Malta has a long and distinguished affiliation with the UK as a trusted and reliable ally in war and peace.
QROPS pensions for British expats living in Malta and other countries have been available on the island since December 2009.
The offshore financial centre is growing in stature with a reputation for providing a competitive tax regime, a stable economy and clearly defined financial regulation.
Unlike many other offshore centres, Malta is a full member of the European Union and is also part of the Eurozone.
Malta QROPS are open to everyone with UK pension rights.
Shaping Malta QROPS advice to your financial goals
Malta QROPS follow the same rules as any other QROPS offshore pension scheme.
HM Revenue and Customs lays down the rules a QROPS scheme must follow for inclusion as a registered pension scheme on the UK QROPS list.
Each individual QROPS scheme is managed by trustees who determine the terms and conditions of their specific QROPS within the framework provided by HMRC. This means that the administration of a QROPS can vary from one scheme to another.
For instance, one QROPS may allow a 20% tax-free lump sum drawdown while another may consider a 25% drawdown.
This variation between provider rules is one reason why anyone considering a QROPS transfer should discuss their personal financial goals with an independent adviser who can access multiple QROPS across several jurisdictions.
This lets the adviser tailor a QROPS solution to a client’s personal financial needs rather than trying to shoehorn them in to an unsuitable plan.
No tax on Malta QROPS lump sums or payments
Malta offers comprehensive and attractive tax breaks to QROPS investors.
For non-residents, the island has:
- No income tax on pension income – benefits are paid gross
- No income tax on pension cash lump sums
- No capital gains tax on pension fund gains
- No inheritance tax or other death duties.
QROPS investors should remember that any pension fund benefits might be taxed in the country where they are resident. Malta has more than 50 double taxation and tax information exchange treaties with other countries.
Find out more about Malta QROPS
The QROPS.net team of financial advisors, tax experts and investment managers will help you choose the best Malta QROPS to match your retirement goals. Contact QROPS.net today
