Case Studies
Case study 1 - Retiring overseas:
Bill & Joyce (68 & 65) are UK domiciled. They recently retired to Cyprus with combined UK pensions generating just over 14,000 GBP per year. The proceeds from the sale of their UK home totalled 300,000 GBP and they wanted to save this offshore to supplement their pension income and provide a nest egg to pass on to their grandchildren in the future.
Through Abbey Financial Solutions a tailor made holding vehicle was established that provided access to institutional rate bank deposits and which was growth exempt from the EU Savings Tax Directive. The vehicle also allowed for the flexibility to make ad hoc withdrawals, together with a regular monthly income to meet their needs. The vehicle is structured in a way that it is inheritance tax exempt upon death to pass onto their children after 7 years.
Case study 2 - Saving for the future:
George (45) is a UK national and M.D. of a multinational company in Europe. He had very little provision for his retirement and so needed a regular savings vehicle that would provide an income in retirement from the age of 65, possibly before.
Abbey Financial Solutions recommended a flexible monthly savings vehicle that allowed George's company to make the monthly contributions on his behalf. The investment is fully portable allowing George the freedom to not only move to other countries but also to move to another company if he needs to. Due to the volume of business placed by Abbey Financial Solutions, we were able to negotiate an excellent monthly bonus allocation which could allow George to retire earlier than expected.
Case study 3 - Children's Education:
Andrew & Laura (31 & 32) are UK and Spanish nationals, living in Thailand. They have a 2 year old son and a 9 month old daughter. They would like to give their children the best start in life, with a university education in either the UK or Europe.
Abbey Financial Solutions sourced a very flexible, cost efficient savings vehicle that allowed Andrew & Anne Marie to save on a monthly basis providing access to the world's leading fund managers. The investment allows for any unforeseen circumstances; they can not only increase the amount that they save every month but they can also reduce the amount they save, and even take a break from making contributions altogether.
By the time that their son and daughter reach higher education age, they can expect to have a fund in place that will not only cover the ever increasing costs of education fees, but could also pay for their living expenses when they leave home for the first time.
Case study 4 - The Experienced Investor:
Keith (55) is an Australian national, living in Mexico and is an experienced investor with over $3 million invested. Keith had been investing for a number of years and wanted access to a wider range of funds from the international market place than those he had been investing in for the last 15 years. Keith also wanted to be able to re-structure his portfolio quickly and cost effectively when necessary.
Abbey Financial Solutions found the perfect portfolio bond to suit Keith's requirements. It enables him to consolidate his existing investments into one easily manageable entity. Furthermore, it allows access to the world's leading fund managers with lower trading costs than would normally be associated with investing directly through the fund managers. Keith also has access to the majority of his portfolio with an offshore debit card and cheque book issued by Lloyds TSB. Keith found our fund analysis service invaluable as he often has a good idea of which sectors and markets he wants to invest into but needs assistance deciding the best fund manager and comparing any fees. We were also able to provide online access to valuations so that he can keep track of performance wherever he is in the world.
Case study 5 - Offshore Wrapper:
Judy is 57 years old, living in Cyprus and holding approximately 100k GBP in offshore fixed deposits, 45k GBP in frozen UK ISAS and another 30k GBP in the UK stock market.
Abbey Financial Solutions assisted Judy in the consolidation of her investments through an offshore wrapper. This meant all of her investments were held under one roof and any administration headaches were a thing of the past. Furthermore, when Judy came to Abbey Financial Solutions she wanted to find a legitimate way of not losing 20% of her offshore account interest to the European Savings Tax directive (EUSD). By holding her fixed deposits through an offshore wrapper Abbey F.S. showed Judy a way of eliminating her need to pay the EUSD and saving her 20% of her interest.
From the single simple structure of her offshore wrapper, Abbey Financial Solutions helped Judy diversify her portfolio through investment across various asset classes, offshore funds and fixed deposits ensuring that her nest egg was not all in one basket. Furthermore, profit made through the sale and purchase of her funds within the wrapper is not subjected to capital gains tax.
Case study 6 - Releasing a UK Pension:
Peter (47) is a UK national living in the Philippines with the intention to move to Monaco or Dubai in the next 5 years to concentrate on business interests. He has a UK frozen pension (valued at 700,000) that he cannot access until retirement age. Peter has no intention of returning to the UK and he wanted to make use of his retirement fund at an age where he could make the most of it in around 5 years.
Abbey Financial Solutions were able to source a QROPS (Qualifying Recognised Overseas Pension Scheme) vehicle that allowed Peter to transfer his UK Pension to an approved scheme outside of the UK (fully compliant with HMRC), reinvest the money and over time release his pension fund. Peter has NO obligation to buy an annuity. The vehicle is structured in a tax efficient way that allows Peter to pass on the full value of his pension fund in the future to his family minimising any inheritance tax liability.
Let us find a solution to your financial siutation:
If you feel that you are in a similar position to any of our above clients, or if you have a situation which you would like to discuss with an expert, do not hesitate to contact us directly on 0034 952 887 270 or email us. Alternatively complete our online Investment Designer to receive a personalised recommendation. Please remember that many expatriates are in a similar position to yourself and here at Abbey, we can help you find solutions.
