Viewing posts categorised under: Le Tour de Finance
Now is the time to review your finances
By Sue Regan
This article is published on: 18th August 2017
18.08.17
At this time of year not many of us can really be bothered with thinking about pensions, investments and inheritance planning – there’s far more exciting things going on, like holidays, friends and family visits (as long as they don’t stay too long!) and the summer fêtes and festivals in just about every village and town in the region.
This is usually a quiet time for us financial advisers, but this year – not so much – perhaps it’s the “Brexit effect” that is causing more ex-pats to think about their financial future now rather than put it off until after the end of the silly season. Of course, there are still no clear facts as to how Brexit will impact on UK citizens living in France, so planning for it is not easy, but reviewing your situation now will give you a clearer idea of your financial future, whether your plan is to stay in France or return to the UK.
Of course, there is never a wrong time to review your financial health. Regardless of whether or not Brexit actually happens, or whether it is a soft or hard Brexit, things generally change over time, such as pensions and tax legislation, investment performance, physical well-being, income and capital needs………. the list goes on.
These are some of the things that a good financial adviser will discuss with you at a regular review meeting, to make sure that your finances are on track to meet your current needs and longer term goals. It is vital that your pensions and investments are structured in the best possible way to produce a suitable level of return and, at the same time, mitigate taxes as much as possible.
Also, as a French resident, your adopted or default marriage regime can make a huge difference to how your assets are treated for inheritance tax purposes and, by simply changing your regime with the help of a Notaire, the survivor of a couple can be much better protected from the French laws of forced inheritance, as well as other important benefits. Your financial adviser should be able to discuss these matters with you.
As I mentioned in my previous article, the very popular Tour de Finance is once again coming to the stunning Domaine Gayda in Brugairolles 11300, So, if you are concerned about your investments and pensions in a post-Brexit world why not join us at this very popular event where you can meet the team in person and listen to a number of industry experts in the world of financial advice. This year’s event will take place on Friday 6th October 2017. Places are by reservation only and it is always well attended so book your place early by giving me a call or dropping me an email. Our speakers will be presenting updates and outlooks on a broad range of subjects, including:
- Brexit
- Financial Markets
- Assurance Vie
- Pensions/QROPS
- French Tax Issues
- Currency Exchange
Financial advice is needed more than ever in uncertain times and doing nothing can often be an expensive mistake. Hence, if you would like to attend the event or would like to have a confidential discussion about your financial situation, you can contact me by e-mail at sue.regan@spectrum-ifa.com or by telephone on 04 67 24 90 95.
The Spectrum IFA Group advisers do not charge any fees directly to clients for their time or for advice given, as can be seen from our Client Charter
Common Reporting Standards
By Derek Winsland
This article is published on: 27th July 2017
27.07.17
Over the last few weeks, I’ve witnessed the application of the Common Reporting Standards initiative in action. Firstly, from my bank HSBC requesting information to be transmitted to the tax authorities both here in France as well as in UK. This week, I received an email from a client who has also received a letter again from HSBC enquiring about his residency.
It’s clear that the sharing of financial information between tax authorities of different countries is now in full swing. Annual reporting by every financial institution into its own tax authority was introduced in January 2016 and I’m seeing more and more examples of this in operation. For the tax authorities, residency is the main focus – where has the individual declared residency, and where are that person’s assets held.
We’re at the stage now where that information is being studied by local tax offices and enquiry letters being sent. But what information is being shared? Overseas bank accounts are the most common example, hence HSBC and others enquiring about an account holder’s residency status. Other examples include investment bonds held overseas, ISA accounts, unit trust and investment trust portfolios, share accounts, premium bonds…. the list goes on.
With investments held outside of an insurance-based investment bond, any change of fund either through switching or closure could be liable to capital gains in the hands of the investor, so your local tax office is sure to be interested in learning about this. Income drawn from certain, non-EU jurisdiction investment bonds are viewed very differently here in France. And remember, ISAs carry no tax advantages here, so any switches, partial encashments, or sales of funds made by a UK financial adviser or investment manager could have repercussions for the investor resident in France.
