Expat Investment Advisors

[Misty]

37 minutes ago, noobexpat said:

 

As you won't understand what this actually is, its just the unused transferable nil rate band allowance being made available to a non dom spouse on 2nd death. 

 

 

yes, and well done noobexpat. why wouldn't I understand?

[wordchild]

2 hours ago, Misty said:

 

According to Deloitte, that isn't necessarily correct:  "The spouse exemption is unlimited if neither of the spouses or civil partners is UK domiciled."  Your spouse is not domiciled in the UK, but it is possible that you aren't domiciled there either.  The concept of domicile is not the same thing as being a citizen.  You say your home is in Thailand and you are not going back to the UK.  That is the definition of nondom.  So UK inheritance tax may not be an issue at all.

 

https://taxscape.deloitte.com/article/inheritance-tax--non-uk-domiciled-spouses.aspx

 

So before signing up with the complex structure you suggest with an unregulated IFA in Thailand, you may want to check into whether or not you are considered to be domiciled in the UK.

 

Perhaps @MikeLister can weigh in too.

 

 

 

 

 

great point, this whole situation is, very much, in flux.

the UK domicile rules are currently undergoing  consultation pre  new legislation, which may or may not be enacted by the current government. 

In any event , i think it is likely that there will be a change in the definition of domicile to one which is based on time either resident or NOT resident in the UK.

I think the advice to wait , rather than implement a new series of arrangements is a good one. 

I suspect, that whichever government finalizes the legislation , UK citizens who have been non resident UK for a significant number of years , will find that they are deemed to be non domiciled in the UK.

[Mike Lister]

47 minutes ago, BigBruv said:

 

99.9% of retirees use cases aren't 'complex' but whatevs - you can keep billions on those platforms if you wish.

 

Also, you shouldn't take 'boomer' as an insult unless you behave like one (know it all, entitled, bore etc)

 

Anyway, you can't be that rich or you wouldn't brag about money & would NOT have chosen Thailand but good luck noob

- u might need it  👍

 

 

PS. If I'm missing the point and craamping your boiler room hustle I'd advise you to quit and get a proper job - scamming is bad for the soul!

 

https://aseannow.com/forum_rules/

[topt]

2 hours ago, wordchild said:

I suspect, that whichever government finalizes the legislation , UK citizens who have been non resident UK for a significant number of years , will find that they are deemed to be non domiciled in the UK.

That would be a great outcome for many.

Unfortunately I don't see that as a priority for the powers that be, or who will be, so I won't be holding my breath for a solution however positively I may be thinking 

[Foxx]

12 hours ago, wordchild said:

I suspect, that whichever government finalizes the legislation , UK citizens who have been non resident UK for a significant number of years , will find that they are deemed to be non domiciled in the UK.

 

Highly unlikely given the large amount of inheritance tax that is raked in from the worldwide estates of those citizens who have been non-resident in the UK for many years.  It is currently very difficult to lose UK domicile, and I expect nothing to change.

[BKKBike09]

On 4/29/2024 at 6:19 PM, brewsterbudgen said:

Anyone used this lot:  https://www.horizon-wealth-management.com/

 

Sketchy web site with free use stock images and zero detail about the people behind the firm. Privacy Policy has info saying they work with St. James's Place (which has had a lot of issues over high commissions).

 

No company called 'Horizon Wealth' something registered in Thailand. UK entity looks to be run by a husband / wife duo.

[Mike Lister]

8 minutes ago, BKKBike09 said:

 

Sketchy web site with free use stock images and zero detail about the people behind the firm. Privacy Policy has info saying they work with St. James's Place (which has had a lot of issues over high commissions).

 

No company called 'Horizon Wealth' something registered in Thailand. UK entity looks to be run by a husband / wife duo.

 

On 4/29/2024 at 6:19 PM, brewsterbudgen said:

Anyone used this lot:  https://www.horizon-wealth-management.com/

If you look at their website and then look at the Seychelles offices and do a search on that, you'll see it is an accommodation address for companies wanting a presence in the Seychelles and was heavily featured in the Pandora Papers. 

