Pension Transfers - US Residents (Valencia)
STM Malta (US-Qualified) Retirement Plan
For those who are resident in the US or are planning to move to the US who have UK pension schemes there can be significant advantages to transferring those schemes to a safe EU jurisdiction such as Malta
Malta can be particularly efficient for US residents due to the US/Malta Double Taxation Agreement which means that there may be no US withholding taxes on interest dividends or Capital Gains derived from US investments held within the plan.
If you previously lived and worked in the UK and have a UK pension scheme you can transfer it using the STM Malta (US-qualified) Retirement Plan, an HMRC-recognised Qualifying Recognised Overseas Pension Scheme (QROPS), approved in Malta by the MFSA (Malta Financial Services Authority). The plan is specifically designed for US and Maltese residents so that the Double Taxation Agreement will be applicable to the scheme. However, US authorities cannot approve or recognise overseas pensions schemes.
Types of schemes that can be transferred are SIPP/ SSAS/Group Scheme/Protected Rights/Personal Pension