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    Specialist Help For USA Residents

    It is estimate that there are over 1.5 million British expats now living in the USA. A very large proportion of this number will never return to the UK. Choosing to live out their twilight years in sunnier climes.

     

     

    The USA is certainly a favourite destination for many UK ex-pats, however transferring a pension into QROPS is problematic for stateside residents as well as ex-pats.

    For the first time some QROPS is now available that tackles the necessary legal and administrative issues that have prevented US residents and nationals from picking up the tax and investment benefits or transferring to a QROPS.

    QROPS advisers do confirm that the HM Revenue and Customs listings of QROPS have included several US 401(k) pension schemes more or less from day one of April 2006. In principle QROPS transfers were available to US nationals living abroad along with UK ex-pats moving to the United States.

    It does remain that the HMRC’s counterpart in the USA namely the Inland Revenue Service (IRS) has so far refused to recognise QROPS transfers into a QROPS USA 401(k) pension by UK ex-pats living there. The reason for this they claim is that the QROPS structure is not legal.

    A similar no-go status was imposed on US nationals overseas who transferred from a 401(k) to a QROPS.

    QROPS 401(k) And IRA Transfers

    Both triggered IRS tax penalties on any funds that were transferred.

    This unfortunately is likely to tighten up further from January 2013 when the Foreign Account Tax Compliant Act comes into force. The Act will virtually bar all US residents and US nationals living outside the country from transferring their pensions into a QROPS.

    Although this complicates any QROPS transfers in or out of a 401(k) pension some providers have managed to re-structure the master trust that manages a QROPS into a USA-friendly legal entity.

    This is a legal alternative that opens QROPS USA investments as a two-way street between transferring from a UK pension to a US QROPS and likewise from a US 401(k) to an offshore QROPS.

    The framework is now in place, however QROPS USA is still tied up in red tape and successful transfers do require patience, specialist skills and expertise.

    The possibility of moving QROPS pension transfers for UK ex-pats living in the US does open a new world of investment opportunities that were once unavailable.

Qrops Pensions South Africa

Ex-pats and international workers who regularly make two way trips to South Africa and the United Kingdom would benefit greatly from a tax effective qualifying recognised overseas pension scheme or QROPS.

These are offshore pensions that are regulated by the taxman in the UK. For those people who are actually living in South Africa or for those who are thinking about relocating there and maybe a little unsure of your pension options, help is now at hand via a specialist team at the Qrops Help Centre

For South African residents there is a dedicated team of experts who will undoubtedly offer you their high level of knowledge and excellent services. This is how a QROPS can help you.

Who Will Benefit?

  • Ex-pats who may live or work in South Africa
  • Residents of the UK who are planning to move or retire to South Africa within a six month time line
  • South African people who have funds in a United Kingdom pension scheme
  • Anybody who has a UK pension

Reasons Why They Benefit

A QROPS can:

  • Consolidate UK pensions within one scheme
  • Offer investment options that are flexible
  • Remove unused UK pension funds from Inheritance Tax when the member passes over
  • Offer at least a 30% tax free lump sum drawdown upon retirement as well as gross benefit payments
  • Be paid in major currencies

Best Places Where QROPS Are Based

Financial services providers in South Africa host many QROPS schemes but this does not mean the pension has to “live” in the place. It is important to match up individual circumstances, residency and solutions as not all QROPS are the same.

Guernsey and the Isle of Man are included in popular QROPS jurisdictions for investors from South Africa, this is especially beneficial as both countries are in the same time zone as South Africa and share many historical ties with Britain.

Almost fifty other countries in the world offer many products related to QROPS destinations.

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