China offshore 2013 Winter Edition

2013, Winter CHINA OFFSHORE 1

LETTER FROM EDITOR | 编者的话

　　中国中央金融稳定局副局长安启雷近日表示，银行一旦倒闭，储户的存

款或得不到全额赔偿，而存款保险制度设计上将会参考“利息全免、本金打

折、有限收购”的模式。这意味着，一向被认为“坚不可摧”的中国银行业，

也有倒闭的可能，届时，国家对银行的救助将会有所折扣，储户存款也得不

到全额赔偿。

　　从这条消息中，我们可以做这样的解读：政府的态度很明确，希望居民

手中的存款更多地用在消费上，而不是躺在银行继续吃少得可怜的利息。在

当今中国国内投资项目匮乏的大环境下，如何有效管理资金，让资产增值，

变得越来越受重视。而大部分有识之士的目光，往往会转向离岸资产管理。

　　本期《中国离岸》着重介绍了塞浦路斯的资产管理情况，这个中国人耳

熟能详却又往往雾里看花的欧洲国家以其独一无二的优越地理位置，正日益

映入中国高净值人士的眼帘。从本期杂志中，您可以从多角度来了解这个离

岸金融宝地。基金一向以稳健的收益和相对较低的风险受到中国投资者的青

睐。如果您考虑在欧洲设立基金的话，爱尔兰不失为一个选择，本期的“特

别报道”栏目中对爱尔兰基金设立的利弊为您做一个详细的分析。

　　离岸资产管理从来都不是一件难事，关键在于选择正确的方向。我衷心

希望 2013 年的《中国离岸》能为您提供切实可行的资产管理解决方案，让

您和您的财富一起增值。

《中国离岸》编辑

John Yang

The Deputy Director of Financial Stability Bureau of the People’s Bank of China, An Qilei recently stated, “If the bank declares bankruptcy, bank depositors may not be fully compensated or refunded”. The regulations for bank deposits are designed to follow a “no-interest, principle-discount and purchase-limits” model. In effect, this means that if the otherwise “indestructible” Chinese banks do indeed go bankrupt, the states compensation will be harmlessly discounted, where as depositors may unfortunately find that their funds have become non-refundable.

This is a good indicator on the stance the Chinese government is taking today on Bank savings, in essence encouraging consumers to “consume” instead of “save” for very limited interests. In a nutshell, domestically, China is lacking attractive investment projects to efficiently manage capital and avoid the economy from going into depression.

In this issue we will provide insights into the wealth management industries of Cyprus for Chinese nationals to consider, not only because of its appealing culture and stunning location in Europe, but for the array of possibilities to generate capital during these times of financial instability. If one is considering establishing a fund in Ireland, our special report will have a full coverage of Irish funds to pave the way into this tiny European country.

Offshore wealth management has never been a problem with the help of the right partner. We are confident that China offshore will not only provide you with economic solutions, but also assist in the prospect of growing your capital with security and diligence on the global market.

Editor, China OffshoreJohn Yang

[email protected]

主编 Editor in Chief: John Yang

撰稿人 Contributors: Frances Emery, Stuart Davis,

Baron Laudermilk, Leo Zhang, Tendai Musakwa,

Martin Crawford, Jeffrey Chen,

Zhang Shiwei, Mico M. Lysarian

美术总监 Art Director: Susan Shen

美术编辑 Designer: Tank Hu

研究员 Researcher: Naomi Wu

营运总监 Director of Operations: Spencer H.Hall

制作总监，亚洲 Production Director, Asia: Oliver Davis

销售总监 Sales Director: Matthew Sumner

客户经理，亚洲 Accounts Managers:

Sammi Lin, Michael Lee, Chris Siu

销售助理 Sales Assistant: Brad Wang,

Sarah Jiang

发行经理 Circulation Manager: Iris Gao

出版机构 PUBLISHER

MX MEDIA GROUP LIMITED

地址 Address: Suites 1102-1103, 11/F Kowloon Building

555 Nathan Road, Mongkok, Kowloon, Hong Kong

广告投放 ADVERTISING ENQUIRIES

亚洲 Asia: +852 3073 2008

电子邮件 E-mail: [email protected]

2 Winter, 2013

新闻 NEWS04 全球离岸新闻

Global Offshore News离岸世界重要资讯

All the latest news from across the offshore world

封面故事 COVER STORY06 监管收紧下中资银行的伦敦发展困

局——卢森堡或成出口

Chinese Banks Face Bottleneck in London, Shifting to Luxembourg

观点 OPINION16 耿西信托：适合中国人的几个要素

Guernsey Trust: Some Elements that Suit Chinese

46 聚焦SPOTLIGHT

20 信托产品让新移民得利

Immigrants Embrace the Trust Factor

特别报道 SPECIAL REPORT22 爱尔兰基金投资指南

Setting Up a Fund in Ireland

聚焦 SPOTLIGHT33 耿西岛

Guernsey

46 塞浦路斯

Cyprus

56 离岸指南 Offshore Hand book

聚焦塞浦路斯Cyprus in Spotlight

22


目录WINTER 2013 冬季刊

CONTENTS

离岸和私人银行 Offshore & Private Banking An Exclusive Supplement of China Offshore Magazine

S01中资银行的海外财富管理机构Chinese Banks’ Offshore Wealth Management Units

S08美洲和亚洲的离岸金融简介Offshore Finance in Americas and Asia

S18 开曼群岛：私人银行的避风港Cayman Islands: Haven for Private Banking

S22用私人银行让财富增值　奥杰专家为您答疑解惑Offshore Private Banking - Protect Your Wealth with Ogier

S24 观点：中国私人银行发展面临挑战Opinion: Chinese Private Banks Face Challenges

ADVERTISER DIRECTORY

POLYCARPOS PHILIPPOU & ASSOCIATES –

Inside Front Cover

Amoko Group LTD – P14-P15

Richmond Fiduciary Group – P19

AIM Congress – P23

Bilanz Data Wirtschaftstreuhand GmbH –

P24-P25

Rietumu Bank – Supplement Inside

Front Cover

Baltikums Bank – S06-S07

Rietumu Bank – S14-S15

Ogier – S22-S23

China Offshore – Supplement Inside

Back Cover

VP Bank – Supplement Back Cover

Carey Olsen Group Services Limited –

P36-P37

SCORDIS, PAPAPETROU & Co LLC –

P44-P45

Cyprus Fiduciary Association – P49

Mylonas & Mantzalos Business Services

Ltd – P53

Chryssafi nis & Polyviou LLC – P56-P57

C.D.Messios L.L.C. – P61

L.Papaphilippou & Co.LLC – P62-P63

Costas Indianos & Co – P67

Nicos Papacleovoulou LLC – P72-P73

Cook Islands Financial Services

Development Authority – Inside Back

Cover

British Virgin Islands International Finance

Centre – Back Cover

4 Winter, 2013

GLOBAL UPDATE全球概览

新闻 | NEWS

香港加拿大的避免双重征税新协议　　香港财经事务及库务局局长K C Chan与加拿大国际贸易部部长Edward Fast于11月11

日签署了一份就两地贸易投资者避免双重课税和避税的协定。这项协定同时也取消了税收

壁垒以促进加拿大与香港两地间的贸易和投资活动。该协议很可能于2013年获得香港立法

会的批准，这意味着这项条款最早将于2013年4月1日生效。

　　一旦该协定执行之后，香港居民通过在加拿大的常设机构所获取的商业收入只需在加

拿大缴付课税。如果香港居民在加拿大拥有办公室，商店或其他的实体业务，此人将能逐

步在加拿大建立常设机构。

　　此外，根据此项协议，香港居民若在加拿大收取利息及收入，须向加拿大缴纳的预扣

税从25%减至10%。如果持股量至少为该公司派发股息的10%，须向加拿大缴纳的预扣税

从25%降至5%。如果持股量少于该公司派发股息的10%，预扣税从25%降至15%。

　　此条约也包含了以防止逃税为目而加强信息交换的条款。其中一项条款规定，香港航

空飞至加拿大的航线将以香港的公司税率征税，并且在加拿大免税。另一项条款规定，对

于香港居民在加拿大境内因国际运输所获利润将不再征税。

New Agreement to Remove Double Taxation for Hong Kong Investors in Canada

The Hong Kong Secretary for Financial Services and the Treasury, K C Chan and the Canadian Minister of International Trade Edward Fast signed an agree-ment on November 11 that aims to avoid double taxation and tax evasion of investors conducting trade between the two countries. The treaty also aims to encourage trade and investment between Canada and Hong Kong by removing tax barriers. The earliest the treaty is likely to be ratified by the Hong Kong leg-islature is 2013, meaning that its provisions could become effective by April 1, 2014 at the earliest.

Once the treaty is implemented, business income earned by a Hong Kong resident in Canada will only be taxed in Canada, to the extent that such income is earned through a “permanent establishment” in Canada. A Hong Kong resident will generally have a permanent establishment in Canada if he, she or it has a physical business presence in Canada, such as an office, store or other location.

In addition, according to the terms of the treaty, the Canadian withholding tax payable by Hong Kong residents on interest and moralities will be reduced from 25 percent to 10 percent. The withholding tax payable by Hong Kong resi-dents on Canadian dividends will be reduced from 25 percent to 5 percent if the receiver of the dividend holds a stake of at least 10 percent in the corporation paying out the dividend. If the receiver of the dividend holds less a stake of less than 10 percent in the corporation paying out the dividend, the withholding tax levied on them will be reduced from 25 percent to 15 percent.

The treaty also contains a provision on exchange of information that is aimed at preventing tax evasion, a provision stating that Hong Kong airlines’ flights to Canada will be taxed at Hong Kong’s corporation tax rate and not be taxed in Canada and a provision stating that profits from international shipping earned by Hong Kong residents in Canada will no longer be taxed.

亚洲 ASIA 中国 China

欧洲 EUROPE 列支敦士登 Liechtenstein

Liechtenstein Tax will RiseLiechtenstein, a famous offshore financial hub known for its low taxes on

companies and high net worth individuals, will be raising taxes as the govern-ment and banking associations have already agreed upon this. Liechtenstein’s Prime Minister, Flaus Tschutsher, recently held talks with the Principality’s bank-ing associations and government officials about focusing on raising additional expenditure and revenue based measures needed to reduce the deficit by CHF 52m ($55m) by the end of 2016.

During the various talks, the Prime Minster said that the government has a “legal” obligation that is embedded in the budget law to present to parliament in May 2013, in a report that outlines the various initiatives that should be imple-mented in Liechtenstein to lower the CHF 52m by the end of 2016.

But if the Liechtenstein government desires to submit the budget reports to lawmakers on time, the necessary preparations must be made in this legisla-tive period. The Prime Minster of Liechtenstein, the banking associations, and the country’s high level government officials have both agreed that revenue measured would be implemented that have already been approved by the gov-ernment, and they must provide a framework for the government’s bill aimed at amending the present law. Some of the rules are in place, they just need to be implemented and enforced by the government.

The bill now provides an increase in wealth and individual income tax. The bill does this by adjusting the lower and middle tariffs in a way that ensures that the tax burden is the same as the country’s old law. Furthermore, the introduction of an extra 8% tax rate has already been agreed upon, in addition with the plans to increase the endowment tax rate.

列支敦士登的税赋将增加　　列支敦士登是一个以对企业和高净值人士征收较低税赋而闻名的离岸金融中心。但是，

随着政府和银行业协会达成一致，该国将提升相关税率。列支敦士登首相Flaus Tschutsher

最近与公国的银行业协会和政府官员举行了会谈，会议的主要内容是推出与支出和收入相

关的新措施，目标是到2016年将赤字减少5200万瑞士法郎（约合5500万美元）。

　　在各种类型的会谈中，列支敦士登的首相表示，政府在这个问题上拥有“法定”的

义务，其植根于预算法。政府将于2013年5月向议会提交一份预算报告，其中将概述列

支敦士登为了到2016年底将赤字减少5200万瑞士法郎而采取的各项措施。

　　但是如果列支敦士登政府希望能够及时地向国会议员提交这份预算报告，那它必须

在本立法期内开展必要的准备工作。首相表示，政府必须制定相关的计划，报告必须现

在就开始起草。

　　列支敦士登的首相、银行业协会以及该国高级别的政府官员已经同意，对收入的核

算将根据政府已经批准的方案进行，而他们必须提供一个框架，供政府对现行的法律进

行修订。一些规则已经制定完毕，只需要由政府加以实施和执行。

　　该法案将提高财富和个人所得税。其运作方式是通过调整中等和低税率的比例，来

确保该国的税赋与旧的法律体系下保持一致。此外，除了增加赠与税以外，各方已经同

意引入一个8％的新税率。


NEWS | 新闻

欧洲 EUROPE 法国 France

亚洲 ASIA 新加坡 Singapore / 越南 Vietnam

French Government Proposes New Tax on Capital Gains from Real Estate Sales

The French government has proposed an across-the-board increase of the taxes levied on capital gains deriving from the sale of real estate in the coun-try. The proposals are currently being debated by the French parliament and, if passed, would become effective in 2014.

Christian Eckert, the parliamentary budget spokesman of the ruling French Socialist Party, proposed the following increases in taxes levied on capital gains from sale of second homes:

· An increase in taxes from 19 percent to 22 percent for capital gains of be-tween 110,000 Euros and 150,000 Euros.

· An increase in taxes from 24 percent to 25 percent for capital gains of be-tween 150,000 Euros and 200,000 Euros.

· An increase in taxes from 24 percent to 28 percent for capital gains of more than 200,000 Euros.

The proposed tax increases outlined above would be additional to the 15.5 percent social security tax that the French government currently levies on capi-tal gains, meaning that the effective rates for the capital gains brackets outlined above would be 37.5 percent, 40.5 percent and 43.5 percent, respectively.

The proposed tax increases are expected to yield 300 million Euros for the French state and are part of 24.4 billion Euros in new taxes that the French gov-ernment is proposing. The government is seeking to reduce France’s public deficit to 3 percent of GDP, in line with its commitments to the EU. The deficit is around 4.5 percent of GDP for this year.

Some of the controversial tax increases the government has introduced in-clude a 75 percent top marginal tax rate on incomes more than 1 million Euros and a 45 percent rate on incomes greater than 150,000 Euros.

法国政府拟征收针对房地产资本利得的新税种　　法国政府今日向议会提交一份针对房地产市场的资本利得新税种。该议案现在正由法

国议会进行讨论，一旦通过，将在2014年得到实施。

　　法国社会党议会预算部发言人Christian Eckert今日向议会提交该议案，希望就纳税人

在销售第二套房产时增收上述新的税种：

·针对资本利得从11万到15万欧元之间的房地产销售的税收从19%增加到22%。

·针对资本利得从15万到20万欧元之间的房地产销售的税收从24%增加到25%。

·针对资本利得高于20万欧元的房地产税收从24%增加到28%。

　　增税提案内容将是政府现在针对额度为15.5%的名为社会安全税的的基础上额外增

加，意味着加入该税收后，总的征税额度将分别达到37.5%、40.5%和43.5%。

　　该议案将会为法国政府带来3亿欧元的收入，且是法国政府正在考虑征收的总额为244

亿欧元的一部分。法国政府打算将财政赤字控制在GDP的3%之内，这也和其对欧盟所许

下的承诺保持一致。今年法国的财政赤字为GDP的4.5%。

　　法国政府近期征收的具争议性的增税包括额度为75%的针对一百万欧元以上的最高边

际税率和对收入在15万欧元以上者征收的45%的个人所得税。

Singapore & Vietnam Sign DTA Protocol and Improve Fiscal Cooperation

On September 12 2012, Tharman Shanmugaratnam, Singapore’s Deputy Prime Minister and Minster of Finance, and Vuong Dinh Hue, Vietnam’s Minister of Finance signed a protocol to change the existing double taxation agreement (DTA) between their two countries.

The protocol changes a few matters within the original DTA, which was signed on March 2nd 1994. Specifically it includes the internationally agreed standard for exchange of information whereby tax authorities may obtain more power to use and exchange taxpayer information.

The information can apply to “taxes of every kind of description” imposed in the countries, and it states that no tax authority can refuse to provide information just because it does not require the information for its own purposes, or because the information is held by a different institution.

The protocol will introduce the amendment, and it will come into effect af-ter both countries ratify, revise the establishment, interest, dividends and capital gains articles of the old DTA.

When the meeting was going on, both leaders said that they wanted to pro-mote regional economic growth, to cooperate closely to realize the goal of creat-ing an Association of Southeast Asian nations Community by 2015, and to also work closely to advancing regional initiatives such s the Trans-Pacific Partner-ship.

Furthermore, both of the leaders saw the signing of a Memorandum of Un-derstanding on Financial Cooperation, which will improve exchanges and share mutual experiences on public financial management in the areas of property man-agement, tax administration and policy.

新加坡和越南签订避免双重征税协议　　2012年9月12日，新加坡副总理Tharman Shanmugaratnam和越南经济部长Vuong-

Dinh Hue就两国之间避免双重征税签订协议，修改了一些条款。

　　本次协议在1994年3月2日签订的原始协议基础上做了修改，特别包含了就税务当局可

就纳税人信息做国际间信息交换的规定。这些信息可被定义为两国“任何意义上的税务信

息”，并表明双方税务当局不能以任何理由拒绝提供上述信息，即使信息由其它第三方机

构掌握也不能豁免。

　　协议将在双方政府意见一致的基础上得到修改后通过，其中包括公司组建、利息、利

润和资本获利等方面的条款。

　　在双方洽谈期间，两国领导人均表示将致力于发展双边贸易和地区经济成长，为实现

东南亚国家协会在2015年的创建提供帮助和合作，并将共同促进地区经济的发展，例如泛

亚太合作（Trans-Pacific Partnership）的目标早日实现。

　　不仅如此，两国领导人还签订了金融合作谅解备忘录，该协议将在互惠互利的基础

上，就两国的公共金融管理领域、资产管理和税务管理等方面的合作进行加强。

6 Winter, 2013

中国的国有银行在伦敦金融城面临

业务拓展方面的困难，伦敦金融当

局对它们采取的立场越来越强硬，

这可能迫使这些银行将其欧洲业务的一大块

转移到其它司法管辖区，比如卢森堡。

　　中资国有银行已经致信英国财政部，狠

狠地抱怨其受到的不公正监管待遇以及对流

动性规则“过分严格的要求”。业内人士透

露，它们甚至扬言如果情况没有得到改善，

将其欧洲业务的基地移出伦敦。

　　根据《金融时报》的一篇报道，这封

信由外资银行协会对中国银行呈送给了英

国财政部，上面写着：“它们（中资银行）

发现在英国目前的监管环境下越来越难开

展业务。”

收紧的监管

伦敦曾经是一个受中资银行青睐的地方，它

们都希望在那里建立欧洲业务总部。这座城

市本身也正在建设一个人民币市场，以吸引

更多与中国有关的业务。中国最大的五家银

By Leo Zhang

封面故事 | COVER STORY

国的国有银行在伦敦金融城面临

业务拓展方面的困难，伦敦金融当

监管收紧下中资银行的伦敦发展困局

——卢森堡或成出口

By Leo Zhang


Chinese state-owned banks are facing difficulties in expanding business in the City of London as financial

authorities there take an increasingly tough stance against them, which may force the lenders to move a large chunk of their European businesses to other jurisdictions like Luxembourg.

Although Chinese banks have yet to decide to which extent they should pull out of London, they are seriously considering alternative places to set up their European headquarters instead of waiting for British authorities to loosen the grip.

State-controlled Chinese lenders have sent a letter to the UK Treasury, bitterly complaining about the uneven regulation

imposed on them and “r igorously demanding” liquidity rules. They even threatened to move their bases of European operations out of London if situation doesn’t improve, industry sources said.

According to a Financial Times report, the letter was sent by the Association of Foreign Banks on behalf of the Chinese banks. It read that “they (Chinese lenders) are finding it increasingly difficult to operate in the UK under the current regulatory environment.”

Tightened SupervisionLondon used to be a hotly-pursued place of Chinese banks to establish their European business and the city itself is building a Renminbi market in order to attract more China-related business. The country’s top five banks – Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China and Bank of Communications – have all made presence in London.

However, since the global financial crisis in 2008, the Financial Services Authority, or FSA, Britain's financial services regulator, has made it harder for overseas banks to set up branches in the country, especially in cases where it was unsatisfied with regulatory levels in the home country of the lenders. It has instead required them to establish subsidiaries, which, according to the authority's regulations, are ring-fenced within Britain.

That’s the main problem with Chinese banks, which have received substantial government bailout and had billions of bad debt wiped off their balance sheets before getting public several years ago.

Chinese banks are allowed to operate in Britain via subsidiaries, which are regulated in the same way as a local bank -with tight standards on transparency, capital cushions and liquidity buffers.

COVER STORY | 封面故事

行——中国工商银行、中国银行、中国建设

银行、中国农业银行和交通银行——都已经

在伦敦开展业务。

　　然而，自从 2008 年全球金融危机以来，

作为英国金融服务监管机构，英国金融服务

管理局（FSA）使得海外银行更难在英国建

立分行，尤其是对那些本国监管水平达不到

要求的银行。相反，它要求他们设立子公司。

根据当局的规定，子公司在英国需要面临业

务的“围栏隔离”。

　　这是中资银行遇到的最主要的问题，这

些银行在几年前上市时均获得了大量的政府

救助，并且从资产负债表上抹去了数十亿的

坏账。

　　中资银行在英国获准以附属公司的方式进

行经营，它们受到的监管与本地银行相同——

包括透明度、缓冲资本和流动性缓冲方面的严

Chinese Banks Face Bottleneck in London

Shifting to Luxembourg

8 Winter, 2013


Branches, however, were extended arms of overseas banks over which the UK watchdog had limited control.

Among Chinese banks, only Bank of China, the country’s foreign-exchange lender, set up a branch in London. Bank of China first expanded into Britain in 1929 by establishing an agency office and then setting up a branch in 1946. The bank didn't have to set up a British subsidiary until 2007, when it was asked to do so by the FSA. According to industry insiders familiar with the matter, the other four big lenders – CCB, ICBC, BoCom and ABC – have applied to open branches in London but were rejected by FSA, citing its intention to contain risks and prevent potential crisis.

“Chinese banks believe that their business mainly focuses on wholesale banking and offshore banking, which

格标准。相比之下，分行是海外银行的分支

机构，英国监管者对其的控制力有限。

　　在中资银行当中，只有中国银行（该国

的外汇银行）在伦敦设立了分行。中国银行

于 1929 年首次进入英国，建立一个办事处。

此后，它在 1946 年建立了分行。中国银行

一直没有在英国建立附属公司，直到 2007

年它才被英国金融服务管理局要求这样做。

据熟悉情况的业内人士介绍，其他四大贷款

机构——中国建设银行、中国工商银行、交

通银行和中国农业银行都已申请在伦敦开设

分行，但是被英国金融服务管理局所拒绝，

其理由是希望控制风险并防止潜在的危机。

　　在规则还没有趋于严格之前，伦敦允许

许多美国银行在那里建立了分行。伦敦还有

不少欧洲经济区国家的银行，这些银行可以

自由地在任何一个成员国设立分行。

风险控制

据透露，收到信后，英国财政部曾与中资国

有银行的代表举行了会谈，并向英国金融服

务管理局提出了这个，但是后者拒绝做出妥

协。这封来自中资银行的信透露，中国银行

和中国工商银行已经被允许在卢森堡开设分

行和子公司，它们将利用卢森堡“建立一个

网络欧洲分行网络，而此前这个网络的中心

几乎可以肯定是在伦敦。”

　　常驻上海的独立分析师 Chris Wu 表示：

“风险控制似乎是英国金融服务管理局决定

背后的原因，但是考虑到中资银行受到政府

的支持且在金融危机的情况下面临更少的风

险，英国当局有必要在要求上做出一些改变。

此外，简单地分离国内和离岸业务被证明并

不能够遏制系统性风险。几年前，冰岛的银

行业危机证明了这一点。银行必须以逐案的

方式进行审查。”

　　2012 年 12 月，中国主权财富基金中

国投资有限责任公司的执行副总裁兼首席风

险官汪建熙在伦敦举行的一个论坛上告诉记

者，更严格的法规也将削弱英国作为国际金

融中心的地位。

　　汪建熙警告说，过度的金融管制可能会

妨碍伦敦未来作为离岸人民币交易中心的发

展，中资银行将有可能会将它们的投资和管

理团队移至其他司法管辖区。

　　汪建熙说：“伦敦的监管机构担心外资

银行设立分行，因为（这些机构）没有在本

involve l ow r isks and br ing l i t t le competition to the local market,” said a source close to senior executives of Chinese lenders. “They think it’s unfair for the FSA to use the standards for large European and US banks to treat them.”

London has a slew of branches of US banks, set up under previously less strict rules, and European Economic Area banks which can establish branches freely in any member state.

Risk ControlThe source said that the UK Treasury previously held talks with representatives from Chinese state-owned banks after receiving the letter and has raised the issue with FSA, which refused to make a compromise. The letter from Chinese banks said that Bank of China and ICBC had been allowed to open branches and

照片

提供

Photo by K

ay Okam

ato

　　中资银行在英国获准以附属公司的方式进行经营，它们受到的监管与本地银行相同——

包括透明度、缓冲资本和流动性缓冲方面的严格标准。相比之下，分行是海外银行的分支机构，英国监管者对其的控制力有限。

Chinese banks are allowed to operate in Britain via subsidiaries, which are regulated in the same way as a local bank - with tight standards on transparency, capital cushions and liquidity buffers. Branches, however, were extended arms of overseas banks over which the UK watchdog had limited control.



地进行注册，因此没有资金要求。所以，他

们希望外资银行成立本地注册的附属公司，

并且遵循当地的规则。”

　　在同一个论坛上，伦敦金融城政策与资

源委员会主席包墨凯先生表示，规则并没有

歧视中国的银行。他说：“（英国金融服务

管理局）并没有对中资银行制定特殊的政策。

它有一个针对外国银行的政策，其他监管机

构也有类似的政策。”

　　根据《中国日报》的报道，英国金融服

务管理局的一名发言人表示，他们正在与中

资银行就放宽规则进行相关的讨论，但是拒

绝进一步透露细节。《中国离岸》的采访致

电无人接听，而五家中国大型银行在这个问

题上拒绝做出评论。

卢森堡的优势

普华永道中国银行和资本市场主管梁国威

(Jimmy Leung) 在接受采访时表示，卢森堡

拥有的一个优势是其友好的政策和灵活的规

定，能够为在那里设立子公司的中资银行提

供各种银行服务的许可证。

　　他说：“更重要的是，银行也将被允许

在欧盟其他成员国设立分行，这降低了政策

门槛和海外扩张的成本。”

　　中资银行对卢森堡越来越大的兴趣和越

来越多的开展业务也归功于卢森堡在欧洲的

重要地位，以及中国与欧洲之间更加紧密的

关系所带来的商业机会。

　　中国工商银行 ( 欧洲 ) 有限公司董事

长、中国工商银行卢森堡分行总经理高明在

2012 年 12 月表示，尽管伦敦是一个人民币

交易的离岸中心，但是中欧贸易和收购的大

部分资本流动是通过卢森堡进行处理的。

　　根据中国商务部的数据，2011 年卢

森堡占欧盟吸引中国直接投资的比例为

46％，而英国的占比为 11％。

　　卢森堡在 20 世纪 60 年代和 20 世纪

70 年代初期是欧洲债券中心，而该国的金

融业随后发展成为了一个私人银行中心，并

最终从 20 世纪 80 年代后期起成为投资基

金中心。如今，卢森堡的金融市场仍然由其

银行业务所驱动。卢森堡的银行业总资产是

国内生产总值水平的 20 倍以上。投资基金

管理的资产总额非常惊人，是国内生产总值

的 50 倍，这说明其作为世界领先的国际投

资基金分销中心的地位。

subsidiaries in Luxembourg, which “will be used to build up a network of European branches that would almost certainly have previously been run out of London.”

According to the Financial Times, the letter also noted that one Chinese bank already routed three times more business through Luxembourg than London, and several others planned to manage its European operations from Luxembourg, known for lighter regulation. It didn’t specify the names of the banks.

“Risk control seems to be a reason behind FSA’s decision, but considering the situation of Chinese banks, which are backed by the government and face fewer risks in the financial crisis, it’s reasonable for the British authority to make a change in the requirements,” said Chris Wu, a Shanghai-based independent banking analyst. “In addition, simply separating offshore business from home business proved to be not enough to contain systemic risks, which was demonstrated by

the banking crisis of Iceland several years ago. Banks have to be examined in a case-by-case manner.”

In December 2012, Wang Jianxi, executive vice-president and chief risk officer at China Investment Corp, the country’s sovereign wealth fund, told reporters in a forum held in London that tighter regulations will also weaken Britain as an international financial center.

In an interview with the China Daily newspaper, he said that “the new regulations (after the 2008 financial crisis) have made it very costly for Chinese banks in London. And if London has ring-fence rules (on foreign banks' subsidiaries), I really doubt that Chinese banks will still see a need to have operations here.”

Wang cautioned that excessive financial regulations might hinder London's future as a hub for offshore renminbi trading and Chinese banks will likely move their investment and management teams to other jurisdictions.

Number of Banks per Country of Origin

来源：www.cssf.luSource: www.cssf.lu

0

10

15

25

35

5

20

30

40

卢森堡官方注册银行数（按来源国）

德国 G

ermany

法国 F

rance

瑞士 S

witzerland

比利时 B

elgium

意大利 Italy

英国 U

K

瑞典 S

weden

美国 U

SA

日本 Japan

卢森堡 Luxem

bourg

中国 C

hina

10 Winter, 2013


伦敦的未来角色

伦敦是世界上最大的外汇交易、跨境银行贷

款及利率衍生工具中心。根据银行游说组织

TheCityUK 的统计数据，伦敦有 251 家外

资银行，其所拥有的国际企业数量比任何其

他金融中心更多。

　　根据这个组织的数据，伦敦金融城（指

的是伦敦的金融区）拥有欧盟四分之三的外

汇交易量，其中包括 42％的欧元交易。

　　不过，由于伦敦希望在不加入欧洲银行

联盟的条件下保持自身的金融实力，这可能

会使得金融城与其主要的贸易伙伴渐渐疏

远。从 1 月 1 日起，欧洲央行已成为欧元区

17 国最大银行的监管者，这是建立银行联

盟的第一步。英国已表示，它将不会参加这

个联盟，并且一直在努力保持伦敦单一金融

市场的影响力。

　　英国政府高级官员曾经表示，英国不希

望成为欧盟银行联盟的一部分，这是因为它

不愿意为欧元区的破产银行而买单。英国副

首相克莱格（Nick Clegg）表示，英国应该

"London regulators are worried about foreign banks setting up branches because (such institutions) are not locally incorporated and hence have no capital requirements," Wang said. "Therefore, they want foreign banks to set up a locally incorporated subsidiary that follows local rules."

During the same forum, Mark Boleat, Chairman of the City of London's policy and resources committee, said the regulations are not discriminatory. "The (Financial Services Authority) does not have a policy toward Chinese banks," he said. "It has a policy toward foreign banks, as do other regulators."

According to the China Daily, an FSA spokesman said discussions about relaxing the rules for Chinese banks have taken place between the authority and Chinese banks, declining to release further details.

Calls made by China Offshore to FSA weren’t answered while all the five Chinese top banks declined to make comment on the issue.

Luxembourg’s AdvantageJimmy Leung, China banking and capital markets leader at the professional services company PricewaterhouseCoopers LLP, told the China Daily that one advantage Luxembourg has is its friendly policies and flexible regulations, which provide licenses for a variety of banking services to Chinese banks that register a subsidiary.

"What's more, lenders will also be allowed in this way to set up branches in other member countries of the European Union, lowering policy barriers and the cost of an overseas expansion," he said.

The growing interest and increasing business presence of Chinese banks in Luxembourg were also attributed to the nation’s key status in Europe and business opportunities emerging from the closer ties between China and Europe.

Gao Ming, chairwoman of ICBC (Europe) SA and general manager of ICBC Luxembourg Branch, told the press in December, 2012 that even though London is an offshore center for yuan transactions, most of the capital flowing between China and Europe in trade and acquisitions has been processed through Luxembourg.

Luxembourg attracted 46 percent of Chinese direct investment in the European Union in 2011, compared with an 11 percent obtained by UK, according to data from China’s Ministry of Finance.

From early days as a Eurobond center during the 1960s and 1970s, Luxembourg’s financial industry has developed into a private banking hub and eventually, from the late 1980s onwards, as a center for investment funds. Today, Luxembourg’s financial market is still driven by its banking activities. Total assets in the banking industry for Luxembourg were

照片

提供

Photo by Thom

as Murphy

　　卢森堡在 20 世纪 60 年代和 20 世纪 70 年代初期是欧洲债券中心，而该国的金融业随

后发展成为了一个私人银行中心，并最终从 20 世纪 80 年代后期起成为投资基金中心。

From early days as a Eurobond center during the 1960s and 1970s, Luxembourg’s financial industry has developed into a private banking hub and eventually, from the late 1980s onwards, as a center for investment funds.



置身于该联盟之外，因为该计划旨在解决这

些国家主权债务和银行之间的“恶性循环”。

　　显然，不包括英国的银行联盟将削弱伦

敦在设置规则议程方面的话语权。在接受彭

博新闻社的采访时，欧洲银行管理局前英国

代表 Thomas Huertas 告诉记者，目前集中

在伦敦的欧元交易可以转移至法兰克福或巴

黎，并且将受欧洲央行的监管。欧洲银行管

理局负责起草了欧盟 27 国的金融规则。

　　同一篇报道还援引了解此事的官员的话

称，已经在英国建立证券交易业务并且将其

作为欧洲总部的美国银行对伦敦的未来表示

出了担忧。该高管称，如果银行联盟让伦敦

更加孤立于欧洲其他国家，外资银行将考虑

将业务运营移至欧元区内。

人民币业务

业内专家表示，这种情况让伦敦更有紧迫感，

它需要吸引新的业务，尤其人民币相关业务。

中国国务院参赞、中国人民银行前顾问夏斌

去年 12 月在伦敦指出，英国应该考虑与中

国人民银行开展人民币掉期业务，从而将伦

敦发展成一个离岸人民币交易中心。

　　夏斌指出，由于伦敦在人民币交易方面

more than 20 times its GDP levels. Its investment fund industry’s assets under management amounted to a whopping 50 times GDP, illustrating its position as a world leader in the international distribution of investment funds.

Although Luxembourg’s regulation is lighter than that in UK, it’s considered more transparent and business welcoming than many other international financial centers. The Luxembourgish government recognizes the importance of stability and predictability of regulations in attracting foreign investments, especially in an unstable economic environment.

London’s Future RoleLondon is the world's biggest center for foreign-exchange trading, cross-border bank lending and interest-rate derivatives. It has 251 foreign banks and more international firms than any other financial center, according to TheCityUK, a bank lobbying group.

The City of London, which refers to London's financial district, is home to three-quarters of the European Union’s foreign-exchange trading, including 42 percent of euro trades, according to the group.

However, London’s bid to keep its financial muscle while countering Europe's move toward a banking union may risk isolating the financial city from its major trading partners. The European Central Bank has become the main regulator for the biggest banks in the 17-nation euro region starting January 1, the first step toward a banking union in the region. Britain has said it won't take part and is striving to retain London's influence within the single financial market.

The UK doesn't wish to be part of a banking union in EU because it is unwilling to pay for failed banks in the euro area, according to top government officials. Britain should stay outside because the plan is designed to address the "vicious

中国银行卢森堡分行的 CEO 黄洪指出，全球的 160

多种流通货币中，人民币是最有发展潜力的。他同

时也谈到了人民币离岸业务的拓展和这种趋势下卢

森堡该采取何种行动才能获利。

Out of more than 160 currencies worldwide, the Renminbi sees the most growth potential. Hong Huang, CEO of the Luxembourg branch of Bank of China, talks about the prospects for offshore RMB business and what Luxembourg must do in order to benefit from this trend.

2002 2003 2006 20082001 2004 2005 2007 2009 2010 2011 2012

11 月中国加入 WTO

NovemberChina joins WTO

人民币全球化进程 Milestones in the Globalization of the RMB

1 月个人境外人民币业务开始

JanuaryIndividual Overseas RMB

Business starts7 月人民币汇率改革

JulyReform of the RMB Exchange Rate

7 月第一支人民币离岸债券发行

July1st Issue of an Offshore RMB Bond

7 月试点人民币跨境结算

JulyPilot RMB Cross

Border Clearance starts

10 月开始人民币对外直接投资

October Start of RMB FDI

3 月取消 MDEs

MarchMDEs cancelled

来源：www.luxembourgforfinance.luSource: www.luxembourgforfinance.lu

开始人民币 ODI, IPO 以及 QFIIStart of RMB ODI, IPO and QFII

12 Winter, 2013


拥有时区和全球金融网络方面的优势，因此

英国央行英格兰银行必须进一步通过与中国

央行开展货币互换，来提振人们对人民币交

易的信心。

　　中国已经与 18 个国家签署了这类货币

掉期协议。在这样的协议下，央行可以交换

彼此的货币，并被允许在紧急情况下将这些

钱借给国内的银行。

　　伦敦正在与香港、新加坡、台北、东京、

卢森堡和吉隆坡展开竞争，希望成为人民币

离岸交易中心。香港目前遥遥领先，而其他

地区正在竭力缩小差距。

　　东方证券外汇交易员 Liu Yu 说：“在

这样的情况下，看起来伦敦越来越需要留住

人民币业务和中资银行。伦敦是一个成熟的

金融中心，但是它不应该停滞不前。从这个

意义上说，它应该向中资银行提供一些优惠

政策，而不是坚持严格且有些固执的监管要

求。”

　　伦敦希望成为人民币离岸中心的努力于

去年 9 月得到了支持，当时中国中央政府对

英国私营部门发展人民币业务的举措表示出

了欢迎的态度。从那时起，英国财政部就与

香港金融管理局达成了一项协议，每年召开

两次会议，以加强伦敦的人民币流动性。12

月，第二届香港 - 伦敦论坛在伦敦闭幕，与

会的银行家们表示，他们认为自从 5 月香港

召开的首次会议后，伦敦的人民币流动性得

到了改善。

　　与此同时，瑞银的伦敦公司和汇丰银行

的香港分行于 12 月达成了首个香港及伦敦

之间的人民币回购协议，而香港金融管理局

负责管理抵押品。

　　中央财经大学中国银行业研究中心主任

郭田勇在接受采访时说：“虽然对那些希望

拓展欧洲市场的中资银行来说，卢森堡现在

可能是一个很好的选择，但是它们不可能抛

弃伦敦，伦敦是一个全球金融中心，也是冉

冉上升的人民币离岸中心。”

　　中国建设银行于去年 11 月成为第一家

在伦敦发售离岸人民币债券（点心债券）的

大陆公司。人民币在 2012 年 8 月至 11 月

之间升值了 2.7％，这得益于中国经济在七

个季度放缓后的回升迹象。而人民币的升值

也提升了点心债券的受欢迎程度。

　　中国银行的外汇交易员 Stephen Sun

说：“人民币近期的升值显然已经重新点燃

circle" between sovereign debt and banks in those countries, according to Deputy Prime Minister Nick Clegg.

Apparently, a banking union that doesn't include the UK will weaken London's voice in setting the rule-making agenda. Trading in Euros, now centered in London, could shift to Frankfurt or Paris and be regulated by the ECB, Thomas Huertas, a former UK representative on the European Banking Authority, which drafts financial rules for the 27-nation EU, told the Bloomberg News.

The same report cited an executive with knowledge with the matter as saying that US banks that have built securities-trading operations and European headquarters in Britain as a hub for the rest of the region have concerns about London’s future. If a banking union were to leave London more isolated from the rest of Europe, foreign banks would consider shifting operations to within the euro zone, the executive said.

Yuan BusinessThe situation has made it more urgent for London to attract new business, especially the yuan-denominated business, industry experts said. Xia Bin, counselor of China’s State Council and a former adviser to the People's Bank of China, said in December in London that the UK should consider forming a Renminbi swap line with the PBoC to develop the city into an offshore Renminbi trading hub.

Xia noted that since London has advantages in time zone and global financial connections for Renminbi trading, the Bank of England, the country’s central bank, must further boost the confidence of businesses in Renminbi trading via a currency swap arrangement with China's central bank.

China has already teamed up with 18 countries in such swap deals, under which central banks exchange each other’s currency and are allowed to lend the

money to domestic banks to counter the emergency.

Speaking at a forum in London, Xia said that the swap agreement could start with a small quantity, and a short time frame, according to a report by the China Daily newspaper. But he believes the agreement itself is important as a signal to boost market confidence and it is the only way to drive forward London's development as an offshore Renminbi center.

London is competing with Hong Kong, Singapore, Taipei, Tokyo, Luxembourg and Kuala Lumpur, among others, to become an offshore Renminbi-trading hub. Hong Kong is a distinct leader while others are fighting to narrow the gap.

“Under such a scenario, it looks increasingly important for London to retain the Renminbi business and Chinese banks,” said Liu Yu, a foreign-exchange trader with Orient Securities Co. “London is an established financial center but it should never rest on its laurels. In this sense, it should offer some preferential policies to Chinese banks instead of sticking to the strict and somewhat stubborn supervision requirements.”

London's efforts to become a Renminbi offshore center received a boost in September last year when the Chinese central government welcomed an initiative led by the British private-sector to develop Renminbi business in the city.

Since then, the UK Treasury has formed an arrangement with the Hong Kong Monetary Authority to hold a biannual meeting to beef up London's Renminbi liquidity. In December, the second Hong Kong-London Forum concluded in London, with the bankers attending the forum saying that they believed that liquidity had improved since the inaugural meeting in Hong Kong in May.

Meanwhile, UBS AG in London and HSBC Holdings Plc's Hong Kong branch in December conducted the first ever



了人们对人民币债券和人民币国际化的乐观

情绪。但是，这只是故事的一部分。随着

国内外的企业越来越多地使用人民币进行贸

易结算，越来越多的流动性最终可能会让投

资者在更大程度上决定市场的走势。”

　　Sun 说：“欧洲投资者的兴趣正在变

得越来越大，这一点非常重要。我们需要一

点时间来培养伦敦投资者对人民币债券的兴

趣，而相比香港市场发行人可能会承担较高

的票面利率。然而，其中的重要意义在于：

现在当亚洲市场关闭时，你可以在西半球继

续进行交易。这对人民币国际化肯定是积极

的，能够为建立一个真正的全球点心债券市

场铺平道路。”

Renminbi repurchase agreement between banks in Hong Kong and London with the Hong Kong Monetary Authority managing the collateral.

