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Expat Investor : April 2008
FTSE 100 listed company formed as a Mutual in 1845. Recognised for its client service, the bank offers banking and investment services through its offices in the Isle of Man or Jersey. Recently voted Best International Private Bank in the International Investment Fund and Product Awards, the key to Fairbairn Private Bank’s offering is its integrated banking and investment service, Focus. Combining banking, discretionary and execution only investment dealing, and settlement services into a simple, seamless package, a Focus account can save time and simplify administration. Clients with at least £50,000, or currency equivalent, in deposits and investments, can tailor a multi- currency account to meet their own specific requirements. As the client’s financial needs change, so can the structure of the account, in many cases without the need to complete any further documentation. The extensive range of multi- currency banking services includes: interest bearing cheque accounts, fixed term deposits, loan arrangements, deferred debit Gold Status Visa cards, plus structured, enhanced and fiduciary deposits. In addition, Focus embraces many optional investment facilities, ranging from full execution-only term of your deposit at 1, 3, 6 or 12 months. The interest rate is fixed at the time of starting your deposit. R EX C OWLEY Managing Director, Close Private Bank Mobility of employment, income in one currency with saving and or expenses in another and the likelihood of having residence in several countries during one’s working life before retiring to another, are part and parcel of being an expatriate.These issues do pose many problems for expatriates MIDDLE EAST expatinvestor.com 16 EXPAT INVESTOR ? April 2008 services through to discretionary managed investment portfolios. As well as saving time, an integrated bank account may also save money in a number of ways. It can remove the cost of transferring investment funds between bank and stockbroker and, through the use of multi-currency accounts, can avoid unnecessary foreign exchange transaction costs on overseas securities.All elements of the Focus service are reported together within an easy to follow monthly statement that shows all of the client’s investment and banking details. Whether income or growth, domestic or global, and irrespective of a client’s country of residence, an account can be designed to suit their personal circumstances. The ability to transact over the phone makes banking and investment dealing an effortless process and, in addition, Fairbairn Private Bank’s web site (www.fairbairnpb.com) allows clients to view their account details in real time and access a full trading history. Recent developments include the facility to view a freeze-shot of their complete portfolio at any specified point in time, consequently removing the need to receive printed copies of the report. This enables clients to keep up to date with their finances at any time, from anywhere in the world. Bahrain news Strong year for financial services The year 2007 proved another strong growth year for Bahrain’s expanding financial sector. The Island continued to attract new financial institutions while the existing industry saw its assets surge to record highs. The Central Bank of Bahrain Continued from page 15 (CBB), which serves as both the Kingdom’s central bank and financial services regulator, continued to pursue its goal of advancing the country’s financial services industry, encompassing the banking sector, insurance and the capital markets. As a central bank, the CBB is responsible for ensuring monetary and the ‘big issues’ such as income for children’s education, retirement and succession planning must be addressed. Close Wealth Management Group specialises in providing international pension and savings solutions that take account of these issues. Key requirements are flexibility, tax neutral domicile and a wide range of benefit options, both pre and post retirement. These are offered through Close Opes which is an international retirement and savings plan. Not only is Close Opes internationally portable, it is also cost-effectively priced to give the expatriate the best value for their money. Key Benefits of Close Opes include: ? No cap on contributions. ? No penalties to stop, start or amend contribution levels. ? Ability to make capital withdraws, cash in the entire plan or receive annuity income without penalty. ? Interchangeable benefit options. ? Multi-currency options (£, US$, €). ? Multi-asset, multi-manager investment choice. ? Plan subdivision to facilitate income or succession planning. ? Pre approved loan and credit facilities. ? Roll-up of income and capital gains with tax exemption in Guernsey. ? Unused annuity capital is distributed Should you wish to find out more about the Close Opes plan and how it can benefit you from a saving or retirement perspective, please contact your financial advisor. D AVID S TEARN Head of Private Banking, Fairbairn Private Bank Fairbairn Private Bank is a member of the Old Mutual group of companies, and its ultimate parent company is Old Mutual, a and financial stability in Bahrain and is continuing the long-standing fixed exchange rate policy against the US dollar, first established in 1980. This, says the CBB, has provided Bahrain with a high degree of economic and price stability, while encouraging the sound growth of the national economy, which has underpinned the growth and development of the country’s flourishing financial services industry. The Kingdom’s financial services industry has surpassed the oil sector as the largest contributor to the national gross domestic product (GDP). The sector’s contribution to GDP in real terms grew 8.2% in 2006 to BD1.05bn (US$2.79bn), which represented 25.5% of the total GDP of BD4.1bn (US$10.9bn). Bahrain has been awarded a foreign currency debt rating of ‘A’ from two international rating agencies, Standard & Poor’s (S&P) and FitchRatings.
May June 2008