Vivanova People - Alexander Vaal - "With AllDutch Yachting You Don’t Just Charter a Yacht, You Charter an Entire Experience"

After pursuing a career in telecom for twenty years, Alexander Vaal (CEO AllDutch Yachting) left The Netherlands a decade ago to completely change his life and start over in the south of France. Growing up Alexander spend many years in France with his parents, studied in Paris and lived in Bordeaux, so he had no trouble adapting to the French way of life.

Before arriving in the Côte d’Azur, Alexander did a six-month Yachtmaster training to become an allround captain. After that, the first yacht he sailed was a VanDutch 40. “A beautiful, fast and sleek yacht that quickly became one of my favorite day-boats.”

Because of his background in sales and his love for boating, Alexander found his new passion as a yacht broker. For seven years he worked with specialized and world leading companies such as YachtZoo and Fraser Yachts. “During this time I met many people, including my current business partner.” They both share the same admiration for especially VanDutch Yachts. So much, they invested in multiple VanDutch yachts.

With these yachts they started a charter company in 2020 and herewith, AllDutch Yachting was born. “Our first season we only worked/had our guests enjoy for approximately 2 months because of COVID-19. An extremely short season but still, it was a great success!” So much so, that they invested in new yachts to expand their business. “In 2021 we really had an amazing season with lots of tailor made charters and returning customers.”

“With AllDutch Yachting you don’t just charter a yacht, you charter an entire experience.” AllDutch Yachting differentiate themselves by creating a special day where everything is taken care off. The possibilities are endless. AllDutch Yachting is located in Monaco, which makes the pick-up at Monaco Yacht Club effortless and ‘last-minute’ bookings are easily arranged. AllDutch Yachting will book your lunch reservation at fashionable places like La Guerite in Cannes, beautiful Ferme d’Augustin in St. Tropez and they are more than happy to take you to beautiful places in Italy such as Sanremo for some luxury shopping. “For our adventurous customers we arrange water toys such as Paddle boards SeaBobs, jet ski’s or Flite Boards.” On board you can expect cold beverages, champagne, fruit platters or any other snacks you desire. AllDutch Yachting also offers sunset cruises, where  you can watch the beautiful sunset before turning ashore.

The AllDutch Yachting experience is special. The yachts can comfortably cruise with up to 8-10 people and it still won’t feel crowded. Captains know the beautiful Azur waters and will give guests enough time and space for lunch, swimming, lounging and tanning. The yachts have excellent stereo systems so you can party away on the water. “Any yacht lover, will love sailing with AllDutch Yachting; it’s safe, fast and smooth.”

“For next season we will expand even more. More yachts, more destinations, more charters and more happy customers. We love creating new and beautiful memories for our customers and we will continue to do so.”

You can book your charter by visiting the website or call or whatsapp number +33640617555. Visit their Instagram to get a glimpse of what a fantastic day with AllDutch Yachting looks like .

Blevins Franks Financial News - France 2023 Budget and Tax Update

By Rob Kay, Senior Partner, Blevins Franks

The French government published its 2023 projet de loi de finances on 26 September.  This  now has to pass through the usual parliamentary process before being finalised and approved at the end of the year.

Unsurprisingly, the budget’s main purpose is to help protect households and businesses from inflation. During the press conference, Finance Minister Bruno Le Maire said that “no new spending” will be approved unless it has “been budgeted to the nearest euro”.  He added that the economy was “holding up”, but the state’s absolute priority was to bring down inflationary pressures.

The finance bill therefore includes a €45 billion package to help households and companies with energy prices increases, including capping gas and electricity bills at 15% in early 2023.

2023 taxation

Considering the current local and international economic context, this budget does not carry any significant reform. Income tax bands will increase – thereby reducing tax liabilities – and there are no tax rises.

Income tax

The income tax bands will increase by 5.4%, to match inflation. 

The income tax rate bands and scale rates for 2022 income are:

Up to €10,777 – nil

€10,778 to €27,748 – 11%

€27,749 to €78,570 – 30%

€78,570 to €168,994 – 41%

Over €168,994 – 45%

This means that employees who received a pay rise because of inflation are much less likely to be hit by a higher tax rate.  Those whose income has not changed will now benefit by paying less tax on it.

Note that these new tax brackets apply to your 2022 income (as declared in the tax return you submit in spring 2023).

The budget also facilitates the lowering of income tax withholding at source if the taxpayer’s income decreases, as well as simplifying the collection of taxes for foreign employers who have employees who are French tax residents and regularly work from home.

Taxe d’habitation and TV licence reform

The taxe d’habitation reform which began a few years ago reaches its conclusion in 2023, with the complete suppression for the remaining 20% of households who were still paying it.  

This budget also confirms the removal of the TV licence (contribution a l’audiovisuel public) implemented in the August 2022 revised budget.

Succession taxes reform

During his presidential campaign, Emmanuel Macron promised to reform and diminish succession taxes by increasing the tax-free deduction for inheritances between parents and children from €100,000 to €150,000, and by lowering the taxes for other relatives such as stepchildren.

However, given the current economic context, the government does not support this reform at the present time. It could still be voted on by Parliament further to a MP amendment, but this is uncertain.

Social charges

The budget maintains social charges at the same rates as 2022:

Employment income – 9.7%

Pension income – 9.1%

Investment income – 17.2%

The special lower rates also remain in place:

Pensions – Social charges on pensions are reduced to 7.4% for those whose taxable income is less than approximately €2,000 a month (€3,000 for a couple). If you have Form S1, and/or are not subject to the French health care system, you do not need to pay any social charges your pension income, regardless of the amount you receive.

