Expat Investment Advisors

[MrBanks]

Does anybody have any information (good or bad) specifically about IIMG Ltd?

Likewise for Overseas Trust and Pension from Guernsey?

[Liverpool Lou]

23 hours ago, jaideedave said:

In years past while working O&G sector I was in contact with a somewhat shady " UK conultant" based in Bkk. He wanted a 2% fee to manage my investments. I found out later the co. he was representing was bogus and the BIB were tracking them down all the way to Singapore. I dodged that bullet. 

One of the products was a high interest bond from Australia that got exposed as well.

A now defunct company run by Neil Arthur Robbirt called Global Investments, I'll bet.

https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=6208

"The SEC, therefore, filed a criminal complaint against Global Consultant and Mr. Robbirt with the ECD Police for further legal proceedings. Anyone who may have been affected by their unlicensed securities business operation can give additional information to the ECD Police at 0-2237-1199".
 

[Liverpool Lou]

23 hours ago, Mike Lister said:

It used to be that nana and soi Cowboy were swarming with them, even in the farang areas of Chiang Mai they were plentiful. Many of them today have taken on an air of respectability and have Thai partners and accommodation addresses in Bangkok but the game is still the same.

They have been known to get involved in seminars in Hua Hin, also.

[Liverpool Lou]

14 hours ago, OneMoreFarang said:

Some even have qualifications from respectable organizations.

But all of them make their money from commissions. And it is crazy how much commission is paid for some products.

And all the commissions are paid for by the clients, taken out of their policies up front.

[Liverpool Lou]

14 hours ago, save the frogs said:

I don't think the mutual fund industry is "regulated" in home country either.

As it's all basically gambling and the fund manager takes 2% and most funds don't do well. 

The industry is regulated but that does not necessarily mean there are any guarantees of returns and no mutual funds offer that, so, just as most investments, it is an (educated) gamble.  

[Liverpool Lou]

13 hours ago, swissie said:

The term "investement advisor" is still a unclassified profession. Everybody including his uncle can call himself an "investement advisor".

Of course they can...as long as they don't try to make a business out of it in most jurisdictions.

[Liverpool Lou]

14 hours ago, AlexRich said:

Many years ago I attended a two week training session in Dubai with a financial advisory firm. One of the guys who presented is the head of one of the advisory firms mentioned in the article

Guarantee that it was De Vere!

[Liverpool Lou]

1 hour ago, MrBanks said:

Does anybody have any information (good or bad) specifically about IIMG Ltd?

Likewise for Overseas Trust and Pension from Guernsey?

They're both brokers and how good they are depends on the results that are generated from the investments in the companies' policies that they recommend.  If you're referring to IIMG Thailand, that company is not licenced by the SEC to operate here, OTAP is licenced in Guernsey.

[noobexpat]

1 hour ago, Liverpool Lou said:

And all the commissions are paid for by the clients, taken out of their policies up front.

 

Commission and policies ??? - the 1990's wants its words back lol

The era of endowments ended decades ago which is where these terms came from.

FYI, commission has been barred in the UK for many years, as an example.

 

[Liverpool Lou]

1 hour ago, noobexpat said:

 

Commission and policies ??? - the 1990's wants its words back lol

The era of endowments ended decades ago which is where these terms came from.

FYI, commission has been barred in the UK for many years, as an example.

 

FYI. the thread is not about the UK, it's about expat advisors in Thailand.

[brewsterbudgen]

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

[noobexpat]

2 hours ago, Liverpool Lou said:

FYI. the thread is not about the UK, it's about expat advisors in Thailand.

 

And they also won't be using decades old terminology either.

You're 30 years behind the curve.

Horizon wealth in the link above using a DFM, for example.

 

[AlexRich]

5 hours ago, Liverpool Lou said:

Guarantee that it was De Vere!

Well done Lou … that is who it was. 

[wordchild]

14 hours ago, brewsterbudgen said:

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

Dont know anything about them, however the website raises a couple of red flags for me.

  1) offices in Bangkok , Seychelles and Chichester (UK) - an odd mix of locations

  2)Lots of the usual general guff on the website but very little in the way of specifics eg no names/details for the  key staff. This makes it impossible to do any initial background checks on the people you would be dealing with- a major red flag , at least for me. 

