Foreign tour operators return to North Korea ahead of possible reopening
SEOUL, Feb. 13 (UPI) -- Representatives from two Western travel agencies crossed into North Korea Thursday for the first time since the isolated regime closed its borders five years ago at the start of the COVID-19 pandemic, raising hopes for new tourism offerings to a remote border city.
Koryo Tours and Young Pioneer Tours, both based in Beijing, announced that they had crossed the Chinese border into the North Korean special economic zone of Rason to discuss logistics for upcoming tours.
"After waiting over 5 years since the closure of the North Korean borders to tourism due to the COVID-19 pandemic back in January 2020, we're happy to finally enter North Korea," Koryo Tours wrote in a blog post on its website.
"The country is not yet fully open to tourism and this is a special trip for staff only," the post said. "We will use our time in Rason to discuss with our partners as well as check out any new tourism sites and find out any key North Korea tourism updates."
Young Pioneer Tours also announced its arrival in Rason, posting photos of the border crossing and an image of a passport stamp on its Facebook page.
"This visit marks a great milestone, as we are the first non-Russian foreigners to set foot in the country since its borders were sealed five years ago due to the pandemic," the post said.
Both travel agencies had previously announced in January that North Korea was reopening Rason to tourism and began offering tentative itineraries for group tours. However, trips scheduled to begin this month were postponed, with the companies now taking bookings for March.
Rason, located in the northeast of the country near the borders of China and Russia, has rarely been visited by Western tourists. The area became the North's first special economic zone in 1991 and has been a testbed for various market-based activities in the otherwise strictly state-controlled economy -- it is home to North Korea's first mobile phone network, first legal marketplace and first card payment system, according to Koryo.
Koryo's planned five-day itinerary includes visits to factories, foreign-language and Taekwondo schools, seaside recreation areas and a bank where visitors will be able to open a North Korean bank account. Young Pioneer's offering is similar.
Roughly 5,000 Western tourists visited North Korea annually before the COVID-19 border closure, according to media reports.
United States citizens have been barred by the State Department from traveling to North Korea since 2017 following the imprisonment and death of college student Otto Warmbier.
Warmbier was detained in North Korea in 2016 for allegedly stealing a propaganda poster. He was released from prison in a vegetative state and died six days after returning home. A federal judge later found North Korea to be responsible for his torture and death.
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Joshua Driskell, Managing Partner, Lagerlof, LLP: High-net-worth individuals should prioritize flexibility, tax efficiency and multigenerational planning. With inflation, interest rate fluctuations and potential changes in tax law, building a nimble structure is essential. That includes diversifying asset classes, stress-testing estate plans under higher estate or capital gains tax regimes, and taking advantage of current exemptions before they sunset. Establishing irrevocable grantor trusts, family limited partnerships and charitable vehicles can preserve wealth while achieving strategic goals. Proactive wealth transfers, such as installment sales to defective trusts or GRATs, can lock in valuation discounts and freeze estate value. Most importantly, integrate estate and investment planning with family governance to promote cohesion and legacy continuity. 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For us at IDB, this network of sponsors and managers is of critical importance. We've found that our clients respond incredibly well to our ongoing introductions to high-performance opportunities from both our broker-dealer partner IDB Capital, our joint venture IDB Lido Wealth and outside partners. Pujol: Don't chase high risk, high reward; engineer low risk, high conviction through long-term thinking. At Objective, we believe true risk isn't just about market volatility, it's often about overpaying for uncertain outcomes or fads. Long-term growth starts with disciplined entry and should correlate with what you want to own five years down the line. Valuation at entry isn't just for compliance, it's the defense and roadmap for future position adjustments. We often guide clients to model three – cases, low, base and high – because if you only plan for the base case, you've handicapped your understanding of potential outcomes. The best investors price in imperfection, protect capital on the downside and let time handle the compounding on positive trends. In private markets, we also help clients structure investments with asymmetric outcomes, where a 1× downside supports a 3× upside. That can include preference stacks, convertibility on notes and milestone upside through derivatives like warrants. We always model worst-case cash burn first; if it still makes sense at the bottom, everything else is upside. Valuation is your testing ground. Use it to see clearly and act with conviction. Q: What role does philanthropy play in wealth management today, especially among younger affluent clients? Watson: Philanthropy plays a significant role in wealth management today, especially among younger affluent clients who increasingly seek to align their wealth with their values. Tools like Donor-Advised Funds (DAFs), Trust Accounts and strategic charitable giving offer flexible and tax-efficient ways to support causes they care about. These options allow clients to create lasting impact while maintaining control over their giving strategy, making philanthropy a key part of their overall financial and legacy planning. Q: What are the latest trends in estate planning that individuals and families should be aware of? Driskell: Several emerging trends are reshaping estate planning. First, many families are accelerating wealth transfers ahead of the 2026 estate tax exemption sunset. Tools like SLATs, IDGTs and GRATs are increasingly popular for capturing today's favorable tax climate. Second, planners are focused on trust design that balances asset protection with beneficiary flexibility, including directed trusts and decanting statutes. Third, digital assets – from crypto to intellectual property – require new planning considerations. Finally, estate plans increasingly incorporate non-tax goals, such