qualified as high-net worth individuals with assets worth more than 6 million yuan by the end of last year. The number of individuals with assets over 100 million yuan increased by 2 % from last year with a total amount of 64,500.

According to another report studied by Forbes in March, the number of Chinese consumers with investable assets of between $100,000 and $1 million will possibly increase 17.2 % to 12 million by the end of this year.

The total private investable capital of Chinese citizens

离岸聚焦 Offshore Reports

grew 13.7% annually in 2012 to 83.1 trillion yuan ($13.2 trillion) and reach 93.7 trillion yuan by the end of this year, according to Forbes.

Those born between 1960 and 1989 made up 81 percent of the mass affluent group, and 55 percent of them are male. More than two-thirds of them have college or master degree and 88 percent invest when seeking to grow their assets, Forbes said. The report showed that almost 90 percent of the respondents prefer low risk and stable returns on capital investment, which make fixed-income financial products and real estate two hottest investments. One fifth of the group plan to emigrate, 2.6 percent already own foreign residency, over half of these people reveal they would send their children overseas for education, according to Forbes.

Both of the reports indicated that there is a clear trend among wealthy Chinese: they are becoming younger; their wealth is growing steadily; they are seeking to obtain stable returns; and a growing number of them are willing to move overseas.

大学或硕士学位，其中 88％为了寻求资产增长而进行了投资。该 报告显示，近 90％的受访者在投资中青睐低风险和稳定的回报。 固定收益类金融产品和房地产投资是首选。福布斯的报告显示， 有五分之一的人打算移民，其中有 2.6％已经成为海外居民。四 分之三的人表示，他们会送子女出国接受海外教育。 基于这两份报告，我们可以看一个明显的趋势：富裕的中国人正 变得更年轻，他们的财富仍然不断地增长，他们正在寻求获得稳 定的回报，他们中越来越多的人愿意去海外移民。 显然，中国的富人们希望在财富管理司法管辖区寻找更广泛的金 融产品和服务，旨在获得税收和保密性方面的好处。 但是，他们也许很难真正地了解这些金融结构会如何保护他们的 财富。其中，信托和基金会是使用最为广泛的工具，它们可以让 个人免受纠纷、破产、离婚或其他负面问题的干扰。对规模不断 增长的中国富裕人士来说，在合适的司法管辖区建立正确的架构

Apparently, rich Chinese are training their sight on offshore wealth management jurisdictions for a wider range of financial products and services aiming to take advantage of taxation and confidentiality.

However, it could still be hard for them to get a clear picture of how financial structure works in a way of protecting their wealth. Trusts and foundations are the most widely used tools that protect investors against dispute, bankruptcy, divorce or other issues.

Establishing the right structure in a right jurisdiction is the key to successes in terms of asset planning and family succession for the continually expanding group of wealthy Chinese.

Trust The concept of trust can be traced back to Roma.

It is now widely considered as the most innovative contribution to the common law legal systems. In China, the trust industry has been expanding fast in recent years, but regulators have already stepped into curbing risky lending, making sure the sector is well under scrutiny.

是资产规划和家族继承成功的关键。

2014 Trusts & Foundations Guide China Offshore

59

离岸聚焦 Offshore Reports

Generally speaking, a trust refers to a relationship under which asset or property is held by one party for the benefit of others. The creator of a trust is called a settlor, who is able to transfer some or all of his/her asset or property to a third-party agent, which is called a trustee. The trustee holds or manages the property for the sake of the trust's beneficiaries, whom are named by the settlor.

Under such a scenario, the property's legal ownership, daily management, control of its equitable ownership and benefit distribution are separated, bringing taxrelated benefits and ensuring the beneficiaries' ability to obtain returns even if the settlor is incapacitated or dead.

The trustee could be an individual, a company, or a public body. In most jurisdictions, the establishment of a trust requires a contractual trust agreement or deed.

The settlor usually creates a living will to define how the property will be handled for the benefits of their spouse or children.

信托 信任的概念可以追溯到罗马时代。如今，人们普遍认为它是对普 通法法律制度最具创新性的贡献。在中国，信托行业近几年实现 了快速的扩张，但是监管部门已经采取措施来遏制高风险贷款， 这使得该行业不得不面临严格的审查。 一般来说，信托指的是一种关系，其中资产或者财产由一方持有， 目的是为了帮助另一方获得利益。信托的创始人被成为财产授予 人，能够将自己的一些或者全部资产或财产转移给第三方代理人 （所谓的受托人）。受托人代表信托的受益人持有或管理财产， 受益人由受托人指定。 在这种情况下，财产的法定所有权与日常管理、股权控制和收益 分配是相分离的，这能够带来税务方面的好处，并且确保即便财 产授予人无行为能力或死亡，受益人也可以得到回报。 受托人可以是个人、公司或公共机构。在大多数司法管辖区，设 立一个信托需要有合同信托协议或契据。财产授予人通常会创建 生前遗嘱来指定财产的处理方式，为配后和子女谋取利益。 然而，基于中国人对财富管理的传统理念，他们可能很难接受这

60

Trusts & Foundations Guide 2014

However, Chinese may find it contrary to their traditional concept of wealth management: The trustee is given the legal title to the property under a trust, though it is obligated to act for the good of the beneficiaries and only get compensation for the trusteeship.

China established the first trust law in 2001, but the development of private trust has long lagged behind the public trust industry. China Merchants Bank highlighted a deal with an 8-year-old girl for management of her assets in 50 years under a family trust in May. However, most Chinese lenders currently let privatebanking sectors run their family trust business as they lack of experience in dealing with family assets in both domestic and overseas markets.

The asset threshold of a family trust offered by a Chinese lender is usually set at 30 million yuan while the trust can't be revoked within a period of 30 to 50 years.

The annual fee is usually 2 percent of the asset under management.

Compared with established western markets, trusts in China still hold clients' assets instead of making real arrangement for their family wealth and succession. In addition, the Chinese trust law is not completed enough

离岸聚焦 Offshore Reports

一点：在信托中，受托人拥有信托财产的法定所有权。尽管它有义 务采取行动来维护受益人的利益，并且仅仅就信托关系获得报酬。 中国于 2001 年推出了首部信托法，然而，中国私人信托业的发 展长期以来落后于公众信托业。 5 月，中国招商银行与一名 8 岁女孩签约，在 50 年的时间内使用 家族信托为她管理资产。然而，目前大多数中国银行利用私人银

to cover family trust, the country has yet to set up a registration system for assets under trust, making it subject to external risks.

In addition, in Chinese law, the property under a trust must be made public before it can be set up. Therefore, concerns of privacy breaching rise among wealthy individuals when considering do so.

In contrast, setting up a trust in an overseas jurisdiction

2014 Trusts & Foundations Guide China Offshore

61

离岸聚焦 Offshore Reports

行部门管理家族信托业务，缺乏在国内国外市场上处理家族资产 的经验。 中国银行推出的家族信托产品的资产门槛一般为 3000 万元。信托 在 30 至 50 年的存续期内不能撤销。年费通常为管理资产额的 2％。 与成熟的西方市场相比，中国的信托仍然被用来持有客户的资产， 而不是真正地用于家族财富和继承事宜的管理。此外，中国的信托 法在家族信托方面并没有详细的规定。中国尚未建立起信托资产登 记制度，这使得信托会承担来自外部的风险。 更重要的是，根据中国的法律，在信托成立之前，信托财产必须公 开。这可能引发富裕人士关于曝露隐私方面的担忧。 与此相反，在海外司法管辖区设立信托拥有更大的自由度。虽然信 托被广泛地应用于英国法国家，大多数大陆法国家（其法律中一般 不包括信托的概念）通过《海牙公约》承认信托的合法性。 以列支敦士登为例。这个大陆法司法管辖区在信托方面遵从普通法。 列支敦士登信托不是独立的法人实体，也没有最低资本要求。自由 的列支敦士登公司法允许根据境外法律建立信托，比如英国或美国 法律。这使得海外授予人能够非常方便地使用已经准备好的法定条 文来建立信托。 越来越多的中国富裕人士在离岸司法管辖区寻求永久居留权，他们 希望能够将全球的税基转换成只按照中国来源的收入征税。因此， 他们越来越多地使用信托作为管理海外财产的工具，他们被允许向 境外转移更多的资金，将资金汇往境外来建立新的企业并且不受非 居民限制获得继承资产。 除了税收利益，信托同样能够保护受益人的资产不受债权人的追索 （离岸信托可能会破产）。例如，在全权信托中，财产授予人可以 作为保护人，也可以是受益者之一。因此，财产授予人能够在不拥 有信托资产的情况下获得利益，并且保护自己不受债权人的追索。 基金会 基金会是一个具有法律地位的独立特殊用途基金。在一般情况下，

62

Trusts & Foundations Guide 2014

often gives more freedom. Although trusts are widely used in nations with English law, most civil law jurisdictions, which don't generally contain the concept of trust in their legislation, do recognize it under the Hague Convention on the Law Applicable to Trusts.

Take Liechtenstein as an example. It's a civil law jurisdiction which has adopted the common law of trusts. A Liechtenstein trust has no separate legal entity and minimum capital required. Liberal Liechtenstein company law allows the formation of trusts according to foreign law, such as English or US law, making it convenient for overseas settlors who already prepared statutory provisions to be adopted.

There's a growing trend that wealthy Chinese seek permanent residency in offshore jurisdictions with an aim to shift from a worldwide basis of taxation to being taxed on Chinese source income only. Thus, they are increasingly using trusts as a tool to manage their property overseas since they are allowed to transfer more funds offshore for start-up purposes in the new location and to receive inherited assets without restriction to non-residents.

In addition to tax benefits, trusts also allow beneficiaries to protect assets from creditors as the trust may be bankruptcy remote. For example, under a discretionary trust, settlor could be the protector and one of the

离岸聚焦 Offshore Reports

它被认为是独特的法人实体。不同于信托，基金会是一个独立的 法律实体，持有的资产由基金会理事会进行管理，而相比之下信 托资产的所有权属于受托人。基金会的这项特征使得其更加能够 吸引来自大陆法系国家的客户，如中国。在这样的安排下，人们 觉得可以对自己的财产实现更多的控制。 通常设立基金会的用途包括慈善、家庭财产和集体目的。与公 司不同，基金会没有股东，尽管它们可以有董事会、成员大会 以及拥有投票权的成员。 基金会所得到的资产组成了独立的法人实体，与创始人的私人 资产得以分开。在一些国家，基金会在进行公众登记时必须拥 有法人资格。但在其他司法管辖区，可以在创建基金会时通过 提供所需的文件获得法人资格。 基金会的运行需要负责相应的章程规定，而不是信托所遵循的 信托原则。基金会可以有多种形式，并且根据不同的注册司法 管辖区遵从不同的监管规则。 然而，在中国设立在岸基金会（以慈善基金会居多）是有点麻烦的， 申请人必须准备许多文件，寻求来自不同政府机构的批准，并且 会受到严格的监管审查。

beneficiaries. Therefore, the settlor may be able to be protected from creditors and benefit from the trust assets without owning them.

Foundation Foundation is an independent special purpose fund with legal attributes, which is generally referring to a distinct legal entity. Unlike a trust, foundation is a separate legal entity that owns the assets managed by foundation council. The assets of a trust are under the ownership of entrusted trustee. This feature has made it more appealing to clients from civil law jurisdictions, like China, as people feel they can have more control over their property under such an arrangement.

Foundations are usually set up for charitable purposes, family patrimony and collective purposes. Unlike a company, foundations have no shareholders, though they may have a board, an assembly and voting members.

The assets endowed to the foundation become a separate legal entity and are separate from the private assets of the founder. In some countries, a foundation must have its legal personality when entering public registry. But in other jurisdictions, the legal personality can be obtained through the provision of required documents upon the creation of the foundation.

2014 Trusts & Foundations Guide China Offshore

63

离岸聚焦 Offshore Reports

The operation of a foundation is carried out in line with its statutes or articles of association instead of fiduciary principles followed by a trust. It may have a variety of forms and may follow different regulations depending on the jurisdiction where they are created.

However, setting up onshore foundations in China, mostly charitable foundations, is somewhat troublesome as applicants have to go through a mountain of paper work, seek approvals from different government agencies and are under strict regulatory scrutiny. 在中国，在建立基金会之前，申请人必须首先从主管慈善基金会 的当地政府机构或所谓的“专业领导机构”那里获得支持。之后， 申请人必须从当地民政局获得批准，进行注册和运营。基金会将 一直受到两个机构在“双重管理”制度下的监管。 在税收方面，如果慈善基金会从事的业务与慈善没有直接的联系， 那么它需要就所涉及的业务缴纳企业所得税。此外，慈善基金会 需要捐出其年度盈余的70％，并就他们积累和增加的收入支付1% 至 2% 的税款。相比之下，离岸基金会的资本就没有捐赠或者税 收方面的要求。 在这个意义上来说，对中国的富裕人士来说，明智的做法是考虑 建立离岸信托来进行投资或者财富规划。对他们的捐赠对象几乎 没有任何限制或者监管要求。 虽然离岸基金会的创建者也许在将在岸资金转移到海外司法管辖 区时需要支付一定的税款，但是他们在未来无需满足年度捐赠的 要求，使得他们能够以一个稳定的方式进行财富积累。 由于离岸基金通常设立在低税率的司法管辖区，其中的一些选择 以企业的形式运营，而不是作为一个慈善机构。这样一来，它们 可以通过每年的收入来维系运营，而不需要获得额外的捐赠。 对中国商人来说，最佳的离岸解决方案之一就是使用一家香港公 司来开展业务，同时使用一家离岸基金会来持有香港实体的所有 权，从而最大限度地减少税收和监管干预。

64

Trusts & Foundations Guide 2014

In China, before establishing a foundation, 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 greenlight from a local civil affairs bureau for registration and operation. A foundation is subject to the supervision of both agencies under the “dual management” regime throughout their organizational life.

In terms of taxation, if a charitable foundation engages in business which is not directly related to the charity purpose, it has to pay the corporate income tax for the business involved. Besides, a charitable foundation has to donate 70 percent of their annual surplus, and pay one to two percent tax on their maintained and incremental income. In contrast, there is no payout requirement or taxation on capital placed in offshore foundations.

In this sense, it may be wise for rich Chinese to consider establishing an offshore foundation in terms of investment or wealth planning. There are almost no restrictions or regulatory requirements with regard to whom they can donate to.

Although creators of offshore foundations are likely to pay a certain amount of tax when moving their onshore money into overseas jurisdictions, they don't have to meet annual disbursement quotas in the future, making wealth accumulation carried out in a stable manner.

As offshore foundations are usually set up in lowtax jurisdictions, some of them choose to operate as a business instead of charity so that they can be sustained by the revenue collected instead of requiring

离岸聚焦 Offshore Reports

additional donations every year.

One of the best offshore solutions for Chinese when doing business is to use a Hong Kong-based company to run the business while using an offshore foundation to hold the ownership of the Hong Kong entity in order to minimize taxation and regulatory intervention.

Using a private foundation is not only tax-wise but also helps in preserving and protecting assets and net 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.

Conclusion An increasing number of rich Chinese entrepreneurs and businessmen are considering using trusts and foundations when conducting business plan or asset succession in order to maintain and grow the wealth of their families. Not only are Offshore jurisdictions with solid infrastructure and legal systems able to provide them with the right tools, professional service providers can also help them with their best interest.

使用私人基金会能够带来巨大的优势，这不仅体现在税收上，而 且能够帮助保存和保护家族资产和财富。此外，基金会可以帮助 避免继承过程中遗嘱正式性的问题以及配偶或者其他家庭成员追 索的问题。基金会的主要好处之一就是基金会创始人的死亡不会 在税务或者其他问题上对基金会的运行造成任何影响。 结论 越来越多富裕的中国企业家和商人可能会使用信托和基金会来进行 企业规划或资产继承，从而实现家族财富的保值和增值。拥有良好 基础设施和法律制度的离岸司法管辖区能够为他们提供合适的工 具。专业服务提供商可以帮助中国客户制定出最佳的解决方案。

2014 Trusts & Foundations Guide China Offshore

65

2014 热点 highlights

亚洲 ASIA

亚洲 ASIA

中国 China

新加坡 Singapore

中国银行在卢森堡首次发行申根债券

衡力斯新加坡办事处闪亮登场

中国银行卢森堡分行8日成功发行15亿元人民币“申根”债券。这是中国银行集团 在欧洲大陆首次发行人民币债券。中国银行卢森堡分行已向卢森堡证券交易所提交 申请，这一债券将成为首个在卢森堡证券交易所挂牌交易的中国企业离岸人民币债 券，也将成为中国企业在欧洲大陆上市交易的首个离岸人民币债券。该债券期限3 年，利率为3.5%，得到当地和国际投资者积极响应，认购金额超过30亿元。

衡力斯的第七个全球办事处在新加坡开幕，并在2014年5月22日在Catalunya的Fullerton Pavillion的盛大活动中宣告成立。超过200名行业领导者、客户和业内人士参 加了开幕活动。

该债券之所以命名为“申根”象征着该债券将像“申根”签证一样，在欧洲国家间 自由流动。而选择在卢森堡上市交易，进一步凸显卢森堡作为国际金融中心的重要 地位，呼应了卢森堡建设人民币离岸中心的意愿。中行卢森堡分行是卢森堡首家 人民币清算行。2013年，中行卢森堡分行跨境人民币结算量突破千亿元大关，成 为境外人民币业务全面产品和服务的提供者，是众多“走出去”企业跨境人民币

衡力斯执行委员会主席Peter Tarn专程从伦敦飞抵新加坡出席活动，并致辞称：“ 感谢来参加开幕活动的每一位嘉宾；很高兴能借此机会和新老客户交流。我们有一 个优秀的团队，十分期待在世界上最顶尖和充满活力的城市新加坡和您们一起拓展 未来。”衡力斯新加坡办事处成立于2014年4月，衡力斯银行业务和金融执行业务 主席Colin Riegels和基金业务合伙人Lisa Pearce也同时从香港办事处调任新加坡。 衡力斯是国际领先的离岸公司，在英属维尔京群岛、开曼群岛、蒙得维的亚、伦 敦、塞浦路斯、新加坡和香港都有办事处。该公司还在巴西、俄罗斯和非洲等地坊

业务的主办行，在当地跨境人民币结算市场上处于领先地位。

设有代表处。

Bank Of China Issues First ‘Schengen Bond’ In Luxembourg On May 8, Bank of China successfully launched the offshore renminbi (RMB) ‘Schengen bond’ – the first of its kind to be issued by a company from the Chinese Mainland and listed in the Eurozone. The threeyear bond, priced at 3.50 percent, amounts to a total of RMB1.5bn (USD240.8m), is issued under the USD10bn MTN program of the Bank of China Group, and will be listed on the Euro MTF market of the Luxembourg Stock Exchange.

As a new facet in the internationalization of the RMB, this first European RMB bond was named “Schengen bond” using the name of a small village at the borders of Luxembourg, France, and Germany which stands for free movement within Europe. Lihong Zhou, the General Manager of the Luxembourg branch of Bank of China Limited, commented: “The successful launch of this Schengen bond is a further step towards the internationalization of the Renminbi, and shows the commitment of Bank of China to promote Luxembourg as a leading RMB financial center in Europe.”

66

Trusts & Foundations Guide 2014

Harneys Launches Singapore Office with Glittering Event Harneys marked the opening of its seventh global office, in Singapore, with a launch party at Catalunya in the Fullerton Pavillion on Thursday, 22 May 2014. More than 200 industry leaders, clients and well-wishers attended the event.

Peter Tarn, Chairman of the Executive Committee, who flew in from London to attend the event said “Thanks to everyone who attended our launch event; it was good to catch up with old clients and make new friends. We have a great team in place and look forward to our future in one of the world’s most exciting and dynamic cities, Singapore.”

Harneys’ Singapore office opened in April 2014. Colin Riegels, head of Harneys’ banking and finance practice group, and funds partner Lisa Pearce relocated from Harneys’ Hong Kong office to Singapore.

Harneys is a leading international offshore firm with offices in the British Virgin Islands, Cayman Islands, Montevideo, London and Cyprus, as well as Singapore and Hong Kong. The firm also has representatives in Brazil, Russia/CIS/CEE and Africa.

2014 热点 highlights

亚洲 ASIA

欧洲 Europe

中国 China

瑞士 Switzerland

中国原则上同意加入FATCA

瑞士银行业保密制度松动

中国六月底和美国签订了“原则上”同意加入“外国账户税收遵从法”（FATCA） 。这一举动被广泛认为将对中国公司在美国、香港和其它国家的子公司有很大好 处。作为回报，中国金融机构将不再受到被列入黑名单或收到FATCA处罚的威胁。

5月6日在巴黎举行的经济合作与发展组织（经合组织）年度部长理事会议上，包括 瑞士和新加坡在内的40余个国家签署了《税务事项信息自动交换宣言》，其中就包 括“避税天堂”瑞士以及蓬勃发展的离岸财富管理中心新加坡。视为竞争力之本的 瑞士银行保密传统由来已久。根据1934年通过的《联邦银行法》，瑞士银行应防止 客户信息被第三方获知，无论第三方是私人还是官方，若有违反，将面临监禁或高 额罚款等重罚。

FATCA是针对避税行为和需要金融机构所在的国家向美国政府提供纳税人信息的美 国法律。如果承诺FATCA协议，中国政府当局也将能同时获得在美国的中国纳税 人的信息。未签订协议的国家需要通过他们的当地金融机构获得的和美国有关的收 入中缴纳30%预提税。之前，美国税务当局设立了一个7月1日的最后期限，让海外 金融机构的新客户开始向美国政府报告他们在海外获得和美国有关的收入。虽然如 此，越来越清晰的是在许多金融辖区的小型银行无法满足这个最后期限，其条款被 修改成“怀着美好意愿而尽力而为”来遵守这个规定。第二个最后期限被设在2014 年1月1日，届时海外的银行要向美国政府提供其客户的收入信息。

近年来，以银行保密传统为核心竞争力的瑞士受到来自美国、欧盟等国的重重压力， 特别是2008年金融危机爆发之后，加大逃税力度以缓解本国财政拮据的欧美各国更是 持续向瑞士施压，要求其改变现有银行制度，提供本国客户的账户信息。重重压力之 下，2013年瑞美两国正式签署协议，瑞士同意其金融机构执行《海外账户纳税法案》 ，自2014年1月1日起向美税务部门通报美公民在瑞士金融机构账户有关情况。

China Agrees to FATCA Compliance

Switzerland Pledges to Lift Veil on Tax Secrecy

China has on June. 30th. reached an “in substance” intergovernmental agreement with the United States on cooperation with the Foreign Account Tax Compliance Act (FATCA), according to the U.S. Treasury Department. The move is widely expected to benefit the China-based subsidiaries of companies in the U.S., Hong Kong and elsewhere. In return, Chinese financial institutions will no longer be threatened with blacklisting and other penalties as stipulated by FATCA.

Switzerland, the world’s largest offshore financial center, has pledged automatically to hand the details of foreign bank accounts to other countries in one of the most significant breakthroughs in the global crackdown on evasion.

Chinese authorities will similarly be able to obtain information on Chinese taxpayers based in the U.S. Non-compliant countries are subject to a 30-percent withholding tax on U.S.-related income channeled through their domestic financial institutions.Previously, a July 1 deadline was set by the U.S. tax authorities for new clients of overseas financial institutions to begin reporting their U.S.-related income. However, as it became clear that smaller banks in many jurisdictions would be unable to meet this deadline, its terms were revised to “making efforts in good faith” toward compliance. A secondary deadline of January 1, 2015 remains in place for overseas banks to begin providing clients’ information to the U.S. government.

At a ministerial meeting in Paris on Tuesday (May 6), Switzerland agreed to sign up to a new global standard on automatic information exchange, representing a decisive break with its centuries-old commitment to protecting the privacy of banking clients.

The move is a big step forward for governments that have mounted a concerted attack on evasion in the wake of the global financial crisis and a series of tax scandals.

Swiss co-operation is pivotal to the struggle to prise open taxpayers’ hidden accounts because of its long tradition of bank secrecy and its dominant wealth management sector, which has $2.2tn of offshore assets, the report said.

2014 Trusts & Foundations Guide China Offshore

67

行政特区 jurisdictions

非洲 AFRICA

68

Trusts & Foundations Guide 2014

Liberia

行政特区 jurisdictions

2014 Trusts & Foundations Guide China Offshore

69

行政特区 jurisdictions

概况

利比里亚

架构类型

信托

法律类型

普通法

建立信托所需时间

1到3天

最低政府费用（不包括税收）

注册费 100 美元，其他需提交的文件 10 美元

是否签订免双重征税协定

是

国外收入课税

是，前提是利比里亚居民信托

信托资产 标准货币

美元

允许币种

任何币种

最低资产要求

无最低限制

受托人 独立法人最低人数

1个

公司法人最低人数

至少有 1 个被认可的董事

是否要求有当地受托人

否

公众访问记录权限

是

会议地点

任何地点

保全 需要

可选

持有专业资格

可选

信托契书 公众访问权限

否

账户 准备要求

是

审计要求

否

公众访问账户权限

否

其他 法定继承权

不适用

是否允许迁册

是

70

Trusts & Foundations Guide 2014

General

Type of Structure

Type of Law

Time to Establish a Trust

Minimum Government Fees (excluding taxation)

Double Taxation Treaty Access

Liberia

Trust

Common

1-3 days

US $100 registration, US $10 other required filings

Yes

Taxation on Foreign Income

Yes, if Trust is a resident trust of Liberia

Standard Currency

$US

Trust Assets

Permitted Currencies

Any

Minimum Assets Required

No minimum

Minimum Number if Individuals

One

Trustees

Minimum Number if a Body Corporate

If Local Trustee Required

Publicly Accessible Records

If corporate, at least one director must be an approved person.

No

Yes

Meeting Location

Anywhere

Required

Optional

Protector

Professional Qualifications Held

Optional

Publicly Accessible

No

Requirements to Prepare

Yes

Trust Deed

Accounts

Audit Requirements

No

Publicly Accessible Accounts

No

Forced Heirship Rules

Not applicable

Other

Change in Domicile Permitted

Yes

行政特区 jurisdictions

金融辖区：利比里亚 地区：非洲 货币：利比里亚元 (LRD) (L$) 语言：英语 时区：UTC 0

Country: Liberia Region: Africa Currency: Liberian dollar (LRD) (L$) Languages: English Time Zone: UTC 0

区号：+231 通讯设施：优良

Phone Code: +231 Communications: Good

简介

Introduction Executive Summary: Liberia is located on the west coast of Africa between the Ivory Coast to the east and Sierra Leone to the west. As a former British colony, the official language is English, although it is spoken by only 20% of the population of just under 4m, with some 20 ethnic group languages in use. Liberia has plentiful mineral resources, forests, and a climate favorable to agriculture, and has been an exporter of raw timber, rubber, diamonds, iron ore, coffee and cocoa.

利比里亚位于非洲西海岸，象牙海岸的西面和塞拉利昂的东面。作 为一个前英国殖民地，英语是该国的官方语言，虽然说英语的人口 仅为占该国总人口的 4%，只有不到四百万，其它地方性语言有 20 种。利比里亚的矿藏和森林资源非常丰富，气候特别适合农业耕种， 因此它也是原木、橡胶、钻石、铁矿、咖啡和可可的出口大国。 利比里亚规模较小的制造业大部分为外国所有。在 1980 年代的政 治动荡后，钻石业得到了很大的恢复。总统是 Johnson Sirleaf，是一 位毕业于哈佛大学的银行家和管理者，且在上台后大力反腐，鼓 励国际捐赠者和私人投资者来该国创业。该国的 GDP 上升稳定，

The fairly small manufacturing sector has been mostly foreign owned. Following political turbulence in the 1980s, external confidence in the key diamond extraction industry has largely been re-established.

President Johnson Sirleaf, a Harvard-trained banker and administrator, has taken steps to reduce corruption, build support from international donors, and encourage private investment. GDP has been growing strongly, due to high world prices for Liberia’s commodities: 7.9% in 2011 and 8.3% in 2012. Liberia's success story, however, has been its shipping registry, currently the world’s second-largest. Liberia has a very liberal business climate. There are no statutory foreign exchange controls, and funds may generally be freely remitted into and out of the country.

Suitable for: Limited liability companies, foundations, non-profit businesses, general partnerships and limited partnerships

很大程度上得益于国际市场对利比里亚商品的高价位：2011 年的 GDP 增长率为 7.9%，2012 年为 8.3%。利比里亚的成功故事还要 归功于它的航运注册，现在已是世界第二大。利比里亚有非常自由 的商业环境。这里没有外汇管制，资金可以自由进出这个国家。 适合于：有限责任公司、基金会、非赢利性商务、通用合伙制和有 限合伙制公司

2014 Trusts & Foundations Guide China Offshore

71

行政特区 jurisdictions

概况

利比里亚

General

Liberia

实体类型

基金会

法律类型

现代民法

Type of Company

Foundation

有限责任

是

建立基金会所需时间

注册当日

Limited Liability

Yes

基金会最低资本金（等值货币）

最低 1 万美元起

基金会资本货币

任何币种

Type of Law

Time to Establish a Foundation

基金会会章

没有，但自愿申请获准

基金会管理条例

否

受益人

否

创建人

否

Foundation Capital Currency

Any

Foundation Charter

No, but voluntary filing permitted

Beneficiaries

No

Foundation Regulations

Name of Founder

Officers of Foundation

基金会管理成员 安保要求

监事会是可选的

是否允许企业安保

是

理事会成员最低人数

3个

是否允许有企业理事会成员

是

会议地点

任何地方

Minimum Number of Council Members

Three Officers

Corporate Protector Permitted

Corporate Council Members permitted Meeting Location

是的，LISCR 信托公司是所有非居民 实体在利比里亚唯一的注册代理人。

Foundation Agent

是否需要秘书

是

会章语言

英语，其他任何语种的文献都应配有 正确的英语翻译

Secretary Required

管理条例语言

英语

义务保持妥善的帐簿

审计要求

可选

Language of Regulations

Requirements to Prepare Audit Requirements Other

其他 年度政府费用

是

是否允许迁册

是

72

Language of Charter

Accounts

准备要求

Trusts & Foundations Guide 2014

No

A Supervisory Board is optional

基金会代理

账户

No

Protector Required

Local Requirements of Foundation

基金会本地规定

Registered the same day

Foundation Capital Minimum (equivalent Minimum of US$10.000 in currency) Publicly Accessible Records

公众访问记录权限

Based on modern civil law

Annual Government Fee

Change in Domicile Permitted

Yes

Yes

Anywhere Yes; The LISCR Trust Company is the sole Registered Agent in Liberia for all non resident Liberian entities.

Yes

English; documents in any other language shall be accompanied by a true translation into English.

English

Obligation to keep proper books of account Optional

Yes Yes

行政特区 jurisdictions

2014 Trusts & Foundations Guide China Offshore

73

利比里亚 — 全球离岸财富与税务规划产业的领头羊

Liberia

– Global Pioneers in the Offshore Wealth and Tax Planning Industry The Country

国家概况 利比里亚是最古老的企业注册辖区之一， 已提供逾 60 年的国际企业注册服务。 位于西非的利比里亚是非洲大陆最早建 立的共和国，其成文法来源于美国的普 通法。以代议制民主政治为宪法原则的 利比里亚共和国，因其社会稳定而免于 政治经济风险影响，从而成为商人、企 业家和投资者的优选注册地。 近期，利比里亚庆祝了里程碑式的 10 年和平历程。 2005 年，哈佛大学毕业 生、前世界银行经济学家埃伦·约翰 逊·瑟利夫（Ellen Johnson-Sirleaf） 女士当选为利比里亚总统，成为非洲 历史上首位选举产生的女总统。约翰 逊·瑟利夫总统于 2011 年获得连任， 同年获得诺贝尔和平奖。利比里亚近 年来取得成就如下： · 利比里亚被选为联合国国际海事 组织（IMO）成员国 · 利比里亚位列经济合作与发展组

74

Trusts & Foundations Guide 2014

Liberia is one of the oldest corporate jurisdictions and has provided corporate registration services internationally for more than 60 years.

The West African nation is Africa’s oldest republic with its statutory law based on United States common law. The Republic of Liberia has maintained a stable position as a constitutional republic and representative democracy, free from political and financial risk, and accessible to businesses, entrepreneurs and investors.

The country recently celebrated a ten year milestone of peace. In 2005, Ms. Ellen Johnson-Sirleaf, a Harvard University graduate and former World Bank economist, was elected President of Liberia and became the first elected female to lead an African nation. President Johnson-Sirleaf was re-elected to a second term in 2011 and was jointly awarded the Nobel Peace Prize this same year.

Among recent other accomplishments:

• Liberia was elected to the United Nation’s International Maritime Organization (IMO) Council • Liberia was White Listed with the Organization for Economic Cooperation and Development (OECD) Global Forum • Liberia operates one of the world’s largest and most active shipping registers, which has more than doubled in size over the past 10 years with more than 4,000 vessels aggregating more than 135m gt.

The Law The Liberian Associations Law, which closely resembles United States Delaware Corporate Law, allows for the formation of Corporations, Limited Liability Companies (LLCs), Limited Partnerships and Private Foundations, both resident and nonresident. The non-resident corporate registry is administered exclusively by a United States based, private company, LISCR, LLC. Moreover, all non-resident entities are provided with an exclusive registered agent within Liberia for service of process

Sponsored Article

Hilary Spilkin is an international tax attorney and alumna of the Thomas Jefferson School of Law Master of Laws program. As Managing Director of the Liberian Corporate Registry, Hilary oversees the development and administration of the non-resident domestic business registry, while also being responsible for reviewing and recommending changes and providing policy determinations on the Liberian Associations Law and other legal provisions affecting Liberia’s non-resident domestic business entities. Hilary also is part of the Liberian advisory panel to the Organization for Economic Cooperation and Development (OECD).

Hilary Spilkin 拥有美国托马斯杰斐逊法学院的法律硕士学位，是国际税务律师。作为利 比里亚公司注册处的董事总经理，Hilary 掌管利比里亚非居民企业注册业务的运营和发展， 并且负责对与利比里亚非居民企业相关的利比里亚组织法及其他法律和政策进行审查并 提出建议。Hilary 也是经济合作与发展组织（OECD）利比里亚顾问小组的成员。

By Hilary Spilkin

织（OECE）全球论坛白名单 · 利比里亚长期成功运营全球最大 且最活跃的船舶注册处，船队规模在 过去 10 年间增长两倍以上，登记在册 的船舶数量逾 4000 艘，合计 1 亿 3 千 500 万总吨。 法律 利 比 里 亚 组 织 法（Liberian Associations Law），与美国特拉华州公司法非常相似， 允许居民或非居民成立企业、有限责任公 司（LLC）、有限合伙人及私人基金会。 非居民企业注册由总部位于美国的私营机 构 LISCR 有限公司独家管理。该公司作为 利比里亚唯一认可的注册代理机构独家办 理所有非居民企业的注册服务。 LISCR 有 限公司的总部位于美国华盛顿附近，其地 区办事处遍布全球，向客户提供利比里亚 船舶、非居民企业注册的全方位服务。 目前，利比里亚船舶与企业注册处通过 其位于塞浦路斯、迪拜、汉堡、香港、 伦敦、纽约、比雷埃夫斯、上海、首尔、 新加坡、东京、弗吉尼亚州和苏黎世等

2014 Trusts & Foundations Guide China Offshore

75

地的办事处，向客户全方位提供利比里 亚船舶和企业的注册服务。注册处的全 球化设施辅以技术先进的电脑和电子系 统，能够在当天内完成企业实体的设立， 即时发放证书和接受备案，并以 7 天 24 小时全年无休的全天候方式作业。 企业实体 利比里亚组织法规定了各种通常用于 国际税务规划、财富和资产保护的法 人实体。这些法人实体包括： · 公司 - 也称为国际商业公司（IBC） （基于美国特拉华州法律） · 有限责任公司（LLC）( 以特拉华 州法律为原型 ) · 合伙企业和有限合伙企业（LLP） ( 以特拉华州法律为原型 ) · 私人基金会（基于现代的奥地利 模型），以及 · 外国海运企业（FME）（仅用于 航运目的） 利比里亚非居民商业实体的优势 在选择离岸公司服务时，利比里亚较 于其他国家和地区在管辖权方面的优 势体现在以下方面： · 当天注册以及一流服务。利比里 亚注册处拥有独特而先进的技术服务 平台，通过被称为 eCorp 的电子系统 提供同日响应服务。eCorp 为客户提供 安全的、基于网络的数据访问，从而 实现企业实体快速有效的注册，并在 全球范围内实时进行文件备案和发放。

76

Trusts & Foundations Guide 2014

only. LISCR, LLC, the United States based company, headquartered near Washington D.C., operates and maintains full service regional offices throughout the world for the administration of the Liberian Ship Registry and the non-resident Corporate Registry.

The Liberian Ship and Corporate Registries maintain full-service offices in Cyprus, Dubai, Hamburg, Hong Kong, London, New York, Panama City, Piraeus, Shanghai, Seoul, Singapore, Tokyo, Virginia and Zurich. The global infrastructure of the Registry, coupled with its technologically advanced computer and electronic systems, allow for same-day formation of business entities, prompt issuance of certificates and receipt of filings, 24 hours a day, 7 days a week.

The Entities Liberian Associations Law provides for several legal entities commonly utilized for international tax planning, wealth and asset protection. These legal entities include: • Corporations – also known as IBCs - International Business Companies (based on United States and Delaware Law); • Limited Liability Company (LLCs)(modeled on Delaware Law); • Partnerships and Limited Partnership (LLPs)(modeled on Delaware Law); • Private Foundations (based on the modern Austrian model); and • Foreign Maritime Entities (FMEs) (used exclusively for shipping purposes).

Sponsored Article

· 全球分布的地区办事处。注册处 由一家总部位于美国华盛顿附近的私 营机构独家运营，其地区办事处遍及 全球，确保其提供 7 天 24 小时的全天 候快捷服务。 · 世界上最早成立的企业注册辖区。 利比里亚注册处自 1948 年起从不间断 地为国际工商业界提供企业服务。 · 商业实体不需要在利比里亚当地 进行管理或办公。注册服务直接通过 LISCR 信托公司独家提供的注册代理 进行，而无额外费用。这种安排为企 业实体在利比里亚之外的任何国家进 行运营和管理提供了灵活性和自由度。 · 致力于隐私保护。对董事、管理 者和股东名称等信息无强制性备案要 求。信息备案基于自愿，并有两种方 式可供选择；一种是公众可查，另一 种则不可查，LISCR 信托公司的注册 代理会记录选择方式并执行。 · 利比里亚收入和扣缴税的法定免 除。非居民实体免于缴纳所有形式的 利比里亚税收，因此无需向利比里亚 政府进行财务报表或提交纳税申报表。 · 优质信誉。利比里亚船舶注册处 因其所辖全球第二大的国家船队规模， 被公认为全球最大的优质注册处。利 比里亚亦因其致力于旗下船舶全球最 安全可靠而赢得了国际的广泛尊重。 利比里亚注册处位于各行业的“白名 单”之列，获得了包括国际海事组织 和世界主要的港口国管理当局在内的 最高认可。利比里亚船舶和公司注册

Advantages of using Liberian nonresident business entities There are several reasons why Liberia stands out among its competitors as the jurisdiction of choice when seeking offshore corporate services: • Same day incorporation and first class service. The Liberian Registry is unique in its state of the art technological platforms and offers same day service through its electronic register known as eCorp. eCorp provides clients with a secure, web-accessible data network which facilitates prompt and efficient formation of entities and the filing and issuance of documents on a global basis in real time.

• Global network of regional offices. The Registry is operated exclusively through a privately owned United States company,with headquarters near Washington, D.C., and with regional offices located worldwide which ensure prompt service 24 hours a day, 7 days a week.

• The world’s oldest corporate jurisdiction. The Liberian Registry has provided corporate services to the international business community since 1948 without interruption.

• Business entities require no local management or presence in Liberia. An exclusive registered agent for service of process is provided by the LISCR Trust Company at no additional cost.

This provides flexibility and freedom for entities to operate and be managed in any country except Liberia.

• Committed to protecting confidentiality. There are no mandatory filing requirements for information such as names of Directors, Officers and Shareholders. Filing of information is voluntary and may be conducted in one of two ways; either for public access or not for public access through the process of recordation with the registered agent, The LISCR Trust Company.

• Statutorily exempt from Liberian income and withholding taxes. Non-resident entities are exempt from all forms of taxation in Liberia and thus are not required to file financial statements or submit tax retur ns to the Gover nment of Liberia.

• Quality Reputation.

The Liberian Ship Registry is recognized as the world’s largest quality registry, and the world’s second largest registry

2014 Trusts & Foundations Guide China Offshore

77

行政特区 jurisdictions

处由同一家私营机构 LISCR 有限责任 公司独家管理。 利比里亚的竞争优势 利比里亚于 1945 年成为联合国创始会 员国，1975 年成为西非国家经济共同体 （ECOWAS）创始会员国。长期以来， 利比里亚深受国际社会的尊重和认可。 利比里亚同时还是经济合作与发展组织 （OECD）全球论坛的成员之一。2011

Sponsored Article

in terms of fleet size. Liberia has ear ned inter national respect for its dedication to flagging the world’s safest and most secure vessels. The Liberian Registry is recognized at the top of every industry “White list” including the Inter national Maritime Organization and the major Port State Control authorities around the world. The Liberian Ship and Corporate Registries are administered exclusively through the same privately owned organization, LISCR, LLC.

年 3 月，利比里亚得到 OECD 认可成为 其“白名单”成员，OECD 税务政策和

Liberia surpasses the competition

行政中心主任在贺电中指出：“利比里

Liberia is well respected and recognized in the international community, having been a founding member of the United Nations in 1945 and a founding member of the Economic Community of West African States (ECOWAS) in 1975.

亚在很短时间内取得了长足的进展。他 们（利比里亚人）努力奋斗的历程为非 洲各国树立了一个良好榜样”。 此外，国际货币基金（IMF）将利比里 亚列为无明显离岸违法活动的行政辖区。 与此同时，在每年由美国财政部公布的 国际毒品管制策略报告（INCSR）中， 利比里亚未被列为重点关注的洗钱和恐 怖融资行政辖区之列。 2012 年 4 月，法国更正性地将利比里 亚从其避税天堂的黑名单中移除。利比 里亚现被法国确定为税务合作国家。 另外，金融行动特别工作组（FATF）对 利比里亚做出评估，认为该国遵循他们 的建议，通过颁布相应立法，建立金融

Liberia is also a member of the Organization for Economic Cooperation and Development (OECD) Global Forum. In March 2011, Liberia was recognized as White Listed by the OECD and the country received a congratulatory remark from the Director of the OECD’s Center for Tax Policy and Administration, stating that “Liberia has made great progress in a short period. They (the Liberians) are clearly committed to this process and are setting a good example in Africa”.

Moreover, the International Monetary Fund (IMF) has listed Liberia as a jurisdiction which does not have significant offshore activities, and the International Narcotics Control Strategy Report (INCSR) published annually by the United States Department of the Treasury, does not place Liberia on its list of jurisdictions of prime concern for money laundering and terrorist financing.

In April 2012, France correctly removed Liberia from its national Blacklist of tax havens, and now considers Liberia to be among the list of countries recognized for its cooperation in tax matters.

Furthermore, the Financial Action Task Force (FATF) has evaluated Liberia as being compliant with their recommendations as the country has shown its commitment to anti-money laundering by way of enacting the appropriate legislation and by establishing a Financial Intelligence Unit (FIU).

情报机构（FIU）证明其致力于打击清洗 黑钱。

For additional information regarding the Liberian Corporate Registry’s business entities and corporate services, please contact the Liberian Registry or visit our website:

欲获知利比里亚公司注册处的商业实体和公司服务的详细信息 请联系利比里亚企业注册处或访问我们的网站 www.liberiancorporations.com

78

Trusts & Foundations Guide 2014

行政特区

2014 Trusts & Foundations Guide China Offshore

79

Mauritius

jurisdictions

行政特区 jurisdictions

概况

毛里求斯

架构类型

信托

法律类型

混合法系

建立信托所需时间

1天

最低政府费用（不包括税收）

无

是否签订免双重征税协定

是，如果居住在毛里求斯

Mauritius

Type of Law

Hybrid

Type of Structure Time to Establish a Trust

Minimum Government Fees (excluding taxation) Double Taxation Treaty Access

信托资产 标准货币

美元，英镑，欧元

允许币种

任何货币除了印度卢比

最低资产要求

1 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

公众访问记录权限

否

会议地点

任何地方

需要

可选

持有专业资格

可选

公众访问权限

否

账户 准备要求

是

审计要求

否

公众访问账户权限

否

Minimum Assets Required

US$ 1.00

Permitted Currencies

法定继承权

否

是否允许迁册

是

Trusts & Foundations Guide 2014

Any except Rs

Minimum Number if Individuals

One

If Local Trustee Required

Yes

Minimum Number if a Body Corporate Publicly Accessible Records Meeting Location

Required

Professional Qualifications Held

One No

Anywhere Optional Optional

Publicly Accessible

No

Requirements to Prepare

Yes

Publicly Accessible Accounts

No

Accounts

Audit Requirements Other

其他

Yes, if resident in Mauritius

US$/ GBP/ EURO

Trust Deed

信托契书

N/A

Standard Currency

Protector

保全

1 Day

Trust Assets

Trustees

受托人

Trust

Applicable to Resident Trusts, but can be exempt from income tax provided a declaration of non-residence is filed with the Mauritius Revenue Authority on an annual basis

适用于居民信托，但可以在每年的基础 上向毛里求斯税务局提交非住宅声明免 Taxation on Foreign Income 征所得税

国外收入课税

80

General

Forced Heirship Rules

Change in Domicile Permitted

No

No

Yes

行政特区 jurisdictions

行政特区：毛里求斯 地区：印度洋，非洲 货币：毛里求斯卢比 语言：英语、法语 时区：UTC+4

Country: Mauritius Region: Indian Ocean, Africa Currency: Mauritian rupee (MUR) (Rs) Languages: English, French Time Zone: UTC +4

区号：+230 通讯设施：极佳

Phone Code: +230 Communications: Very Good

简介

Introduction Sugar (well it has to come from somewhere) remains the dominant crop and accounts for one third of exports.

Export-oriented domestic manufacturers and service providers get favored treatment. The government has tried hard to create a manufacturing sector with a range of investment incentives, free trade zones and a Freeport. Garment manufacture has been a particular success, and a financial services sector including a stock exchange has also developed. The government is enthusiastic about e-commerce and has built a 'Cyber City'. There is a flat tax rate of 15% in almost all areas.

Mauritius has signed more than 40 tax treaties, and acts as a conduit for FDI, particularly to India, which would like to trim back its tax advantages.

蔗糖（当然这个肯定是来自于某个地方）一直保持着毛里 求斯最主要的农作物和占据其三分之二的出口。出口外向 型的当地制造业和服务业提供商们从中获利匪浅。政府以 许多投资刺激政策、自由贸易区和一个自由港的方式来打 造更佳的制造业。服装生产是一个非常成功的例子，其次 是它的金融服务业，包括一个股票交易所也被发展起来。 毛里求斯政府对电子商务兴趣浓厚，并已建成一个“网络 城市”。该国几乎所有行业都能享受 15% 的平税政策。毛 里求斯签订了超过 40 个税务协定，且作为外国投资通路， 特别是对印度的通路而存在，充分利用其税务优惠的政策。 毛 里 求 斯 从 1968 年 开 始 就 是 英 联 邦 的 独 立 成 员 国， 在 1992 年成为共和国。这个多火山的国家人口数为 130 万 （2013 年 7 月预估数），其中有 15 万人生活在这个国家 的首都，路易斯港。该国气候属于亚热带气候类型；日平 均气温从 17 到 30 摄氏度；毛里求斯会比较潮湿，相对格 林威治时间早 4 小时。

Mauritius has been an independent member of the Commonwealth since 1968, and became a republic in 1992. The mostly volcanic island has a population of just over 1.3 million (July 2013 est.), with around 150,000 living in the capital, Port Louis. The climate is sub-tropical; average daily temperature ranges from 17 to 30 Celsius; it can be wet. The time zone is 4 hours ahead of GMT. The official language is English; the dominant ethnic group is Indo-Mauritian and the most popular religion Hindu. The Government is presidential, with a single elected National Assembly and a Council of Ministers headed by a Prime Minister. The legal system reflects mixed French and British ancestry, and administration can be bureaucratic in the French style.

Tourism has become a major contributor to the economy. The airport has good connections with a wide range of countries. GDP per head of USD15,800 (2012 est.) is in a middle range while growth was estimated at 3.3% in 2012 (3.8% in 2011 est.); and unemployment at 8.1% (2011 est.) is on the high side.

2014 Trusts & Foundations Guide China Offshore

81

行政特区 jurisdictions

概况

毛里求斯

General

Mauritius

架构类型

基金会

法律类型

混合法系

Type of Structure

Foundation

有限责任

无

建立基金会所需时间

最少 3 天

基金会最低资本金（等值货币）

无最低资本金要求

基金会资本货币

任何币种

Limited Liability

基金会会章

否

基金会管理条例

否

受益人

否

创建人

否

安保要求

可选

是否允许企业安保

是

Minimum 3 days

Foundation Capital Currency

Any currency

Foundation Charter

No

Foundation Regulations

Beneficiaries

是

会议地点

任何地方

基金会代理

否

是否需要秘书

是

会章语言

英语或法语

管理条例语言

英语或法语

Protector Required

Optional

Corporate Protector Permitted

Corporate Council Members permitted

准备要求

是

审计要求

否

No

Secretary Required

Language of Charter

Yes

in English or French

Language of Regulations

in English or French

Requirements to Prepare

Yes

Audit Requirements

年度政府费用

是否允许迁册

是

Trusts & Foundations Guide 2014

Yes

Foundation Agent

300 美元支付给公司注册处，（如果 基金会持有 GBL1 执照需要支付给毛 Annual Government Fee 里求斯金融服务委员会 1750 美元年 费）

82

One (at least one member shall be ordinarily resident in Mauritius)

Anywhere

Other

其他

Yes

Meeting Location

Accounts

账户

No

No

Local Requirements of Foundation

基金会本地规定

No

Name of Founder

1 人（至少 1 个理事会成员是毛里求 Minimum Number of Council Members 斯的普通居民）

是否允许有企业理事会成员

N/A

Time to Establish a Foundation

Officers of Foundation

基金会管理人员

Hybrid

Foundation Capital Minimum (equivalent in No minimum capital requirement currency)

Publicly Accessible Records

公众访问记录权限

理事会成员最低人数

Type of Law

Change in Domicile Permitted

No

US$ 300 paid to the Registrar Of Companies (if Foundation holds a GBL1 license an annual fee of US$ 1750 is payable to the Mauritius Financial Services Commission)

Yes

行政特区 jurisdictions

毛里求斯官方语言为英语；占大多数的种族是印度——毛 里求斯人，印度教是最受欢迎的宗教。毛里求斯政府实行 总统制，有一个选举出来的国民大会和一个首相领导的内 阁会议。该国的法律体系体现了法国和英国的渊源，管理 模式则偏向于法式政治。 旅游业已成为该国经济的主要贡献来源。机场和世界各个 主要国家通航。人均 GDP 是 15800 美元（2012 年数据）， 处于欧洲中端水平，经济增长率在 2012 年约为 3.3%（2011 年约为 3.8%）；失业率为 8.1%（2011 年数据），属于

Mauritius has quite good land so that sugar became and remains the dominant crop; it still accounts for one third of exports. Apart from encouraging tourism, the Government has tried hard to create a manufacturing sector with a range of investment incentives, free trade zones and a freeport, although these are being phased out as part tax reforms aimed at simplifying the system for all users. Garment manufacture has been a particular success. More recently, a financial services sector has developed, including a stock exchange, to take advantage of Mauritius' location offshore India and Africa. The Government is enthusiastic about e-commerce and has built a 'Cyber City'.

比较高的。 直到 1998 年，离岸公司和国际公司（和 IBC 相同）允许 对一系列的离岸行为，包括银行业、航运、保险和基金管 理，以及在该国的自贸区内都施行零关税。在 2001 年一系 列新法规出台后，这两种类型的公司被称为全球商务公司 类别 1 和 2（GBC1 和 GBC2）。毛里求斯决定成为一个“值 得尊敬”的国际境外金融中心（IOFC）且现在在几乎所有 领域都有比较平抑的为 15% 的税率。一些外国税收抵免积 分从 2003 年开始。但是，毛里求斯和超过 40 个国家签订 了税务条约，它们能和离岸法制一起起到很好的效果，特 别是对印度的贸易和投资方面。毛里求斯是 2000 年 5 月 向经合组织提交“义务承担书”的六个行政特区之一，为 了避免被经合组织列入提供“不公正”税务竞争的名单。 2009 年，毛里求斯向经合组织承诺了其新的税务标准（12 TIEA）。 适合于：资产管理、银行业、保险业、基金管理、航运、游艇、 金融贸易、知识产权管理 / 许可证、控股公司、电子商务

Until 1998, the Offshore Company and the International Company (equivalent to an IBC) allowed zero taxation across a range of offshore activities including banking, shipping, insurance and fund management, as well as in the free trade zones. Since a raft of new legislation in 2001 these two types of company are known as Global Business Companies Categories 1 and 2 (GBC1 and GBC2). Mauritius has decided to be a 'respectable' IOFC and there is now a flat tax rate of 15% in almost all areas. Some dilution of the foreign tax credit applied from 2003. However, Mauritius has signed tax treaties with more than 40 countries, and they can be combined with the offshore regime to give a good result, especially for trade and investment in India. Mauritius was one of six offshore jurisdictions which wrote 'commitment letters' to the OECD in May 2000 in order to avoid being included on the OECD's list of jurisdictions offering 'unfair' tax competition. In 2009, Mauritius committed to the OECD's new tax standard (12 TIEAs).

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

2014 Trusts & Foundations Guide China Offshore

83

行政特区 jurisdictions

毛里求斯法律体制、组建规则及费用 Mauritius Legal Framework and Formation Rules and Fees 毛里求斯离岸信托基于 2001 年信托法设立（过去常归类在 1992 年离岸信托法内）；信托体制基于英系普通法。离岸 信托受限于下述条件： 尽管离岸公司可为委托人，但委托人无论何时均不得为毛 里求斯常驻居民； 至少有一位受托人是毛里求斯常驻居民；离岸公司（视为 常驻）若经授权可为受托人； 信托财产不得包括位于毛里求斯的不动产。 信托注册费一次性支付；无披露要求或年度报告要求。 2001 年信托法组成了完善且现代化的毛里求斯信托法。 2001 信托法取代如下已被撤销的法案： ·1989 年信托法 ·1989 年公司信托法及 ·1992 年离岸信托法

Mauritius Offshore Trusts are set up under the Trusts Act 2001 (they used to fall under the Offshore Trusts Act 1992); the regime for trusts is based on English common law. Offshore trusts are subject to the following conditions: The settlor must not at any time be a resident of Mauritius, although an offshore company can be a settlor; At least one trustee must be resident in Mauritius; offshore companies (which are deemed to be resident) can be trustees if authorized; Trust property must not include real property situated in Mauritius.

Trusts pay a one-time registration fee; there are no disclosure or annual reporting requirements.

The Trusts Act 2001 incorporated a thorough modernization of Mauritian trust law. The Trusts Act 2001 replaced the following Acts which were repealed: · The Trusts Act 1989; · The Trust Companies Act 1989; and

除目的信托（25 年）及慈善信托（可无限期）外，2001 法案规定信托最高时效期为 99 年，允许收入累积（若涉及 到毛里求斯不动产，则时效期为 25 年）。 委托人也可为受托人，受益人，保护人或执行人，但信托 的委托人不可是信托的唯一受益人。 离岸信托税收状况与离岸公司相同。企业所得税税率为 15% （若在 1998 年 7 月 1 日前成立，则为 0%）。事实上，在 2003 年之前，他们可以选择以介于 15%（或 0%）及 35% 之间的任意税率来支付税收，通常可根据当地大股东所基于 的监管“受控国外公司”的条例来做出选择。然而，根据 2000 年颁布的立法，从 2003 年起取消了选择税率的做法。

84

Trusts & Foundations Guide 2014

· The Offshore Trusts Act 1992.

The 2001 Act sets a maximum duration of 99 years for trusts other than purpose trusts (25 years) and charitable trusts (may be perpetual), and permits the accumulation of income (limited to 25 years if immovable property in Mauritius is involved).

A settlor may also be a trustee, a beneficiary, a protector or an enforcer, but may not be the sole beneficiary of a trust of which he is a settlor.

