The Covid-19 crisis has been an unprecedented challenge for humanity and a shock to the global economy. What have we learned from the crisis? Wealth planning experts expect to see trends developing in three core areas: family and asset protection, succession planning and relocation.
Family and asset protection
Considering the speed of change in the world today and the challenges the coronavirus pandemic has posed to globalisation, we have been consulted from different quarters about how to best protect families and their wealth in these times of uncertainty. Some families have taken the time to think on how to plan ahead to mitigate the risks that this crisis has posed to them and their assets.
As some countries lack borrowing capacity, they need to find other sources of revenue generation to respond to Covid-19. A handful of countries have already reacted by issuing draft legislation about increasing solidarity taxes to be borne by the wealthiest parts of the population. Others are looking into taxing digital platforms, to VAT increases, or imposing stricter measures in the enforcement of tax collection. Aside from the negative effects that an increase in taxation could have for the economy as a whole, what does this mean for high net-worth individuals and their families?
If executed properly, wealth structures may prove to be a useful vehicle, providing protection and consolidation. More importantly, they may mitigate risks and guarantee accessibility to assets in an efficient manner by providing liquidity in times of need. Examples of such structures could be trusts, foundations, life insurance, private label funds, companies, wills, or other legal arrangements.
In times of crisis, priorities shift and our crisis-defined experiences flag the way towards finding new values. Whether a certain wealth structure is suitable for a particular family or not will depend on those values, on family objectives, country of residence, family members affected, applicable legislation and the type of assets involved. Unfortunately, doing nothing is no longer an option.
Succession Planning
Since the beginning of the 21st century, we have suffered multiple financial crises, from the dot-com bubble bursting, 9/11, the 2008-09 global financial crisis and now the Covid-19 pandemic. We have seen wealth both increase and disappear in the flash of a moment. The past 20 years have made it difficult to build wealth and to maintain it, especially through financial markets. Protection and conservation of wealth will become more relevant as older generations realise that it will become increasingly challenging for the next generation to build their own wealth, through no fault of their own.
The pattern that is starting to appear is unique to our time. Until recently, the notion was held that the next generation would be better off than the previous one. Asset and family protection will now become more relevant than ever. This means that much more will be required than simply reviewing a last will and testament or an advance care directive once in a blue moon. A regular review will be vital ‒ preferably annually ‒ and should become standard practice for everyone.
Relocation
Citizenship has shown itself to be more than merely another passport; it has proven to be a lifeline, a window of opportunity for returning to a safer haven. In a world in which borders were perceived to no longer exist, such as the European Economic Area, Covid-19 demonstrated that those country borders still significantly impact the free movement of people and capital. In the future, we expect to see a rise in the number of people placing increased value on their citizenships and people exploring ways in which to activate those citizenships to which they are entitled (by birth), as they have now come to realise their real value.
Under normal conditions, the preferred place of residency is often determined by factors such as quality of living, access to education, clean environment and safety. However, going forward we expect people to be more concerned with other primary factors that have gained in importance, such as access to health care, the availability of supporting infrastructure, the possibilities of (speedy) repatriation and the general handling of crisis scenarios. Countries that handled the crisis well will become more popular. This will not only feature the short-term considerations of mortality or infection rates, but will take in the length of time it took for the country to recover economically.
Roger Stutz is the head of wealth planning at Julius Baer
Contracted list
Ashton Agar, Alex Carey, Pat Cummins, Aaron Finch, Peter Handscomb, Josh Hazlewood, Travis Head, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Shaun Marsh, Mitchell Marsh, Tim Paine, Matt Renshaw, Jhye Richardson, Kane Richardson, Billy Stanlake, Mitchell Starc, Marcus Stoinis, Andrew Tye.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Napoleon
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PSL FINAL
Multan Sultans v Peshawar Zalmi
8pm, Thursday
Zayed Cricket Stadium, Abu Dhabi
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KILLING OF QASSEM SULEIMANI
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Second Test
In Dubai
Pakistan 418-5 (declared)
New Zealand 90 and 131-2 (follow on)
Day 3: New Zealand trail by 197 runs with 8 wickets remaining
Indoor Cricket World Cup
Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
UAE currency: the story behind the money in your pockets
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Zayed Sustainability Prize
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
