大成研究 | 钟昊申：外国个人投资人对于美国遗产税的筹划

This article discusses strategies for foreign individuals invested in US assets to mitigate the US estate tax risk. It begins with an introduction to the US estate tax, followed by 6 mitigation strategies:

1. Life insurance

2. Foreign holding companies

3. Trusts

4. Tax-exempt investments

5. Tax treaties

6. Reducing the taxable estate

本文探讨了投资美国资产的外国个人如何降低美国遗产税风险的策略。文章首先介绍美国遗产税的基本规则，随后提出六种对策：

1. 人寿保险

2. 境外持股公司

3. 信托

4. 免税类投资

5. 税收条约

6. 应税遗产的税务扣除

01

US estate tax on foreign individuals

外国人面临的美国遗产税

（1）US estate tax mechanics

美国遗产税规定

When a person who is not a US citizen or domiciled in the US dies, the US charges an estate tax on their assets that are “situated in the US”.[1]Assets “situated in the US” includes but are not limited to[2]:

US real estate;Other tangible property that is physically in the US;Stocks of corporations that are incorporated in the US, regardless of where the shares are traded and regardless of where its headquarters is[3];Debts of US persons, the US government (US Treasuries), a US state government, or a political subdivision of a state.

The rate of tax is progressive. The table below displays the taxable estate intervals and the tax rate corresponding to each interval.[4]

For example, suppose the size of the taxable estate is $15,000. The estate tax (before credits) is:

There is a credit of $13,000 against the estate tax, which is equal to an exemption on the first $60,000 of assets in the US.[5]The credit is not indexed for inflation.

若去世者非美国公民或在美国定居，美国将对其在美国境内资产征收遗产税。“美国境内资产”包括但不限于：

美国房地产；其他存在于美国境内的有形财产；美国注册的公司的股票（无论股票在何地交易，也无论公司总部位于何地）；对美国个人、美国联邦政府（如美国国债）、州政府或地方政府的债权。

遗产税采用累进税率，下表列出了应税遗产金额阶段及对应的税率：

假设应税遗产金额为15,000美元，遗产税（抵免前）的计算如下：

此外，纳税人可享受13,000美元的税收抵免，相当于前6万美元美国资产的免征遗产税。该抵免金额不随通胀调整。

（2）Estate tax filing and payment

遗产税申报与缴纳

The estate of a foreign decedent files Form706-NAto report and pay the US estate tax.[6]The form and payment are due 9 months after death, but the estate may obtain a 6-months extension.[7]

If the estate files Form 706-NA late, there is a failure-to-file penalty of 5% of the tax due for each month the return is late, capping at 25%.[8]

If the estate tax pays the estate tax late, there is a failure-to-pay penalty of 0.5% of the tax due for each month the return is late, capping at 25%.[9]The extension of time to file the return does not extend the time to pay the estate tax.[10]

If the estate does not pay the estate tax, the IRS will eventually place liens on the decedent’s assets.[11]

外国逝者的遗产执行人需提交706-NA表格申报并缴纳美国遗产税。申报及缴税期限为去世后9个月内，但可申请最长6个月的延期申报。

逾期申报的处罚：每晚报一个月，罚应缴税的5%，最高不超过25%。

逾期缴税的处罚：每晚缴一个月，罚应缴税的0.5%，最高不超过25%。申报延期不延长缴税期限。

若未按时缴纳遗产税，美国税局（IRS）最终将对逝者资产行使税收留置权（lien）。

（3）Practical issues created by the estate tax

遗产税造成的实际问题

When a foreign person dies unexpectedly while holding US assets, the US estate tax can create liquidity problems. The family may need to liquidate assets to pay the US estate tax, but practical obstacles can arise. Common issues include the following.

Many US financial institutions will freeze the account of a foreign decedent until they receive a tax clearance certificate from the IRS.[12]The tax clearance certificate is a form issued by the IRS indicating that there is no estate tax due[13], which the family cannot obtain if they need to sell the financial assets to pay the US estate tax.

The IRS can place liens against US real property owned by the decedent.[14]The lien does not prevent the heirs from using the real property or renting it out, but the estate or heirs may need to request that the IRS remove the lien to sell the property.[15]This is because the lien remains attached to the property even after a sale[16], which severely depresses the sale value of the property.

Capital controls may prevent the family from wiring money to the US to pay the tax.

