Number 34

ISSUE

STARTING AN

PODCAST

HOW YOUR BUSINESS COULD THRIVE IN

SAUDI ARABIA

CREATING HUGE OPPORTUNITIES FOR PROFESSIONAL ADVISORS

Welcome

By David Bell, Founder | PCD Group

It has been a busy few months at PCD with a packed summer schedule, including events in Geneva, Jersey, London and the Isle of Man. We welcomed many new faces to the club and our existing members forged some exciting new connections. As we hit the summer break, we are looking forward to the autumn schedule including our return to New York, Miami and Dubai.

44 2023 Remaining Dates

In this edition of the magazine, our lead article focuses on Saudi Arabia and the vast opportunities for private wealth advisors. I have made two trips to Riyadh in the last six months to prepare for our first event in the country this November. We’ll keep you updated about our partners on this event and what this market has to offer.

4 Riyadh - Creating Huge Opportunities for Professional Advisors by Jason Mitchell

Staying in the Middle East, Dubai continues to boom with inbound HNW clients. We recorded three case studies with Marie O’Neill of EER (corporate services and relocation experts in Dubai), in which we discussed the kind of scenarios she and her team are seeing among their client base. There are many Europe-based entrepreneurs looking to make their permanent home in the UAE, and EER is at the forefront of this trend.

18 EER - Looking for More? How Your Business Could Thrive in Dubai by Marie O’Neill

Heading further east, we hosted a breakfast event with law firm Mishcon de Reya in April, where we discussed the case of a UHNW family business based in south-east Asia and their overseas investments. Thank you to Janet Tobin and team for hosting us and leading a fascinating discussion.

38 East Asia Case Study Discussion with Mishcon

de Reya

Closer to home, I was very pleased to work with Cecile Vuillier from TrustConsult at their conference in Monaco this April. Chris Mathison and I travelled down to cover the conference and create the content. Arriving in Monaco by helicopter was the highlight of the first half of the year for sure!

29 TrustConsult - Making the Case for Offshore in Testing Times

Our content creation offering continues to progress and is being taken up by PCD members. We are here to give you ideas and inspiration to drive your business forward. In this month’s spotlight, we share some ideas on podcasts and how you can start to think about using this powerful medium to connect with clients and contacts.

36 Pathways to an IndustryLeading Podcast with PCD Media

Wishing you a great summer and see you in September for the autumn program!

Contents

Creating Huge Opportunities For Professional Advisors Reform Of Residential Lettings In The Uk Emotional Intelligence In An Artificially Intelligent World Meet Our TeamOlivia Gallichan Looking For More? How Your Business Could Thrive In Dubai Meet Our Members

Making The Case For Offshore In Testing Times Should They Ban Private Jets Hear From Our Members

Technology And Support For Private Client Professionals

Creating Family Harmony

Through Charitable Purpose

Pathways To An IndustryLeading Podcast Mishcon Asia Case Study

The Register Of Overseas Entities (Roe) – Where Are We Now?

The Investment Potential of Ultra-Rare Luxury Goods

PCD Club Events

4 15 16 17 18 20 29 31 32 34 35 36 38 42 43 44

JASON MITCHELL

CREATING HUGE OPPORTUNITIES FOR PROFESSIONAL ADVISORS BY

Saudi Arabia has one of the world’s most booming economies today — with massive wealth being generated — creating huge opportunities for professional advisors.

The Kingdom — with a $1.1trn economy and a population of 35m — grew by 8.7% last year, one of the fastest rates globally, and is forecast to expand by 3% this year.

Its stock exchange, Tadawul, is now one of the top ten markets in the world, with a total market cap of $3.1trn compared with the FTSE 100’s $2.5trn.

The value of the Saudi financial market has surged almost fivefold during the last five years.

The number of listed companies jumped to 269 at the end of 2022 from 188 firms at the end of 2017.

The country also has one of the world’s biggest sovereign wealth funds (SWFs), the Public Investment Fund (PIF), with $600bn un-

der management (and a target to reach $1trn by 2025).

The country produces 10% of the world’s 100m barrels of oil every day.

Between March and September 2022, the number of professional expats residing in the Kingdom rocketed six-fold to 1.2m people from 200,000.

Last year, Riyadh had one of the hottest luxury residential real estate markets in the world, with property prices up 25% (only Dubai and Aspen surpassed it). In Jeddah, the market was also up 4.5% last year.

The average Saudi earns $31,900 a year and the country has more than 310,000 dollar millionaires. It is estimated that the country’s total household wealth amounted to $2.1trn at the end of 2021, compared with $1trn in the United Arab Emirates (UAE).

In 2019, the government listed a 1.7% stake in Saudi Aramco, the state-owned oil company, raising $29.4bn in the world’s biggest initial

public offering (IPO) ever. Last year, the company made record profits of $161bn and paid a dividend of $19.5bn in the fourth quarter alone.

In March 2022, Nahdi Medical Company, the Kingdom’s biggest retail pharmacy chain, raised $1.36bn in a public listing, the country’s largest-ever IPO by a privately-owned company.

In May 2022, Jahez, a leading Saudi food delivery platform, secured $474m when it listed on the Tadawul, valuing the company at $2.4bn. It was the exchange’s first early-stage IPO and was 20 times over-subscribed.

HOWEVER, ALL THIS IS ONLY THE BEGINNING.

The Kingdom — whose de facto ruler is Crown Prince Mohammed bin Salman (MBS) — has an ambitious transformation plan, called Vision 2030, to diversify its economy away from oil by the year 2030.

THE BLUEPRINT IS BREATH-TAKING IN ITS SCOPE.

The government has announced a series of ‘giga projects’ — the biggest is called Neom, a planned $500bn high-tech business zone and smart city located in the de-

sert in Tabuk province. The project includes The Line, a 170-km linear city — with an entirely glass mirror exterior — that will house up to 9m people.

Another giga project, Trojena, will be the first major outdoor skiing destination on the Arabian peninsula and has won the rights to host the 2029 Asian Winter Games.

