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The Swiss Family Office that operates resources for very wealthy people, from controlling to Dubai to control political debate, reduces the attractiveness of Switzerland as a combination of taxes.
Ronald Graham, a managing partner of the Dubai office in the law agency Taylor Wessing, said people from two major family offices, including a billions of dollars, told him that they were exploring the United Arab Emirates and this was the reason for this control. A already completed this step.
He said: “There is more control in Switzerland, of course there is more expression in terms of confidential information. Dubai family offices are not subject to the same quality, they may be more personal – it’s more attractive to the rich people in the world.”
Graham said “Family” definition, “the road to the moment of Damascus” that persuaded these family offices to consider the departure of Switzerland, but rather had a pile of obstacles.
According to the Swiss Bank Julius Bar, a family office in Switzerland should be licensed as a portfolio manager with the above earnings or resources above, attracting more strict control, according to the Swiss Bank Julius Bar. On the contrary, Graham said that Dubai’s “Family” had a wide definition that did not invite greater control.
Rich families were also concerned by the recent political controversy in Switzerland, which will be held at the end of this year for a very large inheritance and a referendum for the introduction of 50 percent tax on gifts.
A beneficiary of a Swiss Family Office says that concerns about political debate and control forced some people to leave the country.
The voters are expected to reject the proposal, but the person said, “The insecurity that it has created in the last two years has obviously encouraged some families to revisit Switzerland as a financial center.” He quoted the Norwegian families who came there to avoid high domestic taxes and Swiss families who kept their business in their family office.
Both single family office, which operates a family resource and multi-family offices are wholesale in Dubai or a branch there. According to the DIFC, last year, about 200 family offices joined the offshore financial center in Dubai, taking a total of 800.
Switzerland’s consultant KPMG partner Reto Garias said he had seen many family offices moving to the Middle East because their clients were moving. “The quality of life in Dubai is high and the economic system is moving towards entrepreneurs and high-net-valuable people,” he said.
Switzerland’s Deloit’s tax partner Thomas Hugh noted that Switzerland did not encourage investment agencies, while some of the Middle East government were giving “compulsory subsidies”.
Were also benefiting from other changes from Dubai The abolition In other European countries, the restrictions on high taxes and Russian resources, art statistics of art.
Family offices that come out of Switzerland and the UAE are “often long-founded, sophisticated, multi-dimensional [and] Run for non-dollar citizens ”, M/HQ’s managing partner Ian Mzek says, which helps rich clients to build their resources.
The rankings of the 2021 international resource management centers of the consultant Delot say that Switzerland remains the top center of the world but “recent events. … threatening to weaken Swiss competition”, credits, referring to some investors after bankruptcy.
At the same time, something The rich The Trump administration is creating an uninterrupted plan to transfer resources to Switzerland because of the uncertainty. Ski of Andarmat proves the village Especially interesting Because of the loose rules about the ownership of foreign property.
