As of 1 January, 2015 amended legislation enables QROPS Jersey Jurisdiction as an option to non-Jersey residents. The amendment, specifically, Income Tax Amendment no.44 in Jersey Law, was aimed at increasing pension flexibility for residents of Jersey, making it possible for them to move their pensions in and out of the jurisdiction to increase labour flexibility for Europe and people from Jersey working elsewhere in the world. The new rules will allow British ex-pats and international workers with UK pension rights to set up a QROPS on Jersey regardless of where they live and whether they ever set foot on Jersey or not. For many years Jersey had a large number of Qualifying Recognized Overseas Pension Schemes (QROPS) pension schemes recognised by Her Majesty’s Revenue and Customs (HMRC) however local law restricted these only to Jersey residents. The revised Income Tax (Jersey) Law permits non-resident pension members to transfer their UK tax-relieved pension funds into the QROPS Jersey jurisdiction, offering a secure environment to protect their pension assets.
Benefits of a QROPS Jersey Jurisdiction include:
- Jersey provides a secure environment to protect your pension assets.
- Jersey offers a wide range of investment opportunities due to a diverse range of products, meaning increased control over where your pension funds are invested.
- Multiple pension funds can often be conveniently consolidated into one QROPS Jersey Jurisdiction.
- Ability to pass on pension funds to selected beneficiaries upon death.
- A QROPS Jersey Jurisdiction fund can be held in any currency required to prevent any exchange rate fluctuations.
- Tax-Free Lump Sum transfer of up to 30%, which may be taken.
- A QROPS Jersey Jurisdiction offers additional pension schemes and flexibility to transfer funds on and off the Island.
To find out more about the possible benefits a QROPS Jersey Jurisdiction, 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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