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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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Presentation Transcript
slide1

Presentation of

Private Capital Plan – Finland

by Anders Bergmann

private capital plan finland agenda
Private Capital Plan - FinlandAgenda
  • Product provider
  • Objectives
  • The product
  • Tax advantages
  • Leaving Finland
  • Contract details
  • Summary
product provider nordea life pensions s a
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
slide4

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

private capital plan f inland product
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

investment s if individual dedicated fund
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
assurance element s
Assurance elements
  • Minimum assurance element 5 %
  • Maturity determined
  • Insured persons - above 18 years of age (cannot be changed)
  • Beneficiaries - free choice (can be changed)
ownership
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
potential tax advantages in f inland
Potential tax advantages in Finland
  • Capital gains tax
  • Wealth tax
  • Inheritance tax
  • Leaving Finland
capital gains tax within the assurance
Capital gains tax within the assurance
  • No taxation of unrealised capital gains
  • No taxation when switching investments within the portfolio
capital gains tax in f inland
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

slide12

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 %

leaving f inland
Leaving Finland
  • Relocating from Finland will not create any tax liability in Finland regarding the Private Capital Plan - Finland
contract details
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
summary of pcp f inland
Summary of PCP - Finland
  • Large degree of flexibility
  • Possible to invest through an individual dedicated fund
  • Potential tax reduction
  • Clearly defined tax situation