Australian Emigration Advice

Consumer Trust in Independent Financial Advisers Increases

2009-04-27T09:56:00.001+01:00

Just when the UK public needs to have confidence in financial services, a combination of global economic events, changes in tax and regulatory policy, negative media coverage and the actions of certain institutions have removed much of the trust previously held in our largest financial services institutions.
However, unlike all other parts of the sector, the public’s trust and confidence in Independent Financial Advisers (IFAs) goes from strength to strength. Research findings from respected, impartial, organisations on the issue of consumer trust also confirm that consumers show higher level of trust towards independent advisers than they do tied advisers.
"Restoring Trust in Financial Services: Build on that which works”, sets out the latest research. Key findings of the paper include:
• IFAs are consistently the most trusted of all financial services institutions both in terms of low level trust (the extent to which an organisation can be relied on to do what it says it will do) as well as high level trust (the extent to which the organisation is concerned about the interests of its customers).
• This trust in IFAs has increased over the past 5 years, despite the economic turmoil and challenges of recent times.
• However, the same cannot be said for other financial services institutions who have seen their levels of trust not only remain low, but in some cases decline even further.
Montfort International plc, recently voted 3rd in the Money-Marketing “IFA of the year 2009” awards, welcomes the research’s confirmation of what its clients have been reporting. An increasing number of people from all socio-economic groups are turning to IFAs like Montfort for advice to guide them through these difficult times, and these numbers are set to increase should the conditions continue or worsen.

Australian QROPS may cause problems for migrants

2009-04-23T17:18:00.002+01:00

UK emigrants who have moved their superannuation to what they thought was a Qualifying Recognised Overseas Pension Scheme (QROPS) Australian superannuation scheme may have unwittingly made payments that contravened the UK rules and given their members a tax burden.
The UK HMRC (Her Majesty’s Revenue and Customs) recognize there will be teething problems in the initial stages of new regulation, but any honeymoon period could be short lived. HMRC expects schemes to own up and not wait to be found out if they have made unauthorised payments, as the UK Tax Compliance department is already onto it.
“Various Australian advisers are quite rightly telling people it’s possible to move their money into an Australian “complying fund” but the potential problems begin when they state that the member can elect for the scheme to pay any tax liabilities on growth post arrival. Some Australian pension schemes have inadvertently broken fundamental regulations.
Further instances have come to light where schemes have incorrectly advised that members can, after the first reportable lump sum, take out the lot. Rules appear to have been broken in many cases. Schemes and advisers need to take prompt advice to ensure they correct the situation as soon as possible. We are already acting as a go-between” reports Geraint Davies, Managing Director of UK financial advisory firm Montfort International plc.

New expert NZ financial/legal service

2009-03-27T09:22:00.002Z

Three experts have come together to provide a specialist tax, financial planning and legal service for those departing the UK for New Zealand as well as for those moving to UK from New Zealand. They are Geraint Davies, Managing Director of Montfort International plc, Michael Reason, Limited Partner of Michael Reason & Partners LLP (Anglo-New Zealand lawyers) and Greg Rathbun, Director of Gilligan Sheppard, New Zealand based Chartered Accountants.

The service has been launched because:-
• UK and New Zealand’s tax rules which can offer exceptional tax and financial planning opportunities for those migrating between NZ and UK
• Qualifying Recognised Overseas Pensions Schemes (QROPS) need to be specially managed and all three parties have completed preliminary work in order to launch a custom built, compliance driven Self Managed QROPS/NZ Superannuation scheme which will involve meeting the requirements of HMRC and New Zealand Government Actuaries Department
• A Service is needed to ensure that when New Zealanders come to UK to work; the financial advice they receive does not conflict with their NZ advice and vice versa for those moving to New Zealand
• They will be able to regularly exchange changing Technical Regulatory Material
• The firms involved will be a resource for Accountants, Lawyers and Financial Planners in both countries who do not have the technical resources to handle this complex technical area on a day to day basis.

The fiscal relationship between the UK and New Zealand is in many ways complementary and beneficial if used to its best advantage. With an integrated team of advisors to individual migrants and returning nationals, the three plan to maximise the value they can add to the returning nationals and migrant’s estate and financial plans.

