Guernsey is in turmoil following the delisting of the majority of its QROP pension providers by HMRC. One trust company informed me that 500 pending cases had automatically fallen of their books overnight.
Malta is currently being inundated with transfer requests and looks set to profit from the HMRC ruling.
The British Government has taken a hard line regards QROPS in an effort to avoid the outflow of monies from UK pensions which has vastly exceeded their expectation since the introduction of QNUPS rules.
Mark Paine
Meyado
www.meyado.com.sg
The USA is a popular destination for UK expats with over 1.5 Million of them residing in the USA. On top of that there are thousands of US residents and citizens who have worked in the UK and have returned home, leaving their UK pensions behind. Until recently it was impossible for US residents to transfer a UK pension to a QROPS or Qualifying Recognised Overseas Pension Scheme due to the strict reporting requirements of the IRS. Understanding these restrictions and reporting requirements of the IRS, a new IRS friendly and compliant QROPS USA Trust was created with the USA resident in mind, enabling USA residents to take advantage of the many benefits a USA QROPS has to offer.
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