Family offices around the world are quietly preparing to relocate themselves or their assets in response to growing geopolitical risks, according to Hannes Hofmann, global head of Citi Private Bank’s family office group.
From seeking alternative passports to diversifying asset booking centers, wealthy families are proactively building optionality. “Family offices are rethinking where their assets are located and how accessible they are,” said Hofmann. “There’s growing interest in securing second or third passports and placing assets in jurisdictions with more favorable or stable environments.”
Over the past year, Citi has seen a notable increase in client inquiries related to cross-border movement, including golden visa programs and overseas asset access. The trend is not limited to one region. Whether it’s navigating political uncertainty in the U.S., adjusting to tax policy shifts in the U.K., or preparing for capital movement restrictions in countries like China or India, families are actively scenario planning.
Global Mobility on the Rise
Recent data backs up the trend. Applications for golden visas have surged in countries such as Greece and Portugal, largely fueled by Chinese nationals. Ireland has seen a ten-year high in U.S. passport applications, and more British families than ever are exploring options abroad, according to Henley & Partners.
While most families are not immediately relocating, they are building the infrastructure to move if necessary. One exception is the U.K., where changes to the non-dom regime have already triggered a wave of family office exits. “We’re seeing real movement in and out of the UK,” Hofmann said.
Destinations of Choice: UAE and Singapore
Dubai continues to attract attention as a preferred hub for family offices, while Singapore remains a major magnet, particularly for North Asian families. Singapore’s single-family office sector grew by a record 43% last year, with over 2,000 SFOs now based in the city-state.
According to Hofmann, relocation decisions generally revolve around four key pillars: tax policy, legal and regulatory stability, access to high-quality service providers, and lifestyle—often the most important factor.
Adapting Investment Strategies
Beyond relocation, the evolving geopolitical landscape has triggered investment shifts. Some families are seizing market dislocations to buy, while others are exploring tail-risk hedging, hedge funds, and direct investments to protect their wealth.
With a long-term, endowment-style investment approach, Citi’s family office clients—averaging $2.4 billion in net worth—allocate heavily to private markets. It’s common to see portfolios with 40–50% in alternatives, across both funds and direct deals.
“Key sectors like healthcare, AI, fintech, and education are only accessible through private markets,” Hofmann noted. “Families have an edge in combining strategic direct investing with public market sophistication.”
Art, Philanthropy, and Infrastructure
Interest in alternative assets is also expanding into art. Citi’s US-regulated art advisory business, led by Betsy Bickar, is gaining traction, especially in Asia. Hofmann noted rising collector interest during his recent visit to Art Basel in Hong Kong, where new bonded warehouse space is being developed for art storage at the airport.
Citi is also strengthening its Asia family office presence, with new hires in Singapore and Hong Kong, and recently launched a philanthropy desk offering advisory services and donor-advised fund access.
As Hofmann concluded, today’s family offices are not just looking to preserve wealth—they’re preparing for agility in an unpredictable world.
