jurisdiction

The Cayman Islands is a highly attractive jurisdiction for setting up family offices and in recent years, many ultra-high net worth families have chosen to make the British Overseas Territory in the western Caribbean Sea both their home and their headquarters for their global operations.

Ultra-high net worth individuals (UHNWIs) inevitably have cross border aspects to their affairs. They own assets in and/or have connections to multiple jurisdictions around the world and as such, in advising them, an awareness of international succession law is vital.

The United Kingdom left the European Union last year and the transitional period which applies EU law to UK divorces expires on 31 December, 2020 at 23:00 GMT. This expiry will have potentially dramatic changes in international family law which will affect every wealthy family with a European connection.

And there will be profound changes in the way that family law operates within Europe after that date.

Business families of significant wealth are reviewing the implications of Brexit as the scheduled date for Britain’s withdrawal from the European Union looms.

PwC has been urging clients to start activating contingency plans in areas where Brexit may affect supply chains and cross-border change. For the sector as whole, many organisations were still waiting to see what the final outcome of negotiations will be before taking significant investment decisions, Peter Englisch (pictured above), global and EMEA family business leader at PwC Germany, said.