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QROPS facts for expats

QROPS Facts – Number 1

If you are UK resident, even if you have a QROPS, you still have to purchase an annuity come pension time.

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Gibraltar QROPS: Taxation of Benefits

Gibraltar QROPS: Taxation of Benefits

Benefits taken from a Gibraltar QROPS scheme are taxed at a flat 2.5% rate. This has made it a very favourable centre for QROPS structures. On the downside, Gibraltar has very few double taxation agreements (DTA) with other countries, meaning there is a risk that you will pay tax on the benefits twice (once in […]

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Top Three QROPS Jurisdictions

Top Three QROPS Jurisdictions

A recent poll conducted by Skandia International identified the Isle of Man as the preferred choice of QROPS jurisdictions. Gibraltar and Malta came in second and third place respectively. According to Skandia, 32% of advisers nominated the Isle of Man as the best destination for QROPS transfers. Gibraltar was nominated by 26% of advisers and […]

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What is a QROPS

What is a QROPS?

This is the Wikipedia definition of a QROPS. A Qualifying Recognised Overseas Pension Scheme, or QROPS, is an overseas pension scheme that meets certain requirements set by HM Revenue and Customs (HMRC). A QROPS can receive the transfer of UK Pension Benefits without incurring an unauthorised payment and scheme sanction charge. The QROPS program was […]

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QROPS, SIPP, Skandia executive investment bond

Bond of the Week

Specialist lender Paragon Group has launched a retail bond aimed at investors who want an indirect way of accessing the UK’s buoyant buy-to-let housing market as well as those who are seeking a higher yield from their capital. The lender, which both securitises the lending its makes, as well as managing portfolios for third parties, […]

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Five investments that helped your parents retire early

Five investments that helped your parents retire early

The best performer turned £10,000 into £1.47m in 28 years. Emma Wall of the Daily Telegraph on five incredible investments. Read the full article here.

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Prophecy Pension Update

Prophecy QROPS Update

Prophecy Pension Trustees have now agreed the final details of the transfer of all Prophecy SIPP/QROPS schemes to the proposed new pension trustees. This has also now been approved by the Isle of Man Insurance and Pension Authority. The new trustee of the scheme is Baker Tilly Isle of Man Corporate Trustee Limited, the in-house […]

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Warning against early relese pension offers

DeVere Warn Against Pension Busting

Ok, I generally don’t agree with these guys, however in this case they are bang on the money. Simply, to ignore HM Revenue & Custom’s warnings over pensions busting schemes is to do so “at your peril”. DeVere & Partners chief executive Nigel Green said people should be very wary of schemes offering to “unlock” […]

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expat financial advice, expat pension consolidation

An Alternative to QROPS

Ripples have gone through the QROPS (Qualifying Recognized Overseas Pension Scheme) industry in recent weeks, as Guernsey lost it’s QROPS status. Prior to this, Guernsey had been considered to be a premier centre for QROPS. Whilst existing QROPS based in Guernsey will not be impacted, immediately, it places a huge question mark over the long-term viability of […]

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QROPS Provider in Liquidation

If you have a QROPS/SIPP with Isle of Man provider Prophecy Pension Trustees Limited, then you will either have just received or be just about to receive a letter advising you of their voluntary liquidation. While this has come as a surprise, it should be nothing to get overly concerned about as the liquidation only […]

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