When deciding to transfer your pension into a Qualified Recognized Overseas Pension Scheme, it is important to first select the right QROPS jurisdiction. By selecting the right QROPS jurisdiction, you will be able to begin considering which individual QROPS provider to invest with. In order to make the right choice, you should first and foremost take into account the standards of financial services regulation and investor protection provided in that particular QROPS jurisdiction. At present, QROPS providers are available in various country jurisdictions such as Australia, Bangladesh, Bulgaria, Guernsey, Hong Kong, India, Russia, Turkey and the United States. Go here to learn more about QROPS and your rights.

In addition to selecting the right country which will live up to the high standards of financial regulation and investor protection you expect, you should also note that certain QROPS jurisdictions may impose withholding taxes on the QROPS offshore pension incomes of residents, as well as citizens, in compliance with treaties on double taxation. Once you have resided outside the UK for a minimum period of five complete tax years, your QROPS fund will cease to be subject to UK laws and regulations on taxation. Once this period has elapsed, your offshore pension fund will fall under the jurisdiction of the country in which the QROPS was set up. What this means is that upon the death of the pension holder, the remaining QROPS fund will not be subject to UK inheritance tax laws and may be distributed in accordance with the pension holder’s wishes.

You should also note that certain jurisdictions have pension regulations that greatly differ with the QROPS regulations in the UK. This means that once the 5 year qualifying period of UK non-residence has elapsed, it may still be possible for you to enjoy a wide range of other pension benefits on more favourable terms than those which apply to UK pension rights. It is important to consult a qualified QROPS adviser to assist you in the planning and execution of the pension transfer of your UK pension rights to a QROPS. As an expatriate looking forward to enjoy your expatriate pension, be sure to also seek the advice of a qualified financial adviser in the UK who will bring in the skill and professionalism required to your venture into the world of QROPS.