Number 36

ISSUE 36

EXCLUSIVE INTERVIEWS FROM

DUBAI, MIAMI & NEW YORK +

MEET OUR MEMBERS

&

MUCH MORE

PRIVATE WEALTH IN A MULTIPOLAR WORLD HOW TO NETWORK TOP NETWORKING TIPS

Crypto AN IN-DEPTH LOOK AT

CRYPTO CURRENCY

WITH PANELS, ARTICLES & DOCUMENTARIES

WELCOME

Welcome

By David Bell, Founder | PCD Group

In our first edition of 2024, we have a bumper crop of international private wealth sector content including: a teaser from our upcoming Crypto documentary; thought leadership from members engaged in the Crypto & Digital assets world; interviews recorded in the Autumn in Guernsey, New York, Miami & Dubai; How to Network & more. Let us know what you think of the content, we are always happy to hear from you at members@pcd.club. We look forward to being back in London on 7 March for the first event of the year, hope to see you there! Don’t forget to follow us on

Contents 20 2024: Private wealth in a The Abacus team looks 4 multipolar world 22 forward to meeting you HNW Advisor Meet our 6 crypto 2024 24 members Crypto is resurging but Miami 8 has anything changed? 26 interviews A gateway to crypto New York 14 friendly countries? 27 interviews Trustees and the Family offices for middle 15 evolution of DAOs 28 eastern clients Insights into north-west 9 Key considerations for 18 real estate investments 29 yacht owners Key trends in the northHow to 19 west real estate 30 network Exclusive interviews from Dubai

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P R I VAT E W E A LT H I N

A M U LT I P O L A R W O R L D

The World in 2024: Private Wealth in a Multipolar World

By David Bell, Founder | PCD Group

The business class cabins of the world are an unlikely, but reliable, bell-weather for oncoming trends in global economic wealth and politics.

Today, major airlines flying to cities such as Riyadh, Doha, Abu Dhabi and Dubai have some of the busiest business class lounges in the world as the centre of economic gravity continues to shift to the east.

regions, but also as a fourth pole in its own right, in what has been, until now, a three-polar landscape.

Private wealth is among the many industries where this new global dynamic is manifesting visibly. The wealth management industry has endured a challenging few years, characterised by falling assets under management across the world. The Middle East, however, has stood largely alone in bucking this global trend, generating more wealth in 2023 than in any other period in its recent history.

While this realignment of global influence has been underway for a while, the nature of the shift has become more nuanced over time and the Middle East is emerging as a pivot point in the power play between the east and the west.

Middle East: Retaining Capital, Attracting Talent Powered by accelerating GDP, wealth creation in the Middle East continues to outpace that of the rest of the world.

However, the most interesting element of this dynamic is that the wealth being generated is staying firmly within the region. Where once, capital was exported to the likes of Europe, UK and the US, today, more private wealth professionals from the west are relocating

In recent years, globalisation and a unipolar world (dominated by a single superpower) has given way to a multipolar landscape in which several global powers are operating simultaneously. In this multipolar world, the three key regions of influence (the US, EU and China) are diverging on key themes and in terms of how they operate. The Middle East is increasingly assuming the role, not only, of a meeting point between the three 4

their operations to the major cities of the Middle East as talent is flowing toward the money rather than the money leaving the region, as has historically been the case. Recruitment into the private wealth sector has soared across the region, as have the number of Shariah-compliant financial houses and products.

actional approach to how they deal with the rest of the world.

HNW Advisor riyadh event Setting the pace for the region’s burgeoning economic ambitions, the governments of Saudi Arabia and the UAE have recently introduced several pro-business policies aimed at making their respective economies more attractive to global corporates, investors and wealthy families. In an effort to encourage more foreign direct investment, the UAE has been robustly implementing far-reaching business and legal reforms that have included relaxing laws governing foreign investor participation in onshore private companies.

As 2024 unfolds, the Middle East is poised to reinforce its stance as an increasingly important hub for global wealth. Among the many factors driving this shift are changes in global trade dynamics. These changes are most notable with regards to China, the region’s largest trading partner, as well as India and Japan which remain principal buyers of Gulf crude.

