The deVere Group - Press Releases

Signs of a financial scam

2012-09-13T10:19:00.002+02:00

Signs of a financial scam

It seems to be a known fact that older adults are the most vulnerable when it comes to financial fraud as scam artists promise to invest their money in a prosperous medium, however, new reviews have shown that financial fraud is more often than not implemented by a member of one's own family.

Randy Thomas, a retired law enforcement officer and past president of the National Committee for the Prevention of Elder Abuse stated how they 'spend a lot of time warning seniors they will get scammed if they answer an email or pick up their phones, but most of [the] money goes out the back door with family members'.

Generally when the word fraud is mentioned, the elderly often think of a Ponzi scam but they let their guard down when they are dealing with family members. Undoubtedly, not every family member taking care of the elderly has bad intentions but those who do are so because they are dependent on their seniors and they need instant cash.

On the other hand, when the financial scam is being implemented by someone from the outside, family members can detect certain warning signs to protect their elderly. The latter could have a 'new best friend' all of a sudden, helping him or her with financial advice.

When suspicions arise, family members should read between the lines and ask a lot of questions to their elderly. The same ought to be done by the latter themselves however, especially when they meet up with their financial adviser, to assure themselves they are dealing with an authentic company.

'Seniors are going to be affected by every kind of fraud, because they tend to be the ones that have the savings and the cash,' accordingly, 'transparency is the key' to delineate who is reliable and who is not.

Regulators, law enforcement and the financial industry are now striving to protect seniors against scam artists or against harmful family members by keeping the awareness of these scams alive.

At the deVere group, our financial consultants are there to serve their clients in a manner that is professional, truthful and law-abiding so that clients reap all the benefits when they invest.

If you would like to prevent yourself from such scams, please speak to a deVere Group Financial Adviser today to be guided in the right investment path.

deVere names Goldman Sachs Asset Management as one of the preferred Fund Advisors

2012-09-12T18:17:00.003+02:00

The deVere Group, the world's largest independent financial advisory, is proud to announce that it has selected Goldman Sachs Asset Management as one of its preferred Fund Advisers to provide exclusive investment management solutions to its clients.

Goldman Sachs Asset Management will provide the deVere Group with access to a comprehensive range of global investment strategies and investment research across all major asset classes. In addition, Goldman Sachs Asset Management will offer sales support to all deVere Group Financial Advisers worldwide.

The deVere Group CEO Nigel Green said, "deVere is proud with the relationship it has forged with Goldman Sachs Asset Management. As we continue to expand globally, amongst others, we aim to keep nurturing our services through Goldman Sachs Asset Management . We now look forward to start seeing the benefits for our clients".

Oliver Rahe, head of platform and insurance third party distribution EMEA, from Goldman Sachs Asset Management commented, " At GSAM we pride ourselves on being able to provide excellent service and world class investment solutions to our clients. We are delighted to be working with deVere, one of the fastest growing independent financial advisor groups in the world.

NOTES TO EDITORS

About Goldman Sachs Asset Management

Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $836 billion as of end June 2012. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1989 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global financial services firm providing investment banking, securities and investment management services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.

About the deVere Group

The deVere Group is the world's largest independent international financial consultancy group. International investors and expatriates employ deVere Group to find financial services products that suit their medium to long term requirements for investments, savings and pensions. With in excess of US$8 billion of funds under administration and management, deVere has more than sixty thousand clients in over a hundred countries. Their independence and ability to offer financial products that are tailor-made to fit an individual's needs are behind their success.

Nigel Green interviewed by Financial Times on pension annuity rates

2012-09-12T18:16:00.001+02:00

Nigel Green is warning pensioners that UK annuity rates could fall by as much as 4% as German Purchasing Managers' Index recently fell to its lowest level since June 2009. The CEO explained that investors could therefore now flee to UK gilts, thereby raising prices and reducing yields - and thus annuity rates.

In addition, the CEO of the deVere Group also stated that as the Euro-zone crisis keeps deepening, more and more people are transferring their British pensions out of the UK into an HMRC-recognised QROPS. Nigel Green said that, "more and more expats want to take control of their own pensions. They are moving to QROPSand looking to improve their returns".

Notably, UK annuity rates have been cut 14 times since July of this year alone and as such, a further cut would mean that savers who are about to retire are very much likely to end up with a permanently lower income in retirement.

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About the deVere Group

The deVere Group is the world's largest independent international financial consultancy group. International investors and expatriates employ deVere Group to find financial services products that suit their medium to long term requirements for investments, savings and pensions. With in excess of US$8 billion of funds under administration and management, deVere has more than sixty thousand clients in over a hundred countries. Their independence and ability to offer financial products that are tailor-made to fit an individual's needs are behind their success.

A QROPS(Qualifying Recognised Overseas Pension Scheme) is a pension transfer scheme that is recognised by HMRC and meets certain conditions and standards equivalent to a UK pension. Therefore, any UK pension can be readily transferred into an overseas scheme, provided that the overseas scheme is registered with HMRC as a QROPS.

Nigel Green is the founder and CEO of the deVere Group.

deVere Penang now open for business

2012-09-04T13:02:00.001+02:00

deVere Penang now open for business

The deVere Group, the World's Largest International Financial Consultancy, is delighted to announce that its Penang office in North Malaysia is now ready to welcome international investors and expatriates in the area for professional financial advice.

deVere Penang therefore strengthens the International IFA Group's push into overseas markets, as it will be the first advisory business to establish a presence in this populous and commercial part of Malaysia.

Penang is increasingly growing as an important expat destination and a centre for tourism and industry, with a relatively benign personal tax environment.

Country Manager Terry Howes said in a statement, "We are pleased to be granted permission from Labuan FSA to have a new office for Northern Malaysia, following the success of our first office in Kuala Lampur. The new office in Penang will enable us to grow deVere's business in Malaysia and continue to service our growing client-base in the region".

deVere already has an office in Kuala Lumpur, which it opened in 2005.

