On providing creative solutions and building trust

Soteria Trusts has been faithful to its principle of assuring its clients that their assets are well-managed and protected within their lifetimes as well as creating a tax efficient legacy for their beneficiaries. Named after the Greek goddess of safety, deliverance, and salvation, the asset management company has proven that its offered schemes are focused almost exclusively on the clients’ comfort.

For five fruitful years, Soteria Trusts pushed to be progressive and become one of a kind in the industry through utilising certain parts of legislation. Other than its unique tax mitigation, its employees are also trained to have attention to detail, making their solutions more personal than just taking a broad-brush approach.

Innovative services

The umbrella company Business Class Group has always been committed to providing a holistic range of quality services to the professional expatriate community all over the globe. With that mantra ingrained in mind, Soteria collaborated with highly specialised partners to bring the most comprehensive, allencompassing solution to its clients. Each of the schemes is domiciled in Hong Kong and operates under the territory’s robust and wellregulated domestic Trust legislation.

It also serves as an open door to all nationalities with a specific focus on those with United Kingdom situs assets, irrespective of employment and residential status. Thus, the company has made their schemes considerate of multiple jurisdictions. Wendy Clarke, Senior Business Development Executive at Soteria Trusts, shared that their current clientele status and classification are quite diverse, ranging from retail, individuals with high and ultra high net worth, family offices, and family investment companies.

“We look into preserving wealth and cascading it through future generations,” Clarke added, saying their structure examines over a 100 double taxation agreements negotiated at government level.

Setting apart from the competition

Clarke proudly presented their IHT Planning Service and a range of trusts, all of which help attract new clients. Designed to be UK inheritance tax efficient, their IHT Solutions help clients to reduce or mitigate the five taxes that resident and non resident UK and Non UK Nationals are exposed to when owning UK property.

Part of that service is an SDLT Refunds initiative that allows property owners to reclaim overpaid stamp duty land tax, wrongly calculated at outset. It is offered in conjunction with a Chartered Tax Specialist who deal directly with HMRC on the clients behalf and do so on a no win no fee basis.

“We have set up many structures which save clients £100,000’s of future income, capital gains tax and IHT taxes but we don’t like to use the word success as those savings are not fully recognized until a loved one passes away. Rather than using the word success,

PHILOSOPHY

Soteria Trusts' solutions assist clients to manage, grow and protect their valuable assets within their lifetime and to create a tax efficient legacy for their beneficiaries

FAST FACTS

• Save hundreds of thousands and in many cases millions in future estate related taxes • Protect assets from Creditors • No Probate following death • Increase awareness - Income or

Corporation Tax, Capital Gains

Tax, Inheritance Tax, Annual Tax on Enveloped Dwellings & Stamp

Duty • Receive thousands back in overpaid Stamp Duty

Opposite Page: Wendy Clarke, Senior Business Development Executive at Soteria Trusts This page: (1) Inheritance Tax planning is crucial to save money; (2) Legacy planning and asset protection for your family

we much prefer succession as that is exactly what we are doing – succession planning,” Clarke explained.

Another factor that makes Soteria distinct is its core values that are deep-seated in each team member. Most of its employees have been working together for more than a decade. Their working environment has been laid down to have genuine care and compassion for their clients. By using their skill, dexterity and knowledge, Soteria employees are able to improve their clients financial positions.

Before the global health crisis began, Soteria conducted business through an extensive network of professionals, introducers as well as face-to-face activities. One of the biggest challenges they perceived, Clarke shared, is that clients often discount the future in favour of the present. People focus on their present issues especially their financial situation . As a firm living up to its philosophy, the company focuses on the future with how to protect and grow the client's assets.

“COVID-19 has meant a slowdown in the number of new clients since we haven’t been able to meet face-to-face and host events, etc. There has been a general tightening of the belt and more of a focus on austerity. We believe this is not going to be temporary in nature and that the general reprogramming of doing business that we are all passing through will lead to even savvier clients looking to protect theirs and their family’s assets base and with it their futures,”Clarke said.

Like every industry player, the company tries to adapt into the new normal, increasing its online events and most importantly boosting their reach through referrals from existing clients.

Expansion plans in 2021

Currently, Soteria Trusts headquarters is in Hong Kong, the third largest financial services center after London and New York. While it is a Special Administrative Region (SAR) of Mainland China, Hong Kong law is based on a British Common Law structure and its courts apply the rule of law, making it one of those that have modern Trust laws in the world.

And surprisingly, Clarke revealed that Soteria Trust only has six people in their HQ. Clarke said the firm envisions their team to gradually grow in 2021.