Some industry experts noted that it seems impossible for Chinese banks to quit the London business in the short term as the city will still has dominant influence in the global financial sector and Chinese lenders have strong needs for globalization and developing Renminbi business in overseas markets.

Guo Tianyong, banking research director at the Central University of Finance

and Economics in Beijing, said in an interview with China Daily that “Although Luxembourg may now be a good choice for Chinese banks that are looking to explore the European market, it's impossible for them to turn their backs on London, which is a world financial hub and a rising offshore center for the yuan.”

China Construction Bank in November so l d t h e f i rs t o f fsh o re Ren m in b i-denominated bond, better known as Dim Sum debt, by a mainland company in London. The Chinese currency climbed about 2.7 percent between August and November, 2012, buoyed by signs China’s economy is rebounding from a seven-quarter slowdown. The gain helped boost the popularity of Dim Sum bonds.

“The yuan’s recent appreciation has apparently reignited positive sentiment toward Renminbi bonds and its general pace of internalization,” said Stephen Sun, a foreign-exchange trader with Bank of China. “But it’s just part of the story. With trade settlement using the yuan is better accepted among parties in and out of China, the increasing liquidity could eventually let investors play a bigger role in driving market movement.”

As for the London’s Renminbi-debt market, the most prominent deal happened in April of 2012 when HSBC Holdings Plc sold 2 billion yuan of London-traded Dim Sum bonds, with European investors taking 60 percent of the notes.

“It’s very important to see a growing interest from European investors,” said Sun. “It could take some time to build up investor’s appetite in London while issuers may be subject to higher coupon rates than in Hong Kong; However, the significance lies in that now you can have trading go on in the Western Hemisphere when the Asian markets close. That’s definitely positive toward Yuan’s internalization as it could pave the way for the establishment of a real global market for Dim Sum bonds.”

照片

提供

Photo by Joe Law

son

　　伦敦是世界上最大的外汇交易、跨境银行贷款及利率衍生工具中心。根据银行游说组织TheCityUK 的统计数据，伦敦有 251 家外资银行，其所拥有的国际企业数量比任何其他金融中心更多。

London is the world's biggest center for foreign-exchange trading, cross-border bank lending and interest-rate derivatives. It has 251 foreign banks and more international firms than any other financial center, according to TheCityUK, a bank lobbying group.

14 Winter, 2013

拉脱维亚是波罗的海沿岸的一个小而舒适的国家。它

是欧盟和世界贸易组织的成员国，也是申根地区的

一部分。该国将于 2014 年开始进入欧元区。最近，

在欧洲债务危机中，拉脱维亚的经济显示了积极的动力，从而

吸引了更多的外国投资者。进入该国的外商直接投资范围正在

不断扩大。

在那里，独特的自然风光、大海、松树、美丽的建筑（从中世

纪城堡和里加老城区的街道，到精湛的 Jugend 风格建筑）、

友好、保守且处事低调的当地人，一切都充满吸引力。这是一

个让你流连忘返的国家。

在欧洲轻松安家

拉脱维亚的法律允许外国人在几乎没有限制的情况下购置房产

和土地，他们以后还可以出租自己的房产。房地产的购买和注

册过程是成熟而简单的。当一个外国公民购买房地产时，他或

她可以获得为期 5 年的临时居留许可证（RP），此后许可证可

以每年进行延期注册。投资者的家庭成员——配偶及未成年子

女也能够获得临时居留证。临时居留证不仅允许持有人居住在

拉脱维亚，而且还能够无限期地居住在申根地区国家的领土上。

AMOKO 集团有限公司已经准备好为你提供所有信息，还为有

兴趣在拉脱维亚购买房地产、获得临时居留证和开展业务的外

国人提供一切必要的服务。


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At that, an unique nature, sea, pine trees, beautiful architecture, ranging from medieval castles and streets in Old Riga to exquisite Jugend style buildings, and friendly, reserved and unobtrusive local people will not leave you indifferent. This is a place where you will want to come back again and again.

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16 Winter, 2013

观点 | OPINION CHINA OFFSHORE

陈崖峰Jeffrey Chen

律师Lawyer上海辰禾律师事务所

Practising Lawyer Shanghai Chen He Law Firm Member

上海市律师协会港澳台

法律研究会委员

Research Institute of Hong Kong, Macau & Taiwan LawsShanghai Bar Association

耿西信托：适合中国人的几个要素Guernsey Trust: Some Elements that Suit Chinese

Along with the acceleration of economy globalization, Tax Information Exchange Agreement (TIEA) becomes one of

the major methods that tax administrators of most jurisdiction in dealing with misuse of tax planning. By July 2012, China has signed 9 TIEAs with Bahamas, BVI, Isle of Man, Guernsey, Jersey, Bermuda, Argentina, Cayman Islands and San Marino. The TIEA between China and Guernsey signed on 27 October 2010 together with MOU has been effective from 17 August 2011 and enforces from 1 January 2012.

Globally, there are more than 50 jurisdictions with a tag as International Finance Centre and is frequently used by tax planners. Guernsey, being an unfamiliar jurisdiction and IFC to Chinese, but caught attention by China’s State Administration of Taxation (SAT), could really mean some particulars that Guernsey could offer to wealth management and tax planning by Chinese. Early in 2007, “Guernsey – a leading centre for fiduciary expertise” has been pointed out in a magazine published by Guernsey Finance, frankly, Trust & Fiduciary Service in Guernsey has a reputable name. In fact, the total 97 billion pounds holdings, total value of 274 billion pounds in fund, 33 licensed banks, 154 fiduciary licensees and 748 captives & cells on this island with 62 sq.km in land size and 60,000 for population could shock everyone.

Anything Unique to Guernsey?Guernsey is an independent English speaking, low tax jurisdiction. Whilst Guernsey forms part of the British Isles, it is not part of the United Kingdom and has its own legislation, judicial

税收情报交换协定（TIEA) 是多数法域税务

局所采纳的防止纳税人进行不良税收筹划

的主要机制之一。截止 2012 年 7 月，中

国与九个国家（地区）签署了 TIEA，包括：巴哈马、

英属维尔京群岛、马恩岛、耿西、泽西、百慕大、

阿根廷、开曼群岛和圣马力诺。其中，中国与根西

的 TIEA 及谅解备忘录于 2010 年 10 月 27 日，自

2011 年 8 月 17 日生效，并于 2012 年 1 月 1 日开

始执行。

　　全球范围内被税务筹划人士所经常使用的 50

多个法域带有国际金融中心中，耿西（又译根西岛、

格恩西岛），作为一个中国人所不太熟知的法域，

能够得到中国国家税务总局的关注，可以认为，根

西必定有些特别之处，可以提供给中国人进行财富

管理和税收筹划。

　　“一个领先的理财专业选择”，早在 2007 年，

耿西金融局的刊物中已经把信托及理财服务作为重

点进行宣传，可见，信托及理财服务在耿西是具备

良好口碑的。事实上，970 亿英镑的存款总额、

2740 亿英镑的基金总价值、33 家持牌银行、154

家理财牌照、748 家自营保险公司及单元公司汇集

这个国土面积仅 62 平方公里、人口 6 万的小岛确

实令人吃惊。

耿西有什么特别之处呢？

耿西岛是一个独立的使用英语的、低税率的法域，

尽管其是英吉利海峡群岛的组成部分，但它不属于

联合王国，有着自由的法律、司法及税收体系。耿

西具备可追溯至 18 世纪的坚实的信托传统，其英

国普通法的渊源亦可追溯到 12 世纪。

　　耿西信托由地方法律的成文法予以规制，于 2008

年 3 月 17 日开始施行《耿西岛信托法 2007》系取代

1989 年的信托立法，是耿西岛现行信托及理财服

务的准则。

　　相比于 BVI 和开曼群岛的信托，该法对促进

使用非慈善用途的信托作出规定且在耿西岛的信

如果您有任何意见、问题或者有意为《中国离岸》撰稿，敬请与我们的编辑团队联系，电子邮箱：editorial@chinaoffshore.

com.hk .

If you have any comments, questions or would like to contribute, please contact the China Offshore editorial team at [email protected] .


CHINA OFFSHORE OPINION | 观点

and tax system. Guernsey has solid trust heritage, it can be traced to the 18th century and its English common law sources almost as far back as the 12th century. Guernsey trusts have statutory protection under local trust laws. The Trusts (Guernsey) Law 2007, which came into effect from 17 March 2008, supersedes trust legislation enacted in 1989 and becomes currently effective legis lat ion on Guernsey ’s Trust & Fiduciary Service.

Compared to trusts in BVI and Cayman Islands, such law specified rules promote non-charity purpose trust and remove limits on the length of a trust’s duration. In addition, the Trusts (Guernsey) Law 2007 clarifies the circumstances under which information

has to be given to Beneficiaries and abol ishes l iabi l i ty of Directors of Corporate Trustees, sets a limit at 18 years on action against a trustee, and rules that any order, judgment or finding of law or fact of the Court in an action against a trustee founded on breach of trust is binding on all beneficiaries of the trust equal to a trustee. All above rules maximize the protection of trustees in exercising and realizing trust purpose with minimum disturb.

Unlike other jurisdictions, Guernsey has enacted legislation specifically to promote the use of non-charitable purpose trust. When using offshore structures to assist in tax, estate planning or company restructuring, it may be of considerable assistance to create a trust

托不受时限限制。此外，《耿西岛信托法

2007》澄清了向受益人提供信托信息的情

形、废除了企业受托人董事的责任、对违反

信托的受诉人限定了 18 年的时效限制及受

益人与受托人同等接受法院命令、判决或查

明事实的约束。以上规定，最大程度上保证

了受托人在最少程度干扰的情况下实现信托

目的。

　　与其他法域不同，耿西专门立法以促进

使用非慈善用途的信托。当使用离岸架构

以协助税务、资产筹划或公司重组时，耿西

可以为公司或个人提供相当大的帮助以建立

一个有益的信托。此外，耿西岛的信托理

财服务现有的高度熟练人力资源构成了全面

的法律、会计、税务和精算顾问的网络，促

使耿西成为目的信托的理想家园。

　　就信托而言，除罕有的例外情形，耿西

税务当局对对非耿西居民的委托人及收益人

所取得的所得或资本利得是不征税的。耿西

18 Winter, 2013


in which no company, or individual, has a beneficial interest. Further, the industry’s highly skilled workforce is complemented by a network of sophisticated legal, accounting, tax and actuarial advisers, making it an ideal home for Purpose Trusts.

As to Trust, subject to a few minor exceptions, there is no taxation charged by the Taxation authorities in Guernsey on income or capital gains provided the settlor and the beneficiaries are not resident of Guernsey. There are no restrictions on the number of trustees of Guernsey trusts. Trusts may be imported or exported with minimal formality as there are no public filing requirements for trust deeds in Guernsey.

Apart from the characters listed above, the creative use of cell companies in Guernsey is a must-read concept as globally, Guernsey pioneered the Cell Company (CC) concept. Following from the introduction of the Protected Cell Company (PCC), the CC concept has been further enhanced by the innovation of the Incorporated Cell Company (ICC).

Other than undertaking licensed activities, there is no restriction on what a CC can be legitimately sued for. This has opened up the full scope of what CCs can achieve. PCCs and ICCs, whilst similar, have structural difference and one sort of CC may be more suitable than another depending upon the circumstances. The benefits may include but not limited to:· Alternative to traditional group holding

structure: An ICC can achieve economies of scale

by providing a common administration hub and framework. Cells can be integrated or migrated offering greater flexibility.

· Private trust companies and family

office situations: Private Trust Companies (PTCs) allows

family or professional advisors to participate on the PTC board can be extended further through cellular companies. Assets can be segregated a c c o rd i n g t o r i s k o r o w n e r s h i p p a r t i c i p a t i o n , a s s i s t i n g i n t h e management and enjoyment of the required assets.

· Family governance and succession planning:

Different assets and beneficial interests can be apportioned between cells to help segregate entitlements whilst preserving the advantages of the pooled cellular framework.

· Multi-purpose vehicle: For an entrepreneur with diverse affairs,

the cellular multi-purpose vehicle approach offers a unique administrative hub with ultimate flexibility.

· Private investment funds: Holding separate family investments

in different cells but as part of the same corporate structure will allow investment managers greater freedom in managing their mandate, and in particular with regard to risk.

· Real estate ownership: Diverse real estate ownership through

cells allow easier risk, financial and estate management.

· Intellectual property and royalty ownership:

Income and royalties can be segregated in different contracts. Franchises or IPR leases can be undertaken from different cells.

Obviously, Guernsey Trust together with its pioneering CC concept could offer a wide range of fiduciary service to clients, and could be more suitable to Chinese for family governance.

信托对于受托人的数量没有限制，信托可以

通过简易的形式输入或者输出，在耿西到没

有公共档案的存档要求。

　　有别于以上提及的特点，在耿西创造性

地使用单元公司是必须提及的一个概念，因

为耿西是全球率先提出单元公司（CC）概

念的法域。继保障单元公司（PCC）后，股

份制单元公司（ICC）的推出使单元公司的

理念得以进一步发展。

　　除开展许可活动外，CC 的合法用途不

受限制，这便拓宽了 CC 可以涉及的范围。

PCC 和 ICC 虽然类似，但结构不同。不同

情形下，一种 CC 可能比另一种更适合。

CC 的益处包括但不限于：

·替代传统集体持股结构 :

ICC 可以通过提供共同管理中枢和框架实

现规模经济。单元公司可以整合或迁移，

实现更高的灵活性。

·私有信托公司和家庭办公解决方案 :

根据风险或所有权组合，私有信托公司

（PTC）允许家庭或专业顾问参与，协助

管理和享有特定资产。

·家族统筹与继承规划 :

通过资产和收益利益在单元公司中的不同

安排，帮助权利分离但保留集资单元框架

的优势。

·多用途工具 :

拥有不同业务的企业家可采纳单元公司的

多用途性实现独特灵活的集约管理形态。

·私有投资基金 :

利用不同单元持有分离的家庭投资，但作

为相同企业结构的一部分允许投资经理在

管理权限，尤其是风险管理权限中具有更

大的自由度。

·房地产所有权 :

通过单元公司分离房地产所有权，使风险、

金融和不动产管理更加简易。

·知识产权与版权分配 :

收入与版权收入可本不同合同分离。特许

经营或支持产权许可所得能够由不同的单

元履行。

　　显然，耿西信托及其先锋型的单元公司

概念能够提供客户广泛的信托服务，且可能

更适合中国式的家族统筹。


20 Winter, 2013


In an increasingly mobile world, tens of thousands of Chinese nationals are migrating to the US each year. Navigating the tax issues

that arise from moving assets across borders is challenging, but careful preparation – and using offshore trusts – can help

It is worth noting that a recent survey by China Merchants Bank and Bain & Company found that 60% of Chinese worth $15 million or more have left the country or are planning to leave. Wealth protection is one of several motivating factors

Four times a year the US Treasury Department publishes a list of individuals who have expatriated, either by renouncing citizenship or turning in their green cards. Between January and March 2012 – shortly before the cutoff date for submitting most income tax returns – 460 others expatriated. The following quarter, the total came to a more modest 189.

A large proportion of the names on these lists are of East Asian origin. This appears to tally with anecdotal evidence of Asians who once sought US citizenship now heading in the opposite direction, drawn by better job prospects arising from robust economic growth. But reports of the death of the American Dream – in Asian eyes, at least – are greatly exaggerated: The few hundred names seeking an exit are still far outnumbered by those on their way in.

Whether these immigrants are motivated by proximity to family members attending college in the US or a basic desire to sequester their assets and themselves in a more transparent and stable jurisdiction, wealth management issues shouldn’t be ignored. Much can be achieved through careful

在流动性越来越强的世界中，每年有数以

十万计的中国公民移民到美国。值得一

提的是，中国招商银行和贝恩公司最近发

布的一项调查结果发现，在中国身价超过 1500 万

美元的人当中，60％已经离开或者正计划离开，财

富保障是推动因素之一。

　　要解决跨国移动资产所产生的税收问题是具

有挑战性的，但是精心的准备 —— 利用离岸信托

——可以为您提供帮助。

　　美国财政部每年公布四次移民境外的人员名

单，他们有些放弃了自己的公民权，有些放弃了绿

卡。在 2012 年 1 月至 3 月期间（在申报大多数应

税收入的截至日期前不久），460 人选择了离境。

而在下个季度，总的数字有所下降，仅为 189 人。

　　这些名单上的大多数名字来自于东亚地区。这

似乎符合一个传闻：那些曾经寻求获得美国公民权

的亚洲人正在朝相反的方向行进，而吸引他们的是

强劲经济增长所带来的更好的就业前景。但是，在

亚洲人眼中，关于“美国梦”已死的报道是被极大

地夸大了：那几百名寻求离境的人远远比不过希望

入境的人的数量。

　　无论这些移民的动机是为了靠近在美国读大学

的家庭成员，或者只是希望将自己的资产放在一个

更加透明和稳定的司法管辖区内，财富管理是不应

该被忽视的问题。在进入美国税收制度前，通过精

心的构架可以获得很大的收益。而进入以后，要做

到这一点会变得更困难。

　　根据美国国土安全部的统计，2011 年有超过

一百万的人获得了合法永久居民身份。在过去的

10 年中，只有两年低于这个水平。在这一百万人

中，有 87000 人出生在中国，69000 人出生在印

度，57000 人出生在菲律宾，34000 人出生在越南，

22800 人出生在韩国。绝大多数的移民直接来自他

们的出生国，而并非通过第三国（香港的分类独立

于中国）。

信托产品让新移民得利Immigrants Embrace the Trust Factor

高福德Martin Crawford

OV集团OV Group行政总裁首席执行官

Chief Executive Officer

高先生拥有超过 15 年管

理亚太区大中型企业离岸

金融服务、外汇及资产管

理等领域的丰富经验，在

金融服务业界背景深厚。

With over 15 years’ experience leading medium to large companies in the Asia Pacific region in offshore financial services, foreign exchange and asset management, Martin has a strong background in financial services.



　　从中国移民到美国的人数一直在惊人地

增长，这得益于一个流动性更强的世界和中

国不断上升的经济地位。在 1900 至 1989 年

之间，仅有 30 多万居住在中国的人获得了美

国合法永久居民身份。

　　而在随后的 10 年间，获得这个身份的

中国人超过 34 万。在此之后的 10 年里，

这个数字上升到了近 60 万。自 2000 年以来，

每年的数字有少许波动，但是总的趋势是上

升的。

　　一旦美国移民者通过实质居住测试——

在任何一个年度在该国居住 183 天，或者本

年度居住至少 31 天，且在三年期中至少居住

183 天——或者绿卡测试，他 / 她将立刻需要

支付美国所得税。而一旦移民者到美国居住，

转让税（赠与税，房地产税）将开始生效。

　　鉴于美国所得税系统的全球影响力，从

效率的角度来看，这个问题是难以解决的。

但是，通过使用信托可以在最大程度上减少

移民所带来的税收影响。

　　国际全权信托（或者被称为“drop off”

信托）允许个人在移民前将美国以外的资产

存入一个离岸结构。法定所有权从财产授予

人或给予人转让给了受托人，因此美国的税

务当局无法要求征收赠与税或房产税——这

在继承规划上是一个重要的考虑因素。

　　如果给予人是一位非美籍人士，那么根

据美国的法律，信托的建立比授予人移民到

美国早 5 年时间，在这种情况下，才能获得

非授予人的地位。此外，如果信托拥有非授

权人的地位，财产授予人即便在成为美国居

民后，也不需要就信托产生的收入支付税款。

　　建立授予人信托的个人能够保留一定的

权利和行政权力，并因此被认为在所得税问

题上的资产所有者。而对非授予人信托来说，

授予人完全放弃控制权，因此他将被免除收

入税和转让税。

　　对那些只打算在一部分时间内居住在美

国的人来说，他们可以通过美国税务合格变

额年金计划来减少所得税负债。在合同和保

险公司的保障下，这些投资产品能够实现税

收支付的递延，这意味着钱被收回前，不需

要支付任何税款。

　　通过离岸信托获得年金拥有三重好处：比

在岸项目的成本较低、投资选择更广泛；如果

structuring before entering the US tax system; it is harder to act after the fact.

According to the US Department of Homeland Security, more than one million people obtained legal permanent resident status in 2011. Only two years in the last 10 has it fallen below this level. Of the one million, 87,000 were born in China, 69,000 in India, 57,000 in the Philippines, 34,000 in Vietnam and 22,800 in South Korea. The vast majority moved directly from their country of birth rather than through a third nation (and Hong Kong is categorized separately from China).

The growth in Chinese immigration to the US has been astounding – a product of the more mobile world and China’s rising economic status within it. Between 1900 and 1989, just over 300,000 people giving their country of last residence as China obtained legal permanent resident status in America. In the subsequent 10-year period the total surpassed 340,000, rising to nearly 600,000 in the decade following that. The annual

number has fluctuated since 2000, but there is a general upward trend.

It is worth noting that a recent survey by China Merchants Bank and Bain & Company found that 60% of Chinese worth $15 million or more have left the country or are planning to leave.

Once a US immigrant satisfies the substantial presence test – by residing in the country for either 183 days in any one year or at least 31 days in the current year and 183 equivalent days over a three-year period – or the green card test, he or she is immediately subject to US income tax. And once the immigrant is domiciled in the US, transfer taxes (gift tax, estate tax) come into effect.

Given the global reach of the US income tax system, it is difficult to address from an efficiency perspective. However, transfer tax exposure can be minimized through the use of a trust.

An international discretionary trust, or “drop off” trust, allows an individual to deposit assets held outside the US into an

鉴于美国所得税系统的全球影响力，从效率的角度来看，这个问题是难以解决的。但是，通过使用信托可以在最大程度上减少移民所带来的税收影响。

Given the global reach of the US income tax system, it is difficult to address from an efficiency perspective. However, transfer tax exposure can be minimized through the use of a trust.

照片

提供

Photo by M

ichelle Koh

22 Winter, 2013


信托在移民之前建立，年金不需要承担任何转

移税；如果个人在一些年以后离开美国，离开

后的年金不需要在美国支付任何税款。

　　对那些选择长期留在美国的人来说，信托

同样可以用来建立符合税收规定的万能寿险。

　　美国拥有世界上最复杂的税收制度之一，

其全球影响力给纳税人带来了严峻的挑战。

但是，我们建议无论去往哪个目的地，准移

民们都需要重新审视自己的财富管理策略。

基于信任的解决方案是无处不在的。例如，

加拿大针对居民的全球收入和资本收益征税，

但是允许移民在前 60 个月的时间里将他们的

资产放在离岸信托中。

　　在这种情况下，信托的脱颖而出。几年前，

大多数客户都不知道它们的存款——证明了

大家针对财富和继承规划正在采取更加复杂

的策略。OIL 的内部市场研究表明，这仅仅是

一个趋势的开始：在未来十年内，富裕人士

和他们的家庭将更为认真地对待资产保护和

财富管理 ——无论他们是否留在中国。

offshore structure prior to immigration. Legal ownership is transferred from settlor or grantor to the trustee and so the US revenue authorities are unable to claim gift tax or estate tax – a key consideration in terms of succession planning. In cases where the grantor is a non-US person, under US law, the trust must be established five years before the grantor immigrates to the US in order to qualify for non-grantor status.

Furthermore, if the trust has non-grantor status, the settlor isn’t taxed on income generated within the trust even after becoming a US resident.

An individual setting up a grantor trust retains certain rights and administrative powers and is therefore considered the owner of the assets for income tax purposes. With a non-grantor trust, control is

completely relinquished and so the grantor is exempt from income and transfer taxes.

For individuals only planning to remain in the US for a set period of time, income tax liabilities can be reduced through a US tax qualified variable annuity program. Structured as a contract with an insurer, these investment products are tax-deferred, which means no payments are due until money is withdrawn.

The benefits of acquiring an annuity through an offshore trust are threefold: costs are lower and investment options wider than with onshore programs; if the trust is set up prior to immigration, the annuity isn’t liable for transfer taxes; and, if the individual leaves the US after a number of years, the annuity isn’t subject to any US tax whatsoever if surrendered after departure.

A trust can also accommodate a tax compliant universal life insurance policy for those who choose to remain in the US for the long term.

America has one of the most complex tax systems in the world and its worldwide reach presents a challenge – but prospective immigrants are advised to examine their wealth management strategies regardless of the destination. Trust-based solutions are ubiquitous. Canada, for example, taxes residents on worldwide income and capital gains, but allows immigrants to shelter assets in an offshore trust for the first 60 months of their residency.

The speed with which trusts have come to the fore in this context – several years ago most clients knew nothing of them – attests to the increasingly sophisticated approach now taken towards wealth and succession planning. OIL’s internal market research suggests this is just the beginning of the trend: over the next decade wealthy individuals and their families will take asset protection and wealth management more seriously–whether they stay in China or not.

美国拥有世界上最复杂的税收制度之一，其全球影响力给纳税人带来了严峻的挑战。但是，我们建议无论去往哪个目的地，准移民们都需要重新审视自己的财富管理策略。

America has one of the most complex tax systems in the world and its worldwide reach presents a challenge – but prospective immigrants are advised to examine their wealth management strategies regardless of the destination.

照片

提供

Photo by C

had Reeves


24 Winter, 2013S20 OFFSHORE & PRIVATE BANKING 2012

奥地利私人基金会The Austrian Private Foundation奥地利私人基金会的合法地位

奥地利私人基金会本身是一个法人实体，它没有股票，也没有股东。它只需一份公证书就能够建立，创建人能够在不可撤销或可撤销的前提下建立基金会。需要注意的是，只有作为创始人的个人才能够撤销基金会。不如，作为创始人的法人或个人可以随时修改公开章程和非公开的附录。

基金会的章程是一份公开的文件，里面规定了基金会的一般情况，包括基金会的名称、席位、是否可撤销以及创始人是否预期要修改基金会的章程。

类似以下内容的重要细节

• 受益人的名称， • 受益人能够获得的款项，以及• 基金会的资产总量

将会被收录在非公开的附录里。创始人可以指定任何人作为受益人，并且可以随时增加额外或者新的受益人。

L e g a l s t a t u s o f a n A u s t r i a n private foundation

The Austrian Private Foundation is a corporate entity

per se, it has no shares and no shareholders. It comes

into existence with the help of a notarial deed whereby

the founder can establish the foundation on an

irrevocable or revocable basis. It is important to note,

that only individuals acting as founders can revoke

a foundation. Nevertheless both juridical persons or

individuals as founders can at any time amend both the

public charter as well as the non-public by-laws.

The charter of the foundation is a public document and

governs general topics like the name of the foundation,

its seat and whether it is revocable or irrevocable and

whether the founder has foreseen the possibility to

amend the charter of the foundation or not.

The important details like

• the names of the benefi ciaries,

• the payments which have to be effected to the

benefi ciaries and

• the total amount of assets endowed to the foundation

are included in the non-public by-laws.

The founder can denominate any benefi ciary he thinks

of and can, denominate additional or new benefi ciaries

whenever he likes to do so.

如果创始人过世了，会发生什么？

主要的好处之一是创始人的死亡无论在税收方面还是其他方面对基金会的运营不会产生任何影响。当创始人将其资产给予基金会后，这些资产就成为了基金会的合法财产，因此不再是继承人所应得财产得一部分。从逻辑上来说，由于没有东西需要继承，也就没有需要支付的继承税。根据奥地利的法律，创始人的权利不能被继承。

基金会非公开的附录通常规定，在创始人过世后，其在附录里规定的个人、企业实体或者协会将成为受益人。成为奥地利私人基金会的受益者不会触发任何继承税或遗产税。

What happens after the founder has deceased ?

One of the major benefits is, that the death of the

founder does not have any impact on the situation of

the foundation, neither taxwise nor otherwise.

When the founder has endowed his assets to the

foundation they become legal property of the

foundation and therefore will not form part of the

accrual left for the heirs. Logically there is nothing

left to be inherited and as a consequence there is also

no inheritance tax coming due. Rights embedded in

the position of being a founder cannot be inherited

according to Austrian law.

The non-public by-laws of the foundation usually

foresee, that after the founder has died those

individuals or corporate entities or associations whom

he has foreseen in the non-public by-laws will become

benefi ciaries.

Becoming benefi ciary of an Austrian private foundation

does not trigger any inheritance tax or estate tax.

创始人的权利

奥地利基金会创始人的权利非常广泛：• 他选择第一任管理委员会的成员• 他可以随时修改章程和非公开的附录• 他可以决定支付给受益人的金额以及何时支付• 他可以决定他死后财产如何分配• 他可以知道管理委员会如何投资和投资何种产品• 他可以随时撤消基金会• 他可以随时增加额外或者新的受益人

奥地利私人基金会法规定基金会必须至少有以下企业实体：• 管理委员会• 审计师


Bilanz-Data Wirtschaftstreuhand GmbHSchwarzenbergstraße 1-3/14a1010 Vienna, AustriaPhone: (+43 1) 516 12 0Fax: (+43 1) 516 12 14Email: [email protected]

2011 年 8 月于维也纳Erich Baier，工商管理硕士、法学硕士（国际税法） TEP 注册税务顾问

Vienna, August 2011Erich Baier, MBA, LL.M. (Int’l Tax Law) TEP Certifi ed Tax Advisor

The rights of the founder

The rights of the founder of an Austrian foundation are

very far reaching:

• he selects the fi rst board of management

• he can amend the charter and the non-public by-laws

at any time

• he can determine how much is paid, to whom, and when

• he can determine what happens after his death

• he can give guidelines to the management board of

how to invest and into what

• he can revoke the foundation at any time

• he can determine additional or new benefi ciaries at

any time

The Austrian Private Foundation Act governs that

the foundation has to have a minimum of corporate

bodies, which are:

• the management board and

• the auditor

管理委员会

创始人有权选择第一任管理委员会，除非法庭对委员会进行提名。后者仅在创始人未在章程中制定不同的规则时适用。

The management board

The fi rst management board is selected by the founder,

otherwise the court nominates the board, but only, if

the founder has not foreseen a diff erent regulation in

the charter.

审计师

法律规定年度账户必须经由注册公共会计师进行年度审计。此外，基金会委员会的所有成员有权向竞争法庭提出要求，进行外部审计。

Auditor

Law determines that the annual accounts have to be

audited by a Certified Public Accountant every year.

Furthermore every member of the foundation's board

has the right to request such an extraordinary audit by

lodging such a request with the competent court.

基金会的征税

奥地利国内的税法规定对国内和外国的红利不征税，对出售其他公司股份的国内和外国资本利得也不征税。从一定程度上来说，通过基金会的帮助利息收入也可以实现免税。基金会的最低资本金授予额度为 7 万英镑，这些资金可以在后期被用来投资，而不会被锁定。在成立时，基金会收到的净资产将仅需支付一次性 2.5% 的税。

对基金会、财产授予者或受益人• 无净值税• 无赠予税• 无继承税

Conclusion

Using an Austrian private foundation can lead to

enormous advantages not only taxwise but also be

very helpful in preserving and protecting assets and net

wealth for a family.

Furthermore an Austrian foundation might open ways

to avoid problems concerning formalities of a will or

claims of spouses or other family members in case of

an inheritance.

Together with a generally friendly tax climate in Austria

the Austrian Private Foundation is a perfect tool for

• dynastic wealth planning

• managing wealth tax-free

• preserving assets for a family

• Sharia compliant structures

• legally avoiding income tax and inheritance tax burdens

I may therefore invite you to go the Austrian way, it

pays off !

受益人的征税

如果受益人是非本国居民且居住在没有缔结税收条约的国家时，向此类受益人支付的金额将被收征 25％的预提税。当受益人居住在缔约国时，相关税收协定的规则将适用。

一般而言，基金会的付款会被认为是其他收入，因此仅在受益人作为居民的国家进行征税（如果有此项税）。在奥地利与其他国家签署的 88 项税收协定中，大部分是上述的情况。只有当缔约国没有根据广义税务协定第十条对红利收入进行定义时，对此类支付的征税权利属于奥地利。然而，在几乎所有的类似税收协定中，预提税被大幅地削减了，范围为 5％至 15％。收款人还可以在本国申请外国税收减免。因此，我希望邀请您来奥地利创建基金会，这将为您带来好处！

Taxation of the benefi ciaries

In case of non-resident benefi ciaries living in non-treaty

countries payments made to such benefi ciaries are due

to a 25 % withholding tax at source.

Provided such a benefi ciary is living in a treaty country

the relevant tax treaty regulations have to be applied.

The general rule is that payments from foundations are

considered as other income and therefore only taxable

in the country where the beneficiary is resident, if

at all. This is the case in the majority of the 88 tax

treaties Austria currently has with other countries.

Only in case of a treaty with a country, which does

not have an extensive definition of dividend income

in Art 10 of the very tax treaty, the right to levy taxes

upon such payments is left in Austria. Nevertheless in

almost all cases of such treaties the withholding tax

is significantly reduced, ranging between 5 % and 15

%, whereby the recipient of such a payment will be

granted a foreign tax credit in his home country.

Sponsored Article

26 Winter, 2013

Setting Up a Fund in Ireland爱尔兰基金投资指南

By Tendai Musakwa

特别报道 | SPECIAL REPORT


在爱尔兰这样的欧洲国家建立分公

司，就能操作 UCITS 的基金产品。

因此对于中国的基金经理人来说，

在爱尔兰建立基金是越来越具吸引力的选择。

　　与其他欧洲国家相比，爱尔兰更受基金

经理的青睐。爱尔兰对于基金和投资者不征

税；与此同时，对非爱尔兰常住居民投资者

通过持有投资基金股份获得的收入或收益，

爱尔兰也不征任何税。另外，由于增值税豁

免，服务提供商的收费项目（含基金经理人

费用、托管 / 信托服务费、投资管理费、分

销与管理费等）一般无需缴纳爱尔兰增值税。

　　显然，在爱尔兰建立基金是基金经理十

分理想的选择。本文将就选择在爱尔兰进行

基金投资时需要注意的问题做一个探讨。

在 UCITS 和非 UCITS 基金之间选择

在爱尔兰，主要有两大类基金可供选择——

UCITS 基金和非 UCITS 基金。UCITS 基金

是指“可转让证券集合投资基金”。只要基

金和基金经理人在爱尔兰注册过，该经理人

管理的 UCITS 基金可在欧盟的任何一个国

家进行分销。根据欧盟立法，UCITS 基金

是根据某项在爱尔兰实行的欧盟立法而建立

的，一旦 UCITS 基金在爱尔兰获得许可，

即能在欧盟的其他国家分销而不需获得目的

国的再次许可。

　　爱尔兰的开放式零售基金既可以作为

UCITS 基金，也可以建立成非 UCITS 基

金。然而，封闭式零售基金必须建立成非

UCITS 基金。

　　尽管，能够在欧洲进行分销是 UCITS

基金的最大卖点，UCITS 基金同时也是最

遵循欧洲常规标准的一种基金。一般来说，

在爱尔兰建立一个 UCITS 基金的基本投资

条件是，在如下的项目的基金投资净资产达

到 90% 以上：

1. 在股票交易所上市或在规定市场定期操作

的可转让证券和其他货币市场工具，并公诸

于众，或

2. 近期发行的可转让证券，一年内可以在正

式股票交易所上市或其他市场（上文提及的）

分销的，或

3. 除了在规定市场操作的其他货币市场工

具，或

4. 其他 UCITS 的股份，或

Setting up funds in Ireland has become more attractive to Chinese fund managers as establishing

an office in a European country such as Ireland allows them to operate and market UCITS fund products throughout the continent.

Ireland is more attractive to fund managers compared to other European countries, however, because Irish funds are exempt from Irish tax on their income and gains regardless of the residence of their investors. Moreover, there is no withholding tax levied on income distributions from Irish funds and there is also no withholding tax imposed on the redemption of fund shares by non-Irish residents. Furthermore, no Irish stamp duty is levied on the issue, sale or transfer of shares in a fund and many of the services which funds receive are VAT exempt.

S e t t i n g u p f u n d s i n I re l a n d i s undoubtedly an attractive choice for fund managers. Here we look at some of the considerations managers should keep in mind if they're looking to set up funds in Ireland.

Choosing Between UCITS and non-UCITS FundsThere are two main categories of fund products that managers may offer in Ireland: UCITS and non-UCITS funds. The term UCITS refers to the t it le “Undertakings for Collective Investment in Transferable Securities.” UCITS funds can be marketed within all countries that are a part of the European Union, p rov i d e d t h a t t h e f u n d a n d f u n d managers are registered within Ireland. UCITS funds are set up according to specific European legislation as the legislation is implemented in Ireland. Once authorized in Ireland, UCITS funds can be marketed throughout

the EU without the need for further authorization in the target countries.

Irish open-ended retail funds can either be established as UCITS funds or as non-UCITS funds. However, closed-ended retail funds must be established as non-UCITS funds.

Although the ability to market UCITS funds throughout Europe is undoubtedly one of their most attractive selling points, they are also the most highly regulated funds because of the necessity to comply with a common European standard.

Generally, the basic investment requirement for a fund to be listed as a UCITS fund in Ireland is that at least 90 percent of the fund's net asset value must be invested in:

1. Transferable securities and money market instruments that are either listed on a stock exchange or that are traded on a market that is regulated, operates regularly, and is recognized and open to the public, or

2. Recently issued transferable securities that will be admitted to official listing on a stock exchange or other market (as described above) within a year, or

3. Money market instruments, other than those dealt in on a regulated market, or

4. Shares in other UCITS funds, or5. Shares in non-UCITS Collective

Investment Schemes funds, or 6. Deposits with credit institutions, or7. Financial derivative instruments.

UCITS funds can have no more than 10 percent of its assets invested in assets belonging to any one issuer (subject to certain exceptions).

UCITS funds may only borrow up to 10 percent of their net asset value and they may only borrow on a temporary basis.

SPECIAL REPORT | 特别报道

28 Winter, 2013

5. 其他非 UCITS 的集体投资体系基金，或

6. 信贷机构的存款，或

7. 金融衍生工具。

　　UCITS 基金中不得有超过 10% 的资产

投资于发行人名下的资产（有特殊要求的除

外）。UCITS 基金的借款总量不得超过其

净资产的 10%，并且属临时借款。

Setting up the FundIrish funds can be set up as companies, i nve s t m e n t - l i m i te d p a r t n e r s h i p s , common contractual funds or unit trusts. A unit trust is constituted by a trust deed between a trustee and a management company (manager). The trustee acts as

legal owner of the fund’s assets on behalf of investors.

Investment companies, on the other hand, are subject to Irish company law, including a 1990 law under which an investment company must operate with the aim of diversifying investment risk. A company can be incorporated with limited liability, with segregated liability for each sub-fund. An investment company must include the results for all sub-funds of that company in the periodic reports issued by the company.

An investment-limited partnership structure is not allowed for UCITS funds. The Central Bank of Ireland requires that there be at least one Irish general partner for investment-limited partnerships.

A common contractual fund is a fund vehicle that enables pension funds to pool their investments in a tax efficient manner. A common contractual fund is an unincorporated body established by a management company under a


　　在爱尔兰设立基金可以通过建立公司，有限合伙投资，普通契约型基金或者单位信托

基金。单位信托基金由受托人和管理公司（经理）共同签署的委托书构成。

Irish funds can be set up as companies, investment-limited partnerships, common contractual funds or unit trusts. A unit trust is constituted by a trust deed between a trustee and a management company (manager).

照片

提供

Photo by E

mily C

hang


设立基金

在爱尔兰设立基金可以通过建立公司，有限

合伙投资，普通契约型基金或者单位信托基

金。单位信托基金由受托人和管理公司（经

理）共同签署的委托书构成。受托人可以代

表投资者成为该基金资产的法定受益人。

　　另一方面，投资公司需遵循爱尔兰公司

法，其中包括一项 1990 年的有关投资公司

必须分散投资风险的法律。公司可以是有限

责任公司，公司的每个子基金必须独立负责。

在投资公司定期报表中必须包括该公司的所

有子基金。

　　有限投资合伙结构不能建立 UCITS 基

金。爱尔兰中央银行要求有限投资合伙结构

中至少有一个爱尔兰籍的普通合伙人。

　　普通契约型基金是指能够将养老基金通

过低赋税的方式来进行合伙经营的基金机

构。普通契约型基金是由管理公司建立的非

法人团体，投资者通过契约合同成为该基金

资产的共同拥有者。这样能够缩减行政开支

并且简化税务事宜。

　　基金管理人必须获得爱尔兰中央银行的认

证书，才能在爱尔兰设计基金，但是没有最低

投资金额的要求。对公众发售的基金必须获得

contractual deed whereby the investors participate as co-owners of the assets of the fund. Using a common contractual fund structure reduces administrative costs and simplifies tax issues.

Before a fund may be set up in Ireland, the fund manager must obtain written authorization from the Irish Central Bank. There are no minimum capitalization requirements. Funds that are available to the public may not be sold or purchased without having sought and obtained authorization of the Central Bank. All fund companies that establish themselves in Ireland should have a minimum of two Irish resident directors on their boards.

To obtain the authorization to set up a fund, the fund or its management company must apply to the Central Bank in writing. This application should initially be made in draft form. Before making an application, the proposed manager of the fund must have been

cleared by the Central Bank, as must any investment partners that will be involved in the running of the fund.

