ニュースレター February 2015

Zetland Newsletter
February, 2015


Dear Friend of Zetland,
The year 2015 marks the year of the 羊[Yang] starting on 19th Feb. Depending on who ask, this might be a sheep (绵羊), ram (公羊) or goat (山羊). 羊 is the generic term for the various horned ruminating mammals.
The symbol of three goats is also found in Feng Shui. Derived from the Chinese I Ching text 三阳开泰 (San-Yang-Kai-Tai), which philosophically translated means ‘with the advent of spring begins prosperity’, and Yang 阳 (the masculine opposite of Yin) being substituted by the character for goat 羊 which is also pronounced Yang, it has been transformed to ‘three goats bring fortune’. Three goats are certainly easier to depict than the abstract Yang.
With that, we wish you a prosperous year of the goat.
Yours sincerely,

お正月に旧暦を使用する香港では今年の元日は2月19日でした。2015年は未年ですが香港では「未」ではなく「羊」と書き「羊年」と表します。羊は中国語でYang(ヤン)と読みます。この「羊年」を英語ではYear of Sheep(綿羊、ひつじのこと)と呼んだりまたはRam(公羊、大きな角を持つ雄羊など)またはGoat(山羊)とういう3つの呼び方に分かれます。「羊」という漢字は中国語ではこれらの動物の総称にしかすぎなく英語にはそれに当てはまる単語がないからです。

毎回、英語ではSheepなのかRamなのか Goatなのか意見が分かれるところですが、この3匹の「羊」をめぐっては風水では縁起の良い言葉として知られています。「三阳开泰(三陽開泰)」という故事成語があります。「冬が過ぎ、春が訪れる。陰が転じて陽が生まれ万事順調に進む」という意味ですが、これは「阳(陽)」という漢字と「羊」という漢字が同音のYang(ヤン)であることに引っ掛けて「3匹の羊は幸運をもたらす(Three Goats Bring Fortune)」と言われており、このときに使われる「羊」を英語に訳すと実はGoat(山羊)になります。

というわけでややこしいですが、ゼットランドから皆様へYear of Goat(未年)は繁栄の年となられますよう願っております。

James Lee
Group Managing Director
Zetland Fiduciary Group

Hong Kong CIES Visa Suspended
香港:CIES ビザ(資本投資者入鏡計画ビザ)の新規申請の受付停止

02_HKThe Hong Kong government announced on 14th January that the Capital Investment Entrant Scheme (CIES) for visa applications is suspended effective 15th January until further notice.
The CIES visa was implemented in 2003 to attract new foreign capital and stimulate economic growth after the SARS crisis in Hong Kong. Since then, the Immigration Department approved 27,999 applications (as of 31.12.2014) which brought more than HKD 200,000 million in investments mainly from Mainland residents to Hong Kong. Under the CIES an aspiring applicant had to invest at least HKD 10 million in specified financial assets to obtain a residence visa in Hong Kong.

According to a government spokesman, attracting capital investment entrants should no longer be priority and instead the focus should be on attracting talent, professionals and innovative entrepreneurs to contribute to the economy.

Applications that have been submitted before the suspension date as well as applications submitted thereafter for investments made before the suspension date will still be processed by the Immigration Department.

For those who have not met the suspension date and would like to relocate to Hong Kong to take up residency here, they might consider to apply for a business investor visa under the General Employment Policy (GEP). For further information on the requirements and procedures, please contact Dominik Stuiber at dominiks@zetland.biz.

CIESビザは資本投資者入鏡計画(Capital Investment Entrant Scheme)に基づき2003年から発行されていたビザで、SARS後の冷めた香港経済に対する海外からの投資促進を目的として導入されました。以来、2014年12月31日時点で27,999人がビザの発給を受け、このスキームにより合計約2,150億香港ドルが主に中国大陸の投資家より投資されています。投資最低必要額は投資家1人につき1億5千香港ドルです。
申請に間に合わなかった方や他に香港への移住を計画されている方はこれとは別に発行されている投資ビザをご検討ください。お問い合わせはintray@zetland.biz まで。

Direct Investment in Europe and Made-in-Italy – challenges and opportunities

02_ItalyNowadays, a great opportunity for foreign investors is represented by investing in European companies, especially Italian ones: it is possible to find out healthy and solid companies, with strong know how, brand awareness and important market shares at lower prices and conditions than usual, because of their current performances, mostly linked to financial crisis that has been involving European markets during the last years.
Moreover, many companies – born during the economical boom in the 70s – are now experiencing phase of “lack” of generational handover: for the entrepreneur, the time has come to leave his company to his heirs, but unfortunately he has no one to whom leave it and able to take it! That’s why he can find the possibility to sell it to someone proposing a good plan of development and renewal very interesting.

