Thursday, May 13, 2010
Ex Pats have it better!! Its official!
Nine out of ten British expatriates say they enjoy a better quality of life abroad, according to the third annual NatWest International Personal Banking quality of life report. See our pensions and fund transfers section on http://www.360canaries.com/
Wednesday, April 21, 2010
Booking.com Volcano Info
BOOKING:COM
Information regarding the Vocanic Ash situation for anyone who booked accommodation via our website with Booking.com
http://www.booking.com/general.html?sid=c7bd5e512704ec1aa7820488e5d9837f;tmpl=docs/faqmain#volcano
Information regarding the Vocanic Ash situation for anyone who booked accommodation via our website with Booking.com
http://www.booking.com/general.html?sid=c7bd5e512704ec1aa7820488e5d9837f;tmpl=docs/faqmain#volcano
Wednesday, April 14, 2010
Click to make your own wedding day website and for gift ideas!
http://www.lanzaroteweddingplanning.com/extras.html
Tuesday, April 13, 2010
UK TELECOM CANARY ISLANDS
The NUMBER ONE in Spain
We are still celebrating our NINTH BIRTHDAY, NINE successful years thanks to you our 60,000 members for all of your support during the past.
To thank you for your tremendous loyalty we are giving a birthday present of NINE EUROS for each new introduction to our services. That is a BONUS of 4•50 EUROS to the introducer, and 4•50 EUROS to the new member off the next invoice. This is worth more than 2½ FREE HOURS of calls to U.K. landlines on Saturdays. The offer has been extended to 31st May 2010, so for every 10 introductions there are 25 FREE HOURS and for every 100 introductions there are 250 FREE HOURS!
Click directly to 360canaries UK Telecom site!
http://www.360canaries.com/links.php
We are still celebrating our NINTH BIRTHDAY, NINE successful years thanks to you our 60,000 members for all of your support during the past.
To thank you for your tremendous loyalty we are giving a birthday present of NINE EUROS for each new introduction to our services. That is a BONUS of 4•50 EUROS to the introducer, and 4•50 EUROS to the new member off the next invoice. This is worth more than 2½ FREE HOURS of calls to U.K. landlines on Saturdays. The offer has been extended to 31st May 2010, so for every 10 introductions there are 25 FREE HOURS and for every 100 introductions there are 250 FREE HOURS!
http://www.360canaries.com/links.php
Friday, April 9, 2010
News from 360canaries
We are now linked to Blog Ex Pat and Business Services UK ... take a look!
BLOG Ex Pat
Business Services UK
BLOG Ex Pat
Business Services UK
Wednesday, April 7, 2010
QNUPS
QNUPS Advice
QNUPS - the next major offshore pensions planning opportunity for UK tax-relieved pension funds and the interaction with QROPS.
The Inheritance Tax (Qualifying Non-UK Pension Schemes) Regulations 2010 [SI 2010 / 0051] came into force on 15 February 2010 and have introduced QNUPS.
The purpose was to correct an error in the Finance Act 2004. Without these amending regulations UK pension funds once transferred to a QROPS would become liable to UK Inheritance Tax (IHT) charges. These regulations now mean a non-UK resident may transfer UK pension rights to a QROPS and upon death, whether before or after age 75, no Inheritance Tax liability arises.
These regulations apply to overseas schemes generally. But they have wider application for two reasons :
1. taxable property rules associated with one form of QROPS and
2. a restriction on the tax relief available on pension contributions to high-earning UK residents.
The technical side
To be a QNUPS the overseas scheme must satisfy the same conditions necessary for a Recognised Overseas Pension Scheme (ROPS) (SI 2006/206) with the importannt exception that there is no necessity for there to be Double Taxation Treaty (DTA) with the overseas scheme’s jurisdiction if the scheme is outside of the European Economic Area. A DTA is not necessary because there are no reporting requirements from the QNUPS to HMRC.
The outcomes are that a QNUPS benefits from UK IHT exemption in respect of:
(a) UK tax-relieved pension funds that have been transferred to a QNUPS.
(b) contributions to a QNUPS and
(c) assets held by a QNUPS generally.
A QROPS will by definition be a QNUPS. But a QNUPS need not be a QROPS. This leads to the feasibility of using QNUPS as an ultimate destination for UK tax-relieved pension funds to gain further advantage.
