International relocation to other jurisdictions
International relocation to countries such as Andorra, Gibraltar, Cyprus, Malta and Portugal offers the possibility of using schemes specially developed for affluent individuals. Under these schemes, there is little tax to be paid; you are granted a residence permit and, in most cases, access to Schengen countries without any visa requirements. Several of these jurisdictions also offer specific citizenship by investment programs for wealthy families.
Although international relocation to these countries comes with tax benefits, relocating to other countries may come with severely negative tax consequences. Some examples of these countries are the United States of America, France and Germany.
Last but not least, many countries offer opportunities to structure a family’s assets before relocation, in such a way (such as via trusts and private placement life insurance) so that the overall tax burden of the family will decrease.
A family office or local law firm can support you with international relocation planning strategies and help you to comply with local rules and legislation. As affluent families become more internationally exposed every year, this is normally one of the most important services which a high quality family office provides.