The handbook of reference for PLI professionals in Europe

A broader content, new and updated market analysis and fresh case studies based on the most recent developments within the European insurance regulatory environment are the main ingredients of this second edition.

After the success of the first edition, printed in one thousand copies and distributed in more than ten Countries throughout Europe, FARAD International, a major player in private life insurance (PLI) in Luxembourg, is delighted to launch the second edition of the publication coordinated with the support of PwC Luxembourg and the law firm Philippe & Partners.

Marco Caldana, Chairman FARAD International, initiator and coordinator of the project, confides that “In the ever-evolving scenario of PLI, given the enthusiasm that this publication aroused among insurance experts, and in order to follow up with the evolution of the regulatory landscape and the consequent products innovations, it was a must for us to publish a new edition.”

The book is the result of the collaboration of 26 international experts. It aims to capture market trends and evolutions through three main sections: regulatory, market analysis and case studies among which stands out a deep analysis of the regulatory framework especially with regard to the Insurance Distribution Directive, that came into force in most EU Member States on October 1^st, GDPR and the implications of Sustainability within the insurance sector.

“Although efforts are made at the European Union’s level to harmonise legislation, especially recently within the financial services and insurance sectors, we notice that nevertheless national regulations seem to become increasingly different and complicated. –  states Marc Gouden, Partner of Philippe & Partners and legal coordinator of the handbook. “On top of the minimum harmonisation, most countries indeed add additional layers of regulations and requirements, deemed applicable also to foreign players operating under the freedom to provide services. Professionals therefore need detailed insight into the rules applicable to them in the markets where they operate.”

Within their analysis, the authors favored an approach focused on a detailed exploration of different European markets as well as tax and regulatory issues specific to each jurisdiction. The handbook concludes with a selection of case studies on the latest topics in the field of private life insurance. ”I am sure that market participants across the EU and further afield will benefit from the input of so many respected contributors. The case studies provided, together with the expert assessment of key sector themes, should prove invaluable to insurers, private bankers and wealth managers alike.” concludes Matt Moran, Partner of PwC Luxembourg and one of the coordinator of the project.

The book is now available at a price of 65 € for an online purchase on the website of FARAD International, as well as in specialized Luxembourg bookshops such as Librarie Française (2,4 Rue Beck) and Librarie Promoculture (14 Rue André Duchscher).

Moreover, in line with its B-Corporation principles, with each copy sold FARAD supports the projects of Unity Foundation, the historic Luxembourg non-profit organization committed to empowering communities through – not surprisingly – education.

 AGEFI October 2018

Con l’ingresso di Viviani, che farà capo ad Alberto Pastori, responsabile delle succursale, la società intende rafforzare ulteriormente la sua attività sul nostro mercato, in continua evoluzione. Giorgio Viviani, 49 anni, nato a Milano, con formazione universitaria in ingegneria gestionale, vanta 20 anni di carriera professionale maturata nel settore del Life Insurance & bancassurance con ruoli di responsabilità, come head of business development Bancassurance Italy presso FWU Group, head of solution delivery di Old Mutual Wealth Italy e head of organization & IT di Skandia Vita. Entra in FARAD International come head of organization & digital con il compito di migliorare l’efficienza operativa interna e sviluppare opportunità di business attraverso l’innovazione digitale, lo sviluppo di prodotti innovativi e l’ottimizzazione dei processi di business alla luce delle ultime importanti novità normative per il settore assicurativo (IDD e MiFID II).

“Grazie ai brillanti risultati ottenuti nel primo semestre del 2018 e a numerosi nuovi progetti in fase di realizzazione, la Società sta registrando una continua crescita sul mercato europeo – afferma Marco Caldana, presidente e Fondatore di FARAD Group – confermando l’alto livello di competenza della nostra struttura. Il nuovo ingresso intende rafforzare ulteriormente l’attività in Italia, puntando a raddoppiare gli accordi istituzionali con realtà sia nazionali che internazionali attraverso il modello banca-broker, di cui siamo stati precursori nel 2009. Sono certo che l’ingresso di un professionista come Giorgio potrà offrire alla clientela italiana un servizio di qualità sempre maggiore”.

