Carey Group l Monaco Private Client Services

Carey Group l Monaco Private Client Services

Carey Group History Our heritage dates back to 1968 when we established Carey Trustees Limited, one of the longest established independent trust companies in Guernsey. Consistent growth has led to operations in a number of key European locations. The group now comprises six offices employing 120 staff. We are affiliated with Carey Olsen, a leading legal service provider for Guernsey and Jersey law, although as an independent group of companies we work with our client s choice of professional advisers such as asset managers, lawyers, accountants, tax consultants and bankers. As a developing and forward thinking company Carey is always looking to invest in new opportunities. In recent years we have established business in Luxembourg and most recently, we successfully launched Carey Pensions UK, an independent administration and trustee company providing specialist pension services and products to the UK market. Services Carey Group is an international financial services company, establishing and supporting structures for commercial and private clients, providing proactive management services such as domiciliation, administration and accounting. Carey Group Monaco have specific expertise in managing structures for: Sportsmen Artists & entertainers Family offices Yachts Aircraft Philanthropy Private Investments Multi-lingual staff provide multi-jurisdictional solutions using common and civil law expertise. All activities are carried out effectively, efficiently and with high quality.

Carey Group, Monaco Carey Group, Monaco Carey SAM, Monaco was set up in 2003 to provide professional trust and corporate structure services to private clients. Since that time, the company has grown and there is now a team of more than fifteen, located in offices in the centre of Monaco. The team consists of senior lawyers, chartered accountants, tax and trust experts with extensive knowledge and experience in providing trust and corporate services to private clients. Languages spoken include French, English, Italian, Spanish and German. Services Carey Group, Monaco provides the professional fiduciary services to private clients including setting up and administering trusts & corporate structures, family office services and private client services specific to Monaco. We do not provide legal, investment, tax or audit services instead focusing on our core competences which are reviewed in more detail further in this booklet. Carey Group Monaco have specific expertise in managing structures for: Sportsmen Artists & entertainers Family offices Yachts Aircraft Philanthropy Private Investments More information on the services Carey Group Monaco offers is contained in this booklet.

Monaco Carey Group in Monaco is able to provide local advice and practical assistance for private clients in the following areas. Becoming resident in Monaco The application to become resident in Monaco can be a complex process for new arrivals. We provide practical assistance for the whole process including assistance in finding apartments, collecting and completing the documents required and organising the necessary meetings. Setting up a business in Monaco Each business set up is authorised by the Government and Carey Group Monaco has assisted many clients through the process of selecting the correct business entity, then completing the forms and attending the necessary meetings with the client. Law 214 Trusts Languages spoken in our Monaco office include French, English, Italian, Spanish and German. Carey SAM is a Court authorised trustee in Monaco. We are therefore able to act as trustee for clients trusts set up under their wills written under Monaco s Law 214. Purchasing real estate in Monaco We have assisted clients to purchase their real estate in Monaco, coordinating with local lawyers and notaries through the acquisition process, setting up the right entity appropriate for their requirements. Once the structure is set up, we are able to manage it for the client, completing and filing any returns required. Purchasing real estate in France We are also able to coordinate the purchase of real estate purchased in France, working with lawyers and notaries there to finalise the acquisition. We also set up appropriate ownership structures to hold the assets, which we then manage filing any annual and tax returns required.

Trust & corporate structures Benefits of structures Assets are typically held in international trust and company structures. These structures are beneficial for private clients as they provide for protection of assets, tax efficiency and privacy. The assets so structured may include investments, residential and commercial real estate, family businesses, hotels or fine art, aircraft and yachts. Coordinating with professional advisers, the clients own legal and tax and other experts, we ensure that the efficient and cost-effective structures are created for the long-term benefit of the client. Range of structures We can also actively manage the assets within the structure, engaging with the client and experts where necessary to ensure that the assets are operated, maintained and insured correctly. We are able to set up the following types of structures for clients. Asset Protection Structures Corporate and trust structures are beneficial for private clients as they provide for protection of assets, tax efficiency and privacy. Holding Companies Intellectual Property Structures Trust Structures for Yachts Trust Structures for Private Aircraft Trusts Foundations

