Financial Services for South African Expats in the UK:I am delighted to introduce you to Alexander Beard Group, an international financial services business formed 33 years ago in the UK and now spanning the world, head quartered in Cheshire with additional UK offices in the London and Yorkshire; our international offices are located in France, Netherlands, Canada, USA, Australia and South Africa.Having successfully served Expats of many nationalities over our history and following the acquisition of Johannesburg based advisory business in February, we are now launching our long awaited SA Expat services.Releasing “stranded assets”: bring your pension funds, endowments and other SA based savings out of the country legally and safely.Managing what you have left behind: if you have assets back in SA that you want to leave there, we can manage them for you through our SA regulated company.Replacing SA Life insurance: if you continue to pay for SA based life insurance, a benefit payment may be subject to tax in the UK; we can replace, this cost effectively, with a tax free policy from a UK provider.Favourable FX currency services through our ‘introducer’ relationship with Investec bank.Advice on U.K. pension, investment, critical illness insurance and private health insurance.For those of you running companies in the UK or involved in professional partnerships, our international employee benefits division offers consultancy, implementation and ongoing administration for group pension plans, death-in-service plans and partnership insurances as well as payroll services.
Financial planning is a very personal matter.
It is all about answering two key questions:How would you like your future to look?Are you on the right track?We use a variety of approaches to ensure that your individual financial planning requirements are comprehensively met.
Financial PlanningPensions plans, Individual Savings Accounts, Investment Bonds are all examples of the investment vehicles we might recommend to make full use of the tax saving opportunities available in the UK Investment AdviceWe provide Investment advice to enhance the strategy and our diversified approach can limit the damage that unpredictable events can cause to your financial plans Mortgage AdviceWe provide Mortgage Advice to secure your home or investment properties whether you are buying a new home, managing your mortgage payments or building up your property portfolio Policy ProtectionLife assurance, critical illness cover and income protection can all bring normality back from the brink of disaster.
Income in RetirementWe provide detailed guidance on retirement, advising on flexible income solutions, pension fund investment strategies as well as guaranteed income arrangements Estate PlanningKnowledge of the tax rules and their practical application is the backbone of all our financial planning strategies Contact one of our Financial Advisers and Specialists today.
Habibullah & Co, in conjunction with Alexander Beard Group are pleased to offer the following services:If you are an Expat from one of the following countries, we can assist and advise you on the following:From the UK:Managing the assets (Pension plans; ISA’s; Endowments and Investment accounts) you have left behind.Taking the best advice on your pension.Check out the validity of your UK Life insurance.Flexible/ mobile health insurance.Building a low cost, offshore investment portfolio.From The USA:FATCA reporting: are your investments all compliant?Who is managing your 401K/IRA back home?Building a FATCA friendly, low cost, offshore investment portfolio.Flexible/ mobile health insurance.From Australia:Managing your Aussie Superfund.Continuing contributions to Superfunds.Transferring foreign pension funds back to your Aussie Superfund.Flexible/ mobile health insurance.Looking for financial advice services for expats taxation in India?
We have qualified advisers in India who can help and advise to expats.
We have offices in the UK, France, Netherlands, Canada, USA, Australia and South Africa.After a successful career in South African financial services, I have relocated to Utah and recently been appointed as Business Development Manager for the group, specifically focussing upon services to South African Expats both here in the USA and for what you may need back home.
A summary of our services is listed below:Releasing “stranded assets”: bring your pension funds, endowments and other SA based savings out of the country legally and safely.Managing what you have left behind: if you have assets back in SA that you want to leave there, we can manage them for you through our SA regulated company.Replacing SA Life insurance: if you continue to pay for SA based life insurance it may be subject to tax in the USA; we can replace this cost effectively with a tax qualified US plan.FATCA: If you hold assets such as investment accounts, mutual funds etc., outside the USA they will be subject to the Foreign Account Tax Compliance Act.Favourable FX currency services through our relationship with Investec bank.US IRA/401K and domestic investment account advice and on-going management.We have qualified advisers both here in the USA and back in South Africa who can help and advise on any of the above.
