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Financial Advice for Expats Living in South Africa

INDEPENDENT FINANCIAL ADVICE FOR EXPATS LIVING IN SOUTH AFRICA

As an English-speaking country with strong historical European links, stunning natural scenery, a superb climate and relatively low cost of living it is no wonder that so many expats make South African their home.

The country itself however is not the most stable from a political or economic point of view which makes it pertinent that expats with assets spread globally receive the best independent financial advice.

Co-founder and director Tom Goold began his financial services career in Cape Town and has several years of experience providing quality financial advice to expats in South Africa.

We provide transparent, fee-based, UK-regulated independent financial advice.

INDEPENDENT UK-REGULATED ADVICE FOR BRITISH EXPATS IN SOUTH AFRICA WITH UK ASSETS

If you’re a British expat in South Africa with assets in the UK then you need a clear picture of how to manage them. Living overseas presents complications with investment management, generating income, managing currency fluctuations, protecting capital and understanding tax obligation both in your own lifetime and when you pass them on upon your death.

We provide UK-regulated advice to assess all of your assets and the optimise them to manage all of the concerns mentioned above.

Contact us via the form below if you want a free and confidential meeting about your situation.

UK-REGULATED ADVICE ON UK PENSIONS

If you’ve spent a significant part of your career working in the UK then it’s probable that you’ll have accumulated pensions either in the form of defined contribution pots or defined benefit final salary pensions.

We give the best UK-regulated advice on UK pensions for British expats in South Africa. Unfortunately many British expats in South Africa have been badly advised in the past and transferred their UK pensions into Qualifying Recognised Overseas Pension Schemes (QROPS) in jurisdictions like Guernsey, Malta and Gibraltar. The majority – probably 99% – of these were done unnecessarily and could actually leave you worse off from a tax perspective.

For more specific guidance on UK pensions for expats in South Africa check out our articles further down this page.

FINANCIAL ADVICE FOR US EXPATS

US expats and US connected persons face challenges with regard to their investments as many financial institutions simply won’t allow U.S. connected persons to hold investment products and increasing numbers of U.S. financial institutions are closing brokerage accounts for U.S. connected persons with overseas addresses.

The U.S. Foreign Account Tax Compliance Act (FATCA) has paved the path for subsequent and more global regimes, notably the Common Reporting Standard (CRS).

Providing correct advice to US expats is just one area in which we specialise. For a free and confidential meeting about your situation, please contact us via the form below.

Understanding UK Pensions for British Expats living in South Africa

If you’ve worked in the UK and now live in South Africa – whether as a British expat or a South African who spent time in the UK – then you might be considering how to incorporate your UK pensions into your long-term retirement plans. This article examines how UK...

What happens to my QROPS if I move back to the UK?

If you have left the UK and been advised to transfer your pension to a Qualifying Recognised Overseas Pension Scheme (QROPS) but now intend to return to the UK then you need to consider how this pension will now be treated. While many expats and professionals who have...

THE TROUBLE WITH FINANCIAL ADVICE FOR EXPATS

From undisclosed commissions, unsuitable investments, high risk strategies and extortionate surrender penalties. The world of offshore financial advice is a minefield to navigate for expats. We expose the truth to help you avoid the risks of dealing with an offshore financial advisor.

QROPS MYTH #9 – Brexit will affect your pension

Let’s look at this realistically. If you’re an expat in Spain, for example, and the UK leaves the EU do you really think that your UK-based pension provider will be unable to make a payment to you now that you are not an EU resident? Is this not already the case for...

QROPS MYTH #8 – If you leave your pensions in the UK you’ll have to pay income tax

We often hear the argument that Malta is a superior home for your pension as it has double taxation agreements (DTAs) with numerous countries meaning that regardless of where you retire you won’t pay tax at source but only in Malta. It is certainly true that pensions...

QROPS MYTH #7 – Structured notes are suitable investments

A consequence of transferring your pension away from the UK opens you to the risk that your funds will be placed into investments that would not be allowed if it was still under the watch of the UK’s Financial Conduct Authority. There have been many cases of clients...

QROPS MYTH #6 – You need to keep a large proportion in cash

Any investment portfolio should always contain a small proportion of cash but by small we mean around 2-3%. If your pension has a cash account of somewhere around 10% then you might want to question whether this money really exists. Consider it this way, pensions are...

QROPS MYTH #5 – QROPS are ‘approved by HMRC’

HMRC do not approve anything! It is not their function. Their purpose, as stated on the website https://www.gov.uk/government/organisations/hm-revenue-customs is: “We are the UK’s tax, payments and customs authority, and we have a vital purpose: we collect the money...

QROPS MYTH #4 – You’ll be able to access your pension sooner if you transfer it

This is not such a common myth nowadays but in the early days of QROPS there were many advisors going around the world ‘pension busting’ and either helping people to access their pension sooner by either transferring to a jurisdiction that allowed access from a...

QROPS MYTH #3 – Your UK scheme is going to go bust

It’s true that there have been many high profile defined benefit pensions that have gone bust in recent years. The fundamental principle of the way that defined benefit pensions are structured can indeed sound like a risk. A defined benefit pension will promise to pay...

QROPS MYTH #2 – You need an insurance bond

When it comes to QROPS there are a few ways of administering the investments – although most people are only ever presented with one option. As the QROPS trustees are not set up to provide this service (they merely provide the legal structure and fulfil normal trustee...

QROPS MYTH #1 – Your pension is at risk if you leave it in the UK

What risks? Brexit? Tax? Schemes going bust? What risks have you been told about? The only risk is believing someone who is giving you advice that is biased in their favour. If someone is going to profit from helping you to transfer your pension overseas then you need...

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We firmly believe that your location in the world should not be a barrier to receiving fair, independent and transparent financial advice that puts your needs first.

We work with clients across the globe and can offer you a FREE initial consultation wherever you are.

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