No matter what the surrounding contextual circumstances may be, a global pandemic, for instance, one consideration that remains pertinent to all those who find themselves at the helm of a family business is the matter of succession planning. And as the Coronavirus has only gone on to demonstrate, it does not hurt to be prepared for unforeseen scenarios or black swan events. In regard to this salient consideration, global offshore law firm Harneys’ Henno Boshoff elucidates on the numerous solutions available to the heads of Asia’s family businesses, breaking down their merits, and ultimately how each of these options facilitate the undisputedly important task of succession planning.
Introduction
Canada is a thriving market for Cayman private wealth services, with the Cayman Islands full package of wealth structuring and lifestyle factors attracting growing numbers of high-value residents from the north.
With direct flights from Toronto, the Cayman Islands are historically known to be a first-class destination for Canadian high-net-worth individuals (HNWIs), who have some familiarity with the Cayman Islands as a British overseas territory and fellow member of the British Commonwealth.
The COVID-19 pandemic has also led many to fundamentally rethink how and where they want to live, with a better work-life balance and a healthier lifestyle topping people s list of priorities. The Cayman Islands has proved itself to be a safe haven amid the crisis, virtually eliminating cases by strict border control and enabling life to return to normal after lockdown – a stark contrast to many other places. The global shift in work patterns spurred by the pandemic has also s