Award success for Montfort

2009-03-24T14:25:00.006Z

Money Marketing magazine’s 19th Annual Financial Services awards, which took place at the Grosvenor House Hotel on Thursday 5th March 2009, were hosted by the stand up and presenter, Dara O’Brien. The event acknowledged excellence in the provision of workplace financial advice, products and consultancy services.

In the first year in which there was a class in which it was eligible to compete, Montfort International was awarded third place in the category ‘Small Company IFA of the Year 2009’ in recognition for its work in the field of overseas pension transfers and QROPS advice.

When should I seek tax and or financial advice if moving to Australia?

2009-03-13T11:45:00.002Z

If your visa affects your tax status (as it does in Australia) the answer to the question has to be that you ideally need to take advice before you apply for your visa. So choosing the wrong visa or entering Australia at the wrong time of the tax year can create for you or lose you tax advantages – as well as delivering the unwanted tax bill. Even the bank account where monies leave for Australia from has tax consequences in Australia! Is it straightforward? Many raise this view however given enough time to plan ahead it can all fall neatly into place.

Many intending migrants will not be used to taking advice which doesn’t result in the purchase of a pension or mortgage or savings product, but migration financial planning doesn’t work that way. One should not assume advice of this nature, i.e. taking international tax and financial advice is for city slickers. This is a serious and potentially costly error of judgment, especially in today’s economic climate where countries are short of tax revenue. But just as tax can hit your pocket it can deliver benefits, didn’t someone once say tax doesn’t have to be taxing? Yes there are tax advantages out there – especially if you have a job offer or want to rent out your home, but these major advantages are invariably lost or eroded if planning is last minute.

It was essentially January 1993 when someone typically with a few thousand pounds in the bank and a pension with two or three years of service need not take advice before departure. It’s all changed. It’s akin to that perennial question of “Did you pack these bags yourself? If you think financials similarly you are on the right track and today’s savvy migrant will know and be eager to take advantage of the opportunities out there and pack there are financials the Australian way.

For more personalised advice phone Montfort International on 01483 202072 or visit their website - http://www.miplc.co.uk/

6 Month Window for UK Pension Transfers to Australia

2009-02-26T14:47:00.002Z

For many years UK pension fund members migrating to Australia have been in a dilemma as to whether or not to transfer their funds to Australia within 6 months of their arrival.
Some key announcements by Her Majesty’s Revenue and Customs (HMRC) on the QROPS rules governing the tax on transfer means that pre-departure pension advice is essential, says the UK’s pension transfer pioneers, Montfort International plc.

UK Rules Effecting Australian Pension Advice

Before an HMRC announcement on 12th January 2009 it was understood that many people transferring their UK pensions to Australia, after 6 month window of arrival in Australia, could face a UK tax charge on their Australian taxes if the tax was paid by the Australian superannuation scheme. In addition, this charge would be regarded as an unauthorized payment from the Australian scheme.
This meant that the tax on growth after transfer which the UK pension member would need to pay could not be paid by the scheme in many cases without breaching UK QROPS rules. This meant that the member would have to pay tax out of their own pocket at a potentially higher rate.
The HMRC announcement on 12th January 2009 has clarified that tax paid by the scheme, in respect of the 6 month window for transfer being passed, is no longer an unauthorized payment.
As a result of this announcement an individual transferring to Australia is no longer under pressure to transfer their UK pension to an Australian Superannuation scheme soon after arriving in Australia and can look to transfer when the exchange rate is preferable.

Grand-kids in Oz?

2009-02-25T13:05:00.001Z

The following question was recently directed at the Daily Mail’s Moneydoctor.
When my first grandchild was born almost 5 years ago, my son opened a high savings account for her and ever since I have been paying £10 a month into that account. Hopefully that will mount up over the years, especially as she will not be paying tax on the interest for some time.
Last December my second grandchild was born and I would like to do the same for her. However, she lives in Australia, so what would be the best way to get money into an account for her?
Geraint Davies of IFA Montfort International, which specialises in advice for people going to live or work in Australia, advises:
It is risky to send currency through the post and the cost of converting £10 a throw into Australian dollars will eat into most if not all of the gift.
One practical solution is to open an account here for her and let the £10 a month grow here into a more sizable sum that you can then remit to Australia. Alternatively, offer to pay any UK accounts for your own child and ask them to pay the amount in A$ into your grandchild's account.
Any grandparent in your situation should remember that their grandchild, as a permanent resident in Australia, is also a tax resident and this needs to be factored in either if sending money or indeed setting up a UK account in trust for him or her.
The applicable tax rate at the moment is a zero rate up to A$416pa, followed by a band up to A$1307pa where the rate is 66%. The effect of averaging brings this up to 45% on the total interest earned, which the rate for income over A$1307.