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The deVere Group is the world's largest independent international financial consultancy group. International investors and expatriates employ deVere Group to find financial services products that suit their medium to long term requirements for investments, savings and pensions. With in excess of US$8 billion of funds under administration and management, deVere has more than sixty thousand clients in over a hundred countries. Their independence and ability to offer financial products that are tailor-made to fit an individual's needs are behind their success.

www.devere-group.com

-Related Articles-

International Adviser - deVere opening office in Penang, North Malaysia

deVere Group says it has moved more than one-third of all QROPS

2012-02-23T17:17:00.000+01:00

The deVere Group, the Zurich-headquartered, internationally-focused advisory group which claims to be the world’s largest, said it has handled more than a third of the assets transferred out of the UK and into qualifying recognised overseas pension schemes since QROPS were created in 2006.
The company said it has more than £500m under advice in such schemes, on behalf of its clients, which is roughly 39% of the total of £1.3bn said to have been transferred into QROPS as of the end of 2010 by HM Revenue & Customs.

The HMRC data was obtained last year by Guernsey-based QROPS specialist the Concept Group.

“Since the QROPS inception in 2006, the deVere Group has been at the forefront of the UK pension transfers business, providing its clients unique product offerings thanks to its strong strategic alliances with leading providers in the industry,” deVere said in a statement on its website.

In the statement, deVere Group founder and chief executive Nigel Green is quoted as saying that the company was continuing to develop its expertise, in order to “advise expatriates and international investors on financial products that we truly believe will suit their plans for the retirement that they deserve”.

“With an estimated 10 million UK expatriates around the world, our commitment remains to be within easy reach for our clients, wherever they may be.”

As reported, the data obtained last year by Concept revealed the total value of pensions transferred into QROPS as of 2010 was £1.3bn ($2.1bn). The value of transfers made has increased every year since 2007, when it totalled £121.5m, and almost trebled the following year, according to the figures.

2011 data might change percentage

Of course, if the QROPS transfers from 2011 were added to the £1.3bn total, assuming the deVere figure is current, the deVere share necessarily would shrink. In an interview last September,Concept Group managing director Roger Berry predicted that the QROPS transfer total for 2011 would approach “half a billion pounds", assuming a 6% increase over 2010.

If this were the case, then the current total of pensions transferred thus far would actually be around £1.8bn -- of which deVere's share, at £500m, would be closer to 28%.

deVere clients receive 14% return in just 6 months

2012-02-22T13:43:00.000+01:00

The deVere Group, the World's Largest Independent Financial Advisory, is delighted to announce that it has yet again secured its clients a 14% return in just 6 months, the second consecutive high return announcement in just over a week.

deVere clients that are invested in the Morgan Stanley Autocallable Note on an Emerging Markets Basket, therefore received a coupon of 14% plus a full return of their invested capital, as the note matured after 6 months in operation.

The Structured Products offered by the deVere Group, thus give clients a fantastic opportunity to maximise their wealth and receive unprecedented returns in the short-medium term.

In addition, deVere has recently launched a 14% return note. If you wish to benefit from the same opportunity, speak to a deVere Financial Adviser today to learn more about investing in Structured Products.

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The deVere Group is the World's Largest Independent International Financial Consultancy. International investors and expatriates employ us to find financial services products that suit their medium to long term requirements for investments, savings and pensions. With in excess of US$8 billion of funds under administration and management, deVere has more than 60,000 clients in over 100 countries. Our independence and ability to offer financial products that are tailor-made to fit an individual's needs are behind our success.

www.devere-group.com

deVere Group affirms its position as QROPS market leader

2012-02-20T17:00:00.000+01:00

The deVere Group continues to affirm itself as the World's Largest Independent Financial Advisory on QROPS, with more than £500 million under advice on offshore pension schemes.

Since the QROPS inception in 2006, the deVere Group has been at the forefront of the UK Pension Transfers business, providing its clients unique product offerings thanks to its strong strategic alliances with leading providers in the industry.

deVere Group CEO Nigel Green comment that, "With over 5 years experience as the market leaders in the UK Pension Transfers business, we continue to develop our expertise to advice expatriates and international investors on financial products that we truly believe will suit their plans for the retirement that they deserve. With an estimated 10 million UK expatriates around the world, our commitment remains to be within easy reach for our clients, wherever they may be in the world".

Since QROPS were first introduced, approximately £1.3 billion have been moved from onshore UK pensions to offshore pension schemes. The deVere Group has thus transferred almost half of the figure.

Meanwhile, following the recent proposed changes for the QROPS legislation on April 6th 2012, selective QROPS jurisdictions such as Malta have grown to become more favourable than others. Malta is quickly picking up QROPS business thanks to its European Union membership status. Malta is also the preferred location due to its 59 double taxation agreements with prominent countries around the globe (at the time of writing).

deVere South Africa raises money for CANSA Research

2012-02-15T12:29:00.000+01:00

deVere Group South Africa, part of the deVere Group, the World’s Largest Financial Independent Financial Advisory, is very proud to announce that it has raised ZAR45,000 (£3,700) for CANSA Research Foundation.

Last year, the deVere Investments South Africa Cycling Team, put together by deVere Consultant Ross Pennell, raised the funds for CANSA research by participating in cycle races in and around the Western Cape, South Africa.

The Team entered the Coronation Double Century Cycling Challenge, a 202km race involving 200 teams and 2,400 cyclists.

“There is an African proverb which epitomises both the deVere ethos and the Double Century ride. If you want to go fast, you go alone. If you want to go far, we will go together”, Pennell commented.

deVere secures 12% return in 6 months for its clients

2012-02-14T11:55:00.000+01:00

The deVere Group, the World's Largest Independent Financial Advisory, is very proud to announce that it has yet again secured its clients a 12% return in just 6 months, in their ever-growing Autocallable Structured Products business.

deVere Group has announced to its clients on Tuesday that the RBS Autocallable 14 Note matured after just 6 months in operation. deVere clients that are invested in this note will therefore receive a coupon of 12% plus a full return of their invested capital, since all indexes linked to the product were equal to 100% of their starting levels at the strike date.