All funds must also issue a prospectus before they can start selling shares. The prospectus must be dated, and the content of the prospectus must be kept up to date. Investors must be offered a copy of the prospectus, free of charge, before they can buy shares in the relevant fund. Any changes to the prospectus must be made by prior approval of the Central Bank. Investors must be notified of any changes affecting their assets in a fund in the fund's subsequent financial reports. The Irish Central Bank requires all fund prospectuses to contain sufficient information to enable investors to make an informed decision on whether or not to invest in the fund. In particular, the investment objectives and policies of a fund must be clearly described in the prospectus with sufficient information to enable investors to be fully aware of


30 Winter, 2013


中央银行的授权书才能进行分销。但是，所

有在爱尔兰设立的基金公司，都必须有至少

两名爱尔兰籍公民在其董事会担任董事。

　　基金或其管理公司须向中央银行提出书

面申请来获得设立基金的许可证。申请必须

首先以草稿形式提交。在提交申请之前，该

基金的经理人必须得到中央银行的审批，该

基金的其他合伙人也必须获得审批。

　　所有的基金必须在公开发售前发行一份

内容说明书。该说明书必须标注日期，内容

也需保持更新。在投资人购买相关基金是，

这份说明书必须免费提供给每一个投资者。

对于该说明书的任何修改需提前获得中央银

行的批准。在随后发行的财务报告中，投资

者须被告知该基金的任何有可能影响其资产

的变动。爱尔兰中央银行要求所有的基金内

容说明书包含足够的信息，来保证投资者能

够以此来做出是否投资该基金的决定。在内

容说明书里，尤其要列出投资目的以及相关

政策，以便投资者能够充分理解其所需承担

的风险。UCITS 基金也必须发行一份“投

资者须知”的文件，以简洁的，非专业术语

的方式，向投资者阐明该基金的相关信息。

资产管理

爱尔兰受监管基金的资产必须委托存方保

管。托存方必须是爱尔兰的信用机构、欧盟

信用机构在爱尔兰的分支机构或者由欧盟信

用机构完全拥有的爱尔兰注册公司。

　　托存方的职责是保证现金和非现金资产

分开，以及基金管理的实施符合爱尔兰法律。

此外，托存方必须定期调查基金管理者在每

年会计期间的行为，并且发布关于该行为的

报告。

投资者

爱尔兰基金并无投资者数目的最低要求，对

于爱尔兰基金投资者的管辖范围也没有严格

要求。此外，央行也没有投资的最低额度要

求，除了非 UCITS 风险投资、私募基金、

职业投资者和合格投资者基金。

在爱尔兰股权交易所的上市基金

爱尔兰股权交易所作为上市投资基金的领先

中心是被全世界被认可的。在爱尔兰股权交

易所上市的基金允许大量的投资者参与，而

为了投资，机构投资者可能会被要求在一家

the risks they are entering into. UCITS funds must also issue a "key investor information document" which contains the essential characteristics of the UCITS fund in concise and non-technical language for investors.

Managing Assets The assets of Irish regulated funds must be entrusted to a depositary for safekeeping. The depositary must be an Irish credit institution, an Irish branch of an EU credit institution or an Irish incorporated company which is wholly owned by an EU credit institution.

The depositary's role is to ensure the separation of cash and non-cash assets and to ensure that the management of the fund is carried out in accordance with Irish legislation. In addition, the depositary must regularly inquire into the conduct of the fund manager in each annual accounting period and issue reports on this conduct to the fund's shareholders.

InvestorsIrish funds are not required to have a minimum number of investors, and there are no restrictions on the jurisdiction of an Irish fund’s investors. In addition, there are no minimum investments required by the Central Bank, except for non-UCITS venture capital, private equity, professional investor and qualifying investor funds.

Listing Funds on the Irish Stock ExchangeThe Irish Stock Exchange is recognized worldwide as a leading center for listing investment funds. Listing funds on the Irish Stock Exchange allows a fund to reach a larger number of investors, as institutional investors may require a listing on a recognized stock exchange in order to invest and some countries require or provide exemptions for investment in listed securities. For example, the stocks or investment funds in which a Chinese Qualified Domestic

　　爱尔兰受监管基金的资产必须委托存方保管。托存方必须是爱尔兰的信用机构、欧盟

信用机构在爱尔兰的分支机构或者由欧盟信用机构完全拥有的爱尔兰注册公司。

The assets of Irish regulated funds must be entrusted to a depositary for safekeeping. The depositary must be an Irish credit institution, an Irish branch of an EU credit institution or an Irish incorporated company which is wholly owned by an EU credit institution.

照片

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Photo by Joan S

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被认可的股交所上市，一些国家要求或提供

豁免上市证券投资。

　　例如，中国合格境内机构投资者投资的

股票或者投资基金必须在类似爱尔兰股权交

易所的股交所上市，或者由与中国证监会和

中国银监会签署了谅解备忘录的由金融监管

机构监管。

　　此外，在一个被良好管理和广泛认可的

欧洲的股交所，例如爱尔兰股权交易所，为

基金发起人提供了有价值的营销工具，为投

资者提供公开可获得的信息，并且允许投资

者为他们的投资参考上市价格。

　　在爱尔兰股权交易所上市对基金注册地

没有要求，对来自欧盟成员、香港、泽西岛、

耿西岛、马恩岛、百慕大群岛的基金没有最

低认购要求。不过，在其他管辖范围内注册

的基金必须遵守 10 万美元的最低认购额标

准。爱尔兰基金对董事的数量没有最低要求，

但是上市公司的董事不能兼任执行董事。非

爱尔兰基金必须有至少两名独立董事。

　　根据爱尔兰股票交易所的披露要求，想

在爱尔兰股票交易所上市的基金必须准备一

份上市资料文件。在所有的意见都被解决，

并且没有进一步的修改前，股交所将会在上

市资料的不同初稿上作审核意见。之后，文

件会被定稿、确定日期和批准。

　　除了上市文件之外，还有许多其他文件

会被上交到爱尔兰股权交易所，包括担保人

申请表、客户申请表、由所有董事签订的

责任书和授权书、每个执行过的重大合同

的副本，每名董事在过去五年持有的伙伴

关系和董事关系的细节，以及基金组成文

件的副本。

　　一旦基金上市就必须履行持久的义务，

包括向爱尔兰股权交易所提交一系列定期报

告；汇报其活动中不为公众所知的任何巨大

进展以及会导致股价或者净资产值巨大变动

的信息；提供控股细节，董事或者投资经理

人对交易所的，以及想交易所支付的年金。

设立爱尔兰对冲基金

爱尔兰是世界领先的对冲基金管理中心，提

供服务的另类投资资产占全球对冲基金资产

的比重超过 40%。除此以外，爱尔兰也是

提供多种多样基金管理，审计，法律和咨询

服务的对冲基金服务地。并且，爱尔兰有着

十分高效，透明和稳定的税务体系，并且对

Institutional Investor invests must be listed on a stock exchange such as the Irish Stock Exchange or regulated by a financial regulator that has signed a Memorandum of Understanding with the China Securities Regulation Commission and the China Banking Regulatory Commission.

In addition, listing on a well regulated and recognized European stock exchange such as the Irish Stock Exchange provides a valuable marketing tool for fund promoters, provides publicly available information for investors and allows investors to refer to a publicly quoted price for their investments.

There are no restrictions on fund domicile for listing on the Irish Stock Exchange and there is no minimum subscription for funds originating from EU member states, Hong Kong, Jersey, Guernsey, the Isle of Man or Bermuda. Funds domiciled in other jurisdictions are subject to a minimum subscription

of $100,000, however. There is no minimum number of directors required for Irish funds, but directors of listed must be non-executive. A minimum of two independent directors is required for non-Irish funds.

To list a fund on the Irish Stock Exchange, a Listing Particulars document must be prepared in accordance with the disclosure requirements of the Irish Stock Exchange. The Stock Exchange will review and comment on various drafts of the Listing Particulars until all of its comments have been addressed, and there are no further amendments to make. The document is then finalized, dated and approved.

In addition to the Listing Particulars, a number of other documents must be submitted to the Irish Stock Exchange, including a sponsor application form, a client application form, responsibility letters signed by each director, powers of attorney, a copy of the final Prospectus/

Growth of Irish UCITS Fund

基金数量 No.of Funds

年份 /Year

净资产 ( 单位：十亿欧元） Net Assets(Unit:Billion Euro)

来源：EFAMA 和爱尔兰中央银行Source: EFAMA & Central Bank of Ireland (CBI)

爱尔兰 UCITS 的增长

3500

3000

2500

2000

1500

1000

500

0

1000

800

600

400

200

02002

20032004

20052006

20072008

20092010

2011

Aug-12

32 Winter, 2013

于非爱尔兰居民的投资者所进行的基金投资

不征税。

　　爱尔兰的对冲基金通常以非 UCITS 基

金形式建立，也就是说如果该对冲基金是在

爱尔兰设立的，那么也只能在爱尔兰分销。

根据目标投资者的构成不同，例如散户投资

者，职业投资者或者其他投资者，设立在爱

尔兰的对冲基金的管理也不同。

　　爱尔兰资格投资者基金（QIF 基金）因

其在投资限额和借贷方面较大的灵活性，成

为最常使用的对冲基金工具。QIF 基金的最

低起始订金是每个投资者投入 100,000 欧元。

　　此外，QIF 基金的投资者必须自查是否

达到了最低起始投资金额，并且具备相关的

专业知识，知晓该投资本身存在的风险，有

可能会损失所有的投资金额。

　　专业投资基金的最低要求是每个投资者

投入 125,000 欧元，但没有相关专业准则知

晓的要求。

　　散户投资基金是没有最低投资金额限制

的，只要是投入少于每人 100,000 欧元的投

资者均可归为散户投资基金。

　　对于对冲基金的审批过程与其他的基金

类似。

结论

爱尔兰作为设立基金最有吸引力的管辖区域

之一已经拥有的良好的声誉。爱尔兰在最有

弹性和优势的国际基金注册地中名列前茅，

不小的一部分原因是在爱尔兰法律和监管系

统下可以成立的基金种类，同时也得益于在

爱尔兰提供的税收刺激政策。因此，在爱尔

兰设立基金是非常值得考虑的。

Listing Particulars signed by or on behalf of each director, a copy of each executed material contract, details of all directorships and partnerships held by each director in the past five years and a copy of the constitutive documents for the fund.

Once a fund has listed, it should meet a number of continuing obligations including submitt ing a number of periodic reports to the Irish Stock Exchange; reporting any major new developments in its activities which are not public knowledge and which may lead to a substantial movement in the price or net asset value of its units to the Exchange; providing details on controlling shareholders, directors’ or investment manager’s interests to the Exchange; and paying an annual fee to the Exchange.

Setting up an Irish Hedge FundIreland is the world’s leading center for the administration of hedge funds, servicing over 40 per cent of global hedge fund assets. In addition to being a leading international domicile for hedge funds, Ireland is also one of the main service locations for hedge funds, providing a variety of fund administration, audit, and legal and consulting services. In addition, Ireland offers a highly efficient, clear and certain tax environment for investment funds with no taxes levied on a fund’s returns or on non-resident investors.

Irish hedge funds are generally established as non-UCITS funds, meaning that if a hedge fund is established in Ireland, it can only be marketed in the country. Irish hedge funds are regulated differently according to the targeted investor profile, with the different investor profiles being retail investors, professional investors or qualifying investors.

The qualifying investor fund is the most frequently used vehicle for hedge funds due to its greater flexibility in terms of investment l imits and no borrowing or leverage limits. A minimum initial subscription of 100,000 euros per investor is required for qualifying investor funds.

In addition, qualifying investors must self-certify that they meet the minimum initial investment per investor and appropriate expertise/understanding tests and that they are aware of the risks involved in the proposed investment and of the fact that inherent in such investments is the potential to lose the entire sum invested.

A minimum subscription requirement of 125,000 euros per investor is imposed for professional investor funds, but no expertise/understanding criterion is required.

Retail investor funds are funds that have no minimum subscription requirement or that have a minimum subscription that is less than Euro 100,000 per investor will be considered to be a retail investor fund.

The authorization process for Irish hedge funds is generally similar to the authorization process for different kinds of funds.

ConclusionIreland has earned a reputation as one of the most attractive jurisdictions in which to establish a fund. The country ranks amongst the most flexible and a dva n t a g e o u s i n t e r n a t i o n a l f u n d domiciles due in no small part to the wide variety of funds that may be established under the Irish legal and regulatory system, as well as the tax incentives that investing in Ireland offers. As such, setting up a fund in Ireland is a worthy consideration.



Offshore & Private Banking独

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02 Winter, 2013


EXCLUSIVE REPORT | 独家报道

2013 OFFSHORE & PRIVATE BANKING S01

Chinese banks were comparatively slow to take wealth management seriously. Foreign banks beat

them into the market in 2005, when AIG opened up an office in Shanghai, and by the time Bank of China started rolling out the country’s first centers for “prestigious wealth management” along with a number of private banking centres in 2007, some of the industry’s biggest players – including HSBC, Standard Chartered and Credit Suisse – had either set up shop on the Chinese mainland or introduced private banking services to their existing retail offerings.

The foreign banks’ motives were straightforward: China mints hundreds of new millionaires every day, and private banking establishes a relationship that

就中国的财富管理业界而言，中资

银行直到最近才开始认真对待。

2005 年，外资银行率先进入这个

市场，当时 AIG 在上海开设了一间办公室。

直到 2007 年，中国银行才开始启动中国第

一家“高端财富管理”中心，其后一些银

行纷纷跟进。而这时，这个行业中一些最

大的公司（包括汇丰银行、渣打银行和瑞

士信贷）有的已经在中国大陆启动了业务，

有的已经在现有的零售服务中加入了私人

银行服务。

　　外资银行的动机十分简单：中国每

天产生几百个新的百万富翁，而私人银行

业务建立的关系最终可能导致其他更有利

可图的交易，比如投资和商业银行等。相

比之下，国内银行只是被动地做出反应：

中国的新百万富翁已经是他们的客户。虽

然外资银行所带来的威胁迫使它们提供更

多的价值，但是这也开辟了新的收入来

might eventually lead to other, more lucrative transactions, like investment and commercial banking. The domestic banks were, by contrast, only reacting: China’s new millionaires were already their customers, and while the threat presented by foreign banks forced them to add value, it has also opened up new revenue streams. Mike Werner, an analyst at Bernstein Research in Hong Kong, agrees. “It is more about the Chinese banks trying to create an extra service for its investment banking and commercial banking clients,” he told the Financial Times, “so that they can keep as much of their business as possible today and in the future.”

Five years ago, Boston Consulting Group published a report stating that

中资银行的海外财富管理机构Chinese Banks’ Offshore Wealth Management Units By Stuart Davis

002 Winter, 2013

独家报道 | EXCLUSIVE REPORT

S02 OFFSHORE & PRIVATE BANKING 2013

源。香港伯恩斯坦研究公司（Bernstein

Research）的分析师 Mike Werner 对此表

示赞同。他在接受《金融时报》的采访时

表示：“事实上，中资银行这么做是为了

给它们的投资银行和商业银行客户提供额

外的服务，从而今天和未来尽可能留住它

们的业务。”

　　五年前，波士顿咨询集团发表报告中

指出，中国个人财富总量的 8％被投资到了

境外。最近的分析估计，这个数字要高得多。

高达 9.3 万亿元的财富被认为处于“隐藏”

的状态，其中大部分在境外。而由凯捷和

美林（Merrill Lynch）编制的 2010 年亚太

区财富报告指出，中国高净值人士在该区

域内的投资比例达到了 85％。投资于境外

的中国财富几乎可以肯定在增长。2001 年，

净值超过 1000 万元的个人数量为 12.4 万，

而去年 8 月这个数字已经超过了 100 万。

　　这些新的百万富翁有什么样的特点？

虽然相关报道不一，但是专家估计，中国

高达 41％的个人财富由 0.1％的人口所拥

有。根据瑞士宝盛最近发布的一份报告，

到 2015 年中国的百万富翁预计将持有亚洲

个人总财富的一半。相比之下，美国最富

有 1％的人口仅控制着该国总财富的三分

之一。中国最富有的人在区域上更为集中，

其中有三分之二的百万富翁居住在北京、

上海、广东、浙江或者江苏，分布在中国

一条狭窄的东部产业带上。

　　财富在中国的特点不只是集中。该国

百万富翁的平均年龄仅为 39 岁，相比发达

国家整整年轻 15 岁。其中有 55％是企业

家，而只有 10％是高管。剩下的是房地产

的投机者（20％）和股市造就的百万富翁

（15％）。这些差异开始让中国的富人不

同于其他地方，但这仅仅是一个开始。位

于中国爆炸式增长中心的新百万富翁同样

受制于他们赚钱的环境：这个国家提供了

一个前所未有的机会致富，但是相比其他

成熟的经济体和离岸金融中心，这里又缺

少监管环境或财政的成熟度来确保投资的

安全性和对财富的法律保护。这使得该国

的许多富人都转向了海外市场。星展银行

新加坡财富管理业务主管陈淑珊表示：“就

亚洲百万富翁市场而言，私人银行最大的

竞争对手不是其他私人银行，而是客户自

己的业务。由于命运与生意有着如此错综

eight percent of China’s total personal wealth was invested offshore. Recent estimates suggest a significantly higher figure. As much as 9.3 trillion renminbi is thought to be ‘hidden’ from the state, much of it offshore, and the 2010 Asia-Pacific Wealth Report compiled by Capgemini and Merrill Lynch put the home-region allocation of investment by Chinese high-net worth individuals at 85 percent. Chinese wealth invested offshore has almost certainly grown in real terms too. The 124,000 individuals with a net worth of over ten million yuan recorded in 2001 had grown to over one million individuals by August last year.

What typifies these new millionaires? Reports vary, but experts reckon that as much as 41 percent of the country’s personal wealth is owned by 0.1 percent of the population, and according to a recent report from the Julius Baer Group, Chinese millionaires are expected to hold half of Asia’s total personal wealth by 2015. In the US, by comparison, the richest one percent of the population controls only a third of total wealth. China’s richest people are much more regionally concentrated too: two thirds of the country’s millionaires live in Beijing, Shanghai, Guangdong, Zhejiang or Jiangsu, along a narrow industrial belt in the country’s east.

Wealth in China is distinguished by more than just concentration. At an average age of only 39, the country’s millionaires are a full fifteen years younger than their counterparts in the developed world. Fifty five percent of them are entrepreneurs while only 10 percent are executives. Real estate speculators (20 percent) and stock market millionaires (15 percent) make up the rest. These differences are a start at separating China’s rich from the rich elsewhere, but only a start. The new millionaires at the centre of China’s

explosive growth are also defined by the context in which they have made their money: a country that offers an unprecedented opportunity to get rich, but lacks the regulatory environment or fiscal maturity for both the secure investment and legal protection of that wealth, at least in comparison with other, more mature economies and the offshore financial centers that many of the country’s rich have turned to. “The private banker's biggest competition for the Asian millionaire's share of wallet is not other private banks – it is the client's own business,” says Tan Su Shan, the Head of Wealth Management




at DBS in Singapore. “With his fortunes so intricately linked to his business, the Asian high net-worth individual requires a holistic evaluation of his financial needs. A keen understanding of the industry his client operates in, as well as the ability to help him grow the business while managing financial risks, is crucial for the private banker.”

China’s high net-worth individuals like to experiment, and many work with a

variety of different financial institutions. According to a report by Bain & Company, released in April of this year, 60 percent of the country’s millionaires do business with multiple wealth management institutions, and a surprising 85 percent channel at least some of their money into China’s state-owned domestic banks, which are only just beginning to grapple with the diverse needs of wealthy clients.

Of these needs, among the most important – and most in demand – is advice about offshore finance, because China’s wealthiest people look abroad for a wide and growing variety of reasons, including the education of their children and the investment and protection of their assets, on top of more ordinary b u s i n e s s . “ M a ny we a l t hy C h i n e s e have children being educated in other countries, or own real estate overseas,” explains Jenner Davis, CEO of the Cook Islands Financial Services Development Authority. “Chances are they have business interests worldwide too. All of these things create a more complicated financial and legal picture for them.”

China’s strict tax laws complicate the picture further, by preventing Chinese corporat ions from moving money offshore to minimize local taxation. No bank – be it domestic or foreign – can offer its offshore services to Chinese citizens or China-domiciled companies. “A C h i n e s e i n d iv i d u a l t h a t e i t h e r relinquishes Chinese citizenship or is a permanent resident of another country shifts from a worldwide basis of taxation to being taxed as though he or she is an expat, meaning that they will be taxed on Chinese source income only,” explains Mike Grover, an offshore tax specialist. “This is highly advantageous, because it allows for an increase in the amount that can be transferred offshore under Chinese foreign exchange rules, as well as the ability to remit funds offshore for

复杂的联系，亚洲的高净值人士需要对他

的财务需要做出一个全面的评价。对私人

银行家来说，他们需要对客户所在行业有

切实的了解，并且有能够在控制财富风险

的情况下帮助客户发展业务。”

　　中国的高净值人士喜欢试验，许多人

使用各种不同的金融机构。根据今年 4 月

贝恩咨询公司发布的一份报告，中国的

百万富翁有 60％选择与多个财富管理机构

开展业务。令人惊讶的是，有 85％的人选

择至少将一些钱存入中国的国有国内银行，

　　五年前，波士顿咨询集团发表报告中指出，中国个人财富总量的 8％被投资到了境外。但是，高达 9.3 万亿元的财富被认为处于“隐藏”的状态，其中大部分在境外。

Five years ago, Boston Consulting Group published a report stating that eight percent of China’s total personal wealth was invested offshore. But as much as 9.3 trillion renminbi is thought to be ‘hidden’ from the state, most abroad.

004 Winter, 2013



而这些银行才刚刚开始满足富裕客户的不

同需求。

　　在这些需求中，人们最看重和最需要

的是有关离岸金融的建议，因为中国最富

有的人出国理财有着各种各样的原因，除

了普通业务需求以外，还包括子女的教育

以及资产的投资和保护。库克群岛金融服

务发展局的首席执行官 Jenner Davis 解释

说：“许多富裕的中国人将子女送出国读

书或者在海外购置房产。他们可能在世界

各地拥有商业利益。这一切给他们带来了

一个更复杂的财务和法律环境。”

　　中国严格的税收法律让局面更加复杂

化，它旨在防止中国企业将资金转移至境

外，从而尽量减少在本国缴税。在中国，

无论中资还是外资银行都无法为中国公民

和中国注册的企业提供离岸服务。税收问

题专家 Mike Grover 解释说：“对中国人

来说，只要放弃中国籍或者成为另一个国

家的永久居民，就能使得其全球范围内的

税基转换成外籍人士需要承担的税基，这

意味着他们只需要就来自中国的收入缴税。

这是非常有利的，因为它增加了在中国外

汇管理规则下可以被转移到离岸的资金数

量，允许出于新建公司的目的将资金转移

至离岸目的地，并且允许非居民在不受限

制的情况下继承资产。因此，现在有更多

的途径将资金转移至境外。如果汇款资金

被投入信托或者基金会（这可以起到资产

保护和继任规划的作用），这也意味着资

金可以由专业人士进行管理，为受益者带

来利益，并且可以享受到低税率的好处。”

　　国内和国外的离岸银行机构所能提供

的服务如下：

·吸收外币存款，提供外币贷款

·组织和参与国际银团贷款

·发出担保，提供见证服务

·进行外汇交易、汇款和其他国际结算

·承兑和贴现票据，处理贸易融资

·处理国际银行间借贷

·提供咨询及顾问服务

　　中资银行通常能够在中国提供更广泛

的服务网络，并且对当地的情况拥有一个

更加清晰的了解，而外资私人银行通常可

以拥有更细致入微的经验以及更为广泛的

产品，覆盖整个全球范围。客户也可能会

保留自己对国有银行的信任，尤其是财富

start-up purposes in the new location and the receipt of inherited assets without restriction to non-residents. As a result, there are more avenues to send funds offshore. If the remitted funds are put into a trust or foundation, which has always made good sense from an asset protection and for succession planning purposes, it also means that the funds may be professionally managed for the beneficiaries and benefit from being lowly taxed.”

A list of the common services offered by both domestic and foreign offshore banking units includes the following:• Taking foreign currency deposits and

offering foreign currency loans• O rga n i z i n g a n d p a r t i c i p a t i n g i n

international syndicated loans• Issuing guarantees and providing

witnessing services• C o n d u c t i n g f o r e i g n e x c h a n g e

transactions, remittance and other international settlements

• Accepting and discounting bills and handling trade finances

• Dealing with international inter-bank borrowing and lending

• Providing advisory and consultancy services

Domestic banks normally distinguish themselves by offering a much wider service network within China, along with a sharper understanding of local conditions, while foreign owned private banks can normally boast of more nuanced experience and broader range of products, offered globally. Clients might also question how far they can trust state-owned Chinese banks, especially in the area of wealth and tax planning, services that are amongst the most important private banks typically offer.

A 2 0 0 8 r e p o r t b y t h e B o s t o n C o n s u l t i n g G r o u p h i g h l i g h t s t h e importance of secrecy to Chinese clients. “Chinese high net-worth individuals generally do not like to disclose their wealth,” it explains, “either for fear of investigation over the source of their wealth, or for concerns over attracting attention to their wealth. Consequently, in selecting their private banks, they can be quite careful about approaches to banking security and client privacy, from how they are introduced to their



和税务规划领域。这些都是私人银行提供

的最重要的服务。

　　波士顿咨询集团 2008 年发布的一份报

告强调保密对中国客户的重要性。这份报

告解释说：“中国高净值人士一般不喜欢

透露自己的财富，无论是对调查他们的财

富之源而感到恐惧，还是担心他们的财富

关注引起人们的注意。因此，在选择自己

的私人银行时，他们非常在意银行的安全

性和客户隐私，从他们认识客户关系经理

的过程，到为他们服务的私人银行的声誉，

从私人银行账户的所在地，到他们访问帐

户的方式。”

　　中国的国有银行必须进一步证明，客

户的利益是最重要的，它们还需要培养能

够与外资银行相比的专业知识，后者拥有

几代人的经验。税收问题专家 Mike Grover

说：“我认为正在发生的事情是私人银行

和独立财务顾问为他们的客户创造‘解决

方案’，通过包括纳闽国际商业金融中心

在内的离岸目的地提供相关的结构。这是

一种高净值人士和估计以及商业活动开展

的司法管辖区之间的‘协作’关系。”

　　中国银行通过依靠自己的力量开设一

家瑞士私人银行来改善自身的服务，但是

这基本上没有取得成功。相反，它将大约

10 亿瑞士法郎的管理资金通过所谓的“战

略合作伙伴关系”交给了瑞士宝盛。

　　不幸的是，中国私人银行所面临的最棘

手的问题仍然没有得到解决。法规严重地限

制了它们可以提供的产品范围。为了代表客

户投资海外市场，银行必须申请 QDII 配额，

这明确地规定了它们能够转换并且转移出国

的人民币配额数量，以及它们所能购买的证

券种类。这让外资银行和国内银行很难实现

产品的差异化，因为国内市场的金融工具仍

然相对规模较小。例如，债券市场仍处于起

步阶段，而在有限监管框架内期货的交易直

到 2011 年才推出。

　　中国政府正逐步减少离岸和在岸市场

中阻止投资多样化的障碍。政府已经于

2007 年允许在当地注册的外资银行提供人

民币服务，并且不断调整外汇管制，预计

到 2020 年能够最终实现人民币的国际化。

中资银行将需要确保他们届时已经准备好

参与全球竞争。否则，他们很快就会发现

资本并不是爱国的。

relationship managers to the reputation of their private banks, from the domicile of their private banking accounts to how they access their accounts.”

China’s state-owned banks have to go further to prove to that clients’ interests are paramount, but also need to cultivate expertise comparable to foreign banks, which have generations of experience. “I think that what is happening,” says Mike Grover, an offshore tax specialist, “is that private banking and independent financial advisors create the ‘solutions’ for their clients with offshore locations such as Labuan IBFC providing the enabling structures. It is a ‘collaborative’ relationship between the high net-worth individual, the advisor and the jurisdiction selected to domicile the activities.”

Bank of China made an effort to improve its service offering by starting a Swiss private bank of its own, but was largely unsuccessful. Instead, it has handed over the management of roughly one billion Swiss Francs to Julius Baer, in what has been described as a strategic partnership.

Unfortunately, the toughest problem faced by private banks in China remains

unsolved. Regulation severely limits the range of products they can offer, because to invest in offshore markets on behalf of clients, banks must apply for a QDII quota, clearly defining the amount of renminbi they can convert and move out of the country as well as the kinds of securities they can buy. This leaves both foreign and domestic banks with the problem of differentiating their products, because the domestic market still has a relatively small range of financial instruments. Bonds, for example, are still in their infancy and the trading of futures, within a limited regulatory framework, was only introduced in 2011.

The Chinese government is gradually reducing the obstacles that prevent more nuanced investment, both on and offshore. It allowed foreign banks to incorporate locally and provide renminbi services in 2007, for example, and is constantly tinkering with its exchange controls, a process that is expected to culminate in the full internationalization of the renminbi by 2020. Chinese banks will want to make sure they are ready to compete globally by then, or they will quickly discover that capital is not patriotic.

Distribution of Clients who used Overseas Products and Services in China (By Region)

来源：波士顿管理公司和建设银行私人银行 2011 中国财富报告Source: BCG and CCB Private Bank China Wealth Report of 2011

使用过海外产品和服务的客户比例（按地域分布）

20

0 北京Beijing

广州Guangzhou

上海Shanghai

浙江Zhejiang

深圳Shenzhen

福建Fujian

大连Dalian

四川Sichuan

厦门Xiamen

其他Other

总计Total

40

60

80

100%

20

1311

98

74 4 3

21 100

拉脱维亚拥有一个发达的银行网络，目前有29 家银行正在开展业务。拉脱维亚的银

行体系以稳定和相对宽松的金融法规为特点。拉脱维亚的当地居民和世界各地大多数国家的公民都可以在拉脱维亚的银行开立账户。在拉脱维亚，刑事法律责任在披露时被看作银行保密信息。根据信贷机构法（除了特定金额严格规定的情况之外，如刑事调查），有关客户的帐户信息不得提供给第三方或国家机关。货币的交易量不会受到限制。拉脱维亚的银行能够为客户提供非常高质量的全面金融服务。在拉脱维亚进行远程帐户管理（网上银行）的技术也非常发达。开户及维护服务并不昂贵。 Baltikums 银行是一家成立于拉脱维亚的银行。

Baltikums银行

Baltikums 银行从 2001 年开始就一直在拉脱维亚的银行市场成功运营。它是一家独立的私人银行和家族企业。 Baltikums 银行扎根于拉脱维亚，是一家真正的欧洲和国际金融机构。银行的股东是拉脱维亚的居民。 Baltikums银行的总部位于里加（拉脱维亚），并且在利马索尔（塞浦路斯）拥有一家分行。

该行在 2012 年前十个月的表现为：·银行的资本及储备总计 4030 万欧元·净盈利达到 870 万欧元·银行的资产（包括资产管理）达到 5.83 亿欧元·存款金额：4.079 亿欧元·截至 2012 年 10 月 31 日的资本充足率：15.5％·流动性指标：73％·截至 9 月底的资产回报率：2.69％·股本回报率：28.9％。

Baltikums 银行能够为客户提供一整套银行服务：·区域和国际业务的全套服务；·广泛的私人财富管理解决方案；

Baltikums 银行 — 进入欧洲的门户

·在国际金融市场上为客户提供全面支持；·定性和个性化的决策方法；·现代银行业技术；·高素质的专家团队，确保正确性、安全性和保密性；·能够适用拉脱维亚语、俄语以及英语提供服务。

我们能够为个人和企业法人提供全方位、个性化的银行服务，从结算业务和多币种账户，到允许高信用额度的支付卡，优惠汇率的货币兑换，各类融资以及令您满意的存款利率。

拉脱维亚的居住许可证

2010 年 7 月 1 日，拉脱维亚共和国移民法修正案正式生效，该修正案允许：·提交一份长达 5 年的临时居住许可证申请，·对已签发的 1 年以上临时居住许可证，每年进行再注册，·提交随后转为永久居住许可证的申请。Baltikums 银行能够为客户提供全面的咨询和组织支持，帮助他们取得拉脱维亚的居住证。我们帮助我们的客户成为欧盟的居民。拉脱维亚的居住证自动赋予持有人畅游整个申根区的权利。拉脱维亚的临时居住证不仅授予投资者，而且授予他们的家庭成员——配偶、未成年子女和家属。在临时居住证有效期结束前，投资者和他们的家庭可申请延期。

在取得居住许可后，投资者和他们的家庭成员将被允许在许可期限内居住在拉脱维亚。该法律还规定，获得拉脱维亚永久居住证的个人必须永久居住在拉脱维亚。

在拉脱维亚获得居住许可的方式

1. 向一家银行提供一笔 5 年期的后偿贷款，价值为 20 万拉脱维亚拉图、或者等值欧元或美元，利率

为目前拉脱维亚央行规定的利率率（即 30 万欧元 40 万美元）。银行为后偿贷款提供 5％的年利率 ;2. 在拉脱维亚购买房地产：·在里加、里加区和主要城市—— 10 万拉脱维亚拉图（14 万欧元 20 万美元），·在拉脱维亚的其他地区——5 万拉脱维亚拉图（7.2万欧元 10万美元）3. 在拉脱维亚建立一家企业：·公司的投资资本——25 000 拉脱维亚拉图（ 36 000 欧元〜 50 000 美元），前提是企业的所有者每年支付不低于 20 000 拉脱维亚拉图的税收（28 000 欧元〜 50 000 美元）·投资 10 万拉脱维亚拉图（ 14 万欧元 20 万美元）——无税收规定

企业所得税法修订案

2013 年 1 月 1 日，企业所得税法修正案将开始生效，它预计将为国际控股公司提供一个有利的税收环境。在拉脱维亚税法方面进行这些创新的目的是为了吸引外国企业来到该国（主要是建立控股中心）。有利于控股的税收环境将对股息和出售资本采取零税收的政策，并且对该国以外地区支付的投资收益、股息、利息或版税不征收源头的税收。拉脱维亚的优势之一是拥有大量的免双重征税协定——其中包括1998 年 1 月 1 日开始生效的与中国签署的协定。税制改革同样降低业务活动的税收负担。国际贸易及服务公司也将能够全额使用融资所得来支付版税、股息和利息。作为一个控股中心，拉脱维亚将拥有一系列优势：简单的公司注册和管理、低成本的服务，以及稳定和可靠的银行系统。拉脱维亚的银行（包括 Baltikums 银行）对他们客户的数据采取严格保密的措施。

Baltikums 银行能够就建立控股公司和信托实体提供咨询服务，并且能够为这样的实体提供高品质的银行服务。我们将分析您的个人财务需要，并且考虑税收环境，选择最

适合您的控股、信托或基金形式。

公司

银行为国际化公司提供全面的注册和管理服务。这些服务确保我们能够了解客户的各项业务。我们在不同的司法管辖区为公司提供服务，根据税收和监管优势和其他福利选择资本或者企业的落脚点。我们将为您选择正确的司法管辖区和公司类型，帮助您开立银行账户，在必要时为您申请增值税纳税人资格，委任受托人，并且进一步协调所有利益相关者之间的关系。我们将协助您在欧洲国家或成熟的离岸司法管辖区建立适当的实体。

合作关系

我们银行能够与公司和个人开展合作，一起吸引客户和开设活期账户，为此我们会签署互惠的合作协议。我们合作伙伴的业务涉及法律、财务及税务咨询服务、以及工业和区域协会。通过它们的协调，客户可以与我们银行开立活期账户、支付卡帐户、和 /或金融工具帐户。在为客户提供服务的过程中，我们的合作伙伴具有大量的自主权。

对那些帮助我们银行吸引客户的合作伙伴来说，我们将给予大量的自主权：·完整的客户识别流程；·为客户提供银行产品和服务方面的建议；·为客户提交一系列文件，帮助他们在银行位于里加的总部和我们在塞浦路斯的分行开立帐户；·与银行合作，解决我们客户关心的问题。

根据协议规定，银行将为合作伙伴吸引到的每一个客户支付报酬。

Latvia has a well-developed banking network, with 29 banks currently operating. The Latvian banking system is characterised

by stability and relatively liberal financial legislation. Accounts with banks in Latvia may be opened by local residents as well as by citizens of most countries throughout the world. Criminal liability is envisaged in Latvia for disclosure of a bank secret. The Law on Credit Institutions (apart from specific, strictly stipulated cases, e.g. a criminal investigation), information about customer accounts may not be provided to third parties or to state authorities. Currency operation volumes are not limited. Latvian banks provide customers full financial service at a very high standard of quality. Remote account management (internet banking) technologies in Latvia are also well-developed. Account opening and maintenance services are not expensive. Baltikums Bank AS is a bank established in Latvia.

Baltikums Bank

Baltikums Bank AS has been successfully operating on Latvia’s banking market since 2001. It is an independent private bank and a family business. Baltikums Bank has roots in Latvia and is a truly European, international financial institution. Shareholders of the bank are residents of Latvia. The Baltikums Bank AS has a Head Office in Riga (Latvia) and a branch in Limassol (Cyprus).The bank’s performance in the first ten months of 2012:• the bank’s capital and reserves add up to EUR 40.3 mio.;• net profits reached EUR 8.7 mio.;• the bank’s assets, including assets under management, constitute EUR 583 mio.;• amount of deposits: EUR 407.9 mio.;• capital adequacy as of 31 October 2012: 15.5%;• liquidity indicator: 73%;• ROA end of September: 2.69%;• ROE: 28.9%.

Baltikums Bank AS offers customers an entire range of banking services:• full service of regional and international businesses;• broad spectrum of solutions for private wealth management;• full support for customers on

international financial markets;• qualitative, individual approach to decision-making;• contemporary banking technologies;• highly qualified team of specialists to ensure correctness, security and confidentiality;• service in Latvian, Russian as well as English.

We provide full-service individualised banking to individuals and corporate entities – from settlement operations and multi-currency accounts, to payment cards allowing a high credit limit, exchange at beneficial rates, various types of financing, and deposits at agreeable rates.

Residence Permit in Latvia

On 1 July 2010, amendments to the Immigration Law of the Republic of Latvia came into force, allowing: • the right to submit a temporary residence permit application for up to 5 years, • annual re-registration for a temporary residence permit that has been issued for more than 1 year, • the right to submit an application for subsequent registration of a permanent residence permit. Baltikums Bank provides customers full advisory and organisational support with obtaining a residence permit in Latvia. We assist our customers in becoming EU residents. A residence permit in Latvia automatically entitles one to unimpeded travel throughout the Schengen zone. A temporary residence permit in Latvia is granted not only to the investor, but also to their family members – spouses, underage children, and dependents. At the end of the term, the investor and their family may apply for an extension.After receiving a residence permit, the investor and their family members are allowed to reside in Latvia for the entire term of its validity. The law also allows for a person who has received a residence permit in Latvia not to reside in Latvia on a permanent basis.

Ways of Receiving a Residence Permit in Latvia

1. Placing a 5-year subordinated loan with a bank in the amount of LVL 200 000 or an equivalent in EUR or USD at the current Bank of Latvia rate (i.e.

~EUR 300 000, ~ USD 400 000). The bank offers a 5% annual interest rate for such a subordinated loan;

2. Purchasing real estate in Latvia:• in Riga, the Riga district, and major cities – for LVL 100 000 (~EUR 140 000, ~ USD 200 000),• in other regions of Latvia – for LVL 50 000 LVL (~EUR 72 000, ~ USD 100 000),

3. Setting up a business in Latvia:• investment in the capital of a company – LVL 25 000 (~ EUR 36 000, ~ USD 50 000), provided that the business owner pays no less than LVL 20 000 per year in taxes (~ EUR 28 000, ~ USD 50 000),• investment of LVL 100 000 (~ EUR 140 000, ~ USD 200 000) – no tax requirement.

Amendments to the Law on Corporate Income Tax

On 1 January 2013, amendments to the law on Corporate Income Tax will take effect, envisaging a beneficial tax environment for international holdings. The purpose of these innovations in the tax legislation of Latvia is attraction of foreign business to the country (primarily to establish holding centres). The holding-favourable tax environment envisages zero taxation of dividends and income from the sale of capital, as well as no taxes at the source when investment income, dividends, interest or royalties are paid outside the state. An advantage with Latvia is a large number of treaties to avoid double taxation – including China since 1 January 1998. The tax reform reduces the tax burden for operational activities as well. International trade and service companies will also be able to pay royalties, dividends and interest on received financing without deductions. As a holding centre, Latvia will possess a series of advantages: simplicity of company registration and administration, low cost of service, and access to a stable and reliable banking system. Latvian Banks, including Baltikums Bank AS, maintain strict confidentiality of data on their customers.

Baltikums Bank AS provides advisory services for establishing holding and trust entities and offers high-quality banking service of such entities. We will

analyse your personal financial needs and consider the tax environment to select the form of holding, trust or fund that is most suitable for you.

Companies

The bank provides comprehensive service for registration and management of international companies. These services ensure an understanding of the customer’s various lines of business. We service companies in a number of different jurisdictions which select capital or business based on access to tax and regulatory advantages and other benefits. We will select the right jurisdiction and company type for you, open a bank account, file for VAT payer status if necessary, as well as appoint trustees and coordinate the process further with all stakeholders. We will assist you with establishing an adequate entity in European countries or proven offshore jurisdictions.

Partnership

Our bank offers companies as well as individuals cooperation in attracting customers and opening current accounts, by concluding a mutually beneficial cooperation agreement. The business of our partners involves legal, financial and tax advisory services, as well as industrial and regional associations. With their mediation, a customer can open a current account, payment card account, and/or financial instrument account with our bank. Our partners have considerable authority in working with customers. We extend considerable authority to partners who attract customers to our bank: • complete identification of customers, • advising customers on the bank’s products and services,• filing a package of documents for the customer to open accounts both with the bank’s head office in Riga and with our branch on Cyprus,• cooperation with the bank on issues of interest to our customers. The bank pays the partner remuneration for each customer they attract in accordance with an agreement.

Baltikums Bank - Your Gateway to Europe

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008 Winter, 2013


Offshore Finance in Americasand Asia

美洲和亚洲的离岸金融简介

By Frances Emery



To d a y, t h e y a r e e m b l e m s o f affluence, competing for the wealth of investors from every

corner of the globe, but most of the world’s major offshore financial centers had similarly humble beginnings. As global finance shifts eastward – with Chinese business people managing their assets and investments with more knowledge and savvy every year – looking to the foundations on which today’s thriving offshore financial centers were built is an exercise that reveals as much about the industry’s past as its present and its future.

In some regards, the respective development of offshore finance in the Americas and Asia occurred in parallel, and four of the jurisdictions that investors perceive to be among the world’s most important offshore centers – the Cayman Islands, the British Virgin Islands, Singapore and Hong Kong – are all connected by a common thread: British colonialism.

Cayman IslandsIn the early sixties, long before the advent of tourism, the Cayman Islands was little more than a mosquito-ridden backwater. Devoid of piped water and lacking a reliable power supply, it had scarce chance of becoming one of the Caribbean’s wealthiest territories – or so it seemed. But within a few decades, the Cayman Islands’ destiny changed, as a chain of events which would lead to its emergence as a major offshore private banking center began to unfold.

J a m a i c a’ s d e c i s i o n to b e c o m e independent of the UK in 1962 was one such event, and is believed to have been pivotal to the Cayman Islands’ success. Rather than join Jamaica and several other Caribbean territories in opting for independence, the Cayman Islands – which had previously been under

Jamaican administration – decided to remain a British Crown colony. The uncertainty caused by Jamaica’s split provoked a number of business people to relocate to the Cayman Islands, where they invested their money and expertise instead. Their arrival, the territory’s tax neutral status and its English common law system all set in motion the creation of a private banking center which was also able to capitalize on the development of international finance in an era of post war financial liberalization.

