QROPS Gibraltar

Overview

We provide the advice and can recommend Gibraltar or Malta QROPS. Anyone with UK pensions may benefit from a QROPS accepted scheme to consolidate their pensions.

With effect from 6^th April 2017, the UK Government introduced a 25% transfer tax for most overseas transfers. This means in most cases, a QROPS is not advisable. The tax does not appply if you are transferring to your new country of residence or inside the EU.

The recommended minimum transfer is in the region of £100,000 although there are entry level schemes accepting minimums of £25,000.

QROPS is open to anyone over 18 years of age.

Key Features

Potential income tax savings. UK top rate of income tax is 45% and all UK pensions are taxed as earned income. Income benefit payments in Gibraltar are subject to a withholding tax rate of 2.5%, deducted at source. Malta is an EU member state and offers flexible drawdown allowing full funds to be accessed within UK limits, subject to local taxation. 

Death benefits paid gross. After drawing and income, the equivalent type of UK scheme taxes lump sum death distribution at 55%.

Lump sum of up to 30% when compared to 25% in the UK.

Clear active investment management

Simple charging structure with no commissions or hidden charges or penalties.

Trust Fees

These vary depending on the preferred provider but for usual schemes would be under £1,000 set up and £1,000 per annum. Entry level scheme would be in the region of £400 set up and £400 per annum.