Invest In 2013 Autumn Edition

Autumn, 2013 INVEST IN 01

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季刊 QUARTERLY AUTUMN 2013

特别报道：出国留学……请考虑加拿大

SPECIAL REPORT: Study Abroad... And it's Canada to Consider

特别报道：久经时间考验的阿联酋

SPECIAL REPORT: The United Arab EmiratesStanding the Test of Time

聚焦国际金融中心：卢森堡IFC SPOTLIGHT: Luxembourg

教育 :意义重大的未来投资Education as an Investment

02 2013, Autumn


TBD

2 2013, Autumn

主编 Editor in Chief: John Yang

撰稿人 Contributors: Anas Almasri, Tendai Musakwa,

Frances Emery, Paul Murphy, Xing Kui, Adam Skuse

美术总监 Art Director: Susan Shen

美术编辑 Art Editor: Lee Wang

研究员 Researcher: Naomi Wu

营运总监 Director of Operations: Spencer Hall

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

销售总监 Sales Director: Matthew Sumner

关键客户经理，美洲 Key Accounts Manager:

Miguel Hernandez, Atina Kalustian, Nathan Dumont

客户经理，亚洲 Accounts Managers:

America Santos, Robbin Dai, Nicholas Parrish

发行经理 Circulation Manager: Iris Gao

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　　随着中国经济的持续发展，一个很严肃的问题顷刻间摆在众多企业主的面

前——企业管理作为一门科学，越来越显现出它的重要性。高效率的工作免不

了高质量的教育背景作为后盾，而现在如火如荼的在职教育就发挥出了不可小

觑的作用。

　　作为投资的一种，教育投资的是无形资产，是向人做投资，其回报往往也

很难用数据去衡量。和其它一切类型的投资一样，投资在教育上，无论是在自

身的教育，还是子女或其他家庭成员的教育，都有可能获取异常丰厚的回报——

这也是适应国内职场日益激烈的竞争之需。虽然所谓的“海归派”正以惊人的

速度充斥着大城市的求职市场，但真正的竞争力的却仍局限于那么几所名校，

以及那么几个专业。本期的“封面故事”就将教育投资做一个简单论述，让大

家一起来认识这么一个概念——正确的教育投资，您所获取的回报铁定升值！

此外，本期的“特别报道”栏目仍就最近火热的“投资移民”项目做一个基本

的概括。一些热门国家，比如美国和加拿大，都针对外国投资更新了其移民政策，

值得读者关心。

　　在 2013 年秋高气爽的时节，希望本期《境外投资》能带给您更为实用的信

息，让您的知识不断更新，让您的资产不断升值。

《境外投资》主编

John Yang

As Chinese economy continue to grow at a rapid pace, business management become more and more vital to a lot of entrepreneurs as a way of taking their businesses to the next level. Hiring talents with related educational background seems to be the most effective way to achieve the best result of increasing productivity. That is how in-service education attracted so much attention lately, playing an increasingly important role in the market.

Education is a type of investment that its return cannot be easily tracked in forms of money. But just as any other investments, education can result in significant amount of return no matter invest it in family members or yourself especially when complying with China’s more competitive than ever job market nowadays. Although “overseas returnees” instantly flooded the job market as the first army of oversea graduates came back to China hunting for survival, competiveness are limited to those who graduated from renowned colleges with specific majors. Our cover story explains the concept of education as an investment and how to invest in an effective way towards gaining the best result.

The special report of this edition still focuses on investment immigration as a lot of hotspots, like the United States and Canada, have updated immigration policy in order to meet the current demand. This is something we do not want our audience to miss by any chance.

As autumn finally made its debut with a breeze of cool air, I sincerely hope that this issue will carry the information you need to improve your business or personal life.

Editor-in-ChiefJohn Yang

编者的话Letter Fromthe editor

[email protected]

4 2013, Autumn

56 热点聚焦

COunTRy SPOTLIGHT

久经时间考验的阿联酋The united Arab EmiratesStanding the Test of Time

38

新闻 nEwS06 全球概览 WORLD NEWS

全球投资新闻精选All the latest news from across the world

封面故事 COVER STORy08 教育：意义重大的未来投资

EDuCATION AS AN INvESTMENT

观点 OPInIOn18 海外投资：歆享美元中期牛市的盛宴

OvERSEAS INvESTMENT: FEAST THE MEDIuM-TERM buLL MARKET OF uS DOLLAR

22 领导力的学习也是一项投资LEADERSHIP DEvELOPMENTAS AN INvESTMENT

聚焦国际金融中心 IFC SPOTLIGHT26 卢森堡，西欧切入点

LuXEMbOuRG, THE ENTRY POINT TO WESTERN EuROPE

特别报道 SPECIAL REPORT38 出国留学……请考虑加拿大

STuDY AbROAD... AND IT’S CANADA TO CONSIDER

46 热门地区投资移民项目指南GuIDE TO RESIDENCY- AND CITIzENSHIP-bY-INvESTMENT PROGRAMS IN SOME POPuLAR JuRISDICTIONS

热点聚焦 COunTRy SPOLIGHT56 久经时间考验的阿联酋

THE uNITED ARAb EMIRATESSTANDING THE TEST OF TIME


季刊 QUARTERLY AUTUMN 2013

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6 2013, Autumn

新闻 | nEwS

2013 年 7 月 3 日中国国务院于周三（7 月 3 日）原则通过了关于

在上海建立自由贸易区的决议，该决议意味着上

海将跃居世界物流中心的前列。

The State Council approved Shanghai's free trade zone project on Wednesday (July 3rd), which will catapult the city to the forefront of global logistics centers.

2013 年 7 月 11 日中国的第二大人寿保险公司——平安保险成为伦

敦房产市场上最大的投资商之一，以 2.6 亿英镑

（约合 26 亿人民币）的价格购入伦敦劳合社大

楼（Lloyd's Building）。

China’s second-largest life assurer by number of policy holders has become the latest Asian investor to gain a foothold in the City of London property market, buying the Lloyd’s Building in a £260m (RMB 2.6bn) deal.

2013 年 8 月 10 日中国著名的私营汽车制造公司奇瑞汽车表示，其

在巴西的新建工厂将于年内开工生产。奇瑞汽车

于 2011 年在巴西圣保罗的贾卡雷市奠基建设，

其总投资额为 24.5 亿元人民币（约合 4 亿美元）。

China's privately-owned automaker Chery will open its new plant in Brazil this year, sources of the company.Chery Auto started in 2011 to build the plant in the city of Jacarei in Sao Paulo State with an investment of 2.45 billion yuan (400 million U.S. dollars).

2013 年 8 月 15 日墨西哥总统 Enrique Pena Nieto 近期透露，墨西哥

修改宪法，在 75 年的时间里首次开放能源产业吸

引外国投资。分析认为，这一举动很可能吸引全

球众多饥渴的石油需求大国在该国投入上亿美元

的资金。

President Enrique Peña Nieto has unveiled plans to change Mexico’s constitution and open up the country’s energy sector to foreign investors for the first time in 75 years, a move that could unleash billions of dollars of investment from oil majors struggling to find new resources elsewhere.

GLobaL update全球概览

CnPC Agrees to Fund Ecuadorean Oil Project中石油和厄瓜多尔石油项目达成投资协议

中国石油总公司（中石油）周日（2013

年 7 月 7 日）宣布，其已和厄瓜多尔

政府达成协议，以 120 亿美元的金额投资这

个南美国家的的石油精炼项目。

　　消息称，厄瓜多尔已就该国日产 30 万

桶原油的精炼项目 Pacifico Project 和中国

最大的石油生产企业中石油进行了为期一年

的磋商。该项目预计在 2017 年开始输出石

油，也是中国和委内瑞拉政府国营石油公司

PDVSA 的合资项目。

　　“我们力求合作，也确定了一个第三方

国务院总理李克强表示，中国与瑞士

完成自贸协定谈判，是中瑞经贸合

作关系中的历史性事件，加强了与

中国最大的贸易伙伴瑞士的关系，既为两国

经贸关系发展开创了广阔空间，也有利于中

欧关系发展。

　　在上月下旬访问伯尔尼期间，李克强表

示，此协定将对双方都有利，也将推进世界

第二大经济体向欧洲靠拢。

　　李克强在中国大使馆和瑞士首都会见了

代表和企业之后表示，这两个国家在金融，

文化和创新产业合作方面都存在巨大的潜力。

　　“中国经济增长的步伐在一个合理的范

围内，现在和未来都还有很强的市场潜力，

这是世界经济一个重要的驱动力，同时也是

维护世界和平的一个积极因素，”李克强指出。

中国和瑞士自由贸易谈判结束时签署了一份

谅解备忘录，将合作提升到了一个新的台阶。

　　李总理和瑞士联邦主席 Ueli Maurer 在伯

尔尼举行了会谈，同意扩大双边投资和贸易，

在高端机械制造，精密仪器，生物制药，能

源节约和环境保护以及现代农业方面提高合

作。他们宣布推出财金对话机制，并在钟表

业务，人员培训和气候变化达成合作协议。

　　“中国在欧盟倡导贸易自由化，并继续

反对贸易保护主义，”李总理说，并表示相

中国与瑞士，贸易零距离China Closes the Gap with Switzerland, Europe

信中瑞自由贸易协定将开辟改善中国和整个

欧洲的经济和贸易关系的重大机遇。

　　总理重申到，中瑞自贸协定“向世界传

达了一个强大的信息”，那就是中国反对贸

易和投资保护主义，以及拥抱贸易自由化和

便利化。

　　李克强还提到，中国正在密切关注太阳

能电池板的产品和电信设备出口到欧盟的反

倾销和反补贴调查，并希望通过对话和协商

解决问题。

　　欧盟承诺对中国太阳能电池板将达到约

46％的产品征收惩罚性反倾销税。

　　该备忘录的签署意味着，瑞士将成为与

中国达成这样协议的第一个欧洲大陆国家，

李总理承诺将加强和改善宏观经济政策，以

刺激经济增长，控制通胀，推进结构改革。

Premier Li Keqiang concludes a historic free trade agreement with Switzerland that promises to tighten ties with Europe,

China's largest trade partner.The free trade agreement between China and

Switzerland will benefit both nations and bring the second largest economy in the world closer to Europe, Premier Li Keqiang said during his visit to Bern late last month.

的合作伙伴……这个第三方伙伴是世界上独

一无二的最大的石油公司，中国的中石油。”

厄瓜多尔副总统 Jorge Glas 在此前举行的一

个每周政府报告中向外界透露。

　　他还表示这个石油精炼项目正在有条不

紊地进行当中。“不管怎样，我们在投资方

面的进展非常顺利，包括从原始的合作伙伴

和新的合作伙伴处获得的资金支持。”但是

他并未透露该项目的具体投资金额和其它细

节。厄瓜多尔国营的 Petroecuador 石油公

司在 Pacifico 项目中持股 51%，PDVSA 持


nEwS | 新闻

China National Petroleum Corp has agreed to help finance the construction

of a US$12 billion refinery project in Ecuador, the South American country's government said on Saturday.

Ecuador has been in talks with China's biggest oil producer for a year about funding

有剩余部分的股权。两家公司达成协议，解

决该项目所需资金的 30%，剩余部分的资金

将由此后寻找的第三方公司提供。

　　厄瓜多尔首都基多政府表示项目建设正

处于第一阶段，项目总进度为 21% 的完成

度。该炼油项目的目的是降低厄瓜多尔的石

油成本。

machinery manufacturing, precision instruments, biological pharmacy, energy conservation and environment protection, and modern agriculture.

They announced the launch of a financial dialogue mechanism, and cooperation agreements in the horologe business, personnel training and climate change.

"China opposes trade protectionism in the European Union and will continue to advocate trade liberalization," said Li, who believes the Sino-Swiss FTA will open up major opportunities for improving economic and trade relationship between China and the whole of Europe.

The FTA "sends a powerful message to the rest of the world" that China rejects trade and investment protectionism, and embraces trade liberalization and facilitation, the premier reiterated.

China is paying close attention to the EU anti-dumping and anti-subsidy investigations on Chinese exports of solar panel products and telecoms equipment, and wishes to resolve the issues through dialogue and consultation, Li said.

The EU has pledged to impose punitive anti-dumping duties on Chinese solar panel products that will come up to about 46 percent.

The signing of the memorandum means Switzerland will be the first country in continental Europe to reach such an agreement with China.

Premier Li pledged to strengthen and improve the macroeconomic policy, to boost economic growth, control inflation and push forward structural reforms.

Premier Li Keqiang says the trade agreement between China and Switzerland will bring China closer to Europe, after signing a benchmark FTA with President Ueli Maurer.

中国国家总理李克强表示和瑞士签订的自由贸易协定将进一步加强中国同欧洲国家的紧密联系。

Glas said. The vice president did not give more

details of the project, nor of its funding. State-run Petroecuador has a 51 percent stake in Pacifico, and PDVSA holds the rest. Both companies have agreed to come up with 30% of the necessary financing, while the remainder is being sought from external partners.

The government in Quito has said construction is in its first phase and that the project is 21% complete. The refinery is intended to cut domestic fuel costs for Ecuador.

Both countries can tap the huge potential of cooperation in the financial, culture and innovation industries, Li said after meeting delegates from the Chinese embassy and enterprises in the Swiss capital.

"China's pace of growth is within a reasonable range. China is now and will be potentially a great and developing market for a long time yet, and this is an important driving force for the world's

图片

Photo by X

inhua

economy and a positive factor in the maintenance of world peace," Li said.

China and Switzerland signed a Memorandum of Understanding at the conclusion of free trade talks earlier, lifting cooperation to a new stage.

Premier Li had talks with President of the Swiss Confederation Ueli Maurer in Bern and they agreed to expand bilateral investment and trade, and improve the cooperation in high-end

the 300,000 barrel-per-day Pacifico project, which aims to start output in 2017 and is a joint venture between Ecuador and Venezuelan state oil company PDVSA.

"We've worked to have a third partner ... and this third partner will be no one more and no one less than the biggest oil company in the world, China's CNPC," Ecuadorean Vice President Jorge Glas said in a televised weekly government report.

He said the refinery project was progressing well. "Above all, we've advanced a lot in the realization of investments, and they comprise capital contributions from the (original) partners and the new partner,"

8 2013, Autumn

By Frances Emery

教育 :意义重大的未来投资Education as an Investment

斯坦福大学牛津大学东京大学

墨尔本大学

香港中文大学海德堡大学剑桥大学

哥伦比亚大学

哈佛大学


教育一直被中国的普罗大众视为最

具意义的事：除了其必不可少的性

质外，父母为给后代创造更美好的

未来需要做出牺牲，也似乎是再自然不过的

事。今天，随着中国经济的持续增长，可支

配收入不断提高，教育的价值只会随之增加。

　　根据政府的调查显示，每年中国投资海

外教育花费约为 15.9 亿美元，而实际金额

可能还不止这个数。据官方消息来源表明，

80％以上的海外教育投资流向美国，澳大利

亚，和加拿大。而这三个国家，包括英国，

也正是中国留学生的最佳目的地。出国留学

需要大量的金钱投入，但不断增加的海外学

生人数证明这项投资回报非常高。

Education has long been viewed as sacred in the minds of ordinary Chinese: as both a necessity and

a right that traditionally drives parents and families to make great sacrifices in the name of a brighter future for their offspring. Today, as China’s economy continues to grow, and disposable incomes continue to rise, the value placed on education is at least as indisputable.

According to government figures, each year sees approximately US$ 1.59 billion channeled into overseas investments by Chinese investors,

though the actual outflow may be even higher. Official sources show that over 80 percent of this investment is designated for the United States, Australia, and Canada, and it is no coincidence that these are three of the top choices of destination for Chinese studying abroad, along with the United Kingdom. Studying abroad requires substantial financial investment but, as the rising number of overseas students proves; this is an investment that is believed to bring substantial returns.

Traditionally, it is in these countries

封面故事COVER STORy

10 2013, Autumn


　　一直以来，中国留学生都希望能通过在

这些国家学习来提高他们未来就业的竞争力

以及赚钱能力，而并不仅仅是为了提高英

语能力。今天，中国的教育投资涵盖各种内

容，从送孩子出国参加短期英语课程，到

年薪 6 位数的高管参加高级经理工商管理

硕士课程（EMBA）。据上海胡润咨询公

司 2012 年的财富报告显示，85％的中国

百万富翁以及 90％的亿万富豪都有送孩子

出国留学的打算，无论是基础教育还是高

等教育。

　　美国长期以来一直是留学的首选目的

地。据国际教育协会和国务院教育文化事

务局发布的统计，美国大学的中国留学生

数量正逐年增加。2011 年，就读于美国大

学的中国学生人数将近 158,000 名，较上

一学年相比增长了 23％。这些数字也表明，

在美中国留学生数目位居第一，领先留学

生数量相对较多的印度（104,000）和韩国

（73,000）。2011 年年底，超过 140 万中

国学生在国外留学，来自教育部报告的数

据显示，中国已成为海外学生来源最多的

国家。

that Chinese students hope to obtain qualifications that will give them a competitive advantage in the job market, increase their earning power and – more often than not – provide them with English language competence. Today, Chinese investment in education may comprise anything from sending a child abroad to learn English in a short-term course, to an Executive Masters of Business Administration (EMBA) for senior managers who already earn six figures. According to the Shanghai-based consultancy Hurun’s 2012 wealth report, 85 percent of Chinese millionaires and

90 percent of Chinese billionaires intend to send their children abroad for either school or college.

The US has long been Chinese families’ destination of choice. Indeed, the number of Chinese students enrolling in US universities is increasing by the year, according to statistics released by the Institute of International Education and the State Department’s Bureau of Educational and Cultural Affairs. Close to 158,000 Chinese students were enrolled in US universities during 2011, indicating a 23 percent rise compared to the previous academic year. The figures also

根据政府的调查显示，每年中国投资海外教育花费约为 15.9 亿美元，而实际金额可能还不止这个数。据官方消息来源表明，80％以上的海外教育投资流向美国，澳大利亚，和加拿大。

According to government figures, each year sees approximately US$ 1.59 billion channeled into overseas investments by chinese investors, though the actual outflow may be even higher. Official sources show that over 80 percent of this investment is designated for the United States, Australia, and canada.



indicate that China has the largest foreign presence in the country, ahead of India and South Korea, which had 104,000 and 73,000 students respectively. The Ministry of Education reported that, by the end of 2011, more than 1.4 million Chinese were studying abroad, making China the world’s largest source of overseas students.

But it isn’t only foreign universities that have seen the number of Chinese enrollments climb in recent years. Secondary schools – and, in some countries, primary schools – have seen an increase in Chinese enrollments during recent years and, with China’s job market becoming steadily more competitive, this is a trend that only seems likely to continue. Despite signs that the pace of China’s economic growth is slowing,

Chinese citizens’ willingness to invest in overseas educations for either their offspring or themselves does not seem to have been subdued. Furthermore, the higher the number of Chinese parents who invest in overseas educations for their children, the more it suggests that traditional perceptions about the ideal age to study abroad are changing – in the minds of both middle class Chinese and wealthier citizens.

A recent poll conducted by the China Education Xiaokang Index – arranged by the State-run magazine of the same name – indicated that less than 40 percent of Chinese feel that the ideal stage for studying abroad is at undergraduate level, compared to approximately 21 percent who feel that high school is the optimum time to begin their studies

　　不仅是国外的大学，在某些国家的中学

和小学也能看到不断增长的中国学生。随着

中国就业市场竞争力的稳步发展，出国留学

的趋势必然会延续。

　　尽管有迹象表明中国经济增长正逐步放

缓，但中国公民对于为后代投资海外教育的

意愿并没有受到影响。此外，随着越来越多

的中国父母为子女投资海外教育，关于出国

留学理想年龄的传统观念正在发生变化。

　　近期，由国家投资出版的《小康》杂志

中统计的“中国教育小康指数”调查表明，

不到 40％的中国民众认为出国留学的理想

阶段是本科，约 21％的人认为高中出国效

果最佳，有 17％认为在子女完成本科学业

之后再出国深造是较为明智的决定，仅有

4％认为出国进行博士后的学习才是最好的。

　　早在以前，中国父母从不考虑本科以前

送子女出国留学。而今天，越来越多的家长

都认为留学应越早越好。趁早出国的好处在

本文上述中已阐明。

　　在《中国日报》的访谈中，上海教育

顾问公司“ 英国教育” 创始人 William

Vanbergen 在接受记者采访时说，年龄小的

孩子相对更容易适应国外的新环境和文化。

为了更好的让孩子们学习第二门语言也是让

父母决定早些将他们送出国的很大一部分原

因。 “对孩子们来说，越早出国意味着他

们越容易接受国外的语言和思维方式，”

Vanbergen 说。许多富裕家庭的父母都认为

学习英语这门世界上普及最广的语言以及

西方的思维模式能让自己的孩子赢在起跑

线上。

　　虽然中国人非常重视教育，但“保护意

识”长久以来一直是中国父母的普遍特征。

然而父母还是愿意送年幼的宝贝孩子出国留

学，这足以证明这种牺牲背后的价值。因

此，有些公司由于巧妙的利用了中国父母的

心态，在行业领域里取得了很大的成功。

　　就在短短的几十年前，送孩子出国几乎

是不可能的。而在世界全球化和科技主导的

今天，这种可能性已然成为社会的普遍状态。

有很多类似瑞典的“英孚教育”这样在世界

各地提供留学项目的国际公司，现已在市场

上立足。现如今，受益于置身英语环境，接

受语言和跨国文化熏陶的受众年龄已经提早

到了八岁。跨国公司英孚教育不仅拥有学校、

虽然近几个世纪以来，各个阶层的父母都希望将子女送往国外接受教育已经成为了社会的普遍现象，对于现如今拥有商业意识的中国人来说，国外教育也相当于一个简单的投资：投资越多，回报越大。然而，与教育相关的投资绝不仅限于学费。

While a strong desire to educate one’s offspring has been a cultural norm within in all levels of Chinese society for centuries, for business-minded Chinese today, a foreign education also amounts to a straightforward investment: the more they put in, the more they’ll get out. And education-related investments are by no means limited to tuition.

图片

Photo by A

lex Avancini

12 2013, Autumn


培训中心以及遍布世界各地 50 个国家的合

作伙伴，还有专为针对中国学生和家长需求

设计的课程，全方面提供出国留学所需要的

指导。

　　对高考问题的焦虑已经严重到了明显降

低海外留学生平均年龄的程度。报告显示出

平均留学生年龄与参加高考学生总数有直接

的关系。中国教育国际交流协会 2011 年的

研究数字表明，一线城市 2010 年到 2011

年间选择不参加高考而打算出国留学的学生

人数增加了 20％。由于大多数人都选择前

往英语国家，参加英语语言能力考试（最为

常见的是托福和雅思）的人数也相应增加。

2012 年 2 月，美国的教育测试评估机构“美

国教育考试服务中心”（ETS）宣布中国参

加托福考试的人数较去年增长了 19％。

　　虽然近几个世纪以来，各个阶层的父母

都希望将子女送往国外接受教育已经成为了

社会的普遍现象，对于现如今拥有商业意识

的中国人来说，国外教育也相当于一个简单

的投资：投资越多，回报越大。然而，与教

育相关的投资绝不仅限于学费。

　　现在，国外的教育越来越与海外投资挂

钩，而投资主要集中在房地产，这也使得海

外地产投资在过去十年中猛增的现象不足为

奇。对于许多中国人来说，在海外购置房产

不仅使资产多元化，同时也为如社会不稳定

overseas. Just 17 percent of the poll sample reported believing that sending children overseas to further their studies after obtaining a bachelor’s degree in China to be the wisest decision, with four percent saying that studying abroad at post-doctoral level was best. These figures are a far cry from the days when university was the earliest stage at which parents would even consider a foreign education an option and today, a growing number of parents are subscribing to a theory akin to “the earlier the better” where investing in a foreign education for their children is concerned. A lot of this has to do with the perceived set of benefits that accompany early studies.

In an interview with China Daily, William Vanbergen, founder of a Shanghai-based education consulting company called British Education, explained that it is generally far easier for young children to adapt to new environments and foreign cultures than it would be later in life. Increased receptiveness to second language acquisition has a large part to play in

the decision to educate young children abroad. “The younger they go, the easier [it is] for children to pick up the way of thinking and language,” said Vanbergen. And picking up the local language – which is almost always English according to polls measuring the popularity of different foreign destinations – along with a western “way of thinking” are top priorities for wealthy parents, who believe these to be advantages that will set their children apart in the future.

Although Chinese culture has long held education in the highest regard, so too has protectiveness long been a prevalent feature of Chinese parenting. It is from the latter perspective that the idea of sending one’s precious – and only – young child abroad is indicative of just how worthwhile a sacrifice it is considered. For this reason, companies which can successfully navigate the minefield that parental anxiety can amount to are those which are succeeding in the industry.

