Monday, June 30, 2008

offshore bank accounts - Qualifying Recognized Overseas Pension Scheme - Qrops

QROPS is open to all nationalities and it is being offered by
offshore bank accounts
The plan allows you to control and access your pension assets prior to the mandatory retirement age.

Who is eligible?
A resident of any country with any nationality who has worked in the UK as a British Expatriate, and holds a UK pension can apply for a QROPS.

Benefits of Qrops
  • Transfer your pension assets into a registered
    pension plan.
  • Withdraw your pension assets free of UK taxes after 5 qualifying years.
Background Information on the QROPS & important terms:
  • overseas pension scheme - Overseas Scheme
  • Her Majesty’s Revenue & Customs - HMRC
  • Qualifying Recognized Overseas Pension Scheme - QROPS
  • pension administrator - trustee

Following the changes to UK pension legislation on April 5, 2006, International Pension Schemes have all but become extinct. Open to all non-UK tax residents is an Overseas Scheme which is registered with HMRC as a QROPS for this purpose.

Qrops and UK pension - the same or is there any difference?:

The same structure - They both owned by a trustee.

There is a difference where the pension administrator is based outside the UK and only reports back to HMRC.

So, enter
offshore accounts to check your eligibility

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