Chartwell Associates’ case studies offer real-world examples of our financial expertise in action. These studies showcase how we’ve addressed unique challenges, devised tailored strategies, and delivered positive outcomes for our clients. By delving into these stories, you can gain insights into our commitment to providing exceptional financial planning and advisory services.
Mr. P, a Canadian resident, sought our guidance to explore property ownership possibilities in Singapore. Uncertain about foreign property acquisition regulations and his financial capacity, he aimed for a long-term stay in Singapore, considering it a viable alternative to renting.
Upon comprehensive assessment and discussions, we executed the following:
– Facilitated property financing in Singapore, securing up to S$2.2 million, surpassing his initial budget of approximately S$1.5 million.
– Orchestrated refinancing for his UK property, transferring it solely into his name. This enabled him to reach a financial settlement with his ex-spouse and finalize their prolonged divorce proceedings.
– Assisted in updating wills and powers of attorney for Mr. P and his new partner.
– Streamlined Mr. P’s three UK pensions into a consolidated overseas arrangement, providing enhanced death benefits for his future wife. We also organized a supplementary pension plan, allowing him to target retirement in Canada at age 60, five years ahead of his initial retirement age of 65.
Mr. H, a 37-year-old married Kiwi with two young sons, sought mortgage advice after a previous advisor in Singapore sold him a saving plan instead of offering mortgage guidance. After assessing his situation, we:
– Assisted Mr. H and his wife in establishing wills to ensure their children’s well-being in case of the unexpected.
– Arranged life insurance to provide financial security for his family in the event of his passing.
– Restructured his UK mortgage, enhancing its cost-efficiency and tax effectiveness.
– Secured financing for his desired property purchase in Australia.
– Streamlined his six scattered bank accounts for improved cash management and cost-effective transactions. Additionally, we implemented a short-term savings strategy to boost his financial reserves.
Mr. and Mrs. D sought our assistance when faced with the need to refinance their UK property. Their UK bank had advised them to refinance due to the property being rented out, but finding a suitable UK bank while residing in Singapore proved challenging. After assessing their situation, we:
– Successfully refinanced their UK property and optimized the loan structure for enhanced tax efficiency and positive cash flow.
– Eliminated their credit card debt, resulting in savings exceeding GBP600 per month.
– Assisted them in surrendering an underperforming UK endowment policy and redirected the funds into a higher coverage life insurance and critical illness policy for both.
– Facilitated the adoption of a child in Singapore by fulfilling a financial requirement through a substantial endowment policy payout.
– Supported them in updating their wills and powers of attorney.
– Consolidated Mr. D’s four UK pensions into an overseas arrangement, ensuring improved death benefits for Mrs. D and securing a top-up pension to enable their retirement at 60.
Their heartwarming adoption of a baby boy added to the joy of their successful financial journey.
Mr. G, a British citizen, approached us at the age of 60, facing a critical decision regarding his company pension scheme. Working in Singapore and planning to continue until at least age 65, he aspired to retire to the United States, where he owned property. However, the absence of “retirement visas” in the US prompted the need for guidance on his UK pension scheme.
After an extensive assessment of his circumstances, here’s how we assisted:
– Conducted a comprehensive review of his UK pension scheme to evaluate available options.
– Analyzed the tax implications of retirement income for scenarios in the US, the UK, or a combination of both.
– Explored US visa options for retirement.
– His company pension offered a sufficient retirement income, but due to its “final salary scheme” nature, it would reduce by 50% upon his passing for his wife and ultimately provide nothing for their children or grandchildren. Alternatively, he could opt for a transfer of slightly over £1 million. This arrangement would ensure that, upon his death, his wife would inherit the entire sum, which, in turn, would pass on to their descendants. Additionally, transferring the pension would grant Mr. G access to a more substantial retirement lump sum.
– Tax research revealed that, despite US residents being subject to taxation on their “worldwide income,” he would likely pay less tax by retiring in the United States than in the UK or by dividing his time between the two.
– Investigation into US Visa options led to the discovery of the EB5 Investment Visa, which required a $500,000 investment for a five-year term. This investment would grant both Mr. and Mrs. G Green Cards. However, they did not currently possess this amount of available funds for a 5-year commitment.
Options available to Mr. and Mrs. G:
– Transferring his company pension ensured that Mrs. G would have access to a significantly larger income and cash reserve in the event of his passing. It also enabled them to potentially pass on a more substantial inheritance (£1 million) to their descendants. Importantly, Mr. G could potentially access approximately $450,000 in cash immediately.
– Accessing $450,000 from his pension provided the necessary $500,000 for the EB5 Investment Visa. This sum would be invested in the US for five years, aligning with their retirement plans. After the five-year term, the investment could be liquidated and reintegrated into their retirement strategy.
– This comprehensive approach allowed Mr. and Mrs. G to realize their optimal retirement scenario.
Additionally, we assisted them in:
– Updating their wills and powers of attorney.
– Establishing a short-term savings plan to accumulate surplus income while working in Singapore.