Press & Media

FELICITAS MERGER MARKS NEW ERA – Press release Woodbrook Group Wealth Division 25th June 2018

Posted on: 26 Jun 18

FELICITAS MERGER MARKS NEW ERA –

Press release Woodbrook Group Wealth Division 25th June 2018

  • Regulator approves Woodbrook merger with Felicitas Management Group.
  • Move is key part of Group’s major international expansion plans.
  • Woodbrook CEO Michael Doherty says announcement marks ‘a new era’ for the group.

Today sees a special announcement by Woodbrook Group CEO Michael Doherty to clients, following confirmation that the Cyprus Securities and Exchange Commission (CySEC) has given the green light for the merger with the Felicitas Management Group to proceed.

“Today marks the culmination of many months of hard work and preparation by our teams and the beginning of a new era with Felicitas as part of our Group,” he said.
The move is a key part of the Woodbrook Group’s international expansion plan and is the harvest of months of effort to make the merged company a dynamic force in the provision of investment advice and opportunities, with a more diverse and enlarged range of services delivered through the increased network. lnspired productivity, the root of the ward Felicitas, can now occur. The completed merger offers a greater range of services with the same client-centred approach both groups have a reputation for.
Michael Doherty said: “Our team is in place to deliver the very best for our existing and future clients. The merger of our groups has greatly strengthened our investment capabilities and gives our clients an even stronger and more diverse range of investment management skills, on top of significant scale across asset classes and geographies. We believe this will enable us to deliver an even better investment proposition and service to our enlarged client base. This is the very reason why Woodbrook Group, and now Felicitas Management Group, adopts Model Portfolios.”
These increased possibilities, in turn, offer a more tailor-made solution to clients’ specific needs. Mr Doherty added: “Over the coming weeks, our team will start to reallocate assets into the proposed Model Portfolio, which best suits investment objectives and risk profile.”
To Felicitas staff and clients, the Woodbrook Group CEO extended a warm welcome: “We welcome you to the Woodbrook Group, and we very much look forward to working alongside you for many years to come.”

 

Woodbrook Group, regulated by CySEC also has expertise in Investment and Wealth Planning, QROPS, SIPPS, Trust and Trustee Services, Taxation, Accounting, Audit and Legal services, Company Formation and Administration, Cross-Border Structuring, Domiciliation and Corporate Services among many others.

Please download the press release here


GDPR: The Woodbrook Way

Posted on: 23 May 18

GDPR: The Woodbrook Way

You might have noticed your inbox filling up with requests from companies to establish your data relationship with them. This is the result of a new security directive that has changed the landscape of online privacy, given EU citizens’ rights, and companies who use their data an obligation to protect it.

Personal data just became a lot more personal.

Along with protection individuals can now access, erase and rectify any data referring to them. They also have right to object to direct marketing, profiling and processing of their data. For now, the improvements to individual safety have improved in online terms.

Woodbrook had put this concern as paramount even before the GDPR initials were etched into public consciousness.

‘Given that your financial data is the most private, and the most in need of protection, the Woodbrook Group has worked on ensuring both its procedure and its transparency is evident, is working and is ready for any evaluation,’ CEO Michael Doherty assures.

The new regulations will strengthen security and ensure transparency in how organisations acquire, hold and employ personal data. From May 25th, privacy legislation will be upgraded and refined to give citizens of the EU and EEA increased privacy and in turn putting any organisation or body that processes data instructions to:

  • Document the processing in a standardised fashion across the territories;
  • Ensure the lawfulness of processing and so document procedures around it;
  • Provide information on security measures to ensure that processing agreements are met.

‘We understand both the importance of GDPR and the nature and implications of the directive. Our procedures fully comply with the directive and our clients’ confidentiality needs have always been paramount to us, even before it became a more stringent European guideline. We are fully compliant and engage with the complexities of the requirements because we know the essential reason is the safeguarding of client interest in a rapidly evolving digital marketplace,’ Woodbrook Group CEO Michael Doherty states.

