china offshore 2012 summer edition

2012, Summer China OffshOre 1

Letter frOm editOr | 编者的话

　　《中国离岸》非常荣幸地推出了 2012 年夏季刊。我们的封面故事讨论

了一个非常重要的话题：热门离岸金融中心所提供的移民和居住权项目，它

们包括多米尼克、圣基茨和尼维斯以及毛里求斯。随着越来越多的高净值人

士想寻求第二国籍，这些允许通过投资渠道而获得居民权的项目无疑是一缕

新鲜的空气。

　　我们的特别报道单元详细介绍了伦敦这座快速发展为人民币离岸中心的

城市。自从于四月首次宣布发行人民币债券以后，伦敦利用自己金融巨人的

地位，迅速地发展起了离岸人民币业务。

　　我们这期的看点特别关注了巴巴多斯和巴哈马这两个司法管辖区，它们

是两个正在崛起的离岸金融中心，能够为中国的投资者提供独特的选择。

　　我们的独家报道探讨了离岸游艇和飞机注册事宜、中国的游艇业以及日

益普及的私人飞机、中国的税收和登记政策以及境外注册的优势等等。

　　我们希望您能够喜欢这期杂志。如果您有任何意见或疑问，请随时写信

告诉我们。

《中国离岸》编辑

Juliet Leclerec

China Offshore is pleased to present the Summer 2012 edition.

Our cover story addresses the highly important area of immigration

and residency programs offered by popular offshore centers, including

Dominica, St Kitts and Nevis, and Mauritius. With more and more high net

worth individuals seeking alternative citizenship options, the prevalence

of programs that allow citizenship through investments are a breath of

fresh air.

Our special report details the rapid development of London as a

center for the offshore renminbi. Since the first announcement on the

release of the first renminbi denominated bond in April, London has built

on its status as a financial goliath, quickly gathering steam as an offshore

renminbi market.

Our two profiles cover Barbados and The Bahamas, two rising offshore

centers that offer unique options for Chinese investors.

Our exclusive supplement examines offshore yacht and aircraft

registrations, the yachting industry in China, the growing popularity

of private aircrafts, China’s taxation and registration policies and the

advantages of offshore registration.

We hope you enjoy this edition. Please feel free to write to us with any

comments or questions.

Editor, China OffshoreJuliet Leclerec

主编 Editor in Chief: Juliet Leclerec

撰稿人 Contributors: Claire van den Heever,

Baron Laudermilk, Iain Manley, Leo Zhang, Hao Wang

美术总监 Art Director: Susan Shen

美术编辑 Designer: Tank Hu

研究员 Researcher: Vanessa Fang

营运总监 Director of Operations, Asia: Leo Chang

制作总监，亚洲 Production Director, Asia: Gillian Bolsover

销售总监，亚洲 Sales Director, Asia: Matthew Sumner

销售总监，美洲 Sales Director, Americas: Spencer Hall

客户经理，亚洲 Accounts Managers:

Matthew Edward Spriegel, Michael Lee

大客户经理，亚洲 Key Accounts Managers: Jackie Boole

销售助理 Sales Assistant: Brad Wang, Roger Chen

发行经理 Circulation Manager: Iris Gao

出版机构 PuBLISHER

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555 Nathan Road, Mongkok, Kowloon, Hong Kong

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亚洲 Asia: +852 3073 2008

美洲 Americas: +1 212 201 1353

电子邮件 E-mail: [email protected]

2 Summer, 2012

06 封面故事cover story

不只是低税：离岸金融中心的居住权和公民权

新闻 NeWs04 全球离岸新闻

Offshore World News离岸世界重要资讯

All the latest news from across the offshore world

封面故事 cover story06 不只是低税：

离岸金融中心的居住权和公民权

More Than Just Low Tax: Residency and Citizenship in Offshore Financial Centers

看点 eye oN20 巴哈马：

为审慎的中国投资者

准备的健全的离岸金融中心

The Bahamas: a sound offshore financial center for prudent Chinese investors

25 巴巴多斯：

货真价实的离岸中心

Barbados: An Offshore Center with Substance

特别报道 sPecIAL rePort30 伦敦——人民币的离岸中心

London as an Offshore Renminbi Center

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].

More than Just Low tax: residency and citizenship in offshore Financial centers


目录Summer 2012 夏季刊

Contents

Yacht & Aircraft RegistrationAn exclusive supplement of China Offshore magazine

S01不断增长的中国富裕人群有利于飞机和游艇市场的发展Growing Chinese wealth bodes well for aircraft and yacht markets

S08观点 Opinion

S12在岸和离岸注册游艇和飞机Registering Yachts and Aircrafts Onshore and Offshore

30

20advertiser direCtory

Cook Islands Financial Services Development

Authority – Inside Front Cover

Dan Group – 9

Great China Group – 13

Dixcart – 15

Global Holdings International – 18-19

Bank of The Bahamas – 23

Cayman Civil Aviation Authority – Special

Supplement Inside Front Cover

British Virgin Islands (BVI) IFC – S03

Cayman Civil Aviation Authority – S11

Rosemont (Hong Kong) Ltd – S17

Monaco Yacht Show – S19

Premier Managers (Barbados) – Special

Supplement Inside Back Cover

AMS – Special Supplement Back Cover

Bilanz Data – 30-31

OIL– 37

ILS Asia – 39

China Offshore iPad – Inside Back Cover

The Bahamas Maritime Authority – Back

Cover

4 Summer, 2012

GLObaL update全球概览

新闻 | NeWs

越来越多的中国高净值人士希望降低投资风险　　在2008年欧洲经济危机爆发之前，中国的高净值人士（个人资产超过600万人民

币，约合95万美元）将大量的资金投资于高回报、高风险的金融工具中。他们赚到了许

多钱，一些产品能够提供10-20％的年度回报。但是美国的经济衰退和欧元危机使许多

高净值人士看到其中的隐忧。

　　根据一份名为“中国奢侈品消费白皮书2012”的新报告，中国的高净值人士正专

注于更多回报较低、风险也较低的固定收益产品。这些产品一般包括政府债券和国内稳

定的企业股票。这种改变不仅是因为他们看到了西方世界希望快速致富的人所落得的下

场，也同样是由于他们自己希望从快速赚钱转变为获得缓慢但安全的盈利模式。

　　来自中国人民银行的消息人士（该人士希望保持匿名）告诉《中国离岸》，许多高

净值人士已经在中国GDP每年增长8-10％的蓬勃发展时期赚到了钱，现在他们希望保持

这些财富，并且确保其获得增长。

　　与许多人的想法相反，我们简要回顾一下中国各大银行的年度报告就能发现，许多

中国高净值人士并不会忠于任何特定的银行。他们将自己的财富分散在许多中国和海外

的银行，以寻求最高的利率、最好的服务、并且确保即便一家银行出现问题，他们的财

富在其他地方也是安全的。降低风险和寻找利率最高的存款地点目前是许多高净值人士

新的投资特权。

Chinese HNWI increasingly looking to minimize risk in their investments

Before the European economic crisis erupted in 2008, Chinese HNWI{people with personal assets of more than 6 million RMB ($950,000)} invested large sums of money in high-yield, high-risk financial instruments. They were making a fortune.Some products offered anywhere between 10-20 percent annual returns. However the American economic downturn and the euro crisis put risk sharply into perspective for many HNWIs individuals.

According to a new report, “The Chinese Luxury Consumer White Paper 2012,” Chinese HNWI have shifted their focus to fixed income products which offer lower yields but less risk. These products are typically government bonds, and domestic stable stocks in corporations. The change reflects not only their experience in witnessing the pitfalls of fast money made in the West, but it is also due to a shift in their own risk preferences to capital preservation.

A source from the People’s Bank of China, who wanted to remain anonymous, told China Offshore that many high net worth individuals had already made their money when China’s GDP boomed at 8-10 percent annual returns. Now they want to maintain it and ensure its growth.

Despite what many think, a brief look at the annual reports of many Chinese banks would indicate that many Chinese HNWI do not maintain loyalty to any specific bank. They scatter their money throughout many Chinese and overseas banks seeking for the highest rates, best services, and to ensure that if one bank goes down, their money is safe in other places. Mitigating risk and finding the highest paid deposits are now many HNWI’s new investing prerogatives.

亚洲 AsIA 中国 China

亚洲 AsIA 中国 China

Shanghai mulls plan to let foreign firms issue yuan bondsThe China Securities Regulatory Commission and the Shanghai Stock Exchange

are considering allowing foreign companies to issue yuan-denominated bonds that will trade on the Shanghai Stock Exchange, sources told China Offshore.

The securities regulator and the Shanghai Equity Exchange are now soliciting opinions from investment banks and overseas firms on the initiative, according to the sources familiar with the matter. Although there’s no clear timetable, regulators are apparently stepping up their efforts.

If the plan goes through, it will offer foreign companies an attractive channel to raise yuan-denominated funds onshore, and place Shanghai in direct competition with offshore yuan centers such as Hong Kong and London.

However, unveiling such a program could further hold back the launch of the International Board at the Shanghai Exchange, which would allow foreign companies to issue yuan-backed shares.

In April, HSBC raised 2 billion yuan by issuing the first Dim Sum bonds in London. It’s a key development which improves London’s ability to become a cen-ter for offshore yuan trading.

上海研究计划让外国公司发行人民币债券　　中国证券监督管理委员会和上海证券交易所正在考虑允许外国公司在上海交易证券

所发行以人民币计价的债券，消息人士向《中国离岸》透露称。

　　熟悉内情的消息人士表示，证券监管机构和上海证券交易所目前正向投资银行和海

外公司就这项计划征求意见。虽然没有明确的时间表，但是监管部门已明显在加大他们

的努力。

　　如果该计划顺利通过，这将为外国公司提供一个具有吸引力的人民币在岸融资渠

道。这也将使得上海与包括香港和伦敦在内的人民币离岸中心产生直接的竞争。

　　然而，推出这样一个方案可能会进一步延缓上海证交所国际板的推出，后者旨在允

许外国公司发行以人民币计价的股票。

　　4月，汇丰银行发行了伦敦市场首个点心债券，募集了20亿人民币的资金。这被认为

是该城市在成为人民币离岸交易中心道路上的重要一步。


NeWs | 新闻

欧洲 eUroPe 英国 uK

New UK tax avoidance rules have shut down hundreds of offshore pension schemes

In the wake of stringent new tax rules implemented by UK’s HM Revenue & Customs in early April, hundreds of offshore pension schemes have been forced to close including 302 pension schemes in Guernsey, 16 in the Isle of Man and 41 in New Zealand. The new laws are designed to prevent investors from accessing offshore services and equalize non-residents and residents.

The newly implemented tax rules outlaw any scheme that gives non-residents a financial advantage, and it demands offshore financial centers offer the same pension benefits to residents and non-residents.

Analysts are predicting that the UK’s new tax rules are not good news for overseas pension funds. Many HNWI Chinese look to the West as safe places to invest their money, but these new rules, some predict, may convince some HNWI to look elsewhere.

Different parts of the UK are seeing many QROPS businesses shut down since the new rules were mandated. Gurnsey, located off the coast of Normandy, has suffered the worst. Of the 305 original QROPS, only 3 are still operating.

Despite these setbacks, the QROPS market is still open and offers retirementsavers more than 2,000 schemes in around 50 countries.

英国新的反避税法规让数百个离岸退休金计划被迫中止　　在英国税务及海关总署于四月初实施了严格的新税收规则后，数百个离岸退休金计

划已被迫关闭，其中包括耿西岛的302个退休金计划、马恩岛的16个计划以及新西兰的

41个计划。新法律旨在防止投资者利用离岸服务，并且平等对待非居民和居民。

　　新实施的税收规则禁止任何计划给予非本地居民财务方面的优势，并且要求离岸金

融中心向居民和非居民提供了同等的退休金福利。

　　分析人士预测，英国新的税收法规对海外养老基金来说并不是个好消息。许多中国

的高净值人士认为西方世界是进行投资的安全场所，但是一些人预测这些新规则可能会

让一些富裕人士选择到别处进行投资。

　　还有许多分析人士认为，更为严格的法规对那些拥有“第三方”QROPS的离岸中心

来说是当头一击，这些离岸中心允许养老金计划的成员生活在不同于QROPS所在地的国

家。

　　QROPS对离岸金融中心非常重要，自从2006年QROPS建立以来，大约有70亿美元

的养老金从英国转移到了海外。

　　尽管面临这些挫折，QROPS市场仍然是开放的，在大约50个国家内为退休人员提

供2000多项计划。

国际条约观察　Treaty Watch

2012年5月15日 May 15, 2012　　　　塞舌尔-南非　Seychelles – South Africa

　　两个司法管辖区之间签订的免双重征税协定将于今年5月15日正式开始生效

The DTA signed between the two jurisdictions entered force on May 15.

2012年5月11日 May 11, 2012

　　　　中国-厄瓜多尔　China – Ecuador

两国对彼此间的免双重征税协定进行磋商

DTA negotiations were held between the two countries.

2012年6月25日 June 25, 2012　　　　香港-澳大利亚　Hong Kong – Austria

　　两地于6月25日签署了免双重征税条例议案。

A protocol to the country’s existing DTA was signed on June 25.

2012年6月15日 June 15, 2012　　　　中国-丹麦　China – Denmark

　　据新华社报道，于6月15号时签署了两国之间的免双重征税协定

A DTA was signed between the two countries on June 15, according to a Xinhua Report.

2012年6月3日 June 3, 2012　　　　香港-葡萄牙　Hong Kong – Portugal

　　于去年签署的免双重征税协议将于今年的6月3日开始生效

The DTA which was signed last year, came into force on June 3.

6 Summer, 2012

在进入新千年的第一个十年里，中

国绝不缺乏突显增长的统计数字，

但是随着中国的惊人增长延续至

二十一世纪，该国百万富翁的队伍进一步扩

大，造就了迄今为止最令人震惊的数字。净

资产超过 1000 万人民币（比 100 万美元要

高得多）的中国人数量在 2001 年仅为 12.4

万，但是在去年已经上升到了 96 万，增长

了惊人的八倍。中国以美元计算身价的百万

富翁们能够负担得起最好的卫生保健和教育，

并且拥有可支配收入四处旅行，他们往往是

因为业务需要而这么做的。但是，当医疗水

平并没有跟上与中国经济大转型的步伐，世

界一流大学的资源相对短缺时，所遇到的问

题就是中国百万富翁的钱可以在国外买到什

么样的东西。除此之外，人们对中国城市污

染的担心不断加剧，中国护照在旅行时带来

巨大不便，高净值个人同样渴望保护他们的

资产不受政治动乱的侵害。因此，移民看起

来是越来越明智的选择。

　　这是许多中国人（而不只是超级富豪）

认真考虑的一个方式。根据 2011 年由中国

银行和胡润百富发布的一份报告显示，在资

产价值超过1000万人民币（约合157万美元）

的中国人中，有多达 46％的人正在考虑移居

国外。另外，14％的人已经开始进行移民，

大约有三分之一的受访者表示已经在国外投

资，能够帮助他们和他们的家人移民。经济

公民权（也被称为第二公民权或投资公民权）

已经成为那些希望生活在海外从而获得社会

（通常是经济）利益的中国高净值人士的热

门话题。自然，表达他们对移民的想法只是第

一步。虽然他们有财务能力这样做，但是这些

新兴富裕人士所需要做出的关键决定往往是

要不要永远地离开中国，还是只为获取第二

本护照，从而给将来留有余地。

　　就移民和公民权而言，中国目前并没有

放松管制。中国政府不承认双重国籍。对中

国公民来说，如果想要成为普通在岸司法管

辖区的公民并且保持住自己在中国的身份，

这就意味着需要将中国护照上交给当局。这

并不是一个轻而易举的决定。对那些主要目

的是应对不可预见（或恶化）的情况的人来

说（并不确定他们是否想要永久地离开中

国），移民似乎是最后的选择，而且这个过

程可能是漫长而紧张的。美国是世界上最受

欢迎的移民目的地之一，获得美国的临时居

住许可需要 50 万美元的投资。但是，这仅

封面故事 | cover story


The first decade of the new millennium in China was, by no means, lacking in remarkable growth statistics, but

as China’s phenomenal growth continues into the twenty-first century, the country’s proliferation of millionaires has generated some of the most astounding figures to date. The number of individuals in China with a net worth of over ten million yuan (significantly above a million in dollar terms) was just 124,000 in 2001, compared to 960,000 in May last year, a staggering eightfold rise. China’s dollar millionaires can afford the very best in healthcare and education. They have the disposable income to travel widely, and they are often required to do so for business. But when healthcare has not kept pace with the broader transformation of the country’s economy, and world class universities are in relatively short supply, it raises questions about what Chinese millionaires’ money can buy them outside the People’s Republic. Add to this the rising concern about pollution in China’s cities, the immense inconvenience of travelling with a Chinese passport, and high net worth individuals’ desires to protect their assets against political upheaval; and emigration seems like more and more of a sensible path to take.

It is an avenue that innumerable Chinese, not just the super rich , are seriously weighing up. According to a 2011 study by the Bank of China and Hurun Report, as many as 46 percent of Chinese with assets worth more than 10 million yuan (US$1.57 million) are considering a move abroad. Another 14 percent have begun the process and almost a third of the study’s respondents already have sufficient investments abroad to enable them and their families to emigrate. Economic citizenship, also known as second citizenship or citizenship by investment has become a buzzword among China’s HNWI seeking the social and financial benefits of life overseas. Naturally, voicing their opinions about emigration is only a first step. Often a crucial decision for Chinese HNWI considering emigration is whether

cover story | 封面故事

By Claire van den Heever

不只是低税：离岸金融中心的居住权和公民权More Than Just Low Tax: Residency and Citizenship in Offshore Financial Centers

8 Summer, 2012


仅是这个漫长过程的开始。在该国居住满两

年后，申请人将被授予永久居留权——以绿

卡的形式。只有在七年以后，申请人才有可

能获得公民权。如此长的入籍过程在西方国

家是相当常见的，随之而来适应国外的生活

并且满足语言能力方面的要求只会加巨人们

的忧虑。这也难怪，移民到西方国家的过程

在中国往往仍然是一个梦想，而不是现实。

　　类似这样的担忧与时间、方便性和成本

一起都让中国越来越多的潜在移民者考虑那

些信誉良好的离岸司法管辖区，这些地区能

够满足经济合作与发展组织的标准。这些离

岸司法管辖区坚持自己的隐私法，并且允许

双重国籍，这消除了人们必须放弃中国国籍

的焦虑。中国公民是否选择向中国有关当局

报告他们拥有的第二护照，这是他们自己的

决定。专业从事移民和第二公民权的 Elma

Global 公司的顾问 Oleg Lemeshko 先生：

“我们的目标是在法律上给予他们准确的建

议，但是最终的决定需要由客户自己做出。”

对精明的商人来说，减轻他们的税务负担并

且收获境外投资的回报（无论是满足公民权

项目的要求，还是只是出于其本身的优点）

是明显的好处，这往往是选择离岸（而不是

在岸司法管辖区）的决定性因素。此外，尽

管全球经济居民权项目到处都有，但是全球

只有两个国家能够提供真正的经济公民权计

划，而不是居住权项目，它们就是加勒比地

区的离岸司法管辖区：多米尼克以及圣基茨

和尼维斯。

　　拥有多米尼克的护照能够免签证进入英

国、爱尔兰和大多数联邦国家、以及加勒比

共同体所有的 15 个成员国。该国公民可以在

任何时间在国内生活和工作。因为该国是英

联邦成员国，因此公民在英国也能享受某些

特权，其中包括无需获得学生签证就能在英

国的大学就读。从英国大学毕业后，年轻的

公民还可以在无需获得工作许可的情况下在

英国就业两年。中国人对子女接受外国教育

非常看重（尤其是像英国和美国一样的英语

国家），这大大地增加了英联邦护照的吸引力。

　　除了便于旅游和优惠的学习权利以外，

成为多米尼克的公民也能够为那些希望利用

该司法管辖区离岸金融结构的商务人士打开

一扇大门。公民可以自由地开设银行账户，

并且在该国注册公司，不需要承担收入、资

本收益、继承、房地产或者利润税。该司法

管辖区的国际商业公司（IBC）不需要承受

a permanent move overseas outweighs the option of holding a dual passport, and keeping their options open.

China is not known for its lenience where emigration and citizenship are concerned. The Government does not recognize the right to dual citizenship and, for Chinese nationals, being a citizen of another onshore jurisdiction as well as their native country may mean forfeiting their Chinese passport to authorities. It is not a decision take lightly. For those whose primary aim is to safeguard against unforeseen (or deteriorating) circumstances – who are uncertain that they want to leave China permanently – emigration seems very final and the process can be long and stressful. An investment of US$500,000 is required in order to obtain a temporary residence permit for the US – one of the world’s most popular destinations for emigration – but this is only the beginning of a lengthy process. After two years of living in the country, applicants are granted permanent residence in the

form of a green card, and only seven years later does citizenship become a possibility. Lengthy periods of naturalization such as this are common in Western countries, and the accompanying difficulty of adjusting to life abroad and satisfying language proficiency requirements only adds to people’s apprehension. It is no wonder that the process of moving to a Western country remains a dream in China more often than it becomes a reality.

Concerns like these, along with time, convenience and cost are all causing more of China’s would-be émigrés to look to reputable offshore jurisdictions that meet the Organization for Economic Cooperation and Development’s standards. The upholding of privacy laws in offshore jurisdictions, and the fact that they allow dual citizenship, counteracts the anxiety of having to renounce Chinese citizenship. Whether or not Chinese nationals choose to report second passports to the relevant authorities in China is simply up to them. Mr Oleg Lemeshko, a consultant

多米尼克首都罗索是该国重要的贸易港口城市，多米尼克能够提供具有吸引力的经济公民权项目，最低投资额为 75000 美元，不可返还。

dominica, whose capital city of roseau is an important port for trade in the country’s trade, offers an attractive economic citizenship program with non-refundable investment of minimum Us$75,000.


In a rapidly changing world, the immigration of HNWIs has shifted from traditional western countries towards tax favorable and more convenient jurisdictions.

According to Forbes, almost 60% of China’s HNWIs with more than 10 mil yuan in investable assets, are either considering emigration through investment programs or are completing the emigration process. The survey, conducted by China Merchants Bank and Bain & Co., also reports that 27% of those with more than 100 mil yuan have already emigrated.

So where are Chinese HNWIs emigrating and what are the best options for their asset protection through economic citizenship?

