| What is a QROPS? |
|
QROPS stands for Qualified Recognised Overseas Pension Scheme which, in essence, is a personal pension scheme established outside the United Kingdom but which is recognised by Her Majesty's Revenue & Customs. You may transfer your existing UK benefits into a Malta based pension scheme and receive your benefits free of Malta tax, provided that you are not resident in Malta. It is open to residents in any country (including Malta) and is included on Her Majesty’s Revenue & Customs (“HMRC”) list of Qualifying Recognised Overseas Pension For members who have been non-resident in the UK for 5 complete tax years the UK restrictions on pension funds disappear but for members who have been resident in the UK within the last 5 complete tax years the UK restrictions on the operation of the pension scheme will still apply.
|
