SKYLOUNGE JUBILEE EDITION S 2018

SKYLOUNGE ‫مجلة على العقارات وإدارة الثروات‬PROPERTY INVESTMENT SPECIAL In dialogue with USA - Florida / Texas Investment Market Vienna Romika Fazeli Dominican Republic UK’s stance on foreign HNWIs PRIVATE WEALTH Going for Gold Art of Art Investment Jubilee Edition



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Managing Editor ‫مدير التحرير‬ Marisa Zahra Ramirez ‫مشاركة الجمهور‬ Ramadan Kareem Audience Development Temi Abass CONTENTS Middle East Correspondent ‫الشرق الأوسط‬ 16 Private Wealth: Portrait Maurice Turnor Gardner Hassan Khalouf (Dubai) 27 Going for Gold: Portrait Sharps Pixley Julia V. Silva (Bahrain) 32 Art of Art Investment 48 Luxury Real Estate Dossier: Vienna South East Asia Correspondent ‫جنوب شرق آسيا‬ 60 What’s on in Dubai? Budi Tahsin 65 Special Dossier: Portrait Emirates World Club 72 Luxury Real Estate Dossier: Dominican Republic Project Coordination ‫تطوير الأعمال‬ 87 Hotspot Munich - Portrait Bayerischer Hof Munich Kristina Georgieva 98 USA: Real Estate Investment Opportunities - Texas103 Luxury Real Estate Dossier: Florida - Miami Production ‫مدير الانتاج‬120 VIP Service: Portrait RCS London Abiola Giwa128 Medical Tourism Top Destinations: Portrait - Kliniken Schmieder Art Director & Photo Editor ‫تصميم فن الصورة‬ Index Elizabeth Rodriguez Information Technology ‫تكنولوجيا المعلومات‬ Luke Micallef Marketing & Sponsorship ‫تسويق‬ Lola Abass Publisher & Founding Editor ‫الناشر والمدير العام‬ Dr. Khalid B. Amar Contributors ‫المساهمين‬ Ceris Gardner (Maurice Turnor Gardner) Peter Marschall (Marschall Real Estate) Philipp Herdeg (Bayerischer Hof) Innegrit Volkhardt (Bayerischer Hof) Dorina Okle (Kliniken Schmieder) Romika Fazeli (Emirates World Club) Sabine A. M. Urbahn (Select Caribbean Prop.) Vince Robinson (RCS London Ltd) Dansi Kurban (Premier Group Texas) Ross Norman (Sharps Pixley) Marina Vernicos (Marina Vernicos) Special thanks to ‫شكرا للجميع‬ Paul-Georg F. Schmieder (Schmieder Clinic) Friedhelm Gruber (Senat) Lara Tuchlinski (Bayerischer Hof) Ann Bocklandt (Engel & Voelkers) Mag. Katharina Cont (Marschall Real Estate) Marcela Gillman (LPR Inc.) Dubai Department of Tourism Courtesy of Leo Caillard (“Hipster in Stone VI”) Published by KBA Enterprise Limited Penhurst House, Suite 11 Battersea Park SW11 3BY London United Kingdom www.skylounge.me Tel. +44 (0) 208 088 1077 Fax. +44 (0) 207 101 3490 United Kingdom London / Email: [email protected] United Arab Emirates Dubai / Email: [email protected] INTERNATIONAL DISTRIBUTION ON DEMAND AMERICAS: US-$ 15,80 ∙ EUROPE: € 14,50 ∙ UAE: AED 75 Main distribution across GCC countries: United Arab Emirates ∙ Kingdom of Saudi Arabia Qatar ∙ Oman ∙ Kuwait ∙ Kingdom of Bahrain & in designated Private Jet Charters en route from and to the Gulf region 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. © KBA Enterprise Ltd.





‫مجلة على العقارات وإدارة الثروات‬ If it doesn’t challenge you, it won’t change you.

