Qrops Pensions Malta
Malta has a very long distinguished affiliation with the United Kingdom, it was a trusted and reliable ally in war and peace.
QROPS pensions for British ex-pats living in Malta and other countries have been available on the island since December 2009.
The offshore financial centre is growing in stature, it has a reputation for providing a competitive tax regime, a stablised economy and clear financial regulations.
Unlike many other offshore centres Malta is a full member of the European Union as well as being part of the Euro zone.
QROPS Malta are open to everyone who has UK pension rights.
Malta QROPS Advice For Your Financial Goals
Malta QROPS follows the same rules as any other QROPS offshore pensions.
HM Revenue and Customs lays down the rules that QROPS must fully follow as a registered pension scheme on the UK QROPS list.
Each individual QROPS is managed by trustees who endeavour to determine the terms and conditions of their specific QROPS set within the framework provided by HMRC. This means that the administration of a QROPS may vary from one scheme to another.
For example, one QROPS may allow a 25% tax free lump sum drawdown, while another may allow a 25% tax free lump sum.
Variations between provider rules are one reason why anyone considering a QROPS transfer should discuss their personal financial targets with an independent adviser, they can then assess multiple QROPS across numerous jurisdictions.
This allows the adviser to tailor-make a QROPS solution specifically for a client rather than trying to advise and cajole them into an unsuitable plan.
No Tax On Malta QROPS Payments Or Lump Sums
Malta offers fully comprehensive and attractive tax breaks to QROPS investors.
For non-residents the island has the following:
- No income tax on pension cash lump sums
- No income tax on pension income – benefits are paid gross
- No capital gains tax on pension fund gains
- No inheritance tax or other death duties
QROPS investors would be wise to remember that any pension fund benefits might be taxed in the country where they are resident. Malta has more than fifty double taxation as well as tax information exchange treaties with other countries.
For more information, visit the HMRC website here.