T h e C a y m a n I s l a n d s s a w t h e establishment of its second commercial bank in 1963, when the Royal Bank of Canada followed in Barclays Bank’s footsteps. Other international banks soon followed suit, including the country’s first trust company, the Bank of Nova Scotia Trust Company (Cayman). With important infrastructural development and the enactment of The Banks and Trust Companies Regulations Law, the Cayman Islands was on its way to becoming a major player in the financial services sector.

W h e n i n s t a b i l i t y c a m e t o t h e neighboring Bahamas, the Cayman Islands’ found itself the new jurisdiction of choice for several US-owned banks which had previously been domiciled in the Bahamas, where offshore finance was already well-established. The decision to relocate afforded these foreign bankers the peace of mind that political stability brings, along with the convenience of being based within the same time zone as New York, and just an hour’s flight from Miami. North American clientele began to overtake Britons and, with the influx of US and Canadian businesses, the country soon experienced a construction boom, giving both the financial services industry and tourism a considerable boost. The years that followed saw the Cayman Islands diversifying its range

如今，它们是富裕的象征，为争夺

来自全球每一个角落的投资者的

财富展开竞争。然而，全球最重

要的离岸金融中心都拥有卑微的初创期。

随着全球金融市场向东转移（中国商人在

管理他们的资产和投资方面变得越来越博

识和睿智），我们探索如今欣欣向荣的离

岸金融中心的创业基础能够更好地展示这

个行业的过去、现在和未来。

　　在某些方面，美洲和亚洲离岸金融的发

展是平行的，其中有四个司法管辖区被投资

者认为是全球最重要的离岸中心：开曼群岛、

英属维尔京群岛、新加坡和香港。它们拥

有一个共同点：英国的殖民统治。

开曼群岛

在六十年代初期，开曼群岛的旅游业还远

没有发展起来，它只是一个被蚊子肆虐的

小岛。那时的开曼群岛没有自来水和缺乏

可靠的电力供应，它几乎没有机会成为加

勒比地区最富裕的地区之一，至少看起来

如此。但在几十年之内，开曼群岛改变自

己的命运，一连串的事件使其慢慢地成为

了一个主要的离岸私人银行中心。

　　其中的一个时间是牙买加于 1962 决定

从英国独立出去，这被认为对开曼群岛的

成功起到了关键的作用。塞浦路斯并没有

与牙买加和其他几个加勒比国家一样选择

独立，它（此前一直归牙买加管理）决定

仍然保持英国殖民地的地位。牙买加的独

立所造成的不确定性让一些商人搬迁至开

曼群岛，并且在那里进行投入了资金和专

业知识。这些企业家的到来、开曼群岛税

收中立的地位以及其英国普通法制度帮助

创造一个私人银行中心，使其能够得益于

战后金融自由化时代的国际金融发展。

　　开曼群岛于 1963 年迎来了第二家商业

银行的成立，当时加拿大皇家银行追随者

巴克莱银行的脚步，来到了开曼群岛。很

快其他国际银行开始效仿，其中包括该国

的第一家信托公司：新斯科舍省信托投资

公司（开曼群岛）。随着重要基础设施的

发展以及银行与信托公司条例的颁布，开

曼群岛开始逐步地成为金融服务领域的主

要参与者。

　　随着邻国巴哈马迎来不稳定，开曼群

岛发现自己成为了美资银行首选的新司法


管辖区，这些美资银行此前一直在巴哈马

群岛运营，因为那里的离岸金融业已经相

当成熟。这些外国银行家之所以决定搬迁，

首要的考虑是政治稳定，其次是与纽约同

处一个时区所带来的便利性以及到迈阿密

的飞行时间仅为一小时。来自北美的客户

开始超越英国客户，随着美国和加拿大企

业的大量涌入，开曼群岛的很快就经历了

建筑业的蓬勃发展，这给金融服务行业和

旅游带来了相当大的推动。随后的几年时

间里，开曼群岛开始多样化地发展金融服

务业，并且与 1993 年通过了《共同基金法》，

从而使得业务范围从最初的私人银行服务

（最初曾帮助建立了该司法管辖区的声誉）

延伸到了基金管理。

　　从那时起，开曼群岛开始不断壮大。

如今，该司法管辖区与瑞士一起占全球离

岸银行市场规模（以总存款计算）的主导

地位，并且被认为拥有全球第五大的金融

服务部门。虽然该国在繁荣时期的果实仍

是明显的（其大部分业务来自于美国），

但是这个司法管辖区正在越来越多地开发

亚洲市场。特别值得一提的是，由于中国

高净值人士的数量增长比以往任何时候都

更快，因此对开曼群岛来说，中国一定会

成为一个越来越重要的业务来源。

　　除了拥有税收中立的地位和英国的普

通法制度等优势，开曼群岛的公司同样能

够在香港证券交易所上市，这一点已经成

功地吸引了中国企业。开曼群岛政府财政

部金融服务首席官员 Dax Basdeo 博士透

露，截至 2010 年年底，开曼群岛公司占香

港证券交易所全部上市公司的 37％。

　　2011 年 9 月 26 日，开曼群岛与中国

之间签署了该岛第 26 个税收信息交换协

议，这是越来越多的中国投资者开始利用

该司法管辖区广泛的离岸金融服务的另一

个原因。开曼群岛总理 McKeeva Bush 最

近告诉媒体：“签署这项税收信息交换协

议（TIEA）是加强开曼群岛与中国之间关

系是一个重要的步骤。随着中国成为世界

上增长最快的经济体之一，我们有信心这

项 TIEA 将积极推动两国之间的经济活动。”

英属维尔京群岛

开曼群岛也许在离岸金融服务领域拥有了

领先的优势，但是英属维尔京群岛很快地

of financial services, which – after the Mutual Fund Law was passed in 1993 – grew to include fund management, in addition to the private banking services which had initially helped to establish the jurisdiction.

Since then, the Cayman Islands has gone from strength to strength and today – along with Switzerland – the jurisdiction dominates the global market for offshore banking, in terms of total deposits, and is considered to have the world’s fifth largest financial services sector. While the fruit of the country’s boom years is still evident in that the majority of its business comes from the US, the jurisdiction is increasingly looking to Asian markets. China, in particular, where the number of high net worth individuals is growing faster than ever before, is certain to become a more and more important source of business for the Cayman Islands.

In addition to advantages like its tax neutral status and English common law system, the jurisdiction has succeeded in attracting Chinese business by virtue of the fact that Cayman Islands companies can be listed on the Hong Kong Stock

Exchange. According to Chief Officer of Financial Services for the Cayman Islands Government’s Ministry of Finance, Dr. Dax Basdeo, Cayman Islands companies accounted for 37 percent of all listings on the Hong Kong Stock Exchange at the end of 2010.

The September 2011 signing of the 26th agreement for exchange of information for tax purposes between the Cayman Islands and China is yet another reason that an increasing number of Chinese investors are taking advantage of the jurisdiction’s range of offshore financial services. “Signing this TIEA (Tax Information Exchange Agreement) is a significant step in enhancing the relationship between the Cayman Islands and China,” the Cayman Islands Premier, McKeeva Bush, recently told press. “With China being one of the fastest growing economies in the world, we are confident that this TIEA will contribute positively to economic activity between the two countries.”

British Virgin IslandsThe Cayman Islands may have had a head start in the offshore finance sector, but the British Virgin Islands was quick to catch up. The country incorporated its first American company in the mid-seventies and, within a few years, hundreds of other companies had followed suit, transforming the British Virgin Islands’ agricultural economy beyond recognition. But it wasn’t meant to be – not yet, at least. When, in 1981, the United States government revoked a double taxation treaty that, essentially, had been the British Virgin Islands’ major draw, the jurisdiction lost much of its offshore business, and was forced to alter its course. Legislation introduced in 1984 that offered offshore companies certain tax exemptions was only partly successful, and it wasn’t until the United




赶上它。该国于七十年代中期注册成立了第

一家美国公司。在随后的几年之内，数百家

其他公司纷纷效仿，这使得英属维尔京群岛

的农业经济得到了彻底的改观。但情况并没

有朝希望的方向发展，1981 年，美国政府

取消了与英属维尔京群岛签署的免双重征

税条约。从本质上讲，这使得英属维尔京

群岛失去了主要的优势，让很多其他司法

管辖区夺去了它的离岸业务，这迫使它改

变了发展的轨迹。英属维尔京群岛于 1984

年制定了法律，为离岸公司提供若干税项

豁免，但是只取得了部分的成功。直到美

国于 1991 年入侵巴拿马，英属维尔京群岛

的运气才有所改变。战争使得巴拿马蓬勃发

展的金融服务行业中有许多企业搬迁到了附

近地区，英属维尔京群岛就是其中之一。

　　二十年后，英属维尔京群岛成为了一

个杰作，全球有 41％的离岸公司在这里建

立。中国的投资者对这个司法管辖区的活

动并不陌生。事实上，专门从事企业及信

托服务的国际律师事务所 Walkers 集团的合

States’ invasion of Panama in 1991 that the British Virgin Islands’ luck changed. Panama watched as many of the businesses in its thriving financial services industry relocated to nearby territories; the British Virgin Islands was one of them.

Two d e c a de s l a te r, t h e B r i t i sh Virgin Islands is a tour de force, where a reported 41 percent of the world’s o f f s h o r e c o m p a n i e s a r e f o r m e d . Chinese investors are no stranger to the jurisdiction’s vitality. Indeed, Ashley Davis, a partner at the Walkers Group – an international law firm specializing in corporate and fiduciary services –

　　除了拥有税收中立的地位和英国的普通法制度等优势，开曼群岛的公司同样能够在香港证券交易所上市，这一点已经成功地吸引了中国企业。

In addition to advantages like its tax neutral status and English common law system, the jurisdiction has succeeded in attracting Chinese business by virtue of the fact that Cayman Islands companies can be listed on the Hong Kong Stock Exchange.


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aptains Photos

wrote in a recent report that “No other offshore corporate vehicle has had quite the impact in Asia as the British Virgin Islands’ BVI Business Company… Today there are hundreds of thousands of these companies utilized in a broad range of transactions across the continent and particularly so in China and Hong Kong.”

The history of offshore centers’ d e ve l o p m e n t i n t h e A m e r i c a s i s , unsurprisingly, different to the way in which Asia’s own financial hubs rose to prominence. But the four offshore centers that investors perceive to be the world’s most important – the Cayman Islands, the British Virgin Islands, Singapore and

伙人 Ashley Davis 在最近的一份报告中写

道：“就在亚洲的影响力而言，没有其他离

岸公司工具能够比得上英属维尔京群岛的英

属维尔京群岛商业公司……如今，有几十万

这种类型的公司被广泛地用在各大陆之间的

交易中，特别是中国大陆和香港。”

　　毫无疑问，美洲离岸金融中心的发展

与亚洲金融中心的崛起方式有所不同。但

是，这四个被投资者认为是世界上最重要

的离岸金融中心（开曼群岛、英属维尔京

群岛、新加坡和香港）都有一个共同的特点：

一段英国殖民地的历史。

新加坡

新加坡于 20 世纪 60 年代中后期迈出了成

为金融中心的第一步，这发生在它从英国

获得独立后不久。当时的总理李光耀向美

国银行寻求建议，希望在这个新的城市国

家建立一个欧洲美元市场。没过多久，得

益于越南战争期间东南亚可观的美元支出，

新加坡把自己打造成了一个离岸的欧洲美

元市场中心，专注于南亚的业务。新加坡

的策略非常有针对性，带来的优惠政策包

括取消非居民的利息预提税以及不施加外

汇管制和存款准备金要求。从这个意义上

说，新加坡的历史和发展与地理位置更为

东方的香港有所不同。

香港

香港财富管理行业的发展经常被描述为主

要以市场为推动力：它的增长可以更准确

地归功于市场参与者和市场本身的力量。

　　虽然英国确实采取了措施来发展香港

的金融业（瑞士银行和瑞士信贷以及包括

渣打和汇丰在内的国际银行于 20 世纪初进

入了这个司法管辖区），但是许多人仍然

认为，香港金融业的发展应该真正地归功

于中国的改革开放政策。

　　虽然当邓小平于 1978 年在中国开启突

破性的改革开放政策时，香港仍然在英国

的统治下，但是正是在这段时期中，香港

开始发展成为一个金融中心。从那时起，

随着中国经历了一个前所未有的财富积累

过程，香港具有竞争力的税率和广泛的离

岸服务吸引力大量的内地资金。事实上，

香港与像新加坡一样本身就是一个贸易中

心，拥有强大的在岸金融行业。这被认为

Hong Kong – all share one common trait: a British colonial past.

SingaporeSingapore’s first steps toward developing into a financial center were taken in the late 1960s, shortly after the jurisdiction gained independence from Britain. Lee Kuan Yew, the then-Prime Minister, requested advice from the Bank of America on creat ing a Eurodol lar market within the new city-state. Not long afterwards-and with the help of considerable US dollar spending in Southeast Asia during the Vietnam War – Singapore had established itself as an offshore Eurodollar market hub, focusing on South Asian business. Singapore’s strategy was calculated, and included introducing such benefits as the abolition of withholding taxes on interest earned by non-residents and an absence of exchange controls and reserve requirements.

I n t h i s s e n s e , i t s h i s t o r y a n d

development were dif ferent to i ts counterpart further East, Hong Kong.

Hong KongThe development of Hong Kong’s wealth management industry is often described as largely market driven: Its growth can be more accurately attributed to market participants, and market forces themselves. While Britain did take steps to develop Hong Kong’s financial industry – with Swiss firms UBS and Credit Suisse, as well as international banks such as Standard Chartered bank and HSBC present in the jurisdiction from the early 1900s – many maintain that China’s Open Door Policy is where the credit is really due.

Although Hong Kong was still under British rule in 1978 when Deng Xiaoping initiated China’s game-changing reforms, it was this period of time that marked the island’s emergence as a financial center. Since then, Hong Kong’s competitive tax rates and wide range of offshore services have made it the destination for plenty of

　　得益于越南战争期间东南亚可观的美元支出，新加坡把自己打造成了一个离岸的欧洲美元市场中心，专注于南亚的业务。

With the help of considerable US dollar spending in Southeast Asia during the Vietnam War-Singapore had established itself as an offshore Eurodollar market hub, focusing on South Asian business.


照片

提供

Photo by P

hilips Wong


巩固了其作为离岸目的地的地位。这两个

司法管辖区被称为在岸和离岸业务的“桥

梁”，使其获得了独特的竞争优势。

　　当然，就获得来自大陆的业务而言，

新加坡和香港拥有地理位置上的优势。香

港的私人财富行业最近几年实现的增长直

接得益于中国经济的蓬勃发展。内地缺乏

私人财富管理工具，这也使得香港（拥有

大量的私人银行）成为中国投资者资金的

明确目标。海外工具已经使大陆人有可能

使用人民币进行投资。而香港人民币产品

覆盖范围的扩大也显著地推动了香港金融

业的发展。

　　新加坡可能没有享受到这么大规模的

大陆投资，但是这个城市国家的离岸行业

则远远超过香港。根据波士顿咨询集团估

的计，香港的私人银行资产仅为 2000 亿美

元，相比之下新加坡的规模为 5000 亿美元。

然而，无论亚洲的这两个离岸金融目的地

如何展开竞争，我们无需猜测哪个国家是

高净值人士增长最快的市场，这些人希望

进行离岸投资来保护自己的资产。无论他

们选择开曼群岛、英属维尔京群岛、新加

坡或香港，中国注定将会在未来的日子里

成为越来越多财富的来源。

mainland capital, as China’s experiences a proliferation of wealth like never before. The fact that Hong Kong – like Singapore – is a trade hub in its own right, with its own robust onshore financial industry, is believed to have only strengthened its position as an offshore destination, and both jurisdictions have been dubbed “bridges” between onshore and offshore, giving them a unique competit ive advantage.

Naturally, when it comes to winning business from the mainland, geography is on both Singapore and Hong Kong’s side, and the growth that Hong Kong’s private wealth industry has seen in recent years is a direct result of an economically booming China. The lack of mainland private wealth management facilities, too, has made Hong Kong – with its abundance of private banks – an obvious destination for Chinese investors’ funds. Offshore vehicles have made it possible for mainland Chinese to use renminbi for investment purposes, and increased

a c c e s s t o re n m i n b i - d e n o m i n a t e d products in Hong Kong has driven significant growth within Hong Kong’s financial sector too.

Singapore may not enjoy as large a proportion of mainland investment, but the city-state’s offshore sector far surpasses Hong Kong, which holds just US$200 billion in private banking assets, compared to Singapore’s US$500 billion, according to estimates by the Boston Consulting Group. But regardless of how much catching up does happen between Asia’s two largest destinations for offshore finance, there’s no need for guesswork when it comes to which country has the fastest growing market of high net worth individuals looking to safeguard their wealth by investing offshore. Whether they choose to do so in the Cayman Islands, the British Virgin Islands, Singapore or Hong Kong, China is certain to be the source of more and more wealth during the days, months and years to come.



014 Winter, 2013

供商、电子货币机构可在拉脱维亚获取所需的许可证。

移民政策

除了长期和稳定的银行业之外，最近几年拉脱维亚在国际资本舞台上获得了更多的新优势。两年前，拉脱维亚政府已经开始积极和持续地奉行立法自由化的政策，其目的是为了使拉脱维亚能够吸引更多的国际企业和资本。从 2010 年 7 月起，拉脱维亚推出了一个与其他欧洲国家相

比更为开放且负担得起的方案，允许外国投资者通过购买房地产、为信贷机构提供次级资本或者为拉脱维亚公司提供股份等方式获得居住许可证。除了能够免签证居住在拉脱维亚之外，居住证的持有人可以在整个申根区畅通无阻。在取得居住证的方式中，最流行的是购买房地产，这是因为其较低的门槛（72000 欧元）。在那些已经获得居住许可的外国商人中，有很多是中国公民。

控股体系简介

从 2013 年起，拉脱维亚开始执行有利于国际控股公司的税收体制，这让该国与包括塞浦路斯、荷兰和卢森堡在内的欧洲热门低税国家站在了同一起跑线上。从 2013 年起，拉脱维亚公司出售股份的收入和获得的股息无需缴税。此外，向其他国家支付的股息无需缴纳预提税。从 2014 年起，向国外支付的利息和版税同样也无需缴纳预提税。拉脱维亚对股本支付不收取印花税。如果外国投资者决定关闭拉脱维亚的业务，退出投资将可获得税收减免。该国免双重征税协议网络（对投资活动至关重要）足够广泛，能够为拉脱维亚的控股公司提供各种服务。目前，拉脱维亚与 51个国家之间存在有效的协议，其中包括

中国、新加坡、韩国、美国、独联体国家以及几乎所有的欧洲国家。

整体营商环境

拉脱维亚的税制有利于建立真正的业务和开展交易活动。作为欧洲企业所得税率最低的国家之一，拉脱维亚的税率为15％。公司注册和管理的过程相当简单，成本也很低，公司可以在 24 小时内完成

注册，注册可以在创始人不亲自到场的情况下完成。拉脱维亚拥有必要的基础设施，员工能力出众、训练有素、能说英语，而且薪酬结构相当具有竞争力。在这里可以利用欧洲的资金来建立企业、发展生产和服务业务。

进入欧洲市场的阵地

除了高度发达的银行和金融业、有利的移民和税收法律之外，拉脱维亚的地理位置具有得天独厚的优势，它位于交通路线的交叉处，实际上就是欧洲和亚洲之间的门户。最重要的是，它拥有四通八达的地理位置和舒适的生活环境。拉脱维亚非常了解东方和西方的商业环境，这个国家是资本和企业从亚洲进入欧洲的阵地。与此同时，拉脱维亚也准备好成为一个真正服务中国市场的金融中心（与中国、新加坡、香港和英属维尔京群岛展开竞争），这个金融中心一方面拥有古老欧洲的所有优点（包括政治和经济的稳定性以及国际商界中的牢固地位），另一方面能够带来更高的便捷度和更为友好的环境。

金融中心的发展

自从上世纪 90 年代从解体的苏联获得独立后，拉脱维亚一直积极发展金融服务出口业。这得益于拉脱维亚规模小而灵活的经济逐步实现外向型发展，高效和自由的立法，以及没有外汇管制和资本流动的限制。在苏联解体后，这里出现的第一批银行迅速地确立了该国作为俄罗斯和其他独联体国家区域金融中心的地位。凭借其于 2004 年加入欧盟，拉脱维亚的金融服务业在征服欧洲市场的过程中变得越来越成功。在过去的20 年中，拉脱维亚已经成为北欧的金融中心，并且为进一步发展积累了足够的经验和潜力。现在，拉脱维亚已经准备好为亚洲地区的客户提供全方位的服务和机会，尤其是中国。

银行和金融系统

然而，这些机会是巨大的。这一切的基础是拉脱维亚发达且监管良好的银行系统，它最大的优势是能够提供全面的产品和服务，其次是非居民客户的忠诚度，第三是相比瑞士甚至塞浦路斯拥有的更高的成本效益，第四是相比如今西欧的银行，这里拥有更高的稳定性和可靠性。事实上，拉脱维亚银行的一半客户是非本地居民，而在瑞士，这个比例只有 40％左右。这很好地说明了拉脱维亚对外国客户的友好度以及客户对拉脱维亚的信任。

拉脱维亚的银行系统有 29 家银行，其中包括 Rietumu。Rietumu 是非居民的企业服务旗舰银行，也是该国最大的私营信贷机构，能够为独联体和欧盟国家的企业客户和高净值个人提供全面的银行产品，它是银行业效率的领导者，专注于发展关系型的银行业务。同时，Rietumu 能够为客户在取得拉脱维亚居住许可证的过程中提供一切必要的支持和服务——在该银行的帮助下，有超过 600 位投资者及其家庭成员获得了这一地位。

拉脱维亚同样还拥有高度发达、监管良好且充分融入欧盟的金融服务市场。计划在该地区开展业务的金融和投资公司、外汇及其他经纪公司、支付服务提

拉脱维亚作为北欧的金融中心，

它正转向东方市场

www.rietumu.com


Development of the financial centerHaving got independence after break-up of the USSR in the early 90s of the last century, Latvia has actively started developing export of financial services. That was facilitated by external orientation of small, yet flexible Latvian economy, favorable and liberal legislation, absence of currency control and restrictions on the capital flow. Emergence here of the first banks on the post-Soviet

area very fast secured the country's status as a regional banking center for Russia and other CIS countries. With its entry into the European Union in 2004, Latvian financial services have become ever more successful in conquering the European market. In twenty years having become the financial center of the Northern Europe and having gained enough experience and potential for further expansion, Latvia is now ready to offer the full range of services and opportunities also to the Asian region, and especially China.

Banking and financial systemWhile these opportunities are vast. The basis of all is a developed and well regulated Latvian banking system, which excels foremost with offering a comprehensive range of products and services, secondly with loyalty to non-resident customers, thirdly with cost efficiency in comparison to Switzerland or even Cyprus, and the fourth with much greater stability and reliability, compared for instance to today's South European banks. The fact that half of the Latvian banks’ customers are non-residents, while in Switzerland, for example, only about 40%, speaks on Latvian friendliness to foreign customers and on customers’ trust to Latvia in turn.

Latvian banking system is represented by 29 banks, including Rietumu, the flagship of the non-resident business service, the

largest privately owned credit institution offering a comprehensive range of banking products for corporate customers and high-net-worth individuals in the CIS and EU countries, leader in efficiency in the banking sector, focusing on relationship banking. As well as Rietumu offers its customers all the necessary support and services in obtaining the residence permit in Latvia – more than 600 investors and their family members have obtained this status with help of the bank.

Latvia has also highly developed, well regulated and fully EU integrated financial services market. Financial and investment companies, forex and other brokerage companies, payment service

providers, electronic money institutions, planning to launch the business in the region may obtain the required licence in Latvia.

Immigration policyIn addition to the long standing and stable banking industry, in recent years Latvia has been acquiring more new advantages in the arena of international capital. Two years ago, the Government has started to actively and consistently pursue a policy of liberalization of the legislation intended to make Latvia more attractive for international business and capital. Starting from July 2010, Latvia has introduced a liberal and affordable in comparison with other European countries program of obtaining residence permit for foreign investors on the basis of investment in real estate, contribution to the subordinated capital of credit institution, or contribution to the share capital of Latvian company. In addition to the right of visa-free stay in Latvia, residence permit allows free movement throughout the Schengen zone. Among the grounds for obtaining a residence permit, the most popular is acquisition of real estate, taking into account fairly low threshold of 72 thousand euros. Among foreign businessmen who have already obtained the residence permit there are a lot of Chinese citizens as well.

Introduction of holding regimeSince 2013 favorable tax regime for international holding companies will become effective in Latvia, which brings the country in a line with such popular European low-tax brands as Cyprus, Netherlands and

Luxembourg. Starting from 2013 income of Latvian companies from sale of shares and dividends received is exempted from tax. Furthermore the dividends payable to other countries are exempted from withholding tax. Starting from 2014 interests and royalties paid to foreign countries are not subject to withholding tax as well. Latvia charges no stamp duty on share capital payment. If foreign investor decides to close Latvian operations, the exit can be tax efficient. The network of double tax agreements, so essential in investing activities, is wide enough to provide the functionality of Latvian holding regime. There are agreements with 51 countries effective at the moment, including China, Singapore, South Korea, USA, CIS countries, almost all European countries.

Overall business environmentLatvian tax regime is favourable for set up of real business and for trading activity as well. One of the lowest rates of corporate tax in Europe, 15% is applicable in Latvia. Company incorporation and administration process is quite simple and low-cost, company may be registered within 24 hours, incorporation can proceed without personal presence of the founders. There is essential infrastructure, availability of well qualified and trained workforce with English languages knowledge at competitive salaries. European funds are accessible for setting up and development of production and services business.

The launching ground for access to EuropeApart from highly developed banking and financial industry, favorable immigration and tax legislation, Latvia has a unique advantage of its geographical position at the crossroads of transport routes, being in actual fact a gateway between Europe and Asia. On top of that, it has easily approachable location and comfortable living environment. Having comprehension of business environment in the East and West, the country is able to become the launching ground for the entrance of capital and business from Asia to Europe. And to become a real financial center for China, alternative to Singapore, Hong Kong, British Virgin Islands - financial center which on the one hand has got all the advantages of old Europe, including political and economical stability and sound standing in international business community, and on the other hand is much more accessible and friendly.

Sponsored Article

Latvia, The financial center of the Northern Europe, turns to the East.

www.rietumu.com

中国经济的快速发展让许多家庭从

蓬勃发展的房地产市场、低成本

劳动力的生产和外商投资中获利。

虽然新一代的中国公民在过去的 20 年中开

始在世界舞台上崭露头角，对他们来说，

面对的主要挑战是将资本作为个人投资“移

至”海外。当然，就中国政府而言，他们

需要确保资金留在国、逐步渗透这个新兴

阶层的外资不会离开本国的经济体系。因

此，本文旨在研究中国公民和外国人采取

了什么样的法律方式将资本移至离岸帐户，

特别是开曼群岛。

竞争优势

毕马威会计师事务所合伙人、编辑部门主

席 Anthony Cowell 表示，许多热门的国际

银行、律所和会计事务所都再次决定在开

曼群岛进行投资，这很可能是对 2013 年可

能到来的金融危机的一次集体响应。由于

其众多竞争优势，使开曼群岛成为开展业

务的理想目的地，开曼群岛的经济正在复

苏。Anthony Cowell 接着说：“在我看来，

金融衍生品行业正在继续遭受身份危机。

通过开诚布公的对话、创新理念的运用和

概念不断演变，我相信我们有能力掌控自

己的未来。当我们进入新的一年时，我们

的新法律给了我们足够的空间来发挥，我

期待着看到这次会议的种子在 2013 年开花

和结果。”

　　其实，开曼群岛不只是在刺激全球的

投资者，而且在用高端的金融产品服务居

住在三个岛屿上的当地居民和获得居住权

的个人。Anthony Cowell 进一步表示：“我

们的人民对保护岛屿的未来充满热情，并

且致力于帮助社区内没有那么幸运的人们。

我们对社区的承诺决定了我们如何开展日

常的业务，让我们真正变得与众不同。”

　　开曼群岛之所以能够取得这样的金融

地位、几个世纪以来一直能够吸引世界各

地的商人，这是因为该岛本身的特质。是的，

它可能是充满魅力和浪漫的岛屿，但是它

也是一个经济权力和野心的大熔炉。英国

王室和贵族家庭认为，这些中心对大英帝

国的持久成功至关重要。随着新一代的掌

门人延续这种思维模式，他们有一天会继

承并且进一步积累他们的家族财富。由此，

开曼群岛在当时可以被看作是培养菁英的

Ch i n a ’ s r a p i d e c o n o m i c developments have left many households to profit over booming

real estate resolutions, low-labour productions and foreign investments. Although a new class of Chinese them has been “relocating” their capital overseas as a private investment. Naturally, it’s in

the Chinese government’s best interest to make sure that foreign capital invested into China and gradually precipitated to the new class does not leave the economic respiratory system. Therefore, this article is to rather observe the trend to which legal methods have been reached in relocating capital by Chinese

开曼群岛私人银行的避风港Cayman IslandsHaven for Private Banking

By Mico M. Lysarian



nationals and foreigners out of china and safely into offshore accounts, especially the Cayman Islands.

Competitive AdvantageMany of the popular international

banks, law or accounting firms are once again deciding to invest in Cayman which will most likely be the collective response in 2013 in light of another year of financial turmoil, says partner and editorial chairman of KPMG Anthony Cowell . Business is reviving in the Cayman jurisdiction because it offers many competitive advantages that make it once again an attractive place to do business.

Anthony Cowell went on to say, "In my opinion, the alternatives industry continues to suffer from a crisis of identity. Through open dialogue, the application of innovative ideas and by

embracing the concept of continuing evolution, I believe we hold the power to invent our own future. Our new laws give us plenty of room to play as we approach a new year and I look forward to seeing how seeds planted at this conference grow and develop in 2013."

Actually, Cayman Islands is not just spurring on investors globally, but catering the very prestige of finance to the local citizens and locals taking up residency on the three islands. As Anthony Cowell further stated, “Our people are driven and passionate about protecting our islands for future generations and to help those less fortunate in the community in which we live. Our commitment to our community is at the heart of how we conduct business everyday, to truly make a difference.”

The reason why the Cayman Islands

著名商学院，岛上日常生活的各个方面和

互动对年轻的绅士商人来说都是某种类型

的课程。

离岸资金和法律

当经济学家和企业家谈到“离岸资金”时，

他们最初指的是其注册企业的海外帐户或

者个人的居住权。根据海事法（海洋之法，

也被称为“海商法”），公司是企业个人 /

公民，与普通人拥有相同的权限。因此，

当个人本身进行“注册”，由公司实体进

行代表时，他们可以在完成必须的步骤和

获得批准后开启离岸帐户。

直接投资证书

直接投资证书可以提供给来自中国的个人

和外国公民，前提是他们拥有的个人净资

产至少达到 715 万美元，并且已经或者计

划对开曼群岛的任何持牌且创造就业的一

家企业或者多家企业投资 286 万美元。此

证书允许持有人和他们的家人永久居住在

开曼群岛，并且在他们投资的一家企业或

者多家企业中工作长达 25 年。在这段时间

结束后，证书可以续期或者延期。

开立银行帐户

除了拥有开曼群岛注册的离岸账户所能带

来的好处之外，开立银行帐户或使用金融

服务如想象中一样容易，只要按照正确的

规则去做就行。

　　投资者在考虑开立账户时，应注意以

下几点。根据开曼群岛的法律要求，您将

被要求提供个人信息，以建立和确认您的

身份。这与“国籍”或者母公司的所在地

相关。您将通过经营的法人实体开展业务。

·由银行发出的资信证明正本，显示在过

去 3 年中保持着良好的关系，并且提供在

最近 6 个月中帐户的平均余额

·个人的全名、住址、电话 / 传真号码、国

籍、出生日期和地点、职业、雇主的姓名

和地址

·与帐户目的相关的详细信息

·通过该帐户预期进行交易的类型和美元

交易量，包括初始和后续存款的资金来源

·经公证的护照或驾驶执照的清晰复印件

（有照片）


　　将大笔的资金转移到一个长久以来能够帮助投资者增值的境外机构，这看起来可能会让人不安如果个人充分准备，并且对他运作的领域有所了解，精心的准备可以获得更积极（而不是消极）的结果。

Perhaps it may seem unnerving to release large sums of money to a foreign party with a history of finding an appreciated value on the investors “investment”, but careful preparation can have more positive than negative conclusions.


照片

提供

Photo by K

. M. M

ahon


·实际地址的确认（例如水电费帐单或驾

驶执照的副本）

　　此外，对非居民个人的帐户来说，多

数银行会要求律所或者会计事务所直接将

初始银行资信证明邮寄给该行。身份认证

并不需要亲自区银行，银行工作人员只需

要护照复印件就可以办理。当然也有可能

会出现例外的情况，但是银行会乐意就这

些要求与客户进行讨论，在出现例外的情

况下帮助投资者成功地开立帐户。

　　当涉及到私人银行时，大家都知道有

大量的资金据说被“藏”在这个岛上。当

你希望把你所做的事情“隐蔽”起来时，

开曼群岛就是一个理想的地方。只要问问

米特· 罗姆尼就行了。根据 MSNBC 的

报道，他在 12 个开曼群岛注册的基金中

投资了 2500 万美元。调查经济学家 Tod

Robberson 透露，罗姆尼的老公司贝恩资

本（Bain Capital）在开曼群岛的投资超过

138 个项目并且拥有 40 个个人离岸账户。

　　开曼群岛的吸引力部分在于其完善的

法律法规，使得投资者能够到金融监管机

构那里注册投资基金。在注册以后，保荐

人 / 公司可以进一步选择在公开市场推广他

们的基金，比如欧盟。那么，对中国大陆

strike such a financial interest to this story and business men around the world for centuries is because of the very nature of the island itself. Yes, it may be riddled with charm and beauty to the romantic, but it’s also a melting pot of power and ambition for the economic. The British royal and noble families considered these hubs pivotal to the enduring success of the British Empire, and with such ideology came the “schooling” of young masters who would one day inherit and lead their family fortune onwards to greater riches. Cayman Islands can thus be seen at the time as a prestigious business school for the elite, where every aspect of daily life and interaction on the islands constituted some type of lesson to the grooming of young gentle businessmen.

Offshore Funds and LawWhen economists and entrepreneurs refer to “offshore funds” they are initially saying an account abroad of

their registered corporate or individual national residency. Under Admiralty Law “Law of the Seas” also known as Maritime Law, a company is a corporate individual/citizen with the same privileges of a regular person. As such, when individuals t h e m s e l v e s a r e “ i n c o r p o r a t e d ” represented by a corporate entity, are allowed to proceed having received the proper steps and tokens needed to secure an offshore account.

Certificate of Direct InvestmentA certificate of Direct Investment is available to Chinese individuals and foreign nationals with a personal net worth of at least US$ 7.15 million who have made, or propose to make an investment of at least US $2.86million in any licensed, employment-generating business or businesses in the Cayman Islands. This certificate allows the holder to reside in the Cayman Islands permanently with their families and to work in the business or businesses in which they have invested for up to 25 years. It is then renewable or extendable at the end of this period.

Opening a Bank AccountIn addition to all the benefits of holding an offshore account at the Cayman Islands, opening a bank account or use financial services is quite as easy as may be expected when the rules are properly followed.

Below are a few points should be aware of when considering to open an account. You will be asked to provide p e r s o n a l i n fo r m a t i o n i n o rd e r to establish and confirm your identity, as required by Cayman law. This is related to “nationality” or residency of the host corp. you will be conducting business through, the legal entity of operations.

• An original financial reference addressed to the Bank indicating a

　　除了拥有开曼群岛注册的离岸账户所能带来的好处之外，开立银行帐户或使用金融服务如想

象中一样容易，只要按照正确的规则去做就行。

In addition to all the benefits of holding an offshore account at the Cayman Islands, opening a bank account or use financial services is quite as easy as may be expected when the rules are properly followed.

照片

提供

Photo by John W

illiams


satisfactory relationship of over three years, and quoting approximate average balances maintained over the past six months.

• One’s full name, residential address, telephone/fax numbers, nationality, date and place of birth, occupation, name and address of employer

• Details regarding the purpose of the account.

• The nature and dollar volume of anticipated transactions through the account including the source of funding of initial and subsequent deposits.

• A notarized clear copy of your passport or driver's license (with photo showing).

• Confirmation of physical address (e.g. copy of a utility bill or drivers license)

In addition, for accounts of non-

resident individuals, most banks will ask to require original character references addressed to the bank directly from a law or an accounting firm. Certification of identification is not required of persons who have been personally interviewed at the Bank and from whom a photocopy of passport has been taken by Bank personnel. There may be situations that are not covered by the above, but the banks will be pleased to discuss their requirements and help investors successfully open an account if there is any exceptional case

When it comes to private banking, it is known that massive funds are said to be “hidden” on the island. “When you want to ‘hide’ what you’re doing, the Cayman Islands is the place to go. Just ask Mitt Romney, who according to MSNBC invested up to $25 million in 12

人来说，为什么是欧化的开曼群岛要比包

括香港和韩国在内的区域性中心更具有吸

引力呢？答案是税收。税收是一切的根源。

　　让我们再回顾一下 18 世纪开曼群岛所

享有的遍布整个英联邦的巨额财富，这是

推动美洲革命和独立宣言的一个主要因素。

殖民地（革命前的）在英国君主立宪制下

实行重税。作为英国殖民地，开曼群岛生

产和出口大量的商品（特别是棉花），税

务对美国的被殖民者来说是不断增加的负

担。虽然美国人在帝国统治下进行劳动，

但是肥沃美国土地上的战利品已经被送到

了英国的全球网络中，贵族们享受新大陆

给他们带来的产品和商品。开曼群岛背负

着推动了奢华生活的骂名，虽然也获得了

技术方面的进步，但是其低税率、商品和

港口都与 300 年前没有什么不同。

　　这意味着，中国公民和外国人可以在

本地几乎零税率的条件下“构架”他们的

资本，无论是所得税还是资本利得。对于

中国的投资者来说，这意味着投资基金唯



Cayman Islands-registered funds. His old company Bain Capital has had more than 138 investments in the Caymans, and 40 personal offshore accounts” says the investigative economist Tod Robberson.

The appeal of the Cayman Islands is in part due to the well established set of regulations enabling the registration of investment funds with their financial regulator. As a result of this registration, the sponsor/company can then further choose to market its funds on the open market such as that of the European Union. So why is the Europeanized Cayman Islands such an attractive option opposed to other more regional hubs like Hong Kong or South Korea for mainland Chinese? The answer is tax. Taxation is always at the root of everything.

Considering again the 1700’s of which the Cayman Islands enjoyed the immense wealth distributed throughout the British Commonwealth, this was a

major factor of the Revolution in America and Declaration of Independence. The colonies (pre-revolution) were subjected to heavy taxes imposed by the British monarchy. As a British colony producing and exporting massive varieties of goods, especially cotton, taxation was an ever increasing burden on the American Colonists. While the Americans labored under imperial rule, the spoils of the rich American plains never failed to precipitate through out the global web of British hubs filled with aristocrats enjoying the latest goods and wares from the New World. And the Cayman Islands, encapsulated in a bubble of infamy lives on in a state today, perhaps tinkered with technological improvements, but still the essence of what low-tax, stock and drop ports were all about 300 years ago

This means that Chinese nationals and foreigners can “organize” their capital with basically zero tax liability

一需要考虑的税赋取决于 “国内注册”，

以及申请居住权的国家。当税赋几乎不存

在时，任何一个有金融头脑的人都会把开

曼群岛作为一项有前途的投资。

投资指引

在决定把储蓄和资本投资于哪个离岸中心

时，个人应注意通过商业代理人和机构转

移大笔资金所带来的危险性。不幸的是，

欺诈的情况并不少见。在所有日常活动的

形式和领域中都一直存在欺诈者。因此，

在离岸中心看到这些人我们并不会感到奇

怪。受益人需要好好了解金融骗子的迹象

和信号。

　　将大笔的资金转移到一个长久以来能

够帮助投资者增值的境外机构，这看起来

可能会让人不安，但是这并不完全正确。

其实，如果个人充分准备，并且对他运作

的领域有所了解，精心的准备可以获得更

积极（而不是消极）的结果。对那些认真

考虑将资金转移到安全的离岸避风港的个

人来说，在做出最终选择前，他们需要认

真考虑地以下几点：





locally, regardless of its on income or capital gained. For Chinese investors this implies that the only tax liability which will be weighed on their investments into such funds depends on their “national registration” and the country to which it applied for residency. When tax is slim to none, any financially minded individual will find locations such as the Cayman Islands a promising investment.

Investment GuidelinesWhen deciding upon a hub to invest savings and capital, one should be aware of the dangers associated to transferring large sums of money through financially driven individuals and organizations. Fraud is unfortunately not uncommon. Fraudulent individuals have always existed in all forms and fields of daily activity. It’s therefore not surprising to find these types of people operating in these places. It’s the benefactor’s best interest to benefit by knowing the signs and signals given by financial crooks.

Perhaps it may seem unnerving to release large sums of money to a foreign party with a history of finding an appreciated value on the investors “investment”, but this is not entirely true. Actually if an individual is well prepared and knowledgeable about the field he is to operate in, careful preparation can have more positive than negative conclusions. A few points to strongly consider for any individual serious about their money traveling safely to an offshore safe haven should be mindful of the following points:

Dimension Begin first by identifying the specific fund in which you are interested in investing. If the funds are small, then there is a strong possibility that a danger is possible with that specific transaction. Additionally, research the fund company

规模

首先，要确定你有兴趣投资的具体基金。

如果基金规模比较小，很可能会给特定的

交易带来危险。此外，需要研究一下你考

虑使用的基金公司，搞清楚它能够提供多

少只基金。如果这家公司只提供了单一基

金，那么你应该清楚地认识到它是一个负

担，应该被抛弃。

产品

就产品和基金发起人而言，那些提供好的

让人难以置信的交易的基金通常不会给投

资者带来什么好处。不要理会这样的产品，

要真正地了解骗局与好机会之间的差别。

地位

属于英联邦的离岸中心以及其他一些欧洲

低税司法管辖区拥有非常稳固的地位，它

们监管良好，并且能够为投资者带来很大

程度的安全性。

风险

首要的目标应该是消除风险，并且权衡剩

下的投资，来做出的精明决定。风险是任

何一场游戏的一部分，尤其是投资和商业。

对新的投资者来说，没有万无一失的指引。

面对荣华富贵的诱惑，你需要知道只有那

些谁知道他们自己在做什么的人才能获得

成功。

杠杆

要了解你正在考虑投资的基金将会经历跌

宕起伏。投资者有责任注意金融周期的相

关格局。此外，对投资者来说，明智的做

法是区计算潜在损失的总风险。旧的经验

法则是，人们的投资额不该大于他们所愿

意承担的损失。规模相对较大的投资很容

易会变成一个沉重的负担。

you are considering using and how many funds it has available. If the company only presents a single fund, then it should be clearly marked as a liability and discarded.