Media:

Azienda Blanca

We Wealth

Funds People

Insurance Trade

Bluerating

PLTV

City Wire

Invice

La mia finanza

Intermedia Channel

Finanza Operativa

  L’hic et nunc del Fintech

A synthetic overview of the reform’s outcomes:

• Deemed domicile: A Non-Dom taxpayer will become deemed domiciled for UK tax purposes after 15 tax years (of the last 20) of UK residence;
• Rebasing opportunity: For those becoming deemed domiciled from 6^th of April 2017 the possibility to rebase their foreign sited assets, for capital gains tax purposes, persists and may still bring to consistent advantages;
• Un-mix window: the time-frame going from 6^th of April 2017 to 5^th April 2019, still represents the chance to cleanse mixed funds for those Non-Dom who have already claimed the remittance basis;
• IHT scope: UK IHT will apply to UK residential properties, owned by a close company, trust or individual only for what concerns the value of the loan;
• Off-shore trust protection: certain favourable provisions, for what concerns off-shore trusts, have been finally confirmed;
• Other specific measures: for those individuals born in the UK with a UK domicile of origins

In the new framework, the subscription of a foreign life insurance policy confirms its appeal and tax efficiency. In fact, the so-called “offshore bonds” will continue to allow not only ongoing tax compliance, but also tax deferral and tax mitigation.

FARAD primary Private Life Insurance broker, with many years of consolidated experience and track record, can support and help business partners to choose the best insurance solutions for their clients.

On a final note, tax residence status in the UK is likely to change soon and from year to year, for many individuals.

In order to be sure of the tax consequences of those sudden and highly probable residence changings and to be prepared to face those events, it is highly recommended to seek for independent and qualified advice.

In this regard, the handbook Private Life Insurance Made in Luxembourg,  coordinated by FARAD International, means to serve as a tool for experts operation in the life insurance industry. Created by the major Luxembourg insurance companies, it includes a detailed analysis of the major European markets pointing out fiscal and regulatory aspects and a selection of case studies underlying the most debated live issues in PLI.

Pour sa première production, la société indépendante en courtage d’assurances FARAD International, a choisi de lancer un ouvrage introductif à l’assurance-vie privée. Ce nouvel outil, fruit de la collaboration de plus de 17 experts internationaux, couvre toutes les facettes du domaine sous trois entrées, au nombre desquelles la présentation du cadre réglementaire européen. Les auteurs ont ensuite privilégié une approche tournée vers une analyse détaillée de différents marchés européens ainsi que des enjeux fiscaux et réglementaires propres à chacune des juridictions. Le manuel se conclut avec une sélection d’études de cas sur les  thématiques les plus récentes en matière d’assurance-vie privée.

Une réalisation sans précédent au Luxembourg

Marco Caldana, initiateur et coordinateur du projet, confie que «face au regain d’intérêt pour les contrats d’assurance-vie, ce manuel répond à un réel besoin de la part des professionnels du secteur. Il était donc nécessaire, à nos yeux, de réaliser et de mettre à disposition des personnes intéressées un tour d’horizon complet et pragmatique de la matière».

Ce livre est disponible dès à présent au prix de 35 € sur le site Internet de Farad International (www.farad.lu/fr/private-life-insurance), ainsi qu’auprès des librairies luxembourgeoises Promoculture et Librairie française.

