QROPS (Qualifying Recognized Overseas Pension Schemes) has increasingly become an excellent commercial opportunity for many overseas trust and pension companies, since the QROPS legislation was introduced by the UK’s HMRC (Her Majesty’s Revenue and Customs) on 6th April 2006.
Since the inception of QROPS, many providers have emerged in countries and jurisdictions such as Guernsey, Isle of Man, Gibraltar, New Zealand and Malta (to name but a few).
Reputable QROPS advisers, such as Global QROPS Ltd, will advise on an appropriate QROPS in a jurisdiction to match their client’s circumstances, as each jurisdiction has their own particular rules and benefits (which apply after the member has been non-UK tax resident for 5 complete UK tax years).
As well as having benefits, many QROPS providers, however, have their own restrictions too – this is usually attributed to the local tax rules or pension regulations in their own country or territory.
To counteract this, QROPS providers are looking at the possibility of setting up a trust outside of their own jurisdiction or even annexing their product with another scheme in an alternative jurisdiction, with the result of offering the customer a full range of retirement options.
Leading QROPS advisers, Global QROPS Ltd, have once again commented on this in leading financial journal, Money Marketing. Please see the link to this:
Please contact Global QROPS Ltd with any questions on transfers to appropriate QROPS.