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Wednesday, October 08th, 2008
You are here: Shelter Offshore » Offshore Investment » Offshore Savings and Investment
Wednesday, October 08th, 2008
When the British government introduced QROPS, (qualifying recognised overseas pension schemes) back in 2006, they did so perhaps ill advisedly or at least with a lack of sufficient public consultation and forward thinking. It is only now that offshore financial advisers are really pushing the schemes that flaws are starting to be found in the underlying concept of QROPS, and the government is thinking of legislation changes and a crack down on the sale of these so-called ‘offshore pensions.’
So where does this leave those who have already transferred their onshore pension pots into QROPS on the supposedly ‘good’ advice of their financial adviser? In this article we issue an offshore pension update and warning for those potentially affected and those considering their overseas pension options…
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What is it about GREAT Britain – everyone wants to be successful, successful people are looked up to, but they are envied too and when they clearly have made a mint from their success they are hated and hounded and made to feel like outcasts. What a marvellous country…so glad there are no restrictions on leaving it!
Why the tirade? Well, it seems that the rise in numbers of Brits retiring abroad that in part led to the government making it easier to offshore a pension pot and avoid tax in the UK is now leading to reproach for those who actually take this option. At the moment it is mainly those with substantial pension pots who are investing their retirement savings offshore, and so they are being tarred with the ‘you’re successful, we hate you’ GREAT British brush. But with a massive rise in the numbers of pensioners likely to be moving abroad by 2050, soon far more Brits could be hounded in their retirement!
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Around 400,000 Britons move abroad every year and now they can take their pensions with them in a far friendlier format. With the relatively recent introduction of new rules governing the treatment of pensions for those who expatriate, there has been something of a revolution in the offshore pension industry.
If you’re thinking of moving abroad, you’ve already expatriated or you’re a higher rate taxpayer wondering if you’d be better off financially to leave the UK and save and invest offshore for example, here are the top 8 benefits of QROPS – or Qualifying Registered Overseas Pension Schemes.
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If you’ve just moved abroad or are planning a relocation overseas, one of the things on your mind is likely to relate to your financial situation. Can you save tax now that you don’t live in the UK, are there advantages to you going offshore, what about having an offshore bank account?
There’s a lot of information pretty much thrown at expats about how they must utilise their financial advantage now that they are non-UK resident, but what about some basic offshore financial tips for expats to be going on with? Because it can take time to get settled and get in the right frame of mind for a full financial overhaul, but there are certain things you can do immediately to sort your finances out tax efficiently and simply.
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If you’ve never heard of the acronym QROPS before, it stands for Qualifying Recognised Overseas Pensions Scheme, and this is a specific type of pension available and potentially highly beneficial to expatriates and anyone contemplating living or retiring abroad. If that sounds like you or someone you know, read on and the QROPS pension release scheme will be explained.
QROPS are a relatively new invention as far as British expats are concerned. It was only in April 2006 that it was announced that British expatriates could move their pension benefits to QROPS with the UK tax authorities’ approval; since then there has been a slow but steady take up as increasing numbers of people realise the massive and broad benefits available to them by using a Qualifying Recognised Overseas Pensions Scheme…
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