International Investment Portfolio

The International Investment Portfolio (IIP) is a UK Sterling denominated personalised portfolio of international shares where you are the beneficial owner of each security. The benefit of investing in the IIP is a reduction in investment cost and a more direct approach to the capital and dividend returns offered by many of the world’s largest and most successful companies. We invest in high quality, dividend-paying companies, listed globally.

Investment Choice

Investors can select one of two managed Discretionary Portfolios to suit individual income yield/growth objectives:

Income Growth Portfolio - Inflation-beating income and capital growth.

  • High equity exposure.
  • Capital growth will primarily be a function of income growth, as opposed to capital accumulation.
  • A higher risk option.

Balanced Portfolio - Inflation-hedged income and capital growth.

  • Balanced asset allocation.
  • Capital growth will be a function of both income growth and capital accumulation.
  • A more moderate risk option.

Universe of Securities

The following is a list of securities that are currently held in our portfolios:

Security Selection Process

Our security selection process filters out any security where future dividends are hard to predict — a process which markedly reduces the risks typically associated with equity investing. These companies tend to share five characteristics which ensure predictable dividend growth: 1) fulfil a basic need; 2) strong brands; 3) pricing power; 4) growing markets; and, 5) diversification.

By the nature of their business, they will be largely unaffected by broad governmental, political and economic decisions. They tend to fare well in both recessionary and growth phases of the economic cycle as their products are generally everyday necessities, with market dominance a function of their brand. With a rapidly growing consuming class, these companies are well positioned to take advantage of a growing demand for trusted brands — invest your money where you spend your money.

Asset Swap

Where investors have reached their foreign investment allowance limit they can utilise Marriott's asset swap capacity to invest into IIP. This facility is also available to trusts and companies wishing to invest into IIP.


Death Bed Donation

Marriott recommends the use of either a death bed donation and/or a joint account. A death bed donation takes effect on the day preceding the death of the investor and is the legal mechanism for transferring ownership to surviving beneficiaries. As the investment is no longer owned by the original investor on the day of their death, the investment will not form part of an offshore estate for probate purposes.
From a South African tax perspective death bed donations are deemed to be dutiable property of the deceased estate* and therefore still attract estate duty. To avoid double taxation, however, they are excluded from donations tax**.

* in terms of Section 3(3)(b) of the South Africa Estate Duty Act ** in terms of section 56(1) of the South African Income Tax Act
Joint Account Holders

An investor may elect to open a joint account with another investor. In the event of the death of one joint holder, the whole of the portfolio will automatically vest in the joint surviving holder or holders. If a joint account investor elects a death bed donation, the donation has precedence and the investor will be deemed to have donated their investment the day before their death. The investor’s portion of the joint account will therefore be transferred to the listed beneficiaries effective the day before their death.
Joint accounts and death bed donations can be elected in the Investment Mandate. Investors are encouraged to seek independent tax advice suitable to their personal circumstances.

  • International Mandate – Minimum investment amount for new investors

Individuals: £25,000

Entities and Trusts: £100,000

  • Minimum IIP investment amount

£25,000 per portfolio

  • Initial Fee


  • Financial Advisor Initial Fee

Maximum 3%. Payments processed twice a month. Deducted from consideration received.

  • Financial Advisor Annual Advisor Fee

Maximum 1% p.a. Paid quarterly in arrears. Deducted from income quarterly.

  • Income Payments

Income reinvested or paid quarterly (Minimum payment of £400 applies.)

  • Brokerage Fees and other Duties
  • Charged by third parties when placing trades, will be passed on in full.
  • Brokerage fees will usually be charged at institutional rates as negotiated by FIM Capital Limited.
  • Every time an underlying share is purchased or sold there is a brokerage fee and a custody settlement fee.
  • Client Reporting
  • Biannual Valuations (28 February & 31 August)
  • Consolidated tax voucher and interest certificate annually
  • Investment Management Fee

Costs are based on a sliding scale depending on investment size.
In addition a 0.1% custody fee is levied by the custodian.
Deducted from the income quarterly.

Investment amount

Total fee per annum, excluding VAT*

£25,000 – £49,999


£50,000 – £99,999


£100,000 – £249,999


£250,000 – £499,999


£500,000 – £999,999


£1m – £1,999,999


› £2m


* For clients based outside of the EU the investment Management Fee does not attract Isle of Man VAT (20%).
Income Tax

Investors will earn a combination of foreign interest and foreign dividends.

Taxation of Foreign Interest

Foreign interest is taxed at an investor’s marginal tax rate on assessment, by the South African Revenue Service (SARS).

Taxation of Foreign Dividends

Foreign dividends are taxed at maximum rate of 20%, whilst foreign interest earned is taxed at marginal rates by the South African Revenue Service (“SARS”). SARS allows the foreign dividends tax due to be reduced by any withholding tax applied offshore where the tax payer is the beneficial owner of the security.

Reduction in Withholding Tax

IIP investors who are South African residents benefit from a reduction in US withholding tax from 30% to 15% on dividends earned from US equities.

Tax Clearance

SARS permits an annual foreign investment allowance of R10 million for individuals, and an annual discretionary allowance of R1 million per year. The latter does not require a tax clearance certificate.

If you have reached your individual limit for the year then you can make use of the Marriott asset swap capacity at no extra cost. Please contact the Communication Centre for more details.

Local Investments

What do you want to do?

Minimum investment


Grow your wealth but have access to it when you need it.

R500 lump sum and/or R300 debit order

Unit Trusts

Draw an income from your retirement savings.


Living Annuity

Draw an income from your personal wealth savings.


Income Solution

Save for retirement in a tax efficient way.

R10,000 lump sum and/or R300 debit order

Retirement Annuity

Transfer your retirement savings when changing employment.


Preservation Fund

Offshore Investments

What do you want to do?

Minimum investment


Invest in an offshore share portfolio.


International Investment Portfolio (GBP)

Invest in a direct UK real estate Fund.


First World Hybrid Real Estate plc (GBP)

Invest in currency accounts in £ or $.

£25,000 or $30,000

Smart International Income Portfolio

Invest in offshore unit trusts.

£1,000 or $1,000

Unit Trusts (USD and/or GBP)

Invest in global unit trusts.

R500 lump sum and/or R300 debit order

Unit Trust Feeder Funds (ZAR)

Preservation Fund


Minimum investment


I am transferring from a ...


Pension Fund

I am transferring from a ...


Provident Fund