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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

观点 | OPINION CHINA OFFSHORE

员分配利益,满足家族成员的生存、教 established and the legal property accordance with the wishes of the
育、发 展 所 需。一旦设 立 私 益 基金 会, is transferred to the foundation, the promoter, without the need to worry
将合法财产转移给基金会,该财产就和 property is independent of the other about the trustor having control over
发起人的其他财产相独立,发起人所欠 assets of the promoter. The debts the trust and penetrating it or making
的债务、甚至破产都与基金会的财产相 owed by the promoter and even it invalid. Therefore, family businesses
隔离。与信托相比,私人基金会的财产 bankruptcy are isolated from the can use private foundations for family
独立性更加彻底。在中国大陆,民营企 property of the foundation. Property wealth management as they wish.
业赚取的是非垄断利润,没有政策、资 assets in private foundations are more The advantages of private foundations
源倾斜的优势,还面临行业准入、融资 independent than trusts. In mainland in the protection and management of
环境、税收环境的不平等待遇。为了生 China, private enterprises earn family wealth have been recognized
存,民营企业必须要在经营模式、融资 non-monopoly profits without the by more and more offshore countries
模式等领域进行创新,而这种创新充满 advantages of policies and resources, and European countries. On June 7,
了各种不确定的犯罪风险,甚至为了获 and also face unequal treatment 2015, the European Foundation Centre
取行业准入资格,一些民营企业家被迫 of industry access, along with the released the "Essentials of Foundation
给握有审批权限的政府公职人员行贿, financing and tax environments. In Law: The Operating Environment of
可以说,很多民营企业家存在获罪入狱 order to survive, private enterprises the European Foundation". Among 40
的法律风险。因此,很多中国大陆的民 must innovate in areas such as their countries studied comparatively, 22
营企业家有通过设立私益基金会的方 business model and financing model. countries including Austria, Belgium,
式实现家族财富保护和家族成员保护 Such innovation is full of various Bulgaria, Finland, Germany, Hungary,
的需求 。 kinds of uncertain potentially criminal Greece, Italy, the Netherlands, Sweden,
risks. Even in order to obtain industry Liechtenstein, Switzerland, Norway,
由于私益基金会具有以发起人为中心 access qualifications, some private and Turkey allow the establishment
而不是以受托人为中心的特点,私益基 entrepreneurs are forced to pay bribes of private foundations. It should be
金会的管理方式依靠基金会章程的规 to government public officials with said that in the civil law system, the
定,发起人也可担任基金会理事会的理 approval authority. It can be said establishment of a private foundation
事,继续对财产进行管理与运作。私益 that many private entrepreneurs face or a hybrid foundation has entered the
基金会的运行可以完全按照发起人的 being found guilty of imprisonment. mainstream.
意愿进行,不需要向信托那样担心委托 Therefore, many private entrepreneurs
人对信托具有控制权从而导致信托无 in mainland China have the need
效或者被穿透的风险。因此,家族企业 to protect family wealth and family
可以按照其意愿,使用私益基金会进行 members through the establishment
家族财富管理。私益基金会具有的在家 of private foundations.
族财富保护与管理的优势已经被越来
越多离岸国家和欧洲国家所认可。2015 Since the private foundation has the
年 6月7日,欧 洲 基 金 会 中 心(European characteristics of being promoter-
Foundation Centre)发布了《基金会法 centered rather than trustee-centered,
律比较要点:欧洲基金会的运营环境》, the management of the private
在比较研究的40个国家中,奥地利、比 foundation relies on the provisions
利时、保加利亚、芬兰、德国、匈牙利、 of the foundation charter, and the
希腊、意大利、荷兰、瑞典、列支敦士登、 promoter can also serve as the
瑞士、挪威、土耳其等22个国家允许设 director of the foundation council and
立私益目的基金会。 应该说在大陆法 continue to manage and operate the
系,允许单独设立私人基金会或者混合 property. The operation of the private
基金会已经成为了主流。 foundation can be carried out in full

49Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

Member Contribution

慈善信托与家族传承

Charitable Trust and Family Inheritance

近年来,私人财富管理从业人员 In recent years, private wealth Gao Mingyue
在为财富客户进行资产配置与 management practitioners
财 富传 承 规 划 时,经常 会 遭 遇 have often encountered clients' people and adapt to local conditions
客户的慈善诉求。有些客户高瞻远瞩, philanthropic appeals when in order to enhance the spiritual
想借鉴洛克菲勒的基金会模式,意欲通 planning asset allocation and wealth and cultural connotation of family
过设立慈善基金会,进行本土化的慈善 inheritance for wealthy clients. Some inheritance has become an important
尝 试。有些 客户已 善 心 萌 发,但 跬 步 初 clients are long-term thinkers and factor in evaluating the integrity of
启,踟蹰于简单的资金捐赠层面,尚需 want to learn from the Rockefeller wealth inheritance programs. It has
路径指引。在财富保护与传承规划整体 Foundation's model, and intend to also become an indispensable skill
架构中,如何因人而异、因地制宜地嫁 conduct localized charity trials by for the advancement of practitioners'
接慈善基因,从而提升家族传承的精神 setting up philanthropic foundations. business.
文化内涵,已成为评价财富传承方案完 Some clients' kind-heartedness has
整性的重要因素,也成为从业人员业务 begun to blossom, but they are just At the level of legal tools, charitable
进阶的必备技能。 getting started and still staying at the foundations and charitable trusts
level of simple fund donations. There are the two most important tools
在法律工具层面,在为客户做家族财富 is still a need for guidance. In the when designing a charity structure
传承的慈善架构设计时,慈善基金会、 overall structure of wealth protection for family wealth management. This
慈善信托是最重要的两个工具。本文将 and inheritance planning, how to article will focus on the legal structure
graft charitable genes from different of charitable trusts and the practice
of private wealth protection and
高明月 Gao Mingyue inheritance.

高明月律师,观韬中茂(上海)律师事务 who is committed to the practice of Charitable Trust 1.0 model
所合伙人,致力于家事法、信托法和慈善 family law, trust law and charity law.
法的法律实践,擅长整合家事协议、信托 He is skilled at integrating family The concept of a charitable trust
架构及公益慈善等工具,为家族客户搭建 agreements, trust structures and is determined by the Charity Law
系统、综合的财富传承法律架构。高明月 charity structures to establish a (effective September 1, 2016). Prior to
律师是多家基金会、NGO 的发起人,也 systematic and comprehensive legal this, it was the charitable trust model
为多家银行、保险、信托公司提供常年法 framework of wealth inheritance for under the Trust Law (October 1, 2001).
律顾问服务。高明月律师是国内首家律师 family clients. Mr. Gao is the founder In this period of charitable trusts,
发起并冠名的慈善信托“明月律师助学慈 of several foundations and NGOs, the use of trust tools for charity has
善信托”的发起人。 and also provides continual legal enabled the realization of "value
counseling to a number of banks, preservation' and "charitable wishes",
Gao Mingyue is a lawyer and partner insurance and trust companies. and it can also be sustainable and has
at Guantao (Shanghai) Law Firm Mr. Gao is the founder of the first already shown great advantages.
charitable trust "Charitable Trust
Aided by Lawyer Mingyue", which was For example, if you decide to
initiated by lawyers in China. donate five million yuan to a charity
organization and agree to allocate
500,000 yuan each year to charity,

50 | 9th Annual

观点 | OPINION CHINA OFFSHORE

先重点介绍慈善信托的法律架构以及
在私人财富保护与传承中的运用实践。

公益信托1.0 模式

“慈善信托”之概念,是《慈善法》(2016
年9月1日生效)所确定的。在这之前,是
《信托法》(2001年10月1日)下的“公益
信 托”模 式。在 公 益 信 托 阶 段,利 用 信

托 工具 来 做 慈 善,已 经 能 够 实 现“保 值

增值”和“慈善心愿”两不误,还能够有

可持续性,已经展现了巨大的优势。

举 例:比 如 给 慈 善 组 织 捐 款500万,约 then this kind of charity can only Charitable Trust 2.0 model
定每年拿出50万做慈善,那么这一善举, continue for 10 years. If this five million
只能持续10年。如果这500万用来设立 yuan is used to set up a charitable Highlight 1: Charitable Organizations
“公益信托”,每年把收益拿出来做慈善, trust and the proceeds are allocated
则可以把慈善之心长久传承下去。 every year to charity, the charity at Can Become Trustees
the heart of this can be extended for a The charitable trust 1.0 model under
事 实 上,《信 托 法》下 的“公 益 信 托”, long time. the Trust Law has changed into the
因为各项配套制度不成熟,导致落地的 charitable trust 2.0 model in the
“公 益 信 托”数 量 较 少且 规 模 不大,对 In fact, the number of charitable era of the Charity Law. One of the
于作为受托人的信托公司而言,因为管 trusts under the Trust Law which have highlights of the model iteration is
理 费 较 低、而 投 入 较 高,且“是 否 可 以 been put into practice is relatively the expansion of the trustee's scope.
公开募集”始终存在争议,一般也不愿 small, and their scale is not large In addition to trust companies,
意大张旗鼓的推动“公益信托”。因此, either because the various supporting charitable organizations can also
在公益信托1.0时代,家族 财富传承语 systems are immature. For trust become trustees. Three months
境下的慈善诉求,很难通过公益信托模 companies as trustees, because of after the implementation of the
式来实现。 the lower management fees, high Charity Law, the first charitable
investment, and debate over whether organization in China serving as
慈善信托2.0 模式 funds can be publicly raised, they a single trustee's charitable trust
remain controversial, and are generally (Beijing Entrepreneur Environmental
亮点1:慈善组织可成信托受托人 not willing to promote charitable Protection Foundation 2016 Alashan
《信托法》下的“公益信托”1.0模式,到 trusts with great fanfare. Therefore, SEE Public Welfare Finance Class
了《慈善法》时代,变成了“慈善信托”2.0 in the era of charitable trust 1.0, Environmental Charitable Trust) was
模式。模式迭代的一大亮点,就是受托 the charity appeal in the context of successfully filed. As of October 11,
人范围的扩大,除了信托公司,慈善组 family wealth inheritance is difficult to 2018, among the 107 charitable trusts
织 也可 以 成 为 受 托 人。《慈 善 法》实 施 achieve through the charitable trust filed on the Charity in China website,
后 的 3个月,国 内 首例 慈 善 组 织 担 任 单 model. charitable organizations acted as
受托人的慈善信托(北京市企业家环保 trustees in 23 charitable trusts, 16 of
基金会2016阿拉善 SEE 公益金融班环保
慈 善 信 托)就 备案 成 功。截 至 2018 年 10
月11日,在“慈善中国”网站上备案107单
的慈善信托中,慈善组织在其中23单慈

51Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

慈善信托备案信息 事务处理及财务状况 兴辰慈善信托 表彰处罚情况 其他事项
检查评估情况

初始备案信息 变更备案信息 终止备案信息

备案编号 慈善信托名称 兴辰慈善信托

信托目的 信托目的主要是将信托资金以慈善自主方式有效用于推动教育、医疗、科技等领域的创新项目和青年行动

备案时间 2017-12-4 备案期限 永久存续

备案机关 广东省民政厅 邮政编码

委托人 涂业兴、李美辰夫妇

受托人 深圳市社会公益基金会

来源于慈善中国网站:http://cishan.chinanpo.gov.cn/platform/login.html

善信托中担任受托人,其中16单与信托 which were "double trustees" with Xingchen Charitable Trust (whose
公司担任“双受托人”,在“双受托人”的 trust companies. In the "double trustee is Shenzhen Social Public
架 构中,信 托 公司 承 担 资 金 管 理(确 保 trustee" structure, the trust company Welfare Foundation) successfully
信托财产安全及保值增值)的职责,慈 assumes the responsibility of fund received a filing receipt in the
善 组 织 则 扮 演 慈 善 项目实 际 执 行人 的 management (to ensure the security Department of Civil Affairs of
角色。 and value of the trust property) while Guangdong Province. This is also the
the charitable organization plays the first time in Guangdong Province that
参考法条: role of the actual executor of the a charitable trust with a charitable
《慈善法》第四十六条 慈善信托的受 charity project. organization as the single trustee
托人,可以由委托人确定其信赖的慈善 has passed this filing process. It is
组织或者信托公司担任。 Reference Law: Article 46 of the reported that the charitable trust was
Charity Law: established by the couple Tu Yexing
亮点2:慈善信托嵌入传承架构 The trustee of a charitable trust may and Li Meichen with an investment
在 慈 善 信 托 2.0 时代,除了受 托 人 范 围 be served by charitable organizations of 100,000 yuan in the first phase,
的扩大,慈善信托门槛也随之降低,慈 or trust companies as determined by and was set up as an open-ended
善信托嵌入家族财富传承整体架构也 the clients. sustainable charitable trust. The
成为可能。 purpose of the charitable trust is
Highlight 2: Charitable Trust to promote innovative projects
根据上图显示,由深圳市社会公益基金 Embedding Inheritance Structure and youth initiatives in the fields
会担任受托人的“兴辰慈善信托”在广 In the era of charitable trust 2.0, of education, medical care, science
东省民政厅成功领取备案回执。这也是 in addition to the expansion of the and technology through charitable
广东省首单以慈善组织作为单一受托 scope of trustees, the threshold of funding.
方的慈善信托通过备案。据悉,该慈善 charitable trusts has decreased, and
信托由涂业兴及李美辰夫妇首期出资 the integration of charitable trusts Compared with the 30 million plus
10万元人民币设立,并设定为开放式永 into the family wealth inheritance custom-made family trust products
续慈善信托,信托目的是以慈善资助方 structure has also become possible. currently on the market, the threshold
式推动教育、医疗、科技等领域的创新 Xingchen Charitable Trust for embedding charitable trusts in the
项目和青年行动。 According to the above chart, the family wealth inheritance structure is

52 | 9th Annual

观点 | OPINION CHINA OFFSHORE

Table: Xing Chen Charitable Trust

Filing Information of Transaction Processing and Inspection and Assessment Commendation and Other Items
Charitable Trust Financial Situation Punishment

Initial Filing Information Filing Change Information Filing Termination
Information
Filing No.
Name of Charitable Trust Xingchen Charitable Trust

Trust Purpose The main purpose of the trust is to effectively use trust funds in charitable ways to promote innovative projects and
Time of Filing youth initiatives in education, health care, science and technology.
Filing Agency
Client December 4, 2017 Filing Period Permanent survival
Trustee Zip code
Department of Civil Affairs
of Guangdong Province

Couple Tu Yexing and Li Meichen

Shenzhen Social Public Welfare Foundation

From the Charity in China Website:http://cishan.chinanpo.gov.cn/platform/login.html

与目前 市 面 上 动 辄 3000万 起 的 定 制 化 negligible. An individual with wealth In the above diagram, the total size of
家族信托产品相比,家族财富传承架构 can become a principal, and there is the trust property is 20 million yuan,
中嵌入慈善信托的门槛可以忽略不计。 no threshold for the initial investment. and Wanxiang Trust is the trustee
拥有财富的个人可以成为委托人,首期 The duration of the trust can be open which bears the obligation to preserve
出资并无门槛限制,信托期限可以为开 and sustainable. When asking why and increase the value of the assets.
放式永续。问渠那得清如许,唯有源头 the water is so clear in the canal, it is At the executive level of charity affairs,
活 水 来!在 慈 善 信 托 工具 运 用 之下,信 because fresh water comes from the the client makes use of the family
托的隔离效果,慈善的精神力量得以充 springhead. With the use of charitable to inherit wisdom, and establish the
分彰显。慈善信托这个小小支点,竟可 trust tools, the isolation effect of the structure of a Board of Directors in the
成为家族财富、文化、精神持续成长的 trust and the spiritual strength of charitable trust agreement, allowing
内生源泉。 charity can be fully demonstrated. family members to drill down into the
This small fulcrum of charitable trusts operation and execution of specific
亮点3:家族慈善的深度拓展 can become an intrinsic source of charitable matters. A public welfare
慈善信托的出现,使得家族慈善不止停 family wealth, culture and spiritual project secretary can also be hired to
留在资金、财物捐赠层面,信托的灵活 growth. provide professional support.
性和创造性,让家族慈善的深度拓展成
为可能。以国内首单家族慈善信托为例, Highlight 3: Deep Expansion of Family Highlight 4: The Practice of the
其略显复杂但却灵活有机的法律架构,
让家族成员可以深度进入慈善本身。 Philanthropy Magnate Family Charity: The Dual-

如文中架构图所示,信托财产总规模为 The emergence of charitable trusts has Drive Structure of the Charitable
2000万元人民币,万向信托作为受托人 led family charity to move beyond the
负有让资产保值增值的义务。在慈善事 level of funds and property donations, Trust + Foundation
务执行层面,委托人家族运用家族传承 and the flexibility and creativity of The world's richest man, Bill Gates,
智慧,在慈善信托协议中设定慈善 “董 trusts has made it possible to deeply adopted this "dual-drive structure
事会”的架构,让家族成员得以深入具 expand family charity. Take the first of the charitable trust + charitable
体慈善事务的操作和执行(可聘请公益 domestic family charitable trust as an foundation". Its operational logic
项目秘书提供专业支持)。 example. Its slightly complicated but is that the Bill & Melinda Gates
flexible legal structure allows family Trust Fund is responsible for the
members to enter the charity itself. management of investment assets,
and if necessary, the funds are

53Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

乐淳家族慈善信托 Lechun Family Charitable Trust

慈善法实施后中国首例慈善家族信托 The �rst family charitable trust after the implementation of Charity Law in China

成立时间
Time of establishment: September 2016

投资组合 委托人 ( 个人 ) 备案机构
Investment portfolio Trustee (Wanxiang Trust)
杭州市民政局
资产配置管理
Management of asset Filing agency

allocation Hangzhou Civil Affairs
Investment 投 委托资金 / 股权 法定备案管理 Bureau
Consultation on public welfare a�airs 资 Entrusted funds/equity Statutory �ling
management

受托人 ( 万向信托 ) 受托管理 乐淳家族慈善信托 法定信托监察 监察人
Trustee Trusteeship Lechun Family Charitable Trust Statutory trust
management 毕马威
(Wanxiang Trust) 资助运作 supervision
Funding operation Supervisor
公益项目决策
KPMG

