Malta has secured its position as a leading hub for the pensions transfer industry after HM Revenue and Customs published its new list of jurisdictions which meet the conditions on Qualified Recognised Overseas Pensions Schemes (QROPS).
HMRC’s review will, undoubtedly, give some jurisdictions an increased slice of the market, say industry experts.
Nigel Green, CEO of the deVere Group, the firm responsible for almost half the GBP1.3 billion which have been transferred from onshore to offshore pension schemes since 2006, says: “We fully expect Malta, an English-speaking, EU member state, to secure its position as the fastest-growing hub for pension transfers. We’re delighted that it has rightfully retained its place on HMRC’s recognised list.
“This jurisdiction currently has 59 double taxation agreements – and it’s clear that HMRC is demanding that some tax is paid.
“It’s also arguably one of the most flexible and one of the safest jurisdictions as The Malta Financial Services Authority has worked closely with HMRC to align its legislation with all the UK QROPS requirements.”
The deVere Group, which has long used Malta as its preferred jurisdiction, believes the “already burgeoning overseas pension transfer market” will flourish further.
“HMRC’s newly defined list is, once again, showing that QROPS are becoming increasingly mainstream. This ultimately means that clients are even better protected, making QROPS, with all their tax and investments advantages, even more attractive.”