If you’re tax resident in France, you are obliged to list all overseas investments and accounts on your annual tax declaration; non-disclosure can result in fines ranging from €1,500 per account up to €10,000 depending on where the account is held. These fines are also per year of non-disclosure.
Quite often we see situations where doing nothing has proved to be an expensive mistake so if ever there was a time to get your financial affairs in order, it is now before the Fisc comes calling. If you’re resident in France, your local tax office can look back through previous years as well, so long forgotten ISAs cashed in can potentially appear on its radar.
If you would like information on how best to re-organise your investments to make them tax-compliant, we are staging the latest in our series of popular Tour de Finance events in the Limoux area on Friday 6th October. Open to everyone, the event, held at Domaine Gayda in Brugairolles is now in its ninth year. Always a popular event, you are urged to order tickets well in advance. There will be a series of short presentations during the morning, culminating with lunch and an opportunity to sample the local wines. If you would like to attend, please email me for your tickets, numbers are limited, so I urge you not to delay.
Subjects covered during the morning include:
Brexit
Financial Markets
Assurance Vie
Pensions/QROPS
French Tax Issues
Currency Exchange
If you have personal or financial circumstances that you feel may benefit from a financial planning review, please contact me direct on the number below. You can also contact me by email at derek.winsland@spectrum-ifa.com or call our office in Limoux to make an appointment. Alternatively, I conduct a drop-in clinic most Fridays (holidays excepting), when you can pop in to speak to me. Our office telephone number is 04 68 31 14 10.
Ignorance is not always bliss…………..
By Sue Regan
This article is published on: 17th July 2017
………..and, in the context of not structuring your investments to the tax regime of the country in which you reside, it can prove to be very costly.
Let’s take the scenario of the savings conscious UK investor who, over the years, has used some of their available cash to build up a nice portfolio of tax-free investments in ISA wrappers, but then decides to take up residency in France. From the date of moving to France the tax-free status of UK ISA is not recognised in France and any income or capital gains arising from the ISA portfolio become liable to French tax.
Not everyone is aware of the tax efficient structures available in France for longer term savings, the most popular of which is far and away the Assurance Vie, and, as a consequence, suffers the pain of incurring tax liabilities where there were none previously, not to mention the extra administrative burden (and accountancy costs) associated with completing the end of year tax return. In addition, they are missing out on the compounding effect that any unnecessary taxes would have on the growth of the portfolio, which, in itself, is a crucial factor which should not be underestimated.
It’s not only the tax-efficiency of ISAs that is affected but, if you have a UK financial adviser advising you on the management of your investments, then it is unlikely that they will be able to continue to give you appropriate advice due to your change in residency and tax regime. You probably wouldn’t have sought the advice of a French regulated IFA to manage your UK investments when you lived in the UK so it doesn’t make sense to expect a UK regulated IFA to advise you when living in a different tax jurisdiction to the one in which they are qualified and regulated.
Of course, making the switch from UK tax efficient savings to French tax efficient savings may not be without some cost at the beginning – but the longer term benefits are highly likely to far outweigh any initial cost. If you have not yet become French resident, by taking the initiative and disposing of your ISA portfolio beforehand, there would be no tax implications whatsoever.
An added attraction to the Assurance Vie is that there is no limit to how much can be invested and the longer you hold them the more tax-efficient they become. In addition, this type of investment is highly efficient for mitigating the potential French inheritance taxes so that your heirs can receive more of your wealth, instead of the French State.
