By Nick Cairns, Partner, Blevins Franks
There are various reasons why people take financial advice, for help investing or with their pension, tax queries, estate planning guidance etc. What many do not realise, however, is that their choice of adviser is possibly the most important financial decision they need to make.
This is more important when moving to or living in Cyprus, since you need an adviser who can analyse your situation and guide you through all the financial planning steps to successfully manage your wealth in Cyprus. Achieving long-term financial security and peace of mind in a new country with unfamiliar tax and succession regimes is harder than in your home country.
You need a holistic strategic financial plan based on your situation and aims, then ongoing, proactive support as circumstances evolve and regulations and investment climates change.
A personal service
Your financial planning must be based on your personal situation – country of residence, plans, family situation, estate planning wishes, time horizon, investment risk tolerance and objectives.
Successful wealth management takes all these into account. Your adviser should get to know you, asking questions and establishing your risk profile before making recommendations or trying to sell you an investment. You want to build a good relationship with your advisers so they’ll be around to support you right through retirement, perhaps guiding your heirs in the future.
Size and longevity
A firm with a history of longevity gives you peace of mind that they are likely to be there as long as you need them.
And the larger the firm, the more specialists they have covering the various services you need – local financial advisers, technical tax experts, pension professionals, investment analysts. In-house teams can seamlessly work together to provide integrated wealth management advice.
This is important. For example, how you hold your investments can impact how much tax you pay and how easily they can be passed onto your heirs. So rather than receiving isolated advice, you benefit from a comprehensive, strategic financial plan covering all aspects.
Local advice and knowledge
Using an adviser who lives and works in Cyprus proves highly beneficial. They have personally experienced living here and how local taxation impacts residents, and have in-depth understanding of Cyprus tax and succession regimes and legitimate planning opportunities.
It’s unlikely your UK adviser will know the ins and out of local regulations in Cyprus or keep on top of reforms. Continuing with your UK adviser could result in you buying inappropriate investments, paying more tax than necessary, or your beneficiaries having to deal with unnecessary complications.
Another important issue is regulation. Prior to Brexit, UK advisers and financial firms could ‘passport’ services into EU countries. This ended and unless your UK adviser took the effort and expense of getting set up and regulated in Cyprus, they would not be in a position to provide authorised advice to local residents.
Regulation and qualifications
Investing, pensions, estate planning and taxation are technical subjects which require specialist understanding. Ensure your advisory firm has professionals with officially recognised qualifications who keep up to date with regulatory changes and maintain high professional standards.
For security and peace of mind, choose a firm which is authorised to provide advice in Cyprus. When investing, check both your adviser and the investment managers they recommend are regulated.
Financial planning in Cyprus
Once you find an adviser who meets the above requirements, the rest of your financial planning in Cyprus should follow smoothly on. You won’t need to worry about neglecting key aspects or keeping up with tax reforms. Your adviser will talk you through all the issues you need to consider, helping you weigh up your options before taking final decisions. They’ll then keep you updated on reforms that impact you. You can leave the hard work to them and enjoy your new life in Cyprus with peace of mind.
At Blevins Franks we meet all the above criteria and more. Our history dates back over 45 years, with an office in Paphos since 2002. We have advisers living locally as well as teams of tax, pensions and investment specialists based in our London and Malta offices.
We pride ourselves on providing cross-border, integrated financial planning and a high level of personal service. We are authorised and regulated to provide advice in the UK, Cyprus, Spain, France, Portugal and Malta, and our advisers are qualified to the level, or equivalent, required to meet the UK’s Financial Conduct Authority standards.
Seminars 23 & 24 April
To learn more about Blevins Franks and meet our Paphos advisers, join us at one of our seminars at Droushia Heights Hotel on 23 April or the Elysium in Paphos on 24 April. Entitled How to grow, protect and pass on your wealth in Cyprus, the presentation will look at tax-efficient investing in Cyprus, UK inheritance tax, the issues with UK pensions and investments, the potential complications on death for your loved ones, and investment markets. The events are free to attend, you just need to register your place.
Find out more and book your seat online now
26 023 100 | [email protected] | www.blevinsfranks.com
Blevins Franks Wealth Management Limited (BFWML) is authorised and regulated by the Malta Financial Services Authority, registered number C 92917. Authorised to conduct investment services under the Investment Services Act and authorised to carry out insurance intermediary activities under the Insurance Distribution Act. Where advice is provided outside of Malta via the Insurance Distribution Directive or the Markets in Financial Instruments Directive II, the applicable regulatory system differs in some respects from that of Malta. BFWML also provides taxation advice; its tax advisers are fully qualified tax specialists. Blevins Franks Trustees Limited is authorised and regulated by the Malta Financial Services Authority for the administration of trusts, retirement schemes and companies. This promotion has been approved and issued by BFWML.
