Expat and Emigration

No matter where in the world you live, as a British expatriate you will need good, reliable and credible cross border emigration & financial planning advice.

For a UK resident, the majority of the time, financial planning is reasonably straightforward and there is a huge array of professionals available who can guide you through your financial planning. However, when moving overseas, a new tax jurisdiction needs to be taken into account; you will likely leave assets or sources of income behind in the UK, therefore you will need to consider the cross border implications.

A good example of where cross border advice becomes valuable is when you access your traditionally tax free 25% lump sum payment from a UK pension. This payment for a UK resident is clearly defined as ‘tax free’. However, there are some countries that will tax this payment as an income, therefore care needs to be taken on how and when you access this money. An easy solution could be to access your 25% payment whilst you are UK resident and defer taking an income until you are ready.

As you can see, cross border financial planning doesn’t have to be rocket science, however speaking with someone who is aware of the common issues for British expats is certainly sensible.

If you are emigrating, the areas you should be considering are:

Pension Planning

When do I want to access my pensions and how should I do it (QROPS or through a UK pension)?

Investment Planning

Do I need to invest my money in a particular way that makes it tax efficient in the country I now live in? Do I need to be concerned about FATCA reporting if I’m a USA connected individual?

Protection Planning

Is my life / critical illness cover I created whilst living in the UK valid should I move overseas? Can a get more cost effective cover denominated in the currency of the country I now live in?

Working Together

There will be times when you will need cross border tax or legal advice that we as a financial planning firm cannot provide. Alexander Beard work with several firms who can offer this advice as part of a holistic financial plan.

This is particularly important when moving to countries like the USA who are very proactive with regard to tax compliance.

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Where We Specialise

Alexander Beard have locally authorised and regulated offices in the following countries; USA, Australia and South Africa. Should you be emigrating to any of these countries we can offer a cross border financial planning service bespoke to that country alone. It will help prepare your finances, give you flexibility on what currency your money is invested in and provide tax compliance so your investments are tax efficient.

We can also help a British expat wherever they are in the world, with cross border advice coming from our FCA regulated office in the United Kingdom.

Our Services

A USA / UK cross border financial planning service

Pension, Investment and Protection planning for either British UK expats in the United States or American expats in the UK.

FATCA is the main driver behind this service proposition. It will allow our British and American expat clients to plan for their future in a compliant and tax efficient manner.

Cross Border Pension Sharing Court Order service

After a pension sharing court order has been agreed, Alexander Beard can help facilitate the transfer of UK based pensions to a non UK resident.

This service is great for matrimonial law professionals to offer their clients. It covers the final and often difficult part of the court order where the UK pension assets are split to benefit a non UK resident.

A Pension transfer service to Australia and New Zealand

Quite often pensions are left behind in the UK when moving overseas. We can offer you a ‘door to door’ pension transfer service that will allow you to take advantage of much lower levels of tax that are enjoyed in Australia and New Zealand.

There can be huge tax benefits in transferring your pension overseas. It is important you take advice from a firm that is regulated in the UK and in the country you are moving too.

Qualifying Recognised Overseas Pension Scheme (QROPS)

A service that can review your cross border pension planning to ascertain if your retirement plans will require you to use a QROPS or a UK based pension solution. We offer advice on the initial transfer and ongoing investment management of the pension.

It is essential that if you are considering QROPS you use a regulated fee based advisor. There are several less than reputable overseas financial advisory firms that earn large amounts of commission from QROPS transfers. Commission has a massive impact on the running costs of your pension and can eradicate any growth within the underlying investment.

Financial planning services to American, Australian, New Zealand and South African expats who live or work in the UK

We can help you with your financial planning during your time in the UK. Any plans would be constructed with an eye on your return to your country or origin. This ensures you remain as tax efficient as possible in the UK and after you have returned home.