A QNUPS (which is not a QROPS), is a good home for UK pension funds which were originally transferred to a QROPS. A QNUPS (which is not a QROPS) need have no specific investment restrictions and may for example invest in residential property and the like. But the key to this is transferring from the QROPS to a QNUPS.
For clarification we need to differentiate between “investment regulated” and “non-investment regulated” QROPS. This is a consequence of SI 2009 / 2047, effective August 2009. These taxable property provisions (relating to investment in residential property, fine wines, antiques, and the like) extend UK investment rules to some QROPS. If the QROPS is “investment regulated” then Paragraph 7A of Schedule 34 Finance Act 2004, provides for a 70% tax charge where investment is made into taxable property out of UK pension funds which have been transferred to the QROPS. But there are further implications.
What follows are direct quotes from the Registered Pension Schemes Manual (RPSM).
“A transfer from a UK pension scheme to a QROPS constitutes a Relevant Transfer Fund” (RPSM13102130). Then we have to consider whether that fund comprises a Taxable Asset Transfer Fund (TATF). All transfers from UK pension schemes to an investment-regulated QROPS since 6 April 2006 comprise a TATF.
This is important because: “A payment to a transfer member has to be notified to HMRC regardless of whether or not they have been non-resident for more than five tax years if it is deemed to have been made from their Taxable Asset Transfer Fund” (RPSM14101070).
An investment-regulated QROPS means that the member is able to direct or influence the investments made. Most Guernsey QROPS have concluded that they are not investment regulated. Some have not declared their hand and one considers the distinction to be “immaterial”. New Zealand QROPS are not investment-regulated pension schemes. Some Hong Kong QROPS have taken the same view. The same is likely to apply to schemes in Gibraltar, Isle of Man and Malta
For all QROPS / QNOPS information and advice http://www.360canaries.com/
QNUPS - the next major offshore pensions planning opportunity for UK tax-relieved pension funds and the interaction with QROPS.
The Inheritance Tax (Qualifying Non-UK Pension Schemes) Regulations 2010 [SI 2010 / 0051] came into force on 15 February 2010 and have introduced QNUPS.
The purpose was to correct an error in the Finance Act 2004. Without these amending regulations UK pension funds once transferred to a QROPS would become liable to UK Inheritance Tax (IHT) charges. These regulations now mean a non-UK resident may transfer UK pension rights to a QROPS and upon death, whether before or after age 75, no Inheritance Tax liability arises.
These regulations apply to overseas schemes generally. But they have wider application for two reasons :
1. taxable property rules associated with one form of QROPS and
2. a restriction on the tax relief available on pension contributions to high-earning UK residents.
The technical side
To be a QNUPS the overseas scheme must satisfy the same conditions necessary for a Recognised Overseas Pension Scheme (ROPS) (SI 2006/206) with the importannt exception that there is no necessity for there to be Double Taxation Treaty (DTA) with the overseas scheme’s jurisdiction if the scheme is outside of the European Economic Area. A DTA is not necessary because there are no reporting requirements from the QNUPS to HMRC.
The outcomes are that a QNUPS benefits from UK IHT exemption in respect of:
(a) UK tax-relieved pension funds that have been transferred to a QNUPS.
(b) contributions to a QNUPS and
(c) assets held by a QNUPS generally.
A QROPS will by definition be a QNUPS. But a QNUPS need not be a QROPS. This leads to the feasibility of using QNUPS as an ultimate destination for UK tax-relieved pension funds to gain further advantage.
A QNUPS (which is not a QROPS), is a good home for UK pension funds which were originally transferred to a QROPS. A QNUPS (which is not a QROPS) need have no specific investment restrictions and may for example invest in residential property and the like. But the key to this is transferring from the QROPS to a QNUPS.
For clarification we need to differentiate between “investment regulated” and “non-investment regulated” QROPS. This is a consequence of SI 2009 / 2047, effective August 2009. These taxable property provisions (relating to investment in residential property, fine wines, antiques, and the like) extend UK investment rules to some QROPS. If the QROPS is “investment regulated” then Paragraph 7A of Schedule 34 Finance Act 2004, provides for a 70% tax charge where investment is made into taxable property out of UK pension funds which have been transferred to the QROPS. But there are further implications.