No matter where in the world you live, as a British expatriate you will need good, reliable and credible cross border emigration & financial planning advice.For a UK resident, the majority of the time, financial planning is reasonably straightforward and there is a huge array of professionals available who can guide you through your financial planning.
However, when moving overseas, a new tax jurisdiction needs to be taken into account; you will likely leave assets or sources of income behind in the UK, therefore you will need to consider the cross border implications.A good example of where cross border advice becomes valuable is when you access your traditionally tax free 25% lump sum payment from a UK pension.
This payment for a UK resident is clearly defined as ‘tax free’.
However, there are some countries that will tax this payment as an income, therefore care needs to be taken on how and when you access this money.
An easy solution could be to access your 25% payment whilst you are UK resident and defer taking an income until you are ready.As you can see, cross border financial planning doesn’t have to be rocket science, however speaking with someone who is aware of the common issues for British expats is certainly sensible.If you are emigrating, the areas you should be considering are:Pension PlanningWhen do I want to access my pensions and how should I do it (QROPS or through a UK pension)?Investment PlanningDo I need to invest my money in a particular way that makes it tax efficient in the country I now live in?
Do I need to be concerned about FATCA reporting if I’m a USA connected individual?Protection PlanningIs my life / critical illness cover I created whilst living in the UK valid should I move overseas?
An acquaintance of mine was a state legislator representing a district within California.
When “Then Movie Star” Arnold Schwarzenegger was running for Governor of California, the legislator said to me, “...if Schwarzenegger gets elected, he won't get anything done.
We won't let him get anything done.”His point was, Schwarzenegger was an outsider and an opportunist, with little to no experience in the public sector.
His performance in office was ultimately lackluster.
To attempt to get things done, Schwarzenegger often went to the public through referendum; utilizing his star power to some effect.
But, all in all, his governorship was underwhelming.Now with Trump, there are similar circumstances.
Setting-up superannuation plans in Australia that satisfy the stringent Qualifying Recognised Overseas Pension (QROPS) requirements, allowing tax efficient and cost-effective transfer of UK pension funds to Australia.Releasing "stranded assets": including pension funds, endowments and other UK based savings.Managing the transfer and investment of funds from the UK and combining with Australian investment assets.Managing what you have left behind: if you have assets back in UK that you want to leave there, we can manage them for you through our UK regulated company.
Replacing UK Life insurance: if you continue to pay for UK based life insurance it may be subject to tax in the UK and Australia; we can replace this cost effectively with a tax qualified Australian plan.
Favourable FX currency services through our relationship with Investec bank.
Domestic superannuation, investment, critical illness insurance and healthcare advice.
With its Head Office on the outskirts of Chester, the Alexander Beard Group of Companies was founded by its current Executive Chairman, Paul Beard in 1987, as a Financial Advisory practice serving clients in the music and entertainment industry.Since then the group has grown from a one-man business to 61 staff, Directors and Partners spread across 8 locations; Cheshire, Yorkshire and London in the UK; Den Bosch in the Netherlands, Lyon in France, Ottawa in Canada, Johannesburg, San Francisco and Perth in Australia.
At Alexander Beard, we offer a UK based, FCA regulated service to individuals who are to receive pension funds when instructed by a court order.
It is quite simple for the order to be made, however the actual facilitation of the request can be very difficult to complete, especially if the beneficiary is non UK resident.An example of the service we offer –Mr and Mrs Jones live in the United States and are divorcing.
A court has ordered that Mr Jones pay his wife 50% of his UK based occupational final salary pension scheme.
Mr Jones’s pension provider would normally insist that a cash equivalent transfer value is calculated and the 50% share must be moved to a new pension provider under the name of Mrs Jones.As Mrs Jones is non UK resident, it will be very difficult for a new UK pension scheme to be created for her.
