SKYLOUNGE AW 2017 TI

Edition AW 2017 SPE SKYLOUNGE ‫مجلة على العقارات وإدارة الثروات‬ pecial editionFlorida-Miami In Conversation with MARINA VERNICOSKBA PROPERTY INVESTMENT CITIZENSHIP BY INVESTMENT PRIVATE WEALTH USA - Focus Miami EB-5 Investor Visa - USA Outlook UAE - Countdown for Expo 2020 Portugal Top Tier 1 Investor Visa - UK Liechtenstein - Isle of Man - Switzerland



Editor’s NoteDear Readers,For those keen to take a break from the relentless stresses of life in the fast lane, consider along weekend at Villa La Cassinella, located on the banks of the famous Lake Como. Wehave the pleasure to speak with the hotel manager Victoria Daniel.Portugal’s southernmost strip of seemingly endless sandy coastline knows how to keepholidaymakers happy, without giving in to endless high-rise hotels and sprawling beachresorts. The Algarve is the proud owner of over 150 beaches, so it’s nailed on that there’llbe a sandy spot to suit you. Golf is a big deal on the Algarve, so you’ll be in a perfectposition if your holiday has to include a round or two on the green. There are plenty ofseaside courses to choose from, we spoke with Maria Nobre de Carvalho from QuintaProperties, a luxury Real Estate Agency and Savills associate in Quinta do Lago, Algarve.The Isle of Man has an excellent track record in supporting the entrepreneurial spirit andare committed to helping individuals and business become successful. Ranging fromfinancial services to manufacturing, shipping and aircraft management to film productionand precision engineering, their sectors are internationally recognised as some of the bestin the world. Patricia Slavin from Affinity Management gives us an insight.Speaking of private wealth we also have the honour to speak with H.E. Honorary ConsulAlexander Jeeves from Jeeves Group in Liechtenstein, highlighting their advisory services towealthy family offices from around the world.Antonia Torr from Howard Kennedy talks to us about the latest on the UK Top Tier 1Investor Visa and what impact will Brexit have on it (if).As always, we have our dedicated section on the Americas. This time we have put togethera selection of the finest residences in Miami, amazing Armani Casa and Aston MartinResidences. We spoke with Marcela Gillman from LPR Inc representing those developmentprojects.We hope you enjoy this issue.Yours sincerelyMarisa Z. Ramirez

An approachable, professional,commercial and responsive law firmproviding excellent value and support to our clients, both domestic and international.

Managing Editor ‫مدير التحرير‬ Marisa Zahra Ramirez ‫مشاركة الجمهور‬ Audience Development Temi Abass CONTENTS Middle East Correspondent ‫الشرق الأوسط‬ Hassan Khalouf (Dubai) 10 Private Wealth: Malta Residency Programme Julia Silva (Bahrain) 24 Liechtenstein ∙ Fiduciary, Trust and Corporate Services 33 Isle of Man ∙ Special Company Portrait South East Asia Correspondent ‫جنوب شرق آسيا‬ 45 Switzerland ∙ Expert Advise Budi Tahsin 55 Outlook GCC: United Arab Emirates ∙ Expo 2020 60 Special Feature: Private Aviation Business Development ‫تطوير الأعمال‬ 72 United Kingdom: Top Tier 1 Investor Visa Temi Abass 80 Luxury Real Estate: Portugal 98 In Conversation with Marina Vernicos Production ‫مدير الانتاج‬106 Bespoke Luxury Travel ∙ Lake Como ∙ Villa La Cassinella114 Special: Arizona ∙ Sedona Abiola Giwa, Kristina Georgieva121 Luxury Real Estate Arizona ∙ Paradise Valley132 Special Feature: Miami ∙ Luxury Residences ∙ EB5 Investor Visa Art Director & Photo Editor ‫تصميم فن الصورة‬200 Special Feature: Piet Boon ∙ Interior Design Elizabeth Rodriguez213 Medical Tourism Top Destinations: Hungary Information Technology ‫تكنولوجيا المعلومات‬ Index Luke Micallef Marketing & Sponsorship ‫تسويق‬ Lola Abass, Kristina Georgieva Publisher & Founding Editor ‫الناشر والمدير العام‬ Dr. Khalid B. Amar Yakhloufi Contributors ‫المساهمين‬ Victoria Daniel (Casa La Cassinella) Oliver Said (Wahaat) Antonia Torr (Howard Kennedy) H.E. Hon. Consul Alexander Jeeves (Jeeves) Patricia Slavin (Affinity Management) Maria Nobre de Carvalho (Quinta Properties) Bart Boury (E&V Aviation) Marcela Gillman (LPR Inc) Dr Andrew Ertl (Lexpert Partners) Janos Gacs M.D. (Dr Rose Private Hospital) Marina Vernicos (Marina Vernicos) Special thanks to ‫شكرا للجميع‬ Jennifer Tonna (Wahaat) Friedhelm Gruber (Senat) Piet Boon (Piet Boon Studio) Gunther Islitzer (Jeeves Group) Paul Swindale (Affinity Management) Elmar Meyer (Lexpert Partners AG) Ann Bocklandt (E&V Aviation) Lauren Price (Howard Kennedy) Marianne Bojer (Dr Rose Private Hospital) Economic Development Department IOM Dubai International Financial Centre Published by KBA Enterprise Limited Penhurst House, Suite 11 Battersea Park SW11 3BY London United Kingdom www.kba-enterprise.com 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.









Private Wealth Growing WealthManaging Wealth Protecting Wealth

PortraitWAHAATWahaat is a niche service firm which provides three distinct but relatedservices: Family business advisory services Citizenship solutions Residence solutionsThe firm is affiliated with a top advisory firm located in Malta, Nexia BT, withoffices based in Malta and Dubai.Wahaat, through its affiliate, is proud to be the official concessionairechosen by the Government of Malta to promote the Malta Residence andVisa Programme throughout the Middle East.This affiliation providesWahaat with a strategicpresence in over 120countries, represented by565 offices. Wahaat hasvast experience in thedevelopment and provisionof holistic services that aretailor-made for eachindividual client. family matters 11

