Chase Belgrave Wealth Managers Give Expat Perspective on Cyprus Bailout Crisis

When the current financial crisis in Cyprus exploded recently, the national press called on Chase Belgrave to provide expert comment and analysis.
 
ZURICH - March 22, 2013 - PRLog -- Chase Belgrave has long been a lone voice in the industry, warning about the insecurity of expatriate wealth held in financially unstable jurisdictions such as Cyprus, Spain and Italy.

When the current financial crisis in Cyprus exploded recently, the national press called on Chase Belgrave to provide expert comment and analysis.

Justin Harris, Managing Director of Chase Belgrave wealth management and financial consultants, told The Guardian, “Cyprus is a big ex-pat destination, although it’s no Monaco. The kind of British expats that go there take €250,000-300,000 and use that for a fixed income of say €15,000 a year.

“If you take 10% out of it, at say €13,500, that’s a lot. Some may have to leave and very few people will continue to bank in Cyprus. Whether the levy happens or not, people will now take their money out and put it elsewhere. Offshore expat specialist arms of British banks stand to benefit, namely in the Isle of Man.”

Mr Harris went on to tell industry stalwart International Advisor that banks “with names that are recognisable from the British high street, like HSBC Expat, Lloyds TSB International and Barclays International" in jurisdictions which "are not part of the EU can never be under pressure to freeze or windfall-tax bank accounts" the way that Cyprus was.

Justin Harris went on to warn that, "more and more expatriates are realising that cash in high interest bank accounts probably isn't the best or safest way to get a retirement income".

For more information on Chase Belgrave and to see how they can advise on help craft an investment strategy go to www.chasebelgrave.com

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For further information on Chase Belgrave please contact Marc Harris, Head of Marketing, Zurich, CH Tel: +41 (0)44 208 3156 or marc.harris@chasebelgrave.com

Chase Belgrave offers Independent Financial Advice to expatriates around the world. From our headquarters in Zurich, Switzerland and our various regional offices we offer award winning levels of service to thousands of clients from all walks of life in over a hundred countries.

At Chase Belgrave we understand that different people will have different aspirations and we welcome clients with different backgrounds, income levels and financial objectives.

We supply a highly personalised level of service that is focused entirely on establishing and realising the goals and financial aspirations of our clients.

In order to find out more about becoming a client email info@chasebelgrave.com or visit www.chasebelgrave.com
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