‘Not in Umbria because it is 15c and raining’ ......☹️

Well for Freddie Mac, wherever he is.....

An investment of €10000 10years ago into a straightforward (not particularly adventurous) European equity ‘tracker’ fund would now be worth something like €22500 today. (after all fees, dividends reinvested). Tax at say 26% worst case, the after tax return is 92.5%. Match that you ‘tax efficient insurance bond’....

Where would you invest your money now Capoboi? Gold?

Hello philat.

As an Italian would say, ‘Boh’.

Just go by your instinct. If it doesn’t feel right err on the side of caution. Ask questions and trust your gut.

I am going to stop now because I’m even boring myself. I was just trying to make the point that many many insurance bonds advertised as tax efficient or whatever are incredibly bad value and their returns do not remotely stand up compared to bog standard taxable funds. The phrase ‘Where are the customer’s yachts?’ Comes to mind.

For all that I don't think the OP would lose anything by having a chat with Gareth. He told me a few things about paying tax in Italy that came in useful when an awful Italian accountant did my first tax return.

Hello Max,

it it all comes down to the spectacular fees and charges of these products which almost without exception negate any tax benefits. For example, Prudential International Investment Portfolio (ie a set of managed funds from one of the world’s biggest, strongest and most visible insurance companies) quote in their fact sheet a reduction of yield (RIY) between 10.69% and 22.82% in year 1, 9.72% to 18.28% by year 5 and 12.63% to 21.41% by year 10. Now the Prudential’s own management charges are maybe 2 to 3% so where is the rest of the RIY going to?

Good luck...Just ask any advisor you use how much they actually are being paid by the insurance company used and then make up your mind. And by the way, I am FSA registered since essentialy the start of registration (now dormant but my name is there) and not passported under the EU.

I am definitely going to finish now. (Until I start on QROPS).....Maybe not.

Best wishes.