nterview with Oliver Said from Wahaat 1. Please tell us a bit more about your company and what makes Wahaat so special? Wahaat is a niche service firm which provides three Oliver Said, Director of Wahaat distinct but related services: family business advisory services coupled with residence and unique challenges it is an area which can be citizenship solutions. The firm is affiliated with a top extremely rewarding professionally. Whatever an advisory firm based in Malta, Nexia BT, and has a individual’s circumstances we have the tools, presence in Malta and Dubai. We are very proud to experience and network to service their needs. be the official exclusive concessionaire chosen by Experience has taught me that there are three key the Government of Malta to promote the Malta factors to ensuring satisfied clients. The first is Residence and Visa Programme throughout the privacy and confidentiality. The second is the ability Middle East. Through Wahaat’s strategic partner’s to listen to what the client wants. The third is to the presence in over 120 countries, represented by 565 ability to deliver in a professional, timely, flexible offices, we enjoy a vast experience in the and unbiased way. I believe that at Wahaat we have development and provision of holistic services. a robust network which possesses the essential mix What makes us special however, is that our services of skills, experience and knowledge to meet these are tailor-made for each individual client. challenges. 2. If you would summarise in short, what makes 4. How do you deal with multi-jurisdictional Malta stand out from all the other countries when challenges? Obviously being the official it comes to residency programs for high-net-worth concessionaire for 6 countries in the Middle East, non-doms? you can respond to any need. Tell us more about it. Residency by investment programmes are becoming Anyone who knows the Middle East region and in increasingly popular, not only with high-net-worth particular the GCC countries, is keenly aware that individuals and ultra-high-net-worth individuals, but while these countries share a common history and with different people from all walks of life. culture, there are also many differences in terms of Individuals seeking such benefits do so for many social outlook and approach to business. At Wahaat different reasons, but whatever the reasons, Malta we take this diversity seriously into account in ticks a lot of boxes that many other countries everything that we do. We have therefore cannot. Whether it be political or economic stability; developed bespoke market-specific marketing and security; the English language; Commonwealth, EU promotional plans and we have ensured that our and Schengen membership; high standards of living, personnel have a broad experience and knowledge education and healthcare; pleasant climate; tax of the six countries. We draw heavily on our internal efficiency or business and investment opportunities, directors’ experience in the region as well as our Malta has it all. In addition, Malta’s strategic strategic partner’s international network that allows location offers excellent links with the rest of us to capitalise on the know-how gained from over Europe, North Africa and the Middle East. 30 years’ experience of dealing in the GCC. With this experience and strong talent pool we are able 3. Structuring wealth for UHNWIs is always a confidently to respond to all our customers’ needs. delicate matter, which requires excellent skills, solid background, good network, good infrastructure, and flexibility to be ready at short notice. What has been your experience so far? By definition UHNWIs are those that have investible assets greater than €30 million so yes I do agree that cross border wealth structuring for UHNWIs is a delicate business – but while each individual faces12

5. You serve your clients according to the objectives and developing a sound governancemotto “building resiliency that survives framework, identifying and developing the skillsthrough generations”, many Arab families are and competences required for the business,tending to outsource their succession planning wealth management and corporate socialto experts abroad/offshore jurisdictions (safe- responsibility. We always aim to accelerateguarding their assets for the next generation). performance to deliver tangible businessWhat advise/services can you offer them? results.Internationally, most businesses are family 6. What is your strategy towards attractingcontrolled or at the very least have significant more wealthy Arab families from the GCCfamily representation in the boardroom. within the next 3 years?However, it is a well proven statistical fact thatfamily wealth rarely survives beyond the third Wahaat’s strategy is a simple one - that ofgeneration. In this regard, there is a discernible awareness raising - of Malta and of our services.pattern across generations of wealth made, Malta’s international reputation is growing andspent and blown. while it may be small, it is a country of huge opportunities. Making individuals andThere are also numerous similar sayings companies aware of this is the first step. Thethroughout the world describing this second is to tell them how at Wahaat we canphenomenon. The Italians say “dalle stelle alle help them attain their business and personalstalle” (from the stars to the stables), the ambitions.Chinese say “富不过三代” “wealth neversurvives three generations”, and internationally 7. Finally one last question : What’s the bestthe most commonly known “shirtsleeves to piece of advice you’ve been given?shirtsleeves in three generations”.Passing the business on from one generation to Other than my mother telling me to respectthe next is one of the most difficult challenges others, work hard and enjoy life, I have alwaysfacing family businesses today. Wahaat tried to emulate this immortal words of Colinrecognises that every family business has its Powell, \"There are no secrets to success. It isown history, culture and family setting. We the result of preparation, hard work, andtherefore concentrate on developing a strong learning from failure.”relationship with our clients which in the firstinstance ensures privacy and confidentiality. Mr Said we thank you for the interview.This in turn allows us to identify and strengthenthe synergies between capital and As Director of Wahaat, Oliver engages directly with familiesmanagement which are inherent to the seeking to protect and pass on their wealth while providingbusinesses. Last but by no means least we have the support and control they need to manage their matters.the vision to ensure future sustainability. In Oliver previously served as Chief Business Developmentassisting companies we offer a full range of Officer (CBDO) with a private family office in Saudi Arabia.services but focus our efforts on sustainability Oliver has sat on numerous boards related to financialand profitability, setting achievable strategic services including insurance, fund management and administration, remittance and wealth management. Through his experience of setting-up and managing businesses coupled with his roles as CBDO with entities having diversified international interests, he brings extensive business expertise with a deep understanding of international business operations and marketing particularly within the GCC with demonstrated capability in strategic planning and organisational development. 13

Why Wahaat? Wahaat offers bespoke services related to your family’s wealth and well-being. Our services range from offering advice and assistance with relocation as well as advisory services on how you can ensure your family business remains your legacy for future generations. Family Business Advisory The objective of Wahaat’s family business continuity services is to further strengthen the synergies between capital and management which are inherent to family businesses. The ultimate aim is to build solid structures and systems, ensure the smooth transition to next generations and their future sustainability. The reasons for using our family business continuity services are numerous and diverse. However, usually the main initial factors motivating family businesses to seek our services include: • Privacy and confidentiality • Alignment of interest • Improved strategies and governance systems • Execution of bold growth strategies within the markets in which family business operate • Separation, or at least a distinction, between the family business and the family’s wealth • Potential for higher returns • Development and empowerment of talent through training • Sustainability • Safeguarding the interests of the next generation14

Family Business Advisory ServicesWe recognise that every family business has its own history, culture and family setting. With relevantexperience and competencies across various areas, we provide a holistic service that is tailor-made to theneeds of our clients, by adopting an independent approach to the differences in personality between thegenerations and the strategic direction set by the stakeholders. We help our clients overcome thechallenge of passing the business from one generation to the next; make informed investment decisions;and assist in leadership appointments. In addition to acting as the external advisory council or part thereof,we assist in:Sustainability and profitability:• Getting the Board to champion sustainability• Incorporating sustainability into strategic plans• Focusing on creating long-term financial value• Setting and developing financial structures and reporting• Advice on family constitution, foundations and trustsStrategies and governance: • Developing a governance framework:• Setting strategic objectives• Identifying growth strategies: - Composition of the Board- Amelioration of current service offerings - Organisation structure and reporting lines- Business and market assessments - Internal control systems- Tap emerging markets - Policies, processes, procedures & code of conductWealth management: Resource development:• Ensuring succession planning: • Developing professional & technical competences:- Distribution of voting rights and dividends - Analysis of training needs- Drafting of shareholders’ agreements - Development of leadership skills• Assisting in estate planning - Talent management• Developing robust financials: • Enhancing operational performance:- Capital management and investment planning - Alignment of operational plan with strategy• Assisting in tax planning and management: - Advice on operational transformation & process- Reduction of tax burden improvement- Compliance with tax reporting obligations- Tax efficient acquisitions, restructuring & disposals- Cross-border tax opportunitiesContribution to the social environment:• Assisting in the establishment of funds for philanthropy• Assisting in building family businesses’ commitment to energy efficiency and natural resource management• Assisting in social impact investments

