Contact

News & Insights

Pensions Update – by Laura Mann, Regional Manager Canary Islands

For expats who are not resident in the Canary Islands and intend on drawing down income benefits in the coming months, and wish to avoid being subject to emergency tax, we recommend you contact HMRC in advance, in order to obtain a personal tax code and thereby automatically claim any personal allowances due. Please note that this process can take some time. 

Malta:

At the moment, if your Pension Fund is held under the jurisdiction of Malta there is no flexibility available with regards to accessing your Pension Funds early (at the age of 55 years), however, new primary legislation has already been passed to mirror the aforementioned developments in the UK. Following discussions with the Malta Financial Services Authority, further updates and guidance are expected later this year.  It is expected that most Maltese Schemes will be offering flexibility no later than 1st January 2016.

Gibraltar:

If your Pension Fund is held under the jurisdiction of Gibraltar, flexible access is currently under discussion with HMRC.  At this stage the 70 / 30 rule still applies, with drawdown subject to capped income of 150% of GAD rates.  

Isle of Man:

Currently, the Isle of Man is looking to add flexi-access to its legislation. This will be debated in the Manx Parliament this Autumn. In the meantime the 70 / 30 rule still applies, with drawdown subject to 150% of GAD rates.

Flexi-drawdown plans set to impact delisted QROPS in Guernsey

If, on the other hand, your Pension Funds come under the jurisdiction of Guernsey, your ability to access flexi-drawndown may be affected by new legislation, especially if your scheme has been delisted QROPS.  If you are unsure about this, please contact us NOW so that we can review your circumstances and advise how this will affect you.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Panama Papers and the banks

panama papersAt the moment, politicians across the world – especially, it seems, in the UK – are in the spotlight regarding their tax affairs. Banks, however, will also soon be in the spotlight, as by Friday 15th April they have been told to hand any information regarding their dealings with the law firm at the centre of the Panama Papers over to the UK’s Financial Conduct Authority.

As a result, pressure is growing on the City watchdog to launch a full-blown investigation into these explosive claims.

It has already become clear that nearly all of the major banks are involved to some degree, with a few well known Banks such as HSBC, Deutsche Bank, UBS, Coutts and Rothschild’s standing out more than others.

Read More

The best 5 cities to live in Spain

Spanish CityIn popular culture, Spain is synonymous with sunshine, Paella, Flamenco and endless golden beaches.  All of which paint a familiar, and perhaps slightly old-fashioned view, of the fourth biggest member of the E.U.

There’s a lot more to this huge country than the easy stereotypes might suggest. There’s sunshine if you want it, but there’s also snow, desert, dense ancient forests where bears still roam free, and sleepy hill towns that appear not to have changed in a hundred years – nor seem likely to, in a hundred more.

There’s so much to commend it to the traveler, that they can be forgiven for beginning to dream a little, of what it might be like to live there, for real… for good. Let’s take a look at 5 cities in Spain where the prospective expat might think of living la vida local.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information:

You are currently viewing the Blacktower Financial Management EU website.

You may be looking for the Blacktower United States website.

Blacktower United States > X Stay on this site

Or choose your country.