Investment income – If you are covered under the health care system of another EU/EEA country, or if you have Form S1, social charges are reduced from 17.2% to 7.5% for investment and property income. Earlier this year the French government confirmed this continues to apply to UK residents and to UK nationals living in France.

Real estate wealth tax (IFI)

The current threshold of €1,300,000 will stay in place for 2023 and no changes are proposed to the scale rates of wealth tax.

Assurance-vie

The budget does not include any changes to the taxation of Assurance-vie policies.

The savings and investment ‘wrappers’ remain very attractive from both a tax and succession planning point of view.

The finance bill is now being debated by parliament and will be approved by the end of the year.  There may be changes as it goes through the process.

Please do not hesitate to get it in touch with our advisers if you need any clarification or feel it is time to review your tax planning to ensure it is up to date and as effective as it could be.

Tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; individuals should seek personalised advice.

Blevins Franks Group is represented in France by the following companies:  Blevins Franks Wealth Management Limited (BFWML) and Blevins Franks France SASU (BFF). BFWML is authorised and regulated by the Malta Financial Services Authority, registered number C 92917. Authorised to conduct investment services under the Investment Services Act and authorised to carry out insurance intermediary activities under the Insurance Distribution Act. Where advice is provided outside of Malta via the Insurance Distribution Directive or the Markets in Financial Instruments Directive II, the applicable regulatory system differs in some respects from that of Malta. BFWML also provides taxation advice; its tax advisers are fully qualified tax specialists.  Blevins Franks France SASU (BFF), is registered with ORIAS, registered number 07 027 475, and authorised as ‘Conseil en Investissements Financiers’ and ‘Courtiers d’Assurance’ Category B (register can be consulted on www.orias.fr). Member of ANACOFI-CIF. BFF’s registered office: 1 rue Pablo Neruda, 33140 Villenave d’Ornon – RCS BX 498 800 465 APE 6622Z.  Garantie Financière et Assurance de Responsabilité Civile Professionnelle conformes aux articles L 541-3 du Code Monétaire et Financier and L512-6 and 512-7 du Code des Assurances (assureur MMA). Blevins Franks Trustees Limited is authorised and regulated by the Malta Financial Services Authority for the administration of retirement schemes. This promotion has been approved and issued by BFWML. 

You can find other financial advisory articles by visiting our website here

Blevins Franks Financial Tips - The Multi-Manager Investment Approach – Specialists vs Generalists

Multi-manager investment enables your portfolio to be managed by several different fund managers, each selected for their expertise in specific market sectors. This ‘open architecture’ approach reduces your reliance on any one investment manager making the right decisions in all conditions, and provides the opportunity to have some of the world’s best mangers looking after your money.

By Rob Kay, Senior Partner, Blevins Franks
Did you see the athletics at the Commonwealth Games in Birmingham this summer? Or at the World or European Championships? And of course we had the Tokyo Olympics last year. It was great to see British success emerging with the likes of Jake Wightman, Keely Hodgkinson, Laura Muir and Eilish McColgan, but interestingly, there are some aspects of what you may have seen that are directly relevant to investing.

Specialists vs generalists – a sporting analogy

A useful way to explain the benefits of a multi-manager investment approach is to compare the difference in performance between a decathlon champion and the individual champion in each event. 

You may have watched the athletics at the Commonwealth Games or European Championships and marvelled at the decathletes’ abilities. They have to be skilled at 10 different disciplines, quite a Herculean task – speed for sprinting, stamina for distance, strength for the field events and technique for events like the pole vault. 

But while the decathlon champion is obviously an all-round athlete performing at an extremely high standard across ten different disciplines, they are frequently beaten by specialists in each of the individual events.

Let’s compare the performance of the decathlon gold medallist at the 2020 Tokyo Olympics (held in 2021) against the individual gold medallists in some of the individual disciplines.

The decathlon champion Damian Warner ran the 100m in 10.12 seconds.  Lamont Marcell Jacobs took just 9.80 seconds in the individual event. The results of the other nine disciplines tell the same story.  For example, Warner threw the javelin 63.44m, while the individual event gold medallist achieved 87.58m.  Warner reached a height of 4.90m in the pole vault compared to the individual champion’s 6.02m.  The specialist performed better than the generalist every time. 

You would not expect a sprinter like Lamont Marcell Jacobs or Usain Bolt to also specialise in pole vault or javelin; specialists tend to be just that – specialists.  There are many situations in life where a specialist performs more efficiently and delivers better results than a generalist, and this is particularly true in investments.

Just because an investment manager is skilled at managing UK equities, for example, does not mean he will be as successful at managing US or Japanese equities.  Managers also tend to specialise in a certain style of investing, and these styles move in and out of favour according to economic and other factors.  They will therefore produce impressive results in certain conditions, but below average ones in others.

Some investors rely on just one or two fund managers to look after their investment capital. But wouldn’t you prefer to have individual specialists managing the various areas of the market your capital is invested in?

Multi-manager investing

Today most investors agree that holding different asset classes and different regions and sectors in their portfolio spreads risk.  Multi-manager funds add a third, and increasingly important, level of diversification to your portfolio. 

You will benefit from a team of specialist managers, as well as diversification across multiple investment styles within each fund, with different managers looking after one style. So one fund could have five or more specialist managers, covering a variety of styles (growth, value, quality, risk management, market oriented etc).