Integrated Visa and Financial Advice

2008-10-02T15:15:00.002+01:00

There are many things to consider when migrating to Australia. One of those is the visa that you intend to enter under. Something that many migrants forget about or leave too late is that getting your finances right is just as important as getting your visa.

Both issues are important but are you getting the most from them? Perhaps the best approach would be integrated visa and financial advice. Have you looked at services that offer integrated visa and financial advice? Appropriate solutions for suitable advice depend upon the type of visa granted to you. Using an integrated visa and financial advice agent and service can ensure that the integrated visa and financial advice issues are matched up to give you the best possible start and future for your new life in Australia. Integrated visa and financial advice ensures the efficiency and effectiveness of the planning and timing of each stage of your migration to Australia is managed properly.

Integrated visa and financial advice services allow you to easily keep in touch of each stage of your visa application and accompanying advice ensuring that you are always aware of the latest developments of your integrated visa and financial advice.

Should you opt for integrated visa and financial advice agents and services? Categorically, yes. Integrated visa and financial advice is in our opinion the best solution for anyone migrating to Australia.

Pension Transfer to Australia

Should you automatically carry out a pension transfer to Australia? No. Integrated visa and financial advice services will provide you with the most appropriate advice for your pension transfer to Australia in accordance with the type of visa you are entering Australia under. If your visa and financial advice is integrated then you can be completely sure that the advice you receive for any pension transfer to Australia is of quality and a recommendation is one you should proceed with. A pension transfer to Australia is a one way thing. It cannot be transferred back.

Before employing an integrated visa and financial advice agent and service you should ensure that you employ qualified, regulated individuals that are up to date with the latest developments for integrated visa and financial advice and are also aware and informed of the latest tax and investment situation concerning a pension transfer to Australia.

Whatever your financial intentions, seeking advice early from the qualified advisers at Montfort International (info@miplc.co.uk, call 01483 202072 or freephone 0800 018 3571) before you finalise your migration plans can help you to a more comfortable retirement overseas.

The Importance of New Zealand Pension Advice

2008-09-30T13:34:00.006+01:00

For many years UK pension fund members, migrating to New Zealand, have been transferring their funds to New Zealand superannuation schemes, with little or no
New Zealand Pension advice.

However, with some key changes to the rules on taxing investments in New Zealand, fluctuations in the exchange rate and further communications from HMR&C, New Zealand pension advice, pre-migration, is more important than ever.

Changes Effecting New Zealand Pension Advice
The first legislation change was Portfolio Investment Entities, introduced in New Zealand on 1st October 2007. Their introduction had an enormous impact on New Zealand pension advice because of the tax payable on the growth was potentially reduced for lower income tax paying members.

The introduction of the Fair Dividend Rate (FDR) – a new method of taxing offshore shares held in New Zealand schemes, also influences New Zealand Pension advice. As did the advent of the Kiwi Saver, which is a non-compulsory Employer’s pension scheme, for New Zealand residents effective from 1st July 2007 – will these schemes be Qualifying Recognized Overseas Pension Schemes (QROPS) capable of receiving UK pension transfers?

Exchange Rate
The exchange rate also has an influence on both the UK and New Zealand pension advice. Throughout the early half of 2008, the exchange rate between the New Zealand dollar and the pound sterling has not been positive for those transferring pensions.
Those not taking both UK and New Zealand pension advice may miss out on locking in at a good exchange rate when transferring their UK funds.

Experts at Montfort International plc offer potential migrants free initial consultations at its Surrey Head Office or at locations around Britain. For an informal chat call 01483 202072, freephone 0800 018 3571 or email info@miplc.co.uk.