Decision of public 资金托管管理 专用账户

公 welfare project 公益项目1 公益项目 n Fund 商业银行
益 management
Dedicated account

事 董事会 ( 教育科研资助) ( 传统文化保护) Commercial Bank
务 Board of Directors Public welfare project 1 Public welfare project n

询 -Educational research -Traditional cultural

公益项目初选 funding protection

Decision of public 资助
welfare project Fund

公益项目秘书 公益项目申请者 受益人1/n

Secretary of public Secretary of public ( 各类受助对象 )
welfare project welfare project
Beneficiary 1/n
公益项目初选 (Various types of recipients)
Decision of public
来源于慈善中国网站 From the Charity in China Website:
welfare project http://cishan.chinanpo.gov.cn/platform/login.html

亮点四:富豪家族慈善的实践:慈善信 allocated to the foundation so that it dual-drive structure of "Charitable
can successfully achieve its charitable Trust + Charitable Foundation".
托 + 基金会的双驱动架构 goals. Meanwhile, the Bill & Melinda The author believes that the dual-
世界首富比尔盖茨夫妇做慈善采取的 Gates charitable foundation is drive three-dimensional model of
是信托基金 + 慈善基金会的双驱动架 responsible for the management and the "family charitable trust + family
构,其运营逻辑是由“比尔及梅琳达 . 盖 operation of charity projects and has charitable foundation" will become
茨”信托基金负责管理投资资产,并在 the right to ask the foundation for the mainstream model for wealthy
必要时将所得款项划拨给基金会,以便 assets for charitable activities. families to contribute to charity.
基金会顺利实现慈善目标,而“比尔及 Since the implementation of the In the dual-drive model, charitable
梅琳达 . 盖茨”慈善基金会则负责慈善 Charity Law in China, the dual-drive trusts will become a channel and a
项目的管理和运作,有权向基金会索要 structure created by Bill Gates has also carrier for ensuring the sustainability
资产以进行慈善活动。 been implemented in China. In July of charity. As an important charitable
2017, Mr. He Xiangjian, the founder system, charitable foundations will
自 从 我 国《慈 善 法》实 施 后,比 尔 盖 茨 of Midea Group, one of the world's return to their origins, do a good job
夫妇创立的双驱动架构在我国也有了 top 500 companies, announced the in the discovery, evaluation, landing,
实施的制度土壤。2017年7月,名列世界 "6 billion charitable donation plan", management and supervision of
500强的美的集团创始人何享健先生公 which was implemented through the charitable projects, and become
布“60 亿 元 慈 善 捐 赠 计 划”,该计 划 就

54 | 9th Annual

观点 | OPINION CHINA OFFSHORE

是通过“慈善信托 + 慈善基金会”的双 the main element for implementing the family wealth and spirit of the
驱 动 架 构 来 实 施 的。笔 者 认 为,“ 家 族 charity. legendary entrepreneur Lu Guanqiu
慈善信托 + 家族慈善基金会”的双驱动 was perfectly realized. It perfectly
立体模式将成为富豪家族做慈善的主 The Luguanqiu Sannong Fuzhi Fund demonstrates the role of charitable
流模式。在双驱动模式下,慈善信托将 Charitable Trust, established on June trusts in family inheritance.
成为一个确保慈善永续的通道和载体, 29, 2018, was a landmark event in
慈善基金会作为重要的慈善组织,将回 the history of the development of In summary, for wealthy families with
归 本 源,做 好 慈 善 项目的 发 掘、评 估、 charitable trusts in China. The trust surplus wealth and kind-heartedness,
落地、管 理、监 督,成 为 实 施 慈 善 的 真 was initiated by Mr. Lu Weiding, a the establishment of charitable trusts
正主体。 second generation descendant of a is convenient, the capital threshold is
well-known family company in China, low, the operating costs are low, and
2018 年 6月29日完 成 备 案 的“ 鲁 冠 球 三 Wanxiang Group, who followed the the preservation of charitable trusts
农 扶 志 基金 慈 善 信 托”,是 中国 慈 善 信 behest of his father, Mr. Lu Guanqiu. can be maintained forever, making the
托发展史具有里程碑意义的事件。该慈 According to the filing information advantages extremely attractive. For
善信托由国内著名家族企业万向集团 for the charitable trust, the total size entrepreneurs with family businesses,
二代传人鲁伟鼎先生,在继承父亲鲁冠 of the trust property is "the equity of charitable trusts are an important tool
球先生 遗志的基 础上 发起设立的。根 Wanxiang Sannong Group Co., Ltd. for establishing an image of family
据慈善信托备案信息现实,该信托财产 held by the principal (corresponding charity and enhancing the cultural
总规模为“委托人持有的万向三农集团 to a capital contribution of 600 esteem of the family. It is also an
有限公司的股权(对应出资额6亿元)”。 million yuan)". According to public important way for family businesses to
根据公开信息显示,仅万向三农集团有 information, the total shares of the establish charitable brands and fulfill
限公司对外持有的三家上市公司(万向 three listed companies (Wanxiang corporate social responsibilities. For
德农、承德露露、航民股份)的股份总 Denong, Chengde Lulu, Hangmin ultra-high-net-worth family business
额已达数十亿元,这还未包括万向三农 Shares) held by Wanxiang Sannong owners, family inheritance through
集团有限公司所持有的其他资产。笔者 Group Co., Ltd. have reached several charitable trusts is a method for
认为,通过慈善信托这一法律工具,传 billion yuan, which does not include inheritance that is both safe (avoiding
奇企业家鲁冠球家族财富和精神的传 other assets held by Wanxiang disputes) and noble (social respect)
承得以完美实现。慈善信托在家族传承 Sannong Group Co., Ltd. The author and conforms to the developmental
中的作用,得以完美彰显。 believes that, using the legal tool of trends in Chinese society.
a charitable trust, the inheritance of
综 上,对于有财富更有爱心的财富家
族而言,设立慈善信托手续便捷、资金
门槛低,运营成本低,慈善信托的保值
增值以及可以永续存在(私益的家族信
托是无法永续的)的优势拥有极大吸引
力。对于拥有家族企业的企业家而言,
慈善信托既是树立家族慈善形象,提升
家族文化内涵的重要工具,也是家族企
业建立慈善品牌、履行 企业社会责任
的重要途径。对于超高净 值的家族企
业主而言,通过慈善信托来实现家族传
承,是 既 安 全(避 免 纷 争),又 高尚(社
会尊重)且顺应中国社会发展趋势的传
承方式。

55Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

Member Contribution

全球资产配置时代已来临
——迪拜,全球最佳不动产投资地

The Era of Global Asset Allocation Has Arrived
— Dubai, the World’s Best Real Estate Investment Destination

Zhang Ling

张翎
Zhang Ling

亚太东方财富管理有限公司 董事 总裁 The power of finance lies not will reach 3.46 million in China, and
前海国际资本管理学院 家族办公室导师 in short-term profits, but in investable financial assets will account
北大、清华等大学客座教授 compound interest over time. for half of China's overall personal
国际注册理财顾问师(CFC) The guarantee of security comes wealth.
资深证券投资分析师 from an asset allocation in which not
曾先后任职于招商银行总行、安信证券、 all the eggs are put into one basket. According to statistics, more than 70%
香港智易金融集团等大型金融机构。 When you are a wandering hero, your of respondents have taken the first
outlook and setup are important; step and begun to embrace global
Asia Pacific Oriental Wealth investment is the same. asset allocation:
Management Co., Ltd. Director and China has entered the era of • More than 70% of high-net-worth
President "enterprises trying to go abroad" +
Qianhai International Capital "global asset allocation". According to individuals have overseas plans, using
Management Institute Family Office the Hurun Wealth Report, by 2020 the this as investment activity in order
Tutor number of households with more than to make full use of the market and
Visiting Professor at Peking University six million yuan of investable assets resource allocation brought about
and Tsinghua University by globalization, and enjoying global
International Registered Financial
Advisor (CFC)
Senior Securities Investment Analyst
Zhang Ling has worked in large
financial institutions such as China
Merchants Bank's Head Office, Essence
Securities, and Hong Kong Zhiyi
Financial Group.

56 | 9th Annual

观点 | OPINION CHINA OFFSHORE

金融的力量,不在于短期暴利, dividends while based in China. comprehensive solutions for wealth
而在于时间的复利。安全的保 • 74.7% of high-net-worth planning, and financial services to
障,来自于鸡蛋 不 放 在 一 个篮 help them achieve their medium and
子里的资产配置。仗剑走天涯,眼界和 individuals rely on professional long-term core strategic wealth goals.
格局最重要,投资亦如是。 wealth management agencies or
professional information issued by The Solutions We Can Provide For
中 国 已 进 入“企 业 走 出 去”+“全 球 资 产 these institutions when planning and
配 置”时代,据 胡 润 财 富 报 告 预 计,到 investing overseas. You
2020年中国可投 资 资 产大于600万人
民 币的 家 庭 将达 到 346万户,可 投 资 金 The Value and Signi�cance of Global I. Offshore Trusts and Foundations
融资产 将占据中国整 体个人 财富的半 Trusts and foundations are the
壁江山。 Asset Allocation preferred framework for the isolation,
preservation and inheritance of family
据 统计,七成 以 上被 访 者已先 行 一 步, Global asset allocation can reduce wealth around the world. They have
开始拥抱全球资产配置: capital risk to the utmost extent, been widely used by high-net-worth
• 70% 以上的高净值人士有海外规划, and preserve and increase the value individuals at home and abroad. They
of assets. It has the advantages are mainly intended for tax planning
将 其作 为 一 种 投 资行 为,充 分 利 用 全 of contributing to family wealth or deferral, asset security isolation,
球化 带 来 的 市 场 和 资 源 配 置,立 足中 inheritance, asset portfolios, overseas flexible wealth inheritance, strict
国,享受全球化红利。 education for clients' children, confidentiality of information, and so
• 74.7% 的高净值人士在进行海外规划 financial planning, tax planning, on. Many wealthy families at home
和投资时依靠专业财富管理机构或这 and asset protection. With the and abroad such as Li Ka-shing have
些机构发布的专业信息。 fluctuation of the RMB exchange rate, used this as their main tool for wealth
it is necessary to decentralize the inheritance.
全球资产配置的价值和意义 holding of some offshore assets and
non-RMB assets in order to avoid the II. Overseas Insurance
全球资产配置可最大程度上分散资金 systemic risks caused by the excessive Compared with mainland insurance,
风险、使资产保值增值,具备帮助家族 localization of assets and the decline overseas insurance has the following
财富传承、资产组合、子女留学教育、财 of a single currency. Therefore, in significant advantages: high
务规划、税务筹划、资产保护等优点。 recent years, medium to high-net- compensation ratio, broad insurance
随着人民币汇率的波动,更需要分散持 worth individuals have been actively coverage, efficiently-settled payments,
有一部分离岸资产和非人民币资产,以 engaged in different forms of overseas wide-ranging geographical area, high
回避资产过于本土化、单一货币下跌带 asset allocation. dividend returns, a focus on privacy
来的系统性风险。所以中、高净值人群, and confidentiality, convenient
近年来已越来越多的积极进行不同程 In view of the strong demand reinsurance, and so on.
度的海外资产配置。 from medium to high-net-worth
customers, we have been exploring III. Equity Fund of Leading Enterprises
鉴于中、高净值客户的全球资产配置需 and perfecting global asset allocation
求非常旺盛,我们长期以来经过不断探 for a long time. Through a unique in the Industry
索与 完 善,透 过 独 特 的 多方位 视 角,利 multifaceted perspective, we have Under the ever-changing market
用全球多元化的投资平台和工具,建立 established an "onshore + offshore" conditions, industry leaders reflect
了“在岸+ 离岸”一体化投资服务体系, integrated investment service system, the momentum of the new economy
帮助客户实现全球资产一站式配置,为 using globally diversified investment and new technologies. The excellent
众 多高 净 值 客户 提 供了完 善 的 财 富 规 platforms and tools to help customers "Head Wolf" equity project has huge
划、财务服务等解决方案,助其实现中 realize the one-stop allocation of potential for profit. At the same
长期的核心财富战略目标。 global assets. We provide a number time, we focus on the best time for
of high-net-worth clients with investors to find equity investments,

57Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

我们可为您提供的解决方案

一、离岸信托和基金会
信托和基金会是世界各地富有家族财
富隔离、保全与传承的首选架构,已被
境内、外的高净值人群广泛使用。主要
有税务规划及递延、资产安全隔离、财
富灵活传承、信息严格保密等特点,国
内外诸多富豪家族如李嘉诚等均以此
作为财富传承的主要工具。

二、海外保险 avoid early equity investments, and adjust their wealth structure through
海外保险与内地保险比,有以下显著优 reduce the risk of getting caught up global asset allocation. According to
势:赔付比例高、保险范围广、赔付效率 in a failing business. Furthermore, we the "2018 Hurun China Investment
高、保 障 地 域 广、红 利 回 报 高、注 重 隐 do not participate in pre-IPO rounds Immigration White Paper", the
私和保密、投保续保方便等。 of investment to avoid the risk of investment types which domestic
overvaluation and the uncertainty of high-net-worth individuals have
三、行业龙头企业的股权基金 overvalued returns. Instead, we lock currently chosen the most are foreign
在市场瞬息万变的状况下,行业龙头体 the equity investment within a certain exchange deposits and real estate. The
现着新经济、新技术的增长动力,优秀 scope of stable returns, bringing stable proportion of real estate investment
的“头 狼”股 权 项目存 在 着巨 大 的 获 利 growth and appreciation of wealth to will grow steadily to 44% from 30% in
空间。与此同时,我们着重为投资者寻 customers. the next three years. More than half of
找股权投入的最佳时点,避开早期的股 high-net-worth individuals are willing
权投资,降低陷入企业夭折的风险;同 IV. Global Real Estate to invest between three million and
时不参与 pre-ipo 轮的投资,避免估值 six million yuan in overseas property.
过高收益不确定的风险,将股权投资锁 Real estate investment has become
定在稳定收益的确定性范围内,为客户 both Chinese people's faith and a Dubai – An Investment Paradise for
带来财富的稳定增值。 strong need. In the era of soaring
housing prices, many Chinese investors High-Net-Worth Individuals, and
四、全球房产 have used real estate investment
房产投资已成为中国人的信仰和刚需。 tools to rapidly grow their wealth and a Modern International Metropolis
在房价持续飙升的年代里,多少中国投 become a "wealth class" with tens of
资者借助不动产投资工具,财富快速增 millions – or even billions – of assets. Suitable for Living and Doing
长,成为千万资产甚至亿万资产的“财 In the recent years of RMB exchange
富阶层”。在近年来人民币汇率波动、国 rate volatility, high domestic housing Business
内房价高企、房景扑朔迷离的状况下, prices, and confusing housing scenes,
相当一部分先知先觉、独具慧眼的投资 quite a number of prophetic and 1. Investment
者打开全球视野,跟随国家“一带一路” discerning investors have opened Three returns when investing in Dubai
的步伐,在世界版图中进行海外投资, up global horizons and followed the properties:
寻找不动产投资洼地,通过全球资产配 country's "One Belt, One Road" move 01 Rental Yield
置 调 整自己 的 财 富 架 构。据《2018 胡 润 towards making overseas investments • Dubai is currently one of the cities
中国投资移民白皮书》显示:目前国内 across global territories, to look for
高净值人群海外投资选择最多的是外 real estate investment slumps and with the highest rental yield in
汇存款、不动产两种类型,其中投资不 the world. According to statistics,
the average rate of return on real
estate investments in Dubai last
year reached 8-10%, and the annual

58 | 9th Annual

观点 | OPINION CHINA OFFSHORE

动产 的比例,在 未 来 三年 将从占比 30% rate of return on rents in popular grows wildly, and it attracts nearly
稳步增长到44%,超过一半的高净值人 locations is as high as 10% or more. 20 million tourists every year. The
群 平均 意 愿 投 入 300万 至600万元 在 海 Therefore, the investment recovery demand for housing rentals is huge.
外置业上。 period is also very short. Basically
the cost can be recovered in about 11 02 Appreciation of Real Estate
而迪拜作为中东 地区最 大的金融、经 years. • Dubai is a cosmopolitan city located
济、贸 易中心,如 今更被国 际权 威 机 • As the world's fourth largest tourist
构 评 选 为2017年 全 球 最 佳 不 动 产 投 资 city, Dubai has the best of all kinds at the intersection of Europe, Asia
地! of things in the world. It is full of and Africa. It ranks among the
human imagination and enthusiasm. world's top financial centers and
迪拜 — 高净值人士的投资天堂、适宜 In between blue sea and sky and is the fifth largest shipping center
生活和经商的现代化国际大都市 golden desert, people's love for it in the world. Its housing price-to-
income ratio is the third highest in

1、投资 以何种金融投资方式投资海外
What kind of �nancial investments are used for investing overseas?
投资迪拜房产的三种回报:
01 租金回报率 目的 升降趋势 未来三年
• 迪拜是目前全球租金回报率最高的城
Purpose rising or falling trend the next 3 years
市之一,据统计,去年迪拜房产投资平
均投资回报率达到8%-10%,热门地段 外汇存款 43% 34%
的房租年收益率高达10%以上,因此, Foreign exchange deposit 30% 44%
投 资 回 收 期 也 非 常 短,基 本 11年 左 右 不动产 16% 26%
即可回本。 Real estate 16% 25%
• 迪拜作为全球第四大旅游城市,包揽 保险 15% 15%
各种 世界之 最,这 里倾 尽人 类 的 想 象 Insurance 10% 17%
和 热 情,在 碧 海 蓝 天 和 金 色沙 漠 的 相 标准理财产品 14%
恋中野蛮生长,每年吸引近2000万的 Standard financial products 9% 14%
游客,房屋租住需求量巨大。 股票 8%
Stock 6% 9%
02 房产保值增值 基金 6% 3%
• 迪拜是位于欧洲、亚洲、非洲交汇处 Fund 4% 4%
债券 3% 5%
的 国 际 大 都 市,全 球 排 名 居 前 的 金 融 Bond
中 心 与 第 五 大 世界 航 运中 心,房 价 收 信托 2% 5%
入比全球第三,与同样性质的新加坡、 Trust
香港、上海、伦敦、纽约等相比,迪拜 黄金
平均房价仅为2.5万/ 平米,处于估值 Gold
洼地,升值空间十分可观。 艺术品投资
• 随着2020年世博会的临近,迪拜房价 Investment in Arts
正 在 逐 渐 攀 升 中,加 之 阿 联 酋是 我 国 期货
“一带一路”的核心国,迪拜投资发展 Futures
署与 我 国 建 立了紧 密 的 商 业 关 系,越 开设海外公司
来越多来自中国的高净值人群正涌入 Opening an overseas company
这座城市,经济增长势头相当强劲。 风投 / 股权投资 VC / PE
• 迪拜目前整体处于期房市场,在期房 Venture capital / equity
investment VC/PE

59Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

建 成 变 现 后, 房 产总价 将 会 有 至 少 the world. Compared with Singapore, has a fixed exchange rate with the
20%-30% 的增幅。 Hong Kong, Shanghai, London, US dollar. 1 US$ equals 3.67 Dirham,
New York, and others, Dubai's which has hardly changed for
03 美元资产增值 average house price is only 25,000 decades. Buying a Dubai property is
• 迪拜的流通货币为迪拉姆,与美元是 yuan per square meter, which is a equivalent to holding a dollar asset,
low valuation, and the space for which can hedge the risk of RMB
固定汇率,1美元=3.67迪拉姆,几十年 appreciation is considerable. depreciation and is one of the best
几 乎从 未 改 变。购 买 迪 拜 房 产 就 等 同 • With the approach of the 2020 means of maintaining and increasing
于 持 有 美 元 资 产,可 对冲人 民币 贬 值 World Expo, Dubai's housing prices the value of assets.
风 险,是 资 产 保 值 增 值 的 最 佳 手段 之 are gradually rising. In addition, the
一。 UAE is the core country of China's 2. Comfortable Living Environment
"One Belt, One Road". The Dubai
2、舒适的生活环境 Investment and Development 01 Friendly and Inclusive Atmosphere
Agency has established close Dubai is a hot spot full of dreams and
01 氛围友好包容 commercial relations with China, passions. Its culture of openness is
迪拜是充满梦想和激情的热土,文化开 and more and more high-net-worth ranked second in the world, and the
放程度世界排名第二,外来人口占90% people from China are pouring number of immigrants accounts for
以上。同时迪拜作为中东以及北非地区 into the city. The momentum of over 90% of the population. At the
中 心,对外 来 人口 的 吸引力非 常 强,人 economic growth is quite strong. same time, as a center for the Middle
口 处 于 高 增 长状 态,平均 每 天 有 761人 • Dubai is currently in the market of East and North Africa, Dubai is very
来到迪拜工作和生活,平均每年6.5% 人 forward delivery housing. After the attractive to the outside population.
口增长率居全球前列。且非常年轻态, completion of the forward delivery The population is in a state of high
20--49岁的人口占总人口的79%,200多 housing, the total price of the growth. On average, 761 people
个民 族,类 似 美 国、香 港、深 圳 这 样 的 property will increase by at least 20- come to work and live in Dubai every
移民城市,人口心态积极开放、氛围友 30%. day. The average annual population
好宽松、文化多元包容、富有创新精神, growth rate of 6.5% is among the
朝气蓬勃! 03 Appreciation of Dollar Assets highest in the world. Furthermore, the
• Dubai's currency is the Dirham, which population is very young. A total of
02 全球第二大安全城市 79% of the population are 20-49 years
迪 拜 的 法 律 健 全, 被 国 际 刑 警 组 织 old. Dubai has more than 200 ethnic
(Interpol) 评定为世界上最安全的城市 groups, similar to other immigrant
之一,在世界安全城市中排名第二。并 cities in the United States, and Hong
且,随着迪拜将人工智能技术应用于安 Kong and Shenzhen. The population's
全领域,其安全度会进一步提升。 mentality is positive and open, the
atmosphere is friendly and relaxed,
03 国际教育高地 and the culture is diverse and inclusive.
教育一直被迪拜政府视为发展命脉之 It is really a city full of innovation and
一。迪 拜 是 多元 化 的 教 育 体 制,有 200 vigor!
多所国际学校,美国的纽约大学、英国
的伯明翰大学、澳洲的伍伦贡大学(原 02 The Second Safest Large City in the
译:卧龙岗大学)等世界排名前百的顶 World
尖高校都在此设立了分校,且留学费用 Dubai's laws are sound, and it has
远低于英美和国内的国际学校。如果想 been rated by Interpol as one of the
回国内的学校就读,也可参加华侨生联 safest cities in the world and ranked
考,国内顶尖大学对华侨考生的录取分 second within the world's safe cities.
数线大幅降低。

60 | 9th Annual

3、良好的经商环境 Furthermore, as Dubai applies artificial development. More than 4,200
intelligence technology to its security Chinese companies are currently
01 税收极低 field, its security will be further operating in Dubai.
得益于稳定的社会经济,在迪拜注册的 enhanced.
企业增值税5%,全球最低,别无其他税 03 Transport Hub
收,且有部分行业无税收。 03 International Education Heights As the world's aviation hub,
Education has always been regarded international passenger traffic ranks
02 贸易、经济中心 as one of the life-bloods of the Dubai first in the world. A four-hour-long
迪拜作为欧亚非大陆的贸易中心和货 government. Dubai has a diversified flight reaches more than one third
物集散地,是重要的贸易交通枢纽,海 education system with more than 200 of the world's population (with the
运 的 必 经 之 处,世界 级 的 基 础 设 施,整 international schools. The top 100 exception of North America), and
个城 市的经济充满 活力,发 展空间巨 universities in the world such as New an eight hour flight reaches the
大。目前已有4200多家中国公司在迪拜 York University in the United States, remaining two thirds. At the same
运营。 the University of Birmingham in the time, according to the rankings of
United Kingdom, and the University the Baltic Shipping Exchange and the
03 航运枢纽 of Wollongong in Australia have set Xinhua News Agency International
作为世界的航空枢纽,国际客流量全球 up branches here. Furthermore, the Shipping Center Development Index,
第一。4 小 时 航 程 可 覆 盖 全 球 除 北 美 之 cost of studying abroad is much lower Dubai has become one of the top five
外 的 超�人口,8 小 时 航 程 覆 盖 剩 余� than that of international schools in aviation hubs in the world.
人口。同时根据波罗的海航运交易所和 the UK, the US and China. If you want
新华社国际航运中心发展指数的排名, to go back to a domestic school, you In summary, just as one influential
迪拜已跻身世界五大航运枢纽之一。 can also take a dual entrance exam report stated, Dubai is the "world's
for overseas Chinese students. The best real estate investment
综上所述,诚如全球著名的房地产咨询 admission scores for overseas Chinese destination in 2017"! The report was
公司 Cluttons,1765年于 伦敦创立,已 candidates at the top universities in issued by Cluttons, a world-renowned
有253年历史,在全球100多个国家开展 China have been greatly reduced. real estate consulting company, which
业 务,专 业 从事 资 产 估 值、物 业咨询 的 was founded in London in 1765 and
权 威机 构发布的重磅 报告:迪拜—— 3. Good Business Environment has a history of 253 years. It operates
“2017年全球最佳房地产投资地”! in more than 100 countries around
01 Very Low Taxes the world, and is also a professional
资产配置最大的价值是通过敬畏风险、 Thanks to a stable social economy, organization engaged in asset
分散风险、对冲风险后让我们在财富之 companies registered in Dubai enjoy valuation and property consulting.
上,与未 来有约!谁说“劝君更尽一杯 a VAT rate of 5%, the lowest in the
酒,西出阳关无故人”?!去迪拜看看, world. There are no other taxes, and The greatest value of asset allocation
去与雄心勃勃、充满激情和梦想的酋长 some industries have no taxes at all. is to let us control wealth and, after
共赏:“大漠孤烟直 长河落日圆”! diversifying and hedging risks, let us
02 Trade and Economic Center have an appointment with the future!
As a trade center and cargo Who said "Of wine, won't you drink
distribution center for Europe, Asia one last cup with me? West beyond
and Africa, Dubai is an important Yang Pass, no old friends you'll see?!"
trade and transportation hub and a Go to Dubai and have a look, and
necessary location for shipping. The enjoy the "splendid scene of glorious
world-class infrastructure breathes setting sun over the edge of the
vitality into the city's economy desert" together with the ambitious,
and there is enormous room for passionate and dreamy chiefs!

观点 | OPINION CHINA OFFSHORE

Member Contribution

塞浦路斯国际信托 (“CIT”) 简介

The Cyprus International Trust (CIT) In a Nutshell

Alexandros Philippides Alexandros Philippides

Director clients to structure their international The Cyprus International Trusts
Oneworld ltd activities with emphasis on financial regime enables Cyprus non-
services. He has been involved in tax residents to create a Cyprus
Alexandros 是我们税务和法律服务部门 diverse projects covering tax planning, Trust and enjoy the highest degree
的董事。他在建议客户以金融服务为重点 licensing of financial services of asset protection and create estate
安排国际活动方面拥有相当丰富的经验。 companies, internal audit, compliance planning internationally along with
他曾参与多个项目,包括税务筹划、金融 functions and regulatory issues. numerous tax benefits and high level
服务公司牌照、内部审计、合规职能和监 of confidentiality.
管问题。 Alexandros is qualified as a Chartered
Accountant and holds a bachelor's The definition of a Cyprus International
Alexandros 是一名注册会计师,持有诺 degree from the University of Trust (CIT) has become more flexible:
丁汉大学的学士学位。他是 Oneworld 有 Nottingham. He is an adviser to • Allows the settlor / beneficiary
限 公司的 国 际 税 务、法 律 和 金 融 服 务 顾 Oneworld ltd for international tax, legal
问。 and financial services issues. to become a Cyprus resident as
Oneworld ltd is a major fiduciary long as neither the settlor nor
Oneworld 有限公司的主要业务是信托和 and business services group with the beneficiary take up residence
企业服务,集团总部在塞浦路斯 ( 欧盟成 headquarters in Cyprus (EU member during the calendar year preceding
员国 ) 成立了30年 ,在迪拜的办公室成立 country) for 30 years and in Dubai over
超 过了10年 , 该公司提供精品和量身定制 the last 10 years, and provides boutique
的专业服务,包括公司、信托、管理、银行、 and tailor made professional services
会计、企业 迁移服务 , 以 及 建 立和管理私 including incorporation, fiduciary,
人基金和信托。 administration, banking, accounting,
corporate migration services, as well as
Oneworld 的公民和居住咨询服务台在全 setting up and administering private
球范围内提供公民和居住服务。 funds and trusts.

没有典型的 Oneworld 客户。从充满活力 Oneworld's Citizenship and Residency
的年轻企业到全球企业,从高净值个人到 advisory desk provides citizenship and
他们的家庭和顾问,我们都为他们服务。 residency services around the globe.
我们关注的不仅仅是他们的财富,还有他 There are no typical Oneworld clients.
们的未来。我们不仅仅是他们的顾问,我 From dynamic young enterprises to
们 也 是 他 们 的 合作伙伴。这 就 是我们 在 global corporations, from high net
信 托、商业 和 金 融 服 务 领 域 表 现 突 出的 worth individuals to their families and
原因。 consultants. We serve them all. We are
not just looking after their fortunes
Alexandros is a director, heading our but their futures. We are not just their
tax and legal services. He possesses advisors, we are their partners. Which
considerable experience in advising is why we are prominent in fiduciary,
business and financial services.

62 | 9th Annual

观点 | OPINION CHINA OFFSHORE

塞浦 路斯国际信托 制度使塞浦 the year the trust was set-up the • A trust can still qualify as a CIT
路斯的非税收居民能够建立 previous restriction on investment for the purposes of the law even
塞浦路斯信托,享受最高程度 in immovable property in Cyprus if the settlor, trustee or the
的资产保护,并在国际上制定遗产规划, has been lifted. It is now possible for beneficiaries are Cypriot companies
并享有众多的税收优惠和高度保密。 the trust property to include real or partnerships. In fact this provides
estate in Cyprus at least one of the unique opportunities for a wide
塞浦路斯国际信托 (CIT) 的定义变得更 trustees, during the whole duration range of investors.
加灵活 : of the trust, is a permanent resident
• 允许授予人 / 受益人成为塞浦路斯居 of Cyprus. The trust will be subject to the Cyprus'

民,只 要 授 予人 或 受 益 人在 信 托 成 立 International Trust Law 1992-2013. CITs
前 的 历 年 居 住,之 前 对 塞 浦 路 斯 不 动 are favourable from a business and
产 投 资 的 限 制已 经 解 除。现 在,信 托 tax perspective and confidential. Also
财 产 可 以包 括 塞 浦 路 斯 的 不 动 产,在 if the beneficiaries are not Cypriot
整 个 信 托 期 间,至 少 有一 名受 托 人 是 tax residents, they are exempt from
塞浦路斯的永久居民。 Cyprus taxation.
• 就法律而言,即使财产授予人、受托人
或受益人是塞浦路斯公司或合伙企业, A CIT is established by a settlor
一份信托仍有资格成为 CIT。事实上, (individual or legal entity) and is a
这为许多投资者提供了独特的机会。 means whereby property (the Trust
Property) is held by one or more
该 信 托 受 塞 浦 路 斯1992-2013 年 国 际 信 persons (the Trustees) for the benefit
托法的制约。CIT 从商业和税收的角度 of another or others (the Beneficiaries)
来 看是 有 利 的,也 是 机 密 的。此 外,如 or for specified purposes. A Protector
果受益人不是塞浦路斯的税务居民,他 who can be the Settlor may be
appointed to oversee the work of
the Trustee. As one of the trustees
needs to be a Cypriot tax resident
and a regulated person under the

63Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

们也可免于塞浦路斯的税收。

托管人是由财产财产授予人 ( 个人或法
人实体 ) 设 立的,是 一种财产 ( 信托财
产 ) 由一人或多人 ( 受托人 ) 为他人 ( 受
益人)的利益或特定目的而持有的手段。
可指定 一名可任 财产授予人的保 护人

监督受托人的工作。由于其中一名受托

人必须是塞浦路斯税务居民,以及根据
2012/2013年管理提供行政服务的公司
的法律受监管人士。

为建立信托,必须签署一份信托契约,

定义以下概念 :
• 授予人
• 信托资产
• 受益人
• 持续时间;信托可以永远存在
• 保护人 ( 执行者 );( 即你或公司中可信

赖的人 )
• 受托人及其权力

税务方面

国际信托受当地信托法制约,在塞浦路
斯不征税。

事 实上,CIT 拥有重要的税 收优势,为 Law regulating companies providing capacity)
利益相关方提供了重要的税收筹划机 administrative services of 2012/2013. • The trustees and their powers
For the creation of a trust a trust
会。以下的税收优惠说明了尽量减少税 deed must be signed, defining the Tax aspects
收的可能选择 : following:
• 在塞浦路斯,CIT( 即财产位于塞浦路 • The settlor International trusts are governed by
• The trust assets the local trust law and are not taxed
斯境内且收入来自塞浦路斯境外的信 • The beneficiary/ies in Cyprus.
托公司 ) 的所有收入,无论交易与否, • The duration; the trust may exist in
都不征税 In fact, CIT enjoy important tax
• 如果受益人不是塞浦路斯的税务居 perpetuity advantages providing significant tax
民,则 信 托 公司 从 塞 浦 路 斯 公司 获 得 • The protector (enforcer); (i.e. you planning opportunities to interested

的股息、利息或其他收入既不应课税, or a trusted person in a corporate

也 不 需 预 扣 税。尽管 持 有 塞 浦 路 斯 公
司股份的信托公司可能不是 CIT,但这
项豁免取决于塞浦路斯只对塞浦路斯

居民 征 税 这一 事 实。由 于 受 益 人不 是

塞 浦 路 斯居民,因 此 对信 托 的 分 配 不

征税

64 | 9th Annual

观点 | OPINION CHINA OFFSHORE

•CIT 资产处置所得 ( 持有塞浦路斯房地 parties. The following tax privileges the entire duration of the trust
产除外) 在塞浦路斯不征收资本利得 are indicative of the possible options • If its terms so provide, the law
税 for tax minimization:
• All income, whether trading or applicable to it can be changed to a
• 在塞浦路斯,为遗产税规划目的而创 foreign law, provided that the new
建的 CIT 不需缴纳遗产税 otherwise, of a CIT (ie a trust whose law recognizes the validity of the
property is located and income is trust and the respective interests of
当地信托 ( 在这种信托中,财产授予人 derived from outside Cyprus) is not the beneficiaries
或任何受益人都是塞浦路斯居民 ) 在所 taxable in Cyprus • Asset protection is the cornerstone
得税方面仍将被视为透明的工具。在塞 • Dividends, interest or other income of the International Trust Law. The
浦路斯国际信托的情况下,如果不包括 received by a trust from a Cyprus current legislation is designed to limit
当地利润,则不会对其收入、资本或分 company are also neither taxable the power of creditors to set aside
配征收塞浦路斯税。 nor subject to withholding tax transfers of assets into a trust. The
provided that the beneficiaries are law makes it difficult to invalidate the
优点 not tax residents in Cyprus. Even trust even in the event of a settlor's
though a trust with shares in a bankruptcy unless clearly fraudulent
CIT 有很多优点,包括 : Cypriot company may not be a CIT, intention was behind the creation of
• 可能永远存在 the exemption relies on the fact the trust. The onus of proof lies on
• 其收入可以在整个信托期间累积 that Cypriot tax is imposed only on the creditor and any action must be
• 如果其条款如此规定,适用于其的法 Cyprus residents. As the beneficiaries brought within two years from the
are not residents of Cyprus, no tax is payment or transfer
律可 以 变 更 为 外 国 法 律,前 提 是 新 法 imposed on the distributions made • The income and the profits of a CIT
律承认信托的有效性和受益人的各自 to the trust derived or deemed to be derived
利益 • Gains on the disposal of the assets from a source outside Cyprus are
• 资产保护是国际信托法的基石。目前 of a CIT (except in the case it holds completely exempt from income
的立法旨在限制债权人将资产转移预 Cyprus real estate) are not subject to tax or any other tax imposed in
留 给 信 托 基金 的 权 力。法 律 使 信 托 即 capital gains tax in Cyprus Cyprus such as capital gains, special
使 在 财 产 授 予人破 产 的 情 况下也 难 以 • A CIT created for estate duty contribution etc. The property of the
使 其 无 效,除非 信 托 的 设 立 背后有 明 planning purposes would not be trust is not subject to estate duty
显的欺诈意图。证明责任在于债权人, subject to estate duty in Cyprus • No law, Cypriot or foreign, relating
任何诉讼必须在付款或转让后两年内 to inheritance or succession affect
提起 Local trusts ie trusts under which any transfer or disposition in favour
•CIT 来自或被认为是来自塞浦路斯以 either the settlor or any beneficiary is of the trust in any way or otherwise
外来源的收入和利润是完全免征所得 a Cypriot resident, will still be treated affect its validity
税,也 不 征 收 在 塞 浦 路 的 其他 税 收, as transparent vehicles for income
如 资 本 利 得,特 殊 贡 献 等 等。信 托 财 tax purposes. In the case of Cypriot
产不缴纳遗产税。 international trusts, provided that no
• 任何与继承或继承有关的法律,无论 local profit is included, no Cypriot tax
是 塞 浦 路 斯 法 律 还 是 外 国 法 律,都 不 will be levied on their income, capital
会以任何方式影响信托的转让或处 or distribution.
置,或以其他方式影响信托的有效性

