offshore ifa, expat financial adviser, qualifying recognized overseas pension scheme.

Guernsey QROPS: Only ‘Guernsey Resident-Only’ Schemes To Be Approved In Future

A Guernsey government statement this morning has revealed that HMRC has informed them that in future, Guernsey pension providers will only be permitted to accept transfers of the UK pensions belonging to Guernsey residents.

This has caused much confusion among Guernsey based QROPS providers and will lead to much discussion in the coming days.

What the statement made clear however, is that:

This will not affect past transfers into schemes which were at the time QROPS, or the UK taxation of assets in such a scheme

Which is good news for existing Guernsey QROPS holders.

Be sure to check back here in the coming days for updates on how this development plays out.

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