Number 35

ISSUE 35

LLONDON TO BBRIGHTON CCHARITY FFUNDRAISER

PCD EVENT CALENDAR

2024

OM

TS FR H G I S IN

ISLE OF MAN WHATS THE WORD? HOURANI ROUNDTABLE RIYADH

MIDDLE EAST FORUM JERSEY

GET TH ON THE E INSIDE STO RY LATEST TREND S

THE INTERNATIONALISATION OF BRAZILIAN PRIVATE WEALTH

WELCOME

Welcome

By David Bell, Founder | PCD Group

There is never a dull moment in the PCD hub and not just because of my choice in shoes. We are excited to bring you another packed edition of our magazine starting with our cover feature highlighting the private wealth trends in Brazil and experts working closely with HNWIs in the region. The LATAM market was a focus for our Zurich dinner earlier in the year as well as New York and Miami just last week.

to Riyadh in May and from our Middle East roundtable held in Jersey in June.

We are also extremely grateful to all of you who so generously supported our GOSH appeal sponsoring the London to Brighton cycle. Look out for all the pics along the way (warning Lyrca on pg24).

Looking forward we are delighted to welcome back Finance IOM as sponsors of our upcoming London dinner - and you can catch a round up of our recent trip here. We have our PCD Club dates lined up and encourage you to get involved in creating content for 2024 on the next page. #MakeItHappen

At the time of writing we are making final preparations for our events in UAE and Saudi Arabia so it is great to be sharing some insights from my last trip

CONTENTS

35 Shaping the next decade: demo4 The internationalisation of Brazilian private wealth graphics, globalisation 14 How investment consultants 36 Swiss trustee legislation add value 37 Cyprus residency rules 16 Hourani roundtable series 2023 38 Isle of Man insights 20 Insight session in jersey 39 Business and the imperative of ESG principles 22 London to brighton charity fundraiser 40 PCD Media blog 28 Virtual tours: pros and cons 41 Cayman Islands’ strategic for home sellers and agents move into asia 29 A roadmap for impact investment 42 Regulations and financial services in the superyacht industry 30 Meet our members 34 Wealthy individuals, cryptocurrency, 43 PCD Club events calendar and HMRC’s tax shift 2

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T H E I N T E R N AT I O N A L I S AT I O N O F B R A Z I L I A N P R I VAT E W E A LT H

The internationalisation of

BRAZILIAN

PRIVATE WEALTH

Get the inside story on the latest trends

BY JASON MITCHELL

The value of farmland used for cereals production in Brazil has jumped by 125% during the past three years, generating immense wealth and creating huge opportunities for professional advisors.

It is benefitting from a buoyant agricultural sector and from high commodity prices. With the reopening of the Chinese economy In January this year, Brazilian exports — including soybeans and sugar — have flourished, surging to a record of almost $340bn for the year to June.

THE BRAZILIAN ECONOMY IS BOOMING AND WILL EASILY EXPAND BY MORE THAN 3% DURING 2023.

Between 2019 to 2022, cropland for grain production in the country rocketed in value from $4,630 to $10,540 per ha. During the same period, the price of sugar cane land jumped from $4,730 to $9,160 per ha and coffee land from $3,700 to $9,540 per ha.

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Cropland prices in Paraná state are now on a par with those in Illinois in the United States. In 2020, the total arable and cropland area in Brazil reached 635,200 sq km, a 16% rise since the year 2000, meaning a lot more farmers have had the chance to become wealthy.

THE COUNTRY’S TOTAL WEALTH IS ESTIMATED AT $3.3TRN AND IT HAS 266,000 DOLLAR MILLIONAIRES.

Brazil is the world’s fifth-largest country by area (8.51m sq km) and the sixth most populous (215m people). It is the biggest country in Latin America by population and by the size of its economy ($2.08trn in 2023). It has the tenth biggest economy in the world. The average Brazilian earns $9,670 a year and mean wealth is estimated at $21,400.

The richest one per cent of Brazilians receive incomes of at least $5,000 a month and own assets valued at more than $200,000.

In 2023, the country had 51 billionaires with a total net worth of $160bn. In 2023, São Paulo was deemed the ninth most expensive city in the world for wealthy individuals to live in, surpassing Miami in tenth spot.

Since the year 2000, average wealth has surged at an annual rate of 5.8%.

Financial assets have become relatively more important — as a fraction of gross assets, they rose from 44% in 2000 to 56% in 2021.

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This trend implies that non-financial assets — mainly houses — have fallen significantly in relative importance.

The wealth share of the top one per cent is now 49.3% versus 44.2% in 2000.

Some 1,200 high-net-worth individuals (HNWIs) are expected to emigrate from Brazil this year compared with 1,800 individuals last year.

Brazil is a leading producer of a host of minerals — including iron ore, tin, bauxite, manganese, gold, quartz, and diamonds — and it exports vast quantities of steel, cars, electronics and consumer goods. It had one of the world’s best-performing major equity markets last year. The Ibovespa Index climbed 4.7% in local-currency terms. The country was the third largest recipient of foreign direct investment worldwide in the first half of 2022, behind only the United States and China.

OVERALL, HNW WEALTH IN LATIN AMERICA EXPANDED BY 2.1% IN 2022, THE FASTESTGROWING RATE IN THE WORLD.

Its central bank reduced interest rates by 50 basis points to 13.25% in August this year, after holding them steady at 13.75% for almost a year. Inflation stood at 4.7% in March 2023. The Brazilian Real surged in value by 9.2% between January and July this year.

Total HNW wealth in Latin America stood at $9.2tn at the end of 2022, up from $7.4tn in 2015. In 2022, Latin America also saw the fastest growth in the population of HNWIs worldwide at 4.7%.

President Luiz Inácio Lula da Silva — who represents the Workers’ Party — became president for the third time on 1 January this year but his radical, leftwing instincts are being tempered by a centre-right Congress. His administration is proving to be more pragmatic than many analysts expected.

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“Brazil has always been a focus for us. It has the same language and the Portuguese have a very strong relationship with Brazilians,” says Henrique Nogueira Nunes, a partner at Albuquerque and Almeida Advogados, a Lisbon, Portugal-based law firm.

“During the last eight to ten years, we have seen many wealthy Brazilians relocate permanently to Portugal. As a private client lawyer, I travel to Brazil three or four times a year. We undertake all the work around the process of relocating to Portugal — from the pre-entry tax planning to dealing with succession issues that people may have and structuring their family groups from a Portuguese perspective. Our firm can also help them to obtain Portuguese nationality. Many will already have a second EU nationality. Their families could have historic links to Italy, Spain or Portugal.

guage and cultural ties. They like it. It’s very safe. Most Brazilian HNW individuals will live on the outskirts of Lisbon in neighbourhoods such as Cascais or Estoril. Wealthy Brazilians also like to go to the north of Portugal — to Porto, for example, the country’s second biggest city.”

He adds that almost all HNW Brazilians who relocate to Portugal require pre-entry tax planning. His firm will look at their structures and see if they meet Portuguese legal requirements. “If not, we have to restructure them — in most cases in association with their Brazilian lawyers, their personal lawyers.

