Contact

News & Insights

Pensions Update – by Laura Mann, Regional Manager Canary Islands

For expats who are not resident in the Canary Islands and intend on drawing down income benefits in the coming months, and wish to avoid being subject to emergency tax, we recommend you contact HMRC in advance, in order to obtain a personal tax code and thereby automatically claim any personal allowances due. Please note that this process can take some time. 

Malta:

At the moment, if your Pension Fund is held under the jurisdiction of Malta there is no flexibility available with regards to accessing your Pension Funds early (at the age of 55 years), however, new primary legislation has already been passed to mirror the aforementioned developments in the UK. Following discussions with the Malta Financial Services Authority, further updates and guidance are expected later this year.  It is expected that most Maltese Schemes will be offering flexibility no later than 1st January 2016.

Gibraltar:

If your Pension Fund is held under the jurisdiction of Gibraltar, flexible access is currently under discussion with HMRC.  At this stage the 70 / 30 rule still applies, with drawdown subject to capped income of 150% of GAD rates.  

Isle of Man:

Currently, the Isle of Man is looking to add flexi-access to its legislation. This will be debated in the Manx Parliament this Autumn. In the meantime the 70 / 30 rule still applies, with drawdown subject to 150% of GAD rates.

Flexi-drawdown plans set to impact delisted QROPS in Guernsey

If, on the other hand, your Pension Funds come under the jurisdiction of Guernsey, your ability to access flexi-drawndown may be affected by new legislation, especially if your scheme has been delisted QROPS.  If you are unsure about this, please contact us NOW so that we can review your circumstances and advise how this will affect you.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Your Expat Pension and Exceeding the Lifetime Allowance

CalculatorThe pensions tax relief Lifetime Allowance (LTA), otherwise known as the pension lifetime limit, should be an area of active concern for any expat with a high-value pension.

Despite this, far too many wealth management clients have insufficient knowledge of precisely what the pension lifetime limit is and they could be affected. In fact, significant numbers of expats may be unwittingly breaching the LTA pension limit, oblivious to the possible consequences.

Read More

AROUND THE BRANCHES – Portugal Still Reliant on Foreign Investment

Election 2019This week we look at what the recent re-election of the Socialists in Portugal means for expats and foreign visitors.

While Prime Minister Antonio Costa may be jubilant, it is likely that he will continue to rely on the investment and economic stimulation generated by foreign citizens and expats if he is to help the country keep its spiralling debt under control.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information: