Cyprus removed from QROPS list
Aug 15th 2012, 7:32 am
#1
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Joined: Nov 2011
Posts: 26
Cyprus removed from QROPS list
I noticed this story on an expat forum...
http://www.iexpats.com/2012/08/qrops...rom-hmrc-list/
Not sure if it affects anyone over there, but this may perhaps be of interest to some.
http://www.iexpats.com/2012/08/qrops...rom-hmrc-list/
Not sure if it affects anyone over there, but this may perhaps be of interest to some.
Sep 4th 2012, 9:54 am
#2
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Joined: Mar 2012
Posts: 6
Re: Cyprus removed from QROPS list
I've just been reading about this too...
It had previously been beleived that any QROPS scheme registered within an EU country would fall outside the jurisdiction of HMRC, but as Cyprus is an EU country, this no longer appears to be the case.
HMRC did not announce that all Cyprus QROPS were to be de-registered, it only becamse clear when they published their updated list of registered QROPS providers and all Cyprus QROPS had been removed.
Though HMRC has become more proactive in monitering QROPS in the past year, schemes have generally only been de-registered in cases where fraud was apparant, or there was a change in law that necessitated de-registration. In Cyprus however, neither appears to be the case, as the only pension schemes on the island were a few employee schemes for local companies.
Any ideas about best options etc? I'm a little lost now! Thanks... Amii
PS You can read the rest here if you fancy it-
http://www.prycewarner.com/news-cypr...-hmrc-261.html
It had previously been beleived that any QROPS scheme registered within an EU country would fall outside the jurisdiction of HMRC, but as Cyprus is an EU country, this no longer appears to be the case.
HMRC did not announce that all Cyprus QROPS were to be de-registered, it only becamse clear when they published their updated list of registered QROPS providers and all Cyprus QROPS had been removed.
Though HMRC has become more proactive in monitering QROPS in the past year, schemes have generally only been de-registered in cases where fraud was apparant, or there was a change in law that necessitated de-registration. In Cyprus however, neither appears to be the case, as the only pension schemes on the island were a few employee schemes for local companies.
Any ideas about best options etc? I'm a little lost now! Thanks... Amii
PS You can read the rest here if you fancy it-
http://www.prycewarner.com/news-cypr...-hmrc-261.html
Sep 5th 2012, 2:26 pm
#3
Forum Regular
Joined: Dec 2011
Posts: 193
Re: Cyprus removed from QROPS list
That is an interesting website. I wonder how many times the phrase "HMRC Approved" appears. A case in point... http://www.prycewarner.com/pg-qrops-procedures-33.html
QROPS are not "approved by" or "registered" with HMRC. The wording on HMRC's website could not be clearer.
http://www.hmrc.gov.uk/pensionschemes/qrops.pdf
It specifically states that it is there to help UK REGISTERED pension schemes when they transfer to a scheme that is NOT REGISTERED and it goes on to say that inclusion on the list does not imply approval or backing by HMRC. So, Cyprus has not been de-registered as it was not registered in the first place.
QROPS are not "approved by" or "registered" with HMRC. The wording on HMRC's website could not be clearer.
http://www.hmrc.gov.uk/pensionschemes/qrops.pdf
It specifically states that it is there to help UK REGISTERED pension schemes when they transfer to a scheme that is NOT REGISTERED and it goes on to say that inclusion on the list does not imply approval or backing by HMRC. So, Cyprus has not been de-registered as it was not registered in the first place.
Sep 7th 2012, 4:47 pm
#4
Banned
Joined: Mar 2012
Posts: 6
Re: Cyprus removed from QROPS list
Hi again Otto!
Thanks for the heads-up on that; I'm gonna go delve a little deeper in to this, but thanks for the input and best of luck in your endeavors.
Amii.
Thanks for the heads-up on that; I'm gonna go delve a little deeper in to this, but thanks for the input and best of luck in your endeavors.
Amii.
Feb 9th 2013, 7:14 pm
#5
Forum Regular
Joined: Nov 2007
Location: Mijas, Spain.
Posts: 230
Re: Cyprus removed from QROPS list
I don't know if you got anywhere with this..? There is alot of misinformation around regarding qrops....particularly on these kind of sites. I am a regulated advisor in Spain with a reputable company. If you require any further information please feel free to pm me anytime. Pat.
