China: 高净值家庭的家族办公室(一) 覧介绍

对于高净值家庭来说,因为通常涉及的服务种类繁多,包括财务顾问、会计师和行政人员,资产管理可能会一直令人头痛。传承计划也是一个需要额外关注和时间的共同问题。因此,家族办公室作为这些家族管理此类资产的工具越来越受欢迎。

我们将在今后的几个月中推出系列文章,从法律角度探讨家庭办公室对高净值中国家庭的价值,本文是该系列文章中的第一篇。

什么是家族办公室?

家族办公室是一个全面管理家庭财富的机构,可以为家庭提供满足其所有财务和生活方式需求的一站式服务。每个家族办公室提供的服务完全取决于家庭的需求,并且可以有很大差异。

家族办公室可提供各种金融服务,包括投资管理服务、预算编制、税务规划、遗产和财富转移规划、记账、一般业务和财务咨询 1。家族办公室也可以提供一些更为日常的服务,例如支付账单和协调旅行计划,以及家庭可能需要的任何其他生活方式服务。 2

家族办公室也可能因类型而异。较为传统的家族办公室类型是单一家族办公室("SFO")。SFO致力于服务一个单一的家庭,其员工通常包括会计师、簿记员、物业经理和专业投资人员的员工组成。 3

另一方面,多家族办公室("MFO")则为多个家庭提供服务。虽然它失去了SFO的专一服务,但对于那些想要与他人分担家族办公室运营成本的家庭而言,MFO是更好的选择。 4

为什么一些家庭选择建立家族办公室?

家族办公室作为一个密切了解家庭需要的单一集中组织,能够在决定其财务战略时考虑到家庭的特定价值和目标。无论是出售家族企业后增加流动性,还是仅仅为了继承计划而寻求资产保护,家庭都可以将这些考虑因素传达给家族办公室的员工以准备办公室的策略。

例如,那些面向继承权规划的家族办公室可能会为继承人提供财务教育,教下一代如何有效管理转移到他们名下的资产 5。家族办公室可能还会考虑其他计划和价值,例如慈善事业和政治等。

家族办公室减少对第三方提供商的依赖意味着它有能力进行不那么传统的投资,如次级抵押贷款、欧洲主权债券和企业收购 6。同样,家族办公室只对家庭和家庭价值负责。因此,投资可能产生更高的回报。

最后,对于注重隐私的富裕家庭来说,拥有一个处理其所有财务信息的家族办公室,意味着其机密信息仅限于该办公室的员工内部 7。无需与众多不同的第三方提供商和独立投资经理分享这些信息。

潜在问题

建立家族办公室最明显的障碍是与之相关的成本。对于拥有至少1亿美元至5亿美元资产 8的家庭来说,SFO是值得的,尽管典型的SFO管理的资产在5亿美元到10亿美元之间 9。SFO每年可能需要100万美元的运营成本,因为理想情况下,SFO的运营成本应该只占所管理资产的1% 10。资产不超过2500万美元的家庭可能更适合MFO 11

在建立和经营家族办公室的过程中可能产生一些其他需要关注的问题。例如,家庭应仔细考虑他们计划设立家族办公室的司法管辖区,以确定哪个司法管辖区将具有完善的税收和法律结构 12,并且最符合家庭的财务战略。

考虑到家族办公室将与家庭紧密相连,并将是家庭财政的主要管理机构,因此,在设立家族办公室时进行周密的规划,对确保家族办公室的长期性和防止不必要的冲突至关重要。例如,对工作人员的选择将是家族办公室首要关注的问题,考虑到工作人员将是密切掌握家庭财务信息的当事方。家庭成员应该信任他们的员工,并与他们相处融洽,以避免未来的冲突。 13

家庭内部也可能发生冲突。财务战略观点的不同可能会导致家族成员的不和。例如,考虑到家族办公室往往是为了长期性而设立的覧其目的为保持财富的稳定,从而为未来的财富转移做好准备覧投资回报可能并不总是如期望中的那么高。一些家庭成员可能倾向更高的投资回报,而不是长期性和稳定性。 14

中国的趋势

自1978年中国经济改革以来,中国亿万富翁的人数逐年飙升。随着第一代中国企业主开始将注意力转向投资,并将财富转移给下一代,亚洲家族办公室的数量也相应增加。到目前为止,新加坡和香港一直是热门目的地。

在设立家族办公室的选择上,中国家庭通常将目光投向海外。他们做出这个决定可能是出于方便,考虑的因素包括他们是否已经将资金转移到海外,以及是否有家人住在中国境外。一般来说,中国家庭寻求在他们希望孩子接受教育的国家建立一个基地,因此会相应地在该国建立一个家族办公室。 15

规避监管和宏观经济风险也是常见的考虑因素。鉴于许多富裕家庭对于保密和隐私的重视,中国家庭可能尤其担心如果其财富公之于众会引来监管部门的猜疑。 16

未来的讨论

在以后的文章中,我们将探讨家族办公室的各种法律结构、家族办公室投资房地产项目的法律结构、家族办公室的治理以及家族办公室向其他方投资时的考虑因素。

1Complete Guide to starting a familyoffice, Cleverism.

2Complete Guide to starting a familyoffice, Cleverism.

3Complete Guide to starting a familyoffice, Cleverism.

4Complete Guide to starting a familyoffice, Cleverism.

5Complete Guide to starting a familyoffice, Cleverism.

6Complete Guide to starting a familyoffice, Cleverism.

7Complete Guide to starting a familyoffice, Cleverism.

8Ibid.

9Ibid.

10Complete Guide to starting a familyoffice, Cleverism.

11Considering a family office? Here's whatyou need to know,RBC.

12EY family office guide,Ernst &Young.

13Ibid.

14Ibid.

15The wealthy are coming,Bloomberg.

16Ibid.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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