She may benefit from an overseas pension scheme but this is entirely dependent on her tax situation and the tax regime of the country she now lives in.At Alexander Beard, we can help facilitate the pension sharing order and provide the financial advice pertinent to the country the person now lives in.
We are experienced in this process therefore transfer times are kept to a minimum thus shortening what is generally seen as a stressful time when people divorce.
On the 6th April 2016 Her Majesties Revenue & Customs (HMRC) introduced something called QROPS, an acronym for Qualifying Recognised Overseas Pension Schemes and was an approval process whereby HMRC would recognise a pension fund in another country and in appropriate circumstances allow a transfer of a UK qualifying pension scheme to that particular plan.Since 2016, QROPS rules have changed and developed numerous times and a many of the original overseas retirement plans with QROPS status have now been removed from the HMRC approved list.Again, the reasons for this are numerous, but there still exists opportunities to transfer your pension should you be living overseas.These opportunities could include a local plan if it has what is now known as ROPS (Recognised Overseas Pension Scheme) approval and various qualifying standards apply.Our advice to people considering transferring their pension overseas is that they must take personal advice, particularly where a client lives in an overseas territory that does not have a local ROPS approved pension plan as there may be other alternatives that available.In the USA or France or example, there are no ROPS approved plans, so we developed two UK Self-Invested Personal Pension arrangements called AMVE$T and €uVEST; in both cases these plans largely mirror the pension benefits offered from local plans in both those countries with underlying investment funds and ultimate benefits denominated in US dollars and €uro’s respectively.
Both of these plans are as tax efficient as possible using current tax treaty allowances.
One final word of warning the transfer of any pension from the UK to overseas must be overseen and certified by an FCA regulated UK adviser.
Do not deal with firms who are not UK regulated by the Financial Conduct Authority.
For more information about this complicated picture and QROPS in the USA, please contact us.
An acquaintance of mine was a state legislator representing a district within California.
When “Then Movie Star” Arnold Schwarzenegger was running for Governor of California, the legislator said to me, “...if Schwarzenegger gets elected, he won't get anything done.
We won't let him get anything done.”His point was, Schwarzenegger was an outsider and an opportunist, with little to no experience in the public sector.
His performance in office was ultimately lackluster.
To attempt to get things done, Schwarzenegger often went to the public through referendum; utilizing his star power to some effect.
But, all in all, his governorship was underwhelming.Now with Trump, there are similar circumstances.
Financial Services for South African Expats in the UK:I am delighted to introduce you to Alexander Beard Group, an international financial services business formed 33 years ago in the UK and now spanning the world, head quartered in Cheshire with additional UK offices in the London and Yorkshire; our international offices are located in France, Netherlands, Canada, USA, Australia and South Africa.Having successfully served Expats of many nationalities over our history and following the acquisition of Johannesburg based advisory business in February, we are now launching our long awaited SA Expat services.Releasing “stranded assets”: bring your pension funds, endowments and other SA based savings out of the country legally and safely.Managing what you have left behind: if you have assets back in SA that you want to leave there, we can manage them for you through our SA regulated company.Replacing SA Life insurance: if you continue to pay for SA based life insurance, a benefit payment may be subject to tax in the UK; we can replace, this cost effectively, with a tax free policy from a UK provider.Favourable FX currency services through our ‘introducer’ relationship with Investec bank.Advice on U.K. pension, investment, critical illness insurance and private health insurance.For those of you running companies in the UK or involved in professional partnerships, our international employee benefits division offers consultancy, implementation and ongoing administration for group pension plans, death-in-service plans and partnership insurances as well as payroll services.
