Retire to the sun with QROPS
No matter where you are in your career, it?s safe to say that most financial advisors will recommend that you should be investing in a pension for your retirement years. There are a huge variety of pension schemes available to investors that are suitable for all types of people, but actually selecting the one that would be most suited to you and your needs is a tricky business. The best first step is to speak with an advisor about your aims for the future as well as your current situation; that will help limit your choices to something more manageable.
QROPS: A scheme that?s ideal for expats
A Qualifying Recognised Overseas Pension Scheme, better known as a QROPS, is a relatively new option that is rapidly growing in popularity amongst investors. You must meet a range of criteria before being able to invest in one, though, so make sure it?ll suit you before you decide on anything. By following these guidelines, you?ll soon see whether a QROPS is the perfect fit for your future.
The first thing to consider is that this is only available to people who plan to spend their retirement in a different country; it is an overseas scheme, after all. Once this decision has been made, you must then check that any investments you currently hold are compatible and can be transferred into a QROPS. You should be constantly taking the advice of a qualified specialist who knows the world of tax intimately; that way you know that the scheme will be run correctly on your behalf and your application will go smoothly.
Changes at home could mean effects abroad
Be sure that the scheme you select is actually valid in the United Kingdom by HMRC. The country where the company running your QROPS is based is certain to have an effect on your investment and as such must be recognised by Revenue & Customs. If tax laws are modified back home your QROPS could well be altered, so ensure that things are protected should anything be changed that could have an effect on your investment.
Finally, and probably most important, you need to be sure that your QROPS is within the confines of your budget. The initial costs to set one up are considerably higher than those of a standard pension scheme, and then you need to add in the annual fees required to maintain the investment. As with any financial decision, consult an advisor who is experienced in dealing with such areas before making the call to invest in a pension scheme, particularly one as different as a QROPS.
Source: http://blog-finance-bankruptcy.mysurechoice.com/3588/retire-to-the-sun-with-qrops/
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