According to DAN GROUP experience, Chinese clients used to prefer emigration to Canada and USA. However, they very often forget that they can’t cut their roots with the Motherland as their main income and business is concentrated in China. Therefore DAN GROUP

在一个瞬息万变的世界中，富裕人士的移民已经从传统的西方国家转移到拥有税收便利和更加方便的司法管辖区。

根据《福布斯》的报道，在投资资产超过1000万元的中国富裕人士中，有近60％正在考虑通过投资计划进行移民，或者已经完成了移民过程。这项由中国招商银行和贝恩公司联合进行的调查还显示，在拥有1亿元资产的高净值人士中，有27％已经完成了移民。

那么，中国富裕人士去往哪里移民？通过经济国籍对其资产进行保护的最佳选择又是什么？

根据 DAN 集团的经验，中国客户过去偏爱移民加拿大和美国。然而，他们往往忘记了一点：他们无法切断与自己祖国之间的联系，因为他们的主要收入和业务都集中在中国。因此，DAN 集团的专家建议，只有在客户希望永久搬迁到这些国家并且充分认识到那里的税收体系并不太有利时，才应该考虑这些高税率的司法管辖区。

相反，英国拥有欧洲最好的投资移民计划之一。对那些希望通过对该国经济进行大量投资（100万英镑）而获得居住权的人来说，他们可以获得一级投资者签证。

在这一类别中，申请人在进行投资的基础上能够很快地获得英国的居住权。同样，这一类别可以获得英国的永久居住权，并有可能让申请人入籍成为英国公民。

DAN 集团的移民顾问在一级投资者护照方面拥有丰富的经验，可以根据客户的需求为其提供量身定做的咨询服务。

希望在不需要搬迁的情况下获得经济国籍，中国客户可以考虑两个离岸司法管辖区。其中之一是圣基茨岛，它在中国市场上拥有很高的知名度，另一个就是多米尼克国。

多米尼克国护照对中国客户越来越有吸引力，其背后有着各种原因，但是主要是因为负担得起的投资费用和简单的申请流程。

英国、加拿大、

圣基茨或者多米尼克国？

UK, Canada, St Kitts or Dominica?

DAN 集团讲述中国高净值人士移民的最新趋势DAN GROUP discusses the latest trends in Chinese high-net-worth immigration

如需获得详细信息，敬请访问我们的网站 www.dangroup.net或联系我们：[email protected] more information visit our website www.dangroup.net or contact us at: [email protected]

获得多米尼克国护照的投资费用为 75000 美元，这比圣基茨岛少 5倍。所需时间也是非常有利的，因为获得多米尼克国护照仅需要3个月的时间。

多米尼克经济国籍没有语言和居住时间方面的要求，对多米尼克国以外地区获得的收入也不征收收入和资本利得税。多米尼克国的国籍是终身有效的。

持有多米尼克国的护照能够免签证自由出入60 多个国家，包括英国、香港和新加坡，这些国家对中国的客户而言非常重要。

通过投资获得的国籍是一个复杂的法律过程，需要专业顾问的参与。DAN 集团获得授权在多米尼克国和英国提供移民服务，这保证了服务的质量，并且显示了我们顾问的专业水平。我们非常自豪能够根据中国客户的需求为他们量身定做咨询服务。

experts advise that such high tax jurisdictions as USA and Canada should be considered only if clients want to relocate permanently to these countries and fully aware that the tax system is less favourable there.

On the contrary UK has one of the best immigration investment programs available in Europe. A Tier 1 Investor Visa is for someone who wishes to settle in the UK by making a substantial investment (1 mil GBP) into the economy of the country.

Applicants under this category are able to quickly secure UK residency on the basis of the investment. Also this category leads to permanent residency in the UK and potentially would enable the applicant to apply for naturalization as a British Citizen.

Immigration Advisers of DAN GROUP have extensive experience in the Tier 1 Investor Visa and provide a consultative approach tailored towards the needs of our clients.

There are two offshore jurisdictions that Chinese clients might consider for economic citizenship that do not require relocation. One of them is St Kitts which is well-known on the Chinese market and another is the Commonwealth of Dominica.

A Dominican passport has growing appeal to Chinese clients for various reasons but mainly because of its affordable investment fees and straightforward application process.

The investment fee for Dominican passport is 75,000 USD which is 5 times less than in St Kitts. The timing is also very advantageous as it takes only 3 months to receive a Dominican passport.

T h e re a re n o l a n g u a g e a n d re s i d e n c e requirements for Dominican Economic Citizenship. There is no income and capital gains tax on income received outside of Dominica. Dominican Citizenship is granted for life.

A Dominican passport gives visa free access to more than 60 countries including UK, Hong Kong, Singapore, which is usually very important for China and clients.

Acquiring citizenship by investment is a complex legal process that requires involvement of professional advisers. DAN GROUP is licensed to provide immigration services in Dominica and the UK; and guarantees quality and professionalism by all our advisers. We pride ourselves on providing a consultative approach tailored towards the needs of our Chinese clients.

Sponsored Article

10 Summer, 2012


外汇管制。除非你选择一直居住在该国，否

则你全球的收入无需支付所得税。国际商业

公司被认为是一个非常灵活的离岸工具，能

够适应各种企业结构。多米尼克的离岸公司、

基金和信托同样是进行资产保护实际而安全

的方法，那些希望应对不可预见情况（从政

治上的不稳定到离婚破产）的富裕中国人正

越来越多地利用这本护照带来的机会。

　　此前，人们只知道多米尼克是一个帮助

大家减少税务负担的离岸司法管辖区，而现

在多米尼克作为提供公民权项目的热门国

家，其知名度在中国人和非中国人的群体中

都在上升。虽然可能不是一个主要的推动力，

然而生活在昵称为“加勒比自然之岛”的国

家本身就是一件诱人的事情。政治和经济的

稳定，普通法为基础的立法体系，英语为官

方和最主要的语言，这些都有助于该国成为

理想的移民目的地。该岛的基础设施和通讯

体系已经超出需求，并且在不断提高，因此

其推动了该国的外来投资额，其中一些是来

自中国的投资。对那些在国内或者政治动乱

中毫无准备只有中国护照的中国公民来说，

这一切都描绘了一幅理想的画卷。但是，毫

无疑问，成本和速度是说服人们选择多米尼

加公民权项目的最为重要的两个因素。

　　在申请程序启动时，申请人必须先向

多米尼克政府交纳数额为 75000 至 10 万美

元不可返回的投资款。其金额根据不同家

庭的组成和成员的年龄而有所不同。一对

夫妇以及他们两个 18 岁以下的子女被要求

投资 10 万美元，而单身申请人只需要投资

75000 美元。申请人需要额外支付 10000

至 35000 美元的专业机构、法律和尽职调

查的费用，每项费用单独收取。获得经济公

民权的整个过程（从提交初步文件到获得护

照）需要 5 至 14 个月。在此期间，主申请

人必须到多米尼克进行面谈。该司法管辖区

护照的有效期为十年，期满后可以很容易地

得到延期。该国承认双重国籍。

　　中国公民对第二本护照能够给他们带来

免签证旅行有着很高的期望。在这方面，相

比多米尼克，圣基茨和尼维斯能够为护照持

有人提供的更多。圣基茨和尼维斯是一个独

立的英联邦王国，它的公民在去往英国、爱

尔兰、加拿大以及所有欧盟国家时享受和其

他英联邦国度（如澳大利亚）一样的免签证

待遇，并且能够获得包括无需学生签证就能

在英国就读等特权。持有圣基茨和尼维斯护

for immigration and second citizenship specialist from Elma Global explains, “Our goal is to advise them accurately regarding legislation, but the final decision is up the client.” For savvy business people, easing their tax burden while reaping the returns on an offshore investment (whether to fulfill the requirements of a citizenship program or simply on its own merits) is an obvious windfall. It is often the defining factor in choosing offshore, rather than onshore jurisdictions. Add to this the fact that, despite the global availability of economic residency programs, there are only two countries in the world that offer bona fide economic citizenship programs as opposed to residency programs, and both are offshore jurisdictions in the Caribbean: the Commonwealth of Dominica and St Kitts and Nevis.

A passport from the Commonwealth of Dominica means visa-free access to the UK, Ireland, most British Commonwealth countries, as well as all the 15 member states that belong to the Caribbean Community (CARICOM). Citizens can live and work in the country at any time and. As the country is a Commonwealth member, citizens are also granted certain privileges in the UK, including the ability to study at any university in the UK without having to obtain a student visa. After graduating from a UK university, young citizens may take up employment in the UK for two years without having to obtain a work permit. The high value that the Chinese place on gaining a foreign education for their children, particularly in an English, speaking country like the UK or the US, significantly adds to the appeal of obtaining a Commonwealth passport.

Apart from the ease of travel and preferential study rights it affords, becoming a citizen of the Commonwealth of Dominica also opens doors for business people who wish to take advantage of the jurisdiction’s range of offshore financial structures. Citizens are free to open bank accounts and incorporate companies in the country, which are not subject to income, capital

gains, inheritance, estate or profit taxes. International business companies (IBC) in the jurisdiction are exempt from currency exchange controls and unless you choose to live full time in the country, there is no income tax on your worldwide earnings. An IBC is considered a very flexible offshore vehicle into which a variety of corporate structures can fit. Offshore companies, funds and trusts within the Commonwealth of Dominica are also practical and secure methods of protecting assets, and wealthy Chinese who wish to guard against unforeseen circumstances – from political instability to divorce to bankruptcy, are increasingly making use of the opportunities that this passport presents.

Previously only known as an offshore jurisdiction that allows people to reduce their tax burden, the Commonwealth of Dominica’s reputation as a desirable place to gain citizenship is growing among Chinese and non-Chinese alike. It may not be a primary motivator, but living in the “Nature Isle of the Caribbean”, as it is nicknamed, is an attractive prospect in its own right. Political and economic stability, a common law-based legislation and having English as a predominant language all contribute to making the country a desirable place to relocate. Communication and other infrastructure on the island are constantly improving. The amount of foreign investment into the country is growing, some of which is being channeled from China. While all this paints a potentially promising picture for Chinese citizens who do not want to be caught short with nothing but a Chinese passport during a period of civil or political unrest, cost and speed are without doubt, two of the most prevalent factors that convince people to choose the Commonwealth of Dominica’s citizenship program.

Applying for the program begins with making a non-refundable investment of between US$75,000 and US$100,000 to the Commonwealth of Dominica’s government. The amount varies according to a family’s



citizenship, from the submission of initial documents to receiving a passport takes between 5 and 14 months, during which a mandatory interview with the main applicant is required in the Commonwealth of Dominica. The jurisdiction’s passports are valid for ten years and can be easily renewed upon expiration. Dual citizenship is recognized.

Chinese citizens have high expectations for the extent of visa-free travel that a second passport will afford them. In this respect, St Kitts and Nevis offers more to passport-holders than the Commonwealth of Dominica. St Kitts and Nevis is an independent Commonwealth Realm and its citizens enjoy the same level of visa-free travel to UK, Ireland, Canada, and European Union countries. Privileges like studying in the UK without a student visa also apply. Visa-free travel and in some cases, residency in CARICOM member states is also possible with a St Kitts and Nevis passport. It is little wonder that the tiny two island Caribbean nation is attracting more Chinese nationals every year.

St. Kitts and Nevis’ is the longest-established citizenship by investment program of its kind in the world, and was initiated in 1984. There are two avenues through which investors and their families can acquire economic citizenship: by contributing to the country’s Sugar Industry Diversification Foundation or participating in its real estate investment program. The Sugar Industry Diversification Foundation (SIDF) was originally set up by St Kitts and Nevis’ Government to support workers who were displaced as a result of the sugar industry’s decline, previously the country’s dominant economy. The SIDF program uses funds raised to diversify the country’s agricultural sector, develop alternative industries, and stimulate economic development. A contribution of approximately US$250,000 to the foundation by foreign nationals makes them eligible to apply for a St.Kitts and Nevis passport. A processing period of between

照同样可以免签证去往加共体成员国（在某

些情况下，甚至可以获得居住权）去旅行。

这也就难怪为什么这个由两个小岛构成的加

勒比国家每年都能够吸引更多的中国公民。

　　圣基茨和尼维斯拥有全球历史最为悠久

的投资居民权项目，起始于 1984 年。投资

者及其家属可以通过两个途径获得圣基茨和

尼维斯的经济公民权：其一是投资于该国的

糖业多元化基金会（SDF）或者参与该国的

composition and the age of its members. A married couple with two children under 18 years of age is required to invest US$100,000, while single applicants are only required to make an investment of US$ 75,000. Additional professional, legal and due diligence fees of between US$ 10,000 and US$ 35,000 are applicable, and charged on a case-by-case basis. The entire process of attaining economic

拥有多米尼克的护照能够免签证进入英国、爱尔兰和大多数联邦国家、以及加勒比共同

体所有的 15 个成员国。

A passport from the Commonwealth of Dominica means visa-free access to the UK, Ireland, most British Commonwealth countries, as well as all the 15 member states that belong to the Caribbean Community (CARICOM).

12 Summer, 2012

房地产项目。糖业多元化基金会项目最初由

基茨和尼维斯政府发起，希望资助那些拥有

糖业衰退而失去工作的工人，糖业原先是该

国的主导产业。糖业多元化基金会项目把募

集来的资金来使得该国的农业得到多元化的

发展，开发替代产业，并且刺激经济的发展。

外国居民向基金会提供大约 25 万美元的一

次性捐款，就有资格申请圣基茨和尼维斯护

照。三至六个月的审批流程使其成为该国两

个经济居民全项目中速度较快的那个。

　　房地产项目要求单一申请人在政府批准

的房地产项目中投资至少 40 万美元，如果

算上配偶和最多两名未成年子女，需要额外

支付 45000 美元。其他附属人以及近亲可

以与主申请人发生关联，并且获得他们自己

的护照，费用取决于人数和年龄。申请人的

后代同样可以自动获得圣基茨和尼维斯的公

民权。政府的法律费用和尽职调查费用将额

外收取，整个过程需要三至十个月，在很大

程度上取决于处理申请的机构。该国承认双

重国籍，申请护照不需要个人亲自去往该国。

　　这个特定项目的主要优点在于圣基茨和

3 and 6 months makes this the faster of the country’s two economic citizenship programs.

The real estate program requires that single applicants invest a minimum of US$400,000 in government-approved real estate, and an additional US$45,000 for a spouse and up to two dependent children. A larger number of dependents, as well as next-of-kins, can be connected to the main applicant and be granted their own passports. Fees are charged according to the number of children and their ages. Future generations are also automatically given St Kitts and Nevis citizenship. Government legal fees and due diligence fees are to be added to this amount and the process takes between 3 and 10

months, depending largely on the agency that handles the application. Dual citizenship is recognized and there is no personal visit required before passports are processed.

The major advantage of this particular program is that St.Kitts and Nevis real estate are recoverable investments, and citizens who participate in the jurisdiction’s real estate program are permitted to sell their property after five years. Elma Global’s Mr Lemeshko estimates that only 10 percent of applicants have tended to choose the real estate option in previous years, but recent amendments to the program suggest that demand is likely to increase. Previously, citizenship acquired by a property owner was not transferable, but as


美丽的岛国圣基茨和尼维斯于 1984 年推出了居民权项目，使得成为全球运行时间最长的公民权项目。

the beautiful island nation of saint Kitts and nevis established its residency program in 1984, making it the longest running citizenship program of its kind in the world.

照片

提供

Photo by d

aniel

14 Summer, 2012

尼维斯的房地产是可收回的投资，参与该司

法管辖区房地产项目的公民被允许在五年后

出售该房产。Elma Global 的 Lemeshko 先

生估计，过去几年只有 10％的申请人会选择

房地产项目，但是随着该项目最近进行了修

订，需求很可能会增加。此前，业主购买的

公民权是不得转让的，但是从今年开始，物

业的下一个买家也将有资格获得公民权。专

业从事国际居住权和公民权规划（同样还包

括税务规划和离岸金融的其他服务）的领先

企业 Henley & Partners 表示，圣基茨和尼维

斯的房地产价格在过去的 15 年中实现了稳

定的增长。就该司法管辖区的房地产市场而

言，该公司写道：“外国的房地产购买者所

拥有的公民权选择对房地产价格进行了支撑，

相比该地区及其以外的国家，这为该国的房

地产市场提供了极为出色的稳定性。”该公

司建议，鉴于目前经济下行的局面，投资圣

基茨和尼维斯的房地产是一种安全的选择。

　　除了房地产价格以外，购买圣基茨和尼

维斯的房地产也拥有实际的好处。在该国拥

有第二个家能够最大限度地减少边境管制带

来的不便，为公民提供地方居住，哪怕仅仅

是为了度假。当你生活在国外的时候，可以

将房产出租，由于公民的租金收入是免税的，

因此这项业务拥有诱人的前景。就整体而言，

税收筹划机会是人们在考虑圣基茨和尼维斯

第二公民权计划过程中的重要影响因素。该

司法管辖区能够让公民享受免税的待遇，特

别是没有资本利得税、所得税和财富税。在

圣基茨和尼维斯建立国际商业公司（IBC）

或有限责任公司（LLC），也被誉为是一种

方便和有效的境外资产保护工具。

　　虽然圣基茨和尼维斯和多米尼克是仅有

的两个直接提供投资公民权项目的离岸司法

管辖区，但是毛里求斯拥有一个永久居住权

项目，可以让申请人在短短两年间获得公民

权。毛里求斯是印度洋地区首屈一指的国际

商业中心，它有很多能够吸引中国商人的地

方。该国广泛的免双重课税协议网络为中国

商人开辟了众多渠道。随着中国企业家增加

对非洲的投资，毛里求斯位于非洲和亚洲十

字路口的战略位置正在变得更有价值。作为

一个建立离岸公司高度可靠的司法管辖区，

毛里求斯已经为自己赢得了声誉。它能够通

过自己安全但灵活的规管架构来为投资者提

供一系列的服务。毛里求斯的离岸公司与英

of this year, the property’s next buyer will also qualify for citizenship. Henley & Partners, a leading firm that specializes in international residence and citizenship planning, as well as tax planning and other aspects of offshore finance, has noted how stable the growth of St Kitts and Nevis’ real estate prices have been over the last 15 years. “Prices are supported by the citizenship option that foreign purchasers of real estate have, which creates an extraordinary stability for the real estate market compared to other countries in the region and beyond,” the firm writes of the jurisdiction’s property market. Given the current economic downtown, an investment in real estate in St. Kitts and Nevis is a safe investment option, the firm advises.

Property prices aside, buying real estate in St Kitts and Nevis has practical advantages too. Having a second home in the country minimizes the chance of inconveniences at border control and naturally provides citizens with somewhere to live or simply

to holiday. Time spent living outside the country can be used to rent the property out, which is an attractive prospect as citizens’ rental income is tax-free. On the whole, tax planning opportunities rank highly within the factors influencing people to consider St Kitts and Nevis’ second citizenship programs. The jurisdiction offers citizens tax-free living, specifically no capital gains tax, no income tax and no wealth taxes. Setting up an International Business Company (IBC) or a Limited Liability Company (LLC) in St Kitts and Nevis is also reputed to be a convenient and effective offshore asset protection tool.

Although St Kitts and Nevis and the Commonwealth of Dominica are the only two offshore jurisdictions with direct citizenship by investment programs, Mauritius has a permanent residence scheme that results in citizenship in just two years. Mauritius is a premier international business hub in the Indian Ocean region and there are a number of reasons why it appeals to Chinese


毛里求斯的地理位置使其成为非洲便利和发达的根据地，它提供的永久居住权项目需要最低 50 万美元的投资。

Mauritius, whose location provides a convenient and well-developed base for investing in africa, offers permanent residency with a minimum investment of Us$500,000.


属维尔京群岛或伯利兹的公司最为相似，公

司业主不需要缴纳所得税。

　　毛里求斯的离岸行业确实与其他离岸金

融中心有相似之处，但是政府给予永久居住

权或公民权的做法也有一些不同的地方。

投资者至少投资 50 万美元才能申请永久居

留资格，投资者可以投资永久居住投资基金

（这与多米尼克和圣基茨和尼维斯的捐赠项

目别无二致），也可以投资申请人所选择的

业务，前提是投资于符合条件的产业。在该

国的商业活动应在获得永久居留权后至少持

续 5 年，投资总额应不低于 50 万美元。符

合投资要求的项目有许多，包括制造业、旅

游业、金融服务业、信息技术和电影制作。

　　在永久居民权计划下成为永久居民的投

资者在毛里求斯居住满两年后，可以申请毛

里求斯的公民权，前提是他们符合毛里求斯

公民法的规定。中国公民不必担心是否需要

放弃本国公民权的问题。50 万美元的投资

能够让主申请人为其配偶、以及十八岁以下

的子女和继子女获得永久居民身份。申请人

business people. The country’s extensive DTA network has opened up numerous channels for Chinese business people, and its strategic location at the crossroads of Africa and Asia is only becoming more valuable as Chinese entrepreneurs increase their involvement in Africa. Mauritius has gained a reputation as a highly credible jurisdiction for offshore company formation, offering a range of services to investors through its secure, yet flexible regulatory framework. Offshore companies in Mauritius are most similar to those in the British Virgin Islands or Belize and company owners are not subject to income tax.

Mauritius’ offshore industry does have similarities to those of other offshore centers, but the Government’s approach to granting permanent residence or citizenship has several differing features too. A minimum of US$500,000 is required for investors to be

eligible for permanent residence and while this may be invested in a Permanent Resident Investment Fund (which is not unlike the procedure in the Commonwealth of Dominica or with St Kitts and Nevis’ donation option), the amount can also be invested in a business of an applicant’s choosing, provided it falls within a list of qualifying industries. Business activities in the country should continue for at least 5 years from the time that permanent residence is obtained and the sum invested should not drop below US$500,000. There are a wide range of industries which qualify for this category of investment, including manufacturing, tourism, financial services, information technology and film production.

Investors who become permanent residents under the Permanent Residence Scheme can apply for Mauritian citizenship after two years of residence in the country, provided they meet the provisions of


St Kitts and Nevis Citizenship provides a St Kitts and Nevis Passport

St Kitts and Nevis are beautiful Caribbean is lands with an attract ive personal and corporate tax regime.

We can assist with every aspect of the simple and straightforward application for citizenship.

Dixcart can also provide advice and assistance on obtaining residence in other attractive low personal tax locations including: Guernsey, the Isle of Man, Malta, Switzerland and the United Kingdom.