Citizenship Residence Family Business Solutions Programs Advisory There are many different The Malta Individual Investor The objective of our family reasons why an individual Programme process would business continuity services is to might seek a second involve the main applicant and further strengthen the synergies citizenship including, but his/her dependents to go between capital and management not limited to: through a naturalisation process which are inherent to family with a certificate of businesses. The ultimate aim is to Greater political and naturalisation being issued after build solid structures and systems, economic stability and a 12-month process. This ensure the smooth transition to security procedure will, amongst others, next generations and their future grant the applicants and their sustainability. The reasons for Tax efficiency dependants with: using our family business continuity services are numerous Ease of travel Citizenship in a well-respected and diverse. However, usually the economically and politically main initial factors motivating Higher standard of living stable EU country family businesses to seek our services include: Increased options for Visa-free travel to more than children’s education 160 countries including the US Privacy and confidentiality Diversified Right of establishment in all Alignment of interest investment portfolio 28 EU countries and Switzerland Improved strategies and Investment Right to own a second-home governance systems opportunities that in Malta may not otherwise be Execution of bold growth available Attractive taxation level, strategies within the markets in both for personal and which family businesses operate Contingency planning corporate taxes Separation, or at least a Access to new Tax planning benefits, in a distinction, between the family opportunities jurisdiction where there is business and the family’s wealth no inheritance or wealth Personal and physical transfer or death duties tax Potential for higher returns security Easy repatriation of capital Development and empowerment Succession planning and income out of Malta of talent through training Personal security and for the Sustainability dependents, in case of instability in their native Safeguarding the interests of the countries next generation Lucrative property investment in Malta Excellent education for children/students as well as good access to health care institutions, ranked 2nd best in Europe16

Malta Residence and Visa ProgrammeTHE MALTA RESIDENCE AND VISA ELIGIBILITY CRITERIAPROGRAMME GRANTS Open to third country nationals, i.e. not• A Malta residence permit to the beneficiary and Maltese, EU, EEA or Swiss nationals. Applicants dependants must be 18 years of age or older. Eligibility may also be extended to applicant’s• Visa-free travel within the Schengen area dependants, including spouses or partners in a• The right to reside, settle and stay indefinitely in relationship, children, parents and grandparents under certain terms. Malta• The possibility of applying for a work permit under a SUITABILITY separate process The government of Malta aims to attract only• The ability to apply for Long Term Residence status people of highest of standards through this programme. Applicants will be subject to due and naturalisation as a Maltese citizen after a diligence scrutiny and are expected to have a certain period of residence in accordance with the clean criminal record. citizenship laws of Malta• The possibility to add children of main applicant/ CONTRIBUTION TO THE spouse who are born or adopted after the approval GOVERNMENT OF MALTA date subject to an additional contribution and successful due diligence checks Applicants are required to contribute• The possibility for children of the main applicant €30,000 (€5,500 of which are payable upon and/or spouse/partner who marry, to add their application) to the government of Malta upon spouse/partner and any direct dependants subject the approval of the application. This covers to an additional contribution and successful due themselves, their spouse/partner and any diligence checks economically dependent and unmarried• The possibility of tax benefits under the Global children. Other dependants (eg. parents and Residence Programme grandparents) may be added at an additional €5,000 each, payable upon receipt of theTAX TREATMENT Letter of Approval in Principle.An individual is typically resident but not domiciled PROPERTY PURCHASE OR RENTALin Malta where the individual lives in Malta for morethan 183 days in a calendar year, but does not Applicants are required to make aintend to live in Malta permanently. commitment to buy a property in Malta for a minimum investment of €320,000 (€270,000In such cases, the individual is subject to tax in in Gozo or south of Malta) or rent a propertyMalta on any Malta source income and on any with a minimum investment of €12,000 pa inforeign income remitted to Malta. Capital gains Malta (€10,000 in Gozo or south of Malta) inarising outside Malta will remain not taxable in both cases, for a minimum of five years.Malta even if received in Malta. A person who isneither ordinarily resident, nor domiciled in Malta, INVESTMENTis taxable only on income arising in Malta i.e.income having a Malta source. Upon approval of the application, the main applicants are required to invest €250,000 inIndividuals granted a Certificate of Residency as per approved instruments, typically governmentthe Regulations may also qualify for tax incentives approved bonds, to be held for five years.granted under a separate programme entitled theGlobal Residence Programme, granting the holder a ADDITIONAL REQUIREMENTS15% beneficial tax rate on income received in Maltafrom foreign sources with the possibility to claim • Valid travel documentrelief from double taxation. • Comprehensive health insurance • Stable and regular income • Annual income of €100,000+ arising outside of Malta, or a capital of €500,000 or more 17

UAE Office: Level 23, Dubai F: +971 (0) 4 409 6850Boulevard Plaza Tower 2 United Arab Emirates [email protected] Mohammed bin Rashid Boulevard M: + 971 (0) 56 836 5283 www.wahaat.com

SKYLOUNGE ‫مجلة على العقارات وإدارة الثروات‬If it doesn’t challenge you, it won’t change you.

Malta Individual Investor Programme Citizenship by Investment The Individual Investor Programme (IIP) of the CONTRIBUTION FEES* €650,000 Republic of Malta allows for the granting of full citizenship to reputable High-Net Worth foreign Main applicant individuals and their families, who contribute to the economic and social development of Malta. Spouse and each child below €25,000 the age of 18 THE INDIVIDUAL INVESTOR PROGRAMME (IIP) GRANTS Each dependant parent aged 55 €50,000 or older and each unmarried child • citizenship in a well-respected, politically and aged between 18 and 26 economically stable EU country; * Only €10,000 of the above fees are payable upon • visa-free travel to more than 160 countries submission of the application, with the rest payable only including the US; after receipt of the Letter of Approval. • right of establishment in all EU member states DUE DILIGENCE FEES (payable to authorities) and Switzerland; and Main applicant €7,500 • right to own a second home in Malta. Spouse, adult children and parents €5,000 Children aged between 13 and 18 €3,000 ELIGIBILITY CRITERIA - Applicant must PASSPORT FEES & BANK CHARGES • be 18 years of age, or older. Eligibility may also extend to applicant’s dependents Passport €500 per person including spouses or partners in a Bank charges €200 per application relationship, children, parents and grandparents under certain terms PROCEDURE AND TIMEFRAME • propose to make a contribution as In case of approval and upon notification by a Letter determined in the section entitled of Approval, the applicant would be requested to ‘Contribution Fees’ provide the following within 4 months: • provide proof that s/he has been a resident • evidence of global health insurance policy in Malta for at least 12 months preceding and a declaration of capacity to retain the day of issuance of the certificate of such a policy indefinitely naturalisation • proof of either acquired immovable • meet all the application requirements property in Malta (minimum €350,000) or • commit to provide proof of residence in of leased immovable property in Malta (minimum annual rent of €16,000) Malta and proof of title to residential property • documents showing that the main applicant • commit to invest in stocks, bonds, made such other investments in accordance debentures, special purpose vehicles, or to with IIP regulations in Malta for a value of make other investments in accordance to €150,000 the regulations The government of Malta aims to attract only people of highest of standards through the IIP and accord them Maltese citizenship. Applicants will be subject to due diligence scrutiny and expected to: • have a clean criminal record • not have been denied a visa to a country with which Malta has visa-free travel arrangements • not be deemed a potential national security risk, have a reputational risk or are subject to criminal proceedings20