What follows are direct quotes from the Registered Pension Schemes Manual (RPSM).
“A transfer from a UK pension scheme to a QROPS constitutes a Relevant Transfer Fund” (RPSM13102130). Then we have to consider whether that fund comprises a Taxable Asset Transfer Fund (TATF). All transfers from UK pension schemes to an investment-regulated QROPS since 6 April 2006 comprise a TATF.
This is important because: “A payment to a transfer member has to be notified to HMRC regardless of whether or not they have been non-resident for more than five tax years if it is deemed to have been made from their Taxable Asset Transfer Fund” (RPSM14101070).
An investment-regulated QROPS means that the member is able to direct or influence the investments made. Most Guernsey QROPS have concluded that they are not investment regulated. Some have not declared their hand and one considers the distinction to be “immaterial”. New Zealand QROPS are not investment-regulated pension schemes. Some Hong Kong QROPS have taken the same view. The same is likely to apply to schemes in Gibraltar, Isle of Man and Malta
For all QROPS / QNOPS information and advice http://www.360canaries.com/
Tuesday, April 6, 2010
Amazon on line for all Canary Islands
Link up to Amazon now and have your favourite books delivered to you on the Canary Islands!Amazon On Line
Saturday, April 3, 2010
Pensions answers to the Daily Mail
Here is a quote with in answer to The Daily Mail article entitled “widows abandoned without a pension” .
"Expatriates should give very careful consideration to the rights associated with any annuity purchased as part of their pension arrangement. This is particularly relevant where there is a dependent spouse and/or dependent children. Ensuring an ongoing income after the death of the annuity holder is vital in such circumstances. For many expatriates moving their pension into a QROPS provides additional flexibility in terms of income via draw-down and/or temporary annuities. Both these options ensure that on the death of the member the remaining capital is left to provide an income for dependents. However, advisors and clients would need to weigh this up against the guarantees that a life annuity might provide."
The second paragraph is in answer to the story which appeared with regards to savings.
“When moving to a foreign country which has a different currency it is very important to consider moving one's savings into the base currency of their new country of residence. This is ensure that income and expenses are in the same currency in order to mitigate the effect of exchange rates, which for British expatriates holding sterling and currently residing in the Euro zone is very marked as their income has reduced significantly given the devaluation of the pound. A QROPS enables British expatriates to move their sterling based pensions outside of the UK and hold the underlying investments in the same currency as that of their new country of residence. This helps mitigate the impact of foreign exchange rates on income and the real value of one's pension." (Close Brothers AM QROPS Provider, Rex Cowley - Head of Marketing)
Her Majesty's Revenue & Customs (HMRC) permits UK pension rights to be transferred to a Qualifying Recognised Overseas Pension Scheme (QROPS). The QROPS must be in effect as if it were a UK scheme for those members who have been resident in the UK at any time in the previous five tax years. The QROPS is structured very much like a UK pension; i.e. an investment vehicle which is owned on your behalf by a pension provider/administrator (the trustees). The trustees must be based outside the UK and approved by HMRC as a QROPS administrator.
Benefits of QROPS
There is NO requirement to purchase an insurance annuity.
Leave all unused pension funds to your beneficiaries free of UK taxes.
There are no limits on contributions to the fund, nor fund size.
Flexibility as to when benefits can be taken from the Plan (personal tax status allowing).
Take income and benefits in currency of your choice.
Greater Tax efficiency on drawdown.
Tax advantages and savings.
The ability to take in transfers from UK approved pension schemes
Open to all nationalities.
Investment flexibility, with investments in stocks, bonds, alternative investments, deposits, real estate, private equity, options and life policies.
Transparent fee structure with no hidden penalties or exit fees.
For over 22 years Argent International has assisted investors to enhance their financial position and make the most of the opportunities available in the global financial market. For details of all our services including QROPS (which we have been advising on since its inception) go to http://www.360canaries.com/ and follow the PIGGY Bank link!
"Expatriates should give very careful consideration to the rights associated with any annuity purchased as part of their pension arrangement. This is particularly relevant where there is a dependent spouse and/or dependent children. Ensuring an ongoing income after the death of the annuity holder is vital in such circumstances. For many expatriates moving their pension into a QROPS provides additional flexibility in terms of income via draw-down and/or temporary annuities. Both these options ensure that on the death of the member the remaining capital is left to provide an income for dependents. However, advisors and clients would need to weigh this up against the guarantees that a life annuity might provide."