尼维斯是一个美丽的加勒比岛国，拥有吸引人的个人和企业税制。

我们可以在每个环节为您提供帮助，帮助您

简单、直接地申请公民权。

Dixcart同样可以为您获得其他具有吸引力、个人所得税率较低的目的地的公民权提供建议和帮助，这些地区包括耿西岛、马恩岛、马耳他、瑞士和英国。

敬请联系 Please contact: [email protected]

HAVE YOU CONSIDERED ST KITTS AND NEVIS CITIZENSHIP?

您考虑过圣基茨

和尼维斯的公民权吗？

圣基茨和尼维斯的公民权能够帮助您

获得圣基茨和尼维斯的护照

www.dixcart.com

16 Summer, 2012

还需要额外为每个孩子存入 10 万美元的免

息存款。

　　虽然作为投资目的地，毛里求斯拥有很

大的吸引力，但是那些申请永久居住权的富

裕中国人必须获得足够的动力才能在该国居

住上两年，从而获得公民权。毛里求斯是一

个宝贵的旅行文件。毛里求斯的公民能够在

免签证的前提下去往所有欧盟成员国以及许

多非洲、南美和亚洲国家。除了广泛的旅行

特权之外，该国还拥有自然美景、高标准的

生活、政治稳定、高效的公共服务、现代化

的基础设施和电信服务（英语是官方语言）。

这就很容易理解为什么越来越多的富裕中国

人正在考虑移民前往这个印度洋上的岛国。

　　那些成功移民的人们通常会惊喜地发现

中国文化广泛地存在于多文化的毛里求斯

中。毛里求斯的种族非常多元化，如今中国

人口数量大致占全国的百分之三。这些毛里

求斯的华裔讲普通话、广东话和中国其他地

区的方言。中国华文媒体覆盖的范围较广，

并且于 2005 年推出了每月一期的新闻杂志。

中国美食在毛里求斯也比比皆是，从独家制

作美味佳肴（如鲍鱼）的毛里求斯华裔人开

的餐厅，到出售新鲜蒸饺的街边小贩。就做

出移民的重要决定而言，包括食物在内的毛

里求斯日常生活点滴也许显得微不足道，但

是未来移民者对适应中国以外地区（无论是

什么地方）的生活所表示出的忧虑通常是他

们犹豫是否要走出这一步的主要原因。有大

量证据表明，熟悉的食品和能够使用母语来

沟通能够大大地帮助人们在新的国家找到宾

至如归的感觉。永久居民和公民同样有权利

在毛里求斯购买物业供居住之用：这是使得

他们拥有第二本护照的第二个家。

　　毛里求斯着力于吸引外资发展经济已经

结出了丰硕的成果。该国的永久居住权计划

有望积极跟上。已经认识到需要对国内最坏

的情况做好准备的中国人的数量在最近几年

中一直稳步增长，而预防性投资的渠道也不

断增加。第二公民权的市场正在增长，但是

不同于其他市场，利润并不来自于了解何时

进行买卖。就第二公民权而言，“宜早不宜

迟”也许大家都能给出的最谨慎的意见。不

幸的是，错过这种性质的投资所产生的后果

要远远严重于错过一些股票。而且，虽然没

有人希望中国（或任何国家）前途未卜，但

是在现实中，谁都不可能知道什么时候才叫

做“迟”。

the Mauritius Citizenship Act. Chinese citizens do not need to worry about having to renounce their native citizenship. An investment of US$500,000 allows a primary applicant to acquire permanent resident status for their spouse, children, and stepchildren below the age of eighteen, above which an additional interest-free deposit of US$100,000 per child is required.

While Mauritius has substantial appeal as a destination for investment, wealthy Chinese who apply for permanent residence must be highly motivated to remain in the country for two years in order to obtain citizenship. The upside is that a Mauritian passport is a valuable travel document. Mauritian citizens enjoy the benefit of visa-free travel to all EU member states as well as a large number of African, South American and Asian countries. In addition to travel privileges, other features that may attract wealthy Chinese to this Indian Ocean island include the country' natural beauty, its high standard of living, political stability, efficient public services, modern infrastructure, good telecommunications services, and English being the official language spoken.

Those that do make the move are often pleasantly surprised at the extent to which Chinese culture has survived in multi-cultural Mauritius. Mauritius is ethnically very diverse and today its Chinese population amounts to roughly 3 percent of the country’s total. This Sino-Mauritian population speaks a


combination of Mandarin, Cantonese and regional Chinese dialects. The Chinese language media has a relatively broad reach: three Chinese language newspapers are published in the country, as well as a monthly news magazine that was launched in 2005. Chinese gastronomy also abounds in Mauritius, everywhere from exclusive Sino-Mauritian owned restaurants serving delicacies like abalone soup, to street side vendors where freshly steamed dumplings are sold. While these aspects of daily Mauritian life may pale in significance when weighting such a big decision as to move abroad, apprehension about adjusting to life outside of China is usually at center of a would be emigres' final decision to commit to the move. There is plenty of evidence to suggest that familiar food and the ability to communicate in your mother tongue go a long way toward helping people feel at home in a new country. Permanent residents and citizens also have the right to buy property in Mauritius for residential purposes: a second home to live in with their second passport.

Mauritius’ focus on attracting foreign capital to develop its economy is bearing plenty of fruit; its Permanent Residence Scheme promises to follow suit. The number of Chinese who have recognized the need to safeguard against worst case scenarios at home has grown steadily in recent years, as have the channels through which precautionary investments can be made. There is a growing market for second citizenship but, unlike other markets, profit doesn’t come from knowing when to buy or sell. Where second citizenship is concerned, “sooner rather than later” is, perhaps, the most prudent advice anyone can give. Missing the boat on an investment of this nature is, unfortunately, considerably more serious than missing out a few stocks. And, while nobody wishes an uncertain future on China – or on any country – in reality, it is impossible to know when “later” may arrive.



链接 sidebar

圣基茨和尼维斯（房地产项目）- 以获得公民身份为目的而进行置业的房地产项目必须获得政府批准。

- 出售物业时，业主需要支付总额为售价的 12％的转让税。不需要

支付资本利得税。

- 税务审计机构评估物业的市场价值，并且就其市场价值征收每年

0.2％的物业税。

- 购买房地产的总成本，包括转让和法律费用，大约为房产价值的 3

至 4％左右。

- 公民权投资计划下购买的房地产在购买后的第一个五年内不得转

售。从 2012 年开始，下一个的买家也有资格入籍。

多米尼克（公民权投资计划）

- 所有申请人都必须提供清白的个人纪录，包括刑事检验记录、全面

的简历、他们业务的背景资料、以及无暇的记录。

- 主申请人必须在多米尼克接受面谈，这是强制性的，不能豁免。

- 负责面谈的委员会每月见面一次，这可能会拖长面谈安排的过程。

毛里求斯（永久居留计划，导致获得公民权）

- 在等候永久居留资格的过程中，投资者将获得期限最长为 1 年的多

次入境签证。在永久居留计划下获得永久居留身份的投资者以及他

们的家属都可豁免非公民（就业限制）法下对工作许可的要求。

- 投资者被允许购买距海岸线至少 100 米的一个单元或面积不超过

1.25 阿庞的土地或不动产。房地产必须只作住宅用途。

- 根据 1994 年国际公司法，国际公司及其股东和实益拥有人将被视为

“被保护人”。所有关于他们或他们活动的资料或文件都是保密的。

资料来源 Source : https://www.henleyglobal.com/countries/st-kitts-nevis/real-estate/

资料来源 Source : https://www.henleyglobal.com/countries/dominica/citizenship/

资料来源 Source : http://www.second-citizenship.org/permanent-residence/immigration-and-permanent-residency-in-mauritius/

St Kitts and Nevis (Real estate program) - Real estate purchased with the aim of obtaining citizenship must be government-approved.

- When selling a property, owners incur a transfer tax of 12 percent of the sale price. No capital gains tax is payable.

- The Controller of Inland Revenue assesses a property’s market value and levies an annual property tax of 0.2 percent on its market value.

- Total real estate acquisition costs, including conveyance and legal fees, amount to approximately 3 to 4 percent of a property’s value.

- Real estate bought under the citizenship by investment program cannot be resold within the first 5 years of purchase. As of 2012, the next buyer also qualifies for citizenship.

Commonwealth of Dominica (Citizenship by investment program)- All applicants must provide a clean personal record, including a criminal check record, a comprehensive resume, background information about their business, as well as impeccable references.- One interview with the primary applicant in the Commonwealth of Dominica is compulsory and cannot be waived.- The interview commission meets on a monthly basis, which can lengthen the process of scheduling an interview.

Mauritius (Permanent Residence Scheme, leading to citizenship)- Investors will be issued with a multiple entry visa valid for a period of up to one year pending the grant of permanent residence status. Investors and their dependents who are granted permanent residence status under the Permanent Residence Scheme are exempted from the requirements of a work permit under The Non-Citizens (Employment Restriction) Act.- Investors are permitted to buy either a flat or portion of land or immovable property not exceeding 1.25 arpents, at least 100 meters away from the coastline. Property must be for residential use only. - An International Company and its shareholders and beneficial owners are treated as “protected persons” under the International Companies Act of 1994. All information or documents concerning them or their activities are confidential.

Reducing Volatility Using Alternative Investments We live in uncertain times, uncharted territory in some respects, and many investors no doubt live with a certain amount of anxiety about their investments. Whatever the level of the investor's expertise, diversification is a principle that is usually well understood. Maintaining a truly diversified portfolio will offer some protection from adverse market movements and is probably the single most important aspect of investing wisely.

Mutual funds in particular can be very useful in this respect, providing the investor with full-time professional management and a high degree of diversification. By including uncorrelated securities in a portfolio, one can enhance diversification and give investors peace of mind when markets are volatile.

Mutual funds invest in most asset classes, including shares, bonds and other "market correlated" securities. "Alternative" Fund Management is a rapidly growing sector with many large institutional investors (including pension funds and related corporations) relying on Alternative Fund Management to drive profit ratios. These ratios are higher than those found in the more traditional asset classes.

Alternative Funds are those that invest beyond traditional or mainstream markets. These are often the markets which retail investors have little or no exposure to. However, through a mutual fund, investors can gain access to this key element of investment management.

Featured Product – Kijani Commodity FundUnlike traditional Commodity Investments, which adopt a buy and hold strategy, the investment returns derived from the Kijani Commodity Fund are not correlated to the actual underlying price of the commodity. This is because the fund uses arbitrage strategies, where commodities are traded in a relatively short time frame, crystallizing immediate profits for the fund. Trading the physical commodity over a very short trading cycle in this way ensures that the fund provides investors with an on-going uncorrelated return, without medium or long term exposure to price trends.

The fund purchases commodities from suppliers in emerging markets, providing local sellers with much needed liquidity; and then refines and exports these to contracted end buyers at pre-determined prices. As the flow chart (right) illustrates, the end buyer is always

实物贸易流程实例

Example of Physical Trade Process

我们生活在一个不确定的时代，在某些方面仍然知之甚少，许多投资者在投资领域毫无疑问存在一定的焦虑。无论投资者拥有什么样的专业知识水平，多元化通常是一个大家都能够很好理解的原则。保持一个真正多元化的投资组合将能够在不利的市场变动下为投资者提供一些保护，它也许是理智投资中最为重要的一个环节。

尤其是互惠基金在这方面是非常有用的，它们能够为投资者提供全职的专业管理以及高度的多样化。此外，将与市场波动不相关的投资加入投资组合，投资者可以进一步增强多样化，并且在市场波动时给予投资者平和的心态。

互惠基金可以投资于几乎所有的资产，包括股票、股份、债券和其他“与市场相关的”投资项目。所有这一切都会受经济和市场状况的影响。目前一个正在快速增长的投资管理类别就是另类基金。许多大型机构投资者（包括养老基金和企业）都依靠另类投资管理来使得利润率超过那些更为传统的资产类别。

另类市场指的是那些超出传统或主流范围的“利基”市场。在通常情况下，这些市场是大部分散户投资者原本很少或根本没有接触过的。通过一个共同基金，投资者可以接触到这个投资管理的关键要素。

使用另类投资减少波动

产品出售给事先签订合同中的最终买家

现金和利润返回给基金

对供应商进行尽职调查

劳埃德评估师对供应商进行审计

劳埃德评估师对产品进行认证

产品被保险

基金购买产品

产品出口到精炼企业

产品被精炼

Kijani 大宗商品基金的表现

Kijani Commodity Fund Performance

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2012 1.80% 5.59% 2.95% -0.30% 0.65% 0.32% 11.01%

2011 2.16% 1.64% 2.3% 8.29% 8.39% 3.30% 1.35% 1.91% 3.39% 0.82% 3.98% 1.34% 38.87%

% returns Kijani Strategy VS MSCI Jan 2011 to Jun 2012. 2011 年 1 月至 2012 年 6 月，使用 Kijani 策略的回报与 MSCI 指数表现对比（％）

Global Holdings International is a key strategic distribution partner for the Kijani Commodity Fund and operates in conjunction with the fund in presenting the Kijani investment opportunity to its global network of professional financial advisors and their clients. Global provide a full suite of services which include a range of alternative investment funds, all providing non-market correlation and consistent low volatility monthly returns,fx services, offshore banking, company and trust formation to name a few. For further sales information on the Kijani Commodity Fund, including sales brochures/latest fund updates (and how your clients can invest) please contact the Directors of Global Holdings Int’l at [email protected]. Alternatively to view their full range of products and services please visit: www.globalholdings-int.com

Global Holdings International 是 Kijani 大宗商品基金的一个重要战略分销伙伴，并且与该基金一起通过其全球专业金融顾问和其客户的网络推广 Kijani 投资机会。该公司能够提供一整套服务，包括广泛的另类投资基金，它们都与市场波动无关，并且能够提供持续、波动小的月度回报，以及外汇服务、离岸银行、公司和信托产品建立等服务。如需获得更多关于 Kijani 大宗商品基金的销售信息（包括销售手册、以及咨询您的客户可以如何进行投资），敬请联系 Global Holdings Int’l 的董事们，联系方式 [email protected]。或者登录www.globalholdings-int.com，浏览我们全套的产品和服务。

This strategy has been in place since January 2011 and it has made impressive returns with low volatility. It's target absolute return is 20% per annum but as highlighted in the graph (right), the Kijani Fund consistently exceeds its targeted returns.

该基金从 2011 年 1 月以来就一直采取这一战略，并且取得了令人印象深刻、波动很小的回报。它每年的绝对回报目标为 20％。在下图中可以看到，Kijani 基金一直持续超越其目标回报。

不同于传统的大宗商品投资，Kijani 大宗商品基金不采取买入并持有的策略，因此它与商品的实际价格没有相关性。相反，当某一特定商品可以进行短期交易时，该基金会寻求套利的机会，从而为基金获得立即的收益。使用这种方法在很短的交易周期里交易实体商品能够确保该基金为投资者带来持续的、与市场表现无关联的回报，并且免受价格中长期趋势的影响。

该基金从新兴市场的供应商那里购买大宗商品，为当地的卖方提供急需的流动资金，然后将产品进行提炼并且出口，以事先商定的价格出售给合同中的最终买方。如流程图所示，在从供应商那里购买商品前，最终买方总是已经

in place before the commodity is purchased from the supplier, thus reducing the risk exposure to the fund. Risk mitigation is paramount within the Kijani trading model and is achieved in part by working closely with Assessors from Lloyds of London to ensure that all sellers comply with the highest levels of ethical mining practices. It ensures that commodity exports in the fund are insured at full market value under a Kijani Lloyds of London insurance policy.

100% al location or Bid/Offer spread (no early encashment penalty) ensures flexible investment options for investors. Daily dealing and weekly pricing ensures the fund provides high levels of liquidity to its investors. Active daily management and the liquid nature of these trades means that the fund is able to generate returns regardless of market direction.

确定了，这样能够降低基金所承担的风险。Kijani 的交易模式最为重视风险缓解，并且通过与来自伦敦劳埃德保险公司的评估员一起紧密合作，来确保所有卖家在采矿过程中符合最高标准的道德规则，并且确保 Kijani 基金覆盖的大宗商品出口在劳埃德公司获得全额的保险。

100％的分配或买入 / 卖出差价（无提前兑现罚款）的选项确保投资者的投资灵活性。每日交易和每周定价保证基金能够向投资者提供高水平的流动性。日常管理和交易的高流动性特征意味着，无论市场走势如何，该基金都能够产生收益。

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作为加勒比地区最繁荣和最富有的

国家之一，巴哈马的离岸金融行业

拥有的悠久历史可以追溯到 20 世

纪 30 年代。除了蓬勃发展的旅游业之外，

该国经济最为强大的发动机就是金融服务

业，占其国内生产总值的 15 至 20％左右。

　　巴哈马拥有一个多样化的金融业，该国

有超过 270 家持牌银行和信托服务供应商，

其中包括全球 8 大私人银行中的 7 家、以及

全球百强银行中的 35 家。

　　随着该国不断升级其立法和监管体系，

努力培养高技能的劳动力，并且提高交通和

电信基础设施，它对世界主要金融机构的吸

引力正在变得越来越大。

　　近年来，随着中国和巴哈马在政府和私

人层面的互动越来越频繁，参与到这个加勒

比国家的金融行业中去，可能会为寻求财富

As one of the most prosperous and richest countries in the Caribbean region, The Bahamas has a long

history of offshore finance dating back to the 1930s. Apart from a flourishing tourism industry, the most powerful engine behind the country’s economy is financial services, which accounts for between 15 to 20 percent of its GDP.

The Bahamas maintains a sophisticated financial industry. It’s home to more than 270 licensed banks and trust services providers, including 7 of the world’s top 8 private banks and 35 of the top 100 global banks.

As the country constantly upgrades its legislation and regulatory systems, cultivates skilled workforce and enhances travel and

telecommunications infrastructure, its appeal to the world’s principal financial institutions has been growing bigger.

With improved interaction between China and The Bahamas at both government and private level in recent years, getting involved in the Caribbean country’s financial sector could bring desirable returns to Chinese investors seeking wealth preservation and stable returns.

Established financial industriesThe financial services sectors of The Bahamas have have benefitted from the jurisdiction's long history of political and social stability. As an independent nation, financial markets in The Bahamas are supervised by independent

the Bahamas: a sound offshore financial center for prudent chinese investors

巴哈马：为审慎的中国投资者准备的健全的离岸金融中心

By Leo Zhang


安全和稳定投资收益的中国投资者带来理想

的回报。

成熟的金融产业

巴哈马的金融服务行业得益于其长期的政治

和社会稳定。作为一个独立的国家，巴哈马

的金融市场是由独立监管机构（包括巴哈马

中央银行）进行监管的。

　　巴哈马能够提供的产品包括国际商业公

司、投资基金、国际保险产品、自保保险、

免税有限合伙企业、独立帐户公司、信托、

基金会、私人信托投资公司，以及在最近推

出了巴哈马执行实体。

　　巴哈马政府和该国的私营部门对金融服

务行业的未来有着共同的目标：成为私人财

富管理、美洲和新兴市场资本投资以及居住

权领域拥有全球竞争力的国际商业中心。该

国的目标是创造一个可以促进金融业持续增

长的环境。

　　因此，作为政府和私营部门之间合作的

产物，巴哈马金融服务委员会负责推动该国

金融服务行业的发展。

　　最近几年来，该国的私人银行、投资组

合管理和共同基金管理变得越来越重要，从

而提升了国际社会对巴哈马的认可。

　　巴哈马的证券业是其金融服务行业具

有活力并且不断发展的一部分。巴哈马证

券委员会成立于 1995 年，它是一个独立的

机构，负责监管不断发展的资本市场。自

1996 年以来，它一直是国际证券委员会组

织（IOSCO）的成员。

　　巴哈马国际证券交易所（BISX）成立

于 2000 年。有超过 120 家券商和投资咨询

公司在巴哈马提供投资管理服务、托管服务、

企业服务以及过户登记代理服务。巴哈马还

拥有 60 多家基金管理公司和 700 个经过授

权的基金。

　　在一个现代化的合规监管环境下，巴哈

马的保险业稳步发展。巴哈马独立保险委员

会（ICB）成立于 2009 年，并且引入了具

有竞争力的保险法规（特别是 2009 年的外

部保险法）。基于这些因素，巴哈马有望成

为一个国际化的财富管理中心。

　　得益于拥有经验丰富的专业人员和服务

提供商资源，巴哈马已经发展了成熟的国际

寿险和专属自保保险行业。监管机构正在仔

细研究，以确保行业的发展符合国际保险监

regulatory authorities, including the Central Bank of The Bahamas.

Products that The Bahamas can offer include international business companies, investment funds, international insurance products, captives, exempted limited partnerships, segregated accounts companies, trusts, foundations, private trust companies and more recently, The Bahamas Executive Entity.

The Bahamas Government and the country’s private sector have a shared vision for the future of its financial services sector: to be a globally competitive international business center for private wealth management, capital investment in the Americas and emerging markets, and residency. The goal is to create an environment that can spur the continual growth of the financial sector by adhering to internationally accepted regulatory principles and beefing up efficiency in their administration.

Thus, The Bahamas Financial Services Board, a partnership between the government and the private sector, is in charge of promoting the development of the

nation’s financial services industry. Private banking, portfolio management

and mutual fund administration have gained in importance in recent years, reinforcing the international community’s recognition of The Bahamas as a safe place for the financial assets of individuals and corporations.

The securities sector in The Bahamas is a dynamic and growing part of the financial services industry. Established in 1995, the Securities Commission of The Bahamas is an independent body, charged with providing regulatory oversight for developing capital markets. It has been a member of the International Organization of Securities Commissions (IOSCO) since 1996.

The Bahamas International Securities Exchange (BISX) was launched in 2000. More than 120 broker dealers and investment advisory firms in The Bahamas provide investment management services, custodial services, corporate services and registrar and transfer agent services. There are more than 60 fund administrators and 700 licensed funds in The Bahamas.

The Bahamas’ insurance industry is poised for growth under a modern and

拿骚是巴哈马的首都，也是该国主要的商业和旅游中心，人口近 25 万。

nassau is the capital of the Bahamas and also the country’s main commercial and tourist center, home to almost 250,000 people.