That’s the main reason why investing in such companies, with international growth business plan and supported by brand new and fresh financing, represents a unique chance for the time being.

However, this kind of investments is linked to some challenges: first of all, working in a deeply settled and regulated market (let’s think about work legislation, taxation, work safety, environmental impact, etc.) is not easy and immediate.

The second big challenge deals with the comprehension of the local culture. We are talking about understanding that what leads people to excellence in performance can be really different in Eastern cultures in comparison with Western cultures, being sure to hold and maintain key people as a fundamental part in the company organization. Cultural differences can be crucial also at the negotiation, during which vendor’s emotional needs and values sometimes can be added to economical, quantitative and financial aspects. This is exactly the case in point when the object of the negotiation is a family business, strongly integrated in its area and district, to which the entrepreneur gives value, especially talking about the employees’ protection and their job preservation.

The third challenge, not less important than the others, concerns governance and control – even remotely – of the company performance, by simple and effective KPIs, often not part of culture of the acquired company, but that are able to permit a remote control, a perfect timing in terms of management choices and the possibility to start up quick adjustments.

In addition, the financial European markets entry carried by Asian and Middle East investors could occasionally be not so simple because of restrictions concerning sometimes legislation, other times banking system due to financial flows coming from Countries with an uncertain reputation. It is therefore necessary to find out the right structure and the most suitable European market entry solution. Tax efficiency, discretion and confidentiality could be crucial for the success of an investment!

Being assisted and accompanied in this kind of investment by a qualified support, aware of all the above mentioned aspects and able to integrate all its skills, means to maximize the effectiveness of the investment. The target goals are to identify “the right” company to invest in, to negotiate the most advantageous conditions and to take control of the new investment straight away with no loss of effectiveness during the governance turnover from the previous ownership to the new one.

Malta: a perfect entry to Europe.

Using the specific instrument of the Maltese Private Foundation (MPF) could make investments in Europe possible, in a very efficient and effective way. The benefits of such an instrument are the following:

  1. Maintaining a high level of confidentiality for the investor;
  2. Protecting the invested assets from third-parties threats (the MPF enables to keep those specific investments completely separated from other investments and it can be structured into segregated cells, each of them constituting a distinct patrimony from other assets and liabilities of the foundation itself or of other cells of the same foundation);
  3. Identifying and planning the beneficiaries of the investment into details;
  4. Tax planning (no tax on income dividends, 5% on trading and commissioning, no withholding tax on outcome dividends or interests, no tax on capital gains);
  5. Taking advantage from an effective and quick banking system;
  6. Acting through an efficient and white-listed European resident structure.

This article is provided courtesy of Andrea Raimondi Partner at R&P Consulting. For further information please contact us at intray@zetland.biz.











  1. 投資家が高い匿名性を得ることができる
  2. 投資資産を第3者の脅威から守ることができる。マルタ一般財団を使うことで財団に入れた投資資産に対し資産分離が可能
  3. 投資利益の受益者を明確にできる
  4. 税金対策(受取配当金は非課税、取引手数料にかかる税率は5%、支払利息や配当金もかかる源泉所得税もなく、譲渡益も非課税)
  5. 効率の良い銀行システムの利用
  6. 欧州(マルタ)居住ストラクチャーとして評判・効率共にホワイトリスト扱いを受けることができる

この記事はAndrea Raimondi Partner at R&P Consultingによる提供です。詳しくはintray@zetland.bizまで。

New Free Trade Zones to Set Up in China

02_ChinaChina will set up three new free-trade zones in Guangdong, Fujian and Tianjin, based on experience drawn from experiments in Shanghai’s free trade zone, to test greater opening-up and tap the economy’s huge potential to hedge against mounting downward pressure in 2015. The Chinese government has been authorized to ease investment rules in three new free trade zones (FTZs) after top legislature gave the go ahead during a bi-monthly meeting on 28 December, 2014.
Shanghai’s free trade zone, or FTZ, which opened in September 2013, was heralded as a laboratory for ambitious free market reforms that would lift everything from financial and currency restrictions to administrative controls on foreign investment.

