Number 38

ISSUE 38

ESTATE PLANNNIG SPECIAL

HEAR FROM MENZIES, WEDLAKE BELL, KINGSLEY NAPLEY & MORE

WHAT IS NETWORKING AND WHY DOES IT MATTER?

DUBAI 2024 WITH GOLD SPONSOR HAWKSFORD

SUMMER EVENT PICTURES - WHO CAN YOU SPOT? MEET OUR MEMBERS

HNW ADVISOR RIYADH 2024 READ ABOUT TCI FINANCE’S RISING STATUS AS GLOBAL FINANCE HUB

WELCOME

Welcome

By David Bell, Founder | PCD Group

Welcome back from Summer break. Get ready for a packed edition with lots to look forward to this autumn. Estate Planning is the focus of member contributions, featuring insights from leading law firms, international tax advisors, trustees, and global mobility specialists. Don’t miss out on the new additions to our events calendar. We are delighted to launch our first conference in Manchester the day before our sell-out dinner in October. We’re also thrilled to be returning to Riyadh in November. Check out the inaugural article in our business and career development series, which delves into the art of networking. Finally, don’t forget to check out member features, images from Summer events, and our community’s latest news and press releases. At PCD, we pride ourselves on engaging our community and fostering collaborative content.

ESTATE PLANNING SPECIAL 4 THE HIDDEN VALUE OF TRUSTS IN ESTATE PLANNING 5 JOINT BANK ACCOUNTS: A LITTLE-KNOWN INHERITANCE TAX ISSUE 6 FAMILY INVESTMENT COMPANY VS TRUSTS 10 TRUSTS STAND THE TEST OF TIME IN GLOBAL SUCCESSION PLANNING 11 DO YOU ALREADY HAVE YOUR PRE-IMMIGRATION PLAN? 16 A HYBRID INVESTMENT IN REAL ESTATE AND RESIDENCE OR CITIZENSHIP 17 TO GIFT OR NOT TO GIFT...

7 LAGOS PRIVATE WEALTH 8 PROVENANCE INSURANCE BROKERS 13 LOCATE GUERNSEY 18 PCD CLUB DUBAI 2024 WITH HAWKSFORD 20 IMMIGRATION RULES ON SUITABILITY 21 CANADA: A TAX-EFFICIENT OPTION FOR WEALTHY UK NON-DOMS

22 RIYADH 2024 24 NEWS FROM PRAXIS 25 TCI’S RISING STATUS AS A GLOBAL FINANCE HUB 28 COMMERCIAL OPPORTUNITIES 29 MEET OUR MEMBERS 30 EXECUTIVE HIGHLIGHTS 31 NETWORKING: WHY?

Our one-day HNW Conference in London delivered key insights on Middle East opportunities, UK-India relocation, European mobility, and cross-border tax challenges for US citizens.

Read event summary

Manchester Conference etc.venues 09 October 2024 Get tickets

ESTATE PLANNING SPECIAL

The Hidden Value of Trusts in Estate Planning

By Ellisha Harding, Private Client Manager, Menzies W: www.menzies.co.uk

As trusted advisors, we are involved in discussions with our clients in relation to their Estate planning and hear first-hand the concerns of passing wealth onto the next generation.

gets into debt or develops a gambling problem? What if you unexpectedly get another grandchild, after already parting ways with a lump sum or asset to your other grandchildren?

A solution to these issues is the use of Trusts. Trusts are a very valuable tool in Estate planning. Whilst there are slight differences between different types of trusts, they largely have similar benefits.

Whether gifting a large or small amount, the same factors come into play. We don’t have a crystal ball and don’t know what will happen in our own lives, or those of our chosen beneficiaries. When gifting outright, you are losing control over the eventual location of the asset.

Control & Flexibility The first key benefit of using a trust is that you can effectively retain a degree of control over the asset to ensure this is dealt with in accordance with your wishes. In your lifetime you can act as trustee of the trust to set a precedent showing how you would like the trust to operate. If a discretionary trust is used, trustees can decide who benefits and when, this allows flexibility whilst also protecting the assets.

There are a lot of variables and possible outcomes, these concerns and ever-changing family dynamics understandably play a large role in the decision-making process for both lifetime and Will planning.

