FAQs
Why Dublin?
Dublin's International Financial Services Centre enjoys the same tax status as other locations such as the Channel Islands and the Isle of Man. It has a growing reputation as a specialist financial services support infrastructure.
The Dublin location provides more flexibility than other offshore jurisdictions, for example, allowing LGII to write cross-border business into other EU countries and certain UK pension schemes can only invest in products offered by providers based in the EU.
What support is available?
Business Development Managers (BDMs): Legal & General BDMs are an extensive team that offers unsurpassed distribution reach within the UK IFA market.
International sales team: This team has been recruited from the international market to work closely with the BDMs to ensure the needs of the UK advisory market are well served. This team includes a number of regionally based International Account Directors (IADs) who can provide you with expert guidance and information on complicated investment matters.
Sales support team: Based in Dublin, this specialist team can assist you with personal illustrations, bond valuations and product information.
In addition, the teams can draw on the full support of Legal & General’s panel of experts who can provide support on tax and trust planning issues.Who should I contact?
The specialist Sales Support Team is on hand to provide personal illustrations, bond valuations and product information.
For advice or technical guidance please contact your usual Business Development Manager or your local International Account Director.
Contact information is provided on the Contact us page.Is my client eligible for an international bond?
The product is currently only available to UK residents, although our Dublin base does allow passporting into EU countries and we are actively considering registering the bond for sale into other domiciles.
Are anti money laundering requirements the same as in the UK?
No. The identity of each applicant must be verified using two documents. One document to confirm the applicant’s name, and another document to confirm the applicant’s address. Legal & General International requires sight of both verified documents.
Due to Irish regulations a driving license does not count as evidence of address in Dublin.What is the reference number needed to TT money for a bond?
The reference can be anything that will help us to identify the client's money on a bank statement e.g. name and date of birth.
What is the Transaction Account?
Every bond investment will have its own Main Transaction Account. This will be created in the currency of the bond. At the start of the bond you will have a choice of Bond Currency. All transactions, including the purchasing and selling of assets, charges and withdrawals, will be credited or debited through the Main Transaction Account. Additional transaction accounts will be created for other currencies when assets that are not denominated in the Bond Currency are purchased. A more detailed explanation can be found in the literature entitled 'Investors guide to the Transaction Account'.
How much should I put in the Transaction Account?
There is no mandatory holding, although enough to cover 2 years’ charges are recommended. Interest earned will be 1.25% below the relevant currency base rate ($, £, €).
Where is the reduction in yield on the quote?
The reduction in yield figure is available on page 3 of the quotes under the heading 'What are the deductions for?' You should quote the figure that is a percentage per year after 10 years.
What taxes are paid within the fund/bond?
Legal & General International does not pay any capital gains tax or income tax in Ireland on investments held on behalf of its investors. Therefore, investment gains are allowed to accumulate free of these taxes. Some assets in the bond may be liable to withholding tax. This tax is income tax deducted from dividends and other income from overseas based investments. It is deducted at source to ensure that it does not leave the country of origin without being taxed.
