MCSC Group is pleased to welcome Daniela Mina — Chartered Accountant, Professional Trustee and Statutory Auditor — to its network of advisors, marking the Group’s expansion into San Marino. With more than twenty years of experience advising entrepreneurs, families and international clients on wealth, tax and succession matters, Daniela brings a rigorous, long-term approach that reflects MCSC’s own philosophy: precision, discretion, and planning built well ahead of the challenges it is meant to solve. In this conversation, she shares how client priorities have evolved over two decades, why wealth structuring should begin long before a crisis, and where she sees the profession heading next.
— Daniela, you have been advising entrepreneurs and private clients in San Marino for more than twenty years. Looking back, how have their priorities and needs evolved over time?
— Over the past two decades, I have witnessed a profound transformation in the needs and expectations of entrepreneurs and private clients.
In the past, the primary focus was on the day-to-day management of businesses, accounting and tax compliance, and the growth of personal and corporate wealth. Today, however, clients have become far more aware of the importance of protecting, organising and preserving the wealth they have built throughout their professional and entrepreneurial lives.
One of the most significant developments has been the growing need to safeguard and manage wealth through careful long-term planning, relying on trusted advisers who combine technical expertise with practical experience, sound judgement and a comprehensive understanding of each client’s personal and business circumstances.
Clients no longer seek assistance merely to solve an individual tax or corporate issue. Instead, they are looking for long-term advisers capable of coordinating business, family, wealth and succession matters, particularly when their interests extend across multiple jurisdictions.
— Long-term planning has become an increasingly important topic. In your view, why should individuals and families begin structuring their assets and wealth long before challenges arise?
— Effective wealth planning begins long before problems emerge.
The best decisions are made when individuals and families have the time and clarity to reflect on their objectives, rather than being forced to react to unexpected events such as family disputes, business difficulties, health issues or succession matters.
Planning ahead allows people to carefully assess their priorities, choose the most appropriate legal and financial structures and build a framework that reflects both their current circumstances and their long-term aspirations.
When planning only begins in times of crisis, the available options are often more limited, and decisions are inevitably made under greater pressure.
Structuring wealth is not about distancing oneself from responsibility. Rather, it is about establishing clear principles for how assets should be managed, protected and ultimately transferred. It means deciding in advance who should manage those assets, for whose benefit, and according to which values and objectives.
Ultimately, successful wealth planning is driven not by fear of losing wealth, but by the desire to manage it responsibly for future generations.
— You specialise in trusts and are a member of the Italian Trust Association. What are the most common misconceptions people have about trusts today?
— One of the most common misconceptions is that trusts are reserved exclusively for ultra-high-net-worth individuals or that they exist primarily to obtain tax advantages or shield assets from creditors.
In reality, a trust is first and foremost a legal instrument designed to organise, administer and preserve wealth. Its effectiveness depends on the objectives it is intended to achieve, the quality of its drafting, the legitimacy of its purpose and the professionalism of the trustee responsible for its administration.
Another widespread misunderstanding is that once a trust is established, the settlor completely loses any influence over the future management of the assets. In practice, a well-drafted trust deed can clearly define its objectives, the trustee’s powers and responsibilities, the rules governing the administration of the trust and the mechanisms for supervision, including, where appropriate, the appointment of a Protector.
Some also believe that trusts are rigid and inflexible structures. In fact, when carefully designed, they can evolve alongside the changing needs of a family while remaining faithful to the original intentions of the settlor.
— In many jurisdictions, trusts are still perceived primarily as asset protection tools. What role can they actually play in international wealth planning and succession?
— Asset protection may certainly be one consequence of a properly established trust, but it should never be regarded as its sole purpose.
A trust can provide continuity in the management of family businesses, shareholdings, real estate, investment portfolios and other valuable assets, helping to prevent fragmentation or uncertainty following personal or family events.
Trusts can also be used to protect vulnerable beneficiaries, such as minor children, family members with disabilities or individuals who may not yet have the experience required to manage substantial wealth responsibly. They allow the settlor to determine how, when and under what conditions income or capital should be distributed.
