Theappealofoffshorefunds

1、 theappealofoffshorefunds thesubject,formostsingaporeaninvestors,isactuallysomewhat”moot”,astheavailabilityof”offshorefunds”tothemisgreatlyrestricted.perhapsinreviewingthesubject,itisworthconsideringtakinganotherlookatfunds,asawhole,andthenreturningtotheprimaryobjectivethatmostinvestorsandsaversneed

2、toconsider:istheirmoneysafe?“offshorefunds”asaclassificationisinitselfincorrect.whileitwasoriginallyatermusedfromtheuktodescribefundssetupinthechannelislandsofguernseyandjersey,thesedaysthevastmajorityofsuchfundsarenotactuallyoffshoreatall,butverymuchland-locked.sincetheearlys,luxembourghasbecomethe

3、majorcentreofcross-bordermarketedinvestmentfunds.inrecentyears,dublin,ireland,hasbecomequitepopularasanoffshorefundscentre,anditcompeteswithluxembourg.whatbothluxembourganddublinoffer,andthusthecentralissuefortheirappeal,isawell-developedsetofregulationstoenabletheregistrationofinvestmentfundswithth

4、eirfinancialregulator.asaresultofthisregistration,thesponsoringfundcompanycanthen,subjecttofurthurlocalapproval,marketitsfundsthroughouttheeuropeanunion.inaddition,manyothercountriesandplaces,suchasthoseinlatinamerica,someinthemiddleeast,hongkong,taiwanandsouthkorea,havealsoacceptedthevalidityofluxe

5、mbourgordublinfundregulation,toallowthesefundstobemarketeddomestically.whatthenisluxembourgordublinattractiveforfunds?wellinsimplicity,thewholeoftheappealcanbesummedupinoneword.tax.fundsorganisedinbothplaceshavevirtuallynotaxliabilitylocally,neitherontheincomearisingnoroncapitalgainsachieved.thus,fo

6、rsomeonesayinasia,theonlytaxliabilityapplicableontheirinvestmentintosuchfundsisthatappliedbytheircountryofresidence.inmostpartsofasiathisalsoisnil,andthusinvestmentintooffshorefundsbecomesveryattractive.butcaredoesneedtobetaken,aswhileluxembourganddublinhavewell-definedregulationandpro-activeregulat

7、ors,manyotheroftheoffshorehavens,wherefundscanbeestablished,attracttheunscrupulous,andthusdangersexist.toavoidgettingcaughtbyperpetratorsoffraud,theprospectiveinvestorshouldabidebyanumberofmaxims,suchas:size-identifythesizeofthefundinwhichyouarebeinginvitedtoinvest.smallfundsareadangersignal.alsoide

8、ntifythesizeofthefundcompany,andhowmanyfundsitoffers.asingle-fundfundcompanyshouldbeavoided.reputation-luxembourganddublinhaveanexcellentreputationfortheirregulation.jerseyandguernsey,channelislands,bermuda,bahamasandthecaymanislands,areallwellregulatedaswell.bewaryofplacessuchasgibraltar,maltaorcyp

9、rus.offers-anyfundpromoterthatoffersadealtobuyintotheirfundthatpromisesreturnsthatseemtoogoodtobetrueisprobablyofferingjustthat,i.e.returnsthataretoogoodtobetrue.guarantees-manyareonlyasgoodastheinstitutionofferingit.andmanyfundshavebeenclosedorwoundupbecausetheycannotmeettheguarantee.risks-investme

10、ntriskissomethingtobeacceptedaspartofthedeal,valuesdogodownaswellasup.donotcompoundyourriskby”takingachanceonthemanager”aswell.leverage-anoldinvestmentmaximistonotinvestmorethanyoucanaffordtolose.thedangerinmanyinvestmentsisthatyoucanfindyoulosemorethanyouinvested.checkthe”smallprint”-establishedloc

11、ationsrequirefundcompaniestoissueadetailedprospectusoftheofferbeingmade.ifwhatyoureceiveistooshortornotdetailed,becareful.regardlessofbeing”offshore”or”onshore”,ultimatelythekeyissueistoknowandunderstandwhatitisyouinvestin,andbepatientforthereturns.stewartaldcrof(thiscolumnhasthesupportofinvestmentm

12、anagementofsingaporeandthestockexchangeofsingapore.thewriterismarketingandsalesdirector,templetonfranklininvestmentservices(asia)limited.)岸外基金的吸引力对基金来说，卢森堡和都柏林的吸引力在哪里呢？其实离不开“税务”。对亚洲投资者来说，他们在所居地缴税，是投资于这类基金的唯一税务负担。不过，在亚洲大部分地方，这类投资的收入都不须要缴税。对许多新加坡投资者来说，“岸外基金”是个有点不着边际的课题，因为他们能投资的岸外基金非常有限。或许在讨论这个课题时，应考虑从

13、另外一个整体的角度去探讨这类基金，然后再讨论大部分投资者和存户最关心的问题：投资岸外基金有保障吗？其实“岸外基金”这个名词有欠准确。它起源于英国，本是用来形容在根西与泽西海峡岛设立的基金。但今时今日，许多这类基金其实都不再是岸外，而多是内陆的。自年代初，卢森堡已成为跨国界基金的中心。近年来，爱尔兰的都柏林也崛起成为另一个主要的岸外基金中心，与卢森堡竞争。卢森堡和都柏林的吸引力在于它们有一套完整的管制系统，允许投资基金与它们的金融监管机构注册。注册后，基金管理公司只要获得有关国家政府的批准，便可在欧洲联盟推出其基金。此外，许多国家和地区，如拉丁美洲、中东一些国家、香港、台湾和韩国，也承认卢森堡和

14、都柏林的监管制度，允许这类基金在境内出售。对基金来说，卢森堡和都柏林的吸引力在哪里呢？其实离不开“税务”。在两地注册的基金，几乎都不须要在当地为它们的收入和资本增值缴税。因此，对亚洲投资者来说，他们在所居地缴税，是投资于这类基金的唯一税务负担。不过，在亚洲大部分地方，这类投资的收入都不须要缴税。岸外基金投资因此有很大的吸引力。但是，投资者不能完全没有戒心。卢森堡和都柏林虽有很好的监管体系，但也有许多其他岸外基金中心吸引了些图谋不轨的公司，让不设防的投资者掉入陷阱。为了避免碰上这种问题，有意的投资者不能忽略以下几点，如：规模：了解基金的规模。规模小，可能是有问题的征兆。同时，也应了解基金管理公司的规模，以及其管理的基金数目，避开那些只管理一个基金的公司。信誉：卢森堡和都柏林在管制方面有很好的信誉。泽西与根西、海峡岛、百慕达、巴哈马、开曼群岛也有很好的管制体系。要提防一些地方如直布罗陀、马耳他或塞浦路斯等。回报承诺：基金推广公司若承诺令人难以置信的诱人回报，它可能是做了个无法兑现的承诺。担保：担保的可靠性有赖于提供担保的公司。许多基金结