In recent years, growing geopolitical fragmentation and increasingly frequent regional tensions have reshaped legal and financial systems. For those operating across multiple jurisdictions, the landscape is more complex, less linear, and far less predictable.
Evolving Rules, Shorter Reaction Time
The pace of regulatory change is accelerating. Rules are changing more rapidly, and in some cases, with retroactive effect. In this context, not only does the quality of a structure matter, but its capacity to adapt over time.
Transparency and Regulatory Pressure
The global drive toward greater transparency continues to intensify. The Common Reporting Standard (CRS) and beneficial ownership registers are steadily reducing confidentiality and expanding reporting obligations. Simultaneously, authorities are placing increasing emphasis on genuine economic substance and robust governance.
In parallel, widening sanctions regimes are introducing new layers of risk, including:
- Potential asset freezes;
- Limitations on cross-border transactions;
- Increased scrutiny in the selection of jurisdictions and counterparties.
Existing Structures: From Strength to Potential Vulnerability
Many of the wealth structures in place today were implemented under different circumstances. Trusts and foundations that delivered efficiency and stability for years may now be limited in flexibility, transparency, or regulatory alignment.
From an Italian perspective, this is particularly relevant for:
- Individuals tax resident in Italy with assets held abroad;
- Legacy offshore structures requiring review in light of current reporting obligations;
- International families with multi-jurisdictional planning needs.
The Evolution of Trusts and Foundations
The role of trusts and Foundations is shifting. Once primarily tools of tax and succession planning, trusts & foundations are increasingly serving as platforms for governance and asset protection, playing a central role in securing long-term continuity.
This change calls for structures that are:
- More flexible;
- Capable of adapting across different jurisdictions;
- Designed with a long-term perspective.
In practical terms, this means:
- Diversifying exposure across multiple jurisdictions;
- Establishing real presence where appropriate;
- Regularly reviewing existing structures.
Case Study: When Risk Becomes Real
For years, an Italian tax resident’s trust functioned without any issues. With a well-diversified international portfolio, the client had established this trust over a decade ago in a jurisdiction that was considered stable, efficient, and fully integrated into global financial systems.
The trust was well-suited to the conditions of its time, but those conditions quickly changed. Rising geopolitical tensions, expanding sanctions regimes, and increasing regulatory pressure began to reshape not only the rules themselves, but also the way risk was perceived by banks and global business partners.
Early warning signs soon emerged:
- Transactions that had once been straightforward started to face delays and enhanced scrutiny;
- Certain jurisdictions became progressively less acceptable to financial institutions;
- A tangible risk of operational restrictions and blocked financial flows began to materialize.
The Response
Cone Marshall and the client’s advisory team conducted a comprehensive strategic review with a single clear objective: to transform the structure from a static arrangement into a resilient one.
Key actions included:
- Migrating the trust to a more stable and better-positioned jurisdiction;
- Strengthening governance through the involvement of parties with real substance;
- Streamlining operational flows to reduce friction;
- Aligning the structure with the latest regulatory requirements.
The Outcome
- The trust’s full operational efficiency was restored;
- Exposure to geopolitical risks was significantly reduced;
- The trust’s standing with banks and counterparties was improved;
- The trust’s flexibility and long-term adaptability was enhanced.
Our Approach
In an everchanging global environment, the ability to operate on a truly global basis is essential. Cone Marshall’s international platform enables us to support clients not only in the initial structuring phase, but throughout the evolution of their circumstances, ensuring consistency, efficiency, and resilience over time.
With offices in fourteen countries, we operate seamlessly across different legal and regulatory jurisdictions. This global reach, combined with deep experience in managing complex cross-border structures, allows us to support clients in a fully integrated way. Whether restructuring existing arrangements or overseeing their long-term management, our approach is consistently proactive and forward thinking.