登记 Strong points

根 据2012/2013年的《国际信 托 ( 修改 ) A CIT has many advantages, including:
法》, CIT 必须在塞浦路斯证券交易委 • May exist in perpetuity
员会 (CySEC) 注册。信托的名称和受托 • its income can be accumulated for

65Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

人的详细信息必须提交给塞浦路斯证 Registration including the beneficiaries to whom
券交易委员会 (CySEC),而不是实际的 any distributions have been made
信托契约。 The International Trusts (Amending) pursuant to the trust
Law of 2012/2013 requires that CITs are • Name of protector (if applicable)
信托登记册应包括 : registered with Cyprus Securities and • Fund manager, accountant, tax
Exchange Commission “( CySEC). The consultant (if applicable)
• 信托公司的名称 Name of the trust and details of the • The activities of the trust
• 每个受托人在所有相关时间的姓名和 trustee must be submitted to CySEC, • Any other person who exercises
but not the actual trust deed. effective control over the trust.
详细地址
• 信托成立日期 The Register of Trusts should The person providing trust services
• 管理信托的法律与塞浦路斯法律的任 must have this information available
contain: in the Republic of Cyprus for disclosure
何变更的日期和信托终止的日期 to and inspection by the relevant
• 此外,如果主管部门在调查过程中提 • The name of the trust Competent Authority at all times.
• The name and full address of every Finally, note that the names of the
出 正 式 要 求,我 们 有义 务 向 塞 浦 路 斯 trustees, settlor and beneficiaries
证券交易委员会 (CySEC) 披 露以下信 trustee at all relevant times is information that is disclosed to
息: • The date of establishment of the banking institution(s) with which the
• 受托人的姓名 SPV is (or will be banking with) as part
• 授予人的姓名 trust of their due diligence procedures.
• 受益人姓名或受益人类别信息,包括 • The date of any change in the law Furthermore the trust must keep
根据信托向其发放任何款项的受益人 accounting records and prepare
• 保护人名称 ( 如适用 ) governing the trust to or from Cyprus accounts, as the trustee, who is acting
• 基金经理、会计师、税务顾问 ( 如适用) law and the date of termination of as a tax agent to the trust, must
• 信托的活动 the trust submit the trust's tax returns.
• 任何其他对信托行使有效控制的人 • Furthermore, in case of an official
request in the process of an Con�dentiality
提供信托服务的人必须在塞浦路斯共 investigation by the Competent
和国境内拥有该信息,以便随时向有关 Authorities we are obliged to disclose Regarding confidentiality, the law
主管当局披露和检查。 to CySEC the following: prohibits the trustee, protector, and
• Name of the trustees
最 后,请 注 意,受 托 人、财 产 管 理 人和 • Name of the settlor
受益人的姓名是向银行机构披露的信 • Names of beneficiaries or information
息,作为其尽职调查程序的一部分。 on the class of beneficiaries

此外,信托必须保存会计记录并编制帐
目,因为作为信托的税务代理人的受托
人必须提交信托的纳税申报表。

保密性

在 保 密 方 面,法 律 禁 止受 托 人、保 护人
和任何其他人披露有关信托的信息。除
非法庭只可就已证明的刑事罪行发出
命令,否则不得披露任何文件或资料 :
• 定居者或受益人

66 | 9th Annual

观点 | OPINION CHINA OFFSHORE

• 受托人行使权力或自由裁量权的方式
• 任何特定行使受托人权力的原因
•CIT 的账目

应该注意的是 , 如果一个受益人提交请
求的受托人披露账户 CIT 或相关文件收
支的受托人 , 受托人有权向受益人披露
此类信息如果在受托人的意见的披露
是必要的和信任的最佳利益。

使用塞浦路斯信托基金 any other person from disclosing charitable and other purposes.
information concerning the trust. For example a CIT may be created:
CIT 广泛用于所谓的“家族情况”,但也 Unless a court order is issued • To hold for property for minors or
用于商业和商业交易,以及作为慈善和 which is possible only for proven
其他目的的载体。 criminal offences, no documents or successive generations of a family
information can be disclosed on any • To protect property against
例如,可以在以下情况下成立 CIT: of the following:
•为未成年人或一个家族的连续几代人 • Settlor or beneficiaries spendthrift people
• The way the trustee exercises powers • To provide secrecy and
持有财产
• 保护财产不受挥霍者侵害 or discretion confidentiality to the successors of
•为信托继承人提供保密和隐私 • Reason for any particular exercise of the trust
• To provide for a couple on their
• 在婚姻关系上为一对夫妇提供保障, a trustee power marriage whilst ensuring that the
同时确保所提供的财产在婚姻失败时 • Accounts of the CIT property so provided is 'tied up' in
被“捆绑” the event of that marriage failing
It should be noted that if a beneficiary • To establish a fund for the benefit of
• 根据家族成员将来的需要,在他们需 submits a request to a trustee for the family members according to future
要的时候,为他们建立一个基金 disclosure of the accounts of a CIT or needs as and when they arise
documents relating to receipts and • As an investment vehicle (typically
• 作为投资工具 ( 通常通过单位信托 ) payments of a trustee, the trustee has via unit trusts)
•为员工和受抚养人提供养老金 the power to disclose such information • To provide pensions for employees
• 为员 工 提 供 激 励:例 如 通 过 各种员 工 to the beneficiary if in the trustee's and dependants
opinion the disclosure is necessary and • To provide an incentive to the
信托基金 in the best interests of the trust. workforce: e.g. via employee trusts
•为非慈善的抽象目的 “( 目的信托”) 作 of various kinds
Uses of a Cyprus Trust • To make provision for abstract
出规定 purposes which are not charitable
• 使慈善目标得以实现 CITs are widely employed in what may ('the purpose trust')
• 作为商业安排的一部分 : 例如,保护商 be loosely termed 'family situations' • To enable charitable objects to be
but also in commercial and business carried out
业贷款人 transactions and as a vehicle for • As part of commercial arrangements:
e.g. to protect commercial lenders

67Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

Member Contribution

马耳他——一个通往欧盟生活和经商的门户

Malta— A Gateway to Living and Doing Business in the EU

Kenneth Camilleri

马耳他具有友好的商业环境,成 A business-friendly environment that is
熟而充满了机会,同时也是人 ripe with opportunities, yet where one
们可以安全地进行投资、资产 can safely invest and cater for asset
保护和财富规划,或许还是一个开辟第 protection and wealth planning, and
二居所或拥有第二公民身份的好地方, perhaps take up a secondary residence
毫无疑问是投资者的天堂。马耳他是一 or citizenship is an investor's paradise.
个位于欧洲和北非之间十字路口的岛 Malta, an island nation located at a
国,正日益成为亚洲投资者心目中的理 crossroads between Europe and North
想投资目的地。 Africa is increasingly being eyed by
Asian investors as an ideal destination
for investment. The Republic of Malta is strategically
located at the heart of the
Kenneth Camilleri Mediterranean, just a 2-hour flight
away from most European capitals.
Kenneth Camilleri 是 高 奇 律 师 事 务 的 key specialisations in corporate Maltese is the national language
居 留,公民 身 份及 税 务 的 高 级 合 伙 人。 tax and indirect taxation. As an common to most natives; however,
Kennet 是一名国际税务顾问,他擅长公 accredited Citizenship and Residency English is an official language as well
司税和间接税。作为一名获得认证的公民 Agent, Kenneth advises some of which is widely spoken and used for
身份和居住权代理人,Kenneth 在税务、 the firm's most prominent high net day to day business in Malta, with
移民和遗产规划等方面为公司一些最著 worth families in matters of tax, official documentation and regulation
名的高净值家庭提供咨询。 immigration and estate planning. also being in English.

过 去10 年,高 奇 律 所 一直 积 极 参 与 中 国 The firm has been actively involved Malta became a full member of the
事 务,涉及 的 领 域 包 括 在 法 律会 议 上 发 in China for the last decade with European Union in 2004 and adopted
言、与中国律师事务所和咨询公司合作、 different involvements ranging the region's common currency in 2008
向 律 所、银 行、家 族 理 财 室 和 移民 中 介 from speaking at legal conferences, which has significantly increased the
提 供 马耳他 和 欧 洲 法 律、税 务 和 移民咨 working with Chinese law firms and country's attractiveness for trade.
询 服 务 等。该 公司还 帮助 中国 企 业 进 行 consultancy companies and providing As a member of the Schengen Area,
国际投资。 Maltese and European legal, tax and Malta also grants its citizens the right
immigration advice to law firms, to travel freely across the Area made
Kenneth Camilleri is a Senior Partner banks, family offices and immigration up of 26 European Countries, a factor
in Residency and Citizenship & Tax at agents. The firm has also assisted which has attracted several investors
Chetcuti Cauchi Advocates. Kenneth Chinese companies in international to invest in Maltese Citizenship by
is an international tax advisor with investment. Investment.

E: Kenneth@cclex.com Besides being a destination of choice
for those seeking to do business within

68 | 9th Annual

观点 | OPINION CHINA OFFSHORE

马耳他共和国地理位置优越,位于地中 the EU, Malta is also a very family- Malta's economy has been resilient
海的中心地带,距离大多数欧洲国家的 friendly and welcoming jurisdiction. through times of financial turmoil,
首都仅有 2 个小时的航程。马耳他语是 Being ranked amongst the top being one of only two states in the
大多数当地人的共同语言,但英语也是 safest locations in the world, Malta Euro Zone (the other being Germany)
官方语言之一,被广泛地应用马耳他人 is considered as an ideal relocation to maintain economic growth during
的日常业务中,官方文件和规定也采用 destination for families. Malta also the 2008 financial crisis.
英语。 enjoys an internationally acclaimed
education system with both public The Maltese economy has undergone
马耳他于 2004 年成为欧盟的正式成 and private schooling options. several changes over the past years.
员,并在 2008 年采用该地区的共同货 Higher value-added sectors, such as
币,这显著提高了该国的贸易吸引力。 Political Climate and Economic online gaming, blockchain, aircraft
马耳他作为申根地区的成员之一,还赋 maintenance, pharmaceuticals,
予其公民在 26 个欧洲国家之间自由旅 Snapshot the film industry and property
行的权利,这也是吸引了一些投资者以 development have gained traction,
马耳他公民身份进行投资的其中一个 Malta enjoys a stable political climate indicating a shift towards more
因素。 and a bi-partisan political scene that knowledge-intensive sectors.
is largely convergent on issues of Traditional sectors like manufacturing
除了作为寻求在欧 盟境内开展业务的 national and economic importance. and tourism have been sustained
人士的首选目的地外,马耳他还是一个 Malta is a parliamentary republic through competitiveness, whilst new
有利于家庭生活的和热情好客的行政 fully adherent to a policy of non- economic sectors such as healthcare,
辖区。马耳他位列全世界最安全的国家 alignment, therefore enjoying political energy, education and logistics have
之一,被认为是家庭生活的理想搬迁目 neutrality in international affairs. The attracted considerable investment.
的地。马耳他还享有国际知名的教育体 country has excellent relations with
系,包括公立和私立的学校。 neighbouring countries, as well as a Because of the increased economic
well-developed network of bilateral performance, GDP economic growth
政治环境与经济一览 and multi-lateral relations across the for Malta in 2018 is expected to
globe. Political stability in Malta has increase by 5.4%, which is more than
马耳他的政治环境稳定,两党 轮 流 执 served a precursor for sound economy double the forecasted EU average
政,主要集中在具有国家和经济重要性 and good quality of life – attracting growth rate which stands at 2.1%.
的问题上。马耳他是一个完全遵守不结 high levels of FDI, and attracting This indicates a robust yet moderated
盟政策的议会制共和国,因此在国际事 families and retirees alike.
务中享有政治中立。该国与邻国关系良
好,并在全球建立起完善的双边和多边
关系网。马耳他的政治稳定成为其健康
的经济和高质量生活的前提 - 吸引了大
量外国直接投资的同时也吸引了家庭
和退休者。

在金融 风 暴时期,马耳他的经济一直
保持弹性,是 2008 年金融危机期间能
够维持经济增长的欧元区(另一个是德
国)中仅有的两个国家之一。

马耳他经济在过去几 年中经历了几次
变化。具有较高附加值的行业,如在线

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观点 | OPINION CHINA OFFSHORE

博彩、区块链、飞机维护、制药,电影行 growth pattern following the 6.4% economy, Malta has become a highly
业和房地产开发等都受到了关注,这表 real GDP growth in 2017. According popular option for those seeking
明其开始向知识密集型行业的转变。制 to Eurostat, Malta registered a €436.6 to attain economic citizenship.
造 业 和 旅 游 业 等 传 统 行业 通 过 竞 争力 million government surplus in 2017, Maltese citizenship grants a number
得 以 持 续 发 展,而医 疗保 健、能 源、教 reaching 3.9% of GDP, and setting of benefits, including European
育 和 物 流 等 新 经 济 部 门 则 吸引了大 量 itself as the highest registered EU citizenship within 1 year and the grant
的投资。 surplus for the year, exceeding the of Schengen residency while you wait
surplus registered by Germany and the for citizenship, allowing applicants
由于经济效益的增长,预计 2018 年马 Netherlands. to start benefitting from freedom of
耳他的 GDP 经济增长率将增长 5.4%, movement within less than a year.
是 预 测 的 欧 盟平均 增 长 率 2.1% 的 两 倍 Malta's economic success has led
以上。这表明继 2017 年实际 GDP 增 rating agencies such as Moody's, In order to be eligible, the applicant
长 6.4% 之后,增长模式仍然保持着稳 Fitch and the IMF to praise Malta's would need to be at least 18 years of
键而温和增长的势头。根据欧盟统计局 economic growth and forecast an age, and be in good standing with a
的数据,马耳他 2017 年的政府盈余为 economic surplus for years to come. clean criminal conduct. The applicant
4.366 亿欧元,占 GDP 的 3.9%,并创造 would need to:
了当年最高的欧盟盈余,超过了德国和 Maltese residency and citizenship
荷兰。 • purchase a property at €350,000,
options for HNWs – a gateway to or rent a property at €16,000 per
马耳他的经济成功促使 穆迪、惠誉 和 annum,
国际货币基金组织(IMF)等评级机构肯 living and doing business in the EU
定了马耳他的经济增长并预测其未来 • make a contribution of €650,000,
几年的经济盈余。 Ever since the launch of the Malta • buy government Bonds amounting
Individual Investor Programme
高净值人士在马耳他居住和获取公民 (MIIP) in 2014, a programme which to €150,000,
身份的选择 - 通往欧盟生活和经商的 grants Maltese citizenship to affluent • and establish a genuine connection
门户 individuals of good repute following
an investment in the Maltese with Malta.
自 2014 年启动马耳他个人投资者计划
(MIIP)— — 一项 富 裕人士在马 耳他 进
行经济投资后为其提供马耳他公民身
份的计划以来,马耳他已经成为那些寻
求获得经济公民身份的人们非常受欢
迎的选择。马耳他公民身份给予许多福
利,包括 1 年的欧洲公民身份以及在您
等待获得公民身份时授予申根居留权,
使申请人能在不到一年的时间内开始
享受行动的自由。

要想达到申请资格,申请人必须年满 18
周岁,并且信誉良好,无犯罪记录。申请
人需要:

• 购 置35万 欧 元 的 房 产, 或 每 年 租 赁
16000 欧元的房产,

70 | 9th Annual

观点 | OPINION CHINA OFFSHORE

• 捐款 65 万欧元, Additionally, the Malta Residency and Under one of the aforementioned
• 购买数额达 15 万欧元的政府债券, Visa Programme (MRVP) Launched in programmes, investors will be able
• 并与马耳他建立真正的联系。 2015 attracts reputable individuals and to relocate to a stable, economically
their dependents, who are not EU or sound jurisdiction which offers the
此外,2015 年推出的马耳他居留和签证 EEA nationals and long-term residents beauty of a calm Mediterranean
计划(MRVP)吸引了信誉良好的个人及 or, residents in Malta under any other lifestyle coupled with the high
其家属,他们并非欧盟或欧洲经济区的 Residency programme. standard of living offered by a
国民和长期居民,也不属于任何其他居 European country. Maltese citizens
住计划的马耳他居民。 Residence which is acquired under the also have the opportunity to live,
MRVP results in a Maltese residence work, relocate or do business in any
有了依据 MRVP 而获得的住所才能取 permit. This permit, in turn, allows EU member state.
得 马 耳他 居留许 可。反 过 来,该许 可证 its beneficiaries to travel freely in
也允许其受益人在申根区自由旅行。居 the Schengen Area. The residence Doing business through Malta is a
留 许 可 还 将 使 受 益 人有 机 会 在 马 耳他 permit will also give beneficiaries safe, yet advantageous option. Malta
无 限 期 地 居 住、定 居和 居留。然 后,相 the opportunity to reside, settle and has an excellent and highly rated
对欧盟居留卡每 5 年更新一次。申请人 stay on indefinitely in Malta. The banking infrastructure and a robust
想获得马耳他居留许可,必须; relative EU residence card is then to financial services sector that make is
be renewed every 5 years. Applicants, an ideal alternative for investors, fund
•在马耳他的未指定区域购买 320000 to obtain a Maltese residence permit, managers, and insurance businesses
欧元的房产,或以每年 12000 欧元的 must; seeking a European domicile that
价格租赁房产,或 is significantly more cost effective
• purchase a property at €320,000, than financial services centres such
• 在 Gozo 或 马 耳 他 南 部 地 区 购 买 or rent a property at €12,000 per as London or Luxembourg, but which
270000 欧元的房产,或以每年 10000 annum, in undesignated areas in is still competitive and a pioneer in
欧元的价格租赁房产; Malta, or; various respects. Thus, under the Malta
citizenship by Investment programme
• 向马耳他政府债券投资 25 万欧元;且 • purchase a property at €270,000, a non-EU entrepreneur or business
• 提供不可退还的 30000 欧元的捐款。 or rent a property at €10,000 per person would be able to tap into the
annum, in Gozo or in the Southern EU internal market which would have
除了 MIIP 和 MRVP 之外,马耳他还为 region of Malta, and; been previously inaccessible to him or
寻求获得马耳他居住权的投资者提供 her. Additionally, an investor would be
了多种选择,即马耳他黄金签证或马耳 • invest €250,000 in Maltese able to benefit from visa-free travel
他全球居住计划。 Government bonds, and; to 168 destinations, including the US,
Canada and the UK.
几个非欧盟国家的国民,包括很多亚洲 • contribute a non-refundable
富裕人士和家庭已获得了马耳他公民 €30,000.
身份,其中的原因不尽相同。根据上述
计划中的一个,投资者将能够搬迁到一 Besides the MIIP and MRVP, Malta
个稳定、经济合理的管辖区,这个管辖 offers a number of options for
区能提供宁静的地中海式的生活方式, investors seeking to attain Maltese
以及欧洲国家所提供的高标准生活。马 residency as well, namely the Malta
耳他公民也有机会在任何欧盟成员国 Golden Visa or the Malta Global
生活、工作、搬迁或经商。 Residence Programme.