 

I also spent some time reading their website and trying to understand what they had to say, which really is almost nothing! Just lots of disprata phrases that don't mean anything. I would give a wide berth.

[wordchild]

1 hour ago, Foxx said:

 

Highly unlikely given the large amount of inheritance tax that is raked in from the worldwide estates of those citizens who have been non-resident in the UK for many years.  It is currently very difficult to lose UK domicile, and I expect nothing to change.

https://blog.macfarlanes.com/post/102j5b7/the-labour-party-announces-further-reforms-to-the-non-dom-regime

 

Labour has indicated that it is  supportive of the current governments proposals re domicile, however they would prefer to see the legislation toughened up in certain areas.

It seem like there is broad acceptance that the domicile rules need to change and it seems likely that some form of residency test will be at the heart of the reform. 

However there is an ongoing consultancy process and we have yet to get any of the detail from this.

[wordchild]

34 minutes ago, wordchild said:

https://blog.macfarlanes.com/post/102j5b7/the-labour-party-announces-further-reforms-to-the-non-dom-regime

 

Labour has indicated that it is  supportive of the current governments proposals re domicile, however they would prefer to see the legislation toughened up in certain areas.

It seem like there is broad acceptance that the domicile rules need to change and it seems likely that some form of residency test will be at the heart of the reform. 

However there is an ongoing consultancy process and we have yet to get any of the detail from this.

Whatever the final shape of the legislation, it is hard to see how either government could  move to a length of  residency  test as the primary determinant of domicile for those who live in the UK,  and then apply  another kind of domicile test  for those who have lived outside the UK for many years. 

 

 

[Foxx]

1 hour ago, wordchild said:

It seem like there is broad acceptance that the domicile rules need to change and it seems likely that some form of residency test will be at the heart of the reform. 

 

The reform is targeted at non-doms living in the UK who pay very little tax.  That is where the changes are coming - removing tax privileges for non-doms in the UK, not redefining how domicile is determined.  There is no plan to change how domicile is determined.

[wordchild]

2 hours ago, Foxx said:

 

The reform is targeted at non-doms living in the UK who pay very little tax.  That is where the changes are coming - removing tax privileges for non-doms in the UK, not redefining how domicile is determined.  There is no plan to change how domicile is determined.

 

[wordchild]

2 minutes ago, wordchild said:

 

Actually that is the whole point. Both parties are agreed on the principal that the definition of domicile needs to change. The exact nature of the change is subject to a period of consultation that is going on right now. 
but , for sure, the way in which UK domicile is determined will change.

Edited May 3 by wordchild

[Misty]

18 hours ago, wordchild said:

great point, this whole situation is, very much, in flux.

the UK domicile rules are currently undergoing  consultation pre  new legislation, which may or may not be enacted by the current government. 

In any event , i think it is likely that there will be a change in the definition of domicile to one which is based on time either resident or NOT resident in the UK.

I think the advice to wait , rather than implement a new series of arrangements is a good one. 

I suspect, that whichever government finalizes the legislation , UK citizens who have been non resident UK for a significant number of years , will find that they are deemed to be non domiciled in the UK.

 

Agreed. Many cross-border tax rules and laws are changing, and with increased transparency and reporting, so is the level of enforcement. 

 

Even without change, I'm also really skeptical about the claims that have been made about the initial tax advantages of products aggressively marketed or sold in offshore tax havens by unregulated expat salesmen calling themselves "IFAs."  Often there was no real benefit to start with.

 

And even if another tax jurisdiction initially allowed a tax benefit, as you note in time this can change or the existing rules can suddenly be enforced. Years ago expat Americans were being sold investments wrapped in offshore "insurance policies" in the likes of Isle of Man, Jersey, Guernsey, etc.  At first I think these largely got by the US IRS with Americans either not reporting them at all, or treating them on their annual tax filings as if they were the same as US insurance policies.  Eventually there was a ruling and these policies were clearly disallowed as not meeting the requirements for the claimed tax benefits. Yet there is still an overhang of American expats with these types of unreported offshore "investments" unfortunately. Eventually they may be subject to significant penalties as the IRS starts to get more aggressive with its audits.

