Private Capital Without Borders: A Cross‑Jurisdictional Look at Monaco, Italy & Dubai
As globally mobile families reassess where they live, invest and structure their wealth, the demand for clear cross-jurisdictional insight has never been greater.
Last month, HIGHVERN and ThoughtLeaders4 co‑hosted a webinar titled “Private Capital Without Borders: Structuring Considerations Across Monaco, Italy and Dubai.” The session was moderated by Emma Furzer, Senior Trust Manager at HIGHVERN, and featured insights from Richard Joynt, Head of Family Office at HIGHVERN; Andrea Vicari of Vicari Avvocati; James Brockhurst of Forsters; and William Easun of Tempest Legal Services.
Setting the Scene
Richard opened by positioning Jersey as a global structuring centre rather than a relocation destination. With mature trust, foundation, company and partnership regimes, Jersey has long supported complex multi-jurisdictional wealth planning but attracts relatively few new residents each year.
“The real question,” Richard noted, “is what makes Monaco, Italy and Dubai the preferred destinations for the families themselves.”
Distinct Jurisdictions
Andrea explained that Italian residents strongly favour domestic structures, particularly where trusts and fiduciary arrangements benefit from incentives embedded in local law. Italy’s flat-tax regime has attracted a growing number of internationally mobile families, bringing offshore structures that must be carefully reconciled within Italy’s civil law system.
James described the UAE’s rapid transformation. ADGM and DIFC now offer sophisticated trust and foundation frameworks, and the region has become a significant hub for onshore private wealth vehicles. “What has changed is the depth of legal infrastructure,” James said. “Families are finding genuine certainty here that simply did not exist a decade ago.”
However, James was equally direct about the broader context. The UAE sits within a complex geopolitical environment, and families considering relocation need to weigh regional sensitivities carefully alongside the legal and structural opportunities. Advisers and clients alike must go in with clear eyes about what that could mean for family security, business operations and long-term planning.
William outlined Monaco’s appeal as a lifestyle destination with exceptional security, stability and quality of life. While Monaco has no domestic trust law, residents typically rely on structures established abroad, and the jurisdiction works well for families who prioritise privacy and accessibility alongside their structuring needs.
Beyond the Tax Headlines
A strong shared message from the panel was that tax may prompt a family to consider relocation, but lifestyle, legal culture and day-to-day realities determine whether it truly succeeds.
Succession planning featured prominently. Civil law jurisdictions can impose default inheritance and matrimonial property rules that create unintended outcomes without careful advance planning. The UAE offers greater flexibility for non-Muslim residents through DIFC and ADGM wills frameworks, allowing elections of foreign law.
The panel also highlighted that families frequently underestimate the practical and regulatory demands of relocation: compliance requirements, data protection rules, business licensing and everyday administrative procedures such as driving licences, school admissions and bank account opening can shape the lived experience as much as any tax consideration.
Legal maturity and predictability also matter. Italy offers a long-established civil law system, Monaco provides deep institutional stability, and the UAE has moved quickly to adopt English common law principles within its free zones, giving international families and their advisers a familiar framework.
Closing Thoughts
Richard’s closing message resonated across the panel. “We must look far beyond tax headlines,” he said. “Successful relocation brings together structuring, lifestyle, legal certainty, cultural alignment and family strategy.”
Monaco, Italy and Dubai each offer compelling opportunities for globally mobile families, but no single jurisdiction is the right answer for everyone. Families who approach relocation holistically, supported by advisers who understand the full cross-border picture, are best placed to make it work.
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