Trusts & foundations Trusts Individuals and families looking to the protection of their wealth in the longer term can set up a trust to protect their assets for the next generation. While some tax advantages may be possible, trusts are principally set up to ensure that the family s legacy is established. Carey SAM, a limited liability company set up under the laws of Monaco, is a Court appointed authorised trustee acting in this capacity for a number of clients. Foundations Individuals and families wishing to protect their wealth for the next generations may also set up a foundation. While the rationale for forming a foundation is similar to that of setting up a trust to protect assets, to manage the transfer to the next generation foundations are ultimately different to trusts and are attractive to a different set of clients. Private trust companies The recent relaxation of the regulatory requirements in setting up a private trust company (PTC) has increased their popularity. Private Trust Companies may be set up by clients requiring a trustee solely for their own structures. They can also enable the client to retain a greater degree of control. A PTC is a company, set up in an appropriate tax neutral jurisdiction, which acts as the trustee for private family trusts. They are popular as they enable the family to select the directors of the PTC which can include family members, trust professionals and trusted advisers of the family. The structure also enables the private Family Office to carry out administration of the underlying structure.

Corporate structures Asset protection structures A client with high risk assets such as an aircraft will wish to keep this asset separate from other assets. Should an incident occur, it is helpful that any potential liability is retained within the structure owning the asset to protect the clients other assets. This is the concept of asset protection. While no structure can provide guarantees, asset protection structures are set up to mitigate risks. Holding companies A client will often have assets in different jurisdictions, some high tax and some low tax. Strategic holding companies can reduce withholding and other taxes significantly for interest and dividends received from underlying investments. However, it is important that the structure is correctly managed to ensure that any treaty and other benefits are obtained, especially that management and control is retained in the correct jurisdiction. Using the special holding company will minimise withholding taxes when payments are received. Assets so structured may include investments, residential and commercial real estate, family businesses, hotels or fine art, aircraft and yachts. Intellectual property structures A client holding intellectual property (IP) will wish to both safeguard its existence and ensure that taxes withheld from royalties received on its commercial exploitation are reduced to a minimum. An IP Holding structure will achieve this by holding the asset in a tax efficient jurisdiction and licensing the IP through countries with beneficial international treaties. This structure also allows the client to efficiently protect the asset under copyright laws and structure properly should there be any future sale of the IP.

Private yachts & aircraft Yachts A yacht is often held in a stand-alone trust structure for asset protection purposes. Carey Group has set up and manage a number of structures that hold and operate yachts for private clients. This includes all aspects of administration from assistance with the set up of the structure, managing the structure and helping to oversee the operations of the yacht. Working as part of a team with lawyers, tax advisers and yacht management companies, we ensure that the structure runs efficiently, working with other professionals overseeing the operations. Private aircraft A private aircraft is another significant asset often held in a stand-alone trust structure for asset protection purposes. Through our industry contacts, Carey Group is able to assist clients in sourcing their new aircraft, work with lawyers and tax advisers to purchase the aircraft and set up an appropriate tax efficient and asset protection structure. We then manage the corporate structure working closely with the aircraft management company responsible for the aircraft s operations. We can work as part of a team with lawyers, tax advisers and management companies, we ensure that the structure runs efficiently, working with other professionals overseeing the operations.

Sportsmen, artists & entertainers Sportsmen, artists and entertainers require bespoke structures as part of their planning, which can also involve moving their residence to a more tax efficient jurisdiction. Revenue streams derive from employment, royalties, races or events in one country or many. Setting up tax efficient structures helps the individual to maximise the income he is able to retain during what is often a short earning window. An athlete living in Monaco, for example, may receive income from events and royalties from endorsements. With the correct structure, he is able to minimise the taxes he pays in each country where he earns income. We set up bespoke family offices including, as required, the fiduciary and governance structures, advising and selecting locations and hiring personnel.

Family Offices A family office is created to assist with the administration of a family s private affairs, and can provide investment management, fiduciary (trust & estate) and concierge services. But setting up a family office is more than setting up a trust and corporate structure. It means understanding the requirements and objectives of an individual or family and helping, with other advisers, to build a structure that will safely and efficiently manage wealth today and create a legacy for future generations. We set up bespoke family offices including, as required, the fiduciary and governance structures, advising and selecting locations and hiring personnel. Our team also has extensive experience of managing large private single family offices in-house as well as assisting governments with the introduction of legislation for family offices. We set up bespoke family offices including, as required, the fiduciary and governance structures, advising and selecting locations and hiring personnel.

