Feb 3

QROPS: Pension Scheme for Expats

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In previous posts, we have already commented on the increase in the cost of living in Spain for the average expatriate, focusing especially on tax issues and the poor exchange rate.

United-Kingdom(Great-Britain)However, many British residents in Spain may be unaware of some of the ways in which they can maximize the value of their pensions.

An important example, which is growing in popularity year by year, is the QROPS scheme.

For those unfamiliar with the term, QROPS stands for Qualifying Recognised Overseas Pension Scheme and is aimed at those British expatriates have left a British pension scheme or who are currently involved in a United Kingdom pension scheme.

dineroBy transferring their pension into a QROPS, long term Spanish residents can benefit from multiple advantages compared to keeping their Uk pension scheme. These include:

1)      Avoiding inheritance tax in the UK.

2)      More favourable income tax rates.

3)      The pension will be paid in a currency you will need in retirement, thereby avoiding exchange rate issues.

4)      Local pension jurisdictions and advisors (Spain and Gibraltar), which are more accessible for oversees residents than their Uk counterparts.

Article by Mark Athos Franklin, native English lawyer at the Rodriguez Bernal law firm.
 
For more articles on the law governing foreign residents in Spain or for more articles in English, click the links provided.
 
Antonio Pedro Rodríguez Bernal
At the Rodriguez Bernal law firm we have a department specialised in expatriate law that is highly experienced in assisting clients from many countries and nationalities.
 
For more information about the services we offer on issues affecting foreign residents, visit our web site or contact us directly.
 
Email: info@rodriguezbernal.com. mathos@rodriguezbernal.com.

  1. El caso es que tras navegar en la garlito, me he opuesto con un vídeo.

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