When undertaking each of the below steps, the client should ensure that he/she has received appropriate advice, including legal, investment and tax advice.

Step 1 – Confirm number of years of UK residence of client
Initially, the client’s length of UK residence will need to be established. If the client has been UK resident for 17 of the last 20 years, care must be taken with any decision to transfer assets into trust as there may be UK inheritance tax consequences – see Special Considerations for IHT Deemed-Doms.

Step 2 – Application of assets
The client will then need to work out how he or she wants to apply the identified offshore assets. Bourse anticipates that clients will either decide to settle everything into a discretionary trust (as the simplest option) (“Option 1” – click here for an overview of Option 1) or to use a combination of investment products to best manage that client’s affairs (“Option 2” – click here for an overview of Option 2).

To the extent it is decided to recommend that the client buys a bond, the Bourse standalone Executive Investment Bond Application Form can be accessed here.

Step 3 – Completion of Forms
Once Option 1 or 2 is selected, the client will need to complete the forms as follows and submit them to Bourse:

Option 1

• Protected Trust Application Form (this can be provided on request from Bourse)
• Non-Dom Pre-Verification and Pre-Approval Form

Option 2

• Non-Dom Assets Allocation Form
• Combined Product Application Form (this can be provided on request from Bourse)
• Non-Dom Pre-Verification and Pre-Approval Form

Our fees and charges for the establishment and administration of entities in connection with the Bourse Non-Dom Solution are set out here.

Step 4 – Client Due Diligence Process and transfer of legal title
Once the above forms are submitted, the client must then work with Bourse to transfer legal title to the relevant assets to Bourse and the client must also complete the Client Due Diligence Form as well as providing all of the required documentation.

Pre-Verification and Compliance
Before a trust can be settled in accordance with Option 1, Bourse must be in receipt of a completed Non-Dom Pre-Verification and Pre-Approval Form. Bourse will review the content of the completed form and reserves the right, in its absolute discretion, to withdraw from allowing the trust to be settled on an executory basis if it determines that the settlor or any of the beneficiaries are ‘high risk’. However, in these circumstances, Bourse may still be willing to act as the trustee of a trust (or issue any of the other products that are available as part of the Bourse Non-Dom Solution) but completion of the Client Due Diligence Form and provision of the relevant additional documentation will be required.

In order to be ready to accept legal title to assets where those assets are cash, we have arranged a ‘pre-validation’ process which should allow the client to be approved by both Bourse and a bank to allocate an account pending the receipt of a Client Due Diligence Form. This is without charge or obligation and requires only the completion of the Non-Dom Pre-Verification and Pre-Approval Form.