This complementary blending of managers and styles can reduce investment risk, regardless of what style is in favour, and help provide more consistent returns through different market environments.

Just like a strained muscle would hamper the decathlete in all his events, if prevailing market conditions are unfavourable to a single manager’s investment approach, performance may suffer.  Multi-manager spreads risk as it lowers the investor’s dependence on the success of a single manager’s approach.  

Going back to the sporting analogy, in the world of athletics individual champions can easily change from year to year.  The same can happen with investment managers, but the multi-manager firm’s research is designed to find the next champions.  They constantly monitor their funds, so that managers can be changed as and when necessary to improve performance for clients.

Multi-manager investing is not designed to attempt to win a gold medal in just one particular season.  Rather, it aims to produce consistent results, season by season, over a long-term period. 

This investment approach can prove suitable for various investors with different needs.  However, you should always discuss your requirements with a professional financial adviser, as your investment strategy should be targeted to meet your personal objectives.  At Blevins Franks, we combine investment advice with effective tax and estate planning strategies, to maximise wealth preservation opportunities.

These views are put forward for consideration purposes only as the suitability of any investment is dependent on the investment objectives, time horizon and attitude to risk of the investor. The value of investments can fall as well as rise, as can the income arising from them. Past performance should not be seen as an indication of future performance.

Blevins Franks Group is represented in France by the following companies:  Blevins Franks Wealth Management Limited (BFWML) and Blevins Franks France SASU (BFF). BFWML is authorised and regulated by the Malta Financial Services Authority, registered number C 92917. Authorised to conduct investment services under the Investment Services Act and authorised to carry out insurance intermediary activities under the Insurance Distribution Act. Where advice is provided outside of Malta via the Insurance Distribution Directive or the Markets in Financial Instruments Directive II, the applicable regulatory system differs in some respects from that of Malta. BFWML also provides taxation advice; its tax advisers are fully qualified tax specialists.  Blevins Franks France SASU (BFF), is registered with ORIAS, registered number 07 027 475, and authorised as ‘Conseil en Investissements Financiers’ and ‘Courtiers d’Assurance’ Category B (register can be consulted on www.orias.fr). Member of ANACOFI-CIF. BFF’s registered office: 1 rue Pablo Neruda, 33140 Villenave d’Ornon – RCS BX 498 800 465 APE 6622Z.  Garantie Financière et Assurance de Responsabilité Civile Professionnelle conformes aux articles L 541-3 du Code Monétaire et Financier and L512-6 and 512-7 du Code des Assurances (assureur MMA). Blevins Franks Trustees Limited is authorised and regulated by the Malta Financial Services Authority for the administration of retirement schemes. This promotion has been approved and issued by BFWML. 

 You can find other financial advisory articles by visiting our website here

Blevins Franks Financial Tips - French Social Charges – What You Need to Know in 2022

By Rob Kay, Senior Partner, Blevins Franks

France imposes social charges in addition to income tax. If you hold form S1, however, you don’t need to pay them on your UK pension income and now the French tax authorities have confirmed that the favourable 7.5% rate on investment income and capital gains continues to apply to UK nationals post Brexit.  

Newcomers to France soon learn that income is subject to two forms of tax here – income tax and social charges.  Non-residents may also have to pay this tax, for example if they rent out French property or make capital gains on the sale of local real estate.   

Like other French taxes, the rules and rates often change over the years, sometimes for the better, sometimes for the worse.   A significant change last year, however, came about because of Brexit, rather than through French reform.

Since 2019, social charges on some types of investment income, including income and gains from property, have been applied, under certain conditions, at 7.5% instead of 17.2%.  However, because this generally only applied to individuals covered by the healthcare system of EU/EEA countries, it was unclear whether UK nationals would continue to benefit from this reduced rate from January 2021.  The good news now, however, is that the French tax authorities have confirmed that this treatment continues to apply to UK nationals under the terms of the Brexit Withdrawal Agreement, even post Brexit.   You’ll find more information on this below.

What are social charges?

Social charges (also called ‘social contributions’) are levied on most forms of income in France, in addition to income tax.  They are called ‘social’ charges (prélèvement social) because the money is used to finance the French social security. They do not, however, provide health benefits and should not be confused with social security contributions (which are also payable on employment income).

Social charges are actually made up of four elements, with the rates varying according to the type of income.  The rates for 2022 are:

Are UK pensions liable to social charges?

Social charges on pension income are only payable if you are subject to the French health care system (you are either paying cotisations sociales or PUMA contributions).  If you are not, and/or you have Form S1, you escape social charges on pension income as well as on pension lump sums on the basis that you the UK pays for your healthcare in France. 

Otherwise, if your pension income is less than €2,000 per month (€3,000 for a couple), you will pay 7.4% instead of 9.7%.

Reduced 7.5% rate for property and investment income

Since 2019, individuals covered under the health care system of another EU or EEA country are no longer subject to the CSG or CRDS charges on their investment income or capital gains.   This means only just pay the Prélèvement de Solidarité at 7.5% - a tax saving of 9.7%.

Last year, the authorities took the view that  UK residents or individuals holding Form S1 no longer benefited from this reduction since, as a non-EU state, the UK is no longer subject to its social security laws. This year, however, they reanalysed the Brexit Withdrawal Agreement and the law on social charges and came to a more favourable interpretation – and officially confirmed that UK nationals continue to be exempt from CSG & CRDS social charges on investment income.  This is backdated to 1 January 2021, so those who paid the full rate last year can claim a refund.

