QROPS South Africa – The Options
If you have a UK pension and intend to move or retire to South Africa and remain there for 10 years or more you should consider a QROPS transfer.
There are a number of QROPS registered funds in South Africa, however it could benefit you more if you transfer your pension to a jurisdiction such as the Isle of Man or Guernsey. This can give you greater flexibility and opportunity to protect your income.
As long as you can guarantee that you are going to be a UK non-resident for 10 years or more in South Africa the benefits of transferring your pension are many:
- 0% Inheritance Tax
- 0% Income Tax
- Higher Tax Free Lump
- Lower service charges
- Wider range of investment allocation
- Protection of Assets
South African legislation regarding international pension plans states that you have no tax liability, either with capital gains tax or income tax, should you repatriate any funds from a QROPS into South Africa.
QROPS South Africa – The Next Steps:
For further information on offshore QROPS transfers in South Africa and to be introduced to an accredited and authorised QROPS adviser please contact us here.