The volume of real estate projects linked to the hospitality, tourism and entertainment sectors is soaring. Some $147bn is being invested in a new airport in Riyadh, called King Salman Airport, which when completed is expected to be the world’s largest airport, capable of handling 185m passengers a year by 2050 (more than Dubai International and London Heathrow combined). The Kingdom is planning 310,000 hotel rooms (in comparison, Dubai only has 200,000 complet-

ed hotel rooms). In March 2023, MBS also announced the creation of a new national airline, Riyadh Air, expected to go head-to-head with regional behemoths Emirates, Qatar Airways and Turkish Airlines. It plans to serve more than one hundred destinations around the world by 2030. Saudi is expecting 100m visitors to pass through its airports and ports by that year. Overall, under the Vision 2030 plan, the economy is expected to grow by 6.5-7% a year.

“Saudi is booming,” says Sunita Singh Dalal, partner, private wealth and family offices at Hourani and Partners, a Middle East commercial law firm with offices in Riyadh and Jeddah. “The level of activity; the frequency of investments, both outbound and inbound; the sophistication of the Saudi investor, of the Saudi-run family businesses. It’s an absolute eye opener. It’s a game changer. At the Future Investment Initiative week in Riyadh [in October 2022], the people and types of organisations that were there — collectively looking at long-term future initiatives — is reflective of what’s going on in Saudi. It’s not just about leisure and tourism. Families are understanding the need to reorganise their businesses.

“There are significant family businesses in Saudi Arabia who did this 15 years ago. The difference possibly has been that until now, those types of issues have always been under the radar, never really talked about openly.”

What I am seeing — which is refreshing — is that [Saudi] families are willing to be cited and used as an example or benchmark for other families to follow and adapt similar principles in terms of running the business, sharing wealth in the family, consolidating wealth, allowing the next gen to

come in and diversify or further enhance the business.

“It’s absolutely exciting. They are open to change, to suggestion, to progression in terms of legislation, to enhance existing legislation by modifying it and making it more inclusive. In less than ten years, I do believe you will see Saudi progressing and catching up with what the UAE has achieved.”

The Saudi economic transformation and wealth creation story is also good news for the UK, the US and many other jurisdictions around the world. Saudi Arabia wants to have a much higher profile internationally and its families are intent on educating their children overseas and in investing abroad. Under MBS’s chairmanship, PIF has transformed from a sleepy SWF into a global investment vehicle making multi-billion dollar bets on hitech companies, including Uber. It has also pledged billions of dollars to funds run by Japan’s Softbank. One of its most high-profile investments was the $409m-acquisition of Newcastle United football club in October 2021.

The UK has deep links with Saudi Arabia that stretch back decades. Good flight connections between the two countries make Britain an attractive study destination for Saudi students.

According to the UK’s Independent Schools Council annual census, in 2022, there were 25,079 non-British pupils at ISC schools whose parents live overseas, an increase of 1.6% on 2021. In 2022, 1,710 originated from the Middle East, up from 1,527 in 2021. Saudi has been identified as a priority region in the UK’s international education strategy.

sons and daughters — this is found in the UK. Today, there are more British international schools across the Middle East than ever before but families are realising that these can’t match the academic achievements and co-curricular opportunities provided by their UK competitors.

Mark Brooks, director at Mark Brooks Education, a UK-based educational consultancy, says: “Saudi has a range of good schools for parents to choose from. However, a boarding school education in the UK is attractive because the schools offer outstanding academic teaching and results, smaller class sizes, world-class facilities, a wide range of co-curricular and sports activities on site and a smoother progression onto British and US universities. Country schools with acres of outdoor space are highly sought after.

“Wealthy [Saudi] parents are well informed and their top priority is to invest in the best possible education for their

“There are also so many more schools in the UK, so they can find one to fit their child’s ability and aspirations. With social media and the Internet, the students themselves are more interested in studying overseas than they were a generation ago. Many of the leaders in the [Middle East] region attended British schools and universities, and the quality of British education is held in high regard.”

Furthermore, many trusts, foundations and legal structures being set up for Saudi private clients are based on English common law, creating an opportunity for international law firms and professional advisors.

Furthermore, there is an appetite for successful families to implement robust succession and governance planning to protect family wealth, creating an opportunity for international law firms and professional advisors.

Hannah Wailoo is a London-based partner, private client and tax at

male family members. Nowadays, there are female family members who more than have just a place at the table; they are very much involved, they are becoming decision-makers. They need to be represented.”

Withersworldwide, the international law firm. “We do not have a physical presence in the Middle East but we service a lot of clients with connections to the regions who may be investing globally or relocating globally,” she says. “Around 70% of my private clients have a Middle East connection and, of that 70%, half are from Saudi Arabia.”

Notwithstanding significant changes to the UK property tax regime, the appetite for Saudi's investing into UK real estate remains high“[Since the rule changes, Saudi clients] now tend to acquire in family names rather than via more complex ownership structures,” she adds. “I don’t deal with the clients personally all the time. Many Saudi families often operate with more of an informal family office — it might be a secretary, a PA or trusted family member — rather than what we might recognise as a formally-governed institutional family office arrangement. However, in my experience, during the past couple of years, families are definitely moving towards institutionalising their family office.

“I have actively marketed myself as a female advisor, so I do act for a lot of fe-

She says that Saudi clients often invest in prime central London, as well as a country house in one of the home counties, such as Surrey or Berkshire. “Sometimes that goes hand in hand with where the children are at boarding school as this can require them to could invest in property in the town or area where it’s located.

“In terms of UK real estate purchases, the first thing to differentiate is what the family is investing for and whether it’s a residential or a commercial acquisition. If you’re doing a commercial investment — office, hotel, student accommodation — there is still a drive for that to be owned by a corporate entity;. In the end, that might well be owned by the family trust or a foundation.

“I think that Saudis are very friendly, welcoming people. I am lucky that my work involves travelling to Jeddah and Riyadh regularly and have witnessed the fast-paced changes over the recent years.

Saudis are very proud and doing business with them means you must get under their skin. With private clients, the crux is trust and relationships. I must

invest a lot of time getting to know them and for them to understand how I work. However, once you have gained their trust, it can be a very long-lasting relationship.”

Angela Calnan, who used to live in the Middle East and is now a Guernsey-based partner at offshore law firm Collas Crill, says: “Uniquely to Saudi clients, we find that the emphasis on wealth preservation and asset protection isn’t as great. While many of our clients are very focused on preserving and protecting their wealth, Saudi clients tend to have a broader field of vision.

ble and philanthropic structures. This makes them an interesting set of clients to work with. And, because they are not necessarily making decisions based on their immediate needs, we’ve got the luxury of time and space to do something really exciting with them.”

