World class: Supporting international families with UK interests

It began with the French Revolution.

As French aristocrats fled to England in the late 18^th century, Coutts & Co Senior Partner Thomas Coutts offered them financial aid. He also gave them the chance to exchange their jewels for money. These enterprising efforts led to Coutts creating the first ever specialist international team – The French Department.

Today, a team of 40 experts supports over 6,000 clients from across the globe, including Europe, the Middle East, Asia Pacific and the Americas. In fact, Coutts has been welcoming American clients since before there was a United States of America.

These services are very much in demand because the UK remains a popular destination with people around the world who are attracted to its time zone, rule of law, education system and culture.

HM Revenue & Customs figures indicate that 74,000 people claimed ‘non-dom’ status in 2022/23 – meaning they live in the UK but have a permanent home or country of origin elsewhere for tax purposes. That’s up from just under 69,000 the previous year.

Alex Midha, Coutts’ Head of Asia Pacific (pictured), says that, while clients come to Coutts for its multi-jurisdictional expertise, they stay for the very human, highly personal service they receive.

“Our aim is to be a trusted advisor, a home from home, a provider of exclusive opportunities,” he says. “Coutts’ bankers tend to stay here a really long time because we’re passionate about our clients. That’s why in many cases, over time, they come to think of their banker as an important part of their family.”

Making sense of the "cauldron of complexity"

The many different laws and regulations governing wealth management across jurisdictions can make financial planning “a cauldron of complexity”, says Alex. But help is at hand.

“At Coutts, we take great pride in understanding your global specificity – the financial landscape of your home country and, of course, the wider culture of that region as well,” he says.

“We have a deep understanding of cross-border rules and regulations and, although we don’t give tax advice, we have a high degree of tax fluency which helps us work closely with your tax advisors. This expertise is critical in helping create the most suitable wealth strategy for your needs.”

Alex adds, “The individuals and families we support are extremely successful and often very sophisticated financially too. Everyone is unique and our understanding of your specific culture, circumstances and priorities means we can tailor our support accordingly.”

Neil Woodrow-Clark, Proposition Leader, Coutts International (pictured), says the team has doubled in size over the last 15 years.

“Our clients identify with our ‘Best of British’ brand, backed by over 300 years of history,” he says. “They also like that they can manage their financial affairs from one place.

“We focus on multi-channel banking, flexible lending and investment and financial planning solutions – all tailored to their needs. And through our network of specialists we provide access to offshore banking, private market placements and commercial real estate finance.”

Eligibility criteria apply for our services. Fees and charges may apply. The value of investments, and the income from them, can go down as well as up and you may not recover the amount of your original investment. You should continue to hold cash for your short-term needs.

Support settling into the UK

A key part of Coutts’ offering if you’re from overseas and moving to the UK involves helping you settle in smoothly, which goes far beyond getting your banking in order.

The myriad ways the team provides support include:

• help buying UK property – providing loans and mortgages that take account of your global finances, and introducing buying agents to help you find the right property and negotiate a discount
• an investment offering that features potential access to unique private company opportunities
• helping coordinate your financial affairs both onshore and offshore so you can manage your wealth efficiently
• offering the chance to meet like-minded people through events and networking opportunities
• support in finding the right school for your children in the UK

Alongside all this, Coutts provides a host of first-class everyday banking services including accounts in multiple currencies and a debit card that intelligently debits the correct currency, wherever you are in the world.

Your home or property may be repossessed if you do not keep up repayments on your mortgage. Over 18s only. Credit is subject to status and approval.

Managing UK tax changes

The team’s multi-jurisdictional knowledge and specialist wealth management skills are proving particularly helpful currently. The sands are shifting for international families as significant tax changes come into play on Britain’s shores.

At last October’s Autumn Budget, the UK government introduced a completely new tax regime for those who come to live in the UK from elsewhere – abolishing the ‘non-dom’ tax status that’s existed for many years.

The changes, which come into effect from April, mean many who move to the UK will be subject to UK inheritance tax on their worldwide assets sooner than under current rules. They’ll also have to pay UK tax on their worldwide income and gains after living here for four years.   

Alex says such sweeping changes make now a particularly important time to get the right team of specialists around you.

“It’s worth appointing a tax advisor, a solicitor and a financial planning specialist to support you through these changing times,” he says. “On that latter point, we’re particularly well-positioned to help you come up with the right wealth strategy for your goals within this new financial and fiscal landscape.”

Tax reliefs applying under current legislation may change. The availability and value of any tax reliefs will depend on your individual circumstances.

Alex Midha and Coutts’ Wealth Planning Specialist Irene Wolstenholme discuss key changes from the government’s Autumn Budget and how you might manage them in our short video.

Who does the international team support?

The team spans all sectors and therefore supports high-net-worth individuals from many walks of life. Clients include C-suite executives, sports and media personalities, professional partners, social media influencers, landowners and entrepreneurs.

Generally, a Coutts international client is:

• someone who lives in the UK but was born elsewhere, with that country still their ultimate home
• an expat living and working abroad but planning to return to the UK
• a person based predominantly outside the UK but with a strong connection here, such as a business, property or children at school

The team also supports UK clients who want to move abroad, accessing a strong international network of advisers to help them arrange their finances in their new country.

So, from the French revolution to full-service, first-class international banking. Thomas Coutts would be proud.