Quarterly Technical Briefing

#7 Spring 2026

Editorial comment

Aidan Golden
Head of Group Technical Services

Welcome to the Spring 2026 edition of NAVIGATOR.

The pace of change facing advisers continues to accelerate. Client mobility is increasing, private and complex assets are becoming mainstream, and regulatory scrutiny is intensifying. In this environment, planning in silos is no longer fit for purpose.

This edition’s Technical Spotlight focuses on why life insurance sits at the centre of holistic wealth planning. Brendan Harper opens the section by examining why fragmented planning so often breaks down when wealth structures cross borders, and why advisers are increasingly turning to integrated, portable solutions. The country articles and Case Study Insights that follow show how this plays out in practice.

That theme is reinforced in our Country Focus piece by Benjamin Fiorino, which explores the France–Monaco corridor and demonstrates why residency led planning is rarely sufficient on its own. Instead, advisers must reconcile tax, civil law and family dynamics within a coherent structure that continues to work over time.

In Navigator Voices, I speak with Stephen Atkinson, who reflects on how supervisory expectations are evolving as private market assets and more sophisticated strategies move into the mainstream. His message is reinforced by Brendan Harper’s article on why insurer credit ratings matter more than ever for securities backed lending, set against recent correspondence from the Luxembourg financial regulator (CSSF). Together, these developments underline the growing importance of insurer capability in an increasingly scrutinised environment.

Across this edition, one message is clear. Advisers who adopt holistic, well governed structures will be best placed to deliver resilient outcomes, and to identify new planning opportunities for their clients.

As always, our team is here to support you in delivering the best possible outcomes for your clients.

Thank you for reading.

Aidan Golden
Head of Group Technical Services

Commentaire éditorial

Aidan Golden
Head of Group Technical Services

Bienvenue dans l’édition Printemps 2026 de NAVIGATOR.

Le rythme des évolutions auxquelles les conseillers sont confrontés continue de s’accélérer. La mobilité des clients augmente, les actifs privés et complexes deviennent une composante courante des portefeuilles, et la pression réglementaire s’intensifie. Dans cet environnement, une planification en silos n’est plus adaptée.

Le Technical Spotlight de cette édition met en lumière pourquoi l’assurance-vie occupe une place centrale dans une approche globale de la planification patrimoniale. Brendan Harper ouvre cette section en analysant pourquoi une planification fragmentée se fragilise souvent lorsque les structures patrimoniales deviennent transfrontalières, et pourquoi les conseillers se tournent de plus en plus vers des solutions intégrées et portables. Les articles pays et les études de cas qui suivent illustrent concrètement cette approche.

Ce thème est également développé dans notre section Country Focus par Benjamin Fiorino, qui examine le corridor France–Monaco et montre pourquoi une planification fondée uniquement sur la résidence est rarement suffisante. Les conseillers doivent au contraire articuler les enjeux fiscaux, juridiques et familiaux au sein d’une structure cohérente, capable de s’inscrire dans la durée.

Dans Navigator Voices, je m’entretiens avec Stephen Atkinson, qui revient sur l’évolution des attentes des autorités de supervision à mesure que les actifs des marchés privés et les stratégies plus sophistiquées s’inscrivent dans la norme. Ce constat est renforcé par l’article de Brendan Harper consacré à l’importance croissante des notations de crédit des assureurs dans le cadre des prêts sur titres, dans le contexte des récents échanges avec le régulateur financier luxembourgeois (CSSF). Ensemble, ces évolutions soulignent l’importance croissante des capacités des assureurs dans un environnement de plus en plus encadré.

À travers cette édition, un message ressort clairement. Les conseillers qui adoptent des structures globales et bien encadrées seront les mieux placés pour obtenir des résultats durables et pour identifier de nouvelles opportunités de planification pour leurs clients.

Comme toujours, nos équipes sont à votre disposition pour vous accompagner dans la mise en œuvre des meilleures solutions pour vos clients.

