Qualifying Recognised Overseas Pension Schemes pensions are not only for the ultra rich - any ex pat with a pension should think about increasing their wealth by taking their retirement savings offshore.
A QROPS - short for 'qualifying recognised overseas pension scheme ' - is only one option.
A QNUPS - a qualifying non-UK pension scheme - is a close cousin of the QROPS and offers similar benefits.
With around 2,500 QROPS schemes on the market from tons of suppliers in around 50 monetary centers across the world, somebody, somewhere has a pension scheme to fit the needs of most ex pats looking out for a safe harbor for the retirement cash.
Qualifying for an offshore pension is easy. To milk a plan, the investor must be a Brit ex-pat or a world worker with UK pension rights.
The catch is attempting to transfer funds while still a UK resident.
Residency laws are complicated, and if a pensions adviser or investor makes the wrong call, the penalty can mount up to at least 55 % of the value of the funds transferred out of the United Kingdom.
Average Qualifying Recognised Overseas Pension Schemes transfers are round the £100,000, but to reach this figure, the number has to incorporate many bigger and smaller funds.
The problem with transferring a fund of less than £100,000 is the charges involved with setting up the scheme.
To attract more smaller pension pots, many providers in top rated QROPS centers like Guernsey, Malta and the Isle of Man are offering 'QROPS lite ' schemes with trimmed back investment options and much lower start up and administration charges.
Many of these cut rate schemes are offered by trusted Qualifying Recognised Overseas Pension Schemes providers with international reputations.
Now, many ex pats with pension funds as low as £25,000 have a chance to switch to a QROPS. Talk to an advisor for more information.
A QROPS - short for 'qualifying recognised overseas pension scheme ' - is only one option.
A QNUPS - a qualifying non-UK pension scheme - is a close cousin of the QROPS and offers similar benefits.
With around 2,500 QROPS schemes on the market from tons of suppliers in around 50 monetary centers across the world, somebody, somewhere has a pension scheme to fit the needs of most ex pats looking out for a safe harbor for the retirement cash.
Qualifying for an offshore pension is easy. To milk a plan, the investor must be a Brit ex-pat or a world worker with UK pension rights.
The catch is attempting to transfer funds while still a UK resident.
Residency laws are complicated, and if a pensions adviser or investor makes the wrong call, the penalty can mount up to at least 55 % of the value of the funds transferred out of the United Kingdom.
Average Qualifying Recognised Overseas Pension Schemes transfers are round the £100,000, but to reach this figure, the number has to incorporate many bigger and smaller funds.
The problem with transferring a fund of less than £100,000 is the charges involved with setting up the scheme.
To attract more smaller pension pots, many providers in top rated QROPS centers like Guernsey, Malta and the Isle of Man are offering 'QROPS lite ' schemes with trimmed back investment options and much lower start up and administration charges.
Many of these cut rate schemes are offered by trusted Qualifying Recognised Overseas Pension Schemes providers with international reputations.
Now, many ex pats with pension funds as low as £25,000 have a chance to switch to a QROPS. Talk to an advisor for more information.
About the Author:
Many pension advisors turn away tiny QROPS deals because they are hunting bigger commissions from larger pension transfers, but many firms are set up to help less wealthy clients. Only use the most regulated firm www.qrops.net