Zurich International Wealth Account

[Washy]

Anyone else had experience of this investment?  Before leaving the UK I deposited an amount in this off shore investment.  We were badly advised by a friend and insurance agent some years ago now.  The first year it made a loss.  Coincidentally the amount of the loss was the amount our agent received in commission????

Then the following year it made up this loss - just.  The next six months it made a tiny profit.  If we remove the money before 8 years investment, we loose £8000 and this is on a sliding scale dependant on how long we leave the money with them. 

Of course it is based on stocks and shares and I have not got a clue about these.  I would have preferred to see my money in a bank account earning a small amount each year, certainly not making a loss.

We have the option to make changes to the portfolio of companies into which Zurich have invested our money but I again haven't a clue about this, nor has our agent/friend.

Zurich guarantees to 'make a profit out of the investment', but when? Over the long term or just the last six months before the cut of date of 8 years? To me it seems a good way to use my money while paying me the minimum, which seems to be un unknown quantity at the moment.  The only one to profit so far has been the agent...!

I had hoped the interest on this would add to my living allowance out here in France and I could take a monthly amount out, so far it has not made anything worth taking out!!! 

I am tempted to cut my losses and remove the money, the money I had in my Livret A at La Poste made more money last year and that is a tiny amount by comparaison.

Has anyone else had experience of this so called 'Wealth Account'?  Or any ideas how to manage it?

And howdo I declare this on my Franch Tax form???? WHo will believe it has not made any money yet???

[Coral]

This kind of fund can be good as you can sometimes use it as collateral for a loan, but obviously much depends on the investments in the portfolio. I would say that changing them would be a sound idea, but you need to find a new financial advisor...like yesterday!

Coral - halfway to ariege