Transferring your pension offshore

Since 2006 individuals have been able to transfer their personal pensions offshore saving tax previously paid to HM Customs and Revenue. In the 24 months following April 6, 2006, 7,300 pensions were transferred from the UK in to Qualifying Recognised Overseas Pension Schemes (QROPS).

A few key facts:

QROPS give investors who want more financial flexibility a choice of stock markets, assets and commodities from across the world that are not open to UK pension savers.

QROPS investments can be made in most major currencies and pension benefits are paid gross in the currency selected by the pension holder.

A QROPS does not have to reside in the same tax jurisdiction as the pension holder, so a QROPS can be based in a country where low taxes are beneficial to fund growth while the pension holder can live in any other country.

Moving a UK pension to a QROPS will incur fees and charges and these vary enormously. We can put you in touch with Guernsey based QROPS specialists who offer unbiased advice on transferring your assets offshore.

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