How do International Executives maximise their financial stay in the uk?
In the week that HSBC confirmed that it’s keeping its headquarters in London’s Canary Wharf, we look at the story behind the proposed move and, after all the scaremongering about how all the bankers would leave the UK to chase bonuses without limits elsewhere in the world, who are the international executives who choose to live and work in London?
The move by HSBC, a global bank, to another part of the globe with perhaps a looser regulatory regime was seen by many as a litmus test of the UK’s continuing attractiveness, or not, as a financial centre. Long cited as one of the great financial hubs of the international economy, post 2008 was London beginning to lose its lustre? The unanimous decision of HSBC’s Board to stay was due to the UK’s “internationally respected regulatory framework and legal system, and immense experience in handling complex international affairs”, as quoted in the Financial Times. So now that it seems that HSBC’s move is not about to trigger a flight of businesses away from London, we can take a look at the people who are employed in the sector.
According to the City of London’s own website’s most recent Business Register and Employment Survey (October 2015), 414,600 people are employed in the City of London. This represents 8.5% of Greater London’s employment, and 1.4% of the UK’s total employment, meaning over 1 in 100 of the UK’s workforce are employed in the City. And several of those bodies who make forecasts about such matters believe that jobs in the City are set to rise. From the same website, of the companies based in the City (which for the purposes of this article includes other UK financial centres such as Canary Wharf) “altogether, there are over 1,400 financial services firms in the UK that are majority foreign-owned, from around 80 countries. Overseas owned companies represent 46% of all financial services groups worth in excess of £100m. This is nearly three times larger than any other sector of the market and demonstrates the continued international nature of UK financial services.”
This vibrant, hard-working, international community often has its focus on capital markets around the world and what’s going on from a macro perspective. But when it comes down to what tax breaks they get as a resident in the UK and what is the best way to maximise their stay in the UK then these international executives require experienced professional advice which fits their individual circumstances now – and their plans for the future. If they get the planning right then when they eventually leave the UK, maybe going to their place of origin, they could be going back considerably wealthier than when they arrived: doing nothing is not an option.
In the words of CEO, Martin Young, “At Meyado we have been advising international executives around the world for over 25 years. During this time we have accumulated an abundance of cross-border experience which enables us to make the complex simple and deliver the best solutions for them. Let’s face it, this is the new onshore! There is no such thing as offshore anymore and our clients from England, Germany, France and America for example, are living and working in London and need solutions that work seamlessly across the whole world. London is the best place to find these global solutions and we are a company that specialises in this space. We are one of the few directly authorised advisers in the UK to be authorised across the 27 countries of the EEA enabling us to adopt a truly pan European approach to our business.”
And we spoke to Senior Head of Midlands Business, Robert Magee, about how Meyado has simplified the art of keeping in touch, “Many of our clients are constantly on the move due to their busy schedules. By facilitating cutting edge video conferencing software, we ensure our clients can always reach us wherever they are in the world. Our on-going service offering, Picasso, gives our clients peace of mind and the ability to access their investments via handheld devices at a time convenient to them”