SKYLOUNGE_Edition_2021_2022

SKYLOUNGE ‫مجلة على العقارات وإدارة الثروات‬ Scarcity creates value One-on-one with Ingo Wolf Founder & CEO Osmium Institut Deutschland PROPERTY INVESTMENT SPECIAL RATIONALE Principality of Private Wealth - Middle East Desk Outlook Dubai Expo 2021 Monaco Precious Metal - Osmium Health & Wellbeing



Front cover photo Ingo Wolf CONTENTS Managing Editor ‫مدير التحرير‬ Marisa Zahra Ramirez ‫كاتب ضيف‬ 9 Portrait HH Sheikh Zayed bin Sultan Al Nahyan 15 Dubai Expo 2021 Guest Editor ‫مشاركة الجمهور‬ 20 Portrait Child & Child and 1on1 Mamuna Farooq Patricia Garza 37 Portrait Osmium Institute Germany and 1on1 Ingo Wolf 64 Luxury Real Estate Dossier - Principality of Monaco Audience Development 78 Hotspot Arizona - Sedona Elizabeth Rodriguez 86 Portrait Air Service Basel and 1on1 Claudio Lasagni 93 Darlene’s Corner MENA Correspondent ‫الشرق الأوسط‬ 96 Portrait Grand Hotel Pupp Hamza Lahlou 103 Portrait Mamounia 112 Destination: Mauritius and 1on1 Smita Khadaroo Travel & Photo Editor ‫مصور السفر‬ 121 Portrait CBC Health Munich Luis Acosta 133 Portrait Vie Aesthetics and 1on1 Vicky Grammatikopoulou Project Coordination ‫تطوير الأعمال‬ Kristina Georgieva Production ‫مدير الانتاج‬ Nazha Belhaj Design & Creative Media ‫وسائط المحتوى‬ Adriana Flores ‫تكنولوجيا المعلومات‬ IT & Web development Amar B. K. II Business Development ‫تسويق‬ Indre Vasiliauskaite Publisher & Founding Editor ‫الناشر والمدير العام‬ Dr Khalid B. Amar Contributors ‫المساهمين‬ Mamuna Farooq (Child & Child) Ingo Wolf (Osmium Institute Germany) Caroline Olds (Caroline Olds Real Estate) Claudio Lasagni (Air Service Basel) Darlene Koldenhoven Vicky Grammatikopoulou (Vie Aesthetics) Dr. Nils H. Thoenissen (CBC Health Munich) Smita Khadaroo (Chic Consulting) Special thanks to Frank Rothmaier (CBC Health Munich) Nadine Nourney (Osmium Institute Germany) Darlene Koldenhoven Louise Evans (Vie Aesthetics) Colin Lloyd (Osmium Institute Canada/USA) Dubai Tourism Authority & Dubai Expo 2020 La Mamounia (Marrakech, Morocco) Published by KBA Enterprise Limited Weller House, Suite F 60 Longbridge Road IG11 8RT Barking - Essex Greater London United Kingdom www.myskylounge.uk United Kingdom London / Email: [email protected] United Arab Emirates Dubai / Email: [email protected] SKYLOUNGE Every possible effort has been made to ensure that the information presented in this publication is accurate at the time of going to press and the publishers, editors, contributors and advertisers can accept no responsibility for any errors or omissions. No part of the magazine, including text, photographs, illustration, advertising layouts or other graphics may be reproduced in any way without prior written consent of KBA Enterprise Ltd. The views expressed in this magazine are not necessarily those of the publisher who accepts no responsibility for any loss incurred due to reliance on the information provided in this publication. SKYLOUNGE is a trademark of KBA Enterprise © 2020 KBA Enterprise Ltd.

Osmium as a tangible asset In conversation with Ingo Wolf, Director Osmium Institute Germany Remembering a visionary From humble beginnings to the Expo 2021 UK’s No 1 in Beauty, Health and Wellness In conversation with Vicky Grammatikopoulou There is hope after stroke! A portrait of Dr. Nils H. Thoenissen and his clinic CBC Health Munich

Business Aviation Expert advice for UHNWIs for the next In dialogue with Mamuna Farooq, Partner & generation Head of Middle East Desk at Child & Child In dialogue with Claudio Lasagni, Real Estate CEO Air Service Monaco Basel Caroline Olds & Team It’s time to discover Mauritius NOW ! In dialogue with Smita Khadaroo What’s up in LA? Darlene’s Corner





The Royal Mansour, a gem www.royalmansour.com

Portrait of a Visionary HH Sheikh Zayed bin Sultan Al Nahyan ‫ٱل َّش ْيخ َزايِد بِن ُس ْل َطان آل نَ ْه َيان‬, 1918 - 2004

His Highness Sheikh Zayed bin Sultan Al Nahyan served as President of the United Arab Emirates since the formation of the Federation on 2 December 1971 and as Ruler of the Emirate of Abu Dhabi since 1966. Understanding the UAE is impossible without understanding the life of Sheikh Zayed and his deep religious faith, his vision, his determination and hard work, his generosity at home and abroad, and the way in which he devoted his life to the service of his people and the creation of a better world. Born around 1918 in Abu Dhabi, Sheikh Zayed was the youngest of the four sons of Sheikh Sultan bin Zayed Al Nahyan, Ruler of Abu Dhabi from 1922 to 1926. At the time Sheikh Zayed was born, the emirate was poor and undeveloped, with an economy based primarily on fishing and pearl diving and on simple agriculture in scattered oases inland. Life, even for members of the ruling family, was simple. Education was generally confined to lessons in reading and writing, along with instruction in Islam from the local preacher. Transport was by camel or boat, and the harshness of the arid climate meant that survival itself was often a major concern. Through the late 1920s and 1930s, Sheikh Zayed’s thirst for knowledge took him into the desert with Bedouin tribesmen to learn all he could about the way of life of the people and the environment. He later recalled with pleasure his experience of desert life and his initiation into the sport of falconry, which became a lifelong passion. In 1946, Sheikh Zayed became Ruler’s Representative in the Eastern Region of Abu Dhabi, centred on the oasis of Al Ain. The Job involved administering six villages and an adjacent desert region In the late 1940s and early 1950s, Sheikh Zayed established his clear vision of what he wished to achieve for the people of Al Ain, and as someone who led by example. Despite few government revenues, Sheikh Zayed succeeded in bringing progress to Al Ain, establishing basic administration, personally funding the first modern school in the emirate and coaxing relatives and friends to contribute towards small-scale development.

