Free ports enable ultra-high-net-worth individuals to store, trade and transport assets, including artwork, with benefits of security, favorable tax and customs regulations and, often, privacy.
However, free ports cannot mitigate threats to assets when authorities make allegations of misconduct and issue freezing or seizure orders.
With a free port in Dubai under construction, UHNWIs and their advisors should contemplate proactive steps to protect their global portfolios.
As governments increasingly use sanctions as a geopolitical tool, ultra-high-net-worth individuals – including those with connections to Cyprus – are at risk.
Cypriot officials and financial institutions have already taken steps to target certain individuals, even those who are not sanctioned.
We explain pre-emptive steps at-risk individuals and their advisors can take to mitigate the risks and protect themselves.
International creditors continue to face significant challenges when monetizing claims against debtors based in the People's Republic of China.
Actions such as a standalone freezing injunction can be used in English common law jurisdictions to freeze assets that are held by innocent third parties.
Injunctions and receiverships can be made without giving notice to the debtor, bestowing the "element of surprise."
