A proof of wealth report (“PWR”) is a report prepared by a lawyer:
- containing a description of how you legitimately acquired your wealth; and
- attaching relevant supporting documents such as tax returns, evidence of gifts or inheritance, evidence of business gains, etc.
Preparing a PWR may be useful if you, or a member of your family, are looking to open a UK, EU or US bank account and the bank asks for evidence of how you legitimately acquired the funds that you are looking to deposit.
A PWR may also be useful if:
- you have purchased or otherwise own a high value property in the UK (e.g. a house or flat in London); and
- believe you might receive an unexplained wealth order from a UK court, i.e. an order requiring you to provide, within a Court deadline, a statement explaining how you obtained the money you used to purchase your UK property.
Failure to provide such statement and relevant supporting evidence within the Court deadline without reasonable excuse may result in your property being seized by the UK authorities based on the assumption that the money you used to purchase it was not obtained through legitimate means.
Preparing a PWR in advance of receiving an unexplained wealth order would give you the peace of mind that, if you ever received such order, you would not have to scramble to put together the relevant information and collect all supporting documents under time pressure.
Preparing a PWR may also be useful if you are concerned that you, or persons connected to you such as family members or business associates, may improperly become the subject of financial sanctions imposed by UK, EU or US authorities.
If you would like one of our lawyers to prepare a PWR for you, please do not hesitate to contact us. Our team is here to help you.
Disclaimer: This article provides general information only. It is not comprehensive and does not constitute the provision of legal, investment or regulatory advice. FS REG is not responsible for any action taken or omitted to be taken on the basis of the information contained in this article. © 2023 FS REG Limited (www.fsreg.com). All rights reserved.
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