Offshore Trusts are taxed in the same way as Offshore Companies. These pay corporate income tax at 15% (0% if incorporated before 1st July 1998). In fact until

行政特区 jurisdictions

2003 they could opt to pay tax at any rate they chose between 15% (or zero) and 35%, and normally made this choice according to the rules governing 'controlled foreign corporations' in the country where the major shareholder is based. However, legislation enacted in 2000 removed the facility to choose tax rates from 2003.

Offshore Companies, and therefore Offshore Trusts, are also exempt from stamp duty, land transfer tax, and capital gains (morcellement) tax.

Offshore Trusts are also able to take advantage of Mauritian Double Tax Treaties.

An offshore trust is allowed a credit for foreign tax on its foreign-source income. If no written evidence is presented to the Mauritius Commissioner of Income Tax showing the amount of foreign tax charged, the amount of foreign tax shall nevertheless be conclusively presumed to be equal to 90 per cent of the Mauritius tax chargeable with respect to that income. However, this deemed foreign tax credit of 90% was reduced to 80% as from the year of assessment 2003/2004, which is based upon the year of income ending June 30, 2003.

离岸公司，因此离岸信托均免缴印花税、土地转让税以及 资本收益（分配）税。离岸信托也可受益于毛里求斯双重 征税协定。 对国外来源的收入，离岸信托可抵免外国税。若无任何有 关缴纳国外税金额的书面证据呈交给毛里求斯所得税专员，

As noted above, an offshore trust may opt by written notice to the Mauritius Commissioner of Income Tax to be treated as non-resident in Mauritius for tax purposes, in which case it will not be subject to any income tax in Mauritius. However, being non resident, the offshore trust may not benefit from Mauritius' extensive network of double taxation agreements. 来源：全球信托指南 Source: Global Trust Guide

针对该收入，外国税额将被推断为毛里求斯应缴税额的 90%。然而这部分 90% 可抵免税额从 2003/2004 课税年 度起被降低至 80%，收入计算截止于 2003 年 6 月 30 日。 正如上述所指出的，离岸信托可通过提交书面通知至毛里 求斯所得税专员进行选择，可依据非常驻毛里求斯信托的 税收目的进行处理，在这种情况下，将无需缴纳任何毛里 求斯所得税。然而，若是非常驻居民，离岸信托可能无法 受益于毛里求斯双重征税协定的广泛网络。

2014 Trusts & Foundations Guide China Offshore

85

行政特区 jurisdictions

毛里求斯 Mauritius 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？ ·保密性——在毛里求斯设立财产管理工具的客户，无论他们设 立的是信托、基金会或是公司，各种法案（主要是银行法、金融 服务法及信托法）可确保他们的机密不外泄。 ·毛里求斯被视为国际金融中心（IFC），已具备了一个成功 IFC 所需的所有主要元素。

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?

• Confidentiality – There are various laws (mainly the Banking Act, the Financial Services Act, Trusts Act) which ensures confidentiality for clients to set up their wealth management vehicles in Mauritius, whether it is a Trust, Foundation or a Company.

·毛里求斯一直位列经济合作与发展组织白名单之上。

• Mauritius is considered as an International Financial Centre (IFC), with all the main ingredients of a successful IFC.

·中国与毛里求斯渊源颇深，几十年前就有中国人定居在毛里求斯。

• Mauritius has always been on the OECD white list.

·毛里求斯与中国强大的双边关系 - 中国与毛里求斯于 1995 年 5 月 4 日签订免双重征税协定。

• China and Mauritius share very old ties, there are Chinese settled in Mauritius since decades.

2. 在成本方面，与其他辖区相比，在贵辖区设立信托 / 基金会的

• Strong bilateral ties between Mauritius and China – Mauritius and China signed a Double Taxation Agreement on 4 May 1995.

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？ 在毛里求斯设立信托 / 基金会的费用可能会低于海峡群岛，但它们 的专业水准相当。然而，客户不仅要考虑成本问题，服务水平及 回应效率等也包含在内。 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？ 不同客户因其期冀达成的目的不同，对信托 / 基金会的需求也大相 径庭。所有遗产规划律师均会告知客户信托 / 基金是遗产规划及财 富管理最理想的载体。 4. 当为亚洲或中国客户制定计划时，通常您所遇到的最大问题和 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？ 主要的问题是地理上的距离和语言问题以及中国国内所使用的各 种方言问题。然而，现在毛里求斯与中国间已有多个直达航班， 而且普通话正日渐成为毛里求斯学习和使用的第三门流行语言。 5. 我们了解到某些辖区注重资产保护，而另一些则关注资产继承 产品。贵辖区对资产保护或资产继承有更好的解决方案么？ 在这一点上，毛里求斯是很好的典范，因为它既可以关注资产保 护也能够关注资产继承。毛里求斯法律完善，这使得毛里求斯成 为可同时兼顾两方面内容的独特典范。如何利用这一优势，则取 决于客户。

86

Trusts & Foundations Guide 2014

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 may be cheaper than using the Channel Islands but with the same standard of professionalism. However, it is not only a question about costs, but the level of service and responsiveness as well.

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/Foundations needs differ from client to client depending on what is to be achieved. Any estate planning lawyer will tell you that Trusts/Foundations are excellent vehicles for estate planning and wealth management.

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 main issue is the geographical distance but also the language problem and various dialects used within China.

However, there are now direct and frequent flights to China and mandarin language is becoming quite a popular third language to learn and speak in Mauritius.

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?

Mauritius is an excellent model as it can do both. We have excellent laws for both which makes Mauritius a unique model.

It is up to clients to make the most of it.

行政特区 jurisdictions

Q &A

6. 贵辖区是何时引入信托和基金法的？

6. When were trust and foundation law introduced in your jurisdiction?

信托法于 2001 年引入，多年来时有一些小的修正。

Trusts Act – in 2001, with some minor amendments over the years Foundations Act – in 2012

基金法于 2012 年引入 7. 贵辖区信托 / 基金法有哪些主要特征是尤其吸引投资者的？ ·委托人 / 创始人可能会选用准据法选择 ·抗法定继承权规则 ·遗愿清单：在去世前立下遗愿 ·确保机密性 ·备受认可的保护规定 ·对非居民的委托人、创始人及受益人不征税 ·不需要登记信托 来源 : Premier Financial Services

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

• Choice of Proper Law may be chosen by Settlor/Founder • Anti- forced heirship rules • Letter of Wishes setting out one’s wishes before death • Confidentiality is ensured • Protector provisions recognised • No taxation where settlor, founder and beneficiaries are nonresident • Trusts are not required to be registered Source: Premier Financial Services

2014 Trusts & Foundations Guide China Offshore

87

行政特区 jurisdictions

塞舌尔

Seychelles

88

Trusts & Foundations Guide 2014

行政特区 jurisdictions

Seychelles

2014 Trusts & Foundations Guide China Offshore

89

行政特区 jurisdictions

概况

塞舌尔

架构类型

信托

法律类型

混合法系

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

是否签订免双重征税协定

否

国外收入课税

无

Seychelles

Type of Law

Hybrid

Type of Structure Time to Establish a Trust

Minimum Government Fees (excluding taxation) Double Taxation Treaty Access Taxation on Foreign Income Trust Assets

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

公众访问记录权限

否

会议地点

未指定

需要

可选

持有专业资格

可选

公众访问权限

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

可选

公众访问账户权限

否

法定继承权

不适用

是否允许迁册

取决于信托契书的内容

Trusts & Foundations Guide 2014

N/A

Any

Minimum Number if Individuals

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

If Local Trustee Required

Yes

Minimum Number if a Body Corporate Publicly Accessible Records Meeting Location Required

Professional Qualifications Held

2

No

Not specified Optional Optional

Publicly Accessible

No

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

No

N/A

Accounts

账户

US $100

Minimum Assets Required

Permitted Currencies

Trust Deed

信托契书

24 Hours

N/A

Protector

保全

Trust

Standard Currency

Trustees

受托人

90

General

Forced Heirship Rules

Change in Domicile Permitted

Optional No

Not applicable

Depends on how the Trust Deed is drafted

行政特区 jurisdictions

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

简介

Introduction

塞舌尔是热带天堂的代名词。115 个靠近赤道的岛屿和旋

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.

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 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。

The service sector contributes 70% of the Seychelles's 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.

2014 Trusts & Foundations Guide China Offshore

91

行政特区 jurisdictions

概况

塞舌尔

General

Seychelles

架构类型

基金会

法律类型

混合法系

Type of Structure

Foundation

有限责任 建立基金会所需时间 基金会最低资本金（等值货币） 基金会资本货币

Type of Law

无，无理事会成员的基金会是独立的 Limited Liability 法人实体 在注册处注册 1 个基金会需要 24 小 Time to Establish a Foundation 时 Foundation Capital Minimum 初始资产不低于 1 美元价值 (equivalent in currency) 任何货币

公众访问记录权限

Foundation Capital Currency

Publicly Accessible Records Foundation Charter

Yes

是

基金会管理条例

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 Beneficiaries 益利益。也就是说，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

是

安保要求

可选

是否允许企业安保

是

理事会成员最低人数

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

Foundation Regulations

Name of Founder

Protector Required

Optional

Minimum Number of Council Members

Minimum 1

Corporate Protector Permitted

Corporate Council Members permitted Meeting Location

Foundation Agent

Yes

会章语言

任何语言（必须提供英语或法语翻译） Language of Charter

Secretary Required

任何语言（必须提供英语或法语翻译） Language of Regulations Accounts

准备要求

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 Requirements to Prepare 间都合理准确的做出决策及可以准备 好基金会账户

审计要求

可选

200 美金

是否允许迁册

是

92

Trusts & Foundations Guide 2014

Yes

In or outside the Seychelles

无

年度政府费用

Yes

Local Requirements of Foundation

是否需要秘书

其他

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. That is, foundation assets do not become the assets of a beneficiary unless distributed in accordance with the foundation’s charter or regulations.

Yes

是

账户

Optional

Officers of Foundation

基金会代理

管理条例语言

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

The Registrar will register a foundation within 24 hours The initial assets should be of a value not less than US$ 1 Any

基金会会章

基金会管理成员

Hybrid

Audit Requirements

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.

Other

Optional

Annual Government Fee

US$ 200

Change in Domicile Permitted

Yes

行政特区 jurisdictions

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

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

2014 Trusts & Foundations Guide China Offshore

93

行政特区 jurisdictions

塞舌尔的法律体系、组建规则及费用 Seychelles Legal Framework and Formation Rules and Fees 1994 国际信托法在塞舌尔首次形成国际信托体制；但它不 适用于国内信托。该法案经过对大量领先境外辖区的深入 研究草拟而成。根据该法案，塞舌尔国际商业管理局（SIBA） 同法院一起，被指定为信托监管局。 塞舌尔基本上是民法辖区，对塞舌尔而言，信托的概念是 未知的；因此，当地的信托法必须全面，事实上，它确实 包含一些基本概念，其中包括慈善信托、目的信托、推定 信托以及源自法院诉讼产生的信托准入。 下述信息是塞舌尔信托体系的一些关键特征： ·国际信托可以书面形式设立，通过遗嘱或口头声明形式； ·为信托时效期考虑，委托人必须常驻塞舌尔之外；至少 一名受托人常驻辖区，但受托人可是国际商业公司（IBC）， 因此不能视为常驻居民；因此 IBC 也可是委托人； ·根据 1994 年金融机构法，持有许可的金融机构也可是委 托人； ·信托资产可不包括任何塞舌尔动产或不动产或拥有这些 资产的塞舌尔公司所获收益或权利； ·当地受托人可经允许拥有当地资产以作受托人居住之用， 同时也可投资当地证券。 ·委托人可选择信托准据法；在无选择之时，该法案可提 供制定准据法指南；无论在何种情况下，塞舌尔法庭具有 专属管辖权，且自身可应用准据法（这使得该法案的法定 继承权条款有效）； ·根据该法案，委托人、受益人名称以及信托账户均需保密， 除非法庭根据反洗钱法案要求披露； ·标准恒继期为 100 年；但该标准不适用于慈善或目的信托； 委托人不得撤销信托，但受益人可以；法院可撤销欺诈性 信托；

The International Trusts Act 1994 established, for the first time, a regime for international trusts in the Seychelles; it does not provide for domestic trusts.

The Act was drafted after a thorough study of current practice in a number of leading offshore jurisdictions.

Under the Act, the Seychelles International Business Authority (SIBA) is appointed as the regulatory body for trusts, alongside the Court.

The Seychelles is mostly a civil law jurisdiction to which the concept of the trust was unknown; thus the Trusts Act has to be sufficient unto itself, and indeed it contains some basic definitions which include the admittance of charitable, trust, purpose trusts, constructive trusts, and trusts resulting from action by the Court.

The following are some of the key features of the Seychelles Trust regime: · An international trust may be created in writing, by will or by oral declaration; · The settlor must reside outside the Seychelles for the duration of the trust; at least one trustee must reside in the jurisdiction, but this trustee may be an International Business Company (IBC), which shall not thus be deemed as resident; an IBC may therefore be a settlor; · A financial institution licensed under the Financial Institutions Act 1994 may also be a settlor; · The trust property may not include any Seychelles movable or immovable property or interests or rights to them in a Seychelles company owning such property; · The local trustee may with permission own local property for the trustees' accommodation, and, again with permission, may invest in local securities;

·允许累积收入 ·委托人同时也可是受托人、受益人（但不得是唯一受益 人）； ·明确将法定继承权判决排除在外

94

Trusts & Foundations Guide 2014

· The settlor may choose the proper law of the trust; in the absence of a choice, the Act provides guidelines for establishing the proper law; in any event, the Seychelles Court has exclusive jurisdiction, and will apply the

行政特区 jurisdictions

proper law itself (this allows the Act's forced heirship provisions to be effective); · The names of settlors and beneficiaries and the trust accounts are confidential under the Act, unless a Court orders disclosure under the Anti-money Laundering Act; · The standard perpetuity period is 100 years; but it does not apply to charitable or purpose trusts; a settlor cannot revoke a trust, but the beneficiaries can; the Court may revoke a fraudulent trust; · The accumulation of income is permitted; · A settlor can also be a trustee, and a beneficiary but not the sole beneficiary; · Forced heirship judgements are specifically excluded.

The Act contains extensive wording dealing with all aspects of the setting-up of trusts, the rights and responsibilities of trustees, and the powers of the Court.

International (Offshore) Trusts pay an initial registration fee of $100 (at the time of writing). Offshore Trusts are exempt from the Business Tax, from withholding taxes and from Stamp Duty.

In response to its listing by the OECD under the 'unfair tax competition' initiative, the Seychelles signed a letter of commitment in early 2001, which essentially meant that it had until 2005 to conform to high regulatory standards for all elements of its offshore sector, including trust business. 该法案涵盖范围广，包含大量条款用以处理设立信托、受 托人权利和义务以及法院权力等方方面面内容。 国际（离岸）信托需支付初始注册费 100 美元（在撰写本 文之时）。离岸信托免征营业税、预提税及印花税。 为响应 OECD“不公平税收竞争”倡议，塞舌尔在 2001 年 初签署承诺书，从本质上来说直到 2005 年，塞舌尔境外部 门所有要素均需遵守高监管标准，包括信托业务在内。 2009 年 7 月，塞舌尔与比利时达成税收协定，包含交换税 收信息条例。受 2009 年 4 月 G20 伦敦峰会推进及 OECD 近期对保密性的强制打压，预计塞舌尔会跟更多的辖区签

In July 2009, the Seychelles concluded a tax treaty with Belgium which contained provisions for the exchange of information in tax matters. More agreements facilitating the exchange of tax information between the Seychelles and other jurisdictions are expected in the light of the OECD's latest crackdown on secrecy, prompted by the G20 London summit in April 2009. The Seychelles was, however, placed on the OECD's 'white list' of jurisdictions which have "substantially implemented the agreed tax standard." The Seychelles signed its first Tax Information Exchange Agreement, with the Netherlands, in August 2010.

署税收信息交换协议。然而，塞舌尔是 OECD 白名单辖 区，因此可“充分执行约定的税务标准”。塞舌尔同荷兰 于 2010 年 8 月签署了首个税收信息交换协定。

来源：全球信托指南 Source: Global Trust Guide

2014 Trusts & Foundations Guide China Offshore

95

行政特区 jurisdictions

塞舌尔 Seychelles

Member Contribution

Q &A

1. 贵辖区对中国高净值人士或家族向下一代传承财富的隐私和资 产保护方面能提供哪些优势？ 金融服务局（FSA）认为国际公司服务提供商（ICSP）的意见在 国际信托和基金会法管辖下对解释私密性和资产保护方面的信息 来说更有效。 2. 价格方面，和其它金融辖区相比，在贵辖区设立信托 / 基金会 的价格有什么不同？如果更贵，那么它对客户价值表现在哪里？ 在赛舌尔，在注册处登记一个基金会的价格是 200 美元。注册一 个信托的价格是 100 美元。在赛舌尔注册信托和基金会的价格比 其它金融辖区来说相对更便宜。 3. 贵辖区的信托或基金会是否受到许多客户的喜爱？您为什么这 样认为？这一偏好在未来是否会有所改变？ 不是。国际商务公司是最受欢迎的架构。根据 FSA 的现状，这里 注册的信托数量超过基金会。 是的我们认为这一喜好在未来会有所改变。随着越来越多的国际 组织要求税务信息透明化的大势所趋，这一趋势未来几年内也许 会有所改变。这里要注意的是 ICSP 是回答这个问题的更佳人选。 4. 贵辖区的信托和基金会法是什么时候实施的？ 国际信托法在国际信托法 1994 年颁布后宣告成立，基金会法在 2009 年的基金会 2009 年法案的颁布后成立。 5. 贵辖区信托 / 基金会法的哪些特征让你们对投资者更具吸引力？ 基金会 · 赛舌尔基金会可以免缴发票税、资本利得税、印花税、资本预 提税或其它赛舌尔的任何形式的税赋。 · 现有的外国基金会能迁至并继续在赛舌尔作为赛舌尔基金会运 作。 · 赛舌尔基金会是一个独立的法律实体。 · 转移到赛舌尔的赛舌尔基金会资产成为该基金会的财产，有全 部的法律和利益抬头，且不再作为创始人的资产看待。

96

Trusts & Foundations Guide 2014

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 Financial Services Authority (“FSA”) recommends that the opinion of the International Corporate Service Providers (“ICSP”) would be more beneficial for information regarding privacy and asset protection under the International Trust Act and the Foundations Act. 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?

In Seychelles, the cost for registering a Foundation with the Registrar is US$200. The cost of registering a declaration of Trust with the Registrar is US$100.

Registering Trusts and Foundations in Seychelles compared to other jurisdictions is relatively cheaper.

行政特区 jurisdictions

Q &A 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?

No. International Business Companies are the preferred structure.

As per the FSA’s current statistics, there are more trusts than foundations registered with the FSA. Yes we expect a change in that preference in the future.

With international bodies coming down strong on issues of transparency, there may be a change within the coming years.

Please note that the ICSPs would be in a better position to provide information in regards to this question.

4. When were trust and foundation law introduced in your jurisdiction?

International Trusts were introduced in 1994 with the enactment of the International Trusts Act 1994 and Foundations were introduced in 2009 with the enactment of the Foundations Act 2009.

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

Foundations • Seychelles foundations are exempted from payment of income, capital gains, stamp duty, withholding tax or any other form of taxation in Seychelles.

• Existing foreign foundations can be migrated to and continued in Seychelles as Seychelles foundations. · 赛舌尔基金会需要最小的初始资产额——基金会的价值必须不 低于一美元或其它任何等值的可兑换国币。初始资产在基金会注 册完毕后可由创始人进行赠与。 · 赛舌尔基金会是一个通用和强健的税务和遗产传承的规划工具， 因为基金会的创始人和受益人在该基金会资产上无所有者权益， 且由于基金会的管理层和控制权都位于基金会理事会名下（可以 位于离岸）。基金会资产不会成为受益人的资产，除非根据基金 会章程或规定被分配给受益人。基金会资产的利益能作为创始人 的个人遗产之外，由一代人向下一代传承。 · 赛舌尔基金会提供强大的资产保护功能。基金会资产只归基金 会所有，比如说，创始人或受益人对基金会资产不具有任何所有权。 赛舌尔法律不支持包括对外国的强制继承人法和创始人的债权人 对该基金会宣称的任何利益分配，在基金会相关财产转移当日起

• A Seychelles foundation is a separate legal entity.

• Assets transferred to s Seychelles Foundation become the property of the Foundation with full legal and beneficial title and are no longer considered as assets of the Founder.

• Seychelles foundations require minimum initial assets- the assets of a foundation are valued at not less than one United States dollar (US$ 1) or the equivalent in any other convertible currency. The initial assets may be endowed by the founder after registration of a foundation.

• Seychelles Foundations are a versatile and robust tax and succession planning tools as the founder and beneficiaries of a foundation have no ownership interests in foundation assets and as management and control of a foundation is vested in the foundation council (which may be located offshore). Foundation assets do not become the assets of the beneficiary unless actually distributed in accordance with the provisions of the

2014 Trusts & Foundations Guide China Offshore

97

行政特区 jurisdictions

Q &A

计算的两年后，基金会创始人的债权人不能对该基金的相关资产 索取所有权。外国语言的名称是可以在基金会注册证书上出现的， 但需要有英语或法语的翻译。 · 对创始人和受益人的保密性负责，基金会创立时的章程和管理 规定不受公众监督。 · 作为另一项保密性措施，赛舌尔可以允许有提名创始人。 · 在基金会章程中规定受益人身份信息可以不向任何人公布。 信托 · 赛舌尔信托对营业税、预提税、资本利得税和印花税来说是完 全免税的。

foundation’s charter or regulations. the benefit of foundation assets can be passed on from one generation to the next, outside of the founder’ s personal estate.

• Seychelles foundations offer strong asset protection.

Foundations assets are the property of the foundation only i.e., neither the founder nor the beneficiaries have any ownership interests in the foundation assets. Seychelles law contains specific exclusion of foreign forced heir-ship laws and comprehensive provisions protecting dispositions to a foundation from challenge from creditors of the founder, and claims by creditors of the founder are statute barred after 2 years from the date of transfer of the relevant property of the foundation. It is permissible for a foreign language name to appear on the foundation’s certificate of registration, with an English or French translation.

• For the confidentiality of the founders and the beneficiaries, the foundation charter establishing the Foundation and administrative provisions are not available for public inspection.

· 没有要求对委托人或受益人的注册信息进行存档的要求。

• As an additional confidentiality measure, nominee founders are permitted;

· 非居民联合受托人 / 和 / 或保护人都是允许的。

• There is no statutory obligation to disclose the identity of any beneficiaries in the Foundation Charter;

· 信托可以在全球范围内持有物业（赛舌尔土地除外），虽然它 可以在赛舌尔拥有股份和 / 或维持银行账户。 · 一个信托可以存在的最高年限为 100 年，是从它的创立日期起算。

98

Trusts & Foundations Guide 2014

Trusts • Seychelles Trusts are completely exempt from business tax, withholding tax, capital gains tax and Stamp Duty in Seychelles.

行政特区 jurisdictions

Q &A • There is no requirement to file, with the Registrar details of the settlor or the beneficiaries.

• Non-resident co-trustee/s and/or protectors are permissible.

• A trust may own property world-wide (except for land in Seychelles) although it can own shares and/or maintain bank accounts in Seychelles.

• A trust may exist for a maximum of 100 years as from the date when it came into existence.

• Strong asset protection under the trust, neither a trust nor any transfer or disposition of property to a Trust can be invalidated by any foreign rule of forced heirship, nor because the trust concept is unknown to or not admitted by the laws of a foreign jurisdiction.

• A Trust shall not be void by reason of the settlor’s bankruptcy or liquidation of the settlor’s property or in any legal action against the settlor by the settlor’s creditors except where the Seychelles Supreme Court finds beyond reasonable doubt that the Trust was made with the intent to defraud creditors or that the settlor was insolvent at the time when the property was transferred to the trustee. The onus of proof of intent rests on the creditor claimant • A legal claim of a creditor of a settlor shall not be permitted against a trustee of a trust after a period of 2 years from the date of the transfer.

6. Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of? · 信托为资产提供强健的资产保护，信托或向信托转移或分配的

There is proposal for a new International trusts Act.

资产不会被外国法规或强制继承法宣布无效，即使对外国辖区来 说信托概念无效或非法的时候，亦是如此。 · 信托不能因委托人破产或授予人资产清算或任何针对授予人债 权法律行动的理由撤消，前提是赛舌尔高级法院合理怀疑信托是 在对授予人进行诈骗或授予人在资产转移给受托人时为破产状态 的情况下设立。债权方有进行举证的责任。 · 债权人对授予人的合法索赔要求不应该在信托资产转移日的两 年后对受托人提出。 6. 贵辖区有哪些投资人需要知晓的关于信托 / 基金会法的新进展？ 对新国际信托法的提案正在商议中。

来源：赛舌尔投资局

Source: Seychelles Investment Board

2014 Trusts & Foundations Guide China Offshore

99

行政特区 jurisdictions

亚洲 ASIA

香港

Hong Kong

100

Trusts & Foundations Guide 2014

行政特区 jurisdictions

Hong Kong

您值得信赖的专业顾问

Professional Services You Can Depend On Incorporated in Hong Kong and registered under the Hong Kong Trustee Ordinance and the Hong Kong Companies Ordinance, The Hong Kong Trust Company Limited provides professional trust and fiduciary services to support high-net-worth private clients, family offices and corporations.

Specifically, The Hong Kong Trust Company provides trusteeship, custodial and fiduciary services for clients wishing to set up trusts or custody relationships for the protection of international assets, wealth planning, estate management and tax structuring, and also provides a full range of services to Investment and Private Equity Funds.

香港信托有限公司根据《香港受托人条例》 及《香港公司条例》于香港注册成立，为 高资产净值私人客户、家庭办公室及企业 提供专业的信托及受托人服务。 香港信托有限公司为希望通过建立信托或 受托关系而获得国际资产保护、财富规划、 遗产管理和税务管理的客户提供托管、保 管和信托人服务。此外，也为客户提供全 面的投资基金和私募股权基金服务。

信托及受托人服务 基金成立及管理 企业咨询服务

Trust & Fiduciary Fund & Private Equity Administration Corporate Services

For Enquiries, please contact us 如有查询，请联系我们 T: +852 3746 - 9080 F: +852 3746 - 9081 E: info@hongkongtrustco.com 6th Floor, Wyndham Place, 44 Wyndham Street, Central, Hong Kong 香港中环云咸街 44 号云咸商业中心 6 楼

www.hongkongtrustco.com

2014 Trusts & Foundations Guide China Offshore

101

行政特区 jurisdictions

概况

香港

General

Hong Kong

架构类型

信托

法律类型

普通法

Type of Structure

Trust

建立信托所需时间

2到3天

最低政府费用（不包括税收）

无

是否签订免双重征税协定

是

国外收入课税

无

Time to Establish a Trust

Minimum Government Fees (excluding taxation)

Double Taxation Treaty Access

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

公众访问记录权限

否

会议地点

任何地方

需要

可选

持有专业资格

可选

公众访问权限

否

Permitted Currencies

准备要求

是

审计要求

否

公众访问账户权限

否

US$10

Minimum Number if Individuals

One

Minimum Number if a Body Corporate

If Local Trustee Required

Publicly Accessible Records

法定继承权

不适用外国司法管辖区的法定继承 权

是否允许迁册

是，如果契书有规定

Trusts & Foundations Guide 2014

One

No

No

Meeting Location

Anywhere

Required

Optional

Professional Qualifications Held

Optional

Publicly Accessible

No

Requirements to Prepare

Yes

Audit Requirements

No

Publicly Accessible Accounts

No

Forced Heirship Rules

Forced Heirship of a foreign jurisdiction is not applicable.

Other

其他

Any

Minimum Assets Required

Accounts

账户

Yes

US$

Trust Deed

信托契书

Nil

Standard Currency

Protector

保全

2- 3 days

N/A

Trustees

受托人

Common

Taxation on Foreign Income Trust Assets

信托资产

102

Type of Law

Change in Domicile Permitted

Yes if drafted in Deed

行政特区 jurisdictions

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

简介

Introduction

香港作为亚太地区诸多国家贸易中转站和集散地的角色，

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 taxes on companies which retain earnings rather than distribute them.

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。 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

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

2014 Trusts & Foundations Guide China Offshore

103

行政特区 jurisdictions

香港 Hong Kong 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？ 信托无注册要求，所以这有助于保护客户隐私。一些中国国民担 心香港 2047 年结束基本法会有状况发生，但我们不认为这是一件 值得担心的事情，因为信托始终可以再迁到其他辖区。 2. 在成本方面，与其他辖区相比，在贵辖区设立信托或基金会的 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？ 香港成本极具竞争性，通常会少于其他辖区如格恩西岛和泽西岛。 当然，信托成本通常与信托的复杂程度而不是与辖区问题有关。 3. 贵辖区的信托或基金会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？ 香港普通法的法律体系及信托行业的丰富经验决定了信托是香港 的首选结构。我们不期待这种状况发生变化。 4. 当为亚洲或中国客户做规划时，通常您所遭遇到的最大问题和 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？ 对大多数中国和亚洲的客户而言，下一代继承资产是关键的问题。 另外，多辖区资产的复杂性也是个问题；目前对资产保护而言， 离婚是较为常见的挑战，需要满足第二个家庭的要求和需求。委 托人儿女数量渐增，他们需要在国外读书（如英国和美国）且在 当地工作，则另外一个挑战就是要谨慎考虑这种状况。这需要谨 慎对税务及税务结构进行规划。香港能够提供稳定的政治体系、 自由的资本市场而且香港在信托管理上，处理特区及国际事宜和 管理资产上累积了历史悠久的经验，这是它为客户提供解决方案 的关键优势之一。另外一个优势是香港与中国大陆关系密切，许 多中国大陆人在香港均有业务，这有利于设立财产和信托结构。 5. 我们了解到某些辖区注重资产保护，而另一些则关注资产继承 产品。贵辖区对资产保护或资产继承有更好的解决方案么？ 这两方面对亚洲 / 中国客户均很重要。在其他国家，法定继承权规 定人们必须将资产分配给法定继承人，而香港引入的这些新反法 定继承权法律对委托人而言是有利条款，因为它们可以带来更多 自由，使得他们可以根据自己的意愿对财产进行分配，而无需考 虑法定继承权条例。

104

Trusts & Foundations Guide 2014

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?

There is no registration requirement for trusts so this assist with privacy. Some Chinese nationals have expressed concern over what happens in Hong Kong in 2047 when basic rule of law ends, but we do not see this as an issue because the trust can always be re-domiciled to another jurisdiction.

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?

Hong Kong is competitive and generally less than other jurisdictions such as Guernsey or Jersey. Of course the cost of a trust is generally more related to the complexities of the trust rather than jurisdictional issues.

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 because of Hong Kong’s common law legal system and depth of experience in the trust industry. We do not expect this to change.

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?

For most Chinese and Asian clients succession to the next generation is a key issue. Other issues are the complexities of multiple jurisdiction assets, asset protection challenges now that divorce is more common, the need to cater for second families and the requirement for . A further challenge that requires careful consideration is the increasing number of children of settlors being educated overseas (eg UK and US) and staying on to work there. This requires careful tax planning and structuring. One of the key advantages Hong Kong has in providing solutions is its stable political system, free capital market and long history of and depth of talent in trust arrangements and dealing with both regional and international issues and assets. A further advantage is Hong Kong’s close relationship with China and many Chinese nationals have Hong Kong based and business which facilitates wealth and trust structuring.

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?

Both of these are important to Asian/Chinese clients. The new anti-forced heirship laws introduced in Hong Kong are beneficial as they provide settlors more freedom to allocate their assets according to their wishes without needing to be concerned with

行政特区 jurisdictions

Q &A

6. 贵辖区是何时引入信托法和基金会法的？

forced heirship provisions of other countries which regulate the distribution of assets to compulsory heirs.

信托法修订版于 2013 年 12 月生效。香港没有基金会法。 7. 贵辖区信托 / 基金会法有哪些主要特征是尤其吸引投资者的？ 香港引入的法律条款保留了委托人的投资权力。这使得委托人可 对信托投资做出决定，该条款对委托人来说尤具吸引力。香港现 在也允许恒继信托，这有助于家族制定承继规划。同时，香港也 引入了专业受托人法定服务职责，可为受益人和委托人提供便利。 8. 是否存在标志性的法院审理案例，即在该案例中通过设立信托 / 基金会最终保护了受益人的资产？ 无突出的例子

6. When were trust and foundation law introduced in your jurisdiction?

Amended trust law came into effect in December 2013. Hong Kong does not have foundation law.

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

Hong Kong has introduced investments reserved powers to settlor. This allows to settlor to make investment decisions on the trust and is particularly attractive to the settlor. Perpetual trusts are now permitted and this is helpful for family dynastic planning. Hong Kong has also introduced a statutory duty of care on professional trustees which provides comfort for both settlors and beneficiaries.

的？

8. Are there any significant court cases where the trust/ foundation has held up in court cases and ultimately protected the beneficiary's assets?

香港信托法近期存在诸多发展，前文提到的香港于去年 12 月所引

No significant cases

9. 贵辖区信托 / 基金会法近期是否存在任何发展是投资者需注意

入的反法定继承权条例，委托人投资权力的保留，职业受托人法 定服务职责以及恒继信托等均是值得投资者所需注意的内容。

9. Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of?

As mentioned above last December Hong Kong introduced anti-forced heirship provisions, reserved investment powers to settlors, statutory duty of care on professional trustees and perpetual trusts amongst other improvements to its trust law.

来源：Carolyn Butler, Director & CEO Hong Kong Trust Company Limited

Source: Carolyn Butler, Director & CEO Hong Kong Trust Company Limited

2014 Trusts & Foundations Guide China Offshore

105

行政特区 jurisdictions

新加坡

Singapore

106

Trusts & Foundations Guide 2014

行政特区 jurisdictions

Singapore

2014 Trusts & Foundations Guide China Offshore

107

行政特区 jurisdictions

概况

新加坡

General

Singapore

架构类型

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）

无

是否签订双重征税协定

是

标准货币

美元

允许币种

任何币种

最低资产要求

100 美元

Double Taxation Treaty Access

Standard Currency

Permitted Currencies

2-5 days on average for straight forward cases

Nil

Yes

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

公众访问记录权限

否

会议地点

任何地方

需要

可选

持有专业资格

可选

Minimum Number if Individuals

One

Minimum Number if a Body Corporate

If Local Trustee Required

Publicly Accessible Records

公众访问权限

否

准备要求

是

审计要求

否

公众访问账户权限

否

无 取决于信托契书的规定

Trusts & Foundations Guide 2014

No

Required

Optional

Professional Qualifications Held

Optional

Publicly Accessible

No

Requirements to Prepare

Yes

Audit Requirements

Publicly Accessible Accounts Other

其他

No

Anywhere

Accounts

账户

One

Meeting Location

Trust Deed

信托契书

Any

USD100

Protector

保全

US $

Minimum Assets Required Trustees

受托人

108

Minimum Government Fees (excluding taxation)

Common

Trust Assets

信托资产

是否允许迁册

Time to Establish a Trust

Taxation on Foreign Income

国外收入课税

法定继承权

Type of Law

Forced Heirship Rules

Change in Domicile Permitted

No

No

Not applicable

Depends on how the Trust Deed is drafted

行政特区 jurisdictions

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

简介

Introduction

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

Executive Summary: Singapore offers generous tax incentives to companies that locate their global or AsiaPacific 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.

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。 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

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

2014 Trusts & Foundations Guide China Offshore

109

行政特区 jurisdictions

新加坡

Member Contribution

Singapore

1. 对希望下一代继承资产的中国高净值人士或家庭而言，贵辖区 在隐私和资产保护方面的优势是什么？ 新加坡分立于中国，是个独立的国家，其经济健全、政治稳定， 是国际金融中心。新加坡的法律体系基于普通法，具备独立的法 院和司法体系，与中国时区相同，其民众大多讲普通话。 2. 在成本方面，与其他辖区相比，在贵辖区设立信托或基金会的 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？

110

Trusts & Foundations Guide 2014

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?

Singapore is separate and independent from China, has a sound economy, is politically stable, is an international financial centre, has a common law based legal system, has an independent court and judicial system, is in the same time zone, and has a Mandarin speaking population.

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?

行政特区 jurisdictions

Q &A

新加坡信托及相关专业服务成本（诸如法律、会计、公司管理） 与其它信托辖区相当或比他们低。虽有严格的监管需求限制，但 其费用相对来说比较有竞争力，这也反映了新加坡作为金融中心 的竞争力。 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？ 新加坡没有基金会法。是的，信托是客户首选的结构，其司法判 决 / 判例法和判例源自英国和所有各个英美法系国家，如澳大利亚， 英属维尔京群岛，加拿大，香港，泽西岛历史悠久，新西兰，新 加坡和南非等且历史悠久，因此信托具有更多的确定性。 不，我觉得客户对信托的这种倾向性不会有任何变化。中国高净 值人士越来越了解信托结构，他们正快速成为全球高净值人群的 中坚力量。在未来，信托将成为备受青睐的结构，尤其是与基金 相比。 4. 当为亚洲或中国客户制定计划时，通常您所遭遇到的最大问题

Costs of Singapore trusts and related professional services (such as legal, accounting, corporate management) are comparable or cheaper than other trust jurisdictions. Despite being subject to stringent regulatory requirements, fees have been kept relative competitive which also reflects the competitiveness of Singapore as a financial hub.

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?

Singapore does not have foundation law. Yes trusts are the preferred structure for clients because they provide more certainty as there is a long history of judicial decisions/case law and precedents from the UK and all the various common law countries such as Australia, BVI, Canada, Hong Kong, Jersey, New Zealand, Singapore and South Africa.

No, I do not believe that there will be any changes in clients’ preference for trusts. The increasing familiarity with trust structures of the Chinese high net worth individuals (“HNWI”),who are rapidly becoming the majority of the world’s HNWI population, in the future, trusts will become the favored structure compared to foundations even more so.

和挑战是什么？

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

由于客户的资产和业务可能遍布不同国家，并且其家人也可能居

The uncertainty of laws and regulations globally in respect of different countries’ treatment of individual personal assets for creditor protection or tax purposes, as clients may have assets and businesses situated in different countries, and they may have family members residing in different countries.

住在不同国家，所以各国家出于债权人保护或税务目的对个体私 人财产的处理所依据的法律法规在全球范围内具有不确定性。

2014 Trusts & Foundations Guide China Offshore

111

行政特区 jurisdictions

Q &A

5. 为解决这些问题，贵辖区给出的解决方案是什么？

5. What are the solutions that your jurisdiction provides for these issues?

债权人资产保护，在某些情况下减少税赋。

Asset protection against creditors, and in some cases tax mitigation.

6. 我们了解到某些辖区注重资产保护，而另一些则关注资产继承

6. 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?

产品。贵辖区对资产保护或资产继承有更好的解决方案么？ 资产保护相关的明智规定依赖于新加坡国内的破产法。新加坡信 托法对资产处置没有具体指定的资产保护法。然而，大多数信托 结构可提供的常规受益及明智的资产继承均适用于新加坡信托。 7. 贵辖区是何时引入信托法和基金会法的？ 基金会法从未引入新加坡，因为它是普通法辖区。新加坡曾是英 属殖民地，所以英国公平原则于 1826 年作为信托法引入新加坡法 律体系。 8. 贵辖区信托 / 基金会法有哪些主要特征尤其吸引投资者？ 保留权力信托立法，允许委托人 / 客户保留投资和资产管理的权力。 这对那些既想要保留信托资金的投资功能又想要享有信托收益的 亚洲客户尤具吸引力。 9. 贵辖区信托 / 基金会法近期是否存在任何发展是投资者需注意 的？ 任何发展我都会注意。据我所知，目前人们没有建议改变新加坡 信托立法，同时也没有意向引进基金会法。

Asset protection wise, relevant provisions rely on the Singapore domestic Bankruptcy Act. Singapore trust law does not have special prescribed asset protection rules for the disposition of assets. However, asset succession wise, the common benefits that are afforded by most trust structures will be enjoyed by a Singapore trust.

7. When were trust and foundation law introduced in your jurisdiction?

Foundation laws were never introduced in Singapore, as it is a common law jurisdiction. As Singapore was formerly a British colony, the English equitable principles were introduced into the legal system in the form of trust law in1826.

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

Reserved Powers Trust legislation, which allows the settlor/client to retain the powers of investment and asset management.

This is particularly attractive to Asian clients who wish to retain the investment function of the trust assets while enjoying the benefits that a trust has to offer.

9. Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of?

I am aware of any. There are no changes proposed in Singapore’s Trust Legislation as far as I know, and no intention to introduce Foundations law.

来源：Michale Shue 先生，信托服务执行总监，OV 集团

112

Trusts & Foundations Guide 2014

Source: Mr. Michael Shue, Executive Director of Trust Services, OV Group

2014 Trusts & Foundations Guide China Offshore

113

美洲 AMERICAS

巴哈马

The Bahamas

114

Trusts & Foundations Guide 2014

Bahamas

2014 Trusts & Foundations Guide China Offshore

115

行政特区 jurisdictions

概况

巴哈马

General

Bahamas

架构类型

信托

法律类型

普通法

Type of Structure

Trust

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

是否签订免双重征税协定

否

国外收入课税

否

Time to Establish a Trust

Minimum Government Fees (excluding taxation)

Double Taxation Treaty Access

标准货币

可接受任何常规货币，不要求最低资 本金

允许币种

可接受任何常规货币，不要求最低资 本金

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

否

公众访问记录权限

否

会议地点

任何地方

需要

可选

持有专业资格

可选

Any common currencies acceptable, no minimum capital required.

Permitted Currencies

公众访问权限

否

No

Minimum Number if Individuals

One

Minimum Number if a Body Corporate

If Local Trustee Required

Publicly Accessible Records

准备要求

是

审计要求

否

公众访问账户权限

否

法定继承权

无

是否允许迁册

取决于信托契书的规定

Trusts & Foundations Guide 2014

No

No

Anywhere

Required

Optional

Professional Qualifications Held

Optional

Publicly Accessible

No

Requirements to Prepare

Yes

Audit Requirements

No

Publicly Accessible Accounts

No

Forced Heirship Rules

No

Other

其他

One

Location of Meetings

Accounts

账户

Any common currencies acceptable, no minimum capital required.

Minimum Assets Required

Trust Deed

信托契书

No

Standard Currency

Protector

保全

Trust duty of $50 on creation of trust.

No

Trustees

受托人

Common

There are no time restrictions to esatblish a trust

Taxation on Foreign Income

Trust Assets

信托资产

116

Type of Law

Change in Domicile Permitted

Depends on how the Trust Deed is drafted

行政特区 jurisdictions

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 区号：+1242 通讯设施：良好

Country: Bahamas Region: Caribbean Currency: Bahamian Dollar (BSD) (B$) Languages: English Time Zone: UTC -5 Phone Code: +1242 Communications: Good

简介

Introduction

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

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.

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。

2014 Trusts & Foundations Guide China Offshore

117

行政特区 jurisdictions

概况

巴哈马

General

Bahamas

架构类型

基金会

法律类型

普通法

Type of Structure

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

Type of Law

Time to Establish a Foundation

基金会会章

可选

基金会管理条例

否

受益人

否

创建人

否

Foundation Capital Currency

Any

Foundation Charter

Optional

Beneficiaries

No

Foundation Regulations Name of Founder

Officers of Foundation

基金会官员

Protector Required

安保要求

可选

是否允许企业安保

是

理事会成员最低人数

（1）2 个自然人 （2） Minimum Number of Council Members 1 个法人和 1 个或多个自然人，或 （3）一个或多个法人

是否允许有企业理事会成员

是

理事会成员最低人数

任何地方

基金会代理

是

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

Corporate Council Members permitted Meeting Location

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

年度政府费用

500 巴哈马元

是否允许迁册

是

Trusts & Foundations Guide 2014

No Optional 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 Yes

Language of Charter

Any, but a translation is required

Secretary Required

Language of Regulations

Requirements to Prepare Audit Requirements Other

其他

No

Foundation Agent

Accounts

账户

118

Corporate Protector Permitted

Local Requirements of Foundation

基金会本地规定

One Week

Foundation Capital Minimum (equivalent USD 10,000 or the equivalent in any in currency) other currency Publicly Accessible Records

公众访问记录权限

Common Law

Annual Government Fee

Change in Domicile Permitted

Yes if no Foundation Agent

Any, but a translation is required A foundation must keep records sufficient to show and explain its transactions Optional B$500 Yes

行政特区 jurisdictions

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

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 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

2014 Trusts & Foundations Guide China Offshore

119

行政特区 jurisdictions

巴哈马法律体系、创建规则及费用 Bahamas Legal Framework and Formation Rules and Fees

巴

哈马信托法基于英系普通法及 1893 年巴哈马受 托人法。在过去近 15 年间，巴哈马对当地信托 法进行了拓展和调整，目前大多基于 1998 年新

受托人法，以便适应更广泛的市场，因为当前设立信托的 目的已经不仅仅是避税，从通常意义上来说，也是为了更 有效的管理财产。 2007 年 5 月提出修订立法以便允许成立私人信托公司。其 他立法包括 1989 信托法（准据法选择）及 1991 欺诈处分法。 1998 受托人法废除了 1983 受托人法和 1983 信托变更法。 1989 信托法（准据法选择）为巴哈马信托及居住于民法国 家的委托人反对法定继承权的主张提供保护。该信托法使 得巴哈马法成为信托的准据法，若信托证书已经得以申报， 则信托可免受国外判决所限。就债权人对资产保护信托的 追诉，1991 欺诈处分法规定了 2 年的时效期，追诉资产的 债权人需要证明委托人具有欺诈行为。 受益人未居住当地的信托（持有巴哈马房地产除外）免征 所有税，包括资产转移至信托的印花税。根据 1998 年法 案，新信托需要征收 50 美元的巴哈马印花税（在撰写本文 之时），可用现金购买，不涉及任何披露。 1998 年受托人法是立法的重要内容。巴哈马信托根据该信

B

ahamian trust law is based on English common law, and the Bahamian Trustee Act 1893. In the last 15 or so years the Bahamas have extended and adapted their trust laws, most recently with a new Trustee Act 1998, to accommodate a wider market, which is not necessarily interested so much just in tax avoidance, but also in the efficient management of wealth in a more general sense.

Legislative amendments to allow for the formation of Private Trust Companies were put forward in May 2007.

Other legislation includes The Trust (Choice of Governing Law) Act 1989 and the Fraudulent Dispositions Act 1991.

The Trustee Act 1998 repeals the Trustee Act 1983 and the Variation of Trusts Act 1983.The Trust (Choice of Governing Law) Act 1989 gives protection to Bahamian trusts and their settlors in civil law countries against forced inheritance claims. The Act makes Bahamian law the proper law of a trust if the deed so declares, and makes the trust immune to foreign judgements. The Fraudulent Dispositions Act 1991 establishes a two-year limitation period for creditors' attacks on asset protection trusts; the attacker has to prove fraud against the settlor.

Trusts (other than those holding Bahamian real estate) with non-resident beneficiaries are exempt from all taxes, including stamp duty on transfers into trust. Under the 1998 Act, new trusts need to be stamped with a $50 Bahamas revenue stamp (at the time of writing), which can be bought for cash and does not involve any disclosures.

托法修订了许多方面。一些比较重要的条例列举如下： ·委托人可保留宽泛的权力而无需引起“假”信托的冲突 ·除非有委托书取消受托人权力，否则受托人享有宽泛的 法定投资和管理权。 ·章程中记录了受托人的保障条款 ·信托目的包罗万象，包括积累信托 ·保护者的角色得以识别 ·有广泛的披露规定 ·免征所有税及印花税（然而所有的信托证书均需要原始 印花）

120

Trusts & Foundations Guide 2014

The Trustee Act 1998 is an important piece of legislation which updates Bahamian trust law on many fronts. Some of the more important provisions are as follows: ·A settlor can retain a wide range of powers without falling foul of 'sham' trust legislation; ·Trustees are given wide statutory investment and management powers unless the trust deed negates them; ·Trustees' indemnities are recited in the statute; ·A wide range of trust purposes are encompassed, including accumulation trusts;

行政特区 jurisdictions

·The role of Protector is recognised; ·There are extensive disclosure provisions; ·Exemption from all taxes and from stamp duty (an initial stamp is required on all trust deeds, however); ·Exemption from registration except where an interest in Bahamian property is to be protected; ·Exemption from exchange control regulations for nonresident beneficiaries.

The Act was to have included legislation covering purpose trusts; this was enacted separately as the Purpose Trust Act, 2004.

"There are many estate planning exercises and other commercial transactions that can legitimately and properly take advantage of this kind of structure," observed Alfred Sears, the then Attorney General. These uses include:

·免注册，需要保护巴哈马资产利益的情况除外

The holding of shares of a private company, which is expressly authorized by the Act. In this structure, the settlor and members of his family and his advisors may be appointed directors of the private trust company and thereby assume some responsibility for the management of the trust. This is often useful when the assets of the trust are of an unusual nature.

·非居民受益人免于外汇管制 该法案包括了包含目的信托的立法，作为 2004 年的目的信 托法单独得以颁布“有许多遗产规划运用及其他商务交易 可合法正确的采取这种结构，” 阿尔弗雷德西尔斯（Alfred Sears），当时的司法部长评述道。这些用途包括如下： 该法令明确授权可对私营公司进行控股。在这种结构下， 委托人及其家庭成员以及顾问可以委任私人信托公司董事， 由此承担管理该信托的一些职责。该法令通常对性质独特

A trust which has both philanthropic and charitable purposes. ·Asset purchase or financing transactions to provide security for an entity which finances the purchase or to keep the asset and corresponding liability from appearing on the purchaser’s balance sheet. ·Separating voting from economic control.

的信托资产非常有效。

·Temporary avoidance of controlled foreign corporation rules.

信托常具有博爱及慈善两个目的。

·Debt Subordination to provide ranking of priority among creditors.

·资产购买或融资交易为进行融资购买的实体提供保障或

·Discretionary trusts to perpetuate a particular corporate governance philosophy.

使得资产及相应负债免于出现在购买者的资产负债表中 ·分开投票以免于经济受控 ·暂时避免受控外国公司规则 ·债务从属可对债权人进行优先排序 ·全权信托可延续特定公司的治理理念

来源：全球信托指南 Source: Global Trust Guide

2014 Trusts & Foundations Guide China Offshore

121

巴哈马基金会 — 真正的混合工具

The Bahamas Foundation – Truly a Hybrid Vehicle 一直以来，当人们考虑遗产 / 继承规划、债权人保护及资产管理时，第一个想 到的“工具”就是历经考验的信托。不管是选择哪个国际金融中心（“IFC”）， 多年来，信托始终是广大从业者的首选，且这一趋势应当会持续多年。然而， 信托并不是“万全之策”。事实上，若某个客户对信托概念不满意，那就很难 再找到另外一个合适的方案。这一现状直到巴哈马基金会（简称“基金会”） 的出现才得以解决。巴哈马基金会是可替代信托的切实可行的规划工具。

Timothy J. Colclough 法学学士（荣誉）, ACIS, TEP, Chartered MCSI 副总裁，信托及信托服务主管 巴特菲尔德（Butterfield） 信托（巴哈马）有限公司

基础知识回顾 随着 2004 年基金法的颁布，巴哈马 基金会得以引入。它于 2005 年 2007 年历经几次修改，最后成为“巴哈马 工具套装”中的关键工具之一。巴哈 马基金会有许多应用，可用于私人、 商务及慈善目的。 同信托和公司一样，基金会有许多关 键的职位，必须填写的职位包括如下： • 创始人（类似于信托委托人） • 秘书 • 基金会代理 • 基金会理事会（类似于董事会或受 托人） • 保全或保全委员会 • 受益人 担任这些职位的人选具有极大的灵活 性。例如，基金会理事会不需要由巴 哈马当地人组建，保护人所在的办公 室也不一定要由巴哈马人来提供。唯

122

Trusts & Foundations Guide 2014

Historically, and when one thinks of estate / succession planning, creditor protection and ease of management of assets, the first “tool” that comes to mind is the tried and tested Trust. Regardless of which International Financial Centre (“IFC”) is chosen, the Trust has been the staple diet of a majority of practitioners for years, and will remain so for many years to come. However, the Trust is not a “one size fits all” solution. Indeed, and if a client feels uncomfortable with the trust concept it has been difficult to find another solution fitting the bill. That is until The Bahamas Foundation (“the Foundation”) was introduced as a viable alternative planning tool.

Sponsored Article

一的要求是，秘书或基金会代理一职 必须由巴哈马服务供应商担任。该服 务供应商，凭借这一职位优势，也可 以提供基金会的注册办公室。 巴哈马基金会的监管文件是基金会章 程。它设置了一些限定因素，基金会 必须根据这些因素进行管理和监管。 例如，重要的一点，章程中涉及到创 始人保留权利、任命及免除基金会管 理者、基金会理事会成员、保全、受 益人、投资权、与章程修订废止相关 的决定性条例及条款。 一旦准备好成立文件，下一步直接就 是注册。从本质上来说，秘书或基金 会代理向注册总署提供了基金会章程 的大纲（未披露创始人名称），同时 也提交了一份声明即基金会将持有至 少 10000 美金的资产，同时基金会将 遵守 2004 年基金法的所有条例。然 后注册总署将颁发注册证。 混合工具 基金会绝对可以被称作遗产规划的“混 合工具”，因为它是信托和公司的独 特混合体。此处列举几例以作参考， 只需稍一回顾，使用巴哈马基金会的 一些优势便显而易见：

The Basics Revisited The Bahamas Foundation was introduced with the enactment of The Foundations Act, 2004. , It has undergone some amendments, principally in 2005 and 2007, and has become a key tool in “The Bahamas Tool-Kit.” The Foundation has many applications and is able to be used for private, commercial and charitable purposes.

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 ) • 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 provided by a Bahamian. Rather, the only caveat is 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.

The Foundation’s governing document is the Foundation Charter. It sets out the parameters within which the Foundation must be managed and governed. As an example, and importantly, the Charter deals with Founder retained powers; appointment and removal of the foundation’s officer(s), foundation council members, protector(s), beneficiaries; investment powers; dispositive provisions and provisions regarding the amendment and revocation of the charter.

Once the establishment documentation has been prepared, registration is a straight-forward process. In essence, the Secretary or Foundation Agent provides a synopsis of the Foundation Charter (the Founder’s name is not disclosed) to the Registrar General’s Department, along with a statement that the Foundation will maintain a minimum asset value of US$10,000, and the Foundation complies with all the provisions of the Foundation Act, 2004. The Registrar General will then issue a Certificate of Registration.

2014 Trusts & Foundations Guide China Offshore

123

基金会像公司，但不像信托的部分：

A Hybrid Vehicle

• 可享有无限制的期限 • 是独立的法律实体，拥有注册办事处， 且已在巴哈马注册总署进行注册。 • 享有有限责任，使得有风险的资金可在 体系内进行管理 • 作为法律实体，可以自身名义拥有资金 • 无需因监管主体的变化而改变资产的 法律所有权。

The Foundation can certainly be called the “hybrid vehicle” of the estate planning world in that it is a unique mix between a Trust and a Company. Here are a few examples for consideration, and once reviewed, some clear advantages of using the Bahamas Foundation will begin to emerge:

基金会像信托，但不像公司的部分：

Like a company, but unlike a Trust, a Foundation:

• 可具有自由量裁权或既定受益人 • 受益于巴哈马债权人保护立法欺诈性 处置法 • 可根据遗嘱建立 • 可用来避免其他辖区的法定继承权问题 • 不构成个人遗产的一部分因此无需 经过遗嘱检验程序 • 可设有保护人 受益和实际用途 将上述信息铭记于心之后，通常情况 下，客户常想要达到如下目的： • 保守秘密

124

Trusts & Foundations Guide 2014

• May enjoy unlimited duration; • Is a legal entity in its own right, has a registered office and is registered with the Registrar General of The Bahamas; • Enjoys limited liability, enabling riskier types of assets to be managed within the structure; • As a legal entity, can own assets in its own name; • Does not require a change in the legal ownership of its assets as a result of a change in its governing body.

Like a Trust, but unlike a company, a Foundation: • May have discretionary or vested beneficiaries; • Benefits from The Bahamas’ creditor protection legislation - the Fraudulent Dispositions Act; • Can be established by will; • May be used to avoid forced heirship in other jurisdictions; • Does not form a part of a person’s estate and is therefore not subject to probate; • May have a protector.

