International planning for Russian HNWIs, their families & businesses
2–4 October 2012, Jumeirah Carlton Tower Hotel, London
Special Focus Day: 2nd October 2012, Tuesday
‘Private Client: Investing in International Property Markets in The Current Climate’
Liam Bailey, Head of Residential Research Knight Frank
Rob Rackind, Principal Wainbridge Limited
Katerina Ukhankova, Partner Kalido Private Office
Leonid Vindman, Managing Partner Tungsten Capital Advisors
08:30 Registration & refreshments
09:30 Focus day opening
Introductory Overview And Overall Analysis:
• Real estate as an investment. What is the current place of real estate versus other asset classes in a Russian private client’s investment portfolio? What changes are expected in future? Analysis of typical returns and risks associated with this type of investment
Residential Real Estate
• Tastes and trends. What are Russian private clients looking for when buying real estate? What is their typical property portfolio? What are the popular locations for a main home, second home and holiday home? Why?
Commercial Real Estate
• Analysis of commercial real estate projects (buying restaurants, etc.)
• Why is hotel real estate attractive for private investors?
Country-Specific Round-Up Uk/London
• Spotlight on London as “the most important city worldwide” (according to a 2012 Knight Frank & Citibank wealth report) in terms of private real estate investment/ownership. Analysis of prices, rents, etc.
• Current tax issues on the purchase of UK homes and rental investment property. Recent introduction of stamp duties when buying property via an off-shore trust: how will it affect the demand for homes in the UK?
• France (Paris, French Riviera, the Alps). Update on buying real estate in France. What are the hidden bottlenecks and tax considerations? What is the current situation with the double taxation treaty between France and Russia?
• Switzerland, Monaco, Spain, Italy, Cyprus etc
• The Caribbean: why is interest among Russian HNWIs in buying property on Caribbean islands increasing?
14:00 “Practical Surgery” on the practical issues of acquisition and ownership of real estate:
• What is the most efficient way to buy property, as an individual person or via a company? As an entity of what jurisdiction? Which taxes and duties have to be paid in each case?
• What financing options are available for buying real estate? The elite mortgage market: analysis of trends and typical conditions in a range of banks. What are the advantages and disadvantages of obtaining a mortgage for a private client? What practical issues need to be considered when applying for a mortgage?
• How to effectively administrate your property and ensure that the legal side of a deal runs smoothly?
• Construction and planning law: what legal issues need to be considered when building/converting/expanding a property?
Projects Showcase, followed by a Cocktail Reception
Here you will find out about exciting new real estate development projects in a range of popular locations (including holiday resorts), and will learn why they are currently attractive investments. Bring your business cards!
17:00 Cocktail Reception
Main Conference, Day One:
3rd October 2012, Wednesday
45+ Speakers include:
Alexander Kotchoubey, Executive Vice-President Lombard Odier & Cie
Carolyn Steppler, Partner, Private Client Services Ernst & Young
Anton Ionov, Head of CIS Personal Tax Services Ernst & Young
Karl Cini, Partner, Tax & International Client Services Nexia BT, Malta
Alexander Smyslov, Director Bordeaux + Fund Ltd.
Innokenty Alekseev, Visiting Scholar, Queen Mary Law School University of London
Josef Meyer, Chairman of the Board Axioma Wealth Management AG
Ashraf Laidi, ChiefGlobal Strategist, City Index – FX Solutions
Alasdair McLaren, Director Saffery Champness Guernsey
Beat Reichen, CEO Swiss Life Luxembourg S.A.
08:30 Registration & refreshments
09:30 Introduction by the organisers and chairman’s
09:35 Session 1. Setting the scene: an update from Russia: Economic, Tax, Legal, And Political Backdrop
• A snapshot of the current political and economic situation in Russia: issues affecting wealthy Russians
• What tax and regulation issues are currently faced by HNWIs resident in Russia? The anti-offshore tax proposal by the Federal Tax Service (FNS), introduction of an “ultimate beneficiary of an organisation”, and other recent developments
• Russian private clients’: what are their needs in the modern world? How are they different from clients from other countries?
Hear New And Important Updates Influencing International Tax Planning
• Pre-immigration tax planning. The importance of thorough tax planning prior to immigration or relocation: how to avoid pitfalls?
• International outlook. Increasing requirements for transparency and the rise of Taxpayer
Information Exchange Internationally: what are the risks and implications for Russian HNWIs?
• Double taxation treaties: update on the situation with treaties eliminating double taxation between Russia and other countries (Cyprus, Switzerland, Luxembourg, etc.)
• Update on “Non-Doms” taxation in the UK: is the UK still a favoured place for “non-domiciliaries” after the recent changes? Complexity/ambiguity of the interpretation of “connecting factors” to the UK: what is the current status of the legislative proposal aimed at determining individuals’ tax status more clearly?
11:15 Coffee break
11:45 Session 2. Key factors you need to know for Asset Structuring & Asset Protection
• Which types of structures are currently being used by Russian/CIS HNWIs, and for which purposes? Which structures can protect private clients’ assets, and from which types of risks? Which trends are emerging, which structures are likely to be used in future, and why? International holding companies, Trusts, private foundations and their combinations – Private investment companies, Partnerships, etc.
• A comparative analysis of international off-shore financial centres, including recent data from the Global Financial Centres rating (Cyprus, BVI, Channel Islands, Malta, Liechtenstein, Luxembourg, etc.)
• Cultural differences and lack of understanding from Russian clients of the concept of “trust”: how to overcome these difficulties?
• The importance of efficient management of offshore structure after they have been created.