 

[Misty]

2 hours ago, wordchild said:

Dont know anything about them, however the website raises a couple of red flags for me.

  1) offices in Bangkok , Seychelles and Chichester (UK) - an odd mix of locations

  2)Lots of the usual general guff on the website but very little in the way of specifics eg no names/details for the  key staff. This makes it impossible to do any initial background checks on the people you would be dealing with- a major red flag , at least for me. 

 

 

Agree. If you're in Thailand, you'd also want to ask how they are regulated and how you would be protected if things go south. A UK regulator is unlikely to help someone in Thailand. The Thai regulator is limited in what they can do if the adviser isn't regulated, and the process of filing a complaint is very long and drawn out.

 

 

[Mike Lister]

On 4/30/2024 at 11:17 AM, Misty said:

 

Agree. If you're in Thailand, you'd also want to ask how they are regulated and how you would be protected if things go south. A UK regulator is unlikely to help someone in Thailand. The Thai regulator is limited in what they can do if the adviser isn't regulated, and the process of filing a complaint is very long and drawn out.

 

 

The UK Financial Services Act regulates IFA's based on where the advice is given. In the case of UK IFA's, they are only regulated if that advice is given in  the UK and only then is compensation due under the Act, if something goes wrong. For any IFA to be regulated in Thailand, they would need to be registered here, which would mean having a work permit and of course transient offshore IFA's don't have them. Even if they did, Thailand's Consumer Protection laws are thin on the ground so the idea that a foreigner receiving poor advice from a foreign IFA in Thailand, might be compensated by the Thai protection scheme, is pure fantasy.

 

When transient IFA's refer to being regulated, some of the products they sell are indeed that, regulated in as much they conform to the standards set for Financial Services delivery in the territories where those products are intended for sale. But there is no such thing as a regulated financial services product. Everything from a bank account to an insurance policy is considered to be a financial services product, all of which are regulated in the territory where they are designed and intended to be sold. But selling those products in Thailand, a place that has no regulation per se, strips away any protection because the product wasn't designed to be sold here, the person who sold it wasn't authorised to sell it here plus there's no compensation available, even if mis selling was proven! 

 

All those things mean the IFA has almost total free reign to recommend a far better pension plan policy to you every six months and to churn you through two per year, reaping large commissions every times, at your expense. 

[BigBruv]

Investment Advisor seems to be a boomer thing.

 

S&P on average returns about 8% per year - no advice required.

'Advisors' take a cut - usually 1 or 2%

 

Do you really want to rely on (and pay for) someone in a slick suit with some slick patter to gamble on your behalf?

 

Even with the legit top guys, only 1 in 10 can beat the index:

https://www.investopedia.com/ask/answers/12/beating-the-market.asp

 

Once you agree to tax avoidance you are 'off the reservation and unprotected'.

 

Why risk it?

 

Edited May 1 by BigBruv

[MrBanks]

4 hours ago, Mike Lister said:

The UK Financial Services Act regulates IFA's based on where the advice is given. In the case of UK IFA's, they are only regulated if that advice is given in  the UK and only then is compensation due under the Act, if something goes wrong. For any IFA to be regulated in Thailand, they would need to be registered here, which would mean having a work permit and of course transient offshore IFA's don't have them. Even if they did, Thailand's Consumer Protection laws are thin on the ground so the idea that a foreigner receiving poor advice from a foreign IFA in Thailand, might be compensated by the Thai protection scheme, is pure fantasy.

 

When transient IFA's refer to being regulated, some of the products they sell are indeed that, regulated in as much they conform to the standards set for Financial Services delivery in the territories where those products are intended for sale. But there is no such thing as a regulated financial services product. Everything from a bank account to an insurance policy is considered to be a financial services product, all of which are regulated in the territory where they are designed and intended to be sold. But selling those products in Thailand, a place that has no regulation per se, strips away any protection because the product wasn't designed to be sold here, the person who sold it wasn't authorised to sell it here plus there's no compensation available, even if mis selling was proven! 

 

All those things mean the IFA has almost total free reign to recommend a far better pension plan policy to you every six months and to churn you through two per year, reaping large commissions every times, at your expense. 

Firstly let me start by saying I really appreciated your post about the Thai tax situation, I found it very helpful and has helped me form my plan to deal with the situation.