[wordchild]

4 hours ago, Foxx said:

 

The reform is targeted at non-doms living in the UK who pay very little tax.  That is where the changes are coming - removing tax privileges for non-doms in the UK, not redefining how domicile is determined.  There is no plan to change how domicile is determined.

https://www.gov.uk/government/publications/changes-to-the-taxation-of-non-uk-domiciled-individuals/technical-note-changes-to-the-taxation-of-non-uk-domiciled-individuals#:~:text=From 6 April 2025%2C the current remittance basis of taxation,years of non-UK residence.

 

Link posted from gov.uk which explains the changes , some of which will be implemented from 6/4/2025  and others will be  subject to a period of consultation.

 

 As is stated in this document the definition of domicile will change fundamentally to one that is based on the length of residence in the UK.

 

It also looks like 10 years non residency will change your status to one of being  not domiciled.

 

As can be seen in these   (UK Govt) guidance notes, if someone, who was previously domiciled in the UK,  and is then not a UK  resident for a 10 year period , and then returns to live in the UK ,  they will benefit from the 4 year grace period; ie they will be treated the same as a newly arrived non dom.

Edited May 3 by wordchild

[patman30]

if you have to ask someone, you are already taking too much risk.
An investment advisor is like paying someone to choose what number to place your chips on.

[MrBanks]

19 hours ago, Mike Lister said:

 

 

I agree with Misty, before travelling the higher risk path, the op will be better served to confirm whether his domicile is moveable or not. But the issue of domicile is a minefield and very complex, as Lord Denning famously wrote, "domicile is not a raincoat that can be discarded at will"! 

 

"There are three main types of domicile: domicile of origin, domicile of dependence and domicile of choice. You may also be ‘deemed UK domiciled’, irrespective of your actual domicile". It may not be difficult to change two of the three but the domicile of origin is immovable. Whether or not this will be adequate for his needs is another story, but it's worth putting in some effort to find out because the risks of his offshore IFA's shouldn't be underestimated. The registered IFA's mentioned in Guernsey, IOM and Mauritius, may indeed be capable and regulated, which is great for people living and receiving advice in Guernsey, IOM and Mauritius, which doesn't include the op!

 

Hi Mike and Misty and all others who have commented on this part of the chat, thank you for your thoughts, tips and advice, I really do appreciate it.

 

Regarding non domicile, in my case it would be virtually impossible to move my domicile, at the moment. The reason being is that I have too many financial ties to the UK. 

All of which I am selling, but until I do, my solicitors tell me that I can do everything that shows that I am domiciled in Thailand, however, HMRC will not make the final determination until after I am dead. I am not prepared to take that risk and my benefactors having to pay the 40%.

(Perhaps when all is sold and I have no ties my position will change, however, I anticipate that it could take up to 5 years to get into that position and at my age, it is a bit too much of a gamble, adopting a wait and see strategy.)

Regarding the QNUPS, I am comfortable that it is an instrument that does allow the contents to be passed on with no inheritance tax.

https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm17025

 

Regarding the QNUPS provider, these are only available from Guernsey, Isle of Man and Malta. My main bank is UBS in Zurich, I enquired from them if they offered QNUPS or something similar that would protect my estate from IHT, they had their lawyers in London contact me, they could offer nothing that gave the same guaranteed protection as a QNUPS, their best advice was to go down the non dom route, however, they also accepted the fact that HMRC would only decide upon my death.

I have looked at several QNUPS providers and chose OTAP, although I am still in the process of filling in all the paperwork. Next week I will be meeting one of the Co-Founders and CoDirectors of OTAP, here in Thailand.

Regarding the platform, the IFA has recommended Capital Investment Group(CIG),however, the IFA has told me that I am free to chose whichever platform I want, I am deciding between Morning Star and CIG. At the moment CIG is looking favourite, mainly because it is the one that the IFA is more familiar with, but Morning Star has the attraction of being regulated by the UK FCA.