OfferIn regards to offers and fund promoters offering deals which sound too good to be true, are most like offering offers that won't do the investor much good. Avoid these offers and be keen on knowing the difference between a bad scam and a good steal.

StatusH u b s t h a t b e l o n g t o t h e B r i t i s h Commonwealth as well as a few other European low-tax jurisdictions, have a really solid status for being well regulated, and provide a large degree of security on behalf of the investor.

RiskThe first goal should always be to eliminate risk and weigh the remainder to make a calculative decision. Risks are a part of any game, especially investments and business. There is no foolproof guideline for new investors to follow. A reason for the appeal to gain riches in fortune and privileges is associated with the fact that only those who know what they’re doing succeed.

LeverageKnowing the fund you are considering investing in will have its ups and downs. It is the investor’s responsibility to be aware of the pattern associated to financial cycles. In addition, it would be wise of the investor to know the calculated risk of total losses possible. Old rule of thumb is that one should not invest in more than they are willing to lose. A relative sized investment can easily turn into a heavy burden.

022 Winter, 2013

COPUBLISHED REPORT

问：私人银行服务和离岸私人财富结构是如何相互配合的？

答：私人银行服务和离岸私人财富结构可以互相配合，相得益彰。

私人银行能够提供广泛的银行、投资和金融服务，使客户的投资获

得最大幅的增长和最高的价值。

离岸私人财富结构（如英属维尔京群岛、开曼群岛、耿西岛或泽西

岛的公司、信托和基金会）为客户对上述投资的所有权、控制和保

护提供法律框架，以保障客户的利益。

例如，私人银行可提供与证券组合相关的投资和财富管理建议，而

为了客户及其家庭的利益，那些证券可由离岸私人财富结构所拥有，

比如基于英属维京群岛法律的信托或耿西岛的基金会。在这情况下，

私人银行服务提供投资的专业知识。离岸私人财富结构（在这个例

子中为信托或基金会）能为客户提供安全性和确定性，把客户的资

产保管在安全、监管良好、免税，同时拥有受国际认可的法律和独

立法院的司法管辖区，确保该资产为客户及其家人带来利益。

问：中国个人客户使用私人银行服务和离岸私人财富结构能够获得

什么样的潜在利益？

答：私人银行的主要好处是服务的广度和深度。服务的广度意味着

能够获得广泛的专业银行和金融服务（包括投资咨询、财富规划、

获得专门的金融产品、外汇及资金服务、艺术品和收藏品咨询、慈

善事业咨询等等）。服务的深度指的是银行员工可以花在每个客户

身上的时间和精力，以及银行可以提供最适合客户特定需求的产品

和服务的程度。

离岸私人财富结构为客户带来的主要优势包括：

1. 继承规划——可以在最合适的时间以最佳的方式帮助客户将资产

转移给子女、孙子女或其他家庭成员，具有确定性和安全性，并

且可以避免昂贵的家庭纠纷 ;

2. 资产保护——可以保护资产不受债权人索赔的影响 ;

3. 税收——在符合相关税务法律的情况下，可以避免、减少和 / 或延

迟税收的支付 ;

4. 保密性——可以限制与客户资产和事务相关的公开资料的数量 ;

5. 持续的客户参与——即使在离岸私人财富结构建立后，仍然可以

让客户继续在一定程度上参与与资产的相关决策 ;

Q: How do private banking services and offshore private wealth structures work together? A:Private banking services and offshore private wealth structures work very well together and complement each other. Private Banks are able to offer a wide range of banking, investment and financial services to maximise the growth and value of a client's investments. Offshore private wealth structures (such as companies, trusts and foundations in the BVI, Cayman, Guernsey or Jersey) provide the legal framework for the ownership, control and protection of those investments for the benefit of the client. For example, a private bank may provide investment and wealth management advice in relation to a portfolio of securities and those securities may be owned by an offshore private wealth structure such as a BVI law trust or a Guernsey foundation for the benefit of the client and his family. The private banking services provide investment expertise. The offshore private wealth structure (a trust or foundation in this example) provides the client with security and certainty by ensuring that the assets are available to benefit the client and his family but are held in a safe, well regulated, tax free jurisdiction with internationally respected laws and independent courts. Q: What are the potential benefits for Chinese individuals of using private banking services and offshore private wealth structures? A: The principal benefits of private banking are breadth and depth of service. Breadth of service meaning the wide range of specialist banking and financial services which are available (including investment advice, wealth planning, access to specialist financial products, forex and treasury services, art and collectibles advice, philanthropy advice, etc). Depth of service in relation to the degree of time and attention that the bank's staff can devote to each client and the degree to which the bank can offer products and services that are best suited to the client's specific needs.

用私人银行让财富增值奥杰专家为您答疑解惑Offshore Private Banking - Protect Your Wealth with Ogier问 Q：中国离岸 China Offshore

答 A：Marcus Leese 奥杰 - 合伙人 (Partner, Ogier)



COPUBLISHED REPORT

6. 确定性——领先的离岸金融中心（如英属维尔京群岛、开曼群岛、

耿西岛和泽西岛）拥有政治和经济方面的稳定性、独立、有明确

的法律体系、拥有经验丰富、独立和有效的法院和受到良好监管

的服务提供者（比如律师，受托人等）。

问：对中国客户而言，他们在选择离岸法律和受托服务供应商方面

最大的考虑因素是什么？哪些是他们最喜爱的司法管辖区？

答：当中国的客户选择离岸法律和受托服务提供商时，很大程度上

是由关系所驱动的，因为他们需要寻找一个能良好沟通，并且可以

长期合作的值得信赖的顾问。对中国客户来说，重要的是你可以用

他们的语言对话，与他们会面，理解他们的文化和在岸的运营环境（包

括可能影响使用离岸结构的相关的中国规定）。根据一些独立研究

报告，对亚洲的客户来说，开曼群岛和英属维尔京群岛是最受欢迎

的司法管辖区。

问：对奥杰 (Ogier) 来说，你们如何扩大自身的客户群，特别是来自

中国和其他亚洲国家的客户？就为中国客户提供服务而言，你们有

什么优势？

答：奥杰已经认识到了中国客户的需求，因此我们是第一家在中国

大陆开设了办事处、配备全职工作人员的离岸律师事务所。我们可

以用客户使用的语言来解释离岸结构的使用方法和好处，并且为长

期提供在岸的客户支持服务。


The primary benefits for a client of offshore private wealth structures are:1. Succession planning - the potential to transfer assets to

children, grandchildren or other family members at the time and in the way which is best for the client and which is certain and secure and which avoids costly family disputes;

2. Asset protection - the potential to protect assts from the claims of creditors;

3. Taxation – the potential to avoid, minimise and/or defer tax in a way which complies with relevant tax laws;

4. Confidentiality - the potential to limit the amount of publicly available information about the client's assets and affairs;

5. Continued client involvement - the potential for the client to remain involved to some extent in the decision-making relating to assets even after the offshore private wealth structure is established;

6. Certainty - the leading offshore financial centres (such as BVI, Cayman, Guernsey and Jersey) are politically and financially stable, independent, have clear laws, have experienced, independent and efficient courts and have well regulated service providers (such as lawyers, trustees, etc).

Q: As for Chinese clients, what are their biggest considerations in terms of choosing offshore legal and fiduciary service providers? What are their favourite jurisdictions now?

A: When Chinese clients choose their offshore legal and fiduciary service providers, it is very much relationship driven, in that they are looking for a trusted advisor who they can communicate well and being able to rely upon on a long-term basis. It is important to Chinese clients that you can speak in their own languages, meet with them face to face, and understand their cultures and the onshore environment in which they operate in (including some of the relevant Chinese regulations that may impact the use of offshore structures). In Asia, according to a number of independent research reports, Cayman and BVI are ranked as top jurisdictions of choice.

Q: As for Ogier, what are you going to do to expand your client base, especially those from China and other Asian countries? What are your advantages in terms of providing services to Chinese clients?

A: Ogier has recognised the needs of Chinese clients and was the first Offshore law firm to have opened an office in mainland China with full-time staff on the ground. We can explain the use and benefits of offshore structures in their own languages and providing long-term client support on the ground.

Marcus Leese 奥杰 - 合伙人 (Partner, Ogier)

024 Winter, 2013

观点 | OPINION

国枫凯文律师事务所

自 1999 年开始从事律师工作，主

要从事重组、改制与境内外上市、

私募、并购以及与此相关的纠纷解

决方面的法律业务，累积了 10 年以

上的经验和技巧。尤其擅长融合客

户商业需求与中国法律和监管框架

进行意见的出具。

Grandfield Law OfficesMr. Zhang’s principal areas of focus are corporate reorganization, restructuring, onshore and offshore IPO, private placement, cross-border M&A and related dispute settlement. Since he began his legal career in private practice from 1999, he has advised the primary international investment banks/funds and quite a number of PRC-related private and state-owned enterprises in many fields.

张诗伟

Shiwei Zhang

合伙人 Partner

中国私人银行发展面临挑战Chinese Private Banks Face Challenges

The establishment and development of the private banking sector have two fundamental premises:

a constitutional law that recognizes the legitimacy of private property and private wealth that has achieved a "tremendous surge". While the legitimacy of private property in China was established by the 1982 Constitution, a rapid increase of private wealth actually occurred after Deng Xiaoping's southern tour in 1992. Therefore, the first private bank in China was launched as late as March, 2007 by the Bank of China and Royal Bank of Scotland. In the following five years, China's private banking boomed, with assets of over 23 trillion yuan today, which means that private banks are faced with unprecedentedly exciting opportunities.

It must be noted, however, that private banks not only face competition from mutual funds, private equity funds, insurance companies, securities companies, trust companies, futures companies, third-party wealth managers including Noah, as well as emerging P2P wealth management institutions like ppdai.com, CreditEase and crowd-funding (of course, there is some cooperation), but also faces upgrades in

私人银行业的确立与发展存在两个基

础性前提，一个是宪法法律承认私

有财产合法性，另一个是私有财富

实现了“极大涌流”。中国私有财产的合法

性自 1982 年宪法才开始得到真正确立，但

私人财富的大量迅猛增加是 1992 年邓小平

南巡之后才真正发生。因此，直到 2007 年 3

月中国银行联手苏格兰皇家银行才开创中国

私人银行之先河。在此后的五年时间里，中

国私人银行几乎是遍地开花，以至今日成为

资产数量超过 23 万亿的产业，这意味着私

人银行面临着前所未有令人激动的机会。

　　但必须看到，私人银行不仅面临公募基

金、私募基金、保险公司、证券公司、信托公司、

期货公司、诺亚理财等第三方理财以及拍拍

贷、宜信、众筹等新兴 P2P 理财机构等竞争

（当然也存在着一定合作），也面临移动支付、

互联网支付等新型理财支付技术工具的升级

换代。是否能在竞争中立于不败之地，取决

于私人银行是否能够与时俱进并提供更有竞

争力、更个性化的金融产品服务和产品。

　　就私人银行面临的竞争而言，以信托业

为例，根据中国信托业协会数据，其管理信

托资产 2012 年全年突破 7 万亿元人民币已成

定局；以证券公司集合理财和资产管理业务

为例，自从一法两规（即证监会正式下发的《证

券公司客户资产管理业务管理办法》《证券

公司集合资产管理业务实施细则》和《证券

new wealth management payment tools such as mobile payment and Internet payment. Whether a private bank can have an invincible position in the competition depends on its ability to keep abreast of the trend and provide more competitive, more personalized financial services and products.

As for the competition facing private banks, the trust industry is an example. According to the China Trustee Association data, the trust assets under management in 2012 exceeded seven trillion yuan. Another example is securities companies’ collective wealth management and asset management business. Since the implementation of one measure and two rules (Administrative Measures for the Client Asset Management Business of Securities Companies, Implementation Rules on the Collective Asset Management Business of Securities Companies and Implementation Rules on the Directional Asset Management Business of Securities Companies), the securities companies’ asset management and collective wealth management business embraced an unprecedented golden era. According to the Securities Association of China, the total assets under management



OPINION | 观点

公司定向资产管理业务实施细则》）的落实，

券商资管和集合理财业务迎来史无前例的黄

金时期。根据中国证券业协会数据，2012 年

全年整体资产管理规模为有望逼近万亿元大

关，成为今年泛资产管理增长最快的市场。

而最近消息是继券商资管，基金子公司之后，

18 家期货资产管理公司最近也获得开展资产

管理业务的试点资格，可投资范围期货、期

权及其他金融衍生品；股票、债券、证券投

资基金、集合资产管理计划、央行票据、短

期融资券、资产支持证券等。可见私人银行

正面对前所未有的竞争！

　　就私人银行金融产品互联网或电商化而

言，随着汇付天下和支付宝等网络支付模式

基本成熟，一个巨无霸的金融产品电子商务

市场正在逐渐开启，电商化趋势已成潮流。

因此，可以说，比尔盖茨十余年前“互联网

将使银行成为恐龙”在今天已逐步成为现实。

这个意义上，私人银行正面临着一场真正的

革命。（私人）银行主动应变，尽快将（私人）

银行互联网化，尤其是移动互联网化。而目

前基金、银行理财、信托产品等都可以在网

络上购买，而私人银行相关产品服务明显滞

后于其他行业，亟需迎头赶上。

　　而且，在互联网的自媒体时代，负面的

信息传播具有高速性和留痕性特点，任何一

个客户获取相关银行的私人银行服务之前，

可方便在网上检索相关信息，一般而言，好评

多的，客户多的银行将毫无悬念地胜出。为

对应此种变化，私人银行必须大大加强 IT 基

础设施和大数据方面的投入。当然，这绝非

说线下的服务就不重要了，实际上恰恰相反，

线上的服务归根结底要靠线下服务做基础。

　　而且，随着客户移民需求的增长以及离

岸财产、资产规模的扩大使得境外资产管理

日益重要，而出于节税和保密的需要，客户

也日益青睐离岸资产管理的理财方式，而互

联网更具有天然的跨国界特质，导致了私人

银行业务越来越具有离岸化的趋势。离岸账

户、离岸公司、离岸金融、离岸信托、离岸

基金等各种离岸的结构化产品和金融工具得

以充分发展起来。客户在岸 (On-shore) 即可

完成对其资产和财富的离岸 (Off-shore) 配置

与管理，从法律角度而言就是其不断与私人

银行发生、变更、消灭关于理财业务的离岸

法律关系，由此带来了一系列适用法律的冲

突与难题。

of securities companies were expected to approach the 1-trillion yuan mark, making it the fastest growing segment in the wealth management industry. The recent news is that after the wealth management business of securities companies and the subsidiaries of fund companies, 18 futures management companies have recently also received the licenses to conduct trial operation of the asset management business, with the investment range of futures, options and other financial derivatives, stocks, bonds, securities investment funds, collective asset management plans, central bank bills, short-term financing bonds, and asset-backed securities. It’s apparent that private banks are facing unprecedented competition!

For the Internet-based trend and online merchants for private banking and financial products, as online payment services providers like ChinaPnR and Alipay

go mature, a giant e-commerce market for financial products has gradually developed and online retailers have become the trend. Therefore, it can be said that Bill Gates’ prediction more than ten years ago that "Bank is the dinosaur to be extinct in the modern world” has become a reality in today. In this sense, private banks are facing a real revolution. (Private) banks should take the initiative to make adjustment and adopt the Internet-based model for the (private) banking business, especially the mobile Internet technology. Nowadays, funds, banks’ wealth management products and trust products can all be bought on the Internet. But private banks’ products apparently lag behind other industries and need to catch up.

However, in the era of “We Media” on the Internet, dissemination of negative information is fast and can leave traces. Any client can surf the website for information


026 Winter, 2013

　　离岸账户、离岸公司、离岸金融、离

岸信托、离岸基金等各种离岸的结构化产

品和金融工具得以充分发展起来。

Offshore accounts, offshore companies, offshore finance, offshore trusts, offshore funds, and other offshore structured products and financial instruments have been fully developed.

观点 | OPINION

　　虽然银行多已意识到私人银行财富管理

业务的重要性，但私人银行业务发展在中国

还较多受到以下问题困扰：

　　一是部分私人银行诚信度不高，未能真

正贯彻客户至上的银行理念，在出现纠纷时，

客户利益容易被侵犯，投诉处理后推诿、卸

责较为常见，这种行为直接违背了私人银行

保障客户财富安全的宗旨，更破坏了客户对

私人银行的信任，而信任 / 信用是银行、金融

业的基石！

　　二是部分银行私人银行理财管理产品不

合规，打擦边球或监管套利的情形比较常见，

当然这也与银行业管制过度有关系，监管层

将来在控制风险的前提下应加快放松管制，

给市场足够的创新空间。

　　三是部分银行相关私人银行理财运作内

控不严，产品信息披露不够透明、准确、充分，

未尽足够的关键条款和风险揭示义务，为日

后纠纷、争议埋下种子。

　　四是投资者教育不够，“买者自负”意

识尚不成熟，片面追求高收益率而对风险认

知不够或忽视风险控制，而私人银行理财产

品通常结构和条款均较为复杂，客户在签署

相关合同时较为草率，在产品未达预期收益

率甚至出现损失后动辄找银行承责。因此投

资者质素尤其是风险认知亟待提高。

　　五是纠纷处理难。由于私人银行结构化

产品通常条款复杂，专业技术性高，而国内

受诉机构缺乏相关人才对该类纠纷进行处理、

裁断，导致了客户一定程度的救济渠道不通

畅，在私人银行业务离岸化的趋势某种程度

上更加剧了这种状况。私人银行业务要取得

长足健康的发展，很大程度上也取决于上述

问题的解决情况。

before choosing to accept the private banking services from a certain bank. Generally speaking, banks with more good comments and more clients will undoubtedly win the battle. In order to respond to such a change, private banks must greatly enhance the IT infrastructure and data inputs. Of course, this is not to say that the offline services are not important. In fact, on the contrary, online services ultimately rely on offline services.

However, clients’ increasing demand for immigration and the expansion of offshore assets and wealth have made offshore asset management increasingly important. Due to the need for tax savings and seeking confidentiality, customers increasingly favor offshore asset management while the Internet has a cross-border nature, leading the private banking business into an offshore trend. Offshore accounts, offshore companies, offshore finance, offshore trusts, offshore funds, and other offshore structured products and financial instruments have been fully developed. Customers can wrap up allocation and management of offshore assets and wealth from an onshore base. From the legal point of view, the client constantly sets up, changes and eliminates offshore legal relationships in terms of wealth management, thus bringing a series of conflicts and problems with regard to the applicable laws.

Although most of the banks are aware of the importance of the private banking and wealth management business, they face the following troubles in developing private banking business in China:

First, some of the private banks don’t have high credibility and don’t really implement the bank philosophy of “Customer First”. The interests of customers are likely to be violated in the event of a dispute. Some banks are set to avoid shouldering the responsibility after receiving complaints. This behavior is directly contrary to the notion that private banks must ensure the security of clients’ wealth. It also cripples the trust of

the customers in the private banks. Trust/creditability is the cornerstone of the banking and financial industry!

Second, the wealth management products of some banks don’t comply with the rules, and it’s common for banks to take advantage of the regulatory system by "playing edge ball". Of course, this is also related to excessive regulation in the banking industry regulation. Under the premise of risk control, regulators should speed up the deregulation of the market to provide enough space for innovation in the future.

Third, some banks don’t have strict internal control on private banking and wealth management operation. Disclosures of product information are not transparent, accurate and adequate. They don’t fulfill fully the obligations in terms of key provisions and risk disclosures, setting the stage for future disputes.

Fourth, investor education is not enough. The awareness of the "caveat emptor" is not yet widely accepted and investors tend to seek high yields without paying enough attention to or simply neglecting risk controls. The general structures and items of the wealth management products of private banks are complicated while clients tend to rush in and sign the agreements. They tend to require the bank to shoulder the responsibility whenever the product doesn’t fetch the expected return. Therefore, investors should be educated and should have a better understanding of the risks.

Fifth, it is difficult to solve disputes. As the terms of private banks’ structured products are usually complex and technical while China still lacks talents in supervisory bodies to handle such disputes, clients don’t have a sound system to get a relief from disputes. The offshore trend of the private banking business exacerbates the situation to some extent. The long-term healthy development of the private banking business also depends largely on how the above problems are resolved.


2013, Winter CHINA OFFSHORE 0272012 COMPANY FORMATION GUIDE S13

028 Winter, 2013


Guernsey is a small but respected is land s i t t ing in the waters between France and England. It

has established a worldwide reputation for being an international financial offshore center that provides services for all levels of investors and business owners. Despite being small, it contains a large amount of money, funds and professional financial companies and banks. It has 33 registered banks holding £97bn ($156bn) in bank deposits, and an investment funds industry with more than £274bn ($440bn) in funds under management and administration..

The center is known for managing the assets of high-net worth individuals (HNWIs) having lucrative financial instruments, and for being a convenient

位于英法两国之间的岛屿——耿西

岛，虽是一个小岛，但却广受推崇。

作为一个国际离岸金融中心，耿西

岛凭借其面向各阶层的投资者所提供的优质

服务，在全球建立了良好的声誉。岛屿虽小，

却有着为数众多的专业金融公司和银行，操

控着大量的资金和基金。该岛的银行存款量

超过970亿英镑，基金数额超过2740亿英镑，

同时拥有大概 33 家注册银行。

　　该岛广为人知的原因有如下几点：为高

净值人士管理资产；提供诸多有利可图的金

融工具；以及较为便利的公司创办手续。事

实上，2012 年 9 月的《银行家》杂志指出，

耿西岛在世界特殊金融中心排名中位列次席。

2012 年 9 月，第 12 版的金融中心指标发布

的离岸金融中心排名里，耿西岛也同样排在

第二位。毫无疑问，耿西岛金融中心已经达

到了与其竞争对手，诸如加勒比群岛，开曼

群岛同等的地位。

Guernsey Financial Center耿西岛金融中心

place to set up a business. In fact, a study by The Banker magazine published in September 2012 ranked Guernsey second in a list of the world’s specialized finance centers, while in the same month, the twelfth Global Financial Centers Index (GFCI) ranked Guernsey as number two in the list of ‘offshore’ finance centers. There is no doubt that Guernsey’s financial center has equalled, if not surpassed, the prestige of its competitors in the Caribbean islands and Cayman Islands.

Asset ManagementGuernsey is known for its expertise in managing assets. Currently they are around 104 asset management firms that have a total of £87.7bn gross assets under

By Baron Laudermilk

GUERNSEY SPOTLIGHT | 聚焦

34 Winter, 2013

We are keen to encourage a number of Chinese banks to consider setting up in the island. The rationale for a Chinese bank setting up in Guernsey would be to assist the rapidly growing number of their wealthy expatriate clients and institutions with their international banking requirements.

　　我们渴望鼓励诸多的中国银行来耿西岛

设立分行。中国银行来耿西岛，使得他们能

够帮助其快速增长的移民客户，以及有国际

银行业务的机构。

资产管理

耿西岛以其专业的资产管理服务著称。目前，

有大约 104 家资产管理公司，管理着总量达

877 亿英镑的财产。耿西岛的投资管理供应

商分布广泛，有国际化大公司的子公司，也

有小公司。这些机构能够为公司和个人用户

提供多种多样的资产管理以及股票经纪活动

方面的解决方案。同时，岛上也有独立的投

资顾问，能够帮助估量和监控投资效益。这

使得耿西岛与其他离岸中心相比，更具竞争

力。

为什么选择耿西的金融产品？

耿西岛有着近五十年的投资基金经验，因此

耿西岛是开展基金投资的不二之选。目前，

耿西岛有很多的投资业务，包括投资顾问，

股票经纪人，以及超过 50 个基金经理。他

们能够提供针对机构投资者和小额投资者的

不同产品和服务，从最基本的产品，到个性

化定制产品。

　　耿西岛的公司大都在另类投资方面有着

丰富的经验。这些专家在处理对冲基金，私

募股权和房产，甚至在处理更为私密的投资，

比如酒，艺术品，和钟表方面都有着良好的

声誉。对于一些投资工具的应用，比如有限

责任合伙公司，股份制单元公司，保护单元

公司以及单位信托公司，岛上的专家也有这

些方面的专长。也有很多能够就投资工具和

产品提出适当建议的中介公司。

有利营商，税收少

耿西岛作为创办公司的不二之选，不仅仅是

因为其稳定的政治与经济体系，牢固的法律

体系，也得利于其税收体系。

management. The island has a broad spectrum of investment management p rov i d e r s , wh o c o m e i n fo r m s o f subsidiaries of large multinational companies to smaller boutiques.

These firms have a wide range of asset management and stockbroking solutions for corporate and private cl ients . The is land a lso has many independent investment consultants who measure and monitor investment performance. This helps make the island more competitive and outperform other offshore financial centers.

Why choose Guernsey’s Financial Products?The island of Guernsey has over fifty years of investment fund experience, so it is a good location to conduct investment fund business.

Currently the island has many investment businesses, including investment advisors, stock brokers, and more than fifty fund mangers, who have a range of products and services for both institutional investors and retail from general products to more customized.

聚焦 | SPOTLIGHT GUERNSEY

Many companies in Guernsey have a great deal of experience in dealing with alternative investments. The island’s experts have extensive experience in dealing with hedge funds, private equity and funds investing in properties, and they are even gaining a reputation for their skills in handing more esoteric investments such as fine wine, art and timber.

The island also has expertise in using a wide range of investment instruments including limited partnerships, ICCs, PCCs and unit trusts. There are also a large number of intermediaries who are able


　　耿西岛免除了资本收益税，公司税，遗

产税，以及预提税，也没有增值税和外汇管制。

这一点使得很多公司愿意在耿西开办业务。

　　耿西岛以其精良的劳动力著称。其本身

是一个以英语为官方语言的国家，但是对于

与其他欧洲主流国家，比如英国，法国，德

国等，也有着同样的专业应对能力。不仅如

此，在处理亚洲客户方面，也有着相应的经验。

有部分能进行中文沟通的工作人员在当地的

金融行业工作，而且也有很多耿西的公司在

中国有办事处，这使得他们能够为那些不通

晓欧洲国家语言的客户提供服务。财富管理

公司 Louvre Group, Nerine Trust Company

以及 Newhaven Trust 均在香港建立了办公

室，同时 Richmond Fiduciary Group 近期

to provide advice on suitable investment vehicles and products.

Business Friendly with Few Taxes The island of Guernsey is one of the best places to set up a business not only because the country has a solid rule of law and that the economy and political system is stable, but also because of its tax system.

The island is free from capital gains, sales, corporation, inheritance and withholding taxes and there is no VAT or exchange control. The lack of taxes is major incentives for companies to set up shop at Guernsey.

Guernsey is well known for its highly trained work force. It is an English speaking country, but they are also knowledgeable and trained to deal with

　　吸引中国企业的另一个重要因素是开曼群岛公司可在香港证券交易所上市。

Cayman Islands companies can be listed on the Hong Kong Stock Exchange.

耿西岛以其专业的资产管理服务著称。目前，有大约 104 家资产管理公司，管理着总量达877 亿英镑的财产。

Guernsey is known for its expertise in managing assets. Currently they are around 104 asset management firms that have a total of £87.7bn gross assets under management.

照片

提供

Photo by John W

illiams


36 Winter, 2013

2013 年 1 月，耿西岛引入了基金会法。作为英国法律的发明，信托于十九世纪被引入耿西岛的法律。就信托管理而言，耿西岛目前是一个拥有良好声誉的目的地。私人银行、保险、投资基金业务和信托管理已经成为了耿西岛知名金融业的支柱。

虽然基金会早在罗马法中就有提及，但是就私人财富管理而言，它是相对较新的概念。列支敦士登于 20 世纪 20 年代以保护家庭财富为目的推出了基金会，它显然是试图创造出能够在民事法律原则与信托相类似的产品。

信托依靠的是英国法律（受英国影响的法律）中合法财产权利和平等财产权利之间的区别。财产（不动产或个人财产）可以由一个人作为其所有者，但是另一个人（不是其法律意义上的所有者）也可以拥有一定的产权。这对拥有不同法律传统的客户和律师来说是一件很难理解的事情。

信托并不是法人。信托只是物权法的一个功能，在受托人（拥有标的财产）和受益人（法定所有人必须保护受益人的利益）之间建立起联系。虽然信托受益人的权利在法律上完全可以强制执行，但是一些客户仍然难以接受信托所蕴涵的公平概念。

而另一方面，基于民法创造的基金会不依赖于英国物权法的这种特性。基金会是一个法人和一家公司，但是没有股东或其他“业主”。当创始人将资本的使用归于某

耿西岛 Carey Olsen 公司信托业务的合伙人和主管 Russell Clark 讲述了耿西岛新基金会法的发展以及耿西岛基金会为国际市场带来的独特品质。

耿西岛基金会

一特定目的、建立基金会章程、规章和规则并且按照必要的手续进行注册，基金会就能够建立了。在注册后，基金会是一个独立于创始人的法人，其所拥有的资产不再是创始人资产的一部分。

私人财富顾问与耿西岛的信托服务供应商以及耿西岛政府当局的代表取得了联系，告诉他们自己有客户希望获得基金会解决方案，而不是信托产品。由于种种原因，一些客户不认同那些当时提供基金会产品的国际金融中心。他们想要将自己客户基金会建立在拥有良好信誉、能够对服务供应商进行有效监管并且拥有可靠的司法和专业基础设施的司法管辖区。虽然耿西岛对基金会的管理已经有了一定的时间，但是它们只能被建立在民法司法管辖区，那里才有基金会建立的条件。最后，如果需要向基金会建立的司法管辖区的法庭进行上述或者追索，那么需要寻求法律建议。因此，市场对耿西岛国内基金会有一个明确的需求。

建立耿西岛基金会的目的非常广泛。除了商业活动以外，其他业务都可以开展。基金会不能被用来作为交易工具，但是这不能阻止基金会拥有一家贸易公司的股份，并且将产出的股息用于非商业目的，比如让家庭成员受益。

基金会由理事会进行运营，其必须遵循的章程条款。与信托不同（信托依赖于公平的原则），基金理事会的职责建立在合同

原则上，这对一些顾问和客户来说更易于理解。理事会向基金会本身负责，就像公司董事会向公司负责一样，而不是向股东负责。理事会有责任尽力履行章程规定的职责，并且审慎地管理家族财富。

在传统的民法基金会中，受益人能够确保由理事会尊重他们的权利。与此相反，最近通过了类似基金会立法的普通法司法管辖区的法律规定，受益人没有权利获得信息。耿西岛的立法人员认为，理事会必须对自己的行动负责，这一点非常重要。然而，同样重要的是，人们认识到在某些情况下，拒绝向受益人透露信息是适当的做法。其中一个例子是家长经常担心的问题，那就是未成年的受益人本身应该努力学习，自己在世界中打拼。但是如果他知道自己能够获得大量的财富，他可能会不再那么努力地学习。耿西岛对这个两难的问题拥有一个创新解决方案：一方面保持负责的态度，另一方面确保一些受益人不能获得相关的信息，其结果是拥有两种类型的受益人：（I）特权受益人，其有权利获得与基金会帐户相关的信息以及（II）非特权受益人，其不能够获得与基金会相关的信息，但是仍然能够享受章程中规定的利益。如果拥有非特权受益人，或者基金会建立的目的不设受益人，必须指定一个守护人。守护人的职责是确保理事会根据章程履行自己的职责。守护人必须对受益人负责，一方面确保理事会履行他们的职责，另一方面不让非特权受益人获得对其有害的信息。章程可以包括相应的条款，让非特权受益人成为特权受益人或者相反，从而使得未成年受益人到了一定的年龄、获得了一定的资格或者满足创始人的条件后，能够获得相关的信息。

虽然与信托相比有着不同的原则，基金会的核心是审慎管理受益人的资产。这是耿西岛专业擅长的领域，拥有出众的技能和良好的职业道德。

Company address: Carey House, Les Banques, St Peter Port, Guernsey, Channel Islands GY1 4BZ Telephone: +44 (0) 1481 727272 (switchboard)Email: [email protected] [email protected]

Russell Clark, Partner


January 2013 saw the introduction into Guernsey law of the foundation. Trusts, an invention of English law, were introduced into Guernsey law in the nineteenth century and Guernsey now has a well established reputation for trust administration. Together with private banking, insurance and investment fund business trust administration forms a mainstay of Guernsey's well-renowned �nance industry.

Although foundations were known to Roman law they are, in the context of private wealth administration, relatively new. Liechtenstein, when it introduced foundations for family wealth purposes in the 1920s, was clearly trying to produce something that works like a trust but in the context of civil law principles.

Trusts rely for their existence upon a distinction known to English law (and laws in�uenced by the British) between legal property rights and equitable property rights. The notion that property, real or personal, can vest in one person as its owner, but that another person, not its owner in law, can have some other property rights in the same thing is di�cult for clients and lawyers from other legal traditions to comprehend.

A trust is not a legal person. A trust is simply a function of property law creating a relationship between on the one hand the trustees who own the property in question and the bene�ciaries on the other hand in whose interests the legal owner must act. Whilst the rights of the trust bene�ciaries are fully enforceable in law some clients struggle with the underlying equitable concepts that underpin trusts.

Foundations, on the other hand, being a creation of the civil law tradition, do not rely upon their existence on this peculiarity of English property law. A foundation is a legal person, as is a company, but one without shareholders or other "owners". A foundation is established when a founder dedicates capital for a speci�c purpose, creates the constitution of the foundation, its charter and

The Guernsey Foundation

Russell Clark, partner and head of Carey Olsen’s �duciary group in Guernsey, explores the development of Guernsey’s new foundations law and the unique qualities that the Guernsey foundation brings to international markets.

rules, and attends to the necessary registration formalities. Upon registration the foundation is created as a legal person independent from the founder and the assets that have been dedicated no longer form part of the estate of the founder.

Private wealth advisers had approached Guernsey-based trust service providers and representatives of the Guernsey authorities to say that they had clients who wanted a foundation solution rather than a trust one. For various reasons some clients were uncomfortable with the international �nancial centres that o�ered foundations at that time. They wanted to establish their client's foundations in a jurisdiction which had a good reputation, e�ective regulation of service providers and a reliable judicial and professional infrastructure. While foundations have been administered in Guernsey for some time they were established in those civil law jurisdictions which provided for the creation of foundations. Ultimately, legal advice was needed or recourse to the courts in those jurisdictions in which the foundations were established. There was a clear demand for a domestic Guernsey foundation.

The purposes for which a Guernsey foundation can be created are very wide. Anything other than commercial activities are permissible. Foundations are not intended for use as trading vehicles although there is nothing to stop a foundation owning shares in a trading company and applying the dividends yielded towards its non-commercial purposes, for example to confer bene�t upon members of a family.

The foundation is run by a council who must follow the terms of the constitution. Unlike trusts, which rely upon equitable principles, the duties of the foundation council are established on contractual principles which for some advisers and clients are more comprehensible. The council owes its duties to the foundation itself much as a board of

a company owes its duties to the company itself rather than to shareholders. The council is obliged to discharge its duties set out in the constitution in good faith and as would a prudent administrator of family wealth.

In the conventional model of civil law foundations, the bene�ciaries are able to ensure that their rights are respected by the council. In contrast, the laws of some common-law jurisdictions that have recently adopted foundation-type legislation stipulate that bene�ciaries have no rights to information. The Guernsey draftsman considered it important that the council was properly accountable for its actions. Equally however it was recognised that in certain circumstances it might be appropriate to deny information to some bene�ciaries. An example, often raised by concerned parents, is of the minor bene�ciary who is encouraged to study hard and make their own way in the world who might not, if they knew that substantial wealth was available to them, be inclined to apply themselves diligently in their studies. Guernsey’s innovative solution to this dilemma: accountability on the one hand and ensuring that information can be denied to certain bene�ciaries on the other, is to have two types of bene�ciary: (i) Enfranchised Bene�ciaries who are entitled to be provided with the accounts of the foundation and have standing to bring certain applications to court in relation to the foundation and (ii) Disenfranchised Bene�ciaries who are not entitled to any information relating to the foundation but who are still entitled to bene�t to the extent set out in the constitution. In instances where there are Disenfranchised Bene�ciaries, or the foundation is established for a purpose for which there are no bene�ciaries, an independent Guardian must be appointed. The Guardian has the task of ensuring that the council discharges its duties in accordance with the constitution. The Guardian owes the bene�ciaries a duty of care in the discharge of his duties thereby ensuring that the council remains accountable whilst shielding the Disenfranchised Bene�ciaries from information which might be damaging to them. The constitution may include provisions enabling a Disenfranchised Bene�ciary to become an Enfranchised Bene�ciary or vice versa, thus the minor bene�ciary may become entitled to information when he attains a certain age, quali�cation, or whatever is the concern of the founder.

Although established on di�erent principles than trusts, the foundation has at its heart the prudent administration of assets for the bene�t of others, something that Guernsey has specialised in doing with skill and integrity.

Sponsored Article

Company address: Carey House, Les Banques, St Peter Port, Guernsey, Channel Islands GY1 4BZ Telephone: +44 (0) 1481 727272 (switchboard)Email: [email protected] [email protected]

Russell Clark, Partner

38 Winter, 2013

在上海开办了其专属的办事处。法律事务所

Ogier 在香港和上海均有办事处，与此同时，

香港也有了 Mourant Ozannes 的进驻。

　　此外，基金管理公司 IAG 也在香港开设

了办公室，新加坡的也在筹备当中。IAG 与

上海的 Exceedor 建立了合作关系，以便提

供在岸人民币基金管理服务。

　　Guernsey Finance 的 CEO， Fiona Le

Poidevin 在接受采访时说， “耿西可以为中

国客户提供全部的服务，而且耿西能够提供

税收中立的环境，且又能与伦敦有着紧密的

联系。在耿西岛，分红不需缴纳预提税，也

没有资本收益税，遗产税，如果由信托基金

产生的收入，非耿西居民也不需要为此支付

所得税。除却某些规定的金融服务行业，标

准的公司所得税的税率是 0%。”因此，在

耿西岛建立公司，不仅费用低廉，且能与其

他主流欧洲国家进行业务往来。

虽能保护隐私，却并非避税天堂

耿西岛能为客户提供多种途径来保护其隐私，

other major European countries, such as England, France and Germany. Not only that, but they are also experienced in dealing with Asian clients. Guernsey h a s a s m a l l n u m b e r o f M a n d a r i n speakers working within the finance industry locally, but there are a number of Guernsey firms that have registered of f ices in China that can use this connection to provide a service to those clients who cannot write or speak in a European language. Wealth managers Louvre Group, Nerine Trust Company and Newhaven Trust have established offices in Hong Kong, while Richmond

Fiduciary Group has recently opened its own representative office in Shanghai. Law firm Ogier has offices in Hong Kong and Shanghai, whereas Mourant Ozannes is now established in Hong Kong.

Furthermore, fund administrator International Administration Group (IAG) has established an office in Hong Kong and is in the process of opening another in Singapore. IAG has also established a partnership with Exceedor in Shanghai which allows it to provide onshore renminbi (RMB) denominated private equity fund administration services in China.

在耿西岛，分红不需缴纳预提税，也没有资本收益税，遗产税，如果由信托基金产生的收入，非耿西居民也不需要为此支付所得税。

In Guernsey, there is no withholding tax for dividends, nor capital gains tax or inheritance tax; no income tax levied on ‘non-Guernsey’ income generated from trusts whose beneficiaries include no Guernsey residents.

照片

提供

Photo by S

am S

u 聚焦 | SPOTLIGHT GUERNSEY


但是若违反该国以及经济合作与发展组织相

关法律的行为，以及接受非法资金等，一样

是不被允许的。Le Poidevin 说，耿西岛会通

过诸如信托和公司这类的房产规划工具，来

保证客户的资料的机密性。但也不会允许有

钱人通过非法隐藏信息来逃税。这些都是由

在全球金融危机之后，逐渐收到重视的，如

此一来，既保证了客户的私隐，也能遵照国

际社会的条例，客户和顾问双方都能得到满

意的效果。

　　耿西政府也在与中国的税务监管机构合

作，来确保合法操作。在 2012 年年底，耿

西与中国签署了一份税务情报交换协议。但

是有一点必须注意，耿西政府只会在中国的

监管部门有合理执行理由且有证据要求时给

出信息。即，如果中国的监管机构需要耿西

政府提供信息，必须给出明确的原因，表示

其为何需要这些信息，以及这些信息须与调

查或税务相关。事实上，近期，耿西金融服

务委员会与中国中央银行监管机构，即中国

银行业监督管理委员会，签订了合作声明。

　　耿西岛政府绝不会姑息中国投资者的非

法活动，对于其他人也一视同仁。Guernsey

Finance 的 CEO 指出，最近有几份国际组织

的报告能够证明该体系的安全性和强制性。

2011 年 1 月，国际货币基金组织发布了六分

I n a n i n te r v i e w w i t h F i o n a L e Poidevin, the CEO of Guernsey Finance, she said “Guernsey is able to provide Chinese cl ients with a full service proposition in a tax-neutral environment with close proximity and strong links to the City of London. In Guernsey, there is no withholding tax for dividends, nor capital gains tax or inheritance tax; there is no income tax levied on ‘non-Guernsey ’ income generated from trusts whose beneficiaries include no Guernsey residents. Excluding some regulated financial services business, the standard rate of corporate income tax is 0%.” Setting up a business in Guernsey is cheap, and the is land gives the business access to other major European economies.

Guernsey protects Your Confidentiality, but It’s Not a Tax Haven.