We do all their pre-entry work. Then there is the question of immigration — whether they have to apply for a Golden Visa or a V7 visa (a retirement visa), or an avocado visa. There are a number of options. Some can even apply for Portuguese citizenship, as their parents or grandparents were Portuguese.”

“In the past, Brazilians preferred to move to the US — for example, Miami or Orlando. They continue to do so.

However, immigration requirements in the US are becoming tighter, so it’s not so easy now. Most Brazilians who go to the US do so under a student visa. It’s very difficult for them to obtain a Green Card. During the last few years, they have discovered that there is a small country in Europe — Portugal — with which they have all these common lan-

He says his firm will also advise on real estate investments, as almost all Brazilian HNWIs will purchases assets when they move to Portugal. “The Brazilian

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and Portuguese legal systems are quite different. Brazil is a very sophisticated country in terms of its financial and legal systems. It’s clearly influenced by the US. Most Brazilian lawyers tend to do their Masters of Law (LLMs) in the US. Portugal is a fantastic jurisdiction. It is attracting a lot of Brazilians and the flow could increase depending on Brazil’s political situation.”

the Caribbean, but there are certain presumptions around the way in which business is conducted in Latin America. There are blogs, a lot of negative information, a lot of smear campaigns.

When they try to transact in the West, this is what people see and they may have concerns — whereas in fact the Brazilian client is just an entrepreneur who has made some money. Our job is to make sure that people get the true and accurate picture of our client as a very successful entrepreneur and, in that way, they are happy to be their advisor — banker, trustee or lawyer — or to transact with them, go into an investment with them, take their money, receive philanthropy.

Allan Dunlavy is a New York-based partner at Schillings — the global reputation, privacy and security advisors — and leads its digital communications practice. “Originally, we were a law firm, but now we are a boutique consultancy and work with private clients to proactively — or reactively if there is a bit of an issue — establish their reputation and privacy,” he says. “In real terms that means we work out what people are seeing about you, what information they are getting, whether it’s from a compliance check or a database or whatever is out there.

From what they see about you, then form an opinion. We want our clients to have fair, accurate, up-to-date information available, so that people can make fair, accurate, up-to-date conclusions about them.

“Our job is to ensure that that picture that people are seeing and the conclusions they are reaching are the right ones and that our clients are not being misled, misinterpreted or misunderstood, as a result of jurisdictional bias or the copious amounts of misinformation out there.

“Many Brazilians — and Latin Americans more generally — want to transact in the West, usually in the US and

Gonzalo Gonzalez/Wirestock Creators - stock.adobe.com

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*CATHEDRAL OF BRASÍLIA

T H E I N T E R N AT I O N A L I S AT I O N O F B R A Z I L I A N P R I VAT E W E A LT H

‘debanking’ them. In this case, we looked into the situation. We have our own intel team in-house and, as part of it, we have a cyber forensic team. They analysed the blog and the allegations. We concluded that the allegations were rubbish — the client had already told us but we had to independently verify it. We were also able to determine that it was a hit job, not on our client but on someone else but our client was getting hit, too.

We also determined that the blog was not one that we would be able to engage with. In that case, we put together a report for the bank, for the third party.

“For example, an article was published about an alleged Brazilian criminal.

This person had the exact same name as our client, so in the article a photo of our client was used. The publication was not alleging that our client was the criminal but it had used their picture and, sure enough, a red flag came up on some official databases, such as World-Check, and on some unofficial checks, as well.

In this case, we decided to engage with the publication directly and were able to demonstrate that the person they wrote about was not our client. They changed the picture. Once we had the article corrected, we went round to all the people who had picked it up — including Google and the compliance data base — and got them to make changes, as well. This was a relatively easy thing to do because it was a mistake and unintentional.

“The report did two things — first, it analysed the blog and clarified for the bank that the blog was not a legitimate, reliable source of information and, second, it analysed the specific allegations made against our client. We think like lawyers; we think like we are in court. And we were able to evidentially demonstrate and prove through factual analysis, documentation and support that the allegations, one by one, were not true. We sent the bank the report and it was satisfied with the responses. The client was able to continue with their banking relationship.”

“Another Brazilian client has a banking relationship in the US. The bank reached out to them to say it was undertaking its regular updates on its clients in highrisk regions and a red flag had come up on you. There was a blog about another issue and our client was named repeatedly, was collateral damage. Accusations were made against the client. The bank told them that they had to address this — otherwise, it would have to consider

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Álvaro Becerra is chief executive officer and partner at UMA Group, a private client, family wealth consultancy, which also has a bespoke corporate and fund structuring team.

It is a boutique that specialises in offering professional wealth consulting and wealth planning — including trust, fiduciary, operational and governance structuring services — to private clients and the investment community.

It has five offices — London, Switzerland (Zug and Zurich), Luxembourg and Larnaca in Cyprus. Its team is 26-strong and most are well qualified (Masters’ degrees and LLMs) and speak three or four languages. They also enjoy cultural links to Latin America.

protection. We offer in-house infrastructure, mainly out of Switzerland, Luxembourg and the UK. Most of the time — when we engage with the family or the group — we act like an extension of a single-family office and we provide most of the services that the families need globally. We are part of the day-to-day business; we are part of the board; we are trustees. We provide other services such as wealth consolidation. We are not asset managers — we want to be extremely neutral and have zero conflict of interest.

*OCTÁVIO FRIAS DE OLIVEIRA BRIDGE

“I am from Chile but, in our team, we have people from Brazil, Columbia, Venezuela, Spain, France, Germany, Sweden, Estonia, South Africa, Lithuania and Italy,” says Becerra. “It’s a very interesting mix of different nationalities and different cultures and I believe its one of our strengths. We focus exclusively on extremely high net worth individuals. Due to the increased regulation and high cost involved We have decided to support complex and large clients.

“We support Brazilian clients with any reorganisation strategy that they may have in mind. We support them with their legal structurings overseas. Most of the time, they want to have a base in Europe. Some family members may decide to migrate to Europe. A lot of the time they do not go to the US — the largest clients decide to invest in the US but they do not set up their legal structures there. By nature, Brazilians like to go to Portugal and the more sophisticated ones go to London or Switzerland. We provide families with holistic support. A

“We do not believe in the retail business — we are more a tailor-made firm. We support clients with their succession, governance, wealth planning and asset

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lot of the time they do not have the right contacts — we have the right contacts.

We are the coordinators of the whole process and provide the final infrastructure, as the client will have a long-term relationship with us out of one of the legal strategies that is implemented to hold the family assets.”

on investment performance. We do not have a minimum investment amount — that is one of the advantages of our investment house. Our main consideration is that the client fits our profile. We are convinced that if we have the right fit and the right person, we can invest in the future of the client. Of course, it does not make sense for a small amount to be used for a sophisticated investment.

Arturo Stoecklin is head of wealth management, Latin America and South Africa, at Vontobel, the Swiss private banking and investment management group headquartered in Zurich. He says that the bank’s clients have a clear profile.