Merci de votre lecture.

Aidan Golden
Head of Group Technical Services

PulseRegulation, Tax and ComplianceTechnical SpotlightNavigator VoicesCountry FocusCase Study InsightsUpcoming Events Download PDF

In this issue

Pulse

The key developments in regulation, tax and compliance by market.

Regulation, Tax and Compliance
Technical Spotlight
Navigator Voices
Country Focus
Case Study Insights
Upcoming Events

Upcoming webinars and other industry events

Ask Our Team

Get in touch with the Technical Services team

Pulse

Keep your finger on the industry pulse with our quarterly round-up of the most important regulatory and compliance developments in the wealth management sector.

Updated quarterly, this overview reflects the position at the time of publication.
For the latest developments, please refer to the most recent edition.

Italy
IVASS Regulations on permissible assets and investment restrictions for unit-linked insurance products

Second Consultation on revised set of rules on permissible assets and investment restrictions for index and unit-linked products.
Final Regulation still not issued.

30 June 2025

  • IVASS is still to issue the final regulation on permissible assets and investment restrictions for unit and index linked products, as well as its views on biometric risk requirements —despite two consultation rounds (carried out in 2022 and 2024) and feedback received from the industry, including Utmost – with no official timeline nor any expectations now on the possible issuance date.

France
Social Security Financing Act 2026

Negative impact on certain investment income / Preservation of life insurance framework.

31 December 2025

  • The 2026 Social Security Financing Act introduces an increase in social charges on certain types of capital income, notably through a rise in CSG from 9.2% to 10.6%, bringing total social levies up to 18.6% and increasing the overall flat tax burden on affected investment income. However, this increase does not apply uniformly: key wrappers such as life insurance are effectively “spared”, continuing to benefit from their existing social contribution framework (typically 17.2%), thereby reinforcing their relative attractiveness in a more punitive environment for direct holdings.

Portugal
ASF parafiscal charge increase

ASF parafiscal charge increased on 1 January 2026.

1 January 2026

  • The ASF parafiscal charge due on all premiums and top-ups increased from 0.048 to 0.078%. In force from 1 January 2026.

Portugal
PIT breaks and tax rates changes

The 2026 Portuguese State Budget amended the PIT breaks and some tax rates. This does not affect directly our product taxation. It only affects if the Policyholders decide to aggregate the income from surrenders with other income and be consequently liable to taxation at the final PIT rates.

1 January 2026

  • The 2026 Portuguese State Budget amended the Personal Income Tax (PIT) brackets by 3.51%, through the automatic mechanism provided by law, and reduced the rates for the 2nd to 5th brackets by 0.3 percentage points.

Belgium
New Law on capital gains tax on ‘financial assets’ held by Belgian residents

Branch 23 (unit-linked) insurance contracts will fall into the scope of the new Law, but only on withdrawals and surrenders.

1 January 2026

  • The Belgian government reached agreement to introduce a new capital gains tax.
  • The Draft Law is intended to be voted on by Parliament on 2 April and provides that the new tax will be introduced with a retroactive effect as from 1 January 2026.
  • Upon realization of the gain, i.e., sale of the financial asset, the tax rate of the capital gains tax will be 10%, with an exemption of a capital gain of €10,000 per year per investor.
  • Historical gains realized up to 31 December 2025 out of scope of capital gains tax.
  • The new capital gains tax is supposed to enforce the status of the life insurance contract as a capitalizing vehicle.

Belgium
Increase of the rate of the Tax on the Annual Securities Accounts (ATSA)

Increase of the Annual Tax on Securities Accounts (ATSA) from 0.15% to 0.30%.

1 January 2026

  • ATSA is a wealth tax applicable on all securities accounts above €1,000,000 held by Belgian residents.
  • Increasing on 1 January 2026 from 0.15% to 0.30%.
  • Not applicable on insurance contracts with an underlying securities account of more than €1,000,000 subscribed by a Belgian-resident policyholder at a Luxembourg insurance company (or eventually its Belgian Branch) where the custodian bank of the insurance contract is situated outside Belgium.

