Passporting Concerns
The Financial Conduct Authority recently stated that it was working with the government and the Bank of England to try to achieve a solution that would allow UK-interested wealth management and cross-border financial advice clients to “continue to be able to access global market infrastructures established in the UK after Brexit”.
Part of this strategy is allowing a temporary passporting arrangement for EU firms to carry on regulated business in the UK even in the advent of a no-deal Brexit. Similarly, it hopes to achieve a situation in which UK-based wealth management firms can be passported to work in EU jurisdictions in the event of a no-deal scenario.
Blacktower, Established and Innovative
The Blacktower Group began life in 1986 and since then has been providing world-class independent wealth management advice and bespoke financial services to its clients.
Over the course of this time we have established our reputation while continuing to innovate. For example, around two decades ago, Blacktower began its offshore expansion when it opened its first office in the Algarve, Portugal.
In 2003, Blacktower Financial Management (International) Ltd (BFMI) was formed and incorporated in Gibraltar. Since then we have continued to expand our international operation across the EU and the world, including our Caribbean Office in Grand Cayman and offices serving America.
We have our ears to the ground and our fingers on the pulse, while always keeping an eye on the future. We remain committed to staying abreast of and responding to every regulatory change and challenge that comes the way of us as a firm and our clients, including those relating to Brexit.
With our knowledge and expertise we can save you time, money and bring you peace of mind as the UK and the EU enters a new chapter.
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.
Some of the most confusing and complex areas for any UK expat to decipher are their tax obligations, in both their new home country, and their country of origin. Should you be paying tax on foreign income? Is there any kind of foreign residence tax exemption? How can I get a residence tax definition? It’s a labyrinthine subject, and one that merits the help of a financial professional, but it’s good to be forearmed with a basic grasp of the subject before you do so. If you are liable to pay UK tax you will be expected to file a tax return, failure to do so or not doing so in good time, can result in penalties and even interest payments on monies owed.
“Fortunate, indeed, is the man who takes exactly the right measure of himself and holds a just balance between what he can acquire and what he can use.” These words, written by The eighteenth century English physician and educator Philip Latham, could just as easily have been written about trying to achieve the balance between spending happily in the present and saving prudently for retirement.