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9th Annual Trusts, Foundations & Immigration Guide

描述:China's Most Comprehensive Asset Succession & Planning Resource

关键字: 中国离岸,China Offshore




9th Annual Trusts, Foundations & Immigration Guide

China's Most Comprehensive Asset Succession & Planning Resource

1Trusts, Foundations & Immigration Guide CHINA OFFSHORE


2 | 9th Annual

产品经理 Production Manager: ADVERTISER DIRECTORY
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撰稿人 Contributors: Kylin Prime Group - Inside Front Cover
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Aqua Group - P171
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Susan Shen New Zealand Trustee Services - P202
Invest Samoa - P205
营运总监 Director of Operations: Harney Westwood Riegels - Inside Back Cover
Matthew Sumner RAK International Corporate Center - Back Cover

总经理 General Manager:
Nicholas Parrish

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Dear Readers, 亲爱的读者:

Welcome to China Offshore's 9th Annual Trusts and Foundations Guide 欢 迎阅读《中国离岸:信 托 和基金 会 年度 指 南第九 辑》— —
- the first to include a supplement exclusively on Immigration and 此 辑 中,我 们 首 次 加 入了专 门 针 对 移民 和 公民 身 份投 资 计
Citizenship by Investment, a sphere of the industry that is becoming 划 的 增 刊。随 着 中国 在 文化 和 经 济 方 面 与 整 个世界更 加 充
increasingly entwined with asset protection and succession as China 分 的 接 轨,这一 行业 领 域 与 资 产 保 护 和 继 承 之 间 的 联 系 正
ingratiates more fully with the world both culturally and economically. 变 得 越 来 越 紧密。我 们 鼓 励 读 者 吸收与 移民 及 安 家 相 关 的
I encourage you to absorb the immigration and relocation-focused 专题内容,为您的客户提供更多支持,帮助他们做出更好的
content to better support your clients with what is an intensely 个人决策。
personal decision-making process.

For the other fiscal quandaries you will face together, we can agree 关 于 你们 可 能 共 同 面 对 的 其他 财 务 困 境,我 们 可 达 成 共识
that despite the ongoing comprehensive changes to the global tax 的 是,尽管 全 球各地 对 离 岸工具 的 税 务 处 理 正 在 发 生 全 面
treatment of offshore vehicles, they still have a significant role to play 变 化,但 此 种工具在 资 产 保 护 和 继 承 方 面 依 然 扮 演 着 重 要
in the protection and succession of assets. Despite the rapid evolution 角色。过去十年间,中国的金融服务快速演变,高净值人士
of financial services in the Middle Kingdom alongside mushrooming 的 数 量 迅 速 增 长,但研 究 表 明 大 多 数 第一 代 中国富人根本
HNWI numbers up tenfold over the last decade, research shows that 不知 道 还 存 在 低 税 辖区的 资 产 架 构,更 不用 说 还 可以利用
the majority of these first generation Chinese wealthy are unaware that 此种架构来确保自身财富继承的安全了。
structures in low tax jurisdictions even exist, let alone are available for
them to use in securing wealth succession. 根据《Jersey Finance》的研究表明,中国大陆80%的财富
According to a survey conducted by Jersey Finance, 80% of wealth 管 理 者 都认 为,他 们 的 客户 需 要 进 一 步了解自己可用 的 财
managers in Mainland China stated their clients needed to be further 富管理解决方案。此外,根据贝恩公司(Bain & Company)
educated about the wealth management solutions available to them. 去年 十月执 行 的 研 究 表 明,接 近 6 0 % 的 受 调 查 高 净 值 人 士
Additionally, according to a survey conducted by Bain & Company 表明他们对家族办公室提供的财富保护和继承解决方案感
in October last year, nearly 60% of HNWIs surveyed indicated that 兴趣。这种所需信息和可用信息之间的知识缺口还待填补,
they are interested in wealth preservation and inheritance solutions 此 外,还 需 要 进 一 步推 广 并 加 深 客户及 其 服 务 提 供 者 对 监
offered by family offices. This knowledge gap between what is needed 管 框 架 快 速 发 展 的 理 解,以确 保 其 管 理 的 数以 万亿 人民币
and what is available needs to be addressed, together with bringing 计的资产能够得到合法且有效的利用和保护。
to market a greater understanding of the swift development of the
regulatory framework for clients and their service providers alike, to 利用中国商业银行提供的私人银行服务保护国内资产是一
ensure the trillions of RMB in assets under management is utilized and 种谨慎的选择,但在全球化愈演愈烈的环境下,还可以协调
protected legally as well as effectively. 利用国际架构来为中国的下一代提供更加安全的未来。
It is prudent to make use of the private banking services offered by
China commercial banks to protect domestic assets, but especially in 祝 您 阅 读 愉 快,我 们 希望 您 和 您 的 客户在 狗 年 和 将 来 都 能
this increasingly globalized environment, international structures can 兴旺发达。
be employed collaboratively to provide an ever more secure future for
China's next generation.

Enjoy the Guide, and we wish you and your clients a prosperous
remainder of the Year of the Dog.

Nicholas Parrish
GM, China Offshore

3Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION How to Realize the Management and 16
Inheritance of Family Wealth Through 30
006 Foundation 50

浅析家族信托及其实践 050

Simple Analysis of Family Trusts and 慈善信托与家族传承
Their Practice
Charitable Trust and Family Inheritance
CRS 背景下离岸信托与财富家族的痛
点? 全球资产配置时代已来临—迪拜,全球
What are the Pain Points of Offshore
Trusts for Wealthy Families in the The Era of Global Asset Allocation Has
Context of the Common Reporting Arrived—Dubai, the World’s Best Real
Standard (CRS)? Estate Investment Destination

018 062

中资财富流通新图谱:从纯住宅到多 塞浦路斯国际信托 (“CIT”) 简介
The Cyprus International Trust (CIT) In a
A New Map of Chinese Wealth Nutshell
Distribution: From Pure Residential
Investment to Diversified Investment 068

022 马耳他——一个通往欧盟生活和经商
展 Malta—A Gateway to Living and Doing
Business in the EU
Practice and Development of Family
Trusts and Foundations in China 077

030 哈伊马角国际企业中心
巨大影响 RAK ICC
The International Business Registry of
The Impact of Tax Law Amendments on Choice
Tax Planning for High-Net-Worth (HNW)
Populations 2018 热点 | HIGHLIGHTS

036 080


Are There Any Remaining Shortcuts for 085
Immigrating to the United States?
2018 年创纪录的增长、中国人偏好的
044 变化以及投资移民媒体关注度的提高

如何通过基金会实现家族财富管理与 Record Growth, Changing Chinese

4 | 9th Annual


36 Preferences, Increased Media Attention
68 Investment Migration in 2018


看数据,了解世界上 13 个最火的黄金

The 13 Most Popular Golden Visas in the
World, According to the Data



Malta Rejects 1 in 4 Applications for
Citizenship by Investment


财富报告显示,13 的超高资产净值人
士拥有第二护照,还有 13 在计划中

Third of UHNWIs Hold Second Passport,
Another Third Plan to Buy One, Wealth
Report Finds


分析显示,近 40,000 人已完成护照投

Close to 40,000 People Have Invested in
a Passport, Analysis Reveals


2018 年马耳他 MRVP 永居项目的那

Changes to the "Qualifying Investment"
requirements of the Malta Residency and
Visa Programme (“MRVP”)





5Trusts, Foundations & Immigration Guide CHINA OFFSHORE


Member Contribution


Simple Analysis of Family Trusts and Their Practice

杨飞翔 The so-called family trust is a Yang Feixiang
Yang Feixiang means of property management
by which high-net-worth a growing number of people in the
杨 飞 翔 律 师,北 京 市 中 伦(上 海)律 师 individuals entrust professional country. However, due to factors such
事务所合伙人,华东政法大学经济法学 trust institutions to manage and as Chinese law lagging behind and a
博 士,美 国 西 北 大 学(N o r t h we s te r n handle their family properties in lack of supporting laws, family trusts
University)法律硕士。从事法律实务工 order to make their wealth planning in China still have a long way to go.
作十余年,经常赴美国、香港等国家和地 and inheritance a reality. In recent High-net-worth individuals often rely
区工作、交流。杨律师担任多家上市公司 years, family trusts have become on professional institutions to set up
法律顾问,在公司海内外上市与并购重 an increasingly common way of overseas trusts to achieve optimal
组、资产管理、企业破产清算、银行及保 managing family properties. Countries asset allocation for their needs.
险等业务领域有着丰富的实战经验以及 also regulate and manage family
深入的理论研究。 trusts through laws and taxation. 1. Advantages of Family Trusts

Yang Feixiang is an attorney and As a method for long-term planning Family trusts originate from Western
partner at Beijing Zhong Lun and isolating risks associated with countries such as the United States,
(Shanghai) Law Firm, with a PHD family wealth, family trusts are sought where the trust legal system is highly
degree in Economic Law from after by a wide range of high-net- developed. High-net-worth individuals
East China University of Political worth individuals. As the population can find professional institutions to
Science and Law, and an L.L.M. from of high-net-worth individuals in help set up revocable or irrevocable
Northwestern University, U.S.A. China increases, so family trusts are trusts, living trusts, etc., according
With decades of experience practicing becoming known and accepted by to their specific needs. It is common
law, Mr. Yang pays frequent visits practice in the US to set up and
to the United States, Hong Kong, operate family trusts due to the
and other parts of the world for
work and exchanges. Mr. Yang is
a legal consultant for many listed
companies from which he draws
extensive practical experience,
he also have conducted in-depth
theoretical researches in the fields of
domestic and international company
listings, mergers and acquisitions,
restructuring, asset management,
corporate bankruptcy and liquidation,
banking, and insurance.

6 | 9th Annual


所谓家 族信 托,即指 高 净 值 人 flexibility of trust laws. Family trusts high-net-worth individuals. Therefore,
士委托专业信托机构,代为管 have their own characteristics and by utilizing the skills of professional
理、处理家族财产的财产管理 advantages compared to other family institutions, high-net-worth individuals
方式,以实现财富规划以及财富传承。 wealth inheritance methods such as can ensure the safety of family wealth
近年来,家族信托已然成为一种较为常 wills or donations. through family trusts, thus achieving
态的家族财产管理方式,各国也通过法 their inheritance goals. Specifically,
律、税收等手段对家族信托进行规制和 1) Comparison of family trusts and family trusts are advantageous in the
管 理。家族信托作为对家族 财富进行 following respects:
长期规划和风险隔离的方式,受到越来 other methods of wealth inheritance
越广泛的高净值人群的追捧,随着中国 A will is a legal act made by a testator (1) Risk isolation
高净值人群数量攀升,家族信托在中国 before his death to personally deal According to trust law principles,
也被日益增多的人士所了解和接受。但 with and dispose of his wealth and once a family trust is established, the
是,囿于中国法律滞后性以及配套法律 other affairs, where permitted by law, trust property is independent of the
缺失等因素,家族信托在中国的完善仍 in a manner prescribed by law which property of the settlor and the trustee,
道路漫长,高净值人群结合实际需求通 becomes effective after his death. A and will not be affected by the marital
常会依靠专业机构设立海外信托以实 donation is an act where a donor gives relationship, change in asset status,
现资产的最优配置。 his property to a recipient for free. or even the death of the settlor or the
trustee, ensuring continual benefits
一、家族信托之优势 In contrast to the two methods for the beneficiaries and achieving the
mentioned above, a family trust goal of isolating the risks associated
家族信托渊源于西方国家,以美国为例, requires a professional institution to with family wealth inheritance.
美国的信托法律制度非常完善,高净值 help set up the trust, which cannot
人群可以根据自身需要寻求专业机构 be done by the testator or the donor. (2) Tax planning
协助设立可撤销或者不可撤销的信托、 By using a family trust, high-net- High-net-worth individuals are
生前信托(living trust)等。因信托法律 worth individuals can avoid the particularly concerned about
规定较为灵活,在美国设立和运营家族 overpaying of probate tax (in the case reasonable tax planning. By
信托的操作非常普遍。相较于遗嘱或者 of a will) or income tax (in case of establishing a family trust, it is
赠与等其他家族财富传承方式而言,家 a donation) for the reason that the possible to avoid paying estate taxes
族信托具有其自身特点与优点。 title to the properties and income or other tax liabilities arising from
rights under the family trust can be changes in the ownership of assets.
( 一 ) 家族信托与其他财富传承方式的比 separated. Given the aforementioned For example, after the death of the
较 characteristics and advantages of the settlor, the legal heir (as a beneficiary)
遗嘱是指遗嘱人生前在法律允许的范 family trust, more and more high- only needs to pay the corresponding
围内,按照法律规定的方式对其遗产或 net-worth individuals have turned taxes for the trust income during the
其他事务所作的个人处分,并于遗嘱人 to family trusts to safeguard the long-term trust period, without having
死亡时发生效力的法律行为。赠与是赠 inheritance of their family wealth. to pay excessive estate tax.
赠人表示接受的一种行为。 2) Advantages of family trusts (3) Corporate governance
According to the principles of trust Family trusts can effectively assist
与前两者相较而言,家族信托虽然需要 laws, once a family trust is established, the separation of the operations,
专业机构协助设立信托,非由遗嘱人或 the property entrusted within the management and beneficiary rights of
者 赠 与人 凭 借自己 的 意 思 表 示 即 可 完 trust plan is independent. The a family business, allow professional
成;但通过家族信托的方式,高净值人 property set up in the family trust plan institutions to manage family assets,
群可以避免缴纳过高的遗嘱税(遗嘱行 will exist independently regardless of and achieve the continued prosperity
为中)或 者所得 税(赠 与 行 为中),因 家 changes to the marital relationship, of the family business. In addition,
the death, or the asset status of the

7Trusts, Foundations & Immigration Guide CHINA OFFSHORE



( 二 ) 家族信托的优点 the equity rights of a family business Law, and no detailed rules for family
依据信托法原理,一旦设立家族信托, can be entrusted within the family trusts have been issued by the China
托入至信托计划内的财产即具有独立 trust so as to effectively reduce the Banking Regulatory Commission
性,无论高净值人群的婚姻关系、资产 negative impact on family businesses (CBRC) and other administrative
状况发生变化或者身故,家族信托计划 due to conflicts of interest or changes organs, the establishment and
内的财产均将独立存在,因此高净值人 in equity rights within the members of operation of family trusts in China still
群可以通过家族信托并依据专业机构 the family group. requires reference to the Trust Law.
到财富传承的目的。具体而言,家族信 2. Family Trust Practices in China 2) Chinese family trust models
托具有下述几大优势: China's family trusts are usually
1) Relevant provisions controlled by trust companies. Trust
1. 风险隔离 As far as the provisions of the family companies are responsible for the
依据信托法原理,一旦设立家族信托, trust are concerned, the establishment design and choice of trust products.
信托财产独立于委托人和受托人的财 of family trusts in China is mainly The reason is that the major trust
产,不会因委托人或者受托人的婚姻关 subject to the basic provisions of the companies have strong trust and
系、资产状况发生变化或者身故而受影 Trust Law of the People's Republic investment management capabilities
响,使得受益人可以持续获取收益,从 of China (hereinafter referred to and can rely on their own customer
而实现风险隔离和家族财富承继的目 as the "Trust Law"). For example, resource base and their management
的。 Articles 7 and 10 of the Trust Law capability in trust investments.
are provisions for trust property and In practice, the structure of the family
2. 税务筹划 trust registration. The property set trust in China is as the right figure
高净值人群对合理的税务筹划尤为关 up in the family trust shall be the shows.
注,通过设立家族信托的方式可以避免 property legally held by the settlor
缴纳遗产税或者因资产所有权变更而 and tradable, and the trust property 3) Problems with developing family
产生的其他税负,例如在委托人身故之 shall be subject to the corresponding
后,法定继承人作为受益人仍可以在较 registration formalities. Otherwise, trusts in China
为长期的信托期间内,仅就其取得的信 the trust will have no legal effect. Since there are no specific laws and
托收益缴纳相应税费,而无需缴纳过高 However, due to the fact that family regulations on family trusts, family
的遗产税。 trusts are not regulated in the Trust trusts face the following problems in
3. 企业治理
家 族 信 托 可 以有 效 协 助 家 族 企 业 经 营
持 续 繁 荣;另 外,可以 通 过 家 族 信 托 托