One key issue in outright gifting, is the unpredictability of life. What if later down the line, your child gets divorced, leaving the family wealth open to be passed to an ex-partner?

What if your grandson on reaching 18 spends all his money on a trip to Vegas? What if a family member

Read in full click here

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ESTATE PLANNING SPECIAL

Joint bank accounts: a littleknown inheritance tax issue

By Helen Barnett, Legal Director, Wedlake Bell LLP

Most joint bank account holders might fairly assume that when one of them dies, half of the account will be treated as theirs for the purposes of totalling up their estate for inheritance tax (“IHT”) purposes; however, this is not always the case.

contributions, there is a legal presumption that could apply to deem the transferred funds as held 50/50, but this presumption is generally weak and is due to be abolished by the Equality Act 2010 (once the relevant section of that Act is in force).

It would therefore be helpful for joint account holders who make uneven contributions to their account to put in place a declaration of trust to document the beneficial ownership of the funds in the account, if they want to ensure that these are held equally for IHT purposes. This is particularly important for those who are not married or in a civil partnership as the IHT spouse/ civil partner exemption will not apply on the death of the first account holder.

HM Revenue and Customs treats each joint account holder as beneficially entitled to the proportion of the account attributable to their contributions. Therefore, if the deceased provided 100% of the funds to the account, 100% of the balance in the account at the date of death could be treated as theirs and potentially subject to IHT at 40%.

If the account holders do not contribute equally to a joint account (as is usually the case), this can lead to complications with IHT calculations, particularly if sizeable gifts have been made from the account before death (since such gifts are potentially subject to IHT if the donor dies within seven years). Where the joint account is held by spouses or civil partners (or by a parent and an adult child) who make unequal

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5

ESTATE PLANNING SPECIAL

Family Investment Company vs Trusts

By Diva Shah, Senior Associate, Kingsley Napley LLP W: www.kingsleynapley.co.uk

Family trusts have always been a traditional feature of estate planning, a wellknown means of passing on wealth to the next generation and potentially reducing Inheritance Tax (“IHT”) on an estate. However, Family Investment Companies (“FIC”) have become increasingly more attractive over the last 10 years because of their structure and tax advantages. In the meantime, we have seen the popularity of trusts decline, perhaps due to their archaic nature, negative press coverage and a less sympathetic tax regime for trusts. Are FICs the new Trusts or is there room or both?

are not subject to special rules of their own.

Most FICs also have the following characteristics: • Day-to-day management carried out by the board of directors, usually the founders of the company.

• Family members (and possibly family trusts) become shareholders, with each typically holding different classes of shares.

• The different share classes will allow varying degrees of control and entitlements to dividends, capital and voting rights. The founding (or older) generation tends to retain voting rights, whereas the younger generation tends to hold income rights and the aThe articles of associate and shareholders’ agreements set out the rules for the company, ensuring the FIC can be run in the appropriate way for the family.

Traditionally, a Trust would transfer assets to the trustees to hold on behalf of and manage for the benefit of the beneficiaries. We would normally see the parents as the settlors and trustees with the children and grandchildren as beneficiaries. The Trust deed sets out the powers and duties of the trustees.

A FIC is nothing special; it is simply a private company that holds and manages investments for the benefit of future generations. There is no legal definition of a FIC, and FICs

Read in full click here

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Event highlights from Nigeria 2024

HNW Advisor was in partnership with W8 Advisory, brought its first live event to West Africa on Monday, 10 June 2024, at the Metropolitan Club in Victoria Island, Nigeria, which presented an extensive program centred around wealth management.

The inaugural event was a joint concept designed to connect clients and professional intermediaries, both within and beyond the private wealth sector, providing an avenue for attendees to build a client base following successful networking with in-country professionals including event partners W8 Advisory, Wealth8, ALN Nigeria | Aluko & Oyebode, Appleby Global Services, FBN Asset Management, FBNQuest Trustees, Henley & Partners, IQ-EQ and WYZE.

Register your interest for 2025

Provenance Insurance Brokers were GOLD sponsor at our March event in Pall Mall. Jason Connon, Chris McDonald and Paula Moore also attended our June event at Stationers’ Hall.

Both events were well attended by private wealth professionals with a drinks reception and a threecourse meal in a relaxed social setting.

