Many high net worth individuals and families have multiple nationalities, and their business interests, assets, and lives often extend across international jurisdictions.  But a “citizen of the world” may decide to move home to support a family member’s project, take up a new professional opportunity, or adapt to a new geopolitical environment. It may also be convenient for them to establish residency in one or more jurisdictions in order to optimise various aspects of the way their assets are managed.

Gordon S. Blair’s teams advise important international families and high net worth individuals who are looking to move, expertly navigating the complex issues involved where interests are dispersed across multiple jurisdictions.

Below is a list of the areas in which we can be of assistance.

Tax implications of changing residence or domicile

Our teams are intimately familiar with the implications of changing your tax residence. They will work with you to analyse the different possibilities, take anticipatory measures (pre-move planning), or re-organise your assets after you have moved. They can also handle the formalities for you, making all of the necessary declarations to the authorities.

To do so, we can liaise with our clients’ advisors and lawyers overseas, or enlist the assistance of a network of trusted correspondents, with whom our firm works on a regular basis.

Implications for estate planning or marriage

A change of residence can have major implications in terms of the rules applicable to succession or marriage. This is especially true when moving from a common law to a civil law or sharia jurisdiction, for example. Different countries have different laws when it comes to forced heirship, whether and how trusts are recognised, or the legality of certain clauses contained in wills. Moving to a jurisdiction with different rules can have negative consequences, and in many cases, you will need to update existing arrangements (will, trust, prenuptial agreement, etc.), and perhaps relocate your assets or the vehicles in which they are held.

So before changing your place of residence, it is vital to properly review all of the implications for estate planning and marriage, and take appropriate steps to maintain or update any previous arrangements you have made. All of this needs to be done with due consideration for any international conventions or treaties in force.

Again, we can liaise with our clients’ advisors and lawyers overseas, or enlist the assistance of a network of trusted correspondents, with whom our firm works on a regular basis.

Implications in terms of health insurance, retirement pensions, and life insurance

Depending on your country of residence, insurance companies generally vary their premiums and the conditions for coverage of treatment and expenses. It is important to plan ahead for these changes, analyse the impacts of your new circumstances and set up the right insurance cover.

Similarly, moving to take up residence in a new country can impact the conditions for receiving a retirement pension, or any deductions at source.

Our teams have extensive experience of dealing with these issues, and can assist clients by analysing their circumstances and handling the relevant formalities, liaising with the insurance companies or pension funds concerned.

Administrative formalities and coordinating with providers

In addition to the areas outlined above, moving to a new country always means working with a range of different providers (banks, relocation firms, etc.) and completing numerous administrative or regulatory formalities. This can prove complex and laborious.

Our teams can handle all of this for you, from start to finish, ensuring you are able to make the move with peace of mind.