If you have a UK pension and currently live in Spain, or intend living in Spain, and you remain a non-resident of the UK for five years or more, you should consider a QROPS transfer.
Currently there are a few QROPS funds in Spain, however you would do well to consider moving your UK pension funds to a QROPS in a neutral jurisdiction such as Guernsey, giving you greater long-term flexibility.
If you live in Spain or consider living in Spain 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.
Speak to an Offshore QROPS adviser in Spain
For further information on offshore QROPS transfers while you are in Spain and to be introduced to an accredited QROPS adviser in Spain, simply Contact Us and we will introduce you to a QROPS adviser.
Spain Specific QROPS Information
For Spanish residents and people planning to live in Spain, the Isle of Man is not a good place for your QROPS. The Isle of Man does not have a Double Taxation Treaty with Spain. This means that tax collected in the Isle of Man cannot be offset in Spain or claimed back.
It is the policy of the Isle of Man to deduct 18% income tax on withdrawals from pension plans including QROPS made by non-Isle of man residents. The Isle of Man is a good jurisdiction, if you are resident in a country that has a Double Taxation Treaty such as Norway, Sweden or Finland.
This is important to be aware of as there are many adverstisements in Spain, which promoted a QROPS in the Isle of Man. As always, it is best to speak to a QROPS adviser in Spain, Contact us.