Regarding the investments made within the QNUPS and on the platform, I am setting it up so that no transactions can take place without my approval, meaning that every recommendation I receive from the IFA can be checked out by myself, or any other advisor I choose to ask for help/guidance.

Regarding the IFA, I have done extensive research into the individual (including having a London based detective agency investigate him and report back to me). I have done less research on the company (IIMG Ltd), just google searches. I have had a very good endorsement about them from an acquaintance of mine, who he and his friend have, been dealing with IIMG Ltd for a few years.

 

I fully take on board, your concerns about the IFA, however, UK IFAs cannot offer regulated advise outside of the UK, whereas Mauritius does allow this, and IIMG Ltd have Professional Indemnity insurance, to the same standard as a UK advisor.

 

So, basically I find myself in the position of being happy with OTAP, knowing it is a genuine company.

Making the final decision about the platform, which will be used for the investing.

Restricting the power of the IFA, meaning once the money is in the QNUPS, nothing can be done with it, without my approval. Once time has passed and I have built a relationship with the IFA, by which I mean trust, then if I choose to, I can relax this.

 

I am now at the stage of filling in all the required paperwork, for OTAP, shortly after the paperwork for the chosen platform.

Once all is approved the money I transfer will go straight into OTAP, it never goes into the control of, or the bank of the IFA.

During this stage of the process my UK solicitors are reading every document that I am required to sign and going over all the terms and agreements with diligence.

After all my caution and checking, I hope that I am not part of some elaborate scam. The only downside that I can identify is that everything is outside the protection of UK FCA, however, as an expat I accept that and I am ensuring that both the the QNUPS provider and the investment platform are reputable solid companies.

 

 

[Mike Lister]

7 minutes ago, MrBanks said:

Hi Mike and Misty and all others who have commented on this part of the chat, thank you for your thoughts, tips and advice, I really do appreciate it.

 

Regarding non domicile, in my case it would be virtually impossible to move my domicile, at the moment. The reason being is that I have too many financial ties to the UK. 

All of which I am selling, but until I do, my solicitors tell me that I can do everything that shows that I am domiciled in Thailand, however, HMRC will not make the final determination until after I am dead. I am not prepared to take that risk and my benefactors having to pay the 40%.

(Perhaps when all is sold and I have no ties my position will change, however, I anticipate that it could take up to 5 years to get into that position and at my age, it is a bit too much of a gamble, adopting a wait and see strategy.)

Regarding the QNUPS, I am comfortable that it is an instrument that does allow the contents to be passed on with no inheritance tax.

https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm17025

 

Regarding the QNUPS provider, these are only available from Guernsey, Isle of Man and Malta. My main bank is UBS in Zurich, I enquired from them if they offered QNUPS or something similar that would protect my estate from IHT, they had their lawyers in London contact me, they could offer nothing that gave the same guaranteed protection as a QNUPS, their best advice was to go down the non dom route, however, they also accepted the fact that HMRC would only decide upon my death.

I have looked at several QNUPS providers and chose OTAP, although I am still in the process of filling in all the paperwork. Next week I will be meeting one of the Co-Founders and CoDirectors of OTAP, here in Thailand.

Regarding the platform, the IFA has recommended Capital Investment Group(CIG),however, the IFA has told me that I am free to chose whichever platform I want, I am deciding between Morning Star and CIG. At the moment CIG is looking favourite, mainly because it is the one that the IFA is more familiar with, but Morning Star has the attraction of being regulated by the UK FCA.

Regarding the investments made within the QNUPS and on the platform, I am setting it up so that no transactions can take place without my approval, meaning that every recommendation I receive from the IFA can be checked out by myself, or any other advisor I choose to ask for help/guidance.

Regarding the IFA, I have done extensive research into the individual (including having a London based detective agency investigate him and report back to me). I have done less research on the company (IIMG Ltd), just google searches. I have had a very good endorsement about them from an acquaintance of mine, who he and his friend have, been dealing with IIMG Ltd for a few years.

