This week saw the Westminster ‘Rumour Mill’ in full flow. Commentators and political pundits have been speculating on how the government will pay for the massive spending related to the Covid crisis. Taxes, and in particular the Lifetime Allowance, may be about to change. The cost of Covid is estimated to be around £360bn. The […]
Retire in Italy
If you are planning to retire in Italy there are some interesting options available to you. Many EU countries are considered relatively high cost from a tax perspective. However, things have been changing as Member States realise that lower tax rates are a great way of attracting wealthy individuals who provide much-needed income to local […]
The Portuguese compliant investment bond
The Portuguese compliant investment bond plays an important role in financial planning for expats. Picture your planning strategy as a cake with each slice allocated as a constituent part of the whole. Tax can represent one of the larger slices unless we do something about it. An ideal situation is where we have our cake […]
Investments and Brexit: the end of passporting
Just when we all thought the EU/UK withdrawal agreement was done and dusted, it looks like we will have to suffer many more months, or possibly years, of uncertainty over investments and Brexit. There has been much publicity surrounding the Irish border question and fishing rights, but many other issues need to be negotiated before […]
QROPS tax on transfers post-Brexit
What type of QROPS tax should we expect post-Brexit? An important part of working in the financial industry is predicting future changes to legislation that will affect clients. Sometimes we have clear deadlines to beat; other times, it’s more a question of being prepared with contingency plans just in case. QROPS tax rumours The rumour-mill […]
QROPS Overseas Transfer Charge
What will happen to the QROPS Overseas Transfer Charge is still unclear, despite the end of the Brexit transition period on 31 December 2020. Until we know the full extent of the UK/EU relationship it will be difficult to prepare for the ‘new normal’. The UK economy is heavily reliant on financial services. This sector […]
Financial planning: time for a spring clean!
The COVID-19 lockdown has prompted many to look for ways of using their extra spare time as productively as possible. For some, this includes reviewing their financial plan. We should always keep a close eye on our finances. It’s even more critical now that the fiscal effects of the COVID-19 crisis become apparent. Stock markets […]
QROPS pensions and divorce
Resolving issues relating to QROPS pensions and divorce requires a specific understanding of what can and can’t be done in accordance with the law. It’s an unfortunate fact of modern life that many marriages end in separation. Even in the most amicable of cases, financial problems tend to focus the mind. Negotiations can become fraught […]
DB pension scheme trustees allowed flexibility to cope with COVID-19
The recent stock market sell-off caused by the COVID-19 virus has created unwanted consequences for pension trustees. In particular, those who administer and run Defined Benefit or DB pension schemes are facing unique challenges and are having to reassess how they operate in these difficult times. Administrative challenges People who are in lockdown and need […]
A financial planning strategy for coping with the Covid-19 stock-market fallout
Financial markets are suffering due to the Covid-19 virus. These are very worrying times for people all over the world from a personal perspective and also in terms of the impact on our financial planning strategy. The value of a flexible and robust financial plan has never been more important than now. Whilst few will […]
British in France Seek Expat Pension Advice on Brexit
Understanding the full ramifications of Brexit is likely to be impossible for some time to come. Many people need guidance on their tax situation and also expat pension advice. The British in France can attend meetings and receive valuable guidance from the Embassy regarding a whole host of post-Brexit concerns. A series of meetings have […]
The Modelo 720 declaration
It’s March, and time for expats to complete the Modelo 720 declaration once again. This form has to be submitted before the end of the month by Spanish tax residents. The Modelo 720 declaration is more of an asset reporting requirement than a tax return. Assets which have to be declared include properties, bank accounts […]
QROPS advice: One size doesn’t fit all
Changes to Malta regulations regarding UK pension transfers have been introduced to improve the quality of QROPS advice. The aim is to protect customers by ensuring their financial adviser is suitably qualified to advise on investments. Whilst many of the measures are welcome, there are also unintended consequences to the changes. These can have a […]
The perils of Defined Benefit pension transfers for expats
Decisions regarding Defined Benefit pension transfers for Expats should not be taken lightly. Such transfers are certainly not something that should ever be ‘sold’ or promoted as a ‘no-brainer’ by financial advisers. There are many details to understand and procedures to complete before committing to, and authorising, the transfer of what are often significant sums […]
QROPS or iSIPP
One of the issues faced by expats wishing to transfer their UK pension plans is whether to move to a QROPS or iSIPP (International Self Invested Personal Pension). The answer as to which choice is best may change depending on how pension legislation evolves in the wake of the upcoming UK and EU trade negotiations. […]