当持有美国资产的外国人突然去世时，美国遗产税可能造成流动资金问题。家属通常需要变现资产缴税，但在实际操作中常会遇到以下障碍：

美国金融机构通常会在收到国税局（IRS）出具的完税证明前，冻结外国逝者的账户。而该证明需在遗产税结清后方能签发——这就形成悖论：家属需变卖金融资产来缴税，但无法取得完税证明来解冻金融资产账户。

IRS有权对逝者名下的美国房产设置留置权。虽然继承人仍可继续使用或出租该房产，但若想出售，必须向IRS申请解除留置权，否则即使完成交易，留置权仍附着于房产，将导致房产价值被严重低估。

家属可能受外汇管制政策限制，无法向美国跨境汇款缴税。

02

Life insurance

人寿保险

Buying life insurance does not eliminate the estate tax, but it provides cash to pay the estate tax.

There are 4 factors to consider when choosing an insurance policy:

Is it available for purchase? Some policies may be only available to residents.Can the proceeds of life insurance be transferred to the US to pay the estate tax? If capital controls or compliance policies prevent such a transfer, the policy would not be useful.Is the life insurance policy subject to significant tax—income tax, estate tax, or otherwise—when it is withdrawn upon death?Is the policy coverage cost effective compared to alternatives?

人寿保险虽无法免除遗产税，但可为税款支付提供现金流支持。选择保险方案时需重点评估以下四个要素：

投保资格限制：部分保单仅对当地居民开放认购。保险金跨境可汇性：保险金能否汇至美国用于缴税；是否会受外汇管制或其他合规政策阻碍。税务成本评估：需审慎核查保险金在领取时可能产生的税负：所得税、遗产税、其他潜在税务。成本效益分析：需与其他税务筹划方案进行综合性价比对比。

（1）Term life insurance

定期人寿保险

Term life insurance lasts for a fix term of years, usually 5 – 20 years. The policyholder pays a premium periodically (usually monthly). If the insured dies within the policy period, then there is a large death benefit payout. If the insured survives the period, then there is no recovery.

In the US, the advantage of term life insurance is that the cost is low. The disadvantage is that the premiums are lost as expenses.

If the decedent is the owner of a US life insurance policy on his own life, then the life insurance proceeds are exempt from US estate tax.[17]

When a non-US person owns an insurance policy issued by a non-US insurance company, the insurance policy is not subject to US estate tax.[18]But the insured must consider whether currency controls and taxes in the country of issuance affects whether the estate can use the death benefits to pay US estate tax.

定期寿险保障固定期限（通常为5-20年）。投保人需定期（通常按月）缴纳保费。若被保人在保险期间身故，受益人可获得高额身故赔偿金；若保险期满后被保人仍在世，则无任何赔付。

美国定期人寿保险优势：成本低廉。

美国定期人寿保险劣势：保费支出纯属消费型（期满无返还）。

若被保险人、保单持有人和逝者是同一人，其美国寿险赔偿金可豁免美国遗产税。

若被保人不是美国人，且签发保单的公司不是美国公司，其寿险赔偿金可豁免美国遗产税，但被保险人必须考虑签发地的外汇管制及税收政策是否会导致寿险赔偿金不能用于支付美国遗产税。

（2）Whole life insurance

终身寿险

Whole life insurance doubles as an investment product. The policy holder pays high premiums for the first few years of the policy, and the policy is locked in for a specified period. The premiums earn a return on investment, and there is a cash value to withdraw after the lockup period.

In the US, the advantage of whole life insurance is that there is a return on investment regardless of when the insured dies. The disadvantage is that the policy holder must be able to lock up significant liquidity in the policy. But the cash value and return on investment may differ in other jurisdictions.

终身寿险兼具保险与投资功能。在投保阶段，需在初期缴纳高额保费，并设定锁定期。保费可产生投资收益，锁定期后可提取现金价值。

美国终身寿险优势：无论被保险人身故时间，均可获得投资回报。

美国终身寿险方案劣势：需牺牲流动性。

其他地区的终身寿险的现金额和投资回报率会与美国不同。

For a foreign person, stocks of corporations not incorporated in the US are not assets in the US, even if the corporate headquarters were in the US, or the stock certificates were in the US.[19]By holding US assets under a foreign corporation, the foreign investor eliminates the US estate tax risk completely.

There are 2 drawbacks to using a foreign corporation:

It costs money to maintain; andIt can change the tax attributes of income from the investments, possibly significantly for the worse.