Benefits and Practical Uses With the above in mind, and in general, a client often wants to achieve the following: • Maintain confidentiality; • Have an effective estate plan; • Maintain an element of management / control of the assets without damaging the integrity of the overall structure;

Sponsored Article

• 拥有有效的遗产规划 • 在无需损坏整个结构整体性的情况 下，维护资产管理 / 控制元素 • 保护资产免受第三方影响，可能是 不利于家庭的影响 • 使用注册的“合法”实体来持有及 / 或管理资产 信托在大多数情况下是人们首选的方 案，然而，下列客户可能不会考虑： • 源自民法国家，信托的概念并非众 所周知 • 不习惯使用第三方受托人 • 希望维持对资产的控制 若是这样情况，基金会可能就会是很 好的选择。对每个要求加以解释如下： 尽管基金会是注册实体，但其不对外 公开创始人名称的特点可保障保密性。 有效的遗产规划可借助于基金会与信 托相似的本质来进行操作。 同信托一样，创始人将资产的法定权 利转移给基金会。这就允许资产通过 基金会的形式代表受益人进行管理和 维持，同时可根据创始人的愿望进行 分配。 作为家庭遗产规划的一部分，创始人 可能会希望紧密参与到资金的投资和 分配事宜中。创始人可保持一定的权 力而无需破坏结构的整体性，就这一 点而言，成立基金会比成立信托更具 有可行性。 将这些需求设定在实际生活背景之下， 基金会具有实用性如下： • 私人信托公司及家族商业控股工具 （延长家族所有权及债权人保护的时 效性） • 当信托不是首选工具时，可作为有 效的遗产计划补充 • 当客户希望对资产保有一定的权力 及控制权 • 出于慈善目的 当然，以上仅是有关基金会用途的几个 例子，由此基金会的多样性得以彰显。

• Protect their assets from 3rd parties and perhaps family-adverse influences; • Use a registered “legal” entity to hold and / or administer assets.

A Trust is, in most cases, the preferred solution. However, it may emerge that the client: • Is from a civil law country where the trust concept if not well known; • Does not feel comfortable using a 3rd party trustee; • Wishes to maintain an element of control over the assets.

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 a number of powers and some control over the assets; • For Chartable Purposes.

Of course, these are but a few examples of where the Foundation can be used, but they certainly help highlight the Foundation’s versatility.

If this is the case, the Foundation could be a good fit. Taking each of the requirements in turn: 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 plancan be put in place by virtue of the trust-like nature of the Foundation. As with a Trust, the Founder passes legal title of his / her assets, to the Foundation. This then allows the assets to be managed and maintained on behalf of the beneficiaries, with distributions being made in accordance with the Founder’s wishes.

As a 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 jeopardising the overall integrity of the structure, and certainly more than are available when establishing a Trust.

Putting these requirements into a practical and real life context, the Foundation has application: • As a holding vehicle for shareholding of a Private Trust Company and shareholding of a Family Business (promoting longevity of family

2014 Trusts & Foundations Guide China Offshore

125

现 在 规 划 ，未 雨 绸缪

Plan now, Protect later 玛丽罗兰是 Ansbacher Bank 的信托负 责人，她和团队负责为客户提供意见 并同他们的代理及顾问一起合作，为 客户制定合适的信托架构，满足客户 的具体需求和目标。玛丽有逾 25 年与 信托客户合作的经验。她拥有迈阿密 大学的 MBA 学位及牛津大学的 BTh 学位。 Mary Rodland is the Head of Fiduciary for Ansbacher Bank and she and her team are responsible for advising clients and working with their attorneys and advisors to develop custom made structures to meet the client’s specific needs and objectives. Mary has a career spanning some 25+ years working with trust clients. She has an MBA from the University of Miami and a BTh from Oxford University.

中

国有句俗话叫做“前人栽树， 后人乘凉”。换句话说，生命 就是一种循环。从婴儿至少年， 至成年再为人父母，生命历程循环不 止。这一中国谚语就是继承规划的核 心意义所在：设立遗产，惠及后人。 通过辛苦工作和精明管理，许多人积 累了大量财富。但历史上丰富的典故 表明，许多人主要关注创造财产但却 很少关注保护财产和继承规划。他们 因此付出了代价。规划身后之事不是 件容易的事情。但继承规划对确保财 产顺利、明晰及有序地转移给后代非 常关键。 信托是实现财富传承规划强有力的工 具。各家族的情况大都不同，因此各 个家族信托的设立也大相径庭。世上 没有什么“万全之策”。然而，信托 的一些关键用途可列举如下：

126

Trusts & Foundations Guide 2014

T

here is a Chinese proverb that says, “One generation plants the trees; another gets the shade”. In other words, life is a circle. A little baby becomes a teenager, who becomes an adult, who becomes a parent and the process continues. This Chinese proverb is at the heart of succession planning: creating a legacy to benefit future generations.

Many people have accumulated substantial wealth with years of hard work and astute management. But history is rich with stories of many such individuals whose focus has been primarily on wealth creation but little to no focus on wealth preservation and succession planning. They have paid the cost of taking no action.

Planning for what happens after we are no longer around is not always easy. But succession planning is essential to ensure the smooth, clear and structured transition of wealth to successive generations.

Trusts can serve as a powerful tool in this type of planning. No family situation is the same and therefore the setting up of a trust will vary from family to family. There is no “one size fits all” solution. However some of the key uses of a trust are presented below.

Avoidance of Probate ­ Many clients opt for the will solution in estate planning. But while this appears to be a simple solution, wills are subject

Sponsored Article

避免遗产检验 许多客户选择遗嘱作为资产规划的解 决方案。这种方案虽然看似简单，但 遗嘱必须在立遗嘱人去世之后接受遗 嘱检验。遗嘱检验是检验逝者设立遗 产的法律流程。这个流程是非常漫长 的过程，可能会导致资产在分配给逝 者所爱的人之前被冻结一段时间。同 时，遗嘱检验过程也是昂贵的，且有 冒犯生者之虞。当在逝者所爱的人正 伤心之时进行遗嘱检验可能是不受欢 迎的。 信托，从另一个方面来说，是完全保密 的，当委托人去世时，他或她的资产可 以不通过正式的流程及时得到分配。 控制财富分配和分配的时 间 这取决于您所爱的人所处的形势，您 可能不想要在您去世后将资产全部立 刻转给他们。信托是非常灵活的工具。 利用信托，您可以允许，例如，您的 伴侣在她 / 他有生之年享受信托资产 的收入，在您的伴侣去世之后再分配 给您的儿女。信托可以在您伴侣再婚 之后，保护您儿女的利益。 利用信托，可持有这笔资金一段时间， 以支付您儿孙的教育费用。利用信托 可以在委托人所爱的人无法管理自己 事情的情况下（如他们是老年人、残 疾人及婴幼儿），可以保护他们的利益。

to probate procedures after one’s lifetime. Probate is the legal process of settling an estate of the deceased person. It can be a lengthy process which can result in assets being frozen for some time before being distributed to your loved ones. It is also expensive, intrusive and can be unwelcomed at a time when loved ones are grieving.

Trusts, on the other hand, are completely confidential, and on the passing of a person his or her assets can be distributed without any delay or formal legal process.

Controlling the Time and Distribution of Wealth Depending on your loved one’s situation, you may not want your assets to pass outright to them immediately after your lifetime. A trust is a very flexible vehicle. In a trust you can allow, for example, for a spouse to receive income during his or her lifetime with capital then being distributed to your children after your spouse’s passing.

Trusts can also protect the interest of your children in the event of remarriage of your spouse.

In a trust, funds can be held for a period of time to pay for the education of your children or grandchildren. They can also protect the interests of those loved ones who may not be able to manage their own affairs such as the aged, the disabled and infants.

Planning to Navigate through Obstacles of Life Even though you may be well and able today, no one can predict what will happen in the future. A trust can provide for your own care and maintenance with the trustee making regular payments to you in your golden years, including payments to hospitals or care providers for your ongoing health and medical support.

Forced Heirship In some civil law jurisdictions, laws might dictate how your estate should be distributed and in what proportions.

Perhaps these forced distributions may not be in accordance with your wishes.

A trust can be used to overcome these

做好规划应对生命窘境 尽管当前您可能身体很好也颇有能力， 但没有人可以预计将来会发生什么事 情。信托可通过受托人定期在您的黄金 时期支付费用给您，维护并维持您的资 产，包括支付费用给为您持续提供健康 和医疗支持的医院和保健提供者。 法定继承权 在某些民法辖区，法律可能会指示您 如何对资产进行分配且以何种比例分 配。但这些法定的分配或许不会依据 您的想法进行。既然信托法定所有权 是受托人的，那信托可用来解决这些 问题。信托可根据您的想法进行财产 的转移，不需要受您所在国家的法律 限制。

2014 Trusts & Foundations Guide China Offshore

127

Sponsored Article

资产的整合和保护 有时客户可能在不同辖区拥有资产， 且想要保护这些资产来对抗不确定性， 以及政治、经济或社会的不稳定性。 因为信托是发生在您与受托人两者之 间的私人法律安排，关于这些资产的 性质信息将会是保密的。另外，所有 这些多元化或多辖区资产的所有权将 会被整合在一个地区，为客户提供一 站式服务。 税务规划 以信托结构存在的资产可使资产以节 税方式进行转让。它能有助于减轻持 续所得税负债的影响，因为以信托结 构存在的资产不再是以您的名义而是 以信托名义存在。 企业继承 在某些情况下，客户大部分的财产是 通过成功运营企业而建立的。客户通 常会关心他们去世之后这些企业的情 况，他们想看到这些企业依旧在运作。 私人信托公司（PTC）是满足这一客 户需求，顺利将这些运营企业转移给 下一代的解决方案。 可为每个孩子和他们的家庭设立信托， 从而使得每个孩子可灵活支配属于自 己的那份资产。也可指定关于经营企 业方面的规划。这种结构可以最小化 家庭冲突并且避免对经营企业进行清 算。同时也可安排委托人的儿孙辈参 与企业经营。考虑到参与这种结构的 复杂性，应咨询经验丰富的顾问以便 确保选择合适的信托结构。 上述仅是信托结构的几个用途及优势。 在所有的案例中，为了更好的进行规 划，在建立信托结构之前，寻求法律 意见或税务意见以确保选择合适的信 托结构是非常重要的。 安斯巴赫（Ansbacher）（巴哈马） 有限公司（ABL）是巴哈马成立时间 最长的信托公司之一，自 1957 年以 来，他们便为客户提供信托服务。大 多数的初期客户目前仍在与 ABL 合作。 ABL 以其服务为傲，我们时常倾听客 户的意见，并为他们提供新的产品和 更有效的服务。

128

Trusts & Foundations Guide 2014

issues since the legal ownership of trust is with the trustee. It can allow for the transfer of wealth to others in accordance with your wishes and not in accordance with the laws of the country where you live.

these businesses continue after they are no longer around. A Private Trust Company (“PTC”) may be the solution to meet the needs for a smooth transition of these operating businesses to the next generation.

Consolidation and Protection of Assets Oftentimes clients have assets in various jurisdictions and want to preserve these assets against uncertainty, political, economic or social instability. Because a trust is a private legal arrangement between you and the trustee, information in respect of the nature of these assets is kept confidential. In addition, the ownership of all of these diverse or multijurisdictional assets is consolidated in one location, creating a one-stop-shop for the client.

Trusts can be set up for each child and their families to allow each child the flexibility over their own pool of assets.

A plan can be developed with respect to the operating businesses. This type of structure could minimize family disputes and prevent the liquidation of the operating businesses. It can also be arranged to involve children and grandchildren in the operating business.

Given the complexities involved in this type structure, experienced advisors should be consulted to ensure proper structuring.

Tax Planning

The above are just a few of the uses and benefits of trust structures. In all cases, for best planning, it is very important that, prior to establishing a trust structure, you should seek legal or tax advice to ensure the success of such structure.

Assets transferred into a trust structure allow the transfer of wealth in a taxefficient manner. Trusts can also help to mitigate the impact of ongoing tax liabilities as the assets transferred into the structure are no longer in your name but in held in the name of your trust.

Business Succession In some cases a large proportion of a client’s wealth is built through successful operating businesses.

Clients are often concerned to see that

Ansbacher (Bahamas) Limited (“ABL”) is one of the oldest trust companies in the Bahamas, providing services to clients since 1957. Most of the original clients are still with ABL. ABL takes pride in its services and is constantly listening to clients to provide new products and more efficient services.

Asia Offshore Summit Bangkok, June 3rd & 4th, 2015

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

Program Overview

Who Should Sponsor & Attend

The Asia Offshore Association is back! We are pleased to announce our return with the highly anticipated Asia Offshore Summit in Bangkok in June 2015. Through reprsentations, workshops, and panel discussions, the topics to be addressed include the most pressing issues in Asia’s outbound offshore investments.

Senior Level Managers of the Following:

The two-day summit will gather Asia's leading financial intermediaries with the international trust companies, bankers, lawyers, and corporate service providers for an exclusive and in-depth conference examining the full spectrum of investment, trade, and wealth management coming out of Asia.

· Wealth Management Professionals

The Asia Offshore Summit has been designed to explain to Asia’s top financial intermediaries on how they can benefit from the unique asset management and Offshore Professionals product offerings available in the world’s international offshore financial centers.

· Tax Advisory & Consultants

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

For more information, please contact Matthew Sumner via Email at matthew.sumner@asiaoffshore.org

2014 Trusts & Foundations Guide China Offshore

www.asiaoffshore.org

129

巴哈马信托：坚如磐石 Bahamas Trusts:

Standing the Test of Time

James Hoar, LLB, MBA, TEP, FFI Fellow Prior to forming Clairmont, the Multi Family Office for the Deltec International Group, James was Senior Vice President for 7 years at EFG Bank & Trust (Bahamas) Ltd. Before that he served on the Board of SG Hambros Bank & Trust (Bahamas) Limited, and was responsible for running the Private Banking, Trust & Fiduciary, Business Development and Investment Departments. He also served on the Board of SG Hambros’ Canadian trust company. James has over 20 years’ experience with Coutts, SG and EFG advising international families on optimizing complex planning and investment opportunities. 在 创 建 Deltec 国 际 集 团 的 Clairmont 多 户 家 族 理 财 室 之 前，James 曾 担 任 七 年 的 EFG 银 行 和 信 托 ( 巴 哈 马 ) 有 限 公 司 的高级副总裁一职。在此之前，他在 SG Hambros 银 行 和 信 托 ( 巴 哈 马 ) 有 限 公 司董事会任职，负责私人银行、信托、 业 务拓展和投资部门的业务。他还曾在 SG Hambros 的加拿大信托公司供职。James 在 Coutts、SG 和 EFG 有 超 过 20 年 的 工 作经验，为国际家族客户提供关于优化复 杂的财产规划和投资机遇方面的顾问服务。

By James Hoar and Miles Evans

130

Trusts & Foundations Guide 2014

自

工 业 革 命 开 始， 世 界 上 最 大的创造资本和财富的单 一驱动力可能就是私营公 司。 作 为 国 际 企 业 家 及 其 家人的顾问，自 1959 年以来我们观 察到一系列趋势：家人一起经营事业， 家族事业领导者的投资、战略和目标 越来越成熟；他们的足迹越来越国际 化，家族成员穿过边境把事业发展到 新的领域和新的技术；他们越来越关 心财富保护和继承，为他们的事业和 家人作计划。总而言之，他们的生活 和计划需求已经变得越来越复杂。在 大多数案例中，巴哈马信托可以以多 种形式对他们关心的这些问题提供有 效的解决方案。 资产放入巴哈马信托的优势对世界上 许多地方的个人开放，包括那些在寻 找稳定环境来保护他们财富免于受到 政治不稳、专制的法律和财务环境或 其他威压的侵袭的人们。 典型的情形是，一个托管财产者转移 资产给一个受托人，受托人将管理资 产让指定人员受益。信托契约是私人 的、匿名的，合同和信托公司由严格 的规定监管，规定他们对受益人执行 相应财务责任。他们必须遵守信托契 约上的条规并在指引范围中执行他们 的自由裁定权。将资产放入信托中的 重要好处是托管财产者可以终止对那 些资产的法律所有权，比如所有权已 经转让给信托公司。那么，信托可以 作为财富转让者的有利的匿名工具， 来避免遗嘱认证和保护未来后代的资 产，也可以为其他人制定特定的条款， 同时在财富转让者过世后，潜在地减 轻税赋和确保资产管理的连续性。

S

ince the Industrial Revolution possibly the biggest generator of capital and the single greatest driver of wealth creation worldwide has been the private ownership of operating companies. As advisers to international entrepreneurs and their families since 1959 we have observed a number of trends: Families in business together, and the entrepreneurs who drive them are increasingly more sophisticated in terms of their investments, their strategies and their goals; their ”footprint” is becoming more global, as family members cross borders and their businesses expand into new territories and technologies; they are increasingly concerned with wealth preservation and succession planning for both their businesses and their families.

In summary their lives and planning needs have become more complex. In most cases, Bahamian trusts, in their many forms, can efficiently provide the answer to these concerns.

Sponsored Article

The advantages of placing assets into a Bahamian trust are available to individuals from many parts of the world, including those individuals who are looking for a stable environment to protect their wealth from political instability, arbitrary legal and fiscal surrounding or other forms of coercion.

In a typical scenario a settlor transfers assets to a trustee who will administer them for the benefit of specified persons. The trust deed is a private, confidential, contract and trustees are governed by strict rules regarding the way in which they carry out their fiduciary duties to beneficiaries. They must follow the terms set out in the trust deed and exercise their discretion within certain guidelines. A significant benefit of placing assets into trust is that the settlor will cease to have legal ownership of those assets, i.e. ownership has been transferred to the trustee. Thus, a trust may be used to the settlor’s advantage as a confidential

有趣的是，在一生中创造了伟大财富 的人，往往是那些对世界有明确了解 的人，他们能够用直觉跨越巨大的障 碍并展示出伟大的创造性。他们对自 己的想法极富信心，对事业的风险有 清楚的了解。指导管理他们的投资， 或者资产和价值被分配和移交的方式， 一般来说对这些人都非常重要。 在巴哈马，托管财产者可以保留许多 权力，不用取消信托的结构。托管财 产者可以选择性地建立家族式私有信 托公司（PTC），并选择专业人士管理， 也可以在日后由被指定的家族成员管 理。另外，巴哈马法令，比如法律监

2014 Trusts & Foundations Guide China Offshore

131

管选择法和欺诈处置法，确保托管财 产者可以将财产以任何方式留给他想 留给的任何人，那些资产将会被提供 全面的法律保护，防止其受到不必要 的债权人抢夺。 大部分的家族企业拥有者希望看到他 们的企业能顺利交接给下一代，但是 据估计有 70% 的家族企业难以在第二 代存活，90% 的家族企业难以传承到 第三代。令人震惊的是 85% 的此类家 族损失是因为后代自身不足和家族成 员之间的沟通不良。究其原因在于： 大部分高净值家族过于注重传承他们 的金融资产到下一代，而那些成功的 家族帝国更注重于他们要传承的家族 价值及其代表的内在价值。 为家族规划结构组合，首先要和家族 内部成员进行沟通，并和专家及信任 的咨询师进行咨询，从而创建一个合 适合法的框架。我们发现一个框架方 案包括 5 个步骤，来协助家族去挖掘 最适合他们的结构组合和战略方案： • 挖掘：包括对现有公司结构和家族 体系的细节回顾，以此建立一个对现 有的家族和家族企业的法律和运营框 架及文化和价值的理解。 • 咨询 : 尽可能的合作探讨家族成员和 其他股东可能的选择。 • 建议：一旦方案达成一致，即按照 家族意愿确定明确的执行方案，并建 立一个项目小组成员包括专业的顾问 和家族成员及股东。 • 执行 : 按时执行此具体框架计划，包 括项目组的咨询沟通和随时优化的计 划结构方案。 • 有效管理：这个过程的顶点即达到 动态管理，不间断的发现需求并将新 生命注入此架构和管理系统中。 通常，此架构最终会包括家族的一致 意见，共同管理条款及体系，同时也 形成了一个供所有各代股东开放式交 流价值和理想的渠道。最终，我们发 现这些拥有私人家族信托和信托基金 的家族，以此构建了一个合法的传承 体系，许多家族建立了家族理财室来 协助运作此类家族事宜。

132

Trusts & Foundations Guide 2014

vehicle for avoiding probate and protecting assets for future generations and for making specific provisions for others, whilst potentially mitigating taxation and ensuring continuity of asset management after the settlor’s death.

Interestingly, individuals who create great wealth in their own lifetimes are typically those who have firm views on the world, are able to make great intuitive leaps and show great creativity. They have great confidence in their opinions and have a clear understanding of the risks in their businesses. Directing the management of their investments or the manner in which assets and values are distributed or devolved is normally very important to these individuals.

In The Bahamas it is possible for a settlor to reserve many powers without invalidating a trust structure.

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 like the Choice of Governing Law Act and The Fraudulent Dispositions Act ensure that the settlor can leave assets however and to whomever he wants and that those assets will be afforded full legal protection from unwanted attacks by creditors.

While the majority of family business owners would like to see their business transferred successfully to the next generation, it is estimated that 70 per cent of such businesses will not survive into the 2nd generation and 90 per cent will not make it to the 3rd generation.

Surprisingly 85 per cent of that loss can be attributed to unprepared heirs and poor communication between family members. The reason for this is that most wealthy families focus primarily on the transition of their financial assets to the next generation, however, the

most successful family dynasties place a great emphasis on the transition of values and what the family stands for.

Planning for the family structure starts with communication within the family and consultation with professionals and trusted advisors to create an appropriate legal framework. We have found that a structured approach such as the five-stage process below often assists families in discovering what structures or strategies are most suited to them: • Discovery, involving a detailed review of the existing corporate structure and family systems to build an understanding of the existing legal and operational framework, culture and values within the family and the family business.

• Consulting, a collaborative approach to exploring possible options with members of the family and other stakeholders as appropriate.

• Advisory, once a solution has been agreed upon, a clear roadmap to implementation is defined by the family, and a project team is created to include specialist external advisors, family members and stakeholders.

• Implementation, the timely execution of the detailed structural plan, including consultation with the project team and optimization of the structure as it comes into being.

• Effective Administration, the culmination of the process is dynamic administration, constantly assessing needs and breathing life into the structure and governance systems.

Normally the structures that result involve agreed-upon family and corporate governance rules and systems, as well as channels for openly communicating values and beliefs to all stakeholders across generations.

Sponsored Article

随着家族和家族企业的全球化，把家 族理财室或公司总部，法定控股产业 建在一个税务中立的地方越来越方便。 持续有着长达 280 多年议会民主制的 巴哈马是一个政治稳定，民主，主权 独立，并有着现代化的法律体系，独 立的司法机构，尊重私有财产和法律 制度的国家。藉此，也是个对于以上 各项理想的司法管辖的地方。它有着 独一无二的美丽的自然风貌，并是个 来往于美国和拉丁美洲理想的地理位 置；距佛罗里达州只有 30 分钟，来 往纽约和巴拿马只要 2.5 小时。对于 作为企业和家族理财室的总部，它更 为吸引人的是作为自然人只要 21 天 就可以拿到永久居民权，在 7 天内就 可以获得工商执照。 这 些 都 促 成 Deltec 家 族 基 金 早 在 1959 年 选 择 在 巴 哈 马 的 拿 骚 成 立 Deltec 银行和信托公司。纵观作为一 家独立私人银行和信托集团的历史， 我们拥有的家族客户，以发现需求为 核心并用专业知识和技术为家族客户 服务。因此，我们面对和服务了许多 家庭都有相似的需求。（我们）拥有 多元化经历和背景的专家顾问，（我 们）可以提供多种语言（中文，法语， 西班牙语，葡萄牙语和德语），专业 技能（从投资银行，商业银行和家族 信托），并且观点独到。

Ultimately we have found that family owned Private Trust Companies (PTC’s), Trusts and Foundations form the legal backbone of these systems and many families have set up Family Offices to support and assist the families in the running of their affairs.

With the globalization of families and their businesses it is often convenient for the Family Office or business headquarters, as well as the legal holding structure, to be located in a tax neutral jurisdiction. With more than 280 years of uninterrupted parliamentary democracy The Bahamas is a politically stable, democratic, sovereign nation, with modern legislation, an independent judiciary, a respect for property rights and the rule of law. As such it is an ideal jurisdiction for such activities. It enjoys outstanding natural beauty and is ideally located for easy access from the USA and Latin America; it is only 30 minutes from Florida and 2.5 hours from New York and Panama.

As a location for business and family office headquarters its attractiveness is further improved by the ability for certain individuals to secure Permanent Residency within as little as 21 days, and a business license within 7 days.

Those attributes led Deltec’s founding families to choose to establish Deltec Bank & Trust in Nassau, Bahamas early in its development in 1959. Throughout our history as an Independent Private Bank & Trust Group we have been owned by families and have developed with their needs as a centre for knowledge and expertise for families to draw upon. As such we have faced many of the same issues as the families for whom we act. With professionals from diverse disciplines and backgrounds we bring language (Chinese, French, Spanish, Portuguese and German), professional skills (from Investment and Merchant Banking to Fiduciary Services) and a perspective matched by very few.

Miles Evans ACIB, BSc (Hons), MSI A Founding member of Clairmont, the Multi Family Office for the Deltec International Group, Miles has over 19 years experience in the International Financial Services industry, specifically in Trust and Wealth Management.

He is a Member of the Chartered Institute of Bankers, the Family Firm Institute, where he is a Fellow and holds an Advanced Certificate in Family Wealth Advising. He holds a Bachelors of Science Degree in Financial Studies and a Bachelors Degree with Honors in Science from the University of St. Andrews. Miles is also an accredited Civil and Commercial Mediator. A British and Bahamian national who has lived in France and the Channel Islands, he speaks English and French and resides with his family in Nassau, Bahamas.

Deltec 国 际 集 团 的 Clairmont 的 创 始 成 员之一，Miles 在国际金融服务行业有超过 19 年的工作经验，特别擅长信托和财富管 理领域。他是“特许银行家协会”和“家 族企业研究所”的成员，在上述机构他是 合伙人之一且持有“家族财富顾问”的高 级证书。Miles 还有圣安德鲁斯大学的理学 学士学位和理学荣誉学士学位。他还是民 事和商事的认证调解师。 Miles 持有英国和 巴哈马双重国籍，且曾在法国和海峡群岛 居住。他能说流利的英语和法语，并和家 人在巴哈马的拿骚居住。

2014 Trusts & Foundations Guide China Offshore

133

巴哈马群岛与中国：友邦历史 The Bahamas and China: A History of Friendship

W The Hon. L. Ryan Pinder Minister of Financial Services The Bahamas Government

Pinder 部 长 先 生 主 要 负 责 巴 哈 马 金 融服务业和贸易和工业相关的政策制 定工作，以及国际商事仲裁中心的在 巴哈马的创建工作。 Minister Pinder has responsibility for policy making relating to the financial service industry as well as the portfolios of Trade and Industry, and the establishment of the International Commercial Arbitration Centre in The Bahamas.

hile the Commonwealth of The Bahamas and the People’s Republic of China established diplomatic relations in 1997, a robust relationship between the two countries -- created through trade, investment and the movement of people -has existed for decades. Michael Craton and Gail Saunders (1998), in their seminal work on the modern history of The Bahamas, note that this relationship goes back to the late 1870s with the arrival of Chinese families in Nassau. Today Bahamians of Chinese descent occupy prominent places in industry, commerce, civics and philanthropy. The Bahamas and China continue to enjoy harmonious relations with deep cooperation in areas such as tourism, financial services, agriculture, medicine, education and manufacturing. China is The Bahamas’ third most important import partner and tenth most important export partner.

Friendship Through Education and Cultural Exchange The Bahamas and China both enjoy a strong appreciation of educational excellence. Since the establishment of diplomatic relations in 1997, the Chinese Government has awarded 58 scholarships to Bahamian students www.bahamas.gov.bs

134

Trusts & Foundations Guide 2014

to study in China, on language programmes and in a variety of academic disciplines. This collaborative effort in the development of Bahamian students affords the opportunity for immersion into Chinese culture as well as receipt of a high quality of tertiary education. Bahamians also have been afforded numerous opportunities for cultural exchange in China and participation in short term training programmes.

Friendship Through Investment: The Baha Mar Resort and Thomas A. Robinson National Stadium Project Tourism is the primary engine that drives the Bahamian economy, accounting for just over 50% of GDP and about equal that amount of employment. The world famous Cable Beach strip in Nassau is being completely overhauled with the new Baha Mar Resort Project -- situated on just over 1.5 miles (400 hectares) of unblemished sandy beaches.

The property will feature a collection of luxury hotel brands including: Rosewood, SLS Hotel, Grand Hyatt, and The Baha Mar Casino and Hotel, combining “world-class hospitality and authentic Bahamian culture”. This venture is a product of a $2.45 billion commercial loan by the Export-Import

Sponsored Article

巴

哈马国与中华人民共和国 于 1997 年建立外交关系， 自此后两国间在贸易、投 资及人口流动方面建立紧 密联系，至今已有数十年历史。迈克 尔 • 克拉通和盖尔 • 桑德斯（1998） 就巴哈马群岛现代史中指出，这一关 系可回溯至 19 世纪 70 年代晚期，但 是有中国家庭迁至拿骚。现在巴哈马 的华人后裔在工业、商业、公民和慈 善事业中占据主要地位。巴哈马与中 国在旅游、金融服务、农业、医药、 教育和制造业及其它领域密切合作， 保持和谐友好的关系。中国是巴哈马 第三大进口合作伙伴及第十大出口合 作伙伴。 教育与文化交流领域的友谊 巴哈马和中国均具备优质教育水平。 自 1997 年两国建交以来，中国政府 已为 58 名在中国学习语言或各种学 科的巴哈马学生颁发了奖学金。这种 合作努力为巴哈马学生提供了接受 中国文化及高质量高等教育的机会。 巴哈马人同时也提供了大量在中国 进行文化交流和参与短期培训项目 的机会。 投资领域的友谊：Baha Mar 度假村 及托马斯 A. 罗宾逊国家体育场项目

旅游是促进巴哈马经济的主要动力， 占巴哈马 GDP 的 50%，约等于巴哈 马的就业量。世界著名的凯布尔海滩 带 位 于 拿 骚， 目 前 有 新 Baha Mar 度 假 村 项 目 正 在 全 面 休 整； 该 项 目 位 于 沙 滩 之 上， 范 围 超 过 1.5 英 里 （400 公顷）。该资产以一系列奢华 酒 店 品 牌 为 特 征， 这 些 品 牌 包 括： Rosewood、SLS 酒店、君悦酒店以 及 Baha Mar 赌城与酒店，这一切与 “一流热情好客及地道的巴哈马文化” 融为一体 3。这一合资项目是由中国 进出口银行商业贷款 24.5 亿美元及 中国建筑美国分公司投资 1.5 亿美元 构成，见证了两国投资合作的实力。 借助度假区位于天堂岛，且通过双桥 与新普罗维登斯相连的优势，Baha Mar 项目确保巴哈马能够给人以热情 好客的一流体验，且使其维持在最佳 水平。据估计，当 Baha Mar 项目完 成之后，它将创造出约 7,000 就业机会， 这将会促进巴哈马经济的巨大飞跃。

Bank of China and an investment of $150 million by China Construction America, and is a testament to the strength of investment cooperation between the two countries.

Together with the resort area on Paradise Island, connected to New Providence by twin bridges, The Baha Mar project will ensure that the Bahamian hospitality experience remains “best in class”. It has been estimated that when completed Baha Mar will create approximately 7,000 employment opportunities resulting in a tremendous boost to The Bahamian economy.

In 2009, construction began on a world-class, 15,000 seat sports stadium, the Thomas A. Robinson National Stadium built near the site of an older stadium of the same name.

This $30 million investment serves as another success story of BahamianChinese collaboration.

Indeed, this state-of-the-art stadium is more than a sporting facility for The Bahamas. It is an investment that allows for the diversification of the tourism industry through the development of a “sports tourism” sector. In 2014, for example, The Bahamas hosted the Inaugural IAAF

World Relays at the stadium. This event brought together the best athletes in the world and attracted many of the top sprint and middle distance medalists from the 2012 Olympic Games as well as the 2013 IAAF World Championships. The Bahamas is poised to host the games again in 2015 along with other international, regional and domestic sporting events.

Friendship Through Economic and Technical Cooperation The Bahamas and China continue to engage in fruitful bi-lateral relations through a series of agreements geared towards the advancement of the two economies.

On 16th October, 2013, the countries signed an agreement on economic and technical cooperation granting 50 million Renminbi to The Bahamas to be used for the implementation of economic and technical cooperative projects. The Bahamian Government continues to examine the opportunities available for future initiatives that will be mutually beneficial. This Agreement followed its predecessor which was signed on 10 September 2011 and which granted funding to The Bahamas in the amount of 30 million Renminbi.

www.bahamas.gov.bs 2014 Trusts & Foundations Guide China Offshore

135

2009 年，可容纳 15,000 席位的世界 一流体育馆项目启动，托马斯 A. 罗 宾逊国家体育场建在同名体育场旧址 的旁边。该项目投资额达 3000 万美 金，是巴哈马——中国合作的另一成 功例子。 事实上，对巴哈马而言，这一先进的 体育馆不仅仅是体育设施。这还是一 项投资，旅游业通过“体育旅游”领 域 的 发 展 变 得 多 样 化。 例 如，2014 年，巴哈马在该体育场举行了首届国 际田联接力赛。这一盛会使得世界各 地的最佳运动员齐聚一堂，吸引了许 多 2012 年奥运会，2013 年世界田径 锦标赛的顶级中短跑选手。巴哈马有 望于 2015 年再次举办这一盛事及其 他国际的、区域性的、当地的体育盛会。 经济技术协作领域的友谊 巴哈马与中国通过一系列面向两国经 济发展的协议持续达成富有成效的双 边关系。 2013 年 10 月 16 日， 两 国 签 署 了 经 济技术合作协议，并拨给巴哈马 5000 万人民币用于完成经济技术合作项目。 巴哈马政府持续研究互惠互利且可用 于未来计划的机会。这一协议延续了 其前身的理念（签订于 2011 年 9 月 10 日），彼时拨款 3000 万人民币。

Friendship Though Trade and Travel In 2014, The Bahamas and China signed a bilateral air-services agreement that in effect provides operating rights to the national air carriers from both countries. The anticipated increase in transport services reduces the barriers to trade and creates further opportunities for Bahamian-Chinese business relations.

On 19th December, 2013, the Commonwealth of The Bahamas and the People’s Republic of China signed a Mutual Visa Exemption Agreement.

The Agreement provides for persons holding a valid Diplomatic, Official, Service, Public Affairs, or Ordinary passport from either country to travel to the other, visa-free, for up to 30 days.

The agreement took effect in both countries on 12th February, 2014. The Government of the Commonwealth of The Bahamas enjoys the opportunities made available through the waiver of visa requirements as it deepens accessibility “vis-à-vis” the countries.

贸易及旅游领域的友谊 2014 年，巴哈马与中国签署了双边航 空服务协议，两国将为国家航空公司 提供有效的经营权。运输服务中预计 的增长减少了贸易壁垒，为巴哈马—— 中国商务关系进一步创造了机会。

www.bahamas.gov.bs

136

Trusts & Foundations Guide 2014

Friendship Through Financial Services As the second pillar of the economy, the financial services industry accounts for approximately 15% of the Bahamian GDP. Established over 80 years, the Bahamian financial services centre is mature, offering a myriad of products and hosting many of the world’s top financial institutions while also offering an attractive location for smaller independent operations. The sector is both deep and wide in its product offerings with specialties in wealth management, banking and trust services, investment funds, captive insurance and company services management. The Bahamas also prides itself on its regulatory excellence which underpins the safety and soundness of the centre. The Bahamas is a Class-A IOSCO signatory in the funds sector and also has been recognized as having strong regulatory and transparency standards through its assessments by the International Monetary Fund and the Global Forum.

Sponsored Article

2013 年 12 月 19 日，巴哈马国与中 华人民共和国签署了互免签证协议。 该协议允许持有外交、公务、服务、 公共事务或普通护照的两国居民至对 方国家旅游，可免签，时间长达 30 天。 该 协 议 于 2014 年 2 月 12 日 在 两 国 同时生效。巴哈马加深了两国之间的 联系，因此可享有免签机会。 金融服务领域的友谊 金 融 业 作 为 经 济 的 第 二 支 柱， 它 占 据 巴 哈 马 约 15% 的 GDP。 巴 哈 马 金融服务中心已成立超过 80 年，是 一 个 成 熟 的 服 务 中 心， 能 够 提 供 多 种金融产品并容纳世界顶级的金融 机 构， 同 时 也 吸 引 了 一 些 小 型 独 立 的 运 营 机 构 入 驻。 该 领 域 所 能 提 供 的 产 品 范 围 既 深 且 广， 同 时 具 备 专 门 的 财 产 管 理、 银 行 和 信 托 服 务、 投 资 基 金、 专 属 保 险 和 公 司 服 务 管 理。 同 时， 巴 哈 马 也 以 自 身 优 质 的 监 管 体 系 而 自 豪， 这 是 该 金 融 中 心 安 全 稳 健 的 基 础 所 在。 巴 哈 马 是 基 金领域的 A 级国际证监会组织签署 国， 同 时 通 过 国 际 货 币 基 金 组 织 及 全 球 论 坛 评 估， 它 被 认 为 拥 有 强 健 的监管及透明度标准。 2012 年， 金 融 服 务 部 重 新 建 立， 目 的 是 为 了 引 进 内 阁 层 级 的 监 管， 从 而 促 进 金 融 服 务 领 域 的 发 展。 巴 哈马金融服务局是由金融服务部及 金 融 服 务 行 业 合 资 的 金 融 实 体， 借 助 这 一 工 具， 为 发 展 金 融 服 务 领 域 而 开 拓 的 新 市 场 得 以 继 续 开 发。 尤 其 是 亚 洲 和 中 国， 为 巴 哈 马 提 供 新 的 机 会， 进 一 步 增 强 两 国 的 合 作。 金融服务部将中国视为重要的金融 服务交易的新市场。 结语 巴 哈 马 及 中 国， 从 表 面 判 断， 是 非 常 不 同 的 两 个 国 家 - 规 模 不 同， 文 化 不 同， 历 史 不 同 - 但 两 国 人 民 拥 有 许 多 共 同 之 处。 我 们 都 坚 信 主 权 领 土 完 整， 有 目 标 有 抱 负， 并 且 拥 有 全 方 位 可 持 续 发 展 的 愿 望。 巴 哈 马期望两国间这种颇富成效的关系 能长期存续。

In 2012, the Ministry of Financial Services was re-established to bring Cabinet level oversight to the development and promotion of the financial services sector. Together with The Bahamas Financial Services Board, an entity jointly funded by the Ministry and the financial services industry, new markets for the development of the financial services sector continue to be explored.

Asia and China, in particular, offer new opportunities for The Bahamas to further intensify the synergies between the two countries. The Ministry of Financial Services views China as a critical new market for exchange of financial services.

Conclusion The Bahamas and China, on the face of it, are very different countries – different in size, different in culture and different in history - but our Peoples share many commonalities. We share a strong belief in sovereignty and territorial integrity, a purposeful spirit with a tendency towards ambition and a desire for comprehensive and sustainable development. The Bahamas looks forward to the continuation of productive relations between our two countries.

Craton, Michael and Gail Saunders, (1998), Islanders in the Stream: A History of The Bahamian People, Volume Two; University of Georgia Press, Athens, Georgia, p.259.

Source: Global Edge Database, Michigan State University, available at http://globaledge.msu.edu/countries/bahamas/tradestats.

2014 Trusts & Foundations Guide China Offshore

137

138

Trusts & Foundations Guide 2014

2014 Trusts & Foundations Guide China Offshore

139

信托…巴哈马 TRUST… THE BAHAMAS

中国是世界上高净值和超高净值人口增长最为快速的国家之一。这些新 的财富带来了固有的挑战：如何投资？如何保护？为了后代的利益，如 何确保值？ China has one of the fastest growing high net worth and ultra-high net worth populations in the world. That new wealth brings its own challenges: How to invest it? How to protect it? How to ensure that it will last for future generations?

Courtney Pearce

解决方案：

The solution:

巴哈马是最古老的离岸辖区之一，它 历史丰富，政府稳定，拥有令人敬畏 的法律体系，它还是世界上最为繁忙 且结构性最好的金融中心之一。巴哈 马是一个低税 / 无税金融辖区，在提 供资产保护和财富管理服务的方面经 验非常丰富。作为独立 40 年的国家， 巴哈马的实际经验远超预期。

The Bahamas, one of the oldest offshore jurisdictions with a rich history, a stable Government, a respected legal system and one of the busiest and most well-structured financial centers in the world. It is a low/ no tax jurisdiction that has far more experience at

w w w. c a l l e n d e r s - l a w. c o m 140

Trusts & Foundations Guide 2014

providing asset protection and wealth management services than its 40 years as an independent country belies.

In The Bahamas, we provide numerous structuring options to protect the assets of high net worth individuals (“HNWIs”). These include corporate and trust structures (international

Sponsored Article

在巴哈马，我们为高净值人士（HNWIs） 提供大量信托架构选择，以便保护他 们的资产。这些信托结构选项包含企 业和信托结构（国际商务公司、基础 信托、特殊目的信托等）、基金以及 新指定的巴哈马行政实体 (“BEE”)。 每个结构都是根据客户的特殊需求量 身订做，BEE 仅是实现这一点的近期 示例。 BEE 于 2012 年 颁 布， 它 是 巴 哈 马 完 全独有的创新性的概念，而现在也正 逐渐被其他离岸辖区采用。造成这种 趋之若鹜现象的原因是 BEE 为孤儿信 托结构仅适用于私人财产结构，可用 以执行行政和管理功能。它是有限责 任实体，其章程规定了设立者的任一 保护措施、限制或许可的限度，允许 其根据设立者的冀求量身定做所需功 能。BEE 能使高净值人士的家庭成员、 顾问及朋友均参与到财产结构管理过 程中，而无需像在其他传统结构中一 样承担沉重的责任及风险。 另外，在巴哈马建立资产保护体系独 有的优势是由“欺诈处分法案 1991” （简称“法案”）所提供的对债权人 的保护。该法案将时效期减少至两年， 以便于债权人追索宣称已经转移给第 三方的资产。这对从事高风险业务和 公司的高净值人士而言颇具优势，因 为根据上述情况，证明蓄意诈骗是债 权人的责任。而且，巴哈马互惠执行 协议数量有限，中国未被包含在内， 因此在两年时效期后，资产可能会被 强行处置。

business companies, basic trusts, special purpose trusts and more), foundations, and the newly designated Bahamas Executive Entity (“BEE”).

Every structure is tailored to the client’s particular needs and the BEE is merely the latest example of this.

Enacted in 2012, the BEE is a wholly innovative concept unique to The Bahamas that is now being adapted by other offshore jurisdictions. The reason behind this flattery is that the BEE is an orphan structure that exists solely for the purpose of carrying out executive and administrative functions in private wealth structures. It is a limited liability entity whose charter prescribes the extent of any safeguards, limitations or permissions that a founder desires, allowing it to be tailored to function in accordance with the founder’s wishes. The BEE provides HNWIs with the ability to include family members, advisors and friends in the management of the wealth structure without the same heavy burden of liability and risk which exists in more traditional structures.

Separately, a particular benefit of creating an asset protection structure in The Bahamas is the protection against creditors afforded by the Fraudulent Dispositions Act, 1991 (“the Act”). The

Act reduces the limitation period for a creditor to pursue assets alleged to have been transferred to a third party to two years. This is of particular benefit to HNWIs with high risk businesses and ventures as, subject to the foregoing, the onus is on the creditor to prove an active intent to defraud. Moreover, The Bahamas’ limited number of reciprocal enforcement agreements do not include China meaning that no judgment secured by a creditor in China may be enforced against assets in this jurisdiction outside the two year limitation period.

The foregoing are merely two examples of all The Bahamas offers in terms of wealth management and asset protection. There are also numerous investment structures – SMART funds, securities, captive insurance and a plethora of other investment opportunities, including high end real estate developments (such as Baha Mar and Albany) and the promotion of government approved investments which allow for the continued growth of wealth.

As The Bahamas’ oldest law firm, Callenders & Co. has more than 100 years’ experience in providing solutions. We would be pleased to help you find yours.

在财产管理和资产保护方面，巴哈马 信托的优势不胜枚举，信托的各种类 型以及欺诈处分法案的各种优势只是 这其中的两个范例。巴哈马还存在许 多其它投资结构诸如基金、证券、专 属保险以及大量的其它投资机会，包 括高端房地产开发项目（例如 Baha Mar 及奥尔巴尼项目）以及促进能持 续提高财产的政府批准投资。 作为巴哈马历史最为悠久的法律公司， Callenders & Co. 在提供信托解决方 案方面拥有逾 100 年的经验。我们非 常高兴来帮助您找到合适的方案。

w w w. c a l l e n d e r s - l a w. c o m 2014 Trusts & Foundations Guide China Offshore

141

移民美国前的资产保护措施

U.S. Pre - Immigration Asset Protection 外国人在移民美国前需考虑制定一份资产保护计划以应对资产扣押和对富人课税 税率增高的风险。以下为一个可避免资产遭到没收和课税的计划简要。 Foreign nationals planning on a move to the U.S. need consider pre-immigration planning to protect their assets from risk of attachment and the rising level of taxation on the wealthy. The following is a brief on planning that could exempt assets from such seizure and taxation.

By David Richardson Mid-Ocean Consulting Ltd.

由

于缺乏重大的民事侵权法改 革，富有的美国人（以及世 界范围内越来越多的高净值 人士）发现目前的诉讼率已 创历史新高；从人均水平来看，也远远 超过世界上的其它任何国家，而且这种 增长趋势没有任何减弱的迹象。 不仅如此，政府通过增加税收来支撑 国会的刺激计划和美国医疗改革政策， 现在一些州的税率可达 50% 以上。例 如，加利福尼亚州的投资者投资净收 益的最高适用税率可达 50.92%（联邦 税率为 43.4%，加利福尼亚起征税率 为 13.3%）。 这些最高税率适用于美国新移民、持 有“绿卡”的美国应税居民或“实质 居留测试”对象等国际投资者。因此， 即使没有诉讼，客户仍会因为投资和 收入税增加的影响，而面临资产严重 缩水的问题。

A

bsent major tort reform, wealthy Americans (and increasingly, HMW individuals internationally), are seeing a rise in litigation to historically elevated levels; on a per capita basis, far greater than any other country in the world. And the increase shows no sign of abating.

Added to which, increased taxation to pay for and support Congressional stimulus packages and US healthcare reform is now in excess of 50% in certain States. By example, for investors in California the top rate on net investment income is 50.92% (Federal tax rate: 43.4%, California tax rate: 13.3%).

These top tax rates apply to international investors who either mid-oceanconsulting.com

142

Trusts & Foundations Guide 2014

become U.S. citizens or are classified as U.S. tax residents in possession of a "Green Card” or subject the "Substantial Presence Test". The result, even absent litigation, clients are facing very significant erosion from increased investment and income taxes.

One of the most effective ways to preserve assets is by international structuring that is at once transparent and compliant (from a reporting and tax perspective) yet at the same time, distancing asset ownership from the client and thus would-be creditors; executed in a non-adversarial way with solid economic rationale.

A key element in this structure is international variable life insurance that is offered in a variety of credible financial

Sponsored Article

保护资产最有效的方法之一，就是通 过国际化投资规划，在兼顾透明和合 规（从申报和纳税角度看）的同时， 让客户与资产的所有权相剥离，并因 此以一种非对抗性的方式使其成为经 济基础坚实的潜在债权人。 这种投资安排中的一个关键因素就是 国际可转换人寿保险，像巴哈马、百 慕大、开曼群岛、马恩岛及其它金融 管辖较为规范的辖区均可提供此类投 资方式。 这些保险与美国国内同行一样适用相 同的美国税法（7702 等），但却有着 更加明显的优势。首先，相似之处有： ·可按一种或多种保险费率投保 ·可按客户选择的投资方式投资保险 资产——主要是设立一个共同基金菜 单 ·此类资产的增值部分终身免征所得 税 ·投保人死亡时所获得的保险死亡赔 偿金免征所得税 ·保险的现金解约价值（CSV）可通 过保险贷款，终身部分或全部免征所 得税 那么，不同之处和优势则有，并非全部， 国际投保人： ·可用“实物”溢价，即资产与现金 进行投保 ·客户可自行选择投资经理来管理保 险投资 ·经理可选择几乎任何投资类别，包 括股票、债券、共同基金、对冲基金、 私募股权等。 ·一般而言，与国内相比，服务费用 十分低廉 除了这些竞争优势以外，国际保险公 司驻地还提供明显的额外保护。开曼 群岛重新修订了它们的保险法，对保 险费给予完全保护，在司法管辖的法 律适用一节中，对保费增值及债权人 申请死亡赔偿进行了最为明晰的规定。 至关重要的是《开曼独立账户条

jurisdictions like The Bahamas, Bermuda, The Cayman Islands, The Isle of Man and others.

Such policies are akin to their U.S. domestic counterparts by adhering to the same US tax code (7702 et al) but offer distinct advantages. First the similarities:

value (CSV) may be accessed via policy loans during lifetime either partially or wholly income tax exempted Now the dissimilarities and thus advantages that apply to some, if not all, international carriers:

• Policies may be funded with single or multiple premiums

• Policies may be bought with “in-kind” premium i.e. assets vs. cash

• Policy assets are invested in client chosen investments- mainly a set menu of mutual funds

• Clients may chose their own investment manager to manage policy held investments

• Growth of such assets are income tax exempted during lifetime

• The manager may choose virtually any investment class including stocks, bonds, mutual funds, hedge funds, private equity etc.

• Policy death benefits are income tax exempt at death • The policy’s cash surrender

• Generally, fees are fractional compared to domestic offerings

mid-oceanconsulting.com 2014 Trusts & Foundations Guide China Offshore

143

例 》（Cayman Segregated Account Statute）7（8）C 款从法律上将一个 人的保险资产与其它资产进行了区分， 同时，也从法律角度上使它们有别于 保险公司的常规资产和负债。 有 趣 的 是， 波 多 黎 各 作 为 一 个 准 美 国 / 离岸司法管辖区最近颁布法律 （2011），如果那些资产或资金不是 经由以往或目前索赔而取得的，则即 刻免除国际人寿保险公司的保单资产 税。这提供了非常有力的法律保护， 其它的每一家州法院都必须予以尊重。 另外，订立人寿保险合同，根据美国 联 邦 管 辖 权， 美 国 纳 税 人 无 须 进 行 FBAR/FACTA 申报。 通常，信托或基金会持有这些保单以 实施遗产计划和特定事项。在正式成 为美国应税居民前，对信托永远免征 遗产税，目前，超过 534 万美元个人 免征额部分的税率为 40%。这意味着 一位 50 岁成年男性所持有的 1000 万 美元单一保费免税人寿保险单在其 75 岁时将值 5000 万美元（假设所有保 险费净值的年增长率为 7%）。如果 被保险人当年死亡，死亡赔偿无须缴 纳美国遗产税即可自由分配给美国和 / 或非美国的受益者。 疏于规划的免税保险，按相同速度（假 设混合税率为 35%）增长，1800 万 美元在缴纳遗产税前将价值 3000 万 美元。利用合理的“现实世界”假设， 5000 万美元和 1800 万美元的数学对 比着实令人印象深刻。 在大多数辖区，信托 / 基金的创设地 也是一种附加保护层。这些地方通常 规定了“防止欺诈意向”观察期以帮 助人们客观地辨识用于设立信托的资 产是否存在故意欺诈托管债权人的可 能性。例如，巴哈马设有 2 年权益让 渡条例。这意味着，资产已提交信托 管理 2 年以上者，可推定其无故意欺 骗债权人的意图。 如果此信托在两年内出现问题，举证

典型投资结构与合规的建议计划对比图 Typical Structure vs. Proposed Complaint Planning 资产所有人全部需申报和纳税 Fully Reportable and Taxable to Owner

离岸公司

Trusts & Foundations Guide 2014

信托

Offshore Company

Trust

资产 / 投资

Life Insurance Policy

寿险保单 Assets/Investments

资产 / 投资 Assets/Investments * 如果是美国临时居留权，则可用延期可转换年金来替代寿险或作为寿险的补充 * If the US residency is temporary, a deferred variable annuity could be utilized in place of , or in addition to, a life policy.

In addition to these competitive advantages, there can be significant additional protection in the domicile of international insurance carrier. The Cayman Islands updated their insurance legislation such that it fully protects the premium(s), the growth on the premium and the death benefit from the claim of creditors putting the greatest clarity in this section of the applicable law of any jurisdiction.

Critically, the Cayman Segregated Account Statute 7 (8) c legally segregates the assets of one policy from another, while also keeping them legally distinct from the insurance company’s general assets and liabilities.

Interestingly, Puerto Rico, as a quasi-US/offshore jurisdiction has recently enacted law (2011) that would immediately exempt assets mid-oceanconsulting.com

144

无需或最低限度申报且不需纳税 No or Minimal Reporting and No Longer Taxable

placed into a policy issued by an international P.R. carrier, provided that those assets or monies were not subject to any prior or current claim. This offers very substantial, statutorily provided protection that must be respected by every other U.S. State Court. Also of note, in owning a PR issued contract, as a U.S Commonwealth jurisdiction, a U.S. taxpayer would be free from any FBAR/FACTA reporting obligations.

Such policies are typically held by a trust or foundation for estate planning and dispositive reasons.

When settled prior to becoming tax resident in the U.S., the trust is forever US Estate Tax exempted, currently at a 40% rate in excess of the current individual exemption of $5.34 million.

This means a trust owning a tax exempt life insurance funded with

Sponsored Article

If the trust is challenged before the 2-year period, the burden of proof, though somewhat lower, is still on the creditor to establish that those assets (in particular) were placed in trust as a fraudulent conveyance and are rightly his or hers.

责任，尽管发生的可能性较低，仍由 建立这些资产的债权人承担，特别是 那些用来成立信托的资产属欺诈性转 让和明确由债权人所有时。 无论如何，在某些追溯索赔诉讼中信 托可能会受到波及。这种情况是会发 生的。这时，法院会将信托资产判给 债权人。特别说明，法院可判给债权 人的是非免税资产。然而，在巴哈马， 正如我们之前提到的，保险是一个免 税资产。 其他相关事项是在法庭上，债务人对 于已首先做出这种投资安排有一个有 力的商业论点；以最有效的纳税方式 进行并持有国际投资，一旦有需要， 可基本保证其透明度和合规性。这样， 相对于其他投资安排而言，其意图明 显是为了避免或逃避可能的责任或其 它问题。 总之，资产保护，和生活中的大多数 事情一样，可以有程度不一的各种方 式方法。一些投资安排可能比另外一 些提供更加有效的保护。我们建议通 过信托，建立一个良好的普通法管辖 权，提供一个稳妥的转让期限（长短 适宜）并持有优质保险公司（位于司 法管辖基础更好的国家和地区）签发 的国际人寿保险保单以便尽可能地为 资产提供最好的保护。这种结合还可 以提供值得关注的收入和遗产税减征。

a $10mm single premium on a 50 year old male could be worth $50mm (assuming 7% growth and net of all insurance fees) at age 75. In the event of death of the insured in that year, the death benefit could be freely distributed to US and/or non-US beneficiaries free of any US Estate Tax. Absent planning using tax-exempt insurance, but using the same assumptions, the assets would be worth $30mm (assuming blended taxrate of 35%) before Estate Tax and $18mm after.

Using reasonable, “real world” assumptions the math is compelling; $50mm vs. $18mm (net of all fees).

The domicile of such a trust/ foundation can also be an additional layer of protection in that most jurisdictions have a “fraudulent disposition” period to help establish objectively if the assets settled in trust were done so purposely to defraud creditors of the settlor. The Bahamas by example has a 2-year conveyancing Statute. Meaning that if the assets have been in the trust for +2 years, it’s presumed that they were not placed there purposely to defraud a creditor.

In any event, under certain tracing claim actions the trust may be permeated. It can happen. In this situation, the courts could award the trust assets to the creditor. That is, specifically it could order non-exempted assets to the creditor. However, in the Bahamas, as we have noted earlier, insurance is such an exempted asset.

The other relevant point is that in court, the debtor now has a cogent, commercial argument for having established the structure in the first place; that is to make and hold international investments in the most tax efficient manor, in a fashion which is at once both transparent and compliant. This, as opposed to other structures where the intent is clearly to avoid or even evade liabilitiescontingent or otherwise.