The very popular Tour de Finance is once again coming to the stunning Domaine Gayda in Brugairolles 11300, So, if you are concerned about your investments and pensions in a post-Brexit world why not join us at this very popular event where you can meet the team in person and listen to a number of industry experts in the world of financial advice. This year’s event will take place on Friday 6th October 2017. Places are by reservation only and it is always well attended so book your place early by giving me a call or dropping me an email. Our speakers will be presenting updates and outlooks on a broad range of subjects, including:
Brexit
Financial Markets
Assurance Vie
Pensions/QROPS
French Tax Issues
Currency Exchange
With a newly elected French government now in office and the forthcoming publication of the French Projet de Loi in the Autumn, the seminar will be an ideal opportunity to find out how any potential French tax changes may affect you, particularly as President Macron has promised changes to the wealth tax regime.
Le Tour de Finance
By Spectrum IFA
This article is published on: 20th June 2017
20.06.17
Le Tour de Finance has just finished another stage of it’s annual tour with three well attended forums in the 06 and 83 departments of the Cote d’Azur.
Due to the lovely early summer evenings, two of the sessions were held from 6.30pm culminating with a relaxed wine presentation and buffet in the lovely settings of the Mas Shabanou in Roquefort les Pins and the Bastide St.Mathieu in Grasse. The third event was held at the normal time of 10.30 in the equally lovely setting of Le Clos des Roses in Frejus.
As part of the long term commitment from the team organising Le Tour de Finance, senior representatives of large financial institutions were on hand to give brief presentations, but more importantly, were there to answer varied questions from the attendees.
Coaxed out from behind their desks, these senior executives from companies such as Tilney, Prudential, Rathbones, Momentum Pensions, SEB and Currencies Direct give short presentations on a range of subjects and then welcome questions from the floor. This really is the chance to get those all important questions answered by the professionals.
This unprecedented access to a range of international and independent experts is what sets Le Tour de Finance events apart.
After the summer recess, Le Tour will continue in October:
5th October – 13610, Le Puy Sainte Réparade
6th October – 11300, Gayda, Languedoc
17th October – 53470, Martigné sur Mayenne
18th October – 14570, Clecy
19th October – 22100, Lanvallay
If you would like further information or would like to book a place, please contact us or visit the dedicated Le Tour de Finance website for further information on the future events.
The objective of Le Tour de Finance is to provide expatriates with useful information relating to their financial lives. We try and cover frequently asked questions that we receive from our clients, however, it would be helpful for us to know what your particular areas of interest might be. If you’d like to send us your question please click here to complete the form.
Le Tour de Finance – spring 2017
By Spectrum IFA
This article is published on: 7th April 2017
The final three Le Tour de Finance events of the spring season finished in La Roche sur Yon, Niort Bssines and Magnac sur Touvre. The venues for these past three events were spectacular bringing even more enjoyment to the days events for the attendees. The weather was sublime and the events were a huge success.
Thus far, Le Tour de Finance in 2017 is proving to be the most popular series of events ever. The seminars offer English speaking expats a chance to meet various experts from fields including; specialist expat independent financial advice, wealth management, currency exchange, QROPS/pensions and expat tax advice. The experts represent a range of international institutions giving attendees unprecedented access to ask those nagging questions about living as an expat in France.
Representatives from a wide range of international companies such as Tilney, SEB Life, Standard Bank, Rathbones, Prudential International, Momentum Pensions and AXA attend the events for a small presentation but more importantly, the events allow attendees to ask direct questions to these experts. This unprecedented access to the experts is what really sets Le Tour de Finance events apart.
The events will re-commence in June visiting the Alpes Maritime and Var regions. The events locations are Roquefort les Pins, Cabris and Frejus. Keep an eye open for events in France, Spain and Italy or contact us here to receive updated information on events in your region.
The objective of Le Tour de Finance is to provide expatriates with useful information relating to their financial lives. We try and cover frequently asked questions that we receive from our clients, however, it would be helpful for us to know what your particular areas of interest might be.
If you have any specific question please contact us here – Le Tour de Finance Questions
The 113th Le Tour de Finance event at Domaine Gayda
By Derek Winsland
This article is published on: 25th October 2016
25.10.16
On Friday 7th October, 62 invited guests attended the 113th Le Tour de Finance event, once again staged in the beautiful setting of Domaine Gayda, in Brugairolles in the Aude. This is the seventh time The Spectrum IFA Group has returned to Domaine Gayda, and after the presentations guests were able to sample some of the wines produced there.
