Prince Michael von Liechtenstein, Executive Chairman of Industrie- und Finanzkontor, spoke directly to Wealth Briefing at the sidelines of the Conference. He expressed a concern, that as regulations become more excessive and duplicating, the costs of running trusts goes up. This also includes a social aspect, because, due to the increased costs caused by regulations, the long-term protection of wealth can only be achieved for larger fortunes. This penalises especially smaller and medium-sized fortunes, which, however, are very important to the economy and society too. The protection of larger and smaller fortunes is equally important and regulations should be streamlined to be effective and affordable.
Wealth Briefing (Tom Burroughes), media partner of STEP’s Alpine Conference in Interlaken, publishes a follow-up report, highlighting the essentials of a conference held in Interlaken a few weeks ago, where private client and trust and estate planning professionals discussed topics such as new regulation requirements, beneficial ownership rules, family governance and economic substance.