So why is GDPR important? Apart from increased client confidentiality, the new directive is clear on what companies have to do to safeguard it. The Woodbrook Group, which has branches in the Middle East and Asia, has also noted that some financial services companies do not see the forthcoming change as relevant to them if they operate outside the EU.

‘The truth is the EU directive should be the same standard throughout the world. We are a global economy so data protection should be globalised also,’ Michael Doherty points out. ‘Also we have had a long lead time to prepare for May 25th. A two-year transition period has given organisations every chance. Woodbrook is prepared more than most because financial and legal companies have always had to ensure strong protections, and this will be borne out for all data processors and controllers in future.’

A new system of fines for breaching the new directive reflects the global need for increased online privacy and accountability. Organisations who breach the regulations may be fined either between 2% to 4% of their annual global turnover or up €20 million, whichever is higher. Frequent breaches will result in higher fines of up to €40 million.

‘While it is adding complexity and cost, the benefits of the GDPR are that it has created compliance requirements, which hold all organisations to full account. As a compliant group, we saw the benefits before the stories made headlines and they made headlines for a good reason,’ Michael Doherty elaborates.

Most clients, prior to the recent high profile media coverage of data breaches and trading to third parties, would have expected their data to be protected but not know exactly how this was achieved. The maelstrom created by Facebook and Cambridge Analytica made individuals more than interested, they became truly concerned. The Woodbrook Group has taken the key questions clients have come up with:

What will GDPR do and what does it replace?

It improves and standardises the way personal data is currently protected. The European Data Protection Directive was the previous legislation, but the rapid advances in technology have rendered previous protections obsolete. Even before the recent news stories around data sharing there was a compelling need to look at what needed to be done to bring in new and effective procedures around data protection and to make them run across the board, so individuals who were dealing with one firm didn’t end up having private information shared with the databases of others, without their knowledge or consent.

What is your ‘data self’?

Anything online that identifies you as you that is shared online – your location, interests, values and connections. Your IP address yields a lot when it is married with the sites you search and your affiliate leisure and business interests with an online presence.

Who does GDPR affect?

The GDPR applies to anyone who uses data – processing, holding, or transmitting – which is most companies in the EU or EEA and any company dealing with EU citizens – which is most companies globally.

How will the new regulation be overseen?

The national data protection authorities of each member state and those affiliated through the EEA.

What will occur in the UK after Brexit?

As has been pointed out, any organisation dealing with the data of an EU citizen must comply. The UK’s Data Protection Bill will ensure similar if not higher standards than the GDPR changes.

How will organizations be affected?

The uniformity has eliminated contradictory national data protection laws by demanding that anyone who has EU dealings complies with EU standards. GDPR has put data protection practices at the forefront of business agendas worldwide.


WOODBROOK GROUP EXPANSION GATHERS PACE WITH NEW APPOINTMENT ANDREW HEATH APPOINTED COUNTRY MANAGER FOR SPAIN

Posted on: 14 May 18

Press Release Woodbrook Group – Wealth Division -14 MAY 2018

WOODBROOK GROUP EXPANSION GATHERS PACE WITH NEW APPOINTMENT
ANDREW HEATH APPOINTED COUNTRY MANAGER FOR SPAIN

o Brings 16 years offshore market experience to this major new initiative.
o Heath heads up expanded Spanish team to meet this fast-growing client base.
o ‘Seeing how forward-thinking Woodbrook are, I knew this was the match for me.’
o Second key announcement following Mark Slevin’s appointment as Country Manager in Cyprus.
o Woodbrook’s calculated 2017 growth leads to strong 2018 growth.