Private Wealth Growing WealthManaging Wealth Protecting Wealth

London, UK Expert talk with top law firm Maurice Turnor Gardner

5 min.with Ceris Gardner Ceris' areas of expertise include tax,1. As one of UK’s top private client wealth management estate planning, familyboutique ,please tell us a bit more about your company and governance, charitywhat makes you so special? law and philanthropy and immigration.MTG is renowned for its expertise in advising privately Ceris advises UK and non-UK domiciled and resident individuals, families,wealthy families, nationally and internationally. Our USP is estates and trustees on UK and international tax and succession issues,our commercial approach to assisting our clients. We establishing UK and offshore trusts, family limited partnerships and otherseamlessly integrate all the advice they may need, including cross border asset-holding structures.tax and trusts, real estate, immigration, and soliciting externalspecialist advice as needed, to provide a holistic, pragmatic regarding the family's wealth, business and successionsolution to our clients’ needs. planning generally and, in particular, how this is going to beClients (rightly) take for granted our work ethic, transparency managed, shared, applied and preserved for the future. Suchand absolute discretion; we appreciate that excellence is family governance plans (in the context of family businesses orexpected. We bring a practical, commercial focus to our work. generally) can be an effective means of pre-empting orOur clients are not disappointed and we reap the benefits in assisting with the resolution of family disputes and inter-repeat business, referrals from existing clients and other generational conflict. Often such family charters are not legallyprofessional advisers. We are a boutique firm with a Magic binding and so we work with our clients to ensure we have anCircle mentality and our collegiate working atmosphere is in depth understanding of asset structures and identify wherecentral to MTG’s success. overarching principles of a charter can be embedded orNowadays, where multiple-layer tax planning structures are hardwired into formal legal documentation to give bite toincreasingly seen as opaque or unethical, Maurice Turnor (often) the founding generation’s wishes, whilst ensuring theGardner LLP (MTG) often finds that a better solution lies with succession planning remains flexible enough to evolve overapproaching the issue from a different angle, even for highly time.complex, internationally wealthy clients from civil lawjurisdictions. Last year, MTG established several structures for For example, one client’s objectives were to:clients with complex, cross-border interests in businesses andliquid assets, ranging from tens of millions of pounds to • benefit family members in a way which was totallyseveral billion. What distinguishes MTG is the ability to step compliant with local forced heirship laws, which entitleback and focus on the “simple”. children and other categories of heirs to inherit outright, fixedTechnical excellence and innovation is crucial to our work; shares (where assets are given away in breach of these laws,unusual for a firm of this size, MTG has a full time professional the heirs can claw back their entitlement from the recipient);support lawyer who ensures that lawyers of every level are • protect the heirs from others seeking to take advantage ofkept abreast of legal developments. The majority of MTG’s their wealth, and shelter them from the responsibility oflawyers hold or are currently taking STEP and other managing their own fortunes;professional qualifications. • achieve certainty under the relevant European law that the heirs could benefit from the assets, but not inherit outright2. What services do you offer for clients who are seeking to shares of the family fortune; andprotect their assets for their families next generation in the • ensure that the family was not exposed to unnecessaryincreasingly complex tax landscape? taxation – although not the family’s main motivation, the overall burden of tax should not be more onerous than if theWe offer bespoke solutions tailored to our clients’ needs. We family retained direct ownership of the assets.specialise in the establishment of structures (including trusts,foundations, companies and various forms of partnership) for Drawing on our unique offering of expertise in both wealththe protection and preservation of assets ranging from family planning and partnership law, we suggested a Jersey limitedbusinesses and privately owned companies to commercial and partnership which, unlike a company, offers:residential real estate, racehorses, works of art and heritage • confidentiality as to the constitutional/governance andproperty to yachts and planes. We have extensive experience internal profit sharing arrangementsin advising those whose assets are within a civil law forced • the ability to restrict the transfer of partnership interests,heirship regime or those who wish to incorporate Shari’a law and the ability to prescribe the timing of income and capitalprinciples into their worldwide succession planning. We have distributions.worked with a number of families to formulate family charters Such attributes met the family’s needs:(essentially, the “club rules” by which the family operates), the • collectively to manage and benefit from their wealth,primary objective of which is to document the various without giving direct access to the assets;assumptions, understandings and expectations • tailored governance arrangements to limit distributions and the right to sell/transfer shares, ensuring that the wealth can pass through generations whilst sheltering successive heirs from the unwelcome attention and temptation wealth can create; and • the structure is confidential and tax neutral. 17