Sending Chinese children abroad would have been near impossible even just a few decades ago, whereas in today’s globalized and technology-powered world, the possibilities are endless. International companies such as the Swedish owned Education First has gained itself a foothold in the market, partly by running study abroad programs at its network of schools around the world. Today, children as young as eight years old are benefiting from immersion in English language environments and the kind of cross-cultural experiences that only physically travelling overseas can achieve. The multinational company, which has schools, training centers or partnerships in 50 countries around the world, as well as a widespread presence in China, tailors courses for Chinese students’ – and parents’ – needs, necessitating children’s supervision at

美国 United States

英国 United Kingdom

澳大利亚 Australia

加拿大 Canada

香港 Hong Kong

日本 Japan

法国 France

德国 Germany

荷兰 Holland

新加坡 Singapore

韩国 Korea

其他 Other

来源：中国教育在线Source: http://www.eol.cn

2012-2013 年中国学生自费留学实际去向国分布情况Actual Distribution of Chinese Students Self-funded Study Abroad in 2012-2013

单位：万元人民币Unit: 10 Thousand RMB

20

1615

14

88

30%

21%

13%

10%

7%

5%

4%2%

2%2%

1%3%

留学热点国学费比较

Comparison of Tuition Fee in Major Countries



图片

Photo by google.com

等不确定性因素提供一定程度的保障。

　　“有些人有钱但可能没有资格买房，这

就是为什么他们转而投资海外房地产的原

因，”在世界各国开发房地产的北京国际

地产博览会董事之一 Wei Kefei 解释说。据

Wei 先生说，中国家长送子女出国深造往往

促使他们在海外购置房产。

　　“重视子女教育是中国人的传统，随

着留学生数量的增长，有些家庭很有可能

会考虑马上在当地买房，”他告诉 Metro

Beijing。一位名叫刘志勇的北京居民，就是

这样的例子。刘志勇去年在迈阿密为其在佛

罗里达大学就读博士学位的儿子买了一套房

子，而他认为这是作为一名父亲理所应当做

的事。在与Metro Being的采访中他说道：“我

的儿子上学，所以要么租房子要么买。”

　　来自一家名为法国奥斯卡（法国物业顾

问公司）的中国代表告诉 Metro Beijing，中

国投资者已经越来越多地开始在法国抢购有

价值的房地产。该公司的中国客户都与法国

有一定的关联，无论是孩子在此学习还是业

务往来。该公司称，美国和英国房地产价格

的波动颇大，而法国稳定的房地产市场对投

资者来说有相当大的吸引力。

all times. One of the company’s newest educational programs takes the form of a fully-escorted overseas trip which combines English language learning with extracurricular activities and excursions. Children between eight and 17 can study in their “dream destination” – from a choice of 41 world-class locales – and the assurance of both a professional guide and an escort is designed to satisfy even the most anxious of parents. The company has branded the program “Language Travel”.

Gaokao-related anxiety among China’s youth is severe enough to have noticeably affected the average age of students who enrol for overseas study. Reports show a direct correlation between the median age of students, and the total number taking the college entrance exam. Figures from a 2011 study by the China Education Association for International Exchange show that the number of students in first tier cities who

chose not to take the gaokao because of intentions to study abroad increased by 20 percent between 2010 and 2011. The popularity of English-speaking destinations has led to a corresponding increase in the number of Chinese taking English language proficiency exams – the two most common among them being TOEFL and IELTS. In February 2012, a US-based educational testing and assessment organization, Educational Testing Service, declared an increase of 19 percent in the number of Chinese taking the TOEFL exam in particular, compared to 2011 figures.

While a strong desire to educate one’s offspring has been a cultural norm within in all levels of Chinese society for centuries, for business-minded Chinese today, a foreign education also amounts to a straightforward investment: the more they put in, the more they’ll get out. And education-related investments are by no means limited to tuition. Today, foreign educations are more and more often linked to foreign investments, mostly in real estate, and given that overseas property investments have exploded during the last decade, this is no surprise. For many Chinese, buying property abroad is an appealing way of diversifying their assets, while providing a degree of protection against uncertainties such as social instability.

“Some people have the money but may not be qualified to buy a house, which is why their search for real estate investments turn overseas,” explained Wei Kefei, one of the directors of the Beijing International Property Expo, which features real estate developments from countries around the world. According to Mr. Wei, Chinese parents’ desire to give their children an overseas education often results in their buying property abroad. “Chinese people traditionally put more emphasis on

对一些中国富人来说，拥有一些国外资产就够了，但更多的人想把所有的一切给他们的后代：国外资产，国外教育以及国外护照。中国投资者现已把目光投向了另一个地方——澳大利亚。

Having investments abroad may be enough for some wealthy Chinese, but plenty of others want it all for their offspring: foreign investments, foreign education and foreign passports, and Australia is another place they’ve set their sights on.

14 2013, Autumn

　　尽管如此，对于想要出国留学的中国人

来说，美国和英国（包括加拿大和澳大利亚）

仍然是更受欢迎的目的地，继而更多的人在

这些国家落户。虽然对某些人来说，为子女

投资教育之后才会考虑购置房产，但颠倒这

两个投资步骤的人也不在少数。

　　事实上，越来越多的中国富人选择移民

的唯一目的是想为子女提供国外教育，投资

房地产是实现移民的手段。而美国就是可以

用钱换来身份的国家之一。相对一般情况下

需要通过语言考试进入美国教育体系而言，

获得该国投资移民签证 EB-5 是为子女或自

己获得国外教育更简单的方法——选定一个

项目之后，投资 50 万美元以上（根据不同

情况），即可被授予有条件绿卡。中国各地

的咨询公司几乎每周都在北上广深等主要城

市发布有关 EB5 信息的会议，有些是向公

众开放的，而有些仅限于邀请高端客户。

　　尽管人们想移民美国的两个主要原因是

希望获得更高质量的教育和更多受教育的机

会，但财产安全，更好的社会福利和高质量

的生活水平也是不可或缺的因素。根据中国

房地产网站 Soufun.net 的一项对 5000 名受

访者的调查显示，41.5％的人认为移民的最

主要原因是为了更好的生活条件，35.43％

是为了孩子受到更好的教育，14.68％则是

为了更好的退休条件。同样，《光明日报》

报道也显示，80％的中国富豪移民是为了获

得更好的教育机会。

　　号称“中国问题专家”的电子杂志 Tea

Leaf Nation 采访了移民美国的杨太太，她

在两年前通过 EB5 项目，用 100 万美元为

家人换来了临时绿卡，如果两年后能证明这

笔投资创造 10 了个就业机会，绿卡就能转

正。“如果不是为我女儿能在这里上学，我

不会移民美国，”她说。在她大女儿申请美

国大学之后，杨太太才考虑移居国外。现在

她与两个女儿一起住在纽约，其中一个在上

大学，另一个在上小学。如果没有绿卡，她

最小的女儿不可能这么小就能进入美国的教

育体系，以至于英语方面到达母语的水平。

　　来自曼哈顿美籍华人房地产经纪 Joe

Wong 告诉 World Policy Institute 记者说，

他已经看到了很多与杨太太相似的情况。大

多数申请 EB-5 投资项目的人都希望能让孩

子尽早来美国接受教育。“这是中国人申请


their children’s education. As the group studying abroad grows larger, some families might consider buying a house right away,” he told Metro Beijing. Beijing resident, Liu Zhiyong, is one such example. He considered buying a property in Miami last year a necessary step to help his son, who was studying for his PhD at the University of Florida. “My son is attending school there,” he told Metro Beijing, “so it was either buy a house or rent one.”

A China-based representative for French property consultancy firm Oscar France told Metro Beijing that Chinese investors have increasingly been looking to France to snap up valuable real estate. Most of the company’s Chinese clients have links to France, the representative said, either through a child studying there, or through business ties. According to the firm, France holds considerable appeal because of its stable property market which, unlike the US and the UK, doesn’t see drastic fluctuations in price.

Nevertheless, the US and the UK (along with Canada and Australia) remain far more popular destinations for Chinese who wish to study abroad – and, often, to settle down in properties of their own. While for some Chinese,

buying property comes after investing in a foreign education for one’s offspring, it may be the other way around too.

In fact, an increasing number of wealthy Chinese are choosing to emigrate for the sole purpose of getting a foreign education for their children, and investing in property is one means to that end, and the US is one country where the right amount of money can make that a reality. The country’s investment immigration visa, known as the EB5, is becoming better and better known among wealthy Chinese as an alternative to the relatively long route of preparing children – or themselves – for one of the English proficiency exams that are generally necessary for Chinese citizens to enter a foreign education system. Instead, wealthy Chinese invest a minimum of US$ 500,000 (depending on the sector) in elected US projects, and are granted conditional green cards. Consulting firms around China offer information sessions on the EB5 in major cities such as Beijing, Shanghai and Shenzhen almost every week, some of which are open to the public, compared to invitation only sessions which target high-end clientele.

Although higher quality education

来源：中国教育在线Source: http://www.eol.cn

2007-2012 年度在美中国留学生人数示意图The number of Chinese students in the United States from 2007 to 2012

20

15

10

5

02007 2008 2009 2010 2011 2012

6.778.11

9.85

12.80

15.70

19.40

单位：万Unit: 10 Thousand



EB5 项目最大的原因，”他说：“就是为了

让孩子有一个美好的未来。”

　　另一个来自 Douglas Elliman 房地产中

介公司的小兰也有同样的感受。据她了解，

在中国富人购置的曼哈顿物业中，有 90％

都是纯粹的投资，并不是为了要为离开中国

做准备。“中国客户投资纽约房产的另一

个原因是为了下一代，”她这样告诉 World

Policy Institute，“他们想立即送他们的孩

子去纽约学习。”她其中一个近期客户就是

21 岁的纽约大学经济系学生，她父亲是中

国建筑行业巨头，并打算购置上东区的房产。

and better opportunities for education are two of the major reasons for wanting to relocate to the United States, Chinese immigrants also frequently list the safety of their property, better social welfare and a better lifestyle as factors. In a survey conducted by Chinese real estate website Soufun.net, among 5,000 respondents, the top cited reasons to begin the process of emigration by investment were better living conditions (41.5 percent), better schooling

conditions for children (35.43 percent), and better retirement conditions (14.68 percent). Similarly, Guangming Daily reported that 80 percent of Chinese billionaires emigrate because of better education opportunities abroad.

E-magazine and source of knowledge for “China experts”, Tea Leaf Nation, interviewed Chinese émigré, Mrs Yang, who invested US$ 1 million to create an international trade venture in 2011 and, under the EB5 investor program, received green cards for her family – on condition that she could prove her investment created ten jobs after two years. “If it were not for my daughters’ [ability] to attend schools here, I would not have immigrated to the US,” she said. It was only when her daughter applied for university in the US that Mrs Yang considered moving abroad, but now she lives in New York with her daughters, one of whom is in college and the other in primary school. Without the family’s green cards, the youngest could never hope to enter the US education system at such an early age, and achieve the (near) native English proficiency that it affords.

Chinese-American Manhattan-based real estate broker, Joe Wong, told a World Policy Institute reporter that he has seen plenty of cases that are similar to that of Mrs Yang. Most Chinese who apply for EB5 investment immigration visas tend to do so to accompany their children through the US education system. “This is the single biggest reason for Chinese to come [on an] EB5,” he says: “to let their children have a better future.”

Another Manhattan-based agent, Xiaolan “Sherri” Shang of Douglas Elliman real estate agency in New York, echoes Mr. Wong’s sentiments. Shang estimates that 90 percent of the Manhattan properties that she sells to wealthy Chinese are pure investments, rather

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2

3

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1. 哥伦比亚大学　2. 东京大学　3. 墨尔本大学　4. 香港中文大学　5. 海德堡大学

16 2013, Autumn

小兰带她看了第 91 街的豪华公寓，她表示

非常喜欢，随后便建议她父亲购买这里的十

间公寓：一间给她住，另外九间用于出租。

　　对一些中国富人来说，拥有一些国外资

产就够了，但更多的人想把所有的一切给他

们的后代：国外资产，国外教育以及国外护

照。中国投资者现已把目光投向了另一个地

方——澳大利亚。

　　“我们看到许多中国商业巨头已经开始

在澳大利亚做生意，可能是买铁矿石或者是

炼钢，”澳大利亚顶级商业零售和工业地产

代理公司，世邦魏理仕的董事总经 Richard

Butler 说。“他们正在通过投资房地产，深

化与澳大利亚的联系。”从他 1982 年第一

次出售房地产给中国买家以来，Butler 已经

看到中国投资者的数量正稳步上升。

　　去年澳大利亚推出了 Significant 投资签

证，允许投资 500 万澳元以上（500 多万美

元）的投资者四年后申请永久居留权，通过

房地产深化关系将以澳洲护照的形式呈现。

对于那些有钱投资但有不想参加艰难的语言

和入籍考试的人来说，这项政策是欢迎他们

入籍澳大利亚的福音。

　　中国富人们视海外教育为子女美好未来

的敲门砖和分水岭，但是，当孩子们接触了

新的文化，外语技能和国际认可的证书之后，

他们心中的家是哪里？根据美国政府的调查

显示，几乎 92％的中国学生在完成博士学

位后选择留在美国，这些“脑增益”将为美

国带来巨大的潜力。然而，随着中国致力于

通过更多“增值”产业类型转变经济形态，

扭转人才外流正变得越来越重要。

　　中国政府试图以减税和住房补贴的方

法，吸引高技能的中国专业人士回来建设祖

国，类似“1000 计划招募全球专家”项目

的效果正逐渐显现。

　　“人们通常会认为国外的教育更全面和

整体，” 香港教育咨询公司 ARCH 学院联

合创始人 Jennifer Ma 对 World Policy 说。

这家顾问公司帮助学生为留学美国和英国做

准备，据统计，这些学生的父母中几乎有一

半都有国外留学经验。马女士指出，虽然大

部分学生在完成学业后想留在国外，但越来

越多人“有未来回到亚洲工作的愿景。”而

对于有这种打算的中国人来说，外国的教育

一定将对他们的前途发展大有裨益。

than vehicles to leave China. “The other reason Chinese clients invest in New York properties is for the next generation,” she told World Policy Institute. “They want to send their kids to study in New York right away.” One of Shang’s recent clients was a 21-year-old economics student at New York University, whose father – a construction magnate back in China – was looking to buy property on the Upper East Side. The young student, in her father’s absence, attended a viewing of a luxury building on East 91st Street, and left impressed enough to recommend that her father purchase ten of the building’s apartments: one for her, and nine to rent. Having investments abroad may be enough for some wealthy Chinese, but plenty of others want it all for their offspring: foreign investments, foreign education and foreign passports, and Australia is another place they’ve set their sights on.

“We’re seeing an influx of magnates out of China who are already doing business with Australia, maybe buying iron ore or making steel,” Richard Butler, Senior Managing Director of CBRE – a leading Australian commercial, retail, and industrial estate agent – told World Policy Institute. “They are looking to deepen ties by investing in real estate.” Butler has seen the number of Chinese investors steadily rise since he first began selling properties to Chinese buyers in 1982. Indeed, deepening ties through real estate may come in the form of an Australian passport, since last year’s launch of the Significant Investment Visa, which allows those who invest at least five million Australian dollars (slightly over US$5 million) into the country to apply for permanent residency after four years. For those with the disposable income to afford it, the regulation is a welcome alternative to the grueling

language and citizenship exams that are generally applied to potential immigrants to the country.

Wealthy Chinese see an overseas education as both a mark of distinction and a door opener for their children, but once their offspring have gained exposure to new cultures, foreign language skills and an internationally recognized qualification, where do they call home? Almost 92 percent of Chinese students with doctorates in science choose to stay in the US after completing their studies, according to a US government study, giving the country huge potential for what has been dubbed “brain gain”. But, as China works towards transforming its economy from low-end manufacturing to more “value added” types of production, retaining select graduates – and reversing brain drain – is becoming critical.

Programs such as the “1,000 Plan for the Recruitment of Global Experts”, which attempt to entice highly-skilled Chinese-born professionals back to the country with tax breaks and housing subsidies, are reported to be experiencing moderate success.

“Education abroad is often perceived to be more comprehensive and holistic,” Jennifer Ma, co-founder of ARCH Academy, an educational consultancy based in Hong Kong told World Policy. The consultancy helps to prepare students for overseas study in the US and UK, and almost half of her mainland and Hong Kong based clients have parents who studied abroad themselves. Mrs Ma pointed out that while a large proportion of students wish to stay abroad after completing their studies, there is also a growing number who “have the vision to come back to Asia to work in the future.” For this demographic of go-getting Chinese, their foreign educations are certain to put them in good stead.


18 2013, Autumn

观点 | OPInIOn INVEST IN

在2013 年中国 A 股跌破 2000 点一

片哀鸿遍野的时候，道琼斯指数

却高哥猛进，连创新高。很多人

开始把眼光投向海外市场，以期在美元资

产牛市盛宴中分一杯羹。美元资产大家并

不陌生，像最近很热的与美国房地产的相

关 QDII 产品，又比如以高新技术公司为代

表的 NASDAQ 指数等被动型指数化产品，

亦或更复杂的各类金融衍生品。当然还有

相当多的投资者在自己的资产配置中直接

把一部分资产置换成美元储蓄等待升值。

　　资产配置的重要考量指标是美元走势，

美元的强弱很大程度上左右着全球金融市

场的大格局，美元本身又是重要的资产配

置标的（美元汇率、美元资产）。鉴于此，

对于美元历史走势进行梳理并对未来趋势

合理分析显得重要而迫切。笔者的结论是

美元中期走牛大格局依然形成。这既是美

国经济复苏强劲、其他经济体复苏乏力的

必然体现，也与美国货币政策与欧日货币

政策相反方向的转向直接相关。

美元历史走势的简单梳理

历史上美元指数经历 5 个升值和贬值周期，

1971-1980（下跌），1980-1985（上涨），

1985-1995（下跌），1995-2002（上涨），

2002-2008（下跌）。单就过去 20 年来

看，即 1995 年至今，美元指数经历了一个

完整的“牛熊市”。从 90 年代中期开始，

直到 2001-2002 年，美元长期大牛市。自

2002 年之后，美元开始一路下滑，直至金

融危机爆发。

　　由于金融危机的爆发，使得各个货币

汇率开始重新调整。特别是欧洲债务危机

When people mourned as China’s A-share index fell below the 2000-point

benchmark in 2013, the Dow Jones index has been hiking constantly to breaking new highs. Many people started to lay their sight on overseas markets and hoped to grab a slice of the dollar assets feast. The concept of dollar assets is not new to us. This type of assets include the US property related QDII products, which have been hotly pursued recently, passive index-based products tracking Nasdaq index that covers high-tech companies as well as a variety of complex financial derivatives. There are quite a few investors who have already exchanged part of their assets directly into US dollar savings with the hope the currency will appreciate over time.

Asset allocation is an important consideration to forecast the performance of dollar. Dollar has a major impact in the global financial markets. The dollar itself is also an important target in terms of asset allocation (the dollar exchange rate, dollar assets). Under such a scenario, it’s important and urgent for us to look at the historical trend of dollar and conduct reasonable analysis of its future trends. I believe that the pattern of a medium-term dollar bull run has already been formed. It is not only a direct result of strong recovery of

海外投资：歆享美元中期牛市的盛宴

Overseas Investment: Feast the Medium-term Bull Market of uS Dollar

广发证券股份有限公司

投资顾问

拥有 10 年中国证券市场专业研究经验，擅长股

票研究、外汇研究以及股指期货研究。

GF SecuritiesInvestment Advisor

Over a decade of Chinese securities market experience, specializing in stock, foreign currency and stock index and futures study and consultancy.

邢奎 CPA, [email protected]


由于金融危机的爆发，使得各个货币汇率开始重新调整。特别是欧洲债务危机的爆发，让人们开始重新审视欧元的内在缺陷与欧洲经济的结构性矛盾。与美元相比，其地位开始逐步下降。

The outbreak of the financial crisis has led to the realignment of currency exchange rates. Especially when European debt crisis emerged, people started to re-examine the inherent weakness of euro system and the structural contradictions in European economy. Euro position began to show gradual decline compared with dollar.

OPInIOn INVEST IN | 观点

的爆发，让人们开始重新审视欧元的内在

缺陷与欧洲经济的结构性矛盾。与美元相

比，其地位开始逐步下降。

　　总体来说，世界经济正在不断调整以

寻求新的平衡。汇率是世界经济平衡调整

的重要手段，当前美元汇率依然处于 2001

年下跌以来的底部震荡之中，关键问题来

了，美元会这个盘整中完成底部构筑，从

而一举逆转从 2001 年以来的熊市吗？

　　影响美元汇率的因素影响美元汇率的

因素很多，比如美国经济产业结构，世界

经济、政治变革等等，但根本上说，影响

汇率中长期走势核心因素是一国经济强弱。

具体而言，美国经济增速在大方向上决定

美元指数走势。但需注意历史上数次出现

美元指数与经济基本面出现背离的情况。

观察到 03、04 年间美国经济情况好转，但

美元指数继续其下行趋势。其原因之一是

布什政府扩张性的财政政策造成美国赤字

大幅增加；经济复苏后投资者避险需求的

减弱也是影响美元走势的一个原因。因此

影响美元汇率的因素多种多样，各种因素

在不同时期，不同阶段对美元汇率的影响

各有不同。判断美元的走势既需要考察美

国的货币政策，也需要考察美国的对外贸

易结构、对外负债结构。

　　对外贸易，货币汇率背后的根本支撑

因素是商品竞争力。过去，由于美国商品

竞争力下降，使对外贸易长期处于逆差状

态。同时，贸易逆差大量向外输出美元，

导致美元长期贬值。但是金融危机之后，

美国对外贸易情况发生了变化，贸易逆差

有所收窄。美国汽车业进行了大规模改革，

出口竞争力显著增强。此外，农产品尤其

是大豆，也为美国出口做出较大贡献。进

口方面。进口增速在 2011 年与 2012 年皆

低于出口增速，导致美国对外贸易差额绝

对量上开始收窄，商品与服务贸易差额从

2006 年高峰期间的 7532 亿美元，降低至

2012 年的 5395 亿美元，经常项目差额从

2006 年的 8000 亿美元，降低至 2012 年

的 4749 亿美元。此外，美国即将开始出口

原油，英国石油公司和英荷壳牌等石油巨

头已向美国政府提交出口申请，寻求出口

美国产石油。随着美国能源优势的逐步确

立以及制造业的回归，将对美国经常项目

的改善起到积极作用，贸易状况可能继续

the US economy and lack of recovering momentum in other economies, but also directly linked to the opposite direction between the US monetary policies and those in Europe and Japan.

Analysis of the Historical Trend of the US DollarHistorically, the dollar index has experienced five periods with appreciation or depreciation: 1971-1980 (depreciation), 1980-1985 (appreciation), 1985-1995 (depreciation), 1995-2002 (appreciation) and 2002 -2008 (depreciation). In the past two decades alone, the dollar index

has gone through a complete “Bull and Bear” pattern since 1995. From mid-1990s until 2001 and 2002, dollar was in a big bull run and it began to decline all the way until the financial crisis broke out since 2002.

The outbreak of the financial crisis has led to the realignment of currency exchange rates. Especially when European debt crisis emerged, people started to re-examine the inherent weakness of euro system and the structural contradictions in European economy. euro’s position began to show gradual decline compared with dollar,.

Overall, the global economy has

20 2013, Autumn


改善，进而支持美元走强。

　　对外负债，在 2008 年金融危机时，

为了挽救美金融体系，美国负债出现了大

幅增长。美国债务在 2000 年底时为 5.6 万

亿，到去年底时达 16.4 万亿美元。美国外

债占 GDP 比例从低于 60%，上升至去年

的 104%。国债持续增长，尤其是占 GDP

比例上升，使得美元信用减弱，是美元过

去走弱的重要因素。现在情况发生了变化，

美国开始控制债务规模，削减开支，增加

收入。美国国会预算办公室 (CBO) 5 月

14 日发布的报告显示，美国 2013 财年度

的财政预算赤字规模将会远低于此前的预

计。2013 财年全年财政预算赤字规模将在

6420 亿美元，相比此前在 2 月份时预测的

8450 亿美元低了 2030 亿美元。相比较于

前几年的 1 万亿美元规模的财政赤字已经

大幅下降。

　　国会预算办公室还预测，若当前的自

动财政减支措施继续延续下去，那么美国

在 2014 财年的赤字规模有望进一步缩减到

5600 亿美元，低于此前预期的 6160 亿美

元。若如此以往，美国经济不断增长，而

美国财政赤字不断降低，国债规模有可能

出现绝对量的下降，美元信用必然得到极

大加强，有可能推升美元汇率。

been constantly adjusting itself to a new balance. The currency exchange rates are the important tools in the process to reach an economic equilibrium for the whole world. Currently, dollar market is still lingering around the bottom of the slump since 2001. Here comes the key question: will dollar bottom out after consolidation and reverse the Bear market starting 2001? There are many factors affecting the exchange rate, such as US economic structure, global economy, political changes and etc. But fundamentally, the core factor affecting medium-to-long-term exchange rate is a country's economic strength. Specifically, the US economic growth rate largely determines the trend of the dollar index. But what we should be aware of is that there were several periods of time in history when the dollar index and the economic fundamentals diverged.