(Step 1, get the LTR Visa)

 

In my case getting involved with an IFA is all based upon the need to set up protection against UK inheritance tax. I was absolutely amazed, when I learnt that if a UK citizen was married to a non UK citizen, then if the UK citizen dies first, the spouse does not inherit tax free. Yes they get the allowance of £325,000, but everything thereafter is taxed at 40%.

Whereas if the spouse was a UK citizen, then there would be zero inheritance tax…… a totally unfair situation!

After taking advice from both my UK solicitors and accountants, I discovered that there was only 3 alternatives.

1. My wife becomes a UK citizen:

Well after being married for 24 years and having spent several of those years in the UK, we are not prepared to go back and live there for 5 years, in order for her to qualify. Our home is in Thailand.

It would seem (unless someone knows better) that the UK will not take into consideration the previous years, on an accumulation basis, when she was living there with a resident visa/permit, if they did we could go back for a year and solve the problem.

2. I become non domiciled:

In theory easy enough, I have to cut all ties with the UK, declare non domicile etc. The big problem with this is, that in my case, it is virtually impossible to cut all ties with the UK, and HMRC will not give a ruling on me being non domiciled, until after I pop my clogs, therefore making this alternative too risky.

3. Putting as much of my wealth as I can into a QNUPS, the contents of which can pass to my wife tax free.

I only found out about QNUPS after approximately 2 years of searching for a solution, my accountants did not know about them, neither did my solicitors, they both do now, because I have had them check the legitimacy.

I found out about them from an IFA. He has recommended that I open up a QNUPS with OTAP in Guernsey, so they are regulated by the Guernsey FSCC, the platform that will be used for investment is CIG, regulated by the Isle of Man FSA.

The firm of IFAs are registered in Mauritius and regulated by the Mauritius FSC.

Once the QNUPS is set up, the IFA cannot make any investments without my approval, also by using the IFAs, many of the OTAP fees are not charged.

I have met with the IFA (in Thailand) several times over the last 2 years, next week I will meet with a Co-Founder and Director of OTAP, here in Thailand.

[Mike Lister]

50 minutes ago, MrBanks said:

Firstly let me start by saying I really appreciated your post about the Thai tax situation, I found it very helpful and has helped me form my plan to deal with the situation.

(Step 1, get the LTR Visa)

 

In my case getting involved with an IFA is all based upon the need to set up protection against UK inheritance tax. I was absolutely amazed, when I learnt that if a UK citizen was married to a non UK citizen, then if the UK citizen dies first, the spouse does not inherit tax free. Yes they get the allowance of £325,000, but everything thereafter is taxed at 40%.

Whereas if the spouse was a UK citizen, then there would be zero inheritance tax…… a totally unfair situation!

After taking advice from both my UK solicitors and accountants, I discovered that there was only 3 alternatives.

1. My wife becomes a UK citizen:

Well after being married for 24 years and having spent several of those years in the UK, we are not prepared to go back and live there for 5 years, in order for her to qualify. Our home is in Thailand.

It would seem (unless someone knows better) that the UK will not take into consideration the previous years, on an accumulation basis, when she was living there with a resident visa/permit, if they did we could go back for a year and solve the problem.

2. I become non domiciled:

In theory easy enough, I have to cut all ties with the UK, declare non domicile etc. The big problem with this is, that in my case, it is virtually impossible to cut all ties with the UK, and HMRC will not give a ruling on me being non domiciled, until after I pop my clogs, therefore making this alternative too risky.

3. Putting as much of my wealth as I can into a QNUPS, the contents of which can pass to my wife tax free.

I only found out about QNUPS after approximately 2 years of searching for a solution, my accountants did not know about them, neither did my solicitors, they both do now, because I have had them check the legitimacy.

I found out about them from an IFA. He has recommended that I open up a QNUPS with OTAP in Guernsey, so they are regulated by the Guernsey FSCC, the platform that will be used for investment is CIG, regulated by the Isle of Man FSA.

The firm of IFAs are registered in Mauritius and regulated by the Mauritius FSC.

Once the QNUPS is set up, the IFA cannot make any investments without my approval, also by using the IFAs, many of the OTAP fees are not charged.

I have met with the IFA (in Thailand) several times over the last 2 years, next week I will meet with a Co-Founder and Director of OTAP, here in Thailand.