France
Green Industry Law no. 2023-973 of 23 October 2023

Transaction fees banned for arbitrage mandates. Introducing a DDA interpretation within French law on life insurance dealing charges (in arbitration mandates).

1 January 2026

  • Commissions or remuneration received in connection with investment or disinvestment transactions between the investment links available under an arbitration mandate within a life insurance policy have been prohibited since 1 January 2026.
  • In the context of discretionary portfolio management for third parties, asset managers will be prohibited from charging fees in connection with buy or sell transactions, first for new mandates from 1 January 2027, and then for all mandates from 1 January 2028.

Sweden
Yield tax applicable for income year 2026 set at 1.065%. Amount exempted also increased to SEK 300,000

Will impact all Swedish tax resident holders of a life insurance policy and/or an ISK account.

1 January 2026

  • The Government borrowing interest rate as of 30 November 2025 set at 2.55%, which brings an effective yield tax at the level of 1.065% ((2.55% + 1%) x 30%).
  • The yield tax is applied on life insurance policies on the value as of 1 January 2026. The yield tax is also applied in full on additional premiums paid the first 6 months of the year and at half rate on premiums paid the last 6 months of the year.
  • Please note, non-Swedish withholding tax paid within a life insurance portfolio may be set off against the yield tax and Swedish withholding tax may be fully recovered.
  • Amount in a life insurance policy or on an ISK account exempted from yield tax increased to SEK 300,000 for 2026 (previous exempted amount of SEK 150,000).
  • Exemption is a tax incentive by the Government to increase savings in Sweden. Primarily to benefit retail clients but will apply to all life insurance policies and ISK accounts.

Italy
Insurance Arbitrator (AAS)

New alternative dispute resolution system for insurance related matters.

15 January 2026

  • The new Insurance Arbitrator (AAS) is now live, effective 15 January 2026. It is a simple, fast, and non-expensive alternative dispute resolution system for insurance related matters, available to policyholders, life assureds and beneficiaries of an insurance contract.
  • Appeals to the AAS shall be filed online against an insurance company and/or an insurance intermediary, via the AAS portal, available on the website Homepage | Sito dell’Arbitro Assicurativo.
  • Further information on the requirements for submitting a complaint to the AAS is available on the AAS website.

Italy
IVASS Order no. 169/2026

IVASS regulation on the “right to be forgotten” implementing LAW no. 193/2023.

15 January 2026

  • Law no. 193/2023 introduced a ban on insurance companies and intermediaries to request information on the health status to clients who had suffered from oncological pathologies when taking out or renewing insurance contracts, when a certain amount of time has passed in the absence of relapses of the disease.
  • The Regulation requires the oncological right to be forgotten to be expressly mentioned in the contractual documentation used for the conclusion or renewal of insurance contracts.
  • In addition to amending IVASS Regulations 40/2018 and 41/2018, IVASS requires insurance undertakings to include the new provision in the Additional PID (precontractual information document).

EU
Omnibus Simplification Package approved

Proposed Omnibus regulation to cut ‘red tape’.

24 February 2026

  • ‘Omnibus Simplification Package’ published.
  • Contains proposals to reduce CSRD and CSDDD burdens on firms and simplify obligations under the Taxonomy Regulation.
  • Proposals de-scope a number of firms from the CSRD reporting requirements altogether.
  • Package also contains proposals to postpone the reporting obligations for firms reporting for financial years 2025 and 2026 to prevent possible costs of reporting before being de-scoped.
  • Council of the European Union officially approved 24 February 2026.

Italy
DL 38/2026

Dividend and capital gains taxation for companies.