在马耳他经商是一种安全而有利的选 There are various reasons why
择。马耳他拥有出色且评价很高的银行 several non-EU nationals, including a
基础设施和强大的金融服务部门,是寻 number of Asian HNWI and families
have attained Maltese citizenship.

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观点 | OPINION CHINA OFFSHORE

求在欧洲居住的投资者、基金经理和保 Citizenship and Taxation – Pre- One should note that Maltese
险业务人的理想选择,该永久居住地要 citizenship does not automatically
比伦敦或卢森堡等金融服务中心更具 Immigration and Tax Advice create a tax residency, but this
成本效益,虽然这些中心仍然具有竞争 arises due to the genuine link with
力,并且在各方面都成为先驱。因此,根 A US Chief Justice once said, 'the Malta which is needed to qualify for
据马耳他公民投资计划,非欧盟企业家 power to tax is the power to destroy', Maltese citizenship. When meeting
或商业人士将能够进入欧盟内部市场, and indeed taxation which cripples the residency requirements set under
这是以前无法进入的。此外,投资者可 enterprise has closed down businesses Malta's Citizenship Programme,
以享受到 168 个目的地的免签证旅行, and driven investors away in a number one can prudently assume that the
包括美国、加拿大和英国。 of jurisdictions. Malta understands investor will be considered a tax
that balance is crucial in this regard resident for at least two years over
公民身份和税收 - 移民前和税务咨询 and has sought to foster a business- which the 12-month timeline for
friendly tax regime that allows citizenship extends. However, being
美 国 首席 大 法 官曾 经 说 过,“征 税 的 权 businesses to prosper and attracts considered tax resident in Malta does
力是 摧 毁 的 权 力”,实 际 上,削 弱 企 业 foreign investment. not necessarily result in taxation. Tax
的 税 收 已 经 关 闭 了众 多司 法 管 辖 区 人 will only be due for resident foreigners
企业并赶走了投资者。马耳他懂得平衡 Investors should know better than on income or capital gains arising in
在 这 方 面 的 重 要 性,并已做 出努力,建 anyone else that tax planning, Malta, and foreign income (excluding
立起一种有利于企业的税收制度,使企 particularly pre-immigration tax capital or capital gains) which have
业能够繁荣并吸引外国投资。 planning is a must to avoid incurring been received in Malta, a system which
taxes which could be avoided. Malta is commonly referred to as the source
投 资 者应该 比 其他 任 何人 更了解 税 务 offers a tax neutral environment for and remittance basis of taxation.
规划,特别是移民前的税务规划是避免 those who obtain Maltese citizenship
产生税收的必要条件。马耳他为那些获 but do not take up residency here Thus, through sound pre-immigration
得马耳他公民身份但不在此地居住的 but also offers expatriates who elect planning advice, a prospective citizen
人提供中立的税收环境,但也为在马耳 for tax residency in Malta unrivalled will be able to reap the benefits of
他选择税务居住的外籍人士提供无与 quality living and tax optimisation Malta's tax resident-non-dom regime
伦比的优质生活和税收优化的机会。 opportunities.

应该注意的是,马耳他公民身份并不会
自动产生税务居留权,该权利是与马耳
他发生了真正联系而产生的,是有资格
获得马耳他公民身份所必需的。在满足
马耳他公民身份计划所规定的居住要
求时,人们可以谨慎地假设投资者将被
视为至少两年的税务居民,在这之后还
可以延长 12 个月的公民身份。但是,被
视为马耳他的税务居民并不一定会产
生税收。税收只适用于在马耳他产生收
入或资本收益的外国居住者,以及在马
耳他收到的外国收入(不包括资本或资
本 收 益),这一系 统 通常 被 称 为 税 收 的
来源和汇款基础。

因此,准公民将能够通过合理的移民前

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观点 | OPINION CHINA OFFSHORE

规划建议从马耳他的税务居民 - 非居民 different regime could still benefit
制度中获益,该制度允许个人在税收的 from Malta's full imputation system,
effectively resulting in an exemption
汇款基础上纳税。 from taxation, or one of following tax
refunds:
马耳他控股公司:灵活且节税的结构 • 5/7ths of the Malta tax paid, where

归功于其灵活的设立结构以及其具有 which allows individuals to be taxed the income received by the company
成本效益的国内税收待遇,马耳他控股 on a remittance basis of taxation. is passive interest or royalties or
公司已成为非常受欢迎的选择,同时成 income or capital gains from a
为一个进出欧盟的理想渠道。设立马耳 Malta Holding Companies: Flexible participating holding which does not
他控股公司的目的是方便以任何形式 fall within certain safe harbours or
持有股票、证券和商业资产,如房地产、 and Tax-e�cient Structures satisfy the anti-abuse provisions
固定资产、飞机、投资、银行账户和知识 • 2/3rds of the tax payable in Malta,
产 权 以 及个人 资 产,包 括 游 艇、住 宅 物 Malta holding companies have where income has benefitted from
业和艺术品等任何奢侈品。 become a highly popular option and double taxation relief.
an ideal conduit to and from the • 6/7ths of the Malta tax in all other
从税收的角度来看,符合条件、有资格 EU mainly due to their flexible set- cases.
参与控股的控股公司,根据马耳他参与 up structures, as well as their cost-
豁免制度,将免于在马耳他就马耳他公 effective domestic tax treatment. Additionally, dividend payments
司 所 得 的 任 何 收 入 或 资 本 收 益 纳 税。 Malta holding companies can be made by Malta holding companies to
不 符 合 资 格 或 选 择 在 另一 个不 同 制 度 set up in order to hold shares and non-residents are paid free of Malta
下征 税 的 控 股 公司 仍可从马 耳他 的 完 securities and business assets in any withholding tax. Moreover a non-
全归集抵免制中受益,实际上可以免税 form such as real estate, fixed assets, resident shareholder of Malta holding
或享受以下退税之一: aircraft, investments, bank accounts companies would be exempt from
• 在马耳他所纳的 5/7 的税,其中该公 and intellectual property as well as tax in Malta on the gain derived upon
personal assets including any luxury the disposal of shares in a Maltese
司所得收入为被动利益或特许权使用 items such as yachts, residential company whose main assets do not
费或参与控股所得的收入或资本收 property, and works of art. consist of real estate situated in
益,其 并 不 在 某 些 避 风 港内或 满 足 反 Malta, provided that the ultimate
滥用条款; From a taxation point of view, holding beneficial owner of the gain or profit
• 马耳他应纳税额的 2/3,其中收入受 companies which qualify as qualifying is not directly or indirectly owned
益于双重征税减免。 participating holdings under the and controlled by, nor acts on behalf
•在所有其他情况下的马耳他税收的 Malta Participation Exemption of individuals who are resident and
6/7。 regime will be exempt from tax domiciled in Malta.
in Malta on any income or capital
此外,马耳他控股公司向非居民支付的 gains derived by Malta companies. One should note that Malta has also
股息将免征马耳他预扣税。此外,马耳 Holding companies which do not concluded over 70 double taxation
他控股公司的非居民股东,其主要资产 qualify, or opt to be taxed under a treaties with different countries
并不包括位于马耳他的不动产,前提是 around the world which provide for
该收益或利润的最终受益所有人并不 relief from double taxation. Most of
直 接或间接地由在马耳他居 住的个人 these treaties are based on the OECD
所拥 有 和 控 制,也 不代 表 其 行 事,则 其 model. Where no such treaty has been
在马耳他公司处置股份时所获得的收 concluded, one may benefit from the
益将获得免税。 granting of unilateral relief or the
Flat Rate Foreign Tax Credit system
值得注意的是,马耳他还与世界多国签

73Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

订了 70 多项双重征税协定,目的是减
轻双重征税。大多数条约均以经合组织
(OECD)的模式为基础。如果没有缔结
此类条约,便可以从给予单方面救济或

外国税收统一抵免制度中受益,该制度

也可以减免双重征税。

马耳他的资产保护和财富结构 which also provide relief from double to collectively contribute such large
taxation. pools of moneys and access lucrative
马耳他主要通过促进商业和具有成本 investment opportunities which were
效益的国内税收制度的创新型监管措 Asset Protection and Wealth previously out of their reach.
施为追求理想经商平台的人们营造一
个非常有利的环境,同时它也是一个稳 Structuring in Malta Additionally, trusts whose income
定的司法管辖区,能提供最佳的资产保 partially or wholly arises outside of
护和财富结构。 Whilst fostering an environment that Malta and whose beneficiaries are
is highly beneficial for those seeking non-Maltese residents or have income
马耳他的信托和基金会是最受欢迎的 an ideal platform to do business, which would be exempt from tax
房地产管理工具,它为个人财富构建有 mainly through innovative regulatory under Maltese law will be treated as
益且安全的方式。公司企业,特别是成 efforts that promote business and a tax transparent entities.
功的家族企业,可以成立马耳他私人信 cost-efficient domestic tax regime,
托公司,一家作为持有富裕家庭资产的 Malta is also a stable jurisdiction that A thriving Financial Services hub
信托受托人的私营公司。或者,可以设 provides for optimal asset protection
立单位信托基金,合并委托给第三人的 and wealth structuring. Building on the success of its robust
多名投资者的资源和资金。这个选项非 Malta trusts and foundations are banking industry, Malta has taken
常适合那些无法单独积累大量资金的 the most popular vehicles for estate the opportunity to style itself as a
人(无论是合法的还是自然的),足以让 management since they are beneficial European financial services centre.
他们获得实质性的投资机会。通过设立 yet secure ways of structuring one's
单位信托基金,此类投资者将能够集体 wealth. Corporations, particularly Malta offers a whole gamut of
贡献如此庞大的资金池,并获得以前无 successful family businesses may set innovative funds structures, including
法实现的有利可图的投资机会。 up a Malta Private Trust Company, a Professional Investor Funds (commonly
privately-owned corporate trustee referred to as PIFs, the Maltese hedge
此外,部分或全部收入来自马耳他以外 acting as a trustee of trusts holding fund that does not fall under the
且其受益人为非马耳他居民或收入依 the assets of a wealthy family. AIFMD), Alternative Investment Funds
据马耳他法律免税的信托将被作为税 Alternatively, a unit trust may be set (AIFs), Notified AIFs (an innovate
务透明实体来对待。 up which merges the resources and fund product offered in Malta which
funds of a number of investors which may be incorporated and market to
蓬勃发展的金融服务中心 will be entrusted to a third person. investors within just 10 days), UCITS
This option is ideal for persons (be it (retail funds), private funds and non-
在强大的银行业成功的基础上,马耳他 legal or natural) who are not able to UCITS, and Recognised Incorporated
借此机会将其自身定位为欧洲金融服 individually accumulate a large pool Cell Companies.
务中心。 of money which is sufficient to give
them access to substantive investment Even though it has a significantly
马耳他提供全方位的创新基金结构,包 opportunities. By setting up a unit smaller market size than much larger
括专业投资者基金(通常称为 PIF,不属 trust, such investors would be able
于 AIFMD 的马耳他对冲基金)、替代投

74 | 9th Annual

观点 | OPINION CHINA OFFSHORE

资基金(AIF)、通知 AIF(在马耳他提供 centres such as London, the Maltese From a business perspective, it is
的创新基金产品,可在短短 10 天内成 financial services sector has grown impossible not to mention Malta's
立 公司 并 面 向 投 资 者)、UCITS(零 售 基 for its ability to create innovative success in becoming a gaming hub
金)、私募基金和非 UCITS 以及认可的 solutions through regulation which for gaming companies. The Maltese
合作细胞公司。 allows it to offer fully EU-compliant legislator was one of the first to
funds and products such as PIFs and regulate the sector and the result
尽管马耳他的市场规模远小于伦敦等 Notified Alternative Investment Funds was a transparent environment
大型中心,但其金融服务业因其通过监 which come as refreshing alternatives where companies feel safe to set up.
管形成创新型解决方案的能力不断增 to European products. Additionally, Malta grants several
强,这使其能够提供完全符合欧盟标准 fiscal benefits to gaming companies
的基金和产品,如 PIF 和通知替代投资 The traction garnered by seeking to set up shop here, namely
基金,可作为欧洲产品的新鲜替代品。 cryptocurrency and blockchain a low gaming tax that has attracted
technology is widespread, yet only a several to set up shop here.
通过加密货币和区块链技术获得牵引 few countries have provided a legal
力很普 遍,但 只有少 数国家为此 提 供 framework within which enterprises In August 2018, Malta launched an
了一 个法律 框 架,企 业和投 资者可在 and investors can feel safe operating all new Gaming Act, complement by
其中感受 到运营安全。马耳他是 第一 in. Malta is the first country to draft an subsidiary legislation and regulations
个 起草深度 法律框 架的国家,该框 架 in-depth legal framework which seeks specific to the gaming sector. The
旨在填补金融科技技术方面的法律真 to put an end to the legal vacuum new framework provides for a stricter
空。2018 年,这个岛国被称为区块链岛, surrounding fintech technology. In and less bureaucratic supervision of
在全面 DLT 立法方面拥有世界第一的 2018, the island nation became known gambling companies located in Malta.
声誉。 as the Blockchain Island and boasts The new Act also intends to simplify
a world first in comprehensive DLT procedures as well as combat illegal
作为欧盟成员国,AIF 和通知 AIF 等马 legislation. activities, such as money laundering
耳他 基金可从 欧 盟 的 护照 通 行 制 度中 and terrorist financing.
获益。 As an EU member state, Maltese funds
such as AIFs and Notified AIFs benefit Additionally, the Malta Gaming
博彩业 from the possibility of EU Passporting. Authority (MGA) has launched the
'Sandbox' initiative. The MGA has
从商业角度来看,不能不提一下马耳他 Gaming issued a Sandbox Consultation Paper,
在成为博彩中心方面取得的成功。马耳 intended to better regulate the use
他立法者是最早对该行业进行监管的
人之一,其结果是创造了一个透明的环
境,使公司得以安全地成立。此外,马
耳他还向试图在此地开店的博彩公司
提 供了几 项 财政 收 益,即 低 赌 博 税,因
此吸引了几家博彩公司在这里开店。

2018 年 8 月,马耳他推出了一项全新的
博彩法案,并通过针对博彩业的附属法
律和法规进行了补充。新的框架为位于
马耳他的赌博公司提供了更严格的规
定,但 来自官僚 方 面 的 监 督 也 更 少。新
的法案还打算简化程序以及打击洗钱
和恐怖主义融资等非法活动。

75Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

此外,马耳他博彩管理局(MGA)还推出 of Distributed Ledger Technology and top spot for the first time ever. Such
了“沙箱”计划。MGA 发布了一份《沙 push acceptance of cryptocurrency a leap in ranking is due to the ever-
箱咨询文件》,旨在更好地规范“分布式 by gaming operators in a sandbox growing demand instigated through
分类帐技术”的使用,并将博彩运营商 environment to the forefront. supply restraints, consistent vigorous
在 沙 箱 环 境 中 采 用 加 密 货币这一 举 措 This initiative will help several economic growth (6.6% GDP growth
推向最前沿。该计划将帮助多家企业在 businesses to operate on DLTs and in 2017), and booming technological
DLT 上运营并在测试环境中采用加密 accept cryptocurrencies in a test advancements.
货币。 environment.
Apart from the 16.9% increase
房地产和开发――投资蓬勃的房地产 Property and Development – invest observed in the period from Q2
市场 in a buoyant Real Estate market 2017 to Q2 2018, Maltese residential
property prices have also more
对于试图以更安全的方式来保护其收 Real estate is often seen as an ideal recently undergone a 3.6% average
入和投资的人来说,房地产通常被视为 investment option for those seeking a price increase in the first quarter of
理想的投资选择。 safer way to protect their income and 2018. The Maltese property market has
invest. managed to sustain an upward trend,
2010 年,在大多数欧洲房地产市场经 as the Maltese economy continues to
历低迷时,马耳他房地产市场因其相对 In 2010, when most European property perform among the highest in Europe.
稳定不变和一流的投资回报率而赢得 markets experienced a downturn, the Property sectors on the Maltese
了令人垂涎的声誉。自那时起,房地产 Maltese realty market earned itself a islands have also been enjoying steady
价格的任何下跌都是短暂的。 coveted reputation for being relatively price increments fuelled through
据全球咨询 机 构莱 坊(Knight Frank) steady, constant and with a first-rate the unwavering demand of both
称, 马 耳 他 的 住 宅 价 格 同 比 上 涨 约 return on investment. Any slumps in locals and foreigners, especially from
17%,这使得该国有史以来首次超过香 property prices since then were short developers, investors, and iGaming
港,成为全球热点。这种排名上的飞跃 lived. executives.
是通过供应限制、持续强劲的经济增长
(2017 年的 GDP 增长率为 6.6%)以及 Residential prices in Malta, according Malta is one of an increasing number
蓬勃发展的技术进步所引发的不断增 to global consultancy agency Knight of countries seeing growth in annual
长的需求产生的。 Frank, have experienced roughly a residential prices, even when the
17% year-on-year increase, pushing the average global rate of growth is
除了 2017 年第二季度至 2018 年第二 country ahead of Hong Kong to the moderating.
季度期间增长了 16.9% 外,马耳他住宅
的平均价格也于最近的 2018 年第一季
度上涨了 3.6%。马耳他房地产市场已
经成功维持了上升的趋势,因为马耳他
经济继续保持在欧洲最高水平上。由于
当地人和外国人,特别是开发商、投资
者和 iGaming 高管的刚性需求,马耳
他群岛的房地产行业也一直在享受着
稳定的价格上涨。

马耳他是越来越多每年的住宅价格都
出现增长的国家之一,即使在全球平均
增长率正在放缓的时候也是如此。

76 | 9th Annual

观点 | OPINION CHINA OFFSHORE

哈伊马角国际企业中心 The International Business Registry of Choice

RAK ICC RAK International Corporate Centre (RAKI CC) is a United Arab
Emirates Corporate Registry operating in Ras Al Khaimah.

