INTRODUCTION Contributed by: Basil Zirinis, Elizabeth Kubanik and Megan Eitel, Sullivan & Cromwell LLP
Increased global mobility The increase in digitalisation and the rise in remote work opportunities resulting from the COVID-19 pan - demic created a highly mobile environment. Individu - als are now more transient than ever before. There has also been increased use of electronic tools in inter - national estate, trust and tax planning. With private client data being increasingly accessible via electronic platforms, the need to safeguard against security vul - nerabilities has never been greater. Global shifts in immigration and tax policies have fuelled this mobility trend. For example, some juris - dictions provide “residence-by-investment” schemes and/or preferential tax treatment for certain new resi - dents. Such policies, and the related surge in interest, have been met with some criticism in recent times. For example, the European Commission has called for member countries to eliminate residence-by- investment programmes due to anti-money launder - ing and security concerns, and some commentators have questioned the effect of such policies on local communities. In response, some countries have started to limit or terminate their respective residency programmes. • In late 2023, Portugal enacted major changes to its Golden Visa programme, eliminating real estate investment as a basis for residency. • In early 2024, Greece increased the threshold requirements for investments. • In April 2025, Spain ended its Golden Visa pro - gramme. • Also in April 2025, the European Court of Justice ordered Malta’s existing “Golden Passport” pro - gramme (which offered not just residency rights, but citizenship) to be shut down. Malta repealed the investment-based citizenship route in July 2025 and replaced it with a “merit-based” citizen - ship programme, under which citizenship may be granted only to individuals who have made excep - tional contributions or provided services to Malta. Malta’s “Golden Visa” programme, which offers the opportunity for residency, also remains available. • On the other hand, in the USA, the Trump admin - istration has moved forward with a “Gold Card” initiative to allow wealthy foreigners to live and
Global Outlook – Private Wealth in 2026 The pace of legal, cultural and technical develop - ments around the world increases each year, and international estate, trust and tax planning continues to evolve with them. Decades of globalisation, com - bined with the unprecedented mobility of the world’s wealthy, have made it common to have clients whose residences and assets range across multiple jurisdic - tions. International practice New and increasingly complex challenges have arisen in planning during life and at death, as coun - tries attempt to stabilise economies impacted by the evolving geopolitical landscape and ongoing interna - tional conflicts, and as families are affected by multi - ple – often conflicting – tax laws, rules of inheritance, treaties and cultural norms. As a result, international private client lawyers must work closely with legal advisers in many jurisdictions to ensure that advice is not being given in isolation, and that all factors affect - ing a client’s planning have been identified. Cultural differences Understanding and appreciating the cultures (both legal and national) of the various jurisdictions is also vital, and lawyers who do so will be increasingly valu - able, whether in non-contentious planning or in trust and estate litigation. Making an effort to bridge cul - tures and languages will also make mistakes much less likely. Lawyers who function as a team, who respect the intricacies and unique aspects of each legal system, and who recognise that an appreciation of language and culture is fundamental to successful cross-border work will have enormous advantages over lawyers who see multi-jurisdictional planning or litigation as separate silos where each lawyer has responsibility only for their own jurisdiction. The Chambers Private Wealth Global Practice Guide is designed to help encourage and facilitate such cross- border co-operation. A few recent global trends in the law that relate to families, their businesses and their planning are dis - cussed below.
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