The 5 Star Movement has made huge gains in the most recent election held in Italy on 4th March 2018. With just over 32% of the vote they are the dominant player in the broad based centre right alliance. But what does this mean for expats in Italy?
Together with the political party, “Lega”, previously a mainly regional force in Italian politics, 5 Star now has an opportunity to at last achieve real access to power.
The 5 Star movement is very well represented among the under age 30 years demographic, and shows that so called “populist” discontent with what is perceived as “EU elitism and “Big Govt” tactics is alive and well in Italy. This will not be received as welcome news in the hallways of Brussels, Berlin, etc. With the typical age of expats in Italy being a fair few years above 30, will the 5 star movement work in your favour?
One thing that can be guaranteed however is that uncertainty and volatility is not usually what most expats want in regards to their retirement portfolios, and/or investment planning schedules.
It is essential therefore that expats have access to cross border financial planning expertise, as is the case within the Harrison Brook Group.
The most popular areas of interest for expats
The ability to invest via a country specific Bond vehicle, which has significant tax advantages, dependant on a clients individual circumstances.
Another option is to retain offshore control via a standalone platform, with access to thousands of fund investment choices through a process known as open architecture.
A very important tool available to expats, with correct advice and planning, is the ability to reduce, and in some cases totally eliminate any liability to UK I.H.T. ( Inheritance Tax)
Not least is the ability to significantly reduce the burden of financial reporting which is now required under C.R.S. (Common Reporting Standard)
It can be seen from just these few areas I have touched on above that International financial planning is already complex and getting more so by the day.
Please contact Harrison Brook, and let us help you to “Build, Protect, and Enjoy” your hard earned wealth.