Trident Trust is a privately-owned global corporate, fiduciary and fund administrator that operates out of 26 jurisdictions worldwide. It offers corporate services, fund administration and fiduciary services.

“Typically, wealth planning focuses on the family, but Saudi clients tend to look more globally; it’s not just about looking after their own, it’s about looking after civilisation. They will look at altruistic initiatives, passion projects, making an impact on the world we share; investing in things that will help with climate change; investing in things that will make an impact for the greater good; setting up their own charita-

Dave Lange, the UAEbased general manager at Trident Fund Services, says: “Where those service lines have a touch point with Saudi Arabia is particularly in relation to assisting Saudi high-net-worth and ultra-highnet-worth families — who are generating wealth from local businesses — with putting together global structures to invest that money globally, to protect their assets globally and essentially to create succession planning and asset protection structures globally.”

Trident Trust is a privately-owned global corporate, fiduciary and fund administrator that operates out of 26 jurisdictions worldwide.

“For a long time, we have been assisting high-net-worth and ultra-high-net-

worth families from Saudi — who are generating wealth from local businesses — with putting together global structures to achieve succession planning and asset protection.

“Trident works hand in hand with many industry professionals and particularly with law firms. Typically, clients would approach a law firm or advisor and request structuring advice. The professional advisor or lawyer would then approach Trident and say, ‘we have a client with multiple generations and assets all over the world, who want to start thinking about succession, and protection — can you help us to put a structure together to cater for all of that?’. At that point, we become the implementation agents. We will help them set up the various companies and trusts and, in many cases, we will then act as the ongoing corporate service provider and administrator for those companies and act as trustee of the trust. We then ensure that the structure meets the changing needs of the family by reviewing it on a regular basis and by keeping up to date with changing laws and regulations.”

He thinks Dubai and the UAE is probably 15 years ahead of Saudi in terms of its progression and evolution. “With its 2030 vision, which was launched in 2016, Saudi has only fairly recently stated what its ambitions are and put in place an action plant to diversify away

from oil. Saudi is just starting along the journey that Dubai and the UAE began two decades ago.”

In April this year, Saudi Arabia launched four special economic zones that will offer foreign companies financial and non-financial incentives. Many others, all over the country, are planned. Lange says the Kingdom is likely to establish these free zones in a similar way to the UAE. The Saudi free zones will have their own rules and regulations, which would allow for foreign ownership and various other elements which may otherwise be prohibited in the mainland.

“Essentially, whatever Dubai, the UAE has done in the past, you can basically look at Saudi to replicate that but on a much bigger scale,” he adds.

Capital for Life is a provider of indexed universal life insurance and guaranteed whole-of-life insurance to HNWIs in one hundred and fifty countries worldwide, including Saudi Arabia. It is a business-to-business provider of HNW client solutions and provides face-toface and online training to financial

advisers, bankers and trustees.

“We have a number of clients already from Saudi Arabia and currently we are helping a number of new HNWIs from this market,” says Carlton Crabbe, its chief executive officer. “The clients have been referred to us through financial advisers and bankers already operating in the Saudi market. There is no question that the Saudi market will become bigger from a financial planning and financial products perspective.

“There has to be an increase in financial advisers and bankers in the market, which is currently deficient in enough talent for this new HNW clientele compared with Dubai, its neighboring success story in the GCC.”

He adds that — as well as more financial services talent to serve the local market — Saudi desperately needs higher-quality financial products and solutions to serve this huge influx of expatriate talent that is seeking to deploy its recently generated income and wealth.

“We are seeing huge giga-projects in Saudi — like Neom, AlUla, Amaala and Qiddyia— suck in talent from the other parts of the Gulf, Europe, Australasia and North America. The clients we are currently dealing with in Saudi are predominantly but not exclusively expatriates. They are earning very high salaries in the region of $500,000 to $1m a year. It is a gold rush and there seems to be no stopping the influx of human capital as all of these massive projects need staffing and resourcing.

“If financial advisory firms are not considering deploying personnel and expanding into Saudi, they will miss out on one of the biggest global growth stories for the next 20 years,” he adds. “For Capital for Life, we see Saudi as one of our top areas for growth, as we bring our high-grade expertise in tax, structuring and life insurance solutions to advisory firms qualified to engage in the kingdom.”

He says that many clients are interested in investing in indexed universal life insurance by paying premiums over a ten- to 15-year period. This approach — which involves making payments to the insurer directly — takes out interest rate risk, as the premium is fixed and known at the outset.

Acorn Capital Advisers was founded by Sally Tennant in London in 2016. She is the former chief executive officer of Kleinwort Benson, the private bank. Acorn provides strategic investment, family office and philanthropic advisory services, as well as advice on governance and multi-generational wealth. It is also an outsourced private office for a select group of families.

“Saudi’s next gen are becoming more involved in their single-family offices (SFOs) and have inherited or have influence over the assets they will inherit,” she says. “Many want to do something different from their parents, take a more professional approach, and take on greater investment risk — in other words, it is not all about capital preservation. They are also looking for an investment strategy that has impact on causes that they care about such as climate change. They would like something more bespoke.

age another business — an SFO. They want to outsource it to an independent private office to run their family office for them. They like it because it is cost effective and, unlike most multi-family offices and wealth managers, there are no conflicts. Acorn does several things. We can help someone at the beginning of their journey — who wants to set up their family office — to think through how they need that office to function. What is the purpose of their wealth? What is the best structure? What resources should be in-house and what should be outsourced? How should decisions be taken and what does good governance look like?”

Acorn has helped established family offices in the region – including in Saudi – to review an existing set up and benchmark it against best practice. “It is hard for SFOs to stay up to date with the latest developments, given the small teams they have and how opaque they are,” she adds. “We are like non-executive directors — experienced practitioners, sharing knowledge and expertise, from investment strategy, to fee structures and decision-making protocols. We are discreet, collaborative and independent. We do not have any in-house investment products clouding our judgement.”

“Some are super busy entrepreneurs who don’t want the hassle or don’t have the expertise and bandwidth to man-

She says that change — such as the transition of wealth from one generation to the next, the retirement of key

staff or a change of trustees — can be stressful for both the family and the SFO team. “Our clients like to work with an independent adviser who helps them to navigate the transition and to identify areas for improvement. An SFO is, at the end of the day, another business that needs investment, management and the ability to adapt to the changing environment. Our clients like the fact that not only do we understand the complexities of managing substantial wealth, but that we are entrepreneurs who understand businesses and family dynamics.”

