Navigating Wealth Management Shifts in Latin America: Tax, Inheritance & Cross-Border Planning for UHNW Families

Date: 21 May 2025

Karen Jones

As Latin America’s ultra-high-net-worth (UHNW) families prepare for generational wealth transfers, they are also adapting to evolving legal frameworks, tax reforms, and cross-border complexities.

Countries like Colombia, Argentina, and Brazil have seen major shifts in their wealth management environments, prompting families to rethink estate planning, succession strategies, and jurisdictional diversification.
Leading voices from top firms including Brigard Urrutia, Deutsche Bank, Canosa Abogados, and Barclays Private Bank offer insight into what UHNW families must consider when preserving and transferring wealth across borders. From tax developments and probate changes to family governance and offshore structuring, this article outlines the latest regional trends with expert commentary and real-world context.

Colombia: Wealth Tax, Inheritance Reforms & No-Fault Divorce Shape the Landscape
Paula Camacho, partner at Brigard Urrutia‘s Trusts and Estates team, highlights key regulatory changes reshaping Colombia’s wealth management framework. “In recent years, there have been significant changes in the regime applicable to UHNWs in Colombia. Among the most notable are wealth tax – as of 2023, Colombian tax residents with a net estate exceeding approximately USD 850,000 (projected to 2025) must annually declare and pay wealth tax ranging from 0.5% to 1.5% on their net estate. This also applies to non-resident taxpayers with assets located in Colombia. Then there are judicial challenges. Although the tax was contested for potential constitutional conflicts, Colombia’s Constitutional Court ruled in 2024 that it lacked the authority to assess the constitutionality of the tax, so it remains in force.” Camacho continues, “On Capital Gains Tax, the 15% capital gains tax (applicable to inheritances and gifts) was targeted for a raise to 20% in a failed 2024 tax reform. Should a new reform be proposed by late 2025, an increase is likely back on the table.”
Camacho adds. “There has been a probate regime shift. Since 2018, testators may now freely assign up to 50% of their estate in wills (up from 25% previously), with the remaining half still reserved for forced heirs. Aswell as this with civil divorce reform. A no-fault divorce regime was introduced in 2024, allowing one spouse to end a marriage unilaterally by initiating judicial proceedings, even without the consent of the other. These reforms aim to modernize Colombia’s legal infrastructure and align it with international practices—critical for UHNW families with global ties.”

Deutsche Bank: Global Planning & Next-Gen Engagement for Latin America’s Elite
Francesca Boschini, Director and Head of International Wealth Planning & Insurance Solutions for the Americas at Deutsche Bank Wealth Management, emphasizes a cross-jurisdictional approach. “As a global bank, we work closely with Deutsche Bank’s Investment and Corporate Banking divisions in Latin America to support our clients. We have core wealth planning services which include pre-liquidity and pre-immigration planning. So for families moving to the US, Europe, especially Italy, Spain, Portugal, or the Caribbean we have insurance, estate & tax structuring with a focus on US and European investment vehicles.”
Boschini continues. “We also offer family governance which is increasingly requested by UHNW clients in the region who want family constitutions, legacy strategies, and wealth education for heirs.”
Boschini explains their work with the NextGen. “For over 25 years, Deutsche Bank has hosted its NextGen Summer Seminar, helping young adult heirs gain exposure to entrepreneurship, thematic investing, and financial leadership—ensuring multi-generational relationship continuity. We help UHNW families plan for a compliant and tax-efficient transfer of wealth to beneficiaries, especially those residing in the US, UK, or Europe. More families are using US foreign grantor trusts to achieve this.”

Argentina: Offshore Structures Amid Economic Turmoil
Javier Canosa, Partner at Canosa Abogados, outlines the high-risk, high-reward landscape UHNW individuals face in Argentina. “Argentina presents a unique landscape for UHNW individuals, shaped by persistent economic volatility, evolving tax regimes, and increasingly complex currency controls. Some key insights include: over $270 billion is estimated to be held outside Argentina’s formal financial system, necessitating compliant offshore planning.”
Canosa explains further. “New regulations have tightened oversight of foreign holdings and cross-border transactions. There is a focus on succession and estate planning, which is increasingly, driven by inflation and political uncertainty. There is also a rise in interest in family office structures and digital assets, which presents new planning opportunities.”

Brazil: CFC Regime, UK Domicile Changes, and European Diversification
Yovan Dabee, Head of Brazil & LatAm Coverage, London at Barclays Private Bank, comments on Brazil’s rapidly shifting fiscal terrain. “For UHNW families in/from Brazil, 2025 is gearing up to be a year of significant change. Developments include. The introduction of the Controlled Foreign Corporation (CFC) regime for individuals, prompting families to re-evaluate offshore holding structures.”
“Then there is the UK’s 2025 repeal of the Non-Domiciled Regime,” says Dabee, “in place since 1799, it is causing a migration shift—Italy emerging as a net beneficiary of relocated wealth.”
Dabee concludes. “Families are responding with greater jurisdictional diversification—spanning Europe, the US, and Caribbean destinations.”

Celebrity Moves That Reflect Broader Trends
High-profile Latin American figures moving abroad illustrate the region’s broader wealth mobility. Shakira (Colombia): Relocated to Miami in 2023, highlighting the trend of UHNW individuals shifting to US tax and lifestyle environments. Lionel Messi (Argentina): While historically tied to Spain, his 2023 move to Miami reflects growing preference among wealthy Latin Americans for US residency. And Gisele Bündchen (Brazil): With deep real estate investments in Florida and significant family assets across Brazil and the US, she exemplifies cross-border wealth planning and estate structuring.

Conclusion: A Region in Transition, Families in Motion
The wealth management landscape for UHNW families in Latin America is undergoing a dramatic shift. Changes in tax law, inheritance regimes, and civil codes across Colombia, Brazil, and Argentina are converging with increased cross-border planning needs and a generational wealth transfer wave.
In this context, a globalized, forward-looking, and family-centric approach is essential. Whether adapting to domestic tax reforms, planning wealth transfers to international heirs, or preparing the next generation for stewardship, families must act with clarity and compliance—supported by experts who understand both local intricacies and international best practices.

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