Sheikh Zayed Grand Mosque Abu Dhabi

He revised local water ownership rights to ensure a more equitable distribution, which led to agricultural development and re-establishment of the oasis as the predominant market center. His city planning in Al Ain helped ensure that today, the city is one of the greenest in Arabia. In August 1966, Sheikh Zayed became Ruler of Abu Dhabi, with a mandate to develop the emirate as quickly as possible. His years in Al Ain had given him valuable experience in government and time to develop a vision of progress. With the export of the first cargo of Abu Dhabi crude in 1962, he could rely on oil revenues in the service of the people, and a massive construction program for schools, housing, hospitals and roads was underway. In 1968 the British announced their intention of withdrawing from the Arabian Gulf by the end of 1971. Sheikh Zayed, with the late Ruler of Dubai, Sheikh Rashid bin Saeed Al Maktoum, took the lead in calling for a federation that would include not only the seven emirates that made up the Trucial States, but also Qatar and Bahrain. Eventually seven states followed Sheikh Zayed in establishing the UAE, which formally emerged on the international stage on December 2, 1971. While his enthusiasm for federation was a key factor in the formation of the UAE, Sheikh Zayed also won support for the way in which he sought consensus and agreement among his fellow rulers. Sheikh Zayed was elected by his fellow rulers as the first President of the UAE, a post to which he was successively re-elected at five-year intervals. One foundation of his philosophy as a leader and statesman was that the resources of the country should be fully used to the benefit of the people, including the women of the UAE who benefited of his vision of education, employment and equality. In governing the nation, Sheikh Zayed drew from Arabian Bedouin traditions of consensus and consultation. At an informal level, that principle has long been practiced through the institution of the majlis (council) where a leading member of society holds an “open- house” discussion forum, at which any individual may put forward views for discussion and consideration. In 1970, recognizing that Abu Dhabi was embarking on a process of rapid development, Sheikh Zayed formalized the consultation process and established the National Consultative Council, bringing together the leaders of each of the main tribes. A similar body was created in 1971 for the entire UAE: the Federal National Council, the state’s parliament. The conservation of natural environment and wildlife was critical to Sheikh Zayed. He believed that the character of the Emirati people derives, in part, from the struggle to survive in the harsh and arid local environment and worked throughout his life on preserving such species as the Arabian Oryx and the sand gazelle. The World Wildlife Fund recognized his contribution with the prestigious Gold Panda award.

Sheikh Zayed was a firm opponent of harsh dogmas While ensuring that the UAE should and intolerance. In an interview in 2002, he said, increasingly shoulder international “Muslims stand against any person of Muslim faith responsibilities, however, Sheikh Zayed also who will try to commit any terror act against a made it clear that the UAE’s role is one that fellow human being. A terrorist is an enemy of Islam is focused on relief and rehabilitation. and of humanity, while the true Muslim is friendly In the Balkans, Iraq, Afghanistan and other to all human beings and a brother to other Muslims countries, the policy adopted by the UAE and non-Muslims alike. This is because Islam is a clearly reflects the desire of Sheikh Zayed to religion of mercy and tolerance.” apply the good fortune of his country to those less fortunate. Sheikh Zayed applied his ideals of consensus and tolerance more broadly. Within the Arabian Gulf Through bodies like the Zayed Charitable region, and in the broader Arab world, the UAE has and Humanitarian Foundation and the Abu sought to enhance cooperation and to resolve Dhabi Fund for Development, established disagreement through a calm pursuit of dialogue by Sheikh Zayed before the foundation of and consensus. the UAE, as well as through institutions like the Red Crescent Society, the country now In the 1990s he also recognized that the UAE could plays a major role in the provision of relief play a more active role in international and development assistance worldwide. peacekeeping operations. The UAE Armed Forces participated in the Arab Deterrent Force that sought On the 2nd of November 2004 Sheikh to bring to an end the civil strife in Lebanon, and in Zayed, the nation leader had passed away, UNISOM TWO, the United Nations peacekeeping after a long journey of giving, achievements and reconstruction force in Somalia. and development of people and land. In line of the his vision, the nation keeps going In early 1999, Sheikh Zayed was among the first under the leadership of His Highness Sheikh world leaders to express support for the decision by Khalifa bin Zayed Al Nahyan, the president the North Atlantic Treaty Organization (NATO) to of united Arab Emirates and the members launch its aerial campaign to force Serbia to halt its of the Supreme Council of Rulers and their genocidal activities against the people of Kosovo. crown princess. From late 1999 to 2001, the UAE contingent serving with the UN’s KFOR peacekeeping force was the largest from any of the non-NATO states, and the only one from an Arab or Muslim country.



The Expo 2020 Dubai has finally opened its doors to the public. After what seemed like an impossible feat to pull because of the pandemic, which caused the event to be delayed by a year, the spectacular show has now begun and is ready to welcome people from all across the world. Dubai’s long-awaited Expo 2020 kicked off on 1st October, with international guests arriving to celebrate the event. With representatives from 192 countries taking part, the 4.38 square- kilometer site features 200 pavilions. The Arab countries with large contingents at the event include Saudi Arabia, Morocco, Egypt, Kuwait, Bahrain, the UAE, Syria, Palestine, Oman and more. Their theme encapsulates “Connecting Minds, Creating the Future.”