24 February 2026

  • Italian Government cancelled the provision of the Budget Law 2026, with effect from 1 January 2026, that introduced two alternative conditions to benefit from the reduced tax rate.
  • The Government adopted this provision via a law decree. A law decree is directly applicable, but is required to be converted into law within 60 days from its publication by the Parliament.

EU
Artificial Intelligence (AI) Act

Majority of provisions in the Act to take effect by 2 August 2026.

2 August 2026

  • Published in the EU Official Journal on 12 July 2024, the AI Act classifies AI systems based on their potential risk, banning those with unacceptable risk and regulating high-risk systems.
  • Applies to all organisations that develop, use, distribute, or import AI systems in the EU, even if they are not EU-based.
  • Legal application to be phased in over the next three years, with most provisions taking effect on 2 August 2026.
  • Digital Omnibus published 19 November 2025 contains proposal for Regulation amending the AI Act but these do not materially affect the overall effect of AI Act.

EU
Retail Investment Strategy (RIS)

Retail Investment Strategy PRIIPs and IDD changes.

2027/28

  • RIS aims to boost consumer protection and confidence in the financial sector through enhanced disclosure requirements and financial promotion rules, for example, to encourage customers to invest in financial products across the Union. It has two main components:
    • The Omnibus Directive, which significantly amends IDD, MiFID II, UCITS, AIFMD, and Solvency II.
    • Amendments to the PRIIPs Level One Regulation, paving the way for new technical standards.
  • Negotiations on aspects such as inducement rules and value-for-money benchmarks have been intense, but agreement has been reached on all points. There will be further ‘trilogue’ negotiations to agree the technical detail.
  • Given the complexity of these legal updates, the strategy is not expected to be in effect until 2028. As this is directive, it will need to be transposed by Member States and there may be local ‘gold plating’.

EU
EU Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT)

6th AML Directive (AML D6) and new AML Regulatory Package.

10 July 2027

  • This package includes a directive outlining the mechanisms member states must implement, a regulation establishing the Authority for AML and CTF, and a significant regulation to replace the current Fifth AML Directive.
  • The new regulation aims to address inconsistencies in the local application of the directive by introducing directly applicable rules across the EU.
  • Four sets of draft Regulatory Technical Standards published by EBA on 6 March 2025 including draft RTS on Customer Due Diligence. These were subsequently revised following feedback. AMLA took over production of the RTS and on 9 Feb 2026 launched public consultations on 3 draft RTS:
    • Customer due diligence
    • Criteria for identifying business relationships, occasional transactions and linked transactions
    • Pecuniary sanctions, administrative measures and periodic penalty payments.

EU
Sustainable Finance Disclosure Regime (SFDR) Changes

Proposed SFDR changes aim to simplify rules and align disclosures with other EU sustainability frameworks.

2028 (H1 at the earliest)

  • On 20 November 2025 the European Commission adopted its final proposal for amendments to SFDR.
  • Aim to simplify rules and align disclosures with other EU sustainability frameworks.
  • Key changes include:
    • New product categorization regime.
    • Remove portfolio management and investment advice from scope of SFDR.
    • Remove entity level requirements for PAI reporting and disclosures on how sustainability risks are considered in remuneration policies.
  • Changes are expected to come in effect early to mid-2028.

UK
Simplifying the Pensions and Investment Advice Rules

FCA publishes consultation paper on simplifying rules relating to provision of investment and pensions advice to retail consumers. Consulting on significant changes that could materially impact business models.

26 March 2026

  • FCA Consultation Paper CP26/10 ‘Simplifying the Pensions and Investment Advice Rules’ asks for views on simplifying advice rules and replacing annual suitability requirements with periodic suitability reviews. Proposes consolidating rules to remove distinctions between advice on Markets in Financial Instruments Directive II scope products, insurance-based investment products and other life policies and pensions. Also contains discussion chapter inviting initial feedback on the continued payment of pre- RDR legacy trail commission, including whether it should be ended, allowed to continue or the current rules for its payment modified. Policy statement expected in Q4 2026. Responses to consultation sought by 22 May 2026.

