WILLS, ESTATES & FOUNDATIONS

WILLS, ESTATES & FOUNDATIONS

As regards Individuals with International families and international investment portfolio, it is important to strategize their wealth protection and transfer in  a tax efficient manner. Notably, for successful Expatriates pursuing enhanced opportunities beyond their own countries, we have identified challenges arising from multi-residency complexities. The dispersion of properties and investments across different countries, coupled with the residence of the individual and their family members in a third or fourth country, presents a nuanced scenario. While this arrangement offers benefits such as increased returns and a serene living environment, it concurrently gives rise to double taxation challenges upon investment repayment or the transfer of the testator's estate to legal heirs. A further complication arises with the next generation's lack of familiarity with laws and a reduced level of patience when dealing with the authorities. Recognizing the significance of strategic wealth planning through a suitable investment vehicle, particularly upon attaining a certain level of liquidity, we advocate for individuals to seek the expertise of a Tax Advisor for tailored guidance on their international investments.

For individuals with substantial wealth, our foremost recommendation is an immediate consultation with an International Tax Advisor. This advisor must provide comprehensive tax advice tailored to the client's country of residency and ensure sound understanding of source taxation in the country of investments. Proficiency in corporate, banking, trust law, and the establishment of tax exempt investment vehicles is imperative. Moreover, the chosen advisor should possess expertise in managing International Investment portfolios and safeguarding wealth against potential challenges, including claims from creditors, family disputes, divorces, financial difficulties, or legal actions. The advisor's affiliation with a global talent network is crucial given the inherent complexity involving multiple jurisdictions.

Why Choose a Tax Advisor over Banks or other Institutions?

We caution against appointing banks or institutions due to Fine Prints and Exorbitant Fees. Institutions handling extensive trusts and funds often overlook articulating the consequences of double taxation, merely implementing a trust structure with substantial fees. This approach offers minimal benefit to High Net Worth Individuals (HNWIs). Consequently, we stress the necessity of appointing an International Tax Lawyer, who has a robust global relationships and undertakes overseas assignments. It is crucial in providing comprehensive international tax advice, particularly concerning wealth and succession planning.