3. What support do you offer HNWIs to meet the requirements of We have had a number of discussions with our clients from the GCC direct investments in so called non-residential real estate and how over recent months who have been looking to relocate their family do you deal with cross-border/multijurisdictional matters for your offices from the region to either London, Switzerland, Luxembourg or clients?? the Channel Islands. We aim to help them navigate their various options and, for those who select London, we can assist in the In addition to the above, and in the light of the ever-increasing drive establishment of the family office in London, the relocation of key to global transparency, we have been active in presenting to and people and even help with the acquisition or leasing of office space. advising our clients and contacts both on their reporting Interestingly, HMRC’s aggressive drive to tax prime UK residential requirements under the new beneficial ownership registers for UK property owners with punitive rates of Stamp Duty Land Tax payable companies and UK connected trusts and the forthcoming register for on purchase has anecdotally made such properties more attractive overseas companies owning UK real estate (both commercial and for investors since prices are no longer rising at previous rates and in residential) together with the taxation implications. Our expertise some cases, have been reducing. Irrespective of finance and extends to a “road show” in which MTG speakers have visited a investment in property, London remains a very attractive city from a number of offshore jurisdictions to advise on the three current cultural and social (if not perhaps weather related) perspective with transparency initiatives, namely the PSC register which deals with the its highly respected educational establishments, world class museums beneficial ownership of those persons with significant control of UK and galleries, its thriving theatre and night life. Wealthy Arab families companies, the extension of this initiative to UK trusts and trusts with from the GCC will not be affected by Brexit. a UK tax footprint and the proposal to introduce further transparency requirements in relation to the ownership of foreign companies 5. Your support for wealthy family offices goes beyond the UK, many which own UK real estate. In terms of taxation, we are well versed in of these wealthy business people invest around the world, whilst structuring complex \"de-envelopings\" (removing UK residential you assist them with their global interests, wealth planning, property from a foreign corporate “envelope”). HMRC has now relocation, movement and business. Please tell us a bit more? turned its attention to non residential real estate with the threat of capital gains/corporation tax being levied on such properties. Our We have combined expertise in estate planning, immigration, real experience puts us in an excellent position to assist clients who are estate and pre-arrival tax planning. This means that we are perfectly concerned about these developments. In terms of cross-border and placed to support our clients across the spectrum of legal, practical multijurisdictional matters, although we are no longer part of the and tax-related issues which will be relevant to them as they plan Magic Circle firm, Allen & Overy (A&O), having demerged in 2009, their arrival in (or departure from) the UK or investment in UK MTG maintains strong links and has a formal association with A&O. businesses or real estate. In terms of immigration advice, our key This means that our clients have access to experts in A&O’s numerous specialism in this area is obtaining entry clearance for our investor global offices (44 in 31 different jurisdictions). However, as an and entrepreneur clients under Tier 1 of the points-based system and independent firm, we also have a broad network of experts from we have an abundance of experience advising clients on all of the other firms in many other jurisdictions with whom we regularly legal and practical aspects of the immigration process, from assessing collaborate to provide the best options and the best level of service and compiling their applications through to obtaining the relevant for our clients. One of MTG’s real estate team’s USPs is that they permissions for them and their families to come to the UK. In combine expertise in acting for HNWIs and meeting the needs of an addition, we work with our clients on a range of other immigration international client base with considerable experience of commercial issues such as Tier 2 sponsorship licence applications for employers, property. All of MTG’s real estate team worked at A&O prior to non-EEA skilled worker visas, entry to the UK for short term business joining MTG. Our expertise crosses the spectrum of commercial real visits to the UK, advising on obtaining indefinite leave to remain and estate transactions having acted on prestigious and high value applications for British citizenship. We have excellent contacts at the London commercial properties (both office and retail), student Home Office UK Immigration and Visa Service and an extensive accommodation, industrial estates, business parks, leisure assets network of professional contacts who are able to assist clients (hotels and leisure parks) and shopping centres. Our experience needing advice on emigrating to other countries. As important to includes buying and selling commercial property assets (assets many of our wealthy clients is their commitment to philanthropy and ranging from £2m to in excess of £200m), leasing properties acting for social responsibility. We provide sophisticated yet commercial both landlords and tenants (rents from £10,000 per annum to in solutions for the creators and funders of charities on a wide range of excess of £2m per annum), re-gearing leases, dealing with and issues, including the choice of the appropriate vehicle (be it a advising in respect of all other property management matters and charitable trust, charitable company or Charitable Incorporated financing assets. We also act for HNWIs carrying out residential Organisation). We ensure the fiscal efficiency of donations, development (both site acquisition, assembly and sales off and Build particularly in a cross-border context. Within the UK, we advise on to Rent). the income tax implications of giving to charity, on inheritance tax (for example the additional 10% relief) and capital gains tax. In an 4. Let’s talk about our reader-audience wealthy Arab families from international context, we are able to advise both charities and donors the GCC. Uncertain times, volatile markets, Brexit etc.… has caused a of the benefits of dual-registered charities. We engage closely with bit confusion among them. What in your opinion would you say our clients to analyse their philanthropic intentions and work makes the UK/London still a magnet for wealthy HNWIs from the together to implement them. GCC and will Brexit have any (if) essential impact on wealthy Arab investors in the long run? 6. Finally one last question: What’s the best piece of advice you’ve been given? Whatever your political persuasion and wherever you are from in the world, uncertain times and volatile markets affect everyone. In the Always treat others as you would wish to be treated yourself. UK (and particularly London) we are understandably focussed on Brexit but it does not get as many column inches in the rest of the Mrs Gardner we thank you for the interview. world’s media. In addition, global uncertainty because of political pressures and economic volatility is not limited to the UK. London still remains the pre-eminent financial hub, and we have not seen a mass exodus of companies rushing to move their headquarters and staff to other European cities as the doom mongers forecast. Furthermore we are not seeing many of our clients considering leaving the UK although they are “waiting and seeing” what happens post Brexit. That is not to say that wealthy individuals and companies will not leave but I am relatively optimistic on the basis of the signs so far that they will be few in number.18

Company Portrait Maurice Turnor GardnerA boutique private client law firm of top-tier lawyersbased in London.The firm has been offering its services since 1 May2009 following the demerger of Allen & Overy LLP'shighly-rated Private Client Department. MauriceTurnor Gardner continues to work closely and inassociation with Allen & Overy LLP.We have experience of all the issues which affectwealthy individuals (and their families and trustees)and professional practices in the UK andelsewhere. We seek to understand all the legal,commercial and tax issues affecting our clients and toprovide them with principled and practical legalsolutions, working in partnership with them as theirtrusted advisers.Real Estate, Philanthropy and Charities andImmigration practices complement the firm’straditional strengths in tax and estate planning,disputes relating to wealth and partnerships andprofessional practices. “A boutique firm that has taken the private wealth market by storm since it was established” Chambers & Partners (UK)Maurice Turnor Gardner LLP Milton House Tel: +44 (0)20 7786 871015th Floor Milton Street Fax: +44 (0)20 7786 8720Milton House EC2Y 9BH London Email: [email protected] 19