But investors have been mostly disappointed by progress in the zone and say it provides almost no advantages for foreign or domestic companies operating there. There are virtually no business or investment activities permitted in the Shanghai zone that are not also allowed in the rest of China and the reforms that have been announced so far have been tiny and incremental.

The Shanghai zone has also faced opposition from local officials, as well as some ministries in charge of financial and economic oversight and has also already been affected by an alleged corruption scandal that saw the removal of one of its most senior officials.

In a statement announcing the three new zones, the State Council, China’s cabinet, also promised more experimentation would be conducted within the existing Shanghai FTZ to encourage foreign investment and the development of advanced manufacturing and the service sectors. The new zones will be based on the Shanghai model but will also include “local characteristics” the statement said.

According to the resolution, the Guangdong FTZ, with a total area of 116.2 square km, will include zones in the cities of Guangzhou, Shenzhen and Zhuhai.

The Tianjin FTZ, with a total area of 119.9 square km, will consist of three sections around the Tianjin Port, Tianjin Airport and the Binhai New Area industrial park.

The Fujian FTZ, with a total area of 118.04 square km, will include industrial areas in the provincial capital of Fuzhou, the city of Xiamen, and Pingtan, a new industrial park targeting Taiwan investment.

An area of 91.94 square km will also be added to the Shanghai FTZ.

President Xi says that Shanghai pilot zone reforms can bear fruit elsewhere

The business model behind the pioneering China (Shanghai) Pilot Free Trade Zone should now be copied at other suitable sites across the country where conditions are right, according to President Xi Jinping.

Addressing a meeting of top decision-makers, the president said the experience gained in the Shanghai FTZ “are like seeds cultivated in a test field, and now we will plant them across a greater range of sites, in a hope that they will bear more fruit”.

Xi acknowledged the progress made in the Shanghai FTZ, praising the efforts in transforming government functions, facilitating investment and trade, and improving the business environment.

Growth in Chinese trade has been lacklustre for the last year and has slumped in recent months, causing concern among policy makers who are also confronted with a sharp slowdown in domestic real estate and serious overcapacity throughout the industrial sector.

China is on track to post its slowest annual growth rate in 25 years this year and Beijing sees boosting trade and exports as the simplest and most effective way of stopping growth from falling further.

Officials have recently discussed the possibility of setting up more FTZs in countries in Southeast and Central Asia along what Beijing has dubbed the “21st Century Silk Road Economic Belt and Maritime Silk Road” trade routes between China and Europe.

For more information, please contact Phoebe Luo in our Shanghai office at phoebe@zetland.biz.
















Privacy & Protection with a Belize IBC and Bank Account

02_BelizeThe Belize International Business Company (IBC) legislation provides substantial benefits for the establishment of a corporation that does not operate within Belize. An IBC is the most popular type of offshore corporation formed for asset protection and confidentiality. It is a proven corporate vehicle suitable for a wide range of offshore trading, investment and activities. Assets being held under certain structures such as IBCs offer an extra layer of protection from judgments, divorce settlements or lawsuits and are fairly easy and may be formed within 24 hours. It allows you to protect your asset by registering them under the company’s name, conduct your business without using your name, avoid paying local taxes, flexible, maintaining your privacy – details of shareholders and directors are not registered at the IBC Registry. The only documents of a Belize IBC held on public record are the Memorandum and the Articles of Association. These documents do not contain any indication as to the actual beneficial owners, directors or controllers of the company. We also offer optional nominee director services for maximum anonymity.
Apart from offshore trust and company establishment, we provide asset protection, setting up of offshore accounts, online banking and brokerage accounts in total confidentiality. Opening and maintaining an offshore bank account provides anonymity and personal privacy for your choice of corporate structure to help manage money, income and asset is an important element for your tax and asset protection planning.

Besides its ideal geographical location Belize is a no-tax regime which offers the confidentiality, security and privacy to its clients. The commercial banks are regulated by the Central Bank, in accordance with the provisions of the Offshore Banking Act. Belize is politically stable and the currency is presently tied to the US dollar at 2:1, which means your money is safe and that devaluation is unlikely. There are no exchange controls, so monies can be taken in and out at any time.

One can bank from wherever in the world via secure internet connection, telephone or post. There is no need to personally travel to visit your offshore bank and due to our relationship with well respected banks, accounts may be set up within two to three business days in Belize once the due diligence process has been completed. Additionally, we also offer virtual office services, where we could provide you with a telephone number, fax number and forward mails for your Belize IBC.

