p.a.
370/9.
37019
RECEIV
* ཝཱ
་་
L DEC 1993
L
Drsk (
Ms Brooks INDEX
Legal Counsellor
ISTRY
REGISTRY
on Taken
From: Mr J A Grainger Assistant Legal Adviser
Date: 2 December 1993
cc:
Mr Cumming, Joint
Directorate
Ms Wyver, HKD
Mr Morris, NTCD Mr Christie,
Legal Adviser
76
Assistant
Brush
Overseas
citizens,
UK/HONG KONG IPPA
1. I refer to your minute of 30 November.
2.
The UK model IPPA defines "nationals" as meaning, in respect of the United Kingdom, "physical persons deriving their status as United Kingdom nationals from the law in force in the United Kingdom". This rather tautologous definition is intended to include, at present, British citizens, British Dependent Territories citizens, British Protected Persons, British subjects and (I assume) British Nationals (Overseas). In the case of a UK/Hong Kong IPPA, it is necessary, as Hong Kong does not have its own nationality, to divide British nationals between the UK and Hong Kong in such a way that they become investors of the territory to which they have the greater connection. Your draft achieves this purpose admirably for British citizens, BPPs, British subjects and BN (0)s, but does not mention BDTCs and BOCS.
3. I suggest that these investors be treated in the following way: -
(i)
(ii)
as BDTCs who derive that status by virtue of a connection with Hong Kong lose that status after 30 June 1997, but can become DDTCs, there is no reason to suppose that any BDTCS will thenceforth have a Hong Kong connection. However, I suppose there could be BDTCS from other dependent territories with investments in Hong Kong whom we would wish to protect (and who are covered by the standard definition of "UK national"). I suggest that they be counted as UK investors in the UK/Hong Kong IPPA;
there may be some BOCS in Hong Kong, just as there may be some BPPS there. I suggest that they are treated as Hong Kong investors if they have the right of abode in Hong Kong, and as UK investors otherwise.
No comments yet.
Private notes are available after approval.