BahaMaS eye oN | 看点

22 Summer, 2012

督官协会（IAIS）制定的原则和规则。

　　

立法、税收和其他方面的因素

巴哈马长久以来一直保持着其作为一个全球性

金融中心的地位。

　　该司法管辖区拥有一套完整的法律和法

规，涵盖信托、基金、保险、财富管理、企

业建立、合伙制和基金会等等。

　　该国的法律保护银行客户的保密性和隐

私权。同时，反洗钱犯罪的立法增强了该国

在那些挑剔的国际投资者和商人之中的声誉。

　　巴哈马同样拥有一个非常有竞争力的税

收体制。该国没有个人所得税、资本利得税、

增值税、遗产赠予税或者继承税。该国同样

不征收公司税，除非这些收入来自国家内部。

2010年，巴哈马政府颁布了国际税务合作法，

目前已经与主要的国际商业和金融合作伙伴

共计签署了 28 项税务信息交换协议。

　　在巴哈马注册国际商业公司没有最低资

compliant regulatory environment. With the establishment of the independent Insurance Commission of The Bahamas (ICB) in 2009, and the introduction of competitive insurance legislation, in particular the External Insurance Act, 2009, The Bahamas is poised to become an international wealth management hub.

Banking on the resources of experienced professionals and services providers, The Bahamas has developed a mature industry for international life insurance and captive insurance. Regulators are working carefully to ensure industry development is in line with the principles and rules set by the International Association of Insurance Supervisors (IAIS).

L e g i s l a t i o n , t a xa t i o n a n d o t h e r considerationsAlthough The Bahamas has retained its status as a global financial center for a long time, its legislative framework for the financial services industry is highly modern.

The jurisdiction has a complete set of

laws and regulations covering trusts, funds, insurance, wealth management, corporate establishment, partnerships and foundations.

The country’s laws protect the right to confidentiality and privacy of bank clients. Meanwhile, its legislation criminalizing money laundering enhances the country’s reputation among discerning international investors and businessmen.

The Bahamas also has a very competitive tax regime. It has no personal, capital gains, value-added, estate gift or inheritance taxes. There is also no corporate tax unless the revenue is derived from within the country. The Bahamas Government has enacted the International Tax Cooperation Act in 2010 and has 28 tax information exchange agreements with major international business and financial partners.

There is no minimum capital required for registering an international business company in The Bahamas. IBCs may have any number of directors who need not be resident in The Bahamas.

A Bahamas IBC can have as many share

位于拿骚的巴哈马金融中心是该国许多银行的总部。

the Bahamas Financial Center in nassau is home to many of the country’s banks.

看点 | eye oN BahaMaS

巴哈马经济增长 2000 年 - 2013 年实际GDP 的年变化率

Growth of the Bahanian Economy 2000-2013 annual percent change in GDP in real terms

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

4.2

2.6

2.7

-1.3

0.9

3.4

2.5

1.4

-2.3

-4.9

0.2

1.6

2.5

2.7

照片

提供

Photo by U

pendra Kanda

来源：巴哈马统计部Source: Department of Statistics The Bahamas


本要求。国际商业公司的董事数量不限，他

们也不需要是巴哈马的居民。

　　巴哈马的国家商业公司可以根据客户需

要发行各种类型的股票，同样能够以任何货

币发行这些股票。董事可以受益于法定赔偿，

但是这种方式并不损害股东的权利。

　　就在今年，巴哈马引入了现代破产法，

清楚地规定什么情况下公司将被认为破产、

股东和债权人的权利、以及债务的优先级别。

　　对非居民来说，巴哈马允许并且鼓励外

国投资基金、外国资产以及外商投资产生的

股息或者利润被遣返，巴哈马不施加任何外

汇管制。

　　作为一个以金融服务为重点的国家，熟

练的劳动力是巴哈马的另一项优势。巴哈马

拥有多样化、高技能的律师、会计师、国际

银行家、受托人及投资专家的团队。

　　巴哈马金融服务委员会的首席执行官兼

执行董事 Aliya Allen 在接受《离岸中国》的

采访时表示，可以在一天内通过在线申报流

程完成国际商业公司的登记注册，一周内就

可以收到企业注册的证明。

　　Allen 女士说：“中国的投资者会发现

我们拥有支持国际投资的环境。我们的国家

投资政策和法律能够支持有效的规划和结

构，后者对那些刚刚为家族企业的治理和继

承规划做出安排的中国投资者来说非常重

要。”

与中国之间日益加强的联系

中国与巴哈马之间拥有长期的友好关系。

2006 年，巴哈马在中国建立了大使馆，进

一步巩固了两国之间的外交关系和联系。

　　虽然巴哈马在 2008-2009 年全球金融

危机中遭受了挫折，但是它与中国的联系却

得到了大大的加强，体现在政治、经贸、文

化和教育等领域。

　　2009 年 12 月，巴哈马与中国签署了税

收信息交换协议，这是两国外交关系中的重

要里程碑事件。该协议是巴哈马政府签署了

第 6 项此类协议。协议加入了税务透明度和

有效信息交换方面被广泛接受的国际标准。

　　在此之前，中国全国人民代表大会常务

委员会委员长吴邦国和国务院副总理回良玉

于 2009 年对巴哈马进行正式访问。同一年，

中国与巴哈马签署了另外三项重要的协议：

促进和保护投资协定 ; 通过中国进出口银行

classes as a client requires and can also have those share classes denominated in any currency. Directors benefit from statutory indemnities but not in a way which compromises the rights of shareholders.

Just this year modern insolvency legislation was introduced in The Bahamas to clarify the rights of shareholders and creditors, and the priority of debts, when a company is deemed insolvent.

For non-residents, repatriation of foreign investment funds, foreign assets and dividends or profits arising from foreign investment is allowed and facilitated as The Bahamas doesn’t exert exchange controls.

As a country focusing on financial services, a group of skilled workforce is another treasure of The Bahamas. There is a diverse and highly-skilled pool of attorneys, accountants, international bankers, trustees and investment specialists in The Bahamas.

Aliya Allen, CEO and Executive Director of The Bahamas Financial Services Board, told China Offshore that it is possible to incorporate an IBC through the online filing process in a day, with receipt of the certificate of incorporation within a week.

“Chinese investors wil l f ind an environment that supports international investment through our National Investment Policy and legislation that supports effective planning and structures, the latter of which is very important to Chinese investors who are just putting in place mechanisms in family businesses for governance and succession planning,” said Ms. Allen.

Growing connections with China China has had a long and friendly relationship with The Bahamas. In 2006, The Bahamas opened an embassy in China, further solidifying its diplomatic ties and relationship with China.

Although The Bahamas suffered a setback during the 2008-2009 global financial crisis its connections with China, on the contrary, have improved a lot in the fields of politics,

BahaMaS eye oN | 看点

24 Summer, 2012

trade and economy, culture and education, amongst other areas.

In December 2009, The Bahamas and China signed a Tax Information Exchange Agreement, marking a key milestone in diplomatic relations between both countries. The agreement was the sixth concluded by The Bahamas government. It has incorporated the widely-accepted international standards in respect of transparency and effective information exchange in tax matters.

Wu Bangguo, Chairman of the Standing Committee of the National People’s Congress and Vice Premier Hui Liangyu both made official visits to The Bahamas in 2009. In the same year, China and The Bahamas signed another three important agreements: an investment promotion and protection agreement; a framework agreement for a loan through Chinese Exim Bank for an Airport Highway Project and, an agreement on economic and technical cooperation directed exclusively toward the construction of the national stadium.

In September last year, Baha Mar, a resort company with its headquarters in Nassau, Bahamas, announced that it was strengthening relations with its Chinese partners by opening an office in Hong Kong. The company had secured a US$2.4 billion 15-year loan from the Export-Import Bank of China earlier in the year. Baha Mar gave the contracting work to a mainland group, China

为机场高速公路项目提供贷款的框架协议 ;

以及专门为国家体育场的建设签署的经济和

技术合作协议。

　　去年 9 月，巴哈月，总部设在巴哈马

拿骚的度假设施运营公司 Baha Mar 宣布，

它在香港建立了其办事处，旨在加强与中国

合作伙伴之间的关系。去年早些时候，它从

中国进出口银行那里获得了 24 亿美元的 15

年期贷款。Baha Mar 把建设工作承包给了

大陆的中国建筑工程总公司以及它的美国子

公司中国建筑美国有限公司。此外，7000

名中国工人被送到这个加勒比国家，参与酒

店、高尔夫球场、娱乐场、水上乐园和住宿

设施的建设。

　　中国招商银行的投资顾问 Chris Xu 表

示，最近两国关系的发展显示了未来几年中

国在巴哈马将获得更多的商业机会，得益于

政府层面的大力支持。

　　Xu 说：“中国的国有银行提供贷款，

中国的大型建筑集团参与建设，这在某种程

度来上一种证明：投资巴哈马是安全和无害

的。这是旅游业和金融业之间的一种融合。

对富裕的中国人来说，他们会认真考虑在巴

哈马干一番事业。”

　　投资巴哈马的潜力以及该国的旅游业已

经引起了一些中国人的兴趣。上海的财富管

理顾问 Eric Wang 说，他的一位客户正在考

虑到加勒比地区投资旅游业。

　　Wang 说：“巴哈马肯定是他考虑的对

象。但是，离岸金融中心之间的竞争也相当

激烈。Baha Mar 的案例的确增加了一些中

国投资者对巴哈马的信心。然而，由于全球

市场的不确定性，可能需要一些时间来作出

决定。”

看点 | eye oN BahaMaS

以百万巴哈马元计算

B$ Millions

State Construction Engineering as well as to its US unit China Construction America. 7,000 workers were sent to the Caribbean to build the hotels, golf course, casino, water park and accommodation.

The recent developments have showed that there could be more future business opportunities for China in The Bahamas thanks to strong support at government level, said Chris Xu, an investment consultant with China Merchants Bank.

“The loan by a state-owned Chinese bank and the involvement by a Chinese large construction group is somewhat a testimony that investing in The Bahamas is safe and sound,” said Xu. “That’s a kind of combination between tourism and finance. For the wealthy Chinese, they could really think about doing something in The Bahamas.”

The potential of investing in The Bahamas and its tourism sector has already aroused the interest of some Chinese people. Eric Wang, a wealth management advisor in Shanghai, said that one of his clients is considering investment in tourism in the Caribbean region.

“The Bahamas is certainly a choice for him,” said Wang. “But competition is also tough among offshore financial centers. The Baha Mar case did boost some Chinese investors’ confidence in The Bahamas. However, it may take some time to make decisions due to the uncertainty of the global markets.”

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

外商直接投资Foreign Direct Investment

301 234 238 292 532 641 843 887 1032 753 960 970

GDP ( 现时价格 )GDP (Current prices)

6328 6517 6958 6949 7094 7706 7966 8319 8246 7717 7771 7788

外商直接投资占 GDP 的百分比FDI as% of GDP

4.80% 3.60% 3.40% 4.20% 7.50% 8.30% 10.60% 10.70% 12.50% 9.80% 12.40% 12.50%

Ratio of Foregin Direct Investment to GDP (2000-2011)

外商直接投资占 GDP 的比重（2000 年 -2011 年）

来源：巴哈马央行Source: The Central Bank of The Bahamas


独家

特刊

EX

CLu

SIV

E S

uP

PLE

ME

NT Yacht & Aircraft

Registration

02 Summer, 2012


excLUsIve rePort | 独家报道

2012 COmpany fOrmatiOn Guide S01

Richard Hu, who last year spent several millions to buy a fancy yacht , is considering a new

purchase. This time, the 29-year-old entrepreneur hopes he can have a jet for short-distance flights with his friends.

Hu just took over his family business, which mainly deals with printing and

Richard Hu 去年花了几百万买了一艘

漂亮的游艇，现在他正考虑是否要

买一个新玩意。这一次，这位 29 岁

的企业家希望能够拥有一架喷气式飞机，可

以与他的朋友一起进行短距离的飞行。

　　Hu 先生刚刚从他父亲那里接手了家族

企业，主要在浙江省从事印刷和包装业务。

他们家庭目前拥有两艘游艇，三辆超级跑

车以及许多豪华轿车，供休闲和享乐。

　　Hu 先生上海办公室的橱里摆放着许多

飞机模型，他说：“当我还是个孩子的时

候，我的梦想就是乘坐自己的飞机飞行。

我知道即便你能够买得起，这也很难做到。

packaging in Zhejiang Province, from his father. The family currently owns two yachts, three supercars and a raft of luxury sedans for leisure and fun.

“When I was a boy, my dream was to fly in my own plane,” said Hu, who has dozens of aircraft models sitting in the closet of his office in Shanghai. “I

豪华私人飞机不仅是身份的象征，它们同样极大地简化了那些由于商务（和休闲）需要经常出游的人们的时间表。

Luxury private jets are not only status symbols, they vastly simplify the schedules of those who must travel frequently for business (and pleasure).

不断增长的中国富裕人群有利于飞机和游艇市场的发展Growing chinese wealth bodes well for aircraft and yacht markets

By Leo Zhang

002 Summer, 2012

注册和申请飞行可以是一个复杂的过程。

但对我来说，拥有一架喷气式飞机仍然具

有不可抗拒的吸引力。”

　　随着中国富裕阶层的日益增长，拥有

一架私人飞机已经不再是一个白日梦。中

国民航当局已经承诺在未来几年里开放中

国的低空空域，这项举措将能够推动大陆

超级富豪购买飞机。

　　根据胡润百富的统计，去年中国最富

有个人的奢侈品消费支出增加 7.7％，这归

因于不断增长的需求以及进口关税的降低。

根据该报告，私人飞机和游艇的费用增加

最多，增幅达到了 20％，其次是配饰和化

妆品，价格增长超过了 16％。

　　随着高净值富裕人士热衷于拥有自己

的私人飞机，中国正在成为商业航空增长

最快的市场之一。根据 2010 年胡润百富榜

显示，在中国拥有 10 亿以上人民币资产的

2000 人中，有六分之一计划购买私人飞机

（喷气机或直升机），供企业和个人使用。

报告称，他们其中有将近一半的人有计划

购买游艇。

　　美国和欧洲在私人飞机领域拥有悠久

的传统，那里的人们喜欢在第一次购买飞

机时选择二手飞机，以后再升级到更大的

飞机。但是，中国的航空市场仍然不成熟的，

因此只有最富有的个人才有能力购买飞机，

他们大多希望购买最先进的机型，在这个

市场里价格并不是问题。

　　拥有一些飞机制造商客户的本地咨询

顾问 Chen Yiwen 说：“得益于个人财富

的快速扩张，许多业内人士都认为中国私

人飞机市场在未来 10 年里有潜力实现每年

25％的增长。但是，与美国相比，这个市

场的规模仍然相当小。其增长可能会取决

于放松管制和其他政府政策出台的步伐。”

　　根据国家民航当局的数据，截至去年，

在中国大陆正式登记的私人飞机数量为 137

架，相比之下，2008 年仅为 32 架。一些业

内人士透露，未注册的私人飞机可能是官方

数字的两倍甚至三倍。而在美国，飞机数

量约为 2 万多架。

　　许多业内人士分析认为，内地公务机

的数量将在 10 年内增加至 1000 架，而其

中的一些人预测，到 2030 年公务机的数量

会达到 2360 架。

knew it was hard to do this even if you could afford buying one. Registration and applying to fly can be a complicated process. But for me, owning a jet still has an irresistible appeal.”

As for the growing wealthy class in China, owning a private jet is no longer a pipe dream. Chinese aviation authorities have pledged to open up the country’s low altitude airspace in the coming years, an initiative that could spur jet sales among the super rich on the mainland.

China’s richest individuals forked out 7.7 percent more for luxury consumer products last year due to growing demand and lowered import duties, according to Hurun Report. The expenses for private aircraft and yachts soared the most by 20 percent, followed by prices of accessories and cosmetics, which jumped more than 16 percent, according to the report.

China is becoming one of the fastest growing markets for business aviation with high net worth individuals keen

to own their private aircraft. According to the 2010 Hurun Rich List, one-sixth of the 2,000 Chinese yuan billionaires have plans to buy private aircraft, jets or helicopters for business as well as personal use. Nearly half of them have plans to buy yachts, it said.

In the US or Europe, where private ownership of jets have long been popular, people prefer to buy second hand aircrafts as a f irst purchase, before upgrading to larger ones later. However in China, where the aviation market is still immature, only the richest individuals buy jets and they mostly want the most advanced models, creating a market where price is no object.

“Thanks to the fast expansion of personal wealth, China’s private aircraft market is widely seen to have the potential to grow by up to 25 percent a year over the next 10 years,” said Chen Yiwen, a local consultant with several aircraft making clients. “But the market is still quite small compared with the

S02 COmpany fOrmatiOn Guide 2012

随着收入的上升，中国是目前世界上增长最快的私人飞机市场之一。

With incomes rising, China is now one of the world’s fastest growing markets for private jets.

独家报道 | excLUsIve rePort

2012, Summer China OffshOre 0032012 COmpany fOrmatiOn Guide S11

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开曼群岛飞机注册处仍然是众多业主和管理公司所选择的注册地，其中有着各种各样的原因。对商用 / 企业和个人所有的飞机来说，开曼群岛民用航空管理局

（CAACI）始终以能够提供一个安全、稳定和可靠的注册地而闻名于世。CAACI很自豪能够为全球的客户提供高品质的服务。开曼群岛飞机注册处所能够带来的好处的优势包括：灵活地安排飞机调查、灵活地选择进行调查的地点、选择最有利于客户的时间、能够回答客户在技术方面的问题并且提供建议等等。

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开曼群岛飞机注册处

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004 Summer, 2012

开放低空

中国民航监管机构于 3 月宣布，中国将从

2015 年开始开放低空空域，来促进通用航

空飞机数量的增长，此举预计将刺激私人

飞机的购买和使用。

　　中国民用航空总局局长李家祥透露，

在南部广东省和中部湖北省的试运行将于

今年逐步扩大到东北部和中南部，并且最

终于 2015 年覆盖全国。

　　中国的低空空域通常低于 1000 米，它

由空军和监管机构控制。任何使用这个空

域的私人飞行都需要获得批准。对低空空

域的严格控制长期以来被视为航空业发展

的一个瓶颈。

　　2010 年，一份国务院文件将中国的低

空空域将分为三个部分：管制空域、监视

空域、报告空域（在实现报告飞行计划后，

飞机可以自由飞行）。

　　根据中国国家空域技术重点实验室的

数据，中国拥有 998 万平方公里的可用空

域，其中 32％为民用航空空域，约 24％用

于军事用途。

迎合私人飞机市场

中国私人和公务机市场的潜力已经引起了

地方官员的注意，他们希望让其打造成经

济增长的另一项来源。一些先行者已经针

对直升机和轻型飞机的潜在需求开始进行

空域管理改革。

　　上海市政府在 3 月份表示，它计划用

三年左右的时间在浦东国际机场建立上海

的第二个公务机航空基地，来应对不断扩

大的私人飞机市场。

　　上海目前拥有虹桥机场的霍克太平洋

公务机基地，该基地于 2010 年开始运作，

去年获得了许可证，可以进行各种私人飞

机的维修和保养工作。

　　第二个公务机基地的建设仅仅是上海

打造商用航空中心宏伟计划的一部分。根

据上海机场管理局的数据，上海的两个机

场去年共接待了 3500 班次商用飞机的出发

和着陆，约占中国大陆的三分之一。机场

管理局表示，今年这个数字预计将上升约

10％至 15％，并且在未来两到三年内达到

6000 班次。

　　上海霍克太平洋航空服务中心的总裁

Jing Yiming 表示：“我们起步晚，但是赶

US. Its growth may depend on the pace of deregulation and other government policies.”

There were 137 privately-owned jets officially registered in the Chinese mainland last year, compared to 32 in 2008, according to state aviation authorities. The unregistered private planes may double or even triple the official number, some insiders revealed. In the US, the estimated figure is more than 20,000.

Many industry analysts believe that the number of business jets on the mainland will increase to 1,000 within 10 years, with some predicting 2,360 registered jets by 2030.

Opening up low altitudeChina’s civil aviation regulator announced in March that the nation will open up its low altitude airspace from 2015 to enable a growing number of planes for general aviation, a move that is expected to spur the purchase and use of private jets.

A trial operation in the southern

Guangdong and central Hubei provinces will be gradually expanded to northeast and south-central China this year and eventually cover the whole country in 2015, according to Li Jiaxiang, director of the Civil Aviation Administration of China.

China's low-altitude airspace (normally below 1,000 meters) is controlled by the air force and the regulator. Every private flight needs approval to use this airspace. The strict control of low-altitude airspace has long been regarded as a bottleneck in aviation development.

In 2010, a State Council document said the country's low-altitude airspace will be divided into three sections - controlled areas, monitored areas, and areas where aircraft can fly freely after reporting flight plans in advance.

Chin a h a s 9 . 9 8 m i l l i o n s q u a re kilometers of usable airspace, including 32 percent for civil aviation and about 24 percent for military use, according to the China National Airspace Technology Laboratory.


私人游艇和渔船停泊在中国的青岛。相比新兴的飞机行业，中国的游艇业显得更加成熟和强大。

Private yachts and boats are moored in Qingdao, China. the yachting industry in China is more developed and robust than the nascent aircraft industry.

照片

提供

Photo by P. C

how独家报道 | excLUsIve rePort


上的速度很快。” Jing 也是上海机场集团

的一名官员。他补充说：“潜在的需求是

巨大的，特别是来自长江三角洲地区的需

求。”

　　三月，在上海举行了为期三天的亚洲

商用航空会议暨展览会，会上卖出了十多

架私人飞机。根据主办方提供的数据，中

国富豪和企业不惜代价，每架飞机的花费

平均超过 2 亿元。

　　另一个重要的航空博览会将于 11 月在

中国南方城市珠海举行。市场观察家认为，

这将帮助企业向中国最富裕的群体卖出更

多的飞机。

呼吁减税和其他支持

然而，为了实现私人飞机市场的宏伟目标，

中国需要做更多的事情来解决现有的困难，

比如起飞前审批、高税收、缺乏合格的专

业人员和缺少机场等问题。

　　虽然中国已经将私人和公务喷飞行的

飞行审批时间从四天削减到了 24 小时，但

是不少业主要求更为快捷的批准流程，比

Catering for private jet marketThe potential of China’s private and business jet market has caught the attention of local government officials whom hope to develop it into a further source of economic growth. Some pioneers have already begun airspace management reform in view of the potential demand for helicopters and light planes.

The Shanghai municipal government said in March that it is planning to build its second business aviation base at the Pudong International Airport in about 3 years to cater for a growing private jet market.