These initiatives appear to be paying off as the UAE attracted more foreign direct investment (FDI), than anywhere else in the region accounting for 32.4% of overall inflows in 2023. 2024 is likely to see this trend continue as more family offices and HNW/UHNW individuals from across the world set-up bases and invest

Economic Renaissance: UAE and Saudi Arabia Lead the Way Saudi Arabia and the UAE have enjoyed significant financial gains from surging energy prices since 2022, resulting in significant petrodollar windfalls. As a result, both countries hold some of the world’s largest and most active sovereign investment funds and have taken on an opportunistic, flexible and trans-

Read in full click here 5

Crypto 2024 202

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rypto HNW Advisor presents 24 4 a look at the past, present and future of crypto coming soon 7

CRYPTO IS RESURGING BUT HAS ANYTHING CHANGED?

Second Life: Crypto is Resurging But Has Anything Changed?

After a frenzied year and a half, the crypto market enjoyed a strong start to 2024, giving rise to hopes that the so-called crypto winter is over and the thaw we’ve all been waiting for has begun.

ry framework has been detrimental to investors and near-fatal for the asset class. Andrew Horbury – Trust and Corporate Services Structuring Specialist – opened the discussion by outlining what’s changed in the cryptocurrency world – and, importantly, what hasn’t.

“It’s vital for investors to remember that crypto is a high-risk volatile asset class – and regardless of what regulations or controls are imposed, this aspect of its profile will not change significantly. During any broad macroeconomic downturn, high-risk assets such as crypto will inevitably suffer the most. A lot of crypto asset market volume has historically been driven by retail investors who are by and large emotionally driven or sensitive investors.

With regulators and large financial institutions stepping into the crypto arena, the currency appears to be on the cusp of a second life, shedding its old rebel skin in favour of a renewed institutional legitimacy. As investors negotiate a renewed approach to the asset class, we convened a panel of private wealth and crypto experts in Dubai to discuss how the market has changed and the key considerations for the HNW/UHNW community.

“That said, since 2022, whilst retail trading volumes have eased, feedback from trading desks and market makers is that institutions are, instead, building up their exposure. We’re not just talking about the big traditional financial services names either; we are also seeing sophisticated investors, such as family offices, taking positions in the

Cryptocurrencies may have originally been created to operate free from control, but after losing $2trn, or 60% of their value, in 2022 alone, it is clear that the absence of a global regulato-

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CRYPTO IS RESURGING BUT HAS ANYTHING CHANGED?

space. So one of the most positive developments is that crypto is attracting more sophisticated investors.”

“The second is to move towards a more unified global regulatory approach.

This enhanced regulatory clarity will lead to enhanced trust, and when sufficiently high, investors will start seeing crypto as a true store of value that they can pass onto future generations. We’re not there yet but progress – particularly on the regulatory front – is certainly being made.”

As participants in the cryptocurrency market become more sophisticated, many HNW/UHNW investors are recognising the important role the asset class can play in their portfolios. Panellist Giulia Finkbeiner-Bertoni - Banking and Custody Expert – addressed what the industry needs to do next to regain lost trust.

Global standard-setters are pushing for more international cooperation on the regulation of digital assets. While this is taking place, a handful of national authorities are moving to further their own ambitions to be global centres for digital assets, technology and innovation.

“The institutional adoption of digital assets, that has continued to gain momentum over the past two years, clearly indicate that the digital assets and blockchain technology are here to stay. However, the various industry scandals and failures in 2022 have also shown that more robust regulation, as well as regulatory clarity, is also needed.

The EU is nearing completion of its Markets in Crypto-Assets Regulation, and Switzerland has established one of the most comprehensive regulatory frameworks for digital assets. Numerous other countries are also actively researching, defining, consulting, and legislating on how to integrate digital assets into their existing financial services frameworks.

It is clear that traditional investors want to continue to build investment positions in the crypto space, but to facilitate this, it is important that we see continued progress in two key areas.

The first is an improved level of education for investors, their advisors and regulators in order to navigate both the opportunities and challenges that lie ahead.

Against this backdrop of activity, the UAE has made some of the strongest progress in the space, emerging as a potential global leader in the establishment of accommodative policies for crypto companies and investors.

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CRYPTO IS RESURGING BUT HAS ANYTHING CHANGED?

