Private Banking and Family Offices for High Net Worth Expats: A Practical Guide

For internationally mobile individuals with significant wealth — typically investable assets above £500,000, and especially above £1 million — the financial planning landscape changes considerably. Retail banking and standard financial advice are rarely adequate for the complexity of holding assets across multiple jurisdictions, managing multi-currency income streams, and navigating inheritance planning across borders.

This guide explains what private banking and family office services offer, how to access them as an expat, and what to look for when selecting a wealth management relationship.

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What Is Private Banking?

Private banking refers to personalised financial services offered by major banks and specialist institutions to high net worth (HNW) and ultra high net worth (UHNW) clients. The threshold for private banking varies by institution — many start at £250,000 in investable assets; others require £1 million or more.

Private banking services typically include:

• Personalised relationship management: A dedicated relationship manager or private banker who coordinates all your financial needs
• Bespoke investment management: Discretionary or advisory portfolio management tailored to your objectives, risk tolerance and tax position
• Credit and lending: Lombard lending (borrowing against your investment portfolio), bespoke mortgages, real estate financing
• Wealth planning: Tax planning, estate planning, succession planning
• Foreign exchange services: Preferential rates and access to hedging instruments
• Concierge services: In some institutions, access to lifestyle services, travel concierge, and other premium benefits

For expats specifically, international private banks offer additional value through their global presence — the ability to manage accounts, hold assets and receive advice in multiple jurisdictions through a single relationship.

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International Private Banks: Key Players for Expats

Several banks are particularly well-suited to internationally mobile clients:

HSBC Private Banking / HSBC Expat

HSBC's global footprint makes it uniquely useful for expats — accounts and relationships can be managed across the bank's network in over 60 countries. HSBC Expat (based in Jersey) is the entry point for international clients and can be maintained regardless of where you live.

Julius Baer

A Swiss private bank with a strong international footprint. Particularly strong for clients seeking Swiss asset protection and confidentiality within the framework of international compliance.

UBS and Credit Suisse (now merged)

The resulting UBS entity is one of the world's largest wealth managers with broad international coverage.

Pictet, Lombard Odier, Vontobel

Swiss private banks with long-standing reputations for asset management and client confidentiality. More conservative and traditional in approach; well-suited to long-term wealth preservation.

Coutts (NatWest Group)

Prestige UK private bank with international capability, primarily suited to UK-connected HNW clients.

Barclays Wealth and Investments / Barclays International

Strong UK and international presence; particular strength in UK-related tax planning.

Citibank Private Bank, JPMorgan Private Bank

US banks with strong global presence; particularly relevant for US-connected or US-based HNW clients.

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Family Offices: For the UHNW Expat

A family office is a private organisation that manages the financial and personal affairs of a very wealthy family. They exist in two forms:

Single family office (SFO): Established and funded exclusively for one family. Manages investments, tax, legal, estate planning, philanthropy and sometimes personal concierge. Typically economically viable only above £20–30 million in assets, as the fixed costs of staffing and administration are substantial.

Multi-family office (MFO): A professional firm providing family office services to multiple client families. The cost is shared, making services accessible at lower asset levels — commonly above £3–5 million. MFOs provide most of the services of an SFO without the overhead of building an in-house team.

For very wealthy expats, an MFO can provide:

• Consolidated reporting across all accounts, investment portfolios, properties and alternative assets
• Coordination of advisers (lawyers, accountants, investment managers) in multiple jurisdictions
• Currency management and multi-jurisdictional tax optimisation
• Alternative investments — private equity, hedge funds, direct real estate, private credit
• Philanthropic planning and governance
• Next-generation financial education and governance

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What to Look for in a Private Banking or Wealth Management Relationship

Genuine international capability

Many private banks claim international expertise but in practice offer good service only in their home market. For expats, you need a bank that can:

• Hold accounts and assets in multiple jurisdictions
• Provide advice from qualified advisers in the countries where you live, hold assets, and pay tax
• Manage multi-currency portfolios without forcing all assets into a single base currency
• Maintain the relationship through multiple moves — your banker should not be based in one city if you move every few years

Tax and regulatory competence

Multi-jurisdictional tax planning for HNW expats requires genuine expertise, not generic advice. The bank or adviser should have:

• UK tax specialists familiar with the post-2025 residence-based regime (the four-year Foreign Income and Gains regime that replaced the non-dom/remittance basis from 6 April 2025), IHT, CGT and income tax for internationally mobile clients
• Access to qualified tax advisers in the countries relevant to your situation
• Current knowledge of reporting requirements (CRS, FATCA, CARF) and their interaction with your structures

Fee transparency

Private banking fee structures can be complex:

• All-in fees (often 1–1.5% of assets under management per year for discretionary management) cover investment management and standard advice
• Transactional fees apply to specific services (foreign exchange transactions, property advice, lending)
• Tiered arrangements provide reduced fees at higher asset levels

Ensure you understand the total cost of the relationship, including fees from third-party advisers referred by the bank. Conflicts of interest should be declared clearly.

