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GILLIAN MILLER - NOTES

GILLIANM@BOINVEST.CO.ZA
010 448 0655

26 AUGUST 2021

 

John, when are you available to chat?

 

There are no other decision makers that need to be included at this stage.

 

All the funds are to be moved into an account in Guernsey (only if there are no tax implications to the funds being moved).

 

It is a matter of us giving the instruction to the Trustee and St James’s Place to move the funds to that Guernsey account.

 

 

9 AUGUST 2021


To: Danny Ternent <danny.ternent@sjpp.co.uk>; Donald Macaulay <Donald.Macaulay@sjpp.co.uk>
Cc: john@transworldholdings.com; Janus Joubert <janus@jbsadvisory.co.za>; Gordon Greig <brugor1@sky.com>; Julie Honiball <julieh@boinvest.co.za>
Subject: RE: re: Gillian Miller_Trusts

 

Donald and Danny

 

Trust this mail finds you both well.

 

I have copied in the following parties to this email:

John Sparks from Holborn Assets who will be assisting me

Janus Joubert who is my auditor ensuring I remain South African tax compliant

Gordon Greig who is the Trustee of the respective Trusts

Julie Honiball (my sister and Trustee of my South African based Trust)

 

Following advise from accountants and tax advisors, I have decided to move my portion from the various Trusts to Guernsey.

 

Please note, Julie will provide separate instructions on her portion from the respective Trusts.

 

Regards

 

3 AUGUST 2021

 

Hi Gillian

 

Thanks for your emails today. In reference to your property company in SA, I mentioned this is a perfect solution for you as you can mirror this company overseas with an overseas property investment company. In doing this you will not be bound by the  exchange controls of R 10 m a year. If your property company is purchasing a property that is more than ZAR 10 m or multiples of this, you will be able to apply for  a tax clearance to send the required amount out. You will not be limited to the ZAR 10 m per year.

 

What I will do is keep the emails separate, to keep it simple.

 

First and foremost the Portugal opportunity to purchase property and pretty much get you passport as a bonus.

 

On the call, I mentioned, we have a very good offer presently. This has been received extremely well and I had to check if we still had property available on this offer.

 

Good news, this was launched a month ago and as per the attachment, we only have two units still available. The whole project has pretty much sold out in less than a month.

 

I have attached a flyer for you to read up on it. Its unbeatable. You will receive your rental income for 5 years two weeks after transfer. After 5 years you have the guaranteed option of selling back your apartment for the price you paid for it if you so wish.  You cannot lose. 100% capital preservation with rental returns paid for 5 years upfront.

 

Remember the visa and passport  is available to your parents, partner and children if needed.

 

If you feel this might be a very good option, I can send you a more detailed breakdown on the timelines and costings, or better still we can schedule a zoom call with the Holborn Manager of the Golden Visa Program. We have done over 600 applications so far, all with a 100% success rate.

 

I will follow this email up with the options of property in Berlin and a brief on setting up an off shore trust for your protection, confidentially and  succession planning. Along with all this comes tax efficiency solutions.

 

Please do not hesitate to contact me at any time should you have any questions what’s so ever.

PORTUGAL CITIZENSHIP

3 AUGUST 2021

John

 

Trust this mail finds you well.

 

Following our call the end of July with you and Janus, please can you send us information on the Guernsey or Isle of Man bank account as well as property options in Europe (you mentioned Germany and Portugal – preferably those that have Golden Visa’s).

3 AUGUST 2021

John

 

We have a property company registered in South Africa.

 

On the call to you a few weeks ago, you mentioned there are opportunities for a property company to purchase offshore. I think you mentioned the property options in Europe (you mentioned Germany and Portugal).

 

Please send us some information on this as the company is looking at purchasing offshore.

3 AUGUST 2021

John

 

Trust this mail finds you well.

 

Following our call the end of July with you and Janus, please can you send us information on the Guernsey or Isle of Man bank account as well as property options in Europe (you mentioned Germany and Portugal – preferably those that have Golden Visa’s).

 

Regards

 

Gillian

14 JULY  2021

Janus

 

Please note the following preferences:

  1. My folks don’t want to keep any money in the UK

  2. My sister would like some offshore and the balance brought to SA

  3. I would like to keep mine offshore

 

Please advise when we could schedule a call with your chap.

 

Regards

 

Gillian

30 JUNE  2021

Janus

 

Below is a brief summary:

 

  1. There has been a death in my family. She lived in Edinburgh in Scotland.

  2. This family member has left 48,5% of her estate to me and 48,5% to my sister.

  3. The investments bonds and savings account are all with St James’s Place Wealth Management

  4. The estate has roughly £560,000 (savings account of £129,682 (which remains invested) plus other bank accounts that I do not have their balances as yet)

  5. The estate also has an apartment which has been left to 50:50 to my mom and dad which has been valued at roughly £190,000. My mom and dad will not keep the apartment and will sell it.

  6. The estate will have its costs deducted as well as 40% death tax and then the balance of the proceeds will be paid out

  7. Outside of the estate are 3 Trusts

  8. Trust 1 has approximately £30,655.47 (bond IB68201730) and is split 50:50 between my sister and I. The bond will need to be cashed out as the family member who died was the life assured.

  9. I understand that Trust 1 will be taxed at 25% in Scotland

  10. Trust 2 has approximately £69,476.43 (bond IB68685585) and is split 50:50 between my sister and I. The bonds will continue as my mom and dad are the lives assured. And have a life of 150 years (as long as my mom and dad are alive. In the event they pass, the bond will need to be cashed)

  11. Trust 3 has approximately £268,604.28 (bond IB68559871) and is split 50:50 between my sister and I. The bonds will continue as my mom and dad are the lives assured. And have a life of 150 years (as long as my mom and dad are alive. In the event they pass, the bond will need to be cashed)

  12. I understand that Trusts 2 and 3 (if cashed) will be taxed at 25% in Scotland.

  13. My mom, dad, sister and myself all have British passports and all reside in South Africa. My mom and dad have south African residency but are not South African citizens like my sister and I.

  14. None of us have bank accounts in Scotland.

  15. My mom is 78  and my dad is 79 years old. Realistically they should not have too much in their name at this advanced stage in their lives.

 

I would like to understand what options are available to me that are the most tax efficient.

Do I purchase the property in Edinburgh from my parents?

Will having a Scottish address assist with anything from a tax perspective?

If I do purchase the flat, do I pay my parents in ZAR’s

Do I need or can I open a bank account in Scotland?

Do I keep the money in the Trusts?

Do I cash in some or all or none of the policies currently being invested?

What are the tax implications for me in SA if I hold foreign investment?

What are the tax implications for me in SA when the estate and Trust 1 pays out?

What are the tax implications for me in SA if Trust 2 and 3 are cashed (fully or partially)?

JANUS JOUBERT: AUDITOR

GORDON GREIG: TRUSTEE OF RESPECTIVE TRUSTS

JULIE HONIBALL - SISTER AND TRUSTEE OF SA TRUSTS

 

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