“What we have seen in the region is a great willingness for SFOs to professionalise their operations and we help people on that journey. What I am particularly impressed with Saudi Arabians is their great sense of community, family and philanthropy. I am also impressed with how well educated and diverse the workforce is. We are seeing an increase in enquiries from Saudi SFOs for strategy and change management support. During the Covid pandemic, UHNW individuals realised that they had to address succession and bring on the next generation. In addition, because they were better off, they wanted to do more with their philanthropy and increase their international footprint — particularly with regards to impact investing — because the next generation are passionate about climate change and improving the environment.”

With rising inflation and the scarcity of experienced family office chief executive officers and chief investment officers, many SFOs are reviewing their existing business models and outsourcing more functions. “One needs several billions to be able to manage everything in-house,” she says. “In a nutshell, families with substantial wealth and an SFO reap huge benefits from someone sitting on their side of the table — not on the opposite side and pushing product or working in a silo. They need somebody who’s got their back and understands the whole ecosystem.

Saudi Arabia is transforming fast and its economy is roaring ahead. In the process, tremendous wealth is being created and a big proportion of it is being invested abroad, creating massive opportunities for professional advisors.

Reform Of Residential Lettings In The Uk

By Lorna du Sautoy, Partner | BDB Pitmans LLP w: www.bdbpitmans.com

UK real estate remains a crucial element to any well-balanced investment strategy and a desirable capital asset. For those with rental properties in their portfolio here is a summary of the developments to keep on your radar this year:

Renters (Reform) Bill

With the introduction of the Renters Reform Bill to Parliament on 17 May 2023, this long-awaited legislation affecting the private rented sector in England moves closer to becoming law.

contracts which has already come under some criticism from those who depend on cyclical accommodations such as student renters. However, as residential lettings can be of high value and cash-generative, the implications of the changes mean that without some element of fault on the part of the tenant or a special circumstance proved to a judge’s satisfaction the process of recovering possession of a rented property could become more uncertain, take longer and cost more.

The remaining proposals in the bill include:

• reforming the Section 8 notice process, to expand and strengthen the grounds for repossession for the landlord by broadening the scope of “disruptive and harmful activities that constitute anti-social behaviour”.

• introducing a new type of

The headline grabbing amendment is the proposed abolition of so-called “no fault evictions” (using the section 21 procedure) thereby reducing the ability for landlords to bring a tenancy to an end without a reason. The result is an effective ban on fixed term letting

Emotional Intelligence In An Artificially Intelligent World

By Judith Chatoo, Executive Director | Saffery Champness (Geneva) w: www.saffery.com

Relationships are changing. Whether considering relationships between family members or between clients and their service providers, the impact of advancing technologies is simultaneously facilitating closer connections between global networks, while pushing those near and dear further apart.

An intergenerational gap has always existed; each generation has always had differing world views, based on what was considered acceptable in society at different times. For example, the ‘boomer’ generation lived in a culture where smoking was fashionable and permitted in buildings and on aeroplanes. By the ‘millennial’ generation, smoking inside was criminalised and cigarette packets contain warnings that smoking causes serious illness and, ultimately, death.

In New Zealand, the next generation (Generations ‘Z’ and ‘Alpha’) will never be able to legally purchase cigarettes. When considering a high-net-worth family who generated their wealth from the tobacco industry, it is easy to see where differing ideologies between each generation may result in polarising views when it comes to the family wealth.

Added to this the fact that, today, our

newsfeeds increasingly influence our perceptions of the world. Sophisticated algorithms present an augmented reality (AR) for each user, not only for the purposes of advertising, but also tailoring the news we see and the information we have access to. Where individuals used to receive the same information and draw their own conclusions, we are now, for the most part, receiving information that is tailored to reinforce our existing world view, rather than challenge it.

The different ways in which we each

experience the world is now not just a reflection of socio-economic factors and cultural differences. By virtue of the fact that we no longer

Meet Our Team: Olivia Gallichan

What aspect of your role do you enjoy the most?

I enjoy working with a small talented team as I feel like I’m learning a new skill or task every day! Communication is a lot more efficient too and I think this shows in the work we produce. I also enjoy bouncing our creative ideas off each other and seeing them come to life.

What is the best vacation you’ve been on?

Where are you from?

I was born in Jersey, Channel Islands so I have a close connection to a place where we as a business connect and communicate often. I then Studied Photography at Brighton University and graduated with a First Degree and have remained in Brighton ever since!

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

I am Junior Content Producer and Photographer. I work alongside my experienced team members, to produce social media content and photograph the networking events. I’m based in Brighton.

Definitely Zambia. I volunteered there during the summer before I started University, teaching English and Maths to students in an underdeveloped school. This was an eye-opening experience that will stay close to my heart for life. I also got to hang off the edge of Victoria Falls, Zambia, which is part of the Seven Natural Wonders of the World! I hope to travel more and create more memories like this.

If you could do another job for the day?

Photojournalist and photograph

Looking for More? How Your Business Could Thrive in Dubai

By Marie O’Neill, Managing Director & Co-Owner | EER

The truth is, if you are a HNW individual who is interested in the international expansion of their business, you need to be looking at Dubai. This unique and vibrant city is a hotbed of innovation and potential, that offers unprecedented opportunities for businesses of all shapes and sizes. Here are just some of the ways Dubai stands out:

Its geographical advantage: Dubai is part of the UAE and is strategically located between Asia, Europe and Africa, putting it within 8 hours of 66% of the world’s population. This enviable posi-

tioning also allows the city to capitalise on their strong relationships with the strongest and most appealing emerging markets, access to which becomes much easier with a foothold in Dubai.

Its forward-thinking approach: As my co-owner Aideen Hopkins puts it “The whole environment of the UAE is centred on progress and innovation. To live and work in an arena where the authorities are so determined to foster diversification and growth in the population, infrastructure, laws and economy is a rare occurrence.” This significantly helps to create a society and environment in which businesses can flourish.

