Number 33

21 Meet the Team with Christina Okoli

22 Jersey and Guernsey to delay public access to beneficial ownership records following ruling by the Court of Justice of the European Union by Natalie Fortuna at Ogier

MIDDLE EAST HALF DAY CONFERENCE

DATE: WEDNESDAY 22 MARCH 2023

VENUE: ICAEW, LONDON EC2R 6EA

KINDLY SPONSORED BY

UP-TO-DATE LIST OF SPEAKERS CLICK HERE

Family Offices and Private Trust Companies: Injecting Freedom into the Trust Structure

By Matthew Howson, Counsel at Harneys (BVI & Cayman Private Client and Trusts)

E: matthew.howson@harneys.com

Although the last few years has shown continued growth globally for Caribbean succession structures generally, we have seen particular interest from family offices for Private Trust Companies (PTCs). All three of the British Virgin Islands, Cayman Islands and Bermuda offer them, but why the growth of interest?

We see it primarily as a sign of a growing confidence and knowledge among settlors, particularly as against five years ago (which have been years of extensive education in growing civil law jurisdictions). Settlors from jurisdictions newer to trusts are learning:

• to trust professional trustees, meaning we hear fewer questions like “what if they run off with the money?”; but on the other hand

• what they are comfortable with, meaning a familiar corporate entity like a PTC is often seen as attractive to top a trust structure; and

• how structures can be adapted

round their circumstances, meaning more bespoke tailoring and discussion, and fewer cookie cutter requests.

A PTC puts the family at the heart of the structure rather than an institutional third party trustee. It also means that the family will not feel frustrated at a trustee’s (perceived) brake on entrepreneurship or on the holding of more high risk-assets.

Why the PTC form

How is a PTC different to any other company? Obviously, the exact form of the PTC will vary between

How to Implement an Effective Impact Strategy

By Diane Seymour-Williams, Partner | Acorn Capital Advisers

E: diane.seymourwilliams@acorncapitaladvisers.com

Impact investing is an increasingly hot topic for families and investors looking to see both a financial return as well as delivering positive change for the environment and society. With ESG becoming mainstream, we are observing client driven trends towards creating measurable positive changes. Whilst it's encouraging to see these changes in the market, they are potentially challenging and confusing for investors to look at returns through a different lens.

At Acorn Capital Advisers we advise families on how to decide which environmental and societal challenges to focus their impact on and notice the next generation having an increasingly strong voice at this table. When a family agrees on the kind of impact they want to make, this is the beginning and not the end: the implementation of an effective impact strategy requires vision, conviction and careful attention to detail.

Here we aim to demystify and help investors to understand how to create impact with their wealth, strategically, and address some of the questions that impact investors face on the journey to implement their goal of targeted solutions to global challenges.

Where can you find impact opportunities?:

Impact investments can be found in bonds, listed equities, funds and private markets. This makes it difficult to decide whether to incorporate impact investments into existing allocations –for example adding green bonds within a bond allocation – or to dedicate a ‘sleeve’ of wealth exclusively to impact investing. As the chart below shows, there are many opportunities to create impact from investing in specifically themed funds, such as innovative healthcare solutions, through to venture philanthropy, where an

Maltese Pension Plans Under the Malta/US Income Tax Treaty

By Gregory Dean, US Tax Advisor | US Tax and Financial | W: www.ustaxfs.com

Over the past decade, pension plans have been established and licensed in Malta with particular consideration given to US taxpayers. A number of these plans were designed to accept “rollovers” from foreign pensions plans owned by US persons - most notably from UK pension plans - combining the tax deferral benefits of a Qualifying Recognised Overseas Pension Scheme (QROPS) for UK tax purposes and the perceived US tax deferral benefits of a Malta pension.

dent of a Contracting State’ includes … a pension fund established in that State … notwithstanding that all or part of its income or gains may be exempt from tax under the domestic law of that State.” It further provides that a pension fund established in Malta must be “a licensed fund” which is “operated principally … to administer or provide pension or retirement benefits.”