“Even if the Brazilian client only has $100,000 to invest, we have a partnership with a local broker, Nova Futura Investimentos, which offers a digital app that the client can invest in. For the sophisticated private client, we work across a number of boutiques within our own investment house. Each boutique has its own investment strategy. According to the client’s needs, we assign them a boutique. A typical wealth management client has a multi-assets approach — they want to invest in equities, bonds, have a cash solution. If the client only wants a fixed-income approach, we have our

“Our private clients are usually between 35 and 65 years old; most of them are entrepreneurs and are still engaged in the business world. Their businesses have cash flow and they want to generate value. They are looking for sophisticated investments and solutions outside Brazil.

Our Brazilian clients tend to come from one of three industries: commodities, the financial sector and textiles. We are a middle-sized bank and we offer private clients sophisticated investments. We concentrate on focussing all our effort

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own boutique that offers solutions for that kind of client. Similarly, if the client only wants to invest in equities, we have our own boutique that specialises in that. We have a unique position as a bank — 51% of our shares are controlled by a family while the other 49% is listed on the stock exchange. This means that we have the best of both worlds. We are family owned and the family takes care of the company. On the other hand, as the bank is listed, it must meet a lot of transparency requirements. As it’s family owned, private clients identify themselves with our bank. ‘I am the owner of a company, the bank is a company similar to mine,’ they think. It helps.”

always had an HNW ancillary service for international clients who have a stronger nexus to the jurisdiction than just a structure — in other words, they are resident in the jurisdiction part or all of the year, or they have some form of physical business or property there.

“However, Cayman dealt with the pandemic very well and it has become very attractive for HNW individuals and families to relocate here — people from all around the world who want to have Cayman as their base and utilise a tax neutral platform for everything they do. From South America, and Brazil in particular, we frequently receive inquiries from HNW families that are looking for alternative residence options. We can support them through the immigration process, real estate assistance, setting up trade and business licences and moving family offices.

Henry Mander is a Cayman Islands-based partner and the global head of trusts and private wealth groups at Harneys, the global offshore law firm. It is the only firm of its kind with a representative office in São Paulo.

*THE MUSEUM OF TOMORROW

“Our practice provides all the elements of support that HNW families and family offices need within the laws that we practise,” he says. “Mainly, that will involve structures within Cayman and the British Virgin Islands (BVI) — trusts and other vehicles. We also draft wills and deal with estate administration, where there are holding companies owned by Brazilians. In BVI, we have

Donatas Dabravolskas - stock.adobe.com

“The overall wealth of the HNW families is fundamentally higher than it was 20 years ago. For those who have operating businesses, there may be a lot of still at first-generation wealth, but they

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are very much at the point of looking to diversify. That diversification requirement is where the international side of things comes in. Often in the case of the second or third generation, family members have gone to college in the US, for example, whereas generation one, who founded the business, did not. Suddenly, you have a strong nexus with the USA and the dynamic of the family becoming more international.

Brazil is Latin America’s economic powerhouse. It is one of the leading members of the BRICs grouping of countries, which is about to become bigger with the admission of Iran, Saudi Arabia, Egypt, Argentina, the UAE and Ethiopia.

THE COUNTRY IS GENERATING ENORMOUS WEALTH, CREATING BIG OPPORTUNITIES FOR PROFESSIONAL ADVISORS.

As they diversify away from their business by which they became wealthy, the family will start looking at commercial real estate, stocks and shares, start-ups — in Brazil, but also internationally.

These factors drive the international side of the planning and that’s where the offshore structuring becomes a lot more relevant, often in connection with proper pre-immigration planning.”

M W

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H O W I N V E S T M E N T C O N S U LTA N T S A D D VA L U E

How do investment consultants add value?

By Philippa Armitage Senior Investment Director, Trust Director position | Strabens Hall W: www.strabenshall.co.uk

In a world where, financial assets are inter-related, information is freely available and returns are highly correlated, how do investment consultants add value? In 2022, returns from both equities and fixed income investments were poor particularly for lower-risk investors with a high weighting in bonds. Returns may have improved this year, but these have been concentrated in a narrow area of the market where not all investors have holdings.

of the investments. In some cases, clients may not need to draw on all their assets during their lifetime but leave a legacy for their children or gift to a charity instead. Care must also be taken when selecting investments within certain wrappers (pensions, individual savings accounts, investment bonds) for tax purposes. Assets can be divided into different pots depending on when liquidity is required, and portfolios can be tailored to meet these different time frames with more growth-orientated investments included in those with longer-term objectives. For the first time in years, given the rates of interest achievable on cash deposits and the potential returns on short-dated bonds, there may also be a place for these assets in any well-constructed tax efficient portfolio.

Recent performance has resulted in difficult decisions for many investors particularly those who have had no choice but to liquidate assets to provide retirement income, pay down a mortgage or gift to a child. As independent investment consultants, we do not manage money. Instead, we work closely with our financial planning colleagues and advise clients on how to allocate their capital to a suitable and complementary blend of investment managers.

Our goal as investment consultants is to ensure we add value by helping clients to meet their financial objectives in a cost-effective way

Building an investment strategy requires careful planning with a focus on liquidity and income needs while protecting and growing the real value

Read in full click here

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HOURANI ROUNDTABLE SERIES 2023

FAMILY GOVERNANCE & SUCCESSION: IMPROVING THE ADVISORY PROCESS

By David Bell, Founder | PCD Group

On Wednesday 31 May at the Hyatt Regency Olaya in Riyadh, HNW Advisors were invited to join Hourani & Partners Inaugural Roundtable, where select senior practitioners advising key families in the Kingdom of Saudi Arabia convened to discuss Family Governance & Succession in the Kingdom.

• The advisory process must consider family dynamics. The latest research from the field of family business includes psychological & sociological perspectives on how to achieve success.

• Conflicts of interest can arise in the advisory process where professionals sell solutions to families that have not been tailored to their needs.

• A bespoke, gradual and collaborative approach with a team of professionals leads to high quality advice & decision making.

• A successful solution is one that has taken all family dynamics into account, maximises the family’s strengths and is ultimately endorsed by all.

• Strong family governance structures provide a mechanism for the next generation to discuss their views and resolve any differences.

Co-chaired by Chadi Hourani & Sunita Singh-Dalal, the discussion included an analysis of how families are currently advised on their business and private wealth. The purpose of the session was to explore perspectives from local and international advisors and discuss optimal methods to advise families and business groups.

Key points from the discussion: • It is important for families to appoint advisors in advance of trigger events to allow them to build an understanding of their needs and to create trust.

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HOURANI ROUNDTABLE SERIES 2023

• National Centre for Family Business & KAFD are helping to drive up standards in family governance. Accreditation of advisors is one route but only if such advisors have the trust & confidence of families.

of one’s position within a professional organisation (who provide services to the family). It is critical to take time to understand each family, to delve deep into the family dynamics and appreciate the roles played by each member. Establishing trust requires cultural insight and a deep appreciation of the limitations that affect each family. Superficial advice in isolation of such awareness can be hugely detrimental to families given that the impact of such advice lasts for years and affects generations.