Hassan Saeed – UAEBased Lawyer and Regulatory Expert – outlined how the country is leading the way. “Regulators in the UAE were early adopters of cryptocurrency, launching a blockchain strategy in 2018. That same year, the Abu Dhabi Global Market (ADGM) introduced the world’s first regulatory framework for crypto assets, aiming to encourage innovation while protecting investors.

While authorities across the world are certainly working to bring crypto into the regulatory regime, they are also moving at varying speeds, with varying attitudes and approaches. Andy Wood – Tax Advisor and Barrister – addressed why this could raise challenges for investors.

“We’ve seen a lot of positive regulation coming out of the UAE as the authorities embrace crypto as a key asset class of the future. In the UK, we’re also seeing a lot of positive progress, but it’s happening at a much slower pace. This all stands in contrast with the US, which has been somewhat schizophrenic in its approach. Take the issue of ETFs for example; Originally, the SEC rejected it on grounds that were labeled ‘arbitrary’, ‘capricious’ and ‘discriminatory’ by the US courts.

Of course, a number of these have now been approved.

“2023 was a very important year as the UAE joined pioneer countries in issuing a central bank digital currency, the value of which is linked to the country’s official currency. In March 2022 , the Dubai Virtual Asset Regulatory Authority (VARA), became the world’s first independent regulator for virtual assets. Finally, in October 2023, the RAK Digital Assets Oasis became the world’s first free zone dedicated to digital and virtual asset companies.

The UAE now stands at the forefront of global efforts to build trust and create a favourable operating environment for crypto businesses and investors.”

“For investors, it’s vital to consider which jurisdiction’s regulations affect them. This particularly applies to the issue of tax. As we know, crypto wealth can be very transient with lots of buying and selling taking place. Investors and their advisors need to look very closely at the crypto tax rules for the jurisdictions they are subject to. I see tax becoming a major differentiator in terms of which countries emerge as the main cryptocurrency hubs.”

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CRYPTO IS RESURGING BUT HAS ANYTHING CHANGED?

One of the most attractive jurisdictions for crypto investors is the Caribbean, a region that will continue to play an important role in the market due to its willingness to adopt bespoke investor-friendly regulatory frameworks.

BVI and the Cayman Islands are an important part of the digital asset ecosystem, and have developed a lot of expertise around structuring these kinds of investments.

Cayman obviously has gone through having old-school fund investing in new school assets. In these cases, we apply the same technology that you would apply to a wine fund or an antiques fund because the risk factors are equally extreme and the assets can be vulnerable.”

The issue of vulnerability is one that continues to weigh heavily on the sector.

Offshore legal expert Richard Grasby explained why these territories will be increasingly vital for crypto investors going forward.

“A lot of people have old world assets, but they like the flexibility of a token (a crypto token is a representation of an asset that has been tokenised on an existing cryptocurrency’s blockchain). So they want to tokenise everything. That does lead to some challenges from the point of view of analysing what exactly they own, where it is, how do you transfer it, which laws of succession apply to it, which tax applies to it etc.

Crypto chatrooms are rife with tales of stolen funds, hacked accounts, and lost passwords.

“Like the tokenisation opportunity, Cayman Foundation Companies are also attracting a lot of attention from potential investors as they seek out greater autonomy. This is a legal entity so it can open bank accounts and assign contracts that can be ownerless.

So it’s autonomous in that respect.

This is why the question of safeguarding and custody is so important for private clients and institutions.

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CRYPTO IS RESURGING BUT HAS ANYTHING CHANGED?

Giulia Finkbeiner-Bertoni explored the possibilities. “For private clients, there are two primary options with regards to custody. First, there are custodial wallets where a client engages with third-party providers and grants them the custody of their private keys.

The second option is non-custodial wallets, often called self-custody or hardware wallets, where the investor takes responsibility for securing the private keys to their own digital assets.

This approach comes with some downsides, however. For example, what happens if the holder loses their password, or passes away and a family member needs to retrieve the assets? This has real implications for estate planning. If you own assets in a trust, does the trustee hold the key?

“Many crypto investors are yet to think seriously about these issues which are vital to an effective and sustainable overall strategy.”

