Leveraging digital solutions to ease cross-border financial services
Financial institutions have chosen to become as mobile as their clients—rather than set up a permanent establishment— in order to serve them wherever and whenever they need it
New tax transparency and regulatory constraints— especially in Europe—are leading individuals to transfer their assets to their country of residence in order to avoid any potential conflict with their local government. This significant shift from offshore to onshore wealth has forced Luxembourg banks and family offices to rethink the way they serve clients. Interestingly, during this process of “onshorization,” some of them have made the choice to set up a branch abroad in order to follow their clients in their country of residence, rather than losing them to the local competition. In contrast, other financial institutions have chosen to become as mobile as their clients—rather than set up a permanent establishment—in order to serve them wherever and whenever they need it.
Inside magazine issue 10, October 2015
Inside is Deloitte’s quarterly magazine offering an exclusive insight into best practices, trends and opportunities faced by our clients across all industries.
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