How are advisors typically engaged by a Saudi family? Historically, the Big 4 acted as trusted advisors to most US based clients, while in Europe the role was filled by a lawyer or notaire. However, in the Middle East, it is less certain who plays this part. Most families do not engage advisors soon enough in a proactive manner, but rather engage in reactive manner, which can be problematic as time constraints, or even preceding trigger events, can be hugely detrimental to the quality of advice subsequently received.

While word of mouth remains very influential, families may only tend to seek out specialists in more To read in full click here

There is a clear shift in focus from purely business-related issues to those issues that personally impact the family. One does not automatically become the trusted advisor because one has been recommended or, merely by virtue

VISIT WWW.HOURANIPARTNERS.COM

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Education is the most powerful weapon for changing the world.

Nelson Mandela

Because putting in the right foundations can determine the eventual outcome of a child’s education, Prince Bishop International Summer School offers world-class courses providing the opportunity for youngsters between the age of 13 - 17 years old to come to stay and learn in the UK, as a starting point on a journey that will quite literally change their lives.

A GATEWAY TO LEARNING The north-east of England has been a foundation for learning for over 900 years - predating even the ancient universities at Oxford and Cambridge.

Durham, the ‘Land of the Prince Bishops’, is the resting place of The Venerable Bede - a polymath widely regarded as the greatest of all the Anglo-Saxon scholars.

Prince Bishop International Summer School offers residential courses at prestigious rural boarding schools located in this historic region. These are learning adventures in a safe, relaxed environment mentored by dedicated learning professionals.

Students are immersed in the English culture from their very first day to the

day of their graduation, with a group of new lifelong friends. They will practice speaking and writing English at the highest levels with native speakers.

They will laugh and play, enjoying exciting trips out and get a taste for higher education in masterclasses at world-class universities.

Lisa McGee PGCE.BA M.Ed PROGRAMME DIRECTOR

Our Summer School venues are beautiful, traditional English boarding schools offering comfortable accommodation and first-class dining, in sweeping rural settings with extensive sports facilities.

FYLING HALL In a breath-taking location overlooking the picturesque coastline of Robin Hood’s Bay, near to the scenic beauty of the North York Moors National Park, Fyling hall provides a more intimate educational setting. Rooms have beautiful views of the coastline and student common rooms create a comfortable, warm and friendly atmosphere to chill out and socialise. The school not only offers indoor and outdoor facilities for rugby, but also has a nearby beach for relaxation and play.

HOW OUR PROGRAMME IS STRUCTURED

A TYPICAL SUMMER SCHOOL DAY

Our core curriculum will be focused on developing language skills, but students can also choose pathways with an emphasis on a range of specialist topics/sports:

On a typical day, after a delicious, healthy breakfast we spend the morning learning or practicing our high-level English speaking in formal lessons. We then enjoy a relaxing lunch before an afternoon programme of activities:

ENTREPRENEURSHIP

• Sports/fun team games together (like Capture the Flag; Hunted or Bake-Off Challenge)

STEM AND GIFTEDNESS

UNIVERSITY PREPARATION

• Exploring the region on trips to locations such as Alnwick Castle (the home of Harry Potter); or Hadrian’s Wall (a World Heritage Site)

THEATRE AND ARTS

• Having fun at an aquapark or Go Ape; or learning to surf at the beach

FOOTBALL ACADEMY

• Visiting local universities for masterclasses

WATERSPORTS ACADEMY

During the evening there will also be the opportunity to participate in organised activities or time to relax with new friends.

VOLUNTEERING

HOCKEY ACADEMY

WHAT’S INCLUDED AND WHAT WILL STUDENTS ACHIEVE: • Two weeks of full board residential on-campus accommodation with the option of adding additional weeks • 20 hours of English tuition for international students • Two full day and two half day fun trips • Masterclasses, workshops and tasters at university • Structured activity and trip programme • Certificate for English tuition • Graduation and Prom

GIRLS’ FOOTBALL ACADEMY MOWDEN HALL - EASTER 2024 With the growing popularity of women’s football, our Girls’ Football academy offers a unique opportunity, regardless of their ability or background, to participate in a residential training course that combines fun with physical and language skills development. Led by accredited professionals, our Football Academy will build confidence, self-esteem, physical fitness and language skills in a safe, inclusive environment.

FOR DETAILS ABOUT FEES AND EARLYBIRD DISCOUNTS PLEASE VISIT OUR WEBSITE

VISIT OUR WEBSITE FOR DATES AND FEES

What’s included: • One to ones with UEFA A licensed football coaches • Football Skills workshops • GK Specialist Workshops • 3x3 Football specialists • Daily games practice • Daily games strategy • Two night stay at St. George’s Park Home of FA training where the Lions and Lionesses perfect their training

• Fun half day trips • Strength and conditioning with former Team GB boxers; Team GB Modern pentathletes and Personal trainers • Yoga, stretching and mediation sessions • Social media training • Full board residential in comfortable rooms • 20 hours English language lessons with certificate

20 MINUTES FROM NEWCASTLE AIRPORT

T: 07968 100105 E: lisa@lisamcgeeeducation.co.uk

www.princebishopinternational summerschool.com

INSIGHT SESSION IN JERSEY - TRENDS FROM THE MIDDLE EAST

Insight session in Jersey trends from the Middle East

By David Bell Founder | HNW Advisor W: www.hnwadvisor.com

Back in Jersey in June, we gathered a group of leading professionals working with wealthy families in the Middle East to get the inside track on how they are dealing with their clients and issues arising. Legal, tax, fiduciary and wealth management sectors were all represented from key firms in Jersey & London.

Their insight provides a useful guide to anyone exploring more business opportunities in the region.

We are back in Dubai & Riyadh in November 2024 and look forward to sharing more insight in future editions.

He may also have voiced what many baby boomers are quietly thinking of their millennial successors as wealthy families all over the world gather to address the issue of inheritance and succession planning. Such are the intergenerational myths and misconceptions that private wealth professionals must navigate as the greatest transfer of wealth in human history gets underway.

Wealth planners, tax advisors, accountants, lawyers, trustees and others have a vital role to play in shepherding the estimated $4.4trn of global wealth from baby boomers to their millennial children over the course of the next 20 years. Conversations between holders of wealth and their familial beneficiaries about inheritance and succession are rarely just about money. Advisors must navigate the emotional, cultural and interpersonal differences that simmer under the surface of any family business.

Serious people: Navigating the transfer of wealth in the Middle East “You are not serious people”.

When patriarch Logan Roy looked his offspring in the eye and said these words in the final season of Succession, he unleashed the year’s most popular meme.

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INSIGHT SESSION IN JERSEY - TRENDS FROM THE MIDDLE EAST

Historically, family businesses in the Middle East have approached succession in an unstructured way with the more junior family members rarely questioning the decisions of their parents and older relatives. The culture of addressing conflicts only as and when they arise has created a landscape in which 95% of family businesses struggle to remain profitable going into the third generation. Family businesses, being so important to the Middle Eastern economy, alongside the historic volume of wealth that is now in transition, means that such levels of decline could have implications for the growth outlook of the region.

