In today's world it appears that tax planning is increasingly being questioned. What freedom of action remains? Figures in the industry recently met in Switzerland to find out.

How relevant is tax planning in a world where mitigating or avoiding taxes – not previously thought of as nefarious – are sometimes put in the same bracket as tax evasion? This and other questions were aired at a recent wealth management conference hosted by law firm Withers over two days in Geneva and Zurich.

With international families amassing assets in a number of countries and living a peripatetic lifestyle on a number of continents, what can be done to limit taxation in a way that is acceptable to the relevant authorities?

Another area for discussion was the usefulness and desirability of additional passports. While HNW individuals may aspire to unfettered access to the US, the Green Card/ passport route may not be the best option given the consequential liability to US taxation on global assets. There are a number of other visa options that can allow access to the US without the consequences of taxation liabilities so long as an individual does not spend too much time in the country.

Wealthy individuals have for some time been able to effectively purchase a second or third passport by investing in the target country. One potentially unexpected suggestion as a country for a second passport was the Caribbean island group St Kitts and Nevis - a member of the British Commonwealth. A passport from this country allows visa free access to some 140 countries.

One theme that ran through the whole conference was the need for individuals to prepare and plan ahead as they internationalise. Justine Markovitz, who heads up the Swiss offices of Withers, referred to the establishment of a team of local advisors headed by one coordinator to avoid the problems associated with advice in one country leading to adverse consequences in another or advice for life planning contradicting the best planning for inheritance and succession.

Different jurisdictions have different rules and regulations for residence and taxation; clients must grasp the difference and definitions of residence, tax residence and domicile and the consequences for their wealth in each jurisdiction in which they have assets and right of abode. Poor planning can lead to tax liabilities in more than one location.

Trusts and on and offshore companies will continue to play a key role in international financial planning for HNW individuals although the trend is clearly for a move away from hiding money to planning for tax efficiency and effective inheritance. Control remains a big issue for many clients and this is a complex area that needs significant attention, the conference heard.

So are trusts and offshore banking on their way out as transparency becomes the order of the day and banking secrecy is eroded? The view that came out of the conference is one of an industry in process of significant change as the challenges of international banking transparency and the right to privacy conflict. But talk of the demise of the offshore banking and trust business is probably rather premature.

(The conclusion of this article is also one that was broadly shared by attendees at a recent Breakfast Briefing in London hosted by the publisher of this news service; see here.)