Finance and pensions information for non UK residents
We work closely with our Associated Partner who specialises in pension scheme transfers for ex-pats (QROPS). Please contact us for further information.
Are you a non UK resident or planning to become non resident? Are you looking for key upto date information on your options when considering transferring your pension scheme offshore?
QROPS - Qualifying Recognised Overseas Pension Schemes for non UK residents
Her Majesty's Revenue and Customs (HMRC) permit UK pension rights to be transferred to a QROPS.
The QROPS must behave in effect as if it were a UK scheme for those QROPS members who have been resident in the UK at any time in the previous five tax years.
The key attraction of a transfer to a QROPS lies in the fact that for those who are currently in the position of having been non UK resident for at least five tax years (or when they satisfy that condition) this requirement falls away.
After that time the pension fund becomes subject to the laws of the relevant overseas jurisdiction – and for example the UK requirement to purchase an annuity by age 75 (or be faced with the prospect of a possible 82% tax charge) no longer applies.
A QROP can be set up for ex UK residents as soon as they move abroad and become an "ex-pat" non resident of the UK (and intend to remain so over the long term).
One of the most recent and innovative QROP Schemes was launched in October 2007 and is based in Guernsey. This is aimed at funds in excess of GBP 250,000.
A scaled down fund was approved and launched in November 2007 for funds with as little as GBP 50,000.
For more detailed information please follow this link
Contact us for more information: finance@arbutus-business.com
Arbutus (Spain) S.L. Registered in Spain B53891396 Arbutus Qrops New Zealand Qrops
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