The catalyst for these plans is the Malta/US Income Tax Treaty (effective in 2011) which addresses double tax and primary taxation rights of the two Contracting States. The definition of a “pension fund” in this Treaty is broader than in most other US treaties, with it simply stating that “the term ‘resi-

The Treaty adds that “Pensions and other similar remuneration beneficially owned by a resident of a Contracting State shall be taxable only in that State,” and adds that “Notwithstanding … the amount of any such pension or remuneration arising in a Contracting State that, when received, would be exempt from taxation in that State if the beneficial owner were a resident thereof shall be exempt from taxation in the Contracting State of which the beneficial owner is a resident.” This tax treatment is further confirmed in

Cyprus, Your Safe Port in the Mediterranean

By Christina Economou, Business Development Director | Trident Trust E: ceconomou@tridenttrust.com

Cyprus’s warm climate, high quality of life, good schools and housing stock, entrepreneurial environment and range of tax incentives have long made it a popular destination for business executives, entrepreneurs, remote workers, investors and retirees looking to relocate.

While every relocation has its complexities, people moving to Cyprus are pleasantly surprised by the ease of the process.

And since English is widely spoken on the island and used in every aspect of society, they do not have to break the language barrier.

The quality of education in Cyprus is high too. There are international and private schools which offer excellent education programmes, and the island has more than 10 universities, most of which have English-taught courses. As part of our relocation concierge service, we have helped our clients arrange meetings with local schools to find the best solution for each client’s children.

The advantages of living in Cyprus

The feedback we receive from the clients we have helped relocate to Cyprus is that they really enjoy living there.

As one of the world’s safest countries with a very low crime rate, it is an ideal place for families with young children.

In addition to that, our clients enjoy the many opportunities for an active outdoor lifestyle: stunning mountain hikes all year long, skiing in winter months in the Troodos Mountains, water sports and plenty of beautiful beaches to choose from for a lazy day out by the sea.

They also appreciate the high

In December, David met with Patrick Ryan & Sam Faulkner to find out more about SIRE Capital Partners, which is a new business that Patrick and Sam have just launched providing real assets brokerage and advisory services.

David had known Patrick for many years in the Real Estate sector. SIRE Capital Partners is an expansion and rebrand of SIRE Properties, a UK asset management and brokerage firm established in 2015.

Patrick and Sam are two likeable Kiwis seeking to make waves in the real estate advisory market. SIRE Capital Partners are poised to deliver solutions to developers, operators, and asset owners, who are seeking confidential and professional advice.

SAM

PATRICK

David Bell speaks with Patrick Ryan about the new business setup and some of the latest trends in the real estate sector:

David Bell speaks with Sam Faulkner about the capital advisory and brokerage industry and the important considerations that developers and asset owners should make when looking to secure new financing:

Our Dubai dinner has been popular over time and built out a base of supporters both in the UAE and those who look forward to travelling every November. Dubai is the key professional services hub for the Middle East region, so has international law firms, banks and trustees advising clients not only in the UAE but key wealth markets of Saudi Arabia, Qatar & Kuwait.

The Dubai International Finance Centre (DIFC) is experiencing strong growth at the moment with foreign firms relocating into the district to benefit from its credibility, expertise and reputation. There has been innovation in the legal system facilitating growth to make it easier for those moving to Dubai - residency options have become available allowing foreign workers to become more secure and established locally. Previously your residency sta-

tus was contingent on employment and so retirement options were not available. There have also been updates to family & testamentary laws, that allow non Muslims to have ‘no fault’ divorces and register wills which creates legal certainty for the inheritance of an individual’s assets after death and the appointment of guardians for their children.

There have also been developments in wealth structuring options in the UAE with new foundation law, creating opportunities for advisors to administer local assets and create governance strategies for international investments in partnership with advisors in London, Channel Islands, Isle of Man, Switzerland or elsewhere.

Why is Dubai so attractive for private wealth advisors?

Boom in the Economy

Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, has set out a £7 trillion plan to double foreign trade and investment over the next decade, making Dubai one of the world’s top four financial centres.

Connectivity to Saudi Arabia & Qatar

Many of the clients of the region's economic powerhouses are advised from Dubai. Saudi Arabia is embarking on a £4 trillion programme to diversify the economy and generate growth in the post-oil era. For Qatar, which has the third-largest reserves of natural gas in the world, the driver of growth is the record gas price. High oil and gas prices mean Gulf states will reap up to £1.1 trillion in additional revenues in the next four years, IMF data shows.

