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Presentation of Private Capital Plan – Finland by Anders Bergmann Private Capital Plan - Finland Agenda Product provider Objectives The product Tax advantages Leaving Finland Contract details Summary Product provider – Nordea Life & Pensions S.A SAFE Assurance S.A. established in 1991

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Presentation of

Private Capital Plan – Finland

by Anders Bergmann


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Private Capital Plan - FinlandAgenda

  • Product provider

  • Objectives

  • The product

  • Tax advantages

  • Leaving Finland

  • Contract details

  • Summary


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Product provider –Nordea Life & Pensions S.A

  • SAFE Assurance S.A. established in 1991

  • The ultimate owner is Nordea AB, Stockholm

  • Part of ”Asset Management & Life” Business area

Bancassurance products

  • Private Capital Plan – Spain

  • Private Capital Plan – France

  • Private Capital Plan – Finland


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Objectives

  • To provide our clients with an intelligent financial

    planning solution

  • To provide our clients with as many advantages and

    as few limitations within a tax efficient capital

    assurance as possible

  • To provide our clients with a clear financial set-up

    in Finland


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Private Capital Plan - FinlandProduct

  • Single Premium unit-linked bancassurance product

Investment structures

  • Minimum initial payment for investment solely into

    Nordea 1, SICAV investment funds EUR 100.000

  • Minimum initial payment for investment into an

    individual dedicated fund EUR 250.000


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Investments – if individual dedicated fund

  • Cash and deposits

  • Government Bonds (OECD)

  • Bonds traded on a regulated market (OECD)

  • Shares traded on a regulated market (OECD)

  • Investment funds


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Assurance elements

  • Minimum assurance element 5 %

  • Maturity determined

  • Insured persons - above 18 years of age (cannot be changed)

  • Beneficiaries - free choice (can be changed)


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Ownership

  • The client is the owner of the assurance contract

  • Nordea Life & Pensions S.A. owns the underlying investments

  • The value of the contract is the value of the underlying investments


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Potential tax advantages in Finland

  • Capital gains tax

  • Wealth tax

  • Inheritance tax

  • Leaving Finland


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Capital gains tax within the assurance

  • No taxation of unrealised capital gains

  • No taxation when switching investments within the portfolio


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Capital gains tax in Finland

  • No wealth tax is currently levied on the value of thePrivate Capital Plan - Finland

  • No taxation when withdrawing from the initial payment

  • Capital gains withdrawn from Private Capital Plan - Finland

    are taxed at a flat rate - currently 29 %

Wealth tax in Finland

Wealth tax in Finland in year 2003 is:

0.9 % of wealth above approx. EUR 185,000


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Inheritance tax in Finland

  • The spouse has a tax exempt amount of 50 % ofthe amount paid

  • An amount of EUR 35,000 per beneficiary isexempt from inheritance tax

Inheritance tax in Finland is levied at progressive rates from 10 % to 48 %


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Leaving Finland

  • Relocating from Finland will not create any tax liability in Finland regarding the Private Capital Plan - Finland


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Contract details

  • Minimum initial payment for investment into an individual dedicated fund EUR 250,000

  • Base currency and payments can take place in all major internationally recognised currencies

  • Quarterly statements from Nordea Life & Pensions S.A.

  • Charges determined on an individual basis


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Summary of PCP - Finland

  • Large degree of flexibility

  • Possible to invest through an individual dedicated fund

  • Potential tax reduction

  • Clearly defined tax situation


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