Choosing the right place as a home for a QROPS is a good way towards a safe and solid investment – and one of the best places to start is the Isle of Man.
As an offshore financial centre, the Isle of Man offers a robust stability tempered with low taxes for individuals and business.
Many other tax havens promise more but fail to deliver consistent reliability and performance to match the island.
For QROPS pensions, the Isle of Man shines out like a beacon showing the how the much-maligned world of finance can still offer virtues like honesty, trust and excellence.
50C pension benefits explained
The island is set to lead by example again for offshore pension with the new 50c regulations that are inelegantly named but shiny new overhaul of the QROPS scheme that gives Isle of Man pension members:
- Lump sums, pensions and benefits paid gross
- Up to 80% of the fund value available for tax-free drawdown on retirement
- Low income tax and no capital gains tax or inheritance tax
These features came into effect as quick reaction to the challenge of other markets trying to tempt UK expats to sink their money in to their funds. The 50c pension legislation came into effect on the 22nd October 2010.
The Isle of Man government and financiers were quick to see that a risky manipulation of QROPS rules failed to deliver the best solution – and instead they responded by stripping the QROPS down to bare bones and rebuilding a state-of-the-art solution from scratch.
Now, anyone who has a UK pension who has left the UK or intends to do so can rest assured that their hard-earned investments are safe and accessible gaining value in a low-tax environment until needed.
The Isle of Man QROPS revamp makes a larger share of the fund available as a tax-free drawdown with the added bonus of pension payments paid gross now the government has scrapped the view that low tax is a privilege for non-residents and extended the island’s low tax culture to everyone.
Find out more about Isle of Man QROPS
QROPS Net is teamed with a number of leading regulated Isle of Man QROPS providers and have huge experienc in QROPS transfers to the Isle of Man.
For the latest details about Isle of Man QROPS, contact QROPS Net.