Global Instability

Dubai is the beneficiary of global political instability. In times of crisis, the Arab Spring, Covid, Dubai becomes a safe haven for investors because

it offers security and stability, as well as great weather, schools, healthcare, leisure and entertainment.

Politically Neutral

The UAE has adopted an economically-convenient position of neutrality on war in Ukraine. Expats enraged by anti-Covid lockdowns and restrictions on political freedom are swapping the tropical climes of Hong Kong and Singapore for Dubai’s desert heat.

Indian Diaspora

Indians are putting down roots, thanks to an attractive new long-term residency programme. New arrivals get a three-month visa and those who invest in a local business or property can qualify for a ten-year visa. “The best place in India is Dubai,” many joke.

Business Friendly

To add to Dubai’s traditional strength — a stable currency linked to the dollar, no income tax, low VAT and low corporation tax — Sheikh Mohammed has introduced social reforms to make the emirate friendly to foreigners. Goldman Sachs, JP Morgan, Citigroup, Société Générale and Bank of America have moved hundreds of employees to Dubai.

Advising the next generation on impact through philanthropy

By Mark Greer, Managing Director for Philanthropy Services | Charities Aid Foundation W: www.cafonline.org

Over the next two decades, an estimated £5.5trn wealth is expected to pass from baby-boomers to millennials as part of “The Great Wealth Transfer”. As they come into money in their twenties and thirties, those from this ‘next generation’, are driving major change in the philanthropy sector.

to previous generations, professional advisers need to respond to changing requirements and expectations from their clients.

Next generation donors are embracing “giving while living” and have a longer-term outlook than their predecessors. They tend to focus on results and achieving impact, striving to see the how their philanthropy effects change in their lifetime. In some cases, they can be more hands on, using their time, talent and in some cases influence, to champion causes, rather than giving purely in monetary terms.

As wealth increasingly passes to demographic groups with different perspectives, priorities and motivations

The impact generation are committed and aspire to do more but can struggle to engage due to overload or competing priorities on their finances. They could therefore benefit from trusted, expert advice to make the most of their giving. However, while 80% of advisers make it a practice to ask their clients about their interest in charitable giving, only 45% of HNWIs (high-net-worth individuals) are fully satisfied with those conversations. Our guide to Advising the Impact Generation provides private client advisers with the resources needed to discuss an informed, impact-led approach to charitable giving.

Meet our Members: Sam Eves

yers and investment managers.

What do you love most about your role?

What do you do for Abacus Trust Group?

I work alongside clients to establish and manage a wide range of complex, multi-jurisdictional trust and corporate structures. Our clients are sophisticated and discerning and it is my job to make sure our service levels consistently meet their expectations. Abacus works hard to create personal, pro-active relationships with our directors taking the lead and we are supported by a well-qualified and experienced service team that I oversee. I also work very closely with other professional consultants including tax advisers, law-

I love the variety. My client base is international and I enjoy being able to meet with them to understand the needs of their businesses and their families. Sometimes the focus is on preservation of wealth for inheritance purposes, including the holding of assets, wealth management and investment performance while for others the priority is their day-to-day business activities and administrative needs. We may have initially connected with a client to assist with trust and corporate structuring but as our relationship with successive generations has matured our services evolve.

What are your client’s priorities?

Receiving a first-class service. Without exception our clients appreciate the benefits of Abacus being independently owned as we have no affiliation to any particular bank or adviser.

Meet our Members: Anna Josse

whereby a lead donor can raise money for a cause from a number of donors. We are unique in the market in terms of our model, our target market, our ethos and our entrepreneurial flair and spirit that runs throughout the organisation.

How can one maximise my giving with a DAF?

What do you do at Prism the Gift Fund (Prism)?