UK Pavilion UAE Pavilion Dubai Expo 2020 recorded nearly 1.5 million visits since its opening on October 1, organisers said, on Monday. Improving weather conditions in the country, long weekend, and events organised during this time are considered the main reasons for the spike in attendance rates, explained Mohamed Eisa Al Ansaari, vice president of strategic communications of Expo 2020. UK Pavilion Qatar Pavilion

The Saudi pavilion also holds three Guinness World Records for the Saudi Arabia Pavilion longest interactive state-of-the-art water feature, largest LED mirror screen display and largest interactive lighting floor. UAE Pavilion To celebrate Morocco’s participation in Expo 2020, the country’s pavilion offers daily folklore performances for visitors. With multiple shows set during the day, guests can watch short dances - with traditional music - commonly performed at weddings, parties and festivals throughout the country. Morocco Pavilion Expo 2020 also features more than 200 international restaurants, including Saudi Arabia’s famous fast food eatery Al-Baik, for visitors to enjoy while exploring the field. UAE Pavilion France Pavilion

USA Pavilion Brazil Pavilion

Italy Pavilion Russia Pavilion

London Expert advice by an award-winning Middle East Desk

‫مقابلة مع‬ ‫ممونة فاروق‬ In conversation with Mamuna Farooq



Sixty minutes interview with Mamuna Farooq 1. As a well-respected London law firm, please tell us a bit more about your company and what makes you so special ? Child & Child is a highly successful London law firm, established in 1850. The firm has a diverse and international client base, acting for wealthy individuals, families, property owners and businesses in the United Kingdom and internationally. We are a full-service firm that delivers a bespoke holistic approach to our Mamuna Farooq private clients, with particular strength in Property, Commercial, Residential, Family, Real Estate transaction work, Real Estate Litigation, Partner Corporate & Commercial matters, Employment, Immigration and Private Head of Middle East Desk Client & Tax advisory services. We have significant experience in assisting our clients with all their legal requirements. Whether it be applying the Child & Child specialist knowledge of one of our international multilingual lawyers and colleagues, focusing on a specific region or finding solutions overseas through our vast network of over 100 law firms in over 90 countries. We work closely with international firms, which are as relationship-focused as we are at Child & Child. The firm has developed a strong reputation in the Middle East through its 3. Structuring wealth for UHNWIs is always a delicate matter, commitment to delivering tailored solutions with clarity and insight. Our which requires excellent skills, solid background, good network, lawyers are known for their high degree of technical ability and their good infrastructure, and the flexibility to be ready at short approachable and practical style. These are the qualities that drive the notice - wouldn’t you agree ? success of the firm and which have enabled us to develop strong long-term relationships with clients and with other professionals both in the United Yes, of course. Advising on a family’s estate is a very personal matter, Kingdom and overseas. Our clients are at the heart of what we do and are completely different to a business transaction. It is a long-term relationship always our primary concern. built on the utmost trust between the family and legal advisor. All our specialist departments work as part of a holistic approach, assuring You need to be available and approachable for your clients to feel every aspect of the client’s advisory needs is met. Our Award-Winning comfortable to discuss their personal matters, some of which may be very Middle East Desk has enabled the firm to offer fully integrated legal service sensitive. for international ultra-high net worth families, foreign investors and businesses across the MENA regions. The firm proudly presents a team As an advisor, it is important for me to fully understand not only the wealth, dedicated to focusing on not only providing legal advice but nurturing a but the dynamics of the family relationship (which is different for each trusting and long-standing relationship with our clients. client) to ensure that I can accommodate and respect what they are trying to achieve, whilst navigating through the UK legal and tax system. 2. How has been your experience so far with Family Offices/HNWIs from the Middle East? I would categorize the relationship that I have with my clients as similar to that of a trusted advisor and family office – where they will reach out to me We are specialists when it comes to UK tax and estate planning for in the first instance for any matters in the UK, regardless of whether it is esteemed families across the Middle East. Given this, we have a successful within my specialism or not. practice working with various generations from each family, covering their estate from a holistic perspective. They trust that I will recommend and create the right team for them, whether it is to invest in assets, obtain residency, refurbish their property We also work alongside the family’s existing international advisors to portfolio or arrange for their children to study in the UK. provide a seamless and integrated service. Given the nature of the structures and asset classes, with a constantly evolving UK tax system, we must regularly review our clients` tax and estate position in the UK. We focus on growing, protecting and transferring wealth by establishing appropriate strategies based on our clients’ needs.

We, therefore, conduct detailed reviews of our clients UK estate and tax Finally : What's the best piece of advice given to you ? position, looking at their circumstances holistically and worldwide to ensure we implement the correct tools to traverse the complex UK Tax There is always a solution – do not get phased when something does not regime. Many families still hold UK properties through offshore go as originally planned. You can always reassess, refocus and achieve companies and structures. the end game. That is how I always operate in my personal and professional life. This was originally for UK tax mitigation and privacy of asset ownership. However, over recent years, many of the tax-saving benefits have been We thank you for the interview. made redundant with UK tax changes and it has increased the annual tax filing compliance. We, therefore, review the structure and assist with ‘de-enveloping’ – this is a process of transferring the property out of the company structure into the personal name(s) of the beneficial owners. We also assist with annual UK tax filings for clients who are renting out their UK properties (Income Tax), selling them (Capital Gains Tax), or hold them via corporate structures (ATED). This falls into the full-service we endeavour to offer our clients. 5. You also offer Sharia-Compliant estate planning and Wills – can you please elaborate on that a bit? Families who are based in the Middle East and are Muslim would usually have their estates passed automatically to their heirs under the Sharia distribution principles on their passing away. However, in the UK, especially for UK properties, it is important to have a UK Will (Wassiya) put in place to dictate who would inherit your property, otherwise, the UK rules will determine the heirs. Many of the clients I represent want for their UK estates to also be distributed per Sharia and I specialize in drafting UK Wills to pass the assets under the Sharia succession principles. I am well-versed in the rules surrounding the distribution of assets on death following Sharia. I aim to ensure our clients have the option to prepare a Will respecting their religious and personal beliefs, which is also UK Inheritance Tax efficient to ensure that the maximum value passes down to their families. I understand the cultural and religious sensitivities that each of the families I represent are facing, and, therefore, can cover these topics with compassion and knowledge. The same service and principles apply to my clients' gifting assets and passing wealth to their children during their lifetime. As well as offering Sharia-compliant estate planning and Wills, our specialized lending team can assist with complex lending structures, including equity financings such as Musharaka, sales models of finance such as Murabaha and Ijara, development finance, short term bridging loans and debt restructuring for the Middle Eastern private banks.  All our specialist departments work as part of a holistic approach, assuring every aspect of the client’s advisory needs is met.

