Carey Group l Monaco Private Client Services

Monaco Private Client ServicesCarey GroupHistoryOur heritage dates back to 1968 when we established Carey TrusteesLimited, one of the longest established independent trust companies inGuernsey.Consistent growth has led to operations in a number of key Europeanlocations. The group now comprises six offices employing 120 staff.We are affiliated with Carey Olsen, a leading legal service provider forGuernsey and Jersey law, although as an independent group ofcompanies we work with our client’s choice of professional adviserssuch as asset managers, lawyers, accountants, tax consultants andbankers.As a developing and forward thinking company Carey is always lookingto invest in new opportunities. In recent years we have establishedbusiness in Luxembourg and most recently, we successfully launchedCarey Pensions UK, an independent administration and trusteecompany providing specialist pension services and products to the UKmarket.ServicesCarey Group is an international financial services company,establishing and supporting structures for commercial and privateclients, providing proactive management services such as domiciliation,administration and accounting.Carey Group Monacohave specific expertisein managing structuresfor:SportsmenArtists & entertainersFamily officesYachtsAircraftPhilanthropyPrivate InvestmentsMulti-lingual staff provide multi-jurisdictional solutions using commonand civil law expertise. All activities are carried out effectively, efficientlyand with high quality.W: www.careygroup.gg

Monaco Private Client ServicesCarey Group, MonacoCarey Group, MonacoCarey SAM, Monaco was set up in 2003 to provide professional trustand corporate structure services to private clients.Since that time, the company has grown and there is now a team ofmore than fifteen, located in offices in the centre of Monaco.The team consists of senior lawyers, chartered accountants, tax andtrust experts with extensive knowledge and experience in providing trustand corporate services to private clients.Languages spoken include French, English, Italian, Spanish andGerman.ServicesCarey Group, Monaco provides the professional fiduciary services toprivate clients including setting up and administering trusts & corporatestructures, family office services and private client services specific toMonaco.We do not provide legal, investment, tax or audit services insteadfocusing on our core competences which are reviewed in more detailfurther in this booklet.Carey Group Monacohave specific expertisein managing structuresfor:SportsmenArtists & entertainersFamily officesYachtsAircraftPhilanthropyPrivate InvestmentsMore information on the services Carey Group Monaco offers iscontained in this booklet.W: www.careygroup.gg

Monaco Private Client ServicesMonacoCarey Group in Monaco is able to provide local advice and practicalassistance for private clients in the following areas.Becoming resident in MonacoThe application to become resident in Monaco can be a complexprocess for new arrivals. We provide practical assistance for the wholeprocess including assistance in finding apartments, collecting andcompleting the documents required and organising the necessarymeetings.Setting up a business in MonacoEach business set up is authorised by the Government and CareyGroup Monaco has assisted many clients through the process ofselecting the correct business entity, then completing the forms andattending the necessary meetings with the client.Law 214 Trusts“ Languagesspoken in ourMonaco officeinclude French,English, Italian,Spanish andGerman.”Carey SAM is a Court authorised trustee in Monaco. We are thereforeable to act as trustee for clients’ trusts set up under their wills writtenunder Monaco’s Law 214.Purchasing real estate in MonacoWe have assisted clients to purchase their real estate in Monaco,coordinating with local lawyers and notaries through the acquisitionprocess, 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 FranceWe are also able to coordinate the purchase of real estate purchased inFrance, working with lawyers and notaries there to finalise theacquisition. We also set up appropriate ownership structures to holdthe assets, which we then manage filing any annual and tax returnsrequired.W: www.careygroup.gg

Monaco Private Client ServicesTrust & corporate structuresBenefits of structuresAssets are typically held in international trust and company structures.These structures are beneficial for private clients as they provide forprotection of assets, tax efficiency and privacy.The assets so structured may include investments, residential andcommercial real estate, family businesses, hotels or fine art, aircraft andyachts.Coordinating with professional advisers, the clients’ own legal and taxand other experts, we ensure that the efficient and cost-effectivestructures are created for the long-term benefit of the client.Range of structuresWe can also actively manage the assets within the structure, engagingwith the client and experts where necessary to ensure that the assetsare operated, maintained and insured correctly.We are able to set up the following types of structures for clients.Asset Protection Structures“Corporate andtrust structures arebeneficial forprivate clients asthey provide forprotection ofassets, taxefficiency andprivacy.”Holding CompaniesIntellectual Property StructuresTrust Structures for YachtsTrust Structures for Private AircraftTrustsFoundationsW: www.careygroup.gg

