英文私人财富通讯-2025年第三版

Third Edition Editors’ note As we move into the last quarter of the year, we are pleased to share with ourclients, friends and readers our Third Edition of Baker McKenzie’s PrivateWealth Newsletter. We continue to see significant political uncertainty in the major, traditionalcenters for wealthy families and individuals. In September, French PresidentMacron’s government collapsed leading to the resignation of the Prime Ministerand the delay of the traditional September release of the 2026 Finance Bill. Inthe US, President Trump’s administration continues its efforts to reshape the USfederal government culminating in the current weeks long shutdown amidstother efforts to deregulate. Of particular note, two executive orders were issuedby the President with the first empowering the Secretary of Commerce toestablish a “Gold Card” program allowing non-US citizens the possibility ofacquiring US permanent residency through a $1 million “gift” to the USgovernment ($2 million if the gift is made by a corporation on behalf of anindividual). With a website accompanying this executive order, President Trump’sadministration also indicated that a “Platinum Card” will be forthcoming at anunknown point allowing for up to 270 days in the US without triggering taxresidency at a cost of $5 million. The timing, specifics, and certainty of theseimmigration and visa options is still unknown, but we will certainly be watchingthe developments as and when they come. Elliott MurrayManaging Editor, Geneva+ 41 22 707 98 39elliott.murray@bakermckenzie.com This edition reflects the breadth of considerations that face any successfulfamily, from our lead feature article by David Diaz on the important HR issuesthat confront family offices, to Marnin Michael’s fascinating and soberingexamination of how families can prepare as best they can for wars andunplanned exits. Jacopo Crivellaro, together with Marnin, explore how thefamily business can navigate the current instability whether it be geopolitical,macroeconomic, or technological. Our final feature article considers a morespecific topic: the initial efforts of certain Chinese localities to implement trustasset registration regimes and what these developments may mean for theincreased take-up of onshore Chinese trusts. Phyllis TownsendCo-editor, London+ 44 20 7919 1360phyllis.townsend@bakermckenzie.com Our “PWN Meets…” interview series continues with our partner, Lizette Tellez-Dela Vega, who discusses her practice and what families should be doing to ensuretheir tax and estate planning are fit for purpose in the current environment. OurAround the World section features a selection of updates and alerts that arelikely of interest to PWN readers, including the aforementioned alerts onPresident Trump’s changes to the US immigration framework applicable tohigh-net-worth individuals with the impending introduction of the Gold Card(and potentially a Platinum Card in the future), as well as an increased fee forH1B visas that can be acquired by US employers of foreign workers. We hope you find something interesting, informative or thought-provoking in thisedition. You can contact our editors, Elliott Murray and Phyllis Townsend, or anyof the authors listed throughout the newsletter with any feedback or questions. Editors' note2 PWN meets...4 Articles HR issues in the family office context: retention andremuneration of family office personnel5 Beyond optimization: family enterprise strategy forvolatile times8 Planning for wars and unplanned exits10 China pilot programs on the registration of trust assets16 Around the world18 Wealth managementregional contacts24 Editorial contacts32 PWN meets... In the latest instalment of our series of interviews,Lizette Tellez-De la Vega talks to us about her experience ofworking at the Firm and involvement in Wealth Management. Lizette Tellez-De la VegaPartnerMexico City Article HR issues in the family office context:Retention and remuneration of familyoffice personnel - Balancing tradition,professionalism and legal compliance •Personalized operations:Family offices oftenprioritize discretion, loyalty and trust, sometimesleading to informal hiring practices or compensationstructures based on personal relationships ratherthan market benchmarks. IIntroduction The world of family offices is unique, existing at theintersection of personal wealth management andprofessional business operations. Unlike traditionalcorporate entities, family offices have historically operatedwith a certain degree of informality, blending familialtrust with business acumen. However, employment law isagnostic to the nature of the business. •Professional expectations:As family offices growand their activities become more complex, there is anincreasing expectation for professionalism, transparencyand compliance, both internally and from externalstakeholders such as regulators and tax authorities. The standards of compliance and the expectationsof employees and ca