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Recent changes announced by HM Revenue & Customs have firmly established Malta as the best jurisdiction in the world for investing in a Qualifying Recognised Overseas Pension Scheme (Qrops). While Qrops pensions in some jurisdictions - notably 300 schemes in Guernsey - have been dropped in the latest list of qualifying schemes, Malta's standing emerged unscathed, establishing it at the centre of the world-wide Qrops pension transfer industry. Thanks to its carefully drafted regulations the schemes based there are less likely than those in other jurisdictions to be dropped in the future. Security is one of the biggest attractions of Maltese Qrops pensions. All pension products based on the island are controlled by the Malta Financial Services Authority which has very similar legislation to the UK. This makes the Maltese schemes some of the best regulated in the world. Its reputation is further enhanced by its inclusion on the OECD's (Organisation for Economic Co-operation and Development) white list of countries that meet international standards for information exchange and tax development. Add to this the fact that Malta is part of the Commonwealth and a member of the EU, not to mention English speaking, and it is easy to see why it is now the best location in the world for a Qrops pension transfer. Financial benefits meet UK regulations The reason Malta can offer such attractive financial benefits without running foul of HMRC is that Maltese authorities spent a long time working with their UK counterparts to ensure they complied with regulations. This meant developing a framework which met EU conditions that allow an individual to move their pension to another recognised jurisdiction; and also satisfied HMRC requirements that it should not be a way to avoid paying tax. Most importantly, Malta complied with the requirement that a scheme must be available to both residents and non-residents. Malta's success in achieving this is backed by 60 double taxation agreements it has signed with other countries. Most expats who live in one of those countries and are not UK residents any more will pay no UK or Maltese tax on income from their pensions. They will also be able to choose from a vast selection of schemes to secure the one that works best for their circumstances. And if their needs change, they will have the flexibility to move it to a new scheme of their choice. Offshore funds attract millions of pounds It is understandable that the UK tax authorities want to keep a tight control on offshore pension transfers. An estimated £1.3 billion has already left the country, so the HMRC will be very keen to ensure that in meeting their EU obligations they do not open up loopholes for tax avoidance. Although they have clamped down on the Guernsey schemes, this will not affect people with schemes already established on the island. They will be allowed to remain in the pension scheme and to receive pension income without extra tax charges. Company’s Profile: Whichoffshore provides professional expatriate information on expatriate tax, QROPS pensions and more, in order to help British expatriate make the most of their money. For more information, please visit - http://www.whichoffshore.com/
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Qrops, malta Qrops, Qrops pension,
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