QROPS and QNUPS Advice – A complete financial solution for Expatriates?
Do you spend more than 183 days a year in your second country?
Do you try and keep under the radar of the local tax authorities pretending to be a UK resident?
Are you drawing down income on your UK pension at your highest marginal rate which could be 40% possibly 50%?
Do you hold your wealth or financial assets in an offshore jurisdiction to avoid paying taxes on savings?
In July 2005 the European Union introduced the “Savings Directive” to ensure EU residents paid taxes on savings income to their country of residence regardless of whether they declared income or not and thus avoid the common practice of hiding capital in foreign bank accounts. The Directive, however, has so far proved to be ineffective as it only covers private individuals and most people transferred their funds into corporate structures.
Are you aware the EU has appointed an expert working group to close existing loopholes and prevent tax evasion?
Did you know that the plan is to increase the number of financial instruments and investments which fall within scope of the Directive as well as introduce look through facilities for offshore companies, trusts and foundations to ensure recovery of tax liability?
Has anyone advised you that there are legitimate ways of reducing your overall tax liability and ensuring your financial affairs’ are all in order?
For maximum tax efficiency you can transfer your UK pension into a QROPS and your non pension assets including property, fine art, antiques as well as financial assets be it cash or investments into a QNUPS (Qualifying Non UK Pensions Scheme) arrangement.
Combined they offer a powerful and effective tax efficient financial planning solution for expatriates or those planning to exit the UK, to move both pension and non pension assets out of the UK with the benefit of being able pass the proceeds tax free to beneficiaries after 5 complete years of non residency and enjoy a significant tax saving on the income taken from these assets, dependent of course on new tax residency status.
If you have moved abroad or are planning to do so – QROPS (Qualifying Recognised Overseas Pension Schemes) and QNUPS (Qualifying Non UK Pension Schemes) might be the perfect solution for you.
In Spain the tax rate on pension drawdown could be in single digit figures for 5 year temporary annuities and if you were to choose Gibraltar as your country of residence you might end up paying zero tax.
Isn’t it worth discussing your options with one of our financial advisers Spain?
Find out how QROPS and QNUPS can work for you or your clients. Telephone +35020050982 or email wealth@fiduciarywealth.eu and speak to our financial advisors Spain. Alternatively visit our website www.fiduciarywealth.eu
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