You may know that in April 2006, it was announced that those who are British Expat Living could move their pension benefits to be recognized Overseas Pension Qualifying Scheme (QROPS) with the approval of Revenue. If structured in this way, retirement benefits through a QROPS transfer can surely has major benefits. What are the benefits? You see, individuals can take a 25% (30% in some jurisdictions) of the value of their pension as a tax-free lump sum at any time after age 50 (this increased to 55 to each transfer that is not completed by April 2010).

However you should be careful, since there are several companies that offer to open 100% of the existing cash UK Pension. This scheme is actually not approved by HMRC and there is a real danger to your property, you may not only end up with a scheme that would be banned, you could end up with no return on investment and even fines from HMRC.

With QROPS, you need to know that individuals are free to do whatever they want with the benefits released. Some may choose to hold money in high interest in Which Offshore bank account is returned more than one annuity and tax free, and while they are resident outside Europe. Also, offshore pension can be very useful for expats and anyone contemplating living or retiring abroad.

Tweet This Post  Delicious This Post  Digg This Post  Facebook  MySpace  Stumble This Post 

Related Posts:

• The Right Way to Invest