The key point for you is that whilst the IFA may be regulated when he gives advice is Guernsey, that coverage does not extend when he gives advice to you in Thailand. 

[noobexpat]

11 minutes ago, MrBanks said:

In my case getting involved with an IFA is all based upon the need to set up protection against UK inheritance tax. I was absolutely amazed, when I learnt that if a UK citizen was married to a non UK citizen, then if the UK citizen dies first, the spouse does not inherit tax free. Yes they get the allowance of £325,000, but everything thereafter is taxed at 40%.

Whereas if the spouse was a UK citizen, then there would be zero inheritance tax…… a totally unfair situation!

After taking advice from both my UK solicitors and accountants, I discovered that there was only 3 alternatives.

1. My wife becomes a UK citizen:

Well after being married for 24 years and having spent several of those years in the UK, we are not prepared to go back and live there for 5 years, in order for her to qualify. Our home is in Thailand.

It would seem (unless someone knows better) that the UK will not take into consideration the previous years, on an accumulation basis, when she was living there with a resident visa/permit, if they did we could go back for a year and solve the problem.

2. I become non domiciled:

In theory easy enough, I have to cut all ties with the UK, declare non domicile etc. The big problem with this is, that in my case, it is virtually impossible to cut all ties with the UK, and HMRC will not give a ruling on me being non domiciled, until after I pop my clogs, therefore making this alternative too risky.

3. Putting as much of my wealth as I can into a QNUPS, the contents of which can pass to my wife tax free.

I only found out about QNUPS after approximately 2 years of searching for a solution, my accountants did not know about them, neither did my solicitors, they both do now, because I have had them check the legitimacy.

I found out about them from an IFA. He has recommended that I open up a QNUPS with OTAP in Guernsey, so they are regulated by the Guernsey FSCC, the platform that will be used for investment is CIG, regulated by the Isle of Man FSA.

The firm of IFAs are registered in Mauritius and regulated by the Mauritius FSC.

Once the QNUPS is set up, the IFA cannot make any investments without my approval, also by using the IFAs, many of the OTAP fees are not charged.

I have met with the IFA (in Thailand) several times over the last 2 years, next week I will meet with a Co-Founder and Director of OTAP, here in Thailand.

 

A lot of this doesn't make sense, except the non-dom bit. 

You talk about IHT then a qnups - but there is no IHT on pension funds anyway So ...?? Pension funds only have death benefits.

This reference to "uk citizen" ...there is no such TAX term. So ...???

The bit about anything above £325k being subject to iht is a bit daft as there are a whole suite of solutions.

 

Both your accountant and solicitor confirmed something about IHT?? Sounds fishy. 

 

So a pension transfer for IHT purposes but its not subject to IHT anyway. Aware of pre and post age 75 death benefits??

 

[Arkady]

I have had a number of people over the years come to me to ask for help after being bilked by these fraudulent expat financial advisors.  Most claim they are licensed but have no qualifications or licenses of any type. Even, if they are licensed in the UK for example and the customer is British, there is no UK coverage for customers not residing in the UK.  The products they sell are invariably registered for sale only offshore and wouldn't be covered.

 

The worst case was a guy who was invested in a managed futures fund which lost money heavily in the Subprime blow up year when managed futures were the only asset class that did well.  He tried to get what was left of his money back and visited the owner of the advisory company in an office in Sukhumvit and was screamed at to get out of the office or he would call the police and use his connections to have his client deported and blacklisted. After a little research I discovered that the offshore company running the fund was actually owned by the expat advisor himself.  The URL of the fund's website was registered to a condo address in Sukhumvit.  He had set it all up with a a website that showed performance stats and a name that made you think it was based in the City of London.  I lost touch with that guy but assume he lost 100% of his money as it was a pure scam. The fund was fake and the idea was to get as many suckers in as possible and then start showing terrible performance figures and keep their money, or most of it. The expat advisor was later exposed in relation to a football fund and is hopefully no longer operating in Thailand. No doubt he had been bribing Thai police to allow him to run offices with young farangs doing cold calling without WPs and who knows, if he could have got someone deported in his heyday.