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



Europe • The Caribbean • Central America • Middle East • Far East • Asia PacificServing you from East to West.Your partner as international fiduciaries and trustees.Our group offers multidisciplinary comprehensivemanagement, legal and accountancy servicesin all major jurisdictions.Jeeves Group, Bahnhofstrasse 7, 9494 Schaan, LiechtensteinT +423 236 14 60, F + 423 236 14 61, [email protected]

In conversation with H.E. Honorary Consul Alexander B. Jeeves, Group CEO of Jeeves Group ‫مقابلة مع القنصل السيد ألكسندر جيفس أيضا المدير الإداري لشركة جيفس‬

min with H.E. Honorary Consul Alexander B. Jeeves, Group CEO of Jeeves Group 1. Please tell us a bit more about your company 4. Besides being headquartered in a haven of and what makes Jeeves so special? stability what are your strengths and what distinguishes you from other service providers? The company has originally been started by my late father more than thirty years ago. We are an First of all we are not owned by a financial independent and family owned and controlled institution which might or might not sell our group of trust companies and provide trustee, company as soon as it can make a good deal. As a fiduciary, corporate and family office services. Our family owned and controlled company we have a typical clients are entrepreneurs and families from long-term view and are a good and independent various jurisdictions. We are large enough to partner for our clients to talk to. They are mostly provide comprehensive and professional services families too, and have long-term goals which are and small enough, so that every client has access similar to ours. to decision makers and the ability to build good long-term personal relationships with them. 5. What support do you offer for HNWIs to meet the requirements of direct investments in so 2. What services do you offer for clients seeking called non-residential real estate and how do you to protect their assets for their next families deal with cross border/multijurisdictional matters generation in the increasingly complex tax for your clients? landscape? It depends on the circumstances but often a Whenever clients wish to invest in such projects discretionary trust or foundation is involved which we work with partners in the relevant area of in turn holds various types of assets, directly or expertise, as we ourselves are not asset or indirectly. A common issue is the trade-off investment managers, in order to avoid any between protection and control and we have potential conflict of interest. recently developed a good solution in order to resolve this common problem. As an independent 6. What has been your experience with wealthy trustee we work with various professionals in the Arab families so far and how is your strategy area of tax and asset management and try to assist towards the Middle East for the next 3-4 years? the client if and when necessary with the decision making process. They frequently have family members living in several jurisdictions which often makes it 3. Structuring wealth for UHNWIs is always a important to adapt the structure to various tax delicate matter, which requires excellent skills, systems. We then usually talk to the patriarch of solid background, good network, good the family and the eldest son in order to find an infrastructure, and flexibility to be ready at short efficient solution for their needs. notice. What has been your experience so far? Our long experience shows that the tax, but also 7. Finally one last question: What’s the best piece the regulatory landscape, like everything else is a of advice you’ve been given? moving target and it is essential to stay in touch with professionals on such matters. As we have Treat people the way you yourself want to be been around for some time now we can serve our treated! clients well and have a very solid and constantly evolving network of professionals to assist us and our clients in relevant areas. We thank you for the interview.26

Company Portrait Jeeves GroupOverviewThe Jeeves Group is a family owned and controlled group offeringindependent trustee, fiduciary and corporate services to private andcorporate clients. The Jeeves Group also acts as a multi-family office for highnet worth individuals. Communication with clients and business partners, aswell as with our personnel and colleagues, is based on establishing andmaintaining lasting relationships. Our approach is governed by respect andthe focus is on finding solutions rather than problems. ‫ مجموعة جيفس‬:‫عرض الشركة‬،‫مجموعة جيفيس هي مجموعة تملكها العائلة وتسيطر عليها تقدم خدمات الوصي المستقل‬ ‫مجموعة جيفس هي أيضا شركة استشارية للأسر الغنية‬ ‫وتعمل الشركة أيضا في مجالات الاستثمارات التجارية‬ .‫التواصل الجيد مع العملاء والشركاء التجاريين يضمن علاقات طويلة الأمد‬ ‫نحن نحترم عملائنا وتركيزنا على إيجاد الحلول‬ 27

Services Trust services ‫خدمات شركة الثقة‬ Trust formation and administration by a dedicated team of professionals, comprising lawyers, legally qualified trust officers and accountants. All aspects of legal asset protection, tax minimisation and wealth management can be catered for in tailor made trusts in a jurisdiction that offers legal confidentiality regulations, freedom from forced heirship, community property laws and statutory protection against creditor claims in an environment that is regulated by internationally accepted anti-money laundering laws and regulations. Protector Services ‫خدمات الحامية‬ There are situations where it is desired not give full control into the hands of a Trustee but have a Protector who has certain powers in order to make sure the Trustee cannot act always without anyone else's consent. For such situations we offer Protector services where a client has for example a foreign Trust but wants us appointed as Protector of that Trust. The advantage for the client can be that he might have a Trust in a jurisdiction of his choice but can have us as an additional Protector in a second offshore jurisdiction to protect his assets and interests. Of course we would not have us appointed as a Protector if we already act as Trustee. In such situations we would refer to professional Protector services of third parties we know and trust. Investment Advisory ‫لاستشارة الاستثمارية‬ Before entrusting third parties with the management of its assets, it is important for a client to realize what its risk profile is, what type of asset manger and what type of custodian bank he or she wishes to use. There are thousands of service providers and often it is difficult to make a good choice. We can assist a client in choosing a custodian bank and an asset manager that meets his requirements and expectations. Asset management ‫إدارة الأصول‬ We can assist you in managing your assets in many ways. We often assist our clients in establishing an investment profile. After having established the investment profile - the single most important step - we then suggest different asset managers who meet the requirements of the client. We believe that it is of great importance to the client to rely on our opinion as a truly independent party. We can inform them about different banks and asset managers in different jurisdictions and introduce them to them as desired. Bookkeeping / Accounting ‫محاسبة‬ In many jurisdictions it is necessary to file annual accounts for commercially active companies. Our accounting department makes sure that these requirements are met and our clients always know what the current situation of their company is. Also it is often necessary or desirable to have accounts for other reasons: Settlors and/or beneficiaries have a right to know what the trust fund's situation is and often details of the trust fund's annual performance are required for tax returns. But we not only offer these services to our offshore clients. Tax planning ‫التخطيط الضريبي‬ Whenever clients structure their personal and corporate affairs care should be taken that respective tax laws and their implications are recognised in order to avoid unwanted conflicts later on. Not only the tax laws and regulations of the offshore jurisdiction but also the laws and regulations of the jurisdiction where the client resides must be taken into consideration. We have a wide network of specialists who can deal with such specialised and complex questions. While we use their know-how in their jurisdiction we always protect the privacy and the right to confidentiality of our clients.28