The city currently has the Shanghai Hawker Pacific base at its Hongqiao airport , which began operations in 2010 and acquired a license last year to conduct repair and maintenance work on various kinds of private aircraft.

Building a second business jet base is just part of a broader plan to build Shanghai into a major business aviation hub. Shanghai’s two airports handled 3,500 departures and landings of business aircraft last year, about a third of the Chinese mainland's total, according to the city's airport authority. The number is expected to rise by about 10 to 15 percent this year and rise to 6,000 over the next 2 to 3 years, according to the airport authority.

“We started late but are catching up fast," said Jing Yiming, board president of Shanghai Hawker Pacific. Jing is also an official with the Shanghai Airport Authority. “The potential demand is huge, especially around the Yangtze River delta region,” Jing added.

In March, more than a dozen private jets were sold at the 3-day Asia Business Aviation Conference and Exhibition held in Shanghai. The Chinese tycoons and firms splurged over 200 million yuan on

average on each of the jets, according to the organizer.

Another major aviation fair will be held in November in Southern China’s Zhuhai, which market observers believe could help companies sell more jets to the country’s most affluent group in southern China.

Calls for tax breaks and other supportIn order to realize the ambitious targets for the private jet market, more needs to be done to deal with existing difficulties, such as approval before takeoff, higher taxes, lack of qualified professionals and a shortage of airports.

Although China has already cut the approval procedure to 24 hours for any flight of private and business jets from up to 4 days previously, many owners have calling for even quicker approval, or at almost a moment’ notice. In Western countries, an approval can be granted in less than 15 minutes.

In addition, experts are also calling for tax breaks on buying and registering business planes. Currently, for business and private jets, buyers have to pay a 17 percent value-added tax plus a 4-5 percent import duty. The figure was nearly double that of civil aviation planes, currently pegged at 12 percent, according to Allen Fang, vice president of Deer Jet Co, a subsidiary of Hainan Airlines.

Inadequate logistical infrastructure is also a major factor in holding back development of the market. As the world’s top market for business jets, the US has about 5,000 airports to accommodate private planes, making it easier to stop and refuel. In China, however there are only 200 airports and many of them don’t serve smaller private jets.

"We also call for infrastructure construction and more professional business jet expertise that are far lagging behind the market increase," said



来源：胡润百富榜 2011Source: Hurun report 2011

超高净值个人购买商务飞机和游艇的意向

Intention to purchase business jet & yacht among UHNWIs

总共Total

资产超过 1 亿Over 100 million

95% 85%

5% 15%

87%

13%

没有计划No Plan

有计划Plan to Buy

006 Summer, 2012

如只需要片刻的通知时间。在西方国家，

批准的流程可以少于 15 分钟。

　　此外，专家还呼吁让购买和注册飞机

享受减税的政策。目前，商业和私人飞机

的购买者必须支付 17％的增值税，加上

4-5％的进口关税。金鹿公务机有限公司（海

南航空的子公司）的副总裁 Allen Fang 表

示，这个数字是民航飞机的近一倍，后者

的税率目前为 12％。

　　物流基础设施的不足也是阻碍市场发

展的一个主要因素。作为世界上商用飞机

最大的市场，美国拥有约 5000 个能够容纳

私人飞机的机场，从而使得停泊和加油变

得更为容易。而中国只有 200 个的机场，

其中许多机场不为小型私人飞机提供服务。

　　民生金融租赁股份有限公司董事长孔

林山说：“我们同样也呼吁基础设施建设

和更多商务喷气机的专业知识，这些都远

远落后于市场的增长。”民生金融租赁本

身是公务机机的购买者。孔林山说，公务

机机场的数量实在太少了。

　　中国民航总局局长李家祥曾表示，中

国要在 2015 年前新建立 72 个机场，为区

域性飞机和私人飞机提供服务，这些机场

将主要分布在中国的西部。一些行业报告

估计，中国需要至少 10000 名合格的飞行

员和机组人员来维持私人和公务机市场的

增长。

对游艇的狂热

如果私人飞机市场仍在等待一针强心剂，

那么中国的游艇市场相比之下显得更加成

熟和蓬勃。今年四月，在上海举行的第 17

届中国国际游艇展上，成交的合同价值是

去年的两倍多，达到了 22 亿元人民币。有

超过 32000 人参观了为期四天的展览会，

人数比 2011 年多 40％。

　　参展商希望能够从中国消费者休闲活

动支出的增加中受益。在上海的展览会上，

成交的最昂贵的游艇是一艘由 Sunseeker

建造的 40 米长的船只，价值 1.4 亿元。

中等价位的船只也深受买家的欢迎。

Brunswick 出售了 13 艘 Harris220s，每艘

的价格为 320000 元。

　　中国船舶工业行业协会发布的一份报

告显示，中国目前拥有 28 个游艇俱乐部以

及 1200 至 1500 艘游艇。



China private aircraft ownership table

中国私用飞机拥有情况

拥有者 Owner

机型Type

数量Amount

运营管理商Manager

本山传媒 Benshan Media庞巴迪挑战者850 Bombardier Challenger 850

1中一航空ZYB Lily Jet

湖南远大 Hunan Yuanda塞斯纳喷气机 Cessna jet

2湖南远大Hunan Yuanda

美的集团 Media Group湾流 450 Gulfstream G450

1国航公务Air China Business

藏格钾肥 Zangge Potassium猎鹰 7XFalcon 7X

1国航公务Air China Business

安中石油 China Sonangol 空中客车 A318 1国航公务Air China Business

顶新集团 Ting Hsin Group 湾流 450 1国航公务Air China Business

中信集团 Citic Group猎鹰 900Falcon 900 Gulfstream G450

1中信集团Citic Group

华彬集团 Reignwood Group庞巴迪环球快车 5000Bombardier Global Express 5000

1香港 JETASIAHong Kong ETASIA

三一重工 Sany Heavy ACJ 1三一重工Sany Heavy

杭州道远 Hangzhou Daoyuan 豪客 850 Hawker 850 1金鹿公务Deer jet

旺旺集团 Want Want Group 湾流 200 Gulfstream G200 1金鹿公务Deer jet

人和控股 Renhe Commercial 湾流 200 Gulfstream G200 1金鹿公务Deer jet

金鹿公务 Deer jet

空中客车 A319 Airbus A319 1

金鹿公务Deer jet

豪客 800XP Hawker 800XP 4



湾流 IV Gulfstream IV 4

湾流 200 Gulfstream G200 3

湾流 V Gulfstream V 2

湾流 550 Gulfstream G550 1

上航公务 Shanghai airlines business

豪客 800XP Hawker 800XP 1 上航公务 Hawker

深圳亚联 Asia United Business

湾流 IV Aviation Gulfstream IV 1深圳亚联Asia United BusinessAviation

湾流 200 Gulfstream 200 2

空中客车 A318 Airbus A318 1

合计 Total 35

来源：中国飞机白皮书 2012 Source: Cayman Islands General Registry


Kong Linshan, President of Minsheng Financial Leasing Co Ltd, a business jet buyer. "There are far too few airports for business jets", he said.

Li Jiaxiang, Director of CAAC, has said that China is to build 72 new airports, for regional aircraft and private jets, mainly in the country's west, by 2015. Some industry reports have estimated that China needs at least 10,000 more qualified pilots and crew members to sustain the growth of the private and business jet market.

Craze for yachtsIn contrast to private jets, the market for yachts is booming. In April, the 17th China International Boat Show in Shanghai saw its contract value more than double from last year to reach 2.2 billion yuan. More than 32,000 people visited the 4-day exhibition, 40 percent more than 2011.

Exhibitors are betting on increased spending on leisure activities by Chinese consumers. At the Shanghai show, the most expensive yacht sold at the exhibition was a 40 meter-long vessel by Sunseeker, costing 140 million yuan. Medium-priced vessels were also popular among buyers . Brunswick sold 13 Harris220s, each valued at 320,000 yuan.

China has 28 yacht clubs and 1,200 to 1,500 vessels, said a report released by C h i n a A s s o c i a t i o n o f N a t i o n a l Shipbuilding Industry.

“China's yacht industry is expected to rise an average of 30 percent in the next few years and will have an annual industry value of more than 200 billion yuan," said Yang Xinfa, director general of the yachts and ships branch of the China Association of National Shipbuilding Industry.

He is optimistic about the prospects for the yacht industry as Chinese people's disposable income increases. But he

pointed out that port infrastructure and lack of relevant laws and regulations are the challenges facing the development of the yacht industry in the country.

The booming market has excited yacht makers. In January, A Chinese company bought a 75 percent stake in a major European yacht manufacturer, Italy's Ferretti Group, for 374 million euros in the latest Chinese acquisition in Europe.

Shandong Heavy Industry Group-Weichai Group said it would help Ferretti expand distribution in China and other emerging markets. "Developing the yacht business is one of the group's strategic goals for the next 5 years," SHIG-Weichai Group's Chairman, Tan Xuguang said in a statement. Ferretti, which says it is the world's biggest luxury yacht maker, has 8 shipyards in Italy and in Miami, Florida, and nearly 2,000 employees.

Tim Bai, CEO of yacht maker Azimut China, said that the Chinese market is becoming a major contributor to yacht market activity.

Bai observes that, “Flybridge yachts with beautiful design and bigger space are the best sellers in the market.”

He also noted that Chinese buyers are most concerned about reliable after-sales service and strong brands. His company now provides tailor-made models, especially in the megayachts segment (over 80ft).

After mentioned millionaire, Richard Hu, says he uses his yachts every summer to entertain fr iends and business partners. His own network of associates he's invited on trips have now bought boats themselves.

“I don’t think jets and yachts are symbols of your status or richness,” said Hu. “They are just for fun and leisure. As people accumulate their wealth, more individuals will be able to affordable them.”


　　中国船舶工业行业协会船艇分会理事

长杨新发说：“中国游艇的产业将在未来

几年内以平均 30％的速度增长，行业的年

产值将超过 2000 亿元。”

　　随着中国人民可支配收入的增加，杨

新发对游艇产业的前景持有乐观的态度。

但是他也指出，港口基础设施和缺乏相关

的法律法规是国内游艇产业发展所面临的

挑战。

　　蓬勃发展的市场让游艇制造商感到兴

奋。今年一月，一家中国公司斥资 3.74 亿

欧元购买了欧洲主要游艇制造商意大利法

拉帝集团 75％的股份，这是中国企业在欧

洲最新的收购案例。

　　山东重工集团下属的潍柴集团表示，

这将有助于法拉帝扩大在中国和其他新兴

市场的销售渠道。潍柴集团的董事长谭旭

光在一份声明中说：“发展游艇业务是本

集团未来五年的战略目标之一。” 法拉帝

表示自己是全球最大的豪华游艇制造商，

在意大利和在佛罗里达州的迈阿密拥有 8

个造船厂，员工人数近 2000 名。

　　游艇制造商阿兹慕中国的首席执行官

Tim Bai 表示，中国市场正在成为金砖五国

中另一个重要的市场，为目前游艇市场的

增长做出了最大的贡献。

　　Bai 先生说：“很明显，购买游艇的目

的是为了招待业务伙伴和客户。这是中国

买家的主要动机。拥有美丽设计和更大空

间的 Flybridge 游艇是市场上最为畅销的产

品。”

　　Bai 先生指出，对中国买家来说，最大

的考虑是可靠的售后服务和强大的品牌。

现在，他的公司能够为中国买家提供度身

订造的服务，尤其是大型游艇（超过 80 英

尺）。 Bai 先生补充说：“这将会成长为

一个庞大而成熟的市场。”

　　让我们把目光回到企业家 Hu 先生身

上。每到夏天，他用他的游艇来招待他的

朋友和商业伙伴。现在，在游艇的参观者中，

许多人已经购买了自己的游艇，同样也邀

请他一起出海。

　　Hu 先生说：“我认为飞机和游艇并不

是地位或财富的象征。购买它们只是为了

娱乐和休闲。随着人们积累的财富，更多

的人将能够负担得起。”


008 Summer, 2012S08 COmpany fOrmatiOn Guide 2012

观点 | oPINIoN

北京瑞银律师事务所

www.rayyinlawyer.com 创始合伙人

之一，全球受托人与财产管理从业者

协会 (STEP) 唯一中国大陆地区的会

员。她又是英国卫达士律师事务所的

外国律师。该律所是全球最著名的信

托律师所，管理着英国四分之一富翁

的财产。

Ms. Wang is the founding partner and managing partner of RayYin & Partners P.R.C Lawyers. She specializes in foreign investment, trusts, merger & acquisition, financial market and corporate. Apart from advising trust companies on corporate or commercial trusts, Ms. Wang also has rich experience with estate planning for wealthy individuals.

驾着您的游艇，一起乘风破浪sailing your yacht with wind and waves

王昊 Wang hao

律师 [email protected]

In recent years, the number of Chinese with assets of over one million US dollars has been soaring. More of

these people are no longer satisfied with regular investment channels to achieve wealth preservation and appreciation. They have extended their reach to emerging areas, such as collecting and investing in top-end art works, antiques and jewelry as well as other luxury goods. This doesn't only guarantee their actual possession of wealth, but also fulfills their pursuit of a more desirable lifestyle.

From a global perspective, private jets and luxury yachts are hot new trends, which are sought after by the wealthiest businessmen, dignitaries and senior politicians. These luxuries are not only static investments, but also provide thrilling experiences and leisure opportunities.

Take yachts for example. Relaxing with family members in the sun on a sea vacation or getting together with several friends for a party on a yacht are undoubtedly one of life’s great pleasures. In California and Florida, Monaco, Greece and France, as well as Hong Kong and Singapore, a little white sail on the backdrop of a bright blue sea and

brilliant sky is not a rare sight. Yachts are a popular pastime among the local elites for relaxation and even for business opportunities and is a public place and private purposes.

As one of the most luxurious items in the luxury sector, private yachts tend to showcase the noble status and extraordinary taste of their owners. In today’s China, yachts are gradually attracting attention and favor. However for most Chinese people, this is still an unreachable dream. At present, only a few people have the wealth to realize this dream, but enjoyment is the sole issue when considering purchasing a yacht. The issues of investment and wealth management are also worthy of careful consideration.

In China, there are already some professional yacht associations and clubs that help yacht owners in day-to-day management, including docking, servicing, maintenance and repair. Meanwhile, they also form a bridge for communication between individual yacht owners, and between yacht owners and related government departments. P r o v i d i n g i n d u s t r y i n f o r m a t i o n , holding exhibit ions and unvei l ing industry publications, they facilitate

近年来，中国拥有资产过百万美元的

富人数量呈直线上升趋势，这其

中越来越多的人不再满足于常规

的投资渠道以获得财富的保值与增值，而是

将触角延伸至一些新兴领域，比如顶级艺术

品、古董和珠宝等奢侈品的收藏与投资。这

样的方式既能保证他们对财富的实际拥有，

又能满足他们对生活品味的追求。而从世界

范围来看，私人飞机和豪华游艇则是一股汹

涌而来的新潮流，受到各国富商巨贾、高官

政要的追捧，因为这样的奢侈品并非只能静

态观赏，更让人着迷于在其中亲身体验的快

感。以游艇为例，选择一个风和日丽的好天

气亲自驾驶游艇举家出海度假或是三五朋友

小聚，无疑是人生一大乐事。在美国的加利

福尼亚、佛罗里达，欧洲的摩纳哥、希腊和

法国，以及亚洲的香港和新加坡，碧海蓝天

掩映下的白帆点点并不是什么稀有景象，而

是当地高端阶层所热衷的一种休闲方式，甚

至是一种宜公又宜私的商务选择。作为奢侈

品中的奢侈品，拥有私人游艇本身就足以彰

显尊贵身份和不凡品味，在当今中国自然也

逐渐受到关注与青睐，不过对于大部分的中

国人来说，这仍然是个显得有些飘渺的梦想。

目前，少数人有了实现这一梦想的物质能力，

但享受并不是他们的唯一目的，如何处置这

种财富才是最值得考虑的核心问题。

　　在中国，已经出现了一些专业的游艇协

会或俱乐部帮助游艇主进行私人游艇的日常

管理工作，包括提供泊位、保养、维护和修

缮等，同时也在游艇主之间及游艇主同相关


oPINIoN | 观点

communication and understanding, strengthen exchanges and cooperation, a n d p l ay a ro l e i n p ro m o t i n g t h e development of China's yacht industry.

At the same t ime, some inland areas in China also have plenty of lake resources and adequate navigational conditions. They, together with the lakeside scenery, give China’s yachting i n d u s t r y t re m e n d o u s g row t h a n d investment potential, compared with other countries and regions which only feature coastlines. Those living near inland water areas and having the ability to purchase private yachts can experience the charm of yachts at home.

It is undeniable that yacht purchase, delivery, registration and final water sailing are not a simple process in the Chinese market. Yacht owners must go through multiple approval processes with maritime authorities and classification societies investing considerable amounts of money, time and effort. On the one hand, this is because China's yacht industry is still in its infancy, but also this is because China still imposes relatively strict management and controlling systems on high end luxury products, including yachts.

In this case, using offshore trusts to own and manage this special kind of luxury product has become the choice of many HNWCIs. First, they can set up companies in offshore jurisdictions and then purchase yachts under the name of this company. Thus, although the

yacht is owned by the offshore company, it doesn’t affect the actual possession and control by the individual. This can also save time and money during yacht registration and simplify the application stages.

O f c o u r s e , m o r e i m p o r t a n t l y, registering a yacht under the name of an offshore company and establishing a trust can help you reduce or remove personal property tax levy and other tax pressure that may arise in the future, and even allow you to benefit from tax exemption on inheritance rights to the shares of offshore companies owning the yachts registered in offshore jurisdictions.

F u r t h e r m o r e , e s t a b l i s h i n g a n offshore trust can allow clients to include their other important assets under the management scope of the trust, reducing applicable taxes on this property. Even within the framework of an offshore trust , under which management of movable properties including yachts is more flexible, the other assets of Chinese clients, especially real estate, may face legal limitations and strict control of the country of residence. Therefore, the whole process and program cannot be accomplished overnight.

In fact , many potential Chinese consumers of yachts are willing to bear a higher economic cost in order to simplify the control of their yacht: purchasing, registering and using a yacht under the


的政府机构和企业之间搭建一座沟通桥梁，

通过提供业界资讯、举办展会、出版行业刊

物等方式，了解彼此的需求，加强交流与协

作，对中国游艇业的发展起到了一定的促进

作用。同时，我国部分内陆地区也拥有充足

的湖泊资源和充分的航行条件，再配合沿岸

的风光景致，中国的游艇业比起其他单纯以

海岸为优势的国家和地区反而更具行业增长

点，不失为一条颇具前景的投资之路。如此

这般，那些生活在这些地方，并且有能力购

买私人游艇的人群，便可以在家门口领略游

艇的别样魅力了。但不可否认的是，从游艇

的购买、交付、登记到最终的下水航行，在

目前的国内市场仍然是个并不简单的过程，

需要经过海事部门、船级社等多个部门的层

层审批，所投入的金钱、时间和精力都相当

可观，这一方面是由于中国游艇市场有待进

一步成长，相关机构的服务还不够完善，另

一方面也是因为中国对游艇这类高端奢侈品

实行较为严格的管理和制约制度。

　　在这种情况下，以离岸信托的方式拥有

和管理这类特殊奢侈品便成为部分中国人的

选择。首先，他们可以在离岸国家或地区开

设公司，之后再以离岸公司的名义购买游艇。

这样，游艇的所有权虽然归属该离岸公司，

但并不影响个人的实际占有和控制，在游艇

的登记注册和航行申请阶段也会节省时间和

金钱。当然，更为重要的是，将游艇登记在

离岸公司名下并设立信托，可以减轻或免除

个人财产税的征收及日后可能产生的其他税

负压力，甚至可惠及对拥有离岸国籍船只的

离岸公司股份继承权税的免除。与此同时，

这样的离岸信托方式也方便客户将其位于中

国境内的其他重要资产纳入信托管理范围之

内，使之成为离岸公司的财产而获得相应的

赋税减免。不过即使是在离岸信托的框架内，

游艇一类的动产虽然属于较为灵活自由的管

理内容，但中国客户的其他资产特别是不动

产则可能面临居住国和所在地国的法律障碍

和严格管制，因此整个设计过程和方案也无

法一蹴而就。

　　实际上，对于很多中国的游艇潜在消费

者而言，较之离岸信托的各种便利条件，他

们反而更愿意承担较高的经济成本，选择稳

妥可控的常规方式，即在中国的现有体制

下购买、注册和使用游艇。当然，这样的方

式也需要并且可以通过行之有效的财产规划

达到降低税负压力和避免潜在遗产纠纷的目


domestic Chinese system. Of course, this path should also entail estate planning in order to reduce tax pressures and avoid potential inheritance disputes.

First of all, consider which entity should be the purchaser of the yacht. This not only involves attribution of ownership, but also will decide the tax rate and inheritance, as yachts should be registered as special assets.

Secondly, regardless of the nature of the ownership, the yacht will only be one part of the assets of its owner or actual user. If professional teams understand the various Chinese (and international) rules and regulations, a complete set of property disposal solutions, which maximize the benefits of estate planning, can be crafted.

Recently, in the still immature yachting industry in China, there has been some positive news. The coastal provinces Hainan, Guangdong and Shandong have all introduced policies to promote the development of the provincial yacht industry. Yacht making and other travel equipment manufacturing industries will be included in the country’s encouraged industry directory. China has been pushing forward construction of yacht berths and has relaxed registration of foreign yachts, which has simplified yacht ownership in China.

Therefore, I believe that the development of the private yacht industry has a promising future in China. The accumulation of personal wealth, estate planning and wealth management will attract greater

attention from the elite to this luxury area.In practice, we have encountered

numerous family heritage disputes, all of which were caused by the sudden death of the property owners due to illness, leaving problems over how to allocate and dispose of the huge legacy. The main problems are the properties such as yachts, real estate and arts owned by the deceased individuals.

While owning a yacht under an individual’s own name is done without lengthy consideration, in actual fact, not having a complete and proper estate plan is an investment risk. Heritage battles are often time-consuming, often lasting several years. Even if different heirs eventually reach a consensus after conquering difficulties, the health and happiness of the family is harmed. This could not have been what an ancestor would have wanted to happen.