Retiring in the UAE

This discussion features Marie O’Neill, Managing Director of EER and Matt Duncan, Partner and Head of Private Wealth at Druces.

moving to the uae

This discussion features Marie O’Neill, Managing Director of EER and Jerry Parks, Partner at Taylor Wessing in Dubai.

It is an attractive business hub: Thanks to its innovative ambitions, advanced infrastructure and corporate incentives, more and more businesses, individuals and investors are recognising the potential of Dubai. It is generally considered amongst the top destinations in the world to conduct business and continues to attract record numbers of foreign investments and FDI projects, often more than any other place in the Arab world or global economy.

It has a stable economic landscape: The government continues to implement a range of business-friendly policies, including free-zones, low tax and visa reform. With well-established infrastructure, low inflation, and economic stability, the UAE saw half a million new businesses incorporated in 2022.

The government has recently introduced a corporate tax, bringing it more in line with developed economies, but set at a comparatively low rate of just 9%, which when paired with the 0% personal income tax, is certainly an interesting prospect for new businesses.

Dubai is a hugely diverse and multi-cultural city that continues to offer unrivalled stability and growth potential, in an inclusive environment surrounded by blue skies, cool waters and a whole lot of luxury. This is a city where things come together and there are few more exciting places in the world to do business. Make sure you don’t miss out on the opportunity of a lifetime and get in touch with my expert team today to see where this city could take you and your business.

growing a business in the uae

This discussion features Marie O’Neill, Managing Director of EER and Laurence Black, Regional Director, Client Solutions, EMEA at Asiaciti Trust.

Meet our Members: Mark Henny, Sebastian Couturier & George Croutier

sonal accounts.

What makes Puerto Rico an attractive destination for international banking?

Could you give us a brief background on when and why Fairwinds International Bank was founded?

Fairwinds International Bank was established in 2016 in response to the growing demand for secure, reliable and comprehensive banking services for HNW individuals and their corporate structures. Our founders recognised the need for a banking partner with a common-sense approach who could provide a full suite of services tailored to the unique needs of these clients, including holding companies for high-value assets, trusts and per-

Puerto Rico offers several advantages for international banking. As a U.S. territory, it operates under the umbrella of U.S. law and regulations, providing a robust and familiar legal framework which adds an extra layer of security for our clients. Furthermore, while it abides by U.S. federal law, Puerto Rico maintains a certain degree of fiscal autonomy, offering unique tax incentives meant to attractive financial services firms. Additionally, the island boasts a well-developed financial infrastructure, a multilingual workforce and a government that is supportive of the finance sector.

What services does Fairwinds International Bank offer to its clients?

We offer a wide range of services

Meet our Members: Laura Clapton

appreciate my sense of humour and my ability to make a cracking cup of Yorkshire tea!

What do you do for Consilia Legal?

I am the co-founder of Consilia Legal. We are a boutique law firm and mediation practice specialising in family and employment legal disputes. I, along with my business partner Marie Walsh, manage the firm with the support of our practice manager. We set up the business 8 years ago and continually strive to make it a better working environment for our growing team whilst also delivering the highest level of client care. A lot of my time is dedicated to business growth and strategic planning however I think the team also

From a client facing perspective, I am a specialist matrimonial solicitor and accredited family mediator. My expertise is mainly sought in high net worth and complex matrimonial finance cases and on advising clients in relation to nuptial agreements. I have particular experience in dealing with cases concerning businesses, pensions and investment/property portfolios. My clients may also have overseas assets and/ or be beneficiaries of trust arrangements.

What do you love most about your role?

I love working with a dynamic and enthusiastic team. Culture is really important for us at Consilia Legal as is being a team player. I love to see members of the team develop within their roles and to take pride and fulfilment in their work. With my mediator hat on, I love keeping separated families

Meet our Members: Joanna Pratt

What do you do for Thomson Snell & Passmore?

I am the senior partner, part of the management board and head of the Family team. I am also Compliance Officer for Legal Practice (COLP).

What do you love most about your role?

The part of my role which I enjoy the most is dealing with people – our staff, our clients and our referrers.

My passion for family law comes from dealing with individuals who are often going through extremely difficult life events. By the end of the work which

I am doing with them, they are beginning to move forward with their lives, and can see that they have a future. That can be very rewarding. It is also amazing to witness the strength and courage which many clients show, and the way in which parents are able to put aside their own personal disputes, and prioritise the welfare of their children. In my role as senior partner, I am able to continue to embed and broadcast the amazing firm which we are, and our outstanding ethos and culture. Our staff are just as important as our clients, and although we are a firm of over 250, we are still a family, who are there to support each other. Equally, the strong relationships which we build with other professionals support everything which we do for our clients.

What has been your greatest achievement?

Workwise, leading what I consider to be the best law firm in the world. Not only are we highly ranked in the legal directories and recognised for

Meet our Members: Irina Phillips

continue to attract the top talent in the industry.

Many of my clients either have links with or spend time in Monaco, Italy or the south of France and throughout my career I have been a regular visitor to the Principality. Over the last two decades I have witnessed how much Monaco has changed to become an attractive home for global entrepreneurs and their families. Many are excited to join a unique and vibrant community that thrives in such a wonderful location.

Tell us about how your move to Monaco came about?

As an experienced private banker, I have been blessed with the opportunity to work with many incredibly talented and inspirational people, several of whom become part of my social and professional network. This is why I love working with private clients.

Even though I was settled in London, the offer to join Plurimi Wealth Monaco SAM, an independent asset manager based in Monaco sparked my curiosity. I have worked in the past with several Plurimi colleagues and know that they

Situated on the beautiful coastline of the Cote D’Azur, Monaco is well known for being a very secure environment in which to live. Increasingly the principality is recognised for hosting internationally renowned events and professional conferences throughout the year. It is one of the most active hubs for private banking and wealth management services, offering unparalleled networking.

These hugely

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Self-managed Cyber Security Prevention & Awareness Training

Penetration testing and vulnerability assessments are often not enough. Cyber criminals exploit human error on daily basis Cyber Security Prevention and Awareness training is crucial in today's digital landscape where cyber attacks are becoming increasingly sophisticated

Most cyber attacks happen due to employees' lack of awareness in cyber attack prevention.

Gathering all staff for training is a challenge - therefore we created Cybaware Cyber Security Awareness Training Platform: An A-to-Z holistic approach to any type of attack vector

Cybaware’s Cyber Security Awareness Training is delivered via a user-friendly e-learning platform.