RAK ICC is responsible for the registration and incorporation of
International Business Companies, as well as providing a full suite of
Registry services related to International Business company activity.
RAK ICC is a modern, world class Company Registry operating in
full compliance with international standards and best practices in
the International Business company formation industry.

国际商务公司注册的首选 1. What should I Know about Ras Al Khaimah?
Ras Al Khaimah is one of seven emirates that form the UAE and is
哈伊马角国际企业中心 (RAK ICC) 是在阿联酋哈 located 45 minutes' drive north of Dubai and has a large international
伊马角酋长国运行的公司注册的政府机构。 airport, making it convenient and easy for business travelers.

哈伊马角国际企业中心负责国际商业公司的注册和 Naturally beautiful and serene, it's a very peaceful city which boasts
组建,并提供与国际商业公司活动相关的全套注册 a variety of landscapes. It has the waters of the Arabian Gulf on one
服务。哈伊马角国际企业中心是一个世界一流的现 side and the mountain range of Ru'us Al Jibal on the other. At the
代化公司注册机构,完全遵循国际商业公司建立行 same time, modern luxuries like freehold properties, yacht clubs
业的国际标准和最佳实践经验。 and golf courses co-exist in this city to provide a very unique living
experience.
1. 关于哈伊马角我应该知道什么?
哈伊马角是阿联酋七个酋长国之一,位于迪拜以北 It has a vibrant business environment, with administrative,
45 分 钟车程,有一个大型国际机场,方便商务旅 manufacturing and industrial operations working side-by-side to
行者。 create a thriving economic centre.

哈伊马角自然风光秀丽,是一个十分静逸的城市, 2. Why should a Chinese company consider establishing an
有众多的自然景观。城市依山傍水,一侧可以享受 International Business Company with RAK ICC?
阿拉伯湾的海水,另一侧则有阿尔 •吉宝山。与此同时, As the United Arab Emirates is a strategic trading hub for Chinese
这里还有现代化的设施,自有房屋、游艇俱乐部和 companies and with China being the U.A.E’s largest trading
高尔夫球场,提供独特的都市生活体验。 partner, RAK ICC is well positioned to provide the right environment
for Chinese International Business Companies.
哈 伊马角有一 个充 满 活力的商业环 境,行 政、制 造
和工业运营协同合作,是一个繁荣的经济中心。 We o er a world class solution for corporate structuring to benefit
from zero corporate and capital gains taxes, asset ring fencing and
2. 为什么中国公司要考虑在哈伊马角建立国际商 confidentiality on customer trade information, whilst at the same
业公司? time meeting international requirements for transparency and
由于阿 联酋是中国公司的战略贸易中心,中国是阿 compliance.
联酋最大的贸易伙伴,哈伊马角国际企业中心将为
中国的国际商业公司提供良好的环境。 3. Industry research suggests that China will soon rank �rst in
the world as a source of new incorporations. Traditionally, which
regions of the world has your jurisdiction been most popular for?
What types of business activity is most suitable for incorporating

77Trusts, Foundations & Immigration Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

Member Contribution

我们为企 业 结 构 提 供 世界 级 的解 决 方 案,使 企 业 in your jurisdiction.
架构从零企业所得税和零资本利得税中获利,并对 RAKICC has been popular among several regions in the world
客户交易信息进行资产圈隔离和保密,同时满足透 including Europe, MENA region, Asia and CIS Countries. It is
明度和合规方面的国际要求。 perceived as a premium jurisdiction for the provision of company
formation services with a focus on a high level of compliance in line
3. 行业研究显示,中国将很快成为全球第一大新兴 with global standards. Most types of business activities are suitable
企业来源国。传统上,贵管辖区在世界上哪个地区 to be incorporated in RAKICC. The most frequently incorporated
最受欢迎 ? 什么样的商业活动最适合在贵管辖范 activity types include Trading, Holding company, Consultancy,
围内进行? Management Services and Investments.
哈伊马角国际企业中心在欧洲、中东和北非地区、
亚洲和独联体国家等多个地区都很流行。它被认为 4. What is the single most important advantage your jurisdiction
是提供公司成立服务的高级司法管辖区,重点是高 provides for Chinese clients?
度 遵守 全 球 标准。大 多 数 类 型 的商业 活 动 都适合 There isn't one advantage that stands out as RAK ICC o ers many
合并到哈伊马角国际企业中心。最常见的注册活动 benefits, depending on the individual circumstances of the client,
类型包括交易、控股公司、咨询、管理服务和投资。 and the main benefits include: 100% Income tax exemption, 100%
corporate tax exemption, 100% capital and profit repatriation, no
4. 贵公司对中国客户最重要的优势是什么? capital gain tax, no value-added tax, no withholding tax - asset
由于哈伊马角国际企业中心提供的服务根据客户的 protection and being located in a strategic business hub, meeting
具体情况而定,因此没有一个优势是突出的,主要 international compliance obligations.
的优势包括 : 100% 免征所得税、100% 企业免税、
100% 资本和利润回流、无资本利得税、没有增值税、 5. It has been suggested that price remains a major factor for
没有预扣税——资产保护和位于战略商业中心,履 consideration for clients when choosing an offshore jurisdiction.
行国际合规义务。 Do you agree with this statement, and how do you think this will
change in the years to come? Are you noticing a shift in emphasis
5. 有人建议,在选择离岸司法管辖权时,价格仍然 on price to an emphasis on the quality of offshore structures?
是客户考虑的主要因素。你同意这种说法吗 ? 你认 What other factors should someone looking to incorporate in your
为这种情况在未来几年将会发生怎样的变化 ? 你 jurisdiction consider when choosing a provider?
是否注意到重心从价格转向离岸结构的质量 ? 在 Even though price is still an important factor when choosing
选择医疗服务提供者时,希望加入你管辖范围的人 a jurisdiction, we are seeing a shift towards better quality IBC
应该考虑哪些其他因素? structures, which are available in RAKICC through SPV's & SPC's.
尽管在选择司法管辖区时,价格仍是一个重要因素,
但我们看到市场正转向质量更好的国际商业公司 The Quality & Reputation of the jurisdiction is becoming increasingly
结构。 important also. RAKICC o ers the ideal secure tax-free jurisdiction,
with high level of compliance, political & economic stability, white
司法权的质量和声誉也变得越来越重要。哈伊马角 listed, aligned with international standards with a state of the art
国际企业中心提供理想的安全免税管辖权,具有高 banking system in a strategic location.
度 的 合 规、政 治 和 经济 稳定,位于白名单上,符 合
国际标准,在战略位置上拥有最先进的银行体系。 The cost of incorporating a company is not necessarily reflective
公司设立的成本并不一定反映总体的成本 / 业务的 of the overall cost / benefit to the business and it is the overall
收益上,正是整体的福利计划吸引了企业来到哈伊 benefits package that is attracting businesses to RAK ICC and with
马角国际企业中心 (RAK ICC),而物质需求将推动 substance requirements leading to move local activity the U.A.E.
当地活动,阿联酋将成为一个越来越具吸引力的开 will become an increasingly attractive place to conduct international
展国际业务的地方。 business.

78 | 9th Annual

观点 | OPINION CHINA OFFSHORE

6. 您 是 否 认 为 行 业 监 管 越 来 越 严格,如 CRS、 6. Do you agree that as the industry comes under increasing
AEOI、FATCA 等,中国企业将倾向于进入更透明 regulatory pressure, e.g. CRS, AEOI, FATCA, etc., Chinese
的司法辖区? business will gravitate to jurisdictions that are perceived as more
是的,随着国际监管压力不断加大,包括中国企业 transparent?
在内的全球企业将寻求透明的司法管辖。哈伊马角 Yes, with the international regulatory increasing pressure, businesses
国际企业中心将自己定位为全球最合规、法律法规 around the world including Chinese will look for transparent
透明的司法管辖区之一,同时尊重商业贸易事务中 jurisdictions. RAKICC is positioning itself among the most compliant
的保密权利。 jurisdictions worldwide with transparent laws & regulations, whilst
at the same time respecting the rights of confidentiality in business
7. 过去几年,为新成立的国际商业公司设立银行账 trade matters.
户 一直 是 一 些 司法 管 辖 区 面 临 的 挑 战。这 是 你 们
也面临的问题吗 ? 在你管辖范围内的公司多久能 7. Setting up a bank account for newly set-up companies has
开设银行账户? been a challenge for some jurisdictions in the past few years. Is it
很明显 , 银行近年来增加了法规遵循需求 , 但提供 the case in your jurisdiction? How quickly can a company in your
了一个公司可以提供的详细业务模型,来说明为什 jurisdiction have their bank account set up?
么要运 营国际 商业公司,建 立了资 金 来源,银 行没 It is apparent that banks have increased the compliance requirements
有理由不愿意提供帮助。阿联酋境内的一些银行可 in recent years but provided a company can provide details of
以设立包括人民币在内的多种货币账户。银行开户 the business model which explains the reason for operating an
平均时间为 7 个工作日。 international business company and establishes the source of funds
there is no reason why banks will not be willing to assist. RAK ICC
8. 哈伊马角公司擅长的业务是什么? companies bank with a range of local and international banks and
哈伊马角国际企业中心公司最擅长的业务是: clients can have multiple currency account which includes Chinese
财富管理和资产保护 currency account RMB. The average time frame for the bank account
国际税收筹划 opening is 7 working days.
离岸银行交易
全球投资和全球贸易 8. What are RAK companies suited for?
房地产及资产所有权 RAK ICC Companies are best suited for
控股结构 • Wealth Management & Asset Protection
遗产规划 • International tax planning
交易 • O shore banking transactions
发票 • Worldwide Investments & Global trade
• Ownership of real properties & assets
9. 如何成立哈伊马角国际企业中心公司? • Holding structures
所有 哈 伊马角国际 企 业中心的公司都 是 通 过 注 册 • Estate Planning
代理在阿联酋提供行政支持,以确保公司的顺利注 • Trading & Invoicing
册和更新。在哈伊马角国际企业中心网站上可以找
到注册代理的联系方式。 9. How can a RAK ICC company be established?
All RAK ICC comapnies are established through Registsred Agents
who provide the administrative support in the UAE to ensure the
smooth operation of the companies. Contact details of the agents can
be found on the RAK ICC website.

来源:哈伊马角国际企业中心
Contributed by: RAK International Corporate Center

79Trusts, Foundations & Immigration Guide CHINA OFFSHORE

2018 热点
HIGHLIGHTS

香港 HONGKONG | 亚洲 ASIA

和纽约相比,香港的超高净值人士更多 市场研究公司 Wealth-X 发布
的一份最新报告显示,香港已
Hong Kong Now Home to More Ultra Wealthy 超 过 纽 约,成为拥有超高净
Than NYC 值人士最多的城市。
A new report from market
research company Wealth-X
reveals that Hong Kong has
surpassed New York City as
home to the most number
of ultra high net worth
individuals.

市场研究公司Wealth-X发布的一份最新报告显示, A new report from market research company Wealth-X reveals that
香港已超过纽约,成为拥有超高净值人士最多的城 Hong Kong has surpassed New York City as home to the most number
市。 of ultra high net worth individuals.

2017年,全球超高净值人士 (UHNW) 增长12.9%, The ultra high net worth (UHNW) population, which only includes
至255,810人。由于全球经济同步好转、资产市场上 people with net worths over $30 million, rose 12.9% globally in 2017 to
涨以及企业盈利强劲,这些公司的总资产净值增长 255,810 individuals. Their combined net worth increased by 16.3% to
16.3%,至31.5万亿美元。 $31.5 trillion thanks to a synchronized upturn in the world economy,
rising asset markets and robust corporate earnings.
其中有1万多人生活在香港,这一数字为31%。这意
味着居住在这个亚洲金融中心的超高净值人士比英 Over 10,000 of them live in Hong Kong, a 31% jump for the city that is a
国、瑞士或意大利等国家的人口略多700万。 semi-autonomous region of China. This means there are more UHNW
people residing in the Asian financial hub with a population of just
香港经济与中国内地经济的进一步融合,推动了香 over 7 million than countries like the UK, Switzerland or Italy.
港的财富创造。中国内地包括连接香港和深圳股市
的交易通道。“全球金融市场的全面好转,以及加息 Wealth creation in Hong Kong was boosted by the further integration
带来的通货再膨胀交易,是财富增长强劲的驱动因 of its economy with that of mainland China, which includes a trading
素之一。”港元与美元挂钩,因此国内利率基本上遵 link between the Hong Kong and Shenzhen bourses. "The broad
循美联储设定的上行路径。 upturn in global financial markets and the reflation trade from higher
interest rates were among the drivers of robust wealth gains. The

80 | 9th Annual

2018 热点
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近9000名超级富豪居住在纽约市,位居第二。在排
名前10位的城市中,2017年的增长最为疲软 (7%)。东
京、洛杉矶和巴黎分列五名。

亚太地区增长最快

虽然美国的超级富豪人数为79,595人,占全球富豪
总数的31%,但在前7位国家中,美国的超高净值人
口和集体财富增速最慢。从绝对值上看,北美预计
仍将是超级富裕地区的霸主,但其在超高净值人士
和总资产净值中所占的份额将缓慢下降。

中国的总体财富在2017年跃升了33%,而美国的这一 Hong Kong dollar is pegged to the U.S. currency so domestic rates
比例为13%。在过去5年增长最快的30个超高净值城 largely followed the upward path set by the U.S. central bank," added
市中,有26个位于中国。报告称“: 从中期来看,亚太 the report
地区经济增速预计将超过其他地区,其中以中国为
主导。中国政府仍致力于在本世纪末实现 GDP 和人 Close to 9,000 extremely rich people live in New York City, which
均收入翻一番的目标。” came in second place on the ranking. It saw the weakest growth in 2017
(7%) of the top 10 cities. Tokyo, Los Angeles and Paris rounded out the
孟加拉国、中国、越南、肯尼亚和印度是超高净值人 top 5.
士发展最快的前5个国家。

Asia-Paci�c Sees Highest Growth Rate

Although the U.S. accounts for 31% of the world's ultra rich with 79,595
individuals, it recorded the slowest growth in UNHW population
and collective wealth among the top 7 countries. North America is
expected to remain the dominant ultra wealthy region in absolute
terms, but its global share in UNHW population and collective net
worth will decline slowly.

Collective wealth in China jumped by 33% in 2017 compared with
13% in the U.S. Twenty-six of the 30 fastest-growing major UHNW
cities over the past five years are in China. "Over the medium term,
growth of the Asia-Pacific economy is expected to outpace that of
other regions, led by developments in China, where the government
remains committed to meeting its target of doubling both GDP and
per capita income by the end of this decade," said the report.
The top 5 fastest-growing UNHW countries are Bangladesh, China,
Vietnam, Kenya and India.

Courtesy of investopedia.com

81Trusts, Foundations & Immigration Guide CHINA OFFSHORE

2018 热点
HIGHLIGHTS

英国 UK | 欧洲 EUROPE

离岸单位信托的替代方案 投资信托是在英国证券交易所
作为股票交易的基金。这些信
The Alternative to Offshore Unit Trusts 托投资于各种资产类别和在世
界各地交易所上市的股票。
Investment trusts are funds
that are traded as shares
on the UK stock exchange.
These trusts invest in
various asset classes and
shares listed on various
exchanges around the world.

