Clients and their families want to be more mobile

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Social and environmental concerns are much higher on clients’ agendas, particularly when looking to invest, as is reputational awareness regarding where the individual’s or family’s wealth is being managed.

With the continuing threat of further lockdowns, consideration needs to be given finland mobile database as to where individuals and families wish to live. We are seeing an increase, within the Dixcart Group, of clients looking to move to jurisdictions perceived as being ‘safer,’ with the consequent increase in the number of private residences.

What has been the impact of the ‘Economic Substance Requirements’ (ESR) legislation that has now been introduced across circa 140+ international jurisdictions?
ESR is very much an extension of the historical ‘mind and management’ requirements and the BEPS legislation, introduced to ensure structures meet the appropriate tax residency test. Where jurisdictions already have a good track record of tax compliance and harmonization ESR has effectively put what was best practice for these jurisdictions, into legislation.

This has led to a review of offshore structures in particular by clients and their advisers with questions being asked as to the purpose of the structure and whether this is still relevant under the new legislation. Decisions are then made whether to amend the structures, migrate them onshore or to a more suitable jurisdiction, or simply close them down.