Such news thus gives prospective deVere clients a fantastic opportunity to maximise their wealth and receive unprecedented returns. Moreover, deVere Group has now launched an even higher initial coupon of 14% and has an increased protection barrier set at 50%.

All clients investing in this new Note will therefore continue to benefit from the same opportunity of early maturity after just 6 months. Speak to a deVere Financial Adviser today to learn more about investing in Structured Products.

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The deVere Group is the World's Largest Independent International Financial Consultancy. International investors and expatriates employ us to find financial services products that suit their medium to long term requirements for investments, savings and pensions. With in excess of US$8 billion of funds under administration and management, deVere has more than 60,000 clients in over 100 countries. Our independence and ability to offer financial products that are tailor-made to fit an individual's needs are behind our success.

www.devere-group.com

T +34 636 978 880

deVere Budapest open for business

2012-02-14T09:13:00.000+01:00

The deVere Group, the World's Largest Independent Financial Advisory, is delighted to announce that the Budapest office, its latest addition in the Eastern Europe Region, is now open for business.

deVere Group's expansion into Budapest is aimed at reaching high net worth expatriates looking for professional financial advice for planning their retirement, their children's education or ways to maximise their wealth whilst living abroad.

The new deVere Budapest office will now bring the total number of deVere offices to over 60 worldwide. The expansion therefore continues to affirm deVere's commitment to be within easy reach for its ever-growing international customer-base, which has today risen to over 60,000 clients across 100 countries around the globe.

deVere Group Area Manager for Moscow, John Phillips, commented, "As part of our ongoing Eastern Europe expansion plans, I am delighted to confirm that the deVere Budapest operation will be effective as of Monday 13th February 2012. The office will be headed by our Senior Partner Mr Michael Doherty, further strengthening our ability to provide an unparalleled level of worldwide service to both our existing and new client base in Hungary".

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The deVere Group is the World's Largest Independent International Financial Consultancy. International investors and expatriates employ us to find financial services products that suit their medium to long term requirements for investments, savings and pensions. With in excess of US$8 billion of funds under administration and management, deVere has more than 60,000 clients in over 100 countries. Our independence and ability to offer financial products that are tailor-made to fit an individual's needs are behind our success.

www.devere-group.com

T +34 636 978 880

deVere partners with Fidelity to access award-winning range of funds

2012-02-09T17:03:00.000+01:00

The deVere Group, the World's Largest Financial Consultancy, is delighted in announce that it has partnered with Fidelity Worldwide Investment, which will enable deVere clients to access Fidelity's range of award winning funds.

The new partnership is a natural extension of the recent collaboration by Fidelity and deVere, to combine the investment expertise of Fidelity with the unprecedented distribution of deVere's advisors. In the current climate of volatile stock market conditions, the need to make informed investment decisions has never been more relevant and that has been acknowledged by the success of the initial informal relationship.

Over the past 40 years, Fidelity has grown to become one of the most globally-recognised investment brands and a leading provider of asset management services.

Fidelity Worldwide Investment Sales Director, Peter Duke commented, "We have an outstanding track record of working closely with advisors to deliver investment solutions, which are in line with their client needs. The deVere Group are one of the largest offshore advisory groups in the world, and as such, we're delighted that their clients will now be able to benefit from our broad range of award winning funds".

deVere Group CEO, Nigel Green said that "Fidelity's broad range of funds is an ideal fit for the deVere Group's vast client base. Combined with the support that Fidelity provides to our network of advisors, we are really excited to formalise such distribution arrangement. It's a great addition to the unique range of investment solutions we can provide to our clients worldwide."

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The deVere Group is the World's Largest Independent International Financial Consultancy. International investors and expatriates employ us to find financial services products that suit their medium to long term requirements for investments, savings and pensions. With in excess of US$8 billion of funds under administration and management, deVere has more than 60,000 clients in over 100 countries. Our independence and ability to offer financial products that are tailor-made to fit an individual's needs are behind our success.

www.devere-group.com

T +34 636 978 880

deVere expects expats to show resilience this year

2012-02-03T14:21:00.000+01:00

Expats will buck the trend of economic doom and gloom this year, with more opportunities to maximise their wealth, deVere Group’s chief executive has said.

Despite predictions for one of the bleakest years on record, Nigel Green said expats will be resilient to the tough economic conditions - provided they get good financial advice.

He said: “Around the world economies are expected to shrink, taxes are set to rise, the markets are to become even more volatile, and pension payouts rates will be the worst that will ever exist.

“However, British expats will be able to maximise their wealth as never before this year. There are a raft of ways that they can acquire a far greater disposable income than their friends and family in the UK and their counterparts in their country of residence.”

For instance, a European Union Retirement Benefits Scheme, is a popular method used by deVere Group’s clients to get the most from their money.

Mr Green said: “Modifications in EU legislation allow pension holders to move substantial funds to different member states when they retire. This means they are able to transfer their accrued pensions to a significantly more tax-efficient jurisdiction.

“The scheme is particularly useful for those expats who move from country to country during their lives.”

The scheme also allows a tax-free, lump-sum withdrawal of up to 30 per cent, depending on where the client lives. Similarly, there is greater currency flexibility and more scope with the fund’s investments.

Mr Green added: “If they get expert, independent advice, expats should be in store for very prosperous time ahead.”

The reality is that nothing has changed, and the world of Qualifying Recognised Overseas Pension Schemes (QROPS) continues pretty much as it did.

2012-02-03T14:09:00.002+01:00

New Zealand is the jurisdiction of pension encashment, Malta is picking up increased business because of its European Union (EU) membership status, the Manx 50c product is gaining traction, and Guernsey is benefiting from strong business flows.