.‫مكتب محاماة متكامل الخدمات للشركات والأفراد‬ A full-service law firm for corporates and individuals. C lients praise our lawyers for their hands-on approach and commercial awareness. All of our clients are advised by a partner who is an expert in their field. It is a personal service and we genuinely care about helping our clients to achieve their goals. We are recognized for our expertise in private and commercial real estate transactions and litigation. We work across jurisdictions with corporate and commercial clients, from global corporations to agile start-ups. When offering tax, estate planning and family law advice we take all the financial, emotional and personal implications into account. We are great lawyers and business advisors. For us, it’s personal. 21 Grosvenor Place Tel.: +44 (0) 20 7235 8000 Email: [email protected] London SW1X 7HN Direct: +44 (0) 20 7201 3579 www.childandchild.co.uk United Kingdom

Expertise ‫تخصص‬ As a well-respected London law firm, we provide a full range of legal services, guidance and trusted advice and support to our local and international clients. These include: real estate, international private client and private wealth, dispute resolution, international family, immigration, corporate and company commercial and more. We specifically cater to our international clients’ needs though our region-specific desks and multilingual lawyers. We look to support all our clients with our experienced and talented professionals and staff in their high performing teams. COMMERCIAL LITIGATION ‫التقاضي التجاري‬ NEIGHBOURLY MATTERS ‫مسألة الجوار‬ COMMERCIAL REAL ESTATE ‫العقارات التجارية‬ REAL ESTATE - NEW BUILD ‫العقارات‬ CORPORATE ‫الشركات والتجارية‬ PRIVATE WEALTH & TAX ‫الثروة الخاصة والضرائب‬ & COMMERCIAL ‫توظيف‬ EMPLOYMENT REAL ESTATE LITIGATION ‫التقاضي العقاري‬ ‫قانون العائلة‬ FAMILY LAW ‫اليونانية وقبرص‬ RESIDENTIAL REAL ESTATE ‫العقارات السكنية‬ GREEK CYPRIOT DESK RETAIL, LEISURE HOSPITALITY ‫البيع بالتجزئة والضيافة‬ IMMIGRATION ‫الهجرة‬ REPUTATION & ‫حماية الخصوصية‬ ITALIAN DESK ‫إيطاليا‬ PRIVACY PROTECTION ‫الإقراض المضمون‬ SECURED LENDING LEASEHOLD ‫منح حق الإيجار‬ SPANISH DESK ‫مكتب إسباني‬ ENFRANCHISEMENT ‫مكتب الشرق الأوسط‬ MIDDLE DESK

International desks ‫مكتب دولي‬ You may have interests in many different countries. Or you may be based outside the UK, but want to invest in it. Whatever your situation, you need local legal advice you can trust. Our network of international desks and partners around the world provide just that. Experienced lawyers who can guide you through the complexities of the local legal systems. Pragmatic advisors who appreciate your personal or commercial needs. Giving you the security of knowing you have a trusted expert you can turn to. Whenever you want, wherever you are. Middle East desk ‫مكتب الشرق الأوسط‬ You might be an ultra-high net worth individual or a commercial business. Looking for legal advice in buying and selling property or tax and personal wealth. Corporate transactions or immigration. Litigation or family law. Whatever your needs, our award-winning Middle East desk offers expert guidance. Practical advice. A bespoke and holistic approach. And a long-standing, trusted partnership that supports all your legal requirements. We’re in the heart of London. But we’re a team of that know the Middle East and North Africa region intimately. We visit regularly to meet clients and host events. We understand and respect the cultural and religious sensitivities. We work with other specialists including embassies, wealth managers, tax advisors, family offices, property agents, brokers and private banks to offer a diverse range of services, including Sharia estate and succession planning, and Sharia compliant property finance. And we share our knowledge and work across borders. So, you can be sure that we’ll deal with your legal matters smoothly. And in your best interest. Including any surrounding issues associated with your global estate.

‫مكتب الشرق الأوسط‬ Residential and Commercial Property  Our highly experienced real estate team can help you with We are also the every aspect of buying and selling residential, new build and proud founders of commercial properties, including property management. The Next Generation We’re used to working with businesses, developers and Middle East landlords in the high-end property, retail and hotel sectors. initiative in the UK, So we’ll give you the highest quality legal advice with excellent which supports and response times. encourages the next generation of Immigration Middle Eastern Whether you’re an individual moving to the UK or a business students, looking to invest here, we’ll help you on all UK immigration professionals and matters, with specialist advice on: promising ▪ Sponsor Licence – licence applications, compliance advice entrepreneurs. and assistance, licence revocations ▪ Business immigration – as Tier 1, Tier 2 and Tier 5 visas. ▪ Private immigration – Tier 4 student visa, Tier 5 visa, entry clearance, indefinite leave to remain and passport applications. ▪ Global Immigration – International work permits

More about Mamuna Farooq Partner ‫المزيدعن ممونة فاروق‬ Head of Middle East Desk Senior Leadership Team & Head of International Private Wealth & Tax T +44 (0)20 7201 3579 C +44 (0)7983 584083 E. [email protected] Having qualified as a UK lawyer in 2010, Mamuna is the Head of both Child & Child’s Middle East Desk and the International Private Wealth & Tax team. She specialises in offering advice on private wealth, tax, estate planning and cross-border issues to established high net worth and ultra-high net worth families throughout the Middle East, the Gulf States and beyond looking after their UK and cross-border estates. Mamuna’s approach with clients is simple: whatever the legal issue, she will fiercely protect her clients’ interests, frequently going beyond the call of duty to do so. She strives to provide practical solutions in complex situations, skilfully combining her depth of legal knowledge with her commercial, real-life advice quickly and professionally. Mamuna makes a lasting “I am extremely privileged to be in a impression and believes in the importance of creating a close trusted advisory role for my clients, relationship and maintaining a leading to my long-standing relationships long-term advisory role. Families with families across generations. I loyally return to her for their strongly believe that if you do what you subsequent legal needs spanning love, success will ultimately follow.” multiple generations. She is regularly called upon to advise international families from a holistic perspective, providing a bespoke service akin to a private family office. By regularly travelling to meet clients and contacts and hosting industry events, she has established close relationships with a range of UK and international experts. She works closely with embassies, wealth managers, tax advisors, family offices, property agents, brokers and private banks. Mamuna is a member of the UK Law Society. Being recognised as a Trailblazer, Mamuna’s contribution to the legal industry has led to her receiving several Awards during her career so far, including: Britain’s Future Leaders - The Power 100 List Parliamentary Review (2018) Legal Expertise Excellence Award - The Muslim Power 100 (2018) Young Achiever of the Year at the inaugural British Muslim Awards (2013)