It is a cautious warning to all those who are accumulating or have accumulated wealth rapidly, that close attention must be paid to estate planning and wealth management. Aside from traditional types of wealth assets, other collections such as aircraft, yachts and luxury cars should also have property structures in place, done under the guidance of experienced professionals who will account for their business, family and other personal plans. Good planning can help with asset preservation, tax reduction and stable inheritance.

的。首先，由何种主体买入游艇就是需要权

衡的问题，这不仅涉及所有权的归属，更因

游艇作为需要登记注册的特殊动产而牵扯到

赋税水平及日后的财产继承。其次，不管所

有权人是何种性质，作为实际控制和使用人

的个人，游艇应当仅是其全部资产的一部分，

如果能结合其他财产的类型和事业发展的情

况，由熟知中国各项规定并了解国外相关信

息的专业团队来量身打造一套完善的财产处

置方案，将更能实现财产规划效益最大化的

目的。另外，对于尚未成熟的中国游艇业来

说，近期也不时有利好消息传出，比如海南、

广东、山东等沿海省份均出台了促进本省游

艇产业发展的政策，比如将游艇等旅游装备

制造业列入国家鼓励类产业目录，推进游艇

码头建设，放宽外资游艇登记等，这些都将

在实质上推动与私人游艇有关的各项政府程

序的简化。因此，我们也更有理由相信，中

国私人游艇业的发展有着广阔的未来，并且

随着不断积累的个人财富，与之相关的财产

规划和财富管理也将受到精英阶层的更大关

注。

　　在实践中，我们遇到的家族遗产纠纷，

都会起因于财产拥有人因病突然离世，继承

人之间对于如何分配和处置巨额遗产争执不

休，其主要矛头都指向了直接以财产所有人

个人名义持有的包括游艇，不动产和艺术品

等财产。表面上看起来，以个人名义持有最

大限度地满足了富有人士的各种欲望，但是

在没有完整和妥当的财产规划的情况下，这

样的安排无异于埋下了定时炸弹。遗产争夺

战往往耗时数年，尽管各位继承人最终艰难

地达成了一致意见，但相互之间的感情已支

离破碎，所谓的家族概念名存实亡，甚至还

累及家族企业的运行和发展，相信这一切并

不是被继承人辛苦打江山时的初衷。但是这

样的事实也警醒中国正在或已经迅速积累财

富的人群重视财产规划与财富管理，除传统

形式的各类资产外，包括诸如飞机、游艇、

名车、藏品这类价值不菲的财富在内，都应

当根据自身的商业发展、家庭情况以及对未

来的计划，请经验丰富的专业人士帮助选择

合适的规划结构，以期达到保值财产、减轻

税负和平稳继承的需求。

观点 | oPINIoN

从世界范围来看，私人飞机和豪华游艇是一股汹涌而来的新潮流，受到各国富商巨贾、

高官政要的追捧，因为这样的奢侈品并非只能静态观赏，更让人着迷于在其中亲身体验的

快感。选择一个风和日丽的好天气举家出海度假或是三五朋友小聚，无疑是人生一大乐事。

From a global perspective, private jets and luxury yachts are hot new trends, which are sought after by the wealthiest businessmen, dignitaries and senior politicians. These luxuries are not only static investments, but also provide thrilling experiences and leisure opportunities.

012 Summer, 2012

行政特区导读 | JUrIsdIctIoN GUIde


在岸和离岸注册游艇和飞机registering yachts andAircrafts onshore and offshore

As more Chinese people transform their lives from rags to riches, the purchasing of a yacht or an

aircraft is becoming more of a reality. But registering one of these vehicles is not easy and requires paperwork and some knowledge of tax systems, the rule of law, location, and confidentiality issues. There are pros and cons to registering an aircraft or yacht in China, but there are other options overseas. Before buying an aircraft or a yacht in China, one should understand some of the rules that accompany them, and the benefits of overseas registrations.

Onshore Aircraft RegistrationRegistering an aircraft in China entails a much different process than that of other countries. Before you can start the registration process, you must acquire a civil aircraft nationality card. To get this card, you must comply in accordance with the People’s Republic of China Civil Aircraft rules. Before one considers purchasing an aircraft in China, it is a good idea to read over the rules in the China Civil Aircraft rulebook to learn about the various regulations associated with flying the plane and registering it.

Civil aircrafts may be registered in

随着越来越多的中国人脱贫致富，购

买游艇或飞机正在成为现实。但是，

要对它们进行注册登记并不是件容

易的事情，需要经历相应的手续并且拥有一

些税收制度、法规、地理位置和保密性方面

的知识。在中国注册的飞机或游艇有它的优

点和缺点，但是海外目的地可以提供其他的

选择。在中国购买飞机或游艇之前，应该了

解相关的一些规则以及在海外注册的好处。

在岸飞机注册

在中国注册飞机的过程与其他国家相比非常

不同。在你可以开始注册之前，必须获得民

用航空器国籍卡。要得到这张卡，你必须符

合中国民用飞机的规则。在你考虑在中国购

买的飞机之前，最好阅读中国民用飞机的规

则手册，以了解飞机飞行和注册相关的各项

规章制度。

　　民用飞机可以在中国和另一个国家同时

进行注册。但是如果你想在中国和另一个国

家同时注册你的飞机，你必须确保你首先在

离岸目的地进行注册。如果你首先在中国注

册了你的飞机，你就无法在不放弃中国注册

卡的前提下在其他地方进行登记。

　　中国民航总局的官员 Zhao Jinyu 告诉

《中国离岸》，要想在中国注册飞机，你的

飞机必须满足一些硬件要求。首先，它必须

是固定翼飞机，它必须在机翼之间拥有机身，

以及在两侧都由尾翼。其次，飞机必须在两

侧都有尾梁或垂直尾翼。

　　最后，民用航空器的国籍和注册标志的

both China and another country. But if you want to have the aircraft registered in China and another nation, you must make sure that you register it offshore first. If you register the aircraft in China first, you cannot change it without losing your Chinese registration card.

Zhao Jinyu, an executive at Civil Aviation Administration of China, told China Offshore that in order to register an aircraft in China, one’s aircraft must meet some physical requirements. Firstly, it must be a fixed wing aircraft; it must have the fuselage between the wings and tail on both sides of the tail. Secondly, the aircraft must tail boom on both sides or on both sides of the vertical tail.

A n d f i n a l l y, t h e c i v i l a i r c r a f t nationality and registration marks of

By Baron Laudermilk



字体和大小必须满足某些特定要求。字母、

数字和破折号必须是实线，不允许有装饰。

除了破折号以外，机翼上的字不能超过 50

厘米。许多离岸中心没有这类规则。

离岸飞机注册

离岸注册飞机有许多好处，这值得我们思考。

虽然美国拥有世界上最多的注册飞机数，但

在某些国家进行飞机注册更为便宜。在过去

的几年里，对许多跨国公司来说，百慕大、

开曼群岛、巴哈马群岛、阿鲁巴已经成为公

认的飞机注册商业目的地。在这些国家注册

的波音商务喷气机的数量也在不断上升。

the font and size must meet certain requirements. The letters, numbers and dashes must be solid lines without decoration. In addition to the dash, the words on the wing cannot be less than 50 cm. Many offshore centers do not have these kinds of rules.

Offshore Aircraft RegistrationRegistering an aircraft offshore has many different benefits that are worth thinking about. Although the U.S. has more jets registered than any other country in the

来源：中国海事局Source: The Maritime Safety Administration of the People's Republic of China

购买游艇的程序流程

Procedures to buy a yacht

1. 向省级海事局申请船名。

2. 提交游艇制造的产地证明、购销合同、

交接证明、购船发票，进口游艇需同

时提供海关证明，向属地海事船舶管

理部门申请办理《所有权证书》。

3. 提交游艇的产品质量证明、规格设备

资料、竣工图等文件向海事船检机构

申请办理《船检证书》及《适航证书》。

4. 凭《所有权证书》及《船检证书》向

海事船舶管理部门申请办理《国籍证

书》。

5. 定期按照各证书的规定办理年度审查

及船舶安全检查。

6. 游艇如要离开注册港所属区域驶向异

地，需携《船舶签证薄》向海事监管

部门办理签证手续。

1. Apply to the provincial maritime bureau for the name of the vessel;

2. Submit the certificate of origin, transaction contract, proof of delivery and invoice (for imported yachts, Customs certificate must also be submitted) to apply to the local maritime authority for the issuance of the Certificate of Ownership;

3. Submit quality certificates of the p r o d u c t s , s p e c i f i c e q u i p m e n t information, as-constructed drawing and other documents to the maritime ship inspection institutions to apply for the Ship Inspection Certificate and the Seaworthiness Certificate;

4. With the Certificate of Ownership and the Ship Inspection Certificate, owners can go to the Maritime and shipping management authorities to apply for the Certificate of Nationality.

5. Regularly apply for the annual review and vessel safety checks in accordance with the provisions under various certificates;

6. If the yachts are to leave the region b e l o n g i n g t o t h e p o r t t h e y a r e registered with, owners need to bring the ship passport to the maritime re g u l a t o r y a u t h o r i t i e s f o r v i s a application.

在中国，越来越多的人开始拥有游艇，2010 年中国高净值人士中有 4％购买了游艇。然而，对购买游艇征收的税依然很高，这使得离岸注册成为一个有吸引力的选择。

Boat ownership is speeding ahead in China, with four percent of Chinese HnWis purchasing a boat in 2010. However, taxes on these purchases remain high, making offshore registration an attractive option.



　　这些离岸中心的地理位置使得它们能够

对接美国和加拿大。比如，开曼群岛到迈阿

密南部只需要约 90 分钟的时间。这些国家

的民航当局通常是友好的，并且能够讲一口

流利的英语。但是，决定是否在离岸国家进

行注册也有很多考虑。

for aircraft registrations of many multi-national companies, and the number of Boeing Business Jets registered in these countries is also increasing.

The locations of these offshore centers make them accessible to the U.S. and Canada. For example, the Cayman Islands are about 90 minutes south of Miami and in the same time zone as Kansas. The aviation authorities a r e t y p i c a l ly f r i e n d ly a n d s p e a k fluent English. But there are many considerations in determining whether to register in an offshore country.

Citizenship requirements are perhaps the most important thing to consider before starting the registration process. For example, if you wanted to register an aircraft in the U.S., you cannot unless you are a citizen of the U.S. Confidentiality is another important concern for many Chinese HNWIs. Aircraft ownership in the U.S. is a public record that is available on the Internet, but many offshore centers keep these records private. Also, security, taxes, liabilities, and easy access to the aircraft are all important factors when registering an aircraft offshore.

After speaking with different people who own aircraft in China, many have said that one of the best places to register an aircraft is in the Cayman Islands. One businessman, who wanted to remain anonymous, said, “In all my contacts, I have never met people who are more professional and courteous than those at the Cayman Civil Aviation Authority. They get you registered quickly, and they keep things private and safe.”

The Cayman Islands are secure, and its British based legal system and supporting infrastructure are strong compared to other exotic offshore centers such has Panama. One can keep their records private and out of the public, and the taxes are low compared to China and even relatively low compared to

world, there are more countries where an aircraft can be registered that are cheaper and also worth considering. In the last few years, Bermuda, the Cayman Islands, the Bahamas, and Aruba have become recognized business addresses

第一步：双方沟通，公司推荐飞机（如果需要试飞，需要 1 万 -5 万元试飞费用 / 机型） →

第二步：确定意向机型与参考价格 →第三步：签署意向（条款基本与合同一致，但客户

只需要支付诚意金）→第四步：支付 50 万元人民币可退还定金（作为诚意金，唯有客户

最终选定飞机才变为定金）→第五步：公司推荐机位与飞机配置，客户确认（如果客户最

终放弃，诚意金立即退还，意向失效）→第六步：意向书生效，50 万元成为不可退还定金（开

始办理飞机进口批文）→第七步：获取批文后，签署正式协议 →第八步：飞机在制造国（或

供应商）交付地交付试飞（在当地交付即需要付清税金以外全款，产权转移）→第九步：

飞机运输、报关、再组装（海运一个月左右；空运一周左右。税金付清。）→第十步：国

内交付飞机（飞机将交运到客户所在地组装） →第十一步：飞机办理临时三证或用美国三

证，适航检查试飞 →第十二步：办理飞机三证（适航检查试飞后一周）→第十三步：办理

非经营性通航许可和飞行许可 →第十四步：飞机试飞，完成交付（首飞后一周内付清全款）。

来源：中国私人飞机白皮书Source: China Private Aircraft Whitepaper

买一架飞机要走 14 步

Fourteen steps to buy an aircraft:

Step 1: Communicating with each other; the company recommending the aircraft (if a trial flight is needed, a fee of between 10,000 and 50,000 yuan per jet should be paid) Step 2: Determine the model and the reference priceStep 3: Signing the intention letter (its terms almost the same with those in the contract; but the client needs to pay the earnest money)

Step 4: Pay 500,000 yuan worth of refundable deposit (as earnest money, only after the customer finalizes the selection of the aircraft, then it becomes the deposit)

Step 5: The company recommends parking place and aircraft configuration for the customer to approve (if the client eventually gives up, the earnest money is immediately refunded and the intention letter is nullified)

Step 6: Letter of Intent enters into force and the 500,000 yuan in deposit becomes non-refundable (starting to seek approval for aircraft import)

Step 7: Get approval and sign a formal contract Step 8: The aircraft is delivered in the country of manufacture (or the supplier) for a test flight (when delivered in the host country, the full amount excluding taxes should be paid and the ownership is transferred)

Step 9: Transportation of the aircraft, customs clearance and re-assembly (shipping takes about a month; air transport takes about a week. Taxes should be paid.)

Step 10: Domestic delivery of the aircraft (Aircraft should be shipped to the location of the customer for assembly)

Step11: Apply for three temporary certificates for the aircraft, or in the United States three certificates, test flight to inspect airworthiness

Step 12: Apply for the three certificates for the aircraft (a week after the airworthiness inspection test flight)

Step 13: Apply for non-operating navigable license and flight license Step 14: Test flight and completion of delivery (the full payment should be paid within a week after the maiden flight)



　　在开始注册前，公民权的要求也许是最

需要考虑的事情。例如，如果你想在美国注

册飞机，你必须是美国公民。对许多中国的

富裕人士来说，机密性是另一个重要的因素。

美国飞机的所有权是公开的纪录，在互联网

上公布，但是许多离岸中心不公开这些记录。

此外，安全、税收、责任以及飞行便利在考

虑离岸飞机注册时都是重要的因素。

　　在与许多在中国拥有飞机的人进行交谈

后，笔者发现许多人认为注册飞机的最佳地

点之一是开曼群岛。开曼群岛的英国法律制

度和配套设施都很强。你可以不公开记录，

税率相比中国也很低，比其他离岸中心也

要相对低一点。开曼群岛的飞机注册公司

Maples and Calder 的官员 Joannah Small

告诉《境外投资》：“开曼群岛能够提供安

全、稳定和‘友好旗’的私人飞机注册，以

及对飞机拥有稳定权益的成熟体系。”

在岸游艇注册

尽管中国拥有大量的富裕人士，但是对游艇

注册缺乏明确的规则已经成为导致中国游艇

实际购买数量较低的关键阻碍因素之一。

　　根据此前的海事法，私人船只和商业船

只之间不存在差异，这使得在国外购买和使

用私人船只变得更加复杂。

　　是否能够轻松地进行注册取决于游艇的

大小。较大的游艇可能被视为客船，从而导

致注册程序变得复杂，对游艇所有权的要求

也更高（船员的资格、船员人数）。

　　当决定购买一艘游艇之前，业主需要准

备各种证件和文件，包括国籍证书、所有权

证明和船的认证。

　　虽然代理商和分销商可能帮助进行游艇

注册，但是在游艇的实际运作和使用过程中

有着许多限制。

　　2009 年，中国政府颁发了首部完整的游

艇法规，使游艇注册得以简化和标准化。现

在，只有中国海事局才能够改变游艇登记的

流程。

　　该规定为中国的游艇产业带来了一些重

要的变化。首先，规定简化了游艇登记手续。

其次，所有海洋、湖泊和河流最终将完全对

个人开放。此外，还将颁发游艇的全国驾驶

执照。虽然地方政府仍然没有完全遵循这些

规则，但是有越来越多的政府开始跟上，颁

布了这些法规。

other offshore centers. Joannah Small, an executive at Maples and Calder, a Cayman Island’s aircraft registration company, said to Invest In, “the Cayman Islands provides a safe, stable and ‘friendly flag’ for registration of private aircraft and a developed system for perfecting a security interest over that aircraft.”

Onshore YachtRegistrationThe lack of clear rules for registering yachts has been one of the key deterrents for the low number of actual purchases in China, despite the country’s large number of HNWIs.

Under previous maritime legislation, there was no difference between private boats and commercial boats, making purchasing and using private boats more complex in other countries.

In larger cities such as Shenzhen, Shanghai and Qingdao, registering yachts is much more straightforward than smaller cities where the rules are still

unclear and frequently change.The ease of registration comes down

to the size of the yacht. Larger yachts may be considered passenger vessels, resulting in a complicated registration process and higher yacht ownership requirements (qualifications of the crew, number of the crew).

W h e n d e c i d i n g t o p u r c h a s e a yacht, owners need to prepare various certificates and documents, including the nationality certificates, the proof of ownership, and the boat’s certification.

Although agents and distributors may be able to register a yacht, there are many restrictions in the actual operation and use of the boats.

In 2009, Beijing put forward the first comprehensive set of regulations for yachting called Provisions that have simplified and standardized yacht registration. Now only the Maritime Safety Administration can change yacht registration processes.

私人飞机在中国是一个新的市场。根据胡润百富的统计，2010 年中国高净值人士中仅有 1％的人购买了飞机。

Private airplane ownership is a new market in China with only one percent of Chinese HnWis making the purchase in 2010 according to the Hurun report.



游艇驾驶执照

在中国，获得一张游艇驾驶执照需要面对中

国政府和许多地方政府之间的权力博弈。获

得这张执照很重要，因为你必须拥有它才能

驾驶游艇。

　　规定指出，中国海事局拥有权力向那些

通过游艇驾驶学校训练课程的学生颁发私人

游艇的驾驶执照。

　　游艇运营资质证书分为海洋游艇运营商

资质证书和内河游艇运营商资质证书。在新

规定执行前，上海颁发的游艇驾驶执照不能

用于其他省份，这在游艇业主中造成了混乱

和愤怒。

然而，新规定的实施允许持有牌照的游

艇运营商跨地区的航行，这被认为是中国游

艇航行领域的一大突破。

进口关税和消费税

游艇在中国需要支付很高的消费税，这使得

进口游艇的总税率高达 43％左右。中国的

高税率已经让许多中国的游艇买家在香港进

行注册，甚至将他们的船停泊在那里。游艇

的进口关税在 8％和 10.5％之间。

Provisions have brought about some key changes in the yacht industry in China. Firstly, they simplified the yacht registration procedure. Secondly, all seas, lakes and rivers will eventually be fully open to individuals. Nationwide piloting licenses for yachts will be available. Although local governments still do not follow these rules fully yet, more are beginning to get on board and issue these regulations.

Yacht Piloting LicensesAcquiring a yacht-piloting license in China is a subject of much debate in the corridors of power in Beijing and the halls of many local governments throughout China, and it is important because one must have a license to sail a yacht. Since January 2009 all yacht schools must follow national standards and fees, course hours, exams, and teaching materials, making it possible for the whole nation to use the same standardizations.

The Provisions say that the Maritime Safety Administration of China has the authority to issue piloting licenses for private yachts to students who pass the training courses of yacht piloting schools.

Qualification certificates for yacht operators are classified into qualification certificates for operators of oceanic yachts and qualification certificates for operators of inland waterway yachts.

B e f o re t h e i m p l e m e n t a t i o n o f Provisions, a yacht piloting license issued in Shanghai could not be used in other provinces, which caused much confusion and anger amongst yacht owners.

There are plans by local governments in the Yangtze River Delta (Shanghai, Zhejiang and Jiangsu) to issue a uniform license that can be used by boats in rivers and lakes of all the provinces, but so far that has not become a reality.

H o w e ve r, t h e i m p l e m e n t a t i o n of the Provisions has allowed trans-regional access to yacht operators holding a license, which is considered a breakthrough in China’s yacht navigation circles.

Import Duties and Consumption TaxesYachts in China are subject to a high consumption tax, which brings the total tax on importing a yacht to around 43 percent.The high taxes in China have persuaded many Chinese yacht buyers to register their boats in Hong Kong and even keep their boats there. The import duty for pleasure boats is between 8 and 10.5 percent.

Offshore Yacht Registration Currently it is still a better idea to register yachts outside of China, as taxes in China are still high compared to other nations, and because of the blurry rules in many regions.

Many manufactures and distributors encourage buyers to register and

得益于其精简和高效的税收政策，香港在游艇登记领域是一个颇受欢迎的便利目的地。

With its streamlined and tax efficient policies, Hong Kong is a popular and convenient location for yacht registration.



Source: ACT - Offshore


离岸游艇注册

考虑到中国的税收相比其他国家仍然很高，

许多地区的规则也很模糊，目前在中国以外

的地区注册游艇仍然是一个更好的主意。除

了如前所述的避免高税收以外，离岸注册游

艇还有很多好处。

　　中国仍然希望维护自身游艇产业的发

展，因此进口游艇相比国产游艇来说的税收

更高，国产游艇的税率仅为 15％。所有离

岸注册同样不需要支付这个税。

　　许多中国游艇业主们表示，他们已经注

意到了一些游艇开始使用外国旗，而不是传

统旗。全球主要的离岸游艇注册目的地包括

新加坡、开曼群岛、多米尼克、马耳他、巴

拿马、马绍尔群岛、塞舌尔、英属维尔京群

岛、安提瓜和巴布达以及巴哈马。所有这些

地区都显著地减少了注册费和税金。

　　离岸游艇登记另一项很大的好处在于许

多地区拥有更高的保密度，相关记录是不公

开的。这非常适合中国客户，他们希望确保

他们的一些资产得到隐藏和保护。

　　如果游艇业主不希望公开自身游艇主的

身份，那么可以创建一个离岸结构，游艇业

主可以成为这个结构的所有人，而这个结构

是船只的所有者。因此，游艇所有者的风险

和责任得到降低。这种解决方案也将允许在

官方记录不出现游艇业主名字的情况下私人

使用游艇。

　　总的来说，离岸注册游艇将不仅显着降

低税收，而且他们的登记过程大多比较简单，

相比中国能够提供更多的保护。

重点

相比许多离岸金融中心，中国的飞机和游艇

登记过程仍然比较模糊和复杂。更糟的是，

中国对飞机和游艇的征税相比前面提及的离

岸中心是相当高的。毫无疑问，如果你打算

购买一艘游艇或飞机，到境外注册是一个好

主意。如果有人喜欢去往西方世界旅行，那

么在开曼群岛、多尼米克或者其他离岸中心

注册游艇或者飞机不仅能够帮助他们省钱，

而且能够保护他们的利益和信息机密。在购

买游艇或飞机前，应考虑许多不同的选项，

包括香港或其他离岸金融中心进行购买。要

全面地了解所能够获得的服务，看看该国的

安全性，当然还有它的税收制度。

keep their yachts in Hong Kong.The jurisdiction is known by many yacht owners for its ease of registration and excellent berthing infrastructure. Buyers will also avoid the high taxes associated with importing yachts into China.

