If you have clients that are Spanish residents, as an Adviser it is important to understand the obligations for them to report under Modelo 720. As such, we have created a Q&A which considers such obligations in respect of Foreign Pensions offered by Overseas Trust and Pension (OTAP) including OPES (Spain) and COPIA.
Taxation around Foreign Pensions - Judge Dennis Davis
On the 15th of May 2021, News24 issued a press release focusing on Honourable Judge Dennis Davis’s (JDD) speech at the Glacier International Webinar, where he spoke about taxation around foreign pensions. In case you missed it, we have provided a summary below.
Lifting of the Prohibition on Loops – Opportunity or Not?
On the 4th of January 2021, not only were South African residents already planning the normal “New Year New Me” resolutions, but the South African Reserve Bank (SARB) wasted no time by following up on their statements in the 2020 Medium Term Budget speech, pertaining to the abolition on the prohibition of ‘Loop Structures’.
With the 2020 tax changes now in place and the growing demand for expatriates to make provision for retirement, Overseas Trust and Pension (OTAP) now provides expats with the option for their employer to make contributions to a personal pension plan whilst the individual remains in their employment.
UPDATE: Non-Standard Investments including Structured Notes
Following the extraordinary events since the beginning of the year, Overseas Trust and Pension Ltd (“OTAP”) has noticed a change in the type of investments being recommended by a small number of Financial Advisers.
Welcome to Issue 05 of Connect, our periodic newsletter that provides updates on developments that may affect you, together with news, information and articles. We discuss a number of topics that we hope you will enjoy.
With the end of the year fast approaching, we wanted to take this opportunity to thank you for all of the support during 2019, especially to those Advisers who provided us with new and repeat business throughout the year.
Keep a lookout for our next 2020 Tax Changes Bulletin!
Keep an eye on your emails over the next few days, as we will be sending you our next Bulletin, which focuses on South Africans working abroad and how Employee Benefit solutions can help to normalise their earnings in advance of the implementation of the changing legislation in March 2020.
Have you registered for our webinar? With the 1st of March 2020 fast approaching, we thought we would give some insight into the 2020 Tax Changes and how it could affect your South African expatriate clients.
2018 saw Overseas Trust and Pension (OTAP) deliver on a number of key initiatives, which have significantly improved service standards, operational efficiency and in some areas reduced costs to Clients.
International Adviser recently published the 100 most influential people within the international financial services industry, and we are pleased to announce that one of our co-founders, Rex Cowley, has been named for his contribution to the international pension industry.
Welcome to the October 2018 Newsletter. New Guernsey Pension Regulations came into force on the 30th of September 2018. The Regulations create fundamental changes to the Guernsey pension industry and therefore we have dedicated this month’s Newsletter to look at the new pension framework and the implications for Advisers, Clients, and Products.
The growing importance of succession planning – A key business driver for IFAs
Welcome to the Overseas Trust and Pension (OTAP) August 2018 Newsletter. This month we have a look at the importance of talking to your clients about succession planning, and the business opportunities it brings.
Do you have clients that are Spanish Tax Residents?
Welcome to the Overseas Trust and Pension (OTAP) June 2018 Newsletter. This month, we provide some information about our OPES Spain Product, which is ideal for your clients who are Spanish Tax Residents.
Welcome to the Overseas Trust and Pension (“OTAP”) May 2018 Newsletter. OTAP releases Part 7 of our Introduction to Foreign Pensions this month, which is our final instalment. This can be accessed in the link below. For all readers who have CPD obligations, this series offers CPD points! We also explain what ‘GDPR’ is and how it affects our communication with you.
Welcome to the April 2018 Newsletter. The first quarter of the year has been a good one for Overseas Trust and Pension ("OTAP"). We have welcomed some new faces to the team in SA and Guernsey and have introduced new and improved procedures that we hope will further improve our services to you.
New Pension Legislation – A huge benefit for Guernsey
As of the 30th of June 2017, the business of pension provision has become a separate regulatory activity in Guernsey under the Guernsey Financial Services Commission, who has added creation, administration and management of pension plans to the list of regulated activities.
At OTAP we understand that processes can at times be complex and lead to confusion or delays, to alleviate this we have created several dedicated email accounts for our Private Client Services function.
The recent changes to the South African Estate Duty Act created a degree of uncertainty as to whether or not South African Tax Residents who invested in foreign pensions, provident funds and retirement funds would be subject to estate duty on contributions that did not receive tax relief in South Africa.
Following a strategic review of its business, Carey Group has signed an agreement with Overseas Trust and Pension Limited (OTAP) who will take over Carey’s international pensions business, Carey Pensions and Benefits Limited (CPBL), with effect from 3 May 2016.
Do you know your Source of Wealth from your Source of Funds
We appreciate the issues around SoW/SoF can at times be complex and lead to confusion, to alleviate this we have updated our due diligence and source of wealth and funds guidance to create a combined document titled Client Application Guidance.
With the introduction of Common Reporting Standards (CRS) this January which follows on from the earlier developments in US and UK reporting programs, we are required to collect information about each members’ tax residency.
Don't be Charged Down! Make the first 15 of the team...
Overseas Trust and Pension are pleased to be hosting the International Retirement Forum 2015 in London on the 16th and 17th October. The Forum is only open to Financial Advisers who specialise in advising clients on international retirement vehicles.
Over recent weeks we have been meeting with some key professional advisers in Spain to discuss the exceptional business opportunities presented by: OPES International Pension Plan Spain, COPIA QNUPS and IBIS QROPS Gibraltar.
We are pleased to introduce a new QROPS for the discerning professional adviser. The IBIS QROPS was developed by Gibraltar’s largest law firm who worked closely with the Gibraltar Tax Office and Regulator to deliver a level of compliance second to none. IBIS is suitable for individuals who have left, plan to leave, or in the process of leaving the UK permanently.
We are delighted to announce the appointment of Ed Cook to the role of International Account Manager. Ed is based in Alicante, Spain and has extensive knowledge of International pensions, trusts, tax and regulation.
Overseas Trust and Pension arrive in South Africa!
Welcome to our latest newsletter.
We are delighted to announce a significant development to our service for South African advisers with the establishment of a permanent presence. In March Rex Cowley, co-founder of Overseas Trust and Pension, relocated to Cape Town to support the Professional Financial Adviser market and further develop our services for Africa.
Overseas Trust & Pension are pleased to announce the launch of their unique International Pension Plan designed to provide a highly tax efficient retirement plan for UK expats resident in Spain: OPES International Pension Plan Spain