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We're continually asked by our customers "What are QROPS?". They are a UK HMRC accredited scheme used for individuals who hold a UK pension and are intending on moving offshore. The QROPS, or Qualifying Registered Overseas Pension Scheme, is really a program whereby an individual moves their pension plan abroad into a scheme that features a range of financial benefits and provide larger control to the individual.
The primary best things about QROPS consist of;
- Ability to manage your pension plan in a more tax effective way
- Reduced running charges
- More significant Investment Options
- Currency volatility is removed
The principal potential problems of QROPS;
A current HMRC recognized QROPS scheme can be taken off off the authorized list without warning if the HMRC feels that it does not are eligible laid down in UK law. When it comes to Guernsey, 310 out of a total of 313 schemes ended up being taken out in April.There's the prospective that HMRC might respond retroactively towards QROPS schemes which it has de-registered and the pension holder could possibly be held responsible for taxes avoided. Nevertheless this as of yet has not happened.
HOW QROPS WORK?
QROPS are registered with HMRC for people who hold a British pension fund and are hoping to shift abroad and become exempt from UK taxes and laws.
The enterprise that operates the QROPS scheme have to be authorized by HMRC and must be certified and taxed within the country which it is operated from.
After you have been a UK non-resident for over 10 years after establishing of your QROPS, which you must be able to prove. Your QROPS Scheme are able to stop notifying HMRC of your withdrawals from your scheme and will no longer be subject to UK pension laws.
In the event the Ten year transition period has been completed you may then only be prone to the financial regulators where you are domiciled and where your QROPS Scheme is situated.
How to transfer your QROPS?
As a rule of thumb it will take around 2-3 months to transfer your pension plan into a QROPS. The process is speeded up if you can in-cash your pension into cash. However this is not critical to do. One can find over almost 1000 HMRC approved QROPS Schemes, so there needs to be a scheme which can satisfy your requirements.
Schemes are based from Australia and New Zealand to Malta and Gibraltar. It's worth noting that your QROPS does not need be held in the same country that you are domiciled. However there might be taxation problems that you may possibly need to take under consideration with holding it in another country.
After i die what takes place with my QROPS?
All funds that are left in your QROPS when you die will be passed onto your beneficiary's and fortunately are not subject to British inheritance taxes.
Essential when establishing a QROPS is that you take professional advice. There are many occasions when a QROPS isn't suitable, and plenty of times when they are. Please contact us here at http://myqrops.net for more info.