Private Wealth ‫ثروة خاصة‬▪ Advice to private banks We help individual and families,▪ Arriving in or leaving the UK trustees, beneficiaries, private banks▪ Art and heritage property and trust companies on a wide range▪ Asset-holding structures of private wealth matters. ▪ Probate ▪ Transactions & Fiduciary Services ▪ Trusts and divorce ▪ Trusts in a commercial context INDIVIDUALS AND FAMILIES We provide entrepreneurs, wealthy families and family offices (from both the UK and the rest of the world) with advice on their estate and succession planning. In addition to drafting Wills and lasting powers of attorney and providing advice on personal taxation matters, we specialise in the establishment of structures (including trusts, foundations, companies and various forms of partnership) for the protection and preservation of assets ranging from privately owned companies to racehorses, works of art and heritage property to yachts and planes (as well as real estate). We have an abundance of experience of pre-arrival planning (both from an immigration and UK tax perspective) and advise on exit strategies as well. Our succession planning expertise also encompasses the execution of complex probates, both domestic and those with an international dimension. In recent years, private clients are increasingly looking to us for advice on matters of family governance and the various issues which arise in the contexts of trusts and divorce. TRUSTEES AND BENEFICIARIES We advise trustees (both private and professional) and beneficiaries on taxation and the exercise of their powers, duties and rights under all forms of trust structures, both onshore and offshore. BANKS AND PRIVATE BANKS We also work closely with banks and private banks on issues which are relevant to their own private clients, such as remittance (and other tax) considerations, structuring options and probate/post-death issues. TRUST COMPANIES We advise owners and bidders on the sale and purchase of trust businesses. We are uniquely placed as trust experts with commercial experience to assist with these transactions.20

Professional Practices ‫خدمات للشركات‬▪ Professional Practices Alliance The firm, itself a limited liability▪ Regulation and compliance partnership, advises professional partnerships, LLPs (including fund managers structured as LLPs) and other professional practices on a range of issues.WHAT DO WE DO?We advise on constitutional documents, governance issues, international structure, LLP conversions,team moves, mergers/demergers and disputes (both internal and external) and professionalindemnity issues.REGULATION AND COMPLIANCEFollowing the introduction of “outcomes focussed regulation” of law firms in England and Wales, weare also increasingly involved in assisting law firms, including overseas law firms, with regulatory andcompliance issues. For more detail of the firm's expertise in this area please see below.ALTERNATIVE USES FOR PARTNERSHIPS AND LLP STRUCTURESOur team also has wide experience of advising on highly innovative uses of partnership and LLPstructures in structured finance and corporate transactions generally and as succession planningvehicles for families.PARTNERSHIP DISPUTE RESOLUTIONOur Dispute Resolution team also provides the necessary support where partnership disputes arise.PROFESSIONAL PRACTICES ALLIANCE - MULTI-DISCIPLINARY ADVANTAGEWe are a founder member of the Professional Practices Alliance, an alliance of independent experts,each with their own specialist areas of expertise and experience. We advise in key areas such aspartnership, employment and corporate law, tax, accounting and compliance, to name a few. Whenyou come to us we route your enquiry according to the best person or team in the Alliance or wework together to provide a full service. 21

Real Estate ‫العقارات‬ We focus on the acquisition, disposal and letting of high-value residential property for corporate and private clients in the UK and the rest of the world. FOR WHOM DO WE ACT? We have a diverse client profile, acting for ultra-high net worth individuals and wealthy families, Sovereigns, family offices, private banks, corporate and trustees on real estate matters. We also enjoy excellent relationships with the leading residential agencies, surveyors, valuers, buying agents and private banks which specialise in advising high net worth individuals. HOW CAN WE HELP? In addition to sales and purchases, we also take an active role in the management of residential properties and buildings for clients and advise on a range of technical issues encountered in residential property practice. We also have experience of the regulatory and legal issues involved in secured lending in relation to the purchase of such property and are able to advise on such matters. Naturally, we draw on the estate planning and immigration expertise of the other teams in the firm to ensure an integrated approach to questions of moving to the UK, residency for tax purposes, funding property acquisitions and, where appropriate, establishing property structures for UK domiciled and non-domiciled clients to ensure efficiency from a UK tax perspective. CHARITIES AND REAL ESTATE We also work closely with the firm’s Philanthropy and Charities team advising charities and those who transact with charities on property-related matters in a charity law context. WHAT PEOPLE SAY ABOUT US The residential property team is highly rated in the legal directories and is ranked as a leading firm in the Chambers HNW Guide 2016.22

