Finance for Emigration

  • Brits resident in the USA – QROPS pensions

    Posted on
    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...
  • Should I leave my investments, assets and pensions in the UK, or liquidise and move them to the US?

    Posted on
    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...
  • Video: FATCA explained for Brits in the US

    Posted on
    If you’re a Brit living in the US, or if you plan to move to the States any time soon, then you need to know about FATCA. The Foreign Account Tax Compliance Act is a new US government policy, that could pose a big risk to your assets, once you complete your move to the USA. Our video explains exactly what FATCA is, why it particularly affects Briti...
  • Everyday financial concerns for Brits in the US

    Posted on
    In our guide, ‘The Only Financial Guide You Need as a Brit Living in the USA’ , we talk about a range of financial considerations that are important for any Brit emigrating to the US. For those heading off to a new life in the States, a key concern will be your everyday finances; things like banking, paying rent and generally knowing what you shoul...
  • Emigrating to Florida? Top 4 Considerations for Brits

    Posted on
    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...
  • Video: Struggling to move your pension to the USA? We have the answer!

    Posted on
    Moving a UK pension to the United States can be difficult. As well as all of the usual UK rules around pension movements, the US rules are equally complex, meaning many people can get into difficulties. Alexander Beard Group have the answer though! It’s called AMVEST and it’s so simple, we can explain how it can benefit you in just a few minutes of...
  • What not to forget when leaving the UK

    Posted on
    When moving overseas the more tangible issues people tend to face are arranging Visas, transport of possessions, arranging employment and selling property. There are however things that are often forgotten and can come back and haunt you in the future! The three main areas that people should address before leaving the UK are cross border financial,...
  • HOW MUCH SHOULD I BE CHARGED BY A FINANCIAL ADVISOR?

    Posted on
    In the Telegraph’s Expat Money section on 21st June 2015 there was an article regarding how some British expats are being charged very high fees for financial advice that are not always clearly explained. It’s important that you fully understand what we would call the Total Expense Ratio (TER) and how it affects the performance of your pension / in...
  • FATCA and a warning to Brits in the US

    Posted on
    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...
  • American Citizenship figures reflect looming FATCA influence for those with no tax plan

    Posted on
    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...
  • British Expats in USA and the 2015 Pension Changes

    Posted on
    In April 2015, new legislation will come into force that will affect a large percentage of people who have a UK Pension. These new rules will provide greater flexibility and freedom than was previously afforded to pension holders and will apply to many British expatriates and Americans who have built up pension rights in the UK. With more and more...
  • What is FATCA, how can it impact British nationals in the US and what should you do about it?

    Posted on
    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?

    Posted on
    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....
  • Top 5 financial questions to ask before moving abroad

    Posted on
    The decision to move abroad is probably one of the most exciting you will ever make, but it will come as no surprise to learn that there is plenty to sort out before you leave, not least of all when it comes to your finances. It is common to have questions about the processes involved, even if you have already made the decision to move and so, belo...
  • The dangers of using QROPS for US residents and FATCA reporting

    Posted on
    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

    Posted on
    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

    Posted on
    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

    Posted on
    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

    Posted on
      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...