Morag Ofili recently spoke to Citywealth’s Karen Jones about the current global tax environment, and some of the challenges faced by UHNW individuals and families in managing their wealth.

How would you summarize the current global tax environment for UHNW individuals and families? Are there particular jurisdictions that are becoming more (or less) attractive?

The global tax environment has never been more interconnected. We’re seeing a concerted effort by tax authorities to close perceived loopholes and increase transparency, which means UHNW individuals must now navigate a more data-driven, and coordinated compliance landscape. Jurisdictions like the UAE and Singapore continue to attract attention due to their relatively favourable regimes, but even these jurisdictions are under increasing international pressure to align with global tax norms. Meanwhile, traditional low-tax jurisdictions are losing appeal due to increased scrutiny. The UK, while still attractive for its rule of law and infrastructure, is becoming less predictable in terms of policy direction, especially around non-dom status and capital gains treatment.

What recent tax policy changes in key regions—such as the U.S., UK, EU, or Asia—do you believe have the most significant implications for global wealth structuring?

The UK’s decision to overhaul the non-dom regime is seismic, not just for existing non-doms but for the entire ecosystem of trusts, remittance planning, and international asset holding structures…

You can read the full article here.

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