I often hold consultations with people to whom starting their own bank is the option.
Some of you might have inherited a lot of wealth recently. You want to have a little bit more control on how your substantial inheritance is to be managed and protected for the future generations.
Sometimes you are also considering establishing a family office. However, this solution may not be entirely suitable to your own portfolio.Therefore, your own bank is by far a much more suited choice and the course of action.
Other considerations may be migrating substantial wealth to a new jurisdiction or at the specific clients’ request who want a little bit more privacy.
There is more than one reason, which may trigger this process.
1. You have more than enough wealth to warrant one
Some financial institutions can only accommodate a very limited amount of wealth. Substantial wealth may warrant setting up a new bank to manage the substantial wealth or buying an existing bank or legal setup. This may afford greater privacy and more control over own funds and reduced reliance on the third parties.
2. You already own a bank and want to expand your banking activity into a new jurisdiction
You already own a bank in your home country and you want to expand your offer to a new country. Sometimes, it is not so much as expanding an offer to the new jurisdiction, but relocating to a new jurisdiction as the existing clients so insist. A new particular jurisdiction may be extremely attractive to your own clientele.
3. You want more privacy.
Wealth likes privacy and limited third party involvement. Banking is a licenced financial activity. Some jurisdictions promote banking privacy and secrecy more than others. Depending on the suitable jurisdiction, it may warrant more privacy and reduce cross-border data leak.
4. You want to reduce risks.
Financial crisis exposed bad investment decisions that have spiralled across the global financial systems and hurt strong and sound investment portfolios.
An opportunity to manage own wealth decreases the risk taken by the third party decision-makers even if they are contracted to do so.
5. You want more control over your funds.
Having your own bank is the power to implement your own risk profile. Sophisticated investors understand the risk they want to take well.
6. You want access to exclusive investment platforms.
Bank is an exclusive club, which gives access to some of the most exclusive platforms for investment. There are investment platforms and opportunities that are only accessible to the exclusive few.
7. Find an expert who can help you guide you through the process so that you could reap the benefits almost instantly
As you approach each and every jurisdiction, you will not be short of available experts and expertise. However, the most problematic is to connect and draw all the necessary dots together to make a complete and functioning product ready to run from day one.
I specialise in tax, structuring and wealth management of ultra high net worth individuals’ assets and legal requirements for high net worth families. My sole purpose is to help you establish and set up a working investment vehicle.
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Saule Voluckyte, M.A.E.S, LL.B, FAIA
I have been working exclusively with UHNWI in Mayfair, London since January 2008. I built specialist knowledge and expertise required to serve ultra high net worth individuals investing, operating and relocating to the UK or Switzerland.
Within the industry, I am the single adviser who is able to traverse the different areas of expertise and bring a comprehensive approach across: global structuring, UK immigration, international taxation and FOREX to develop their global wealth strategy, while they build, grow and expand their wealth worldwide.
Previous experience as one of the senior advisors for the government, made me a go-to person when delicate and uncomfortable scenarios involving heads of state need to be handled with care and preserve privacy.