These issues are particularly pressing in the Middle East where a higher percentage of the region’s most important companies remain family owned. It is estimated that 90% of private sector companies in the region have a family component. As a result, $1trn of assets – a fifth of the region’s GDP – will be transferred to the next generation by 2030[1].

Despite these huge figures, the majority of HNWIs in the region have no succession plan in place for their businesses.

The stability of these businesses is, therefore, crucial for the economic health of the countries in question, making companies’ succession plans a matter of public interest.

Last year, Dubai’s Crown Prince, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum,

This is both a challenge and an opportunity for advisors and wealth professionals working, or looking to work, with families across the region.

The challenges of succession planning in the Middle East The movement of wealth from one generation to another is nothing new. What, therefore, makes the current transition so unique (and potentially so perilous), and why must advisors think differently when working with families in this region?

Read in full click here

21

LONDON TO BRIGHTON CHARITY FUNDRAISER

London to Brighton Charity Fundraiser On the 14 September 2023, three members of the PCD Group team embarked on the iconic 55-mile journey from London to Brighton, all in support of Great Ormond Street Hospital. Let’s hear from our generous sponsors below about their motivation for participating.

Lorham, London

Rupert Wertheimer, Director of Property Management What does your company do?

Lornham is a highly regarded property services company based in Central London. Our expertise lies in various areas, including block management, property concierge, and acquisitions. Since our establishment in 2012 by Dominic Wertheimer, we have built a strong reputation for delivering exceptional services. In 2016, Rupert Wertheimer joined the team and now heads up our property management department, overseeing block management and tenancy management for landlords. Our client base is diverse and global, with purchasers and landlords seeking our advice from countries such as Great Britain, Dubai, Hong Kong, and even Australia.

Why did you donate to this campaign for GOSH?

We recently sponsored the PCD Club London to Brighton cycle race in aid of the Great Ormond Street Hospital (GOSH) campaign. READ MORE

Liti-Link

Niall Husbands, Consultant What does your company do?

Liti-Link is a Swiss-based company that has already assisted over 1’700 institutional and private investors in reclaiming retrocessions* from their Swiss banks and/ or asset managers. Claims can be made going back 10 years, and the average recovery seen to date has been 5%** of the value of the portfolio. *Retrocessions are all monetary benefits received by Swiss banks and/or asset managers, particularly, trailer fees, provisions, retrocessions, stock maintenance provisions, kickbacks, finder‘s fees, distribution remunerations, etc. ** Depending on the average assessment amount in funds and structured products.

22

LONDON TO BRIGHTON CHARITY FUNDRAISER

How can you help PCD members?

Standard Bank

As an unconflicted industry expert in a very specialist field, Liti-Link can work with PCD members to recover their clients’ assets, on a contingent fee basis. This affects any individual or entity that holds - or has held in the last 10 years – an investment account with a Swiss Institution.

Trustees and Company Directors in particular are obliged to take action in order to comply with their Fiduciary duties, and may have legal action taken against them personally for not doing so – as we are currently seeing in Liechtenstein concerning this exact matter. It should also be noted that unlawfully withheld retrocessions can also be reclaimed by investors even if there was no discretionary asset management mandate (e.g. advisory mandate or execution-only mandate).

READ MORE

Michael Giraud, Head of Standard Bank’s International Fiduciary Services, Jersey What does your company do?

Standard Bank is Africa’s largest bank by assets, with a 160-year track record of operational excellence and value. The group has been establishing and administering fiduciary structures for over 100 years and provides fiduciary services across five jurisdictions.

How can you help PCD members?

We are proud of our increasingly unique fiduciary offering, combining the strength and depth of Africa’s largest bank by assets with the flexibility of a boutique fiduciary provider, using the entire market to bank and invest assets. We understand that each family’s needs and circumstances are unique, so each structure that we create or administer is bespoke. As a business, we have extensive expertise in establishing, managing, and administering complex and bespoke offshore fiduciary structures for families and corporates with African and/or UK connections and a global geographic and economic footprint

READ MORE

23

LONDON TO BRIGHTON CHARITY FUNDRAISER

urable results. Operating in international markets including dynamic ones such as Kingdom of Saudi Arabia and South Africa. Being a boutique consulting firm, we believe that the most profound impact is often born from the strong partnerships we form with our clients.

Jellyfish Consulting

Why did you donate to this cause

Jiggy Rawal, Director

/ campaign for GOSH?

What does your company do?

With deep expertise on strategy, transformation, and value creation, Jellyfish Consulting creates bespoke solutions for its clients. We understand that strategy is an art, not a formula, tailoring each approach to accentuate an organization’s unique strengths. Through careful analysis and collaborative efforts, we sculpt strategies precisely suited to each client’s distinct challenges and aspirations. Be it a minor overhaul or a sweeping company-wide shift, Jellyfish Consulting navigates the path to transformation with precision, ensuring lasting impact for future years.

Jellyfish Consulting has an unwavering commitment to delivering concrete meas-

Jellyfish Consulting’s sponsorship of the charity bike ride from London to Brighton for Great Ormond Street Hospital is part of its commitment to women and children’s charities. At Jellyfish, we are passionate about the well-being of our youngest and most vulnerable. Great Ormond Street Hospital embodies this spirit wholeheartedly, providing invaluable care and support to children in their most trying times, while also offering solace and strength to their families. Our hope is that, through this event, it’s made a meaningful difference in the lives of those who depend on it.

READ MORE

24

MO ID E EBARSI TG H PA I NA R SW AR NA DI S E R LOND NDTLO TN O ENL SC H I TIYT ZFEURNLD

Conrad Capital

Lincoln & Rowe

John Clifford, Managing Director

Dipesh Dosani, Managing Partner

What does your company do?

We are a privately funded Real Estate Lender based in London.

What does your company do?

We are a specialist litigation and arbitration law firm with our head office based in

How can you help PCD members?

Chancery Lane, London. Our team of ex-

We have vast operational experience and

pert litigators have extensive experience in

knowledge of lending in the UK Real Estate

cases that include fraud, misrepresentation,

market. We are privately funded, which gives

breach of contract, shareholder disputes, in-

us flexibility and we are used to working with

solvency matters and property disputes act-

UHNW and international clients, which we

ing on behalf of individuals and corporates

see a number of ourselves via our Private Of-

both in the UK and abroad.

fice, www.conradfamilyoffice.com as well as from other sources, including other family of-

Our knowledge and commercial driven

fices, law firms and accountancy firms both in

judgement allows us to confidently advise

the UK and internationally.

on court claims, dispute resolution, arbi-

READ MORE

tration and alternative dispute resolution such as mediation. We understand that our clients want a straightforward and practical approach from a legal team they trust, which is why we pride ourselves on doing exactly that; finding a swift and cost-effective solution to your case.

READ MORE

25

LONDON TO BRIGHTON CHARITY FUNDRAISER

Titan Wealth

Rooks Rider

Holdings

James John, Partner - Real Estate & Wealth Planning

David Marsh, Head of Marketing Operations What does your company do?