Reporting & estate planning Financial & Legal Reporting It is not always clear to a client how much wealth he has, which assets he has, the costs associated with each asset or how certain investments are truly performing. Carey Group is able to provide a comprehensive financial reporting of all a client s global assets. This report is tailored to each client s individual requirements and provides a regular snapshot of assets and liabilities, income, costs and profitability by asset. The report can be used as a management tool to understand the performance of investment portfolios, where professional costs are being spent or whether aircraft spending is over-budget. Information & Estate Planning Carey Group is able to provide a comprehensive financial reporting of all a client s global assets. An individual can arrive at a situation where it is not clear which assets are held, where and what their current valuations are. Title to the assets may be spread over several continents as assets and structures are managed in different countries by different entities and ownership documents stored elsewhere. It has been known for families to spend significant fees and time sorting out a deceased s estate as a result. One solution is to create an estate plan. The first step of this plan is to set out what assets are owned both in structures and personal names, where these assets are, where the title documents are and their current value. The assets can then be controlled and managed more effectively, a tax efficient strategy can be created and a coherent succession plan formed.

Philanthropy A moment arrives when individuals and families think less of adding to their wealth and more of how to give to society. Many like the idea of philanthropy, but do they donate to specific projects which will potentially show tangible positive results, or give to a worthy charity where it is not clear how your donations have benefitted those that need them? Some prefer to know the cost spent on administering the charity so will require transparency, while some will want to know that their donation will be spent on a specific project with fixed objectives in terms of changing lives. To create a structure, the philanthropic wishes of an individual or family are considered and an appropriate structure built around them. Carey Group has experience on working with clients to set up and administer their philanthropy structures. And through our knowledge of this specialist area, we are able to bring experts to meet with clients who can guide and assist them in making philanthropic decisions that are right for them. A moment arrives when individuals and families think less of adding to their wealth and more of how to give to society.

Private Wealth Services Carey Group provides a range of wealth management solutions to high net worth individuals and families worldwide. Over 150 staff working from nine EU and non-eu jurisdictions offering corporate and private structures for a broad range of assets Independent group majority owned by the partners of Carey Olsen law firm, a leading Channel Islands practice Experience of managing different structures with varying governing laws Director led administration with real decision making authority A trustee board with a broad mix of legal, investment, accounting and administrative experience Investment review committee function which uses expertise from external partners to review investment performance and highlight issues for further consideration Experience of managing client relationships from multiple jurisdictions in a cohesive manner Proven reputation built up over 40 years in the fiduciary market Private Wealth Services Structuring and inheritance planning Company formation & administration Trust formation & administration Family office services Pension services Marine registration Aircraft services

Carey Group Monaco - Key Contacts Lindsay Leggat-Smith is Managing Director of the Monaco office. He holds a Law Degree from Edinburgh University and qualified as a Solicitor in Scotland. Moving to Paris in 1971, Lindsay practised commercial law there until 1980 when he transferred to Monaco. There, he dealt with all aspects of private client work, including high value asset transactions, before joining the international trust industry, working for a private banking group until 2003 when he established the Carey Group Monaco office. Lindsay is a member of The Society of Trust and Estate Practitioners and the current Chairman of the Monaco Association of Company Service Provides. Lindsay is fluent in English, French and German. Stéphane Postifferi is a Director and Commercial Manager in the Monaco office. He graduated from Nice Sophia Antipolis University in 1995 with a specialisation in International Business Law Practice and Management. Prior to setting up the Monaco office in 2003 and being appointed Director in 2005, he gained 4 years experience providing commercial, trust and corporate services to private clients and 4 years experience in private banking in Luxembourg, Monaco and Paris. Stéphane is fluent in French, English, Italian and Spanish and is a member of the Society of Trust and Estate Practitioner. We set up and manage international tax efficient structures for private clients, working in collaboration with other experts (e.g. legal, tax, banking) internationally. Our office includes qualified lawyers, accountants, tax advisers and trust professionals. Languages spoken include English, French, Italian, German and Spanish.

Contacts Carey Group Monaco T: +377 97 77 28 60 F: +377 97 77 34 53 E: info@careygroup.gg Carey S.A.M. 24 Boulevard Princesse Charlotte, MC 98000, Monaco. To view the current Carey Group office contacts in detail with senior director profiles, please click the links below (requires web access). Group Contacts Meet The Team by individual office location director profiles and locations The information contained herein is a general summary and does not constitute professional tax, investment or legal advice and should not be relied upon. No responsibility is accepted for any errors contained in this information sheet which should not be circulated where such circulation would be an infringement of local laws or regulation. Carey Group does not provide tax, legal or investment advice which should be sought in the country of domicile/residence of every client. * No commission s basis means that we do not advise our clients to use a particular third party for provision of services specifically to receive commission payments. However, we may have agreements in place allowing us to take commission payments from third parties for the provision of services with that particular third party and reserve the right to apply any percentage of the commission payments in the best interest of the client.