On 23 November 2025, the Belgian government agreed its Budget for 2026. Two measures are particularly relevant for the commercialisation of life insurance contracts for Belgian resident policyholders:

1. The confirmation of a new capital gains tax
2. The increase in the Tax on Annual Securities Accounts (ATSA) rate from 0.15% to 0.30%

Capital Gains Tax – What You Need to Know

The draft law introducing the new capital gains tax was submitted to the Belgian Parliament at the end of December. Although it still requires parliamentary debate and a formal vote, the law is expected to apply retroactively from 1 January 2026. Belgian residents should therefore assume the tax is already in effect, even though some details may change before final approval.

The main principles remain consistent with those outlined in our Summer 2025 Navigator article. The tax will apply at 10% on capital gains realised from 1 January 2026 on all financial products, including withdrawals or surrenders from life insurance contracts. An exit tax will also apply for two years after leaving Belgium.

Why Life Insurance Matters

Unit-linked life insurance contracts may become more attractive under this regime because they offer tax deferral benefits. Unlike other financial products, these contracts allow capital losses and gains on underlying assets to be offset without time limits. Switching investment funds within a Branch 23 policy will not trigger a taxable gain, and the policy structure simplifies administration compared to a directly held investment portfolio.

Points of Attention

• The draft law confirms taxation on all capital gains realised from 1 January 2026. Insurers will need to record the net asset value (NAV) of in-force contracts on 31 December 2025 to calculate future gains or losses.
• If a contract shows a loss between subscription and 31 December 2025, the policyholder may request calculation based on the original subscription value.
• Withdrawals will require proportional calculation of gains based on premiums paid and NAV at withdrawal.
• Currency conversions to euro will be necessary for contracts denominated in other currencies.
• Belgian financial institutions, including Utmost Belgian Branch, must act as paying agents and withhold the tax from 1 July 2026 unless the policyholder opts out.
• Insurers (including non-Belgian insurers) will need to provide annual attestations or information to help policyholders complete their tax declarations.
• The tax applies only during the policyholder’s lifetime, not on death settlements, creating estate planning opportunities.

Increase in ATSA Rate

The ATSA applies to securities accounts above €1,000,000 held by Belgian residents. The rate has doubled from 0.15% to 0.30%. However, ATSA does not apply to insurance contracts where the underlying securities account is held by a Luxembourg insurer (potentially also including its Belgian Branch, depending on the set-up of the branch) and the custodian bank is outside Belgium. In such cases, the Luxembourg insurer is the legal owner of the account, and the Belgium–Luxembourg tax treaty prevents Belgium from taxing these assets.

The Belgian Budget for 2026 introduces meaningful changes that will influence how advisers support clients with Belgian tax exposure. The new capital gains tax and the higher ATSA rate reinforce the value of life insurance-based wealth solutions, particularly where clients seek tax deferral, administrative simplicity and planning flexibility. As the legislative process progresses, advisers should continue to monitor developments and ensure policyholders receive timely guidance based on the final law.

De Belgische begroting voor 2026 introduceert twee belangrijke fiscale wijzigingen die van invloed zullen zijn op de manier waarop adviseurs hun cliënten, Belgische residenten ondersteunen met betrekking tot vermogensplanning. De bevestiging van een nieuwe meerwaardebelasting, gecombineerd met een verhoging van de jaarlijkse taks op effectenrekeningen (JTER), betekent een opmerkelijke verschuiving in het fiscale landschap van het land.

Nicolaas Vancrombrugge schetst wat deze maatregelen in de praktijk betekenen en belicht de kansen die op levensverzekeringen gebaseerde vermogensoplossingen kunnen bieden in een veranderende regelgevende omgeving.

Op 23 november 2025 keurde de Belgische regering haar begroting voor 2026 goed. Twee maatregelen zijn bijzonder relevant voor de commercialisering van levensverzekeringscontracten voor Belgische verzekeringnemers:

1. De bevestiging van een nieuwe meerwaardebelasting
2. De verhoging van het tarief van de jaarlijkse taks op effectenrekeningen (JTER) van 0,15% naar 0,30%

Meerwaardebelasting – Wat u moet weten

Het wetsontwerp tot invoering van de nieuwe meerwaardebelasting werd eind december ingediend bij het Belgische parlement. Hoewel het nog moet worden besproken in het parlement en formeel dient te worden goedgekeurd, zal de wet naar verwachting met terugwerkende kracht van toepassing zijn vanaf 1 januari 2026. Belgische ingezetenen moeten er dus vanuit gaan dat de belasting al van kracht is, ook al kunnen sommige details nog wijzigen voordat de wet definitief wordt goedgekeurd.

De belangrijkste principes blijven in overeenstemming met die welke in ons artikel in de Navigator van zomer 2025 reeds werden uiteengezet. De belasting zal 10% bedragen op vermogenswinst die vanaf 1 januari 2026 wordt gerealiseerd op alle financiële producten, met inbegrip van opnames of afkopen uit levensverzekeringsovereenkomsten. Er zal ook een exit taks van toepassing zijn gedurende twee jaar na het verlaten van België.

Waarom levensverzekeringen belangrijk zijn

Levensverzekeringscontracten die aan beleggingsfondsen zijn gekoppeld, kunnen onder dit stelsel aantrekkelijker worden omdat ze voordelen op het gebied van belastinguitstel bieden. In tegenstelling tot andere financiële producten kunnen bij deze contracten kapitaalverliezen en -winsten op onderliggende activa zonder tijdslimiet worden gecompenseerd. Het wisselen van beleggingsfondsen binnen een tak 23-polis leidt niet tot een belastbare winst, en de structuur van de polis vereenvoudigt de administratie in vergelijking met een rechtstreeks aangehouden investeringsportefeuille.

Aandachtspunten

• Het wetsontwerp bevestigt de belastingheffing op alle vermogenswinsten die vanaf 1 januari 2026 worden gerealiseerd. Verzekeraars zullen de intrinsieke waarde (NAV) van de lopende contracten op 31 december 2025 moeten registreren om toekomstige winsten of verliezen te berekenen.
• Als een contract tussen de onderschrijving en 31 december 2025 een verlies heeft gemaakt, kan de verzekeringnemer vragen om een berekening op basis van de oorspronkelijke inschrijvingswaarde.
• Bij afkopen moet een proportionele berekening van de winsten worden gemaakt op basis van de betaalde premies en de NAV op het moment van afkoop.
• Voor contracten die in andere valuta's zijn uitgedrukt, zal een omrekening naar euro's nodig zijn.
• Belgische financiële instellingen, waaronder Utmost Belgian Branch, moeten vanaf 1 juli 2026 optreden als betalingsagent en de belasting inhouden, tenzij de verzekeringnemer een opt-out aanvraagt (d.w.z. dat aan de financiële instelling wordt gevraagd om geen inhouding te doen).
• Verzekeraars (met inbegrip van niet-Belgische verzekeraars) zullen jaarlijks attesten of informatie moeten verstrekken om verzekeringnemers te helpen bij het invullen van hun belastingaangifte.
• De belasting is alleen van toepassing tijdens het leven van de verzekeringnemer, niet op uitkeringen bij overlijden, wat mogelijkheden biedt voor successieplanning.

Verhoging van het JTER-tarief

De JTER is van toepassing op effectenrekeningen van meer dan € 1.000.000 die worden aangehouden door Belgische ingezetenen. Het tarief is verdubbeld van 0,15% naar 0,30%. De JTER is echter niet van toepassing op verzekeringscontracten waarbij de onderliggende effectenrekening wordt aangehouden door een Luxemburgse verzekeraar (eventueel ook inclusief zijn Belgische bijkantoor, afhankelijk van de opzet van het bijkantoor) en de bewaarnemingsbank zich buiten België bevindt. In dergelijke gevallen is de Luxemburgse verzekeraar de wettelijke eigenaar van de rekening en verhindert het belastingverdrag tussen België en Luxemburg dat België deze activa belast.

De Belgische begroting voor 2026 introduceert belangrijke wijzigingen die van invloed zullen zijn op de manier waarop adviseurs klanten die Belgische ingezetenen zijn, ondersteunen. De nieuwe meerwaardebelasting en het hogere JTER-tarief versterken de waarde van op levensverzekeringen gebaseerde vermogensoplossingen, met name wanneer klanten op zoek zijn naar belastinguitstel, administratieve eenvoud en flexibiliteit bij de planning. Naarmate het wetgevingsproces vordert, moeten adviseurs de ontwikkelingen blijven volgen en ervoor zorgen dat verzekeringnemers tijdig advies krijgen op basis van de definitieve wetgeving.

Le budget 2026 de la Belgique introduit deux changements fiscaux importants qui auront une incidence sur la manière dont les conseillers accompagnent leurs clients résidents belges quant à la planification de leur patrimoine. La confirmation d'une nouvelle taxe sur les plus-values, combinée à une augmentation de la taxe annuelle sur les comptes-titres, marque un changement notable dans le paysage fiscal du pays.

Nicolaas Vancrombrugge explique ce que ces mesures signifient dans la pratique et met en évidence les opportunités que peuvent offrir les solutions patrimoniales basées sur l'assurance vie dans un environnement réglementaire en mutation.

Le 23 novembre 2025, le gouvernement belge a approuvé son budget pour 2026. Deux mesures sont particulièrement pertinentes pour la commercialisation des contrats d'assurance-vie destinés aux preneurs d’assurance résidant en Belgique :

1. La confirmation d'une nouvelle taxe sur les plus-values
2. L'augmentation du taux de la taxe annuelle sur les comptes-titres (TACT) de 0,15 % à 0,30 %.

Taxe sur les plus-values – Ce que vous devez savoir

Le projet de loi introduisant la nouvelle taxe sur les plus-values a été introduit au Parlement belge à la fin du mois de décembre. Bien qu'il doive encore faire l'objet d'un débat parlementaire et d'un vote formel, la loi devrait s'appliquer rétroactivement à compter du 1er janvier 2026. Les résidents belges doivent donc partir du principe que la taxe est déjà en vigueur, même si certains détails peuvent encore changer avant l'adoption définitive.

Les principes fondamentaux restent conformes à ceux exposés dans notre article Navigator de l'été 2025. La taxe s'appliquera à hauteur de 10 % sur les plus-values réalisées à partir du 1er janvier 2026 sur tous les produits financiers, y compris les retraits ou les rachats de contrats d'assurance-vie. Une taxe de sortie s'appliquera également pendant deux ans après avoir quitté le territoire belge.

Pourquoi l'assurance-vie est-elle importante ?

Les contrats d'assurance-vie liés à des unités de compte pourraient devenir plus attractifs dans le cadre de ce régime, car ils offrent des avantages en matière de report d'impôt. Contrairement à d'autres produits financiers, ces contrats permettent de compenser les pertes et les gains en capital sur les actifs sous-jacents sans limite de temps. Le changement de fonds d'investissement au sein d'une police de la branche 23 ne donnera pas lieu à un gain imposable, et la structure de la police simplifie l'administration par rapport à un portefeuille d’investissement détenu directement.

Points à prendre en considération

• Le projet de loi confirme la taxation de toutes les plus-values réalisées à partir du 1er janvier 2026. Les assureurs devront enregistrer la valeur nette d'inventaire (VNI) des contrats en vigueur au 31 décembre 2025 afin de calculer les gains ou pertes futurs.
• Si un contrat affiche une perte entre la souscription et le 31 décembre 2025, le preneur d'assurance peut demander un calcul basé sur la valeur de souscription initiale.
• Les rachats nécessiteront un calcul proportionnel des gains sur la base des primes versées et de la VNI au moment du rachat.
• Les contrats libellés dans d'autres devises devront être convertis en euros.
• Les institutions financières belges, y compris la succursale belge d’Utmost, doivent agir en tant qu'agents payeurs et retenir la taxe à partir du 1er juillet 2026, sauf si le preneur d'assurance demande un ‘opt-out’ (c’est-à-dire de demander à l’institution financière de ne pas retenir la taxe).
• Les assureurs (y compris les assureurs non belges) devront fournir des attestations annuelles ou des informations pour aider les preneurs d’assurance à remplir leurs déclarations fiscales.
• La taxe ne s'applique que pendant la durée de vie du preneur d'assurance, et non aux règlements en cas de décès, ce qui offre des possibilités de planification successorale.

Augmentation du taux du TACT

La TACT s'applique aux comptes-titres supérieurs à 1 000 000 € détenus par des résidents belges. Le taux a doublé, passant de 0,15 % à 0,30 %. Toutefois, la TACT ne s'applique pas aux contrats d'assurance dont le compte-titres sous-jacent est détenu par un assureur luxembourgeois (y compris, le cas échéant, sa succursale belge, dépendant de la structure de celle-ci) et dont la banque dépositaire est située en dehors de la Belgique. Dans ce cas, l'assureur luxembourgeois est le propriétaire légal du compte, et la convention fiscale entre la Belgique et le Luxembourg empêche la Belgique de taxer ces actifs.

Le budget belge pour 2026 introduit des changements importants qui auront une incidence sur la manière dont les conseillers accompagnent leurs clients résidents belges. La nouvelle taxe sur les plus-values et le taux plus élevé de la TACT renforcent la valeur des solutions patrimoniales basées sur l'assurance vie, en particulier lorsque les clients recherchent un report d'impôt, une simplicité administrative et une flexibilité de planification. À mesure que le processus législatif progresse, les conseillers doivent continuer à suivre l'évolution de la situation et veiller à ce que les preneurs d’assurance reçoivent en temps utile des conseils basés sur la loi définitive.

Context and What Changed

Political constraints prevented Parliament from finalising the Finance Law by year-end, but the law on financing social contributions for 2026 was passed. A government-led compromise distinguishes “financial income” from “popular savings”.

• CSG increase to 10.6% applies only to pure financial income (e.g., dividends, capital gains on shares and bonds).
• Popular savings keep the 9.2% CSG: life insurance and capitalisation contracts, PEA (Plan d’Épargne en Actions), PEP, PEL/CEL.
• Other common incomes (e.g., rental income, real estate capital gains) continue at 9.2% CSG.

Because the Contribution pour le Remboursement de la Dette Sociale (CRDS) (0.5%) and solidarity levy (7.5%) are unchanged, overall social levies now diverge:

• Pure financial income:
  10.6 + 0.5 + 7.5 = 18.6%
• Popular savings (including life insurance/capitalisation contracts):
  9.2 + 0.5 + 7.5 = 17.2%

Comparative Table of Rates (CSG component)

Overall Social Levies

• Insurance/capitalisation: 17.2%
• Pure financial income: 18.6%

Expatriates in France: Who Is (and Isn’t) Affected?

