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Dr Jennifer Mao：The appeal of offshore funds
Date:2009-3-24
茆懿心博士 Dr Jennifer Mao：The appeal of offshore funds 岸外基金的吸引力
The appeal of offshore funds
The subject, for most Singaporean investors , is actually somewhat "moot", as the availability of "offshore funds" to them is greatly restricted. Perhaps in reviewing the subject, it is worth considering taking another look at funds, as a whole, and then returning to the primary objective that most investors and savers need to consider: Is their money safe?
"Offshore Funds" as a classification is in itself incorrect. While it was originally a term used from the UK to describe funds set up in the Channel Islands of Guernsey and Jersey, these days the vast majority of such funds are not actually offshore at all, but very much land-locked.
Since the early 1980's, Luxembourg has become the major centre of cross-border marketed investment funds. In recent years, Dublin, Ireland, has become quite popular as an offshore funds centre, and it competes with Luxembourg.
What both Luxembourg and Dublin offer, and thus the central issue for their appeal, is a well-developed set of regulations to enable the registration of investment funds with their financial regulator. As a result of this registration, the sponsoring fund company can then, subject to furthur local approval, market its funds throughout the European Union. In addition, many other countries and places , such as those in Latin America, some in the Middle East, Hong Kong, Taiwan and South Korea, have also accepted the validity of Luxembourg or Dublin fund regulation, to allow these funds to be marketed domestically.
What then is Luxembourg or Dublin attractive for funds? Well in simplicity, the whole of the appeal can be summed up in one word. TAX. Funds organised in both places have virtually no tax liability locally, neither on the income arising nor on capital gains achieved. Thus, for someone say in Asia, the only tax liability applicable on their investment into such funds is that applied by their country of residence. In most parts of Asia this also is nil, and thus investment into offshore funds becomes very attractive.
But care does need to be taken, as while Luxembourg and Dublin have well-defined regulation and pro-active regulators, many other of the offshore havens, where funds can be established, attract the unscrupulous, and thus dangers exist. To avoid getting caught by perpetrators of fraud, the prospective investor should abide by a number of maxims, such as :
Size - Identify the size of the fund in which you are being invited to invest. Small funds are a danger signal. Also identify the size of the fund company, and how many funds it offers. A single-fund fund company should be avoided.
Reputation - Luxembourg and Dublin have an excellent reputation for their regulation. Jersey and Guernsey, Channel Islands, Bermuda, Bahamas and the Cayman Islands, are all well regulated as well. Be wary of places such as Gibraltar, Malta or Cyprus.
Offers - Any fund promoter that offers a deal to buy into their fund that promises returns that seem too good to be true is probably offering just that, i.e. returns that are too good to be true.
Guarantees - Many are only as good as the institution offering it. And many funds have been closed or wound up because they cannot meet the guarantee.
Risks - Investment risk is something to be accepted as part of the deal, values do go down as well as up. Do not compound your risk by "taking a chance on the manager" as well.
Leverage - An old investment maxim is to not invest more than you can afford to lose. The danger in many investments is that you can find you lose more than you invested.
Check the "small print" - Established locations require fund companies to issue a detailed prospectus of the offer being made. If what you receive is too short or not detailed, be careful.
Regardless of being "offshore" or "onshore", ultimately the key issue is to know and understand what it is you invest in, and be patient for the returns.
Stewart Aldcrof (This column has the support of Investment Management of Singapore and the Stock Exchange of Singapore. The writer is Marketing and Sales Director, Templeton Franklin Investment Services (Asia) Limited. )
岸外基金的吸引力
對基金來說，盧森堡和都柏林的吸引力在哪里呢？其實離不開“稅務”。對亞洲投資者來說，他們在所居地繳稅，是投資于這類基金的唯一稅務負擔。不過，在亞洲大部分地方，這類投資的收入都不須要繳稅。
對許多新加坡投資者來說，“岸外基金”是個有點不著邊際的課題，因為他們能投資的岸外基金非常有限�；蛟S在討論這個課題時，應考慮從另外一個整體的角度去探討這類基金，然后再討論大部分投資者和存戶最關心的問題：投資岸外基金有保障嗎？
其實“岸外基金”這個名詞有欠準確。它起源于英國，本是用來形容在根西與澤西海峽島設立的基金。但今時今日，許多這類基金其實都不再是岸外，而多是內陸的。
自80年代初，盧森堡已成為跨國界基金的中心。近年來，愛爾蘭的都柏林也崛起成為另一個主要的岸外基金中心，與盧森堡競爭。
盧森堡和都柏林的吸引力在于它們有一套完整的管制系統，允許投資基金與它們的金融監管機構注冊。注冊后，基金管理公司只要獲得有關國家政府的批準，便可在歐洲聯盟推出其基金。
此外，許多國家和地區，如拉丁美洲、中東一些國家、香港、臺灣和韓國，也承認盧森堡和都柏林的監管制度，允許這類基金在境內出售。
對基金來說，盧森堡和都柏林的吸引力在哪里呢？其實離不開“稅務”。在兩地注冊的基金，幾乎都不須要在當地為它們的收入和資本增值繳稅。因此，對亞洲投資者來說，他們在所居地繳稅，是投資于這類基金的唯一稅務負擔。不過，在亞洲大部分地方，這類投資的收入都不須要繳稅。岸外基金投資因此有很大的吸引力。
但是，投資者不能完全沒有戒心。盧森堡和都柏林雖有很好的監管體系，但也有許多其他岸外基金中心吸引了些圖謀不軌的公司，讓不設防的投資者掉入陷阱。
為了避免碰上這種問題，有意的投資者不能忽略以下幾點，如：
＊規模：了解基金的規模。規模小，可能是有問題的征兆。同時，也應了解基金管理公司的規模，以及其管理的基金數目，避開那些只管理一個基金的公司。
＊信譽：盧森堡和都柏林在管制方面有很好的信譽。澤西與根西、海峽島、百慕達、巴哈馬、開曼群島也有很好的管制體系。要提防一些地方如直布羅陀、馬耳他或塞浦路斯等。
＊回報承諾：基金推廣公司若承諾令人難以置信的誘人回報，它可能是做了個無法兌現的承諾。
＊擔保：擔保的可靠性有賴于提供擔保的公司。許多基金結束營業或清盤，便因為無法履行其擔保責任。
＊風險：風險是投資的一部分，基金的價值有起有落。選擇好的基金經理，不要增加自己的風險。
＊負債率：一個常提到的投資原則是投入的資金不應超過能力范圍。許多投資的潛在危險在于你損失的可能會超過你的投資額。
＊細看內容：信譽好的岸外基金中心規定基金管理公司必須發出詳盡的計劃書。如果你收到的計劃書過于簡略，得提高警惕了。
不管是岸外或岸上，最重要的是明白和清楚你的投資，并耐心地等待賺取回報。
何國富（本欄是新加坡股票交易所和新加坡投資管理協會聯辦的公眾教育計劃。作者是鄧普頓富蘭克林投資服務的市場拓展及營業董事。）.2490743請聲明出處3正3方3翻3譯3網.9058955
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