Setting-up superannuation plans in Australia that satisfy the stringent Qualifying Recognised Overseas Pension (QROPS) requirements, allowing tax efficient and cost-effective transfer of UK pension funds to Australia.Releasing "stranded assets": including pension funds, endowments and other UK based savings.Managing the transfer and investment of funds from the UK and combining with Australian investment assets.Managing what you have left behind: if you have assets back in UK that you want to leave there, we can manage them for you through our UK regulated company.
Replacing UK Life insurance: if you continue to pay for UK based life insurance it may be subject to tax in the UK and Australia; we can replace this cost effectively with a tax qualified Australian plan.
Favourable FX currency services through our relationship with Investec bank.
Domestic superannuation, investment, critical illness insurance and healthcare advice.
Financial planning is a very personal matter.
It is all about answering two key questions:How would you like your future to look?Are you on the right track?We use a variety of approaches to ensure that your individual financial planning requirements are comprehensively met.
Financial PlanningPensions plans, Individual Savings Accounts, Investment Bonds are all examples of the investment vehicles we might recommend to make full use of the tax saving opportunities available in the UK Investment AdviceWe provide Investment advice to enhance the strategy and our diversified approach can limit the damage that unpredictable events can cause to your financial plans Mortgage AdviceWe provide Mortgage Advice to secure your home or investment properties whether you are buying a new home, managing your mortgage payments or building up your property portfolio Policy ProtectionLife assurance, critical illness cover and income protection can all bring normality back from the brink of disaster.
Income in RetirementWe provide detailed guidance on retirement, advising on flexible income solutions, pension fund investment strategies as well as guaranteed income arrangements Estate PlanningKnowledge of the tax rules and their practical application is the backbone of all our financial planning strategies Contact one of our Financial Advisers and Specialists today.
With its Head Office on the outskirts of Chester, the Alexander Beard Group of Companies was founded by its current Executive Chairman, Paul Beard in 1987, as a Financial Advisory practice serving clients in the music and entertainment industry.Since then the group has grown from a one-man business to 61 staff, Directors and Partners spread across 8 locations; Cheshire, Yorkshire and London in the UK; Den Bosch in the Netherlands, Lyon in France, Ottawa in Canada, Johannesburg, San Francisco and Perth in Australia.
Habibullah & Co, in conjunction with Alexander Beard Group are pleased to offer the following services:If you are an Expat from one of the following countries, we can assist and advise you on the following:From the UK:Managing the assets (Pension plans; ISA’s; Endowments and Investment accounts) you have left behind.Taking the best advice on your pension.Check out the validity of your UK Life insurance.Flexible/ mobile health insurance.Building a low cost, offshore investment portfolio.From The USA:FATCA reporting: are your investments all compliant?Who is managing your 401K/IRA back home?Building a FATCA friendly, low cost, offshore investment portfolio.Flexible/ mobile health insurance.From Australia:Managing your Aussie Superfund.Continuing contributions to Superfunds.Transferring foreign pension funds back to your Aussie Superfund.Flexible/ mobile health insurance.Looking for financial advice services for expats taxation in India?
We have qualified advisers in India who can help and advise to expats.
At Alexander Beard, we offer a UK based, FCA regulated service to individuals who are to receive pension funds when instructed by a court order.
It is quite simple for the order to be made, however the actual facilitation of the request can be very difficult to complete, especially if the beneficiary is non UK resident.An example of the service we offer –Mr and Mrs Jones live in the United States and are divorcing.
A court has ordered that Mr Jones pay his wife 50% of his UK based occupational final salary pension scheme.
Mr Jones’s pension provider would normally insist that a cash equivalent transfer value is calculated and the 50% share must be moved to a new pension provider under the name of Mrs Jones.As Mrs Jones is non UK resident, it will be very difficult for a new UK pension scheme to be created for her.
She may benefit from an overseas pension scheme but this is entirely dependent on her tax situation and the tax regime of the country she now lives in.At Alexander Beard, we can help facilitate the pension sharing order and provide the financial advice pertinent to the country the person now lives in.