You can therefore benefit from this 7.5% social charges rate on investment income if you meet these conditions:

·      You live in France and hold Form S1 and/or are covered by the health system of another EU or EEA country or affiliated to the UK social security system; or

·      You are a UK resident (or reside in an EU/EEA country outside France) and earn French source income or gains (eg, from a French property).

If you are eligible, this 7.5% social charges rate applies to:

·      Capital gains made on the sale of property

·      Rental income

·      Investment income – interest, dividends, capital gains made on the disposal of securities like shares, withdrawals from assurance-vie etc.

Note that the 30% flat tax charged on investment income since January 2018 – the Prélèvement Forfaitaire Unique (PFU) – already includes social charges at the standard rate of 17.2%. Therefore, if you qualify for the reduced rate, you will pay 20.3% in total.

How are social charges paid?

Social charges are paid in arrears and usually calculated on the income declared in your income tax return.  Each autumn you receive a notification of the amount you owe for the previous year’s income. 

For certain types of income/gain (assurance-vie under special rates, real estate capital gains, dividend/interest advance payment etc.), the charges are paid by the 15th of the following month.

Tax planning

When you add social charges to income tax, French taxation can be rather daunting. In any case, with French tax regime being so complex, and frequently changing, it is always a good idea to take personalised advice to ensure you are following the rules correctly.

A locally based tax and wealth management adviser can guide you through the local tax regime and advise you on the compliant tax planning opportunities that are available in France, particularly for your investment capital and pensions. 

The tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; an individual is advised to seek personalised advice.

Blevins Franks Group is represented in France by the following companies:  Blevins Franks Wealth Management Limited (BFWML) and Blevins Franks France SASU (BFF). BFWML is authorised and regulated by the Malta Financial Services Authority, registered number C 92917. Authorised to conduct investment services under the Investment Services Act and authorised to carry out insurance intermediary activities under the Insurance Distribution Act. Where advice is provided outside of Malta via the Insurance Distribution Directive or the Markets in Financial Instruments Directive II, the applicable regulatory system differs in some respects from that of Malta. BFWML also provides taxation advice; its tax advisers are fully qualified tax specialists.  Blevins Franks France SASU (BFF), is registered with ORIAS, registered number 07 027 475, and authorised as ‘Conseil en Investissements Financiers’ and ‘Courtiers d’Assurance’ Category B (register can be consulted on www.orias.fr). Member of ANACOFI-CIF. BFF’s registered office: 1 rue Pablo Neruda, 33140 Villenave d’Ornon – RCS BX 498 800 465 APE 6622Z.  Garantie Financière et Assurance de Responsabilité Civile Professionnelle conformes aux articles L 541-3 du Code Monétaire et Financier and L512-6 and 512-7 du Code des Assurances (assureur MMA). Blevins Franks Trustees Limited is authorised and regulated by the Malta Financial Services Authority for the administration of retirement schemes. This promotion has been approved and issued by BFWML. 

 You can find other financial advisory articles by visiting our website here

Handbag Clinic France Announces a Three Month Pop Up Store in Cannes at Le Shop 17 by Karin Zolotoff at Gray D'Albion

Handbag Clinic specializes in the renovation, repair and restoration of luxury handbags and shoes. We work with all the major brands: Hermès, Chanel and Balenciaga etc and directly with Gucci, Jimmy Choo, Bulgari, Céline, Christies and Art Curial, to name but a few.

Handbag Clinic France has a new pop up store in Cannes for the next 3 months in Karin Zolotoff’s well known, Le Shop 17, Gray D'Albion, 17 Bd de la Croisette.

To get your bags ready for summer, in May we're offering 50% off interior and exterior cleaning and 20% off all renovations for all handbags brought to Shop 17. Bring your bag to the shop and we can give you a quote right away.

Contact:
Scarlett McDougall
Handbag Clinic France
Email
Website

Blevins Franks Financial Tips - Resolve to Review Your Financial Planning for 2022

Take time to check your tax planning, investments, pensions and estate planning are all on track to protect your family’s long-term wealth. 

The New Year is a time when most of us take stock of our situation and set goals to improve our health, happiness, lifestyle and wealth. This year, make it one of your resolutions to check your financial planning is on track to meet your needs and protect your family’s long-term financial security.

Why regular reviews are important 

Regular reviews help keep your financial affairs compliant and up to date. Tax rules or financial regulations can change at any time, which may affect the tax efficiency – or even legality – of your existing arrangements. There may also be new opportunities that you could find beneficial… but only if you know about them. And with Brexit still relatively new, and more potential changes on the way, it is important to keep ahead of any developments that may affect you, for better or worse. 

You also need to consider if any changes in your personal and family circumstances mean you should adjust your arrangements. Did you welcome any new family members or are there any upcoming major life events – such as retirement, relocation or divorce – that may warrant a rethink of your plans? 

For a truly effective review, and to ensure it is suitable for your life in France, consider how your tax planning, investments, pensions and estate planning work together. 

Tax planning

You should first make sure you know where you are resident for tax purposes, especially if you are new to France or spend time in both countries. You then want to structure your investments and wealth in the most suitable way to minimise taxation – in France, the UK and wherever you have financial interests – while still meeting your obligations. 

In today’s world of ‘automatic exchange of information’, it is more important than ever to get it right. Your local tax office receives financial information about your offshore assets without having to even ask for it. 

