Emigration

  • Brits resident in the USA – QROPS pensions

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    You may or may not have heard of a QROPS but if you have a UK personal pension, as many ex-pat Brits do, this article may be of some interest to you. There is much uncertainty surrounding this subject for individuals that are now considered as US tax resident/citizens. Although this short article is by no means comprehensive, it will aim to make cl...
  • GBP/USD Update

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    Despite sterling strengthening over the first half of 2015, the Pound has fallen over the last year and a half - GBP:USD stood at $1.72 in July 2014, compared to $1.39 today. What have been the main drivers?  On the UK side - a Scottish referendum that was too close for comfort, a UK General Election that caused uncertainty in the build-up, the slo...
  • Should I leave my investments, assets and pensions in the UK, or liquidise and move them to the US?

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    If you are moving to the US from the UK then, at some point, you will come across the question of what to do with your financial assets. Assuming you have worked and lived in the UK for some time then it is likely that you will have accrued savings and other assets. You might have contributed to a private or workplace pension, for example, saved so...
  • Emigrating to Florida? Top 4 Considerations for Brits

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    If you’re moving to the US then Alexander Beard Group’s The Complete Guide for Brits Moving to the US has all the information you need relating to finances; from the everyday, to larger concerns such as house buying and moving large investments. Each American state is different, however, so we’ve put together our Top 4 tips for those moving to Flor...
  • Emigrating to New York? Top Four Considerations for Brits

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    New York is one of the most popular destinations that Brits emigrate to. With plentiful international companies making the city their home, and an exciting city environment in which to live your life, it’s little surprise that many choose to make ‘the big apple’ their home in the US. If you’re heading to New York from Britain, your main questions a...
  • Changes to AMVEST Adviser charging

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    There have been some considerable changes to pension legislation in 2015 that the financial services industry is still trying to adapt to. An increase in flexibility is a positive change however historic administrative systems that have been used for years by pension providers have struggled to cope with the speed and severity of change. As an advi...
  • Currency exchange and more to help with your move to the US

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    Working with a specialist currency exchange According to research quoted in The Telegraph, the average UK family move abroad with £250,000 of assets, likely to be fairly liquid due to the sale of a house and/or a car. If you were to take a fairly poor market exchange rate, with just $0.05 difference from a better rate then you could end up thousand...
  • Discriminatory expat state pensions

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    Retiring abroad is a common desire for many in the UK. For those that move to the sunny Mediterranean countries of the EC their UK state pension is preserved and increased each year. If you move to the United States, it is preserved and again increases each year in line with state pensions paid in the UK. This is not the case for every destination...
  • UK and Cross Border Pension Sharing service

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    At Alexander Beard, we offer a UK based, FCA regulated service to individuals who are to receive pension funds when instructed by a court order. It is quite simple for the order to be made, however the actual facilitation of the request can be very difficult to complete, especially if the beneficiary is non UK resident. An example of the service we...
  • FATCA and a warning to Brits in the US

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    The Foreign Account Tax Compliance ACT (FATCA) became law in March 2010. A key focus of this piece of legislation is reporting by US tax payers of certain foreign financial accounts and offshore assets. It also covers reporting by financial institutions about financial accounts held by US tax payers. The objective of FATCA is ensure the US Governme...
  • British Expats in USA – Do you still have any financial assets in the UK?

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    A large majority of British expatriates living in the US tend to have left some form of financial asset back home. This article aims to discuss some of the more common assets that individuals typically leave, or indeed forget about, in the UK and will provide a general outline of how they are viewed and treated once you become a US resident or cit...
  • American Citizenship figures reflect looming FATCA influence for those with no tax plan

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    Writing in Forbes, Robert W. Wood has noted two very interesting figures relating to American Citizenship figures during the second half of 2014. Firstly, Wood notes that the US has raised the fee it charges its own citizens to renounce their citizenship from $450 to $2,350, an astonishing 422% rise. This fee is purely a transactional processing fe...
  • Pension planning for Brits in the US – QROPS vs UK pensions.

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    By Philip Teague, Divisional Director - Expat and Emigration Division, Alexander Beard For a long time now, the appropriate use of QROPS for British expats who are resident in the US, has been in debate. Some see it as a credible solution whilst others say that the risks far outweigh the benefits. QROPS are a legitimate pension solution to a great...
  • Infographic: The facts about FATCA

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  • Things to do before moving abroad

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    If you are thinking of retiring abroad, did you know that while the UK full basic state pension for a single person was worth £79.60 in 2004 and in 2014 is now worth £113.10 a week, an increase of 42%, if the country you’re retiring to has a reciprocal agreement in place with the UK then the UK state pension will be paid and increased as normal. If...
  • What is FATCA, how can it impact British nationals in the US and what should you do about it?

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    The Foreign Account Tax Compliance Act, or FATCA, is a system designed to recoup tax from US citizens who have foreign investments, but British expatriates based in the US risk being sucked into the system and paying large fines on their investments back home. A relatively new initiative, FATCA was designed by the US government to recoup some of th...
  • Will you be affected by FATCA?

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    The Foreign Account Tax Compliance Act (FATCA) is a complicated initiative by the US government to recoup tax from money held in offshore accounts. For US nationals, or those who have emigrated to the US, working out whether you may be subject to FATCA can be complicated and failing to submit the relevant documents on time can be extremely costly....
  • The dangers of using QROPS for US residents and FATCA reporting

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    Qualifying Recognised Overseas Pension Schemes (QROPS) is a legitimate retirement planning tool for the majority of British expatriates. However, care needs to be taken when you are a US resident using a QROPS as there may be significant disadvantages. There is no structure in place to transfer a pension to the United States therefore those with UK...
  • Thank you for attending our emigration seminars

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    Alexander Beard Group would like to thank all of our fellow advisers who joined us at our seminars on advising clients who are emigrating. The seminars took place across the UK during the course of the week commencing 2nd June and we hope those of you who attended gained an insight into the ways in which you can continue to look after your clients...
  • What to do with your UK pensions when you move to the US

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    The question of what to do with your UK pension when you move to the US can be a very difficult one. Pension transfer arrangements can be complicated or lead to large tax penalties and the US has always blocked direct moves of your fund into the territory. If you’ve already begun researching your pension options then, like many people before you, y...
  • A series of events for advisers to learn how to help clients who are moving abroad

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    Alexander Beard are delighted to announce a series of four seminars at various locations during June, designed to help fellow financial advisers and financial planners to realise the opportunities to advise clients who are emigrating in areas such as QROPS. Whilst traditionally it has been difficult for advisers to get involved in these areas due t...
  • Understanding QROPS in five easy steps

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      Step 1 - Know what QROPS stands for and what it means QROPS stands for Qualifying Recognised Overseas Pension Scheme and it refers to overseas pension schemes which meet HMRC requirements to receive a payment from a UK registered pension scheme without the individual having to pay tax on the transfer. A QROPS should be broadly similar to a U...