These considerations and more will come to the fore as the crypto landscape matures and more sophisticated investors enter the arena. As an asset class, crypto will play an increasingly important role in private wealth portfolios, contributing to both return and diversification. As the market finds its feet and rebuilds trust after the collapse of 2022, it is vital that investors, advisors and regulators work together to define what the next season of the crypto story will look like.

Simon Walker – Corporate Lawyer with interest in the metaverse and digital economy – discussed Dubai’s wider ambitions in the technology space and, in particular, the metaverse.

“Dubai recently launched its metaverse strategy and opened its own government office in the virtual world. The technology allows you to wander around and register for things like bank accounts.

“While the technology will continue to improve, it’s very much ahead of the curve and testament to Dubai’s commitment to being a top 10 metaverse economy. It has already attracted 1000 companies in the fields of blockchain and metaverse and aims to create more than 40,000 virtual jobs by 2030.”

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PCD Club Gold Sponsor

Jason Connon

Founder & CEO

Chris McDonald

Director of Strategic Partnerships

Paula Moore

Private Clients Account Executive

Join us at PCD Club London Dinner Thursday 7 March 2024 13

C R Y PT O W E A LT H A N D I N V E S T M E N T M I G R AT I O N

A Gateway to Crypto-Friendly Countries?

By Dominic Volek | Group Head of Private Clients | Henley & Partners W: www.henleyglobal.com

to-friendly countries such as Antigua and Barbuda, Greece, Malta, and Portugal prompted Henley & Partners to produce a Crypto Adoption Index, which compares the best investment migration programs for crypto investors.

Crypto millionaires are looking for a Plan B

The total market value of crypto is an astonishing USD 1.2 trillion, according to Henley & Partners’ Crypto Wealth Report — a clear signal that this significant asset class is here to stay.

The ascent of crypto assets has seen policymakers scrambling to implement new legal frameworks to regulate the rapidly evolving investment landscape. In this context, crypto traders, miners, and investors are seeing investment migration as an ideal mechanism to access opportunities in a range of jurisdictions where cryptocurrency is accepted and adopted in the financial ecosystem.

The increasing prominence of digital assets in high-net-worth individuals’ portfolios signifies that in future, digital assets are set to be a significant source of wealth — the fast-growing cohort of crypto millionaires should not be overlooked.

Crypto millionaires are gravitating towards countries with innovative tech sectors, established

Crypto-friendliness is a key driver of interest in residence and citizenship by investment programs, whereby affluent global investors acquire residence rights or citizenship of a host country in return for an investment.

Read in full click here

Rising demand for programs in cryp14

BRIDGING THE FUTURE

Trustees and the evolution of DAOs

By Philip Radford | Director | Saffery Trust W: www.saffery.com

As we delve into the unpredictable, yet dynamic, realm of crypto, the landscape of 2024 promises to be marked by intriguing trends that will undoubtedly shape the future the market.

An interesting, and growing, trend that we are seeing, is decentralised autonomous organisations (DAOs) seeking our assistance to showcase their commitment to robust governance within their communities.

The metamorphosis of blockchain technology and decentralised finance (DeFi) continues to captivate the attention of investors, enthusiasts, and industry players alike. Amidst the evolution of regulatory frameworks and the rise of innovative blockchain projects 2024 stands poised to present both challenges and opportunities for participants across the globe.

The irony of appointing a traditional service provider to instil trust in a system founded on scepticism towards such entities might seem like a verse from an Alanis Morissette song at first glance. However, it reflects a natural evolution for the market as it navigates the intricate balance between its decentralised roots and the pragmatic needs of TradFi transactions.

When considering that the crypto market was built in direct opposition to traditional finance (TradFi), it might be surprising to learn that we are seeing an upward trend of clients with digital wealth and assets looking to us to facilitate their integration into more conventional financial services.

Working in partnership with DAOs is relatively new terrain and getting it right requires drawing on decades of experience of traditional wealth structuring. After first being approached by a digital asset client in 2017, we invested significant time and resources in identifying where we, as a traditional service provider, could add value, while respecting the desire

Read in full click here

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The UK’s non-dom regime Reform, replace or abolish?

The non-dom regime does not do enough to attract talented, entrepreneurial people to the UK

Read our analysis of how the non-dom system should be reformed Chris Groves Partner | Private client and tax

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Become a Native today and turn your local tax expertise into international opportunities!