8 | 9th Annual


二、家族信托境内实践 (1) Registration problems (2)Taxation issues
On August 25, 2017, the China Banking Under the premise that the trust
( 一 ) 相关规定 Regulatory Commission (hereinafter property can successfully solve the
就家族信托所涉及的规定而言,在中国 referred to as the "CBRC") officially abovementioned registration problem,
设立家族信托主要需遵循《中华人民共 issued the "Administrative Measures the tradable assets transferred from
和 国 信 托 法》(以下 简 称“信 托 法”)中 for Trust Registration" (hereinafter the settlor to the trustee (such as
基本规定。例如信托法第七条、第十条 referred to as "the Measures" ), real estate and equity) enjoy no
为信托财产以及信托登记的规定,设立 which stipulates that China Trust special tax incentives for the current
家族信托中的财产应当为委托人合法 Registration Co., Ltd shall have establishment of trust compared
持 有 的、可 以 流 通 的 财 产,并且信 托 财 information about trust products, with the transfer under the general
产需要办理相应的登记手续,否则信托 their beneficiary rights, and other commercial transaction transfer. This
不产生效力。但由于信托法中未对家族 information prescribed by CBRC, still requires that a higher tax is paid
信托该种模式进行规制,同时银监会等 with all changes recorded. However, in accordance with the transfer of the
部门对家族信托尚未颁布细则,中国境 the Measures does not involve the transaction, resulting in the relatively
内家族信托设立以及运营仍需参考信 registration of trust property, and high cost of setting up the trust.
托法等规定。 does not fill the gap in the long-
term deficiency of the Chinese trust 3. Overseas Family Trusts
( 二 ) 中国家族信托模式 property registration system. If the
中国的家族信托通常以信托公司为主 trust property includes equity, real 1) Overseas trust practices
导,由信托公司负责信托产品设计以及 estate and other assets, it will lead Given the various limitations on family
选择信托产品的投资去向,原因在于各 to practical problems such as how to trusts in China, some high-net-worth
大信托公司拥有较强的信托投资管理 confirm the rights and how to register. individuals choose to set up trusts
能力,可以依托自身的客户资源基础与 As a normative legal document overseas, especially in the United
信托投资管理能力主导家族信托业务 issued by CBRC, the Measures has States. Here we have taken the setting
的开展。 not yet solved the problem of how to up of a trust in the United States as an
coordinate with the law on property example. The general process is as the
在实践中,中国家族信托的结构模式如 rights and housing registration. figure 2 shows.
2) Problems faced by overseas family
Fig. 2 委托人
Settlor trusts
(1) Taxation issues
信托合同 On August 31, 2018, China passed
Trust Deed the Amendments to the Individual
Income Tax Law of the People's
受 托 人( 信 托 公 司 ) Republic of China, which introduced
Trustee (trust company) comprehensive anti-tax avoidance
clauses for the first time. The
资产管理 资产计划 组合投资 受益人 establishment of overseas family
Assets Management Assets Planning Investment Portfolio Beneficiary trusts by high-net-worth individuals
in the future may lead to a high tax

(2) Problems with the overseas transfer

9Trusts, Foundations & Immigration Guide CHINA OFFSHORE


( 三 ) 在中国发展家族信托面临的问题 of assets of family trusts in China has the
由于尚无有关家族信托的专门法律法 At present, if high-net-worth advantages of increased efficiency and
规规定,家族信托在中国发展面临下述 individuals in China choose to set up speed and low transaction costs, but it
问题: overseas family trusts, in addition is still necessary to take into account
to complying with local laws and the registration problems and the
1. 登记问题 regulations, they need to consider how adverse effect of future tax burdens.
2017年 8月25日,中 国 银 行 业 监 督 管 理 to transfer domestic personal assets Establishing a family trust abroad has
委 员会(下 称“银 监会”)正 式 发 布《信 legally and reasonably to overseas the advantages of optimizing asset
托登记管理办法》(下称“《登记管理办 trust holders. This requires planning allocation and reducing policy risks,
法》”),规定中国信托登记有限责任公 by professional legal and taxation while enjoying the benefits of a well-
司对信托机构的信托产品及其受益权 personnel in order to establish a established foreign trust legal system.
信息、国务院银行业监督管理机构规定 reasonable model.
的其他信息及其变动情况予以记录。但 However, in the context of China's
是登记管理办法不涉及信托财产的登 4. Conclusions overseas investment, foreign exchange
记,并未填补中国信托财产登记制度长 and other legal policies, ways in which
期缺失的空白,如果信托财产包括股权、 As a means of long-term planning to reasonably and legally transfer
不 动 产 等 资 产,则 会产 生 如 何 确 权、如 and risk isolation of family wealth, assets to overseas trusts and avoid
何登记等实践问题;另外,登记管理办 family trusts are sought after by taking on unnecessary high tax
法作为银监会发布的规范性法律文件, a wide range of high-net-worth burdens still need to be reasonably
与物权法、房屋登记办法的协调问题也 individuals. After considering the planned and handled by professionals.
尚未解决。 factors of tax burden, convenience, In summary, high-net-worth
and cost, high-net-worth individuals individuals need to consider their own
2. 税务问题 in China can choose to set up family needs and set up the best family trust
在信托财产可以顺利解决前述登记问 trusts abroad or in China in order to model with the help of professional
题的前提下,由委托人转移至受托人的 rationally allocate assets and family legal and tax professionals to achieve
可交易过户的资产(如房产、股权)在目 wealth inheritance. The establishment long-lasting family wealth.
比,并无特别的税收优惠政策,仍需按 在美国设立信托的一般流程
照交易过户缴纳数额较高的税赋,造成 The general procedures to set up trust in America

三、家族信托境外实践 确立设立信托所在的州 确定委托的信托律师
Decide on the state where the trust is to be set up Decide on the lawyer for the trust
( 一 ) 海外信托之实践
鉴于家族信托在中国各种受限,部分高 确定受托人 取得信托设立人美国税务号
净值人群选择在海外,尤其是美国设立 Decide on the trustee Obtain the settlor's US tax number
行阐述,一般流程见右图。 委托人、设立人及受托人签署信托合同 受托人在美国开具信托账户
Sign trust deed with the settlor, the trustee and Open trust account by the trustee
( 二 ) 海外家族信托面临的问题
1. 税务问题 the beneficiary in the US
民 共 和 国 个人 所得 税 法 修正 案》,其 中 将海外资产转移至信托持有 Fig. 2
首次引入全面反避税条款,未来高净值 Transfer the overseas assets to the trust

10 | 9th Annual



2. 资产出境问题
合 法、合 理 转 移至 海 外 信 托 持 有,这 需


素后,可以选择在境内或 / 和境外设立
度 的 福 利,但 是 囿 于中国 海 外 投 资、外

综 上 所 述,香 港居民 继 承内 地 财 产,由
于 程 序比 较 复 杂、专业 度 高,建 议 委 托

11Trusts, Foundations & Immigration Guide CHINA OFFSHORE


Member Contribution

CRS 背景下离岸信托与财富家族的痛点?

What are the Pain Points of Offshore Trusts for Wealthy

Families in the Context of the Common Reporting

Standard (CRS)? Michael Liu

刘有辉 Michael Liu This is not a question of placing
eggs in different baskets, but
信托与遗产执业者协会会员 Member of STEP rather a question how someone
上海瑞岸投资管理有限公司 CIL Group Ltd. with foresight can find a safer place
执行董事 Managing Director to store the coming year's harvest.
The privacy that is challenged by CRS
刘有辉先生自2001年创始 CIL,于北京、 for HNW clients. As a local Chinese is a threat to global private property
上海有两个办公室,CIL 以离岸公司与 consultancy, CIL's many years of rights. What role the offshore trust will
信 托 为 核心,专注 为 客户提 供 全 球 的 税 dedication have made it a leader in its play in this context is the question we
务与投资优化,为高净值客户提供隐私、 field of practice. will discuss.
传 承 和 保 全 的财 富管 理 解 决 方 案 。作 为
中 国 本土 的 中 立咨询 机 构,多 年 的 专注 Mr. Liu has been engaged in the offshore Conditions for everlasting family
让 CIL 在其主要的实践领域保持了最前 investment consulting industry for
沿的水平。 more than ten years, and is particularly inheritance
skilled at integrating various types
刘有辉先生至今已从事离岸投资咨询十 of companies, trusts, foundations, First, let's tell two stories:
几年,尤其擅长综合使用各 类公司、信 insurance, loans, and anonymity I talked to locals when visiting Africa.
托、基金会、保险、贷款、匿名等工具实 tools to achieve goals in international I asked why their natural resources
现 客户在 国 际 贸易、对外 投 资以 及 家 族 trading, outbound investment and were so good, but they are doing
财 富 管 理 等 方 面 隐 私、传 承、保 全 和 节 family wealth management while nothing and staying poor. The locals
税 的目标 。刘 有 辉 先 生也 经 常 在 国 内 的 ensuring clients' privacy, protection, said that there was no way out. If they
财 富管 理论坛 发表演讲,并在《中国经 inheritance goals, and tax-efficiency. worked and planted, others would
济评论》、《第一财经》、《中国经营报》、 Mr. Liu is also a frequent speaker at steal. So, instead of working hard,
《环球财经》、《财富管理》、《中国 离岸》 various wealth management forums it was better to steal too. Africa is
等专业刊物发表多篇专业文章。 in China, and has published articles in undoubtedly an environment that is
many professional publications such as extremely unfavorable to the creation
刘有辉先生非常关注专业社区的成长,并 China Economic Review, CBN Weekly, and accumulation of wealth and
积极的奉献自己的时间,他是亚洲离岸协 China Business, Global Business & also an environment to be avoided
会理事会的董事,经常在海内外举办免 Finance, Wealth Management, and by modern civilizations because
费的讲座,为金融人士提供专业的培训。 China Offshore. wherever somewhere is prosperous,
rights are clearly defined and properly
CIL Group Ltd. was founded by Michael Mr. Liu has a great concern for and protected. China's economic growth
Liu in 2001, with two offices in Beijing devotes himself to the growth of in the past 30 years was precisely a
and Shanghai. CIL has its core business the professional community. As reform of the distribution of rights. It
in the field of offshore incorporation a Council Member of the Asian is important that your labor incomes
and trusts, and is dedicated to offering Offshore Association, Liu often holds are protected from being taken away
wealth management solutions in global free lectures at home and abroad to
tax and investment optimization, provide financial practitioners with
privacy, succession, and protection professional training.

12 | 9th Annual


这不是 鸡蛋要放在不同篮子的
存放来年的种子的问题。CRS 所挑战的
隐私性,是 对全球私有物权的一种威


先讲两个故事 : by force or stolen by others in society. accumulated, the wealthiest families
在访问非洲的时候与当地人谈论。我问 Having said that, I am reminded of are more eager to strengthen these
为什么他们的自然资源这么好,但他们 the situation in the last years of the two areas. Taking a German family
却无所事事,一贫如洗呢?当地人说, Ming Dynasty. Although Emperor business as an example, although
没有 办法,如 果 你 劳 动,你 种 植,别 人 Chongzhen at that time made great establishing a trust in Liechtenstein
就 会 来 偷,所 以与 其 辛 苦 努力,不 如 也 efforts, the corruption of the empire may not bring a special direct benefit
去偷。非洲无疑是对财富创造和积累极 went bone-deep, and the decree of to taxation, it does play a vital
为不利的环境,也是现代文明需要避免 the Emperor could spread no further role in reducing excessively heavy
的环境,因为凡是繁荣的地方都对权益 than within the Forbidden City. responsibilities and burdens at the
划 分 清 楚,并 给 予 保 护 的 地 方,中国 近 In the case of successive droughts place where the family business is
30年的经济腾飞正是分配权益的改革, in Henan Province, taxes were not located or where the family resides,
其 中 很 重 要 的 就 是 保 证 了你 的 劳 动 所 reduced, but increased instead, for so that the net value of assets and the
得不被他人和社会强夺或偷窃。 the taxes were urgently needed for family's decision-making can enter
dealing with the Qing soldiers in east a "center" that is more focused on
说到这里,我又联想到了明朝末年的情 Liaoning Province and Li Zicheng's the long-term development of the
况。当时的崇祯皇帝虽然励精图治,但 insurrectionary army. So the farmers family itself. These pain points can
帝国的腐败已经深入骨髓,皇帝的意志 found that the best approach was to be subdivided into distribution rights
已经出不了紫禁城了。在河南几个省连 roam around and beg because the and management rights from the
年 旱灾 的 情 况下,各 省不但 没有 减 税, income from farming was less than perspective of power.
反倒增加了无尽的税收,因为要应付辽 that from begging. Anyhow, begging
东的清兵和李自成的起义军。于是农民 is tax free. CRS-resultant embarrassments
老实实种地的收入比乞讨还少,毕竟乞 Although the above two examples Recently, CRS started its first batch
讨是 Tax Free 的啊。 are quite extreme, the author wants of information exchange measures.
to explain that respect for property The author sees from the flood of web
上面两个例子虽然很极端,但笔者想说 rights and reasonable taxation are articles among circles of friends the
明的是对物权的尊重与合理的税收是 the most basic prerequisites for spreading of a blind hatred of the rich.
财富积累的最基本的前提。而在物质财 wealth accumulation. During periods It is as if all overseas rich people are
富有所积累的时代,财富家族的顶层就 of time when material wealth has sinners; they should hand over their
更 加 渴 望 在 这 两 个方 面 得 到 更 加 的 强

13Trusts, Foundations & Immigration Guide CHINA OFFSHORE


策 进 入了一 个更 加以家族自身长久 发
展 为 核心 的“中 心”起 到 至 关 重 要 的 作

CRS 带来的尴尬 money and have it shared among the whether there are other burdens when
masses. At least if the tax authorities overdue tax is paid. Unfortunately,
最近 CRS 已经开始了第一批的信息交 imposed large fines, it would give there seems to be no such thing as
换,笔者从朋友圈潮水般的起哄网文中 observers satisfaction. universal wording of these issues,
看到是一种盲目的仇富的心理的蔓延。 let alone explicit regulations. So the
似乎所有海外有钱的人都是罪人,都应 I think most rational people don't awkwardness that CRS brings is not a
该把他们的钱拿来,然后大家分掉;至 agree with this kind of gangster tax issue, but a privacy issue. Because
少税务局如果可以对他们大大的罚款, mentality. CRS sounds like a tax issue when this kind of privacy disappears,
也可以大快人心。这种义和团思维我想 on the surface, but it's actually not owners of wealth face a lot of
很多理性的人群都是不能苟同的。CRS that simple. Let us take the example uncertainty, which is exactly what
表面听起来是税的问题,但实际上没有 of the vagrant beggars of the Ming family wealth and wealthy families
那么简单。我们还是拿明朝的游走行乞 dynasty. If they could have their must avoid.
的游民为例,如果他们可以让自己的财 wealth take root locally without
富没有负担的扎根本地,他们就不会游 any difficulty, they would not lead Of course, this is not an especially bad
走,游走是对现在已经有的制度的不信 a vagrant's life. Roaming about is a situation. The new individual income
任。这种不信任可以简单总结为,如果 distrust of the existing system. This tax policies to be implemented in
CRS 的信息交换了,我到底要交多少税, distrust can be simply expressed early 2019 have already mentioned the
如果补税了,我到底是否还有别的责任。 as how much tax one has to pay if taxation of overseas assets. Although
很 遗 憾,这 些 问 题,似乎 都 没有什 么可 CRS information is exchanged, and it is unclear how overseas income will
以普及化的说法,更不 要 提明确的法
规。所以CRS 所带来的尴尬不是税务的

