Zurich has unveiled an International Portfolio Bond (IPB) targeting high net worth UK residents.
Produced and underwritten by Zurich's Irish business, Eagle Star Life Assurance Company, the proposition allows more flexibility than offshore bonds, according to the firm.
IPB has access to over 1,500 funds, a range of offshore bank deposit accounts, a discretionary management facility and flexible options available for withdrawals and payments, at launch.
It is also available as a capital redemption plan with a death benefit guarantee, plus access to a range of trusts for IHT planning.
The firm believes its proposition will attract SIPP trustees and international investors as well as non UK domiciles as the tax status of an offshore bond makes it attractive to those planning to move abroad or those who expect to be in a lower tax bracket in the future.
The product is 'factory gate' priced with customer agreed remuneration. It has a transparent, simple charging structure designed for fee-based advisers.
Administered in Dublin, IPB will be passported initially into the UK with the potential to launch later into other countries.
"This is an exciting proposition with novel features aimed at UK resident, high net worth customers," says Zurich's investment management director, Paul Wright.
"In addition to its offshore tax status, the wrapper also offers great flexibility of a choice of currency - both for withdrawals and payments - frequency of withdrawals and fund solutions."
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