International mobility among high-net-worth individuals is increasingly shaping the way family offices operate and how regulators engage with cross-border private wealth structures.
To explore these developments in practice, we have spoken with senior staff from our Malta team, as well as key participants from across the Malta financial services community, drawing on their practical observations on mobility trends, evolving family office operating models, and Malta’s role within a broader European and international context.
Q1: Why has international mobility among high-net-worth individuals become such a prominent issue for family offices and regulators alike?
"International mobility is no longer an exceptional feature of private wealth. It has become a structural element of how globally connected families live, invest and govern their affairs. Research published by international bodies such as the World Bank and the OECD indicates that more than 120,000 high net worth individuals relocate each year. This reflects a broader shift in wealth planning, where tax considerations, regulatory alignment, personal security, lifestyle choices and long-term governance are assessed together rather than in isolation.
From a regulatory perspective, mobility is significant because it increasingly intersects with cross-border supervision, transparency obligations and the oversight of complex private wealth structures. Decisions taken by individuals and families can have implications across multiple jurisdictions simultaneously."
Albert Cilia, Managing Director, Trident Trust Malta
Q2: What are the main factors driving high net worth individuals to relocate?
"Relocation decisions are typically shaped by a combination of legal, regulatory, economic and personal considerations. Many seek jurisdictions that offer clear statutory frameworks and administrative certainty, particularly in relation to tax residence and reporting obligations. Stable regulatory and political environments are also an important consideration, alongside access to healthcare, education and personal security.
Professional considerations play a role as well. Proximity to advisers, investment ecosystems and capital markets can influence where individuals choose to base themselves. For younger wealth holders in particular, relocation is increasingly viewed as a routine part of both personal and commercial planning, rather than a permanent or singular move. Decisions are often linked to business expansion, education pathways or access to new markets."
Albert Cilia, Managing Director, Trident Trust Malta
Q3: How does this increased mobility affect the way family offices operate?
"Mobility introduces complexity across every aspect of a family office. A change in location can alter personal and corporate tax residence, trigger new reporting and disclosure requirements, and require asset holding structures to be reviewed across multiple jurisdictions. Immigration, economic substance and compliance considerations must be addressed alongside longer-term governance and succession planning.
These issues rarely arise independently. Without coordinated oversight, mobility can result in duplicated tax exposure, fragmented governance arrangements or inconsistent compliance outcomes. This makes integrated governance frameworks and clear lines of responsibility increasingly important, both for families and for supervisory authorities."
Andrew Caruana Scicluna, Partner, Camilleri Preziosi
Q4: When families relocate, do they typically move their family office as well?
"There is no single approach. Some families choose to relocate their entire single family office to a new jurisdiction. This is often driven by a desire for regulatory predictability, alignment with a particular tax or legal framework, access to specialist professional services, or governance and succession considerations that benefit from a specific jurisdictional environment. Full relocation is more common where the operational activity of the family office is closely linked to the physical presence of principal family members.
Increasingly, however, families are adopting partial or distributed operating models. Under these arrangements, certain functions are located in specific jurisdictions, while others remain aligned with asset locations or long-established advisory relationships. Investment oversight, holding entities, governance structures, board activity, philanthropic administration and tax coordination may all be managed from different locations. This reflects the reality that family members may be highly mobile while assets remain globally diversified."
Andrew Caruana Scicluna, Partner, Camilleri Preziosi
"It is also important to understand that in certain instances families are experiencing intergenerational wealth transfer for the first time, either because wealth accumulation is a recent phenomenon for particular economies or regions, or because particular families were not necessarily historically wealthy or wealthy enough to necessitate a family office set-up."
Aldo Scardino, Executive Head - Specialised Business Banking, Bank of Valletta
Q5: Why is mobility particularly relevant for next generation wealth owners?
"Next generation wealth holders tend to be significantly more mobile than previous generations. Their relocation patterns are often influenced by international education, cross-border entrepreneurial activity, lifestyle preferences and access to specialist industry ecosystems such as technology, sustainability, fintech and artificial intelligence.
As a result, family offices are under increasing pressure to operate flexible models that can manage multi-jurisdictional compliance efficiently. Digital administration platforms, enhanced reporting systems, automated anti-money laundering processes and secure data management tools are becoming central to effective oversight and risk management. These developments are also relevant from a regulatory perspective, as they support transparency and consistency across borders.