初 要 实 施 的 新 个 税 已 经 提 及了海 外 的

CRS 的 意 料之 外 的 尴 尬,不仅 是中国
人有,其实这个影响是全球的。CRS 的

14 | 9th Annual


交换必然要求一个全球性的税务通则 be divided into different tax rates, resist the demands for splitting assets
解 释,但 这个 通 则 并 不 具备,短 期内也 at least we have seen a clear tax brought about by these problems, due
不 会具备,甚 至 永 远 也 不 会具备。所 以 rate. Nothing is more negative than to complex legal conflicts, the settlor
CRS 必然产生担心和混乱。 the unknown. Many people will say will remain in a passive position in
that defining a clear type of tax on their place of residence. Under such
笔者以为海外信托能够减少和缓解这 overseas income means that taxation circumstances, the possibility that the
些混乱,为财富家族的顶层提供更加清 against overseas income necessarily settlor will retain their property as
晰的治理能力。 has to begin – as if some danger is cash will become smaller, the liquidity
approaching – but the author believes of global capital will be greatly
分配权 that, on the contrary, clarifying rules weakened, and the world will fall into
is always better because there is a law a deeper recession.
我们抛开由于 CRS 交换可能造成的税 to follow.
务成本的上升不说,虽然 CRS 原则上所 In other words, if privacy cannot
交换的信息只是用于税务,但实际上在 The unexpected potential be guaranteed to trusts (especially
某些情况下,隐私被揭开之后,潘多拉 embarrassment arising from CRS offshore trusts) then the preservation
魔 盒就被 打开了。 随 之而来的很多问 does not only affect the Chinese; of debt, divorce, and compulsory
题,都会出现。 its impact is global. The exchange inheritance that could be achieved
of CRS necessarily requires a global later is of little or no value. Conversely,
在信息公开的情况下,委托人的债务、 interpretation of general taxation if trusts can achieve privacy more
离婚、强制继承等问题都会影响到他的 terms, but these terms do not exist, effectively, we may just enter the best
海外资产。虽然自由裁量信托可以成功 and will not exist in the short term, era for trusts because the pressure is
的抵抗这些问题带来的分割资产的诉 or perhaps ever. Therefore, CRS will indeed great.
求,但由于复杂的法律冲突问题,委托 inevitably cause worry and confusion.
人将在自己的居住地陷入被动的境地。 The author believes that overseas Management rights
在这样的情况下,委托人将财产保留为 trusts can reduce and alleviate
现金的可能性就会变小,全球的资本的 these confusions and provide clearer The trust's planning of management
流动性将大大减弱,世界会陷入更深的 governance capabilities for the top rights has unique advantages.
衰退。 tiers of wealthy family. Because the trust can go beyond
the mandatory inheritance order
换言之,如果信托,尤其是离岸信托不能 Distribution rights and the mandatory requirements for
保证隐私,那么后面能够实现的针对债 the same shares, and ensure flexible
务、离婚、强制继承的保全就是很鸡肋的 We've put aside the rise in tax costs planning, it is possible in particular to
事情。反过来说,如果信托能够更加有效 that may be caused by the CRS construct a mechanism to manage
的实现隐私,我们可能刚好进入到了信 exchange. Although the information family businesses and family assets
托最好的时代,因为压力的确很大。 exchanged via CRS is only used for without losing flexibility, even after
taxation in principle, in some cases the settlor's death. Managing family
管理权 after the privacy is compromised, a businesses requires talented people
Pandora's Box will in fact be opened. – even those who are outside the
信托对管理权的规划本身是有得天独 Many resultant problems will appear. family – but the default heirs under
厚的优势的。因为信托可以超越强制的 In the case of information disclosure, the civil law system may not always be
继承顺序和同股同权的强制要求,进行 a client's debt, divorce, compulsory appropriate.
灵活的规划,尤其是可以构造机制在委 inheritance and other issues will
托人百年之后,仍然不失弹性的管理家 affect his overseas assets. Although The transparency necessitated by
族企业和家族资产。管理家族企业需要 discretionary trusts can successfully CRS may indirectly interfere with this.

15Trusts, Foundations & Immigration Guide CHINA OFFSHORE


能 人,这 些 人甚 至 来自家 族以 外,但 在 When the trust manager wants to offshore jurisdictions.
大 陆 法 系 下 的 默 认 的 继 承 人可 能 并 不 take office, other family members who
适合。 are not permitted to take office may If this trend materializes, how will the
attack him via the transparency of the OECD and AEOI participating countries
CRS 造成的透明性可能对此造成间接 information available. Regardless, the view this issue? Will they continue to
的干扰。当信托所指定的管理人想就任 onshore jurisdiction where the family tolerate the existence of this huge
的时候,其他没有能够就任的家族成员 business is located will not change the loophole in the United States? To what
可能会通过信息的透明来对就任者发 offshore top-level structure, nor affect extent does the United States play the
起攻击。虽然在家族企业所在的在岸世 the appointment of managers and role of a new offshore center? We have
界不会改变位于离岸的顶层结构,也不 the investment decisions for overseas to wait and see.
会影响管理人员的委任和海外现金资 cash assets. However, due to the loss
产的投资决策,但由于在隐私的丧失, of privacy, disputes over management Selection of types of trusts
关于管理权的争议可能造成将会造成 rights may result in deep involvement
在岸司法属地的深入介入,从而对信托 by the onshore jurisdiction, which will In order to obtain better wealth
的治理造成严重的侵扰。 be a serious intrusion into the trust's preservation, there is no doubt that
governance. the structure of the trust should be
属地的选择 paid attention to. Fixed-income trusts
Selection of territory are more likely to be compromised in
很明显离岸信托的选择需要能够提供 the face of debt, divorce, compulsory
隐私性。那如何实现呢?原则很简单, It is clear that the offshore trust needs inheritance, etc. However, while
那就是要找到 CRS 不适用的司法属地。 to be able to provide privacy. How discretionary trusts bring benefits
目前 来看,除了美 国 以 外,能 够 提 供 有 can this be achieved? The principle is to asset preservation, the effective
质量的信托服务的属地并不存在。这也 simple: to find the jurisdiction where insertion of flexible control
是目前媒体在近期都纷纷在讨论说,美 CRS is not applicable. At present, mechanisms is also very important.
国的信托公司正在学习一个新的技能, there are no territories that can In summary, in the current situation
如何接管传统的离岸属地来的客户。 provide quality trust services besides where CRS poses a great challenge
the United States. This is also what the to privacy, the best policy is to select
如果这个趋势能够形成,OECD 和 AEOI current media have recently discussed: a non-AEOI participating jurisdiction
的参与国会怎样看待这个问题呢?他们 that US trust companies are learning and carefully design the trust's
会继续容忍美国这个巨大的漏洞的存在 a new skill so as to take over the structure.
吗?美国会在多大程度上扮演新的离岸 business of customers from traditional



综上所述,在目前 CRS 对隐私造成极大
挑战的情况下,选择没有参与 AEOI 的属

16 | 9th Annual


Member Contribution


A New Map of Chinese Wealth Distribution: From Pure
Residential Investment to Diversified Investment

中资境外投资在最近5年发生了 Chinese overseas investment Knight Frank
明显变化,进而影响全球财富 has changed significantly in
新秩序。据莱坊研究部门统计, the past five years, which increased, and both investment
过去一年,中资海外投资增长保持10%- then has affected the new global products and channels have become
11% 的增速,其中华人资金来源占比上 wealth order. According to the diversified, such as from residential
涨,从 投 资 产品、渠 道 都 变 得 多元,比 statistics of Knight Frank's research to commercial, chateau, and logistics
如从住宅到商业、酒庄、物流地产等。 department, over the past year, the real estate.
growth of Chinese-funded overseas
莱坊日前发布的最新《财富报告》显示, investment has maintained at 10%- According to the latest "Wealth
对于私人投资者来说,商业地产仍然是 11%, of which Chinese funds have Report" released by Knight Frank,
commercial real estate is still a very
莱坊简介 Introduction of Knight Frank important asset class for private
investors, and the scale of individual
莱坊是全球知名的私营房地产顾问服务 agricultural properties under the real estate deals by private investors
公司。莱坊在全球六大洲60个国家设有 management of the group every is getting bigger. In 2012, there were
超过523个办事处。集团聘有超过18,000 year exceeds 1.57 trillion U.S. Dollars only a few transactions worth more
名专业人士,每年管理总值逾1.57万亿美 (equivalent to 1.12 trillion pounds), and than $1 billion, and the total value of
元(相等于1.12万亿英镑)的商业、住宅及 the group has provided professional the transaction was only $5 billion. By
农业物业,并向各大业主、买家、开发商、 advice to the owners, buyers, 2017, the total value of transactions
投资者及企业客户提供专业建议。 developers, investors and corporate worth more than $1 billion had risen
customers. to more than $20 billion. It is worth
莱坊在豪华住宅销售方面尤为专业。曾 noting that the types of investors
为丘吉尔爵士等无数知名人士买卖过 Knight Frank is quite professional are changing: in the past, only
房 产,因 此 在 英 国 被 尊 称 为房 地 产界 的 in selling luxurious property. institutional investors or real estate
Harrods。作为世界上活跃的房地产咨询 Knight Frank has bought and sold companies were capable of making
公司之一,莱坊代表国际买家为其在世界 properties for many big names such block trade, and now the active
各地寻找住宅和投资机会,包括欧洲、美 as Sir Winston Churchill etc., so it participation of family and private
洲、亚太区、中东和非洲的物业,为客户 has been known as Harrods in the investors has increased year by year.
推荐世界各地的优质物业。 Real estate industry in UK. As one of
most active real estate consultations Ji Yanxun, Director of the Research
有意咨询,请联系:ipm@cn.knightfrank. companies in the world, Knight Frank and Consulting Department of Knight
com looks for residential and investment Frank (Greater China), pointed out
opportunities in the whole world for in an interview with the 21st Century
Knight Frank is a world-renowned the international buyers, including Business Herald that in the past five
private real estate consultation properties in Europe, America, Asia years, the investments abroad made
company. Knight Frank has established Pacific, Middle East and Africa, and by the mainland China have jumped to
more than 523 offices in 60 countries recommend the finest properties all the third place in the world. Although
of six continents all around the world. around the world to the customers. regulations such as “outside limits”
The group has employed more than
18,000 professionals, and the total For inquiries, please contact: ipm@
value of commercial, residential and cn.knightfrank.com

18 | 9th Annual


released by relevant departments last thirds of the total transaction volume.
year may affect the progress of some For example, last year's most eye-
investments, by the first quarter of catching office building acquisition
this year, mainland funds still have a in Central Hong Kong worth USD 5.1
strong power in overseas real estate billion, was completed by private
investment, achieving an annual investors in a consortium.
growth of 10%-11%.
Chinese bulk overseas transactions
Private investors accounting for 43% reached USD 45 billion in 2017, taking
the second or third place in the world
十分重要的资产类别,私人投资者单项 Knight Frank report shows that the (the first is Hong Kong). Moreover, the
地 产 交 易 规 模 也日趋 庞 大。2012 年,价 total value of the transactions worth increase in personal capital investment
值超过十亿美元的交易不过寥寥几笔, more than USD 500 million rose becomes a new trend compared with
交 易总价值 只有50亿 美 元;到了2017 from USD 21 billion in 2012 to USD 53 the proportion of institutions. In the
年,价值超过十亿美元的交易总价值已 billion in 2017, and the transactions past, personal capital investment was
上升至200多亿美元。值得关注的是, worth more than USD 500 million mainly made to luxury houses and
交易投资者类型也在发生变化:过去, become mainstream. In all real chateaux, but it has become more
只有机构投资者或房地产公司有实力 estate transactions worth more than diversified, such as star-rated hotels
进行大宗交易,现在家族、私人投资者 USD 1 billion last year, transactions and logistics real estate.
的参与活跃度逐年增加。 completed by private investors
accounted for 43% of the total value The global investment by Chinese is
莱坊大中华区研究及咨询部主管纪言 of the transactions. surging, which is evident from the
迅 接 受21世 纪 经 济 报 道 专 访 时分析 指 number of Asian super-rich people.
出,最近5年,中国内地资金对外投资已 Asia has become a major source Although Europe still accounts for
跃升至全球第三位,尽管有关部门在去 of demand for such large-scale 10% of the global average, its mature
年出台“限外”相关法规,可能会影响一 transactions, accounting for two- market is hard to match the infinite
实现了10%-11% 的年化增长。


2017年 的530 亿 美 元,价 值 超 过 五亿 美




19Trusts, Foundations & Immigration Guide CHINA OFFSHORE


中 资 海 外大 宗 交 易 在 2017年 达 到了450 vitality of the Asian market, whose the third, with a large gap between
亿 美 元 之 多,大 概 占 据 全 球 2、3 位(第 growth rate reached 15%. By the end the top two. The share of real estate
一位是香港地区)。而且,个人资金投资 of 2017, the number of super-rich investment in the rest of the world is
相比机构占比的提升是一个新趋势,以 people in Asia was 35,800, compared only 2%.
前个人资金投资豪宅、酒庄,如今更趋 with 35,100 in Europe.
于多元化,比如星级酒店、物流地产等。 Diversi�cation of Chinese
Ji Yanxun pointed out that with
中资全球投资汹涌,从亚洲超级富豪人 billions of dollars in trading as the investment
数的绝对值 上 超 越欧洲可见一 斑。虽 boundary, investment targeting at
然与全球平均水平相比,欧洲的占比仍 real estate is a secret way for the rich Anthony Duggan, Head of Capital
有10%,但其成熟的市场难以匹敌亚洲 to maintain wealth. Respondents to Markets Research Department of
市场的无限活力,亚洲的增长率达到了 the Knight Frank survey said that Knight Frank believes that investors'
15%。截 至 2017年 末,亚 洲 的 超 级 富 豪 in 2017, the real estate investment preferred target is to develop a
人数为3.58万,而欧洲为3.51万。 made by clients increased by 56%, mature, highly liquid, and transparent
second only to stock investment with real estate market. The world's top
纪言迅指出,以十亿美元交易为界线, a growth rate of 62%. In fact, the total ten cities attract nearly 30% of the
这已是富豪们一种维持财富的隐秘方 value of transactions in commercial annual total investment transaction
式,投资标的以房地产为主。莱坊调查 real estate last year reached USD 840 volume. For investors who invest in
的受访者表示,2017年客户的房地产投 billion. North America's real estate foreign markets for the first time,
资增长了56%,仅次于增长率达62% 的 investment share is 46%, followed cities such as London and New York
股票投资。事实是,去年商业地产的交 by European real estate investment, that are transparent and highly liquid
易 总 量 达8400 亿 美 元。北 美 洲 的 房 地 which accounts for 36%. Asia's real are undoubtedly attractive.
产投资份额为46%,紧随其后的是欧洲 estate investment share is 17%, ranking Due to the generally low returns
of mature markets such as Japan,

20 | 9th Annual


的房地产投资,占比36%。亚洲的房地 Hong Kong and Singapore, Asian opportunities.
产 投 资 份 额 为17%,排 名 第 三,与 前 两 funds, mainly Chinese funds tend
名的差距较大。世界其他地区的房地产 to seek investment opportunities Liam Bailey, Head of Global Research
投资份额仅有2%。 at home and abroad using the Department of Knight Frank pointed
risk curve as a reference, and the out that the increased liquidity of
中资投资多元化 preferred choice is the commercial properties in the UK and the US
real estate in the US and the UK. In and the enhancement of real estate
莱 坊 资 本 市 场 研 究 部 主 管 Anthony cross-border investment, Chinese hedging inflation are factors that
Duggan 认为,投资者的首选目标是发 investors also tend to invest in boost investment. However, it should
展成熟、资金流动性强、交易透明的房 professional commercial real estates be noted that interest rates in the
地产市场,全球前十大城市每年吸引了 such as medical real, pension and US, China, Canada and the UK may
接近30% 的年总投资交易量。对于首次 logistics warehousing real estate. rise, and the European Central Bank
投资外国市场的投资者而言,伦敦和纽 The transactions mentioned above began to reduce its quantitative
约等市场透明、资金流动性强的城市无 exceeding USD 1 billion mainly involve easing policy. These changes will lead
疑具有极大的吸引力。 in the sale of office buildings, while to a tighter monetary policy, but
the transactions exceeding USD 500 borrowers can still get a fairly low
由于日本、香港、新加坡等成熟市场投 million involve in more diversified lending rate in 2018.
资普遍低收益,以中资为主的亚洲资金 types of assets, including shopping
越发倾向于以风险曲线为参考、在海内 centers, hotels and industrial facilities. In addition, Ji Yanxun pointed out
外寻求投资机会,首选英美商业地产。 that although overseas policies on
在进行跨境购置投资时,中资投资者也 William Matthews, a business research restricting Chinese investment have
倾向于投资医疗地产、养老地产和物流 partner of Knight Frank believes that also been released, the growth of
仓储地产等更为专业的商业地产。在上 bulk transactions are more efficient Chinese investments will remain
述超出十亿美元门槛的交易中,主要涉 and can lead to asset management strong in the next five years.