 

I fully take on board, your concerns about the IFA, however, UK IFAs cannot offer regulated advise outside of the UK, whereas Mauritius does allow this, and IIMG Ltd have Professional Indemnity insurance, to the same standard as a UK advisor.

 

So, basically I find myself in the position of being happy with OTAP, knowing it is a genuine company.

Making the final decision about the platform, which will be used for the investing.

Restricting the power of the IFA, meaning once the money is in the QNUPS, nothing can be done with it, without my approval. Once time has passed and I have built a relationship with the IFA, by which I mean trust, then if I choose to, I can relax this.

 

I am now at the stage of filling in all the required paperwork, for OTAP, shortly after the paperwork for the chosen platform.

Once all is approved the money I transfer will go straight into OTAP, it never goes into the control of, or the bank of the IFA.

During this stage of the process my UK solicitors are reading every document that I am required to sign and going over all the terms and agreements with diligence.

After all my caution and checking, I hope that I am not part of some elaborate scam. The only downside that I can identify is that everything is outside the protection of UK FCA, however, as an expat I accept that and I am ensuring that both the the QNUPS provider and the investment platform are reputable solid companies.

 

 

That's fine, as along as you are fully aware of the risks then you should proceed on the basis of what you are comfortable with, not what I or anyone else thinks. I think the purpose of threads such as these is to raise awareness, not build roadblocks.

[wordchild]

37 minutes ago, MrBanks said:

Hi Mike and Misty and all others who have commented on this part of the chat, thank you for your thoughts, tips and advice, I really do appreciate it.

 

Regarding non domicile, in my case it would be virtually impossible to move my domicile, at the moment. The reason being is that I have too many financial ties to the UK. 

All of which I am selling, but until I do, my solicitors tell me that I can do everything that shows that I am domiciled in Thailand, however, HMRC will not make the final determination until after I am dead. I am not prepared to take that risk and my benefactors having to pay the 40%.

(Perhaps when all is sold and I have no ties my position will change, however, I anticipate that it could take up to 5 years to get into that position and at my age, it is a bit too much of a gamble, adopting a wait and see strategy.)

Regarding the QNUPS, I am comfortable that it is an instrument that does allow the contents to be passed on with no inheritance tax.

https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm17025

 

Regarding the QNUPS provider, these are only available from Guernsey, Isle of Man and Malta. My main bank is UBS in Zurich, I enquired from them if they offered QNUPS or something similar that would protect my estate from IHT, they had their lawyers in London contact me, they could offer nothing that gave the same guaranteed protection as a QNUPS, their best advice was to go down the non dom route, however, they also accepted the fact that HMRC would only decide upon my death.

I have looked at several QNUPS providers and chose OTAP, although I am still in the process of filling in all the paperwork. Next week I will be meeting one of the Co-Founders and CoDirectors of OTAP, here in Thailand.

Regarding the platform, the IFA has recommended Capital Investment Group(CIG),however, the IFA has told me that I am free to chose whichever platform I want, I am deciding between Morning Star and CIG. At the moment CIG is looking favourite, mainly because it is the one that the IFA is more familiar with, but Morning Star has the attraction of being regulated by the UK FCA.

Regarding the investments made within the QNUPS and on the platform, I am setting it up so that no transactions can take place without my approval, meaning that every recommendation I receive from the IFA can be checked out by myself, or any other advisor I choose to ask for help/guidance.

Regarding the IFA, I have done extensive research into the individual (including having a London based detective agency investigate him and report back to me). I have done less research on the company (IIMG Ltd), just google searches. I have had a very good endorsement about them from an acquaintance of mine, who he and his friend have, been dealing with IIMG Ltd for a few years.

 

I fully take on board, your concerns about the IFA, however, UK IFAs cannot offer regulated advise outside of the UK, whereas Mauritius does allow this, and IIMG Ltd have Professional Indemnity insurance, to the same standard as a UK advisor.

 

So, basically I find myself in the position of being happy with OTAP, knowing it is a genuine company.

Making the final decision about the platform, which will be used for the investing.

Restricting the power of the IFA, meaning once the money is in the QNUPS, nothing can be done with it, without my approval. Once time has passed and I have built a relationship with the IFA, by which I mean trust, then if I choose to, I can relax this.