Corporate & Commercial We work with a variety of highly structured corporate entities. So, we specialize in forming a company, succession planning, and setting out directors’ and shareholders’ rights and liabilities. Litigation & Disputes We’re experts in many litigation areas, including breach of contract, intellectual property disputes, insolvency and asset recovery. Matrimonial & Family We advise both international and UK clients on family law matters. These include divorce, child custody, pre and post nuptial agreements and civil partnerships. Islamic / Sharia-compliant financing for property transactions We represent a range of private banks and borrowers in relation to Sharia compliant property finance. Tax and accountancy We offer comprehensive advice on all UK taxes. This includes inheritance tax, capital gains tax, SDLT, income tax, corporation tax and VAT. Our in-house accountant can also help you file your tax returns. Private Wealth and Estate Planning We structure wills, lasting power of attorney and estate planning for estates and families across different jurisdictions. Our aim is to grow, protect and transfer your wealth by developing the right strategies to meet your needs. Islamic / Sharia-compliant estate planning & wills Mamuna, the Head of our Middle East Desk, is an experienced private wealth and tax lawyer and an eminent advisor for affluent Middle Eastern clients. She works closely with professional intermediaries to offer a niche service of Sharia estate and succession planning.

UK ESTATE & SUCCESSION PLANNING ‫العقارات والتخطيط للخلافة‬ If you own assets in the UK, you should obtain regular advice and consider whether you need to put in place estate planning documents related to your UK assets. The documents can cover lifetime estate planning and your wishes regarding succession on death. Documents that you have in place in a different country may not cover your UK assets. It also depends on the structure of your UK estate. Lifetime Planning: UK Powers of Attorney A Power of Attorney is a legal document in which you can appoint one or a number of individuals (who you trust such as a family member, friend or a professional) to make decisions on your behalf. We recommend a UK Power of Attorney for your UK estate. Foreign Powers of Attorney may not be recognised as valid in the UK and it depends on the financial institution that you are dealing with. Different Types of Power of Attorney Generally, there are three types of UK Powers of Attorney: General Power of Attorney – This allows you to appoint somebody to deal with and make decisions concerning all your UK personal property, assets and financial affairs. The decisions are those which you could legally make. This type of power ends when you die or become mentally incapable. Specific Power of Attorney – This is the same as a General Power but with the difference that the power can be restricted to apply to a single or defined property, asset or financial matter. You can have a different Power of Attorney for the purchase or sale of a particular property. Lasting Powers of Attorney – This is the same as a General Power but with the difference that it can continue if you become mentally incapable. Unlike the previous Powers, it can also be made in relation to decisions regarding your finances and health. Lasting Powers of Attorney for UK Property & Financial Affairs - You should consider who to appoint to manage your UK estate during your lifetime if you, unfortunately, lost mental capacity. The UK law would not allow your next of kin to automatically manage your affairs. Without a valid Lasting Power of Attorney (‘LPA’) appointing an independent attorney or family members to manage your UK financial affairs, your family would need to make an application to the Court of Protection. This process will take approximately 6 to 9 months and, in the meantime, any documents that would need to be signed concerning the UK assets cannot take place until the Court has granted authority by way of Deputyship Order. This would not be required if a valid LPA has been put in place and registered with the Court. Lasting Powers of Attorney for Personal Health & Welfare (in the UK) – this is relevant for an individual in the UK who, unfortunately, loses mental capacity. Their Attorney can make decisions regarding their personal health and welfare, such as where you live, who cares for you and receiving life-sustaining treatment. Who can you appoint as your Attorneys? The Attorneys will make important decisions regarding your estate which may have significant legal, financial and tax consequences on you and your family. You should appoint: • Someone you trust implicitly • Someone who has the necessary care, financial skill and acumen to handle your affairs properly • More than one person so that each Attorney can act jointly and assist with accountability

Practical Benefits of an Attorney – Example - UK Property An Attorney can be useful in property transactions if you are living abroad. Your Attorney can sign legal documentation to complete your property sale or purchase, register you with utility companies, set up bank accounts for you to receive rental income, deal with letting agents and/or tenants and file your UK tax returns. Peace of mind A Power of Attorney can help with the swift management of your assets and if ‘Lasting’ can avoid significant Court fees and time delays if you, unfortunately, lose mental capacity. Without this, nobody has the legal authority to deal with your affairs in the UK. Inheritance Tax Planning ‫تخطيط الميراث‬ UK Inheritance Tax (‘IHT’) UK IHT is charged at one of the highest rates in the world. Currently, IHT is charged at 40% above a tax-free amount of £325,000, known as the ‘nil-rate band’. There are IHT exemptions available, for example, spouse and charitable exemption, subject to certain conditions being satisfied. It is, therefore, crucial to obtain advice to understand the IHT position on your UK estate, and plan in a tax-efficient way. Lifetime Gifting It may be possible that you are also in a position to make a ‘lifetime gift’ of a UK asset to someone. If you make a gift and survive 7 years from the date of the gift, any UK Inheritance Tax that may have been due on the gift will cease as the gift will have fallen outside of your estate, subject to certain conditions. Before the 7 years, it will still be considered as part of your estate and could therefore be liable to Inheritance Tax if you were to pass away. It is therefore a useful inheritance tax planning exercise to consider lifetime gifting by way of a Deed of Gift or Declaration of Trust over Property.

