英文【钱伯斯(Baker McKenzie)】私人财富通讯-2025年第三版

Third EditionPrivate Wealth Newsletter 2025Editors’ notePhyllis Townsend Co-editor, London+ 44 20 7919 1360phyllis.townsend @bakermckenzie.comElliott Murray Managing Editor, Geneva+ 41 22 707 98 39elliott.murray @bakermckenzie.comAs we move into the last quarter of the year, we are pleased to share with our clients, friends and readers our Third Edition of Baker McKenzie’s Private Wealth Newsletter. We continue to see significant political uncertainty in the major, traditional centers for wealthy families and individuals. In September, French President Macron’s government collapsed leading to the resignation of the Prime Minister and the delay of the traditional September release of the 2026 Finance Bill. In the US, President Trump’s administration continues its efforts to reshape the US federal government culminating in the current weeks long shutdown amidst other efforts to deregulate. Of particular note, two executive orders were issued by the President with the first empowering the Secretary of Commerce to establish a “Gold Card” program allowing non-US citizens the possibility of acquiring US permanent residency through a $1 million “gift” to the US government ($2 million if the gift is made by a corporation on behalf of an individual). With a website accompanying this executive order, President Trump’s administration also indicated that a “Platinum Card” will be forthcoming at an unknown point allowing for up to 270 days in the US without triggering tax residency at a cost of $5 million. The timing, specifics, and certainty of these immigration and visa options is still unknown, but we will certainly be watching the developments as and when they come. This edition reflects the breadth of considerations that face any successful family, from our lead feature article by David Diaz on the important HR issues that confront family offices, to Marnin Michael’s fascinating and sobering examination of how families can prepare as best they can for wars and unplanned exits. Jacopo Crivellaro, together with Marnin, explore how the family business can navigate the current instability whether it be geopolitical, macroeconomic, or technological. Our final feature article considers a more specific topic: the initial efforts of certain Chinese localities to implement trust asset registration regimes and what these developments may mean for the increased take-up of onshore Chinese trusts.Our “PWN Meets…” interview series continues with our partner, Lizette Tellez-De la Vega, who discusses her practice and what families should be doing to ensure their tax and estate planning are fit for purpose in the current environment. Our Around the World section features a selection of updates and alerts that are likely of interest to PWN readers, including the aforementioned alerts on President Trump’s changes to the US immigration framework applicable to high-net-worth individuals with the impending introduction of the Gold Card (and potentially a Platinum Card in the