We are experienced in this process therefore transfer times are kept to a minimum thus shortening what is generally seen as a stressful time when people divorce.
We have offices in the UK, France, Netherlands, Canada, USA, Australia and South Africa.After a successful career in South African financial services, I have relocated to Utah and recently been appointed as Business Development Manager for the group, specifically focussing upon services to South African Expats both here in the USA and for what you may need back home.
A summary of our services is listed below:Releasing “stranded assets”: bring your pension funds, endowments and other SA based savings out of the country legally and safely.Managing what you have left behind: if you have assets back in SA that you want to leave there, we can manage them for you through our SA regulated company.Replacing SA Life insurance: if you continue to pay for SA based life insurance it may be subject to tax in the USA; we can replace this cost effectively with a tax qualified US plan.FATCA: If you hold assets such as investment accounts, mutual funds etc., outside the USA they will be subject to the Foreign Account Tax Compliance Act.Favourable FX currency services through our relationship with Investec bank.US IRA/401K and domestic investment account advice and on-going management.We have qualified advisers both here in the USA and back in South Africa who can help and advise on any of the above.
On the 6th April 2016 Her Majesties Revenue & Customs (HMRC) introduced something called QROPS, an acronym for Qualifying Recognised Overseas Pension Schemes and was an approval process whereby HMRC would recognise a pension fund in another country and in appropriate circumstances allow a transfer of a UK qualifying pension scheme to that particular plan.Since 2016, QROPS rules have changed and developed numerous times and a many of the original overseas retirement plans with QROPS status have now been removed from the HMRC approved list.Again, the reasons for this are numerous, but there still exists opportunities to transfer your pension should you be living overseas.These opportunities could include a local plan if it has what is now known as ROPS (Recognised Overseas Pension Scheme) approval and various qualifying standards apply.Our advice to people considering transferring their pension overseas is that they must take personal advice, particularly where a client lives in an overseas territory that does not have a local ROPS approved pension plan as there may be other alternatives that available.In the USA or France or example, there are no ROPS approved plans, so we developed two UK Self-Invested Personal Pension arrangements called AMVE$T and €uVEST; in both cases these plans largely mirror the pension benefits offered from local plans in both those countries with underlying investment funds and ultimate benefits denominated in US dollars and €uro’s respectively.
Both of these plans are as tax efficient as possible using current tax treaty allowances.
One final word of warning the transfer of any pension from the UK to overseas must be overseen and certified by an FCA regulated UK adviser.
Do not deal with firms who are not UK regulated by the Financial Conduct Authority.
For more information about this complicated picture and QROPS in the USA, please contact us.
No matter where in the world you live, as a British expatriate you will need good, reliable and credible cross border emigration & financial planning advice.For a UK resident, the majority of the time, financial planning is reasonably straightforward and there is a huge array of professionals available who can guide you through your financial planning.
However, when moving overseas, a new tax jurisdiction needs to be taken into account; you will likely leave assets or sources of income behind in the UK, therefore you will need to consider the cross border implications.A good example of where cross border advice becomes valuable is when you access your traditionally tax free 25% lump sum payment from a UK pension.
This payment for a UK resident is clearly defined as ‘tax free’.
However, there are some countries that will tax this payment as an income, therefore care needs to be taken on how and when you access this money.
An easy solution could be to access your 25% payment whilst you are UK resident and defer taking an income until you are ready.As you can see, cross border financial planning doesn’t have to be rocket science, however speaking with someone who is aware of the common issues for British expats is certainly sensible.If you are emigrating, the areas you should be considering are:Pension PlanningWhen do I want to access my pensions and how should I do it (QROPS or through a UK pension)?Investment PlanningDo I need to invest my money in a particular way that makes it tax efficient in the country I now live in?
Do I need to be concerned about FATCA reporting if I’m a USA connected individual?Protection PlanningIs my life / critical illness cover I created whilst living in the UK valid should I move overseas?