什么是私募人寿保险(PPLI)

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私募人寿保险(PPLI)是一种人寿保险结构,在美国和欧洲已被使用多年。PPLI在亚洲的启用是近几年,但一般的例子都属于邹形的运用。这是因为在亚洲,人们对它没有很好的理解,而是在关切在自动信息交换(AEOI) 及通用报告准则(CRS) 等条例的实施下,才突然引起在财富规划上运用PPLI的热潮。

有些人认为PPLI是“101”保单,其礼赔的“100%”是客户转移至保险公司的资产,而保险公司所承保的仅是“1%”的人寿保额。PPLI远不止这些。对PPLI的概念更好地理解是将您的资产保单管理化,成立一项您和保险公司之间的金融合约。感觉类似设立信托,将资产转由信托公管理。 (“可变万能人寿保险”(“VUL”)实是PPLI的另一个子集,如同“101保单”。这两种保单皆是PPLI,其不同在于人寿保额的计定。) 可用PPLI管理的资产取决于各保险公司, 其中包括BVI公司的股份。BVI公司可以持有您的家族企业、您的房地产以及在各银行的金融资产。因此,PPLI可以被视为一种资产持有结构,类似于信托,但可以为客户带来重大利益

PPLI 的好处是什么?

首先,客户的资产是以缴付保费的形式转移到保险公司,保险将会把这些资产例为纯属于这人寿保险单下的资产。客户根据个人所需与保险公司拟定PPLI所承的人寿保额, 这保额加上保單内的资产将是保單的人寿礼赔。而不同于一般寿险,PPLI其下的金融资产可由客户委派的银行或独立资产管理经理管理。

PPLI的人寿保额的承保费是定期按照承保额计算,从来保单资产扣除,而不是像其他一般人寿保单那样,一次性或分五年丶十年预先交付。由银行或独立资产管理经营的PPLI保单资产,比起一般限制于高信用等级债券投资的保单,更能有效地把握投资市场的时机。承保费的支付来自PPLI投资的部分收益。这是极具经济效率的财富管理。当客户的资产渐增丶或孩子已自立丶或房贷已还清, 客户也可以选择降低PPLI的人寿保额,从而降低须交的承保费用。

其次,客户可以随时从PPLI取款,对于资产的管理持仍然有广泛的灵活性。

最后, PPLI的另一个好处是规划遗产分配而且避免遗嘱认证,这与使用信托相同,但PPLI有三个显著的优点:

  • 几乎在所有司法管辖区,PPLI内的资产都可享有合法的所得税务延收。
  • 简化CRS的须报 - 保险公司仅呈报持保人、及保单退保价值。
  • 与信托不同,PPLI的结构在普通法系和民事法系的国家均得到承认。

信托与PPLI相比较,哪一个是更好的财富持控结构?

答案是他们都有各自的优点。我们先说些信托的强项:

信托可以永远存续,而PPLI保单内的资产则是在受保人离世时支付分配。因此,信托的分配可以跨及几代做分配安排,但PPLI的情况并非如此。

在提供债务索赔的保护上,客户可以设立不可撤销的全权信托,而且在意愿书上把自己包括在可受益的人群中。若是采用PPLI,保险单便须例明其他人为不可撤销的受益人。

最后,一些信托的设立费是固定的手续费。对客户而言,这比按管理资产价值(AUM)收费的PPLI更有吸引力。

然而,PPLI比信托有一些显著的优势。

根据CRS的要求,信托的基本资料及资产价值是被汇报的。有些国家在税务的考定上并沒有信托的概念。例如,作为一个民事法系国家的印度尼西亚,在税收方面是把信托视透的。印度尼西亚视信托资产既是个人资产。若信托持有一家英属维尔京群岛公司,印尼税务局也会将其视为受控外国公司(“CFC”),向属印尼税务居民的委托人征税。如果资产是通过PPLI持有,那么这些资产将享有合法的税收延递。

随着各信托的资料被呈报,我们正拭目以待在中国和菲律宾等其他民用法国家会引起什么连锁反应。在此时使用PPLI持资可以更有确定性地规划财富,因为保险合约在各地都得到承认,也有着明确的立法,一般上保单内的资产都享有税收递延的对待。

PPLI保单也可以很便利地持有复杂资产结构。例如,在马来西亚,许多客户的财富是处在国内的。我们可以把持有马来西亚房地产、土地等的马来西亚有限公司的股份转让到国外保险公司名下。这等于客户用国内资产购买岸外寿险,其保单的礼赔可在将来注入于一个授益于后代的岸外信托,客户从而从在岸资产中获得更多价值。

PPLI为亚洲客户提供解决方案

针对亚洲的许多不同情况,我们可以设计解决方案。这些解决方案可能涉及使用PPLI为持资结构。另外我们建议设立一个信托成为保单的受益人,规划客户对资产的长远意愿。这一来,相得益彰,持资方案可发挥最大的结构优势。

我们已经在上文提到印度尼西亚和马来西亚。PPLI还适合运用在哪些方面呢?

泰国-PPLI作为遗产税的解决方案

泰国虽然在2016年已开始对全球资产征收遗产税,但这并沒引重大关注。据报道,开征遗产税的第一年,根本没有岸外遗产缴税。不过,泰国将于2022年引进CRS系统,并计划于2023年进行信息交流。因此泰国客户须要开始考虑遗产税的问题,其规划方案应该包括PPL

台湾-CRS报告

台湾在2017年开始讨论《受控外国公司法》,但其实施日期尚未公布。台湾也开始签署双边信息交流条约。如今,许多台湾人将岸外资产存放在私人投资公司体制下,可是这方法在税务规划上,很快将行不通了。关注CRS的台湾高净值人士应考虑涉及PPLI的规划方案。

高税收管辖区的离岸资产

许多亚洲客户与美国、英国和澳大利亚等高税收国家均有关系。这可能是生活在这些高税收国家的家人,因此这些国家向全球资产征税的条例,对于客户是个潜在问题。

即使是持有美国的绿卡的人士,美国对其的全球资产也有征税的条例。

好消息是,这些国家(美国、英国和澳大利亚)对PPLI都有着有利的规定。在附合适当的结构条件下,可享有合法的税收递延及其他税务利益。

我们建议客户最好尽早做计划,通常(但不总是)在家庭成员成为这些高税收国家的税务居民之前。

在汇迅建立PPLI

总之,这在亚洲鲜为人知也常被误解金融结构,是个令人兴奋的财富规划工具。对于银行、资产管理公司、信托以及所有为客户寻找解决方案的人士,现在是个可以更好地为客户服务的时机,并且增进这些专人可提供的方案。

汇迅家族资产管理公司是一家持牌财富管理公司,其服务包括财富传承规划,以及为客户的各別所须提供建议,找到最相关的解决方案,并包括设立持资结构。有关我们服务的更多信息,请与我们联系。

有关我们服务的更多信息,请与我们联系。

注意:以上内容不是要点的详尽列表。本说明仅供进行初步讨论。本文中包含的信息不应解释为专业建议。

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Photo by Gabby K from Pexels

This article was kindly co-authored by Peter Triggs and Frances Boon together with Stefan Ho for Envysion Wealth Management.

Peter Triggs

Peter Triggs

Peter Triggs, FCA. CTA. TEP. is on the Advisory Board of Envysion Wealth Management and is a Partner in 1291Group.

Frances Boon

Frances Boon

Partner in 1291Group.

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