Cross-border tax planning is complex, so take specialist advice to achieve peace of mind and potentially secure significant tax savings.

Savings and investments

If you do not already have a financial plan in place for France, you need to take a fresh look at your savings and investments. Are they actually better suited to a UK resident? Do they meet your risk/reward appetite? Are you taking advantage of suitable tax-efficient opportunities in France?

Successful investing is about having a strategy specifically based around your personal circumstances, time horizon, needs, aims and risk tolerance. You should ensure you have adequate diversification to avoid over-exposure to any given country (including the UK), asset type, sector or company. Explore investment structures that allow multi-currency flexibility to help minimise exchange rate risk.  

Pensions

For most people, their pension is key to their financial security through retirement, so deciding what to do with yours could be one of the most important financial decisions you make.  

So take the time to explore all the available options, weighing the pros and cons and considering the tax implications and potential benefits in France. 

Make sure you take regulated advice to protect your retirement benefits from pension scams and do what is right for your personal circumstances and aims. 

Estate planning  

It is vital to review your estate planning when living in France.  Here in France both succession law and tax work very differently to the UK. 

Are you aware, for example, that France’s ‘forced heirship’ rules could automatically pass a significant proportion of your worldwide estate to your direct family, whatever your intentions? You can specify in your will for the EU regulation ‘Brussels IV’ to apply relevant British law to your estate instead, but take care to understand your options and any tax implications. 

Your estate plan should be set up to achieve your wishes in the most tax-efficient way possible. 

To bring all these complex elements together and ensure you have not missed out on any suitable opportunities, take expert, cross-border advice. Spending time on a financial health-check now can secure peace of mind that you and your family are in the best position to enjoy a prosperous 2022 and beyond.    

The tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; individuals should seek personalised advice.

Blevins Franks Group is represented in France by the following companies:  Blevins Franks Wealth Management Limited (BFWML) and Blevins Franks France SASU (BFF). BFWML is authorised and regulated by the Malta Financial Services Authority, registered number C 92917. Authorised to conduct investment services under the Investment Services Act and authorised to carry out insurance intermediary activities under the Insurance Distribution Act. Where advice is provided outside of Malta via the Insurance Distribution Directive or the Markets in Financial Instruments Directive II, the applicable regulatory system differs in some respects from that of Malta. BFWML also provides taxation advice; its tax advisers are fully qualified tax specialists.  Blevins Franks France SASU (BFF), is registered with ORIAS, registered number 07 027 475, and authorised as ‘Conseil en Investissements Financiers’ and ‘Courtiers d’Assurance’ Category B (register can be consulted on www.orias.fr). Member of ANACOFI-CIF. BFF’s registered office: 1 rue Pablo Neruda, 33140 Villenave d’Ornon – RCS BX 498 800 465 APE 6622Z.  Garantie Financière et Assurance de Responsabilité Civile Professionnelle conformes aux articles L 541-3 du Code Monétaire et Financier and L512-6 and 512-7 du Code des Assurances (assureur MMA). Blevins Franks Trustees Limited is authorised and regulated by the Malta Financial Services Authority for the administration of retirement schemes. This promotion has been approved and issued by BFWML. 

You can find other financial advisory articles by visiting our website here

Vivanova People - An Interview with the Creator of Villa Monaco and Serial Entrepreneur Jessica Stockmann and Daughter Nisha Stockmann

Both Jessica and Nisha Stockmann are incredible women, bound by blood and the strong belief in working hard to achieve greatness. Our Platinum Partner Villa Monaco is the Principality’s neighbour and the brainchild of Jessica Stockmann, a rare property of 4,000 sqm overlooking the Mediterranean Sea. Club Vivanova interviews both Jessica and Nisha to find out more about the passion and drive behind their success.

Jessica Stockmann - could you describe why and how you created and developed Villa Monaco.
Originally I built the Villa for myself meaning my children and my parents and my friends. I wanted to create a holiday hideaway where 3 generations get together, feel at home and spend quality time together. We celebrated many parties and had so many friends staying with us. Constantly a full house but with good vibes only. More and more often I was asked if I could rent Villa Monaco for special occasions or to my celebrity friends who wanted to hide from the paparazzi and just feel good energy and the vibes at our home and that was the beginning of Villa Monaco as 5* luxury hideaway.

Tell us something about you and the motivation behind your successful career.
When I am motivated to create something special, nothing can stop me. I am full of ideas and enjoy the creative ride and am blessed that I am not scared to take risks. If you believe in something then it doesn’t feel risky it only feels right. And if the willpower is big enough then a week of 72 hours of work does not feel wrong. On the contrary, it makes you feel better and you gloom like a flower who suddenly got more sun and more fertilizer than ever before.

What would you suggest to a young woman planning an international career, some tips and advice.
Think outside of the box. Listen to your heart and your soul. Keep your eyes open and use every chance you can get to learn and make experiences. Something you would like to create for your own is not only for you. Also, other people will appreciate it one day and want to have it too but they were maybe not as brave as you are. Being international does not only mean speaking many languages, it also means keeping your eyes and ears open and understand different cultures and traditions and the needs or dreams and wishes people have. Whenever you create something that people need or want then you are on the right track.