Dispute Resolution ‫قرارات النزاعات‬ Drawing on the firm's core strengths in tax, trusts, partnerships and real estate we advise trustees and private individuals on contentious matters.▪ Commercial trusts dispute resolution▪ Contentious trusts and probate▪ Family governance and disharmonyOur experience spans the spectrum of contentious work, includingallegations of breach of trust and/or fiduciary duty, proceedings for theremoval of trustees, disputes regarding the validity of Wills, disclosure oftrust information and documentation to beneficiaries, misappropriationof trust assets, trustee fee disputes, Re Beddoe orders and applicationsfor court directions generally. 23

Immigration - Investor visas ‫خدمات تأشيرات المستثمر‬ We advise individuals, companies and organisations on their immigration needs. ENTREPRENEURS AND INVESTORS Our key specialism in this area is obtaining entry clearance for our investor and entrepreneur clients under Tier 1 of the points-based system and we have an abundance of experience advising clients on all of the legal and practical aspects of the immigration process, from assessing and compiling their applications through to obtaining the relevant permissions for them and their families to come to the UK. PRIVATE BANKS AND FINANCIAL INSTITUTIONS We also work closely with private banks and other financial institutions on immigration issues which are relevant to them and their clients (particularly in the context of the Tier 1 “investor visa” regime). For example, we regularly provide guidance and training on the investment restrictions contained within the UK immigration rules and we have assisted with the formulation of model terms and conditions for investment agreements. OTHER IMMIGRATION ADVICE In addition, we work with our clients on a range of other immigration issues such as Tier 2 sponsorship licence applications for employers, non-EEA skilled worker visas, entry to the UK for short term business visits to the UK, advising on obtaining indefinite leave to remain and applications for British citizenship. The group has excellent contacts at the Home Office UK Immigration and Visa Service and an extensive network of professional contacts who are able to assist clients needing advice on emigrating to other countries.24

Philanthropy and Charities Chartered corporations ‫العمل الخيري والجمعيات الخيرية‬ We advise individual philanthropists, charities and other not-for-profit organisations both from a legal and practical perspective.CREATORS AND FUNDERS OF CHARITIESWe provide sophisticated yet commercial solutions for the creators and funders of charities on a widerange of issues, including the choice of the appropriate vehicle (be it a charitable trust, charitablecompany or the newly established Charitable Incorporated Organisation). We analyse aclient's philanthropic intentions and work together to implement these.We ensure the fiscal efficiency of donations, particularly in a cross-border context. Within the UK, weadvise on the income tax implications of giving to charity, on inheritance tax (for example the additional10% relief) and capital gains tax. In an international context, we are able to advise both charities anddonors of the benefits of dual-registered charities.CHARITIES AND CHARTERED CORPORATIONSWe advise UK charities and chartered corporations on the day to day management of the organisation;on risk management; on trustee protection and remuneration; on the powers, duties and liabilities ofindividual trustees and on tax issues. We also provide assistance with the making of grants, in particularoverseas grants.CORPORATE SOCIAL RESPONSIBILITYWe are also very experienced in advising corporate donors on corporate social responsibility programmesand charitable giving as well as banks and corporates on the legal issues of which to be aware whenentering into contractual arrangements with charity counterparties.CHARITIES AND DISPUTESWe can help with inter-trustee disputes as well as probate disputes over charitable legacies.CHARITIES AND COMMERCIAL TRANSACTIONSWith our Partnerships and Professional Practices team, we can advise on governance related issues,mergers, joint ventures and acquisitions, the structure of charitable trading subsidiaries.CHARITIES AND REAL ESTATEOur Real Estate team is on hand to assist with property related matters and transactions. 25



Company PortraitSharps Pixley

About Sharps Pixley The Sharps Pixley name may date back to 1778, bearing the hallmark for old fashioned trust and discretion, but our outlook is entirely of today ... We’re setting out to simplify and demystify the gold market. To expand the reach of precious metals. To make them more comprehensible and create new ways that people can invest in them. That’s why we’ve chosen to bring it to the 'high street' – our showroom in St James's where you can browse, learn and buy. It is no secret that Sharps Pixley and our parent Degussa are pioneering new ways of accessing and promoting these exciting markets... creating a 'new gold standard' if you like. The rationale for owning physical gold is arguably stronger than ever before. The Sharps Pixley name goes back to 1778 and was originally founded through the merger of two London bullion businesses. Sharps Pixley was formerly a central player in the London gold and silver bullion broking community as an original gold fixing member and chairman of the silver fix. The company name expired in 1995 but was revived in 2010 following the purchase of the company name and the trade mark from the former owner of the business, Deutsche Bank, thereby providing a link with the original firm. Today the business is wholly-owned by one of the wealthiest families in Germany and sits within the DEGUSSA group of businesses, said to be one of the largest sellers of retail physical gold in Europe. Through its ownership by DEGUSSA, Sharps Pixley is able to leverage the capabilities of the group in such areas as holding a very extensive stock of bullion, providing a diverse product range, plus capabilities in the processing of scrap, a treasury team managing the price hedging, storage / vaulting and transportation, and of course expertise in sourcing (and verifying) quality stock. The business also combines innovative logistical and inventory management techniques at our Rodermark logistics centre and we can deliver products efficiently and securely at the lowest possible cost to UK investors.28

