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We have all heard of QROPS, but what are QNUPS?

'There is nothing more certain in this world than death and taxes' - Benjamin Franklin


Just when you thought that you had escaped UK taxes by moving abroad some ‘smarty pants’ has to spoil it for you!

 

The only way to avoid UK inheritance tax is to become a non-UK domicile, which is NOT the same thing as becoming a non-UK resident.  It can be very difficult to change your UK domicile even though you may have lived overseas for many years and so your worldwide assets on death can be liable for tax in the UK of 40%.


If you are single and die during the tax year 2011-2012 with an estate worth more than £325,000 40% tax will become due on anything above that. For example, if you leave behind an estate worth £500,000 the tax bill will be £70,000 (40% on £175,000 – the difference between £500,000 and £325,000). However, if you are married or in a civil partnership, you may be able to leave more than this before paying tax. Married couples and civil partners are allowed to pass assets to each other tax-free and the surviving partner is now allowed to use both tax-free allowances (providing one wasn’t used on first death). This effectively doubles the amount the surviving partner can leave behind tax-free without the need for special tax planning. The problem is that if you own a property, have a little put by in savings or investments, and have a pension fund, you can quite easily exceed it!


But don’t panic or bury your head in the sand - help is at hand! You would be surprised how easy it is to arrange your affairs to out-smart the taxman.


A new type of trust solves this problem even if you were to return to live in the UK.  In fact, it avoids the tax even if you never left the UK to live overseas in the first place.  You don’t have to wait seven years to avoid the tax (which is the case under the PET or potentially exempt gift rules), and you don’t have to give the assets away either.  You and your spouse or partner can continue to benefit from the assets.  It couldn’t be better! But what is it?? I will try to explain as quickly as I can as we don’t want you nodding off, do we!


New tax planning opportunities for British expatriates 

 

On the 15th February 2010 new UK legislation came into force which created an opportunity for British expatriates to save local taxes in the country in which they are tax resident as well as UK inheritance tax (IHT). 

 

The UK legislation created a new type of trust known as Qualifying Non-UK Pension Schemes (QNUPS) - which should not be confused with Qualifying Recognised Overseas Pension Schemes (QROPS). 

 

QNUPS allow retired expatriates to continue to put money into a pension scheme – and shelter it from the Inheritance Tax trap. And it gets better!

  • Firstly, there is no maximum age at which you can invest in a QNUPS.
  • Secondly, you do not need to have any earned income from an employment in order to make a contribution.
  • Thirdly, there is no maximum contribution that can be made into a QNUPS.

A QNUPS is a pension scheme trust which can give you a cash lump sum and income during your lifetime, with the remaining fund being able to be passed to your heirs on your death free from all taxes.  The rules are flexible enough to allow someone who is 80 years of age and has been retired for 20 years to put large investments into a QNUPS and immediately create significant tax advantages for themselves. 


As a pension scheme, a QNUPS is very tax efficient. It can avoid both local wealth taxes during your lifetime and succession taxes on your death. A QNUPS also avoids local succession law, so that you are free to choose exactly who inherits your money. Income can be taken from age 55 or it can be deferred up to age 75. In certain countries a significant portion can be paid to you tax free. When income is taken it is drawn down from the fund, leaving your scheme assets invested. The assets grow free from tax. On death the value of the QNUPS will be exempt from UK inheritance tax and local succession taxes.

A QNUPS offers considerable investment flexibility and choice, including residential property and even boats! Your assets can be invested, and benefits taken, in the currency of your choice, thereby removing currency risk. The trustees of a QNUPS have no reporting obligations to HMRC unless the scheme also holds any assets transferred from an authorised UK pension scheme. You can have both a QROPS and a QNUPS.


So, what is the difference between a QNUPS and a QROPS? 


A QROPS is actually a type of QNUPS.  QROPS can be an extremely attractive way of protecting your existing UK pension assets from tax in your country of residence and from UK taxes on your death.  As a QNUPS is a pension trust it will pay out benefits in a similar manner to QROPS but with two key differences:


1.        A QNUPS is immediately exempt from UK taxes on death whereas QROPS are only exempt after five full tax years of non-residency.