In cross-border succession planning, trusts can serve as an effective mechanism for coordinating assets, beneficiaries and legal systems across different jurisdictions. However, because international families are subject to multiple legal and tax frameworks, every structure must be carefully assessed in light of the applicable succession laws, tax legislation, anti-money laundering requirements and private international law rules.
For this reason, a trust should never be viewed as a standard solution. It is a highly flexible legal instrument that must be tailored to the specific circumstances, objectives and values of each individual and family.
— Throughout your career, you have served as a bankruptcy trustee, judicial liquidator and court-appointed insolvency practitioner. What are the most common mistakes entrepreneurs make when they postpone corporate governance and financial planning?
— One of the most common mistakes is confusing business growth with financial strength.
A company may generate significant revenue while simultaneously suffering from liquidity shortages, excessive leverage or an unsustainable cost structure. Turnover alone is never an accurate measure of a company’s health.
Another recurring issue is the tendency for entrepreneurs to centralise every important decision. Without appropriate governance, internal controls, delegation of responsibilities and reliable reporting systems, the business becomes overly dependent on one individual. This creates significant operational and strategic risks if that person is no longer able to lead the company.
I also frequently encounter situations where there is no clear separation between personal and business assets, or where succession planning is postponed indefinitely because it is considered an uncomfortable subject.
My experience in insolvency and restructuring has taught me that corporate crises rarely occur overnight. They are usually preceded by warning signs such as deteriorating cash flow, shrinking profit margins, increasing receivables, delayed payments or poor financial controls.
Strong corporate governance is not simply a regulatory requirement—it is an essential tool for recognising these warning signals early and taking corrective action before problems become irreversible.
— At MCSC Group, we work with international entrepreneurs, athletes and families whose interests often span multiple jurisdictions. Why is it increasingly important for legal, accounting and tax matters to be addressed through an integrated approach rather than in isolation?
— Because today’s clients do not face isolated legal, tax or financial issues—they face interconnected ones.
A decision that appears efficient from a tax perspective may create unintended legal, corporate or succession consequences if it is not considered within a broader framework.
When individuals own businesses, investments or real estate in different countries—or live, work and invest across multiple jurisdictions—every strategic decision must take into account tax residence, international tax treaties, corporate law, reporting obligations, succession rules and regulatory compliance.
If advisers work independently without coordination, clients often receive technically correct advice within each discipline, but advice that is inconsistent when viewed as a whole.
The real value of professional advisers lies in their ability to work collaboratively, combining legal, accounting, tax and wealth planning expertise to create solutions that are coherent, transparent, fully compliant and sustainable over the long term.
Ultimately, clients are not looking for isolated opinions; they are looking for integrated solutions.
— San Marino has a unique legal and regulatory framework. What advantages can the jurisdiction offer to international entrepreneurs, investors and family offices today?
— San Marino offers a stable and well-regulated legal environment combined with the flexibility that often characterises smaller jurisdictions.
Its legal framework provides sophisticated wealth planning tools, including specific trust legislation, a regulated register of trusts and professional trustees operating within a clearly defined supervisory framework.
Over recent years, San Marino has also undertaken a significant process of alignment with international standards on transparency, regulatory compliance and the exchange of information. This evolution has strengthened the jurisdiction’s credibility and enhanced its attractiveness for international investors and families seeking long-term legal certainty.
In addition, San Marino has entered into an expanding network of Double Taxation Agreements and international cooperation arrangements, making it increasingly integrated within the global economic environment.
However, I believe the real strength of San Marino should not be viewed solely from a tax perspective.
Its greatest advantages lie in legal certainty, institutional stability, highly qualified professionals and the possibility of designing tailor-made solutions supported by genuine economic substance and sound governance.
For entrepreneurs, investors and family offices, San Marino can represent an excellent jurisdiction when there is a genuine business project supported by transparency, professionalism and long-term strategic planning.
— You also teach business administration and management. From your perspective, what qualities distinguish entrepreneurs who build sustainable businesses from those focused only on short-term success?
— The entrepreneurs who build lasting businesses are those who think beyond immediate results.
They understand that every strategic decision should be evaluated not only for its short-term financial impact but also for its long-term consequences on the organisation, its people and its reputation.
