What is QROPS?
A QROPS (Qualifying Recognised Overseas Pension Scheme) is an overseas pension scheme, recognised by HMRC that meet certain conditions and standards equivalent to a UK pension. Therefore any UK pension can be readily transferred to an overseas scheme, provided that the overseas scheme is registered with HMRC as a QROPS. The rising profile of QROPS is a consequence of the new UK pension rules introduced by HMRC on 6th April Protected content . The scheme must also meet the requirements of the jurisdiction in which it is domiciled
Is a QROPS suitable for me?
This pension scheme is only suitable to you if you have left the UK, plan to leave, or are a resident but not UK domiciled. Obtaining advice is vital to ensure you do not face disciplinary tax charges.
What are the key benefits of a QROPS?
Annuity: this scheme does not force you to buy an annuity
Funds remain on death: after completing the 5 year term, and the consecutive UK tax years of non-UK residency on your death, your pension will no longer be liable to UK taxes of potentially up to 82%
Flexible currency choice: your assets within your QROPS can be paid to you in a currency other than sterling, which will/might help on exchange rate costs
Up to 25% tax free cash
Your pension income will be paid as gross
If you are interested in Qrops Please contact me