The second paragraph is in answer to the story which appeared with regards to savings.
“When moving to a foreign country which has a different currency it is very important to consider moving one's savings into the base currency of their new country of residence. This is ensure that income and expenses are in the same currency in order to mitigate the effect of exchange rates, which for British expatriates holding sterling and currently residing in the Euro zone is very marked as their income has reduced significantly given the devaluation of the pound. A QROPS enables British expatriates to move their sterling based pensions outside of the UK and hold the underlying investments in the same currency as that of their new country of residence. This helps mitigate the impact of foreign exchange rates on income and the real value of one's pension." (Close Brothers AM QROPS Provider, Rex Cowley - Head of Marketing)
Her Majesty's Revenue & Customs (HMRC) permits UK pension rights to be transferred to a Qualifying Recognised Overseas Pension Scheme (QROPS). The QROPS must be in effect as if it were a UK scheme for those members who have been resident in the UK at any time in the previous five tax years. The QROPS is structured very much like a UK pension; i.e. an investment vehicle which is owned on your behalf by a pension provider/administrator (the trustees). The trustees must be based outside the UK and approved by HMRC as a QROPS administrator.
Benefits of QROPS
There is NO requirement to purchase an insurance annuity.
Leave all unused pension funds to your beneficiaries free of UK taxes.
There are no limits on contributions to the fund, nor fund size.
Flexibility as to when benefits can be taken from the Plan (personal tax status allowing).
Take income and benefits in currency of your choice.
Greater Tax efficiency on drawdown.
Tax advantages and savings.
The ability to take in transfers from UK approved pension schemes
Open to all nationalities.
Investment flexibility, with investments in stocks, bonds, alternative investments, deposits, real estate, private equity, options and life policies.
Transparent fee structure with no hidden penalties or exit fees.
For over 22 years Argent International has assisted investors to enhance their financial position and make the most of the opportunities available in the global financial market. For details of all our services including QROPS (which we have been advising on since its inception) go to http://www.360canaries.com/ and follow the PIGGY Bank link!
Saturday, March 27, 2010
Playa Blanca Harbour Extension
The contract for the extention and improvement of Playa Blanca´s harbour has been awarded and is expected to take 2 years to complete. The project will include a new ferry pier of 300 meters, increasing the number of moorings for pleasure craft and provide better boat yard facilities.
After the new works, the ferries will have their own harbour separated from the Marina. Engineers have also been awarded a contract to proceed with a similar project at Corralejo´s Harbour in Fuerteventura.
This work wil make the already upmarket Playa Blanca area even more exclsuive!
After the new works, the ferries will have their own harbour separated from the Marina. Engineers have also been awarded a contract to proceed with a similar project at Corralejo´s Harbour in Fuerteventura.
Monday, March 8, 2010
Lanzarote voted top destination for Irish Tourists!
For the 8th year running Lanzarote has been voted "the best sun & beach destination" by the Irish Travel Trade.
This explains why
so many choose to own property & get married here on the island.
Céad Míle Failte...A hundred thousand welcomes!
Rise in Tourist Numbers Predicted 2010
This is not only great news for the businesses who have suffered so much from the fall in visitors buta lso for the property and letting market. To advertise your property of business www.360canaries.com
Thursday, March 4, 2010
Lidl Lanzarote will be opening its doors on 11th March 2010! Lidl will be in Arrecife next door to Ikea on the Carretera de los Marmoles, which runs from Arrecife towards Costa Teguise. Lidl have already confirmed that the opening of their stores will be a boost for the local economy, creating 500 jobs.
Spanish government incentive to airlines
Ryanair’s expansion in the Canary Islands comes as a direct response to the Spanish governments recent decision to reduce tourist taxes in Spain to zero and the 100% discount on airport charges this winter. The move has delighted investors with holiday homes in Lanzarote, as lower cost flights will allow owners to enjoy more frequent travel. As a result, experts are predicting a boost for the Lanzarote property market . Year round sunshine, short haul flights, attractive property prices and now low cost flights make Lanzarote the ideal holiday home location.
