Cross border wealth, currency, portfolio and cashflow management

The most intricate planning can involve multiple tax residencies, holdings in various currencies, cross-border money transfers and complex local laws and regulatory requirements. However, often this actually presents increased planning opportunities.

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Home /  Cross border wealth, currency, portfolio and cashflow management

Why choose S&P?

Mr & Mrs JKL, Wife lives in the UK, Husband lives and works in the UAE

Requirement:

  • UK advice surrounding pensions, tax, NS&I savings and planning opportunities in wife’s name as a UK resident
  • International investments to be adjusted to maximise tax efficiency in husband’s name, a tax resident of KSA
  • Retirement planning review, including gap filling and further savings advice
  • Estate planning & will writing, compliant for Sharia law in consideration of husband’s residence

As a UK resident, the wife’s earnings and savings are subject to UK taxation, however UK taxation planning is simply the sensible arrangement of wealth and savings in order to best utilise annual tax relief allowances. We never advise clients upon complex or unregulated tax avoidance, but upon the sensible use of tax efficient opportunities. This can involve use of ISA accounts, National Savings and Investment (NS&I) products, annual CGT and income tax allowances and pension savings tax relief.

As a resident of Abu Dhabi, UAE, the husband benefits from highly tax efficient income, but with a house in the UK and regular visits home, we first needed to ensure he did not breach UK residency limits, and was truly a non-UK taxpaying expat. Once established, we assisted in putting in place a new investment plan benefitting from tax efficient growth, while compliant for long-term holding and ensure still an appropriate vehicle for his planned return to the UK in approximately 5-8 years.

We then further worked alongside a local UAE will writer in order to ensure their joint assets were not affected by any potential future residency and Sharia law restrictions, and advised upon the potential for future use of trusts to protect their large estate from UK Inheritance tax.

Cost: We provided guidance for the wife in order to help her utilise secure government-backed and tax efficient savings opportunities. We helped her navigate NS&I products and further contribute to her UK company pension in order to maximise the tax relief available, using money currently held in a joint bank account. The new investment taken out by the husband remunerated us for our work and ensured that no personal fees were invoiced to these clients.

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