Online wealth creation now open to anyone under the age of 18
Evi, Van Lanschot’s online savings and investment service, is launching Evi4Kids, an Evi asset management product for parents looking to invest for their children. Parents can now open an Evi4Kids investment account for children up to the age of 18, starting from as little as €1,000.
Richard Bruens, member of Van Lanschot’s Executive Board responsible for Private Banking, observes: “All parents are looking to give their children a great start in life, a good start towards their education, driving licence or first home. The sooner a start is made on wealth creation, the greater the chance of a solid foundation for great future plans. Evi4Kids offers an opportunity to start investing at an early age.”
From money to wealth: Evi aims to grow your money. And that requires stable investment policies focused on the long term and keeping in mind the risks of investing. Evi4Kids enables responsible wealth creation for children, while also offering grandparents a nice way to give their grandchildren a leg-up.
Parents open an Evi4Kids investment account in the name of their child under 18, and so relinquish control of any money transferred – as the account in the child’s name, the money is the child’s and no longer the parents’.
Until the child reaches the age of 18, his or her parents should include the account balance (the full balance to one parent or part of it to each parent) in their tax return(s) under ‘Box 3: Income from savings and investments’.
Note that, in the Netherlands, rules govern the amount parents are allowed to give to their children. In 2016, parents can between them give their child €5,304 tax-free, and their children will not be subject to any gift or inheritance tax on this amount. If the money so given exceeds that amount, children are liable for gift tax on the excess. Grans and grandads can also give money using Evi4Kids, up to a total of €2,122 tax-free a year. To do this they have to go through the parents, who can then transfer it into their children’s Evi4Kids accounts.
Evi aims to grow your money – and without losing track of wealth preservation. Because Evi has its own way of creating wealth: investing and saving online while drawing on the knowledge and expertise of Van Lanschot Bankiers. That’s Evi.
Evi was launched in the summer of 2013 and is part of Van Lanschot. To date, some €1.5 billion has been entrusted to Evi in Belgium and the Netherlands. Although essentially an online service, Evi will be happy to put you in touch with a team of specialists if you wish.