Global Presence & Local ReachCitizenship by Investment ‫المواطنة عن طريق الاستثمار‬We can assist for Citizenship by Investment ‫لدينا مكاتب في جميع أنحاء العالم لمساعدة عملائنا‬programs in Antigua& Barbuda, St. Lucia and St. ‫عندما يتعلق الأمر بالمواطنة من خلال الاستثمار‬Kitts. Furthermore we have offices in the following ‫في أنتيغوا وبربودا ولكن أيضا لخدمات الشركات‬countries: ‫الأخرى في بلدان أخرى‬St. Vincent ‫سانت فينسينت‬ Hong Kong ‫هونغ كونغ‬ ‫سانت لوسيا‬ ‫سنغافورة‬St. Vincent Trust Service Ltd. ‫ليختنشتاين‬ Jeeves Fiduciary Services LimitedP.O. Box 613 Suite 701, Tung Hip112 Bonadie Street Commercial Building No 244 - 248Kingstown Des Voeux RoadSaint Vincent and the Grenadines Central Hong KongT +1 784 457 1145 T +852 3966 1800F +1 784 457 1961 F +852 3966 [email protected] [email protected]. Lucia SingaporeSelbourne Trust Company Ltd. Jeeves Corporate Services Pte. Ltd.Hewanorra House 60 Paya Lebar RoadTrou Garnier Financial Centre, #09-40 Paya Lebar SquarePointe Seraphine Singapore 409051PO Box 1209 T +65 6339 1881Castries, St. Lucia W.I. F +65 6536 [email protected] [email protected] office Dubai ‫الإمارات العربية المتحدة‬Lexadmin Trust Reg. Jeeves Group ConsultantsBahnhofstrasse 7PO Box 48 Dubai Media City9494 SchaanLiechtenstein Building No. 8T +423 236 14 60F +423 236 14 61 Office 413 (4th floor)[email protected] PO Box 502 725 Dubai, United Arab Emirates T +971 4 391 48 78 F +971 4 391 66 43 [email protected] 29







sle of Man “Vision2020” The Isle of Man will build on its existing reputation and prepare for a world where retail and sophisticated investors can place their money with confidence, with experts they can trust and in an environment which meets their needs. Status: Crown dependency Capital: Douglas Official languages: English, Manx Government: Parliamentary democratic constitutional monarchy with a de facto non-partisan democracy Conveniently located and with good communication links, the Isle of Man is ideally suited for businesses to flourish. Located in the centre of the British Isles, in the Irish Sea, the Isle of Man is 33 miles (52 kilometres) long and 13 miles (22 kilometres) wide. Financial and related services, manufacturing and tourism are key sectors of the island's economy. The Manx Government's policy of offering incentives to high-technology companies and financial institutions to locate on the Island has paid off in expanding employment opportunities in high-income industries. Finance now contributes about 35% to the Manx gross national product. The Isle of Man also enjoys free access to European Union markets. The island's resident population is 83,314 (2016 Census): approximately half being Manx born and the rest mainly British, although an increasingly varied mix of nationalities are moving here to work in both the financial and hospitality industries.

his unique position enables the Isle of Man to offer trusts that are positioned outside the UK for taxpurposes but offer clients the comfort of well developed trust legislation and established case law basedon precedent. Recent changes to trust legislation, such as the Trusts (Amendment) Act 2015, have alsobrought Isle of Man trusts into a comparable position with other international jurisdictions. There is nowno limit to the duration of a Manx trust (previously it was 150 years) and the statutory requirement forthere to be two trustees, unless the sole trustee was a trust corporation, has been abolished.The Island has its own parliament, Tynwald, which makes its own There is no capital gains tax orlaws, social policies and sets its own taxes. inheritance tax in the Isle of Man. Where all the beneficiaries of anThe Island is renowned and respected as an international financial Isle of Man trust are residentcentre. There are many reasons why the Isle of Man has earned outside the Isle of Man and thethis reputation – the keys ones are: income does not arise from Manx sources (except for bank interest)• International Plaudits – The Island’s financial industry has there will be no Manx tax to pay on received many international plaudits including being voted Best the income of the trust. International Financial Centre on several occasions by international financial magazines and associations• Financial Regulation – The Island is acknowledged to be one of the best regulated international financial centres, with the regulators working in harmony with the private sector• Diverse Economy – The Island has a diverse economy which includes; banking, fiduciary services, manufacturing, shipping, yacht and aircraft management and e-Commerce• Favourable Taxation – The Island sets its own direct taxes with low personal taxation and highly favourable corporate taxation• Economic and Financial Infrastructure – The Island has an established and professional financial services sector including; banking, accounting, fiduciary, legal, insurance and investment companies• Communications – World class telecommunications and air and sea transport to major hubs in the UK and Ireland

requirements, whilst operating within relevant rules and regulations.

nterview with Patricia Slavin, MD Patricia Slavin, Managing of Affinity Management Services Director, founded Affinity Management Services Limited in 1. Your company is offering expertise in a March 2004 and Affinity range of corporate and trust services, Management Services (Malta) please tell us a bit more and what makes Limited in July 2011. At Affinity, you so special? Patricia is responsible for the overall management of the company with a special interest in strategic development. Patricia graduated from the University of Ulster in 1985 with BA Hons in Accountancy and is a Member of the Institute of Directors and a Fellow of the ACCA. Before establishing the business in 2004, I 3. What has been your experience with had always been a client focused individual wealthy Arabic families so far? with a passion for client service ,the chance to form my own company allowed me to In the luxury asset market, there are a very put this passion into play to an even greater large number of Arabic families and I have level. been fortunate to deal with a number of In the early days, we won a significant clients from the region for a number of number of clients from the yachting years now. community and owners in particular, who As with all high net worth clients, set very high expectations from their expectations from their professional providers, which met with my own passions providers are high. However, I am proud to in this area. If I was to say what makes us say we have rarely been found wanting and special, it would be a relentless desire to this client area is a projected growth one please our clients and provide service levels for us for many years to come. Once we which are superior to our competitors and have gained clients trust we often see the exceed client expectations. relationship grow to include multiple services relating to Yachting, Aviation, 2. Isle of Man is host to a large number of Corporate and Trust. specialist accountants, lawyers, fiduciary service providers as well as having its own 4. Obviously many wealthy Arab family world renowned ship/superyacht and offices tend to outsource their assets to aircraft register (exclusively for private and experts abroad (managing their assets / corporate jets). Please tell us a bit more providing tailored ownership structures). about your experiences with high-value How do you deal with multi-jurisdictional entrepreneurs from overseas. challenges? Having primarily worked with clients from I think it would be fair to say, multi- the business aviation and yacht sector, the jurisdictional challenges are a daily owners of these assets tend to be by nature occurrence in our business, so we get used very successful entrepreneurs. If I was to to managing them very quickly. Over the pick consistent behaviour type from this course of my career in the wealth range of clients, it is that they manage even management arena, the complexity of the minor detail impeccably, expect you to client’s requirements has grown be as passionate as them in terms of substantially and getting this right is an managing the “project” and expect the very imperative. Whilst having offices in both the best. The good news is that having Isle of Man and Malta helps with our global established a very successful business footprint, we manage structures myself over 14 years ago, I am of a very throughout the world and are used to similar mind-set myself!! working with an array of professional advisors from lawyers, through to wealth managers and tax advisors alike.36