2.       Transfers into QNUPS are from non-pension assets or investable wealth, or from a QROPS scheme after the 5 year period has passed, whereas QROPS are designed specifically for transfers from existing UK pension schemes.

 

If you already have a QROPS, pension assets in the UK, or just want to protect your wealth from the taxman then this is something worth considering.


But you will need expert advice…


Steve Griffin is the founder of Expat Pensions and has 38 years of experience in the financial services industry. You can contact him on by e-mail at steve@expatpensions.eu or visit www.expatpensions.eu for more information.


16th July 2010


21st May, 2010


CYPRUS WISE: Essential advice from UK Expat Professionals for UK Expats Living in Cyprus


When many chose to work or retire abroad it is easy to forget about the long term and concentrate on immediate issues, such as what to take and choosing a home. Many forget about the long term and often important aspects which have a profound effect on our lives or the lives of the ones we love. Although some have been on holiday to Cyprus before moving permanently, it is often not enough to prepare UK expats for the differences in lifestyle, services and legal aspects they encounter once they have make the move. The following article, written by UK expat professionals, explores some of the differences you may encounter as a UK expat in Cyprus. It includes some useful information that you may not already be aware of and will need to know in order to save and make money as well as prepare for your future life and even your death.


Retiring in Cyprus

 

Steve Griffin (Cert PFS) is a UK expat dedicated to providing UK expats with specialised financial advice regarding pensions and investments for UK expats. Steve has provided financial planning solutions for over 23 years, with the past 12 years as an Independent Financial Advisor in the UK and Europe. Cyprus is one of the most popular destinations for Britons to retire overseas. Although retirees can benefit from the warm climate, fantastic food and excellent healthcare on offer, many pensioners are not aware of the many benefits available to them as retirees with regards to their pension. Below are some tips for those already retired or retiring in Cyprus in the near future:


·    Speak to a well reputed Independent Financial Advisor regarding your pensions and investments. Everyone’s cases are different and it is important for all UK expats to seek specialist advice in order to ensure they maximise their pension benefits whilst living in Cyprus.

 

·    Tax-conscious UK expats are now recognising the benefits of Qualifying Recognised Overseas Pension Schemes (QROPS) in ensuring that they will be viewed as non-domiciled by HMRC. UK pensions, including Final Salary or Occupational Pension Schemes (if not in payment), can be easily transferred to a tax neutral QROPS in well regulated jurisdictions such as Guernsey and New Zealand. Not only is this more tax efficient, but individuals will also have a say as to where they want their funds invested rather than being allowed no input at all whilst their funds remain in the UK.


·    Transferring your private and group pension funds to one of our recommended Qualifying Recognised Overseas Pension Schemes or QROPS can benefit you and your family in a variety of ways. You are able to gain complete control over your money, avoid the Annuity Trap, leave 100% of your fund to your nominated beneficiaries on death and take your lump sum free of UK income tax. If you plan to be an expat for 5 years or more, you may be surprised at the many benefits you and your family can reap by transferring to a QROPS


. For more information about how to reduce your tax and manage your pensions and investments, contact Steve on 00357 25222533. Or e-mail info@expatpensions.eu.


 

Law in Cyprus

 

Mark Tilden (B.A. Hons; P.G.C.E; F.Inst.Pa.) is a well respected. British expat living in Cyprus. Mark had his own Solicitor's practice in Plymouth, UK,  for Twenty years before deciding to move to Cyprus in 2007. Mark now operates in Cyprus, offering specialist advice to UK expats regarding Cypriot and British Wills and Probate. Below are some of Mark’s top tips for living in Cyprus:

 

·   Many UK expats are under the assumption that they do not have to make a Will in Cyprus if they already have a Will in the UK. This may not be the case depending on your individual circumstances.

 

 

 

 

Taxation in Cyprus

 

John Horton F.C.A. is a UK Chartered Accountant and had a successful practice in Birmingham for 30 years prior to relocating to Cyprus with his wife Sue in 2005.  John has extended his business qualifications by becoming a Certified Public Account in Cyprus and is currently practicing in Limassol, Paphos and Larnaca areas.

