There are three key issues to consider when advising a private international client, both in the estate planning and estate administration context. They are:
- Which law prescribes how the various assets will be transmitted upon death?
- Do the provisions in the will (if there is one) match the inheritance rights in the various countries?
- Which tax regime will apply to the asset and/or beneficiary and on what basis is tax levied (i.e. residency, domicile or nationality)?
- Where the client should hold assets;
- In what form should those assets be held;
- Whether the client requires more than one will; and
- How should the client structure their affairs – i.e. company, trust, foundation or other structure.
For some clients, it may be as easy as obtaining advice prior to purchasing property in an overseas jurisdiction, others may require advice on how to change their domicile or acquire residency in a particular jurisdiction or a certain nationality.