Woodbrook Group, a leading independent financial advisory and corporate services company with offices across Europe, Asia and the Middle-East, has signalled major plans for expansion in 2018.
Two appointments in Europe in as many weeks have seen the continued emergence of a year plan featuring streng growth. Signified by the appointment of Mark Slevin in Cyprus now, hat an the heels of that initiative, Andrew Heath is to head up a greatly expanded operation in Spain. Centred in Marbella, its focus will be an expatriate business and personal needs which are considerable and rapidly expanding.
Andrew, who has 16 years in the offshore market and a wealth of experience in helping clients to manage their wealth, said of his appointment:
“Seeing how compliant, customer focused and forward thinking Woodbrook is I knew this was the match for me. Europe has a fast-growing expat population, and Spain and Portugal are very popular locations for expats. Expatriates go for the sun, the way of life and to set up businesses. But it can be so easy for them to forget about protecting their financial futures, and that’s where our experience will help.”
Coupled with this are the needs to be met of new businesses opening daily along the Costas as the economic upturn leads to an invigorated tourism, commercial and property market. Andrew will head up the expanding Marbella office and build an Woodbrook’s streng reputation for advising an many financial and business matters and helping clients to make the right decisions.
Spain’s potential is also indicative of similar opportunities across the continent. As Country Manager, Andrew will help Woodbrook to develop and service its growing Spanish client base and continued development within the European market.Woodbrook’s expertise in both holistic financial planning to the individual and corporate fiduciary service, their advice an many financial and business matters, helping clients make the right decisions, has proved fruitful to their own expansion. The group has laid the groundwork for growth in calculated initiatives last year which have culminated in strong growth coupled with signs of more to come.
Woodbrook CEO, Michael Doherty, summarised the expansion initiatives: “We have been very calculated in our growth in 2017. Now with our acquisitions and the outstanding new members who have joined our team, the future is extremely positive. We will continue our strong growth through 2018.”

Woodbrook Group, regulated by CySEC, has expertise in Investment and Wealth Planning, Structured Product building, QROPS, SIPPS, Trust and Trustee Services, Accounting, Audit and Legal services, Company Formation and Administration, Taxation, Cross-Border Structuring, Domiciliation and Corporate Services among many others.

Spain. Marbella Office, Costa del Sol. Av. Ricardo Soriano. 72 Edificio Golden Portal B. 1′ Planta.29601 Marbella. Malaga. Spain Tel, +34 952768471  Email: officemarbella@woodbrookgroup.com Website: www.woodbrookgroup.com

Download Press Release:

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Woodbrook Group Press Release EuroWeekly_Andrew_Heath_1

Woodbrook Group Press Release EuroWeekly_Andrew_Heath_2


Woodbrook Group – Wealth Division – May 2018 Tax and Saving in Spain

Posted on: 03 May 18

Woodbrook Group – Wealth Division – May 2018

Tax and Saving in Spain

If you are from the United Kingdom, and you are moving to Spain, then it is not unusual for you to have some expectations regarding the taxes that will be charged on your savings, which, in turn, is supposed to give you an income or serve as something to fall back on. Expectedly, you may have already been conversant with the use of ISAs in developing valuable holding that will not be taxed in the United Kingdom, and you might be wondering if there is anything resembling an ISA in Spain?
As a result, it is imperative that you recognise how the system works in Spain and to have an insight into how much you will be paying in tax and using this information to make your financial plans. Given that residents in Spain are legally responsible for paying tax on income and gains built all around the world, this article takes a look at the differences in tax between both countries and examines what could pass as an ISA in Europe. Indeed, the significant difference is in the way Wealth, Inheritance and savings are taxed.

Wealth Tax in Spain

Presently, there is no wealth tax in the United Kingdom, while individuals in Spain worth above €700,000 are liable to pay 0.2–2.5% on net assets. In places like Catalonia, the rate is within a band of 0.21-2.75%.

Inheritance Tax in Spain

In Spain, the imposed tax on the individuals getting an inheritance is reliant on the amount they get from the estate, while in the United Kingdom the entire estate of the deceased is taxed. Also, there is a clear distinction in the taxation system and allowances. It is pertinent to note that the inheritance tax rates differ across Spain, from Barcelona to Andalucía, etc.

