The market needs practice, not theory: Discus Holdings’ First Vice-President Milan Cimbolinec speaks at LUXPRO 2018 about how wealthy clients today should choose the right service provider On September 27 at the Radisson Royal Hotel the LUXPRO 2018 business event was held. The audience consisted of owners of large companies, top managers, private investors, and representatives of institutional investors. The speakers were professionals in the fields of investment migration, tax planning and structuring, banking, investment consulting, and investment into foreign real estate. This closed conference, organized by and for a select community, offered some analysis and useful inside information. This year the speakers at LUXPRO were First Vice-President of Discus Holdings Ltd., Milan Cimbolinec, founder of The Leading Properties of the World, Sergei Sander, Monaco Economic Council member and LUXPRO Business Events CEO Gulshat Uzenbaeva, Sotheby’s International Realty’s Cyprus office director Anastasia Yanni, Berkeley Group sales manager Elena Doherty, Berkeley Group senior sales consultant Larisa Pisarik, and Banque Internationale à Luxembourg representative Elena Hen. Considering the prominence of these speakers, it is no wonder that this event dealt with some of the currently most acute and pressing themes. Mr. Cimbolinec talked about which tools and approaches can and should be used to serve wealthy clients today. Today’s wealthy client is, after all, not at all the same as the wealthy clients of ten (or, even more so, twenty) years ago. The first wealthy Russians that sought to invest into real estate abroad in order to “keep up with the Joneses” eventually gave way to first the “smart investors” who could already sense where future tax policy was heading but still kept their money in offshores, and then businessmen in the new era of transparency in tax reporting. As Mr. Cimbolinec emphasized, all these changes, strongly linked to political and economic events (financial crises, terrorism, “color revolutions”, sanctions, CRS) have made it so that companies and consultants need to know hands-on practice in order to find the best solution for their wealthy clients, and not just theory like before. How is practice different from theory? First of all, it means vast experience in the industry (over a decade of on-the-job experience). Such companies furthermore work with locations that are as convenient for clients as possible, mainly countries with flexible legislation and a favorable tax climate. Finally, a network of divisions abroad allows companies to deftly react to changes in immigration programs, legislation, and taxation, and to offer their clients a risk-free plan of action. In a fast-changing world, it is hard to formulate abstract postulates and axioms. The situation in the international arena has changed, is changing now, and will clearly continue to change. However, practice-focused companies like Discus Holdings will always remain prepared for this. That is how they will continue to offer their wealthy clients solutions that will work for the foreseeable future.

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