As a licensed Registered Agent, Zetland Belize can assist in the formation and registration of your desired investment vehicle and provide banking services to diversify your financial affairs by opening accounts in Belize. We offer the highest quality service designed to suit your need for your privacy and protection and guarantee efficient service and confidentiality.

For further information, please feel free to contact Anju Gidwani, Director of the Belize Office (anju@zetland.biz)

ベリーズは地理的条件もよく(*アメリカから近い)非課税地域であり顧客情報に対する守秘義務の強い国です。国内の商業銀行は中央銀行(Central Bank)によって規制されておりOffshore Banking Actの条例が適用されています。ベリーズは政治的に安定した国であり通貨も米ドルの2対1のペッグ制で固定されているため通貨切り下げの心配もありません。為替規制もないため通貨の出し入れは自由です。

お問い合わせは intray@zetland.bizまで。


Upcoming Holidays

Hong Kong:Dec 25-26 &Jan 1
Hong Kong:Feb 19-21
China:Feb 18-24 & Mar 8-9
Singapore:Feb 19-20
Japan:Mar 21
Belize:Mar 9

Zetland Tax Advisors News

Updates on OECD development on BEPS project


The Organisation for Economic Co-operation and Development (“OECD”) released the first batch of deliverables of the base erosion and profit shifting (“BEPS”) project on 16 September 2014.

Back in 2013, the OECD issued a report to present the issues related to BEPS and released the BEPS Action Plan with 15 action points. After months of work and discussion done by the OECD with the tax authorities of both OECD and non-OECD member countries, the first batch of BEPS deliverables covering seven of the 15 actions were released in September.

These reports represent the agreement on actions to be taken against BEPS. The first batch of BEPS deliverables, three reports and four instruments, cover the following actions:-

Three reports
  • Action 1: Digital economy

    • Modify the permanent establishment (“PE”) status exemptions which is currently included in the PE Article of the OECD Model Tax Convention;
    • Introduce the concept of “significant digital presence”;
    • Impose a final withholding tax on digital transactions;
    • Consumption tax options.
  • Action 5: Harmful tax practices
    This report requires substantial activity for any preferential regime and improves transparency of the preferential regime by taking the following actions:

    • Review the preferential regimes of the OECD member countries;
    • Expand the participation in this area to non-OECD members;
    • Consider to revise the existing harmful tax framework.
  • Action 15: Multilateral instrument
    This report suggests to start work on developing the multilateral instrument in order to assist implementing the measures of changing the existing tax treaties.
Four instruments
  • Action 2: Hybrid mismatch arrangements
    • It is defined as a difference in the tax treatment under the laws of two or more jurisdictions to produce a mismatch in tax outcomes;
    • Part I of the report recommends specific changes to domestic law to eliminate mismatches;
    • Part II proposes changes to Article 1 (Persons covered) and Article 4 (Resident) of the OECD Model Tax Convention and the Commentary to ensure dual resident or transparent entities are not used to obtain undue benefits.
  • Action 6: Treaty abuse
    • Grant treaty benefits only in appropriate circumstances;
    • Ensure treaties do not inadvertently prevent the application of domestic anti-abuse rules;
    • Clarify that tax treaties are not intended to be used to generate double non-taxation;
    • Identify tax policy considerations for countries to consider before entering into a tax treaty.
  • Action 8: TP (“Transfer pricing”) and intangibles
    • This report aims to provide more practical guidance on intangible related TP matters.
  • Action 13: TPD and CbCR
    • The following data points will be required to be reported in the CbCR template of the TP guidelines:
      • Revenues (from both related and unrelated party transactions)
      • Profit before income tax
      • Income tax paid
      • Current year income tax accrual
      • Stated capital
      • Accumulated earnings
      • Number of employees
      • Tangible assets (excluding cash and equivalents)

Companies need to get prepared and stay tuned of the BEPS development and be ready to evaluate the impacts of the BEPS outputs on their business/ operations. Potentially, BEPS project would mean additional tax compliance and information reporting filings, and increased need for transparency of transfer pricing related information, and also increased uncertainty in applying for treaty benefits and possible modification of certain existing preferential tax regimes.

Zetland Tax will be able to advise the implications of the above proposed changes on your company’s operation or structure. Please call us at +852 3552 9084 or email us at tax@zetland.biz for a further discussion.


