Utmost International Professional Portfolio Plan (formerly Generali Worldwide Professional Portfolio Bond)

The Utmost International Professional Portfolio Plan, formerly the Generali Worldwide Professional Portfolio Bond, is an open-architecture, single-premium offshore bond aimed at high-net-worth investors, with a minimum of US$150,000. Used correctly, it is a reasonable product: it can hold a wide range of underlying investments, allows existing assets to be transferred in, permits regular withdrawals, and carries Guernsey policyholder protection. It can be written either as a whole-of-life plan or as a 99-year capital redemption plan.

The reservations are about cost, transparency and how it is sold. It is an expensive wrapper, it is less transparent than some of the alternatives, and like every offshore bond it is open to being mis-used by commission-based salespeople, where the structure quietly carries the cost of their commission and an early-discontinuance penalty locks you in. The fix is straightforward but essential: only take this plan on a cleanly priced basis that pays no commission to the agent, with no establishment charge and no exit penalty.

There is also a specific tax point that matters for anyone with a UK connection. Because the plan allows such a wide investment choice, it can be classed as a 'Personal Portfolio Bond' under UK law, which can trigger an annual tax charge on a deemed gain whether or not the bond has actually grown. That risk can be managed by restricting the holdings to permissible pooled investments, but it needs to be understood before, not after, you become UK resident.

If you already hold a Professional Portfolio Plan worth around GBP 500,000 or more, a no-obligation Second Opinion will show whether it is cleanly priced, suitably invested and serving you, rather than the person who sold it.