Expatriates affiliated to a foreign social security system and holding a valid S1 form are generally exempt from CSG and CRDS on investment income. As a result, the increase to 10.6% CSG does not affect them. However, expatriates remain subject to the 7.5% solidarity levy on applicable income.

Following the UK’s withdrawal from the EU (agreements of 12 November 2019 and 30 December 2020), UK expatriates can continue to benefit from the CSG/CRDS exemption from 1 January 2021, provided they are:

• Affiliated to the UK social security system.
• Nationals or legal residents of France, the UK, or another EU Member State.
• Not covered by a compulsory French social security scheme.

Bottom line: The CSG hike principally impacts domestic investors and expatriates without S1 coverage.

Why It Matters for Wealth Professionals

The shift widens the differential between direct portfolios and “popular savings”. For clients comparing portfolio investing with insurance or capitalisation contracts, this change reinforces the relative attractiveness of long-term, policy-based solutions:

• Lower overall social levies (17.2% vs. 18.6%) on withdrawals from insurance/capitalisation.
• Continued benefits around tax deferral, timing and management of taxable events, and estate planning (including favourable rules on death for insurance contracts).
• For expatriates with S1 coverage, the CSG/CRDS component is removed, leaving only the 7.5% solidarity levy – further strengthening the comparative case.

Dans le cadre des mesures législatives de fin d'année, la France a introduit des modifications pour les prélèvements sociaux. Dans cet article, Nicolas Morhun et Alix Devalmont expliquent comment la Loi de Financement de la Sécurité Sociale pour 2026 augmente la CSG sur les revenus financiers purs tout en préservant le traitement préférentiel accordé à l'« épargne populaire ».

Pour les conseillers, le message est clair : les portefeuilles titres sont soumis à des prélèvements plus élevés, tandis que les contrats d'assurance vie et de capitalisation bénéficient d’un taux plus faible. Les expatriés affiliés à un régime de sécurité sociale étranger et titulaire d’un formulaire S1 sont largement protégés par cette modification.

Contexte et changements

Les contraintes politiques ont empêché le Parlement de finaliser la loi de finances avant la fin de l'année, mais la loi relative au Financement de la Sécurité Sociale pour 2026 a été adoptée. Un compromis mené par le gouvernement distingue les « revenus financiers » de l'« épargne populaire ».

• L'augmentation de la CSG à 10,6 % ne s'applique qu'aux purs revenus financiers (par exemple, les dividendes, les plus-values sur les actions et les obligations).
• L'épargne populaire conserve la CSG à 9,2 % : contrats d'assurance vie et de capitalisation, PEA (Plan d'Épargne en Actions), PEP, PEL/CEL.
• Les autres revenus courants (par exemple, les revenus locatifs, les plus-values immobilières) restent soumis à une CSG de 9,2 %.

La CRDS (0,5 %) et la contribution de solidarité (7,5 %) restant inchangées, les prélèvements sociaux globaux sont désormais pour :

• Les purs revenus financiers de :
  10.6 + 0.5 + 7.5 = 18.6 %
• L’épargne populaire (y compris les contrats d'assurance vie/de capitalisation) de :
  9.2 + 0.5 + 7.5 = 17.2 %

Tableau comparatif des taux (composante CSG)

Prélèvements sociaux globaux

• Contrat d’assurance vie/Capitalisation : 17.2 %
• Revenus financiers purs : 18.6 %

Expatriés en France : qui est concerné (et qui ne l'est pas) ?

Les expatriés affiliés à un régime de sécurité sociale étranger et titulaires d'un formulaire S1 valide sont généralement exonérés de la CSG et de la CRDS sur les revenus d'investissement. Par conséquent, l'augmentation de la CSG à 10,6 % ne les concerne pas. Toutefois, les expatriés restent soumis à l'impôt de solidarité de 7,5 % sur les revenus concernés.

Suite au retrait du Royaume-Uni de l'UE (accords du 12 novembre 2019 et du 30 décembre 2020), les expatriés britanniques peuvent continuer à bénéficier de l'exonération de la CSG/CRDS à partir du 1er janvier 2021, à condition qu'ils soient :

• affiliés au système de sécurité sociale britannique
• ressortissants ou résidents légaux de France, du Royaume-Uni ou d'un autre État membre de l'UE
• non couverts par un régime de sécurité sociale français obligatoire.

Conclusion : la hausse de la CSG touche principalement les résidents français et les expatriés en France qui ne sont pas affiliés à un régime de sécurité sociale étranger et qui ne sont pas titulaires d'un formulaire S1.

Pourquoi est-ce important pour les gestionnaires de patrimoine ?

Ce changement met en avant des différences de taxation entre les portefeuilles titres et l' « épargne populaire ». Pour les clients qui comparent l'investissement en portefeuille titres avec les contrats d'assurance vie et/ou de capitalisation, cette modification renforce l'intérêt des solutions assurantielles à long terme basées sur des contrats d’assurance vie et/ou de capitalisation :

• Prélèvements sociaux globaux moins élevés (17,2 % contre 18,6 %) sur les rachats d'assurance vie/capitalisation.
• Avantages en matière de différé d’imposition, de gestion des faits générateurs d’impôt et de planification successorale (y compris des règles favorables en cas de décès pour les contrats d'assurance).
• Pour les expatriés bénéficiant d’un formulaire S1, la CSG et la CRDS ne sont pas applicables, seule la contribution de solidarité de 7,5 %, a vocation à s’appliquer.

Colombia’s tax conversation took an unexpected turn at the end of 2025. Congress rejected the broader Financing Law on 9 December 2025, which had proposed a significant tax reform. Shortly after, the Government approved Emergency Decree No. 1474-2025 on 29 December 2025 (the “Decree”), temporarily reshaping Colombian Wealth Tax for the 2026 tax year.

A Narrower Threshold, a Steeper Top Rate

The Decree lowers the Wealth Tax entry threshold to 40,000 UVT (approx. USD 530,000), down from 72,000 UVT (approx. USD 960,000). More individuals will now fall within the scope of the tax, as net liquid assets on 1 January 2026 are measured against a much lower bar.

The rate structure is also more progressive. Marginal bands of 0.5%, 1%, 2% and 3% now culminate in a top rate of 5% on net wealth above 2,000,000 UVT (approx. USD 26,500,000). This is a significant increase from the previous maximum rate of 1.5%, which was applied to assets above approx. USD 10,000,000.

The Decree confirms that Wealth Tax applies only to individuals, not to corporate entities. It applies on a temporary basis for the 2026 tax year.

* UVT – Unidad de Valor Tributario.

Wealth Tax and Life Insurance Policies – Clarifying the Rules

Colombian tax residents are subject to Wealth Tax on their worldwide assets, including life insurance policies. However, how a policy is valued depends on whether it qualifies as a life insurance contract for tax purposes.

How Life Insurance Policies Are Treated

• Qualifying life insurance policies must be reported at their surrender value as at 1 January each year.
• Policies that do not qualify as life insurance for tax purposes (and are reclassified as investment products) must be reported at the value of their underlying assets as at 1 January each year.

Unit-Linked Life Insurance Policies (PPLIs)

Unit-linked life insurance policies (also known as “PPLIs”) are not excluded assets for Colombian Wealth Tax. They fall within the Wealth Tax base and must be reported annually. The correct valuation method depends on whether the policy meets the Colombian criteria to qualify as life insurance:

• If the policy qualifies as life insurance, report the surrender value.
• If it does not qualify, report the value of underlying assets.

This distinction is critical for advisers and should be confirmed at the start of each Wealth Tax cycle.

Colombian Wealth Tax – Tax Year 2026 (Emergency Regime)

Note: USD conversions will vary once the 2026 UVT is finalised.

What This Means for Advisers

• Scope and exposure: With the threshold reduced to 40,000 UVT, clients previously outside the regime may now be within scope. Early year balance sheet reviews are important.
• Valuation accuracy: Life insurance policies, including unit-linked or PPLI contracts, must be reported correctly based on their tax classification (surrender value or underlying asset value).
• Long-term planning: Higher marginal rates warrant close attention to long-term structuring and liquidity planning.
• Planning resilience: Insurance-based wealth solutions are more relevant than ever. Products such as Zero Cash Value, Frozen Cash Value and Decreasing Cash Value can help Colombian resident clients manage their Wealth Tax exposure more efficiently while still supporting Personal Income Tax deferral, asset consolidation and long-term organisation.
• Cross-border context: Clients with international portfolios may need support reconciling valuations across jurisdictions, particularly where policies include diverse underlying assets.

Why This Matters

The 2026 Emergency Decree significantly widens Wealth Tax exposure, and many clients will now fall within scope for the first time. While life insurance policies must be declared for Wealth Tax purposes, their structure is key: when appropriately designed, they can provide smoother and more predictable tax outcomes than the often-volatile valuations of directly held assets. As a result, insurance-based solutions continue to play a central role in long-term planning for high-net-worth individuals resident in Colombia.

The Swedish National Debt Office has confirmed the Government borrowing rate at 2.55% as of 30 November 2025. This sets the effective yield-tax rate for income year 2026 at 1.065%. The increase from the 0.888% rate applied in 2025 reflects interest rates stabilising at a higher level during 2025 compared with 2024.

What This Means for Swedish Investors

The Swedish yield tax continues to offer an attractive route for long term investment planning. Life insurance policies allow clients to access international investment opportunities within a simple and predictable tax framework.

Insurance based wealth solutions also offer succession advantages, portability when clients relocate, and efficient administration for both clients and advisers. The ability to hold private equity, pre-IPO shares and a broad range of quoted and unquoted investments make international life insurance an effective diversification tool for Swedish investors seeking wider access to global private banking expertise.

Additional Note on the Tax-Free Allowance

From 1 January 2026, the tax-free amount for life insurance policies and ISK accounts will increase from SEK 150,000 to SEK 300,000. While this uplift has limited impact for higher-value portfolios, it remains a useful enhancement within the overall yield-tax framework, particularly for clients holding smaller balances in these structures.

Summary

The lead-up to the 2025 Budget was unusually turbulent, marked by the premature release of the OBR report before the Chancellor had begun her statement. As a result, Budget Day delivered few surprises, with many measures already well trailed.

• The most notable change was a further amendment to the threshold rules for agricultural and business property relief, with the amount initially set at £1million. The Budget announced that any unused portion will now be able to be transferred between spouses or civil partners on death. Further, following continued lobbying of this measure, in December the Government announced the threshold was to be increased to £2.5m providing an early Christmas present for farmers and entrepreneurs.
• There were no amendments to Capital Gains Tax (CGT) rates. However, advisers should note changes to Income Tax from April 2027 and revised dividend tax rates for basic and higher rate taxpayers from April 2026. A new ordering rule will require the personal allowance to be set against non-savings income first. Rental income will now follow non-savings income in the tax hierarchy.
• The Government also confirmed a High Value Council Tax Surcharge from April 2028 for properties valued above £2million.
• For international clients, overseas insurance bonds remain attractive. Previous abolishment of the remittance basis of taxation enhances their appeal for those who cannot benefit from the Foreign Income and Gains (‘FIG’) regime, or who intend to remain in the UK beyond the FIG eligibility window.

Expat tax regimes are becoming more common as high-tax jurisdictions compete to attract internationally mobile talent. These regimes offer temporary benefits, yet many clients do not appreciate their limits, complexity or the long-term consequences of relying on them.

Why Governments Introduce These Regimes

Many high-tax countries use special “expatriate” or “flat tax” regimes to attract skilled workers or high-value professionals. In this Technical Spotlight, we explore the key regimes across Utmost’s core markets:

• UKThe Foreign Income and Gains (FIG) Regime
• FranceThe Inpatriate Regime
• PortugalNew Inpatriate Regime (NIR)
• ItalyThe Flat Tax Regime
• SpainBeckham Law

These regimes can be compelling. However, they are also restrictive, temporary and, in some cases, poorly understood. Clients may enter them with unrealistic expectations or without a long-term plan.

The Pitfalls Advisers Should Watch For

1. Strict Qualifying Criteria

Many high-net-worth individuals consider relocating on retirement to live off savings, pensions and investment income. This profile does not meet the stringent employment-based conditions in France, Portugal or Spain.

Portugal’s NIR, for example, applies only to individuals with specific skills in narrow sectors. It also excludes foreign pension income from tax exemption, which can instead be taxed at rates up to 53%. France has equally complex employment-linked requirements.

The UK FIG regime is the least restrictive but still involves comprehensive reporting of worldwide income and gains. For clients with complex international structures, this can create administrative and compliance challenges.

2. Limited Time Frames

These regimes are temporary. Relief can last:

• Four years under the UK FIG regime
• Fifteen years in Italy
• Five to ten years in France, Portugal and Spain

Once the period ends, clients become taxable on worldwide income and gains at full marginal rates. They may also fall within inheritance or wealth tax rules on global assets. If a client intends to remain in the country long-term, these regimes may only offer short-lived relief.

3. Onshore Income and Gains Are Not Covered

Most regimes apply only to offshore income and gains. Spain, France and Portugal provide relief for some employment income, but investment income and onshore gains often fall outside the preferential rules.

Clients who generate substantial local income or who dispose of domestic assets may find the regime offers limited practical value.

4. Cross-Border Connections Still Matter

Many high-net-worth individuals retain ties to other jurisdictions. They may hold assets abroad, have beneficiaries living overseas or plan to move again later in life. Expat regimes grant temporary relief but do not remove the need for long-term, cross-border planning. Planning is still required for local income tax, capital gains tax, inheritance tax and succession rules in other countries to which they are connected.

Special tax regimes can be appealing, but they are not a complete solution. Their strict criteria, temporary nature and limited scope mean advisers must help clients plan beyond the regime. The most robust strategies remain those that local residents would use, rather than relying solely on incentives designed for newcomers.

Insurance-based wealth solutions play an important role here. They help clients secure portability, manage tax exposure across borders and maintain long-term planning continuity even after preferential regimes expire.

Les régimes fiscaux applicables aux expatriés se développent à mesure que les juridictions à forte pression fiscale cherchent à attirer des talents internationaux mobiles. S’ils offrent des avantages temporaires attractifs, de nombreux clients sous-estiment toutefois leurs complexités, leurs restrictions et les conséquences à long terme d’une dépendance excessive à ces dispositifs. Les conseillers doivent comprendre à la fois les opportunités et les risques qui y sont associés.

Brendan Harper analyse les principaux risques liés aux régimes fiscaux des expatriés et explique comment les conseillers peuvent accompagner leurs clients en composant avec ces règles.

