QROPS Overseas Pensions in Spain
 

has anyone any information on the transfer of my UK private pension to an overseas QROPS, i am a Spanish resident and Spanish tax payer, i have been told there could be an issue in Spain because Spain works on Civil Law and do not fully understand how Trusts based QROPS works.
For the transfer to be tax efficient Hacienda has to approve a 3 or 5 year temporary annuity, if it is refused you are not only stuck with normal income tax but the Spanish tax advisors fee for several years.
any information would be most welcomed.

Re: QROPS Overseas Pensions in Spain
 

We recently QROPS'd my wife's UK pension.

Please feel free to contact my IFA and mention my name.

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Re: QROPS Overseas Pensions in Spain
 

Dear Snikpoh

Thank you for your reply to my post regarding QROPS in Spain, i am a newbie to this forum platform and ask if this post is sent as a private message just to you ?
i have a IFA but would prefer to check things out with a client of a QROPS rather than starting all over again with a new IFA.
kind regards

Michael

Re: QROPS Overseas Pensions in Spain
 

When you can, PM me.

Re: QROPS Overseas Pensions in Spain
 

Why not post the info here? It might be beneficial to others.

Re: QROPS Overseas Pensions in Spain
 

For over a year now i have been dealing with a local IFA with a view of transferring my private UK pension to a QROPS either based in Gibraltar or Malta.
Things have been moving very slowly as my IFA cannot guarantee that Hacienda will approve a temporary annuity, as i see it without a TA you will continue paying normal Spanish income tax and in addition the IFA/Trustee´s initial and annual fees.
But i am told its not possible to obtain pre clearance from Hacienda on the approval of a TA and that each case is dealt with on a one for one basis by my local tax office.
I should add i am 73 years old so this has to be up and running by the time i am 75 so time is tight.
has anyone been successful in obtaining a TA from a Spanish tax office and if you were had you previously crystallised your UK private pension by declaring drawdowns and paying Spanish income tax prior to applying for a temporary annuity, i should add i pay no UK tax