 

I am now at the stage of filling in all the required paperwork, for OTAP, shortly after the paperwork for the chosen platform.

Once all is approved the money I transfer will go straight into OTAP, it never goes into the control of, or the bank of the IFA.

During this stage of the process my UK solicitors are reading every document that I am required to sign and going over all the terms and agreements with diligence.

After all my caution and checking, I hope that I am not part of some elaborate scam. The only downside that I can identify is that everything is outside the protection of UK FCA, however, as an expat I accept that and I am ensuring that both the the QNUPS provider and the investment platform are reputable solid companies.

 

 

did you read the comments and links posted above ie re how the domicile rules in the UK are set to change post 4/25?

Your position could   be fundamentally different post that date. 

Edited May 3 by wordchild

[noobexpat]

58 minutes ago, MrBanks said:

Hi Mike and Misty and all others who have commented on this part of the chat, thank you for your thoughts, tips and advice, I really do appreciate it.

 

Regarding non domicile, in my case it would be virtually impossible to move my domicile, at the moment. The reason being is that I have too many financial ties to the UK. 

All of which I am selling, but until I do, my solicitors tell me that I can do everything that shows that I am domiciled in Thailand, however, HMRC will not make the final determination until after I am dead. I am not prepared to take that risk and my benefactors having to pay the 40%.

(Perhaps when all is sold and I have no ties my position will change, however, I anticipate that it could take up to 5 years to get into that position and at my age, it is a bit too much of a gamble, adopting a wait and see strategy.)

Regarding the QNUPS, I am comfortable that it is an instrument that does allow the contents to be passed on with no inheritance tax.

https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm17025

 

Regarding the QNUPS provider, these are only available from Guernsey, Isle of Man and Malta. My main bank is UBS in Zurich, I enquired from them if they offered QNUPS or something similar that would protect my estate from IHT, they had their lawyers in London contact me, they could offer nothing that gave the same guaranteed protection as a QNUPS, their best advice was to go down the non dom route, however, they also accepted the fact that HMRC would only decide upon my death.

I have looked at several QNUPS providers and chose OTAP, although I am still in the process of filling in all the paperwork. Next week I will be meeting one of the Co-Founders and CoDirectors of OTAP, here in Thailand.

Regarding the platform, the IFA has recommended Capital Investment Group(CIG),however, the IFA has told me that I am free to chose whichever platform I want, I am deciding between Morning Star and CIG. At the moment CIG is looking favourite, mainly because it is the one that the IFA is more familiar with, but Morning Star has the attraction of being regulated by the UK FCA.

Regarding the investments made within the QNUPS and on the platform, I am setting it up so that no transactions can take place without my approval, meaning that every recommendation I receive from the IFA can be checked out by myself, or any other advisor I choose to ask for help/guidance.

Regarding the IFA, I have done extensive research into the individual (including having a London based detective agency investigate him and report back to me). I have done less research on the company (IIMG Ltd), just google searches. I have had a very good endorsement about them from an acquaintance of mine, who he and his friend have, been dealing with IIMG Ltd for a few years.

 

I fully take on board, your concerns about the IFA, however, UK IFAs cannot offer regulated advise outside of the UK, whereas Mauritius does allow this, and IIMG Ltd have Professional Indemnity insurance, to the same standard as a UK advisor.

 

So, basically I find myself in the position of being happy with OTAP, knowing it is a genuine company.

Making the final decision about the platform, which will be used for the investing.

Restricting the power of the IFA, meaning once the money is in the QNUPS, nothing can be done with it, without my approval. Once time has passed and I have built a relationship with the IFA, by which I mean trust, then if I choose to, I can relax this.

 

I am now at the stage of filling in all the required paperwork, for OTAP, shortly after the paperwork for the chosen platform.

Once all is approved the money I transfer will go straight into OTAP, it never goes into the control of, or the bank of the IFA.

During this stage of the process my UK solicitors are reading every document that I am required to sign and going over all the terms and agreements with diligence.

