Immigration considerations for Family Offices
Immigration considerations for family offices
There are numerous and complex factors to consider when looking for a suitable jurisdiction for a family office; from both a business and a personal perspective. Political stability, a sound and predictable legal system, tax planning, quality of education and health services available, climate, geographical location and lifestyle may all play a role in the decision. However, one key factor is often overlooked at the early stages – immigration. Immigration is the key which unlocks all the other potential benefits.
Who needs to go where, when and what for?
Without the right visas for the right people, no-one is going anywhere. Principal family members may need a different type of visa from employees running the business on a day to day basis, or they may be integral to the business itself and require an immigration status which facilitates that. Will dependant partners and minor children be relocating as well? Are there adult children looking to continue with further education in the country of choice?
Most immigration systems are complex and navigating them effectively requires expert knowledge and the insight which comes with experience. Immigration lawyers should be involved in discussions from the outset so we can advise on the right solutions, and the likely timeframes for getting visas in place can be joined up with tax planning, corporate timetables, employment requirements, travel plans, school enrolment etc – this can make an enormous difference to how smoothly things come together.
Long-term planning
In initial discussions, it is always worth thinking about the long-term plans and goals of those involved. For example, are individuals looking for permanent residence in their country of choice as quickly as possible? Is citizenship the ultimate goal? Or will this move be a temporary solution to a more immediate problem? Many jurisdictions have rules on permanent residence and citizenship which effectively restrict the number of days someone can be absent from the country, and physical presence is also often a key factor in tax planning. Most UK visas which provide the holder with a route to settlement require the individual to be physically present there for at least 180 days in each rolling 12-month period in order to maintain eligibility for settlement in due course.
Relocating to the UK?
For family offices relocating to the UK, careful planning is especially important since the UK government closed its investor visa programme in 2022. Although the current government is reportedly considering bringing back some form of investor visa, the current options for HNW individuals and their families are quite limited. The UK’s visa categories are often very niche and eligibility requirements very technical, so the right solution for each family will be dictated by their unique circumstances. Most UK visa types allow a main applicant to bring their partner and children under 18 with them as dependants.
Some of the options that may be on the table are:
Skilled Worker
This is the UK’s main work visa route and requires sponsorship by a licensed UK employer. While this may be an option for those looking to set up the family office as a UK company employing family members, the current landscape of Home Office compliance policy needs particularly careful navigation. It is helpful if the FO will be also be employing resident workers and can show a clear commercial footprint before applying for a sponsor licence.
UK Expansion Worker
A visa category designed to enable overseas businesses to set up a branch or subsidiary operations in the UK, this may be a viable route depending on the nature of the family business, especially if a principal family member will be moving to the UK to establish the office.
Global talent
The UK government has recently announced its desire to attract talented individuals to the UK both through the Global Talent visa route (for leaders and potential leaders in the arts, sciences, entertainment and tech sectors) and the High Potential Individual Route, which enables recent graduates from top international universities to come to the UK without sponsorship from a UK employer.
Personal routes such as family visas, UK ancestry and/or historical citizenship claims – there are of course visa routes for partners of British citizens, or those who already hold permanent residence in the UK, to bring their partner and minor children (if those children are not already British) to the UK. In addition, UK ancestry can be a very useful route for Commonwealth citizens with a British grandparent, and any historic British citizenship in the family is worth investigating to see if a registration application is possible for a descendant.
Conclusion
The right immigration solution can pave the way for a smooth and successful relocation, whatever the circumstances. Careful consideration should be given to visa types, eligibility and conditions from the outset, so that the right people can be in the right place at the right time, with a solid legal foundation from which to pursue their business and personal goals.