外国人拥有的非美国注册公司的股票（即使公司总部位于美国或股票凭证存放于美国）不算美国境内资产。通过境外公司持有美国资产，外国投资者可完全规避美国遗产税风险。

主要缺陷：

需承担公司注册地年费、合规申报等固定支出。所得税率和报税责任可能会变，有些情况下会变得更不利。

（1）Tax comparison: Stocks

税务对比：股票投资

Suppose a resident of the Chinese mainland wants to invest in US stock, and they are choosing between investing directly or investing through a Hong Kong company. The tax comparison looks like this:

假设一位中国大陆居民计划投资美股，如在直接投资与通过香港公司间接投资两种方案间进行选择，税务对比如下：

If the stocks are in a company like Amazon (large gains, few dividends), then the difference is limited, because the US does not charge a foreign investor tax on gains from stocks. If the stocks are in a company like AT&T (little gain, relatively high dividends), then the difference is large because there is a two-tier tax to repatriate the income to the investor: 1. US withholding tax on the Hong Kong company and 2. Chinese personal income tax on the individual investor.

若投资亚马逊这类公司（资本增值大、股息少），则税负差异有限，因为美国不对境外投资者的股票资本收益征税。若投资AT&T这类公司（增值空间小、股息相对较高），则税负差异显著，因为通过香港公司投资，投资者需面临双重征税：1、美国针对香港公司的预扣税和；2、中国针对个人的所得税。

（2）Tax comparison: real estate

税务对比：房地产投资

For real estate investments, the overall tax rate and the relative tax rate of the corporate structure is much less favorable.

在房地产投资领域，采用公司架构的整体税率和相对税率优势明显降低。

The big problem for the corporate structure is the branch tax: The US charges a branch tax in addition to the corporate income tax on the rent and real estate gains of a foreign corporation.[31]It is possible to avoid the branch tax on the gains, but only in a complete termination of its US trade or business.[32]Such a termination bars re-entry for the next 3 years for the corporation and related entities.[33]

公司架构的核心问题在于branch tax：美国除对外国公司的租金收入和房地产收益征收企业所得税外，还会加征branch tax。虽然可以完全终止在美业务来规避branch tax，但该企业和有关企业三年内不得重新进入美国市场。

04

Trusts

信托

It is possible to remove an asset from a person’s gross estate by transferring it into a trust. But the trust mechanism faces several problems:

Professional trustees are very expensive;Trusts in offshore jurisdictions may be viewed as money-laundering schemes, attempts to evade taxes, or attempt to evade capital controls;US estate tax law has significant safeguards against using a trust to remove assets from the gross estate while still enjoying its benefits; andA trust can complicate income tax reporting for US heirs.

There are many ways that assets transferred into trust can be counted as part of the settlor’s gross estate. Below is a non-exhaustive list of such claw-backs in US estate tax law:

The settlor retained the right to income or use of the property during their life[34];The settlor retained the right to designate beneficiaries of the trust[35];The settlor retained voting rights of stocks in the trust[36];The trust assets can revert to the settlor[37];A beneficiary can benefit from trust assets only by surviving the settlor[38];The settlor can revoke the transfer[39].

In general, the settlor can expect to remove trust assets from their estate only by giving up control and benefit from the assets. For this reason, they would have to select one or more trusted persons to administer the trust.

信托的资产可排除在个人遗产总额之外。但信托存在以下问题：

专业受托人费用高昂；离岸信托可能被视作洗钱、逃税或规避外汇管制的非法工具；美国遗产税法对“既享受信托资产收益又规避遗产税”的行为设有严格限制；信托可能使美国继承人的所得税申报复杂化。

以下情形导致信托资产被重新计入委托人遗产（非所有情况）：

委托人保留信托收益或资产使用权；委托人保留指定受益人的权利；委托人保留信托内股票的投票权；信托资产可能返还给委托人；受益人须在委托人去世后方可获得信托收益；委托人可撤销资产转让。

核心原则：委托人唯有彻底放弃对信托下美国资产的控制权和收益权，才可能实现资产剥离，因此必须委托可信赖的第三方全权管理信托。

05

Tax-exempt investments

免税投资

There are US investments that are exempt from the US estate tax, such as bank deposits whose interests are exempt from US income tax.[40]

US Treasuries are not exempt from US estate tax.[41]

Neither US laws nor cases make it clear whether partnership interests, such as a limited partnership interest in a private equity fund, are subject to US estate tax. Decades ago, the IRS took the position that partnership interest is within the US if the partnership conducts business in the US[42], but the revenue ruling related to application of the US-UK estate tax treaty, and there is a sparsity of case law or IRS pronouncements on the subject.