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NORTH-WEST REAL ESTATE INVESTMENT INSIGHTS INTERVIEW

Insights into North West Real Estate Investments Interview with Thomas Muir | CEO | APG Capital W: www.apgcapital.co.uk

If you’re looking for insights into real estate investments in Manchester and beyond. Thomas Muir and his team at APG Capital specialises in providing unique investment opportunities backed by years of expertise and have a keen understanding of the market.

In this insightful interview, we’ll dive into the details of how the real estate development business works and explain what makes APG Capital stand out from other intermediaries in the industry. We also breakdown how investors can participate in the opportunities. Watch the full interview here:

About APG Capital APG Capital Limited is a real estate development company specialising in capital management and delivering high quality residential apartment blocks as investment grade assets.

Group of companies which have delivered over 300 units of residential accommodation for sale & rent with a value of over £30m. Head over to their website to find out more.

They are also the development arm of the Accelerate Property 18

NORTH WEST REAL ESTATE PANEL

Key Trends in the North West Real Estate Market Sponsored by Fairway Group

We recently convened a panel of experts to share the latest trends in the North West Real Estate market with an exclusive group of advisors, kindly sponsored by Fairway Group from Jersey. The discussion covered the tax, legal, financing and structuring opportunities. Read on below to discover the latest trends.

The current environment means that clients sitting on cash are rethinking their options and are open to diversifying their investments. Equally, sellers are holding out for higher prices. However, there are exceptions: there is currently a huge shortage of student properties and landlords can still do well by pushing rents up to balance the books.

The panel features:

On the commercial side, the development sector is booming, says Thomas Pearson of JMW Solicitors. Buy to let, build to rent and developments are still doing very well, and the demand is high. “It’s a quirky market,” Thomas says. Although it feels as though a recession is on the horizon, and investors are playing it safe, plenty of deals are still being done.

Paul Bricknell, Partner at Kuits Solicitors. Thomas Pearson, Partner at JMW Solicitors. Chris Mourant, Associate Director at Fairway Group. Faisal Rashid, Managing Director at Westminster Finance .

We opened the discussion by acknowledging that recent years have seen a boom in the real estate market in the North West of England, both in the residential and commercial sectors.

However, after a generation of buy-tolet investors have reaped the benefits of the residential market, for the first time, due to changes in taxation and mortgage interest rates, landlords are losing money and wondering whether they should re-structure or sell up, says Paul Bricknell of Kuits Solicitors.

Read in full click here

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EXCLUSIVE INTERVIEWS FROM DUBAI

DUBAI

David Bell journeyed to Dubai in December 2023 to host the PCD Club networking dinner, where he held exclusive interviews with prominent professionals.

Explore the pioneering platform, Lexolent, and its significant role in the world of litigation finance. Gain insight into Henley & Partners’

2023 Crypto Wealth Report, which sheds light on the investment strategies of 70 billionaires.

And learn from EER, experts in corporate governance for entrepreneurs, committed to supporting talent acquisition and corporate governance, particularly those expanding their workforce in the UAE.

Shaping the Future of Legal Finance with Nick Rowles Davies, CEO of Lexolent In this exclusive interview, Nick Rowles-Davies explores Lexolent, a pioneering platform in litigation finance.

Learn how lawyers and professionals benefit, explore Lexolent’s unique features, and gain insights into key litigation markets.

www.hnwadvisor.com 20

EXCLUSIVE INTERVIEWS FROM DUBAI

Power Talk on Entrepreneurship, Goals and Decisions with EER’s Co-Owner, Aideen Hopkins & Operations Head, Dimple Torralba Explore corporate governance essentials, talent acquisition strategies, and how EER assists companies in dynamic sectors like sports.

CASE STUDY: UAE BUSINESS FAMILY WITH INTERNATIONAL ASSETS

David Bell chats to experts Sunita Singh-Dalal, Partner at Hourani and Darlene Hart, Founder and Owner of US Tax FS where they dive into discussions surrounding the timing of asset transfers into a foundation, understanding U.S. estate tax laws and strategies to avoid them, deciphering between different kinds of investments including stocks & bonds and US/non-US assets.