Below are a couple of important tax points especially for retired people living in Cyprus:

 

·   It can be beneficial to discuss your tax situation with a qualified account as Cyprus has a generous tax structure especially for pensioners.  For example, pensioners are able to choose whether to pay a flat 5% rate on their income in excess of a small personal allowance, or to be allowed a larger allowance or tax-free band and then pay tiered rates of tax up to 30% on income in excess of the threshold.  For example:-

 

If you receive up to € 19,500.00 per annum, you may pay no tax at all,   

€ 19,500.01 to € 28,000.00 you will only have to pay 20% tax,

€ 28,000.01 - € 36,300.00 you will pay 25% tax, and

€ 36,300.01 and above expect to pay 30% tax.


·    The Double Taxation Treaty between Cyprus and the UK means that for all pensioners who are tax resident in Cyprus, all forms of British pensions may be paid without the deduction of British tax.  This includes the state pension, company or group pensions and private pensions.  Many expats are unaware of this and may find they have been paying tax twice unnecessarily.  If this is the case for you it is advisable to contact a qualifed accountant as it is possible to recover any tax you may have overpaid.


. For more information regarding Cyprus tax and double taxation agreements call John on 99247688 or e-mail johnhorton@cytanet.com.cy

·  

If you are interested to find out more from our expat professionals, come along to our FREE seminar on the 3rd July at the Captain’s Bay Restaurant in Pissouri Bay.


Benefit from learning how to make the most of your life and your money and improve the lives of both you and your loved ones here in Cyprus. Enjoy a complementary drink with sea, sun, sand and a seminar!


Take the opportunity to talk with our professionals about your personal circumstances and any queries you may have.

For more information please call Steve on 97602641 or e-mail on steve@mfml.eu.


23rd April, 2010

QROPS: Five reasons for choosing a Guernsey-based provider

 

For many UK expats, the transfer of their private or company pension schemes to a Qualifying Recognised Overseas Pension Scheme or QROPS can bring many benefits that would have otherwise been unavailable to them as a UK resident. UK expats are able to have greater control over their money with increased flexibility of investment, avoid the annuity trap and steer clear of exchange rate risk. However, the advantages of transferring your pension funds to a Guernsey-based QROPS are higher still, with many tax-free benefits to enjoy as well as giving you peace of mind in the knowledge that your funds are being cared for by the best in the business. Below is a summary of five key reasons why a Guernsey-based QROPS may bring the benefits your looking for.

 

1. English Speaking Financial Specialists

 

Guernsey is well-known for being a leading, well established international finance centre. With such a reputation and its close proximity to the UK, many Independent Financial Advisors find the island an attractive jurisdiction for well-regulated QROPS providers.

 

As well as being a matured financial centre, Guernsey is also home to an English-speaking workforce. Members and Financial Advisors alike can enjoy the benefits of being able to communicate with a Guernsey based provider easily, as all have English-speaking employees at the end of the phone to help with any queries or requests. Although many QROPS providers world-wide will have members of their workforce who speak English, this may not be their native tongue and as a result errors can occasionally occur when details or requests have been misinterpreted in translation.

 

2. Independent Governance

 

Although Guernsey is situated close to the south coast of England, the island enjoys independent governance from the rest of the British Isles. The Channel Islands are also not members of the EU and are therefore not subject to EU legislation. The democratically elected States of Deliberation are the island’s parliament, who are responsible for domestic affairs, its economy and tax regime.  There are no political parties on the island, which is why Guernsey has remained politically and economically stable for so long. Hand in hand with Guernsey’s political independence is the island’s full fiscal autonomy. The island is therefore not bound by the rules of HMRC with regards to tax and regulatory matters, which gives investors increased flexibility and tax advantages.

 

For UK expats wishing to transfer their private and occupational pension plans to a Guernsey based QROPS, they must be aware that HMRC will still have jurisdiction regarding taxation until the individual has been non-UK resident for over five full UK tax years. During this period, if any benefits are taken, individuals will be taxed in accordance with the HMRC rules, as Guernsey-based QROPS providers must comply with HMRC reporting requirements during this time frame. However, after this period has elapsed, UK expats can enjoy taking their pension benefits from a Guernsey-based QROPS tax-free, only expecting to be taxed in their new country of residence on the income received.