部分美国投资品种可豁免遗产税，例如银行存款（前提是其利息收入免缴美国所得税）。

美国国债不享受遗产税豁免。

美国税法未明确合伙企业权益（如私募基金中的有限合伙份额）是否计入美国境内遗产。数十年前，美国国税局（IRS）曾认定：若合伙企业在美开展业务，则其合伙权益视为美国境内遗产。但该认定仅适用美英遗产税条约，且目前缺乏相关案例及IRS正式指引。

06

Estate tax treaties

遗产税条约

The US has an extensive network of income tax treaties but very few estate tax treaties. China does not have an estate tax treaty with the US.

美国签署了多个所得税税收条约，但遗产税条约数量极少。目前中国与美国并未签订遗产税条约。

07

Reducing the taxable estate

应税遗产的税务扣除

All US assets are part of the foreign decedent’s gross estate, but the US permits deductions to calculate the taxable estate.[43]There are several deductions that are particularly relevant for foreign investors.

Expenses of the estate are prorated against all assets worldwide, even if they are incurred specifically to administer the estate in the US.[44]

Debts of the estate are prorated against all assets worldwide.[45]

Theft losses during the administration of the estate can be deducted.[46]But the estate is responsible for establishing that theft occurred. Establishing theft can be problematic when the decedent was a resident of China, and so are the heirs, because Chinese inheritance law encourage the heirs to discuss the matter among themselves and assign proportions to each heir.[47]If an heir seizes part of the estate, and the other heirs do not recover the asset, it can be difficult to establish that the heir stole the property, rather than that the heirs came to an agreement.

所有美国境内资产均需计入外国逝者的遗产总额，但美国税法允许通过扣除项计算应税遗产。以下扣除项对外国投资者尤为重要。

可以扣除遗产管理费用，但需分摊为全球资产（即便费用仅用于美国境内遗产管理）。

可以扣除遗产债务，但需分摊为全球资产。

可以扣除遗产管理期间的盗窃损失，需由遗产执行人举证盗窃事实。对中国居民的特殊困难包括：中国继承法鼓励继承人协商分配方案，若部分继承人擅自占有遗产且未遭追索，可能被认定为与继承人达成了协议，而难以认定为盗窃。

08

Summary

总结

Foreign individual investors in US assets are exposed to US estate tax risk. US assets include but are not limited to US real estate, tangible assets located in the US, stocks of US incorporated companies, and debts of US persons and governments.

When the foreign person dies, financial institutions may freeze their account until the estate tax is filed and paid. If the estate tax is not paid, the IRS may place liens on the decedent’s US real property, severely depressing their resale value.

Mitigation strategies include the following:

Term life insuranceA. Advantage: Low-cost method to obtain liquidity to pay the estate tax；B. Disadvantage: Premiums are lost.Whole life insuranceA. Advantage: Earns a modest return while providing liquidity to pay the estate tax；B. Disadvantage: Requires significant cash to be locked into the policy.Foreign holding companiesA. Advantage: Assured of avoiding the estate tax；B. Disadvantages: There are expenses to maintain it, and it can negatively affect the tax results of the investments, especially for US real property investments.TrustsA. Advantage: Compared to foreign corporations, trusts may retain income tax rates more similar to the individual income tax rates；B. Disadvantages: Very expensive to maintain, and there are severe limitations on the settlor’s powers and use of the assets.Tax-exempt investments: There are few types of investments exempt from US estate tax, and they tend to offer lower returns.Estate tax treaties: The US has very few estate tax treaties. It does not have one with China.Reducing the taxable estate: Certain expenses, debts, and losses can reduce the size of the taxable estate; but they can be difficult to establish, and most deductions must be prorated across all the decedent’s assets worldwide.

外国个人投资者的美国资产面临美国遗产税风险。美国应税资产包括但不限于：美国房地产、位于美国境内的有形资产、美国注册公司股票和美国个人及政府债务。

除了遗产税本身之外，主要风险包括：金融机构可能在遗产税申报并缴纳前冻结账户；若未缴纳遗产税，IRS可能对逝者的美国房地产设置留置权，这将严重降低其转售价值。

风险缓释策略：

定期寿险A. 优势：低成本获取支付遗产税所需资金；B. 劣势：保费支出无法收回。终身寿险A. 优势：在获取支付遗产税资金的同时获得投资收益；B. 劣势：需要锁定大量资金在保单中。境外控股公司A. 优势：可完全规避遗产税；B. 劣势：维护成本高，且可能产生不利税务影响（特别是美国房地产投资）。信托A. 优势：比起境外公司，信托的所得税率可能与个人所得税率更相似；B. 劣势：维护成本很高，且对委托人权力和资产使用权有严格限制。免税投资：种类稀少且收益率通常较低。遗产税条约：美国签订的相关条约极少，且未与中国签订。减少应税遗产：通过费用、债务和损失降低应税遗产价值，需满足严格证明要求，且多数税务扣除需分摊于全球遗产。

●参考文献：

[1]26 USC 2101, 2103; 26 CFR 20.0-1(b)(1).

