UK Pensions in Gibraltar
The introduction of qualifying recognised overseas pension schemes (QROPS) on the 6th April 2006 has opened up a huge window of opportunity where UK pensioners living in Gibraltar or planning to do so in the near future can gain much benefit from transferring their UK pension fund into a Gibraltar QROPS. The majority of UK registered pension schemes including SIPP’S and protected rights can be transferred.
Gibraltar represents a great jurisdiction for members of an occupational pension scheme as these sources of income are not taxable in Gibraltar. A recent ruling by the European Court of Justice has also declared that Gibraltar can continue to determine its own tax regime and retain independent tax status from Britain which along with many other reasons, makes Gibraltar particularly attractive for UK expats who wish to retire in a tax friendly jurisdiction.
Capital gains tax, wealth tax, sales tax or VAT does not apply in Gibraltar and although some consider Gibraltar to be a hotbed for tax evasion this really is not the case. Gibraltar is regarded as one of the best regulated and affluent financial markets in the world where it was ranked 26th out of 69 in the 2008 Global Financial Centres index.
See our section on QROPS benefits for further information on what can be gained and to find out more on why transferring your pension out of the UK into a QROPS and avoiding these restrictions will help you greatly in improving your retirement years in Gibraltar.
For further information on QROPS transfers and for a qualified QROPS adviser to contact you, simply fill in your details in the contact a QROPS adviser page to receive free QROPS advice.