We observed that when the US economic situation improved in 2003 and 2004, the dollar index continued its downward trend. One of the reasons was that the Bush administration’s expansionary fiscal policy led to a substantial increase of US deficit. Investor’s weakened appetite for risk aversion after the economic recovery also influenced the dollar performance. Therefore, there are a variety of factors that can affect the dollar exchange rate while their influence varies during different periods of time. When gauging the trend of US dollar, we should not only focus on US monetary policy, but also US foreign trade structure and external liability structure.

The fundamental supporting factor behind foreign trade and currency exchange rates is the competitiveness of goods. In the past, due to the decline of its competitiveness, US had a trade deficit for a long time. Meanwhile, it had to

export US dollars due to the trade deficit, leading to the long-term depreciation of the dollar.

However, after the financial crisis, US foreign trade situation has changed with its trade deficit narrowing. The US automobile industry has experienced major restructuring with export competitiveness rising significantly. In addition, agricultural products, especially soybeans, have made a greater contribution to US exports. In terms of imports, growth in 2011 and 2012 were both lower than export growth, resulting in a narrowed deficit with absolute amount of US foreign trade balance. The deficit of goods and services dropped from a peak of US$753.2 billion in 2006 to US$539.5 billion in 2012. The current account deficit declined from US$800 billion in 2006 to US$ 474.9 billion in 2012. In addition, the US will soon start exporting crude oil. BP, Royal Dutch Shell and other oil giants have submitted applications to the US government, seeking to export US-produced oil. With the gradual establishment of the advantages in the US energy sector and recovery of manufacturing industry, they will play a positive role in improving the current account. Trade conditions may continue to improve, and thus support the dollar.

As for external liabilities, during the financial crisis in 2008, in order to save the US financial system, there has been substantial growth in US debt, which grew to US$16.4 trillion by the end of last year from US$5.6 trillion by the end of 2000. The proportion of the US debt against its GDP grew from less than 60% to last year's 104%. Treasuries continued to grow, especially its percentage against GDP, which weakened the credit of dollar and drove its value lower in the past. Now the situation has changed. The US

根本上说，影响汇率中长期走势核心因素是一国经济强弱。

Fundamentally, the core factor affecting medium-to-long-term exchange rate is a country's economic strength.



started to control the size of its debt, cut spending and increase revenue. According to a report unveiled by the US Congressional Budget Office (CBO) on May 14, the US budget deficit in fiscal year of 2013 is expected to be far lower than previously estimated. The budget deficit for fiscal year of 2013 will be US$642 billion, US$203 billion lower than the estimate of US$845 billion in February. It’s significantly lower than the budget deficit of around US$1 trillion in previous years.

The Congressional Budget Office also predicted that if the current austerity fiscal measures continue, US is expected to cut the budget deficit to US$560 billion in the fiscal year 2014, lower than the previous estimate of US$616 billion. If the trend continues, the US economy will constantly grow and the

US budget deficit may continue to drop. The absolute amount of the Treasuries is likely to drop with the credit of the dollar to be strengthened and the value of the dollar to rise. The improved fiscal situation, the lower ratio of external liabilities and the enhanced dollar credit will undoubtedly benefit the dollar performance. Since the onset of the financial crisis, the US Federal Reserve has launched four rounds of quantitative easing, by lowering interest rates and conducting large-amount assets purchase simultaneously. The loosened policy has led to an exogenous increase in dollar supply, causing the dollar to increase in number, and then lowering the dollar’s exchange rate. But now the situation has changed. The US economic fundamentals are gradually improving. The Fed is set to tighten its monetary policy faces and gradually withdraw from the asset purchase. Fed Chairman has already given the exit paths of QE4.

In contrast with the US, other countries still feature poor economic fundamentals and they have started to loosen their monetary and fiscal policy. Europe’s economic situation has deteriorated to an unacceptable extent and the economic policy shift is inevitable. Japan has already launched a massive monetary easing program while Australia also began to cut interest rates. In short, compared with the loose monetary policy in other countries, the US monetary policy is set to push up the dollar. The different directions of monetary policies will boos the dollar’s strength.

In summary, I believe that the long-term strength of the dollar has been gradually formed. I suggest that investors properly increase the weight of US dollar-denominated assets in their asset allocation.

宽松政策增加了美元的外生性供给，导致美元数量大增，进而压低了美元汇率。但是现在情况已经发生了变化，美国经济基本面逐步改善，美联储的货币政策面临收紧，即逐步退出资产购买。

the loosened policy has led to an exogenous increase in dollar supply, causing the dollar to increase in number, and then lowering the dollar’s exchange rate. But now the situation has changed. The US economic fundamentals are gradually improving.

财政状况的好转，对外负债比例降低，增

强美元信用，必然极大有利于美元走势。

货币政策，自金融危机以来，美联储共推

出 4 次量化宽松政策，降息与大量资产购

买同步进行。宽松政策增加了美元的外生

性供给，导致美元数量大增，进而压低了

美元汇率。但是现在情况已经发生了变化，

美国经济基本面逐步改善，美联储的货币

政策面临收紧，即逐步退出资产购买。联

储主席已经给出了 QE4 退出路径。

　　与美国相反，其他国家经济基本面依

然恶劣，货币政策与财政政策开始宽松。

欧洲经济形势恶劣到无法令人接受的地步，

经济政策发生转向是必然的。日本已经推

出了大规模的货币宽松计划，澳洲也开始

降息。总之，美国货币政策与其他国家货

币宽松政策的对比，将推升美元汇率。不

同方向的货币政策，将利于美元走强。

　　综上，笔者认为美元长期走强的格局

渐趋形成，建议投资者在资产配置中美元

资产配比权重适时增加。

22 2013, Autumn


我过去曾写过关于为您孩子提供最

良好教育的投资价值。现在我想趁

此机会探讨一下投资成人教育，尤

其是提升领导力对于个人持续发展和财富创

造的重要性。

　　在过去五年中，中国与世界其他地区的

关系发生了巨大的变化，这也将持续成为未

来的发展趋势。中国跨国企业从西方聘请高

管的传统模式正在逐渐缩减。中国国有企业

正持续增长并开始进军新的海外市场。由于

国内市场的回报已经最大化，许多私有企业

也正在努力开拓国外市场资源。

　　而现在越来越多懂技术的初级和中级管

理人员正从国外到中国来寻求新的就业机

会，将此与上述现象结合起来看，你会发现，

中国管理层带领国外团队的现象将变得越来

越平常。

　　这对于作为一名企业家，大型企业高管

或投资者的你意味着什么？它意味着作为企

业未来投资增长的其中一大关键在于你带领

非本国人团队的能力。

　　从理论上讲，这可能听起来很容易。你

们许多人都有对于在一个流畅的商业环境中

成功运营企业有丰富的经验。你拥有充足的

技能，丰富的经验，很有可能拥有高人一

等的情商和智商。这些在管理企业上都非常

有用，但并不是成功的保障。原因在于，所

有这些都是所谓的“通用技能”而不是在管

理外国员工的具体任务中会用到的“演示技

能”。

　　当我说你在执行任务中可能没有演示技

能是什么意思呢？许多中国企业高管的领导

I have written in the past on the value of investing the best education for your children. Now I have the

opportunity to discuss the importance of adult education as a critical investment for your continued personal development and wealth creation, and in particular leadership development. This can come in many forms, from business schools at home and overseas to leadership development specialists with a presence in the Greater China Region.

The economic dynamics of China’s relationship with the rest of the World have changed considerably over the last five years and will continue to do so in the near future. The traditional model of multi-national corporations in China being managed by C-Suite executives from ‘The West’ is increasingly a thing of the past. Chinese SOE’s are continuing to grow and expand into new markets overseas. Even privately owned Chinese organizations are now looking abroad for growth as they may now have maximized returns in the domestic market.

Tie this all in with an increasing number of educated, skilled junior and middle managers from abroad looking to come to China to seek new employment opportunities and you see an interesting dynamic. We are now changing to a world

领导力的学习也是一项投资

Leadership Developmentas an Investment

Paul Murphy 是国际教育行业、公司培训领域的

资深专家。

Paul Murphy is an experienced education consultant with a background in international education, corporate training, and customized private tuition.

Paul MurphyCPA, CFPEmail: [email protected]: hk.linkedin.com/in/paulmurphy61



经验只限于管理本国员工的团队，而我想讨

论的是在中国领导一个海外甚至是多元文化

的管理团队。

　　你可能会说你可以选择在海外部门配置

中国的中层管理人员，或保留现有的高管团

队。这当然是一种选择，但固然有风险。由

过去的 30 年的市场经验上来看，这种做法

虽然通常能取得初步的成功，但伴随的一些

明显问题从长远看来对企业发展有非常不利

的影响。

　　在 20 世纪 80 年代，日本部门经理们

前往海外创建业务部门的需求奠定了日本海

外经济增长模式。这确保了海外部门与日本

总部保持一致，并在语言和文化上的交流通

畅。然而这种模式并没有把总经理级别以下

的工作人员包含在内，而都是由当地部门经

理直接管理。日本企业的增长主要得益于创

新的设计和生产实践，而不是在领导力。

　　同样，在 90 年代和 2000 年初的中国，

我们也看到了西方公司外派高级管理人员到

中国业务部门的现象。这种方式虽然短时间

内能够有效，但由于没有意识到高层管理人

员在了解当地市场动态以及带领一个当地管

理团队能力的重要性，公司在进一步开拓国

外市场受到了制约。这个原因导致美国及欧

洲开拓中国的市场失败的案例数不胜数。

　　作为一个视海外业务和投资的增长为目

标的中国高级管理人员，上述例子能带给你

什么样的启发？我个人认为，你将面临两个

选择：1）你可以开始在国内雇用和打造对

外管理团队，几年后派到管理海外业务单位，

或 2）提升中国管理团队的领导能力，这样

他们对于如何带领来自不同文化背景的外

籍员工以及多元文化工作氛围有较为深刻

的理解。

　　我虽然是泛指，但基本原理是不变的。

许多成功的西方跨国公司在中国总部都聘请

曾在北美或欧洲学习或从业经验的中国籍高

管。由于平衡了跨国企业在中国的需求，这

种模式是在国内越来越受欢迎。这种模式符

合上述第一个选项，只是过程颠倒了。

　　想通过提升目前团队领导能力，使他们

能够成功地开展海外业务是一个很大的挑

战。首先，你应该了解一个海外业务领导者

所需要具备的几点核心要素。通过心理测试，

in which Chinese leadership of non-Chinese teams is increasingly the norm.

So what does this mean for you as entrepreneurs, senior executives of major corporations, or investors? It means that to continue to see your organizations and investments grow in the future one of the key components will be your ability to lead non-Chinese teams.

In theory, this may sound easy. Most of you have massive experience successfully driving dynamic operations in a very fluid business environment. You have proven skill sets, a wealth of experience, and most likely strong EQ and IQ. This all stands you in good stead but by no means guarantees success. The reason is that all of these are what we call ‘transferable skills’ as opposed to ‘demonstrated skills’ in relation to the specific task of managing foreign staff.

So what do I mean when I say you may not have demonstrated skills for the task? When we look at many Chinese executives leadership experiences they generally lie in managing Chinese teams in China. What I am discussing here is leading foreign management teams overseas or even a multi-cultural management team here in China.

Here you may argue that you can just place Chinese middle management in your overseas divisions or stay with a Chinese executive team within your organizations. This is certainly an option but one with inherent risks. When we look at experiences in various markets over the last 30 years we see that this approach generally creates initial success but with significant underlying problems that can be hugely damaging in the long run.

In the 1980’s the Japanese growth model overseas was underpinned by a need to have Japanese division managers

heading up all the business units they created overseas. This ensured that these divisions aligned with headquarters back in Japan and that communication was fairly easy from a linguistic or cultural perspective. However, it didn’t factor in the level below that Japanese general manager, which was primarily staffed by local department managers. Growth in Japanese companies was driven by innovative designs and production practices, but not in leadership.

Similarly, in the 1990’s and early 2000’s in China we saw Western companies expatriating senior executives to their new China operations. This created some initial successes but once more failed to identify the fundamental need for senior executives who have a strong understanding of local market dynamics as well as the ability to lead a

随着越来越多懂技术的初级和中级管理人员正从国外到中国来寻求新的就业机会，中国管理层带领国外团队的现象将变得越来越平常。

An increasing number of educated, skilled junior and middle managers from abroad looking to come to china for new employment opportunities, changing to a world where Chinese leadership of non-Chinese teams is increasingly the norm.

24 2013, Autumn


语言评估以及小规模项目可以评测出在个人

在跨文化团队中的能力。当这个完成之后，

你可以组织一个包含自己在内的团队参与有

针对性的领导力提升项目。

　　在这个时候，区别战略领导力和运营领

导力之间的差异非常重要。战略领导力包括

由你的视野，企业文化以及战略举措；运营

领导力包括公平与公正原则，领导行为以及

和政策。虽然一个组织的战略性领导力一般

不会改变，运营领导力在不同的领导的带领

下会有很大的不同。

　　所以我们现在可以在前往海外之前，开

始专注于提升在中国团队的运营领导力。以

我的经验，关键是开发“情境领导”，这种

灵活的领导风格可以满足多元化劳动力中不

同的需求。

　　情境领导的基本原理是，作为领导人，

我们应该在特定任务中改变我们的沟通方式

（指式及支持性的），与个人发展水平相匹

配。发展水平建立在能力和承诺结合的基础

上。员工的能力通常会随着时间而增长，而

承诺程度则会根据需要应对的各种挑战而有

mainly local management team. There are countless stories of failed US or European business initiatives in China.

So where does this leave you as a Chinese senior executive who wants to see strong growth from your increasingly large number of overseas business units and investments? In my opinion you have two options: 1) You start to hire and develop foreign management in China who you then send to manage your overseas business units after a few years, or 2) You invest in the leadership skills of your Chinese management team so that they have a strong understanding of leading foreign employees and the organization behavior of entities from different cultures.

Obviously, I am talking in generalities here but the fundamentals are sound. Many successful China-based executives for Western MNCs are now of Chinese

nationality or ethnicity who have spent some time in North America or Europe for study and several years employment. This model is proven increasingly popular in China due to its successful balancing of the needs of the organization in China. This model matches Option 1 above but simply flips it around.

The development of leadership skills in your current team to enable them to successfully build an overseas operation is more of a challenge. First and foremost you should understand some of the core elements of a leader that you need to fit the role of the overseas operation. This can be done through psychometric testing, language appraisals, and small-scale projects to see individuals’ ability with cross-cultural teams. Once you have done that you should have a group of individuals, including potentially yourself, who are set for a program of leadership development targeted to suit the specific needs identified.

At this point it is important to stress the difference between strategic leadership & operational leadership. Strategic leadership consists of your vision, corporate culture, and strategic imperatives. Operational leadership consists of your leader behaviors, sense of fairness & justice, and policies. Whilst strategic leadership generally will not change within an organization, operational leadership can often vary considerably by leader.

So, we can now focus on the need to develop operational leadership capabilities in our Chinese management team before they head overseas. In my experience, the key to developing a flexibility in leadership styles that will allow you to meet the varying demands of a multi-cultural workforce is something commonly known as ‘situational leadership’.

战略领导力包括由你的视野，企业文化以及战略举措；运营领导力包括公平与公正原则，领导行为以及和政策。虽然一个组织的战略性领导力一般不会改变，运营领导力在不同的领导的带领下会有很大的不同。

Strategic leadership consists of your vision, corporate culture, and strategic imperatives. operational leadership consists of your leader behaviors, sense of fairness & justice, and policies. Whilst strategic leadership generally will not change within an organization, operational leadership can often vary considerably by leader.



所不同。通过了解能力和承诺结合的理念，

我们可以改变我们的领导风格，以帮助他们

继续履行职责。

　　我们还必须建立与员工之间的信任。没

有信任，人们不会响应你的领导。特别是对

于来自不同国家和文化背景下的领导者，建

立信任的难度会更大。信任应建立在一致性

和诚实的基础上，以及我前面提到的公平和

公正。

　　情境领导最后一个关键的一部分是通过

适应你的风格来满足个人的需要。传统上，

东亚管理风格往往指令性比较强。这个风格

适用于当你的团队处在一个相对较低的发展

水平时，但随着他们的成长，你也必须改变

你的风格，直到他们充分被授权并配合。

　　当然，这只是众多领导力的解决方案之

一，但对于在海外运营的这样比较新、跨文

化的中国企业团队来说，这是特别重要的方

案。当你意识到这些问题，具备灵活领导风

格的能力对于你个人以及团队的成功就显得

尤为重要。

　　总而言之，在全球化的今天，领导力发

展的投资是极其重要的。在亚洲欧洲以及南

美洲都有很多非常好的教育机构和领导力培

训课程，以供您就进选择。

　　最后，无论你是老板还是中国跨国公司

的高级行政人员，了解领导跨越全球地域和

文化的动态将是一个能使你直接获益的明智

投资。

The fundamentals of situational leadership are that as leaders we should change our style of communication (directive & supportive) to match the development level of individuals on a specific task. Development levels are based on a combination of competence and commitment.

People will generally always develop competence over time but commitment levels will vary as they meet various challenges. By understand the mix of competence and commitment we can vary our leadership style to help them to continue to perform.

We then must also establish trust with our staff. Without trust, people will not respond to your leadership. When a leader is from another, culturally very different, country, this trust will be even harder to develop. Trust comes through consistency and honesty. The sense of fairness and justice I mentioned earlier.

The final key part of situational leadership is to adapt your style to meet the need of the individual. Traditionally, East Asian management styles tend to be quite directive or top-down. This is fine when your team is at a relatively low

level of development but as they grow you must also change your style until they are full empowered and engaged.

Of course, this is just one of many leadership solutions, but it is one that is particularly relevant when you think about the dynamics of a relatively new, cross-cultural team for a Chinese organization that is operating in a new business environment. When you look at these issues the ability to have a flexible leadership style becomes incredibly important for your own and your organizations’ success.

So, in summary, investing in adult education for leadership development is extremely important in our new global paradigm. There are some fantastic education institutes across Asia, Europe and North America as well as specialist leadership providers much closer to home.

Ultimately, whether you are the owner of your own company or a senior executive of a Chinese multinational, understanding the dynamics of leading across global geographies and cultures will be a smart investment that will benefit your bottom line.

26 2013, Autumn

聚焦国际金融中心IFC SPOTLIGHT聚焦国际金融中心IFC SPOTLIGHT

By Adam Skuse

卢森堡西欧切入点LuxembourgThe Entry Point to western Europe


聚焦国际金融中心IFC SPOTLIGHT

尽管只有不到 50 万人口，卢森堡在

现代欧洲经济核心区的形成中，

仍然占据十分重要的地位。事实

上，卢森堡大公国这个四面被陆地所包围的

国度，位于中世纪的主要贸易路线上，并

且是前往西班牙的主要关卡，连接了 16 世

纪的西班牙和东方世界。虽处于西欧的中

心地带，卢森堡却一直秉承它的独立精神，

这个国家的座右铭便是：“我们要秉承自

身的风格”。

　　这里也是现代钢铁工业的发源地。

1876 年，英国的冶金学者 Sidney Thomas

发明一项精炼技术并带到卢森堡，也促成

了之后 1911 年 Arbed 公司的成立，后来变

成 ArcelorMittal，世界上最大的钢铁制造商，

占全球产量的 8%。自那时起，卢森堡的工

业开始多元化发展，包括化工品，橡胶生

产等，但是钢铁贸易仍占其出口的 7%。

　　如今，卢森堡不但保持着历史魅力，

也是一个现代化的国家，并且是欧洲经济

一体化的主要成员。卢森堡语德国，比利

时和法国接壤，是欧盟地理上的中心。尽

管只有 2586 平方公里的面积，人口约 50 万。

2011 年，IMF 按照人均财富量将其列为世

界第二富有的国家。

　　卢森堡有广泛的交通网络，总长 147

公里的高速公路，将其与周边国家紧密相

连起来，并且拥有全世界最高的人均汽车

拥有量。同时，卢森堡也与法国的高速列

车体系相通。政府鼓励通过利用卢森堡的

中心地位将其打造成物流中心的相关投资。

这些举措中，包括新近在卢森堡机场开设

了一家新的制药厂和健康护理中心，以及

架设一个有关物流的专业网站。

　　卢森堡有世界一流的通信系统，政府

也一直致力于发展更高速的网络。卢森堡

是 20 个数据中心的所在地，其中一些在全

球范围内都有顶尖表现。政府对可视通讯

和网络的投资也十分可观。

　　卢森堡的经济十分开放，并且鼓励企

业活动，世界的领先科技公司均选择卢森

堡作为他们的欧洲运营基地。卢森堡大公

国为君主立宪制国家，公爵为国家首脑，

首相是政府部门领导，实行集中经济规划，

提供非常强大的检查与均衡体系。卢森堡公

民基本受过良好教育，大多数可以讲法语，

Despite its tiny population of little more than half a million, Luxembourg has played a pivotal

role in forming the economic nucleus of modern Europe.

Indeed, the origins of this landlocked state, properly titled the Grand Duchy of Luxembourg, lie in its position on major medieval trade routes, and forming a major point along the Spanish Route, that provided a trade link between the East and an ascendant 16th Century Spain.

Despite being at the center of Western Europe, Luxembourg has kept a fiercely independent spirit, reflected in the duchy’s motto “We Want to Remain What We Are.”

It is also the birthplace of the modern steel industry, and owes much of its prosperity to this. In 1876 English metallurgist Sidney Thomas invented a refining process that he brought to the country and which led to the founding of the Arbed company in 1911, later to become ArcelorMittal, the world's largest steelmaker responsible for 8 percent of global output. The country's industrial sector has since diversified to include chemicals and rubber production, although the iron and steel trade still account for around 7 percent of the country's output.

Today, Luxembourg retains much of its historical charm, with forested hills and medieval buildings dotting the picturesque landscape. But it is also a modern country, and has been a leading proponent of European integration. Bordered by Germany, Belgium and France, it is at the geographic center of the leading forces of the EU. This is despite having an area of just 2,586 square kilometers and a population of just over 500,000. In 2011, the IMF ranked it as the world's second-richest country on a per capita basis.

LuxembourgThe Entry Point to western Europe

It has excellent transport links, with 147km of motorways connecting it with its neighbors, and among the highest number of cars per capita in the world. It also has high-speed rail links integrated into France’s TGV system. The government has also encouraged heavy investment to capitalize on Luxembourg's central location by turning it into a logistics hub. This includes such initiatives as the recent opening of a new pharmaceuticals and healthcare center at Luxembourg airport, and the opening of a website dedicated to logistics.

Communications systems are also world class, with government policies that have encouraged continual investment and upgrade of high speed networks. Luxembourg is also home to 20 data centers, some of which have ranked top in the world in terms of up-time and performance. The government has made significant investment in telecommunications and the Internet.

Its economy maintains a high

尽管只有不到 50 万人口，卢森堡在现代欧洲经济核心区的形成中，仍然占据十分重要的地位。

despite its tiny population of little more than half a million, Luxembourg has played a pivotal role in forming the economic nucleus of modern europe.