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Provenance Insurance Brokers are a boutique insurance broker providing tailored protection for HNW individuals and their assets. We also support businesses, charities and educational institutions in brokering competitive and bespoke solutions for all aspects of their insurance needs.

We are part of the Benefact Group – the UK’s third largest corporate donor

Our broking advisory reach includes over 800 staff, an expansive suite of products and placement of more than £300m of gross written premium in the UK insurance market.

Despite our Group scale, we retain the agility to work nimbly like a boutique firm.

Our broking team act as a single point of contact for clients & introducers across retail & commercial insurance.

How can you partner with Provenance?

How can professionals partner with Provenance

www.provenanceinsurance.co.uk

Part of the 9

ESTATE PLANNING SPECIAL

Trusts stand the test of time in global succession planning

By Rudi Bodenstein, Partner and Senior Trustee, Stonehage Fleming

Succession planning structures have come and gone, but trusts have stood the test of time.

They have proven to be the most robust, tax- effective and flexible vehicle for inter-generational wealth creation, enabling families to achieve their desired financial outcomes no matter how complex these may be.

of their history, depth, and breadth of wealth planning and legal expertise.

Mauritius is building its reputation as an attractive offshore trust jurisdiction.

How do they compare?

Switzerland: Switzerland has justifiably built a reputation as one of the foremost financial safe havens. The benefits of setting up a trust in this jurisdiction are that it is a country with a stable political and economic environment. The legal framework is predictable and the legal and regulatory system is well-developed, which is crucial for trusts because they usually have such long lifespans. It has a stable currency and relatively low interest rates in a global context.

Why establish an offshore trust?

For families who want to live in the sun and have their money in the shade, offshore trusts provide multi-generational, tax-neutral asset protection from political risk and emerging market volatility. They also facilitate the diversification of portfolios across currencies and access to the global investment universe and cater for the complexities of families that may span the globe.

Jersey: Jersey is a well-established and highly rated international financial centre with a strong track record in succession planning, wealth management and trusts.

Which are the best jurisdictions to consider establishing an offshore trust?

Deciding where and how to set up a trust will depend on the outcomes you want to achieve and the trust’s purpose. Jersey and Switzerland are the most popular jurisdictions because

Read in full click here

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ESTATE PLANNING SPECIAL

Do you already have your pre-immigration plan?

By Cecile Vuillier, TrustConsult Group W: www.trustconsultgroup.com/en_US/

As the United Kingdom Resident Non-Domiciled (UKRND) regime comes to an end, High-Net-Worth Individuals (HNWIs) are increasingly exploring opportunities abroad. This shift underscores the importance of comprehensive pre-immigration planning, with the establishment of a Trust emerging as a cornerstone strategy. This article explores why creating a Trust should be a top priority for HNWIs preparing for international relocation.

challenge for relocating HNWIs. Trusts can serve as powerful vehicles for optimizing tax efficiency by: • Providing structures that legally mitigate tax liabilities in both the home country and new residence • Allowing for strategic timing of distributions to beneficiaries • Facilitating tax-efficient investment strategies across multiple jurisdictions 3. Estate Planning: Cross-border estate planning is fraught with complexities due to varying inheritance laws and tax regimes. Trusts offer a solution by : • Ensuring wealth transfer according to the settlor’s wishes • Minimizing estate taxes through careful structuring • Reducing the risk of disputes among heirs • Providing a clear framework for asset distribution,

1. Asset Protection: In an everchanging global landscape, protecting wealth from potential legal claims, creditors, or political instability is paramount. Trusts offer a robust shield for assets, allowing HNWIs to maintain control while safeguarding their wealth from unforeseen risks.

By separating legal ownership from beneficial ownership, Trusts create a protective barrier that can withstand various legal challenges.

2. Tax Efficiency: Navigating the complex web of international tax regulations presents a significant

Read in full click here

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HELPING YOU THRIVE IN A CHANGING WORLD Moore Stephens in the Channel Islands has been a dedicated provider of specialist trust and corporate administration services for over 50 years.

Our independence allows us to provide a bespoke and friendly service that is tailored to the needs of each of our clients.

At Moore Stephens, our purpose is to help people thrive – our clients, our people, and the communities they live and work in. When you work with Moore Stephens, you will work with people who care deeply about your success and who have the drive and dedication to deliver results. We are passionate about helping our clients achieve their ambitions.