On arrival, guests were treated to coffee and pastries before listening to six presentations on a range of financial subjects including Assurance Vie, Pensions, Financial Markets and Currency Exchange and French Tax issues. The presentations were delivered by industry professionals and commenced with a presentation by Michael Lodhi CEO of The Spectrum Group who immediately drew the attention of the attendees by addressing the issue uppermost in the guests’ minds, that of the EU Referendum result and how it would impact the expat community. Michael then went on to highlight the other main theme of the day, that of the state of the UK pensions industry, scheme deficits and the options open to pension members.
Michael then made way for Jeremy Ferguson of SEB Life International who spoke about Assurance Vie, its tax advantages in France both for income and inheritance tax, and demonstrated the product’s flexibility in adapting to changes in the policy-holder’s circumstances. This is always a popular presentation, and didn’t disappoint.
Following Jeremy, we heard a presentation on the current situation in the financial markets delivered by Robert Walker from Rathbones, who shared the ‘house’ view on the impact of Brexit on the investment markets, and on the value of the pound. Of particular interest were his views on where the true value of the pound lies and the timescales before those values are likely to be restored.
Following Robert came a short presentation by George Forsyth of Prudential who presented the Prudential International Assurance Vie and how it differs from the SEB Life International contract. Majoring on the strength of Prudential’s investment funds and how this allows the returns to be smoothed out, rather than suffer the periodical fluctuations of the investment markets, George was able to convey the view that the volatility in global markets can be successfully managed without causing the investor sleepless nights.
There was a noticeable sitting up in seats when the next speaker stood up to speak – Paul Foreman from Momentum Pensions. Speaking about the developments in pensions brought about by last year’s change in legislation, it was clear this was a subject of great importance to the attendees. There is clear concern being expressed currently and this was confirmed to us in feedback received after the event. Paul delivered a highly informative presentation that inevitably raised more questions than answers, but an opportunity to ask those questions came over lunch.
Pippa Maile of Currencies Direct then delivered a typically entertaining presentation on the different transaction opportunities available through the Currencies Direct online portal. Once again this was of particular interest to the room.
Finally, guests were introduced to Rachel Thomas-Bonnet whose company Perfide Albion provides help and support in a whole range of aspects to ex-pats, ranging from help with property purchase, entering the French healthcare system and (noticeably more reluctantly) re-registering your car in France. Rachel also helps with completion of tax returns, and through her work with Notaires coupled with her legal training she has built up a reputation as the go-to person for all aspects legal. It was clear that Rachel was a popular speaker by the comments made by the attendees and the number of people who made a bee-line for Rachel over lunch.
The presentations were then wound up by Michael Lodhi who invited all to stay and enjoy the lunch provided by Domaine Gayda and to sample some of its wines.
To all of us there, it was evident that the guests had found all the presentations highly informative and of value to them. Once again, a very successful Tour de Finance.
Le Tour de Finance – British Embassy Paris 19th October 2016
By Spectrum IFA
This article is published on: 12th October 2016
12.10.16
The Spectrum IFA Group, as one of the participants of Le Tour de Finance, is proud to announce that the event of 19th October will be held at the British Embassy in Paris.
This prestigious event brings together a number of experts from major British financial institutions on subjects such as UK/French Tax Issues, BREXIT and what this could mean for British expats, Pensions/QROPS and Tax Efficient Investing and Estate Planning for expats.
The popular Tour de Finance events are an excellent opportunity for expats living in France to get those all important questions answered by specialists in their respective fields. The events will also give you a chance to meet other like minded expatriates in a relaxed and convivial atmosphere.
The event will commence at 18.00, with a complimentary buffet in the Embassy from 20.00 – 21.00.
