英国教育债券 Your international passport to a British education educationbond.com
目录 contents 我们是谁 英国教育债券项目概况运作流程项目特色优势交易策略合作伙伴风险概述 如何加入英国教育债券及投资预期报名表格 InvestUK............................................. 4 Introducing the InvestUK Education Bond programme.... 5 How it works......................................... 6 Features............................................. 7 Benefits.............................................. 8 The trading strategy.................................. 10 Partners............................................. 1 1 Understanding the risks............................... 12 How to join the Education Bond and what to expect..... 13 Registration form..................................... 14 重要信息 important information InvestUK Ltd and Education Bond Ltd are Appointed Representatives of Anglo-Sino Capital Partners Ltd, which is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 441872. Anglo-Sino Capital Partners Ltd is registered in England & Wales, registered office at 32 Davies Street, London W1K 4ND, Company Nº 05452892. For information email enquiries@investuk.com October 2016 This brochure is directed only at people outside the UK. For the use of professional advisers and not to be relied upon by retail clients.
introducing the investuk EDUCATION BOND programme The InvestUK Education Bond is a smart and original way for international investors to invest in the UK and gain Permanent Residence. The United Kingdom is known for its rich cultural heritage and educational institutions. The overall high standard of education allows the UK to maintain the fifth-largest national economy in the world. This growing modern economy creates a diverse and dynamic collection of businesses that fuel the world s trade, as the UK has one of the world s most globalised economies. With its stable political and legal system, it is also a great place to live and work. The robust nature of the British economy, combined with the unparalleled quality of education at top universities such as Oxford (voted No. 1 in the world in 2016) and Cambridge, is what makes it the second location for Chinese students studying abroad (after the USA). 我们是谁 The Education Bond is managed by Education Bond Limited, part of the InvestUK Group. InvestUK was established by British entrepreneur Rupert Gather in London in 2012 to help international private clients invest directly into UK companies. InvestUK is now a leading advisory business, having directly managed over 115 deals since it was founded, and is a proud member of the UK Government s Inward Investment Support Network. The United Kingdom receives 40 billion of foreign direct investment annually one third of the total European Union inflow. Private clients play a critical role within this. They are highly regarded and appreciated by the UK Government, which strongly encourages international investors to take advantage of the excellent investment environment, stable government and widely respected legal system. InvestUK acts on behalf of private clients to source and manage investments into private UK companies. It has created a whole investor base for these companies and is widely respected as a result. InvestUK has built market leadership in its specialist category worth an estimated 1 billion annually. It is a specialist in advising high-net-worth clients on investiment options for the Tier 1 visa route. Although it is a private company, InvestUK closely follows government policy on inward investment. It recognises that this flow of investment not only provides capital for UK companies to help growth and create jobs but also brings critical cultural and professional skills into the UK. InvestUK s global clients come from 35 countries; almost half of those clients are from China and East Asia. It is now using its expertise and strong reputation in that market to develop further investment ideas for international investors, in particular the new Education Bond programme. For further details, see our website investuk.com The InvestUK Education Bond is an exciting opportunity to invest in property-related and assetbacked projects in the UK, and in return enjoy a free British education and the opportunity to obtain UK Permanent Residence. Fully compliant with Tier 1 visa requirements, this product is ideal for students who are being educated in the UK and wishing to gain permanent residence at the end of their studies. The Education Bond has a minimum subscription price of 2 million (approximately RMB16.5 million), which will make the investor eligible for a Tier 1 Investor visa. Unlike a normal Tier 4 Student visa, however, the investor will be eligible to apply for Indefinite Leave to Remain ( ILR ) after 5 years and have full access to the UK job market. The bond offers a secured investment by investing 50% in UK Government bonds and 50% in higher-yielding investments that finance construction companies and other asset-backed projects. Non-government loans are secured and managed by specialist partners offering a higher yield while minimising risk. Its initial yield is paid into an education foundation that entitles Bondholders to a Bursary intended to cover up to all their school and/or college tuition fees. The Education Bond employs a carefully selected network of professional partners who will ensure smooth, transparent and secure transactions throughout the whole process. 英国教育债券 项目概况 4 5