 

It is comforting to know that Guernsey is one of the only jurisdictions that approached HMRC in 2008 to confirm that they were compliant in all areas relating to QROPS, rather than simply waiting for HMRC to come to them. The island’s transparency and drive to be fully compliant ensures that Guernsey is a safe place for offshore investors to do business.

 

3. Succession Planning

 

It is a common concern for many that their loved ones will not receive a great deal of their pension fund on their eventual demise. Inheritance tax, as well as other associated taxes, are levied on UK based pension funds to such an extent that surviving widows or children are left with only 0-65% of the fund value. However, there is an option for UK expats choosing a Guernsey-based QROPS to leave 100% of the fund to their nominated beneficiaries, as there is no deduction of inheritance tax. Such an option can bring peace of mind to those who may not possess a life insurance policy or would not otherwise be able to leave sufficient funds for their loved ones on their death.

 

Another major advantage of being able to leave 100% of your fund to a nominated beneficiary is that the recipient can be anyone of your choosing. For those who do not have spouse or children, there is flexibility in place for them to leave their monies to a close friend or even charity if they so wish to.

 

4. More flexible rules on how benefits can be taken 

 

It is no surprise that due to the island’s reputation as a stable, mature yet innovative financial centre, Guernsey was one of the first places to develop QROPS pension schemes. For this reason the island has a unique advantage; having the most experience in processing QROPS transfers as well as possessing a well-developed system of rules and regulations governing QROPS and how benefits can be taken.

 

On the 6th April this year, HMRC increased the age that pension benefits can be taken from age 50 to age 55. However, if an expat has been a non-UK resident for over five complete tax years, some Guernsey-based schemes will continue to allow benefits to be taken from age 50. Also, some schemes offer members the opportunity to borrow 25% of their fund as a loan before they reach retirement age, providing they have been outside the UK for more than five full UK tax years. On reaching retirement age, the member will have the opportunity of paying back the remainder of the loan with their 25% tax free cash entitlement. It must however be noted that not all schemes are able to provide such services, as rules may differ between different QROPS providers on the island. Loans are made on a prudent and commercial basis and are at the trustees discretion.

 

5. Code of conduct to be implemented later this year

 

QROPS pension providers in Guernsey are continuing to demonstrate their innovative ability to stay at the top of their game. A new code of conduct is currently being developed by a committee consisting of the island’s own financial regulators (The Guernsey Financial Services Commission), Pension providers, accountants and lawyers, with the aim of driving best practice within the QROPS industry and providing greater protection to offshore pension investors. Once completed, the code of conduct will update the island’s pension regulations by providing a benchmark and stipulating rules for QROPS providers to follow. This will ensure that there is a consistent high level of service provided across the board which will prevent any mis-selling taking place.

 

The code of conduct is still currently in the discussion stages, although it is hoped that it will be completed and in place by June 2010.  When in place, the code of conduct will be voluntary and therefore not enforceable by law. However, it will reflect poorly on those QROPS providers that do not sign-up, and ultimately questions will be asked as to why they are not participating in the scheme. Clients and Financial Advisors who use schemes which abide by the code will be able to enjoy an improved level of service as well as increased ease in transferring assets to schemes on the island. It is planned that the code will be evaluated periodically to make certain that it meets the ever-changing needs of this evolving industry.

 

***

 

The transferring of UK personal and occupational pensions (if benefits not in payment) to a QROPS is not the right solution for all UK expats. Your current pension policies, future plans and long-term goals should be taken into account before proceeding with such a transfer. All expats considering such a move are advised to speak with a fully qualified and experienced Independent Financial Advisor before making any decisions.

 

At Expat Pensions we specialise in offshore pension arrangements and investments for UK expats. We were one of the first companies operating in the expat QROPS market and as a result have negotiated preferential rates with certain Guernsey-based QROPS providers. If you have pension funds which are tied up in the UK and are unsure of the best course of action, then take advantage of our free, no obligation Expat Pension Review. Your financial aspirations will be discussed and your current funds analysed to determine the best solution for you, your family and your heirs. Our advisors will be pleased to visit you in the comfort of your own home to discuss the various options available to you. Visit http://www.expatpensions.eu or contact us on the details below.

