CHINA

Insurance trust is drawing attention from high net-worth individuals. The so-called insurance trust means that while signing an insurance contract with an insurance company, the insured signs another trust contract with a trust institution at the same time. Therefore, when the claims conditions come into existence, the insurance company will deliver the insurance compensation to the trust institution, which will open a special trust account for the beneficiary, manage and use such trust property in accordance with the trust contract, and deliver the benefits of trust to the beneficiary upon the expiration of the trust. Such combination of “insurance +...

INSURANCE NEWS 2019

On the evening of November 15, 2018, Asia Outbound Awards and Gala Dinner was held at Kempinski Hotel in Shanghai. The list of winners of Asia Outbound Awards has been unveiled mysteriously. Special thanks to Our Charity partner, Stepping Stones. The first award announced is the captive Insurance Jurisdiction of the Year. This Award is in recognition of those jurisdictions providing the most ease of use, best regulation and accessibility to the Chinese market for captive insurance vehicles. The shortlisted nominees are:Labuan International Business and Finance Center， Bermuda Business Development Agency， Cayman FinanceThe final winner is Labuan International Business and...

IMMIGRATION BY INVESTMENT NEWS 2019

Asia’s ultra-wealthy business elites are facing their biggest challenge – successfully passing on their hard-earned fortunes to the next generation. There’s an old Chinese proverb that states wealth does not pass three generations. Such a sentiment is set to be put to the test at a time when Asian businesses and entrepreneursare cashed up like never before, especially in China. With companies such as China’s Alibaba, Dalian Wanda and Tencent, and India’s Reliance Industries and Wipro becoming commercial powerhouses – and others following in their slipstream – it is no surprise that the number of Asian billionaires is rising.  Indeed, research from UBS...

PRIVATE & INTERNATIONAL BANKING NEWS 2019

Since February 2018 China has had in place the world’s most restrictive policy regarding cryptocurrencies. No initial coin offerings allowed. Cryptocurrency exchanges shut down. Banks banned from dealing in bitcoin (BTC) and retailers from accepting it. While the government, represented by the People’s Bank of China (PBOC), officially frowns upon digital currency, Chinese investors do not; prior to the crackdown, they accounted for 90 percent of the global volume in bitcoin exchanges. So scratch digital currency as a viable tool of China’s monetary policy, right? Wrong. The central bank may be put off by the disruptive way cryptocurrencies like bitcoin operate but it...

PRIVATE & INTERNATIONAL BANKING NEWS 2019

Wealthy Chinese are rushing to shelter assets and income in overseas trusts before new tax rules go into effect next month, including provisions that target offshore holdings. The Bank of Singapore has seen a 35 percent surge in Chinese clients interested in offshore trusts since the second half of 2018, according to Woon Shiu Lee, head of wealth planning at the bank. The rate of inquiries leading to the establishment of a trust, which offers “tax-planning opportunities” by giving ownership to third-party trustees, has doubled since August, he said.  The reforms, which take effect Jan. 1, are meant to reduce the tax burden on...

CORPORATE & FIDUCIARY NEWS 2019

For Western wealth managers eager to feast on the China market, Wan Long qualifies as prime red meat. Known as China’s “No. 1 butcher,” Wan is the billionaire chairman and chief executive of WH Group, the world’s largest pig slaughterer and pork processor. And nearing 80, Wan is surely weighing how to preserve his vast wealth for family and favorite causes. But a web of regulations in Chinese financial services keeps potential clients like Wan largely, tantalizingly, out of reach of foreign wealth managers. The rules make it almost impossible to deal directly with customers on China’s mainland, forcing foreign...

FUNDS & FUNDS SERVICES NEWS 2019