Invest in cyber awareness training today to increase your overall security posture!

No previous knowledge of Cyber Security required.

Course Outline:

The Training covers, amongst others, techniques such as Phishing and its variations Vishing and Smishing, Malware and Ransomware, Password Security and Social Networking Dangers Below are the main Modules covered:

Social Engineering

Phishing, Spear Phishing & CEO Fraud

Smishing & Vishing

Malware & Malvertising

Public Wi-Fi Hotspots

Password Hygiene

Removable Media

Safe Internet Browsing

Clean Desk Policy

Learning Outcomes:

Be able to recognise real-world attack vectors;

Learn how to prevent cyber-related incidents and data breaches; and

Learn how to respond to a potential threat should they become a target

By the end of the cyber security awareness training, attendees will familiarise themselves with the latest attacks and techniques used in real-world scenarios and will: A workforce which is cyber security aware helps, at organisation level, in:

Preventing Data Breaches;

Preventing Reputation and Brand Damage;

Preventing Loss of Clients and Revenue; and

Improving your organisation’s overall security posture

If you are a PCD Club Member you get a discounted price when you use coupon code:

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Meet our Members: Greg Easton

ers helping them shape investment policy statements and determining suitable strategies for complex multi-jurisdictional and multi-generational families.

What do you love most about your role?

What do you do for Ravenscroft?

I head up the Isle of Man office, leading our team of experienced discretionary investment managers. Ravenscroft’s vision is to be the most trusted investment business across the Crown Dependencies and whilst we are a household name in the Channel Islands, our Isle of Man presence is relatively small, this provides an ideal opportunity for sustainable growth. My skills set and experience intersects the investment and fiduciary worlds. As a STEP Affiliate I spend a lot of time working with private client practition-

The variety and the purpose. My role encompasses a wide variety of leadership and technical activities at both a group and local level. I might be helping a trustee with an investment policy statement in the morning and sat on a group strategy session in the afternoon. Business has to be purposeful, most PCD members will have spent their careers helping clients to preserve or generate wealth. Whilst I still get a buzz when a client is delighted with a solution, now the real sense of purpose comes from helping clients make sustainable investment decisions thatpreserve more than capital for future generations. The most powerful positive impact that anyone with capital can have is through their asset allocation and investment decision making.

Meet our Members: Alex Goldstein

My fee is paid out of the appointed estate agent’s standard commission. I add value to the owner, without the cost.

What do you do?

What does your business do and how did it start?

Formerly an estate agent for some of the biggest names in the business, I spotted a niche in the market which wasn’t being filled. As a property consultant, I now help clients buy and indeed sell their homes across the whole of London and Yorkshire, by giving them the inside track on the property and estate agency sector.

What’s the most surprising thing about it?

When a client involves me in the sale of their home, they pay me nothing!

One can split my business into two –buying and selling property. Plus, I operate across London and Yorkshire. On the buying side, clients approach me with their search criteria and budget. I then liaise with my property network which I have built up over the last 20 years in the industry, approaching vendors who I know, agents or those properties in the off-market sector (ie they are not online or in the public domain). I then negotiate and secure the property on the best possible terms for my client. The selling side of the business is rare in the industry. Having been an estate agent, I know how the system works and I ensure that my clients sell for the best price with the least stress. Advising them for instance how to maximise the value of their home, which agent to instruct and the reasons why. I stay on board throughout working alongside the agent and

Meet our Members: Scott Sheldon

demonstrate the effectiveness of our services and attract new investors to work with us.

What do you love most about your role?

What do you do for Rockpool?

At Rockpool I head up our Investor Recruitment Team and lead our efforts to design and implement aprocess for growing our investor base. I also manage a book of high-net-worth and intermediary clients who invest in our private equity and private debt opportunities. I build strong relationships with my network and work closely with clients to help them navigate the investment process and build an allocation to our private equity and private debt offering. Finally, I also sit on our Marketing Committee and contribute to the creation of campaigns which

One of the things that really excites me about working at Rockpool is the variety of sectors that we invest into. We are sector neutral and invest in companies in a variety of industries, so I enjoy having the opportunity to learn about new companies and the markets they operate in. Alongside this I really value the diverse range of investors I work with. It’s fascinating to hear each investor’s backstory and understand their unique perspective and approach to investing. Finally, Rockpool is a small firm with a majority staff ownership, meaning we work closely as a team to deliver the best results for our clients and investors.

What has been your greatest achievement?

I recently passed the CFA (Chartered Financial Analyst) exam,

MAKING THE CASE FOR OFFSHORE IN TESTING TIMES

PRESENTED BY

PCD Media were delighted to partner with TrustConsult Group on co-creating the agenda and multimedia assets from their Monaco conference. Read the full story from the panel discussions by Tom Burroughes on Wealth Briefing here.

INVITES YOU TO ATTEND

AN EVENT BY

DISCOVER WHY YOU SHOULD, AND HOW YOU CAN, MOVE TO GUERNSEY BUSINESS | PROPERTY | LIFESTYLE

PLEASE JOIN US ON TUESDAY 3RD OCTOBER, FROM 11AM - 6PM AT ST PAUL’S ETC VENUES, 200 ALDERSGATE, LONDON , EC1A 4HD

REGISTER NOW

Should They Ban Private Jets?

By Tim Barber, Aircraft Sales & Acquisitions | Duncan Aviation w: www.duncanaviation.aero

In the past few months

I’ve noticed an increase in the number of one-sided protests regarding business aviation that seem to have the objective of painting private jets as evil mass polluters. Over 100 climate protestors managed to reach the aircraft static display at the European Business Aviation Convention & Exhibition (EBACE) held in Geneva, Switzerland. They ripped down and scaled fences, attached themselves to aircraft, and demanded the banning of private jets before being removed by police. The Geneva airport closed their runway due to safety and security concerns, forcing aircraft to divert to Zurich and Lyon, burning unnecessary fuel. One of the activists told a reporter for Corporate Jet Investor that private jets are not something that should exist in this type of climate crisis. So, should they ban private jets all together?

These protests neglect to discuss the benefits of business aviation and fail to recognise that business aviation is an essential industry that contributes to the viability of midsized companies and large corporations.

Let’s say we ban business aviation. It wouldn’t take long for everyone to see how their inward investment is reduced, how jobs migrate overseas, unemployment rises and their GDP falls. That may wake governments up to the reality of the situation.