投资信托是在英国证券交易所作为股票交易的基 Investment trusts are funds that are traded as shares on the UK stock
金。这些信托投资于各种资产类别和在世界各地交 exchange. These trusts invest in various asset classes and shares
易所上市的股票。信托公司按照固定的授权积极管 listed on various exchanges around the world. The trusts are actively
理,并由董事会监督。 managed in line with fixed mandates and overseen by a board of
directors.
投资信托可被视为单位信托的替代选择,因为它们
的基本费用低于活动管理单位信托的费用。投资信 Investment trusts can be considered as an alternative to unit trusts
托收取的年费低于1%,而许多单位信托收取的年费 because their underlying charges are lower than those on actively-
为1.5% 至2%,这种情况并不少见。因此,在年费低于 managed unit trusts. It is not uncommon to find investment trusts
1% 的情况下,一个良好的、积极管理的投资信托基 that charge less than 1% ongoing annual charge versus the 1.5% to 2%
金有着良好的回报状况,前景诱人。 ongoing annual charge that a lot of unit trusts charge. A good actively-
managed investment trust with a superior return profile is thus an
这种投资的另一个好处是,基金经理不必担心客户 enticing prospect at levels of ongoing annual charges below 1%.
赎回,迫使基金经理出售部分投资以偿还投资者。基
金经理可以长期投资,并坚持严格的投资流程。如果 Another advantage of this type of investment is that the fund manager
你对业绩不满意,你可以在证券交易所出售投资信 does not have to worry about client redemptions forcing the fund
托基金。你出售投资信托并不会强迫基金经理出售 manager to sell some investments to repay the investor. The fund
信托的基本投资。 manager can invest for the long term and stick to a disciplined
investment process. If you are dissatisfied with the performance, you
一些有趣的投资信托遵循一个很大程度上发达市场 can simply sell the investment trust on the stock exchange. Your sale

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2018 热点
HIGHLIGHTS

的选股指令,它们是 Monks, Bankers 和摩根大通美
国投资信托。这些公司的年化回报率分别为19.3%、
11.7% 和14.9%。它们也比这篇文章的大多数读者年
代悠久 ! 蒙克斯投资信托基金有88年的历史,银行家
信托基金自1888年以来一直存在。摩根大通美国投
资信托成立于1881年。这些信托基金的长期特性让

人放心,它们有一个经过周期检验的投资过程。

还有一些主题基金专注于科技、生物科技、新兴市场 of the investment trust does not force the fund manager to sell the
或私人股本等领域。这些基金适合高风险投资者,与 underlying investments in the trust.
只关注发达市场的投资信托基金相比,它们的成本
可能更高。一些不错的基金包括摩根大通印度投资 Some interesting investment trusts that follow a largely developed
信托基金 (JP Morgan India Investment Trust)、邓 markets stock picking mandate are Monks, Bankers and JP Morgan
普顿新兴市场投资信托基金 (Templeton Emerging American Investment Trusts. These have five-year annualised returns
Markets Investment Trust) 或国际生物技术信托基 in GBP of 19.3%, 11.7% and 14.9% respectively. They are also much older
金 (International Biotechnology Trust)。这些信托 than most of the readers of this article! Monks investment trust has an
基金的历史更近。 88-year history, Bankers Trust has been around since 1888. JP Morgan
American Investment Trust has been in existence since 1881. The long-
投资信托并非没有风险。他们中的一些人被授权可 term nature of these trusts gives a level of comfort that they have a
以借钱来支持他们的投资计划。如果信托公司不明 cycle-tested investment process.
智地使用借来的资本,这种潜在投资组合的杠杆作
用可能会在熊市中导致资本流失。一些信托公司也 There are also themed funds that focus on sectors like technology,
可以按资产净值折价或溢价交易。折扣或溢价通常 biotech, emerging markets or private equity. These are suitable for
可以作为进入或退出投资信托的点。 high-risk investors and can be more expensive in comparison to
investment trusts focused on developed markets only. Some good
投资信托有稳定回报的历史,可能看起来很简单,但 ones include JP Morgan India Investment Trust, Templeton Emerging
建议咨询你的财务顾问,选择适合你所需回报和风 Markets Investment Trust or International Biotechnology Trust. These
险能力的投资信托。仅在英国就有数百种这样的工 trusts are of a more recent vintage.
具。必须对投资信托招股说明书进行研究和讯问。
Investment trusts do not come without risk. Some of them have a
mandate that allows them to borrow money to back their investment
calls. This gearing of the underlying portfolio can cause erosion of
capital in a bear market if the trust was not judicious in the use of
borrowed capital. Some trusts can also trade at discount or premium
to their net asset value. The discount or premium can often be used as
entry or exit points into the investment trust.

Investment trusts have a history of solid returns and can be deceptively
simple, however it is advisable to consult with your financial advisor
to pick the right one that fits your required return and risk capacity.
There are hundreds of such instruments available in the UK alone.
One must research and interrogate the investment trust prospectus.

Courtesy of moneyweb.co.za

83Trusts, Foundations & Immigration Guide CHINA OFFSHORE

2018 热点
HIGHLIGHTS

84 | 9th Annual

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

2018 年创纪录的增长、中国人偏好的
变化以及投资移民媒体关注度的提高

Record Growth, Changing Chinese
Preferences, Increased Media Attention

Investment Migration in 2018

总 体 而 言,在 2 018 年,投 资 移 Christian Henrik Nesheim IMCM and citizenship by investment
民 行业在多 个方 面 都 创 造了 Founder, Editor (RCBI) programs. An ever swelling
历史最佳纪录,个人投资者的 Investment Migration Insider number of citizenship and golden
数 量、投 资 金 额 及参 与居民 及公民 身 imidaily.com visa programs - with price points
份 投 资(RC BI)计 划的人 数 均 创历史 running the gamut from $30,000
新高。公民及黄金签证计划的数 量不 O n the whole, 2018 was to £2 million - are bringing the
断 增 长,价 格 涵 盖了从3 0 , 0 0 0 美 元 到 the investment migration market into the arena of the mass
20 0万美元的整 个区间,因此该市场 industry's best year on affluent.
也开始对大众富裕阶层具有吸引力。 record in several respects; never
have so many individuals invested Investing in a residence permit
对居留许可或护照的投资很快变得普 so much in so many residence or a passport is quickly becoming
通 且常见,这引起了很多小型经济体 ordinary and unremarkable, a
的注 意,现 在,它们通 过创设 投资移 matter that's attracted the attention
民计 划 实 现了尚未 利用的 经济 潜 力, of a long list of small economies
此 外,此 种 投 资 也引起了行业 怀 疑 论 now realizing the untapped
者的注意。 economic potential available to
them through the opening of an
中国作为催化剂 investment migration program, but
also that of the industry's skeptics.
广 泛 地 说,中国 依 然 是 投 资 移民市 场
的最大 来源。过去12个月里,在全 球 China as catalyst
范 围内,参 与居民 及公民 身 份 投 资 计
划人 数 超 过5 4,0 0 0,其中大 约一半是 China remains - by a wide margin

85Trusts, Foundations & Immigration Guide CHINA OFFSHORE

移民特刊 | IMMIGRATION SUPPLEMENT CHINA OFFSHORE

中国国籍。 - the largest source market for the Greek Golden Visa program;
investment migration; globally, over With 3,154 main applicants and
保 守 估 计,投 资 居民 及公民 行业 所 筹 the last 12 months, roughly half of 4,969 dependents obtaining
集 的 外商 直 接 投 资 超 过 14 0 亿 美 元, the more than 54,000 individuals residence permits already by August
其中大约80亿来自于中国。 who participated in a residence or this year, its 2018 application
citizenship by investment program numbers are on track to more than
相比去 年,整 个市 场 的 全 面 增 长 率 超 were Chinese nationals. double its 2017 record. Before the
过 2 0 %,但 不同计 划的 增 长 亦 有 快有 year is over, Greece's Golden Visa
慢。多年以来,葡 萄牙 一直是欧 洲黄 Conservatively estimated, the program will officially become the
金 签证计 划的 领军 者,但 越 来 越 多的 RCBI-industry raised in excess of world's most popular residence by
中国申请人 对葡 萄 牙相关计 划的 兴 趣 US$14 billion in FDI, around US$8 investment program, surpassing
下降,转投希腊、马耳他和爱尔兰,所 billion of which came from China. even the US EB-5 scheme.
以葡 萄牙的申请数 量 趋 近平稳。
While the market as a whole has A handful of factors have
雅典有“九百万辆自行车” seen across-the-board growth catapulted Greece to pole position:
in excess of 20% compared to
2 018 年 的 大 赢 家是 希腊 的 黄金 签证 last year, some programs have It offers residence permits for
计划。截至今 年8月,已经有3,154位 enjoyed more of those gains than far less than its main European
主申请人 及4,969 位家属获得了居留 others; Portugal, for many years competitor, Portugal, and its real
许 可,按 照 此 趋 势,其 2 018 年 的 总申 the undisputed leader of European estate prices are also historically
请量将超过2017年创记录值的两倍。 golden visa programs, has seen its low; while Portugal's housing
在 今 年 结 束 之前,希腊 的 黄金 签证计 application volumes plateau thanks price index is 30% above its last
划将正式成为最受欢迎的投资居民 to a drop in interest from Chinese peak in 2008, that of Greece is
计 划,甚 至会 超 过美国的EB - 5计 划。 applicants who increasingly prefer 40% below. This explains much
Greece, Malta, and Ireland. of Greece's rising star among
让希腊脱颖而出的因素有以下几项: Chinese applicants, who have
There are nine million bicycles in gone from constituting a quarter
与 其 主要 的欧 洲竞 争对手 葡 萄 牙相 Athens of all applicants in the program in
比,希 腊 提 供 居留 许 可 的 价 格 低 得 2017 to more than half today. If
多,且 其 房 地 场 价 格 也 达 到 了历 史 The big winner in 2018 has been there's one asset class with which

86 9th Annual

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

最 低 值 。葡 萄 牙 的 房屋 价 格 指 数 比 Chinese investors are familiar and - Montenegro, Moldova, and Jordan
2008年的上一次峰值高30%,而希腊 comfortable betting on, it's real - opened this year. While in 2010
的房屋 价 格 指 数 下 降了4 0 % 。这 在 很 estate. there were only two formal CIPs -
大 程 度 上 解 释了希腊为何会成 为吸引 Saint Kitts & Nevis and Dominica
中国投资人的后起 之秀,2017年,中 Moreover, Greece, unlike - there are now 12; five in the
国申请人占到 希腊 计 划申请人 总数 的 traditional Chinese favorites like Caribbean, four in Europe, one in
四分之一,而今 年,这一比例已超 过 the US EB-5 and Quebec IIP, does the Pacific, and two in the Middle
二分之一。如 果 说 有 哪 一 个 资 产 类 别 not impose any per-country quotas, East.
是 中国 投 资人 熟 悉 且 愿 意 下注 的,那 which means there are no multi-
就是房地产。 year waiting lists for applicants The growing popularity of
from China. investment migration - both among
此外,与美国EB -5和魁北克IIP等传 investors and countries seeking
统 上 最 吸引中国投 资人 的 计 划 不同, The Chinese government's non-tax revenue - has not gone
希腊不 会 按 国 别 施 加 任 何 配 额,这 意 increasingly close relationship unnoticed among opponents, chiefly
味 着 来自中国的申请人 无 需 在等 候 名 with Greece - investment in key from left-leaning politicians and
单上等待数年。 infrastructure (belt and road), the press. The industry is now routinely
promotion of tourism to the country, a topic of media attention, nearly
中国 政 府与希腊 的 关 系 越 来 越 紧 and so on - further eases the path always of the unfavorable kind, and
密 — — 在 关 键 基 础 设 施 领 域 投 资(一 for prospective Chinese residents. invariably mischaracterized.
带一路)、推广希腊旅游等 ——这也
为潜 在的中国投 资人 进 一 步 铺平了道 Investor-naturalization and its Industry professionals will have
路。 discontents their work cut out for them in
correcting a flawed and unfairly
投资人归化及其不满 The market has grown on the negative perception among the lay
supply-side as well; three new public.
供应侧的市场也 增长了,今 年又 新出 citizenship by investment programs
台了三项公民投资计划——黑山共和
国、摩尔多瓦和约旦。在2010年,一共
只有 2 项 正 式 的 公民 投 资 计 划 — — 圣
基 茨 和尼 维 斯 和多米尼克,而 现 在 有
12项:加勒比地区5项、欧洲地区4项、
太平洋地区1项以及中东地区2项。

对寻求非税收入的投资人和国家而
言,投资移民的受欢迎程度与日俱增,
这种情况也引起了反 对者的注意,主
要是 左倾政治家和媒 体。现如今,此
行业已成 为媒 体惯常关注的 话题 之
一,不过 几乎 全 都 是 充 斥曲解 的 负面
报道。

业内专业 人 士已 经 安 排 好了相关 工
作,将 努力 纠 正 大 众 对 此 行 业 不 公
平、不正确的消极认知。

87Trusts, Foundations & Immigration Guide CHINA OFFSHORE

移民特刊 | IMMIGRATION SUPPLEMENT CHINA OFFSHORE

Courtesy of imidaily.com

看数据,了解世界上
13 个最火的黄金签证计划

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

《投 资 移民 知 情 者》参照官 方 数 据,
集合了世界上最火的投资居留项目。

关于排名方法的说明:

《投 资 移民 知情 者》使 用的 似乎 是 来
自官 方 渠 道 的最 近 一 份 全 年 数 据。鉴
于官 方 渠 道 在 发布频 率上 的 差异(一
些是月度发布,一些则是不定期),数
据 的 新 鲜 程 度 大 相 径 庭,一 些国家 的
数 据截止到这个月,而有国家的则是
一年多以前了。

《投 资 移民 知 情 者》根 据 各 个项目批 We've put together an overview of We've ranked programs by
准的申请人 数 量 来 对各 个项目进行了 the world's most popular residence the number of approved main
排 名,同时也列出了签发签证的总数 by investment programs, backed by applicants, while also listing
(包 括家属),只要这 些 数 据 是公布 official statistics. the total number of visas issued
了的。 (including dependents) where such
A note on the methodology: figures were available.
有两个 情况 - - - - 泰国和马来西 亚- - - - We've used the latest available full-
《投 资 移民 知情 者》不 得不通 过 查 询 year figures from official sources. In two cases – for Thailand and
签发签证的总数(包括家属)来 推测 Since official sources differ in Malaysia – we have had to estimate
主申请人的数 量,因为单独的主申请 their reporting frequency (some the number of approved main
人数据没有出来。 report monthly, others every now applicants by looking at the number
and then), the degree to which data of total approved visas (which
is current also varies; for some includes dependents) because data
countries, the numbers are up-to- for main applicants in isolation
date as of this month, while for were not available.
others they date back up more than
a year.

88 9th Annual

IMMIGRATION SUPPLEMENT CHINA OFFSHORE | 移民特刊

~ 13 ~ 拉 脱 维 亚 的 投 资居留计 划 在 俄 罗斯人中最 Russians, and not one typically featured
受 欢 迎,但 是 大 多 数 投 资 移民 公司的 货 架 on the shelves of most investment
拉脱维亚 上都没有这个项目。这并不意味 着 这个项 migration firms.
目不怎么样;这个项目提 供了移居欧 盟 的3 That doesn't mean it should be
投资者签证 种 相 对便 宜的 方 式;商业 投 资,购房,在 银 discounted; the program offers three
Latvia 行存款。 relatively cheap ways of immigrating to
an EU country; business investment,
Investor Visa 2017年发 给主申请人的 拉 脱 维 亚 投资 者 real estate acquisition, or bank deposits.
Program 签证 数 量:119
Latvian investor visas issued to main
~ 12 ~ 2017年签发的拉脱维亚投资者签证总数: applicants in 2017: 119
379
澳大利亚 Total Latvian investor visas issued
Latvia's residence by investment (including dependents) in 2017: 379
重大投资者签证 program is most popular among
Latvia Australia
中国人占总申请的比例 ( 历史数据 ) 其他 Other
Significant Chinese proportion of total applications (historical data) 中国人 Chinese
Investor Visa
100%

75%

50%

25%

0% 美国 魁北克 葡萄牙 西班牙 希腊 英国 澳大利亚 新西兰 马耳他
EB-5 QIIP 项目 黄金签证 Tier 1 投资者 SIV RVP
Quebec 黄金签证 黄金签证 Greece United Kingdom 投资者签证 Malta
United States Portugal Spain Australia New Zealand RVP
EB-5 QIIP Golden Visa Golden Visa Tier 1 Investor Investor Visa
Golden Visa SIV

澳 大 利亚门槛奇 高的 重 大 投 资 者 签证 的申 application figures since 2015, when
请 量 从 2 015 年以 后就下 降,当时 的阿博 特 the Abbott administration introduced
政 府 对 资 产 来源 的 文件 说明出台了 更 加 严 stricter requirements and tougher
苛的要求。 demands for documentation of wealth.

该 国 政 府 的 统计 数 据 只 显 示了“ 主要 签 Government statistics only reveal the
证”的数 量,也 就是说只显 示了主申请人 number of "primary visas" granted,
的 数 量,不包 括家属。 which is to say the figures for main
applicants only, and not including
截 止 2 018 年 5月31日往 前 的12个月里,发 dependents.
给主申请人 的 重 大 投 资 者 签证 数 量:170
Significant Investor Visas issued to
Australia's dearly priced Significant main applicants in the 12 months
Investor Visa has seen a slump in leading up to May 31st, 2018: 170

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~ 11 ~ 根据马耳他Malta Residence Visa Agency Despite launching only last spring,
的说法,尽管去年春 季才推出,马耳他 RV P Malta's RVP has received nearly 1,000
马耳他 项目截 至目前已 经收 取了大概1,0 0 0 份申请, applications to date, 560 of them in the
2018年上半年就收取了560份。 first half of 2018 alone, according to the
居留与签证计划 Malta Residence Visa Agency.
Malta 尽管 过去 的 6 个月接 收了大 部 分 的申请,但 是
目前 的 数 据 并 没有显 示 M R V P 项目的申请 量 Having received the bulk of applicants in
Residence Visa 在 迅 速 增 加。 the last six months, currently available
Programme data does not reflect the quickly growing
截止2018 年7月往前的12个月里,签发的马 volumes in MRVP applications.
~ 10 ~ 耳 他 RV P 签证数 量(只包 括主申请人):250
Malta RVP visas approved (main
新西兰 截止2018 年7月往前的12个月里,签发的马 applicants only) in the 12 months to July
耳 他 RV P 签证数 量:70 0 2018: 250
投资者签证
New Zealand Total MRVP visas approved (including
Investor Visa applicants) in the 12 months to July 2018:
700
~9~
新 西兰有 两 大 类 的 投 资 者 签证,一 类 和 二 New Zealand has two investor visas;
爱尔兰 类,前者门槛更高。 Category 1 and 2, of which the former is
the more expensive.
资移民项目 去 年,两 大 类 投 资 者 签证 更受 欢 迎 的二类 投 Last year, the more popular of its
Ireland Investor 资者签证价格翻番,但是申请人- - - -主要是中 programs doubled in price, but applicants
国人- - - - 毫无 惧色。 – mostly Chinese – were not deterred.
Immigration
Programme 截 止 2 018 年 7月31日往 前 的12个月里,新 西 In the 12 months leading up to July 31st
兰投资者签证(两类合 起 来)给主申请人签 2018, New Zealand’s Investor Visa
发了310张签证。 Programmes (combined) issued 310 visas
to main applicants.
家属的数 据暂未可知,但是很可能在750上
下。 Figures for dependents are not available,
but they are likely in the region of 750.

