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QROPS Isle of Man Jurisdiction
The Isle of Man is considered to be a very low financial risk and stable, its consistency and transparency over the years are probably the main reasons for its popularity. With its close links to the UK, the Isle of Man is a favourite jurisdiction for expats who are planning to transfer their UK pension fund to a QROPS Isle of Man. The tax rules in the Isle of Man create a problem for non-residents. For this reason it is uncompetitive compared to other jurisdictions. Therefore it has effectively ruled out non-resident members. If you are living in the Isle of Man with a UK pension, a QROPS Isle of Man can help your money go much further than keeping it in the UK. When you live in the Isle of Man for more than five years, there are numerous benefits to transferring your pension into a QROPS Isle if Man.
Benefits of a QROPS Isle of Man include:
- More flexible arrangements for receiving income.
- The ability to pass on most, if not all, of your funds onto your loved ones upon your death (zero tax if a third country Qualifying Recognized Overseas Pension Schemes (QROPS) is used).
- The ability to eliminate any charges relating to the Lifetime Allowance (LTA).
- There is no requirement to purchase on annuity.
- No limits on fund size or contributions.
- QROPS Isle of Man offers a wide range of investment opportunities.
- 0% tax on funds where a double taxation treaty applies (and a low 20% rate if one does not).
To find out more about the possible benefits a QROPS Isle of Man, please contact us today at QROPS@msn.com / Info@gcqrops.com or call us on +34 698 243 745 for more information.
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