UK
Targeted Support Regime

FCA publishes final rules for Targeted Support Regime in PS 25/22 setting out new regulatory proposition for targeted support in pensions and retail investments. Key part of FCA’s work to close the ‘advice gap’.

6 April 2026

  • FCA have identified a gap in provision of financial advice.
  • Targeted support introduced as a new type of help for consumers not currently accessing financial advice but have uninvested cash savings or pension requirements for example.
  • Under targeted support firms can deliver product suggestions suitable for groups of customers who share common characteristics.
  • Regime comes into force 6 April 2026. Only FCA authorised firms with over £500,000 in capital being able to provide Targeted Support.
  • Rules are a starting point with changes to ‘simplified advice’ also on horizon.

UK
UK PRIIPs Revocation and Replacement Consumer Composite Investment Disclosure Regime

Final rules on Consumer Composite Investments Regime released in PS 25/20. Replaces UK PRIIPS regime.

6 April 2026

  • FCA have released final rules for new consumer disclosure regime.
  • Term ‘PRIIP’ being replaced with ‘consumer composite investments’.
  • PRIIPS KID and UCITS KIID replaced with a product summary.
  • Manufacturers will need to make underlying information available to distributors in a machine-readable format.
  • Flexible format allowing for more information to be provided on top of that mandated.
  • Rules on complaints handing for unauthorised manufacturers and distributors of CCI’s.

UK
IHT on unused pensions savings and changes to Property and Savings rates of tax

UK Government remain committed to including unused pensions savings in estates for IHT purposes.

April 2027

  • Autumn Budget announced unused pension savings may be included in people’s estates for IHT.
  • Despite industry pushback, the pensions minister has stated that there will be no change of approach from the government in this matter.
  • Property and Savings rates of tax changed with 2% increase on property and savings rates of income tax –basic rate increased to 22%, higher rate increased to 42% and additional rate increased to 47%. Changes to order of taxation with property income sitting after non-savings income but before savings income. The personal allowance will be deducted against non-savings income prior to property, savings or dividend income.
  • Temporary Repatriation Facility rate (for those previously claiming remittance basis) increases from 12% to 15% for final year.

UK
Financial Conduct Authority Crypto roadmap

FCA expects all Policy Statements that form the new Crypto regime to be published in 2026. FCA lifted ban on retail clients accessing crypto Exchange Traded Notes on 8 October 2025.

25 October 2027 (expected date)

  • Roadmap sets out key dates for expected discussion papers. and consultation papers in development of new UK crypto regime.
  • Designed to increase consumer trust and ensure market integrity.
  • DP24/4: Regulating cryptoassets – Admissions & Disclosures and Market Abuse Regime for Cryptoassets published 16 December 2024.
  • Discussion paper DP25/1 Regulating cryptoasset activities published 2 May 2025. It seeks views on FCA’s approach to regulating cryptoasset trading platforms, intermediaries, cryptoasset lending and borrowing, staking and decentralised finance and use of credit to purchase cryptoassets.
  • Consultations CP25/14 and CP25/15 published setting out proposed rules for issuing stablecoin and the proposed prudential requirements for issuers.
  • Consultation CP25/40 published containing proposed rules for firms conducting regulated cryptoasset activities such as trading platforms, intermediaries (including cryptoasset lending and borrowing), staking and decentralised finance.
  • Consultation CP26/4 Application of FCA Handbook for regulated cryptoasset activities -part 2 published 23 January 2026.
  • Guidance consultation GC26/2 Application of the Consumer Duty to cryptoasset firms published 23 January 2026.
  • Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 published 4 February 2026. These bring cryptoassets into the FCA regulatory remit.

UK
Regulatory regime for ESG ratings providers

Proposed ‘Go live’ date for ESG ratings regime.