In sum, asset protection, as most things in life, can be done by degrees with some structures offering better protection than others. That said it is our opinion that a trust established in a good Common Law jurisdiction, offering a balanced conveyancing period and owning an international variable life insurance policy acquired from a quality carrier, offers perhaps the best asset protection. The combination also provides significant income and estate tax mitigation.

mid-oceanconsulting.com 2014 Trusts & Foundations Guide China Offshore

145

行政特区 jurisdictions

巴哈马 The Bahamas

1. 对希望下一代继承资产或为下一代保护资产的中国高净值人士 或家庭（等）而言，巴哈马群岛作为辖区在隐私和资产保护方面 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 金会法，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会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。

146

Trusts & Foundations Guide 2014

Member Contribution

Q &A

1. What are the advantages of 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, the 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 world’s most mature and reliable international financial centres.

Certainly we are the regional leader in offering the most comprehensive financial service and products. But equally and perhaps most important advantage is our sovereignty.

We have been independent for more than 40 years with respect for personal privacy a basic tenant 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 interest of The Bahamas, and in the areas of financial services, to act in the best interests of our institutions and

行政特区 jurisdictions

Q &A 2. 在成本方面，与其他辖区相比，巴哈马信托或基金会的成本如 何？若成本更高，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 / 中国客户中发现倾向性， 即他们更倾向于采用某一种结构而非另外一种？这种倾向性是否 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。该基金法体现了巴哈马 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。

the clients they represent.

2. In terms of cost, how is 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 structure for trusts and foundations have always 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 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 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, Labuan) Is this the same for your jurisdiction? If no, do you plan on introducing new asset protection and succession products in the future?

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 asses 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 and Smart Funds. The

2014 Trusts & Foundations Guide China Offshore

147

行政特区 jurisdictions

Q &A

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（萨摩亚群岛、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承继产品？ 我们是引入基金会的首个普通法辖区，为保持竞争性，我们必须 持续不断的进行创新，从而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. 在贵辖区内，您是否会建议希望将财产转移给下一代的中国家 庭设立基金会或信托，为什么？ 设立信托或是基金会这确实取决于客户的设立目标以及他们感觉 自己适合哪种体系。当然，两种体系都具备强劲的资产保护条款， 同时允许财产对下一代的承继性。若客户对法律实体（委托人可 保有部分控制权）持有资产的概念比较熟悉且感觉合适，基金会 可能会是更好的选择。巴哈马的优势在于信托和基金会是我们广 泛金融服务产品的组成部分，中国家庭可将其用作财富管理工具。 6. 当为亚洲或中国家庭设立信托和基金会时，巴哈马所面临的最 大挑战是什么？ 根据家庭需求确认正确体系是唯一的挑战。巴哈马的专业人士对 两种产品均为精通，能够引导家庭选择最佳体系。 7. 当为中国或亚洲客户做计划时，您所遇到的一些最大问题和挑 战是什么？贵辖区为此提供的解决方案是什么？

148

Trusts & Foundations Guide 2014

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. In your jurisdiction would you suggest a foundation or a trust for a Chinese family looking to pass on their wealth to the next generation and why?

It really depends on the client’s objectives and also their 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 and comfortable with the concept of a legal entity (within which some control can be maintained) holding assets, the foundation might be a better fit. The Bahamas advantage lies in the fact that both trusts and foundations are intricate components of our financial service offerings that can be utilized as wealth management tools by Chinese families.

6. What is the biggest challenges the Bahamas faces when setting up a trust and or foundation for an Asian or Chinese family?

The only challenge is determining the right structure for a family’s needs. The professional community in The Bahamas is well versed in both products and can guide a family on the choice that is best for them.

7. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients?

What are the solutions that your jurisdiction provides for these issues?

Early challenges in our engagement with Chinese and Asian clients was a preference for basic corporate approaches which did not necessarily serve their long-term succession planning needs. I think this has changed quite significantly with the awareness of trusts and foundations growing among Chinese and Asian clients. Apart from that the needs of these clients are similar to the needs of any other family trying to manage the transition of wealth and governance of family businesses from one generation to another. These

行政特区 jurisdictions

Q &A 我们与中国和亚洲客户合作的早期挑战是，他们偏向于选择基本 的企业方案，而这实际上并不符合他们的长期承继计划需求。随 着信托和基金会在中国和亚洲客户群体中的关注度日益攀升，我 觉得这种情况已经有了显著改变。此外，这些客户的需求同其他 那些想要管理两代人之间的财产转让，监管家族企业的承继需求 是类似的。来自不同国家的客户日益增多，这在税收和监管方面 提出了附加挑战。 除了财产规划需求，这些家庭还日益希望能够寻求专属投资工具， 从而满足他们多样化资产的增长需求。对此，巴哈马的智能基金 引发了更多关注，因为与其他辖区相比，它为资金提供了灵活且 有效控制成本的替代品。同时，我们也看到更多的中国客户冀求 从金融中心 - 他们的财产设立地，获得生活方式和居住选择。巴 哈马拥有足够的吸引力，可诱使人们在当地买房或实现完全移民。 在巴哈马办理年度居留或永久居留非常快速，巴哈马的生活方式 也非常理想，同时当地还拥有一流的基础设施，而且从巴哈马到 佛罗里达海岸仅需 30 分钟，非常便捷。 8. 中国客户在贵辖区持有信托和 / 或基金会对全球的自动税收信 息交换会有什么影响？ 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。它主要接受并采用了自动 信息交换标准，但却坚定不移地致力于这些条约的双边谈判。目前， 根据双边协议中的大量条件和保护措施，巴哈马同意根据请求方 的要求，提供有关国内税法管理和执行方面的信息。 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 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。 9. 我们了解到某些辖区注重资产保护，而另一些则关注资产继承 产品。贵辖区对资产保护或资产继承有更好的解决方案么？ 在巴哈马，我们通过良好的信托和基金会法及法律对在某一时期后， 对此类结构处理上所受到得挑战进行限制来确保资产继承和资产保护。 关键的一个特征是确保资产保护和继承是受托人法的当前条款，这能 够确保信托条款的有效性，从而根除存在对受托资产“不怀好意”的 受益人的情况，即根除受益人对信托的质疑，无论其是否有正当理由。 我们是能够对信托争议进行法律仲裁的唯一辖区。这确保那些选择 了巴哈马信托的客户在存在私人家庭纠纷的情况下，其争议不会曝 光于众。可以保密的形式处理纠纷，并给出具有约束力的仲裁。该 仲裁与法院的判决具有同等效力。

clients are also increasingly multinational, which throws up additional challenges from a tax and regulatory perspective.

In addition to wealth planning needs, these families are also increasingly looking to exclusive investment vehicles that satisfy their asset diversification and growth needs. We are seeing more interest in the Bahamas SMART Fund which provides a flexible and cost efficient alternative to funds in other jurisdictions. We are also seeing more Chinese clients desiring lifestyle and residence options from the financial centre where their wealth is located. The Bahamas is an attractive place to purchase a second home or relocate entirely. There is an effective means of establishing annual or permanent residency and the lifestyle in The Bahamas is really idyllic with its convenient location just 30 minutes of the coast of Florida and its first class infrastructure.

8. What affect will the worldwide automatic tax information exchange have on Chinese clients holding trusts and or foundations in your jurisdiction?

While The Bahamas is set to implement FATCA, it has taken a measured stance on multilateral arrangements. It primarily accepts and adopts the standards of automatic information exchange but is firmly committed to the bilateral negotiations of such treaties. 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.

9. 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?

Both asset succession and asset protection are assured in The Bahamas by our well regarded trust and foundations laws, as well as our laws limiting challenges on dispositions to such structures after a certain time period. One 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.

We are 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 decision of the court.

2014 Trusts & Foundations Guide China Offshore

149

行政特区 jurisdictions

Q &A 10. Why would a Chinese client choose the Bahamas over any other jurisdiction to structure their asset succession plan?

10. 为什么中国客户会选择巴哈马而不是其他辖区来实施他们的资 产继承计划？ 巴哈马群岛拥有成熟的金融服务行业，逾 40 年独立，完善的基础 设施，不断进步的政府，税收中立环境以及奢华的生活方式，所 有这些都是经过深思熟虑的创建和培养而形成，目的是为了满足 这些贵宾客户们的特殊需求。事实上，对那些寻求在临近美国的 辖区内设立或运营国际业务的客户及财产管理服务而言，这些特 征可视为独特的优势。事实上，在许多家庭办公室、资本管理人 和巴哈马之家国际商务方面确实存在相关的首要实践示例，一些 还与中国存在显著关联，如和记黄埔和 Baha Mar 度假村项目（由 中国进出口银行融资，由中国建筑集团总公司建造）。从当前的 法律和监管发展可以看出，巴哈马采用平衡的方式在财富管理和 高度专业化的投资工具方面创造出了新的商机，从而满足了全球 市场日新月异的需求以及国际监管标准和透明需求的深刻变化。 作为经验最为丰富的财产管理中心，巴哈马区域性固若金汤的地 位也受到改革的深刻影响。巴哈马有逾 270 家注册银行和信托公 司包括许多世界顶级私人和全球银行。北美银行已经在巴哈马开 展业务逾一个世纪，而欧洲和瑞士银行在巴哈马也根基深厚，有 超过 70 年的历史。 巴哈马积极满足金融服务市场日益复杂的要求，进一步加强其在 财产管理方面的领先地位。事实上，《受托人法》、《目的信托法》 和《反永久所有权规则法》的最新修正案意味着巴哈马拥有区域 性最有利的立法。 巴哈马是唯一能够对信托争议进行裁决并引入定向信托条例的辖 区。其他修正案则是对其他金融中心的判例法发展所做出的直接 回应，从而确保当所做仲裁决定使得其他法律不明确或模糊时，

The country’s mature financial services industry, its 40 plus years of independence, established infrastructure, progressive government, tax neutral environment and luxury lifestyle all have been cultivated very carefully to satisfy the specific needs of this most exclusive clientele. In fact, they can be seen as the basis of distinct advantages for wealth and asset management services as well as for those seeking a location at the crossroads of the Americas to establish or operate an international business. Indeed a prime example of this in practice is found in the many family offices, asset managers and indeed international businesses that call The Bahamas home, some with significant ties to China, like Hutchinson Whompoa and Baha Mar (financed by the Chinese Ex-Im Bank and built by China State Engineering).

Recent legislative and regulatory developments have seen The Bahamas carve out new niches in wealth management and highly specialised investment vehicles but with a balanced approach to meet the evolving requirements of a global market, amid far-reaching changes in international regulatory standards and transparency requirements.

Innovation also extends into The Bahamas’ well established position as the most experienced wealth management centre in the region. The Bahamas is home to over 270 licensed banks and trust companies including many of the world’s top private and global banks. North American banks have been doing business in The Bahamas for more than a century and European and Swiss banks have deep roots established over more than 70 years.

The Bahamas’ leadership in wealth management is further enhanced by its progressive responses in meeting the requirements of an increasingly sophisticated financial services marketplace. Indeed, the recent amendments to the Trustee Act, Purpose Trusts Act and the Rule Against Perpetuities Act, now mean that The Bahamas has the most advantageous legislation in the region in this regard.

The Bahamas is the only jurisdiction to have specifically provided for the arbitration of trust disputes as well introducing directed trust provisions. Other amendments were made in direct response to case law developments in other centres to ensure that where a judicial decision has made the law uncertain or murky, the position at least as far as Bahamas law is concerned, is clear.

All of these factors and others are advantages and benefits for Chinese clients in choosing The Bahamas for their wealth management needs.

至少对巴哈马法律而言，它是清楚明晰的。 所有这些和其他因素均是中国客户选择巴哈马来满足自身财产管 理需求的优势。

150

Trusts & Foundations Guide 2014

Source: Aliya Allen CEO Bahamas Financial Services Board

行政特区 jurisdictions

BVI

2014 Trusts & Foundations Guide China Offshore

151

行政特区 jurisdictions

概况

英属维尔京群岛

General

British Virgin Islands

架构类型

信托

法律类型

普通法

Type of Structure

Trust

建立信托所需时间

2到3天

Time to Establish a Trust

2 - 3 days

最低政府费用（不包括税收）

印花税 200 美元

是否签订免双重征税协定

否

永久所有权期限

360 年，有个别例外

Type of Law

Minimum Government Fees (excluding taxation) Double Taxation Treaty Access Perpetuity Period

Trust Assets

信托资产 标准货币

美元

允许币种

任何币种

最低资产要求

大约 100 美元名义金额

Nominal amount generally USD100

公众访问记录权限

否

会议地点

任何地方

持有专业资格

可选

Location of Meetings Required

Professional Qualifications Held

Trust Deed

信托契书 公众访问权限

否

准备要求

是

审计要求

否

公众访问账户权限

否

是否允许私人信托公司

是

法定继承权

无

Trusts & Foundations Guide 2014

Minimum of one trustee (corporate or individual). Subject to special requirements for VISTA and non-charitable purpose trusts, trustees can be licensed BVI professional trustees, BVI exempt private trust companies, foreign corporate trustees or individuals (wherever resident).

No

Anywhere Yes, confirmed in statute Optional No

Requirements to Prepare

Yes

Publicly Accessible Accounts

No

Audit Requirements Other

其他

Any

Publicly Accessible

Accounts

账户

152

Publicly Accessible Records Protector

是

360 years, with some exceptions

Minimum Assets Required

Permitted Currencies

独立法人最低人数

是否允许

No

US $

最少 1 个受托人（独立或公司）。其 他特殊要求取决于 Vista 信托和非慈 善用途 信托，受托人可被授权为英属 Minimum Number if Individuals 维尔京群岛的专业受托人，英属维尔 京群岛豁免私人信托公司， 外资法人 受托人或独立法人（不限居民所在地）。

保全

Stamp Duty USD200

Standard Currency

Trustees

受托人

Common

Private Trust Companies Permitted" Forced Heirship Rules

No

Yes

Not applicable

行政特区 jurisdictions

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

简介

Introduction

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

Executive Summary: 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. Notax 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.

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。言和基于英国普通法的法制系 统有关，这两点都让它成为一个非常便利和高效的营商基地。该岛 上数量众多的离岸公司、信托、保险公司和互惠基金都一个高度发 达和多元化的专业服务行业来支撑。 适合于： 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

2014 Trusts & Foundations Guide China Offshore

153

行政特区 jurisdictions

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。 ·信托能迁入或迁出 BVI；但是向外迁出只在“接收方” 金融辖区承认该信托的前提下才可以； ·目的信托可以得到永久许可，必须有至少一个 BVI 的受 托人（当地居民的专业人员或同等人员）； ·永久时期可以定位 100 年，但“生存期”依旧可能； ·“等着看”的规定也作为标准而被包含在内； ·“保护人”明确被允许，但是他们的权力也明确地被定义；

B

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; · trusts can migrate into and out of the BVI; but outwards migration is only possible if the 'receiving' jurisdiction recognizes the validity of the trust; · purpose trusts are permitted in perpetuity and must have at least one BVI trustee (resident professional or equivalent); · the perpetuity period can be set at 100 years, but 'lives in being' is still possible; · 'wait and see' provisions are included as standard; · 'protectors' are explicitly permitted, and their powers are clearly defined; · forced heirship provisions are excluded;

·特留份继承权被排除在外； ·受托人可以获得广泛的自由投资权力；

· trustees may be given wide discretionary investment powers. 来源：全球信托指南 Source: Global Trust Guide

154

Trusts & Foundations Guide 2014

行政特区 jurisdictions

2014 Trusts & Foundations Guide China Offshore

155

行政特区 jurisdictions

Member Contribution

英属维尔京群岛私人信托公司及 其在亚洲日益攀升的普及度 BVI Private Trust Companies and Their Increasing Popularity in Asia

By Henno Boshoff 简介 2007 年，英属维尔京群岛金融服务规则（简称为“规则”）将英属维尔京群岛定义 为现代且复杂的辖区，在那里可以成立私人信托公司（简称“PTC”）。 亚洲的大多数国家均实行民法，因此将财产转移给第三方的想法会被认为不合时宜。 然而在过去数年，实施这种想法的人数有了显著提升。根据英属维尔京群岛金融服务 委员会统计公报（2014 年第 1 季度，第 34 卷，2014 年 3 月），英属维尔京群岛有 1032 个活跃的 PTC。与一年前 565 PTC(2013 年第 1 季度，第 30 卷，2013 年 3 月 ) 相比， 这一增长超过 83%。这明显表明，不仅英属维尔京群岛 PTC 的普及度有所增加，而 且人们更意识到了 PTC 在适当结构化使用时所带来的益处。 Introduction

Henno Boshoff Senior Associate Private Client - Singapore Henno 拥有丰富的信托和遗产规划经验，包括复合 国际信托的创立、管理和终止；同时，他还为高净 值个人和家庭提供有效继承规划机制方面的咨询服 务。

Henno has a broad range of trust and estate planning experience, including the creation, administration and termination of complex international trusts and advising on the mechanics for effective succession planning for high net worth individuals and families. henno.boshoff@harneys.com +65 3152 1937

156

Trusts & Foundations Guide 2014

In 2007 the BVI Financial Services (Exemptions) Amendment Regulations (the “Regulations”) established the British Virgin Islands as a modern and sophisticated jurisdiction in which to incorporate private trust companies (“PTC”).

As most countries in Asia practice civil law, the idea of transferring your wealth to a third party is considered unfavourable. However there has been a significant increase in the past couple of years. According to the BVI Financial Services Commission Statistical Bulletin (Q1 2014, Vol. 34, March 2014), the BVI had 1,032 active PTCs. This was an increase of more than 83 per cent from the figures one year earlier, which showed 565 (Q1 2013, Vol. 30, March 2013). This clearly indicates that there has been an increase in not only the popularity of BVI PTCs, but that there is more awareness of the benefits PTCs can give when used with proper structuring.

行政特区 jurisdictions

PTC 一般特征、要求和限制

在

英属维尔京群岛，PTC 的特征 与标准英属维尔京群岛商业公 司特征类似，与其他辖区的信

托公司类型相比，在某些情况下，PTC 是更为普遍的选择。英属维尔京群岛 PTC 的一些特征如下： - 对法定或已发行的股票资本无最低要求； - 在成立 PTC 前，不需要经过英属维尔 京群岛监管员的许可； - 不需要指派审计员； - 必须至少有一位董事，但董事均无需 居住在英属维尔京群岛； - PTC 的备忘录 & 公司章程（“MAA”） 是公司唯一可供公众查阅的记录。 PTC 的一般要求是： - 它必须是英属维尔京群岛股份有限公 司或担保有限公司 - 在其 MAA 中必须明确说明这是一家 PTC - 在企业后缀（即 Ltd, Corp, Inc 等）之前， 必须标有指定名称 "(PTC)"。此外，该名 称不得包含“信托”、“受托人”、“信 托公司”或“受信人”；以及 - 注册代理必须是有营业许可的持 I 类 信托执照的英属维尔京群岛信托公司 除此之外，PTC 不允许存在下列情况： - 在市民当中征求信托业务 - 开展非“信托业务”的任何业务 - 无执照情况下开展信托业务若它不是 a.“无酬劳信托业务”，仅在下列情况 出现时符合该条件要求

General Characteristics, Requirements and Restrictions of a PTC

T

he characteristics of a PTC in the BVI are similar to those of a standard BVI Business Company which, in some cases makes it a more popular choice as opposed to those found in other jurisdictions. Some of the characteristics of a PTC in the BVI are as follows: - no minimum authorised or issued share capital requirement; - there are no approval requirements by the BVI Regulator prior to the incorporation of a PTC; and - no requirement for an auditor to be appointed; - it must have at least one director but there is no requirement that any of the directors reside in the BVI; - the PTC’s Memorandum & Articles of Association (“MAA”) are the only records of the company available for inspection by the public.

General requirements of a PTC are: - it must be a BVI company limited by shares or guarantee; - it must contain an express statement in its MAA that it is a PTC; - it must end with the designation "(PTC)" placed before the corporate suffix (i.e. Ltd, Corp, Inc, etc).

Additionally, the name cannot include "trust", "trustee", "trust company" or “fiduciary"; and - the registered agent must be a licensed BVI Trust company holding a Class I Trust License.

In addition, a PTC is not permitted to do any of the following: - solicit Trust business from members of the public; - conduct any business which is not “Trust business”; - carry on Trust business without a

licence if it is not a. “Unremunerated Trust Business”, this is satisfied when i. payments made to the PTC are only in respect of costs and expenses incurred in acting as Trustee, protector or administrator of the relevant trust or settlement, the PTC is not permitted to make a profit; ii. only professional directors are remunerated for providing director services and must not be connected to the PTC, may it be by share-ownership or otherwise; iii. no person assisted with the PTC is remunerated. b. “related trust business”, this is satisfied when i. the relevant trust or settlement is exclusively charitable; ii. all the beneficiaries of the trust or settlement are connected to the settlor, or are otherwise charities; and iii. the settlor of the trust or settlement is not a beneficiary.

Registered Agent Requirements A PTC must have a licensed Registered Agent who holds a Class I Trust License.

The Registered Agent is required to satisfy itself that the PTC is meeting the requirements of the Regulations both on its formation and on an ongoing basis. If the Registered Agent forms the opinion that the PTC is not in compliance with the statutory requirements governing PTCs, it is then required to report such noncompliance to the BVI Financial Services Commission.

The Registered Agent is required to ensure that up to-date copies of the following records are kept at its offices in the BVI in relation to each PTC for which it acts as Registered Agent: - the trust deed or any document

2014 Trusts & Foundations Guide China Offshore

157

行政特区 jurisdictions

i．支付给 PTC 的款项仅是在其就相关 信托或转让履行受托人、监察人或管理 人过程中所发生的成本和费用，不允许 PTC 盈利的情况； ii．仅为专业董事的董事服务提供酬劳， 与 PTC 无关，可以是通过共享所有权或 其他方式； iii．协助 PTC 的任何人均无酬劳。 b.“相关信托业务”，当出现下列情况 时满足该条件 i. 相关信托或转让完全是公益情况 ii．信托或转让的所有受益人均与委托人 有关联，或是其他公益机构；并且 iii．信托或转让的委托人不是受益人 注册代理要求 PTC 必须有得到营业许可且持 I 类信托 执照的注册代理。 注册代理需满足条件如下即 PTC 无论在其 构成还是发展基础上均符合规定的要求。 若注册代理产生如下观点即 PTC 不符合监 管 PTC 的法定要求，那么它需要将这种不 合规之处上报给英属维尔京群岛金融服务 委员会。 作为注册代理，它需确保其在英属维尔京 群岛办公室与每个 PTC 相关的下述记录副 本的持续更新： - 信托书或任何其它创建或证明信托的文 件及任何条款改变的信托书或文件；以及 - 相关的参考资料，根据这些资料， PTC 需满足以下条件即不得向公众征求 信托，仅能实施“无酬劳信托业务”或“相 关信托业务”。

158

Trusts & Foundations Guide 2014

creating or evidencing the trust as well as any deed or document varying its terms; and - the documentation on which it has relied to satisfy itself that the PTC has not solicited trust business from the public, is only carrying on “Unremunerated Trust Business” or “related trust business”.

Succession Planning for the PTC Setting up a PTC structure would provide high net-worth families with a bespoke succession structure for generations to come. The PTC may act as a Trustee for multiple trusts holding different classes of assets, and each trust could cater for a different class of beneficiaries.

Important planning should be given to the shares of the PTC if is not limited by guarantee. If the shares are owned by an individual outright, then on the death of the individual shareholder, a grant of probate must be obtained in the BVI in order to realise the shares.

A popular structure mechanism is for the PTC shares themselves to be held in a BVI Purpose Trust, in some cases with the VISTA provisions. This avoids the need to obtain a grant of probate in the BVI which is a costly and time consuming exercise, especially if the deceased did not leave a BVI

will. Secondly, if the purpose trust is established within the VISTA regime the settlor can control the appointment, removal and remuneration of the PTC’s directors through what are known as “Office of Director Rules”.

Advantages and Disadvantages of a PTC A few advantages and reasons why PTCs have been popular in Asia and in the rest of the world are the following: - it follows the same framework and shares the same key features as a standard BVI Business Company, making it relatively easy to understand and maintain.

- a PTC provides confidentiality.

There are entirely legitimate reasons for confidentiality when establishing BVI Trust structures. BVI offers well regulated and sophisticated company and trust legislation, making it a preferred choice for a PTC jurisdiction; - it often happens that both independent and banking Trustees do not wish to act as Trustee for a Trust holding certain assets, due to the risk linked to the assets or perhaps due to the lack of knowledge with regards to an operating business. PTCs

行政特区 jurisdictions

PTC 继承计划

典型的持有结构原理图图解如下： A typical holding structure is illustrated in the schematic below:

设立 PTC 体系能够为高净值家庭提供量 身定制的后代继承体系。PTC 可作为多

BVI 目的信托 BVI Purpose Trust

个信托的受托人持有不同级别的资产， 每个信托均符合不同等级受益人的要求。 若不采纳有限担保，那重要的计划就要 采用 PTC 股份制。若股份是完全由个人 所有，那么在股份持有人个体死亡时，

BVI PTC 独立董事会（家族控制） British Virgin Islands PTC

为实现股份，必须在 BVI 取得遗嘱认证。 在某些情况下，根据 VISTA 条例，在 BVI 目的信托中持有 PTC 股份是比较流

Independent Borad of Directors (Family Controlled)

行的结构机制。这避免了需在 BVI 取得 遗嘱认证的需求，因为这一过程不仅旷 日持久且需大量费用，尤其是在过世者 并未在 BVI 留下遗嘱的情况。其次，若 目的信托是在 VISTA 体制内设立，委托

家族信托 1 Family Trust 1

家族信托 2 Family Trust 2

家族信托 3 Family Trust 3

公司 Company

公司 Company

公司 Company

资产 Property

保险 / 银行可接受资产 Insurance / Bankable Assets

经营业务 Operating Business

人可通过号称“办公室董事原则”指派、 撤销 PTC 董事或为 PTC 董事支付酬劳。 PTC 利弊 PTC 在世界各地流行的几个优势和原因 列举如下： - 遵循与标准 BVI 商业公司相同的框架并 拥有与标准 BVI 业务公司相同的关键特 征，这使得它理解和维护起来相对容易。 - PTC保密性好。当设立BVI信托结构时， 保密性要求完全合法。 BVI 可提供监管 良好和成熟的公司和信托制度，使其成 为 PTC 辖区的首选。 - 独立和银行受托人均不想为持有某些 资产的信托担任受托人的情况时有发生， 这是因为存在与该资产相关的风险或是 有可能在经营业务方面缺少相关经验。

have become a solution more often proposed by the independent Trustees.

This will most probably increase as independent Trustees become more risk–averse.

- for some high net-worth families it is more practical to set up more than one Trust, maybe to hold different assets for different beneficiaries and their lineal descendants or for the purpose of keeping certain classes of assets separate from one another, allowing for additional asset protection. Using an independent Trustee could push

the costs and fees to maintain these large bespoke structures beyond the point where the structure is actually profitable. Trustee fees are a constant concern with families looking to set up Trust structures. A PTC reduces trustee fees dramatically.

- setting up a PTC allows Settlors or their trusted advisors or family members to exercise a degree of control of the decisions made by the PTC. By sitting on the board of directors of the PTC the family can make decisions as and when required

2014 Trusts & Foundations Guide China Offshore

159

行政特区 jurisdictions

此时，PTC 常成为独立受托人所建议采 用的方案。这种情况将会日益增加，因 为独立受托人日益拒绝承担风险。 - 对一些高净值家庭而言，他们可能想 要不同的受益人及正统的继承人持有不 同的资产，或出于通过持有资产等级不 同来区分受益人的目的，设立多个信托 是他们更为实际的选择，这能够允许保 护更多的资产。采用独立受托人可能会 投入大量的成本和费用来维持这种量身 定做的结构，而脱离了这一结构是实际 上是可以盈利的这一事实。受托人费用 对想要设立信托结构的家庭而言是普遍 关心的问题。PTC 会显著地降低受托人 费用。 - 设立 PTC 会使得委托人或他们的受托 顾问或家庭成员对由 PTC 所作出的决定 持有一定程度的控制权。通过成为 PTC 董事会的一员，家族成员可以在需要的 时候做出相应决定，且这些决定可以迅 即作出，而无需经历独立受托人对决定 进行仔细考虑的过程。在亚洲，在不同 时区使用受托人可能会导致实施和管理 问题并产生不适时的延误问题，尤其是 当需要快速制定对日常业务顺利运营起 到关键作用的决定时。 - BVI 商业公司一直都风靡亚洲，因此当 个人采用 PTC 时能够感到熟悉和舒适。 因为大多数的个人都熟悉公司的运营， 经营 PTC 因此就不是那么困难。若家庭 或个人对运营 PTC 不熟悉，可请专业服 务机构参与提供专业服务来协助 PTC 的 运营和维持，同时在某些情况下，也可 请他们协助各项管理任务。

160

Trusts & Foundations Guide 2014

and these decisions can be made expeditiously without having to wait on an independent Trustee to deliberate on a decision. In Asia, using a Trustee in a different time zone could cause practical and administrative issues as well as untimely delays especially when swift decision making is crucial for the successful day to day operation of the business.

- BVI Business Companies have always been popular in Asia and

therefore using PTCs gives familiarity and comfort to individuals. As most individuals are familiar with the operation of a company, operating a PTC is consequently not difficult.

If families or individuals are not comfortable in running a PTC then it is always possible to engage the services of a professional service provider to assist with the maintenance of the PTC and in some cases assist with the various administrative tasks.

行政特区 jurisdictions

A few disadvantages or concerns that need to be considered before setting up a PTC are the following:

在设立 PTC 前需考虑的几个弊端和关 注点： - 不应简单认为 PTC 是“家庭友好型”受 托人，这一点至关重要。受托人的角色依 旧是受托办公室，因此无论是 PTC 还是公 司受托人，均需以必要的考察标准履行其 职责。因此 PTC 以合适的方式来开展业务 并以他们所必须的考察标准来管理信托是 非常关键的。若不这样做，则可能违反信 托义务而招致受益人的诉讼；

- it is important that a PTC is not simply viewed as a "family friendly" trustee. The position of Trustee remains a fiduciary office and consequently the Trustee is required to discharge its duties to the necessary standard of care irrespective of whether it is a PTC or a corporate Trustee. It is therefore crucial that PTCs conduct their business in a proper fashion and administer the trust to the standard of care required of them. Failure to do so may open the door to breach of trust claims by beneficiaries of the trust; - the cost of setting up a PTC structure is expensive in the first year but thereafter they become nominal. PTCs are generally set up by high net-worth families and individuals and therefore careful consideration must be made

when choosing to use a PTC as in some cases the administrative costs of the PTC may outweigh the advantages of the structure.

Conclusion When used effectively, PTCs are an extremely effective element of a BVI Trust structure. Looking towards the future as well as at current trends, it is quite apparent that their popularity will continue to grow in the years to come.

Asian families have come to realise the importance of proper succession and the role Trusts play, as well as protecting the legacy they leave behind and the protection and securing of family wealth into the future. With most high net-worth families owning assets globally, finding a succession structure that will protect all assets is very important and BVI PTC structures certainly provide a safe and reliable structure to do this.

- 设立PTC结构的成本在第一年比较高， 但之后就较为正常。PTC 通常会由高净 值家庭及个人所设立，因此在选用 PTC 时需谨慎考虑，因为在某些情况下，PTC 的管理费用可能会超过该结构的获利。 结语 在有效使用 PTC 的情况下，它可以成 为 BVI 信托体系强有效的元素。展望未 来及当前的发展趋势，很明显在未来几 年内，它们会持续风靡。亚洲家庭已开 始意识到适当承继和信托作用以及保护 身后财产及在未来保护和保存家庭财产 的重要性。由于大多数高净值家庭在世 界各地均拥有资产，找到能够保护所有 资产的继承体系是非常重要的，BVI PTC 结构将确保提供安全可靠的结构体系来 实现这一要求。

2014 Trusts & Foundations Guide China Offshore

161

行政特区 jurisdictions

英属维尔京群岛

British Virgin Islands

1. 英属维尔京群岛（BVI）作为私人财富金融辖区对希望为下一代 保留财富的中国高净值人士来说有什么优势？ BVI 是具有悠久历史的金融中心也是亚洲最富盛名的金融辖区。 BVI 没有直接税和外汇管制。它的法律系统是基于英国普通法的 经由当地补充优化的法律体系。这里有充足的顾问公司可选—— 包括来自于亚洲的——和大量的可以代理亚洲客户的信托公司。 客户如有需要也可以选择汉语来获得服务。 2. 就价格方面来说，BVI 信托公司和其它金融辖区相比有什么差别？ 信托的价格由于受许多因素影响而并非一成不变。虽然如此，BVI 有众多可选的服务提供商和健康的竞争环境，确保价格方面的合 理性。在特定的情况下，BVI 私人信托公司（PTC）是比较合适 的选择，且 BVI 的政体也保证了价格方面足够的竞争力。 3. 使用信托的优势是什么？ 使用信托有很多优势。财富保留就是其中一项；家族成员能从资产 收益但并不能获得整个信托基金的全部控制权。这就保护了信托基 金不受其它喜欢挥霍或冒不必要风险的家族成员的浪费！虽然家族 法庭的权力很大，但信托能在离婚的时候提供额外保护。 信托能确保业务的持续性发展。受托人仍能保留合法所有权并不受 创始人死亡或失去自理能力时的影响。信托的使用能以受托人作为 合法所有人和避免信托持有资产发生争议的方式提升其保密性。

162

Trusts & Foundations Guide 2014

Q &A

1. What are the advantages of the British Virgin Islands ("BVI") as a private wealth jurisdiction for a Chinese high net worth individuals ("HNWI") looking to preserve assets for the next generation(s)?

The BVI is a long established financial centre and is wellknown in Asia. The BVI has no direct taxes and no exchange control. The BVI legal system is based on English law as supplemented by local statute. There is a wide selection of experienced professional advisers in Asia and a good choice of trust companies (with representatives in Asia). Clients can receive advice in the Chinese language if needed.

2. In terms of cost, how does the cost of a BVI trust compare to other jurisdictions?

Costs for a trust are not fixed as they depend on a variety of factors. However, the BVI has a wide selection of service providers and this keeps pricing competitive. In certain circumstances, a BVI private trust company ("PTC") may be suitable and the BVI PTC regime is very competitively priced.

3. What are the advantages of using a trust?

There are many advantages of using a trust. Wealth preservation is one; family members can benefit from the assets but are not able to have full access to the trust fund.

This protects the trust fund from family members who like to spend or take risks! A trust may also offer additional protection in the event of divorce although family courts do have wide powers.

A trust can ensure business continuity. Legal ownership remains with the trustee and is not affected by the founder's death or incapacity. The use of trusts can also increase

行政特区 jurisdictions

Q &A 受托人所拥有的合法所有权能使资产不受家族争议的影响。分离 资产和家族争议的另一个好处是能让家族生意对投资人和其他第 三方投资者具有更强的吸引力。 4. 和其它金融辖区相比，使用 BVI 信托的潜在优势是哪些？ 除了上面说到的优势之外，更重要的是知道 BVI 有一个现代的信 托法——最近的修改是在 2013 年。信托能持续 360 年，除了受 托人之外，权力能赋予其他人，更重要的是，BVI 已有 VISTA 信 托十年之久。 VISTA 信托一直以来是十分受欢迎的信托架构，且独 BVI 所有。 VISTA 信托是一个受托人的投资责任通过 BVI 公司持有的形势下 进行修改的的。受托人的起始点是把公司的管理交由董事进行， 且只在规定的情况下才能干涉。这种方式适合许多希望通过所有 权来获得信托的许多利益，同时又希望握有日常控制权的企业家。 5. 为中国家族设立信托时您面临的最大挑战是什么？ BVI 能提供 的解决方案是什么？ 普通法的概念在中国的法律体系中并不直接存在。这和委托人的 母语不是英语一样，都是问题。为了解决这个问题许多顾问公司 指派了能说当地语言的顾问和职员。 最主要的问题是放弃控制权，虽然 BVI 允许委托人保留一些权力， 比如投资管理或其他人有权撤回这一信托等。VISTA 法律体系特 别要求 BVI 公司的管理交由董事处理而不让受托人直接参与。

confidentiality both by having the trustee as legal owner and also by avoiding probate of assets held in trust.

Having ownership in the hands of a trustee can also insulate a family business from family disputes. This insulation of the family business from certain events can also make a business more attractive to new investors and other third parties.

4. What are some of the potential advantages of using a BVI trust over other jurisdictions?

Aside from the advantages highlighted above, the BVI has a modern trust law – revised as recently as 2013. Trusts can last for up to 360 years, powers can be reserved to persons other than the trustee and, perhaps most importantly, the BVI has had the "VISTA" trust for 10 years.

The VISTA trust has been a very popular trust structure and is unique to the BVI. A VISTA trust is a trust where the trustee's investment duties are modified in respect of holdings in BVI companies. The trustee's starting point is to leave the management of the company to the directors and only to intervene in certain prescribed circumstances. This suits many entrepreneurs who wish to have the benefits of a trust in terms of ownership but also to continue to have day to day control.

5. What are the biggest challenges that you experience when setting up a trust for a Chinese family? What are the solutions available in the BVI? The concept of the common law trust does not directly exist in the Chinese legal system. This issue along with the fact that the settlor's first language is not English can be an issue.

To combat this many advisers have members of staff who can speak mandarin.

The main issue is the giving up of control by the settlor.

However the BVI does allow a settlor to reserve powers such as investment management to himself or someone else and to revoke the trust. The VISTA regime specifically requires that the management of the BVI company be left to the directors and for the trustee not to get involved.

Source: Richard Grasby/Maples and Calder, Hong Kong

Richard Grasby Partner Direct +852 3690 7501 | Mobile +852 9381 2043 richard.grasby@maplesandcalder.com Maples and Calder | Hong Kong maplesandcalder.com 53rd Floor, The Center, 99 Queen's Road Central, Hong Kong

2014 Trusts & Foundations Guide China Offshore

163

行政特区 jurisdictions

开曼群岛 Cayman Islands

164

Trusts & Foundations Guide 2014

行政特区 jurisdictions

Cayman

2014 Trusts & Foundations Guide China Offshore

165

行政特区 jurisdictions

概况

开曼群岛

General

Cayman Islands

架构类型

信托

法律类型

普通法

Type of Structure

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 40 开曼元

Time to Establish a Trust

2 - 3 days

是否签订免双重征税协定

否

永久所有权期限

150 年，有个别例外

Minimum Government Fees (excluding taxation)

Double Taxation Treaty Access

标准货币

美元

允许币种

任何币种

最低资产要求

大约 100 美元名义金额

独立法人最低人数

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 互惠基金的特殊单位信托，受托人可 以是开曼群岛特许专业受托人，开曼 群岛私人信托公司，外国公司信托或 个人（无论哪里居民均可）

公众访问记录权限

否

会议地点

任何地方

是否允许

是

持有专业资格

可选

US $

Permitted Currencies

公众访问权限

否

Nominal amount generally USD100

Minimum Number if Individuals

Minimum of one trustee (corporate or individual). Subject to special requirements for STAR trusts and certain types of unit trusts which are licensed mutual funds, trustees can be licensed Cayman Islands professional trustees, Cayman Islands private trust companies, foreign corporate trustees or individuals (wherever resident)

Publicly Accessible Records

准备要求

是

审计要求

否

公众访问账户权限

否

Anywhere

Required

Yes

Professional Qualifications Held

Optional

Publicly Accessible

No

Requirements to Prepare

Yes

Audit Requirements

Publicly Accessible Accounts

Other

其他 是否允许私人信托公司

是

法定继承权

无

Trusts & Foundations Guide 2014

No

Meeting Location

Accounts

账户

Any

Minimum Assets Required

Trust Deed

信托契书

No

Standard Currency

Protector

保全

Stamp Duty CI$40.00

150 years, with some exceptions

Trustees

受托人

Common

Perpetuity Period

Trust Assets

信托资产

166

Type of Law

Private Trust Companies Permitted"

Forced Heirship Rules

No No

Yes

Not applicable

行政特区 jurisdictions

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

简介

Introduction

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，

Executive Summary: 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 an expensive jurisdiction.

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。 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

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

2014 Trusts & Foundations Guide China Offshore

167

行政特区 jurisdictions

开曼群岛法律体制、创建规则及费用 Cayman Islands Legal Framework and Formation Rules and Fees

信

T

开曼群岛信托法源自 1967 年信托法，本身与 1925 年英 系受托人法非常相近。然而，开曼信托法后来又历经修 订，与其英系本源已相差甚远。尤其是，与英国不同，开 曼没有采用海牙公约而是选择倾向于维持当地信托法的灵 活性从而走出一条具有当地特色的信托之路。信托许可证 （在撰写本文之时）至少需要净资产达到 CI$400,000； 受限信托许可证及委托（信托）许可证需要净资产仅达 到 CI$20,000 即 可。 设 立 委 托 信 托 公 司 需 提 供 不 少 于 CI$200,000 的保证金。许可证持有者无需是开曼公司；但 国外许可证持有者需提供总公司保函。所有应用包括相当 数量的行政和财务信息。

Cayman trust law is based on the Trust Law 1967, itself similar to the English Trustee Act 1925. However, there has been considerable subsequent legislation which has distanced Cayman trust law from its English origins. Cayman has chosennot to adopt the Hague Convention, preferring to maintain the flexibility to set its own path.Trust Licenses at the time of writing require a minimum net worth of CI$400,000; Restricted Trust Licences and Nominee (Trust) Licences require a minimum net worth of only CI$20,000.

The parent of a Nominee Trust company must provide a guarantee of not less than CI$200,000. Licensees do not need to be Cayman companies; but foreign licensees will probably have to provide a head office guarantee. All applications include considerable amounts of administrative and financial information.

托管理是开曼群岛的主要活动，在当地已有逾 30 年的历史。开曼信托资产目前等同于甚至优于银 行资产。

信托公司必须为“委托”许可证支付 CI$6,000 的年费，对 受限许可证，年费为 CI$7,000，对非受限信托许可证，年 费额为 CI$70,000。 除印花税和进口税外，开曼不征税。 当前开曼信托法令重要部分包括： ·1985 年财产恒继法引入 150 年的恒继期，外加“观望” 规则即权力或分配仅在恒继期之外才会失效。 ·1987 年信托（外来因素）法加强了开曼信托法的合法性， 建立信托进出口，适用于国外判决的非强制执行，尤其排 除了法定继承权的规定（所有这些都使得开曼信托更具有 吸引力，尤其在民法辖区内）。 ·1989 年欺诈处分法取代了伊丽莎白法，只要信托在当地 没有破产，就能加强对债权人的对抗。债权人诉求的时效 期为 6 年。 ·1997 特别信托（替代制度）法引入目的信托。 ·1996 年信托法引入信托的豁免，借以与信托注册处交换 注册，可从总督处为受托人申请到 50 年的保证期即信托在 50 年内无需在未来缴纳开曼的任何税收。否则就不需要在 开曼注册信托。 来源：全球信托指南 Source: Global Trust Guide

168

Trusts & Foundations Guide 2014

rust Management has been a major activity in the Cayman Islands for 30 years or more, and trust assets now equal or exceed banking assets.

Trust companies must pay annual fees which, for a 'Nominee' License amounts to CI$6,000, for a Restricted License, amounts to CI$7,000 and for an Unrestricted Trust Licence amounts to CI$70,000.There is no taxation other than stamp and import duties： • the Perpetuities Law 1985 introduced a perpetuity period of 150 years, plus a 'wait and see' rule whereby a disposition or power will only fail when it tries to bite outside the perpetuity period.

• the Trust (Foreign Element) Law 1987 strengthened the validity of Cayman trust law, established importation and exportation of trusts, provided for the non-enforcement of foreign judgements, and specifically excluded forced heirship provisions (all of this making Cayman trusts more attractive in civil law jurisdictions in particular); • the Fraudulent Dispositions Law 1989 replaced the Statute of Elizabeth, as long as the trust is not bankrupt in Cayman.

There is a 6-year limitation period on creditors' claims.

• the Special Trust (Alternative Regime) Law 1997 introduced purpose trusts.

• the Trust Law 1996 introduced exemption of trusts, whereby in exchange for registration with the Registrar of Trusts they can obtain a 50-year undertaking from the Governor to the Trustees that the trust will not be subject to any future Cayman taxation. Trusts do not otherwise require to be registered in Cayman.

行政特区 jurisdictions

2014 Trusts & Foundations Guide China Offshore

169

行政特区 jurisdictions

Member Contribution

离岸信托的使用 透视开曼群岛离岸信托 The Use of Offshore Trusts A Cayman Islands Perspective Fiona Chan

简介 过去十年来，国人对财产保存及承继的规划问题日益重视，尤其是经济改革大潮中受 益并致富的第一代企业家们，因为他们目前已逐渐到了退休的年纪。利用信托体系似 乎是可行的方案，但这一概念在于，正如一些人所争议的，在现时中国并没有相应的 法律和规范体制完全对此支持。设立离岸信托，尤其是在开曼群岛和英属维尔京群岛 设立，已经成为一种流行，尽管对中国高净值人士（HNWI）而言 ，这通常并非是他 们能够普遍理解的选择。

Fiona Chan 顾问 企业 & 金融 - 香港

本文将着重阐述信托的关键要素，能够在开曼群岛设立的信托类型以及它们如何针对

COUNSEL Corporate & Finance – Hong Kong

具体的公司、家庭及个人目标，使中国的高净值人士受益。

可向 Fiona Chan 咨询有关英属维尔京群岛和开曼 信托事宜，例如家庭信托的建立和监管，私人信 托公司，VISTA 和 STAR 信托等。同时她在英属 维尔京群岛和开曼群岛关于银行与金融，企业和 资金的法律方面拥有丰富的经验，可为客户提供 相关咨询。

Fiona Chan advises on BVI and Cayman trusts, such as the establishment and administration of family trusts, private trust companies, VISTA and STAR trusts. She also has extensive experience advising clients on both BVI and Cayman Islands law in banking and finance, corporate and funds matters.succession planning for high net worth individuals and families. fiona.chan@harneys.com +852 3195 7277

170

Trusts & Foundations Guide 2014

Introduction The problems of preservation of wealth and succession planning have attracted increasing attention in China over the past decade, particularly as the first generation entrepreneurs who were enriched and empowered by China’s economic reforms started to age and retire. The use of trust structures appears to be a viable solution, but the concept is, as some would argue, not supported in full by the current legal and regulatory system in China. Setting up offshore trusts, particularly in the Cayman Islands and the British Virgin Islands, has become a popular, though often not well-understood, choice for Chinese HNWIs. This article will look at the essential components of a trust, types of trusts which can be set up in the Cayman Islands and how they would benefit Chinese HNWIs with specific corporate, family or individual objectives.

行政特区 jurisdictions

信托要素

信

托是具备一定资产的人（委托 人）对其资产所进行的法律安 排，将其资产的合法所有权转

移给别人（受托人），以便他们能够合法 持有资产使其他人（受益人）受益。传统 信托体系与基于 2001 年中国信托法颁布的 信托制度形成鲜明对比 ，它不需要委托人 将其资产的合法所有权转至受托人，也不 需要委托人对受托人做出声明建立合法信 托。任一信托均包含委托人、受托人、受 益人及信托资产四个基本要素。受托人持 有信托资产的条款与条件，受托人的权力， 受益人的权利，信托资产的投资与分配以 及其它事宜通常均会载于书面的信托证书。 Components of a Trust 委托人 委托人在开曼信托中持有该信托的一定控 制权是常见的现象，这种控制需要在信托 文书中专门留载。这种控制权可能包括任 命及罢免受托人以及同意或修订信托资产 的权力。需铭记于心的关键点在于不应认 为委托人可行使受托人的受托权力，架空 受托人，或对信托资产过分行使其监控的 权力，以至于这些信托资产像是没有受托 人。还有值得注意的是，委托人可以是某 一信托的受托人或受益人之一，但委托人 不能是唯一受益人或唯一受托人，不然的 话信托将被视为虚假信托，成为无效信托。 受托人 受托人被授予信托资产的法定权，有责任 根据信托文书条款对信托进行监管。与此 同时，受托人也对受益人有受托责任，需 要行使其权力保证受益人的利益。这可能

A

trust is a legal arrangement whereby a person who owns certain assets (the settlor) transfers the legal title of the assets to another person (the trustee) who then holds the assets for the benefit of others (the beneficiaries). The traditional trust structure contrasts with the trust regime promulgated under China’s Trust Law of 2001, which does not require the transfer of legal title in the trust assets from the settlor to the trustee or the settlor to declare himself as trustee for the purpose of establishing a valid trust.

The settlor, trustee, beneficiaries and trust assets are the four basic components of any trust. The terms and conditions upon which the trustee holds the trust assets, the powers of the trustee, the rights of the beneficiaries, investment and distribution of trust assets and other matters are normally set out in a written trust instrument.

The Settlor Whilst it is common for the settlor in a Cayman trust to retain a certain degree of control over the trust, such control needs to be specifically reserved in the trust instrument.

This may include powers to appoint and remove trustees and powers to approve or revise distributions of trust assets. The key to bear in mind is that the settlor should not be seen as exercising fiduciary powers of the trustees so as to make the trustees obsolete, nor should it exercise control and power over the administration of the trust assets such that he retains de factor control over the trust assets.

One should also take note that a settlor can be one of the trustees or beneficiaries of a trust, but the settlor cannot be the sole beneficiary and the sole trustee, as the trust would otherwise be viewed as a sham and therefore void.

2014 Trusts & Foundations Guide China Offshore

171

行政特区 jurisdictions

与某些中国式信托有所不同，受托人在处 理中国信托资产的权力受制于委托人，需 征得委托人的同意，因为他们拥有信托资 产的所有权；可以说，这样就使得委托人 的意愿高于受益人的利益。 受益人 高净值人群在设立家庭信托时，普遍关心 对受益人的说明，要求必须能够对受益人 身份进行充分确认和鉴定。同时，毋需在 信托设立伊始即指定（甚至受益人刚出生） 受益人。受益人必须属于某个群体，同时

The Trustee A trustee is vested with the legal title of the trust assets and is responsible for administering the trust in accordance with the terms of the trust instrument.

The trustee also owes fiduciary duties to the beneficiaries and needs to exercise his powers in the interests of the beneficiaries. This may differ from certain Chinese trusts whereby the trustees’ powers to deal in the trust assets are subject to the consent of the settlors who retain ownership of the trust assets, which arguably puts the settlors’ wishes before the beneficiaries’ interests.

check and balance the wide powers of the trustee in order to protect the interests of the beneficiaries. This is usually a close friend or adviser of the settlor who is vested with specific powers, such as to remove or appoint trustees and to approve certain investment powers of trustees. The idea is that this person would understand the wishes of the settlor better and help ensure that those wishes are reflected in the trustees’ decisions. However, it is important to note that a protector should not be given too many powers such that he would be deemed a trustee and therefore subject to the various fiduciary duties of trustees.

能够在任何时间点都能够得以确认。信托 文书同时也留有增加受益人或取消受益人 （受益等级）的余地。 信托资产 同样地，尽管信托资产存在真实资产、个人 资产、有形资产或无形资产等形式，但信托 资产必须能够随时都可以被确认。在信托资 产建立后，还可以再进一步增加资产。 监察人 除了上述的四个基本要素，开曼信托通常还 会发挥监察作用。信托监察人由委托人指定 来检查和平衡受托人广泛的权力从而达到保 护受益人的目的。这一角色通常是由委托人 的顾问或密友担任，他们被委托人授予特定 的权力，例如取消或指定受托人，同意受托 人的某些投资权力等。设立这一角色是因为 监察人能够更好地了解委托人的意愿从而确 保受托人的决定能够反映这些意愿。然而， 值得注意的是，信托监察人不能被赋予太多 权力，否则他将被视为受托人，因此受制于 受托人的各种受托责任。

172

Trusts & Foundations Guide 2014

The Beneficiaries A common concern among HNWIs looking to set up a family trust is the description of beneficiaries, which must be capable of being identified with sufficient certainty. Whilst it is not necessary for beneficiaries to be named (or even born) upon the establishment of the trust, they must belong to a group that can be ascertained at any point in time. The trust instrument may also provide for addition or removal of (classes of) beneficiaries.

The Trust Assets Similarly, the trust assets must be capable of being ascertained at any time, though it may take the form of any real or personal property, tangible or intangible. Further assets may be added to the trust after it has been set up.

The Protector In addition to the above four basic components, Cayman trusts often provide for the role of a protector. A protector is appointed by the settlor to

This role is well-suited to Chinese settlors looking to set up an offshore trust with professional trustees who may not have the requisite knowledge of the Chinese culture and/or the particular circumstances of the family, corporate or industry involved.

Types of Cayman Trusts Different types of trust may be set up in the Cayman Islands in view of the circumstances and intentions of the settlors, and the most common types are briefly described below.

Fixed Interest Trust Under a fixed interest trust, the beneficiaries will normally be granted an interest in the income and capital of the trust fund during their lifetime. The trustees have limited discretion over the distribution of the trust fund.

This type of trust is suitable for estate planning purposes. For instance, the trust may provide for income of the trust fund to be distributed to the settlor and his spouse during their lifetime (as primary beneficiaries), with the capital being distributed in fixed proportion

行政特区 jurisdictions

这一角色非常适用于中国委托人，他们希 望通过专业受托人设立离岸信托，但这些 受托人可能并不十分了解中国文化和 / 或 家庭、公司或产业的相关详细状况。 开曼信托类型 视委托人的状况及意愿可在开曼群岛设立 不同类型的信托，最普通的几个类型简要 描述如下： 固定利率信托 在固定利率信托的情况下，受益人通常终 生可获取信托基金的资本和收入的利息。 受托人拥有信托基金分配的有限处理权限。 这一类型适用于出于遗产规划的目的而设 立信托。例如，该信托可以将信托资金的 收入终生分配给委托人及其配偶（作为主 要受益人），同时将资本按固定比例依次 分配给他们的儿女。这解决了许多中国委 托人所关心的问题，他们想要确保即使信 托资产的法定权利被转移之后，他们依旧 有权利拥有定期的收入来源，直至死亡， 而无需依靠他们的儿女。 保管信托 与固定利率信托不同，保管信托中信托资 金的收入在指定保管的期限内累计构成保 管资本的一部分。为维护受益人利益，维 护后续信托资金分配，受托人有自行决定 权，可将信托资金适当分配给受益人。保 管信托通常适用于家庭条款。在委托人的 儿女或孙子（女）、外孙（女）年满某一 特定年龄前，仅能够获得由受托人认为足 够支付学费和日常之用的一定数量资金， 在其达到该特定年龄后，他们便有权按固 定比例享有该信托资金。这有利于防止在

to their children subsequently. This addresses the concerns of many Chinese settlors who want to ensure that even if legal title in the trust assets is transferred, they remain entitled to a regular source of income until their death without necessarily dependent on their children.

Maintenance Trust Unlike a fixed interest trust, income from the trust fund of a maintenance trust is accumulated and forms part of the capital over a designated period of time. The trustees are given discretionary power to make appropriate distributions amongst the beneficiaries for their maintenance and subsequently distribution of the trust fund.

Maintenance trust is often used in

family provision whereby children or grandchildren of the settlor are only entitled to be paid an amount which the trustees deem sufficient for the purposes of their education and maintenance until they reach a certain age, after which the children would then be entitled to a fixed proportion of the trust fund. This helps avoid passing an excessive amount of fund to the children when they are still young, whilst at the same time allows the trust capital to accumulate over a long period of time.

Discretionary Trust A discretionary trust offers the most flexibility and efficiency for the settlor and the beneficiaries. In such a structure, the trustees are often vested with wide discretionary powers over when and how the trust

2014 Trusts & Foundations Guide China Offshore

173

行政特区 jurisdictions

委托人儿孙辈年纪尚幼时便过多享用资 产，同时能够使得信托资本可在相当长的 一段时间内进行累积。 全权信托 对委托人和受益人而言，全权信托是最灵 活和最有效的信托类型。在这种信托体系 中，受托人通常会被赋予广泛的酌情权， 只要基于受益人整体利益，均可行使其酌 情权，酌情决定何时及如何对信托收入或 信托资本进行分配。因为受益人无权对任 何特定比例的信托资金进行分配，因此当 委托人在行使其酌情权时，受益人的意见 仅会被予以参考。由于全权信托的灵活性， 这种全权酌情权信托可适用于多种情况。 例如，由于受益人对信托资金的资本或收 入均不享有绝对权利，因此在许多辖区内， 信托资本将不会被征收遗产税。另外一种 可做示例的情况是，在信托资本设立时， 委托人不确定将来受益人的资本需求，到 需要的时候，将遵从受托人所做的决定。 因此，在全权信托类型下，受托人的选择 自然是至关重要的。 可撤销信托 正如这名称所暗示，可撤销信托是在信托 设立后可由委托人撤销的信托类型。乍一 看，这一信托类型所提供的选择比之全 权信托更为灵活，实际上则不然。可撤销 信托实际上并不被常用，主要是因为它首 先否定了采用信托体系的诸多益处。在大 多数辖区内，可撤销信托下的信托资产仍 被认为是委托人个人资产的一部分，因此 在这种情况下，委托人将不能享有诸如避 免认证检验遗嘱或避免致富印花税及遗产 税等益处。因此，仅在委托人对资产保有

174

Trusts & Foundations Guide 2014

income or capital is distributed - so long as the trustees exercise their powers with regard to the interests of the beneficiaries as a whole. As the beneficiaries are not entitled to any particular proportion of the trust fund, they merely have a right to be considered when the trustees exercise their discretion.

