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Retirement schemes established in Malta and regulated by the Malta Financial Services Authority (MFSA) may become a Qualifying Recognised Overseas Pension Scheme (QROPS) upon recognition by the UK Revenue and Customs (HMRC). In essence, a QROPS is a pension scheme which is established and regulated outside the UK but which is recognised in the UK for tax purposes. A QROPS provides investment flexibility and with proper planning, tax benefits and tax planning opportunities to individuals who have an accumulated pension in a UK recognised scheme.
The Special Funds (Regulation) Act of 2002 makes provision for the establishment and operation of 'Pillar II' retirement schemes and funds and also for the registration and supervision of the related service providers of a retirement scheme or fund, mainly the administrator, the asset manager and the custodian.
Some reasons for considering Malta as a jurisdiction for pension schemes:
- a wide range of investment possibilities and a prudential yet flexible approach
- an approachable single regulator – the MFSA is committed to providing timely and efficient responses to business proposals. An MFSA licence is expected to take between 2 to 3 months to be issued.
- an attractive tax regime and an extensive double taxation treaty network
- specifc tax measures and exemptions for income and capital gains derived from MFSA licenced schemes or funds
We can assist clients who wish to release funds that are tied up in a UK pension as well as assist in inheritance and estate planning. We will put at work our established tax expertise for the purpose of maximising tax benefits available to QROPS investors under Maltese law.
For further information please contact This e-mail address is being protected from spambots. You need JavaScript enabled to view it