Family offices on the move: where next?

Key takeaways

• No jurisdiction is universally best, each fits different tax, stability and lifestyle priorities.
• Italy suits individuals well but maybe considered less efficient for family office entities.
• Switzerland offers stability, favourable capital‑gains rules and SFO‑friendly regulation.
• The UAE provides 0% personal tax and strong free‑zone options for family offices.
• Singapore blends low personal tax with market‑leading SFO incentives.
• The US offers unrivalled scale and an SFO exemption framework, but taxes require careful planning.

Global mobility is no longer a side conversation for family offices, it’s front and centre. As families reassess where they live, invest and operate, the question is no longer whether to move, but where.

At our recent inaugural Family Office Conference five global hubs, Italy, Switzerland, the UAE, Singapore and the US, were put under the microscope. The verdict? There’s no single winner, but clear patterns are emerging. Three themes dominated participants’ views on each jurisdiction: tax and incentives; stability and rule of law; and lifestyle and talent.

Italy: Overall Verdict 

Italy stood out as a compelling destination for ultra‑high net worth individuals. Its lump‑sum tax regime, €300,000 per year to cover all foreign income and gains, remains one of the most generous in Europe, bolstered by investor visas and long‑term certainty. That said, Italy is less convincing as a home for family offices themselves, largely due to corporate tax considerations.

Key advantages

• Highly attractive lump‑sum tax regime: €300,000 p.a. covering all foreign income and gains, regardless of amount, for up to 15 years.
• No inheritance, gift or wealth tax on non‑Italian assets for those on the regime.
• Investor visa available (e.g. €500k investment in Italian companies), including for family members.
• Certainty and predictability: binding tax rulings available from the Revenue.
• Treaty residence certificate available, enabling access to double tax treaties.
• Work permitted (unlike some other lump‑sum regimes).
• Stability myth dispelled: tax treatment for the wealthy has been remarkably consistent despite political change.

Key disadvantages

• Not particularly attractive for family offices due to Italian corporate tax.
• Perception (rightly or wrongly) of bureaucracy.

Switzerland: Overall verdict

Switzerland delivered what it always does: stability. Political predictability, a world‑class wealth ecosystem and a deep professional talent pool make it a natural base for family offices. While costs are high and confidentiality is evolving, Switzerland’s long‑term appeal remains hard to match.

Key advantages

• Exceptional political and economic stability.
• Central location between the US and Asia; practical time zones.
• Mature wealth ecosystem: top‑tier bankers, asset managers, trustees and advisers.
• Business‑friendly, predictable regulation with pragmatic oversight.
• Single family offices do not require a FINMA licence.
• Strong confidentiality and data protection culture (still a major draw).
• Attractive corporate tax rates (c.12.5–20% depending on canton).
• No capital gains tax for individuals.
• Extensive double tax treaty network.
• High quality of life helps attract and retain senior family office talent.

Key disadvantages

• High cost of living.
• Lump‑sum taxed individuals cannot work.
• Confidentiality dilution risk: upcoming beneficial ownership register (though not public).

UAE: Overall Verdict 

The UAE continues to gain ground at pace. With no personal income tax, no capital gains tax and no inheritance tax, it offers an almost unrivalled fiscal environment. Add in a welcoming immigration regime, strong privacy laws and a growing financial services ecosystem, and it’s clear why family offices are looking seriously at the region, notwithstanding geopolitical considerations.

Key advantages

• Exceptional tax environment:
  • No personal income tax
  • No capital gains tax
  • No inheritance or estate tax
• Corporate tax only 9%, with long‑term exemptions for qualifying free‑zone income.
• Designed around family businesses, making it naturally family‑office‑friendly.
• World‑class expat talent pool and highly hospitable environment.
• Reformed immigration regime allows foreigners to live long‑term.
• Strong privacy and safety.
• Strategic global location.

Key disadvantages

• Lack of long‑established legal precedent.
• Geopolitical risk, inherent to the region.

Singapore: Overall Verdict 

Singapore blends the best of both worlds: low tax and high trust. Its tightly regulated family office regime has fuelled rapid growth over the last decade, offering families something increasingly rare, tax efficiency combined with long‑term policy stability. Regulation can be demanding, but for many families, that’s the point.

Key advantages

• High stability across the board: political, geopolitical and fiscal.
• Highly attractive family office tax regime under a territorial tax system.
• No tax on dividends, capital gains or inheritance.
• Low personal income tax (top rate c.23%).
• Well‑regulated environment gives families comfort and long‑term certainty.
• Strong reputation and credibility as an Asian wealth hub.

Key disadvantages

• Significant regulatory and set‑up requirements (seen by some as red tape).
• Mandatory military conscription for sons who become resident.
• Regulation can slow initial set‑up (though many see this as a feature, not a bug).

Likely change

• Possible tweaks to family office qualification conditions, but no wholesale reform expected, stability remains the priority.

US: Overall Verdict 

The US, meanwhile, remains the heavyweight. With unmatched capital markets, vast talent pools and light‑touch regulation for single family offices, it continues to attract scale players. Tax is the trade‑off, though proposed developments such as the “Platinum Card” could shift the balance further in its favour.

Key advantages

• Unmatched scale and depth of financial markets.
• Huge pool of top‑tier talent.
• Long‑term economic and political resilience.
• Light‑touch regulation for single family offices (no SEC registration/state regulation if criteria met).
• Enormous lifestyle and location choice across states.
• High inheritance tax exemption (currently $15m per spouse).

Key disadvantages

• Less competitive tax environment than UAE or Singapore:
  • Top income tax: 37%
  • Capital gains: 23.8%
  • Estate tax at 40% above exemption
• Worldwide income taxation once residency threshold is crossed; worldwide estate and gift tax for citizens/domiciliaries

Notable development

• Proposed “Gold” and “Platinum” cards:
  • Gold Card: expedited visa for high‑value applicants.
  • Platinum Card (proposed): up to 270 days’ residence without worldwide taxation, subject to congressional approval, potentially transformative if implemented.

In summary, the overarching message from the panel was clear: Family offices follow stability first, tax second, and talent always. As geopolitical and fiscal uncertainty grows, jurisdictions that offer clarity, credibility and continuity will continue to win.