QROPS stands for Qualifying Recognised Overseas Pension Schemes. It is essential that British expats understand that QROP Schemes allow expats to carry their paid up UK pensions to almost all overseas locations. There are potentially many advantages to transfering your pension offshore.

Advantages of QROPS

  • Reduced Tax Liability
    Because QROPS are based in offshore jurisdictions they benefit from zero taxation at source. While in your country of residency you may be liable for taxation on your income, you will avoid capital gains tax on asset growth, as well as potentially avoiding inheritance tax.
  • Increased¬†Flexibility
    You will have the option to select an asset management strategy that best reflects your risk level and growth/income requirements.
    You will not have to purchase an annuity as most offshore pension plans are fully flexible, allowing you to retain ownership of the asset.
  • Are there any income tax benefits?
    The income from QROPS will be paid to your gross if you have moved to a jurisdiction which permits this. You may be liable to tax in the country in which you are tax resident. In certain countries, income from QROPS can be structured so that you pay less tax (or in some cases, none) than on conventional UK pension income.
  • The Standard Benefits Available with QROPS
    You can leave ALL unused pension funds to your beneficiaries free of UK death tax.
    You can take a larger tax free lump sum of up to 30%.
    You will be able to access your funds earlier.
    The scheme enables you to take income from your pension in a much more tax efficient way.
    You can with draw your pension income and other benefits in the currency of your choice. Once you’ve transferred your UK pension it will be free from future UK legislation changes.
  • Additional QROPS Benefits
    The leading QROPS pension providers deliver a range of additional benefits designed to make their individual solutions more attractive and better fit for your  personal financial needs.

Preferred Providers

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