04 August 2010
Skandia International has developed a bespoke product for the Spanish market specifically designed to meet the investment needs of expats living there.
The Spanish Collective Investment Bond (CIB) is based on Skandia International’s globally popular suite of offshore investment products, but has been tailored to be precisely aligned with Spanish tax law.
The new Dublin-based product gives expat investors access to a wide range of funds and bank deposits. At launch, there are over 450 available funds across more that 30 investment sectors. These funds are fully compliant with Spanish investment regulations and represent a broad selection from over 50 of the world’s finest investment management companies. The Spanish CIB also allows investors to hold all or part of their portfolio in qualifying Euro deposit accounts and structured deposits.
The Spanish CIB can be denominated in Euros, Sterling or US Dollars and, in recognition that expats may hold existing funds in a variety of currencies, the product allows investors to make payments in any major currency after an initial investment of at least €37,500* is made. Investors can make top up investments of at least €3,750* and have the flexibility to take withdrawals as they require, or on a regular basis.
Michelle Andrews, commercial director for Skandia International, said:
“Developing and launching a proposition in line with Spain’s investment and tax regulations underpins our commitment to expats in this market.
“We have clearly identified interest from advisers and investors alike. The market still represents one of Europe’s expat hotspots – and the number of expats living there remains high. The demand for an investment solution which gives investors freedom and flexibility has remained constant, despite turbulence in the markets and currency over recent months.”
* or equivalent in other currencies
This press release is for journalists only and should not be relied upon by financial advisers or customers.