Tax-Free Savings in Spain

The Personal Equity Plans (PEPS) which was introduced in 1987 that have now metamorphosed into ISAs is entirely tax-free but is limited to £20,000 for each year. But if you are resident in Spain, then all your income and gains obtained from share sales and premium bonds (wholly taxed as general income) are liable to savings income tax.
Presumed you would have become really worried by now, but you don’t have any reason to fret because Spain has its own version of the ISA, a similar investment and often regarded as the “European ISA,” with some essential features and benefits such as:

  • It is slightly more restrictive than the UK’s ISA but worth the effort in general. Should you rely on your investment for income, then you are likely to enjoy some useful and fantastic tax breaks.
  • It has no limit and is moveable to other countries
  • You may enjoy up to 80% in tax savings if you go back to the UK having spent some years in Spain
  • You can invest up to 10 millions Euros in a single year

In conclusion, this article has been able to take a cursory look at the fundamental difference in taxation between the United Kingdom and Spain, while taking a look at Spain’s version of the ISA, the European ISA.

Woodbrook Group is an independent financial advisory and corporate services company regulated by CySEC. With offices across Europe, Asia and the Middle-East, Woodbrook’s expertise is in investment and wealth planning, structured product building, QROPS, SIPPS, trust and trustee services, Accounting, Audit and Legal services, company formation and administration, taxation, cross-border structuring, domiciliation and corporate services among many others. Focusing on both holistic financial planning to the individual and corporate fiduciary service, Woodbrook Group advise on many financial and business matters, helping clients make the right decisions.

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Woodbrook Group – Wealth Division – May 2018 „QROPS tax charge for 2017“ – Will this change after BREXIT?

Posted on: 03 May 18

Woodbrook Group – Wealth Division – May 2018
„QROPS tax charge for 2017“ – Will this change after BREXIT?

In the wake of the announcement by the UK government that 25% Overseas Transfer Charge (OTC) will be charged on QROPS transfers occurring on or after 9th March 2017, there has been a great deal of uncertainty trailing the declaration and whether this policy will change after BREXIT remains to be seen. As the debate on whether Britain remains or exit the European Union rages on, various pension experts have offered their opinion on this issue that may have consequences for a lot of people.
QROPS (Qualifying Recognised Overseas Pension Scheme) was originally set up as a result of an EU demand for both British and European expats residing on mainland Europe to have easy access to pension savings they made while working in the United Kingdom. The set rules allow non-European Union financial centres to provide QROPS to British expats or international workers from any country with UK pension funds. The law guiding it calls for a scheme to fulfil a set of UK regulations that do not restrict the place where the pensions are based, to just the European Union alone.
Although the HMRC Guidance indicates that the OTC will not be applied in the following situations:

  • the member is resident in the same country in which the QROPS receiving the transfer is established
  • the member is resident in a country within the European Economic Area (EEA) and the QROPS is established in a country within the EEA
  • the QROPS is set up by an international organisation for the purpose of providing benefits for or in respect of past service as an employee of the organisation and the member is an employee of that international organisation. PTM112200 provides guidance on the definition of an international organisation. It does NOT simply mean a multi-national employer.
  • the QROPS is an overseas public service pension scheme and the member is an employee of an employer that participates in the scheme
  • the QROPS is an occupational pension scheme and the member is an employee of a sponsoring employer under the scheme

However, some of the advisors in the industry believes that HMRC may require that for private and salary pension transfers, owners could only transfer a pension to their host country in the EEA rather than Malta, which could adversely impact on those living in Spain, France, Italy or Portugal — mainly if they do not have QROPS that can accept transfers. Although some of the international QROPS advisors are feel this is unlikely to happen.
Other transfer specialists believes that this law does not imply immediate death for HMRC QROPS should the vote go in favour of a BREXIT. They feel expats are fretting for no justifiable reasons, and advocates that pensioners seek personal advice from qualified and experienced independent financial adviser about how Britain leaving the EU might affect them.

