Client: The Larsen Family
Situation: A third-generation Norwegian family with significant holdings in the maritime industry sought assistance in diversifying their wealth, optimising their tax structure and planning for succession across multiple jurisdictions.
Our Approach:
- Conducted a comprehensive analysis of the family’s €80 million business structure, spanning shipping operations, offshore services and maritime technology investments.
- Developed a tailored cross-border succession plan, optimising tax efficiency while respecting Norwegian, EU, and international maritime regulations.
- Implemented a sophisticated family governance framework to manage the transition from operational to investment-focused family involvement.
- Created a diversified investment strategy to balance the family’s maritime industry exposure with other global opportunities.
Key Actions:
1. Established a Cyprus-based holding company to streamline international maritime operations and optimise tax efficiency.
2. Structured a series of trusts in Guernsey to facilitate tax-efficient wealth transfer and protect family assets.
3. Developed a bespoke family education program, preparing the fourth generation for roles in both maritime industry leadership and wealth management.
4. Implemented an environmental, social and governance (ESG) strategy aligned with the family’s commitment to sustainable maritime practices.
Result: The Larsen family successfully transitioned €120 million in total assets to a more diversified portfolio, reducing their maritime industry concentration risk by 40% while maintaining strategic investments in cutting-edge maritime technologies. The new structure provides a clear path for intergenerational wealth transfer, with potential tax savings estimated at €15 million over the next two decades.
