Navigating Taxes Across Borders: Insights From a Global Tax Advisor
June 23, 2023
On this episode of Family Business With Purdeep Sangha, our host talks with guest David Lesperance, an expert in international tax planning for families and businesses. They discuss the importance of finding a tax-efficient and safe jurisdiction to invest or relocate to, protecting wealth in case of divorce, and understanding residency, citizenship, and domicile. They also touch on current societal concerns and their impact on individuals' mental health and fears, as well as the increasing interest in investing or becoming citizens of other countries. Join us as we delve into the world of international tax planning and explore different options for safeguarding family wealth in uncertain times.
In this episode of the "Family Business with Purdeep Sangha" podcast, the host speaks with guest David Lesperance, an international tax planning lawyer. The discussion focuses on advice for successful business owners or families looking to invest or park their money in another country and possibly move there part or full time.
The two discuss the importance of understanding and navigating different jurisdictions to be tax efficient and protect family wealth. They touch on popular destinations for families seeking favorable tax regimes, such as Italy, the UK, and other European jurisdictions. Lifestyle, personal security, and fitting the needs of family members are also important factors when choosing a jurisdiction to live in.
The guest, who specializes in understanding clients' needs to suggest different jurisdictions that may work for them, works with a team of specialists in each jurisdiction to implement the tax planning. He also helps Americans go into Canada through programs such as express entry and startup visa as a backup plan in case of taxation increases or political uncertainty in the US.
The discussion then shifts to the growing concern around political violence and prejudice against various groups. The guest and host discuss specific concerns people may have and the potential for more people to become interested in investing, getting insurance policies, or becoming citizens of other countries, especially after COVID.
Throughout the episode, the guest shares his extensive knowledge of immigration law and residency, citizenship, and domicile requirements for tax purposes. He shares personal stories, from working at a border crossing booth greeting people to his first U.S. expatriation due to the country's unique citizenship-based taxation system.
Overall, the episode provides an insightful look into the complexities of international tax planning and the various options for families and individuals to protect their wealth and secure their future.