QROPS for expats in countries without providers

Published:  4 Dec at 6 PM
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Much has been written about the desirability of transferring an expat retirement pension to a QROPS, but what if you’re living in a country which has no listed providers?

Around 180 countries are not represented in the global QROPS market place with its over 3,000 pension funds, giving rise to worries amongst retirement savers who wish to invest. The solution for many would appear to be a ‘third-party QROPS’, although the same care should be taken as regards checks and balances, small print and the legality of the FA who’s recommending it.

Gibraltar, the Isle of Man and Malta are all home to popular third-party QROPS providers, offering up to 300 individual offshore pensions between them. An advantage of the third-party plans is that international employees or pensioners have no need to be resident in the jurisdictions where the QROPs are based.

Another advantage is that expats can move countries without having to move their QROPS. Income tax, if relevant, is paid in the expat’s country of residence, not in the QROPs country of origin, and interest is paid gross in whatever currency is required, saving money on currency exchange rate charges.

Third-party QROPs are particularly suitable for working expats who have not yet decided where they will settle long-term. Putting off the decision whilst being content that your nest-egg is not being hit by regular early-exit fees gives peace of mind.
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