また、イギリス政府はキャピタルゲイン課税逃れを目的に海外に住居を所有する居住者に対し、イギリスで所有する不動産を居住用住宅(Principal Private Residence)として申告する選択権を却下する計画を立てています。居住者・非居住者に対し、居住用住宅と申請する場合の条件として年間90日以上その不動産に滞在しなければならないという条件を提案しています。受益者が非居住者で信託(プライベートトラスト)についても同じ条件が適用します。



Update for the Capital Gains Tax (“CGT”) charge on non-UK residents and Remittance Basis Charge (“RBC”)


CGT charge on non-UK residents

In our September 2014 newsletter, we have updated that the scope of UK CGT is going to be extended, based on the then proposal. In the final Autumn Statement on 3 December 2014, the UK government has confirmed that non-resident UK homeowners that have spent less than 90 days in their UK property in the previous tax year will be liable to pay capital gains tax (CGT) on any gains when they sell that property from next year (April 2015).

CGT for non-UK residents will be charged in line with existing UK CGT rates and the annual exempt amount will also be available for individuals (18% for basic rate taxpayers and 28% for higher rate taxpayers).

The government has made one significant change to the initial proposal is that most of the disposals made by “diversely held institutional investors” are not subject to the CGT charge.

The government had also planned to cancel the ability of UK residents to elect their UK property as their principal private residence (“PPR”) if they have an additional home outside UK for the purposes of the CGT exemption. The government is now proposing that both UK and non-UK resident taxpayers will be prohibited from electing a UK property as a PPR “unless they have resided in the property for at least 90 midnights in the property in that year”. It will also be available for trusts if the beneficiary is non-UK resident on the same basis.

Changes to the RBC

The Autumn Statement also announced changes to the remittance basis charge (“RBC”), which affects UK tax resident non-domiciles. Currently, non-domiciled tax residents can benefit from a special tax regime, known as the remittance basis. Under this tax regime, their non-UK income/gains are subject to UK tax only when they remit the non-UK income/gains back to UK.

The non-domiciled tax residents have to pay an annual charge in order to enjoy the benefit of the remittance basis. The charge payable by individuals who have been UK tax resident for at least 12 out of the last 14 tax years is now set to increase from £50,000 to £60,000. A new charge of £90,000 will be introduced for individuals who have been UK resident for 17 out of the last 20 tax years. There will be no change to the £30,000 charge applicable to individuals who have been UK resident for at least 7 out of that last 9 tax years.

Zetland Tax will be able to advise the implications of the above changes on you based on your circumstances. Please call us at +852 3552 9084 or email us at tax@zetland.biz for a further discussion.



3つの報告書(Three reports)

●行動計画1: 電子経済

  • 電子商取引等におけるPE(恒久施設)の考え方の見直し
  • 重要データ価値(significant digital presence)のコンセプト
  • 電子商取引決済への源泉徴収
  • 消費課税のオプション

●行動計画5: 有害税制への対抗

  • OECD加盟国の優遇税制の見直し
  • 非加盟国への加盟要請
  • 有害な税制の見直し

●行動計画15: 多国間協定

4協定(Four instruments)

●計画行動2: ハイブリッド・ミスマッチ

  • ハイブリッド・ミスマッチとは、複数国間での税務上の取り扱いの違いより生じる税務上の効果のミスマッチのことである
  • 報告書のPart Iはミスマッチ取り決めの効果を無効にするための国内法の改正について推奨提案している
  • 報告書のPart IIは OECDモデル租税条約とコメンタリーにある1条と4条の改定により、双方居住事業体(Dual Resident)と透明な事業体(Transparent Resident)を利用した税負担の過度な軽減を阻止する提案をするものである

●計画行動6: 条約の濫用防止

  • 条約の恩恵は適格者のみに与えること
  • 条約によって国内法の租税条約回避防止規定を妨害しないこと
  • 二重非課税にならないこと
  • 租税条約締結前に、相手国の税政策を検討すること

●行動計画8:無形資産に係わる移転価格 ガイダンス

  • 本報告書では無形資産と移転価格について詳しく述べています


  • 国別報告書(CBCRレポート)に含まれるものとして
  • 歳入(関連会社、非関連会社からの歳入)
  • 所得税源泉前の利益
  • 所得税額
  • 未払い所得税
  • 資本金
  • 留保利益
  • 従業員数
  • 有形資産(現金を含む)


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