莱坊商业研究合伙人William Matthews


莱坊全球研究部主管Liam Bailey指出,

此 外,纪言迅 指出,尽管 境 外 也 出台了

21Trusts, Foundations & Immigration Guide CHINA OFFSHORE


Member Contribution


Practice and Development of Family Trusts and Foundations in


Huaitao Wong & Limhay

王怀涛 best wealth management solutions In recent years, with the all-round
Huaitao Wong for wealthy families and financial implementation of the One Belt
consortia. One Road (OBOR) initiative and
移投行家族办公室(IBKFO)创始人, other policies, China's private wealth
家族首席战略顾问,家族首席法律顾 林海 has continued to grow rapidly.
问,著名金融律师,中国家族办公室行 Limhay According to statistics from New World
业的奠基人。他在全球经济一体化格 Wealth, China's private wealth growth
局下的 家 族 传 承、家 族 战 略 架 构、全 移投行家族办公室(IBKFO)高级研究 rate reached 198% between 2007
球资产保全领域有着丰富的实操经验 员,上海新古律师事务所律师,华东政 and 2017, the second highest growth
和合作资源。他重回古道重建城垣的 法 大 学 法 学 硕士,长 期 从事 外 国 法与 rate of private wealth in the world.
“超联合家族办公室模式”,是家族办 比较法研究,2007年起从事法律工作, In addition, according to the Hurun
公室行业内共生共赢生态系统的倡导 业务 领 域 主要涉及移民 地 产、私 募 基 Report, the number of households
者。王怀 涛 先 生 擅长 家 族 信 托、身份 金、家族信托等,为多家金融机构、高 with more than six million yuan of
规划、私募基金、跨境并购等,致力于 净值客户及家族提供身份规划、法律 investable assets in the Greater China
为富有家族和金融财团提供最佳财富 筹划、全球资产配置、搭建离岸架构等 Region has reached 1.61 million, with
管理解决方案。 方案及服务。 Beijing, Shanghai and Guangzhou
ranking in the top three. The growth
Mr. Wang is the founder of Mr. Lin is IBKFO's senior researcher of China's private wealth has made
Investment Bank Family Office and a lawyer at Shanghai Xingu Law an increasing number of families and
(IBKFO) and the company's chief Firm. He has a Master's in Law from individuals pay more attention to
strategy consultant and chief legal East China University of Political wealth management and family trusts
consultant. He is a renowned Science and Law, and has long been and foundations, which are common
financial lawyer and founder of engaged in research in foreign law tools for wealth management that are
the Chinese family office industry. and comparative law. Since 2007, gradually becoming familiar.
Mr. Wang has extensive experience he has been engaged in legal work
in the fields of family inheritance, in business areas mainly involving In March of this year, 90-year-old Li
strategic family structure, and global immigrant property, private Ka-shing officially announced his
asset preservation within the trend equity funds, and family trusts. He retirement. However, why is the
of global economic integration. He provides solutions and services for "Superman Li" era able to continue?
initiated the multi-family office identity planning, legal planning, Contributions to the "Third Son"
model and is an advocate of the global asset allocation, and offshore family trust established through the
symbiotic win-win ecosystem within structure development for a number Li Ka-shing Foundation did not go
the family office industry. of financial institutions, high-net- unnoticed. In September this year, Ma
Mr. Wang Huaitao specializes in worth clients and families. Yun, the founder of Alibaba Group,
family trusts, identity planning, announced that one year after the
private equity funds, and cross- occasion of the 20th anniversary
border mergers and acquisitions,
and is committed to providing the

22 | 9th Annual


近年来,伴随着“一带一路”等政 of Alibaba's establishment, on apply the general provisions of the
策的深入落实,中国的私人财 September 10, 2019, he would no Trust Law of the People's Republic of
富也 在 持 续、急 剧 地 增 加。根 longer serve as the chairman of the China. However, in view of the current
据 New World Wealth 统计的数据,自 group's board of directors, and would provisions of the Trust Law, there are
2007至2017年以来,中国的私人财富增 be replaced by the current group still many shortcomings concerning
长 率 已 达 198%,成 为 全 球 私 人 财 富 增 CEO Zhang Yong. It is reported that the ownership of trust property rights,
长率第二的国家。另外根据胡润研究院 he will make prepare for the Ma Yun trust registration and other aspects.
的报告显示,大中华地区目前拥有600 Foundation and engage in education. Taking the ownership of the trust
万元 人民币以 上可 投 资 资 产 的 家 庭 数 This situation shows that both family property as an example, the trust
量已达 到161万户,北上港依旧位列前 trusts and foundations have become property under the Anglo-American
三。中国私人财富的增长,使得越来越 one of the most common tools for legal system follows the dual
多的家庭、个人对于财富管理更加重视 wealth management and planning for ownership model of both the settlor
亦更为需求,作为财富管理常见工具的 wealthy and high-net-worth clients. and the trustee. However, in China,
家族信托、基金会也逐渐为人熟知。 In the following text, this paper according to Article 2 of the Trust
briefly analyzes the current practice Law: "Trust in this Law refers to the
今 年 3月,90 岁的“李 超 人”李 嘉诚 正 式 and development of family trusts act in which the settlor, on the basis
宣布退休,而“李超人”时代之所以能够 and foundations in China in order to of confidence in the trustee, entrusts
延 续,其 通 过“李 嘉 诚 基金 会”逐 步 设 explore their development models. certain property rights to the trustee
立 起 的“ 第 三个儿子”家 族 信 托 功 不 可 and the trustee manages or disposes
没。今年9月,阿里巴巴集团创始人马云 Ⅰ.The legal basis for the of the property rights in its own name
宣布:一年后的阿里巴巴成立20周年之 in accordance with the intentions of
际,即2019年9月10日,他将不再担任集 development of family trusts and the settlor and for the benefit of the
团董事局主席,届时由现任集团 CEO 张 beneficiary or for specific purposes."
勇接 任。据 悉,其 将 筹 备马 云 基金 会, foundations in China That is to say, the trust property right
从事 教 育 事业。据 此可 以看出,无 论是 still belongs to the settlor, and "the
家族信托还是基金会,都成为了富豪们 There is currently no specific law in settlor, on the basis of confidence in
以及高净值客户财富管理、规划的常用 China to regulate family trusts, and the trustee, entrusts certain property
工具之一。 theoretical research on family trusts rights to the trustee".
is also relatively weak. Judging from
the current legal system, family trusts



看,家 族 信 托 适 用《中 华人 民 共 和 国 信
条 文 来看,在 信 托 财 产 权归 属、信 托 登

23Trusts, Foundations & Immigration Guide CHINA OFFSHORE


记等方面仍存在诸多缺陷。以信托财产 Although this provision can prevent the Supervision of Trust Management
权归属为例,英美法系国家信托财产所 the trustee from having too much during the Transition Period of the
有权采取委托人和受托人所有的模式。 power, the legitimate rights and Asset Management Business to the
但 是 在 我 国,根 据《信 托 法》第 二 条 规 interests of the settlor are maintained Banking Regulatory Bureaus" (Trust
定:“信 托,是 指 委 托 人 基 于 对 受 托 人 to a certain extent. However, it is in Letter [2018] No. 37), which is often
的信任,将其财产权委托给受托人,由 fact contrary to the nature of the referred to as "Circular No. 37" by
受托人按委托人的意愿以自己的名义, trust, and the independence of the industry insiders. Although Circular
为受益人的利益或者特定目的,进行管 trust property cannot be guaranteed. No. 37 clearly states that public
理或者处分的行为”。也即,信托财产权 The purpose of establishing a family welfare (charity) trusts and family
仍 属于 委 托 人,“委 托 人 基 于对 受 托 人 trust is for wealth management trusts do not apply to the relevant
的 信 任,将 其 财 产 权 委 托 给 受 托 人”。 and wealth inheritance, for inter- provisions of the "Guiding Opinions",
虽然该规定可防止受托人权利过大,在 generational inheritance and asset for the family trust industry, the article
一定程度上维护了委托人的合法权益。 isolation. However, if the property still has incomparable significance.
但其实质上却与信托的本质相违背,信 rights of the family trust are still
托财产的独立性也无法得到保障。设立 vested with the settlor, the settlor First of all, Circular No. 37 clearly
家族信托的目的本是为财富管理、财富 can still control it at will, and the defines the meaning of the family
传承之用,设立家族信托以进行代际传 trust will not be able to realize the trust. The family trust refers to
承、资产隔离,但若家族信托的财产权 basic function of family trust property trust services where the trust
仍归委托人所有,委托人仍然可以随意 isolation, and the family trust will also company, under the entrustment of
支配,则将无法实现家族信托财产隔离 lose its original advantages and its an individual or a family, provides
的基本 功能,家族信托也 将丧失其 原 essential significance. customized transaction management
有的优势和存在意义。 and financial services in areas such
On August 17 this year, the Trust as property planning, risk isolation,
今年8月17日,银保监会信托部向各地银 Department of the China Banking and asset allocation, children’s education,
监局下发《关于加强规范资产管理业务 Insurance Regulatory Commission family governance and public welfare
过 渡 期内信 托 监 管 工作 的 通 知》(信 托 issued the "Circular on Strengthening (charity) businesses mainly for the

24 | 9th Annual


函[2018]37号),也即业内人士常说的“37 purpose of protection, inheritance and organization. It has its own source
号文”。虽37号文明确表示,公益(慈善) management of family wealth. of funding (usually there is only one
信托、家族信托不适用该《指导意见》 source of funding, that is, a person,
相关规定,但对于家族信托行业来说, Secondly, the article establishes a a family or a company), it has its
该 文仍具有不可比拟的重要意 义。首 certain threshold for the family trust, own activities. The foundation is
先,37号文首次明确定义了家族信托的 that is, the amount or value of the under management by a board of
含义,家族信托是指信托公司接受单一 family trust property may not be directors. The purpose of establishing
个人或者家庭的委托,以家庭财富的保 less than 10 million yuan. Thirdly, the a foundation is to develop or help
护、传承和管理为主要信托目的,提供 article stipulates for the first time education, society, charity, religion or
财 产 规 划、风 险 隔 离、资 产 配 置、子女 that the beneficiary should include other public welfare activities, mainly
教育、家族治理、公益(慈善)事业等定 family members, including the settlor, to provide financial support to other
制化事务管理和金融服务的信托业务; and that the "family" can act as the non-profit organizations." According
其次,该文对于家族信托设立了一定的 "settlor". In addition, Circular No. 37 to Article 2 of China's "Regulations on
门槛,也即家族信托财产金额或价值不 clearly states that the settlor should the Administration of Foundations",
低于1000万元;再次,首次认可了受益 not be the sole beneficiary. The pursuit the term "foundation" as used in
人 应包 括 委 托 人在 内 的 家 庭 成 员,“ 家 of the preservation and appreciation these Regulations refers to a non-
庭”可以作为委托人。另外,37号文明确 of the trust property is the trust's profit legal person established under
指出了:委 托 人不 得为 惟 一 受 益 人;单 main purpose, and a trust business the provisions of these Regulations
纯以追求信托财产保值增值为主要信 with a separately managed property by using the property donated by
托目的,具有专户理财性质和资产管理 and asset management account does natural persons, legal persons or
属性的信托业务不属于家族信托。虽37 not belong to a family trust. other organizations for the purpose of
号文对家族信托未做其他规定,但关于 public welfare undertakings." That is
家族信托的政策和讨论仍犹如雨后春 Although Circular No. 37 has no other to say, in China, the foundation is still
笋,给家族信托行业带来了希望和发展 provisions on family trusts, policies a non-profit legal person with a public
前景。可以预见,合法合规开展家族信 and discussions about family trusts welfare nature.
托业务将会成为必然趋势。 are springing up all the time, bringing
hope and development prospects Ⅱ.Development models of family
关于基金会,同上述家族信托存在类似 to the family trust industry. It is
情况,目前我国对此的相关法律规定并 foreseeable that legally-compliant trusts and foundations in China
不多。基金会数量最多、活动最盛的当 family trust businesses will become an
推美国,比如我们耳熟能详的洛克菲勒 inevitable trend. As a special property management
基金会等。基金会,也即基金中的非营 system, financial instrument, and legal
利 组 织。按 照 美 国 权 威 性 机 构“美 国 基 Foundations face a similar situation act, family trusts currently have four
金会中心”的说法,“基金会是一个非政 to the above-mentioned family trusts. main business models in China: the
府、非营利性的机构。它有自己的资金 At present, the laws and regulations trust company-led model, the private
来源(通常资金来源仅有一处,即某人, in this regard in China are limited. bank-led model, the private bank and
或 某 家 庭(族),或 某 公司 企 业),它 有 The United States has the largest trust company cooperative model,
自己的活动项目。基金会由董事组成的 number of foundations and the and the insurance company and trust
董事会领导。建立基金会的目的是开展 most frequent foundation activities, company cooperative model.
或 帮助 教 育、社 会、慈 善、宗 教 或 其他 including the well-known Rockefeller
公益事业活动,主要是向其他非营利机 Foundation. A foundation is a non- 1. The trust company-led model: that
构 提 供 资 助。”根 据 我 国《基 金 会 管 理 profit fund organization. According is, the trust company dominates the
条例》第二条规定“:本条例所称基金会, to the relevant US authority, the US design and the investment direction
是指利用自然人、法人或者其他组织捐 Foundation Center, "The foundation of the trust products. In general, a
赠 的 财 产,以 从事公 益 事业 为目的,按 is a non-governmental, non-profit family trust dominated by a trust
company requires the trust company