According to a report by the National Business Aviation Association (NBAA), business aviation supports more than a million jobs (374,000 in Europe), generates nearly $250 billion in economic activity worldwide, provides flights for humanitarian causes, and connects towns and communities without commercial airline support. Duncan Aviation alone employs 2,600 team members and

Hear From Our Members

Trident Trust, Your Reliable Marine Services Partner

By Christina Economou, Director – Trident Trust Cyprus

Debenhams Ottaway invests in its people

Three senior lawyers promoted to partner

Capital Int: Sustainable alpha – What does it mean?

By David Long, Chief Investment Officer at Capital International Group Read in

here

Hear From Our Members

You’re thrown a curve ball every day – that’s the beauty of family office

By

Greg Harris - Head of Family Office division for all British Islands

Read in full click here

Evelyn Partners International joins with Flagstone International to give clients access to platform offering multiple deposit accounts.

Read in full click here

Thomson Snell & Passmore’s Residential Property & Conveyancing team welcomes new Partner

Matthew Sabine joins Residential Property & Conveyancing team

Read in full click here

Technology And Support For Private Client Professionals

By Nick Hockney, Senior Sales Consultant UK & International | Titan W: www.titanwh.com

Technology, digital, whichever word you choose the world is changing fast. Increased reporting requirements, increasing demands from family members and beneficiaries all put administrative pressure and risk on family offices, trustees and trust companies.

Technology can help in many ways from smoothing your administration, to automated dealing and reporting, creating client portals and even smart phone access incorporating the latest security systems.

Demands for more information, more real-time data, more transparency across the spectrum of everyone you deal with. Your family members, professional advisors, beneficiaries and third-party service providers are all becoming digital and paperless.

Regulators too are increasing their requirements and technology can help reduce resource intensive reporting, operations and reduce mistakes.

Fear and cost are the major factors that stop technology considerations. However, having the right data, providing transparency and automating mundane tasks has a benefit for your private wealth clients and for you. Allowing you to concentrate on your core services.

Who are Titan?

Titan Wealth was conceived to plug gaps that we saw in the service sector of the financial market. We acquired an institutional platform and specialist investment managers to build resource for our clients. We continue to grow and add capability both in the UK and internationally as we develop our Client to Custody model. Our business is built round three pillars – Advice, Investment and Platform, Clearing & Custody and Execution services.

Every client we speak to is

Creating Family Harmony Through Charitable Purpose

By Andre Webb, Associate Director - Private Client Servies | JTC Private Client Office

E: Andre.Webb@jtcgroup.com

Founding and building a family business is one thing, maintaining the interest, or indeed involvement, of later generations of the family, is quite another.

This is particularly the case if the business is very successful, perhaps with a global footprint, and thus generates a substantial revenue stream. In these circumstances tensions may develop between individual family members, prompted perhaps by an absence of motivation among some of the founders’ children or grandchildren, given the amount of wealth already at their disposal, or maybe by a lack of business interest or acumen.

To combat this issue, families may choose to develop protocols, sometimes called family constitutions or charters, which are intended to establish a set of common values which underpin family life and practical policies which they agree to be led by when running family affairs.

JTC Group works closely with families to develop Family Protocols, which are effective in bringing families together around a common set of guiding principles. In addition, JTC Group is very active in the implementation of different family governance solutions, which can involve setting up a charitable structure, usually a foundation or trust. Such arrangements reflect the accelerating importance many in the younger generation attach to social values as they offer the opportunity to give something back to the community. These solutions are an example of what might be described as the ‘Evolution of Morality’.

In most cases, these trusts or foundations are established by the original founder of the family business, and as well as providing a substantial income for family members, also offer the opportunity to direct the charitable works via a seat on the Charity’s Council;

Pathways to an IndustryLeading Podcast

IF VIDEO IS THE HARE OF THE ONLINE MARKETING AND BRAND-BUILDING WORLD, PODCASTS ARE THE PROVERBIAL TORTOISE. WHILE CLOSE TO 83% OF GLOBAL INTERNET TRAFFIC COMES FROM VIDEO, PODCASTS HAVE PROVED THE ULTIMATE GAME-CHANGER FOR MANY BRANDS, ALLOWING EXPERTS TO CULTIVATE DEEPER, MORE-ENDURING RELATIONSHIPS WITH THEIR AUDIENCES.

Where private wealth is concerned, high-quality podcasting is in its infancy. Despite evidence that a vast global audience is interested in themes such as succession planning, tax and investments for wealthy individuals, there are few examples of experts and professionals in these fields harnessing the full power of podcasts.

Pathways to an Industry-Leading Podcast

For this reason, we argue that now is an opportune time for would-be influencers across the sector to think about tapping into this underused medium and carving out a position of leadership in their niche. However, while the rewards of launching a podcast can be vast and far-reaching, there are some considerations that must first be made.

PCD Media Connect. Create. Lead.

1 INDUSTRY AT A TIPPING POINT: Podcasts that target private wealth audiences are at a pivotal point in their evolution. Popularity-wise, they are gaining momentum fast while still having significant room to grow. Overall, 48% of British people listen to podcasts every month. While this statistic is rising year on year, the podcasting arena is significantly less saturated than video. The trend, however, paints an exciting picture of where podcasting in the industry can go. It is calling out, therefore, for experienced and authentic new voices.

2 A NETWORKING TOOL LIKE NO OTHER:

There are few more-effective conversation starters than, ‘Hello, I’d love to interview you on my podcast. I’ve been following you for a while, and I’d love to share your story and expertise with my audience.’ A podcast is your opportunity to spend an hour in conversation with your dream collaborators, talking about the things that inspire them. With the right strategy, the podcast can be the first step in a relationship that could endure long after the hour is over.

3 NO BUDGET, NO PROBLEM:

A podcast can be developed and rolled-out in hours and with minimal cost. Unlike video, which often requires a menu of specific equipment and long-turnaround times, a good quality podcast requires little more than a quiet room, a decent mic and a good idea.

4 A SHORTCUT TO INFLUENCER STATUS:

A podcast is a great platform from which to give value and connect with your target client community. By launching a podcast, you raise your hand and assume the role of an industry thought leader. Peers, journalists and potential clients will, therefore, see you as a first port of call for expertise in your niche.

