Press & Media

WELCOME TO THE WOODBROOK GROUP – Paphos 05.09.2018 – Special Client Event

Posted on: 07 Sep 18

The Woodbrook Group was delighted to host a lively and engaging Q&A session with around 50 of our clients at the Elysium Hotel in Paphos on Wednesday night. The event was Woodbrook’s first client forum in the area following our recent merger with the Felicitas Management Group.

Many of those in attendance were Felicitas clients, so the evening was a great opportunity for Woodbrook CEO Michael Doherty and his senior management team and fund managers to meet some people face-to-face for the first time and to directly answer any queries they may have in relation to the company’s philosophy and how their investments are being managed.

After the initial introductions, fund manager Joe Palmer gave a presentation of Woodbrook’s investment strategy and innovative use of Model Portfolios, where the combined expert knowledge of a series of trusted fund managers is harnessed to provide a much greater layer of protection to individual investments.

Joe’s presentation was followed by a lively Q&A session in which clients were given the opportunity to raise any concerns or queries they have in the wake of the merger directly with Mr Doherty and Woodbrook’s team of experts. Clients also welcomed the opportunity to avail of individual consultations with the Woodbrook team throughout the evening, and to sample some of the complimentary wine and cheeses provided.

Speaking after the event, Mr Doherty praised the valuable contributions made by the attendees and said he was “delighted” to be given the opportunity to meet many of them in person for the first time. The Woodbrook CEO said the Paphos seminar reflects Woodbrook’s philosophy and open approach when it comes to dealing with clients’ concerns. This approach, he stressed, is particularly important following recent revelations that many unregulated and unlicensed financial advisory firms are continuing to target the expatriate community in Cyprus.

Mr Doherty said: “Many of our own clients have suffered from dealing with unregulated companies who did not have a proper license for the services they were providing, and unfortunately many of these companies are still out there. More ex-pats may unwittingly be risking their savings because they are receiving advice from unregulated consultants. People lose pensions because they are being fooled by unlicensed practitioners, so we want to make sure people are getting proper advice – and not just our own clients.”

A few Felicitas clients who attended Wednesday’s night event admitted they considered moving their investments in the wake of the merger, but now indicated they are happy to stay with Woodbrook after the company was able to allay any fears or concerns they may have had. Following the success of the event, Woodbrook now plans to host similar client forums across the island over the coming months.

Mr Doherty said he would like to personally thank everybody who contributed to making Wednesday’s seminar such a memorable event. He added: “Everything we do is with our clients’ best interests in mind. Now our merged team is in place to deliver the very best for our existing and future clients. The merger with Felicitas 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 look forward to seeing you all over the coming weeks and months ahead.”

Video of the Event:

https://youtu.be/4UApdUuQCaU


BEST IN CLASS: WOODBROOK’S GUIDE TO CHILDREN’S EDUCATION FEE PLANNING

Posted on: 03 Sep 18

Craig Taylor, Woodbrook Group, Spain

Children are our greatest gift, and making sure they have a good education is one of the important gifts a parent can give them. A good education will give your children the best possible start in
life, but it can also be very expensive and put a huge strain on the family’s finances. What are the best schools? Where do we want our children to be educated? What type of education do we want them to have? How much
will it all cost?