运作流程 how it works EDUCATION Bursary PROPERTY finance 2M 英国教育债券 BANK CUSTODIAN Government BOND Investor VISA VISA extension AFTER 5 years Apply for PERMANENT RESIDENCE The Bondholder must be the principal applicant for the Tier 1 (Investor) visa, and have full and unconditional control over the funds used and subsequent ownership of the debt instrument throughout its life. If the student is under the age of 18, a parent must be the principal applicant and the child a dependant (who would still be entitled to Indefinite Leave to Remain after 5 years). If the child is over 18, the child will be the principal applicant. As the investors funds normally originate from the parent(s), it is critical that they are passed over to the child by way of a deed of gift that evidences this transfer of control over the funds. At all times, funds are under the custodianship of an administrator a specialised financial institution responsible for implementing agreed financial management processes and reporting on the investments. The administrator is also mandated to collect information and income from the investment, with interest payments in the case of bonds, and to administer any related tax withholding documents and foreign tax reclamation. The Education Bond programme has been designed in conjunction with a major international law firm to ensure that it provides a robust solution for clients and meets all applicable legal and regulatory requirements. The programme has a promoter, Education Bond Limited (part of the InvestUK Group), an appointed administrator, Asiaciti Trust, and a panel of partner banks and immigration lawyers. Its features are as follows: Clients open an account with a UK bank and deposit at least 2 million. Funds are then invested into UK assets which meet the qualifying criteria for the UK Tier 1 visa and ILR. Our preference is local government bonds. A specially created lending company ( LendCo ) will then provide property and asset-backed finance solutions to the construction sector and other similar asset-backed opportunities. Bondholders join the InvestUK LendCo Trading Company, a UK limited company formed under the Companies Act 2006. Education Bond Limited will provide management services to LendCo to enable it to trade, against a defined mandate, with the objective of achieving a target commercial return. The programme s immigration lawyer will apply for a Tier 1 Investor visa for the client, and in due course for ILR (permanent residence). The programme s administrator, Asiaciti Trust, will provide administration, reporting and governance services to ensure that clients receive regular information about the performance of their investments, and to ensure the correct operation of the programme. The Education Bond is a total investment of 2 million, with 1 million invested in gilts/municipal bonds and at least 1 million in a debt instrument that qualifies for a Tier 1 (Investor) visa. Each InvestUK LendCo is limited to a maximum of 10 investors (i.e. a total of 10 million), with each investor represented on equal terms. Once a Bondholder has been granted Indefinite Leave to Remain in the UK, it is expected that they will liquidate their investments made through the programme and their participation will come to an end. Bondholders will also benefit from complimentary life cover while in UK for the duration of their commitment. This will guarantee immediate redemption of the bond, subject to terms of life cover, in case of death while in UK during the 5-year life of the bond. 项目特色 features Free British education Bondholders are entitled to a Bursary that pays up to 100% of their school/college tuition fees. 免费 英国教育 - 债券持有人有权利获得高达其学校 100% 学费的奖学金 UK residency Bondholders are entitled to apply for UK ILR (Permanent Residence) after 5 years study and/or work experience. 英国永久居留 - 债券持有人有权在 5 年的学习或工作后即可申请英国的永久居留权 Real, tangible assets The Education Bond employs a diversified trading strategy, where capital is deployed in various loan investments typical of property or asset-backed finance. 真实的有形资产 - 教育债券采用多样化的交易策略, 其中资金被部署在多种贷款投资中尤其是房地产或资产担保筹资项目 A with profits component Profit-share can be expected up to 5% annual cash yield (in addition to Bursary funding). 除助学金资外 - 利润预计高达 5% 的现金年收益 6 7