as family harmony, stewardship and values-based legacy planning. Tailored education and engagement for the next generation is also a growing priority to reduce conflict and enhance readiness for wealth transfer. Q: What estate planning tools are most effective for minimizing tax burdens across generations? Pujol: Standard structuring tools still work, but their true power lies in how and when they're used. For example, gifting pre-appreciated assets during downturns or before liquidity events allows wealth to grow outside the estate at a compressed tax cost. Planning with discount studies for minority positioning can allow you to apply discounts for lack of marketability and control, reducing the taxable value of gifted interests while preserving real economic value. Certain traditional trust structures, including those based on annuity techniques, remain effective planning tools. Their impact can be significantly enhanced by aligning transfers with existing tax benefits, such as Qualified Small Business Stock treatment. When minority interests are gifted at trough valuations and supported by appropriate discounts for lack of marketability and/or control, substantial equity can be shifted into tax-efficient vehicles at reduced reported values. Capture step-ups early may save IRS bills later. This clearly shows compliance valuation is not just part of the plan, it's a real economic multiplier. With early planning, millions in future value can be transferred before massive tax consequences. Driskell: Irrevocable trusts are a cornerstone of multigenerational tax planning. Grantor trusts, such as Intentionally Defective Grantor Trusts (IDGTs), allow parents to sell appreciating assets without triggering income tax, removing future growth from the estate. Spousal Lifetime Access Trusts (SLATs) offer access to income while locking in the current exemption amount. Generation-skipping trusts minimize estate tax exposure across multiple generations. Qualified Personal Residence Trusts (QPRTs) and Grantor Retained Annuity Trusts (GRATs) are useful for freezing asset values. Family Limited Partnerships (FLPs) and valuation discounts further enhance tax efficiency. Coordinating these strategies with lifetime gifts and charitable giving can significantly reduce long-term tax burdens. Q: In what ways should wealth managers prepare clients for potential ripple effects from trade restrictions between major economies? Watson: Wealth managers should prepare clients for potential ripple effects from trade restrictions by helping them assess and adjust their portfolios to mitigate risk. First, they should review global diversification to ensure clients are not overly exposed to any single economy, industry or region, especially those directly impacted by trade restrictions and geopolitical crises. This may involve shifting exposure from vulnerable sectors or countries to more resilient ones. They should also consider incorporating alternative assets that may offer protection in times of geopolitical instability, such as commodities or real assets. Additionally, wealth managers can guide clients on cash flow management and ensure liquidity needs are met, as trade restrictions could lead to economic slowdowns or disruptions in supply chains. Lastly, they should help clients stay informed and proactive, adjusting investment strategies in response to evolving trade dynamics and market conditions. Q: What unique considerations should business owners factor into their estate and succession plans? Pujol: Succession isn't a single event, it's a system that needs to be built, maintained and regularly tested. Business owners and family heads should structure continuity plans with updated valuations, clearly defined buy-sell mechanisms, and governance that depends less on future intentions or personalities and more on thoughtful planning. Uncertainty is one of the biggest threats to enterprise value. If business plans aren't baked into legal documents, the business is exposed to potential family disputes, tax inefficiencies and legal ambiguity. Transfers are also easier when numbers have been agreed to in advance. Plan as if you'll leave tomorrow and revisit that plan at least once a year. More families are treating succession planning like an annual checkup. During year-end valuation work, they run liquidation or 'liquidity fire-drill' scenarios to spot issues and test their transition plans. Some are also using structures to manage control and distributions effectively across family members more dynamically. Like outdated software, if a succession plan isn't reviewed and updated regularly, it's more likely to break when you need it most. Driskell: Business owners face unique risks and opportunities in estate planning. Key considerations include ensuring continuity of control, managing valuation and liquidity issues, and minimizing transfer tax liability. Proper use of buy-sell agreements, voting and non-voting share structures, and family-limited partnerships helps preserve operations while transferring economic value. Owners should explore gifting or selling interests to irrevocable trusts while leveraging valuation discounts. Planning for management succession is equally vital – aligning legal structure with leadership readiness. Owners often underestimate the need to separate governance from ownership. Coordinating business succession with estate liquidity planning (via insurance or redemption strategies) ensures family and business stability. Q: What defensive investment strategies are you recommending in light of the geopolitical instability and trade disputes? Ben-Naim: We consistently review our clients' allocations and advise on defensive strategies that can help ensure a buttoned-up portfolio. These strategies can range from diversifying asset classes to withstand major public market fluctuations, tax incentive investing and hedging. When considering geopolitical instability, our diversification philosophy is much the same. Now is an opportunity to really consider your geographic exposures and to look to consistently performing and emerging markets outside of the U.S. to realize opportunities. Of course, not all markets are winners and investing in a new region requires vetting, oftentimes with boots on the ground. But with careful research, you can make intelligent entry points. For example, despite the war, Israel proved to have a very strong public market in the past 18 months. Other markets, including India and Vietnam, are expected to perform with higher GDP growth compared to the U.S. and present an exciting outlook. Q: How do you see AI and automation impacting wealth management in the next 5-10 