As members of Moore Global, a network with more than 30,000 people comprising 260 independent firms in 112 countries, we can provide an in-depth cultural and technical understanding of different markets around the world meaning our clients can benefit from a global reach and cross border expertise and advice.

www.moorestephensci.com

Contact our offices in Guernsey or Jersey to find out how we can support you.

Guernsey Dustyn Molver Client Services Director E dustyn.molver@mooreci.com T +44 (0)1481 811733

Jersey Joel Smith Client Services Director E joel.smith@mooreci.com T +44 (0)1534 600321

Moore Stephens Fiduciaries (Guernsey) Limited is regulated by the Guernsey Financial Services Commission and licensed under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020. MSTC (Jersey) Limited is regulated by the Jersey Financial Services Commission in the conduct of Jersey trust company business under the Financial Services (Jersey) Law 1998 (as amended).

Guernsey Redefine your life Guernsey has long been a destination chosen by those wanting a safe, hospitable, and stunningly beautiful environment in which to make a home.

As one recent relocator remarked, “if we’d have known how special it was, we’d have come sooner!”

gory of housing, in the post war years, was seen as a means of enabling people who did not have familial connections to make a home here and this system continues to offer opportunities for new residents and businesses today.

Locate Guernsey is a government funded agency and has the great honour of promoting Guernsey as a destination of choice for both personal and business relocation. The team deals with many enquiries, providing free and impartial guidance to clients throughout the relocation process and as they settle into island life.

Guernsey is well known as a global finance centre with an attractive tax regime. Income tax is levied at a flat rate of 20%, and residents are not subject to inheritance tax or capital gains tax. However, whilst the island might initially be considered by those who are about to sell a business, or make a significant capital gain, the warmer climate, a home by the sea in a British environment along with the superb qualify of life that the island offers, is a big draw. One of Guernsey’s selling points is the ease with which it is possible to make a home here. The creation of the island’s Open Market cate-

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To help prospective new residents understand how straightforward it can be to establish themselves in Guernsey, Locate Guernsey will be hosting the Relocate to Guernsey Show in London on Tuesday 8th October 2024.

08.10.24

ter experts, and speak with recent relocators about their personal experiences of relocating to the island.

THE SEMINARS will include an introduction to life in Guernsey, provide information about the tax benefits of relocating, an overview of the island’s education and medical systems, and also offer some useful information about Guernsey’s housing market and what to expect when buying or renting property.

THIS ONE-DAY EVENT will bring together experts and professionals to help attendees discover why they should, and how they can, move to Guernsey. The event is open to those who might be considering making a home in Guernsey, as well as private client advisers who have clients looking at potential destinations to relocate to.

FOR THOSE INVOLVED IN BUSINESS, there will be a session in the early afternoon about relocating with a business or establishing a new business in Guernsey – with speakers who have undertaken the move themselves.

DURING THE DAY attendees will be able to meet with exhibitors, listen to seminar sessions led by subject mat-

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THERE WILL ALSO BE A CULTURAL KEYNOTE from David Ummels, about his charitable initiative, Art for Guernsey.

David, who relocated to Guernsey in 2015, will explain what led him to establish Art for Guernsey, as well as talking through some of the inspiring exhibitions and projects the charity has organised since its inception (including curating the only Renoir exhibition in the world in 2023).

THE EVENT IS DESIGNED to be a relaxing and informative occasion for attendees who can drop in at any time throughout the day according to their availability. There will be the opportunity for plenty of networking, allowing attendees to speak with exhibitors, speakers and meet with other attendees. A light lunch will be served along with refreshments throughout the day.

The day will end with a networking drinks reception.

The Relocate to Guernsey Show Don’t miss out and book today 8th October '24 • London • Book here

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ESTATE PLANNING SPECIAL

A Hybrid Investment in Real Estate and Residence or Citizenship

By Thomas Scott, Group Head of Real Estate at Henley & Partners W: www.henleyglobal.com

Real estate serves as a fundamental means of creating and preserving wealth, making it an excellent investment choice. Through real estate-linked investment migration, investors can obtain property along with an alternative residence or citizenship, thereby broadening their global access. Investment migration has become an essential portfolio and domicile diversification strategy for high-net-worth individuals, offering entry to top global wealth centers and allowing for asset diversification to manage risks and capitalize on opportunities.