优势 benefits The Education Bond programme is transparent and easy to understand. 教育债券计划是透明的, 易于理解的 Free education 免费 教育 Propertyrelated investment 物业相关投资 Government Bonds 政府债券 UK Residency 英国居留权 Under the Education Bond programme, Bondholders are entitled to a Bursary that pays for up to 100% of their school /college tuition fees an equivalent potential annual gross yield of up to 2%. The structuring of the programme allows the principal applicant to benefit personally if they are over the age of 18 (for example a student) or nominate their children (for example if they are of school age) as beneficiaries if preferred. The Bursary enables the income from the Education Bond to be directed specifically towards paying school or college fees. 在英国高校享受 免费 教育 根据教育债券计划, 有权获得其学校最高 100% 学费的奖学金 奖学金的额度最高达到每年毛收益的 2% 项目结构使主申请人能够获得个人受益, 如果他们年满 18 周岁 ( 例如学生 ) 或指定其子女 ( 例如她们的孩子仍在学龄 ) 成为收益人也是可行的 助学金可以让教育债券所得收入特别用于学费支付 Half of each Bondholder s investment in the programme will be invested into a lending company (known as LendCo ) as debt. These funds will be invested under specialist professional advice into projects arranged by reputable and wellknown investors. We will aim to ensure that the capital is invested as secured loans in projects where loan to value is usually below 65%, at commercial interest rates with a typical maturity of 12-24 months. The Education Bond aims to achieve potential gross yield of up to 6% for Bondholders. 每个投资人在该项目中所投金额的一半将被投入 贷款公司 作为债务, 并享有该公司一份无表决权股份 该资金讲根据专家的专业建议和知名卓越的投资者一起投资 贷款旨在保证资金如担保担保贷款一样完全投入在项目中, 这样 贷款价值 能维持在通常的 65% 以下, 并在合适的利率下达到 12-24 个月的标准贷款期限 教育债券 旨在为债券持有人获得 6% 年毛收益回报 Depending on the preference of the investor, up to half of each Bondholder s investment in the programme may be invested into UK Government Bonds, which will be managed on a discretionary basis by the Bondholder s own bank. The primary objective of the investment in the government securities is to protect 50% of the investment capital against potential losses. UK Government Bonds are generally considered to be very low-risk investments. 根据投资者的偏好, 最高可达投资总额的一半投资可被投入英国金边债券或地方市政债券, 这一投资交由银行全权委托进行管理 在政府证券投资的主要目的是保护 50% 的投资资本避免潜在亏损 金边债券或英国地方债券一般被认为是 零风险 投资 An investment in the Education Bond allows Bondholders to achieve eligibility for Indefinite Leave to Remain ( ILR ) after the 5-year term of the investment. It is managed with the intention of ensuring that at the end of the 5-year life of each investment, and when ILR has been granted, all outstanding capital is returned to investors, plus any additional capital growth on their investment. 投资教育债券计划允许投资人中 5 年投资期后获得永久居留权的资格 投资的管理方式确保 5 年投资期满, 永久居留权被批准后, 所有未偿资本, 及所有资本成长的收益将一并返还给投资人 们生存然后发扬光大这师种干预导师种 8 9
1M 交易策略 the trading strategy Bondholders will be provided with a documentation pack explaining the programme and including application forms. These application forms will gather the information and documents necessary to conduct client due diligence to the standards required by the investment managers, and by the Bondholder s bank and immigration lawyer. The due diligence is designed to meet the regulatory standards applicable in the UK and other relevant jurisdictions. The Bondholder s investment in UK Government Bonds is expected to provide a low annualised return, with extremely high credit rating. The investment in the LendCo is targeted to provide a considerably higher net annualised return, and after management costs and funding of the Educational Foundation, may potentially produce an additional yield of up to 6%. The average annual return across the two investments is therefore targeted to meet all of the Bondholder s objectives. Project 1 Project 2 Project 3 Project 4 Operational mandate Return 1M+ Capital & dividends The LendCos have an operational mandate designed to deliver the target return while maintaining the security of the investors capital. Loans will be made by LendCo to finance the construction of UK property, usually for 12-24 months, at market rates. Projects will cover a broad spectrum of UK property construction but will favour UK Government priority sectors such as student accommodation and affordable housing. Other secured loan opportunities may be considered. All loans are secured on property or other assets within defined loan-to-value and debtservicing parameters. Loans are made on the advice of an appointed lending strategy advisor (LSA) who has the capacity to commit their own equity to the transaction. Loans are also verified by an independent financial expert who has no other connection to or interest in the transaction. 