Our specialist advisers help UK migrants in New Zealand to overcome the challenges and complexities of cross-border pension transfers, investments, and successful wealth management.
UK migrants in New Zealand will typically face a combination of the following issues:
UK Pensions
Many people coming from UK will have a tax deferred UK pension scheme. This can be difficult to manage from NZ, so transferring to an NZ scheme is one way of dealing with this.
However, UK pensions are complex. Transferring your fund out of a tax deferred UK pension into a taxable NZ scheme is not always the best option. Determining the right option for you is subject to the individual pension arrangement and your personal circumstances and objectives.
Assets Left in the UK
Other assets left in the UK, such as Individual Savings Accounts (ISAs), Unit Trusts, Insurance Company Investment Bonds, Property and Cash normally are exempt from NZ tax for the first 4 years under the transitional resident rules, but thereafter are taxed in NZ.
When taxed in NZ (after the 4 year exemption period) you may be able to obtain some recognition for income taxed at source in the UK against your NZ tax liabilities, but depending on the investment product, there is inevitably some tax leakage.
UK Inheritance Tax
Ordinarily, if you permanently emigrate, you should not be subject to UK inheritance tax on your worldwide assets (but this is not completely black and white) and any assets that remain in the UK will remain liable to inheritance tax.
Hence there can be advantages in restructuring investments and bringing more of your wealth and assets to NZ.
UK State Pension and NZ Super
Determining the interaction and benefits you get.
We have many years of experience in overcoming the very specific challenges UK migrants face.
There are many other benefits and complexities depending on your individual circumstances.
You can find out more for yourself in our UK Guide, or contact us any time to discuss your individual situation.
Contact us or book a time to talk that suits you.
We do not charge for initial meetings.