2028

  • Draft legislation bringing ratings providers under remit of FCA. From 29 June 2028 firms will need FCA authorisation to provide certain types of ESG ratings in the UK.
  • FCA have published consultation CP25/34 setting out proposed approach to regulation.
  • Regime expected to improve transparency and quality of ESG ratings for investments and other types of financial products.
  • Goal of supporting better decision making and confidence in the market and support growth in sustainable finance.

UK
Temporary Repatriation Facility ends and High Value Council Tax Surcharge introduced

Ending of the Temporary Repatriation Facility and lower tax rates for those previously able to use remittance basis who remit their pre-6 April 2025 income or gains.

April 2028

  • End of the Temporary Repatriation Facility for those previously claiming remittance basis.
  • Introduction of The High Value Council Tax Surcharge (HVCTS) – an annual levy on residential properties valued above £2m starting at £2,500 and increasing to a maximum of £7,500 on houses worth £5m and above.

UK
Salary Sacrifice Changes

Impact to UK employees previously utilising salary sacrifice.

April 2029

  • Changes to pension salary sacrifice rules come into effect. NI payable on contributions above £2,000.

Malaysia
Extended exemption for foreign-sourced income

Exemption period extended to 2036.

January 2025

  • Malaysia clarified taxation of foreign income in 2022–2024 guidelines.
  • Exemption extended to 31 December 2036 (effective 1 January 2027).
  • Applies to resident individuals on all classes of foreign-sourced income (excluding partnership income), provided such income is taxed abroad.

Singapore
Family Office Tax Incentives Economic Criteria for Qualifying Funds

Extension and revision of tax schemes.

January 2025

  • Incentives first introduced in 2019 – 2021, expanded in 2022 – 2024 to attract family offices.
  • Changes to economic criteria for sections 13D, 13O, and 13U to take effect from January 2025.
  • Extension of tax incentives for qualifying funds until end of 2029.
  • Inclusion of Limited Partnerships under section 13O scheme.
  • Revised economic criteria for qualifying funds, including potential introduction of a minimum fund size and increased business spending commitments.

Taiwan
MOF Update to Individual CFC Regime Q&A

Clarified CFC treatment of PPLI.

January 2025

  • Taiwan introduced CFC rules in 2023, expanded in 2024 to cover offshore trusts.
  • MOF added Q&A Q66 clarifying PPLI treatment under CFC rules.
  • Where individuals transfer CFC shares to an insurer and retain economic control, the CFC is treated as directly held.
  • Reinforces substance-over-form to prevent CFC tax avoidance.

Hong Kong
Companies (Amendment) (No. 2) Ordinance 2025 – Inward Re-domiciliation

Enables re-domiciliation of foreign companies.

May 2025

  • Builds on Hong Kong’s 2021 fund re-domiciliation regime and 2024 proposals for corporate re-domiciliation.
  • Amendment Ordinance gazetted 23 May 2025.
  • Eligible companies must meet jurisdictional recognition, minimum incorporation period, and creditor protection requirements.
  • Retention of original company name and BR number; profits tax transitional relief available.

Hong Kong
Family Office Policy Further Review and Tax Concessions

Enhanced measures and tax regime for family offices.

May 2025

  • Hong Kong launched family office concessions in 2023–2024 to attract UHNWIs.
  • Ongoing measurement of the Capital Investment Entrant Scheme (CIES) and Family-owned Investment Holding Vehicles (FIHVs) introduced in March 2024.

Thailand
Remittance-Based Taxation of Foreign Income Tax on foreign income brought into Thailand

Comprehensive taxation on foreign income.

2025 > 2026

  • Thailand shifted from deferral-based taxation to remittance-based taxation in 2024.
  • Foreign income taxation effective from 1 January 2024. Foreign income brought into Thailand will be taxed in the year it is brought in, regardless of when earned. This eliminates the previous tax deferral strategy.

