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Since the changes to the QROPS legislation in April 2012, Malta is now considered the leading QROPS jurisdiction.

As a member of the EU, Malta’s pensions are recognised as being suitable QROPS by the UK’s HMRC.

The main features of Malta QROPS are:

Pension income payments are paid gross at source for member residents in a country or jurisdiction with a Double Taxation Agreement (DTA) with Malta*

  •    Income payments available at 120% of UK GAD rates
  •    30% pension commencement lump sum payment available
  •    Further lump sum payments available through the Maltese system of programmed withdrawals
  •    An overseas pension can pay benefits in EUROs (or potentially any currency)
  •    A member does not have to purchase an annuity
  •    Upon death, as a member of an overseas scheme, the fund available to beneficiaries may be better than what is available from UK pensions

*It is essential that an individual seeks advice before transferring to a Malta QROPS. If an individual is not living in a country or territory that does not have a DTA they face a potential withholding tax of up to 35% on all pension income.