What does your company do?

Titan Wealth is a vertically integrated client

Rooks Rider Solicitors LLP, established in

to custody financial services group

1761, is a boutique legal firm located in the UK. Specializing in a range of services includ-

How can you help PCD members?

ing wealth planning, real estate, leasehold

Within the group we provide a wide range of

enfranchisement, property litigation, im-

integrated or standalone services including –

migration and corporate law, we serve both

custody, settlement, an IFA/DFM platform,

local and international clients. Our firm val-

Asset management businesses providing

ues enduring client relationships, offering a

Funds, Bespoke MPS, Equity and Alterna-

personalized, professional service to navigate

tives investing solutions and an Investment

life’s challenges and secure the future. With a

business providing B2C advice. We already

strong track record, we blend local expertise

work with a number of Family Offices so un-

with a global outlook to meet our clients’ le-

derstand their requirements.

gal needs effectively.

READ MORE Why did you contribute to the GOSH campaign?

Our support for the Great Ormond Street Hospital (GOSH) campaign reflects...

READ MORE

Special thanks to all our sponsors for raising £6,979 for Great Ormond Street Hospital 2023.

26

27

VIRTUAL TOURS: PROS AND CONS FOR HOME SELLERS AND AGENTS

Selling Property with Virtual Tours – are they really worth it?

By Alex Goldstein | Independent Property Consultant across Yorkshire and London Alex Goldstein & Associates W: www.alexgoldstein.co.uk

When it comes to selling your home, estate agents need to use every tool at their disposal – from accompanied viewings to drone imagery and brochure production to social media campaigns. However one relatively new bit of technology is getting a lot of coverage both by agents and indeed the property portals – virtual tours.

The estate agent ratchets up new followers and likes, but are these viewers serious about buying a property, or simply interested in property porn?

Another significant point is surely that they are a security risk? Having interviewed a former Royal Marine Commando who now runs his own security business, he concurred that given the high resolution of these tours and ability to zoom-in, meant he could easily find out where alarm panels and sensors were, view family photographs and high value items, plus which way doors opened. Thankfully he is one of the good guys, but what if he wasn’t?

From the comfort of your armchair, you can now have a ‘virtual look’ around a property in high resolution and never leave your own home. After all they look great, buyers seem to love them and if it helps sell your home then why not?

The other issue is that virtual tours are often casually placed online, however it gives too much information away up front about a property. You are letting interested parties make up their own minds about your home, without them engaging with the agent.

However as I see it, there is another angle to virtual tours and the way they are generally used in the marketplace currently is questionable.

The big query for me is whether this ‘tour’ is to the benefit of the vendor or indeed the estate agent? Call me sceptical if you wish, however when one views these often glamourised Hollywood productions with the agent front and centre – who is actually gaining?

Read in full click here

28

A ROADMAP FOR IMPACT INVESTMENT

Materiality – the coffee shop of sustainable investing strategies

By Tonderai Leonel Njowera Independent Sustainable and Climate Finance Consultant | Mosi Partners W: www.mosiconsulting.com

Each individual or organization holds different understandings and views about sustainability. Thus, the meaning of environmental, social and governance factors differs. Over and above this, different players have unique areas they are keen to focus on at any one given time, giving rise to divergent priorities for impact investment, informed by divergent goals. From an organizational perspective, this might give rise to delays in effecting-, or even cancellation- of potentially high impact investments, seeking either environmental or social impact or both. Also, there is no doubt that sound corporate governance and compliance are key, albeit with different complexities, based on jurisdiction, size of entity or sector of investment. Resultantly, the first step is to harmonize these varying views in a “materiality coffee shop.”

stakeholders will be affected by the impact of high-level investment decisions.

To assist the harmonization of material issues, leading to the development of different sustainable investment strategies, the available basic frameworks overarching the ESG concept include the GIIN IRIS, UN SDGs, the UN Impact Radar, and the UN Principles of Responsible Investment. These frameworks and others help to define similar underlying characteristics or themes of potential investment issues.

After defining materiality, an individual investor, or a trust can invest from a thematic based view. Instances include generalized climate adaptation focused investing, climate mitigation investing, health care investing, education. Deeper than this is bringing together best in class projects or geographies.

Moreover, an investor can also zero into more specific issues

It goes without saying that various factors affect the materiality of core issues, though the fundamental starting point is to understand one’s individual motives for sustainability, then aligning them with stakeholder needs. These

Read in full click here

29

MEET OUR MEMBERS

Meet Our Members What do you do for Lewis Silkin?

“I joined Lewis Silkin just before covid kicked off back in January 2020 and have two hats in the real estate team. I’m head of both the planning and environmental team as well as the HNWI group. This dual role is fairly demanding and an enjoyable challenge.”

By Sara Hanrahan, Partner at Lewis Silkin Read in full click here

What do you do for Regent Dow Wealth?

“I’m the founder and managing partner of Regent Dow Wealth. I advise clients on holistic financial advice including investments, pensions, trusts, wills, estate planning, inheritance tax, insurances.”

By Cieran Downes, Founder of Regent Dow Wealth

Read in full click here

What do you do for Penningtons Manches Cooper LLP?

“I am a Partner and specialising in family law. I advise on all aspects of family law, including the resolution of complex and high value financial issues on divorce, private law children disputes, cohabitation matters and the drafting of cohabitation and marital agreements.”

By Emma Willing, Partner at Penningtons Manches Cooper LLP

Read in full click here

30

MEET OUR MEMBERS

Meet Our Members What do you do for Innovia?

“Helping clients reach their financial goals is at the heart of everything we do. I am responsible for offering a holistic, big-picture service to my clients on investment advice, some tax planning services, and estate planning services, and estate planning.”

By Sofie Symonds, MSc, MBA, ACMI fCMgr, APFS, Cert CII(MP), Charter – Innovia Wealth Management Read in full click here

What do you do for Virteffic?

“In my role as founder, managing director, and company secretary at Virteffic, I do a lot of different things. During the last three years, the company has grown significantly, and we are constantly updating our internal policies, providing training and adjusting our procedures. ”

By Tess Price, Founder and Managing Director of Virteffic Read in full click here

What do you do for KSI Malta?

“I serve as the Partner for International Clients at KSi Malta, orchestrating a multifaceted role that involves extensive global travel and strategic networking. My primary objective is to expand KSi Malta’s client base while also nurturing relationships with our existing clients through the connections I establish.”

By Dr Dennis Mark Gauci, Partner at KSI Malta Read in full click here

31

MEET OUR MEMBERS

Meet Our Members What do you do for Rockpool?

“In my role at Rockpool I assist our network of clients in building diversified private company investment portfolios to grow their wealth and manage risks. I introduce our new deals as they become available and explain the investment propositions to new and experienced investors.”

By Louise Taylor, Partner and Relationship Manager Read in full click here

What is my role at Strabens Hall?

“I work in the Investment Consulting Team. We as a team of four provide advice to clients helping them to select the right manager or blend of managers for their investments. I have worked in investment for many years and have managed portfolios for pension funds, charities and private clients in a number of different markets”

By Phillippa Armitage, Partner at Strabens Hall Read in full click here

What do you do for TrustQore?

