Jurisdiction ‘becomes an asset class’ as tax accelerates movement of wealth

Jurisdiction has become an asset class as residency and citizenship have been reclassified into something a high net worth (HNW) family holds and manages, with tax the primary driver of the shift, according to a report from Global Citizen Solutions (GCS).

A briefing from its Global Intelligence Unit (GIU) highlighted that private clients and their advisers were no longer only asking about which country to choose, but also what their jurisdictional allocation should look like.

Residency and citizenship were found to be being weighed alongside tax residency, succession, business domicile, and the rest of the balance sheet.

GCS said demand for its residency and citizenship planning had tripled over the past decade, with growth continuing through periods of relative global stability.

The fastest growth was observed in citizens of developed economies who faced no real mobility constraint and were allocating for optionality rather than escape.

Engagements that were previously resolved into a single jurisdiction now often span more than one, with a growing number of clients completing their planning while holding more than one residency or citizenship.

“A decade ago, a second residency was framed as something for the ultra-wealthy chasing prestige,” said GCS founder and COO, Artur Saraiva.

“Post-pandemic, post-Ukraine, amid currency instability and tightening tax regimes, we’ve watched that motivation shift.

“Mobility has become part of stable, mainstream wealth planning, sitting next to a will and a diversified portfolio, not above it.”

GCS said the clearest identifier of this was from the UK, which abolished its non-dom regime in April 2025 and now taxes residents on their global income and gains.

This was part of a wider pattern in Europe, the report noted, and wealth was relocating not simply to where the tax burden was the lowest, but where the terms of tax policy looked likeliest to hold steady.

“HNW individuals seem to be more cross-border than ever before,” said GCS head of institutional client relations, João Pacheco.

“It is increasingly common to see international real estate portfolios, multi-jurisdictional banking relationships, and multiple residencies or passports.”

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