Monaco Private Client ServicesTrusts & foundationsTrustsIndividuals and families looking to the protection of their wealth in thelonger term can set up a trust to protect their assets for the nextgeneration. While some tax advantages may be possible, trusts areprincipally set up to ensure that the family’s legacy is established.Carey SAM, a limited liability company set up under the laws ofMonaco, is a Court appointed authorised trustee acting in this capacityfor a number of clients.FoundationsIndividuals and families wishing to protect their wealth for the nextgenerations may also set up a foundation. While the rationale forforming a foundation is similar to that of setting up a trust – to protectassets, to manage the transfer to the next generation – foundations areultimately different to trusts and are attractive to a different set ofclients.Private trust companiesThe recent relaxation of the regulatory requirements in setting up aprivate trust company (PTC) has increased their popularity.“ Private TrustCompanies may beset up by clientsrequiring a trusteesolely for their ownstructures. Theycan also enable theclient to retain agreater degree ofcontrol.”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 asthey enable the family to select the directors of the PTC which caninclude family members, trust professionals and trusted advisers of thefamily.The structure also enables the private Family Office to carry outadministration of the underlying structure.W: www.careygroup.gg

Monaco Private Client ServicesCorporate structuresAsset protection structuresA client with high risk assets such as an aircraft will wish to keep thisasset separate from other assets. Should an incident occur, it is helpfulthat any potential liability is retained within the structure owning theasset to protect the clients’ other assets.This is the concept of ‘asset protection’.While no structure can provide guarantees, asset protection structuresare set up to mitigate risks.Holding companiesA client will often have assets in different jurisdictions, some high taxand some low tax. Strategic holding companies can reduce withholdingand other taxes significantly for interest and dividends received fromunderlying investments.However, it is important that the structure is correctly managed toensure that any treaty and other benefits are obtained, especially thatmanagement and control is retained in the correct jurisdiction.Using the special holding company will minimise withholding taxeswhen payments are received.“ Assets sostructured mayincludeinvestments,residential andcommercial realestate, familybusinesses, hotelsor fine art, aircraftand yachts.”Intellectual property structuresA client holding intellectual property (IP) will wish to both safeguard itsexistence and ensure that taxes withheld from royalties received on itscommercial exploitation are reduced to a minimum.An IP Holding structure will achieve this by holding the asset in a taxefficient jurisdiction and licensing the IP through countries withbeneficial international treaties. This structure also allows the client toefficiently protect the asset under copyright laws and structure properlyshould there be any future sale of the IP.W: www.careygroup.gg

Monaco Private Client ServicesPrivate yachts & aircraftYachtsA yacht is often held in a stand-alone trust structure for asset protectionpurposes.Carey Group has set up and manage a number of structures that holdand operate yachts for private clients. This includes all aspects ofadministration from assistance with the set up of the structure,managing the structure and helping to oversee the operations of theyacht.Working as part of a team with lawyers, tax advisers and yachtmanagement companies, we ensure that the structure runs efficiently,working with other professionals overseeing the operations.Private aircraftA private aircraft is another significant asset often held in a stand-alonetrust structure for asset protection purposes.Through our industry contacts, Carey Group is able to assist clients insourcing their new aircraft, work with lawyers and tax advisers topurchase the aircraft and set up an appropriate tax efficient and assetprotection structure.We then manage the corporate structure working closely with theaircraft management company responsible for the aircraft’s operations.“ We can work aspart of a team withlawyers, taxadvisers andmanagementcompanies, weensure that thestructure runsefficiently, workingwith otherprofessionalsoverseeing theoperations.”W: www.careygroup.gg

Monaco Private Client ServicesSportsmen, artists & entertainersSportsmen, artists and entertainers require bespoke structures as partof their planning, which can also involve moving their residence to amore tax efficient jurisdiction.Revenue streams derive from employment, royalties, races or events inone country or many. Setting up tax efficient structures helps theindividual to maximise the income he is able to retain during what isoften a short earning window.An athlete living in Monaco, for example, may receive income fromevents and royalties from endorsements. With the correct structure, heis able to minimise the taxes he pays in each country where he earnsincome.“ We set upbespoke familyoffices including,as required, thefiduciary andgovernancestructures,advising andselecting locationsand hiringpersonnel.”W: www.careygroup.gg

Monaco Private Client ServicesFamily OfficesA family office is created to assist with the administration of a family’sprivate 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 andcorporate structure. It means understanding the requirements andobjectives of an individual or family and helping, with other advisers, tobuild a structure that will safely and efficiently manage wealth today andcreate a legacy for future generations.We set up bespoke family offices including, as required, the fiduciaryand governance structures, advising and selecting locations and hiringpersonnel.Our team also has extensive experience of managing large privatesingle family offices in-house as well as assisting governments with theintroduction of legislation for family offices.“ We set upbespoke familyoffices including,as required, thefiduciary andgovernancestructures,advising andselecting locationsand hiringpersonnel.”W: www.careygroup.gg