Given its flexibility, discretionary trust may be useful in various scenarios. For instance, as beneficiaries do not have absolute entitlement to neither income nor capital of the trust fund, the trust assets would not be counted towards part of the estate for tax purposes in a lot of jurisdictions. Another example would be cases where the settlors are unsure about the future needs of the beneficiaries at the time when the trust is set up, and would defer decisions

to be made by the trustees as and when required. Naturally, the choice of trustees is of great importance in discretionary trust.

Revocable Trust As the name suggests, a revocable trust is a type of trust which can be revoked by the settlor after the trust is being set up. At first glance this option offers even more flexible than a discretionary trust. However, it is actually not commonly used, primarily because it negates many benefits of using a trust structure in the first place.

In most jurisdictions, trust assets under a revocable trust is still considered part of the settlor’s personal assets, in which case the settlor cannot enjoy advantages such as avoiding the need to obtain a grant of probate or to pay

行政特区 jurisdictions

绝对控制权的愿望远超过其对非撤销信托 所带来的金融储蓄及资产保全回报的兴趣 时，人们才会选择设立可撤销信托。 公益信托 通常情况下，信托均有可确认的受益人， 但也有明显的例外，那就是出于公益目的 而设立的信托。根据开曼法律，公益信托 可创建新的公益基金或为已存在的公益基 金而设立。公益信托的适用目的相当宽泛， 因为通常它可以涉及到救助贫困、发展教 育或宗教以及有利于社会的其它目的；同 时也是构成公益的元素之一。 公益信托的委托期限可不受时间限制。公 益信托不是为了具体的个体利益而创建， 因此不能被用来实现继承计划和财产保存 等个人目标。开曼公益信托的一个特殊用 处即它已被证券化和融资交易结构化，通 过这种方式，经由专用工具而拥有的资产 将会被置于公益信托体系之下，因此可允 许该类型资产成为资产负债表外融资。 特别信托 - 替代制度（“明星”）信托 大多数离岸辖区都提供非公益目的信托， 在这种情况下，信托资产可出于特殊非公 益目的委托给受托人。根据取代《特别信 托法（替代制度）》 （1997版）的《信托法》 （2001 版），在不违法以及不与国家政策 相违背的前提下，明星信托可专门为非公

stamp duty or inheritance tax.

As a result, one would only expect a revocable trust to be set up when the settlor’s desire to retain the utmost power to revoke the trust and compel the return of the trust assets outweighs any benefits in financial saving and asset preservation which may be brought about by an irrevocable trust.

provide for existing charities. The applicable purpose of a charitable trust is fairly wide, as it may relate to relief of poverty, advancement of education or religion and other purposes beneficial to the community at large, as well as demonstrating an element of public benefit. A charitable trust may have unlimited duration.

Charitable Trust

As charitable trust is not created for the benefit of specific individuals, it cannot be used to achieve personal objectives such as succession planning and preservation of wealth. One particular use of Cayman charitable trust has been developed in securitization and structured finance transactions, where

益目的或出于多人的共同利益而设立。事 实上，明星信托的一个独特特征是它可为 个人，出于各种目的（公益和非公益）或 既为个人又出于某种目的而设立。在明星 信托的情况下，受益人无权执行信托的各 项条款，然而委托人可具体指定某人充当 “执行者”的角色。目的是坚持推进信托

Normally a trust is expected to have identifiable beneficiaries, with the notable exception that a trust may be established for charitable purposes.

Under Cayman law, a charitable trust may create a new charitable fund or

2014 Trusts & Foundations Guide China Offshore

175

行政特区 jurisdictions

的执行（通常与受托人相左）。明星信托 至少要有一位受托人是注册在开曼群岛的 信托公司或私人信托公司。 明星信托可用于实现各类目的，因此被广 泛使用。首先，正如之前所提到的，它可 以在非公益基金的情况下，用于证券化和 结构化金融交易。在该类情况下，信托目 的可仅是在某一专用工具中持有股份。其 次，明星信托可设立为无限期，因此它不 受其它非慈善开曼信托适用的 150 年永久 期所限，这对设立长期私人或家庭信托大 有用处。再次，明星信托的通常结构是在 开曼私人信托公司中持有股份，因此可作 为某些信托的受托人。这避免了拥有私人 信托公司的继承问题。第四，受益人的知 情权可通过信托文书进行限定，因为委托 人可能会不希望向某些受益人（如未成年 人）披露信托的条款。第五，当委托人的 慈善目的不符合公益目的，无法设立公益 信托，此时则可设立明星信托。尽管使用 明星信托的益处不一而足，但以上所提到 的这些均是明星信托的主要用处和益处。 结语 尽管开曼法衍生于英国普通法，但其司法 权在修改和制定法律来定义相关信托法方 面已有创新，明星法的推出就是显著的例 子。开曼信托范围广泛，类型多样，无论 中国高净值人士他们设立信托的意图如何 或其情况如何特殊，应该都会毫无困难地 在开曼找到最合适他们的信托类型。 本文的目的是提供开曼信托的指南，对 于您的具体情况，建议咨询专家寻求专 业意见。

176

Trusts & Foundations Guide 2014

assets owned by a special purpose vehicle are placed in a charitable trust, thereby allowing such assets to be “offbalance sheet”.

Special Trusts – Alternative Regime (“STAR”) Trust Most offshore jurisdictions have provided for non-charitable purpose trusts, under which trust assets are vested in the trustees for specific non-charitable purposes. Under the Trusts Law (2001 Revision), which replaced the Special Trusts (Alternative Regime) Law 1997, a STAR trust may be established exclusively for noncharitable purposes or jointly for the benefit of persons, so long as they are lawful and not contrary to public policy. Indeed, a unique feature of STAR trust is that it can be set up for persons, purposes (charitable and noncharitable) or both.

Under a STAR trust, no beneficiary has any right to enforce the terms of the trust; instead the settlor may specify a person to assume the role of an “enforcer” who is to have standing to bring proceedings to enforce the trust (often against the trustees). At least one of the trustees of a STAR trust must be a trust corporation licensed in the Cayman Islands or registered as a private trust company.

STAR trusts have been widely-used to achieve a number of objectives. Firstly, it may be used in securitization and structured finance transactions instead of charitable trusts as mentioned above. In such a case, the purpose of the trust can be simplyto hold shares in a special purpose vehicle. Secondly, as a STAR trust may be established with unlimited duration and therefore not limited to the 150 year perpetuity period that is applicable to other types of non-

charitable Cayman trusts, it is useful for setting up long term private or family trust. Thirdly, a common structure is for a STAR trust to hold shares in a Cayman private trust company, which in turn acts as trustee of certain trust(s).

This avoids the problems of succession with regard to ownership of the private trust company. Fourthly, the right to information of beneficiaries may be restricted by the trust instrument, which may be desirable for settlors who do not wish to disclose terms of the trust to certain beneficiaries (e.g. minors).

Fifthly, where a settlor’s intended philanthropic purpose does not qualify as a charitable purpose, a STAR trust may be established instead. All these are the major advantages and uses of STAR trusts, though they are by no means exhaustive.

Conclusion Although Cayman law is derived from English common law, the jurisdiction has been innovative in revising and enacting legislation to refine its law relating to trusts – a notable example being the introduction of STAR trusts.

With the wide range of trusts on offer, Chinese HNWIs would have no difficulties in identifying the most suitable type of trusts in view of their intended objectives and particular circumstances.

行政特区 jurisdictions

2014 Trusts & Foundations Guide China Offshore

177

行政特区 jurisdictions

欧洲 EUROPE

178

Trusts & Foundations Guide 2014

行政特区 jurisdictions

Andorra

2014 Trusts & Foundations Guide China Offshore

179

行政特区 jurisdictions

概况

安道尔

标准货币

欧元

实体类型

股份公司和有限责任公司

政局稳定性

优秀

法律类型

民法

是否有现成公司

是，但是应用不广

可否获取受益人资料

是

建立新公司所需时间

6周

100% 外国投资允许 签订免双重征税协定 使用最广泛语言

是 法国，卢森堡（与葡萄牙和西 班牙的谈判进入最后阶段；与 其他司法地正在谈判中） 加泰罗尼亚语，西班牙语，葡 萄牙语，法语

公司要求 股东最低人数

1人

管理人员最低人数

1人

公司董事 / 管理人员允许

无限制

最低资本要求

有限责任公司为 3 千欧元，股 份公司为 6 万欧元

本地要求 注册办公室 / 代理

是

公司秘书要求

否

本地雇员要求

通常是居民雇员

本地会议

否

政府注册董事

是

允许不记名股票

否

政府注册股东

是

公司税 名义税率

10%

税基减少

80％的国际商品贸易和无形资 产的运作

资本获得

已包含在税收

股息收入

有条件豁免

遗产税

无 ( 直到第三代血亲或姻亲关 系)

财产税

无

可变资本投资公司税

0%

国外收入课税

10% （双重征税协议除外）

个人税 名义税率 税基减免 资本收益

10%

Standard Currency

Type of Company

Political Stability

Type of Law

Shelf Company Availability

Disclosure of Beneficial Owner

Time to Establish a New Company

100% Foreign Investment Permitted

Double Taxation Treaties Established

Most Spoken Languages

Corporate Requirements

Minimum Number of Shareholders

Minimum Number of Managers

Corporate Directors/Managers Permitted

已包含在税收

实收股利

如果从本地公司获得可豁免 递减税率：15%-1% Trusts & Foundations Guide 2014

Andorra Euro (€)

SA, SL

Excellent

Civil

Yes, but not used very widely

Yes

Six weeks

Yes

France, Luxembourg (advanced negotiations with Portugal and Spain; ongoing negotiations with other jurisdictions)

Catalan, Spanish, Portuguese, French One

One

No limit

Minimum Capital Required

Euro 3.000 (SL), Euro 60.000 (SA)

Registered Office/Agent

Yes

Local Requirements

Company Secretary Required

Local Employees Required

Local Meetings

Government Register of Directors

Bearer Shares Allowed

Government Register of Shareholders

Corporate Taxation Nominal Tax Rate

Reductions of the Tax Base

Capital Gains

Dividends Received

Inheritance Tax

Wealth Tax

SICAV Tax (invest company)

No

In general, resident employees

No

Yes

No

Yes 10%

80% for international trading of goods and operations with intangible assets

Included on taxation

Exempt with conditions

No (up to a 3rd degree of consanguinity or affinity)

No

0%

Taxation on Foreign Income

10% (except double tax conventions)

Nominal Tax Rate

10%

Individual Taxation

第一部分 24,000 欧元可获得 100% 豁免，在后面的 16,000 欧 Exemptions of the Tax Base 元扣除 50%。

遗产税

180

General

Capital Gains

Dividends Received

Estate Tax

100% for the first Euro 24.000; 50% deduction for the following Euro 16.000

Included on taxation

Exempt if received from a local company

Regressive rate: 15%-1%

行政特区 jurisdictions

金融辖区：安道尔 地区：欧洲 货币：欧元 (EUR) (€) 语言：加泰罗尼亚语 区号：+376 通讯设施：良好

Country: Andorra Region: Europe Currency: Euro (EUR) (€) Languages: Catalan Time Zone: UTC +1 Phone Code: +376 Communications: Good

简介

Introduction

坐落于比利牛斯山麓的法国和西班牙之间，安道尔的经济主要依赖

Executive Summary: Situated in the Pyrenees Mountains between France and Spain, Andorra’s economy is dominated by tourism with approximately 8m visitors arriving every year, but banking and associated financial and advisory services also contribute substantially to GDP. Traditionally, banking secrecy has been very tight in Andorra, but a new law was passed in 2009 under pressure from the OECD to facilitate the exchange of information with other jurisdictions.

于旅游业，每年到访的游客有 800 万人。但是银行业和相关的金融 服务和顾问也是安道尔 GDP 的主要贡献者。历史上，安道尔的银 行业保密性非常严苛，但是 2009 年新通过的法律，在经合组织的 压力下开始允许其纳税信息和其它金融辖区的交换。 直到 2011 年为止，安道尔的居民公司或个人除了比较温和的年度 注册费、市政税、房地产交易税和一些微不足道的营业税之外，无 需缴税。法律在 2011 年 4 月 1 日通过立法，规定非居民实体公司 的公司所得税税率为 10%。居民和非居民公司也要对在当地所获 得的收入缴纳 10% 的所得税。安道尔的税务信息交换网络正在增 长，也正在就免双重征税条例和一些国家进行商议。

Until 2011 there were no taxes in Andorra for resident companies or individuals other than modest annual registration fees, municipal rates, property transaction taxes and some minor sales taxes. Legislation providing for a corporate income tax, initially on non-resident entities, at a rate of 10% came into force as of April 1, 2011. Both resident and non-resident companies are also now subject to tax on local-source income at a rate of 10%. Andorra also has a growing network of tax information exchange agreements and is negotiating some bilateral double tax treaties.

2014 Trusts & Foundations Guide China Offshore

181

安道尔共和国简介 Andorra - An Introduction

那

些对 20 和 21 世纪前期的安道尔有所了解的人都应该 知道，过去四年间毫无疑问的是，安道尔发生了这个 国家现代历史上最为翻天覆地的变化。它在经济和金

融模式上发生的变革让它更符合经合组织（OECD）的标准，创 建了非常具有竞争力的直接和间接税制，让来到这里的国外投 资更加自由便捷。而现在，安道尔的人民有了史无前例的高效 工具来建设让每个安道尔人都欣喜期待的美好未来。 时至今日，已有许多来自各行各业的大型国际公司希望在安道尔建 立他们的战略总部，不管是创建业务公司和 / 或国际配销网络、集 团内金融中心，研发中心或集团的无形资产公司，抑或只是希望在 这里建立他们的欧洲控股公司，安道尔都是极为理想的选择。不光 是企业，个人也成为安道尔新金融模式的最大受益人。这些来到安 道尔的公司职员能在这个不仅有极低个人所得税税率，而且还有异 常安全健康环境的国家居住和工作。从某种意义上来说，租客或非 赢利性居民能在这个国家享受到世界最为安全稳健的金融环境。 谈及安道尔，我们通常会想到安全的环境和受保护的个人资产，和 仅 200 公里之隔的高山峻岭和碧绿海洋；这里有国际化的大都市，

182

Trusts & Foundations Guide 2014

T

hose who have known the Andorra of the 20th, as well as that of the early 21st century, will realize that the changes that have taken place in the last 4 years are, undoubtedly, the most far-reaching in its modern history. The recent reform of the economic and fiscal model, complying with the OECD standards,has established a very competitive direct and indirecttaxation and freed up investment from abroad. Now, more than ever, Andorran people have been provided with sufficient tools to build a far more prosperous future than it could ever have been imagined.

There are already large international companies from different business sectors who are looking to set up their strategic headquarters in Andorra, whether to create commercial units and/or international distribution, or intragroup financial centers, or for investigation and/ or the exploitation of the group’s intangible assets, or simply their European holding companies.But it is not only companies but also private individuals who are the great beneficiaries of the change of model. It is fiscally extremely attractive for the staff of these companies to be resident in a country where, apart from the low direct tax rate on private individuals, they are living in

Sponsored Article

extraordinarily healthy and safe surroundings. By the same token, renters or non-lucrative residents find additional advantages in Andorra of one of the world’s most solvent and solid financial systems.

When talking about Andorra, we talk about a country that is safe, protected, where the mountains and the sea are separated by less than 200 km; a cosmopolitan country, politically stable and financially solvent; a country that is committed to health and wellbeing; a dynamic country in constant evolution, working to improve its communication links by land and air, its offer of leisure activities, culture and education, which gives impulse to an ever increasing number of international congre sses and symposia converting its reception and hospitality capacity into the banner for its international visibility.

Andorra is the best kept secret in Europe.

稳定的政治和金融环境；一个为居民健康福祉竭尽全力的政府；这 是一个充满活力和不断变革的国家，致力于改善陆空运输的基础设

Features (I) TIEA Jurisdictions: Argentina, Australia, Austria, Belgium, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Liechtenstein, Monaco, Netherlands, Norway, Poland, Portugal, San Marino, Spain, Sweden, Switzerland.

施建设，还有多元的文化的优质的教育，这一切都让多个国际会议 和论坛选址在此地，让这个热情好客成为它在国际社会上的显著标 志。 安道尔是欧洲隐藏至今的最后秘密。 安道尔的特点（I） TIEA 条约签订国：

Suitable for: Wealth Management, Company Headquarters, International Trading Companies Vehicle types: Limited companies (SA, SL), branches, SICAV, Investment funds.

International relations criteria: Compliance with standards and lists from OECD and FATF.

阿根廷、澳大利亚、奥地利、比利时、捷克共和国、丹麦、法罗群 岛、芬兰、法国、德国、格陵兰群岛、冰岛、列支敦士登、摩纳哥、 荷兰、挪威、波兰、葡萄牙、圣马力诺、西班牙、瑞典、瑞士。 适合于： 财富管理、公司总部设立、国际贸易公司 离岸工具种类：有限公司（SA、SL），分公司、SICAV、投资基金 国际关系标准：符合经合组织（OECD）和金融行动特别组（FATF） 的标准

2014 Trusts & Foundations Guide China Offshore

183

安道尔公司架构 安道尔控股公司和其它公司相比有重要优势，因为它们不需要 支付资本利得税或在国外子公司获得的红利。这些子公司必须 被指认为历史上隶属于控股公司，和公司运营所产生的所有收 入、红利或资本利得。所有股票必须为记名股票。

安道尔税务系统对这种公司有特殊条件。这些公司只需支付税 率为 2% 的所得税。三种可以从这一特殊税法获利的公司为： 国际贸易公司（货物贸易）、内部融资公司和从安道尔获取无 形资产的公司。

如上所述的安道尔国际贸易公司 ( 货物贸易 ) 只缴纳 2% 的所得 税 .。贸易公司从生产公司购买货物然后出售，但是货物须直接 运送给客户公司。要利用这一政策，安道尔财政部要求的条件是： 公司需要有 20 平米的面积和一个兼职雇员专职于公司活动， 货物必须从生产商直接运送给顾客，必须不通过安道尔。

184

Trusts & Foundations Guide 2014

Sponsored Article

Andorran Structure Andorran Holding Companies have important advantages compared to other kind of companies because they do not pay taxes on capital gains or dividends received from their foreign subsidiaries. These subsidiaries must be identified on the memory of the Holding company, together with all the operations that generate incomes, dividends or capital gains. All the shares must be nominative.

The Andorran tax system has special conditions for these kind of companies. These companies pay an effective 2% tax rate on their incomes. The three kinds of companies which can obtain benefits from this special regime are: international trading companies (goods), companies dedicated to intra-group financing and companies exploiting intangible assets from Andorra.

Trading companies, as said before, pay an effective 2% tax rate. The trading company buys the good from the producing company and then resells it, but the goods are delivered directly to the client company. The conditions required by the Andorran Ministry of Finance to make use of this regime are the following: There must be a 20 m2 space and a part-time employee dedicated to the company’s activity.

The goods must go directly from the producer to the customer, without passing through Andorra.

2014 Trusts & Foundations Guide China Offshore

185

行政特区 jurisdictions

安道尔共和国

Andorra

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?

During the last decade, Andorran legal and economic structure has changed in order to face the evolution of the international framework concerning transparency, competitiveness and international relations between countries, especially in Europe.

Andorra is no longer a tax haven and its name has been removed from all non-cooperative countries’ lists, such as OECD’s and FATF’s.

In the past decades, the premise of the Andorran financial system, shielded by the local legal framework, was to establish a strong privacy policy to protect the client, with its both positive and negative implications. Today, we can claim not only that Andorra complies with the transparency standards established by the international organizations, but also that our traditional competitiveness in terms of tax and financial system has been consolidated.

1. 贵金融辖区在中国高净值人士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？ 过去的十年间，安道尔的法律和经济架构根据国际上对透明化、 竞争力和国家间关系方面进行了调整和变革，特别在欧洲更是如 此。安道尔不再是一个避税天堂，也不再位于“不合作”国家名单， 比如经合组织（OECD）和金融行动特别组（FATF）之列。 过去十年，安道尔的金融系统在当地法律框架的加强下，旨在创 建一个稳固的私密化政策来保护它的客户，尽管也有其双面性， 但今天，我们能保证安道尔不仅符合国际组织制定的透明化标准， 也加强了本地传统上在税收和金融系统上的竞争力。 确实是这样，一方面，公司税制和个人所得税的低税率得到了加 强，且完全免除了遗产税。这一举措让安道尔的纳税居民得以保 护他们财产的完整性。另一方面，安道尔的银行进行了国际扩张， 在全球范围内为客户提供定制化的服务和独一无二的优势。他们 的高度竞争力也是成为欧洲偿付能力最高的银行之一的原因。 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？ 目前在这里的架构设立费用和欧洲其它国家以相似流程设立架构 的费用接近。这些流程，以及它们架构的最终形式，都由符合国 际上的相关法律规定。

186

Trusts & Foundations Guide 2014

Indeed, on one hand, low taxation on corporate and personal income has been reinforced with an inexistent taxation on wealth or inheritance. This fact allows Andorran tax residents to protect the integrity of their assets. On the other hand, Andorran banks have expanded their activity internationally, offering clients a great deal of advantages and customized services worldwide. Their competitiveness is one of the reasons that make them have some of the highest solvency rates in Europe.

2. In terms of cost, how is the cost of a setting up a structure in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this?

The economic costs at the moment of setting up a structure are similar to the general costs other European countries set for similar procedures. These procedures, and their resulting structures, are fully approved by the international laws that regulate them.

In exchange to this sacrifice on the setting-up costs, the Andorran public administration is able to provide a very competitive tax framework for these structures, which results in tax savings sustained over time that compensate largely the initial disbursement.

3. Which are the preferred structures for clients? What is the reason for it?

There is a great deal of financial and business structures that our customers use in order to properly canalize their resources and thus prevent their capital from becoming idle. Moreover, these structures are optimal in terms of taxation and comply with international financial and tax standards.

The most used structures depend on the objective the client wants to achieve. If they want to run an international commercial activity with Andorra as an administrative center, the international trading regime allows them to pay only 2% on

行政特区 jurisdictions

Q &A 除了价格方面的优势，安道尔政府也能为这些架构提供非常具有 竞争力的税务框架，能达到长期节税的效果同时又能补偿先期投 入的资金。 3. 客户所偏爱的架构是什么？原因是什么？ 我们的客户在激活资源和防止资金闲置方面利用了多种多样的金

Corporation Tax. If, on the contrary, they look for a business structure with an Andorran company as an owner, then a Holding regime can be chosen as the Andorran company is exempt from Corporation Tax. Finally, If the client seeks to invest their capital in order to obtain an interest, then some private wealth management structures can be created, such as a SICAV company, taxed between 0% and 1% on Corporation Tax.

准方面也是最优化的。

Whatever structure is chosen, a last advantage should be kept in mind: Andorran residents do not pay personal income taxes on dividends received from Andorran companies.

最常用的架构取决于客户希望利用这些架构达成什么样的目标。

4. What are some of the biggest issues & challenges Andorra faces for the future?

融和商务架构。此外，这些架构在纳税和遵从国际金融和税务标

如果他们想把安道尔作为行政中心来进行国际商务活动，国际贸 易法允许他们仅仅缴纳 2% 的公司税。相反的，如果他们通过安 道尔公司的形式来设立商务架构和作为公司的所有人，那么安道 尔的控股公司是最佳形式，因为它可以免除公司税。最后，如果 客户希望进行资本投资而获取利息，则可以创建某种私人财富管 理架构，比如说 SICAV 公司，公司税税率仅在 0% 和 1% 之间。 不管选择何种架构，最终需要牢记的优势是：安道尔居民不需要 支付从安道尔公司所获得红利的个人所得税。 4. 安道尔未来所面临的最大问题和挑战是什么？ 新的安道尔模式，至今为止还未被其邻国之外的国家所知，却意 味着国际关系的新模式，可以在国际上向我们的合作伙伴和客户 展现：这些客户包括企业主、投资者、租赁者、研发机构的人以 及从事文化、体育和艺术事业的人等等……安道尔欢迎所有人， 每一类人都能成为我们新一代的安道尔公民。这一新模式将让安 道尔的社会更多元化和与众不同。建设这一和谐社会是安道尔政 府和人民所面临的最大挑战。 第二个主要挑战是安道尔需要和其它国家和欧盟就它的新国际政 策建立和加强而保持关系，这会以签订特定协议的形式来表现， 比如说，安道尔正和许多国家协商签订“安道尔免双重征税条约”。 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？ 安道尔税务框架允许居民利用它极具竞争力的税务系统来保护资 产。如上所述，财富税和遗产税的零税率让家族能整合和保护家 族遗产，强健的国际化银行系统则保证了投资和金融机会的充裕。 安道尔税务和经济框架符合经合组织成员国标准，因此保证客户 能在符合国际法律标准的前提下营商。

The new Andorran model, until now unknown beyond our neighboring countries, implies a new model of international relations so it can be revealed internationally and our future partners and customers from around the world: business owners, investors, renters, people from the world of research and development, the world of culture, sport, art… all of whom will be welcomed, each destined to become a part of the new genre of citizens resident in the Principality of Andorra. This new model will make way for a new distinct and plural Andorran society. Building this new society in harmony is one of the most important challenges for Andorran institutions and citizens.

The second key challenge for Andorra as a country is to keep on building this new international policy by means of a great range of international relations with other countries and the European Union, which should be reflected in specific agreements, such as the Tax Conventions Andorra is negotiating and signing with many countries.

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?

The Andorran tax framework allows residents to protect both assets and their succession by means of a competitive taxation system. As mentioned above, the inexistence of a Wealth Tax and an Inheritance Tax allows families to consolidate and protect the family heritage in a context where the investment and financial opportunities are granted by a solid and international bank system. Andorran tax and economic framework have been approved by the OECD members, and therefore clients can be sure they work within the international legal standards.

Speaking in terms of products, Andorran financial institutions deal with a great range of clients with different specific needs and objectives. The new legal framework has motivated these institutions to offer customized wealth management services worldwide to optimize investment returns and their succession.

6. What can Andorra offer to Chinese or Asian clients in general?

Andorra is a unique place that provides a large list of opportunities to Asian clients because of its attractive

2014 Trusts & Foundations Guide China Offshore

187

行政特区 jurisdictions

Q &A

就产品来说，安道尔金融机构满足有不同需要的各类客户。新的法 律框架让这些机构更有动力向全球范围内的客户提供定制化的财富 管理服务，使他们的投资回报最大化和达到资产传承的最优化。 6. 总体来说，安道尔能为中国或亚洲客户提供什么服务？ 安道尔由于其充满吸引力的优势，以及它在欧洲得天独厚的战略 性地理位置和新经济和法律框架，能为亚洲客户提供的大量机会。 · 安道尔位于欧洲心脏部位的地理位置让亚洲客户能在很短时间 内获得申根签证，让他们能在更大范围内营商和发展业务。安道 尔是进入欧洲市场的门户。 · 紧邻如巴塞罗那、巴黎和马德里等国际大都市，让安道尔成为 居住和营商的极佳之选。特别是巴塞罗那和它独具吸引力的商业 大道，距离安道尔仅仅三小时的车程。此外，安道尔附近的直升 机场和未来的机场都将这个国家和其相邻国家的距离缩短到一小 时之内。 · 得益于安道尔和西班牙、葡萄牙和法国签订的协议，亚洲客户 在把安道尔作为他们业务和投资的国际税务平台的同时，也能在 西班牙、葡萄牙和法国居住。 · 如上所述的个人和公司税的低税率，也同时符合所有国际组织 的法律标准。 · 安道尔的服装、汽车和其它行业不仅提供高质量的服务，而且 极具价格优势。 · 安道尔居民的闲暇时间很多，文化和体育活动都近在咫尺，这

combination of advantages provided by a strategic placement in Europe and the advantages coming from the new economic and legal framework. · The privileged situation of Andorra at the heart of Europe makes it possible for Asian clients to obtain the visa Schengen in short terms, which would give them access to a vast area in which grow their businesses. Andorra is an ideal gate to the European market. · The proximity to important metropolis such as Barcelona, Paris, Madrid makes Andorra an attractive place to live and do business. Especially, Barcelona and its attractive commercial boulevard is at less to three hours by car. Moreover, the heliport and the future airport next to Andorra will connect our country with these major cities within a range of one hour. · Thanks to the agreements Andorra has signed with Spain, Portugal and France, Asian clients have plenty of options to establish their residency in one of these countries while using Andorra as an international tax platform for their businesses and investments. · The low taxation on individuals and corporations, widely mentioned above, respects all legal standards from the international organizations. · Andorra provides a great quality of services and competitive prices concerning major clothing, automotive and other sectors’ firms. · Andorran residents have a great deal of leisure, cultural and sports activities at arm’s length and for all seasons: museums, cultural centers, Romanic art, orchestras and cinemas; winter sports such as skiing or ice skating and summer sports such as one of the best golf complexes in the region, tennis courts, football pitches or trekking routes. · The exceptional situation of Andorra in the Pyrenees makes possible a unique and healthy environment, translated into one of the longest life expectancies in the world.

里还有为数众多的博物馆、文化中心、罗马艺术中心、歌剧和电 影院；冬季的体育活动有滑雪或滑冰，夏季的活动有该地区最佳 的高尔夫球场、网球场、足球场和徒步旅行线路。

来源：Pere Auge & Yuhong Ai Yu-An Corporation SL 合伙人

· 安道尔在比利牛斯山脉的极佳位置让高质量的生活环境成为可 能，也是世界上期望寿命最长的国家之一。

188

Trusts & Foundations Guide 2014

Source: Pere Auge & Yuhong Ai Partners of Yu-An Corporation SL.

行政特区 jurisdictions

Austria

2014 Trusts & Foundations Guide China Offshore

189

行政特区 jurisdictions

概况

奥地利

General

Austria

实体类型

有限责任公司

政治稳定性

优秀

Type of Company

GmbH

法律类型

民法

现成公司可用率

有，但不多

Common or Civil Law

Civil

受益人披露

无

注册地变更

不允许

建立新公司所需时间

6 周至 2 个月

双重征税协定

超过 40 个国家和地区

姓名语言要求

拉丁语系

成立条件 股东最低人数

1

管理人员最低人数

1

是否允许公司董事

是

法定股本要求

35000 欧元

本地要求 注册办公室

需要

公司秘书

不需要

当地管理人员

无

当地会议

需要

政府注册管理人员

需要

是否允许无记名股票

不允许

政府注册股东

需要

重复政府费用 最低年税 / 证书费用

25000 奥地利希林

年收入申报费用

2000 奥地利希林

190

Trusts & Foundations Guide 2014

Political Stability

Shelf Company Availability

Disclosure of Beneficial Owner

Migration of Domicile Permitted

Time to Establish a New Company Double Taxation Treaty Access Language of Name

Corporate Requirements

Excellent

Yes, but not used very widely.

No No

Six weeks to two months Over 40

Latin Alphabet

Minimum Number of Shareholders / Members

One

Corporate Directors / Managers Permitted

Yes

Minimum Number of Directors / Managers

Usual Authorised Capital Local Requirements

One

Euro 35,000

Registered Office/Agent

Yes

Local Directors

No

Company Secretary Required

Local Meetings

Government Register of Directors / Managers Bearer Shares Allowed

Government Register of Shareholders Recurring Government Costs

Minimum Annual Tax / Licence Fee Annual Return Filing Fee

No

Yes Yes No

Yes

ATS 25,000 ATS 2,000

行政特区 jurisdictions

行政特区：奥地利 地区：欧洲 货币：欧元 语言：德语 时区：UTC+1

Country: Austria Region: Europe Currency: Euro (EUR) (€) Languages: German Time Zone: UTC +1

电话区号：+43 通讯状况：良好

Phone Code: +43 Communications: Good

简介

Introduction

奥地利和东欧的关系一直以来都很密切，自苏联解体后，吸引着东

Austria has traditionally had close links with Eastern Europe, and has attracted significant numbers of companies from the region since the collapse of the Soviet Union. Approximately 67% of the Austrian workforce is employed in the country's service sector, although industry accounts for around 27% of the workforce, and agriculture the remainder. As might be expected from a country with such a developed service sector, the standard is high, and the workforce generally well educated. The Vienna Stock Exchange showed a return to form in 2012 after a poor performance in the two years preceding, with the leading index, the ARC of the Vienna Stock Exchange, rising by around 28%.

欧大量公司来到奥地利。奥地利有大约 67% 的劳动力队伍在这个 国家的服务行业任职，有 27% 的工人仍在工业领域，剩余的在农 业领域工作。对这么一个服务业高度发达的国家来说，我们可以预 见的是，行业标准非常之高，劳动力队伍大部分都有很高的教育 程度。维也纳证券交易所在经历了两年的惨淡之后，在 2012 年开 始回暖，领先的指数包括维也纳证券交易所的 ARC 指数，上升了 28%。 适合领域： 财富管理、资产管理、银行业、基金管理、航运、游艇、电子商务、 不动产所有权

Suitable for: Wealth Management, Treasury Management, Banking, Fund Management, Shipping, Yachting, E-commerce, Property Ownership

2014 Trusts & Foundations Guide China Offshore

191

奥地利的控股体系 作为东西方世界之间的桥梁，奥地利 是一个完美的枢纽，能够帮助投资者 在境外投资中获得税收效率。如果要 获得奥地利控股税收体系带来的好处， 投资者无需一个特殊目的公司，任何 奥地利企业实体（比如有限责任公司 或股份公司）以及欧洲企业实体在奥 地利的常设机构都可以从奥地利控股 体系中获益。

如果奥地利公司希望让资本利得应税， 那它可以选择那么做。这家奥地利公 司只需要在税收申报时进行“勾选”， 可以选择哪些由于出售股份而获得的 资本利得应当缴税。获得的股息仍然 享受免税的待遇。

无受控外国公司（CFC）立法

国内控股：

奥地利的法律没有 CFC 或类似的法 规。尽管如此，我们需要知道境外附 属公司取得的收入会如何影响奥地利 母公司的纳税情况。

就奥地利两家公司之间的母子公司股 息支付，作为接受方的奥地利公司享 受免税的待遇。一家奥地利公司出售 其持有的另一家奥地利公司的股份所 获得的资本利得需要支付所得税，标 准的固定税率为 25％。与股份收购有 效相关的融资成本可以享受全额抵扣 的待遇。

如果奥地利公司持有股份的境外实体 能够获得被动收入，那么出售此类股 份或者从该公司获得股息时，奥地利 公司需要支付税款。仅仅持有此类公 司的股份不会触发任何税费。

境外控股：

哪些应当被视为被动收入？

如果一家奥地利公司持有境外法人实 体（相对于奥地利有限责任公司）至 少 10％的股份至少一年，奥地利公司 获得的任何股息以及出售境外公司股 份获得的资本利得都可以在奥地利享 受免税的待遇。

如果以下收入由境外子公司获得，并 且同时这家子公司的总体税收负担不 超过 15％，那么奥地利税务当局将会 把此类收入归类为被动收入：

无论奥地利是否与外国签署税收条约 如果奥地利公司的境外子公司位于一 个免税条约国或者一个离岸司法管辖 区，那么也可以享受免税的待遇。 无负债权益比率或资本弱化规则 奥地利不适用资本弱化规则或负债权 益比率，这两者会限制利息支付的抵 税额度。因此，奥地利的企业可以利 用收购外资股权或任何其它投资。利 息可以获得完全的税收抵扣，并且可 以冲抵奥地利公司获得的任何其他收 入。 奥地利对支付给境外银行的利息没有 预提税，且无论它们位于何处。因此 即便是支付给离岸公司的利息也不需 要在税源地奥地利支付任何预提税。 奥地利的“勾选”体系

192

英属维尔京群岛 有限公司

·利息收入 ·版税收入 ·通过出售其他公司中少于 10％ 的股份获得的资本利得 如果股息来自租金收入（被认为是主 动收入），那么它将是免税的。 即便境外子公司无需缴税，股息也是 免税的。 我们需要知道，如果境外子公司通过 购买和出售证券、国债或者股权获得 收益，那么这些将被认为是主动收入， 因此向奥地利时公司支付的任何股息 以及奥地利公司获得的资本利得将是 免税的。 举例 : 股息和资本利得 （见附图） 境外附属公司录得亏损 基于新的集团税收体系，海外附属公 司所遭受的损失可以从奥地利控股公

Trusts & Foundations Guide 2014

开曼群岛 有限公司

租金收入 本地税负 :0

境外附属公司

奥地利控股制度的主要特点是什么？

奥地利 控股公司

在奥地利是免税的

巴拿马 有限公司

瓦努阿图 有限公司

咨询收入 本地税负 :0

经营酒店 本地税负 :0

非洲工厂 主动收入 本地税负 :0

司的国内税基中扣除，前提是奥地利 公司持有境外附属公司 50％以上的股 份。 如果境外实体使用这些损失来抵扣自 己的税收负担，那么奥地利公司就无 法针对这些境外损失进行税收抵扣。 虽然境外附属公司的亏损能够从奥地 利母公司的税基中扣除，该境外实体 支付的股息是免税的。 即便境外实体无需纳税，境外实体支 付的股息也能够享受免税的待遇。 间接控股 根据奥地利的法律，如下图所示，奥 地利控股公司通过合伙制进行间接控 股同样能够获得收入免税的待遇：

通过奥地利公司获得版税收入 奥地利公司经常被用于获得来自国外 的版税收入。奥地利与其他国家签署 了大量的税务条约（超过 89 个），这 些条约中的大部分针对与奥地利公司 相关的版税支付采取零预提税的政策。 奥地利与以下国家或地区签署了条 约： 比利时，伯利兹，保加利亚，加拿大， 克罗地亚，塞浦路斯，捷克共和国， 丹麦，埃及，法罗群岛，法国，格鲁 吉亚，德国，希腊，匈牙利，爱尔兰， 意大利，卢森堡，马耳他，荷兰，挪 威，俄国，圣马力诺，斯洛伐克共和 国，斯洛文尼亚，南非，瑞典，瑞士， 塔吉克斯坦，土库曼斯坦，乌克兰， 阿拉伯联合酋长国，英国，美国

税收协定网络 考虑到奥地利拥有广泛的条约网络（目 前有 90 个条约），包括巴巴多斯、伯 利兹、爱沙尼亚、香港、列支敦士登、 卢森堡、马耳他、圣马力诺、瑞士、 新加坡、阿联酋和塞浦路斯等国（这 些国家和地区同样拥有非常吸引人的 税收制度），因此这些非常具有吸引 力的税务条约提供了大量的税收筹划 机会。 双重居民身份的企业 无论位于何处，任何法人实体都能够 利用奥地利的控股体系，前提是境外 母公司的管理运作在奥地利进行。比 如，一家英属维尔京群岛公司持有一 家俄罗斯或者乌克兰公司的股份，但 是英属维尔京群岛的执行董事居住在 奥地利。

对其他缔约国而言，预提税得到了显 著的降低，仅为 3％至 10％，只有在 某些情况下为 15％。 根据奥地利税法的相关规定，通过奥 地利公司作为中介的版税所得仅需承 担 4％至 8％的所得税税率。 奥地利贸易公司 奥地利公司可以作为离岸本金的完美 代理，从货物贸易中获得的利润所需 承担的有效税率仅为 2％至 5％。 总结 大型的条约网络、完美的控股体系以 及能够获得奥地利税务当局有约束力 的裁决让奥地利成为了控股公司和未 来税务规划活动的完美场所。

Sponsor Article

The Austrian Holding Regime Austria, at the gateway between East and West, is a perfect hub for making investments into foreign countries tax efficiently. For being able to obtain the benefits of the Austrian Holding Tax Regime there is no need for a special purpose company but any Austrian corporate entity like a GmbH (company with limited liability) or AG (stock corporation) as well as Austrian permanent establishments of European corporate entities can benefit from the Austrian Holding Privilege.

What are the key features of that Austrian holding regime ?

Domestic holding: Intercompany dividends paid between two Austrian companies are tax exempt in the hands of the receiving Austrian company.

Capital gains arising from the sale of shares in an Austrian corporation held by another Austrian corporation are taxable and are due to the standard flat corporate tax of 25 %.

Financing costs effectively connected with the acquisition of the shares held are fully tax deductible.

Foreign holdings: Provided that the Austrian company holds at least 10 % of the shares of a foreign corporate entity, comparable to an Austrian GmbH, for at least one year, any dividends received by the Austrian company and any capital gains resulting from the sale of the shares of the foreign corporation are tax exempt in Austria.

Regardless whether Austria has a treaty with that foreign country or not.

This tax exemption is also valid if the foreign subsidiary of the Austrian company is located in a non-tax treaty country or in an off-shore jurisdiction.

No debt-equity ratios or thin cap rules Austria does not apply thin capitalization rules or debt-equity-ratios which would limit the deductibility of interest payments.

So Austrian corporations can leverage the acquisition of foreign shareholdings or any other investments. Interest is fully tax deductible and can compensate any other income which is achieved by the Austrian corporation.

There is no withholding tax on interest paid to foreign lenders, regardless where they are located. So even interest payments to off-shore companies are not exposed to any withholding tax at source in Austria.

The Austrian “check-the-box”-system An Austrian corporation can make capital gains taxable if it wishes to do so. The

Austrian company just has to “check-thebox” in its tax return and can select for which participation any capital gains resulting from a sale should be taxable.

Nevertheless dividends received stay taxexempt.

The foreign subsidiary NO CFC legislation Austrian law does not know CFC-legislation or similar regulations. Nevertheless it is important to know how income achieved by a foreign subsidiary has impact on the tax situation of the Austrian parent company.

Provided that the Austrian corporation holds shares in a foreign entity which achieves passive income the sale of such a participation and the dividends when, paid to the Austrian company, will be taxable. The mere holding of such corporations does not trigger any taxes.

What is seen as passive income ?

The Austrian tax authorities categorize income as passive if the following income is achieved by the foreign subsidiary and, at the same time, the overall tax burden of this subsidiary is not more than 15 %. ·Interest income ·Royalty income ·Capital gains achieved by selling shareholdings of less than 10 % in other corporations Dividends are tax exempt if resulting from rental income (considered to be active income) Dividends are tax exempt even if the foreign subsidiary is not subject to taxes It is important to know, that if the foreign subsidiary achieves profits from buying and selling securities, treasury bonds or stocks this is considered to be active income and therefore any dividends paid to the Austrian company and any capital gains achieved by the Austrian company are tax exempt.

Example: Dividends and capital gains are $$$$

The foreign subsidiary is making losses Due to the new group taxation system, losses, suffered by foreign subsidiaries, can be set off from the domestic tax base of the Austrian company holding shares in such a subsidiary, provided that the Austrian company holds more than 50 % of the shares of the foreign subsidiary. These foreign losses have to be exposed to taxes in the hands of the Austrian corporation when the foreign entity is using these losses as a loss carry forward to compensate its own tax burden.

Austrian Holding

TAX EXEMPT IN AUSTRIA

British Virgin Islands Ltd.

Cayman Islands Ltd.

Panama Ltd.

Vanuatu Ltd.

consulting income runs a hotel local tax: 0 local tax: 0

rental income local tax: 0 African factory active income local tax: 0

Although losses from the foreign subsidiary can be set off from the tax base of the Austrian parent dividends paid by such a foreign entity are tax exempt.

These are the treaties with:

Indirect holdings

Belgium, Belize, Bulgaria, Canada,Croatia, Cyprus, Czech Republic, Denmark, Egypt, Faroer Islands, France, Georgia, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Malta, Netherlands, Norway, Russia, San Marino, Slovak Republic, Slovenia, South Africa, Sweden, Switzerland, Tadjikistan, Turkmenistan, Ukraine, United Arab Emirates, United Kingdom, United States.

According to Austrian law also indirect participations via partnerships lead to tax exempt income for the Austrian holding company as the following graphic shows:

In case of other treaty countries the withholding tax rate is significantly reduced ranging between 3 % and 10 %, only in some cases 15 %.

Tax treaty network

Using regulations laid down in Austrian tax law such royalty income routed via an Austrian company can lead to a profit exposed to a tax bracket of only 4 % to 8 %.

Such dividends from foreign entities are tax exempt even if the foreign entity is not due to taxes.

Taking into consideration that Austria has a far reaching treaty network (currently 90 treaties) including countries like Barbados, Belize, Estonia, Hong Kong, Liechtenstein, Luxembourg, Malta, San Marino, Switzerland, Singapore, UAE and Cyprus just to name a few of those, which also have very interesting tax regimes, it is of course a fact, that these very interesting tax treaties open a bundle of tax planning opportunities.

Dual resident companies Any corporate entity, regardless where domiciled, has access to the Austrian holding system, provided that the management of the foreign parent company is located in Austria. This would be the case when a BVI company is holding shares in a Russian or Ukrainian company but the managing director of the BVI company is resident in Austria.

Austrian Trading Company An Austrian Company can serve perfectly as an agent for an off-shore principal and profits resulting from the trade of goods are then exposed to an effective tax bracket of only 2 % to 5 %.

Summary The large treaty network in combination with a perfect holding regime together with the possibility to obtain binding rulings from the Austrian tax administration make Austria a perfect place for holding companies and further tax planning activities.

Obtaining royalty income via Austrian companies Austrian companies are quite often used to obtain royalty income from foreign sources.

Austria has a large number of tax treaties (more than 89) with other countries and a large number of these treaties provide for a zero withholding tax rate levied upon royalty payments to or from Austrian companies.

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

2014 Trusts & Foundations Guide China Offshore

193

行政特区 jurisdictions

奥地利私人基金会 Austria Private Foundations 私人基金会（Privatstiftung）与普通法信托在民法方面颇 为相似。委托人必须将至少 7 万欧元的资产以现金或实物 的方式授予私人基金会（至少在撰写本文之时）。若资本 是实物形式，则需要审计参与。

The private foundation (Privatstiftung) is the civil law cousin of the common law trust. A grantor must endow the Privatstiftung with assets of at least EUR 70,000 (at the time of writing) in the form of cash or in kind. If capital is raised as a contribution in kind, an audit is required.

在奥地利，满足某一标准的私人基金会当前可享受多项财 政优势：

In Austria private foundations which meet certain criteria currently enjoy a number of fiscal advantages:

i) 资产转让征税 需根据转移至私人基金会的资产价值，支付 2.5% 的资本转 让税（房地产情况下加 3.5%）。这种资本转让税率远少于 适用于奥地利赠与及遗产税率，否则需通过捐赠的方式来支 配资产的转让。（注：若资产未以私人基金会的形式保留至 少 10 年的期限，则会反过来正常征收赠与或遗产税）。

194

Trusts & Foundations Guide 2014

i) Tax on Transfer of Assets: A capital transfer tax of 2.5% (plus 3.5% in the case of real estate) is payable on the value of assets transferred into a private foundation. This capital transfer tax rate is considerably less than the tax rates applied under the Austrian gift and inheritance laws which otherwise govern the transfer of assets by way of donation. (N.B. If the assets are not retained in the private foundation for a minimum period of 10 years then normal rates of gift or inheritance taxes are levied retrospectively).

行政特区 jurisdictions

ii) Tax on Income Earned: Private foundations are considered corporate entities for tax purposes and therefore subject to corporate income tax at the standard rate. However unlike other corporations they benefit from a number of fiscal advantages:

ii) 所得税 私人基金会被视为出于税收目的而设立的实体企业，因此 需以标准税率对其征收公司所得税。然而，与其他企业不 同的是，他们具有许多财政优势： 股息收入：通过持有当地或非当地实体企业的股权，私人 基金会可获得股息收入，这种收入在以私人基金会的模式 下免征企业所得税。（在奥地利，当地企业从非当地企业 所收到的股息仅在企业所有权比例及持股时间满足某些严 格的标准之后才会免征企业所得税）。然而，国际化私人 基金会免征股息收入仅适用于在税收协定中没有降低外国 代扣所得税的情况。 利息收入和资本收益：银行存款、债券或共同资金的利息 收入以及出售大量股权所得的资本收益即 1% 或更多，按 25% 的税率征税。当在受益人中进行收益分配时，这种税 可以抵免代扣所得税。（在奥地利资本收益以企业收入的 形式征税，当地企业实体出于获利目的出售当地企业实体 的股份时，无法免征企业收入税）。 iii) 收入分配税： 通过私人基金会分配收入，无论接受者是个人或是公司， 目前需被征收 25% 的代扣所得税，但税率可通过税收协定 得以降低。此后，接受者则无需再缴税。然而，若接受者 是享有更低边际税率的个人，则可能会被再征收部分代扣 所得税。若接受者是实体公司，则无需再征收代扣所得税， 但考虑到企业所得税的税率，事实上，分配收入将无需再 征税，这种财政处理可能代表了重大的财政让步。 （注：不允许基金会参与商务、农业或林业活动（副业除 外）也不允许接管合伙企业的管理或承担合伙企业的个人 责任）。

Dividend Income: Dividend income received by a private foundation on a shareholding held in a resident or nonresident corporate entity is exempted from corporate income tax in the hands of the private foundation. (In Austria dividend income received by a resident corporation from a non-resident corporation is only exempted from corporate income tax if certain strict criteria can be met with regard to percentage ownership of the company and the time that the shareholding has been owned). However, the international participation exemption for dividend income is only applicable in cases in which foreign withholding taxes have not been reduced under a tax treaty.

Interest Income and Capital Gains: Interest income from bank deposits, bonds or mutual funds as well as capital gains from the disposal of substantial shareholdings, i.e. 1% or more, are subject to a 25% tax rate. Such tax will be credited against withholding tax on distributions to beneficiaries. (In Austria capital gains are taxed as corporate income and resident corporate entities are not exempted from corporate income tax on the profitable disposal of shares in a resident entity). iii) Tax on Income Distributed: Income distributed by the private foundation is currently subject to a final withholding tax of 25% whether the recipient is an individual or a corporation, and this may be reduced by tax treaties. Thereafter no taxes are payable by the recipient. If however the recipient is an individual with a lower marginal tax rate part of the withholding taxes may be re-claimed. Where the recipient is a corporate entity no reclaim can be made but taking into account the rate of corporate income tax and the fact that no more taxes will be levied on the income distributed, this fiscal treatment potentially represents a substantial fiscal concession.

(N.B. A foundation is not allowed to carry on business, agricultural or forestry activities (except as sideline activities) nor to take over the management of or assume personal liability for a partnership).

2014 Trusts & Foundations Guide China Offshore

195

行政特区 jurisdictions

Austria

奥地利

1. 作为一个金融辖区，奥地利在私密性和资产保护方面对中国的 高净值人士或家族（等）的财产向下一代的传承方面来说有哪些 优势？ 奥地利的最主要优势不仅在于实打实的税收优势，还奥地利完美 的声誉和法律环境，确保资产的私密性不受侵犯。 奥地利没有任何净财富税收或遗产税或赠与税，而且提供和其它 的金融辖区签订的 64 项投资保护协议。前提是投资是由一家奥地 利公司进行的且属于另外一个金融辖区，奥地利政府将对投资者 遭受的损失进行赔偿。 奥地利的银行业务私密性仍然是世界最强的，且是许多家族专注 于在奥地利持股和进行资产管理的额外因素，而不用在意资产的 所在地是哪里。 2. 价格方面，奥地利基金会和其它金融辖区相比有什么区别？是 否更昂贵？客户能获得的附加价值是什么？ 把所有奥地利私人基金会所能提供的优点考虑在内，和其它辖区 比，成立和维护这样的基金会的费用是出乎意料的低廉。第一眼 看上去价格或许有点昂贵，但把奥地利现在签订的 90 个面双重征 税协议考虑在内，世界范围内无可比及，奥地利基金会是唯一一 个获得由加拿大税务法庭授予的质量鉴证（Seal of Quality）的基 金会，表示奥地利基金会并不透明且是收入获得后的受益所有人， 设立和维护这样的奥地利私人基金会的费用可以忽略不计，且世

196

Trusts & Foundations Guide 2014

Q &A

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

The key advantages of Austria as a jurisdiction in terms of privacy & asset protection for Chinese HNWI or a Family are not only the material tax advantages but also the perfect reputation of Austria and the legal environment which absolutely protects privacy.

Austria does not know any net wealth taxes or inheritance taxes or gift taxes but also provides 64 Investment Protection Agreements with other jurisdictions. Provided that investments made via an Austrian company get nationalized in the other jurisdiction, the Austrian government will compensate the damages suffered by the investor.

Banking secrecy is still one of the strongest in the world and is an additional factor for many families to concentrate the holding and management of their assets in Austria, regardless where these assets are located.

2. In terms of cost, how is the cost of a Austrian Foundation compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this.

Taking into consideration all these benefits an Austrian private foundation is offering to a family the cost for establishing such a foundation and maintaining it are surprisingly low in comparison to other jurisdictions. At first sight the cost might look expensive but taking into consideration that the Austrian private foundation has access to currently 90 Double Taxation Treaties, a benefit which no other foundation worldwide has and taking into consideration that the Austrian private foundation is the only foundation which got a Seal of Quality, namely by the Tax Court of Canada, which confirmed that the Austrian foundation is not transparent and is the

行政特区 jurisdictions

Q &A 界任何其它地方都不能提供相同的有利条件。 3. 奥地利是否提供信托？你是否觉得中国 / 亚洲的客户在使用这 个架构时有否喜好？这一喜好是否正在改变？ 奥地利不提供信托，奥地利是一个民法国家，且不认可信托这一 概念。大多数客户并不清楚的是，和不具透明度的基金会相反，

beneficial owner of the income achieved, the cost for establishing such an Austrian private foundation and maintaining it are neglectable and no other foundation in this world can offer these benefits.

3. Does Austria also offer Trusts? Do you see a preference from your Asian/Chinese clients using one structure more than the other? Is this preference changing?

大挑战是什么？

Austria does not offer trusts, Austria is a Civil Law country and does not know the concept of trusts. What most of the clients are not yet aware about is that contrary to foundations, which are not transparent, trusts are transparent and therefore do not have access to any tax treaties. This is a big disadvantage when dividend distributions are made and therefore no treaty protection can be applied. Quite a large number, and this number is constantly growing, of Asian / Chinese clients are realizing that now and therefore there is a constant growing number of Asian / Chinese clients using Austrian foundations.

最大的“挑战”是大多数的家族已经习惯于能够随手可得的现成

4. What is the biggest challenges Austria or yourself faces when setting up a foundation for an Asian or Chinese family?

信托是透明的因此不适用于任何税务协定。对于分红方面，这是 一个很大的缺点，因此不适用于任何税收协定所能提供的保护。 有非常多的中国客户和亚洲客户已经意识到这一缺点，因此有越 来越多的中国和亚洲客户转而使用奥地利基金会这一架构。 4. 您个人或奥地利在为中国或亚洲家族设立基金会时所面临的最

离岸架构。 即使如此，银行和越来愈多的税务机构开始忽略这一现成的架构 和这些架构的低价格，因为这些现成离岸架构的负面税务影响正 在发生作用。 5. 为中国和亚洲客户进行规划时您遇到的最大问题和挑战是什 么？解决这些问题的方案又是什么？ 最大的问题和挑战当然是保持控制权，这不仅是存在于中国或亚 洲客户中的普遍现象，也是世界范围内的现象。奥地利私人基金 会翻案提供完美的方案为这些客户保持控制权。 奥地利基金会的信托授予人在奥地利基金会法案中规定有更大的 权力： ·他挑选第一个管理董事会 ·他能随时修改公司宪章和非公开章程

The biggest “challenge” Austria and we self face when setting up a foundation for an Asian or Chinese family is that most of those families are used to offshore structures which you can get off-the-shelf.

Bank compliance and more and more tax administrations however disregard such off-the-shelf structures and the lower cost of such structures are by far outweigh by the negative tax impacts of such off-the-shelf structures.

5. What are some of the biggest issues & challenges you come across when planning for Chinese or Asian clients?

What are the solutions that your jurisdiction provides for these issues?

The biggest issue and challenge is of course keeping control, a phenomenon which is not only seen with Chinese or Asian clients but with all clients worldwide. The Austrian Private Foundation Act however provides perfect instruments for the clients to keep control.