UK Pension Transfers to Australia

2008-09-12T17:09:00.003+01:00

Following last month’s u-turn by the Australian government regarding superannuation funds, temporary visa holders are again looking at transferring their pension funds to Australia.

Previously, the Australian government had proposed that temporary visa holder’s superannuation funds be held by the Australian Tax Office until the granting of a permanent visa. As a result, Montfort International had advised temporary visa holders that they should suspend their UK pension transfers to Australia until the consultation process had completed.

The consultation process has resulted in a new approach allowing for funds to remain invested in superannuation while the person is resident in Australia. As such, we are now advising temporary residents to reassess whether their UK Pension entitlements should be transferred to Australia.

In addition to uncertainty over the government’s proposals many migrants have deferred transferring their benefits to Australia due to the strength of the Australian Dollar.

Montfort International can assist clients who are concerned about exchange rate fluctuations by first transferring their pension into an arrangement which has its own bank account. This could be used to convert your investment to Australian Dollars when you are happy with the exchange rate. Any onward transfer to Australia would then be in Australian Dollars. As we have seen in the past week with the pound regaining some ground against the dollar, the exchange rate can move quickly, and this strategy ensures you would not be adversely affected by any exchange rate fluctuations at the date of transfer.

If you wish to find out more about UK Pension transfers to Australia please contact Montfort International - info@miplc.co.uk.

Australia wants more immigrants

2008-08-08T14:38:00.001+01:00

On 30th July 2008 Andrew Metcalfe, Secretary, Department of Immigration and Citizenship told the Australian Government Policy Evolution Conference at Canberra that in the last financial year (1/7/2007 – 30/6/2008) over 158,000 migrant visas were granted including 110,000 visas for temporary skilled work. Citizenship was granted to nearly 170,000 people.
His Department wants the migration program to supply skilled labour so that economic growth can continue within “a longer term framework for migration in the context of future labour market and demographic needs”.
The Migration Program for the current year (July 08- June 09) increases to 190,000 places, which makes it the largest program ever. The skilled migration component will make up 133,500 places, the largest ever and a 30 per cent increase on last year's program. The family stream will also grow by 6,500 places to total 56,500 places.
If your intention is to take advantage of the increasing number of opportunities to migrate to Australia, seek advice early from the qualified visa and financial experts at Montfort International http://www.miplc.co.uk/integrated_visa_financial_advice.html (info@miplc.co.uk, call 01483 202072 or freephone 0800 018 3571).

QROPS Benefits

2008-08-01T13:23:00.003+01:00

Her Majesty’s Revenue and Customs (HMRC) in the UK allows individuals moving abroad to transfer their UK pension funds to Qualifying Recognised Overseas Pensions Schemes (QROPS).
The primary reason for transferring funds is that the UK pension scheme member has permanently migrated overseas. If possible, pension funds should move to a suitable QROPS arrangement in the client’s new home country too.
The main attractions of a QROPS over a UK scheme are
· the flexibility in taking benefits from the fund. One of the major drawbacks of the UK pension system is the requirement to purchase an annuity or income stream with the majority of the pension fund. Many pension schemes throughout the world that are approved by HMRC as QROPS are based in jurisdictions where the local tax rules do not require an income stream to be paid to the member at retirement. This level of flexibility appeals to migrants who do not wish for their benefits to be dripped out of their schemes over a long period of time.
· UK pension scheme’s widow’s and dependants benefits can be equally restrictive. By transferring funds into the right QROPS there could be lump sum benefits available for dependants on death as well as avoiding UK inheritance tax (IHT) on the fund as a QROPS falls outside the UK IHT regime.
· QROPS also appeals to potential migrants and returning foreign nationals, whose UK funds are approaching the Lifetime Allowance (currently £1.65 Million in tax year 2008/09). In the UK a 40% tax is imposed on the crystallisation of an individual’s UK pension rights exceeding the Lifetime Allowance. In many cases this limit can be exceeded simply with investment growth. By transferring to a QROPS, an individual can avoid this pension charge completely as once the funds enter the QROPS they cease to be considered UK pension rights.
Whatever your financial intentions, seeking advice early from the qualified advisers at Montfort International (info@miplc.co.uk, call 01483 202072 or freephone 0800 018 3571) before you finalise your migration plans can help you to a more comfortable retirement overseas.