Comprendre l’essor des régimes fiscaux pour expatriés

Pourquoi les gouvernements mettent en place ces regimes

De nombreux pays à forte fiscalité proposent des régimes spécifiques dits « expatriés » ou des régimes de « prélèvement forfaitaire unique » (flat tax), afin d’attirer des travailleurs qualifiés ou des professionnels à forte valeur ajoutée. Dans ce Focus Technique, nous examinons les principaux régimes en vigueur sur les marchés clés d’Utmost :

• Royaume-Uni : Régime des Revenus et Gains Étrangers (Foreign Income and Gains ou FIG)
• France : Régime des Impatriés
• Portugal : Nouveau régime des Impatriés (New Inpatriate Regime – NIR)
• Italie : Régime de Prélèvement Forfaitaire Unique (Flat Tax)
• Espagne : La Loi Beckham (ou Régime Beckham)

Ces dispositifs peuvent se révéler attractifs. Ils restent néanmoins restrictifs, temporaires et, dans certains cas, mal compris. Les clients peuvent y adhérer avec des attentes irréalistes ou sans stratégie patrimoniale de long terme.

Les principaux pièges à anticiper pour les conseillers

1. Des critères d’éligibilité stricts

De nombreux clients fortunés envisagent une expatriation à l’âge de la retraite, avec des revenus issus principalement de leur épargne, de pensions ou de portefeuilles d’investissement. Or, ce profil ne répond généralement pas aux exigences strictement liées à l’exercice d’une activité professionnelle imposées par des régimes comme ceux de la France, du Portugal ou de l’Espagne.

À titre d’exemple, le régime portugais NIR s’applique uniquement à des profils disposant de compétences spécifiques dans des secteurs étroitement définis. Il exclut par ailleurs les pensions étrangères du champ de l’exonération, lesquelles peuvent être imposées à des taux pouvant atteindre 53 %. Le régime français repose également sur des conditions complexes étroitement liées à l’emploi.

Le régime britannique FIG (Foreign Income and Gains) est le moins contraignant, mais il impose néanmoins une déclaration exhaustive des revenus et gains mondiaux. Pour les clients disposant de structures patrimoniales internationales complexes, cela peut générer des contraintes administratives et de conformité significatives.

2. Une durée d’application limitée

Ces régimes sont, par nature, temporaires. La durée des avantages fiscaux est limitée à :

• 4 ans dans le cadre du régime FIG au Royaume-Uni
• 15 ans en Italie
• 5 à 10 ans en France, au Portugal et en Espagne

À l’issue de cette période, les clients deviennent imposables sur leurs revenus et plus-values mondiaux, aux taux marginaux de droit commun. Ils peuvent également entrer dans le champ de l’imposition successorale ou patrimoniale sur l’ensemble de leurs actifs mondiaux. Pour un client ayant vocation à s’installer durablement dans le pays, ces régimes ne constituent donc qu’un avantage transitoire.

3. Les revenus et gains de source locale ne sont généralement pas couverts

La majorité des régimes ne s’appliquent qu’aux revenus et gains de source étrangère. Si l’Espagne, la France et le Portugal prévoient certaines exonérations sur les revenus professionnels, les revenus d’investissement domestiques et les plus-values de source locale sont souvent exclus des dispositifs préférentiels.

Les clients percevant des revenus locaux significatifs ou réalisant des cessions d’actifs domestiques peuvent ainsi constater que le régime offre une utilité pratique limitée.

4. La gestion des enjeux transfrontalières demeure essentielle

De nombreux clients fortunés conservent des liens internationaux, qu’il s’agisse d’actifs détenus à l’étranger, de bénéficiaires résidant dans d’autres juridictions ou de projets de mobilité future. Les régimes fiscaux des expatriés peuvent offrir un allègement temporaire, mais ils ne se substituent pas à une planification patrimoniale transfrontalière globale. Les conseillers doivent continuer à prendre en compte l’imposition des revenus, des plus-values et de la transmission du patrimoine dans l’ensemble des juridictions concernées.

Les régimes fiscaux spéciaux peuvent être attractifs, mais ils ne constituent pas une solution complète. Leurs critères stricts, leur caractère temporaire et leur champ d’application limité impliquent que les conseillers doivent aider leurs clients à planifier au-delà du régime. Les stratégies les plus robustes demeurent celles qu’utilisent les résidents de long terme, plutôt que de s’appuyer exclusivement sur des dispositifs incitatifs destinés aux nouveaux arrivants.

Les solutions patrimoniales adossées à l’assurance jouent ici un rôle important. Elles permettent aux clients d’assurer la portabilité, de gérer l’exposition fiscale transfrontalière et de maintenir la continuité de la planification à long terme, y compris après l’expiration des régimes préférentiels.

The UK introduced the Foreign Income and Gains (FIG) regime from 6 April 2025. It replaces the long-standing Remittance Basis of taxation and offers a simpler framework for qualifying new residents. The regime exempts foreign income and gains for the first four tax years, whether or not funds are brought into the UK.

Key Features of the FIG Regime

General Eligibility Criteria

The FIG regime applies to individuals who become UK tax resident on or after 6 April 2025 and who have been non-resident for at least ten consecutive tax years. These individuals are referred to as “qualifying new residents”. To benefit, individuals must:

• Become UK tax resident under the statutory residence test
• Have spent ten consecutive tax years outside the UK before arrival
• Actively claim FIG each year in their Self-Assessment tax return
• Have foreign income or gains arising within the relevant four tax years

The FIG regime exempts foreign income and gains from UK tax for up to four consecutive tax years starting with the first year of UK tax residence. Funds can be brought into the UK without triggering tax.

Relief must be claimed annually. FIG applies only to income and gains arising within the four-year FIG window. Other reliefs apply to pre-arrival income and gains, including the Temporary Repatriation Facility (TRF) and Rebasing for capital gains tax.

Significant Changes to the UK Inheritance Tax (IHT) Regime

The UK’s wider reform landscape also includes substantial changes to the Inheritance Tax (IHT) regime, which took effect from 6 April 2025. These reforms move the system from a domicile-based model to a residency-based approach and abolish the previous domicile and deemed-domicile rules for IHT purposes.

The new framework provides far clearer rules on when individuals fall within the UK IHT net – a marked improvement on the uncertainty that historically surrounded non-domiciled status. The impact is particularly significant for internationally mobile clients.

Key points include:

• An individual is considered a long‑term resident if they have been UK tax resident for at least 10 of the previous 20 tax years.
• After leaving the UK, long‑term residents remain within the UK IHT scope for a defined “tail” period of up to 10 years, depending on their residence history. This creates a clear end‑date for UK exposure and replaces the ambiguity of the former non‑domicile rules.

Clients for Whom the Regime Is Suitable

The FIG regime is suitable for:

• Individuals becoming UK resident after ten or more years abroad
• Professionals relocating to the UK for work
• Returning UK nationals who meet the ten year non-residence condition
• Non-domiciled clients who previously could not use the remittance basis

These clients gain a clear four-year window during which foreign income and gains are exempt from UK tax. The simplification of reporting and the freedom to bring funds into the UK without tax consequences offer meaningful planning advantages.

Clients for Whom the Regime Is Not Suitable

The FIG regime does not benefit:

• Individuals already UK resident for more than four years before April 2025
• Long term non-doms who relied on the remittance basis to shelter foreign income
• Clients unable to meet the strict ten year non-residence test
• Individuals with significant pre-arrival income or gains who do not qualify for TRF or Rebasing

These clients transition into worldwide taxation more abruptly. TRF and Rebasing may soften the change until the end of the 2027/28 tax year, but FIG does not extend to them.

Key Considerations for Advisers

• FIG applies only for four tax years. After that period, clients become subject to full UK worldwide taxation.
• TRF and Rebasing may provide relief on pre-arrival income and gains where conditions are met.
• Advisers must confirm UK residence status under the statutory residence test.
• Clients with previous UK connections must track historic residency carefully to understand whether they qualify as “new” residents.
• Advisers may consider planning structures to replicate some advantages previously available under the remittance basis.
• Clients expecting to spend limited time in the UK should monitor their residence position to avoid unintended loss of FIG eligibility.

Understanding the timing of residence, the four-year window and the interaction with TRF and Rebasing is essential for planning.

Understanding France’s Inpatriate Regime and Its Planning Opportunities

France’s inpatriate regime offers tax exemptions to attract skilled professionals relocating to France. Recent clarification by the French Tax Administration has widened access for individuals recruited in France if application occurred abroad. With benefits lasting up to eight years, the regime can offer meaningful relief on professional and foreign-source income.

Key Features of the French Inpatriate Regime

Overview and Eligibility

The inpatriate regime, governed by Article 155 B of the French Tax Code, was introduced to encourage skilled individuals to relocate or return to France. It applies only to employees or managing directors appointed to a French company either:

• by a foreign entity within a group, or
• directly by the French company.

A key development came on 11 August 2025, when the French Tax Administration aligned its position with recent case law. It confirmed that individuals who apply for a role from abroad and are then recruited by a French company may qualify as inpatriates – provided they meet all other conditions.

To qualify, two residence conditions must be met:

• The individual must not have been French tax resident in the five years prior to taking up the role.
• The individual must become French tax resident under Article 4B of the Tax Code.

Tax Relief Available

When eligible, professionals may benefit from exemptions on:

• Inpatriate premium – additional remuneration linked to the role in France
• Foreign duties performed for the employer – part of salary linked to work carried out abroad
• 50% of certain foreign-source income, including:
  • income from capitalisation and insurance contracts
  • gains from the sale of foreign securities (subject to treaty conditions and qualifying depositaries)
  • certain foreign intellectual property income
  • other foreign-source investment income where the payer is located in a treaty jurisdiction

The exemptions apply until 31 December of the eighth year following the year the individual becomes French tax resident.

Property Wealth Tax (Impot sur la Fortune Immobilière or “IFI”) Treatment

Inpatriates benefit from partial IFI relief. For the first five years, they are taxable only on French-situated property, mirroring the treatment applied to non-residents.

Insurance and Capitalisation Contracts

The location of the insurer is critical. A contract issued by a French insurer will not benefit from the 50% exemption on gains. A contract issued by an insurer located outside France may qualify.

Because insurers cannot verify a policyholder’s inpatriate status, they must withhold tax in full. Clients reclaim the excess through their annual tax return. Advisers must ensure clients understand both the administrative process and timing implications.

Clients for Whom the Regime Is Suitable

The regime can be valuable for:

• Senior executives or skilled professionals relocating to France for employment
• Individuals with significant foreign‑source income or assets
• Clients moving through multinational employer structures
• Returning French nationals who have spent over five years abroad
• Individuals planning a medium‑term stay (five to eight years)

Clients for Whom the Regime Is Not Suitable

The regime is less suitable for:

• Clients moving to France independently without employer sponsorship
• Those who were French tax resident within the previous five years
• Retirees or clients with mainly passive income
• Clients expecting primarily French‑source income
• Individuals intending to remain indefinitely in France after the regime expires

Considerations for Advisers

The inpatriate regime can be powerful, but careful assessment is essential. Advisers should:

• Analyse the client’s employment route – group assignment vs direct recruitment
• Review foreign-source income and asset structures
• Assess the eligibility of investment income based on treaty conditions
• Consider insurer location when advising on capitalisation or insurance contracts
• Prepare clients for withholding and subsequent tax reclaim procedures
• Plan for the end of the regime to avoid sudden tax increases across income tax and IFI

The temporary nature of the regime reinforces the need for long-term, portable wealth planning solutions that continue to support clients beyond the eight-year window.

Comprendre le régime français des impatriés et ses opportunités de planification

Le régime des impatriés offre des exonérations fiscales afin d'attirer les professionnels qualifiés qui s'installent en France. Une récente clarification de l'administration fiscale française a élargi l'accès à ce régime pour les personnes ayant candidaté depuis l’étranger et recrutées en France. Ce régime offre un allègement fiscal significatif sur les revenus professionnels et les revenus de source étrangère pour une durée de 8 ans.

Alix Devalmont et Nicolas Morhun expliquent les principales caractéristiques du régime des impatriés et présentent les considérations pratiques pour les conseillers qui accompagnent des clients à l'international.

Principales caractéristiques du régime des impatriés

Présentation générale et conditions d'éligibilité

Le régime des impatriés, régi par l'article 155 B du Code général des impôts, a été introduit afin d'encourager les professionnels qualifiés à s'installer ou à revenir en France. Il s'applique uniquement aux salariés ou aux cadres dirigeants recrutés dans une société française soit :

• par une entité étrangère au sein d'un groupe, ou
• directement par la société française.

Par une évolution importante de sa doctrine intervenue le 11 août 2025, l’administration fiscal est venue aligner sa position avec la jurisprudence récente. Elle a confirmé que les personnes qui postulent à un emploi depuis l'étranger et qui sont ensuite recrutées par une société française entrent dans le champ d’application des « impatriés », à condition qu'elles remplissent toutes les autres conditions.

Pour être éligible, deux conditions de résidence doivent être remplies :

• La personne ne doit pas avoir été résidente fiscale française au cours des cinq années précédant sa prise de fonction.
• La personne doit devenir résidente fiscale française conformément à l'article 4B du Code général des impôts.

Exonérations fiscales

Lorsqu'ils remplissent les conditions requises, les professionnels « impatriés » peuvent bénéficier d'exonérations sur :

• Prime d'impatriation – rémunération supplémentaire liée à la fonction exercée en France
• Fonctions exercées à l'étranger pour le compte de l'employeur français – partie du salaire liée à l’activité exercée à l'étranger
• 50 % de certains revenus du patrimoine de source étrangère, notamment :
  • les plus-values provenant de rachats de contrats de capitalisation et d'assurance-vie souscrits auprès d’une compagnie étrangère
  • les plus-values provenant de la vente de titres étrangers (sous réserve des conditions prévues par les conventions fiscales et des dépositaires éligibles)
  • certains revenus étrangers provenant de la propriété intellectuelle
  • autres revenus d'investissement de source étrangère lorsque le payeur est situé dans une juridiction signataire d'une convention

Les exonérations s'appliquent jusqu'au 31 décembre de la huitième année suivant l'année au cours de laquelle la personne est devenue résidente fiscale française.

Impôt sur la fortune immobilière (IFI)

Les impatriés bénéficient d'un allègement partiel de l'IFI. Pendant les cinq premières années, ils ne sont imposables que sur les biens situés en France, à l'instar du traitement appliqué aux non-résidents.

Contrats d'assurance-vie et de capitalisation

La localisation de l'assureur est déterminante : seuls les contrats émis par un assureur étranger bénéficieront de l'exonération de 50 % sur les plus-values. Un contrat émis par un assureur situés en France ne sera pas éligible.

Les assureurs ne pouvant vérifier le statut d’impatrié du souscripteur, ils doivent prélever l'intégralité de l'impôt dû en cas de rachat. Les souscripteurs récupèrent l'excédent via leur déclaration d’impôt annuelle. Les conseillers doivent s'assurer que leurs clients comprennent à la fois le processus administratif et les implications.