T h e r e a r e m a n y b e n e f i t s t o registering a yacht offshore besides just avoiding high taxes, as previously stated. Flying conventional flags still impose tough regulations and restrictions on both the owners and their yachts.

C h i n a s t i l l h a s a n i n t e r e s t i n safeguarding its own growing yacht building industry, as imported boats are hit with high taxes compared to domestically made yachts that are taxed at only 15 percent. This duty is also waived in all offshore registrations.

Many Chinese yacht owners have said that they have noticed exotic flags atop yacht masts instead of seeing conventional flags. The world’s main offshore jurisdictions for registering a yacht are Singapore, Cayman Islands, Dominica, Malta, Panama, Marshall Islands, Seychelles, the British Virgin Islands, Malta, Antigua and Barbuda, and the Bahamas. All of these reduce significant registration costs and taxes.

Some countries also have additional benefits for yacht owners such as reduced VAT rates, and more f lexible crew requirements. A good example of this is Red Ensign Flag, which offers protection and is internationally recognized. Yachts registered under Red Ensign Flags, similar to flags of Bermuda and BVA, are under the protection of the Royal Navy and can seek assistance from any British Embassies or Consultants throughout the world.

Another great benefit that comes with the registration of yachts offshore is that many have higher degrees of confidentiality, as they are not on public record. This works well for Chinese

clients, who want to ensure that some of their assets are hidden and protected.

If a yacht owner would prefer to not disclose his identify as a yacht owner, an offshore structure can be created, through which he will be the owner of structure which also owns his vessel, therefore the yacht owner’s risk and liabilities are decreased. This kind of solution would also allow using the yacht privately, without the owner’s name appearing on any official records.

In summation, registering a yacht offshore will not only significantly lower taxes, but many of their registration processes are simpler, and provide more protection than is provided in China.

The PointChina’s aircraft and yacht registration processes are still blurry and complex compared to many offshore centers. To make matters worse, China’s taxes on both aircraft and yachts are considered to be high if compared to many of the previously mentioned offshore centers. There is no question that if you plan to buy a yacht or aircraft, it is a good idea to register it offshore. Hong Kong appears to be a good place for Chinese investors to register their yachts and aircrafts mainly because of its lower taxes and because of its location being next door to the mainland. But if one enjoys travelling and going to the West, registering a yacht or aircraft in either the Cayman Islands, Dominica, or many other players will not only save them money, but will also protect their rights and keep the information confidential. Before one considers purchasing a yacht or an aircraft, one should look into the many different options, including purchasing in Hong Kong or other offshore centers. Get a full picture of the services that are provided; look at the safety of the country, and of course, its tax system.


020 Summer, 2012


Barbados: An offshore center with substance

巴巴多斯：货真价实的离岸中心

By Iain Manley

BarBaDoS eye oN | 看点

Offshore financial centers may h ave t a ke n t h e i r c u e f ro m Switzerland’s legal system, but it

is the islands of Britain’s former empire that have come to define them. Islands were a first foothold in foreign places for not just the British but all of Europe’s empire builders. They were centers of trade and jumping off points, where diplomats, missionaries and merchants prepared for expeditions to the nearby continents. Hong Kong was a staging post for China, Singapore for Southeast Asia,

离岸金融中心也许都借鉴了瑞士的法

律制度，但是真正使其闻名的却是

大英帝国此前的一些附属岛屿。这

些岛屿不仅对英国人而且对所有欧洲王朝的

建立者来说都是第一个立足点。他们的贸易

中心和跳板，在那里外交官、传教士和客商

为前往附近大陆进行探险做好准备。对中国

来说，香港是一个中转站，好比新加坡对东

南亚、西印度群岛对北美一样。在许多方面，

他们如今仍然是这样的中转站。

　　像许多加勒比地区的岛屿一样，巴巴多

斯在一段时间内曾经是英国的殖民地。英国

人于 1627 年首次征服了该岛，在之后的几

十年里它获得的移民数量要多于当时羽翼未

丰的北美大陆殖民地。当蔗糖种植于 1640

年开始时，岛内的人口分布发生了转变：

1644 年，3 万名居民中有 800 个是非洲裔居

民，而相比之下在56年以后，也就是1700年，

65000 个居民中有 50,000 个是非洲裔的。对

甘蔗的精耕细作使得西印度群岛与英国在亚

洲的殖民地产生了分工，后者得益于繁忙的

港口。但是，随着甜美的英式茶在 18 世纪

开始流行，双方交易的货物是有交集的。

　　早在 1884 年，巴巴多斯的一部分人开始

推进独立，试图加入新成立的加拿大联邦。

但是，直到 1966 年该岛才获得完全独立，而

它的英国根源和其早期与加拿大之间的联系

仍然影响着巴巴多斯。像加拿大和澳大利亚

一样，该岛仍然是英联邦的成员。伊丽莎白

女王是国家的象征领袖，而通过英联邦，它

与加拿大建立了联系。这两个地方共享一个

具有影响力的领导人：Francis Hincks 爵士。

但是直到 1907 年加拿大贸易专员服务处在巴

巴多斯建立了办公室后，两地才正式开始建

交。加拿大的银行紧随其后，1911 年加拿大

皇家银行在岛上开设了第一家分行，之后是

1920 年的加拿大帝国商业银行以及 1956 年

the West Indies for North America, and in many ways, they all still are.

Like many of the islands in the Caribbean, Barbados was for a time a B r i t i s h c o l o ny. F i r s t s e t t l e d i n 1627, for decades it received more immigrants than the fledgling colonies of mainland North America. When sugar cultivation began in 1640, the island was demographically transformed: 800 of its 30,000 residents were of African descent in 1644, compared to 50,000 of a total 65,000 56 years later, in 1700.

位于布里奇顿的巴巴多斯议会是英联邦第三古老的议会。巴巴多斯长期以来拥有稳定的政府，以及强大的金融服务行业。

Barbados’ parliament, at Bridgetown, is the third oldest in the Commonwealth. With a long history of stable governance, Barbados has a strong financial services industry.

26 Summer, 2012

The intensive cultivation of sugar cane set apart the West Indies and Britain’s Asian possessions, which earned their keep with busy ports, but in the cups of sweet English tea that became popular in eighteenth century, the goods traded by both were combined.

Parts of Barbadian society pushed for independence as early as 1884, by trying to join the newly formed Canadian Confederation, but the island did not gain full independence until 1966 and its British origins, along with its early links to Canada, continue to define Barbados. The island remains a Commonwealth realm, like Canada and Australia. Queen Elizabeth is its symbolic head of state, and it was through the Commonwealth that its relationship with Canada took shape. The two shared an influential governor, Sir Francis Hincks, but only began a formal exchange when the Canadian Trade Commissioner Service established an office in Barbados in 1907. Canadian banks followed, with the Royal Bank of Canada opening its first branch on the island in 1911, the Canadian Imperial Bank of Commerce in 1920, and Scotiabank in 1956. Canada and Barbados tightened their already strong financial links in 1980, by signing

a double taxation agreement, decades before Canada signed similar agreements with other offshore financial centers in the region.

As a result of this special relationship, roughly 75 percent of the companies in Barbados’ international financial community are Canadian. The island is said to have developed its regulatory structures in line with Canadian rules and reporting standards and monetary flows between the two are significant – so significant that Barbados is the third largest destination for Canadian direct investment abroad, while Canada is Barbados’ largest source of foreign direct investment.

That picture changed somewhat last year, when taxation agreements between Canada and a number of Barbados’ neighbors – including Bermuda, the Bahamas and the Cayman Islands, all of which are themselves offshore financial centers – came into effect. “The Barbados international business sector,” wrote Charles C. Gagnon, Tax Partner at the Montreal based firm BCF, “needs to reinvent itself to meet the current challenges and take advantage of new markets to promote its future growth.” Mr Gagnon has a point, because unlike

的丰业银行。1980 年，加拿大和巴巴多斯签

署了免双重征税协议，进一步提升了它们之

间已经非常强大的金融联系。这比加拿大与

该地区其他离岸金融中心签署类似协议要早

上好几十年。

　　由于这种特殊的关系，巴巴多斯的国际

金融界中大约有 75％的公司来自加拿大。据

说，该岛已经建立了符合加拿大规则和报告

标准的监管结构，两国之间的货币流动额是

巨大的：巴巴多斯是加拿大对外直接投资的

第三大目的地，而加拿大是巴巴多斯外国直

接投资的最大来源国。

　　随着去年加拿大与巴巴多斯的一些邻国

之间签署的税收协定开始生效，这种局面有

所改变。这些领国包括百慕大、巴哈马和

开曼群岛，所有这些地区都是离岸金融中

心。总部位于蒙特利尔的 BCF 的税务合伙人

Charles C. Gagnon 写道：“巴巴多斯国际

商界需要改造自己，以应付当前的挑战，并

且需要利用新市场的优势来促进其未来的增

长。” Gagnon 的话有一定的道理，因此与

其邻国不同，巴巴多斯并不是一个零税收的

司法管辖区。他继续说：“迅速地转向一个

零税率的环境也许是唯一的答案，这将使得

（巴巴多斯）的国际商界能够在一个公平竞

争的环境下与其他离岸司法管辖区进行新业

务的竞争，这些业务机会不仅来自加拿大，

而且来自世界其他地区。”

　　巴巴多斯总理 Freundel J. Stuart 并不同

意这种说法。去年在接受《中国离岸》的采

访时，他表示：“巴巴多斯能够提供所有其

看点 | eye oN BarBaDoS

Foreign Assets of Banks over time(1992-2012)

外国银行账户资产 (1992 年 -2012 年）

3000000

2500000

2000000

1500000

1000000

500000

0

19921994

19961998

20002004

20022006

20082010

2012

来源：巴巴多斯央行和商业银行Source: Central Bank of Barbados & Commercial Banks

(BDS$000)

( 巴巴多斯币：千）


its neighbours, Barbados is not a zero tax jurisdiction. “A swift move to a zero rate elective environment may be the only answer,” he continued, that will “allow [Barbados’] international business sector to compete on a level playing field with other offshore jurisdictions for new business, not only from Canada but from other parts of the world.”

Freundel J. Stuart, the Prime Minister of Barbados, disagrees. “Barbados offers all the legal vehicles that other offshore centers offer and it offers much more,” he said in interview with China Offshore last year. The prime minister was nevertheless careful to distinguish Barbados from its neighbors, by emphasizing the island’s depth and experience. Speaking directly to Chinese investors, he said Barbados

could offer “Chinese entrepreneurs both tax efficiency and market access benefits,” which made it better suited to “sophisticated Chinese investors who have moved beyond solutions merely aimed at parking their money offshore with no plans of growing their portfolios or investing in businesses of substance offshore.”

“Perhaps most importantly for the sophisticated Chinese investor,” said Mr Stuart, “is Barbados’ experience and long history of supporting international business and financial service companies, especia l ly in t he Nort h America n markets. This experience is not just in the private sector but is buttressed by the government regulatory authorities who have experience in securing and protecting the interests of the investors.”

international business is the second largest industry in Barbados, after tourism. The island's existing laws and infrastructure has made it the first jurisdiction in the Caribbean to be recognized as fully compliant with the OECD’s tax treaties. The capital, Bridgetown, is home to the Caribbean’s third largest stock exchange, which is gradually being integrated into a single, region wide exchange.

　　　巴巴多斯的国际业务是该国的第二大

行业，仅次于旅游业。该岛现有的法律和基

础设施使其成为了加勒比地区第一个被确认

完全符合经合组织的税务条约的司法管辖

区。首都布里奇顿拥有加勒比地区第三大的

股票交易所，它正在逐渐被整合为一个单一

的区域性交易所。


28 Summer, 2012

As a result of i ts longstanding relationship with Canada, international business is the second largest industry in Barbados, after tourism. The island's existing laws and infrastructure has made it the first jurisdiction in the Caribbean to be recognized as fully compliant with the OECD’s tax treaties. The capital, Bridgetown, is home to the Caribbean’s third largest stock exchange, which is gradually being integrated into a single, region wide exchange. For investors who are interested in doing a substantial part of their business in Barbados – instead of merely “parking their money,” to borrow Mr Stuart’s phrase – the island is also an excellent place to recruit capable employees. It was placed fifth in the Americas and 47th in the world in the UN’s 2011 Human Development Index, because of its world class education system, based on the British model. Together, compulsory schooling for

children from age 5 to 16 years old and free university combine to produce a highly skilled, English speaking work force.

Barbados has a range of legal vehicles to offer investors, the most popular of which is the International Business Company (IBC). Among the benefits of these vehicles are: a tax rate of between 1-2 percent on business profits; exemption from withholding taxes on dividends, interest, royalties, fees or other income paid to a non resident of Barbados; credit for taxes paid outside Barbados; exemption from import duty and VAT on goods required for business; selected services provided at zero rated VAT; exemption from transfer taxes and stamp duties on shares or other assets held by an IBC, excluding real estate located in Barbados; zero tax on dividends received from a foreign subsidiary in which a Barbados based

看点 | eye oN BarBaDoS

他离岸金融中心所能够提供合法工具，它可以

提供的更多。”但是，这位总理特别提出了

巴巴多斯与其邻国不同的地方，强调了该岛

的深度和经验。直接对中国的投资者来说，

他表示巴巴多斯可以为“中国企业家提供税

收效率和市场准入的好处，”这使其能够更

好地服务“拥有多样需求的中国投资者，他们

不满足于只是将钱放在离岸，而不计划扩大其

投资组合或者对离岸实体业务进行投资。”

　　Stuart 先生说：“对成熟的中国投资者

来说，也许最重要的是巴巴多斯的经验以及

长期对国际企业和金融服务公司的支持，特

别是北美市场。这方面的经验不仅体现在私

营部门，而且也得到了政府监管部门的支持，

它们在保护投资者的安全和利益方面拥有丰

富的经验。”

　　由于其与加拿大的长期关系，巴巴多斯

的国际业务是该国的第二大行业，仅次于旅

游业。该岛现有的法律和基础设施使其成为

了加勒比地区第一个被确认完全符合经合组

织的税务条约的司法管辖区。首都布里奇顿

拥有加勒比地区第三大的股票交易所，它正在

逐渐被整合为一个单一的区域性交易所。对那

些希望在巴巴多斯开展一部分实体业务的投

资者来说（而不只是“存放他们的钱”，借用

Stuart 先生的话来说），要雇佣能干的员工，

该岛也是一个极好的地方。在 2011 年联合国

人类发展指数的排名中，由于其基于英国模式

的世界一流教育体系，巴巴多斯位于美洲地

区的第五位，全球的第 47 位。总的来说，孩

子从 5 岁到 16 岁的义务教育以及免费大学塑

造了一批技术精湛、会讲英语的劳动力。

　　巴巴多斯能够为投资者提供广泛的法律

工具，其中最流行的是国际商业公司（IBC）。

这些工具所能够带来的好处包括 1 － 2％的

营业利润税率、对向非巴巴多斯居民支付的

股息、利息、版税、费用或者其他收入免征

预提税、对巴巴多斯境外税收实行抵免、企

业所需的商品免征进口关税和增值税、一些

特定的服务享受零增值税、国际商业公司持

有的股份或者其他资产免征转让税和印花税

（不包括巴巴多斯的房地产）、外国子公司（巴

巴多斯公司持有至少 10％的股份）给予的股

息享受零税率、以及不施加外汇管制。

　　虽然巴巴多斯与加拿大之间的特殊关系

会让这个岛国一时感到骄傲，但是相比其他

一些离岸金融中心，它所拥有的免双重征税

巴巴多斯首都布里奇顿拥有一个蓬勃发展的经济，包括巴巴多斯证券交易所，它是加勒比地区四大证券交易所之一。

Barbados’ capital Bridgetown, has a thriving economy, including the Barbados stock exchange one of the four major regional stock exchanges in the Caribbean.


company owns at least a 10 percent share, as well as freedom from exchange controls.

The special relationship shared by Barbados and Canada might have made the island nation complacent, for a time, because it does not have a network of double taxation agreements as extensive as a number of other offshore financial centers. The government is now working hard to correct that, by negotiating new double taxation agreements, and a handful are awaiting approval. 19 already exist, with Canada, the United States, the United Kingdom, Botswana, Cuba, the Caribbean Community (Caricom), Sweden, Mexico, Panama, Venezuela, and China, which signed the agreement in 1986, making it one of the both countries’ oldest tax treaties. On top of these tax treaties, Barbados has signed a number of investment protection agreements, with Venezuela, China, Canada, Cuba and Ghana, amongst others, ensuring that

it can defend the rights of its investors abroad.

At first glance, Barbados makes the most sense for Chinese investors who need a conduit into Canada. Many do, because Canadian real estate and Canadian schools are both extraordinarily popular with China’s wealthy elite, but the island should probably be regarded as an offshore center of greater substance. The loopholes being closed by the OECD are making zero tax jurisdictions less sustainable, as well as increasing the importance of bringing substance to an of fshore investment , which requires readily available, skilled labor, and well-established infrastructure. Offshore f inancial centers may be still staging posts of a kind, but the expeditions prepared in them have grown exponentially in sophistication, so perhaps it makes sense that the most sophisticated island makes the best base.

协定的网络并没有那么广阔。该国政府正在

通过商谈新的免双重征税协定来努力纠正这

个问题，一些协定正在等待批准。目前共同

签署了19项协定，包括与加拿大、美国、英国、

博茨瓦纳、古巴、加勒比共同体（CARICOM）、

瑞典、墨西哥、巴拿马、委内瑞拉和中国之

间的协议。与中国的协议签署于 1986 年，

使其成为两国最古老的税务条约。除了这些

税务条约之外，巴巴多斯还与委内瑞拉、中国、

加拿大、古巴和加纳等国家签署了一系列投

资保护协定，确保其可以捍卫其投资者在海

外的权利。

　　乍一看，对那些需经中转进入加拿大的

中国投资者来说，巴巴多斯是最具可行性的。

由于加拿大的房地产和加拿大学校在中国富

裕人士当中非常受欢迎，因此许多人都这么

做。但是，该岛应该被视为一个更大的实体

离岸中心。经合组织关闭的漏洞正在使得零

税司法管辖区的发展变得不可持续，并且让

离岸投资的实体经营变得更加重要，这对现

成的熟练劳动力和完善的基础设施提出了要

求。离岸金融中心仍然可以保留自己的地位，

但是其面临的道路已经变得非常复杂，因此

也许只有最先进的岛屿才能成为最好的基地。

来源：巴巴多斯央行Source: Barbados Central Bank

2005 2006 2007 2008 2009 2010 2011 2012

实际增长率 Real Growth (%) 4 5.7 1.7 0.1 3.7 0.2 0.4 0.7

通货膨胀率 Inflation (%) 6.1 7.3 4 8.1 3.6 5.8 9.5 8.1

失业率 Unemployment (%) 9.1 8.7 7.4 8.1 10 10.8 11.2 11.1

外汇储备（以百万美元计）Foreign Exchange Reserves ($ Million)

1236 1194 1550 1359 1489 1435 1420 1293

外汇储备耗尽（周）Foreign Exchange Reserves Cover (weeks)

15.4 16 20.9 16.4 21.1 18.4 16.5 14.9

经常帐户国际收支差额（占 GDP 百分比）BOP Current Account (as % GDP)

-10.6 -8.4 -5.5 -11.2 -7.1 -6.1 -8.6 -8.5

净资本流入 Net Capital Inflow 662 710 1020 546 732 512 686 661

财政赤字 ( 占 GDP 百分比 )Fiscal Deficit (% of GDP)

-4.3 -1.5 -1.7 -4.4 -8.8 -7.5 -7 -4.6

财政经常帐户（占 GDP 百分比）Fiscal Current Account (as % of GDP)

0.8 2.9 1.2 -1.5 -5.2 -6.3 -5.6 -3


Main Economic Indicators (2005 - 2012)

主要经济指标（2005 年 -2012 年）

30 Summer, 2012S20 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 beneficiaries,

• the payments which have to be effected to the

beneficiaries and

• the total amount of assets endowed to the foundation

are included in the non-public by-laws.

The founder can denominate any beneficiary he thinks

of and can, denominate additional or new beneficiaries

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

beneficiaries.

Becoming beneficiary 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 Certified Tax Advisor

The rights of the founder

The rights of the founder of an Austrian foundation are

very far reaching:

• he selects the first 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 beneficiaries 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 first management board is selected by the founder,

otherwise the court nominates the board, but only, if

the founder has not foreseen a different 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 beneficiaries

In case of non-resident beneficiaries living in non-treaty

countries payments made to such beneficiaries are due

to a 25 % withholding tax at source.

