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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
对基金来说，卢森堡和都柏林的吸引力在哪里呢？其实离不开“税务”。对亚洲投资者来说，他们在所居地缴税，是投资于这类基金的唯一税务负担。不过，在亚洲大部分地方，这类投资的收入都不须要缴税。
对许多新加坡投资者来说，“岸外基金”是个有点不着边际的课题，因为他们能投资的岸外基金非常有限。或许在讨论这个课题时，应考虑从另外一个整体的角度去探讨这类基金，然后再讨论大部分投资者和存户最关心的问题：投资岸外基金有保障吗？
其实“岸外基金”这个名词有欠准确。它起源于英国，本是用来形容在根西与泽西海峡岛设立的基金。但今时今日，许多这类基金其实都不再是岸外，而多是内陆的。
自80年代初，卢森堡已成为跨国界基金的中心。近年来，爱尔兰的都柏林也崛起成为另一个主要的岸外基金中心，与卢森堡竞争。
卢森堡和都柏林的吸引力在于它们有一套完整的管制系统，允许投资基金与它们的金融监管机构注册。注册后，基金管理公司只要获得有关国家政府的批准，便可在欧洲联盟推出其基金。
此外，许多国家和地区，如拉丁美洲、中东一些国家、香港、台湾和韩国，也承认卢森堡和都柏林的监管制度，允许这类基金在境内出售。
对基金来说，卢森堡和都柏林的吸引力在哪里呢？其实离不开“税务”。在两地注册的基金，几乎都不须要在当地为它们的收入和资本增值缴税。因此，对亚洲投资者来说，他们在所居地缴税，是投资于这类基金的唯一税务负担。不过，在亚洲大部分地方，这类投资的收入都不须要缴税。岸外基金投资因此有很大的吸引力。
但是，投资者不能完全没有戒心。卢森堡和都柏林虽有很好的监管体系，但也有许多其他岸外基金中心吸引了些图谋不轨的公司，让不设防的投资者掉入陷阱。
为了避免碰上这种问题，有意的投资者不能忽略以下几点，如：
＊规模：了解基金的规模。规模小，可能是有问题的征兆。同时，也应了解基金管理公司的规模，以及其管理的基金数目，避开那些只管理一个基金的公司。
＊信誉：卢森堡和都柏林在管制方面有很好的信誉。泽西与根西、海峡岛、百慕达、巴哈马、开曼群岛也有很好的管制体系。要提防一些地方如直布罗陀、马耳他或塞浦路斯等。
＊回报承诺：基金推广公司若承诺令人难以置信的诱人回报，它可能是做了个无法兑现的承诺。
＊担保：担保的可靠性有赖于提供担保的公司。许多基金结束营业或清盘，便因为无法履行其担保责任。
＊风险：风险是投资的一部分，基金的价值有起有落。选择好的基金经理，不要增加自己的风险。
＊负债率：一个常提到的投资原则是投入的资金不应超过能力范围。许多投资的潜在危险在于你损失的可能会超过你的投资额。
＊细看内容：信誉好的岸外基金中心规定基金管理公司必须发出详尽的计划书。如果你收到的计划书过于简略，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资，并耐心地等待赚取回报。
何国富（本栏是新加坡股票交易所和新加坡投资管理协会联办的公众教育计划。作者是邓普顿富兰克林投资服务的市场拓展及营业董事。）
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