Overview

This is Unit 17 of the "Trust Training Certificate" ("TTC") (version 2.0) training programme.

This eCourse is based on the recorded webinar session held on 31 October 2024. For participants who plan to take the TTC Part B Stream 1/2 Examination in June 2025, you should ensure you read the study guide and materials provided via the examination enrolment link.

In line with the Unit 17 study guide, this eCourse consists of one module:
Module 19: Trusts and Issues for PRC Nationals

If you wish to register for the full TTC (version 2.0) Part B Stream 1 Training Programme and Examination, click here. 

If you wish to register for the full TTC (version 2.0) Part B Stream 2 Training Programme and Examination, click here. 

Please note that only the full programme is eligible for WAM FIS reimbursement.

Objective

On completion of this eCourse, you will:
- understand how PRC trust law compares with trust law in common law jurisdictions;
- understand the reasons why Chinese clients wish to make foreign trusts and the types of trust which they require;
- be aware of and list the challenges of compliance for Chinese clients;
- be able to explain the consequences of dual nationality of Chinese clients with regard to trusts and assets; and
- understand how Chinese taxation specifically impacts Chinese clients as Settlors and as Beneficiaries.

Content

1. Comparison of PRC Trusts with Common Law Trusts;
2. Types of Trust required and reasons for this;
3. Challenges of compliance requirements such as KYC, AML, SOF and SOW;
4. Special issues and consequences of dual nationality;
5. The need for and use of Foreign Grantor Trusts (for the USA) and Granny Trusts (for Canada);
6. Trusts and PRC nationals – onshore versus offshore;
7. Hong Kong Trusts which are available to PRC Nationals; and
8. Overview of tax provisions –
- PRC nationals as settlors and beneficiaries; and
- PRC settlors with US Beneficiaries

Who should attend

This course is primarily designed for individuals who are interested in obtaining the "Trust Training Certificate" to qualify for the Hong Kong Trustees' Association Certified Trust Practitioner™ designation.

It is also relevant for individuals seeking a comprehensive understanding of the course subject matter and those planning to enter the Trust industry sector.