·他能决定他死后的一切事宜

The settlor of an Austrian foundation has far reaching rights granted by the Austrian Private Foundation Act as follows:

·他能向管理层提供怎样投资和如何投资的指导方针

·He selects the first board of management

·他能随时撤消基金会

·He can amend the charter and the non-public by-laws at any

·他能随时决定新的受益人

time ·He can determine how much is paid to whom and when

6. 在贵辖区的中国客户在持有信托或基金会时会受到世界范围内

·He can determine what happens after he has died

的税务信息自动交换趋势的什么影响？

·He can give guidelines to the management board of how to

·他能决定何时支付和支付金额

事实上世界范围内的税务信息自动交换趋势对中国客户使用奥地 利私人基金会时不会产生任何影响。

invest and into what ·He can revoke the foundation at any time ·He can determine new beneficiaries at any time

2014 Trusts & Foundations Guide China Offshore

197

行政特区 jurisdictions

Q &A 奥地利私人基金会是任何收入的实际受益人，者也由加拿大税务 法庭所确认，因此委托人或受益人都不被认为是收入的实现者， 而奥地利私人基金会才是事实上的收入实现者。所以奥地利私人 基金会是客户合法避税的最完美工具。 7. 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。贵辖区在这方面有什么更加方案吗？ 奥地利对上述两方面都有更佳方案。资产保护方面，因为奥地利 私人基金会是一个没有股东的公司实体，且是资产的受益所有人。 且这里没有后继承税、赠与税或净财富税。前提是委托人在死后 他的家族成员之一或所有家族成员成为该基金会的受益人，这不 会触发任何税收问题，世界范围内也是如此！ 8. 您工作中遇到的中国或亚洲客户遇到的最热点问题是什么？ 唯一的热点问题是保持对财产的控制力和基金会所有的资产或资 金用于商务或客户的私人用途。但是奥地利的系统提供完美的工 具来实现这一目标，不会违反法律或背负极端的税务负担。 9. 中国客户为什么在众多的金融辖区内要选择贵辖区来架构他们

6. What affect will the worldwide automatic tax information exchange have on Chinese clients holding trusts and or foundations in your jurisdiction?

Practically speaking there will be no affects of the worldwide automatic tax information exchange on Chinese clients using an Austrian private foundation. The Austrian private foundation is the beneficial owner of any income achieved, as this was confirmed by the Canadian Tax Court, and therefore neither the settlor nor the beneficiaries of an Austrian foundation are considered having achieved the income which is achieved by the Austrian private foundation. Therefore the Austrian private foundation is a perfect instrument to fence off legally the client from any tax impacts.

7. 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?

Austria has the better solution for both, both for asset protection and for asset succession. Asset protection because the Austrian private foundation is a corporate entity without shareholders and is the beneficial owner of the assets. And there is no inheritance tax, gift tax or net wealth tax levied in Austria. Provided the settlor passes away and one of his family members or all family members become beneficiaries of the foundation this does not trigger any kind of tax at all.

Worldwide !

的资产传承方案？

8. What are the current pressing issues or hot topics that your experiencing right now with your Asian/Chinese clients?

奥地利有完美的声誉且是稳定和可信赖的金融辖区。奥地利私人

The only pressing issue or hot topic is keeping control and being able to use the funds and the assets owned by the foundation for business or private purposes of the client. But the Austrian system provides perfect instruments to make this possible without violating law or without being exposed to an extreme tax burden.

基金会提供客户所期待的所有一切，不管是资产保护或资产传承 方面都能提供。此外，这里没有遗产税或赠与税或净财富税，奥 地利和其它 90 个金融辖区签订了免双重征税协议，在资产管理和 投资收益方面免税，且确保在外国投资方面获得的收入不会遭受 最高级别的资本预提税的纳税等级，这在其它传统的金融辖区或 架构中是不可避免的。 奥地利是法律和税务豁免方面，在岸转向离岸的完美辖区，且同 时满足银行合规要求。

9. Why would a Chinese client choose your jurisdiction over any other jurisdiction to structure their asset succession plan?

Austria has a perfect reputation and is a stable and reliable jurisdiction. The Austrian private foundation offers all what clients are looking for, both in regard of asset protection as well as asset succession. Furthermore there is no inheritance tax or gift tax or net wealth tax levied in Austria and Austria has 90 Double Taxation Agreements with other jurisdictions and 64 Investment Protection Agreements with other countries which are a perfect framework for not only managing assets and making investments and achieving a return on investment taxfree but also guarantees that income from foreign investments is not exposed to the highest possible withholding tax bracket at source as it would be in case of other jurisdictions or off-shore structures.

Austria is the perfect on-shore jurisdiction to go off-shore in a legal and tax exempt way and meeting the requirements of bank compliance at the same time.

Source: Erich Baier/Bilanz Data

198

Trusts & Foundations Guide 2014

行政特区 jurisdictions

Cyprus

2014 Trusts & Foundations Guide China Offshore

199

行政特区 jurisdictions

概况

塞浦路斯

General

Cyprus

架构类型

信托

法律类型

普通法

Type of Structure

Cyprus International Trust

建立信托所需时间

1到2天

最低政府费用（不包括税收）

印花税 430 欧元

Time to Establish a Trust

1-2 days

是否签订免双重征税协定

否

国外收入课税

如果受益人是非塞浦路斯居民的话此 税为零

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

Type of Law

Minimum Government Fees (excluding taxation) Double Taxation Treaty Access

独立法人最低人数

至少 1 个合格的居民受托人

公司法人最低人数

1 个合格的受托人

是否要求有当地受托人

是

公众访问记录权限

否

会议地点

任何地方

需要

可选

持有专业资格

可选

Standard Currency

Any

Minimum Assets Required

No minimum

Permitted Currencies

公众访问权限

否

At least one eligible resident Trustee

If Local Trustee Required

Yes

Minimum Number if a Body Corporate

Publicly Accessible Records Meeting Location

Required

Professional Qualifications Held

Requirements to Prepare

审计要求

否

公众访问账户权限

否

Audit Requirements

是否允许迁册

是

200

Publicly Accessible Accounts Other

否

Trusts & Foundations Guide 2014

Anywhere

Optional Optional

The Trustee is required to keep records of the assets forming the trust property

受托人须保存形成信托财产的资产记 录

法定继承权

No

No

准备要求

其他

One eligible Trustee

Publicly Accessible Accounts

账户

Any

Minimum Number if Individuals

Trust Deed

信托契书

No

Trust Assets

Protector

保全

Stamp Duty of Euro 430 Zero if beneficiaries are non- Cyprus residents

Taxation on Foreign Income

Trustees

受托人

Common

Forced Heirship Rules

Change in Domicile Permitted

No No

No

Yes

行政特区 jurisdictions

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

简介

Introduction

塞浦路斯是一个独立的民主共和国，也是英联邦成员国。它的国民

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.

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%。 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

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.

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

2014 Trusts & Foundations Guide China Offshore

201

行政特区 jurisdictions

塞浦路斯信托法律框架、创建规则和价格 Cyprus Legal Framework and Formation Rules and Fees 塞浦路斯信托法和塞浦路斯信托法第 193 宪章同时开始， 基于英国信托法案 1925 年，但这个岛国的信托体系正式于 1992 年由国际信托法 69（I）号法案和国际通用实践法则 开始实施。 当地的信托由英国普通法和原来的信托法规定。委托人和 受益人一般为塞浦路斯居民，信托和其财产则受制于外汇 管制。 离岸信托和国际信托法规同等，和当地的信托法规一样， 除此之外，受益人必须为非塞浦路斯当地居民且关于该信 托的所有活动都应该在塞浦路斯之外进行。 国际信托是塞浦路斯信托外国委托人使用最多的信托架构。 国际信托必须满足以下特点： ·委托人必须非当地居民 ·受益人也必须为非当地居民（除了当地的慈善信托之外） ·受托人之一必须是塞浦路斯人（个人或公司均可） ·信托时长可最高达 100 年（慈善信托可以更长） ·私密性由法律保护，外国判决并不得到承认 ·没有注册要求 ·信托文件为英文 ·信托资产可以不包括在塞浦路斯的不动产 ·债权人需要证明其目的且必须在两年内申请 ·在塞浦路斯设立的信托没有注册或报告要求，也不必在 信托委托书中指认该信托的受益人姓名 国际信托法禁止信托中的任何受托人或其他人，包括政府 机关或中央银行的官员曝光信托的任何信息。只有对民事 或刑事法诉讼过程起到决定性作用的前提下，法庭才能要 求信托提供相关信息。

来源：全球信托指南 Source: Global Trust Guide

202

Trusts & Foundations Guide 2014

Cyprus trust law began with the Cyprus Trustee Law Chapter 193, based on the English Trustee Act 1925, but the island's trust regime was brought into line with normal international practice with the International Trusts Law 69(I) of 1992.

Local Trusts are governed by English common law and the original Trustee Law. The settlor and beneficiaries are normally residents of Cyprus, and the trust and its property are subject to exchange controls.

Offshore Trusts are equally outside the International Trusts legislation, and are the same as Local Trusts except that their beneficiaries must be non-resident and all the trust's activities must be outside Cyprus.

International Trusts are the normal form of Cyprus Trust used by foreign settlors. International Trusts have the following key characteristics: ·the settlor must be non-resident ·the beneficiaries must also be non-resident (except for local charities) ·one of the Trustees must be Cypriot (individual or corporate) ·the trust period may be up to 100 years (longer for charitable trusts) ·confidentiality is protected in the law, and foreign judgements are specifically non-recognized ·there is no registration requirement ·trust documents are in English ·trust assets may not include immovable property in Cyprus ·creditors have to prove intent and must claim within two years ·there are no registration or reporting requirements for trusts established in Cyprus not is it required to identify in the trust deed the names of the beneficiaries of the Trust.

International Trusts Law prohibits any of the trustees or any other persons including government officials and officers of the Central Bank from disclosing any information regarding the trust. Only a court may by order allow the disclosure of information where the disclosure is of paramount importance to the outcome of the particular civil or criminal proceedings.

行政特区 jurisdictions

2014 Trusts & Foundations Guide China Offshore

203

行政特区 jurisdictions

塞浦路斯

Cyprus

1. 贵金融辖区在私密性和资产保护方面对中国家族和高净值在认 识来说有什么优点？ ·塞浦路斯有金融辖区独一无二的塞浦路斯国际信托（CIT）： CIT 对财产授予人所住地的所有法律规定来说具有压倒性的法律 效力。 ·塞浦路斯国际信托法相对其它任何法律或协议来说都具有压倒 性优势； ·一种资产保护工具：在委托人破产或清算时不能要求对其资产 有关的索赔或对债权人对委托人关于对其资产方面的任何法律诉 讼程序负责。 ·继承法无效——法定继承权规则的规避：在委托人死亡的情况下， 任何信托资产的转移向指定受益人的分配，在塞浦路斯法律或其 它任何法律规定下不受影响，但是这些资产的转移必须依据信托 书的条款； ·继承权的确定性； ·文件或信托信息是严格保密的不会泄露的。除非法庭命令之外， 任何人都不能泄露该信托的任何信息，或 CIT 的受益人的任何信息； ·能够改变适用法律和修改信托书规则的能力； ·高度的保护——向信托提出质疑的法定时间限制是两年之内； ·创建快捷——通常在两个工作日之内； ·灵活性：委托人可以选择继续行使对资产的控制权，委托人能 作为保护者，可以改变 / 增加 / 撤消受益人。

204

Trusts & Foundations Guide 2014

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?

• Cyprus courts have exclusive jurisdiction as to the validity of Cyprus International Trusts (CIT):- the CIT prevail over any legal provisions applicable in the domicile of the settlor.

• The provisions of Cyprus International Trust Law have express Superiority of over any other law , or treaty applicable in Cyprus; • An asset protection vehicle:- No claim can be filed in relation to the assets of the Trust in the case of bankruptcy or liquidation of the assets of the Settlor or in cases of institution of legal proceedings against the Settlor by his creditors; • The succession laws do not apply - Avoidance of forced heirship rules: In case of the death of the Settlor, any transfer or disposition of Trust Property to the identified Beneficiaries cannot be challenged based on the succession laws of Cyprus or of any other country BUT such transfer shall be made pursuant to the terms of the Trust deed; • Certainty of succession.

• Strict confidentiality as to disclosure of documents or Trust information. Unless a court order is issued no one can disclose any information related to the Trustees, the beneficiaries or to the CIT. • Ability on changing the proper law and ability in amending the provisions of the Trust Deed; • High protection-The legal time limit to challenge the Trust is two years.

• Quick to set-up: usually within 2 working days.

• Flexible:- The Settlor may choose to continue exercising control over the assets, the settlor may act as a protector, may change/add/remove beneficiaries.

行政特区 jurisdictions

Q &A 2. 价格方面，在贵辖区设立信托的价格和其它金融辖区相比有什 么区别？如果价格更贵，客户能够获得的额外价值是什么？ 在这里设立信托只收取 430 欧元的印花税，向印花税委员会支付。 还需要另行支付起草信托书的律师费。 3. 贵辖区的信托或基金会是否是客户比较偏爱的架构？您为什么 认为是这样？外来是否会有所改变？ 是的，因为塞浦路斯国际信托法规让塞浦路斯非税务居民在塞浦 路斯创立信托，享受最高级别的国际资产保护和税务优惠，以及 严格的私密性。我们不认为这会有改变。 4. 总的来说，为中国和亚洲客户进行财产规划时您遇到的最大问 题和挑战是什么？贵金融辖区提供的解决方案是什么？ 我们没有遇到特定的问题。塞浦路斯国际信托法在遇到个案时具 有很高的灵活性。

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?

On establishing the trust there is stamp duty of only Euro 430 to be paid to the Commissioner of Stamp Duty plus the Lawyers’ fees for the drafting of the Trust Deed.

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?

Yes, because the Cyprus International Trust regime enables the non-tax residents of Cyprus to create a Trust in Cyprus and to enjoy the highest possible degree of asset protection internationally along with the tax benefits and strict confidentiality capabilities. We do not expect any changes.

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?

We were not faced with any particular issues. The Cyprus International Trust Law is very flexible in any case.

2014 Trusts & Foundations Guide China Offshore

205

行政特区 jurisdictions

Q &A

5. 我们知道一些金融辖区专长资产保护，另一些则专注于资产传 承产品。贵金融辖区在这些方面是否有更好的解决方案？ 塞浦路斯国际信托在资产保护产品和遗产传承方面的专长高效、 成功和平等。 6. 贵辖区的基金会法是什么时候颁布的？ 信托概念在塞浦路斯基于英国普通法的法律体系中是一直存在的。 1992 年国际信托法第 68 号（I）/92 号得到颁布，在 2012 年颁布 了国际信托（以修改第 20（I）/2012 号法案）进行了修改以适应 现代要求。 7. 贵辖区法律中的哪些主要特征让信托和基金会在塞浦路斯对投 资者更具吸引力？

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?

The Cyprus International Trusts focus effectively, successfully and equally on both, on asset protection vehicles and for asset succession.

6. When were trust and foundation law introduced in your jurisdiction The notion of the trust was always a part a Cyprus Legal system and was based on the English Trust Law. In 1992 The International Trust Law No. 69(I)/92 was enacted and was modernized in 2012 by the International Trust (Amending Law) No 20(I)/2012.

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

最高级别的在国际范围内的资产保护，税务优势和私密性保护。

The highest possible degree of asset protection internationally, the tax benefits and strict confidentiality capabilities.

8. 投者应该知道塞浦路斯的哪些最新的信托 / 基金会方面的发展？

8. Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of?

最新的修改案颁布于 2012 年（国际信托法（修改案）第 20（I） 2012 号），让塞浦路斯信托法规和塞浦路斯国际信托法更具现代 化，且更加有效和有更高的可操作性。塞浦路斯国际信托法现在 是国际上最受欢迎的信托法之一。

206

Trusts & Foundations Guide 2014

The latest amendment introduced in 2012 (International Trust (Amending Law) No 20(I)/2012) has modernized the Cyprus trust regime and Cyprus International Trust has become even more effective and practicable. The Cyprus International Trust is nowadays one of the most favorable trust regimes internationally.

Guernsey

2014 Trusts & Foundations Guide China Offshore

207

行政特区 jurisdictions

概况

耿西岛

General

Guernsey

架构类型

信托

法律类型

耿西岛 2007 年信托法

Type of Structure

Trust

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）

无 - 耿西岛的居民有责任就其全球 收入纳税。

Time to Establish a Trust

There are no time restrictions to esatblish a trust

国外收入课税

无

是否签订免双重征税协定

是

Minimum Government Fees (excluding taxation) Taxation on Foreign Income

Double Taxation Treaty Access

Trust Assets

信托资产 标准货币

英镑

允许币种

任何币种，取决于信托条款

是否对信托资产限制

无，取决于信托条款

独立法人最低人数

一个耿西岛信托必须有两个受托人

公司法人最低人数

否

公众访问记录权限

否

会议地点

取决于受托人所在地点

最低人数

至少 1 个可指认人士

公众访问记录权限

否

委托人和受托人可否成为受益人

是

准备要求

受托人必须保持其托管的准确帐目及 纪录

审计要求

无，除非信托条款另有规定

提交账户要求

否

公众访问账户权限

否

年度审计

不需要

提交年度报表要求

否

是否允许迁册

是，前提是信托条款允许法律改变。

Trusts & Foundations Guide 2014

Any, subject to the terms of the trust

Minimum number if individuals

A Guernsey trust must have two trustees.

Publicly accessible records

No

Minimum number if a body corporate Meeting Location

No

Depends on location of trustees

Minimum Number

At least one identifiable person

Can Settlor and Trustee be a Beneficiary

Yes

Publicly Accessible Records

No

Requirements to Prepare

A trustee must keep accurate accounts and records of their trusteeship

Requirements to File Accounts

No

Audit Requirements

Publicly Accessible Accounts

None, unless the terms of the trust provide otherwise No

Annual Audit

Not required

Requirement to File Annual Return

No

Other

其他

Yes

None, subject to the terms of the trust

Annual Requirements

年度要求

No

Limitation to Trust Assets

Permitted Currencies

Accounts

账户

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

Normally sterling

Beneficiaries

受益人

Trusts (Guernsey) Law, 2007

Standard Currency

Trustees

受托人

208

Type of Law

Change in Domicile Permitted

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

行政特区 jurisdictions

金融辖区：耿西岛 地区：欧洲 货币：英镑 (GBP) (£) 语言：英语 时区：UTC 0

Country: Guernsey Region: Europe Currency: Pound Sterling (GBP) (£) Languages: English Time Zone: UTC 0

区号：+441481 通讯设施：良好

Phone Code: +441481 Communications: Good

简介

Introduction

耿西岛的经济很大程度上依赖于金融业。为了保护有限的资源，政

The economy is dominated by the finance sector. To protect its limited resources the government tends to discourage labour-intensive inward investment controlled by non-residents. There are no investment grants or incentives, but electronics and other knowledge-based industries are encouraged. Guernsey has Europe's largest captive insurance sector as well as strong banking, investment fund and trusts sectors, with a well-developed advisory and financial infrastructure.

府由外国非居民控制的不鼓励劳动密集型产业投资。这里没有投资 激励政策或投资补助金，但是电子和其它知识密集型产业却是政府 所鼓励的。耿西岛有欧洲最大的专属保险业和强健的银行业、投资 基金业和信托产业，其顾问行业和金融基础设施也非常发达。 海峡群岛股票交易中心已成为欧洲公司金融业最重要的节税地。这 里没有公司税，但是金融公司需要缴纳的税低至 10%。耿西岛是 控股公司和贸易公司面向欧洲业务和电子商务的基地。 离岸工具： 财富管理、财资管理、银行业、保险、基金管理、航运、游艇、贸 易金融、控股公司、电子博彩业、房地产所有权

The Channel Islands Stock Exchange, which has become a key part of tax-efficient European corporate finance, is based in Guernsey. There is no corporate tax, except for financial companies which pay tax at 10%. Guernsey remains a favored base for holding and trading companies working into the EU, and for e-commerce activity.

Suitable for: Wealth Management, Treasury Management, Banking, Insurance, Fund Management, Shipping, Yachting, Trading Financial, Holding Companies, E-gaming, Property Ownership

2014 Trusts & Foundations Guide China Offshore

209

行政特区 jurisdictions

概况

耿西岛

General

Guernsey

架构类型

基金会是具有独立法人资格的实体

法律类型

耿西岛 2012 年基金会法

Type of Structure

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

有限责任

无

建立基金会所需时间

提交耿西岛注册处注册基金会只需 2 个小时，一般情况下 24 小时

Limited Liability

N/A

基金会最低资本金（等值货币）

初始资本可包含任何资产

基金会资本货币

币种无限制

公众访问记录权限 基金会章程

要求

基金会管理规则

可选

受益人

不可以，一个耿西岛基金会应该有 受益人和 / 或法律目的，包括非慈 善用途。

创始人

可以或者他们的居民代理

Time to Establish a Foundation

保全要求

当受益人被剥夺权利或基金会因目 的而成立需要有一个监护人

是否允许企业保全

是，一个企业法人可作为一个监护 人

理事会成员最少人数

一家耿西岛基金会必须有两个理事 会成员，除非宪法另有规定

是否允许有企业理事会成员

是，一个企业法人可作为一个理事 会成员

会议地点

没有具体要求

基金会代理

是

是否需要秘书

无

章程语言

英语

管理条例语言

英语

Publicly Accessible Records

No restrictions on currency

Foundation Charter

Required

Beneficiaries

No. A Guernsey foundation may have Beneficiaries and/or law purposes, including non-charitable purposes.

Foundation Regulations

Name of Founder

准备要求

理事会必须保存在注册办公室的基 金会记录。

审计要求

无，取决于宪法条款

年度政府费用

500 英镑，格恩西岛注册的慈善机 构零费用。企业所得税 - 0％。

是否允许迁册

是

Trusts & Foundations Guide 2014

Yes or their resident agent

A Guardian is required only where there are disenfranchised beneficiaries or the foundation is for a purpose.

Minimum Number of Council Members

A Guernsey foundation must have two Council Memebers, unless the constitution provides otherwise.

Corporate Protector Permitted

Corporate Council Members Permitted Meeting Location

Yes - A corporate body may act as a Guardian.

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

Not specific requirements

Foundation Agent

Yes

Language of Charter

English

Secretary Required

Language of Regulations Requirements to Prepare Audit Requirements

Other

其他

Optional

Protector Required

Accounts

账户

Register a foundation with the Guernsey Registrar in 2 hours (normally 24 hours)

Foundation Capital Currency

Local Requirements of Foundation

基金会本地规定

The Foundations (Guernsey) Law, 2012

Foundation Capital Minimum (equivalent Any initial capital which may comprise in currency) any property.

Officers of Foundation

基金会管理成员

210

Type of Law

Annual Government Fee

Change in Domicile Permitted

N/A

English The council must keep records of the foundation at the regsitered office.

None, subject to the terms of the constitution

£500 except if a Guernsey-registered charity, which is £0. Corporate income tax – 0%.

Yes

行政特区 jurisdictions

耿西岛的法律体系、组建规则及费用 Guernsey Legal Framework and Formation Rules and Fees The Guernsey law of trusts was codified in 1989 along broadly Anglo-Saxon lines in the Trusts (Guernsey) Law 1989, since updated by the Trusts (Guernsey) Law 2007.

On the whole it gives extra protection to beneficiaries. This law does not apply directly in Alderney or Sark, but has a substantial influence on trusts in those jurisdictions.

耿西岛信托法编制于 1989 年。1989 年信托法（耿西岛） 更新为 2007 信托（耿西岛）法后大致与盎格鲁 - 撒克逊 条款一致。该信托法从整体上来说可为受益人提供额外的 保护。该信托法不直接适用于奥尔德尼岛或萨克岛，但对 这些辖区的信托存在深远影响。 耿西岛的信托文件均为英文。当地信托没有注册要求，设立 信托无需费用，除了居留信托（即受益人为居住在当地的人）， 无需年度报告费用。必须持有信托账户，但无需审计。耿西 岛信托恒继期的最高年限为 100 年，尽管 2007 年新引入的 立法对此有所改变（见下文）。当地法律不认可国外判决， 且可以否决国外法律中的法定继承权条款。 当信托受益人未居住在当地，无论其收入是否分配，国外 收入均享有耿西税收及耿西银行收益的完全豁免权。尽管 通常情况下是直接向受益人进行征税，但是对于受益人居 住在耿西岛的，可能会根据信托收入对信托的受托人征税。 受托人有权定量供给受益人任何补贴。单位信托的处理方 式同其他信托一致；因某些条件的限制，耿西岛持有单位 的存在不会影响豁免权。 就国际信托而言，用非当地居民的受托人取代耿西受托人 有可能改变信托的适用法从而有可能将耿西信托法迁到国 外；同样的，建立在其他辖区的信托，通过委派耿西岛当 地受托人也有可能将信托移至耿西岛。尽管当地信托无需 审计，非当地居民信托的受托人无需提交收益报告或将信 托账户提交给所得税监管员，但仍需设立信托账户，并对 其进行维护。

Trust documents are in English. There are no registration requirements for trusts, no fees are payable on formation, and there are no annual reporting requirements other than for resident trusts (ie. those with resident beneficiaries).

Trust accounts must be kept but there is no audit requirement. The maximum perpetuity for Guernsey trusts was 100 years, although the introduction of the new legislation in 2007 changed this (see below). The law provides for non-recognition of foreign judgements, and forced heirship provisions in foreign law can be overridden.

When the beneficiaries of a trust are non-resident, full exemption from Guernsey taxation is given to foreign income and Guernsey bank interest, by concession, whether or not the income is distributed. The trustee of a trust with Guernsey-resident beneficiaries may be charged with tax due on trust income, although the tax is normally assessed directly on the beneficiary. The trustee is entitled to any allowances which would apply to the beneficiary.

Unit trusts are treated in the same way as other trusts; the existence of Guernsey unit-holders does not affect exemption, subject to some conditions.

As far as International Trusts are concerned, it is possible to export a Guernsey trust replacing Guernsey trustees with nonresident trustees and changing the proper law of the trust; equally, a trust established in another jurisdiction may migrate to Guernsey by appointing Guernsey resident trustees. Trust accounts must be maintained although they do not require auditing and the trustees of a nonresident trust do not need to submit returns or provide trust accounts to the administrator of income tax.

来源：全球信托指南 Source: Global Trust Guide

2014 Trusts & Foundations Guide China Offshore

211

耿西岛 — 信托和基金会的领导者

Guernsey –

A Leader In Trusts and Foundations

By Wendy Weng

耿西岛金融局 Guernsey Finance

耿西岛作为领先的国际金融中心（IFC）之一，有丰富专业的经验为包括中国人 在内的全球高净值人士提供离岸财富管理服务。 耿西岛金融业历史悠久，可以追溯到半个世纪之前。这里的财富管理行业由 150 多家领先的持证公司组成，行业范围包括本地企业、精品公司、大规模的和国 际性的组织等。 耿西岛提供的第三国地址对中国的高净值个人和家族来说，即使分处全球各地， 都能利用这里的税务制度来保护和管理他们的财富，为下一代造福。这一财富 规划方式能以各种复杂的，包括信托、公司或基金会等形式的架构来实现。

Wendy Weng Wendy Weng 是耿西岛金融局 ——

耿西岛金融业促进机构的中国代表。 Wendy Weng is the China Representative for Guernsey Finance – the promotional agency for the Island’s finance industry.

Contacts: Tel: +86 21 51167512 Email: w.weng@guernseyfinance.com.cn

Guernsey, as a leading International Finance Centre (IFC), has significant experience and expertise in supplying offshore wealth management services to individualsfrom around the world, including China.

With a heritage dating back more than 50 years in the provision of financial services, Guernsey’s wealth management sector is made up of more than 150 lead corporate licensees, ranging from local, boutique providers to large, multinational organisations.

The Island provides a third country location from which Chinese individuals and families, who may be spread across the globe, can protect and manage their wealth and assets in a tax efficient manner for the benefit of future generations.

This wealth planning may be provided through a variety of sophisticated structures including trusts, companies or foundations.

www.guernseyfinance.com

212

Trusts & Foundations Guide 2014

|

www.guernseyfinance.com.cn

Sponsored Article

信托和公司

Trusts and Companies

和

nlike Caribbean jurisdictions such as the British Virgin Islands (BVI) and Cayman Islands which promote the use of ‘off the shelf companies’, Guernsey’s use of sophisticatedstructures such as the Private Trust Company (PTC) ensures that trusts can be built bespoke to client requirements – recognising that each individual’s or family’s needs are different.

包括英属维尔京群岛和开 曼 群 岛 这 样 以 使 用“ 空 壳 公 司” 著 称 的 加 勒 比 金 融 辖区不同，耿西岛采取的复杂架构， 比 如 私 人 信 托 公 司（PTC）， 能 确 保 信 托 对 客 户 的 量 身 定 做 —— 让 每 一位家族成员或个人的要求都得到 满足。 信托在英国和美国的成功使用已经 有多年历史，但是这一概念在民法的 政 特 区， 比 如 中 国， 人 们 并 不 十 分 熟 悉， 对 许 多 客 户 来 说， 把 财 富 和 资产的控制权拱手相让送给完完全 全 的 陌 生 人 显 然 让 人 无 法 接 受 —— 虽 然 这 些 陌 生 人 是 专 家 —— 但 仍 让 人 感 觉 不 适。 不 过 不 必 担 心， 耿 西 岛能对此作出解释。

U

The trust has been successfully used in the United Kingdom (UK) and United States (US) for many years but the concept is less familiar in civil law jurisdictions such as China and as such, for many clients, the idea of handing over control of wealth and assets to complete strangers

www.guernseyfinance.com

|

– albeit professionals – is an uncomfortable prospect. Yet, Guernsey can address these concerns.

Firstly, Guernsey has wellestablished legislation and supporting legal infrastructure including courts which have many decades of experience in dealing with judicial matters. Secondly, within the arrangements of a standard Guernsey trust there are special provisions which allow for the Settlor to take control of the wealth or assets; the use of structures involving a PTC or purpose trust gives the Settlor greater control – they may sit on the board of the PTC and also be in command of the purpose trust which is the ultimate authority over the PTC board.

www.guernseyfinance.com.cn 2014 Trusts & Foundations Guide China Offshore

213

首先，耿西岛有异常完备的法律法规 和 司 法 基 础 设 施 建 设， 包 括 有 数 十 年丰富庭审经验的法庭法官。其次， 标准的耿西岛信托要求有特殊条款， 允许委托人行使对财富或资产的控 制权；使用的架构包括 PTC 或目的 信托，给予委托人更大的控制权—— 他们能同时列席 PTC 的董事会也能 行 使 目 的 信 托 的 控 制 权， 他 们 才 是 PTC 董事会的最终权威。 另要着重说明的是，除了税务方面， 信托委托人控制财富或资产时，特别 是在他们毫无经验或没有管理此类 事务的专业度时，是具有危险性的。 的 确， 信 托 是 被 英 国 或 美 国 成 功 使 用 了 很 长 一 段 时 间， 但 前 提 是 受 托 人是独立的金融专业人员。 同 样 地， 如 果 资 产 传 承 规 划 是 目 的 的 话， 为 了 让 家 族 财 产 成 功 地 向 下 一 代 的 转 移， 客 户 就 需 要 在 一 定 程 度 上 放 弃 财 产 的 控 制 权。PTC 架 构 允许财产的控制权以最合适的方式 逐步向下一代过渡。 基金会 对一些客户来说信托并不是最正确 的选择，因此 2013 年初，耿西岛基 金 会 宣 告 出 台。 它 能 作 为 传 统 上 允 许委托人来保持对财富和财产控制 权的 PTC 和目的信托的替代品来使 用。 和信托相比，基金会更多的像一家公 司， 是 一 个 公 司 实 体， 有 独 立 的 法 律 特 性， 资 产 由 该 架 构 所 持 有， 而 不是属于某一个受托人。我们知道， 基金会和公司的不同之处是它没有 董事会需要负责的股东，但相反地， 它 以 受 益 人 的 名 义 来 持 有 资 产（ 以 它 自 己 的 名 字）， 同 时 也 是 为 了 特 定 的 目 的。 这 里 没 有 受 托 人 但 是 理

It should be stressed though that, aside from the tax implications, there are dangers in the Settlor controlling the wealth or assets, especially if they are not experienced or have particular expertise in managing such affairs. Indeed, trusts have been successfully used for many years in the UK and US precisely because the trustees have been independent financial professionals.

Similarly, where dynastic planning is the goal, for the family wealth to successfully pass down through the generations, the client will have to give up control at some stage. The PTC structure allows for control to be handed over gradually with following generations brought in as and when most appropriate.

www.guernseyfinance.com

214

Trusts & Foundations Guide 2014

|

Foundations For some clients a trust is not the right option and therefore, at the start of 2013, the Guernsey Foundation was introduced. It can be used as an alternative to the PTC and purpose trust arrangements that have traditionally been used to allow Settlors to retain control over assets and wealth.

Compared to a trust, a foundation is more like a company in that it is an incorporated entity with a separate legal personality where assets are owned by the structure rather than the trustees. Having said that, a foundation differs from a company in that it does not have shareholders to whom the board are accountable but instead it holds assets (in its own name) on behalf of the beneficiaries,

www.guernseyfinance.com.cn

Sponsored Article

事 会 成 员 则 扮 演 了 同 样 的 角 色， 且 在 没 有 得 到 明 确 授 权 的 前 提 下， 不 能从他们所处的地位获利。 基金会法律包括基金会设立目的的 章 程， 初 始 资 产 和 时 长（ 也 可 以 是 无 限 时 长）， 还 有 规 定 理 事 会 和 业 务流程的规章制度等。 耿西岛知道一些客户可能会担心他 们 的 隐 私 是 否 得 到 保 护， 因 为 基 金 会是在册登记的实体，和信托不同， 信息是对公众开放的。在耿西岛，只 有非常有限的信息才会向公众公布， 而 在 其 它 金 融 辖 区， 整 个 章 程 都 是 毫 无 遮 拦 的。 因 此， 耿 西 岛 的 方 式 也意味着这一有限的可视度让耿西 岛基金会的这种架构形式存在价值 显而易见。 早些时候在耿西岛注册的基金会都 是 慈 善 性 质 的， 我 们 认 为 这 一 趋 势 将 会 持 续， 但 我 们 也 看 到 这 一 架 构 为 越 来 越 多 的 传 统 私 人 财 富 管 理、 遗产规划和其它家族财产安排的目 的而设立。

for particular purposes, or both.

There are no trustees but instead council members provide much the same role of acting in good faith and cannot, without express authorisation, profit from their position.

The foundation’s constitution comprises a charter setting out the foundation’s purpose, initial assets and duration (which may be unlimited) as well as rules prescribing, among other things, the functions of the council and procedures they must follow.

commonly visible. Yet, Guernsey’s approach also means that this limited visibility offers the benefit of easily proving the foundation’s existence.

The early foundation registrations in Guernsey were for philanthropic purposes and we expect to see this continue going forward but we are also now seeing structures set up for more traditional private wealth management, estate planning purposes and other family arrangements.

Managed Services

Guernsey has taken note of the fact that some clients may worry about confidentiality because as foundations are registered entities, they are, unlike trusts, publicly visible. In Guernsey, only very limited details are available to the public whereas in some other jurisdictions the whole charter is

Guernsey also offers a particularly unique solution to help banking groups establish a presence in the Island – the administered bank.

This is where a group new to the Island utilises the infrastructure and expertise of an existing

管理服务 耿西岛也提供特别独特的帮助银行 业 务 集 团 进 驻 岛 上 的 解 决 方 案 —— 管 理 银 行。 这 是 当 一 个 新 集 团 来 到 岛 上， 充 分 利 用 这 里 现 有 服 务 提 供 商 的 基 础 设 施 和 专 业 服 务 的 方 式。 利用管理银行的服务是非常具有性 价 比 和 高 效 的 方 式， 以 此 在 耿 西 岛 上 成 立 银 行 分 行 或 分 支 机 构， 把 这 里 作 为 一 个“ 测 试 点” 或 未 来 更 大 发展的“孵化器”。 另 一 个 相 似 的 方 式， 管 理 制 信 托 公 司（MTC）是一个以现成的认证服 务供应商来行使信托业务运营功能

www.guernseyfinance.com

|

www.guernseyfinance.com.cn 2014 Trusts & Foundations Guide China Offshore

215

Sponsored Article

的方式，由另一家公司设立和所有。 举 例 说， 他 们 允 许 A 公 司 能 够 利 益 拥有一家耿西岛 MTC 公司 B，为 A 公司的客户提供服务。这一 MTC 将 由一家耿西岛的信托服务公司管理， 提供所有必要的管理人员和确保它 符合当地的法律规定。 耿西岛的优势 耿西岛区别于其它金融辖区的最主 要优势是它位于英国和欧洲之间的 地理位置。这为这它提供快速和便捷 到达上述两大市场的通路，另外它和 英 国 处 于 同 一 时 区， 让 业 务 能 在 同 一 天 同 时 在 亚 洲 和 美 洲 开 展。 耿 西 岛也处于一个没有自然灾害的地区， 这里气候温和，营商环境特别优越。 耿 西 岛 2007 年 在 上 海 设 立 办 公 室 后，有一家公司在耿西岛的业务也随 之 发 展 壮 大。 法 律 事 务 所 Ogier 在 香 港 和 上 海 都 有 办 公 室， 现 在 香 港 的 MourantOzannes 办 公 室 也 已 成 立。 财 富 管 理 公 司 Louvre, Nerine 和 Newhaven 也 在 香 港 设 立 了 办 公 室，Richmond 信托集团也在上海开 设了办公室。

provider to establish a presence in Guernsey. Using an administered banking service provider is a cost-effective, time-efficient way to establish a banking subsidiary or branch in Guernsey which can act as a ‘test-bed’, or incubator, for something more substantial in the future.

In a similar way, a Managed Trust Company (MTC) is the arrangement by which an existing licensed service provider takes responsibility for the operational functions of a trust business, set up and owned by another company. For example, they allow company ‘A’ to beneficially own a Guernsey MTC ‘B’, which then provides services to company A’s clients. This MTC would be administered by a Guernsey based fiduciary services company which would provide all necessary officers and ensure it complies with local regulations.

www.guernseyfinance.com

216

Trusts & Foundations Guide 2014

|

Guernsey Advantages A major advantage that Guernsey has over other jurisdictions is that it is located in between the UK and Europe. This means that it offers quick and easy access to both these markets and, being in the same time zone as the UK, enables business to be conducted with both Asia and the Americas in the same day. The Island is also situated in an area free from natural disasters and with a temperate climate so that business continuity is ensured.

A number of Guernsey-based firms have also developed their own presence in the region following the opening of our Guernsey representative office in Shanghai in 2007. Law firm Ogier has offices in Hong Kong and Shanghai and MourantOzannes is now established in Hong Kong.

Wealth managers Louvre, Nerine and Newhaven have established offices in Hong Kong and Richmond Fiduciary Group has opened an office in Shanghai.

www.guernseyfinance.com.cn

行政特区 jurisdictions

Liechtenstein

2014 Trusts & Foundations Guide China Offshore

217

行政特区 jurisdictions

概况

列支敦士登

架构类型

信托授产安排（没有法律实体）

法律类型

民法

建立信托所需时间 最低政府费用（不包括税收） 是否签订免双重征税协定

大约 1 周

Type of Structure

Type of Law

Time to Establish a Trust

200 瑞士法郎（包含关税大约 700 瑞士 Minimum Government Fees (excluding taxation) 法郎）

是

Double Taxation Treaty Access

信托（授产安排）是没有特点的捐赠。 他们只需支付最低企业所得税（1200 Taxation on Foreign Income 瑞士法郎）。

国外收入课税

Trust Assets

信托资产 标准货币

无最低限制，瑞士法郎，美元，欧元 和其他可接受的通用货币

允许币种

瑞士法郎，美元，欧元和其他可接受 的通用货币

最低资产要求

无限制

Standard Currency

Permitted Currencies

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

公众访问记录权限

无

会议地点

推荐在列支敦士登举行会议

保全 需要

可选

持有专业资格

可选

公众访问权限

否

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

信托授产安排不要求，但是信托契约 书可指定审计人员

公众访问账户权限

否

法定继承权

无

是否允许迁册

是，取决于信托契书

Trusts & Foundations Guide 2014

around 1 week

200CHF (in total normally 700CHF including duties)

Yes

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

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

CHF, USD, EUR and any common currencies acceptable

1

Minimum Number if a Body Corporate

If Local Trustee Required

Publicly Accessible Records

No

No

No

Meeting Location

Protector

No, but meetings in Liechtenstein recommended.

Required

Optional

Professional Qualifications Held

Optional

Publicly Accessible

No

Requirements to Prepare Audit Requirements

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.

Publicly Accessible Accounts

No

Forced Heirship Rules

Not applicable

Other

其他

Civil law

Minimum Number if Individuals

Accounts

账户

Trust settlement(no legal entity)

No Limitation

Trust Deed

信托契书

Liechtenstein

Minimum Assets Required

Trustees

受托人

218

General

Change in Domicile Permitted

Yes, depends on the trust deed.

行政特区 jurisdictions

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

简介

Introduction

列支敦士登是君主立宪制国家，有土地 160 平凡公里，人口为

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.

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。 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。 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

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 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.

Suitable for: Banking, Fund Management, Yachting, Trading Financial, Intellectual Property/Licensing, Holding Companies

2014 Trusts & Foundations Guide China Offshore

219

行政特区 jurisdictions

概况

列支敦士登

General

Liechtenstein

架构类型

基金会

法律类型

混合法系

Type of Structure

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

Limited Liability

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

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

公众访问记录权限 基金会会章

否

基金会管理条例

否

受益人

否

创建人

否

Type of Law

Time to Establish a Foundation

Foundation Capital Minimum (equivalent in currency)

Foundation Charter

No

Beneficiaries

No

Foundation Regulations Name of Founder

Protector Required

可选

是否允许企业安保

是

理事会成员最低人数

2 个（其中一个在列支敦士登有执照） Minimum Number of Council Members

会议地点

是

推荐在列支敦士登进行会议

基金会本地规定 基金会代理

是

是否需要秘书

否

会章语言

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

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。

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

Corporate Council Members Permitted

年度政府费用

是

是否允许迁册

是

Trusts & Foundations Guide 2014

No No Optional Yes

2 (one with a license in Liechtenstein) Yes

Local Requirements of Foundation

No, but meetings in Liechtenstein are recommended.

Foundation Agent

Yes

Meeting Location

Secretary Required Language of Charter Language of Regulations

Requirements to Prepare Audit Requirements Other

其他

220

Corporate Protector Permitted

Accounts

账户

CHF 30'000 or USD 30'000 or EURO 30’000

Publicly Accessible Records

安保要求

是否允许有企业理事会成员

5 working days

CHF, USD, EUR and any common currencies acceptable

Foundation Capital Currency

Officers of Foundation

基金会管理成员

Hybrid

Annual Government Fee

Change in Domicile Permitted

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.

No

Yes Yes

行政特区 jurisdictions

列支敦士登法律体系、组建规则及费用 Liechtenstein Legal Framework and Formation Rules and Fees Liechtenstein is the only civil law jurisdiction which has adopted largely anglo-saxon trust legislation (contained in the PGR Code), although, unlike the common law trust, there is no bar against accumulation of income, nor against perpetuities.

列支敦士登是唯一主要采用了盎格鲁 - 撒克逊信托立法的 民法辖区（包含在 PGR 法典内），尽管，与普通法信托不 同，它没有禁止收入累积及财产恒继的条例。 列支敦士登是繁荣产业在信托管理方面的理想之所。尽管 其他当地企业模式能够部分替代信托，但信托依旧是保护 资产的高效手段，非盎格鲁 - 撒克逊客户通常更为适应列 支敦士登辖区而非他们可能选择的辖区如前英国殖民地。 设立列支敦士登信托，需在委托人及受托人间达成书面协 议（信托书），或由委托人出具书面信托声明再辅以受托 人对信托的书面接收。该立法实际上标明了信托实际上不 是“信托”而是一种“托管”。

Liechtenstein is home to a thriving business in trust management. Although other local corporate forms offer partial substitutes for the trust, it remains a highly effective means of asset protection, and non-anglo-saxon clients are often more comfortable with Liechtenstein as a jurisdiction than they might be with, for instance, an exBritish colony. A Liechtenstein Trust is set up by a written agreement (Trust Deed) between the trustor (settlor) and trustee(s), or by a written Declaration of Trust by the trustor, matched by a written Acceptance of Trust by the trustee. The legislation in fact does not speak of 'trusts' but of 'trusteeship'.

The Trust Deed does not have to contain the names of beneficiaries. If the Trust Deed is deposited with the Registrar of Trusts, it will not be publicly available, and later instruments (eg naming beneficiaries) will not have to be revealed; if the Trust Deed is not deposited within 12 months, details of the trust must be placed on the public register, comprising:

信托书不包含受益人的名称。若信托书存储于信托注册处， 它不会被公示，且后续的法律文件（如命名受益人文件） 也不会被公示。但如果信托书没有在 12 月内存储于信托注 册处，信托的细节需被置于公共注册处，包括如下信息：

·a description of the trust;

· 信托描述 · 成立日期 · 信托期限 · 受托人名称（交易名称）及地址

·the name (or trade name) and address of the trustee.

注册时需缴纳注册费。如根据国外法律设立的列支敦士登 信托，需缴纳当地税收。若资产介于 200 万 及 1000 万瑞 士法郎之间，列支敦士登信托年税占资产值 0.075%；若 资产超过 1000 万瑞士法郎，年税占资产值 0.05%（在撰 写本稿之时）。

·the date of formation; ·the duration of the trust;

A registration fee is payable on registration. A trust under foreign law is a Liechtenstein Trust and subject to local taxation. Liechtenstein Trusts are taxed annually on their capital value at 0.075% if capital is between SFr 2m and 10m, and 0.05% if capital is over SFr 10m (at the time of writing).

2014 Trusts & Foundations Guide China Offshore

221

行政特区 jurisdictions

列支敦士登基金会 Liechtenstein Foundations

2

008 年，列支敦士登议会批准对辖区基金会法进行 改革。政府声称，既要持续保护隐私又要坚守国际 标准。

I

n 2008, Liechtenstein's parliament approved reform of the jurisdiction's foundations law which, the government claims, adhere to international standards while continuing to protect privacy.

“列支敦士登所有对基金会法的修订基于金融中心客户当 代需求及要求，”政府于 2008 年中旬如是声称。

The new foundation law was due to enter into force on April 1, 2009. The reform is part of the government's ongoing modernization of Liechtenstein company structures which has included revisions to the law governing associations and cooperative societies, and the introduction of the European Company and the European Cooperative Society. As announced by the government, a revision of trust law will follow.

“改革的总体平衡概念…符合国际标准，同时也没有背离 列支敦士登的法律传统，总是将对隐私的保护视为重中之 重，”当地政府如是说。

"Liechtenstein’s total revision of foundation law is based on the contemporary demands and needs of the financial centre's’s clients," the government announced in mid2008.

新的基金会法应在 2009 年 4 月 1 日生效。改革是政府对 列支敦士登公司架构持续进行现代化建设的一部分，包括 对协会和合作社监管法律的修订以及欧洲公司和欧洲合作 社的引入。根据政府宣布，信托法亦将被修订。

“正如政府在改革初期其方针中所规定的，需考虑市场参 与者的需求以及根据科学标准和国际标准衡量创建合法基 金会的需求，”政府声明。 新基金会法是独立的法律实体，具有新的体系结构，与慈 善基金会的私人用途区分开来并强化了创始人的责任。基 金会资产保护要受限于新的规定，即基金会的监督和监管。 作为新的更进一步的关键特性，创始人非转让的权力需要 更多法律确定性和明晰性。 “托管”式基金会，无需在公共注册处注册，虽然一直是

222

Trusts & Foundations Guide 2014

"The balanced overall concept of the reform...meets international standards without deviating from the Liechtenstein legal tradition, which has always considered the protection of privacy to be a valuable good," the government said.

"The requirements of market participants were taken into account, as well as the need to create a legal foundation that can be measured in accordance with scientific criteria and international standards, as the government stipulated in its guideline at the beginning of the reform process," the government stated.

The new foundation law is a self-contained body of law

行政特区 jurisdictions

批判的对象，但依旧得以保留。政府对此作出解释，保留 这种基金会的原因是，若创始人出于家族利益，想要对资 产进行长期规划，这种基金会可以保护创始人的隐私。注 册需求的豁免，仅适用于私人用途的基金会，而不适用于 商业经营的基金会，一般来说仅限于资产管理。 政府也声称，基金会体系的保密性并非列支敦士登独有。 在奥地利，基金会法基于列支敦士登法而设与其关系密切， 基金会必须在企业注册局注册，信托成立伊始，即有专业 受托人代表创始人行事；基金会命名自由，受益创始人可 维持在幕后。 政府也指出，瑞士与旧的列支敦士登基金会法渊源颇深， 家族基金会可免于商业注册。同时，在德国，仅有有限的 基金会可进行公示，通常来说，不会延伸至创始人人员。 列支敦士登公国争论道，若所有的基金会均需注册，包括 无商业目的的私人用途基金会，与国际上其他辖区相比， 这种做法将显著破坏列支敦士登基金会的吸引力。 政府所谓的“未来”项目，规定了列支敦士登经济的未来 愿景，将基金会称作“金融中心的心脏”。列支敦士登政 府相信，新的基金会监管体系将成为国际体系的标准模式。 该“未来”项目也包含如下计划，通过与盎格鲁 - 撒克逊 信托结构的和谐融合，使列支敦士登成为信托的理想之所。

with a new systematic structure differentiating privateuse from charitable foundations and strengthening the responsibility of the founder. The protection of the foundation assets is subject to new rules, as are the supervision of foundations and foundation governance.

The non-transferability of the founders’ rights as a further new key feature entails greater legal certainty and clarity.

The “deposited” foundation, which need not be registered in the Public Registry and has thus been an object of criticism, has been retained. The government justifies the retention of this type of foundation by noting that it serves to protect the confidentiality of the founder if he wants to engage in long-term asset planning in the interest of his family. The exemption from the registration requirement only applies to private-use foundations, however, not to commercially operating foundations, which as a rule are limited to the mere management of assets.

The government also asserts that confidentiality in the foundation system is not peculiar to Liechtenstein.

In Austria, where foundation law is closely based on Liechtenstein law, foundations must be entered in the corporate registry, but since a professional trustee acts on behalf of the founder when establishing the foundation and the name of the foundation may be freely chosen, the beneficial founder can remain in the background.

The government also points out that in Switzerland, with which the old Liechtenstein foundation law had close links, family foundations are exempt from entry in the commercial registry. Meanwhile, in Germany, only a limited publicity of foundations applies, which as a rule does not extend to the person of the founder.

The Principality argues that a switch to a general registration requirement for all foundations, including private-use foundations without a commercial purpose, would significantly diminish the attractiveness of the Liechtenstein foundation in an international comparison.

The government's so-called 'Futuro' project, which sets out the future vision of Liechtenstein's economy, calls foundations the “heart of the financial centre." The government believes that the new system of foundation supervision will serve as a model internationally. The 'Futuro' project also harbors plans to make Liechtenstein into a location for trusts, by harmonizing them with AngloSaxon trust structures.

2014 Trusts & Foundations Guide China Offshore

223

家族办公室 - 为活跃于全球的家族成员个性化需求提供服务

FAMILY OFFICE – Services for the Individual Needs of Worldwide Linked Up Families

By Roger Frick

ROGER FRICK, 受托理事会理事 , ATU 信托公司 , 瓦杜茨 , 列支敦士登 ROGER FRICK, Member of the Board of Trustees, Allgemeines Treuunternehmen (ATU) Vaduz, Principality of Liechtenstein.

家

族 成 员 遍 布 全 球， 家 族 财 产 在 全 球 范 围 内 活 跃， 这 样的家族在各国寻求设立 家 庭 办 公 室。 然 而 除 了 对 国家政治和经济稳定性的需要，它还 必须给人以专业化的感觉，这对建立 相互信任（通常会持续好几代）及关 系网络非常有必要，也能够保证资产 安全和传承规划方面的法律及规划安 全；除此之外，这些家族还在寻找能 够理解并且陪伴资产转移到下一代的 有力伙伴，能够解答对家庭规划所作 出的努力，包括针对年龄和健康状况 所规划的条款。 专业家族办公室通过自己员工或外聘 专家为客户提供有关资产规划、遗产 安排及继承规划、企业销售、资产管理、

224

Trusts & Foundations Guide 2014

An internationally located and worldwide active wealthy family searches Family Office services in countries, where, besides the political and economic stability, it experiences that kind of professionalism, which is necessary to build up mutual trust, often lasting for generations, as well as a relationship network, which guarantees its legal and planning security with reference to asset protection and succession planning. Furthermore, those families are in search of understanding and accompaniment while transferring the assets to the next generation and of answers to its planning efforts with

respect to provision for age and health.

A professional Family Office renders for its customers, either with its own staff or by including external experts, services like asset planning, inheritance planning and succession planning, enterprise sales, administration of assets, tax consultation and legal advice, coordination of the charitable activity of the family and a lot more.

According to the specific needs of a family, the services of a Family Office can also include the administration of the properties, yachts, airplanes or also art collections, which are in the possession of the family. Further, Family

Sponsored Article

税务咨询和法律建议、协调家族慈善 活动及其它更多的服务内容。根据家 族的具体需求，家庭办公室的服务亦 可包括财产、游艇、飞机或艺术收藏 品的管理等，这些也是家族资产的一 部分。另外，家族办公室，当在需要 的时候，也可以处理家族成员的个人 事宜，例如预定旅行、协助选择国外 学校、处理私人信件等，简而言之， 可处理所有私人事宜。 大体上来说，我们可以将家族办公室 划分成两种重要的形式：单一家族办 公室或多家族办公室。单一家族办公 室仅为一个家族提供服务，其资产约 为 5 亿瑞士法郎，同时也需承担该家 族办公室所发生的费用。雇员的数目 可控制在 4-8 人，雇员由各自家族选 择并进行管理。与单一家族办公室相 反的是，多家族办公室同时为几个家 族提供服务，其流动资产最低为 2500 万瑞士法郎。多家族办公室雇员可多 达 25 人，并不由某个家族进行管理， 而通常会由关键人员和合作伙伴所拥 有。 当今世界，各国间合作及透明度日益 攀升。人们期望某种资产结构既能维 持个人控制 / 影响又能保持自由量裁 权 / 保密性和有效性，但这两方面的 分歧却日益突出。值得注意的是，这 两种期望是矛盾的。然而，对专业的 家族办公室负责人而言，当他代表了 客户的利益，他会忠实且负责地为客 户提供服务，并知道如何照顾到这种 期望值下的文化环境，倾听客户需求 并为客户信托提供合法证明。基于客 户的这种期望值，他会在家族办公室 支持的背景下，为客户提供量身定制

Offices, when required, also look after personal affairs of the members of a family, like the reservation of trips, assistance in selecting schools abroad, processing of private post, in short, all private matters.

Basically, two types of Family Offices are distinguished: Single Family Offices or Multi Family Offices. A Single Family Office looks only after one single family with a property of about 500 million Swiss Francs, which also bears the costs occurring for its Family Office.

The employee number of 4 to 8 employees is manageable, whereby the employees are selected and controlled by the respective family. Contrary to it, a Multi Family Office works simultaneously for several families with liquid assets from 25 million Swiss Francs. Multi Family Offices have up to 25 employees and are not controlled by a certain family, since they are usually owned by the key persons and partners.

In today's world of increasing transparence and cooperation between the countries, an increasing gap stands out between the expectations in property structuring with respect to the maintenance of personal control / influence, on one hand, and discretion / confidentiality as well as effectiveness on the other hand. Noticeably, these two expectations are contradictory.

However, a professional Family Office advisor knows how to take care of the cultural circumstances of such expectations, listens and justifies the trust of his customers, when he represents their interests reliably and responsibly. Based on the expectations of his customers, he will offer tailormade solutions in context of the Family Office support.

Internationally operating families are more and more faced with the fact that one and the same property structuring can be more effective for a family, which operates internationally, than when a family lives exclusively in one country and is working there. Here, an elbowroom arises, which does not open for families or members of the families, who do not change the residence. An example can be given, that a member of the family, who moves to Switzerland with a tailormade trust or a tailor-made foundation achieves that the assets and yields are not attributed to the person residing in Switzerland, which opens enormous elbowroom for planning.

Liechtenstein financial products, that means foundations, trusts, trading companies like for example corporations or the company forms specific to Liechtenstein like the establishments or registered trusts, are interchangeable, at the first sight, with structures of other jurisdictions.