I am Founder and CEO of Prism the Gift Fund (Prism). Prism is a UK registered charity and Donor Advised Fund (DAF) administering the charitable giving of HNW individuals, groups, foundations and corporates, giving significantly to causes all over the world. DAFs are a time, cost, and tax effective alternative to setting up one’s own grant making foundation. Making donations around the world can be complex, time consuming and requires expertise in due diligence, governance and compliance. We also run Collective Funds

With Prism, donors can donate a variety of assets to their DAF which each have their own associated tax relief for qualifying individuals including cash, shares, property and land, cryptocurrency, and legacy giving. These assets are listed on our website with a calculator to help advisers and individuals calculate the tax relief which would be available to them depending on their tax circumstances. Donations of cash come with the best-known UK charitable tax relief: Gift Aid. For donations eligible for Gift Aid, Prism claims an additional 25% of the donation from HMRC, topping up the balance of the DAF. Higher rate taxpayers may be eligible to claim back a further 25%

Meet our Members: Susanne Batchelor

I have worked at Brodies for over 15 years so I definitely love my role. In particular, I love supporting and mentoring colleagues. It is so rewarding watching talented colleagues develop in their career, being promoted and ultimately becoming partners in the firm.

What has been your greatest achievement?

Balancing the demands of being a partner in the top law firm in Scotland with being a wife and a mother to a young child. It is a constant challenge – but extremely rewarding.

What do you do for Brodies?

I am a partner in the personal and family team based in the Edinburgh office. I lead one of the largest private client teams in Scotland providing estate planning advice for a whole variety of individuals with a particular emphasis on high-net-worth clients. This includes wills and powers of attorney, tax planning, setting up trusts and other entities, personal injury trusts, charitable trusts and adults with incapacity work.

What do you love most about your role?

How has your business adapted in light of COVID-19?

The culmination of the past two years has enabled us to embrace a new way of working, with work being the thing you do, not the place you go. We have implemented our smart working policy, which focuses on flexibility and ensuring that wherever we work from, we are at our most effective and productive. That approach is underpinned by several factors - meeting the

Meet our Members: Jemma Garside

the Court because of malpractice. I am often called upon to advise in respect of welfare issues such as funding for care and residence. I have also recently dealt with a number of cross-border matters where family members have asked for their loved one to be moved abroad and authorisation has been required from the Court of Protection.

What do you love most about your role?

What do you do for Kingsley Napley?

I am a Senior Associate in the Private Client team. I specialise in assisting those who lack the mental capacity to make decisions in respect of their welfare or financial affairs and who fall under the jurisdiction of the Court of Protection. I assist two Partners who act as Professional Deputies for a number of high net worth individuals that lack the capacity to manage their finances. There are often a number of complex issues to unravel, particularly where the person involved is elderly or where their attorney has had to be replaced by

I love getting to know my clients and their families. Sometimes you do not need to do a great deal of work to assist them but they are often so grateful because it can make a big difference to their lives. I enjoy it when clients’ send pictures of their holidays or at family events because then you really see that they are happy and enjoying their lives, in spite of the challenges they face. This is often when you realise that the work you have done has really made a difference. I am also very lucky to work for a great firm that cares for its employees, I am part of a close-knit team and we all support each other in our roles.

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The PCD Club member survey is live and we would appreciate your feedback.

Meet the Team: Christina Okoli -

Content Creation Expert

What aspect of your role do you enjoy the most?

The most exciting part of my role is seeing how fast our clients’ businesses grow and become more visible as a result of the content and strategies that we help them implement in their business.

What is the best vacation you’ve been on?

Where are you from?

It’s complicated! I was born in Nottingham, England, and spent the formative years of my childhood in Enugu, Nigeria. Today, I spend a great deal of time in both countries, but when I’m in the UK, I feel Nigerian. When I’m in Nigeria, I feel British.

What’s your role at PCD and where are you based?

I’ve been helping PCD with editorial content generation for the last couple of years and recently came on board to build content marketing and distribution strategies for clients via PCD Media. I’m based in London.

Trekking along the Great Rift Valley from Kenya into Tanzania was fascinating: I laughed, cried and sweated through some of the most beautiful landscapes on earth.

If I could do another job for a day?

I’d be a tree surgeon. I see myself flying around the world tending to the oldest trees on the planet, making sure they’re okay.

Motto or mantra?

“The credit belongs to the man, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again,

Jersey and Guernsey to delay public access to beneficial ownership records following ruling by the Court of Justice of the European Union

By Natalia Fortuna, Associate (Private Wealth) | Ogier w: www.ogier.com

The European Union has adopted various anti-money laundering directives in recent years.