Monday, March 1, 2010
Pensions for ex pats - new rules
British expats abroad can now get more control over their pension plans thanks to new rules that remove many restrictions for people who retire overseas.
They can pay lower tax on income drawn from a relatively new form of pension (Qualifying Recognised Overseas Pension Scheme) QROPS avoid being forced to invest capital in an annuity which dies with the purchaser and pass their wealth to friends and family free of tax on death.
QROPS, as its name suggests, this is a form of pension based outside the UK which is recognised by the British authorities as being eligible to receive transfers from registered UK pension funds. Reputable advisers will only recommend transfers to countries which provide consumer protection equivalent or greater than the safeguards in the UK.
People who are living inside or outside the UK can transfer their deferred company and personal pensions to a QROPS. Any pension can be transferred as long as an annuity has not been purchased or, if it’s a final salary scheme which the pension has not commenced.
Where the pensioner has not been resident in the UK for five complete and consecutive fiscal years – and the tax rules determining residence will be examined in detail later in this guide – HMRC restrictions on how income and capital are spent no longer apply.
The best option for you will depend on your personal circumstances and it makes sense to take professional advice which can take account of your individual needs and objectives.
British pensions that can be transferred to a QROPS include former employers’ occupational schemes (but not final salary or defined benefit schemes already in payment); Superannuation Schemes; Executive Pension Schemes; Self Invested Personal Pension Schemes (SIPPSs); Small Self Administered Schemes (SSASs); Section 226 Personal Pension Schemes; Section 32 Pension Transfers and Personal Pensions.
Although QROPS is a relatively new product, what has become clear is that both Professional Advisers and clients should be cautious regarding their choice of QROPS provider and QROPS jurisdiction and a poor choice can lead to frozen pensions, high tax bills or both.
To discuss this further and to get the best Professional QROPS Advice please e-mail or call direct today for full details and to find out how we can assist you and start living the life you planned for……….www.360canaries.com
They can pay lower tax on income drawn from a relatively new form of pension (Qualifying Recognised Overseas Pension Scheme) QROPS avoid being forced to invest capital in an annuity which dies with the purchaser and pass their wealth to friends and family free of tax on death.
QROPS, as its name suggests, this is a form of pension based outside the UK which is recognised by the British authorities as being eligible to receive transfers from registered UK pension funds. Reputable advisers will only recommend transfers to countries which provide consumer protection equivalent or greater than the safeguards in the UK.
People who are living inside or outside the UK can transfer their deferred company and personal pensions to a QROPS. Any pension can be transferred as long as an annuity has not been purchased or, if it’s a final salary scheme which the pension has not commenced.
Where the pensioner has not been resident in the UK for five complete and consecutive fiscal years – and the tax rules determining residence will be examined in detail later in this guide – HMRC restrictions on how income and capital are spent no longer apply.
The best option for you will depend on your personal circumstances and it makes sense to take professional advice which can take account of your individual needs and objectives.
British pensions that can be transferred to a QROPS include former employers’ occupational schemes (but not final salary or defined benefit schemes already in payment); Superannuation Schemes; Executive Pension Schemes; Self Invested Personal Pension Schemes (SIPPSs); Small Self Administered Schemes (SSASs); Section 226 Personal Pension Schemes; Section 32 Pension Transfers and Personal Pensions.
Although QROPS is a relatively new product, what has become clear is that both Professional Advisers and clients should be cautious regarding their choice of QROPS provider and QROPS jurisdiction and a poor choice can lead to frozen pensions, high tax bills or both.
To discuss this further and to get the best Professional QROPS Advice please e-mail or call direct today for full details and to find out how we can assist you and start living the life you planned for……….www.360canaries.com
Weddings which do not bankrupt Dad!
Congratulations! So you are getting married.
Naturally you will want a wonderful stress free day with only happy memories to look back on for the rest of your life. However, in reality what all too often happens is entirely different. In many cases the happy couple is left with a huge burden of debt hanging over them marring what should be a wonderfully happy start to their married life.
A wedding these days can set you back on average around €30,000 and that’s only for the basics! Every bride dreams of their perfect wedding day and if you have to constantly be aware of the cost and the ensuing debt it is impossible to really have the day you would like without feeling guilty and miserable. So with the rising price of weddings in the UK and Ireland you will find it a less expensive option to have your celebration abroad by combining your dream wedding or blessing with a honeymoon.