The Pitfalls of QROPS

2008-08-01T12:39:00.003+01:00

Although a migrant may gain many benefits from transferring their UK pension funds to a Qualifying Recognised Overseas Pensions Scheme (QROPS) Her Majesty’s Revenue and Customs (HMRC) have legislation in the UK that has to be followed, by both the QROPS scheme and the member.
If the HMRC rules are not followed the member could find themselves subject to heavy UK tax charges with sanctions can being imposed on the QROPS scheme.
Although local rules may allow a QROPS to pay lump sum benefits to its members, a transfer of UK pension funds to that scheme does not automatically mean the UK pension funds are immediately subject to the local rules of the scheme.
As part of the conditions of becoming a QROPS and being able to receive transferred UK pension funds, the Overseas Scheme, when registering with HMRC, must agree to report any payments made from the scheme to the member for the first 5 complete UK tax years of the member’s overseas residency. This period is known as the ‘Reporting Period’.
During the Reporting Period, payments to the member must not exceed the allowable UK Government Actuary’s Department limits and must not be made to the member before retirement age 50 (increasing to age 55 on 6th April 2010).
This means that someone migrating today can not transfer their funds to a QROPS and take their benefits as an entire lump sum immediately – regardless as to what the local rules allow. (HMRC have investigated many QROPS in Singapore and have removed their approval, presumably because they have not being following the UK rules.)
Whatever your financial intentions, seeking advice early from the qualified advisers at Montfort International (info@miplc.co.uk, call 01483 202072 or freephone 0800 018 3571) before you finalise your migration plans can help you to a more comfortable retirement overseas.

Financial Pitfalls in migrating to Oz

2008-06-09T15:26:00.003+01:00

Yesterday sterling hit a 10 year low against the Australian $ so it is now even more important that those considering migrating ‘Down-under’ should take expert advice, say migration finance experts Montfort International plc (http://www.miplc.co.uk/).
With Australian mortgage lenders variable rates at close to 9% and a faltering property market in the UK, your financial position should be top of the list.
A family converting £300,000 at the end of February 2008 might have in the region of $630,000 to get them established in Australia. Whereas someone who had planned ahead and arranged a forward contract (where you lock in today’s rate with a deposit of typically 10% and settle the balance at an agreed point in the future) as recently as August of last year, could be sitting on $768,000. How long would it take you to save that additional $138,000?
All very well with the benefit of hindsight, however a good financial adviser would have had you monitoring the exchange rate as soon as you had started your migration planning, putting in place a strategy to help you capitalize when the exchange rate is favorable. In the current climate you need to be thinking about whether you should convert your capital into Australian dollars; after all, the situation could get worse before it gets better. Should you hedge your bets and exchange some of your funds now? What are the tax implications if you don’t convert prior to departure? How to get the best returns on your money whilst you wait for the situation to improve?
Whatever your financial intentions, seeking guidance early from the qualified advisers at Montfort International (info@miplc.co.uk or freephone 0800 018 3571) before you finalise your migration plans can help you to a more comfortable retirement ‘Down-under’.

Top up your pension before you go,go (Downunder)

2008-06-09T15:26:00.001+01:00

If you are considering migration to Australia you have probably wondered whether you should transfer your pensions overseas, but what you might not have considered is whether you should top up your pensions whilst still earning a UK salary. Higher rate tax payers will receive 40% tax relief on their contributions in the UK and if you subsequently transfer the plan to an Australia superannuation fund, you will be able to access the funds 100% tax free from the age of 60. This represents an effective return of 66% on your investment in addition to any growth in your fund in the meantime!
This may sound too good to be true, but seeking advice early from migration finance experts Montfort International plc (www.miplc.co.uk) before you finalise your migration plans can help you to maximise your finances ‘Down-under’.
There is no similar incentive to invest after tax income into Superannuation in Australia; which is why it is recommended you consider your Retirement Provision before you start packing any bags. Although there is no cap on contributions to UK pensions, there is a limit to the amount on which you receive tax relief (the higher of £3,600 or 100% of earnings to a maximum of £235,000).
Whilst it makes sense to add to your pensions before you migrate, some people will be more interested in getting their money out. If you transfer your UK pension funds overseas, in certain circumstances it is possible to access 100% of your funds as a lump sum after being non-UK resident for 5 consecutive UK tax years.
Whatever your financial intentions, seeking advice early from the qualified advisers at Montfort International (info@miplc.co.uk, call 01483 202072 or freephone 0800 018 3571) before you finalise your migration plans can help you to a more comfortable retirement ‘Down-under’.