If you would like further information or would like to book a place, please contact us
The objective of Le Tour de Finance is to provide expatriates with useful information relating to their financial lives.
We try and cover frequently asked questions that we receive from our clients, however, it would be helpful for us to know what your particular areas of interest might be.
Send us your questions and the event you will be attending and we will try and cover them on the day:
Please click here Le Tour de Finance Questions
Le Tour de Finance Gayda October 2016
By Derek Winsland
This article is published on: 9th October 2016
09.10.16
On Friday 7th October, 62 invited guests attended the 113th Le Tour de Finance event, once again staged in the beautiful setting of Domaine Gayda, in Brugairolles in the Aude. This is the seventh time The Spectrum IFA Group has returned to Domaine Gayda, and after the presentations guests were able to sample some of the wines produced there.
On arrival, guests were treated to coffee and pastries before listening to six presentations on a range of financial subjects including Assurance Vie, Pensions, Financial Markets and Currency Exchange and French Tax issues. The presentations were delivered by industry professionals and commenced with a presentation by Michael Lodhi CEO of The Spectrum Group who immediately drew the attention of the attendees by addressing the issue uppermost in the guests’ minds, that of the EU Referendum result and how it would impact the expat community. Michael then went on to highlight the other main theme of the day, that of the state of the UK pensions industry, scheme deficits and the options open to pension members.
Michael then made way for Jeremy Ferguson of SEB Life International who spoke about Assurance Vie, its tax advantages in France both for income and inheritance tax, and demonstrated the product’s flexibility in adapting to changes in the policy-holder’s circumstances. This is always a popular presentation, and didn’t disappoint.
Following Jeremy, we heard a presentation on the current situation in the financial markets delivered by Robert Walker from Rathbones, who shared the ‘house’ view on the impact of Brexit on the investment markets, and on the value of the pound. Of particular interest were his views on where the true value of the pound lies and the timescales before those values are likely to be restored.
Following Robert came a short presentation by George Forsyth of Prudential who presented the Prudential International Assurance Vie and how it differs from the SEB Life International contract. Majoring on the strength of Prudential’s investment funds and how this allows the returns to be smoothed out, rather than suffer the periodical fluctuations of the investment markets, George was able to convey the view that the volatility in global markets can be successfully managed without causing the investor sleepless nights.
There was a noticeable sitting up in seats when the next speaker stood up to speak – Paul Foreman from Momentum Pensions. Speaking about the developments in pensions brought about by last year’s change in legislation, it was clear this was a subject of great importance to the attendees. There is clear concern being expressed currently and this was confirmed to us in feedback received after the event. Paul delivered a highly informative presentation that inevitably raised more questions than answers, but an opportunity to ask those questions came over lunch.
Pippa Maile of Currencies Direct then delivered a typically entertaining presentation on the different transaction opportunities available through the Currencies Direct online portal. Once again this was of particular interest to the room.
Finally, guests were introduced to Rachel Thomas-Bonnet whose company Perfide Albion provides help and support in a whole range of aspects to ex-pats, ranging from help with property purchase, entering the French healthcare system and (noticeably more reluctantly) re-registering your car in France. Rachel also helps with completion of tax returns, and through her work with Notaires coupled with her legal training she has built up a reputation as the go-to person for all aspects legal. It was clear that Rachel was a popular speaker by the comments made by the attendees and the number of people who made a bee-line for Rachel over lunch.
The presentations were then wound up by Michael Lodhi who invited all to stay and enjoy the lunch provided by Domaine Gayda and to sample some of its wines.
To all of us there, it was evident that the guests had found all the presentations highly informative and of value to them. Once again, a very successful Tour de Finance.
Le Tour de Finance – Autumn Leg in France
By Spectrum IFA
This article is published on: 3rd October 2016
03.10.16
The autumn series of Le Tour de Finance events started off in Switzerland at the end of September and are moving towards the southern regions of France for the early October seminars, and then north with a quick visit to Brussels and then on to Paris before finishing in the north west regions.
