Stonehage Fleming: Relocation case study
Our Family Office in South Africa assisted a South African UHNWI, Stefan* and his family relocate to the UK.
The UK was deemed well-positioned geographically, offered political and economic stability and a flexible ‘nondomiciled’ individual tax regime.
Stonehage Fleming Law and the Family Office team, conducted a strategic review to assess Stefan’s existing global structures, related reporting and disclosure requirements.
They also conducted a review of all Stefan’s existing business roles and directorships to assess how becoming a UK tax resident would affect such positions. Where applicable, employment vehicles were created to facilitate the continuity of his positions.
Outcomes (to date)
Stonehage Fleming Law advised Stefan on the legal and tax aspects of his re-location to the UK and prepared a preimmigration tax plan to take full advantage of ‘remittance planning’.
Our Family Office team in London supported the family with all the relocation logistics. They set up both UK and offshore bank accounts, arranged medical insurance policies, a medical concierge for the family and arranged the purchase of a car.
Our London-based residential property advisory team shortlisted a selection of rental properties for the family, negotiated the rental tenancy and sourced furnishings, utilities and a housekeeper in advance of their arrival.
* Please note, all Stonehage Fleming case studies have been carefully anonymised. Although scenarios are based on real life events they have been fictionalised and are an amalgamation of client experiences. All names, locations and occupations have been replaced with pseudonyms.