Regulatory protection

Ensure any adviser or institution you use is appropriately regulated:

• UK: FCA (Financial Conduct Authority) — regulated firms are covered by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person per firm for deposits (raised from £85,000 on 1 December 2025), and up to £85,000 for investments
• Switzerland: FINMA
• EU: National competent authorities (BaFin in Germany, AMF in France, etc.) — EU Deposit Guarantee Schemes cover €100,000
• Jersey/Guernsey/Isle of Man: Their own financial regulators; FSCS does not apply to offshore accounts

For very large deposits or portfolios, consider spreading across multiple regulated institutions to maximise protection.

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Offshore Structures for HNW Expats

HNW expats often make use of offshore financial structures to hold assets efficiently:

Offshore investment bonds (Isle of Man, Dublin, Luxembourg): Provide tax deferral and portability across jurisdictions — see our separate guide.

Offshore trusts (Jersey, Cayman, BVI): Can be effective for estate planning, asset protection and cross-generational wealth transfer, but are subject to significant UK anti-avoidance rules for UK-connected individuals. Current UK tax legislation has substantially reduced the tax advantages of offshore trusts compared to 20 years ago.

Private placement life insurance (PPLI): An insurance wrapper used to hold alternative investments within a life assurance structure. Offers tax deferral, beneficiary nomination outside probate, and flexibility. Typically requires a minimum investment of €1–2 million.

Offshore companies: Useful for holding certain types of assets (intellectual property, investment portfolios) in a tax-efficient jurisdiction. Subject to UK CFC rules, transfer pricing rules, and mandatory economic substance requirements in many offshore centres.

All offshore structures require careful legal and tax advice and must be maintained in compliance with evolving international transparency standards.

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The Compliance Reality: Transparency and Reporting

HNW expats should be under no illusions about the level of financial transparency now required globally. Under the Common Reporting Standard (CRS), banks and financial institutions worldwide report account holder information to tax authorities, which share it internationally. The OECD's CARF framework is extending similar reporting to crypto assets. Trust registries, beneficial ownership registers and country-by-country reporting make historical offshore secrecy essentially impossible.

The message is straightforward: structures that are tax-efficient must also be fully compliant and transparent. Any adviser who suggests otherwise is providing dangerous advice that exposes you to penalties, prosecution and reputational damage.

Legitimate tax planning — using available reliefs, structuring investments efficiently, managing residency and domicile carefully — remains entirely appropriate and is what good private banking and family office services provide.

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Checklist: Selecting Private Banking or Wealth Management for Expats

• Confirm the institution has genuine multi-jurisdictional capability in your specific countries
• Verify the regulatory status and investor protection in each jurisdiction used
• Request a written disclosure of all fees (management fees, performance fees, transaction charges)
• Confirm access to qualified tax advisers in your countries of residence and home country
• Review the investment philosophy — does it match your objectives and risk tolerance?
• Check the institution's stability and track record
• Ensure full transparency on any offshore structures proposed — CRS, CARF and substance requirements
• Understand the minimum asset thresholds and what service level applies at your wealth level
• Meet the specific adviser who will manage your relationship — not just senior management

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This guide provides general information only and does not constitute financial advice. The suitability of any financial product or service depends on your individual circumstances. Seek regulated, qualified financial advice from professionals experienced in international wealth management. Rules and regulations are subject to change.

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How Global Investments Can Help

At Global Investments, we specialise in serving internationally mobile clients whose financial lives span multiple countries and currencies. Our wealth management approach integrates investment strategy, tax planning, estate planning and day-to-day financial management into a coherent whole — coordinated through a single relationship with advisers who understand your global situation. Whether you are looking for a first review of your wealth structure or an ongoing wealth management partner, contact us to begin the conversation.