Offshore investment vehicles include unit trusts, mutual funds or investment companies, and may be open or closed. The offshore company normally pays no tax on its income or gains. However, the income it receives may be subject to withholding tax, which the company will not be able to reclaim. For the policyholder, all gains are fully taxable at the time of encashment.
Offshore funds can offer greater returns and often greater risks than onshore funds, however many countries restrict investment in such funds by their citizens, and also restrictions are placed on the marketing of offshore funds to their citizens. The UK's regime, whilst permissive, is still not very flexible. The laws and regulations of high-tax countries in respect of offshore funds are directed not just to limiting the behaviour of their citizens but also to preventing 'money-laundering' and other illicit uses of International Offshore Financial Centres (IOFCs).
These are funds which, although managed overseas, are permitted to market themselves directly to UK private investors. Having the 'Financial Conduct Authority Recognised' tag simply means that the UK authorities acknowledge the regulatory regime in the overseas territory is of a standard at least as 'good' as in the UK.
There may however still be higher risk funds which the Financial Conduct Authority doesn't recognise even though they are based in territories with 'good' regulatory regimes.
OFFSHORE COLLECTIVES ARE COMPLEX INVESTMENTS AND ARE NOT SUITABLE FOR EVERYONE, YOU SHOULD SEEK FINANCIAL ADVICE BEFORE ENTERING INTO THIS TYPE OF INVESTMENT.
INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM TAXATION, ARE SUBJECT TO CHANGE.
THE VALUE OF INVESTMENTS AND THE INCOME FROM THEM MAY GO DOWN. YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.
After much searching and initial enquiries with finance / investment management advisors it proved the right decision to go with Metcalf. At all stages confirmation that solution options met with my needs was paramount and always with a relaxed very professional approach. Louisa and the team are extremely knowledgeable.”
I have had a relationship with the Metcalf Wealth Managers team since 2017, and they have been very helpful in amalgamating various personal pension schemes into a SIPP and another longer-term pension structure. The team have also been integral regarding monthly drawdowns from the SIPP in a tax-efficient way, keeping me fully informed on the corresponding paperwork trail as necessary. I fully recommend their advisory services accordingly.
Metcalf Wealth Managers provide a highly professional service in a very friendly and helpful way which I value and appreciate. Louisa is extremely knowledgeable and explains matters properly without being confusing. I trust her guidance, advice and recommendations and I feel that my investments are being well managed and are in very capable hands.
I have been very pleased with the quality of work you carried out on my behalf and would be happy to both recommend you to others and approach you for your assistance again once my finances and/or situation requires it.
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West Malling
Kent
ME19 4YU
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Metcalf Wealth Managers Ltd is an appointed representative of 2plan Wealth Management Ltd which is authorised and regulated by the Financial Conduct Authority. Metcalf Wealth Managers Ltd is entered on the FCA register (www.FCA.org.uk) under no. 229367.
The information contained with this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
Registered office: Suite 9, 10 Churchill Square, Kings Hill, West Malling, England, ME19 4YU. Registered in England and Wales Number: 12939624.
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