A significant number of expatriates choose to send their children to boarding schools or universities abroad. Others, of course, opt for local schools, but many of these are fee paying which means parents will also need a financial plan to cover their children’s education.
Education costs can vary hugely, whether you send your children to home-based boarding schools, private international schools or universities abroad. Travel costs also need to be considered for children studying away from home, as well as visits from parents. From my experience, the most important piece of advice I give to parents when it comes to investing in your children’s education is to plan ahead, and plan well. Education fees are rising sharply, up to 17pc each year. Many parents are not aware of this. In a lot of cases, families who didn’t plan properly came unstuck and had to sell assets just to educate their kids.
Sound financial planning will ensure that financing your children’s education will not become an unbearable burden and protect you from
unexpected further expenses down the road. Expat children typically have access to unique educational opportunities that can reap huge benefits for them at a later stage. Although the cost of educating your children may be higher as an expatriate, by planning ahead you can save to offset these additional costs and minimise the impact this has on your family’s standard of living.
Doing your homework when investing in your children’s education is essential. With continuing uncertainty over Brexit, and education fees rising way above inflation, there has never been a more important time to plan for your children’s education.Getting the best advice possible is the first key step, and this is where the Woodbrook Group can help. We are unique in that our financial plans are individually tailored to meet our clients’ specific needs, regardless of their circumstances. Our team of financial experts will work with you to find the best
education plan on the market to suit your children’s requirements.Again, early planning is vital. Many of our clients have financial plans for their children’s education in place before they are born, and each individual plan is reviewed every month. Put simply, Woodbrook is best in class when it comes to planning for your children’s education. Planning for your family’s financial future
can be daunting, but by doing it correctly you will learn a lifelong lesson that could pay very high dividends for you and your children.

*For more information, contact our team at the Woodbrook Group Office
in Marbella: _Av. Ricardo Soriano, 72 Edificio Golden Portal B, 1ª
Planta 29601 Marbella, Málaga, Spain.
Telephone: +34 952768471
Email: officemarbella@woodbrookgroup.com

http://www.theolivepress.es/spain-news/2018/09/02/best-in-class-a-costa-del-sol-business-guide-to-childrens-education-fee-planning/


WELCOME TO THE WOODBROOK GROUP – Financial services company hosts Q&A session for clients in Paphos

Posted on: 03 Sep 18

Woodbrook Group’s Paphos seminar, September 5, 2018

WELCOME TO THE WOODBROOK GROUP
Financial services company hosts Q&A session for clients in Paphos

One of Cyprus’ largest and most trusted financial services companies will host a special presentation and Q&A session in Paphos for its clients on Wednesday, September 5.
Ten qualified advisors from the Woodbrook Group team will be on hand to answer any questions that existing or new clients may have at the event, which will take place at the Elysium Hotel between 7pm and 9pm.
The Paphos seminar follows Woodbrook’s recent merger with the Felicitas Management Group, which was approved by the Cyprus Securities and Exchange Commission (CySEC).
The merger 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 enlarged network.
The completed merger offers a greater range of services with the same client-centred approach both groups have a reputation for.
Woodbrook Group CEO Michael Doherty said the Paphos seminar is a great opportunity for local existing and new clients “to come along and meet the team in person and to discuss any issues they may have had in the past”.
Mr Doherty said: “Trust is at the core of Woodbrook’s client relationships, and this trust has been built by delivering excellent client service and a strategy of always seeking to protect our clients’ investments.”
At Wednesday’s Paphos seminar, Woodbrook’s team of experts will give a special presentation on the company’s innovative and trusted approach to protecting their clients’ investments.
A guest speaker will also be on hand to discuss current market trends, and to answer any queries anyone may have at a Q&A session afterwards. Clients will also get the opportunity to avail of individual face-to-face talks with the company’s expert advisers at the event. The night will end with an informal ‘meet and greet’ with members of the Woodbrook team, with wine and cheese, teas, coffees and light refreshments available.
Woodbrook safeguards clients’ investments through its innovative approach of adopting Model Portfolios, where the combined expert knowledge of a series of trusted fund managers is harnessed to provide a much greater layer of protection to individual investments.
Woodbrook CEO Michael Doherty explained: “All our clients, whether they are large corporate investors or retired teachers, know their hard-earned investments are in safe hands. There are still many unregulated companies operating without the correct licensing, and we have heard many stories involving clients who have not seen or heard from their consultant after they placed their initial investment.
“This is what sets Woodbrook apart from the rest. All our clients are reviewed every three months and are given regular updates on how their investments are performing. We have helped many people who have been let down to get back on their feet. We will only allow our clients to invest in solid and regulated funds that have been agreed by our investment board of qualified financial professionals, accountants and compliance personnel. You will not see our clients in funds that promise ridiculously high returns. When it comes to financial planning it is all about a solid return and managed risk, but more important is managing the downturn. We are living in volatile times, so prudent and trusted management is vital.”