28 2013, Autumn


德语，英语，以及卢森堡语。

　　然而，如今这个国家却以其金融服务

产业闻名全球。卢森堡是全球排在美国之

后的第二大基金中心，并且是欧洲领先的

再保险中心。截至 2010 年 9 月，该国共有

149 家银行，员工超过 25000 名。其中主

要为德国银行，但是其他世界知名银行均

在当地有很强的实力。特别是在注册，管

理以及集资入股的跨境事业分布方面有显

著优势。

　　然而，由于其对于隐私问题的不透明

处理方法，使得其承受着成为避税天堂的

怀疑。2009 年，G20 将其列为银行系统有

嫌疑的“灰色名单”中。自那之后，卢森

堡与一些国家签订了税收信息交换协议。

　　卢森堡稳定的政府机构也是其主要的

资产，并在 2012 年与 2013 年连续被《经

商环境报告》评为合约执行第一的国家。

2013 年 5 月，在全球金融中心指数排名中，

爬升至总评第 18 名，较上次升高了 6 个名

次。同时被誉为为数不多的能够有显著增

长的金融中心。在欧洲，卢森堡排名第五，

仅次于伦敦，苏黎世，日内瓦和法兰克福。

　　根据卢森堡金融推广署在 2013 年 1 月

于上海发布的一项报告显示，截至 2012

年 10 月，卢森堡占欧洲基金净销售额的

32%，跨境基金注册的 72%。这份报告同

时指出，对中国来说，卢森堡基金结构是

中国资产管理市场“最该选择的基金结构”，

因其有着全球化的组织和零售商基础。

　　卢森堡也是知名的人民币国际中心，

为中国大陆的投资者提供更进一步的投资

机会。事实上，卢森堡希望成为欧元区的

人民币中心。卢森堡金融推广署的一份报

告称，“卢森堡的目标很明确：成为欧元

区跨境业务的人民币中心。达到这个目标

的条件是很可观的。从商业角度来说，卢

森堡是被广泛认可的国际金融中心，能够

为人民币投资基金提供颇大的共同资金，

并且为债券提供上市，同时也是全球最大

的清算与结算平台之一。”

　　中国的热情可以从卢森堡财政部部长，

Luc Frieden 近期与中国银行主席田国立进

行会晤之时的声明体现，“希望成为卢森

堡第一个有人民币清算能力的银行，为发展

卢森堡的人民币业务提供全力支持。”自

degree of openness that encourages entrepreneurial activity, with many of the world's leading tech companies choosing the duchy for their European base of operations. The government – a constitutional monarchy with the duke as head of state and prime minister as leader of the government – also practices centralized economic planning, and offers a strong system of checks and balances. The population is highly educated, with many speaking French, German and English, as well as Luxembourg's own language.

However, it is financial services that the country is now best known for. Luxembourg is the world's second-largest fund center after the United States

and a leading center for reinsurance in Europe. As of September 2010, there were 149 banks in the country employing over 25,000 people. German banks accounted for the majority, but the banks of most major world economies also have a strong presence. Particular focus is placed upon the domiciliation, administration and cross-border distribution of undertakings for collective investments.

However, it also fell foul of suspicion that it was acting as a tax haven, thanks to its opaque approach to privacy issues. In 2009, this led the G20 to add it to a “grey list” of nations thought to have questionable banking arrangements. It has since signed tax information

如今，卢森堡不但保持着历史魅力，也是一个现代化的国家，并且是欧洲经济一体化的主要成员。卢森堡与德国，比利时和法国接壤，是欧盟地理上的中心。尽管只有 2586 平方公里的面积，人口约 50 万。2011 年，IMF 按照人均财富量将其列为世界第二富有的国家。

Today, Luxembourg retains much of its historical charm, with forested hills and medieval buildings dotting the picturesque landscape. But it is also a modern country, and has been a leading proponent of european integration. Bordered by Germany, Belgium and France, it is at the geographic center of the leading forces of the EU. This is despite having an area of just 2,586 square kilometers and a population of just over 500,000. In 2011, the IMF ranked it as the world's second-richest country on a per capita basis.

图片

Photo by S

tephen J. Chang



1979 年起，中国银行就已经在卢森堡开设

了分行，到今年 5 月底，存款量达到了 89

亿元，跨境人民币总量达到 383 亿元。中

国工商银行也表示，“中国工商银行支持卢

森堡成为全球人民币中心，我们的人民币资

金储备和全球的网点都会全力以赴。”2013

年 7 月，中国建设银行成为第三家获得在

卢森堡开设分支的银行。

　　卢森堡普华永道的合伙人，Dariush

Yazdani 在接受卢森堡金融推广署采访时

说，“我们是除香港和新加坡之外，全球最

大的“点心债券”上市中心，卢森堡是欧

洲接受中国直接对外投资的主要接收国。”

他同时指出，卢森堡已经有多家银行开始

为客户提供全部的人民币主导产品。

　　据某报告称，2011 年，中国对卢森堡

的直接投资达到了 18.6 亿美元，占中国对

欧盟投资总量的 43.5%。中国银行卢森堡

分行副行长周丽红声称，“我们已经积极

地向我们的客户推荐卢森堡金融中心，比

如它有 3A 评级，是欧元区最大的私人银行

exchange agreements with a number of countries.

Its strong, stable government is also seen as a major asset, and it was placed first place in the 2012 and 2013 Doing Business rankings for enforcing contracts. In May 2013 it climbed the Global Financial Centers index to rank an overall 18, up six places. It was also hailed as being one of the few financial centers that will see significant growth. In Europe, it ranked fifth behind London, Zurich, Geneva and Frankfurt.

According to a report by Luxembourg for Finance presented in Shanghai in January 2013, Luxembourg represented 32 percent of total net sales in European funds as of October 2012, and accounts for 72 percent of cross-border fund registrations. When it comes to opportunities for China, the report said

Luxembourg fund structures are the “fund structures of choice” to market China asset management capabilities to a world-wide institutional and retail investor base.

Luxembourg also has its sights set on being a major international hub for the renminbi, offering a further opportunity to Chinese mainland investors. In fact, it wants to become the main center for the yuan in the Eurozone. A report by Luxembourg for Finance said: “Luxembourg’s ambitions are clear: to become the main RMB centre for cross-border business in the Eurozone. The conditions to reach this goal are respectable. From a business perspective Luxembourg has a recognised international finance centre, offers a sizeable pool of RMB investment funds and listed bonds, and can count on the presence of one of the largest clearing and settlement platforms.”

The warmth was returned by the Chinese side when Luxembourg's Minister of Finance, Luc Frieden, met recently with Bank of China chairman Tian Guoli. Bank of China said in a statement that it “shares its ambition with officials to become the first Luxembourg RMB clearing bank, providing full support to the development of RMB businesses in Luxembourg.” The Bank of China has had a branch in Luxembourg since 1979 where, by the end of May this year, deposits had reached 8.9 billion yuan, loans 13 billion yuan and the total cross-border yuan amount was 38.3 b illion yuan. ICBC was also supportive of Luxembourg, saying “ICBC will leverage its strong RMB capital and global network to fully support Luxembourg to become an international RMB centre.” In July 2013, China Construction Bank became the third Chinese bank to be given permission to operate in Luxembourg.

30 2013, Autumn


“We are one of the largest centres other than Hong Kong for the listing of Dim Sum bonds other than Hong Kong and Singapore”, Dariush Yazdani, partner at PwC Luxembourg, told Luxembourg for Finance. He pointed out that a number of Luxembourg banks already offer their clients a full range of yuan-denominated products. “Luxembourg is the main recipient of Chinese Foreign Direct Investment flows to Europe” Yazdani said.

In 2011, Chinese Foreign Direct Investments (FDI) to Luxembourg reached USD 1.86 billion, representing 43.5 percent of total Chinese investments to the EU, according to the report.

Zhou Lihong, deputy general manager of Bank of China's Luxembourg branch, was quoted as saying “We are actively promoting the advantages of the Luxembourg financial centre to our clients”, she says, “such as its AAA rating and its status as the largest private banking centre in the Eurozone, the second largest investment fund centre in the world and the largest global Euro bond centre. The Luxembourg financial centre is already well known in China”.

Gao Ming, general manager of ICBC Luxembourg, was quoted by Luxembourg for Finance as saying: “Luxembourg offers an attractive legal and business framework with political and social stability, a skilful and multilingual workforce and a favourable tax regime. When our group’s head office considered choosing an EU network expansion platform in 2009, it was inevitable to think of ICBC Luxembourg, from where we could expand our EU network in the most efficient way. In 2011, we opened five branches out of Luxembourg, namely Paris, Brussels, Amsterdam, Milan and Madrid at the same time. In 2012, ICBC Europe set up two more branches in Warsaw and in Barcelona.”

According to a report by Ersnt & Young, recent agreements between Luxembourg and China, combined with the launch of new financial products, mean there are more options for Chinese mainland investors.

“The signing of a MoU between regulators in Luxembourg and China allowed Chinese institutional investors to invest in Luxembourg regulated investment fund products,” the report said. “In 2008, the MoU was signed between Luxembourg’s Commission for the Supervision of the Financial Sector (CSSF) and the CBRC. It allows QDIIs to invest on behalf of their clients in financial products regulated by the CSSF. The MoU makes Luxembourg one of the few financial centers to have such an agreement in place. This agreement also makes it possible to distribute Undertaking for Collective Investment in Transferable Securities (UCITS) in mainland China through the QDII scheme.

“QDII products issued by Chinese fund managers show that they tend to allocate investment to the Hong Kong market, to Chinese related securities or

中心，全球第二大投资基金中心，全球最

大的欧元债券中心等等。卢森堡金融中心

在中国已经广为人知。”

　　中国工商银行卢森堡分行行长高明说，

“卢森堡有非常诱人的法律和商业框架，有

政治与社会的稳定性担保，还有多语言的劳

动力和有利的税收体制。当 2009 年我们的

总部在欧盟范围内选择扩张平台的时候，中

国工商银行卢森堡分行是他们的不二之选，

因为我们可以极尽所能的扩张欧盟的网络。

2011 年，我们在卢森堡以外开设了第五家

分行，分别是巴黎，布鲁塞尔，阿姆斯特丹，

米兰，和马德里。2012 年，中国工商银行

欧洲分行决定在华沙和巴塞罗那再开设两

家分行。”

　　根据安永会计事务所的一份报告，卢

森堡与中国最近的一份协议，包含了新的

金融产品发布，意味着会有更多的机会供

中国大陆投资者选择。

　　该报告指出，“卢森堡与中国之间谅

解备忘录的签订，允许中国的机构投资人

在卢森堡进行合法的基金产品投资。2008

年，卢森堡金融监督委员会与中国银行业

监督管理委员会之间签订了谅解备忘录。

允许 QDII 以他们客户的名义对卢森堡金

融监督委员会批准的金融产品进行投资。

该份备忘录使得卢森堡成为少数拥有该项

协议的金融中心。同时，这也允许了通过

QDII 在中国大陆进行可转让证券集合投资

计划。”

　　“由中国的基金经理发布的 QDII 产品

显示出他们倾向于对香港市场，与中国有

关的证券，或者表现最好的国外基金进行

投资分配。大多数银行的 QDII 产品倾向于

复制某种指数来投资某个单一资产类别，

或者复制一个国际化的投资基金，一般来

说就是可转让证券集合投资计划（UCITS）。

作为 UCITS 的领先属地，卢森堡是 QDII

投资基金产品的天然大本营。”

　　该份报告还指出，卢森堡是中国资产

经理的最佳选择，这里的投资基金产品可

以覆盖到欧洲，亚洲，拉丁美洲和中东，

完全国际化操作。

　　根据 Arendt & Medernach 的 Stephane

Karolczuk 撰写的一篇文章，2008 年中国与

卢森堡签订的谅解备忘录已经允许 QDII 来



对由卢森堡金融监督委员会批准发行的金融

产品进行投资，使得卢森堡的的 UCITS 结

构可以覆盖到欧盟，南美，以及亚洲，也

包括中国大陆。

　　尽管中国大陆对卢森堡的直接投资是

可行的，但是由于历史原因，中国大陆对

卢森堡的投资均经由香港。卢森堡与香港

特别行政区建立了长久的关系，2012 年底 ,

双方签订的 21 贸易与投资协议将此要求纳

入其中。该协议确保从香港对卢森堡进行

投资，能够有众多缓解税收的投资工具供

客户选择。

　　据中国银行卢森堡分行企业银行与金

融机构部门主任 Xue Jian 称，由于中国的

经济持续看涨，并且政府正在放松市场监

控，卢森堡将会是这个举措的关键受益方。

　　“卢森堡将作为投资的分销渠道甚至最

终目的地。在接下来的几年内，如果中国经

济依旧持续发展，中国的中高产阶级将会

越来越多。”Xue Jian 在接受卢森堡金融

推广署采访时说，“这些中高产阶级将会

寻求如何分配他们财富的方法。到那时候，

我可以很自信说，中国政府将会放松资金

管制。人们可以将财富转移到中国以外的任

何地方。卢森堡就是其中一个很好的选择。

届时，卢森堡的私人银行和基金业务将会

因此受益。”

　　德勤会计事务所香港办公室的高级税

务咨询师 Wee Ling Soh 称，“卢森堡已

经逐步成为中国进行境外投资的平台。卢

森堡因其灵活的适应投资者需求，并且税

收稳定，已经成为进入欧洲的必经之路。

并且，我们发现，近年来，越来越多的卢

森堡中介公司已经对金融和持有投资十分

熟悉，卢森堡已经成为中国境外投资的架

构平台，特别是针对加拿大的矿业，石油，

天然气以及蒙古的矿业等投资。卢森堡的

贸易结构也被更多的希望能够进入欧洲和

北美市场的中国公司所青睐，（例如太阳

能产业）。

　　“正确的使用居间持股公司可以帮助

减少预提税，资本利得税，因此能够降低

税收利率。对于投资者来说这是利好消息，

能够帮助他们节省税务成本，获得更高的

现金回笼，或进行再投资，或将资金返回

国内。”

to top performing foreign funds. Most banks’ QDII products tend to replicate an index and invest in a single asset class, or replicate an international investment fund, generally a UCITS. As a leading jurisdiction for UCITS, Luxembourg is the natural home for QDII products investing in funds.”

The report goes on to claim that Luxembourg is the best choice for any Chinese asset manager looking to launch an investment fund product to be distributed on an international basis, for example not only in Europe, but also Asia, Latin America and the Middle East.

According to an article by Stephane Karolczuk of Arendt & Medernach, in 2008 a MoU between Luxembourg and China allowed QDIIs to invest in products regulated by the Luxembourg financial regulator, making the Luxembourg UCITS the structure of choice for retail distribution in the EU, South America and Asia, including the Chinese mainland.

Although direct investment from the Chinese mainland to Luxembourg is possible, for historical reasons the majority of mainland investment to the Duchy goes through Hong Kong. Luxembourg and the special administrative region have built a long history, which is encapsulated in the 21 trade and investment agreements that were in force between the two as of the end of 2012. A number of investment vehicles are available to help mitigate tax costs on investments from Hong Kong to Luxembourg.

And as the Chinese economy grows and the government makes moves to liberalize its market controls, Luxembourg is well set to be a key beneficiary, according to Xue Jian, Head of Corporate Banking & Financial Institution Department at Bank of China Luxembourg.

“They will use Luxembourg as a distribution channel or even as the final destination of investments. If the Chinese economy continues to grow in the coming years, the middle and the upper classes will be enormous,” he told Luxembourg for Finance. “They will try to find a good allocation of their wealth. By then, I‘m confident that the Chinese government will loosen capital control. People will move more wealth out of China to elsewhere in the world. Luxembourg is a very good place for them. The private banking and the fund sector will directly benefit from this trend”.

Wee Ling Soh, senior tax consultant at Deloitte Hong Kong office, said: “Luxembourg has increasingly become the preferred platform to structure Chinese outbound investments. It is hardly surprising then that Luxembourg, with its flexibility to accommodate investor needs and tax certainty, is emerging as the leading gateway to Europe. Additionally we are seeing more cases where Luxembourg intermediate companies are used to finance and hold investments wIn recent years, Luxembourg has increasingly become the preferred platform to structure Chinese outbound investments orldwide, notably for Canada (mining, oil and gas) and Mongolia (mining). Luxembourg trading structures are also increasingly favored by Chinese companies (such as those from the solar sector) hoping to enter the European and North American markets.

“Proper deal structuring through the use of intermediate holding companies helps to reduce withholding tax and capital gains tax, as such effectively driving down the effective tax rate. Good news for the investor then since tax savings translates into higher cash returns to be reinvested or repatriated back home.”

32 2013, Autumn

Q: As an industry insider of the real estate market in the UK, and especially in London, Jacqueline, could you briefly introduce yourself and the company you are working with?A: As is often the case with careers, I evolved into my current role as CEO of Plum Property Solutions Ltd. After a classical design training at university in France I was lucky enough to have worked on some of the most prestigious commercial and residential design and build projects in London and Europe which gave me an incredible insight into all aspects of real estate from being able to purchase property cleverly to adding value to it and maximizing its capital appreciation and income yield.

I realized there was a need for a company that specialized in ensuring the purchaser’s interests were safe guarded when buying real estate on what is virtually the o the other side of the world; a company that only worked in the purchaser’s interests and that could provide the due diligence and experience to ensure that each and every property purchased was a sound investment in the right location and negotiated keenly. This is exactly what we do at Plum.

问：作为英国地产市场的业内人士，您是否

能简单介绍一下您的经历和贵公司的服务？

答：我现任英国 Plum Property Solution Ltd

公司首席执行官。我在法国的一所大学修习

了经典设计专业，并且很幸运地有机会在轮

动和欧洲的一些最著名的商业和住宅地产设

计项目中效力，这段经历让我对整个房地产

行业有了深入的了解，不光是地产的购买，

还有地产项目资金增值和收入等领域，我都

有所研究。

问：您能否向《境外投资》的读者大致介绍

一下伦敦的房地产市场情况，是否有新的政

策、法规和限制，特别是针对中国投资者的

规定出台？

伦敦房产投资答疑London-your next Property Investment Destination

Q&A with Jacqueline Hopkins CEO of Plum Property Solutions Ltd.英国 Plum Property Solutions 首席执行官 Jacqueline Hopkins 访谈

Interview专访

Q&A

32 2013, Autumn


答：伦敦现在的房地产市场正在从金融危机

中复苏，受美国的次级房地产灾难影响，欧

洲市场也被波及。

　　造成这个情况的原因之一是，伦敦是欧

洲声誉良好且成熟的城市。政治上讲，英国

由于严格的司法制度所以非常稳定。交通的

便利性和诸多著名的学府和高质量的教育，

也让伦敦成为最受欢迎的欧洲城市之一。而

英镑的贬值也使外国投资英国的房地产市场

更加容易。伦敦的住宅地产在过去的三十年

间被证明是最具长期投资价值的城市。而这

一趋势也因伦敦地产供求关系的紧张而继

续。这是典型的经济学现象——供给和需求

关系的最佳证明。

　　如同我说的，对外国人来说，在英国拥

有住宅是透明化而且直截了当的。英国议会

就私人投资者通过一家公司或离岸信托的方

式拥有超过 200 万英镑价值的住宅颁发了一

系列的严厉政策。他们将住宅的印花税提升

到了 15% 并且通过了一项年度的税费。我

着重提出这点是针对私人使用住宅，不会影

响基于商业理由购买的物业。我们会向顾客

提供非常棒的税务顾问和专家，确保以不同

的标准正确购买地产，满足不同顾客的需求。

　　我们的秘诀是提前进行细心的规划，并

且从一开始就获取最佳建议。

问：中国投资者在伦敦买房的标准流程和要

求是什么？伦敦地产相比欧洲其它地方和北

美的优势在哪里？

答：在英国买房的流程并不复杂。

　　在意向签订后，公证人将首先检查地契

确保该物业没有隐性问题，直到合同为止一

般来说 5% 或者更多的情况下，是物业总价

的 10% 在公证处抵押。在合同签订后购买

资金到位以及地契过户到新的物业所有人名

下，并在土地注册处的政府机构处注册后宣

布生效。

　　伦敦对投资者来说是非常安全的投资天

堂，比其它任何一座欧洲城市都受欢迎。这

座城市以多元文化和显著的城市名片著称。

塞缪尔约翰逊教授在 300 年前写道：“厌倦

了伦敦就等于厌倦了生活。”

　　英语仍然是世界上使用最多的语言，也

是英国强盛国力的写照。加拿大和北美，就

我的观点，是更充满生活气息的地方。在伦

敦，您能生活气息和投资回报兼得，并且能

Q: Could you give the readers of Invest In a big picture of the current real estate market in London? Are there any new polices, regulations and restrictions that you want to highlight for foreign investors, especially Chinese investors?A: The current real estate market in London is buoyant and has defied the financial downturn seen as a result of the debacle of the US sub-prime real estate drama which snow-balled across the western world.

The reasons for this are based around London being seen as a highly respected and established European city. Politically the UK is stable and tolerant with a very straightforward legal system with regards to tenure of real estate. Physical accessibility is a key factor to London’s popularity as is our appeal as a leading light in education with some of the best schools and universities in the world in the UK. Sterling’s depreciation has contributed as well to foreign investment in the UK real estate market. UK residential real estate has delivered better long term value growth than any other investment asset class over a thirty year period. It is set to continue in London as there is a real long term shortage of supply versus population. Classic economics really – supply versus demand.

As I mentioned earlier, tenure of real estate is transparent and straightforward for foreign investors. The Chancellor has however recently introduced some stringent measures affecting property purchased over the 2m GBP bracket through a Company or an off-shore trust for personal use only. They have increased the stamp duty paid on such property to 15% and have introduced an annual levy as well. I stress this concerns real estate for personal use and does not affect real estate bought on a commercial basis. We have excellent tax advisors and consultants that we can recommend to our clients to ensure that the correct vehicle is used to purchase real estate to suit the differing requirements of our clients.

The secret is to plan carefully in advance and get the right advice from the start.

Q: What is the standard process/requirement for a Chinese to buy properties in London? What’s the strength that London stands for compared to other markets in the EU or North America, as they are popular investment destinations for Chinese investors?

Sponsored Article


34 2013, Autumn

非常容易地到达欧洲其它地方，甚至远至远

东地区。伦敦的希思罗机场和上述地区均有

每天的直达航班。

问：您认为投资伦敦房地产市场的利弊是哪

些？是否有市场数据或分析来支持您的观

点？

答：我相信投资者通常会犯的错误是认为，

所有伦敦的房产项目都是好的投资项目。和

世界上所有大城市一样，在伦敦也有很多地

方是需要规避的雷区。甚至在一些应该是市

中心的繁华地带，有些街道也不适合晚上独

自一个人行走。另一个常犯的错误是很多投

资者在一些房展会上，在还未了解清楚的情

况下花高价买下物业。不过不要误解我的意

思，英国也有很多特别棒的地产商通过展会

把他们的项目带到中国销售。我只是希望大

家可以理智仔细地分析该物业的升值潜力和

以后的租售情况。

　　投资伦敦房地产市场的最大好处是在很

多地方都已经有了开发计划，大量的资金会

在短时间内注入。甚至在一些已经成熟的地

段，也有诸如 Grosvenor Estates 等公司开

发提供的大把机会。另外还有一些新兴的地

区，价格还未上升到他们应有的高度。

　　那些敢于在新兴地区投资的人也往往

有较高的回报，那些在上世纪 80 年代投资

Docklands 以及在 90 年代投资 South Bank

和新世纪初始时投资在 King’s Cross 地

区的人都获益匪浅。Nine Elms 和 Vauxhall

被预测为具有相当潜力的地段，有可能从

现在的 800 英镑每英尺上升到 2016 年的

1800 英镑。另外，还有诸如 Paddington 和

Bayswater 地区等，因为接近新的交通枢

纽，也会在 2016 年之前迅速升值。此外，

Hammersmith、Shepherd’s Bush、Earls

Court、City Fringe、Fitzrovia 地区也非常

有可能在同一时间内迅速升值。

A: Buying real estate in the UK is not a complicated process. We have two stages: once an offer is accepted a solicitor is employed who

essentially checks the title deed and ensures there are no hidden problems associated with the property or its environs which culminates with an Exchange of Contracts where sometimes 5% but more usually 10% of the purchase price is lodged with the solicitors to bind the deal. This is followed by a Completion of Contracts where the balance is paid and the title deed is transferred into the new owner’s name and subsequently registered with the official government body called the Land Registry.

London is seen as a very safe haven for investors and is more popular than any other European City. It is established with a strong and varied cultural identity, as Dr Samuel Johnson wrote three hundred years ago “To be bored of London is to be bored of Life”

English as a language is also still the lingua franca of the world which contributes to its appeal. Canada and North America are, in my opinion more lifestyle destinations. What you have with London is a wonderful combination of lifestyle and solid investment credentials with great accessibility to the rest of Europe and indeed the Far East with daily direct flights from Heathrow airport.

Q: What do you think are the pros and cons to invest in London’s real estate market? Any market data or analysis to support your points of view?A: I believe the major mistake a lot of investors make is to believe that all real estate in London is good real estate. There are a lot of places, as in all major cities, to avoid. Even in supposedly prime central locations there are streets where you would not want to walk alone at night. The other major mistake a lot of investors make is to over

伦敦对投资者来说是非常安全的投资天堂，比其它任何一座欧洲城市都受欢迎。这座城市以多元文化和显著的城市名片著称。塞缪尔约翰逊教授在 300 年前写道：“厌倦了伦敦就等于厌倦了生活。”

London is seen as a very safe haven for investors and is more popular than any other European City. It is established with a strong and varied cultural identity, as Dr Samuel Johnson wrote three hundred years ago “To be bored of London is to be bored of Life”

此书涵盖了详尽的欧盟国家移民指南，如有需要可适当参考。 This book includes all the detailed instructions of immigrating to EU countries, please refer to it when needed.