What, however, is not interchangeable is the 88-year-old experience of the financial center of Liechtenstein in the international trust and company law fields, which started to develop already in 1926 with the introduction of the Liechtenstein personal and company law. 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 in the following year as well as the entry in the European Economic Area (EEA) in 1995, which enabled the simplified access to

2014 Trusts & Foundations Guide China Offshore

225

的方案。 对业务遍布全球的家族而言，他们越 来越面临这样一个事实即同一个资产 结构，如果由一个在全球范围内运营 的家族使用，要比一个居住并工作在 同一个国家的家族来使用要有效的多。 通过这种方式，与那些不能更换居住 地的家族或家族成员相比，可更换居 住地的家族或家族成员可享有较高的 自由度。可举例如下：某个家族成员 移居到瑞士，如果拥有量身定做的信 托或基金会，资产和收益率将不会归 结为定居到瑞士的本人，这提高了规 划的自由度。 列支敦士登金融产品即基金会、信托、 贸易公司或具有列支敦士登特色的公 司结构如机构（establishments）、 注册信托（registered trusts）等，乍 看之下，可以同其他辖区的结构互换。 但实际上，随着列支敦士登个人及公 司法的引入，列支敦士登国际信托和 公司法领域于 1926 年已经开始得以 发展，列支敦士登金融中心至今已拥 有 88 年的经验和历史，这是任何辖 区均无法替代的。列支敦士登金融中 心的里程碑是 1924 年与瑞士达成的 海关协定；随后 1925 年，瑞士法郎 被规定为当地的法定货币；1995 年列 支敦士登加入欧洲经济区（EEA）， 这使得列支敦士登与国外市场的接轨 变得简单。与此同时，加入欧洲经济 区确保对列支敦士登金融中心的监督 符合欧洲标准。这些因素结合专业化 及列支敦士登金融中介机构的专业知 识，保证为客户提供全面周到的服务。 这样的专业性允许在国际信托和公司 法范围内利用所有法律适用的可能性， 针对家族的个性化需求来设计产品方 案，而不论考虑是选择列支敦士登基 金会或巴拿马基金会。在家族办公室 支持的背景下识别这种需求并通过跨 界讨论解决这一需求是非常重要的。 根据所提供的服务，列支敦士登家族 办公室根据定位，也可作为一个信用 机构（银行）、证券公司或投资公司， 在个人所得税和税务豁免方面考虑较 有吸引力的税收优惠。 而且，在某些特殊情况下，如果能够 获取列支敦士登的居住权，这样就存 在更多的规划可能。

226

Trusts & Foundations Guide 2014

foreign markets. At the same time, the affiliation with the EEA ensures that the regulation of the financial center of Liechtenstein is according to the European standards. These factors in combination with the professionalism and the expert knowledge of the Liechtenstein financial intermediaries are the guarantor for a comprehensive customer care.

This professionalism permits to design the products, thereby making use of all law-compliant possibilities, which the international trust and company law offers, in such a way that they correspond to the individual needs of a family, irrespective of whether the choice is, e.g., a foundation from Liechtenstein or Panama. It is important to recognize the needs in context of the Family Office support and to work on them in context of an interdisciplinary discussion. Depending on the services offered, a Liechtenstein Family Office can work, as per its orientation in the form of a credit institute (bank), a security or investment firm, whereby attractive tax advantages are to be

taken into consideration with respect to income tax and tax exemptions.

Further, it is also possible to obtain residence in Liechtenstein in special cases, what opens further planning potential.

Internationally operating families use, by rule, companies from different jurisdictions. However, they are often not aware how the foreign law regulates the succession, if the ownership rights are not held via foundations and trusts.

An asset structuring via foundations and trusts fills in exactly this vacuum and ensures that the families do not experience legal surprises in the course of the succession planning.

Upon the establishment and administration of foundations and trusts, as well as of companies, the international developments must be considered, may it be in the context of double taxation agreements, OECD AIA (Automatic Information Exchange) / CRS (Common Reporting Standard), US FATCA (Foreign Account Tax

Sponsored Article

按照规则，在全球范围内运营的家族 可利用不同辖区建立公司。然而，他 们通常没有注意到如果不通过基金会 和信托持有所有权的话，不同国家的 法律对继承原则究竟是如何规定的。 利用基金会和信托的资产结构正好填 补了这一空白，确保了家族在规划继 承的过程中，不会出现让人大吃一惊 的司法状况。 在基金会和信托以及公司的建立和 管 理 过 程 中， 必 须 要 考 虑 到 国 际 上 相 关 因 素 的 发 展， 比 如 双 重 征 税 协 定、 经 济 合 作 与 发 展 组 织 自 动 信 息 交 换（OECD AIA）/ 通 用 报 告 标 准 （CRS）、美国外国账户税收遵从法（US FATCA）或多边行政协助公约等背景。 通过家族办公室服务获益的全球性运 营家族，在创立及管理信托、基金会 及公司的过程中，考虑上述因素是非 常重要的。

Compliance Act) or the Multilateral Administrative Assistance Convention.

It is important that an internationally operating family profits from a Family Office service, which takes these aspects into consideration.

• a high degree of discretion with concurrent observance of the international legal standards for the prevention of money laundering and organized crime, will meet this requirement most likely.

Liechtenstein, which distinguishes itself, besides its very modern infrastructure, especially by the following advantages, namely by • a safe economic and political sphere in the center of Europe • a free turnover of capital and the Swiss franc as a stable currency • an attractive taxation of natural and judicial persons • a liberally formed company law • an efficient bank system

The wide range of qualitatively high-ranking products and services conforms to international standards, and Liechtenstein financial intermediaries are subject to a contemporary independent supervision.

Besides, Liechtenstein financial intermediaries are mostly multilingual and have detailed and long-standing knowledge in asset structuring

除现代化基础设施之外，列支敦士登 以下列优势使其脱颖而出，即 • 位于欧洲中心，经济政治领域安全 • 自由的资本周转以及瑞士法郎为法 定稳定货币 • 对自然人和法人均有吸引力的税收 制度 • 开明的公司法律 • 有效的银行体系 • 高度的自由量裁权，同时遵守国际 法律标准，预防洗钱和组织犯罪，最 大程度的满足这一方面的要求。 高质量产品及宽范围服务符合国际标 准 , 并且列支敦士登金融中介机构需 受当代独立监管所限。 此外，列支敦士登金融中介大多能使 用多种语言，且对资产结构流程有详 细 和 长 期 的 了 解， 包 括 “ 民 法” 的 欧洲大陆法律领域以及“普通法”的 英 美 法 律 领 域。 列 支 敦 士 登 法 律 同 时 也 反 映 了 这 一 多 源 性， 它 是 迄 今 为止唯一一个源于罗马法的大陆民 法 司 法 体 系 的 欧 洲 法 律 制 度， 同 时 承 袭 并 规 范 了 信 托（ 清 偿 信 托 Trust Settlement，私人信托 Private Trust 和受托人）以及美国商务信托。因为 这两种概念均源于普通法及衡平法的 法律范畴，所以当家族办公室服务发 展为全球化时，这一点尤其值得注意， 并且呈现出巨大的优势。

2014 Trusts & Foundations Guide China Offshore

227

Sponsored Article

众所周知，全球富豪家族及所谓高净 值家族的数量在日益攀升，单一家族 办公室及多家族办公室服务的需求正 持续上升。然而，在这方面值得注意 的是，“家族办公室”这一名称不受 任一方面的保护，且在服务质量上有 极大的差异。通常即便是前银行雇员 或独立的资产管理者均可成为独立的 家族办公室，他们的服务大都局限于 资产的管理。这些家族办公室通常会 有银行参与其中，因此，不是绝对的 独立。 综上所述，需再次强调的是，好的家 族办公室支持能够解决移居他国的法 律、金融及个人问题，不同国家的实 质和补偿规定，结构的有效性等方面 的问题，而这些通常取决于章程及附 则如何构成或这些结构资产位于哪里 等。然而，高度专业化始终是满足高 期望值的基本前提。因此，富裕家族 应谨慎选择合适的家族办公室。

processes, which covers the European continental legal field of “Civil Law” as well as also the Anglo-American legal field of “Common Law”. This multitrack orientation is also reflected by Liechtenstein law, the only European legal system until today, that belongs to the continental civil judicial system of Roman origin and that has taken over and regulated the trust (Trust Settlement, Private Trust or Trustees) as well as the American Business Trust.

This is insofar noteworthy, since both concepts derive from the legal circle of Common Law and Equity, what also presents an enormous advantage, if a Family Office service should be rendered worldwide.

Since the number of very well-to-do families, so-called High-Net-Worth Families is increasing worldwide, the need for Family Office services increases continuously in Single Family Offices as well as Multi Family Offices.

However, it is to be noted with respect to this, that the name “Family Office” is not protected in any way and that

www.atu.li

228

Trusts & Foundations Guide 2014

huge differences in quality are noted.

Often even former bank employees or independent asset administrators become independent with a Family Office, whose services are then limited mostly to the administration of assets. Such Family Offices are often connected with participating banks and, hence, are not absolutely independent.

To sum up, it should be emphasized again, that a good Family Office support can give answers to questions with respect to legal, financial as well as personal consequences when moving to other countries, substance and offset regulations in various countries, effectiveness of structures, depending on how the statutes and by-laws look like or where the assets of these structures are. However, a high professionalism is always a basic prerequisite to do justice to the high expectations. Hence, wealthy families should make every effort in the careful selection of a suitable Family Office.

2014 Trusts & Foundations Guide China Offshore

229

列支敦士登基金会和信托： 中国富豪资产保护和资产传承工具介绍 Foundations and Trusts in Liechtenstein: An Overview of Asset Protection and Asset Succession Planning Instruments for Wealthy Chinese

By Marlene Elsensohn

230

Trusts & Foundations Guide 2014

By Marlene Elsensohn

列

支敦士登是国际领先的金融中 心，它既传统又现代，同时又 有 强 大 的 制 造 业 部 门。2010 年，中国与列支敦士登庆祝两国外交 和经济关系建交 60 周年。列支敦士 登曾在上海世博会设有展馆，而 2014 年秋，中国变主为客将作为主宾国参 加列支敦士登的当地展会。 列支敦士登致力于实现税务透明，首 先可通过如下事实表现出来，2014 年 1 月 27 日，中华人民共和国与列支敦 士登签署了税收信息交换协议（TIEA）， 协议于 2014 年 8 月 3 日生效。其次， 经济合作与发展组织（OECD）与全 球论坛（其主旨为税务透明和出于税 务目的所进行的税务信息交换）均欢 迎并支持列支敦士登对标准化及高效 化税收政策做出贡献。列支敦士登第 二阶段的审核过程将在 2014 年第四 季度完成。 对当地富豪和国际上活跃的列支敦士 登企业家和家族企业，甚至是列支敦 士登这一国家本身而言，资产保护和 资产继承规划一直都是重要的一个因 素。关于这一点存在诸多例子，较为 著名的两例列举如下： • 列支敦士登王室家族通过各种列支 敦士登基金会来持有其财富。这些基 金会反过来又通过银行、企业、农业 资产以及项目、专利、艺术品等形式 来持有它们的财产。这些王室家族自 身已有关于家族内部程序方面的家族 法。 • Hilti 公司为全球建筑行业提供先进 的技术。该公司成立于 1941 年，Hilti 集团目前遍及世界，它由一个小规模 的家族企业演变为在全世界逾 120 个 国家里拥有 21,000 名员工的国际性 集 团。Martin Hilti 家 族 信 托 持 有 集 团全部股份，且持有 Hilti 企业的所有 参与证单，这保障了该公司（创始人 Martin Hiilti 毕生心血的结晶）的进一 步发展。基金会出于慈善目的所设， 由该家族另行设立。 这些经验和专业知识，加以传统、自 由和现代的律法已吸引了世界各地的 企业家和家族企业，且这种趋势依旧 在持续。

T

Sponsored Article

he Principality of Liechtenstein is a leading traditional and modern international financial centre as well as a strong manufacturing industrial sector. In 2010 China and Liechtenstein celebrated the 60th anniversary of the beginning of their diplomatic and economic relationship.

At the Expo in Shanghai Liechtenstein was represented with a Pavilion and in autumn 2014 China will be the guest country at the local fair in Liechtenstein.

worldwide Hilti Group evolved from a small family company to a global player with 21,000 employees in more than 120 countries around the world. The Martin Hilti Family Trust holds all shares and all participation certificates of Hilti Corporation. This safeguards the further development of the company founder Martin Hilti’s life’s work in the long term. Foundations for various charitable purposes are additionally formed by the family.

Liechtenstein’s commitment to tax transparency is demonstrated firstly by the fact that in January 27, 2014 the People’s Republic of China and Liechtenstein signed an Agreement for the Exchange of Information relating to Taxes (TIEA) which came into force on August 3, 2014. Secondly, both the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes welcome and support Liechtenstein’s contribution to an efficient and standardised tax policy. Phase II of the review process for Liechtenstein will take place in the fourth quarter of 2014.

These experiences and expertise together with traditional, liberal and modern laws have attracted other entrepreneurs and family businesses worldwide, and continue to do so.

Asset protection and Asset succession planning has been an important factor for the wealth of local and internationally active Liechtenstein entrepreneurs and family businesses, as well as for the country itself. There are many examples, here are two of the better known: • The Princely family of Liechtenstein holds its wealth in various Liechtenstein foundations.These foundations in turn hold their wealth in banks, corporations, agricultural properties and projects, patents, works of art, etc. The Princely family itself has its own family law for family internal procedures.

• Hilti AG provides leading-edge technology to the global construction industry. Founded in 1941, the

Often we see the requirements of a wealthy family to “keep it in the Family” but still the need to distance themselves from their wealth for Asset protection or Asset succession planning purposes. A Family office in Liechtenstein is a possible solution, to combine the knowledge of excellent trusted national and international advisors from Asia and Liechtenstein in a stable and low-tax jurisdiction in Europe.

Why should an individual or a family use a Liechtenstein vehicle and what are the legal entities Liechtenstein has to offer?

An investment or management of a structure or will, generally involves an individual (settlor/founder) holding, directly or indirectly, the majority of the shares of a company, properties, patents, works of art, etc. But people are unpredictable as are the circumstances in which they may find themselves and the financial consequences of such vagaries can be severe. There can be uncertainty around certain family members and their impact on family wealth, the management of a company, employees and so on. The use of a foundation,

2014 Trusts & Foundations Guide China Offshore

231

我们通常会听到有钱人家提出“家族 内部持有”这样的要求，但出于资产 保护或资产继承计划，仍需使他们与 自身财产保持距离。在列支敦士登设 立家庭办公室是一个 可 能 的 解 决 方 案，以欧洲稳定且低税的辖区资格， 将来自亚洲和列支敦士登的具备优秀 信托知识的国际和国内顾问结合在一 起。 个体或家族使用列支敦士登工具的原 因是什么？列支敦士登必须提供给客 户的法律实体是什么？ 信托结构的投资或管理通常会涉及到 个体（委托人 / 创始人）直接或间接 持有公司的大多数股份、资产、专业、 艺术品等。但人是无法预测的，因为 他们可能会发现自己处于变幻莫测的 环境之中，而由此带来的经济后果可 能会很严重。某些家族成员以及他们 对家族财产的影响，公司的管理层以 及雇员等等可能都会具有不确定性。 基金会、信托、基金、独立法律实体 或连续性保险对防范这种潜在的困难 可能比较有利。在进行规划和寻求最 佳解决方案时，期限性是非常重要的 一个因素，也是值得注意的。这个过 程是费时的，但却是值得的一项投资。 下列是在列支敦士登进行资产保护和 / 或资产继承规划可选的法律实体或 工具： 在列支敦士登，有各种符合当地法律 的基金会形式。基金会这一法律实体， 无需创始人将诸如公司股份、财产、 专利及艺术品等资产转移给股份持有 人或合伙人（专项资产）。根据创始 人愿望，同时也为了受益人受益，这 些资产会由基金会董事会进行管理和 使用。私人利益基金会（家族维护型 基金）是最为流行的形式。作为非商 务实体，为实现指定受益人的利益或 实现受益人间的受益等级划分，人们 常用它来为创始人或创始人所在家族 持有各种类型的私人资产。私人利益 型基金会同时也可作为家族企业的控 股 公 司。2009 年， 新 基 金 法 修 订 完 成。慈善基金会在列支敦士登更有吸 引力。慈善基金会在当地占主导地位， 但受列支敦士登基金监督管理局的监 管，同时需要审计师参与其中。同时 兼具私人利益及慈善目的的基金会在 当地也是可行的。

trust, fund, segregated legal entity or insurance for continuance may be advantageous in guarding against such potential difficulties. It is important to be aware of the time frame for planning and consideration of the best solution.

This process is time consuming but it is a worthwhile investment!

Below is a selection of legal entities or instruments available in Liechtenstein for Asset protection and/or Asset succession planning: There are various types of foundation available under Liechtenstein law. A foundation is a legal entity without shareholders or partners (earmarked assets) to which the founder transfers assets, e.g., shares in a company, property, patents, works of art, etc.

These assets are then managed and used by the Board of Foundation in line with the wishes of the founder for the benefit of the beneficiaries. The private interest foundation (family maintenance foundation) is the most popular. As a non-commercial entity it is usually used to hold various types of private assets for the founder or his family for the benefit of named beneficiaries or a given class of beneficiaries. The

w w w . e l s o n . l i

232

Trusts & Foundations Guide 2014

private interest foundation can also act as a holding company for family businesses. With the implementation of the amended new foundation law in 2009, charitable foundations became more attractive in Liechtenstein.

Predominantly charitable foundations are subject to supervision by the Liechtenstein Foundation Supervision Authority and require an auditor.

Foundations with a combination of private interest and charitable purposes are also possible.

Liechtenstein has a codified Trust Law and is the only jurisdiction in civil law Europe which has introduced the AngloSaxon private trust into its law. However, the Liechtenstein Trust Settlement has attracted considerable interest and is still widely used by clients who prefer to have a Trust rather than a Foundation. The Liechtenstein purpose trust is also used in merger and acquisition transactions.

Beside Foundations and Trusts, Liechtenstein recognises and regulates: • Corporations which can also be used as holding companies • Establishments which can be

Sponsored Article

Marlene Elsensohn, TEP, ELSON Trust Establishment 的创始人和总经理 , 25 年来一直致力于资产保护和资产继承规划。 Marlene Elsensohn, TEP as founder and managing director of ELSON Trust Establishment has been active in Asset protection and Asset succession planning for more than 25 years. 列支敦士登存在成文信托法，同时也 是适用欧洲民法的唯一辖区，并将盎 格鲁 • 萨克逊私人信托引入当地法。 然而，人们对列支敦士登的信托结算 颇感兴趣。信托结算这一方式在倾向 于拥有信托而非基金会的客户间得到 了广泛使用。列支敦士登目的信托也 常用于并购交易。 除基金会和信托之外，列支敦士登也 认可如下法律实体，并具有相应规定： • 公司可作为持股公司 • 企业可用于商务用途，或与基金会 用途相似 • 择类投资基金（AIF）可用来支持继 承规划 • 私募配售型人身保险合同 除此之外，列支敦士登还拥有良好的 税收体系如下： • 无遗产税 • 无股息税、资本收益税或清算收益 税 • 转让利润、分红或资本时没有限制 • 符合私人资产结构（PAS）的公司 和信托每年仅需缴纳最低企业所得税 1200 瑞士法郎 • 对公司或其他利润征收 12.5% 的税 • 股本扣除 4% 利息 • 由知识产权而来的收入需缴纳有效 企业所得税，税率为 2.5%（知识产权 盒） • 与香港，新加坡，英国，德国，奥地利， 卢森堡，乌拉圭，马耳他，根西岛， 瑞士和其他国家建立双重征税条约， 以避免双重征税。

used commercially or similarly to a foundation • Alternative investments funds (AIF) which can support succession planning • Private placement of life insurance contracts In addition Liechtenstein has a favourable taxation system in place with: • no inheritance tax • no tax on dividends, capital gains or liquidation gains • no limitations on the transfer of profits, dividends or capital • companies and trusts that qualify as Private Asset Structures (PAS) are subject only to the minimum payment of corporate income tax of CHF 1,200 yearly

• 12.5% tax on corporate or other profits • interest deduction on equity capital of 4% • income from intellectual property rights is subject to an effective corporate income tax rate of 2.5% (IP Box) • Double tax treaties with Hong Kong, Singapore, UK, Germany, Austria, Luxembourg, Uruguay, Malta, Guernsey, Switzerland and others Liechtenstein stands for stability, reliability, safety, security and transparency, international private banking, market access to the EU and Switzerland, family office facilities and possibilities, high quality of services and a low tax system.

列支敦士登是稳定性，可靠性，安全性， 保密性和透明度，国际私人银行业务， 欧盟和瑞士市场准入，家庭办公设施 及其可能性，高品质服务和低税制的 代名词。 w w w . e l s o n . l i 2014 Trusts & Foundations Guide China Offshore

233

行政特区 jurisdictions

列支敦士登

Liechtenstein

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， 列支敦士登作为辖区在隐私和资产保护方面的优势是什么？ 列支敦士登是重要的国际金融中心，具有强大的制造业。列支敦 士登的政治、社会和经济长期稳定，具有明确的法律和高质量的 金融服务。这些因素的独特组合构成了列支敦士登独一无二的特 性。 列支敦士登的资产保护和继承计划得到私有财产有力保障、个体 最可能隐私以及全系列产品和服务诸如列支敦士登基金会和信托、 股份公司、家庭办公服务、国际私人银行、保险和基金管理服务 等的传统支持。 值得一提的是，标准普尔评级服务公司于 2014 年 3 月 7 日确认 列支敦士登公国长期和短期主权信用评级为 AAA 级。 2. 在成本方面，与其他辖区相比，列支敦士登信托或基金会的成 本如何？若它较贵，那客户能够接受这一昂贵成本的附加价值又 是什么？ 为资产保护或继承计划而设立的列支敦士登信托、基金会或其他 工具应根据中国高净值人士（HNWI）或家庭需要量身定做，从而 保障它的成功。通常情况下，具体资产将被分配至依法独立的附 属公司，投资基金或在未来分成受保护细胞公司，这样能够有助 于优化长期体系的法律和税务状况。因此，在成本方面较难报价。

234

Trusts & Foundations Guide 2014

Q &A

1. What are the advantages of Liechtenstein as a jurisdiction in terms of privacy & ASSET PROTECTION for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation?

Liechtenstein is a leading international financial center - together with a strong manufacturing industrial sector – with long-term political continuity, social and economic stability, legal certainty and high quality of services. This extraordinary combination makes Liechtenstein unique.

Asset protection and succession planning are in Liechtenstein traditionally supported by strong protection of private property, the most possible privacy of the individuals together with a fully range of products and services as the Liechtenstein foundations and trusts, holding companies, family office services, international private banking, insurance and fund management services.

It is important to mention that Standard & Poor’s Ratings Services affirmed its AAA long- and short-term sovereign credit ratings on the Principality of Liechtenstein on 7 March, 2014.

2. In terms of cost, how is the cost of a Liechtenstein trust or foundation compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this.

A Liechtenstein trust, a foundation or another vehicle for Asset protection or Succession planning should be tailor-made for the needs of a Chinese HNWI or Family to be successful. Very often, specific assets will be segregated into legally stand-alone underlying companies, into investment funds or in the future in protected cell companies which help to optimize the legal and tax position of the long-term structure. Therefore it is difficult to quote on terms of costs.

行政特区 jurisdictions

Q &A The Swiss franc is the official currency in Liechtenstein. The market access to two economic areas – European single market and Switzerland - could be of additional value to the clients.

3. Does Liechtenstein also offer Foundations? Do you see a preference from your Asian/Chinese clients using one structure more than the other? Is this preference changing?

The prototype concept of private foundations was practically born in Liechtenstein with enactment of the Liechtenstein Law on Persons and Companies (PGR) in 1926. Liechtenstein is also the only jurisdiction in civil law Europe which has introduced the Anglo-Saxon private trust in its PGR. The Foundation’s law was amended in 2009.

Together with our existing as well as prospective Chinese/Asian clients and Chinese/Asian advisors we develop tailor-made solutions depending on the needs of the clients.

4. We understand that some jurisdictions have recently introduced foundation law to attract more Asian/Chinese Clients (Samoa, Cook Islands, Labuan. Is this the same for your jurisdiction? If no, do you plan on introducing new ASSET PROTECTION and succession products in the future? 瑞士法郎是列支敦士登的官方货币。市场准入两个经济区 - 欧洲 单一市场和瑞士 - 对客户而言，这可能是附加价值。 3. 列支敦士登也有基金会么？您是否在亚洲 / 中国客户中发现倾 向性，即他们更倾向于采用某一种结构而非另外一种？这种倾向 性是否在变化？

In addition to the Foundation and trust law, the Protected Cell Company Regulation (PCC) should be in parliament in September 2014, and depending on the debate the PCC legislation could be enacted by the end of 2014 or during 2015.

A PCC is a legal entity with a juridical form of an association, eg a corporation, an establishment or a foundation. A segmented entity exists with two liability compartments which are a core

在列支敦士登，私人基金会的原型概念实际上源于 1926 年颁布的 《列支敦士登个人和公司法》（PGR）。 列支敦士登同时也是唯一一个欧洲民法辖区，在其 PGR 中引入盎 格鲁 - 撒克逊私人信托。该基金法修订于 2009 年。 同现有的，潜在的中国 / 亚洲客户和中国 / 亚洲顾问一起，我们根 据客户的需求开发量身定做的解决方案。 4. 我们了解到近期一些辖区引入了基金法来吸引更多的亚洲 / 中 国客户（萨摩亚群岛、库克群岛、纳闽岛）。在贵辖区内也是一 样么？若不是的话，列支敦士登是否计划在将来引入新的资产保 护和承继产品？ 除了基金会和信托法，受保护细胞公司法（PCC）应在 2014 年 9 月纳入议程，经过商讨后，PCC 立法应在 2014 年年底或 2015 年间颁布。

2014 Trusts & Foundations Guide China Offshore

235

行政特区 jurisdictions

Q &A

PCC 是以协会法律形式即以公司、企业或基金会形式存在的法律实 体。分离实体以两责任分区的形式存在，分别是中心或非细胞部分 （股东权益）以及一个或多个互相分离的分区（细胞们）。 5. 在贵辖区内，您是否会建议希望将财产转移给下一代的中国家庭 设立基金会或信托，为什么？ 基金会是法律实体，直接以自身名义持有资产。信托是法律工具， 以受托人名义持有资产。 根据客户的需求和希望，列支敦士登基金会或列支敦士登信托可被 用来保全财产和 / 或家族业务，并将财产和 / 或家族业务转移给下 一代。同信托相比，基金会的立法更为现代化。 6. 当为亚洲或中国家庭设立信托和基金会时，列支敦士登所面临的 最大挑战是什么？ 家族继承计划需要过程，必须辅以专业的顾问并留有必要的时间。 主要的问题是明确关系各方都有哪些，即涉及到的是企业所有人还 是企业家，潜在的继承者 / 后嗣或是否无继承者和后嗣，还是董事等。

236

Trusts & Foundations Guide 2014

or non-cellular part (shareholder equity) and one or several segments separated to each other (cells).

5. In your jurisdiction would you suggest a foundation or a trust for a Chinese family looking to pass on their wealth to the next generation and why?

The foundation is a legal entity and holds the assets directly in its name. A Trust is a legal instrument and the assets are hold in the name of the Trustees.

Depending on the needs and wishes of the clients a Liechtenstein foundation or a Liechtenstein trust could be used to secure and pass on their wealth and/or family business to the next generations. The foundation has a modern legislation compared to the trust.

6. What is the biggest challenges Liechtenstein faces when setting up a trust and or foundation for an Asian or Chinese family?

Family Succession Planning is a process and excellent advisors and time is necessary. A major issue is to clarify which parties are involved, eg business owner or entrepreneur, the potential successors/heirs or are there no successors and heirs, directors etc.

行政特区 jurisdictions

Q &A 首要的重大问题是关系各方的利益和责任，并且对家族业务和 / 或 资产和财富的未来发展达成一致协议。经过这些流程之后，才能 确定好符合所有各方的最适合的信托体系。 7. 当为中国或亚洲客户做计划时，您所遇到的一些最大问题和挑 战是什么？对这些事宜，贵辖区为此提供的解决方案是什么？ 越来越多的中国客户或他们的一些家庭成员因各种原因向美国、 加拿大和新加坡以及欧洲周边地区移民。 若列支敦士登体系涉及其中，则自觉遵守国法及涉及在内的其他 辖区的国法和国际法尤为重要。 至 8 月中旬，列支敦士登已同 37 个国家达成税务信息交换协议（TIEA）和双重征税协定（DTA） 在列支敦士登，家庭办公室可视为“家族内留存”的解决方案， 从而将可靠的，具备卓越知识的本土和国际顾问集中在稳定低税 的欧洲辖区境内。 8. 中国客户在贵辖区持有信托和 / 或基金对全球的自动税收信息 交换会有什么影响？ 任何体系的设立在将来均需遵守税收制度。总之，世界各地共享 的这个庞大数据库是严肃的主题，但这主题却与税收无关。数据 是否被窃或损坏才是更值得关注的问题。为了各国民众的信息安 全，各国需找到方法来保护信息安全。

The biggest and most important issue is to clarify the interests and responsibilities of the parties involved and to reach a consensus about the future development of the family business and/or assets and wealth. After this procedure the most suitable structure for the benefit of all parties can be worked out.

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

Increasingly Chinese clients or some of their family members immigrate beside the USA, Canada and Singapore for various reasons also to Europe.

If a Liechtenstein structure is involved it is important to follow conscientiously the national law but also the national and international laws of the other jurisdictions involved. By mid of August Liechtenstein had completed Tax Information Exchange Agreements (TIEA) and Double Taxation Agreements (DTA) with 37 countries.

A family office in Liechtenstein could be a solution to “keep it in the Family”, to combine the knowledge of excellent and trusted national and international advisors in a stable and low tax onshore jurisdiction in Europe.

8. What affect will the worldwide automatic tax information exchange have on Chinese clients holding trusts and or foundations in your jurisdiction?

The automatic exchange of information has not been defined in detail and finally so far. Liechtenstein is in the OECD group of early adopters which committed itself not only to international standards but also to a respectful treatment of existing and new clients. Traditionally the legal privacy and safety of their citizens and clients is an essential and major attitude of the Principality of Liechtenstein.

2014 Trusts & Foundations Guide China Offshore

237

行政特区 jurisdictions

Q &A

列支敦士登是经合组织群体中早期采取该方针的一员。民众和客 户的安全和隐私是列支敦士登公国传统关键且主要的态度。 9. 我们了解到某些辖区注重资产保护，而另一些则关注资产继承 产品。贵辖区对资产保护或资产继承有更好的解决方案么？ 列支敦士登不仅是金融中心同时还拥有强大的制造业，因此国内 需要资产保护和资产承继产品。基于这一事实，确实存在适合两

Anyhow the big amount of data being shared everywhere is a serious topic but not on the tax side. More important is this matter if the data are stolen or corrupted. States worldwide will have to find methods to prevent this for the safety of their citizens.

9. 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?

热门的主题是什么？

As Liechtenstein has beside the financial sector always a strong manufacturing industrial sector, therefore products for asset protection and asset succession were needed inside the country. Due to this fact a range of solutions do exist for both scenarios.

中国没有遗产税。多年来，政治家、专家和中国民众一直在讨论，

10. What are the current pressing issues or hot topics that your experiencing right now with your Asian/Chinese clients?

种情况的一系列解决方案。 10. 根据您与亚洲 / 中国客户的合作经验，目前最紧迫的问题或最

评估，考虑这一问题。若遗产税生效，那这将提高资产继承计划 的成本。 11. 为什么中国客户选择列支敦士登而不是其他辖区来设立他们的 资产继承计划？ 原因如下：稳定、安全、安全性和透明度、基金会和信托法、市 场准入至欧盟和瑞士、位于欧洲中心的低税辖区境内、家庭办公 室设施及其可能性。

来源：Marlene Elsensohn，DIP（ITM），TEP，ELSON Trust Establishment

238

Trusts & Foundations Guide 2014

China does not have inheritance or estate tax. Since many years politicians, experts and Chinese people are discussing, evaluating and considering this subject. If the estate tax would become effective this would increase the costs of Asset succession planning.

11. Why would a Chinese client choose Liechtenstein over any other jurisdiction to structure their asset SUCCESSION PLAN? Because of · Stability · Safety · Security and Transparency · Foundation and Trust law · Investment funds and AIFM law · International private banking · Market access to EU and Switzerland · Family office facilities and possibilities · High quality of services · Low tax onshore jurisdiction in the heart of Europe ·

Source: Marlene Elsensohn, dip(ITM), TEP ELSON Trust Establishment

行政特区 jurisdictions

Malta

2014 Trusts & Foundations Guide China Offshore

239

行政特区 jurisdictions

马耳他

General

Malta

架构类型

信托

法律类型

成文法，信托及信托法，马耳他法律 第 331 章

Type of Structure

Trust

建立信托所需时间

1到2天

Time to Establish a Trust

1-2 days

概况

最低政府费用（不包括税收）

无

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。

是否签订免双重征税协定

是

Type of Law

Minimum Government Fees (excluding taxation)

Taxation on Foreign Income

标准货币

欧元

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 公司法人最低人数 公众访问记录权限 会议地点

至少一个受托人 马耳他受托人（马耳他金融服务管理 局授权要求）

Standard Currency

Euro

Permitted Currencies

Limitation to Trust Assets

Minimum Number if Individuals

Minimum Number if a Body Corporate

信托契书不需要向任何公共权威注册。 Publicly Accessible Records

无

Can Settlor and Trustee be a Beneficiary

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

Requirements to Prepare

Trustees shall keep accurate accounts and records of their trusteeship.

Requirements to File Accounts

No

信托契书不需要向任何公共权威注册。 Publicly Accessible Records

Accounts

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

公众访问账户权限

否

年度审计

否

提交年度报表要求

否

是否允许迁册

是

Trusts & Foundations Guide 2014

The trust deed does not require registration with any public authority.

No

Publicly Accessible Accounts

No

Annual Audit

No

Requirement to File Annual Return

No

Other

其他

240

Audit Requirements

Annual Requirements

年度要求

The trust deed does not require registration with any public authority.

At least one beneficiary

公众访问记录权限

账户

At least one trustee.

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

Minimum Number

至少一个受益人

信托的财产授予人也可以是信托受益 人。受托人不能同时是一个信托的受 益人。

No limitation

N/A

最低人数

委托人和受托人可否成为受益人

Any

Meeting Location

Beneficiaries

受益人

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

Yes

Trustees

受托人

N/A

Double Taxation Treaty Access

Trust Assets

信托资产

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

Change in Domicile Permitted

Yes

行政特区 jurisdictions

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

简介

Introduction

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

Executive Summary: The government has attempted to create a high-technology 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 low-tax regimes to companies, although they are hard to understand.

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

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

2014 Trusts & Foundations Guide China Offshore

241

行政特区 jurisdictions

概况

马耳他

General

Malta

架构类型

基金会

法律类型

民法

Type of Structure

Foundation

有限责任

非法律规定另外，法人的行为仅仅约 束自己不约束其他人。

建立基金会所需时间

最少一周

Limited Liability

The acts of legal persons bind no one but themselves except as provided by law.

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

基金会会章

只有由公证或者遗嘱构成的基金会

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

安保要求

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或类 似功能的保全。

是否允许企业安保

是

理事会成员最低人数

私人基金会最少 1 人，目的基金会最 少3人

是否允许有企业理事会成员

是

会议地点

未指定

Foundation Capital Currency Foundation Charter Beneficiaries 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

如果没有马耳他管理员就认命当地的 代表

是否需要秘书

未指定

会章语言

马耳他语或英语

管理条例语言

马耳他语或英语

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。

其他 年度政府费用

无

是否允许迁册

无

Trusts & Foundations Guide 2014

Minimum of one week Euro

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

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

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

Foundation Agent

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

Language of Charter

Maltese or English

Secretary Required

Language of Regulations Accounts

账户

Statute, Civil Code

Foundation Capital Minimum (equivalent At least €1,164.69 in currency)

Officers of Foundation

基金会官员

242

Time to Establish a Foundation

Publicly Accessible Records

公众访问记录权限

准备要求

Type of Law

Not specified

Maltese or English

Other

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.

Annual Government Fee

N/A

Requirements to Prepare

Change in Domicile Permitted

N/A

行政特区 jurisdictions

马耳他的法律体系、组建规则及费用 Malta Legal Framework and Formation Rules and Fees

马耳他信托基于 1988 离岸信托法，而该信托法很大程度上 基于泽西岛信托法，本身是源自英系信托法的普通法。该 法案下的信托，其委托人及受益人均为非常驻居民，信托 资产不包括马耳他不动产。这一立法根据 2004 年信托和受 托人法修订，于 2005 年 1 月生效。 马耳他信托法规定了信托文件、交易以及受托人行为的保 密性。1994 年专业保密法对所有的专业人员、行政官员及 其他在履行责任过程中收到机密信息的个人实施严格的保 密条款；如有违反，将受到重金罚款及监禁制裁。 马耳他金融服务局（MFSA）负责对受托人进行授权监督 并对信托进行监管。其监管责任包括为保险公司、集体投 资计划及投资服务提供商、银行及金融机构颁发证照及进 行监督。 马耳他信托法的一些主要特征如下： ·马耳他信托的恒继期是 100 年； ·根据信托，委托人可能是受益人； ·受托人的权力宽泛且灵活 ·保护者允许有办公室 ·排除法定继承权条款 1994 年承认信托法影响到海牙公约，导致信托分离为： ·马耳他信托，信托的准据法是马耳他信托法，监管立法

Trusts in Malta were based on the Offshore Trusts Act 1988 which was largely based on Jersey trust law, itself a common law implant stemming from English trust law.

Trusts under this Act had to have non-resident settlor and beneficiaries, and trust assets could not include Maltese real estate. This legislation was amended by The Trusts and Trustees Act 2004, which became effective in January 2005.

Maltese trust law establishes the confidentiality of trust documents and dealings and the actions of the trustee.

The Professional Secrecy Act 1994 imposes strict confidentiality rules on all professionals, officials and other individuals who receive privileged information in the course of their duties; the sanctions are heavy fines and imprisonment.

The Malta Financial Services Authority (MFSA) is responsible for the authorization and supervision of trustees and the regulation of trusts. Its regulatory responsibilities also include the licensing and supervision of insurance companies, collective investment schemes and providers of investment services, banking and financial institutions.

Some of the main features of Maltese trust law are as follows: ·The perpetuity period for Maltese trusts is 100 years;

2014 Trusts & Foundations Guide China Offshore

243

行政特区 jurisdictions

·The settlor may be a beneficiary under the trust; ·Powers of the trustee are wide and flexible; ·The office of Protector is allowed for; ·Forced heirship provisions are excluded.

The Recognition of Trusts Act 1994 gave effect to the Hague Convention, and resulted in a division of trusts into: ·Maltese trusts, where the proper law of the trust is Maltese, and the governing legislation is the 1988 Act (now called the Trusts Act 1988); and ·Foreign trusts, governed by whatever law the settlor has nominated.

All trusts, including foreign ones, must register with the MFSA, for which a fee is imposed on registration and annually thereafter. Foreign trusts which do not register with the MFSC will not benefit from the tax advantages of registered trusts. A registered trust must have a Maltese nominee company as one of its trustees, which files an annual declaration of conformity with the law; no accounts or tax returns need be filed. (A nominee company is a Maltese company which has been authorised by the MFSC to provide services to trusts, and carries the supervisory responsibility on behalf of the MFSC.)

是 1988 年法案（现在称作 1988 年信托法）；以及 ·外国信托，由委托人指定法律监管 所有信托，包括外国信托，需要在 MFSA 进行注册，注册 时需收取注册费，且注册后每年都需收费。不在 MFSC 进 行注册的外国信托不会享有提供给注册信托的税务优惠。 注册信托需有一家马耳他委托公司作为其受托人之一，提 报符合法律的年度申报；无需进行会计账目申报或纳税申 报。（委托公司是马耳他公司，需有 MFSC 授权，可提供 信托服务，代表 MFSC 履行监管职责）。 在马耳他注册的马耳他信托和外国信托都会规定非常驻委 托人及受益人，除需向政府支付年费外，享有税收豁免。 信托无需进行税务申报；作为受托人履行职责的委托公司 需根据法律进行年度申报。对信托交易或信托文件，无需 缴纳印花税或其他税种。信托资产进口可免关税。信托不 受外汇管制，除非交易是由马耳他当地居民执行。

244

Trusts & Foundations Guide 2014

Both Maltese trusts and foreign trusts registered in Malta have by definition non-resident settlors and beneficiaries, and are exempt from income tax, except that they pay an annual fee to the Government.

Trusts do not have to file tax returns; the nominee company which is acting as their trustee makes an annual declaration of conformity with the law. No stamp duty or other taxes are payable in respect of trust transactions or documents. Trust property may be imported free of customs duty. A trust is not subject to exchange control unless a transaction is carried out with a Maltese resident.

Under the 2004 Act, transfers of assets into a trust or a change of beneficiaries may give rise to a charge to tax.

There are no special provisions in Maltese law covering Unit Trusts, which are therefore treated in the same way as ordinary Maltese trusts, and have the same tax regime.

It is likely that a Malta-registered trust will often be a more

行政特区 jurisdictions

根据 2004 年法案，资产转至信托或变更受益人可能会产生 税收。 马耳他没有专门关于单位信托的条款，因此可将该信托视 为普通的马耳他信托进行处理，享有相同的税收制度。 与国际控股公司相比，注册在马耳他的信托很有可能是更 为有效的控股工具。另一方面，当需持有的资产是马耳他 不动产时，使用无需注册的外国信托可能更具优势。信托 可使用马耳他双重征税协定的广泛网络。

effective holding vehicle than the International Holding Company. On the other hand, when the assets to be held are Maltese real estate, it may be better to use an unregistered foreign trust. Trusts are able to use the extensive network of Maltese Double Taxation Treaties.

来源：全球信托指南 Source: Global Trust Guide

2014 Trusts & Foundations Guide China Offshore

245

Paragon 欧洲： 您在地中海的商业伙伴 Paragon Europe: Your Business Partner in the Mediterranean

By Anton Theuma 还有什么比在群岛中做生意更为惬意 的事情？马耳他群岛有轻松活跃的氛 围，怡人舒适的气候，美味精致的菜 肴和热情好客的人民。坐落于欧洲南 部的地中海之中，马耳他群岛让您流 连忘返乐不思蜀。马耳他群岛从 2004 年开始就已经是欧盟成员国，但它和 其它相邻地区，比如北非和中东，都 有非常良好的营商关系。 Paragon 欧洲：您的商业伙伴 成立于 2004 年，Paragon 欧洲是一 家以服务为基准的项目管理、金融和 税务服务，能力架构和业务咨询的专 业公司。Paragon 欧洲的使命是“以 对欧洲的深刻理解和国际网络提供理 想的商务机会，帮助客户从良好变成 优秀”。Paragon 欧洲的所有成就感 都来自于帮助它的客户获得成功，让 他们在国际市场上立于不败之地。

What could be better than doing business with a group of islands – the Maltese Islands - in a relaxed atmosphere, in ideal climate conditions, genuine food and meeting hospitable people? Situated in southern Europe, in the middle of the Mediterranean Sea, the Maltese islands offer the above and much more. The islands have been members of the European Union since 2004 but they also have excellent business relations with neighbouring regions such as North Africa and the Middle East.

中国和马耳他的关系 马耳他和中国之间一直都有良好关系。 两国之间的政治和经济关系可以追溯到 40 年前的 1972 年，当时马耳他是第一 个和中国建立外交、社会和经济关系的 西方国家。1973 年，马耳他中国友谊 社团成立，旨在推进两国文化之间的深 入交流。因此，在中国政府的协助下， 中国在马耳他的多个机构都得以开幕。 1980 年，“红色中国码头”在马耳他 成立，2003 年，欧洲第一个中国文化 中心在马耳他首都瓦莱塔成立。中国和 马耳他的贸易、政治和文化教育交流在 2012 年开始爆发式增长。

246

Trusts & Foundations Guide 2014

www.paragoneurope.eu

Paragon Europe: Your Business Partner Set up in 2004, Paragon Europe (www. paragoneurope.eu) is a services -based company offering advanced expertise in project management, financial and tax services, capacity building and business advice. Paragon Europe’s main mission is ‘to help good organisations become great’ through its knowledge of European affairs and to provide ideal business opportunities through its EU and international networking. The greatest satisfaction of all for Paragon Europe

Sponsored Article

马耳他公司服务 马耳他是欧盟地区的低税制国家之一， 且遵从经合组织的标准。这里也同时 是久负盛名的白名单金融辖区。马耳 他的节税架构是基于归集抵免法系统 和退税制度之上，也同时在 2006 年 得到了欧盟的许可。 免双重征税协议 马耳他和多个国家签订了免双重征税 协议。到今天为止有 67 个国家，包 括主要的亚洲市场，比如中国和新加 坡等都和马耳他签订了协议。中国和 马耳他之间的免双重征税协议从 2011 年 8 月起生效。该协议是对营商利好， 且在特定情况下让个人能从有利的税 务规划中获利的机会： • 贸易收入 • 被动收益（利息、版税等） • 参与股东的股息红利 • 非参与持股人的股息红利 • 参与持股的股息红利分配后获得的 资本利得 我们能从马耳他有利的税务系统中获 得什么好处？ 国际客户能在马耳他设立公司来从马 耳他的税收豁免中获利。 “马耳他公司” 是一种离岸公司，缴税税率为 35% 但 其股东能获得优厚的退税税率且能享 受的有效税率在 0% 和 10% 之间，取 决于实际情况。马耳他公司所缴的税 额能在股东分配红利时作为退税依据。

is that through its activities it helps put organisations it works with, in excellent positions for international growth and business.

full imputation system as well as a tax refund system that was approved by the European Union in 2006.

Double Taxation Agreements

Relations between China and Malta Malta and China have always had good relations. Political and cultural links between the two countries go back over 40 years when in 1972, Malta was the first Western country to establish diplomatic, social and economic links with China. In 1973, the Malta China Friendship Society was established with the aim of raising awareness of the cultural richness of the two nations.

Subsequently, factories were inaugurated in Malta with the financial assistance of the Chinese government. In 1980 the Red China Dock was built in Malta and in 2003 the first Chinese cultural centre in Europe was opened in Malta’s capital city, Valletta. Trade and political as well as cultural and educational links between the two countries have been regenerated since 2012.

Malta has negotiated numerous double taxation agreements. To date this amounts to 67 countries including major Asian markets such as China and Singapore. The double taxation agreement between Malta and China became effective in August 2011. Double taxation agreements enable businesses and in special circumstances individuals to benefit from favourable tax planning opportunities for: • Trading income • Passive income (interest, royalties, etc) • Dividends from a participating holding • Dividends from non-participating holdings • Capital gain from disposal of a participating holding

Malta Company Services Malta has one of the lowest tax regimes within the EU area and is compliant with OECD standards. It is a white listed jurisdiction of high repute. Malta’s tax efficient structure is bases upon a

www.paragoneurope.eu

Anton Theuma Anton Theuma, Director Paragon Europe

2014 Trusts & Foundations Guide China Offshore

247

Sponsored Article

How can you benefit from the favourable tax system in Malta?

Paragon Europe – Your Partner in Malta, Europe and Beyond

International clients can set up a company in Malta to benefit from tax exemptions. The ‘Malta Company’ is an onshore company which pays tax at the rate of 35% with significant tax refunds to shareholders who can enjoy an effective tax rate between 0% and 10% depending on their circumstances. The tax paid by the Malta Company is available as a credit to shareholders when distributions are made.

Paragon Europe can assist you to take advantage of the favourable Malta taxation regime by setting up a Malta Company for you. We will draft the Memorandum and Articles of the company which will be filed with the Registrar of Companies. We will introduce you to local banks for the opening of a bank account, provide an address to be used as the official registered address, liaise with tax and VAT departments as well as provide accounting, back office and other services.

Paragon 欧洲——您在马耳他、欧洲 和全世界的伙伴

Tax Refund is simple, fast and effective

Paragon 欧洲能帮助您已设立马耳他 公司的形式从马耳他有利的税收制度 中获益。我们能为您撰写备忘录和章 程提交公司注册处存档。

Shareholders can make their claim for a tax refund and typically, 14 days after the end of the month in which the claim is made, the tax refund is paid to the shareholder. When dividends are paid out by a Malta Company, shareholders are entitled to 6/7ths refund of the Malta tax paid by the company. This gives an effective tax rate of 5%.In the case of dividends paid to a holding company, that holding company is entitled to 100% refund of the tax paid by the Malta Company.

Passive interest and royalties distributed to shareholders by a Malta Company are eligible to a 5/7ths refund of the tax paid resulting in an effective tax rate of 10%.

Our team of specialists will also introduce you to reputable audit firms who would carry out the audit of your company in order to have cost-effective and personal service.

Should you require vehicles for nondisclosure of shareholders, we can assist in the setting up of a Trust or the operation through a Fiduciary Services company.

We look forward to being of service.

Anton Theuma and the Paragon Team

退税简单，迅速和有效 股东能在提交退税申请，一般来说是 月底后的 14 天之内进行，退税金额 支付给股东。在马耳他公司 支付红利 时，股东能获得七分之六的由马耳他 公司支付的税收退税金额。 这就让有效税率降至 5%。在对控股公 司支付红利时，控股公司能获得马耳 他公司缴税税额的 100% 退税税率。 被动利息和版税由马耳他公司分配给 股东，且能得到七分之五的退税税率， 实际有效税率则降至 10%。

我们能把您介绍给当地的银行为您开 立账户，提供可以使用的地址作为官 方注册地址，为您联络税务和增值税 部分，并提供会计、后勤办公和其它 服务。 我们的专家团队将把您推荐给声誉卓 著的审计公司，这些公司将对您的公 司进行审计来获得高性价比的个性化 服务。如果您需要不披露股东信息的 工具，我们能帮助您设立信托或通过 信托服务公司来运营。 我们真诚期待为您服务。

248

Trusts & Foundations Guide 2014

www.paragoneurope.eu

2014 Trusts & Foundations Guide China Offshore

249

马耳他 - 欧盟信托和基金会辖区

Malta – The EU Trust and Foundation Jurisdiction

By Marlene Elsensohn

250

Trusts & Foundations Guide 2014

Sponsored Article

确定性和安全性

Certainty and Security

马耳他是欧盟体系内的民法国家，同 时又明显继承了盎格鲁 • 撒克逊法， 因此其信托和基金会可兼容并兼具两 种体系的优点。

Malta is, as a civil law country within the European Union with a distinct Anglo-Saxon heritage, well placed to offer the benefits of both systems in a trust and foundation context.

马耳他信托和受托人法及马耳他民法 法则的相关条例，能够为信托和基金 会提供强有力的框架基础。另外，利 用马耳他公司法可监管有限责任公司 和有限合伙公司；马耳他可提供国际 金融、财产管理、贸易和其它商务领 域所需的法律实体和架构。 国际金融中心 不知不觉中，马耳他已成为欧洲最为 稳定和极具创新性的金融据点之一。 马耳他是欧盟成员国，拥有稳健的银 行、保险、基金和财产管理部门，能 持续吸引世界各地领先的金融机构、 蓝筹跨国公司和高净值个人的投资。 英语是马耳他的官方语言，也是立法、 教育及商务用语。马耳他经济以知识 为基础，重点为信息和通信技术、生 命科学、教育及金融服务。金融服务 部门多样，包括投资基金、控股及贸 易公司、资产管理、航运及航空、保 险、信托、基金会、银行、家族办公 室、金融机构、国际养老金、资本市 场和外国人居住规划等。 基础设施 通过在国内建立先进的通信基础设 施，马耳他克服了地域限制。通过两 个卫星站及四个连接到欧洲大陆的海 底光缆可确保马耳他与国际接轨。 与此同时，与欧洲其余地方、北非及 世界其它地方畅通的海运及空运网络 可确保马耳他与世界的时刻同步。 监管与立法 马耳他监管框架完善且易于管理。国 家 立 法 与 欧 盟 需 求 一 致， 建 立 在 世 界各地其它金融中心最佳实践的基础 上。所有的金融服务包括信托与基金 会，都隶属同一监管部门即马耳他金 融 服 务 局（MFSA）。MFSA 被 视 为 严肃但易接近的监管机构。

The Maltese Trusts and Trustees Act, together with the relevant provisions in the Maltese Civil Code, offers a robust framework for both trusts and foundations.

Together with the Maltese Companies Act which regulates limited liability companies and partnerships, Malta can provide the legal entities and structures needed in international financing, wealth management, trading and other areas of business.

International Finance Centre Malta has quietly emerged as one of Europe’s most stable and innovative finance domiciles.

Malta is a full member of the EU and has a strong banking, insurance, fund and wealth management sector that continue to attract investment from the world’s leading financial institutions, blue-chip multinationals and high net worth individuals.

English is an official language in Malta and is the language of legislation, education and business on the Island. The economy is knowledge-based with focus on ICT, life sciences, education and financial services.

The financial services sector is diversified and includes Investment Funds, Holding and Trading Companies, Asset Management, Maritime and Aviation, Insurance, Trusts, Foundations, Banking, Family Offices, Financial Institutions,

www. papilioservice s.co m

International Pensions, Capital Markets and Expat Residency Programmes.

Infrastructure Malta has overcome its geographical limitations by building up a state-of-thearts telecoms infrastructure.

International connectivity is ensured by two satellite stations and four submarine fibre optic cable links to mainland Europe.

The excellent air and sea links with the rest of Europe, North Africa and elsewhere provide a network of worldwide connectivity.

Regulation and Legislation Malta has a sound regulatory framework and an accessible regulator. The country’s legislation is in line with EU requirements and is built on best practices from other finance centres from around the world.

All financial services, including trusts and foundations, fall under one regulator, namely the Malta Financial Services Authority (MFSA). The MFSA is recognised as a serious, yet accessible, regulator.

Cost Competitive Environment Malta offers cost advantages when compared with other financial services jurisdiction in Europe, making Malta a competitive alternative.

Advice and Assistance Malta’s workforce is generally multilingual and highly educated.

The professional firms in Malta have been at the forefront of the growth in the sector and

2014 Trusts & Foundations Guide China Offshore

251

低成本的竞争环境 与欧洲其它金融服务辖区相比，马耳 他具有低成本优势，这使马耳他极具 竞争优势。 建议和帮助 马耳他劳动力通常掌握多种语言，且 受教育程度良好。马耳他的专业公司 及雇员数目一直不断增长，增长速度 位列前茅，服务公司通常能快速有效 提供服务，并拥有广泛的经验和专长。 马耳他信托 市场的持续波动不断提醒人们保护和 / 或加强资产价值的重要性。从所得 税至继承规划，持有公司股权，捐赠 资产给孩子等等，马耳他信托是理想 的金融工具，可为人们提供财产管理 方案，满足他们的资产管理需求。 作为完善的信托辖区，马耳他声名远 播，其授权受托人的数量也与日俱增。 马耳他是少数民法辖区之一，并开发 出自己的国内信托法，不仅可监管马 耳他信托，也认可非根据马耳他法律 设立的信托。 使用马耳他信托的优势还包括它所有 相关的条例、规则及法律都以英文出 版，马耳他位于欧盟及欧元区内，马 耳他本身从传统上来说就是亲商的政 府。 马耳他信托可设立固定利率信托或全 权信托或者保护、慈善、积累和维护 信托（示例不一而足）。 马耳他基金会 马耳他是少数能同时提供信托和基金 会服务的辖区之一。信托对以普通法 为基础的法律体系而言是特别的存在 （通常在民法国家不存在），但马耳 他（民法国家）是个例外。 马耳他基金会拥有许多优势，包括低 税或无所得税以及低设立及管理成 本，这可吸引公司实体及高净值人士。 私人基金会可持有资产和负债，将其 与创始人和 / 或受益人分离开来，因

employees and service companies are usually quick, effective and have developed wide ranging experience and expertise.

Trusts in Malta Ongoing market volatility is a constant reminder of how important it is to protect and/ or enhance the value of assets.

From income tax to succession planning, holding of company shares, donating property to children, etc, etc, Maltese trusts are ideal financial instruments for persons seeking solutions to their wealth management requirements.

Malta is established as a reputable trust jurisdiction and the number of authorised trustees is steadily increasing. Malta is one of a very few civil law jurisdictions that have developed its own domestic trust law, which apart from regulating Maltese trusts also caters for the recognition of trusts set up under non-Maltese laws.

