The United Arab Emirates, and in particular Dubai, is a popular destination for British expats due to the favourable tax regime and year-round hot weather.
Bearing this in mind, a particular concern when moving to the UAE is the tax-free living you will experience – which may make paying tax to the British tax man on your pension income difficult to stomach.
Finding the right QROPS
Two of the most popular QROPS jurisdiction options are Malta and Gibraltar.
Only an in-depth study of your specific needs – including your lump sum requirements and investment goals – will uncover the right option for you.
What if I want to return to the UK?
If you decide to return to the UK, there are no major disadvantages of a QROPS and, indeed, there can be certain advantages. One of these is that a QROPS follows UK Pensions legislation meaning your fund is subject to UK income tax – but only on 90% of the income.
Finding the right advice
If you have already moved to the UAE you may have found that all kinds of financial advisers have contacted you and tried to offer you investment products. The trouble with QROPS is that the HMRC rules surrounding them are very complicated – as are the income rules within the UAE.
Accordingly, using a financial adviser in the UAE who understands the QROPS legislation is essential.
To be put in touch with such an expert Financial Advisor please contact us using the form at the top of the page.