5 FORGET THE ‘GOLDFISH’ RULE:

They say the attention span of modern audiences is...

East Asia Case Study Discussion with Mishcon de Reya

By David Bell, Founder | PCD Group

In April, PCD hosted a private breakfast meeting with Partners from Mishcon de Reya, using a case study of an East Asian family to frame the discussion. The case involved an example of a Singaporean-based business family with a substantial local enterprise that has generated the family wealth and an increasing number of foreign investments and family members residing abroad.

issues with their child in school.

The Mishcon team gave us the 360 degree view of all the issues:

Charlie Sosna - Charlie noted that UHNW clients with international investments often start by saying they want to keep it simple, but there are many complex issues to grapple with. They need a global approach to legacy based on their goals - the family dynamics are very important. Tensions can arise between siblings if appointing one member of the family to run the business. New marital partners entering the family shift the dynamic. The family might preemptively consider how the situation would play out in litigation.

The family are considering thorny issues of succession, estate planning and wealth transfer. The case considered the challenges of appointing a member of the next generation to run the family business and another sibling seeking investment for their new business. One of the younger siblings is moving to London and has a number of personal issues to address including a new partner and

For estate planning, there are many options to use trusts to avoid probate issues and liquidity issues on the death of the patriarch. Asian families have a different dynamic to wealthy families in the West, with more deference to the patriarch and respect for hierarchy. It can be a challenge for professional trustees to prevent the settlor of the trust from overreaching, making the planning less robust.

Peter Steen - Peter’s key objective in advising families is to mitigate risk. One of the key areas of tension here is the succession of the family business from G1 to G2, particularly with concerns around the new martial partner and potentially seeding control of the business to her. In Asian culture, the patriarch will not want to relinquish control. Succession planning and wealth transfer plans will have to address these concerns and issues.

Janet Tobin - Janet focuses on corporate and commercial disputes for UHNW families and so considered some of the factors here for the family member who has established her own newly successful business. A dispute with the founding partner threatens to compromise their success. Janet emphasised the importance of planning for all eventualities at the inception of the enterprise, before issues arise.

generations. Perhaps that is the right time to sell the family business? It needs careful consideration and communication within the family from an early stage. Removing a family member from the business is complicated, as you are still a family after all. Family Charters can help promote cohesion but it depends on the family dynamics and how the document is used.

Victoria Pigott - Victoria also focuses on commercial litigation and notes that disputes often arise between cousins in family businesses on transfer down the

Guests from the audience noted a number of features of the case that they recognised:

Nancy Chien said in 95% of structures, the Settlor has the Power of Investment, which can create an issue where the settlor may be impulsive. What to do then? The trust must be drafted very tightly as this is a significant area of risk for trustees. It is important to consider what happens when the settlor passes away? The trustees need to think ahead after the settlor

Strokes & Ground is a distinguished real estate developer headquartered in Portugal, specializing in the construction of both residential and commercial properties. With a strong emphasis on asset management, including sale, purchase, lease, and acquisition, the company delivers top-notch quality in construction. By partnering with industry-leading professionals, Strokes & Ground ensures the highest level of craftsmanship and excellence in every project.

PORTUGAL GOLDEN VISA

The Portugal Golden Visa program is a great opportunity for investors to gain residency and citizenship in Portugal. It offers a number of attractive investment options, including real estate and businesses across industries.

The Register Of Overseas Entities (ROE) –Where Are We Now?

By Karen Methold, James John, Chris Cooke or Robert Drysdale Rooks Rider Solicitors

W: www.rooksrider.co.uk

Life beyond the Deadline

The deadline passed on 31 January 2023 for the registration of overseas entities at Companies House, although applications can still be made and are being accepted.

Under the Rules introduced by the Economic Crime (Transparency and Enforcement) Act 2022 (the “Act”), overseas entities owning property or land in the UK had an obligation by 31 January 2023 to register and declare their beneficial owners. The term “overseas entity” has been given a wide definition in the Act and broadly means a legal entity that is governed by the law of a country or territory outside the UK. “Legal entity” means a body corporate, partnership or other entity.

More than 26,000 overseas entities have registered to date and an estimat-

ed 13,000 entities failed to register by the deadline. This represents approximately 40% of the total number of overseas entities owning UK land or property. The end result is that the general public can now access the relevant data on any registered entity through the Companies House website and it is understood there have already been more than 220,000 searches carried out. 75% of the registered entities are based in five jurisdictions: the BVI, Jersey, the Isle of Man, Guernsey and Luxembourg.

Those entities which have not yet registered are continuing to receive letters from Companies House reminding them of the consequences, set out below, if they do not comply. (There has already been an increase in the number of so-called nudge letters received from HMRC checking on UK tax issues relating to disposals of interests

The Investment Potential Of Ultra-Rare Luxury Goods

By Andrea Koday-Vörös E: andrea@knightsbridgemanagement.co.uk

Luxury items like handbags, watches, jewellery and even classic cars offer instant gratification in the form of owning an exceptional piece that can be enjoyed while it appreciates in value. But it is not just the items themselves that are exceptional – chosen with care, they can be incredible value stores that do not follow market fluctuations.

A key detail in choosing investment pieces is the scarcity of the item. Be sides craftsmanship and quality, this is one of the top factors that influenc es the value of luxury goods such as handbags and fine jewellery. Desirabil ity often increases as prices rise, mak ing ownership even more exclusive and driving the value up further.

Among the most sought-after hand bags for collectors are the Hermès Bir kin and Kelly. The Birkin handbag was first introduced in 1984 and it is one of the most coveted bags today with de mand far outstripping supply – some customers can wait up to six years for

an iconic bag in their choice of materials or colourway. A tightly-controlled supply and limited number of pieces made each year mean that the most popular handbags are only sold to a select list of customers.

Hermès Birkin bags have an average increase in value year on year of 14.2%. Since its creation in the 1980s, the Birkin has never fluctuated downwards,

DESTINATIONS FOR 2023

ZURICH - 20 SEPTEMBER

GUERNSEY - 26 SEPTEMBER

MANCHESTER - 11 OCTOBER

NEW YORK - 24 OCTOBER

MIAMI - 26 OCTOBER

DUBAI - 02 NOVEMBER

LONDON - 23 NOVEMBER

NEXTGEN LUNCH - 24 NOVEMBER