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QROPS works for expats in France

Given all the talk and acceptance of QROPS transfers, expats in France could be forgiven for forgetting that there was ever a time when they were short of options.

But it’s worth remembering that before QROPS transfers became available, expats in France and elsewhere in Europe had very few choices available to them when it came to deciding what to do with their UK-based pensions. For many it was a horrible and disempowering situation that, in some cases, resulted in poor decisions and traumatic financial losses.

Fortunately, the introduction of new laws has addressed this fraught area of the law, and the willingness of the government to incorporate QROPS transfer pensions within the remit of HM Revenue and Customs (HMRC) has produced a win-win situation for all interested parties, particularly those who benefit from the tax-efficiency of QROPS. QROPS has changed everything.

But the benefits are not only about tax efficiency. QROPS can be based in jurisdictions which allow far greater flexibility than similar pension plans in the UK. For example, savers can retain real control of their pension assets, including the ability to pass them on to family at the time of death. They also benefit from greater currency control and significant structural flexibility.

For those who remember the darker pre-QROPS days, it should be a thing of wonder that they are now able to have such autonomy when it comes to wealth management, succession and estate planning. There really are very few vehicles that have been so successful in helping hard working people ensure the smooth transition of wealth to loved ones and dependants.

However, it is worth remembering that all products are suitable for all people and, depending on your circumstances, there may be additional or supplementary wealth management strategies that are more suited to your needs. Speaking with an experienced international financial advisor with a track record in retirement planning and QROPS is likely to be critical.

Other News

Restrictions imposed on US Expats in the Netherlands

Due to reporting regulations introduced by the IRS in 2010, Americans who leave the States to live abroad are finding it increasingly difficult to find banking and financial advice services and are facing considerable restrictions when it comes to investment and retirement accounts.  The introduction of the Foreign Account Tax Compliance Act (FACTA) made it […]

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Expats want clear plan

Houses of ParliamentBritish expats who are uncertain what they should do regarding their regular savings plans are hopefully reassured by Theresa May’s announcement that she wishes to secure the status of expats in the European Union at an early stage during the Brexit negotiations.

However, the Prime Minister has refused to divulge further details of the Government’s strategy for negotiating the UK’s formal exit from the EU, leaving expats without any further clarity regarding their future options – for example in respect of education fee planning and international pension planning – in relation to their expat regular savings.

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