 

Another guy was put into a string of shady investments which seemed in the UK but were set up to have the look of something legit.  They were all registered in the Isle of Man, so not covered by UK regulators.  There were real documents online and to give the flavour one of the funds invested in the hospitality industry in the UK but had a fine print clause allowing it to "invest" in unsecured loans to affiliated businesses.  It later turned out that 80% of its assets under management had ended up as an unsecured loan to another IoM fund that went bust.  Other investments ended up worth no more than 20 cents in the dollar. My friend wrote the UK regulators and the UK Ombudsman but all said they could do nothing for him.  He was recommended to make his complaints to the Isle of Man regulator but that was a waste of time, as they also offer nil protection to non-residents.  The UK regulator did confirm that they had never had anyone of that name licensed with them, despite his claims.  Finally I sent my friends to the Thai SEC to try to get the expat financial advisor to try to get the guy for providing financial advice without a licence.  He got a meeting with some helpful young staffers at the SEC. They told him they were aware of these foreign criminals posing as financial advisors and preying on expats but there was nothing they could do under the SEC Act, unless he had sold something that could be deemed as a security under the Act.   I believe the SEC has evolved since then and they have found ways to go after farang fraudsters and at least censure them and some have been prosecuted.  The old line used to be that, if no Thais have been scammed and the police have been paid off, no crime has occurred but fortunately that has changed to a certain extent.

[freeworld]

7 hours ago, BigBruv said:

Investment Advisor seems to be a boomer thing.

 

S&P on average returns about 8% per year - no advice required.

'Advisors' take a cut - usually 1 or 2%

 

Do you really want to rely on (and pay for) someone in a slick suit with some slick patter to gamble on your behalf?

 

Even with the legit top guys, only 1 in 10 can beat the index:

https://www.investopedia.com/ask/answers/12/beating-the-market.asp

 

Once you agree to tax avoidance you are 'off the reservation and unprotected'.

 

Why risk it?

 

Its certainly not only a boomer thing, its also something that following generations have picked up from and are using to generate their business.

 

All banks and other financial institutions have investment advisors for the products they offer.

[Misty]

5 hours ago, MrBanks said:

I was absolutely amazed, when I learnt that if a UK citizen was married to a non UK citizen, then if the UK citizen dies first, the spouse does not inherit tax free.

 

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.

 

 

 

 

 

[BigBruv]

3 hours ago, freeworld said:

Its certainly not only a boomer thing, its also something that following generations have picked up from and are using to generate their business.

 

All banks and other financial institutions have investment advisors for the products they offer.

 

 

Younger generations realise it's a scam and use vanguard direct, robinhood, trading212 or other platforms for their investments & sometimes pensions.

 

FYI, I know a guy here in the UK who does face to face for an investment advisory company (effectively a sales role).

They don't care about returns for clients - it's all about *assets under management* (as they charge 1-2% of the total whatever return or loss they make with clients money).

Almost ALL their customers are boomers.

 

As I stated before (with link), less than 10% of investment managers/advisors/whoever can beat the returns of a simple S&P Index tracker which charges approx 0.03% per annum.

If people wanna cough up 1-2% PA for a lesser of a return because they like personal service then it's fine by me - just wouldn't advise it.

[Mike Lister]

5 hours ago, MrBanks said:

Firstly let me start by saying I really appreciated your post about the Thai tax situation, I found it very helpful and has helped me form my plan to deal with the situation.

(Step 1, get the LTR Visa)

 

In my case getting involved with an IFA is all based upon the need to set up protection against UK inheritance tax. I was absolutely amazed, when I learnt that if a UK citizen was married to a non UK citizen, then if the UK citizen dies first, the spouse does not inherit tax free. Yes they get the allowance of £325,000, but everything thereafter is taxed at 40%.

Whereas if the spouse was a UK citizen, then there would be zero inheritance tax…… a totally unfair situation!

After taking advice from both my UK solicitors and accountants, I discovered that there was only 3 alternatives.

1. My wife becomes a UK citizen:

Well after being married for 24 years and having spent several of those years in the UK, we are not prepared to go back and live there for 5 years, in order for her to qualify. Our home is in Thailand.

It would seem (unless someone knows better) that the UK will not take into consideration the previous years, on an accumulation basis, when she was living there with a resident visa/permit, if they did we could go back for a year and solve the problem.

