As globalization expands, a unique population is increasing at a rapid pace. One known as Global citizens. Whether it is a French citizen living in the US, an American expatriate living in Madrid or a Chinese family with businesses in Europe and in the US, these people will spend most of their lives traveling between several countries.

These global citizens have created a specific niche in wealth management, known as Cross-border wealth planning. However, based on the inherent complexity of many situations, it has been difficult for this unique population to find expert advice. 


CROSS-BORDER WEALTH PLANNING IS COMPLEX FOR MANY REASONS

First, tax laws, retirement plans, insurance and investment management are unique to each country. Second, every nation has a different business culture. Finally, global citizens are mobile by definition, which makes it more difficult for a wealth manager to define long-term objectives. 

On the other hand, global citizens are dynamic people seeking opportunities and quality of life, which make them a fascinating group to work with. 

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A FEW GENERAL GUIDELINES ...

That apply to cross-border wealth planning situations are as follow:

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  • Global citizens need to make a full inventory of all assets they own globally.
     
  • They need to review all investments, insurance policies, retirement and pension plans.
     
  • They have to develop point to point financial planning strategies and make short-term and medium-term goals with the help of a wealth manager.
     
  • Global citizens should consult with a tax professional specializing in international taxation and with an immigration lawyer.

CONCLUSION

Cross-border wealth planning requires the collaboration of several professionals with a wealth manager who understands the specific needs and objective of his or her client. One of the most important objectives of making a strategic plan is to maximize the financial potential of the client, minimize the tax liability, control expenses and avoid predicable errors.

 

Author : Stefan SALDIVIA, MS, CFP ® - Global Wealth Manager
Consult his Services page and his French Cluster Member profile