QROPS: THE CHOICE OF JURISDICTION IS IMPORTANT
Contributed by SIPP Specialists Limited
15 December, 2010
It is important to remember from the outset that from a QROPS Jurisdiction point of view, one size does not fit all.
Advisers and their overseas clients need to consider what each jurisdiction offers ie, the differences, when deciding to transfer their hard earned pension benefits. Which jurisdiction offers them the best fit.
- How well is a jurisdiction regulated?
- Does it follow both the spirit and the letter of the QROPS rules?
- Is the tax free cash the main issue?
- Is taxation on income the main issue?
- Does the client want to take a loan from the fund?
- Does the client live, or intend to live in an EU country?
- Does the client own UK residential property outside his scheme?
- Is IHT planning the main driver?
These issues are important factors in the choice of QROPS jurisdiction, as there are differences in the way they can be dealt with from jurisdiction to jurisdiction.
- We can offer the following choice:
- Isle of Man QROPS
- Guernsey QROPS
- Malta QROPS
- Isle of Man QNUPS
- Isle of Man International Retirement Benefit Scheme (IRBS)
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