Citi Private Bank Puts Asset Location, Global Mobility In Focus

Editorial Staff

13 September 2024

has issued a 26-page white paper explaining the challenges and options that ultra-high net worth individuals and families have in managing affairs in an increasingly mobile and cross-border world.

The paper, entitled Asset Location & Global Mobility, talks about global wealth trends; family offices; asset location and wealth centres; global mobility; considerations before making changes or moves; and global client service. It delves into details such as tax information sharing pacts between governments; the “golden visa” regimes – citizenship/residency-by-investment programmes – of various jurisdictions; the jurisdictions that seek to attract family offices and UHNW individuals; and more.

The document represents a tour of the territory in front of “global families” – a cohort of the population that international banks such as Citigroup seek to attract. Such clients typically bring additional levels of complexity to the table.

The spotlight on "asset location," one of the chapters of the white paper, is significant because – in an age when governments such as those of the US and UK have been hiking taxes or are considering to do so – UHNW people are looking at countires where they can legitimately mitigate the tax impact on their assets.