Clients pour lesquels le régime est adapté

Ce régime peut être intéressant pour :

• Les cadres dirigeants ou les professionnels qualifiés qui s'installent en France pour y travailler
• Les personnes disposant de revenus ou d'actifs importants provenant de l'étranger
• Les clients évoluant au sein de groupes multinationaux
• Les ressortissants français de retour en France après avoir passé plus de cinq ans à l'étranger
• Les personnes qui prévoient un séjour de moyenne durée (cinq à huit ans)

Clients pour lesquels le régime n'est pas adapté

Le régime est moins adapté aux :

• Les clients qui s'installent en France de leur propre initiative sans avoir postulé depuis l’étranger ou sans avoir fait l’objet d’une mobilité intragroupe
• Les personnes qui ont été résidentes fiscales françaises au cours des cinq dernières années
• Les retraités ou les clients dont les revenus sont principalement passifs
• Les clients qui s'attendent à percevoir principalement des revenus de source française
• Les personnes ayant l'intention de rester indéfiniment en France après l'expiration du régime

Considérations pour les conseillers

Le régime des impatriés peut être très avantageux, mais il est essentiel de l'évaluer avec soin. Les conseillers doivent :

• Analyser le parcours professionnel du client – mobilité au sein du groupe ou recrutement direct
• Analyser les revenus provenant de sources étrangères et la localisation des actifs financiers
• Évaluer l'éligibilité des revenus en fonction des conditions de la convention fiscale
• Tenir compte de la localisation de l'assureur lorsqu'ils fournissent des conseils sur les contrats de capitalisation ou d’assurance-vie
• Prévenir les clients des procédures de retenue à la source et de remboursement d'impôt ultérieur
• Planifier la fin du régime afin d'éviter des augmentations soudaines de l'impôt sur le revenu et de l'IFI

La nature temporaire du régime renforce la nécessité de solutions de planification patrimoniale à long terme afin de sécuriser la situation des clients au-delà de la période de huit ans.

Understanding the New Inpatriate Regime (NIR) After the End of NHR

Portugal repealed the long standing Non-Habitual Resident (NHR) regime for new entrants with effect from 1 January 2024. However, a new special regime was introduced: the New Inpatriate Regime (NIR), often referred to as “NHR 2.0”. The NIR targets active professionals in high value-added sectors and offers a 20% flat rate on qualifying Portuguese source employment and self-employment income, alongside exemptions for most foreign source income.

Key Features of the New Inpatriate Regime (NIR)

General Eligibility Criteria

The NIR was introduced in the 2024 Portuguese State Budget and applies to individuals who become Portuguese tax resident from 2024 onwards. To qualify, individuals must:

• Not have been Portuguese tax resident in the previous five years
• Become tax resident in Portugal from 2024
• Apply for the NIR by 15 January of the year following the individual becomes tax resident
• Not have previously benefited from NHR or the “Regressar” regime
• Carry out a qualifying high value-added activity and receive income from it throughout the duration of the regime

Qualifying Activities and Entities

Qualifying activities must be performed for recognised entities, including:

• Qualified job roles or governing body positions in entities recognised by AICEP or IAPMEI
• Start-up roles in companies certified under Portugal’s start-up law
• Highly qualified professions in companies benefiting from the RFAI regime or industrial and services companies exporting at least 50% of turnover
• Teaching or research in higher education or national science and technology networks
• Roles in Madeira or the Azores (subject to regional rules)

Tax Treatment and Benefits

The NIR applies for 10 consecutive years. Portuguese-source employment and self-employment income that qualifies for the regime is taxed at a 20% flat rate.

Foreign-source income, including employment, self-employment, dividends, interest, rental income and capital gains, is exempt from Portuguese taxation, except for foreign pensions, which are never exempt.

Clients for Whom the Regime Is Suitable

The NIR is attractive for:

• Internationally mobile professionals relocating for work
• Clients with significant foreign-source investment income, as this is generally exempt
• Senior individuals in high value-added sectors
• Executives relocating from multinational structures
• Professionals expecting a medium-term residence in Portugal (up to 10 years)

Clients with diversified global income streams often gain the most, as the combination of a 20% flat rate and broad foreign-income exemption can significantly reduce their tax exposure.

Clients for Whom the Regime Is Not Suitable

The NIR is not suitable for:

• Retirees, or individuals relying on pension income
• Digital nomads working for foreign employers without ties to qualifying Portuguese entities
• Individuals with foreign income from blacklisted jurisdictions, taxed at 35%
• Clients who cannot meet the qualifying activity requirements each year

Foreign-source pensions are never exempt, so the regime offers limited benefit to clients whose main income is pension-based.

Considerations for Advisers

• Qualifying Portuguese-source employment or self-employment income is taxed at 20%, while most foreign-source income is exempt, except foreign pensions.
• Foreign income from blacklisted jurisdictions is not exempt and is taxed at 35%.
• Clients must maintain a qualifying activity for the full ten-year period to preserve the regime.
• The NIR requires timely administrative compliance, including meeting the 15 January application deadline.
• If clients do not meet the annual qualifying-activity conditions, they risk losing access to the regime and returning to standard Portuguese tax rates.

Given the narrow eligibility criteria, advisers should verify the client’s employment status, confirm the eligibility of the employer or entity, and assess whether the client’s overall global income profile is well-aligned with the structure and intent of the regime.

Compreender o Novo Regime de Impatriados (NRI) após o fim do regime dos RNH

Portugal revogou o regime dos Residentes Não Habituais (NRH) de longa data para novos registos com efeitos a 1 de janeiro de 2024. No entanto, foi introduzido um novo regime especial: o Novo Regime de Impatriados (NRI), frequentemente referido como «RNH 2.0». O NRI destina-se a profissionais ativos em setores de elevado valor acrescentado e oferece uma taxa especial de 20% sobre os rendimentos provenientes de trabalho dependente e independente obtidos em Portugal, bem como isenções para a maioria dos rendimentos de origem estrangeira.

Mafalda Moura Cesário explica as condições do NRI e descreve quando o regime é uma opção a considerar para os clientes e quando o regime não se apresenta uma opção apelativa.

Principais características do Novo Regime de Impatriados (NRI)

Critérios gerais de elegibilidade

O NRI foi introduzido no Orçamento do Estado português para 2024 e aplica-se a indivíduos que se tornem residentes fiscais em Portugal a partir de 2024. Os requisitos de qualificação para o NRI são os seguintes:

• Não ter sido residente fiscal em Portugal nos cinco anos anteriores
• Tornar-se residente fiscal em Portugal a partir de 2024
• Candidatar-se ao NRI até 15 de janeiro do ano seguinte ao ano no qual se tornou residente fiscal
• Não ter beneficiado anteriormente dos RNH ou do regime «Regressar»
• Exercer uma atividade qualificada de elevado valor acrescentado e receber rendimentos da mesma durante toda a vigência do regime

Atividades e entidades elegíveis

As atividades elegíveis devem ser desempenhadas para entidades reconhecidas, nomeadamente:

• Cargos qualificados ou cargos em órgãos de administração em entidades reconhecidas pela AICEP ou IAPMEI
• Funções em empresas certificadas ao abrigo da lei portuguesa relativa às start-ups
• Profissões altamente qualificadas em empresas que beneficiam do regime RFAI ou empresas industriais e de serviços que exportam pelo menos 50% do seu volume de negócios
• Ensino ou investigação no ensino superior ou em redes nacionais de ciência e tecnologia
• Funções na Madeira ou nos Açores (sujeitas às regras regionais)

Tratamento fiscal e benefícios

O NIR aplica-se durante 10 anos consecutivos. Os rendimentos do trabalho dependente e independente obtidos em Portugal que qualifiquem para o regime são tributados a uma taxa especial de 20%.

Os rendimentos de origem estrangeira, incluindo rendimentos do trabalho dependente e independente , dividendos, juros, rendimentos prediais e mais-valias, estão isentos de tributação em Portugal, exceto as pensões estrangeiras, que nunca estão isentas.

Clientes para os quais o regime é adequado

O NRI é atraente para:

• Profissionais com mobilidade internacional que mudam a sua residência para Portugal por motivos profissionais
• Clientes com rendimentos significativos em investimentos de origem estrangeira, uma vez que estes são geralmente isentos
• Indivíduos seniores em setores de alto valor acrescentado
• Executivos que se deslocam para Portugal no âmbito de funções em empresas multinacionais
• Profissionais que pretendem residir em Portugal a médio prazo (até 10 anos)

Os clientes com fontes de rendimento diversificadas são frequentemente os que mais beneficiam, uma vez que a combinação de uma taxa especial de 20% e uma ampla isenção de rendimentos estrangeiros pode reduzir significativamente a sua exposição fiscal.

Clientes para os quais o regime não é adequado

O NRI não é adequado para:

• Reformados ou indivíduos que dependem de rendimentos de pensões
• Nómadas digitais que trabalham para empregadores estrangeiros sem vínculos com entidades portuguesas qualificadas
• Indivíduos com rendimentos estrangeiros provenientes de jurisdições incluídas na lista de paraísos fiscais - tributados a 35%
• Clientes que não cumpram os requisitos de atividade qualificada todos os anos

As pensões de origem estrangeira nunca são isentas, pelo que o regime oferece benefícios limitados aos clientes cujos rendimentos principais provêm de pensões.

Considerações para mediadores de seguros

• Os rendimentos qualificados provenientes de trabalho dependente e independente de origem portuguesa são tributados a 20%, enquanto a maioria dos rendimentos de origem estrangeira está isento, exceto as pensões estrangeiras.
• Os rendimentos estrangeiros provenientes de jurisdições incluídas na lista de paraísos fiscais não estão isentos e são tributados a 35%.
• Os clientes devem manter uma atividade qualificada durante todo o período de dez anos para preservar o regime.
• O NRI exige o cumprimento administrativo atempado, incluindo o prazo de registo de 15 de janeiro.
• Se os clientes não cumprirem as condições anuais de atividade elegível, correm o risco de perder o acesso ao regime e regressar às taxas fiscais portuguesas normais.

Dados os critérios de elegibilidade restritos, os mediadores de seguros devem verificar a situação profissional do cliente, confirmar a elegibilidade do empregador ou entidade e avaliar se o perfil global de rendimentos do cliente está bem alinhado com a estrutura e a intenção do regime.

Understanding Italy’s Flat Tax Regime for New Residents

Italy introduced its Flat Tax Regime in 2017 to attract internationally mobile high-net-worth individuals. The regime allows eligible new residents to pay a fixed annual tax on foreign-source income instead of ordinary progressive taxation. Recent increases to the flat tax amount – from €100,000 to €200,000 and now €300,000 from 2026 – make understanding its long-term suitability even more important.

Key Features of the Regime

Eligibility and Scope

The regime is available to individuals who have not been Italian tax resident for at least nine of the ten years prior to relocation. Once elected, it can apply for up to 15 years, providing long-term predictability. The option may be extended to family members, who each pay an additional annual flat tax.

Eligibility is typically confirmed through a ruling request (interpello) submitted to the Italian Tax Authority. Once approved, the annual flat tax is paid through the standard Italian income tax return.

Tax Benefits Available

Qualifying individuals pay a fixed annual amount on all foreign-source income, irrespective of its level, nature or complexity. As of 2026, this annual tax is €300,000. Italian-source income remains taxable under normal rules.

The flat tax regime also grants a full exemption from Italian inheritance tax on foreign-situated assets. This can be a significant advantage for clients with cross-border estates or succession planning objectives.

Clients for Whom the Regime Is Suitable

The regime suits individuals who:

• Have substantial foreign-source income
• Hold diversified international assets
• Demonstrate high mobility and expect to spend significant time in Italy
• Are entrepreneurs, investors, senior executives or family principals with global income streams
• Are planning the sale of a business or significant assets located abroad
• Are considering long-term succession planning or intergenerational wealth transfer

For these clients, the fixed-tax structure offers certainty and simplicity when managing cross-border revenues and complex wealth structures.

Clients for Whom the Regime Is Not Suitable

The flat tax regime is less appropriate for individuals who:

• Generate most of their income from Italian-source activities
• Have modest foreign income that would be taxed lightly under normal rules
• Rely on domestic deductions, allowances or credits
• Have limited international exposure or mobility
• Prefer not to commit to a highly structured long-term regime

Advisers should take particular care when working with clients whose income mix may change over time.

Considerations for Advisers

Advisers should evaluate:

• The legislative stability of the regime, given that tax amounts have changed several times since 2017
• How the regime interacts with other Italian tax rules, including withholding taxes and income categories not coordinated with the flat tax
• The client’s long-term objectives, especially given the 15-year horizon
• Whether foreign assets or business disposals align with the regime’s exemption benefits
• The need to integrate the flat tax regime within a wider cross-border wealth strategy

For clients planning to remain in Italy after the 15-year period, advisers should also consider potential exit strategies or evaluate the impact of returning to ordinary taxation. For clients considering future relocation, advisers should assess the cross-border implications of unwinding or maintaining their Italian tax residence.

Comprendere il regime fiscale forfettario italiano per i nuovi residenti

L'Italia ha introdotto il regime fiscale forfettario nel 2017 per attrarre persone high-net-worth con mobilità a livello internazionale. Il regime consente ai nuovi residenti, qualora idonei, di pagare un'imposta annuale fissa sui redditi di fonte estera al posto della normale imposizione progressiva. I recenti aumenti dell'importo dell’imposta forfettaria - da 100.000 euro a 200.000 euro e ora a 300.000 euro a partire dal 2026 - rendono ancora più importante comprenderne l’adeguatezza per il lungo termine.

Filippo Mancini spiega come funziona il regime fiscale italiano con imposta forfettaria, delinea chi beneficia del regime e illustra le considerazioni chiave per i consulenti che assistono clienti con mobilità internazionale.

Caratteristiche principali del regime

Ammissibilità e ambito di applicazione

Il regime è disponibile per le persone fisiche che non siano state residenti fiscali in Italia per almeno nove dei dieci anni precedenti al trasferimento. Una volta scelto, può essere applicato per un massimo di 15 anni, garantendo una certa prevedibilità sul lungo termine. L'opzione può essere estesa ai membri della famiglia, i quali pagano ciascuno un'imposta fissa annuale aggiuntiva.

L'idoneità viene generalmente confermata tramite una richiesta di interpello presentata all'Agenzia delle Entrate italiana. Una volta approvata, l'imposta fissa annuale viene pagata tramite la normale dichiarazione dei redditi italiana.