5. You also have a presence in Malta- 6. What is your strategy towards attractingMalta’s registry is known to be one of the more wealthy Arab clients from the GCClargest and reputable registers in the world within the next 3-4 years?- if you can highlight some of theadvantages UHNW’s enjoy using your As I touched on earlier in the interview, thisMalta services. market is a growing one for us and we expect that to continue to be the case.There are really two registers we work Wealthy Arab clients continue to buy andclosely with in Malta, firstly in respect of operate yachts and aircraft and as thisthe yacht registry and secondly in respect of service sits at the core of our business boththe aviation registry. They are managed and in the Isle of Man and Malta, we have everyoperated by Transport Malta who we know confidence this market will evolve and growvery well. Without question, Malta has had for us by continuing to build our network ofsuperb success in both the yachting and advisors and intermediaries and attendaviation sector and our office sees enquiries related industry events hosted in the Arabrelating to these areas almost daily. When region.deciding to open the Malta office in 2011, itwas in response to a growing yacht industry 7. Finally, one last question: what’s thein Malta. Transport Malta have since best piece of advice you’ve been given?developed an equally successful aviationsector which caters for private and There have been a few, but probably thecommercial aircraft. Affinity has excellent best was from an elderly gentleman whoworking relationships with the local built a hugely successful internationalregulators, Yacht and Aircraft registries, business from scratch – his advice was “tobanks, Customs, VAT Departments and Tax make the business pay its own way and beAuthorities. self financing”. I am very proud to say that IThe advantages of using Affinity as your have followed that mantra for 14 years.service provider is that we offer a highly That has only been achievable by investingpersonal and extremely professional service in a great team of people who are liketo all clients and work with a network of minded and realise that our clients are atadvisors to take care of our client’s the heart of what we do, and that providingrequirements. We handle an international them with excellent service is what makesclient base of high net worth individuals and us so successful.we are very experienced in dealing withclients, their advisors and family offices and Patricia thank you for the interview.in meeting their specific requirements. OurMalta operation continues to flourish and isa key offering from a group perspective. 37



Isle of ManAffinity Management Services Limited is an independently owned companyoffering expertise in a range of corporate and trust services. Affinity canprovide the experience, professionalism and dedication you need to take fulladvantage of the benefits available in both jurisdictions. Our innovative andefficient approach to providing a range of management services enables ourclients to enjoy the rewards provided by the expertise of our highly qualifiedand knowledgeable staff.➢ Aviation➢ Companies➢ Digital Currency➢ e-Gaming➢ Trust Yachting “ You feel 100% secure in the fact that your best interest comes as a priority”

Malta Affinity Management Services (Malta) Limited was established in 2011 by Patricia Slavin, Managing Director. We provide a range of corporate services to our local and international clients, including Aviation, Company, e-Gaming and Yachting services. As an EU member state, Malta is an onshore jurisdiction with offshore benefits. Affinity Management Services has all the experience, professionalism and dedication you need to take full advantage of the benefits available to you. With worldwide success already established in the maritime sector, Malta is now building its expertise in aviation, companies and e-Gaming. Malta enjoys a well-regulated banking system and a strong single regulatory body in the Malta Financial Services Authority (MFSA). Malta is a highly developed financial centre, and offers excellent possibilities for low-cost financing of investment transactions and international activities. ➢ Aviation ➢ Companies ➢ Digital Currency ➢ e-Gaming ➢ Yachting“ Their are innovative in their approach,professional and dedicated and very easy to work with“

YachtingAffinity provide a dedicated team of professionals with many years experience inthe yachting industry. We have a large fleet of yachts under management and arewidely regarded throughout the industry as one of the leading yacht managementcompanies in Malta. We act as a link for Owners and Captains to ensure that bothare guided and supported through the many requirements, regulations andlegislation associated with owning a commercial charter yacht.Our Services➢ Implementation of efficient ownership structures➢ Structuring of leasing arrangements➢ Yacht registration➢ Crew management➢ Yacht management and administration of the ownership structure➢ Budgeting and financial reporting➢ Liaison with legal advisers and brokers in respect of purchase and sale➢ Liaison with brokers in respect of yacht charter➢ Liaison with maritime authorities➢ Preparation of budgets, periodic management reports and annual financial statements➢ Management of crew expenditure and limits➢ Management and administration of crew payroll “The yacht seems to operate by itself, because Affinity are doing all the work for us. It’s a great personal service and we have all the advice we need at the end of the phone”

Aviation Affinity provides a range of aviation services. Our dedicated team work closely with aircraft owners, their legal and tax advisers and aircraft registries. We provide tailored ownership structures to suit each client’s individual requirements, whilst operating within the relevant rules and regulations. ➢ Implementation of efficient ownership structures ➢ VAT planning, compliance and administration ➢ Drafting leasing agreements ➢ Preparation of annual returns and provision of statutory administration services ➢ Arrangement of aircraft registration on the Isle of Man or other register ➢ Management and administration of ownership structure ➢ Budgeting and financial reporting ➢ Liaison with legal advisers and brokers in respect of purchase and sale ➢ Liaison with air operators in respect of aircraft charter ➢ Liaison with aviation authorities ➢ Preparation of periodic management reports and annual financial statements ➢ Management of compliance issues and crew compliance“Professional, knowledgeable and efficient - a pleasure to work with”

Trust ServicesA Trust is a relationship where assets are held by individuals or a corporate entity forthe benefit of another. Trusts can be used to hold a variety of assets includingproperty, investments, bank deposits and life insurance policies.Trusts are a widely used vehicle for asset protection and offer a great deal of flexibilityover the management and distribution of your assets.Our Services➢ Provision of professional, independent or corporate Trustees to onshore and offshore Trusts➢ Formation, registration, transfer or termination of Trusts on your behalf➢ Assurance of adherence to the investment objectives➢ Assurance of efficient operations➢ Provision of bespoke solution to regulatory constraints➢ Record keeping➢ Assurance that regular trust reviews are held➢ Management of Secretarial and governance aspects relating to your Trust➢ Registration of the trust with the relevant local authorities➢ Provision of Corporate Trustees➢ Arrangement and facilitation of trustee meetings➢ Release of all routine correspondence➢ Preparation and execution of Trustee resolutions➢ Signing and execution of any required statutory documentation “Their integrity, positive attitude and ethics are at the core of this company“





