Global QROPS Ltd examine whether foreign nationals need QROPS advice.
Many workers and business people come to the UK, from overseas, to ply their trade. Many of these foreign nationals will spend long periods of time in the UK, build up employment benefits and often settle permanently. However, there are plenty of foreign nationals that chose to return home on, or before retirement. On many occasions, returning foreign nationals would have built up sizeable pension benefits and are faced with the problem of how to take them.
The options would seem straightforward on the face of it. Take the benefits from the UK scheme or transfer the benefits to a scheme in their home country. The reality is, however, that the choices may not be that simple. For example, the returning foreign national may be moving back to a country that does not have any QROPS to accept the transfer. After all, not all jurisdictions have approved QROPS and some that do – such as the USA, do not have schemes that can accept a pension transfer to the USA.
Taking benefits from a UK scheme, regardless of where you are in the world, is always an option but not always tax efficient – particularly if the returning resident is retiring in a country with no double taxation treaty with the UK.
The good news for a returning foreign national is that they could have the option of a QROPS in a different country to the one they are retiring to and Global QROPS Ltd can provide QROPS advice solutions for people migrating all over the globe.