Gibraltar To Offer QNUPS
by Jason Gorringe, Lowtax.net, London
04 August, 2014
Pension professionals in Gibraltar will soon be able to offer Qualifying Non-UK Pension Schemes from Gibraltar following discussions between the Government of Gibraltar and HM Revenue and Customs in the United Kingdom.
QNUPS are a type of overseas pension scheme for expatriate British citizens. A QNUPS can invest in a wide range of assets, and a major attraction for establishing a QNUPS is that it is exempt from United Kingdom inheritance tax on the member's death.
Withdrawals from Gibraltar QNUPS are proposed to be subject to a tax rate of 2.5 percent, equal to the 2.5 percent tax charge introduced for Gibraltar QROPS (Qualifying Recognised Overseas Pension Scheme) in June 2012.
Albert Isola, Minister for Financial Services stated "This really is good news. The ability to provide QNUPS from Gibraltar builds on the success of our QROPS business established over the past 18 months."
"We will shortly be introducing an amendment to the legislation to allow QNUPS from Gibraltar. This is a further step in establishing Gibraltar as an International pensions center and follows on from the recently announced initiative by Gibraltar Finance to enable insurance linked securities to be offered from Gibraltar. We will continue to work closely with the private sector in the further development of this important industry."
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