The legalising of pension scheme transfers outside the UK via QROPS has opened up many tax and other advantages for expatriates and those retiring overseas.
But Geraint Davies, Managing Director of Montfort International, an advisory firm that specialises in UK-Australia emigration, warns this ushers in a whole new era of advisory work for successful QROPS’ transfers. "Tax, visas, residency status - they've all got to be factored in. We are seeing some people in the marketplace thinking it's a quick fix to move some funds overseas, but it's technically hugely complicated," says Davies. Indeed, the UK's tough stance on jurisdictions around the world offering Qualifying Recognised Overseas Pension Schemes (QROPS) shows no signs of softening. H...
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