Case Studies


Case Study 1
James, a British National aged 32 working on contract in Saudi Arabia as an engineer, earns a salary of £170,000. He aims to remain an expatriate for the foreseeable future and because his expenses are paid for he has some money left over every month. He has a small amount of savings. James approached Chase Belgrave to organise international medical insurance for his family of four.

Benefits after speaking to Chase Belgrave:

* James received a bespoke health package for his family.
* James was able to unlock his frozen UK pension worth £130,000 and have it professionally asset managed in an offshore tax effiecient environment.
* James was able to start a tax-free, offshore retirement savings plan using the amount he has left over each month.
* Chase Belgrave helped James get an offshore bank account with a credit card to pay his regular expenses.
* James received a full financial strategy and a picture of how his financial life would progress over time.
* James now receives regular complimentary financial reviews and a chance to speak to his personal wealth manager whenever he likes.

Case Study 2
Mark and Julia are a retired couple, South African and British respectively, living in Greece. They have a portfolio of 4 properties in South Africa and Greece and a share portfolio they think is worth around £800,000. All in all they have assets totalling £1.9 million. They are struggling to live and travel on the sporadic rental income of their properties which currently totals £35,000. They are also worried that they could have an Inheritance Tax liability of around £600,000 because of the amount of time they spend in the UK visiting their children.

Benefits after speaking to Chase Belgrave:

* Asset restructuring meant that two of the four properties were sold and generated £420,000 in cash.
* The stock portfolio was unwound and £1.22 million was released and wrapped in Trust, to mitigate any Inheritance Tax liability.
* This generated an income of around £60,000 per year, which added to the remaining property income of £11,000 to create a £71,000 annual income.
* The value of the assets under management keep pace with inflation by achieving around 2% per year growth.
* They have agreed to make a gift of the remaining rental property to their two children at a later date, and the final residential property is within the nil-band inheritance tax threshold.
* Mark and Julia have a direct line to their Wealth Manager, who knows them and understands their likes and dislikes and modifies their portfolio to achieve their goals.
* Mark and Julia have mitigated their inheritance tax liability and have increased their income more than three-fold.

Case Study QROPS
Shinji is a 60 year old Japanese expatriate who spent much of his life working in the United Kingdom telecommunications industry. Upon approaching retirement Shinji decided that he would like to return home to Japan to spend time with his family and loved ones.
Shinji enjoyed a successful working life in the UK and has subsequently built up a UK pension that is worth £2 million. Shinji is interested in taking this pension back to Japan with him, he also wishes to make investments and have full control of his pension fund. Shinji approached Chase Belgrave with the intention of finding a pension plan that would increase his investment options and allow him to utilise his UK pension in his native Japan without having to pay significant UK taxes. Shinji was also keen to examine his family’s options for the fund once he passes away.

Benefits after speaking to Chase Belgrave:
* Shinji was informed about QROPS (Qualifying Recognised Overseas Pension Scheme).
* Taking out the QROPS has enabled Shinji to legitimately reduce UK taxes.
* With a QROPS Shinji can now pass on the whole of his pension after death, avoiding UK Inheritance Tax of up to 55 percent.
* Shinji is now free to invest as he chooses, avoiding the restrictions that usually come with UK pensions.

Case Study QROPS 2
After a lifetime of hard work Englishman Andrew is finally set to achieve his life goal of retiring in Spain with his partner Amy. Andrew led a successful working life and has a UK pension scheme with a large fund.

Andrew has enough money to purchase a property in Spain, but since he and his wife will need to live comfortably without the need to work for the remainder of their lives he wants to make sure he will be getting the most out of his pension fund. Since he is not a native of Spain he does not qualify for Spanish state benefits.

An option for Andrew is the QROPS (Qualifying Recognised Overseas Pension Scheme). A QROPS is a special type of overseas pension scheme that could help Andrew make the most of his pension. A QROPS is fully recognised by HMRC and meets the established guidelines laid out by the tax authority. The QROPS will allow Andrew to transfer his existing pension  offshore.

Taking out a QROPS can also allow Andrew greater flexibility and options with regards to investments and bonds.

Upon speaking to an IFA Andrew learnt about some of the benefits of a QROPS:

* QROPS offer greater lump sum flexibility
* QROPS offer greater income flexibility and reduced income tax liability
* More effective for inheritance tax
* No income tax charge upon death
* QROPS allows multiple currencies and thus protects from currency fluctuations
* QROPS offers a greater selection of investment products

A UK pension is geared towards, and structured for, UK residents. If you are not going to be living in the UK then this structure will begin to fall away leaving you with a pension plan that may not be wholly suitable.

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