尽管数 据可能是有的,但是《投资移民知情 Although they may exist, we have not been
者》找 不 到爱 尔 兰 投 资 移民 项目2 016 年以 后 able to find accurate approval figures for
的精确的批准数 据。除此 之外,发布的数 据 Ireland's Immigrant Investor Programme
也只有主申请人。 after 2016. Furthermore, only the figure
for main applicants is reported.
爱尔兰 投资移民项目2016 年 签发的签证数
量:329 Total number of Irish Investor visas
(including dependents) issued in 2016:
329

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~8~ 截 止 2 018 年 第二季度(包 括 第二季度)往 前
的12个月里,签发 给主申请人的英国第一层
英国 级 投 资 者 签证 数 量:379

第一层级投资者 截止2018年第二季度(包括第二季度)往前
签证 的12个月里,签发的英国第一层级投资者签
证 数 量(包 括家属):9 98
United Kingdom
Tier 1 Investor UK Tier 1 Investor visas issued to main
applicants in the twelve months leading up
Visa to and including Q2 2018: 379

Total UK Tier 1 Investor visas issued
(including dependents) in the twelve
months leading up to and including Q2
2018: 998

~7~ 去 年表 现 最 好 的 项目之一就 是泰国 精 英 签证 2016, it's almost quintupled its volume in
项目。尽管在2016年,这个项目只吸引了大概 the last year.
泰国 3 0 0 名申请人,但 是 去 年,申请 量 几乎 是 之前
的5倍。 Unfortunately, the only figures reported
精英签证项目 are for total visas issued under the
Thailand Elite 非常不幸的是,目前仅有的数 据只反映了签 program, rather than separate figures for
发的签证 总数,没有针对主申请人和家属的 main applicants and dependents.
Residence 单独数据。
Program Thai Elite Residence visas (including
截 止 2 018 年 4月往 前 的12个月里,泰 国 精 英 dependents) approved in the 12 months
居留签证(包 括家属)批准 数 量:1,4 0 0 leading up to April 2018: 1,400

鉴于主申请人和家属的数 据都没有分 开,我 Since the number of main applicants
们 只能 假 设,家 属 和 主申请人 的 系 数 为 2 . 4 6 and dependents are not reported
(黄金 签证 差不多都 是 这个系数),进而 预测 separately, we've estimated the number
主申请人 的 数 量。 of main applicants by presuming a rate
of dependents-to-applicants of 2.46 (the
截 止 2 018 年,签 发 给主申请人 的 泰 国 精 英 居 average for golden visa programs in
留签证 数 量(预测):58 8 general).

One of the biggest gainers over the last Thai Elite Investor residence visas issued
year has been the Thai Elite residence by to main applicants in the 12 months
investment program. While the program leading up to 2018 (estimate): 588
only attracted some 300 applicants in

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~6~ 谢 天 谢 地,葡 萄牙 每 个月都发布 数 据,除了夏 of course, when public sector employees
季,当然,那是因为公共部门的雇员要享受一 take a characteristically southern
葡萄牙 个充满南欧特色的假期,1到2个月的假期。 European month or two off.

黄金签证 截止2018 年7月往前的12个月里,签发 给主 Portuguese golden visas issued to main
Portugal 申请人 的葡 萄牙黄金 签证 数 量:1,173 applicants in the twelve months leading up
Golden Visa to July 2018: 1,173
截止2018 年7月往前的12个月里,签发的葡
萄牙黄金 签证 数 量(包 括家属):2 ,23 0 Total Portuguese golden visas issued
(including dependents) in the twelve
Portugal, thankfully, publishes statistics months leading up to July 2018: 2,230
nearly every month, except in the summer,

~5~ 就申请 量来说,多年来西班牙黄金 签证一直
尾 随 葡 萄 牙,这个项目似乎在 2 017年 超 过了
西班牙 它的 伊比 利 亚邻国。2 016 年 到2 017年,西 班
牙黄金 签证申请 量 经历了大幅增加,是以前
黄金签证 任 何一 个 年度 累计数 量的两倍 还多。
Spain
Golden Visa 2 017年 签发 给主申请人 的西 班 牙黄金 签证:
1,699

2 0 17 年 签 发 的 西 班 牙 黄 金 签 证(包 括 家 golden visa holders in a single year.
属):3,170
Spanish golden visas issued to main
Having trailed Portugal for several years in applicants in 2017: 1,699
terms of application volume, the program
appears to have passed its Iberian Total Spanish golden visas issued
neighbor in 2017. Between 2016 and 2017, (including dependents) in 2017: 3,170
the program saw a massive surge, more
than doubling its cumulative number of

~4~ 魁北克的年度配额是1,900,实际上每年都用 Quebec has an annual quota of 1,900,
完了。 which is virtually filled to the brim every
魁北克 year.
2017年签发给主申请人的魁北克投资移民签
投资移民 证:1,900 Quebec Immigrant Investor visas approved
Quebec for main applicants in 2017: 1,900
Investor Immigrant 2 017年 签 发 的魁 北 克 投 资 移民 签证(包 括 家
Programme 属):4,331 Total immigrant investor visas (including
dependents) approved in 2017: 4,331

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~3~ 马来西亚第二家园(MH2H)最 近一份全年 for January to August 2017. Unfortunately,
数 据 要追溯 到2 016 年,该国 政 府发布了2 017 the reports do not provide a figure for
马来西亚 年1月到8月的统计数据。可惜的是,该报告并 main applicants in isolation; only the total
没有单 独公布主申请人的数 量;只公布了签 number of visas issued are presented.
第二家园 证的签发总量。
Malaysia 因 此 ,《投 资 移 民 知 情 者》这 里 提 供 的 是 We can, therefore, provide actual data for
2 016 年 的 数 据,对 2 017年 剩 下4 个月的 数 据 2016 but only an estimate for the latter
M2H 进行了推 测(方 法 是根 据 前 8 个月,推 测一整 four months of 2017 (by annualizing the
年的数据)。 data reported for the first eight months of
the year).
截 止 2 017年 8月往 前 的 12 个月里,马 来 西
亚第二家园签发的签证 总量(包括家属): Total MM2H visas issued (including
3,084 dependents) in year to August 2017: 3,084

2 017年,推 算 的 马 来 西 亚 第二 家 园 签 发 的 签 Estimate of total MM2H visas issued
证总量(包括家属):4,626 (including dependents) in 2017: 4,626

鉴于主申请人和家属的数 据都没有分 开,我 Since the number of main applicants
们 只能 假 设,家 属 和 主申请人 的 系 数 为 2 . 4 6 and dependents are not reported
(黄金 签证 差不多都 是 这个系数),进而 预测 separately, we've estimated the number
主申请人 的 数 量。 of main applicants by presuming a rate
of dependents-to-applicants of 2.46 (the
基 于 这 样 一 个 设 想,2 017年 签 发 给主申请人 average for golden visa programs in
的马来西亚第二家园签证大概为1,950。 general).

*The latest full year data available for Using this assumption, the number of
the Malaysia My Second Home (MM2H) main applicants to the MM2H in 2017 is
program date back to 2016, but the estimated at approximately 1,950.
government has also published statistics

希腊黄金签证 ( 只适用于主要申请人 ) 自 2018 年 3 月以来,
Greek Golden Visa Issuance by Nation of Origin( Main Applicants Only) 希腊黄金签证的批准数
量增长百分比
乌克兰 Ukraine 25% 50% % Growth in Greek
埃及 Egypt golden visa approvals
since March 2018
俄罗斯 Russia
黎巴嫩 Lebanon 75% 100%

伊拉克 Iraq
约旦 Jordan
叙利亚 Syria
其他 Others
中国 China
土耳其 Turkey

伊朗 Iran

0%

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~2~ 当希腊7月份公布黄金 签证 统计数 据时,一 切 Europe's most popular such scheme and
迹象显示,它目前似乎 是欧洲最火的黄金 签 on a path that will make it the world's
希腊 证项目,即将成为世界上 最热门的投资居留 most popular residence by investment
项目,若果保持势头的话。 program if the trend continues apace.
黄金签证
Greece 最 新的 数 据 是 2 018 年7月往 前12个月的 数 The latest figures are for the year to July
Golden Visa 据,但 是 鉴于 我们 没有 2 017年 往 前12个月的 2018, but since we have no July 2017
数 据 与之 相比 较,我们 只能 提 供 2 017年 的 实 figures with which to compare it, we can
际数据,预测2018年的数据。 only report the actual figures for 2017 and
provide an annualized estimate for 2018.
2017年,签发给主申请人的希腊黄金 签证数
量:2,458 Greek golden visas issued to main
applicants in 2017: 2,458
2017年,签发的希腊黄金 签证数 量(包括家
属):6,120 Total Greek golden visas issued (including
dependents) in 2017: 6,120
2 018 年,预计 签发 给主申请人 的希腊 黄金 签
证 数 量:5,0 8 8 Estimate of Greek golden visas issued to
main applicants in 2018: 5,088
2018年,签发的希腊黄金 签证数 量(包括家
属):12,969 Estimate of total Greek golden visas issued
(including dependents) in 2018: 12,969
按 照2 018 年目前 的 趋 势 判断,希腊 将成 为
世界上 最大的黄金 签证项目,甚至比美国的 Judging by the trend so far in 2018, Greece
EB - 5还 要 高,至少在年内是 这 样的。 will be the world' s largest golden visa
program – bigger even than the United
When Greece in July released statistical States EB-5 program – before the year is
data on its golden visa program, it quickly over.
became apparent that they were now

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~1~ 凭 借4 0 年的历史,E B - 5 仍旧笑 傲 群 雄。除非
国 会启 动 改 革 以 接 受 更 多申 请人(目前 配 额
美国 是10,000张签证),否则这个项目会被人口仅
1100万,小小的希腊超过。
EB-5
US 2017财年,美国EB - 5 签证 签发 量:
EB-5
主申请人:2,589

总计(包括家属):10,090

Coming up on its fourth decade, the US
EB-5 program still leads the pack. But
unless Congress enacts reforms soon
to allow for more applicants (currently
capped at 10,000 individual visas), the
program will be overtaken by tiny Greece,
population 11 million.

US EB-5 visas issued in fiscal year 2017:
Main applicants: 2,589

Total (including dependents): 10,090

美国 EB-5 继续蓬勃发展,但希腊将目光投向了黄金 ( 签证 )
US EB-5 continues to thrive, but Greece has its eye on the golden (visa) �eece
3000

2000

1000

0

Lat拉vi脱a维亚
Aust澳ra大lia利亚
New Ze新ala西n兰d

Irela爱nd尔兰
Mal马ta耳他
KingUdnoitme英d国
Thaila泰nd国
Portu葡ga萄l牙
Spai西n班牙
Que魁be北c克
Mal马ays来ia西亚
Greec希e腊
United S美tat国es

签发给主要申请人的签证
Visa issued to main applicants

申请 量 最 多 并不意味 着 最 成 功
Most applications doesn't always mean most successful

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马耳他个人投资者计划
四分之一申请案被拒

Malta Rejects 1 in 4 Applications
for Citizenship by Investment

马 耳 他 个人 投 资 者 计 划的负责 Speaking to Malta Today, Jonathan the end of June and the beginning
人 Jonathan Cardona接受了 Cardona, head of Malta's Individual of July each year and are published
《马耳他今日报》的采访,他 Investor Programme (the MIIP), every November – reveals that
表 示,从2014 年开始到目前,该国的 said that, since the beginning in rejection rates have risen sharply
投 资入 籍 计 划拒 绝了大概 24%的申请 2014 and until the present, the CIP each year since the program opened
人。 he heads has rejected some 24% of four years ago.
all applicants.
只要 我们瞅一眼马耳 他个人 投 资 者 计 Rates of rejection have risen five-
划办 公室年度 报 告 中的 数 据,涵 盖 上 A quick look at the data as reported fold since 2015
一年度的6月底到后一年度7月初的数 in the annual reports of the Office
据,每 年11月发布,我们 就可以知道 of the Regulator of the Individual While data on rejection rates for the
拒 签 率自项目4 年 前 推出以 来,每 年 Investor Programme (ORiip) – period June 31st, 2017 to July 1st,
都在大幅增加。 which cover the periods between 2018 will not be available to the

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2015以后,拒签率是以前的5倍 public until November, we can safely "85% of our work today is due
presume it will be significantly diligence," said Cardona, who also
Jonathan Cardona表示,尽管2017年 higher than last year's 22% indicated he felt comfortable the
6月31日到2 018 年 7月1日之 间的 数 据 considering the cumulative rejection MIIP would hold up well to even
还没有发布,要等 到11月,但 是考虑 rate has risen by two percentage very close scrutiny by the European
到累计 拒 签 率 之 前已 经 增了2个百分 points according to Cardona. Commission, which is preparing a
点,这次我们 可以负责任地 推 测,拒 report on the effectiveness of due
签率要比去年的22%高得多。 Malta's due diligence, in other diligence among CIPs and golden
words, is becoming more stringent visas within the European Union.
换 句 话 说,马耳 他 的尽 职调查 越 来 越 and effective by the year, and
严苛,项目也 越 来 越 挑 客户(尽管挑 the program increasingly picky "Our due diligence team today is
剔程 度 还比 不上 新 西兰 投 资 者前者, (although not as picky as New almost entirely composed of former
后者拒签率50%)。 Zealand's investor visa program risk and compliance officers who
which turns down half of all worked at major banks," continued
“ 我们目前工作量 的 8 5% 都 是 关 于尽 applications). Cardona, and went on to explain in
职调查,” Jonathan Cardona说道。 detail the four-tier vetting process
他自信 地认 为马耳 他个人 投 资 者 计 划 Read also: Malta PM: Applicants his agency employs, about which
经得 起 欧 盟委员会 的 详 细审 查,后 者 Rejected by Other Programs Should interested parties may learn more
正在 编制一 份有关欧 盟各国投 资入 籍 "Not Even Bother" Trying Malta IIP by reading Malta Today's article.
计 划和黄金 签证 项目尽 职调查 有 效性
的报告。

“我们目前的尽职调查团队成员几乎
都是曾经在世界著名银行工作过的前
风险控制官员,” Jonathan Cardona
继 续 说 道,接 着 详 细 介 绍了他们团队
采用的4层审核 流 程,这吸引着感 兴
趣 的 朋 友 去 看《马 耳 他 今日报》的 文
章,以了解更多。

越来越严苛
被拒绝或被撤回的马耳他 IIP 的申请百分比
Increasingly choosy
Percentage of applications to the Malta IIP
that were either rejected or withdrawn

24.00%
22.02%

11.56%
4.50%

2015 2016 2017 2018

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财富报告显示,1/3 的超高资产净值人士
拥有第二护照,还有 1/3 在计划中

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

3 4%的超高净值资产人士- - - -定 3 4% of Ultra High Net Worth passports already available to
义 是 那 些 净资 产 超 过 3 ,0 0 0万 Individuals (UHNWIs) – nationals of Japan, South Korea,
美 元的人 群 - - - -已 经 拥有第二 defined as those with a net Taiwan, and Hong Kong (home to
护照。 worth in excess of US$30 million most of the rest of the regions ultra-
– have already obtained a second rich).
在接受该报告态度调查的受访者中, passport.
29%表示他们计划再购买一个公民身 Wealthy Latin-Americans, on
份,另外21%表 示他们正在考虑永久 A further 29% of respondents to the the other hand, hold second
移民。 report's Attitudes Survey said they passports at a very high rate, but
planned to purchase a citizenship, not necessarily because they've
后苏联时代的护照追求 while 21% said they were participated in a CIP; large swaths
considering permanent emigration. of the economic elites in South
这个 调 查 进 一 步发 现,各 个 地 区 之 America hold Spanish passports,
间,第二护照的拥有比例差别很大。 Post-Soviet Passport Pursuit usually acquired by rights of
descent.
2 4% 的 亚 洲 人 和 北 美 人,2 8 % 的 非 洲 The survey further found that rates
人,26%的大洋 洲人,还有31%的欧 of second citizenship acquisition Tremendous potential, tempered
洲超 高资 产净 值 人 士持 有不止 一本 护 varied widely by region: by reputational risk
照,39%的中东人,41%的拉美人,以
及苏联/独联体国家境内高达58%的超 While 24% of Asian and North Growth in demand for citizenships
高资产净值人士持有至少2本护照。 American, 28% of African, 26% of acquired through investment has
Australasian, and 31% of European resulted in "a bidding war, as more
亚洲人中相对较低的双重/多重公民身 UHNWIs held more than one countries seeking new sources of
份比例最可能的原因是这些国家有禁 citizenship, a full 39% of Middle revenue try to encourage foreign
令,比如中国(拥有该区域绝大部分的 Eastern, 41% of Latin American, direct investment in return for
超 高资 产净 值 人 士)禁 止 双 重 国籍。 and a whopping 58% of ultra- citizenship," notes the report,
还有个原因就是日本,韩国,台湾,以 wealthy individuals in Russia/CIS referring to what investment
及香 港 公民(这 些国家 和 地 区 拥 有该 held at least two passports. migration industry observers have
区域剩下的超高资产净值人士的大部 termed, alternately, the "price
分)已经拥有“高质量”的护照。 The comparatively lower rates of war" and "race to the bottom"
dual/multiple citizenships among among Caribbean citizenship by
另一方面,富有的拉美人 持有第二护 Asians is most likely explained investment programs.
照 的比 例 很 高,倒 不 是 说 他 们申 请 了 by the prohibitions on such in
投 资入 籍 计 划;南 美 大 批 的 经济 精 英 countries like China (home to a big The report prognosticates that "as
都 持 有 西 班 牙护照,一 般 都 是 通 过 血 chunk of the region's UHNWIs), the industry matures, it will provide
缘关系获得。 coupled with the relatively "good" a major source of future revenue

98 9th Annual

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