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The Abacus team looks forward to meeting you . . .

London is an important hub for private wealth advisers and the March PCD Club networking dinner is an ideal opportunity for meeting many of them.

Kevin Loundes Managing Director – Isle of Man Kevin is responsible for the overall operation and performance of the Isle of Man office as well retaining oversight of the tax department.

Samantha Eves Director – Isle of Man Sam overseas the delivery of client services for Abacus’ in-house managed trusts and companies, as well as all client accounting matters.

David Solly Client Service Director – Isle of Man David has worked in the trust and corporate service sector for nearly 25 years, assisting individuals, families and entrepreneurs to protect their assets and business interests.

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As Abacus continues to build its network and explore how it helps others operating in the wealth management sector, we are delighted it has chosen to be a Silver Sponsor for the event.

Get in contact with them ahead of the London PCD Club dinner on 7 March and build your connections. Book tickets here

Laetitia Mikail-Capparelli Client Director - Head of Legal - Monaco Laetitia is a dual-qualified lawyer in New York state and England & Wales and has more than 15 years’ commercial and litigation experience.

Gemma Davies Senior Trust Manager – Isle of Man With more than 20 years’ experience in the fiduciary industry, Gemma is responsible for the relationship management of a portfolio of complex private wealth structures.

Emily Phillips Senior Tax Manager - Isle of Man Emily oversees the in-house tax function at Abacus and is responsible for the UK and Isle of Man tax implications of trusts, companies and individuals.

Read in full click here

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Meet Our Members Tell us about your role as a Super IFA? “Well it’s a term I use to describe a UK regulated financial adviser who has the highest level of qualifications and experience and is able to deal with very complex client situations involving UK and international clients, corporate and trust clients and complex family succession structures.”

By Thomas Weymouth, MSc FPFS Chartered FCSI, Merriwey Limited Read in full click here

What do you do for Glenfield Property Management?

“As Founder, I take direct responsibility for the maintenance of every property under our management.

Operating as a cohesive team of four, we maintain a well-organised operation.”

By Yasmin Ulhaq, Founder of Glenfield Property Management

Read in full click here

What do you do for Mark Brooks Education?

“I’m the co-director of Mark Brooks Education, an award-winning educational consultancy helping families across Africa and beyond with admissions into outstanding UK boarding and day schools.”

By Mark Brooks, Co-Director of Mark Brooks Education

Read in full click here

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BUILDING A LEGACY FOR FUTURE GENERATIONS As a leading provider of fiduciary services, we understand that significant wealth creates both challenges and opportunities for families, particularly when it comes to legacy planning.

We also know that building a legacy is about more than just wealth. It is about family, purpose, unity, and a better future.

To find out more about our international fiduciary services, visit www.standardbank.com/fiduciary

Standard Bank’s International Fiduciary Services are available from the offices listed, the products and services referred to in this document are only offered by subsidiary companies of Standard Bank Offshore Group Limited based in Jersey and Mauritius. Standard Bank Offshore Trust Company Jersey Limited is regulated by the Jersey Financial Services Commission, registered in Jersey No. 9153. Standard Bank House, 47- 49 La Motte Street, St Helier, Jersey, JE2 4SZ. Standard Bank Trust Company (Mauritius) Limited is regulated by the Financial Services Commission, Mauritius, to provide corporate and trust services and does not fall under the regulatory and supervisory purview of the Bank of Mauritius.

Business registration number: C06021609. Level 9, Tower B, 1 Exchange Square, Wall Street, Ebene, 72201 Mauritius. The above entities are wholly owned subsidiaries of Standard Bank Offshore Group Limited whose registered office is Standard Bank House, 47-49 La Motte Street, St Helier, Jersey, JE2 4SZ. Standard Bank Offshore Group Limited is a wholly owned subsidiary of Standard Bank Group Limited which has its registered office at 9th Floor, Standard Bank Centre, 5 Simmonds Street, Johannesburg 2001, Republic of South Africa.

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MIAMI During our trip to Miami in October 2023, we interviewed local real estate experts, exploring the city's vibrant culture and market performance. We also spoke with a renowned financial advisor known for his innovative philanthropic approach to financial planning for sports stars with diverse education levels.