25Trusts, Foundations & Immigration Guide CHINA OFFSHORE


照本条例的规定成立的非营利性法人”。 to have certain customer resources, the trust company and provides the
也即,目前在我国,基金会仍是公益性 a large scale of development, and a settlors with commissioned services
质的、非营利性的法人。 strong trust investment management for purchasing financial products such
capability, which can play a leading as trust products by virtue of its own
二、家族信托和基金会在中国的发展 role. The first trust product in China high-quality customer resources and
模式 that was dominated by a trust teams. A typical case of this model
company was the "Ping An Fortune - is the cooperation between China
作为一种特 殊的财产管 理制度、金融 Wealth-Hong Cheng Shi Jia" launched Foreign Economy and Trade Trust
工具与法律行为,家族信托在国内目前 by Ping An Trust in early 2013. It is Co., Ltd (FOTIC) and China Merchants
主要有四种业务模式:信托公司主导模 a single fund trust, and the trust Bank. Under this model, China
式、私 人银 行主导 模 式、私 人银 行与信 property only contains funds at an Merchants Bank participates in the
托公司合作模式、保险公司与信托公司 investment threshold of 50 million actual development of family trust
合作模式。 yuan. The trust funds are managed business as an "investment consultant"
jointly by the settlor and Ping An and recommends its own customer
1、信托公司主导模式,也即信托公司主 Trust, and the trust proceeds are resources to FOTIC, where a Trust
导 设 计信托产品、把握信托产品的投 flexibly allocated to the beneficiaries. Deed is signed directly between FOTIC
资方向。一般来说信托公司主导模式的 The family trust dominated by the and the customer. But in the actual
家族信托需要信托公司自身拥有一定 trust company is backed by the operations such as the selection
的客户资源、发展规模较大、具有较强 trust company and has certain trust of investment fields and the asset
的信托投资管理能力,能够起到主导作 investment management capabilities. allocation plans of the trust property,
用。国内首个以信托公司主导模式的信 However, from a practical point of China Merchants Bank occupies the
托产品是2013年初平安信托推出的“平 view, there are still problems such dominant position.
安财富﹒鸿承世家”,该信托产品为单一 as a lack of talent and a lack of
资金信托,信托财产仅包含资金,投资 quality customer resources in trust 3. The private bank and trust
门 槛 为5000万 元,信 托 资 金 由 委 托 人 companies. company cooperative model: that
和平安信托共同管理,信托收益灵活分 is, a model of mutual cooperation
配给受益人。虽然以信托公司主导模式 2. The private bank-led model: in and complementary advantages.
的家族信托背靠信托公司,具有一定的 which the private bank assumes the Under this model, there is no such
信托投资管理能力。但从实践来看,目 major responsibilities in place of thing as who leads who between the
质客户资源等问题。 《信托合同》 委托人
Trust Deed Settlor
信托公司的地位,由私人银行主要负责, 信托公司 受托管理 交付财产
以其自身拥有的优质客户资源及团队, Trust Company Trusted Property Delivery
为委托人提供购买信托产品等金融产 Management
品的委托服务。这一模式的典型案例为 家族信托
外贸信托与招商银行的合作模式,该模 Fig. 1 Family Trust
与家族信托业务的实际开展,将其自有 分配
客户资源推荐给外贸信托,由外贸信托 Distribution
财产的投资领域选 择、资产配置 方案 委托人
等实际运作上,却体现出招商银行的主 Settlor

26 | 9th Annual


委托人 财务管理 私人银行 cooperate with each other, also called
Settlor Financial consultant Private bank the "insurance trust" or "family trust".
The common practice of this model
交付财产 《信托合同》 推荐客户 is that after the insured purchases life
Property Delivery Trust Deed Recommend customers insurance, the insurance company
pays the insurance proceeds or the
家族信托 外贸信托(受托人) maturity insurance directly to the
Family Trust FOTIC (trustee) trust company in the event of death
claims by the insured or settlement
受托管理 of the maturity payment. The trust

分配 company performs the fiduciary duty
Distribution pursuant to the trust deed originally
signed with the settlor.

Beneficiary Fig. 2 With regards to foundations, because
foundations under the current legal
3、私 人银 行与 信 托 公 司 合 作 模 式,也 private bank and the trust company. A system in China are of a public welfare
即二者互相合作,优势互补的模式。在 typical case of a mutually cooperative nature, such as charitable foundations,
该种模式下,私人银行与信托公司之间 relationship is the family trust business there is nothing more to be discussed
不存在谁主导谁的情况,为互相合作关 carried out by the Bank of Beijing and on this topic in this article.
系,典型代表为2013年北京银行与北京 Beijing International Trust Co. Ltd
信托开展的家族信托业务。 (BITIC) in 2013. Ⅲ .Current issues related to the

4、保 险 公司 与 信 托 公司 合 作 模 式,即 4. The insurance company and trust development of family trusts and
保险公司与信托公司互相合作的模式, company cooperative model: that foundations in China
又被称为“保险 金信托”或“类家族信 is, a model in which the insurance
托”。该种模式的常见做法为:投保人购 company and the trust company As mentioned above, the primary
买终身寿险后,被保险人身故理赔或满 problem facing the current


或满期保险金直接交付于信托公司,由 保险公司
信托公司根据当初与委托人签订的信 Insurance Company

托合同,履行受托义务。 正常投保 保险金给付后,信托公司作为保单受益人获得理赔
Normal After premium payment, the trust company as policy
关于基金会,因目前我国的法律体系下 insurance
基金会均为公益性质的,例如慈善基金 bene�ciary obtains the claims
会,因 此,本 文 对于 基金 会 模 式 不做 过
Renewal premium


三、目前 家 族 信 托、基 金 会 在 中 国 发 信托受托人 信托公司 信托受益人
展存在的问题 Trustee Trust company Beneficiary

正如前文所述,目前家族信托、基金会 签署保险金 按合同约定
在中国发展面临的首要问题为法律体 信托合同 进行分配
系仍尚不健全。在当前的法律体系下, Sign premium Distribute as agreed
家族信托、基金会都或多或少的受到相 trust deed by contract

Fig. 3

27Trusts, Foundations & Immigration Guide CHINA OFFSHORE


应的制约。因此,在法律体系上,还需 development of family trusts and so as to provide customers with
进一步明确信托财产的独立性,确保信 foundations in China is that the professional and flexible integrated
托财产的安全;明确信托登记机关和流 legal system in China is still not well wealth management services.
程,确保信托财产的独立与隔离;完善 developed. Under the current legal
信托登记的效力,确保家族信托的私密 system, family trusts and foundations Ⅳ.How to select an appropriate
性等。 are more or less subject to
corresponding restrictions. Therefore, wealth management agency
其次,在法律体系尚不健全的前提下, in the legal system, it is necessary to
诸如信托公司、资产管理机构等也存在 further clarify the independence of In the long run, family trusts and
着良莠不齐的状况,专业人才的匮乏等 trust property, ensure the security foundations have broad market
导 致 其自身 的 资 产 配 置以 及管 理 能 力 of trust property, clarify the trust prospects. As wealth increases, more
也亟需加强。目前许多信托公司开展的 registration authority and procedures, and more families and high-net-worth
融资类业务更偏向于向客户销售理财 ensure the independence and isolation clients will need wealth management
产品,然而,家族信托以及基金会并不 of trust property, improve the and wealth management agencies
仅仅是单纯的理财工具,而是集财富管 effectiveness of trust registration, and to provide services. However, in the
理、金融、法律于一体的综合性工具。 ensure the privacy of family trusts, face of the current mixed situation
因此,目前的服务机构尚需提升自身的 and so on. of wealth management institutions
专业水平,为客户提供专业化、灵活性 in the market, it is necessary to
的综合财富管理服务。 Secondly, under the premise that carefully select the appropriate wealth
the legal system is still not perfect, management agencies.
四、如 何去 伪 存 真、选 择 适 合 的 财 富 both bad and good trust companies
管理机构 and asset management institutions Firstly, real wealth management
exist simultaneously. The lack of agencies need to truly separate
从长远来看,家族信托、基金会等市场 professionals and other factors has ownership and beneficiary rights.
前景广阔,随着财富的增加,将会有越 also created the need for them to Wealth management agencies
来越多的家庭及高净值客户需要财富 strengthen their own asset allocation should only act as trustees, providing
管理、需要财富管理机构提供服务。但 and management capabilities. At the settlors with appropriate
面临市场上财富管理机构良莠不齐的 present, in rendering financing advisory services and wealth
现状,还需去伪存真、选择合适的财富 services, many trust companies management advice. During this
管理机构。 are more inclined to sell wealth process, it is necessary for wealth
management products to their management agencies to have
首先,真正的财富管理机构需真正的做 customers. However, family trusts and professional operational and risk
到所有权与受益权的分离。财富管理机 foundations are not just pure financial control mechanisms, and to design a
构应当仅仅扮演受托人的角色,为委托 instruments, but a comprehensive reasonable trust structure and trust
人提供合适的咨询服务建议、财富管理 tool integrating wealth management, terms.
建议。在这个过程中,就需要财富管理 finance and law. Therefore, the current
机构自身具有专业的运作模式和风控 service organizations still need to Secondly, as described in Circular No.
模式,设计合理的信托架构、信托条款; upgrade their professional standards 37, family trust refers to trust services
其 次,正 如 37号文 中所 述,家 族 信 托 是 where the trust company, under

28 | 9th Annual


法律、税务、理财、教育等在内的综合性、 the entrustment of an individual and the first licensed family office,
一 体化管 理 机 构;再 次,因目前 的 法 律 or a family, provides customized is headquartered in the Shanghai
体系相对来说仍尚不健全,因此在履行 transaction management and financial Tower, with branches in the United
受托义务时, 还需财富管理机构自身有 services such as property planning, risk Kingdom, the United States, Dubai,
一定的约束力、行业底线。另外还应具 isolation, asset allocation, children's Hong Kong, Guangzhou and other
有一定的行业影响力、行业公信力以及 education, family governance and cities. It also has operations centers in
品牌知名度,有相关机构的背书,也即 public welfare (charity) business more than ten Chinese provinces and
有一 定 的口碑 和 品 牌。总体来说,纵 观 mainly for the purpose of protection, cities in Ningbo, Chongqing, Qingdao,
目前市场上的财富管理机构,更多的仍 inheritance and management of Kunming, Jinan, Chengdu, Wuhan and
是传统的资管机构,名为“家族办公室”, family wealth. Therefore, a real wealth Taiwan. The family think tank under
实为“理财公司”,因此在选择合适的财 management agency should not only IBKFO brings together more than 150
富管理机构时还需多方比较考虑,选择 be involved in wealth management, legal, financial, tax and family office
有行业影响力、有品牌、有口碑、有专业 but also in comprehensive and experts from well-known law firms,
机构背书、有综合性人才的综合性、一 integrated management services, asset management institutions and
体化服务机构。 including law, taxation, financial research institutions at home and
management, education, etc. abroad, specializing in education,
移投行家族 办公室(IBKFO)作为全球 Thirdly, the current legal system training, research, consulting
首家超联合家族办公室、中国本土家族 is still not perfect. Therefore, in and product design of trusts and
办公室的领航者、首批持牌家族办公室 fulfilling the fiduciary duty, the wealth foundations at home and abroad,
机构,总部位于上海中心大厦,在英国、 management agency itself must have foreign and domestic asset allocation,
美国、迪拜、香港、广州等地均设有公司。 certain restrictions and an industry legal structure, tax planning,
在宁波、重庆、青岛、昆明、济南、成都、 bottom line. In addition, it should have estate tax, immigration, large-scale
武汉、台湾等国内十余个省市均设有运 certain industry influence, industry insurance policies, cross-border
营中心。移投行旗下设有家族智库,汇 credibility and brand awareness, and collaboration, global financial licenses,
集 了超 过 150 名来自国 内 外 知 名律 所、 endorsement by relevant authorities, etc., as well as providing tailor-made
资 管 机 构 和 研 究 机 构 的 各 类 法 律、金 that is, there is a certain reputation comprehensive solutions for family
融、税务精英和家族办公室专家,专业 and brand. In general, most of wealth management and inheritance
致力于海内外信托和基金会、境内外资 the wealth management agencies for high-net-worth individuals and
产配置、法律架构、税务筹划、遗产税、 currently on the market still belong wealthy families.
移民、大 额 保 单、跨 境 协 作、全 球 金 融 to traditional asset management
牌照等业务的教育培训、研究咨询及产 agencies, which are nominally "family At present, with the strong support
品设计,亦为高净值个人、富裕家族,量 offices", but actually "financial of cooperation partners such as
身订制家族财富管理及家族传承的综 companies". Therefore, in choosing China Multi Family Office Association,
合解决方案。 wealth management agencies, they J&K Wealth, Wealth Plus magazine,
must be compared in order to choose National Institution for Finance and
目前,在中国联合家族办公室协会、金 comprehensive and integrated service Development, Zendai Financial,
恪财富(恪金所)、《财富管理》杂志、国 agencies with industry influence, Creditease, Bao's Culture Society
家金融与发展实验室、证大金服、宜信 brand, reputation, professional and Financial Weekly, IBKFO has
财 富、鲍氏 文化 研 究 会、理 财周 刊 等合 endorsement, and comprehensive become a multinational company and
作伙伴的大力支持下,移投行家族办公 talent. enjoys an excellent reputation in the
室已成为跨国性公司,并在相关服务市 relevant service market, providing
场上享有较高的知名度,可以为客户提 The Investment Banking Family customers with wealth protection and
供更加符合本土需求的财富保护和传 Office (IBKFO), the world's first inheritance programs that are more in
承方案。 multi-family office, the pacesetter line with local needs.
for the local Chinese family office,

29Trusts, Foundations & Immigration Guide CHINA OFFSHORE


Member Contribution


The Impact of Individual Tax Law Amendments on Tax Planning
for HNW Populations

Morris Huang

Morris Huang

黄文鸿先生现任磐合家族办公室董事 On August 31, 2018, the Standing Committee of the National
总 经 理 兼 联 合 创办人,曾任 国 际 知 名 Decision of the Standing People's Congress on June 18 to the
信托公司大中华区业务董事总经理, Committee of the National final approval and implementation,
拥有十多年丰富的经验,熟知新加坡、 People's Congress on Amending and It is called "an unprecedented tax
香港、开曼群岛、台湾以及中国财富管 the Individual Income Tax Law of reform."
理、信托与私募基金的相关法规,曾服 the People's Republic of China,
务 于德 勤 会 计 师 事 务 所,专注于 转 让 which is closely related to China's There are 17 amendments to the new
定价、税收协议、国际遗产规划、欧洲 hundreds of millions of taxpayers, was individual income tax law. Who will
及美国税法、以及跨国公司国际税务 officially passed and implemented be affected by these amendments?
筹划。 on January 1, 2019. Retrospective of In fact, most of the provisions mainly
the development track of China's affect the working class. The quick-
Morris Huang at present acts as individual income tax law - In 1980, sighted media has also underlined
Managing Director and Co-founder China announced its Individual Income the highly-influenced key points
of the office of Panhe Family, and Tax Law of the People's Republic of for us. For example, the four labor
he once served as the Managing China, indicating that the individual incomes, such as wages and salaries
Director of an internationally tax law officially came into being; in and labor remunerations, are subject
renowned trust company the past 38 years, the law has been to comprehensive income taxation
responsible for business in Greater amended for six times; the most for the first time, and the threshold
China; he possesses more than ten recent revision was made in 2011, with is raised to 5,000 Yuan per month,
years of experiences and is familiar the threshold being raised to 3,500 special expense deductions in
with law and regulation related Yuan per month; seven years later, the education, medical care, housing, etc.
to wealth management, trust and seventh amendment took only three are introduced for the first time, in
private equity in Singapore, Hong months - from the initial review by the addition to optimize and adjust the
Kong, Cayman Islands, Taiwan
and China, and he once worked for
Deloitte & Touche and specialized
in transfer pricing, Taxation
Agreement, international heritage
planning, European and US tax laws
and international tax planning of
multinational corporations.

