Mobility has been saved
Families, their businesses and their assets are becoming ever more global and both family members and employees must be globally mobile.
Deloitte has been proudly serving tens of thousands of family-owned companies and family offices in all geographies including KSA, UAE, Bahrain, Kuwait, Oman and Qatar, for many years.
Increasingly, members of wealthy families live in different jurisdictions across the globe, requiring appropriate visas and consideration of the tax implications in advance of any move, which can have wide-ranging consequences.
Key considerations for the family:
- Is there an agreed process within the family to ensure family members have appropriate visas when travelling?
- Family members may qualify for additional citizenship, allowing for greater flexibility and ease of travel.
- The relocation of family members overseas can have adverse tax implications for the individuals themselves, for the family business and for the family’s investment structures in which they have an interest. Does the family have appropriate governance in place to identify and manage those issues?
- Almost all global tax authorities now exchange information on the assets and income of taxpayers. Does the family manage its tax affairs to minimise the risk of enquiry?