Review the latest issues for efficient Succession Planning
• Have Russian private clients devoted more attention to succession planning and transferring management of their business to the next generation? What are the common pitfalls here? The use of family constitutions, use of corporate governance principles, etc.
• International inheritance tax, gift tax & estate tax in succession planning
14:30 Session 3.What do I need to consider when assessing International Investments
Including Guest Presentations And An Interactive Debate
• In what types of assets do Russian HNWIs tend to invest and why? Traditional assets versus “alternative” assets; liquid assets versus illiquid assets etc
• What is their attitude to risk and how does it compare with investors form other countries?
• Where to invest private money in the current market conditions? Global markets: current and future trends – hear the opinions of renowned investors and investment managers
• Investing in stocks. Are we really seeing an “end of sthe equity cult”? (as stated by the FT in May 2012)
• Guest Presentation: investing in Forex — current trends
• Is it time to invest in commodities? Expert presentation , with a spotlight on gold
Spotlight. Russian private investors: investing in businesses abroad
• Russian/CIS private individuals investing in businesses abroad: what type of businesses and industries they tend to invest in and why? …
• What is the image/perception of a Russian private investor abroad? … Is it changing?
• Acquiring businesses in various countries: what are the structuring options? What are the legal frameworks?
16:00 Coffee break
16:30 Interactive Round Tables
These round table discussions will run in the from of Parallel Streams and will be followed by Gala Cocktail Reception
Round Table Discussion 1: Investing In Wine, Plus! Blind Wine Tasting Led By An In International Wine Expert.
Round Table Discussion 2: Concierge/ Lifestyle Services For Private Clients
Round Table Discussion 3: Philanthropy And Charities
18:00 Gala Cocktail Reception
Main Conference, Day Two:
4th October 2012, Thursday
45+ Speakers include:
Julien Sevaux, Managing Partner Stanhope Capital
Simon Bruce, Partner Farrer & Co
Nikolai Lazarev, Solicitor and Barrister 3PB Barristers
George Koreas, Director, Global Immigration Ernst & Young
Valery Zaikin, Private Client Director RBC Wealth Management
Hakan Cortelek, Managing Partner Henley & Partners Ltd
Nuri Katz, President Apex Capital Partners Corp
Joanna Vickery, Senior Director, Head of Russian Department Sotheby’s
Alexander Nikitich, Founding Director Carfax Education
Alex McBarnet, Head of United Marine & Aviation (Yachts and Private Aircraft), United Trust
08:30 Registration & refreshments
09:00 Session 4. Panel Discussion Essential Know-How For Creating And Structuring A Family Office
• Creating and structuring a family office: what are the main issues to consider?
• Where does it make most sense to locate your family office specialists, London, Moscow, Switzerland or elsewhere? Where should directors be based? London-based family offices – the procedure for applying for and receiving FSA registration.
• How to minimise the cost of running a multifamily office? How to hire and manage the pool of onsultants and advisors effectively
• How to maintain independency and provide impartial advice? Are there cases when it is better to say “no” to a client?
• Family offices working with banks: what are the pros and cons of working with either private banks or investment banks?
10:00 Coffee break
10:15 Session 5. Hot Topic! Focus On Disputes & Litigations
• The English Court System: Why are an increasing number of Russian / CIS businessmen choosing London as a place to sue their rivals?
• Disputes related to shareholders rights: what are the typical issues here and how can they be resolved?
• Family disputes. Family and divorce law in Russia and abroad. Why is London often called the capital of divorces?
• Criminal pitfalls for Russians in the UK. Bribery Act 2010 (UK) and its repercussions for Russian companies and individuals
11:30 Coffee break
11:45 Session 6. Crucial Information To Know About Second Citizenship/ Immigration Solutions
• Russian and CIS private clients: relocation trends? Which destinations are popular for a second passport, and why? Which are possibly overlooked and why?
Country specific updates:
• The UK. What are the new immigration rules in the UK to attract High Net Worth Individuals / investors? Update on the conditions for Tier 1 immigrants and requirements for investing in the British economy, including UK bonds. Subtopic: what do I need to know if I want to invest in the UK bond markets?
• An update on immigration rules in Switzerland, Cyprus and other countries
• “Citizenship-by-investment” and similar programmes in the Caribbean: St Kitts & Nevis, St Martins, Barbados and other islands
• Latest changes to the immigration rules in Canada and other countries
14:15 Session 7. Key Issues To Consider When Acquiring Movable Property
• Yachts & Super-Yachts Analysis of the legal aspects for acquiring (or leasing) yachts and super – yachts. How to approach the VAT issues? Securing finance for a deal: what options are available?
• Jets Current trends and tastes in private aviation: do Russian clients prefer to buy jets or to use charter aviation? Why? What are their financing options? What are the legal aspects of a deal?
• Registration and ownership nuances and the importance of professional administration & maintenance of yachts and jets
• Acquiring Fine Art: what type of art do Russian private clients prefer to buy? Where do they buy it, and why? What is the motivation/purpose of such acquisitions: investment, passion or social standing?
• Tax and legal issues related to acquiring and disposing of art
15:30 Coffee break
16:00 Interactive Round Tables These round table discussions will run in the form of parallel streams
Round Table Discussion 1: Due Diligence/ Kyc Issues
• How to tackle the increasing requirements for compliance and the KYC (Know Your Customer) rule?
Round Table Discussion 2: Education Services
• Where to educate your children? Which countries/schools/universities are best internationally, and which are most popular among Russian HNWIs? What are the entry requirements for popular institutions/countries, and how can pitfalls during the application process be avoided?