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Skandia Rolls Out Offshore Bond For UK Expats In Spain

Tom Burroughes Group Editor London 19 August 2014

Skandia Rolls Out Offshore Bond For UK Expats In Spain

Skandia International, part of Old Mutual Wealth, has launched an offshore investment bond for expat UK citizens living in Spain.

Skandia International, part of Old Mutual Wealth, has launched an offshore investment bond for expat UK citizens living in Spain. The bond is called the European Capital Account.

Customers who plan to invest for at least five years can use a charge-free withdrawal allowance of 10 per cent each year, without triggering an early surrender charge in the ECA, the firm said in a statement. Once an initial lump sum of £10,000 is made, investors can make regular and ad hoc payments as they wish.

The ECA gives investors access to more than 150 Spanish-compliant international investment funds.

There are, according to latest available data, around 760,000 people living in Spain of UK origin; some reports state that this figure might have declined since Spain’s economic problems within the eurozone.

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