Lanzarote is fast becoming one of the top spots for Wedding and Blessing ceremonies.
Lanzarote is able to offer an array of churches for Catholic ceremonies as well as some fabulous wedding venues for that special second time around, blessings & renewal of vows ceremonies in the most stunning locations across the island.
Imagine being married or blessed under the warm sunshine of this paradise island.
The tax free prices in the Canary Islands mean that your special day could work out to be considerably less expensive than you may otherwise have budgeted for. (The average price of a wedding here may be around a third of the cost of the same wedding in UK and Ireland).
Being a Catholic country the Church wedding criteria is that either the bride or the groom must be catholic and neither one must be divorced. However it is also possible to have a blessing ceremony as we have our own resident vicar who carries out the Church of England blessings for wedding and the Renewal of Vows.
A qualified wedding planner will guide you through the paperwork; arrange the church and reception, the photographer and entertainment, printing, flowers, hair, makeup, transport and everything which is required to make the day go as smoothly as possible.
Let your imagination run away with you about where you envisage having your wedding, blessing or the Renewal of Vows ceremony. Imagine for a moment being married in a place where the weather is the practically guaranteed and the cost will not make you bankrupt before you begin.
For a list of requirements and more in depth information please take a look through our website which will introduce you to the wedding planners who we work with and recommend. You will also be able to check out our flight, car hire and accommodation packages some of which we can specially tailor to suit your entire party’s needs at very good rates. Go on think about it and dream away……………………see my website for further details and contacts.
Naturally you will want a wonderful stress free day with only happy memories to look back on for the rest of your life. However, in reality what all too often happens is entirely different. In many cases the happy couple is left with a huge burden of debt hanging over them marring what should be a wonderfully happy start to their married life.
A wedding these days can set you back on average around €30,000 and that’s only for the basics! Every bride dreams of their perfect wedding day and if you have to constantly be aware of the cost and the ensuing debt it is impossible to really have the day you would like without feeling guilty and miserable. So with the rising price of weddings in the UK and Ireland you will find it a less expensive option to have your celebration abroad by combining your dream wedding or blessing with a honeymoon.
Lanzarote is fast becoming one of the top spots for Wedding and Blessing ceremonies.
Lanzarote is able to offer an array of churches for Catholic ceremonies as well as some fabulous wedding venues for that special second time around, blessings & renewal of vows ceremonies in the most stunning locations across the island.
Imagine being married or blessed under the warm sunshine of this paradise island.
The tax free prices in the Canary Islands mean that your special day could work out to be considerably less expensive than you may otherwise have budgeted for. (The average price of a wedding here may be around a third of the cost of the same wedding in UK and Ireland).
Being a Catholic country the Church wedding criteria is that either the bride or the groom must be catholic and neither one must be divorced. However it is also possible to have a blessing ceremony as we have our own resident vicar who carries out the Church of England blessings for wedding and the Renewal of Vows.
A qualified wedding planner will guide you through the paperwork; arrange the church and reception, the photographer and entertainment, printing, flowers, hair, makeup, transport and everything which is required to make the day go as smoothly as possible.
Let your imagination run away with you about where you envisage having your wedding, blessing or the Renewal of Vows ceremony. Imagine for a moment being married in a place where the weather is the practically guaranteed and the cost will not make you bankrupt before you begin.
For a list of requirements and more in depth information please take a look through our website which will introduce you to the wedding planners who we work with and recommend. You will also be able to check out our flight, car hire and accommodation packages some of which we can specially tailor to suit your entire party’s needs at very good rates. Go on think about it and dream away……………………see my website for further details and contacts.
Friday, February 26, 2010
360canaries
360canaries.com is THE website especially designed to give frank and honest advice for people who may be thinking of coming to the Canary Islands on holiday, to purchase a property, get married or relocate.
View our on line legal documentation required for the purchasing of property across the islands. Check out our o nonsense Pensions and money transfers information. If it is not within our site we will be linked to someone who k
nows and failing that we WILL ensure that we find the right answer to your questions. From our site you can access direct Booking.com Lanzaroteweddingplanning.com and many other informative websites. If you like the site please tell us as we continue to work very hard to get it right!
CLICK click click !
http://www.360canaries.com/
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