Malta, and Spain have residence or citizenship options, offering distinctive property and lifestyle benefits that attract wealthy investors globally as in addition to their real estate asset they and their families acquire the right to live, work, study, and retire in a new country.

Beyond financial rewards, these investment destinations also facilitate expanded visa-free access to international centers of influence while promising capital appreciation, business benefits, and a higher quality of life through distinct lifestyle, education, and healthcare advantages.

In an uncertain world investing in real estate in dynamic markets can provide stability and growth potential as well as a passport to global opportunities.

Property as a passport to the world The average value of luxury residential property has been rising, and while the likes of Monaco, New York, and London top the World’s Most Expensive Cities list when it comes to prime real estate, emerging markets present enticing prospects for those seeking portfolio optimization and robust returns for luxury property that is more easily accessible.

Countries such as Antigua and Barbuda, Grenada, Costa Rica, Greece,

Enjoy yearlong returns in the Caribbean With its turquoise ...

Read in full click here

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ESTATE PLANNING SPECIAL

To Gift or not To Gift – the importance of considering Capital Gains Tax in Estate Planning

By Benedict Jennings, Payne Hicks Beach W: www.phb.co.uk

Capital Gains Tax (CGT) is once again firmly in the headlines and will be until Budget Day on 30 October. It is important to remember that CGT is a relatively recent tax and has been subject to various changes since its introduction in Finance Act 1965, and its subsequent consolidation in the Taxation of Chargeable Gains Act 1992.

Once again, in 2010 a Conservative Chancellor, in George Osborne, raised the CGT rates for higher rate taxpayers to 28% although he did then reduce this to 20% in 2016 for all gains bar residential property and carried interest. Jeremy Hunt in his 2024 spring budget famously reduced the rates for residential property from 28% to 24% for higher earners or gains accruing on or after 6 April 2024.

To give a brief history lesson, from 6 April 1965 to 5 April 1977, CGT was levied at a flat rate of 30%, there was then a brief hiatus with an introduction of a tiered system until 6 April 1980 when the 30% tax rate was reintroduced with an annual exempt amount until 5 April 1988.

So, we are presently left with a somewhat convoluted system with various rates, bands, and allowances.

In many ways a simplification would be welcome.

The media speculation that Labour plans to raise CGT in October whilst perhaps at this time is conjecture is not without rationale. Indeed, for the past few years it has appeared as a likely possibility in every budget under recent Conservative governments, so it is in many ways unsurprising

Perhaps most interestingly in the relatively short history of CGT, from 6 April 1988, Nigel Lawson, the radical Conservative Chancellor who ushered in a sea of fiscal changes which brought about a strong period of growth in this country, aligned CGT rates with income tax rates. It was not until Alastair Darling in 2008 when the flat rate was reintroduced (at 18%).

Read in full click here

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Dubai •Thursday 7 November • Park Hyatt Dubai

Review of PCD Club Dubai Networking Dinner 2023 18

Jennie Ekedahl, Managing Director at Hawksford

Hawksford is delighted to be the Gold Sponsor

“We’re delighted to be the Gold sponsors of the PCD Club networking dinner event in Dubai this November. We will be out there with our team to

What are the latest trend for clients in the Middle East?

reinforce relationships with existing contacts, meet key intermediaries in the region and explore business opporunities together. We’re looking forward to a great event!”

To learn more about Hawksford’s

Which of the markets in the GCC do you have clients in?

Private Client solutions and how they can support you, visit www. hawksford.com/private-clientservices

Join the waitlist - tickets@pcd.club

19

IMMIGRATION RULES ON SUITABILITY

Guilty! Can Donald Trump still visit the UK?

By Katie Newbury, Partner, Kingsley Napley W: www.menziesaviation.com

In October 2020, the Government announced significant changes to the Immigration Rules on suitability and when someone could be refused entry to the UK on the basis of criminality.

basis. When we looked at this in 2017, we looked at whether he would meet the good character test which forms part of such a registration application.

Meeting this test would be further complicated now with a criminal conviction.

In a detailed statement which announced the changes, the following was written in respect of the proposed suitability changes:

For the purposes of this blog, we are going to forget about any potential claims to British nationality and instead look at the difficulties Trump may now face coming to the UK as a visitor. We will be examining this on the basis that Trump is no longer President and would likely be travelling to the UK as a private citizen (perhaps to attend one of his golf courses), rather than on official state business.