[2]26 CFR 20.2104-1(a).

[3]26 USC 2104(a), 7701(a)(4).

[4]26 USC 2101(b)(1), 2001(c).

[5]26 USC 2102(a), (b).

[6]Form 706-NA instructions, 1 (rev. 2022-10).

[7]Form 706-NA instructions, 2.

[8]26 USC 6651(a)(1).

[9]26 USC 6651(a)(2).

[10]26 USC 6081(a), providing for an extension of time to file a return but not an extension of time to pay taxes.

[11]26 USC 6321.

[12]Anthony S. Park, PLLC, E275 US Professional Executor for Federal Transfer Certificates, accessed at https://anthonyspark.com/e275-us-professional-executor-for-federal-transfer-certificates/ on 2025-06-08.

[13]IRS, 2025-04-09, Transfer certificate filing requirements for the estates of nonresidents not citizens of the United States, accessed at https://www.irs.gov/businesses/small-businesses-self-employed/transfer-certificate-filing-requirements-for-the-estates-of-nonresidents-not-citizens-of-the-united-states on 2025-06-08.

[14]IRS, 2024-09-30, Sell real property of a deceased person's estate, accessed at https://www.irs.gov/individuals/sell-real-property-of-a-deceased-persons-estate on 2025-06-17.

[15]IRS, 2025-05-29, What if there is a federal tax lien on my home? accessed at https://www.irs.gov/newsroom/what-if-there-is-a-federal-tax-lien-on-my-home on 2025-06-17.

[16]IRM 5.17.2.2.3 (2016-01-08).

[17]26 CFR 20.2105-1(g).

[18]26 USC 2105(a).

[19]26 CFR 20.2105-1(f); 26 USC 7701(a)(5).

[20]The Agreement Between the Government of the United States of America and the Government of the People’s Republic of China for the Avoidance of Double Taxation and the Prevention of Tax Evasion with Respect to Taxes on Income, Together with a Supplementary Protocol and Exchange of Notes, Signed at Beijing on April 30, 1984 (hereinafter “US-China income tax treaty”), art. 9.2 (1984).

[21]26 USC 881(a).

[22]China personal income tax law (中华人民共和国个人所得税法, Zhong hua ren min gong he guo ge ren suo de shui fa), as amended on 2018-08-31, art. 3.3; Announcement on individual income tax policies concerning overseas income (关于境外所得有关个人所得税政策的公告, guan yu jing wai suo de you guan ge ren suo de shui zheng ce de gong gao), China Ministry of Finance, State Taxation Administration announcement 2020-3, (财政部 税务总局公告2020年第3号, cai zheng bu shui wu jv gong gao 2020 nian di 3 hao), (hereinafter “China MoF STA announcement 2020-3”), section 2.3.

[23]China MoF STA announcement 2020-3, sec. 3.

[24]China personal income tax law art. 3.3; China MoF STA announcement 2020-3, sec. 2.3.

[25]26 USC 1.

[26]26 USC 882(d), 11.

[27]26 USC 884.

[28]China personal income tax law art. 3.3; China MoF STA announcement 2020-3, sec 2.3.

[29]26 USC 897, 1(h).

[30]26 USC 897, 11.

[31]26 USC 884, 882(d).

[32]26 CFR 1.884-2T(a)(2).

[33]26 CFR 1.884-2T(a)(2)(i)(B).

[34]26 USC 2036(a)(1).

[35]26 USC 2036(a)(2).

[36]26 USC 2036(b).

[37]26 USC 2037(a)(2).

[38]26 USC 2037(a)(1).

[39]26 USC 2038.

[40]26 CFR 20.2105-1(i).

[41]26 CFR 20.2104-1(a)(7).

[42]Rev. Rul. 55-701.

[43]26 USC 2103, 2106.

[44]26 CFR 20.2106-2(a)(2).

[45]26 CFR 20.2106-2(a).

[46]26 CFR 20.2054-1.

[47]Inheritance Law of the People’s Republic of China (中华人民共和国继承法, Zhong hua ren ming gong he guo ji cheng fa, hereinafter “China inheritance law”) art. 15.

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