30 | 9th Annual


2018年8月31日,关系着中国亿万纳 tax rate structure and to expand the 1. Tax Residents Rede�ned and CRS
税 人 的《全 国 人 民 代 表 大 会 常 务 low-level tax rate brackets.
委 员会 关 于 修 改<中 华人 民 共 和 Linked with 183-Day Rule
国 个人 所得 税 法>的 决 定》正 式 通 过, Individual income tax, known as the
并 于2019 年 1月1日起 实 施。回 顾中国 个 "Robin Hood tax" in the West, is a type The new individual income tax law
人 所得 税法的轨迹 — —1980年,我国公 of tax that robs the rich and assists the amends the first article as: "An
布了《中华人民共和国个人所得税法》, poor. Every country is striving to bring individual who has a domicile in China
个税 法 正 式诞 生;近38年来,六 易其 the role of individual income tax in or has no domicile and has lived in
稿;最 近 一次修 改 为2011年,起 征 点 上 raising fiscal revenues and regulating China for 183 days in a tax year is a
调至每月3500元;时隔七年后,第七次 income distribution into full play. In residential individual. His income
修 改 的 个 税 法 — —从6月19日个 税 法 修 China, it is no exception. It is the two obtained from within and outside
正案进入全国人大常委会初次审议,到 important goals of this amendment to China shall be subject individual
最终通过并公布实施,用时不过三个月, reduce the burden on low- and middle- income tax pursuant to this law"
被称为“力度空前的个税改革”。 income populations and to practice
taxation on a more fairly basis and Before the amendment, having a
新个税法共有17条修正条文,它都影响 adjust the distribution by means of domicile in China and "living in China
了谁?事实上,大部分条文主要对工薪 individual income tax. From a macro for one year" are the two selective
阶层产生影响。嗅觉敏锐的媒体也已经 perspective, significantly reducing criteria to determine whether a
为我们划出了几个影响较大的重点,例 the tax burden of the working class person is a Chinese tax resident. As
如:工资薪金、劳务报酬等四项劳动性 is conducive to increasing income long as one of the two conditions is
所得首次实行综合征税,起征点调高至 and enhancing consumption power, satisfied, it becomes a Chinese tax
每月5000 元,首 次引 入 教 育、医 疗、住 and has a positive impact on the resident. After the amendment, the
房等方面的专项附加扣除,并优化调整 upgrading of consumption structure concept of tax residents and non-tax
税率结构,扩大较低档税率级距等。 and economic restructuring. For residents was introduced by drawing
the ever-growing high-net-worth on international standards. Under the
个人所得税,在西方有“罗宾汉税”之称, populations, the four provisions in the new individual income tax law, the
即为劫富济贫式的税种。每个国家都在 tax adjustments are closely linked, "time of residence in China" becomes
努力发挥个税在筹集财政收入、调节收 have far-reaching implications and the standard for determining whether
入 分 配 方 面 的 重 要 作用。在中国,也 不 cannot be ignored. it is a residential individual. To put
例外。给中低收入者和中等收入阶层减 it simply, as long as a person lives in
负,更加公平地征税并通过个税手段来 China for 183 days in a tax year, he/she
调节分配,是此次修法其中两个重要目 is deemed as a residential individual
的。从宏观层面来看,大幅度减轻工薪 and shall pay China's individual
阶层税负,有利于增加收入、增强消费 income tax for his incomes obtained
能力,为消费结构升级、经济结构转型 within and outside China. In the past,
带来积极影响。而对于日益壮大的高资 for the foreigners, the tax law only
产群体来说,个税调整中的四项条文规 required those who has lived in China
定,可 谓 一 环 扣 一 环,影 响 深 远,不 可 for five years to pay his income tax on
忽视。 his global income from the sixth year
onwards, which gives some foreigners
一、 重 新 定 义税 务居民,183天 挂 钩 a lot of tax planning space - as long as
CRS he has arranged an overseas "holiday"
for more than 30 consecutive days,
新 个 税 法 将 第一 条 修 改 为:“在 中国 境 or 90 days cumulatively within five
years, he can satisfy the provision of

31Trusts, Foundations & Immigration Guide CHINA OFFSHORE


内有住所,或者无住所而一个纳税年度 "living in China less than one year" freeze their bank accounts will spread
内在中国境内居住满183天的个人,为居 and therefore, can be exempted from to other countries and regions.
民个人,其从中国境内和境外取得的所 paying taxes to China on his global Secondly, with the comprehensive
得,依照本法规定缴纳个人所得税。” incomes. checking on dual nationality, the
"super national treatment" for the
在新个税修订前,将住所和“居住满一 Redefining the tax residents has far- foreigners will no longer apply to
年”作为判 定 一 个人 是 否为中国 税 务居 reaching implications. First of all, those who choose to renounce
民的两个选择性标准,只要满足一个就 countries or regions with thriving Chinese nationality but continue to
成为中国税务居民。修法后,借鉴了国 private bank industry that are popular live in China for a long time, and the
际标准,引入了税务居民和非税务居民 among the wealthy people such tax planning space will tighten up.
个人的概 念。新 个税法下,“在中国居 as Hong Kong, Singapore, will re-
住的时间”成为判定是否为居民个人的 examine their customers "who hold 2. Initial individual-speci�c CFC
标 准。简 单 来 说,一 个 纳 税 年 度内,只 Chinese passports and claim to be
要 在 中 国 境 内 居 住 满 183天,即 为居民 tax residents in low-tax jurisdictions Anti-tax Avoidance Clauses
个人,就其全球所得缴纳中国个人所得 such as Hong Kong and Singapore"
税。而 在 过 去,针 对外 籍 人 士,税 法 规 or "who hold passports of non-CRS Targeted at Tax Loophole
定只有在中国居住满5年、从 第6年开 countries and prove themselves as
始才需要在中国就全球所得纳税。这给 non-CRS country tax residents". The CFC (Controlled Foreign Corporation)
予了部分 外 籍人士 很 大 的 税 务 规 划 空 bank's tax compliance will be severely regulations for resident enterprises
间 — —只要 在 五年间,安排一次 连续30 challenged. It is expected that have been implemented as early
天以上的海外“假期”,或者累计出境天 overseas private banks will inevitably as 2009, while the personal version
数超过90天,就能满足“在中国居住不 adopt more prudent and pragmatic of CFC has long remained absent,
满1年”的规定,不需就其全球所得向中 standards and re-examine the tax providing individuals with huge tax
国缴税。 resident status of Chinese customers. evasion space. In order to plug the
At this point, CRS will have its role tax loophole, Article 8 of the new
对税务居民重新定义,这一改变影响深 played to the fullest extent. It is individual income tax amendments
远。首先,香港、新加坡、瑞士等深受富 expected that in the near future, the stipulates that in any of the
人追捧的海外私行蓬勃发展的地区或 situations that banks similar to those following circumstances, the tax
国家,将重新审视“持中国护照而声称 in New Zealand, Australia and other authorities have the right to make
其为香港 / 新加坡等低税区税务居民” countries and areas will massively tax adjustments in accordance with
或“持有岛国护照并自证为岛国税务居 reasonable methods:
民”的 客户。银 行 的 税 务 合 规性 将 被 严 (1). Business transactions between
客户的税务居民身份。至此,CRS 将可
大 大 发 挥 其作用— —可 预 期的是,在不
银行大量冻 结银行账户的情况,将 扩
去 对外 籍人 士 的“超 国民 待 遇”将 不 再

二、首增个人版 CFC 反避税条款,剑

32 | 9th Annual


指税收漏洞 individuals and their affiliates are not past years and are not distributed as
in accordance with the principle of dividends to individuals. According to
居 民 企 业 CFC(Controlled Foreign independent transactions and are not the new individual income tax law, if
Corporation) 规定早在 2009年即实 justified. the profits of the company accounts
施,而个人版 CFC 却一直空缺,给个人 that belong to the individual residents
提供巨大的逃税空间。为了堵塞税收漏 (2). Enterprises controlled by the are not distributed or reduced in
洞,此次新个税法修正第八条规定,有 residents, or jointly controlled by distribution, the tax authorities can
下列情形之一的,税务机关有权按照合 residents and resident enterprises, in make tax adjustment to the income
理方法进行纳税调整: countries (regions) whose actual tax within the account (20% individual
burden is significantly low, do not income tax paid by Chinese tax
(1)个人与其关联方之间的业务往来, allocate or reduce the distribution residents) according to the CRS
不符合独立交易原则且无正当理由。 of profits that should be attributed regulations and individual-specific CRS
to individual residents, without provisions.
(2)居民个人 控 制 的,或 者居民个人和 reasonable needs for operation.
居民企业共同控制的设立在实际税负 3. Complete Checking on Dual
明显偏低的国家(地区)的企业,无合理 (3). Individuals perform other
经营需要,对应当归属于居民个人的利 arrangements that do not have a Nationality by Immigration O�ce
润不作分配或者减少分配。 reasonable commercial purpose and
receive improper tax benefits. Looking back to the early of year
(3)个人实施其他不具有合理商业目的 2018, China established the National
的安排而获取不当税收利益。 This provision is introduced with Immigration Administration through
reference to the relevant provisions constitutional amendments. Viewed
这条规定,是参照企业所得税的有关条 of the corporate income tax, which from another perspective, it actually
款引入的,将 CFC 扩展至个人,针对个 extends the CFC to individuals, and paved the way for the new individual
人不按独立交易原则转让财产、在境外 authorizes the tax authorities for tax income tax law to comprehensively
避税地避税、间接股权转等避税行为, adjustment against such tax avoidance check the dual nationality.
赋予了税务机关纳税调整的权力。这项 behaviors as individuals’ transferring
新 规 定,将 对 海 外 有 离岸公司 账 户,或 property not in accordance with the The current nationality cancellation
是以离岸公司持有海外上市公司股权的 principle of independent transactions, procedures do not reflect the
高净值中国税务居民具有立即且深远 tax avoidance in overseas tax heaven, requirements for tax settlement, but
的影响。举个简单的例子,中国税务居 and indirect equity transfer. The new the drafted new individual tax law
民 个人 王 先 生,持 有一 家 离 岸 公司(通 rules will have an immediate and amendments stipulate that "taxpayers
常为消极非金融机构,CRS 下需要披露 far-reaching impact on the HNW who cancel their Chinese household
控制人的信息),并在海外银行有账户, Chinese tax residents holding offshore registration due to emigration should
该账户当年的利润,在过往常常累积在 company accounts or holding offshore apply for tax settlement before
账 户中,不 对个人做 股 息分 配;而 根 据 listed companies' equity in offshore canceling their Chinese household
新个税法,如果公司账户中应当归属于 companies. To give a simple example, registration". Such a regulation is
居民个人的利润不作分配或减少分配, Mr. Wang, a Chinese tax resident, only a matter of principle, and it
在 CRS 规 定 和 个人 版 CFC 条 款 的 助力 holds an offshore company (usually is necessary to further clarify how
下,税局可对账户内的所得进行纳税调 a negative non-financial institution, to be implemented in detail. The
整(中国税务居民缴纳20% 的个人所得 which needs to disclose the implementation of this regulation
税)。 controller's information under CRS), is relatively late in China, but there
and has an account with an overseas are precedents in other countries
三、移民局落地,全面清查双重国籍 bank, the profits of that account for before tax settlement is carried out.
that year are accumulated in the Referring to other country's practices,
it is generally considered to dispose of

33Trusts, Foundations & Immigration Guide CHINA OFFSHORE



要求,但 新 个 税 法 修正 草 案 规 定“纳 税
注 销中国 户籍 前 办 理 税 款 清 算”。这 样

四、大数据联网 assets at the fair value of the market individuals with Chinese tax resident
on the day of cancelling household status must review the following
新个税法第十四条规定:“公安、人民银 registration and pay individual income issues:
行、金融监督管理等相关部门应当协助 tax accordingly. • Selection of nationality status
税务机关确认纳税人的身份,银行账户 • Future life focus and planning
信息。”该条文明确了所有金融机构有明 4. Big Data Networking • Number of days sojourning inside
集,为打击避税行为布下天罗地网。 Article 14 of the new individual and outside China
income tax law stipulates: "Public • degree of past tax compliance
五、高资产人士如何应对与筹划 security agencies, the People's Bank • Is there an offshore company and
of China, financial supervision and
新个税法实施后,具有中国税务居民身 management administrations and account?
份的高资产人士必须重新审视以下问题 : relevant other organs shall assist the
• 国籍身分的取舍? tax authorities to confirm the identity What is most important to me? Tax
• 未来生活重心与筹划? of the taxpayers and bank account Planning? or inheritance?
• 在中国境内外停留的天数? information." This provision clarifies
• 过去税务合规程度? that all financial institutions have This individual income tax law
• 是否有离岸公司与账户? clear legal obligations to cooperate amendments are actually in line with
in collecting taxpayer's information the international standards. Strict
什么 对 我 最 重 要?税 务筹 划?还 是 传 against tax avoidance. tax compliance is an irreversible
承? international trend. Relevant persons
5. How HNW Individuals Deal with affected by the tax law should
此次个税法修正实乃对接国际社会标 and Make Plans promptly adjust and change their past
准,严谨的税务合规实已是不可逆的国 fluky attitude towards tax avoidance,
际趋势,受个税法影响的相关人士应及 After the implementation of the and consider their own needs in a
时调整并改变过往苟且侥幸的避税心 new individual income tax law, HNW comprehensive and cautious manner
态,全面谨慎地考虑自身的需求,以制 to develop an appropriate financial
定合适的财务规划。 plan.

34 | 9th Annual


35Trusts, Foundations & Immigration Guide CHINA OFFSHORE


Member Contribution


Are There Any Remaining Shortcuts for Immigrating to the

United States? Kelvin Ma & Alan Yang

特朗普掌管白宫以后的确做了好 Since taking charge of the to US immigration policy are likely to
几件惊天动地的大事。从叫停 White House, Trump has happen while Trump is in office?
奥巴马医改,到宣布正式退出 certainly made several earth-
shaking decisions. From halting I. The Separation of Powers in the
马宁 Obamacare, to announcing the United States
Kelvin Ma formal withdrawal from the Trans-
Pacific Partnership Agreement To answer the question above, it is
上海PKF (TPP) and overhauling immigration first necessary to understand what
德美律师事务所 policy, to deporting undocumented restrictions Trump's power will be
管理合伙人 immigrants, every single one of them subject to as President of the United
has been astonishing. What changes States. A president with unchecked
power can easily implement any of his

PKF Demei Law Firm 杨页云
Managing Partner Alan Yang

马宁律师精通为高净值人群提供身份 律师 Lawyer
且在跨境投资领域具有丰富的经验, 法学硕士 Master of Law
家。马 律 师是 美 国 联 邦、纽 约 州及 威 美国联邦、纽约州执业律师
斯康星州的执业律师,同时也是中华 中华人民共和国执业律师
人民共和国注册律师。现任上海 PKF 上海财经大学法学学士
德美律师事务所主任、管理合伙人。 美国埃默里大学法学硕士
美国移民律师协会 AILA 成员
Mr. Kelvin Ma specializes in 擅长向中国的个人、家庭、以及企业客户提供海外
legal services related to identity 投资、移民相关的法律服务
management, wealth planning, 已为数百个家庭成功申请到美国绿卡以及签证
and inheritance targeted at high 受邀出席过上百场行业峰会活动并担任演讲嘉宾
net-worth clients, and boasts
extensive experience in cross- Practicing lawyer in American Commonwealth and New York State
border investment. Moreover, he's a Practicing lawyer in the People’s Republic of China
leading expert in the field of global Bachelor of Law of Shanghai University of Finance and Economics
business immigration.Kelvin Ma Master of Law of Emory University of USA.
is a practicing attorney in the USA, Member of American Immigration Lawyers Association(AILA)
New York State and Wisconsin, and Specializing in providing overseas investment and immigration-related legal
a licensed attorney in the People's services to individuals, families, and corporate clients in China.
Republic of China. Now he is Successfully applied for US green card and visa for hundreds of families.
Director and Managing Partner at Invited to attend hundreds of industry summit events and served as a guest speaker.
PKF Demei Law Firm.