“As Managing Director of TrustQore (Switzerland) SA, I have the responsibility to head and develop the Swiss operations. My job consists in managing the Swiss team, in making sure existing clients are fully satisfied with our services and in creating multiple opportunities to meet business partners and prospects and to explain what we do.”

By Edouard Gueudet, Director at TrustQore Read in full click here

32

MEET OUR MEMBERS

Meet Our Members What do you do for Patrikios Pavlou & Associates?

“I am the Corporate Finance, Tax and Private Client partner of Patrikios Pavlou & Associates LLC, a full service law firm based in Limassol Cyprus. I spend my days advising clients and associates mainly on corporate, tax, trust law and in general private client matters.”

By Stella Strati, Corporate Finance, Tax and Private Client Partner Read in full click here

VIEW ALL MEET OUR MEMBERS HERE AT PCD.CLUB pcd members can Contribute to future editions of our digital magazine in 2024

JAN

JUL

APR

Contact: magazine@pcd.club

33

NOV

W E A LT H Y I N D I V I D U A L S , C R Y PT O C U R R E N C Y, A N D H M R C ’ S TAX S H I F T

Does HMRC think the crypto tax bubble has burst?

By Sarah Saunders | Personal Tax Manager | RSM London W: www.rsmuk.com

HMRC recently published its latest ‘tax under consideration’ figures for wealthy individuals and mid-sized businesses. These are an estimate of how much additional tax could be raised in cases that HMRC has started to look at for this group of taxpayers, prior to a full investigation of the specific facts or the applicable law.

cy was £2,277,465, but for the year to 31 March 2023, it is merely £234,046.

It might be assumed that crypto is now regarded by HMRC as a very low risk area, or otherwise not warranting significant levels of investigation, but is this logical?

In November 2021, Bitcoin reached a record high of $68,789. This may well have generated a cashing out of profits at considerable gains which then would have produced material tax liabilities.

It is logical that the 2021/22 tax year might be a high water point for the level of potential crypto tax revenues.

The tax returns for the 2021/22 tax year were due for submission on 31 January 2023 and so could be subject to early investigations.

It can provide a rough snapshot of the areas HMRC has been looking at to generate extra revenues from. Generally, the estimates of tax underpaid in the various areas of investigation of wealthy individuals and mid-sized businesses has increased from the year to 31 March 2022 to 31 March 2023.

For example, the estimated potential revenue for cases relating to land and property have increased from around £105m in the year to 31 March 2022 to around £150m in the year to 31 March 2023.

Given the volatility of cryptocurrencies, even an asset in a year where overall movement was minimal may have generated a large gain in a surge.

There is one notable exception to this which is in relation to the estimated figures relating to crypto. In the figures for the year to 31 March 2022, the estimated potential tax for cryptocurren-

Read in full click here

34

SHAPING THE NEXT DECADE: DEMOGRAPHICS , GLOBALISATION

Better client outcomes in a future that’s very different from the past!

By Ernst Knacke | Partner | Shard Capital W: www.shardcapital.com

Winds of Change Over the last 40 years three factors have come together to underpin what has been an era of unprecedented rise in prosperity: • Globalisation and the structural exporting of deflation into developed economies, • An unprecedented rise in demand as the boomer-generation entered the labour force, and • Accelerated demand fed by an extraordinary rise in credit creation.

With this in mind, there are several reasons to believe the next decade will be vastly different from what we’ve experienced in recent history.

In our view, there are many uncertainties and factors that will determine the path forward. But three key questions, in particular, are: Will labour trump capital in the decade ahead? Will society accept the cost of de-globalisation and the localisation of supply chains? Will aggregate demand slow as demographics turn upside down and credit-growth falter?

The consequences: a collective realisation of price stability, disinflation, and robust growth in demand. Alongside thriving capitalism and property rights, innovation has flourished.

These dynamics have resulted in an unparalleled increase in the aggregate quality of life in developed economies.

However, it has also resulted in an exceptional rise in inequality. Whilst this growth in inequality is imbedded into the theory and structure of capitalism itself, it is an unsustainable factor in the presence of regulation, or a rejection by the majority.

Individually, we can put forward a very strong argument as to why the answer to each of these questions might be yes.

However, the consequences will be beyond extraordinary if they were to all materialise collectively.

Read in full click here

35

CYPRUS RESIDENCY RULES

Why would advisors and clients choose Switzerland as the location in which to administer a trust?

By Sandra Louw, Managing Director | Trident Trust W: www.tridenttrust.com

A Background on Swiss Trustee Services & The Regulation of Swiss Trustees

Sandra Louw, Managing Director of our Zurich office, recently spoke with David Bell of PCD Club about how the country’s stability, robust legal framework, privacy protections and extensive local network of experienced professionals make Switzerland an ideal choice for the establishment of new structures.

Switzerland has long been a prominent hub for trust administration, bolstered by its ratification of the Hague Trust Convention in 2007. This enabled Swiss trustees to administer trusts in Switzerland under foreign law, earning Switzerland a reputation for excellence in administrative standards. However, there has historically been a relatively light, self-regulatory framework for trustees in the country. Consequently, in order to uphold Switzerland’s jurisdictional reputation, regulatory measures have been introduced to license Swiss trustees under the oversight of the Swiss Financial Market Supervisory Authority (FINMA).

Swiss Trustee services have witnessed significant transformations in recent years, driven by global trends towards tighter regulation, industry consolidation, and heightened compliance standards. To grasp the evolving landscape of Swiss Trustee Services and Swiss Trust Law, and why Switzerland remains a preferred choice for setting up new structures, it is essential to delve into the regulatory changes and clients’ motivations to choose Switzerland as their jurisdiction for trust administration.

Guernsey was an early mover

Read in full click here

36

SWISS TRUSTEE LEGISLATION

Cyprus, a welcoming Mediterranean island for affluent individuals

By Christina Economou Managing Director, Cyprus | Trident Trust W: www.tridenttrust.com

60-Days Tax Residency Individuals who spend at least 60 consecutive days per year in Cyprus can be considered tax residents of the country, and as such eligible for favourable tax rates and exemptions.

Cyprus as a member of the EU, is an attractive destination for wealthy European and international migrants and their families, thanks to its political stability, growing economy, low crime rate, competitive tax rates, strategic location, and favourable business environment.

In addition to residing in Cyprus for at least 60 days, individuals must also meet the following conditions to qualify: • do not reside in any other country for a period exceeding 183 days per year • are not considered tax resident by any other country • have other defined Cyprus ties, i.e. carrying out any business in Cyprus and/or being employed in Cyprus and/ or holding an office (director) of a company tax resident in Cyprus at any time in the tax year, provided that such is not terminated during the tax year • maintain in the tax year

The Cyprus government has established the island as a regional financial and business hub, attracting professionals from various fields whist bringing diversity and cultural enrichment. It has implemented a strategy to incentivise foreign talent to relocate to the island, which has contributed very positively to the country’s economy and broadened its demographic composition. This strategy includes work permits, permanent residency schemes, Non-Dom status and various tax incentives, including income tax exemptions and the 60-Days Tax Residency rule.