“The new rules also reflect the policy intention for decision-making to be tougher at the border in relation to visitors and those entering the UK for the first time.”

At the time this was being announced, the US was bracing for their 2020 election and it is unlikely the UK Government could foresee that within just four short years, such new rules might find themselves applying to the then President of the United States.

Consideration of the impact of criminal convictions on travel to the UK is particularly relevant given the anticipated roll out of...

As we explored in another blog, shortly after his 2016 electoral victory, Donald Trump has British ancestry through his mother and could apply to register as a British Citizen on that

Read in full click here

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C A N A D A : A TAX- E F F I C I E N T O PT I O N F O R W E A LT H Y U K N O N - D O M S

Is Canada an Option for UK Non-Doms?

By Jonathan Garbutt, Barrister and Solicitor at Dominion Tax Law W: Jonathan.Garbutt@DominionTaxLaw.com

Canada is a diverse, multi-ethnic democracy that is safe both physically and from an overall crime

The five core tax-saving mechanisms in Canada that are relevant to wealthy UK non-doms are: (1) stepped-up assets on immigration; (2) no estate tax; (3) capital distributions from granny trusts are not taxable; (4) non-taxation of non-Canadian active business income; and (5) the ability to shield passive income with life insurance.

perspective.

The process of obtaining a visa, then permanent residence and then a passport is relatively easy for wealthy individuals. However, UK non-doms (many of whom are now perhaps considering their options) may not immediately think of Canada as a potential alternative due to our relatively high tax rates on income and capital gains. While Canada’s tax regime may create barriers to building wealth, it is very tax-efficient for those who arrive in Canada already wealthy.

Indeed, Henley’s, a law firm focused on immigration for High-Net Worth individuals and families, projects that 4200 individuals with assets over US$1m will move to Canada in 2024, putting it fourth on their list behind the UAE, USA and Singapore.

(1) Assets are Stepped-Up on Immigration When an individual immigrates to Canada, their worldwide assets receive a “step-up” to fair market value (“FMV”). Consequently, any asset gains from the time of acquisition up to the individual’s immigration to Canada are not taxable in Canada.

Worldwide assets are only taxable in Canada based on the increase of the asset’s FMV while the individual is a tax resident in Canada.

With the right planning, a non-dom family moving to Canada could pay less tax in Canada on their worldwide assets and income than when they were in the UK.

Read in full click here

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RIYADH 2024

HNW Advisor Riyadh 2024 Tuesday 12 November

Hyatt Regency Olaya

Sponsored by

Hourani & Partners

Black Brick Property Solutions

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Collas Crill

EER Middle East

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Sophós Advisors

Trident Trust

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Withersworldwide

Jellyfish Consulting

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www.hnwadvisorevents.com/riyadh

RIYADH 2024

A look at last year’s event...

HNW Advisor was delighted to host our inaugural event in Riyadh in November 2023. The event brought together leading private wealth professionals from Saudi Arabia and across the globe, to share their expertise and establish connections that can help them explore opportunities in KSA and abroad for mutual benefit.

Ahead of the dinner delegates attended a discussion on Succession and Governance chaired by Sunita Singh-Dalal of Hourani & Partners with a focus on wealth transfer down the generations in a family business & private wealth context. This included a discussion on the structuring of domestic & international investments and governance strategies.

A concurrent panel chaired by David Bell focused on inbound investment trends into the KSA economy and outbound investment opportunities to the UK, US and global markets.

We will be back in Riyadh with an event on Tuesday, November 12, with the partners listed on the page opposite. A limited number of tables of 10 will be for sale at the event for 3,000 GBP, which will be attended by over 120 guests. We are looking forward to building on the success of the 2023 event and helping our members capitalise on the opportunity to work with clients and advisors in the Kingdom.

For more information on our 2024 event, email events@hnwadvisor.com 23

Craig adds quarter of a century of experience to Praxis’ yacht services team Independent private wealth and corporate services group Praxis has appointed yacht ownership specialist Craig Allen to a newly created role in its growing yacht services division. As Head of Yacht Ownership, Craig will leverage 25 years of experience in offshore wealth management, including a decade focused on yacht ownership.

