Lawrence J. Chastang Jr. on Safeguarding Financial Assets When Relocating to the U.S. via The Cayman Islands

WEST BAY, GRAND CAYMAN / ACCESSWIRE / June 2, 2023 / As more high net worth individuals relocate to the United States for business purposes, the need for a trustworthy financial partner to settle finances in a new environment and safely transport family belongings is paramount to the moving process. Lawrence J. Chastang Jr. is the Managing Director of Western International Trust Company Limited and Star Insurance Company (Cayman), Limited, and an expert in offshore wealth management with years of experience guiding successful transitions to the U.S. Below, he outlines an essential checklist for safeguarding wealth and financial assets to ensure peace of mind while relocating to the United States.

According to the Henley Private Wealth Migration Dashboard, based on data from New World Wealth, the projected net inflow of high-net-worth individuals (HNWIs) to the U.S. in 2022 was 1,500, indicating more millionaires are moving to the U.S. than leaving it, and in previous years, such as 2018, the inflow was as high as 12,200. Additionally, Forbes cites that in 2022 a record number of immigrants became billionaires in the U.S.

"Wealth Relocation is a critical component of a Global Estate Plan that involves a thorough evaluation of the ownership structure of personal and/or business financial assets," says Lawrence J. Chastang Jr. "It is essential to engage the services of an experienced wealth advisor with global expertise for a successful review."

One important aspect of Wealth Relocation is to conduct a comprehensive review and examination of assets in collaboration with legal and accounting professionals to preserve and grow family assets. A comprehensive Wealth Relocation review will account for the legal, tax, and other intricacies that may arise in both the departing and destination jurisdictions.

The Cayman Islands offer more than just sunny winters and beautiful beaches - for those relocating, the Cayman Islands offer no income or estate taxes and a business-friendly environment, which presents significant tax savings and business opportunities - especially for those U.S. immigrants who take advantage of Cayman-based financial planning structures such as insurance and trusts before immigrating to the U.S.

Wealth Relocation Checklist

To best plan for wealth relocation, collaboration with an experienced financial partner who understands the fiscal intricacies of the new jurisdiction to examine the below considerations:

• Accounting Overview: Analyze financial assets ownership structure(s) to identify critical assets, compliance priorities, and liabilities that need to be examined before or after relocation.

• Estate Planning: Assess how a relocation may affect a family legacy; both goals and objectives.

• Retirement Tracking: Evaluate whether your relocation will alter your retirement plans.

• Tax Assessment: Understand how U.S. tax codes will impact income or financial assets as a result of a change in jurisdiction.

Lawrence J. Chastang Jr. concludes, "Each family and its financial structures are unique - a wealth relocation plan must be customized to address specific circumstances and desires by a knowledgeable financial partner with extensive personal knowledge of legal, accounting, medical, educational, insurance, and business matters in the United States."

Contact Information:

Andrew Mitchell
Email: media@cambridgeglobalmedia.com
Phone: 404-955-7133

SOURCE: Cambridge Global