Two Manx associations have joined forces to increase the promotion of the Isle of Man as a leading domicile for international pensions.
The recently formed Isle of Man Finance Partnership, through the government’s Department of Economic Development, and the Isle of Man Association of Pension Scheme Providers (APSP) aim to increase the flow of pensions business and attract new pensions’ practitioners to the Island.
Stuart Clifford, Chairman of the APSP, says of the joint venture, “The Isle of Man is unique among international offshore centres in having a dedicated regulatory regime for the managers of pension schemes and the schemes themselves. This regulation is distinct from the tax framework that governs the schemes and the result is a highly flexible and modern structuring opportunity of international pensions underpinned by a dedicated regulatory function. This is not available anywhere else and we look forward to working with the Government to highlight the opportunities this presents to companies and individuals.
“In addition to specific international arrangements, the Isle of Man offers the opportunity for those with existing UK pensions, but not resident in the UK, to transfer into a domestic Isle of Man scheme under the UK’s Qualifying Recognised Overseas Pension Scheme (QROPS).”
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