By Craig Allen, Head of Yacht Ownership at Praxis Learn more click here

Yacht team expands its superyacht services with Praxis Select Hot on the heels of rolling out its new Safety Management System for yacht and superyacht owners, independent professional services group Praxis has launched a new suite of solutions for yacht ownership, management and crew services.

By Bruce Maltwood, Yacht Services Director at Praxis Learn more click here

Praxis shortlisted for Trust Company of the Year in prestigious STEP Awards

Independent professional services group Praxis has been shortlisted in the annual STEP Private Client Awards 2024 in the ‘Trust Company of the Year – Large Firm’ category.

The STEP Private Client Awards are highly regarded within the industry, recognising excellence and innovation among private client lawyers, accountants, barristers, bankers, trust managers, and financial advisers across 28 countries.

By John Medina, Group Head of Private Learn more click here Wealth, and Director at Praxis New MD James Wiseman to lead strategic growth at Praxis Guernsey

Praxis has announced the appointment of James Wiseman as the new Managing Director of its Guernsey private wealth and corporate services division. The move underscores Praxis’ commitment to the strategic importance and ongoing growth of the Group’s Guernsey operation.

By James Wisemen, Managing Director at Praxis Learn more click here

Golden visa advantages: The UAE’s strategic move to attract HNW professionals and investors

The United Arab Emirates’s (UAE) impressive upward trajectory continues, with the region attracting an increasing number of ultra- and high-net-worth individuals. In this article, Nathan Taylor, an Associate Director in our Dubai office, looks at why the region is so popular.

By Nathan Taylor, Associate Director at Praxis Learn more click here

TCI’S RISING STATUS AS A GLOBAL FINANCE HUB

Financial Potential in the Turks and Caicos Islands: An Interview with Paul Pirie, CEO of TCI Finance

By Paul Pirie | CEO | TCI Finance W: tcifinance.tc

What is TCI Finance?

TCI Finance is a non-profit organisation, created in partnership with the government and private sector of the Turks and Caicos Islands (TCI). Our mission is to promote and elevate the Financial Services industry, transforming TCI into a leading international finance centre.

We provide crucial support, information, and incentives to attract new and existing businesses, helping them invest in our financial sector and make a meaningful impact on the community.

USD economy, and robust legal framework under UK law. This stability is reflected in our recent credit rating reconfirmed as BBB+ with the outlook upgraded from stable to positive.

What Makes TCI Ideal for Wealth Structuring?

Wealth structuring in TCI is built on a solid foundation of legally enforceable vehicles like Trusts and Private Funds.

Known for its exceptionally high-end tourism, TCI offers a discreet and under-the-radar environment for financial planning, ideal for clients seeking privacy and personalised service in a stable, yet low-profile jurisdiction.

What’s Next for TCI Finance?

2024 is a pivotal year for us. We’re focused on two main fronts: marketing TCI as a premier international financial centre, particularly to top intermediaries in key markets, and fine-tuning our financial environment.

Why Choose TCI for Financial Services?

TCI offers a unique blend of business opportunities and an unparalleled lifestyle. Unlike many financial centres, we emphasise personalised service, responsiveness, and integrity, ensuring every client is treated as an individual.

In a world of political uncertainty, TCI stands out with its stable government,

Read in full click here

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Members & Guests Rachel Sutton, Cazenove Capital

Melissa LaVenia, Moore Doeren Mayhew

Adam Carvalho, Myerson

Martin Buzzac

Summer S Paul Bricknell, Kuits Solicitors

#JOINT

Emma Holland, Stewarts Law

n Scullion, cott

Brent Thomas, Cavendish Trust

Jersey Reception Drinks

Yousafa Hazara, Irwin Mitchell

Splash 2024

THECLUB

Bi-ki Wong, Myerson

Elizabeth Epifanio, RBC Wealth Management

ADVERTISING OPPORTUNITIES Grab the opportunity to reach a global audience of over 15k HNW advisors. Showcase your brand in the PCD Group digital magazine, newsletter, website, and social media channels.

From £250 Single + vat Page Advert

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Choose a prime advertising space to reach a highly-targeted audience. Select your preferred spot, send us your own artwork, or let our expert in-house team design a standout ad for you.

Secure a double-page spread, ad, or article space to connect with your ideal audience. Send your artwork, or let our in-house team create a standout design for you.