Thailand
Proposed draft May 2025 Royal Decree on Foreign Income Remittance Reform

New 1–2-year tax-exempt window under draft decree.

2025 > 2026

  • Reform proposal follows strict 2024 remittance taxation rules.
  • Draft royal decree (May 2025) proposes that foreign income remitted within the same or next calendar year after it’s earned (1–2 year “safe window”), will be exempt.
  • Encourages timely capital return; draft still pending enactment, likely in 2026.

Hong Kong
Family Office Tax Concession Expansion (2026 Budget)

Broadens allowable asset classes for tax exempt investment.

March 2026

  • Government plans to expand tax exemptions to more asset classes, including Digital assets, precious metals, and specified commodities.
  • Strengthens Hong Kong’s positioning as a flexible hub for UHNWIs.

Indonesia
Indonesia Stock Exchange (IDX) Listed Company Reporting

New 1% shareholder disclosure threshold.

March 2026

  • Indonesia has tightened public float and shareholder disclosure rules.
  • Listed companies must now report any shareholder crossing the 1% threshold (down from 5%).
  • Designed to improve market integrity, insider trading monitoring, and UBO visibility.
  • Effective March 2026 to align with MSCI governance standards.

Regulation, Tax and Compliance

Why Insurer Credit Ratings Matter More Than Ever for Securities-Backed Lending

Brendan Harper
Head of Asia and HNW Technical Services

Recent correspondence from the Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), has brought renewed attention to how banks should treat securities-backed loans secured by life insurance policies for regulatory capital purposes.

In this article, Brendan Harper examines a regulatory clarification that, while technical, has practical implications for banks, advisers and clients, particularly as insurer credit ratings play an increasingly central role in lending decisions.

Read the article

UK: Mandatory Registration of Tax Advisers With HMRC

Simon Martin
Head of UK Technical Services

From May 2026, paid interaction with HMRC will be subject to a new mandatory registration regime for tax advisers.

In this article, Simon Martin, Head of UK Technical Services, outlines who must register, the standards advisers will need to meet and the practical consequences of non-compliance.

Read the article

Technical Spotlight

Life Insurance at the Centre of Holistic Wealth Planning

This quarter’s Technical Spotlight explores why life insurance sits at the centre of holistic wealth planning, using insights from France, Portugal, Sweden, Asia and the UK to show how a single, adaptable structure can bring coherence to complex cross-border plans.

Brendan Harper
Head of Asia and HNW Technical Services

Why Fragmented Planning Fails, and Why Life Insurance Matters in Holistic Planning

Brendan Harper explores why life insurance is increasingly positioned at the heart of effective wealth planning for high-net-worth families.

Drawing on insights from multiple markets, he explains how insurance-based wealth solutions can bring structure, portability and coherence to complex, cross-border wealth strategies.

Read the article

France : Using Life Insurance to Create Order in French Succession Planning

Nicolas Morhun
Senior Wealth Planning, Associate Director – France

Alexandra Habermann
Wealth Planner – France

Read the article

Portugal: Bringing Succession and Tax into One Structure

Mafalda Moura Cesário
Head of Tax and Legal – Portugal and Brazil

Read the article

Sweden: Why Pre-Planning Makes the Difference

Roberth Josefsson
Senior Wealth Planner – Sweden

Read the article

Asia: Why Asian Families Need a Central Anchor for Complex Wealth

Peter Tung
Tax and Legal Counsel – Asia

Asia’s private wealth continues to expand at an unprecedented pace. Driven by China, India and South-East Asia, total private wealth in the region is projected to reach USD 99 trillion by 2029 (BCG). At the same time, Asia is entering its largest intergenerational wealth transfer to date, with trillions expected to pass from founders to heirs, many of whom are internationally mobile and connected to multiple jurisdictions.