In 2015 the group purchased a gold refinery in Germany and later also acquired bullionfabrication facilities, thereby providing the group with the flexibility to manufacture and refinea wide range of bullion products. Our gold bars are sourced from two of the leading Swiss goldrefineries who are both accredited as “London Good Delivery” and our coins come directly fromthe leading Mints around the world. In total we have over 200 bullion products available toclients.London remains, arguably, the global capital for gold trading and yet at a retail level goldremains surprisingly illusive to ordinary investors looking for tangible bullion investments (otherthan high margin branded jewellery) on both the High Street or even from the local banks. In2015 Sharps Pixley puts physical gold back on the High Street with our flagship store opening inSt James’s Street, just off Piccadilly. Here you can select your products and indeed store themwith us in one of our new safe deposit box facilities. Physical gold is the most secure form of gold investment with no counterparty risk. A safe haven asset is only as safe as where you keep it, so we would advise clients to store their precious metals securely. We never advise clients to allocate their entire portfolio to physical gold, but a 5 to 10% allocation to the physical asset balances your portfolio and hedges your other investments. You can buy physical Gold Bars and physical Gold Coins and here at Sharps Pixley, we offer the most competitive prices to buy gold in the UK. When it comes to selling your gold, here at Sharps Pixley we will pay you 98% to 99% of the spot price even if you brought your gold from another broker (subject to testing and quality). In India gold is universally available at tight margins over the spot price and can be readily sold back at attractive prices – Sharps Pixley is similarly looking to introduce competitively priced, high quality bullion products to UK investors. In addition to our leading-edge online web shop, Sharps Pixley also provides the leading information platform on precious metals with some of the fastest and most complete sources of market prices, news, research and analysis – allowing investors to draw on leading sources of market information before making their investments. Our website is often described as the fastest and most complete source of precious metals news, prices and analysis and this is underscored by claims that it is consistently the fastest growing bullion website of all. 29

How to buy gold Safe Deposit Boxes in LondonTo buy gold online and in our showroom, we require your name, Our Safe Deposit Box facility,address, email address and phone number. For single orders over located on St James’s Street, is a£5,000 we will also require a copy of photo ID such as driving licence comfortable and discrete solutionor passport and a proof of address such as a utility bill or bank to safeguarding your treasuredstatement, dated within the last 3 months. You can pay by debit card, assets. We spare no expensetransfer of funds, bitcoin or cash in our showroom. Once funds are ensuring that valuables stored withcleared, your order will be dispatched promptly. If you have chosen to us receive the maximumcollect your order then call us in advance to arrange a suitable time protection at all times. Indeed,for collection from our retail store in London. thanks to the extensive security measures put in place, our elegant facility is graded amongst the most secure in the world. Clients may choose to store a wide variety of items including documentation, jewellery and precious metal. They have unlimited access to their box during our opening hours (Mon-Fri, 10:00-17:00) and there is no need to make an appointment.Best place to buy gold Where to buy goldWhen looking for the best place to buy gold in the UK we You can visit us in our new state of the art showroom at 54advise all of our clients to do their research when choosing St James’s Street in London where you can buy gold bulliontheir preferred gold bullion dealer. As with any investment, in store over the counter, just walk in off the street, it’sresearch and knowledge is key and no decision should be that easy. You can also visit our online shop where you canmade lightly. Here at Sharps Pixley, we are focused on buy gold online. Here at Sharps Pixley, you can buy goldconducting business in a transparent and trustworthy manner, bars or gold coins but you can also buy silver online or inpriding ourselves on providing informative and professional store and other precious metals such as platinum bars andcustomer service to every client. This is why Sharps Pixley are palladium bars. Sharps Pixley are full members of theregarded as one of the best places to buy gold in the UK via London Bullion Market Association (LBMA) and areour online shop or over the counter in store at 54 St James’s registered with the Financial Conduct Authority (FCA) as aStreet. Sharps Pixley only offer 99.99% purity investment high value dealer and vaulting operator.grade gold sourced from two leading Swiss LBMA accredited‘London Good Delivery’ refineries. Should I buy gold We live in a time of heightened geopolitical risk, record global debt and negative real rates. In periods of economic and political turmoil, investors have been rewarded with a flight to safety to physical gold. Investment grade gold bars are the most secure method of gold investment with no counterparty risk. Historically physical gold has served as a repository of wealth maintaining its value in terms of real purchasing power. Gold serves as a portfolio diversifier because it tends to have low correlations to most other asset classes. It preserves wealth; Gold is typically considered a hedge against inflation, but it also acts as a currency hedge, in particular against the dollar with which gold correlates negatively. Gold is also highly liquid, sale proceeds will be returned the same day. Buying physical gold is the ultimate insurance against economic uncertainty and instability.30

