Gathering of experts across the globe who advise Russian & CIS HNWIs & UHNWIs

2021

Zürich Marriott Hotel, Zürich

2020 FORUM SUMMARY 

Big picture

  • Geo-politically, Russia is becoming a stronger player. Economically, Russia is still weak, and will probably remain this way for a while. US/EU sanctions have had a strong negative effect, and there is concern that secondary sanctions will hurt the Russian economy even further.
  • The new Russian government is perceived as good news, as the business community looks forward to work with strong competent government. However, the arrival of technocrats, known for successfully implementing effective administration through sophisticated monitoring, is also viewed as an assent of a “big brother” surveillance state.
  • Russians who are unaffected by the US/EU sanctions still prefer to keep money and wealth abroad, fearing both the economic instability of Russia and weak protection of property rights.

 

Russian taxes

  • It is expected that in 2020 most Russian domestic tax audits will focus on currency control violations and establishing domicile of foreign companies in Russia based on management and control test.
  • Benefits in kind - i.e. free use of foreign houses, yachts and aircraft, as well as purchase of luxury goods by foreign vehicles without declaring their value as an income - is another expected focus of Russian tax authorities in the near future.
  • Court practice is developing so to establish that shareholders of companies (and possibly their relatives) are vicariously liable for the debts of their companies.
  • Exchange of information between Russian tax authorities and Federal Security Service is expected to come into force during 2020.

 
International exchange of information

  • Internationally, exchange of information has been both successful and a mess. Successful - as reporting to Russia is taking place from many countries of the world, and a mess - as there are many examples of double reporting and erroneous filing. The consequences of it in some instances might lead to human rights violations.
  • On the Russian domestic front, tax authorities are very effective in using both automatic and on request exchange of information, sending requests to many countries, including IFCs, eg Cayman Islands. The usual questions are on benefits in kind, management and control, UBOs and ownership rights.

 
Offshore vs Onshore

  • It is too early to announce the end of the use of IFCs by Russians, as local substance requirements in IFCs introduced in 2020 do not apply to many practical scenarios.
  • Relocation of companies onshore, eg to Cyprus or Liechtenstein, might be a good choice in some instances, but will bring higher level of taxation, administration and costs.
  • If relocation is being considered, reputation of new jurisdiction is a crucial criterion, and countries like Switzerland, offering low corporate tax rates after recent tax reform, can be an excellent choice.

 
Use of Trusts and Family Governance

  • Russian wealth is becoming more mature, and the question of wealth transfer in a meaningful way is the focus of many Russian HNWIs.
  • The time of simple solutions is long gone. Increased international compliance and transparency together with the mobility of wealthy and diversity of their investments call for tailor-made structures with almost permanent fine-tuning.
  • Trust as an effective wealth preservation vehicle is becoming increasingly popular. It is crucial whom you work with, as the cost of poorly thought-through solutions and hastily put together structures can be huge.
  • Engaging family members in a discussion about use of money and assets is crucial in sustaining wealth through generations. Experts on family governance, education of the young, as well as a psychologist, can be of help.
     

2020 PHOTOGALLERY

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Photogallery 2020 

- Day 1

- Day 2

FIRST TIME SPEAKERS WHO SHARED THEIR EXPERTISE ON HOT 2020 TOPICS:

william barry and brian fleming

Cross-Border Enforcement Risks for Trusts, Family Offices and HNWIs – a US Perspective

  • Current investigation and enforcement trends including tax fraud, money-laundering, economic sanctions, corruption and securities.
  • Focus on Sanctions: how Russian/CIS HNWIs & UHNWIs (and their advisors) can assess the risk of potential future sanctions against them personally, as well as what they can do about it?
  • Trust governance considerations relevant to cross-border enforcement risk.

Presented by William Barry & Brian Fleming from Miller & Chevalier

sergei ostrovsky 2

Brexit - Are There Any Consequences For Russian Clients? 