 

 

10th April, 2010

Could your pension be your passport to a better life abroad?


From the 6th April 2010, changes in UK pension legislation now means that UK expats between the ages of 50 and 55 are unable to access their pension benefits. Previously, UK expats were able to draw their pension from age 50, giving many an opportunity to supplement their income whilst living and working outside the UK from this early age.

Despite now having to wait until aged 55 or over, many UK expats are not aware that their personal or occupational pensions could be their passport to a better life abroad. UK expats are able to take advantage of increased flexibility immediately, as well as a variety of benefits which come into effect once an individual has been resident abroad for over five full UK tax years. As an expat, your needs and aspirations will differ greatly from when you lived in the UK and you can and should expect more from your pension funds.


Questions you need to ask yourself:

  • Am I a UK expat with personal or company pensions in the UK?
  • Do I want 100% of my funds to go to my nominated beneficiaries when I die?
  • Do I wish that I was not forced into buying an annuity at aged 75?
  • Do I want to pay less tax?
  • Do I want more control over my money?
  • Do I want more flexibility of investment?
  • Do I want to eliminate exchange rate risk and bank charges on my pension income?

If you have answered “yes” to any of the above questions, then please read on...


You may be interested to know that under UK law, between 35% and 100% of your pension fund will not reach your beneficiaries on your eventual demise. As a UK expat, it is possible to ensure that your loved ones do not have to concern themselves with inheritance tax, (as well as other associated taxes,) and can instead receive 100% of your fund; giving you peace of mind that they will be financially secure.


By living an often healthier lifestyle abroad in a warmer climate, many UK expats can expect their life expectancy to increase. However, under UK pension law it is mandatory for owners of personal or occupational pensions to purchase an annuity by aged 75. Many UK expats reach this age and feel that their investments could perform better than the annuity income offered, and would instead prefer to keep their money invested in order to produce an income. This is easily achievable for UK expats, should they chose to transfer their UK based pension funds offshore to a HMRC regulated QROPS. There is no compulsion to purchase an annuity at any age and investment choice is vast and flexible.


There are many tax advantages available to expats after being non-UK tax resident for over five full UK tax years. It is possible to take a lump sum and pension income free of UK tax and from age 50. Also, depending on your country of residence and where your QROPS provider is based, you could end up paying no tax at all on your pension income.


The majority of UK expats in possession of an occupational or group pension fund will not have any input regarding investment choice or when they are able to receive their pension benefits and many have no choice over how much income to take and the frequency of payments. If you are a member of such a scheme, (and are not currently already receiving benefits,) it may be possible to transfer this fund to a QROPS and for you to enjoy more control over your money and increased flexibility of investment and benefits. You have contributed to your pension schemes for many years, so why not take control of your benefits.


*  *  *

If you answered “yes” to any of the questions in this article and wish to find out more about how a transfer to one of our recommended QROPS could benefit you, contact Expat Pensions, The QROPS Experts in Europe, to arrange a free expat financial review. Our experienced and fully qualified advisors provide specialist, individually tailored financial planning recommendations to UK expats and have helped many achieve financial stability and peace of mind in order to live the life they want abroad. Contact Steve Griffin of Expat Pensions on (0033) 457199180 or steve@expatpensions.eu Alternatively visit www.expatpensions.eu for further information and details of our local offices.

 

Article Keywords - UK expats,QROPS,pension legislation,pay less tax,flexibility of investment,HMRC,expat retirement planning

Written By Steve Griffin on 2010-04-10 06:38:34



 15th March,2010

A question of tax:

does HMRC view you as being non-domiciled?

 

Many UK expats are not aware that despite having lived abroad for many years, HM Revenue and Customs (HMRC) may still not view them as non-domiciled.  If UK expats still have assets linking themselves to the UK, as many do with their pension funds, they may well find that they owe the tax man more than they had bargained for. Only recently, the UK courts ordered business man Robert Gaines-Cooper to pay £30 million in tax; even though he had been living in the Seychelles for over 30 years. Although Mr Gaines-Cooper spent no more than 91 days in the UK each tax year, the courts still deemed him to be UK domiciled, due to his pension and other assets being UK based.