years? Pujol: AI is beginning to reshape wealth management, but it's not a replacement for advisors, it's another tool in the toolbox. Used well, it can accelerate diligence, surface outliers, stress test assumptions and generate models in seconds. But the truth is clients don't need more spreadsheets; they need clarity, context and judgment. All this comes from the human touch and experience. The advisors who will lead in the next decade are those who treat AI like an enhancement of their own skills, not like a replacement. At Objective, we use AI to flag inconsistencies, improve our communication and stress test our thinking. Then we bring in the human element to synthesize, challenge and advise. AI can compute outcomes, but it's useless without an experienced human interpreter. In the end, it's not about replacing insight, it's about removing noise so advisors can focus on the decisions that actually matter. AI enhances great advisors, but it will never make poor ones great. Watson: AI and automation are set to significantly impact wealth management in the next 5-10 years, likely accelerating the commoditization of basic advisory services. As technology advances, routine tasks such as portfolio rebalancing, tax optimization and risk assessment will become increasingly automated, making them more accessible and efficient at a lower cost. This will force traditional wealth advisors to rethink their value proposition, as many investment-related services will be handled by AI-driven platforms. To remain competitive, advisors will need to expand their offerings beyond just investments, focusing more on personalized financial planning, estate and tax strategies, and holistic wealth management. By integrating AI and automation into their practice, wealth managers can enhance their operational efficiency, but to truly differentiate themselves, they will need to provide high-touch, value-added services that help clients navigate complex financial decisions and life transitions. Q: How can advisors better engage younger generations in the wealth transfer conversation to avoid conflict and ensure legacy continuity? Pujol: If you want heirs to act like stewards instead of recipients, don't just write a will, start a conversation. The earlier families involve younger generations, the more likely wealth becomes a tool for continuity. We've seen families use business valuations, portfolio reviews and cash flow summaries to bring clarity to the 'why' behind the wealth and to tell the full story to their heirs. These tools take emotion out of the equation and turn complex financial decisions into documented, teachable moments. A detailed valuation can start the conversation a trust document cannot. One strategy that works well is forming a Family Investment Committee before the age of 18. You can even give heirs mock capital, or even small portfolios, and let them pitch investments quarterly, benchmarking their results against the real portfolio. Valuation reports and shared KPIs can turn wealth into something they understand and feel responsible for. The more context you provide while living, the fewer misunderstandings arise after you're gone. Driskell: Engaging younger generations early promotes transparency, reduces conflict and builds legacy alignment. Advisors should encourage family meetings to share the purpose behind planning decisions, including family values and long-term goals. Incorporating educational components – like basic financial literacy, investment principles and trust mechanics – empowers beneficiaries and fosters stewardship. Structuring trusts to provide phased access, beneficiary-directed investment input or co-trustee roles can build confidence and responsibility. Additionally, encouraging philanthropy and impact investing can bridge generational gaps. Above all, advisors must create space for open dialogue, ensuring younger family members feel heard and respected. This relational foundation is often more critical than the legal structures themselves. Watson: Advisors can better engage younger generations in the wealth transfer conversation by fostering early, inclusive and values-driven dialogue within families. Rather than treating wealth as a taboo or distant topic, advisors should encourage clients to involve heirs in strategic conversations about family values, financial goals and the purpose behind the wealth. This helps build trust, reduce the risk of conflict and ensures that the next generation feels informed and empowered rather than surprised or unprepared. Advisors can also offer educational resources and facilitate family meetings to bridge knowledge gaps and align expectations. By acting as neutral facilitators and emphasizing transparency, advisors play a key role in preserving both family harmony and the long-term continuity of the legacy. Q: For those concerned that their heirs might abuse their inheritance, what trust strategies are there? Driskell: Discretionary trusts with independent trustees remain a powerful tool to prevent misuse of inherited wealth. These trusts allow the trustee to make distributions based on the beneficiary's needs rather than mandatory rights. Incentive provisions can be included to reward education, employment or sobriety. Spendthrift clauses protect trust assets from creditors and poor financial decisions. Advisors may recommend staggered distributions or milestone triggers to gradually release funds. For families with ongoing concerns, directed trusts or trust protectors can provide oversight and flexibility. Ultimately, thoughtful drafting and selecting a fiduciary who understands family dynamics are key to protecting both wealth and relationships. Q: As a trusted advisor, what advice can you share for longer-term portfolio asset allocation? Ben-Naim: Now more than ever, high-net-worth investors have access to more asset classes, opportunities and strategies. While this is exciting, it's important to understand the implications of your holdings and to allocate your portfolio in a way that will withstand external fluctuations. It can be nearly impossible to understand the implications of your full portfolio holdings and how they may fluctuate throughout a market cycle or in response to a macroeconomic, geopolitical or industry event. I strongly recommend working with an advisor with a fiduciary responsible to you and your best interests, as well as intimate working knowledge of your profile, family, businesses and interests in order to create the right plan. The right financial advisor will not only know and understand you and your allocations but will also prioritize consultancy and communication to ensure holistic success.