Company Portrait Lexpert Partners Lexpert Partners AG is based in Zug, Switzerland and provides expert legal and regulatory advice to financial institutions and discerning private clients. Thanks to our diverse and extensive working experience within the financial industry, we see ourselves as a partner, not as a consultant. We provide options and solutions and adapt them to the respective business model in order to provide a solid basis for decision-making. Our focus industry Financial Services Private Clients Our focus industry: Financial Services - We advise We assist individuals and families with their financial service providers ranging from banks, asset legal needs in Switzerland and - with our managers and family offices, with reliability and network of partners - globally. passion. Here is where we feel at home and can add real value to the table. Thanks to our extensive While advising private clients, we offer our working experience in the field, we pride ourselves services and expertise namely in the on working as your partner, and not merely as your following fields of law: advisor. We provide options and solutions to problems and risk-adjust them to provide a solid base • Contractual law for a decision. Our expertise when advising financial service • Family Office Services providers namely includes the following fields of law: • Employment law • Financial markets • Banking • Sales of goodslaw • Collective Investment Schemes • Compliance • Immigration Law • Anti Money Laundering • Contractual law • Corporate and commercial law • M & A transactions • Labour law • Sales of goods law • FIDLEG/FINIG46

nterview with Dr Andrew Ertl and Elmar Meyerfrom Lexpert Partners AG in Switzerland1. Please tell us a bit about your company and what Over the years as in-house counsels, we had a lotmakes you so special? interaction with outside counsel and we both got more and more disheartened by the fact, that it usually took aAt Lexpert Partners, we consider ourselves to be unique in lot of time to explain external law firms what exactly weour background and our way of providing legal services wanted and how we wanted it. Therefore, when Elmarand advising clients. We take a different approach than Meyer came back from Dubai he started his own law firmthe larger law firms. We choose new partners and and that’s when I met him. We worked together onassociates not only on their legal qualifications but we are several topics and unlike with other law firms healso open to lawyers who have taken a different path but understood what I needed for our firm and our clients.can bring a unique asset to our firm and have gained prior We developed a really good working relationship unlikebusiness experience. Both Elmar Meyer and me for anything else I had experienced previously with other lawexample, both didn’t take the typical route working our firms. Often external law firm I engaged lacked theway up the ladder of a corporate law firm to become understanding of our business model or the needs of ourpartners. We both came from the business side to where clients. This is why Lexpert Partners is so focused on itswe are now. After passing the bar exam we both earned two core industries: Financial Services providers, familyour spurs in big law firms, but instead of aiming directly offices and HNWI’s. This focus helps us providing best infor partnership we decided to first gain experience as in- class service with tangible and practical results.house counsels working our way up the ranks in banks A further point in which Lexpert Partners differ fromand wealth management firms. By doing so we both traditional law firms is the fact that we offer variouslearned to understand businesses from an inside billing models. Although we offer time based billing, theperspective. During this time, we both came into contact majority of our client has chosen a project based billing.with Islamic finance. Elmar Meyer was General Counsel of After we have understood what the client wants, wethe Middle East Operations of a major Swiss private bank usually propose a lump sum payable on each mile stonein Dubai. I came in touch with Islamic Finance over 10 achieved. We run our law firm like an entrepreneur runsyears ago while I was working as legal counsel in charge of his own family business with strict project and milestonethe islamic finance business unit at a Swiss bank in management. Telling the client in advance the estimatedSwitzerland and our subsidiary in Dubai. costs of a project enables him to better plan his finances and cash-flow. Last but not least, as we advise a wideSoon I had to learn that giving Sharia compliant legal range of family offices, asset managers and banks, we canadvice according to Swiss law wasn’t that straight forward. provide our clients with a preferred access to suchSwiss law has its origins in Roman law and has developed services. Therefore, we are basically a one-stop-shop inthrough time based on the principles found there. the unique position to provide the full range of familyTherefore, Swiss law is coded law and precedents play a services for HNWI Arab families.very minor role unlike in civil law countries and unlike inSharia law. So I found myself in a situation where I had to 47somehow make these contradicting concepts harmonizeunder the given framework provided by the Swiss codedlaw. Having to explain everything to businesses over andover again and trying to align Islamic finance principleswith the Swiss law actually convinced me to use myunique knowledge in Switzerland to write my PhD on thetopic of “Sharia Compliant financial instruments underSwiss law” (https://www.helbing.ch/detail/ISBN-9783719033613/Sharia-Compliant-Financial-Products-under-Swiss-Law).During my studies I had to examine and fully understandthe concepts of Sharia compliant products and thevariations thereof known in Islamic finance and somehowfind a way to make them possible under Swiss law. Theclose proximity to actual business units helped ElmarMeyer and me to understand the real needs of our clientsand from a business perspective those of our employers.

