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!
Saturday, April 3, 2010
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
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