Pets and property prove problematic

Date: 23 Apr 2024

Ashleigh John

The Citywealth Forum is coming up on the 14^th May. Citywealth Editor Karen Jones shares some thoughts from speakers ahead of the day. Read about the forum here https://www.citywealthmag.com/citywealth-forum-agenda/

Dubai gained popularity following the regulatory sanctions shut down around the world, no surprise to any of you, but did you know its popularity continues and those who moved there show no sign of returning and more seek to relocate there? However, one problem has emerged – pets. Even pets on private jets are not getting entry, how do we resolve that? Italian laws to attract UHNW clients have also seen a flood of returnees and new clients looking to relocate. Hedge funds in Milan is one anecdote but now a problem emerges – the property market is on fire and getting an apartment is proving expensive and difficult.

Singapore has consolidated as a place to put assets, as Hong Kong has been in free fall after its long lock down; people want to live in Dubai, but they don’t want their assets there. The Channel Islands and Isle of Man see a resurgence of interest as the world gets less tolerant of each other, but the jury is out on how British politics will treat them with a global narrative of ‘tax the rich’. Will they remain an economic engine for investment management and investments back into the UK or will they see the pendulum swing to tougher tax measures and sanctions?

Dynastic trusts are in the spotlight. Do they still serve their purpose? Can constitutions last past one generation? Should there be more innovation in the trust world? The debate swings for both each way. There is innovation, many say, but it turns out geopolitics can help consolidate opinion as clients look for a safe harbour and innovation takes a back seat.

There is a need for defence, says Prince Michael of Liechtenstein: “Defence has been widely neglected by many countries as the world gets more aggressive.” Ethical investments also exclude defence investments. All a backwards step, as Russia seeks to protect its image that it is safe and NATO steps up its role in Ukraine. Does this mean weapons should be invested in? It is a controversial subject which needs careful thought. Perhaps certain types but not others?

AI will change the entire industry with many professionals unnecessary in the future – perhaps a new industry of consultants and professionals will emerge, say our speakers.

Whether they are right or wrong, we look forward to an excellent debate and some answers to questions that have beset the entire global wealth management industry. There are some complimentary VIP passes available, contact Calin Lapuste clapuste@citywealthmag.com or call 020 7847 5858 – qualifying individuals only.

Read about the forum here