Supporting a Canadian business owner relocating from Geneva to the U.S.

The situation

A Canadian entrepreneur and business owner who spent many years working in Canada and Europe. She is currently a resident of Geneva, but spends time between the UK, Canada, and the U.S., where her relatives live, including her two grown-up daughters. She has decided to relocate to the U.S. The relocation process will involve a complicated restructuring of her international business and personal interests, including a large art collection. 

The client’s goals

• The client would like to relocate to the U.S.
• She wants to have clarity around her tax position, property, and possessions internationally. 
• She would like to ensure the maximum assets possible are passed down as her legacy to her children and wider family overseas.

Our approach

• The Family Office team analyzed all the jurisdictions where she has been a resident or has a tax footprint to understand her existing structures and make recommendations to maximize tax efficiency and meet the long-term needs of her family.
• We conducted a review of all her existing business roles and directorships to assess how becoming a U.S. tax resident might affect such positions. 
• The Art Management team will review the art portfolio and develop a clear strategy for its management and protection.

Outcomes to date

• The Family Office team supported the client through all the relocation logistics. They helped set up both U.S. and offshore bank accounts and arranged medical insurance policies, a medical concierge for the family, and the purchase of a car.
• The Family Office team established and provides ongoing support to three family trusts for which we act as fiduciaries and trustees.
• The client now has a structured approach to managing her family legacy, with our recommendations addressing succession planning, asset structuring, and the protection of her art collection.

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