There is a new kind of wealth planning emerging; one that is essential for anyone who holds assets or has family connections in more than one country. In an increasingly globalized world, the cross-border planning strategies of the global elite are becoming essential to a greater number of families. Is your life based in more than one country? Do you have business interests in multiple countries? Are you moving to the US either temporarily or permanently? Alternatively, are you leaving the US to work overseas? Or do you plan to retire abroad? Unsurprisingly, there are special considerations – not to mention pitfalls – when money moves across borders, so cross-border wealth planning takes into account everything from currency fluctuations to tax rules, estate planning, and even to political instability.
As with all financial planning, a cross-border strategy is all about helping you keep as much of your money as possible. Even if you aren’t moving countries, you can benefit from this type of planning if you have financial interests outside of the U.S., if you have dual citizenship or if you or your spouse have foreign family members.