I just had a thought this morning. I know BSD is exempted when held with a HKPR. So I went to the IRD website and found this:
10. Q: If a residential property is acquired jointly by a HKPR and his/her spouse who is not a HKPR, will any BSD be payable?
A: Acquisition of residential properties by a HKPR jointly with a close relative (i.e. spouse, parent, child, brother and sister) who is not a HKPR and each of them is acting on his/her own behalf is not chargeable with BSD.
I'm trying to interpret in particular "each of them is acting on his/her own behalf is not chargeable with BSD." because my son is HKPR and he's 2!
Me: "Son, want to buy this apt?"
Son: "ga ga ga, yeah yeah"
Does that cut it?
Or does that sentence actually mean you can't use it in a trust structure? Or does that also exclude minor, i.e. they can't act on their own behalf and need an adult to act on behalf?