So while the proverbial cat has well and truly been thrown among the pigeons, with the issuing of the second draft of QROPS leg¬islation, there is absolutely no need for panic.

A clearer outcome

First, the new legislation has no adverse tax consequences for clients transferring their pensions to a QROPS, and importantly the post Q-day world will be simpler and clearer for all. This in itself should boost the industry, as reluctant clients and advisers will come to the party.

Yes, several jurisdictions do not currently meet the proposed qualifying criteria, and this means schemes from these jurisdictions may lose their QROPS status at midnight on 5 April, 2012. However, HM Revenue & Customs (HMRC) has given the guarantee that all members in these schemes are protected – as the transfer that led them to the QROPS will give rise to no tax and, provided that the schemes have been run in line with the rules, particularly in the first five years of non-UK residency, there should be no adverse tax implications. Hence clients are being protected.

In addition, during the consultation period regarding these changes, which ended on 31 Jan, affected jurisdictions and providers made their case to HMRC. At the time of writing, however, the view was that the changes would not be amended and would come into force on Q-day, with the most optimistic suggesting a small postponement to the enforcement of the new criteria.

Reality and circumspection are, however, ruling the day, and affected jurisdictions are addressing the proposed changes head-on, by looking to adapt their tax legislation accordingly. The big question is whether or not they will get them in on time, which from reports seems likely – particularly for Guernsey, which is by far the largest player in the market.

Clock is ticking

New legislation always leaves a period of time where the old legislation is still in play, and QROPS is no different. Hence, the time is now for clients and advisers who want to transfer schemes under the current rules and hence current practices, rather than the post Q-day rules which are not retrospective.

This may be particularly beneficial to clients who have been non-resident for a full five years, as the new reporting rules should not apply to them. Pension transfer is not a speedy business, however, and paperwork should be done as soon as possible, as there are just a few weeks left to make a transfer.

Guernsey

Of all jurisdictions, Guernsey has the most to lose as the market leader, measured in terms of pen-sion assets under administration. While it is neck-and-neck with New Zealand in terms of transfers, the primary reason for using New Zealand is encashment, so when the chips are down it is assets that drive revenues and provide jobs.

Hence, economics and politics will naturally favour Guernsey, in terms of evolving a suitable tax regime to ensure qualification with the tax recognition requirements and in particular Condition 4.

In terms of how this will be achieved, one only has to look to the enhancements of Condition 2, where significant detail and clarity has been provided by HMRC, which allows either tax relief or tax exemption to apply to a scheme. In other words, tax relief or tax exemption can be applied to contributions either going in or coming out of a scheme, but not both. Condition 4, the new condition, simply ensures that this treatment is applied consistently to the member irrespective of residence.

My guess is that this will lead to a new range of retirement saving vehicles from several jurisdictions in the months to come, but now it provides the necessary framework around which Guernsey can evolve its legislation.

Guernsey’s ability to evolve is probably best compared to the Galápagos Islands, as it has shown a tenacious capability to re-invent itself over the past decades. Speed, flexibility and creativity have always been the jurisdiction’s key strengths, and points of competitive differentiation over many other territories. This has not changed.

It is safe to say that Guernsey is working at an advanced stage in terms of adopting measures to ensure qualification post Q-day. Whether this will be achieved by the deadline only time will tell. But the likelihood of a positive outcome is high, which bodes well for the jurisdiction and those advisers that favour Guernsey product and provider support.

Q-day winners and losers

New Zealand

New Zealand is undoubtedly being put on the choke-chain. The embarrassment of Hong Kong, an ex-Commonwealth country, having its double taxation agreement (DTA) abused by UK residents holding QROPS, was clearly enough for the UK.

Strict carve-outs for New Zealand are the best outcome
that New Zealand could have hoped for, when blacklisting and/or a re-write of domestic legislation excluding non-residents were clear options being considered, owing to pension abuse.

With the DTA abuse having been addressed, New Zealand schemes now have to provide an income for life, with 70% of the scheme’s value. This will see the majority of business being written in this jurisdiction fall away, and hence its prominence as the second-biggest QROPS market (it has a 27.5% share) is likely to fall.

However, its proximity to southeast Asia and a large domestic expat population, give it a geographical advantage over the European jurisdictions for this corner of the world. Only time will tell whether it can capitalise, or wants to capitalise, on this.

As for those advisers who were making a living out of pension encashment, they will see their trade stopped on Q-day.
This particular minority sector of the advice community has been at odds with the majority of advisers and HMRC since 2008, when pension encashment raised its two ugly heads in the shapes of Singapore and New Zealand.

The hydra will be truly dead on Q-day, and this has to be a significant boost for the QROPS industry. We could see transfer numbers increase, as the shroud of uncertainty is lifted from the QROPS landscape.

This amendment sends a clear message that DTA abuse is not to be tolerated, nor will HMRC allow bad practice to hide behind a DTA.

Malta

Malta’s position on the face of it remains unchanged, which places it at an advantage over other jurisdictions if they fail to meet the new qualifying conditions. The general opinion of providers in Malta is that its DTA and EU membership supersedes Condition 4.

From an EU legislative position, Malta clearly has a strong argument, but it is an argument that is unlikely to be had. This is simply because of the fact that Malta has not been used for pension encashment, as the lump sum payment is restricted to 30%. In addition, its low-tax environment and remittance tax basis is accepted within the EU, giving it an economic, political and legislative advantage.

Interestingly, Malta is not actually presc
ribed to meet the 70% rule either. This is because it qualifies as a QROPS jurisdiction by virtue of its full EU mem¬bership. Hence the jurisdiction has scope for significant innovation around pensions.

It would need to take care not to cross swords with HMRC, however, as the UK only has to comply with the EU requirement to allow transfer of pensions, but is well within its rights to claw back all tax reliefs at point of transfer, without breaching the EU directive on the freedom of movement of pension assets.