What were the challenges you had to face while developing as a female entrepreneur?
Being a woman in a man's world like the real estate business was not easy in the beginning but I also think that it’s easier for a woman to sell dreams than for a man. If you are authentic as a woman and don’t try to behave and act or sell a project as a man would do, you will find your clients easily if you don’t try to pretend to be someone else. Fortunately, in the luxury segment, I believe it’s a plus to be a woman. Women were always known to fall in love with very special jewels. Looking back the past centuries the history taught us that the most extraordinary diamond jewels were made for women and not for men. A luxury real estate is a jewel and who could create and sell it better than a woman?

What goals do you have for the future?
I want to learn from the new generation. I have experience and in some ways „know-how“ but the new technology opens so many doors. I am not afraid of those doors, they fascinate me. I always ask my children what is important for them and I realize they have different interests than I had when I was in my twenties. But I love the way they think and I would never say „leave me alone with your ideas“. The values are still the same, they don’t change, but our life has changed due to the internet, global warming etc. It’s constantly a challenge to stay happy and we can only do so if we listen to the very young and the very old population. In the end, we all live together on this planet. We only need to find a way that we can all live together happily. I believe in traditional ways but I also believe that the future has so much to offer for all of us.

Give us a quote by yourself to put in the article.
Creating a home, a castle, a real hideaway which you never want to leave - that’s real luxury and that’s our goal. I don't measure myself against others, I just want to outdo myself and keep getting better with each property I create.

Nisha Stockmann - briefly tell us about yourself and your career.
When I was six I started to get on my mum's nerves because I always wanted her to take me to her construction sites. Seeing the process of creating a castle made me feel like a princess walking into a wonderland. When I got older I realized that it’s always a team effort. I loved watching people working hand in hand. And new ideas were created. I once said to my mum: „imagine a TV would be hidden like a treasure and no parent would know that there is a TV in the kid's room“. And you know what my mum did? She built a hidden TV in the ceiling that comes out of the ceiling with an electric remote. It looked like a James Bond movie. And that was the moment where I realized: Everything is possible. You only need to know your desires and dreams and then you can make them happen and that’s what made me decide at a very young age that I wanted to become an architect and designer.

How are you inspired by your mother?
My mum never tried to convince me to go into real estate but she constantly told me to open my eyes and be aware of how to spend my time. She said if you enjoy playing the piano for 10 hours a day then go for it and become a professional piano player. The most important thing is to find something you enjoy-a real passion. Luckily I developed a similar passion as my mum. Being creative but as a new generation. In my generation, we think more about sustainability and what is necessary. It’s not only a trend to look at in the future. It fascinates me what is possible when it comes to sustainable building and at the same time focusing on new designs and technology.

What are your aspirations for the future?
I want to create something that is still usable and modern and up to date even 50 years from now. I know it’s a very high goal but as I learned „nothing is impossible if you believe in it“.

Villa Monaco
9 Chemin des Eucalyptus
06320 Cap d’Ail
+33 680 864 109
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Interviewed by Aakash Damani
International University of Monaco

Online Concierge Service Le Marquis Luxury Joins Club Vivanova as a Corporate Partner Offering Exceptional Services

With a solid reputation on all 5 continents, this on-line concierge service, named Le Marquis Luxury, is confidential and claims to be different in the crowded world of providing service.

At the helm, Edward Marquis, a Scottish citizen living here, has been heavily involved in the world of travel and luxury real estate in the United Kingdom for over 30 years.

From this rich experience he delivers a fair expertise regarding this particular market: "My clients are mostly wealthy and are looking for much more than a nice rental property. They demand the best, and also that delightful feeling of staying in a private hotel that could be their own."

This high-end clientele, in search of exception with an unlimited budget, is loyal to this site dedicated to them while waiting for next year's site for access to some of the most expensive properties in the world, with an entry prices starting at €100,000 per week... The offer will select paradisiacal places, even privatized islands, Thailand, Mexico, St Barth, Cambodia or Kenya... For this price, a premium service offer includes a limousine at the foot of the plane, a boat and staff, including an international chef, at your disposal 24 hours a day.

With no less than 500 houses in its catalog, including a hun- dred in the Gulf of Saint-Tropez, the StTropezLuxury.com concierge service now covers the entire Mediterranean, from Provence to Tuscany, the glamorous Italian destination where it has started its summer rental business. StTropezLuxury.com operates at full speed from spring to the Voiles de Saint- Tropez, with a good season at Christmas and New Year.

Among its strong points, a permanent service during the 4 seasons and the presence of a unique interlocutor for each place and each region. Thanks to its network of rigorously selected partners, who meet the desires and whims of its customers, nothing is impossible for this company whose aim is to simplify your life.

Requests concern the rental of villas, the organization of leisure activities, and also the management of unexpected events. Because, underlines Edward Marquis, anticipating the impos- sible is also part of our daily life. This new partnership with Fastrack VIP Airport & Chauffeur Service and Villa & Superyacht Supplies is a great idea and will be effective in Mykonos and other destinations.

The design of the StTropezLuxury.com network is like a door to Europe and the rest of the world. It offers direct access to the group's sites, each dedicated to the chosen destination (see list at the bottom of the page). It is also one of the only ones to focus on the most beautiful spots in Southern Europe: Capri, Tuscany, Sardinia, Saint-Tropez, Venice, as well as Provence... So many choices for a dream stay.

News 2021:
Catalogue entries, always accompanied by a starred service, about fifty houses in Mykonos, and soon, private islands off the coast of Pukhet or even in the China Sea for 2 or 30 people as well as some historical castles in the Loire or in Provence. •

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UK Pension Benefits - the Lifetime Allowance Limits Explained by Blevins Franks - Wealth Management Advisors

Will your pensions get caught in the lifetime allowance trap? 