Agevolazioni fiscali disponibili

Le persone fisiche che soddisfano i requisiti pagano un importo fisso annuale su tutti i redditi di fonte estera, indipendentemente dal loro livello, natura o complessità. A partire dal 2026, questa imposta annuale sarà pari a 300.000 euro. I redditi di fonte italiana rimangono tassabili secondo la tassazione ordinaria.

Il regime forfettario garantisce anche l'esenzione totale dall'imposta di successione italiana sui beni situati all'estero. Ciò può rappresentare un vantaggio significativo per i clienti con patrimoni transfrontalieri o obiettivi di pianificazione successoria.

Clienti per i quali il regime è adatto

Il regime è adatto a persone fisiche che:

• Hanno un reddito sostanziale di fonte estera
• Possiedono un patrimonio diversificato ed internazionale
• Dimostrano un'elevata mobilità e prevedono di trascorrere molto tempo in Italia
• Sono imprenditori, investitori, dirigenti senior o capifamiglia con flussi di reddito globali
• Stanno pianificando la vendita di un'azienda o di attività significative situate all'estero
• Stanno valutando una pianificazione successoria a lungo termine o un trasferimento intergenerazionale del patrimonio

Per questi clienti, la struttura fiscale fissa offre certezza e semplicità nella gestione dei redditi transfrontalieri e delle strutture patrimoniali complesse.

Clienti per i quali il regime non è adatto

Il regime fiscale forfettario è meno adatto alle persone che:

• Generano la maggior parte del loro reddito da attività di fonte italiana
• Hanno un reddito estero modesto che sarebbe tassato in maniera più conveniente secondo la tassazione ordinaria
• Fanno affidamento su detrazioni, indennità o crediti nazionali
• Hanno un'esposizione o una mobilità internazionale limitata
• Preferiscono non impegnarsi in un regime a lungo termine altamente strutturato

I consulenti dovrebbero prestare particolare attenzione quando lavorano con clienti il cui mix di reddito potrebbe cambiare nel tempo.

Considerazioni per i consulenti

I consulenti dovrebbero valutare:

• La stabilità legislativa del regime, dato che gli importi fiscali sono cambiati più volte dal 2017
• Come il regime interagisce con altre norme fiscali italiane, comprese le ritenute alla fonte e le categorie di reddito non coordinate con l’imposta forfettaria
• Gli obiettivi a lungo termine del cliente, soprattutto considerando l'orizzonte temporale di 15 anni
• Se le cessioni di attività o imprese estere siano in linea con i benefici di esenzione del regime
• La necessità di integrare il regime in una più ampia strategia patrimoniale transfrontaliera

Per i clienti che intendono rimanere in Italia dopo il periodo di 15 anni, i consulenti dovrebbero anche prendere in considerazione potenziali strategie di uscita o valutare l'impatto del ritorno alla tassazione ordinaria. Per i clienti che stanno valutando un futuro trasferimento, i consulenti dovrebbero valutare le implicazioni transfrontaliere della cessazione o del mantenimento della residenza fiscale italiana.

Understanding The Beckham Law

Spain’s Special Expatriate Tax Regime, known as the “Beckham Law”, allows qualifying individuals to be taxed as non-residents for six years. The regime provides a favourable framework for attracting highly skilled professionals to Spain, limiting taxation to Spanish-source income, gains and assets. Recent inspections indicate the Spanish Tax Agency is increasing scrutiny, making correct application essential.

Key Features of the Regime

Eligibility and Scope

The regime is governed by Article 93 of the Spanish Personal Income Tax Law. It allows individuals who become tax resident in Spain to be taxed as if they were non-resident. To qualify, applicants must:

• Not have been Spanish tax resident in the five previous tax years
• Relocate to Spain for one of the following reasons:
  • An employment contract (except professional athletes)
  • Appointment as a director of a company (subject to shareholding limits)
  • Performance of entrepreneurial activity
  • Provision of services by highly qualified professionals to start-ups or R&D-focused entities
• Not obtain income through a permanent establishment in Spain
• Apply within six months from starting the qualifying activity by submitting Form 149 with the required documentation.

Failure to meet these conditions prevents access to the regime or may lead to later regularisation.

Tax Benefits Available

The regime applies for six full tax years: the year of tax-residence acquisition plus five additional years. Key features include:

• Only Spanish-source income and gains are taxable
• Employment and entrepreneurial income are always treated as Spanish-source and therefore taxed in Spain, even if work is performed abroad
• Wealth Tax and Solidarity Tax apply only to Spanish-located assets
• Worldwide inheritances and gifts are taxable under Spain’s Inheritance and Gift Tax
• No requirement to file Form 720 (foreign asset reporting)

Tax Rates

Family members (e.g. spouse, children under 25, or any age if disabled) may join the regime if they relocate with the taxpayer, meet some qualifying conditions and have lower taxable income.

Clients for Whom the Regime Is Suitable

The Beckham Law is designed for:

• Highly skilled professionals relocating to Spain for employment
• Directors of companies (subject to shareholding limits)
• Entrepreneurs or individuals working in innovation, R&D or start-up ecosystems
• Professionals with significant foreign-source investment income and gains
• Clients intending a medium-term stay (six years)

It is especially beneficial for clients whose non-Spanish income and gains are substantial, as most foreign-source income remains outside the Spanish tax net.

Clients for Whom the Regime Is Not Suitable

The regime is less appropriate for:

• Individuals who have been Spanish tax resident in the previous five years
• Clients whose income arises through a permanent establishment in Spain
• Individuals whose professional activity does not meet the strict qualifying criteria
• Professional athletes (who are specifically excluded)
• Individuals unable to provide evidence of genuine relocation or economic activity in Spain

Considerations for Advisers

When advising clients on the Beckham regime, advisers should consider:

• Whether the client can demonstrate genuine relocation, not merely formal residence
• The importance of maintaining eligibility each year of the six-year period
• That employment/entrepreneurial income is always treated as Spanish-source and taxable in Spain, even when some duties are performed abroad
• Future implications for Wealth Tax and Inheritance and Gift Tax, particularly for globally mobile families
• The shareholding limits for directors and restrictions on related-party appointments
• Administrative requirements, including timely submission of Form 149
• Professional and bespoke tax advice is highly recommended to make sure the Beckham Law can be applied for and is beneficial for the client

Recent increases in inspections show the Spanish Tax Agency is closely examining artificial arrangements, mis-structured employment activities and incomplete documentation. Advisers should ensure clients maintain strong evidentiary support for their relocation and activities.

¿En qué consiste la “Ley Beckham”?

El régimen especial de tributación para impatriados, conocido como “Ley Beckham”, permite a los contribuyentes que cumplan determinados requisitos tributar como no residentes durante seis años. Este régimen ofrece un marco fiscal favorable para atraer a profesionales altamente cualificados a España, limitando la tributación a los ingresos, ganancias y activos de fuente española. En la actualidad, la Agencia Tributaria española está intensificando las inspecciones relacionadas con este régimen especial, por lo que es esencial realizar una correcta aplicación del mismo.

Nerea Llona y Ester Carbonell van Reck explican cómo funciona la “LeyBeckham”, para quién está diseñada, y qué deben tener en cuenta los asesores.

Características principales del régimen

Requisitos y ámbito de aplicación

El régimen especial se rige por el artículo 93 de la Ley del Impuesto sobre la Renta de las Personas Físicas (IRPF). Permite a las personas que se convierten en residentes fiscales en España tributar como si fueran no residentes. Para poder acogerse al mismo, los solicitantes deben:

• No haber sido residentes fiscales en España en los cinco ejercicios fiscales anteriores
• Trasladarse a España por uno de los siguientes motivos:
  • Un contrato de trabajo (excepto los deportistas profesionales)
  • Nombramiento como administrador de una sociedad (sujeto a límites de participación accionarial)
  • El desempeño de una actividad emprendedora
  • Prestación de servicios por parte de profesionales altamente cualificados a empresas emergentes o entidades dedicadas al I+D
• No obtener ingresos a través de un establecimiento permanente en España
• Solicitarlo en un plazo de seis meses desde el inicio de la actividad que da derecho al régimen, presentando el Modelo 149 junto con la documentación necesaria.

El incumplimiento de cualquiera de estas condiciones impide el acceso al régimen especial o puede dar lugar a una regularización posterior del mismo.

Ventajas fiscales

El régimen especial se aplica durante seis ejercicios fiscales completos: el año de adquisición de la residencia fiscal más cinco años adicionales. Las características principales de su tributación son las siguientes:

• Únicamente están sujetos a tributación los ingresos y ganancias obtenidos en territorio español.
• Los rendimientos generados por trabajo o por actividad emprendedora siempre nse consideran obtenidos en España y, por lo tanto, tributan en España, incluso si el trabajo se realiza en el extranjero.
• El Impuesto sobre el Patrimonio y el Impuesto de Solidaridad de las Grandes Fortunas únicamente aplican sobre los activos ubicados en España.
• Las herencias y donaciones mundiales están sujetas al Impuesto de Sucesiones y Donaciones en España.
• No es necesario presentar el Modelo 720 (Declaración informativa sobre bienes y derechos en el extranjero).

Tipos impositivos

Los familiares (por ejemplo, cónyuge, hijos menores de 25 años o de cualquier edad si son discapacitados) también pueden acogerse al régimen especial si se trasladan con el contribuyente, cumplen determinadas condiciones, y tienen una base imponible inferior.

Clientes para los que el régimen especial puede ser adecuado

La “Ley Beckham” está diseñada para:

• Profesionales altamente cualificados que se trasladan a España por motivos laborales
• Administradores de empresas (sujetos a límites de participación accionarial)
• Profesionales que trabajan en innovación, I+D, o ecosistemas de start-ups
• Profesionales con importantes ingresos y ganancias por inversiones de origen extranjero
• Personas que tengan previsto una estancia de media duración (seis años)

El régimen especial es especialmente beneficioso para clientes cuyos ingresos y ganancias de fuente extranjera son sustanciales, ya que la mayoría de los ingresos de origen extranjero quedan fuera del alcance impositivo.

Clientes para los que el régimen especial no es adecuado

Por otro olado, este régimen especial no es adecuado para:

• Personas físicas que hayan sido residentes fiscales en España durante los cinco años anteriores
• Personas cuyos ingresos proceden de un establecimiento permanente en España
• Personas cuya actividad profesional no cumple los estrictos criterios de calificación para el régimen
• Deportistas profesionales (los cuales están específicamente excluidos)
• Personas que no puedan acreditar un traslado real o una actividad económica en España

Consideraciones importantes para los asesores

Al asesorar a los clientes sobre la “Ley Beckham”, los asesores deben tener en cuenta:

• Si el cliente puede demostrar un traslado real, y no solo una residencia formal en España
• La importancia de mantener el cumplimiento de todos los requisitos cada año durante el periodo de seis años
• Que los rendimientos del trabajo o de actividades emprendedoras se consideren siempre de origen español y por tanto, sujetos a tributación en España, incluso cuando algunas funciones se desempeñen en el extranjero
• Las implicaciones futuras para el Impuesto sobre el Patrimonio/Impuesto de Solidaridad de las Grandes Fortunas y el Impuesto sobre Sucesiones y Donaciones, en particular para las familias con movilidad internacional
• Los límites de participación accionarial para los administradores y las restricciones en los nombramientos de personas vinculadas
• Requisitos administrativos, incluida la presentación a tiempo del Modelo 149
• Se recomienda encarecidamente contar con asesoramiento fiscal profesional y personalizado para asegurarse de que la “Ley Beckham” resulta de aplicación y es beneficiosa para el cliente

El reciente aumento de las inspecciones demuestra que la Agencia Tributaria española está examinando de cerca las estructuras artificiales, las actividades laborales mal estructuradas, y la documentación incompleta. Los asesores deben asegurarse de que los clientes mantengan pruebas sólidas que respalden su desplazamiento y sus actividades.

For globally mobile clients, wealth planning becomes more complicated each time they move. Structures that worked well in one country may not fit local definitions in another. Even simple products, such as pensions or mutual funds, may fail to qualify for favourable treatment. More complex arrangements can trigger anti-roll up rules, leading to punitive tax charges, denial of reliefs and higher reporting obligations.

Designing Wealth Structures That Travel Well

Classification Challenges Across Jurisdictions

When a client relocates, local authorities may view a structure differently from the country in which it was established. Definitions of qualifying investments vary, which can create immediate issues with recognition and taxation. Anti-roll up rules can also attribute underlying income and gains to the beneficial owner, resulting in higher tax and increased compliance obligations.

Why Portability Matters

Portability ensures that wealth structures continue to work when clients settle in a new jurisdiction. A robust portable plan aims to answer four essential questions with a “yes”:

• Can my wealth continue to accumulate tax efficiently if I return?
• Can I draw on my wealth tax efficiently?
• Can I transfer my wealth tax efficiently?
• Is the structure flexible enough to adapt to changing circumstances?

For advisers, portability supports long term client retention. It reduces the risk of losing a client to a local adviser or being forced to unwind structures that no longer qualify.

Insurance-Based Planning as a Portable Solution

Insurance-based planning is widely recognised across Europe and beyond. It occupies its own tax position in law, often more favourable than the taxation of direct investments. Its key advantages include:

• Gross roll-up – tax is deferred until benefits are taken
• Preferential treatment in many jurisdictions compared with direct holdings
• Beneficiary nomination, supporting estate and succession planning
• Simplified administration, creating clearer reporting for clients and advisers
• Greater consistency in the taxation of underlying assets, such as Private Equity funds or other alternatives, which may otherwise be taxed differently across countries. Holding these within an insurance bond helps to smooth these variations, providing a more predictable outcome for mobile clients.
• Exit taxes: In certain countries, insurance is not included in deemed asset disposals when an individual emigrates.

Unit-linked insurance can also change how underlying investments are treated for tax purposes. However, the portability of an insurance structure is not automatic. Local rules differ, and recognition may depend on factors such as biometric risk levels, eligible investment types and succession law requirements.

Assessing Portability When Clients Relocate

A portability assessment ensures that an existing policy remains compliant in the new jurisdiction. Key areas for review include:

• Biometric risk – whether the level of life cover meets local insurance criteria
• Investment choice – whether restrictions or extensions are required to comply with investor control rules
• Beneficiary nomination – whether existing arrangements need to be updated to reflect local succession law

Properly executed, these adjustments preserve tax efficiency, recognition and the long-term integrity of the client’s plan.

As expat regimes tighten across Europe, clients face increasing uncertainty when relying on short term tax incentives. Portability offers a stable alternative. It protects clients from shifting political landscapes and ensures their wealth is structured in a way that works in every jurisdiction, not just the one they happen to live in today. This is why it matters to work with an insurer that understands international mobility.

Utmost combines global reach with deep local technical expertise, giving advisers confidence that their clients’ plans remain compliant, adaptable and effective wherever life takes them.

