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QROPS (Qualifying Recognised Overseas Pension Scheme)
Gibraltar pension schemes can obtain Qualifying Recognised Overseas Pension Scheme (QROPS) status.
What is a QROPS?
A Qualifying Recognised Overseas Pension Scheme, or QROPS, is an overseas pension scheme into which your UK pension rights can be transferred.
Since 2006, people with UK pensions who are, or will become, non-resident in the UK for tax purposes can move their pension benefits out of the UK to a QROPS.
A QROPS can provide many tax and inheritance benefits including:
- less tax on your pension income
- freedom from UK inheritance tax
- increased control over where your pension fund is invested
- simplicity: multiple pensions can be consolidated into one QROPS.
Why STM Fidecs QROPS?
Because we offer QROPS schemes in Gibraltar and Guernsey, with Malta, Luxembourg and Switzerland soon to follow, we can find our clients the jurisdiction that best suits their own particular requirements.
As an independent multi-jurisdictional administrator and Trustee, STM Fidecs offers a unique and compelling choice for anyone thinking about retiring abroad.
In addition, following changes to the law in Gibraltar in 2006, Gibraltar can be an attractive jurisdiction to transfer such accrued rights.
Principally this is because:
- pension income received by an individual who is over 60 from a Gibraltar approved pension scheme is taxable (but currently at a rate of 0%)
- there is no taxation of lump sums in Gibraltar.
Find out more
Please visit our dedicated STM QROPS website for further information, or read our guide to the transfer of accrued pension rights to Gibraltar. To speak to us directly, please contact us.
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