34 2013, Autumn


问：在伦敦购房需要承担哪些赋税？

答：伦敦购买房地产需要缴纳的赋税称为

“土地印花税”或简称 SDLT，这笔税款

是向政府支付的。图 A 简单说明一下该税：

pay for a property by buying at exhibitions without ensuring proper due diligence is done. Don’t get me wrong here, there are some fantastic UK real estate developers who bring their projects to sell in China and I work very closely with them. I’m just passionate about realistically checking that the figures stack up from the initial asking price to the expectant rental yields.

The big advantage to investing in the London property market is that there is lots of opportunity to buy into areas where regeneration is already agreed and large capital uplifts over a comparatively short space of time can be achieved. Even in the very smartest postcodes there are pockets of opportunity where landed estate owners such as Grosvenor Estates invest in improvements. Plus there are emerging districts where prices have not reached their full potential.

Those who embrace new areas and frontiers are often are rewarded for their boldness, like those that bought into Docklands in the eighties or South Bank in the nineties or King’s Cross at the start of the Millennium. Nine Elms and Vauxhall is tipped to be the next hot shot area with prices estimated to rise from 800 GBP per square foot to 1,800 GBP per square foot by 2016. There are other areas such as Paddington and Bayswater and the postcodes embracing the new Crossrail transport link from of London to the City estimated to rocket in price by 2016. Hammersmith, Shepherd’s Bush, Earls Court, City Fringe, Fitzrovia are a few other key areas that are set to increase by the same time as well.

Each and every member of the Plum team is passionate about their job and knows London like the back of their hands. We monitor each area constantly so that we can advise on the key developments in the key areas to buy into to maximize capital appreciation and rental yields. We really can help our clients and we have no other vested interest whatsoever. Our service actually saves our clients money by the way we negotiate on their behalf.

Q: What are the taxes involved in buying a property in London? A: The taxes associated with buying a property in London are called Stamp Duty Land Tax or SDLT for short. This is paid to the government. The scale of stamp duty is as Table A.

Q: Can you also briefly elaborate any policies that would allow a Chinese buyer to apply for residency in the UK, according to our knowledge; this could be one of the main concerns for Chinese HNWI’s to invest overseas.A: Chinese nationals from Mainland China need a visa to travel to the UK. The UK offers a variety of visas to suit the individual’s requirements and the intended length of stay in the UK. From “just visiting” visas and student visas right the way through to “entrepreneur ” and “exceptional talent” visas. For HNWI’s wishing to apply for residency in the UK there are “investment” visa options whereby an applicant must have 1 million GBP of their own money invested under their own name in a UK institution or 2m GBP in assets in the UK. The visa lasts for three years and 4 months.

Depending on the level of investment made in the UK, the investor visa holder may gain permanent settlement rights in the UK after 2, 3 or 5 years. For settlement after 2 years, an applicant must show 10 M GBP of funds at their disposal in a UK bank or institution or net assets of 20 M GBP and minimum loan capital of 10 M GBP. For 3 years, the equivalent figures are 5 M GBP or 10M of net assets and for 5 years, the

Q&ASponsored Article

问：能否简单介绍一下针对中国房地产投资

者的移民政策？我们知道，这也是中国高净

值人士选择海外投资的重要原因之一。

答：来自大陆的中国公民需要签证才能进入

英国。英国签证针对访问类型和时长分很多

种。从“仅访问”签证和学生签证到“商务”

和“特殊技能”签证等都有。作为高净值人

士想要获得英国的居留权，我们有“投资”

签证供选择，这个取决于申请人是否有 100

万英镑的资金以自己的名义投资在英国，或

者在英国持有至少 200 万英镑的资产。该签

证有效期为三年零四个月。

　　根据在英国投资水平的高低不同，投资

签证的持有人可以在 2、3 或 5 年后获得英

国的永久居留权。对 2 年期的人来说，申

请人必须提供他们在英国的银行或机构有

1000 万英镑的可支配资金，或有至少 2000

万英镑的净资产和至少 1000 万英镑的借入

资产。三年期的相关要求为 500 万英镑或

1000 万英镑净资产，5 年期的则是对应的

100 万和 200 万英镑。另外，也需要提供

申请在英国逗留期间（时长为每年至少 180

天，申请人必须保持初始时的投资额度并有

足够的英语语言知识和对英国生活方式的适

应度）。申请人家庭成员的居留权也会被同

时考虑。以上只是对英国投资移民的简单总

结，但是我们也可以帮助投资者寻找最适合

他们的专业投资移民顾问答疑。


房产购入价格（单位：英镑）

Purchase Price of Property(Unit: ￡)

印花税比率（购入总价的百分比）

Rate of SDLT(% of the total purchase price)

住宅物业 Residential Properties

0-125,000 0%

125,001-250,000 1%

250,001-500,000 3%

500,001-1,000,000 4%

1,000,001-2,000,000 5%

Over 2,000,000 / 2 百万以上 7%

Over ￡2 million Bought by CorporateBodies / 由公司购买的超过 2 百万房产 15%

图 A

36 2013, Autumn

问：对于希望在伦敦购房的中国人来说，

您还有什么其它的建议？其中产生的风险

是什么，怎样克服？

答：我要重申的是，必须记住并非英国所

有的地产项目都值得投资。在下手前务必

货比三家三思而后行。另外，也并非越是

繁忙的中心地带越有升值潜力。我们的许

多客户一开始倾向于投资他们自己愿意居

住的房子，但这不一定是购买投资型地产

项目的最佳选择。

　　我们经常需要鼓励客户进行横向思考，

购买出租需求旺盛地区的地产项目——换

句话说，就是发散思维。

问：不光是住宅地产，中国的投资者对商

用地产也颇感兴趣。您是否也能介绍一下

呢？

答：商业地产在伦敦和整个英国都是存在

投资机会的。举例说，随着英国的人均期

望寿命的不断延长，市场对退休后的养老

用房需求增长；酒店式公寓市场也是非常

火爆的。我个人比较喜欢假期出租房市场

上享有的减免税政策。不过总的来说，和

所有投资市场一样，要抓住每个机遇都需

要非常深入的可行性研究来评估它的潜力。

这也是我们在 Plum 最拿手的事情。看着客

户坐拥稳固收益，我们会为他们感到由衷

的高兴！

equivalent figures are 1M and 2M. It would also be necessary to show that during the period of the person’s residence in the UK (which must be a minimum of 180 days per year, the person maintained their level of investments throughout the initial investment period and that the person has sufficient knowledge of the English language and the UK way of life). Settlement rights for the individual’s family are taken into consideration at the same time. This is just a summary of the key requirements for residency but we can put anyone of your readers in touch with the best legal and tax advisors should they require any further information on residency in the UK.

Q: According to your expertise, where in London are your recommendations to buy a property, and why?A: We touched on this question above. We have detailed reports of all the hot spot areas in London which we monitor exactingly to

find innovative real estate opportunities for our clients. We’d be delighted to supply in depth reports for your readers should they be interested.

Q: Are there any other suggestions that you want to tell our readers when considering buying a property in London? What are the risks they should take and how to avoid them?A: The key advice I would like to reiterate is to remember that not all real estate in London is a good investment. Careful due diligence is required to ensure successful property portfolios are achieved. It is also important to remember that it is not always the prime central locations that will deliver the best performances in the foreseeable future. A lot of our clients initially want to invest in property they themselves would be happy to live in and this is not necessarily the best way to buy investment real estate. We often have to encourage our clients to think laterally and to buy into real estate where there is a rental demand from a specific demographic group – to ‘think outside the box’ so to speak.

Finding the right managing agent for a property is a key make or break area as well. A property lying empty in between tenancies is such a waste of money and affects the bottom line. We interview the best managing agents and keep up a regular liaison with them to ensure that they show our client’s properties over and above anyone else’s when a tenancy is due to end.

Q: Apart from residential properties, the Chinese investors may also consider buying a commercial real estate project in London; can you also talk about this?A: Commercial real estate opportunities exist both in London and in the rest of the UK. For example with life expectancy rising enormously there is a real shortage of retirement /care homes in the UK; the serviced apartment market is a sector with enormous potential as well. I personally like the tax breaks offered within the holiday letting real estate market. At the end of the day it’s like all sensible business investments, each opportunity requires an in-depth feasibility study to assess its full potential. All of which we do at Plum. We love it when find an opportunity where the bottom line figures really do stack up for our clients!

www.plumpropertysolutions.comt: +65 9216 2519e: [email protected]

Q&ASponsored Article

36 2013, Autumn

38 2013, Autumn

特别报道SPECIAL REPORT


C anada is known for its excellent quality of life. Visualize vibrant cities, beautiful spaces and welcoming multi-cultural communities. Besides providing exceptional standards of living, safety and first class healthcare, Canada is also internationally

recognized for a competency-based teaching approach that prepares students to be productive in the workplace immediately after graduation. Canadian universities, colleges and polytechnics are primarily publicly-funded and highly accountable for quality assurance in teaching, research and campus facilities. What’s more, tuition and living costs are very competitive when you compare top ranking destinations for study abroad.

Canada’s Systems of Education Canada’s college, polytechnics and university system commences after high school. You can also choose to complete some or all of your primary and secondary school in Canada in either the public or private system. Both offer global graduation standards to continue post-secondary studies, as well as exceptional student services. Beyond high school, career choices are endless with thousands of post-secondary options to suit every interest!

Canada not only provides students a broad range of top-ranked colleges, polytechnics and universities, but also provides them opportunities to work and gain professional experience which helps open doors globally. Last year, more than 265,000 international students, chose Canada for a premier education, access to global career opportunities and an exciting cross-cultural experience. Over 80,000 were from China, making China the #1 source country for international students in Canada by far.

Universities Canada’s 125 public and private not-for-profit universities offer high quality education at relatively low costs. The universities offer vast choice of undergraduate and post-graduate programs, as well as professional designations, certificate and diploma courses, and short career-focused programs. Canadian institutions are known for their cutting edge technology and research labs. They also provide opportunities for cooperative education and internships. International students can often work while they study.

一直以来，加拿大都以其高品质生

活著称——充满活力的城市，优

美的环境和友好的多元文化社区。

除了高标准生活，安全，以及一流的医疗保

健，其国际公认的基于能力的教学方法，也

为学生在毕业后能立即投入工作做好充分的

准备。由于加拿大的大学，学院和技术院校

大部分是公立的，所以在教学质量、科研和

校园设施方面都有品质保证。更重要的是，

加拿大的学费和生活费都不算太高，在几个

主要留学目的地中有明显竞争力。

加拿大的教育系统

加拿大的大学，学院和技术院校体系在高中

毕业后开始。您也可以选择在加拿大完成小

学和中学的全部或部分课程。无论是私立还

是公立学校，都将为继续深造提供国际毕业

标准以及卓越的学生服务，为走出校门的学

生们提供广泛的职业选择和各式各样的再造

机会。

　　加拿大不仅拥有许多世界一流的大学，

学院和技术院校，还为学生们提供就业机会，

以获得有助于迈向全球的专业经验。去年，

超过 265,000 名国际学生选择加拿大进修并

获得全球的就业机会和令人兴奋的跨文化体

验。国际学生中有超过 80,000 人来自中国，

使中国成为加拿大国际学生第一大来源国。

　　超过 265,000 名国际学生选择加拿大进

修，获得全球的就业机会和令人兴奋的跨文

化体验。享受加拿大大学，学院和技术院校

最高质量的教育，取得全球认证学位证书。

出国留学……请考虑加拿大Study Abroad... And it's Canada to Consider

By Foreign Affairs and International Trade of Canada


40 2013, Autumn

大学

加拿大的 125 所公立和私立非营利性大学在

相对较低的成本下提供高质量的教育。这些

学校为本科和研究生课程，专业资格证书及

文凭课程，以及精简的职业课程提供了广阔

的选择。加拿大学院机构不仅以尖端的科技

和实验研究所著称，还为学生提供合作教育

和实习机会。国际学生还可以勤工俭学。根

据进修项目和所在地的不同，国际学生的学

费从 8,000 至 26,000 加币不等。

研究重点

加拿大的大学，学院和技术院校涵盖的创新

研究领域包括健康，纳米技术，生物技术，

高性能计算，环保技术，保健和可再生能源

等。私营部门和高等教育机构之间的跨部门

研发经费超过了国际标准。

　　新型经济研究凸显了大学，学院和技术

院校作为商业公司连接企业，政府和高等教

育机构的知识枢纽的重要作用。如果你有改

变世界的想法，我们就有助你成就的课程！

学院体系

学院的课程由经验丰富的教师授课。加拿大

的大学和技术院校是应用高等教育中的佼佼

者。在 150 个公共教育机构中，共有超过

8000个课程提供为学生未来就业做好准备。

学院和技术院校提供的认证教育凭证包括各

种各样的证书，文凭，大学转学课程，学术、

应用学位以及研究生文凭。课程的学习长度

从几个月到四年不等。实用的课程更是由提

供工作实习的潜在雇主设计。一些高校与大

学有转学协议，为进入加拿大顶级大学提供

另一个途径。根据不同的课程，国际学生每

年学费 5,500 至 15,000 加币不等。

语言培训——法语和英语

加拿大是世界第二语言培训的佼佼者，无论

是学术升级，进行研究深造，准备语言能力

测试，业务应用，或个人使用和享受都堪称

一流。在加拿大，学习语言常被看作是取得

高校学习机会的途径。加拿大的小学、中学

以及高校中都会提供提高学生的口语和词汇

能力，以适应加拿大的教育需求和职业生活

的英语和法语的第二语言课程。一些私立语

言学校和学院也专门为国际学生和移民开设

Tuition fees for international students range from C$8,000 to C$26,000 per year depending on the program and location.

Research Focus Canada’s universities, colleges and polytechnics are engaged in innovative research in the fields of health, nanotechnology, biotechnology, high-performance computing, environmental technologies, nutraceuticals and renewable fuels, among other sectors. R&D cross-funding between the private sector and post-secondary education institutions is high by international standards.

New economic research is also highlighting the important role of universities, colleges and polytechnics as knowledge hubs connecting business, government and post-secondary education institutions with commercial firms that help deliver on discovery. If you’ve got ideas to change the world, we’ve got the programs to help you realize them!

The College SystemPrograms are taught by highly experienced faculty. Canada’s colleges and polytechnics are leaders in applied higher education. Over 8,000 programs at 150 public institutions offer credentials that prepare students for the job market. Colleges and polytechnics offer a variety of recognized credentials including certificates, diplomas, university transfer programs, academic and applied degrees, and post-graduate diplomas. Programs are available with varying lengths of study, from a few months to four years. Practical programs are designed with potential employers that offer work placements. Some colleges have transfer agreements with universities and can be an alternate pathway to a top-ranking Canadian university. Tuition fees for international students range from C$5,500 to C$15,000 per year depending on the program.

Language Training – French and English Canada is a world-leader in second language training, whether for academic upgrading, entry to further study, preparation for language proficiency tests, business applications, or personal use and enjoyment. Language studies are often seen as a pathway to further post-secondary education opportunities in Canada. English and French Second language programs that can shape your accent and vocabulary to fit Canadian educational needs and professional life is offered at elementary and secondary schools, colleges and universities. A number of private language schools and colleges also offer programs

超过 265,000 名国际学生选择加拿大进修，获得全球的就业机会和

令人兴奋的跨文化体验。享受加拿大大学，学院和技术院校最高质

量的教育，取得全球认证学位证书。

Over 265,000 international students selected Canada in 2012 for a premier education, access to global career opportunities and an exciting cross-cultural experience. Choose from among Canada’s top-ranked colleges, polytechnics and universities for the highest quality education and return home with a globally recognized degree.



了语言课程。加拿大提供公共和私人课程的

数据库已经达到甚至超越了国际公认的质量

保证标准。

勤工俭学方式

合格的全职国际学生可以在校内或校外工

作，在获得宝贵的就业经验的同时补充留学

经费。校外工作许可证允许符合资格的学生

在上学时每星期工作 20 小时，放假时可以

全职工作（例如，冬季和夏季假期以及春假）

。毕业后工作许可证允许加拿大院校毕业学

生在加拿大工作三年。这个项目能帮助希望

通过加拿大经验类移民（ CEC ）取得永久

居留资格的毕业生获得在加拿大的宝贵工作

经验。

　　在学业中获得职业生涯相关工作的学

习，可以提升学生毕业后的竞争优势。了解

更多： www.cic.gc.ca

奖学金和助学金

奖学金一般基于学术优势，在录取时会自动

发放。也有某些针对国际学生和研究员的奖

学金，这需要单独申请。

了解更多 : www.scholarships.gc.ca

录取周期

学生可以自行进行调查，对比哪个学校更适

合他们。他们可以通过加拿大政府官方网站

www.educationincanada.ca 来获取有用信

exclusively to international students and immigrants. Languages Canada provides a database of public and private programs that have met or surpass the standards of internationally recognized quality assurance.

Work-study OptionsEligible full-time international students can work either on or off-campus to gain valuable experience, and to help finance their stay, while studying in Canada. Off-campus work permits allow eligible students to work up to 20 hours per week while classes are in session, however, they can also work full-time during regularly scheduled academic breaks (for example, winter and summer holidays, and spring break). The Post Graduation Work Permit Program allows students who have graduated from a participating Canadian post-secondary institution to work in Canada for up to three years. Skilled Canadian work experience gained through this program helps graduates who wish to stay longer qualify for permanent residence in Canada through the Canadian Experience Class (CEC).

Balancing academic achievement with direct learning in a career-related job can provide these students with a competitive advantage after graduation. Learn more: www.cic.gc.ca

Scholarships and Financial Aid Scholarships are generally based on academic merit and are often awarded automatically at the time of admission. Some scholarships are specifically for international students and researchers and require a separate application outlining your extracurricular activities. Learn more: www.scholarships.gc.ca

Admission Cycle Students can do their own research to identify the schools that are the best match for them. The Government of Canada’s official site www.educationincanada.ca is a


42 2013, Autumn

息。同时，也可以利用该网站，筛选出符合

他们要求的学校列表。录取通常于夏季（5

月 /6 月 /7 月）开始，此时也正是学生们对

目标学校进行调查的时间。每所院校的申请

截止日期不同，取决于录取学生的时间。如

果一个学校九月接受新生，那么它的截止日

期可能从秋天到冬天均有可能；若该院校于

一月或五六月份录取新生，截止日期就在这

之前几个月。

　　学生可以通过 www.educationin

canada.ca/ 查找每一所院校录取，申请，联

系方式等信息，以便可以直接与院校联系。

　　对于安大略省的学校，可以通过电子申

请，并允许学生以相同价格申请三所院校。

其他省也有相似的申请步骤。请访问以下网

站获取更多信息 :

·安大略省 : www.ouac.on.ca

·不列颠哥伦比亚省 : www.pas.bc.ca

·阿尔伯塔省 : www.alis.gov.ab.ca

外国学生注意点

国际学生需要学习超过六个月以上的，在抵

达加拿大之前，必须申请学习许可。根据来

源国国别不同，也有可能需要申请临时居民

签证。对于中国学生，前往公立学校或大学

的可以通过学习直入计划或者学生合作计划

申请学习许可。详细信息可以通过加拿大使

馆，领事馆或者高级专员公署获得。（www.

cic.gc.ca）

　　计划前往魁北克省留学的学生在申请学

习许可之前，必须获得魁北克省政府的接收

证明（CAQ）。

友情链接

有关留学加拿大的其他相关信息，请参考如

下网站 :

留学加拿大官方门户

www.educationau-incanada.ca

加拿大政府奖学金

www.scholarships.gc.ca

加拿大对外国际贸易部

www.international.gc.ca/education

研发方面关键数据Key Figures on Research and Development

·加拿大的高等教育世界领先，据经合组织显示，加拿大比其他 G7 国家在教

育上的投资高许多。

Canada is a world leader in post-secondary research, outpacing other G-7

countries on higher education investment according to the OECD.

·加拿大的研究有三分之一出自加拿大本国院校，在经合组织和 G8 国家中拥

有最高比例。

More than 1/3 of Canada's research is conducted at Canadian universities

according to the OECD - one of the highest rates among OECD and G8

countries.

·加拿大的排名

Canada in the rankings

·总体评分

Overall Scores

·泰晤士报 2013 全球高等教育院校排名前 100 中，有 5 所加拿大院校—多伦

多大学，英属哥伦比亚大学，麦吉尔大学，蒙特利尔大学以及麦克马斯特大学，

另外有三所位列前 200，分别为阿尔伯塔大学，渥太华大学，维多利亚大学。

5 Canadian universities ranked among the Top 100 of The Times Higher

Education’s 2013 World University Rankings - The University of Toronto,

the University of British Columbia, McGill University, the University of

Montreal and McMaster University and 3 others ranked among the Top 200

- The University of Alberta, the University of Ottawa and the University of

Victoria

·在泰晤士报 2013 高等教育排名 100 所校龄 50 年以下的院校中，有 4 所加拿

大院校，分别为维多利亚大学，卡尔加里大学，西蒙弗雷泽大学，以及圭尔

夫大学。

Budgeting for Your StayCanadian tuition offers excellent value compared to other countries. Depending on location and program choices, a recommended annual budget for an international student can range from CDN $18,000 to $28,500, which includes tuition, accommodation, books, supplies, health care and personal expenses.(cost significantly go down in rural areas)

精打细算

与其它国家相比，加拿大的学费尤具性价比。根据地理位置和项目的不

同，国际学生的预算约为 1.8 万加元 ~2.85 万加元，包括了学费，住宿，

书本费，生活必需品，医疗保险，以及其他个人开销。（乡村地区开销

会更低）



key step in accessing useful information. Students can use the site’s search feature to generate a list of schools and programs that meets their needs. The admission process usually begins in the summer months [May/June/July] when students would begin to do research on their schools and programs of interest. Application deadlines vary from institution to institution as well, depending on when their main intake is. For schools which accept students in September, deadlines range from the fall to winter. For schools with intakes in January, and/or May-June, the deadline could be several months ahead.

Ideally, students should check websites of each institution, which can be found through the www.educationincanada.ca/ site. For specific admission requirements and applications, contact each institution directly.

For schools in Ontario, there is an electronic application process which allows students to apply to three schools for the same rate. Some other provinces also have common application procedures. Please visit their web sites for more details:

•Ontario: www.ouac.on.ca•British Columbia: www.pas.bc.ca•Alberta: www.alis.gov.ab.ca

Immigration ConsiderationsInternational students studying for more than six months must receive a study permit before arriving in Canada. In some cases, a temporary resident visa may also be required depending on your country of citizenship. Note that for Chinese nationals, students destined for public universities and most public colleges may be able to apply for their study permits through one of the streamlined processes: Study Direct Stream or Student Partners Program. Details regarding applications and requirements can be obtained from the Canadian embassy, consulate or high commission (www.cic.gc.ca).

Students planning to study in the province of Quebec must also obtain a certificate of acceptance (CAQ) from the Quebec government before applying for the study permit.

特色项目Featured Programs

商学院及工商管理硕士Business Schools and MBAs

·2012 年世界大学学术排名商科经济

学项目前 100 的院校中，有 10 所

加拿大院校

10 Canadian universities in

the 2012 ARWU Top 100 for

their business and economics

programs.

·5 所加拿大管理学院在金融时报（英

国）的 2012 全球 MBA 项目排名前

100 里，包括多伦多大学（罗特曼

管理学院）第 44 名；约克大学多

伦多分校（舒立克商学院）第 59 名；

麦吉尔大学（德桑特尔斯管理学院）

第 61 名；西安大略大学（艾维商

学院）第 68 名；英属哥伦比亚大

学（尚德商学院）第 82 名。

5 Canadian schools of

management are ranked among

the top 100 in the world according

to the Financial Times (UK) Global

MBA rankings for 2012. University

of Toronto (Rotman) 44th; York

University in Toronto (Schulich)

59th; McGill University (Desautels)

61st ; Western University (Ivey)

68th and University of British

Columbia (Sauder) 82th.

加拿大公民及移民局

www.cic.gc.ca

加拿大教育部长委员会 (CMEC)

www.cmec.ca

加拿大国际证件信息中心 (CICIC)

www.cicic.ca

4 Canadian universities ranked among The Times Higher Education's 2013

100 Under 50 world ranking - the University of Victoria, the University of

Calgary, Simon Fraser University and the University of Guelph.

·2012 世界大学学术排名上海版前 100 中有 4 所加拿大院校，前 500 中有 22 所

4 Canadian universities ranked in the Top 100 of the 2012 ARWU Shanghai

Ranking and 22 in the Top 500.

·QS 世界大学排名前 50 中有 3 所加拿大院校，前 500 中有 20 所。

3 Canadian universities ranked in the Top 50 of the QS University Ranking

and 20 in the Top 500.


44 2013, Autumn

·始终如一的高质量教育贯彻全国

Consistent high quality of education across the country

·学术造诣全球获誉

Academic credentials valued worldwide

·加拿大是经合组织排名前三的人均公共教育花费的国家之一。

Canada is among the top 3 OECD countries in spending per capita on public

postsecondary education according to the OECD.