Malta is also ideally placed to take advantage of the broader cross-border EU pension transfer market, which the offshore British islands are not. This places Malta in an envious position, but the island has to develop capacity if it is to capitalise on this opportunity, which is much larger than just QROPS.

To put this into context, at the start of 2011, Malta only accounted for about 0.2% to 0.5% of the total QROPS market, placing it well behind the Isle of Man at 5.4%, or Guernsey at 31.5%.

Isle of Man

The Isle of Man is in a similar position to Guernsey, as Condition 4 excludes its 50c legislation. That said, the amendments needed to the Manx legislation are not as fundamental as Guernsey’s 157a regime, which theoretically provides a potential advantage.
Like Guernsey, the Isle of Man is working to provide a qualifying regime for Q-day. However, the scale of the QROPS business in the Isle of Man is significantly smaller than Guernsey, and hence QROPS is less of an economic contributor to the island as a whole. This could result in reduced political and economic imperative for change than in Guernsey.

The legislation under which Manx QROPS were written from 2006 to 2009, where a withholding tax was applied, could meet Condition 4. This provides the potential for many schemes to be unaffected on Q-day, irrespective of pending changes to new legislation, and depending on whether those schemes were or were not transferred to a 50c.

The Isle of Man should have proved itself as the key jurisdiction for QROPS, with its pension regula-tor, tax approval process, ombudsman, policyholder protection and well-established pensions industry. But it’s an unfortunate tale of external factors conspiring against the island, which have meant that the parts of the puzzle have just not aligned for this jurisdiction.

While it is envisaged that the Isle of Man will have a qualifying proposition, the race is on to meet the deadline of Q-day. Once the dust has settled, only time will tell as to whether the Isle of Man will or will not be able to compete with Guernsey and the new kid on the block, Malta.

Jersey

Enter the latecomer. Jersey has sat on the sidelines in anticipation of a shake-up, and has been preparing its legislation carefully. The current draft would seem to tick all the boxes and could prove to be the “better” legislation out there.

A new entrant with the credibility of Jersey also provides further evidence of the importance, scale and long-term nature of the international pension transfer market from a more global perspective, and that QROPS is simply the tip of a much bigger iceberg.

Late to the party

However, the island is late to the party and it will take time for product providers to develop products and go to market. In addition, distribution agreements and marketing partners will be hard won from battle-hardened jurisdictions and competitor product providers, who have far greater insight into “what makes it all tick”, given their time and insight in this market.

This means that Jersey will have a real fight against some veterans in this space and, while its pending legislation might be premium quality, the island’s ability to actually go to market through traditional channels could be significantly impeded.

That said, with the quantity of wealth management and bancassurance business in Jersey, and the number of expatriate client accounts held in the jurisdiction, this may just be the opportunity on which Jersey can capitalise and earn its seat at the table. The exact date on which Jersey will enter the market is not known. However a safe bet would be in the second half of the year, once the dust has settled from Q-day.

Summary

Singapore, Hong Kong and New Zealand have been beaten, and the way is cleared for a real explosion in legitimate QROPS business. HMRC’s provision of clarity around reporting, terminology and the interpretation of its rules leaves little room for misinterpretation, and should let the market mature, opening the gates for a strong growth phase in a certain environment.

In the short-term, some jurisdictions may not meet the qualifying criteria, but affected schemes and clients will not be penalised. Malta seems to be in pole position.

But with the practice laps not finished until midnight on 5 April, 2012, it’s still anyone’s race, with Guernsey and the Isle of Man working hard in the pits. Let’s not forget there is still a current set of rules that may prove beneficial for clients to transfer prior to Q-day. But the clock is ticking so, where appropriate, advisers and clients had better get a move on.

Rex Cowley is principal at Newdawn Consultancy & Research

deVere expects expats to show resilience this year

2012-01-26T11:02:00.000+01:00

Expats will buck the trend of economic doom and gloom this year, with more opportunities to maximise their wealth, deVere Group’s chief executive has said.

Despite predictions for one of the bleakest years on record, Nigel Green said expats will be resilient to the tough economic conditions - provided they get good financial advice.
He said: “Around the world economies are expected to shrink, taxes are set to rise, the markets are to become even more volatile, and pension payouts rates will be the worst that will ever exist.

“However, British expats will be able to maximise their wealth as never before this year. There are a raft of ways that they can acquire a far greater disposable income than their friends and family in the UK and their counterparts in their country of residence.”
For instance, a European Union Retirement Benefits Scheme, is a popular method used by deVere Group’s clients to get the most from their money.

Mr Green said: “Modifications in EU legislation allow pension holders to move substantial funds to different member states when they retire. This means they are able to transfer their accrued pensions to a significantly more tax-efficient jurisdiction.

“The scheme is particularly useful for those expats who move from country to country during their lives.”

The scheme also allows a tax-free, lump-sum withdrawal of up to 30 per cent, depending on where the client lives. Similarly, there is greater currency flexibility and more scope with the fund’s investments.

Mr Green added: “If they get expert, independent advice, expats should be in store for very prosperous time ahead.”

deVere Group unveils US expansion plans

2012-01-20T09:14:00.000+01:00

The deVere Group has announced major expansion plans in the US and other parts of the world, as part of a strategy of organic growth, its chief executive Nigel Green has said.

The global independent advisory company operates out of nearly 60 different countries, employing 1000 staff to manage 60,000 clients, but Mr Green said the group is set to grow further this year and is embarking on a hiring spree.

Following the recent launch of a Miami office and with more than 700 US clients, the company is to start operating out of New York and plans to open a third office in Houston, Texas.

Mr Green said: “A big part of our expansion is in the US.

“We do a lot of business with British expats living in the US and we also have a lot of US clients. It is a real niche.”

He explained the reason why many UK advisers do not want to deal with US expats is down to stringent US tax laws and regulation and the greater likelihood of being sued if something should go wrong.

