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Where next for Private Wealth

Where we are today

The pandemic has helped focus individuals on what really matters to them and their families. With a vaccine strategy in place, and imminent plans for a comprehensive roll out, the world is waiting to emerge into this new reality, with new risks and new opportunities.

Asset classes are also changing, with significant rewards for first movers - and businesses continue looking to change, survive, digitalise, diversify and become more resilient, but at a much faster pace.

It has dawned on people that the pandemic and its effects will not be over any time soon. As such, there is a realisation that long standing arrangements and assumptions need to be revisited and adjustments need to be made.    

What are we learning from the crisis?

Immigration seems to be on everyone's mind - and we are seeing new priorities for families looking to increase their mobility opportunities. This comes with a range of options - not least for education, tax, health, wealth, administrative simplicity and quality of life purposes. 

Succession matters and the transfer of wealth to next generations responsibly also remain front of mind. This is especially relevant for families who live in different countries with different realities and different rules, who are looking to set and future proof strategies (to the extent possible). It is never too early to start planning for all eventualities. 

Families looking to increase mobility

How do we respond

Knowledge is a key component of preparedness. We need to anticipate disruption by asking some pointed questions. It is impossible to foresee the future but preparing for all eventualities and widening options will help our ability to come out of this crisis on top.

Do we understand and reasonably know of all the risks that we are facing? Are we clear on how our wealth is going to be passed on to the next generations? Do we know what rules may impact our family who have settled in other countries and how this interacts with our plans for them? Do we anticipate what we will need in a few years from now and start making arrangements to good effect? Are we embracing technology, and crucially, do we have contingency plans in place to foster agility? Now is the right time to start considering these elements. 

 

Contact us

Edward Attard

Edward Attard

Senior Manager, Tax, PwC Malta

Tel: +356 2564 6750

Neville Gatt

Neville Gatt

Head of Tax, PwC Malta

Tel: +356 2564 6791

Bernard Attard

Bernard Attard

Tax Partner, PwC Malta

Tel: +356 2564 6726

Annamaria Mifsud

Annamaria Mifsud

Senior Manager, Tax, PwC Malta

Tel: +356 2564 4157

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