·加拿大对教育的投资持续走高。据经合组织，加拿大在经合组织中每年对学生的投资

是第三高的。

Canada consistently invests highly in education. According to the OECD, Canada

invests the third-highest amount per tertiary student among OECD countries every

year.

·加拿大拥有受过良好教育的民众。在经合组织国家中，加拿大拥有 25-64 岁人群中

接受至少本科或专科教育最高的比例（51%）。

Canada has one of the most educated populations. According to the OECD, Canada

has the highest percentage of individuals 25-64 year-olds (51%) achieving at least

college or university education, among OECD member countries.

Useful LinksFor additional details about studying in Canada, consult these helpful online resources:

Official Study in Canada portal www.educationau-incanada.ca

Government of Canada Scholarships www.scholarships.gc.ca

Foreign Affairs and International Trade Canada (DFAIT) www.international.gc.ca/education

Citizenship and Immigration Canada (CIC)www.cic.gc.ca

Council of Ministers of Education, Canada (CMEC)www.cmec.ca

Canadian Information Centre for International Credentials (CICIC)www.cicic.ca

心理学，医学以及药理学Psychology, Medicine and Pharmacology

·QS 世界大学心理学排名前 50 的院

校中，有 4 所加拿大院校

4 Canadian universities in the Top

50 QS World University Ranking in

Psychology

·QS 世界大学医学排名前 50 的院校

中，有 3 所加拿大院校



Medicine

·QS 世界大学药理学和制药学排名前

50 的院校中，有 4 所加拿大院校



Pharmacy and Pharmacology

理工科Science and Engineering

·2012 年世界大学学术排名计算机科

学前 100 的院校中，有 7 所加拿大

院校

7 Canadian universities in the

2012 ARWU Top 100 in Computer

Science

·QS 世界大学工程技术类 - 计算机

科学排名前 50 的院校中，有 4 所加

拿大院校

4 Canadian universities in the

QS Top 50 in Engineering &

Technology - Computer Science

教育方面关键数据Key Figures on Education


46 2013, Autumn


By Tendai Musakwa

热门地区投资移民项目指南

Guide to Residency- and Citizenship-by-investment Programs in Some Popular Jurisdictions


extend them and their family’s stay. The petition must include evidence that the investor is running his/her US-based business actively and has created or is in the process of creating 10 jobs for US workers. If the petition is approved the investor and his/her family members will be allowed to become permanent residents of the US. Permanent residents of the US who have lived in the country continuously for at least five years without leaving for trips of 6 months or longer may apply for US citizenship.

Advantages of Immigrating to the USThe US is the top destination for Chinese immigrants (Canada and Australia are second and third) so acclimatization and integration in local communities should be relatively easy, especially in states with high populations of Chinese immigrant such as California and New York. More


由于迁徙自由，环境良好，医疗和生

活条件的优越性，很多中国的高净

值人士开始考虑在国外定居。由贝

恩公司今年年初发布的调查显示，60% 的

高净值人士有意愿移居海外。本文将简述如

何移民到主流移民国家以及生活在各个国家

的优势。

美国

自 1990 起，美国开始接受 EB-5 投资移民

项目。该项目近年来，在中国的高净值人士

间风行。

　　为获得 EB-5 签证，投资者需建立一个

可以创造或保留至少 10 个全职工作岗位的

商业企业，并保证每个岗位能够为美国的工

人提供至少两年的每周35个小时工作时间。

投资额至少为 100 万美元，在农村地区或高

失业率地区，投资额可降为 50 万美元。此

资金不要求要通过自己经营企业所得，也可

以是继承或者赠与。

　　达到申请 EB-5 签证的条件并完成相关

表格的填写之后，投资人以及他的家庭成员

可以获得两年的临时居住权。投资人必须参

与到企业的管理过程中。投资者需要在临时

居住权快到期的 90 天内提交申请永久居住

权。该申请得到批准之后，投资者及其家庭

成员即成为美国永久居民。

　　永久居民在美国连续生活至少五年，并

且离开美国境内不超过六个月的，可以申请

美国公民。

移民美国的优势

美国是中国人首选的移民目的地，其次是加

拿大和澳大利亚，因此适应和融入当地社区

并非难事，特别是在很多华人比重较高的州，

如加利福尼亚州，纽约州等。

　　同时，美国拥有全球顶尖的教育体系，

因此对于想为自己下一代寻求更好的教育的

父母来说极具优势。美国公民可以前往 166

个国家而不需签证。

加拿大

加拿大的投资移民项目，自 2012 年 7 月暂

时停止接受申请，以便处理之前积压的申请。

　　加拿大投资移民项目的要求是有从商经

验，拥有 160 万加元（156 万美元）的净资产，

并有 80 万加元（77.8 万美元）的存款。投

Many high net worth individuals in China are considering living abroad because of the freedom

of movement and environmental, healthcare and lifestyle advantages that moving overseas can offer. In a survey that Bain & Company conducted earlier this year, 60 percent of high net worth individuals reported some interest in moving abroad. This article will provide an overview of how to emigrate to major jurisdictions and the advantages of living in each country.

United States

The US has had an immigrant investor program called the EB-5 visa program since 1990. The program has become popular among high net worth Chinese individuals in recent years.

To qualify for the EB-5 visa, investors must establish a commercial enterprise that creates or preserves at least 10 full-time jobs with a minimum of 35 working hours for US workers for at least two years. The capital used to create the enterprise must not be borrowed and the minimum qualifying investment is $1 million, unless the enterprise is in a high unemployment sector or rural area, in which case the minimum investment is $500,000. Evidence that the investment funds were obtained through lawful means, such as tax returns and business registration records, must also be provided when filing the application for the visa.

After meeting the requirements of applying for the EB-5 visa, and filing the relevant forms, the investor and his/her family members are granted provisional residency in the US for two years. The investor must be involved in managing the business through policy or day-to-day actions. The investor may file a petition at least 90 days before the end of the provisional 90-day period to

自 1990 起，美国开始接受 EB-5 投资移民项目。该项目近年来，在中国的高净值人士间风行。

the US has had an immigrant investor program called the EB-5 visa program since 1990. The program has become popular among high net worth Chinese individuals in recent years.

48 2013, Autumn

the applicant will control a capital equity of more than 25 percent that is worth at least CAD 100,000 ($96,265). Alternatively, prospective applicants can acquire at least 25 percent of the capital equity in a Québec business with a value of at least CAD 100,000, or provide proof of intent to settle in Québec and sign an agreement to invest CAD 800,000 through an authorized financial intermediary.

A flat fee of CAD 10,000 ($9,626) is required to process Québec residency-by-investment applications. The fee covers all persons included in the application, including the applicants spouse and dependents. Successful applicants to the program are granted Canadian permanent resident status. In addition, Canada has a new Start-Up Visa program which is the first of its kind in the world. It links immigrant entrepreneurs with experienced private sector organizations that have expertise in working with start-ups. Application to come to Canada through the Start-Up Visa Program will be assessed on a pass/fail basis on four requirements. The applicant must have: · A commitment of support from a

designated Canadian venture capital fund or angel investor group;

· An ability to communicate in either French or English;

· Completion of one year of study at a post-secondary institution; and

· An adequate amount of money in order to settle and provide for the cost of living prior to earning an income.If these requirements are met, the application would then be reviewed on CIC’s standard admissibility criteria, including health, criminality and security.

Advantages of Immigrating to CanadaCanada has many potential business

资者可获得永久居民签证，家属也可以一并

申请；主申请人的申请费为 1050 加元（1010

美元），每个超过 22 周岁的家属申请费为

550 加元（529 美元），低于 22 周岁的家

属每位申请费 150 加元（144 美元）。

　　魁北克省有它专属的投资移民项目，现

在接受申请。该项目要求申请者能够建立

或收购魁北克省的企业，并能够控制至少

25% 的资金不低于 10 万加元（96265 美元）。

申请人必须拥有 160 万加元或以上的资产，

3 年以上经营或管理经验，愿意购买 80 万

加元加拿大政府担保的基金、五年后无息返

还，或者 22 万加元不返还。

　　加拿大将推出全新的创业签证 (Start-Up

Visa) 项目，旨在吸引创新企业家移民加拿大，

创办公司创造就业，从而刺激经济增长。

　　申请该移民计划，暂定需要如下条件：

　　(1) 英语或法语程度最低达 CLB 的 5 分 ;

　　(2) 最少要读过 1 年大专课程 ;

　　(3) 申请者打算开设的公司，要先获加

拿大风险投资基金协会 (Venture Capital &

Private Equity Association，CVCA) 或全加

天使投资基金组织 (National Angel Capital

Organization，NACO) 其中 1 个组织的支持，

才能递交申请。

　　(4) 开创公司的最低基金承诺是 7.5

万加元 ; 最低指定投资基金 (designated

venture capital fund) 是 20 万加元。

　　如果达到以上标准，申请将按照 CIC

的受理标准进行评估，包括健康，犯罪记录

和安全性。

移民加拿大的优势

加拿大有广泛的商业机会。中国是加拿大第

四大贸易伙伴，特别是在进口商贸方面，加

拿大主要从中国进口生活消费品，（如鞋，

玩具，塑料制品，和电脑配件等），机械制

品，原材料以及金属制品。

　　加拿大有广大的华人群体，因此与其他

国家相比，移民到加拿大会更容易融入这个

国家。2012 年中国以 32990 人获得永久居

民身份，位居加拿大移民来源国第一位。加

拿大的第三大常用语言为中文。

　　此外，加拿大永久居民和加拿大公民均

可接受免费的公共基础教育和健康医疗。加

拿大公民可免签前往 164 个国家，包括美国，


than 1.6 million Chinese immigrants lived in the US and half of them live in those two states.

The US has one of the top education systems in the world, so living there is advantageous for those who wish to find a better education for their children. It is not surprising, therefore, that the Institute of International Education states that there were 194,000 Chinese students studying at US universities and colleges in the 2011/2012 school year, more than from any other country. US citizens can travel to 166 countries without applying for a visa before arrival.

CanadaCanada also has a residency-by-investment program, although it has been temporarily suspended since July 2012 to allow for the processing of backlogged applications.

The requirements for residency under Canada’s Immigrant Investor Program are business experience, a minimum net worth of CAD 1.6 million ($1.56 million) and the deposit of CAD 800,000 ($778,000) with the Canadian government. The CAD 800,000 investment is guaranteed and is returned without interest five years and three months after payment is made. In exchange for the investment, applicants are offered a permanent resident visa. Dependents can also be included in the application; an application fee of CAD $1,050 ($1,010) is required for the main applicant and CAD $550 ($529) is required for each dependent above the age of 22 and CAD $150 ($144) for each dependent below the age of 22.

Québec has its own residency-by-investment program, which is currently accepting applications. That program requires proven intent of creating or acquiring a Québec business in which


其它所有北美国家，大部分南美国家，以及

欧元区的所有国家。

澳大利亚

澳大利亚为高净值人士提供商业创新投资移

民项目，通过该种方法促进该国经济发展。

临时商业创新及投资签证

持有以下三种签证类型的投资者可以申请澳

大利亚永久居民：

1. 商业创新类

这是针对在澳大利亚拥有新创办或已存在企

业的成功商业人士。申请者必须提供一份其

打算开办的企业或投资活动的说明书，一份

与澳大利亚相关部门共同完成的其感兴趣领

域的调查研究报告，一份其在澳大利亚感兴

趣的商业活动详细描述。并且在申请之日前

四年内，只要有两年的证明申请者参与过公

司的日常管理，一份至少 80 万澳币（72 万

美元）的存款证明。

opportunities. China is Canada’s fourth largest trading partner; so many opportunities exist in trade, especially the import business. Canada mainly imports consumer goods (mostly shoes, toys, plastic goods and computer parts), machinery, materials and metals from China. In addition, expatriate immigrant associations such as the Chinese Business Chamber of Canada offer support to the Mandarin Chinese business community and immigrants.

Canada has a large Chinese expatriate community, so acclimating to the country may be easier than moves to other jurisdictions. China was the number


图片

Photo by A

lex Avancini

one source country for immigration to Canada in 2012, with 32,990 permanent residents admitted. Canada also issued a record 235,000 visitor visas to Chinese applicants in 2012. Chinese language is also the third-most-spoken language in the country, although dialects (Cantonese vs. Mandarin/other dialects) and characters (traditional vs. simplified) used may differ based on which Chinese region immigrants come from.

In addition, Canadian permanent residents and citizens get free public school education and free healthcare. Canadian citizens can travel to 164 countries for tourism visa-free,

加拿大有广大的华人群体，因此与其他国家相比，移民到加拿大会更容易融入这个国家。2012 年中国以 32990 人获得永久居民身份，位居加拿大移民来源国第一位。

canada has a large chinese expatriate community, so acclimating to the country may be easier than moves to other jurisdictions. China was the number one source country for immigration to Canada in 2012, with 32,990 permanent residents admitted.

50 2013, Autumn


including the US and all other countries in North America, most countries in South America and all countries in the Eurozone.

AustraliaAustralia has a Business Innovation and Investment Program that offers high net worth individuals the opportunity to immigrate to the country if they can help in the country’s economic development.

Australian Business Innovation and Investment Provisional VisaThere are three categories of visas investors may apply for in order to gain Australian provisional permanent residency:

1. Business Innovation Category This is intended for people with

a successful business career and a genuine and realistic commitment to be involved as an owner in a new or existing business in Australia. Applicants must provide a statement outlining their intended business and/or investment activities, a description research or study done in connection with relevant sectors in Australia and a description of the business activities of the business in Australia in which they have an interest. Evidence that applicants have participated in the day-to-day management of a business for two of the four fiscal years prior to the time of application is also required, as is demonstration of ownership of a minimum of AUD 800,000 ($720,000) in net assets plus additional assets sufficient to support their stay in Australia).

2. Business Investor Category This type of visa is intended

for people with a successful record of business ownership or eligible investment activity who will make a designated investment in a state or territory of Australia and have a realistic

美国United States

加拿大Canada

中国大陆的投资移民加拿大情况Mainland Chinese immigrated to Canada

澳大利亚Australia

中国大陆 2010 年获得商业移民签证No. of Mainland Chinese got Business Visas in 2010 3416 Applicants

来源：搜狐新闻Source: Sohu News

Chinese Investment Immigrants to US, Canada, Australia Status Report of 20102010 年中国人投资移民美加澳情况

中国大陆的投资移民美国情况Mainland Chinese immigrated to US

中国申请人占Chinese Applicants in

移民局全年发放的EB-5 签证总数Total EB-5 Visas issued by USCIS in 2010

2020 人中国大陆投资移民该国人数 Chinese Proportion 2020 Applicants 62%

全部投资移民Total Investment Immigrants

62%

27%47%

3416 人申请

41%

中国大陆的投资移民澳大利亚情况Mainland Chinese immigrated to Australia

中国大陆投资移民情况总结Summary of Mainland China Investment Immigration

正在考虑投资移民47% are considering

migrating by investment

2010 年获得美、加、澳三国移民签证的人数No. of people who got Immigrant Visa either from US, Canada or Australia More than 6000

我国可投资资产规模在1 亿元以上的高净值人群中Among the HNWIs with over 100 million RMB investable assets

已经完成投资移民27% have finished business migration.

1/3年龄在 35-44 岁Age between 35-44

6000 多人

在 2010 年成为美国永久居民No. of people who became Permanent Residents of US 70863, 6625 increased than 2009

7 万人 70863 人

2010 年获得美国绿卡No. of people who got US Green Card 70000 Only after Mexico, ranking No.2 globally

Card比 2009 年增加 6625 人

仅次于墨西哥，排名全球第二

772 Applicants772 人申请


2. 商业投资类别

该签证类型要求申请者前 2 年内净资产达到

225 万澳币，投资 150 万澳币。同时要求近

5 年内最少有一年管理过一个 150 万澳币的

投资或者直接管理过一个合格企业（并且持

有该企业 10% 以上的股份）。投资类别要

想永久需要 4 年内澳洲最少生活 2 年，并且

在澳洲进行了一个最少 4 年的投资（不少于

150 万澳币），并且打算继续在澳洲继续投

资或创业。

3. 重要投资者类别

重要投资者签证的目的是促进澳大利亚的经

济繁荣，同时为资产净值较高的个人提供投

资移民的机会。投资者必须投入 500 万澳元

在符合规定的投资上，投资期限至少四年，

方可申请永居签证。申请者必须证明在其初

始投资成熟之后，仍旧愿意保持在澳大利亚

的投资。

　　成功申请以上三种投资签证的申请者，

可以凭临时签证进入澳大利亚，在其他相关

条件满足之后，可以申请永久居民。在澳大

利亚合法生活 4 年，永久居民可以申请公民。

澳大利亚商业奇才签证

或者，高净值人士可以申请商业奇才签证，

与临时商业创新及投资签证不同，这类签证

可以直接获得澳大利亚永久居民。该签证包

括两个类别：

1. 显著商业成就

该签证针对已经拥有企业并希望在澳大利亚

的新建企业或已存在企业进行主要管理工作

的殷实商人。申请者必须不超过 55 周岁，

虽然该条件可以因申请者是否对经济做出巨

大贡献而免除。

　　申请者必须拥有至少 150 万澳币（135

万美元）的总资产，在签证发放之后两年内，

能被合法转入澳洲账户。此外，申请者必须

使其投资的一个或多个企业，在四个财年中

的两年中，达到每年至少 300 万澳币的年营

业额。

　　有关所有权，企业年销售额未满$400,000

时，为至少 51%；事业年销售额为 $400,000

以上时，为 30%；企业为上市公司，需

10%。

commitment to continue to maintain business or investment activity in Australia after the designated investment has matured. Applicants must show evidence of their prior investment activity, including statements showing the management of investments worth at least AUD 1.5 million ($1.35 million) for one of the five fiscal years preceding time of invitation, and their net value. In addiction, the applicants must show that they own assets worth at least AUD 2.25 million ($2 million).

3. Significant Investor CategoryThis is intended for people who are

willing to invest at least AUD 5 million ($4.5 million) in complying investments in Australia. "Complying investments" is usually taken to mean Australian national or local bonds, Australian regulated managed funds or direct investment into Australian companies). Applicants must also prove that they want to maintain business and investment activity in Australia after the original investment has matured. Evidence that the amount required for investment exists, is unencumbered and was lawfully acquired is required. Successful applicants for the three types of investment visas outlined above enter Australia on a provisional visa for four years and after satisfactory evidence of a specified level of business or investment activity, may apply for permanent residency. After living in Australia on a valid visa for four years, permanent residents may apply for citizenship. Requirements include living in the country in the last 12 months before application and proving intent to continue to resident in Australia or to maintain a close and continuing association with Australia.

Australian Business Talent visaAlternatively, high net worth individuals may also apply for a Business Talent

visa, which – in contrast to the Business Innovation and Investment provisional visa – grants direct Australian permanent residency. The Business Talent visa has two categories:

1. The Significant Business History Category

This is for affluent owners or part owners of a business who want to have a major management role in a new or existing business in Australia. Applicants must be less than 55 years of age, although this can be waived if an applicant’s proposed business will be of exceptional economic benefit.

Applicants must also have total assets of at least AUD 1.5 million ($1.35 million) that can be legally transferred to Australia within two years of the visa being granted. In addition, applicants will also need to have achieved a total annual turnover of at least AUD 3 million ($2.7 million) in one or more businesses they own in at least two of the four fiscal years immediately before they apply. Ownership of at least 51 per cent of a business with turnover of less than AUD 400,000 ($360,000) per annum, 30 percent of a business with turnover of more than AUD 400,000 per annum or 10 per cent of a publicly listed company is also required.

2. The Venture Capital Entrepreneur Category

This is for businesspeople who have obtained at least AUD 1 million ($896,000) in funding from an Australian venture capital firm for the start-up, product commercialization or business development of a promising high value business idea.

All of the five business visa types above require nomination by an Australian state before application. Nomination requires basic English language ability and business experience; other requirements that vary from state


52 2013, Autumn

to state. Dependents may be included in all the visa applications listed above.

Advantages of Immigrating to AustraliaLarge numbers of Chinese people live in Australia, with major cities such as Sydney and Melbourne attracting the most immigrants. According to government figures, the 391,060 Chinese immigrants in Australia are the third largest migrant group in the country (after migrants from the UK and New Zealand). They represent 6.5 percent of Australia’s overseas-born population of 6.03 million, and 1.7 percent of its total population of 23.1 million. Communities of Chinese migrants help new immigrants to integrate in the local culture.

Australian citizens can travel to 163 countries visa-free, including all countries in North and South America except Argentina and Brazil, and all countries in Europe except Belarus, Moldova, Russia and Ukraine.

The UKThe UK offers two types of visas for investors who want to migrate to the country. These are the Tier 1 (Entrepreneur) visa and the Tier 1 (Investor) visa.

UK Tier 1 (Entrepreneur) VisaThe Tier 1 (Entrepreneur) visa is for migrants who want to invest in the UK by setting up or taking over, and being actively involved in the running of, a business or businesses. Applicants for the visa need to have at least £200,000 ($307,000) in funds to invest in a UK business. They are also allowed to apply if they have £50,000 ($77,000) from a venture capital company recognized by the UK Financial Services Authority, a seed funding company recognized by


the UK Trade and Investment website or a grant from the Scottish, Welsh or North Ireland local governments for the purpose of establishing or expanding a UK business. The money for investment must be disposable in the UK. Additional information such as business plans, market research reports and so forth to show that the applicant is a genuine entrepreneur and will be actively involved in the running of the business may also be required.

Applicants who have successfully applied for a Tier 1 (Entrepreneur) visa may stay in the UK for a period of 3 years and 4 months and may bring their dependents with them. An extension for a further 2 years is possible. After a period of either 3 or 5 years (depending on the number of jobs created or the income of the business), Tier 1 (Entrepreneur) visa holders may apply for permanent residency in the UK.

UK Tier 1 (Investor) VisaHigh net worth individuals can apply for a Tier 1 UK (Investor) visa if they make a £1 million ($1.5 million) investment in the UK. Applicants for the Tier 1 (Investor) visa do not need to have any English language ability because, while they are allowed to work in the UK if they wish to, they should not need to. To apply for the visa, applicants should have money of their own, under their control, which is held in a regulated financial institution, which is disposable in the UK and amounts to no less than £1 million. The £1 million should be intended for the designated investments outlined below.

Applications are also allowed from people who have personal assets with a value exceeding £2 million ($3.1 million), and a loan from a UK financial institution amounting to no less than £1 million that is intended for the designated

2. 风险投资企业家

该签证针对在澳大利亚的风险投资公司出资

至少 100 万澳币（89.6 万美元）来支持创

业者，产品商业化或者商业发展的商人。

　　这五种商业签证均要求申请者在申请之

前获得澳大利亚州政府的提名。提名要求有

基本的英语技能，和商业经验；其他相关要

求每个州不尽相同。家属可附属于以上任何

一种签证内。

移民至澳大利亚的优势

澳大利亚有大量的中国人，悉尼和墨尔本是

最吸引新移民的城市。据政府数据表明，有

391060 个中国移民，是仅次于英国和新西

兰移民的第三大群体。占澳大利亚 603 万

海外出生人口的 6.5%；是总人口 2310 万

的 1.7%。新移民可以通过现存的移民社区

很好的融入当地。

　　澳大利亚公民可以免签前往 163 个国

家，包括北美，南美除巴西和阿根廷，欧洲

除了白俄罗斯，摩尔多瓦，俄罗斯和乌克兰

之外。

英国

英国提供两种投资移民方式。分别为 Tier

1( 企业家 ) 签证和 Tier 1 ( 投资者 ) 签证

Tier 1( 企业家 ) 签证

Tier 1（企业家）签证为那些愿意在英国设

立或购入公司企业的移民者。申请人拥有

20 万英镑的资金（约合 30.7 万美元。该笔

资金需存放在英国金融管理局认可的国外金

融机构内。需要提供商业计划书，市场调查

报告等，以此证明申请者为合格的企业家。



investments outlined below. Of the £1 million required from both

types of applicants, £750,000 must be invested in UK Government bonds or in share capital or loan capital in active and trading UK registered companies other than those principally engaged in property investment. At least £250,000 more in purchased UK assets or a deposit in a UK financial institution is also required. Successful applicants for the Tier 1 (Investor visa) may stay in the UK for a period of 3 years and 4 months and may bring their dependents with them. An extension to stay in the country for a further 2 years is possible. After a period ranging from 2 to 5 years (based on the value of assets and money owned), Tier 1(Investor) visa holders may apply for permanent residency in the UK.

Applying for UK CitizenshipTo become a British citizen, applicants

must have sufficient knowledge of English, Welsh or Scottish Gaelic; have lived in the UK for at least five years; were not outside the UK for more than 450 days in the five-year period; and have not been outside the UK for more than 90 days in the year preceding the citizenship application. A citizenship test is also required.