Succession Planning: UK Will: Wassiya ‫الإرادة والثقة التخطيط‬ The UK succession laws are very different from those in the Middle East. If you own UK assets, in particular property, you should obtain advice on the UK succession principles and put in place a UK Will (‘Wassiya’) to state who would manage your UK estate on death and who you want to inherit your assets. You should also make use of any UK Inheritance Tax allowances available, such as spouse exemption. In the absence of a valid Will, the UK estate would be distributed under the UK laws as follows, if the deceased is non-UK domiciled at the time of death: (a) UK real estate / immovable estate: this covers property: to be distributed following the UK Rules of Intestacy or the terms of your UK Will; and (b) Moveable assets / financial: such as bank accounts, shares and investments: this will be inherited following the laws of the deceased’s country of domicile at the time of their death. If your estate is governed by Sharia law, then the UK moveable assets would be inherited per Sharia. You should, therefore, arrange to have a UK Will drafted specifying your wishes. In your UK Will, you can specify: • Appointing Executors These are the individuals you nominate to manage the administration of your estate and fulfil the wishes you state in your Will. They can be the same as the named beneficiaries (heirs) and need to be over the age of 18. You can also appoint professional Executors if you feel your estate is complex, or if there could be a dispute between the beneficiaries named. • Guardianship of your children If you are living in the UK and have children under the age of 18, you can include your wish as to who to appoint as Guardians as your children. This is only relevant if both parents have, unfortunately, passed away. The Court would, however, determine what is in the best interests of the children. • How to distribute your estate: Beneficiaries / Heirs You will need to name who inherits your estate. This can often be structured in several ways: - A Flexible / Discretionary Will: you name potential beneficiaries and you provide your Executors with a Letter of Wishes instructing them on how to distribute your estate. It is not legally binding and your Executors have absolute discretion to distribute the estate as they feel appropriate. This provides you with the flexibility to allow the Executors to attend to your beneficiaries and estate as appropriate. - Life Interest Trust: you can provide your spouse with a right to use of or the income for life, and nominate beneficiaries for the capital asset. This can present a UK Inheritance Tax spouse exemption if both husband and wife are sharing the same domicile status. - Sharia Compliant Will: your UK Will can be drafted to follow and respect the Sharia distributions principles, should you wish. - Outright / Simple Will: you can specify fixed shares and percentages in your Will for each named beneficiary.

Life Insurance Policy - if there is a UK Inheritance Tax Liability ‫التأمين على الحياة‬ If your UK estate is above £325,000, then there may be an Inheritance Tax liability. The IHT liability would need to be settled by the estate before the inheritance is passed to the beneficiaries stipulated in a UK Will. In order to assist with ensuring the estate has sufficient cash funds to settle the IHT, you may wish to consider taking out a whole of life insurance policy. This insurance policy guarantees that the insurer will pay out a lump sum to the nominated beneficiaries on death. The advantage of this is that you can ensure that the lump sum paid out covers the IHT bill in its entirety, or covers a substantial amount, which avoids the issue of selling assets and reducing the estate in order to pay the IHT tax bill. It is essential that this type of policy is written into trust as by doing this we can ensure that the lump sum payable falls outside of the estate. If the policy is not written into trust, then the lump sum will be paid for the benefit of the estate and a 40% inheritance tax charge will become due on the lump sum and thus revoking the benefits of taking out an insurance policy in the first instance. You should speak to an independent financial advisor for advice relating to such policies. It is, therefore, crucial to obtain advice to understand the UK position on your UK estate, and plan in a tax- efficient way. Please do get in contact with Mamuna Farooq and we would be delighted to discuss your UK estate and tax planning further with you. We offer Skylounge readers a complimentary initial consultation to discuss your legal and tax affairs. ‫يرجى التواصل مع مأمونة فاروق وسنكون سعداء لمناقشة‬ ‫التخطيط العقاري والضريبي الخاص بك في المملكة المتحدة‬ ‫ نحن نقدم لقراء سكاي لونج استشارة مجانية لمناقشة‬.‫معك‬ .‫شؤونك القانونية والضريبية‬



‫مقابلة مع‬ ‫إنغو وولف‬ One-on-One with Ingo Wolf





Sixty minutes interview with Ingo Wolf 1. Please tell us a bit more about Osmium and why has it gained so Ingo Wolf much traction in recent years? Director Osmium-Institut zur Inverkehrbringung und Osmium has many outstanding characteristics that have only started to Zertifizierung von Osmium GmbH become widely known since the discovery of its crystallization. In its crystalline form, Osmium is completely harmless to one’s health, a trait not shared by its pre-crystalized form. It is also mesmerizingly beautiful. The amazing thing is - Osmium itself isn’t new. It’s a precious metal that 2. As we understand, Osmium can only be placed on the belongs to the Platinum Group Metals and can be found in the periodic international market by your institute, please tell us a bit more table under the number 76. What is relatively new, however, is the process about the role of your institute and how can one purchase of crystallizing Osmium, which was developed over a period of 40 years and Osmium? finalized in 2013. Due to the toxicity of its raw form, there were no significant uses for it in the past. Now that this has changed, the popularity The Osmium-Institut zur Inverkehrbringung und Zertifizierung für Osmium of Osmium is increasing rapidly. The crystal structure of each single piece is the leading authority for certification and distribution of crystallized of crystallized Osmium is unique and many times more detailed than a osmium. The tasks are carried out by a team of specialists who inform biological fingerprint. Just like a fingerprint, it can be used as identification. dealers, train processing companies, and provide information to interested What we’re left with is a precious metal with a unique crystal structure and parties. The Osmium Institute employs experts who can help confirm the the highest density of all non-radioactive elements. Thus, Osmium is authenticity of osmium and supply Osmium Verification Codes for private unforgeable. Osmium is a precious metal with a value density so high that trade. one could efficiently store and transport extraordinary value in the smallest physical volume: This is what makes Osmium so attractive for investors and The Osmium Institutes are the point of contacts for the press and television what got it on the fast track so quickly. for information about osmium and its uses. They maintain an FAQ and help answer all scientific and economic questions relating to osmium. The Another outstanding characteristic is its incredible rarity. During the Osmium Institute Germany has the task of establishing an international international Osmium symposium in Dubai this year, new numbers were network of regional institutes on all continents to facilitate local trade. discussed studying the world’s supply of osmium resources and reserves. To summarize, it can be said that the presumed resources are somewhat Those pieces that pass the quality control are entered into the Osmium- higher than what was assumed in the past. On the other hand, it also World-Database and then find their way into the market. The last point of became clear that the recoverable reserves are lower than initially security relates to the exclusive rights of procurement that the Osmium- expected. Institutes have secured with many of the world's sources of raw Osmium. The incidence of Osmium in the earth's crust is interesting, because Another important task of the German Osmium-Institute is to build Osmium is mined together with platinum from a depth of 0 to 5,000 institutes all over the world to provide a local, customer-friendly point of meters. With 10,000 tons of platinum ore, there is a yield of just one ounce contact in as many countries as possible. Currently there are more than 20 of Osmium. There are about 17 cubic meters of Osmium available in the Osmium-Institutes on five continents, and the number is continuously earth’s entire crust. It should be noted, though, that since Osmium is a by- expanding. Osmium can be purchased through the global online shop product of platinum, the amount that can actually be mined from these 17 www.buy-osmium.com. State Institute Partners and Wholesale Partners in cubic meters depends on platinum mining in the years to come. Recent different countries are supplied by the German Osmium-Institute and are technological advances have allowed mining to occur at depths of up to 5 direct points of sale to local clients. km. However, under extreme temperatures near the earth's mantle and extreme safety conditions, the technical challenges are enormous. So, there Its prices have experienced extremely low must always be a platinum price that makes mining at the necessary volatility and do not correlate with the depths economically viable. behavior of other metals or any assets in general. Osmium is a perfect addition for If electric cars conquer the world, platinum will no longer be needed in many sectors. This might cause the price of platinum to fall and mining at every investor’s portfolio… great depths might no longer be affordable. The result might be an early end to supplies of raw osmium which could trigger an interesting phenomenon that has been nicknamed the “Osmium Bigbang”. If this happens, the price and value of Osmium could experience an interesting development. According to the latest calculations and in view of the development of the platinum market, it might only be possible to mine one cubic meter of Osmium. That corresponds to about 22 tonnes.