合作伙伴 partners Asiaciti Trust is an appointed administrator of the programme. This role is designed to ensure the effective operation of the programme and to provide clients with the assurance that an independent party is responsible for its administration. Asiaciti Trust is an independent trustee and corporate administrator with a history of 40 years. The firm is based in Singapore, where it is regulated by the Monetary Authority of Singapore. The firm s services to the Education Bond programme will be provided largely by its Hong Kong and London offices. Gaw Capital Gaw Capital Partners is a renowned investment partner from Hong Kong and a global real estate expert. Gaw Capital is a uniquely positioned private equity fund management company that focuses on global real estate markets, specialising in adding strategic value to underutilised real estate through redesign and repositioning. Its notable investments include Vintners Place and the Lloyd s building in the City of London, and Waterside House in Paddington, West London. In 2014 alone its funds under management facilitated seven transactions, worth a combined total of US$2.7 billion, in mainland China. Currently Gaw Capital Partners manages three Gateway funds with a combined total equity commitments exceeding US$3 billion in more than 41 investments. Gaw Capital s remarkable success with real estate private equity funds in China led it to expand into the UK, where it has been equally successful. Through separate account investments Gaw Capital has been providing direct investment services to strategic institutional investors. Securing several multi-million investments in the UK has made Gaw Capital recognised for its financial expertise. Latis is a UK-based partner with a particular focus on governmentsupported developments, including sustainable homes and affordable housing. Latis delivers ideas within the built environment that have the potential to improve people s lives through positive environmental and social change. The firm identifies current global challenges and creates scalable, commercial vehicles that bring its solutions to life. From sustainable house building in the UK to affordable infrastructure in Africa, and from construction to renewable energy generation, Latis creates design-led, innovative and practical solutions that improve the environment, human welfare and quality of life, while also realising scale and commercial value through investment. Victoria Hall Management Limited Victoria Hall Management Limited (VHML) is a wellestablished specialist developer and operator of student accommodation in the UK. VHML has a portfolio of around 3,500 beds either developed or in the pipeline. It manages and operates around 9,000 student beds, some of which were self-developed. VHML has a successful track record and proven credibility established through a number of joint ventures and management arrangements, with another 1,500 beds currently in the development stage. 10 11
风险概述 understanding the risks Being in business always means taking some element of risk. 商业场上总是存在一定的风险因素 General risks In common with other bonds across the UK, the Education Bond carries the normal commercial risks, challenging marketplace conditions, loss of key customers, change in raw material costs, etc. There are also several technical risks associated with property finance, such as the illiquid nature of property investment. In the event of liquidation, a significant amount of time may be required before the investor s funds are generated. This may have an adverse effect on the education trust fund s effectiveness. Macroeconomic factors The Education Bond is not immune to changes in macroeconomic factors that may negatively affect the investment. These include changes in interest rates, inflation and default risk. An increase in UK interest rates has a strong tendency to appreciate the pound and reduce the equity in leveraged deals. The 2 million initial investment is subject to several international risks that are often out of the control of investor and investee. These risks include changes in local regulatory requirements, changes in the law and policies affecting trade, currencies, investment and taxes, instability of foreign economies and governments, wars and acts of terrorism or widespread health hazards. Any of these factors could have a material effect on the transfer or acquisition of funds required. The value of the potential returns depends on the performance of the diversified trading strategy and other market factors outside the control of the funds. There can be no guarantee that the investment will meet its objectives or that suitable investment opportunities will be identified by Gaw Capital or InvestUK. UK Permanent Residence The Education Bond is a smart way for international students to invest in the UK and gain Permanent Residence whilst they study by converting from Tier 4 (Student) visa to Tier 1 (Investor) visa status. However, whereas the Bond earns eligibility for UK Permanent Residence for subscribers; the result of application for UK Permanent Residence is not guaranteed. Whether