Global real estate firm Cushman & Wakefield is planning to shift its parent company’s legal home from England and Wales to Bermuda to cut costs and simplify corporate governance.

The company, which is globally headquartered in Chicago and remains publicly traded on the New York Stock Exchange, said the redomiciling process would reduce the administrative burden and legal complexity it currently faced by being subject to both UK and US regulations.

“Our parent company … is subject to cumbersome and costly administrative processes in the ordinary course of our business,” said Michelle MacKay, the chief executive.

“Following the proposed transaction, we will continue to be listed on NYSE and the proposed transaction is not expected to have any material change on our day-to-day operations or the tax residence of our operating companies.”

Cushman & Wakefield is a leading global commercial real estate services firm with about 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines.

The transition, expected to complete in the second half of 2025, will be carried out through a UK-court-supervised scheme of arrangement. Shareholders will vote on the proposal at a series of meetings in May, with a final court approval to follow if the plan is approved.

The company said this was not a tax-driven move. Instead, the key aim is to align Cushman & Wakefield’s corporate governance more closely with the expectations of its primarily US-based shareholders, taking advantage of Bermuda’s more flexible and business-friendly legal environment.

“The principal objective … is to facilitate shareholder value creation,” Ms MacKay said in a statement, noting the move would help reduce regulatory costs while “maintaining a stable corporate structure and capital flexibility”.

The shift will make certain shareholder actions such as share buybacks and issuing preference shares simpler and more cost-effective. For example, Bermuda does not require shareholder approval for issuing preference shares and the 0.5 per cent UK stamp tax on buybacks would no longer apply.

Despite the jurisdiction change, Cushman & Wakefield emphasised that it would continue to operate as normal. There will be no changes to its leadership team, global offices, employee base, financial reporting or NYSE listing.

“We remain committed to our businesses in the UK and the rest of Europe as a leading provider of commercial real estate services,” Ms MacKay added.