For UK expats, he said investment vehicles, such as qualifying recognised overseas pension schemes, Qrops, were highly beneficial if done correctly, as they can make clients’ pensions work harder and be more tax efficient.

He said: “Clients want an adviser who is global and can look after them wherever they are. deVere is in nearly 60 different countries, so it is likely we will be able to do so.”

deVere will also be opening a base in Portugal to cater to the retired expat market, an office in Milan, and offices in Budapest, Hungary, and the Ukrainian capital Kiev. Most of the clients in these cities will be expats, in their 30s and 40s, earning more than £150,000 and with substantial assets.

As it expands, Mr Green said deVere will be recruiting more staff, both locally and from inside the UK, particularly those who want to work abroad.

He said: “It is a good time for financial services because people appreciate the need for a good IFA, wherever they are.

“The fact is our government cannot afford to look after us and individuals need good advice, so it is a time when the IFA is valued more and the industry is expanding.”

Mr Green is hoping for a 25 per cent increase in turnover this year, adding: “Driving our expansion is two things.

“Our clients – who want to be looked after wherever they are - and our staff.

“People in the company want to improve and have opportunities so there is pressure from both sides.

“I have to admit it is great fun.”

deVere Group launches in Lisbon, as part of global expansion

2012-01-19T08:38:00.000+01:00

The deVere Group, the World's Largest Financial Advisory firm, has started the New Year by forging ahead with its ambitious global expansion in announcing that it is to open new offices in Lisbon, Portugal, next month.

The base in the Portuguese capital is the first of 12 new offices that will open in 2012. It is part of a wider, strategic plan to operate a total of 100 within five years to service the company's continually growing client figures and to keep in-step with the increasing demand for the deVere Group's services.

deVere Group Director for Western Europe, Mike Coady, says: "To continue to deliver world-class service to a rapidly-expanding number of clients worldwide, we're delighted to confirm that deVere Group will open in Lisbon in February".

He adds: "We offer locally-based expert financial advisors who are part of an established, global organisation to best serve the needs of our existing and potential clients.

Whilst the economic woes of Portugal as a whole have been well-documented, Lisbon remains an extremely vibrant business hub, with expatriates being some of the city's leading employers, top-earners and major investors.

In addition, it is the ideal location from where we can reach Portugal's tens of thousands of foreign residents in other areas of the country, such as the Algarve.

Since the economic downturn, there has been an increasing awareness, especially amongst expats, of the need to seek professional, independent financial advice if they are to maximise their wealth. Since those who live abroad require a completely different planning strategy to their counterparts in the UK, the deVere Group believes that tailor-made financial solutions should be devised with the client wherever they may be".

With more than 60 offices worldwide, the deVere Group has a truly global presence. The Lisbon office will join the firm's four existing offices (Marbella, Madrid, Barcelona and Denia) on the Iberian Peninsula.

deVere expands further in Eastern Europe with 2 new offices in February

2012-01-16T08:40:00.000+01:00

The deVere Group, the World's Largest Independent Financial Advisory, is very pleased to announce that it is yet again expanding its roots in Eastern Europe with two new offices in Kiev and Budapest.

deVere Regional Manager for Eastern Europe, Mr Darren Height, confirmed that Senior Consultant Gerard Campbell from the deVere Moscow office will move to Ukraine to head the Kiev operation, after over 2 years working for the company.

Both the Kiev and Budapest offices are expected to be fully open for business in February.

"This is an exciting step for deVere in Eastern Europe. Demand for our services has been building in both Kiev and Budapest for some time and we are pleased to be putting permanent offices in place, both to service clients and grow our business", Height said in a statement.

The Group's expansion therefore continues to confirm its commitment to be within easy reach for its ever-growing international customer-base, which has today risen to over 60,000 clients across 100 countries around the globe. deVere Group has over 50 offices worldwide.

EURBS: Are they the new QROPS?

2012-01-04T15:11:00.002+01:00

Expatriate clients, many of whom move from country to country over the course of their lives, require a totally different strategy to those who live all of their lives in the UK, if they are to get the most from their accumulated wealth after retirement.

This is why we at the deVere Group are excited about, and are currently recommending to many of our clients, a savings product known as European Union Retirement Benefits Schemes (EURBS), (variously pronounced “urbs” and “ay-urbs”).
EURBS are not, strictly speaking, new. Like the UK’s Qualifying Recognised Overseas Pension Schemes, they have their origins in pan-European pension law adopted in 1998 and subsequently added to, which enabled occupational pensions to be moved freely between member states whenever a pensionholder retired to live in another EU jurisdiction.

However, the adoption of EURBS has been slower than the take-up for QROPS, mainly because they have been more difficult to arrange.
Even now, some would not normally be attempted, such as the transferring to another European country of a French pension, for reasons having to do with the French pension system.

Also unlike QROPS, EURBS are by definition limited to Europe. This means that an EURBS could not be set up in New Zealand, say, for an emigrating Dutchman keen to bring his pension there with him.
That said, EURBS share a number of advantages with QROPS – but unlike them, will not be affected by the proposed changes announced last month to existing QROPS legislation by HM Revenue & Customs.

What this means for clients who move abroad is that they may be able to transfer their accrued pensions to a still-secure but significantly more tax-efficient jurisdiction than they are in at the moment. (At deVere, we favour Malta for our EURBS, because unlike some of the major QROPS destinations it is in the EU and has 56 double-tax agreements, in addition to being a well-regulated, English-speaking jurisdiction.)

Not just about tax

EURBS are not just about tax advantages, though. As is the case with some QROPS, they enable a client potentially to withdraw up to 30% of his or her pension fund in a tax-free lump sum (depending on where they are resident at the time they make their move).

