QROPs anyone?
 

There's quite a few topics on the subject elsewhere on the forum, but nothing in Malaysia section. I know that you can no longer hold QROPs pensions in Malaysia or Singapore as HMRC has kicked both out :(

I am still mithering over the subject and usually do an annual look around to try and decide if I want to shift my measly frozen pensions out of the UK to somewhere else. Current thinking seems to be to hold the QROPs in Channel Islands or Gibraltar. I'm just wondering if anyone on this board has taken the bold step and done it. Any thoughts on the subject?

I know that if you've been out of the UK for 5 tax years (I have) you can whisk the funds out of the UK without reporting to HMRC, which does kind of appeal to me :sneaky:

For any insurance/QROPs folks viewing this topic, would be glad of your comments but please don't mention your company on here, or promote your company's products, as it's against Site Rules. You can read the Site Rules above on the pink banner.

Re: QROPs anyone?
 

I recently did this and could recommend a company based in Spain which in turn was recommended to me by a friend. My QROPS is actually held in Malta. I think the problem with Gibraltar and CI is that tax is withheld if you are resident in Malaysia.

Just an added thought, your state pension can't be transferred into a QROPS, which is a shame.

Re: QROPs anyone?
 

That's interesting IVV...thanks. Could you send me a PM with the name of the company?

Yeh I know it's just private pensions. Gawd knows when I'll get a state pension anyway. Seems like they keep shifting the goalposts with the pension age.

Re: QROPs anyone?
 

Hi, I've just sent you a PM - hope it helps :fingerscrossed:

Re: QROPs anyone?
 

You must be younger than you look, bb.:ban:

I shouldn't have said that.:hysterical:

Re: QROPs anyone?
 

Same to you with knobs on :p

Re: QROPs anyone?
 

Received....ta :)

Re: QROPs anyone?
 

QROPS options are vast although I would consider Gibraltar, Malta and Isle of Man as the most favourable jurisdictions currently. They appear to play within the spirit of HMRC rules. Previous jurisdictions such as Guernsey and Singapore have had there QROPS status removed due to their bending of the rules.

There is no one solution that fits all. For example one of the key decisions you will make is what jurisdiction to choose. You should consider where you will retire. If you are unsure then Gibraltar would be my advice as they tax income at source at 2.5%.

If you want to retire in say Italy then Malta would be more attractive as these countries have a double tax agreement (DTA) and therefore your pension income would be paid gross.

On the other hand Malta would not be a good choice if you were to retire in Malaysia as there is no DTA in place. Your pension income would be taxed at source at 35%. Gibraltar would be your preferred option for retirement in Malaysia.

The Isle of Man is the most conservative jurisdiction, they tax income at 20%.

There are many other factors to consider therefore you should take advice from a qualified adviser.

Re: QROPs anyone?
 

Well I am already retired in Malaysia. As I understand it, any income I gain from abroad (i.e. not in Malaysia) except the UK state pension, can be paid to me without tax. Malaysia does not tax income coming in from abroad.

Mmm...thanks for that anyway. So one needs to look at who does or doesn't enforce the Double Tax Agreement. Interesting. I thought this might be complicated.

Tax? :scaredhair: ooh no, don't want to pay any tax.

Re: QROPs anyone?
 

PM me if you want to discuss further, I will be glad to help.

Re: QROPs anyone?
 

Cheers. Don't know if I am missing something here, but surely the whole point of QROPS is that you get the dosh tax free? Otherwise may as well leave it all in ol Blighty. I shall do more research.

Re: QROPs anyone?
 

It is true that there is a 2.5% retention made by Gibraltar irrespective of where you are resident. Malta however will pay you gross if you are Malaysia resident.

It pays to pick the right jurisdiction but you can always move your QROPS from one jurisdiction to another later on, if need be.

Re: QROPs anyone?
 

Thanks IVV and noted that you've done it so you must be correct :D.