 

More and more recently, high-net-worth clients and tax-conscious UK expats are recognising the benefits of Qualifying Recognised Overseas Pension Schemes (QROPS) in ensuring that they will be viewed as non-domiciled by HMRC. UK pensions, including Final Salary or Occupational Pension Schemes (if not in payment), can be easily transferred to a tax neutral QROPS in well regulated jurisdictions such as Guernsey and New Zealand.

Steve Griffin, founder and partner of Expat Pensions says

‘‘UK expats can reap many benefits from transferring to a QROPS, as well as it ensuring that some of their major assets are moved out of UK jurisdiction. The major benefits are the ability to leave one hundred percent of your fund to a nominated beneficiary on death; no longer being obliged to purchase an annuity; the ability to avoid exchange rate risks, as well as gaining flexibility and complete control over your money.’’

HMRC rules dictate that individuals living abroad who do not permanently become non-resident, are subject to the same pension tax rules as members of UK pension schemes. QROPS offer UK expatriates an opportunity to move their pension abroad so that they can be taxed in their new country of residence. Expats residing in Cyprus are even more fortunate than most. A double taxation treaty with Britain allows retirees to pay tax in Cyprus at a fixed rate of 5 per cent on their pensions, whether state, company or personal. Those expats with an annual pension income of below €19,500.00 will not have to pay any income tax at all. This favourable treatment of pensioners is not age-related and applies to anyone in receipt of pension income.

There are now over 2,000 QROPS schemes approved by HMRC, with some being more reputable than others. However, most of these are not available to the general public. It is important that prior to investing, both the advisor and the client are confident that they are satisfied with the provider’s financial reputation. Experienced advisors specialising in QROPS offshore pension arrangements and investments should be able to advise expats on recommended, well-run schemes. If you wish to find out more about how a transfer to a QROPS could benefit you, please contact Steve Griffin of Expat Pensions or visit www.expatpensions.eu.

                                                                                                                                        

                                                                                                                                                                                           26th November 2009


Where to next for the markets?

 

You would be well worth your much-maligned bonus if you were a stockbroker or a financial adviser who could predict where the stock markets are going next, according to Steve Griffin, partner at Expat Pensions LLP. “The London Stock Market has climbed back to 5,000 plus from a low towards 3600 as short a time ago as early March, but it in recent days it seems to have stalled. “Is this just the markets catching their breath and some profit taking by those who have done well in the past three months, or have we found a plateau that seems to be a natural level?” He added that it was his belief that all the bad news in Europe had not been shaken out yet. “When the US Government stress tested its banks, what is not commonly known is that they did not include overseas branches or divisions. “With some of the EU statistics looking quite alarming, such as Spain’s unemployment rate of 17 per cent, there is a growing suspicion that many EU governments have taken an ‘ostrich with its head in the sand’ approach to their problems. He said that this was why many observers believed that there is a very strong case for looking at investing in structured funds.


A structured fund is a fund that combines both equity and fixed-income products to provide investors with a degree of both capital protection and capital appreciation. These funds use fixed-income securities to give the fund capital protection through principal repayment along with the added gain of interest payments. “If there is a chance, and I believe it may well be the case, that the markets have reached a plateau, then the attractiveness of structured funds is considerably enhanced,” said Steve Griffin. “With so much political uncertainty in the air, not only in the UK but also throughout Europe, many investors are looking for a safe home for their money while the markets take a step back and a breather, if that is what we are seeing.”

 

 

For further information, please contact:

 

Steve Griffin, Expat Pensions  – Throughout Europe 0033 457 19 91 80

steve@expatpensions.eu

 



                                                                                                                           23rd July 2009


Let's hear it for the expat community


One of the most frequent questions Expat Pensions’ partners are asked is what we think will happen to the income and prospects of expats after the next General Election in the UK. My first reaction is generally to say “Not a lot” and while this may seem rather flippant it is based on two rather pressing points.


Firstly, whichever party takes power in the UK between now and mid-2010, it will have far more on its plate to deal with than tinkering with the arrangements for expats. A rather large deficit, a continuing commitment to support our troops in Afghanistan, swine ‘flu’ and other issues which may not yet have emerged will generally come higher up the list than the plight of the expat.


