A QROPS regulated by the HM Revenue and Customs (HMRC) offers retired expats living abroad access to their frozen UK pension by moving it to a recognised offshore jurisdiction.
Choosing the jurisdiction where you will transfer your UK pension to a QROPS is an important decision. You need to consider a number of aspects prior to making a decision:
deVere Group highly recommends Malta and Gibraltar as QROPS jurisdictions.
As an EU member state, Gibraltar is one of the most highly-regulated financial centres on the planet. Upon transferring your UK pension into a Gibraltar QROPS, you will benefit from flexible administration and a structure which is in line with UK standards. Additionally, Gibraltar’s QROPS schemes have been formally acknowledged by the HMRC as meeting UK requirements.
Another member of the European Union, and of the Commonwealth, Malta used to be a former British Colony. This influence is still present today through the systems in place. In fact, the country’s financial and legal system are considerably similar on those in the UK. With the huge amount of UK expats and international professionals there, QROPS are popular in Malta. The island has a reputation for political and economic stability, as well as a transparent tax policy with double taxation and information exchange treaties with several different countries, making it a very attractive destination. The Malta Financial Services Authority regulates QROPS in Malta according to the strict local rules laid down by the Special Funds (Regulation) Act. It should also be noted that Maltese QROPS were designed in co-operation with HMRC and therefore run in line with UK tax guidelines.
If you would like more information on Malta or Gibraltar as a QROPS jurisdiction, speak to one of our QROPS Advisers today.