Abstract The sovereign wealth (SWF) has developed quickly in recent decades to serve as a government investment vehicle to allocate the fiscal reserves in the global financial markets for various purposes. Though the SWF brings benefits to both the home and recipient countries, because of the nature inherent in the SWF that it is owned by government, the flow of the SWF's investments has captured attention of some of the western developed countries accusing that the SWF's investments may distress their national securities. Hence, specific measures or even obstruction targeting the investment activities of the SWF have been launched. International organizations such as IMF and OECD have contributed efforts in balancing the competing needs and demands by urging the SWF holding countries to construct strong legal frameworks which include sound corporate structure in relation to their SWFs. At the same time, both the home and recipient countries should make their information on SWF investment and foreign investment regulation publicly available, so as to increase transparency. At present, the Santiago Principles are endorsed and voluntarily implemented by over 30 SWFs holding countries. Currently, the Macao SAR has a considerable size of fiscal reserve but has not yet established its own SWF. As stressed in the Policy Address in 2016, the Macao SAR Government would like to establish an investment development fund to manage part of its fiscal reserve. This dissertation will study the legal issues in relation to the legal framework and the corporate structure of the Macao SAR's SWF in compliance with the international practices. Keywords: Sovereign Wealth Fund, Fiscal Reserve, Corporate Structure, Macao SAR