G u e r n s e y h a s m a ny t o o l s a n d companies to protect a clients privacy, b u t t h e i s l a n d d o e s n o t t o l e r a t e accepting illegal funds or breaking the

country’s or OECD’s rules. Le Poidevin said Guernsey would always offer its client’s confidentiality through the use of estate planning vehicles such as trusts and companies, but it will not condone secrecy and al low wealthy people to evade tax by illegally withholding information. “These are attributes which have gained added significance in the wake of the onset of the global financial crisis and provide extra comfort to both clients and their advisers.” The island still protects its client’s confidentiality, but they must follow the rules of the land and that of the international community. This not only gives the clients comfort but also the companies who help them.

The Guernsey government has also been working with the Chinese authorities to ensure that people play by the rules. This can be seen at the end of 2010 when the Guernsey Government signed a Tax Information Exchange Agreement with the Chinese central government tax authorities. But it’s important to keep in mind that the Guernsey Government will only give information to the Chinese authorities for executional reasons that have evidence behind them.

If the Chinese authorities want the Guernsey government to give information to them, Guernsey requires them to give a definitive reason why, the information that relates to the investigation or tax matters. In addition, at the end of 2011, the Guernsey Financial Services Commission signed a statement of cooperation with the Chinese central banking regulator, the China Banking Regulatory Commission (CBRC).

Guernsey’s government does not just condone illegal activities with Chinese investors, but with everybody. The CEO of Guernsey Finance pointed out a few reports published by respected international organizations to prove t h i s a n d w h i c h d e m o n s t r a t e t h e

来源：Long FinanceSource: Long Finance

800 700 600 500 400 300 200 100 0

泽西岛 / Jersey

耿西岛 / Guernsey

马恩岛 / Isle of Man

开曼群岛 / Cayman Islands

英属维尔京群岛 / British Virgin Islands

汉弥敦 / Hamilton

直布罗陀 / Gibraltar

摩纳哥 / Monaco

毛里求斯 / Mauritius

马耳他 / Malta

20284044454658606769

123456789

10

GFCI 12 中排名前十位的离岸金融中心

Top Offshore Centers in GFCI 12


GFCI 12 指数排名 GFCI 12 Ranking

GFCI 12 指数评分 GFCI 12 Score

40 Winter, 2013

safety and enforcement of the system. In January 2011, the International Monetary Fund (IMF) published six evaluation reports, which commended Guernsey’s high standards of financial regulation, supervision and stability along with our robust criminal justice framework. Later that same month, the Organization for Economic Co-operation and Development’s (OECD) Global Forum built on the fact that Guernsey was among the first wave jurisdictions placed on its ‘white list’ (at the G20 summit in London, April 2009) by endorsing its continued commitment to tax transparency and exchange of information.

In addition, a Financial Stability Board (FSB) report prepared for the G20 meeting in Cannes in November 2011 recognized Guernsey as within the top tier of jurisdictions adopting international standards and thereby demonstrating strong commitment to financial stability.

Guernsey’s Financial Center “keen” on Winning over Chinese Investment

The CEO of Guernsey Finance, Fiona Le Poidevin, said that Guernsey’s companies are very keen on seeing more Chinese

评估报告，均对耿西的高标准金融监管，稳

定以及健全的刑事司法体系做了推荐。经济

合作与发展组织于同一月也在其全球论坛上，

将耿西岛列为最早的一批由 2009 年 4 月举

办的 G20 峰会认可的“白名单”上的司法管

辖地，也为其在税务透明度以及情报交换方

面作出的贡献背书。此外，金融稳定委员会

为 2011 年在戛纳举办的 G20 峰会准备的报

告里，将耿西列为最佳的贯彻国际标准和证

明其强有力的金融稳定性司法管辖地。

耿西金融中心希望获得中国的投资

Guernsey Finance 的 CEO, Fiona Le

Poidevin 在接受访问时说，耿西的公司非常

希望来自中国的投资者以及公司来耿西进行

投资。Le Poidevin 说，“我们渴望鼓励诸多

的中国银行来耿西岛设立分行。中国银行来

耿西岛，使得他们能够帮助其快速增长的移

民客户，以及有国际银行业务的机构。

　　同时，Le Poidevin 也指出，耿西有很多

公司已经与中国的银行建立起了合作关系，

包括政府机构也是如此，并且日后还会加大

合作力度。尽管中国的一些大型银行已经有

了其海外分支，但是大多数还是以商业银行

业务为主，而非私人银行业务。但是有很多

的中国客户需要一个海外投资的渠道。“我

可以很乐观的认为，根系岛的公司能够为中

国私人银行业务提供完善的资产管理服务。”

为中国投资者寻求海外投资渠道来进行财富

管理是耿西岛能够抓住的主要机会。

investment and business owners coming to the country to build their wealth.

“We are keen to encourage a number of Chinese banks to consider setting up in the island. The rationale for a Chinese bank setting up in Guernsey would be to assist the rapidly growing number of their wealthy expatriate clients and institutions with their international banking requirements,” said Le Poidevin.

Le Poidevin pointed out that many Guernsey companies, as well as the the government, have established relationships with Chinese banks and is encouraging cooperation between them. Although some large Chinese banks have set up overseas branches, the majority of them are still concentrated on commercial banking business rather than private banking business, whereas many Chinese clients need a channel for overseas investment.

“We are particularly optimistic about the prospect of Guernsey firms providing asset management services to Chinese private banking businesses.” Finding a way to assist Chinese banks in their private wealth management is a major opportunity for Guernsey has many Chinese investors are looking for a way to invest their money abroad.



问：使用耿西的金融产品和服务有什么优势？

答：离岸中心的产品和服务能够给亚洲的客户和公司带来何种利益，

已经越来越为亚洲人所熟知。

在耿西，分红，资本收益，以及遗产均无需缴纳预提税；如果由信托

基金产生的收入，非耿西岛居民也不需要为此支付所得税。除某些规

定的金融服务行业之外，标准的公司所得税的税率是 0%。

此外，虽然加勒比海等司法管辖区的启动资金会比耿西岛要少，但实

际上从长远看来，耿西岛的花费不会比加勒比海的多。

明智的财富管理选择：耿西岛专访 Guernsey Finance CEO：Fiona Le Poidevin

Q: What are some incentives and advantages of using Guernsey products and services?

A: There is an ever growing awareness in Asia of the products and services which offshore centres can provide to Asian individuals and companies.

In Guernsey, there is no withholding tax for dividends, nor capital gains tax or inheritance tax; there is no income tax levied on ‘non-Guernsey’ income generated from trusts whose beneficiaries include no Guernsey residents. Excluding some

Interview with Fiona Le Poidevin, CEO of Guernsey Finance

Fiona Le Poidevin is Chief Executive of Guernsey Finance, the promotional agency for Guernsey’s finance industry internationally.

Her role includes assisting with business development in existing and emerging markets, providing technical support to industry and liaising with industry associations. Previously a senior tax manager, she has over 13 years’ experience in financial services in both the UK and Guernsey.

Miss Le Poidevin is a Chartered Accountant and a member of the Institute of Directors.

Fiona Le Poidevin 简介

Fiona Le Poidevin 是 Guernsey Finance 的首席执行官，这是一家

负责在全球推广耿西岛的金融产业的机构。

Fiona 负责协助现有市场和新兴市场的商业开发，提供技术支持，

并与行业协会保持沟通。她有 13 年的金融服务行业经历，曾在英

国和耿西岛担任高级税务经理。

Le Poidevin 女士有注册会计师证书，也是机构的董事之一。

Guernsey: Wise Choice for Wealth Managemnet


42 Winter, 2013

问：耿西岛的存款保障体系允许中国投资者在耿西开设银行账户吗？

如果有超过 5 万英镑的投资会有什么限制呢？

答：耿西岛的银行经常会为不在岛内的客户服务。其中，可以向这些

客户提供的服务包括贷款，并且存款和贷款都可以作为财富管理计划

的一部分。如果耿西的银行倒闭，那么DCS会在银行倒闭的三个月内，

为每笔存款支付最多 5 万英镑的补偿。

问：中国的商人在申请自己国家的银行贷款方面有诸多不便，这使很

多商人在海外寻求贷款。耿西的银行对于和中国商人的合作有何看

法？

答：我们渴望鼓励中国的银行来耿西岛设立分行。中国的银行来倒耿

西岛，使得他们能够帮助其快速增长的移民客户，以及有国际银行业

务的机构。事实上，耿西有很多公司已经与中国的银行建立起了合作

关系，包括政府机构也是如此，并且日后还会加大合作力度。尽管中

国的一些大型银行已经有了海外分支，但是大多数还是以商业银行业

务为主，而非私人银行业务。但是有很多的中国客户需要一个海外投

资的渠道。

regulated financial services business, the standard rate of corporate income tax is zero.

In addition, it is our understanding that while the initial, upfront costs of doing business in Caribbean jurisdictions may be less than using Guernsey, in fact, over the longer term, the expense is likely to be broadly comparable.

Q: Does Guernsey’s depositor compensation scheme allow investors from China to open bank accounts there? What happens if they have more than 50,000 pounds to invest?

A: Banking services provided from Guernsey would be most often to wealthy clients outside China. Lending may be part of the portfolio of services that could be provided to these clients, and both deposit and lending services may be complementary to a wider wealth management plan.

In the event of the failure of a Guernsey Bank, the DCS provides compensation of up to £50,000 per qualifying deposit in respect of that bank and aims to pay compensation within three months of a bank failure.

Q: As you might know, Chinese businesses are having difficulties acquiring loans from their own banks, which are compelling a number of them to reach out abroad looking for loans. How do Guernsey banks view working with Chinese businesses and individuals?

A: We are keen to encourage a number of Chinese banks to consider setting up in the island. The rationale for a Chinese bank setting up in Guernsey would be to assist the rapidly growing number of their wealthy expatriate clients and institutions with their international banking requirements.

In fact, we have established good relations with several Chinese banks on recent visits to China. Although some large Chinese banks have set up overseas branches, the majority of them are still concentrated on commercial banking business rather than private banking business, whereas many Chinese clients need a channel for overseas investment.



Guernsey currently has more than 150 fiduciary firms providing wealth management services, employing nearly 2,500 people.

Q: I am aware that the island is ideally situated in Europe in that it can do business in many different European languages. But can the island do business with Chinese clients who are not able to write and speak in a European language? Which firms are able to do this?

A: We have a small number of Mandarin speakers working within the finance industry locally, but there are a number of Guernsey firms that have registered offices in China that can use this connection to provide a service to those clients who cannot write or speak in a European language.

In addition, fund administrator International Administration Group (IAG) has established an office in Hong Kong and is in the process of opening another in Singapore. IAG has also established a partnership with Exceedor in Shanghai which allows it to provide onshore renminbi (RMB) denominated private equity fund administration services in China.

Q: Have you seen an increase in Asian investors and business owners on the island, especially ones from mainland China? If so, do you expect this trend to continue and why?

A: According to recent data from the Guernsey Financial Services Commission (GFSC), more than 3% of all new fiduciary business in Guernsey has come from mainland China. Although Asia, including China, still only accounts for a little over 6% of all fiduciary business in the island, the increase from those regions for the year ending June 2012 was very encouraging as the same GFSC data showed that the share of new work coming to Guernsey from Asia (excluding China) was up from 5.54% of all existing business to 6.72% of new business.

We expect the amount of business we do with China to continue increasing in future as the firms already on the ground make their presence more visible and a greater number of Guernsey firms look to establish their own presence in Asia, recognising that the region is home of much of the world’s emerging wealth.

耿西岛目前有超过 150 个信托机构能够提供财富管理服务，有大约

2500 个员工。

问：耿西岛位于欧洲的绝佳位置，能够与诸多欧洲国家有生意往来。

但如果与中国客户进行商务往来，但又不会汉语，这要怎么处理？有

公司能够提供相关解决方案吗？

答：我们有部分能进行中文沟通的工作人员在当地的金融行业工作，

而且也有很多耿西的公司在中国有办事处，这使得他们能够为那些不

通晓欧洲国家语言的客户提供服务。

基金管理公司 IAG 也在香港开设了办公室，新加坡的也在筹备当中。

IAG 与上海的 Exceedor 建立了合作关系，以便提供在岸人民币基金

管理服务。

问：你认为会有越来越多的亚洲，尤其是来自中国大陆的投资者和企

业主来岛上吗？如果是，你觉得这种趋势会持续下去吗？为什么？

答：根据耿西金融服务委员会的最新数据，超过 3% 的新信托业务是

来自中国大陆的。虽然亚洲，包括中国在内，目前在岛上的全部信托

业务里仅占有 6% 的份额，但是从 2012 年 6 月开始，已经有所增长。

GFSC 的数据表明，亚洲的新业务，不包括中国，已经从 5.54% 增

至 6.72%。

我们希望将来能与更多的中国客户进行生意的往来，也希望有更多的

耿西公司能够在亚洲设立办事处。因为那里将会是世界新兴财富的大

本营。

专访 Interview with Fiona Le Poidevin, CEO of Guernsey Finance


44 Winter, 201344 Winter, 2013

SCORDIS, PAPAPETROU & Co LLC 是一家由律师建立的有限责任公司，受塞浦路斯法律理事会和塞浦路斯律师协会的监管 ( 注册编号 003). SCORDIS, PAPAPETROU & Co 包括和指代以下公司从事的法律业务、咨询业务和相关服务：SCORDIS, PAPAPETROU & Co, SCORDIS, PAPAPETROU & Co LLC, SCORDIS, PAPAPETROU & CO (Corporate Services) Ltd, SCORDIS, PAPAPETROU & Co Consultants Ltd 和它们的附属企业。每一家公司都是单独的法人，并且都 SCORDIS, PAPAPETROU & Co International 的成员，后者是一家瑞士的协会，在尼科西亚、利马索尔、莫斯科、雅典和瓦莱塔拥有办公室。根据专业机构普遍使用的术语，这里的“办公室”指的是任何成员的“办公室”。

塞浦路斯是地中海地区最大的岛屿之一。它位于欧盟的最东南

部。由于地理位置优越，塞浦路斯一直是东西方的交汇点，也是中东、非洲和欧洲之间重要的贸易枢纽。近年来，由于良好的常年气候和纯净的海滩和海洋，塞浦路斯已经演变为非常受欢迎的旅游胜地。塞浦路斯的位置使它成为了三大洲之间最自然、最明显的连接点。此外，塞浦路斯具有吸引力的法律、财政（税收）和监管制度，也让它成为亚洲、欧洲和非洲之间的主要金融中心。塞浦路

斯已经确立了作为进入和离开

欧盟和独立国家联合体（CIS）

的主要和最有效途径的地位。

塞浦路斯自 2004 年加入欧盟和 2008 年采用欧元作为其货币以后，成为欧盟最低的企业所得税率国家之一（10％）。在此基础上，塞浦路斯还有（a）广泛和优惠的免双重征税条约制度（如俄罗斯－塞浦路斯免双重征税协议：股息的预提税率减少至 5％）、（b）欧盟母

塞浦路斯：欧洲的门户

子公司指令及（c）塞浦路斯的税收立法对股息收入和出售证券（例如股票）的收益免于征税，并且对向塞浦路斯以外地区支付的股息不征收任何预提税。这一切使塞浦路斯拥有理想的控股公司制度。

因此，中国对外投资者通过塞浦路斯架构进入欧洲和独联体市场要比（a）从中国直接向这些国家进行投资或（b）通过欧盟其他控股公司司法管辖区（比如卢森堡 / 荷兰）更具税收和成本效率。例如，从中国到俄罗斯的对外直接投资需要承担10％的股息预扣税（从俄罗斯到中国），而通过塞浦路斯预提税率有希望减少至 5％。

此外，塞浦路斯拥有一个成熟且稳定的（基于普通法）的法律制度和政治环境，它位于经济合作与发展组织的白名单上，没有受控外国公司（CFC）或资本弱化规则，长期以来拥有保密性和可靠性（如允许公司建立只由执业律师完成）。

最后，塞浦路斯同样是建立塞浦路斯国际信托（CIT）的一个热门目的地。CIT 能够提供的各种好处包括信托从塞浦路斯以外地区获得的收入和获得的收益在塞浦路斯没有任何税收（前提是受益人不是塞浦路斯的永久居民），并且能够享受高度的隐私和继承法的保护。塞浦路斯国际信托是灵活的工具，适用于资产保护和高净值个人的税务和遗产规划。

对中国公司设立地区总部或欧

洲 / 区域性的贸易部门来说，

塞浦路斯具有以下优点：

• 塞浦路斯公司的外籍（中国或其他非塞浦路斯籍）董事或者员工（及其家属）有资格获得工作居留证• 塞浦路斯是欧洲最热门的旅游胜地之一• 即刻拥有现代化的基础设施和最新的通讯技术• 轻松访问（都在几个小时内）整个中欧和东欧 / 俄罗斯，这些国家中绝大多数没有时差或者只有一个小时的时差。紧靠中东和非洲

塞浦路斯的其他好处包括：

• 公司的所有者、个人投资者及业主能够获得居留证• 现代的知识产权制度，任何基于知识产权的收入的有效税率为 2％• 根据主要的财务指标，高净值人士可以获得塞浦路斯公民权（比如欧盟护照）

Kyriacos Scordis 于 1994 年成为林肯法学会的注册律师，从 1995 年起在塞浦路斯担任律师。自从获得律师资格后，他一直是 Scordis, Papapetrou & Co LLC 的成员，目前是公司的合伙人之一。

Scordis 先生在国际诉讼 / 仲裁和公司及商业事务方面都有丰富的经验和专业知识。他也是公司在税法及税务规划方面的专家之一。

最后，Scordis 先生是国际律师协会、国际税务规划协会、国际青年律师协会和塞浦路斯－俄罗斯商业协会等组织的成员。

如需获得更多信息，敬请访问我们的网站 : www.scordispapapetrou.comMr. Kyriacos Scordis, 合作伙伴电话 : +35722843000 | 传真 : +35722843444 | 电子邮箱 : [email protected]

Kyriacos Scordis

2013, Winter CHINA OFFSHORE 452013, Winter CHINA OFFSHORE 45

Cyprus is one of the l a rges t i s l ands i n the Mediterranean. It is the most South-

Eastern part of the European Union. Due to i ts locat ion, Cyprus has always been at the cross-roads between the East and West and a prized trading post between the Middle East, Africa and Europe. In recent years, as a result of its good all year round climate and pristine beaches and seas, Cyprus has evolved as a very popular tourist destination. The location of Cyprus makes it the most natural and obvious connection between the three continents, which coupled with the attractive legal, fi scal (tax) and regulatory regime have helped Cyprus to become a major financial hub between Asia, Europe and Africa. In addition, Cyprus has established itself as the prime and most efficient route into and out of the European Union and the Commonweal th o f Independent States (CIS).

S ince i ts access ion to the European Union in 2004, and adopting the Euro as its currency in 2008, Cyprus has one of the lowest corporate tax rates (10%) in the EU. This, coupled with (a) its extensive & Preferential Double Tax Treaty regime (e.g. Russia-Cyprus: reduction of W/T on dividend to 5%), (b) the EU Parent-Subsidiary Directive,

For more information kindly contact us or visit our web-site. www.scordispapapetrou.comMr. Kyriacos Scordis, Partner, Tel.: +35722843000 | Fax: +35722843444 | Email: [email protected]

SCORDIS, PAPAPETROU & Co LLC is a Lawyers’ Limited Liability Company regulated by the Cyprus Law Council and the Cyprus Bar Association (Reg. No. 003). SCORDIS, PAPAPETROU & Co comprises and refers to the legal practice and the consultancy and associated services practice of SCORDIS, PAPAPETROU & Co, SCORDIS, PAPAPETROU & Co LLC, SCORDIS, PAPAPETROU & CO (Corporate Services) Ltd, SCORDIS, PAPAPETROU & Co Consultants Ltd and their affiliated businesses, each a separate legal entity and, together with other entities, each a member of SCORDIS, PAPAPETROU & Co International, a Swiss Verein, with offi ces in Nicosia, Limassol, Moscow, Athens and Valletta. In accordance with the common terminology used in professional organizations reference to an "offi ce" means an offi ce of any such member.

Cyprus: The European Gateway

and (c) the fact that pursuant to Cyprus tax legislation exempting div idend income and gains from the sale of securities (e.g. shares) while not imposing any withholding taxes on dividend distributed outside Cyprus (or EU entities), make Cyprus the ideal holding company regime. Hence, it is generally more tax and cost effi cient to structure an outward investment from China into Europe the CIS via Cyprus instead of (a) a direct investment from China into one of these countries or (b) via other EU holding company jurisdictions s u c h a s L u x e m b o u r g / Netherlands. A direct outward investment from China into Russia, for instance, is subject to a withholding tax on dividend (from Russia to China) of 10% whereas via Cyprus one may expect to reduce the withholding tax to 5%.

I n a d d i t i o n , C y p r u s i s a s o p h i s t i c a t e d a n d s t a b l e ( c o m m o n l a w b a s e d ) lega l sys tem and po l i t i ca l environment, is on the OECD White List, has no controlled foreign corporation (CFC) or thin capitalisation rules and has a long tradition of confidentiality and reliability (such as allowing c o m p a n y f o r m a t i o n t o b e undertaken only by practicing lawyers).

Finally, Cyprus is also a popular destination for the formation of Cyprus International Trusts (CIT’s). Among the various benefi ts of CIT’s are that Income and gains of a Trust, derived from sources outside Cyprus, are not subject to any taxation i n C y p r u s ( a s s u m i n g t h e Beneficiary is not a permanent resident in Cyprus) and enjoy e n h a n c e d c o n f i d e n t i a l i t y protection and protection from inher i tance laws. CITs are flexible tools, suitable for asset protection and tax and estate p lanning of h igh net worth individuals.

For Chinese organisat ions seeking to set up a regional headquarters or a European / regional trading arm, Cyprus offers the following benefi ts:• expatriate (Chinese or other n o n - C y p r i o t ) d i r e c t o r s o r employees of Cyprus companies (and their families) qualify for work-residence permits• Cyprus is one of the most popular tourist destinations in Europe• Modern infrastructure and latest communication technology readily at hand• Easy access (all within a few hours) to the whole of the EU and Eastern Europe/Russia, with none or one hour time difference with the vast majority of those countries. Close proximity to the Middle East and Africa

Other advantages of using Cyprus:• Availability of resident permits to company owners, individual investors &home owners• Up to date IP regime with an effective tax rate of 2% for any IP based income• High net worth individuals may apply to obtain Cyprus citizenship (i.e. an EU passport) based on primarily financial criteria

Kyriacos Scordis qualified as a barrister with Lincoln’s Inn in 1994 and as an advocate in Cyprus in 1995. Since qualification he has been practicing as a member of Scordis, Papapetrou & Co LLC and is currently one of the partners.

Mr Sco rd i s has ex tens i ve experience and expertise both in international litigation/arbitration as well as on corporate and commercial matters. He is also one of the Firm’s experts on Tax Law & Tax Planning.

Lastly, Mr. Scordis is, inter alia, a member of the International Bar Association, International Tax P lann ing Assoc ia t ion , AIJA (International Association of Young Lawyers), Cyprus-Russian Business Association.

Sponsored Article

Kyriacos Scordis

46 Winter, 2013

Cyprus: Invest withConfidence

塞浦路斯：对投资回报充满信心

聚焦 | SPOTLIGHT CYPRUS

By Leo Zhang

46 Winter, 2013


为什么选择塞浦路斯？ Why Cyprus?

塞浦路斯：对投资回报充满信心

·重商利商的政府 Pro-business government? 欧盟和欧元区的战略地位 Strategic EU and euro zone location

·低企业税率（10%） Low corporate tax (10%)·45 项避免双重征税协议构成的广泛网络 Extensive network of 45 double taxation treaties

·知名的国际海运和金融中心 Renowned international shipping and financial center

·覆盖范围广泛的法律、会计以及银行服务 Broad network of legal, accounting and banking services·教育良好、资质合格、掌握多门语言的劳动力 Highly educated, qualified and multilingual workforce

·轻松进入欧洲、中东与独联体国家等市场 Easy market access to Europe, the Middle East and CIS Countries

来源：CountryProfilerSource: CountryProfiler

CYPRUS SPOTLIGHT | 聚焦


48 Winter, 2013

塞浦路斯是地中海的第三大岛，位于欧

洲联盟最东面的角落。几个世纪以来，

它一直是战略要地，拥有重要的历史

地位。这个国家拥有一个强大且以市场为导向

的经济以及稳定的民主制度，得益于多样化、

受过良好教育和技术熟练的劳动力队伍、优良

的通讯和基础设施系统以及欧盟最低的税率。

　　这些关键的特性，再加上全年拥有超过

300 天的阳光和几个世纪以来的艺术和文化，

也许是对这个极富活力的欧盟成员国最好的描

述。

　　在塞浦路斯建立一家企业很简单，没有任

何需要担心的事情。为了提升外商投资的强度，

塞浦路斯当局已经放宽了针对欧盟和非欧盟国

家公民的外商直接投资政策。相应地，政府简

化了行政程序，对大多数经济部门不施加任何

限制。

　　国际公司能够与本地投资者在同等条件下

投资塞浦路斯和建立企业。外国投资者可以直

接在公司注册处登记注册公司，并且在需要的

情况下从相关机构那里就投资的性质获得相关

的牌照。如果需要进一步获得指导和帮助，投

Cyprus, the third biggest island in the Mediterranean Sea, is located in the eastern-most corner of the

European Union, and has been a strategic post throughout the centuries and layers of history.

The country features a robust, market-driven economy supported by a stable democratic system driven by a diverse, well-educated and skilled workforce, as well as an excellent telecommunications and infrastructure system and the lowest tax regime in the EU.

These key characteristics, along with over 300 days of sunshine and centuries of art and culture, perhaps constitute the best possible description in one breath, is one of the most energetic members of the EU.

Setting up a business in Cyprus is easy and trouble-free. In order to enhance foreign investment intensity, Cyprus

authorities have already liberalized the FDI policy both EU and non-EU nationals. Subsequently, administrative procedures have been simplified and no limitations apply in most sectors of the economy.

International firms are allowed to invest and establish business in Cyprus on equal terms with local investors. Foreign investors can register a company directly with the Registrar of Companies, and obtain any license, if needed, from the appropriate authority depending on the nature of investment. Investors may address to the Investors Service Centre of the Ministry of Commerce, Industry, and Tourism for further guidance and direction on a case by case basis.

Cyprus features the lowest corporate taxation rates in the EU (10%) and has signed with double taxation agreements with most of the world’s influential markets.

The accession of Cyprus to the EU and the euro zone, in conjunction with the developed, free market economy, strategic geographical location, advanced and attractive tax environment, extensive double taxation treaty network, and robust and transparent regulatory environment, makes it an ideal place for global investors to spend their money, including Business Process Outsourcing and Knowledge Process Outsourcing, leveraging the professional services sector.

Cyprus companies don’t need to pay any withholding tax on inbound dividends, interest and royalty payments while dividend income, profits from overseas permanent establishments and profits from the sale of securities are also exempted from taxation.

Especially, Cyprus is an internationally renowned shipping centre. The island’s merchant fleet has been growing steadily, reaching a top 3 position in Europe and a top 10 global ranking. The unique geographical position at the juncture of three continents,


48 Winter, 2013


资者可以就具体事宜咨询商业、工业和旅游部

下属的投资者服务中心。

　　塞浦路斯拥有欧盟地区最低的公司税率

（10％），并且与全球大多数具有影响力的市

场签署了免双重征税协定。就提供专业服务而

言，它是一个公认的卓越国际中心。塞浦路斯

加入欧盟和欧元区、该国成熟和自由的市场经

济、优越的地理位置、先进且有吸引力的税收

环境、广泛的免双重征税协定网络以及健全和

透明的监管环境使其成为全球投资者的首选，

让他们能够利用专业的服务开展业务流程外包

和知识流程外包。塞浦路斯公司不需要就入境

股息、利息和版税收入支付任何预提税，而来

自海外永久机构的利润和出售证券的利润也不

需要缴税。

　　特别值得一提的是，塞浦路斯是一个国际

知名的航运中心。岛上的商船队一直在稳步增

长，目前的规模名列欧洲第三、全球前 10。三

大洲交界的独特地理位置、先进的基础设施和

服务以及非常有吸引力的税收制度等优势使得

塞浦路斯成为注册、管理船舶和建立航运相关

企业的理想地点。利马索尔是欧盟最大的船舶

管理中心和全球第二大的管理中心。目前，在

塞浦路斯注册的有近 1022 艘级别超过 21 万总

吨的船舶。

　　在塞浦路斯购买物业对海外投资者来说也

很有吸引力，该国为购买售价超过 30 万欧元

房屋的外国人提供居住许可。如果买家或他的

家人在 12 个月中有半年的时间居住在塞浦路

斯并且保持连续 6 年，他们将有资格申请欧盟

护照，这使得他们能够不受限制地在该地区旅

行。投资物业的类型包括公寓、联排别墅及商

业物业。

　　在很长一段时间里，中国和塞浦路斯已经

建立起了稳固的双边关系和经济关系。两国之

间签署了 20 项双边协议，涵盖了文化、经济、

科学和技术合作、旅游、免双重征税协定、相

互促进投资和商船等领域。塞浦路斯拥有一个

具有竞争力的税制以及欧盟法律框架内开放的

投资政策，这使得该国一跃成为一个领先的国

际商业中心，以及中欧之间的理想交汇点。中

国的高净值人士将塞浦路斯作为开展欧洲业务

的门户，通过充分利用其地理位置、较低的税

率和广泛的免双重征税协议。同样，他们可以

在塞浦路斯获得永久居留权或公民权，从而居

住或工作在欧盟任何一个国家，并且享受相关

的社会福利。

the advanced infrastructure and services, as well as the very attractive taxation and other advantages makes Cyprus an ideal location for ship owning, ship management and ancillary shipping-related companies. Limassol is the largest ship management Center in the EU and the second biggest globally. Nearly 1,022 ships exceeding 21 million gross tonnage are registered in Cyprus.

Buying a house in Cyprus is also very attractive to overseas investors as the country offers the residency permit for foreigners who purchase a home with a price tag over 300,000 Euros. If the buyer or his family stays for more than half a year within each 12 months for 6 consecutive years, they will be qualified to apply for an EU passport, which allows them to travel in the region without any restrictions. Property eligible for investment include apartments, town houses and commercial property.

For a long time, China and Cyprus have formed strong bilateral relations and economic ties. There are more than 20 bilateral agreements between the two countries, covering cultural, economic, scientific and technological cooperation, tourism, avoidance of double taxation, mutual promotion of investment and merchant shipping.

A competitive tax regime and open investment policies operating within a framework of EU law have already catapulted Cyprus into a leading center of international business and made it an ideal entry point between Europe and China.

Chinese high net worth individuals can both tap Cyprus as a gateway to do business in Europe, via leveraging its geographical location, lower tax and vast DTA agreements, and to gain permanent residency or citizenship in Cyprus so as to live or work in any EU country and enjoy a raft of social benefits.



50 Winter, 2013

塞浦路斯共和国是东地中海的一个岛

国，东临希腊、南临土耳其、西临

叙利亚和黎巴嫩，西北临以色列，

北临埃及。塞浦路斯是地中海第三大岛。它

也是该地区人口数量第三多的岛屿，以及最

热门的旅游目的地之一。处于欧洲、亚洲和

非洲交叉路口的战略位置帮助它塑造了几个

世纪的历史，使其不仅成为了一个地中海东

部的重要贸易中心，也同样成为了一个信誉

良好的国际商业及金融服务中心。

　　塞浦路斯有能力为海外投资和商业活动

提供一个稳定和良好的环境。该岛已经成为

众所周知的跳板，能够帮助国际投资者进入

大型的欧盟市场以及中东、东欧、北非、印

度和中国等新兴经济体。经历了超过三十年

的长途跋涉，塞浦路斯于 2004 年 5 月 1 成

为了欧盟的正式成员，这有助于投资者更好

地挖掘该国作为三大洲天然纽带的地理优

势。随着 2008 年的到来，塞浦路斯加入了

欧洲经济与货币联盟，充分利用该地区重要

The Republic of Cyprus is an island country in the Eastern M e d i t e r ra n e a n S e a , e a s t o f

Greece, south of Turkey, west of Syria and Lebanon, northwest of Israel and north of Egypt. Cyprus is the third largest island in the Mediterranean Sea. It is also the third most populous island in the region and one of the area’s most popular tourist destinations.

Cyprus’ strategic location at the crossroads of Europe, Asia and Africa has helped shape its history throughout the centuries, making it not only a major eastern Mediterranean trading hub, but a reputable international business and financial service center as well.

Cyprus has proved its ability to offer a favorable economic climate for overseas investment and business activities. The

island has established a reputation as a springboard for global investors accessing the large EU markets as well as the emerging economies of the Middle East, Eastern Europe, North Africa, India and China.

After a long journey of over three decades, Cyprus became a full member o f t h e Eu ro p ea n U n io n o n M ay 1 , 2004, which is helping investors to better tap the country’s geographical advantage as a natural bridge linking the three continents. With the dawn of 2008, Cyprus joined the Economic and Monetary Union, by demonstrating a robust economic performance marked by banner key indicators. Besides achieving and maintaining the indicators to meet the strict EMU entrance requirements, Cyprus enjoys another key advantage

Cyprus – Open for Business

塞浦路斯创业基地


By Leo Zhang

50 Winter, 2013


经济指标显示的良好经济表现。除了实现和

维护相关指标来满足经济与货币联盟严格的

准入要求，塞浦路斯享受到了加入欧元区的

另一个关键优势：价格透明度。

　　对塞浦路斯的经济增长来说，加入欧盟

同样开启了一个新的时代。塞浦路斯鼓励外

商直接投资于优先的经济增长领域，这些领

域都被写入了该国 2007 － 2013 年的战略

发展计划。2010 年，吸引外商直接投资的

前四大部门是金融及保险（34.1％）、房地

产（23.9％）、专业、科学及技术活动（19％）

以及批发和零售业（2.6％）。

　　塞浦路斯能够为企业提供许多优势，其

中包括欧盟最低的企业税率（10％）和与

49 个国家签署的免双重征税协定。塞浦路

斯公司免于支付针对入境股息、利息和版税

的预提税。而股息收入、来自海外永久机构

的利润和来自出售证券的利润也无需缴税。

此外，塞浦路斯提供相对较低的运营成本以

及优质的服务，包括银行、税务、会计、审计、

工商管理、法律、投资、经纪和基金管理。

　　塞浦路斯同样拥有一支年轻、受过良好教

育的人才队伍。该国致力于发展教育，并着眼

于通过改革来实现可持续增长。自 2004 年以

来，塞浦路斯分配给公共教育的支出一直占国

内生产总值的 6％以上。

　　塞浦路斯继承了以普通法为基础的法律

制度。法律行业的发展拥有很长的历史，由

许多独立的律所组成。会计行业相当突出，

岛上拥有许多国际公司以及一些提供会计、

审计和咨询服务的个人。大多数会计师在英

国接受培训，是特许会计师公会或者英国特

许公认会计师公会的成员。这里银行业也比

较发达，能够满足各种企业和个人的资金需

by having joined the euro zone: price transparency.

Cyprus’ entry into the EU has also kicked off a new era of commitment to growth in Cyprus. Cyprus encourages Foreign Direct Investment opportunities in the priority economic growth sectors, highlighted in the country’s Strategic Development Plan 2007-2013. In 2010 the top four FDI sectors were financial and insurance activities (34.1%), real estate activities (23.9%), professional, scientific and technical activities (19%) and wholesale and retail trade (2.6%).

Cyprus provides many advantages to the corporate sector, including the lowest corporate taxation rates in the EU (10%) and Double Taxation Agreements with 49 countries. Cyprus companies enjoy exemptions from any withholding tax on inbound dividends, interest and royalty payments. Taxation exemptions also apply with respect to dividend income, profits from overseas permanent establishments and profits from the sale of securities. Moreover, Cyprus offers relatively lower operating costs with high quality services, including banking, tax, accounting, auditing, business administration, legal, investment, and brokerage and funds management.

Cyprus also has a young, well-educated talent pool. The country is committed to education and is focusing on reforms to achieve sustainable growth. Since 2004 Cyprus has consistently allocated over 6% of GDP of public expenditure on education.

Cyprus inherited a legal system based on Common Law. The legal profession is long established and consists of many independent law practices. The accounting profession is very well represented, with many international companies operating on the island, as well as a number of private individuals

providing accounting, auditing and consulting services. Most accountants are British trained and members of either the Institute of Chartered Accountants or the Chartered Association of Certified Accountants. The banking sector is well developed and caters to a wide variety of financial needs of both businesses and individuals. The commercial banks and specialized financial institutions offer full and varied local, national and international services on both the personal and corporate level. They offer a wide range of services including insurance, leasing, hire purchase finance, factoring, mutual fund management, investment and consulting as well as custody and asset management services.

Cyprus International Trusts are also widely used as a vehicle for international tax planning, offering a raft of tax advantages. Income and gains of a Cyprus International Trust, derived from sources outside Cyprus, are exempt from any tax imposed in Cyprus under certain conditions. Dividends, interest or other income received by a Trust from a Cyprus international business company are not subject to tax nor are they subject to withholding tax. No capital gains tax is charged on the disposal of assets of an international Trust.

Setting up a Company in CyprusAccording to Cyprus’s law, investors can set up the following five types of business entities: limited liabil ity private or public companies, general or limited partnerships, business/trade names, European companies (Societas Europeas), and a branch of a foreign company. Among them, a limited liability private or public company is the type of business for which the overwhelming majority of registration applications are submitted.


Dividends, interest or other income received by a Trust from a Cyprus international business company are not subject to tax nor are they subject to withholding tax.

　　　信托从塞浦路斯国际商业公司那里获

得的股息、利息或者其他收入无需缴纳或支

付预提税。


52 Winter, 2013

求。商业银行和专业金融机构能够为个人和

企业提供全面和多样的本地、全国和国际服

务。它们的服务范围非常广泛，包括保险、

租赁、租购融资、保理业务、共同基金管理、

投资咨询以及托管和资产管理服务。

　　塞浦路斯国际信托也被广泛地用于国际税

务规划，能够提供一系列税收优惠。在一定条

件下，塞浦路斯国际信托的收入和收益（来自

塞浦路斯以外的来源）无需在塞浦路斯缴税。

信托从塞浦路斯国际商业公司那里获得的股

息、利息或者其他收入无需缴纳或支付预提

税。出售国际信托的资产无需支付资本利得税。

在塞浦路斯设立公司

根据塞浦路斯的法律，投资者可以建立以下五

种类型的业务实体：私人或公共有限责任公司、

一般或有限合伙公司、业务 / 贸易公司，欧洲

公司（Societas Europeas）以及外国公司的分

A ny p hys i c a l o r l e ga l p e r s o n , whether of EU origin or not, is entitled to form a company in Cyprus. An applicant needs simply to be able to submit all the information and documentation that his legal representative in Cyprus will request, in order to file a complete application to the Registrar of Companies. Under Cyprus leg is lat ion , part ies interested in registering a limited liability company need the services of a lawyer licensed by the Cyprus Bar Association, or of a service provider cooperating with a lawyer.

In order to register a company, an applicant needs to submit a corporate name to the Registrar of Companies for approval. The applicant must provide the

main activities of the company so that the Memorandum and Articles of Association can be drawn up for submission. In addition, a bank reference is needed for each beneficial owner, shareholder or director. Every company should have at least one shareholder.

A s fo r i n te r n a t i o n a l b u s i n e s s companies, it is important for investors to know that the management and control of the company are implemented within the jurisdiction, with regard to the taxation and administrative purposes. Under such a scenario, it is advisable for not more than one director to be appointed from abroad. The company also needs to have a registered office.

The general procedures of setting up a company in Cyprus include the following:

· The applicant engages the services of a lawyer or service provider;

· The lawyer/service provider obtains approval of the company name the applicant desires;

· The memorandum and articles of association of the company is discussed and agreed to;

· The applicant provides the lawyer/service provider with all information/documentation requested, which the latter uses to prepare and submit the registration application to the Registrar of Companies;

· T h e Re g i s t ra r p ro c e s s e s t h e a p p l i c a t i o n a n d , p rov i d e d a l l t h e i n f o r m a t i o n a n d d o c u m e n t a t i o n submitted is complete and accurate, issues the company a registration certificate, bringing it into existence; and the applicant receives the company Registration Certificate.

Thanks to an accelerated procedure, the company name registration at the Registrar or the Point of Single Contact (PSC), takes approximately two to five working days. With the normal


52 Winter, 2013


支机构。其中，私人或公共有限责任公司是绝

大多数注册企业所选择的类型。

　　任何自然人或法人（无论是否来自欧盟）

都可以在塞浦路斯成立一个公司。申请人只需

要简单地提交其塞浦路斯法律代表所要求的所

有信息和文件，用于向注册处提交完整的申请

表。根据塞浦路斯的法律，有兴趣注册有限责

任公司的各方需要聘请塞浦路斯律师协会授权

的律师，或者与律师有合作的服务提供商。

　　为了注册一家公司，申请人需要向注册处

提交企业名称供审批。申请人必须提供企业的

主要业务，从而制定组织章程大纲及章程细则，

进行提交。此外，每个实益拥有人、股东或董

事需要有银行的资信证明。每家公司都应该至

少有一名股东。

　　对拥有国际业务的公司来说，重要的是投

资者需要就税收和行政管理而言，公司的管理

和控制需要在司法管辖区内进行。在这样的情

况下，明智的做法是任命国外董事的数量不超

过一名。公司还需要有一个注册办公室。

　　在塞浦路斯建立公司的一般程序包括：申

请人接受律师或服务提供商的服务 ; 律师 / 服

务提供商就申请人渴望的企业名称获得相关批

准；就组织章程大纲及公司章程进行讨论并且

获得一致；申请人向律师 / 服务提供商提供所

有信息 / 必要的文件，后者用于准备和向公司

注册处提交公司注册申请；注册处处理相关申

请，在确认所有信息和提交文件完整且准确后，

核发公司注册证书，让公司成立，申请人获得

公司注册证书。

　　如果采取加速程序，在注册处或者通过单

点联系（PSC）进行企业名称注册需要约 2 至

5个工作日。而正常的程序（只能通过注册处）

需要约一个月的时间。就加速程序而言，过户

登记处或 PSC 收取的费用为 25.63 欧元，而

正常程序的登记费为 8.65 欧元。

　　注册公司的费用包括公司注册处收取的费

用以及申请人支付给律师或服务供应商的费

用。就注册处而言，必须支付的费用为 153.79

欧元，外加公司法定股本面值的 0.6％。申请

人几乎无一例外地都会支付另一项选择性的费

用，那就是加速登记手续，金额为 85.43 欧元。

律师 / 供应商的费用根据不同的服务而有所不

同，同样也取决于律师 / 供应商的选择。

　　对那些非常看重时间的申请人来说，有

一种方法可以让他们在瞬间建立并且运营企

业。申请人无需经历上述流程，他只需要收

procedure, possible only through the Registrar, the duration is approximately o n e m o n t h . Fo r t h e a c c e l e r a t e d procedure, the Registrar or the PSC charge a fee of €25.63, while for the normal procedure the Registrar charges €8.65.