an application would be successful or not depends on application materials and the decision is made by Home Office at their discretion. Liquidity Programme capital is not readily realisable, except where investors have chosen to invest 50% in government securities which are readily realisable. In normal circumstances investors who choose to participate in the programme will need to allow up to six months in order to withdraw capital. In exceptional circumstances (such as a change in local, regional or global macroeconomic conditions, tax, immigration or the legislative framework) where the liquidity in the programme is insufficient to facilitate withdrawals within this timeframe, the process could be much longer and the programme might need to repay investors capital by instalment, or indeed to suspend repayment. Investors should not choose to participate in the Education Bond programme unless they understand and accept the possibility of a total loss of their investment apart from their government securities portfolio, and that in exceptional circumstances it could take a year or more to access capital following a withdrawal request. Tax All figures are quoted gross of UK tax. Rates of tax, tax benefits and allowances are based on current legislation and HMRC practice and will depend on the particular circumstances of a company or individual. Tax rules may change and are not guaranteed. Capital at risk Although the programme targets a potential return of up to 5% a year for the investors, it is not guaranteed. The returns that companies receive will depend on the success of the trading, asset allocation and utilisation. Your capital is at risk and you may not get back the full amount invested. Rupert Gather, Founder & Chief Executive three things you ll like about 1. We always work for the investor so if you want to speak to your manager, you can call them. 2. We endeavour to deliver all information clearly and to make it easy to understand. 3. Our office hours are 09:00 to 18:00, Monday to Friday. If you call us, a real person, based in the UK, will answer the phone. And you can have as long as you need to talk about your question. For your next step call us on +44 20 7629 2522 or send the enclosed registration form to enquiries@investuk.com 下一步就是打电话给我们 +44 20 7629 2522 或将附录的注册表发送至 enquiries@investuk.com Claridge House 32 Davies Street Mayfair, London W1K 4ND +44 20 7629 2522 enquiries@investuk.com www.educationbond.com how to join the EDUCATION BOND programme and what to expect The application process to join the Education Bond programme is straightforward. Investors who are considering participating should ask their financial adviser or certified programme promoter to request a copy of the programme documents. Once an investor chooses to proceed, the application pack includes an agreement, which the applicant must sign to confirm their intention to join the programme. The Education Bond will accept a new investor into the programme provided the candidate meets the conditions of entry. Investors who join the Education Bond programme will receive regular updates on the performance of the investment, but investors are welcome to contact us at any time to discuss how the programme s trading is performing. 声明 notice If this document is forwarded to any other person, you must ensure you have taken responsibility for the issuance and/or approval of the document with regards to the financial promotion rules relating to unregulated schemes. This financial promotion has been issued by Education Bond Limited. Your capital is at risk and you may not get back the full amount invested. Tax treatment depends on the individual circumstances of each investor and may be subject to change. Past performance is not a reliable indicator of future results and any forecast is not a reliable indicator of future performance. This promotion does not offer investment, tax or immigration advice and as this product is not suitable for everyone we recommend you seek independent investment, immigration and tax advice before investing in our product. 如何加入英国教育债券 及投资预期 12 13
registration form TITLE FIRST NAME SURNAME EMAIL ADDRESS PHONE (+ COUNTRY CODE) SKYPE (OPTIONAL) I am interested in the Education Bond Programme, offering the UK permanent residency at a minimum investment of 2,000,000 for a 5-year investment term. I agree to be contacted by InvestUK or a Certified Programme Partner. PLEASE STATE THE NUMBER OF DEPENDANTS AND THEIR AGE PLEASE STATE YOUR INTENDED DATE OF VISA APPLICATION Please send your registration form to enquiries@investuk.com 报名表格 称谓名字姓 电子邮箱 电话 (+ 国家代码 ) SKYPE( 可选 ) 我对英国教育债券感兴趣, 以 200 万英镑投资五年的形式来获取英国的永久居留权 我同意接受与 InvestUK 或其认证合作伙伴联络 请注明家属和他们的年龄数 请说出你的目标签证申请日期 请将您的报名表发送至 enquiries@investuk.com educationbond.com 15
educationbond.com brought to you by investuk.com