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Disclosure of assets

George Osborne said the transparency rules on beneficial ownership showed that Britain and other governments were working to shine a spotlight on “those hiding spaces, those dark corners of the global financial system”. Osborne said he hoped that the regulations, which will come into effect in January 2017, would be followed up by other countries.

It has also been reported that finance ministers from other European countries had pushed Britain to extend the new rules to all trusts, rather than just those that “generate tax consequences “and will continue to do so.

It is clear from the above that avenues that allow non-disclosure of assets to a tax authority – whether it be for the super-rich, corporations or individuals – are slowly being closed or their existence and beneficial owners are being disclosed to tax authorities.

If you haven’t done so already now is the time to get your financial affairs in order, you may no longer be able to evade or avoid tax but you can ensure your investments are in tax-efficient products, approved by the tax authorities with full transparency. There are many legitimate ways you can mitigate your tax liabilities, if you want to know what your options are, I am here to help you find the right solution to make your money work for you, in the most tax efficient way possible. 

You can find out more about our wealth management services here and contact me directly through this enquiry form.

Other News

New tax changes could cause problems for expat landlords

£20 notes in shape of a houseWhen you move abroad to a popular expat destination, whether that’s to France, Italy, Spain, or Grand Cayman, good wealth management is key to ensuring you’ll enjoy your life abroad to the fullest.

Proper financial planning should ensure you have enough saved for retirement, but some people are always looking for ways to boost their pension pots. One of the key methods used by many expat retirees to accomplish this is by owning a UK property and renting it out.

However, expats who rely on rental profits from buy-to-let properties back home for a steady stream of income may face issues thanks to new tax changes, which apply to all landlords letting out UK property regardless of where in the world they themselves reside.

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Pre-move Spanish wealth management

Spanish FlagMore than four in ten retired British expats choose to live in Spain. This could be for various reasons, including Spain’s financial opportunities, family tradition, historical ties between the two countries, and, of course, the Spanish culture and climate.

However, it is little use making the most of Spain’s wealth management opportunities if your UK-based financial situation is not organised before making the move.

For example, nowadays the UK has various regulations and agreements in place with the European Union which mean that unless you pay off, or legally attend to, your UK debts before moving you could be served with a European Enforcement Order (EEO) – hardly the welcome card expats want when taking up residence in their new Spanish address.

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