3. Since the start of the pandemic with all economic Identification is possible by comparing the scan in the database with the uncertainties, wealthy people started again to invest more in real piece a buyer is looking at. This makes it possible to take Osmium precious metals, this would be the right time to invest in across borders and at the same prevents theft as no one could resell Osmium with year-on-year growths none of its kind - wouldn't Osmium without the assigned OIC. you agree ? If you purchase Osmium there is also another code assigned to your Personally, I believe it is always the right time to invest, not only in times piece (or pieces), the Owner-Change-Code (OCC). With this code the of crisis and uncertainty. The pandemic was an important reminder of possessor of the assigned piece can be changed multiple times (for this, not just for institutional investors but for everyone. The pandemic example, if one wishes to store it in a bank or with a relative) whereas shifted their focus back to precious metals as they have always been the owner can only be changed once. This makes it easy to resell reliable tangible assets in the past. Of course, gold and silver have been Osmium to a jeweler or a private person – the OIC provides proof of relied on for centuries and people trust in their value. The Osmium ownership and the OCC provides the means necessary for an easy market is currently not as liquid as the gold, silver, or platinum markets transfer of ownership. The transferal is possible at www.osmium- are, as it is still fairly new as a tangible asset. But its special identification-code.com. characteristics make it very interesting for investors, especially now as the market is still developing. 5. Finally : As the driving force, how does a usual day look like in your life ? There’s a good reason that Osmium is called the “next generation metal”: Osmium is seen as a long-term investment. If purchased now For all of us working at the Osmium-Institute, our daily tasks include the and held for a period of 15 to 20 years, the asset can be passed on to analysis and purification of raw Osmium in preparation for one’s kids, who would benefit from the long-term returns. crystallization, the post-cutting inspection and microscope scans, and the preparation of custom pieces for various partner companies in the Currently one gram of Osmium costs around €1,500. Osmium is not jewelry market. My job is also to stay ahead of occurences that might traded on an exchange; the spot-price is generated every day in emerge: With Osmium becoming increasingly popular in jewelry and Switzerland. Multiple factors are important here, the daily harvest rate luxury accesories, another interesting phenomenon is triggered to (i.e. the amount of Osmium that can be used following the crystallization happen, the Osmium-thinout. Should raw Osmium really run out in the process) being one of them. But supply of raw osmium and demand for near future, an unavailability would lead to a severe shortage. crystalline osmium are also crucial. Given the fact that Osmium will not be available forever and considering all the Osmium that is being Osmium does not, in most cases, return to the tangible asset market manufactured into jewelry each year with growing demands, the once it has entered the jewelry market. This is because Osmium from demand will grow exponentially while the supply diminishes. If the jewelry already has a fixed shape, and it is incorporated into jewelry demand remains the same or intensifies, the price will go up. along with other metals. If Osmium is removed again, it cannot simply be melted down, because this would cause it to lose its crystal surface and This is, of course, the development investors hope for. It is also the thus its fingerprint. In such cases, Osmium would be returned to reason why it is such a good time to invest in Osmium now. Its prices recycling, which is a time-consuming and costly process. Naturally, have experienced extremely low volatility and do not correlate with the customers therefore avoid recycling and keep the Osmium in the jewelry. behaviour of other metals or any assets in general. Osmium is a perfect As a result, hardly any Osmium flows from the jewelry market back into addition for every investor’s portfolio: The fact that it cannot be the tangible asset market and the Osmium investment sector loses a counterfeited, its high value density, and the expected price development percentage of Osmium to the jewelry industry every year. So, if one day clearly speak for an investment in Osmium sooner than later! the Osmium BigBang is reached and raw Osmium can no longer be supplied, then the withdrawals from the jewelry industry will cause the 4. A unique concept of authentication and certification for every total amount of crystallized Osmium to become smaller and smaller until purchased Osmium product makes it also “bulletproof” - if you it eventually reaches zero. can elaborate on that a bit. My main daily task as director of the Osmium-Institute is to provide Every piece of crystalline Osmium has such a unique structure that customer service and doing scientific research as well as writing books. makes exact identification possible. After crystallization, each piece is Customers who consider buying Osmium from a trading partner call the scanned with high resolution microscopes at the German Osmium- institutes because they want direct answers to the questions, they ask Institute. These 2D and 3D scans are entered into an international themselves before making the final decision to buy Osmium. They database which is also accessible to customs authorities in many specifically call the German institute because they appreciate the countries around the world, including the US and Australia. scientific work we do. Part of my job is also to observe current events, be it political, economic, or societal, to be able to navigate this company An eight-digit alphanumeric code is generated and assigned to each through all storms that might rock our boat. Daily communication with piece. With this Osmium-Identification-Code (OIC), proof of ownership sales partners is just as important as keeping up with fake news about can be provided at any time by entering the code into the database at Osmium on the internet. Visiting new State Institute Partners in their www.osmium-identification-code.com. respective countries, supporting them in building a partner institute, talking to the press and making sure that our Ethical Sourcing guidelines are adhered to – all of this is part of my job and great fun, every day. Mr. Wolf, we thank you for the interview.