By transferring into an EURBS, the client also gains greater scope to change his or her pension from one currency to another, as well as getting greater control over the fund’s underlying investments. Importantly, EURBS also enable clients to pass on their pension assets to their beneficiaries when they die.
As most financial advisers know only too well, there are few pensioners who live overseas who would not want to increase the potential for flexibility and income of their pensions.

This message has come through loud and clear to us at deVere as well, where we have more than 60,000 expat clients, many of whom are pensioners or on their way to retiring soon. For them, EURBS directly address both of these concerns.

In our view, responsible advisers who have clients of any nationality who are thinking about moving abroad, or who are already expatriate, should be talking to them about the possible use of EURBS to unlock their UK pensions.

Mike Coady is a director at international advisory firm, deVere Group

Shakespeare students rewarded by deVere Group

2011-12-13T08:41:00.000+01:00

deVere Group, the World's Largest Financial Advisory Group, had the opportunity to take a group of pupils from an inner city London school who are studying Shakespeare on an all-expenses paid trip to Shakespeare's iconic Globe Theatre last Friday.

Heads of Departments at Stoke Newington School selected 30 students aged 11 to 12 years for the trip, as a reward for showing continual effort in their Shakespeare studies throughout the term.

"We had two key motivations in offering the trip. Firstly, we believe that hard work should be encouraged at an early age. Children who want to learn, progress and achieve must be commended. Secondly, education is the greatest gift we can give our children and one of the best ways to educate youngsters is to give them tangible experiences", commented deVere Group CEO, Nigel Green.

"However, in these tough economic times, it is increasingly difficult for schools to justify such day trips, so we stepped in and invited a group of pupils who are studying Shakespeare at school to do a tour and take part in an interactive, educational workshop at The Globe Theatre, located on the banks of the River Thames".

Teacher Gemma Van Praagh said, "It was such a liberating opportunity to select a group of students regardless of their financial backgrounds to attend a great, educational day out to the theatre. We were able to choose all students who were deserving of the opportunity, regardless of their financial challenges. This was just brilliant. On behalf of the school and the children, I would like to thank the deVere Group whole-heartedly for this fantastic gift. We all learned a lot and had so much fun".

Undoubtedly, Shakespeare is known to be one of the greatest contributors to the English Language, taught in literature and drama classes. However, business leaders in the world of finance are now also extolling the virtues of Shakespeare. Indeed, 3 years ago 26 leading business writers wrote The Bard and Co: Shakespeare's Role in Modern Business, aimed at exploring Shakespeare's relevance to modern corporate life.

It is a matter of opinion whether this book's theory holds fast or not, but what cannot be disputed is that Shakespeare has been a British cultural icon for 400 years and today his name is a global, money-generating brand with 'Shakespeare PLC' employing more than 220,000 people worldwide.

And with the release in October of Anonymous, the smash hit film starring Rhys Ifans and Vanessa Redgrave, which suggests that it was Edward de Vere, the 7th Earl of Oxford who wrote the Bard's greatest works, his global dominance looks set to soar.

"The deVere Group is committed to supporting the next generation of business and social leaders by enriching the education of those from less affluent families. If this trip to The Globe Theatre has helped to inspire the children to be the next Lord Sugar, or whether it helped to improve their literacy and communication skills, or both, it was entirely worthwhile", explained Nigel Green.

-END-

Nigel Green is available for interviews

The deVere Group is the world's largest independent international financial consultancy group. International investors and expatriates employ us to find financial services products that suit their medium to long term requirements for investments, savings and pensions. With in excess of US$8 billion of funds under administration and management, deVere has more than sixty thousand clients in over a hundred countries. Our independence and ability to offer financial products that are tailor-made to fit an individual's needs are behind our success.

www.devere-group.com

FT Adviser: "Firing Line - Nigel Green" By Samantha Downes

2011-12-09T08:48:00.000+01:00

Nigel Green, chief executive of the deVere Group, tells Samantha Downes about the inspiration behind running a global independent advisory service, the average client profile and where and how the firm is expanding... Click here, or below to read the full article.

http://www.ftadviser.com/2011/12/08/ifa-industry/advisory-companies/firing-line-nigel-green-65usCQvJzFF51ZvsjGUL7K/article-0.html

deVere South Africa takes school shoes charity initiative

2011-12-08T15:11:00.001+01:00

The South Africa branch of the deVere Group, the World's Largest Independent Group of Financial Advisers, proudly participated in a charity initiative to provide school children in Africa with shoes.

In a joint initiative with the Zanethemba Charity Foundation, a noble foundation that brings hope into the lives of children that live in desperate situations, a team of deVere Financial Advisers and their Manager gave out 414 pairs of brand new school shoes to children in two separate schools, as well as 40 pairs of new football shoes to youth football teams.

deVere Group South Africa Area Manager Mike Fannin commented, "I am very proud of my team. This means that children in two schools now have new shoes thanks to the deVere Group. This makes it all worthwhile. Thank you all so much for your support".

Expats naturally resilient: deVere's Green

2011-12-07T17:17:00.000+01:00

A raft of advantages generally open to expats and the kind of jobs they do, means they are financially resilient despite the bleaker global economic outlook, it is claimed.

They have the ability to acquire a larger disposable income than their friends and family in the UK, and their counterparts in their countries of residence, according to Nigel Green, chief executive officer of the deVere Group, which manages funds for more than 60,000 expat clients.
He said that expats can be divided into two groups; those who are reeled in with high salaries and incentives, and those who have spent time in a country and were lured by its lifestyle and culture.
“The first category will naturally have a significant bearing on the overall figures for expat wealth, as they’re a country’s high earners. Historically, many top jobs in emerging markets, places such as Russia, China and Brazil, for example, have gone to expatriates as they have often had more professional experience,” he said.

“In addition, the second category, those lured by a country’s lifestyle as well as those in the high earning first category, are often able to take advantage of substantial tax savings."
Green noted that this week’s HSBC Expat Explorer survey for 2011, which showed that expat wealth has remained buoyant, is a testament to the strength of the expat in the financial market place.
And he added that those living and working abroad, wherever they are in the world, have distinct benefits.

