Family asset management in 2021
Healy Consultants Group provides our international Clients with complete Family wealth advisory & management solutions.
Family planning and asset management entities are legal entities that enable to make tax-efficient investments for a defined group of beneficiaries. A board of members manage these assets in accordance with the will of the founder.
Advantages of family asset management
- An effective management structures;
- Tax efficient;
- Increased investment returns;
- Separate family business and family wealth;
- Optimized management performance and reporting;
- Asset transfers are usually not subject to any estate taxes.
Family asset management jurisdictions and comparison
Comparison table for different family asset management jurisdictions:
|Family asset management entity||Liechtenstein|
|Cayman Islands (Excluded Person)|
|Our recommendation in order of preference||1||2||3||4||5|
|How long to set the entity up?||2 weeks||1 week||1 month||3 weeks||1 month|
|How long to open company bank account?||3 weeks||6 weeks||1 month||1 month||1 month|
|Regulatory license required?||No||No||No||No||No|
|Total engagement costs?||€32,195||US$11,530||£16,700||€23,170||US$31,472|
|Tax exempt on investment profits?||Yes||Yes||Yes||Yes||Yes|
|Location of bank account||Liechtenstein||Singapore||Jersey||Luxembourg||St. Vincent|
|Bank signatory must travel?||No||Yes||No||Yes||No|
|Do you travel for entity setup?||No||No||No||No||No|
|Minimum capital requirement||US$30,000||US$0||£0||€12,395||US$0|
|% of capital to be paid prior to formation||100%||100%||100%||100%||100%|
|Allowed to carry out commercial activities?||Yes||Yes||Yes||No||Yes|
|Allowed to import/export?||Yes||Yes||Yes||No||No|
|VAT registration required?||No||No||No||No||No|
|Minimum number of directors/trustees/managers||3||1||1||1||1|
|Resident director/trustee/manager required?||Yes||Yes||Yes||No||No|
|Can manage and control subsidiaries?||Yes||Yes||Yes||Yes||Yes|
|Beneficiary information public?||No||Yes||Yes||Yes||No|
|Annual financial statement filing required?||No||Yes||No||Yes||No|
|Access to how many double tax treaties||10||75||11||75||0|
|Country stability rating (out of 100)||100||97||90||94||89|
Frequently asked questions
Do I need to travel to set up a foundation?No. With the expert assistance of Healy Consultants, our Clients are not required to travel.
How long does it take to incorporate a Liechtenstein foundation?A new foundation in Liechtenstein can be set up in just two weeks.
Is paid up share capital required to setup family asset management entity?For Singapore and Jersey family wealth vehicles, there is no requirement for paid up share capital. Liechtenstein foundations require a minimum paid up share capital of CHF30,000, while Luxembourg’s SPFs require the equivalent of €12,395.
Do annual financial statements have to be submitted to the government for family asset management entities?In most jurisdictions providing annual financial statements is required. However for Jersey there is no such requirement.