Pour les clients à forte mobilité internationale, la planification patrimoniale se complexifie à chaque changement de pays. Des structures efficaces dans une juridiction peuvent ne plus correspondre aux définitions locales dans une autre. Même des produits simples, tels que les pensions ou les fonds d’investissement, peuvent ne plus bénéficier d’un traitement fiscal favorable. Des dispositifs plus complexes peuvent déclencher des règles anti-capitalisation, entraînant des impositions pénalisantes, la perte d’avantages fiscaux et des obligations déclaratives accrues.

Brendan Harper explique pourquoi la portabilité est essentielle pour les clients qui changent de juridiction et pourquoi les conseillers ont besoin de solutions qui restent conformes et efficaces dans chaque pays.

Concevoir des structures patrimoniales adaptées à la mobilité

Défis de qualification entre juridictions

Lorsqu’un client change de pays de résidence, les autorités locales peuvent qualifier une structure différemment de la juridiction dans laquelle elle a été mise en place. Les définitions des investissements éligibles varient, ce qui peut créer des difficultés immédiates en matière de reconnaissance et de fiscalité. Les règles anti-capitalisation peuvent également imputer les revenus et gains sous-jacents au bénéficiaire effectif, entraînant une imposition plus élevée et des obligations de conformité renforcées.

Pourquoi la portabilité est essentielle

La portabilité permet aux structures patrimoniales de continuer à fonctionner lorsque les clients s’installent dans une nouvelle juridiction. Une planification véritablement portable doit pouvoir répondre positivement à quatre questions essentielles :

• Mon patrimoine peut-il continuer à se capitaliser de manière fiscalement efficiente si je reviens ?
• Puis-je disposer de mon patrimoine de manière fiscalement efficiente ?
• Puis-je transmettre mon patrimoine de manière fiscalement efficiente ?
• La structure est-elle suffisamment flexible pour s’adapter à l’évolution de ma situation ?

Pour les conseillers, la portabilité favorise la rétention des clients à long terme. Elle réduit le risque de perdre un client au profit d’un conseiller local ou d’être contraint de démanteler des structures qui ne seraient plus reconnues.

La planification adossée à l’assurance-vie comme solution portable

La planification patrimoniale adossée à l’assurance-vie est largement reconnue en Europe. Elle bénéficie d’un régime fiscal spécifique en droit, souvent plus favorable que celui applicable aux investissements détenus en direct. Ses principaux avantages incluent :

• Capitalisation brute : l’imposition est différée jusqu’au rachat
• Traitement fiscal préférentiel dans de nombreuses juridictions par rapport à la détention directe
• Désignation de bénéficiaires, facilitant la planification successorale
• Administration simplifiée, offrant des déclarations plus clairs pour les clients et les conseillers

Les contrats d’assurance-vie en unités de compte peuvent également modifier le traitement fiscal des investissements sous-jacents. Toutefois, la portabilité d’une structure d’assurance-vie n’est pas automatique. Les règles locales diffèrent et la reconnaissance peut dépendre de facteurs tels que le niveau de risque biométrique, les types d’investissements éligibles ou les exigences en matière de droit successoral.

Évaluer la portabilité lors d’un changement de jurisdiction

Une analyse de portabilité permet de vérifier qu’un contrat existant reste conforme dans la nouvelle juridiction. Les principaux éléments à examiner comprennent :

• Risque biométrique : adéquation du niveau de couverture décès avec les critères locaux
• Choix des investissements : nécessité éventuelle de restrictions ou d’extensions pour respecter les règles de contrôle de l’investisseur
• Désignation des bénéficiaires : mise à jour éventuelle pour tenir compte du droit successoral local

Lorsqu’ils sont correctement mis en œuvre, ces ajustements permettent de préserver l’efficience fiscale, la reconnaissance juridique et l’intégrité du dispositif de planification à long terme.

À mesure que les régimes fiscaux applicables aux expatriés se durcissent en Europe, les clients sont confrontés à une incertitude croissante lorsqu’ils s’appuient sur des incitations fiscales de court terme. La portabilité constitue une alternative stable. Elle protège les clients contre l’évolution des environnements politiques et garantit que leur patrimoine est structuré de manière efficace dans chaque juridiction, et non uniquement dans celle où ils résident à un instant donné. C’est pourquoi il est essentiel de travailler avec un assureur qui maîtrise la mobilité internationale.

Utmost associe une présence internationale à une expertise technique locale approfondie, offrant aux conseillers l’assurance que les dispositifs de leurs clients restent conformes, adaptables et efficaces, quel que soit leur parcours de vie.

In a market shaped by rising regulation, rapid technology change and client mobility, choosing the right life company is critical. Life policies endure for decades and underpin multi-generational planning, so early exits can trigger tax consequences and disrupt strategies.

In this interview, Aidan Golden speaks with Paul Thompson, CEO of Utmost, on what defines a resilient life company. Marking ten years since the Utmost brand launch, Paul shares insights on financial strength, technical expertise and strategic commitment, and outlines three trends set to shape the industry in 2026 and beyond.
 

AG: Paul, Utmost has built a reputation for strength and reliability in the international life market. What do you think sets us apart from other providers?

PT: For me, it’s two things: financial strength and technical capability. Clients and advisers need confidence that the life company they select will be there for the long term and Utmost ticks that box. Beyond that, we have the expertise to handle the most complex cases which can often include multi-jurisdictional planning, alternative assets and bespoke tax structuring. These are the areas where we excel and that combination of stability and technical depth is key.

AG: When you talk about “complex cases” what does that mean in practice?

PT: Well, to start, true simplicity is becoming rare. In recent years, almost every case we see carries some element of complexity. Clients are increasingly internationally mobile with assets and family members spread across multiple jurisdictions. Others use sophisticated trust structures or have plans to relocate, which introduces layers of tax and regulatory considerations. These scenarios often involve significant sums and demand absolute precision. That’s where our technical team comes in as we work with clients and advisers to design solutions that are robust and tailored to each objective. It’s never just about issuing a policy; it’s about engineering the right outcome for the long term.

AG: Knowing what you know about life companies from the inside, what are the key focus points for choosing a provider?

PT: It’s one of the most important decisions an adviser or client will make. These policies are long-term commitments over 15, 20 years or more and exiting early can trigger unplanned tax consequences. The choice of provider must be evidence-based. Look beyond the marketing gloss and focus on two things: financial strength and strategic intent. These are the foundations of reliability.

AG: So, size and strength are the key factors?

PT: Absolutely. Think of it this way: when you are entrusting a provider with your clients’ assets, why take an unrewarded risk? Choosing a financially weaker insurer offers no upside and only greater downside exposure. By contrast, Utmost’s financial strength is independently validated. Each of our insurance companies individually holds a Fitch A+ Insurer Financial Strength rating, a clear external endorsement of our stability and our ability to meet policyholder commitments over the long term.

Many other insurance providers in our markets depend on a parent company rating or a point-in-time guarantee of their support. That raises legitimate questions about long-term commitment and structure. These are questions advisers increasingly need to be prepared to answer.

When you combine our A+ Fitch ratings with the wider Utmost Group fundamentals including a strong solvency coverage position and more than £100bn in assets under administration the picture becomes even clearer. Utmost has the scale, robustness and financial discipline to deliver for clients not just today, but for decades to come. In today’s environment, regulators and PI insurers will expect advisers to justify their choice so why take a risk?

AG: What are your thoughts on how important investment in the business is? Why does this matter?

PT: Investment is critical. Servicing a policy isn’t just about issuing it today and forgetting about tomorrow. A life company needs to commit to potentially supporting clients for decades. That means handling assignments or changes of custodian or investment strategy as well as assessing portability when clients move countries. Companies that don’t invest or aren’t core to their parent group often suffer from a lack of functionality. Investment in systems, people and processes is non-negotiable and sits at the heart of our strategy in Utmost.

AG: These products can be perceived as expensive. How do you respond to that?

PT: The benefits which include tax efficiency, succession planning and investment growth are significant, but delivering them comes at a cost. Life companies are expensive to run because they need to maintain solvency margins, provide accurate administration and ensure compliance across multiple jurisdictions and with international regulators. In the last decade, the need for investment in technology and cyber security has increased tenfold. Add to that the need for highly qualified technical teams covering the tax and regulatory aspects of all our international markets and products and you can see why ongoing investment is essential.

AG: And profitability? How do you balance that with investment?

PT: Like any commercial business, we need to make a profit for shareholders – but the key is balance. We reinvest heavily to ensure long-term sustainability. That’s why profitability matters as it gives us the ability to invest today and the strategic intent to keep building for the future.

AG: Looking ahead, what do you see shaping the future of international life assurance?

PT: As we turn the page and move into 2026, three big themes stand out. First, the rise of alternative investments, as clients increasingly look beyond traditional asset classes. Life companies must ensure flexibility and robust governance to accommodate these strategies safely. Second, the influence of artificial intelligence. AI is already transforming how we process data, assess risk and deliver personalised solutions. It will enable faster, smarter decision-making, but it also raises questions about transparency and ethical use, which we take very seriously. Finally, the need for security and technology investment will only intensify. Cyber threats are evolving, regulatory demands are increasing and clients expect seamless and compliant engagement and for the data to be safe with us.

Dans un marché marqué par un renforcement de la réglementation, une évolution technologique rapide et une mobilité accrue des clients, le choix de la bonne compagnie d’assurance-vie est déterminant. Les contrats d’assurance-vie s’inscrivent dans la durée et soutiennent une planification patrimoniale multigénérationnelle ; une sortie anticipée peut entraîner des conséquences fiscales et perturber les stratégies mises en place.

Dans cet entretien, Aidan Golden s’entretient avec Paul Thompson, CEO d’Utmost, sur les caractéristiques d’une compagnie d’assurance-vie résiliente. À l’occasion des dix ans de la marque Utmost, Paul partage sa vision de la solidité financière, de l’expertise technique et de l’engagement stratégique, et présente trois tendances qui façonneront le secteur à partir de 2026.
 

AG : Paul, Utmost s’est forgé une réputation de solidité et de fiabilité sur le marché international de l’assurance-vie. Qu’est-ce qui, selon vous, nous distingue des autres acteurs ?

PT : Pour moi, deux éléments sont déterminants : la solidité financière et la capacité technique. Les clients et les conseillers doivent avoir la certitude que la compagnie qu’ils choisissent sera présente sur le long terme, et Utmost répond clairement à cette exigence. Au-delà de cela, nous disposons de l’expertise nécessaire pour traiter les situations les plus complexes, qui impliquent souvent une planification multi-juridictionnelle, des actifs alternatifs et des structurations fiscales sur mesure. C’est dans ces domaines que nous excellons, et cette combinaison de stabilité et de profondeur technique est essentielle.

AG : Lorsque vous évoquez des « situations complexes », qu’entendez-vous concrètement ?

PT : La simplicité devient rare. Aujourd’hui, presque chaque dossier présente une forme de complexité. Les clients sont de plus en plus mobiles à l’international, avec des actifs et des membres de leur famille répartis dans plusieurs juridictions. D’autres utilisent des structures de trusts sophistiquées ou envisagent une expatriation, ce qui ajoute des couches de considérations fiscales et réglementaires. Ces situations portent souvent sur des montants significatifs et exigent une précision absolue. C’est là que notre équipe technique intervient, en travaillant avec les clients et les conseillers pour concevoir des solutions robustes et adaptées à chaque objectif. Il ne s’agit jamais simplement d’émettre un contrat, mais de construire un dispositif durable.

AG : Fort de votre expérience interne du secteur, quels sont selon vous les critères clés pour choisir une compagnie d’assurance-vie ?

PT : C’est l’une des décisions les plus importantes pour un conseiller ou un client. Ces contrats représentent des engagements de long terme, sur 15, 20 ans ou plus, et une sortie anticipée peut générer des conséquences fiscales non prévues. Le choix du prestataire doit reposer sur des éléments objectifs. Il faut dépasser le discours marketing et se concentrer sur deux fondamentaux : la solidité financière et l’intention stratégique. Ce sont là les fondements de la fiabilité.

AG : La taille et la solidité sont donc déterminantes ?

PT : Absolument. Préférez-vous confier vos actifs à une compagnie disposant d’une solidité financière démontrée, ou prendre un risque inutile avec un acteur plus fragile ? Il n’y a aucun avantage à choisir une compagnie moins robuste, uniquement un risque accru. Chez Utmost, notre notation Fitch A+ (Forte) constitue une preuve indépendante et claire de cette solidité. Associée à un ratio de solvabilité du Groupe sain et à plus de 100 milliards de livres sterling d’actifs sous administration, elle nous confère l’envergure et la résilience nécessaires pour accompagner nos clients sur le long terme. Dans le contexte actuel, les régulateurs et les assureurs en responsabilité professionnelle attendront des conseillers qu’ils justifient leurs choix.

AG : Quelle importance accordez-vous à l’investissement dans l’entreprise ?

PT : L’investissement est essentiel. Servir un contrat ne consiste pas à l’émettre aujourd’hui puis à l’oublier. Une compagnie d’assurance-vie doit être en mesure d’accompagner ses clients pendant plusieurs décennies. Cela implique de gérer des cessions, des changements de dépositaire ou de stratégie d’investissement, ainsi que d’évaluer la portabilité lorsque les clients changent de pays. Les entreprises qui n’investissent pas ou qui ne sont pas au cœur de la stratégie de leur groupe manquent souvent de fonctionnalités. L’investissement dans les systèmes, les équipes et les processus est non négociable et constitue le socle de notre stratégie chez Utmost.

AG : Ces solutions sont parfois perçues comme coûteuses. Comment réagissez-vous à cela ?

PT : Les avantages offerts, efficience fiscale, planification successorale, croissance des investissements, sont significatifs, mais leur mise en œuvre a un coût. Les compagnies d’assurance-vie sont coûteuses à exploiter, car elles doivent maintenir des marges de solvabilité, assurer une administration précise et garantir la conformité dans de multiples juridictions et vis-à-vis des régulateurs internationaux. Au cours de la dernière décennie, les investissements en technologie et en cybersécurité ont été multipliés. À cela s’ajoute la nécessité de disposer d’équipes techniques hautement qualifiées couvrant les aspects fiscaux et réglementaires de l’ensemble de nos marchés et produits internationaux.

AG : Et la rentabilité ? Comment concilier rentabilité et investissement ?

PT : Comme toute entreprise commerciale, nous devons générer un profit pour nos actionnaires, mais tout est question d’équilibre. Nous réinvestissons massivement afin d’assurer notre pérennité à long terme. C’est pourquoi la rentabilité est essentielle : elle nous permet d’investir aujourd’hui et de poursuivre notre développement stratégique dans la durée.