 

In conclusion, whether you are planning to relocate to another country or have already transferred benefits to a QROPS, it is vital that you get advice from a professional regulated service to explore your options and to see how this regulation and BREXIT might impact on you.

Woodbrook Group is an independent financial advisory and corporate services company regulated by CySEC. With offices in Limassol, Nicosia and Paphos / Cyprus and operating in many countries across Europe, Asia and the Middle-East, Woodbrook’s expertise is in investment and wealth planning, structured product building, QROPS, SIPPS, trust and trustee services, Accounting, Audit and Legal services, company formation and administration, taxation, cross-border structuring, domiciliation and corporate services among many others. Focusing on both holistic financial planning to the individual and corporate fiduciary service, Woodbrook Group advise on many financial and business matters, helping clients making the right decisions.

Press Release WBG „QROPS tax charge for 2017“ – Will this change after BREXIT? Kopie_red

 

 


Press Release Woodbrook Group – Wealth Division – May 2018

Posted on: 02 May 18

Woodbrook Group Wealth Division is delighted to announce the appointment of Mark Slevin as Regional Manager Cyprus.

Mark Slevin

Mark takes up this role from beginning of May 2018 and he will be based at the Woodbrook Group Head Office in Limassol. Mark has many years of experience working both as an IFA and as a team leader and brings a wealth of experience to Woodbrook. The continuing rapid growth of the Woodbrook Group is founded both on its independence and particularly on its total commitment to exceptional client service, which is an area of specific expertise for Mark. The Woodbrook Group recognises the absolute need for all clients to have total confidence in their financial advisors, and exceptional client service is an essential part of this. Mark will ensure that the Group’s obligation to client support and service is fully achieved in the region. This major appointment is a key element of the Woodbrook Group’s strategy to grow and develop the company as it opens new offices around the world.

Woodbrook Group is an independent financial advisory and corporate services company regulated by CySEC. With offices in Limassol, Nicosia and Paphos / Cyprus and operating in many countries across Europe, Asia and the Middle-East, Woodbrook’s expertise is in investment and wealth planning, structured product building, QROPS, SIPPS, trust and trustee services, Accounting, Audit and Legal services, company formation and administration, taxation, cross-border structuring, domiciliation and corporate services among many others. Focusing on both holistic financial planning to the individual and corporate fiduciary service, Woodbrook Group advise on many financial and business matters, helping clients making the right decisions.

Press Release Mark Slevin WBG_red


Education planning – More than just education fees

Posted on: 20 Mar 18

We all want the best prospects for our children, which is the reason education fee planning is a wealth management matter that should be considered. Saving might be the only way to ensure you can meet these future costs when the time comes. It is even more crucial if you are an expat or international worker, since in many countries funding your children’s education will be entirely your own responsibility.

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Company Introduction July 2017

Posted on: 22 Jul 17

Woodbrook Group Company Video

 

 


Budapest office Training Day July 2017!

Posted on: 21 Jul 17

Budapest office Training Day July 2017! Getting our Consultants up to date on all new products and services from the Woodbrook Group!


Warsaw office Training Day July 2017

Posted on: 19 Jul 17

Warsaw office Training Day July 2017! Getting our Consultants up to date on all new products and services from the Woodbrook Group!



Woodbrook Group is authorised and regulated by the Cyprus Securities and Exchange Commission (No: 297/16) and subject to the requirements of the EU’s Markets in Financial Instruments Directive (MiFID). Woodbrook Group is licensed by the Cyprus SEC for the provision of Investment Services (Investment Advice) and Ancillary Services (Investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments).

Woodbrook Group and its affiliates make no representations or warranties as to the accuracy, completeness or timeliness of the information. Woodbrook Group disclaims any responsibility for content errors, omissions, infringing material and any responsibility associated with relying on the information provided on this website. The information contained in this website is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved and your country of residence. Before making any decision or taking any action, you should consult with our qualified advisors for advice specific to your circumstances.