Many wealthy families choose to live onshore, whilst placing as many as possible of their family office staff and assets offshore. Historically this was for fiscal reasons, but now it is also as much about privacy and flexibility. It is never a good idea for families to move offshore for tax reasons alone, but when the move also offers attractive lifestyle opportunities it can become a no brainer.
Summer is always the time when people are most tempted to move, and this year with many wealth creators now working from home and less able to enjoy the attractions of the great metropoleis, the pull of relocating offshore has become even stronger.
We have helped families decide which offshore centre is right for them – each has pros and cons and it is important to get it right. Supporting families through a relocation is very much part of the day job at JTC Private Office and we co-ordinate the various tax advisers and lawyers, not to mention schools and estate agents, involved in a move to free up family time to make new friends and explore new surroundings. Where possible we aim to introduce like-minded families to hopefully help them settle in. We have cleared cigarettes, cars and dogs through customs and generally aim to take away hassle.
Last month we were thrilled to welcome the Sanne private client team to the JTC fold. Arguably no other global and listed administration business has the same commitment to private wealth as JTC. The opening of our new Dublin office also shows the commitment to our global reach, which is critical for the very sophisticated and international families whose structures demand multiple centres.
Whilst many of us are living a more local existence than ever before, thanks to the relentless advancement of technology, our interests and expertise can remain as global as ever.
I hope you all manage to enjoy the sunshine this month – either at home or abroad.