AG : Pour conclure, quelles évolutions façonneront, selon vous, l’avenir de l’assurance-vie internationale ?

PT : À l’horizon 2026, trois grandes tendances se dégagent. Tout d’abord, la montée en puissance des investissements alternatifs, les clients recherchant de plus en plus des solutions au-delà des classes d’actifs traditionnelles. Les compagnies d’assurance-vie devront offrir flexibilité et gouvernance robuste pour accompagner ces stratégies en toute sécurité. Ensuite, l’impact de l’intelligence artificielle, qui transforme déjà la gestion des données, l’évaluation des risques et la personnalisation des solutions. Enfin, le besoin croissant de sécurité et d’investissement technologique. Les cybermenaces évoluent, les exigences réglementaires s’intensifient et les clients attendent des interactions fluides, conformes et sécurisées.

Asian high-net-worth families are embracing international insurance-based solutions as a smart way to manage cross-border wealth and succession. With global transparency rules and anti-avoidance measures tightening, staying compliant has never been more important. For families connected to high-tax countries like the UK or Australia, the risk of unexpected tax bills and residency complications is real.

The good news? Insurance-based strategies, backed by accurate residency assessments and strong documentation, offer a clear, compliant path to long-term wealth growth, while reducing the stress of tax surprises and audits.

CRS Readiness for Insurance-Based Solutions

The Common Reporting Standard (CRS) requires financial institutions and insurance providers to identify tax residency and report account details annually. Advisers should confirm residency, refresh self-certifications, and map controlling persons so policy records match beneficiary information. Annual reviews help capture life changes such as relocation or overseas education.

Economic Substance and Overseas Entities

HNW families that have traditionally used offshore companies now face far more transparent reporting obligations and stricter economic substance requirements. Controlled Foreign Company (CFC) rules have tightened and are actively enforced in many jurisdictions. Families should revisit any additional filing requirements and ensure that tax declarations are accurate and defensible.

Instead of continuing to hold assets through offshore entities, an international insurance-based solution can be considered. These policies can accommodate bankable portfolios and even complex investments such as hedge funds and private equity. This approach mitigates CFC exposure and integrates succession planning, offering a compliant and efficient framework for long-term wealth management.

China Audits and Back Filing

The PRC tax authority has recently used CRS data to trace offshore income and enforce back filings with interest. A key focus has been verifying the cost basis for capital gains and the details of cross-border transactions. Families without clear documentation often struggle to justify their reporting. Using a compliant insurance-based policy streamlines reporting and reduces administrative burdens, offering a structured and transparent framework.

UK and Australia Tax Shock for Families

Extended study, internships, or relocations can change tax residency outcomes. In the United Kingdom, periods of residence can bring worldwide estate considerations for inheritance tax. In Australia, satisfying one residency test may shift an individual into worldwide income taxation. Insurance-based solutions can be structured to provide liquidity and orderly proceeds for future liabilities, but only when residency is assessed up front and reviewed annually.

HNW Mobile Families and Personal Tax

For families who split time between countries, day counts, purpose of presence, and ties such as accommodation and family matter. A simple mobility plan that tracks travel and sets thresholds helps avoid unintended personal residency and supports consistent treatment of policy values, contributions, and payouts.

For advisers, transparency first is the safest rule. Insurance-based solutions remain powerful tools for disciplined accumulation and succession, but they should sit inside a compliance framework that anticipates cross-border scrutiny. Education-related mobility deserves special attention, as families often make quick decisions about schooling without considering residency and estate consequences. Mobility should be documented and reviewed to keep personal tax positions clear.

Insurance-based solutions can deliver flexibility and intergenerational continuity when paired with accurate residency assessments, clean disclosures, and strong documentation. Families with UK or Australia links should plan for potential tax liabilities in advance and use policies to provide timing and liquidity.

A recent decision of the Paris Court of Appeal has clarified how French tax authorities may treat life policies held through irrevocable and discretionary trusts. The ruling confirms that such structures may fall outside the favourable French life insurance tax regime. Instead, distributions may be reclassified as indirect gifts subject to transfer duties.

For advisers supporting HNW expatriates relocating to France, the decision highlights both a material tax risk and a clear opportunity to reposition clients towards compliant international insurance-based wealth solutions.

The Court Decision in Context

The ruling arrives at a time when France continues to scrutinise foreign trust structures. Trusts remain common in many common-law jurisdictions, but they do not align naturally with French civil and tax law. As a result, HNW individuals who become French tax resident often encounter issues when long-standing arrangements meet French concepts of ownership, control and transmission.

Against this backdrop, the June 2025 judgment of the Paris Court of Appeal carries significant weight. It confirms that even well-established trust structures created abroad may be reassessed once the settlor or beneficiaries are French tax resident.

Case Summary

The case concerned a French tax resident who had created irrevocable and discretionary trusts under US law for the benefit of his descendants. On the same day, the trusts subscribed to life insurance policies issued by US insurers. The settlor was the insured, and the trusts acted as both policyholders and beneficiaries.

After the insured’s death, the insurers paid the death benefits to the trusts. The trustees then exercised their discretionary powers to distribute the proceeds to the beneficiaries. The beneficiaries claimed the payments should fall within the French life insurance tax regime, which applies when sums are received directly under a policy.

The French tax authorities disagreed. They treated the distributions as indirect gifts subject to transfer duties. Both the Court of First Instance and the Court of Appeal upheld this view.

Why the Life Insurance Regime Did Not Apply

The Court focused on the legal structure rather than the economic rationale. Three factors were decisive:

• The trusts were irrevocable and discretionary, meaning the settlor permanently ceded control.
• The settlor had irrevocably disposed of the assets invested into the policies during his lifetime.
• The insured did not hold surrender rights, which were exercised solely by the trustees.

Above all, the Court highlighted a two-step transfer:

1. The insurers paid the death benefits to the trusts.
2. The trustees distributed the proceeds to the beneficiaries at their discretion.

Because the beneficiaries received funds following a trustee decision – and not directly from the policies – the Court held that they were not paid “by virtue of a life insurance policy”. This break in legal continuity justified excluding the life insurance regime and reclassifying the distributions as indirect gifts.

Implications for Advisers Supporting HNW Clients

Trust Ownership Often Conflicts with French Tax Principles

While trusts can be appropriate in certain cross-border situations, the ruling reinforces that discretionary and irrevocable structures often sit poorly within the French tax system. Once French tax residency applies, such features may trigger unfavourable outcomes that differ from those expected in common-law jurisdictions.

A Recurring Challenge for Inbound Clients

HNW expatriates frequently arrive in France with existing trusts that were never assessed under French rules. Without early review, advisers risk discovering issues only at death or on distribution – when it may be too late to implement corrective action.

A Strong Commercial Opportunity

The decision strengthens the case for international insurance-based wealth solutions structured to operate cleanly within French law. These solutions avoid discretionary interposition, maintain continuity of tax treatment and offer greater predictability for clients. Advisers can add clear value by helping clients transition from misaligned trust holdings to compliant arrangements.

The Paris Court of Appeal ruling is a clear reminder that planning tools effective in common-law jurisdictions do not always translate into a French tax context. For HNW expatriates, trust-owned life policies may create significant and unexpected tax exposure. Early review and the adoption of compliant international insurance-based wealth solutions are essential to protect clients and support long-term planning.

Un arrêt récent de la Cour d’appel de Paris est venu préciser la manière dont l’administration fiscale française est susceptible de traiter les contrats d’assurance-vie détenus par l’intermédiaire de trusts irrévocables ou discrétionnaires. Cette décision confirme que de telles structures peuvent être exclues du régime fiscal français favorable de l’assurance-vie. Les distributions en cas de décès peuvent alors être requalifiées en donations indirectes soumises aux droits de mutation.

Pour les conseillers en gestion de patrimoine accompagnant des expatriés fortunés s’installant en France, cette décision met en lumière à la fois un risque fiscal significatif et une opportunité claire de repositionner les clients vers des solutions patrimoniales internationales basées sur l’assurance-vie conformes à la réglementation française.

Benjamin Fiorino analyse cette décision et présente les options de structuration patrimoniale pour les clients qui s’installent en France.

L’arrêt dans son contexte

Cette décision intervient dans un contexte où la France continue d’exercer une vigilance accrue à l’égard des structures de trusts étrangers. Si les trusts demeurent courants dans de nombreuses juridictions de common law, ils s’articulent difficilement avec les principes du droit civil et fiscal français. En conséquence, les personnes fortunées devenant résidentes fiscales françaises rencontrent fréquemment des difficultés lorsque des structurations anciennes se heurtent aux notions françaises de propriété, de contrôle et de transmission.

C’est dans ce contexte que l’arrêt rendu en juin 2025 par la Cour d’appel de Paris revêt une importance particulière. Il confirme que même des structures de trusts bien établies et constituées à l’étranger peuvent être réexaminées dès lors que le constituant ou les bénéficiaires deviennent résidents fiscaux français.

Résumé de l’affaire

L’affaire concernait un résident fiscal français qui avait constitué, sous le droit américain, des trusts irrévocables et discrétionnaires au profit de ses descendants. Le même jour, ces trusts ont souscrit des contrats d’assurance-vie émis par des assureurs américains. Le constituant était l’assuré, tandis que les trusts intervenaient à la fois en qualité de souscripteurs et de bénéficiaires.

Suite au décès de l’assuré, les assureurs ont versé les capitaux décès aux trusts. Les trustees ont ensuite exercé leur pouvoir discrétionnaire afin de distribuer les sommes aux bénéficiaires. Ces derniers soutenaient que les montants perçus devaient relever du régime fiscal français de l’assurance-vie, applicable lorsque les sommes sont reçues directement au titre d’un contrat.

L’administration fiscale française a contesté cette analyse et a requalifié les distributions en donations indirectes soumises aux droits de mutation à titre gratuit. Cette position a été confirmée tant par le tribunal de première instance que par la Cour d’appel.

Pourquoi le régime de l’assurance-vie n’a pas été appliqué

La Cour s’est attachée à l’analyse de la structure juridique, indépendamment de la logique économique. Trois éléments ont été déterminants :

• les trusts étaient irrévocables et discrétionnaires, impliquant une cession définitive du contrôle par le constituant ;
• le constituant avait irrévocablement transféré, de son vivant, les actifs investis dans les contrats ;
• l’assuré ne disposait d’aucun droit de rachat, ceux-ci étant exercés exclusivement par les trustees.

Surtout, la Cour a mis en évidence l’existence d’un mécanisme de transmission en deux temps :

1. les assureurs ont versé les capitaux décès aux trusts ;
2. les trustees ont ensuite distribué les sommes aux bénéficiaires, dans le cadre de leur pouvoir discrétionnaire.

Dès lors que les bénéficiaires ont perçu les fonds à la suite d’une décision des trustees – et non directement en exécution des contrats d’assurance-vie –, la Cour a considéré qu’ils n’avaient pas été payés « en vertu d’un contrat d’assurance-vie ». Cette rupture de la continuité juridique justifiait l’exclusion du régime de l’assurance-vie et la requalification des distributions en donations indirectes.

Conséquences pour les conseillers accompagnant des clients fortunés

La détention via des trusts : une incompatibilité fréquente avec les principes fiscaux français

Si les trusts peuvent être pertinents dans certaines situations transfrontalières, cette décision confirme que les structures discrétionnaires et irrévocables s’intègrent souvent difficilement dans le système fiscal français. Dès lors que la résidence fiscale française s’applique, ces caractéristiques sont susceptibles d’entraîner des conséquences défavorables, différentes de celles généralement anticipées dans les juridictions de common law.

Une difficulté récurrente pour les clients internationaux s’installant en France

Les expatriés fortunés s’installent fréquemment en France avec des trusts existants qui n’ont jamais été analysés au regard du droit fiscal français. En l’absence d’un examen précoce, les conseillers et leurs clients risquent de ne découvrir les difficultés qu’au moment du décès ou lors des distributions, lorsqu’il est parfois trop tard pour mettre en œuvre des mesures correctrices.

Une opportunité commerciale significative

Cette décision renforce l’intérêt des solutions patrimoniales internationales fondées sur l’assurance vie, structurées de manière à s’inscrire pleinement dans le cadre du droit français. Ces solutions permettent d’éviter l’interposition discrétionnaire, d’assurer la continuité du traitement fiscal et d’offrir une plus grande prévisibilité aux clients. Les conseillers peuvent ainsi créer une réelle valeur ajoutée en accompagnant leurs clients dans la transition de structures de trusts inadaptées vers des montages conformes.

Cet arrêt de la Cour d’appel de Paris constitue un rappel clair que des outils de planification efficaces dans les juridictions de common law ne sont pas nécessairement transposables dans le contexte fiscal français. Pour les expatriés fortunés, les contrats d’assurance-vie détenus par des trusts peuvent générer une exposition fiscale significative et inattendue. Une analyse anticipée, ainsi que l’adoption de solutions patrimoniales internationales fondées sur l’assurance-vie et conformes à la réglementation française, sont essentielles pour protéger les clients et accompagner une planification patrimoniale de long terme.

Fiscal drag is drawing more UK taxpayers into higher tax bands, despite no formal increases in tax rates. Tax thresholds have remained frozen while salaries and living costs have increased. Clients now face rising liabilities across income tax, inheritance tax (IHT) and capital gains tax (CGT). Understanding this trend is essential for advisers supporting long‑term planning.

What Is Fiscal Drag?

Fiscal drag describes a situation where taxpayers move into higher tax bands as a result of frozen tax thresholds rather than changes to tax rates. Inflation increases wages and everyday costs, but the tax system does not adjust in line with this. As a result, Government tax receipts rise without changes to the headline rates of tax.

Since the Covid pandemic, successive UK Governments have paused inflationary adjustments to income tax, IHT and CGT thresholds. The effect is subtle but material. Clients feel the pressure of rising taxes while seeing little visible policy change.

How Fiscal Drag Has Evolved

A Decade in Data

A ten‑year comparison highlights how stagnant thresholds contrast sharply with rising earnings and living costs. For example:

• The Basic Rate Limit has increased by only 18.6% since 2015/16, while the average UK salary has risen by 41%.
• The IHT Nil Rate Band has been frozen at £325,000 since April 2009, despite property prices increasing by more than 75% over the same period.
• The CGT Annual Exempt Amount has fallen by 65%, increasing exposure for clients disposing of assets.
• Living costs have risen faster than most thresholds. For example, the average price of a white loaf of bread has increased by 28% and petrol by 23% over a similar period.

These trends show how more UK residents are being drawn into higher tax liability without any actual increases to tax rates.

Implications for Clients

Higher Tax Exposure

Clients who believe their financial position has remained stable may be surprised by their increased tax burden. Salaries and asset values rise to counter inflation, but static thresholds push these increases into higher tax bands. More estates are now within IHT scope, and more individuals are losing access to allowances and paying higher CGT rates.