54 St James's Street London SW1A 1JT United Kingdomwww.sharpspixley.com

Marble and clothes (artwork) - “Clothes make the man” by Leo Caillard

The Art of Art Investment

How to quantify return on These issues, alongside other issues like changes in tastes or bubbles, need to beinvestments ? considered by potential art investors. For example, a particular art movement may be in vogue among collectors – even for an extended period – but this is noOne is the issue of costs. Art is not a fungible guarantee of future demand.asset, and as such this creates layers of costs,both disclosed and hidden. Galleries andauction houses can add substantial costs tobuying and selling of works that are well inexcess of those charged by brokers of sharesor commodities, often more than 25% of theprice. Having said this, the effect of suchcosts diminishes with time, so investors in artpieces can be rewarded for a buy and holdstrategy (as Warren Buffett once repliedwhen asked his optimal holding period for anasset: “Forever!”).Other costs include storage, transport (if theowner lends the works to external galleries)and insurance. Hidden costs include liquiditycosts related to the difficulty in selling a workquickly once the intention to sell has beenannounced. Equally, straitened economiccircumstances (perhaps sparked by economicconditions like the 2008 financial crisis) maylead to forced sales, leading to works beingsold well below their “normal” value. Is there any specific strategy ? The answer to this is perhaps the same as for any investment: diversify across a range of art movements and even across different collectables. The Art & Finance Report 2017 notes that there are some correlations between art categories and traditional asset classes. For example, impressionist art and old masters are highly correlated with safe- haven assets like bonds or real estate, while movements like contemporary or Chinese art (pictured here ), tend to be correlated with riskier assets like equities and commodities.Diversifying across art types may or may not deliver the Unlike shares, bonds andrequired outcome; investors may find it easier to invest commodities, for instance, eachacross more established assets like equities or bonds. Inany event, many collectors derive more joy out of work of art is a unique entityspecialising in one particular field. This brings us back to that cannot be replaced bythe intangible aspect of investing in art and collectables,that “emotional dividend” that is earned in lieu of an another.actual dividend.34

The 10 most expensive works of art sold at auction $ 450Mio $ 119Mio1.) 15 November 2017 $ 106Mio $ 104MioLeonardo da Vinci’s Salvator Mundi sold for $400 million atChristie’s ($450.3m, including auction house premium) $ 86Mio2.) 2 May 2012 $ 88MioOne of four versions of The Scream created by Munch and the onlyone that is privately owned. The painting sold for $119,922,500 $ 86Mio3.) 30 April 2010Picasso’s Nude, Green Leaves and Bust (1932) sold at Christie's inNew York for $106,482,5004.) 12 January 2010L’homme qui Marche I (1961) by Alberto Giacometti sold for£65,001,250 ($105,182,398) at Sotheby’s in London5.) 5 May 2004Picasso’s Boy With a Pipe (1905) sold at Sotheby's in New York for$104,168,0006.) 8 November 2006Gustav Klimt’s Portrait of Adele Bloch-Bauer II (1912)went underthe hammer at Christie’s New York and sold for $87,936,0007.) 14 April 2008Francis Bacon’s Triptych (1976) sold for $85.9m to oligarch RomanAbramovich8.) 2 November 2010A Chinese 18th century Qianlong dynasty porcelain vase sold for£53,100,000 ($85,921,461) at Bainbridges auction house in London9.) 22 March 2006Dora Maar au Chat (1941) by Pablo Picasso sold for £51,560,080($83,429,503) at Sotheby's in London10.) 15 May 1990Portrait of Dr Paul Gachet (1890) by Vincent van Gogh sold for$82,500,000 (£50,985,692) at Christie’s in New York$ 83Mio $ 82Mio $105Mio 35

Collection: BeachPosidi Cape

The art of Art-PhotographyFollowing up on “Collection” Marina Vernicos was born in Athens, Greece. She studied Communications and PhotographyShe has been awarded the prizes “Sandro at Emerson College of Boston and BusinessBotticelli” at the Palazzo Giucciardi Administration at Harvard Extension School.Bongianni, Florence and in France “La Since 2001, she has showcased a number ofGrand Exposition Universelle” at the Eiffel solo and group exhibitions in distinguishedTower. She has collaborated on photo galleries and museums around the world, suchprojects with companies such as Mercedes, as the museum of Cycladic Art in Greece,Perrier, Napapijri, Folli Follie, Sani Resort Museum of Louvre and Eiffel Tower in Paris,and was selected as an ambassador for Hangaram Art Museum in Korea, London,Hermès. Her work can also be seen in Monaco and NY.distinguished hotels such as the Amanzoeand Nikki Beach Resort & Spa in Greeceand Turkey.She has published four books. She is thefounder and President of CREAID(www.creaid.com) a non-profit orga-nization with a targeted humanitarianmandate, served through creativity andart. She has created her own line ofaccessories and clothes under the name“Marina Vernicos”.