The other factor is that so few expats take up their right to vote in parliamentary and European elections in their former home country. A report by the Electoral Commission in late 2008 found that UK citizens living abroad were significantly under-represented on the UK Electoral Register. There are fewer than 13,500 British expatriates on the electoral register, a tiny fraction of the estimated six million Britons living abroad. Many British expats simply don’t realise that they are still eligible to vote in UK elections once they have moved abroad. But even if you are living abroad, as long as you have been registered to vote in the UK at some point within the past 15 years, you can still be on the register as an “overseas voter”. Registered overseas voters are eligible to vote in elections to the UK Parliament and European Parliamentary elections.  In short, you can vote in the UK in person if you are there on the day of an election, by post or by proxy. More information is available from http://www.aboutmyvote.co.uk/register_to_vote/british_citizens_living_abroad.aspx

 

So let’s not hear any more comments about you being out of the loop and your opinions not counting for anything any more. If a larger percentage of the estimated six million Brits living abroad started to register and take up their right to vote, how long do you think it would be before you saw Gordon “You Tube” Brown or “Call me Dave” strolling down the beaches of Paphos and Larnaca or pressing the flesh in the golf clubhouses along the Spanish Costas? Which brings me back to the frequently asked question on what we at Expat Pensions think might happen to the tax and financial situation of expats after the next General Election? The answer, my friends, is find your voice and you would be surprised how quickly you will find your preferred party leader’s ear!


For further information, please contact:

Steve Griffin

Expat Pensions – Throughout Europe: 0044 121 288 6928 or 0033 457 199180 or steve@expatpensions.eu

 

 

 

 

                                                                                                                                  21st January 2009

 

Is your Pension suffering from poor Exchange Rates and

Investment Returns?

Take control, Increase Your Income and Pay Less Tax

 

Hard pressed expats whose income is suffering because of the strong pound are invited to a free seminar at the

 

Hotel Playaluna, Roquetas De Mar, Almeria on Friday 6th February,

 

The Experts at Expat Pensions will explain how you can beat the credit crunch and make better use of your UK pensions.

 

Expat Pensions are showing former UK residents living in Spain how to make the most of their pension funds to free up more income, protect themselves from exchange rate fluctuations and beat the UK tax trap.

 

At the seminar Expat Pensions will be explaining how to use a QROPS – a Qualifying Recognised Overseas Pension Scheme – to help with cash flow and finances in the short term and then how to rearrange their finances to benefit when the economic situation improves.

 

Steve Griffin explained: “One of the benefits is that you can nominate the currency in which your investments are held and your pension income paid, mitigating the sort of currency fluctuations that have caused so many expats so much pain in the past year. Unlike the UK, there is no need to purchase an annuity. This gives you much more flexibility in how you take the income and when.”

  

Expat Pensions partner Steve Griffin explained: “We were among the first companies to develop expertise in the QROPS market - identifying the advantages that Qualifying Recognised Overseas Pension Schemes could bring to expats around the world. We have assisted in the development of some of the products now in general use. Having been one of the forerunners in this niche area, we completed our due diligence in the early days and only use companies that we are satisfied are wholly reputable and have total HMRC approval (you can go on the HMRC website and see the name of each and every QROPS we may be recommending for you).”

 

A QROPS is an HMRC approved scheme that enables individuals to move their pensions abroad and then access it free of all UK restrictions after they have been non-UK resident for five complete UK tax years.

 

Steve Griffin added: “Pension plans are important for your future and it’s important you find a plan that meets your needs today. Also, why not leave your pension to your heirs - not the UK government or an insurance company - on your death. After all you worked hard for it!”

 

Expat Pensions offers the widest range of investments to choose from, including guaranteed rates and the opportunity to get the best value for your money. Transfers to QROPS are viable for sums of £25,000 upwards.

 

“We feel it is very important to visit each person individually as every case is different and needs an individually tailored solution. All cases are only dealt with by Expat Pensions' experienced staff, who are fully trained and work under the close supervision of the two managing partners.”
   

“We have outlined the broad picture above but if you want to know more and arrange a personal  follow up appointment please take the time to come to our seminar or contact us through www.expatpensions.eu and we will arrange to come to you - wherever you live.”