2. Let’s talk about our reader audience, wealthy Arab tax regulations and other international regulations (BEPSfamilies from the GCC, of which a majority are outsourcing REPORTING). These preconditions paired with over a centurytheir asset- and wealth management to “experts” abroad. of experience in private banking and wealth managementWith an ever increasing uncertainty in the world, volatile grants the stability, not only for Arab families, they might notmarkets, and tougher regulations, etc. how would you find in their home country.describe the legal framework for family offices in This is why I am convinced that Switzerland will remain aSwitzerland and can we assume that Switzerland is and will favorite hub-point for HNWI’s and their assets and I amremain the favourite hub point for HNWIs? certain that it will remain to be so for many more generations yet to come.In a nutshell yes.It is correct that we witnessed a depreciation of major 3. What has been you experience with wealthy Arabcurrencies, such as the Euro and the US Dollar during recent families so far?years triggered by the world wide banking crisis that started So far I had the chance to meet several Arab families fromin the year 2008 after the collapse of the investment bank different Middle Eastern countries both on a business and aLehman Brothers. Soon after the Arab Spring swept through private basis. What all have in common is the family spiritthe Middle East and the war in Syria and Yemen are still they share. What I came to learn is the understanding what isongoing. These are indeed lots of factors leading to massive considered to be family. This is a major difference betweenamounts of money in the Arab world that have been set free Arab and Swiss families. Whereas Swiss people generally onlywhich Swiss banks now would like to accommodate. Based on consider the immediate family consisting of parents andthese uncertainties in recent years, the Swiss Franc became offspring as family, the Arab concept of family is muchso strong against the Euro and the US dollar that in 2012 the broader, consisting of uncles, cousins and second cousins. SoSwiss National Bank had to temporarily intervene to peg the when Arab families talk of family it is always this bigger groupSwiss Franc to the Euro to maintain the stability of the relatives they refer to and not to what Swiss consider ascurrency and the Swiss economy. The strong and family. Linked to this are the much stronger family tiesindependent Swiss National Bank and its significant reserves between Arab family members compared to their Swissis a further cornerstone of Swiss economic stability. counterparts.Indeed, during the past decade, when the Eurozone was in A further difference is that it takes longer to gain someone’srecession, the Swiss economy recorded steady growth and trust to the extent that you are willing to enter into ahad unemployment levels less than half those of its European business relationship together. However, once you achievedneighbors. This, in spite of the Swiss economy being export- that you can rely on your business partner fully. This is what Idriven and the Swiss franc at record highs. This is a further really appreciate when doing business with Arab families.reason why Switzerland is seen as bastion of stability in a So understanding this really helps when providing an Arabturbulent economic world. family office with legal, financial advice and/or relocationHowever, the initial question asked was why, in my opinion services.Switzerland will remain the favorite hub-point for wealthyArabs and their family business. Swiss history has shown thatits stability roots in its community spirit. The century oldtradition of welcoming everyone who is willing to accept thisinto Switzerland is another fact. These two facts togetherwith a stable government as executive, the parliament aslegislative organ and the strong judicial system provides theframework and the basis for the prosperous economy and astable currency. The Swiss Code of Obligations despite beingover a century old is still up to date providing a stable yetflexible legal framework for conventional and Shariacompliant products and partnerships such as Murabaha,Ijarah, or Mudaraba or Musharaka. The Swiss constitution was adapted in 1848 and revised in 2000 and has been used as inspiration for many other countries for their own constitution. Each change to the constitution can only be reached by referendum meaning that the majority of each Swiss citizen eligible to vote and all the cantons (the regions of Switzerland) have to agree. Therefore, it is seen as one of the most stable constitutions worldwide. Swiss law is based on the constitution and therefore provides a stable legal framework for not only conventional but also Arab family offices. Further, as the Swiss finance industry provides 8% of the national GDP Switzerland depends on being able to provide its wealth48 management services worldwide. It complies with the OECD

4. You offer the classical services for private clients like Also one must not forget that the banking system known inContractual law, Family Office Services, Immigration Law Switzerland was first developed in the 17th century in Italyetc, but a main area of your work focuses on financial and then found its way into Switzerland. Since then itsservices, here we would like to highlight your specialty on evolution has been influenced and based on international“Sharia compliant structuring”. Please tell us a bit more ? transaction learning, trading, and exchanging ideas with others. The fact of constant adaptation to new situation isI briefly mentioned this in my prior answers and I am happy exactly what will enable the Swiss banking industry to adaptto elaborate this in more depth. Given our background and quickly to the new needs of Arab families. Therefore, I amlong-standing ties to the Middle East we are familiar with the confident that Switzerland will manage to considerably growneeds of HNWI and Arab family offices. in Islamic finance over the next couple of years.Writing my PhD really helped me understand those Given the recent Brexit decision we have seen an influx oninstruments familiar to Muslims to the very last detail, which families and family offices wanting to relocate to Continentalnow enable me to offer such structuring services also here in Europe and Switzerland. Zug, in particular, has proven to beSwitzerland under Swiss law. a preferred destination, and not only for its attractive taxThroughout my professional carrier I was involved in setting rates. It also boasts a picturesque setting by a lake,up a Sharia compliant fund for a Swiss bank. I helped develop surrounded by snow-covered mountains as well as itsSharia compliant certificates. I was in charge of ensuring that proximity to Zurich and the international airport. Finally, theall the banking related documents were Sharia compliant and world-class educational system has always been a magnet forin establishing the respective booking procedures needed. wealthy families and their children. It is therefore noFurther, we developed Sharia compliant financing coincidence that many of the biggest families and their familyinstruments under Swiss law and last but not least I set up offices have taken residency in Switzerland.sharia compliant family trusts.I am now in the grateful position to call myself one of the 6. Finally one last question: What’s the best piece of advicevery few lawyers in Switzerland who can really provide the you’ve been given?full range of Sharia compliant services for an Arab familyoffice here in Switzerland. In order to cater for the global Don’t try to tell the clients what’s right for them. They knowneeds of our conventional and Muslim clients, we work with what is right for their business. You need to truly listen andselected legal specialists in the Middle East and world-wide understand their needs and then guide them in the rightwho share our client-focused working ethics and structuring direction.skills.5., What is your strategy within the next 3-4 years to attract Elmar Meyermore wealthy Arab families from the GCC? Founder & CEOThe Swiss banking system has successfully evolved within the T. + 41 41 723 70 70Swiss legal framework to serve the needs of the Swiss E. [email protected]. Through time and slow exposure to the outsideworld, it was able to benefit from its learned potential and Elmar Meyer is the founder and CEO of Lexpertoffer Swiss products, banking services to people in other Partners. Elmar’s areas of specialization includecountries eventually around the world. advising Swiss and foreign banks, asset managers andOn the other hand, Arab families have been coming to family offices in all legal and regulatory areas. He alsoSwitzerland for a long time and are especially often visible advises and assists HNW individuals in their (oftenduring the summer month when it gets very hot in the cross-border) asset and estate planning. BeforeMiddle East and they come to enjoy the Swiss mountains and founding Lexpert Partners, Elmar was founding partnerlakes. of a legal and tax advisory firm in Zug. Prior to this heHowever, that alone is not enough to attract more wealthy headed the legal and compliance department of JuliusArab families. We need to specifically cater towards them. So Baer in Dubai, U.A.E., serving on its managementto compete in this market Swiss Banks must fight on two committee and acting as a member of the board forfronts. On the one side they need to structure products so Julius Baer in Cairo, Egypt. Elmar also serves on thethat the products meet both, Islamic and Swiss law criteria. board on a number of major asset managementOn the other hand, Swiss banks wishing to enter this market companies in Switzerland. Elmar speaks German andmust be acutely aware of the costs involved in the whole English.development process but also need to fully understand towhom they are catering.. Dr Andrew ErtlIn my opinion the Swiss wealth management industry must in Partnerdeep to get to know their clients and especially their clients’needs, which differ considerably from the Swiss HNWI’s T. 41 41 723 70 71needs. E. [email protected] Andrew Ertl is partner at Lexpert Partners. Andrew’s area of expertise is banking and finance law with a specialist know-how in Sharia compliant structuring as well as data protection law (including GDPR.) His previous experience includes business and banking law, contract negotiations, process management and financial product development. Before joining Lexpert Partners, Andrew Ertl served as Head of Compliance and Data Protection and was member of senior management at the Swiss Bankers Association, based in Basel, Switzerland. Prior to that, he had worked as general counsel and secretary of the Board for Peak Values AG and as in-house counsel for Bank Sarasin AG. Andrew Ertl has a doctorate of law (Dr. iur.) from the University of Bern and a Master’s degree from the University of Edinburgh, United Kingdom in European Commercial Law. Andrew speaks German, English and French. 48