Some aspects you must know before going for QROPS

According to a recent study, in the present time over two million British people live overseas and the number is increasing day-by-day. British people are going overseas since recently new higher tax rates were introduced in the UK. Majority of those people have built up huge amount of money with the UK pension schemes. On the other side, there are thousands of people who have worked within the UK and had to invest in the suitable UK pension schemes. Majority of those people often get confused while taking the right decision, but not anymore! With the commencement of QROPS, the people of the before-mentioned categories have found new ways to get their pension funds while staying in an overseas country.

There are ample numbers of benefits associated with the QROPS pension schemes. First and foremost, the funds and assets held under a Pension trust like QROPS, which are absolutely free of different kinds of taxes like wealth tax, capital gains tax, income tax and the fund can be passes onto successor-free of any tax including inheritance tax.

Moreover, with QROPS pension scheme you will get the full access to a full spectrum of investment opportunities, and interestingly all these tailored to one’s risk appetite. These can include bonds, commodities, properties, equities, alternative investments and equities. Here one thing needs to be mentioned is that the capital gains and income arising from the investments held within the plan, or the benefits paid by the pension scheme then will not be a subject to the UK tax.

Moreover, the international tax authorities, including the pension authority of Spain, can assist in a variety of scenarios from paying off a mortgage to purchase any kind of major asset. QROPS efficiently meets different requirements of the pension legislation in several countries from all around the world.

Remember, if you made an investment of a lump sum amount of money then it can assist you in different ways for paying off a mortgage to purchase a major asset. As QROPS pension scheme efficiently meets the different requirements of several countries’ pension legislation, you will not have to face the hassles of moving your assets between the QROPS providers to ensure savings remain tax efficient.

Before moving out for a QROPS scheme you are suggested to consult with an expert. Because, as this pension scheme involves different kinds of complexities, before taking an investment decision you should consult with a financial expert.