Offshore

EXPERT VIEW: Attacks On Wealth And The Offshore Jurisdictions

Henry Fea, Charles Russell, Private Client Partner, 17 September 2012

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Political instability

Changes in the Middle East over the last two years, and the Khordokovsky tax evasion case, show that nobody is safe if government changes, or law and order breaks down. Today’s multi-millionaire can have their assets confiscated overnight and, for well-known political figures in countries without a developed stable political regime, there is a very high risk.  Sharing assets amongst family members or trusted advisors may help to spread the risk of financial loss, but is not a complete answer. 

Those with a less high political profile may want to consider obtaining residency rights in a country with a more stabilised political system and a wide range of visa treaties.  There are a variety of attractive countries that fit the bill – St Kitts & Nevis being one of the cheapest, but not as robust as others, such as the UK where, for an investment of £1 million (around $1.62 million), residency and (after a period of time) citizenship can, effectively, be bought. Switzerland and other European countries offer similar programmes. 

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