Retiring Abroad?

2008-06-09T15:24:00.000+01:00

Migration can provide new possibilities to those who wish to access their pensions before retirement, say migration finance experts Montfort International plc (http://www.miplc.co.uk/). It is possible to transfer your pensions to an overseas arrangement that has registered as a Qualifying Recognised Overseas Pension Scheme (QROPS) with HM Revenue & Customs.
Broadly speaking, the rules of the QROPS must be the same as a UK pension fund when paying out benefits. The QROPS will have undertaken to report back to HMRC on certain events for the first five years of a member’s non UK residency. After this time the requirement to report back to HMRC falls away and pensions in certain jurisdictions will permit access to 100% of the fund before age 55. This may sound attractive but care needs to be taken that the overseas fund does not breach QROPS legislation as you could face punitive UK tax charges. Similarly, you will also need to check the tax position of any overseas fund in your retirement jurisdiction to ensure you don’t come unstuck there.
Each person’s circumstances are different and while transferring your funds to another jurisdiction may not be suitable for many, it could provide good opportunities for others.
Previously an individual had to be residing in the country to which they wished to transfer this pension fund. As this is no longer necessary, migrants can now transfer their pension to the jurisdiction which offers the most advantageous tax treatment and flexibility for their funds. This is why it is important that you seek specialist advice from someone who is able to advise on both UK and QROPS requirements and your overseas tax position. A foreign adviser who is used to giving advice on domestic issues will not be able to give advice on the full range of possibilities open to UK migrants.
Whatever your financial intentions, seeking advice early from the qualified advisers at Montfort International (info@miplc.co.uk, call 01483 202072 or freephone 0800 018 3571) before you finalise your migration plans can help you to a more comfortable retirement overseas.

Montfort clients feature in Jewish Chronicle article

2008-06-09T15:21:00.000+01:00

Montfort clients feature in Jewish Chronicle 18/04/2008 article Next year in...Sydney by Jan Shure with additional reporting by Dan Goldberg
“Pauline Nel and her husband, Louis have decided that Australia is where they want to make a new life with their son Jannie, four, and daughter, Mia, two. They are moving to Sydney later this year.
They first visited Australia just over a year ago for a holiday and to see whether it was somewhere we could live. We visited Sydney, Adelaide and Melbourne to get an overview of each city. Louis grew up with a very outdoors lifestyle. In addition I suppose we have always known that England is not the only place to live your life.
Nel, 35, a company director with a background in human resources, said the toughest aspect has been the immigration process, which she describes as “a very long, arduous process”. She hopes the settling in will be made easier by the fact that her brother is already in Sydney, and their parents are currently applying for visas to join them.
Apart from the outdoor life and the climate, it is the work-life balance which especially appeals to Nel. “Work is just one part of your life. When you are finished, you go home and spend time with your family or do other activities. Also, the facilities there are much more affordable — you can go out for the day without spending a fortune, and there are beaches, mountains, parks, public barbecues you can use.”
She is also pragmatic about the future: “I’m under no illusions of us being financially better off, but I do believe our quality of life will be richer.”
The Nels and her parents, the Kellys, are all clients of Montfort International plc which is providing both visa and financial advice serves to them all.

Tax Haven Australia?