The Fourth Anti-Money Laundering Directive requires member states to implement central registers of beneficial owners of companies, and certain other entities. Pursuant to the Fifth Anti-Money Laundering Directive, each EU member state must make the information stored on its central register publicly accessible.

In consequence of these directives, Luxembourg has, since 2019, maintained a register of beneficial ownership with unrestricted public access.

Actions were brought in the Luxembourg District Court, on the basis that this level of unlimited access to personal information endangered the privacy of the respective beneficial owners. The Luxembourg District Court referred this case to the Court of Justice of the European Union for preliminary ruling.

Ruling by the Court of Justice of the European Union on public registers of beneficial ownership.

Further to the proceedings filed in Luxembourg, the Court of Justice of the European Union (CJEU) provided its judgment on 22 November 2022 with respect to the interpretation of the Anti-Money Laundering Directives in view of an individual’s right to privacy enshrined in the Charter of

Share your expertise and connect with prospects with leading-edge video and content marketing.

If you’re ready to accelerate the growth and visibility of your business, without the high cost and time burden of creating con tent on your own, allow PCD Media to be your content creation partner.

PCD Media is an innovative content marketing agency that caters specifically to the unique needs of the private wealth sector.

We built PCD into the leading global networking brand for private wealth professionals using the very content marketing strategies that we will help you apply in your business.

Our mission is to apply the fire-power of our vast, global network to our members and their businesses to help them become recognised leaders in their sectors.

WE CREATED PCD MEDIA FOR THREE KEY REASONS:

1

We find that generalist marketing agencies lack understanding of the private wealth sector and its clients. Therefore, they produce content that often misses the mark.

2

Creative professionals that understand the private wealth sector often lack or don’t have comparable access to the professional advisors HNW community. Therefore, they produce content that your target audience will never see.

3

Agencies and creative professionals are charging up to five figures for a single video, regardless of whether the content delivers any ROI or not!

AT PCD MEDIA, WE BELIEVE THAT PRIVATE WEALTH PROFESSIONALS DESERVE A BETTER DEAL:

We give you high-quality content, delivered faster than any other agency in the market. And we have the network to ensure that your ideal audience hears what you have to say.

Our team has combined private wealth industry experience of 40+ years which means we can help you to shape your message into impactful content that you can share and repurpose across social and digital media platforms.

BY WORKING WITH PCD MEDIA, YOU BENEFIT FROM:

A suite of high-impact video marketing and written content for your business.

Access to PCD’s vast network of HNW experts and potential collaborators.

The unique opportunity to showcase your content across our global private wealth network.

Working with our creative marketing team with extensive 40+ years of the private wealth sector experience.

The Power of

Revolutions have a way of creeping up on us. There was a time, not so long ago, when companies across our sector were debating whether they should or should not have a website. Time quickly put paid to that debate, and companies that failed to keep up, have since fallen off the map. Today, a website is a given.

In our industry, a similar conversation is now being had about video. However, while companies debate the pros and cons of adding video to their content marketing strategies, the revolution is already underway. 82% of all content consumed on the internet is done via video. According to Forbes, companies that use video in their marketing grow 49% faster, year on year, than companies that do not use video.

Within private wealth, we know that clients are significantly more likely to consume content in video form and companies across the industry are jostling for position. Video not only significantly increases the rate at which a

prospect responds to a call to action, it allows experts to build rapport with an audience in a way that no other medium can achieve.

From the client’s perspective, video is simply easier and more engaging to consume; your message will reach your audiences further, wider, faster. And the likes of Google know this. Social and search algorithms are 70% more likely to feature your business at the top of search results if there is video on your website or social media post.

Video content on social media generates 1200% more shares than the typical combination image/text post. On LinkedIn, users are 20x more likely to share video content than other formats.

Paul Welch Sire Capital Partners

Paul Welch - founder of millionplus. com and largemortgageloans.comgenerated compelling high impact content in order to share knowledge directly with the high-net worth community.

I recorded a number of interviews with David and the PCD Media team in London, Guernsey & Miami in Autumn 2023. The team were highly organised and professional, delivering a polished package of branded interviews that helped the profile of my business online. I would recommend them.

