Moving home overseas can pose a wealth of financial problems for expats – including making the best arrangements that make the most of pension payments.
QROPS pension transfers are for UK pensions and do not encompass other European pensions.
Expats from other European countries have been crying out for a similar opportunity to transfer their pension from the holding country and into the country they now reside.
This demand has led to the creation of a little known offshore pension package called an EURBS – a European Union Retirement Benefits Scheme.
Malta is home to many EURBS as a European Union member and a country with a well-regulated pension industry.
EURBS can trace their genealogy back to the same roots as QROPS – both derive from an EU framework to make pensions more portable for European citizens moving between countries.
- Tax efficiency
- Up to a 30% tax free lump sum drawdown
- Personal control of investments
- Beat currency exchange rate fluctuations by opting for Sterling or euros
- EURBS assets can be passed on to beneficiaries at death
The entry level in to an EURBS is a transfer fund of €50,000 – with an age range of between 18 and 75 years old.
By definition, EURBS are restricted to pensions held in European countries, although the nationality of the investor is not important.
EURBS are not so popular as QROPS – mainly because this is an unknown vehicle.
Some European pension authorities are more guarded about allowing fund transfers – moving money out of a French pension is particularly difficult.
For many Europeans that have their pension in a country they no longer reside in, EURBS offer a distinct alternative and can offer tax breaks and other benefits.
For more information about transfering your European pension into a EURBS, contact QROPS.net today to speak to one of our experts.