FARAD Fianance Forum 2017 Press Release

• Increase of withholding tax on dividends and interests from 27% to 30%, with effect from 1 January 2017. Belgium has already faced a similar increase in late 2015, when the rate of the withholding tax has been raised from 25% to 27%;
• Treatment of “internal” capital gains—the (new) capital created by the contribution of the participation is, from a tax perspective, considered as a taxed reserve and thus withholding tax is due in situations of a subsequent decrease of capital;
• The speculation tax, introduced on 1^st. January 2016 has been abolished. The government took this decision because since this tax came into effect, the volume of stock exchange transaction decreased remarkably, reducing the government’s revenues for what concerns the tax on stock exchange transactions, better known as “TOB”(taxe sur les operations de bourse);
• TOB has been subject to:

a doubling of the ceilings as follows:

– €1,600 for purchase/sale of shares;

– €4,000 for transactions with capitalization funds; and

– €1,300 for all other transactions (including bonds).

an extension of the application to exchanges located abroad:

– transactions made on foreign platforms by natural persons residing in Belgium are now liable;

– the Belgian ordering party is liable for the TOB, even when the intermediary is established outside Belgium;

– the foreign intermediary can still nominate a representative in Belgium to fulfil the reporting obligations  and pay the TOB

• Various measures to address tax fraud.

Within this framework, a foreign life insurance policy can more than ever be considered as a fundamental tool, to achieve a high fiscal efficiency of the investment activity. In fact, “Branch 23”  life insurance products are not listed among the products affected by the above-mentioned rate increase of the withholding tax (such as interests on savings certificates, deposit accounts and bonds, income from Branch 21 life insurance products in the event of early surrender etc.). This is the reason why these insurance products now even become a more crucial wealth management and planning tool. Furthermore, as far as the stock exchange transactions are concerned, orders linked to the underlying assets of a foreign life policy – concluded or executed outside the Belgian territory- are not subject to the TOB.

To discover more about the opportunities coming from the subscription of a “Branch 23” life insurance policy, do not hesitate to get in touch with us at info@farad.lu.

Since the publication of the Summer Budget 2015, a great discussion regarding UKRND has started and is still going on. At that time, the British government announced that it would change the tax regime for people who have a foreign domicile (UK Resident Non-Doms – “UKRND”) to bring an end to the permanent non-dom status for tax purposes. Hereinafter the reform´s pathway:

• At the Summer Budget 2015: technical document explaining the overall package of reforms;
• On 30^th September 2015: reforms’ draft to the taxation of non-domiciles, which consulted on the detail of the deemed-domicile proposals. The consultation ran for 6 weeks;
• On 9th December 2015: part of the draft legislation for the abovementioned changes, with further legislation published in draft on 2^nd February 2016;
• On 23^rd November 2016: Autumn Statement;
• On 5^th December 2016: final draft legislation with draft clauses, consultation responses and technical notes confirming that the changes will go ahead as planned in April 2017.

This reform took a cue from the “not-so-hide” public perception that non-doms do not “pay their fair share”, for what concerns taxes. However, the British government is broadly aware of the non-doms positive contribution to the UK economy and it still does not want to lose the opportunity to encourage inward investment and entrepreneurial activity in the UK. This is the last chance to professionals – operating in this field – to set up an immediate action and take advantage of the little time until the 6^th of April 2017.

The draft legislation´s key points are:

• New rules will apply from the 6^th of April 2017;
• Never ending non-dom status come to an end, UKRND who have lived in the UK for 15 over 20 years will be treated as domiciled (deemed-UK-Domicile) for all taxes (UK Income, Income Gains, Capital Gains and Inheritance Tax on clients’ global assets)
• All investment returns from directly held portfolios managed/advised ext. – outside the UK – will be liable to UK taxes on an arising basis;
• Chance to cleanse mixed funds extended to two tax years;
• Automatic rebasing (for the Capital Gain Tax purpose) available to those who become deemed domiciled from 6^th of April 2017;
• Changes to trusts’ taxation regime.

