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Lasting Power of Attorney for Expat Investors

Not as simple as UK LPA in all jurisdictions

In Spain, for instance, there are two legal documents which perform distinct tasks should a person (the donor) lose mental capacity. Poder Preventivo or Preventative Power of Attorney (PPA) allows a nominated adult to handle the financial affairs of the donor after a pre-determined date or once a doctor has confirmed the donor’s mental incapacity.

Autotutela,or Appointment of Tutor, deals with health and welfare decisions, such as where the person would live and how they would be cared for. However, the appointee would still have to apply to courts to handle real estate and other assets.

Certain jurisdictions will need you to register your UK LPA with a relevant authority to authenticate it and in some countries the test for mental capacity is different to that of the UK.

Without a suitable power of attorney document in place, your family would have to make an application to the Court of Protection (or other jurisdictional power) to make decisions on your behalf once lack of mental capacity has been established. This can be a long, drawn-out process.

So, if you have received expat financial advice from Blacktower why not check with us again to see if you are protected adequately should anything happen to you. We can help you source the right legal advice to ensure all your power of attorney affairs are in order.

If you’ve worked hard to ensure your wealth and assets are secure and optimised towards reaching your financial goals, it is especially important to ensure you are protected.

Other News

Sensible SIPP Management

Thought bubbleSIPPs (Self-Invested Personal Pensions) are a flexible retirement saving vehicle, offering choice, freedom and investment opportunity.

However, as it is by definition, self-invested, a SIPP also brings with it certain amount of responsibility. Of course, the burden can to some extent be minimised if you have a financial adviser or wealth manager to act on your behalf, but even if you take advice, there may still be an element of DIY investment to your SIPP.

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New Cayman Islands retirement planning laws

Street view from CaymanThe Cayman Islands is currently experiencing an exodus of overseas workers looking to leave the autonomous British Overseas Territory before it closes a loophole which currently allows expats to convert their retirement savings to cash before they leave.

The law previously allowed expats to access pension accounts of $5,000 or more once they had been living outside Cayman for six months and had not made pension contributions for at least two years.

From 31 December, 2019, it will only be possible to receive payouts at retirement age. Those who want to take their pensions early must leave the Cayman Islands by the end of 2017.

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