Overview

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

It consists of one module:
Module 19: Trusts and Issues for PRC Nationals

For details on the topics to be covered, please refer to the 'Content' section below.

Click the links below to register for the full TTC (Version 2.0) Part B Training Programme and Examination:
- Stream 1
- Stream 2

Objective

At the end of this Module students will understand

1. understand how PRC trust law compares with trust law in common law jurisdictions;
2. understand the reasons why Chinese clients wish to make foreign trusts and the types of trust which they require;
3. be aware of and list the challenges of compliance for Chinese clients;
4. be able to explain the consequences of dual nationality of Chinese clients with regard to trusts and assets; and
5. understand how Chinese taxation specifically impacts Chinese clients as Settlors and as Beneficiaries.

Content

This Module covers the following issues:-

• Comparison of PRC Trusts with Common Law Trusts;
• Types of Trust required and reasons for this;
• Challenges of compliance requirements such as KYC, AML, SOF and SOW;
• Special issues and consequences of dual nationality;
• The need for and use of Foreign Grantor Trusts (for the USA) and Granny Trusts (for Canada);
• Trusts and PRC nationals – onshore versus offshore;
• Hong Kong Trusts which are available to PRC Nationals; and
• 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.

Financial Incentive Scheme of the WAM Pilot Programme

This course has already been approved as an eligible course of the Financial Incentive Scheme for Professional Training (“the Scheme”) under the Pilot Programme to Enhance Talent Training for the Asset and Wealth Management Sector (“the Pilot Programme”). The Scheme aims to enhance the competency and professionalism of in-service practitioners within the asset and wealth management sector and to assist other practitioners within the financial services industry in acquiring the knowledge and skills required for entering the sector. Eligible applicants will be subsidised 80% of the course fees by the HKSAR Government upon satisfactory completion of the courses approved by Hong Kong Securities and Investment Institute, subject to a ceiling of HK$15,000. Hong Kong Securities and Investment Institute is appointed as the implementation agent of the Pilot Programme. Regarding the details of eligible criteria and application procedures, please refer to the dedicated web-site of the Pilot Programme (https://www.wamtalent.org.hk/).

Click here if you wish to register for full Part B Stream 1 training programme and examination.

Click here if you wish to register for full Part B Stream 2 training programme and examination.