Advantages of using Maltese trusts include the fact that all relevant rules, regulations and laws are published in English, that Malta is within the EU and Eurozone and that the Maltese government is traditionally a probusiness government.

A Maltese trust may be set up as a fixed interest or a discretionary trust and as protective, charitable, accumulation and maintenance trusts (to mention a few examples).

www. papilio se rvice s.co m

252

Trusts & Foundations Guide 2014

Foundations in Malta Malta is one of the few jurisdictions that cater for both trusts and foundations. While trusts are peculiar to systems of law based on common law (and generally not found in civil law countries), Malta (a civil law country) is an exception.

Maltese foundations can benefit from a number of advantages, including low or no income tax and low set-up and management costs, which is proving attractive to both corporate entities and high net worth individuals.

Private foundations can hold assets and liabilities separate from the founder and/or beneficiaries and can therefore be used very well for asset protection purposes. A high level of confidentiality is provided and a foundation can have more than one founder (who can be an individual or a legal entity). A foundation can be set up with a protector and/or a supervisory council, thus creating checks on the administrators of the foundation.

Protection and Asset Security Malta is a highly regulated and sophisticated jurisdiction in the EU. A high level of protection is built in to the relevant regulations which offers a high level of assurance to the settlor/founder.

Trustees and Administrators require a licence issued by the MFSA.

Sponsored Article

此可很好的用于资产保护的目的。同 时也可提供高度的保密性，基金会的 创始人可以不止一个（可以是个人或 公司实体）。基金会可配备一位保护 者和 / 或监管委员会，因此可对基金 会的管理人员进行监管。 保护及资产保护 马耳他是欧盟监管度高且极为成熟的 辖区。相应规则均已包含保护条例， 因此可提供给委托人 / 创始人高度担 保。受托人及监管机构需要 MFSA 颁 发的许可。马耳他信托及基金会通常 用于所得税及遗产 / 继承计划，资产 保护计划并协助慈善机构。 税收 当信托所有受益人均未定居在马耳他 或非马耳他常驻居民，信托资本位于 马耳他之外，则在马耳他无需缴纳马 耳他所得税或其它任何形式的转让税。 基金会与信托或马耳他公司的处理方 式相同。马耳他公司受益于参股免税 制度即免征马耳他实体所得税及下属 子公司收益所得税。 客居马耳他 马耳他位于地中海中部，气候宜人。 许多人选择居住在马耳他或成为马耳 他居民。非欧盟居民可利用全球居民 许可，其所得税税率可低至 15%。马 耳他个人投资者计划则为投资人提供 成为马耳他居民的机会（之后就拥有 马耳他护照），其相关流程部不超过 12 个月即可完成。马耳他是欧盟和 申根地区的正式成员。

Maltese trusts and foundations are commonly used for income tax and estate/succession planning, asset protection planning and assistance to charities.

(and subsequently a Maltese passport) through a process which should not take more than 12 months to complete. Malta is a full member of the EU and of the Schengen Area.

Taxation When all the beneficiaries of a trust are non-Malta domiciled and resident, and where the trust assets are situated outside Malta, no Maltese income tax or any other transfer duties, should be payable in Malta.

A foundation may be treated in the same way as a trust or in the same way as a Malta company.

Maltese companies can benefit from a participation exemption regime that exempts the Maltese entity from income tax in Malta on income and gains derived from an underlying subsidiary.

Living in Malta Malta is an island in the middle of the Mediterranean with a fantastic climate. A number of persons have opted for one of the residence or citizenship programmes available in Malta. Non-EU citizens can avail themselves of the Global Residence Permit which includes a low income tax rate of 15%.

The Malta Individual Investor Programme offers the opportunity to acquire Maltese citizenship

Thomas Jacobsen 是来自马耳他的 公司 Papilio Services 的董事总经理。 他是一位倍受尊敬的顾问针对专业公 司和客户提供公司法，税务和信托法 律事务业务咨询。 T h o m a s J a c o b s e n is t h e M a n a g in g Dire c t o r o f Pa p ilio Se r v ic e s L im it e d , M a lt a . H e is a re s p e c t e d a d v is o r t o p ro f e s s io n a l f ir m s a n d c lie n t s o n c o r p o r a t e la w, t a x a t io n a n d t r u s t la w m a t t e r s .

www. papilioservice s.co m 2014 Trusts & Foundations Guide China Offshore

253

行政特区 jurisdictions

马耳他 Malta

Q &A

1. 马耳他作为提供高度私密性资产保护的金融辖区，对希望为下 一代管理资产的中国家族或个人来说，有哪些优势？

1. What are the advantages of Malta as a jurisdiction in terms of privacy & ASSET PROTECTION for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation?

马耳他提供强健和优良的资产保护方案，以信托或信托公司提供 的完全私密性而著称。

Malta offers a robust jurisdiction which offers good asset protection by way of either a Trust or through a Fiduciary Company giving full privacy.

2. 在费用上，马耳他是否比其它金融辖区更昂贵？如果是这样， 客户能获得的附加价值是什么？ 马耳他提供在欧盟设立和运营信托、基金会和使用信托公司极具 竞争力的价格。 3. 马耳他是否也提供基金会？您是否在亚洲 / 中国客户使用这一 架构方面发现他们有何种偏好？这一偏好是否在改变？ 马耳他以合理的价格提供基金会架构。这些架构应该以非盈利为 目的而设立。 4. 我们知道一些金融辖区启用了新的基金会法律来吸引更多的亚 洲 / 中国客户（比如萨摩亚、库克群岛、纳闽岛等），贵辖区是否 也是如此？如果不是，你们是否也会在将来推出资产保护方面 和 传承方面的产品？ 在马耳他，客户能在信托和使用信托公司两者之间做出选择。信 托不能在向下一代传承时解散。在受托人方面，继承者能和信托 公司之间解除关系。两个选择都提供资产保护方面的足够信心。

254

Trusts & Foundations Guide 2014

2. In terms of cost, how is the cost of a Malta trust or foundation compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this.

Malta offers very competitive rates for the setting up and operating of Trusts, Foundations and using Fiduciary Companies within the EU. 3. Does Malta also offer Foundations? Do you see a preference from your Asian/Chinese clients using one structure more than the other? Is this preference changing?

Malta also offers Foundations at reasonable prices. These would be set up for non profit aims.

4. We understand that some jurisdictions have recently introduced foundation law to attract more Asian/Chinese Clients (Samoa, Cook Islands, Labuan. Is this the same for your jurisdiction? If no, do you plan on introducing new ASSET PROTECTION and succession products in the future?

In Malta, clients can choose between Trusts and use of Fiduciary Companies. Trusts cannot be dissolved on succession from one generation to another. In the case of Fiduciaries, the heirs can dissolve the relationship with the Fiduciary Company.

行政特区 jurisdictions

Q &A

5. 在贵辖区是否可以推荐一个适合中国家族向下一代传承财富的 基金会或信托？ 我们推荐信托或信托公司的方式。信托的最长寿命周期是 100 年。 受托人关系能在传承时接触。基金会只能以非盈利的目的而设立。 6. 在为亚洲或中国家族设立信托或基金会时马耳他遇到的最大挑 战是什么？

Both options offer asset protection and confidentiality.

5. In your jurisdiction would you suggest a foundation or a trust for a Chinese family looking to pass on their wealth to the next generation and why?

We suggest a Trust or a Fiduciary Company arrangement.

A trust has a maximum lifespan of 100 years. A Fiduciary relationship can be dissolved on succession. A Foundation can only be set up for non profit activities.

他们必须满足普通的尽职调查条件。

6. What is the biggest challenges Malta faces when setting up a trust and or foundation for an Asian or Chinese family?

7. 为亚洲或中国客户做规划时遇到的最大问题和挑战是什么？你 们对这些问题提出的解决方案是什么？

They just have to meet the normal due diligence criteria

没有遇到过特殊问题。这一情况和其它非欧盟客户所遇到的一样， 都需要满足尽职调查的要求。 8. 对于在贵辖区持有信托或基金会的中国客户来说，世界范围内 的税务信息自动交换趋势会造成什么影响？ 除非法院命令，否则不会泄露任何信息。这仅会在非常极端的情 况下出现。税务当局不会要求当事人出示信托或以信托公司的方 式运行方面的信息。 9. 我们了解到一些辖区专注于资产保护，而另一些则专注于资产 传承的产品。贵辖区在这两方面是否有更好的解决方案？

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

There are no special issues. The situation is the same as for other non EU clients who would have to meet normal due diligence requirements.

8. What affect will the worldwide automatic tax information exchange have on Chinese clients holding trusts and or foundations in your jurisdiction?

No information is divulged unless requested by a court order.

This would only happen in extreme situations. Tax authorities would not have any information on the persons setting up a Trust or operation through a Fiduciary Company.

我们两者都提供。

9. 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?

10. 中国客户为什么要在众多辖区中选择马耳他来进行资产传承的 规划？

We offer both through Trusts and Fiduciary arrangements.

高性价比 , 高私密性 , 是强健的欧盟金融辖区之一 来源：Diane Muscat/Paragon Europe

10. Why would a Chinese client choose Malta over any other jurisdiction to structure their asset SUCCESSION PLAN? Cost effectiveness · Confidentiality · Robust jurisdiction within the EU Source: Diane Muscat/Paragon Europe

2014 Trusts & Foundations Guide China Offshore

255

英国 United Kingdom

256

Trusts & Foundations Guide 2014

Our local knowledge, your global advantage 我们的当地知识，你的全球优势 Our international offices open the door to investment in Europe and the rest of the world.

Talk to us about: • • • • • • •

我们的国际办公室向投资在欧洲和全世界 其他地区敞开大门。

跟我们联系关于：

UK & Offshore company registration Registered office and company administration Accounting and payroll Tax advice plus VAT registration Director services Trusts and Foundations Property structuring and acquisition

-

英国和离岸公司注册 注册办事处及公司管理 会计和工资 税务咨询加上增值税登记 董事服务 信托和基金会 产业结构及收购

UK

Contact us today: Call: +44 (0) 207 400 3327 Email: info@jordanstrustcompany.com Visit www.jordanstrustcompany.com British Virgin Islands

Cyprus

Hong Kong

Jersey

英属维尔京群岛

塞浦路斯

香港

泽西

Seychelles 塞舌尔

2014 Trusts & Foundations Guide China Offshore

UK

英国 257

行政特区 jurisdictions

概况

英国

General

UK

架构类型

信托

法律类型

普通法

Type of Structure

Trust

建立信托所需时间

实际需要一个月。大多数信托公司遵循 由律师准备的定制行为成立。与信托， 信托的设置速度取决于尽职调查的过 程，包含反洗钱调查。英国信托的税收 是复杂的，信托不建议在没有详细的专 家建议指导下建立。

Time to Establish a Trust

最低政府费用（不包括税收）

无

Realistically one month. Most trusts are set up by bespoke deeds prepared by lawyers.

The speed with which a trust can be set up is dependent on the due diligence process, includng anti money laundering checks.

The taxation of trusts in the UK is complex and trusts should not be created without obtaining detailed specialist advice.

是否签订免双重征税协定

是，英国已与多方签订该协议

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 标准货币

英镑

允许币种

任何币种

最低资产要求

10 英镑

受托人 独立法人最低人数

2人

公司法人最低人数

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。

是否要求有当地受托人

是的，如果信托被视为英国居民。信托 根据英国法律创建和受托人可以居住在 其他司法管辖区。

公众访问记录权限

否

会议地点

取决于税务居民

保全 需要

可选

持有专业资格

可选

信托契书 公众访问权限

否

Type of Law

Minimum Government Fees (excluding taxation)

Double Taxation Treaty Access

Standard Currency

GBP

Minimum Assets Required Trustees

£10

Minimum Number if Individuals

Two

Permitted Currencies

Minimum Number if a Body Corporate If Local Trustee Required Publicly Accessible Records Meeting Location

Optional

Professional Qualifications Held Trust Deed

Optional

Publicly Accessible

No No, but regarded as best practice.

Beneficiaries can call for accounts and trustees are required to maintain accounting records.

否，除非政府工具说明

公众访问账户权限

否

Audit Requirements

取决于信托契书，可允许政府法律和法 律论坛的改变

258

Trusts & Foundations Guide 2014

No

Required

审计要求

是否允许迁册

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.

Yes if the trust is to be regarded as resident in the UK. Trust can be set up under English law with trustees who are resident in another jurisdiction.

Protector

Requirements to Prepare

否

Any

Dependent on tax residency

没有，但是视为最佳实践。受益人可以 拨打账户和受托人必须保持会计记录。

法定继承权

UK has a wide range of double tax treaties

Trust Assets

准备要求

其他

Nil

Taxation is dependent on the residence of the trustees and the domicile of the settlor.

Taxation on Foreign Income

Accounts

账户

Common

Publicly Accessible Accounts

No unless stated in governing instrument

Other

No

Forced Heirship Rules

No

Change in Domicile Permitted

Dependent on the Trust Deed. Change in governing law and legal forum may be permitted

行政特区 jurisdictions

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

简介

Introduction

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

Although the UK must be counted as business-friendly, with its superb professional services, a common law heritage, and straightforward company law, it is relatively highly taxed and there are few if any niches available by way of escape. The ‘offshore’ dependencies of Jersey, Guernsey and the Isle of Man (qv) do however provide low-tax possibilities, and there is a beneficial tax regime for ‘non-doms’ – those who do not have UK origins. The services sector is dominated by banking, finance and insurance, centred in the City of London.

The UK has excellent telecommunications, extensive rail and road networks, including high-speed rail links to Europe via the Channel Tunnel, and a number of airports, with London Heathrow said to be the world’s busiest in terms of passenger numbers. The UK has well-developed trust law, with distinct tax advantages, especially in relation to inheritance tax.

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。 适用于： 保险业、航运、游艇、金融贸易、电子商务

Suitable for: Insurance, Shipping, Yachting, Trading Financial, E-commerce

2014 Trusts & Foundations Guide China Offshore

259

行政特区 jurisdictions

英国

United Kingdom

1. 英国作为金融辖区，在私密性和资产保护方面对中国高净值人 士或家族延续财富方面有何优势？ 英国是全世界公司建立和信托法规最完善的国家之一。稳定和安 全的资产传承规划在过去的 900 年里一直享有盛誉。因此英国能 提供最为稳健的资产保护平台。 2. 在价格方面，英国基金会和其它金融辖区相比有什么区别？如 果价格更高，客户能获取什么额外的价值？ 作为普通法国家，英国没有特定的法规来允许创建基金会。但是 却有多种多样的公司组建形式来达成基金会的目的。比如担保公 司和混合公司等。从英国非常有利的普通法环境获利，这些实体 能比在民事法国家建立的基金会便宜许多。 3. 英国是否提供信托架构？亚洲 / 中国的客户是否在选择这些架 构方面有无倾向性？这一倾向性是否在发生变化？ 信托是英国在遗产规划方面最为重要的架构。信托和基金会有许 多不同，比如说，它没有法律特性且受托人对受益人来说要承担 义务。因此每个信托都按每个家族的实际需要来设计，能随着条 件的改变而与时俱进。 人们选择信托的倾向性正在发生改变，最近英国在物业所有权方 面的发展导致更多的人通过信托的方式来获取英国的物业。 4. 为亚洲或中国家族客户设立信托时，你们遇到的最大挑战是什

Member Contribution

Q &A 1. What are the key advantages of UK as a jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation?

The UK has amongst the most established company and trust laws and case law precedent in the world. Stable and secure succession planning has been accomplished through trusts for over 900 years. Consequently the UK offers the most stable platform possible.

2. In terms of cost, how is the cost of a UK Foundation compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this.

As a common law country, the UK does not have specific legislation permitting the creation of foundations. However, the broad range of companies can be organised to serve the purpose of a foundation, for example guarantee and hybrid companies. Benefitting from the very favourable UK common law environment, such entities will be much less expensive than foundations created in civil code countries.

3. Does UK also offer Trusts? Do you see a preference from your Asian/Chinese clients using one structure more than the other? Is this preference changing?

Trusts are the foremost arrangements in the UK for succession planning. Trusts differ from foundations in many ways, for example, they do not have legal personality and trustees owe fiduciary duties to the beneficiaries. Each trust is therefore designed to suit the arrangements of each family and can change with evolving circumstances.

The preference is changing as recent tax developments in the UK relating to property ownership has resulted in more use of trusts to acquire UK properties.

么？

4. What are the biggest challenges you or the UK face when setting up a Trust for an Asian or Chinese family?

受托人的责任比较繁重，这表现在费用比较高，比如，基金会委

The responsibility of the trustees can be onerous and this may be reflected in fees that can be higher than those, for example, of a foundation council.

员会费用就比较高昂。在普通法国家，信托不是遗产规划的已确 定的方式。向受托人授予资产的法律名义和放弃控制权是很多客 户难以接受的。 5. 在为中国或亚洲客户服务时，你们遇到的最大问题和挑战是什 么？贵金融辖区的应对方式是什么？ 我们强烈要求中国或亚洲客户寻求专业的顾问意见。遗产规划非 常复杂，因此特定的顾问意见在处理每一个特定案例时都必不可 少。在亚洲，资产传承方案通常都打包提供，因此会造成未可预 见的困扰和严重后果。 6. 世界范围内的税务信息交换协议趋势，对中国客户在贵辖区持

260

Trusts & Foundations Guide 2014

Trusts are not an established means of estate planning in noncommon law countries. Passing legal title of assets to trustees and relinquishing control over such assets is a concept many clients find difficult to appreciate.

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

We can’t emphasize enough to Chinese or Asian clients the importance of getting professional advice. Succession planning is complex and specific advice is crucial in each case. In Asia, structures are often packaged and this can create unintended and adverse consequences.

行政特区 jurisdictions

Q &A

有信托或基金会会造成什么影响？ 信息的自动交换对相关国家的纳税体系来说必不可少。而信托则 能很大程度上保证私密性。 7. 我们知道一些金融辖区都注重资产保护，而有一些则专注于提 供资产传承的产品。贵辖区在这两方面有没有更好的解决方案？ 英国在公司和信托方面提供多样化的选择，对资产保护和资产传 承来说都很有效。专业的意见对确保选择正确的架构来达到预期 的目标来说就显得非常重要。 8. 在服务中国和亚洲客户时，现在遇到的最热点问题和最热门的

6. What effect will the worldwide automatic tax information exchange have on Chinese clients holding trusts and or foundations in your jurisdiction?

Automatic exchange of information is important to ensure the correct revenues are collected in the relevant countries.

Confidentiality may be preserved through trustees.

7. 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 UK offers a very broad selection of companies and trusts that can be effective for both asset protection and asset succession. Professional advice is crucial to ensure that the appropriate option is utilized achieve the desired results.

话题是什么？

8. What are the current pressing issues or hot topics that you’re experiencing right now with your Asian/Chinese clients?

英国正日趋成为对欧盟投资的中心国家，它提供价格低廉的公司

The UK is becoming increasingly important as a centre for investment into the European Union, offering low cost incorporation, transparency and efficient remittance back to the country of the investor. It is also becoming increasingly popular for immigration and education.

组建、高度的透明化和高效的投资者资金回流措施。它也成为移 民和教育的热门国家。 9. 中国客户为什么要在众多的金融辖区中选择英国来进行资产传 承的规划？

9. Why would a Chinese client choose your jurisdiction over any other jurisdiction to structure their asset succession plan?

和高水准的生活。对个人和公司来说，它也有欧盟最有利的税制。

The UK has an excellent reputation and possesses the world’s leading infrastructure for investment, financial services, and quality of life. It has one of the most favorable tax regimes in the European Union, for companies and individuals.

来源：Jordans Trust Company

Source: Jordans Trust Company

英国享有极佳的声誉，也有世界领先的投资、金融服务基础设施

2014 Trusts & Foundations Guide China Offshore

261

行政特区 jurisdictions

大洋洲 OCEANIA

262

Trusts & Foundations Guide 2014

行政特区 jurisdictions

新西兰 New Zealand

New Zealand

2014 Trusts & Foundations Guide China Offshore

263

行政特区 jurisdictions

概况

新西兰

架构类型

信托

法律类型

普通法

建立信托所需时间

2-5 天

最低政府费用（不包括税收）

无

是否签订免双重征税协定

是

国外收入课税

无（只要满足资格标准）

New Zealand

Type of Law

Common

Type of Structure

Time to Establish a Trust

Minimum Government Fees (excluding taxation) Double Taxation Treaty Access Taxation on Foreign Income Trust Assets

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

独立法人最低人数

受托人可以是独立或者公司法人

公司法人最低人数

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

公众访问记录权限

否

会议地点

任何地方

需要

可选

持有专业资格

可选

公众访问权限

否

准备要求

是

审计要求

否

公众访问账户权限

否

法定继承权

无

是否允许迁册

是

Trusts & Foundations Guide 2014

No (as long as qualifying criteria met)

Any

Minimum Number if Individuals

Trustee can be individual or corporate.

If Local Trustee Required

Yes

Minimum Number if a Body Corporate

Publicly Accessible Records Meeting Location

Required

Professional Qualifications Held

If corporate, at least one director must be an approved person.

No

Anywhere

Optional Optional

Publicly Accessible

No

Requirements to Prepare

Yes

Publicly Accessible Accounts

No

Audit Requirements

Other

其他

Yes

$1.00

Accounts

账户

NIL

Minimum Assets Required

Permitted Currencies

Trust Deed

信托契书

2-5 days

US $

Protector

保全

Trust

Standard Currency

Trustees

受托人

264

General

Forced Heirship Rules

Change in Domicile Permitted

No

Not applicable Yes

行政特区 jurisdictions

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

简介

Introduction

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

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.

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、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

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.

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

2014 Trusts & Foundations Guide China Offshore

265

行政特区 jurisdictions

新西兰法律体系、组建规则及费用 New Zealand Legal Framework and Formation Rules and Fees New Zealand is not offshore, and it is not even considered a ‘low-tax’ country. Nonetheless, New Zealand is one of the world’s major trust jurisdictions, and estimates for the number of trusts formed in the country, which stand anywhere between 250,000 and 400,000, bear testament to this.

It is probably because of, rather than in spite of, its membership of the OECD and its status as a ‘reputable’ and ‘tax cooperative’ jurisdiction that this growth has taken place in the trust sector, with many governments now discouraging taxpayers from setting up offshore investment structures in one form or another. The country’s proximity to a growing reservoir of personal wealth in the Asia-Pacific region has also fuelled demand for New Zealand trusts, while its common law legal framework also appeals to investors in the UK and North America.

新西兰是非离岸甚至并非“低税”国家。然而，新西兰是 全球主要信托辖区之一；据估计，设立于该国家信托的数量， 介于 25 万至 40 万之间，这一数量是有据可查的。 这可能是因为新西兰是 OECD 一员，以及它在国际上“好 声誉”及“税务合作”的辖区地位；同时现在许多政府以 这样或那样的方式阻止纳税人设立离岸投资机构，这导致 了信托领域的增长。新西兰如同亚太区日益增长的个人财 产的蓄水池，现在也激发了人们对该国信托的需求，然而 它的普通法法律体制也吸引了英国和北美投资者。 尽管不像某些离岸辖区和银行中心一样有强劲的银行保密 或金融隐私法，但新西兰信托的保密性还是得到合理保护。 新西兰与将近 40 个国家签订双边双重征税协定及信息共享

266

Trusts & Foundations Guide 2014

Despite the fact that New Zealand does not have the strong banking secrecy or financial privacy laws that are in place in some offshore jurisdictions and banking centres, confidentiality is reasonably secure as regards trusts. New Zealand has a network of almost 40 bilateral double tax treaties with information sharing provisions, but the Inland Revenue Department tends only to accept specific foreign requests for information from trustees and does not permit ‘fishing expeditions’ from overseas tax authorities.

Legislation which went into effect on October 1, 2006 now requires foreign trusts to maintain records in New Zealand to make such requests easier to comply with.

However, trusts may be permitted to maintain records with a foreign party provided that they can show the IRD that arrangements are in place to allow the information to be easily accessed by the tax department.

Given its historic links to the UK, trust law in New Zealand is based heavily on English trust law and the main statute governing trusts, the Trustee Act 1956, is similar to the UK Trustee Act 1925. New Zealand has not yet enacted domestic legislation to give recognition to the Hague Convention on the Law Applicable to Trusts and on their Recognition.

The trust sector is a largely self-regulating industry and

行政特区 jurisdictions

条款，但税务局部门 (IRD) 倾向于仅接受特定的国外查询受 托人信息请求，且不接受海外税务局的“审前调查”。立 法于 2006 年 10 月 1 日生效，现在要求外国信托均在新西 兰存有档案，从而更容易遵守上述请求。然而，允许第三 方保有信托档案，只要他们能够向 IRD 表明，所有安排已 经到位，税务部门可便捷地获取信息。 考虑到新西兰与英国的历史渊源，新西兰信托法大量基于 英系信托法。主要的信托管理法规，1956 年受托人法与 1925 年英国受托人法类似。新西兰尚未在国内颁布立法， 承认海牙公约适用于信托和承认信托法。 信托领域很大程度上是自我监管的行业，受托人在进行投 资时拥有相当宽泛的自由度。然而，根据 1988 年受托人修 正案，受托人进行投资的职责受限制为“谨慎”投资。根 据这一条款，受托人需是谨慎的商务人士，在管理他人的 各项事宜时，需小心、谨慎且专业地行使其投资权力。若 受托人的专业是代表他人投资金钱，则会提高这种责任的 门槛。 根据 1956 年受托人法案，受托人行使其投资权力时需留意 的事宜包括（但不限于）如下： ·多样化进行信托投资的需求 ·现有信托投资及其他信托资产的本质 ·维持资本或信托收入实际价值的需求 ·资本损失或折旧的风险 ·资本升值的潜力 ·可能的收益回报 ·建议投资期限的长短 ·信托可能持续的时间 ·在决定建议投资期限时，建议投资的可销售性 ·信托资产的总值 ·建议投资对信托纳税义务的影响 ·通胀影响建议投资或其他信托资产价值的可能性 根据 1956 年受托人法，受托人享有法定的要求赔偿权。 新西兰信托可通过正式签订书面的信托书而设立。以书面 形式设立的信托或者是由委托人和受托人双方签订的信托 转让契约或者是通过受托人单独签订的信托声明。无特别 字体要求，也无需密封、递送信托书。

trustees are given fairly wide latitude in the investments they can make. However, the law was tightened up by the Trustee Amendment Act 1988 which bestows on the trustee the duty to invest “prudently”. Under this provision, a trustee exercising any power of investment shall exercise the care, diligence, and skill that a prudent person of business would exercise in managing the affairs of others. The threshold of this duty increases if the trustee’s profession is that of investing money on behalf of others.

The matters to which trustees may have regard in exercising their powers of investment under the Trustees Act 1956 include (but are not limited to) the following: ·the desirability of diversifying trust investments; ·the nature of existing trust investments and other trust property; ·the need to maintain the real value of the capital or income of the trust; ·the risk of capital loss or depreciation; ·the potential for capital appreciation; ·the likely income return; ·the length of the term of the proposed investment; ·the probable duration of the trust; ·the marketability of the proposed investment during, and on the determination of, the term of the proposed investment; ·the aggregate value of the trust estate; ·the effect of the proposed investment in relation to the tax liability of the trust; and ·the likelihood of inflation affecting the value of the proposed investment or other trust property.

Trustees have a statutory right of indemnity under the Trustee Act 1956.

A New Zealand trust is created by the execution of a formal written deed. Trusts created in writing may be either by a settlement of trust signed by both the settlor and the trustee, or by a declaration of trust signed by the trustee alone. No particular form of words is required and sealing or delivery of deeds is not required.

If a trust does not have an express power of variation contained in the deed, the trust deed may not be amended or modified without making a successful application to the High Court to vary the deed.

The most popular form of trust is the discretionary trust.

2014 Trusts & Foundations Guide China Offshore

267

行政特区 jurisdictions

268

Trusts & Foundations Guide 2014

行政特区 jurisdictions

若信托在信托书中没有明确规定其变更权力，则需向高级 法院进行申请，申请变更的请求通过后，才可对信托书进 行修订或修改。 信托最风靡的形式是全权信托。20 世纪 90 年代废除了遗 产税，2011 年废除了赠与税，因此在新西兰， 这种信托 作为资产保护工具，是常被家族选用的典型信托形式。固 定利率信托也会被选用，但没有得到普遍应用。慈善信托 也是可选之一，但不允许设立非慈善目的的信托。 根据 1964 恒继法，在反永久所有权规则的限定之下，适用 于信托分配的恒继期为 80 年。1964 年恒继法规定如下即 反累积规则可适用于累积方向，在受托人已被专门赋予累 积权力的情况下，反累积规则不适用于累积权力。 任何信托均可委派任何受托公司作为唯一受托人依法行事。 创立信托的文件可提供或直接委托 2-3 名或更多的受托人。 也可委派顾问受托人来协助受托人。可委派任何公司担任 任何信托的保管受托人，在任何情况下，可委派保管受托 人担任受托人。 法院有权下达命令委派一个或多个新的受托人，或是替代 已有的任何受托人，或是在现有基础上增加，亦或是无受 托人的情况下。 法院可考虑投资策略的实施是否违反信托。对因受托人所 采取的违反信托的投资而导致的已有持续产生的信托损失 或预计持续产生的信托损失，法院经过斟酌考虑，会在其 认定公平的基础上，用任意其他部分投资所产生的全部或 部分收益来抵消这一违法投资所产生的全部或部分损失。

Estate tax was abolished in the 1990s and gift duty was repealed in 2011, so this type of trust is typically used by families in New Zealand as an asset protection vehicle.

Fixed interest trusts are also used but are less common.

Charitable trusts are also available, but non-charitable purpose trusts are not permitted.

Under the Perpetuities Act 1964, the perpetuity period applicable to a disposition under the rule against perpetuities is 80 years. The Perpetuities Act 1964 sets out that the rule against accumulations may apply to directions to accumulate but not to powers to accumulate if the latter are specifically given to trustees.

Any trustee corporation may be appointed and may lawfully act as the sole trustee in respect of any trust.

The instrument creating the trust may provide for or direct the appointment of 2 or more trustees. Advisory trustees may also be appointed to assist the trustee and any corporation may be appointed to be custodian trustee of any trust in any case where it could be appointed to be trustee.

The Court has powers to make an order appointing a new trustee or new trustees, either in substitution for or in addition to any existing trustee or trustees, or although there is no existing trustee.

The Court may take into account investment strategy in an action for breach of trust. In considering any action for breach of trust arising in respect of or in relation to any investment by a trustee as a result of which any loss or losses have been, or are expected to be, sustained by the trust, the Court may set off, as it thinks just, all or any part of the loss or losses resulting from that investment against all or any part of the gain or gains resulting from any other investment, whether in breach of trust or not. 来源：全球信托指南 Source: Global Trust Guide

2014 Trusts & Foundations Guide China Offshore

269

行政特区 jurisdictions

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（OECD）、世界贸易组织（WTO）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，司法体系强劲，通常被视为

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.

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会的 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会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？ 基金会在新西兰并不适用，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。LTC（'Look-through' Companies）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。

270

Trusts & Foundations Guide 2014

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.

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?

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).

行政特区 jurisdictions

Q &A 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。

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.

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.

6. 在越来越多的辖区与全球其他国家签订了税务信息交换协议 （TIEA）形势下，全球税务信息自动交换趋势对在贵辖区持有信 托和 / 或基金会的中国客户会产生何种影响？ 新西兰目前已签订 19 个 TIEA，同时与美国达成 IGA。除非受到 其中一个协议的影响，否则客户在新西兰的信托结构和处理方式 将基本保持不变。

6. What affect will the worldwide trend of tax information automatic exchange have on Chinese clients holding trusts and or foundations in your jurisdiction, as more and more jurisdictions have signed TIEAs with the rest of the world?

New Zealand currently has 19 TIEAs in place and has entered into an IGA with the United States. Unless affected by one of the agreements, clients' New Zealand structures and arrangements will remain largely unaffected.

7. 我们了解到某些辖区注重资产保护，而另一些则关注资产继承 产品。贵辖区对资产保护或资产继承有更好的解决方案么？ 信托本身就是资产保护和资产继承工具的综合体。然而某些辖区 会关注前者，新西兰则通过其强劲的立法和信托制度对在新西兰 设立的信托提供保护。新西兰的信托法近期经过了复审，最终会 对信托法的条款作出一定修改。然而，并无明显迹象显示会特别 关注资产保护事宜。 8. 为什么中国客户会选择贵辖区而非其他辖区来实施他们的资产 继承 / 保护计划？ 新西兰信托法及其强劲的信托制度具有悠久传统。衡平法原则及 法律已根深蒂固（基于英系法律）且用于法庭实际检验了百年之久。 现行法律对资产及无辜债权人进行保护，并能够达到公平的平衡， 不会偏倚或冒犯到任一方。

7. 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?

Trusts will inherently contain a mix of asset protection and asset succession tools. Whilst some jurisdictions have focused on the former, New Zealand has relied on its robust legislation and trust regime to afford protection to those settling trusts in New Zealand. New Zealand’s Trust Laws have recently been reviewed and changes will ultimately be made to the terms of the Trust laws. There is, however, no apparent move to focus more specifically on issues of asset protection.

8. Why should a Chinese client choose your jurisdiction over other jurisdictions to structure their asset succession/protection plan?

New Zealand has a long heritage of trust laws and a robust regime. Principles of equity and law are well established (and

2014 Trusts & Foundations Guide China Offshore

271

行政特区 jurisdictions

Q &A based on English laws) and tested in the courts and have endured for more than a century. The current law strikes a fair balance between asset protection and the protection of innocent creditors, without being biased or offensive.

9. When were trust and foundation law introduced in your jurisdiction?

New Zealand does not legislation which provides for the establishment of a Foundation in New Zealand.

New Zealand's trust law is closely based on English statutes and principles. The main statute is the Trustee Act, 1956 which re-enacted provisions of the 1908 Trustee Act. The 1956 Act is closely based on the English Trustee Act of 1925.

9. 贵辖区是何时引入信托法和基金会法的？ 新西兰没有制定有关在新西兰设立基金会的立法。 新西兰的信托法以英系法律及准则为基础。主要的法律是 1956 年 信托法，该法是对 1908 年信托法条例的重新颁布。1956 年信托 法以 1925 年英系信托法为基础，与其联系紧密。 10. 贵辖区信托 / 基金会法有哪些主要特征是尤其吸引投资者的？ 那些满足某些标准的新西兰信托会享有行之有效的零税收待遇， 这使得新西兰信托对那些想要在新西兰设立信托的人们来说颇具 吸引力。新西兰名列许多辖区的白名单之上，这一地位也是吸引 客户的另一因素。最后，信托在新西兰已有超过百年的历史，这 一事实彰显了新西兰信托的长期稳定，这是其他许多辖区不具备 的特征。 11. 在法庭案例中是否有通过信托 / 基金会最终保护了受益人资产 的显著例子？ 新西兰具有悠久的设立信托和监管信托的历史。在新西兰法庭所 审理的案例中，很大一部分均包含验定委托人是否将资产的法定 权利有效转移给受托人这一内容，这使得这些资产对委托人的债 权人不可用。根据新西兰法正确设立和监管的信托通常能够保护 信托资产免于债权人追诉。 12. 贵辖区信托 / 基金会近期是否有任何投资者需注意的发展变化？

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

The effective zero tax treatment of New Zealand trusts for those meeting certain criteria makes it particularly attractive to those wishing to settle a trust in New Zealand. New Zealand’s position on the White Lists of many jurisdictions, is another attractive element. Finally, the fact that trusts have been around in New Zealand for over a century shows stability and longevity not found in many other jurisdictions.

11. Are there any significant court cases where the trust/ foundation has held up in court cases and ultimately protected the beneficiary's assets?

New Zealand has a long history of settling and administering trusts and a large proportion of the cases heard in the NZ courts contain an examination of whether the settlor has effectively transferred the legal title of the assets to the trustee, making them unavailable to the creditors of the settlor. A trust which is correctly set up and administered according to New Zealand law will generally provide the intended protection of the assets of the trust against claims by creditors.

12. Are there any recent developments in trust/foundation law in your jurisdiction that investors should be aware of?

The New Zealand Law Commission has recently concluded a review of the Trustee Act 1956 (and New Zealand trust law generally). The Commission reported to Parliament in September 2013 and a comprehensive re-statement of New Zealand’s Trust laws is expected in the future.

新西兰法律委员会最近对 1956 年受托人法（及主要是新西兰信托 法）复审结果做出总结。该委员会于 2013 年 9 月将结果上报至国 会，预计在未来会再宣告全面的新西兰信托法。 来源 : David Finlayson/AMS Financial Group

272

Trusts & Foundations Guide 2014

Source: David Finlayson/AMS Financial Group

瓦努阿图

行政特区 jurisdictions

您在太平洋地区的首选离岸管辖区 The Offshore Location of Choice in the Pacific 瓦努阿图最大的信托集团，超过40年专业经验

40 years' experience as Vanuatu's largest trust group 无所得税 No income taxes

无预提税 No withholding taxes

无税收条约 No tax treaties

英国普通法 English common law

无资产利得税 No capital gains taxes

无房产或遗产税 No estate or death duties

世界一流的通信系统 World class communications

居民权和公民权 Residency & citizenship

在瓦努阿图和亚洲竭诚为您服务

Serving you from Vanuatu and Asia PACIFIC INTERNATIONAL TRUST Co. Ltd.

International Building, Lini Highway, Port Vila, Vanuatu Email: security@vila.net www.Financial.com.vu for VANUATU Companies

15-01 Hub Synergy Point 70 Anson Rd, Singapore info@acs-sea.com.sg 2014 Trusts & Foundations Guide China Offshore www.acs-sea.com.sg for SINGAPORE Companies

273

Vanuatu

8/F Pacific House 20 Queens Road Central HK info@acshk.com www.acshk.com for HONG KONG Companies

行政特区 jurisdictions

概况

瓦努阿图

General

Vanuatu

架构类型

信托

法律类型

普通法

Type Of Structure

Trust

建立信托所需时间

1天

最低政府费用（不包括税收）

无

是否签订免双重征税协定

否

国外收入课税

否

Time to Establish a Trust

Minimum Government Fees (excluding taxation)

Double Taxation Treaty Access

标准货币

任何币种

允许币种

任何币种

最低资产要求

任何资产

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

1人

公众可否查阅记录

否

会议地点

任何地方

需要

可选

持有专业资格

可选

公众可否访问

否

Permitted Currencies

准备要求

是

审计要求

否

公众可否访问账户

否

Any Asset

Minimum Number if Individuals

One

Minimum Number if a Body Corporate

If Local Trustee Required

Publicly Accessible Records

法定继承权

否

是否允许迁册

是

Trusts & Foundations Guide 2014

One

One

No

Location of Meetings

Anywhere

Required

Optional

Professional Qualifications Held

Optional

Publicly Accessible

No

Requirements to Prepare

Yes

Audit Requirements

No

Publicly Accessible Accounts

No

Forced Heirship Rules

No

Other

其他

Any

Minimum Assets Required

Accounts

账户

No

Any

Trust Deed

信托契书

NIL

Standard Currency

Protector

保全

1 day

No

Trustees

受托人

Common

Taxation on Foreign Income Trust Assets

信托资产

274

Type of Law

Change in Domicile Permitted

Yes

行政特区 jurisdictions

行政特区：瓦努阿图 地区：太平洋 货币：瓦努阿图瓦图 语言：比斯拉马语、英语、法语 区号：+678 通讯设施：OK

Country: Vanuatu Region: Pacific Currency: Vanuatu Vatu (VT) (VUV) Languages: Bislama, English French Time Zone: UTC +11 Phone Code: +678 Communications: OK

简介

Introduction

瓦努阿图是澳大利亚东部，昆士兰州海岸外部海面上的一个热带群

Vanuatu is a group of tropical islands on the eastern seaboard of Australia, off the coast of Queensland, with a mostly Melanesian population of 258,334 (2012). The 80 islands are mountainous, and some are volcanic.

There are international airports on the two main islands; most connections are to Australia. The islands had British/French governance until independence in 1980; languages are English, French and Bislama (pidgin). The time zone is GMT plus 11 hours. There is a uni-cameral Parliament with a Westminster-model Prime Ministerial government and an elected President. The legal system is based on English common law with some civil law influence.

岛国家，大部分人口为美拉尼西亚人，2012 年的数据显示人口数 量为258334人。这80个岛屿的多岛国家多山地，其中一些是火山。 两个主岛上有国际机场，大部分航线飞澳大利亚。这一群岛国家在 1980 年前都由英法两国统治，语言为英语、法语和比斯拉马语。 时区为 GMT 加 11 小时。瓦努阿图采用议会制度并有威斯敏斯特 模式的首相政府和一个选举的总统。法律制度基于英国普通法，民 事法也受到一些英国的影响。 适合于： 航运、航空、游艇、货物贸易、知识产权 / 许可证、控股公司、电 子商务、电子博彩业

Suitable for: Shipping, Aviation, Yachting, Trading Goods, Intellectual Property/Licensing, Holding Companies, E-commerce, E-gaming

2014 Trusts & Foundations Guide China Offshore

275

行政特区 jurisdictions

概况

瓦努阿图

General

Vanuatu

架构类型

基金会

法律类型

2010 年基金会法

Type of Structure

Foundation

有限责任

是

建立基金会所需时间

1周

基金会最低资本金（等值货币）

无

基金会资本货币

任何货币

Limited Liability

Time to Establish a Foundation

Foundation Capital Minimum (equivalent in currency)

基金会会章

可选

基金会管理条例

否

受益人

可能

创建人

否

安保要求

可选

是否允许企业安保

是

理事会成员最低人数

1人

是否允许有企业理事会成员

是

会议地点

无

基金会代理

是

是否需要秘书

否

会章语言

英语或法语

管理条例语言

英语或法语

准备要求

是

审计要求

可选

Foundation Regulations

Beneficiaries

年度政府费用

是

是否允许迁册

无

Trusts & Foundations Guide 2014

No

Possible

Name of Founder

No

Protector Required

Optional

Corporate Protector Permitted

Yes

Corporate Council Members permitted

Yes

Minimum Number of Council Members One

Meeting Location

N/A

Foundation Agent

Yes

Secretary Required

Language of Charter

No

English or French

Language of Regulations

English or French

Requirements to Prepare

Yes

Audit Requirements

Optional

Annual Government Fee

Yes

Other

其他

None

Optional

Accounts

账户

One Week

Foundation Charter

Local Requirements of Foundation

基金会本地规定

Yes

Any

Officers of Foundation

基金会管理成员

Foundation Act 2010

Foundation Capital Currency

Publicly Accessible Records

公众可查阅记录

276

Type of Law

Change in Domicile Permitted

N/A

行政特区 jurisdictions

瓦努阿图法律体系、创建规则及费用 Vanuatu Legal Framework And Formation Rules and Fees

瓦努阿图信托经理人必须是基于公司法设立的“当地”公司， 因为国际公司不被允许从事信托管理活动，尽管他们可以 持有上述公司的股份。 在瓦努阿图，无收入税或公司税，无资本利得税，无增值 税或销售税且无预提税。然而，印花税根据每份转让文件 的情况，以高达 1% 的比例征收（最少 VT 2,500）。初始 转让低于 15,000 美金是正常情况，因此可适用最少印花税。 向瓦努阿图信托进行进一步转让，若无需任何法律文件（即 现金），则无需额外征税。通过法律文件所操作的附加转让， 若未在瓦努阿图辖区内进行，则无需征收印花税，但这种 法律文件在法庭中不允许作为证据提交，除非在当时缴纳 印花税，将其纳入辖区体系。

Trust managers in Vanuatu need to be incorporated as 'local' companies under the Companies Act since International Companies are not permitted to engage in trust management activity, although they can hold the shares of a company that does.

In Vanuatu there is no income or corporation tax, no capital gains tax, no VAT or sales tax, and no withholding tax. However, A stamp duty is assessable on each instrument of settlement at a rate of up to 1% (minimum VT 2,500). It is normal for the initial settlement to be under USD15,000 so the minimum stamp duty applies.

Further transfers, if made without an instrument (i.e., cash), to a Vanuatu trust require no further duty. Additional

2014 Trusts & Foundations Guide China Offshore

277

行政特区 jurisdictions

settlements made by an instrument which does not come under the jurisdiction of Vanuatu are not subject to stamp duty, but such instruments may not be admissible in court if it were needed as evidence, unless it was brought into the jurisdiction and the stamp duty paid at that time.

A Vanuatu discretionary trust has the following features:

瓦努阿图全权信托有如下特征： ·委托人无需亲至瓦努阿图，但必须签署信托书；然而委 托人可以是代名人。 ·可在世界上任何地方执行创立信托的信托书。 ·无需对信托进行注册 ·任命人或保护人可提名受托人。 ·对进一步资产转让或累积收入无限制条款。 ·允许受托人对信托资金押款。 ·信托时效期为 80 年。 可根据信托公司法第 69 号对瓦努阿图信托管理公司进行监 管，任一公司作为受托人、执行人或信托监管人行事所需 的许可证书由金融服务委员会颁发。

·A settlor need not be physically present in Vanuatu but must sign the trust deed; however the settlor may be a nominee. ·The trust deed creating the trust may be executed anywhere in the world. ·There is no register of trusts ·The trustee may be advised by an appointer or protector. ·There are no restrictions on the transfer of further capital nor the accumulation of income. ·Trustees are allowed to borrow money on the security of trust funds. ·The trust may exist for 80 years.

Trust management companies in Vanuatu are regulated by the Trust Companies Act Cap 69. Licenses, which are required for any company acting as trustee, executor or trust administrators, are issued by the Financial Services Commission.

To qualify for a licence, a trust management company must have:

为获得许可，信托管理公司必须满足如下条件： ·若公司总部在瓦努阿图，则其实缴资本至少为 VT1250 万， 若总部不在瓦努阿图，则其实缴资本至少为 VT5000 万。 ·或是总部或是主要办事处在瓦努阿图； ·公司至少有两名办事员常驻瓦努阿图 在撰写本文之时，信托管理许可证的年费是 VT200,000。 新 公 司 及 信 托 服 务 提 供 商 法 案 于 2010 年 通 过， 尽 管 在 2011 年 2 月，该法尚未得到颁布。法案需要所有服务提供 商获得由金融服务委员会所颁发的许可证，同时受到该委 员会的合理监管，在立法实施上以马恩岛为模板。根据新法， 委托人必须通过“合适 & 适当”测试。也有建议指出在瓦 努阿图设立新受托人法。

278

Trusts & Foundations Guide 2014

·minimum paid-up capital of VT12.5 m if its head office is in Vanuatu, or VT50m if not; ·either a head office or a principal office in Vanuatu; ·at least two corporate officers resident in Vanuatu.

The annual fee for a trust management license is VT200,000 at the time of writing.

A new Companies and Trust Service Providers Act was passed in 2010 although as of February 2011 the legislation had not been gazetted. The Act will require all service providers to be properly licensed and supervised by the Commission and is modeled on legislation in force in the Isle of Man. Under the new law, principals must pass a 'fit & proper' test. A new Trustee Act has also been proposed.

2014 Trusts & Foundations Guide China Offshore

279

行政特区 jurisdictions

瓦努阿图

Vanuatu

Q &A

承的私密性和资产保护方面有哪些优势？

1. What are the advantages of Vanuatu as a jurisdiction in terms of privacy & ASSET PROTECTION for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation?

瓦努阿图的优势主要包括：

The key advantages of Vanuatu include:

a) 时区：瓦努阿图时间上只比中国早三个小时，在工作时间保持

a) Time zone. Vanuatu is just three hours ahead of China and contact during business hours is easy.

1. 贵金融辖区在对中国高净值人士和家族资产管理和向下一代传

联系非常便捷。 b) 在香港和新加坡保持紧密联系。亚洲公司服务在香港（20 Queens Road Central）和新加坡（70 Anson Road）都是瓦努阿 图公司服务集团的分支机构，地理位置对中国客户来说非常便利。 c) 普通法。基于英国普通法的法律制度。 d) 瓦努阿图作为高水平的私密性金融辖区历来享有盛誉。 e) 瓦努阿图有独一无二的公司架构，让进驻的国际公司能起到基

b) Hong Kong and Singapore links. Asian Corporate Services in both Hong Kong (20 Queens Road Central) and Singapore (70 Anson Road), both part of the leading trust and corporate services group in Vanuatu, are conveniently located to assist Chinese clients. c) Common law. Based on British common law.

金会的功能。

d) Vanuatu has a long history of recognition as a jurisdiction with a high level of confidentiality.

2. 价格方面，瓦努阿图信托或基金会和其它金融下去相比有哪些

e) Vanuatu has a unique corporate structure available which allows its international companies to function as foundations.

不同？如果价格更高，客户能获得的价值是什么？ 在瓦努阿图设立信托、基金会的国际公司和其它金融辖区相比具 有竞争力。价格方面如能正确地进行架构则能降到最低。 3. 瓦努阿图是否也提供基金会？亚洲 / 中国客户在利用这些架构 方面是否有所偏好？这一偏好是否有所改变？ 公司架构最受喜爱因为信托是位于受托人所在地的（不论信托契 约方面使用何种法律），大部分亚洲客户都不愿意对资产失去控制。

280

Trusts & Foundations Guide 2014

2. In terms of cost, how is the cost of a Vanuatu trust or foundation compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this.

The cost to set up a trust, international company or foundation in Vanuatu is competitive with any other jurisdiction. They are minimal if properly structured.

3. Does Vanuatu also offer Foundations? Do you see a preference from your Asian/Chinese clients using one structure

行政特区 jurisdictions

Q &A 瓦努阿图公司能以受托人的角色设立（单一信托的受托人无需获 得许可证），也由中国客户所持有，或者也可以由一个由中国客 户以公司架构的方式持有，其利益和所有资产都不会分配给股东， 而是由这位中国客户所指定的特定方（一般为该客户的家族）， 该公司架构的所有权由中国客户的遗嘱来转移，而不需要中国客 户签署任何股份转让的文件。 4. 我们知道一些金融辖区最近都引入了基金会法来吸引更多的亚 洲 / 中国客户。贵辖区是否也如此？如果不是，贵辖区是否也正在 未来考虑引入新的资产保护和资产传承产品？ 瓦努阿图信托或基金会法并没有最新的变更，但是正在吸取其它 金融辖区的经验来拟定一个新的信托法案。Tom Bayer 先生参与 由亚洲开发银行提供资助的撰写工作。一般来说最大的问题就是 控制权和对资产所需负的法律责任。瓦努阿图利用特别创立的公 司架构来持有资产，不一定适用于中国股东 / 所有人，而是该中国 所有人所提名的受托人。另一个问题是申报货币。瓦努阿图信托 和公司架构可以由客户决定的任何账户和货币进行申报，其中包 括人民币在内。 5. 瓦努阿图为中国或亚洲客户设立信托和基金会时遇到的最大挑 战是什么？ 瓦努阿图在保护其境内资产方面并没有预防攻击解决方案。位于 其它金融辖区的资产，比如中国，需要遵从当地的法律。瓦努阿

more than the other? Is this preference changing?

Corporate structures are preferred because Trusts are domicile where the trustee is located (regardless of the law applying under the trust deed) and most Asians are not prepared to lose control of their assets. A Vanuatu company can be set up to act as trustee (no license required for trustees of a single trust) which is owned by the Chinese client, or the assets can be beneficially held by a corporate structure owned by the Chinese client with the benefit and all assets going not to the shareholders but to persons nominated by the Chinese client (normally the family of the client) while the ownership of the corporate structure is transmitted via the Will of the Chinese client, without any share transfer being signed by the Chinese client.

4. We understand that some jurisdictions have recently introduced foundation law to attract more Asian/Chinese Clients. Is this the same for your jurisdiction? If no, do you plan on introducing new ASSET PROTECTION and succession products in the future?

There are no recent developments in Vanuatu trust or foundation law, but a new trust act is being worked on, drawing the best from other jurisdictions. Mr. Tom Bayer has been retained to assist in its Asian Development Bank funded drafting.

Normally the biggest issue is that of control of and legal responsibility for the assets. Vanuatu solves this problem by use of specially created corporate structures which own the assets but not necessarily for the Chinese shareholders/owners but for nominated persons nominated by the Chinese owners. Another issue is reporting currency. Vanuatu trusts and corporate structures can account and report in any currency decided by the client, including RMB.

图和中国有友好关系，中国政府没有对瓦努阿图的信托或公司架

2014 Trusts & Foundations Guide China Offshore

281

行政特区 jurisdictions

Q &A

构提出过任何疑问，但这并不保证以后不会发生。瓦努阿图不是 一个隐藏非法所得资产的地方。在法律裁定的前提下，追踪至瓦 努阿图的犯罪所得资产将别政府充公。 6. 为中国或亚洲客户进行资产规划时遇到的最大问题和挑战是什 么？贵金融辖区的解决方案是什么？ 在上述第四个问题中有所描述，瓦努阿图国际公司法案上有独一 无二的规定，允许公司（前提是遵循正确的流程）除股东外可以

5. What is the biggest challenges Vanuatu faces when setting up a trust and or foundation for an Asian or Chinese family?

Vanuatu has no attack proof solution to protect assets which are not located in Vanuatu. Assets located in other jurisdictions, such as China, are always subject to the laws of that country.

Vanuatu has good relations with China and there has been no cases of Chinese government challenges to Vanuatu trusts or corporate structures, but that is not to say it could not happen.

Vanuatu is not a jurisdiction to hide improperly acquired assets.

Proceeds of crime traced to Vanuatu are confiscated by the Vanuatu government, upon conviction.

持有它的资产和享有利益。这允许中国的受益股东在不报告所有 权的情况下保持对资产的控制权。这对中国客户来收尤其有吸引 力。 7. 世界范围内的税务信息自由交换协议将对中国客户在贵金融辖 区持有信托或基金会产生什么样的影响？ 在合法情况下转移至瓦努阿图的信托资产还没有过受到上述事件 影响的案例记录。

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

As set out in number 4 above, Vanuatu has a unique provision in its International Companies Act which allows such companies (if the proper procedure is followed) to hold its assets and benefits for other than the shareholders. This allows the Chinese beneficial shareholder to correctly not report ownership, while retaining control. This is very attractive to Chinese clients.

7. What affect will the worldwide automatic tax information exchange have on Chinese clients holding trusts and or foundations in your jurisdiction?

There have been no publicly recorded court cases which have successfully challenged trust assets which have been properly and legally transferred to Vanuatu trusts.

来源：Tom Bayer/ Pacific International Trust Company

282

Trusts & Foundations Guide 2014

Source: Tom Bayer/ Pacific International Trust Company

序号

Serial No 1

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

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

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

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

Effective On

2014 Trusts & Foundations Guide China Offshore

283

行政特区 税 - 务信息交换网络 Jurisdictions - TIEA networks 284

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

阿根廷 Argentina

阿鲁巴 Aruba

澳大利亚 Australia

安圭拉 Anguilla

阿鲁巴 Aruba

阿鲁巴 Aruba

澳大利亚 Australia

奥利地 Austria

阿鲁巴 Aruba

澳大利亚 Australia

澳大利亚 Australia

加拿大 Canada

比利时 Belgium

巴哈马 The Bahamas

比利时 Belgium

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 美国 United States

Trusts & Foundations Guide 2014

蒙塞拉特岛 Montserrat

波兰 Poland

荷兰 Netherlands

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

其他 others

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

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

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

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

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

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

意大利 Italy

意大利 Italy

瑞典 Sweden

挪威 Norway

日本 Japan

日本 Japan

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

瑞典 Sweden

圣马丁岛 Sint Maarten

土耳其 Turkey

瑞士 Switzerland

瑞士 Switzerland

南非 South Africa

英国 United Kingdom

土耳其 Turkey

土耳其 Turkey

瑞典 Sweden

美国 United States

英国 United Kingdom

英国 United Kingdom

美国 United States

英属维尔京群岛 British Virgin Islands

美国 United States

美国 United States

其他 others

其他 Others

其他 Others

2014 Trusts & Foundations Guide China Offshore

285

行政特区 税 - 务信息交换网络 Jurisdictions - TIEA networks

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

286

Trusts & Foundations Guide 2014

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

丹麦 Denmark

安提瓜和巴布达 Antigua and Barbuda

丹麦 Denmark

法罗群岛 Faroe Islands

法罗群岛 Faroe Islands

巴哈马 The Bahamas

法罗群岛 Faroe Islands

芬兰 Finland

芬兰 Finland

伯利兹 Belize

芬兰 Finland

格陵兰 Greenland

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

新西兰 New Zealand

马恩岛 Isle of Man

挪威 Norway

挪威 Norway

泽西岛 Jersey

圣马力诺 San Marino

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

2014 Trusts & Foundations Guide China Offshore

287

288

Trusts & Foundations Guide 2014