For this reason, the roll out of secure and advanced technological tools becomes crucial to the ability of banks to service these types of clients wherever they may be. At the same time, the continued soundness and stability of the Maltese banking sector, tested repeatedly by geopolitical and economic crisis in its vicinity, gives current and future wealth owners peace of mind that they will have a safe base to manage their wealth from."
Aldo Scardino, Executive Head - Specialised Business Banking, Bank of Valletta
Q6: What banking considerations arise for family offices and internationally mobile high net worth individuals?
"Banking is often one of the most immediate considerations for internationally mobile families. In Malta, banking relationships are shaped by the application of European Union regulatory standards, including stringent anti-money laundering, transparency and prudential requirements. As a result, onboarding for family offices and related structures is typically detailed and documentation focused.
For family offices, this places emphasis on early coordination between advisers, administrators and banking partners. Clear articulation of ownership, governance arrangements and source of wealth is important in supporting efficient account opening and ongoing relationship management.
In practice, Malta is commonly used as part of a broader banking strategy. Accounts may be maintained locally to support European operations or regulated activities, while additional banking relationships are retained in other jurisdictions for investment or transactional purposes. This approach reflects the cross-border nature of modern family office structures and supports both operational flexibility and regulatory alignment.
One key aspect of Maltese banking, which makes it particularly appealing to Family Offices, is that the Maltese Banking Sector retains its strong relationship banking roots, despite the rapid deployment of technological tools. This why the private banking model remains dominant with this type of banker-customer relationship."
Aldo Scardino, Executive Head - Specialised Business Banking, Bank of Valletta
Q7: What factors establish Malta as a key jurisdiction within this broader mobility landscape?
"Malta is frequently considered within the context of families’ wider multi-jurisdictional structuring arrangements, particularly when European market access is a key objective. The jurisdiction is generally assessed alongside other jurisdictions rather than as a standalone solution. This does not however exclude the option for family offices to establish a consolidated structure in Malta where this aligns with the family’s objectives.
Malta is a member of the European Union and therefore operates within the context of the European single market. Its legal and regulatory framework is available and applied in English and includes established regimes for trusts, foundations, corporate entities and regulated financial activity such as collective investment schemes. Furthermore, Malta’s regulatory framework also allows for the set-up of both single and multi-family offices."
Kenneth Farrugia, Chief Executive Officer, Malta Financial Services Authority
"Importantly, given recent geopolitical developments, Malta is emerging as a sound and safe jurisdiction for preserving and managing intergenerational wealth over the longer term."
Aldo Scardino, Executive Head - Specialised Business Banking, Bank of Valletta
Q8: From a practical perspective, how does Malta cater for family offices?
"Malta offers a comprehensive regulatory framework for both single and multi-family offices, providing a high degree of structuring flexibility to accommodate the specific needs of families. The jurisdiction allows for local and overseas entities, both regulated and unregulated, to be incorporated within family office structures. The availability of and access to a wide range of sectors, including asset management, banking, fintech, capital markets, maritime and aviation, is also key. This ecosystem is supported by a pool of highly educated professionals and is underpinned by innovative, streamlined and robust regulatory frameworks that offer multiple legal structuring options. For more detailed guidance on how Malta’s financial services landscape may cater for family offices and facilitate their operation and set-up, interested individuals may refer to the related Frequently Asked Questions published by the Malta Financial Services Authority."
Kenneth Farrugia, Chief Executive Officer, Malta Financial Services Authority
Q9: What broader observations can be drawn from these trends?
"High-net-worth individual mobility has evolved from isolated relocation decisions into an ongoing, multi-jurisdictional process. Family offices are required to coordinate tax, legal, governance and administrative responsibilities across borders with increasing precision.
For regulators and supervisory authorities, this trend reinforces the importance of transparency, cross-border cooperation, robust governance frameworks and the effective use of technology to support compliance, reporting and oversight. Malta represents one of several jurisdictions that may form part of a diversified family office model, depending on individual circumstances and regulatory expectations."
Albert Cilia, Managing Director, Trident Trust Malta