Read in full click here

37

In recent months we have taken the opportunity to catch up with some key people in the Isle of Man for some global insight. Catch up here.

Simon Pickering Director | Finance Isle of Man

Navigating the wealth sector dynamics with Simon.

SIMON PICKERING

David Bushe CEO | FIM Capital

An exclusive interview on Strategies and Priorities of FIM Capital.

DAVID BUSHE

David Butterworth Founder & CEO | Manninvest

Insightful interview on the Innovator Visa: What you didn’t know.

DAVID BUTTERWORTH

Irena Hill, Financial Director & Sandra Georgeson, Managing Director | Acclaim Limited

Exploring business relocation and customer offerings.

IRENA & SANDRA

SUBSCRIBE HERE 38

BUSINESS AND THE IMPERATIVE OF ESG PRINCIPLES

Sustainability reporting and ESG compliance: a fiduciary’s guide to navigating the changing landscape

By Michelle Ryan, Director and Chief Sustainability Officer | True.ESG W: www.true.global

In a world facing multiple challenges, including population growth, resource scarcity, climate change, and social justice issues, businesses find themselves at the epicentre of change.

investment decisions (FTSE Russell), 71% of consumers prefer to support brands committed to climate action (IBN Institute for Business Value), and 70% of employees are more inclined to work for companies with a genuine Corporate Social Responsibility (CSR) approach (Deloitte).

Every decision made by companies, regardless of their size or industry, carries consequences—social, environmental, economic, and reputational—that eventually affect us all. In recent years, there has been a growing awareness among businesses that they must lead the way in addressing these challenges through Environmental, Social, and Governance (ESG) practices.

The Relevance to Fiduciary Businesses For fiduciary businesses, the integration of ESG standards is not just a choice but a duty. The United Nations Environment Programme Finance Initiative (UNEP FI) released a report in 2019 that underscored the critical importance of incorporating ESG standards into regulatory conceptions of fiduciary duty.

The Growing Pressure on Businesses As businesses navigate this complex landscape, they are under increasing pressure to adopt ESG principles.

Customers and investors alike are demanding more from the companies they engage with. Consider these statistics: 80% of investors now consider sustainability criteria in their

In their 2019 report, the United Nations Environment Programme Finance Initiative (UNEP FI)

Read in full click here

39

PCD Media Blog Check out our blog posts for the latest tips, tricks, and insights to help grow your visibility online

7 steps to increasing your reach among private clients For busy private wealth professionals, creating social media content can feel like an uphill struggle...

SEPT 28 - 3 MIN READ

What Martha Stewart & Snoop can teach Private Wealth professionals about reaching new prospects A collaboration, when done right, can deliver significantly more impact ...

SEPT 6 - 4 MIN READ

Podcasting and the curse of the 7th episode

AUG 3 - 4 MIN READ

Podcasts are a powerful platform upon which to share your stories and expertise while simultaneously building...

Pathways to an Industry-Leading Podcast

JUN 20 - 4 MIN READ

Podcasts have proved a gamechanger for many brands, allowing experts to cultivate deeper, more... relationships with audiences.

SUBSCRIBE HERE FOR LINKEDIN NEWSLETTER 40

CAYMAN ISL ANDS’ STRATEGIC MOVE INTO ASIA

Opportunity of the ‘Asian century’ sees Cayman build on its investment in the region

By Yumei Zhang, Client Director and Dominic Lawton-Smith Trust Director | Saffery Champness W: www.saffery.com

The Cayman Islands has long been a favoured destination for Asian businesses, investors, family offices and UHNWIs with significant and complex holdings.

Cayman Islands has followed the example of well-established locations like Guernsey and Jersey in investing in its infrastructure and enhancing its robust regulatory frameworks (including recent reforms to modernise laws affecting members’ scheme of arrangement, which previously had been criticised for causing challenges when seeking to privatise entities listed on the Hong Kong Stock Exchange).

The recent move by The Cayman Islands to establish an office in Singapore was a significant step for the region, with jurisdictions around the world increasingly competing for globally mobile wealth and business. For the most part, the British Virgin Islands has tended to dominate the Personal Investment Company Market, while The Cayman Islands has dominated the more regulated listed company market. Indeed, as of the end of 2021, more than half of the companies listed on the Hong Kong Stock Exchange were incorporated in the Cayman Islands.

Many of those are, importantly, family businesses.

It is little wonder that international financial centres are increasingly focused on building on their share of Asian markets.

We are, according to many analysts, now living in the ‘Asian century’, with the region set to generate more than half of the world’s GDP by 2040 and account for around 40% of global consumption. At the same time, the number of millionaires across Asia is set to more than double, from 30

Importantly, and in contrast to some less reputable jurisdictions, The

Read in full click here

41

REGUL ATIONS AND FINANCIAL SERVICES IN THE SUPERYACHT INDUSTRY

Crew vetting – the final hurdle

By Peter Edwards, Director and Chief Sustainability Officer | Voyonic W: www.voyonic.com

Despite The Anti Money Laundering Directive IV and Financial Action Task Force, it was the invasion of Ukraine that had the biggest impact on the superyacht industry.

into what we see today. Vast amounts of cash are not kept on board today like they were before 2008, KYC over owners is more thorough and the industry is much more transparent.

Developments in social security legislation and the Maritime Labour Convention 2006 have also revolutionised crew employment. The Maritime Labour Convention has provided greater protection not only for crew but also for the employer, as there are fewer grey areas with maritime employment than in the past.

Appetite for risk amongst financial service providers has been the main factor in deciding who can buy, operate, charter and perhaps most importantly insure a superyacht.

There have been many organisations give notice to yachts, and not just those with Russian owners. From yacht managers to insurance companies and in some cases, even shipping registries and classification societies.

Although marine employment remains a specialist area, mariners have greater employment rights now than in times past (indeed, employers of mariners may have even more obligations than some shore-side employers).

This is the latest evolution for the industry. The large size of vessels we see today are a relatively new. In the early 2000s, a 45 metre yacht would have been considered one of the largest.

Much of the industry relied on self-regulation through MYBA, The Worldwide Yachting Association or through trying to adopt commercial shipping practices which are not particularly suited to yachting.

This development of the superyacht industry over the past fifteen years has been considerable with the sector operating much more in line with the expectations of banks, insurers and other financial service providers

The events of 2008 started to change all this and the industry began to evolve

Read in full click here

42

DESTINATIONS

FOR 2024

TBC

LONDON - 07 MARCH LONDON - 08 MARCH ISLE OF MAN - 14 MAY JERSEY - 04 JUNE LONDON - 26 JUNE LONDON - 27 JUNE ZURICH - 10 SEPTEMBER GENEVA - 12 SEPTEMBER GUERNSEY - 01 OCTOBER MANCHESTER - 10 OCTOBER

DUBAI - 07 NOVEMBER LONDON - 27 NOVEMBER LONDON - 29 NOVEMBER

Book tickets at www.pcd.club