After all my caution and checking, I hope that I am not part of some elaborate scam. The only downside that I can identify is that everything is outside the protection of UK FCA, however, as an expat I accept that and I am ensuring that both the the QNUPS provider and the investment platform are reputable solid companies.

 

I get the impression you're funding this qnups with cash, as opposed to a transfer. Makes a lot more sense now.

 

[Foxx]

4 hours ago, wordchild said:

https://www.gov.uk/government/publications/changes-to-the-taxation-of-non-uk-domiciled-individuals/technical-note-changes-to-the-taxation-of-non-uk-domiciled-individuals#:~:text=From 6 April 2025%2C the current remittance basis of taxation,years of non-UK residence.

 

Link posted from gov.uk which explains the changes , some of which will be implemented from 6/4/2025  and others will be  subject to a period of consultation.

 

 As is stated in this document the definition of domicile will change fundamentally to one that is based on the length of residence in the UK.

 

It also looks like 10 years non residency will change your status to one of being  not domiciled.

 

As can be seen in these   (UK Govt) guidance notes, if someone, who was previously domiciled in the UK,  and is then not a UK  resident for a 10 year period , and then returns to live in the UK ,  they will benefit from the 4 year grace period; ie they will be treated the same as a newly arrived non dom.

 

Sorry, but you have either not read the document at the link or not understood it.  There is nothing there whatsoever that suggests that the rules on domicile will change.

The article is titled "Technical note: Changes to the taxation of non-UK domiciled individuals".  In other words, the way that non-doms are taxed is changing - not the rules of domicile.

 

[rickudon]

Financial advisers ..... just parasites. Learn about how to invest from newspapers, the internet, books etc. Then only invest in larger, longstanding organisations, or otherwise it is just gambling. 

 

Have twice been given advice - first time was for a life insurance policy with benefits - was supposedly predicted to get me about 6,000 GBP after 15 years - actual was 2,000 GBP, would have made more in a building society ordinary account! Second time was in 2007 when i was made redundant, given a free consultation - he suggested i invest in various funds, for maximum growth. But interest rates were high, and i had heard rumbling about a bear market being likely, so declined.

Two years later those stocks had halved in value, but my cash investment bonds were still paying 5% plus (i did have money in Iceland banks, but was careful to make sure they were covered by UK guarantees, and got my money back plus interest in full). UK tracker funds were hit, and although they recovered fairly quickly they then stagnated until Brexit. I dumped those as soon as i got back to pre-crash levels, and invested it in global funds which have done very well, making about 100% over the last 10 years (actually did best during Covid, as a lot was invested in Amazon and computer related companies, who did well with everyone working from home). 

 

FTSE has been stagnant for years, so FTSE trackers are currently a bad deal. Mutual funds in Thailand also give very poor returns, I am told. No way would i EVER accept advice in Thailand from a 'financial adviser'.

 

Boomers.... were lucky enough to be a generation when wealth could be accumulated; their parents were just happy to secure a roof over their heads and food on the table. 

Our children now struggle to accumulate wealth. Student loans, extortionate rents and house prices swallow up that salary. Most will not be debt free before they retire.

[MrBanks]

16 hours ago, noobexpat said:

 

I get the impression you're funding this qnups with cash, as opposed to a transfer. Makes a lot more sense now.

 

Hi, yes you have got the right impression, thank you for your input.

[MrBanks]

16 hours ago, wordchild said:

did you read the comments and links posted above ie re how the domicile rules in the UK are set to change post 4/25?

Your position could   be fundamentally different post that date. 

Hi, my problem is that I don’t really have the luxury of time, to take a wait and see approach.

My thinking is that if the government do change the IHT rules regarding non UK citizen spouses and affords them the same rights as a UK citizen spouse, I can always change the protective moves that I am making.

Thank you for your help.

[Misty]

23 hours ago, MrBanks said:

Hi, my problem is that I don’t really have the luxury of time, to take a wait and see approach.

My thinking is that if the government do change the IHT rules regarding non UK citizen spouses and affords them the same rights as a UK citizen spouse, I can always change the protective moves that I am making.