She photographs seascapes around the world using various exposure times and degrees of focus. The images, if not for their attributive titles (Polyaigos, Sifnos, Mykonos – Greece), are completely unidentified. Her expressionistic photographs do not allow the viewer neither to guess the location where the photo was taken, nor to understand where she has supported her camera in order to choose or to exclude a particular vision angle.Kiparisi III Collection: Beach

Marina depicts the variability of environmental conditions – time of day, weather conditions – demonstrating it unaffected of its geographical location.Shades II Collection: Beach



Swisswide roots, worldwide networks Our clients are our first priority Legal and Tax Advice Fiduciary and Accounting Services Trusts and Companies Investment Funds and Structured FinanceBASEL ZURICH ZUG MALTAMandaris Ltd. Mandaris Ltd. Mandaris Ltd. Mandaris Group (Malta) Ltd.St. Alban Anlage 46 Beethovenstrasse 49 Bahnhofstrasse 23 Forni Complex 1E, Level 2CH-4052 Basel CH-8002 Zurich CH-6300 Zug Pinto Wharf, Valletta WaterfrontSwitzerland Switzerland Switzerland Floriana, FRN 1913 - MaltaT. +41 61 285 17 17 T. + 41 43 344 33 55 T. +41 41 500 01 15 T. 356 2779 1900Fax + 41 61 285 17 77 Fax +41 43 344 33 66 Fax +41 41 500 01 16 Fax +356 2713 2410 www.mandaris.com

Collection: The Edge

Collection: Ecstasea & Sea Through Ecstasea II Ecstasea VI



The artist withdraws her subject matters fromnature itself: from colors, the fluctuations of theliquid element, from straight or irregular lines. All ofthe above assist the works not to be presented asmere representation of reality, but as images createdto bring to surface what we feel and not necessarilywhat we see. Photography - Perrier



ienna Now - ForeverAn exposé of real estate investment opportunities inassociation with Marschall Real Estate



‫مقابلة مع السيد بيتر مارسشل‬In Conversation with Peter Marschall Owner of Marschall Real Estate

5 min. withPeter Marschall1. As one of the most reputable real estatecompanies in Vienna, please tell us a bit more aboutyour company and what makes you so special?For almost three decades now, my team and I follow Peter Marschalla simple principle: The most important thing about Owner of Marschall Real Estateour work are our clients and their individual wishesand requests. To fulfil all of these, we bring our position, in the middle of Europe, with excellent airyears of experience, our international contacts and links to the Arab world and all over Europe. 2)our daily effort into play. Vienna has an extremely high quality of life and has been named the most liveable city in the world for2. You do also work close with several experts like the 8th time in a row (see the „Mercer study“).lawyers, notaries and tax consultants, whilst it has Vienna is economically stable, the security is verybecome nowadays important to act also as a „one- high and real estate here is a secure monetary valuestop-shop“ for HNWI clients when it comes to investment. 3) Vienna is an ideal holiday destinationpurchasing a property – would you agree on that? for culture lovers: the Vienna Opera and numerous concert halls for classical music make Vienna aYes, I agree, that the concept of a „one-stop-shop“ worldwide known city of music. Exclusive shoppinggets more and more popular. It's nothing new to us, streets and top restaurants complete Vienna'swe've always worked that way. We attach great attractiveness as a holiday destination.importance to personally looking after ourcustomers not only until the conclusion of the 5. With an excellent network of reliable partnerscontract but for a long time globally you offer also luxury properties abroad, tellAfterwards. us a bit more?3. What has been your experience with foreign Our company has been internationally orientedinvestors so far? since its founding. We have been representing „Sotheby's“ and „Christies International“ for manyWorking with international investors is an essential years, and 13 years ago we set up our ownpart of our business and we have had very good European luxury real estate network EREN, toexperiences with it. Most investors come from the provide both buyers and sellers with topEU or Eastern Europe. Especially international international service. The special thing about ERENinvestors appreciate our complete service: from the is that only the CEOs of the respective membersfirst inquiry to advice, market analysis, negotiations work together. We have meetings twice a year, weand beyond, such as help with the choice of interior have a joint marketing and our own website. Wedesign as well as assistance with personal matters would like to enable our clients to quickly reach(restaurant and hotel recommendations, schools reputable companies and properties internationally.nearby, opera tickets, etc.).4. Let’s talk about our audience, wealthy Arab 6. Finally one last question: What’s the best piece offamilies from the Gulf region. Uncertain times, advice you’ve been given?Brexit, volatile markets etc. has driven more andmore of them to new frontiers/safe havens when it The best advice I’d been given would be „Esse Quamcomes to buying/investing properties abroad. How Videri“ – „To be, rather than to seem“. Especially inwould you convince them to invest (spend it) more in our profession, where you have to deal a lot withAustria/Vienna be it as property investment or luxury every single day, it is important not to forgetsimply buying for as a holiday retreat? who you are and what is really important in life - and that is and always will be the people.There are three main aspects that make Austria, andVienna in particular, a very attractive investment Mr Marschall we thank you for the interview.location: 1) Geopolitically, Austria is in a very good