Over the last few years, we have noticed a distinct shift within our client base as well as their families transitioning to foreign shores.
While the numbers are low, it became evident that there is a distinct trend in young professionals emigrating to the United Kingdom. Older clients with strong ties to the United Kingdom have also been considering moving there, either to be closer to their children and grandchildren, or following a life event such as divorce or the death of a life partner.
It became increasingly evident that the estate plans and structures that had been put in place for our clients in South Africa would no longer be appropriate if they were to emigrate, and even if they remained here, would not be suitable for their beneficiaries living in the UK and other jurisdictions.
Almost a third of our clients’ future beneficiaries now live in the south of England and changes in legislation and increased anti tax-avoidance measures in recent years have rendered many traditional structures detrimental to offshore beneficiaries, particularly regarding the United Kingdom. Financial planning for emigration is vital to avoid punitive tax consequences in their new jurisdiction.
Due to our strong relationships with our clients, we are frequently asked to assist with pre-emigration planning for clients leaving South Africa. We initially investigated setting up an office in the United Kingdom, but found that the regulatory requirements were prohibitive.
After further research, we decided to partner with an existing firm in the United Kingdom and were fortunate to be introduced to Courtney Havers, an independent financial planning company based in Kent. Courtney Havers share our philosophy of lifestyle financial planning, are similar in size to Veritas, and have high ethical standards.
For us to provide advice to clients in the United Kingdom, the first requirement was for our planners to obtain the necessary academic qualifications. Veritas Wealth financial planner Clare Cousins has completed the Investment Advice Diploma and has subsequently been registered as a Certified Financial Planner (UK). She is in the process of becoming an accredited adviser under the Courtney Havers (CH) license. Veritas Wealth founder Barry O’Mahony has, so far, completed two of the three exams with the aim of gaining accreditation as well.
Clare and Barry recently spent time in London meeting with Veritas clients and are now transitioning these clients across to CH. Clare will be assisted by Matt Webb (CH) at this stage. Barry and Clare will continue to work in the Cape Town office, from where we will be authorised to advise our clients in the United Kingdom, across both jurisdictions. We will travel to London periodically to meet our clients.
We believe that there is a niche in our industry to help people who are considering emigrating and to provide guidance once they have landed and settled abroad. We are looking to expand this area of our business over time. If you know of anyone seeking independent lifestyle financial planning advice in the United Kingdom, particularly former South Africans, please spread the word. We would be happy to meet with them and assist them.
Clare Cousins with Matt Webb from Courtney Havers
0 Comments