Read the article

UK: Why Holistic Planning Matters for UK Clients

Lana Jarvis
Senior Wealth Planner – UK and International

Read the article

Country Focus

Benjamin Fiorino
Wealth Planner / Tax and Legal Counsel, France and Monaco

France–Monaco Wealth Planning Corridor: Structuring Wealth for International Families

The wealth planning corridor between Monaco and France is one of the most sophisticated and dynamic cross-border environments in Europe. While Monaco is globally recognised for its attractiveness to ultra-high-net-worth individuals, its proximity to France and enduring legal and economic ties create a complex planning landscape that requires careful structuring rather than simple relocation.

In this article, Benjamin Fiorino, Wealth Planner and Tax and Legal Counsel for France and Monaco, explains why advisers supporting internationally mobile families must look beyond residency status alone and focus instead on structures that manage ongoing French exposure while remaining portable over time.

Read the article

Case Study Insights

Brendan Harper
Head of Asia and HNW Technical Services

How Planning in Isolation Can Quickly Unravel

In his Technical Spotlight article, Brendan Harper highlights why planning undertaken in isolation can appear effective at a local level, yet fail once cross-border considerations are introduced.

In this case study Brendan brings that point into focus, showing how a succession structure that worked well in one jurisdiction began to unravel as the client’s residency and tax profile changed, and why a more integrated, portable framework was ultimately required.

Read the Case Study

Peter Tung
Tax and Legal Counsel – Asia

Asia: Private Succession and Asset Integration Through Insurance-Based Solutions

As outlined in his Technical Spotlight article, Peter Tung explains how fragmented planning can undermine long-term outcomes for families with complex assets and cross-border connections. He positions life insurance as a central framework for bringing structure and continuity to that complexity.

This case study demonstrates how an insurance-based solution can be applied to balance succession goals, integrate assets and support long-term planning across jurisdictions.

Read the Case Study

Benjamin Fiorino
Wealth Planner / Tax and Legal Counsel, France and Monaco

When Monaco Residency Is Not Enough – Managing French Succession Exposure for International Families

Building on his Country Focus article examining the France–Monaco corridor, Benjamin Fiorino shares a case study to illustrate a recurring and often misunderstood issue: Monaco residency alone does not eliminate French inheritance tax exposure, particularly where heirs are resident in France.

Read the Case Study

Benjamin Fiorino
Wealth Planner / Tax and Legal Counsel, France and Monaco

Protecting Blended Families in France Through Beneficiary Clause Engineering

Blended families are now a defining feature of modern wealth planning in France, exposing the limits of traditional succession tools. While life insurance is often associated with tax efficiency, its true strength lies in the flexibility it offers through advanced beneficiary clause design.

In this case study, Benjamin Fiorino illustrates how structured beneficiary clause engineering can reconcile competing family interests, preserve control and deliver long-term protection for complex family situations.

Read the Case Study

Events and Webinars

Stay updated on our webinars and other industry events where Utmost will have a presence.

Market
Event
Date

Singapore

Hubbis Independent Wealth Management Forum

5 May 2026

Find out more

Hong Kong

Hubbis Independent Wealth Management Forum

7 May 2026

Find out more

Switzerland

ACA event – Geneva
Geneva – Luxembourg: Wealth Management Expertise at the Heart of Europe

18 May 2026

Find out more

Italy

ACA event – Milan
Milan – Luxembourg: Life insurance at the service of international private wealth management

11 June 2026

Find out more

France

CNCGP – MidSommar du Patrimoine – Paris

16 June 2026

Find out more

Singapore

Hubbis Wealth Planning and Structuring Forum

17 June 2026

Find out more

Monaco

FundForum

22-24 June 2026

Find out more

France

OCCUR – La Rencontre Occur – Paris

24-25 June 2026

Find out more

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  • Inheritance tax and wealth transfer planning

  • Online technical portal

  • European portability review service

  • The latest regulatory and tax developments

  • Product structuring to address specific client needs

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If you have suggestions for the next edition or questions, don’t hesitate to contact the Technical Services team.