Switzerland has a British expat population approaching 50,000 in numbers, and many UK retirement savers based there find they can benefit from placing their UK-based pension into a QROPS.
There are numerous advantages to removing a pension fund from the UK if the intention is to work, live and retire overseas. Of particular appeal are the numerous tax benefits, the lack of exposure to currency fluctuation, and the investment flexibility such a scheme can offer.
Those with relatively large pension pots (of which there are a great many residing in Switzerland) are especially able to benefit from the generous tax breaks afforded by a transfer, however if the intention is to retire in Switzerland, attention must be paid to the choice of jurisdiction. It is essential that a double taxation treaty is in place between the Swiss and the chosen destination for the transfer, otherwise the tax benefits offered will be redundant.
Swiss QROPS Options
Faith in the Swiss financial industry has been restored in the wake of the secretive nature of areas of the banking sector, which led in part to the controversial US FATCA ruling.
There are over 130 schemes operating in Switzerland, making it one of the most prominent and popular destinations for pension transfer. Swiss residents often look at the schemes on offer closer to home before considering ones further afield.
Malta tends to be the destination most regularly recommended to those residing in Switzerland due to its double taxation treaty with the island, and the fact that the investment flexibility options available in the schemes based there far exceed the sometimes limited options in Switzerland.
Finding the right advice
QROPS are complicated plans and should only be advised on by fully qualified experts in the field. Switzerland is well-regulated, and advisers are usually highly qualified and credible in the country. Licences must be in place to be able to offer advice there, and due to the rise in popularity of QROPS, most of those qualified to give advice should have extensive knowledge on QROPS transfers.
To be put in touch with such an expert Financial Adviser please contact us using the form at the top of the page.