Company Portrait Osmium Institute The World’s Rarest Precious Metal Becomes the Unique Opportunity The Osmium-Institut zur Inverkehrbringung und Zertifizierung für Osmium GmbH is the leading authority for certification and distribution of crystallized osmium. The tasks are carried out by a team of specialists who inform dealers, train processing companies, and provide information to interested parties. The Osmium Institute employs experts who can help confirm the authenticity of osmium and supply Osmium Identification Codes for private trade. The Osmium Institutes is the point of contact for the press and television for information about osmium and its uses. They maintain an FAQ and help answer all scientific and economic questions relating to osmium. The Osmium Institute Germany has the task of establishing an international network of regional institutes on all continents to facilitate local trade. Am Mösl 41, T: +49 89 744 88 88 88 [email protected] 82418 Murnau am Staffelsee F: +49 89 744 88 88 19 www.osmium-institute.com Germany

What is ?OSMIUM The picture shows the availability of precious metals worldwide. The globally available amount of gold fits into a cube with an edge length of 22 meters. In terms of quantity, OSMIUM is the rarest of all precious metals in our earth’s crust, as there is 1,500 times less of it than gold and 2,500 times less of it than silver. Crystalline OSMIUM is 35 times more precious than gold and has the highest value in terms of volume among all precious metals. 1 pure ounce of osmium = 31.1 g. Crystalline OSMIUM has a steel blue color. Its unique Diamond Crystalline OSMIUM bluish-silvery to bluish-whitish reflection of light extends beyond that of a diamond. The light does not refract on the crystal surface and has a remarkable reflection. Osmium was toxic until 2014 when Swiss scientists discovered the possibility that they could crystallize osmium. The process is extremely complex and time- consuming with as many as 50 interdependent variables (temperature, pressure, gas content, etc.). If only one of these variables deviates, the crystallization process is unsuccessful.

OSMIUM is an element with atomic number 76 in the periodic table of the elements. It cannot be produced chemically/artificially. Osmium is durable Because of its durability, OSMIUM keeps its shine forever. For example, it is also resistant to hydrochloric acid. Its abrasion resistance exceeds all other substances. Inimitable density The crystalline OSMIUM has a purity of 99.9995%. In its crystalline form, osmium is completely harmless to the body and skin. Osmium has the highest density of all chemical elements and compounds, so it cannot be falsified by the conventional enclosing a heavy core in a bar. If you were to place a less valuable core inside an osmium bar, this would reduce its specific density which would expose the counterfeit immediately. OSMIUM namely has the highest density of all elements which makes it inimitable. • To counterfeit osmium is mission impossible! • Gold can be counterfeited by simply coating tungsten bars. • Osmium has the highest density of all substances. • It is not possible to enclose a less valuable core inside osmium. Osmium is solid The crystalline OSMIUM has a value of 7.5 on the Mosh hardness scale and is as hard as tungsten and harder than silver and gold whose hardness is 2.7 and 2.5.

Osmium is certified Every piece of osmium on the market is certified. The certification is carried out by the Osmium Institute in Germany. The certificate includes physical data and a unique record/code of osmium. • Osmium without a certificate does not exist! • Each piece of osmium has an accessible high-resolution photo online. • The only institution in the world for osmium certification is the Osmium Institute in Germany. • When buying or selling, you must always submit a certificate proving the authenticity of the osmium. OCC - Owner Change Code new OCC OCC is a unique, one-time code that we need if we decide to sell osmium. It is similar to a two-step security key when signing up for an online bank. The same OIC new owner then automatically obtains the unique (new) OCC code that he D3-WA9A-HRKN will need for any further sale of osmium. • After the sale, osmium changes the owner, which is entered into the ownership database (OCC). • The OCC serves the purpose of a one-time ownership change of osmium. • Ownership changes upon registering in an online international database. • Without an OCC entry, no sale or change of ownership is possible. OSMIUM is irreplaceable OSMIUM surface has a complex and unique structure. This means that each piece of osmium has its DNA record that cannot be confused with another. • Each piece of osmium is listed in an international online database. • OIC is a unique designation that is assigned to osmium and is not replaceable. • Osmium cannot be melted and recrystallized. • Crystallization occurs at a temperature of 3000 degrees Celsius, which melts all other elements. OIC - Osmium Identification Code Each piece of osmium is unique. Its surface structure has a 10,000 times more accurate record than a fingerprint. Each piece of osmium is assigned a unique code before being placed on the market. This allows owners and potential buyers to access the certificate in the online database at any time and from anywhere. • The identification code consists of an eight-digit combination of letters and numbers. • The recognition reliability of the crystalline osmium surface structure is approximately 10,000 times greater than that of fingerprint recognition. • The certificate is issued exclusively by the Osmium Institute in Germany and cannot be falsified, as it is recorded in the online database.



Osmium is found in platinum ores and is so rare that approximately 10,000 tons of platinum ore will yield a mere 28 grams of osmium. Platinum is a rare enough metal, and yet when comparing global reserves, there are approximately 13,000 tons of platinum, as opposed to around 200 tons of osmium. In fact, Osmium is the least abundant stable element in Earth’s crust with an average mass fraction of 50 parts per trillion in the continental crust.

Osmium’s rapid upturn Since its launch in 2014, the price of crystalline OSMIUM has been steadily increasing and is very stable. ● Osmium [€] exponentially The price of osmium changes once a day (every 24 hours). Namely, the price of osmium is not determined through the traditional precious metals trading system. It depends on the supply of crude osmium and the demand for crystalline osmium. t Opportunities • Diversification and hedge against inflation • Rare and limited supply • Available in flat and cylindrical geometries in various sizes including Osmium Disk, Osmium Diamonds, Osmium Stars, Osmium Bars and Osmium Shapes