36 | 9th Annual


跨太平洋伙伴关系协定 TPP,再到大修移



1、由 美 国 总 统 掌 管 行 政 层 面 的 白宫 和 policies. However, nothing like this will immigration application without going
军队:总统是国家最高领导人和军队统 happen in the United States as the US through the "request for evidence
帅,在外交和军事决策上有绝对的控制 national system relies mainly on the (RFE)" procedure, or advise officials at
权。各个政府的职能部门,比如 FBI、移 joint operation of three branches of the United States Embassy in Beijing
民局、美国驻各地的领事馆都听命于总 government. They are as follows: on issuing visas to Chinese students
统。所以,特朗普是可以指挥移民局如 1) The White House and the United who would like to study in the US.
何审批案件以及领事馆如何发放签证 States Army at the executive level
的。比如,特朗普可以要求移民局不经 are governed by the President of the 2) The US Congress: Capitol
过补件程序就直接拒绝一个移民申请, United States. As head of the state Hill, composed of the House of
或者要求美国驻北京大使馆的签证官 and commander-in-chief of the army, Representatives and the Senate, is the
谨慎发放签证给那些想去美国留学的 the President of the United States has legislative body of the United States
中国学生。 absolute control over diplomatic and and is in charge of the United States'
military decisions. All the functional financial allocations. This means that,
2、美 国 国 会:由 众 议 院 和 参 议 院 组 成 government departments, such as the should Trump intend to implement a
的国会山,是美国的立法机构,掌管着 Federal Bureau of Investigation (FBI), new law, he must find a way to win
美国的财政拨款权。特朗普如果想推行 the US Citizenship and Immigration the affirmative votes of the members
一个新的法律,那么他就必须想办法让 Services (USCIS) and the US consulates of congress. If he plans to build a wall
国会的议员为他想立的新法投赞成票。 around the world all take orders from along the border with Mexico, he
如 果 特 朗 普 修“长 城”需 要 钱,那 他 就 the President. This means that Trump must lobby the Congress for money. If
得求着国会拨钱给他。如果特朗普不听 can direct USCIS in the review of Trump gets out of hand, Congress may
话,国会甚至可以投票把他弹劾掉。 cases, and instruct consulates in the even vote to impeach him.
issuance of visas. For instance, Trump
3、最高法院:由9位大法官组成的司法 may direct USCIS to directly reject an 3) The Supreme Court is a judiciary
官 司 最 终 都 会 被 告 到 最 高 法 院,由 这 9

37Trusts, Foundations & Immigration Guide CHINA OFFSHORE



院 以5:4 的 票 数 支 持 了特 朗 普 政 府。也

二、最 高法 院 法官任 命,其 平 衡 将 被

最 高 法 院 的9 名大 法 官,一 般 分为 保 守 body consisting of nine justices policies for a long time to come. The
派、自由派以及摇摆派。在过去的几十 who have the highest power of judicial system may also restrict the
年 里,9 名大 法 官一直 维 持 着 一 种 微 妙 interpretation over major legal issues, power of the President.
的 平 衡 关 系,即 有4 名保 守 派、4 名自由 for example, whether women should
派 和 1名摇 摆 派。当 对 某 一 个 案子出 现 have the right to abortion, or whether On January 27, 2017, Trump's travel
激烈争论时,往往是4票对4票,然后看 homosexual marriage should be ban sparked public dissatisfaction and
摇摆派的那一 位 选择站哪一边,来 决 legalized, etc. Issues like these have protests, and a constitutional case was
been debated for decades in American filed in the federal court. The justices
定最后的判决结果。最高法院的法官, society, and the resulting series of of the federal court issued a freezing
lawsuits will eventually be brought order to suspend the implementation
由美国总统提名,再经国会投票通过任 to the Supreme Court, which is ruled of Trump's policy and appeal at various
by the nine justices. The US is a levels to the Supreme Court. However,
职,一旦上任即终身任职直到主动辞职 country that has adopted the judicial the Supreme Court eventually
precedent system, so the rulings of the endorsed the Trump administration in
或者死亡。因此,历届的总统都希望可 Supreme Court will dominate related a 5:4 voting. This means that, in the

以 把 和自己 政 见 相 同 的 法 官弄 到 最 高



安东尼 . 肯尼迪的离任,特朗普迅速启


38 | 9th Annual


form of a ruling, the Supreme Court policy positions into the Supreme
confirmed the power of the President Court, so that the White House can
of the United States to ban citizens obtain a favorable position in future
from certain nations from entering government-related lawsuits. This is
the US. what Trump has done as well. With the
retirement of liberal Justice Anthony
II. The Upsetting of Balance by the Kennedy, Trump quickly nominated
Brett Kavanaugh to fill the vacancy.
Appointment of a New Supreme Kavanaugh is a typical conservative,
and his assumption of duty will cause
Court Justice the Supreme Court to be dominated
by conservatives in the next decade
The nine justices of the Supreme or two. For the conservative Trump
Court are generally classified into and Republicans, this is obviously
conservative, liberal and swing good news. The change will, no
justices. In the past decades, they doubt, contribute to the tightened
have maintained a delicate balance immigration policy of the Trump
of four conservative justices, four administration.
liberal justices and one swing justice.
In case of heated arguments over Eventually Kavanaugh was elected
a case, usually there is a situation as the 114th Justice of the Supreme
of 4 versus 4 at first, and then the Court by the tiniest margin in history
final ruling is subject to the vote of (50:48). After he takes office, there
the swing justice. The justices of the will be five conservative justices in
Supreme Court are nominated by the the Supreme Court of the United
President of the United States, and States, making it more conservative
voted in by Congress. Justices have than ever. Given that the justices
lifelong appointments, ending only nominated by the President of the
when they resign voluntarily or die. United States are highly independent
For this reason, every president wishes
to bring justices who share their


最 终 卡 瓦 诺 以 史 上 最 接 近 票50:4 8,成
上任后 ,保守派人士将稳占9个大法官
席 位 中 的5个,让 美 国 最 高 法 院 开 始 变


十年中, 最高法院内部两派势力重回均

39Trusts, Foundations & Immigration Guide CHINA OFFSHORE


法院和卡瓦诺其较为保守激进的政治 and extremely loyal to their inner conservative and radical political
观点,会对未来一系列政策的收缩和放 beliefs, the possibility of the two sides views will exert a profound influence
宽,甚至对美国社会产生深远影响,同 in the Supreme Court striking a new on the future tightening or relaxing of
时也在11月中期选举中,加大了共和党 balance of power in the foreseeable a series of policies, and even American
派的信心。 future is very small. The increasingly society. In addition, this also enhances
conservative position of the Supreme the confidence of Republicans in
三、中期选举的战火即将点燃 Court and Kavanaugh's more the coming mid-term election in

III. The Flames of a Mid-term Election

War are about to be Ignited

No doubt, the coming mid-term
election on November 6, 2018 is a
major event in American political
circles. According to the US
Constitution, the US presidential
election is held every four years,
and the congressional elections are
held every two years. That is, one
congressional election is held in the
same year as the presidential election,
while the other one is held between
two presidential elections. The
congressional elections held between
the two presidential elections are the
mid-term elections and reflect on
the "political achievements" of the
President of the United States over the
past two years.

The two major political parties in the
United States are the Democratic
Party and the Republican Party.
President Trump is a member of the
Republican Party, and has always
taken a conservative attitude
towards immigration and preferred
tough immigration policies. On the
contrary, the Democratic Party is
highly supportive of measures that
encourage immigration.

The more seats the two parties have in

40 | 9th Annual


2018 年11月6日即 将 举 行 的 美 国 中 期 选 Congress, the more likely they are to Party and the Democratic Party. With
举对美国政界来说无疑是一件大事。根 pass the laws they want to implement. the approaching of the mid-term
据美国宪法,美国总统选举每四年举行 In this sense, the mid-term election is election, the debates between them
一次,国会选举每两年举行一次。其中 a contest between the two parties for are likely to intensify. Last month,
一次 国 会 选 举 与 四 年 一度 的 总 统 选 举 control of Congress. At present, the Republican representatives presented
同时举行,而另一次则在两届总统选举 Republican Party is the majority party two immigration reform legislation
之间举行。在两次总统选举之间举行的 in both the House of Representatives drafts in succession. One draft with
国会选举,就是“中期选举”,也是美国 and the Senate, so it is relatively easy a tough position was endorsed by
总统就任两年的一个“成绩单”。 for Trump to push forward his agenda. conservatives; the other was relatively
However, if the Democratic Party neutral. Both of them failed in the
美国的主要政党是民主党以及共和党。 takes back control over Congress in House of Representatives. Some
总统特朗普属于共和党,对移民的态度 November, Trump's remaining term Republicans have expressed concern
一向是保守的,喜欢推行一些苛刻的移 of office could be very tough for him. that, given that no comprehensive
民政策。相反,民主党就非常支持推行 Trump once declared that, should the immigration reform legislation has
一些鼓励移民的措施。两个党谁在国会 Democratic Party decline to grant been passed by the Congress in recent
中占的席位越多,谁就越有可能通过自 money for building a wall along the decades, it will be very difficult for any
己想推行的法律。因此,对于中期选举, border with Mexico or for supporting legislation draft to be approved by
其实质是两大党派民主党和共和党争 his immigration bill, he would have to both the House of Representatives and
夺对国会的控制权。目前,美国国会的 "shut down" the federal government. the Senate. If the Democratic Party
两院都由共和党占据多数席位,所以特 wins the mid-term election, it will be
朗普想做一些事情还是相对容易一些。 In this way Trump, has been trying almost impossible for any of Trump's
但如果今年11月让民主党重新夺回国会 to pressurize the Democratic Party immigration restriction policies to be
的控制权,那么特朗普在余下的任期内 so that the latter would compromise passed as law. In that case, the all-
会变得非常难熬。特朗普曾宣称,如果 on immigration reform and other out ban on the issuance of student
民主党不同意出钱修建美墨边境长城、 issues. This also suggests that visas to Chinese citizens proposed on
不支持移民法案,他就只能让联邦政府 there are huge and unbridgeable October 3 will become nothing more
“ 关门 ”。特朗普这是在向民主党施压, differences between the Republican than empty words.
也反映出,共和党和民主党在移民问题 However, should the Republican Party
上分歧巨大且难以弥合,随着中期选举 win, US immigration policy is bound
临近,双方围绕这一话题的斗争将愈发 to become tougher. Some of the
激烈。共和党国会议员上月先后拿出两 immigration reforms proposed by the
份移民改革立法草案,一份得到保守派 Republican Party in both houses of
支持,立场强硬,另一份内容相对中立, Congress have expanded the scope
不过均折戟众 议院。不少共和党人担 of criticism from undocumented
心,鉴于国会已经几十年未能通过任何 immigrants to both undocumented
综合性移民改革立法,目前也很难拿出 and documented immigrants (Chinese
一份能在参众两院都得到通过的立法 immigrants included). Nominally,
草案。如果民主党在中期选举中最终胜 these schemes are proposed to put
出,那么特朗普的任何移民限制政策想 "America First" ; in a deeper sense,
落实到法律上几乎是不可能的事情,那 they have revealed the concerns
在 10/3 提 出 的 全 面 禁 止 向 中 国 公 民 发 of ruling elites and some American
放留学生签证就变得纸上谈兵。 citizens about changes in the
demographic structure of the United

41Trusts, Foundations & Immigration Guide CHINA OFFSHORE




特朗普本身作为一名成功的商人,其移 States. That is, concerns that the applying for an "employment-based
民政策主要以反对非法移民为主。在美 influx of immigrants is turning white immigration visa first preference" (EB-
国中期选举的背景和复杂的局势下,有 people into a minority. We can expect 1A). The EB-1A green card is mainly
一种快速移民美国的方法就是 EB1-A 杰 that if the Republican Party wins, targeted at people who have shown
出人才移民。EB-1A 类别绿卡授予对象 the difficulty of legal immigration distinguished talents in the fields of
为在科学、艺术、教育、商业、运动领域 will increase again, and there will science, arts, education, commerce
拥有杰出才能的人士。申请人在该领域 be more unfavorable proposals and or sports. The applicants must have
内达到顶尖水平且有着持续的影响力。 policies against legal, documented reached a top level and exerted
申请人在科学、艺术、教育、商业、运动 immigrants. continuing influence in these fields.
领域拥有杰出的才能,到了美国以后会 Considering that they will continue
继续在该领域从业,申请人的到来将给 IV. Are There Any Remaining with their engagement in these fields,
美国带来实质性的益处。 their arrival will benefit the United
Shortcuts for Immigrating to the States in substantial ways.
EB-1A 满足要求如下:一次性的国际成
就:诺贝尔、普利策、奥斯卡、奥林匹克 United States? Requirements for EB-1A: one-time
等;或满足以下10条中的3条以上:获得 international achievements (Nobel
国家级别以上的奖项(如全运会金牌); Trump is a successful businessman Prize, Pulitzer Prize, Oscar, Olympics
拥 有专业 协 会 的 会员 资格(如中国 社 whose immigration policy is basically and so forth), or at least three of the
科院学部委员);主流媒体关于申请人 against illegal, undocumented following ten achievements: national-
成 就 的 报 道;在 专业 领 域 担 任 评 审(如 immigrants. In the context of level awards (such as a gold medal
中国 好 声 音 评 委);对 专业 领 域 有原创 the mid-term elections and this in the National Games); membership
且重大的贡献;在专业领域发表的著作 complex situation, the fastest way of
(如《时间简史》);作品在知名艺术展 immigrating to the United States is
键 领 导 职 能(如 著 名 企 业 创 始 人);收
得了 商 业 上 的 成 功(如 票 房 收 入)。申
交 I-140申请,一般周期3-4个月,申请加

