Second Cities, First Choices: The Rise of Tier‑Two Hubs for Global Talent

This is not a sudden stampede but a methodical, file‑by‑file migration. Families begin with the entities that face the greatest counterparty scrutiny: fund platforms managing external capital, vehicles holding regulated assets, and companies exposed to banking de‑risking. Boards review each structure through a new lens: Will global banks still be comfortable with this jurisdiction in five years? How will OECD, FATF, and EU initiatives treat it in the next round of blacklists and “grey lists”? Which courts will counterparties trust when something goes wrong? The answers increasingly point away from legacy offshore hubs whose brand has become a liability in institutional negotiations.