  • A corporate lawyer's view from the City of London: New New British Government, Brexit and Russian Shareholders: Stay, Leave or Return?  

Presented by Sergei Ostrovsky, Senior Consultant at Ashurst (London)

mark summers

 

Brexit for Russian Wealthy in London: Impact on Private Clients

  • How Brexit will affect wealthy people living in London or having their assets there?

Presented by Mark Summers, Parner, Charles Russell Speechlys (Zurich)

charlie bain banner

The growing threat of digital and social media attacks on privacy & reputation 

  • How to develop strategies to mitigate reputational risk from online content and increase reputational resilience online?

Presented by Charlie Bain, CEO, Digitalis (London)

ANALYTICAL MATERIALS ON WEALTH MANAGEMENT

filippo noseda

 

The Big Debate – Transparency vs Privacy: Common Reporting Standard and Beneficial Ownership Registers

by Filippo Noseda, Partner at Mishcon de Reya

Click Here to Read >>

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2019 Research Viewpoints on Lessons in Life: Questions every investor should be aware of

by Christian Gattiker, Chief Investment Strategist, Head of Research & Investment Solutions at Bank Julius Baer

Click Here to Read >>

nicola saccardo

 

Italian Tax Update 2020

by Nicola Saccardo, Partner at Maisto e Associati

Click Here to Read >>

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Julius Baer: An Alpine Song of Ice and Fire (2019 Research Viewpoints) 

Click Here to Read >>

 

2019 ATTENDEES

  • Abacus
  • Accuro Geneva
  • ADEO HOLDINGS LIMITED
  • ADS Securities
  • Arendt and Medernach S.A.
  • Ayia Napa Marina
  • Bank Julius Baer
  • Bank of Montreal Wealth Management
  • Banque Internationale a Luxembourg
  • BC Capital Partners
  • BDO LTD
  • C. Savva and Associates
  • CBH Europe
  • C-Corp B.V.
  • Cone Marshall Limited
  • Conyers Dill & Pearman
  • Corecam Family Office
  • Credit Suisse
  • Cybarco Development Limited
  • Deloitte
  • Duvernoix Legal
  • Edmond de Rothschild (SUISSE) SA
  • FieldFisher
  • First Advisory Trust reg.
  • Genesis Fund Services Limited
  • Glenmede Trust Company N. A.
  • Hawksford
  • Heger & Partner Rechtsanwälte
  • Hughes Fowler Carruthers
  • Jackson Hole Trust Company
  • Jeantet Suisse
  • Kaiser Partner
  • KPMG
  • Jost & Partners
  • L Papaphilippou & Co
  • LGT Bank (Switzerland)
  • Lydda Capital
  • Maisto e Associati
  • MAYTE GARCIA INTERNATIONAL FAMILY
  • LAW, SLP
  • Michael Kyprianou & Co
  • Mishcon de Reya
  • Pictet & Cie
  • EFG Bank
  • Nobel Trust Limited
  • Patrimony 1873
  • Property Vision
  • PT Billiton Industrial Global
  • Rigmora Holdings
  • RTP Global
  • Saffery Champness, Registered Fiduciaries
  • Sberbank Private Banking
  • SG Kleinwort Hambros Bank
  • St Peters Trust
  • Strik Attorneys at Law and Tax Advisors B.V.
  • Summit Trust International SA
  • Totalserve Management
  • Triay & Triay Spain
  • Union Bancaire Privée (Switzerland)
  • Vasil Kisil & Partners
  • Vega Wealth Management Sarl
  • Withers
  • ZEDRA Group

TESTIMONIALS

Very practical presentations and panel discussions on the essence of current trends and "must have" knowledge of highly qualified experts.

Maxim Simonov, 

Head, Duvernoix Legal

Well organised event with valuable content, presented by highly professional individuals.

Charlie Willcox,

 Director, Family Office, Stonehage Fleming (Zurich)

Amazingly interesting topics watching current issues. Well-presented and insightful.

Marco Zeloni,

Managing Director, Barclays Bank

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