Kristoffer Doura, Financial Advisor | 1847Financial Discussions on financial advisory, philanthropy, pension planning & more.

Dan Hechtkopf and Marci DeClaris, Director of Luxury Sales | Douglas Elliman We explored Miami's regions for HNW foreign investors, compared properties, local culture & market performance.

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NEW YORK In recent months, we interviewed influential figures from New York, gaining global perspectives and exploring diverse topics like Luxury real estate, gold and precious metals investments, Cayman’s global impact and New York’s evolving landscape.

Anthony Partridge, Partner and Rachael Reynolds, Global Senior Partner | OGIER Dive into a discussion from networking event excitement to international legal intricacies.

James O’Brien, Head of Luxury Property | IRG LTD Learn about James’s engagement with investors, advisors, banks, and law firms during his regular visits to New York.

Albert Johnston, Director of Sales and Marketing | philoro USA, inc Explore philoro's worldwide clientele and the surge in gold demand among new investors.

Naro Zimmerman, Deputy Head of Caribbean, Private Client Services | JTC GROUP Talks on Caribbean trends and applying fund expertise with family offices and investors.

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W E A LT H M A N A G E M E N T I N T H E M I D D L E E A S T B O O M

Family Offices for Middle Eastern Clients

By Elinor Boote | Associate | Charles Russell Speechlys LLP W: www.charlesrussellspeechlys.com

The Middle East has an exciting and growing economy, with many families becoming more internationally mobile.

non-family members to assist with management and expansion, as their businesses grow ever larger.

This level of growth, especially at speed, can present many challenges.

As a result, many wealthy families rely on a family office. This might be a professional independent provider, a multi-family office, or (especially for UHNWs) a single-family office. A single-family office will aim to provide information to the family in a very personal way, recruiting team members who are often known by the family and will hopefully work with them for many years. Finding professionals who can fulfil these roles is likely to involve looking beyond the family’s home jurisdiction. Many families look to the US and the UK.

As explored in detail in Issue 34 of the PCD Magazine last year, Saudi Arabia is a great example of a booming Middle Eastern economy; it is currently one of the fastest growing economies in the world. This extends beyond leisure and tourism, with many family businesses growing exponentially with increasingly complex investments and asset classes. As a result there is a growing focus on compliance, succession planning and governance, and a need for experienced international advisers.

Historically, many families relied on a single trusted adviser to manage their affairs under relatively informal arrangements. However, as a result of the growing complexities such as compliance with different reporting regimes, many UHNW families in the Middle East are looking to put in place sophisticated estate planning and investment strategies, including

The family office’s strategy should always align with the family’s or multifamily office.

Read in full click here

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SUPERYACHT REGISTRATION

Navigating the Seas of Superyacht Registration and Operation: 9 Key Considerations for Yacht Owners

By Christina Economou | Business Development Director | Trident Trust

By Jonathan Harris Lowe | Managing Director | Trident Trust W: www.tridenttrust.com

Owning a superyacht is a dream for many, but behind the glitz and glamour lies a complex web of considerations. From choosing the right flag registration, to understanding VAT implications and managing crew employment, there are some crucial factors to navigate when it comes to successfully managing your prized vessel.

a vessel is registered in a country, all the country’s regulatory and tax administration frameworks will apply to the yacht. Factors such as corporate tax, income tax, and potential import duties should be thoroughly researched as they may strongly differ from one country to another, making one jurisdiction preferable to another depending on the yacht owner’s specific circumstances and requirements.

In this quick guide, we will explore the essential components to ensuring a smooth sailing experience in such a constantly evolving operational landscape.

2. Yacht Registry’s Reputation: Choosing a registry with a poor reputation or one that is targeted by Port States and Customs could have a detrimental effect on the smooth running of the vessel. The reputation and credibility of the chosen flag registry can impact the yacht’s desirability and chartering potential.

In addition, well-established registries often provide a higher level

Flag Registration Choice Flag registration determines the legal framework under which your superyacht operates. There are numerous considerations when it comes to choosing the most appropriate jurisdiction for registering a vessel, such as: 1. Legal and Tax Implications: once

Read in full click here

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How to Network David Bell is joined by Nicola Solomou, Career Consultant at Silverpen Careers, to discuss how to get the most out of networking.

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