KPMG Family Office & Private Clients (FO&PC) encompasses much more than tax advice. Our clients include individuals, families, family businesses, and family offices and we invest our time in building a relationship with each client to better understand their needs and aspirations. We focus our efforts on issues of importance to our clients, which often cover family, private business, and international matters. We understand that every family and private entity is unique and that delivering bespoke solutions to tax matters can be complex. At KPMG, we strive to work together with our advisory and audit colleagues to provide a seamless integrated service tailored to each client.
Our services include:
I. Wealth Tax Advisory
- Personal wealth is now global, and clients operate in an increasingly complex regulatory environment. Clients need high quality, cohesive, cross-jurisdictional advice. FO&PC provides clients with deep, technical, and localized knowledge while still being fully integrated and aligned with the global network.
- The advice clients receive is borderless, coordinated, high quality, and delivered with exceptional service from a single point of access. None of our competitors command this level of reach or connectivity.
- Our tax services cover advising on the jurisdictions for investment, types of investments, and tax implications on the investment returns. The aim is to achieve two key targets: tax efficiency and compliance with tax regulations.
II. Tax Planning
- Proactive Tax planning for Family offices and Private Clients has become essential as a result of global transparency trends and COVID-19.
- KPMG can provide tax advice to clients who have various assets across multiple jurisdictions and may have tax residency in these jurisdictions. We can advise clients on how to restructure their investments while considering the change in Global tax transparency requirements (e.g. Common Reporting Standard “CRS”), the introduction of new regulations like VAT, and Economic Substance Requirements. We can also analyse the tax implications associated with the Tax residency status of the client and/or their investments/assets and how to provide tax solutions through the applicable Double Tax Treaties.
III. Tax Compliance for the Family Office
- KPMG, through its network, is able to provide Tax compliance services onshore and offshore, which may be required given the presence of the client’s investments/assets in various jurisdictions.
IV. Tax Governance and Controls
- KPMG creates a bespoke dashboard for its client, which should cover information in relation to tax efficiencies achieved, adequacy of tax compliance, status of tax residency, etc.
- A Tax risk Heat Map is created to flag any potential tax challenge that the client needs to be aware of, and which may result in changing investment targets or in complying with a new tax regulation.
V. Succession Planning
- KPMG provides tax advice on suitable structures for asset protection and transfer of wealth to the next generation.