【财富岚海】专栏 | 抽丝剥茧:英美法系下信托的本源

经常有客户来问我,在新加坡设立信托的门槛是多少,回报是多少?一听这个问题,我就知道他们对英美法系的信托并没有真正理解。信托其实是英美法系的独特产物,本文将为各位读者系统地解释一下英美法系下的信托根本性质和起源,以及其在财富管理体系中的强大功能。

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【财富岚海】专栏 | 英美法系下,共有产权的法律形式

在英美法系国家买过房产的朋友,一定对Joint Tenancy(联合共有)和Tenancy in Common(按份共有)这两个法律词汇不陌生。但其实在英美法系,包括新加坡在内,共有产权的制度贯穿于整个财产所有权结构之中,不仅仅应用于房产。因此,理解这两种共有制度,对于财富传承的规划至关重要。

首先,“Tenancy”(租赁)在这两个词汇中并不指代租赁关系,只是持有关系的术语,因为这个词的起源是在这种共有关系最初产生的年代,那时英国所有的土地都是根据王室的封建租约持有的。 Continue reading “【财富岚海】专栏 | 英美法系下,共有产权的法律形式”

Singapore Private Equity and Venture Capital Landscape Series – Limited Partnerships

Limited partnerships (LPs) are commonly used globally as fund vehicles for both private equity (PE) and venture capital (VC) funds. In Singapore, LPs were created as a business vehicle by the Limited Partnerships Act in 2008 (the Act), which came into effect on 4 May 2009 as part of Singapore’s efforts to become a fund management hub.

Those efforts have been supplemented by a myriad of other measures including (a) the creation of variable capital companies (VCCs) by the Variable Companies Act 2018, which came into force only on 14 January 2020; (b) the establishment of several classes of fund management licences including the venture capital fund management licence; and (c) a favourable tax environment that includes a one-tier system of taxation of income, no capital gain taxes and an extensive network of double taxation treaties, as well as several incentive schemes and grants. We will discuss these measures in more detail in other articles. Continue reading “Singapore Private Equity and Venture Capital Landscape Series – Limited Partnerships”

【财富岚海】专栏 | 如何理解普通法系的“Domicile居籍”?

21世纪的工作模式和生活模式意味着人们的流动性越来越大。而一个人与某个地方的连结——无论是因为出生在那里,或者在那里拥有财产,亦或是在那里工作,都会引发诸多实际的法律问题,尤其是在当地缴税的责任。在英美法系中,居籍(Domicile)这个普通法(Common Law)概念是非常重要的,常常被用作连结因素以断定当事人的税务责任。

居籍(Domicile)不是一个全球统一的概念,因此当一个人与一个以上的地区产生连结时,有时会出现没有或多个居籍的问题。一些国家采用相同的原则,但名称不同,而另一些国家则不把一个人的法律和税收待遇与他们的住所联系起来,而使用其他概念,如“惯常居所”或“公民身份”。本期我们先来介绍一下英国的居籍规则。

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Immigrating to Singapore? Pick an Immigration Path That Suits You

In recent years, apart from traditionally popular locations such as the United States, Canada and Australia, Singapore has also become a hotspot for immigrants. With its prime geographical location, stable political environment, top-notch infrastructure, diverse social culture, pro-business regulatory framework, abundance of medical and educational resources, low crime rate and extensive tax incentives, everything makes this garden city―located near the equator with an average temperature of 20-35°C all year round―an attractive relocation destination.

As the number of applicants for immigration to Singapore increases, the minimum requirements for successful applications have also increased in value by the Singapore government. The minimum threshold for family offices’ tax incentive applications rose from the initial, unwritten but customary S$5 million to a whopping S$20 million almost overnight as of 18 April this year. But does that mean that there is no hope for immigration? No. Let us explore some common immigration routes to Singapore.

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Virtual Power Purchase Agreements in Singapore

Rising pressure to move towards net-zero carbon emissions has resulted in an increasing number of large corporations entering into physical power purchase agreements (PPA) and/or virtual power purchase agreements (VPPA) for renewable energy.

In resource-scarce Singapore, solar energy remains the main source of locally generated renewable energy. Recently, Singapore unveiled one of the world’s largest floating solar panel farms, but due to Singapore’s land constraints, the majority of the solar photovoltaic systems are deployed on building rooftops. Under a PPA arrangement, a corporation with rooftop space enters into a long-term offtake agreement to purchase power from a solar generator at a pre-agreed price based on a specific delivery schedule. This arrangement is commonly referred to as “solar leasing” in Singapore since the project developer will typically lease the rooftop from the corporation to install solar panels.

However, PPAs are often not feasible when dealing with constraints like limited rooftop space or where energy demands are in excess of rooftop energy generation. In such situations, we have seen more corporations turn to VPPAs to meet their sustainability goals.

We set out below a brief overview on VPPAs, including some of the key issues that, in our experience, parties to a contract often encounter.

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选择适合您的新加坡移民路径

近年来,除了美国、加拿大、澳大利亚这些传统移民热门国家外,新加坡也成为了移民的热点目的地。良好的地理位置、稳定的政治环境、完善的基础建设、多元化的社会文化、优越的营商环境、丰富的医疗和教育资源、低犯罪率的社会治安以及各种税收激励机制等等的便利条件让这个位于赤道附近、常年平均气温处于20-35°C的花园城市,慢慢地成为人们心目中的移民“圣地”。

随着申请移民新加坡的人数不断增加,新加坡政府对于移民的门槛也随之提高,家族办公室的最低门槛更是从原来不成文的500万新币于今年4月18日一夜之间提升到了2,000万新币。那是不是就移民无望了呢?不!我们将为您盘点几种常见的新加坡移民途径。

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Duane Morris & Selvam Advises on India’s Biggest IPO Ever

SINGAPORE, 24 May 2022 – Duane Morris & Selvam LLP acted as international legal counsel to the President of India and Life Insurance Corporation of India (LIC) on the recent sale of 3.5% of the outstanding shares in LIC by the president of India for approximately US$2.7 billion in an initial public offering in India and concurrent private placements outside India, including a Rule 144A offering in the United States. LIC’s IPO is the biggest in Indian history. The scale of the IPO was immense, with over 7 million applications received from retail investors in India alone. On its listing, LIC was the fifth largest entity in India in terms of market capitalization.

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Rise of Renewable Energy Certificates (RECs) in Singapore

During the recent Budget announcement in February this year, Minister of Finance Lawrence Wong stated that Singapore will aim to achieve net-zero carbon emissions by or around 2050, in line with our commitment to address the challenges of climate change.

Presently, the bulk of Singapore’s energy supply comes from natural gas, and the power sector accounts for about 40 percent of the country’s total emissions. This paired with growing environmental awareness in Singapore have started putting pressure on organisations to meet clean energy goals as investors and customers become more vocal about the importance of using green energy. This growing pressure from stakeholders has led to a rise in the use of Renewable Energy Certificates (RECs) by businesses, as a means of fulfilling their sustainability commitments and reducing their carbon footprint.

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The opinions expressed on this blog are those of the author and are not to be construed as legal advice.

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