The costs of registering a company include fees charged by the Registrar of Companies and the applicant’s lawyer or service provider. With re spect to the Registrar, the non-discretionary fees that must be paid amount to €153.79 plus 0.6% of the value of the company’s nominal authorized share capital. A discretionary fee that applicants almost invariably opt for is the accelerated registration procedure, amounting to €85.43. With respect to lawyer/provider fees, these will vary depending on the services pro vided, and possibly also on the choice of lawyer/ provider.

A way to have a Cyprus company up and running in virtually no time exists for applicants for whom time is of the essence. Instead of going through the whole process described above, the applicant can simply purchase a “shelf company,” provided the shelf company’s memorandum and articles of association meet the applicant’s requirements. These are companies that Cypriot legal firms or service providers have registered and keep “on the shelf” to sell to interested clients.

A Cyprus company has the following two statutory obligations with respect to the audit of its financial statements: 1) A company must submit its audited financial statements to the Registrar of Companies in Greek, which is the official language in Cyprus. These financial statements must be prepared on an annual basis, except for the first financial statements of a company which can cover a period of up to eighteen months from the date of the company’s incorporation.



塞浦路斯Cyprus

54 Winter, 2013

购一家“空壳公司”，前提是空壳公司的备

忘录和公司章程满足申请人的要求。这些是

塞浦路斯律师事务所或服务供应商已经注册

了的公司，它们能够将这些空壳公司出售给

有兴趣的客户。

　　就其财务报表的审计而言，塞浦路斯公

司有以下两项法定义务：公司必须以希腊语

（塞浦路斯的官方语言）提交经审计的财务

报表。除了公司的第一份报表可以覆盖公司

注册成立日期起的十八个月之外，这些财务

报表必须每年提供一次。其次，公司必须在

每个自然年内向税务局提交税收申报表。与

年度税收申报表一起提交的还需要包括经审

计的独立（非合并）财务报表。

　　专业从事离岸服务的上海瑞岸投资管理

有限公司执行董事刘有辉表示，塞浦路斯公

司相比较其他属地的公司，较适合希望在欧

洲投资的公司，尤其在用于控股，电子商务

经营，及持有知识产权方面，由于其政策与

税收优惠，使得这类公司的塞浦路斯开展业

务经营成本更低。

　　在塞浦路斯设立公司，一般公司类型为

有限责任公司；且当其董事不居住在塞浦路

斯境内，所有商业运营都在塞浦路斯之外，

无任何收入来源于塞浦路斯国内时，该公司

可被认定为非居民公司，且无须缴税。

　　谈到企业注册方面国际法律法规的变

化，刘先生说从全球范围来看，国际间税务

信息交换程度在不断加深，各在岸大国不断

加强反洗钱规则以避免税收外流，但另一方

面各属地为了吸引投资也不断修订新的税务

优惠政策，例如塞浦路斯最近也修改了针对

知识产权的税务优惠政策。

　　他说：“投资国际市场的中国投资者，

相比发达国家投资者，对于投资地税收商业

规则变化相对不敏感，因为尽职调查不够充

分，而导致国际投资失败的案例比比皆是，

我们认为保持时时监控，注意变化的趋势，

对于中国投资者是比较重要的一点。”

　　谈到塞浦路斯能够为投资者提供的金融

服务，刘先生说塞浦路斯投资公司（CIF），

对于希望在欧洲展开投资业务的人来说，非

常有吸引力。任何未被归类为银行的公司，

需要向客户提供投资服务，可向塞浦路斯

证券交易委员会 (CySEC) 提交许可从事该

类业务的申请。一旦获得批准，作为欧盟国

和 MiFID 成员国，在塞浦路斯已被授权的

2) A company must submit its annual tax return to the Inland Revenue authorities on a calendar year. Annual tax returns must be supported by the audited separate (non-consolidated) financial statements of the company.

“Compared with other jurisdictions, Cyprus is suitable to set up companies with the a im to invest in Europe, especially for shareholding, e-commerce operation, and holding intellectual property,” according to Michael Liu, Managing Director of CIL Group Ltd, a Shanghai-based provider of offshore services. “Due to its favorable policy and tax system, these companies in Cyprus will have lower operating costs than in other jurisdictions,” he said.

When the directors of a limited liability company in Cyprus are non-residents and all of its operations are conducted outside the country with no incomes derived within its territory, the company can be regarded as a non-resident and is subject to no taxation.

Talking about the latest development of laws and regulations with regard to

corporation formation, Mr. Liu noted that from a global perspective, countries are enhancing exchanges of tax information and enforcing anti-money laundering rules to avoid outflows of tax revenues. But on the other side, jurisdictions including Cyprus are constantly revising their preferential tax policies in such aspects as intellectual property.

“In the global markets, Chinese investors are less sensitive to changes in local commercial rules compared with investors in developed countries. Lacking of sufficient due diligence efforts often led to failure in overseas investments. We believe it’s essential for investors to monitor changes in a timely manner. That’s very important for Chinese investors,” said Mr. Liu.

With regard to financial services Cyprus can provide to investors, Mr. Liu said that Cyprus Investment Firm (CIF) is very attractive to people who wish to expand the investment business in Europe. Any company, which is not classified as a bank, can apply to the Cyprus Securities and Exchange


54 Winter, 2013

来源：塞浦路斯财政部Source: Cyprus Ministry of Finance

2005 2006 2007 2008 2009 2010 2011

35

30

25

20

15

10

5

0

直接税收 Direct Tax 间接税收 Indirect Tax 税收收入 Tax Revenues

10.1 10.9

14.6

12.9

11.2 10.8 11.1

16.4 17.0 18.5

17.8

16.0 15.9 16.4

26.5 27.9

33.0

30.8

27.2 26.7 27.5

Tax Revenues of Cyprus from 2005 to 2011

2005 年至 2011 年塞浦路斯税收收入

占GD

P

比例

% G

DP


CIF，亦可以向欧盟其他国家提供投资服务，

而且不用再去其他同盟地区重复申请。同时

塞浦路斯银行服务在整个欧洲地区来看同样

也是相对便利的，塞浦路斯银行可为各国际

客户提供个人以及公司账户服务，包括网络

银行，提款卡以及信用卡服务，其账户隐私

性也相对较好。

　　就全球经济放缓和欧洲债务危机而言，

刘先生认为塞浦路斯面临的最大挑战还是其

面临的欧洲普遍不景气带来的经济压力。他

说：“我们很高兴得看到她在压力面前，依

然选择了一条更为积极的道路，也就是通过

一系列的税务优惠以及商务便利政策巩固自

己作为欧洲投资门户的地位。但另一方面来

看，由于其财政压力的实质存在，人们对于

塞浦路斯银行的信用以及优惠政策的持续性

有一定怀疑。”

　　中国投资者更需要专业机构提供持续时

时的信息服务，以帮助他们在海外投资时能

更好的避免投资风险。

Commission (CySEC) for a license to provide investment services to clients. Once getting the approval, the CIF will be automatically authorized to provide such services to other EU countries as Cyprus is an EU member state and also a member of Markets in Financial Instruments Directive (MiFID). Besides CIF, banking services in Cyprus can also help Chinese investors as they can provide such services as online banking, debit and credit cards while ensuring the confidentiality of the clients.

Talking about the backdrop of the global economic slowdown and Europe’s debt woes, Mr. Liu said that the biggest challenge faced by Cyprus is the economic pressure brought about by the general downturn in Europe. “We are pleased to see that in the face of pressure,

Cyprus still chose a more positive way. That is through a series of tax incentives as well as business-friendly policies to consolidate its position as the European investment portal. But on the other hand, due to the real financial pressure, people do have some doubts about the credibility of banks in Cyprus and sustainability of preferential policies,” Mr. Liu said.

“Therefore, Chinese investors need professional institutions to provide timely information and services to help them avoid risks in overseas markets,” Mr. Liu said. “As the real trend is to change from ‘offshore structure investment’ to ‘tax-neutral jurisdiction investment structure’, we think Cyprus has its natural advantages compared with other popular offshore jurisdictions.”



56 Winter, 2013

塞浦路斯一直保持着作为领先国际商务中心的地位，通过一系列高品质的服务和方便营商的环境，建立起连接世界各地国家和企业的桥梁。

塞浦路斯有优越的地理位置，位于三个大陆（欧洲、非洲和亚洲）的交界处，这让塞浦路斯成为了一个天然的商业枢纽。因此，它不仅由于地理位置和欧盟成员国的地位成为了具有吸引力的欧洲门户，而且为投资独联体国家、非洲和中东地区提供了极具吸引力的商业机遇。

塞浦路斯之所以能够成为经商的首选目的地，原因很多，总结如下。

欧盟成员国资格

塞浦路斯于 2004 年加入欧盟，金融和监管环境符合欧盟法律的要求。此外，它是欧盟内部市场的成员，该市场适用的原则包括货物、服务和资本的自由流动

特别值得一提的是，欧盟在建立企业和提供跨境服务方面的自由度提升了塞浦路斯作为国际商业中心的声誉，因为它可以成为通往欧洲的门户，在多个领域广泛地使用跨境业务牌照，从而利用在欧盟开展业务的监管优势。

为什么选择塞浦路斯做生意

公民权和永久居民许可

塞浦路斯能够提供具有吸引力的投资移民方案。在这些方案下，那些愿意投资塞浦路斯经济的高净值个人能够被授予塞浦路斯公民权。成功申请塞浦路斯公民权的人可以享受在欧盟其他国家自由地旅行。

同样在外国人和移民规则下，塞浦路斯的内政部决定，申请人如果是欧盟以外地区的居民，只要满足一定的要求，就能够被授予永久居住许可。申请人可以亲自递交或者邮寄申请书，也可以通过申请人的代理人进行递交。民事登记和移民部会快速地审批申请，随后将申请书转至内政部待批。

经济

塞浦路斯于 2008 年 1 月 1 日开始采用欧元作为其货币单位，这进一步显示了其维持低通胀、低利率和高增长的承诺。

塞浦路斯的经济在很大程度上取决于三个部门（银行、保险和证券）的专业服务，它们占有主导的地位。

塞浦路斯经济的最新发展：随着 2011 年塞浦路斯水域发现重要的天然气资源以后，塞浦路斯最近成了国际媒体和全球能源巨头的关注焦点，预计这

将使塞浦路斯获得更多的金融直接投资。当然，上述天然气资源的授权开发已经引起世界领先能源公司的兴趣。

有利的税收系统

企业所得税：交易利润的企业所得税率为 10％，这是欧盟最低的企业所得税税率之一。非居民企业的营业利润是免税的。

免双重征税协定：塞浦路斯已经与其他国家签署了 45 项免双重征税协定，包括中国、印度、大多数欧盟国家、加拿大和独联体国家（与俄罗斯签署的协议相当受欢迎）。对塞浦路斯税收居民在协议国获得的收入而言，根据免双重征税条约征收很少量预提税或者不征收预提税。

预提税：向非税收居民（无论是个人或公司）支付股息或者利息，无需承担预提税。

转移定价：塞浦路斯唯一的转移定价规定包含在塞浦路斯所得税法中，它要求关联方之间的交易必须符合公平独立交易原则。在解释“公平独立交易原则”的问题上，塞浦路斯的税收立法与经合组织的模型保持一致。

资本利得税：除非是出售位于塞浦路斯的不动产，或者是出售持有这类不动产的非上市公司的股份，其他情况下没有资本利得税。

资本弱化规则：塞浦路斯的税收立法中没有资本弱化规则。用来收购企业外部资产的贷款利息可以申请税收抵免。

受控外国公司规则：塞浦路斯的税收立法中没有受控外国公司规则。塞浦路斯公司不适用受控外国公司规则。

财富税：塞浦路斯不征收任何财富税。

公司重组：塞浦路斯的税收立法为公司重组提供了完全的税收豁免。重组的定义包括所有部门、部分部门、合并、资产转让、交换股份和迁册。

塞浦路斯的法律制度

塞浦路斯的法律制度是普通法系和大陆法系的结合，大多数领域适用普通法。塞浦路斯加入欧盟使其法律制度与适用的欧盟指令保持一致，而欧盟的规定能够在塞浦路斯直接执行。

稳定和可预见的法律环境和法院系统以及高度熟练的法律工作人员一直以来都能够卓越优质的服务，这反过来又有助于使得投资者的信心最大化。

商务工具

在或通过塞浦路斯开展业务最常见的途径是通过设立一家为有限责任公司为形式的塞浦路斯公司。投资者也可以在塞浦路斯选择建立替代的法律结构，比如分支机构、合作企业和信托基金，或选择将现有的外国公司迁册至塞浦路斯。

此外，就基金而言，塞浦路斯能够为潜在投资者提供在塞浦路斯合法建立基金的两个不同结构：（a）国际集体投资计划（ICISs）及（b）开放式可转让证券集体投资项目。

联系我们

以上内容说明了通过塞浦路斯做生意是如何具有吸引力的。如需获得更多的信息，请联系我们国际企业部的负责人Stella Kammitsi 女士（skammitsi@

cplaw.com.cy），或访问我们的网站 www.cplaw.com.cy。

CHRYSSAFINIS & POLYVIOU LLC


Cyprus has maintained its position as a leading international business centre which through its

array of high caliber services and business friendly environment builds bridges connecting countries and businesses across the globe.

Its favorable geographical location at the crossroads of three continents- Europe, Africa and Asia- enables Cyprus to be a natural business hub. Thus, not only does it pose an attractive gateway into Europe by virtue of both its geographical location and EU Membership, but it also offers attractive opportunities for investment into the CIS countries, Africa and Middle East.

There are various reasons why Cyprus can be the preferred destination for conducting business as these are summarized below.

EU MEMBERSHIP

Cyprus joined the European Union in 2004 and its financial and regulatory environment is in line with the EU acquis. Further, it participates in the European Union’s internal market where the principles of free movement of goods, services and capital apply.

In particular, the EU principle of freedom of establishment and the freedom to provide cross border services has enhanced Cyprus’ reputation as an international business center as it can act as a gateway to Europe by the extensive usage of cross border business licenses in various fields that utilize the regulatory advantages concerning doing business in the European Union.

WHY CHOOSE CYPRUS FOR DOING BUSINESS

CITIZENSHIP AND PERMANENT RESIDENT PERMITS

Cyprus offers attractive investor migration programs whereby the Cyprus Citizenship can be granted to high net worth individuals that are willing to invest in the Cyprus economy. Successful applicants for the Cyprus Citizenship enjoy unlimited free movement rights to the rest of the European Union.

Also subject to the Alien and Immigration Rules, the Cyprus Minister of Interior has decided that permanent residence permits will be granted to applicants that are citizens of countries outside the European Union provided certain requirements are met. The applications can be submitted by the applicant personally, by post or by the applicant’s agent. The Civil Registry and Migration Department assesses applications on a fast track basis and subsequently forwards the applications to the Minister of Interior for approval.

ECONOMY

Cyprus’ adoption of the Euro as its unit of currency on the 1st of January 2008 further documents its commitment to preserve low inflation, low interest rates and growth.The Cyprus economy is heavily based on professional services with three sectors (banking, insurance and securities) dominating the market. Latest Developments in Cyprus Economy: Cyprus has recently been the focus of international media and worldwide energy giants when important discoveries of natural gas in the Cyprus waters were

announced in 2011, a factor that is expected to result in the increase of direct financial investments in Cyprus. Naturally, the said discoveries have aroused interest from the world's leading energy firms as regards the licensing rounds.

ADVANTAGEOUS TAX SYSTEM

Corporate Tax: The corporate tax rate is 10% on trading profits and this constitutes one of the lowest corporate income tax rates in the European Union; Business profits of non-resident companies are tax free.

Double Tax Treaties:Cyprus is a signatory to over 45 Double Tax Treaties with other countries including China, India, the majority of European Union countries, Canada, India and the C.I.S countries (Russia being the most popular one). The said Double Tax Treaties provide for lower or no withholding taxes on the income arising in the said countries which is earned by a person that is a Cyprus tax resident;

Withholding tax:There are no withholding taxes on payments to non tax resident persons (either individuals or companies) in respect of dividends and interest.

Transfer Pricing: The only transfer pricing provision in Cyprus’ tax legislation is included in the Income Tax Law and requires transaction between related parties to be made on an “arm’s length” basis. Cyprus’ tax legislation is in line with the OECD model when interpreting the notion of an “arm’s length” basis.

Capital Gains Tax: There is no capital gains tax imposed except in cases of disposal of immovable property which is situated in Cyprus or disposal of shares in a company that owns such immovable property which are not publicly traded.

Thin capitalization rules: There are no thin capitalization rules in Cyprus Tax legislation. Interest suffered on loans used for the acquisition of assets not used in the business is not tax deductible.

Controlled foreign company rules: There are no controlled foreign company rules in Cyprus Tax legislation; Cyprus companies are

not subject to controlled foreign company rules.

Wealth Tax: Cyprus does not impose any tax on wealth.

Company reorganization: Tax legislation in Cyprus provides for a fully exempted reorganization of companies. The definition of reorganization may include any division, partial division, merger, transfer of assets, exchange of shares and redomiciliations. THE CYPRUS LEGAL SYSTEM

The legal system in Cyprus is a mixture of both common law and civil law systems with common law being applicable in most areas. Cyprus’ accession to the European Union brought its legal system in line with applicable EU directives while the EU regulations are generally directly enforceable in Cyprus.

The stable and predictable legal environment and court system combined with the highly skilled legal workforce have been offering superior quality services to which in turn contributes to maximized investor confidence.

BUSINESS VEHICLES

The most common route for conducting business in or via Cyprus is by setting up a Cyprus Company in the form of a limited liability company. Alternative legal structures can also be selected through establishing in Cyprus: branches, partnerships and trusts or choosing to re-domicile an existing foreign company to Cyprus.

Also, as regards funds, Cyprus offers prospective investors with two distinct structures for the establishment of funds as legal entities in the Republic: (a) International Collective Investment Schemes (ICISs), and (b) Open Ended Undertakings for Collective Investments in Transferable Securities.

CONTACT US

The above illustrate how attractive is for doing business via Cyprus. For any further information please contact our Head of the International Corporate Department Ms Stella Kammitsi at [email protected] or visit our website at www.cplaw.com.cy.

CHRYSSAFINIS & POLYVIOU LLC

Sponsored Article

58 Winter, 2013

几个世纪以来，塞浦路斯一直以其在地

中海的优越地理位置而成为一个贸易

中心，也是所有周边国家的贸易中心。

如今，塞浦路斯是欧盟成员国，也是加入欧元

区的国家之一。

　　旅游业是塞浦路斯的主要产业，每年有

300 万游客到这里来参观。这里的教育水平也

很高（使用的语言包括希腊和英语），同样拥

有丰富的欧洲、美国和中国产品。生活在塞浦

路斯是惬意的，这里一年四季的气候几乎完美。

主要体育活动包括足球、篮球、高尔夫球、水

上运动和滑雪。人们能够享受高标准的生活水

平、低犯罪率和宁静的地中海生活方式。

　　在过去的 20 年时间里，塞浦路斯建造了

一系列大型的基础设施项目。基础设施包括医

院、学校、幼儿园和养老院的基础设施向所有

人开放。塞浦路斯已经成为拥有许多大学和学

院的教育中心。

　　除了能够为在塞浦路斯注册的离岸公司提

供有吸引力的税收优惠以外，当地政府同样能

够为愿意购买价值超过 30 万欧元房屋的外国

人提供居留许可。塞浦路斯可以提供不同价格

的房屋，来满足各种预算。不同的设计能够满

足客户的具体要求。提供的产品包括度假屋、

退休居所和投资物业。

　　针对投资塞浦路斯的房地产市场，《中

国离岸》采访了 Kanika 集团总经理 Dora

Onouphriou 女士。Kanika 是塞浦路斯家喻户晓

的酒店、建筑和开发商，在过去 30 年的时间

里一直成功地运营着，取得了持续的增长。如

今，Kanika 集团公司的员工超过 600 名，他

们为塞浦路斯经济和社会的发展做出了巨大

贡献。

在塞浦路斯置业获取欧盟入场券


By Leo Zhang

58 Winter, 2013

Because of its strategic location in the Mediterranean Sea, Cyprus has for centuries been a center for trade and a hub of commerce for the surrounding countries. Today Cyprus is a full member state of the European Union and also

one of the countries that has joined the single currency, the euro.Tourism is Cyprus’s main industry with 3 million tourists visiting every year.

There are also high levels of education (spoken languages Greek & English) and an abundance of European, American and Chinese products. Life is relaxing in Cyprus with the climate being perfect in all seasons. The main sports activities include soccer, basketball, golf, watersports and skiing. People are enjoying a high standard of living, low crime rate and the peaceful Mediterranean way of life.

Cyprus can boast about a series of large infrastructure projects in the past 20 years. Infrastructure and basic amenities, including hospitals, schools, nursery and retirement homes, are available to all. And it has become an education hub with a number of universities and colleges.

Besides offering attractive tax incentives for offshore companies registered in Cyprus, the local government also offers residency for foreigners willing to purchase a home with a price over 300,000 euros. Cyprus can offer a range of prices to suit all kinds of budgets and a choice of designs to meet clients’ specific requirements. The offerings include a holiday home, retirement home or investment property.

As for investing in the real estate market in Cyprus, China Offshore interviews Mrs Dora Onouphriou, General Manager of Kanika Group. Kanika is a name that is


synonymous with hotels, construction and development in Cyprus and that echoes three decades of operation and continuous growth.

Today, the Kanika Group of Companies employs over 600 dedicated employees and has contributed tremendously to the economic and social development and progress of the island.

Q: What are the advantages of Cyprus for Chinese investors in terms of investing in properties in Cyprus? What types of properties can they buy there? What are the requirements for property purchase?

问：就投资塞浦路斯物业而言，塞浦路斯在

中国投资者眼中的优势是什么？他们可以在

那里购买什么类型的物业？对买家有什么样

的要求？

答：塞浦路斯是欧盟成员国，具有良好的气候

和优秀的通信设施。中国公民如果拥有塞浦路

斯的永久居留许可，他们就可以访问任何其他

欧洲国家，因为通过塞浦路斯获得签证是很容

易的。

　　塞浦路斯拥有良好的营商环境和银行体

系，中国的商务人士可以通过与其他欧洲贸易

商和企业保持良好的关系来扩大他们在欧洲的

业务。塞浦路斯是以英国为母语的国家，中国

的儿童和成人可以接受英式教育，从小学一直

到大学水平。塞浦路斯的立法是以英国法律为

基础的。

问：与其他离岸司法管辖区相比，在塞浦路斯

置业的相关成本是较高还是较低的？购买一套

公寓需要花费多长时间？

答：塞浦路斯的土地登记制度是非常先进的，

能够为中国买家提供充分的安全保障。购买物

业的要求很简单，即购买价值最低为 30 万欧

元的物业并且在塞浦路斯的银行拥有三年期 3

万欧元的存款。如果买家或他的家庭每年有超

过 6 个月居住在塞浦路斯，并且连续 6 年这么

做，他们将被允许申请欧盟护照。他们可以购

买公寓、联排别墅及商业物业。投资 30 万欧

元以上并不一定意味着只能购买住宅物业。他

们可以从一家声誉良好的公司那里购买任何投

资计划，这能够提供良好的回报。

　　与购买物业相关的成本比其他国家要低得

多，比如第一套房屋只需缴纳 5％的增值税，

　　旅游业是塞浦路斯的主要产业，每年有 300 万游客到这里来参观。这里的教育水平也很高（使用的语言包括希腊和英语），同样拥有丰富的欧洲、美国和中国产品。

Tourism is Cyprus’s main industry with 3 million tourists visiting every year. There are also high levels of education (spoken languages Greek & English) and an abundance of European, American and Chinese products.

Property Purchase in Cyprus Your Ticket to EU

CYPRUS SPOTLIGHT | 聚焦照

片提

供 P

hoto by Thomas M

urphy


60 Winter, 2013

对以增值税额定的物业没有转让费，对免征增

值税的物业只收取 50％的转让费。

　　对价值为 30 万欧元、免征增值税的物业

来说，由于房屋不是新的，因此成本约为 5000

欧元，在获得印有买家名字的房契时一次性支

付给注册处。购买物业的整个过程需要最多一

周的时间。

问：在购置物业方面有什么最新的法律和法

规？这对投资者意味着什么？特别是来自中国

的投资者。

答：最新的规定在最大限度上减少了成本，并

且简化了获得永久居住许可的流程，只需要不

到 3 个月的时间。这意味着，中国人在塞浦路

斯受到欢迎，他们很快就会形成自己的社区，

那里将会拥有学校、文化和社会机构，因此现

在是投资的合适时机。

问：贵公司能够向中国投资者提供什么样的服

务？请给我们介绍以下你们的项目。

答：服务包括房屋买卖合同的合法化、与土地

注册处进行联系、代理永久居留许可申请的流

程、物业管理服务、物业租赁和维护、根据风

水进行室内设计或者根据客户个人口味提供相

关服务。

　　在一般情况下，我们将竭尽所能来为我们

的客户提供最佳的物业，我们会帮您完成购买

房屋的所有程序。通过 Kanika Developments

购买房屋并不是跟砖头和泥浆打交道，而是让

您在每一步都感到舒心，对自己的选择感到百

分百的满意。我们能够提供高品质住宅及商业


60 Winter, 2013

A: Cyprus is a member of European Union with excellent climate and communications. Having a PR visa for Cyprus a Chinese citizen can visit any other European country, since the obtaining visa via Cyprus is very easy. Cyprus has an excellent business environment and banking system. Chinese business people can expand their activities to Europe by making good connections with other European traders and businesses. Cyprus is an English-speaking country with long ties with Britain. Chinese children and adults can receive a traditional British education from primary age to university level. Our legal system is based on British law.

Q: Compared with other offshore jurisdictions are the costs associated with purchasing property in Cyprus higher or lower? What length of time is necessary to buy an apartment there?A: The land registry system is very advanced and offers Chinese buyers full security. The degree of security is very high on the island. The requirements for buying property are very simple if based on the purchase of a minimum of €300.000 worth of property and €30.000 deposited at a Cyprus bank for three years. If the buyer or his family spends more than 6 months per year in the island for six consecutive years, they are allowed to apply for an EU passport. They can buy apartments, town houses and commercial property. Investing above €300.000, does not necessarily mean only on residential property. They can buy any investment scheme from a good company that offers good returns.

The costs associated with the purchase of property compared with other countries are much lower: e.g. 5% VAT on the 1st house, no transfer fees for VAT rated property, and only 50% of the transfer fees for properties exempted from VAT.

For a property value of €300.000, which is exempted from VAT because it is not new, costs are approximately €5.000, paid once at the Land Registry for acquiring the titles deed in the buyers’ name.

The whole procedure for buying property requires a maximum one week.

Q: What are the latest developments of laws and regulations with regard to purchasing property? What do those mean to investors, especially Chinese investors?


项目，我们为客户提供关怀并且承担责任。经

过 50 多年的经营，我们知道如何去满足客户

的需求，帮助他们在塞浦路斯安置一个新家。

我们拥有绝对的信心，我们可以说我们是“购

房者最喜爱”的地产开发商。

A: The latest regulation minimizes the costs and simplifies the procedure for acquiring PR, in less than three months. This means that Chinese people are welcome in Cyprus and very soon they will form their own community with schools, cultural and social authorities and that now is the right time to invest.

Q: What kind of services can you provide to Chinese investors? Please give us some introductions about your projects.A: They include property purchase legalization of contact lodging, contacts with the land registry, and organizing procedure for PR, property management service, rentals and maintenance of property, interior designing services based on Feng Sui style or according with the individual tastes of our clients.

Generally we will do all things necessary to offer our clients the best properties available, and we will take care of all the purchasing procedures. Buying a property through Kanika Developments is not about bricks and mortar; it’s about feeling comfortable with every step of the process and feeling completely at home with your choice. We offer high quality residential and commercial projects, and we service them with care and responsibility. After 50 years in business, we understand how to meet our clients’ needs when they are deciding to purchase a new home in Cyprus. It is with absolute confidence that we can say we are “The Home Buyers Favorite Property Developer.”

Cyprus is a member of European Union, having a PR visa for Cyprus a Chinese citizen can visit any other European country, since the obtaining visa via Cyprus is very easy.

　　　塞浦路斯是欧盟成员国，中国公民

如果拥有塞浦路斯的永久居留许可，他们

就可以访问任何其他欧洲国家，因为通过

塞浦路斯获得签证是很容易的。



62 Winter, 2013

2011 年年底，塞浦路斯共和国部长理事会制定了外国投资者和创业者的入籍条件和标准。从那时起，塞浦路斯就坚定地加入了居留权和公民权规划的竞争。投资公民权是普遍使用的加速投资计划，能够让投资者获得第二公民身份和护照，这项计划旨在吸引外国投资者、企业家和高净值人士。

获得第二公民权和寻求居住解决方案的原因有很多。在今天全球化世界中的需求不断增加。确保更优质的生活和教育、获得医疗设施、为政治动荡时期制定一个后备计划、财政悬崖和遗产规划、促进投资和银行隐私、双重国籍、护照和签证免费，这些因素如今对国际客户和他们的家庭显得越来越重要。

直到 1960 年之前，塞浦路斯还是英国的殖民地。与所有英联邦国家一样，塞浦路斯法律的基本领域在一定程度依然依赖于英国的法律。自 2004 年以来，塞浦路斯成为了欧洲大家庭的一部分，它是一个欧盟成员国。它的市场经济以服务业占主导，占国内生产总值的 76％。虽然金融服务和旅游业是最重要的部门，最近在其专属经济区内发现的大量水下天然气和石油资源将会使得塞浦路斯在未来五年中成为能源领域的主要参与者。尽管金融风暴对欧盟大陆提出了严峻的挑战，塞浦路斯企业依然实现了增长，从而保持其长期平均每年新增 15000 家公司的速度，所有企业的所得税率均为10％，这是欧盟中最低的。

塞浦路斯推出了（欧盟）公民身份和护照项目，旨在激励潜在的投资者和高净值个人对塞浦路斯进行投资，帮助该国发展经济。塞浦路斯投资公民身份的资格要求对申请人和投资项目均适用。

对于前者来说，申请人将需要至少三十岁，无犯罪记录。审批者将进一步确认申请人的财产没有被要求在欧盟的边界内予以冻结。最后，但并非最不重要的一点是，申请人必须在塞浦路斯共和国拥有一个永久私有居所，它的价值按当年价格计算必须超过 50 万欧元。

就投资计划而言，有兴趣的申请人可以基于他的商业和财务情况选择以下六种渠道中的一种：

1银行存款在不少于 5 年的时间里，申请人在塞浦路斯银行拥有存款、或者其所有的私人企业拥有存款、或者塞浦路斯信托（他作为股东）拥有存款，数额达到至少 1500 万欧元 ;

在这种情况下，银行必须对申请进行背书，证明申请人拥有五年期的定期存款。

2直接投资申请人在塞浦路斯共和国拥有最低 1000 万欧元的直接投资。直接投资包括购买不动产、企业 / 公司、股份、金融资产。

3企业家活动申请人在塞浦路斯共和国建立 / 注册由他控制的一家公司 / 多家公司，根据公司经审计的报表，在申请提出前年份以前的三年时间里，最低平均年销售额达到 1000

万欧元，并且申请人员工至少有 1/3 是塞浦路斯共和国的公民。

4引入新的和创新型的技术、研究中心申请人能够证明他已经将一项大规模的新型和创新型技术引入了塞浦路斯经济的重要 / 主要行业，或者他已经建立了一个重要的研究中心，在本地广泛地开展研究工作。

5直接收入 / 服务的回报申请人应该已经建立了一家公司或者多家公司，公司的管理在塞浦路斯进行，在提出申请前 3 年，它们已经向塞浦路斯经济做出了贡献，比如以支付所得税 / 增值税

和或购买商业服务的形式（比如法律、会计、审计和银行服务），每年平均价值为 50 万欧元；或者

6直接投资、企业家活动和塞浦路斯银行的存款总额达到 1500 万欧元完整的申请将由部长理事会进行审议，可能需要长达四个月的时间。如果申请获得批准，申请人将入籍，并且能够直接获得合法的塞浦路斯（欧盟）护照。获得塞浦

路斯公民身份后，就可以在那里生活。申请人和他的家属都可终生享受完整的塞浦路斯（欧盟）公民身份，并且可以传递给未来一代。

应该指出的是，由于塞浦路斯法律允许双重国籍和 / 或护照，申请人并不需要放弃其他国籍和 / 或护照。此外，塞浦路斯不要求申请人有参加任何语言能力或其它地方知识的测试。

在做出任何决定之前，我们强烈建议潜在的塞浦路斯投资公民权申请人寻求他们原籍国以及塞浦路斯共和国的法律和税务咨询。请注意，塞浦路斯共和国同样提供长期居留和工作许可计划。

作者： Nick Tsilimidos

超前思维：塞浦路斯（欧盟）投资公民权项目

Nick Tsilimidos AdvocateLLB Hons (London), LLM Maritime Law (Nottingham),LLM Inter Commercial Law (Kent), LPC (Nottingham)E-mail: [email protected] Tel: +357 22 27 1000 Fax: + 357 22 27 1111


In late 2011 the Council of Ministers of the Republic of Cyprus laid down the criteria and conditions for the naturalisation of foreign investors and entrepreneurs by exemption. Since then, Cyprus has firmly entered into the ever competing f ield of residence and citizenship planning. Citizenship by investment, which is the term widely coined for accelerated investment schemes wh ich l ead to a l te r na t i ve citizenship and a second passport with l imited residency requirements, aims predominantly to entice foreign investors, e n t re p re n e u r s a n d h i g h n e t wo r t h individuals.

The reasons for obtaining an alternative citizenship and seeking residence solutions are many and the demands of today’s globalized world constantly keep on adding to that number. Whether it be to ensure a better quality of life and education, access to medical facilities, a back-up plan for times of political unrest, fiscal cliffs and estate planning or to facilitate investment and banking privacy, dual citizenship, passport and visa-free travel are nowadays ever more important for international clients and their families.

Cyprus was until 1960 a British colony and as with all commonwealth countries the fundamental areas of Cyprus law are, and to certain extent still remain, carbon copies of their respective English counterpar ts. As from 2004, Cyprus is part of the European family; it is an EU Member State. Its market economy is dominated by the services sector, which accounts for 76% of the GDP. Whilst financial services and tourism are the most important sectors, the recent discovery of vast deposits of natural gas and oil underwater in its exclusive economic zone is expected to pin down Cyprus as a major player in the energy f ie ld in the next f ive years. Despite the f inancial turmoil that has severely challenged mainland EU, Cyprus has preserved i ts corporate growth thus maintaining its long-standing average rate of 15.000 new company incorporations per annum, subjecting same to a f lat corporate tax of 10%, which is the lowest in the EU.

In exchange for Cyprus (EU) citizenship and passport, Cyprus seeks to incentivize prospective investors and high net worth individuals to invest in and grow its economy. The eligibility requirements for the Cyprus citizenship by investment scheme are equally applicant and investment orientated.

As to the former, the applicant would need to be at least thirty (30) years of age and have a clean criminal record. Confirmation will further be sought that the applicant’s name is not included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union. Last but not least, the applicant is required to have a permanently privately owned residence in the Republic of Cyprus, the value of which must exceed the amount of € 500.000 at current prices.

As far as the investment side of the scheme is concerned, an interested applicant may elect either one of the following six broad mediums depending on his commercial/financial fluency:

1Bank depositsThe applicant must have personal deposits in Cyprus banks, or deposits of privately owned companies, or of a trust (in which he is a shareholder), in the Republic of Cyprus

amounting to a minimum of € 15 million for at least a five year period. In this case, the application is expected to be endorsed by a Cypriot bank, confirming the existence of the applicants fixed term five year deposit; or,

2Direct investments The applicant must have direct investments in the Republic of Cyprus amounting to a minimum of € 10 million. Direct investments may include, amongst others, purchase of

immovable properties, businesses, companies, shares and financial assets; or,

3Entrepreneurial activitiesThe applicant must have established/registered in the Republic of Cyprus a company (or companies) controlled by him with a total minimum turnover of € 10 million per annum

on average (in accordance with company/companies audited accounts) over the last three years preceding the year of the application and at least 1/3 of the applicants employees must be citizens of the Republic of Cyprus; or,

4Introduction of new and innovative technologiesThe applicant must prove that he has introduced on a large scale new and innovative technologies in vital/major sectors of the Cyprus economy or that he has established

an important research centre for the conduct of research locally on a large scale; or,

5Direct income and/or remuneration for servicesThe applicant must have established a company or companies, the management of which is in the Republic of Cyprus and in the last three years preceding the year of the

application to have paid into the Cyprus economy at least € 500.000 on average per annum, either in the form of income tax/VAT payments and/or in the form of remuneration for the purchase of business services (legal, accounting, auditing, banking etc); or,

6Combination of direct investments, entrepreneurial activities and deposits in Cypriot banks amounting to € 15 million

The complete application is reviewed by the Council of Ministers and their deliberation may take up to four months. If the application is approved, the applicant is naturalised and this leads to the immediate and lawful ownership of a Cyprus (EU) passport. Once Cyprus citizenship has been acquired, it is for life. Not only the applicant, but further his dependants, may enjoy full Cypriot (EU) citizenship for life, which can be passed on to a future generation by descent.

It should be noted that the applicant is not required to surrender any other citizenship and/or passport he may have, as dual citizenship and/or passport are permitted under Cyprus law. Furthermore, there is no requirement to sit any language aptitude or other local knowledge tests.

Prior to taking any decisions, potential applicants of the Cyprus citizenship by investment scheme are strongly encouraged to seek legal and tax advice from their country of origin, as well as from the Republic of Cyprus. Kindly note that long term residence and work permit schemes are also available in the Republic of Cyprus.

by Nick Tsilimidos

Thinking ahead: Cyprus (EU) citizenship by investment

Nick Tsilimidos AdvocateLLB Hons (London), LLM Maritime Law (Nottingham),LLM Inter Commercial Law (Kent), LPC (Nottingham)E-mail: [email protected] Tel: +357 22 27 1000 Fax: + 357 22 27 1111

Sponsored Article

64 Winter, 2013


Ch i n e s e i nve s to r s l o o k i n g to establish a successful shipping b u s i n e s s w o u l d d o w e l l b y

considering Cyprus. The Cypriot maritime industry is ranked third in terms of size in the EU and tenth worldwide. Cyprus is an ideal center for the establishment of enterprises by foreign ship-owners engaged in shipping activities and related services worldwide. Part of Cyprus' attraction to shippers stems from a set of tax incentives and supporting services that make it easy to operate a shipping business there.

Generous Tax Incentives for Shipping OperationsT h e m o s t i m p o r t a n t r e a s o n f o r

对中国投资者来说，如果希望建立一

家成功的航运企业，他们应该考虑

选择塞浦路斯。塞浦路斯航运业的

规模在欧盟排名第三，全球第十。塞浦路斯

已被国外船东和其他全球航运界的专业人士

证明是一个建立企业的理想目的地。对船东

来说，塞浦路斯的吸引力有一部分来自具有

吸引力的税收激励制度和配套服务措施，这

使得建立船舶企业变得非常容易。

为航运业务提供慷慨的税收优惠

作为一个航运中心，塞浦路斯能够获得成功

的最重要原因是该国为船东、船舶管理公司

和船员提供的税收优惠政策。对船东来说，

塞浦路斯能够针对塞浦路斯船舶的船东通过

任何船舶公司在塞浦路斯和海外港口之间、

或者海外港口之间运营该船舶所得到的收入

免除所有所得税和企业税。从本质上来讲，

Cyprus’s success as a shipping center is the tax incentives the country offers to ship owners, ship managers and crewmembers. For ship owners, Cyprus offers exemption from any Cyprus income or corporation tax on the income of a ship owner of a Cyprus ship from the operation of such ship in any shipping enterprise between Cyprus and ports abroad or between foreign ports.

In essence, no income tax is payable on the profits derived from shipping activities by a Cyprus shipping company which owns ships under the Cyprus flag.

Cyprus also offers tax exemptions for dividends that are paid directly or indirectly from profits of a Cyprus ship from the operation of such ship in any

航运业务的不二之选塞浦路斯Cyprus – Ideal for Your Shipping Business By Tendai Musakwa

64 Winter, 2013



拥有悬挂塞浦路斯旗的船舶的塞浦路斯船舶

公司所开展的航运业务获得的利润都不需要

支付所得税。

　　塞浦路斯同样能够针对塞浦路斯船舶通

过任何船舶公司在塞浦路斯和海外港口之

间、或者海外港口之间运营该船舶所得到的

利润直接或者间接获得的股息免除相关税

赋。此外，塞浦路斯对船舶公司支付的股息

不征收预提税，对出售船舶或者出售或转让

船舶公司的股份不征收资本利得税。如果船

舶由塞浦路斯船舶管理公司进行管理，那么

船东将被减征船舶吨税。

　　塞浦路斯能够向船舶管理人提供的税收

优惠包括船舶管理公司所支付的股息毋须缴

纳预提税，出售船舶管理公司的股份不征收

资本利得税。塞浦路斯还向船员提供优惠政

策，这意味着在塞浦路斯船只上工作的船员

的收入在塞浦路斯毋须支付所得税。

shipping enterprise between Cyprus and ports abroad or between foreign ports.

In addition, Cyprus does not levy a withholding tax on dividends paid by ship owning companies, does not impose a capital gains tax on the sale of a ship or on the sale or transfer of the shares of a ship owning company, and the country reduces the tonnage tax levied on ship owners if a Cyprus ship management company manages its ships.

The tax incentives that Cyprus offers to ship managers include no withholding tax on dividends paid by ship management companies and no capital gains tax on the sale of shares of a ship management company. Cyprus also offers incentives for crew earnings, which mean that the earnings of the crew of Cyprus ships are exempt from Cyprus income tax.

