QROPS Information – South Africa

South Africa QROPS

If you have a UK pension and currently live in South Africa, or intend living in South Africa, and you remain a non-resident of the UK for five years or more, you should consider a QROPS transfer.

Currently there are close to twenty QROPS funds in South Africa, however it is advisable to consider moving your UK pension funds to a QROPS in a neutral jurisdiction such as Guernsey or the Isle of Man, giving you greater long-term flexibility.

QROPS Benefits

If you live in South Africa or consider living in South Africa for 5+ years, you can transfer your UK Pension into an HMRC approved scheme in an offshore, tax friendly jurisdiction, such as the Channel Islands. The Benefits Include:

  • Tax Efficiency (often 50%+ Tax Saving)
  • Wide choice of investment options
  • 100% to Nominated Beneficiaries.
More on QROPS Benefits …

Speak to an Offshore QROPS adviser in South Africa

For further information on offshore QROPS transfers while you are in South Africa and to be introduced to an accredited and authorised QROPS adviser in South Africa, simply Contact Us and we will introduce you to a QROPS adviser.

South Africa Specific QROPS Questions

1. I am looking to realise my QROPS in South Africa, will I have to pay Income Tax or Capital Gains Tax?

  • While many offshore structures are tax-efficient and you are able to minimise any income tax, even in tax-efficient structures you are often liable for Capital Gains Tax when you repatriate the funds into a specific jursidiction. The amount of tax you are liable for depends on the specific jurisdiction.
  • However,  South African legislation specifically deals with international pension plans, clearly states that you have no tax liability, either CGT or Income Tax, should you repatriate any funds from a QROPS into South Africa.