- 5th October – Les arcs sur Argens, The Var
- 6th October – Chateau La Coste, Le Puy Sainte Reparade
- 7th October – Domaine Gayda, Brugairolles, Languedoc
- 18th October – Brussels, Belgium
- 19th October – British Embassy, Paris
- 1st November – Ploermel, Brittany
- 2nd November – Silfiac, Brittany
- 3rd November – Evron-Mezangers, Mayenne
To book your attendence for any of these events, please click here
So far, Le Tour de Finance in 2016 is proving to be the most popular series of events ever. The seminars offer English speaking expats a chance to meet various experts from large independent finance businesses in the flesh. Coaxed out from behind their desks, these senior executives from companies such as Tilney BestInvest, Prudential, Rathbones, Momentum Pensions, SEB and Currencies Direct give short presentations on a range of subjects and then welcome questions from the floor. This really is the chance to get those all important questions answered by the professionals.
This unprecedented access to a range of international and independent experts is what sets Le Tour de Finance events apart.
The first leg of the autumn tour moves through the south of France and then heads direct to Paris on 19th October with a prestigious event at the British Embassy. In the first week of November the tour will head west to Brittany and Mayenne.
The objective of Le Tour de Finance is to provide expatriates with useful information relating to their financial lives. We try and cover frequently asked questions that we receive from our clients, however, it would be helpful for us to know what your particular areas of interest might be. If you’d like to send us your question please click here to complete the form.
If you would like further information or would like to book a place, please contact us or visit the dedicated Le Tour de Finance website for further information on the future events
Le Tour de Finance heads to Switzerland
By Spectrum IFA
This article is published on: 21st September 2016
21.09.16
Le Tour de Finance, 29th September Nyon, Switzerland.
“Three ways to save tax”
What is Le Tour de Finance?
Are you interested in finding out how to make the most of your money in France, Spain or Italy? Do you have pressing questions about making international payments, pensions, tax, wealth or the healthcare system? Why not take the time and come to a local event, bring some friends and make it a great day out?
Le Tour de Finance is the financial forum for expats which will help you with a range of different financial products and services. Just as Le Tour de France takes a route throughout the regions of France, so too does Le Tour de Finance, but we also visit Italy, Spain, Switzerland and Belgium. We want to reach expats where you live so that you can seek advice particular to your local area. Tax advice, pensions, mortgages, healthcare, schools, business advice and making the most of your assets are just some of the subjects that expats need to know more about. Le Tour de Finance is the ideal opportunity to find answers to the most pressing questions facing people living in France, Spain or Italy.
The forum will bring together key players who assist expats settling or already living in these countries. It will also be an ideal opportunity to socialise by enjoying a free Buffet lunch and meeting people in similar circumstances in your neighbourhood.
As an expat, do you make the most out of your finances?
Come and join us for expert advice and to meet other like-minded expats in your local area. The event starts at 18.45 with a welcome drink, followed by some brief presentations from experts on a range of topics that could affect you now, or in the future. This engaging events ends at 20:30 with drinks and canapes and a chance to meet the experts and hopefully make some new friends.
Register for this FREE event or for further information, by sending an email with your full contact details to: seminars@ltdf.eu, register online or call +33(0)4 22 32 62 40
Where:
Le Caveau de Nyon
Château de Nyon, Place du Château,
1260 Nyon,Switzerland
When:
29th September, 2016
The event starts at 18.45 and ends at 20.30 with drinks and canapes.
What:
Brief presentations on a range of topics including: Tax efficient planning: for Frontaliers and Swiss residents; Why you need a Swiss Will!, Transfers between currencies: beat the bank margins!, Wealth management: seeking positive returns post-Brexit, QROPS- the latest rules on transferring UK pensions overseas, and what the advantages may be, How do the Swiss Pillars work, and how do I save taxes?, Swiss Mortgages- how they work, how to optimise to save taxes.