By Rob Kay, Senior Partner, Blevins Franks   

If you have several UK pensions, have been saving for many years or have a generous company pension, you could be at greater risk of 25% or 55% tax penalties following recent measures.

One key outcome of the 2021 UK Budget was that the pensions lifetime allowance (LTA) was frozen at its current level for at least the next five years. This measure alone is estimated to net the Treasury approximately £990 million by 2026, pushing an extra 10,000 people over the threshold. With LTA tax penalties as high as 55%, make sure you are not caught unprepared.

What is the lifetime allowance?

Since 2006, the UK government has capped how much you can hold in combined pension benefits without paying extra tax. Originally £1.5 million, the LTA peaked in 2011 at £1.8 million before gradually dropping to £1 million in 2016. Tracking inflation since then, the March 2021 Budget cancelled this year’s scheduled increase, freezing the LTA at its current level of £1,073,100 until at least 2026. 

Who is affected by the LTA?

While the current lifetime allowance of £1,073,100 sounds high, it does not just capture the ultra-wealthy. 

All UK pension benefits outside the State Pension are counted, including everything accumulated over a working lifetime. After decades of pension contributions, compounding interest, investment growth and tax relief, the limit may be closer than you think. 

For ‘final salary’ (defined benefit) pension schemes, the usual measure of value is 20x the annual income due. Generally this will mean those with pensions worth £53,655+ a year would be affected today. 

What are the LTA penalties? 

Once total pension funds exceed the allowance limit, extra tax is payable whenever you access your money – technically called a ‘benefit crystallisation event’. How much you pay depends on the way funds are withdrawn – rates are 55% for lump sums and 25% for income or transfers to an overseas pension. So at best, the cost of being over can be a quarter of your funds, at worst: over half. Note that this is on top of any other tax payable. 

Being non-UK resident offers no protection. Usually, under the double tax agreement, residents of France are not liable for UK taxes on British pensions (except government service pensions). However, for anyone over the allowance, these rules do not apply – the LTA tax is applied in the UK first and cannot be claimed back. 

How can you check your LTA position?

Calculating how much of your allowance you have used is not always straightforward, especially for final salary pensions, so check your position with your provider or pension adviser.

HM Revenue & Customs (HMRC) will first test your allowance status when you start drawing your pension, then every time you access funds and when you turn 75. If you die before 75, any lump sums paid to your beneficiaries will also be subject to the LTA test and subsequent tax penalties. 

How can you protect your pensions?

While it is possible to obtain ‘protection’ from HMRC to secure a higher limit, be aware that strict conditions apply, so take guidance.

Expatriates have the option of transferring UK pension funds to a Qualifying Recognised Overseas Pension Scheme (QROPS). If you transfer one or more UK pensions into a QROPS and your total benefits are under £1.073 million, you will not face LTA taxes on the transfer. However, make sure the QROPS is within the European Economic Area (EEA), otherwise you would still lose 25% through the ‘overseas transfer charge’. 

Once in a QROPS, funds are out of reach of LTA penalties, no matter how much you have or how you access it. A suitable QROPS can also provide tax-efficiency, currency flexibility and estate planning benefits. 

An alternative option is to explore taking your UK pension as cash and reinvesting it into a tax-efficient French-compliant arrangement. Again, this can unlock other benefits not usually available with UK pensions.

Reviewing your options 

Before making any major pension decisions, it is crucial to take regulated, personalised advice to avoid pension scams and determine the most suitable approach for you.

What if you are already over the limit? While you would trigger an immediate 25% LTA charge on a QROPS transfer, the funds become immune to further penalties. If you instead transferred to a UK scheme, like a Self-Invested Personal Pension (SIPP), you would not trigger immediate taxation but the funds would remain liable – with future charges increasing as funds grew. The 25% or 55% LTA penalties would then become payable whenever you take benefits and also apply to any heirs inheriting the pension.

If you are close to the threshold, consider acting sooner rather than later. Your pension funds should continue to grow while the lifetime allowance remains frozen, so you could potentially avoid unnecessary taxation by taking steps now.

Even if your pension benefits are within the allowance or you are not yet ready to access them, it is a good idea to review your situation. A regulated adviser with cross-border experience can help you explore your options and take advantage of tax-efficient opportunities to help secure a comfortable retirement in France.

Tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; individuals should seek personalised advice. 

Blevins Franks Group is represented in France by the following companies:  Blevins Franks Wealth Management Limited (BFWML) and Blevins Franks France SASU (BFF). BFWML is authorised and regulated by the Malta Financial Services Authority, registered number C 92917. Authorised to conduct investment services under the Investment Services Act and authorised to carry out insurance intermediary activities under the Insurance Distribution Act. Where advice is provided outside of Malta via the Insurance Distribution Directive or the Markets in Financial Instruments Directive II, the applicable regulatory system differs in some respects from that of Malta. BFWML also provides taxation advice; its tax advisers are fully qualified tax specialists.  Blevins Franks France SASU (BFF), is registered with ORIAS, registered number 07 027 475, and authorised as ‘Conseil en Investissements Financiers’ and ‘Courtiers d’Assurance’ Category B (register can be consulted on www.orias.fr). Member of ANACOFI-CIF. BFF’s registered office: 1 rue Pablo Neruda, 33140 Villenave d’Ornon – RCS BX 498 800 465 APE 6622Z.  Garantie Financière et Assurance de Responsabilité Civile Professionnelle conformes aux articles L 541-3 du Code Monétaire et Financier and L512-6 and 512-7 du Code des Assurances (assureur MMA). Blevins Franks Trustees Limited is authorised and regulated by the Malta Financial Services Authority for the administration of retirement schemes. This promotion has been approved and issued by BFWML. 