2. I become non domiciled:

In theory easy enough, I have to cut all ties with the UK, declare non domicile etc. The big problem with this is, that in my case, it is virtually impossible to cut all ties with the UK, and HMRC will not give a ruling on me being non domiciled, until after I pop my clogs, therefore making this alternative too risky.

3. Putting as much of my wealth as I can into a QNUPS, the contents of which can pass to my wife tax free.

I only found out about QNUPS after approximately 2 years of searching for a solution, my accountants did not know about them, neither did my solicitors, they both do now, because I have had them check the legitimacy.

I found out about them from an IFA. He has recommended that I open up a QNUPS with OTAP in Guernsey, so they are regulated by the Guernsey FSCC, the platform that will be used for investment is CIG, regulated by the Isle of Man FSA.

The firm of IFAs are registered in Mauritius and regulated by the Mauritius FSC.

Once the QNUPS is set up, the IFA cannot make any investments without my approval, also by using the IFAs, many of the OTAP fees are not charged.

I have met with the IFA (in Thailand) several times over the last 2 years, next week I will meet with a Co-Founder and Director of OTAP, here in Thailand.

 

7 minutes 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. 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.

 

 

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!

 

[Rimmer]

An off topic  you tube video has been removed

[Misty]

37 minutes 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!

 

 

Interestingly, @MrBanks there is also another option in the Deloitte link for your wife to elect to be considered domiciled for the purposes of IHT taxes, "which would enable you to transfer assets to her free of IHT."   And this election apparently can be made after your death and even backdated.  

 

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

 

"Non-UK domiciled individuals who have a UK domiciled spouse or civil partner can elect to be treated as domiciled in the UK for IHT purposes only (i.e. not for other taxes such as income tax or capital gains tax). This enables assets to be transferred between spouses or civil partners free of IHT....Elections can be made by the non-UK domiciled individual either during the lifetime of the UK domiciled individual (a ‘lifetime election’) or following his or her death (a ‘death election’). In either case the election can be backdated to apply from an earlier date and so any gifts which were made from the date specified in the election should benefit from the uncapped spouse exemption available to UK domiciled couples. "

 

 

[noobexpat]

39 minutes ago, Misty said:

 

Interestingly, @MrBanks there is also another option in the Deloitte link for your wife to elect to be considered domiciled for the purposes of IHT taxes, "which would enable you to transfer assets to her free of IHT."   And this election apparently can be made after your death and even backdated.  

 

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

 

"Non-UK domiciled individuals who have a UK domiciled spouse or civil partner can elect to be treated as domiciled in the UK for IHT purposes only (i.e. not for other taxes such as income tax or capital gains tax). This enables assets to be transferred between spouses or civil partners free of IHT....Elections can be made by the non-UK domiciled individual either during the lifetime of the UK domiciled individual (a ‘lifetime election’) or following his or her death (a ‘death election’). In either case the election can be backdated to apply from an earlier date and so any gifts which were made from the date specified in the election should benefit from the uncapped spouse exemption available to UK domiciled couples. 

 

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. 

 

[noobexpat]

1 hour ago, BigBruv said:

 

 

Younger generations realise it's a scam and use vanguard direct, robinhood, trading212 or other platforms for their investments & sometimes pensions.

 

FYI, I know a guy here in the UK who does face to face for an investment advisory company (effectively a sales role).

They don't care about returns for clients - it's all about *assets under management* (as they charge 1-2% of the total whatever return or loss they make with clients money).

Almost ALL their customers are boomers.

 

As I stated before (with link), less than 10% of investment managers/advisors/whoever can beat the returns of a simple S&P Index tracker which charges approx 0.03% per annum.

If people wanna cough up 1-2% PA for a lesser of a return because they like personal service then it's fine by me - just wouldn't advise it.

 

Not needed for your £500 month pocket change savings, but when you get to the £millions, strangely enough finances can get a bit more complex.

 

Yes, nearly all boomers. But a lot of age +40's are into the £m ...like myself 

 

[BigBruv]

26 minutes ago, noobexpat said:

 

Not needed for your £500 month pocket change savings, but when you get to the £millions, strangely enough finances can get a bit more complex.

 

Yes, nearly all boomers. But a lot of age +40's are into the £m ...like myself 

 

 

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!

 

Edited May 2 by BigBruv