“For example, they can transfer their UK pension in an HMRC approved Qualifying Recognised Overseas Pension Scheme, or QROPS," explained Green.
"By doing this, they avoid UK income tax if they retire outside the UK, they avoid inheritance tax and lifetime allowance charges, and have a potential flexibility to diversify away from the sterling, if they choose to."

Geneva Charity Ball 2011 raises £52,000

2011-11-29T11:33:00.000+01:00

It has become a 'must-attend' event on the European social calendar, and this year's Geneva Charity Ball has been hailed as the most successful to date, with the event going global for the first time.

Not only were there more than 500 glamorous guests at the city's flagship Inter-Continental Hotel on Friday 18th November, there were more than 300 people at sister events held in London, Madrid and Antwerp.

On the night over 75,000 CHF (£52,000) was raised for the selected four charities - Clair Bois, Paidos, SOS Children's Villages, and The World Youth Education Trust - whose work has truly life-changing benefits. In addition, organisers say more funds are still being donated.

"The ball brought together a fantastic mix of people all with one aim: to have a good time doing good", commented the Geneva Charity Ball's chairman, James Bradley.

"With our guests, the UN orchestra, the World Jazz Band, plus the Ministry of Sound's VIP team, everyone had a great evening and left knowing that something worthwhile had been achieved".

The Ball's major sponsor for the third consecutive year was the deVere Group, the World's Largest Independent Financial Advisory. Paul Dodds, the company's Senior Managing Partner in Switzerland and Italy said, "As a responsible global finance brand and an influential employer in Switzerland with offices in Geneva, Zurich, Basel and Berne, the deVere Group once gain felt compelled to form a partnership with The Geneva Charity Ball, as it allows us to champion the needs of those less fortunate in our local community and around the world".

For this reason deVere Switzerland matched the figure raised at the auction, essentially doubling the money to be presented to these four remarkable charities.

He added: "We remain committed to supporting this extra-special, high-energy, and upscale event that has a serious purpose - that of giving those less fortunate than ourselves a helping hand. The deVere Group is proud to have played a key part in what has been the most thrilling and most international Geneva Charity Ball ever".

The deVere Group is the World's Largest Independent International Financial Consultancy. International investors and expatriates employ us to find financial services products that suit their medium to long term requirements for investments, savings and pensions. With in excess of US$8 billion of funds under administration and management, deVere has more than sixty thousand clients in over a hundred countries. Our independence and ability to offer financial products that are tailor-made to fit an individual's needs are behind our success.

Invaluable information for UK expatriates at Europe-wide seminars

2011-11-22T14:23:00.000+01:00

The deVere Group, the world's largest independent financial advisory, has released dates for 20 free seminars across Europe in the first quarter of 2012, with plans for a further 20 to be unveiled in the coming weeks.

The sessions are aimed at informing British expatriates of ways to build and maximum their wealth, and to share vital information regarding new laws for UK citizens overseas.

Invaluable advice and knowledge is to be offered by independent financial experts in several key destinations in Spain, Switzerland, Germany, Luxembourg, France, and Belgium.

deVere Group Director, Mike Coady, says the seminars are part of the Group's global commitment to reaching clients wherever they are in the world. "With the worldwide economic situation as it is, it's more important than ever to get the facts about getting the most from your money. Whether you're in France, Spain, Germany, Luxembourg, Switzerland, Belgium, or indeed anywhere, there are many ways that we can assist you in this aim; and that's why our teams are hitting the road across the continent.

"The world has changed in recent times. Which British expat can afford not to receive essential information about protecting their wealth and having the opportunity of transferring their pensions? And who can ignore the important new residency laws affecting their wealth?

"Our team of experts will share with our guests at the seminars the various options British nationals have when living abroad."

One of the main topics at the deVere Group seminars will be Qualifying Recognised Overseas Pension Schemes, or QROPS, a government-approved initiative allowing UK citizens to transfer their pensions overseas.

"If you're living abroad and hold a UK-based pension scheme, you should seek advice on QROPS," says Coady. "You'll be able to slash the risks you're exposed to with the currently volatile global stock markets, take advantage of major tax benefits, and you'll avoid potential currency risks."

With an average of 60 per cent of the average pension plan invested in shares in turbulent markets, the ongoing saga of many global currencies, the major tax benefits, plus there being no compulsory obligation to buy an annuity, it is perhaps unsurprising that QROPs have been gaining increasing popularity amongst financially-aware expats since the economic downturn.

For details on these crucial seminars for British expats, please visit deVere Seminars

The deVere Group is the world's largest independent international financial consultancy group. International investors and expatriates employ us to find financial services products that suit their medium to long term requirements for investments, savings and pensions. With in excess of US$8 billion of funds under administration and management, deVere has more than sixty thousand clients in over a hundred countries. Our independence and ability to offer financial products that are tailor-made to fit an individual's needs are behind our success.

www.devere-group.com
+ 971 5050 23699

deVere Group announces 12 new offices within 4 months

2011-11-15T12:19:00.002+01:00

The deVere Group, the World's Largest Independent Financial Advisory, is very proud to announce that it will open a total of 12 new offices in the next 4 months, further securing its strong global presence as the market leader within the Global Financial services industry.

deVere's massive expansion programme for the next 12 months includes the opening of new offices in fantastic locations such as Lisbon, Houston, Milan, Qatar, Lebanon, Turkey, Shenzhen, South Korea, Dublin, Budapest and Kiev.

Nigel Green, deVere Group CEO commented, "We continue to prove that we are the leaders in the industry with offices in every continent, further strengthening our commitment with deVere clients to be within easy reach wherever they choose to be in the world".

The Group's latest addition announced only yesterday, is deVere New York.

deVere's truly global presence now extends to over 60 offices worldwide, with a growth plan to reach 100 offices within the next 5 years.