Monaco Private Client ServicesReporting & estate planningFinancial & Legal ReportingIt is not always clear to a client how much wealth he has, which assetshe has, the costs associated with each asset or how certaininvestments are truly performing.Carey Group is able to provide a comprehensive financial reporting ofall a client’s global assets.This report is tailored to each client’s individual requirements andprovides a regular snapshot of assets and liabilities, income, costs andprofitability – by asset.The report can be used as a management tool to understand theperformance of investment portfolios, where professional costs arebeing spent or whether aircraft spending is over-budget.Information & Estate Planning“ Carey Group isable to provide acomprehensivefinancial reportingof all a client’sglobal assets.”An individual can arrive at a situation where it is not clear which assetsare held, where and what their current valuations are.Title to the assets may be spread over several continents as assets andstructures are managed in different countries by different entities andownership documents stored elsewhere. It has been known for familiesto spend significant fees and time sorting out a deceased’s estate as aresult.One solution is to create an estate plan. The first step of this plan is toset out what assets are owned both in structures and personal names,where these assets are, where the title documents are and their currentvalue.The assets can then be controlled and managed more effectively, a taxefficient strategy can be created and a coherent succession planformed.W: www.careygroup.gg

Monaco Private Client ServicesPhilanthropyA moment arrives when individuals and families think less of adding totheir wealth and more of how to give to society.Many like the idea of philanthropy, but do they donate to specificprojects which will potentially show tangible positive results, or give to aworthy charity where it is not clear how your donations have benefittedthose that need them?Some prefer to know the cost spent on administering the charity so willrequire transparency, while some will want to know that their donationwill be spent on a specific project with fixed objectives in terms ofchanging lives.To create a structure, the philanthropic wishes of an individual or familyare considered and an appropriate structure built around them. CareyGroup has experience on working with clients to set up and administertheir philanthropy structures.And through our knowledge of this specialist area, we are able to bringexperts to meet with clients who can guide and assist them in makingphilanthropic decisions that are right for them.“ A moment arriveswhen individualsand families thinkless of adding totheir wealth andmore of how togive to society.”W: www.careygroup.gg

Monaco Private Client ServicesPrivate Wealth ServicesCarey Group provides a range of wealth management solutions to highnet worth individuals and families worldwide.Over 150 staff working from nine EU and non-EU jurisdictionsoffering corporate and private structures for a broad range ofassetsIndependent group majority owned by the partners of Carey Olsenlaw firm, a leading Channel Islands practiceExperience of managing different structures with varyinggoverning lawsDirector led administration with real decision making authorityA trustee board with a broad mix of legal, investment, accountingand administrative experienceInvestment review committee function which uses expertise fromexternal partners to review investment performance and highlightissues for further considerationExperience of managing client relationships from multiplejurisdictions in a cohesive mannerProven reputation built up over 40 years in the fiduciary marketPrivate WealthServicesStructuring andinheritance planningCompany formation& administrationTrust formation &administrationFamily officeservicesPension servicesMarine registrationAircraft servicesW: www.careygroup.gg

Monaco Private Client ServicesCarey Group Monaco - Key ContactsLindsay Leggat-Smith is Managing Director ofthe Monaco office. He holds a Law Degree fromEdinburgh University and qualified as a Solicitorin Scotland. Moving to Paris in 1971, Lindsaypractised commercial law there until 1980 whenhe transferred to Monaco. There, he dealt with allaspects of private client work, including high valueasset transactions, before joining the internationaltrust industry, working for a private bankinggroup until 2003 when he established the CareyGroup Monaco office. Lindsay is a member of TheSociety of Trust and Estate Practitioners and thecurrent Chairman of the Monaco Association ofCompany Service Provides. Lindsay is fluent inEnglish, French and German.Stéphane Postifferi is a Director and CommercialManager in the Monaco office. He graduated fromNice Sophia Antipolis University in 1995 with a specialisationin International Business Law Practiceand Management. Prior to setting up the Monacooffice in 2003 and being appointed Director in 2005,he gained 4 years experience providing commercial,trust and corporate services to private clientsand 4 years experience in private banking in Luxembourg,Monaco and Paris. Stéphane is fluent inFrench, English, Italian and Spanish and is a memberof the Society of Trust and Estate Practitioner.“We set up and manageinternational taxefficient structures forprivate clients, workingin collaboration withother experts (e.g. legal,tax, banking)internationally. Ouroffice includes qualifiedlawyers, accountants,tax advisers and trustprofessionals.Languages spokeninclude English, French,Italian, German andSpanish.”W: www.careygroup.gg

Monaco Private Client ServicesContactsCarey Group MonacoT: +377 97 77 28 60F: +377 97 77 34 53E: info@careygroup.ggW: www.careygroup.ggCarey 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 ContactsMeet The Teamby individual office locationdirector profiles and locationsThe information contained herein is a general summary and does not constitute professional tax, investment or legal advice and should not be reliedupon. No responsibility is accepted for any errors contained in this information sheet which should not be circulated where such circulation would bean infringement of local laws or regulation. Carey Group does not provide tax, legal or investment advice which should be sought in the country ofdomicile/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 receivecommission payments. However, we may have agreements in place allowing us to take commission payments from third parties for theprovision of services with that particular third party and reserve the right to apply any percentage of the commission payments in the bestinterest of the client.