Advantages of Living in the UKAll medical bills in the UK are paid by the state. The government pays for healthcare, even in cases where very expensive life-saving operations are required. The UK also provides free school education to all children. In addition, UK citizens can visit 167 countries without applying for a visa before arrival, including all European countries except Belarus and Russia and all North American and South American countries except Cuba.

　　成功申请 Tier 1 ( 企业家 ) 签证的申请

者，可在英国停留 3 年 4 个月，该期间可携

带家属。该签证也可获得两年的延期。在 3

至 5 年间，（取决于投资企业创造的岗位数

量），Tier 1( 企业家 ) 签证持有者可以申请

英国公民。

Tier 1 ( 投资者 ) 签证

Tier1 的投资者签证旨在吸引高净值人士及

其家人进入英国。要符合投资者资格，申请

人必须投资 100 万英镑（150 万美元）来购

买英国政府债券或英国注册公司的股票 / 借

贷资本。申请获批之后，Tier 1 投资者就能

获得 3 年的签证之后可再续签 2 年，并在 5

年后可申请永居。值得一提的是，这笔钱来

源不一定要存在英国的存款，而且这笔钱可

以是和申请人的民事伴侣或未婚伴侣共同拥

有的，也可以是申请人的民事伴侣或未婚伴

侣单独拥有的。作为投资者申请手续的一部

分，移民申请人需要提供资金证明和资金来

源证明，除非这些资金已经存在了银行账户

中，或者放在由英国金融服务监管局 (FSA)

或原住国金融监管机构监管的金融机构里管

理的投资组合里。

　　100 万英镑的投资额中，申请人必须在

规定日期的三个月内投资 75 万英镑来购买

英国政府债券或英国注册公司的股票 / 借贷

资本。至少 25 万英镑必须在英国购买房产

或存入英国金融机构。

申请英国公民

要成为英国公民，申请者必须充分了解英语，

威尔士语或苏格兰盖立语；在英国生活超过

5 年；过去 5 年内离开英国的时间不超过 450

天；在申请成为英国公民那一年内离开英国

不超过 90 天。同时，也需要进行公民考试。

生活在英国的优势

在英国境内的医疗账单均由政府支付。政府

为医疗保健，甚至是大型手术支付账单。英

国也儿童提供免费的教育，并且英国的高等

教育全球享誉。

　　另外，英国公民可以免签前往 167 个国

家，包括除了白俄罗斯和俄罗斯之外的所有

欧洲国家，以及全部北美国家，南美除古巴

以外。

英国稳定的投资环境、先进的技术、熟练的劳动力和透明的法规是其主要优势。许多中国企业还认为英国是一个开放且鲜有障碍的市场。

the UK’s stable investment environment, advanced technologies, skilled labor and transparent regulations are some of its key strengths. Many Chinese companies also consider it as an open market with few barriers.

图片

Photo by P

rogress Energy

ATTRACTIVE OPPORTUNITIES FOR CITIZENSHIP AND PERMANENT RESIDENCY IN CYPRUS

成为塞浦路斯公民和永久居民的难得机遇

座落于三大洲的交界处，塞浦路斯共和国对商务、投资或者纯居住目的人士来说是一个极具吸引力的地方。选择这里的原因包括优越的电信和航空设施，高等级的专业服务机构，低水平的犯罪率，优秀的教育资源和温和的地中海式气候。另外，这里还提供了足够吸引力的移民政策。另外，Christodoulos G. Vassiliades & Co. LLC (CGV) 律所的丰富经验和良好信誉，也能在以下领域为阁下提供服务： “塞浦路斯外国投资者 / 企业家专属公民权”是为拥有高价值资产的企业家投资塞浦路斯准备的政策。这个为外国投资者准备的政策由塞浦路斯内政部执行并由内阁监管。

非塞浦路斯公民可以在满足如下经济条件的情况下有条件地获取塞浦路斯公民权：

1）“混合投资和国家基金捐赠”，规定投资者必须在国家公司投资的情况下购买股票和 / 或债券，金额至少要 200 万欧元或至少向“研究和科技基金”捐赠 50 万欧元。

2）“直接投资”，申请人必须在塞浦路斯投资至少 500 万欧元的不动产、当地企业或公司；以及必须在塞浦路斯境内有商业活动、在塞浦路斯共和国购买公司股票或货币资产。

3）“银行存款”申请人必须在塞浦路斯银行内有私人存款，或者在塞浦路斯共和国有私人公司 / 信托（受益人是他们本人）的金额达到 500 万欧元，存款定期为 3 年期。

4）“塞浦路斯境内的商业活动”，申请人必须是公司（或多家公司）的股东或收益拥有人，该公司必须在塞浦路斯共和国境内并在提交申请时已经满三年，必须向国家财政部进行过支付（公司税、增值税或其它税费等），以及购买商务服务（法律、会计、审计）的金额达到每年 50 万欧元。在有效的条件和情况下，也可以选择出示年度金额 35 万和 20 万欧元的费用证明。

5）“ 在 2013 年 3 月 15 日以后，在塞浦路斯银行或 Laiki 银行的存款由于两家银行的原因，存款余额有所降低。”申请人在上述两家或其中一家银行遭受存款缩水，金额达到至少 300 万欧元，将被当作能进行塞浦路斯公民权申请的有资格的人士进行处理。

6）“混合投资和国家基金捐赠的组合，直接投资和在塞浦路斯银行存款”，提供企业家参与各种投资项目的选择。

申请人必须年满 18 岁并且必须提供无犯罪证明。此外，申请人必须在塞浦路斯共和国有市场价至少 50 万欧元（含增值税）的住宅地产。

永久居留许可——移民许可 F

2012 年 9 月，塞浦路斯共和国内政部宣布了根据外国人和移民第6（2）法规向第三方国家的高净值人士提供永久居留许可的条件。

这是塞浦路斯发放永久居留许可进程加速的标志，也是针对第三国人士在塞浦路斯的房地产市场进行投资的激励政策。

所有的申请都由塞浦路斯内政部审核，并且在满足必要条件的前提下，将永久居留权向主申请人和他的家人发放。

Christodoulos G. Vassiliades & Co. LLC (CGV) 创建于 1984 年，并且快速发展成为一个信誉极佳、优秀勤勉的商务律师事务所，现在它在国际上也被认可为在该岛上最领先的律所之一。它在提供移民、公司法律、并购、国际信托和税务规划等服务方面首屈一指，向众多高级的公司和私人客户提供国内和国际法律方面的顾问服务。

CGV 是“法律资源中心”（LRC）的创始人之一和合作伙伴，该中心是为 CGV 提供商务拓展的独特实体，从广泛的角度上来看它在塞浦路斯共和国以论坛、在线教程、讲座、研讨会和其它支持形式向法律专业人士提供综合性服务。

CGV 的使命是在高度成熟的基础设施的基础上向每一位客户提供最可行的解决方案，确保为塞浦路斯建设成理想的金融中心的宗旨增值。这让获取塞浦路斯公民权和永久居留权变成最具吸引力的方案。

塞浦路斯欢迎多元文化，CGV 希望为令人尊敬的中国客户提供全方位的支持和合作，就像希腊哲学家底根尼斯说的：“我不是雅典人或希腊人，我是世界公民。”

CGV 是在 2013 年 11 月 6~7 日于上海举办的中国离岸峰会的参会者和黄金赞助商之一。

CGV's offices in Nicosia, CyprusCGV 公司，尼科西亚，塞浦路斯

Conveniently situated at the crossroads of three continents, the Republic of Cyprus constitutes an attractive destination for business/investments as well as for purely residential purposes. The island has highly efficient air connection and telecommunication networks, a most competent professional services sector, low crime rate, excellent schools and universities and the pleasant Mediterranean climate. In this context, there are a number of attractive options available to interested parties and the law firm Christodoulos G. Vassiliades & Co. LLC (CGV), through its know-how, reputation and experience, is well placed to process applications within the parameters of the following:

“Cyprus Citizenship by Exception for Foreign Investors / Entrepreneurs”, is specifically directed towards entrepreneurs with significant assets and investments in Cyprus.

A non-Cypriot national is entitled to apply for Cyprus Citizenship by exception, if one of the six following financial criteria are fulfilled.

(i) “Mixed Investments and Donation to State Fund”, where the investor must purchase shares and/or bonds of the designated investment company of the State, amounting to at least 2 million Euros and a minimum amount of 0,5 million Euros by way of donation to the Research and Technology Fund.

(ii) “Direct Investments”, where the applicant must have direct investments in Cyprus of at least 5 million Euros, in immovable property, enterprises or companies that reside and are active in the Republic of Cyprus, purchase of shares of companies registered in the Republic of Cyprus or in monetary assets.

(iii) “Deposits in Banks” is another criterion where the applicant must have personal deposits in Cypriot Banks or deposits of their private company/ies or trust/s (of which the beneficiary is themselves) in the Republic of Cyprus of at least 5 million Euros on a fixed term of three years.

(iv) “Business Activities in Cyprus”, where the applicant must be a shareholder or beneficial owner of a company (or companies) the management of which must be in the Republic of Cyprus and the last 3 years prior to the submission of the application, must have paid at the State Treasury (corporate tax, V.A.T. or other rights and fees etc.) and as fees for the purchase of business services (legal, accounting, audit) amounting to at least € 500.000, annually. The option of showing an annual amount of € 350.000 and € 200.000 is also available under applicable terms and conditions.

(v) “Persons whose deposits in the Bank of Cyprus or Laiki Bank have been reduced due to the enforcement of measures that have been applied on both Banks after the 15th of March 2013”. Applicants who have suffered a deposit reduction in one or both of the aforementioned Banks, totaling an amount of at least 3 million Euros, shall be regarded as being equivalent to qualified persons entitled to proceed with the application of Cyprus Citizenship.

(vi) “Combination of Mixed Investments and Donation to State Fund, Direct Investments and Deposits in Cypriot Banks” offering to the entrepreneurs the option to participate in various investment projects.

Applicants must be 18 years of age and above and must have a clear criminal record. Additionally, the applicant must own residential property in the Republic of Cyprus with a market value of at least 500,000 Euros, plus VAT.

PERMANENT RESIDENCE PERMIT – IMMIGRATION PERMIT F

In September 2012, the Ministry of Interior of the Republic of Cyprus introduced the criteria for providing PERMANENT RESIDENCE for high-net worth third country nationals as per regulation 6(2) of the Aliens and Immigration Regulations.

This is an accelerated procedure for attaining Permanent Residency in Cyprus, and to be applied in cases where third country nationals intend to invest in the property market in the Republic of Cyprus.

All applications are assessed by the Minister of Interior in a positive light and Permanent Residency will be granted to the main applicant and his family subject to satisfying the necessary criteria.

Christodoulos G. Vassiliades & Co. LLC (CGV) was established in 1984 and swiftly developed a reputation for excellence and diligence in all legal and business matters, and is now internationally acknowledged as one of the leading law firms on the island, providing comprehensive services in Migration, Corporate Law, Mergers & Acquisitions, International Trusts and Tax Planning. It advises an extensive list of high-profile corporate and private clients, both on domestic and international Law.

CGV is the proud founder and an affiliate partner of the Legal Resources Centre (LRC), a unique entity which formulates and implements business development strategies for CGV and from a broader perspective offers a comprehensive service to the legal profession in the Republic of Cyprus by way of seminars, online courses, workshops, symposia and other support mechanisms.

CGV’s mission is to suggest the most viable solution to every client through a well- established infrastructure which ensures the optimum utilization of numerous governmental incentives which add value in making Cyprus an ideal financial and business hub.

Cyprus welcomes the presence of diverse cultures and on its part, CGV, is ready to extend its full co-operation and support to esteemed Chinese clients within the spirit of the words of the Greek philosopher Diogenis, who declared “I am not an Athenian or a Greek, but a citizen of the world”.

CGV will be the Gold Branding Sponsor of and proud participant in the China Offshore Summit to be held in Shanghai on November 6-7, 2013.

www. vasslaw. com

LEDRA HOUSE: 15 Agiou Pavlou Str.Agios Andreas 1105, Nicosia, Cyprus

P. O. BOX: 24444, 1703 Nicosia, CyprusE-MAIL: [email protected]

TEL: +357 22 55 66 77 FAX: +357 22 55 66 88

Sponsored Article

56 2013, Autumn

热点聚焦COunTRy SPOLIGHT

久经时间考验的阿联酋The united Arab EmiratesStanding the Test of Time

By Anas Almasri



图片

Photo by R

osanne Wong

虽然中东和非洲某些国家在政治和社

会方面动荡不安，但这两个地区的

其他国家在 2012 年取得的成绩却

不容小觑。据今年英国《金融时报》的“外

国直接投资报告”显示，中东和非洲 2012

年海外直接投资项目数量增加超过 9％，是

全球唯一实现对外绿地投资增长的地区。该

报告还显示，阿联酋在对外和外来外国直接

投资方面都领先其他国家。

　　阿联酋是海湾阿拉伯国家合作委员会

（海合会）的六名成员之一，是石油输出国

家组织 OPEC 的四个海合会成员国之一。

阿联酋由七个酋长国组成：阿布扎比，迪拜，

沙迦，阿治曼，乌姆盖万，富查伊拉和哈伊

马角。阿联酋在中东和非洲地区外商外来直

接投资目的地中名列第一，去年共有 291 个

项目，远远超过排名第二的南非（147 个项

目）。除此之外，阿联酋也是中东和非洲对

外直接投资的主要来源国，2012 年投资总

额占市场份额的 34％。

　　阿联酋外来直接投资的股票年均增长率

高达 49％，2000 年总额为 10.1 亿美元（占

全国 GDP 的 1.5％），2011 年增长到 854

亿美元（占全国 GDP 的 24％）。今年全国

With all the political and social instability engulfing a number of countries in the

Middle East and Africa, one could almost be forgiven in neglecting the great results many other countries in those two regions witnessed in 2012. According to this year’s fDi Report, a study compiled by a division of the Financial Times, MEA was the only world region to achieve growth in outward Greenfield FDI in 2012, increasing its number of overseas Foreign Direct Investment projects by a little over nine percent. The report goes on to show that the United Arab Emirates led the way in both inward and outward FDI in the region. The UAE is one of the six members of the Gulf Cooperation Council (GCC) countries, and one of the four GCC members of OPEC. The country is formed of seven emirates: Abu Dhabi, Dubai, Sharjah, Ajman, Umm AI Quwain, Fujairah, and Ras Al Khaimah. It was ranked as top destination country in

根据迪拜经济发展部统计，2012 年外国直接投资总额为 80 亿美金，与 2011 年的 63亿美元相比增长了 26％。

According to the Foreign Direct Investment Office at the Dubai Department of Economic Development, FDI into the Emirate grew by 26 percent in 2012 reaching about $8 billion, compared to $6.3 billion in 2011.

58 2013, Autumn

外商投资预期也很高，阿联酋经济部长曼苏

里 4 月份表示，2013 年阿联酋累计外商直

接投资预计将达到 1000 亿美元。

　　作为阿联酋的心脏和灵魂，迪拜一直以

来不断获得自我提升和国际认可。今年 3 月

公布的最新全球金融中心指数显示，迪拜在

79 个国际商务中心中排名第 23，是中东和

非洲地区七个金融中心中第一个进入排名的

国家。其他六个分别是利雅得，卡塔尔，阿

布扎比，伊斯坦布尔，约翰内斯堡和巴林。

　　此半年度金融指数由伦敦的 Z / Yen

Group 代表伦敦金融公司发表，通过对世界

各地的投资专业人士进行评价调查，以竞争

力为标准为 79 个世界顶级金融中心排名。

迪拜和北京、莫斯科一起被评为“全球竞争

者”，加权评估由超过 65％个接受调查的

金融中心提供。阿联酋最有力的支持者已蔓

延至其他中东和非洲金融中心以及北美和亚

太地区，这是迪拜作为国际商务中心的一个

显着迹象。

the Middle East and Africa for inward FDI projects last year with a total of 291 projects, distantly followed by South Africa at 147 projects. It was also the top source country for outward FDI originating in the MEA, with 34 percent market share of total outward FDI from the region in 2012. A closer look at the value of inward overseas investments registered by the UAE over the past decade reveals an even more impressive story. Its stock of inward FDI grew at a whopping average annual growth rate of 49 percent, from $1.1 billion in 2000 (representing 1.5 percent of national GDP) to $85.4 billion in 2011 (accounting for 24 percent of national GDP). Expectations in the country for this year’s foreign investments are running high as well. Sultan Al Mansouri, UAE Minister of

Economy, stated in April that cumulative FDI in the UAE is expected to reach $100 billion in 2013. Dubai, viewed by many as the heart and soul of the Emirates, is constantly securing global awards and acknowledgments of its own. In the latest Global Financial Centers Index 13, published in March of this year, Dubai ranked 23rd out of 79 international business centers, and the first amongst seven Middle East and African financial hubs mentioned in the ranking. The other six centers being Qatar, Riyadh, Abu Dhabi, Istanbul, Johannesburg and Bahrain.

The semiannual Index is put together by London-based Z/YEN Group, on behalf of the City of London Corporation, and ranks 79 of the world’s top financial centers based on competitiveness



图片

Photo by Z

ap Photo

商业环境

阿联酋政府已往经济多样化方向努力多年，

使其能够脱离对自然资源（如石油）的依赖，

现已在很大程度上成功达到这一目标。旅游、

服务和某些行业生产占该国经济越来越大的

一部分。在各行各业吸引海外投资是多元化

的动机和可持续发展因素的核心，尤其是对

迪拜这种自然资源稀少的国家。

　　根据迪拜经济发展部统计，2012 年外

国直接投资总额为 80 亿美金，与 2011 年

的 63 亿美元相比增长了 26％。投资流向包

括旅游、服务、金融、商业以及 IT 服务、

via responses to surveys and ratings primarily answered by investment professionals worldwide. Dubai, along with Beijing and Moscow, were rated as ‘Global Contenders’. Meaning the weighted assessments of these centers were provided by over 65% of the total number of surveyed financial hubs. In a significant indication to Dubai’s international business presence, the strongest support for the Emirate was spread out between respondents based in other Middle East and Africa financial centers, North America and the Asia/Pacific region.

Business EnvironmentThe UAE government has been working hard for years to diversify its economy away from a dependence on natural resources such as oil, and has largely succeeded in reaching that goal. Tourism, services and certain manufacturing

sectors account for an increasingly bigger part of the country’s economy. Attracting overseas investments to a variety of sectors is at the core of this diversification initiative and one of the main factors in sustaining it for the future, especially for Emirates that have little or no natural resources like Dubai. According to the Foreign Direct Investment Office at the Dubai Department of Economic Development, FDI into the Emirate grew by 26 percent in 2012 reaching about $8 billion, compared to $6.3 billion in 2011. Investments were channeled to a number of sectors including tourism and hospitality, financial, business and IT services, retail, chemicals, food and tobacco. As of December 2012 there were about 40 free zones in the UAE, in which full foreign ownership of businesses is allowed and no taxes are levied on companies. The highest concentration of free zones is of course in Dubai (23), where more than half of the total number of free zones is based followed by the capital Abu Dhabi (5), Ras Al Khaimah (4), Fujeirah (3), Sharjah (2), Ajman (1), and Umm Al Quwain (1).

Foreign businesses can be established outside the free zones but are required by law to partner with a local sponsor and can only hold a maximum of 49 percent share in the final company. Dubai’s famous free zones are recognized as an integral part of the city’s economic boom, but the positive effects of these tax-free areas are not confined to one Emirate. Recent reports from Abu Dhabi, which holds more than 90 percent of the country’s oil wealth, suggest the free zones there are driving the development of its manufacturing sector as well as helping diversify its oil-dependent economy. The government of Abu Dhabi is expanding its efforts to attract overseas

除了已有的自由区商业网络以外，阿联酋目前有十多个这样的区域正在规划和实施。这将刺激更多外来投资进入该国。这些自由区的行业也非常集中，不单只有避税一个好处。

The UAE has ten more such zones in planning or implementation phases. That will spur even more foreign inward investments into the country. These purpose-built free zones are largely sector-specific and hence are not mere tax havens.

阿联酋是中国在海湾地区最大

的出口市场，双边贸易自 2002 年大幅增长

（16 倍），去年到达了 40 亿美元的里程碑。

The Emirates represents China’s largest export market in the Gulf region with bilateral trade growing tremendously (16 fold) since 2002 to cross the $40 billion milestone last year.


60 2013, Autumn

零售、化工、食品和烟草等行业。

　　至 2012 年 12 月为止，阿联酋已有 40

个自由贸易区，授予外商企业充分所有权，

且不对企业进行征税。密度最高的当属拥有

一半以上自由贸易区的迪拜（23），其后是

首都阿布扎比（5）、哈伊马角（4）、富

吉拉（3）、沙迦（2）、阿治曼（1）、乌

姆盖万（1）。

　　外国企业可以在自由区以外成立，但按

法律规定必须跟当地赞助商合作，且最多只

能持有 49％的股份。自由区是迪拜经济迅

猛增长的主要原因，但由自由区带来的积极

影响并不仅限于迪拜。

　　阿布扎比持有该国 90％以上的石油财

富，近期报告指出，经济自由区不仅推动该

国制造业的发展，还有助于经济多元化。阿

布扎比政府正在利用自由区努力吸引海外投

资。例如，哈利法工业区有望提高阿布扎的

制造业基础，预计在 2030 年将占非石油国

内生产总值的 15％，在成为国际制造商经

济枢纽的同时创造大约 10 万就业机会。

迪拜房地产市场

迪拜房地产市场从 2012 年开始步入漫长的

复苏过程。投机主导的需求、供大于求和不

成熟的市场是导致迪拜房地产泡沫的主要原

因。房产市场在获得稳定的投资源和发展

后，现已开始逐渐扩展和运行。据德意志银

行（Deutsche Bank）早前报道，今年 3 月

份为止，迪拜的物业价格和租金已连续上涨

16 个月。据房地产公司 Reidin.com 的数据

显示，今年第一季度有 3 万的物业交易量，

价值高达 190 亿美元。迪拜最近几个月的房

地产价格回升率仅次于价格激增的中国，当

局预计短期之内不会干预市场调控。

　　迪拜今年前三个月的住宅价格上涨 9％

以上，在 Knight Frank 环球指数的 55 个国

家中评为表现第二佳的房地产市场。价格从

2012 年第一季到现在增长了 21％。有人担

心由经济复苏带来的又一轮投机将造成新的

泡沫，但由于现在的市场更加成熟，大多数

专家都驳回这种可能性。

　　迪拜房地产市场另一个值得注意的特点

是“现金为王”。据官方数据显示，上半

年公寓购买中 80％以上都是现金交易，今

年的房产交易又一次加强了这个特点。迪拜

investments and is utilizing its free zones to do so. The Khalifa Industrial Zone Abu Dhabi for example, is expected to improve the Emirate’s manufacturing base and account for 15 percent of the Emirate’s non-oil GDP by 2030, acting as a true hub for international manufacturers and adding some 100,000 jobs in the process.

Dubai Property MarketDuring 2012 the real estate market in Dubai began its long journey towards recovery. Speculation-led demand, oversupply and market immaturity were the main causes behind one of the worst real estate bubbles in modern time that hit the Emirate. The market has extended its run of growth and stability recently as a steady flow of investments and developments gained pace. Earlier this year Deutsche Bank reported that property prices and rents in Dubai increased for the 16th consecutive month in March. The first quarter of the year saw 30,000 property transactions take place in the city worth a staggering $19 billion, according to data compiled by

real estate firm Reidin.com. The upturn in property prices in Dubai was one of the highest worldwide in recent months, only second to price surges in China, and authorities are not expected to intervene in the market’s regulation for the time being. The Emirate’s residential prices rose over nine percent in the first three months of the year, ranking Dubai as the second best performing real estate market out of 55 countries examined by the Knight Frank global index. Year-on-year growth shows a strong 21 percent increase in prices from the first quarter of 2012. With recovery well underway in the market, worries of speculation fueling another bubble and causing a new boom-boost scenario have surfaced but most experts have dismissed this possibility since the market now is considered much more mature.

