Qrops Pensions Guernsey
Guernsey has an international reputation of being a stable, low tax offshore financial centre which serves many British ex-pats.
QROPS pensions for British ex-patriates have been available in the Channel Islands since the scheme was established by a change of law in April 2006.
Changes in the law acted like a magnet enticing QROPS investors, many ex-pats feel more confident when dealing with a pension provider that speaks English as well as having historical ties with the mainland, along with low tax benefits.
These benefits are available worldwide for British ex-pats and anyone else who has their own UK pension rights through the very popular QROPS.
Guernsey QROPS Also Offer 25% Loans To Members
Guernsey QROPS allows ex-pats to settle wherever they wish in the world and even to travel between homes in various countries outside the UK. They can pay a 25% tax free cash lump sum and gross premium benefits that are taxable wherever the pension holder is resident, however this is not applicable when in Guernsey.
Resident restrictions that usually mean only the wealthy can move to Guernsey do not actually apply when taking out a QROPS pension.
A big plus for Guernsey QROPS pensions is the facility to borrow an additional 25% of the offshore pension providing certain requirements and conditions are met.
Why don’t you discuss this in more detail with a qualified financial adviser? Although the benefit is written into Guernsey QROPS rules means not every provider includes the options in their schemes.
It’s worth remembering that although Guernsey is the Channel Island’s QROPS, other products are also offered in Jersey that don’t necessarily follow the same rules.
Competitors Push Down Guernsey QROPS Charges
Guernsey QROPS providers operate in a very competitive market with the nature of the island’s offshore financial services making them extremely attractive to ex-pats. The fact that so many companies want a slice of the investment action helps to push down costs for anyone who is interested in a Guernsey based QROPS pension.
This means that Guernsey QROPS offer numerous benefits such as flexible wide ranges of investments and self-managed QROPS.
At one time Guernsey did face some criticism from HM Revenue and Customs about administration and trusts, however the exploitation of QROPS rules were quickly sorted out by the Guernsey Financial Regulator.
Overall this does not really reflect Guernsey in a bad way as a QROPS jurisdiction, it was a one off involving certain manipulations of scheme rules.
Additional Information About Guernsey QROPS
To understand more about the tax advantages of a Guernsey QROPS, discuss investment options with a professional financial adviser. Endeavour to contact QROPS.net and we can then recommend a qualified QROPS expert who can help you.
For more information, visit the HMRC website here.