Erosion of Protective Measures

The Residence Nil Rate Band (RNRB), introduced in April 2017, was designed to help homeowners. It has remained fixed at £175,000 since April 2020. As property prices continue to rise, the RNRB protects less value each year, pulling more families into the IHT net.

Planning Opportunities for Advisers

Using Insurance‑Based Wealth Solutions

Life insurance‑based wealth solutions can offer important benefits where fiscal drag persists. These products allow clients to defer taxation within the policy, creating opportunities to:

• Manage income tax exposure through tax‑deferred growth
• Time future tax points more effectively
• Support intergenerational planning

Trusts for Inheritance Planning

Clients can settle their policies into trust structures. This approach can:

• Reduce IHT exposure
• Support staged transfers to beneficiaries
• Maintain control and flexibility across generations

For clients concerned about static tax thresholds, these strategies help counter rising tax friction and provide more predictable long‑term outcomes.

Fiscal drag is currently a feature of the UK tax landscape and continues to pull more clients into higher tax bands. As thresholds remain frozen, advisers play a crucial role in helping clients understand their exposure and adopt strategies that protect long‑term wealth. Insurance‑based wealth solutions, combined with appropriate trust planning, offer a practical way to defer tax, mitigate IHT and provide flexibility across generations. With the right structure in place, clients can manage rising tax pressures with confidence and retain greater control over their financial future.

Clients returning to the UK often face frozen tax bands, rising earnings and growing concerns about inheritance tax (IHT). In this case study, Simon Martin explores how an overseas insurance bond can help mitigate fiscal drag, reduce IHT exposure, and provide flexibility for wealth transfer – all while ensuring professional investment management and long‑term tax efficiency.

The Client

Robert is 61, divorced and has two adult children. He was born in the UK and began his career there. For the past 15 years, he worked internationally as a ship surveyor. Four years ago, he returned to the UK and now works for an architectural firm in London with plans to remain in the UK long term.

Despite living abroad, Robert has always banked in the UK. His finances include savings of over £1 million across UK banks and a modest share portfolio managed by his UK bank.

Robert is concerned about ‘fiscal drag’ – the gradual erosion of investment returns caused by frozen tax bands and rising earnings – and wants to invest in a tax-efficient way. Planning for inheritance tax (IHT) is also a priority to maximise what his children will receive.

Robert prefers professional management of his investments. He is risk-averse and wants to protect his savings.

The Solution

The approach chosen was designed to deliver tax efficiency, flexibility and professional investment management:

• Investment Approach: Robert invests £800,000 in an insurance bond, divided into 100 segments of £8,000 each.
• Management: The bond is managed by a discretionary manager, chosen by Robert and appointed by the insurer. His bank oversees the bond under its discretionary management service, allowing him to take a hands-off approach.
• Discretionary Management: Robert does not select individual investments within the bond; the manager makes decisions on his behalf.

The Benefits

This strategy offers multiple advantages, from IHT mitigation to long-term wealth transfer opportunities:

• Inheritance Tax Efficiency: Robert will not be considered a UK long-term resident until he has lived in the UK for 10 years. Currently, his exposure to UK IHT is limited to UK assets. Money placed in the overseas insurance bond is immediately outside the scope of UK IHT, reducing his tax exposure.
• Trust Planning: Before becoming a UK long-term resident, Robert can transfer segments of his bond into trusts and include his children as potential beneficiaries. If he does this before reaching long-term resident status, there is no limit to how much he can settle into trust without triggering an IHT charge. Once he is a long-term resident, the trust will be subject to IHT, but only at a maximum rate of 6% every ten years and upon distribution.
• Investment Freedom: Because Robert does not influence the choice of underlying assets, his bank can maintain similar asset types to those he previously held. This offers more flexibility than a conventional UK insurance bond.
• Tax Deferral: All income and gains within the bond are not taxed until Robert or the trustees withdraw benefits. This allows deferral of tax liabilities until economic conditions or tax bands are more favourable.
• Wealth Transfer: Robert, or his chosen trustees, can assign segments of the bond to his children during his lifetime without incurring a tax charge. This is useful if he wishes to pass on wealth before his death.

Ester Carbonell van Reck, Senior Wealth Planner - Spain and LatAm, outlines how a mixed-term life insurance policy can be used to support deferred succession planning for a high-net-worth client in Spain.

The structure would allow the client to retain access to capital during her lifetime, while ensuring a controlled and tax-efficient transfer of wealth to her grandchildren under specific conditions.

The Client

Mrs. Gómez is a 65-year-old widow, Spanish national and resident in Madrid. She has two children and two grandchildren, all resident in Madrid. With a net worth of approximately €15 million, she wishes to retain access to her money during her lifetime while ensuring, on her death, that a portion is passed on to her grandchildren under certain conditions. These are namely that they reach a certain age and have time to prepare for the receipt of such significant wealth.

The Solution

Mrs. Gómez takes out a mixed-term unit-linked life insurance policy with Utmost Wealth Solutions for €5 million. The lives assured are Mrs. Gómez and her two grandchildren. She is designated as the first-rank beneficiary in the event of survival, with her grandchildren as second-rank beneficiaries. The beneficiaries in the event of death are her grandchildren’s legal heirs.

Key Features

• Conditioned termination right: On Mrs. Gómez’s death, the policy’s termination right is transferred to the second-rank beneficiaries (i.e. her grandchildren) only when (i) each has reached age 30, and (ii) at least 5 years have elapsed since the date of death. The grandchildren might also choose to extend the contract beyond that point.
• Deferral in practice: Until those conditions are met, the policy remains active, deferring the taxable event for the grandchildren and giving time for strategic financial planning.
• Post‑death governance: Mrs. Gómez can also establish in the policy that the grandchildren will be entitled to request a change of the custodian, discretionary asset manager, or investment strategy applicable to the policy after her death.
• Continuity on survival: If the grandchildren do not opt to terminate the policy on survival at that time, the policy continues until the last life assured dies, at which point the policy’s death benefit will be paid to their legal heirs.

The Benefits

• Liquidity for the policyholder: Access to liquidity during Mrs. Gómez’s lifetime through partial surrenders or termination upon maturity.
• Controlled distribution: Guarantees that the grandchildren receive the money when they reach defined age and timing thresholds.
• Planning window: A 5-year deferral period post-mortem for heirs to plan the transfer of wealth.
• Potential tax deferral given that the acquisition of the right to terminate the policy, and thus trigger taxation, is legally postponed.

In this case study, Nicolaas Vancrombrugge, Senior Wealth Planner - Belgium and Luxembourg, demonstrates how a post-mortem clause within a life insurance contract could be used to support succession planning for a Belgian client with a blended family.

The structure would allow the policyholder to retain control over asset distribution during their lifetime, while enabling a gradual and protected transfer of wealth to the next generation under clearly defined conditions.

The Client

• Mr Janssens has two minor children from his first marriage and has been remarried for five years.
• Part of his assets are held in a life insurance policy, where he is the sole policyholder and both he and his new wife are the insured lives.
• He wishes to ensure that his former spouse can no longer exert any influence over his assets.
• His children are designated as the sole beneficiaries of the policy.
• He wants the proceeds to go to his children upon his death, but with his new wife retaining control until they reach the age of 30.

The Solution

Mr Janssens requested a post-mortem addendum to the life insurance contract, stipulating that upon his death, the rights under the contract are transferred as follows:

1. Partially and temporarily, certain rights under the contract would be transferred to his new spouse, specifically:
   • The right to determine or change the investment profile.
   • The right to make limited withdrawals, provided the proceeds are paid directly into the children’s bank accounts.
   These rights would automatically expire when the youngest child turns 30.
2. The remaining rights under the contract would then be transferred to his two children.

The Benefits

In the event of Mr Janssens' death and the post-mortem appendix coming into effect:

1. Delayed access for beneficiaries: Until the children reach the age of 30, they will not be able to exercise any rights under the insurance policy.
2. Decision-making retained by spouse: During this period, Mr Janssens' new wife will be the sole decision-maker regarding the policy, but she will not be able to make any withdrawals or surrender in her own favour.
3. Automatic transfer of control: Once the children reach the age of 30, the role of Mr Janssens' new wife will automatically expire. From that point on, the children will acquire full control over the insurance policy and its underlying assets.
4. Ongoing flexibility for policyholders: The policy will continue to exist until the death of the last insured person (Mr Janssens' new wife). However, once the children become policyholders, at the age of 30, they may choose to surrender the policy in full.

In deze Case study laat Nicolaas Vancrombrugge, Senior Wealth Planner - België en Luxemburg, zien hoe een post-mortem clausule in een levensverzekeringscontract kan worden gebruikt om de successieplanning te vergemakkelijken voor een Belgische klant met een nieuw samengesteld gezin.

Deze structuur laat de verzekeringnemer toe om tijdens het leven de controle over de verdeling van het vermogen te behouden, terwijl het vermogen onder duidelijk omschreven voorwaarden geleidelijk en beschermd kan worden overgedragen aan de volgende generatie.

De cliënt

• De heer Janssens heeft twee minderjarige kinderen uit zijn eerste huwelijk en is sinds vijf jaar hertrouwd.
• Een deel van zijn vermogen is ondergebracht in een levensverzekering, waarbij hij de enige polishouder is en zowel hij als zijn nieuwe echtgenote de verzekerden zijn.
• Hij wil ervoor zorgen dat zijn ex-echtgenote geen invloed meer kan uitoefenen op zijn vermogen.
• Zijn kinderen zijn aangewezen als enige begunstigden van de polis.
• Hij wil dat de opbrengst bij zijn overlijden naar zijn kinderen gaat, maar dat zijn nieuwe echtgenote de controle behoudt totdat de kinderen 30 jaar zijn.

De oplossing

De heer Janssens heeft verzocht om een post-mortem addendum bij de levensverzekeringsovereenkomst, waarin wordt bepaald dat bij zijn overlijden de rechten uit hoofde van de overeenkomst als volgt worden overgedragen:

1. Bepaalde rechten uit hoofde van de overeenkomst worden gedeeltelijk en tijdelijk overgedragen aan zijn nieuwe echtgenote, met name:
   • Het recht om het beleggingsprofiel te bepalen of te wijzigen.
   • Het recht om beperkte afkopen te doen, op voorwaarde dat de opbrengst rechtstreeks op de bankrekeningen van de kinderen wordt gestort.
   Deze rechten zullen automatisch vervallen wanneer het jongste kind 30 jaar wordt.
2. De overige rechten uit hoofde van de overeenkomst zullen dan worden overgedragen aan zijn twee kinderen.

De voordelen

In geval van overlijden van de heer Janssens en inwerkingtreding van de post-mortem bijlage:

1. Uitgestelde toegang voor begunstigden: totdat de kinderen de leeftijd van 30 jaar bereiken, kunnen zij geen rechten uit hoofde van de verzekeringspolis uitoefenen.
2. Besluitvorming blijft bij de echtgenote: Gedurende deze periode is de nieuwe echtgenote van de heer Janssens de enige beslisser met betrekking tot de polis, maar zij kan geen opnames of afkopen doen ten gunste van zichzelf.
3. Automatische overdracht van zeggenschap: zodra de kinderen de leeftijd van 30 jaar bereiken, vervalt de rol van de nieuwe echtgenote van de heer Janssens automatisch. Vanaf dat moment krijgen de kinderen de volledige zeggenschap over de verzekeringspolis en de onderliggende activa.
4. Flexibiliteit voor de verzekeringnemers: De polis blijft bestaan tot het overlijden van de laatste verzekerde (de nieuwe echtgenote van de heer Janssens). Zodra de kinderen echter polishouders worden wanneer zij 30 jaar worden, kunnen zij ervoor kiezen om de polis volledig af te kopen.

Dans cette étude de cas, Nicolaas Vancrombrugge, Senior Wealth Planner Belgique et Luxembourg, montre comment une clause post mortem dans un contrat d'assurance-vie a été utilisé pour faciliter la planification successorale de M. Dupont, un client belge issu d'une famille recomposé.

Cette structure lui a permis de conserver le contrôle de ses actifs de son vivant, tout en garantissant une transmission progressive et sécurisée de son patrimoine à ses enfants dans des conditions clairement définies.

Le client

• M. Dupont a deux enfants mineurs issus de son premier mariage et est remarié depuis cinq ans.
• Une partie de ses actifs est détenue dans une police d'assurance-vie dont il est l'unique preneur et dont lui-même et sa nouvelle épouse sont les assurés.
• Il souhaite s'assurer que son ex-conjointe ne puisse plus exercer aucune influence sur ses actifs.
• Ses enfants sont désignés comme seuls bénéficiaires de la police.
• Il souhaite que le produit de la police soit versé à ses enfants à son décès, mais que sa nouvelle épouse en conserve le contrôle jusqu'à ce qu'ils atteignent l'âge de 30 ans.

La solution

M. Dupont a demandé un avenant post mortem au contrat d'assurance-vie, stipulant qu'à son décès, les droits prévus par le contrat seront transférés comme suit :

1. 1. Une partie des droits liés au contrat serait transférée à titre temporaire à sa nouvelle épouse, notamment :
   • Le droit de déterminer ou de modifier le profil d'investissement.
   • Le droit d'effectuer des rachats limités, à condition que le produit soit versé directement sur les comptes bancaires des enfants.
   Ces droits expireraient automatiquement lorsque le plus jeune enfant atteindrait l'âge de 30 ans.
2. Les droits restants prévus par le contrat seraient alors transférés à ses deux enfants.

Les avantages

En cas de décès de M. Dupont et d'entrée en vigueur de l'annexe post mortem :

1. Accès différé pour les bénéficiaires : jusqu'à ce que les enfants atteignent l'âge de 30 ans, ils ne pourront exercer aucun droit au titre de la police d'assurance.
2. Prise de décision conservée par le conjoint : pendant cette période, la nouvelle épouse de M. Dupont sera la seule à prendre les décisions concernant la police, mais elle ne pourra effectuer aucun retrait ni rachat en sa faveur.
3. Transfert automatique du contrôle : une fois que les enfants auront atteint l'âge de 30 ans, le rôle de la nouvelle épouse de M. Dupont prendra automatiquement fin. À partir de ce moment, les enfants acquerront le contrôle total de la police d'assurance et des actifs sous-jacents.
4. Flexibilité permanente pour les assurés : la police continuera d'exister jusqu'au décès de la dernière personne assurée (la nouvelle épouse de M. Dupont). Cependant, une fois que les enfants seront devenus preneurs d’assurance au moment qu’ils deviennent 30 ans, ils pourront choisir de racheter la police dans son intégralité.