42 | 9th Annual


急15天即可。获得原则批准后约6个月, of a professional association (such as the US, EB1 is nicknamed "the Einstein
广州 领 事 馆 面 谈,获 得 签 证 后 的 180 天 academic of the Chinese Academy visa" which is misunderstood to be
内,登陆美国获得永久绿卡。 of Social Sciences); coverage of only issued to talents in science,
achievements by mainstream media; medicine and similar fields. However,
EB1虽 然 要 求 的 是 杰 出 人 才,其 实 这个 judge in a professional field (such the fact is that anyone who has
杰出并没有人们想的那么“杰出”,并不 as judge of "The Voice of China"); proven their talents in their industries
是说非得获得诺贝尔,奥斯卡之类的国 original and major contributions in and met the conditions stipulated by
际大奖,才能算杰出。只要材料准备到 a professional field; works published law can apply for EB1.
位,律 师 够专业,任 何人都 有希望向 移 in a professional field (such as A Brief
民局展现自己的杰出。 History of Time); artwork exhibited The attitude of a President towards
at a famous art show; key leadership immigration may influence the
就像当初很多人怀 疑 美国第一 夫 人梅 function in a well-known organization orientation of policies; however,
拉尼娅 . 特朗普是如何通过 EB1的,认为 (such as founder of a well-known from the perspective of US
她一个模特,还不是超模,不符合 EB1 enterprise); significantly higher legislative procedures, the revision of
的要求。在美国 EB1绰号“爱因斯坦”签 income level than peers; commercial immigration laws is not the decision
证,不了解的人以为这类签证只发给科 success in artistic performance (such of the President alone. If a law is to
学,医学等领域的人才,但事实并非如 as substantial box office earnings). be abolished or revised, the decision
此。只要能证明在自己的行业里足够优 The application procedure is also very must be approved by both the
秀,且满足法律规定的条件,那么谁都 simple and quick. The first step is to House of Representatives and the
可以申请 EB1。 submit an I-140 application to USCIS Senate, and signed by the President
(the wait is generally 3-4 months; 15 before it takes effect. This tedious
一个总统对移民的态度可能会影响到某 days in expedited cases); about six procedure means that, to implement
些方向性的政策层面,但从美国的立法 months after being approved, there a new immigration bill, Trump has
程序来看,移民法律的更改并不是总统 will be an interview by the consulate to convince many interest groups.
可以一个人说的算的。一部法律如果要 in Guangzhou; within 180 days after While in office, Obama tried to push
废除或者更改,需要经过众议院和参议 receiving the visa, the applicant can his immigration reform act, which
院各自的投票表决通过,最终由总统签 obtain a permanent green card. was voted through by the Senate but
字才能生效。如此繁琐的流程,势必导 failed in the House of Representatives
致特朗普如果想要实施一部新的移民法 In principle, EB1 requires applicants (controlled by the Republican Party
案,要说服的利益团体非常之多。奥巴 to be distinguished talents, but the then). Now that Trump intends to do
马在任时想推行的移民改革法案,通过 threshold is not as high as some the same thing, the difficulties will be
了参议院,却没能过当时共和党把持的 people may imagine, at least not as huge as well. Thus, it's foreseeable
众议院,现在特朗普想做同样的事情, high as a Nobel Prize or an Oscar. As that, in years to come, several popular
也必将充满艰难险阻,因此在可见的未 long as the materials are complete and immigration laws in the US, such as
来几年之内,美国几个热门的移民法案, the lawyers are professional, everyone EB-5 and EB1A are likely to remain in
比如投资移民 EB-5还有上文提及的杰出 stands a chance of presenting their existence. For those who really want
才能移民 EB1A 应该会继续维持着。对于 talents to USCIS. to immigrate to the United States, as
内心确实想要移民美国的人士来说,只 long as they prove that they meet the
要证明自己符合相关法律的要求,命运 People questioned how Melania requirements of relevant laws, their
是依然掌握在自己手中的。但未来终究 Trump, the First Lady of the United fate is still in their own hands. But the
不可预测,我们都是在与时间赛跑,趁 States, managed to pass the EB1 future is unpredictable, and we are
着现在尚早,为何不赶紧去争取呢? standards as she was only a model all racing against time. Why don't we
(not even a super model) and was not hurry up while there is still time?
qualified (they believed) for EB1. In

43Trusts, Foundations & Immigration Guide CHINA OFFSHORE


Member Contribution


How to Realize the Management and Inheritance of Family

Wealth Through Foundation

在英 美法系国家的家族 财富管 The most common tool used Han Liang
理与传承领域中,用得最为普 in the management and
遍的工具就是信托。对于中国 inheritance of family wealth in and high-net-worth customers in the
大陆高净值客户,由于缺乏信托文化和 common law countries is the trust. management and inheritance of family
相应的法律环境支持,对信托功能的理 For high-net-worth customers in wealth. It has unique advantages.
解及运用均存在一定的问题。而基金会 mainland China, due to the lack of
本来就源于大陆法系,在家族财富管理 trust culture and the corresponding I. The Foundation has more
与 传 承 中更 加 符 合 中国 的 法 律 传 统 及 legal environment, there are certain advantages in the management of
民营企业家和高净值客户的需求,具备 obstacles in the understanding and family wealth and inheritance than
独特的优势。 application of the trust function. trusts in China
The foundation originated from the
一、基金 会 在中 国 家 族 财 富 管 理 与 传 civil law system, and it is more in line (a)Independent legal personality and
承中相比信托更具优势 both with China's legal tradition, and long-term existence
the needs of private entrepreneurs The biggest difference between a
foundation and a trust is that the
foundation has an independent legal

韩良 Liang Han

家族信托法律事务中心主任 Director of the Family Trust or editor-in-chief and more than 50
京都律师事务所 Legal Service Center (FTLSC) theses. In the field of family trust,
King & Capital Law Firm he presided over the national social
science foundation and subject of China
韩良律师的执业领域为家族信托与投资 十项境内外家族信托法律架构的设计和 law society. His Legal Theory and Case
基金、、海外投融资等业务。韩律师是金 法律服务工作。 Analysis of Family Trusts is a must-read
融工程博士,民商法博士后,现任南开大 training textbook in the family trust
学法学院教授,博士生导师,南开大学资 Mr. Liang Han is an experienced field.
本市场研究中心主任 ,中国国际经济贸易 practitioner in family trusts and
仲裁委员会仲裁员。韩良律师共主编和 investment funds, overseas investment King & Capital Law Firm's Family
独著法学专著8部,公开发表论文50多篇, and financing, and related fields. He Trust Legal Service Center (FTLSS) –
在 家 族 信 托 领 域,主 持 国家 社 科 基 金与 holds a PhD in Financial Engineering, China's first institution specializing in
中国法学会课题各一项。其中主编的《家 and a Post-Doctorate degree in Civil legal affairs research and services for
族信托法理与案例精析》一书,现已经成 and Commercial law. He is currently family trusts – was established under
为 家 族 信 托 领 域 的入门必读 参 考书目和 a professor and doctoral supervisor at the leadership of Mr. Han. As a legal
培训教材。 Nankai University's School of Law, a consultant in the private banking
director at Nankai University's Capital department of China CITIC Bank,
韩律师主导成立了京都律师事务所家族 Markets Research Center, and an Bank of Beijing and others, he presided
信托法律事务中心,该中心是我国第一家 arbitrator at the China International over the design of legal structures and
专门从事家族信托法律事务的研究与服 Economic and Trade Arbitration legal services for tens of domestic and
务机构,韩良律师作为中信银行、北京银 Commission. He has published eight overseas family trusts.
行等私行部法律顾问,曾主持和参与了几 legal monographs as single author

44 | 9th Annual


(一)具有独立的法人资格且可以长期 personality and no "shareholders". legal entity, and as long as there are
存在 There is no need for a "trustee" as a no restrictions in the foundation's
基金会与信托最大的区别,就是基金会 prerequisite for survival and operation, charter and it remains registered,
有独立的法人资格且没有“股东”,不需 and no need for legislative innovation it can continue to exist indefinitely.
要存在一个“受托人”作为存续和运行的 in order to make a trade-off between Although it is virtually impossible,
前提,也无需通过立法创新在受托人责 the trustee's responsibility and the high-net-worth clients in mainland
任与委托人控制权的平衡中做出取舍。 settlor's rights. On the other hand, China generally have the perception
而信托需要依靠信托公司或者委托人自 the trust needs to rely on the trust that family wealth can be forever
行设立的私人信托公司担任受托人进行 company or the private trust company passed onto their offspring. However,
管理,需要满足严格的受托人忠实义务、 established by the settlor who is this concept of eternal inheritance
注意义务和财产隔离要求,可能面临债 acting as a trustee for management is contrary to trusts' impermanent
权人发起撤销诉讼的风险。因此,基金 purposes. nature.
以更好地避免被关联方的责任和风险 The trustee's strict loyalty obligations, (b)Centered on the promoters rather
波及。反永续存在是英国信托法的基本 duty of care, and property segregation
原则,到了一定的存续时间,信托资产 requirements need to be met. There than the trustees
要么被分配,要么被放置到另外一个信 may be a risk of the creditor initiating In the design of the trust system, the
托中。但基金会是一个独立的法律实体, revocation proceedings. Therefore, trustee is in the center. If the settlor
只要基金会章程无限制,保持注册状态 the foundation has a more complete passes over the trustee and directly
就可以一直存在下去。虽然事实上不可 independence than the trust, which manages the property, it may be
能,但中国大陆高净值客户普遍具有想 can better avoid the responsibility considered a "false trust" in the United
将家族财富永远传承给子孙的想法,而 and risk affecting the related parties. States and United Kingdom, and
这种永远传承的想法是和信托制度的反 Impermanence is the basic principle become invalid.
永续存在的价值是相悖的。 of UK Trust Law. After a certain
duration, trust assets are either Equity trusts generally face several
(二)以发起人为中心而不是以受托人 allocated or placed in another trust. of the following dilemmas. Trustees
为中心 But the foundation is an independent usually do not have the professional
knowledge required to operate a

45Trusts, Foundations & Immigration Guide CHINA OFFSHORE


业 所需要的专业 知识,委托人及其家
族 成 员 也 不 愿 意 受 托 人 真 正 介入 到 家
人 为中 心,按 照 发 起 人 制 定 的“章 程”

(三) 较信托制度拥有更加优越的“本 business, while the settlor and his (c)More superior "local resources"
土资源” family members are not willing to
由于中国大陆的法律属于民法法系,实 let the trustee actually participate than the trust system
行“一物一权”原则,没有英美法系“普 in the management of the family
通法上的所有权与衡平法上的所有权” business. In the case that the Since the laws of mainland China
并存的制度,中国大陆的高净值客户普 trustee has not fulfilled his fiduciary belong to the civil law system and
遍 存 在 对 信 托 制 度 理 解 偏 差 的 问 题。 obligation to make a decision, which implement the principle of "one thing
更为重要的是,由于中国缺乏信托文化, ultimately fails, he may be liable for and one right", there is no system in
委 托 人很 难 将 财 产 长 期 交 给 受 托 人 进 compensation. Transferring equity to which the common law system has
行管理,即使交给受托人进行管理,也 a private foundation can successfully common law ownership and equity
要附加很多符合英美法系“虚假信托” solve the above dilemma because ownership. High-net-worth clients
的控制与监督条款,面临将来信托被撤 the foundation is centered on the in mainland China generally have
销或者被穿透的风险。而基金会起源于 promoter and operates according problems with understanding the
大陆法系,在中国大陆客户不存在法理 to the "charter" established by the trust system. More importantly, due
障碍,基金会以发起人的设立意愿为中 promoter. The promoter can also to the lack of trust culture in China,
心,可同时满足企业家公益和私益目的, serve as the director of the foundation it is difficult for the settlor to hand
更适合中国国情且有利于家族企业传 council and continue to manage and over the property to the trustee for
承与财富管理,在中国大陆客户拥有广 operate the property. management. Even if it is handed
阔的适用空间。 over to the trustee for management,
it is often necessary to attach a lot
二、混合基金 会可作 为家 族 企 业 的 控

区的企业家王永庆先生曾经 做了公益

46 | 9th Annual


基金会控股家族企业的尝试,成立了长 of control and supervision provisions and established the Chang Gung
庚医院公益基金会,将境内外的所有台 in line with the "fake trusts" of the Hospital Public Welfare Foundation
塑集团财产都交付基金会,基金会成为 Anglo-American legal system, which to deliver all the shares of Formosa
台塑集团的控股机构。但由于公益基金 means the trust faces the risk of being Plastics Group at home and abroad
会在治理 结构、受益人安排上都存 在 revoked or penetrated in the future. to the Foundation. The Foundation
非常大的限制,无法解决好家族企业传 However, the foundation originated became the controlling shareholder of
承与税收筹划的问题。与单一的公益基 from the civil law system. There is no Formosa Plastics Group. However, due
金会相比,兼顾公私利益的的混合基金 legal barrier for settlors in mainland to the very large restrictions on the
会更加符合人性和高净值客户的需求。 China. The foundation is centered governance structure and beneficiary
混合基金会是指同时兼具公益目的与 on the promoter's willingness to set arrangements of the charitable
私益目的的基金会。混合基金会是没有 it up. It can meet the interests of foundation, it is impossible to solve the
股东的法人,是对公司这种复杂法人关 entrepreneurs' public welfare and problem of family business inheritance
系的简化,避免了家族成员之间因产权 private interests. It is more suitable and tax planning. Compared to a
之争而引发的分家析产风险,使家族企 for China's national conditions and single charitable foundation, a hybrid
业的竞争力与凝聚力大大提高,所以混 is conducive to family business foundation that takes into account
合基金会适合做家族企业最后的控制 inheritance and wealth management, public and private interests is more
人。混合基金会可以成为家族企业传承 and therefore has a wide range of humane and in line with the needs
以及从事公益慈善的最佳控股主体。在 application for customers in mainland of high-net-worth clients. A hybrid
欧洲,许多知名公司都将混合基金会作 China. foundation is a foundation that has
为企业集团的最终所有者,起到控股公 both a public interest and a private
司的作用,同时也实现了家族企业的慈 II. The hybrid foundation can be used interest as its purpose. The hybrid
善功能。在信托架构设计中,借助私人 foundation is a legal person without
信托公司的股权信托与持牌信托公司 as the controlling entity of the family shareholders. It is a simplification of
的目的信托两次信托关系,实现永续存 the complex corporate relationship
在的目的信托架构过于复杂,常常不被 business of the company, avoiding the risk of
中国大陆的高净值客户所理解。对于家 splitting the family due to a dispute
族财富传承来说,最经济而且比较简单 Influenced by traditional Chinese over property rights between family
的结构是让混合基金会成为实业公司 Confucian "gentlemen culture", both members, and greatly improving the
的股东,不需要进行目的信托的二次架 mainland China and the Taiwan region competitiveness and cohesion of the
构设计。 of China define the foundation as family business. The hybrid foundation
an organization with the nature of is suitable for the ultimate controller
现在,摩纳哥、列支敦士登、奥地利、巴 single public welfare, separating the of the inheritance of a family business
拿马、比利时、德国、瑞士、荷兰等国允 family charity from inheritance. Mr. and charity. In Europe, many well-
许基金会同时服务于公益和私益目的。 Wang Yongqing, an entrepreneur in known companies have adopted the
例如,1847年,J.C. 雅各布森建立嘉士伯 Taiwan, once tried to set up a family hybrid foundation as the ultimate
啤酒厂,1876年建立嘉士伯基金会,由基 business held by a charity foundation, owner of a corporate group, playing
金会持有嘉士伯集团30.3% 的可转换股 the role of a holding company and also
份,并享有75% 的投票权。嘉士伯基金 fulfilling the charity function of the
会的目标是:(1)拥有嘉士伯集团的控 family business. In the design of the
股权,确保对嘉士伯集团战略的决定性 trust structure, there is a secondary
影 响;(2)通 过 捐 赠 社 会 公 益 项目,支 trust relationship between the equity
持基础科学研究。嘉士伯基金会不但保 trust of private trust companies
证了家族企业的发展,同时服务了社会 and the purpose trust of licensed
公益。 trust companies. The structure

47Trusts, Foundations & Immigration Guide CHINA OFFSHORE


三、通过私益基金会实现家族财富保 of the purpose trust in achieving simple) structure is to make the hybrid
护与财富管理 permanence is too complicated, and foundation become the shareholder
is often not understood by the high- of the industrial company, without it
私益基金会是将家族成员作为基金会 net-worth clients in mainland China. needing to carry out the secondary
的受 益 人,从而实现个人 或 企 业的目 For the inheritance of family wealth, structure design of the purpose trust.
的。基金会按照章程的规定向其家族成 the most economical (and relatively
Now Monaco, Liechtenstein,
Austria, Panama, Belgium, Germany,
Switzerland, the Netherlands and
other countries allow foundations
to serve both public and private
interests. For example, in 1847, J.C.
Jacobson established the Carlsberg
Brewery, and in 1876 the Carlsberg
Foundation was established. The
Foundation holds 30.3% of the
convertible shares of the Carlsberg
Group and enjoys 75% of the voting
rights. The objectives of the Carlsberg
Foundation are: (1) possessing a
controlling stake in the Carlsberg
Group to ensure a decisive impact on
the Carlsberg Group strategy; and (2)
supporting basic scientific research
through donations to social welfare
projects. The Carlsberg Foundation
not only guarantees the development
of family businesses, but also serves
social welfare.

III. Family wealth protection

and through the private equity


In the private foundation, the
family member is designated as the
beneficiary of the foundation to
achieve personal or business goals.
The foundation allocates benefits
to its family members in accordance
with the provisions of the Charter, and
meets the needs of family members for
survival, education, and development.
Once the private foundation is

48 | 9th Annual