Trust and Assets Planning

For the wealthy class, setting up trust is now a prevalent way for the planning of inheritance. It helps to minimize tax liabilities and protect assets.

By means of a trust, ownership of assets can be transferred. Trustees are responsible to manage the trust and distribute earnings of the trust to the beneficiaries as per to the instructions as stipulated in the trust. Trusts are not complicated to be established. To set up a trust, you will need to write a letter stating what assets would be constituents of the trust, which would be managed for the future benefits of the beneficiaries.

For businessmen who wish to safeguard the families’ assets from creditors or maintain the assets for the needs of future generations, trusts can be especially useful.

To mitigate tax liabilities, apart from the use of offshore companies, trust arrangement can also serve the same purpose.

In view of the flying prices in the property market and the government’s attempts to increase revenues, it is crucial to have financial planning in the long run in order to preserve your assets.

We, Wickham Corporate Services Limited, help you with:

• Setup of trusts, preparation of wills, memoranda of wishes and all related documents
• Provision of legal opinions and financial consultation regarding wealth and assets planning
• Independent trustee services
• Issuance of Powers of Attorney

The Capital Investment Entrant Scheme (“CIES”)

The Capital Investment Entrant Scheme (CIES) was launched in 2003.  With the CIES, one can obtain the entry for residence through capital investment of certain permissible assets without setting up or joining in a business.

Once successfully granted, CIES applicants can be employed, join or establish a business in Hong Kong without restriction or requirement for visas.  They can benefit from the free trade, free market and business-friendly tax system with simple and low tax rate available in Hong Kong.

After 7 years of continuous or ordinary residence in Hong Kong, applicants and their dependents can apply for right of abode.

Since the launch of the scheme, more than 2,000 applicants have been granted residency in Hong Kong.

The following persons may apply for the Scheme:

• Chinese nationals with permanent resident status in a foreign country
• Macao Special Administrative Region (Macao SAR) residents
• Taiwan residents
• foreign nationals (except nationals of Afghanistan, Cuba and Democratic People's Republic of Korea)
• stateless persons who have obtained permanent resident status in a foreign country with proven re-entry facilities

Residency in Hong Kong - Requirements:

• be aged 18 or above when applying for entry under the Scheme
• have no adverse record both in Hong Kong and country/region of residence
• have net assets of not less than HK$10 million to which he is absolutely beneficially entitled throughout the 2 years preceding his application
• be able to demonstrate that he is capable of supporting and accommodating himself and his dependants, if any, on his own without relying on any return on the permissible investment assets, employment or public assistance in Hong Kong
• ave invested within 6 months before submission of his application to the Immigration Department, or will invest within 6 months after the granting of approval in principle by the Immigration Department, not less than HK$10 million in permissible investment asset classes (except Certificates of Deposit which must be invested within the latter period)

( Refer to the government official website: http://www.immd.gov.hk/en/services/hk-visas/capital-investment-entrant/guidebook.html )

Hong Kong Work Visas

Hong Kong is one of the favorite choices of place for people to live and work abroad. If you are equipped with the suitable qualifications and professional experience, you may opt to apply for a work visa.

There is no restriction on the maximum number of skilled professionals who can live and work in Hong Kong.

Application methods for a Hong Kong visa as a skilled professional:

• Educated in Hong Kong as a full-time student + graduated → Immigration Arrangements for Non-local Graduates (IANG) for the extension of your stay or return to Hong Kong
• Obtained your degree or higher qualification outside Hong Kong + not residents of Mainland China → General Employment Policy (GEP) for the immigration to Hong Kong
• Chinese residents of the Mainland + have not been educated in Hong Kong + possess desirable knowledge, skills and/or experience → Admission Scheme for Mainland Talents and Professionals (ASMTP) to come to Hong Kong

The above methods are not applicable to citizens of Afghanistan, Albania, Cambodia, Cuba, Laos, Democratic People's Republic of Korea (North Korea), Nepal and Vietnam.

We, Wickham Corporate Services Limited, are experienced to assist you smoothly through the process of the applications. For further details, please contact us.