Thank you for your help.

 

Yes, if there's no or little cost for changing the protective moves.  Most of the IFA sold products I've seen do have hefty costs/penalties for getting out of them, with long lock-in periods.  Be sure to check the fine print, as I've run across people who thought they had a 5 year plan (IFA said verbally), when in writing it was 25 years. 

[noobexpat]

37 minutes ago, Misty said:

 

Most of the IFA sold products I've seen do have hefty costs/penalties for getting out of them, with long lock-in periods.  Be sure to check the fine print, as I've run across people who thought they had a 5 year plan (IFA said verbally), when in writing it was 25 years. 

 

Total nonsense.

 

There is no investment product in 2024 that even has a fixed term. This is the over age 70 folks with their only experience being endowment "policies" from the 90's with their "maturity dates".

 

A qnups will likely have an admin fee for closure. A fixed amount, somewhere between £50 and £1,500. Standard practice.

 

[Misty]

4 hours ago, noobexpat said:

 

Total nonsense.

 

There is no investment product in 2024 that even has a fixed term. This is the over age 70 folks with their only experience being endowment "policies" from the 90's with their "maturity dates".

 

A qnups will likely have an admin fee for closure. A fixed amount, somewhere between £50 and £1,500. Standard practice.

 

 

That's great to hear that you think the only fees involved in this case will be between GBP50-1500.  However, there are insurance-wrapped investments that have been sold much more recently than the 1990s with long maturity dates.  It's the insurance wrapper, not the investment, that has the long date. 

[wordchild]

5 hours ago, noobexpat said:

 

Total nonsense.

 

There is no investment product in 2024 that even has a fixed term. This is the over age 70 folks with their only experience being endowment "policies" from the 90's with their "maturity dates".

 

A qnups will likely have an admin fee for closure. A fixed amount, somewhere between £50 and £1,500. Standard practice.

 

Not True, Many offshore IFA,s still use a product called a "portfolio bond", as a kind of wrapper,   this is a structure which effectively locks the customer in for a number of years, carries high annual costs and is expensive to get out of.

 

The IFA,s  love them because they tie in the customer but they are of zero benefit to the majority of long-term expats.

 

These , portfolio bonds, can be very detrimental to your financial well being and if any advisor proposes such a structure you basically know that they are not going to act in your interests so walk away.

 

 

[wordchild]

The London Times article, which i linked in the OP, was referring to expats who had been the victims of offshore IFA,s sharp practice in the recent past,  not from many years ago. 

 

I know, for a fact,  that the deVere Group (referenced in the article)   still promote "offshore portfolio  bond" structures to customers of their Dubai operation.

 

One needs to exercise extreme caution in dealing with any offshore financial advisors, especially those based in places like Thailand. As the original Times article illustrates  you are running significant risks with your finances 

 

 

Edited May 5 by wordchild

[jayboy]

On 4/28/2024 at 12:33 PM, EVENKEEL said:

I wouldn't hire a foreigner in Thailand for anything.

 

That's going too far but I certainly wouldn't use a Thailand based investment advisor.The out and out shysters are easy enough to spot but the semi respectable ones like MBMG should in my opinion also be avoided.

[Misty]

36 minutes ago, wordchild said:

The London Times article, which i linked in the OP, was referring to expats who had been the victims of offshore IFA,s sharp practice in the recent past,  not from many years ago. 

 

I know, for a fact,  that the deVere Group (referenced in the article)   still promote "offshore portfolio  bond" structures to customers of their Dubai operation.

 

One needs to exercise extreme caution in dealing with any offshore financial advisors, especially those based in places like Thailand. As the original Times article illustrates  you are running significant risks with your finances 

 

 

 

Agreed. That whole LMIM scandal from just a few years back that resulted in Thai criminal charges being filed against some so-called "IFAs" involved an Australian property fund (really a Ponzi scheme) that was held in long-term offshore insurance wrappers with jurisdiction in places like the Isle of Man.  To find recent examples just google "deVere's scam" and you'll find reports from the last year or two.