In this new framework, the subscription of a life insurance policy is attractive and efficient because of the offshore insurance bonds’ characteristics. One of the most eye-catching is the 5% tax-deferred withdrawal allowance for what concerns the clean-capital withdrawals in life insurance policies. If the offshore bonds are funded with clean capital, the policyholder is allowed to withdraw the 5% of the total assets without causing a remittance and, consequently, without suffering a tax charge. In addition to that, if one year, the policyholder withdraws 4% of the premium, the next year he will be entitled to an allowance of 6%. However, non-taxable remittances to the UK are only possible if the clean capital, invested as premium, comes from a segregation between capital and capital gains. This is the right moment to benefit from the two-year amnesty – starting as from 6^th April 2017 – to cleanse mixed funds, splitting them into their constituent parts. In addition to that, life insurance policy are easily portable in the other jurisdictions and the relative reporting is fast and simple, compared to other kind of investments portfolios.

Article by Francesco Bruno – Senior International Wealth Planner, FARAD International

Le 16 décembre 2016, Milan -Le 2016 est une année de prix pour FARAD International, courtier spécialisé en Private Life Insurance et membre du Groupe indépendant FARAD.

Après le succès de novembre où la société est monté sur le podium des « Future BancAssurance Awards 2016 », hier soir à nouveau FARAD a emporté le premier prix dans la catégorie Private Insurance aux « Private Banking Awards » organisés par Bluerating, un des magazines financiers phares en Italie.

Au cours de la soirée de gala organisée dans le Palais de la Bourse à Milan, FARAD International, représentée par son Administrateur Délégué Marco Caldana, qui était en « nomination » avec sociétés tel que Aviva et Lombard International Insurance, a emporté le premier prix.

« Ainsi comme la récompense reçu en novembre, avoir été reconnue pour notre professionnalité et spécialisation dans l’assurance privée est un honneur pour nous – affirme Marco Caldana. Je suis fier de pouvoir affirmer qu’un tel résultat confirme la confiance du marché et de nos partenaires institutionnels dans les solutions proposées par FARAD International et, en particulier, par notre équipe d’experts en Italie”.

Dans le cadre des services de conseil et de consultance indépendante, et grâce à une approche « B4B2C », FARAD International propose à sa clientèle de banques, SIM, family offices, cabinets d’avocats et de fiscalistes, des solutions de conseil professionnelles et innovantes qui apportent une valeur ajoutée aux services offerts à leurs clients dans le domaine du wealth planning, de la transmission de fortune et du changement générationnel.

]]> http://www.farad.lu/fr/farad-international-primee-a-nouveau-aux-private-banking-awards-2016/feed/ 0 http://www.farad.lu/fr/communique-de-presse-farad-international-prime-aux-future-bancassurance-awards-2016/ http://www.farad.lu/fr/communique-de-presse-farad-international-prime-aux-future-bancassurance-awards-2016/#respond Wed, 16 Nov 2016 09:00:49 +0000 http://www.farad.lu/?p=1525 FARAD INTERNATIONAL PRIMÉ AUX « FUTURE BANCASSURANCE AWARDS 2016 »
 

La société de courtage reconnue comme provider d’un service stratégique pour une clientèle privée

Le 15 novembre 2016, Milan –pour la deuxième année consécutive FARAD International, courtier spécialisé en Private Life Insurance et membre du Groupe indépendant FARAD, est monté sur le podium des « Future BancAssurance Awards 2016 »,le prix de la reconnaissance du marché de la Bancassurance en Italie.

Au cours de la soirée de gala organisée à Milan, FARAD International, représentée par son Administrateur Délégué Marco Caldana, a emporté le prix: Vision stratégique pour le développement des services d’assurance pour une clientèle privée.

Dans le cadre des services de conseil et de consultance indépendante, et grâce à une approche « B4B2C », FARAD International propose à une clientèle institutionnelle des solutions innovantes pour le wealth planninng, la transmission de fortune et le changement générationnel.

Le service de FARAD est capable de s’adapter aux exigences des clients et au contexte du marché toute en respectant les évolutions normatives en matière.

« Avoir reçu ce prix important est un honneur pour nous – affirme Marco Caldana-. Un tel résultat confirme la confiance du marché dans les solutions proposées par FARAD International depuis plus que quinze ans en Italie, où nous sommes pionniers dans le marché de « Private Life Insurance », et en Europe.