Paul Welch | largemortgageloans.com & millionplus.com

Sire Capital Partners - a newly launched boutique real assets brokerage and advisory firm in the UK – boosted their visibility with a video series shared across LinkedIn.

We engaged PCD Media to create some video content around our new business launch. The PCD Media team helped us plan and produce high quality interviews & case studies to illustrate where we add value to customers.

David and the team took care of all the details and delivered on time and on budget. We were very happy with the result.

Patrick Ryan | Sire Capital Partners

Within PCD many of our members are already harvesting the benefits of video content marketing and boosting the visibility of their brands.

When we asked them why, the responses fell into three categories:

Lack of resource/budget

Lack of ideas

Lack of know-how

In a recent PCD Group Poll, 42% of respondents said lack of know-how and a further 32% said lack of ideas were the major reasons for not making more video content. This indicates that 74% of our contacts completing the survey were interested in making video but needed input from a trusted third party to bring to life.

While creating video requires much less time, resource or know-how than many may think, there is valid concern about the reputational risks associated with doing video badly. We created PCD Media to help companies across our industry navigate and prosper in this new world in which we know more than 80% of content on the internet is consumed via video, and where clients, prospects and platforms will reward you for getting in front of a camera and connecting with them.

While many companies in private wealth are using video to reach prospects and clients at a pace we’ve barely seen since the launch of the internet itself, still too many companies in our sector are sitting on the side-lines.

If you’re ready to explore the potential of video to reach more clients and grow your business, we’ve put together a list of the key considerations you should be making to ensure you don’t compromise on quality:

1 IF YOU’RE GOING TO INVEST IN ANYTHING, INVEST IN THIS…

Many new video creators prioritise the visual quality of the video over all else, but high-quality audio is as (if not more) important. Invest in the best microphone that your budget will allow.

2 THE INTERNET WILL FORGIVE YOU FOR ALMOST ANYTHING, EXCEPT THIS…

Don’t focus so much on being perfect on camera that your personality falls by the wayside. The internet will forgive an imperfect delivery, but it will not forgive you for being boring.

3 THE SEARCH AND SOCIAL MEDIA ALGORITHMS WILL REWARD THIS ONE THING ABOVE ALL ELSE… Consistency – not necessarily frequency – is the key to making any content marketing strategy work. Effective video marketing doesn’t require you to be online all the time. Design and commit to a publishing schedule that works for you and your business… then stick to it.

4 POST LIKE NO ONE’S WATCHING, BECAUSE – FOR A WHILE – NO ONE WILL BE WATCHING

When you first start publishing videos, it will feel like your message is disappearing into the void almost as soon as you press publish. It can take a few weeks for your content to start to get noticed. Depending on who you ask, a prospect often needs to see 8-20 instances of your content before they are likely to engage with you.

5

YOUR BUDGET CAN GO FURTHER THAN YOU THINK…

Everyone needs a little help getting a video marketing strategy up and running. If you’ve ever consulted a generalist agency, you’ll know that high-quality video can cost upwards of five figures. At PCD Media, we believe that great quality video and content shouldn’t have to cost so much. We understand how important quality is in our sector, therefore, our mission is to help our clients compete in this lucrative new arena by offering the most cost-effective solution in the market.

GET IN TOUCH WITH PCD MEDIA TO SEE HOW WE CAN HELP.

Free access for PCD Club members

We have been working on a new project, hnwadvisor.com

HNW Advisor is a new portal for advisors dealing with international private clients. The platform is a learning and development portal to give professionals relevant insight and connections to help them service their clients.

We will deliver engaging and relevant content at the click of a button, but it doesn't end there.

We want our members to actively be involved in sharing their knowledge and ideas with their peers. HNW Advisor is a platform that contains everything you need to better understand your clients needs, including:

• Video interviews in a case study format covering a comprehensive range of subjects including tax, law

and investment, relevant to the high net worth advisor and their client;

• Data cards containing tax & other information on key jurisdictions;

• High-level summary articles wealth planning and investment trends in key locations for HNW cli ents.

Opt in to access the HNW Advisor platform.

We are reaching out to PCD Club mem bers to grant them complimentary ac cess to the new platform. If you have any questions about this new initiative, email members@pcd.club.

To gain access, complete a short form. CLICK HERE.

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