NEWS AND RESOURCES
INTERNATIONAL FINANCIAL NEWS
QROPS CASE STUDY #3 – Mrs White, British expat in Italy, STM Malta QROPS
Mrs White is a professional from the UK. She is in her mind-40s and has been living in Milan for several years. She was approached by a large offshore financial advisory group with offices in Milan. They convinced her that her UK pension would be better if it was...
QROPS CASE STUDY #2 – Mr Rossi, Italian back in Italy after working in UK, Malta QROPS
Background Mr Rossi is an Italian citizen but worked in London for several years before returning home. He was approached by a large international financial advisory based in Milan and strongly persuaded that he would be better off if he transferred his UK pension to...
QROPS CASE STUDY #1 – Mr Green: expat in Italy with a Guernsey QROPS
Background Mr Green approached us early this year concerned about the fact that in the 8 years since transferring four UK pensions to a Guernsey-based QROPS he has achieved zero growth and has concern over repaying a loan that was taken out. In 2011 four schemes worth...
Substitutive Tax Regime Attracts Wealthy Foreign Citizens to Italy
In 2017 Italy Finance Law introduced a flat rate of tax of €100,000 aimed at attracting high net worth foreigners to reside in Italy. The law states that new residents will pay only a flat lump sum tax of €100,000 in place of normal income tax. As with any new...
What happens to my QROPS if I move back to the UK?
If you have left the UK and been advised to transfer your pension to a Qualifying Recognised Overseas Pension Scheme (QROPS) but now intend to return to the UK then you need to consider how this pension will now be treated. While many expats and professionals who have...
QROPS MYTH #9 – Brexit will affect your pension
Let’s look at this realistically. If you’re an expat in Spain, for example, and the UK leaves the EU do you really think that your UK-based pension provider will be unable to make a payment to you now that you are not an EU resident? Is this not already the case for...
QROPS MYTH #8 – If you leave your pensions in the UK you’ll have to pay income tax
We often hear the argument that Malta is a superior home for your pension as it has double taxation agreements (DTAs) with numerous countries meaning that regardless of where you retire you won’t pay tax at source but only in Malta. It is certainly true that pensions...
QROPS MYTH #7 – Structured notes are suitable investments
A consequence of transferring your pension away from the UK opens you to the risk that your funds will be placed into investments that would not be allowed if it was still under the watch of the UK’s Financial Conduct Authority. There have been many cases of clients...
QROPS MYTH #6 – You need to keep a large proportion in cash
Any investment portfolio should always contain a small proportion of cash but by small we mean around 2-3%. If your pension has a cash account of somewhere around 10% then you might want to question whether this money really exists. Consider it this way, pensions are...
QROPS MYTH #5 – QROPS are ‘approved by HMRC’
HMRC do not approve anything! It is not their function. Their purpose, as stated on the website https://www.gov.uk/government/organisations/hm-revenue-customs is: “We are the UK’s tax, payments and customs authority, and we have a vital purpose: we collect the money...
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