Strategic & Effective Financial Planning for the New Year with Corporate Partner Blevins Franks

Strategic Financial Planning for the New Year
By Rob Kay - Senior Partner Blevins Franks

Of course, you can review your financial planning any time to ensure it is on the right path, but the New Year is the perfect prompt to do so if you have not taken a fresh look at it for a while.  And perhaps it is even more important this year as we navigate a post-Brexit world.

One key reason to review your wealth management is to ensure it is up to date. Establish whether any tax rules or financial regulations have changed, and consider if developments in your personal and family circumstances mean you should adjust previous arrangements.

But an effective review of your financial planning, to ensure it is suitable for your life in France and your wishes for the future, needs to go beyond that.  

The benefits of strategic planning
Many people only consider segments of their finances at a time. They may have bought shares in companies they like and/or invested in funds recommended by a financial adviser years ago.  They may speak to a tax accountant to learn about French taxation and perhaps ask about tax planning opportunities.  Then they speak to a lawyer about setting up a French will.  At some point they will look at their pension funds and try and work out how best to access their retirement savings. 

For truly effective financial planning, however, you need to consider all these various aspects together.  For example, how you hold your investments can make a difference to your French tax liabilities.  Estate planning in France is no simple matter, with its complex succession tax regime and forced heirship rules, and how you own assets can impact on what you can achieve.  And when deciding what to do with your pensions, look at all your retirement savings and what income they can generate for you.

Here is a summary of three key areas you should consider in your financial planning review. 

French residency and taxation 
The fact that you are resident in France, rather than the UK, has a significant impact on your financial planning. First of all, make sure you know where you are resident for tax purposes, especially if you are new to France or spend time in both countries.  The French and UK tax residence rules can be more complex than first meets the eye. The double tax treaty determines where you pay tax if you are resident in one country and earn income in the other. 

Regardless of how effective your tax planning in the UK was, you pretty much need to start afresh in France. What was tax efficient across the Channel is unlikely to be tax efficient here. Have you explored all the compliant arrangements that provide tax benefits in France?  Assurance-vie, for example, can provide a range of advantages that go beyond lowering your tax bill.

Estate planning
Do not leave estate planning to the final stage of financial planning.  The way you own property and investments in France makes a difference to how you can distribute your assets on death and how much tax your beneficiaries pay. So take this into consideration when buying assets and setting up investment arrangements. 

Succession law in France protects children over your spouse.  This can have unwelcome consequences for families with children from previous marriages, unless you plan ahead. UK nationals can use the EU regulation – ‘Brussels IV’ – to distribute their estate under UK law, but do research this first as it may not be the best solution for you. 

Financial structuring for life in France 
Perhaps the key rule for financial planning is that it must be specifically structured around your personal circumstances – your lifestyle today and plans for the future, family situation, income requirements, objectives, time horizon and risk tolerance. 

If you do not already have a strategic financial plan in place for France, you may need to take a completely fresh look at all your savings and investments and consider if they are suitable for you today and the current economic climate, for example:

Are they too risky? 
Do you have adequate diversification?
Can they provide income without risking the capital? 
Could you consolidate shares and funds so they are easier to manage? 

Tax liabilities
And, at the same time, consider your tax liabilities on investment income and gains and whether you could use alternative tax-efficient arrangements to hold your investments.  And how will these savings be passed to your heirs? What inheritance taxes will they have to pay? Can the funds be passed on directly or will there be a lengthy probate process?

Some assurance-vie allow you to hold your choice of investment assets while providing tax and estate planning benefits. There are various ones available so choose the one that works for you.

Securing the best results
Every family is different. Your strategic financial planning must be carefully designed for you. All the various aspects should work cohesively together to create an overall wealth management plan that provides long-term financial security for yourself and achieves your wishes for your heirs.  

For peace of mind that you have covered everything, that you have understood the intricacies of French taxation and not missed out on tax planning opportunities, and that making one financial decision will not have unexpected consequences on another, take expert, professional advice, ideally from a locally based cross-border wealth management specialist. If you still use a UK-based financial adviser, confirm that they can continue to provide services to you in France after Brexit. And as is always the case, your adviser should take the time to get to know you to then outline personalised recommendations for you. 

The tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; an individual is advised to seek personalised advice.

You can find other financial advisory articles by visiting our website

Benefit from Expert Financial Advice with our Corporate Partner Blevins Franks - Specialists in Strategic Financial Planning

BLEVINS FRANKS - SPECIALISTS IN STRATEGIC FINANCIAL PLANNING

If you’re a UK national living in France or planning to move here permanently, you will benefit from expert advice to make the most of your wealth and minimise taxation. 

Blevins Franks has 45 years’ experience providing cross-border tax, pensions, estate planning and investment advice to British expatriates across Southern Europe. Advisers and support teams live and work throughout France, Monaco, Spain, Portugal, Cyprus, Malta and the UK to provide a local, personalised service.

The Local Team
With an office in the French Riviera for over two decades, Blevins Franks is well-established in the region, providing a genuinely holistic approach to financial planning on your doorstep.

View the Blevins Franks Corporate Feature