*For more information, contact the Woodbrook Group team on 252 587 00.

Paphos Post Press release Client Forum 03.09.2018

 

 


CYPRUS EX-PATS TARGETED BY UNREGULATED AND UNLICENSED FINANCIAL CONSULTANTS

Posted on: 03 Sep 18

PRESS RELEASE

Wealth Division, 3 September 2018
CYPRUS EX-PATS TARGETED BY UNREGULATED AND UNLICENSED FINANCIAL CONSULTANTS

  • Unregulated financial consultants providing services without a proper licence
  • Fears more ex-pats may unwittingly lose their savings in high-risk investments
  • ‘Protect yourself – ask all the right questions’ – Woodbrook Group CEO warns

Cyprus’ large expatriate community is continuing to be targeted by several unlicensed and unregulated international financial advisory companies, the CEO of a leading local wealth management company has warned.Woodbrook Group Chief Executive Michael Doherty spoke out amid fears more expatriates may unwittingly be risking their savings because they are receiving advice from unregulated consultants.

Thousands of ex-pats in Cyprus, mainly British nationals, have been badly burned in the past by unregulated and unlicensed operators who sank their savings and pensions into high-risk investments without their clients’ knowledge. Despite this, a large number of international financial advisory firms on the island are continuing to target expatriates without having a proper licence. Many of these companies are regulated by the Cyprus Insurance Company Control Service (ICCS) but are offering services that are not covered by their licence, including advising on underlying investments on insurance bonds.

Mr Doherty urged expatriates to be extra-vigilant and to ask their financial consultants some basic but extremely important questions to ensure they are dealing with a fully regulated and compliant company. These include: Do you deal with regulated providers? Where can I find your licence details? Where can I find your company’s details on the regulator’s website? What are your qualifications and professional background? What are your company’s qualification requirements? Do you have a complaints policy in place? Can I access your company’s policies and procedures online?

Woodbrook Group is regulated by the Cyprus Securities and Exchange Commission (CySEC) and by the ICCS. CySEC recently approved the company’s merger with the Felicitas Management Group. The merger 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 enlarged network.

Woodbrook safeguards clients’ investments through its innovative approach of adopting Model Portfolios, where the combined expert knowledge of a series of trusted fund managers is harnessed to provide a much greater layer of protection to individual investments.

Woodbrook CEO Michael Doherty explained: “All our clients, whether they are large corporate investors or retired teachers, know their hard-earned investments are in safe hands. There are still many unregulated companies operating without the correct licensing, and we have heard many stories involving clients who have not seen or heard from their consultant after they placed their initial investment.  

“This is what sets Woodbrook apart from the rest. All our clients are reviewed every three months and are given regular updates on how their investments are performing. We have helped many people who have been let down to get back on their feet. We will only allow our clients to invest in solid and regulated investments that have been agreed by our investment board of qualified financial professionals, accountants and compliance personnel. You will not see our clients in funds that promise ridiculously high returns. When it comes to financial planning it is all about a solid return and managed risk, but more important is managing the downturn. We are living in volatile times, so prudent and trusted management is vital.”

Woodbrook has three offices on the island that are open to anyone who requires fully regulated expert financial advice or assistance. The company is also hosting an open Q&A sessions for existing and new clients in Paphos on Wednesday, September 5, with a similar event planned for Limassol soon.


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.

Cyprus. Head Office Limassol. Berengaria 25, 25 Spyrou Araouzou, 6th Floor. 3036 Limassol. Cyprus Web: www.woodbrookgroup.com • Email: contact@woodbrookgroup.com  • Phone: +357 25 25 8700

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CYPRUS EX-PATS TARGETED BY UNREGULATED AND UNLICENSED FINANCIAL CONSULTANTS

Press

https://cyprus-mail.com

 


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:

woodbrook group_Andrew_Heath_CM_Spain_May2018_red

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.

Press Release WBG – Tax and Saving in Spain_red


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


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).

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