Robust Support Services make Cyprus a n I d e a l L o c a t i o n f o r M a r i t i m e ActivitiesTax incentives are not the only factor that has contributed to Cyprus' attractiveness

? 注册船舶数量：1649（截止 2010 年末） Number of registered vessels: 1649 (end of 2010)

? 总吨位：2200 万吨（截止 2010 年末） Gross Tonnage:22 million( end of 2010)

? 商业船队分级：欧盟第三，世界第十

Classification of Merchant Fleet: 3rd largest in the EU, 10th largest worldwide

? 海运公司数量：约 130 家 Number of Shipping Related Companies: Approx. 130

海事和航运概况Maritime and Shipping Overview

来源：CountryProfilerSource: CountryProfi ler


66 Winter, 2013


强大的支持服务使塞浦路斯成为海事活动的理

想目的地

就塞浦路斯对船东的吸引力而言，税收优惠

并不是唯一的因素。塞浦路斯能够为船东提

供一系列独特的支持服务，这使得在那里开

展航运业务能够带来回报。这些服务包括已

经在该国开展业务的大量船舶管理公司；法

律让船东能够好地保护他们的船只免受海盗

的袭击；有利于航运业务的法律体系；卓越

的银行体系以及专业的员工队伍，这一切使

得在塞浦路斯开展航运业务变得很有吸引力。

　　塞浦路斯是全球最大的船舶管理中心之

一，也是欧盟最大的船舶管理中心。2012 年

上半年，该国船舶管理业的收入占国内生产

总值的 5％。超过 140 家船舶控股及船舶管

理公司在该国开展国际业务，许多世界上最

大的船舶管理公司已经在塞浦路斯建立了全

功能的办事处，这使得该国成为开展航运业

务的理想目的地。

to shippers. There is a unique package of support services available to shippers in Cyprus that make it worthwhile to establish shipping operations there. These services include a large number of ship management companies that have established a presence in the country, laws allowing shippers to better protect their ships from pirate attacks, a legal system conducive to shipping operations, a s u p e r i o r b a n k i n g sys te m a n d a professional workforce that makes it attractive to conduct shipping operations there.

Cyprus is one of the largest ship management centers in the world, and is the European Union’s biggest ship-management center, with revenue from ship management accounting for five percent of the country's GDP in the first half of 2012. More than 140 ship owning and ship management companies conduct their international activities in the country and many of the largest ship management companies in the world have established fully fledged offices in Cyprus, making the country an ideal shipping location.

　　作为一个航运中心，塞浦路斯能够获得成功的最重要原因是该国为船东、船舶管理公司和船员提供的税收优惠政策。

The most important reason for Cyprus’s success as a shipping center is the tax incentives the country offers to ship owners, ship managers and crewmembers.

照片

提供

Photo by S

tephen Chang

66 Winter, 2013



　　此外，塞浦路斯首个制定相关法律允许

船舶所有者和经营者在商船上拥有武装警卫

的国家，这些警卫可以保护船员、船舶和货

物免受海盗的袭击。这部法律于去年推出，

提升了该国作为一个可靠且不断发展的航运

中心的形象。

　　塞浦路斯法律制度的其他方面也使得其

对中国船东来说极具吸引力。塞浦路斯是所

有国际海事公约的缔约国，并与中国签署了

双边协议，这能够为希望在塞浦路斯开展业

务的中国航运企业带来显着的经济优势。

　　塞浦路斯是一个受人尊敬的国际金融中

心，能够通过广泛的网络银行提供一系列的

服务。该国常见的银行体系和法律框架都基

于英国的模式。该国拥有一些外资银行的分

行，能够满足国际企业的银行业务需求。需

要资金的公司可以很容易地获得商业贷款及

信贷融资，比如短期贷款或流动资金透支。

总部设在塞浦路斯的国际公司还能够获得其

他服务。

　　作为全球最大的国际航运中心之一，塞

浦路斯能力出众、经验丰富的专业人士能够

提供广泛的服务。此外，与其他欧盟国家相比，

受过良好教育、会讲英语的劳动力使得人们

能够更为便利地在这里开展航运业务。

塞浦路斯的船舶注册

考虑到塞浦路斯在航运业务方面能够提供的

大量税收和配套服务优势，对那些希望进军

航运业务的中国投资者来说，在塞浦路斯开

展业务将是明智的。

In addition, Cyprus is the first country that has laws allowing ship owners and operators to have armed guards on board its merchant ships to protect the crew, ship and cargo from pirate attacks. The law was introduced last year and has enhanced the country's image as a reliable and constantly developing maritime center.

O t her aspec t s o f Cypru s ' l egal system also make it attractive to Chinese shippers. Cyprus is a signatory to all international maritime conventions and has a bilateral agreement with China that provides significant economic advantages to Chinese shipping enterprises that want to establish themselves in Cyprus.

Cyprus is a respected international banking center, providing a range of services through a wide network of banks. The common banking practice and the legal framework in the country is based on the UK model. The country has a number of foreign bank branches that help international businesses with their banking needs. Companies in need of funding can easily get business loans and credit facilities, such as short-term loans or working capital overdrafts. Other services are also available to international companies based in Cyprus.

来源：塞浦路斯商船局Source: DMS Of Cyprus

Licenses Issued by the Department of Merchant Shipping over the Last 5 Years.

5 年内商船局颁发牌照数

年份Year

操作员证书Operator's licences

学员证Learner's licences

导航员证Navigation licences

2007 820 1396 932

2008 1560 876 955

2009 1022 1663 1143

2010 999 1420 1113

2011 881 1302 1118


68 Winter, 2013


　　在塞浦路斯注册船舶的一个好方法是在

该国建立船舶公司。这是因为如果船舶归属

的公司在塞浦路斯注册，那些这艘船就会被

认为是塞浦路斯籍的，而不管谁拥有该公司

的股份。注册塞浦路斯船舶公司既简单又廉

价。对希望在塞浦路斯注册船舶的船东来说，

注册单船公司已经成为一种常态。

　　一家塞浦路斯公司可以是由一人或多人

成立的私人公司，也可以是由任何七个或更

多的人成立的公众公司，这些创立人需要签

署公司章程备忘录。该国对建立私人企业没

有最低资本要求。注册一家公司最快可以在

七天内完成。第一步是预留公司的名称，并

获得公司注册处的初步批准。其后，预期的

公司所有人需要聘请一名律师准备公司组织

章程大纲及章程细则。当这些文件都已经准

备好后，他们应该向公司注册处提交这些文

件。最后，公司应该向塞浦路斯商务部、财

政部和劳动部进行注册。

　　如果船舶所属公司注册在欧盟的其他地

方，这艘船舶也可以被认为是塞浦路斯籍，

前提是该公司已委任一名驻塞浦路斯的代表

或该船舶由塞浦路斯船舶管理公司管理或由

拥有塞浦路斯业务的欧盟公司进行管理。如

果船舶所属公司位于欧盟以外地区但其控股

股东是塞浦路斯公民，那么该船舶也可以被

认为是塞浦路斯籍的。

　　如果该船舶是一艘塞浦路斯籍的船舶，

它就很容易进行注册，只要向塞浦路斯船舶

注册处提交有关文件即可。与船舶本身相关

的要求包括：

　　1, 任何船龄的客船必须通过一次入境检

验，以后每年进行检查。船龄超过 30 年的

客船（但不超过 40 年）需要经受船体、机

械和船舶一般条件的检查才能够进行注册，

并且以后接受例行入境检查和例行年度检查。

它们必须由塞浦路斯籍或欧盟（或欧洲经济

区）的船舶管理公司进行管理，其营业地点

必须在塞浦路斯。船舶必须充分配备合格的

人员，并且拥有符合欧盟规定的认证。船龄

40 年以上的客船一般都不会被接受登记。

　　2, 移动式近海钻井装置可以在无任何附

加条件的情况下进行注册，前提是它们的船

龄不超过 25 年。如果超过 25 年，他们需

要满足船龄为 20 至 23 年的货船所需要满

足的条件。自走式移动海上钻井装置同样也

必须遵守移动式近海钻井装置建造和设备国

As one of the largest international shipping centers in the world, Cyprus has a wide range of services provided b y c o m p e t e n t a n d e x p e r i e n c e d professionals . In addit ion, a well-educated, English speaking workforce makes it much easier to conduct shipping business in Cyprus compared to other EU countries.

Ship Registration in CyprusConsidering the significant tax and supporting service advantages that conducting shipping operations in Cyprus provide, Chinese investors looking to enter the shipping business would be wise to conduct their operations there.

A good way to get a ship registered as a Cypriot is to form a shipping company in the country, as a ship is deemed to be Cypriot if it belongs to a company registered in Cyprus. Incorporation of a Cyprus shipping company is simple and inexpensive and single-ship companies have become the norm for ship owners who want to register a ship in Cyprus.

A Cypriot company can either be a private company established by one or more persons or a public company

establ ished by any seven or more persons who establish the company by signing a memorandum of association. There is no minimum required capital for establishing a private company in the country. The process for registration of a company can be complete in as little as seven days. The first step is reserving a company name and getting initial approval from the Registrar of Companies, after which prospective company owners should have a lawyer prepare a memorandum and articles of association for the company. After these documents have been prepared, submit the documents to the Registrar of Companies, after which the company should be registered at the Cypriot ministry of commerce, ministry of finance and ministry of labor.

A ship can also be deemed Cypriot if it belongs to a company registered elsewhere in the EU, provided either that the company has appointed a representative in Cyprus or that the ship is managed by a Cyprus ship management company or an EU company that has operations in Cyprus. A ship can also be deemed Cypriot if it is owned

68 Winter, 2013



by a company registered outside the EU that has Cyprus citizens as its controlling shareholders.

Provided that the ship is a Cypriot ship, it can be registered fairly easily by presenting the relevant documentation to the Registrar of Cyprus ships. The requirements pertaining to the ship itself are:

i. Passenger ships of any age must successfully undergo an entry inspection and subsequent annual inspections. Passenger ships over 30 years old but not exceeding 40 years of age may be registered provided they undergo an

inspection of the hull, machinery and general condition of the vessel in addition to the standard entry inspection and standard annual inspections thereafter. They must also be operated by a Cypriot or EU (or EEA) ship management company having its place of business in Cyprus, and which is adequately staffed with qualified personnel and certified as compliant with EU regulations. Passenger ships over 40 years of age are not normally accepted for registration.

ii. Mobile offshore drilling units may be registered without any additional conditions if they do not exceed 25 years of age. If they are over 25 years old, they may be registered subject to the conditions set out above for cargo ships between 20 and 23 years old. Self-propelled mobile offshore drilling units must also comply and be certified in accordance with the International Maritime Organization Code for the Construction and Equipment of Mobile Offshore Drilling Units.

iii. Cargo ships of any type exceeding 1000 gross tons may be registered without any further requirement up to 15 years of age. Ships between 15 and 20 years of age require a satisfactory entry inspection. Ships over 20 years old (but not exceeding 23 years) may be registered subject to a satisfactory entry inspection and provided they are operated by a Cypriot or EU (or EEA) ship management company having its place of business in Cyprus, and which is adequately staffed with qualified personnel and certified as compliant with EU regulations. Cargo ships over 23 years of age are not normally accepted for registration.

iv. Smaller ships, including yachts, fishing ships, auxiliary ships, ocean going tug boats over 500 tons and cargo ships below 1000 gross tons, may also be registered subject to certain conditions.

Requirements of Ship Registration in Cyprus

塞浦路斯船只注册要求

船只种类Vessel Type

要求Requirement

客船Passenger Ships

任何船龄的客船必须通过一次入境检验，以后每年进行检查。

Undergo an entry inspection and subsequent annual inspections

移动式近海钻井装置Mobile Offshore Drilling Units

可以在无任何附加条件的情况下进行注册，前提是它们的船龄不超过 25 年。

Registered without any additional conditions if they do not exceed 25 years of age.

货船Cargo Ships

船龄 15 年以下、总吨位超过 1000 吨的货船可以在没有任何进一步要求的情况下进行注册。

Any type exceeding 1000 gross tons may be registered without any further requirement up to

15 years of age.

较小的船只Smaller Ships

较小的船只（包括游艇、渔船、辅助船、超过 500 吨的海洋拖船、低于 1000 总吨的货船）

也可以在符合若干条件的情况下进行注册。Including yachts, fishing ships, auxiliary ships, ocean going tug boats over 500 tons and cargo ships below

1000 gross tons, may also be registered subject to certain conditions.

际海事组织公约的规定和进行相关认证。

　　3, 船龄 15 年以下、总吨位超过 1000

吨的货船可以在没有任何进一步要求的情况

下进行注册。船龄在 15 至 20 年之间的船

舶需要通过入境检验。船龄 20 年以上的船

舶（但不超过 23 年）需要通过入境检验，

并且由塞浦路斯或欧盟（或欧洲经济区）的

船舶管理公司进行管理，其营业地点需要在

塞浦路斯，并且充分配备合格的人员，获得

符合欧盟法规的认证。船龄为 23 年以上的

货船一般都不会被接受登记。

　　4, 较小的船只（包括游艇、渔船、辅助

船、超过 500 吨的海洋拖船、低于 1000 总

吨的货船）也可以在符合若干条件的情况下

进行注册。


70 Winter, 2013

1971 年 12 月 12 日，中国和塞浦路斯建

交。从那时起，这两个国家之间的经济

关系变得比以往任何时候都更紧密。中

国和塞浦路斯之间的贸易总额从2004年的1.5

亿上涨到了 2010 年的 10 亿，年均增长率近

40％。2012 年上半年，双边贸易额达到了 4

亿美元，与去年同期相比上升了 1.4％。

　　两国之间蓬勃发展的贸易关系体现在一

系列双边协议中，这些协议将惠及两国的投

资者。中国和塞浦路斯签署了超过 20 项双

边协议，范围覆盖了文化、经济、科学和技

术合作、旅游、避免双重征税协定、相互促

进投资和商船等领域。这两个国家之间的法

律协议最有利于中国投资者的几项是两国之

间的双重课税协议、双边海上运输的安排以

及塞浦路斯允许中国投资者获得永久居留权

或公民权的法律。

低税率

中国和塞浦路斯之间签署的免双重征税条约

能够保护中国投资者，让他们在塞浦路斯的

业务运营利润不被双重征税。塞浦路斯和中

国之间的免双重征税协定签署于 1990 年 10

月，并且于 1991 年 10 月开始生效。塞浦路

斯能够提供欧盟范围内最有利的企业所得税

税率，针对公司净利润的税率为 10％，并

且对利息、股息和版税不征税或者征收少量

的税。例如，通过在塞浦路斯建立公司，中

国投资者需要承担的税率要远低于中国国内

25％的企业所得税税率。

便捷的运输安排

塞浦路斯和中国之间的海上运输协议于 1990

年 8 月 29 日在北京签署，并且于 2003 年

12 月 2 日在尼科西亚签署了相关的修订协

议。这些协议能够为中国投资者带来更多的

利益。其中，该协议意味着来自这两个国家

的海员能够在对方的船舶上工作，两国相互

承认彼此的船舶证书和船员身份证明文件。

对中国船舶企业来说，这使得在塞浦路斯开

展船舶业务变得非常方便。

能够获得永久居住权或公民权

塞浦路斯同样拥有一个相关的计划，中国投

资者可以通过购买房产获得该国的永久居民

身份。符合塞浦路斯永久居住权项目条件的

中国申请人需要购买价值至少为30万欧元（约

China – Cyprus Legal Agreement, What to ExpectWhen Investing

中塞双边法律更新保证中方投资收益


By Tendai Musakwa

70 Winter, 2013


合 393360 美元）的房产，并且证明他们拥有

足够的财富来生活在这个国家。获得塞浦路

斯的永久居留权让中国投资者能够自由地出

入整个欧盟地区。当投资者购买了价值超过

30 万欧元的塞浦路斯房产，其直系家庭成员

也能够获得永久居民身份。在塞浦路斯生活

了 5 年后，永久居民有资格获得公民身份。

塞浦路斯的公民能够在任何欧盟国家生活和

工作，并且在许多欧盟国家获得免费教育。

　　中国的高净值人士也可以通过投资获得

塞浦路斯的公民权。为了获得这个资格，投

资者需要在塞浦路斯拥有一个价值至少 50

万欧元的居住，并符合下列条件之一：

　　1．在塞浦路斯的直接投资达 1000 万欧

元，可以包括不动产、企业 / 公司、股份或

金融资产；

　　2．拥有一家塞浦路斯公司，每年最低

的营业额为 1000 万；

　　3．将创新的技术引入对塞浦路斯国家

利益非常重要的经济领域；

　　4．在五年的期限里，在塞浦路斯的银

行持有至少 1500 万欧元的银行存款；

　　5．直接投资、创业活动和塞浦路斯银

行存款的总额达到 1500 万欧元。

China and Cyprus established diplomatic relations on December 12, 1971 and the two countries

have developed ever-closer economic ties since then. The volume of trade between China and Cyprus increased from 150 million in 2004 to 1 billion in 2010, with an average annual growth rate of almost 40 percent. In the first half of 2012, the bilateral trade volume amounted to 400 million, rising by 1.4 percent compared with the same period of last year.

Underlying the robust trade relations between the two countries is a set of bilateral agreements that make it worthwhile for investors from each country to invest in the other country. China and Cyprus have signed more than 20 bilateral agreements in areas such as cultural, economic, scientific and technological cooperation, tourism, avoidance of double taxation, mutual

Ability to Gain Permanent Residency or Citizenship Cyprus also has a scheme under which Chinese investors can gain permanent residency in the country by buying property there. Prospective Chinese permanent residents in Cyprus need to make a minimum property purchase of 300,000 euros ($393,360), and prove they are of an adequate financial status to stay in the country. Obtaining permanent residency in Cyprus offers Chinese investors the chance to freely travel throughout the EU. Immediate family members also gain permanent residency after an investor buys Cypriot property worth more than 300,000 Euros. After living in Cyprus for 5 years, permanent residents qualify for citizenship. Cyprus citizens can live and work in any EU country, live in any Eurozone country and obtain free education in many EU countries.

Chinese high net worth individuals can also gain Cypriot citizenship through investment. To qualify, investors should own a residence in Cyprus with a value of at least 500,000 euros and meet one of the following conditions:

1. Direct investments in Cyprus amounting to 10 million euros, for example, immovable property, business/companies, shares, or financial assets. Or,

2. Ownership of a company in Cyprus that has a minimum turnover of at least 10 million euros per annum, or

3 . I n t r o d u c t i o n o f i n n o v a t i v e technologies in areas of the Cypriot economy deemed vital to the national interest, or

4. Holding at least 15 million euros in Cypriot bank account over a five-year period, or

5. Having a combination of direct investment, entrepreneurial activities and deposits in Cypriot banks amounting to 15 million euros.


promotion of investment and merchant shipping . The legal arrangements between the two countries that are most beneficial to Chinese investors in Cyprus are a double taxation agreement signed between the two countries, a bilateral agreement on marit ime transport and Cypriot laws allowing Chinese investors to gain permanent residency or citizenship in Cyprus.

Low TaxesThe treaty for the avoidance of double taxation that China and Cyprus signed protects Chinese investors from being taxed twice for profits from their business operations in Cyprus. The Cyprus-China double taxation agreement was concluded in October 1990 and took effect in October 1991. Cyprus offers the most beneficial corporate tax rate in the EU, with a 10 percent tax on the net profits of a company and no or low withholding taxes on interest, dividends and royalties. This, with DTA China has with Cyprus, offers significant benefits to Chinese investors. For example, by establishing companies in Cyprus, Chinese investors can pay significantly l o w e r t a xe s t h a n t h e 2 5 p e r c e n t corporate tax rate in China.

Convenient Shipping ArrangementsThe Cyprus-China Agreement on Maritime Transport, signed in Beijing on August 29 1990 and amended by a protocol signed in Nicosia on December 2, 2003, contains further benefits for Chinese investors. Among other things, the agreement means that seamen from the two countries are able to work on each other's ships and there is mutual recognition of ship certificates and seafarers' identity documents between the two countries. This makes conducting shipping business in Cyprus very convenient for Chinese shipping companies.


72 Winter, 2013

进入欧洲我们很高兴地向您介绍塞浦路斯，这个能够帮助中国个人和企业进入欧洲的门户，这里能够提供：

1. 通过快速通道帮助中国人申请塞浦路斯永久居留权和塞浦路斯护照，从而移民进入欧洲。

2. 终极的商业环境，让企业将业务移到欧洲。

• 通过在塞浦路斯建立公司和信托，企业和投资者可以获得很多好处，从而有助于业务的成功。塞浦路斯的地理位置、稳定的法律制度、优惠的税收体系及欧洲最低的企业所得税率（10％）、出众的免双重征税条约网络和稳定的法律制度使其成为人们进入欧洲市场最喜欢的选择。

• 可能通过永久居留权便利地移民至欧洲。

• 高净值人士可以申请塞浦路斯护照。

• 在优美的环境中享受生活，并受益于较高的教育水平和优秀的医疗设施。

Law Chambers Nicos Papacleovoulou (LCNP) 一直重视民族精神、诚信、专业知识、专业水准和对客户持续的承诺，可以帮助来自中国的个人和企业，提供全面的法律援助和法律服务。

1. 移民进入欧洲

永久居留许可（PR）

来自中国的个人如果符合外国人和移民条例第 5 条规定的五项类别之一，就可以申请永久居留许可。F 类的永久居留许可针对“有影响力的个人”，这意味着加速办理只需要 2 个月的时间。

为什么要申请？

- 提供永久驻留在塞浦路斯的权利- 免入境程序（比如旅游签证）- 家庭成员也能获得永久居留许可

条件：

根据外国人和移民条例第 6 条（2）项的规定，第三国申请人必须提供： a. 证明来自国外有保障的最低年收入为 30000 欧元（工资、养老金、股份、租金），加上每个附属人必须额外有 5000 欧元的收入。b. 购买不动产的最低市场价值为 300000 欧元（增值税必须额外支付）以及证明至少已经支付200000 欧元。该合同必须合法，并且在土地注册处进行登记。c. 塞浦路斯的银行帐户定期存款30000 欧元，至少存放 3 年。d. 无犯罪纪录。e.申明申请人将不在塞浦路斯工作。f. 申请人应至少每两年访问一次塞浦路斯。

更为灵活的地产选项：现在，个人或夫妇可以购买：

a. 面积不超过 4000 平方米的地块或不可分割的土地，建设独栋房屋。b. 同一项目中两个水平或垂直毗邻的单元，从而可以使其统一。c. 这些单元可以是 2 个住宅单元（公寓或房子）或 1 个住宅单位及 1 个店铺（面积最大为 100 平方米）或者 1 个住宅单元及 1 间办公室（面积最大为 250 平方米）。

我们的服务

LCNP 可以为永久居留权和购买物业的每一步提供帮助。 LCNP能够为永久居住权要求提供咨询服务，回答相应的问题并且在申请人到塞浦路斯前准备相应的文件，包括哪些文件需要从中文译成官方认可的英文、向当局提交申请、帮助客户与当局进行交流、开立银行账户并且获得医疗保险。 LCNP 已经帮助许多客户申请和获得了永久居留许可。

塞浦路斯护照

年龄超过 30 岁的高净值国际投资者和企业家可以申请塞浦路斯公民权。塞浦路斯护照能够提供欧洲公民权所能提供的所有好处，

并可以扩展到申请人的配偶和家属。投资机会包括：

a. 直接在塞浦路斯投资最低 1000万欧元，包括不动产、工厂、土地、企业、公司、股票和金融资产。

b. 建立一家或者多家塞浦路斯公司，在递交申请之前的 3 年中最低年收入为 1000 万欧元。

c. 向塞浦路斯经济的重要 / 主要行业大量引入新型和创新的技术或研究中心。

d. 个人在塞浦路斯银行的存款最低 1500 万元，存期至少为 5 年。

e. 建立一家或者多家塞浦路斯管理公司，在递交申请之前的 3 年中纳税或业务服务费用开支每年最低 500000 欧元。

我们的服务

我们可以为塞浦路斯公民申请的所有必要步骤提供协助。 2. 帮助企业进入欧洲

公司成立

中国的投资者和企业可以成立塞浦路斯公司，享受许多优势，其中包括 10％的公司税率和 0％的非居民股东股息税率。

建立一家私营有限责任公司的注册过程如下：

1. 申请批准该公司的名称

2. 起草企业活动的组织章程大纲及章程细则，就股本的金额和币种、股份及股东的数量提出建议

3. 任命董事及秘书。就在塞浦路斯征税的企业来说，所有权和控制权必须在塞浦路斯行使（使用代理董事及股东）

4. 公司必须有一个注册办事处和塞浦路斯的地址

5. 所有注册文件必须提交给公司注册处，并且支付登记费。登记通常需要 12 至 15 个工作日完成。

6. 公司必须提交经审核的帐目及

Alkiviades Street no.3, P.O. Box 60555,

Paphos, 8011, CyprusTel: 00357 26 933218 /+26 937674

Fax: 00357 26 944129

w w w . p a p a c l e o v o u l o u . c o m

年度税收申报表。

我们的服务

我们可以就组织章程大纲及章程细则提供咨询和协助、起草股东协议、安排公司注册、提供代理董事和股东服务及注册办事处 / 地址、安排税务或增值税登记、会计和审计支持以及开立银行账户。

3. 信托基金

塞浦路斯是一个著名的国际金融中心，拥有极具吸引力的机会来设立和经营塞浦路斯国际信托（CIT），满足家庭、商业和交易的需求。最近修订的《国际信托法》能够提供最大限度的保护和灵活性，并且可以根据客户的需求定制，使其享受税收效率。

我们的服务

LCNP 提供的服务包括塞浦路斯国际信托的建立和信托结构、塞浦路斯国际信托的管理和清算、起草法律文件、为信托业务提供法律和会计支持、设立私人信托公司、提供企业保护和企业执法、就信托、受托人权利、受益人权益、信托契约的解释、法院庭审代理提供建议，提供受托人、行政和管理服务。

总结

总的来说，对那些希望移民欧洲或者在欧洲开展业务的个人和企业来说，塞浦路斯看起来是最佳的选择之一。

Dr. Chrysthia Papacleovoulou

Evi Papacleovoulou


Access to EuropeWe are pleased to introduce to you Cyprus as the point of access of Chinese individuals and businesses to Europe which o� ers:

1. immigration access of Chinese individuals to Europe through the Fast-Track Cyprus Permanent Residency Application and Cyprus passport

2. the ultimate business environment for moving business to Europe

· Businesses and investors can take many bene� ts that contribute to the success of business by establishing Cyprus companies and Trusts in Cyprus. Cyprus’s geographic position, the stable legal system, the favourable tax system with the lowest corporate tax in Europe at 10%, the excellent network of double-tax treaties and the stable legal system make Cyprus a favourite option to access the European market.

· Easy immigration access to Europe is possible through the Permanent Residency

· High net-worth individuals can apply for Cyprus Passport.

· Enjoy living in beautiful surroundings and bene� t from the high educational level and outstanding medical facilities.

The Law Chambers Nicos Papacleovoulou (LCNP)is known for its values of ethos, integrity, specialized knowledge, professionalism and on-going commitment to our clients and can guide Chinese individuals and businesses and provide full legal assistance and services.

1. Immigration access to Europe

The Permanent Residence Permit (PR)

Chinese individuals can applyunder one ofthe � ve Categories stated in Regulation 5 of the Aliens and Immigration Regulations. The PR Permit Category F for persons of “substantial personal means”can be issued under the FAST TRAK

PRODECUREwithin 2 months.

Why apply?- Gives the right to permanently reside in Cyprus,- Exempts from immigration entry procedures (e.g. Visitor’s Visa)- The family can also obtain the PR Permit

Conditions:According to Regulation 6(2) of the “Aliens and Immigration” Regulations, third-country applicants must provide: a. Proof of secured minimum annual income of €30.000 from abroad (salaries, pensions, stock shares, rents) plus additional income of €5.000 for each dependent,b. Acquisition of immovable property of minimum market value of €300.000 (VAT must be additional) and proof of payment for at least €200,000. The contract must be legalised and lodged with the District Lands Registry Department. c. Fixed Deposit of €30.000 in a Cyprus Bank account, pledged for minimum 3 years. d. Clean Criminal Record Certi� cate e. Statement that the applicant will not work in Cyprus f. The applicant should visit Cyprus at least once every two years.

MORE FLEXIBLE PROPERTY OPTIONS:It is now possible for one person or one couple to buy:a. a plot or undivided land up to 4.000m2for the construction of a single house, orb. buy up to 2 units adjoining horizontally or vertically in the same project so that its possible to unify them, c. these units can be 2 residential (apartments or houses) or 1 residential unit and 1 shop up to 100m2or 1 residential unit and 1 o� ce up to 250m2

Our services LCNP can assist in every step of the PR application and property purchase. LCNP o� ers consultation on PR requirements, advice on questions and on the necessary documents prior to the applicant’s arrival to Cyprus, including which documents need o� cialtranslation from Chinese to English, submission

of the application with the authorities, communication with the authorities and the client, opening of bank accounts and obtaining medical insurance. LCNP has already helped many clientsapplying and receiving the PR Permit.

Cyprus PassportHigh net-worth International Investors and Entrepreneursover 30 years old can apply for the Cyprus Citizenship. The Cyprus passport o� ers all the bene� ts of European citizenship and can be extended to the applicant’s spouse and dependents. Investment opportunities include: a. a direct investment in Cyprus of minimum €10 million in immovable property, factories, land, business, companies, shares, � nancial assets.b. the establishment ofCyprus Company(ies) with a minimum annual turnover of €10 million, over 3 years prior to the application.c. theintroduction of new and innovative technologies or research centres of a large scalein vital/major sectors of the Cyprus economy.d. personal deposits with Cyprus Banks of minimum €15 million over a 5 year period.e. establishing a Cyprus managed company(ies)that paystaxes. business services fees of a minimum €500.000 per year for 3 years prior to the application.

Our services We can assist with all necessary applications for the Cyprus citizenship application.

2. Access of businesses to Europe

Company FormationChinese investors and businesses can incorporate Cyprus companies and enjoy advantages, including10% corporate tax and 0% tax dividend distribution to non-resident shareholders.

The incorporation procedure for a private limited liability Company:1. Application for approval of the company’s name.2. Drafting the Memorandum and Articles of Associationfor the activities of the company, advice on the amount and currency of the share capital, the number of shares and shareholders.3. Appointment of Director(s) and secretary. For the Company to be taxed in Cyprus, ownership and control must be exercised in Cyprus (use of nominee directors and

shareholders).4. The company must have a registered o� ce and address in Cyprus 5. All incorporation documents are submitted to the Company’s Registrar and the registration duty is paid. The registration usually takes 12 – 15 working days.6. The company must � le audited accounts and annual returns.

Our servicesWe can advise and assist with the company formation, draft the Memorandum and Articles of Association, draft shareholders’ agreements, proceed with the Company incorporation, provide nominee directors and shareholders services and registered o� ce/address, arrange tax or VAT registration, accounting and audit support and opening of bank accounts

3. Trusts

Cyprus is a reputable international � nancial centre with very attractive opportunities for setting up and operating Cyprus International Trusts (CIT) for family situations, for commercial and business transactions. The recently amended International Trusts Law provides maximum protection and � exibility which can be tailored to enjoy tax e� ciencies.

Our services LCNP o� ers services including the creation of CITS and trust structures, managing and dissolving CITs, draftinglegal documents, o� ering legal and accounting support for the trust operation, setting up private trustee companies, provide corporate protectors and corporate enforcers, advise on issues relating to trusts, trustee powers, bene� ciary rights, interpretation of trust deeds, representation in court proceedings, provide trustee, administration and management.

Conclusion Overall for any individual or business thinking of immigrating or conducting business in Europe, Cyprus seems to be among the favourite options.

Alkiviades Street no.3, P.O. Box 60555,

Paphos, 8011, CyprusTel: 00357 26 933218 /+26 937674

Fax: 00357 26 944129

w w w . p a p a c l e o v o u l o u . c o m w w w . p a p a c l e o v o u l o u . c o m

Sponsored Article

74 Winter, 2013

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离岸指南 | OFFSHORE HAND BOOK

Anguilla

企业服务提供商Corporate Service Providers

AXA Offshore Management

www.axaoffshore.com

Tel:+264 497 3142

[email protected]

Belize

Frontier Biz

www.frontierbiz.bz

Tel: +501 223 2144

[email protected]

SABIDO & Co

www.sabcolaw.com

Tel:+501 223 5803

[email protected]

St. Lucia

Bespoke Corporate

and Fiduciary Services

Limited

Tel: +758 453-2000

ZacheusJ@fachambers.

com

British Virgin Islands

Hong Kong

Offshore Incorporations

www.offshore-inc.com

Tel: +86 21 6287 7779

[email protected]

Cyprus

Fiducenter Ltd

www.fi ducenter.com.cy

Tel: +357 25 504 000

fi ducenter@ducenter.

com.cy

Deloitte Limited

www.deloitte.com/cy

Tel:+357 25 868 686

[email protected]

Madeira

Actuarius Consulting

www.actuarius-

consulting.com

Tel: +351 291 234 245

info@actuarius-onsulting.

com

Dike group

www.dikegroup.com

Tel:+351 291 207 080

[email protected]

The Aspen Trust Group

www.aspentrust.com

Tel: +357 2241 8888

[email protected]

Malta

EMCS International

Services LTD

www.emcsinternational.

com

Tel: +356 2777 2540

Mauritius

投资银行Investment Bank

Hong Kong

Roth Capital Partners

www.china.roth.com

Tel: +852 2251 8585

[email protected]

国际银行International Bank

Seychelles

BMI Offshore Bank Limited

www.bmi.com.sc

Tel: +248 4325660

Seychelles.Enquiries@

bmibank.com

离岸飞机注册机构Offshore Aircraft Registry

Cayman

Civil Aviation Authority

www.caacayman.com

Tel:+345 949 7811

civil.aviation@caacayman.

com

离岸律所Offshore Law Firm

Barbados

Chancery Chambers

www.chancerychambers.

org

Tel: +246 431 0070

chancery@

chancerychambers.com


Harney Westwood &

Riegels

www.harneys.com

Tel: +284 494 6286

[email protected]

MASlux (Mauritius) Ltd

www.masint.com

Tel: +230 466 9447

[email protected]

Seychelles

Sterling Offshore

www.sterlingoffshore.com

Tel: +248 410 940

michelle@

sterlingoffshore.com

A.C.T. - Offshore Limited

www.offshorecompanies.

net

Tel: +248 224 899

[email protected]

ABC International

Services

www.

abcmanagementservices.

com

Tel: +248 374 088

FWM International Ltd

www.axys-group.com

Tel: +230 213 6600

[email protected]

Channel Islands

Standard Bank Offshore

www.sboff.com

Tel: 44 (0)1624 643643

[email protected]

Dominica

Banco Trasatlantico Ltd

www.bancotrasatlantico.

dm

Tel: +1-767-449-9254

info@bancotrasatlantico.

dm

France

The Bank of France

www.banque-france.fr

Tell: +01 42 92 39 08

[email protected]

USA

Bank of America

www.bankofamerica.com

Canada

Scotiabank

scotiabank.com

Tel:+1 800 472 6842

Nevis

The Bank of Nevis Ltd

www.thebankofnevis.com

Tel: (869) 469-5564/5796

[email protected]

MMG Bank Corporation

www.mmgbank.com

Tel. (507) 265-7600

Panama Canada

Royal Bank of Canada

www.rbcroyalbank.com

Switzerland

UBS

www.ubs.com

Tel:+345 914 6001

[email protected]

MB Consultants (HK)

Limited

www.mbc-hk.com

Tel:+852 3568-6651

[email protected]

74 Winter, 2013


OFFSHORE HAND BOOK | 离岸指南

Malta

Fenech & Fenech

www.fenechlaw.com

Tel: +356 2124 1232

[email protected]

Simon Torell & Associates

www.simontortell.com

Tel: +356 2122 8862

[email protected]

Seychelles

Appleby Global

www.applebyglobal.com

Tel: +248 429 5281

[email protected]

离岸游艇注册机构Offshore Yacht Registry

Bahamas Maritime

Authority

www.bahamasmaritime.

com

Tel: +852 2522 0095

hongkong@

bahamasmaritime.com

Department of Merchant

Shipping

ww.shipping.gov.cy

Tel: +357 258 481000

[email protected].

gov.cy

French International

Register

www.rif.mer.equipement.

gouv.fr

Tel: +334 2684 5762

rif@developpement-durable.

gouv.fr

International Registries,

Inc

www.register-iri.com

Tel: +852 2526 6641

[email protected]

Maritime Cook Islands

www.

maritimecookislands.com

Tel: +682 23 848

公共和私有机构Public & private institutions

Anguilla

Anguilla Financial

Services Division

www.axafsc.com

Tel: +264 497 3881

anguillafsd@anguillafsd.

com

Bahamas

Bahamas Financial

Services Board

www.bfsb-bahamas.com

Tel: +242 326 7001

[email protected]

Barbados

Invest Barbados

www.investbarbados.org

Tel: +246 626 2000

[email protected]

The Central Bank of

Barbados

www.centralbank.

org.bb

Tel: (246) 436-6870

[email protected]



Financial Services

Commission

www.bvifsc.vg

Tel: 284-494-1324

[email protected]

Belize

IBCR Belize

www.ibcbelize.com

Tel: +501 223 5108

[email protected]

Bermuda

Business Bermuda

www.businessbermuda.org

Tel: +441 292 0632

sstirling@

businessbermuda.org

Cook Islands

Cook Islands FSDA

www.cookislandsfi nance.

com

Tel: +682 211 75

[email protected]

Guernsey

Guernsey Financial

Services Commission

www.gfsc.gg

Tel: +44 1481 712706

Hong Kong

The Hong Kong

Monetary Authority

www.hkma.gov.hk

Tel: (852) 2878 8196

[email protected]

Jersey

Jersey Financial Services

Commission

www.jerseyfsc.org

Tel: +44 (0)1534 822000

[email protected]

UAE

Annual Investment Meeting

Organizing Committee

http://www.aimcongress.

com

Tel: +971 4 39 23232

[email protected]

Isle of Man

Isle of Man Finance

www.gov.im

Tel: +44 1624 686400

enquiries@

isleofmanfi nance.com

Labuan

Labuan IBFC Inc. Sdn Bhd

www.labuanibfc.my

Tel: +60 3 2773 8977

[email protected]

Liechtenstein

Liechtenstein

Treuhandervereinigung

www.thv.lt

Tel: +423 231 1919

[email protected]

私人银行Private Banking

Anguilla

National Bank of Anguilla

www.nbaoffshore.ai

Tel: +264 497 7096

nbaprivatebank@

nbaoffshore.ai

Barbados

J&T Bank and Trustwww.jtbanktrust.comTel: +246 430 [email protected]

Cyprus

Bank of Cyprus

Tel: +357 2122 8000

www.bankofcyprus.com

[email protected]

Ras Al Khaimah

RAK Offshore

www.rakoffshore.ae

Tel: +971 7 206 8666

[email protected]

[email protected]

FBME Bank

www.fbme.com

Tel: +357 22 888400

[email protected]


76 Winter, 2013

离岸指南 | OFFSHORE HAND BOOK

Industrie & Finanzkontor

www.iuf.li

Tel: +423 237 58 58

client.offi [email protected]

Singapore

First Advisory Group

www.fi rstadvisorygroup.

com

Tel: +65 6576 0990

[email protected]

Asiaciti Trust

www.asiacititrust.com

Tel: +65 6533 2611

singapore@asiacititrust.

com

财富管理Wealth Management

Bermuda

LOM Asset

Management Ltd.

www.lom.com

Tel: +441 295 6999

[email protected]

[email protected]

St. George’s

Trust Company

www. sgt.bm

Tel:+1 441 2951 820

[email protected]

Barbados

RBC Wealth Management

http://www.

rbcwminternational.com

Tel. (1 246) 429 4923

Malta

Altarius Asset

Management Ltd

www.altariusam.com

Tel:+356 2123 2540

[email protected]

游艇注册服务提供商Yacht Registration Providers

Bahamas

Windermere Yacht

Services Ltd.

Tel: +242 677 1920

offi [email protected]

Malta

Anchor Corporate Services

www.anchor.com.mt

Tel: +356 212 3239

[email protected]

海运服务Maritime Services

Bahamas

Bahamas Maritime

Services

www.bahamasmaritime.

com

Tel: +852 2522 0095

hongkong@

bahamasmaritime.

com

Panama

Panama Marine Surveys &

Certifi cation Services Inc. www.pmscs.net

Tel:+507 223 1156

[email protected]

委托和信托服务Trust & Fiduciary Services

Austria

FIDUCIANA

Verwaltungsanstalt

http: //www.fi duciana.com/

Tel: +423 388 0202

info@fi duciana.com

Bilanz-Data

www.austrian-taxes.com

Tel: +431 516 120

[email protected]

Barbados

Platinum Offshore

Management Services, Inc.

www.platinumoffshore.com

Bermuda

St.George’s Trust

Company Ltd.

www.sgt.bm

Cyprus

Costas Indianos & Co

www.indianos.com.cy

Tel: +357 22 675231

[email protected]

PAAP Management

Services LTD

www.paapmanagement.

com

Tel: +357 25 662285

info@paapmanagement.

com

The AMS Group

www.amsbvi.com

Tel: +284 494 3399

[email protected]


Dubai

Azure Consultants (UK)

Limited

www.azuregroup.biz

Tel: +44 207 193 0910

info@azure-consultants.

com

Hong Kong

Nova Sage Incorporations

www.nova-sage.com

Tel: +852 2528 1322

[email protected]

Midland Consult

www.midlandconsult.hk

Tel: +852 2899 2009

Offi [email protected]

Liechtenstein

Allgemeines

Treuunternehmen (ATU)

www.atu.li

Tel: +423 237 3434

[email protected]

Isle of Man

Capital International

www.capital-iom.com

Tel: +44 1624 654200

[email protected]

The ILS Group Limited

www.ils-world.com

Tel: +44 1624 682500

[email protected]

Mauritius

Gloconsult Management

Services Ltd.

www.info-gloconsult.com

Tel: +230 213 5080

[email protected]

Marfi n Laiki Bank

www.marfi nbank.com.cy

Tel: +357 2288 7766

Switzerland

Intertrust Group

Holding S.A

http: //www.

intertrustgroup.com/

T +41 (0)22 322 09 80

[email protected]

Bahamas

Elco Group

www.theelcogroup.com

Tel: +242 367 2558

[email protected]

WEALTH PRESERVATION EXPERTS

Tel: +246 437 6092

Management@

platniumoffshore.com

76 Winter, 2013

Documents

China offshore 2013 Winter Edition