Successful entrepreneurs know how to interpret financial information, manage liquidity, monitor profitability and maintain a healthy financial balance. At the same time, they recognise that numbers alone are not enough. They invest in people, education, innovation and organisational development.
Another defining characteristic is intellectual humility. The strongest entrepreneurs surround themselves with capable professionals, listen to different perspectives and are willing to challenge their own assumptions.
Perhaps most importantly, sustainable entrepreneurs possess the ability to adapt. Markets, technologies and regulations constantly evolve, and successful business leaders are those who embrace change without losing sight of their core values and long-term vision.
In my experience, resilience, integrity and strategic thinking are ultimately far more valuable than pursuing rapid growth at any cost.
— Athletes, entrepreneurs and family business owners are increasingly navigating international careers and complex financial decisions. What role does a trusted advisor play in helping them make the right long-term choices?
— A trusted adviser should first and foremost understand the individual—not just their assets.
Every client has different goals, family dynamics, personal values and levels of risk tolerance. Understanding these elements is essential before recommending any legal, financial or wealth planning solution.
For professional athletes, career earnings are often concentrated within a relatively short period of time, making long-term financial planning particularly important. Entrepreneurs face different challenges, balancing personal wealth with business risks, while family business owners must often prepare for generational transition without compromising the continuity of the enterprise.
In all these situations, the adviser’s role extends well beyond providing technical advice. A trusted adviser helps clients understand the long-term consequences of their decisions, coordinates the work of different professionals, anticipates potential risks and ensures that every decision supports the client’s broader objectives.
Ultimately, trust is built not only on technical expertise, but also on independence, discretion, transparency and the ability to provide objective advice—even when it may not be what the client initially expects to hear.
— If you could give just one piece of advice to someone who wants not only to preserve wealth but also to pass it successfully to the next generation, what would it be?
— My advice would be simple: prepare the next generation before transferring the wealth.
The success of any succession plan depends far less on legal structures than on the people who will eventually inherit the responsibility of managing them.
Even the most sophisticated estate planning arrangements can fail if beneficiaries lack financial knowledge, a sense of responsibility or an understanding of the values upon which the family’s wealth was built.
That is why I believe education is just as important as planning.
Families should involve the next generation gradually, encourage financial literacy, promote open dialogue and establish clear governance principles long before a succession actually takes place.
Passing on wealth is not simply about transferring assets. It is about passing on knowledge, responsibility, values and vision.
True success is achieved when the next generation is capable not only of preserving the family’s wealth, but of managing it wisely and creating value for those who follow.
— Looking ahead, how do you see the future of wealth management evolving over the next decade? Which trends do you believe will have the greatest impact on accountants, trustees and advisors working with international clients?
— I believe the next decade will transform wealth management more profoundly than any period we have experienced in recent years.
Clients will increasingly require integrated advice that combines legal, tax, accounting and governance expertise within a single strategic framework. The era of isolated professional advice is gradually giving way to multidisciplinary collaboration.
At the same time, international transparency standards and cross-border regulatory cooperation will continue to evolve. Wealth structures will need to demonstrate genuine economic substance, sound governance and full compliance with increasingly sophisticated reporting requirements.
Technology will also reshape our profession. Artificial intelligence, advanced data analytics and digital platforms will automate many administrative and compliance tasks, allowing advisers to dedicate more time to strategic planning and client relationships.
However, technology will never replace professional judgement, ethical responsibility or the human understanding that lies at the heart of trusted advisory relationships.
Another major trend will be the growing importance of international succession planning. Many entrepreneurial families will soon face the transfer of businesses and wealth across multiple generations, often involving family members living in different jurisdictions with different legal and tax systems.
We are also likely to see increasing attention given to digital assets, cybersecurity, ESG considerations and responsible investing, all of which are becoming integral components of modern wealth management.
For accountants, trustees and advisers, continuous professional development will no longer be optional—it will be essential.
The professionals who will create the greatest value are those capable of combining technical excellence with strategic vision, international perspective and a deep understanding of their clients’ personal and family objectives.
In the future, our role will be less about interpreting legislation and more about helping clients navigate complexity with confidence, clarity and responsibility.