Citizenship is the nationality of an individual (whether by origin or adoption), whereas residency is where that person lives. A person’s residency and the basis on which he or she is allowed to reside there, is separate and may be different from that person’s citizenship. However, the nature of a person’s citizenship and residency will drive many important factors that affect lifestyle and wealth, including:-
- Access to education
- Healthcare
- Environment and “clean air” living
- Political stability
- Business opportunities
- Taxation
While the choice of destination countries for migration should be driven by family and lifestyle objectives, there has been a significant rise in the numbers of countries that have opened their doors to wealthy people who can introduce capital investment into their country and make a positive contribution to their economy. The choices of destination and the attributes of the destination countries has become broader. Residency, especially for tax purposes, has also become more complicated – not least with the advent of the global reporting regimes, such as the Common Reporting Standard.
Overseas education and migration for lifestyle objectives has become a normal part of family development. Such migration creates new and different perspectives to family culture and dynamics, as well as exposure of the ownership and security of the family’s wealth to the complexity of foreign legal and compliance regulations.
Capital Solutions can help and guide you through the appropriate planning for the impact of changes in citizenship and/or residency. We’re unbiased in our solutions as we work with different premier service providers and seek the optimal providers for the best interest of our clients.
We look forward to finding the best solutions for your needs. Please contact us.