Another noteworthy feature in Dubai reality market is that property deals this year have reinforced the ‘cash is king’ business expression with over 80 percent of the apartments purchased in the city during the first half of 2013 paid for

Top 10 Destination Countries in Middle East and Africa in 20112011 年中东和非洲地区吸引外商投资前十名

来源：fDi MarketsSource: fDi Markets

国家 Country 项目数量 No. of Projects

阿联酋 UAE 328

南非 South Africa 154

沙特阿拉伯 Saudi Arabia 135

摩洛哥 Morocco 70

卡塔尔 Qatar 59

肯尼亚 Kenya 55

巴林 Bahrain 48

阿曼 Oman 48

尼日利亚 Nigeria 45

埃及 Egypt 44

其他 Other 544

共计 Total 1530



土地局透露，今年公寓交易的总价值为 78

亿美元，其中 63 亿是现金交易，13 亿为抵

押贷款，231 万为其他交易形式。种种迹象

表明，迪拜的房地产投资将不断增长，行业

未来将会持续发展。

　　在与本刊的采访中，Knight Frank 顾

问公司住宅部主管 Helen Tatham 简要地

介绍了房地产市场从 2012 年到今天的增长

情况。“别墅价格上涨引领市场在 2012 年

第二季度开始复苏，随后的 12 个月开始呈

现显著增长。公寓 2012 年年底开始跟上步

伐， 2013 年前六个月价格攀升逐渐明显”

她说，并补充到：“主流和高端公寓是最大

的需求来源，但当租金上涨并伴随着风投增

加时，租客会考虑选择租用便宜些的房子，

这将导致这些房子的价格同样上涨。”她对

于市场的未来前景表示乐观有很多原因，“迪

拜的未来非常光明，现已正式被摩根斯坦利

评为新兴市场以及 2020 年世博会主要候选

城市之一（将在 11 月宣布）。不断改进日

渐趋于完善的基础设施建设，加上阿联酋航

in cash as per official data. Dubai Land Department revealed that the combined value of apartment transactions for that period was near $7.8 billion, with $6.3 billion being settled in cash, $1.3 billion in mortgage deals and $231 million in other transaction methods. All signs point towards continued development and growing investments in Dubai’s real estate sector for the future. In an interview with Invest In, Helen Tatham, Head of Residential at Knight Frank consultancy in the UAE, briefly covered the real estate market’s growth from 2012 to today. “Villa prices lead the way as the market started to recover in Q2 2012 and significant increases were witnessed in the following 12 months. Apartments gathered pace towards the end of 2012 and continued into the first six months of 2013, which saw these

prices climb significantly” she stated. Adding that “mainstream and high-end units are in most demand but as rents increase alongside capital values there will be a push on the lower value units to appreciate as tenants look at cheaper options to rent.” In terms of the future outlook for the market she is very positive for a number of reasons, stating that “Dubai has a bright future, now officially ranked as an emerging market by MSCI and a strong candidate city for Expo 2020 (to be announced in November), ongoing improvements to an already impressive infrastructure and the continual growth of Emirates Airlines, can only point in the direction of a market recovery. Some select developments have reached their prices in the 2008 peak already although the majority is still well below these at varying levels.” According


62 2013, Autumn

如果外籍人士在迪拜购买价值 27 万美元以上的房产，则具备申请居留签证的资格。但

打算通过买房获得签证的投资者须听从政府的明确指示和信息。

While if a foreigner purchases a single property in dubai for a minimum of about $270,000 he is technically eligible to apply for a residency visa. Investors who plan on purchasing property in the country for this sole purpose must hold out for more precise and clear information from the government.

空公司的持续增长，都是市场经济复苏的迹

象。从价格来看，虽然某些行业的发展已达

2008 年时的顶峰，但大多数仍在不同层面

上远低于这个水平。”

　　据 Tatham 表示，迪拜目前普通别墅

成本约 $2600/ 平米（建成区），高端别墅

达 $9300/ 平米。市区内主流区域公寓价格

约 $ 2600/ 平米，市中心和滨海区价格为 $

5800/ 平米，黄金地段公寓飙升至 $5800/

平米到 $11.700/ 平米不等。如果外籍人士

在迪拜购买价值 27 万美元以上的房产，则

具备申请居留签证的资格。但 Tatham 告诫

打算通过买房获得签证的投资者听从政府的

明确指示和信息。“签证的授予将完全取决

于开发商，并不是所有申请都会被批准。而

且这种签证限于居住，并不包括就业。虽然

这个计划先前就已宣布，但政府并没有发放

很多签证，所以不要为此而去购买物业。目

前的信息还不是很清楚，但情况应该很快就

会明朗。”

　　为了保护投资者，迪拜土地局去年就开

发商对于项目延误或注消的责任和追索权，

颁布了企业管治守则。据规定，开发商需

要提供流动资产，包括 100％的土地费用和

20％的建设保证。但是，此项规定不强制所

有开发商在推出新的房地产项目之前都必须

to Tatham, the current cost of a villa in Dubai starts near $2,600 per m2 (built up area) reaching up to $9,300 per m2 for high-end villas. Prices of apartments in the city range between $2,600 per m2 for mainstream areas and $5,800 per m2 for Downtown and Marina areas, while units in prime locations spiked to a starting price of $5,800 per m2 and go all the way up to $11,700 per m2. While if a foreigner purchases a single property in Dubai for a minimum of about $270,000 he is technically eligible to apply for a residency visa, Tatham cautions investors who plan on purchasing property in the country for this sole purpose to hold out for more precise and clear information from the government. “The granting of the visa will completely depend on the developer as some will not grant

this. The visa is just for residency and not for employment. Although this scheme was announced a while ago, not many visas have been issued so it should not be a reason to buy property. The information is not very clear at present but we are expecting better clarification soon” she said. The Dubai Land Department introduced a Code of Corporate Governance last year, aimed at protecting investors by highlighting the responsibilities of developers and identifying methods of recourse in case of delays or project cancelations. Developers are required to provide for their liquidity including a 100 percent payment on land and a 20 percent construction guarantee. However, it is still not compulsory for all development companies to do so prior to launching



new real estate projects, hence it is all the more important that prospective investors exercise full due diligence and background checks before committing to any property projects.

DIFC The Dubai International Financial Center is the country’s most famous free zone and has proven itself as the wider region’s financial and business hub. The center is home to institutions and companies operating in a variety of financial subsectors including banking, insurance, and wealth management, retail and capital markets. DIFC companies are not subject to taxes on incomes, profits, dividends arising from local or overseas investments, royalties, or any withholding tax. The center operates under a unique

提供这些证明。因此，有意向的投资者在确

认项目之前必须进行充分的尽职和背景调查。

迪拜国际金融中心

迪拜国际金融中心（DIFC）不仅是本国最

有名的自由区，更是其他地区的金融及商业

中心。在 DIFC 驻扎的众多金融机构包括银

行，保险，财富管理，零售和资本市场。在

此注册的公司无需缴纳收入、利润、本地或

海外投资分红、特许权使用费或任何预扣税。

该中心在类似国际监管标准和英国普通法的

独特架构中运行。这有效的将 DIFC 打造成

为为国际业务需求量身定制的商业环境。

　　迪拜国际金融中心首席执行官近期在哈

佛商学院的演讲中提到，由于基础设施项目

4 万亿美金的融资已经被公布，DIFC 的规

模预计将在未来十年翻一番。金融中心目

前拥有近 14000 名员工以及超过 900 家企

业。除此之外，该中心未来还计划推出一个

类似纳斯达克的迪拜股市，为中小企业建立

融资平台。

中国与阿联酋的关系

中国企业越来越国际化，许多公司正通过阿

联酋开拓中东和非洲市场，特别是过去三十

几年经营物流，航空，能源等行业的公司。

至 2012 年 10 月，中国每年在阿联酋的投

资为 1 亿 7000 万美元，更有 3800 家中国

企业驻扎于此。阿联酋是中国在海湾地区最

大的出口市场，双边贸易自 2002 年大幅增

长（16 倍），去年到达了 40 亿美元的里程

碑。虽然目前其中只有一小部分用人民币结

算，但用人民币结算的交易在贸易总额中占

有的比例越来越大，2011 年到 2012 年之

间增长了 79％。过去几年中，两国签订谅

解备忘录的领域包括铁路合作、可持续能源

以及投资。

　　由于中国对非洲及其自然资源很感兴

趣，许多这方面的收购交易正在进行并不断

需要融资。大部分项目由中国本地银行申请

资助交易资金，但一般很难找到足够在非洲

给予支持的基础设施和法规。因此，他们会

选择阿联酋及其自由区。DIFC 吸引了众多

希望开拓非洲大陆的中国企业。迪拜机场自

由区（DAFZ）具备相同的作用，中国企业

在交通、航运、电子、石油天然气和其他产

regulatory framework closely resembling international standards and principles of the English common law. This effectively allows it to individually create and manage a business environment that is tailored to international business needs. DIFC is planning to double in size over the over next decade, as the region it serves is set to require some $4 trillion in project financing for infrastructure plans that have already been announced, the center’s CEO Jeff Singer said at a Harvard business school event recently. It currently employs nearly 14,000 staff members and is home to over 900 companies. Additionally, plans to launch a new junior NASDAQ Dubai stock market that would give small to medium enterprises a platform to attract capital is currently being studied.

The Map shows the Inward FDI Percentage Change from 2010 to 2011自 2010 年至 2011 年中东和非洲各地区吸引 FDI 变化百分比

来源：fDi MarketsSource: fDi Markets

Oman

阿曼

South Africa Kenya

Nigeria

Egypt

南非肯尼亚

尼日利亚

埃及

+29%

Qatar卡塔尔

+9%

UAE阿联酋

+13%

Morocco摩洛哥

+40%

Bahrain巴林

+23%

+41%

-29%

+57% +77%

Saudi Arabia沙特阿拉伯

+39%


64 2013, Autumn

业中占远东公司的 14％。总部设在 DAFZ

的一些大牌公司包括中海油，中海油服中东

自由区阿联酋公司和中国南方航空公司。

　　中国建筑工程总公司近日宣布将在

SKAI 控股公司的迪拜棕榈岛度假村项目中

斥资 10 亿美元，是阿联酋房地产市场首个

中国公司主导投资的项目。全球最大建筑公

司之一的中建是该项目的主要承包商，计划

在人造半岛上打造拥有 481 间客房的奢侈酒

店以及 221 套特色住宅，预计可在 2016 年

底竣工。

未来展望

从一片沙漠到全球领先的综合商务中心，阿

拉伯联合酋长国一直以来都在追求新的高

度。除了已有的自由区商业网络以外，阿联

酋目前有十多个这样的区域正在规划和实

施。这将刺激更多外来投资进入该国。这些

自由区的行业也非常集中，不单只有避税一

个好处。

　　阿布扎比执行委员会年初宣布，最大的

酋长国计划用高达 $ 90 亿美元开发未来 5

年的项目，除了学校、道路和其他基础设施

外，还包括 12500 套住宅。虽然它占该国

的经济产出的 65％，是全球最大的财富基

金之一，但跟邻居迪拜比，财政计划还是相

对保守。然而这种情况可能会发生改变，由

于为了提高该国生活质量，去年被推迟的重

大项目将重新展开。

Sino-Emirati RelationsChinese companies are increasingly going global and many of them are tapping overseas markets such as the Middle East and Africa through the Emirates. That is especially true of companies operating in the logistics, aviation and energy sectors over the last three decades. As of October 2012, China’s annual investment in the UAE was $170 million and some 3,800 Chinese businesses were based in the country. The Emirates represents China’s largest export market in the Gulf region with bilateral trade growing tremendously (16 fold) since 2002 to cross the $40 billion milestone last year. While only a small part of that figure is currently being settled in RMB, cross-border trade transactions in China’s local currency is taking a larger share of the total trade volume, growing by 79 percent between 2011 and 2012. A number of Memorandum of Understanding agreements have been signed between both countries over the last few years in different fields.

With the significant Chinese interest in Africa and its natural resources, acquisition deals are plentiful and in constant need of financing. China’s local banks are often solicited to fund most of these deals, but generally find it hard to locate adequate infrastructure and regulations to support them in Africa. Hence they opt for the UAE and its free zones. DIFC represents on such example of attracting numerous Chinese companies looking to gain access to the African continent. So is Dubai Airport Free Zone, where Chinese businesses working in transportation, shipping, electronics and the oil and gas sectors among others account for 14 percent of the Far East firms based there. Some of the big name companies based in DAFZ include CNOOC, COSL Middle East FZE

UAearaedadaddasdchem Corporation and China Southern Airlines. China State Construction Engineering Corporation recently announced its plans to invest $1 billion in Skai Holdings’ Viceroy Dubai Palm Jumeirah project, marking the first major investment by a Chinese company in the UAE real estate market. The Chinese builder, one of the world’s biggest, is the main contractor on the project and will build a 481-room luxury hotel and 221 Signature Viceroy Residences on the man-made peninsula, with construction expected to be completed by end of 2016.

Future OutlookThe UAE always aims to reach new heights, starting with its remarkable journey from a dessert land to a leading global business center. In addition to its already impressive network of free ones, the UAE currently has ten more such zones in planning or implementation phases. That will spur even more foreign inward investments into the country. These purpose-built free zones are largely sector-specific and hence are not mere tax havens. At the beginning of the year, Abu Dhabi’s Executive Council announced that the largest of the seven Emirates plans to spend up to $90 billion on development projects over the next five years including 12,500 homes, in addition to schools, roads and other infrastructure. Although it accounts for 65% of the country’s economic output and is home to one of the largest wealth funds worldwide, the capital has been traditionally more financially conservative compared to its neighbor Dubai. That, however, seems to be finally changing as major projects that were postponed last year being put back on track, with a main focus on social development projects and enhancing the quality of life in the capital.


66 2013, Autumn

经中华人民共和国国家发展和改革委员会批准，由

中国产业海外发展和规划协会与国家开发银行共

同主办的第五届中国对外投资合作洽谈会 ( 外洽会 ) 定

于 2013 年 12 月 3 ～ 4 日在中国北京展览馆举行。

　　本届外洽会以“投资、合作、责任：世界寻求共同

发展”为主题，提供一个在短短几天内可以有效并且有

针对性的全球投资交流平台。通过这个平台，拥有投资、

引资、融资、政策咨询和专业服务等不同资源的专业人

士之间能够充分接触交流，达成实质性的投资合作；借

助这个平台，与会企业将有机会与国家开发银行、中国

工商银行、中国民生银行等金融机构进行一对一洽谈 ,

最大限度获得金融机构项目融资支持；通过这个平台，

在为中国企业实施“走出去”战略铺平道路的同时，为

经济增长提供新的动力，为世界共同发展创造良好条件，

进一步促进国际生产要素的优化配置。

　　本届外洽会得到国家发展改革委等政府部门的大力

支持。会议拟邀国务院领导出席 , 国家发改委、商务部

领导主旨发言，国家发改委利用外资和境外投资司全程

业务指导，各省（市、自治区）发展改革委组织本地企

业积极参与。另外，外交部、商务部、文化部、农业部

等各大部委也将一如既往地支持本届外洽会。

　　国家开发银行作为共同主办单位将积极支持并深度

介入本届外洽会。国开行将利用 154 个驻外工作组的力

量，积极向世界各国推介外洽会，邀请各国投资促进机

投资、合作、责任：世界寻求共同发展

构参加本届外洽会并设置展位。此外，国开行还将在本

届外洽会期间举行项目融资洽谈服务，所有与会企业都

有机会与国开行进行一对一项目融资洽谈。中国工商银

行、中国农业银行、中国民生银行等金融机构也将作为

协办单位参与本届外洽会，为中国企业走出去提供融资

支持。

　　本届外洽会将首次设置行业展馆，并以能源（含清

洁能源）、装备制造业、服务业（包括金融、保险等）

和文化产业四大板块为核心，突出展示中国企业走出去

的实力与愿望。中国产业海外发展和规划协会 200 多家

核心会员单位将积极参与本届外洽会并在行业展馆设置

展位。国家开发银行将通过各省市分行组织地方企业参

展。截至目前，第五届外洽会组委会已向全球 150 多个

国家投资机构或驻华使领馆及境外 5000 多家实体企业

和境内 12000 家中方企业发出邀请，截至目前，已有

美国、俄罗斯、英国、德国、法国、意大利、比利时、

爱尔兰、澳大利亚、阿根廷、哥伦比亚、智利、厄瓜多尔、

圭亚那、印度、巴林、印尼、南非、尼日利亚、莫桑比克、

埃及、摩洛哥、突尼斯等 50 多个国家明确表示将在本

届外洽会上设置展位。届时行业展馆将与国别展馆相呼

应，呈现真正的对外投资主体对接洽谈平台。

　　诚挚邀请各位有识之士参加第五届中国对外投资合

作洽谈会，与来自世界各地的广大与会者一道，共襄这

一国际投资合作的盛举。

——第五届中国对外投资合作洽谈会 12 月在京召开

中国对外投资合作洽谈会组委会

010-68391508 68391531www.codafair.org

66 2013, Autumn

68 2013, Autumn

Amoko Group www.amoko.comTel: +371 [email protected]

Malta Enterprisewww.maltaenterprise.comTel: +356 2542 [email protected]

China Overseas Investment Fair (COIF)http://www.coifair.orgTel: +86-10-59799908

Azerbaijan Export and Investment Promotion Foundation (AZPROMO)www.azpromo.orgTel:+994 12 598 0147, 598 [email protected]

Bahrain Economic Development Boardwww.bahrainedb.comTel: +973 17 589 [email protected]

Invest Barbadoswww.investbarbados.orgTel: +86 21 6133 [email protected] Trade and Investment

Development Services (BELTRAIDE)www.belizeinvest.org.bzTel: 501 822 [email protected]

Invest Bulgaria Agency (BFIA)www.investbg.government.bgTel: +359 2 985 [email protected]

Cayman Islands Investment Bureauwww.investcayman.gov.ky Tel:+ 345 945 [email protected]

InvestHKwww.investhk.gov.hkTel: +852 3107 [email protected]

ProExport Colombiawww.proexport.com.coTel: +571 5600 [email protected]

Cyprus Investment Promotion Agency (CIPA)www.cipa.org.cyTel: +357 22 [email protected]

www.czechinvest.orgTel: +420 296 342 [email protected]

Minsitry of Trade and Industry/Faroe Islandswww.vmr.fo Tel: +298 [email protected]

Fiji Islands Trade & Investment Board (FITIB)www.ftib.org.fjTel: +679 331 [email protected]

Délégation pour la Promotion des Investissements, Tahiti Investwww.tahiti-invest.comTel: +689 47 22 [email protected]

Invest in Germanywww.gtai.comTel: +49 30/200 099 [email protected]

Grenada Industrial Development Corporation (GIDC)www.grenadaworld.com Tel:+ 473 444 [email protected] Office for Investment

(GO-INVEST)Tel: +592 225 0658, 227 0653/4www.goinvest.gov.gy

Statec Luxembourgwww.statistiques.public.luTel: (+352) [email protected]

Jordan Investment Board (JIB)www.jordaninvestment.comTel: +9626 5608400/9 [email protected]

Investment and Development Agency of Latvia (LIAA)www.liaa.gov.lvTel: +371 [email protected]

Investment Development Authority of Lebanon (IDAL)www.idal.com.lbTel: + 961 (1) 983306/7/[email protected]

Lithuanian Development Agency (LDA)www.businesslithuania.comTel: +370 5 262 [email protected] Technology Park Corp.

SLSwww.ruta-curacao.comTel: +5999 [email protected]

Swiss Business Hubwww.s-ge.com/enTel: +41 44 365 51 [email protected]

Plum Property Solutions www.plumpropertysolutions.com Tel: + 0065 9126 2519 [email protected]

CIEOPIwww.chinoutboundinvest.comTel: +86 010 8468 [email protected]

Christodoulos G Vassiliades & Co. LLCwww.vasslaw.comTel: +357 22 55 66 [email protected]

COIFAIR www.coifair.orgTel: +86 010 5979 [email protected]

Constance www.constancehotels.comTel: (230) 402 36 [email protected]

Fiducenter S.Awww.fiducenter.luTel : +352 22 55 [email protected]

境外投资指南InVEST In HAnD BOOk


境外投资指南InVEST In

HAnD BOOk

Berhad/Malasyawww.khtp.com.myTel: +604 403 [email protected]

General Delegation of Private Investment Promotion/Mauritaniawww.investinmauritania.gov.mrTel: +00 222 525 07 55 /524 87 [email protected]

Commission de Surveillance du Secteur Financier(CSSF)www.cssf.lu/enTel :(352) 26 25 1 – [email protected]

Chambre De Commerce Luxembourgwww.cc.luTel: 42 39 39 – [email protected]

Islamic Financial Services Board(IFSB)www.ifsb.orgTel:[email protected]

AustraliaForeign Investment Review Boardwww.firb.gov.au

Tel:+61 2 6263 3795 [email protected]

Palestinian Investment Promotion Agency /PIPATel: +970 2 2988791/[email protected]

Environment and Resource [email protected]

Invest in Azores Agency (APIA)www.investinazores.comTel: +351 296 308 [email protected]

Romanian Center for Export and Foreign Investment Promotionwww.traderom.roTel: +40 21 318 50 [email protected]

North-West Development and Investment Promotion Agency/Russian Federationwww.investa.spb.ruTel: +7 812 622 14 [email protected]

National Development Corporation/ Saint Luciawww.investstlucia.com

Tel: +90 312 413 89 [email protected]

LativaInvestment and Development Agency of Latviawww.liaa.gov.lvTel: +371 [email protected]

Çukurova Development Agency/Turquiawww.cka.org.trTel: +90 322 363 00 39 [email protected]

InvestUkraine (Ukrainian Center for Foreign Investment Promotion)Tel: +380 44 537 [email protected]

UK Trade & Investmentwww.ukti.gov.ukTel: +44 020 7215 8000

Invest in Americawww.investamerica.govTel: +202 482 [email protected]

General Investment Authority (GIA/Yemenwww.giay.org Tel: +00967 1 262962/[email protected]

Corporate Service ProvidersEMCS International Services LTDwww.emcsinternational.comTel: +356 2133 [email protected]

Immigration & RelocationAnchor Corporate Serviceswww.anchor.com.mtTel: +356 212 [email protected]

LithuaniaInvest Lithuaniawww.ukmin.ltTel:(+370 5) 262 7438 [email protected]

Ernst & Young www.ey.comTel: +356 2134 [email protected]

Swiss ILC Managements Services JLTInternational Legal Consultantswww.ilc-group.netTel: +971 4 374 [email protected]

Tel: +758 452 3614 / 758 452 [email protected]

LuxembourgEuropean Investment Bank(EIB)www.eib.orgTel: (+352) 43 79 [email protected]

Luxembourg for Financewww.lff.luTel: + 352 27 20 21 [email protected]

Luxembourg National Tourist Officewww.ont.luTel: (+352) 42 82 82 [email protected]

Luxembourg Stock Exchangewww.bourse.luTel : (352) 47 79 36 – [email protected]

Investment Promotion and Major Works Agency (APIX)/Senegalwww.investinsenegal.comTel: +221 849 05 [email protected]

Seychelles International Business Authority (SIBA)www.siba.net

Slovak Investment and Trade Development Agency (SARIO)www.sario.skTel: +421 2 58 260 100, [email protected]

Durban Investment Promotion Agencywww.dipa.co.zaTel: +27 31 336 [email protected]

Eteck/ Trinidad and Tobagowww.eteck.co.ttTel: +868 675 [email protected]

Investment Support and Promotion Agency/Turquiawww.invest.gov.tr

Halsey Group SARL www.halsey-group.comTel: +352 22 60 22 [email protected]

TMF Group www.tmf-group.comTel: +352 42 71 71 3267 [email protected]

70 2013, Autumn

INvEST IN Bespoke Event -

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2013

《境外投资》是中国对外投资新闻的首席供应商，也是追逐全球赢利机会的中国金融中介机构、投资者和政府组织的重要市场平台。《境外投资》涵盖了所有重要的媒体渠道，包括杂志、网络新闻、数字化应用程序以及会议 ——旨在重塑离岸金融中心营商以及推销自我的方式。

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《境外投资》的会议服务包括：

72 2013, Autumn

中国国际投资洽谈会The World' s Investment Summit

时间：十月 29-30, 2013Time：Oct. 29-30, 2013

地点：北京中国国际贸易中心 Address：China World Trade Centre, Beijing, PRC

中国国际投资洽谈会秘书处地址：北京市朝外大街乙 6 号朝外 SOHO, B 座 919 室邮政编码：100020 电话：010-59799908 传真：010-59000565

Beijing Address: Room 919, Building B Chaowai SOHO Tower, No.(Yi) 6, Chaowai Street, Chaoyang District, Beijing, 100020，P. R. ChinaTel: +86-10-59799908 Fax: +86-10-59000565

上海：上海市中山西路999 号华闻国际大厦617 室邮政编码：200051电话：021-64670558 传真：021-32515076

Shanghai Address: Room 617, Hua Wen International Plaza, 999 West Zhongshan Road, Shanghai, 200051, P. R. ChinaTel: +86-21-32503650 Fax: +86-21-32515076

邮箱：[email protected]官方网站 : www.coifair.orgEmail: [email protected] Website: www.coifair.org

投资引资融资Investment

Investment Attraction Financing

国际投资 , 推动可持续发展International Investment

pushes sustainable development

Invest In 2013 Autumn Edition

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