Provided such a beneficiary 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

32 Summer, 2012

对中国的货币来说，这是一个繁忙的

时期。四月底，汇丰银行发行了三

年期无抵押以人民币计价的债券，

最初预计融资 10 亿元，但是投资者的需求超

过了汇丰的期望：该行出售了价值 20 亿元人

民币的债券。即使这样，有一半以上的潜在

买家（总需求为 42.5 亿人民币）失望而归。

汇丰并不是今年第一个在中国境外发行人民

币债券的公司。仅仅一个月前，也就是今年 3

月，总部设在迪拜的迪拜国民银行发行了海

湾地区的第一只人民币债券。3 月，America

London as an offshore renminbi center

伦敦——人民币的离岸中心

By Iain Manley

It has been a busy period for the Chinese currency. At the end of April, HSBC issued a 3 year, unsecured

renminbi denominated bond. Initially slated to raise 1 billion yuan, demand outstripped HSBC’s expectations: bonds worth 2 billion yuan were sold, and even then more than half the potential buyers – adding up to total demand of 4.25 billion yuan – were left disappointed. HSBC’s was not the first renminbi denominated bond to

be issued outside of China this year. Just a month earlier, in March, the Dubai-based bank Emirates NBD issued the Gulf’s first renminbi bond. América Móvil became the first South American company to raise funds in renminbi in March, when it issued a 1 billion renminbi bond, and South Africa’s Standard Bank launched yuan services in 16 African countries at the end of last year, not long after Deutsche Bank announced its own

特别报道 | sPecIAL rePort


Movil 成为南美地区首个筹集人民币资金的公

司，它发行了价值10亿人民币的债券。去年末，

南非的标准银行在 16 个国家推出了人民币服

务。而在此之前不久，德意志银行宣布推出

自己的离岸人民币工具：一个跟踪大陆以外

发行的人民币债券的可投资基准指数。

　　尽管有这一系列举动，但是汇丰银行在伦

敦发行的债券显得脱颖而出。英国财政大臣乔

治·奥斯本宣布了债券的成功发行，他把离岸

人民币市场称为“400 年道路上的下一步”，

并且借用了一句中国的俗语来表达他的希望：

sPecIAL rePort | 特别报道

offshore renminbi vehicle, an investable benchmark index that tracks renminbi bonds issued outside the mainland.

Despite the flurry of activity, HSBC’s London bond stood out. It success was announced by George Osborne, the UK’s Chancellor of the Exchequer, who called the offshore renminbi market the “next step in a 400-year-old road” for London and borrowed a Chinese idiom to express his hope that it would grow from “a small acorn…into a large oak tree.” By most standards, HSBC’s issuance was small, but because London is the world’s largest foreign exchange market, handling more than a third of all transactions globally, it was regarded as an important milestone on the road to a ful ly convert ible

renminbi. “HSBC is a strong, solid name coming

to the market,” says Paul Gooding, the company’s Head of European RMB Business Development. “The bond was issued out of London in the London time-zone, and aimed at European investors. It was also listed on the LSE (ORB), making it easier for retail clients to transact. The success of the bond - 60% European participation - comfortably highlights the appetite and growth potential for RMB products in Europe.”

Mr Gooding rightly emphasizes fundamentals, but there was an also an aspect of showmanship in the bond’s success. HSBC, which is Europe’s largest bank, timed the launch of the bond

Offshore RMB spot forex - global market

RMB Retail Banking Services Offered in London

离岸人民币现货外汇 - 全球市场

伦敦提供的人民币零售银行服务

来源：Bourse Consult 调研Source: Bourse Consult survey

支付 / 汇款 Payments/Transfers 496

存款 Deposits 155

储蓄帐户 Saving Accounts 107

私人银行 Private Banking 3600

香港 Hong Kong

伦敦 London

其他金融中心 Other Centers 18%

26%

56%

34 Summer, 2012

to coincide with the City of London Corporation’s announcement that it had formed a working group to look into developing the city’s offshore yuan business, with the aim of turning London into a global renminbi market.

Re n m i n b i b o n d s s o l d o f fs h o re are normally referred to as Dim Sum bonds, a name they picked up in Hong Kong, where dim sum is a popular mix and match Cantonese snack. China Development Bank issued the first Dim Sum bond in July 2007, starting a 3 year period during which they could only be

issued by mainland and Hong Kong-based banks. When that rule changed, in July 2010, McDonald’s was the first foreign, non-financial company to take advantage of it. A total of 35.7 billion yuan in Dim Sum bonds were issued in Hong Kong that year, growing to 131 billion in 2011. The Hong Kong market has continued to grow, with RMB50.7 billion sold in the first quarter of this year alone.

Demand for Dim Sum bonds is largely a result of China’s capital controls, which prevent foreigners from investing in domestic debt. The Chinese government

这个市场会从“一颗小橡果……长成一棵大橡

树”。按大多数债券的发行标准，汇丰银行的

发行规模是比较小的，但是由于伦敦是世界上

最大的外汇市场（能够处理超过全球所有交易

的三分之一），这次发行在实现人民币完全可

兑换的道路上被视为一个重要的里程碑。

　　汇丰银行欧洲人民币业务发展主管 Paul

Gooding 说：“对这个市场来说，汇丰是一个

强大、可靠的参与者。该债券在伦敦以外地

区（伦敦的时区内）发行，针对欧洲投资者。

它同样在伦敦证交所（ORB）上市，使散户

更容易进行交易。该债券的成功发行（60％

出售给欧洲的投资者）很好地证明了欧洲对

人民产权的需求和增长潜力。”

　　Gooding 先生正确地强调了基本面，但是

债券的成功发行同样是为了吸引公众的注意

力。作为欧洲最大的银行，汇丰银行此次发

行债券的时机正逢伦敦金融城宣布它建立了

一个工作小组，旨在开展该城市的离岸人民

币业务，希望将伦敦变得全球人民币市场。

　　离岸发行的人民币债券通常被称为“点

心债券”，它们在香港得到这个昵称，在那

伦敦金融城又被称为“一平方英里”，这是由于其占地 1.12 平方英里。它是伦敦的的金融重地，拥有伦敦证券交易所、英国银行、伦敦劳埃德公司的总部、以及超过 500 家银行和其他金融服务提供商。

the City of London, also referred to as the square mile due to its area of 1.12 miles square, is the city's financial powerhouse, containing the London stock exchange, the Bank of england, the headquarters of Lloyds of London and over 500 banks and other financial services providers.



来源：伦敦调查交易所Source: London Bourse Consult


RMB Internationlisation Timeline

人民币国际化大事记

允许人民币个人业务 ; 中国银行被指定

为结算银行

允许人民币债券发行

宣布试点人民币跨境结算

1. 扩大人民币跨境结算项目

2. 允许企业使用人民币

3. 债券发行管制放松

允许境外银行开立人民币结算账户

允许中国企业使用人民币进行海外直接投资

1. 八家境外银行获准进入境内债券市场

2. 信托帐户缓解对中国银行的对手风险

1. 中国国务院副总理李克强支持香港发展

成为人民币离岸中心

2. 将为进入中国的外商直接投资编纂

CNH 汇款规则

3. 人民币合格境外投资者计划允许中国

证券公司的香港子公司在境内进行投资

1. 英国财政大臣乔治·奥斯本和中国国务院

副总理王岐山对伦敦人民币市场由私营部门

主导的发展表示欢迎

2. 伦敦在成为人民币离岸中心的道路上

得到了中国的支持

1. 汇丰银行推出新的人民币固定收益基金

2. 中国的交通银行建立新的伦敦分行

伦敦金融城提出建立人民币

业务中心

1. 英国财政部和香港金管局的行政长官宣布

就发展离岸人民币业务开展合作

2. 金管局建议，将人民币结算系统的运行时间

延长到下午 3:30（ GMT）

RMB personal business allowed; BofC appointed

clearing bank

RMB bond issue allowed

Pilot RMB crossborder settlement scheme announced

1) RMB crossborder settlement scheme extended

2) Corporates allowed RMB

3) Bond issuance controls relaxed

Offshore banks allowed to open RMB settlement accounts

Direct overseas investment using RMB allowed for Chinese enterprises

1) Eight offshore banks allowed access to onshore bond market

2) Fiduciary accounts mitigate counterparty risk against BofC

1) Chinese Vice Premier Li Keqiang, backs HK as offshore

RMB center

2) Rules for remittance of CNH for foreign direct investment into

China to be codified

3) RMB Qualified Foreign Investor scheme allows HK subsidiaries of

Chinese securities firms to invest onshore

1) UK Chancellor George Osborne and Chinese Vice Premier

Wang Qishan welcomed the private sector led development

of the RMB market in London

2) London gets China's backing to become

offshore renminbi center

1) New HSBC fixed income fund in RMB

2) Bank of Communications China launches new London branch

City of London initiative on London as a centre for renmini

business established

1) UK Chancellor and Chief Executive of HKMA announce

co-operation on development of offshore RMB business

2) HKMA proposes to extend operating hours of RMB settlement

system up to 3:30pm GMT

2004 年 1 月 Jan

2007 年 7 月 Jul

2009 年 7 Jul

2010 年 6/7 月 Jun/Jul

2010 年 9 月 Sep

2011 年 1 月 Jan

2011 年 03 月 Mar

2011 年 8 月 Aug

2011 年 9 月 Sep

2011 年 11 月 Nov

2011 年 12 月 Dec

2012 年 1 月 Jan

36 Summer, 2012

里点心是非常受欢迎的广东混搭小食。2007

年 7 月，中国国家开发银行发行了第一只点

心债券。此后的三年，仅有大陆和香港银行

才能发行点心债券。2010 年 7 月，政策发生

了改变，麦当劳成为第一家从这个项目中获

益的外资非金融公司。当年，香港一共发行

了价值 357 亿元的点心债券，而 2011 年这个

数字增长到了 1310 亿。香港市场保持持续增

长，仅今年第一季度点心债券的发行量就达

到了 507 亿元人民币。

　　对点心债券的需求在很大程度上归因于

中国的资本管制，这使得外国人无法投资国

内债券。中国政府打算在不久的将来放松其

在国内市场上的管制。但是在还没实现以前，

无论收益率如何，点心债券对投资者来说仍

然是投资人民币债券、押宝人民币升值的唯

一途径。

　　要赶上香港的规模，伦敦还有很长的路

要走，但是它已经准备好成为中国以外的卓

越人民币中心。Paul Gooding 说：“香港成

为人民币离岸中心是自然的选择。中国的第

十二个五年计划明确把香港的离岸业务作为

支柱产业，中国将积极支持这个产业的发展。

伦敦可以从过去两年里香港在人民币国际化

所做出的努力中学到很多东西。香港与在岸

和离岸的监管机构保持着信任合作关系，它

是中国大陆贸易、人员和资本流动的主要中

心，这方面的经验应该会让伦敦受益匪浅。”

　　去年，乔治·奥斯本和中国国务院副总

理王岐山在一次会谈中同意合作发展基于伦

敦的人民币金融产品和服务，此后中国政府

批准汇丰银行发行点心债券。在 4 月 18 日债

券发行之前短短一周，中国把人民币交易区

间扩大到了 1％，增强了货币升值和贬值的空

间，减少了对美元的依赖。上次人民币交易

区间的扩大已经是四年前的事情，当时区间

从 0.3％扩大到了 0.5％。

　　曾经帮助点心债券市场制定法律框架的

年利达律师事务所合伙人 Nigel Pridmore 说：

“发生改变的是中国开始意识到需要加强人

民币的国际市场。对投资者来说，流动性是

主要担忧的问题。交易规模仍比较小，市场

需要建立避险工具。更好的避险工具 - 如政

府债券，掉期和期货 - 应该会使得交易规模

变大，吸引更为大型的机构投资者。”

　　Gooding 先生在 5 月举行的香港伦敦金

融研讨会上表示：“一切似乎又回到了流动

性和教育的问题。汇丰的看法是，这个市场

intends to loosen its grip on the domestic market before too long, but until it does, Dim Sum bonds are the only way for investors to gain exposure to renminbi denominated debt and bet on the appreciation of the yuan, whatever the yield.

London has a long way to go before it can compete with Hong Kong’s overall volume, but it is well positioned to be the pre-eminent center outside the People’s Republic. “Hong Kong is the natural choice to be the offshore RMB center,” says Paul Gooding. “China's twelfth 5 year plan explicitly names Hong Kong's offshore business as a pillar industry that China will actively support, and London can learn a lot from Hong Kong's efforts at internationalisation over the past 2 years. Hong Kong has a trusted working relationship with onshore and offshore regulators, and is the primary center for mainland China on the flows of trade, people and capital, and this knowledge

should be hugely beneficial to London.” Beijing has given a nod of approval to

HSBC’s Dim Sum offering, after George Osborne and Chinese Vice-Premier Wang Qishan agreed to collaborate on the development of London based, renminbi denominated financial products and services at a meeting last year. The issuance, on April 18, came just a week after China widened the trading band of the renminbi to 1 percent, increasing the rate at which the otherwise dollar-pegged currency is allowed to appreciate and depreciate. The renminbi’s trading band was last widened 4 years ago, from a daily limit of 0.3 percent to 0.5 per cent.

“What’s changed is an awareness in China of the need to deepen the international market for the RMB,” says Nigel Pridmore, a partner at Linklaters, a law firm that has helped to develop the legal framework for the Dim Sum market. Paul Gooding agrees. “Liquidity,” he says, “is the main concern of investors. Deal


伦敦证券交易所拥有 200 多年的历史，该所的第一支人民币债券发行于 2012 年 5 月，汇丰银行在这次具有历史意义的债券发行中募集了 20 亿元人民币。

the London stock exchange, which has a history of over 200 years of operation, saw its first rMB dominated bond in May 2012, when HsBC raised rMB 2 billion in the historic occasion.



sizes are still relatively small, and the market needs to establish hedging tools. Better hedging tools – like government bonds, swaps and futures – should lead to larger sized deals, attracting larger institutional investors.”

Mr Gooding says that at the Hong Ko n g - L o n d o n fo r u m h e l d i n M ay, “everything seemed to come back to liquidity and education. HSBC's view is that this market has to grow through trade – it is through the growth of trade with China that renminbi liquidity pools will increase, and better liquidity – market liquidity as well as liquidity pools – will enhance product offering, including more liquid Dim Sum bonds, renminbi funds and IPO's. And trade growth will only expand through continued education of our customers on the benefits of the renminbi and education on the constantly changing regulatory environment.”

C h i n a h a s o n ly a l l o w e d t r a d e sett lement in renminbi s ince July 2009, when it launched a pilot scheme restricted to transactions between Hong Kong, Macau and the ASEAN countries. A year later, the scheme was expanded to include every country in the world as well as 20 Chinese provinces and municipalities, allowing all imports and exports to be invoiced and settled in renminbi. The scheme took off slowly, but according to the People’s Bank, RMB340 billion of trade was settled in renminbi between June and November last year.

The post-trade specialist Euroclear estimates that deposits worth RMB576 billion are now held outside China, mostly in Hong Kong. Dan Kuhnel , Euroclear’s Director of Primary Market Relations recently told Reuters that much of this idle cash, generated through trade settlement, is likely to used for securities

需要通过贸易才能实现增长 – 与中国之间的

贸易增长能够提升人民币的流动池，更好的

流动性（包括市场流动性和流动池）将扩大

产品的范围，为点心债券、人民币基金和 IPO

带来流动资金。贸易的增长只能通过不断向

我们的客户介绍人民币的好处，以及不断变

化的的监管环境。”

　　中国从 2009 年 7 月才开始允许使用人民

币进行贸易结算，当时政府推出了一项试验

项目，仅限于与香港、澳门和东盟国家之间

的贸易。一年后，该计划的范围扩大到全球

所有国家，以及中国的 20 个省市，允许所有

的进口和出口使用人民币进行开票和结算。

该计划起步缓慢，但是根据中国人民银行提

供的数据，去年 6 月到 11 月件，使用人民币

进行结算的贸易额达到了 3400 亿元。

　　贸易结算专业公司 Euroclear 估计，大约

有价值 5760 亿元的人民币存款位于海外，

大多数在香港。Euroclear 主要市场关系主任

Dan Kuhnel最近在接受路透社的采访时表示，

在这些闲置资金中（产生于贸易结算），有

大部分可能被用于证券投资。他说：“投资

38 Summer, 2012

者渴望市场发行更多的证券。”

　　Kuhnel 认为，伦敦市场旨在提高流动性，

并且促进现有人民币存款的使用。但是有迹

象表明，中国以外的债券发行正在放缓。据

金融时报 5 月的一篇报告，在过去的一年中，

债券的收益率显著上升。中国银行发布的追

踪 120 个点心债券的指数显示，由于价格出

现下降，债券的平均收益率从去年的 3.5％上

升到了上个月底的 5.6％。

　　同一篇金融时报的文章援引汇丰银行策

略师 Becky Liu 的话说，截至 5 月底发行的价

值为 1030 亿元的债券和凭证中，仅有 8％是

由中国企业发行的。Liu 告诉金融时报：“离

岸人民币债券市场的资金成本已经超过离岸

美元债券市场。”这使得原本已不为人所了

解的点心债券市场很难在中国以外的地区获

得关注。

　　Paul Gooding 说：“就个人而言，我认

为会保持合作。汇丰银行非常自豪能够横跨

所有时区提供人民币产品和服务，并且每天

investment. “Investors are eager for more issuances to come to market,” he says.

Kuhnel thinks the London market is aimed at improving liquidity and putting available renminbi deposits to use, but there are signs that bond issuance out of China is slowing down. According to a Financial Times report in May, yields have risen considerably over the past year. An index of 120 Dim Sum bonds maintained by the Bank of China that had an average yield of 3.5 percent last year was up to an average of 5.6 percent at the end of last month as a result of falling

prices.Becky Liu, a strategist at HSBC, has

calculated that out of the of the RMB 103 billion in bonds and certificates issued in May, only 8 percent came from Chinese corporations. “The cost of funding in the offshore renminbi bond market has now surpassed that in the offshore US dollar bond market”, Liu told the Financial Times. This is one indication that Dim Sum bonds are not well understood, and has faced some challenge in gaining traction with investors based outside of China.

伦敦拥有大量的中国人口，华裔人数超过10万，成为在英国少数裔人口中增长最快的群体。英国各大城市有唐人街，其中伦敦的唐人街规模最大。

London has a large Chinese population, with more than 100,000 ethnic Chinese, and is the fastest growing ethnic population in the UK. Many of the UK's major cities contain Chinatowns, with London's Chinatown the largest.



“Personally, I think it will stay co-operative,” says Paul Gooding. “At HSBC we pride ourselves on being able to offer renminbi products and services across all time zones, with foreign exchange pricing 24 hours a day. We were the first international bank to settle cross border trade in renminbi across 6 continents, so although Hong Kong will undoubtedly remain the primary centre, we will continue to look at the business globally. London benefits the market by providing it with a western hub, including a time zone that covers Asia, the Middle East, US and Latin America, along with a history of innovation, its pre-eminence as a foreign exchange centre globally and a supportive government.”

China has clearly stated its aim for the internationalization of the renminbi: it wants “basic” – if not complete –

convertibility by 2015, and it is moving tentatively in that direction. London was and is an important part of that transition, but perhaps it is worth remembering that China did not match the British Government’s breathless excitement. Dim Sum bonds are a new and not particularly neat solution to the problem of China’s closed markets and strict currency controls. It is as yet unclear exactly what China means by “basic” convertibility, and until it is, the market will probably stay small. The RMB131 billion of 2011 was, after all, not much to get excited about when compared to the US bond market, which added up to US$32.3 trillion in the same year.

24 小时提供外汇价格。我们是第一家能够跨

越6个大洲进行人民币跨境结算的国际银行。

因此，虽然香港无疑仍将是主要的人民币中

心，我们将继续发展全球业务。作为一个西

方的中心，伦敦能够为这个市场带来好处，

包括跨越亚洲、中东、美国和拉丁美洲的时区、

悠久的创新历史、作为全球外汇中心的重要

地位以及提供支持的政府。”

　　中国已经明确表示其实现人民币国际化的

目标：希望在 2015 年实现“基本”（甚至完全）

可兑换，并且正在朝着这个方向前进。伦敦过

去和现在都是这一转变的重要组成部分，但是

我们也许要记住，中国对此并没有像英国政府

那样兴奋。对中国封闭的市场和严格的外汇管

制而言，点心债券是一个新的解决方案，但并

不是那么完美。目前还不清楚中国所谓的“基

本”可兑换指的是什么。在这个问题获得明确

的答案之前，市场规模可能依然会很小。相比

美国债券市场，2011 年 1310 亿元的点心债券

市场没有什么值得让人兴奋的，前者同年的发

行规模达到了 32.3 万亿美元。


40 Summer, 2012

[email protected]

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

st. vincent and the

Grenadines

Wilfred services Ltd.

www.

wilfredinternationalservices.

com

Tel:+784 456 2970

info@

wilfredinternationalservices.

com

British virgin Islands

offshore Incorporations

www.offshore-inc.com

Tel: +86 21 6287 7779

[email protected]

cyprus

Fiducenter Ltd

www.fiducenter.com.cy

Tel: +357 25 504 000

fiducenter@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

http: //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

http: //www.sboff.com

Tel: 44 (0)1624 643643

[email protected]

dominica

Banco trasatlantico Ltd

http: //www.

bancotrasatlantico.dm

Tel: +1-767-449-9254

info@bancotrasatlantico.

dm

France

the Bank of France

http://www.banque-

france.fr

Tell: +01 42 92 39 08

[email protected]

UsA

Bank of America

www.bankofamerica.com

canada

scotiabank

http: //scotiabank.com

Tel:+1 800 472 6842

Nevis

the Bank of Nevis Ltd

http: //www.thebankofnevis.

com/

Tel: (869) 469-5564/5796

[email protected]

MMG Bank corporation

http: //www.mmgbank.

com/

Tel. (507) 265-7600

Panama canada

royal Bank of canada

http: //www.rbcroyalbank.

com

switzerland

UBs

http: //www.ubs.com

Tel:+345 914 6001

[email protected]

40 Spring, 2012


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

http: //www.centralbank.

org.bb/

Tel: (246) 436-6870

[email protected]



Financial services

commission

http://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.cookislandsfinance.

com

Tel: +682 211 75

[email protected]

Guernsey

Guernsey Financial

services commission

http://www.gfsc.gg

Tel: +44 1481 712706

hong kong

the hong kong

Monetary Authority

http://www.hkma.gov.hk

Tel: (852) 2878 8196

[email protected]

Jersey

Jersey Financial services

commission

http://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@

isleofmanfinance.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]

Spring, 2012 China OffshOre 41

FBMe Bank

42 Summer, 2012

离岸指南 | oFFshore hANd Book

Nevis

NtL trust Limited

www.ntltrust.com

Tel: +869 469 5500

[email protected]

singapore

First Advisory Group

www.firstadvisorygroup.

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

[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 &

certification 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.fiduciana.com/

Tel: +423 388 0202

[email protected]

Bilanz-data

www.austrian-taxes.com

Tel: +431 516 120

[email protected]

Barbados

Platinum offshore

Management services, Inc.

www.platinumoffshore.com

Tel: +246 437 6092

Management@

platniumoffshore.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

[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]

42 Spring, 2012

Marfin Laiki Bank

www.marfinbank.com.cy

Tel: +357 2288 7766

www.fbme.com

Tel: +357 22 888400

[email protected]

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]

china offshore 2012 summer edition

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