Finally a solution is available to manage tax efficiently the savings of those British citizens currently resident in Italy who may be still be deemed UK domiciles given their former and/or ongoing ties with the United Kingdom.
The “Personal Pension Plan” (PPP), was originally designed by Unity Financial Partners for international staff and consultants, working at UN organisations in Rome and elsewhere around the world, who require a safe, internationally portable and tax efficient savings vehicle.
The “Plan” contains some key features particularly suitable for a UK national intending to become resident or already resident in Italy.
First and foremost, the “Plan” is an ideal tax efficient savings vehicle for those British citizens who, despite working and/or living outside the UK, may still be deemed domiciles in the UK and therefore subject to British Inheritance Tax (IHT).
Crucially, for those individuals keen to pass on assets to their heirs in a tax effective manner, the PPP is not subject to either UK or Italian IHT.
Placing some or all of your financial assets in an internationally recognised pension scheme may also be a wise choice given the current political uncertainty surrounding Brexit and the policies of a new government on the taxation and overall treatment of savings and pensions if held in the UK.
The retirement funds are structured in such as way as to segregate and ring-fence your assets from those of the Pension Administrator and from other individual members of the “Plan”.
Since the funds in the “Plan” are invested in an internationally recognised pension scheme they grow largely free of tax.
Furthermore, since the “Plan” was designed to be used by internationally mobile professionals working at UN agencies, the “Plan” is portable and can be maintained if you decide to leave Italy and relocate to another country.
Importantly, the savings in the “Plan”, while held in custodian accounts outside the UK, are managed by experienced international asset managers working for well established and award winning British institutions.
For amounts starting at 250,000 Euros or equivalent, you can select to have your savings managed by a discretionary portfolio manager at Cazenove or Rathbones.
Cazenove Capital is the Private Wealth arm of Schroders and is one of the oldest and most respected names in the London financial community tracing its origins back to 1823. With 37 offices worldwide, Cazenove Capital focuses solely on Wealth Management and provides discretionary fund management to private clients, independent financial advisors and charities in order to grow and protect their wealth.
Rathbones International, an independently owned British company, with more than £49 billon under management, has been in business since 1742 and provides discretionary management of bespoke multi asset portfolios invested directly in funds, equities and bonds.
For lower amounts, starting at 50,000 Euros or equivalent, your pension can be managed by Prudential International, based in Dublin, and one of the best recognised names in financial services, with around 26 million clients worldwide (as at June 2018).
Prudential funds are known for being widely used by professional advisors to manage their own personal savings and pensions in the UK. A broad range of funds are available with one fund also incorporating an established smoothing process aimed at providing some protection from the extreme short term ups and downs of the market.
All the Cazenove, Rathbones and Prudential pension funds can be held and managed in either Euros, Pounds Sterling or US dollars.
An appointed Unity Financial Partners Consultant can provide you with guidance on how to set up the Plan as well as ongoing suitability reviews.
Unity Financial Partners, regulated and compliant with European legislation, is headquartered in Rome with a global reach supporting clients worldwide.
To arrange a confidential review of your pension or savings arrangements and assess their suitability for you as an Italian resident, please send an email to [email protected] or contact us at:
Unity Financial Partners
Viale Shakespeare 47
Tel 06 45429867