Feature Article

Would you like to feature in the next issue? Coming out December 2024!

£1500 + vat

Feature your article as the centerpiece of our magazine. Submit your content, and our team will create a standout design with no page limit.

Email magazine@pcd.group

Meet our Members What do you do for your company?

“I am one of the tax directors in the private client group at Moore Kingston Smith. This means that I’m responsible for a portfolio of clients comprising of individuals, families and trusts, and who usually have complex tax affairs and need advice on a regular basis.”

By Katy Shaw, Tax Director, Moore Kingston Smith Read in full click here

What do you do for your company?

“I am the service line head Partner for Private Client services within Menzies, specialising in providing personalised tax support for High Net Worth clients. As part of my varied role, my team and I focus on providing international tax services, UK and offshore trust planning, succession and IHT support and probate.”

By Craig Hughes, Private Client Partner, Menzies LLP Read in full click here

What do you do for your company?

“I lead the Wealth Planning team, where we cater to the full spectrum of traditional private client needs of individuals.

Our services range from drafting Wills and setting up Lasting Powers of Attorney to administering estates and executing complex tax planning.”

By Karen Methold, Partner, Rooks Rider Solicitors Read in full click here

Executive Highlights: Leadership, Global Mobility and Wealth Expertise

Stay updated with key developments in wealth management. Covering shifts in leadership, global passport rankings, and private wealth growth in key markets.

Highvern Names Country Head and Head of Private Wealth in Guernsey HIGHVERN, a global provider of private wealth, corporate, and fund administration services, has appointed Kerrie Le Tissier as Country Head and Francoise Bougourd as Head of Private Wealth in its Guernsey office.

By Kerrie Le Tissier, Francoise Bougourd & Jenni Hartley Read more

Singapore Recrowned Most Powerful Passport in the World Singapore breaks away from the peloton of six countries that shared the top spot on the Henley Passport Index as we entered the new year, reclaiming its title as the world’s most powerful passport in the latest ranking published today. The city-state also sets a new record score, with its citizens now enjoying access to 195 travel destinations out of 227 around the world visa-free.

By Sarah Nicklin, Group Head of Public Relations, Henleyglobal Read more

Trowers & Hamlins - New Senior Associate in Dubai Rebecca is a Senior Associate at Trowers & Hamlins and is part of the International Private Wealth team based in the firm’s Dubai office. She has joined the Dubai office with over a decade of experience in Private Wealth and will now be providing on-the-ground expertise to HNW and UHNW clients in Dubai and the greater region.

By Rebecca Goldring, Senior Associate, Trowers & Hamlins Read more

NETWORKING: WHY?

What Is Networking and Why Does It Matter?

By Jeremy Cline | Executive and Career Coach | Change Work Life E: Jeremy@changeworklife.com W: changeworklife.com/career-progression-coaching

I used to hate networking.

connections where you support, inspire and help each other grow in your careers.

Who am I supposed to talk to? Why will anyone want to speak to me? What am I meant to say? How am I meant to get new clients here? These were my thoughts before an event.

More than new clients Networking can significantly benefit your professional journey beyond acquiring new clients.

• Don’t know how to do something?

Someone in your network does.

• Want a recommendation for a referral? Ask your network.

• Who’s more likely to offer you a work opportunity? Someone who already knows, likes and trusts you.

Twenty years’ experience later, I’m much more comfortable with what I’m doing, why I’m doing it and how it works.

This is the first in a series of articles which will arm you with tips and strategies to get the most out of networking and business development, starting with first principles: what is networking and why is it important?

Your network can seriously enhance your promotion and career advancement prospects.

Be authentic, be curious, have fun Two themes will run through this series:

Building relationships, not acquiring business cards Networking goes beyond exchanging business cards or adding someone on LinkedIn. It’s about building meaningful relationships that provide mutual benefits over time.

Read in full click here

True networking is creating a web of 31

Bradley Gabriel, Edwin Coe LLP

NEXTGEN NextGen Drinks Reception

Olivia Hardwick, Cazenove Capital

Chris Lloyd, Enness Global

Henry Wood, SPF Private Clients

Daniel Dronsfield, EER Middle East

La’Tisha Thompson, Goodman Jones LLP

Bounce | 26 June 2024