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Vestra Wealth to tackle Fatca with launch of US division
by Sarah Miloudi on May 15, 2013 at 07:27
Vestra Wealth has launched a US wealth division to address the complex regulatory and tax issues of investors with a transatlantic footprint.
Recent legislation such as the Foreign Account Tax Compliance Act (Fatca) will soon come into force and are expected to compound the regulatory challenges already faced by individuals connected with the US.
In particular, Fatca will impact Americans living in the UK as well British residents in the US, with potentially significant implications on their tax and reporting requirements.
Vestra US Wealth Management will be one of the few wealth managers offering portfolios specifically designed for those likely to be impacted by the new rules, while the new division will be headed up by Paul Nixon, director of Vestra US, and Neil Williams.
Announcing the launch, Nixon explained that Vesta is looking to provide suitable investment solutions to clients who face complex legislation due to their links with the US.
'Whilst it has always been the case that US connected investors have been subject to strict cross-border regulation, the implications of new regulations such as Fatca should not be underestimated,' he said.
Vestra US already has a specialist team in place and will create portfolios that take into account investors' need for income and growth, as well as the relevant tax and investment constraints resulting from exposure to multiple jurisdictions.
David Scott (pictured), senior partner of Vestra Wealth, added: 'As a business which aims to deliver exceptional service, it became clear from speaking to our clients that there was a requirement to provide a specific offering to comply with current legislation for US connected persons.
'We have therefore created a new entity which recognises the need to offer this service to clients in an educated, simple and well regulated structure.'
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