2008-06-09T15:20:00.000+01:00

If you plan to retain UK assets when you migrate to Australia you need to be aware of your tax burden in both countries say migration finance experts Montfort International plc (www.miplc.co.uk).
Your Australian tax position for your foreign income is affected by your visa status. For instance a holder of a temporary contributory parent visa subclass 173 will benefit from most types of foreign income and capital gains not being assessable to Australian tax - such as UK pensions and gains arising upon sale of UK assets. On the other hand, the Australian Tax Office (ATO) would seek to tax the holder of a contributory parent visa subclass 143 on their worldwide income.
What with there being hundreds of visa permutations, one shouldn’t necessarily assume that local Australian advisers are as well-informed on whether you qualify for the foreign income exemption, meaning you may miss out on valuable tax benefits.
The good news is, migrating on a temporary visa can provide excellent tax planning opportunities. Provided you time the sequence of events correctly, you can dispose of assets without any liability to UK or Australian Capital Gains tax, as well as investing your capital to provide tax free income to you in Australia. These benefits coupled with the fact that there are no death duties in Australia, makes the Retirement Investor visa an attractive option for wealthy retirees. Montfort International’s holistic approach of providing integrated visa and financial advice is designed to enable our clients to maximize the tax benefits available to those migrating under a temporary visa.
Whatever your financial intentions, seeking advice from the qualified advisers at Montfort International by calling 01483 202072 or freephone 0800 018 3571 or emailing info@miplc.co.uk, before you finalise your migration plans can help you to a less taxing life ‘Down-under’.

When is giving advice not giving advice?

2008-06-09T15:19:00.000+01:00

Montfort International has learnt that the interests of emigrants from the UK are of increasing concern tothe UK’s consumer watch-dog, the Financial Services Authority (FSA).
The FSA regulates the UK’s financial services businesses and is now looking closely at the advice migrants and returning nationals are receiving. The financial consequences of migration are not just the concern of the migrant. The FSA is charged with ensuring that the advice you get is quality advice, which should be supplied by those competent in financial matters appropriate to UK and the destination country.
There are concerns over those foreign advisers who say they are not giving UK advice when physically standing in front of you at a migration show in this country. Migrants need advice about what to do about investments, pensions, wills and UK mortgages. The response they seem keen to supply is “leave it all until you arrive in Australia”. That seems to be giving advice. Most countries assess your situation based upon what you arrive with! How do you optimise your position? The answer is to see a UK regulated firm and ensure you leave with the right financial arrangements in place.
If the adviser is not FSA regulated then he or she is far less accountable. (One can easily check - http://www.fsa.gov.uk/register/home.do) If they are not registered, where do you stand if it goes wrong? Probably in not too enviable a position – unless you fancy mounting an international legal challenge with all the associated costs. International tax specialists, accountants and lawyers do not come cheap.
In the Inland Revenue’s adverts, Professor Simon Scharma claims “Tax doesn’t have to be taxing.” To ensure this is so for you requires sound, pre-departure preparation - not post arrival damage limitation.
For individual, expert advice from an FSA registered firm (No 181199) call Montfort International free on 0800 018 3571 or email info@miplc.co.uk

Financial pitfalls can entrap migrants

2008-06-09T15:17:00.000+01:00

There can be significant tax and financial issues for those leaving UK, but the weak pound is already making things tougher for those going to Australia, so they really can’t afford to pay unnecessary tax. However, only a handful of financial advisers, such as market leader Montfort international plc know the key to tax-effective restructuring.
Many migrants and returning nationals are vulnerable and disorientated. Together with all the excitement there is also apprehension about life in that strange new country. Who doesn’t have concerns? Are you aware that the date you leave will alter your tax position and that the type of visa and its date of issue will affect your tax, as well as have a follow on effect on your purse?
Migrants need advice and it’s not just pensions, for which a Qualifying Recognised Overseas Pension Scheme (QROPS) is a great way to
• access the benefits tax-free as a lump sum
• receive the funds before retirement
• protect your benefits from UK inheritance tax
• avoid the requirement to purchase an annuity
How do you avoid tax on the cash from house proceeds? What do you do about your wills and UK mortgages? Raising a mortgage to release capital won’t necessarily be tax effective unless you consider a change of ownership, and the list goes on. Who would think a repayment on a mortgage can create tax consequences?
In the Inland Revenue’s adverts, Professor Simon Scharma claims “Tax doesn’t have to be taxing.” To ensure this is so for you requires sound, pre-departure preparation - not post arrival damage limitation. Contact the experts at Montfort now to arrange a free initial consultation by calling free on 0800 018 3571 or visiting www.mipolc.co.uk